Gulf Coast breeze. [volume] (Crawfordville, Fla.) 1897-19??, 1897-12-03
GAGE TALKS OF CURRENCY
AT ANNUAL DINNER OF NEW YORK
CHAMBER OF COMMERCE.
TREASURER WAS GUEST OF HONOR.
He Discussed "Currency Reform-Now OF
when"-But Fouget Shy OF the
Important "How."

The one hundred and twenty-ninth
annual dinner Of the chamber OF COM
merce Of New York City was given AT
Delmonico's new restaurant on Fifth
avenue and Forty.fourth street Tues.
day night. Men distinguished In pro-
fessional and commercial life were
present and the beautiful banquet
hall was taxed to It's utmost capacity.
Secretary Of the Treasury Lyman J.
Gage was the guest Of honor and chief
speaker. Alexander E. Orr, president
OF the chamber, presided.
It was long past the appointed time
when President Orr arose and made
the Introductory speech.
The health of "The President Of the
United States was then drunk stand.
ing, with three rousing cheers, while
the orchestra played 1.-THE Land Of the
Free"
Secretary Gage was fatteringly re-
ceived, when he rose to speak TO the
toast Currency Reform-Now or
When?"
Secretary Gage began by referring
to the history OF the chamber during
the one hundred and twenty.nine
years Of existence and Of the serious
and important problems which the
pioneer members and those who fol.
lowed them had TO solve. Those Of
our day, he said, were equally serious
and even more complex. One Of these,
he declared, is fundamental in ma.
terial sense to every state. "For four
years." he said, "its injurious shadow
has depressed industry and enter.
prise;" but he finds In the result Of
the last national election assurances
to lift doubts, to Danish fears, to brace
hope and to lend courage"
"This happy reaction in enterprise
now Witnessed" says the secretary,
''the stimulation to industry which has
followed this new assurance, is con-
firmatory evidence Of the blighting in
fuence of that fierce propaganda for
free silver and semi.repudiation that
met its just rebuke from the freeman's
ballot in 1885,"
Secretary Gage declared that he be-
lieves the shape and destiny OF our
national life, as it may be affected by
financial legislation, is to be determ-
ined within the next five years.
"When ultra conservatism applies
1t to justify condition which is bad
enough instead Of well enough, it Is
fatally misapplied," he continued.
"That the condition Of our currency
and banking system is 'bau enough 10 |
certified to by the deliberate judgment
Of the great body Of economic students
and by general consensus OF opinion |
among business men.
1T certainly Is not we'll enough |
with q banking system utterly inelas.
tic and correspondingly irresponsible
to the domestic requirements Of trade |
and industry to which in It's proper
relation the banking system should be |
the faithful and efficient handmaiden. |
1t is not we'll enough with the national
treasury awkwardly performing an
office which Is entirely foreign to lie
proper function. 1t Is not we'll enough;
1t is absolutely bad, when the result Is
o public treasury so expanded in it's
demand liabilities in time Of pro.
found peace as to threaten its solvency
in case of war;"
The secretary was glad he was not
called upon to discuss the chow" or
to go into details OF methods to achieve
currency reform. To 60 into that dis.
cussion might be injudicious in view
OF his official position and would be
entering upon the field of greatest
controversy where doubts and fears
are now numerous and where passions
and prejudices have their freest play.
Said he:
Every one favors reform-his kind
OF reform. Many are willing to have
reform, anybody's kind, and IL can be
had without struggle and free of cost.
Others, seeing that the path Of virtue
leads to serene and restful places. are
willing to walk in the way Of il, even
at the cost of present pain and sacri.
fce."