The Portland daily press., 1897-07-28
MUST REFORM CURRENCY
So Secretary Gage Tells Boston Bus
iness Men.
ADMINISTRATION is READY TO DO
ALL 1T CAN.

| ReIief-Mr. Gage Thinks the Tariff Will
| Provide Revenue in Plenty-Ideas of
Other Men.
Boston, July PA dinner notable for
the personnel Of those who enjoyed it,
was rendered Hon. Lyman j. Gage, Seo-
retary of the Treasury, at the Tulleries
on Commonwealth avenue this after
noon. AT the tables were the most prom
inent professional. commercial and
moneyed men of Boston, and number
from New England at large. The bust
ness men of Boston were sponsors for the
occasion and the defined object was to
hear Mr.. Gage on finances. Mo ney was
talked almost exclusively and whi1 1e it
was non-partisan gathering, a number
OF men prominent in the last campaign
| as gold Democrats, were among those
who contributed to the symposium. Mr.
Cages reception was very enthusiastic
one, and his address was keenly listened
to and at times applauded without stint,
while the men who followed him were
unanimous in their speeches in pledging
the administration their support in its
endeavor to formulate new currency
system. The tariff as factor and the
passage of the tariff bill were chiefly
| touched upon as incidental to what was
called the greatest problem now confront
| ing the country.
| Secretary Gage, who was the guest of
Hon. Charles S. Hamlin, ex-Assistant
Secretary of the Treasury, held recep-
tion prior to the banquet. When finally
this latter incident had been disposed of
| Congressman William G. Lowering of
Massachusetts informally assumed charge
OF the post-prandium, briefly stating
| why Boston business men felt SO keen
and interest in national financial affairs,
one fact being cited that Boston, when
the gold reserve was in danger, made the
first response with gold.
| Hon. T. Jefferson Coolidge gave the
welcome to Secretary Gage with tribute
to the latters position in financial cir
cles of the West and the elements in his
career which have appealed to men of the
east
| Secretary Gage was then introduced.
| After referring to historic struggles of
former times, Secretary Gage said:
| Opposing forces met in November last
and contended bitterly over the most
vital of economic questions. The ballot,
magic exponent of the popular will, re-
I'D it's imperative voice for honest
money and for liberty regulated by law.
| It now remains to be seen whether from
that decision there is to be any success
full appeal.
"Upon the possible doubts involved in
this question men Of enterprise still hesi-
tate and the columns Ct industry march
| slowly with ranks t. yet completely
| filed Is there room for doubt on so
plain proposition? There ought. to be
none. There would be none except Ior'
the working of that principle of human
nature which coaxes us to ease after
effort-which induces us to contemplate
rather than act.
"We have passed through wearisome
Storm The loss and cost of it has been
enormous; but today the skies are fair,
the breeze of prosperity brings comfort
and restoration.
"The administrative branch of the gov
ernment has been and will be for prompt
and judicious action. The evidence of
this fact is fresh at. hand in the message
just now submitted to Congress by the
President. ii
Nothing was settled more clearly at
the late national election that the de-
termination upon the part of the people
to keep their currency stable in value and
equal to that of the most advanced ma
tion of the world But the administra-
tion cannot make laws. 1t can only exc
cute them after they are made. 1t is
then to the legislative body that your
thoughtful attention is to be given. if
you desire financial reform. Your sena-
tors and representatives will not con-
sciously antagonize your well considered
desires, but they must be informed and
constantly reminded of what it is that
you demand.
'And what now is it that ought to be
done to give security and protection to
fy1f11 N
swers. and to every answer many objec-
tions. The recommendation ofbthe Presi-
dent for commission was admirable in
this. that it suggested way by which
body OF we'll trained and thoughtful men
could be provided to consider at leisure
without distraction from other pressing
themes, the important subject of currency
| and banking reforms.
"That the bill which passed the House
with promptness failed of recognition in
| the Senate may be a matter OF regret, but
not one fpr encouragement. What might
have been accomplished through a COM
| mission may be achieved without one.
tThe two questions before the country
in the last political campaign were the
tariff and the currency. One of them is
already settled. Whatever the merits or
! demerits of the new measure in its par
ticular item, it has become the law Of the
land. The revenues derived from it will
| aIGor possible DfleI lntefTeguuln, De
ample for proper government expendi-
| lures; and if the old aphorisln be true
that the revenue of the state is the state,
we may say without exaggeration that
| the state is re-established. We have also
reached q point where with the Tabsolute
data furnished, ,commerceand. manufacture
can make correct estimates'and go upon
their respective missions of exchange and
| production with new sense of security.
"The responsible party in power hav-
ing successfully covered this one import
ant issue may be safely trusted to care
equally well for the other. On the finan-
cial side there is really no pressing need
for haste. With ample reserves in the
public treasury, with financial centres in
a full supply Of loanable funds; with in
terest invitingly low; with crop prospects
most promising and a good market fav-
orably assured; with new mineral resour-
ces coming into view; with territorial
area sufficient to carry it's present popu-
lation many times multiplied; with a
people advancing in the elements of in .
teiligence and character, who dare in
dulge in doleful forecasts?
| I'VE need to ignore the fact that there