The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-11-27

lie Says Currency Reform should Be-
GIN Now.


New York. Nov. 2f-The l29th an
nual dinner OF the New York Chamber
Of Commerce was given at Delmonico's
new restaurant, Fifth avenue and For
ty-fourth street Tuesday night. Men
distinguished in professional and COM
nercinl life were present, and the beau
tiful banquet hall was taxed TO It's ut
most capacity. Secretary Of the Treas
ury Lyman j. Gage, was the guest OF
honor and the chief speaker. Alexander
f. Orr. president Of the chamber, pre-
sided.
1t 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 drank standing. with three
rousng cheers, while the orchestra
played The Land OF the Free"
Secretary Gage was hatteringly re-
ceiyed when he rose 10 speak TO the
toast, Currency Reform, Now or
When?" The secretary read his speech
from manuscript. lie said. among other
things
speaking broadly ! believe that the
shape and destiny OF our national lie. as
Il may be affected by financial legislation,
Is 20 be determined within the next four
years -Four years Is n period so short ina
a peoples history as 90 bar out all idea
or futurity ana 10 require In substitution
The more immediate, omniprescnt now. The
forces and energies which found victorious
expression In the last election are as sig
nIhcant now as they were then. Are we
Intelligent and courageous enough 10 take
the action their present warrant justincs
and secure the future against the dangers
which have been FOR the present over
come?
1T IS said that under present conditions
10 IS impossible that obstructlonists can
hinder and defeat the popular Will. thai
agitation on so delicate a subject as tbs
money standard is disturbing that we
have the best OF guarantees that FOR four
years the present status Will be main
tanned, that the revival OF business will be
best assured by the policy OF inaction
Agitation Is not TO be feared In les effect on
industry or business affairs n II Is to be an
agitation Ia behalf Of better conditions We
have absolute security that for at least
four years no step can be effectively taken
which viii degrade our money standard or
bring dlshonor 10 the national credit Agi-
alton VIII, threfore, result I'M nothing or be
productive Of good. Under such cOndl-
tons agitation IS the highest conserva-
tism.
The One Thing Lacking.
"rhe establishment Of our currency and
banking system upon more secure founda-
lions is the one thing lacking TO the things
which make for permanent condition OF
reasonable prosperity. In securing this the
pioneer in the west. the laborer in the
mines, the tOiler In the field, the mechanic
ln his shop. the merchant and the banker,
are ALL whether they know IL or not. each
la his degree alike interested.
THE text 70 which / was called TO speak
Is thus stated: Currency Reform-Now
or Nhen2 By implication / am absolved
from all obligation TO discuss the how
or TO go into details OF methods to achieve
currency reform.
I'm word. commit myself 20 the follow
Ing proposition: At a cost too contempti-
BILE for serious consideration, the debats
BILE condition OF our currency and bank
ing system may be put upon clearly SAFE
II not theoretically scientific foundations
This may be secured without any noccs-
sary contraction OF the circulating medium
OF exchange and with no danger Of an un-
due expansion. and. best Of all. this deslra-
BILE end may carry IN It's effect potential re-
lief 10 those districts In the south and
west which, though rich In possibilities
OF soil and climate. have been held back
through the absence Of banking capital and
credit facilities.
other addresses were delivered by
Gov. Black, Gen. Merritt, Commodore
Bunce, Mayor Strong and Daniel c.
Gilman Of Johns Hopkins university.