Evening journal., 1897-07-29
CURRENCY REFORM.
Secretary Gage Formulates a Plan
For That Purpose.
WILL SUBMIT IT TO NEXT CONGRESS
dis Scheme Covers the Question of Green
back Retirement aud a Currency to
Take Their Place and Also the Em-
pioyment Of silver as Medium.

New York. July 29.-The Commercial
Advertiser says that Secretary of the
Treasury Gage has been actively at
work for some weeks upon a plan for
the reform of the currency and that he
viii have a measure to be submitted at
the opening of the next session OF con-
gress which already has received in its
main points the approval of the repre-
sentative banking and financial inter-
ests. In short, according to The Com
mercial Advertiser, Mr. Gage has fore
stalled the work which would have fall
en- TO the currency commission had il
been appointed.
Leading bankers and financial ex-
perts, continues The Commercial Ad-
vertiser, urged Mr.. Gage himself to
take the matter in hand and formulate
a measure which the banking interests
of the country and the administration
could approve and which would ac-
complish for currency reform all that
could have been achieved by a currency
commission.
Accordingly and in harmony with
these ideas the secretary OF the treas
ury some weeks ago addressed himself
to the representative bankers and finan-
ment OF some half dozen typewritten
pages making inquiries and suggestions
and inviting criticism and suggestions
Of and upon his own tentative ideas
upon the several points involved in the
general scheme Of currency reform.
This document was submitted TO a
number Of senators and congressman
and TO other members of the cabinet
/ Ha 81 fs.fs Of
cy before it was put In the mails. In
like manner it has been sent to the peo-
pie whose ideas and suggestions the
secretary has seen ft TO invite. all un-
der strictly confidential conditions That
is why the matter has not until now
become matter of public information.
Covers the Entire Currency Question.
Secretary Cages scheme. as outlined
in his circular to the bankers and finan-
ciers of the country, covers the ques-
ton of the retirement Of the green
backs from circulation, the creation Of
volume Of currency to take their
place. the question of the extent tc
which silver can be advantageously
used In the currency and other points
that have hitherto been generally con-
sidered: but II is said, did not allude lr
any way to the plan Of founding a ma
tional bank issue upon deposits Of secu-
rites other than United States govern
ment bonds.
THE circular letters were addressed
to Just the class of people Throughout
the country who would have been ap
pointed upon a currency commission
had one been provided for by congress
and who would have appeared befor
such a commission as experts on tn
subject involved. BY this means II wa
hoped that the mass Of information
criticism and suggestion that would b.
obtained would have been quite as com
plete and exhaustive as the testimon
that could have been obtained. even a
infinitely greater pains and cost by
currency commission.
From inquiries that have been mad
among the bankers of this city there 4
every reason to believe that the sec
retary's plan has been completely sue
cessful. The extent Of The Commercial
Advertisers information warrants tn
statement that the secretary's sugges
tions were most freely discussed, som
with general approval, some otherwise
One providing for the retirement O
notes and certificates Of the lower de
nominations so as to force silver int
circulation was very freely criticised
though on the other hand it receive
the approval of some of the foremos
New York bankers.
Upon the question of the retiremen
Of the greenbacks opinion was very gen
orally in favor of the proposition. thoug
as to the time and the methods ther
was great diversity Of opinion. Wheth
er there was any other or better wa
Of retiring the greenback circulation
amounting now to about S346, 600
than by an issue Of low rate bond
which should form the basis Of a ma
tional bank note circulation of relatiy
volume. was also a question upo
which the secretary of the treasury In
} vited information in his circular.
Everywhere the circular letter wa
discussed the plan Of the secretary
the treasury met with hearty approva
and the general conviction was e.
pressed that out Of it would come a bi
for the reform of the currency, whicl
while It would be impossible that
should please everybody, would expires
the best thought of the nation on II
D subject and would be practicable"