The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1897-11-26
REFORM.
Secretary Cages Speech at a New
York Banquet.
CHANGES CAB SAFELY BE MADE.
TEe Secretary Thiaks the establishments of
Gar Currency and Banking System upon
Secure Foundations VIII Bring
Permanent Prosperity.

NEW YORK, Nov. 2A-The 129th an
nual dinner Of the New York chamber
Of commerce was given at Delmonico's
new restaurant last night. Men dis
tinguished IN professional and con-
merclal life were present and the
beautiful banquet hall was taxed to its
utmost capacity. Secretary Of the
Treasury Lyman J. Gage was the
guest Of honor and the chief speaker.
alexander E. Orr, president Of the
chamber, presided. Among the other
guests were Secretary Of War Russell
A. Alger, Gov. Frank s. Black, Comp
trOller OF the Currency J. H Eckels,
Mayor William L Strong, President
Daniel C. Gilman, of Johns Hopkins
university, Maj. Gen. Wesley Merritt.
Commodore Francis NJ Bunce, q. s.
n Carl SEIZURE and Whitelaw Reid
Secretary Gage was hatteringly re-
ceived when he rose to speak to the
toast, Currency Reform; Now or
When" He said:
Mr. President and Gentlemen: Our fathers
had grave problems to solve Our own are
equally serious They are even more complex
The fidelity shown By the fathers should htly
example our fidelity. That IS the price through
which the good We enjoy may be honOrably
who follow US We are met just now with one
OF those problems which must be braEely faced
and wisely solved It is g question funda-
mental IN g material sense, to the welfare Of
every member OF the mighty group which con-
stftutes our national life It touches the hum
Die and dependent more closely than it does
the strong and powerful although in its final
determination the far-reaehing destiuies Of all
are involved
It is certainly not well enough with bank
ing system utterly ineiastic and correspond
1ngiy irresponsible to the domestic require
ments OF trade and industry. 70 which, in its
proper relation the banking system should be
the faithful and eneient handmatdSn- 1t IS not
well enough with the national treasury awlz-
wsrdly performing an ONCE which is entirely
foreign 70 its proper function It is not well
enough, Il IS absolutely bad, when the result is
a public treasury 50 expanded in its demand
Liabilities IN a tine OF profound peace as to
threaten its sOlTency in case Of war Thomas
Jefferson, the putative father OF democracy
himself declared: -Duringthe interval between
war and war al the outstanding paper should
be called in, coin be permitted to low in again,
and hold the field Of circulation until another
war should require its yielding place again to
the national medium" No, my friends, we are
NOS justified in falling back in supreme indif-
ference to rest upon a perverted maxim
The establishment Of our currency and bank
Ing system upon more secure foundations is
the one thing lacking TO the things which make
Tor q permanent condition Of reasonable pros
reform Many are willing to have reform, any
codT's kind. if it can be had without struggle
and free OF cost Others, seeing that the path
OF virtue leads to serene and restful planes. are
willing to walk in the way Of il, even at the
cost Of present pain and sacrifice The first
group embraces the radicals and faddists Of
every kind who viii tolerate no method not in
diTidually their own The second group. the
Indifferent many, pcate reform. but are fruit
ful only in objections You may retire the
nnfr he 7rr7N
issues OF the national obligations payable on
demand, but, strange Inconsistency, yCu must
not issue bonds il time Of peace-nOt even to
discharge sacred obligations incurred in war.
These people ought to inform US as TO which
Of the two Is the higher wisdom To avail our
selves OF conditions favorable to the Highest
credit and lowest interest. to put our financial
house ia order, or TO wait until another period
shall come, when, as In the unhappy days OF
Is60-65, we may be forced to face disnonor OF to
recover ourselves at double interest upon obi
cations realizing TO our treasury only Cor 90
per cent OF the face OF the contract Others
OF the same group tell Us: You shall not con-
tract the currency. nor shall you permit any
substitution in the form Of bank note issues
With all these limitations. restrictions and i'm
possible conditions they respectfully submit
that they favor reform
The third group convinced Of the wisdom Of
refoFm-and reform nOw-and perceiEing that
In natures order every good acquired involves
some sacrifice made, must stand together in pa
tient persistency and work along the line OF
least resistance QOr this too is natures order)
70 secure those high ends at which they aim
N word I commit myself to the following
proposition. At cost too contemplate fc-
serious consideration the Gebatab,e condition
OF our currency and banking system may be put
upon clearly safe. If not theoretically scientific
foundations This nay be secured without any
unnecessary contraction Of the circulating me-
dium OF exchange and with no DANCER OF undue
expansion and bese OF all this desirable end
nay carry in its effect potential RELIEF 70 those
districts in the south and west, which. though
rich in possibilities o. soil and climate, have
been held back through the absence Of banking
capital and credit facilities Nor viii permit
myself 70 doubt that in the councils OF our IA
ton wise statesmauship. supported and sus-
tained b. the wisdom and value Of q pure
patriotism among our people. viii Ind the way
70 the much needed result