The Wichita daily eagle., 1897-12-17
GAGE PRESENTS 1T
SUBMITS HIS BANKING AND CUR
RENCY BILL TO THE COMMITTEE

His Objects are to Make Secure the Golt
Standard; to Strengthen the Treasnr,
as to Demand Liabilities; to do Thi
Without Contracting the Currency, ant
to Permit Bank Note Issues withou
Bond Deposits-Bni Provides for Re
funding the National Debt at 1-2 pei
Cent and For a Redemption Fund.
Washington, Dec. f6.-Secretary Gage
appeared today before the committee on
barking and currency OF the house OF
representatives to present a bill en-
bodying his views for revision Of the
currency, TO explain and urge its pro
visions, and 10 meet any objections
raised by the committee. The secretary
was accompanied by Judge O'Conrell,
solicitor Of the treasury. Copies Of the
secretary's bill were handed to members
of the committee and were scanned with
great interest. After being introduced
TO the various gentlemen OF the COM
speaking in an easy and conversational
manner, and following notes.
He said in the opening:
''The objects I have in mind in the
series of provisions offered by me are
f0u- in number.
''First-To commit the country more
thoroughly to the gold standard; re-
move SO far as possible doubts and
fears on that point and thus strengthen
the credit OF the United States both at
nome and abroad
''Second-To strengthen the treasury
in relation to its demand Habilities,in
which are included greenbacks, treasury
notes and the incidental obligation to
maintain on d parity, through inter-
changea bility with gold, so far as may
be necessary, the present large volume
OF SILVER certificates and silver dollars
''Third-To do this in such way as
not TO contract the volume Of circulation
in TIE hands of the people.
"Fourta-To take an initial step tow-
ara system of bank note issues without
the conditional deposit OF public bonds
az security therefor. If we prosper as a
people the revenue OF the government
ought 20 be somewhat in advance of its
expenditures and the public debt Of the
United States gradually reduced and
finally extinguisbed. Looking at the
question widely, from my best point OF
knowledge and experience, 1 feel that
if these could be secured, the condition
of the government in its relation to the
currency would be much safer and
stronger than now, and that through the
operation of national bank note currency
the commercial and industrial interests
OF the United States would be greatly
aGvantaged.''
Turning from his notes, Mr.. Gage pro-
ceeded eXteaporaneousIy as follows:
'-As TO the first proposition-to commit
the country more thoroughly to the gold
standard, remove, as far as possible,
doubts and fears on that point, and thus
strengthen the United States at home
and abroad-I would say that the propo-
siion to refund the bonded debt of the
United States, now payable in ooin, into
bonds bearing on their face a lower rate
of interest and payable, principal and in
tereSt, in gold, is a measure directed TO
that end. 1t costs nothing to the gov
ernment whatever, so far as the refund
ing Of it Is concerned, except the expen-
diture necessary to print the bonds and
do the clerical work. It takes ambiguity
out OF the relations of the government TO
its creditors; it gives. believe, strength
and security and power TO the whole
commercial and industrial system of the
United States and the measure as il is
prepared mere in the bill will, in my opin- |
ion, accomplish that object. The other !
measures which are before you, which |
am now ready to be questioned about, !
have been drawn to accomplish not only |
the objects named, but the various pur- !
poses already detailed by me- If they are /
worthy objects they ought 10 be recog- |
nized and secured.
"If they are unworthy objects. they |
ought TO be rejected; or-if the manner of |
securing them is not a wise one. as I
have outlined ii, the manner ought to be
rejected or reformed or improved"
After this initial statement it was
deemed advisable to read the secretary's
bill in detail and discuss II by section.
THE BILL IN FULL.
Secretary Cages financial bill is as
follows:
A bill 10 provide for the refunding Of
the national debt: for establishing a
redemption fund and a division of issue
and redemption in the treasury of the
United States. and INTO modify existing
llws respecting national banks; and for
other purposes.
BE II enacted, etc, That there be es-
tablished in the treasury department. az
a part Of the office of the treasurer Of the
United States. a division to he desie-
mated ana known. as the division of
issue and redemption, to which shall be
under such regulations as the
secretary of the treasury may approve.
al records and accounts relating 10 the
issue. redemption and exchange as here
matter provided, OF the several classes
o. United States paper money. There
shall he transferred from the general
fund in the treasury Of the United States
and taken upon the books of said divis-
ion as a redemption fund the sum Of
Sl25oO0.0oG III United States gold coin
and bullion and such further sums OF
silver dollars and silver bullion
purchased under the act OF congress ap-
proved July II, 1890, as shall equal the
silver certificates outside the treasury
and treasury notes OF 1890 outstanding
On the date when this act shall take
effect; And thereafter. The gold and
silver coins and bullion hereby trans
ferred fr9m tie general fund IN the treas /
ury as herein provided shall be in
creased or diminished as the case may
be. in accordance with the provisions 1
CT this set and in no other way.
Section . That al I-nitsi Sratss .,ntaz |