The daily morning journal and courier., 1897-12-17
GAGE SUBMITS HIS BILL
HE EXPLAINS THE OBJEOTS HE HAS
 IN MIND.

More Thoroughly to the Gold Standard and Remove, So Tar as Possible, Doubts and Fears on That Point-synOpsis of the Bill.
 Washington, Dec. 16.-Secretary Gage appeared before the committee on banking and currency of the house to- day to present bill embodying his view for revision of the currency, to explain and urge it's provisions and to meet any objections raised by the com mittee. He was accompanied by Judge | O'Connell, 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 committee MT. Gage began his statement, explaining in an easy, conversational manner and fol- lowing notea He said in opening his statement: "The objects I have in mind in the series of provisions offered by me are four in number:
 "First-To commit the country more thoroughly to the gold standard; re- move so far as possible, doubts ana fears on that point and thus strengthen the credit of the United States both at home and abroad. I "Second--To strengthen the treasury in relation to it's demand liabilities, in which are included greenbacks, treas slry notes and the incidental obligation to maintain on a parity, through inter- changeability with gold, so far as may be necessary, the present large volume of silver certificates and silver dol lars.
 "Third-To do this in such way as not to contract the volume of circula- tion in the hands of the people.
 "F'ourth-To take an initial step to- ward a system of bank note issues without the conditional deposit of pub lie bonds as security therefor. II we prosper as a people the revenue of the government ought to be somewhat in advance of it's expenditures and the public debt of the United States be gradually reduced and finally eXtin- guished. Looking at the question wide 1y, from my best point of knowledge and experience, I feel that if these could be secured the condition of the government in it's relation to the cur rency would be much safer and strong CT than now. and that through the op- eration of national bank note currency the commercial and industrial interests of the United States would be greatly advantaged."
 Turning from his notes, MT. Gage proceeded extemporaneously as fol- lows:
 "As to the first proposition-to com- init the country more thoroughly to the gold standard, remove as far as possi- bIe, doubts and fears on that point and thus strengthen the United States both at home and abroad-I would say that the proposition to refund the bonded debt of the United States, now payable in coin. into bonds bearing on their face lower rate of interest and paya- ble principal and interest in gold, is di- rected to that end. It costs nothing whatever to the government except the expenditure necessary to print the bonds and to do the clerical work. It takes ambiguity out of the relations of the government to it's creditors; it gives, I believe, a strength and secur- ity and power to the whole comcrcial and industrial system of the United States, and the measure as it is pre- pared here in the bill, will, in my opln- ion, accomplish that object.
 'fThe other measures which are before you, which am now ready to be ques- tioned about, have been drawn to ac- compish not only the objects named, but the various purposes already de- tailed by me, If they are worthy ob- iects they ought to be recognized and secured. If they are unworthy objects they ought to be rejected; or if the manner of securing them is not wise one, as I have outlined it, the manner ought to be rejected or reformed or im- proved"
 After this initial statement it was deemed advisable to read the secre- tary's bill in detail and discuss it sec lion by section.
 The bill provides for the establish ment in the treasury department a re- demption fund in the sum of S125,000, 900 in United States gold coin and bullion and in such other sums of standard sil- yer dollars and silver bullion purchases under the act of congress approved July 14, 1890, as shall equal the silver certifi-
 
 when this act shall take effect.
 It provides that all United States notes, treasury notes of 1890, and silver certificates presented for redemption shall be resumed from the redemption fund herein provided in accordance with the terms of existing law; but the notes and certificates so redeemed shall be held in and constitute a part of said fund, and shall not be withdrawn from said fund nor dsbursed, except in eX- change for an equivalent amount of the coin in which said notes or certificates were redeemed.
 The secretary of the treasury is au- thorized to receive any of the outstand- ing bonds known as the five per centum bonds of 1904, issued respectively under the act approved January 20, 1871, and to issue in exchange therefore coupons or registered bonds of the United States in such form as he may prescribe, in denominations of fifty dollars, or some multiple of that sum, bearing interest at the rate of 215 per centum per an mum, payable semi-annually and re- deemable at the pleasure of the United