Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1897-12-02
CURRENCY REFORM.
Secretary Cages Speech at q New
York Banquet
CHANGES Can SAFELY Be MADE.
The Secretary Thinks the Establish ment Of
Our Currency and Banking system upon
Secure Foundations VIII BrinR
Permanent Prosperity.

~~~A NsnAOA Va WIG NoW 4OTh CuduDcI
Of commerce was given at Delmonico'a
new restaurant last night Men dis.
tinguished In professional and com
mercial life were present and the
beautiful banquet hall was taxed to its
utmost capacity. Secretary Of the
Treasury Lyman ]. 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 N. Bunce, U. 8.
N, Carl Schurs 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 fifty
example our fidelity. That is the price through
which the good we enjoy may be honorably
possessed, added to, and passed on to those
who follow us We are met just now with one
Of those problems which must be bravely faced
and wisely solved 1t Is a question funda-
mental, In material sense, to the welfare Of
every member or the mighty group which con-
stitutes our national life 1t touches the hum
BILE and dependent more closely than 1t does
the strong and powerful, although In its final
determination the far-reaching destinies Of all
are involved.
1t is certainly not we'll enough with bank
ing system utterly inelastic and correspond
ingly irresponsible to the domestic require
ments Of trade and industry, to which In its
proper relation the banking system should be
the faithful and eflcient handmaiden. It Is not
well enough with the national treasury awk-
wardly performing on office which Is entirely
foreign to Its proper function 1t is not well
enough 1t is absolutely bad, when the result is
public treasury so expanded In its demand
liabilities in time OF profound peace as to
threaten its solvency In case Of war. Thomas
Jefferson, the putative father Of democracy
himself declared: "Duringthe interval between
war and war all the outstanding paper should
be called in coin be permitted to flow 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 |
not justified in falling back In supreme indif.
ference to rest upon perverted maxim
The establishment Of our currency and bank.
ing system upon more secure foundations il
the one thing lacking to the things which make
Tor permanent condition OF reasonable PROS
perity. Everyone favorS reform-his kind Of
reform. Many are willing to have reform, any,
body's kind, II 1t can be had without struggle
and free of cost Others, seeing that the path
Of virtue leads to serene and restful planes, ara
willing to walk in the way Of it, even at the
cost OF present pain and sacrifice The first
group embraces the radicals and faddists Of
every kind who will tolerate no method not in
livldually their own. The second group. the
Indifferent many, prate reform, but are fruit
I'll only In objections You may retire the
'reenDack, or otherwise reduce the redundant
ssues OF the national obligations payable on
emanu, Dut, strange inconsistency, you must
lot issue bonds in time Of peace-not even to
lscharge sacred obligations incurred in war
These people ought to inform us as to which
I the two Is the higher wisdom: To avail our
elves OF conditions favorable to the highest
redlt and lowest interest to put our financial
ouse In order, or to wait until another period
hail come, when, as in the unhappy days OF
sto-6o, we may be forced to face disnonor or to
acover ourselves at double interest upon obll-
ations realizing to our treasury only 6O-or 40
per cent OF the face Of the contract Others
the same group tell us; "You shall not con-
act the currency, nor shall you permit any
institution in tho of hnp al, :,