Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-07-28
MR.. GAGE AT BOSTON.
SECRETARY OF THE TREASURY TO
BUSINESSMEN.
THE FINANCIAL PROBLEM.
what should De Done, Now That the
Tariff Question Is Out OF the
xvo,-No Need for Hastc-No Occn-
sion for Anxiety.


pocTON. July 27.-The dinner Of Bos-
Ton businessmen TO Secretary Gage AT
tho Tuiieries this afternoon was attended
NV about $50 OF the leading men in the
confessional and commercial life Of the
citv An informal reception was held'
nrecoding the dinner, which occurred at
Of, o,cIock. Among those present were
william C. Lowering. who presided; Gov
or,or Wolcott, Mayor Quincy Hon.
Charles s. Hamlin, ex-Assistant Secre
tarv Of the Treasury; T. Jefferson COOL
idqe ex-United states Ambassador 10
France. Hon. !. r. Lesson. William H.
Rice Jr and many others. On being IN
troduced Secretary Gage said, in part:
1--WE have met here in period frausn'
with its own interests. Opposing FORCES
met in November last and contended plI-
terIv over the most vital OF economic ques-
tions. While the issue was pending the
nrodtable arts OF industry came to nearly
a standstlil. trade and commerce declined
20 the narrowest limits. and in breath
| CFcUFnSe
bena the deep import of the issue waited
Tor its determination. That issue IS
now decided The ballot. magic exponent
~ tho popular will, has recorded its I'M
nerative voice for honest money, ana
for liberty regulated by law IL now
remains to be seen whether from thal
decision there is TO be any successiul APP
noaI II Is this that gives interest, anN-
ions interest, 10 the prospective action Oh
| tbosa who. clothed with legislative and
executive functions, have 1t i'm their power
IN make secure the fruits OF victory OF
who by failing to comprehend their hish
responsibility. may let sip the advantages
so hardly won ..,.., -
this question. men Of enterprise stlll
| hositote and the columns of industry
march slowly, with ranks not yet COM
nlotelv filed. Is there room for doubt
on On plain a proposition? There ought
| 80 ne none. There would be none, eX-
| cont FOR the working Of that principle
| Of human nature which coaXes us 10
oose after eGort-which induces us TO
contemplate. rather than TO act-that
snirit of inactivity which on more than
! one occasion kept the armies OF the
| Union from annihlatng the enemy, ana
on another occasion so paralyzed the
| confederate columns as to turn them
hack from the easy capture Of our capital
40 REST YET
Logical as the duty of the government
"seems TO be, do not yourselves supinely
rest upon the conclusion that 1t VIII
certainly be performed. We have passed
| through a wearisome storm. Inc Joss
and cost Of It have been enormous; but
to-day the skies are fair. the breeze or
nrosneritv brings comfort and restora-
| tion. Shall we not be permitted to rest
and enjoy it? No That would be 10
foolishly wait for, II not to invite, fur
thor disaster I'm the future. The final
answer. however. must depend upon the
urgency or the Indifference ot the people
"Thc administrative branch Of the gov
ernment will not sleep. nor rest mac
tiye. Its influence has bocn and VIII be
for prompt and judcious action. Ihe
evidence of this fact is fresh at hand
in the message just now submitted 10
| Congress by the President"
| Mr.. Gage here quoted several para
graphs from the message:
| Continuing. he said that the admins
tration cannot make laws. II can only
execute them after they are made. 1t
is then. TO the legislative body that
|
| If Won desire financial reform. Your
| Senators and Representatives will not
consciously antagonize your well-con-
sidered desires. but they must be in
! formed and constantly reminded Of what
! It Is that you demand.
"And now what is II that ought TO be
done to give security and protection to
| the future? To this there are many
| answers, and to every answer many OBJ
iectors. We have. indeed. a delicate and
| difficult problem TO solve, the difficulty
being aggravated by the fact that igno-
rance. prejudice, and passion enter in TO
! compicate and veX the solution. 1his
IS one Of the penalties which popular gov
| ernment must pay in return for its null
! tlfarious and eminent benefits. With these
| drawbacks We can, nevertheless, with
| patience. find our way.
CURRENCY COMMISSION.
'sThe recommendation Of the President
| for commission was admirable i'm this
| that il suggested a way by which a body
| of well-trained and thoughtiul men could
be provided to consider at leisure, with
out distraction from other duties press
ing them. the important subject Of cur
rency and banking reform. 1t, at the
same time opened a forum 10 which
| could be admitted every contributive sug-
! gestion from all classes and conditions Of
| men.
"That the bill, which passed the House
| with promptness, failed Of recognition In
the Senate. may De matter of regret,
| but not one for discouragement What
might have been accomplished through
a commission may be achieved without
| one. Nor ought we 10 speak or think
unkindlv Of body which bas so assidu-
/ . orb faf farsaf tslrsfrfa a
| new body Of laws concerning a matter
| so charged with conflicting opinions and
| opposing interests as is any tariff act
! The two questions before the country in
the last political campaign were the tariff
| and the currency. One of them Is al
| ready settled. Whatever the merits or
dement's Of the new measure, In it's par
/ ticular items. il has become the law Of
| the land. The revenue derived from il
will. after possibly "A brief interregnum.
| be ample for proper government expendi-
| lures.
I'VE have also reached a point where,
with absolute data furnished commerce
and manufacture can mako correct esti-
mates. and go upon their respective mis-
slons of exchange and production, with a
new sense Of security.
NO OCCASION FOR ANXIETY
"The responsible party IN power,
having successfully covered this one i'm
| portant issue, may be safely trusted 10
care equally well for the other. On the
| financial side there is really no pressing
need for haste. There is certainly no
immediate occasion for anxiety. With
an ample reserve in the public treasury
with the financial centres in full supply
OF loanable funds; with interest nvitlnglv
low: with crop prospects most promis-
ing. and a good market iayoraD.y as
sured with new mineral resources
coming into view; with territorial area
sufficient 10 carry its present population
many times multiplied with people