Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1897-08-11
SECRETARY GAGE SAYS.
some Encouraging Things About
Money md Tariff


In an interview i'm New York city.
Friday. July 30. Secretary Gage. in
speaking of the currency commission
TO New York Times Representative,
said:
1T seems likely that We shall soon have
quite good deal OF currency discus
sion and possible enlightenment. As :he
president has sent in a message urging the
fullest consideration OF the question. 81
Il probable that the executiv. committee
or the Indianapolis sound money confer
.nce will now appoint its commission to
investigate the question and submit sug
gestions for improving the currency.
The commission contemplated In the
presidents message cannot. OF course. be
appointed until congress gives the ueces-
sary authority. I think congress is certain
10 do this sooner or later. but fear there
will be considerable opposition. especially
In the senate. II IL had not been shown
that the Introduction OF the question would
have precipitated a long debate. the cur
rency message would probably have been
sent in earlier. one senator declared re-
peatedly that he would oppose the author
izatiOn OF currency commi ssion until ~
was time for the winter session of con
gress. Under the present system OF the
privileges of the senate ne could have
blocked the action OF the chamber for
months. II is great pity the commission
could not have been appointed a the last
session. 50 that II could have carried on
its extensive investigation during the re-
cess and make its repor, 90 congress early
next winter
There is no doubt. think about the APP
pointment OF such a commission, and when
n rs created II will have herculean task
before II. i suppose its members will be
divided into small committees to visit the
chief financial Centcrs. such as New York
Boston. Chicago. New orleans. San Fran
cisco. and others, and Investigate thorough
Is the financial conditions found in different
sections ana receive suggestions from che
hest Informed men OF those sections as 10
changes and reforms In the present cur
r"ncy system. After this suppose. the
body OF the commission will meet i'm WASH
irgton 20 receive information and sugges-
tons through public hearings. II will then
prepare report and suggestions Of its
own to be submitted to congress"
Asked about the work of the iuterua-
tional bimctallic commission. ne said:
Il have not kept myself fully Informed
a to its progress from place To place.
IL is sim AT work. and We shall know
little OF the results until It makes It's re-
port"
Asked if the discovery of gold in
Canada and Alaska would have any
appreciablc effect on the currency qucS-
ton, he said:
1T will necessarily have some effect.
Tho large proportion Of gold in this
country and the addition to the worlds
supply OF the metal will raise prices to
some extent The more money we have or
the cheaper money becomes. to use a
western expression. the higher prices will
20 This will affect silver also. and silver
ought to advance some what I'm price ! am
surprised to see that II is still falling / DO
not think the advance in price will Doe very
marked, but / think II inevitable that the
vast amount OF gold being mined in Canada
nd that will soon be mined in Alaska will
'pue a general advance In prices You
may explain IT by saying that gold IL
cheaper. but we will have to spend proper
tionately more Of it than We do now"
Referring to the new tariff. Mr.. Gage
said:
1t is too soon 70 say how the now law
l. working. Importers discounted It's eff
focts to some extent 10y bringing in large
shipments of goods before the Wilson law
expired. This will cut down the revenue
We would have got under the new tariff.
The government is a loser to the extent OF
the difference in rates between the two
laws on the imports now coming i'm. row
ever. W arc getting decidedly moro duty
tHan we would have got under the Wilson
law. We can stand the temporary loss as
matters will soon adjust themselves ana
the revenue will be- largely increased.
II see that already a test is being made
OF the treasury department ruling that the
new tariff went into effect at y midnigh:
July 1924. This question is now in the
hands Of the attorney general. and a de-
cision will be reached in about ten days.
The question raised is: Did the new tar.
If 20 into effect Saturday morning. Sunday
morning, or Saturday at 4.lO D. M The
principle that guided us was that the law
knows no fraction OF day, and, the
tariff went into effect on Saturday. II must
have done so at the first hour Of morning.
At worst. the question can be decided
shortly by an appeal to the supreme court.
Another effect of the tariff will be the
return of better times. There will not be
rush of returning trade. but conditions
are now stable. and this will be a stimr-
lus to business. Industries will revive. and
men will 20 ahead and make investments.
ecause they know that the present con-
ition will endure for some time. I con-
Ider this a chief benefit TO bc de-
rived from the new tariff-the stability
of trade and business conditions This Of
itself is sufficient to restore prosperity. and
! am confident that We are at the COM
mencement OF an era of good TIM s."