The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-12-18
n EXPLAINS HIS Bill.
IRIS EXPOSITION BEFOHE
~n house COMMITTEES.
snarply Examined BY Various
ne~atfc Membern, and BY OH
necegasssA Free silver Aes-
IN TalEea UD Section n . Tine

Dec. H.-Secressry
s. - sssu-ned bis exposition OF his cur
49,. M before me house committee On
~ ana currency today. Chairman
hsd left the city and Bros!Us OK
.-,vanla presided. Before the Bill
". s.ken up. some semi-politscai ducs-
~. were asked. Hill OF Connecticut
~ Nr. Cares attention to the state
- made yesterday that the hrs, pnr-
- 4 the bill was to commit tae county
a. aid standard. you are recog-
~. pem,bI,can." said Hill. addressing
s.sretary. "Do you consider that this
ss. AZ more firmly fixing the gold
-ss..s IN the country conflicts with The
4...s ~ .he st. Louis PLATFORM"
- ssr.- responded Mr.. Gage, not Al
- - the question Of bi-retaii.m. Pi-
~, must mean one OF two Things.
- n l. two kinds of money Of un-
- value circulating side by side BY
.xrhanxe of the fexs value for that
81 - greater value. or Else TWO kinds OF
ssv n a,ch Intrinsic equality Of value
80 fhey will circulate naturally side ny
~ We have bi-metail!c currency in the
rrIiAd States now The hrm es'aplash-
E..s ~ the gold standard. with such In
..sAsnresb;lIty as will make IL inter-
] .s-sesh,. on an equally with gold, will
i $.s-,.ic This bI-me .aliism the same ~ IL
4 ~. ~.lated for the last eighteen year,"
~. treasurer went on 10 state that this
i. "a ,vav prctudiced the steps that might
.. ,sten 10 bring silver up to higher
-.,1.sd Of value. The bill, however. was
g'e.ssned to give such confidence In the
sssrcIai ability Of the government that
z.-ryfrnfuation against silver would large
n decrease.
- az Tennessee asked IL the result OF
~ Gage bill eventually would not lead
3 one kind OF paper money. bank notes.
"a 10 silver except subsidiary silver.
There Is nothing in this plan to CO.
so6rate 70 that extent now answered
~ CAGE. 1T Is In that direction, and
glth further legislation developing II
-lrlt ultimately lead to such a result
| After this depression on the silver aues-
nm consideration Of the bill by secti ,ns
- resumed at section Z, where the dis
euaudon closed yesterday. Newlands of
NexaAa referred to gold contracts" and
asked the secretary about them. Mr..
Gaze did not deem II desirable to interfere
rim private contracts of this character
any rsore than was necessary. He ex-
s,aIncd that his expression gold and other
kgai money used In the bill meant no re-
hecsion on silver.
The extent to which drains on the gov
srnmens stock Of gold would result under
The plans Of the bill started much discus
sian Mr.. Gage stated that all redemp-
tons would be mads in gold or it's eQuiva-
Int
Secretary Gage discussing his financial
bin today before the banking and cur
fency committee Of the house. said:
This bill Is simply a step in the right
direction. and a most important step. II
Would save the government $325, OOC, 600 OF
~ very liabilities which are most likely
. Be brought against It.. OF this. s125. 600 Boo
b h gold. Then. with the further measure
recommended by the president. giving au-
tkorify FOR loan up 10 $i00, 900 900 when re-
Qsked. the government would be SO
ltrrns In time OF emergency as to resist
any stress.
" Brosius asked II the secretary felt
hat the bill would obviate any probability
3the c0uutrys being forced TO a silver ha-
The secretary that it would beyond
saestion.
suppose the next election should bring
y q house OF representatives favorable to
fFee silver asked Mr.. Fowler. land free
Myer bill was passed by the house and
mate. Between 1&s. when this free silver
MEASURE might be passed by congress. and
iM. when the advocates of sound money
returned to power. could the country go to
4 s!ye. hasis?"
" Gags answer brought a round Of
laughter and applause. Said he:
In vlsy. Of the absolute certainty OF a
wesdtni!a veto. / think we could pull
;hsongh"
Ihh closed Mr.. Cages hearing. and ha
sss even vote OF thanks. Severa, men,
en scegnt 10 have smother hearing dur
us ae holidays. but there was a strenuous
oale9nn to this. and the origina: plan was
aepaed 70. OF adiourning until January l2.
saen me Gage BILL the monetary confer
tnee ai and other measures Will DC taken
- - 1880"