The herald., 1897-12-17
IN COMMITTEE
Secretary Gage Makes Argument for
His Currency Plan

WASHINGTON, Dec. 16.-Secretary
Gage appeared today before the Com
mittee on Banking and Currency Of the
House of Representatives to present a
bill embodying his views for revision
of the currency, to explain and urge its
provisions and to met any objections
raised by the committee.
The Secretary was accompanied by
Judge O'Connell, Solicitor of the Treas
ury. 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, Mr.. Gage
began his statement, speaking in an
easy, conversational manner. and fol-
lowing notes.
He said:
1.-THE objects I have in mind in the
series of provisions offered by me are
four in number:
"First-To commit the country thor
oughly to the gold standard; remove, so
far as is possible, doubts and fears on
that point and thus strengthen the credit
Of the United States both at home and
abroad.
"Second-To strengthen the Treasury
in relation to It's demand liabilities, in
which are included greenbacks, treasury
notes, the incidental obligation to MAIN
tain on parity, through interchange
ability for gold so far as may be neces-
sary, the present large volume OF silver
certificates and silver dollars.
"Third-To do this in such way as
not to contract the volume of circulation
in the hands of the people.
"Fourth-To take an initial step to-
ward system of bank note issues with
out the conditional deposit Of public
bonds as security therefor.
IF we prosper as a people, the reve-
nue. of the government ought to be some
what in advance of it's expenditures and
the public debt of the United States
gradually be reduced and finally eXtin-
guished. Looking at the question wide
ly, from my best point Of knowledge and
experience, I felt If these conditions
could be secured the condition of the
government in it's relation to the cur
rency would be much safer and stronger
than now, and that through the opera
ton of national bank note currency the
commercial and industrial interests of
the United States would be greatly ad-
vantaged."
Turning from his notes, Mr.. Gage pro-
ceeded eXtemporaneously as follows:
LAS to the first proposlton-to commit
the country more thoroughly to the gold
standard, remove as far as possible
doubts and fears on that point, and thus
strengthen the United States, both home
and abroad-I would say that the propo-
sition to refund the bonded debt of the
United States now payable in coin into
bonds bearing on their face lower rate
of interest and payable, principal and
interest, in gold. is measure directed
to that end. 1t costs nothing to the
government whatever, so far as the re-
funding is concerned, except the ex-
penditure necessary to print the bonds
and do the clerical work.
ut takes ambiguity out of the rela-
tions of the government to it's creditors;
it gives, believe, a strength and Sc
curity and power to the whole CONNER
cial and Industrial system of the United
States, and the measure as it is pre-
pared here in the bill, in my opinion, will
accomplish that object. The other
measures which are before you, which
/ am now ready to be questioned about
have been drawn to accomplish not only
the objects named, but the various pur-
poses already detailed by me- If they
are worthy objects, they ought to be
recognized and secured.
IF they are unworthy objects, they
ought to be rejected. or if the manner
iof securing them is not wise one, as ]
have outlined 1t, the manner ought to
be rejected or reformed or improved"
The discussion brought from Mr.. Gage
another general statement Of all the de-