Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1897-12-02
GAGE TALKS ON REFORMS.
The Secretary Of the Treasury Ad-
dresses the New York Chamber
OF Commerce alta Banquet.
HIS VIEWS ON THE BANKING SYSTEM.
FOundatiOn-The COuntry's Destiny
Affected by Financial Legislation
40 BE Chapel In the Next Four Years
summary of His Speech.

New York. Nov. 24.-The l29th an
nual dinner of the New York Chamber
OF Commerce was given at Delmonico's
rev restaurant, Fifth avenue and For
ty-fourth street Tuesday night. Men
distinguished in professional and COM
mercial life were present, and the beau
tiful banquet hall was taxed to its ut
most capacity. Secretary of the Treas
ury Lyman j. Gage was the guest of
honor and the chief speaker. Alexander
E. Orr, president of the chamber. pre-
sided.
1t was long past the appointed time
when President Orr arose and made the
Introductory speech. The health of
The President of the United States"
was then drank standing. with three
rousing cheers, while the orchestra
played ''The Land of the Free"
Secretary Gage was fatteringly re-
ceived when he rose TO speak TO the
toast, Currency Reform, Now or
When?" The secretary read his speech
from manuscript. He said. among other
things:
Secretary Cages Address.
shape and destiny OF our national life. as
II may be affected by finanAal legislation,
is to be determined within the next four
years. Four years is a period so short in
a peoples history as to bar out all idea
OF futurity and to require in substitution
the more immediate. omnipresent now. The
forces and energies which found victorious
expression in the last election are as sig
nihcant now as they were then. Are We
Intelligent and courageous enough to take
a hatF Farn wa rra mt Aftes ffae
and secure the future against the dangers
which have been for the present over
come?
1T is said that under present conditions
II is impossible that obstructionists n
hinder and defeat the popular viii;
agitation on delicate subject as
money standard is disturbing; that !
have the best Of guarantees that for four
years the present status viii be main
tanned; that the revival of business will be
best assured by the policy of inaction
Agitation is not 10 be feared IN its effect on
industry or business affairs If II is to be an
agitation In behalf Of better conditions. We
have absolute security that for at least
four years no step can be effectively taken
which Will degrade our money standard or
bring dishonor to the national credit Agi-
alton will, Therefore, result In nothing or be
productive Of good. Under such condi-
lions agitation IS the highest conserva-
usm.
The One Thing Lacking.
The establishment OF our currency and
banking system upon more secure founda-
tions Is the one thing lacking to the things
which make for a permanent condition Of
reasonable prosperity. In securing this the
pioneer IN the west, the laborer in the
mines. the toiler in the field. the mechanic
in his shop. the merchant and the banker.
are all, whether they know II or not, each
In his degree alike interested.
THE text to which / was called to speak
is thus stated: Currency Reform-Now
or When? BY implication l am absolved
from all obligation to discuss the how,
or to go Into details of methods TO achieve
currency reform.
In word. commit myself TO the follow
ing proposition: At cost too contempti-
BILE for serious conside ration, the debata-
bic condition of our currency and bank
ing system may be put upon clearly safe,
IL not theoretically scientific foundations.
This may be secured without any neces-
sary contraction Of the circulating medium
OF exchange and with no danger of an I'M
due expansion, and, best of all, this desira-
bic end may carry in its effect potential re-
lief 70 those districts in the south and
west, which. though rich In possibilities
OF soil and climate. have been held back.
through the absence of banking capital and
credit facilities"