The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-01
Secretary Cages Currency Scheme

Mr.. LYMAN j. GAGE, Secretary Of the
Treasury, gave out, while in New York
on Friday, an explanation of his views as
to the proposed "currency commission"
which Congress did not appoint. Doubtless
he had contributed the same views to the
stock of opinions on the subject of the cur
rency in possession Of that body, and there
is no reason to suppose that they will be
any more convincing with the public than
they were with Congress.
at is a great pity the commission could
not have been appointed at the last ses-
eion,' says Secretary GAGE. OF course,
1t could have been appointed, If Con-
gress had been willing, but Congress was
not willing. The House passed the bill
In a pe~rfunctory way, exhibiting little in
terest in the proposition and scant respect
for it. Mr.. STONE, who introduced the
measure, likened it to an imaginary remedy
for a case of hypochondria, harmless in it.
self and effective only in the morbid mag
3 nation Of the patient. 1t was a harmless
proposition, as Mr.. STONE knew, because
there was no chance that it would even be
considered in the Senate, much less ac-
{ cepted. In that spirit and with that gen.
eral understanding the bill was hurried
through the House. 1t was treated as a
matter of no consequence as a proposition
which would amount to nothing.
- Mr.. GAGE says, however, that he "thinks
There Is no doubt about the appointment of
such q commission" Does he mean by au-
thority Of Congress7 If 30, his thinking is
without the justification of reason. The
chances Of the passage of the bill at the
regular session beginning next December
. are no better than they were at the extra
session lately concluded. They are worse
rather. The proposition will not grow
in either popular or legislative favor by
the delay, and by next winter is likely
TO be dismissed from consideration alto
gether, whether in Congress or by the pub
lie; for there Is nothing in it to give it en-
during vitality. If Mr.. GAGE is set upon
having his commission. he will have to Gre
ate it himself on his own motion.
Inasmuch as he assumes that 1t is to be
appointed, the inference, therefore, is that
he is going to get it up on his own account
as an individual enterprise. Having thus
created it, this is the plan on which he In
tends to have it proceed:
81 suppose its members will be divided into small
committees to visit the chief financial centres. such
~ oEA DObtou, NHNasp, we" OFlcAnb, Ban
Francisco. and others, and investigate thoroughly the
financial condition found in different sections and re-
ceive suggestions from the bestinformed men Of
these sections AZ to changes and reforms IN the pres
emit currency system.
"They will reveal, as 1t was never before revealed,
the financial condition OF tho country, and the vary.
Ing conditions in its different sections. Based upon
such knowledge and observation. the suggestions Of
the commission would command the most serious
attention OF Congress, OF the nnanciers, and OF the
people. There would be furnished. at least, a solid
groundwork OF facts upon which a new currency sys-
tenn might be established. or that would Justify radi.
Gal changes in our present financial scheme"
Why is it that Mr.. CAGES rowing com
mission Is necessary to reveal "the fnan-
cial condition of the country and the vary
Ing conditions in Its different sectionsg'
The Congress of the United States is made
up of representatives of every part and
every section OF the Union. They were
elected by the people who are under these
varying conditions" and are sent to Con-
gress to represent their views. They were
elected, too, after u political campaign
In which the currency question was
thoroughly discussed in every State and
every Congress district as the main issue
OF the canvass. Upon that subject, accord.
ingly, they represent the views of their
constituents and their varying condi-
tions" In q peculiar and particular way. II
they do not know the needs and the desires
u the People OF their districts as to the cur.