The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-11-24
GAGE ON CURRENCY REFORM
ADDRESS SATBAN0UET YOR6
CHAMBER or COMMERCE..


National Life as 1t May be Affected b
Financial Legislation, is to be Deter
mined Within the Next Four Years"
New York, Nov. 23.-The one hundre,
and tWenty-ninth annual dinner of tn
chamber Of commerce was given at tn,
New Delmonico establishment. Fiftl
avenue and Forty-fourth street, thi
city, tonight. The occasion was grac
ed by men distinguished in professiona
and commercial life and the beautifu
banquet hall was tasked to it's utmos
capacity.
Secretary of the Treasury Lyman ]
cage was the guest of honor and the
chlet speaker. Alexander e. Orr presi
uent OF the chamber, presided. Among
tne other guests were Secretary of War
russell A. Alger, Frank S. Black
comptroller of Currency J. III. Eckels
mayor William L. Strong, President
Daniel G. Gilman of Johns Hopkins
university, Major General Wesley Mer-
rltt, Commodore Francis NJ Bunce, U.
>. N; Carl Schurz, Whitelaw Reid and
the Rev. DIR. Abbott. Secretary Gage
was fiatteringly received when he arose
10 speak to the toast, Currency Re-
form, Now or When" Frequently the
speakers remarks were enthusastical-
ly applauded He said in substance:
We are met just now with one of
those problems which must be bravely
faced and wisely solved. 1t is q ques
tlon fundamental, in material sense,
to the welfare of every member of the
mighty group which constitutes our
national life. It touches the humble
and dependent more closely than it
does the strong and powerful, although
IN Its final determination the far-reach-
ing destinies of all are involved.
For four years its injurious shadow
has depressed industry and enterprise
Thanks to the wise instincts of our
people, and to the decIaratory voice
uttered in November last, assurances
have come to lift doubts, to Danish
fears, to brace hope and to lend cour-
age Th1s happy reaction in enterprise
now Wltnessed-the stimulation to in
dustry-which has followed this new
assurance, is confirmatory evidence
OF the blighting influence of that fierce
propaganda for free silver and semi
reputation that met it's just rebuke
from the freeman'S ballot in 1896.
Speaking broadly, I believe that the
shape and destiny of our national life.
as it may be affected by financial leg
1slation, is to be determined within the
next four years. Four years is a per-
iod so short in peoples history as to
bar all idea of futurity and to require
hct
omnipresent now.
The establishment of our currency
and banking system upon more secure
foundations is the one thing lacking to
the things which make for permanent
condition of reasonable prosperity. In
securing this the pioneer of 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 it or not, each in
his degree alike interested.
The text to which I was called to
speak is thus stated: "Currency Re
form-Now or When?" By implication
I am absolved from all obligation to
discuss the ''how'' or to go into details
OF methods to achieve currency reform.
Ihls IS a great relief to me for two
reasons:
First, it might be injudicious to anti |
c1pate here and now, what it will be
my official duty to set forth a little |
later on.
Second, it would be to enter at once
the field of greatest controversy. where
doubts and fears are most numerous. |
ana where passions and periudices |
nave their freest play. Everyone fay- |
ors reform-his kind OF reform. MANY |
are willing to have reform, anvbodvss |
kind, If it can be had without struggle
and free of cost. Others, seeing that
the path of virtue leads to serene and
restful planes, are willing to walk in |
me way OF 1T, even at the cost of pres
ent pain and sacrifice.
The first group embraces the radicals
and faddists of every kind who will
tolerate no method not individually
heir own, while the second group. the
Indifferent many, prate REFORM. bui are
fruitful only in objections. You NAV
'et1re the greenbacks, or otherwise re-
luce the redundant issues of the no-
ional obligations payable on demand
out, strange inconsistency you must
lot issue bonds in a time of nea 80
lot even to discharge sacred obliga-
ions incurred in war. These paonle
'usht 10 INFORM us as to which of the
wo is the higher wisdom: To avail
of conditions favorable to tho
highest credit and lowest interesr. to
'ut our financial house in orde. or +o {
vaft until another period shall come
vher, as IN the unhappy days of 1850
.. we may be forced to face disbonor !
+ to recover ourselves at double in
crest upon obligations realizing l., orr
reasury only sixty-or forty-per CERT
f the face of the contract
The third group, convinced Of +h,
'lsdom OF retorm-and reform now =
nd perceiving that in nature's orda, :,
very good acquired involves Soma sao -
flee made, must stand together in na-
ent persistency and work alone Az
ne of least resistance (for this too is
ature's order) to secure those hieb
nds at which they aim.
In word, [ commit myself to the
blowing proposition: At a cost too s
for serious considerat tion q
le debatable condition of our currancv T
nd banking system may be put upon \
early safe, if not theoretically scian- Il
fic foundations This NAV he cao,,,,o, :,