The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-12-04
GAGE ON CURRENCY REFORM.
The Secretary Of tho Treasury
Favors Bank Circulation.
Sees Promises OF Better Times I'm Re-
cent Republican Victories
CounseIs Against Finan-
cial Agitation.


York chamber of commerce Tuesday
night, November %, upon the subject
OF currency reform, making in the
course of his remarks some illusions
to recent republican victories at the
polls and their probable effects on the
national welfare. Following Is the
speech almost in its entirety:
i Grave Problems 20 solve.
"our fathers had grave problems 10
\ solve Our own are equally serious. They
! are even more complex. The fidelity shown
\ by the fathers should ntly example our
/ fidelity. That Is the price through which
\ the good we enjoy may be honorably pos
Il sessed. added to. and passed on 20 those who
Il follow us. We arc met Just now with one
Il or those problems which must be hravely
\ faced and wisely solved IL Is a question
/ fundamental, In a material sense. 20 the
\ welfare OF every member or the mighty
II group which constitutes our national lie.
/ IL touches the humble and dependent more
I closely than Il does the strong and power
/ ful, although In It's final determination the
1 far-rcaching destlnies OF all are involved.
/ For four years It's injurious shadow has
1 depressed industry and enterprise. Thanks
/ 20 the wise instincts OF our people, and TO
\ their declaratury voice uttered In Novem-
\ Der last, assurances have come TO lift
/ doubts. 10 Danish fears. 10 brace hope. and
I 10 lend courage.
This happy reaction In enterprise now
/ witnessed-the stimulation OF industry
\ which has followed this new assurance, Is
I n con1rmatory evidence Of the blightlng IN
I fuence OF that fierce propaganda FOR free
\ silver and contemplation that met It's
\ just rebuke from the freeman's ballot In
/ 1896
speaking broadly. believe that the
I shape and destiny Of our national life. as u
/ may be affected by nnanciallcgslatlon is TO
/ be determined within the next four years.
1 -Four years "a a period so short In peoples
/ history as TO bar all idea OF futuriy and TO
/ require In substitution the more Immediate.
\ omnpresent now The forces and energies
which found victorious expression In the
/ last election are as significant now "a they
were then. Are we intelligent and cour-
/ agcous enough TO take the action thei7 pres
/ ent warrant iustifes, and secure the fNture
\ against the dangers which have been Tor
I the present overCome2 10 rs said that un-
\ der present conditions n g. impossible that
/ ohstructionists can hinder and defeat the
I popular will, that agitation on so delicate
a subject as the money standard Is dis
:urbiuE; that we have the best OF guhran-
\ tees that for four years the present status
I viii be maintained that the revival OF
business viii be best assured by the policy
I OF inaction Covered In one sentence all
/ this IS summed up IN the much abused
maxim! Let well enough alone The max
I I'm well applied IS indeed n wise one, but
\ the wisdom OF II lies In the application
I or q.
Currency system Rad Enough.
when ultra conservatism applies II 10
/ Justify a condition which Is bad enough in
l steady OF well enough. II Is fatally misap-
/ piled That the condition OF our currency
/ and banking system Is bad enough Is Ger
/ titled TO by the deliberate judgment OF tho
/ great body OF economic students and by
I general consensus OF opinion among bust
/ ness men IL certainly Is not well enough
| with n banking system utterly inelastic ana
I correspondingly irresponsible TO the domes-
/ tic requirements OF trade and industry. TO
/ which. In its proper relation. the banking
| system should be the faithful and cih-
/ Client handmaiden. IL IS not well enough
/ with the national treasury awkwardly per-
forming an office which Is entirely foreign
! TO It's proper function. 10 Is not wei
! enough. u Is absolutely had, when the re-
! suit Is public treasury so expanded In its
\ demand liabilities In "A time OF profound
/ peace as 10 threaten It's solvcucy IN case on
war Thomas Jefferson, the putative Ia
Their Of democracy. himself declared; Dur
\ ing the interval between war and war all
/ the outstanding paper should be called w,
coin be permitted TO flow IN again. ana
4 hold the field OF circulation until another
4 war should require It's yielding place again
\ 10 the national medium. No. my friends
we are not justified IN falling back Ia SUI
\ preme indifference to rest upon a perverted
\ maxim.
"Nor Is agitation 10 be feared IN It's effect
7 7 VT
/ an agitation In behalf OF better conditions.
i We have absolute security that for no least
/ four years no step can be effectively taken
which viii degrade our money stabcari or
/ brlug dishonor 10 the national credit Agi-
t0tion VIII. therefore, result In nothing or
\ be productive OF good Under such cOndi-
i lions. agitation ia the highest conservatism.
More secure Foundations.
1.-THE establishment OF Our currency and
\ banking system upon more secure founda~
/ tous ls tho one thing lacking 10 the things
which make for q permanent condition r
\ reasonable prosperity IN securing this the
pioneer IN the west. tho laborer in the mines,
! the toiler IN the field the mechanic In his
I shop. the merchant. and the banker. are
! all whether they know 10 or not. each Ia his
/ degree alike interested. The text 20 which
/ / was called % speak IS thus stated Cur
rency neform-Now or WhenP by lmpli-
\ cation am absolvCd from all obligation 10
discuss the how, or 20 go into details or
/ methods TO achieve currency reform. This
4 T. great relief 20 me for two reasons:
I First. % might be injudicious TO anticipate
I here and now. what n VIII be my Official
/ duty 10 set forth little later on. Second,
| Il would be 20 enter az once the Held OF
/ greatest controversy, where doubts ana
4 fears are most numerous. and whore pas
I Eious and prciudlccs have their frceat play
Every one favors refurm-hls kind OF re-
I form Many are willing 20 have reform, any
| hodys kind. " IL can be had without strug-
| path OF virtue leads 20 serene and restful
/ planes, are willing 30 walk in the way OF u.
even at the cost of present pain and sacri-
fee. The first group embraces the radicals
and fdddists OF every kind. who Will toler-
ate no method not individually their own.
/ The second group. the Indifferent many.
I brate reform. bat are fruitful only IN OBJ
I joctlons. You may retire the grccuhack or
/ otherwise reduce the redundant issues Of
/ the national obligations payable on de-
/ nnnd. but strange Inconsistency. you
I must not Issue bonds IN the time 81 peace
not even 20 discharge sacred obligations In
CURED 10 war These people ought to In
! form us as TO which Of the two Is the high
or wisdom To avail ourselves OF condi-
tlons favorable 20 the highest credit and
! lowest interest TO put our financial house
II IN order. or 40 wait until another triod
i shall come. when, ns the unhappy days %
\ lSGJ-C5 we may be forced 10 face dis.
Il honor or 10 recover ourselves al eauble In
Il tcrcst upon obligations realizing 20 our
u treasury only GQ-or fO-per cent Of the
Il face Of the contract Others Of the same