The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-24

The address Of Secretary Gage, delivered
last night at the annual banquet of the
New York Chamber of Commerce, was well
suited to the occasion. In addressing the
oldest and strongest commercial organiza-
ton in the country the secretary of the
treasury could not be expected to ignore
the question which is now uppermost in
business circles, that of currency reform,
and yet, as his annual report to Congress
is already in type, he could hardly afford
to anticipate or repeat the views there ex-
pressed. He d not do either. He discussed
the financial situation in a general way and
conveyed his views as to the duty of the
hour in the fewest possible words. Briefly,
he thinks that the time has come to make
at least a beginning in currency reform
Considering that our financial legislation
for thirty years past has been of a hand-to-
mouth, patchwork character, largely on
wrong lines and away from sound prin-
ciples, there can be no doubt that the secre-
tary is right on this point. Because evils
have become entrenched is no reason why
they should not be attacked, and the longer
the attack is deferred the more imperative
it becomes. The secretary believes that the
first step towards currency reform is agita-
ton, and in the present case he has no fear
that it will prove hurtful. Agitation he
says, lis not to be feared in its effect on
industry business affairs, If it is to be
an agitation in behalf of better conditions"
That is true. Agitation in favor of the re-
tirement of the greenbacks or of proclaim
ing the single gold standard is very different
from agitation for greenback imitation or
the free and unlimited coinage of silver at
16 to l. The experience Of last year proved
that agitation for McKinleyism was very
different from agitation for Organism. One
meant the restoration of confidence and the
establishment of sound business principles,
while the other meant the wrecking and
destruction of both. One kind of agitation
may involve revolution, while another kind,
as Secretary Gage said, is conservatism. OF
the latter kind is the agitation that aims
at bringing the government back to right
financial principles and placing our currency
system on a sound and healthy basis. In
the opinion of the secretary this is the i'm
perative duty of the hour. 1.-The establish
upon more secure foundations is" he says,
1.-THE one thing lacking to the things which
make for a permanent condition of reason
able prosperity" Assuming this to be true
he announced as the text of his address
we might say the golden text-"Currency
Reform-Now, or When?" Without dis
cussng methods of reform, which he is
willing to leave to the wisdom of Congress
in the light of the various plans that will
be brought before it, the secretary en-
phasizes the idea that the work should be
begun at once. He thinks now is the ac-
copied time. From his point of view it
would be so easy to place our currency and
banking systems on sound business basis,
ard the advantages would be so great that
he thinks the work should be taken up at
once. In short, his answer to the PROPOSE
ton Currency reform, now, or when?" is
now. That is the keynote of his address,
and the Journal believes it represents the
solid business sentiment of the country.