Daily Kennebec journal., 1897-11-24
Secretary e,se on the Currency.


the New York Chamber of Commerce
is of more than ordinary interest at
this time. when SO many plaE's for cur
rency reform are under consideration.
because it has been expected to in
dicate the position which President
Mckinley would take in his forth
coming message to Congress. In this
the public has been disappointed.
Secretary Gage has carefully avoided
as he frankly states. for two reasons
First, it might be injudicious to
anticipate. here and now, what it viii.
be my official duty to set forth later
on.
Second, it would be to enter at once
the field of greatest controversy, where
doubts and fears are most numerous,
and where passions and prejudicss
have their freest play
The secretary does not undertake 10
disguise the fact that he is heartily in
favor of reform, and that he believes
there is pressing need of it. While he
avoids a definite opinion as to what
the nature Of this reform is, it is not
difficult to read between the lines some
expression of the secretary's views
upon this subject. 1t is evident that
he believes % that some way should
be found to give greater elasticity to
the national banking system.
Whether he would accomplish this by
permitting national banks to issue cir
culating notes up TO the face value of
the bonds held by the treasurer of the
United States for their security-or by
gested by different financiers, remains
to be seen. (2) 1t is evident that
Secretary Gage firmly believes that
the government should be divorced
from the banking business.
1t is evident also that he attributes
far reaching results to the financial
legislation of the immediate future for
he says: Speaking broadly. l believe
that the shape and destiny of our ma
tional life, as it may be affected by
financial legislation. is to be deter
mined within the next few years"
That the financial problems that are
pressing for solution are within COM
| paratively easy reach of it. Secretary
Gage does not doubt. ''At cost too
| contemplate for serious considera-
tion,' he says, ''the debatable condi-.
| ton of our currency and banking sys-
| tenn may be put upon clearly safe If
not theoretically scientific foundations.
This may be secured without any nec-
essary contraction of the circulating
medium of exchange. and With no
danger of an undue expansion. and,
| best of all. this desirable end may
| carry in it's. effect potential relief to
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"
1t is evident from this that Secretary
Gage has in mind comprehensive
plan for currency reform and one which
he is fully persuaded will prove in
every way adequate to the financial
needs of the countryz1present and 70
come.
While Secretary Gage clearly recog-
nizes the wide differences of opinion
that exist in the country as to the best
plan to be pursued in the reformation
of the currency he. nevertheless,
cherishes the hope that there is pa
triotism enough in the nation to make
Possible that spirit Of concession and
cancellation, which is necessary if any
practical results be accomplished.
Thoughtful citizens of all parties, who
have at heart the best interests of their
country will join with him in that
hope.