The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-17
EXPLAINED BY MIR. GAGE.
The Secretary's Statement Before the
House Banking Committee.

WASHINGTON, Dec. 16.-When Secretary
Gage appeared before the House committee
on banking and currency to present the bill
embodying his views for a revision of the
currency, to explain and urge it's provisions
and to meet any objections raised by the
committee, he was accompanied by Judge
O'Connel, solicitor of the treasury. Copies
of the secretary'S bill were handed to MEM
hers of the committee and were scanned
with great interest After being introduced
to the various gentlemen of the committee,
Mr.. Gage began his statement, speaking in
an easy, conversational manner, and fol-
lowing notes. He said in opening:
THE objects l have in mind in the series
of provisions offered by me are four in num-
ber.
''First-To commit the country more thor
oughly to the gold standard; remove, as
far as possible, doubts and fears on that
point and thus strengthen the credit of the
United States, both at home and abroad
Second-To strengthen the treasury in re-
iation to its demand liabilities, in which are
included greenbackS, treasury notes and the
incidental obligation to maintain on a par
ity, through interchangeablity with gold.
so far as may be necessary the present
large volume of silver certificates and sill
Yer dollars.
'Third-To do this in such a way as not
to contract the volume of circulation in the
hands of the people.
"Fourth-To take an initial step toward
a system of bank note issues without the
conditional deposit of public bonds as Sc
curity therefor.
If we prosper as people the revenue Of
the government ought to be somewhat in
advance of its expenditures and the public
debt of the United States gradually reduced
and finally extinguished. Looking at the
question widely, from my best point of
knowledge and experience, l feel that if
these could be secured the condition of the
government, in its relation to the currency
would be much safer and stronger than
now and that through the operation of ma
and industrial interests of the United States
would he greatly advantaged."
Turning from his notes, MIR Gage pro-
ceeded extemporaneously as follows: "As
to the first proposition-to commit the coun-
try more thoroughly to the gold standard.
remove as far as possible doubts and fears
on that point and thus strengthen the
United States both at home and abroad-I
would say that the proposition to refund
the bonded debt of the United States. now
payable in coin. into bonds bearing on their
face Il lower rate of interest and PAYABLE
principal and interest, in gold is a measure
directed to that end. 1t costs nothing to the
government whatever, so far as the refund
ing of it is concerned, except the expendi-
ture necessary to print the bonds and do
the clerical work. 1t takes ambiguity ONT
of the relations OF the government to it's
creditors; il gives, l believe, a strength and
security and power To the whole CONNER
cial and industrial system of the United
States, and the measure as Ii is preDared
here in the bill WILL in my opinion, accom-
plish that object. The other measures
which are before YOU which | am now
ready to be questioned about, have been
drawn TO accomplish not only the objects
named but the various purposes already de-
tailed by me. If they are worthy objects
they ought to be recognized and secured. IL