The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-18
CURRENCY BILL
Submitted by Secretary OF the Treasury
Gage-rhs Measure Discussed In the
House BnnLing and Currency Commit-


Gage-Ths Measure Discussed In the
House BnnEing and Currency Commit-
tee.
WASHINGTON, D. C., Dec. 17.--sec-
re;ary Gage resumed his exposition OF
his comprehensive currency bill before
the house committee on banking and
currency to-day. Chairman Walker had
left the city and Mr.. Brosius, of Penn
sylvanIa, presided.
Before the bill proper was taken up.
some semi i-politicll questions were ask
ed Mr. Hill (Rep, Comm, called Mr.,
Cages ttention to the statement made
yesterday that the iirst purpose OF the
bill was TO commit the country TO the
gold standard.
You are recognized rs n Republican"
said Mr.. Hill, addressing the secretary,
and YOU are familiar with the finan-
cial platform Of the Republican ma
tional convention at ST. Louis. Do
you consider that this purpose OF more
firmly fixing the gold standard on the
country, conflicts with the principle OF
the 81. Louis plltform?"
mo. SIR" responded Mr.. Gage, mot
as look at the principle OF bimctallism.
Bimotnllism must mean one OF two
things: either It Is two kinds OF money
Of unequal value circulating side by
side by reason of the exchange OF the
less valuable for that Of greater value.
or else two kinds OF money Of such in
trinsic equality OF value that they will
circulate naturally side by side.
I'VE have a bimetallic currency In
the United States now. The fcm es-
tabllshment Of the gold standard with
such interchangabilIty with silver as
will make It acceptable on an equality
with gold, will maintain this bimetal-
Ism. the same as 1t has existed for the
last eighteen years"
The secretary went on TO state that
this In no way preJudiced any steps
that might be taken to bring silver up
to hlgher standard of value. The bill,
..awever. was designed TO give such
confidence In the financial ability OF
tho government that the discrlmlna-
tions against silver would largely de-
crease.
Mr.. Cox. Dem, TENN, asked II the
result Of the Gage bill eventually would
not lead 20 ono kind OF paper money
bank notes-and no silver except sub
sidiary silver
i mere - nOlUlUF III Nut Plsiu W pPtA
ate to that extent now answered the
secretary at Is in that direction, and
with further legislation developing 1t II
might ultimately lead 10 such result.
But would not say that silver would
tr restricted TO subsidiary silver.
would say n system of silver which
would be subordinate. II is subordinc'e
now"
After this diversion 10 the silver
question the consideration Of the bill
ly sections was resumed at section z,
where tho discussion closed yesterday.
Thla section provides for an Increase
of national bank note circulation TO be
secured not by the deposit of bonds or
k7'og, but by The assets OF the bank
nHl the government guaranty. Mr.
Cage referred TO the advantage OF this
additional unsecured circulation, in
gIyIng an elasticity to the country nt
POINTS where II was most needed He
showed from the returns OF the comp
trollogB' Office how small percentage OF
loss came from national banks, and
urged that this ungtrured circulation
would entail an uncomfortable oblign.
Hon On the government, by reason OF
CIV mirnnlv ana this would bc over
come by the small tax on the bank
constituting a safety fund.
10 answer 10 questions by Mr.. New.
lands. of Nevada. the secretary said
i.l, the amount NJ rofundlng bonds
under the bin would rciohtl l3s, OOO.OOOl II
OH 0t them were issued These being the
l17I7 Tor circulation. bank notes could
D.. lTuod 10 that amount Besides these
'." additional 20 per cont Of unsecured
circulation would give ~ further Issue
~ h1nk notes NJ about 93OD,0OO0OO BUT
'1l vast Issue was merely the creation
tUl was not n reality Tho lAnhg could
f.. g.t 0ll the bonds and use them fur
Inn0 hank notes on the contrary
government bonds nrc always taken
H'Hnly Nv private lnyoBtors truBl Com-
wul.H, Insurance companies, and par.
I'M. across the water Any effort by
Mr mulH Ia absorb an the bonds would
lnnai The price na 10 dutolt The ob-
lH ylrR, hnh thiN iif3 W0Hia serve
% ohrd, 10 the oNpau8lon or bank
circulation
Nr NuwI0uda referred To "H1ll cln-
".' onl asked thu Hcorpnri.H rlow
diUnm
Nr glao alld h0 dld not D1nHlor 10
ouuaDl1 lO Interfere with private con-