The age-herald., 1897-12-17
Of the United States Both at Home
 and in Foreign Countries.
TEXT OF THE PROPOSED MEASURE
Given in Full Provides For the Issue of Bonds, Redemption of Treasury Notes, National Bank Regulations, and
 Many Other Matters.

Washington, Dec. 16.-Secretary Gage ap- peared today before the committee on banking and currency of the house of rep resentatives to present bill embodying his views for a revision of the currency to explain and urge its provisions and to meet any objections raised by the com mittee.
 The secretary was accompanied by Judge O'Connell, solicitor of the treasury. Copies of the secretary's bill were handed to mem- bers 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 following notes.
 Gages Speech
 He said in opening:
 "The objects I have in mind in the se- ries of provisions offered by me are four in number; first, to commit the country more thoroughly with the gold standard; remove so 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 relation to cash demand liabilities in which are included green backs treasury notes and the incidental obligation to maintain on parity, through interchangeability with gold, so far as may be necessary, the present large volue of silver certificates and silver dollars.
 'sThird. To do this in such way as not to contract the volume of circulation in the hands of the people,
 "Fourth. To make an initial step to- wards a system of bank note issues with out the conditional deposit of public bonds as security 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.
 Hooking at the question from my best point of knowledge and experience, l feel that if these could be secured the condi- tion of the government, in it's relation to the currency, would be much safer and stronger than now and through the opera tion of national bank currency the con- mercial and industrial interests of the United States would be greatly advanced" After this initial statement it was deem- ed advisable to read the secretary's bin in detail and discuss it section by section.
 
 section of the secretary's bill. In answer to inquiries he said its general purpose was the same as that set forth by the president.
 MT. Brosus asked how parity of the met als could be maintained if demand obliga- tions were withdrawn from circulation and accumulated in the treasury.
 Mir. Gage said there would be ample de- mand notes outstanding beyond the S2O0,- 900 O00
 MT. Brosius insisted that it would im- pose on the banks and not on the govern ment the obligation to maintain parity.
 The secretary dissented from this, saying the demand obligations left outstanding would be sufficient to maintain parity.
 MT. Brosius asserted the banks would be called upon to maintain the parity and that if they were unable to do so the coun- try would at once be forced 10 a silver basis.
 MT. Gage. sm:lingly, remarked that he did not see the situation in that light He apprehended nc such emergencies.