The age-herald., 1898-01-19
 CAGES HEARING RESUMED Again Before the House Bank ing Committee. WALKER CURRENCY BILL Occupied the Afternoon Session-Said to Be the Least Objectionable of the Various
 Measures Now Pending.

Washington, Jan 1S.-Secretary Gage pro- ceeded today with the currency hearing before the house committee on banking and currency. Today's hearing took gen. eral range, with view to developing MT. Cages views on general financial ques- tions and his judgment on various meas ures, including his own for currency re- vision. Chairman Walker, in series of questions, sought to show that the guar anty required in the Gage bill and the mon- etary bill on unsecured circulation was too great thus imposing an onerous burden on the banks far beyond the losses which ex- perience has shown would occur. MT. Gage said that the safety fund in his bill was placed at a point which he regarded safe, and if found too high it could be re- duced.
 Ex-Secretary Fairchild said 1t was felt in strain of this character it had been deemed best to make the guaranty too great rather than too little.
 MT. Gage stated in this connection his objections to the plan of imposing mutual responsibility on all banks, as proposed in the monetary commission bill It would be an unfortunate requirement, he felt, as 1t would operate to keep desirable banks from entering the system and imposing on themselves a responsibility for outside banks. The banker as rule, did not want to be responsible for losses other than his own. Whether the guaranty was to be by a 2 per cent tax on banks, as he provided or by a mutual guaranty from all banks, as the commission provided, or some other adequate plan, MT. Gage said he was will ff,tr fa 1,;e safe security for the redemption of the bank notes was provided.
 The committee occupied the afternoon going over the Walker currency bill. Chairman Walker sought to show that of the pending currency bills, his stood the best chance of passing, that it was least objectionable because, while accomplishing similar results, it did not Haunt before the minority interests the direct preamble de- claration as to the gold unit of standard. It would, he said, absolutely relieve the government of having anything to do with the current redemption of money of any nature and from keeping anything except an ordinary exchequer balance as in pri- vate establishment.
 Secretary Gage, referring to the state ment of purpose in the Gage bill as to fix ing the gold standard more firmly briefly explained why it was best to incorporate that declaration. The obligations of the United States, he said are payable in coin. There is deep dispute as to what that means. On the one side of congress it is said the government can pay in silver; the other says gold only, otherwise the govern ment is guilty of bad faith and dishonesty as to obligations. So long as there Is doubt there will be a constant pressure to open the way for the payments in silver and the contention was that better assur- ances of maintaining the gold standard than now exists should be given the coun- try. So the secretary thought it was the wisest plan to make the positive and un- equivocal declaration as to the purpose of the bill.
 MT. Gage and Mr. Fairchild will be before the committee again tomorrow