The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-26
GAGE AGAIN ADVOCATES GOLD.
SECRETARY ADDRESSES PHILA-
DELPHIA TRADES LEAGUE.

Between Two business Men During
the Last Presidential Campaign.
Philadelphia, Pa, Jan. 25-The seventh
annual meeting of the Trades League of
Philadelphia was held tonight in the
Academy of Music, at which the princl-
| pal speaker was Hon. Lyman ]. Gage
| Secretary of the Treasury.
MIR. Gage was warmly received and held
the attention of the large audience
| throughout
He spoke on the subject of Finance"
and his remarks were frequently punctu-
ated with applause
The following is an extract from Secre-
| tary Cages speech:
THE assertion that gold has appreciated
| is difficult of proof, nor is it easy to re-
flute the proposition. Dogmatic assertion
is not proof either for or against that
| proposition. If it be true that it has APP
preciated and the higher value has been
manifested by a fail in the price of
things for which ii is offered in exchange,
that fact could not be cited as prejudi-
cial to the wages paid labor, since the
same wages paid in gold or it's equivalent
were thus rendered the more effective.
ut was in recognition of this principle
that Prof. Thorold Rogers, an economist
suspected Of bias by reason of his we'll
known leanings toward labor, declared
that, The history of England for six hum
dred years shows that the wage Garner
has fareo the best when by a diminishing
supply Of metallic money the prices o.
things were tending downward
mo, it is not upon wages that the in
| furious effect of a gold appreciation falls.
1t is upon those who own the land, the
forest, and the mines, if upon any, that
| the injurious effect is visited. This Is all
| so plain that one cannot comprehend how
the wage-earner can be misled by that
iridescent orator who, by multitudes of
words, couched in ambiguous and sophis-
| teal phrases, seeks to obscure Judgment.
II know of nothing which presents this
whole subject under a clearer or more
comprehensive view than was afforded in
the fall Of 1895 in al short private discus
sion between two men, whom l will call
A and B.
MT. A-What do you think, Mr. B, of
this silver agitation, what will be its out
| come?
Mr.. B-Within two years we will go to
the silver standard in the United States,
and believe 1t to be for the interest OF
the people of this country to reach that
result at the earliest possible moment.
''Mr. Al am surprised at such a state
ment from you. You are student of such
questions-a business man of experience
in affairs. / know that you are largely in
terested in silver mines, but l would not
| think that fact could seriously bias your
| general judgment
MIR. Bit does not: I am interested in
| gold mines, as l am in silver mines but
| l have larger interests in general affairs
| than in both of these combined. 1 am
! speaking for what l believe to be the in
| terest of the country as a whole.
''Mr.hA-Well, then, won't you kindly
! expose to me the considera lions which
bring you to this conclusion? You can
| make the statement so that l can under
| stand it,
| Mr. Bit is this way: Our natural OPP
| portunities-land, forests, mines-are sub
| stantially all taken up. We must now
turn our attention TO manufactures. In
| this q we shall be in competi-
| ton with other nations. Protection no
| longer protects. Cheap ocean freights
the submarine cables, the development in
credits and the system of exchanges
| bring the world closer and closer to-
gether. We must enter into the world
competition on even terms. We cannot do
| 1t now. Labor IS too high. Wages must
! be reduced, in order that we may produce
| on cheaper terms. You cannot accomplish
| this by any direct method. Labor will re-
sist-strikes, lockouts and riots will result
! But can't you see that with the present
! general wage price If paid in silver we
| can, on the product of labor, realize in
| foreign markets, kind of money twice
| as valuable as that in which the labor
| cost Is paid, and thus largely increase to
! the raw producer and to the manufac-
turer the profit they now enjoy? This
! increased profit will stimulate manufacture
! ing and production, as 1t is now dong IN
| Mexico and Japan
| "Mr A-But you said that 1t was for
the interest of the people, and yet the merit
| of your proposition, if it has merit, lies in
! this that by an indirict, but certain, pro-
cess, it reduces the relative award to la
| Dor and increase the employers share. Are
| not the ge-workers and the dependent
| stipendiarieS or every Sfaue anu hllu aiso
the people?
"Mr B-Ycs; but they will get as much
| norninallv as now, even more as time goes
| on and If they ever discover that the diff
| ference is against them 1t will be too late
| In any event, it's better than strikes and
! lockouts.
"Nr A-WelI l understand you; but
cannot agree to blindfold one class, while
! another class pick their pockets But
! passing that / want TO ask you what
would be the immediate result to trade
and industry were free coinage of silver
on the old ratio of 16 to ! inaugurat&d?
MIR. B--Wel, that's plain enough, TOO
We would have tremendous shock, credit
would be destroyed. The owner of capt.
| taI would refuse to lend. He would collect
| his claims. because he would want to own
and control things which by their nature
would rise in value as measured in silver
pari passu. with the certain rise in gold
Nearly all present debtors would be ruin
ed. and for a while business chaos would
follow. / myself owe largely, but pro-
pose to pay ii all off before the storm
comes. and then wait for the REIMBURSEMENT
of things.
This dialogue is a faithful reproduction
of a talk between two men, who spoke
together without disguise, each of whom
! understood the true philosophy of the
question There is a sequel to the story
which ought 10 not to be lost: MIR. b, the
energetic advocate of the silver standard
refused later 10 support the Chicago nomi-
nee He refused publicly TO meet demands
upon him for. contributions to support
that nominee. He voted for Mckinley
Why did he do this? His answer is in
structive and bears directly on the ques.
ton:
" 4 found, he said, when / tried to ne
gotiate my securities issued against the
great constructive enterprise in which my
fortune and credit were involved, that
credit was already shaken, and my en-
terprise was not sufficiently advanced to-
ward completion. More capital was neces-
sary, and l knew that IL Bryan should be
elected my enterprise would meet with
disaster-my credit lost, my fortune de-
stroyed Now he said in February, 1857
I .t,f a. 7