The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-23
GAGE SPEAKS In ORANGE.
sHCRETIRT or THE TREAsURY DIS
CESsES PKBLIL FINANCKE


ORAseE. N. j.. Dec o2.-The New England
Society OF the Oranges observed Foreiathrrs
Day with dinner tonight, at which the prin-
cipal speaker was Lyman j. Gage, Secretary vi
A the Treasury. The Rev. Dr. Walter Duncan Blu
d. chanan OF the Fourth Avenue Presbyterian
Church spoke on "Forefathers' Day" Justice
3 Goodrich OF the New York Supreme Court on
'The Modern Puritan" and Severo Muet-
& Provost on THE Paris Tribunal Of 1890" Sec.
Z rotary Cages topic was Some Aspects Of the
= Public Fina ices" The greater part OF what he
said follows:
Among the many problems that ore thrust
upon Us. from which,. until rightly solved. We
must ignorantly suffer the problem Of govern
menta an public finance IL not the least. and
II 10 upon this particular problem that I vbn-
ture to take your time The problem Is Ave-
fold, or. rather. II is one under Ave principal
divisions. and may he thus classified:
Frst-The Independent Trensury-its de-
STABILITY as a measure Of safety to tn public
fun lie. aud Its economic evil az an absor bent OF
that portion Of the capital circulating in tho
form OF money.
'S"cond-The effect and influence for good
or OWL. Of Government issues Of legal tender
money.
"Third--The money standard.
"Fourth-BankinR aud currency.
''Fifth-The public debt and taxation.
First, as to the indepen lent treasury. can
only touch upon II. In connection with It. we
witness a strange incon sstency. The Congress
OF the United States formulates a great bank
ing system and endows II with multiplied
shocks and guards calcu atei to givc safety to
Its operations. The Government assumes over
the institutions organized under the law--now
some $500 in number--a close and vigant
supervision. IL appoints special agents clothed
with large powers Of Jurisd ,ction. II allows
the Institutions thus under its patronage and
protection to take under their control some
Two houIen p, millions o, olln , OF the peoples
government Itself will not trust the best Of
them to the extent Of on. ,,ollsr. In direct on.
shcn have Tor sansratiops trsns"cte di0'R Rrff
financial operations through bat king agencies,
appears, the products nj human industry in,
the proceeds OF tsxstioh are. Sari passs. larger
Asa consequence the supply OF money. increas-
hoSush the c OF o. aS.so aSon
that important period diminished In volume by
ths otSsr hmr snd to tn.
trsry. when business depression comes. or ac-
tiyty diminlshe-. prices fall. Then tho public
board, which might have been useful under re-.
channels where II cannot be probably used,
otrer these comments 70 excite reflections. do
Knight speak after a similar fashion in re-
gard TO the legal tender paper money issued
they are. through their iseal.tender fsaturs..
given IL certain di,eettons the potentiality OF
Ia the as osnk
gold: Nov. banking reserved are IN par icu-
s sssse the W rpSn which the large
mediate solys9sy Of the credit structure de- De.
Standard money Il aSH tSe oNsss
Wsrs by yos enSo for ne d sfsr
OF Go!d-in the public treasury. th. criticism
S6s would S or ,s sRns Of III
sssas ssms H, cS g; o.
tender paper tSer" Is held sioo IN S efa
TO make good this great difference the Gov |
eminent nI has no convertible value IN hand. It
taxation upon those who have. secure tho |
mean. to make goo, the difference.
But. qu te aside from these weakpesses |
Their. has been developed In the general public |
mind Q conviction more evil. perhaps, In its |
Just alluded The conviction Ia that the law
makes money; while the truth is-.deeply
can do no such thing. II can recognize and
give sanctions: 1t cannot create But I am
for Immediate change or repeal. either as To
the ,indepeGndsnt treasury or the law which es-
In @v would s.
time to attempt thu. Prejuilces and precon.
S sIssp sre ies Tine and
L.! me pass to the third questionable stand
Here We come to a question OF immediate
and practical import. II has been the oc.
ession Of much heated debate as we'll as OF
have formulated propositions concerning Il,
s Sodv e ~ 'bd these propo.tions into the
and doubts excited by the long debat".
have disturbet business. adversely affected
tnOusanda. Three yyara the voca ~ o a
People de ec ,h period Of rest That voice
Of that form OF metallic money which has lona
Ss ins 10 use ?, u.s. the ultimate measure Of
would remain undisturbed operated 10 restore
public and private credit. to put labor S. mo
larger eppioyment and TO Increase the re-
We have had the demonstration clear and
iorcibe that the fear OF instability In the !
ssrs s sf have sr had ,eEas
fon so on, ,v aIi sonyncinE that confidence
2 al the people What then. is o. the ee" duty
nSss snS Tor sSs e
Them body and substance, The one word most most
Ror.ant feature to that stability Is an mes es,ab.
cannot BE- subverted or CHANGED ey t anX
hesty or ill-consIdered action.
IL has long been the desire andihope OF many |
Intelligent and patriotic citizens to secure |
neediul and enduring stability In the money |
standard by an International AK reement in re- |
gard to gold and silver, which would he |
elective to that end. The real zation Of that |
desire and hope seems now too remote 10 |
Justify present consideration: hut n those
who still cherish II shall orer Il In objection. il
the gold standard e the only stability now pos
slole TO us. an " the time should come when
International agreement offers a safe and de- |
sirable substitution, the freedom OF our repre- |
sentative form OF government will give to our |
people the liberty, Of choice. II II b. true. as |
true Il pndoubtrdy Is. that gold is now our
ssSsandard Of money value. the future media only
until a. least the people shall be So un ted in |
their desire for a change there n as to he able
70 direct the voice OF both houses OF Congress-
Executive.
,omiITT mus, now ask your, attention to the
Mh le stlblllty In I'll" standard IL of
eommanling importance fex bl ity In tho |
volume OF the circulating medium OF ex- ,
change Is most e-lrnh .. i NOT in,lispensa I
Now. II Is a fact "a familiar 10 us as tho most
common athirso I. that ira le l. carried on,
goods exchanged and wages paid. m CHI thu
larger part, not W III muney-real money-hut