The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-23
SECRETARY GAGE ON FINANCE.
SPOKE ON ASPECTS or THE CUR
RENCY QUESTION.

He Discussed Public Finances at
Orange, n. j.
New York. Dec 22.-The annual Fore
fathers day dinner of the Orange New
England Society was held tonight in Up
per Music Hall at Orange, N. J. The
hall was decorated with the national col
ors and Christmas greens. About 300 per-
| sons sat down at the tables.
President C. J. Kidder presided and act
ed as POSTMASTER.
The principal speaker of the evening was
Secretary of the Treasury Lyman ]. Gage,
whose topic was "Some Aspects of the
Public Finances"
Secretary Gage asserted that the prob
lem is five-fold, or, rather, it is one I'M
der five principal divisions and may be
thus classified.
First. The independent treasury--its de-
STABILITY as a measure of safety to the
public funds and its economic evil as an
absorbent of that portion of the capital
circulating in the form of money.
Second. The effect and influence for
good or evil, of government issues of legal
| tender money.
Third. The money standard.
Fourth. Banking and currency.
Fifth, The public debt and taxation.
| propositions in general way, Secretary
Gage took up the question of the money
| standard. On this he said
Here we come to a question of imme-
dlate and practical import. 1t has been
the occasion of much heated debate as
well as of calm and deliberate study. Po-
litical parties have formulated PROPOSE
| tons concerning it, and embodied these
propositions into the body of their polit-
cal doctrines. Agitation and doubts,
cited by the long debate, have disturbed
business, adversely affected industry, and
brought disaster and ruin to thousand.
Three years ago the voice of the people
| decreed a period of rest. That voice de-
clared for the preservation and perpetual
ton of that form of metallic money which
| has long been in use by US, as the ultimate
measure of value and the standard of fu-
| ture payments. The welcome assurance
| that for at least four years the base of our
commercial exchanges would remain un-
| disturbed operated to restore confidence,
| to stimulate enterprise, to revfvify public
| and private credit, to put labor into larger
| employment, and to increase the rewards
of both labor and capital.
I'VE have had the demonstration clear
| and forcible that the fear of instability in
the money standard works evil and tends
| towards Industrial paralysis. We have
| had demonstration, complete and convinc
! ing, that confidence in the stability of the
| standard brings life and activity with their
rich harvest of benefits to all the people.
| What then Is the duty of those who pos
sess the power to furnish guarantees for
| the future? Manifestly, it is to put such
| guarantees into form, and to give them
| body and substance. The one word most
| important in our commercial affairs is
| stability-stability of conditions; and the
| most important feature to that stability
| is an established money standard, and so
| established that it cannot be subverted or
| changed by any hasty or ill-considered ac-
ton.
As to International Agreement.
at has long been the desire and hope of
| many intelligent and patriotic citizens to
| secure needful and enduring stability in
| the money standard by an interna tional
| agreement in regard to gold and silver
| which would be effective to that end. The
| realization of that desire and hope now
| seems too remote to justify present con-
sideration; but if those who still cherish
| il shall offer 1t in objection, it is suffi-
| cient answer TO say that stability on the
| gold standard is the only stability now
possible to us, and if the time should come
| when international agreement offers a safe
and desirable substitution, the freedom of
our representative form of government
| will give to- our people the liberty of
| choice.
"If it be true as true it undoubtedly is,
| that gold Is now our STANDARD OF money
value the future needs only the assur-
ance that it will so continue to be. until
| at least the people shall be so united in
| their desire for a change therein as TO
| he able to direct the voice of both houses
| of Congress, and secure the approving
signature of the chief executive"
Under the fourth proposition Secretary
Gage discussed the importance OF a tnor-
oueb credit system showing how 1t is ac-
complished by the banks. In conclusion
he said:
into both Senate and House which have
for their clear purpose the placing OF Sc
cure foundations under that money stand
ard which. practically for more than six
| fv wears, had by expressed statute for
more than twenty-five years, has. meas
ured the relations in value in all our COM
modities, and in the many diversified form
of labor and service.
"The measures proposed reach even fur
iher than this. They propose certain
notifications in the national banking act,
which. if adopted, give promise Of curing,
| to a degree the construction, inconvenl-
euce and enbarra ssment of a rigid cur
rency system, which has proven its In
capacity 20 respond to public needs.
1T would be profitless now TO inquire
whether bond-secured bank note circula-
ton can ever be the ideal system which
the true economic laws demand here, as
| in other departments of life, habit and
| misconceptions must be taken into ac-
| count by those who fix public opinion into
law Certain IL Is that, until we know
| the truth and follow it, in all the items
of our economic relationship, we shall not
be free--free from the disabilities and
losses which inevitably follow false Opin-
| ion and false methods. Nature is. on The
whole a kind but an inexorable mistress
She entices US into the paths Of wisdom
by aliuring whispers OF reward while
| she follows with a punitive whip the lag
CARDS and the Indifferent who will not
hear her voice"
nuwIaT ~ Nafuosa Ugottu.s