The Savannah morning news., 1900-08-28
GAGE on GOLD STANDARD.
He Says Bryan Could Overthrow Ii
il he Were Elected.

From the New York World.
Washington, Aug 25.-Lyman j. Gage,
Secretary of the Treasury, has been ask
ed so often by the newspapers since the
nomination of Bryan for President, If
Bryan could. as President, break down
the gold standard, that he prepared an
authorized interview on the subject,
copy of which he gave TO the World to-
day. The interview was given out al the
White House and was read and approved
by President Mckinley.
The interview starts with these ques-
tons:
In case OF the election of Mr.. Bryan,
could he order his Secretary of the Treas
ury TO pay interest on coin bonds. or the
maturing bonds themselves, in silver? If
So would our credit be injuriously affect
ed thereby"
In reply, Secretary Gage says:
There is no doubt that Mr.. Bryan
could order his Secretary of the Treasury
to make payment in silver of all of the
public debt payable in coin and for all
current disbursements of the government
as wei, which amounts to from 81 800. 900
to $1,000 a day
That he would give such an order
too, is very certain, If he IS in the same
mind that he was in 1896, for he was
then quoted saying If there is any
one who believes that the gold standard
is good thing, or that it must be main
tanned, | want him not to cast his vote
for me, because promise him it will not
be maintained in the country longer than
| am able to get rid of H. "
DO you think il would be practicable
TO control sufficient volume OF silver to
make the payments you referred tor"
Secretary Gage was asked.
He would have great difficulty in do
ing that at once" was che reply THE
treasury OF the government at present
is very firmly established on a gold
standard. Including the reserve of $780,
100000 held against the legal tender notes.
The government owns and controls over
$4,000 900 in sold coin and bullion while
It owns and controls only about $4,000
600 in silver, the rest of the silver being
out in circulation among the people
either in the form of silver certificates or
silver coin
But the announcement by the Treasury
Department of IT'S purpose to pay silver
In settlement OF all interest on the public
debt, not specifically payable in gold. and
to make its daily disbursements to It's
creditors in silver. would stop the inflow
of gold or, at least. very largely diminish
payments in gold, and correspondngly
increase payments into the treasury of
silver and silver certificates.
1T, therefore, might be anticipated that
with a good deal of perverse ingenuity,
the time would come a1 no distant day
when all the revenues of the government
would be paid 60 II In silver dollars or
silver certificates, and all disbursements
made by it would be made in silver dol
lars or silver certificates.
There would thus be established a cir
cult of silver out of the treasury into
the hands of the people, from the people
into the hanks, from the banks into the
custom house and into the hands of the
collectors of internal revenue"
THE government then. would be prac-
tically on a silver basis, would II not?''
That would no doubt be accomplished
and the government. properly speaking
would be on a silver basis"
How would this affect the credit of
the government
Most disastrously. I have no doubt
The movement inaugurated as proposed
would give sense of insecurity. The
outstanding greenbacks that are by law
redeemable in gold would be presented at
the treasury FOR redemption and the treas
ury notes of 1890 likewise. OF these two
there are s430,0'0,00O outsi anding.