The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-01-11

"\HE EXPLANATION offered
by Secretary Gage of his
II course In utilizing national
banks as repositories for
public moneys, as might have been ex-
pected. leaves his critics suspended in
mid-air. Not only was this action fully
authorized by law but it was demanded
by the peculiar financial conditions OF
the country and vindicated by the i'm
mediate results.
Before Secretary Gage took this step
which otherwise would have been
locked up IL the sub-treasury. loans
We're being made in New York city at
the rate of lS6 per cent. Il year and the
shiver of a panic threatened the na-
ton. Within a week after the secre-
tary thus released the current revenues
of the government the rate for money
on call had fallen to 6 p.r cent, ard
apprehension had vanished. As the
Philadelphia Press SO lucidly explains:
Through no cause for which Secre-
tary Gage was or could be responsible.
he found the treasury absorbing cur
rency when currency was necessary to
the exchanges of trade and the main
tenance of credit. Money was flowing
into the treasury. 1t was not flowing
out. Secretary Gage first sold bonds.
These were not taken fast enough. He
anticipated interest. This was not
enough. He diverted deposits to the
banks of the country under the lawful
discretion conferred by statute through
the only bank ready in an emergency
to receive and handle them. This was
enough. The world of commerce has
escaped the peril which threatened it
that the crash of credits would extend
from speculative to business transac-
tions.''
The bowling which has been directed
at the secretary of the treasury for
this prompt and statesman-like mas
terry of an emergency was entirely
partisan in origin. 1t was the yell of
the political fanatic seeking a pretext
to create a cOplmotion. 1t happened
that Secretary Gage is a sensitive man
whose experience in public life had
him Indifferent to artiii,lll clamor;
hence as he WINGED the a 'saul. grew
more determined. But it will be pal
sled by the publication of the truth;
and as Secretary Gage comes to know
better the fundamental sanity of the
prblic's sober Judgment he will feel
less keenly the transient stings Of de-
famation.
THE question is often asked" re-
marks the Philadelphia Press, ''why
this country cannot command in the
high and responsible posts Of federal,
state and city government men OF the
same stamp and standing as serve and
safeguard public interests abroad. We
can answer the question. 1t is be-
cause when such men-and Secretary
Gage is one of thcm-at large personal
sacrifice. leave positions in which they
are secure, enter the public service and
In some moment of great emergency
serve the public with an energy, ability
and success which in other lands COM
mand the highest reward loved by men
the praise, approval and honor of
their fellow citizens. such men are apt
to find themselves the target of as
sault, obloquy and abuse for a,-s
which the very men who lead the chor-
us of defamation know to be bene,i-
cient and praiseworthy. So long as
this remains true public life will be
Stunned by men of success and ability
In private life, unless their skins are
thick or their sense of public duty
high
In time to come Secreta y Gag, will
he venerated for the opp 's!tion he in
spired.