The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-10-18

manner restrict the business of swap
ping credits, and which prevent banks
from conducting the banking function in
more than one locality. 1t would not be
necessary, or, indeed, desirable to grant
the central bank special charter with
or without special privileges.
A TALK BY GAGE.
Secretary of the Treasury Lyman J..
Gage, was introduced by President Trow-
bridge at the conclusion of Mr.. Stickrey' S
paper. Mr.. Gage was on the program for
tomorrow, but being in the city and de-
string to leave before the convention
came to close, a change was made to
enable him to speak today. Secretary
Gage spoke in part as follows:
Permit me to summarize into several
brief propositions an expression of my
financial convictions.
"First-I believe it to be most desira
Bile that the demand liabilities of the
Government known as legal tender notes
should be put in the way of retirement
and cancellation
Second believe that this can be ac-
complished without any burden of inter-
est cost to the public treasury.
''Third-I believe that our system of
bank note circulation can be and ought
to be so modified as to make it more re-
sponsive to commercial and industrial re-
quirements, without any increase of risk
to the bill holder.
FOURTH believe that beyond acting
as a guardian and trustees for the people
in relation to national banks, the Gov
eminent guaranty to bank note issues
"Fifth-T believe that the public moneys
in excess of a reasonable working ball
ance for daily use should be deposited in
National banks. That a simple and safe
system of distribution of funds can be
devised, / have no doubt.
''Sixth--I believe that in periods of
National peace and prosperity the public
revenue should be somewhat in excess of
public expenditure, and that tho surplus
revenue should be applied to the reduc-
ton of the public debt" ~
After presenting some statistical facts
showing the present strong and satisfac-
tory condition Of the National finances,
Mr.. Gage in conclusion said:
Looked at from the standpoint of true
craftsmanship, it would appear that the
present is the most propitious hour in all
our history, and as favorable as any
period we may hope for in the future, to
enter upon reasonable and judicious
measures to eliminate all elements of
financial weakness, which experience has
brought to light, and to perfect our now
faulty system of currency"
The convention, by rising VOTE ex-
tended thanks to Mr.. Stickney for his
address and to the Honorable Secretary
of the Treasury for his informal talk.
The convention then adjourned until to-
morrow
Various resolutions which were intro
duced yesterday and referred to the exc
cutive council were adopted by the con-
vention today after being approved by the
council. This included resolutions asking
Congress to repeal the War Revenue Act
relating to stamps; legislation for the
punishment of anarchists, the return of
drafts, checks, ETC., where stamps have
been redeemed; indemnifying senders of
unsigned certificates, which may have
been stolen.
Chairman Tracy of the committee on
uniform laws recommended an appropria-
ton for the furtherance of the work in
connection with securing an improve
ment in the laws affecting banking in
terests. This was referred to the execu-
tive council. T. T. Herrick of Cleveland,
a resolution commencing the
project of the Mckinley Memorial Asso
citation and requesting members to re-
ceive subscriptions at their respective
banking houses. The resolution was
unanimously approved.