The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-08
CORNERSTONE Is LAID
IMPRESSIVE CEREMONIES AT THE
NEW NEW YORK CUSTOMS HOUSE.
Addresses by Secretary Shaw and Ex-
Secretary Gage-Former Speaks
at Length ON commerce..


NEW YORK, Oct. THE cornerstone of
the new New York customshouse was laid
to-day. The ceremonies were made impress
sive by the presence of a number of COM
mittees of prominent men from the lead
ing mercantile and industrial organizations
and detachments OF militia and regular
troops. Speeches were made by Secretary
OF the Treasury Shaw and former Secre-
tary Gage. Secretary Shaw said In part:
Our foreign commerce., like the produc-
tive and c~onsumptive capacity of our peo-
pie, has increased more rapidly than our
population. Since 1860 our population has
foreign commerce has multiplied by three
and one-third. Thus, our very prosperity
rebounds to the advantage of those across
the sea, who supply that which We do not
produce. Not only is this true, but the
public revenues are dependent in a great
measure upon our prosperity. In 1884 we
had a deficit In round numbers of $4,000, 600.
l have had the actuary of the Treasury
Department carefully estimate the proba-
BILE result of the conditions existing in 1894
were they repeated and the people of the
United States were to produce, to import
and to consume in the same proportion per
capita that they did In that year and of
the same class of goods. and he estimated
our annual deficit, under the present
revenue laws of the United States, at ap-
proximately sc, 000. 600.
I'VE labor under a disadvantage. as COM
pared with some Otner COuntrleS, In our
standard of weights and measures. Sooner
or later we must come TO the metric sys-
tenn, and In my Judgment the sooner the
better. But we have the advantage over all
other great commercial countries in our
monetary denominations. / wish / might
say in monetary system. But the dollar,
dime. cent and mill are the natural COM
plement to the metric system OF weights
and measures. So soon as all our forms of
money shall be made by statute inter-
changeable with gold; when the 60 per cent.
fiat in the silver shall be protected as well
as the 100 per cent. fiat in the greenback;
and when the posSessor of any form of
our money shall have the right TO have il
tested by the standard. then Will exchange
on this western metropolis be as acceptable
the world around as drafts written in less
conventional forms of money
THE recent acquisition OF territory he
You'd the seas cannot but help TO advance
our m and our cannot
but benefit the people of these islands.
THE United States money followed the
flag 10 Porto Rico. and we declared II
current OF the surrounding islands would be
written therein and all balances settled
in exchanges in this city. Sooner or latter
he said, United States money would be
current in the Philippines and il would be
carried thither 20 the continent beyond.
and the prices current OF the Orient would
be written In United States money" The
secretary commended that our commerce
with the South American republics was not
what IL should be, and he recounted some
OF the disadvantages TO which he attributed
this fact
In conclusion he said: Give us a cur
rency as secure, a banking policy as elias
tic, system OF weights and measures as
conventional as our rivals, give us non-
partisan support to such arrangements as
will establish lines OF steamship communi-
cation with countries in South America,
South Africa n the islands adjacent. give
us the isthmian canal. and we ought 10
be able 10 maintain such relations 10 the
Of the world as will conserve
the peace and good Will of all nations while
we carry beneath the sky a language thai
breathes peace and good will of all ma
tons. while we carry beneath every sky a
language that breathes liberty and patriot
ism and the object lesson of a flag tina
stands for equal rights and justice accord
ing TO law"