Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-02-01
WHAT GAGE HAS DONE.
Record Of Remarkable Secretary OF
the Treasury--Retires Today.


washington Correspondence
The retirement of Secretary Gage
which is now settled fact, will deprive
the government of the services of one OF
the best trained financiers who has ever
presided over the treasury department
There is little doubt that President
Roosevelt regrets the loss of his minis
ter of finance, but he does not, perhaps
regret 1t so much as he would IL ne
were himself more familiar with the
ceiicacy OF the mechanism which infiu-
eaces so quickly for good or evil the
business conditions Of the country. Gov
eYnor Shaw, the new secretary, is man
OF quick intuition. and ons VINO mas
studied the currency question from the
standpoint of political leader, but ne
has lad little practical experience oi
banking and probably would not himself
claim to have examined the problems oil
money and banking profoundly from thf
po;nt of view of an economic student.
He will be fortunate il he escapes thl
odium of a panic or commercial de-
nression during the next three years
crch n event is not likely to occur from
ery direct fault in the management OF
the treasury, but is likely TO come sooner
or later from the bursting of the bubble
Of oyerspeculation and trust iniia eioii,
which has been stretched to its utmost
tension during the past few years. f'o"-
ever skillful and competent secretary
OF the treasury may be under such CON
ditions, he can not fight successfully
against the storm which has been gain
ering In the great markets OF the Wollu
for many months, and he is sure to suf-
fer some OF the odium OF disaster IN tue
nnthinking minds of the crowd, even II
he Is free from 1t among those who know
the real facts.
WHAT GAGE HAS DONE.
Secretary Gage has had a rare oppor-
tunity during his five years in office to
promote the cause OF monetary reform.
This he has done in the spirit OF
statesman rather than that OF a politi-
c.an. Whenever President Mckinley
asked his advice as to what was the best
thing to do, the advice given by Secre-
tary Gage was always in favor of going
ahead and putting strong Laws ON the
st.+ute book. That the secretary did not
esk himself whether such a policy would
1osA few populist votes to his party. or
ca,se alarm among time-serving poiitt-
c,ans was his peculiar strength as well
no weakness. President Mckinley him
oa,s az first rather startled by the
sweeping scope of the program OF the
Indianapolis monetary comihissioli'
came by degrees to have implicit conn-
dence in the financial judgment OF ms
minister of finance. On seVefai occa-
sions. when the friends OF monetary re-
Form had urged resolute declarations III
the annual message and repuphcaii
statesmen of high position and great m
fiuence had urged that the subject pc
IGNORED or obscured by glitterins
nhrases. the president showed his conf-
dence in Mr.. Gage by asking him 10
draft the language which he thousht
ought to be embodied in the message.
Mr.. Gage was mindful enough of the re-
sponsibilities of his position as an aa-
wiser not to recommend such strong IAN
cuage as he might be willing tc use MINI
self, but he always recommended IAN
gGage precise and definite. and which
was entirely acceptable to the friends OF
monetary reform. Thus under his in
spiration President Mckinley led the
way for the adoption of the gold stand
greater elasticity to the paper currency
tn order that it might conform to the
needs Of our expanding commerce.
Whenever Secretary Gage was sum
moned before the committee of congress,
he cast his influence In the most en-
pfatic manner on the side of courageous
sound money legislation, and was never
deferred by fear of political results in
expressing opinions he had formed as
banker and a man of business.
GOLD STANDARD BILL.
Every one recalls the thrill of trepida-
tion which passed thru the minds of the
politicians when Secretary Gage de-
clared before the house committee on
banking. on Dec. 16, 1897. that 1t was the
object of his bill ito commit the coun-
try more thoroughly to the gold stand
ard" The country had declared one year
before by majority Of hundreds Of