Show OAGE ON TRIAL the order given by secretary gage which baa aroused democratic protest directed that the entire internal revenue receipts of the government amounting to a day shall he deposited in a single bank in new york city for the purpose ot relieving the monetary stringency and avoiding a panic that would sweep from one end ot the country to the other the motive back of gages order was evidently devoid of any desire to help any particular bank although be seems to have erred in designating any one bank as recipient of internal revenues aud the democrats eagerly alert to make campaign capital and find a nail on which to hang an issue are making the most of the secre acts had gage tailed to come to the aid ot wall street at the time he did placing 40 ot government funds at the disposal ot the great financial institutions of the country and designating a new york bank as the depository for internal revenue collections a panic such as swept over the united state in 1893 might have been started at certain times of the year the banks ot new york city the great financial center of the nation have more money ihan is demanded by business this is brought about by country banks when crops have been marketed sending surplus funds to bo loaned at a low rate ot interest then comes the period ot the year when there js a tremendous drain of money from new york and the country is clamoring for more it before choso funds find their way back a panicky condition prevails on wall street the big financial firms are almost helpless to afford the necessary temporary aid to restore con fi dence it was during such a stringency in wall street and the banks that secretary gage placed government funds at the disposal of the banks and further endeavored to cause the flow of money from the country to the financial center his action has saved the nation a panic but it is open to misrepresentation and the democrats purpose making the most ot the situation but their noise will be nothing more than as sounding brass and the people will go on rejoicing that a remedy has been found tor panicky conditions in our great money centers and that a man Is in control of our finances who dares do that which seems best for our welfare even at the peril of arousing democratic talk of impeachment |