The record-union., 1893-08-16
THE MONETARY srRINGENCY.
Bill Calculated to Meet the Present
Emergency.

Bill Calculated to Meet the Present
Emergency.
SAN FRANCISCO, Aug. I5.-The Call
will publish an article tomorrow to the
effect that Horace Cutter, the political
economist, whose name is familiar to
legislators of this country, has prepared
bill to meet the present monetary emer-
gency. He has had the matter under
consideration for three years, and his
present action is the result Of encourage
ment received from members OF Congress
and business men of the coast Sponsors
stand ready at Washington to introduce
the measure, but Mr.. Cutter is so conf
dent of having solved the problem that
he prefers to lay it before the public first.
The bill reads as follows:
WHEREAS, that portion of the coast of
North America bordering on the Pacific
Ocean and extending from latitude 40 DO
grees to 54 degrees 10 minutes north, now
called British Columbia, should by its
geographical position naturally belong to
the United States. therefore
Be it enacted that the President of the
United States be and he is hereby author
lied and empowered to enter into nego-
tiations with the British Government 1or
the purpose OF acquiring by purchase for
the United States the ownership in en-
tlrety of said country now called British
Columbia, and that the sum of 500, ,00O,-
600, or so much thereof as may be neces-
sary, be placed at his disposal 10 effect
said purpose, the sum agreed upon to he
paid either in gold in ten equal annual
payments, without interest, or at once
IN silver bars at the actual average cost OF
the same as purchased by the United
States Government.
This unique method of bringing the
measure before the public is at the sug
gestion of several well-known financiers
here, namely, General w. II. Dimond,
recently Superintendent of the Mint.
Colonel J. r. Jackson, Assistant United
States Treasurer, and Jerome Lincoln,
President of the Security Savings Bank
and director of the Bank of California.
In communication to the eau Mr..
Cutter says: 'It should also be consid-
cred that if Canada as whole should
ever desire to unite her destiny with the
United States we should naturally be
obliged to assume her entire debt of some
$500, 100000, and the sum of 500, ,0OO 900
might very justly be regarded as pay
ment in advance to that extent and in
anticipation of the future. Could bill
similar to the above be carried success
fully through the councils of both nations,
and with the approval of Canada and
British Columbia, it would satisfy the
great wish of the American people, and if
arranged on a silver basis 60 far
toward settling the great question
which is agitating the whole civil
lied world. One hundred millions of
dollars, payable in silver bars. at
say an average of 80 cents per ounce
would give England an opportunity of
converting the same into coin, which
might be made so as to correspond pre-
cisely in value to our own dollars. Silver
parity with gold is now reckoned at I2O.27
per ounce, which would give the British
Government an additional sum of some
forty millions for seignorage. By inter
national agreement similar amount of
Sl40,000,000 could be coined by the United
States, both giving $28O,000,O00 of silver
coins to be interchangeable between the
people of both countries, thus taking an
immense step in the direction Of coin
union"