The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-08-07
L,pI Scheme Of a New York
| Congressman.
,NIILNTRODuCE IT IN THE HOUSE
, 1ohusou's Plan Of Breaking the Back
OF Hard Times

roppressman Tom l.. Johnson,
Fort Hamilton, N. Y, has ad-
l.sed the following open letter to
Cleveland, O., Chamber of Com
nee. As it conveys some origi-
ideas, interesting and novel, to
the least, THE NEWS publishes
communication entire. 1t reads
follows:
Inc Cleveland Chamber Of Commerce.
Observation-Disclosures that the
(ucial pressure now existing de-
bds prompt and adequate relief,
|propose on the first day of the
ming session to introduce in the
Sc of representative the follow
bill:
ACT TO PERMIT THE EXCHANGE
br UNITED STATES BONDS FOR
treasury NOTES:
Be it enacted by the senate and
ice of representatives of the
ited States of America, in con.
ss assembled, That any holder
bonds of the United States may,
D. the passage of this act, de.
it such bonds at the treasury of
United States, or at the office of
assistant treasurer of the
ited States, and receive therefor
il face value in treasury notes of
United States, as described in
act Of July IA, 1890. Such
ds shall be held as special de-
it to the credit of the party de.
Ang them, and during the time
yM so held shall draw no in
It, and shall be returned on the
r of the party depositing them
be payment of their face value
Ynited States currency.
be. .. The secretary of the
eury shall make such regula-
as may be necessary to save to
government the payment of in
et on such bonds during the
they are held as a special de-
+, and he is hereby authorized
sue treasury notes to the amount
led and to provide for the can.
(tion of an equal amount of
notes on the return of said
Is to their owners, and a sum
cient to carry into effect the
isions of this act is hereby ap.
rialed out of any money in the
Jury not otherwise appropriated.
y. 3. All acts and parts of
inconsistent with the provis-
OF this act are hereby repealed.
hatever be the primary causes
e financial difficulties now par
ing business and stopping in.
y, it is clear that their first
erauce was largely due to the
afment of confidence through
OIL an impending change in the
ME of values. But the main
pressing difficulty now is, the
lty Of the medium of exchange.
9 the shrinkage of credits has
ased the need for money, it's
able volume has been greatly
ned BY the strengthening of re.
. BY banks and savings institu.
and by the boarding of indi-
'le under fear of, or the desire
;ilng about, a still greater
e repeal of the Sherman act,
q confidently anticipate, while
y allay fears of any change in
ceasure of values, will do moth
I'iectly to increase the medium
enange. On the contrary, by
Ping the issue of treasury notes
.lver' 1t will lessen the supply.
vnly measure looking to relief
&c need for money, yet proposed
a;ny nope of the necessary con
= mat of permitting the ma
. banks to extend their issu, to
s'e value of their deposited
- But this, while certain to
dispute and consequently
ueiay, would increase the cur.
: Oaiy some $1,000, 1000.
~ =. oll !. l send you, allowing all
'' :, ot United States bonds to
.. mem 81 into money, for such
a. !taey may be willing to fore
interest, offers a simple,
A. immediate and sufficient
~ for the abnormal