St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-17
Ell. E. BOEN'S BIG IDEA.
MiNRES0TA'S fOPULIST CONGRESS-
MAN ON FINANCIAL NEEDS.
WIPE OUT NATIONAL BANKS.
Pay Off the National Debt-Issue
1.50O,OOO,OOO of Treasury
Notes in Three Years-Take the
Nation Out If the Field as a Bor-
rower-Farmers as Gold Bugs.

Inc fItku as d 19Ot--
rower-Farmers as Gold Bugs.
The coming session of congress
which many well-posted men say will
be continuous, bids fair to go down in
congressional history as the financial
session. Seemingly the main matters
for consideration will relate to our ma
tional finances. Action is looked for
and expected on the monetary imbro-
Clio at once when the session shall have
been formally opened and preliminaries
settled.
Naturally, many congressman have
ideas of their own touching what should
be done first and last. Some embryo
statesmen have been working out their
ideas into theories, and are now about
ready to give to the world at least
glimpse of the framework of these
theories. In their earnestnesS of pur-
pose and solicitude for the public veal,
perhaps many of the fnanciers chosen
by the people have argued from
weak premises and viewed things from
a false light. But their good faith can
at least be taken for granted. and an
airing of the various propositions likely
to be presented, or at least broached i'll
committee, will be interesting to the
public at large.
Congressman Halvor E. Boen, the
only Populist member from Minnesota,
has realized evidently that his party ex-
poets him to take a hand in the unrayel-
ing of the financial tangle. An active
worker in the wide field of ''isms," Mr..
Boeu still has the reputation of being
conscientious man and thinker. He
would pay the national debt and abolish
the national banks, at the same time in
creasing the per capita of circulation.
The manner in which he thinks this
could be accomplished is apparently
simple.
The suspension of free coinage in
India" says Congressman Boen, may
have altered the status of monetary ar
guments somewhat. but the national
platform of the Peoples party declares
in favor Of the unrestricted coinage OF
silver at the present ratio of 16 TO l.
This, to a large extent, must be my
guide in the matter when it comes be-
fore congress-"
AS to his views on paper currency the
congressman said in substance that
what his party will work for Is more
money of a debt-paying capacity and
not more of debt-creating money. He
holds that INTEREST," is now being paid on
almost every dollar in existence in this
country, and as remedy he proposes
the following scheme, which must be
taken as being the congreSSman'S own
idea, since he has not only talked of it
with friends, but it has been printed in
The Representative, the official organ
of the Peoples party in Minnesota.
81 would" says Mr.. Boon, tissue
$500, OOO, 600 in legal tender treasury
| notes every year for three years and
pay it out for services rendered and ma,
teriaIs furnished to the government.
That would make $500, 100000, and
would increase our money little over
81 head each year, or S21 per capita in
three years, which, together with the
| money now in existence, would make
about $40 per capita.
~ would then pay up the national
debt and stop the interest That would
DESTROY the national banks of issue and
would make it more difficult for the
banks to control the money; in fact,
think 1t would make it impossible tor
| them to do it.
"With the nation out of the field as a
! borrower, American capitalists would
have to invest in other American secur.
tiles. That would send American gold
abroad to buy American railroad bonds
and other securities. That would i'll
crease the money volume in Europe,
| raise prices there, and create demand
for American wheat, corn, cotton, etc.,
and bring the gold to this country once
more.
The American farmers would then
be the gold bugs, this country free III
fact as in name; English interference in
and control of American finance would
be at an end, and with people enjoying
the results of their own toll, and the
country not sending dollar abroad fol
tribute in the shape of interest, it would
be in true sense America for the
Americans