Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-10-21
Suggestions From Boston on Finan-
cial Legislation.
INTERNATIONAL COINAGE WANTED.
Business Men Opposed to Any
Compromise Measure.
LETTER TO THE PRESIDENT.


on the ground in the person of Mr.. Leoni-
das l.. Hamilton. a well-known lawyer of
Boston. who. as stated in The Star. has al
ready suggested to the Vice President and
to prominent repeal leaders the way in
which he thinks an end could be put to the
obstructive tactics Of the silver men, Mr..
Hamilton today placed in the hands of
Senator t,lil another memorial from the
Boston business men suggesting the fnan-
cial legislation which, in their Judgment,
should follow the repeal Of the silver pur-
chase law. The memorial says: If the
repeal bill is speedily passed. confidence
will be in a measure restored"
Pending international agreement, let the
following policy be adopted by Congress
ana with the avowed purpose of leading UP
10 such an agreement, which policy during
the interregnum will endanger no interests
and provide all the safeguards required
against the further depreciation of silver.
The Legislation Recommended.
The policy recommended In the memorial
Is as follows:
list. Repeal the silver purchase clause
OF the Sherman act Internationally
I'd. Introduce separately. bill upon which
prompt action shall be taken, by unani-
nous consent, immediately after the pas
sage OF the repeal bill now before the Sem
resnum bill, and shall contain in substance
the following:
]. Let the silver coin now issued or here
after issued from the treasury be made re-
at the market value. adding the cost Of
coinage.
2. Retire the silver certificates, and re-
issue without the present provision which
makes .nem receivable for custom dues
and internal revenue, and make them as
1t present redeemable in silver coins.
= Retire the treasury notes and United
States notes (greenbacks) outstanding and
reissue as gold certificates or notes.
T. Retire national bank currency and re-
issue, making them redeemable in govern
ment bonds, or in gold. at the option of
the holder. and receivable for ali debts.
public and private, including custom dues
and internal revenue.
8. Make internal revenue payable in gold
ana gold certificates, and in such proportion
of silver only as the Secretary OF the Treas
ury may deem expedient.
3. Make custom dues payable In gold and
In gold certificates. and prohibit their pay
ment In silver or silver notes.
Z. Make internal revenue and custom dues
PAYABLE as at present during retirement of
outstanding issues Of paper money in addt-
ton to the manner Of payment provided by
the law herein suggested.
s. Establish a reserve fund of silver bull
lion In the treasury to redeem the silver
coin, maintaining the present ratio In SUBJ
sfdiary coinage, which reserve fund in silver
49,
value equal to the difference between the
face and the intrinsic value Of the sum
total Of the silver coined
g. Cease the coinage Of silver other than
that required for subsidiary coin and pur-
chase silver bullion only as 1t may be re-
quired for the purposes of the reserve fund
and subsidiary coinage. paying therefor
silver notes or silver coin in the treasury
making the silver coin interchangeable only
with the bullion. or silver notes by govern
ment promise. When 1t is exchanged for
silver bullion add the cost Of coinage
10. Maintain the issue Of silver notes in
volume equal only to the silver coin minted,
ent exist.
coin. besides the issue of silver notes. by
paying in silver coin or notes. at the option
of the Secretary Of the Treasury govern
ment obligations. except the salaries of
the government, which are not public debts
payable only in gold.
II. Purchase $10o, 900 of gold by issuing
government bonds in that amount to pro-
which amount will be required until the
retirement and reissue Of the notes con-
templated in the foregoing outline of fnan-
cial legislation. The immediate accumula-
c,ally desirable since, from revenue sources,
a period Of time will be required for the re-
serve to reach sufficient proportions to meet
all obligations.
The Effects Hoped for.
ut Is believed" the uemorialists say.
that the above outlined policy will protect
the United States from the reduction. and
also provide for the increase of the gold re-
serve. 1t will also establish a stable me-
dium of exchange, which the fluctuations
of the market price of silver cannot affect.
1t will maintain a flexible currency upon a
sound basis, and stimulate the issue of ma
tional bank currency to the limit provided
by law, and prevent it's contraction. by
making the notes equivalent to gold, and it
Will prevent all danger of imitation, and the
evil results of a deprecated currency"
In discussing this policy the memorial
states that under the provisions of the
proposed law the purchase of silver NAV
be necessary for the purposes Of the silver
reserve fund to redeem, when called upon,
all silver coin at its face value. Such pur-
chases will, however, produce Bno imitation
Of the currency or entail danger Of depre-
citation. 1t Is suggested that an interna-
tional treaty be formulated to be submitted
shall embody the proposition Of information
al coinage and pledge the public faith
or the nations to accept the coin and main-
tain 1t as the International medium Of ex-
change at its face value upon q uniform
basis: 1t Is urged that such an interna-
tlonal agreement would at once open a
wide market for silver and would i'm
med1ateiy advance the price Of silver and
make the vast quantity stored in the public
treasury source Of profit instead Of loss.
Letter to the President.
Mr.. Hamilton has also addressed a letter
10 PRESIDENT Cleveland on the general SUBJ
Ject or silver legislation. He inclosed to the
PRESIDENT copy Of the petition of the cit
lzens OF Boston and outlined what the
Boston men think should be done in the way
OF legislation after repeal is secured. He
protests against the compromise. which he
Understands Is being formulated, providing.
!! ihat the Sherman act shall continue In
Iull rorce and effect until Julv 1 1Sas
q coinage or the seigniorage, and 3 Issue of
oohuS IN the sum of $500 600 OOO He decIa 70.
tnat unconditional repeal is the UNIVERSAL a.
sire Oh the Boston business men, In their
opinion a continuation Of the present infis.
uon OF silver Is hourly imperiling the finan
clal interests OF the country The danger
ne says, lies In the imitation which sSa II
take place during the period of time reonired
Tor the repeal Dill to take effect He sup
gests that It would be the part of wise nro
vision of the future that our governman,
should have legitimate income In goIS
and not further strain its credit to r,aat ~,
obligations. The continuation of the nav.
ment of duties in silver as we'll as paya
might be safely modified by making all I'M
port duties payable In gold only Comrra
mise. he says, means death to the indnstrios
Of our nation If 1t includes depreciated
currency.
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