The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1894-12-08
HIS PLAN OF RELIEF.
A Money and Currency Scheme Proposed by
Banker William P. 81. John, Of
Now York.
IT PROVIDES FOR FREE COINAGE.
Coin Certificates 70 Be Issued n Desired;
Also Loaned on Interest Bearing
Bonds.

Now York. Dec. 7.--At a meeting last
night of the chamber Of commerce. VIM.
r. ~. John, president ~ the Mercantile
National bank. said II was officially pm-
posed that congress provide a proft 10
the banks on bank notes by the scheme
OF surrendeIing a profit Of $40 800 900 "A
year 20 the people at large Ia United
States notes lie characterized the
scheme az preposterous. and submitted
the following plan OF relief: u) Con
gress to remove from our standard sll-
yer dollar il25 grains, uine-tenths fine.
the single restriction Of It's legal tender
function and provide unlimited coinage
for silver into this dollar, on terms pre-
scribed for gold C1) Issue 10 dcpOs-
itors gold and silver at the mint. II they
prefer, instead OF the coin 10 which they
are entitled, coin certificates redeem
able on demand. Require these coin
certificates 10 be redeemed in gold or
silver coin at the convenience of the
United States. TO authorize the secre-
tary uf the treasury In his discretion
10 redeed them on request In standard
bars of gold or silver. 90 Author
ize dcpostors Of gold coin and silver
coin To receive the proposed coin certi-
ficates therefor, and forbid all further
issuing OF gold certificates, silver certi-
ficates and treasury notes OF 1890
(i) until bimetallism is "a real
achievement under this act. require
that all gold and silver for which coin
certificates are issued be received in
coin and standard bars for their re-
demption, except as next suggested.
go Authorize the secretary In his
discretion, and under regulations pre-
scribed by him, to direct the treasurer
of the United States To receive interest
bearing bonds of the United States,
duly hypothecated to the treasurer, and
issue thereon the same amounts of pro-
posed coin certificates as loans; the rate
OF interest on these 10 be at the rate
of interest to be on the hypothecated
bonds. Limit this emergency issue OF
coin certificates" by the requirement
that the aggregate of coin and standard
bars reserved for their redemption shall
not be less at any time than 60 per cent
of the aggregate sum of all coin ceru-
iicates outstanding. IL Is explained
that this final provision would be avail
ed of In an emergency for these reasons:
First, That owners OF bonds would not
accept long time loans at "A loss OF all
interest In their investment; second,
Borrowers of per cent and 8 per cent
United States bonds, hired to hypothe-
cate for such loans. should appear when
only real emergency made high rates
for money In market.
III "A money market panic threatened
the proposed enactment, with sharp
contraction OF our aggregate of money,
our final provision would empower the
secretary Of the treasury 10 issue S2OO,-
0O0, 900 Of United States coin certificates
against silver coin and bullion now in
the treasury and loan them at per
cent and per cent per annum against
United States interest bearing bonds.
"If lack of engraved coin certiii-
Gates threaten the secretary's immedi-
ate convenience, | suggest that bond
issue equalling the recent issue OF inter-
est bearing bonds will Immediately sub
stitute silver certificates therefor
The proposition and remarks were re-
ceived without objection and filed with
out action. The chamber adopted reso-
lutions adverse 10 any further tarift
legislation on the ground that condi-
tions should be allowed 10 become set
tied.