The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1894-12-08
BANKER ST. JOHNS PLAN.

He Wsuid Give SILVER some Sort 81
Show.
New YORK, Dec. AT - meeting last
night of the chamber Of commerce Will.
lam p. ST. John, president OF the Mercan-
tilo National hank, said It was officially
proposed that congress provide profit TO
the banks on bank notes by scheme sur
rendering profit of $1,000 900 year to
the people at largo In United StatsD notes.
Ho Characterised the scheme Aebrcpos-
ferrous and submitted the following plan
Of relief:
First-Congress to remove from our
standard silver dollar OF Az grains 9l0
fno the single restriction OF its legal ten.
der function, and provide unlimited coin.
age for silver into this dollar on the terms
prescribed for gold.
Second-lssue to depostos of gold and
silver at tho mint, II they prefer, instead
Of tho coin to which they arc entitled,
coin certificates redeemable on demand.
Require these coin certificates to be re.
deemed In gold or silver coin ut tho con.
vcn,enco Of tho United States. To author
inc the secretary Of the treasury m his dis
cretion to redeem them, on request, In
standard bars OF gold or silver.
Third-Authorise the depositoes of gold
coin aud silver coin TO remove the pro-
posed coin certificates therefor aud for
bid all further issuing OF the gold certif.
Gates, silver certificates, and treasury
notes OF 1879.
Fourth--Until bimetallism IL Q real
achievement under this act. require that
all gold and silver for which coin certifl.
Gates arc issued, be rsceived in coin and
standard bars for their redemption, OF.
cept as next suggested.
Fiith-Authorize the secretary, In his
discretion. and under tho regulations pre-.
scribed by HIM, to direct tho treasurer OF
tho United States to receive interest bear.
ing bonds of tho United States duly ny.
pothecatcd To tho treasurer. and issue
thereon safo amounts OF the proposed
coin certificates - loans; the rate Of In.
terest to be At the rate Of interest to be ON
the hypothecated bonds.
Limit this "emergency issue OF coin cor.
ti6cates" by the requirement that tho az
grcgate Of coin and standard bars re.
served for their redemption shall not no
less ct any time than GO per cent. Of tho
aggregate sum Of all coin cer,ihcatea out.
standing. Il 10 explained that this final
provision would bs avse.sd cs iuan emer.
gcncy for this reason; Flrst-That own.
ers Of the bonds would not accept long
time loans at the cost Of oil Of tho interest
IN their investment and, second. borrow.
ers of psr cent. and s per cent. United
States bonds. hired to hypothecais for
such loans. should appear whsn only .
real emergeucy made high rates for
money In the market.
II . money market panic threAtened the
proposed enactment. with sharp con.
| traction Of our aggregate OF money. our
final provision would empower the secre.
tary Of tho treasury to issue 90, ,000. .00) Of
United States coin certificates against oil.
yer coin and bullion now In the treasury
and loan them at I and 5 per cent.
per anuum against United States interest
bearing bonds. ''lf tho lack of engraved
coin certificates threaten tho sccretary's Q
immediate convenience, suggest that o
boldness equailing tho recent issue of In.
tcrcst bearing bonds will Immediately
substitute silver certificates thcrefor," !"
said Mr.. st. John.
This proposition and his rsmsrks wcre
received without objsction. and were filed
without action. The chamber adopted
resolutions adverse to any further tariff
legislation on tho ground that tho condi.
tions should bo allowed to become set.
| tied.