The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-12-08
ST. JOHN HAS A SCHEME.
Proposes n Plan of Relief From
Present Financial Troubles.

New York, Dec. AT a meeting last
liam P. st. John, president Of the Mer-
camille National bank, said it was Of
ficially proposed that Congress provide
profit to banks on bank notes by a
scheme surrendering a profit of $40, $780,
900 a year to the people at large in
United States notes. He characterized
the scheme as preposterous and sub
rhitted the following plan Of relief:
First-Congress to remove from our
standard silver dollar Of 4125 grains
nine-tenths fine the single restriction of
its legal tender function and provide
unlimited coinage for silver into this
dollar, on the terms prescribed for gold.
Second-Issue TO depositors gold and
silver at the mint, if they prefer, in
stead of the coin to which they are en-
titled, coin in certificates redeemable on
demand. Require these coin certificates
to be redeemed in gold or silver coin
at the convenience of the United States.
To authorize the secretary of the treas
ury in his. discretion to redeem them
on request in standard bars of gold or
silver.
Third-Authorize depositors of gold
coin and silver coin to remove the pro-
posed coin certificates therefor and for
Gates, silver certificates and treasury
notes of 1896.
Fourth-Until bi-metallism is a real
achievement under this act, require that
all the gold and silver for which coin
certificates are issued be received i'll
coin and standard bars for their re-
demption, except as next suggested.
Fifth-Autherize the SECRETARY, in his
discretion and under regulations pre-
- L.. =, rtc--5T
of the United States to receive interest
bearing bonds of the United States duly
hypothetical to the treasurer, and is
sue thereon safe amounts of the pro-
posed coin certificates as loans; the rate
Of interest TO be or. the hypothetical
bonds. Limit this emergency issue
of coin certificates by the requirement
that the aggregate of coin and stand
ard bars reserved for their redemption
shall not be less at any time than 60
per cent of the aggregate sum of all
coin certificates outstanding.
1t is explained that this final provi-
sion would be availed of in an enler-
gency for this reason: First-That
owners of bonds would not accept long
| time loans at a cost of all of the in
terest in their investment and. second
! borrowers of per cent and per cent
United States bonds. hired to hypothe-
cate for such loans, should appear when
only real emergency made high rates
for money in the market.
| If the money market panic threatened
the proposed enactment with a sharp
contraction of our aggregate of money
our final provision would empower the
secretary of the treasury 10 issue $780,
0o0 600 of United States coin certificates
against silver. coin and bullion now in
the treasury and loan them at 4 per
cent and per cent per annum against
| United States interest-bearing bonds.
IF a lack of engraved coin certificates
threaten the secretary's immediate cons
venience, 1 suggest that holiness equal
| ling the recent issue of DEMONSTRATING
bonds viii Immediately substitute silver
certificates therefor"
| The proposition and remarks were
received without objection and filed
without action. The chamber adopted
resolutions adverse to any further tariff
legislation at present on the ground thai
conditions should be allowed to become
| settled.