The morning call., 1894-12-09
A NEW YORK BANKERS PLAN.
Silver Finds Friends in a Rather
Unexpected Place.


NEW YORK. Dec. Sat a meeting last
night of the Chamber of Commerce. viii
liam P. 81. John. president of the Mercan.
tile National Bank. said it was officialIv
proposed that Congress provide profit to
pahks on Dank notes by scheme sur
| rendering profit of $40, 800 900 wear 10
the reople at large in United States notes.
He characterized the scheme as preposter-
Gus, and submitted the following plan of
relief:
i. Congress 10 remove from our standard sill
yer dollar 412.5 grains, nine-tenths fne the
single restricting OF its legal tender function
and provide unlimited coinage for silver into
this dollar, on the terms prescrib d for gold.
2. Issue to depositOrs of gold and silver at
the Int, II they prefer insJe sd OF the coin to
which they are entitled. coin In certificates re-
deemable on demand. Require these coin GER
tifcates 10 be redeemed in gold or silver coin at
the convenience of the United States, and
authorize the Secretary of the Treasury in his
discretion 10 redeem them on request in stand.
ard bars Of gold or silver.
8. Authorize depositors of gold coin and sill
yer coin to remove the proposed coin eertih-
Gates therefor and forbid all further issuing OF
gold certificates silver certificates and treasury
notes of 1890.
4. Until bimetallsm is a real achievement
under this act require that all the gold and
silver for which coin certificates are issued be
deposited In coin and standard bars for their
redemption. except as next suggested.
5. Authorize the Secretary. In his discre ton
and under regulations prescribed 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 safe amounts of the proposed
coin certificates as loans, the rate OF interest
on these TO 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
aud standard bars reserved for their redemp-
ton 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
provision would be aVailed of In an emergency
for these reasons:
(d) That owners of bonds would not accept
longtime loans at cost OF all OF The interest In
their investment; and
tb) Borrowers OF 4 per cent and per cent
United States bonds. hired to bypothecate for
such loans, should appear when only a 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
to issue S20o.o00,0oo of United States coin
certificates against silver coin and bullion now
In the treasury, and loan them at per cent and
5 per cent per annum against United States in
teres:-bearing bonds
II lack Of engraved coin certificates threaten
the Secretary's immediate convenience l sug-
gest that holiness equalng the recent issue Of
interest bea airing bonds will Immediately sub
stitute silver certificates therefor.
The proposition aud remarks were re-
ceived without Objection and filed without
action. The Chamber adopted resolution S
adverse to any further tariff legislation at
present on the ground that conditions
sh ould be allowed to become settled.