The record-union., 1894-12-08
PLAN OF A NEW YORK BANKER.


PLAN OF a NEW YORK BANKER.
NEW YORK, Dec. AT a meeting to-
night OF the Chamber of Commerce
William 2. st. John, President of the
Mercantile National Rauk, said it WAS
othclally proposed that Congress provide
proht To banks on bank notes by a
scheme surrendering profit of SO. 3OO,-
ouo year to the people at large in United
states notes. lie characterized the
schene as preposterous, and submitted
the following plan of relief:
tlrst-COngress to remove from our
standard silver dollars of 4l25 grains,
9.l0 line, the single restricting of its
legal tender functions, and provide un-
limited coinage for silver into this dollar
on the terms prescribed for gold.
Second-lssue to depositors OF gold and
silver at the mint, if they prefer, instead
OF the com TO which they are entitled,
com certificates redeemable on demand:
require these coin certificates to be re-
deemed in gold or silver coin, at the con-
VenIence OF the United States: to author
ize the Secretary of the Treasury, in his
discretion, to redeem them in standard
bars OF gold or silver
1hlrd-AuthOrizing depositors of gold
coin ana silver coin to remove the pro-
posed coin certificates therefor, and for
bld all further issuing Of gold certificates.
silver certificates and treasury notes of
1894 -
tourth-UntiJ bimetallism is real
achievement under this Act, require that
all the gold and silver for which coin GER
tlhcates are issued be received in coin and
stanuaro oars Tor their redemption, eX-
cept as next suggested.
tlith-AuthorlZe the Secretary in b;s
discretion, and under regulations nre-
scflDed by him, to direct the Treasurer of
Ine Onlted States to receive interest hear
ing bonds OF the United States duly nv
pothecated to the Treasurer. and jssne
ehereon safe amounts of the proposed
COIN certificates as loans, the rate OF inter
est on these to be the same as the rate on
Ihe hypothecated bonds; limit this emero-
ehcy issue or certificates by the REQUIRE
meht that the aggregate of coin and
standard bars reserved for their redemD-
ton shall not be less at anv time than 90
per cent OF the aggregate sum of all coin
certificates outstanding. -.
Itls explained that this final provision
tY,:I- W2uiu pe aValled OF In an emergency for
this reason: Q) That owners of bonds
would not accept longtime loans at a cost
oI an OF the interest in their investment.
ana W borrowers OF per cent. and D per
cent. United States bonds, desiring to hy-
potLecate for such loans, should appear
only wnen real emergency made HIGH
Fates Tor money III the market
III the money market threatened tho
proposed enactment with a sharp con-
traction OF our aggregate of money. our
HnaI provision would empower the Sec
rotary OF the Treasuary to issue 500 000,
06O OF United States coin certifcates
against silver coin and bullion now II,
the treasury, and loan them at 4 per cent
ana per cent. per annum against United
states interest-bearing bonds. If lack
OF engraved coin certificates threaten the
Secretary'S Immediate convenianno
suggest that boldness euuaIinp the recapt
issue OF interest bearing bonds will imme-
dlately substitute silver certificates there
for"
Inc proposition and remarks were re-
celved without objection and filed with
out action. The chamber adopted reso-
iutlohs adverse to any further tariff Iegis-
4at!oh at present, on the ground that con-
ditions should be allowed to become set
tied Soe