The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-05-16
4 new PLAN OF Finance.
Washington. Porter's Idea of
How to Increase the Ma
s. TONS Prosperity. ~.
LEGAL TENDER BOND SCHEME.
silver Should Take the Place Of All
Currency Less Than Five $ :.
s. s. Dollars. ::::. s; !.

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f. Washington Porter. Of the noted fruit
house of Porter Brothers of Chicago has
j evolved plan to reorganize the. financial
system of this country, which he believes
+ will do more to.create prosperity and pre-
vent panics than any plan yet laid before
the people. 49, .:.:.... s. ::
+: Mr.. Porter's ideas are based upon his
experience and are. really the result: of
dissertations taken all over the country.
The firm of Porter Brothers has stores in
Chicago, New York, Boston, Duluth, Min
neapolis and Omaha. Mr.. Porter started
in the business with no means and is now
more than twice a millionaire, if reports be
Etrue. ..'.... :. :
Mr.. Porter outlined his plan as follows:
He said: "In order to bring about relief
| from the great business depression. I
| believe plan on: THE following lines: would
be effectuaI: Let: the Government issue
gradually $500, 00o, 600 or $500, O0O, 900 in
bonds bearing 3per cent interest, payable
IN gold. Let the Government take UP a
| like amount Of the present outstanding
bonds as they. fall due and those which
| are held payable at the pleasure of the
| Government. In the: place of. these
old bonds let there be issued bonds
OF small value--from $40 land upward
i and let 1t be so arranged that all these:
bonds be sold: to OUR own: people. The.
Secretary of the Treasury could do: this
| through the various Postoffices throughout:
1 this Republic. The bonds could be offered
at the different POstoffices in proportion
/ to the numbe of inha bitants at each of
the respective offices. Thus the people
in community could make application.
q Nc fb0xy: RI
the applications were in the Postmaster,
IN case applications exceed the allotted
| amount of bonds, could. apportion the
! number of bonds in his control pro rata.
among the applicants. T his would prevent
capitalists from gobbling up all the bonds
and would allow the farmer and the me-
chanic to get as much as they desired. If
all the bonds allotted to a certain Post
j office were not called for the surplus could
I be sent to where there was greater:de-
mand or to the money centers. All these
| bonds should be made legal tender, so that
! they may be taken at their face value with
! the interest up to date of transfer These
/ bonds would be better investment for
persons OF small savings than a. regular
4 savings bank. There would be no bank
to fail, and they could always have their
i money ready. Bankers could hold these
| bonds as we'll as individuals and in the
case OF panic or . run on the banks these
II also suggest that all bills and all gold
! coin below S. be called in and silver coin
issued therefor. This would make a
| greater change in the system of the East
than in California, on account of the small
bills in use there. By this new plan it
/ would put IN active circulation an immense
amount of silver, as every one then would
have to carry silver in quantities less
| than S..
II would further suggest that all debts
and dues outside of import duties paid to
the Government be made payable one
tenth in silver
NOW, in order to take care of the inter-
est accruing on these gold-bearing bonds
the Government should collect ali it's i'm
| port duties in gold. AS these bonds would
be scattered and owned by our own people
IN small amounts, there being no gold
smaller than IS piece, large amount of
this interest would be paid in silver
This plan would increase the volume of
legal tender just in proportion to the
amount OF bonds ISIS ued. It would help to
put at rest this feeling of distrust and un-
certainty SO often occasioned by and fol-
lowing panics. 1t would stop the cry that
there is no money. In word, believe, if
this plan or some other of similar nature
were adopted by our country, confidence
would be restored, money would be plenti-
full and our own people would receive the
immense benefit of keeping at home the
interest accruing on this vast sum of
money. 1t would put into active use mil
lions OF dollars which are now being
| boarded up and lying idle, that the people.
are afraid to let out or invest on account of
the uncertainty of what legislation might
occur upon the silver question. The an.
nnal interest on $500, GEO, 900 worth of bonds
at 3 per cent is $4,000, COO. Think OF that
amount OF money going out among the
people of this country instead of:being sent;
/ to foreign carrita lists I ::
| II believe these bonds would be taken
/ quickly by our people at par; and in a
! short time they might command pre-
/ MUM. 1t would enlist home patriotism,
as anybody from a workingman up could
| buy the bonds. They would take deeper
| interest in the welfare of the country. As
| it is now the bonds are sold to great syndi-
Gates and go all over the world. Our people
do not think they are being treated right.
as foreigners get the benefit of the vast
amount OF interest. France astonished
the world by paying off its indemnity to
| by system of bonds sold to its own people.
We should profit by this example.
while this plan may not cure the silver
| question it is wise step in the right direc-
ton. Radical changes are most dangerous
| to country. My plan is a good COM;
promise and would quickly relieve the dis.
tress. During the panic personally knew
q man who wanted to raise S25, 600 cash,
He offered 100000 in Government bonds
as security, but could not get the cash.
'Some people may attempt to find fault
with my. plan, but if any one desires to
discuss the matter would like to meet
him. / know there are chances for argu-
ment, but / feel able to- knock out any
objections. I have submitted my plan to
many bankers, capitalists and financiers,
and they all admit it is the best one they
have had placed before them" :.
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