New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-20
BRYAN AS A Z FINANCIER.
HOW HE PROPOSED TO BUILD THE MICA
RAGUA CANAL.
HE WANTED TO PAY FOR THE WORK BY AN
IssUH OF GREENBACKs. AND ALSO TO EMIT
GOVERNMENT PAPER FOR RIVER AND
HARBOR AND OTHER PUBLIC
IMPROVEME


IMPROVEMENTS.
[BY TELEGRAPH TO THE TRIBUNE.l
Washington. Aug. 19.-In the of his
speech introducing Bourke Cochran to the meet
Ing In the Madison Square Garden last night
ex-Representative Perry Belmont gave it as his
opinion that "the opening of the mints to the
Independent, unlimited coinage Of fiat silver
dollars is but an intermediate stage. The en-
ployment OF the Government printing presses
for the issue of fiat paper money is the ultimate
aim Of the fusion party
Mr. Belmont knew what he was talking about
A bill to construct the Nicaragua Canal by issu-
ing greenbacks was introduced by Mr. Bryan
on May Is. 1894. The bill itself declared it to
be ''the intent and object Of this act to secure
the construction of the Nicaragua Canal by the
said company. with the aid Of the United States,
and under the general supervision Of the Secre-
tary of the Treasury to the extent herein pro-
vided upon the basis of the concessions of
Nicaragua and Costa Rica. now owned by said
canal company, as far as practicable, at its
actual cost"
Briefly stated Mr. Bryan proposed to issue
SO 900 900 Of greenbacks in seven yearly install
ments of $1OO6OOO0 each to the company. such
greenbacks to be legal tender and to be in every
respect the equal Of all other money issued by
the Government A few days after introducing
this bill Mr. Bryan made in the House of Repre-
sentatives a speech in which he alluded to his
Nicaragua Canal bill and stated It's purposes.
prefacing with these remarks:
IF 1t is said that we must institute banks OF
issue In order to put money into circulation
answer that there is n better way. The issue
of money by the Government directly to the peo-
pie gives us a safer money and saves to the
people as whole the profit arising from It's
issue. When a bank Issues money you must
pay the market rate Of interest In order 10 get
It, but when the Government issues money the
people save the interest II the money Is after
ward called In. and they save the principal also
If the money is kept in circulation Numerous
plans have been suggested for putting this
money into circulation.
Some have an idea that Government issue
can only be put forth by loaning 1t to the people,
either directly or through the agency OF banks
There in my judgment other ana petter
ways. II limited amount is issued. and OF
course the amount must be strictly limited ana
It IL loaned to the people. partialty VIII De
shown in its distribution, for only rev. rela-
lively speaking, can be accommodated. But
aside from the danger Of placing so great
power in the hands of dominant party tnere
plans more just and equitable thah that vi
expenses Of the Government, as the greenDachS
now in circulation were issued to pay the eN-
penses of If Congress decides to increase
the currency a certain amount annually, say, 1or
illustration $50 900 900 a year. it can reduce the
tax levy to that extent. and the people VIII re-
ceive the benefit of the issue just in proportion
as they pay taxes. for they Will save to that eX-
tent the taxes which they would otherwise
pay" ,, 4.
Then. suggesting that perhaps our well-to-
do friends who object to the income TAX ana
ippra
rency would be willing to compromise on an
issue of money to take the place OF part OF the
income tax" Mr.. Bryan said
''If the people do not desire to reduce TAXA
ton Government paper can be issued to pay
for special improvements which Congress may
deem desirable Harbors can be deePenea anu
rivers can be improved in this way nave IN
troducec bill before the Committee on
Interstate and Foreign Commerce whlch pro- pro-
yides for the issue of United states notes ike
those authorized in 1S62 now called green
backs) to an amount not exceeding SIO,0Oo,oOU,
10 pay for the construction Of the Nicaragua
Canal This issue would probably increase the
currency at the rate OF about Nlo""o'VVo yedi
for seven years This canal is OF very great
military and commercial importance to the
United States, and If the Government Is gong
to assist in the building is 1t not far better 10
issue money for the purpose than 10 borrow
money on bonds? I would have preferred 10
have the money so issued full legal tender Tor
all debts public and private even When mere
after contracted against, but | provided IN the
bill for notes identical with the greenbacks IN
order to prevent the discussion OF any collat-
eral ouestions and to bring vote on the naked
issue. money or bonds
Il have mentioned this one canal but there
are other works of National importance II
we find that the currency needs TO be increased
and do not desire to reduce taxation, we can,
by the issue of a few millions year construct
a ship canal from Buffalo to the Hudson RIVER,
and thus give to the grain OF the Northwest
ocean rates from Chicago and Duluth to Liver
pool not to speak Of the military advantage OF
such a canal. We might by the issue OF Few
millions a year. connect the Mississippi River
with Lake Michigan and thereby Increase the
commerce between the Northwest and the
South"
This is fair sample Of the financial schemes
generated in the fertile brain of the Boy Orator.
LOCOMOTIVE PLANT FOR RUSSIA.