New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-14

PROVIDING REDEMPTION FUND OF $50 600
IN GOLD AND sILvER-MR BRosIus Ex-
rI.AINS LIS Measure.


PLAINS HIS MEASURE.
waehineton. March l3-'T have prepared and
shall introduce In the House." said Representative
Rroslus OF PENNSYLVANIA to a United Press re-
norter to-day "a bill 10 relieve the difficulties in
our monetary situation. 1t embodies several inter
csting propoeitions First II authorizes National
banks issue circulation 10 the par value OF Their
bonds; secondly II reduces the taxation OF Ma
tiona bank circulation to one-fourth OF per
cent third 1t authorizes the organization OF Ma
tonal banks with capital stock OF 900 In towns
Of not more than 1900 inhabitants: fourth. 1t utn-
lies tho s250cOoco Of silver bullion lying idle
in the vaults OF the Treasury by uniting with an
equal amount of gold which is now in the Treas
ury, making combined gold and silver reserve re-
demptlon fund Of s25O.OOo.0oo. which shall be set
apart by the secretary OF the Treasury and kept
separate and apart. TO redeem outstanding legal
tender notes and Treasury notes they shall be
presented for redemption"
How do you propose this joint fund for
redemption purposes asked the reporter.
My idea is that the Secretary OF the Treasury
shall redeem notes at his option they pre-
sented in gold or In silver bullion at It's market
value; or in silver coin, at the option Of the holder.
The biz provides that the roid part OF tn. re-.
serve fund shall be maintained precisely as 1t has
tained by the use OF any surplus silver in tho
Treasury not otherwise appropriated or II neces-
the Sherman of 1890 combining the purchase
exclusively TO domestic silver and paying therefor
by Treasury notes. the same as Is provided In tho
What will be the chief advantages Of the pro-
folly Of hns WILL worh of h sSsq
in the vaults Of the Treasury without the slightest
east conddenos The people IN the Intention
parity OF the metals and 10 redeem all It's paper in
value money. dollar for dollar. Under existing law
fhaf linn nj nj ell hnl
even for the REDEMPTION Of Treasury notes that
were PAID out for r II would also have
ury notes by pledging for their payment an amount
OF silver bullion equivalent their face value 1t
would have a tendency to check the endless chain
redemption which is continuously depicting our gold
reserve and compelling us to issue bonds for gold
Are there not some objections that mode OF
Il cannot see any insuperable difficulties about IT,
The silver people ought not to object. for II opens
sustain its price. The holders OF notes presented
for redemption ought not TO complain, for they get
the face value of their notes In silver bullion at
its gold value which can be as readily exported in
for foreign baa. . as sod could be-
fund for redemption purposes l think 1t would
greatly relieve the situation lion if we S could largely IN
lshed the $oo0o0co reserve had but 1886 OOO 900
1 paper 70 an quite
that we need larger reserve than suiiiced for
OF silver bullion lying idle in the Treasury and
in the minis of The country al no cost to the Gov
OF the situation and inspiring public
confidence 1t may be objected by silver friends
that the Of silver bullion as a commodity is a
degradation OF the metal. But think the use OF
our idle silver bullion for any monetary purpose
and to give II chance to put its shoulder to the
wheel and help out gold would be distinct
elevation of the metal TO the rank and dignity OF
money. 1t has been suggested that the holders Of
paper redeemed In silver bullion for purposes Of
export might sustain loss before they could ship
the bullion a foreign creditor. There does not
seem TO he much practical force in that objection.
because the chances that he would make rather
than lose by the rise Of silver in price by the ad-
d,tionaI market that would be open for it,