People's voice., 1897-11-18
ST., 200, 900, 600 OF Gold Bonds.
From The New Time.

$1,000, 1000, 900 of Gold Bonds.
From The New Time.
We are enabled to give our readers
an outline Of the monetary reform"
plan Of the Mckinley administration.
1t may be slightly amended and We
have not space TO 60 into details at
thls,time. The New Time has abSO-
lutte authority for the information
which is now made puulic for the
frs ime. Secretary CT the Treasury
Gage has reduced the plan to writing
and it was the piVilege Of the writer
tOexamine lengthy private cOmmu-
nication from MI Gage, written to a
gentleman who stands high IN puDlic
affairs. Here are the outlines Of the
plan as it will be presented to the
coming session Of Congress.
The greenbackS and Sherman treas
ury notes are TO be retired.
There is now outstanding SS47, ,O0O,-
600 10 four and five per cent bonds:
S9O,OO0 900 Of per cent bonds expire
ia 1907; SCI, 100000 offs per cent bonds
eXpirein 1904, aud $4,000, 600 of per
cent bonds expire ia 1925.
There will be issued 81, 200, 100000 Of
q per cent gold bonds, redeemabe in
fifty years, making a total de6t, with
interest, OfS2, 100000 900, These bon 5
will be offered IN exchange for those
now outstanding, which have the
disadvantages Of being payable IN
"cOn" silver perhaps and which will
expire in comparatively short time.
II is anticipated that a large percent
age OF these will be offered for ex-
change with the new gold bonds.
With what remains afteI taking up
these 6OGds and retiring the non
lntereSt-bearing debt, the government
will purchase gold 10 strengthen the
treasury 1t is thought that there
will be from $l5OOOO,OOO to $500, ,OOO,.
900 Of these bonds, and Mr.. Gage looks
to the Bank of England or the Roths.
childS as prospective purchasers.
The national banks will then be
authorized to issue as circulating
medium nOn-legal tender bank notes
to the full amount OF all gold bonds
deposited by the banks with the gov.
ernment as security. That is, the
banks will exchange their coin bond,
for gold bonds, their nOn.interest.
bearing money for q per cent bonds
deposit the same with the government
and draw interest on them, and trel
issue bank notes to the fall amount
ThOSe which are lost or burned will
never need to be redeemed
That will put us on "solid colo
basis" How do you like that plan?
This plan has been formulated anC
adopted by the administration while
its bimetallic commission has beer
negotiating with France and the Bank
OF England.
At the risk OF violating confidence
1t may be stated fer the private infor
nation of the readers of The New
Time that the members of the Englisf
ministry and the governor and di
rectors of the Bank Of England have
recently been made acquainted with
Secretary Cages official plan. Thev
were astoundad. They have declared
IN private conversation that the for.
mutation of such plan at a time when
England was acting in good faith tC
restore the standing of silver; wheu
France stood ready to open her mints
and when India was only waiting the
word, constituted a depth OF admins.
trative duplicity and depravity, which
Was utterly beyond their compre.
henslon. They evidently are not
acquainted with our present brand Of
American craftsmanship. Mr.. VOL
colt and his colleagues are ouly "stall
ing," as Secretary Gage would say
They play the part Of the two bruiser:
at a picnic, who indulge in a sham
light and engage the attention of the
crowd, while the pickpOckets do their
work. We do not intimate that Mr.
Gage or Mckinley are pickpockets
Far from it. They are fnanciers, (,
more important and, as Mr.. Weller
would say, "a tenderer word"
If you do not like Secretary Cages
plan, what do you propose TO do about
it? Confdentially, dear American
people, you have nothing to do abou