The times., 1897-08-23
TO FUND THE PENSION DEBT.
Proposition to Pay the Old SOL
diers Their Claims in Full.

Isle, on account of his participation in
the free silver campaign OF the Democrats
last year, left last night for Buffalo, where
Army men plan to convert the pension
debt into currency and pay each pen
sioner in a lump sum instead OF dribbliDB
it out In small bits over a more or less
long period of years. President Mckin-
ley viii be az this encanpment and 1T is
peculiarly fitting that the national en-
campm.ent of the Grand Army of the Re
public should be the birthplace Of this
new political issue, an issue In favor oi
which the arguments are many ana 10
combat which the Republicans will find
themselves hard pressed.
After presenting the scheme fully among
the old soldiers at Buffalo. 1 t Will be taken
to Ohio, where the idea viii be agitated ana
become, il is expected by its authors, q
prominent factor In the campaign. Inc
authors of this plan of paying the pension
debt AMI at the same time expanding the
currency are most sanguine In their eX-
pectations, and claim that in Ohio alone,
the home OF more veterans OF the y IT,
perhaps, than any other single State, the
scheme viii have an effect ON betweeh
$4,000 and 10, 900 votes. 1t is not in
tented to supplant free silver activity,
but is TO be subordinate and supplemental
To the great issue. 1t is only one OF the re-
endorsements of silver TO be brought into
the service of the general cause during the
next four years.
Senator Jones OF Arkansas, chairman
of the Democratic national committee, re-
CARDS it as an important step, and one
that will cause Republicans to do some
very hard thinking, but, at the same time.
he does not come out openly and lend
his approval, or countenance it as u legiti-
mate mode OF political warfare. On the
other hand, Senator Stewart, more inn
pulsiye and enthusiastic, has furnished the
sinews of war to agitate the scheme, and
looks upon it to Influence quite largely
the old soldier vote in behalf of free sill
yer.
The scheme contemplates the conver-
sion OF tie pension debt of the United
states, as has been suggested, into
currency for the pensioners and the people,
| the plan being, first, to pay our pension
debt in the easiest, most honorable, and
best possible manner: second, to give every
pensioner an opportunity to be self
supporting capitalist, instead Of a de
| pendent attendant, and, third, to meet
the imperative and irresponsible demand
| for more money, and thus TO aid In pre-
serving the welfare of the American
| people ard the civilization of mankind,
| both of which, the authors OF the plan say,
are now threatened by financial CON
traction.
| The country's debt to it's pen
| sioners is about $4,000, ,O00, 900, though
/ constantly growing less. II is claimed
/ that this vast obligation can be discharged
/ by simply turning it into a monetary
impl cement, and yet every pensioner. tax
! payer. and citizen can be iInmeasurably Y
| benefited BY the change.
1t is claimed by statesmen to whom the
| proposition has been unfolded that the
idea OF converting the pension debt into
! an instrument of eXchang ge, of financial
relief, and OF wealth producing vigor, Is
| certainly worthy of the widest and most
serious attention that can be given it; TO
say nothing of the lifting by this propo-
sition OF vast public burden from tax
payers by encouraging, elevaring and en-
riching the old soldiers OF grateful re-
public.
Mr.. John OIme Cole, who is the author
! of this plan, woald pay off the pension
! debt once and Tor good, and would, n
substance, issue two billions of green
| backs with which TO do it. This, with tile
stolen mint-rights of silver restored, woul1
bless the land with instant prosperity SIR
Cole, while believing that this pension issue
should be fun legal tender money, pro
| videS fer at least the possibility of coin
| redemption for hundred million annually
during the first eight years, leaving in
circulation at tie end Or that time twelve
hundred millions of dollars, and would then
relegete the whole matter TO Congress anl
the people.
BelieTing that his plan is right In the
| main, and sure of its immediate benefac
tons, Mr.. Cole feels that the object-lessou
OF revived good times would inevitably
lead Congress and the people TO ascer
tain and establish financial justice anG
good sense, whatever it may be.
Discussing the effects of this proposed
expansion of the currency, Mr.. Cole SAYS
it would set every hand, every plow every
drill and spindle at work In the produc
ton Of wealth, sufficient for honest dis
tribution and healthful consumption. L
beggars and dispose of tramps. 1t would
he says, set up our pensioners tfroughou
the land on modest farms, in busy store
and shops and with innumerable business
outfits. These new investments IN al
kinds of property would increase its value
and through the rise of interest woulC
even furnish larger annuities than now
to such ver-prudent pensioners as Nigh
desire no other improvement in their cir
cumstances.
Mr.. Cole contends that the amount eact
pensioner will receive under the preseIs
system during the remainder of his life
and the total amount of the Government
pension obligation can be determined ap
proximateIy and satisfactorily by divid
ing the pensioners into classes. as to age
and competing the amount due each b.
tables of mortality recognized by the grea
life insurance companies of the world
When the amount thus found to be du
is determined Mr.. Coles plan is to pa.
it in a lump sum, In pension balls simila
in appearance and In general way t
the greenbacks and of such denomina
tions as would make them convenient an
uesful as circulating medium.
The scheme provides for their redemp
ton, if desirable, about as fast Is tn
Government now pays out money 70
pensions under the present plan, and, j
that case, he argues. so much debt woul
b., absolutely obite Grated. These note
, would be transferable, non-interest bear
: ing and legal tender for all debts, publ
, and private. and, being promises to Pa
4 ~