Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1897-11-12
$1,2OO,OOO,OOO in Gold Bonds.

We are enabled to give our readers an out
line of the 'monetary reform" plan of the Nc
Kinley administration. 1t may be slightly
tails at this time. The New Time has abso-
Lutte authority for the information which is now
made public for the first time. Secretary oi
the Treasury Gage has reduced the plan to
writing and it was the privilege of the writer to
examine lengthy private communication from
Mr.. Gage, written to gentleman who stands
high in public affairs Here are the outlines Of
the plan as it will be presented to the coming
session of Congress:
The greenbacks and Sherman treasury note!
are to be retired.
There is now outstanding $847 ,ooo, 900 il
four and five per cent bonds; $49o, 1000, 900 Of
per cent bonds expire in 1907; $6I 900, ,ooc
of S per cent. bonds expire in 1904, and $162,-
600, 900 of a per cent bonds expire in 1926
There will be issued 81 zoo, ,ooo, 900 of 2H
per cent. gold bonds, redeemable in fifty years,
making total debt, with interest," of $24o, ,ooo,-
ooo These bonds will be offered in exchange
for those outstanding, which have the ditad-
vantages OF being payable in "coin" (silver
perhaps) and which will expire in compara-
lively short time. 1t is anticipated that large
percentage of these will be offered for exchange
with the new gold bonds.
With what remains after taking up these
bonds and retiring the nou-interest- bearing debt,
the government will purchase gold to strength
en- the treasury" 1t is thought that there will
lie from $I5o, 700, 900 to 5000, ,ooo, 900 of these
bonds, and Mr.. Gage looks to the Bank Of
England or the Rothschilds as prospective pur-
chasers.
the national banks will then be authorized
to issue as circulating medium non-legal ten
der bank notes to the full amount of all gold
bonds deposited by the banks with the govern
ment as security. That is, the banks will ex-
change their coin bonds for gold bonds, their
misunderstanding money for 2H per cent.
bonds, deposit the same with the government
aud draw interest on them, and then issue bank
notes to the full amount Those which are lost
or burned will never need to be redeemed.
That will put us on "solid gold basis"
How do you like the plan?
This plan has been formulated and adopted
by the administration while its bimetalic COM
mission has been negotiating with France snd
the Bank of England.
At the risk of violating confidence it may be
stated for the private information of the read
ers of The New Time that the English min
istry and the governor and directors of the Bank
of England have recently been been acquainted
with Secretary Cages official plan. They were
astounded. They have declared in private con-
versaton that the formulation of such plan at
time when England was acting in good faith
to restore the standing of silver; when France
stood ready to open her nints and when India
was only waiting the word, constituted depth
OF administrative dupicity and depravity,
which was utterly beyond their comprehension.
They evidently are not acquainted with our
present brand of American craftsmanship. Mr..
Wocott and his colleagues are only "stalling,"
as Secretary Gage would say. They play the
part of the two bruisers ct picnic, who in
dulge in sham fight 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, 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? Conf
dentially, dear American people, you have
nothing to do about this little matter of ST.,
400, 900 900. You have not been consulted and
you will not be. This is one of the features of
what we are pleased to term "our representa-
tive form of government. Pred rick U. Ad-
ans, in The New Time.