The Monte Vista journal., 1897-11-27
$1,000, 600, 900 OF GOLD BONDS.

mlnistratlon. IL may be slightly
amended, and we have no space t.
go into the details at this time
The New Time has absolute au
thority for the information which
is now made public for the frs
time. Secretary of the Treasury
Gage has reduced the plan to writ.
ing and it was the privilege of the
writer to examine a lengthy pri.
vate communication from Mr.
Gage, written to gentleman who
stands high in public affairs. Here
are the outlines of the plan ns il
will be presented to the coming
session of Congress:
The greenbacks and Sherman
treasury notes are to be retired.
There is now outstanding SS47,-
100000 in four and five per cent.
bonds; $49O, 900, 900 of 4 per cent.
bonds expire in 1907; SCI, 900. 600
of 5 per cent. bonds expire in 1904,
and s162,00O,O00 of 4 per cent.
bonds expire in 1926.
There will be issued 81, 200, ,0C0,-
600 of q per cent. gold bonds. re-
deemable in fifty years, making a
total debt, with interest, of $2, ,400,-
100000. These bonds will be of
fered in exchange for those now
outstanding, which have the dis
advantage of being payable in
"coin" (silver perhaps) and which
will expire in comparatively
short time. 1t is anticipated that
n 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
MISUNDERSTANDING debt, the gov
ernment will purchase gold to
Strengthen the treasury" 1t is
thought that there will be from
sl50,OOO,0OO to s200,O00,00O of
these bonds, and Mr.. Gage looks
to the Bank Of England or the
Rothschilds as prospective pur-
chasers.
The national banks will then b.
authorized to issue as circulating
medium non-legal tender bank
notes 70 tie full amount of all gold
bonds deposited by the banks with
the government rs security. That
is, the banks will exchange their
coin bonds for gold bonds, their
Notwithstanding money for q
per cent. bonds, deposit the same
! with the government and draw in.
terest on them, and then issue
bank notes to tho full amount.
Those which are lost or burned
will never need to be redeemed.
That will put MS on a "solid gold
basis" How do you like the plan
This plan has been formulated
and adopted by tho administration
while its bimetallic commission
has been negotiating with France
and the Bank of England.
At the risk Of violating conf.
dence it may be stated for the pri.
vate information OF the readers oi
The New Time that the member,
Of tho English ministry and the
governor and directors Of the Bank
Of England have recently beer
made acquainted with Secretary
Cages official plan. They were
astounded. They have declared in
private conversation that tho for.
mutation Of such plan at . time
when England WAS acting in good
faith to restore the standing of sill.
vcr; when France stood ready "a
open her mints and when India
was only waiting the word. consti.
tutcd u depth Of administrative
duplicity and dcpravity, which WA
utterly beyond their comprehen.
sion. They evidently are not nc.
quainted with our present brand
Of American craftsmanship. Mr.
Wolcott is only "stalling." "a,
Secretary Gage would say. Tho,
play the part Of the two brniscr,
nt a picnic. who indulge in shan
fight aud engage the attention ol
the crowd, while tho pickpockct
do their work. We do not int,.
mate that Mr.. Gage or Mckinlc,
are pickIncksts. Far from It
They arc Rusncisrs, = more imp
tAnt and, A. Mr.. Weller would say
- teudersr word"
II you do not like Secretary
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