The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-03-06
MONEY BASED ON BONDS.
The Plan Proposed by Luzerne County
Man for Pulling Prosperity
Out of the Fire.

We publish, by request, the provisions
of the new currency bill introduced in
the last congress by Representative
Lelsenring, of Luzerne county, to oblige
q constituents:
After the passage of this act, it shall be
the duty of the treasury department to
prepare immediately, new issue of pa
per money to be denominated the interest
bearing bond certificate of deposit, a full
legal tender for all debts, public and
private, without exceptions, under any
contract or law, to be loaned to states,
counties and cities for bonds prepared
according to the laws of states, and the
treasury regulations, at the lowest rate
of interest that the government can bor-
row gold, or per cent. per annum, for
the first five years. After the census re-
| turns of each decade. it shall be the duty
of the treasury department to regulate
the rate of interest, to be two-thirds of
the annual rate of growth in the wealth
of the country, deducting loans from for
eigners, in the previous decade
Section 2-No state, county or city Will
be allowed to borrow over 20 per cent. Of
| their taxable valuation of wealth If the
| debt of any state, county or city shall be
| above 20 Iter cent of their taxable
| wealth, the loan from the treasury must
| be secured by first mortgage bonds.
| Section Sit shall be the duty of the
| treasury to prepare to supply the bor-
rover with silver dollars and fractional
silver money, to supply all demands un-
der this act, and to supply 10 per cent. of
| the amount in gold coin when demanded;
provided, the party demanding gold,
| agrees to return the same weight of gold
coin when redeeming their bonds.
| Section 4-The treasury department shall
issue three dollars of this class of certiti-
Gates of deposit for every two dollars Of
| bonds deposited, and redeem the green
| backs, treasury notes and national bank
notes at the ratio of one dollar for every
| three dollars of the new issue put in cir
| culation
! Section 5-That any bank, society or
person, having in possession bonds of
| states, counties and cities. issued in har-
| mony with this act, may deposit the same
| in the treasury, and receive the full face
value of the bonds in money as provided;
| the interest above the rate demanded by
| the government to accrue to the deposi-
| tor
| Section 6-The treasury department
shall prepare blank bonds to supply all
parties on application, and deliver the
money free of cost to the borrower.
Section THE bonds may be redeemed
in any legal tender money of the United
States and at any time after one year of
the issue, and it shall be the duty of the
treasury to withdraw from circulation
three dollars of bond certificate of deposits
for every two dollars of bonds redeemed,
THE BILL DEFENDED.
The author of this plan is H. w. Ev
ans, of Plainsville, LuZerne county, ant
he submits the following reasons for it
adoption:
1t is the only way offered to make our
paper money a certificate of labor stored
to benefit the whole people. TaXpaying
wealth is a security, and strength to all
the people.
1t is truly the only Republican, Demo
cratic, Populistic plan of money. The
people will have the initiative, and full
control over fully two-thirds the amount
of this money,
1t provides also the easiest source OF
revenue to the government of actual pay
for real service to the people The genera
government is the only power authorized
and able to give to the people a perfect
safe and sound credi, money. And the
government, that does the service, should
receive the benefit. BY this plan tht
government will be able to regulate thf
J value of money, better and more effectu.
ally than any of the present means OF
| regulation
This plan will also make it the self-in,
terest of every wealthy person to see thai
| the wealth of the country will be con
tinually on the increase, or the rate OF
|
| reduced. Thus the interest of the indi
| vidual community, and general govern
ment will be bound in the unity of mu
tual benefit, seeking the constant growtl
of wealth, and the prosperity of the com
| mon people.
| BY this plan the government will leay,
the actual business of banking to bank
| ers, but will compel even bankers to dC
business for the peoples interest. Thi.
plan will also avoid the increase of of
fetal patronage that would occur undei
any system of government banking
| Even, We believe the interest on bond!
| would be collected with less per cent
expense than any other revenue
| Another reason in favor of this papeI
money based on bonds, win be the un
limited supply, which will defend the
business of the country from money
panics, and gold scares. The gold may
go to Europe, but our states, counties anC
cities will remain as reserve security, be
hind our paper currency, and 1t win Civ,
the world u chance TO test the merits o
credit money based on credit supplied OF
the same conditions with metallic money
A WOMAN ON WOMAN SUFFRAGE
The woman suffragists do not get mucl