The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-02
THE BOEES PLAN.

ers will pardon the violent supposition-it
would heed the advice of Ex-Governor
Boies of Iowa. He is an able man and has
shown that he is a strong one before the
people He was much talked of as the
Democratic candidate for President last
year, and probably would have been nom
mated but for the carefully arranged pro-
gramme by which Mr.. Bryan stampeded the
convention with a sensational speech. Gov.
Boies Endorsed the platform and gave the
ticket his best support Now, however, he
is shreWd enough to see and honest enough
to admit that with free-silver 16-to-1 plat
form Democratic defeat was inevitable. He
is still opposed to the single gold Standard
he still thinks the so-called decentralization
of silver was a great financial blunder and
moral wrong, and that the bmetallic stand
ard should be restored, He is not only
silver man but a free coinage man. But
he is no longer in favor of free coinage at
the impossible ratio of 16 to 1. Whatever
he may have thought in 1896 he sees now
that this was what defeated the Democratic
party. In his recent letter he says:
Let us, therefore, candidly inquire what
which the silver forces were constantly
hurled, and from which they We're beaten
back in spite of the herculean efforts of
the most determined of their leaders. Was
it anything less than belief that con-
tinuously grew in the public mind as the
canvass progressed that the practical eff
feet Of such efforts by the friends of silver
would be the substitution of one of the
money metals for the other? OF silver
monometallism for gold recommendation?
And that such a change would increase
instead of diminishing the misfortunes we
attribute to single standard of gold? To
my mind there is but one possible answer
to the question. That the rock upon
which our good ship foundered. 1t is still
in the way. 1t matters not how thoroughly
we convince the American people that a
gold standard is wrong, unless we can go
further and convince them also that what
we offer in its place is better instead Of
worse. This we did not succeed in doing
There is no argument that can be used in
the future to accomplish that end that was
not thoroughly exhausted in the contest we
lost.
AS a practical politician Governor Boies
is not in favor of the Democratic party
beating it's brains out q second time against
the same stone wall He sees that it will
be as useless to try to convince the people
in 1900 that the free coinage of silver at
16 to l does not mean silver monometallsm
as it was in 1886. Therefore he suggests a
new line of battle. He would not abandon
silver but he would abandon the 16 to
line. He favors a policy which, in his
opinion would make market for all the
silver we produce and cause the commercial
value of gold and silver to become equal
lied. Here is his plan:
What we should do is to open the treas
ury Of the Union to every ounce of silver
that will come to it, and issue in lieu there
solemn promise of the government that it
shall be redeemed in silver or gold at it's
full market price in the great centers of
trade whenever presented for redemption
We frame the details Of such a
plan as to attract to the treasury of
Nation every grain of silver mined within
the United States that can be spared for
monetary purposes until the last dollar of
paper currency now in use in this country
has been supplemented by treasury notes
backed to their full face value by silver
or gold.
In other words. Governor Boies would is
sue treasury notes in exchange for both
gold and silver bullion at the treasury of
the United States at their respective COM
mercial values, such values to be
determined by the market price at
the leading centers on the day of
receipt, the notes so issued to be
redeemable in either gold or silver
at the option of the government at the
commercial value or the metal on the day
of redemption. Now, there is an element
of common sense and honesty in that plan
1t recognizes the absurdity and dishonesty
of trying to make the money value of silver
twice as great as its commercial value, and
it would furnish a plan for the circulation
of treasury notes based on both gold and
silver and redeemabe in either at the COM
mercial value of the bullion. There is moth
ing inherently vicious in the plan, and it
would establish the double standard under
new form. 1t is more complicated and
less scientific than the single gold standard
but it might open a large market for our
silver product. The Journal does not in
dorse the plan and has no doubt the Re-
publican party will devise much better
one, but the Boies plan is infinitely pref
cradle in every way to free silver coinage
at 16 to !, and would make a good line of
battle for an honest silver party If the
Democratic party Nhad any sense-again,
pardon the violent supposition-it would get
together on the Boies plan
There is movement on foot in PhiladeI-
phia to organize a new steamship line, with
a capital of sl0000.000, to build and operate
a line nf eichf Sfaa r,ar< l,atry<x,,, 49,