The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-09
BOIES CURRENCY PLAN
EX-GOVERNOR or IOWA OFFERS 4
SOLUTION OF THE PROBLEM
iehder Certificates In Dollars,
the highest Market Price, to
be Delivered to Depositors of
silver or Gold Bullion the Cen
trail Idea of the Plan.

| FAIRFIELD, To-, Feb. S.-Ex-Gov
boles made an address on the financial
/ question here tonight Ii was his first
utlerance on the subject since the n,Ib-
lcatlon of the widely quoted letters
ID Whlch he denied the sacred and Ir-
FeEocaole nature of party platforms
| ana insisted that the battle for fire..
| coinage of silver at the ratio of 16 tn
haVlng been fought. under the most
favorable circumstances and the de-
! Hland defeated at the polls. the Demo-
cratic party should abandon the inan-
| claI plank of 1896 and endeavor to rally
| on new ground.
His speech tonight embodied a plan
| Tor redeemable government CURRENCY
! upon which he thinks all Democrats
| should be able to agree In part ne
| said: He
In less than another decade the national
banks banks VIII hold the purse-strIngs Of this
/ government, and IN the United States will
wleid power before which thrones have
cIuInoIed and republics have disappeared
or 'ney VIII De upon the high road to fnai
anu complete extinction. II the latter soma
PIan VIII nave been discovered for the
preservation OF a nations paper currency
eAcludlng all others. sufficient IN volume 10
constitute Just measure of values and
answer all the requirements OF business.
susceptible OF expansion or contraction as
Tue necessities OF government and people
require; absolutely sound in every nart ana
every particular, and so guarded nv Iau, tba+
Will be inyulnerable to attack from enc
mics without or within.
NO NO one metal is sufficient for the basis O,
80. SuNH currency. To endure IL must have
Is root in the constitution with gold ana
stFe Eve SO interviewer and welded about ~
Inat no power on earth can tear them apart
VI make one the superior OF the other
i would not retire a single dollar OF our
n,s'Is e national currency, or change It IN
Die In the same way
Inc endles chain that has rnade CO ~,,,,t
tIfouole In the past can be rendered harm
Ess without farthing's depreciation OF a
single dollar of our present currency and
without tremor in all the business srtHr -
prlses IN the country. and our nounrains
ana mines employing hundreds OF thou
sands OF our own laborers AT rer,,rr-'ari,-.
EaseS' Will furnish iE abundance the basis
!1r the soundest and hest paper currency
that man has ever known
1-rtt9, nave ave now in the treasury OF the
United states, the sole property OF the ma
tOh' more than $50. coo 600 worth OF sill
Yer bullion at its present market nrica
eSIues PES, an IDLE gold reserve OF 500 O5O 000'
Kept there for the redemption OF our ma
uohaI paper currency.
Solvent Institution.
We have outstanding in United State,
notes a little less than $3.50 COO O0S e1d g.,
treasury notes in or out Of the treasury
aisa niearIy $!oO 10000 more. And we have
Haso outstanding over $3.50 OO0. coo in silver
eeFuncates, every dollar of which Is now
eAlSuhS national currency
ne eOEerhment Of the United States is
So, q, eHLireiy solvent institution. II a re-
seFFe eGual to that deemed necessary for
9ahk can be constantly maintained In
soiu oI us equivalent without the slightest
Gstnger that such reserve could be dimin
Isneu All ought to cOncede that a nat-ouaI
currency based upon il would be and al
ways remain sound currency. This can
essIiy De accomplished and the govern
can release for other purposes $50 OG6 OCO ~
us present idle gold reserve.
Let congress provide that for the re-
uemption OF existing United States and
| treasury notes there shall be maintained
! ~ ~ Ihe treasury a reserve Of 25 per cent OF
tue aggregate face value OF such notes out
/ standing, one h3lf In silver bullion AZ IFs
market value, and one half in gold at the
sanle Va4ue That three days grace shall
De allowed for their redemUtion after de-
mand and deposit in the treasury for that
! purpose. That they shall be redeemed In
Sold or silver at the governments option.
al the market price OF the metal used for
suCIi purposes, or in coin of either metal
at the governments option IL coin Is de-
manded, and shall thereup0n be re-lssued
as at present provided That on the fav M
redemption the treasurer shall purchase in
the open market quantity OF bullion equal
10 that required for the redemption Of notes
deposited
We would then have a reserve for that
purpose that could neither be increased nor
diminished. Not an additional dollar OF
| expense would be incurred by the govern
ment, and its existing United States and
treasury notes would be as sound as any
| paper currency can possibly be made No
raid upon the treasury would ever occur
Ihe endless chain would then unload in
the treasury just as many ounces OF metal
as IL carried away, and neither the govern
ment nor individuals could be injured
we have this currency. 1t supplies every
wart: answers every purpose that money
can possibly do. Why should we surrender
IL, and load the nation with an interset-
bearing debt of $500 600 O00 or more. every
NJ fHFhf fnk ~.
toilers Of the land?
What next?
Let congress further provide that upon
the receipt Of either gold or silver bullion
at the treasury, there shall be issued to the
person depositing it &C ertiicate expressing
In dollars the highest market price Of the
same on the day Of deposit in the great
markets Of the world, redeemablo
grace after deposit for that pur-
pose in gold or silver. at the gov
ernments option at the same valuation
and make It the duty Of the treasurer,
within the three days allowed for redemp-
ton, to purchase, in the open market a
quantity OF bullion equal TO that required
for redemption
Make those certificates mot the bullion
they represent), legal tender in payment
OF all claims, public and private. and pro
vide for their reissue fast as redeemed
and then so legislate 20 turn the gold
and silver stream, that filters through our
mines, away from the open markets OF the
world, and into our own national treas
ury
Who would dispute the soundness Of such
Every cent Of fat. that walking goblir
that frightens the money kings CT the world
squeezed out OF II. Every dollar secured
to Its full face value, by gold or silver.
stored in the nations treasury and re-
tnforced by the pEghted faith OF this
great republic, that matter what comes
Il shall always be redeemed with one or the
other Of the money metals at their actual
value whenever demanded.
Put puny bank note. that is not money
and cannot be made such, backed by the
personal liabiay Of It's stockholders and
It's 100 per cent Of national bonds that
furnishing beside il. and tell me which
Of the two would be sound money. and
which would not be money sound or un-
sound.
We have this money. An infinite Creator
bestowed II upon US. Our mountains are
loaded with IL. We have also armies Of
men eager for work that could be p-oftably
employed In digging it out. We foster or
try to, other forms OF industries. Why
should We help 20 strike this down? Bring
cut the metals, cord them up 10 the treas
ury, make money OF their paper re representa-
tives hold fast 70 every ounce NE can get
and what will follow? In a few short
years the United States OF America would
DO the most powerful nation In the world
for IL would have under It's control more
OF the precious metals. more OF the sinew
OF war than any other can possibly acquire
Let a necessity for the expansion OF our
currency arise, could We meet IL? Certainly
Increase 1t four-fold and still have behind
IL reserve in gold and silver equal 10 any
reserve our banks have ever been required
TO carry.
Who should object to such a currency?
Certainly not friend OF silver. for under
such system We could promptly take all
that would come and utilize in a day. II
necessary, ten times as much as our mints
could coin in year. IL IL coin the