The record-union., 1898-02-09

Gratis Should be Able to Agree
Upon.
FAIRFIELD 0a) Feb. S.-Ex-Gov-
ernor Horace Boies made an address
on the financial question here to-nlgnt.
1t was his first utterance on the SUP
ject since the publication of the widely
quoted letters in which he denied the
sacred and irrevocable nature OF party
platforms, and insisted that the pattiS
for free coinage of silver at the ratlo
of IL to l having been fought under
the most favorable circumstances ana
the demand defeated at the polls, the
Democratic party should abandon the
financial plank Of 1896 and endeavor to
rally on new ground.
His speech tonight embodies plan
for a redeemable Government currency,
upon which he thinks all Democrats
should be able to agree.
Ex-Governor BoieS said in part:
IN less than another decade the ma
tional banks will hold the purse strings
Of this Government, and in the United
States will WELD power before which
thrones have crumbled and republics
have disappeared, or they will be upon
the high road to final and complete
extinction If the latter, some plan VIII
have been discovered for the preserVa-
tion of a national paper currency ex-
Guiding all Others sufficient in volume
to constitute a just measure of values,
and answer all the requirements OF
business susceptible of expansion or
contraction as the necessities of Gov
ernment and people require, absolutely
sound in every part and every partlcu-
lar, and so guarded by law that it will
be invulnera to attack from enemies
without or within.
No one metal is sufficient for the
basis Of such a currency. To endure
it must have it's root in the Constitu-
ton, with gold and silver SO interviewer
and weloed about it that no power on
eartn can tear them apart or make one
the superior of the other.
Il would not retire a single dollar or
our existing national currency, or
change it in any respect, except to
make it redeemable in the same way,
The endless chain that has made so
much trouble in the past can be rem
dered harmless without a farthing's
depreciation of q single dollar of our
pIeStHl diid "itiicul q ~ Nh'OA
in all the business enterprises in the
country, and our manufactures and
mines, employing hundreds of thous-
ands of our own laborers at remunera-
tive wages, will furnish in abundance
the basis for the soundest and best
paper currency that man has ever
known.
we have now in the treasury of the
1t. - -
nation. more than SOC, 900, 900 worth
of silver bullion at its present market
price. besides an idle gold reserve OF
800 00O,G00, kept there for the redemp-
ton of our national paper currency. We
have outstanding in United States notes
a little less than $3.50, 100000 and in
treasury notes in or out of the treasury,
nearly $50, ,GO000 more. And we have
also outstanding over $3.50, ,O00,00 in
silver certificates. every dollar of which
is now existing national currency.
Every one of these notes bears upon
it's face a promise of the Government
to redeem it on demand. The United
States notes are by their terms pay
able IN money generally. But a solemn
pledge OF the Government makes them
payable in coin. The treasury notes
by their terms are payable in coin, and
the silver certificates in silver dollars.
There are two places where United
States and treasury notes can be pre-
sented for redemption, one at the sub
treasury in New York, the other in San
Francisco. At present these notes are
redeana BILE in gold if gold is demands
ed, and thereupon are reissued as
money.
Experience has demonstrated that
reserve of % per cent is sufficient to
secure the redemption of paper cur
rency issued by solvent bank the
notes of which are to be reissued as
fast as redeemed The Government of
the United States is an entire solvent
institution. If a reserve equal to that
deemed necessary for bank can be
constantly maintained in gold or its
equivalent. without the slightest dan
ger that such reserve could be dimin-
shed. ali ought to concede that a ma
tional currency based upon it would be
and always remain a sound currency.
This can easily be accomplished. and
the Government, instead of losing by
the transaction, can release for other
purposes S50.G00000 of its present gold
reserve.
Let Congress provide for the re-
demption of existing United States and
treasury notes that there shall be main
tanned in the treasury a reserve of -
per cent. of the aggregate face value
OF such notes outstanding. one-half in
silver bullion at its market value and
one-half in gold at the same value:
that three days grace shall be allowed
for the redemption after demand and
deposit in the treasury for that pur-
pose; that they shall be redeemed in
gold or silver at the Governments op-
ton at the market price of the metal
used for such purpose, or in coin of
either etal, at the Governments op-
ton. if coin is demanded and shall,
thereupon be reissued as at present
provided; that on the day of redemp-
ton the Treasurer shall purchase in
the optn market a quantity of bullion
equal to that required for the redemp>
ton Of notes deposited.
1--WE would then have reserve for
that purpose that could neither be in
creased nor diminished Not an addi-
tional dollar of expense would be in
CURED by the Government. and it's en-
listing United States and treasury notes
would be as sound vas any paper cur
rency can possibly be made No raid
upon the treasury would ever occur.
No man could possibly profit by sending
these notes to New York or San Fran