The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1898-02-26
A LETTER FROM BOIES.
A Reply to Criticisms of His An-
nounced Currency Plan.
Would Quiet the Fears of Those Who Boz
Heve His Plan Would Bring the
Country's Finances to the Brink
of q Yawning Abyss.

Dies MONIES, Ia, Feb. 22.-Ex-Gov.
Boise has sent the following letter to
the Leader, replying to the criticisms
of the currency plan advocated in his
recent speech at Fairfield:
Many OF my critics think they see q vawnins
abyss in the plan for currency reform outlined
in my Fairfield address into which the treas
ury of the nation would be in constant danges
Of dropping II the plan was adopted
Let me see IL l can q uiet that fear.
Suppose Cthe plan being in force), A brings 70
the treasury to-day. 100 ounces OF silver, worth
In the worlds markets so cents an ounce. he
would receive for it $50 IL certificates that
would ever after, in the treasury or out, be full
legal tender, and the treasury would receive his
silver.
these certificates back to the treasury for re-
demption. Silver has doubled in value. He
would receive for them 80 ounces of silver. Tha
treasury would own his certificates. With
these or some other $50 the treasurer would
purchase, in the open markets, 50 ounces OF sill
yer, and cover it into the treasury. That would
close one transaction What is the result?
The treasury has gained 80 ounces of silver.
"a" has neither gained nor lost q farthing.
Multiply similar transactions to any extent
desired. The result is always the same on q
rising market The treasury gains the rise
individuals lose nothing. No pit there. Re-
verse the market.
When returns with his certificates for
redemption, silver has fallen to % cents an
ounce. He receives two hundred ounces of sill
yer, and the treasury owns his certificates
With these or some other equally good $50 the
treasury Immediately buys. in the open mar
ket, 200 ounces OF silver and covers them into
the treasury. This closes that transaction.
What is the result?
The treasury has neither gained nor lost q
grain Of silver, nor q farthing of value. Indi-
vidualS have neither gained nor lost a farthing
of value. No pit there.
But suppose SilveriS corneredi in the markets,
what then? Simply redeem with goEi, and buy
gold instead OF silver for the treasur-.
A world of work this buying of bullion WITH
which TO redeem. some one suggests
Don't worry: there would be no rush for the
redemption of these certificates any more than
there is now for the redemption OF silver Ger
titicateS with silver dollars. Every bullion
certificate would be worth more to every man
outside Of the treasury than the bullion il
would represent
But what of the certificates the dollars in
vOlved in these transactions? In all the years
of rising and falling prices they would foaa
along the channels of business hand IN hand
with their brothers,, issued for gold,
incapable OF Identification among any member
of such, always serene as the conscience Of tho
Just, for they would know Tor would If they
could think), that whether the market was up
or down. there would always be behind them
their exact face value in one or the other Of the
money metals.
Would there be n fluctuating currency? Lei
my critics try again.
[Signedl ORA BoIEs-