New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-10

I tility OF conservative and commercial classes
toward every form of irredeemable fiat money
Mr. BoIes declares that In ten years the Ma
tonal banks will hold the purse-strlngs or the
Government or there will be established n cur
'rcncy rooted in the Constitution, and based on
gold and silver. so welded that no power can
part them or make them unequal TO TINS
! end he proposes to keep In the United States
/ Treasury % per cent Of the face value or all
! Government notes outstanding, half in silver
/ bullion and half in gold. each at It's market
! value. such notes to be redeemed in silver or
! gold at the market price or in coin II demand
cd. and the Treasury on the day OF redemption
! TO buy in open market n quantity OF bullion
equal to that paid out for them. Further he
proposes the issue. in exchange for any deposit
Of silver gold In the Treasury, OF certificates
expressing the market value Of the metal on
the day OF deposit redeemable at the same
value, such certificates to be a legal tender.
With these forms Of paper ne maintains that all
existing currency can be retired except the
silver certificates for amounts less than SO,
making these the currency in ordinary small
transactions.
II would be superhuous 10 point out impr1c-
tcable and absurd features OF this scheme
which will occur to business men. such as his
notion that three days notice should be given
Of desired redemption Of any notes or ccrtiii-
Gates, and the provision that on the very day
Of any redemption Of notes and delivery to
holders Of large amount of gold or silver Gov
eminent should be compelled TO go into mar
ket more or less cornered by those holders and
buy back the gold or silver AT such price as il
can. Ii is not for such details that the utter
ance OF Mr.. Boies merits attention, but as evil
dence Of the trend OF public opinion among
Western Democrats and Populists whom he has
represented, and with more than ordinary
shrewdncss seeks 10 represent again. To silver
men he would offer just as much use Of silver
as any or all people want to make OF it, bat al
ways at its market value. TO the people who
believe in issues OF notes protected only by
fixed specie fund he would offer such issues by
Government alone and not by banks. TO those
who fear the endless chain" he would offer a
provision for taking in either gold or silver as
fast as either may be paid out. That his plan
would not work as he expects is not the essen
tial point.
II is significant that conspicuous leader OF
the Democrats and Populists at the West no
longer offers free coinage, ms If in honest belief
that It could he brought about could result
in anything but silver monometallism. To com
pei constant and simultaneous use of both
metals as the basis of paper circulation. and OF
both at their market value instead Of a fraudu-
lent valuation for silver is certainly very diff
ferent scheme from any which Western leaders
Of the same sort have heretofore offered. II
seems 70 indicate n distinct abandonment OF
fiat money and freecOinage nonsense by ut
least one leader, in an effort TO secure safe
and IN exclusively Government currency. In
that light II indicates a certain measure Of prog
ress in quarter where no step whatever in any
right direction has been expected