The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-09
THE NATIONAL CURRENCY.
cor. BoIEs,S PLAN FOR SETTLING
THE FINANCIAL OUESTION.

IL Ten Years National Ranks Will wieia nan,
Ferrous Fewer or ne On the Reaa % Kntine.
tion-He Wants y National Paper Cur.
rsncy Absolutely Sound ana InvuInerasle
FAIRFIELD, Ia, Feb. s.-Ex-aov. Horace
Boies addressed q largo audience horo thir
evening under the auspices Of thcsLibrary AZ
ISOLATION on the subject "a National Currency
q National Duty. What Should 1t Bef' In
handling the monetary question tho Governor
ignored all party lines and presented views
which are entirely new to the discussion Of the
subject. The audience, which was composed
of members Of all parties and included large
delegations from a distance, were allimprcssed
with the arguments supporting tho theories
presented. and the speaker was rewarded with
frequent applause.
In opening his subject Mr.. Boles said that no
desired to discuss the problem purely from q
non-partisan standpoint and to present what
he considered q solution Of tho questions in
| volvod TO which no had long been giving caro-
full consideration. After reviewing the present
status Of the national currency the speaker
said:
"Disclaiming all p~retence of knowledge that
fits me above others to speak NJ q teacher of
mon on this subject, I desire to put on record
this predictions: in less than smother. decade tho
national banks win hold the purse strings Of the
Government and win WELD O power in the
United States such as that as have made
thrones tremble and republics disappear. or
they win be upon the high road TO final andIcom-
pletesextinction II the latter, some plan win
have boon devised for the preservation Of . ma
ttonal paper currency, excluding all other and
sufficient In volume to constitute q Just meas-
e SpD a. ia x as the ;sSssSniaSl Of q ebs 9 deHesnmeS Os
soqnarS: s6s9pt r sound In every respect and
s1 eIefa e Dy law as 70 DO invgineraole rom
one metal l. su% ticient for the basis of
such q currency, To endure. 1t must have its
interviewer and welded about it that no power
on earth can tear them apart or make the one
shs SIsp doiisr o. Of ' the O snfstinf %n MGH1a nS eu resi1s =
nor change II In any respect, except to make 1t
all redecmable in the same way. It is wholly
tsIG fsS. that any part OF 1t 'n0aia-D 70
Let Congress provide that for the rodemp-
notes there shall BIO maintained in the Troas-
ury Q reserve of 20 pcr cent. OF the aggregate Of
the me face &C value Of such notes OUTSTANDING, one
one half in gold bullion. at the same value; that
three days grace shall DO allowed for their re-
Treasury for that purpose; that they shall DO
redeemed IN gold or silver at the Governments
such purpose OF in coin Of either metal IT, Il CON
IS at present provided: That on the dsy, Of re.
equired for the redemption Of the notes.
Let Congress further provide that upon re-
Seipt OF either gold or silver bullion at-the
Treasury. there shall be issued to the person de-
posting 1t q certificate expressing insdollars Its
highest market price on the day of deposit in
the open markets Of the world, redeemable on
demand. subject to three days grace after de-
post for that purpose, in gold or silver atsthe
Govornment's option, at the same valuation,
and make 1t the duty of tho Treasurer within
the three days allowed for the redemption to
purchase in the open market a quantity OF bull
lion equal to that required for redemption.
Make these certificates. not the bullion they
represent. a legal tender In payment for oil
claims, public or private. and provide for their
reissue as fast as redeemed and SO legislate to
turn the gold and silver streams that filter
through our mines away from the open markets
of the world and into our own national Treas
uryy.
would be complete. Preserve our present sill.
yer coinage and silver certificates as we have
them now and let the Government increase their
volume as the necessities OF the people require.
They nre the money of tho masses, Let them
remain such. Clear the field they should occupy
of everything else. Call In and cancel every
other note and coin of a denomination less than
$40 and I'LL their places with these up to tho
limit required for every day transactions of tho
great body OF our people.
Bankers and money kings can let them alone
them The silver dollar CAME SeD",' down to Ssr them
from the fathers of the republic. Be not afraid.
To the extent of their necessities they will never
discredit il"