The Providence news. (Providence [R.I.]) 1891-1906, 1898-02-09
BOlEs' PLAN.
Would Have a Reserve OF Gold ond
silver for Redemption.


Would Have Reserve OF Gold ond
silver for Redemption.
Fairfield. Ia. Feb 9.-ExGovernor
Horace Boise made an address on the
financial question here last night. IL
was his first utterance on the subject
since the publication of his widely quot
ed letters in which he denied the
irrevocable nature of the party plat
forms, and insisted that the bill for the
free coinage of silver at the rate OF
Is to !, having been fought under the
most favorable circumstances and the
demand defeated at the polls the Demo-
cratic party should abandon the finan-
cial plank of 1896 and endeavor to rally
on new ground. His speech embodied
a plan for a redeemable government
currency upon which he thinks all Demo
Gratis should be able TO agree.
Experience has demonstrated" he
said, that reserve of 25 percent Is
sufficient to secure the redemption of
paper currency issued by a solvent
bank, the notes OF which are to be re-
issued as fast as redeemable. The gov
ernment of the wnited States is an en-
tirely solvent institution. If re-
for n bank can be constantly main
tanned in gold or its equivalent without
the slightest danger that such reserve
could be diminished, all ought to con-
cede that national currency based upon
il would be and would remain a sound
currency. This can be easily accom-
plished, and the government instead Of
losing by the transaction can release
10 nt hpr NJ
ent gold reserve.
How? Let congress provide that
for the redemption OF existing United
States and treasury notes there shall
be maintained in the treasury a re-
serve or 25 percent of the aggregate
face value OF such notes outstanding.
one-half in silver bullion at it's market
value. and one-half in gold at the same
value; that three days grace shall be
allowed for their redemption after de-
mand and deposit in the treasury for
that purpose: that they shall be re-
deemed in gold or silver at the govern
ment's option at the market price OF
the metal used for such purpose, or i'm
coin OF either metal at the governments
option, IL coin is demanded, and shall
thereupon be reissued as at present, pro-
Nibtd lldt Oh tHc 0dy Ok IcutIilptlon
the treasury shall purchase in the open
market a quantity OF bullion equal to
that required for the redemption OF
notes deposited We would then have
reserve for that purpose that could
neither be increased nor diminished.
Not an additional dollar of expense
would be incurred by the government,
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. No man could possibly profit
by sending these notes TO New York or
San Francisco for redemption, for he
could always purchase in the open mar
ket with the same notes every grain OF
bullion he could obtain at the treasury,
and in these markets he could purchase
the metal desired. while at the treasury
he would be compelled to take which
ever the government could most con-
veniently spare. At either place he
could obtain in one or the other of the
money metals $50 recognized from the
dawn OF civilization to the present day.,
the last farthing OF the face value of
every note presented. The endless chain
would then unload in the treasury just
rs many ounces OF metal as IL carried
away, and neither the government nor
individuals could be Injured