The Philipsburg mail., 1898-11-25

time by paying to the treasurer the full
amount received, said payment to be
made in currency bills redeemable not
later than the ones issued on said bonds;
when such redemptions are made the
currency bills received for such redemp-
tiOns shall be cancelled and destroyed.
There shall be no tax levied on bonds
deposited with the government while
such bonds deposited, and there shall
be no government tax or other tax i'm
posed on the currency bills, except such
as is levied by the statutes on ordinary
money possessions.
The national currency commission
shall purchase and coin from time to
time such quantities Of gold and silver
as they shall deem necessary to main
tain suitable reserve Of bota coins for
redemption purposes, said reserve to be
kept as nearly equal as possible Such
purchases to be made as far as possible
of American gold and silver at not over
par for either. the same to be paid for
in currency bills. And neither coin
above, unless special provision shall be
made by congress to meet an emer-
gency.
Ac ldtlOlldl CURRENCY tolilIlll'SlcLI
shall Immediately upon the passage of
this act send an invitation to every civ
iliZed government in the world, asking
them to join with this country in es-
taDlishing a bimetallic currency system
similar to that provided for Ill this bill,
in which better silver dollar is to con-
stitute one-haf of each country's civili-
zation. That being the limit Of coin
age ct both gold and silver Until the
adoption of this system by other coun-
tries an import duty Of twenty five
cents per ounce is hereby levied upon
silver imported from every country
that has not adopted the bimetallic sys-
tenn.
This is the full text OF the proposed
measure-a it has many good fat
ures. AS there is public indebtedness
in this country Of considerably over two
billion dollars, it WILL be apparent that
a 50 per cent. currency issue based on
this form of liabilities, would provide
an ample issue Of money. AS the gov
ernment would issue it as full legal
tender, no one will question its stability
or ''soundness '-as it is now spoken of.
The policy would also turn public in
debtedness that runs at from to per
cent interest INTO l. per cent, which
would make an annual saving to the
people Of nearly two hundred million
dollars, and would also save the hun
dreds Of millions Of dollars the people
are now forced to pay on the interest of
the bonds that stand behind the present
national bank notcsthat is, this would
be the result in the course Of time as
the new system would finally adjust it.
self. So far, the measure would be of
almost inestimahle beietit to the people.
But in it's provision for bimetallism-
the bill is not likely to suit our free
coinage advocates, but in this respect
coult. 10 amended. While the bill pro
vides for the free coinage of gold and
silver, it only provides for their circula-
tion through currency redemption, and
then provides for 1870 grain dollar in
stead Of 412l grains. If the measure is
amended so as to provide for free coin
age and the issue OF currency above de-
nominations of $40, leaving the field Of
minor transactions for silver, and pro-
vidlng for a reserve fund of this legal
tender free coinage coin, for redemption
purposes, it will undoubtedly meet
western approval. Falls News.