The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1898-02-22
BOIES TO CRITICS
Iowa Ex-Governor Says They
Have Failed to Grasp His
Financial Plan.
Some Examples Of Its Actual
Working Given for the Pub
lie Benefit.
The Yawning Abyss Pictured
Would Not in Reality
Exist at All.

Dies MONIES, Feb. 22.-Ex.G Governor
Boies 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 that they
see a yawning abyss i'll the r..an for
currency reform, outlined IL my Fair.
field address, into which the treasury
Of the nation would be i'll constant dan
ger of dropping it the nation would be
in constant danger Of dropping if the
plan was adopted. Let NE see If l can
quiet that fear.
Suppose (ohe plan being in force) A.
brings to the treasury today 100 ounces
of silver worth in the worlds markets
80 cents an ounce. He would receive
for it $50 in certificates that would at.
ter, in the treasury or out, be full legal
tender aud the treasury would receive
his silver.
lone year later, he or someone
else brings these certificates back to the
treasury for redemption. Silver has
doubled in value. He would receive
for them so ounces of silver. The
treasury would own his certificates.
With these or some other $50 the treas.
urer would purchase in the open mar.
kets so ounces of silver and cover it
into the treasury. That would close
one transaction. What is the result:
THE treasury has gained 90 ounces
of silver. A. has neither gained nor
lost a farthing.
Multiply similar transactions to any
extent desired. The result is always
the same, on a rising market. The
treasury gains the rise. individuals
lose nothing. No pit there.
Reverse the market. When A re,
turns with his certificates for redemp'
ton, silver has fallen to % cents an
ounce. He received 200 ounces of silver
and the treasury owns his certificates
With these or some other equally COCO
fifty dollars, the treasurer Immediately
buys in the open market 200 ounces q
silver, and covers it into the treasury,
This closes that transaction.
What is the result: The treasury
has neither gained nor lost a grain Of
silver, nor a farthing of value. Indi
viduals have neither gained nor lost {
farthing of value. No pit there.
''But suppose silver is cornered in the
markets, what then? Simply redeem
with gold and buy gold instead of sill
yer for the treasury.
"a world of work this buying of bull
lion with which to redeem certificates
some one suggests.
Don't worry. There would be III
rush for the redemption of these Ger.
tificates any more than there is nov
for the redemption of silver certificate:
with silver dollars. Every bullion Ger
tifcate would be worth more to every
man outside the treasury than tn
bullion it would represent.
"But what of the certificates, thu
dollars involved in these transactions
In all the years of rising and falling
operations, they would float along tn
channels of business hand in hand will
their brothers issued for gold, incapable
of Identification among any number o
such, always serene as the conscience
of the just, for they would know To-
would if they could think)that whethe,
the market was up or down, there
would always be behind them their ex
act face value in either one or the other
of the money metals.
Would they be a du~ctuating cur
rency? Let my critics try again"
"HORACE BOIES."