The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-09
IOWA FINANCIAL PLAN
EX-GOV. HORACE BOIES OUTLINES
HIS MONEY SCHEME.
How He Would Provide u RedeemnbIe
Government Currency and Break
the ENDLESS CHAIN"

FAIRFIELD, Ia, Feb. S.-EX-Governor
Horace Boies made an address on the finan-
cial question here tonight. 1t was his first
utterance on the subject since the publ
cation of the widely quoted letters, in which
he denied the sacred and irrevocable nature
of party platforms, and insisted that the
battle for free coinage of silver at the ra-
ito 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 financial
plank of 1896 and endeavor To rally on new
grounds. His speech tonight embodied
plan for a redeemable government currency
on which he thinks all Democrats should
be able to agree. He said in part:
"In less than another decade the national
banks Will hold the purse-strings of this
government, and in the United States will
WELD power before which thrones have
crumbled and republics have disappeared, or
they will be upon the highroad to final and
plan will have been discovered for the pres
ervation of a national paper currency eX-
Guiding all others, sufficient in volume to
constitute a just measure of value and
answer all the requirements of business,
susceptible of expansion or contraction as
the necessities of government and people
require, absolutely sound in every part and
every particular, and so guarded by law
that it will be inVulnerable to attack from
enemies without or within
mo one metal is sufficient for the basis
of such currency TO endure it must
have it's root in the Constitution, with gold
and silver so interviewer and welded about
1t that no power on earth can tear them
apart or make one the superior of the 9TH
er. / would not retire a single dollar of our
existing national currency, or change 1t in
any respect, except to make it redeemable
in the same way. The endless chain that
has made much trouble in the past can
be rendered harmless without a farthing's
a sir al nf orr rarH
ent currency, and without tremor in all
the business enterprises in the country, and
our mountains and mines employing hun
d1eds or thousands of our own laborers at
remunerative wages will furnish in album
dance the basis for the soundest and best
paper currency that man has ever known.
I'VE have now in the treasury of the
United States the sole property Of the Ma
ton, more than $50,0000 600 worth of silver
an IDLE gold reserve of 100000 600, kept
there for the redemption of our national
paper currency. We have outstanding in
United States notes a little less than $780,
100000, and in treasury notes in or out of
the treasury nearly $50 100000 more. And
we have also outstanding over $3.50, 600 600 in
now existing national currency
Every one of these notes bears upon it's
1T on demand The United States notes
are by their terms payable in money gem
orally. But solemn pledge of the govern
ment makes them payable in coin. The
treasury notes by their terms are payable
in coin, and the silver certificates in silver
dollars. There are two places where
United States and treasury notes can be
presented for redemption, one az the sub
treasury in New York the other in San
Francisco AT present these notes are re-
deemable in gold if gold is demanded, and
thereupon are reissued as money.
Experience has demonstrated that a re-
serve OF 70 per cent. is sufficient to secure
the redemption OF paper currency issued by
a solvent bank, the notes of which are to
be reissued as fast as redeemed. The gov
eminent of the United States is an entirely
solvent institution If a reserve equal to
that deemed necessary for bank can be
constantly maintained in gold or it's equiva-
lent without the slightest danger that such
reserve could be diminished, all ought to
cohcede that a national currency based
upon it would be and always remain
sound currency; This can easily be ac-
complished, and the government. instead of
losing by the transaction can release for
other purposes S5QO00,000 of it's present idle
gold reserve. How? Let Congress provide
that Tor the redemption of existing United
States and treasury notes there shall be
maintained la the treasury a reserve of %
per cent. Of the aggregate face value of
such notes outstanding. one-half in silver
bullion at its market value, and one-half
in gold at the same value. That three days
grace shall be allowed for their redemption
after demand and deposit in the treasury
for that purpose That they shall be re-
deemed in gold or silver at the govern
ments option at the market price of the
metal used for such purpose, or in coin of
either metal at the governments option, if
coin. is demanded, and shall thereupOn be
reissued as at present provided. That on
the day of redemption the treasurer shall
purchase in the open market quantity of
bullion equal to that required for the re-
then have a reserve for that purpose that
could neither be increased nor diminished.
Not an addltlonal dollar OF expense would
be incurred by the government, and its eX-
listing United States and treasury notes
would be as sound as any paper currency
can possibly be made. No raid upon the
tTea WONid