The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-09

Fairfield, Ia, Feb. Governor
Horace Boies made an address on the
financial question here tonight. 1t was
his first utterance On the subject since
the publication of the widely quoted
letters in which ne denied the sacred
and irrevocable nature of party plat
forms, and insisted that the battle for
free coinage OF silver at the ratio OF is
to l, having been fought under the tav-
orable circumstances and the Demo-
Gratis defeated at the polls. the Demo-
cratic party should abandon the finan-
ciai plank of 1886 and endeavor to rally
on new grounds.
His speech tonight embodied plan
for a redeemable government currency,
upon which, he thinks, all Democrats
should be able TO agree.
SILVER BULLION.
I'VE have now" he says, in the
treasury of the United States, the sole
property of the nation, more than $780,
600 coo worth Of silver bullion at its
present market price, besides an idle
gold reserve of S1OOG1O,000. kept there
for the redemption of our national pa
per currency. We have outstanding in
United States notes a little less than
SS50, 000. 600. and in treasury notes IN or
out of the treasury, nearly Sl90,OOc.J OO
more. And we have also outstanding
over $3.50, 100000 in silver certificates,
every dollar of which is now existing
national currency.
PROMISE TO REDEEM.
Every enc OF these notes bears upon
its face 4 promise of the government 10
redeem it on demand. The United states
notes are. bv their terms, payable IN
money generally. But a solemn pledge
of the government makes them payable
in coin. The treasury notes, by their
terms. are payable in coin, and the Sill
yer certificates in silver dollars. There
are two places where United states
treasury notes can be presented LOT re
demDtion, one at the sub-treasury III
New York. the other in san Francisco
At present these notes are redeemahle
in gold. if gold is demanded, and there
upon are reissued as money
Experience has demonstrated that
reserve of % per cent is sufficient to
secure the redemption OF paper cur
rency issued by solvent DahA' the
notes OF which are to be relssuad as
fast as redeemed.
SUFFICIENT RESERVE
THE government of the United
States is an entirely solvent lnstitu-
ton. If a reserve equal to that deemed
necessary for 4 bank can be constant
" maintained in gold or its equivalent
without the slightest danger tntl suIn
reserve could be diminished, all ought
10 concede that a national currency l
based upon it. would be and always re
main a sound currency. This can cas- /
ily be accomplished, and the govern
ment. instead Of losing by the transac-
ton. can release for other purposes $oO-- /
OO0 coo of its. present idle gold reserve {
" rarDN-ida that for
the redemption of existing onlleu
States and treasury notes there Shall
be maintained in the treasury re- ,
serve of % per cent of the aggregate
face value of such notes outstandlnS' F.
one-haIf 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 de- T.
mand and deposit in the treasury for
that purpose. That they shall be re- !
deemed in gold or silver at the gov
ernment's option at the market price
of the metal used for such purposes, or
in coin OF either metal at the govern
ment's option. if coin is demanded, and I
shall thereuDon be re-issued as at pres 4
ent provided. That on the day of re- /
demption the treasurer shall purchase /
in the open market q quantity OF bull /
lion equal to that required for the re-
demption of notes deposited.
NO EXPENSE.
Eve would then have a reserve for /
that purpose that could neither be in
creased nor diminished. Not an ad- /
ditiOnal dollar Of expense would be IN /
CURED by the government, and its eX-
listing United States and treasury notes
would be as sound as any paper cur /
rency can possibly be made. No raid .
upon the treasury would ever occur. /
No man could possibly profit by send (
ing these notes to New York or San .
Francisco for redemption. for he could .
purchase in the open market .
with the same notes every grain Of .
bullion he could obtain at the treas F.
ury, and in these markets he could pur-
chase the metal desired, while at the
treasury he would be compelled to
take whichever the government could
most conveniently spare. At either
place he could always obtain in one or .
the other Of the money metals $50
recognized from the dawn of civiliZa-
ton 10 the present day. the last farth-
ing of the face value of every note he
presented. The endless chain would
then unload in the treasury just as
many ounces OF metal as it carried
away, and neither the government nor
could be injured.
SUPPLIES EVERY WANT
I'VE have this currency 1t supplies .
every want and answers every purpose .
that money can possibly DO. Why
should we surrender it and load the .
nation with an interest-bearing debt .
of $500 10000 or more, every farthing