The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-02-22
BOIES' NEW CURRENCY PLAN.
NEITHER GOVERNMENT NOR INDI-
VIDUAL WOULD LOSE.

Man bringing Silver Bullion to the
Treasury Would Receive for Ii
Certificates to the Amount of Its
Market VaIue-On Returning the
Certificates He Would Receive
Bullion at Its Then Market Value.
Des Moines, Ia. Feb. 21.-Ex-G Gov 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 they see a
yawning abyss in the plan for currency re-
form outlined in my Fairfield address. into
which the treasury of the nation would be
in constant danger of dropping if the plan
was adopted.
Let me see If I can quiet the fear.
Suppose (the plan being in force A.
brings to the treasury to-day 100 ounces
of silver worth in the worlds markets 80
cents an ounce. He would receive for 1t
$50 in certificates that would ever after in
the treasury or out be fun legal tender
and the treasury would receive his silver
"One year later he or some one else
brings these certificates back to the treas
ury for redemption. Silver has doubled in
value. He would receive for them 50
ounces of silver. The treasury would own
his certificates. With these or some other
$50, the treasurer would purchase In the
open markets fifty ounces of silver and
cover it into the treasury. That would
close one transaction. What is the result?
The treasury has gained fifty ounces of
silver. A has neither gained nor lost
ferthing
Multiply similar transactions to any de
sired extent. The result is always the
same on a rising market The treasury
gains the rise. Individuals lose nothing.
No pit there. Then reverse the market.
when A. returns with his certificates
for redemption silver has fallen to % cents
an ounce.
He receives 200 ounces of silver and the
treasury owns his certificates. With these
or some other equally good fifty dollars,
the treasury Immediately buys in the open
market 200 ounces of silver and covers it
into the treasury This closes that trans
action. What is the result? The treasury
has neither gained nor lost a grain Of
silver, nor a farthing of value. Individ-
uals have neither gained nor lost farth-
ing of value. No pit there.
But suppose silver is cornered in the
markets, what then? Simply redeem with
gold and buy gold instead of silver for
the treasury.
"A world of work this buying of bullion
with which to redeem certificates some
one suggests Don't worry. There would
be no rush for the redemption of these
certificates any more than there is for
the silver certificates with silver dollars.
Every bullion certificate would be worth
more to every man outside of the treasury
than the bullion 1t would represent.
But what of the certificatesj the dol
lars involved in these transactions? In
all the years of rising and falling prices
they would float along the channels of
business hand In hand with their brothers
issued for gold, incapable of indentifica-
ton among any number of such as soon
as in the conscience of the just for they
would know (or would if they could
think that whether the market was up
or down there would always be behind
them their exact face value in one or the
other of the money metals.
Would they be a floating currency?
Let my critics try again.
(Signed) Horace Boies."