The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1898-05-21

three per cent bonds to run twenty
years. This is sample OF modern
financiering as shown by the elel ent
that is In control of congress. 1t Is
proposition to fasten a debt OF $780,
| 600, 600 upon the people, that at the
expiration of the time it is to run,
will cost s960.00O,0 900. Allen Henry
Smith and others of Chicago, have
| submitted proposition to Secretary
| Gage and congress for supplying the
| nation with revenue that is rather a
more sensible and less expensive sys-
tenn of financiering. The proposition
| is this:
1--WE will furnish the United States
government all the money needed for
! legitimate purposes for one-half of one
per cent per annum interest. and take
legal tender bonds therefor, principle
and interest payable twenty years
from date in 16 to gold or silver. at
the option of the government.
"We will not ask that any of the
amount be exempt from taxation, nor
will we hold any of the sum from busi-
ness channels for the interest.
1--WE will not deliver the original
investment to banks, trusts. syndi-
Gates or corporations OF any character
whatever, or make it necessary that it
be borrowed from them at their rate
of interest before it gets into produc-
tive business channels.
1.-THE bonds may contain a clause
permitting their redemption at any
time at their face value.
"The bonds shall be in denomina-
tions of one, two, five and ten dollars in
proportion to their use in the ordinary
business transactions of the country.
"The people of the United States
shall be our assign ees, to receive the
benefits as follows:
"The sale shall be made throughout
the county seat postoffices, assigning
each county its proportion according
to the population. Said quota shall be
sold in equal sums to the voters at last
election, each purchaser to receive the
legal tender bonds to the amount of
purchase, with the additional sum of
ten per cent. at time of purchase. in
the same bonds, this ten per cent. be-
ing one-half OF one per cent. per an
mum for twenty years (the government
receiving the use of the money of it's
credit and final payment of the inter-
est. If any of the bonds remain un-
sold at the expiration of thirty days.
sell to first applicants, citizens who
are not voters of the county, who
have not received an allotment. If at
the expiration of ten days any bonds
remain unsold. sell to the first appli-
cant, without distinction, allowing one
allotment to each. If after five days
any remain unsold. sell to any appli-
can't, in any sum asked, until the quota
for the county shall be taken; no
firm, bank, syndicate, corporation or
other organization to be allowed to
purchase"
This proposition is for purely pop
ular loan, and instead of diminishing
the circulating medium, increases it
ten per cent; increases instead of di-
minishing the taxable values of the
country, distributes the benefiLs de-
rived from the credit of the govern
ment among the people; avoids class
legislation; gives circulating medium
which cannot be used against the
treasury at will by spectators; pre-
vents the manipulation of the pnblic
debt by enemies of liberty at home
and abroad; prevents the necessity of
a single standard metal reserves; pays
the people $40, 900 in interests and
saves the government $50,000,000 on
each SlOO, 900, 600 of debt. that being
the difference between these bondss
and the three per cent. bonds for
twenty years, and the security is the
same as that of the present bonds and
bank issue.