Salt Lake Telegram | 1932-07-20 | Page 8 | Idaho Governor Proposes 5 Billion Dollar Treasury Note Relief Scheme

Idaho Governor Proposes 5 Billion Dollar Treasury Note Dote Relief Scheme BOISE July 20 Governor P O Governor C. C Ben Ro Ross s has proposed the Issuance of bearing treasury notes in amounts up to live five billion dollars tobe to tobe tobe be expended for public works 8 as a solution of oC most of the economic problems problems lems of the the nation Th The governor in a Q statement yesterday yesterday yesterday yes yes- declared This Tills proposed plan for increasing the dr circulating medium of the thc United States and thereby restoring re restoring restoring re- re storing happiness prosperity and the employment t of millions of men calls for issuance of anywhere from one to five billion doll dollars rs' rs of treasury notes with all the resources of the govern govern- men pledged to their redemption The notes he said would be payable payable payable pay pay- able aft after r five years in the amount of twentieth one-twentieth of tf the Issue each year in gold coin of the United d States of standard weight and fineness He added the issue would be in notes noles of 5 to The payment and redemption 0 of these notes would be undertaken in inthe inthe in inthe the same manner as the redemption and payment of bonds now standing against the federal government such as the interest-bearing interest bonds that Isto is isto isto to say by ordinary taxes such as the income tax and other methods for raising money to meet the governments governments government's governments government's govern govern- ments ment's obligations Except that these hese notes noles would pay no interest each note would carry practically the same provisions as the ordinary note or bond cf of the past in regard to its repayment or redemption tion These notes however would be beull full ull leg legal l tend tender r and imd thus would be circulating bearing notes instead of the customary lag Ing Interest bearing bonds Each Ech note would have the due duc date stamped on he hc face of it it setting forth the year ear in which redemption would take place These notes would be distributed among the people In payment for ma materials labor and equipment for the construction of all kinds of public c works such as federal buildings roads Irrigation projects and any other works for the pleasure and com corn tort fort of mankind The same method would b bo In use used d In the distribution of these notes a as if the government co sold Interest bear ing notes and md distributed distributed uteri the cash for public improvements improvements improvements improve improve- ments that is to say the people would take these notes in payment of labor material l equipment and in payment t of nil all debts and the purchase of ot all kinds of supplies