The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-06-11
A New Monetary System,
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4 ~ EDWARD KRL1Oea.
| s2 PART H. IL
/! A TRUE MONETARY SYSTEM.
6HAPTER H.-rHs sAsErr rusp.
I SECTION Nv.
ORGANIZATION Ann kAHAaaHBar on RIM sAgrY ruRp.
The Safety Fund may consist Of q Prin-
cipaI IAstitusion with BrSnches. The frst
may be located at Washington, or some
other central town, and the latter wherever
Econvenienee may require. The Principal
Institution should issne monsy only to the
Branches, and they SHOULD be required to
make weekly reports 70 the Principal of
their loans, and also of the money returned
to be funded. The Principal, at certain
times, should report the money in circula-
ton.
For the Management Of the Principal, one
director may 81 appointed by eaeh State,
and one or mors BY the General Govern
ment. t@ W x E
The Statss may elect tie directors Of the
Branches BY Congressional districts, or
otherwise. ~
n The direstors should receive salaries for
their services, and should not be allowed to
borrow money from the Institution, nor be
Interested in any Of it's loans. They may
hold their Offices during good behavior, or
until certain sge. An officers and clerks
may be required to give bonds, with such
securities as may be deemed necessary to
secure fidelity and safety.
All money loaned may be paid, in whole
or in part, at the option Of the borrower
after one year, bat the interest should be
panctually paid.
u In case Of failure for q certain time to
pay the interest, the directors might advsr-
tise the property covered by the mortgage,
and sell il at auction,g giving the debtor timely
notice Of such advertisement and sale.
Twenty-one different denominations Of
money will form an ample currency: viz,
three cents four cents five cents ten
cents twenty-five cents fifty cents ; one
dollar two dollars three dollars five
dollars ten dollars twenty dollars; fifty
dollars one hundred dollars two hundred
dollars; three hundred dollars FIVE hun
bred dollars one thousand dollars two
thousand dollars; three thousand dollars !;
five thousand dollars With these demon
nations Of money any change can be made
to a cent
Our present bank-notes are frequently
altered from one denomination to another !;
as, for instance, by extracting " two" and
inserting "ten." Against this fraud the
money Of the Safety Fund may be effec-
tually guarded, by making the size Of the
paper conform to the denominations. The
value of each piece will then, be known at
glance BY its size, as we'll as by the en-
craving The three cent pieces may be
made an inch and half long and an inch
wide; I'd the size may be increased for
each successive higher denomination BY add
ing a quarter of an inch to the width and
half an inch to the length. The different
denominations may also be Of different
plates as well as Of different sizes.
The people throughout the country will
soon become familiar with the money, and
there will be little danger of deception by
counterfeits
The paper for the money and notes may
be manufactured by the principal Safety
Fund, and farther guarded from counter
felt by water marks, and by the kind and
quality of the paper, which should be Of
the best material for durability.
In preparing the money for circulation
no necessity will exist for the signatures on
coins Proper care in regard to the mate
rial and making Of the paper, and the en-
craving of the plates, etc, will guard the
money against counterfeits more effectually
than the quality and coinage Of the pre-
cious metals can protect coins.
A simple and short form Of mortgage
may be psop;1~a, a..--- - - s~-. A.
necessity of bond, and prevent multi
plicity Of papers. With ordinary care in
the institution and direction of the Safety
Fund, there will be incomParably less dan
ger Of frauds than now exists in banks.
The money for the amounts under dol
lar will probably be called by the opposers
of the Safety Fund, shin-plasters, rag
money, very unsafe currency for laborers,
ETC., but every one Of these small notes will
be representative Of its nominal amount
Of property They will maintain their rel
alive value to every other piece of money
in every section of the country, and will
soon be esteemed far preferable to the small
silver and copper coins now in use.