Weekly Chillicothe crisis., 1885-07-30
AN ACT IN RELATION TO THE
CURRENCY,
Providing for Loans to the People, and
Relating to the Cash in
the Treasury.

Relating to the Cash in
the Treasury.
BE ii enacted By the Seaatc aHd House
of Representatives. in Congress assem-
Jlcd. as follows:
Sec. /. The Secretary ofthe Treasury
is hereby authorized and directed to IS
sue paper money in denominations ofSl, |
81, $50, $50, 800 800 and $500 to the .
amount of one billion dollars, which |
shall be a legal tendcr the same aS gold .
now is and to loan the same at one per /.
cent. per annum to the states and ter .
ritOries having Il territorial government |
accepting the same, to he by the states
and territories loaned to the counties at
two per cent per annum, the counties
to loan the same on satisfactory Sccuri-
ty at three per cent. per aunum. Per-
sons in debt, who apply for loans
promptly, to be preferred
Upon the repayment of any OF said
money by the states, the same shall be
loaned to states wanting it, and such aS
is not wanted shall be- considered rs
available cash in the treasury and paid
cut aS other moneys.
Section ,. A tax of ten per cent per
annum on all bank issues and all issues
by persons or corporations intended
for circulation, shall he paid annually
by the issucrs thereof.
Sec. 3 The Secretary Of the Treasury is
hereby directed to pay out within the
next twelve months,o liabilities of the
United States all cash in the treasury
belonging to the United States in cN-
cess of 30 million dollars. which shall
be held rs Il reserve to meet expenses
OF the government when the receipts
are not sufficient to meet approprla,
tionS.
The above ii enacted into law, would
retire national bank money in the sam,
way State bank money was retired
that is, by taxing it out Of existence
The State banks didn't pay the tax, bu
retired their notes to avoid it. Ih
national banks would do the same. Th
present deficiency in the amount Il
currency and the further dciicirnc
which would be caused by the retir,
mcnt of national bank money, wouI
be supplied by the new issue Of one hi
lion dollars. The share Of Liyi.gsto
county would be three hundred an
thirty-three thousand dollars, whic
would relieve large number of ou
citizens whose noses are held TO I'll
grindstone by a seven. eight or ten pc
cent. mortgage. The increased youm
of currency would put prices up TO Il
equitable basis between debtor IN
creditor and would enable industmou
frugal persons 10 soon get ont OF deb
and the money they NOW use in payin
interest they could and would USE
building houses, buying clothes, bn;
gies. musical instruments, lurnilur
going ''bark cast TO see the old pI'
ground educating children, makir
home a more delightful place, AZ
&c. This all could be done (nee Uni
ed States Supreme Court decision).
We have let banking corporatio
have one-thrd Of billion at one ?
cent. for the last twenty years; no
why not let the people who need
and tho banks didn't, have Il lit
cheap money awhile? The volume
money would not LG any more than t
business of the country AID justice !
tween debtor and creditor require 4
expense of loaning would be cover
by the one per cent. extra the state Il
county each would get. The state
good security 10 .hH nation and
county to the state, and good real
tate would be security to the coun
No iGsa would be sustained by citl
nation, state or county. Not anoti
officer would be necessary. In tn
months after the passage 1i Ibr act,
money would be distributed IN c<i
county in the United States The
lief ~Ould be immediate, As the de
Ot beagen silently fall upon droop
vegetation, giving it new life and viz
so this relief wnud come, with
shock or crash, lifting Il great blr,
from the people and giving prosper
20 every Legitimate and well conduc
enterprise.
The money tho country must ha
A quicker, easier OF bsl,ar way Of :
ting it in circulation We havp He
heard suggested