The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1892-04-29
CLOvER,S LATEST.
The Congressman Has Evolved Another
Scheme to Save the Country From Pluto
cratic Pilferers.

The Congressman Has Evolved Another
scheme to Save the Country From Pluto
cratic Pilferers.
Congressman Ben Clover has evolved
another scheme to save the country, says
a Washington correspondent. Its the
latest specimen of alliance statesman
ship, and in the language of a good
democratic member for Georgia, who
takes no stock in the alliance nor any
of its schemes, the new bill is "a daisy
1t is entitled "a bill to extend the pro-
| visions of the national bank act so as to
increase circulation currency on a safer
basis" 1t starts out with a provision
authorizing the organization'of a county
national bank by vote of majority
of the legal voters of any county. As
soon as the bank has been incorporated
special election is to be held for the
election of a county comptroller of the
currency, who shall hold Office four
years and not be eligible to a second
consecutive appointment. AS soon
as the bank is organized,
the national comptroller of the currency
shall deliver TO the county comptroller
blank circulating notes in denOmina-
tons from 81 to $1,000. which notes
when signed by the county clerk and
county comptroller shall be a full legal
tender. These notes are to be furnished
to each county in an amount not to eX
coed fifty per cent. of the assessed val
uatiOn of all the property of the county
| and the county must pay to the national
comptroller of the currency a tax or
duty of one-half of one per cent. semi
annually upon the average amount of
its circulating notes, which, the bill
says, shall be in lieu of the national,
state and local taxation. Mr.. Glover
provides in his bill that all national
currency issued under this act shall be
receivable for all debts and shall be ez-
changeable at par for gold and silver
coin and treasury notes of the United
States, for the purpose of providing
the people with q mixed currency con-
sisting of gold, silver and paper, at
the cost of paper alone" 1t is
further enacted, that the free and
unlimited coinage of gold shall
cease and the government shall not use
its power in coming money in the inter
tSJ VI INDIVIDUAL iOlucTS OF goa or Sill
yer bullion, but the government shall
purchase all such bullion offered for
sale and pay for the same with full le-
gal tender treasury notes" Silver bull
lion is to be purchased and paid for in
the same way. This bullion" says
Mr. ClOver's bill, ''thereupon becomes
the property of the whole people, and
so much shall be coined as may be
necessary, together with full legal
tender paper currency herein provided,
to supply the people with their medium
of exchange, always equal to the de-
mands of business" Then comes this
remarkable provisions: In order to
provide against cornering the currency,
to limit the amount in circulation to
demand basis and prevent depreciation
and render the supply always equal to
the demands of business, it is further
provided that all banks organizing I'M
der this act shall loan their money at
three per cent. per annum, one per cent.
of which shall be paid to the general
government by the county comptroller
of the currency to the county treasurer
to relieve the people to that extent of
taxation"