The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-07-11

Lake, ETC. Hennep1n county is hustling to
the front r. P. HOSKYN,
Secretary Hennepin County PEOPLES
League
The Currency Question.
Editor Representative:
MY attention has been called to an ar
ticle which appeared in the Representa-
tive June ID entitled "A New Kind of Cur
rency."
mere is much to be commended in the
plan but like the Springer bill believe it
- hardly as perfect as the currency bill
oraWn by myself several months ago and
winch has been commended by prominent
mon or all parties. I send you herewith a
copy OF the plan propose and you are at
liberty to use the whole or any part of it
If you feel so disposed.
l peileVe the currency question is one of
the most important things before the
American people at the present time and
on It's settlement largely depends our
future happiness
Ihere is no necessity for our borrowing
money OF foreigners and paying them mil
lions Of dollars in interest every year. We
nave wealth enough at home to form a
OASIS for all the currency we need if we
only think 80.
want to say in closing that I think
your paper has very much improved both
in matter and general appearance and T
snail not be surprised to see it take the
place now occupied by tho New York
Weekly Tribune In the homes of the Amer
lean people. Sincerely yours
SAM H. WOOD.
GOOD THINGS Bull.
Section /. Be it enacted by the senate
and house of representatives of the United
States of America, in congress assembled
that there is hereby created in the national
treasury department commission that
snail consist of the treasurer. the secretary
OF the treasury, and the comptroller of the
currency. Said commission shall be known
as the national currency commission and
its duty shall be to execute and carry into
eject the provisions Of this act and all
other acts that may be required of it by
law. 1t shall meet at least once in each
month 1t shall keep a full record of it's
proceedings and shall transmit complete
copy OF the same to the president of the
United States each month. 1t shall pre-
scribe rules not in conflict with any act of
congress, for it's own government and for
carrying this act into effect but no curren-
cy bills shall be issued without the sigma
ture and approval of each member of the
commission, countersigned by the register
of the treasury.
On the question of admitting any state
or municipal bonds as basis of currency
no bonds shall be admissible except such
as have the unanimous approval of the
whole commission. In case of the death
Or inability of one member of the commits
sion, the secretary of the interior shall i'm
mediately act in his place until congress
d
reason the secretary Of the interior Is una
Bile to act, or in case of a second or third
vacancy, the president of the United States
shall Immediately appoint one or more of
the sub-treasurers outside of Washington
City to fill such vacancies until congress
shall meet and appoint permanent success
sors
Sec. 2. That the national currency
commission shall Immediately, upon the
passage of this act meet and cause to be
nriY tod t1n D,,~a
Engraving and Printing, national cur
rency notes, similar to the present ma
tional bank notes. with the vignette of
the three commissioners on each note.
Said notes shall be in denomina tons of
one dollar, two dollars, five dollars, ten
dollars, twenty dollars, fifty dollars one
hundred dollars. five hundred dollars
and one thousand dollars. redeemable
in the year 1900 and thereafter at the
treasury, or any sub-treasury of the
United States. when presented in sums
of not less than one hundred dollars,
said redemption to be In the ratio of one
dollar of gold to nineteen of silver. and
said gold and silver dollars to be of a
standard equal to 25.S grains of gold in
each dollar Of gold and 420 grains in each
dollar of silver. and fineness Of 900
Sec. 3. Such currency bill shall be a
legal tender for all debts. public and
private, except when otherwise expressly
stipulated in the contract. and shall be
receivable for customs. taxes. and all public
dues, and when SO received shall be copsid-
cred SO much cash in the treasury and
shall be treated and paid out accordingly
except as otherwise provided in Section G.
and such notes when held by any national
banking association shall be counted as
part of their reserve.
Sec. 4. Currency notes authorized to be
issued by this act shall be issued only in
the manner herein provided. and as pro-
vided in Sections and Of this act, as
follows: Any bank, banking association. or
corporation having banking powers. organ
lied in pursuance of the laws of the United
States, or of any state or territory, or in
pursuance Of the laws District of Columbia
being solvent, and having capital stock of
at least ten thousand dollars paid up in
cash. upon complying with all the prov-
visions of this act may deposit with the
treasurer of the United States any United
States bonds or the bonds of any state.
county or CITY in the United States, in
sums of one thousand dollars and upwards.
having an established market value Of at
least par for six months prior to the time
of deposit, and which are approved as fit
securities for the investments of the saw
ings bank for the state in which they are
located. and provided the net bonded debt
of said state, county or city should not
exceed ten dollars per capita and tho rate
of tax levied respectively for localities
where bonds deposited are issued, shall not
exceed ten mills for cities, five mills for
counties, and five mills for states and pro-
Vlolhs also mat tue state, county or city
has at least real estate and public build
ings, fully equal in actual cost or actual
value to the total bonded debt provided
also that prior to the time of deposit a spe-
cial tax levy has been made FOR the pur-
pose of redssnlng all bonded Indebtedness
within fifty years. Furthermore all state.
county and municipal bonds must, when
deposited bear the written guaranty of the
state from which they are issued. said
guaranty being signed by the treasurer OF
ofotA ar fNy shnn ho
designated by the legislature of said state,