The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-07-11
The Currency Question: aIL
Continued from Page Two

ediu guaranty 10 De In erect guaranty by
said state that the bonds depoNted shall
be paid at maturity, and pledging the
states wealth and taxes as security there
for, and providing for a special tax upon
the citizens OF that state or district in
which the bonds are issued, for the pay
from time OF default
Sec. 5. Whenfver any bank or banking
association shall make a tender Of such
bonds to the treasury Of the United States,
or make application to do so, the
National Currency Commission shall i'm
mediately ascertain through the agency
of the national bank examiners, Or by
other means, whether the applicant ib en-
titled to currency under this act II it is
found that the applicant is entitled to the
beneht of the act, then the commissioner
shall instruct the treasurer to deliver said
applicant currency bills to the amount of
20 per cent Of the par value of the bonds
deposited, said currency notes to be made
redeemable in from three to five years after
the date on which the bonds become due.
The treasurer shall take the note of the
applicant without interest, due on the date
or dates on which the bonds become due,
and the applicant shall pay the treasurer
one-quarter of l per cent to pay the ex-
pense of engraving and other expenses of
the commission.
Sec. 6. The government shall collect all
interest acCruing on bonds deposited with
1t, while they are in the possession of the
government, and the same shall belong to
the government as sinking fund to make
redemptions with and for other purposes
of revenue; but any bank may redeem it's
bonds at any time by paying to the treas
urer the full amount received said payment
to- be made in currency bills redeemable
not later than the ones issued on said
bonds. When such redemptions are made,
the currency bills received for such re-
demptions shall be cancelled and de-
stroyed. Whenever any such bonds shall
be redeemed, the accrued interest on the
bonds shall belong to the government
Sec. Z. Any and all coins and currency
notes of the government now outstanding
shall be received in full payment for du-
ties, taxes and customs belonging to the
government, and may be exchanged for
currency bills under this act, and the Ma
tional Currency Commission are hereby
specially authorized and empowered to is
sue currency bills, described in the pre-
vious sections, for this purpose, redeem
able in 20 years from date of issue and
also for the payment of any and all pur-
chases of gold and silver bullion that may
be made under this act, and all silver coin
in exchange for such bills shall be re-
coined according to the standard laid down
in section of this act
Sec. g. 1t is further enacted that any
citizen of the United States having refined
gold or silver bullion, the product of United
States mines, in quantities of 1000 ounces
and upward, may deposit the same with the
treasurer of the United States and receive
currency bills redeemable in 20 years in eX-
change therefor, less the cost of coming
the bullion and the a per cent discount
charged bankers for exchange and cost of
printing currency bills, etc, all such bull
lion to be received on the basis of
the amount required to make coins Of
the standard laid down in section 2 of
this act, said bullion to be coined as di-
rected by congress or needed by the Ma
t1onal Currency Commission for redemption
purposes, and all coinage to be of the same
standard from and after this date. The
National Currency Commission are hereby
authorized and instructed to have a suf-
ficient quantity of currency bills issued at
all times to meet the requirements of such
depositors OF bullion.
Sec. 9. There shall be no tax levied upon
bonds deposited with the government while
so deposited, and there shall be no govern
ment tax or order tax i'm
posed on the currency bills is
sued, except such is levied by the stat
utes on ordinary money possessions.
Sec. 10. Whenever any bond deposited
shall default in interest, the depositor shall
be Immediately notified to redeem the bond
or deposit an acceptable bond in it's place
and if the depositor does not redeem it
within six months from date of such de-
fault the National Currency Commission
shall advertise the bond to be sold for ac-
| count of depositor, such advertisement to
be printed four successive weeks in some
paper published in the state and county
where such bonds were issued, and also in
some paper published in Washington, D. c.
Notice shall also be served on the depositor
and on the state guaranteeing the bond.
Said bond shall be sold to the highest bid
der, and the amount received, less the ex-
pense of sale, shall be credited on the note
of the depositor. All currency bills re-
ceived on such sales shall be cancelled and
destroyed, as well as all received to make
up deficiencies.
Currency Commission shall be made by the
joint congress- and shall be for life. subject
only to removal by the president of the
United States grounds of treason or
fraud and by congress on the same ground,
or on the grounds of eXpediency. The COM
pensaton OF such officers shall be the sum
of $4,000 per annum.
Sec. II. The sum of s250,0C0, much
thereof as shall be necessary therefor, is
hereby appropriated ont of the general
fund, to pay the expenses of the National
Currency Commission.
Sec. Is. All laws conflicting with this act
are hereby repealed.
Note: Good Things believes that there
are several points in the above which de-
serve criticism and careful thought and re-
search before the bill should be passed
upon. One of the most important points
is the qualification of the state and munich
pal bonds, but much be learned by the
congress, and Good Things believes that in
the main it is an improvement on the
Springer bill, and a good bill for the coun-
try. SAM H. WOOD.
COXEY TO THE STRIKERS.