The herald., 1895-01-09
OUR NATIONAL FINANCES,
Ely Il. NJ. WIDNEY.


The national laws relating to finances are
nothing but piece Of patchwork represent
ing the fragments of over century OF hasty
legislation.
No system is stronger than its weakest part.
The patches have from decade to decade been
put on the temporarily weak spot while finan
cial spe. ulators have simply turned and ope-
rated through the next weak spot. The best
up to date is the national banking act, which,
with few changes, could be made nearly per-
feet.
After careful study of the question for sew
eral years, was convinced that the following
changes would give US nearly perfect system
to safety, elasticity, convertability ana
volume. formulated them into complete
BILL using the body of the national banking
act of June 3, 1864.
The chance in principle is embodied in the
following new sections:
SEC. 4. That the comptroller of finance, un-
dee the direction of the secretary of the tre7s-
ury. is h -reby authorized and di ected to issue
currency not s in the anne of the people OF
the United States OF America to the amount OF
$50 per capita ot the population of The census
OF 1890, in addition to gold and sllve coin.
Upon ascertaining each following cen us the
issue shall be increased to said Il 20 per capita.
In addition thereto he shall issue slch addi-
tional currency notes OF the same form and
effect in lieu of Id or, silver coin OF the
United States, or bullion deposited or held ex-
clusively for exchange for currency no es, as
may be provided by law.
SEC. $. That the secretary of the treasury,
with the approval OF the president, may from
time to time make s1ch rules and regulations
for the exchange of gold, silver and Gu rency,
at the treasure or any 'ub-treasury OF the
United states, i'll sums OF not less than $500,
as the in erests OF the people may quire.
Such rules and regulations may require pre-
MUM TO be paid on gold or silver taken from
the treasury or sub-treasuri for export; said
rules and regulations NAV also at time
quire that the gold or silver or any part there
OF, taken from the pub ic lands OF the United
States, or from any lands hereafter sold or pat
ented by the United States. shall be sold to the
United States at it's market value; and there is
hereby reserved to the government the prior
right TO buy all or any part of ,uch gold or sill
yer for public use at its market lue. and
shall pay therefor in legal tender currency.
Such rules and regulations may further pro-
vide that each baking corporation formed
under the laws of the United Stat S, and re-
ceiving the benefit OF such law, shall at such
times as may be ordered forwarded to the
United States treasury any sub-treasury
designated, at the expense OF the United
States, such percentage of the gold or silver
held by such bank as may be named in such
rules and regulations, or may be designated in
change therefor legal tender currency.
Such rules and regulations may also provide
for establishing system for clearing interna-
tional commercial balances, under which the
balances due between domestic and foreign
clearing houses or specified banks. may be de-
|
or banks in the United States treasury Pro-
yded that all foreign balances due the
United states treasury hereunder shall be de-
posted in the Gus ody of the debtor nation.
SEC z. That foc the purpose OF put ing said
notes in circulation the comptrollsr of finance
shall be authorized to retire all outstanding
notes or currency of the United States and to
buy such legally issued bonds OF the states,
counties, and ineo porated cities OF over 500
inhabitants, as he 0eems proper. said bonds
to be issued by said state counties and cities,
for a valuation not to exceed per cent OF the
average assessed value of the real estate in lid
state county or city, for the FIVE years preeea-
| ing the issuance OF said bonds deduct1Hg from
| the said issue of bonds the par value of ANY
| other outstanding bonds issued by sid state
| county or city. said bonds shall be q lien on
all personal and real estate in solids ate.connty
| or city, except public property. and shall bcal
interes I ut the rate OF = per centper year, anf
| shall not run 10 exceed 20 years. The l. tere
| shall be payable annually to the comptroller
| OF finance ut Washing on. and n sinking fund
| shall be provided in each case sufficient tt
| liquidate said bonds on or before maturity
| The public issuance of such Bonds thefrs de
| livery to the comptroller OF finance, Nnd
| the receipt OF he circulating note
dence OF the legal issuance anc validity OF sal,
| bonds and thereafter no defense shall &c Sc
! up to the payment Of principal Or interest Q
| to the levyiug and collecting of taxes therefor
/ All objections or defense to TIL ISSUE on sait
bo,ds must be made by the parties intereste,
! prior to the delivery thereof 10 the comptrolle
| OF finance, otherwise they are forever WAIVED
| and barred rs II defense, said bonds may b
| sold by he comptroller. and such bonds o
any United States bonds may bAdepus.fc ID
| par by banks with the treasurer as reserve Sc
curity, on when said banks may obtain til
use of money as hereinafter provided.
III suiu state, county, OF ci shall fu; or II eG
,ant of any tima IN lauv and cnllect = Sr tleien