, 1897-11-08
A FINANCIAL PLAN.
A LONG-HEADED FINANCIER SUB
MITS A DETAILED CUR
RENCY SCHEME.
It list of a Very Comprehensive Nature
and Goes Into Every Phase of tho
Problems Which Have Been Both,
ering the People.-Bank Notes
Would be Redeemable' in Gold.

sitions for reform of the banking and
currency systems of the country, and
among these is one from John c.. Bull
lit, which, coming highly endorsed as
it does by financial authorities, has
commanded great attention and study.
Mr.. Bullitt's plan touches every branch
of the problem before the commission,
and its provisions in outline are as fol-
lows:
That all of the outstanding currency
obligations, amounting to about $780,
00O. 900. shall be taken up and cancelled,
being replaced according to business
exigencies (under the direction of a
currency board. composed of the presl,
dent. secretary Of the treasury and
comptroller of the currency by 3 per
cent bonds. There is to be but one kind
of currency. namely, national bank
notes, redeemable in gold at the bank
of issue, and a selected bank of re,
serve. and these notes are to be issued
gradually to replace United States obli>
cations as the latter are retired. These
notes are to be secured by a deposit
of Is per cent Of gold In the treasury,
by is per cent gold in the bank vaults.
.rd bv a Arc, ,,an u,on oil =, tho h,n,,,.
assets, as well as by a special provision
giving the government the right to as,
sess all national banks when needed to
moIo aooa ,ot,. -, ot,,,.,..h a,,.
tho no,.. ., ,hioh u,,,,d w., 10 = -
deemed nv tho ,ovornmont
tox 10 10 no ,.,d rnon tho ,,,,s e.
oov.r ~. ,xnon,o. -, .ho
hoard ord tha ho,,roo hold - .oouro
roaom,,,o, ~ ,,,o, IT, .o,a ,,+ :, 49,
1901. an ooo ooo 49,. -. -
oorvor..d ,r+o ~. troo.,rv - WOW !,
torost nm 1rn,tod s,oto. honds and %,
,o,or,, r,r,,so,
IT., .ox ,horL "
moi. IAN. o, oo,t o, ,,,vu =.
Tho commission shou o,oot pou,or
sbo,1d no a,,a, >, h,,Is ,,dor,oru,,
slim from tho c,rrencv hoard IN IN.
crease tho note ,ssue whom , demand
10 c,used INV ,,us,,o e,on,.s, .t,I,oo,-
cv such Increase IN no subject IN ,
tax ITO no determined from time ,o
time Inv the currency hoard, unon tba
notes while in c;rcr,ot,o, hotox nor
tho notes IN be Mt n rata which would
mt ,r.s.uro n,, ~ ,o,L, :. ..,o
IN tho notes wbor tho omoroaroy 10
ma assoc
silver and subsid;arv co,ns sbou,a
be redeemed IN oo,d NV tho 11,,toa
States povarnment vhen, deuordaa
These amoun tn aho,, SIM ooo mn
M notes sbou,d ba ,ss,,od tor ,oss
than s5
National, b,nks sbou,d ho oorstro,roo
tn EXCHANGE notes now ont for III. rew
;ss,e hy ord ,o.os NO thov 50
oeivo than
Customs d,t,os ord ..xos ~ NJ, ,i,ds
dino 70 tho governmort should ho nov.
.h,e o,o-tbird IN u,,d ,,a wo .h,rd.
in hank notes THE 10 rooo.sorv >,
~s,n,,v III. oo,.r,m.,. With .ho .o,,
raou,red to nav ,rtoro.t ,ron to hondo
radeem s,,ver and o,bar n,rno.o.
Tho ,ooo, t.ndor .ro,,tv -, no,a ,,a
silver should remain -, now nrov,doa
Inv ,.w and thov sbo,,d hs tho on1u
,eva, teraor oxcont ~ Tho .vto,t -,
two-thirds of customs dut,e. and ,axes
duo tho govern mont which should ho
,,vab,e IN hont n,,as -. ohovo ,.otoa
co,,er ,non o,rr.nov hoord nou,o,
tn regu,ata tho issue =, h.nL n,tos
from time to t,mo IN ,,or - tho aor-
eminent CURRENCY ret,rod .rd - on.
tbor,za naw bants ord hronoh ,.nts
Ito he est.b,,shed whon ona vhar. ana
With .nch amount. ~ oon,toI a.. ,ho
hoard NAV deem n nro,or and ov,od,.
ont with mower o,.o - ,roro..a ~.
amount Of note issue NV tho hanks
re,u,red for III. rormo, oond,t,on. ~
business NO tho country ,h.u grou IN
.nopu,at,on and in business e~xnan.,on
Az banking can,tal NAV he ,ncreaaea
NV creation NJ new hanks tho c,rrancv