The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-11-10
Of the president, secretary of the treasury
and comptroller of the currency by three

Of the president, secretary of the treasury
and comptroller of the currency by three
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 reserve and these notes are to be
issued gradually to replace it's obligations
as the latter are retired
These notes are to be secured by a de-
post of Is per cent of gold in the treasury,
by Is per cent gold in the bank vaults and
by first lien upon ali of the banks as
SETS as well as by special provision CIV
Ing the government the right to assess all
national banks when needed to make good
notes Of a defaulting bank, the notes of
which would then be redeemed by the gov
ernment. tax Is to be laid upon the
banks to cover the expenses Of the currency
board and the balance held to secure re-
demption Of notes in gold, but if this ex-
ceeds OOO the surplus may be covered
into the treasury to pay interest on United
States bonds and for general purposes,
This tax would be one half of one per cent,
or one per cent per annum as the commits
sion shall elect.
Power should be given to banks under
permission from the currency board, to in
crease the note Issue when demand caused
by unusual financial emergency, such in
crease to be subject to tax (to be de-
termined from time to time by the cur
rency boar0 upon the notes, while in cir
culation; the tax upon the notes to be at
rate which would put pressure upon the
banks to take up the notes when the emer-
gency has passed
Silver and subsidiary coins should be re-
deemed In gold by the United States gov
ernment when demanded. These amounts
to about $100. 900. No notes should be is
sued for less than five dollars. National
banks should be constrained to exchange
notes now out for new issue by surrender
Ing notes as they receive them.
customs duties and taxes of all Kinds
due the government should be payable one
third In gold and two-thrds in bank notes.
This is necessary to supply the government
with the gold required by it to pay interest
upon Its bonds, redeem silver and for other
purposes.
The legal tender quality of gold and sill
yer should remain as now provided by law,
and they should be the only legal tender
except to the extent Of two-thirds of Gus
toms duties and taxes due the government
which should be payable in bank notes as
above stated. !
Confer upon the currepcy board the power
to regulate the issue OF bank notes from
time to time in lieu of the government cur
rency retired, and to authorize new banks
and branch banks to be established when
and where and with such amounts of capt.
tai as the board, may deem 1t proper and
expedient. with power also to increase the
amount OF note issue by the banks re-
quired for the normal condition of business
as the country shall grow in population
and IN business expansion.
AS banking capital may be increased by
creation Of new banks the currency board
should have power to adjust the note issue,
whether normal or extraordinary butween
the new and old banks-no distinction being
drawn between them.
The Is per cent upoH~the note issue de-
posted in the governIsvnt treasury, and
the Is per cent kept in hank vaults, should
be counted as part Of the z5 per cent re-
serve on deposit in national banks.
The system Of clearing house certificates
adopted by the banks in the large cities
In times of panic should be legalized They
have proved to be most salutary and there
can be no better evidence of the need of
such system than the fact that it has
been established by voluntary consent in
times of panic.