The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1898-01-07
INDIANAPOLIS rLAN.
Report ~ Monetary Comnission-Car
Reform Proposed.

Washington. Jan. THE report OF
the m inetary commission, containing
the plan Of currency reform proposed
b. II. has been sent out Under the
head Of silver currency the report
says.
We have sJ5f.sss,O5i Of notes Of s.
and under. aud 500, igG,7ss Of silver
dollars In actual circulation. making n
total Of siii,55i,sio OF current money
In use. exclusive Of gold, In deuomina-
atoms Of 81. 81 aud IS. Our total stock
Of silver dollars is sl5e,7is.7 os. This
IA an excessive quantity 10 have at the
existing discrepancy between their'le.
gal and actual value Hut with fur
Their coinage Of them discontinued. and
their parity assured by the exchange
Of gold for them on demand, II Ia bet
ter 10 retain them as they are than 10
attempt a final solution at this time Of
the problem which they present. by
withdrawing all silver certificates over
s., and all other notes under so, a
place will be made for nearly all the
silver dollars in n way which will give
the country full benefit OF them for
current use without imposing upon
the treasury any serious burden in
their maintenance.
Concerning banking, the report
points out that the chief difference OF
the proposed from the existing system
Of bank notes Is that IL gradually does
away with the requirement that there
shall be n deposit OF bonds with the
government as a condition for the is-
suAnoc thereof. As now the notes are
10 be first lien upon all tho resources
OF the banks, including the stockhold-
ers' liabilities. This change Is neces-
sary because Of the scarcity OF United
States bonds. and the at tempt 10 sub
stitute other bonds would lead 10 many
evils.
But the chief interest In the report
centers In the plan ofcurrency reform,
presented as follows
The existing gold standard shall be
maintained; and 10 this end the stand
ard unit OF value shall continue, ns
now, 70 consist Of e5.s grains OF gold
uine-tenths fine, or 23.aa grains of pure
gold rs now represented by the one
tenth part OF the eagle.
All obligations for the payment OF
money hereafter entered into. shall,
unless otherwise expressly provided,
be deemed, aud held, 10 be payable In
gold coin OF the United States, ~ dc.
fined In the standard Aforesaid;
No silver dollars shall be hereafter
coined.
There shall be created u separate d.
vision In the treasury department, 10
be known as the division Of issue and
To this division shall be committed
all functions OF the treasury depart
ment pertaining 70 the issue and re-
demption ofnotes or certificates and TO
the exchange Of coins.
II shall be the duty Of the secretary
Of the treasury to maintain the gold
reserve In the division OF Issue and re-
demption nj such sum ~ shall secure
The certain and immediate redemption
Of all notes and silver dollars present
nd, and the preservation OF public con-
hdence.
To provide for any temporary dea-
cheney which at any time may exist
the secretary OF the treasury shall bs
at his discretion, 10 issue
certificates OF indebtedness OF the
United States, payable In from one TO
Ave years after their date, to the de.
nomination OF $50 or multiplcs thereof
with interest ut rate not 10 exceed 3
per eentum per annum aud to sell
and TO dispose OF the same for lawful
money.
Whenever money Il TO be borrowed
On the credit OF the United States, the
secretary OF the treasury shall be au-
ihorized, instead OF issuing the usual
'orns OF engraved bonds. upon receiv-
ng lawful money Of the United States
n sums OF not less than Hfty dollars
$50 In any single payment, to cause u
'eeord OF all such payments to be
made In books 10 be kept for that pur-
lose In Washington, and thereafter,
rom time TO time, TO pay TO those so
registered on such books interest not
o exceed per cent per annum In |
gold coin.
United States notes or treasury
totes once redeemed shall not be paid |
ut again except for gold coin, unless
here shall be an accumulation OF such |
totes In the division OF issue and re-
which cannot then be can
'elled under the provisions OF the act
n which case the secretary Of the
reasury shall have authority, II In his
Judgment that course Is necessary for
he public welfare, to invest the same
n any portion thereof In bonds OF the
United states for the benefit OF the
exemption fund; such bonds to be
Ield In the division Of issue and re-
subject to sale at the dis