New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-03
Colgate's
Soaps, Perfumes,
Five pocket Calendars r., . on appIicai )n. Send
address postal to 5S'John St., NY.


address postal to 5S'John St.,N.Y.
good the ascertained deficiencies OF that year up
to the time OF the Controllers report OF 1896 would
have been only fraction of per cent. Had so
per cent of the capital Of all National banks been
issued In notes, upon the proposed plan. since the
beginning OF the National banking system In 1859,
the assessment upon the banks annually would
have been an amount 80 insignificant that 1t need
not he taken into account Taking the country
banks as whole 1t is found that on October
last they had sOl 100000 OF the 1881 100000 OF National
bank capital. Should they issue notes w TO 50
per OF that capital, they would have 1921 ,oco
900 of notes, and there would be 81 $50 10000 Of re-
against these notes. not counting stock
holders liability.
II these resources OF the country banks are In
sufficient security for this amount OF notes. they
will be insufficient only because there would then
be such a condition Of business paralysis that Gov
eminent, municipal and railway bonds would be
valueess and also few II any, banks In the reserve
cities would remain solvent The occurrence OF
this disaster Is so improbable that It's consideration
may be dismissed.
In some quarters fear IL expressed that there
would be undue expansion under this plan. There
Is no danger OF this. The system OF redemption.
not only at the banks. but at the Treasury in
Washington and at the Sub-Treasures, would
strongly guard against that. The expansion over
that which could be effected were notes issued
at all will be found upon investigation. TO he
small. Dangerous expansion does not take the
form OF the issue of bank notes, but Of the extern
sion Of credits. Very few borrowers take their
loans in the form OF bank notes The bank note is
only one form in which he TO whom credit is given
will use that credit; he II equally well for
purposes II the loan Is placed TO the credit Of
his account by the bank making the loan TO him. or
by some other bank or by a private person.
The plan increases stockholders liability, so that
each stakeholder is absolutely liable 10 assessment
up TO the par OF his stock. and not ratably and
equally with every other stakeholder, as now
PLAN OF CURRENCY REFORM
l. METALLIC CURRENCY AND DEMAND OBLI-
CATIONS.
The existing gold standard shall be maintained;
and 10 this end the standard unit OF value shall
continue. as now, 10 consist of 25.s grains OF gold
nine-tenths fine. or 1922 grains Of pure gold as
now represented by the one-tenth part OF the
eagle All obligations for the payment OF money
shall be performed in conformity 10 the standard
aforesaid: but this provision shall not be deemed
to affect the present legal-tender quality Of the
silver coinage of the United States. of their
paper currency having the quality OF legal tender.
All obligations of the United States for the pay
ment Of money now existing, or hereafter entered
into shall. unless otherwise expressly provided.
be deemed. and held. to be payable in gold coin
OF the United States, defined in the standard
aforesaid
Gold coinage shall he continued as now.
No silver dollars shall be hereafter coined.
The coinage and redemption OF subsidiary and
minor coins shall remain unchanged.
There shall be created separate division in the
Treasury Department. to be known as the Division
Of Issue and Redemption, under the charge OF an
Assistant Treasurer of the United States. who shall
be appointed by the President by and with the
advice and consent of the Senate
To this division shall be committed all functions
of the Treasury Department pertaining to the issue
and redemption of notes or certificates and TO the
exchange of coins and this division shall have the
custody OF the guarantee and redemption funds OF
the National banks and shall conduct all the oper-
atons Of redeemng National hank notes. az pre-
scrlbed by law: and 10 this division shall he trans
ferrcd all gold coin held against outstanding gold
certificates all silver dollars held against outstand
ing silver certificates all United states notes held
against outstanding currency certificates. and all
silver dollars and silver bullion held against
standing Treasury notes OF 1890 and all subsidiary
and minor coins needed for the issue and exchange
of such coins. and the funds deposited with the
Treasury for the liquidation OF National bank notes
All accounts relating to the business of this div
sion shall be kept entirely apart and distinct from
those OF the fiscal departments of the Treasury
shall be separate and apart from all other ac-
counts.
A reserve shall be established in this division by
the transfer to 1t by the Treasurer OF the United
States from the general funds OF the Treasury OF
an amount Of gold in coin and bullion equal to %
per cent OF the aggregate amount OF both the
United States notes and Treasury notes issued un-
der the OF July a. 1890. outstanding and fur
Their sum In gold equal 20 per cent OF the aggre-
NJ Oft q dollars. Thia
reserve shall be held as a common fund. and used
solely for the redemption OF such notes and in ex-
change for such and for silver md subsidiary
and minor coins
II shall be the duty OF tho Secretary OF the
Treasury TO maintain the gold reserve in the D-
vision of Issue and Redemption at such sum as
shall secure the certain and immediate redemp-
ton OF all notes and silver dollars presented and
the preservation Of public confidence: and for this
purpose he shall from time to time. needed |
transfer from the general fund Of the Treasury TO
the Division Of Issue and Redemption any surplus
revenue not otherwise appropriated: and in add
ton thereto he shall be authorized to issue and
cell. whenever It is in his judgment necessary for
that purpose. bonds Of the United States bearing |
interest not exceeding per cent. running twenty |
years, but redeemabe in gold coin. at the option |
OF the United States after year; and the pro-
ceeds Of all such sales shall he paid into the Di-
vision of Issue and Redemption for the purpose
aforesaid.
To provide for any temporary deficiency which |
may at any time exist in the fiscal department OF
the Treasury Of the United States. the Secretary
OF the Treasury shall he authorized at his dis |
cretiOn to issue certificates Of Indebtedness Of the
United States, payable In from five years |
after their date to the bearer of the denomIna- |
lions of $50 or multiples thereof. with interest at
a rate not to exceed per cent per annum and |
to sell and dispose Of the for lawful money |
at the Treasury Department and at the Sub |
Treasures and designated repositories of the !
United States. and at such pos:offlces as he may
select And such certificates shall have the like |
privileges and exemptions provided In the act to |
authorize the refundine OF the National debt ar |
proved July H. 1870
Whenever money is TO he borrowed on the credit |
OF the United States the Secretary Of the Treasury
shall be authorized, instead Of issuing the usual |