The San Francisco call., 1898-01-14
CURRENCY REFORM.

\NI form ot our financial and banking system, re-
 ported by the volunteer monetary commis- son. we have presented the parts covering the stand ard o value, the silver currency and the demand ob- legations of the treasury. Under the latter head 1t will be seen that the proposed treasury division of issue and redemption will:
 (a) Pay out gold coin for gold certificates.
 (b) Pay out gold coin in redemption of green backs and the notes of I8oo
 Co Pay out silver dollars for silver certificates of any denomination
 (d) Issue silver certificates of denominations of ST, $2 and $ in exchange for silver dollars and for silver certificates of denominations above S
 (e) Pay out gold coin in exchange for silver dol lars
 CD Pay out silver dollars in exchange for gold, greenbacks notes of ISoo
 (g) Pay out greenbacks or notes of 1890, not sub ect to immediate cancellation in exchange for gold coin
 (h) Pay out and redeem subsidiary and minor coins provided by law.
 (D Pay out United States notes in exchange for currency certificates
 In the national banking system proposed no bank shall issue notes in of its paid-up and unim- paired capital exclusive of its real estate All such notes are first lien upon all assets of the bank in cludng its stockholders liability No such notes shall be in denominations of less than SIo
 Up to an amount of 25 per cent of the capital stock of the bank unimpaired the notes issued by it shall not exceed the value of United States bonds de posted Tn the treasury Five years after passage of the act the amount of United States bonds to be de posted against notes issued shall be reduced each year by one-ffth of the 25 per cent of capital and thereafter any bank may at any time withdraw any bonds deposited in excess of the requirement.. 1auful wifi The treasury for retirement of its notes and every such deposit shall be treated as reduction to that ex- tent, of its outstanding notes Other provisions relate to taxation of national banks and improvements in their supervision and for change of banks now in commission to the new system.
 In brief, the intention of the commissions plan is to secure system with these features:
 l. To be national, with better national oversight
 Its issues to be based upon readily conver- be bank assets.
 }. limitation of the amount of note issues to the unimpaired capital of the issuing bank. 4. A further security in a common guaranty fund Tn which all the banks in the system guarantee the notes of any one bank securing the same confidence and uniformity in value for the notes as now ;. Continuance of the present redemption fund and method of redemption, now, with increase in plans of redemption.
 6. further security in the liability of the share holders to the full par of their shares /. And system whose continuance will not de pend upon permanent national debt with United States bonds as its basis Bankers who the bill in detail will observe that the last is the chief difference between the proposed system and the present Indeed the whole plan sub mtted is evidently formed to produce as gradual change to sounder and more desirable methods as possible and with the minimum of disturbance to the | country's finance and business. The Monetary Conference is called to reassemble at Indianapolis on the 25th of this month and all commercial and financial organizations are invited to send delegates thereto | It is expected that the commissions plan will be freely discussed and explained at this meeting and doubt great interest in the whole question will be | stimulated