The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1898-01-07
SUGGESTS MANY REFORMS.
Monetary Commission Announces
lis Plans.
DETAILS OF THE REPORT,
Suggests a Scheme for the Redemption
and Retirement of Treasury Notes
and for Various National Bank
Reforms.

Dy III, together with a tull discussion OF
the subject and mass of valuable
statistics and other information, has
been sent out by the executive COM
mittee of the Indianapolis convention.
Following are the main points Of the
plan:
THE existing gold standard shall be
maintained; and to this end the stan
dard unit of value shall continue, as
now, to consist of 25.S grains of gold
nine-tenths fine, or 1922 grains Of
pure gold, as now represented by .he
one-tenth part of the eagle. All oh
legations for the payment of money
shall be performed in conformity to
the standard aforesaid; but this pro-
vision shall not be deemed to affect
the present legal-tender quality Of the
silver coinage of the United States, or
of their paper currency having the
quality of legal tender. All obliga-
tons Of the United states for the pay
ment of money now existing or here
after entered into shall, unless other
wise expressly provided, be deemed
and held to be payable in gold coin
Of the United States. as defined in the
standard aforesaid. No silver dollars
shall hereafter be coined.
There shall be created a separate
division in the treasury department,
to be known as the division of issue
and redemption. A reserve shall be
established in this division by the
transfer to it by the treasurer Of the
United States from the general funds
of the treasury Of the amount Of gold
in coin and bullion equal to 20 per
cent of the aggregate amount Of both
the United States notes and treasury
notes issued under the act of July IA,
1890, outstanding, and a further sum
in gold equal to 8 per cent of the ag-
gregate amount of the coinage Of sill
yer dollars.
THE division OF issue and redemp-
ton shall on demand at Washington
and at such subtreasuries OF the
United States as the secretary of the
treasury may from time to time deslg-
nate
"(a) Pay out gold coin for gold GER
tihcates.
"(b) Pay out gold coin in redemp-
ton Of United States notes or treasury
notes of 1890.
"(c) Pay out silver dollars for sill
yer certificates of any denomination.
cd Issue silver certificates Of he
nominations Of 81. and IS in ex-
change for silver dollars and for silver
certificates in denominations above s..
((e) Pay out coin in exchange for
silver dollars.
90 Pay out silver dollars in cx-
change for gold coin, United States
notes or treasury notes.
"(g) Pay out United States notes or
treasury notes, not subject to imme-
date cancellation, in exchange for gold
coin.
"Ch) Pay out and redeem subsidiary
and minor coins as provided by exist
ing laws.
"0) Pay out United States notes in
exchange for currency certificates.
United States notes or treasury
notes once redeemed shall not be paid
out again except for gold coin, unless
there shall be an accumulation of such
notes in the division OF issue and re-
demption, which cannot then be can
celed under the provisions of the act,
in which case the secretary of the
treasury shall have authority If in his
judgment that course is necessary for
the public welfare, TO invest the same
or any portion thereof in bonds of the
United States for the benefit of the re-
remption fund; such bonds to be held
in the division of issue and redemption,
subject to sale at the discretion of the
secretary of the treasury for the bene-
fit of the division of issue and ie-
demption, and not for any other pur-
poses.
1.-THE secretary of the treasury shall
be authorized to sell from time to time,
at his discretion, any silver bullion in
the division Of issue and redemption,
and the proceeds in gold of such sales
shall be placed to the account OF the
gold reserve in the division of issue and
redemption.
"The gold certificates and currency
certificates shall, whenever presented
and paid or received in the treasury
be retired and not reissued.
mo United States note or treasury
note of 1890 of a denomination less
than $40 shall hereafter be issued; and
silver certificates shall hereafter be is
sued or paid out only in denominations
of 81, So and IS, against silver dollars
held by or deposited in the treasury.
1.-THE assistant treasurer in charge
of the division of issue and redemption
shall, on demand, pay in gold coin all
United States notes and treasury notes
presented for payment. and as paid
cancel the same up to the amount of
$50, 900, 900. After that amount shall
have been paid and cancelled he shall
then from time to time cancel such
further amounts Of notes so paid as
shall equal but not exceed the increase
OF national bank notes issued subse-
quent to the taking effect of the pro-
posed act.
IF at the end Of five years next
after the taking effect of the proposed
act any United States notes or treas
ury notes shall be outstanding. a sum
-. ovoaadtnO oua-fiffh of such o,,t