The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-03
SOUND MONEY PLAN
Continued from First Page.

or by some other bank or by private person.
Inc existing tax of l per cent per annum
on circulation is repealed; in its place taxa
uon OF capital, surplus and undivided profits
is provided. The issue of circulating notes
Is only one form in which a bank expresses
It's demand liability. The other form, depos-
its, is, under the development of modern
banking operations of vastly greater i'm
portance and the which, in cities and
highly organized commercial communities, is
most used. In October, 1897, the country
banks issued more than Y per cent of all
notes issued. The reserve banks, except
those of the central reserve cities, New York
Chicago and st. Louis, issued more than Is
per cent, New York more than per cent
and Chicago and St. Louis together about
of L per cent. Surplus and undivided
profits and capital show the profits and prop
erty of banks, and these are certainly more
legitimate objects of taxation than the mere
instruments which banks may be called upon
by their customers to issue to serve chiefly
the convenience Of those customers. This
tax makes as equitable apportionment OF
the expenses OF the system as can be de-
yised.
PLAN OBJ CURRENCY REFORM.
!. The existing gold standard shall be main
tanned; and to this end the standard unit or
value Shall continue, as now, to consist of
25.6 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 to the standard aforesaid; but
this provision shall not be deemed to affect
coinage of the United States, or of their pa
per currency having the quality of legal ten
der. All obligations Of the United States for
the payment of money now existing or here
after entered into, shall, unless otherwise
expressly provided, be deemed and held to
be payable in gold coin OF the United States.
as defined in the standard aforesaid
2. On substance.) Gold coinage as now.
8. No silver dollars shall be hereafter
coined.
4, s. and 6. Qn substance.) Coinage and
nf md 1irnr
now.
Z. There shall be created separate divis-
Ion of the treasury department, to be known
as the division of fssue and redemption
der 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.
8. To this division shall be committed all
functions of the treasury department per-
tanning to the issue and redemption of notes
or certificates, and to the exchange of coins;
and this division Shall have the custody of
the guaranty and redemption funds of the
national banks, and shall conduct all the
operations of redeeming national bank notes,
as prescribed by law; and to this division
shall be transferred all gold coin held against
outstanding gold certificates, all silver dollars
held against outstanding silver certificates, all
United States notes held against outstanding
currency certificates and ali silver dollars
and silver bullion held against outstanding
treasury notes of 1890, and all subsidiary
and minor coins needed for the issue and
exchange of such coins, and the funds de-
posted with the treasury for the liquidation
of national bank notes. All accounts relating
to the business of this division shall be kept
entirely apart and distince from those of the
fiscal departments Of the treasury; and the
accounts relating to the national banks shall
be separate and apart from all other ac-
counts.
9. reserve shall be established in
this division by the transfer to it by the treas
urer of the United States from the general
funds Of the treasury Of an amount Of god
in coin, and bullion, equal to % per cent of
%INo IzIl-
States notes and treasury notes Issued under
the act Of July IA. 1890, outstanding, and a
further sum In gold equal to per cent Of the
aggregate amount Of the coinage Of silver dol
lars. This reserve shall be held as a common
fund, and used solely for the redemption of
such notes and in exchange for such notes:
and for silver, and subsidiary and minor
coins.
10. It shall be the duty Of the score