The Philipsburg mail., 1898-11-25
A NEW MONEY SCHEME
ContempIates Full Legal Tender National
Currency Upon Bond Basis.
IT PROVIDES FOR A LIMITED BlMETALLISM
Hon. Samuel II. Wood, OF Evanston, Ill.
Is Pushing His Novel Money Propo-
sition-Brief Outline Showing
the Way 1t Will Work.


Ill, is pushing new money scheme
that provides FIR limited bemetllism
and an ample paper currency-the lat
ter based somewhat on the democratic
state paper plan that in past years was
given passing notice-Mr. Woods plan,
however, being great Improvement
over the state plan, in that it contem-
plates full legal tender national cur
rency, based on approved public bonds,
guaranteed by the government and
made redeemable in coin - gold and
silver.
The bill provides that there shall be a
national currency commission, elected
by congress, whose duty it shall be to
approve the state or municipal bonds
upon which a money issue is desired
and issue the money, making the COM
mission practically controller Of the
amount OF money to be issued. The
commission is to be appointed for life,
but may be changed at the will of any
congress. The money is to be issued in
denominations of one dollar, two DOL
lars, five dollars, ten dollars, twenty
dollars. fifty dollars, one hundred dol
lars, five hundred collars, and one thou-
sand dollars, redeemabIa i'll the year
1900 and thereafter at the treasury, or
any sub-treasury of the United States,
when presented in sums not less than
one hundred dollars; said redemption
to be ON the ratio of one dollar gold and
one dollar silver, and said gold and sill
yer dollars to be OF a standard equal to
25S grains in each dollar of gold and
42O grains in each dollar of silver, and
the fineness Of 900.
The currency bills shall be legal
tender for all debts, public and private
and shall be receivable for all customs,
taxes and public dues, and when so re-
ceived shall be considered as so much
cash i'll the treasury and shall be treated
and paid out accordingly.
Any territory or state, organized TN
der the laws of the United States, or
any county or city organized under the
laws of any territory or state, or saw
ings bank organized under the laws Of
such state OF territories, upon comply
ing with all the provisions of the act,
may deposit with the treasurer of the
United States and United States bonds,
or bonds Of any state, county or city ia
the United States, i'll sums OF $1,000 AID
state county and city bonds
to the following qualifications: % An
ablished value Of at least par at the
proved as tit securities for the invest
from which they issue; (3) and pro-
county or city shall not exceed ten
ten dollars per CAPITA; a. and the rate
of tax levied respectively for localities
where bonds are issUel shall not exceed
ten mills for cities, five mills for coun-
ties, and five mills for States (5) and
providing also that the state, county or
city shall have real estate or public
buildings fully equal in actual cost or
present value to the total bonded debt;
(6) and provided also that prior to the
time of deposit a special tax levy shall
have been made for the purpose of re-
deeming all such bolded Indebtedness
within fifty years. (D Furthermore, all
state, county or municipal bonds must,
when deposited, bear the written guar
antee Of tn state or territory from
which they issue, said guaranty to be
signed by the auditor of said state, or
such other officer as the state legislature
may designate, said guaranty to be in
effect guaranty by said state that such
tax levy shall be enforced by said state
in case the county or municipal author
tiles shall fail to act.
And that whenever any state, terri
tory, county or city corporation or any
savings bank shall make a tender of
such bonds to the treasurer of the
United States, or make application to
do so, the national currency commits
sion sh Ill Immediately ascertain through
the agency of the national bank exam
iners or by other means, whether the
applicant is entitled to currency under
this act. If is is found that the appli-
cant is entitled to the benefit Of this act,
then the commissioners shall instruct
the treasurer to deliver to such appli-
cant currency bills to the amount of 95
per cent. of the par value of the bonds
deposited, said currency notes to be
made redeemable five years after the
date on which the bonds deposited be-
come due.
The treasurer shall take the note of
the applicant without interest, due On
the date or dates On which the bonds
deposited become due, and the appii-
can't shall pay the treasurer one-quarter
of one per cent. to pay the expenses #
engraving and other expenses of the
commission. He shall also take from
the applicant an agreement conveying
the Interest on the bonds to the United
States while the bonds remain on de-
posit. :, -.
The government shall collect all in
terest accruing on bonds deposited with
it while they are in possession OF the
government, and the same shall belong
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