Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1898-01-05
INDIANAPOLIS PLAN.
Report of Monetary Commission-Currency
Reform Proposed.

by it, has been sent out Under the
head of silver currency the report
says:
We have 1854, 355, ,051 of notes of IS
and under, and 500, ,196,7ss of silver
dollars in actual circulation, making
total of S414, ,551, ,s1o of current money
in use, exclusive of gold, in denomina-
ations of 81, So and S.. Our total stock
of silver dollars is S452, 2,713, 792. This
is an excessive quantity to have at the
existing discrepancy between their le-
gal and actual value. But with fur
ther coinage of them discontinued,a and
their parity assured by the exchange
of gold for them on demand, 1T is bet
ter to retain them as they are than to
attempt final solution at this time OF
the problem which they present. BY
withdrawing all silver certificates over
IS, and all other notes under $40,
place will be made for nearly all the
silver dollars in way which will give
the country full benefit of them for
current use without imposing upon
the treasury any serious burden in
their intenance.
Concerning banking, the report
points out that the chief difference of
the proposed from the existing system
of bank notes is that it gradually does
| away with the requirement that there
shall be deposit of bonds with the
government as a condition for the is
! suance thereof. AS now the notes are
| to be first lien upon all the resources
of the banks, including the stockhold-
| ers' liabilities. This change is neces-
sary because of the scarcity of United
| States bonds, and the at tempt to sub
stitute other bonds would lead to many
evils
But the chief interest in the report
centers in the plan of currency reform,
presented as follows:
The existing gold standard shall be
maintained; and TO this end the stand
ard unit of value shall continue, as
now, to consist of 25.s grains of gold
nine-tenths fine, or 23.3 80 grains of pure
| gold as now represented by the one
tenth part of the eagle.
All obligations for the payment of
money hereafter entered into, shall,
unless otherwise expressly provided,
be deemed, and held, to be payable in
| gold coin of the United States, as de-
fined in the standard aforesaid:
No silver dollars shall be hereafter
coined.
There shall be created separate di-
vision in the treasury department, TO
| be known as the division of issue and
redemption.
To this division shall be committed
all functions of the treasury depart
ment pertaining to the issue and re-
| demption of notes or certificates and to
the exchange of coins.
1t shall be the duty of the secretary
of the treasury to maintain the gold
reserve in the division of issue and re.
demption at such sum as shall secure
the certain and immediate redemption
of all notes and silver dollars present
ed, and the preservation of public con-
fidence.
To provide for any temporary def
cheney which at any time may exist
the secretary of the treasury shall be
authorized, at his discretion, to issue
certificates of Indebtedness of the
United States, payable in from one to
five years after their date, to the de-
nomination of $50 or multiples thereof,
with interest at rate not to exceed 8
per centum per annum and to sell
and to dispose of the same for lawful
money.
Whenever money is to be borrowed
on the credit of the United States, the
secretary of the treasury shall be au
thorized, instead of issuing the usual
forms OF engraved bonds, upon receiv'
ing lawful money of the United State:
in sums of not less than fifty dollars
$3.50 in any single payment. to cause q
record of all such payments to be
made in books to be kept for that pur
pose in Washington, and thereafter
from time to time, to pay to those Sc
registered on such books interest no
to exceed 3 per cent per annum il
gold coin.
United States notes or treas ury
notes once redeemed shall not be paic
out again except for gold coin, unless
there shall be an accumulation of sucl
notes in the division of issue and re
demption which cannot then be can
celled under the provisions of the ac
in which case the secretary of tn,
treasury shall have authority, if in hi'
judgment that course is necessasy fol
the public welfare, to invest the sam,
or any portion thereof in bonds of the
United States for the benefit of tn,
redemption fund; such bonds to b,
held in the division of issue and re
demption, subject to sale at the dis
cretion of the secretary of the treas
ury for the benefit of the division o
issue and redemption, and not for am
other purpose.
The secretary of the treasury shall
be authorized to sell from time t,
time, at his discretion, any silver bnl
lion in the division of issue and re
| demption. and the proceeds in gold O