The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-21
THE NATIONAL CURRENCY.
Mr.. Beach OF Ohio Proposes 70 Divorce !
from the Banking Business.

Mr.. Beach OF Ohio Proposes 70 Divorce Ht
from the Banking Business.
WASHINGTON. Feb. 2O.-Representative Beach
of Ohio will tomorrow introduce q bill whose
object and purpose. as stated by Mr.. Beach to
THE sun correspondent, are simply and solely to
provide for a safe and stable currency and at
the same time a currency which shall last 30
long as the Government of the United States
has outstanding bond obligations of q reputable
and attractive character. MIR. Beach's idea Is
that the currency of the nation should DO abso-
lutely divorced from the banking business.
The bill reads as follows:
"a. To provide a national currency. The cur.
rency hereby created shall be known and desiR-
mated as the national currency.
"2. A citizen or citizens Of the United States
who may unf er the laws OF the respective States
of the United States associate themselves as q
Treasurer OF the United States any Of the bonds
of the United States. in q sum not less than
thereof, shall be entitled to receive from the
Treasurer Of the United States 95 per cent. Of
enG 1sSe .a'' Th Ss 1 NATIONAL RSndS currency im enc sat By i this act
crea ted shall be a legal tender for all debts, pub
lie and private. except customs. which shall DO
paid in the sovereign coin of the United States.
A commission of three citizens, engaged in no
public service. shall be appointed BY the Presi.
the sole purpose OF considering and declaring
every thirty days the market value Of the bonds
OF the UnlteQ states.
IF at any time the said Commission shall de-
termine and declare that any of the bonds of
the United States have deprecated below the
face value thereof and any further depreciation.
the Secretary of the Treasury shall at once no.
tify the citizens or corporate body which has
ayailed itself Of the provisions and privileges Of
this act of such depreciation Of said bonds. and
demand and require such citizen or corporation.
pensate the Treasury, of tho United States by
his or its circulation predicated upon thebonds
80 declared to have depreciated. or by deposit.
ing with tho Treasurer more bonds to make
good thesdeclared. depreciation. II within the
prescribed time a citizen or corporate body ,hav-
ing issuedsthe national currency herein provided
Ger, shall fail to compensate the Treasurer Of the
United States in the manner aforesaid, said
citizen or corporate body shall be declared in
solvent in this behalf, and without process Of
law the Secretary Of tho Treasury shall, upon
the day following. Sundays and legal holidays
excepted, sell the bonds 80 as aforesaid depos-
tied, and with the proceeds Of such sale redeem
and retire q like amount of the national curren-
cy. The national currency herein provided for
shall be redeemed and retired by the citizen or
corporate body aforesaid upon tine maturity and
payment by the Government of the United
States of the bonds Of the United States, upon
which said currency Is authorized and predicat-
ed, in manner and form as the Government Of
the United States shall discharge its obligation
under said bonds. The said national currency
shall be issued In denominations of not less than
ten dollars, and shall be of such device and
character as may. be determined by tho Treas
urer of the United States"