Arizona republican., 1903-02-14
somewhere in the distance riches are to be had for nothing.
The AIdrich Currency Bill.


 Senator Aidrich of Rhode Island few days ago introduced q bill provid- ing for more. elastic currency. It Is an important and far-reaching meas ure. and as the senator makes the pre- diction that it will become a. law before the 4th of March, it becomes of espe- cial interest to note it's provisions. By the terms of the bill the secretary of the treasury is authorized to deposit in national banks public money re- ceived from all sources," thus permit ting the deposit of customs receipts n banks in place of sub-treasuries, as has heretofore been required. As se- curity for government funds. the sec retary of the treasury is authorized to accept "bonds or interest bearing oo- liza tions of any state" or any legally authorized bonds issued for municipal purposes by any city in the United States which complies with certain prescribed conditions. The rate of in- terest to be paid by the banks for the use of such moneys shall be fixed by the secretary of the treasury, but shall be mot less than IF per cent
 Following are the most important sections of the bill:
 All national banking associations designated for that purpose by the secretary of the treasury shall be de- positories of public moneys under sucn regulat tions as may be prescribed by the secretary, and they may also be employed as financial agents of the government, and they shall perform gil such reasonable duties as Repositories of public moneys and financial agents of the government as may be required of the,n.
 The secretary of the treasury may deposit in such designated Repositories public money received from ali sources ard shall require such Repositories to give satisfactory security as herein after authorized for the safekeeping and prompt payment of the public money so deposited with them and for the faithful performance of their duties as financial agents of the government.
 "The secretary of the treasury may accept as security for the safekeepin:s of public money deposited with na- tional banking associations, as herein authorized, the deposit of bonds of the United States other interest bear ing obligations Of any state of the United States or any legally authorized bonds issued for municipal purposes by any city in the United States which has been in existence as city for period Of twenty-five years, and which. for a period of ten years previous to such deposit. has not defaulted in the payment of any part of either principal or interest of any debt authorized to ps contracted by it, and which has at such date more than one hundred thousand inhabitants, established by the last national state or city census, and whose net indebtedness does not ex- ceed 10 per cent of the valuation of the taxable property therein, to be ascer- tained by the last preceding valuation of property for the assessment of taxes: or first mortgage bonds of any railroat! company which has paid dividends Of not less than 4 per cent per annun regularly on it's entire capital stock for a period Of not less than ten years pre- vious to the deposit of the bonds.
 ''The secretary of the treasury may accept the securities herein enuneratei in such proportions as he may iron. time to time determine, and he may a. any time require the deposit of addi- tional securities, or require any depos- itory to change the character of the securities already on deposit.
 National banking associations nav ing on deposit public money shall pay to the United States for the use there Of interest at the rate of not less than 11a per cent per annum, such rate to be fixed from time to time by the secre- tary of the treasury. and ali pubic moneys in any depository shall be pay | able upon the draft of the treasurer O. the United States
 The bill also makes the bonds to be issued on account of the Panama cana. eligible for use as security for bank l per cent every six months on such notes as are based on the canal bonds is also required
 Another provision of the bill auth prizes the secretary of the treasury 10 retain in the general fund of the 7 treasury national bank notes received in the ordinary course of business or presented to the treasurer of the United States. and to pay out such of them as may be fit for circulation for any oc the obligations of the government. ex- cepting only the principal and interest ! on the public debt
 yf.n