The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-23
PLAN FOR ENTIRELY
new MONETARY
SYSTEM
as Well as
Reconstruction of the Cur
rency-AH Money to Be
On a Gold Basis and Only
One Kind of Notes to Be
Issued Instead of Five, as
Now.

WASHINGTON, D. c., March o.
| A plan for reconstruction and sim
| plification of the monetary system of
| the United States has been laid be-
fore the president by Howard Irving
Smith banker at No. 81 Wall street,
| New York, who was the compiler of
Smiths Financial Dictionary" Mr..
| Smith suggests to the president the
! appointment of a commission to in
vestigate and report to congress on
the subject and he offers his plan as a
| basis for it's work.
| Under Mr. Smiths plan the number
of gold coins is reduced from four to
two; the number of silver coins is re-
duced from from four to two; and the
number of minor (base metaD coins
! is increased from two to three. The
| forms of paper Representative money
! are reduced from five to one. and the
| denominations of paper money Count
| ing the denominations of the five forms
| of paper money! are reduced in num-
| Der from thirty-five to seven. Thus
the number of pieces and forms Of
| money is reduced from fifteen to eight
| and the number of denominations
| Counting each metal piece as a de-
nomination and counting the denomi-
nations of each form of paper money!
is reduced from forty-five to fourteen.
Forms Old and New.
Following is a summary of the forms,
! denominations and legal tender quail
ity Of money as at present issued. to-
gether with the forms and denomina-
! lions proposed by Mr.. Smith
Mr. Smith considers the double eagle
too large a gold piece for circulation.
| He likewise considers the quarter
eagle too small a gold piece for cir
! culation. He maintains that the eagle
and the half eagle fully meet require
ments in gold pieces. The silver dol
lar he pronounces archaic and I'M
| Wieldy. The silver half dollar he re-
! CARDS as unnecessary. He believes
that it's place can acceptably be taken
by two silver quarter dollars, the sill
Yer quarter dollar being a coin much
more convenient in size for the pocket
than the silver half-dollar. The addf-
| ton Of half-cent piece to the list of
minor coins he regards as imperative
| in meeting the actual needs of trade.
| Instances are frequent, he points out,
where the half-cent figures in prices
| of the necessaries of life. He suggests
! that the half-cent shall contain three
| fifths as much metal as is contained in
the cent, which would reduce it in size
| below the size of the cent sufficiently
! to render the coins readily distinguish
/ able from each other. Mr.. Smith be-
! lieves that the scent (nickeD piece is
too heavy. He thinks that its thick
ness should be reduced
Gold Coins
| Present Pieces, and Legal Tender
Quality
Eagle ($10) Unlimited legal
| Half-eagle ($5) Tender.
| Quarter eagle( 500
Proposed Pieces, and Legal Tender
Eagle (s10) Unlimited legal
| Half-eagle ($5) Tender
Silver Coins.
Present Pieces, and Legal Tender
Dollar: Unlimited legal tender, unless
otherwise contracted.
aalf-dolla Legal tender
| Quarter-dollar not to exceed
Dime 40 cents) SO.
/ Proposed Pieces, and Legal Tender
| Quarter dollar Legal tender not to
Dime 90 cents) exceed $40.
Minor (ease- MetaD Coins.
Present Pieces, and Legal Tender
Quality
| scent (nickeD Legal tender not to
1-cent "copper" exceed 20 cents.
Proposed Pieces, and Legal Tender
scent (nickeD Legal Tender
! 1-cent "copper" not to exceed
! 12-cent "copper" $1.00.
Paper Representative Money.
Present Forms Denominations, and
IN
| Gold certificates: $50. $50 500. $500, ST.
500 GOO, 5000, $4,000; not legal tender.
s1oo not 1eaI te5de o. 80 S1V' SzO' S0O'
Treasury, notes: 81, 81, IS. $40, $40, $50,
$500, $1,000; unlimited legal tender, I'M
less otherwise contracted.
| United States notes (greenbackS): SO.
$40, $50, $500, $500, $1,000; unlimited
legal tender
Ns s56S ssd bank d notes s. SO $50 $780,
| Proposed Form, Denominations. and
Legal Tender Quality
United States notes: 81. SIS, $25, 500, ST.
der.
Mr.. Smith would abolish the 50 bill
as needless. He regards the $40 bill
as superfluous. It's place, he says,
can be taken by two IS bills. The $40
bill he considers an awkward denomi-
nation. He thinks it should be SUPER
seeded by $25 bill, which would fit
perfectly into the currency system.
Notes Smaller in Size.
Mr.. Smith furthermore proposes a
| change in the dimensions of the notes.
The present size Of notes is 81 inches
| by 712 inches. Mr.. Smith proposes
that notes of denominations from 81 to
500, inclusive, shall be 3A by SO
inches Cor two inches less in length
! than the present notes., with the in
| scriptions on them, or at least the prin-
| c1pal inscription, reading the long way
OF the notes. Notes of denominations
greater than 500 he proposes shall be
52 by 61a inches, with the inscrip-
uons reading the short way (across)
the notes. The notes of denominations
greater than $500 would thus be pre-
| clSely twice the size of the notes of
denominations of $1O0 and less. Two
| OF the latter laid crosswise of one of
| the former would exactly cover il.
Thus, the notes of the small denomina
tons would conveniently pack for Ship
| ment with those of the larger denonli-
nations and the two sizes would also
fold together when carried In pocket
books or placed in tills.
Besides changing the forms and de-
nominations of the money of the Unit
ed States, Mr.. Smiths plan would put
the Whole monetary system of the
country On a good basis. One after an
other the silver standard and double
standard gold and silver countries
are adopting the gold standard ana an
parently at no distant day, Mr. Smith
says, every country in the world. NOT
excepting China, will have adopted the
gold standard Then silver will he