Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-04-14
CUR 57s,o12,oss USELESS DOLLARS.

So long as Congressman f'oWier re-
mains in congress there will be some
thing done to improve our currency
flaws. even if 1t only be by piece
meal. Defeated and utterly routed n
| his attempts to secure a most benefit
cial form Of elastic bank note currency
based on bank assets he returns this
| week with a report from the house
committee on banking and currency.
recommending the repeal of the law
prohibiting the deposit of customs
revenues In national banks. the re-
peal of the law limiting the caneella-
ton of present bank notes TO S30oo.-
900 per month, and the reeoinage of
vast accumulation of silver dollars into
subsidiary coins.
The first proposition is to repeal a
law which now prevents the federal
government from depositing the monies
! it receives from customs collections in
national banks, which tends to remove
| from circulation immense sums of
much needed money whenever the
| government begins to accumulate a
surplus. No state government would
| think of locking up its funds in some
strong box to be boarded from public
use and there is no more reason for
the federal government doing so. I'm
49,. mos
and the volume of business great, the
surplus revenues coming to the govern
ment by reason of good times can be
kept available for business uses.
| The second proposition TO remove the
So, 100000 limitation to the cancellation
of bank notes is intended to obviate the
| fear bankers now have in taking out
bond secured circulation that they
| will be unable to retire 1t when such
circulation becomes Improbable II 5
believed that II national banks can re-
| tire their bank notes without limit they
will nor hesitate to take out greatly
Increased amounts of bank notes when
| ever business conditions create de-
mand for such circulation, The CON-
mittee claims that this will give all
the elasticity of which bond securel
currency is possible.
| The federal treasury has stored
away In its vaults 500 carloads, weigh
ling thirty tons each. OF coined silver dol
| lars which have been deposited with 1t in
exchange for silver certificates. Be-
cause Of the fact that the paper dollar
| is much more convenient form of
dollar money ard because of the fact
! that there is no longer any doubt as
| to the equal interchangeable value OF
all our money with gold, these 57s,-
| 012.o9e silver dollars are not going 20
eminent at present is unable to Ill
! the demand for subsidiary coins, which
compeIs the use of small denomina-
ton paper money until the latter be-
comes ragged and filthy. Mr.. Fowler
proposes to give the secretary OF the
I
| treasury authority to recon these use
less silver dollars into smaller coins
as fast as he may think they are
reeded. Ii has been estimated that it
would cost s1oo 900 merely to recount
these 500 carloads Of silver dollars and
the money is worth in bullion less than
half Its face value in dollars, yet the
government can make a profit of Z
per cent by recoining it into dimes,
Iquarters and half dollars. His plan
would seem very practicable method
of giving elasticity to our currency.
and relief to the constant demand for
a greater volume of small money.