The Jersey City news., 1906-06-07

his family make their home in East Or
ange part Of the year, so that New Jer-
sey has some claim upon his considera-
become a partial Jerseyman that he was
in an official position to prosecute his
campaign for clean money, so that New
Jersey may claim the credit
What Mr.. Treat has so far accom-
plished in the fight for clean paper
money is to secure an appropriation and
make the arrangements for having twen-
ty-fve per cent. more paper money print
means that he can redeem one-fourth
more dirty bills and put into circulation
twenty-five per cent. more clean ones
than he has been doing. All that now
remains for Congress to do is to provide
way of encouraging people all over the
country to send in their dirty money to
the Treasury and get clean bills for 1t,
by furnishing free transportation for the
carriage of the bolls both ways. This
it is proposed to do by having a law en-
acted providing for the free postage and
registration by mail Of packages of dirty
bills sent TO the Treasury for redemption
and of packages of clean money return
ed, or by Congress appropriating enough
money to pay the express charges both
ways on these packages.
1t is estimated that the entire annual
cost of this carriage, putting it within
the option of the people of the country to
have clean paper money without ex-
pense, if they want. it, will not exceed
$150,OOO a year. which is cheaper than it
would be for individuals to do as some
people now do in laundering paper
money at home At the present time the
government pays the cost of carriage one
way on national banknotes sent in for
redemption The cost of the redemption
of the banknotes is paid by the banks,
which maintain in the Treasury a re-
demption fund for that purpose.
The two bills now before Congress
which are receiving most prominent no
tice in connection with the campaign for
clean money are the Wiley and Fowler
bills The latter sa brief measure pro-
posing the schemebefore suggested of
having the government cover the cost of
transportation of notes to and from the
Treasury. This is designed to put coun-
try banks on the same footing with re-
gard to redemptions as those banks in
cities where there is a sub-treasury. In
the sub-treasury cities redemption of
dirty money is a simple matter, entail
ing no expense upon the bank sending
the money for redemption. Under the
present system the banks remote from a
sub-treasury are put to expense in the
redemption of exchange and consequent
ly do not renew their paper money so
often.
While generally approving the purpose
of the Wiley bill, which proposes adopt
ing the Bank of England plan of not
allowing note to go into circulation
again after it has been once returned to
the Treasury, Mr.. Treat does not entirely
approve the details of the Wiley bill.
Other sections of this measure propose
putting national bank and government
notes on the same basis, so far as re-
demption is concerned, and having the
government pay the cost of the whole
business.
Juse how inexpensive a matter the fur
nishing of clean money by the govern
ment would be is pointed out by the
treasurer in the statement that the cost
of maintenance of paper currency last
year. that is, the cost of printing, dis
tribution and redemption, was POP Of
one per cent, while under his plan OF
increasing the redemption twenty-five pen
cent. the cost of maintenance would be
"a of one per cent.
snlR HABuRas mnaMM