Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-22

Gates of currency reform have e
predicting hat something dreadful In
a financial way was going to happen
unless congress enacted remedial leg
%islatiOn. II has happened now. and
the country has survived the ordeal.
Why should we not go slow. Is asked
and get all possible benefit from the
chastisement which the financial and
business world has suffered
Those who advocate the adoption
at this session of temporary relief
measures declare that next years
currency necessities can be f~oresaen
with approximate accuracy and pro-
vision made against them, making a
years delay and study OF the general
question not only possible, but desir-
able. one of the plans OF temporary
relief proposed is for a taxed mer-
gency currency issued by the govern
ment TO banks depositing approved
collateral. II Is proposed to authorize
the secretary OF the treasury at any
time within eighteen months from the
date of the enactment TO issue treas
ury notes In any q deemed nee
essarV NOT In eNcess of a fixed sum
and bearing q tax of four per cent or
more per annum. These notes would
be uniform in character and woul 4
he issued To any banking institution
or trust company Or ven to corporil \
tions and individuals. upon depo di
Of approved securities have a ms -
ket value thlrty-three and one-thi RI
per cent I'm excess OF the amount 81
currency desired. The full tax woi EC
be deducted when the currency "a
issued. subject TO rehat On retirem EN-
IN proportion to the time the c Dr'
reney was outstanding.
In operation the plan would " orb
this wise: 4 mar with $1,000 We nth
OF approved securities could so to the
treasury and get one thousand dol lars
Of the new treasury notes. less 'ori
per cent, or whatever rate OF Ia
should be deemed necessary to pre-
vent the taking out Of this curremc y
except To- meet emergencies. If fIis
necessities were satisfied at the end OF
six months. he could take to he
treasury 81 600 of the emergency cur.
rency and get bach his collateral. to-
gether with nne-half of the tax I hat
had been collected. II he used eur
reucy other than the emergeucy is
sue ia redeem his collateral. tho tax
collected would he at the rate &C an
additional two per cent This would
place a premium upon retirctne Mt OF
the notes. All securities
not redeemed at the end OF a. spcCi-
fled period would he sold and i'of the
proceeds a sufficient amount would
w NtNNNNANAA ~ ~ 80 VI ~ v
deem tho outstanding emergency
notes and the residue paid over To The
owner Of the collateral less the
amount Of additional tax whiCh would
have been duo had he redeemed the
collateral in currency other han that
OF The special issue. This would
make whatever emergency currency
had not been presented for redcmp.
ton straight treasury notes with gold
or lis equivalent deposited for their
redemption. and. In order - get
them In. a small premium Is
proposed for those presented after the
time limit. the premiums to be paid
out Of the money derived from the
tax on The currency.
Advocates % the plan claim that 1t
would provide an adequate emeT-
gency currency without cost Ia the
government. a currency that would
have the advantage of the govern