When A Bank Liquidates
"The deposita thug made ought to remam with tho trcasurer utitil the bank ceased, Bither through voluntary oi' involuntary liquidation, todo business; and ineitlierca.se the govcrn ment ought theu to redoem and cancel sucb treasury issues deposited. Against this deposit of legal tenders aud.t:va.sury notes so made thero should be is.jueii to tho bunks, dollar for dollar, nationni bank notes, oitlier of the same or different design, as inighi Ixt deomed best. The percentage of bank notes issued against this deposit shoulil be free from any taxation imposod upon circulation. "The government should nofc undertake or in any wise become rosponsible for the current redemption of these notes, lts responsibility should end with its redemption of tho notes deposited to securo such oirculation, when the bank oeaes to exist. At present a current redemptioa fund of 5 por cent. of the outstunding circulation is found sufficient, and it is prob able that in the future 110 greater amound would be required." The comptroller mnkes several other suggestions iii the line of changes in thu law uece.ssarj' to carry out his ideas and then refers to the proposal to créate a commissiin to i'evist tiie system as follows: "A coniinlsaion, uon-partisan in its charaoter, i-oiiiposed of men of emineut abilities, could unquestionably devise n currency system sound in evory part and one which would coiumrml itsolf to evóry interest of the country." But he advises its creation only in the event that oongress itself dors uothing directly at thia session on ihc subject.
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Ann Arbor Argus
Old News