Outline of a Plan for the Creation of a Safe and Elastic Currency - Outline

Sep 21, 2026

Uploaded by Theodore

BIBLIOGRAPHIC MICROFORM TARGET reproduces an outline proposing a safe and elastic currency system. The plan instructs issuance of gold-payable United States bonds, paying 2% interest and redeemable after ten years, to be used as deposit security for National Bank circulating notes. It sets limits on note amounts, establishes redemption via designated agencies in major cities with reserve deposits, and provides rules for legal tender treatment and withdrawal/cancellation of circulation while holding withdrawn legal tender notes in the Treasury.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages9

Reading Time23 min

AccessFree to download

SEC.1

SEC.2

SEC.3

SEC.4

SEC.5

SEC.6

SEC.7

SEC.8

97-84254-15Hackett,William Outline of a plan for thecreation of a safe... [Easton] [189-?] # COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISION BIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD 332 Z Iackett,Villiam. v.81 Outline of a plan for the creation of a safeand elastic currency,for the withdrawal of Uni-ted states legal tender notes fron circulation,and the furnishing of additional security to thecreditors of national banks.[Easton?189-?, r4,1y numb。1.27 cm. Vol.of pamphlets. RESTRICTIONS ON USE: Reproductions may not be made without permission from Columbia University Libraries. # TECHNICAL MICROFOBM DATA FILM SIZE: 35mmREDUCTION RATIO: 9:1 MAGE PLACEMENT A IA IB IB DATE FILMED: 11-20-97INITIALS: PB TRACKING\#: 29489 FILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA. Hacket,些 332154 # Outline of a Plan for the Creation of a Safe and Elastic Currency,for theWithdrawal of United States Legal Tender Notes from Circulation,and the Furnishing of Additional Security to the Creditorsof National Banks1697? SEC.I.Provide for the passage of an act instructing the Secretary of the Treasury to isstue not to exceedseven hundred nillions of United States Bonds,to be used only for deposit as security for the circulatingnotes of National Banks,and for the purpose named in Section I2 of this plan. SEC.2.The new isstue of United States Bonds to be payable in gold,to bear interest at the rate of 2%per annum,and to be payable in thirty years,but redeemable at the option or the Goverment after ten years,from the date of the passage of the act creating the issue,except in such cases as provided for in Section 8 ofthis plan. [NoTE.—The interest on the bonds could be reduced to one or one and one-half per cent.per annum and there would still besufficient inducement to the Banks to use them as security for circulation.] SEC.3.Permit all Banking Associations,organized under the National Currency Act,to purchase of theSecretary of the Treasury,at par,United States Bonds,provided for by this plan,to the amount of 75%of their full-paid and unimpaired capital,and allow all associations,which may be in existence at the time ofthe passage of the act proposed,to exchange the bonds,already deposited by them to secure circulation forthe 2%bonds referred to in this plan,said exchange to be made oni the basis of par for the new bonds,the(overiment paying for the old bonds already held as security,and which bear a premium,such a price asmay be just and equitable to both parties. SEC.4.Upon the deposit by any National Bank with the Treasurer of the United States of the bonds,proposed by this plan,to an amount not to exceed 75%of its full-paid and unimpaired capital,there shall beisstied to it circulating notes,similar to those issued tinder the present act,to the par of the bonds deposited.and such circulating notes shall be free from all taxation and assessment,except such assessments as may benecessary,and is now imposed,for the purpose of meeting the expenses of the office of the Comptroller ofthe Currency.Provided,however,that no National Bank shall have at any time less circulation than anamount equal to 50%of its full-paid and unimpaired capital,and no National Bank shall issue notes of a lessdenomination than ten dollars,the smaller denominations now in circulation to be redeemed as early as pos-sible,their place to be supplied by the Government with silver certificates and gold and silver coin in denom-inatio1is of less than ten dollars. SEC.5.Inasnuch as the circulation proposed to be issued has for its deposit and security United StatesBonds,payable in gold,and as its issue will lead to the retirement of a large volume of United States legaltender niotes,it shall be considered and recognized as a

FAQs

How does SEC.6 handle redemption of National Bank circulating notes?

It requires redemption by the Treasurer of the United States in specified cities, supported by a National Bank Currency Redemption Agency in each city, and mandates a 5% reserve deposit tied to total circulation under the terms of existing law.

Sep 21, 2026

Uploaded by Theodore