Show MH I t M MM I M M H t M M I M r USE FOR THE SURPLUS i it t t I 4 M I 4 M M 4 I M M 4 M 4 4 M 4 4 M 4 M 4 M 4 4 M 4 4 M 4 M 44 I Several propositions now before Congress provide in one way war or another for the relief of the tile country from the inconvenience incon and economic danger danger danger dan dan- ger involved oled in th the acc accumulation of vast sums suras of money in the vaults aults of the United States Treasury Every dollar so held in excess of the tile current needs of the Government Go is a reduction to the same amount of the c circulating 1 medium of the people o 0 o maintain which at a maximum of use in exchange is necessary to the security of values alues and the continuation continuation continuation con con- of national prosperity One measure introduced in the House by Mr Sulzer of ew 1 York is in the form of a joint resolution resolution reso reso reo- lution requiring the S Secretary of the Treasury to deposit all surplus funds belonging to the Government Government Govern Govern- ment with national banks having ing a capital of five live hundred thousand dollars and a surplus us of like amount Such deposits would be without national bond security and the Treasury would receive c interest interest interest in in- terest at the rate of two per pel cent per annum Rep Rep- l i also of New York has brought a similar plan with the difference that it Javes l es the Secretary of the Treasury discretionary Ver to deDo deposit it all the surplus in excess of fifty lion Hon dollars in national banks having ing a capital lot ot less than one hundred thousand dollars and ando o G lus and undivided profits of one hundred us Usand nd dollars This m measure asure also gives the Sectary Sec Sec- tary cary authority to tal take take- c- c cany any interest he can get Jot lot less than two per cent The scheme is the more more popular and the bJ better batter of the two since it would permit pet banks s of m moderate capital capit l to obtain Government Go deposits depos depos- its which they would be unable to secure were the Sulzer resolution to become law Under its provisions provisions pro pro- visions the Treasury congestion would cease and the American people would get a chance to handle a little of th their l' l own money paid in taxes to the Government but not needed by it for any immediate immediate imme imme- diate purpose The project if adopted would help the b banks help he n movement of currency from section section sec see tion to section bf Of the country and help the borrowing borrowing borrowing borrow borrow- ing public Something of the kind ought to be he crystallized into positive legislation during the present prese t session of Congress Under present conditions conditions condi condi- the stability of our monetary system is open to tu menace menace 7 |