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Show PLATJ TO BANK GOLD Ofi PACIFIC SLOPE Redemption at Face Value Instead of by Weight Is Now Proposed. WASHINGTON, Feb. 12. Plans for bringing much of the gold coin in circulation circu-lation on the Pacific slope into the vaults of the banks are 'being shaped into proposals pro-posals for legislation by the treasury department de-partment and the federal reserve board. The move under consideration would provide for the redemption, during a period pe-riod of ninety days, by the government of all gold coin offered by banks and individuals in-dividuals at its face value instead of by weight. The present practice of redeem -his: gold at its weight value tends to keep liqiit-wifeght coins from the banks, and under the proposal now being considered con-sidered the government would stand the loss due to abrasion instead of the bank or individual. Much of the gold coin in circulation on the coast, it Is said, is about five to ten cents light and cost to the government of biinein? the gold into Its valuts by redemption re-demption at minted value. It is thought, would be considerable. This would be offset, however, proponents propo-nents of the plan believe, by advantages resulting from possession of the gold in the government's vaults. ' SAN" FRANCISCO, Feb. 12. Since the davs of '4;. when red-siiirted miners exchanged ex-changed gold Oust and nuggets for bacon and flour, Californians and Nevadans have jinsrled gold in their pockets, despising de-spising the paper money of the east, and news today from Washington of legislation legisla-tion lookinsr to the withdrawal of gold coin was viewed with sorrow by lovers of the picturesque. Another reason for the maintenance of gold circulation is that it goes at face value here, whereas if the banks turned it In, they received only its estimated weight value, with deduction for wear. William T. McGee, federal assistant as-sistant treasurer here, estimated today it would cost the government 100,000 to take over at its face the gold coin now in circulation on the Pacific coast. |