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Show Mr. Gage's Surplus Plan. Secretary Gage is said to have thought out with great care a plan for keeping the surplus revenues of the government in circulation. The plan as reported is, in brief, to make all the national banks in all clearinghouse clearing-house cities public depositories and to deposit all the government receipts in them, prorating on the basis of their capital and other available assets, the government claim in each case to be a first lieu on all the assets of the bank. Mr. Gage would require the banks to pay interest say at the rate of 2 per cent on the government deposits, de-posits, and require no security beyond the first lien on assets. Chicago Chronicle. |