States shall have received from the interest paid by the banks upon the
Government deposits, and from all other sources, the sum of one hundred
and ninety-six million six hundred and eighty-one thousand and sixteen
dollars in gold coin for the purpose of redeeming and converting a
like amount of the United States notes into gold certificates, and
he shall have received, canceled and destroyed substantially all of
the remaining United States notes outstanding, making due allowance
for the United States notes estimated to be lost or destroyed, he
shall then transfer all the gold coin and gold bullion in the Reserve
Fund, amounting to one hundred and fifty million dollars, with all
the accumulations, to the division of redemption of the trust fund;
and thereafter no national bank shall hold a United States note as a
part of its reserve, nor shall there be paid out of the United States
Treasury any United States notes; but the same when received shall be
canceled and destroyed, and gold certificates shall be issued therefor.
COMMENT:--You will have noted in Sections 77 and 96, also in Section
97, that provision has been made for paying gold into the Reserve
Fund, which is the fund behind the Greenbacks or United States notes,
and that a corresponding amount of greenbacks are to be canceled and
the same amount of gold certificates are to be issued in their place.
The amount of greenbacks is $346,681,016. The present amount of the
Reserve Fund is $150,000,000. Now after we have paid into this fund
$196,681,016, the greenbacks will be converted into gold certificates.
We estimate that this will take twelve to fifteen years.
Then all our bank reserves will, practically, be in gold coin or gold
certificates, because the silver certificates will be cut up into one
and two dollar pieces and will be token money, in the pockets of the
people, the tills of the stores and will constitute small cash for the
banks.
UNCLE SAM: Glory Halleluiah! That will be the day I long have sought
and mourned because I found it not! Boys, your work will be a great
relief to me.