the modern mechanics of money as refined by the banking system, they would not have used the word coin, but would have used the word provide.
How the Transition Should Be Made Therefore, the Congress should provide the Nation its money, and regulate the value of money; but it should not lend money. And conversely, the Banks should lend money and not provide it. The two functions of creation and control of money should be restored to Congress; and the lending of money should be the private right of private persons. To accomplish the returning of these powers to Congress, the Congress should take the following steps: It should enact the United States Depository law; which should provide: 1. That the Depository System would be an agency of the Government, under the supervision of the Treasury of The United States. 2. It should establish Depositories in every community in the Nation, convenient to the people, as post offices are provided. 3. It should provide that the whole duties of the United States Depositories would be (a) to keep the people’s deposit accounts; (b) to cash their cheques; (c) to accept their cash and cheques for deposit and, (d) provide an ample supply of cash register change; (e) to supply depositors with cheque books, very similar to Travellers Cheques. 4. It should provide that the depositories could neither lend nor borrow money; that they could not buy or sell investment obligations; therefore there would be no need for loan experts, bond experts, stock experts; just the simple routine of keeping the people’s deposit accounts, cashing and clearing their cheques — bookkeeping would require only the services of clerks, tellers, bookkeepers. 5. It should provide for the leasing of one-story buildings at no higher rental than commercial rentals, for the work would be very similar to the running of the post offices, construct vaults, install equipment for handling the people’s deposits. 6. It should have minted ample quantities of coins, and an ample supply of Treasury notes, bills, should be engraved. Each depository should then be supplied with ample cash to supply the depositors with pocket and cash register change. 7. It