Chapter XV The Constitutional Solution

should provide for the employment of a Secretary of each Depository, and such clerical help as needed, as the post offices are manned. 8. It should provide, after these preparations had been made, that on a certain date, all persons, firms, and institutions, other than banking and related corporations, would turn over to the closest Depository, all cash in their possession for deposit with the Depositories. Then the Depository would let each draw out at once, the new currency (coins and bills), in sufficient quantity for pocket and cash register change or as much as each wanted. 9. On the following day, all banks, trust companies, and other financial institutions that carried the people’s deposits would deliver all cash to the depositories, but they would not be given deposit for the cash, and their deposit books to the nearest Depository that Depositories might transfer the people’s deposit accounts to the books of the Depositories. 10. On the following day, all persons, firms and institutions, and corporations, other than banks and related financial institutions, would deliver to the Depositories all U.S. Bonds in their possession, and the Depositories would give each deposit credits for the principal and accrued interest on each bond — then burn the bonds. 11. On the following day, banks and all financial institutions would take their bonds to the Depositories, and surrender them to the Depositories; but the Depositories would not give them deposit credits for the bonds, unless it was shown that they had bought them from private persons without using new deposits, — and burn them. 12. It should outlaw all deposits and cash not surrendered on day designated. 13. All currency and coin surrendered would be destroyed that is, the bills would be burned, and the silver, nickel and copper coin would be sold as metal. It would have been replaced with Depository currency. 14. It should limit cash withdrawals to just pocket and cash register change. 15. It should declare the deposits of the people money transferable by cheque. 16. It should make personal cheques legal tender for all debt, both public and private. 17. It should provide that the forging of a personal cheque, the writing a cheque against insufficient or no funds a felony, punishable as