Chapter XV The Constitutional Solution

Some Explanatory Thoughts Now let’s explain many of these provisions of the Law which Congress shall enact in creating the United States Depository System, in obedience to the must of the Constitution. First. There will be no interruption of the flow of money; for the Depositories will be open, operating, with vaults full of currency of the new series-coin and bills. The day that the customer brings in his cash, the opening day of the Depositories, he will deposit his old cash, and get new cash in lieu of it. The next day, the deposit books of the banks, trust companies, all institutions that keep the people’s deposits on their books, will be in the Depositories, and depositors will be able to cash their cheques at the Depositories, or make deposits, as usual and in the same manner as when going to banks. Except that you will go into buildings very similar to post office buildings, and get new money, a new form of cheques, the normal course of your life will not be affected. You might go into a "store building" re-equipped for the use of a Depository, as you go into a "store building" in small towns, or suburban sub-station post-offices, but your Depository would be as important as any other Depository, and render you the same service any other Depository would render. All Depositories would be on same basis — no small depository in even cities — all would be directly under the Treasury. You would see no long line of desks with "important-looking" men, with a stenographer sitting near by to write dictation, prepare loan agreements, etc. There would be no "private office" where the "President" worked his game, or where the "Stock Experts" advised you to buy this or that bond or stock. There would be no U.S. Bond window, nor money order window. There would be only a "deposit window, or windows," where you would walk up and draw out money, or deposit cash and/or cheques; and another window where you would get your Cheque Books. There would be no five million dollar structure to fill you with awe; there would be no imposing guards to impress you that our business is very important. There would be just "our sort of folks" — clerks, tellers, bookkeepers to wait on you. You would feel so much at home. And every time you saw