Chapter XV The Constitutional Solution

as appears in upper left corner. In lower left corner would be printed the signature of the "Treasurer of the United States." Then the following wording would appear as on common cheques: Pay to the Order of . . . . . . . . . . . . . . . . . . . . . $ Dollars. Of course no amount would be printed on the cheque, for it would be used exactly as today’s bank cheques. It would be a domestic cheque, good in any place in the United States or its possessions. A special form would be used for foreign trade. You would buy the cheque book and pay with your deposits, which would lower your deposits that amount. There would be no charge for the book, for it would be a form of money which the Government would provide the depositors. If you wanted a $500 chequeing account for the immediate future, the Secretary of your Depository would write that amount on record page which each cheque book would have, and he would sign underneath the amount, and the buyer of the cheque book would sign beneath his signature. There would be lines for entering the date, serial number, person to whom cheque is given, and amount; so that the cheque book owner could keep an accurate record of cheques written; that he might not write a cheque against insufficient or no funds. The buyer would indicate how many blank cheques he wished to have, and these would be fastened in the book just as travellers cheques are fastened. If he ran out of blank cheques, he would go and buy another book, adjusting the unused balance, if any, of former cheque book; and this would be repeated as often as he ran out of cheques. Writing a cheque against no funds or insufficient funds, or forging a cheque would be a felony and punishable as counterfeiting. There would be no excuse for writing a cheque against insufficient funds, because the person would be able to keep his balance accurately. Should he write cheques totalling more than his total money written on his cheque book, the last cheque would not be cashed, until he came down and re-adjusted his chequeing funds, it matters not how much he night have to his credit in the Depository. Of course you could go to the depository and draw out cash just as always, and the free use of-the cheque would not be