Act, which has just this year been "revised and amended," extending the red-tape obscurations, covering 252 pages, makes the creation of money a most mysterious thing. Here are the essentials in that best money, which I shall reveal to you:
(1) A United States Depository in every community in the Nation, (2) a set of books carrying the deposit credits of every person, firm or corporation served by that community's Depository, (3) a staff of clerks and bookkeepers to administer the duties of the Depository, (4) the Treasury of the United States as directing head, and (5) the Congress of the United States. The course of cheques would be as follows, eliminating all clearing houses: John Doe in Austin would write a cheque to Joe Doak in any other community in the United States, in payment of a purchase Doe made from Doak. Doak would deposit it in his (local) depository; the depository would credit Doak's deposit account the face of the cheque, dollar for dollar, and mail the cheque to Doe's Depository in Austin, and Doe's Depository would debit Doe's account face of the cheque, dollar for dollar.