Gage

plan. This term originated in a proposition for an a et currency contained in the annual report of the Secretary of the Treasury (Lyman J. Gage) transmitted to Congre December 4, 1901. An amendment to the law was proposed whereby a national bank on the deposit with the Treasurer of the United States of 30 per cent of its capital in the form of government bonds at their par value and 20 per cent of its capital in United States legal tender notes might i ue its circulating notes to an amount equal to its paid-in and unimpaired capital. The remainder of the security for the notes was to rest on the a ets of the bank. In addition the bank was to pay semiannually to the Treasurer of the United States, in trust, an. amount equal to 1-8 of 1 per cent of its capital stock, such { payment to form part of a general guarantee fund for the protection (prompt redemption) of the notes of any bank which by reason of insolvency should become unable to pay its notes on demand. ia Garbling. The practise of money dealers of retaining new coins of full weight for export or melting and returning the | light-weight ones to circulation.