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such amonnts as it is desired to retire from circulation, as, within the 

 limits already indicated, the certificates will continue to circulate at 

 par, and providing such circulation is not made compulsory by "legal 

 tender" acts. 



The certificates should be placed in the treasury, offered in place 

 of coin and paid to those who will accept them. 



Such treasury certificates do not conflict with principle No. i. 

 They either represent wealth which is the property of government, or 

 they represent service rendered government, and as they are not 

 intended to be the only circulating medium, other means being pro- 

 vided (in the plan of the Mutual Mortgage Bank) for a representative 

 of private wealth, they are not affected by our prihciple No. 2. 



It does not conflict with principle No. 3 as ample security is 

 obtained in the limit to the amount issued. The fact that the 

 government receives this paper money in all payments at par, and in 

 its voluntary acceptance when paid out of the treasur}\ No greater 

 amount can find its way out of the treasury than will float on the 

 market at par. 



Having demonstrated through our Principles of Monetar}' 

 Science, the defects of prevailing banking systems and the utter 

 inability of such institutions to fulfill the pressing needs of our pro- 

 gressive civilization, we call attention to the following system which 

 does, and is destined to supersede all others. 



