, 1877-06-13

Some Of the Causes for the s:aroity Of
Small Bills.
omolal Psrplexities Encountered hy
tho National Executive.
More Especially Those Arising Ont Of tho
0onsanguinity Rule.
a Pitlful Role Assumed by Ex-
Marshal pitkin.
FINANCIAL.
TAt1ts WITH THK PRESIDENT.

FINANCIAL.
TAtTs WITH IHE PRESIDENT.
6peefat DttpateA to NJ Tribune
WARRINGTON, D. C., juno 12.-Gcntle,uca
who hare recently conycrsed with tho Pres
ldont upon tho financial situation hare en-
deavorcd TO impress upon him tho fact that II
tho 1o2al-tenders arc all retired down to thu
SSo0,0oo, 0oo 1mit Without any change In the cS-
listing laws a. to resumption, that the National
Banks will take steps to Immediately surrender
their circulation to avoid tho expenso of buylnp
tue gold necessary for redemption. Bank OH.
cers from tho West have given tho President TO
understand that thcre is not sufficient profit
upon circulation to warrant taking tho
risk and trouble Of being compelled
to redeem their circulation In gold
after tho fegaftenders shalt have been re-
tired. In onc Western city banks representing
$l,oo0,ooo Of Nationat-Baak circulation ha1c
already decided to
auRnENpKR THEIR CIRCULATION
Us soon a. 1t becomes apparent that the Treas
usJ Intends to force gold resumption under tho
present lava. Tho Cashier Of one Of tho urges.
and most conservative banks In New York Ctr
has also recently slated that under the samc dr.
cumstatlcca there Ia not bank In that city which
would not probably decide upon a sur
render Of fts circulation. These facts
werc to-day brought to Tho attention Of
the President a. m argument In support Of tho
theory that II the contraction policy Is 10 bo
logically and radically pursued ~ to legal
tenders, II will also result In tho surrender at
tho groater portion OF this National Bunk cir.
cutRtfon, and practically leave tho country With
out any currency except such gold and stlycr As
the necessities Of commerce may forco futo c1e-
culatlon.
CONTRACTION MOVEMENT.
=, In spite OF tho dcnlals Of Treasury officials
that any New York banks have taken pnst in tho
bucks BY eurrendoring their circulation. taking
toaas. anu subsequently, applying for an incrcasc
2f circulation, high financial authorities in New
York write In nloss positive terms that such
knowledge. The statements rnatlo IN these d. dis.
patches, that ono Now York bank had not only
taken part In such Inovc. but tW Leu repeated Ii,
was made upon the declaration Of Director ot
bnth tho Secretary and Comptroller state
positively that tl,oY know Of no suvh
mo7cmonti that tho transactions of tho Treas.
nry y Up TO date do not show any, and, II they
will take occaslon to render It yer5 slow pro-
cess to sccuso Increased circulation by any such
mcana. AZ present National Dunke arc increas-
inE their circulation little more rup!d1y than
Treasury TINT tho cancellation Of grconbacks On On
account Of National bank currency tss,1ct viii
lor near the future average about u, GOO 900 per
Comptroller Knox says TINT the reasons vby
tho banks clre.,lato 50 lew small notes nrc rs
follows: Flrst7. tho officers do not like tho
trouble q sIgn'1g great number Of small bills;
Of only CSC, 900 will not 70 to tho expense OF
having plates engraved nt a cost OF 500 each
for printing ones and twos, because tho wholo
aamnet thas they sGuld print of both .thcss
Such banks usually t.ks only ! plate for
0yes; third, many banks Will canita! Of
$1,000 deposit 0n1y. the minimum anlount
Of bonds re1litsd, which, Is $1,000,
Such banks are Ia tte Same attitude ~ thoso oi
$4,000 capital. Their total, circulation Is 80
small that thor Mill nut pay for engraving
plates for TUG Different denominations Of bills.
small notcs sprincs up the banks will CONS for
ward and meet It, III the old State banks did
before the national currency system ~as
THE PnEsrpHxr'a vrnws.
70 tAs Wssftrn Auoetaftd {rtts.
:, WAsHtHoroN. D. e., juno ia-prcsIdcnt
Hayes, although. in former years pretl!spososl,
like many other hard.nouoy incn. 10 adhere tt,
the prevalent doctrine Of hnancc-writcrs In favor
Of slng1e gold standard. has materially changed
his sieWa during tho pro9ress Of tho general dis.
the act Of 1873 which dcmonrtzcd tt,o old legal
tender silver dolar: flo y now IN favor Of its
double standar,, Of gold and .livcr, Or, 10 other
words, he fayors the full return to tho condition
OF things In rotatlon 10 these subjects which
s existed ptey!ou: to tho lesIslatlon ot 1879
tbs former system viii eroatly promota
tho resumption ot spceto payments, an object
that he regards ~ Of tho lrst Importance:
Willis, howoEsr, he considers tho loriaatton Of
tcrtercncs With the leVal. tender powers Of
large portion Of our circulating medium. hc
has not yet formed any determination to br'ng
tho subject officially 70 tho attention Of Goa.
That lie may hereafter conclude that soalc rec
concentrations ON Ills part Of tho usture aboFo
outlined will b. adylsabo.
NATIONAL pANKa.
10 order to correct various published mistakes
ln reference to the amount Of additional cireuia-
t!ou recently Issued Ia National Banks In tho
City Of New York, the Comptroller ot tho Cur.
rencJ furnishes tho follomlag: Tue tofs!
National Banks Of tl,e country slrce the passage
Ct the act, Jan: u. 1879 to date, y sa!, ,9ll, ~:
OF thl, amount 81, 40, 10 has besn issued TO
bank. i9 ths CIV ei New York; Ths s'fsu's. re- a.
creased ss'ooa.ooo, o. ons.S.if ef tae presen.
outstanding 1t the date Of tls
passage of tho act Of Jan. Il, lo.o.
naent that National Bank in Now York GUY
has hal issued to II 81, 100 100 additional c1sc'
latlon three different tfmes durioE the pats
isw weeks, = the whole amount h!uea 20 =.
present year has been but slightly In e1ceas OF
$4,000, 600.
oxEs AND Twos.
:. Tho books Of the Treasury Department sh9H
cIlatfon In Isl. .&0t. hi. Tho amount D{ 4Qcn