Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-04-18
LANCASTER. WISCONSIN, THURSDAY APRIL 49, 1878

Third. Called bonds and interest
80 8lS,677 20. That amount is al.
ways large, and has reached eight
teen millions.
Fourth. Interest due and unpaid,
81 909, 705 81. That makes $62, 49,
500. ID gold subject to demand, or
about one-half the supply on hand.
leaving available gold coins and bul-
lion, against which there is no de.
mand liability, $62 672 246.83. Then
there is silver fractional coin, So 972-
895 AZ; silver bullion, SO, 130,718 Al.
| can sly, though, If this statement
was made up to date the silver buI-
lion would be good deal larger.
We have bought lately. The total
available gold and silver over and
above demand liabilities is 81, 77b,-
$50 Sc.
OF the items thai are counted here
and deducted from gold, about $50,
0no. 900 are practically available for
resumption, because the outstanding
drafts and the called bonds and in
terest due and unpaid, although due
yet the amount &C. ualIy in the treas
ury ia generally snout the same. 1t
is remarkable the. SO much money
is left after it is due. Bonds that
are due and not presented and in
terest that is dr., for years. are left
10 government CT ,sody without be
ing drawn. Off, amount of gold
certificates issu. tie law author
ICES 20 per cent. re certificates TO
be issued than ID amount OF gold or
gold ballion depo Eea, although III It
power has neve. neen EXERCISED, al
least not within my recollecti !;
not certainly wi "a my term,
Senator FERRY You spoke Of the
$44 600, 900 of & ID certificates; is
that about the nnugl outstanding
average !?
Secretary SHssMAN. No, it is
more than the average.
Senator FERRY What is the av.
erage for ten yea,s ba k9
Secretary SHERMAN. Thirty to
forty millions.
The CHAIRMAN. It is $34, 900, 900
to $36. 900 600
Secretary SHERMAN The amount
OF gold now on d. posit is very large.
For the reasons / have stated the
amount OF gold ard silver coin and
bullion available for resumption in a
business sense is shout ninety mill.
ions, but the actual gold and silver
bullion and coin 10 the Treasury
over and above al demand liabilities
is $71,775 800 Sc
Senator JONES. Could the amount
OF subsidiary coin which you speak
OF as beng on hand be counted as in
any way assisting resumption
Secretary SHERMAN. l think so.
because it is exchanged for United
States notes or fractional currency.
and can be paid out for current
debts.
Senator JONES. I thought yon
could only excbarge it for fractional
B.
Secretary. SHERMAN. Probably
there is enough silver cein on hand
to redeem all tho balance of the
fractional currency.
The CHAIRMAN. That il, the Sec
rotary thinks some fractional curren.
cy has been lost ?
Secretary SAERMAN. Now, In re-
gard to another point pertinent to
your question, we have, iu the pro-
cess Of preparation for resumption,
reduced the volume of United States
notes. These precise figures are fa-
miliar to you. The amount was
1882 900, 900 at tn. time of the pas
sage of the resumo.ion act, and the
amount now is $3t8,618 O24. Again
the amount of outstanding bank
notes has been reduced. On Decem.
Der 81, 1875, the amount was $780,
579. 756 on DeceIo Der 81, 1877, 1921
72,505, and on February 20, 1873,
the amount of ba s-notes out-staEd.
ing was $321.93a,O91 but the
amount of bank-aotes of banks in
existence, not in process of llquida.
ton, was $299, 249 Ats, and the diff
erence between Ii, ase two sums be.
ing the notes of Ssnks 10 process of
liquidation, altho Oh the notes are
in circulation, ye an equal amount
of greenbacks ar. 10 the Treasury
as special deposis TO redeem them
Senator KERNAs They make part
of the $348,000,o00 legal tender
notes?
Secretary SHEER NAN. Yes as many
of the legal tender notes are held 10
the Treasury as there are bank
notes in process @ red emption.
Senator FERRY Then really there
should be but $299. 900, 900 ofnation.
al bank notes standing.
Secretary SHERMAN. If you count
the whole grcenuacks as outstard-
ing there would be 1929 900 900 ma.
tional bank notes. Then it must be
remembered tba United States
notes have been in circulation since
1862, and bank notes since 1854, and
that large sums are lest or destroy
ed. This dimiuishes to some extent
the amount outsta ading-how much
I.don't know. You can Judge as we'll
as /.
The following statement shows,
by months, the issue of silver coin,
and the reduction. of fractional cur.
rency under the act Of April 1856
(19 Statutes 33),trom April 20, 1876
70 February %, 1878, viz:
Fractional Total silver
Months currency payments