Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-11-01
SHERMAN ON FINANCES.

; b
Statement of the Coin Balances In the
Treasury--Com Circulation of
Paper Currency In this and Other Coun-
tries.
WASHINGTON, Oct. 3l.-secretary Sherman
has written the following letter in regard to
the condition of the treasury:
TREASURY DEPARTMENT., OFFICE OF THE SEc'Y,
WASHINGTON, d. c., Oct. 31st.
To J. LeRoysH. Todd. buchanan, Mich.
SR: I am in receipt of your letter Of the 10Th
inst, making certain inquiries as to the condi-
ton OF the treasury for resumption, and the
country and the principal countries of Europe.
In reply have to inform you that on tho LIST
inst. the coin balance of the treasury was
$232, GAG. This entire amount, however,
was not available for resumption purposes, but
subject to liabilities as follows:
Interest due and unpaid. ..........$ 9,345, $3.50
Debt on which interest has ceased. IL, 534, $50
Interest thereon. Observation-Disclosures. 393 585
Coin certificates, gold. S2,S26, 900
Coin certificates, silver. 84S,O7O
Unclaimed interest. 9,547
Unmatured bonds called for resump-
ton. OBSERVATION-DISCLOSURES. q, 50O, 900
Iotal. ......... $9S, 4Z7, 7Sl
Leaving for resumption purposes 1884,
2S1, 1865.
The coin receipts in the treasury will
probably exceed by considerable the amount of
coin payments between now and Janu-
airy, 1872 go that at least the above balance will
then be available for resumption purposes. It
should be also borne in mind that meanwhile
there is no probability of the entire coin
Liabilities being presented for payment. AS to
the paper circulation of European countries.
tho department has no information except
what can be obtained from publications open
to all. The London Economist OF Sept. IA, the
latest at hand, states the amount of paper cir
culation in tho banking department. of the
Bank of England to be e43, 966, OIL sterling. The
circulation Of the Bank of France, which alone
IN France has authority to issue notes to be,
September 5th, 94,710,O00 pounds sterling, and
that Of the Imperial bank of Germany Sep
TENDER 9TH, 30,415,000 pounds sterling. It is
understood that some country banks of Ger
many have authority under certain restrictions
to issue notes, but as the amount issued is not
| stated in the financial publication, it is be-
| ieved incunsiderable. Reducing this amount to
the currency of this country, the per capita for
circulation appears to be as follows:
France circulation. ...............s $3.50, 9o7, 900
Population, latest estimates sc, 9O5,78S
Per capita. Observation-Disclosures. 1913
United Kingdom circulation ......... 21s,s65, COO
Population, latest estimates 33,474,00O
Fer capita. ACKNOWLEDGEMENTS. $50
Germany circulation. ............... 1A8,015.000
PP ef eapita latest estimates 42727,s 50
United States circulation. ........ 6ss, 5s7 ,275
Population, latest estimates ......... 47,00OOO0
I Per capita observation-disclosures. l4G5
1t will be seen that the aggregate as we'll as
the per capita amount of paper circulation il
larger IN this country than IN any of the other
countries named and largely in excess of any
except that of France. In that country, how
ever, the circulation has been reduced to the
amount above stated since November, 1873,
from $602000,000, reduction of S141, O93, 900,
while in the same period the metallic reserve
L NF hny11 l. aAuH L
| $435, 600. Very respectfully,
| JOHN SHERMAN.