The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1880-01-01
The Demand for Bills.

n correspondent writing from
Washington says: The demand upon
the Treasury for United States notes
of the denominations of So, $lU and so
is largely in excess of the capacity of
the department to supply. The de.
mand has continued since the lst of
July last and it has increased to such
an extent that the legal-tender note
balance has fallen off from Sj9, 100000
Oh September 30, to 23,0O0,0 900 on De-
cember n, a loss of $27 100000 in less
than three months. In the same time
| (from Sept. 3O) the coin balance has
sustained loss of $7,0OU,0OO, the bull
lion account ntremainingubout the same,
while the silver dollars on hand have
increased 81 100000, and thesubsidiary
silver coins about the same amount.
| The comparatively small increase in
the amount OF silver dollars indicates
that u large number of these coins
ht :, e gone into circulation during the
last three months. The law requires
that there shall be coined each month
II minimum of $20,OO0,O0O which
would give S6,000,00O as the coinage
| for the three months. AS the Treas.
, ury at this date shows an increase of
only $1,000, 900, it follows that about
Sl,OUO,OOO in standard silver dollars
have gone into circulation since Sep
tember Both. Treasurer Gillillan re-
ports that there is brisk demand for
these coins, as well as for United
States notes, at New Orleans and
Charleston, ;. c., and that large sums
are almost daily deposited with the
Sub-Treasurer at New York for trans
fer to, and issue ut, the two Southern
cities named. On one day recently
$50, 900 i'll coin was thus transferred to
New Orleans, and the daily transac-
tions in transferring money from New
York to New Orleans will average
$780, 900. The demand for money from
the South shows that the business re-
vival has reached that section.
SILVER CERTIFICATES.
The scarcity of United States notes is
materially helping to put silver GER
tiiicates in circulation. These certifi-
cat IS are paid out at the Sub Treasury
at New York in exchange for silver
bullion purchased by the government,
and it is believed that at present most
of these certificates find their way
: South, to meet the current demand fol
money from that section. The banks
can now only obtain United States
: notes i'll limited amounts, in exchange
for old and worn out notes sent in fol
; redemption and exchange and this
scarcity of legal-tender notes having
the effect to force u large number o
silver certificates into general circula.
ton. Since resumption of specie pay.
ments the Treasury Department has
not issued coin certificates, the issue
Of such certificates being made useless
by the fact that United States notes
command their face value in gold, and
are, therefore, for all purposes, coin
certificates. The Secretary of the
Treasury, however, in order to accom-
modate the customs business of New
York, caused to be issued United
States notes of the denominations o
So, 600 to $4,000. To the amount t.
which notes of these large denomin
: atiOns were issued notes of smaller de
, nominations had to be destroyed, be
cause the law fixes the volume o
: United States notes ut S3i6, ,GSl ,Ol6
The total amount issued in these large
/ denominations was Sl0,0l5,000, 0
which S5,O0j,OO We're in the de
Z nomination of $1,000, and IS, ,O1O, 900 il
I the denomination of $4,000. Thes
Z large notes do not, of course, ente
e into general circulation, and th
e amount which they represent is prac
tically so many dollars in circulatin!
notes Withdrawn from general busi
ness. The demaud for United State
notes of denominations between 81
and 50 has been SO great and persis
tant that these notes of large denonl
nations have destroyed the notes q
smaller denominations issued in thei
stead. At this time the 5000 am
? $4,000 notes outstanding will aggreg
ate less than 81 ,500,OO0 The amour
outstanding in these denomination
Oh November was So, 100000.