McCook weekly tribune. (McCook, Neb.) 188?-1886, 1884-04-03
Imitation of Currency.
New York TribuRe.

New YORK TrlDuHe.
The movements of currency this year
have been instructive as they have been
extraordinary. After remarkably
rapid decline In their surplus reserves,
the banks of this city still hold sur
plus about as large as their deficit was
one year ago. They started the year
with reserve of 0,0OO,0 900, which
was larger than they had ever held at
that season. Their gain in cash, from
the beginning of the year until the
highest point was reached, was also be-
yond all precedent-about S21 900, 900,
against 81 100000 in 1883, $4,000, 900
in 1882, and S8,000,0O0 in 1881. Now
the loss from the highest point has been
about ST., 900, 900 in five weeks, against
| S22, 100000 in eight weeks last year,
S1S,OO0,O0O in five weeks in 1882, and
| S15,000,00Q in four weeks in 1881.
Consequently they still hold more cash
than they ever held before at this time
in the year, and more than ever held in
any previous year exceptin the summer
of 1881. A surplus of S6,654, 1925 at
this time in the year is phenomenal,
though one more decline like that of
last week would about extinguish it.
| The treasury movement has been
curious also. From December 81 until
March l the treasury gained in gold
100000; since March 1 it has lost
SS,0O0,000. AS to silver it increased
its stock nearly S2O,000,000 in January
and February, and has added $780,
900 since March l. But the gold and
silver certificates outstanding increased
nearly SIG, 900, 900 in January and Feb
ruary, and have now decreased over
S10,000,O00 in two weeks. AS for the
legal tenders not owned by the treasu-
ry, the amount out decreased over &c.
100000 in January and February, when
the great increase of certificates oc-
CURED, and since March l has increased
about S1,700,000. Putting all kinds of
paper together, the government bor-
rowed by increased issues over S9,000,-
600 in January and February, and has
now paid byredemption nearly SO, OOO,-
600 in two weeks. The gold and silver
held by the treasury and the notes of
three kinds actually held by the peo-
pie at the three dates contrast thus:
January ]: March /: March Is.
silver held 15osss,Sas iso,sss,G1 16145s,555
Notes out 462,436,7OO 47l5S3,67S 462,9i6,sO6
| it does not seem possible to doubt
that the S9,0O0,000 of notes put out by
the treasury this year were an unde-
sirable addition to the currency, and
merely increased the initiation and su-
perabundance. The withdral of gold,
so far as it has caused a shrinkage of
100000 in the paper circulation, is
not at all to be regretted. And as to
the New York banks, notwithstanding
their recent less, they still hold S., OOO,-
900 more specie and 100000 more
legal tenders than they held at the be-
ginning of the year, and cannot be con-
sidered in any danger of want.
1t is not fashionable truth, but still
it is truth, that the country has more
paper money floating around than it
can put to good use. The most mis-
ehievous part of it, the S96, 100000 of
silver certificates, would get out of the
way in due time if the treasury would
stop issuing more. The amount held
by the people is about 100000 less
than it was December 81, but it would
have been very much more reduced had
not legislation operated to thrust new
lot into circulation every month.