Savannah morning news. [volume] (Savannah) 1868-1887, 1885-09-08
SMALL BILLS IN DEMAND.
MORE THAN PAR PAID FOR 81
AND 81 NOTES.
Business Men Drawing ON Washington
for Fresh Supplies of 50 Bills-Bank
Customers Refusing Silver Destroy
ing Silver Certificates,

Business Men Drawing ON w ahhin&boh
for Fresh Supplies of 50 Bills-Bane
Customers Refusing siiver-Destroy-
ing silver Certificates,
From, the Ne,0 York Sun.
1t was ascertained yesterday that, in
response to the requisition made on the
Treasury at Washington by Assistant
Treasurer Acton for fresh supply OF 50
bills United States Treasurer Jordan
had sent Cashier Whitney and Special
Messengers Meline and Jones, Of bis
Office, 10 this city with limited supply
Of bills Of that denomination. 1t was de-
cleared that this requisition YVES neces-
sary to supply the demand made on the
su5-Treasury b. banks "a this city.
Jlst after Treasurer jordan asked the
aid Oh the ban q represented IN the clear
ing House Association in distributing to
local and interior banks and bankers
silver dollars and subsidiary silver, ne
made q requisitiOn on the SUb-Ireasury
in this city for all the one and two dollar
bills deposited in its vaults. In COM
pliance with this order Si04, 900 in bills Of
those denominations, whichwas the entire
supply ned by the sub-Treasury, were
shipped 10 Washington.
At the time this order was considered
an auxiliary effort to circulate the silver.
Ii is said that the banks. deprived Of a
source of supply OF one and two dollar bills,
made strenuous efforts TO circulate the
silver. Finally their customers refused
10 accept the coin, and the banks We're
compelled to fall back upon their five
dollar bills. Their stock OF hve-dOllar
bills was soon exhausted, and they were
forced to ask aid from Assistant Treas
urer Acton.
SO scarce have 81 and 81 bills become in
Wall street that yesterday money brokers
paid premium Of 81 for every $1,000 In
bills Of those denominations, and readily
sold them 10 merchants, manufacturers,
and others at premium Of 81 % for every
$1,000.
Another peculiar and important phase
Of the silver question has been developed.
1t was learned yesterday that Cashier
Whitney, along with the new supply OF
50 bills, brought instructions from Treas
urer Jordan to cancel and transfer to
Washington $4,000, 600 in silver certif-
Gates of $500 and $1,000 denominations.
This was done, and hr. Whit
ney and Special Messengers Mel
inc and Jones went to Washington
last night with the cancelled certii cates.
The Sdb-Treasury still has S10,30O,000 in
silver certificates of the smaller denOmi-
naliOns. Much comment WIS caused by
Treasurer JOrdan's action IN Canceiling
these certificates il was declared that
his action was illegal, on the ground that
al act of Congress created the certih-
Gates, and Congressional action was re-
quired to annul or cancel them.
IL was further said that Treasurer J0r-
dan in despRtching Messrs. Whitney,
Meline and Jones, with the new supply OF
five dollar bills, violated the government
contract with the Adams Express Com
pany. By the terms of The contract all
government moneys are to be transmitted
by the express company at a charge Of
81 46 for every 81 900 in funds, whether in
gold. silver, or currency.
In view Of Yesterdays developments,
and now that Secretary Manning has re-
turned to Washington, bank officials say
they await with a good deal of interest
Treasurer JOrdan's visit to this city. Mr..
Jordan has been debarred from coming to
New York by Secretary Manning's visit
to Watch Hill. 1t is averred in Wall
street that a consultation of presidents
representing banks in the Clearing House
Association and Treasurer Jordan Is i'm
peratiye. Mr.. Jordan is expected here
tomorrow.
Tne sub-Treasury since Aug. 1 has dis
trihuted to local and interior banks
81, $50, 400 III silver dollars, and 1921, 100 in
subsidiary silver.
Bullion brokers say that silver in the
last few DAYS has declined from 81 OF to
81 Oh per ounce.