Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-11-08
National Bank Circulation.

/ WASHINGTON, November eth. - 1t is
stated on authority that the opinion given
| bv the Attorney General as to the unavail-
| ability of the called per cents being the
| basis of national bank circulation will
make no change in the attitude of the
Treasury Department, because this opinion
only confirmed the rule heretofore fol-
| lowed. The banks have shown consider
able diligence in acting under this rule,
! and in consequence of it they have with
| drawn from deposit and presented for re-
demption nearly 100000 600 of 3 per cent.
| bonds since the 10Th of August, the date of
| the first 100000 call. At the same rate
| her after it is expected that Withdrawals
| will keep pace very fairly with future calls
Against the $40.000O00 of per cents
| Withdrawn, there have been only about
( S. 100000 of other bonds deposited, so that
| the total bonds on deposit to secure the
national hank circulation have been re-
duced by about $31 900, 600, which contracts
circulation by about sos, ,0000 900. If these
proportions are preserved throughout the
changes resulting from future calls of 8
per cent. bonds, there may be a further
! contraction of about $5S,000,000 by the
time all these bonds are withdrawn. 1t is
said at the Treasury that this contrac-
| ton in the volume of national bank
l Will UOt Dt 1SII III the
channels of trade, because the national
bank notes Withdrawn from circulation
| will be replaced by disbursements from the
| Treasury, and in addition the banks that
surrender their bonds and reduce their cir
| culation receive money for ten per cent of
! the bonds redeemed and five per cent. of
| the circulation surrendered, making 14l per
| cent. upon the face of the bonds on the
| 18th of August. The total amount of three
per cent. bonds held by the banks as the
| basis for circulation was little more than
| SOB, ,000, 600, so that when these bonds are
all paid their payment will put in circula-
ton 14,500,000 more than the amount of
currency then outstanding on the bonds.
Redemption of national bank notes is a
very slow process. The last report of the
Treasurer showed that he was holding $780,
100000 of lawful money for the redemption
of the outstanding bank circulation and of
course the more rapid the surrender of the
circulation the larger will be the amount
required to be held in the Treasury until
the people choose to send their notes in and
take lawful money instead.
Smithsonian Institution.
WASHINGTON, November 7th.-Professor
Baird, Director of the Smithsonian Insti-
tuition, in his annual estimates for the
Museum, asks Congress to appropriate
$3.50, 600 with which to begin the construc-
ton of new building to flank the Smith
sonian building on the west and the pres
ent Museum flank it on the east This sum
will carry to completion the front and one
wing of the new building, and another
nearly equal sum will probably be required
to finish the structure. If the proposed
Worlds Exposition in 1892, the project for
which is under consideration by commit
tee OF Congress, meets with approval. the
money devoted to the construction of the
new building will, it is said, be contribu-
ton OF SO much toward the necessary out
lay for that Exposition, but in any event
The new structure is held to be an imme-
diate and pressing necessity.
The Bridge-Jumping Crank.
NIAGARA FALLS IN. W, November 7th.-
Lawrence Donovan, of New York who re-
Gently jumped from the Brooklyn bridge
into East river, jumped from the suspen-
sion bridge little past the center at five
minutes before o'clock this morning He
came from Buffalo last night, and STAYED at
the suspension bridge. His jump was wit
messed by four or five persons. He was
accompanied by Professor Haley and Mr..
Drew, reporter, Of Buffalo. He made the
jump successfully, a distance of 1870 feet.
He went straight down, feet first. He came
up somewhat dazed, but struck out for a
boat in which were Messrs. Drew and
Haley. He was taken in and stimulants
given him. He is not seriously injured.
One RIB Is probably broken and his hip is
bruised. He said before he got out of the
water that he would not jump again for a
million dollars. Afterward he said he