New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-08
1HE ICIO1L rION.

The statement that the circulation has been
inflated over $34 100000 within the past four
months was quito within the truth. lncud-
ing the imported gold which has been added
to the reserves of the Treasury and the New
YorJ, banks the increase is much larger, but
this accreton of gold was not due TO the opera
tions of the Treasury, and was Intentionally
omitted from a statement designed to show
the expansion Of currency by Treasury dis
bursemcnts The main change has been the
increase in amount OF silver certificates out
standing, which was $1Oj,519,Sl7 December
]. according to the able report Of the Treas
urer, and on the 1st of August was $o7,564,-
O44, so that the expansion OF currency In this
one item has been $l7,955 ,773 in four months
Dispatches state that Congressman Scott, OF
Erie, considers this increase the most danger
Gus feature of the situation, and conservative
business men will agree with him. Yet THIS
part of the Initiation is in peculiar degree the
work Of the Secretary OF the Treasury, VINO
gained the confidence of friends OF honest
money soon after he came into ollce by re-
fusing to issue silver certificates at distant
points on deposit of banisable funds at New
York, and for months steadily adhered TO
course by which the circulation of silver Ger
campaigns began. he has resumed tho practice
which he at first stopped as pcrnicious, and has
increased the actual circulation of silver GER
tificatcs by nearly 100000.
It is claimed by the President as a mcritori-
Gus thing that his administration has done ali
that it fairly could TO increase the actual circu-
lation of standard silver dollars. This circu-
lation was $54399,362 August L; according to
the Treasurcr's report it was SCI ,761 ,44S
December l, an increase Of $7,362,OS6 State
mcnts obtained from the mint by "The Finan-
cial Chronicle" have seemed 10 make the in
crease a little larger. The monthly state
ments of the Treasury show that the gold
certificates actually outstanding also increased
during the came period from $7471S,517 to
500, 500, 633, or $15,802, 116. But there was
also an increase in the amount OF gold coin in
actual circulation. The Treasury held
S4,271, O3B less gold coin December l than
August 1, but there had been coined during the
interval $6,41O,SI7, so that the amount in cir
culation outside the Treasury had increased
$lO,6S1, 1855. not taking into account any
American gold coins imported that may have
gone into circulation.
Against these large items of increase there
are to be reckoned, first decrease in the
amount Of bank notes outstanding. The
monthly reports of the Controller show that the
bank circulation August was $500, SIG 1888,
and December it vas $299,O16,S71. A large
amount of legal-tender was meanwhile paid
into the Treasury 10 provide for much greater
contraction of the circulation, but the Treasury
used part of the money, and had of leRal-tend-
ers in excess Of certificates S21, 939, 142 Al on
the 1st OF August. and $29. 549. SO "a on the
LIST of December. Thus it appears that the de-
crease in actual circulation was only
$7,6O9,045 90, and the increase in circulate
of all kinds during the four months appears to
have been over $780, 900, 900. as follows:
Increase. Decrease.
Increase I'm silver Certificates