Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-12-24
SILVER DOLLARS,
The Issue Of silver Certificates to Rep
resent Them.

HOW THE DESIRE FOR SNAIL NOTES WILL BIZ sAT1s-
FIED-THE REASONS FOR ISSUING SILVER CRkTIFI-
oATEs-THR TRADE DOLLAR AND ITS PROBABLE RE-
DEMr1IoN.
The Treasury department began issuing one
dollar silver certificates the 4th Of last Octo-
Der, and the issue to date amounts to S6, 100000.
TWO dollar silver certificates were first issued on
the 9Th OF December, and the total issue thus Tar
amounts to 8, 100000. The supply is not equal to
the demand, and the certificates are not yet dis
trfbuted from the sub-treasuries. They are dis
tributed from the Treasury department to locali-
ties In all parts OF the country In sums not exceed
ing 5000, but this can only be done OF course as
the certificates are ready. In other words, the
treasury department Is placing the one and two
dollar certificates In general circulation rapidly
as possible. When the general demand is TO some
extent appeaSed, these certificates Will be dis
triDuted u the different sub-treasuries rorissue
required.
THE DEMAND FOR NOTES OF SMALL DENOMINATIONS.
''There has been such dearth OF notes OF small
denominations generally throughout the country
since the restriction OF the issue OF that kind OF
legal tenders" said department official to-day to
STAR reporter, "that the demand is a good
healthy one, and is hard TO satisfy at the start
Whenever and wherever there is business activity
there is need Of small notes particularly as silver
dollars by their bulk and Inconvenience do not
give satisfaction, as has been clearly shown and
cannot entirely take their place.
This demand Is created In little villages here and
There, scattered throughout the country, as well
as In the larger cities. Take little town that
boasts Of couple OF blacksmiuhs. Business i'm
proves and they go into partnership and branch
out as wheeiw1ghts, and soon become carriage
manufactures, employing more men as their bust
ness increases, thus neceSsitating an Increased
interchange OF money which Is limited to cash
ana that III small amounts. 10 this general buSi-
ness activity throughout the country therefore.
may Oe attributed the need OF notes OF small de-
nominations, and hope we Will soon be able to
furnish all tllat are wanted"
RESTRICTING THE ISSUE OF LEGAL TENDERS
Legal tender notes OF small denominations were
much preferred by the public to silver dollars and
Congress seemed OF the opinion that their full cir
culatiOn handicapped the desired circulation OF
silver. In ORDER to give the silver dollar clear
discontinued. AT The close OF the fiscal year 1891
the amount OF one dollar notes Outstanding was
ss5, 7S6. 456 and Of two dollar hotes abou. two
65O, 1S4 ones outstanding; 1855, $24 O6l; 1881
81, ,6O3, 922 and Nov. 30 1885, but s:sss. AS
the circulation OF these legal tenders was restrict
was naturally increased to some extent as the
public was to compelled use them
SILVER CIRCULATION.
The, amount OF silver dollars which had been
coined at the close OF the fiscal year 1883, was
$147, ,255 $3.50, and the amount outstanding.
was sl75 $50, ,S29, and the outstanding alton
s39 54 All; 1885, total coinage, s2O3 }SI cir
% cuiatlon, & Sss, 34s 5s3 and 1856. tota. coinage,
Total coinage December 10, was S.47 5SI 3S6. and
the outstanding circulation, s6l, ,6s5 500. The
highest outstanding circulation OF any date was
November a:,d, when it reached S61 924 a9s. The
United states Treasurer Is OF the opinion that the
maxfmum'of circulation has been obtained, and
1t cannot be maintained when the new 81 and 81
silver certificates are In full supply. The certii-
Gates were authorized SO that the public might be
supplied with the notes OF small denominations for
wnich 1t has a preference without materially
affecting the general circulation OF silver. These
certificates are simply representatives. Of the silver
dollars, which are retained In the vaults OF the
turn of One-haif the silver dollars TO
the Treasury may be looked for. He
age OF the silver dollars allowing tile certificates to
be represented by the value in bullion in the
Treasury vaults, thus saving the coinage expense
Whether the coinage of silver dollars Is suspended
or not the public seems well satisfied that tt now
has notes Of small denominations. The beautiful
Workmanship On these cer!liicates has received
very high praise, although a number OF COM
plants have been received at the Treasury depart
ment as to their desirabil1ty. Treasury oricials
fair test and that it Is too soon to pass Judgment
on this point.
THE TRADE DOLLAR
In view OF the project OF redeeming the abused
and deprecated trade dollars which are still out
standing with standard dollars, a STAR reporter
made some inquiries to-day regarding the status
OF the trade dollar. 1t Was learned at the mint
bureau that the whole number coined was 30 GOO.
600, but that only between five and seven million
are now held in this country, the whole amount
that would be redeemable should Q law be passed
to that effect, as will probably be the case The
value than the standard dollar, since it contains
40 grains to the latter's 4l2K grains. Their re-
lative values to-day are 1913 cents and 7&4 cents,
according to the quotation prices Of bullion
in the market. When the legal tender uualifica-
tiOn was removed from the trade dollar it lost its
was only circulated at discount. The trade dol. dol
lar was not originally intended for domestic cir
culat1on as legal tender.
OBJECT OF THE TRADE DOLLAR AND IT'S HISTORY
1t was coined for export In order that we might
have coin valued as 80 much silver, that would
be received in exchange pike the Spanish dollar in
Mexico, Central America and China and Japan,
particularly the latter countries into which the
majority OF trade dollars have found their way.
There they nave iosT Ine1f Identity as trade dol;
value and probably will never be returned to this
country. As long as the silver in trade dollar
not pay to circulate them at home as dollars,
but they were exported In accordance with
the original intention. When, however, after the
went down, and the silver In the trade dollar was
not equal to one hundred cents then paid to cir
session did put them In circulation.
They passed everywhere as dollars until the
9Ss1 ras By the
count OF nom ten to twenty per cent.
PR0BABLE RKDKNPTIoN.
Many banks and individuals foreseeing that the
government would eventually be compelled to do
the coin justice and redeem it. bought In all the
trade dollars possible at their deprecated value
and locked them up on speculation.
The last monthly National bank statements
show that two washington banks still hold be-
tween them $500 OF these trade dollars At
present there are no trade dollars In general cicu-
ation except the few straggiers that occasion
who In turn get nd OF them az soon as possible.
II law Is passed TO redeem these coins the
bank vaults VIII be opened, private safes un-
In this country win be poured into the Treasury
and their owners VIII reap the benefit on their In
vestments
Miss Winnie Davis was the guest Of Col Richard
Latham on Staten Island wednesday.
The English cffcketers defeated the Australian
eleven In Melbourne BY 26& TO ia
The value q the mesh fruits exported nom Hav.