Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-29
BIG DEMAND FOR SMALL BILLS.
Rapid Absorption of the New Sill.
yer Certificates.


yer Certificates.
WASHINGTON, Dec. 27.-The Treasury
Department began issuing 81 silver GER
tifcates on Oct. 4 LAST, and the issue 10
date amounts to $6,300,O00. Two dollar
silver certificates We're first Issued on
Dec. 6. and the total issue thus far
amounts to 5000, 900. The supply is
not equal to the demand, and the
certificates are not vet distributed
from the sub-Treasurv. They are
distributed from the Treasury Department
10 localities In all parts of the country. in
sums not exceeding $1,000, but this can
only be done, OF course, as the certificates
are ready. In other words, the Treasury
Department is placing the 81 and So GER
tiicates in general circulation as rapidly
as possible. When the general demand
is to some extent appeased, these GER
tIficates will be distributed to the differ
ent sub-treasuries for issue as required
"There has been such dearth of notes
OF small denominations generally
throughout the country since the restric-
ton of the issue of that kind OF legal ten
ders,' said department official to-day
TO a 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 through
out the country. as well as in the larger
cities. Take little town that boasts of
a couple blacksmlths. Business i'm
proves and they go into partner
ship and branch out as wheelwrIghts.
and soon became carriage manufacturers,
employing more men as their business In.
creases, thus necessitating an increased
interchange of money, which is limited to
cash and that in small amounts. To this
general business activity throughout the
country, therefore, may be attributed the
need of notes of small denominations. and
hope we will soon be able to furnish all
that are wanted. Legal tender notes of
small denominations were much pre-
ferred by the public to silver dollars, and
Congress seemed of the opinion that their
full circulation handicapped the desired
circulation of silver. In order to
give the silver dollar a clear field
and fair trial, the issue of these notes
was discontinued. At the close of the
fiscal year 1888 the amount OF 81 notes
outstanding was $27, 1856, 456, and of 50
notes about 81, 000, 900 less. At the end OF
1854 there were $26 $50, 1874 ones outstand-
ing; in 1885, $24, 952, 061; 1886, $17603 922:
and Nov. 80, 1885, but $14,319, 23S. AS the
circulation of these legal tenders were re-
stricted the circulation of the standard
silver dollars was naturally increased to
some extent as the public was compelled
to use them. The amount OF silver dol
lars which had been coined at the close of
the fiscal year 1883 was SAT, 255,S $50, and
the amount outstanding, S34, 893, 3S9; at
the close of 1884 the total coinage was
$l75,355, S29, and the outstanding circula-
ton, $39, 545, 461; 1885, total coinage.
$203, 8S4,3S1; circulation, $38, 34S 527,
and 1886, total coinage, $685.
1923, 2S6, and circulation, $52, ass, 720.
The total coinage Dec. 10 was $247, 5SI 1855,
and the outstanding circulation $751; $780,
605. The highest outstanding circula-
ton of any date was Nov, %, when it
reached $61, 924,2S The United States
Treasurer is Of the opinion that the maxi
mum of circulation has been obtained,
and 1t cannot be maintained when the
new 81 and So silver certificates are in
full supply. The certificates were autho-
riZed 80 that the public might be supplied
with the notes of small denominations,
for which it has a preference, without
materially affecting the general circula-
ton of silver. these certificates are
simply representatives of the silver dol
lars, which are retained in the vaults OF
the Treasury. Treasurer Jordan thinks
that return of One-half the silver
dollars to the Treasury may be
looked for. He strongly favors
a cessation of the further coinage of the
silver dollars, allowing the certificates TO
be represented by the value in bullion in
the treasury vaults, thus saving the COIN
age expense. Whether the coinage of
silver dollars is suspended or not. the
public seems we'll satisfied that it now mas
notes of small denominations. The beau
tiful workmanship on these certificates
has received very high praise, although a
number of complaints have been received
at the Treasury Department as to their
desIrability. Treasury officials think,
however, that the notes have not yet had
a fair trial, and that it is too soon to pass
Judgment on this point"
In view of the project OF redeemIng the
abused and deprecated trade dollars,
which are still outstanding, with standard
dollars, q reporter made some inquiries
to-day regarding the status of the trade
dollar. 1t was learned at the mint bu-
reau that the whole number coined was
5000, 900, but that only between five and
seven million are now held in this country,
the whole amount that would be redeem
able should law be passed to that effect,
as will probably be the case. The trade
dollar has always been IDtrinscally of
more value than the standard dollar.
Their relative values to-day are 1913 cents
and 7S.4 cents, according to the quotation
prices OF bullion III the market. When the
legal tender qualification was removed
from the trade dollar IL lost its dollar
value, retained only Its worth as silver,
and was only circulated at discount.