Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1889-12-05

interest 1t appears that the amount OF
national bank notes in circulation has
decreased during that period Sl14, lG9,-
729. of which S37, ,799.229 Is chargeable
to the last year.
Money for Circulation.
The withdrawal of bank circulation
will necessarily continue under existing
conditions. 1t is probable that the adop-
ton of the suggestions made by the
comptroller of the currency, VIZ, that
the minimum deposit of bonds for the
establishment of banks be reduced, and
that an issue of notes to the par value of
the bonds be allowed, would help to
maintain the bank circulation. But
while this withdrawal of bank notes has
been going on, there has been a large
increase in the amount of gold and sill
yer coin in circulation and IN the issues
of gold and silver certificates. The total
amount of money of all kinds in circu-
lation on March l, 1878, was SS05, 193,-
S07, while on Oct. l, 1899, the total was
81, ,405, ,01S.O00 There was an increase of
S293, All, ,552 in gold coin, of SJ7 .554 100
in standard silver dollars. of S72. 81. .249
in gold certificates, of S276. .619. us in sill
yer certificates, and of S14,073, 7S9 in
United States notes, making a total of
S713, ,976, ,403. There was during the
same period decrease of S114. I09. .729 in
bank circulation, and of S642, ,S14 in sub
sidiary silver. The net increase was
S599, ,224, 1893. The circulation per capita
has increased about So during the time
covered by the table referred TO. The
total coinage of silver dollars was. on
Nov. l, 1889, S343. .63S. .001. OF which $685.,
539, ,521 were in the treasury vaults and
$50, ,09S, ,4S0 were in circulation. Of the
amount in the vaults, S217, ,313,944 were
represented by outstanding silver certifi-
rates, leaving S6.219,577 not in circula-
ton, and not represented by certificates.
Go Sow on Silver Coinage.
The law requiring the purchase by the
treasury of s., 900, 900 worth of silver
bullion each month, to be coined into
silver dollars of Alp 10 grains, his been
observed by the department; but neither
the present secretary nor any of his
predecessors has deemed it safe to exer-
else the discretion given by law to in
crease the monthly purchases to 81, 00O,
600. When the law was enacted, Feb.
%, 1878, the price of silver in the market
was Sl.20 40 per ounce, making the
bullion value of the dollar 90 cents.
Since that time the price has fallen as
low as 91.2 cents per ounce, reducing the
bullion value of the dollar to 100 cents.
Within the last few months the market
price has somewhat advanced, and on
Nov. last the bullion value of the silver
dollar was 72 cents The evil anticipa-
tions which have accompanied the coin
age and use of the silver dollar have not
been realized. As coin it has not had
general use and the public treasury has
been compelled to store it. But this is
manifestly owing to the fact that its
paper representative is more convenient.
The general acceptance and use of the
silver certificates show that silver has
not been otherwise discredited. Some
favorable conditions have contributed to
maintain this practicalequality, in their
commercial use, between the gold and
silver dollars. But some of these are
trade conditions that statuary enact
ments do not control and of the continu-
ance of which we cannot be certain.
/ think it is clear that if we should
make the coinage of silver at the present
ratio free, we must expect the difference
in the bullion values of the gold and sill
yer dollars will be taken account of in
commercial transactions, and fear the
same result would follow any considera-
bic increase OF the present rate OF COM
age. Such a result would be discredita-
BILE to our financial management and
disastrous to all business interests. We
should not tread the dangerous edge of
such peril. And, indeed, nothing more
harmful could happen to the silver inter
ests. Any safe legislation upon this sub
ject must secure the equality of the two
coins in their commercial uses.
have always been an advocate of the
use of silver in our currency. We are
large producers of that metal and should
not discredit it. To the plan which will
be presented by the secretary of the
treasury for the issuance of notes or GER
tificates upon the deposit of silver bullion
at its market value, | have been able to
give only a hasty examination, owing
to the press of other matters and TO the
fact that it has been so. recently formu-
lated