The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1890-05-08
THE CURRENCY CIRCULATION.
Secretary Window Denies That the Ad-
intimidation Eavora Confracfinn.

Secretary Window Denies That the Ad-
ministration Favors Contraction.
Secretary Window has written letter in
reply TO an article in financial newspaper
on the general subject OF the currency, in
which he refutes the assertion that the Adj
ministration vors contraction of the cur
rency. He gives figures in regard to the cir.
culation and treasury holdings May l, and
makes comparisons with the estimated cir
culation ofthe principal countries Of Europe.
According to these figures, and estimating
the present population Of the United States
at 6I,ON,pO, the amount OF metallic
and paper money in the United states,
not inclu ling any portion Of the
amount held by the Treasury Of the United
States, is 80 3 per capita, or more than in
any of the leading countries Of Europe, with
the exception of France, In which the circu.
lation is estimated at s57 80 per capita.
MONEY rs THE TREASURY.
"In regard to the money supposed TO be
boarded by the United States Treasury" the
Secretary says, aside from the fund depos.
tied in the reasury by National Banks for
the redemption Of their notes which have
been retired, which the Government
holds as a trustee, and the balances on deposit
in the Treasury by discussing officers the
only reserve which is kept by the Treasury
is Z 0J,OUo, 10 in gold FOR the redemption Of
legal tender notes a. provided by the acts o.
1s7j and lSS2. There Is no disposition on
the part OF the administration Of the
Treasury 90 hoard money, and the
D. Z .. 4 4
the receipts over the expenditures, can be
used under the present law only in the re-
demption # the bonded debt Of the United
States, which Is being 4 me rs rapidly as the
bonds can be judicously purchased. The
surplus on the lst inst, amounted to only
5,a3O,G!} exclusive OF fractional silver
cOinl of which : 90, N9S was on deposit in
National Banks performing the duty Of
circulating medium. 1t is the policy and
purpose Of the department to Withdraw
large portion Of this deposit and invest il in
United states bonds as rapidly as It can be
done without danger OF decreasing the actu.
al circulation
HELD IS Trust.
In support Of the statement the Secrctlry
money in the Treasury April | last, slH,>
500 in gold coin was deposited fr the re-
dcmption Of gold certificates and so CO...
so in silver dollars for the redemption cf
silver certificates. Neither ofthe.e amounts
belong to the Government, but both are
held simply in trust for the re.
demp,ion OF gold and silver certih-
Gates outstanding; co. 2G7 we
held as a fund for the redemption Of Ma.
tional bank notes, consisting Of money paid
into the Treasury by National banks for
that purpose, while : S,'7!,ISl represented
the money TO the credit of diSbursing OH.
GERS and kept in the Treasury merely as
matter of convenience, and which they
check against 1904. l73 consisted Of silver
bullion from melted trade dollars; 81 G3i' 'Ol
silver bullion at the mints purchased for the
coinage Of the silver dollar in process ot
coinage: $22Sl j6i Of fractional silver coin
there is no current demand, and $4,000 OOD
was held rs reserve for the redemption of
legal tender notes rs required by law, a total
of SGG5, 9}l ,037. The Secretary closes h : let
ter as follows: 81 have already recommend
ed in my annual report an increase Of cur
rency amounting t. about SpO,ON,OO per
annum. 1t should be evident therefore
that this letter is not intended to express any
opinion rs to the suniciency, but only To
correct certain statements rs toits quantity"