Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-03
WINDOW on THE SURPLUS.
THE ADMINISTRATION NOT CONTRACTING
THE CURRENCY.

| Statement of the Funds In tho Treasury
Actually Alphabetically Only n Little
Money Which 10 Not Needed There
Figures for II.
WASHINGTON, May 2.-Secretary Win.
dom has written a letter in reply to an arti'
Gle in financial newspaper on the general
subject of the currency, in which he refutes
the assertion that the administration favors
a contraction of the currency. He gives fig
ures in regard to the circulation and treas
ury holdings May 1, and makes comparison
with the estimated circulation of the princi-
pal countries of Europe.
According to these figures, and estimat-
ing the present population of the United
States at "a, 600, 900, the amount of metallic
and paper money in the United States, not
including any portion of the amount held
by the Treasury of the United States, is
SD Sc per capita, or more than in any of
the leading countries of Europe, with the
exception of France, in which tine circula-
tion is estimated at S57 36 per capita.
THE SUPPOSED SURPLUS.
SIN regard to the money supposed to be
boarded by the United States Treasury"
the Secretary SAYS, "aside from the funds
deposited in the Treasury by national banks
for the redemption of their notes which
have been retired, which the Government
holds as trustee, and the balance on de-
posit In the Treasury by dis5ursing officers,
the only reserve which is kept by the
Treasury is $780, 600, 900 in gold for The re-
demption of legal tender notes as provided
by the acts of 1875 and 1882.
''There is no disposition on the part of the
administration of the Treasury to hoard
money, and the so-called surplus, which is
the excess OF the receipts over the expendi-
lures, can be used under the present
law only in The redemption OF the bonded
debt of the United States, which is being
done as rapidly as the bonds can be judic-
iously purchased. The surplus on the 1st
inst. amounted to only $50, $50, ,623 (e1cIus-
i've of fractional silver coin). of which $751;
Gas, S9S was on deposit in national banks
per orming the duty of a circulating
medium. 1t is the policy and purpose OF
the department to withdraw large portion
OF this deposit and invest it in United States
bonds as rapidly as it can be done without
danger of decreasing the actual circulation"
THE FIGURES FOR IT.
In support of this statement the Secre-
tary says of the 5000, ,643, ,261, total amount
OF money in the treasury April / last, S134.-
redemption of gold certificates, and $780,
605 562 in silver dollars for the redemption
oI silver certificates. Neither of these
amounts belongs to the Government, but
both are held simply in trust for the re-
demption of gold and silver certificates out
standing; S67 ,891, ,267 were held as fund
for the redemption of national bank
notes, consisting of money paid
into the Treasury BY national
banks for that purpose, while S3S, 1872, 1S1
represented the money to the credit of the
disbursing officers, and kept in the Treasury
merely as matter o convenience and which
they check against; Sc, 074. 537 consisted of
silver bullion from melted trade dollars;
s., ,634, 901 silver bullion at the mints pur-
chased Tor the coinage o. the silver dollar in
process of coinage; SO, S14, 564 of fractional
silver coin largely mutilated and aLraded.
for which there is no current demand, and
S100, 100000 was held as reserve for the
redemption o. legal tender notes as required
BY law, total Of S665, ,931, ,O37.
The Secretary closes his letter as follows:
81 have already recommended in my annual
report an increase OF currency amounting to
about $50, ,000, 900 per annum. 1t should be
evident there ore that this letter is not in
tended to express any opinion as to the
of our currency, but only to cor
rect certain statements as to Its quantity"