The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1890-05-06
WINDOW - WORDS.
Refatation of the Assertion Made by a
Financial Paper.

ReEatation ur the Assertion Made by a
Financial Paper.
wAsHNeroS. May 8.
Secretary Window has written letter in
greply TO an article IN financial newspaper
on the general subject Of the currency In
which be Eefuies the assertion that the ad-
ministration favors q contraction OF the
currency. He gives figures In regard
10 the circulation and treasury holdings
May |, and makes comparison with the es-
simated circulation Of the principal conn
tries of Europe. According 10 these fig
ures. and estimating the present popula-
-tion OF the United States at Ga, 0O0, 600, 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 $22.36 per capita, or
more than In any Of the leading countries
Of Europe, with the exception Of France, in
which the circulation is estimated at S57.36
per capita.
"In regard to the money supposed TO be
h0rded by the United States treasury"
the secretary says, aside from the fund de-
posted In the treasury By national banks
for the redemption Of their notes which
have retired, which the government holds as
trustee, and the balances on deposit la the
traasury hy dishursing officers, the only re-
serve which i kept hg tbs treasury II Sis)o,
0Vos so6B ID noId for the redemptiun of legal
tender notes, as provided by the acts of 1876
and 1ss2. There is no disposition on the
part Of the administration of the treasury
10 hoard money, and the so-called surplus,
which Ii the excess of the receipts over ex-
penditures, 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 judi
ciousiY purchased. The surplus on the
LIST inst. amounted to only $50, $50, 1923 lex
elusive of fractional silver COIN, of which
$3i .64S, ,Ss8 was on deposit in national
banks performing the duty of circulating
medium. II is the policy and purpose of
the department to withdraw large por-
ton Of this deposit and invest 1t in United
States bonds as rapidly as 1t can be done
without danger OF decreasing the actual
circulation.
In support of this statement the secre-
tary says that of the $500, ,643 .26f, total
amount of money In the treasury April 1,
last, si34. .s3S, ,059 in gold coin was dspos-
tied for the redemption of gold certificates
and s290, COS, ,562 in silver dollars for the
redemption Of silver certificates. Neither
Of these amounts belongs to the govern
ment, but both are held simply IN trust fer
the redemption of gold and silver certid-
Gates outstanding: &67, ,s9l ,267 were held as
Q fund for the redemption of national bank
notes, consisting OF money paid into the
treasury by national banks for that puF-
pose; while s3S,g72,Isl represented the
money TO the credit Of disburs-
ing officers, and kept IN the
treasury merely as matter
OF convenience and which they check
against; s6,074,537 consisted of silver
bullion from melted trade dollars; 81 ,634,-
90I silver bullion at the mints purchased
for the coinage Of the silver dollar in
processes of coinage: SO, 2,sl4,5 ,5G4 Of frac-
tional silver coin, largely mutilated aud
abraded, for which there is no current de-
mand, and $l0O, ,O0O, 900 was held as re-
serve for the redemption of legal tender
notes ~ required by law. total Of $685.
93i ,037.
The secretary closes his letter az follows:
Il have already recommended In my annual
report an increase of currency amounting
TO Isl. ZOO per annum. 1t should be
evident, therefore, that this letter IL not
intended TO express any opinion as TO the
sufticiency OF our currency, but only 70
correct certain statements as to les guam
titvs