The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1890-05-09
Refutation Of the Assertion Made by a
Financial Paper.

Refutation OF the Assertion Made by q
Financial Paper.
Secretary Window has written a letter in
reply to on article in o financial newspaper
on the general subject of the currency in
which he refutes the assertion that the ad-
ministration favors a contraction OF the
currency. He gives figures in = regard
to the circulation and treasury holdings
May l, and makes comparison with the es-
timated circulation of the principal coun-
tries Of Europe. According to these fig
ures, and estimating the present popula-
tion of the United States at Ga, 900, 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 $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 $57.36
per capita.
elm regard to the money supposed to be
horded 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
a trustee, and the balances on deposit in the
treasury by discussing officers, the only re-
serve which is kept by the treasury is $780,
600, 900 in gold for the redemption 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 e1-
pendltures, 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
| ciously. purchased. The surplus on the
LIST inst. amounted to only $35, 93O, 623 (ex-
| elusive Of fractional silver coin), of which
$31, GAS, 1893 was on deposit in national
banks performing the dnty of a circulating
medium. It is the policy and purpose Of
the department to withdraw q large por-
ton of this deposit and invest it ip United
States bonds as rapidly as it can be done
without danger of decreasing the actual
circulation"
In support of this statewent the secre-
tary says that of the $6G6, 643, 261, total
amount of money in the treasury April l,
last, $134, 93S, 079 in gold coin was depos-
tied for the redemption Of gold certificates
and $3.50, 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 TO,
the redemption Of gold and silver certia-
Gates outstanding; $57, s91, 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 pur-
pose; while $3s, 972, 181 represented the
money to the credit Of disbufs-
ing officers, and kept in the
treasury merely as matter
of convenience and which they check
against; &c. 74, 557 consisted of silve,
bullion from melted trade dollars; $685.
sO1 silver bullion at the mints purchased
for the coinage of the silver dollar in
PROCESS of coinage; $22,814,5e4 Of frac-
tional silver coin, largely mutilated and
abraded, for which there is no current de-
'mand, and 800, 00O, 900 was held as o re-
serve for the redemption of legal tende,
notes as required by law, a Total Of $685.,
931,037.
The secretary closes his letter as follows;
Il have already recommended in my annual
report an increase of currency amounting
to $50, 600, 000 per annum. 1t should be
evident, therefore, that this letter is no,
intended to express any opinion a. to the
suficiency of our currency, but only tt
correct certain statements as to its guam.
tity,," $