New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-10
Only Place OF Business.


the year. and of National bank notes redeemed under
the provisions of the act of July a. $780, in
Of deposits received during the year for the redemp
ton of such notes, estimated at $4,o54,5o0 and
Sl3,O0o,0O0 respectively will bring the total amount
to be applied to the fund 10 within S10747 362 of the
estimated requirement
THE FOUR AND oNE-HALF PER CENT LOAN.
The original issue per cent bonds, authorized
by the acts Of July IA, 1870, and January 90 1871,
consisted Of s131 59616O registered and 403 $50
coupon bonds.
During the fifteen years existence of the loan there
received and cancelled 4sO 700 coupon bonds
for which an equal amount OF registered bonds was
issued and there retired by purchase or redemp
ton prior TO April 1, 1881, Sl6s 039,3Oo registered
and So6 1O645O coupon bonds. The amount out
standing April l was, therefore, $53 63425O, of which
Sal O37 $50 registered and So ,s167OO coupon
bonds These by their terms were redcemable at the
pleasure of the United States after September l. 1891,
aud were being received for redemption, WITH
interest to that date, in pursuance of circular
issued by my predecessor october o. 1890. The bonds
so redeemed were paid from the surplus revenues.
under Section Of the act of March g. 1884, the sinking
fund for the current year having been completed by
purchases and redemption OF per cent and IL per
cent bonds during July and August, 1890.
In view Of the requirements of the sinking fund for
the fiscal year 1892 1t deemed advisable to sus
that year should begin, and circular was therefore
published under date of April o5. 1891 resembling that
under which the bonds were then being redeemed and
eserving the residue of the IL per cent loan for
adjustment within the fiscal year 1892. There had
been presented redemption in April prior 10 the
issuance of the circular above mentioned $2,855O50
and the amount outstanding subject to settlement at
the option Of the Government after September 1, 1891
was therefore $50 500 200 consisting Of $39.2O23OO
registered and Sl1 ,666,900 coupon bonds.
EFFECT ON THE BANKS.
Nearly twenty six and one half millions OF the regis
tered bonds deposited with the Treasurer OF the
United States security for circulation and public
moneys and many of the banks to which they belonged
would be obliged to replace them with other bonds
at great expense go into liquidation whenever 1t
should be necessary that the IL per cents be sur
rendered. 1t was apparent therefore, that unquali
fed call for the redemption OF the loan nAlhs us
maturity I'm september would project disturbing ee-
ment into the finances OF the country at time when
its resources usually severely taxed by the move,
ment of agricultural products. In the desire 70 avoid
monetary disturbances during this critical PERIOD and
in the hope that the volume OF money In clrcuauQn
might be increased opportune time through the
regeneration of the banks the holders OF the bonds
offered their choice OF presenting then ior re-
demption with interest TO Septembir = 1891, or ior
continuance ut the pleasure Of the Government with
interest at per cent per annum alter 'haI uA' o.
September 2 for continuance 1913, .Ooo of which
100 deposited with the Treasurer OF t6e
United states security for circulation ana looooS
for deposits But IL was found that some owners OF
a per cent bonds who desired their continuance
were unable take the necessary steps 70 that END
within the prescribed time, and an extension OF me
time september 80 was therefore granted On that
day the total amount of bonds which had been pre-
presented for continuance was 80 letyhg iol
nreSen,ed and paid during the month of September.
There also redeemed in that month 10 cSri S
and the amount now outstanding on interest al =
per cent is $25,364, 500
PUBLIC MONEYS
The monetary transactions of the Government have
been conducted through the Treasurer of the Uncd
States nine subtreasury officers and 213 National bank
depositaries The number o. such deposaries on NO
vember 1. 1891, was 153, and the amount OF pubic
moneys held by them on that date, including those to
credit of the TIeasurer's general account and Ih'ea
States discussing officers, $40, lO6o7G 49, rdue-
ton since November 1890 in number Il twenty one
Withdrawals have been made from locations where pup
lie funds were held in excess OF e o no
service, and gradually in order 70 AVOID disturbing le
business Of the people. Further wllhdraWas VIII De
made from time 10 time Wheh IL can W b J hIdnss ~
detrment TO business Interests nnut~rne hoans S 81
National bank depositares shall have been reance1 ~
the amount needed for the proper TRANSACTION oi PuD
business. , o,;
This important subject has been unusually prom,
nent since the last annual report. The strngehcy IN
the money market during the summer and autumn OF
1890 relieved by the prompt ana enectlse nS M
out nrodt,c{nr the grave CONSEQUENCES which were
feared by the public but its existence ana the vice
viyai of tie erroneous that the volume OF money
in circulation was not only inadequate 10 tne meJ
than during the so-called ush times which followed
the Civil War. - ,.,.
The amount In circulation has been very largely
increased since the close of the fiscal year The
amonnt JuIy l. 1891, was al, 491 440,.01, and the
amount per capita S23 Al. The return OF gold to
fine United states the operation Of the Silver Act OF
July IA 1890 and disbursements by the Treasury on
account OF the 4 IL per cent loan pensions, etc,
have enlarged The volume to 81 ST. 62O7O, and the
ner capita amount to S24 IS. The amount OF each
kind OF money In the United Stafes including bullion
in the Treasury and the amounts IN circulation De
cember l. 1891 are shown in the subJoined table:
Population ca $50 600 circulation per capita s24 49,
- General stock Amount
coined or issued. In Treasury. in circulation.
December /, 1891.
Gold coin includ
fno hull