Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1892-07-14

a In connection with the assertion
among silver men in Congress that there
\ Is an insufficient circulating medium
+ and that were there an increase of one
K third or one-half, that is from the exist
ing per capita of $24 to $50, there
would be great increase Of business
throughout the country, q representa-
tive of THE GAZETTE called at the yari-
GUS city banks yesterday week 10 ascer-
q tain the oI'inion of the officials on this
question | Id also to find out whether
there is in Wilmington any trouble or
Interference with business through any
restriction of the currency.
IA AT THE UNION BANK.
"There has been contraction among
national banks" Cashier John IL. Dandy
of the Union National Bank explained,
sin their own circulation. But that is
u due to the fact that it does not pay the
banks to keep their notes out. The tax
paid to the government is more than the
+ value of the advantage gained by the
note circulation. No contraction of the
general circulation has, however, fol-
lowed this action.
eve have an ample medium and more
silver than we need for daily use. A full
supply exists for all the needs of Viii
mington and of the Peninsula.
~ do not believe that an increase of
one-third or one-half OF the per capita
circulation would increase the business
Of the country. do not sec how it
could be of aid in view of the present
existence of an ample circulation,
FIRST NATIONAL BANK.
President Edward Belts of the First
= National Bank spoke in effect as fol-
lows:
g There is sufficiency of circulating
medium in this locality. We can obtain
b any additional quantity we may need at
call from the Philadelphia mint.
1t is true that the circulation fuctu-
ates. Sometimes there is more than we
need and occasionally there is lack.
This is explainable readily in various
ways. When heavy railroad wage pay
ments are made there is a drop. For
instance, on certain days when heavy
payment of $4,000 or $4,000 is dis
Iributed to the railroad men; when the
Edge Moor payment and those of the
Harlan & Hollingsworth Company and
other large companies are made the cir
culation of course drops. On the other
hand the banks receiving large mercan-
tile deposits would have an increase in
their circulating medium.
The reason that it does not preserve
balance here is that more people go from
this city to Philadelphia and elsewhere
and expend SIS to $40 than come from
Philadelphia here to spend those small
sums. There is always therefore a leak.
age in our circulation. This explains
the necessity for an occasional restoring
of the currency and of the fact of its
III.
Probably from $500O00 to 81 1000, 900
was brought here during the past year
TO rectify the balance. OF this sum, |
was silver.
You know that 0s per cent of the
business of the country is done by check
and the 2 per cent in currency.
"From agricultural directions" the
reporter asked "is not the usual medium
of exchange in the form of currency
and not by check ?"
Mr.. Belts replied that it is notas much
as one would think. Persons would be
astonished at the number of small
checks, So, So and So amounts taken by
x farmers.
There is no scarcity of silver certifi-
Gates of the lower denominations, sis
and SIS. AT any rate / have not heard
of any. They We're scarce some years
ago.
In a sample payment on account of
railway wages of $4,000 in currency,
the denomination feature would average,
may say, as follows:
silver .'...... ...............,......S 1000
= 'Go!d.. ..'',.,..........,.. 2oUOO
4 g notes '''..'.'.'..........,. -
q u 30 notes. ...'..-,. Observation-Disclosures. buOO
Nh Slu notes'''''' t'.'''''''t'.-.'.'.... lsOOO
In regard to the gold payment and
the absence of 81 notes you must re-
ts member that in the case | refer to there
are possibly 100 men waiting to get
paid and the line stretches out on TO the
r Sidewalk. II would take too long u
time to count out the 81 notes, and at
s the same time gold is easily handled.
M THE DELAWARE BANK.
Cashier Henry Baird of the National
Bank of Delaware, says there is no
scarcity of circulation in this section
There are no complaints. The bank
accumulates right along, and has to ask
" other banks of the city TO relieve ii OF
currency surplus. There is more silver
and gold and more of 81 and 50 notes
in hand than then we need for daily
Business.
An increase by Congress Of third
Of one-half Of the currency of the coun-
try would be Of no permanent benefit TO
business. 1t might possibly be so for Il
time in some sections. But, as | saw,
we have all we need. An increase, |
y think, would not bring trade. Money
is ruling now at very low rates.
HH4 AT THE FARMERS BANK.
aS Cashier Thomas L. Young was seen
at his Office in the Farmers Bank. lie
remarked that the currency here fluctu-
ates; sometimes there is lack and then
again there plethora. There are times
when we get more currency on deposit
than we can put out. We send the
surplus to Philadelphia.
This being State bank, we have no
notes in circulation. At times here
there are relatively no 81 and So notes
in circulation, and plenty of everything
but of those denominations. There has
been no famine of low denomination
notes since 1888.
can hardly think that such large
increase in the currency as 80 or 50
per cent capita would help business.
assert that if l offered 100000 for cur
rency on this table to-day to business
men no big firm would come running
after it, Their reply to my offer would
be that they have all they need.
If offered another 100000 on the
top of that it would have the same fate,
and so on. Then what is the use of an
increase. Business men wont pay inter-
est on money they don't need.
In retail business also values of all
hos 4 A Il