St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-06-21
They Appear to Be Giving
Mr.. Foster a Deal of
Concern.
He Wants a Blanket for the
Silver Bills Issued in
1890.
An Opinion From the At
torney General Sustain
ing His Position.
"Calieo Charley" Foresees
Embarrassment Unless
He Gets Relief.

WASHINGTON. June 2O.-Secretary
Foster has sent the following letter to
the senate recommending that the pro-
visions of the act of June s. 1872, be ex-
tended to the treasury notes authorized
by the act of June IA, 1890.
Under the act approved July IA. 1890. there
have been issued in payment for silver bull
lion purchased, as shown by the statement
published Jan. ]. 1882, treasury notes in the
amount of Sy7, 391. 9S6 II has been the policy
distribution of these treasury notes by issu-
ing them in the smaller denominations SO
lar as possible. In pursuance of this policy,
and in order that there might be no ground
for discriminating against them, my prede-
cessor directed that the outstanding treasury
notes be treated in all respects the same as
the United States notes. Among the proyi-
siOns of law affecting the latter is that con-
tanned in the act of June :, 1892, which
authorized their receipt OH deposit
Without Interest
from national banking associations in sums
not less than $4,000, and the issue therefor
OF certificates of deposit in denominations
not less than $500. Soon after the issue of
treasury notes began il was found that their
distribution in small denominations would
be facilitated by extending 10 them the pro
visions CT the act OF June {, ls12. This was
the proper officers of the department, who
were of The opinion that such action was not
in conflict with any statutes. In view of the
fact however that the act OF July II, 1897,
did not specifically provide for the receipt
o. the treasury notes Ill this manner,
deemed IL advisable. when my attention was
called 10 the matter. to consult the attorney
general Oh the subject, and that officer, IN
der date of Feb. Is, 1o92, informed me that,
IN his opinion, such
Treasury Notes
are no so receivable. As this opinion was
at variance with that under which the de.
partment had acted, IL was thought adyisa-
bic, after careful consideration. to discon-
tlnue the receipt OF treasury notes as special
deposits ana refer the subject 10 congress
Tor such action as II may deem proper. AT
this time there are no treasury notes of 1880
in the department held as special deposits.
This condition is the result of steps which
wer e taken as soon as the conclusion above
indicated was reached. As the cr0p-mOVing
period is near at hand it is thought that the
continued issue OF the smaller denomina-
tons of these notes will for the present be
acceptable ana viii not be Immediately
checked by the dlscOntinuance of their re-
ceipt as special deposits but as soon as
The Return Flow
of money TO the business centers is estab-
lished. The addition of new currency in
small denominations without privilege OF
special deposits heretofore allowed. will
prove embarrassing alike to the public and
the department. and in my opinion will
eventually result in an increase in the pro-
portion OF notes Of large denominations. En-
tertaining this view. and being DESTROYS OF
furnishing 10 the people for Their everyday
use an aoeQBa;e supply OF such denomina.
tons OF money as they may demand. do not
hesitate to recommend that the provisions OF
the act OF June s, 1872, be extended by appro
pirate legislation 10 the treasury notes au-
thorized by the act OF July Il, 1890.