St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-11-28

sent to Washington for redemption.
The shipment, redemption and destruc--
ton of the old notes and the issue of
the new take time. Before the treasury
can make the conversion. the subireas-
uries are drained and the treasury has
nothing but gold certificates to send
them. In this wav gold reserve suffers
until working balance of other ma
terial can be got together. The issues
of the United States paper currency
amounted to 1916, 1868 exceeding
those of any previous year. or the
whole amount, 1928, 100000 took the
place Of like kinds and
Amounts Destroyed
while SIS, 600, 900 consisted of fresh is
sues. During the first six months there
was an increase of upwards of $37, 000.-
600 in, the denominations of $50 and
under outstanding. and during the last
six months an increase OF $50
000,000 in the denominations of $50 and
over. The treasurer remarks that it
would seem to be the proper policy to
make provision for the periodic changes.
which appear to be natural, both
in the amounts and the de-
nominations Of the paper currency
required by the people. Partly in con-
sequence of the improved condition OF
the coins themselves aud partly as the
result of more liberal plan of distribu
ton. the treasury, between June 30,
1891, and Sept 80, 1892. reduced its hold
ings of fractional silver by no less than
$7O0.000,000. A still further reduction
is expected to be realized in consequence
Of the recoinage proposed for the re-
mainder of the current year, and IN par
ticular from the manufacture OF the
Columbian EHaiC-DoiIars.
There has been a slight decrease in
the amounts of counterfeit silver coins
and paper currency presented at the
treasury. Important legislation is con-
tanned in the act of congress approved
July IS, 1892, which provides that all
national bank notes issued to or re-
ceived by any national bank shall be
redeemed as provided by the revised
StatuteeS. notwithstanding such notes
may have been lost or stolen
at the bank and put in crcu-
iation without the signature, or upon
the forged signature Of the preSI-
dent or vice president and cashier. Inc
immediate effect of this enactment is to
provide for the redemption Of certain
incomplete notes which had been issued
y
whose titles obey bear, but had been
stolen and put into circulation before
having been signed by the bank officers.
In connection with earlier provisions
this enactment makes redeemaDle all
Impressions of the genuine bank note
plates known to be eXtant, There was
an increase OF over S20,0OU,000 during
the year III the amount Of
sr,sErad S4araS. AgOnHG
held for the security of national bank
circulation and decrease of $lO,000,OOO
iii the amounts held as security for pub
lie deposits A total addition OF 81 Co.,
900 was made TO the par value of the Sc
curitieS composing the Pacific railroad
sinking funds. In proportion to the
volume of national bank notes in cir
culation the redemptiOns continue
heavy, having amounted to upwards
of $50, 0G0,000 in the fiscal year.
A change of the regulations
has been made by which rag
mentS Of notes valued by the comptrol-
Ter of the currency at less than face are
received Internationally from the hold
ers Mt the certified valuation. The treas
urer closes by calling attention to the
labors Of the commission appointed to
investigate the methods OF safe and
vault construction with view to I'M
proving the vault facilities of the de-
partment. The treasurer urges that
prompt steps be taken to carry their
suggestions into effect.