The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-28

! reached the sum OF 5000 O0o, COZ. Il fell be-
/ i0w that figure, and on the nth OF that
Il Hclth the issue Of gold certificates was
suspended. as required by law. The loss
/ Of gold was caused partly by deficiencies
/ in the revenues, but chiefly by the pre-
sentation of iegal-tender notes for re-
| dempton In the coin,
In seven months. beginning with last
/ December, upwards OF ssl 10000 was
J drawn out of the treasury in redemption
Of notes. and the gold reserve was roduc-
ed during the same period by &S,0Oo,Oo0.
| During the next three months with light
| redemptlons and n deficiency OF $1,000 900
( In the revenues. the treasury lost sl5o00,
/ 0o0 OF gold, but the reserve fell of only
/ g 10000.
The amount Of gold exported during the
! fiscal year was the largest ever taken
out Of the country or brought into II I'm
any Ike period, being upwards Of sl0S-
G01OO, and Il noted that sl02 600 900
OF t was drawn ont Of the treasury by the
presentation Of legal tender notes. Most
of the gold exported In former years was
supplied by the treasury IN exchange for
gold certificates and it is the first time
that any considerable sums OF notes have
been presented for the metal.
With the exception OF an increase OF
Si5,50o000 I'm the amount OF treasury notes
issued I'm the purchase OF silver bullion.
and decrease Of s-0O0e0 in the com
bined volume OF gold certificates and cur
rency certificates, there has been no i'm
portant change in the public debt.
According 70 the revised estimates, the
stock Of money OF all binds In the country
on June 30, was $323 .541977, or nearly 81.
VO,0 less than at the same time last
/ year. This contraction took place not
withstan9ing the addition Of si5500.0N0 TO
| the stock OF silver, and an increase of
| 100000 I'm the outstanding bank notes.
and was cau-td OF course, by ;he exports
| OF gold. In July. however, there began a
! heavy return movement OF the metal.
| supported by a rapid expansion Of the
bank-note circulation. BY the end OF
| September the stock OF gold was restored
| TO what ii was when the exports began.
| The total Increase Of the effective stock
OF money I'm the three months was NJ less
than S95,OOOO00. bringing II up TO a figure
much above the highest ever before reach
ed. The Treasurer remarks that this sud
den contraction and expansion within the
space Of eleven months affords a striking
illustration Of the degree Of flexibility pos
sessed by the currency
The revised figures for the emount OF
money IN circulation. that is outside Of
the Trea ury. on June 20. place Il at ST.
696.Si6S29, or about 100000 less than II
was a year before During the four
months ending with October there was an
increa &c Of $i25, 100000, a record altogether
without parallel in the history OF the
country. The aggregate Of money In the
hands OF the people arl the average per
capita were thus brought 20 a higher
figure than had over before been reached.
The red1mptions ~ United States paper
currency havo been unusually heavy.
amounting 20 1900 I'm the fifteen
months ending with October
During the past two fiscal years there
was recoired nearly ohe-hfth rart Of the
whole estimated stock of subsidiary sill
yer. an Improvement that Ia expected TO
increase the popularity aud usefulness "
this part Of the currency Contrary TO
expectation, the Columbian souvenir coins
have not proved popular Some Of ,hem
were never taken ont Of The treasury and
others have been returned for redemption.
An Arrangement has been IN contempla,
lion under which the half-dolars I'm the
treasury win be recoined nj the expense Of
the management of the Exposition. It
has not yet been decided what disposition
IS to he made OF the quarter dollars Of
this Coinage not disposed or
AlEcugh the nominal amount Of coun-
terfelt coins and paper currency presented
previous year. the Increase was less, pro-
pCriicnately. than the increase OF the
amount Of money handled.
Considerable additions were made 10 the
bonds held in trust for national banks
and FOR the Pacific Railroad sinking funds
on account of the disturbed financial
condition Of the country there have been
some unusual lnci1ents in the redemption
Of national bana notes. The first occurred
In July and August, when the amounts
received were less thaa they mad ever
been before stree the establishment Of the
Redemption Agency ~ the Treasury. In
September the receipts increased as rapid
ly as they had fallen off, and IN October
they were the heavie.t I'm many months.
The Treasurer concludes by urging that
the vaults and safes in his Office be pu.
IN better condition, I'm accordance with
the commission appointed 10 investigate
the recommendations made in the report
OF the present methods Of this kind Of
construction