The advocate and Topeka tribune., 1893-09-27

which the law provides. The text
Of his resolution is as follows:
WHERRAs, Failures, bankruptcy, and bust
ness distress are witnessed throughout every
section Of the United States in consequence
Of an inadequate volume of currency TO
maintain equitable prices and make neoes-
ssry exchanges; and
WHEREAS, Under present statute laws the
secretary Of the treasury has ample su-
thoEity to issue United States notes in sufi-
Cient quantity TO relieve the present finan-
Cisl stringenCy; therefore
Resolved, By the senate and house Of
representatives of the United States of
America in congress assembled, that $685.
000 600 of United States notes issued under
the several acts Of 1862 and 1868 be, and the
same are hereby declared lost or destroyed,
and the secretary Of the treasury is directed
to credit the redemption account with said
amount.
That the secretary Of the treasury at once
cause to be prepared, signed and delivered
to the treasurer of the United States $685.
O0O, 600 of United States notes as authorized
by the acts Of 1862 and 1868, the same TO be
credited to the general fund and TO pay
current expenses: Provided, That the
amount so issued shall not exceed $450,OOO,-
900, the amount authorized to be issued
under the several acts Of 1852 and 1868.
Commenting upon the clause of
the resolution which declares that
25,0O0,0O0 of the $346,OOO,OOO nomi-
nally outstanding have been de-
stroyed, the National Watchman of
September Is says:
That a large amount of these notes now
designated as outstanding have been des-
troyed, but few are reckless enough to deny.
The largest amount of legal tenders out
standing, at any one time was $449, ,338, ,902,
Juue 30, 1854. The Rct of May 81, 1873, for
bsde their further destruction. At that
time the books Of the treasury showed $346,-
681, ,016 as outstanding. Since then the gov
ernment has included this entire amount in
itS statement Of che volume of currency,
making no deductions for loss by fire,
wreck or food, or for lost and worn out
bills.
The idea that none has been destroyed is
absurd. There is no data, however, upon
which precise estimate can be made.
Some idea may be formed of the loss in
suOh cases by comparison with the known
statistics regarding fractional currency.
Since 1853, when fractional currency was
first issued. there has been issued and re-
issued 1858, ,720,079. The largest amount in
circulation ut any time was SAG, ,912, ,003. "a,
in 1874. The aOt Of January IA, 1876, pro-
vided for their retirement, since which time
all of this kind of currency that has been
presented has been redeemed and retired.
The amount outstanding June 30, 1880, was
SIS, ,589, ,8SS37. By act of June 81, 1879, con-
gress declared that $8,975, 1884 had been lost
or destroyed. Since then only 99,2l0.40
has been redeemed; and Senator Sherman,
ina recent speech, declared that the re-
naming $6,9l5, ,743.9 7is probably lost. Here
then, is proof that out Of the SAC, 1851 900
fractional currency issued, over $l5,OOO,0OO
remains unaoOOunted for, an absolute loss
Of 35 per cent. in sixteen years.
These treasury notes have been in circu-
lation for thirty years and subject 20 the
accidents 10 which such currency is liable
all that time. II $15,OOO,OOO Of fractional
currency is declared lost out Of SAG, 100000
in sixteen years use, is not $25,OOO,00O a
conservative estimate for the loss on an
average of over $35O0OO,OOO of treasury
4 nokaa for thirty veaPs2