Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1893-06-02
HOARDING COLD.

WASHINGTON, May ~ The grow
ing tendency among tho banks to
hoard COLE and every form OF paper
money redeemuble in gold, while pny-
ing out the silver certificates issued
under the Bland act, is attracting the
attention of Secretary Carlisle, and
is rapidly convincing members of the
administration that repeal of the
Sherman law must come very soon il
our gold and silver currency is not to
part company.
The receipts at tho New York Gus
tom house have been for n long time
sort of barometer of the kinds of
money most plentiful and the dispo
sition TO use gold in ordinary trans
actions. Gold certificates havo been
freely paid for customs duties for
wears, since they were first author
lied, because of the convenience of
handling their large denominations.
In January. 1890, before the Sher-
man law passed, more than 81 per
cent. of the receipts at the New York
custom house wore i'll gold certiii-
Gates and less than per cent. in sill
yer certificates. Those figures be
gan TO drop after the passage of tho
Sherman law until gold certificates
constituted but 80 per cant. of the
receipts in October, 1890, II per
cent. in April, 1891, aud II per cent.
in April, 1892
The percentage had dropped be-
low per cent. in january of tho
present year and since May LIST has
disappeared altogether fro.u the re
turns. More striking still is tie nd
vance in the proportion of payments
in silver certificates. These consii
tuted but 10 per cent. of the puy.
ments early in January. climbed to
% per cent. the first ten days of
April, and to 33 per cent. the first
ten days of the present month. The
statement for the ten days ending
May 20 shows that 40 per cent Of
the payments have boon in silver Ger
tiGcates.
Tho treasury notes issued under
the Sherman law, still redeemable in
gold, como next in tho amount paid,
md the old legal tender notes, so
cured by the gold reserve. come
next and constitute the smallest per
centage outside of gold. The rule
seems to DO closely adhered to to
hoarel gold first, tho gold legal ten
ders next and the Sherman Treasury
notes while they are still redeemablo
in gold. The discredlted silver Ger.
tificates are shovel off upon the gov
ernment and the safer money kept
for more exacting creditors.
SHERMAN NOTES COMMON.
This tendency would be the less
remarkable if there WAS any accumu
lation of silver certificates in New
York. The fact is exactly the oppo-
site. The forms of money last issu.
cd aro usually the most common in
New York, Washington md Phila.
aelphia, and these ara tho Sherman
notes. Silver certificates have been
well distributed over the country dur
ing the thirteen years from theii
first issue i'll 1878 and tho suspension
OF compulsory coinage in the summer
OF 1891.
The only way in which they drift
back to New York is by tho discrini
nation of the western banks, which
return them in unkroken packages
to their New York reserve agents
when they receive them from custom
ers to whom they have been paid b,
the government. Such unwelcomt
guests have the silver certificate.
proved in the banks that packaee.
dispatched from Washington to dis
tant points i'll the west have tum
bled back into the New York sub
treasury in payment for custom.
dnes within week or ten days afte
leaving Washington. or rs quickly a
the express companies could carr,