Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-15
OFT WITH THE HOARD
.,ouwANU TO SELL MONEY AT A
U PROFIT SELL NOW.
s, Pouring Small Notes rnto Cir
coia,ion- Money wan 500" pes
prng In the Market
..,,o The Vow York worId.l

..,,rox. August 49," IL might be
,1c monov-hoarders who desire TO
.,..,r money at proat to get 1t upon
r,r,et at once, for within bHef
q" r..oill bo 80 much Of q drug through
..,,,,y .hat the premium upon 1t Will
......s disappear
.,-,.lcr. of-tbo. Currency Eckels
a.s significant statement today
asked by the World correspondent II
.,..-.. famine" which developed
...-~,nc conditions IN the great
'- centres duuag the past week,
.t, to be relieved very speedily.
.-. the causes of tins new dis
...,. Gaauclal circles, he said:
'i.... ..t5qtion asit stands to-day might
-.....p- ruatcly be termed starvation
...r.i,, o; plenty, for such is the ex-
..,,. The volume OF currency IN
....rrr .s greater than in any recent
..t Sc, none Is 10 bo had except
bought IN the market as a
....-.ty uurc and simple. Remark
...- -istlis moues-buying and selling
g.. street, Of New York and else
r.s,r existing circumstances It
..,lslag results quite unlocked
....... t.~. entered upon. II IS bring
...f a,3Iug- places the money drawn
-.... ta.h. by the timid, and as con-
clio ensuing week will undoubt-
.. o..r..- money sink to its noimal
N..u tins point is reached there
.,..1.mand for u as an article of
....-l l..a. and the owner will uudoubt-
.....-1it o. the bank from which he
1at ,, ,..-.,
...H,.. t.e cJmtng treek more cur
ssi.i upon binds dpos,ted 10 Sc
..ot lY banks uldn W ne same pc
.u. fr some yoWs.
'.I I.. slowing of the month OF July IN
....rI WIS considered quite remarks-
..ef,asc having Leen over s5.5OJ,-
ID, August ought 20 double tins IN
..-rav this amount has been
... ... Sine month Is not nan over.
.,.. orders OF the hrst days OF the
KIM. flied this week, the bonds
I'D. deposited. and the Bureau If
..r.- aud Printing by extra Ihoor re-
..tu, of printing the same from
~ G.r- to fourteen. Much OF TINS
-r.,., VIII 20 90 New lork. Phila-
..l Boston. though other cities
.eu VAL receive considerable
.t...r.t Int have a rsassurlng effect
...t.. Bthc 90 know that from Au-
.. t-fL ~g{G1S, $50 Of currency
-.r,1 printed. oonds 10 the amount
-....I 5.. i-po,teI 10 secure ctrcula-
. currency to the amount of
.. actually sent from the Comp
.r-.-... When 10 this is added the
.. ,., 100000 Of gold Is ordered
..-..l aud soon must be here. there
.... ..-..nl ground for hope OF re
...... lltion which IS wholly the
t.. .,l..,ouug fear. IT might be
... .r tlc money -hoarders VINO
.. sod their money at profit to
t.. t.llr, and get Their money
Oil. rlrkt. at once, for within u
Co.,. tr..' period u Will be so much OF
.... .t..-.l over uuplv that the pre-
..... 4 wall entirely disappear
....r'. the fact thai the volume
r-.... outstanding Is larger than 1t
.... la wears. Treasury statistics
..r r.t there is al least S15OOl.OD)
..f-gaI notes outstanding to-day
,....t'.. same date q year ago. The
...r .lrr.rcy aggregates Sl,lU5,O0O,OOO
st .. t..- amount only .S5o,OO0.OO0 Is
~I ana ~ bills, and OF these II Is
...s'-l about per cent. have oeen De
.-.... ..rW.iu ,ut. there Is Outstard-
....ut $ HuIJ.OiJ m hyes ana S215,-
..fa.. rlr ordinary exchanges 10
......lt tlatihe country IS limited 10
~-...IuI lu fves. twOs, ana ones,
, -...a..y pf SILVER dollars, and the
......I ~ fractional silver. or the
....t.v volume. therefore, only about
... '.r.l l- q denominations that would
l..-f a. ordinary retail transactions.
I......r tLrre-fuurths of the currency
.... ..ruuatlI Iu- TOO large for the pun
II '. ....ry exchange.
t.f.. currency strlugency has been al.
-tg...v confined 10 small note 1t Is
t..u'lu tL- opinion OF the Ireasu-
...l..tt- O. trace tae cause. Ibe great
... deposits IN tine country IS drawn
r.t, %. fourth of the currency IN
.- circulation. and with the deposl-
,-.'.l-l INTO withdrawing thelr
..l--- t.4t money they WIKI traw must
..rE rIrtal the volume of small
.... .. general circulation. Inc savings
t..- tu- country, into which
't.... money has been dumped hereto
t. -.. r.y bed about S35,0Oo.0OO IN
.--. -4E-t their sl,sJO,uuo.O OF deposit.
per cent. Threatened win
Bot surprising II they nave IN
U. t..rcI-l holdings TO 10 or ID per
..t Bill. national hank reserve IN re-
... ..., Is much larger. Whatever
t.....' .,. auuous the savings banks
"..' result IN Withdrawing a
'f- amount iot small money
4" t.- natural channels. This pre-
-..'. ... u.lu-etiouably been taken by
.-.. bank. generally. and tins fact ac-
.t.-. a.. . -reat measure, II Is thought,
.. .. lca 81 small bills. A similar
...-l. SID iar us small money Is con
cl.' af- experienced a few months
--- Oh. pa.ic ot 1873, when the New
DID, .. .,.ss 4iyanced -, ,0JO,COJ in gold TO
g.; i.-,.ry 10 exchange for fractional
t.t-
A. Comptroller Eckles has indicated.
g. t.l.r u. on deposit of bonds by
...a-. Is turning out daily not
t- t.a H.oD IN small bank-nOtes.
.t...4-. ~ bank circulation since July
...r ...l numbers has been more than
ttli of which has been made
.. '.. r.-. twelve days. Banks are
.ls bonds aud the Bureau OF
t-f.. -cd Printing Is working double
n... tlc demand. II IS not I'M
-t.4. ihc increase in bank circula::
u.lth alone will be upward OF
Tins money Is oil III bills OF
.ulguous. requiring much ai-
.... labor 90 the bureau.