The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-12-12

issued DN It's authority, ana tn-S IS one OF
the results which the proposed plan is in
tended TO accomplish.
In order to provide a wide field for the
active circulation Of our silver coins and
certificates, which now constitute about
One-nfth Of the entire volume Of our cur
rency, and TO protect the treasury as far
as possible against the accumulation of
certificates returned in payment Of Gus
toms and other dues to the government
It IS proposed that no national bank note
or less denomination than $40 shall be IS
sued. The bank notes under denomina-
tons now outstanding amount to $63, 25S.-
S49. and there are a-so in circulation S64,-
1881 in old United States legal tender
notes in codenominatio less than So
S6O,9O3,65S in treasury notes of $780, and
3l.O47,574 in silver certificates, making in
the aggreg gate S3lS, 61S, 9s5 In small notes, or
only about 81, O0O, 600 less than the entire
issue Of silver certificates.
The fact that out circulating medium is
composed of so many different kinds of
currency would seem TO require the en-
actment Of such legislation as will pro-
vide a place in which each can be safely
and conveniently used, and as this can
be done without discriminating against any
or them, 1t ought not 10 be omitted from
any plan which proposes permanent
changes in the system.
Policy of Other Countries.
The policy of various other countries in
this respect appears to have enabled them
to avoid the difficulties encountered here in
the attempt to keep ,ess valuable coins
and their representatives in circulation
without arrangement OF the currency or
disturbance of the public finances.
Great Britain, with $555, goo, 900 in gold
and only S112,000,000 in silver, none of
which is full legal tender, authorizes the
issue or no note of a less denomina ton
than 70, equal 10 S24.S3; France, Belgium
ana Italy, with S916,000000 in god and
S9lS,3O0,OOO in legal tender silver, issue no
notes OF a less denomination than 20 francs
tS5.S6); Holland, with so. 500 600 In gold
ana S5S,4OO,OOO in legal tender silver, issues
no paper below - forms $1,000: Spain.
WIN S4O,OOoOOO in god and $126, ZOO, 600 in
IegaI tender silver issues nothing below %
pesetas $472; Denmark. Sweden and
Norway, with $2S.000,OO0 in gold and sl2-
IVo'oOO IN limited legal tender silver. have
no paper under 10 crowns $2.6S). and Aus
LrIa-tungary, with $130, 100000 in gold and
SSl,00O,O0O in legal tender silver. is gradu-
asy retiring all notes under 10 crowns
GA0D.
None Of these countries have any paper
based exclusively upon silver, as we have
and consequently all PAYMENTS made IN
sums less than the denominations of notes
mentioned must be made in actual coin
which would not be the case here if the
recommendation now made should be COM
pLlCu VIII. Our STOCK or tull legal tender
silver coins IS larger in proportion to the
stock OF gold than in any of the countries
named. except Holland, Spain and Belgium
and yet We continue to Obstruct their cir
culation by the issue of small United States
notes and bank notes. which serve the pur-
poses of the people in their daily transac-
tons no better than the coins or certificates
based on them.
The experience Of this country under the
act of Feb. s, 1874 which limited silver GER
tifcates to denominations Of $40 and over
and under the act Of Aug. 4. 1886, which re-
moved that restriction. justifies the belief
that the change now proposed wOuldl re-
suit IN a greatly increased use of silver
coins and certificates. and they would be
much less likely to return to and remain in
the treasury than at present. At the time
of the passage Of the act last referred TO
permitting the issue OF silver dollars. not
represented by certificates, in denomination
of 81, - and 50 standard silver dollars had
accumulated IN the treasury to the amount
Of $S3,959, $50, although the total amount
up TO that date was only S235. 643 2S6 With
in four months after that date, although in
the meantime the coinage was progressing
at the usual rate. the amount Of free silver
held in the treasury was reduced to 81. 259,-
Sos. and it continued to decrease, on ac-
count of the demand for small certificates
until 1t became 50 reduced that further is
sues Of certificates had to be limited. prac-
tically to the current coinage Of the dol
lars.