The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1894-11-29
TREASURER'S REPORT.
Paper Currency Put in Circulation
During the Year, $3.50. $50, 100.
Total Paper in Circulation In May S1.175,-
OOO.oOO-The Lowest Point Touched by
the Reserve Was @52,19i,50O-The
Retirement OF Treasury Notes.

WASHINGTON, Nov. 23.--Ihe treasury
department lost $4,000 in gold paid
out to Chas. Waite & Co., at the New
York subtreasury. This reduces the
gold reserve to S57 1892, 600. and the gen.
eral balance to 500, All 200.
The treasurer of the United States,
Hon. d. n. Morgan, has submitted to
Secretary Carlisle his annual report
He states that the lowest point touched
by the reserve was s5o, 1917 500 in Au-
gust, 1894. Prior to July, 1892.
the gold reserve was but little af-
fected by Withdrawals of coin, there
never having been any considerable de-
mand for the redemption of notes.
Then, when gold exports were heavy,
the metal was furnished by bankers
from their vaults, or was obtained
from the treasury for gold certificates,
of course without impairment to the
reserve. During the last two years.
however, the treasury has been called
upon to furnish nearly the whole of
the requirements for expectation. and
there have recently been considerable
Withdrawals for other uses.
With reference to the retirement of
treasury notes the treasurer says that.
prior to August, 1893, the treasury had
been able to provide for the redemp-
ton of treasury notes in silver dollars
out of the holdings Of free silver, so
that there had not been, up to that
time, any impairment of the total
amount of silver fund accumulated I'M
der the act.
On the third of that month. how
ever, the silver dollars and bullion in
the treasury had become reduced to
the amount required by law to be re-
tanned for the payment of outstanding
treasury notes and certificates. and the
demand for the redemption of notes
continuing, owing to the scarcity of
small denominations of currency, it
became necessary to draw upon the
dollars coined especially for that pur-
pose.
The silver fund being TINS impaired.
the notes so redeemed were cancelled
in order to preserve the required equal
ity between the silver in the treasury
and the notes outstanding. The total
amount of the notes retained in this
way up to October 81. was 81. 190la
The amount of the new issues OF
United States paper currency put into
circulation during the year was $780,
$50. 1870, having been exceeded but once,
in 1892
The amount of worn and mutilated
notes redeemed was S319. OO2,a00. This
also has been exceeded but once, in
1893.
The total paper circulation reached
its highest point in May last. when it
stood at 81, 175, 900, OOo. Since then
there has been slight contraction,
caused chiefly by the gradual rcdcmp-
ton and retirement of gold rtificates,
the issue of which wa, suspended. as
the law requires, when the gold re-
serve of the treasury fell below $780,
100000
Notwithstanding a change in the
regulations, whereby senders OF ma
tional bank notes for redemption were
required to bear the charges Of trans
portation, the rcdcmptions were the
heaviest than since 1886, amounting to
S1O5, 600 900, or more than half OF the
average circulation.