Evening star., 1896-07-18
The Treasury Well Equipped for the
Demand for Currency.
WONE DOLLAR SILVER CERTIFICATES
Small Notes Required for the Move
ment of the Crops.
WILL HELP GOLD RESERVE

The new silver certificates which are lsSu-
ing from the bureau of engraving and print
ing will find their way into circulation In the
movement of the crops this summer ana
autumn. The treasury is well equipped 1or
the demand for currency which always
arises at this season and includes in its
equipment large supply OF the new GER
ttficates of the denomination OF one dollar
They will be paid out as soon as small
supply of the old designs still on hand Is
got rid Of 1t IS expected that some OF them
will be in circulation within week or Two.
The plate for the denomination Of five dol
lars has been completed. and some or those
certificates may be ready within month
or two. The two-dollar certificates are less
advanced, and the old designs will continue
to be used for several months. There is a
tendency at the Treasury Department to
adept new designs for all forms of paper
money as fast the old plates wear out.
II has been the practice heretofore to pre-
pare new plates of the old design, but a
change is contemplated in this policy which
will make IL harder than ever for counter
feiters to keep up with the current designs
and put notes in circulation which will not
attract attention. No new designs have
ySt been prepared for anything but the
small silver certificates, but others are like
ly to come in the near future, for the Sher
man notes and the United States legal ten
der notes.
Treasurer Not Embarrassed.
The United States treasurer has not been
embarrassed for lack of a sufficient supply
OF small currency since the new wing was
added to the bureau of engraving and print
ing about four years ago. The nearest ap-
Droach to such embarrassment was in
the summer Of 1892, when the low state of
the gold reserve and the treasury balance
made the margin small upon which trans
actions were carried on. The demand for
currency for moving the crops is simply the
exchange Of one form of money for another,
without any net loss to the treasury but *
keeps SO much money in motion in the
hands of the express companies. and in the
redemption division OF the treasury, that
margin of several million dollars is required
outside the ordinary working balance of
the department There is no trouble on
that score at the present time, for the cash
balance of the treasury is s262. .959. .285, or
SltS,tOo,o1o exclusive of the net gold reserve.
The treasury is well equipped with each
denomination and sort OF paper currency
much better equipped than n any time for
the past half dozen years. Tne United
states notes In the treasury are about
SSJ,Ub.rD. the Sherman treasury notes are
S1.oT".11 and the margin of free silver is
&5,l36.b43- This margin cf free silv-- is
the basis upon which silver certificates
may be issued Thc treasury was driven
Into narrow Quarters in the summer of
lsSS oy the issue Of standard silver dollars
in the redemption of Sherman notes Until
the whole amount left in the treasury was
less than The number Of the silver certifi-
Gates outstanding. This condition was rem
eCied in few days by covering into the
silver fund all the standard dollars received
in the current cash Secretary Carlisle
then proceeded to separa - the silver coined
under the Bland and Sherman laws, in
order to keep the amount held under the
Bland Law equal to the certificates out
standing, and to have a separate fund for
redemption under the Sherman law 1t
was this situation which led to the renewal
OF the coinage of silver dollars under the
Sherman law, and which has been urged
as the justification for increasing the coin
age TO N,OOO,OJO per month during the next
few months.
Nc Demand for Small Notes Yet.
There has been substantially no demand
for small notes yet in exchange for
large notes and gold coin. Ii is somewhat
early for the actual crop movement to be-
gin, although previous years have shown
a considerable demand for currency in June
and July, in anticipation OF the demand
expected later by the banks from their
Customers. The demand for exchange was
small during 1894 and 1S95 because the
New York banks were supplied with an
accumulation of small notes. whfcn they
were able to issue to their correspondents
without communication with the govern
mtnt- The accumulat ton of currency Is re-
garded as somewhat less at the present
time and may cause demand upon the
treasury before the summer is over. An
active demand for small notes would aid
Secretary Carlisle in maintaining the gold
reserve Secretary Foster was able through
this demand to build up the reserve in 1892
from $1lO.4i4,S91 on July 81 to S12lO OO6 119
on October 81 Special facilities were then
offered to banks and private persons who
Were wiling to pay gold for small notes.
Secretary Carlisle extended similar facili-
Ties last year and has kept open this year
the offer then made. This offer inv oIyed
the payment of express charges by the
government on gold offered anywhere for
transfer to the treasury and the payment
o. the express charges the notes sent
In exchange.