The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-03

ounce or $0-yz44, costing Sl55 93l ,O02. The
government coined to the Nov. i, 1897, s452.-
1892 of which 1892. 1904 are in the treas
ury, and $50, 1878 are in circulation. The
free transportation of the silver dollar has
cost 1864 ,106. The government now holds
lis, ,s6l, ,O79.54 ounces of silver bullion, which
cost sl04, $50, ,s51 SO, and which, at the price of
silver on Nov 8, 1897. are worth $65 99O. .O16.67.
AS against the 392, ,517014 silver dollars now
in the treasury there are outstanding silver
certificates to the amount of 1872 S3S, 9l9,
leaving $l9,6IS,U95 IN the treasury uncovered
by certificates.
AS the silver bullion now in the treasury
and purchased under the act of 1890 cost
S103 957 026 25 and there are outstanding
treasury notes Of 1850 to the amount of
sos, ,313, $50, silver dollars to the amount of
IS 356 254 must be held as against these
treasury notes of 1890. and this amount de-
Quoted from the amount of silver dollars
uncovered by silver certificates (Sl9,6tSO9o)
leaves as the amount of silver dollars un-
covered by either silver certificates or treas
ury notes of 1890, and subject to disposal
by the treasury, $l4S21SA. The act Of July
Ii 1Sg0 declared it to be ''the established
policy Of the United States to maintain the
two metals on a parity with each, other
as may be provided by law" The act of
Nov l. 1893, declared it ito be the pollcy
of the United States to continue the use OF
both gold and silver as standard money ana
to coin both gold and silver into money or
equal intrinsic and exchangeable value,
such equality to be secured through inter-
of LEGISLATION as will insure the malnte-
nance of the parity in value OF the COINS
of the two metals, and the equal power of
every dollar at all times in the markets and
in the payment of debts.
8. Subsidiary silver, coined for government
account in denominations of 80, % and ~
cents 800 fine, containing 1858 grains to
the dollar; "a legal tender in all sums not
exceeding so in full payment Of all dues
rlblic and private;' receivable for govern
mental dues to $40; and exchangeable for
lawful money at the Office of the treasurer
or any assistant treasurer OF the United
States in sums of $40 or any multiple there
Of The general stock of subsidiary silver
amounts to SIS, Ala ,00T of which $11,9Sl O7S are
in the treasury, and S6S 4S2,S29 are IN CIR
culatiOn.
4. Minor coins, coined on government ac--
count in denominations of cents ana
cent: q legal tender at their nominal value
for any amount not exceeding % cents IN
any one payment receivable to the amount
of Is cents for all governmental dues; ana
redeemable in lawful money at the once OF
the treasurer and the several aSslstant
treasurers and repositories of the United
States when presented in sums OF not less
than $20
GOLD AND SILVER CERTIFICATES.
S. Gold certificates, issued under the acts
of March 8, 1863, and June II, 1882, for gold
coin deposited in the treasury, in denomina-
tions of S1OOOO $780, 81 coo, $500, $780, $50 and
$40; not a legal tender, receivable for Gus.
TOMS taxes and all public o~es, and re-
deemable in gold at the treasury or any sub
treausry Certificates to the amount of
$3S, ,34S, 1863 are outstanding, of which $15S4,O6O
are in the treasury and $S6,S14,1O9 are in cir
culation.
g. Silver certificates, issued against stand
ard silver dollars deposited, in denominations
of 81, ,OOO $500, $780, $50 $40, IS, 81 and 81; not
a legal tender; receivable for customs, taxes
and all public dues; exchangeable for stand
ard silver dollars or smaller coin, and re-
deemable in standard silver dollars. There
ara tSta Ddipp silver certificates TO the
amount of 1884 40 504, of which $ll, ,33l $50 are
in the treasury and $S72, ,SSS,9l9 are in circu-
lation.
Z. Treasury notes, issued under the act of
July A. 1890, in payment for silver bullion;
legal tender for all debts, public and prl-
vate, except where otherwise expressly stfp-
ulated in the contract" receivable for GUS
toms, taxes and all public dues and re
deemable on demand in coin" at the office OF
the treasurer or any assistant treasurer or
the United States. There have been issued
$155, 931 ,002 of which $466l7,722 have been re-
deemed in silver and Cancelled, $7,5533z5 are in
the treasury, and $1Ol, ,759,955 are in circula-
ton.
s. United States notes. issued under the
acts of Feb. 20, 1862. July 2, 1867, and March
g. 1863, in denominations of 81, ST. 50, $40, $50,
$50 $780, $780, ST. 900, $5 900 and $10,0O0 a legal
tender in payment of all debts, public and
private, within the United States, except for
duties on imports and interest on the pubic
debit redeemed when presented since Jan.
l. 1879 in gold coin at the SubtreaSurleS in
New York and San Francisco, and reissued.
The highest amount of these notes outstand-
ing at any time was on Jan. 3, 1864 when 1t
reached $449 33S, ,902. By the public-credit act
of March IS, 1869, 'the United States solemn
ly pledges it's faith to make provision at the
earliest practicable period for -, the e, reaemp mp
resumption act of JAM IA, 1875, authorized
the use of surplus revenues and the issue OF
bonds for their redemption. The act OF May
81 1878, prohibited their further cancellation
or retirement, and directed the reissue of
such as might be received or redeemed by
the treasury The amount outstanding has
therefore since remained at $346, 6S1 0l6, of
which $S768 ,0lS are in the treasury, $4S62o 0OO
are held against outstanding currency ceru-
ficates and $258 1898 are in circulation.
AGGREGATE AMOUNT OF NOTES.
The aggregate amount outstanding Of
United States notes, treasury notes of 1890,
and silver dollars is $9o8, ,7OS ,0SS, of which
$61 274, ,1S4 are now in the treasury, but liable
to reissue, and $S47, ,4S3 9O4 are in circulation.
AS against this large amount of that which
is a credit currency aside from the value of
the silver bullion and dollars in the treas
ury, the treasury now holds $153,573,147 in
gold coin and bullion. after deducting the
amount of the gold certificates.
9. Currency certificates, issued under the
act of June s. 1872, in denominations of $10,-
600, upon deposit of United States notes,
payable to order. and not a legal-tender, nor
receivable, in exchange for 90 anything an tn other
than legal-tender notes $48 $780, 600 are out
standing of which $4,000 are in the treas
ury and $4S, ,2S5 900 are in circulation.
TO- National bank notes, issued by the ma
tional banks of the United States in ac-
cordance with the act of June 3, 1854 to
the extent of 80 per cent. of the par of gov
ernment bonds deposited by such banks
with the treasury; not a legal tender; re-
ceiVabIe at par lin all parts of the United
States in payment of taxes, eXcises, public
lands and all other dues to the United
States except duties on imports; and also
for all salaries and other debts and demands
owing by the United States to individuals,
corporations within the United States ex-
cept interest on the public debt and in re-
demption of the national currency" receiv-
able also by every national banking associa-
ton for any debt or liability to it, and re-
deemable at the treasury
The national bank notes outstanding are
$3.50 1872 275 of which $4,99S,012 are in the
treasury. and $225, 4,263 are in circulation.
The national banks were organized under
the act of Feb %. 1853, and its supplements.
They were authorized to issue a circulation
based upon bonds, in order that there might
thereby be created a demand for the bonds
of the United States.
On July 2, 1866 there were 1854 banks; on
Dec. 26. 1873 1876; on Oct 2, 1890, 3,540; on
Dec g. 1892, 2,773 and on Oct. 5, 1897, $3.50. The
maximum capital was $3.50 ,69S OH on Dec. 8,
1892 The maximum circulation was on Dec.
26. 1873, $341 320. .256. and the minimum circu-
lation on Oct 2, 1890. $l22, ,0S4. Up to 1892
the tendency was towards increase of capi-
tai. Since then the tendency has been in
the direction of decreasing capitalization.
From 1873 to 1890 there was a marked de-
crease in circulation, with occasional
- -4-r T.ae Lrrr