The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-20
SMALL BILLS SCARCE.
Due to Needs of Wool
Buyers-Local Banks
Have Plenty.

The reported scarcity of currency in
the east is causing considerable anxiety
among the business men hereabouts,
through fear of the possible stringency
that characterized the money market a
half dozen years ago.
But careful Investigations by The
Spy reveal the fact that there is little
need of worriment, and that whatever
lack of paper currency exists is spas
modic only and due largely to the fact
that ready money is necessitated in
place of checks by wool buyers in the
west just at this time.
Cashier William Woodward of Cen
trail National bank, when questioned as
to the cause of the scarcity of curren-
cy. said:
The issue of paper has been in ex-
cess Of the gold reserve, and while gold
payments are being made, no paper
currency is being issued. There has
been no effect locally, and, although We
get out large payrolls each week, we
have always been able to get paper
by exchange with local banks.
I'm Boston and New York the sub
treasures are paying nothing but gold.
Paper currency is demanded by large
corporations having a weekly payroll
into thousands of dollars for help.
Despite the bulk and weight of gold,
1t is being accepted. sUnder a gold STAN
dard there certainly can be no objection
to the abundant supply Of the metal.
Paper currency Is being used largely IN
the west by wool buyers. This need OF
ready money has somewhat crampec
the circulation of paper currency in the
east, but gold is a precious substitute
Notwithstanding its weight.
President Nathaniel Paine OF the CITY
National Bank expressed the opinion
that the paucity of currency in small
bills had not yet reached the local ex-
changes and that not bank in Worces-
ter is more than ordinarily inconvenl-
enced by an occasional shortage OF bllis
Of small denominations. The hank Is
having no difficulty in meeting the
weekly drafts for pay rolls and in Pres
ident Paines opinion there is no I'M
mediate shortage in sight
Charles A. Chase, treasurer of Wor-
cester County institution of Savings,
said to The Spy representative yester-
day: I'VE are not in a position to surfer
first from any shortage of small pills,
and if such difficulty is approaching 1t
will certainly be felt first at the nation
al banks. Our deposits are in the main
In small amounts and we receive, even
in a stringency such as swept New
England in the summer of 1893. enough
bills Of small denominations to meet
current needs, and even to go to the
assistance of other local banks.
At the Citizens National Bank,
Treasurer George A. Smith said that
during the past week they have had
calls from other local institutions for
bills Of small denominations, one OF
which was filed yesterday afternoon.
paving Teller Frank Richardson said
that he anticipated TO extended strln-
rency and believed the present scarcity
az the smaller denominations OF bank
and treasury bills nothing outside the
ordinary fIuctuation of currency such
az IL frequently felt for short time
locally.
treasurer ]. Stewart Brown of the Five
Cents Savings Bank said that II there
was any impending scarcity OF currency
he had noticed no indications OF Il. he
can see little or none of the natural
svnnntoms OF strlngency such as re-
norted elsewhere Should the scarcity OF
preenbacks strike Worcester. his sank
he helieyes. will be one of the last 10
! feel it's effects because a large percent
age Of the banks deposits are in small
amounts and against this the institu-
ton has few heavy drafts Tor pay rolls