The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-07-12
WANT PAPER MONEY.

How tho Treasury Department is Try
ing TO Meet the Dcmand-SOme Con.
venIences TO Bankers may be Cur
tailed. N
Washington dispatch to the New
York Journal Of Commerce: The pres
sure for paper currency and small sill
yer viii compel the TREASURY depart
ment to refuse this year several Of the
conveniences which IRE usually ex-
tended to merchants and bankers in the
way OF exchanges. United States
Treasurer Roberts expressed much
qualification to-day at the growth OF
the gold reserve, which stood at S24s,-
g35,O4s. only about 100000 below tina
maximum before the payment Of the
Philippine Indemnity. but his answers
to questions regarding the usual ex-
changes of paper for gold during the
crop moving season Indicated that the
treasury was not very well supplied
with paper.
The situation ID not far from an abb
sOlute refusal by the treasury to accept
gold in exchanges. II must be accept
ed for public dues because 1t Is a legal
tender, but paper would be preferred
for such dues II It could be had, and
the large proportion Of gold in the cus-
toms payments at New York Is not al
together convenient to the treasury, in
view of frequent demands for small
notes and subsidiary silver.
Treasurer Roberts was asked to-day
II he would give up any other form Of
money in return for gold coin. He re-
piled: 1--WE would give minor silver
for gold and we would give standard
silver dollars for gold"
but you would not be able to give
many OF them, would you?" was asked.
NO." was the reply. "You see, we
have only $1,s69,00O in silver dollars
which are not covered by outstanding
silver certihcates.'
would you accept gold In exchange
for silver certihcates?"
mo" was the reply, "for the very OBJ
vious reason that silver certificates are
limited In volume and we have out all
that we can put out. Silver certlh-
Gates are limited by the amount Of sill
yer dollars"
SLOW about United States notes."
''The same thing Is true. The vOIume
is limited to SS4S.OOO.OOO. We cannot go
beyond that" ~
why Will you not accept gold for
Sherman notes?"
Because Sherman notes, again. are
limited by the bullion against which
they were issued. In other words, all
paper money is limited by the words OF
the statute or the effect Of the statute.
The volume has been rigid and Is con-
stantly maintained in circulation, ex-
cept for working margin In the
treasury. That working margin Is for
redemption purposes, not for business
purposes, and cannot be materially re-
duced for business purposes. We have
gained about $2,0O0.0OO recently, but
the margin is AS low as 1t ought to be-"
TT used to be the custom, did It not,
to furnish notes or silver in exchange
for the deposit OF gold by the banks OF
New York;"
Eyes" replied Treasurer Roberts.
when the government wanted gold
they were glad to give paper for gold;
but there Is an embarrassment or riches
in the way Of gold now. We have
nearly $244.OOO,OOO to-day, within two
millions and fraction Of the highest
point ever reached"
$50 you are not continuing your oner
to accept gold for notes'at the New
York b-treasury?"
"N6. We have not done 1t for many
months: but we viii give gold for legal
tenders to any extent"
"How about the demand for small
colns?" was asked.
THAT Is very considerable" said Mr..
Roberts. I'VE had from st. Louis on
Friday and Saturday demands for nick
els, dimes and half-dollars. We have
had from Cincinnati and Chicago de-
mands for subsidiary silver during the
past week"
"Has not the director of the mint
been working unusually hard to meet
the demand?"
eyes, he is strnining his capacity to
keep up the supply The supply is i'd
equate, but not excessive. and in order
to keep 1t adequate he must keep his
machinery in active motion"