The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-11-06

but In the next year there was an in
crease of $41 ,657 ,037 and from 1893 to
1899 the amount ran up to $5S, 665 456.
During that year the increase of these
denominations Of both gold and paper
was So, $40, 7S9. The total addition to
the paper circulation in the same period
was SOL ,S39, 641, of which $43, ia, 225
was in the large denominations. The
addition to the gold in circulation dur
ing the year was $23,911,373, and this
standing makes a total increase of
added to the increase of the paper out
SIPS, Isl, OLA
| Much of the exchange of currency
was made by deposits with the Assist
ant Treasurer in New York, paid for
by other officers, and chiefly by ship
ments to various points from Washing
| ton. The total of the deposits made
| in New York under this arrangement
was $23, 49,, 900 and the total shipments
from Washington SIG, $4,000 The rest
| of the distributions were made from
| Chicago, ST. Louis and New Orleans.
| In the fiscal year 1898, the ten treas
ury offices paid out SAC, S32, 149 in stand
ard silver dollars and in 1899 $40 $50. :
296, an increase of $1,7OO, 147. At the
same time the receipts of standard dol
lars were $54, OO7, 934 in 1898 and S37.-
5S1 ,O40 in 1899, decrease of SIG, 1885,
1874. These changes Indicate a grow
ing circulation of these coins.
| Previous to this year the maximum
of silver dollars in circulation at the
close of any month was reached in De-
tcember, 1890, as the result of urgent
efforts to promote their use, when the
record was $67, 547 ,O23
From the end of 1887 to July. 1893.
the receipts of gold in New York from
customs were less than l per cent. !;
then for seven months they ranged
from ISL to II per cent.
After January, 1894, the proportion
of gold was nominal, but in December.
1897, it was 81 per cent, and from
that time rose rapidly to IS per cent
in September, 1898, and to 91.5 in Sep
TENDER, 1899. The percentage of gold
for the whole fiscal year of 1898 was
20.4, for 1899 1875 and for the first quar-
ter of 1900 942.
The increase in the receipts of gold
from customs was not exceptional. for
like growth has taken place in all
Government transactions. In the fiscal
year, 1898. gold coin was taken for
4
ing to $2,O76. 736, 5S7, and given for
llOS3 per cent. of the disbursements
amounting to $2,195, 913.O13 In 1890
| the receipts of 81. 1893, 1914 showed
37.6 per cent. and the disbursements of
S2,5I1, 2S3, 629 showed 35.37 per cent. in
gold coin. For the quarter ending Sep
tember 3Oth, gold formed 3S5 per cent.
OF the receipts and 35.2 per cent. of the
disbursements. For twenty-one years
there mas been natural and healthy
increase of gold in circulation.
While disbursements CT gold have
been so heavy, the holdings of the
treasury in coin and bullion have sur
passed all previous records. both in
gross amount and in net excess over
outstanding certificates The former
gross maximum is found in September,
1883, at 1892 sol 1906, and the net max
imum before 1898 was S21S. S1S,253 in
March of the same year On June 80
1898, the gross gold in the treasury
was $3O2 S25, 049, and the net Sl67 GOA. :
40
These figures rose to 1854. OQ2. $50
gross and $254, 32S, S21 net September
~, 1899. These statistics make plain
tendency to an increase in the use of
coin OF all kinds On October l. 1899
the estimated amount of gold in circu-
iatlon was 30 Is per cent. of all the
currency, and the gold in the treasury
was GOA per cent. of the United States
and treasury notes outstanding.
| These resources, the Treasurer sug-
gests, would make it easy to establish
a permanent and adequate gold re-
MT
reserve of $1OO,OOO,OOO has several
times been trenched upon under press
ure of necessity, the trust funds set
apart for a specific object, as the gold
pledged for gold certificates and the
standard dollars for silver certificates,
have always been kept intact A fund
of $15O,0OO,O00 devoted by law to the
purpose with a provision that the notes
once redeemed in gold should not be
! paid out again, except for gold, would
be self-sustaining and would prove a
perpetual guarantee of safety.
With reference to the appeals for
notes and certificates which the treas
ury has had to refuse, because it had
already gone to the limits of it's DOW
ers, Mr.. Roberts points out that the
existing national banks of the United
States have the right under their chart
ers to add $345, 020,413 to their circula-
tom OF this S29, 1S1 $50 would go to
the city of New York and $15,Y25, 7UU
to Chicago, from both of which places
there has been persistent applications
to the treasury for paper. In face of
the assertion that the far Western
States are suffering for want of cur
rency, their own banks could issue
additional notes to the amount of SlS,-
2S2,24o. The Treasurer offers no crit
icism upon the banks, but puts it to
them whether their sphere ends with
per cent. or involves also an obligation
of service to the community. He says:
ION August Z, 1899. was resumed the
| issue of gold certificates after an al
most uninterrupted suspension from
April IA, 1893, during which the amount
in circulation was reduced to So, $751;
$40. By the end of October this amount
had been increased to $127, 1893, 51y.
Within this period the treasury paid
out $156, 052, $40 of the certificates, OF
which $S3 063, 900 were for gold coin
and $72, S99 40 were in current dsburse-
ments, while $50, or, $50 were returned
to the treasury in the receipts.
1.-The rapidity of the outgo is notable
as well as the proportion of the de-
nominations under $1,000.
There were unusually heavy move
ments of bonds deposited by national
banks, and an additional trust arose
out of the sale of the Central Pacific
Railroad, the purchasers of which de-
posted promissory notes for $5S,Sl2.-