The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-06

the receipts of gold in New York from
customs was less than l per cent; then
for seven months they ranged from
5S.l to II per cent.
After January, 1894. the proportion
OF gold was nominal. but IN Decem-
Der. 1897. it was 81 per cent. and from
that time rose rapidly to IS per cent.
in September, 1898. and to 9l.5 per cent.
in September. 1899 The percentage
OF gold for the whole fiscal year OF
1888 was 20.4: for 1899, 7S5, and for the
first quarter Of 1899, $40.
The increase in the receipts OF gold
IRON customs was not exceptional, Tor
like growth has taken place in all
government transactions. In the hscal
year 1898 gold coin was taken for 1908
per cent. of the receipts, amounting TO
s20I6, 7S6,587, and given for ll.SS per
cent. of the disbursements amounting
TO ~, 1875, 973,013 In 1899 the receipts OF
$S,o93, 1873, LAT showed Sl.O6 per cent. and
the disbursements of $23ll, 49, 29
shows 35,S7 per cent in gold coin. For
the Quarter ending Sept. 30 gold formed
SS.G5 per cent. of the receipts and 5000
per cent. of disbursements. For Il years
there has been a natural and healthy
increase of gold in circulation.
While disbursements of 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,
lSSS, at $685., 551 ,306 and the net maxi
mum before 1898 was $21s, s1s.253 in
March of the same year. On June 30,
1898, the gross gold In the treasury was
s3o2, s25,04s and the net $167oo4,41o.
These figures rose to 1854; oo2 $50
gross and 1854 ,32S,s21 net Sept. 80, 1899.
<xo %feks lot,
to an increase in the use Of coin of all
kinds. On Oct. l, 1899, the estimated
amount of gold in circulation was S3.O8
per cent. of all the currency, and the
gold in the treasury was 60.44 per cent.
of the United States and the treasury
notes outstanding.
These resources, the treasurer sug-
gests would make it easy to establish
a permanent and adequate gold re-
serve. He points out that while the re-
serve of s100,000,000 has several times
been trenched upon under pressure Of
necessity. the trust funds set apart for
specific object, as the gold pledged
for gold certificates and the standard
dollars for silver certificates, have al
ways been kept intact. A fund Of
$150,000,0o0 devoted by law to the pur-
pose with a provision that the notes
paid out again, except for gold, would
be self-sustaining and would provide
perpetual guarantee of safety.
with reference to the appeals for
notes and certificates which the treas
ury has to refuse, because IL has al
ready gone to the limits of its powers,
Mr.. Roberts points out that the ex-
listing national banks of the United
States have the right under their char
ter to add $345, 020,413 to their circula-
ton. Of this $40. ISL, $50 would go to
the city of New York and $15,925,7O0 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 ai-
ditional notes to the amount Of SIS
2S5,245. The treasurer offers no criti-
cism 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:
"On Aug. T. 1899, was resumed the !s-
sue of gold certificates after an almost
uninterrupted suspension from April
IA, 1893 during which the amount in
circulation was reduced to $325S7. $40.
BY the end of October this, amount had
| been increased to $127,593,5l9. Within
| this period the! treasury paid out $751;
| 052, $40 of the certificates, of which $685.
063,2 20 was for gold coin and S72,9S9,42
was in current disbursements, while
se2,o22,250 was returned to the treasury
in the receipts.
1.-THE rapidity of the outgo is notable,
as well as the proportion of the denom
nations under $1,000.
GAS relief to the money market
the payment of the interest due on
Nov. 1, amounting to 81, 1882 was an
| ticipated. The coupons were received
on and after the 18th and the checks
| for registered interest were mailed on
the 23d and 25th."
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 rail-
road, the purchasers of which depos-
tied promissory notes for s5S,S12.715 and
SAT, 056000 in bonds as collateral Four
| of the notes, representing one-fifth of
| the total, have been paid
Although there was an increase Of
| SIS, 1000, 900 in the volume of national
| bank notes outstanding, the redemD-
tions at the treasury were less by
$1,000. 900 than the year preceding. De-
posts amounting to 23,699.616 were
| made for the retirement of notes, and
the balance of this fund in the treas
ury was increased from $30,493,147 20
$35 S17 1881.
The cost of maintenance for the re-
demption system. including the charges
paid for transportation, was S121, 291,
which sum has been assessed upon the
banks at the rate of 1.34611 per cent.
| for each 81 900 redeemed.
|