Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-06-12
Perfecting Preparations for the
= Autumn Demand.
PRoVlDlNGSoW DENOMINATION NOTES
No Inducements Offered by Off,
-,
ciais fer Gold.
THE SUSTAINED SURPLUS

mana Tor money nave been perfected at the
treasury Department. so far as the narrow
margin of issues will permit. The availa-
BILE panerin tie treasury is only about $780,
ooooo0, but by exchanging one form for
another and outstanding available re-
sources. ir may be possible. to meet a con-
siderable demand for small notes and
standard stflsr dollars The limit upon
possible issues does not restrict the prepa-
ration OF blank notes Of all denominations,
which are usually Kept in stock in consid-
erabIea amounts. Treasurer Roberts has
been looking carefully after this branch of
the situation and has in the treasury vaults
a large supply of silver certificates fer one,
two and five dollars. Sherman notes of the
same denominations and United States
notes for FIVE dollars and larger amounts.
mere was time when the treasury was
not always we'll equipped with these I'M
signed notes, and the presses of the bureau
OF engraving and printing had to be work
eu at nlgn pressure to meet the autumn de-
mand Ihe result of this condition was
that the notes were issued in green state,
"nicH made them wear out much more
quickly than VIXEN they are seasoned for
several months and made them easier to
rms danger has been guarded against in
recent Years, and Treasurer Roberts took
Steps early In the spring. to increase the
printing. with the aid of Assistant Secre-
tary wandering, SO that all demands might
be met Il difficulty occurs in supplying
me demand for small notes and silver dol
iars 1t will not be because of failure in
tnese mechanical. arrangements. but be-
cause OF t9e extremely narrow margin Of
s surplus paper Jssurreney upon which, the
treasury is working under existing laws
his margin was reduced on May as low
as. SIT ,205,I45. 1t has increased slightly
within the past five weeks, but there has
not peeh anything like the usual reflex cur
ma ac1,~,,
crop moving season and the HOLIDAYS are
over.
No Inducements to Offer Cold
The treasury will not offer the usual in
drcements Of the past few years for the ex-
change OF gold for paper. The government
offered to ship paper currency at the gov
eminent express rate to any bank depositing
gold in the New York subtreasury through
its New Yorkfeserve agents The govern
ment ram Was lower than the bankers
rate, amos Was,eharged only one way under
tnese conditions. good deal of gold was
mus receiyed during the crop moving sea-
son from country banks in need of paper
which teiegcaphed their New York agents
to deposihsthes yellow metal with Assistant
Ireasuregx Jordan. The treasury is now
bursting with gold and will compel the
banks to pay bankers rates for currency,
certain cases. - .-=
1t has not vet been decided whether new
notes wllffbe' paid over the counters of the
subtreasueies In the south and west for
those oftc other denominations without
charge to- thezbanks. This was done last
summer In Gaaifago and ST. Louis because
the goveromentshad alarge accumulation of
rotes tfaCe. LIE Is doubtful whether such
accommodation is extended this year in
view ofo the fact that the government has
to pay the east of getting the notes to the
subtreasaries soanar or later. The offer to
ship lsiver dollars free of charge to banks
will probably be continued, and gold will be
accepted at the New York subtreasury in
payment for such shipments. The margin
of silver in the treasury Is small, however
and this offer will have to be suspended the
moment that the margin Is exhausted. The
whole number of standard silver dollars
stood al Saturday at $406662 G41. but $4O1-
certificates. and the narrow margin re-
naming will De awaited of during the crop
moving season to a considerable extent for
the issue of small silver certificates.
Surplus of Receipts.
The treasury has now recovered nearly
half of the geld lost by the Philippine pay
ments. Nearly 100000 per day in gold
came into the treasury on several different
days last week and left the reserve on Sat
urday at S224, G1s,4S1 This is only about
12,o0O,oO0 below the highest point ever at
tanned. The treasury has been showing
surplus of receipts almost every day of
j une, ana THIS surplus Oh saturday Stood
at Sl,osS39S. The receipts during nine bus
mess days were S14, 9Sl .39S or daily aver
age of -, 6G4. 599 This is a shade below
the average for May, but the difference is
likely TO be made up by the large receipts
today. The present range of receipts would
indicate. a. total for the month of about
S43,t00,G0, a rate which would practically
put the treasury upon a self-supporting
basis. The customs receipts have thus far
run at the rate of about SGSU,Ot0 per day or
at the rate of nearly S1S,0OO,0O0 per month.
while the internal revenue receipts have
run at the rate of $4,000. per day or at
the rate of mere than 81, SOC. $50 per month
The pension payments for June have al
ready been more than half completed. and
the war and navy drafts have in the ag-
gregate been considerably less than for the
same days of May.
The War Expenses
The War Department drafts for the first
ten days of the month fell from $4,155,OOO
in May to $z.575.oeo in June while the
navy drafts increased only from 81, 265. 900
to s1,445.0oo. The expenditures thus far in
June have been S13.39s000 Secretary Gage
has been reducing the deposits of public
money in the national banks, which now
stand at $Se,3S462S, Or about $5o00,OOo less
than at the beginning of May This is one
of the influences which has contributed to
increase the margin af available paper In
the treasury, in spite of the upward march
of the gold reserve. This increase of pener
in the treasury. however by withdrawing
money from the banks. does not contribute
directly to increasing the supply of cur
rency in tine market and the withdrawal
of the public deposits will probably have
to be suspended during the crop moving
season. -
The national banks are still curtailing
their circuiatten' under the temptation Of
high pricesy for the bonds in the market,
The bonds e9n deposit to secure circulation
have fallen s2So. 2s2. $40, and the deposits
for new CIRCULATION last week were only
$466.1Oo agafnst Withdrawals of bonds to
the amount, Of SCAT 500. This action of the
banks win compel the treasury to exert
every resource to meet the demand for
Treasurer Robefes is making active nrena-
rations for the emergency within his bower
under existing law.
RAr1HhoAP CERTIFICATES.