The times., 1899-11-06

lLll4AEsa Aflc is TO flldlEt IbI aOFlCe. MuuAOu
Electrical Department cures stubborn pains stiff
and swollen joints &c.
623 THIRTEENTH ST. n W
and in March, 1885, I7.6 per cent. From
the latter date the flow Of gold rose rapidly
10 IS per cent in September; to 802 in De-
cembeT; $50 in April 1899; TO S8S in
August. and in September to 915. The per
centage Of gold for the whole fiscal year
Of 1898 was 20.4; for 1899. 7S5 and for the
first quarter of 1900. S4.2.
The increase in the receipts of gold
from customs was not exceptional for a
like growth has taken place in all Gov
eminent transactions. In the fiscal year
1888 gold coin was taken for 1908 per cent
Of the receipts amounting to 81, OF, ,T36, ,5S7
and given for ll.S3 p2r cent OF the disburse-
ments, amounting TO 81, 195, ga, ,013. In
1899 the receipts of S2,393 199. 747 showed
3L6 per cent and the disbursements Of
S2,3Il 2S3, 500 showed 35.37 per cent in gold
coin. For the quarter ending September
80 gold formed 3S.5 per cent of the race pts,
and 25.2 per cent Of the disbursements.
For twenty one years there has been
heavy increase Of gold in circulation. From
SS4.739.774 on June 80, 1878. the figures as
cend with rare recessions but the advance
has been especially large since June 30
1897 when the circulation Of gold was
S519l46.675. BY the close of the ensuing
twelve months it rose to $3.50 959 $50. and
by July ]. 1899 TO SOP .G60. 45g. The general
stock Of gold coin was S765, 735, l64 on June
80. 1898, and $500 5S3. 055 on June 80, 1899
While disbursements Of gold have been
so heavy. the holdings of the Treasury in
coin and bullion have surpassed all pre-
yious records, both in gross amount and in
net excess over outstanding certificates.
September, 1888. at S332, 551, ,306 and the
net maximum, before 1898 was $21S.8lS .253.
in March Of the same year On June 50.
1888 the gross gold in the Treasury was
S2e2 S25,G=s. and the net S1G7 004, 4lG. These
figures rose by June 30, 1893. to 1918 393, $50
gross and S241. 1.73L2l1 net and ad-
vanced still further 10 S353 O02 $50 gross.
and $254,32S,S2l net September 80,
1885 These statistics make plain a tend
ency TO an increase in the use OF coin Of
all kinds On October ! 1898 the estf-
mated amount Of gold in circulation was
35.1S per cent Of all the currency and the
gold in the Treasury was 60.44 per cent
Of the United States notes and Treasury
notes outstanding.
Permanent Gold Reserve.
These resources. the Treasurer suggests
would make il easy TO establish d per
manent and adequate gold reserve. He
points out that while the reserve Of 500.
000.oo0 has several times been trenched
upon under pressure of necessity. the trust
funds set apart for d specific object. as
the gold pledged for gold certificates. and
the standard dollars for silver certificates
have always been kept intact a fund of
$3.50 600 600 devoted by law 10 the purpose.
with provision that the notes once re-
deemed in gold should not be paid out
again. except for gold, would be seIf-sus-
timing and would prove perpetual guar
antee Of safety.
With reference to The appeals for notes
ana certificates which the Treasury has
had TO refuse. because il had already gone
70 the limit OF its powers. Mr. Roberts
points out that the existing national banks
Of the United States nave the right. under
their charters. 10 add s345, ,020.4l3 TO their
circulation. OF this. S2s,lSI $50 would 20
10 the city Of New York and $l5.g25. roo 10
Chicago. from both of which places there
have been persistent applications to the
Treasury for paper In face Of the asser-
riOu that the far Western States are suf-
fering for want of currency. their own
banks could issue additional notes to the
amount Of $lSzS5.2 The Treasurer Of
fers no criticism upon the banks. but sug-
gests the question whether their sphere
ends with cent per cent or involves also
an obligation OF service 10 the community.
on August T. 1889, was resumed the is
sue OF gold certificates. after an almost un-
interrupted suspension from April a. 1893
during which the amount in circulation was
reduced to $32 5S7, ,349. BY the end of Oc-
tober this amount had been Increased ia
Sl27. .593. 5I9. Within this period the Treas
ury paid out $l56,052 go of the certificates.
Of which $50. .063. .22G were for gold coin ana
S12 $50. .420 were In current disbursements
while So, $50 were returned TO the
Treasury in the receipts. The rapidity OF
the outgo is notable, as wei as the proper
,iou Of the denominations under $1,000
AS a relief TO the money market The
payment Of the interest due on November
amounting 10 Sf.363, pa was anticipated
The coupons were received on and after the
18th. and the checks for registered interest
were mailed on the 23d and 25th.
As consequence Of heavy Tecolnages in
recent years. required by the export OF gold
coin and the demand for fractional silver.
The current coin is ia exceptionally good
condition There has, however, been a
marked increase in the number Of counter
felt pieces in circulation, not only of all
denominations OF silver. but particularly ir
the copuer and nickel pieces The number
Of l-ceut and scent counterfeits detected
at the offices Of the Treasury during the
year was So. .s2S. all but 2,827 OF which were
cents The copper in this number Of new
cents would weigh 500 pounds
u.,,,,fu,r a fpractfo,, line