Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-08-06

WASHINGTON. j. c.. August 5.-Ihe
Treasury Department to-day maze requi-
sition upon the Bureau of Engraving ana
PRINTING for the printing OF NooOVO IN
GOLD certificates. in denominations of so
each The Treasurer now holds a large
unissucd supply Of certificates Of the
larger denominations il is tho evident
intention Il the Treasury Department TO
I. I'm position 10 issue gold certificates
nely for gold coin, should the fan move
mont Of currency lead to a demand at
trs Treasury for gold certificates in ex-
c..ase for gold coin.
10 is 90 be noted that while gold coins
can be freely had in denominations Of
fves and tens, the law restricts the issue
of gold certificates 20 denominations Of
so or multiples thereof II is a debatable
question. therefore whether gold ceru.
ncates will adequately meet the demanl
for money of small denominations.
SUPPLY or CERTIFICATES.
The sub-Treasury at san Francisco mas
already been notified by wire to resume
the issue OF gold certificates on deposits
OF gold and in payment over the counter
Of government obligations Tho other
sub-Treasuries have been notified TO -he
same effect by letter, which they viii re-
ceiye before business hours ON Monday
morning. The Sub-Treasurers have also
been advised that the government viii
snip them an additional supply Of goli
certificates to-day. aggregatng about
aJ.Oo0O00
II is anticipated that the gold certn-
c.tes most i'm demand will be what are
known as "to order certificates
These viii bee issued on request TO in
D.udual dcposltOrs of gold and I'm their
own name ina sums ranging from 5000 10
snO.u EACH The government now has In
vaults between $0S.OJJOJO and S9Nouo01J
M ooruncates of what Is known as
I.. .es of 1SoS,' and these VIII be
... 1n demand until others may be
.. 40 the Bureau Of Engraving and
SUSPENSION BY CARLISLE.
IL Will be recalled that Secretary Car
Isle suspended the issue of gold certiii-
Gates Dy am order promulgated April H.
l, His authority for so doing was that
contained in section j. of the act OF July
j. 1852. which made IL obligatory upon the
Secretary OF the Treasury 10 suspend the
ISSUE whenever the gold reserve retained
!u the Treasury should fan below $lJj-
$4,000.
This question of resuming the issue Of
gold certificates which was suspended by
Secretary Caslisle has been under con-
siderauon by Secretary Gage for several
months lie has given IL his best thought
and IL is believed has secured the views
az other leading hnanciers throughout
the country before taking this step
IN CLEVELAND'S TINE.
In Mr. Clcveland's time the gold reserve
fen below IOO00O0. and the issue of
gold certificates ceased under the direc-
ton of Secretary Carlisle. He held That
the power OF the department I'm the case
lapsed when once the reserve was trench
eJ upon. and yet certificates were after
ward issued Tor two brief periods and for
small sums during his term. Since the
accession of President Mckinley the sub
1ect has been under discussion in 1nan-
cal newspapers and among bankers and
inquiries have been addressed 10 the de-
partmeut and counsel rendered relative
L. the resumption of the issue. Secretary
CAGE has given much consideration TO
both the legal and business aspects Of the
proposition. IT is understood that ne has
been advised chat the issue of these GER
tincates is AN administrative measure,
wholly within his discretion.
NOTES HELD by BANKS
The present call for paper money, IT is
said. Is not due 20 any reduction IN the
amount of notes of any kind. The Trea-
srv has for o. long period had only So
$4,000 for use I'm an its Offices. and has
been able 20 put out notes only In re-
mpuon or In exchange for other de-
nominations All the rest of the SSiJ. b
90 in paper is i'm the hands of the banks
or their people, and I'm an unusual degree
in the Northwest and the Southwest.
Secretary Gage resumes the issue OF
gold certificates with the purpose Of eX-
tending the aid of the government in
moving the crops I'm any proper way that
offers or Is believed by prudent people TO
T.. helpful Now that the department has
gone 10 the limit OF It's power in this di-
r.ctlon. il IS insisted that the banks anc
III. reop.e must adjust themselves to the
situation.
DEMAND FOR SMALL NOTES.
NJ, GOLD certificates can. under the law.
&c. issued for denominations of less imam
SD Treasurer Roberts directs attention
a. tho fact that the demand for currency
S. m much the greater degree for smaller
notes By using gold certificates for so
and upward the other kinds of paper can
b. turned more and more into denomin2-
tions smaller. and this will give some re
lief. Gold coin can be used in denonil-
nations of s. and SO il popular prejudice
will permit.
Treasurer Roberts places emphasis on
the fact that Tor these certificates gold
coin must De deposited I'm the Treasury
absolutely dollar FOR dollar The volume
or currency, therefore. cannot receive any
increment by this process A certain
fuidity, however. Is added. since the GER
tidcates viii be likely TO be passed from
hand 20 hand, ana be shipped with greater
facility.
Hope IS expressed by Treasury officials
that since the vaults Of the department
af All its offices are already crowded
banks will turn IN coin only for fair busi-
ness reasons. 10 secure currency for ne