The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-10-03
NOTHING BUT GOLD
Banks Notified of a Big Cur
rency Famine.
INTEREST ON BALANCE
Wichita Banks Requested to
Order Gold Shipments.

In a letter to the Kansas National
Bank here. yesterday, that institution S
correspondent at Kansas City said:
F'Would suggest that in ordinary cash
shipments you specify currency or gold
and when you can use some you will say
gold" Indications point to a condition
In which gold will be about the only
money available for current use over the
indicate that the most remarkable cur
rency famine in recent years is now a
real thing. 1t means that the ten TWEEN
hy-fve and ffty-cent pieces, the silver
dollar, one, two, five, ten and twenty
dollar bills are hard to get. The supply
Is exhausted. Everybody has called for
currency till the banks and the United
States treasury department have nothing
more available but gold. They have plen-
ny Of gold and would like to get rid of it.
What is the cause of all this?" Cash
der Martin Of the Kansas National was
asked yesterday.
cit is simply absorbed in business" he
said That's all. There is an extraordin-
AIRY volume of current business now and
the unusually strong call for currency
has absorbed it in all parts of the coun-
try
IT is prosperity Of the most tangible
and rushing sort. The banks have also
been notified that the interest of IL per
cent which they have been. paid on their
daily balances has been increased to 2
per cent.
The interesting letter TO the Kansas
National bank yesterday reads in full:
Kansas City, Mo-. Sept so, 1899.
10 Our Correspondents:
Your attent1oniihas probably been called
ITO the fact that currency in smaller de-
nominations, fves, tens and twenties, has
been very scarce in the money centers
for several weeks, and that in many
cases the banks have been furnishing
only gold on currency orders. Up to this
time, by considerable expense and effort
on our part. we have maintained curren-
cy shipments to our correspondents when
requested but It now appears that it will
be impracticable for US TO do 50 in a few
weeks, If the call for counter currency is
maintained. as the sources from which we
have drawn advise that 1T is impossible to
continue the supply.
We shall use every endeavor to obtain
currency to meet the requests of our Gus
TONERS. In the meantime would euggest
that in ordering cash shipments you
specify currency or gold" and where
you can use the same, hope you will say
gold. We shall endeavor to divide the
available currency equitably among our
correspondents. We can assure you the |
banks are not trying to hoard currency,
but are paying out all they can get hold !
of, but indications point to condition in
which gold will be about the only money
available for current use, over the coun-
ter and otherwise. In fact, this is the |
condition in a large part Of the eastern !
country. The west seems to have much |
the advantage In this question Of curren- |
ey. The situation Is unpleasant, and until |
The treasury department devises some So |
hutton Of the difficulty it can only be re- |
lieved by mutual consideration and Co |
operation between the banks.
Referring to the shipment Of silver from |
the sub-treasury at st. Louis would say |
THAT we are advised BY the assistant |
treasurer of the United States that the |
supply Of fractional silver .0Oc, 25c and |
60c) has been entirely exhausted. and that |
shiments Of standard silver dollars can |
hereafter be made only on the deposit in |
the sub-treasury of a like amount Of sill |
Rer certificates. Very respectfully yours. |
THE UNION NATIONAL BANK.