The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-12


OF the soundness and integrity of our
money that there will be little occasion for
the exchange Of one kind of money for an
otner The demand for such exchange will
pe reduced in proportion as the certainty
OF the exchange Is made manifest. There
VIII De nothing to gain by the exchange.
III the silver dollar shall be made by law
INTERCHANGEABLE with the gold dollar; If II
can be used wherever the gold can be used.
no benefit viii accrue from such exchange.
III the silver dollar is as good as gold. is
not the holder entitled to the gold If Of
fered in exchange? If the gold is no bet
ter than the silver dollar. can the fact be
more completely demonstrated than by
full exchange?
WILL SCATTER THE CIRCULATION.
Furthermore, under the provisions of
the proposed measure. the large silver GER
tificates will be broken up and reissued
into certificates of denominations of 81,
81 and s., thus bringing the silver circula-
ton to the use of the small daily transac-
tions Of the people, which is commonly
known as the pocket trade. Such provi-
sion will result in the scattering of the sill
yer circulation, either in the dollar or in
the certificates, through broad terri
tory, and in the field of such constant de-
mand. that it will be exceedingly imprac-
ticable to gather together at one time any
considerable amount for purposes Solely
A few bills of large denomination. agsre-
eating a very considerable sum, may DC
readily obtained, and their presentation Ior
redemption or interchangeability would De
embarrassing, but 1t is exceedingly ulli-
cult and expensive to gather and trans
port as many million silver doilar
pieces, and equally troublesome TO with
draw from the channels OF daily trace
any considerable sum of certificates or de-
nominations of 81, 81 and S.. By this pro-
vision, not only will the parity OF the Sill
yer dollar be absolutely assured, put a
place honorable and credltapie Ior the
use of the silver circulation will be Ell
fected. a.,
lars the total sum Of S49O3Ss,6l4 expert
ence has shown that greater number OF
silver dollars have been coined than the
people care to accept. They fail TO De ap-
sorbed by general trade and are largeiy
used as a pledge for the issue or silver
certificates, which are preferred VI lne
total silver coinage, there were, on Sept:
30 1899, in silver certificates, Sf0o, 9iooi. aIo
I'm silver dollars $751; 19l, ITO in circulation; VI
this number there were, on that date, heio
by the treasury s5.023,2S5 silver dollars,
leaving, upon that date, in actual clrcuia-
ton only $780, 167, S25 of silver dollars.
by the withdrawal from circulation OF
all one, two and five dollars OF greenbachs
and treasury notes, reissuing the same INTO
larger denominations, and the reissue OF
the silver certincates of large denomlna-
lions into one, two and five-dollar certlil-
Gates, it would not only make a creditapie
and honorable place for the use or silver,
but would, at the same time, make proVi-
sion for a larger number of small notes,
which the growing business OF the coun-
try has greatly demanded. L speak or the
use of silver certificates, rather than the
use of the silver dollars, for the reason
that experience has shown that the people
do not care to accept the silver dollar In
large numbers in circulation. The govern
ment has repeatedly made effort at vast
ell An11 inf ri r
culation. by paying express charges for
transportation of the same from the minis
into the channels of trade, but without,
apparently, making much impression upon
the public mind, which greatly prefers the
certificates representing the silver dollars.
"Of the total amount of silver coined by
the government to Sept. 80 1899, namely,
s490, s,6l4, there were, in silver-dollar
pieces, SIS, 191, ITO, and in silver certificates
in one, two and five dollars, $175,o64, $50,
leaving the sum of $3.50, 132. 951 to be given
and used in the pocket trade OF the people,
If the larger denominations of silver certifi-
Gates should be reissued in denominations
of one, two and five dollars, as shown by
the following table:
Silver dollar pieces Sept. 30,
1881 OBSERVATION-DISCLOSURES. $ooiJl,llV
One-dollar notes, other than sill
yer certificates ...........-....... 13,320, S24
Two-dollar notes, other than sill
yer certificates ................... u,1O9, I5z
Ffve-dollar notes, other than sill
yer certificates ................... 1S6.1A,552
Silver certificates of one, two
and five dollars ...-.............. 1l5,O64, ODD
Total under five dollars ..... si7O. $50. 7sl
National bank notes of one, two
and five dollars .................. 1890, sos
1894, $40, 2S6
Total silver dollars coined Sept
80 1890 SfSU, ,bl9
Silver dollar pieces. $50, ITO
Silver certificates In
one, two and five dol
lars 49, 064, 553- 260 255, 66s
Remaining to be given use..... $3.50 132, 951
Held by the treasury (Sept. 80, 1899:
Silver dollar pieces...... So, 023.2
Silver certificates $500. 4,61o,S2l 1854, LOG
There can be little question put that the
two provisions before mentioned, of making
the silver actually interchangeable with
gold and scattering 1T through the medium
of certificates into the daily transactions
or the business OF the people, will very
largely, If not completely, avoid any pos
sible danger of their presentation in any
considerable amounts at the government
counter for exchange.
1.-The law enacted July %, 1876. limits the
issue of subsidiary coins to $5O,00O,0OO The
growth of our business has developed such
demand for small change that, notwith-
oldHuilIS Tie illillJdllOI liAeQ ny
subsidiary coins have so increased that on
Sept. 30, 1899, there was outstanding $16,523,
1913. This excess issue, certainly necessary,
should be legalized and further coinage of
subsidiary coins left to the discretion of
the secretary of the treasury. Owing to
the great supply of silver bullion purchased
under the law of July IA, 1890, it appears
that such supply can be safely drawn upon
for such coinage of subsidiary coins as
shall be necessary for our trade and a cor
responding amount of treasury notes can
celed. The recoinage of worn and incur
rent coins is provided for only by the an
nual appropriation bills and is sufficiently
important to justify a permanent statute.
SILVER CERTIFICATES.
1.-THE proposed bill gives authority to the
secretary of the treasury to issue or reissue
United States notes or treasury notes. in
denominations not less than one dollar, as
he may prescribe, and provides that all
silver certificates hereafter issued or paid
out shall be in denominations only of one
dollar, two dollars and five dollars.
1.-TWO objects are sought by this. First.
to empower the secretary of the treasury
with discretion for the supply of small
notes to meet the demands of the business
world the same shall arise. This neces-
Sity has been prominent Of late on account
of the vastly increased business of the
country, requiring change in small transac-
tons. Under the present law the secre-
tary of the treasury does not possess this
discretion, but is required to reissue such
notes in the same denominations as re-
deemed, and the rigid enforcement of the
law greatly embarraSSeS general business
where such demand for small notes exists.