The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-08-06
WORE GOLD CERTIFICATES.
,yr 1REASrRr DECIDES TO ISSUE
s,oooO oOO ~ SEQ NoTES

A
n,,,J,y made rrgui-itiun upon the Bureau
,I,.royi,,. and Printing for the printing OF
"a certificates 'O the amount OF 6lO.OUO.ooO
I,,,,innfion ~ so each. The Treasurer
90 holds n large untssucd supply OF ccrtin-
..,.. n. the larger denominations II is the
,,,.,,.i,u " 'he Treasury Department
~, IL, a ro-i'ipu 10 issue gold certificates
t,.o,y f.rgo.I coin should the fail movement
-, ,urr.n,y bead to demand at m" Treasury
trso,d crrti'I. atrs IT. exchange Tor gold coin.
I,ls,o boI,. .tnl that while gold coins can be
,,e.,y ind In denominations OF ives and tens
,',r r,srr0cf- tine .,-uo Ut gold certificates
~ Denominations OF $50 or multiples thereof.
r,,., lrla'aD'n question. therefore. whether
',,.,,,rt,il,itrs will adequately mret the de-
',,onlf,ru,ar, of small denominations
I, h,s boon a innttar OF serious consideration
n..,h the Administration. particularly the off,
oalnf the Treasury. for several months how
,,,s..st IN meeting the urgent demand for
crrt.ury with which to move the autumn
rr,ps md carry ON other commercial busi-
mss Tho decision to issue gold GER
,in.o,r. for gold coin may not. how
.y.r operate To relieve the currency
s.rinrrnrv and. indeed. the Treasury officials
ar,uo. Altogether sanguinc that II will. But it
soll that they can DO under the law. and twas
o,ly after grave consideration that II was de-
cilrd t. do thlI mu'h. secretary baRe Sald TO
Tur So; reporter this afternoon that no de-
r,ond. has. w been made for gold certificates
aroln,t the deposit Of gold coin. and he hoped
ths. no demands viii be- male: but. he added
we wish to he prepared in case our hopes are
NOT realized"
Tn,cd states Treasurer Roberts. when asked
how ,h, issuing Of gold certificates would re-
li,yc the situat,nu. replied that. while Of course
il would upt all, a dollar to the amount Of cur
rency IN circulation. it would increase its
tuulty "Nu'hnE j. added to the motive
power" he said. but II grrases the wheels"
In other words. the Treasurer thinks that tho
gold certificates. which. OF course. under the
law cannot he ssu. d for lower denominations
tnan $40. will operate to release or to put IN
Of currrnry that otherwise might remain un-
available To this extent only Is relief OK
Treasurer Roberts himself believes that gold
is tn" ideal currency, and that nothing could
he more useul than ilv"-doilar and ten dollar
gul pieces and one good effect of the issu-
aNcc OF the gold cert icateS, II is thought. will
lie 20 dcmo stratr TINT gold can he made to
play its part in furnishing currency for the
daily commercial moods
secretary gag" and Treasurer Roberts have.
OF course, no sympathy with the contention
that the issuance ~ gold certificates having
leen SUSPENDED by Secretary Carlisle under
the nrGy,Sa Of tn 2T If J.y II n l2 when
not be- resumed As matter Of fact. however.
il never has been resumed until to-day, excent
in one or two unimportant instances and for
One Of the largest shipments of gold ever
made hr tn" Treasury was made to-day the
officials work ing overtime In order To complete
The task. Al SAT- Treasures will be ready on
Monday morning to pay o9t gold certificates
wire to this effect to-day Gold certificates to
tie amount IT about 100000 are now on hand
IN il tue Treasury vaults, and to these will be
Engraving and Printing under the reruisition
made to-day.
Gold certificates have not been issued for
several years the issue having been dlscon:
tnued while John Il. Carlisle was Secretary Of
tie Treasury. It has boen reported on one or
two occasions that Secretary Gage ha! been
requested Lv the representative, OF bank
tiira'es, hut had declined on the ground that
his predecessor in ottc" had refused to issue
reason Tor reversing the decision. The law
S"y"rntnc tn" issue q gold certificates was
=. That the Secretary OF the Treasury is au-
th9rI1GL Az! DIRECTED to receive deposits Of
gnldcotn with III" Treasurer or Assistant Treas
Mr., ur"rs q the nited states In sums not less
than $50 each, CORRESPONDING with the denom-
nations @t lnitcd states notes. The coin de.
r"S,ed lHr or TrpreGenting the certificates OF
ne Iuyment Of the same on demand Said GER
niiGates shall lie receivable for customs. taxes
may may be .r reissuel and such, certificates. as
S Say n sESr when held By
and 10 national i banking assocation shall be
n mrmnH"r OF any clearing house in which such
ment OF clearing house balances. Provided.
I dmaI ne secretary Of the Treasury shall sus
a ayar me issue OF such gold certificates when
y the Treasury reserved for the redemption Oh
l., nited states notes falls below one hundred
ZION ?,2OI OF the Revised Statutes shall be ap-
a piGfan ,.o to TIE certificates herein authorized
a'tr directed to be issued"
me question was raised when Secretary
x xh,s ceased issuing the gold certificates
,w whether under tn" law, having once ceased 10
god 1eserve had fallen below 500, OOO.CO0.
tMn' tb brs"sHry could resume their issue:
oooo'1% T was Ne .m s%F0ns CONRAD excess o Of
dan United states Assistant Treasurer
az a, tnis city. strenuonsly opposed any re.
baking W his position with the sV argument
i 1srs ,nsy ta'itnt"d tho boarding OF gold by
20 silver coinage arguments of the Popu-
i;stS Since I'll" Inauguration OF President Nc
has Hy c Ins surplus Government gold reserve
sn.ingf yesterday in gold coin and bullion
The god certificates are in effect warehouse
FecstLpts for gold coin. The gold coin now held
ny ,hH hSto'Intei banks OF this city amounts
WITH ;. IN i t' ySHG FL the greater part Of
, have been ss,ei byths CTeaTHr House an.
me Clearing House certificates are a practi-
~ tgM tender among the banks. the balances
a. ,mc EGarlhG House being largely settled in
..vIIl, lh"y are. Of course. not a public legal
irplueI. IL Will be possible when the issue Of
n,,oafury god certificates Is resumed TO turn
~ Tie HVb- Treasury the bulk Of the gold coin
mu" n,iH hF ~" Clearing House, and the banks
H." srt " 'Nchsngc for the gold thus turned
~, IN ''f l'H"h'"s OF large denomination that
Gnt, ni '"gaI tonder In all transactions.
w.. t"'p as 4 circulating medium is inconvon-
NY 1r'd 10 MhnHIG IN small sums and expensive to
HnnHIe WhHh i comes to large amounts The
uErn"S ID ~" interior OF the country that de-
UT" currency OF small denomination to be
JI 10 pay out 10 farmhands and for work
~ H"." ring the harvesting Of the crops object
:" E.!d coin ana want paper money At This
si5| ihT associated hanks Of this city hold but
c.r,ioo.,%,os able. with tho issue Of gold
tET t resumed, to expand largely
~ SfT't supply Of notos An additional amount
~ io"r currency will be obtainable by ex-
NE E0li com into twenty dollar gold Ger
u","lnN Tho banks. whose supplies OF paper
m.""F T. 1if"l States and Treasury notes
w. l"" l"w. can enlarge these supplies by
g"IM. HTiho Of the gold coin that they hold into
IL - Inmasury and getting gold certificates
trUl'f III" gold certificates can be- retained
:. ~" r"ihrcm"ntS Oi ordinary business and
w Nv, hu.h u tho United States and Treasury
n,'nN can p" shipped 70 tha Western CORE
S'iih"yntS 'n1t hsk for pnper currency
Nl,rnil W I4nnon. President OF tho Chase
tNn'Nh, iank, who was formerly Commit roll