Evening star., 1899-03-24

lNI.I.

..,, .0S2 AS 4a; f.226 '.''ti
observe. please. that within these three
y,strs there has been AN Increase IN every
ir-rn of circulation. except god certltcates'
tr-..s,1r, notes and currency certificates.
Tn. silver certificates in the bands OF tte
l,uopIt are more now than IN lN' pE
81 S.,4 So: the United States notes more
I.,- S,7 = ttf 81 and the national bank notes
,nnr. nv $40. T14.344 This result IS brought
about hv the payment uf these first Nv"
kinds of money from the treasury ana the
addition to the circulation Of tn" banks
I'm the meanwhile the gold bullion IN IN"
treasury ran up from s2f S21 M March ].
I~.s;. to S127. .:iS-'"6T March /, lS't' AT the
former date the gold coin in the treasury
.vsS S14u.S74.515 and at the latter GATE
sl,T. 1oai 40 because the outSO or com mas
ha,u more rapid than coinage.
Demand for Paper Money.
-NitE all this accumulation Of paper
-l.rey in the hands of the people. why j.
there such cry from the banks for more
uor-~?''
only one explanation is pnssble-that
the activity in all branches of business,
;h. almost universal prosperity, keeps the
paper afloat. very likely much OF it in
stockings and tin boxes. and more in mer-
chants tills and bank vaults
Is there. then. really d deficiency in the
REGULATING medium
1t does not seem 50 To me. The abund-
tHc- "f gold coin does not give relief. he
cause Of the prejudice Of bankers and their
customers against its use. on the Pacific
coast gold Is in favor. and paper money Is
glder ban. The contrast is notable.
Can the treasury meet this prejudice in
amy Way2
r How can ite For all its ten offices that
90 Washington and the nine subtreasuries.
81 holds On'y S1S,I23.S41 in paper, divided
thus United States notes. s1J,IOoJi2.
treasury notes. S1,oS3,4O1. silver certiti-
Gates. 81 ierF5 Ssj1.
The national banks might, If they would.
add to the volume Of their notes; but they
uu not see the profit To attract them To
such a policy. The only other pathway
under existing laws to additional circula
Ti,,u IL in The use of gold. Coin is with our
habits less convenient than paper but
r'u-r countries use IL.
Gold Vat Wanted for Paper.
Mr. Roberts said that the endless chain
s not now in operation. No legal tender
uuJes have been offered for gold in a long
time he said. That kind of demand for
redemption i for the present obsolete. In
deed. my impression is that the prospect
Of it, revival is sight. The excess Of our
exports over our imports is so large and
-, continuous that We are not likely to
have to ship gold TO the old world for some
years to come Besides that. and even
more important the increase in our pro-
iGrtion OF gold is strong safeguard for
rH- treasury. j Is present. and promises
o." Ia an enduring. break Of the endless
chain Gold is in such relative excess that
up one wants to give up legal tender notes.
.r indeed any sort of paper for it
Policy Regarding Paper.
w hat Is the policy Of the treasury with
f"rruce to putting ont paper money"
1t strains every nerve to meet the de-
.urH@= for notes. and especially of small
nominations At the request of the
.'rI-ury. the bureau Of engraving and
riuting is printing and delivering to the
treasury only notes Of $1u and under. OF
Efry-six packages of 1000 notes each de-
uyered to The treasury daily. thirty-Scven
uTy ones. eight are two's eight are iive's
and three are tens. These are given out in
redemption or in exchange for larger de
rpmiudtions. Under existing conditions II
impossible 10 make exchanges for gold"
Clean Currency.
~f'-.iking Of recent allegation that lit
would be possible to have clean currency
y-ryWhere If the treasury officials once
set about it and encouraged the return of
an hills Mr.. Roberts said:
The treasury officials always encourage
..y rytarn of worn bills. and promptly re-
!--m them according to the wishes Of the
.Fr-Spondeut- The treasurer can go no
1ei Irr- lie has no authority 10 compel
tDe r".u' u OF sUch bills. and not even the
FliF.te- TO request Il. ! he matter is
"h'ty within the control Of the banks and
H.. people"
VIII there be any difficulty in paying
ae sum "f S2p-utn.nn 10 Spain provided for
s ,A- treaty of peace?'
;\pt the slightest. Double eagles could
'e handel over today without Disturbing il,
ny degree the net cash balance. for the
.'iH'uon would leave in the hands Of the
Fr'~Gry much more than the customary
.'LI!nES. The net cash balance TO-DAY l.,
81 So and of this S2I3 "A / RIA; * in
-'.i- This Is really the Embarrassment of