The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-06
MORE MONEY NEEDED
FOR THE HANDLING OF THE
FALL CROPS.
ISSUE STOPPED IN cLEvELaNL'S TtRA
aas Ntwr Been Since Resumed. The 'Ssu4
Urd,r The Law Will be in De-
nominations Of TWen
~ Dtl'ars.

Washington, August 5.-The Treasury
Department today made requisltion upon
the Bureau of Engraving and PrintinI
for the printing of ten million dollars
gold certificates in denominations 81
twenty dollars each. The Treasurer now
holds a large unissued supply Of rertl-
ficates of the larger denominations. Ut
is the evident intention of the Treasury
Department to be in position To issue
gold certificates freely for gold cpln,
should the fall movement or currency
lead to a demand ut the Treasury Tor
gold certificates, in exchange For gold
coin. 1t is to be noted that While gold
NAV be freely had in denominations of
fives and tens the law restricts the issue
eli gold certificates to denominations OF
twenty dollars or multiples thereof. 1t
is debatable question. therefore, Wheth-
err gold certificates will adequately meet
the demand for money of small denom-
nations.
1t is now apparent that In the fall
movement of the CROPS there will be a
pressing demand for more currency or
paper money. As this can he furnished
in no other way than by the issue Of
gold certificates. there will undoubtedly
be Il demand more or less great upon
the Treasury for such certificates
against the deposit OF gold coin.
The Snb-Treasury ut san francisco
has already been notified 10y wire to re-
sumo the issue of gold certificates on de-
posits Of gold, and in payment over the
counter of government Obligations. The
other sub-treasuries have been notified
TO the same effect by letter which they
will receive before business hours ON
Monday morning The silb-treasurers
have also been advised that the Govern
ment will ship them an additional supply
Of gold certificates today, OF what is
known as department series in denomina-
tons ranging from $50 to $1,000, and
aggregating S10,000,000. 1t is antici-
pated that the gold certificates most in
demand will be what is known as Ito
order certificates" These will be issued
on request to individual depositors or
geld. and in their own names, in sums
ranging from $1,000 to $4,000 each.
The Government now has III its vaults
between SIS. 100000 and $90,000.000 in
gold certificates of what is known as
The series of 1855 and Inese will he
supplied on demand until others may be
printed at the Bureau of Engraving
and Printing.
1t will be recalled that Secretary Car
isle suspended the issue of gold GER
tifcates by an order promulgated April
1ith, 1893. His authority Tor SO doing
was that contained in section II Of the
act of July 18th, 1882. which made it
obligatory upon the Secretary Of the
Treasury to suspend the issue when
ever the gold reserve retained in the
Treasury should fall below 100000.
This question Of resuming the issue OF
gold certificates which was suspended
by Secretary Carlisle, has been under
consideration by Secretary Gage for sey-
eral months. He has given the question
his best thought and it is believed secur-
cd the views Of other leading financiers
throughout the country before taking
this step.
In Mr.. Cleveland's time the gold re-
serve fell below $100,000,000 and the
issue of gold certificates ceased under
the direction Of Secretary Carlisle. lie
held that the power was trenched upon,
and yet certificates were afterwards
issued for two brief periods and for
small sums during the term.
Since the accession of President Nc
Kinley the subject has been under dis
cusaion in financial newspapers and
amcng bankers and inquiries have been
addressed TO the department and counsel
rendered, relative TO the resumption of
the issue. Secretary Gage has given
much consideration to both the legal
and business aspects of the PROPOSE
ton. 1t is understood that he has been
advised that the issue of these certih-
Gates is an administrative measure
wholly Within his discretion.
The present call for paper money, ii
is said is not due to any reduction of
notes of any kind. The treasury has
for long period had only S20,0000O0
for use in all its offices, and has been
able to put notes only in redemption OF
in exchange for other denominations
All the rest Of the $S45,000,000 in paper
is in the hands of the banks or the peo-
pie and in unusual degree the northwest
and the southwest.
Secretary Gage resumes the issue or
geld certificates with the purpose of ex-
tending the aid of the government in
moving the crops in any proper way
that offers or is believed by prudent peo-
Die to be helpful. Now that the depart
merit has gone to the limit of its power
in this directions it is insisted the banks
and the people must adjust themselves
to the situation.
No gold certificates can, under the law,
be issued for denominations less than