The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-09-28

that Mr.. Ncill was about to issue aneth-
er circular, containing some very bear
ish figures. This is the only hope the
bears see in the near future.
Not since the panic of 1893 have banks
found PAPER currency in denominations
of from 81 to $50 SO scarce. There
has been shortage. in fact, for the
past year, but the Treasury has until
short time ago been able to supply the
banks with sufficient quantity to salts
fly the demands of their customers. The
demand during the past week or two,
however, has become so strong that the
banks have not succeeded al obtaining
all that they have applied for.
During the panic of 1893 there was
premium of from 81 to So on paper cur
rency. Conditions then, however, were
entirely different. During 1893 there
was feeling of distrust and doubt. As
result there was a general boarding
of currency. The shortage at present
is due to its uses for commercial pur-
poses. There is upwards of S60,000,O00
more currency in denominations of from
81 to $50 outstanding today than year
ago, but even this increase is not suffi-
Gent to relieve the existing requirements
of the people.
On August 81, 1899. the total paper
currency outstanding amounted to ST.
171,S4S,116 and on the corresponding
date of last year 81, H., 429, sos. gain
during the twelve months of 500, 419, 600.
The decrease in the paper currency or
large denominations can be traced to it's
conversion into ones, twos, tives, tens
and twenties.
There is likewise a remarkable scarcity
of fractional silver coin in the Treas
ury, and the demand for this form of
money to meet the needs of trade in
various parts of the country. At the
close of business Monday the amount
of fractional silver in the United States
Treasury was only So, 022,2 $50.
1t is regarded as a somewhat singular
fact that the supply of silver dollars,
which a few years ago was so large
as to be source of annoyance to
persons who desired other forms of
currency, is now greatly reduced. The
sub-treasurer at st. Louis recently de-
clined to exchange silver dollars, except
for silved certificates, the excuse being
given that the supply was too small
TO permit it, The Treasury has on
hand 405.969.S 800 silver dollars, but it
is necessary to retain most of this for
the purpose of redeeming silver certif-
Gates, the amount of which is very
nearly as large. The real supply of sill
yer dollars that is, the supply available
for other purposes than redemption of
silver certiticates-is only So, 305. The
Treasury cannot legally buy more bull
lion for coming fractional silver pieces,
and the officials are said to be in some
thing Of 4 quandary as to u method of
the situation.
Internal Revenue Commissioner Will
son has made an important ruling per-
taining to the tax on property transfers.
The ruling is that where a parcel of
real estate is sold and the
purchaser does not assume the payment
of the mortgage, only the equity i'll said
property is taxable. If, however, the
purchaser assumes the payment of the
mortgage the whole amount is taxable
If the purchaser buys piece of prop
crty not mortgaged and gives a mort
gage on that property to the seller, this
is taxable as an original docu-
lnent Commissioner Wilson says:
.'You are advised that the former pub
lished rulings of this office, relative
to real property conveyed subject to
mortgage, have no reference 10 cases
where the grantee is the original mort
gagor. In deed of this kind the taxa
BILE consideration will always include the
of the mortgage, as well as the
part of the purchase price paid in cash,
and the deed must be stamped accord
ingly.
1.-THE mortgage given as part of the
purchase price is taxable in itself the
same as any other mortgage, subject to
the amendment of February %, 1888.
II the amount of tax accruing on the
mortgage is greater than that accruing
on the note secured thereby the amount
of stamp tax required is to be computed
according TO the amount of tax due on
the mortgage only, and the stamp may
be applied to either instrument as par
ties may elect"