Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1899-08-06

Continued from highth Page.
In MIR. Cleyeland's time. the old ro-
serve fell below 100000, 900 AID the
issue of gold certificates ceased under
the direction OF Secretary G; se. lie
held that the power of art
ment in the case iapsed when ono the
reserve was trenched upon, and ycx>
certifcass were afterwards issnod for
two brief periods and for small sums
during his term.
Since the accession OF President Nc
Kinley, the subject has SCI under eis-
eussion in financial newspapers and
among bankers. and Inquiries have
been addressed TO the department and
counsel rendered, relative 70 the re-
sumption OF the issue. Secretary Gage
has given much consideration 10 both
the legal and the business aspects OF
the proposition. 1t is understood that
he has been advised that the Issue VI
these certificates is an administrative
measure wholly within his discretion.
The present call for paper money, 1t
Is said is not due 10 any reduction OF
notes and of any kind. The treasury
has for a long period had only $20.L
600, 900 for use in all its offices, ana
has been able TO put out notes only IN
redemption or in exchange for other
denominations. All the rest Of the
$S45 ,000,0 OF paper IL IN the hands
OF the banks and Of the people.
Secretary Gage resumes the ISSUE Of
gold certificates with the purpose OF
extending the aid Of the government
in moving the crops in any proper
way that offers or is believed by prn-
dent people to be helpful. Now that
the department. has gone to the limit
OF its power In this direction II 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 twenty dollars. Treasurer Rob-
erts directs attention To the fact that
The demand for currency Is In much the
greatest degree for smaller notes. BY
using gold certificates for twenty dol
lars and upwards the other kinds OF
paper can be turned more and more
into denominations smaller and this
will give some relief Gold coins can,
be used In s. and $40 il popular prelu-
dice viii permit Treasurer Roberts
places emphasis ON the fact that for
these certificates, gold coin must De de-
posted in the treasury. absolutely d0l-
lar for dollar. The volume OF eurren-
ey therefore cannot receive increment
by this process. a certain fiuidity -
however added. since the certificates
viii be likely 70 be passed from hand
To hand and be shipped with greater
facility.
Hope is expressed by treasury ONO
iaks that since the vaults CT the DEPART
ment al all its offices are already
crowded banks will urn in coin only
for fair business reasons 70 secure CUT
rency for necessary use.
The following letter Of Instructions
was sent by United States Treasurer
Roberts to-day. to all assistant treas
urers.
THE Secretary Of the Treasury has
determined 10 resume rhe Issue Of goia
certificates according TO former prac-
tice You viii receive gold coin when
offered. and deliver gold certificates ID
exchange when demanded. In such de-
nominations as the deposition may cail
for. Your Office vii! reserve supply
OF gold certificates as they may be re-
quired. and you will please indicate ,
what denominations Will be most
fnI. and how large 4 volume viii y
~ ~ go