The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-06
DEMAND FOR MORE CURRENCY.
1T WILL nE MET BY AN ISSUE OF
GOLD CERTIFICATES.

nomination of $50 Each-MiII lie
Paid out nt SnbtrensurieS in Ex-
change for Gold, ana to settle Cow
crnment Obligations.
Washington, Aug. 5,--The treasury de-
partment to-day made requsition upon the
bureau OF engraving and printing for the
printing of $0,0O0.0OO or gold certificates
of the denomination OF $40 each. The
treasurer now holds a large unlssued sup
ply of certificates of the larger denomina-
tons
II Is the evident intention OF the treasury
department to be in a position to issue
gold certificates freely for gold coin,
should the fall movement OF currency lead
to a demand at the treasury for gold cer-
tincates in exchange for god coin.
1t is to be noted that while gold coins
can be freely had in denominations Of
fives and tens. the law restricts the issue
of gold certificates to denominations Of
$50 or muluples thereof II is debaiabe
question, therefore, whether gold certih-
Gates viii adequately meet The demand
for money of small denominations.
IL is now apparent that In the fall move
ment Of crops there will be a pressing
demand for more currency or paper money
As this can be furnished I'm no other way
than by the issue of gold certificates,
there viii undoubtedly be a demand more
or less great upon the treasury for such
certificates against the deposit of gold
coin.
subtrcnsuries Notified.
The sub-treasury at San Francisco has
already been notified by wire to resume the
issue OF gold certificates on deposits OF
gold and In payment over the counter of
government obligations The other sub
treasures have been notified to the sans
effect by letter, which they win receive
| before business hours on Monday morn
ing.
The sub-treasurers have also been adj
vised that the government viii ship them
an additional supply of gold certificates
to-day, of what Is known as department
series Ia denominations ranging from $40
20 $1,000 and aggregatlng about $l00OO,O0O.
| 1t Is anticipated that the gold certificates
most In demand viii be what Is known as
| TO order certificates" These will be Is
| sued on request to Individual depositors
of gold, and in their own names, in sums
| ranging from 5000 to $4,000 each.
| The government now has In its vaults
| between sSSG00,OO0 ana Se9,0O,000 In gold
| certificates of what il known az the
| 'series Of 1855" and these will be supplied
| on demand until others may be printed
| at the bureau of engraving and printing
Issue Was suspended.
| II will be recalled that Secretary Car
| Isle suspended the Issue OF gold certlh-
| Gates by an order promulgated April Ia,
| 1893. His authority for 30 doing was that
| contained In Section u OF the act of July
! ~, 1882 which made 1t obligatory upon
| the Secretary Of the Treasury to suspend
| the Issue whenever the gold reserve re-
| tanned in the treasury should fall below
| $i00 000,000 This question OF resuming the
| issue Of gold certificates which was
| suspended by Secretary Carlisle
has been under consideration by Secretary
Gage for several months. He has given
| the question his best thought, and II Is
believed secured the views OF other lead-
ing lnanciers throughout the country be-
fore taking this step
In Mr.. Clevelands time the gold reserve
fell below 500 900 900 and the issue OF gold
certificates ceased under the direction Of
Secretary Carlisle. He held that the
power of the department In the case lapsed
when once the reserve was frenched upon,
and yet certificates were afterward issued
Tor brief periods and for small sums dur
ing his term.
Gage Has the Authority.
snce the accession OF President McKln-
ley the subject has been under discussion
in financial newspapers and among bank
ers and inquiries have been addressed to
the department and counsel rendered rela-
tive to the resumption OF the issue Secre-
tary Gage has given much consideration
to both the legal and business aspects OF
the proposition. II is Understood that he
has been advised that the issue of these
certificates is an administrative measure
wholly within his discretion.
The present call for paper money, II IL
said, Is not due 10 any reduction Of notes
or any kind. The treasury has for a long
period held only $1,000 900 for use In all
lis offices and has been able 10 put out
notes only in redemption or In exchange
for other denominations. All the rest OF the
$4,000 900 in paper Is In the hands of the
banks or the people and IN unusual degree
In The northwest and the southwest.
Secretary Gage resumes the Issue OF gold
certificates with the purpose OF extending
the aid OF the government in moving tho
crops In any proper way that offers or Is
believed by prudent PEOPLE 10 lie helpful.
Now That the department has gone to the
limits OF It's power in this direction, II ~
insisted The banks and the people must ad-
just themselves to the situation.
Small Bills Are Needed.
be issued for denominations less than
twenty dollars. Treasurer Roberts di-
rects attention to the fact that the de-
mand for currency Is In much the greatest
degree for smaller notes. BY using gold
certificates for twenty dollars ana up
ward. the other kinds Of paper can be
turned more and more into smaller denom-
nations and this will give some relief. Cold
coin can be used IN So and $40 II popular
prejudice will permit.
Treasurer Roberts places emphasis on
the fact that for these certificates gold coin
must be deposited In the treasury. abs0-
lutely dollar for dollar. The volume Of
currency therefore, cannot receive any in
crement by this process. A certain nuld-
lty, however. rs added since the certificates
will be likely TO be passed from hand to
hand. and be shipped with greater facility.
Hope IL expressed by treasury officials
that since the vaults OF the department ut
ali its offices are already crowded. banks
will turn In coin only for fair business