Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-25
AFFORDED
Effect of the Issue of Gold Ger
tifcates.
GREENBACKS FREED FOR CIRCULATION
Talk Of Coinage Of More Subsidiary
Silver.
E F Feet OF A RPLU S

| The benefits afforded to the money mar
ket by the issue of gold certificates are in
dicated by the rapid Increase of the
amount outstanding during the present
TCnth. Treasurer Roberts Is receiving a
daily report of the gold deposited by the
banks in the subtreasuries for the issue of
certificates and the certificates received in
the ordinary course OF government bus
mess. The payment of a certain amount
of certificates into the treasury for public
dues is not considered indication that
they are not wanted IN the money market,
but simply that their large denominations
make them available for such payments
| and that their use releases for general cir
culation the greenbacks which would other
wise be sucked into the treasury vaults.
The statement of new issues Saturday
showed that the whole amount issued since
August 3 has been s65, 4}S, $50 of which
S5I, S41,62O has been on the direct deposit of
gold by the banks and s7,59o,47o by the
payment of certificates by the treasury in
lieu Of gold coin. The certificates received
for public dues have nearly equaled the
amount paid out, so that the amount out
standing, in addition to the old issues, is
just about equal to the direct demand for
certificates by the banks.
Demand in the Different Cities.
New York stands at the head in the value
of certificates issued, the amount paid
the sIbtreasury counters there having been
SIG, 800. This amount includes several
millions paid to New York banks, which
Were shipped by them to their country cor
respondents a the request of the latter,
but does not include deposits pf gold by
New York banks where the order requested
the shipment Of certificates from Washing
ton directly to a country bank.
The voluntary action of the New York
banks in depositing gold for certificates is
probably limited to about 10000, 600. The
Chicago subtreasury has issued Sl1 ,022, 100;
San Francisco, S6,301 100: St. Louis $62lS,
100 Boston, 81. al $40, and Washington, 3d.
$50 The other subtreaSuries have done
less but the assistant treasurer at New
Orleans expects calls for certificates to the
amount of about S15,OO0,0Oo. The gold for
them will be largely deposited in New York
by the reserve agents of the New Orleans
banks.
Less Pressure for Currency.
The pressure for currency has been lit
tie less acute. SO far as the treasury is con-
cerned, than was the case short time ago.
This is attributed in part to the fact that
the treasury is no longer In condition to
provide currency, and the fact is well
known. 1t may be due also in measure
to the unusual equipment of the western
banks, which Is enabling them to meet
heavy demands with their own resources.
The fact that currency of various kinds Is
still much needed is being brought home,
however, to the treasury officials in vari-
Gus ways.
Mint Director Roberts will have a talk
with Secretary Gage as soon as the latter
returns here in regard to the issue of sub
sdiary silver The amount for the whole
country has been limited for many years
to S50O0O.o00. The amount is proving
tirely inadequate for business needs, but
there is no authority of law to purchase
additional bullion.
Secretary Folger took the bit in his teeth
In a similar emergency and bought bullion
beyond the limits of the law. 1t is not
known whether this will be done on the
present occasion, but the plan is under Sc
rious consideration in connection with
other measures of relief. Only few mil
lion dollars worth would be purchased in
any event, and it would be left for Con-
gress to make provision for future necessi-
ties If it was thought proper. About the
only alternative is the creation of small
notes based upon the big gold reserve, or
the coinage of the silver bullion purchased
under the Sherman law. The latter device
would have the cordial Endorsement of
many gold standard men If it were not for
the distinct provision of the law that the
amount of silver held in the treasury must
always equal the amount of Sherman notes
outSt landing.
The national bank circulation is proving
entirely inadequate to meet the pressure
for currency. although a few banks are
taking out additional circulation appar-
emily to accommodate tnelr customers anu
without regard to possible loss of profits
Effect of a Government Surplus.
The condition of the government revenue
is not helping the money market. as has
been the case so often during the last six
years, by the excess of disbursements over
receipts. The long continued deficit has
been turned into a surplus which promises
to be permanent. The excess of receipts
IN 81 tEI
10, raising the excess for September to
81. 7:,S, 1872 and for the fiscal year beginning
July l to $1.6S7, 222. Receipts thus far in
September have been 3.j,225, 1872 which
would indicate a total of about $41 100000
for the month. Customs receipts have been
80 1O7 800 internal revenue Sls,6oo,l22 and
miscellaneous receipts 81. 1920. This is an
Improvement of about 81 ,6oonoo over the re-
ceipts for the same period last year. The
Improvement Is really greater in a sense
than this difference indicates.
The receipts last year were unusually
heavy in the first few months because Of
the purchases of stamps under the new
revenue law while there is nothing to fndi-
cate that they are not of a normal charac-
ter this year. The excess OF receipts since
July l is about S170OO.O00 over the cor
responding period of 1898, of which $1,000
600 is on account OF customs The receipts
Sl33, 257 1874, of which $52625,520 has been
from customs, $71,215,336 from internal
revenue and $9.41676 S from miscellaneous
sources. The expenditures for this period
this year have been $131, so 400. They
were swelled last year by the Spanish
to a total of S172 $50 1913, creating a deficit
of $50, 100000 as compared with a surplus
of receipts at the present time. The ex-
penditures thus far this month have been
$50 4S7, 900. of which $40, $780, 600 has been for
pension. $S.l70.0oo for the War Depart
ment and $3,907 600 for the navy. The
drafts for the two military departments are
smaller than at any time since the prepara-
lions for war with Spain, and are not
greatly in excess of the requirements Of the
peace basis before the war.