The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-08-06
70 MOVE The CROPS
Ten Million Dollars Gold Ger
tifcates Ordered
OF UNCLE SANS PRINTER
To Supply Demand for Paper
Currency--Legal Aspects.


bureau of engraving and printing for the
printing Of ten million dollars OF gold
certificates in denominations of twenty
dollars each. The treasurer now holds a
large unissued supply Of certificates of
the larger denominations. 1t is the evil
dent intention of the treasury depart
ment to be In q position to issue gold GER
tificates freely for gold coin, should the
fall movement of currency lead to de-
mand at the treasury for gold certifi-
Gates in exchange for gold 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 twenty
dollars or multiples thereof. It Is de-
| batable question, therefore, whether gold
| certificates will adequately meet the de-
| lfand for money of small denominations.
| New York, Aug. Silt is new appar-
| eHt that In the fall movement Of crops
| there will be pressing demand for more
currency paper money. As this can be
| furnished in no other way than by the
1
doubtedly be a demand more or less
great upon the treasury for such certifi-
Gates against the deposit of gold coin.
/ The sub-treasury at San Francisco has
already been notified by wire 90 resume
the issue of gold certificates on the de-
posts 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 sub-treasurers
have also been advised that the govern
ment will ship them an additional supply
of gold certificates today, of what is
known as the department series in de-
nominations ranging from $40 to $1,000,
and aggregating about $1o,0OO,o0O. 1t Is
| anticipated that the gold certificates most
in demand will be what is known as ito
order certificates" These will be issued
on request to individual deposits Of gold,
and in their own names in sums ranging
from 5000 to $4,000 each. The govern
ment now has in Its vaults between $SS,-
100000 and $9OOOO,OOO in gold certificates
of what is known as the series Of 1888,
and these will foe supplied on demand
until others can be printed at the bureau
OF engraving and printing. 1t will be
recalled that Secretary Carlisle suspend
ed the issue Of gold certificates by an
order promulgated April IA, 1898. His au-
thority for so doing was that contained
in section OF the statute which made Ct
obligatory on the secretary Of the treas
ury to suspend the issue whenever the
err16 T.
should fall below 500. 100000. This ques-
ton of resuming the issue of gold GER
tificates, which was suspended under Sec
rotary Carlisle, has been under consider
alton by Secretary Gage for several
months. He has given the question his
best thought and, * Is believed, secured
the views Of other leading f1nanciers
throughout the COUNTRY before taking
this step. ..7
In Mr.. Cieveland's time, the gold re-
serve fell below $le0. 600 600 and the issue
OF gold certificates ceased, under the d.
rection of Secretary Carlisle. He held
that the power of the department in the
case laDsed when once the reserve was
trenched upon, and yet certificates were
afterward issued for two brief periods
and for small sums during his term.
Since the accession Of President Nc
kinney the subject has been under dis
cussion in financial newspapers and
among 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 the
business aspects OF the proposition. It is
understood that he has been advised that
the issue of these certificates is an ad-
ministrative 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 a long
period had only s2O0OO.OC0 for use In all
its offices and has ben able to put out
notes only in redemption or In exchange
for other denominations. All the rest
of the $3.50 900 of paper is in the hands
of the banks OF the people.
Secretary Gage resumes the issue of
gold certificates with the purpose OF ex-
tending the aid OF the government in
moving the crops in any proper way that
oers or is believed by prudent people to
be helpful. Now that the department has
gone TO the limit OF its power in this
direction II IS insisted that the banks and
the people must adjust themselves to the
situation.
No gold certificates can under the law
be issued for denominations less than go.
Treasurer Roberts directs attention to
the fact that the demand for currency Is
in much the greatest degree for smaller
notes. BY using gold certificates for so
and upward. the other kinds Of paper can
be turned more and more into denomina-
tons smaller and this will give some re-
lief. Gold coins can be used in SIS and
Sos II popular prejudice will permit
Treasurer Roberts places emphasis on the
fact that for these certificates gold coin
must be deposited in the treasury. alb
solutely dollar for dollar The volume OF
currency. therefore. cannot receive any
increment by this process A certain
fiuidity Is however. added. since the GER
tifcates vii lbe likely to be passed from
hand TO hand and be shipped with great
er facility.
The following letter OF instructions was
sent by United States Treasurer Roberts
today to all assistant treasurers: THE
secretary Of the treasury has determined
TO resume the issue Of gold certificates
according 10 former practice You VIII
receive gold coin when offered and deliy-
er gold certificates IN exchange when de-
manded. IN such denominations as the
depositor may cal flor. Your once VIII
receive supply Of gOiA eertihestes rs
they may be required and you VII 6eaSe
indicate what denominations win be most
useful and bow iarrn a ,rnl,rr,a ,riIl n.