The times. [volume] (Richmond, Va.) 1890-1903, 1899-08-06
MILLIONS OF
PAPER MONEY
To Issue $Io,OOO,OoO IN
Gold Certificates.
A PRESSING DEMAND
For More Currency to Move Fall
Crops Anticipated,
IT IS A DEBATABLE QUESTION
However. Whether This Move VIII
Meet the Demand, rs Certificates
Can Only lie Issued of Tweny-
Dollar Denomination While
the Demand is For
Smaller Notes,

WAsfnNGTON. Aug 5.--rhe Treasury
| Department today made rclustion upon
the Bureau Of Engraving and Printing
for the printing of ten million dollars
gold certificates in denominations OF
twenty dollars each. The Treasurer now
holds Il large unissued supply of cerd-
ncates of the larger denominations. It is
the evident intention of the Treasury De.
partment to be in a position 10 issue gold
certificates freely for gold coin. should
the fan movement of currency lead TO a
demand at the Treasury for gold cert-
acates IN exchange for gold coin. II is
10 be noted that while sold coins can be
freely had m denominations of fves and
tens the law restricts the issue of gold
| cer.ifcafcs to denominations Of twenty
| dollars or mulupiCs thereof lt Is
| debatqhle question therefore. whether soid
certificates viii adequately meet the de-
mand for money Of small denomnauon..
a is now apparent that in the iaH
movement of the crops there Wih Doe
prcssing demand for more currency or
paper money. AS this can be iufnlshea
jim no other way than by the issue OF
! gold certificates there VIII De undoubtedly
demand more or Jess great upon inc
Treasury for such certificates against the
| deposit OF gold COIN
st-BTREAsURIEs NOTIFIED.
Tho sub treasury at san Francisco has
already been notified by wire to resume
fbo issue of gold certificates ON dcpo its
of gold and in payment over the counter
of government obligations The oiNer
.ub-frcasufics have been notified to the
same effect by letter which they VIII re-
clive before business hours ON Mohnay
morning. The sub-treasuries nave also
been advised thai me government VIII
Shin them an additional supply oil soiu
o.s.i s.iecatcs today. of what is known as
Department series n denominations
ranging from so TO 81 900 and aggregauns
about 10000
n IS anticipated that the gold certih-
cafes most in demand viii be what is
tnovu as "To order certificates. Ihese
will be issued ON request to indiVldudl
drposffors Of gold. and in their own names
in s1rns ranging from $500 to $4,000 each.
The Government now has in It's vaults
bat,vaen sQSG0OO 900 and S9OW0pHO in gold
certificates Of what is known as the
Series Of lSSS" and these will be supplied
ON demand until others may be printed
at the Bureau of Engraving ana frlntis'
Ii will be recalled that Secretary car
isle SUSPENDED the issue of gold certn-
cafes bv-an order promulgated ADril H.
1sqg Ills authority for so doing was that
contained I'm Section j. Of the act or
Tufv u 1SS2 which made st obligatory
unon the Secretary of the Treasury 10
suspend the issue whenever the goa re-
eor,.e retained I'm the Treasury should taI
below IO0OnO0O. This question OF resun-
ing the issue Of gold certlhcales. Wnicn
was suspended by Secretary carlisle mas
been under consideration by Secretary
CAGE for several months. lie mas given
the question his best thoughts ana IL
IS believed secured the views OF other
leading nnanciers throughout the coun-
try before taking THIS step.
THE LAST ISSUE.
Tn Mr.. Cleveland's time the gold re-
serve fell below Sl0O.0OcO, and the issue
of cold certificates ceased under the dEec-
ion of Secretary Carlisle. He held that
the powor of the department in that case
lapsed when once tho reserve was tfench-
ed upon and vet certificates We're after
ward issued for two brief periods ana
for small sums during his term since IN
accession of President Mckinley tne sub
iect has been under discussion IN hhah-
rtnI TTWsndItIH anu aAlAANAr DtA-AAaA-t"f tAtt"@
injuries have been addressed 10 inc
donartment and counsel rendered relative
to the resumption Of the issue. Secretary
Cage has given much consideration 10
bofh the legal and business aspects OF
tho pr0position. Ii is understood thaL ne
has been advised that the issue OF these
certificates is an administrative measure
wholly within his discretion.
rne present call for paper money II -
said is not due TO any reduction OF notes
of env kind Tho Treasury has for a
long period had only 100000 for use In
AN It's Offices and has been able 10 PUT
out notes only In redemption or In ex-
cnange for other denominations All the
rest OF the $50. 5000 in paper is tn the
hands OF the banks or their people, and
in unusual degree in the northwest and
the southwest.
MUST ADJUST THINGS.
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 offers or is believed by prudent pe0-
pie 10 be helpful Now that the Depart
ment has gone 70 the limit OF its power
In this direction It is insisted the banks
and the people must adjust themselves
70 the situation
No gold certificates can. under the
law. be issued for denominations less
than twenty dollars. Treasurer Roberts
directs attention 20 the fact that the
demand for currency IS in much the
greater degree for smaller notes. by
using gold certificates for twenty dollars
and upwards the other kinds q paper
can De turned more and more into de-
nominations smaller. and this viii give
some relief. Gold coin cap be used IN y
and $40 II popular preiudices will permit.
Treasurer Roberts places emphasis on
The fact that IN place OF these ceruneates
gold coin must be deposited in the Treas
ury absolutely dollar for dollar The
volume OF currency therefore, cannot re-
ceve anv increment by this process.
certain fuidity, however, Is added since
the certificates will be likely 10 be passed
from hand 20 hand and be shipped with
greater facility.
Hope is expressed by Treasury officials
that since tho vaults or the Department
at all SIS offices are already crowded.
banks wifi turn In coin only for fair bus
mess reasons TO secure currency for neces-