The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-06
MILLIONS In MONEY
SECRETARY GAGE ORDERS THAT
GOLD CERTIFICATES AGAIN
BE GIVEN OUT
NEW BILLS TO BE PRINTED

Object Is to Relieve the Demand for
Circulating Medium Nothing
Smaller Than a Twenty-DOllar
Gold Certificate Can BE Issued
Smaller Bills VIII Come From
Other SOurces-GOld to BE Used.
WASHINGTON, Aug. st is now ap
parent that in the fall movement of the
crops there will be pressing demand for
currency or paper money. AS this can be
furnished in no other way than by the
issue of gold certificates, there will I'M
doubtedly be demand more or less great
upon the treasury for such certificates
against the deposit of gold coin.
The subtreasury at San Francisco has
already been omitted 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 same
effect by letter which they will receive
before business hours on Monday morn
ing. The subtrea surers have also been adj
vlsed that the government will ship them
an additional supply Of gold certificates
today, of what is known as department
series, in denominations ranging from $40
to 81, 600, and aggregating about $1O,0O0,0OO
1t is anticipated that the gold certificates
most in demand will be known as ito
order certificates" These will be issued
on request to individual depositors Of
gold, and in their own names, in sums
ranging from $1,000 to $4,000 each. The
government now has in its vaults between
$50, 0O0, 900 and $50, 900 in gold certificates
Of what is known as the series of 8SS, and
these will be supplied on demand until
others can be printed at the bureau Of en-
craving and printing.
1t will be recalled that Secretary Car
Isle suspended the issue of gold certif-
Gates by an order promulgated April "A,
1893 His authority for so doing was that
contained In section IL of the act of July
II, 1892, which made it obligatory on the
secretary of the treasury to suspend the
issue whenever the gold reserve retained
In the treasury should fall below $780,
600 600.
This question of resuming the issue of
gold certificates, which was suspended by
Secretary Carlisle, has been under constd-
GRAFTON by Secretary Gage for several
months. He has given the question his
the views of other leading financiers
throughout the country, before taking
this step.
The treasury department today made
requisition upon the bureau of engraving
and printing for the printing of SIC, 0O0,OO0
gold certificates in denominations Of $40
each The treasurer now holds large
unissued supply of certificates of the
larger denominations. 1t is the evident
intention of the treasury department to
be in a position to issue gold certificates
freely for gold coin, should the fall move
ment of currency lead to a demand at
the treasury for gold certificates in ex-
change 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 $40 or multiples there
of. 1t is a debatable question, therefore,
whether gold certificates will adequately
meet the demand for money of small de-
nominations.
ISSUE CAREFULLY CONSIDERED.
In Mr.. Cleveland's time the gold reserve
fell below S100000,000, 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 en-
trenched upon, and yet certificates were
afterwards issued for two brief periods
and for small sums during his term.
Since the accession of President McKin-
ley the subject has been under discussion
in financial newspapers and among bank
ers, and inquiries have been addressed to
the department relative to the resumption
ton of the issue. Secretary Gage has
given much consideration to both the
legal and business aspects of the propo-
sition. 1t is understood that he has been
advised that the issue of these certif-
tcates is an administrative measure,
wholly within his discretion.
The present call for paper money, it is
said, is not due to any reduction of notes
of any kind. The treasury has for long
period had only $20,OOO,OOO for use in al
Its offices, and has been able to put out
notes only in redemption or in exchange
for other denominations. All the rest Of