The evening times., 1899-10-31
GREAT .DEMAND FOR NOTES.
The Treasury Having Hard Work to
s1ppsy the Country.

S1Dpsy the Country.
1t has been announced at the Treasury
Department that the United States notes
and the Treasury notes. that piled up in
the vaults 81 rtpidly during the period Of
depression have now almost entirely dis
appeared. and that the demand for silver
dollars has become greater than ever be-
fore. For several weeks the Treasury has
had hard wofk to supply this demand. but
the deficiency has, it is said. been over
come by careful manipulation. The de-
partment is now struggling with the ex-
traordinary increase in the demand for
paper money. This demand is especially
great for gold notes. despite the fact that
never before in the financial history of the
country have the issues been even half as
large as within the last three months.
The total issues of certificates from Au-
gust to October 81, 1899, were $l29 .249.-
419. which Is less than the amount which
has been often attained before. 1t is the
preference for certificates OF the denomina-
tion Of $40 which has indicatd the pressure
for paper currency. The issues of certifl-
Gates for $50 from August to October 21
were $39. SIC. .464, while the issues for 81 900
certificates were $24.774.500. The num-
ueE Ol SSU ceTtlucdleS Is ABOUT elSuty IfmcS
as large as those for $1,000.
The largest amount Of certificates for
$50 outstanding at the close of any pre-
vious fiscal year was in 1891, when the
amount was 81. .221 TIA. The total out
standing certificates at that time were
slo2. 461 .429. which was a trife less than
the amount the previous year, when the
outstanding issues were $157 ,542. .979. The
issues Of certificates for $40 on the latter
date were only $11, ,953. 474.
The pressure for the $50 certificates is re-
fected in the demand for the next highest
denomination. the certificates for $50. The
amount ISSUED between August and Octo-
Der q has been SIS. .4S3.s65. while the
amount outstanding on June 80. 1890, when
the total Of certificates was at the maxi
mum. was only $9,043,205.
Gold certificates were originally intended
as convenience for the banks in main
tanning their reserves, and not for general
circulation. The issues of 1890 included
$55. $50 900 in certificates for $4,000. 1884,
400, coo in certificates for s.. 900, and 23.061,-
500 in certificates for $1,000. These three
large denominations absorbed more than
two-thirds of the whole amount outstand-
ing.
The issues from August to October 81,
1899. however. have included only s13.-
100000 in certificates for $4,000, $780,
OPS. 900 in certificates for 5000. and s24.-
ia. 500 in certificates for 81. goo. the amount
Of these large certificates comprising lit
tie more than a third of the total issues.
The fact that certificates for $50 have been
SO largely taken would seem to indicate
that smaller certificates would be well
coined II they were available. The law.
however. limits the minimum denomina-
ton to $50.
This demand for small gold certificates
Is only one OF many indications of the
pressure for paper currency in the United
States during the past year. The Govern
ment has been Obliged to pay out gold GER
tiheates. II Is said. because 1t has had
practically no other form of paper money.