The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-31
SMALL NOTES IN
GREAT DEMAND
Those of the Denomination of $40
are Greatly Needed.
CONVENIENCE FOR THE BANKS.
Gold Certificates Were Originally So
Intended, and Not for General
Circulation sec. Gage
on the situation.

WASHINGTON, oct. 29-1he pressure
for circulating paper money which has ac-
companied the increase OF business activ-
ity has been brought home in forcible
manner to Secretary Gage by the eharac-
ter of the demand FOR gold ceTtihcates
Never before in the financial history OF
.,the country have tho issues Of s1lal goa
certificates been even half as large as
within the last three months Ihs total
issues Of certificates from August TO Oc-
tober q 1889. were Sl2g 249 .4l9, which Is less
than the amount which has been often
attained before II is the preference FOR
certificates Of the denomination or twenty
dollars which has indicated the pressure
for paper currency. The issues OF ceIu-
Gates for $50 from August 10 october
"A We're s39 SIG. 464 while the issues Tor one
thousand dollars were S4,tA1". Inc
number of the small certificates IS about
eighty times the number Of those for
thousand dollars The largest amount OF
certificates for $50 outstanding at the close
of any previous fiscal year was IN 1871,
when the amount was $li22l.i'i The total
outstanding certificates at that time were
sl52 iGl 429. which was a trinc less than
the amount the previous year. when the
outstanding issues were A3I5i2.U9 Inc Is
sues of certificates for so on the latter
date were only sll9j3.414 The present
volume Of small issues surpasses, there
fore by more than three times. all pre-
ylOus conditions except on one occasion
when the proportion was much less than
half. The pressure for the $50 certificates
is reflected in the demand for the next
highest denomination. the certificates for
fifty dollars The amount issued between
August and October p has leen $l5R5obl
while the amount outstanding on June 80
1890. when the total of certificates was az
the maximum. was only S9oiS.205.
Gold certificates were originally intended
as convenience for the banks In main
tanning their reserves and not for general
circulation The issues of 1880 included
SIS 100000 in certificates for ten thousand
dollars. S3l 10000 IN certificates for five
| thousand dollars. and S-3pG1.ao0 I'm certi-
fcates for one thousand dollars These
three large denominations absorbed more
than two-thirds OF the whole amount out
standing. The issues from August 20
October o. 1899. however, have Included
! only Sl32l000 IN certificates for $1,000,
lO02-.0o0 I'm certificates for 5en. and
S2l77i1O0 in certificates for $lcp. the
amue,it OF these large certificates making
no little more than a third OF the total Is
sues The fact that certificates for $50
have been so largely taken would seem 90
Welcomed If tbev we're available. The law
Unite Tho minimum denomination 10 500
and the measure for The notes has fallen
heavily upon thls minimum.
This demand for small gold certificates
Be- opry ono ~ MANY Indications OF the
,I,..s,,ro f,r r,onor oiirroncy I'm the United
st,tc- I,,rirr the raef YEAR The govern
mont has f,en obli,gd m M, ONT cold GER
tihCates because it has Dad practically no
-,',a, rot.s s-,I ,r,..ss,,r,- roIos which
liza .,,, fr tb. -rra.s,,,,. ~ ropidiv during
| ts. r.,li,1 If .1en~os .,o, have now almost
.,,..--.l AND y, has reo,.i,e1 carae,,l
.-,t....i,,,., 80 .t,, ,.,,.,ffc ,,,,,. IN moot
ne i.,,-',,1 ..-..r.-5 silver doil-s and
..,l.si,li,., sil,.or
mo ,,er o,.,ff. circulation of tho conn
fr,. b,. b,ar te.t nreftv Uniform during
,to summer and autumn N twenty-five
dollars and a fraction. This apparent
raral ~ fho circulation has been main-
Gained however In ths face of % great cx-
mansion of bank credits. which would
naturally call for an inoroae. OF bank ra-
.r,,..- .+.flr,,...f -.0.. r.errT Doc tna