The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-05-29
Currency Changes.

The lively discussion going forward
over questions connected with our new
possessions has driven somewhat out
of thought the effect Of recent currency
changes. The goldbug has had a rest.
The "crime Of 49, has ceased to waken
dismal echoes Free silver Ii still thrust
forward by Bryanites for very shame's
sake. But the Importance and the
significance of currency movements.
and the changes wrought by the finan-
cial bill that Is now only two and a half
months old, are popularity unknown.
The intelligent voter, who remembers
the fierce controversy of 1896 anu is
aware Of the vital moment to all indus
try of good financial legislation. will
stop his ears for moment to the sense
less clamor about Imperialism" and
seek for some information about the
progress OF our currency system and
currency changes under Republican d.
rection.
An official statement from Washing
ton covers the period from March H.
when the currency act went into effect
to the first of May. During that time
over 100000 900 of old bonds were ex-
changed at the treasury for the new
per cents. On these the treasury paid
premium OF s26, 034, III. but there was
a saving in interest charge OF s32 $780,
22S over what would have been paid
If the old high rate bonds had remained
outstanding until maturity. The people
are gamers, therefore, by this operation.
to the amount Of S. s64. asa Nearly one
fifth of the bonds exchanged were sent
In by private persons and Institutions.
The larger portion, of course. were Of
fered by banks which desired to use
the new long time bonds as security Cor
circulation.
In the same time there were approved
| 1886 applications for banks with a capt.
tai OF less than 500, 900, and As banks
with larger capital. These came from
! IS different states and territories, ami
the aggregate capital OF the smaller
banks is over $1,000, 600 or the appllca-
| lions for new banks. 20 came from Iowa
and II from Nebraska. SO the money
devil is getting in his work in the very
home Of Bryan. In the period covered
there was an increase OF 23,793,67O in
the amount Of bonds on deposit TO Sc
cure circulation. The bond secured cir
culation increased in the same time al
| most 5000 900 in excess Of the amount
Of bonds deposited. This margin rep-
resents additional circulation taken out
by banks which had not hitherto used
| all 20 which they were entitled, and
also the addition permitted by the clause
OF the new law that authorizes banks to
issue notes to the fun par value OF
bonds deposited instead OF TO only 30
per cent OF their face.
While the bank note circulation was
expanding In response To these more
liberal provisions, other forms Of cur
rency were increasing also. During the
month Of April the total currency in
crease was over SSs0o0,O00 Gold coin
gained 81, 500 900, gold certificates nearly
s2S,s0o 900. silver certificates over 81 O0o.-
000 and national bank notes about sl2.-
100000 There was a decrease in treas
ury notes OF 81, 500 900 and of over $1,000. T.
600 in currency certificates. All the
items OF circulation showed changes.
but the net gain, as stated was exceed
ingly heavy.
Comparing the state OF the currency
with the same date one year ago the
changes are notable indeed. Gold certla-
cate. are 3lsX, TOO, 600 more than than.