The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-05-08
NATIONAL FINANCES.
Statement From Treasury Department
of Effect of the New Currency Bill.

Washington, May 4.-RepreSentative
Brosious, of Pennsylvania, chairman
of the house committee on banking and
currency, today made a statement,
Official in character and based on in
formation carefully prepared by the
treasury department., on the workings
of the recently enacted financial law.
The statement says in part:
"The refunding provisions of the law
are working out an achievement in
finance without a parallel in the his
tory of the world. The statement /
submit is official and shows the amount
of bonds of each kind exchanged SinceI
the law went into operation March
14th to May 1st, together with the saw
ing in interest, the premium paid and
the net savings.
"The statement shows the following
totals:
Amount refunded $3.50, 02O, $50; saving
in interest 1872, 500, 225; premium paid
SIG, 034, III; net saving 6 1854 54. The net
saving shown by this statement repre-.
sents the difference between the
amount of interest the government
will pay upon the bonds refunded to
the date of their respective maturi-
ties and the amount of interest the
government would have been obliged
to pay a not the bonds above de-
scribed been thus refunded.
1.-The treasurer has already made full
settlement for bonds amounting to
$3.50, 051, $50, and of the premiums paid
and to be paid s26, 034, III, h treasurer
paid only about s110, 600. Of the $780,
O27, $50 bonds exchanged, S4S, sos, 600 were
from private institutions or private
persons other than national banks.
The secretary of the treasury as
sures me that the department has been
able to promptly exchange all bonds
offered for that purpose; but h per-
manent 2 per cent. bonds are not yet
ready for delivery, owing to the pres
sure of work in the bureau of engrav-
ing and printing growing out of
demand for national bank plates and
new national bank surrency. Temper
airy bonds, however, have been issued
in accordance with the plan laid down
in the circulars of the department.
1.-The operation Of legal tender re-
demption under the provisions Of the
law exhibits a highly satisfactory con.
dition of public confidence in our gov
eminent paper and is a happy omen fol-
the success of that branch of our mon.
etary system in the future.
THE secretary of the treasury in
forms me that the amount of United
States notes redeemed in gold out o.
the reserve fund since the new law
went into operation is 1913, 2S9."
One Of the most interesting features
Of Mr.. Brosious' statement is a table
prepared by the treaury showing tine
e extent to which new national bank:
have been organized under the new
law. The total number of application:
approved is 244, with a capital OF
$3.50, 900. The total applications on fl.
for authority to organize nationa
banks is sos; the total applications FOL
h conversion of old banks into ma
tional banks is 3S2, making a total o,
all kinds Of new bank organizations %
$50.
Mr.. Brosious also adds, from ar VI
official but reliable sources. a detailed
estimate of s121, 1855 as the amour
OF currency the national banks may
issue in the near future. as gathered
from their expressed intention.