The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-12-04
prior to the passage Of the Financial set,
and on October 81. 1900 was IS foIloMs:

INSS tsf2lIs ~ vtH't iI1
Tens --.-------- 1915, 20 - VS. - ~ ~
Twenties .--.-,--.-.----. 5S,a3e GO s.As1 re
Fifties -------.--.-..--.- n,7Sf.I5O 16,IS6,3e)
One hundreds - q. l03, 100 32,SS9. 200
Five hundreds -----.--.- 10000 l92, 800
One thousands 800. - ,0e0 2IOo
Inredeemed fractions $500 $3.50
Total -. -. Isl. o26.2so IS. 613. PCS
From the foregoing statement it appears
that there has been a growth in national
baak circulation, from March II to Oeto-
Der 81, of 81, 5S7, G3S- This increase is prob
ably no more than sufficient to keep pace
with expanding trade. Under existing
law national banks are entitled 10 take
out circulation 10 the full amount of their
capital, which on October 81 was $685., 502,-
S55. There is no likelihood that this priv
ilege viii be availed CT TO the fullest ex-
tent The antecedent requirement for the
purchase and deposit of United States
bonds acts through advance in price under
incl eased demand TO check automatically
undne expansion of note issues. It may be
noted here that with the per cent bonds
at the present market price the net ad-
vantage 10 bank in taking out circula-
tiou is one and fve-hundredths Of l per
cent per annun, as figured by the actuary
in this department. The advantages to
banks in taking circulation under the law.
based upon other bond issues, are found 10
be as follows;
On ) per cent bonds of 1904 loss OF
substantially One-baif of I per cent.
On per cent bonds of 1907, profit of
substantially twelve-hun iredths of 1 per
cent.
On , per cent ponds of 1903. a profit OF
about three-tentls of per cent.
On per cent bonds of 1925, profit OF
about Observation-Disclosures of / per cent.
These figures show clearly enough that
cur currency system, under which the
volume of circulating medium is more re-
spOnsive 10 the market price OF Govern
ment bonds than to the requirements OF
trade and Industry, is not yet satisfactory.
The Comptroller of the Currency calls
attention to the urgent necessity for
amending section 1 Of the act of July T.
1882 Under its provisions. the charters
Of I, 49, banks, with an aggregate capital
of SIT, 62S, rs, have been extended The
first OF these extended charters viii eX-
pire July IL 1902 and from that time
eXDiTationS will be frequent. The Comp
trCller is of the opinion that the authority
for the further extension Of the corporate
existence OF such banks is not clear, and
he therefore asks that section l be
amended as to permit him, subject 20 the
restrictions named in the law, TO further
extend these expiring charters. The mat
ter is one OF considerable Importance
both to the Government and the banking
community Banks whose charters expire
viii doubt have the right to reorgan-
iZe as new institutions but they viii be
obliged to take new titles and new charter
numbers, while stockholders directors
and officers may remain the same. II will
therefore be seen that the legislation rec
commended will save much ciTcumlocuti0n,
avoid great annoyance, and give 10 ex-
piring institutions the benefit Of their for
mer titles, made Of value by long years
Of honorable and upright dealing.
Loans and Currency.
The interest-bea ring debt July l 1900
included unmatured United States bonds
outstanding amounting to s1623. 443, $50.
there having been a reduction since July
1. 1883. Of s22.567, $50. This was brought
about by the purchase. under announce
ment Of the Secretary Of the Treasury on
November Is 1899 OF per cent bonds.
funded loan Of 1907 amounting to s14,310,-
$50 and per cent bonds loan of 1904 in
the amount of 1890. 800. There were also
redeemed. under the Secretary's call of
May Is 1900 United States bonds OF the
funded loan OF 1891 continued at per
cent, in the amount Of s.. 3S4, $50 The total
reduction in these three loans up to July /
1900, was 500, 6S5, 900, but the net reduction
as stated above. was so. 56T $50. there hay
ing been issued during the fiscal year
per cent bonds, loan of 190S-I91S amount
ing to s113. 800, and 50 $50 in I per cent
bonds funded loan of 1907. in conversion
Of refunding certificates, OF which $3.50
were issued in payment OF accrued inter
est on said certificates.
The call Of May I8. 1860 was for the re-
demption of the bonds Of the funded loan
CT 1891, continued at per cent. the amount
being S25,S64,5O0. and August IS 1900. be
ing fixed as the date of maturity
The character Of the interest bearing
debt outstanding T1r1r =
" different from that outstanding July /
1899, owing 20 the Issue OF 9 per cent bonds
payable. principal and interest, in United
States gold coin. under authority of The
act OF March IA. 1900. in exchange for Ger
tain classes OF United States bonds out
standing bearing higher rates Of interest
The changes in the amounts of the sew
eral kinds Of money in the United States
outside the Treasury between November
!, 1889 and November / 1860, are shown
IN the table following. The estimated
population of the United States November
l, 1899, was Il, 599 600. and the per CAPITA
supply Of money outside the Treasury was
$3.50. The estimated population and per
capita supply of morsy November / 1900
we're 76,S91,o eco and s27.S2. respectively:
November 1. 1S99-GoId coin S634 $50. =
733: standard silver dollars. Il 36l.74G:
subsidiary silver, SIC, Ia, I64; gold certifi- |
Gates. s127,59S,519; silver certificates
1854. 975. 239: Treasury notes. act OF July
II, 1880, SIS, S95, S94; United States notes.
1911. 264 SOS; currency certificates, act of |
June 8, 1872, s12, 795, 600; national bank |
notes, $2S9,067, 1913; total. 81. 500, 716-14S
November 1, 1900-Gold coin. S621. 761.- |
263; standard silver dollars, S73, 479. 469; |
subsidiary silver sS1, G35. 1877; geld certif- |
Gates, s215. SOS. 1853; silver certificates. /
S421,3S0, 745; Treasury notes, act of July
If 1880, $50, 1880; United States notes.
1898 -295 ,G61; currency certificates. act OF
June s. 1872 s1.7S0, coo: national bank
notes, S325,S75, 25s; total 81, 139. IsI.4I
Decrease, $4S, 259. 9o4; increase. S222, 725
16s; net Increase, S175. 465, 264
-Four great facts characterize the for |
eign commerce Of the fiscal year 1890; |