The Washington times., 1901-11-01

and upward, have taken the place of other
large paper, it has been possible TO supply
small notes and certificates much more
freely than formerly. 1t is reasonable to
believe that over Sli0, ,GD0 600 of paper Will.
by influences now at work, be changed
from denominations above so TO that size
or smaller, so that the anuoyances which
have heretofore arisen annually from the
overwhelming demand for small notes
may be expected to diminish. AS the
larger denominations Of silver certificates
have come in slowly for redemption II has
not been possible to reduce the amount
outstanding in twenties and upward to the
10 per cent Of the whole issue Contem-
plated by the currency act OF 1860. The
excess of October / was still nearly s10.
0e9, 600 At that date the total amount of
outstanding paper money of the denomi-
nations of so and under was 1885,, III ,92l.
The increase in those denominations in
the last four fiscal years was upward of
$l65, 900, COO
THE Treasurer reports in tables the
growth OF small notes from 1891 to 1901,
which has raised in percentage to the
total paper circulation. the ones from 3.96
to 4.2i. the twos from 2.5l to 2Ii, while the
I fives, owing TO the restriction On national
! bank notes In the law of 1900, fell from
22,s5 to 20.74 per cent The tens ran up
/ from % SO TO 2 II per cent.
I'm the fiscal year 1900 there were is
sued 7S.l32, ,176 pieces of paper money of the
average value of $54 and the aggregate
| of 1895. 545, 900 In 1901 the issues were 81,
| 29l, ,03i pieces averaging SAG each. Toe re-
| 735 pieces worth $Si each, and in the lat
| ter 81, ,39i. $50 pieces at 4.iL In the first
quarter OF 1901 the pieces issued were A.
443. 4e9, of face value of 800. .S3i. 900. and in
the like period of 1902 they were q. sos, :
799, representing Sll0. iG0,G 600 each $4.152.
| The redemptions in that period were, in
| 1901. lS,597,1G9 pieces. In total value So
| S64. 800. and the average of S3-o5. and In
| the same months of 1892 the pieces were
19 6s. .5l4, in the total value $9i, ,i92, 800 and
| the average of S4.s9.
arrangements are completed, subject
to generous action by Congress. for put
ting out notes and certificates, with the
beginning of the calendar year 1902, at the
rate of l35,O0o0o0 pieces annually. 1t is
hoped that thus the currency viii be well
seasoned before it is issued.
The fresh issues are distributed
through the Snb-Treasuries and banks.
The consignments numbered 1929 in 1850
and 81 697 in 1891. OF these, in 1900 9,3S7,
worth s4s2, 27.40. and in 1901, 10.H7. worth
S602. 1859, were sent by registered mail,
while the rest went BY express.
The redemptions of national bank
notes were the heaviest in twenty-five
years, amounting to $l47, ,5I7. an in
crease of $50. .503.yl0 over 1900. There were
received 13.6g .129 notes. Of the average
value of si0U- In 1900 the average was
s9S4. The increase is due to the newly
enacted restriction regarding the issue
of s. notes. The amount Of notes fit for
circulation, sorted and returned to the
banks of issue. was S57, 65S, Il5, the largest
since 1879. Notes unfit for use, amounting
| to 81, AZ, ,232, were delivered to the Comp
| trollcr Of the Currency for destruction
and reissue, and SIS, ,626 437 of the notes
| of banks whose circuIation is being with
| drawn were delivered for retirement. The
| expenses for the year were $li6236. an in
crease of 81, ,25z over the year preceding.
| The rate Of expense WIS 99.57 cents per
| / 100 notes assorted. being 37.S2 cents for
| transportation and 81. Is for all other out
lays. This rate is the lowest in our
| records.
'.In the first three months of the fiscal
year 1902 national bank notes for $780,
| 5G1 69i were presented for redemption, an
| increase Of 81, ,0925i0 over the same months
| in 1901. The redeemed notes amounted to
! s., 81, So. OF fresh cash deposits of So
| 5l6.S70 for the retirement of national bank
notes So 325 $40 was used for that purpose,
and the result was an increase in the
| balance to the credit of that fund of $l9l,-
030. CARRYING the balaQce. September 30,
| to 80 .595.a-S9.
'.All notes are paid for II checks are re-
quested on the day on which they are re-
ceived. and If currency Is desired, or the
succee ding day.
"The shipments of standard silver dol
lars from the Treasury amounted for the
year to S3S ess ,5l9, and the amount out
standing in December was SIG, Is. .326 but
this was reduced nearly $4,000, 90 by July,
in consequence OF the return Of the coins
to Washington. The shipments were 566
per cent greater In 1901 than in 1900. and
there was an increase in the first quarter
Of 1902 over that Of 1901. Standard dollars
were given for gold in New Orleans to
help move the crops. to the amount of
| 22oO.0OO. and for deuosits in New York
they were shipped to Southern points for
81 5i5.1Oe. The standard dollars presented
at the Treasury in Washington for ex-
| change were 81 per cent in excess of such
transactions IN the preceding year.
.'The shipments Of subsidiary silver
coins were 6.9i NJ cent In excess of those
OF 1900. and the amount in circulation ad
vanced 81. .f05 $50. The shipments in the
first three months Of 1902 recorded fur
ther increase Of 6.42 per cent. The re-
demptions IN 1901 were 1875 per cent more
than the year before, but in the subse-
uuent months there was a falling off.
THE uncurrent coins transferred to the
mints for rccoinaee were less in all kinds
than in tha preceding year. which prob
ably indicates an Improvement in the con-
diticn Of the metallic circulation. Coun-
terfeit silver coins and paper currency
amounting to Hl,58 were detected during
the year.
Porto Rican coins representing 5.699.-
5i2 pesos IN silver ana 81 lZ2 in bronze have
been exchanged under the authorizing act
into 81. HOP In United States currency.
The exchanges have now fallen to such
small proportions as TO indicate that but
few Of the old coins remain in circulation.
Up to July a. 1901. the collections on ac-
count OF the Porto Rican tariff fund
President set apart this fund for the
public and permanent improvements in
the island. as required by law. BY Oc-
tober i. additional collections of s32 6S1
were deposited In the fund.
Since July I. 1900. the principal OF the
Indebtedness of the Central Pacific Rail-
way Company has been reduced in the
sum of 81 7s9 97i. by cash payments and
transportation furnished. The balance of
the principal remaining unpaid at the
date of the last transaction was S39.3e5. :
| Esq., secured by first mortgage bonds for
So, $4,000 as collateral.