The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-11-01

To the extent that gold certificates,
which are of the denomination of $50
and upwards. have taken the place of
other large paper, it has been possible
TO supply small notas and certificates
much more freely than formerly. 1t
Is reasonable to believe that over $780,
600, eco Of paper win by influences now
at work be changed from denomina-
tiCns above $40 to that size or smaller,
so that the annoyances which have
heretofore arisen annually from the
overwhelming demand for small notes
may be expected to diminish. On Oct.
/ the total amount of outstanding pa
per money of the denominations of $40
and under was $3.50, 121 ,92i. The IL
crease in those denominations in the
last four fiscal years was upward OF
SlC6,000, 600.
Arrangements are completed, subject
TO action by congress, for putting out
notes and certificates with the begin
ming of the calender year 1902. at the
rate of s135, 0Ct coo pieces annually 1t
is hoped that thus the currency will be
well seasoned before it is issued.
Redemption of Bank Notes.
The redemption of national bank
notes Were the heaviest in twenty-five
wears. amounting to S147, 4S6,517, an in
crease of 0,503SI0 over 1900 The
amount of notes fit for circulation as
sorted and returned to the banks Of
+ issue was $57, 66S, rs, the largest since
/ 1879. Notes unfit for use, amounting TO
4 $71. 432 20, We're delivered to the comp
troller Of the currency for destruction
and reissue. and SIS. 626, 437 of the notes
Of hanks whose circulation is being
withdrawn were delivered for retire
ment
In the first three months of the fiscal
year 1902 national bank notes for 500
+ 507 6qI were PRESENTED for redemption
tam increase IF 81, 092 $40 over the same
months in 1901. The redeemed notes
amounted TO S33,S3l,S92.
of fresh cash deposits of $5,516,S70 for
/ the retirement of national bank notes,
/ So. S25. $40 was issued for that purpose,
and the result was an increase IN the
balance to the credit of the fund OF
s191, O30. carrying the balance Sept. 80 to
/ S29, 595,339.
/ How Notes Are Paid For.
All notes are paid for if certificates
/ are required on the day on which they
/ are received. and if currency is desired
/ on the succeeding day.
/ The shipment of standard silver dol
/ lars from the treasury amounted Tor
I the year to S3S. 338, 5i9. and the amount
outstanding in December was Stb,lS2,-
! 326. but this was reduced nearly So
000. 600 by July, in consequence OF the
return of the coins to NashlnSJ ton.
The shipments were 5.66 per cent
greater i'm 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
i'm New Orleans. to help move the crops,
TO the amount of S2,25000O, and for de
pOsits in New York they were shipped
to southern points for $2H3,OOO. The
standard dollars presented at the treas
Jury in Washington for exchange were
81 per cent in excess Of such transae-
tions in the preceding year
The shipments Of subsidiary silver
coins were 6.S4 Der cent in excess of
those Of 1900, and the amount in cir
culation advanced 50. 405 $50. The ship
ments i'm the first three months Of 1902
recorded a further increase of 6.42 per
cent. The redemptiOus in 1901 were l3.t
per cent more than Che year before but
i'm the subsequent months there was a
falling off.
Transferred to MINIS.
The uncurrent coins transferred t.
the minis for recoinage were less in all
. 3 xmas IMAM III AlAE E5AGNNNAAAAe7 ~
which probably indicates an improve
+ ment in the condition of metallic cir
culation Counterfeit silver coins and
paper currency amounting to $1l,56;
were detected during the year.
Porto Rico coins representing 5,6y9,
81. pesos in silver and 34,122 in bronze
have been exchanged under the author
/. izing act into So, 440, 20 in United States
! currency The exchanges have now
fallen to such small proportions as Il
indicate that bat few old coins remain
r in circulation.
, Up to July 4. 1901, the collections OF
] account of the Porto Rican tariff funt
I, amounted to S609, 935. On that date TIT
) president set apart this fund for public
) and permanent improvements in tn,
! islands, as required by law. BY Oct
! ] additional collections of S32,6Sl wer
Y deposited in the fund.
: Since July l. 1890, the principal of tn
- / Indebtedness of the Central Pacif
! Railway company has been reduced il
the sum of $4,4S9,740 by cash payment
s and transportation furnished. The bal
Z ance OF the principal remaining unpai
e at the date of the last transaction wa
{ $50 1863. 562. secured by first mOrtgag
bonds for S39, $40, 600 as collateral