Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-11-01

to June 80 the purchases amounted to S14,-
$4,000 of principal, at total cost of $751;
PSI ,92S. By this process, and under no
tice of the Secretary of the Treasury, Sep
TENDER TO- inviting offers to sell to the gov
eminent $20,000,O00 Of bonds, including the
loan of 1925, purchases were carried up to
SAC, $50, at an, aggregate cost of $40, 43S :
1854. OF the funded loan of 1891, on
which interest ceased August IS, 1900, bonds
of the face value of 81 .705. $50 were re-
deemed during the year, leaving a balance
of $274, 600 outstanding. and in the new
fiscal year payments reduced the balance
to $12,500. Although the aggregate Of the
debt has been slightly Increased, the swell
ing of the figures was due to the enlarged
issue of gold and silver certificates On
October / all but SAG, 1874, $50 of the new 2
per cent bonds were held by the treasury
for national banks as security for circu-
lating notes and public deposits.
Increase of Money.
The monetary stock Of the country re-
ceived during the year an increase of up
ward of $SS.0OO,O00 in gold, $37, 100000 in
silver coin and nearly $16,OOO,OOO In notes
and certificates. The circulation per cap
ita was $26.5O July 1. 1900; $25 July 1, 1901,
and $2S52 October l. 1901. Up to the last
date, from July 1, 1897 there was an in
crease of 1858, 1870, ass in the stock o. gold,
which was then estimated at 81 100, 353 100,
and of this there was $908.71S, 1876 in cir
Yesterday the gold In the treasury, con-
sisting of the reserve, the security for
certificates and the sum in the general
fund, was $542, 800, $40 the highest in the
history of the country, and more than was
ever held under single control elsewhere in
the world except once for a few months
The receipts in New York for customs axe
nearly all In gold certificates, and balances
between the clearing house and subtreas-
ury are settled almost entirely in the same
medium.
The Employment Of Gold Certificates.
To the extent that gold certitca tes,
which are Of the denomination Of $40 and
upwards, have taken the place of other
larger paper. it has. been possible to supply
small notes and certificates much more
freely than formerly. 1t is reasonable to
believe that over $140, 600 900 Of paper VIII
by influences now at work be changed from
denominations above $40 to that size or
smaller, that the annoyances which
have heretofore arisen annually from the
overwhelming demand for small rotes may
be expected to diminish. AS the larger
denominations of silver certificates have
come in slowly for redemption, it has not
been possible to reduce the amount out
standing in twenties and upward 10 the 10
per cent of the whole issue contemplated
by the currency act of 1900. The excess of
October 1 was still nearly S1O,OOO,OO0 At
that date the total amount Of outstanding
paper money Of the denominations of SO
and under was $3.50, 121 ,921 The increase in
those denominations in the last four fiscal
years was upward Of $166, OO0, 600
Arrangements are completed, subject to
generous action by Congress, for putting
out notes and certificates, with the beein-
ming Of the calendar year 1902, at the rate
of 1875, 100000 pieces annually. It is hoped
that thus the currency will be well sea-
soned before 1t is issued.
Redemption Of Bank Notes.