Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-11-04
bonds and their earnings up to July
J. 1903,

bonds and their earnings up to July
!, 1903,
DECREASE IN PUBLIC DEBT,
While the accounts OF the public debt
on their face show an increase OF Sl6,-
S35l2 In the total Of the deDt, II al
lowance be made for the Increase Of
s5LG2i4OO in gold certificates. the ma
tlonal obligations win be shown TO have
diminished by Si2, sSS during the IFS
cal year
The bonds held by the treasurer as
security for the notes Of the national
banks were $1,000 700 less at the end OF
the fiscal year than II months before
but In the same interval the securities
held for deposits In the banks were SIS
9j3.200 greater, so that the increase IN
bonds held for both purposes was So
S73,50O The banks with securities
pledged for circulation on June 30, num-
bered 1858 making an addition during
the wear Of 81. Those with pledges for
public money deposited were 577,
For more than so per cent OF the
banks the deposits for circulation are
less than 500. 900 and for nearly one.
third Of the banks the bonds fell be-
low SIS 900 In each case. out Of the
1901 banks with securities pledged for
less than S25 900, 40 have bonds for no
more than $4,000 with the treasurer,
This number increased 1886 during the
fiscal year.
The bonds for circulation which were
on Oct /, 1901, 1880, $50 $50, fell to $685.
754 $50 on June 4, 1902, rising to s3l7,-
03S $50 on June 30 On Oct. /, they were
1926, O23,21 and on Nov /, 1886, 0S2 go.
These changes show a measure Of elias
ticity In notes based on bonds.
To the general stock Of money In the
country an addition Of $50 lSg, 6Sl was
made during the fiscal year OF this
s67 955, S27 was In gold coin and bullion.
There was also an Increase Of Sl9, 1885,
25g In standard dollars ana or S360,99l
In subsidiary silver. United States notes
remained under the law unchanged.
Treasury notes fell off sl7 1888 900, Ma
tional bank notes received an mere
ment OF S2,S5l $50. The gold coin and
bullion, Oct, /, exceeded all other kinds
of money, excluding national bank notes
by 5000 1856 ,433 In five years the ratio
Of gold in the country to all circulation
has run up from 1852 TO siG,5i to the
hundred
MONEY PER CAPITA,
The growth Of the volume Of money
in circulation during the year was s74,-
OS2,5S9 carrying the per capita from
t279s TO S2S42. The element Of gold
coin and gold certificates was the larg-
est part, and the increase reached SOL
| a6G,l74 and advanced from 4OS0 per
cent OF the total to Alb per cent In
silver Of all denominations. including
| certificates, there was an increase OF
s26 226.l46, OF which s6,4SG,oli was in
subsidiary coin. The reduction in
treasury notes Of sl7 SIT 800 is due to
their withdrawal
The advance IN circulation In the
volume Of gold, including certificates
within 10 years by the large sum Of
1898. 703 5l2, Is the measure OF the great
err strength Of our circulation The addi-
ton during the past fiscal year was SCI .
sS6, ia The increase in the future can
| hardly be leSs than $50 100000 to $780,
OOO 900 a year.
The mines, the report says. are thus
confirming the gold standard, steadily
and inyincIbly, and II adds; For the
immediate present and doubtless for
few years at least, the inflow OF gold
will be IN such large measure as TO lift
| the volume Of currency TO the highest
| level of all needs Of business. Our cur
rency keeps more than equal pace with
| the population,
ION June q the gold certificates out
standing for the first time exceeded in
volume the United States notes and
were s3i7,ll90s9 BY November they
were 1857 07S569.
TREASURY NOTES.
THE gold in the treasury keeps In
| active circulation as currency the GER
| tihcates issued against il and more
over S3i6, 6Sl obs In United States notes
and $4,000 900 In treasury notes, or
over $4,000 900 more than its own
value, The question may well be con-
sidered whether the United States
notes may not properly be turned by
Congress into gold certificates They
| have much more quality already. and
the change could be gradually made
as the supply Of gold takes on great
| err proportions. The demand Of the
| people for notes Of small denominations
| has surprised the closest students OF
| the CURRENCY. In 1880 there were 81
| t65 $50 pieces OF government paper Is
sued OF the average value of S.. 81. In
| 1892 the issue was ll66g7,Si4 and the
average value S. The facilities for
production have been often increased
and now seem TO be sufficient for pres
ent requirements. The currency dis
tribdted from Washington to the sub
| treasures and banks during the fiscal
| year amounted to sJs7, 3l6,sS5' against
| S9l9, 9l2,19i in the year preceding.
The act OF March H. 1900, makes II
the duty OF the secretary ~ the treas
ury 10 maintain the parity OF value
OF all forms Of money issued or coined
by the United States with the gold
standard defined and fixed by that law.
This parity has been and is now easi-
| ly maintained, and all kinds OF govern
ment money are excnangeable with
each other.
The inflow OF gold, permitting the
free issue Of gold certificates OF $40 and
upward. Is the key to this maintenance
Of parity and interchangeabllity Of all
kinds Of government money. on the
other hand, small denominations. in
GLIDING silver coin, are constantly In
demand for the myriad transactions Of
! retail trade and the current uses OF