The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-04

to the highest level of all needs of bust
ness. Our currency keeps more than equal
pace with the population"
On June q the gold certificates outstand-
ing for the first time exceeded in volume the
United States notes, and were <4I,lI9,OS9
BY Nov. l they were s367.o7s.569- The gold
in the treasury keeps in active circula-
ton as currency the certificates issued
against il, and moreover, $346, 6S1.0lS in
United States notes and So.0o.Voo In treas
ury notes, or over S140.OooVoO more than
its own value. The question may well be
considered whether the United states
notes may not properly be turned by Con-
gress into gold certificates. They nave
much that quality already. and the change
could be gradually made as the supply of
the yellow metal takes on greater proper
tions. The demands OF the people for
notes of small denominations have sur
prised the closest students of the curren.
cy. In 1890 there were 3l,O65,Ss0 pieces OF
government paper issued, or the average
value of s6.61 In 1902 the issue was Sllb,-
697, S74 and the average value "a. The Ia
cilities for production have been often IN
creased and now seem TO be sufficient Tor
present requirements The currency dis
tributed from Washington to the sub
treasures and banks during the fiscal year
amounted to 1887 319 $50, against g. lS9 81, 1874
In the year preceding.
The act of March IA, 100, makes II the
duty of the secretary or the treasury TO
maintain the parity of value of all forms
of money issued or coined by the United
States with the gold standard defined and
and is now easily maintained, and all
kinds of government money are exchange
able with each other.
The inflow OF gold, permitting the free
issue of gold certificates of $40 and upwards.
is the key to this maintenance of parity
and interchangeability of all kinds of gov
eminent money On the other hand, small
denominations, including silver coin, are
constantly in demand for the myriad trans
actions of retail trade and the current uses
of rural communities. as well as for pay
rolls in furnaces and factories and harvest
fields. The treasury In recent years, con-
tinues the report, has heard much more
clamor for silver and small notes than for
gold. II is now abundantly able to meet
all calls for every kind of money for it's
own obligations, for redemption and for
movements which have been noted our
government paper currency is gaining in
simplicity. Gradually all large denomina-
tons are becoming gold certificates and
the smallest silver certificates, while in
time all $40 will be United States notes.
There is a net increase during the fiscal
year of 1858 banks, i37 charters having been
her of banks chartered to June 80, 1902.
was 6,325, OF which 4,546 were in operation
and 1,779 out of existence.
There unusual activity in the move
ment of silver and minor coin TO and
from the treasury. The shipments of sill
yer dollars reached s40,404.S25, exceeding
all former records, and the returns for ex-
change were $2,10,690 greater than the
issues.
The amount of subsidiary coin outstand-
ing was increased by 49, $50 to So, S14,9 $40.
There was a marked falling off in the
amount of spurious coin and paper money
presented.