The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-04
posts to release United States bonds which
were transferred to secure circulation.
GOLD CERTIFICATES.

DOSlIS 10 release Onllc 0ldNCS Olid "AH~A
were transferred to secure circulation
GOLD CERTIFICATES.
1.-The unparalleled volume of gold certifi-
Gates outstanding is the result of the free
dom with which they can be issued in con-
sequence of the natural flow of gold from
many sources into the treasury. They are
issued against deposits of coin and are paid
out for gold bullion and the obligations of
the government. On June q they, for the
first time, exceeded in volume the United
States notes. The increase in the fiscal year
was So, 59i, 400, which was followed by an
other of SIG, 699, 900 in the next three months,
bringing the total up to 1868, 81, 0S9.
The treasury derives gold from several
sources. Substantially. the whole receipts
from customs are in gold or the representa-
tive certificates. The total acquired through
the custom houses during the year is placed
at over $215. 600. 900. Deposits of gold amount
ing to 22.021, 500 were made in New York
for the transfer of currency to other points.
These deposits began early and were larger
than in any recent years except 1900, and
for the first time the treasury was able to
receive gold and supply the kinds and
were usually United States notes and silver
certificates of small denominations The
gold received at the minis and assay Offices
is paid for mostly by checks. For deposits
of gold in San Francisco payments were
made by telegraph in New York to the
amount of $40, $4,000 before Nov. 1.
During the year ended Sept. 80. 1901,
there was an addition of $75, 956, S45 to the
paper currency of $40 and under, while only
50, 1874. 500 was added to the higher denomina-
lions. Inclusive of gold coin, the smaller de-
nominations constituted over so per cent. of
the whole stock of money. In the next
twelve months the increase of the smaller
denominations was 81, 2S3. 129. and of the
of the former to over SO. The demands of
the people for notes of small denominations
currency. In 1890 there were 81. 065, $50 pieces
of government paper issued, Of the average
value of 1851. In 1902 the issue was 11e, 6s7,-
for production, so far as the treasurer's Of
flee is concerned, have been often in
creased, and now seem to be sufficient for
present requirements In July, August and
September, 1902, the issues and redemptiOns
were each over 100000 pieces greater than
in the same months of the preceding year.
The average value has fallen to $685.. The
currency distributed from Washington to
the subtreasuries and banks during the
fiscal year amounted to $Ss7, 319, SsS, against
$319. 912, 1SS in the year preceding.
From the occupation of the Philippines
to Sept. Is last, an aggregate of 81, 33l. $50
in American money was sent there to be
used in government disbursements. OF this,
S15, $50, 900 was in paper, $40, 290, 600 i'm gold.
and the remainder in silver and minor coin.
There is no record to show what has been
returned.
EFFECT OF THE PARITY ACT.
The act Of March IA, 1900, has been car
ried out in accordance with the spirit and
letter of the statute. This parity of all kinds
of currency has been maintained. For the
present. no silver certificates are issued of
higher denomination than S., and no United
States notes of any other denomination
than so, while gold certificates alone are
issued in the higher forms. AS a conse-
quence, the paper currency is gaining in
simplicity. Generous congressional action
has made it possible to sprovide a fair re-
serve of finished notes of all denomina-
tons ready for issue, and the treasury has
been able to meet all demands for currency
without any restrictions upon the denomi-
nations paid out or the kinds of money re-
ceived in return. The receipts for redemp-
ton and exchange during the fiscal year
amounted to $723. 275, 2i6. an increase of s54,-
S64. 500 over 1901.
National bank notes amounting to sl71..
500. 25S, equal to As per cent. of the average
outstanding, were presented during the
year for redemption, an Increase OF S24. 3S2,
61 over the previous year. In the first
quarter of the current fiscal year presen.
tations for redemption amounted TO $50.
791. POI, an increase OF $3.50. $40 over the
same period of 1901. The volume Of notes
outstanding was further increased $40, a2l.
507, making the aggregate 1896, 1898. SOS. TIL
expenses OF redemption for the fiscal yeal
were 1853. 1876. which have been assessed
upon the banks at the rate of s0.92444 pei
1 @AfVNU VI Nntll
There was unusual activity In the move
ment of silver and minor coin to and from
the treasury. The shipments of silver dol
lars reached $40, 40i. 325, exceeding all for
mer records, and the returns for exchange
were 81. 40. $50 greater than the issues. The
amount OF subsidiary coin outstanding was
increased by s6. 4s6,0l4 to SIS, 72l, DDS. A re
coinage of 81, 331, 043 of all kinds of incur
rent coins was executed, at a loss of Si9S,
AS on the original face value. There was &
marked falling off in the amount of spuri
Gus coin and paper money presented"
The secretary's report is a
mass of statistics and covers the essentia
portions OF the reports of the heads OF bu
reaus. all of which have been printed from
time to time. Under the head of Cur
rency." the report says: mot only curren
obligations of the government. but all con
tracts between citizens, and all bills of ex
change, domestic and foreign. payable IL
United States money, are dischargable a
the option of the payor Except when other
wise expressly provided In money coines
] on government account and at fully IS pc