The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1902-11-11

LOr u0pOSllS Ill lie UduhS were @lo,-
953, 200 greater, SO that the increase
in bonds held for both purposes was
$9,852, 500. The banks with securi-
ties pledged for circulation on June
80 numbered 1853, making an addi-
ton Of 81. Those with pledges for
public moneys deposited were 577.
For more than so per cent Of the
banks the deposits for circulation are
less than 100000, and for nearly
one-third the bonds fell below $685.
900 each, and Of these 1901, 479 have
bonds for no more than $4,000 each.
This number increased 235.
The bonds for circulation, which
were, on October 1, 1901, $780, 93, 1S0,
fell to $315, 754,6 $50 on June 4, 1902,
rising to $317,O3 $50 on June 80. On
October 1 they were 1926, 023, 270, and
on November 1, 1888, 0S2,270.
To the general stock of money in
the country al addition of $80,189,-
681 was made during the year. OF
this $67,955,527 was in gold coin and
bullion, $~19,735,259 in standard dol
lars and $7,360,991 in subsidiary sill
yer. United States notes remained
unchanged. Treasury notes fell off
SIT, 783, 900. National bank notes re-
ceived an increment of $2,S51, $50.
The gold coin and bullion October /
exceeded all other kinds of money,
excluding national bank notes, by
5000, 368,43 In five years the ratio
lation has grown from 1852 to 46.45
per cent.
More Money circuIates.
~ The growth in the volume of money
in circulation during the year vas
$74, 0S2,5s9, carrying the per capita
from 27.98 to 28.43. The element of
gold coin and gold certificates was
the largest part and the increase
reached $61, 966,174 and advanced
from 40.30 per cent of the total to
Alb per cent.
In silver of all denominations, in
Guiding certificates, there was an in
crease of $25, 226, JAG, of which &c.
486,014 was in subsidiary coin. The
reduction in treasury notes of $17,-
ST., 800 is due to their withdrawal.
The advance in the volume of gold
in circulation in the future can hardly
be less than 1000, 900 to 100000
900 a year.
On June q, gold certificates out.
standing for the first time exceeded
in volume United States notes and
were $347,179,Os9. By November 1
they were $367,O7S,569.
The report suggests that United
States notes might properly be turn
ed by congress into gold certificates,
as they already have much that quail
ity and the change could be gradually
made as the supply of the yellow
metal takes on greater proportions.
The demands of the people for notes
of small denominations have surpris-
ed the closest students of the cur
rency. In 1890 there were 37,065,S $50
pieces of government paper of the
average value of $6.61. In 1902 the
issue was 116, 697, S74 and the average
value 81.
The currency distributed from
Washington to the sub-treasuries and
banks amounted to $3S7,316,SS5.
against $319,912,1 1874 in the year pre-
ceding.
The act of March, 1900, makes it
the duty of the treasury to maintain
the parity value of all forms of money
issued by the United States with the
gold standard defined and fixed by
that law says the report, "and all
kinds of government money are now
e~xchangeable with each other.
Silver Coin Also Wanted.
"The inflow of gold, permitting the
free issue of gold certificates of 500
and upward is the key to the mainte-
nance of parity. On the other hand,
small denominations, including silver
coin, are constantly in demand for
the myriad transactions of retail trade
and the treasury in recent years has
heard much more clamor for silver
and small notes than for gold for
every kind of money for it's own obli-
cations for redemption and legitimate
transfers.
Government paper currency is
gaining in simplicity. Gradually all
large denominations are becoming
gold certificates and the smallest sill
yer certificates"
There was a net increase of 368
banks, 437 charters having been grant
ed and SO surrendered. The total
number of banks chartered to June