The independent. [volume] (Lincoln, Neb.) 1902-1907, 1903-02-19
the sERpeNT's COIL
Treasury Department Withdrawing Notes
of Small Denominations and Re-
placing With Gold
Certificates

Certificates
Editor Independent: TO those who
wish to know what the financial in
terests Chat are as much in control
of the treasury as they are OF their
own banks) are doing, brief analy-
sis of the Circulation Statement" is
sued February /, 1908, may be inter-
esting.
Under the head of General Stock
of Money in the United States" 1t is
reported that, on February 1, there
was in gold coin Gncluding bullion in
the treasury $1,252,S42.475. This was
an increase over what was reported
January 1, 1903, of 1896, ,76O.
Notwithstanding this increase, the
statement shows that the amount
"heId in the treasury as assets of the
government" was STAT 7,7S3,746. This is
less sthan the amount held January l
by S22,993, ,518. The actual amount of
gold In circulation Is stated to be
$629, 9,023,915. This is less than the
amount said to have been in circula-
tion on January / by $656,717. The
amount held as assets of the govern
ment, and the amount said to have
been in circulation, was $376,41S,S19
! less than the stock in existence. This
| amount is also held In the treasury
and is represented by gold certif-
Gates in circulation. 1t should al
ways be remembered that the amount
| of gold actually in circulation as
| stated is only an estimate an esti-
mate that, in the opinion of competent
judges, is considerably in excess Of
| the actual amount.
The particular point that will at
tract the attention of competent OBJ
servers is, that on February l, the
gold certificates had been increased
during January $29,615, ,995. The whole
increase of general stock the whole
decrease OF gold held as "assets of
the government and the decrease Of
gold in circulation were represented
| by an increase in gold certificates" :"
This increase of gold certificates would
mean an increase of $2s,959,278 to the
| amount of money in circulation ii
there was no decrease of any of the
other kinds of money.
| There are nine different kinds of
United States money in existence as
reported by this statement, the total
amount of the general stock of which
was said to be, on February /, ST.
656 559, ,109. This is an increase during
January of $3.50, ,551, or an increase
that is $815.209 less than the increase
of gold alone. During January there
was an increase lby coinage of course)
of standard silver dollars amounting
to $1,492,3S5. BY little calculation
it appears that there must have been
a decrease of other kinds of money
amounting to $2,297, ,594 made up as
follows:
Subsidiary silver ..,.......S -241 1856
Treasury notes of 1890. ...... 100000
| Natl bank notes. .......... 956, ,23S
While it is shown, under the head
of General Stock" that there was a
decrease Of treasury notes and ma
tional bank notes, the decrease is not
alone sufficiently large to be signifi-
cant 1t becomes more significant
when changes in "Money in Circula-
ton" are examined.
The whole amount of the nine diff
ferent kinds of money in circulation
Uu cur udEy l. Is SldLIu W nave DeeH
$2,355, ,.5S,S34. This is an increase dur
ing January of the stated amount in
circulation of $7037, ,933. I have al
ready stated that the total increase by
gold certificates was 2S,959, ,278. There
must, therefore, have been decrease
in other kinds of money in circulation
of $21 921 ,345 This decrease is made
up as follows:
Standard silver dollars. 81 All 1886
Subsidiary silver. ........... 1912, ,855
Total decrease of silcer cir
culation ..............$4 .$4 314 TAI
Treasury notes of 1890. 81 054 .948
| United States notes. ....... 3 563 3s5
Silver certificates ......... 6,7t4. .023
National bank notes. ....... 6,274.2TS
| Total decrease Of paper cur
/ rency ..................Y1 Y17 500, ,604
$21. .921. .345
| Under the head of Assets of Gov
ernment," there was decrease of the
holding of gold and treasury notes
amounting to $23,036.570, while the
| fa IF +ha Ia1 20