Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-23
WORK OF REFUNDING
AMOUNT OF BONDS PRESENTED
FOR EXCHANGE $41, ,67e, ,45O.
Increase of $11, 1856 900 in Per Cents
Deposited as Security for
Circulation.

Mr.. Ellis H. Roberts, United States treas
urer, today discussed, with the aid of in
teresting figures, the increase In national
bank circulation since the refunding opera
tions began, April 1. The statistics show
that the national banks are taking advan-
tage of the low prices in per cent bonds,
and are gathering them in as swiftly as
possible for use as a basis for increasing
their circulation. With the department fig
ures before him Mr.. Roberts said to a Star
reporter:
THE total amount of bonds presented for
exchange into per cents since April has
been $41 672 ,45O. OF this amount $34, 162, $50
has been adjusted and checks issued in
payment for the present worth of the bonds
that are exchanged. OF the amount that
has been adjusted SIG. 500, 500 came from the
national banks Of the country and $f1,66O,
$50 from sources other than national banks.
At the beginning of April, when the refund
Ing began by orders Of Secretary Shaw. the
total amount Of per cent bonds held as
security for circulation was 1925 800.
At the close Of business in the Treasury
Department yesterday the total amount OF
per cents deposited as security for circu-
lation was $33S, ,5O7 800, an increase of $11.-
$50, ,OCO. April ! the total amount OF per
cents held as security for public deposits
was SSS, ,961 600 At the close of business
crease of 50, 4S5, 500
Daily Offers of Bonds.
Treasury officials believe that the total OF
800 OOO, 600 of SIS and As that Secretary
Shaw stated he would accept for exchange
will be presented for that purpose before
a great while The bonds are arriving at
the department at the rate of from $1,000
OOO to 100000 a day. and the arrivals have
n few
the beginning.
March 81, 1903 the total amount of per
cents outstanding was s97 515, $50 OF this
amount there have been presented at the
treasury for exchange s7435, 400. There
were $233. 179, 900 As outstanding March 81.
and of this sum $34, 237 ,Oo0 have been re-
ceived by the Treasury Department for
exchange.
The total bonded indebtedness of the
country will be in no way reduced by the
refunding operations, but the annual inter-
est payments will be considerably reduced.
On March 81 1903, the total interest bear
ing debt of the United States was $914 ,541 :
80 of which $7S3, ,433, $50 were in regis
tered bonds and s131 ,OI6,S1O in coupons. OF
the grand total s43S, ,361 300 were in 2 per
cents the refunding operations of three
years ago having largely increased this
class of consols.
Money in Circulation.
The amount of money in circulation con-
tinues to keep pace with the increase in
population of the country. April l. 1908,
the Treasury Department estimated the
population of the country at 50, 142 COO. The
circulation per capita with this population
would be $685.. On April 1, 1903, the total
amount of money in circulation in this
country was S2,351 757 ,943. against $2,252,
047,357 at the same time in 1902 On jan
uary 1. 1879, the total amount of money in
circulation was $S16, ,266 721, showing that
in tNenty-four years the stock of money
has Immensely increased. in far greater
proportion than the population.
Gold coin continues to accumulate in the
Treasury Department. Besides the $780,
600, coo gold reserve there is $4OS, ,S62 O69 gold
coin held. against the same amount of gold
certificates outstanding. In the general
fund of the treasury there Is So, 1884 S43 of
gold coin and bullion, making a total OF
$G42, $50 ,912 in the possession of the gov
ernment.