The news-herald., 1903-11-28
SILVER CERTIFICATES


men, have a clear understanding
in respect to the Silver Certificates
issued from the Treasury Of the
United States, and of the 81 and
81 National Bank notes still out
standing. The great majority of
people suppose that all bills of 81
and 50 denominations have been
issued against silver bullion in the
Treasury vaults, and that, there
fore, the circulation of these bills
is just the same as if a correspond
ing number Of silver dollars were
in circulation. This is great mis-
take.
There is q class-the "know-it-
all" fellows, among whom is occa-
sionally found newspaper editor,
who knows better. Such persons
know and will tell you that all 81
and 50 bills, as also Silver Certifi-
Gates of like denominations, are the
representatives of as many silver
dollars, and that whether you have
in circulation 81 bill or an &C.
tual silver dollar it is absolutely,
so far as silver is concerned, the
same thing. If you tell them that
there are 81 and SO National Bank
notes in circulation that do not
represent silver, they will tell you
that you do not know what you are
talking about. Newspaper editors
of that denomination" are very
amusing cusses.
: Yet it is fact that there are still
outstanding in the United States
National Bank notes of 81 and 50
denominations of a total value of
$127,213,O00. That is a fact that
we have taken the trouble to de-
termine, and because of the follow.
ing:
In our issue of October 10, last,
we reproduced the following para
graph from an editorial in the New
York Banker:
''At the present time the United
ST. tes has outstanding $1,662,OOO,-
O00 of paper currency. The most
popular denomination of United
ST tes paper money appears to be
tho $40 bills of which there are
S. 4,734,OOO outstanding. The Sec
ono largest denomination is the
So o4.l, me amount outstanding
be ng $354, ,228,OO0, while the third
la rest in amount is the 500, of
Whch $349,882,OOO is outstanding
nt he present time. Outstanding
81 bills amount to $8O,217, 900 and
tn 50 bills to only $46,996,OO0."
IS seen from these figures, there
is in circulation in the United
States paper currency of 81 and 80
de nominations exclusive of silver
ce9 sifcates of like denominations)
of total value of 1927 ,213,OOO.
TO make sure about this We
wrote to the editor of the New York
Banker asking him if he would be
good enough to state whether this
total of $127 $4,000 of 81 and 50
bills included Silver Certificates.
To our letter, Mr.. J. L. Nell
vane, editor of the New York
Banker, sends us the following re-
ply under date of November 10th:
'The outstanding 81 and - bills
mentioned in a recent article in
our publication are National Bank
notes; in other words they are is
sued against the United States
bonds deposited by the different
banks, against which they are au-
thorized to issue bank-notes to the
full par value of bonds deposited
in the United States Treasury
"The Silver Certificates are
another consideration entirely. The
bank notes are issued by the differ
ent banks and all the Silver Ger
tificates are issued by the Treasury
of the United st ties. The Silver
Certificates are gualant ed to be
worth their face v .lue b. the Gov
ernment. while. as u matltr Of fact,