Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-02-06

pIACS1G8uy 8u0O Vn0y arc pF long O0o0
the prettiest money turned out BY the gov
eminent. The backs are Of yellow like
gold. while the fronts contain large por-
ton Of yellow.
The best known Of this series Of notes
IL the go. tho smallest denomination in
which the gold certificate 10 issued. The
next denomination to this IL the $50. then
the $lOO' ana 80 on. Except for the Wig
nettes and the figures. the various notes
could hardly be told apart. The $4,000 GER
ttdcate. as stated. bears the portrait Of
jackson. Madison ornaments the 5000,
Hamilton the 81 900, lincoln the $500 Ben
ton the S!Oo. silas Wright the $50 and Gar
Government handlers Of money and bank
of1cials do not often look at the vignettes
When they want to determine the denomi-
nation: The figures tell the tale, and many
q bank official would not be able to tell
the inquirer whose face is on q $500 GER
tificate II asked
There is considerable circulation for all
denominations Of the gold certificates up
to 5000. In business circles there IN q
great deal Of handling as far az the 500
ana where there are large deals daily and
banks are settling accounts with each other
the 5000 and $1,000 are often used. being
quicker to handle and less bothersome than
the smaller certificates. In the large cities
OF the country the larger certificates are
used in settlements.
But Little Use for Large Notes.
The $5.Oo0s and s1o,OOos do not get much
INTO daily business life, however. They are
practically all in possession Of national
banks. The national banking laws of the
country require that banking associations
IN what are known as the reserve cities
Albany, Baltimore, Boston, Cincinnati, Chi
cago, Cleveland, Detroit, Louisville. Mil
waukee New Orleans. New York, Philadel-
phia. Pittsburg, st. Louis San Francisco
ana Washington-shall keep on hand at all
times. IN lawful money Of the country at
least 70 per cent Of their deposits. This is
reserve fund, and the law is so strict that
whenever the amount falls below % per
cent the association must not increase its
liabilities by making new loans or dis
counts otherwise than by discounting or
purchasing bills Of exchange payable at
sight. In all other places than the reserve
cities the legal reserve is only Is per cent
1t Is the banks Of the country that use
the large gold certificates and that own
about all of them. These hold the certif-
Gates as reserve. In accordance with the
banking association will not require much
space In Its vaults for few 10000 certif-
Gates. A mighty small package will suffice
20 meet the requirements Of the law. There
fore the large denominations are not al
lowed to get outside Of the banks and are
Kept on hand for no other purpose Mer-
chants and business men would not have
them Tor the daily routine Of business.
Small bills and silver are what the merchant
calls for and must have, and this is why
the bulk of the paper money Of the coun-
try is in small bills.
than Of any other kind, the total being
$471 $50. 342. Next Is the $40 note, with a
total Of 1913. 235. 176 in circulation, and the
third the five, there being a total of this
denomination Of 1851, 1886, 1877. The United
States government issues more S5's than of
any other kind, and the fact that there are
more $1Os and SOS in circulation than $5s
Is due to the national banks, which issue
the larger denominations and really do not
like to put out $5s.
But Few in Treasury Department.
The Treasury Department has few gold
certificates on hand, especially of the
larger denominations. These, along with
other paper and silver money, are kept in
vaults. The treasurer has eight large
vaults Immediately under his direction, and
two new ones are being built for him. OF
the eight now in use the treasurer uses
seven, giving to the two express companies
one. These companies, which ship mil
lions Of dollars daily in money and bonds
require vaults for the safe handling Of
their shipments. Vault No. l contains
standard silver dollars and silver certif-
Gates; No. 2, standard silver dollars, gold
coin, silver certificates United States notes,
etc; No. 3, national bank notes received
for redemption; No. 4, mixed moneys re-
ceived daily for redemption; No. 6. mixed
IIOHcyS loT udlly USE, NO. DOUOS HelO as
security for circulation of national banks
and deposits of public money; No. 8, money
held as reserve to replace worn and mutt
lated notes unfit for circulation. The bond
vault contains United States bonds to the
value of 1915, COG, O0O
There is a total of seventeen vaults in the
Treasury Department. The register of the
treasury, controller of the currency, COM
missioner of internal revenue and super
vising architect of the treasury use the
vaults not in use by the treasurer The
commissioner Of internal revenue has sew
eraf vaults. In which internal revenue
stamps are kept, and one of the vaults of
the controller Of the currency is used for
newly printed national bank notes held for
shipment to national banks that place gov
eminent bonds with the controller to secure
this circulation