The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-30
MOVING OF CROPS
IS PREPARED FOR
Treasury Conditions for This
Purpose Are in a Favor.
able State
Globe Special Washington Service
1d1Z

t4I u street
WASHINGTON, D. c., July 29.-The
usual preparations for supplying the
| increased amount of circulating cur
rency that will be needed for moving
the crops from the harvest fields to
market have been begun by the treas
ury department. The outlook is alto
| gether favorable.
The money conditions, so far as the
| crop movement is concerned. were
never better" said United States
Treasurer Roberts today. 1.-The volume
| OF currency in circulation, including
| notes of small denominations, is very
large, and the money market is easy.
The situation is in sharp contrast to
the conditions which prevailed two and
three years ago, and is more favorable
even than last year.
The crop-moving season of 1903
passed without any serious money
stringency, as was the case in 1902 and
1901. The treasury department made
| made all possible preparations to sup
ply large volume of small currency,
such as is demanded in the Western
banking centers, and Secretary Shaw
increased the deposits of federal money
in the banks. The result was an easy
| movement of crops to market, and
satisfactory condition of the money
market throughout the season.
In one respect the United States
treasury is not in as good shape to
meet the demands of the crop-moving
| season as it was last year and the
year before. The cash balance, on ac-
count of the Panama canal payment,
and other large disbursements since
the beginning of the fiscal year, is at
a lower figure than has been reached
for many years. The amount of federal
money on deposit in the national banks
is also smaller than usual en account
of the Withdrawals made necessary at
the time of the canal transaction. The
same causes have caused a reduction
treasury, the total amount of gold coin
and bullion yesterday being a little
more than $26,000.000. Otherwise the
treasury conditions are excellent SO
far as the prospective crop movement
is concerned.
Currency Most in Demand
The three classes of currency most
in demand in this connection are the
standard silver dollars, the silver GER
tificates and the United States notes.
Yesterday the amount of United States
notes in the general fund of the treas
ury was $14,994 ,120; the amount of
silver certificates, $9,613,142; and the
amount of silver dollars, $19,1S7, 1868.
These classes Of currency are being
shipped to banks at interior centers as
soon as called for.
In his annual report last year United
States Treasurer Roberts urgently rec
commended that the law be so amend
ed as to permit the issue of gold Ger
Il -
$40. The stock of gold is so large, and
the total issue of gold certificates so.
enormous, that the demands of trade
would be supplied in simple manner
by such law as Mr.. Roberts urged.
The recommendation has not yet been
adopted, however. and even if it had
been, the benefit at this time would
not be very great. The reason is that
the amount of gold coin and bullion in
the treasury against which no certif-
icates have been issued is only $26,069,-
III. Up to six weeks ago the gold ex-
ports were very heavy, large shipments
being sent abroad to pay for the Pan
ANA canal property and right of way
and for other purposes. The stock of
free gold has also been somewhat de-
pleted by the unusually heavy ex-
penditures of the government TO meet
appropriations of congress which be-
come available at the beginning of the
fiscal year.
In considering conditions affecting
the movement of crops. it is well to
observe that the gross amount of
money in general circulation Is enor-
mously larger than it ever was be-
fore. On July 1, the total amount of
all classes of currency in circulation
was $2,521, ISL s27. an increase of $144,-
S28,317. Unfortunately the great bulk
of this increase was in gold certificates,
which are not of the small denomina-
tons which assist materially in facil-
ltating the movement of crops
In the classes of currency of small
denominations, however, the changes
were as follows: Silver certificates in
circulation increased from $455.079.539
to $462,57S,715; standard silver dollars
decreased from $72,249,S06 to $71,561,-
6S4; and United States notes decreased
from 1886, 591,372 to 1884, 1887 The
decreases, however, are compensated
for by corresponding increase in
these classes of money in the general
fund of the treasury; and this money
will be shipped out as soon as it is
needed. helpful feature at this sea-
son is the large increase in the circu-
lation of national bank notes. On July
l the total amount in circulation was
S433,595,sSS-a gain of $33,1S7, 500 in
the last year. Walter e. Clark.