Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-09-11
Dollars Are Stacking Up.

Several things are happening to the sill
yer dollar because of the action Of Con-
gress. One is that it is remaining in the
Treasury as 1t Is returned to Washing
ton. there being so little request for it
when currency can be obtained that
Treasurer Treat has been compelled to
place them in the trust funds Of the di-
vision OF redemption and issue silver GER
tifcates against them The next is that
the dollar now in circulation will probably
stay there so long that it will become
more seriously abraded than at present
May IA little more than four months
ago-silver dollars in the trust fund, as
onset to silver certificates, aggregated
$463, 0OO,OO0 silver certificates to that
amount being issued against them. At
this time the amount in the fund is
$4s7.OOO,OOO, with outstanding silver GER
! tifcates the same, an increase Of $24,-
OOOO 600.
when asked about the matter, that the
certificates that have been issued against
the increasing silver dollars have been
In small denominations, so as to supply
| the demand for small money from this
time OF the year on.
1T Is peculiar" said the treasurer,
that there is not SO much demand upon
US this year as usual for small bills, but
I am Informed that the reason for this is
in the fact that the banks Of the country
have kept on hand greater amount OF
small bills than in any past year The
| country banks have larger reserves than
ever before. much OF these in small bills.
Il have been over in New York, and
the bankers there are surprised at the
small demand for money from outside.
1t Is assumed that the country banks
have kept more money on hand and sent
less OF II TO the money centers than ever
before. with the result that they do not
need much from New York.
even the New York banks have accu-
INFLATED a large supply of small bills, de-
posted them in the clearing house and
receiving certificates for them. All this
mitigates the usual demand upon U.S.
Lost Love for Silver.
Treasurer Treat admitted that the south
| seems to be losing her love for the silver
| dollar. The bulk Of this coin has for
many years circulated In the south. and
currency has been accordingly scarce
Now currency is increasing down there
and the silver dollar decreasing-an be-
cause the southern business man and
banker will not pay express on heavy
shipments.
1t is believed that in the course of a
year or SO, as southern business men and
banks ship the dollars to the Treasury for
exchange for currency. the coin will be
| no more used down there than elsewhere
In the country.
The Post Office Department is RESPONSE
BILE for depicting the fund of $50 600 ap
propriated by Congress for free shipment
Of subsidiary coinage. and the whole
| truth is that the Treasury does not lool
| with favor upon registered mail as
cheap method Of shipping. Compared
with the express companies it is many
times higher in price. In making thu
| appropriation of $4,000 Congress stipu
| lated that not less than half Of thu
amount should be spent in shipment by
registered mail. The Treasury official.
dickered with the post office off1cials fol
special rate. but could not get it. being
required to pay first-class postage II
little over a month $4,000 had beer
spent in postage and registered fees
and there remained only $4,000 tc
run the remainder OF the fiscal year
about ten months. This will be
spent with the express companies II i.
calculated that the registered mail cost
was about 5000 per each 1000 of sub.
sidiary silver, while the express average
will be four to five times less than that
although no figures are obtainabIe as tc
what the cost is.