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NELSON ALDRICH
posine.




NatiInt

Statement showing the amounts of Gold and Silver Coins and Certificates,
Xotes, and Xational Bank .7rotes, in circulation March 1, 18
GENERAL STOCK,
COINED OR ISSUED.

IN TREASURY.

TOTALS

States

AMOUNT IN CIRCULATION
MARCH 1, 1894.

AMOUNT IN CIECULATION
MARCH 1, 1893.

$409,817,138 (10
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314, 174,742 00
19,250,000 00
169,844,260 00
1,599,655,542 00

$603,860, 188 00
419,332, 777 00
76,516,800 00
71,042,219 00
338,061,504 00
153,001,184 00
346,681,016 00
47,805,000 00
207,479,520 00

$107,029,805 00
364, 758, 231 00
16,594,888 00
106,490 00
6,942,257 00
11,962,418 00
53,070,488 00
12,640,479 00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935, 729 00
331, 119,247 00
141,038, 766 00
293,610,528 00
47,805,000 00
194,839,041 00

2,263, 780,208 00

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July 14,1890
United States Notes
Cur'y Cert'f's, Act June 8, 1872
National Bank Notes

liited

573,105,056 00

1,690,675,152 00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, 824.90.
Comparative Statement showing the changes in Circulation during February, 1894.
IN CIRCULATION
IFEBRUARY 1, 1894.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890
United States Notes
Cur'y Cert'f's, Act June 8, 1879
National Bank Notes

I

$527,357,916 00 I
55, 735, 720 00
61, 108,700 00
77,015,419 00
330, 161,308 00
150, 755,402 00
299,378,826 00
44,935,000 00
193,335,220 00
1,739, 783,511 00

TOTALS

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

INCREASE.

$496,830,383 00 $30,527,533 00
1,161,174 00
54,574,546 00
1,186, 788 00
59,921,912 00
9
6,079,690 00
70,935,79 00
331, 119,247 00
9, 716,636 00
141,038,766 00
9
293,610,5 8 00
5, 768,298 00
47,805,000 00
194,839,041 00

2,870,000 00
1,503,821 00

54,440,119 00

5,331, 760 00

1, 690,675,152 00

957,939 00

$49,108,359 00

Net decrease

Comparative Statement of changes in Money and Bullion in
1894.
IN TREASURY
FEBRUARY 1,1894.

00
00
00
00
00
00

IN TREASURY
MARCH 1, 1894.

$107,029,805
364,758,231
16,594,888
11,962,418
53,070,488
12,640,479

00
00
00
00
00
00

Treasury

during February,

DECREASE.

INCREASE.

$41,539,486 00
1, 161,174 00
662,041 00
9,646,912 00
5, 768, 298 00

Gold Coin
Standard Silver Dollars
Subsidiary Silver
TIT:Wiry Notes, Act July 14, 1890..
United States Notes
National Bank Notes

$65,490,319
363,597,057
15,932,847
2,315,506
47,302, 190
14,526,887

Gold Bullion
Silver Bullion

509, 164,806 00
77, 175,975 00 '
127,215,171 00

566,056,309 00
70,432,992 00
127,216,957 00

6,742,283 00

713,555,252 00

763, 706,258 00

8,628,691 00

TOTALS

58,777,911 00
1,786 00
58, 779,697 00

$50,151,006 00

Net increase
Gold Certificates held in cash.
Silver Cert ificates held in cash
Currency Certificates held in cash

1,886,408 00

$106,490 00
6,942,9 00
57

Increase since February 1, 1894
Increase since February 1, 1894.
decrease since February 1, 1894

108, 140 00
184,061 00
40,000 00

TREASURY I)EPA RTMENT,
Secretary's Office,




Division of Loans and Currency.

(Ed. 3-2-'94-2,400.) T. a

Statement showing the amounts of Gold and Silver Coins and Certificates, United States
Xotes, and Xational Bank Notes, in circulation March 1, 1894.
GENERAL STOCK,
COINED OIL ISSUED.

Gold Coin
Standard Silver Do1 hi rs
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July 14,1890
United States Notes
Cur'y Cert't's, Act June 8, 1872
,
National Bank Notes
TOTALS

IN TREASURY.

AMOUNT IN CIRCULATION
MARCH 1, 1894.

AMOUNT IN CIRCULATION
MARCH 1, 1893.
$409,817,138 00

$603,860,188 00
419,332,777 00
76,516,800 00
71,042,219 00
338,061,504 00
153,001,184 00
346,681,016 00
47,805,000 00
207,479,520 00

$107,029,805 00
364,758,231 00
16,594,888 00
106,490 00
6,942,257 00
11,962,418 00 1
53,070,488 00 I
I
12,640,479 00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331,119,247 00
141,038,766 00

2, 263,780,208 00

573,105,056 00

1,690,675,152 00

293,610,528 00

47,805,000 00
194,839,041 00

60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314, 174,742 00
19,250,000 00
169,844,260 00

1,599,65,542 00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, $24.90.

Comparative Statement showing the changes in Circulation during February, 1894.
IN CIRCULATION

I

FEBRUARY 1, 1894.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold CertifiNtes
Silver Certificates
Treasury Notes, Act July 14, 1890
United States Notes
Cur'y Cert.'Vs, Act June 8, 1872
National Bank Notes
TOTALS

$527,357,916 00 '
55, 735, 720 00
61, 1.08, 700 00
77015,419 00
330, 161,308 00
150, 755,402 00
299,378,89 00
6

44,935,000 00
193,335, 220 00
1,739, 783,511 00

IN CIRCULATION
MARCH 1, 1894.

$496,830,383 00
54,574,546 00
59,921,912 00
70,935, 729 00
331, 119, 247 00
141,038,766 00

293,610,528 00
47,805,000 00 1.
194,839,041 00 1
1,690,675,152 00

DECREASE.

INCREASE.
S

$30,527,533 00
1,161,174 00
1,186, 788 00
6,079,690 00
957,939 00
9, 716,636 00

5, 768,298 00
2,870,000 00
1,503,82I. 00
54,440,119 00

Net decrease

5,331,760 00

$49,108,359 00

Comparative Statement of changes in Money and Bullion in Treasury during February,
1894.
IN TREASURY
FEBRUARY 1,1894.

IN TREASURY
MARCH 1, 1894.

DECREASE.

Gold Coin
Standard Silver Dollars
.
Subsidiary Silver
Treasury Notes, Act July 14, 1890
United States Notes
National Bank Notes

$65,490,319 00
363,597,057 00
15,932,847 00
2,315,506 00
47,302, 190 00
14,526,887 00

$107,029,805 00
364, 758,231 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

Gold Bullion
Silver Bullion

509, 1(;4,806 00
77, 175,275 00
127, 215, 171 00

566,056,309 00
70,432,992 00
127,216,957 00

6, 742,283 00

TOTALS

713,555,252 00

763, 706,238 00

8,628,691 00

INCREASE.

Net increase
Gold Certificates held in cash
Silver Cut ificates held in cash.
Currency Certificates held in cash

$41,539,486
1, 161, 174
662,041
9,646,912
5, 768,298
1,886,408 00

58,777,911 00
1,786 00
58, 779,697 00

$50,151,006 00
*106,490 00
6,942,9 00
57

Increase since February 1, 1894
Increase since February 1, 1894
decrease since February 1, 1894

$18,140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secrefftry's Office,
Dicitlion of Loans and




00
00
00
00
00

Currency.

(Ed. 3-2-'94-2,400.) T. B.

Statement showing the amounts of Gold and Silver Coins and Certificates, United States
Xotes, and Xational Bank .7trotes, in circulation March 1, 1894.
GENERAL STOCK,
COINED OR ISSUED.

Gold Coin
Standard Silver Dollars
Subsidiary Silver

Gold Certificates
Silver Certificates

Treas'y Notes, Act July 14,1890
United States Notes

Cur'y Cert'f's, Act June 8, 1872
National Bank Notes
TOTALS

$603,860, 188
419,332, 777
76,516,800
71,042,219

IN TREASURY.

00
00
00
00

AMOUNT IN CIRCU- ' AMOUNT IN CIRLATION
CULATION
MARCH 1, 1894.
MARCH 1, 1893.

$107,029,805 00
364,758,231 00
16,594,888 00
106,490 00

96,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331,119,247 00

338,061,504 00

6,942,257 00

.153,001, 181 00

11,962,418 00

141,038,766 00

346,681,016 00

53,070,488 00

293,610,528 00

207,479,520 00

12,640,479 00

194,839,041 00

2,263,780,208 00

573,105,056 00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314,174,742 00
19,250,000 00
169,841,260 00

1,690,675,152 00

47,805,000 00

47,805,000 00

1,509,655,542 00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, $24.90.

Comparative AStatement showing the changes in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890
United States Notes
Cur'y CertTs, Act ,June 8, 1872
National Bank Notes
TOTALS

$527,357,916
55, 7:35, 720
61,108, 700
77,015,419
330, 161,308
150, 753,402
299,378,826

IN CIRCULATION
MARCH 1, 1894.

00
00
00
00
00
00
00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331, 119,247 00
141,038,766 00
293,610,59 00
8

44,935,000 00
193,335,220 00

47,805,000 00
194,839,041 00

1,739, 783,511 00

1,690,675,152 00

DECREASE.

Net decrease

INCREASE.
0

$30,527,533 00
1, 161,174 00
1, 186, 788 00
6,079,690 00

957,939 00
9,716,636 00

5,768,298 00
2,S70,000 00
1,503,821 00
54,440,119 00

5,331,760 00

$49,108,359 00

Comparative Statement of changes in Money and Bullion,in Treasury during February,
1894.
IN TREASURY
FEBRUARY 1, 1894.

IN TREASURY
MARCH 1, 1894.

DECREASE.

Gold Coin
Standard Silver DollaiN
Subsidiary Silver
Treasury Notes, Act July 14, 1890_
United States Notes
National Bank Notes

4(;5, 490,319
363,597,057
15,932,817
2, 315,506
47,302, 190
14,526,S87

00
00
00
00
00
00

$107,029,805 00
364, 758,231 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

Gold Bullion
Silver Bullion

509, 164,806 00
77, 175,275 00
127, 215, 171 00

566,056,309 00
70,432,992 00
127, 216,957 00

6, 742, 283 00

TOTALS

713,555,252 00

763,706,258 00

8,628,691 00

INCREASE.

Net increase

Gold Certificates held in cash
Silver Certificates held in cash
Currency Certificates held in cash.

$41,539,486
1, 161, 174
662,041
9,646,912
5, 768, 298
1,886,408 00

58, 777,911 00
1, 786 00
58, 779,697 00

$50, 151,006 00
$106,490 00
6,942,257 00

Increase since February 1, 1894
Increase since Fell nary 1, 1894.
decrease since February 1, 1894

$18, 140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secretary's Office,
1)ivi8ion of Loans and




00
00
00
00
00

(Ed. 3-2-'94--2,400.)
CUrrenCy.

T. B.

Statement showing' the amounts of Gold and Silver Coins and Certificates, United States
.71rotes, and Xational Bank .7rotes, in circulation March 1, 1894.
GENERAL STOCK,
COINED OR ISSUED.

Gold Coin
Standard Silver Dollars.
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July 14, 1890
United States Notes
Cur'y Cert'rs, Act June S. 1872
National Bank Notes

IN TREASURY.

AMOUNT IN CIRCULATION
MARCH 1, 1894.

AMOUNT IN CIRCULATION
MARCH 1, 1893.
$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314,174,742 00
19,230,000 00
169,841,260 00

603,860,188 00
419,332, 777 00
76,516,800 00
71,042,219 00
338,061,504 00
153,001, 184 00
346,681,016 00
47,805,000 00
207,479,520 00

12,640,479 00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935, 729 00
331, 119, 247 00
141,038, 766 00
293,610,528 00
47,805,000 00
194,839,041 00

2,263, 780,208 00

TOTALS

$107,029,805 00
364, 758, 231 00
16,594,888 00
106,490 00
6,942,257 00
11,962,418 00
53,070,488 00

573,105,056 00

1,690,675,152 00

6
--- ---1,509,635,542 00

Population of the United States March 1, 1894, estimated at 67,910,030; circulation per capita, $24.90.

Comparative 6tate7nent showing the changes in Circutation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.

Gold Coin

$527,357,916
55, 735, 720
61,108, 700
77,015,419
330, 161,308
150, 755,402
299,378,89
6
44,935,000
193,335,220

Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890
United States Notes
Cur'y Cert'rs, Act June 8, 187°
National Bank Notes
TOTALS

00
00
00
00
00
00
00
00
00

1, 739, 783,511 00

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

$496,830,3S3 00
54,574,546 00
59,921,912 00
70,935,729 00
331, 119, 247 00
141,038, 766 00
293,610,528 00
47,805,000 00
194,839,041 00

$30,527,533 00
1,161,174 00
1, 186, 788 00
6,079,690 00

1,690,675,152 00 ,

54,440,119 00

INCREASE.

957,939 00
9,716,636 00
5, 768,298 00
2,870,000 00
1,503,821 00

Net decrease

5,331, 760 00

$49,108,359 00

Comparative Statement of changes in Honey and Bullion in Treasury during February,
1894.
IN TREASURY

, FEBRUARY 1,1894.
Gold Coin

IN TREASURY
MARCH 1, 1894.

DECREASE.

National Bank Notes

$65,490,319 00
363,597,057 00
15,932,817 00
2,315,506 00
47,302,190 00
14,526,887 00

$107,0 9,805 00
9
364, 758,231 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

Gold Bullion
Silver Bullion

509, 161,806 00
77, 175,975 00
127,215,171 00

566,056,:309 00
70,432,992 00
127,216,957 00

6,742,283 00

TOTALS

713,555,252 00

763, 706, 258 00

8,628,691 00

INCREASE.

Standard Silver Dollars
Subsidiary Silver
Treasury Notes, Act July 14, 1890..
United States Notes

Net increase

Gold Certificates held in cash.
Silver Cert iticates held in cash.
Currency Certificates held in cash.

$41,539,486
1,161, 174
662,041
9,646,912
5,768,298
1,886,408 00

58,777,911 00
1,786 00
58,779,697 00

$50,151,006 00
$106,490 00
6,942,257 00

Increase since February 1, 1894
Increase since Febf nary 1, 1894
decrease since February 1, 1894

418, 140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secretary's Office,
Division of Loans and Currency.




00
00
00
00
00

(Ed. 3-2-'94-2,400.)

T. B.

Statement showing the amounts of Gold and Silver Coins and Certificates, United States
.71rotes, and Xational Bank Notes, in circulation 31arch 1, 1894.
GENERAL STOCK,
COINED Olt ISSUED.

Gold Coin
Standard Silver Dollar,:
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July 14,1890
United States Notes
Cur'y Cert'f's, Act June 8, 1872
National Bank Notes

IN TREASURY.

$603,860,188 00
419,332, 777
76,516,800
71,042,219
338,061,504
153,001, 184
346,681,016
47,805,000
207,479,520

AMOUNT IN CIRCULATION
MARCH 1, 1894.

AMOUNT IN CIRCULATION
MARCH 1, 1893.

$496,830,383 00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314,174,742 00
19,250,000 00
169,844,260 00

$107,029,805 00
364, 758, 231
16,594,888
106,490
6,942,257
11,962,418
53,070,488

12,640,479 00

54,57-1, 546
59,921,912
70,935,729
331,119,247
141,038, 766
293,610,528
47,805,000
194,839,041

573,105,056 00

00
00
00
00
00
00
00
00

00
00
00
00
00
00

1,690,675,152 00

00
00
00
00
00
00
00
00

----4
TOTALS

2,263, 780,208 00

1,509,655,542 00

Population of the United States March 1, 1394, estimated at 67,910,030; circulation per capita, $24.90.

Comparative Statement showing the changes in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

INCREASE.

0
Gold Coin
Standard SilN•er Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890_
United States Notes
Cur'y Cert'f's, Act June 8, 1872.....
National Bank Notes
TOTALS

$527,357,916 00
55,735,720 00
61,108,700 00
77,015,419 00
330,161.,308 00
150,755,402 00
299,378,826 00
44,935,000 00
193,335,220 00

'
'

:
,

1,739,783,511 00

$496,830,383 00 1 $30,527,533 00
54,574,546 00
1,161,174 00
59,921,912 00
1,186,788 00
70,933, 729 00
6,079,690 00•
331,119, 247 00
141,038,766 00 '
9,716,636 00
293,610,528 00
5,768,298 00
47,805,000 00
194,839,041 00
1,690,675,152 00

Net decrease

54,440,119 00

957,939 00
2,870,000 00
1,503,821 00
5,331,760 00

$49,108,359 00

Comparative Statement of changes in (Honey and Bullion in Treasury during February,
1894.
IN TREASURY
FEBRUARY 1,1894.

IN TREASURY
MARCH 1, 1894.

DECREASE.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Treasury Notes, Act July 14, 1890_
United States Notes
National Bank Notes.

$65,490,319
363,597,057
15,932,847
2,315,506
47,302, 190
14,526,887

Gold Bullion
Silver Bullion

509, 164,806 00
77, 175,975 00
127,215,171 00

566,036,309 00
70,432,992 00
127,216,957 00

6, 742,283 00

TOTALS

713,555,252 00

763, 706,258 00

8,628,691 00

INCREASE.

00
00 '
00 1
00
00
00

Net increase
Gold Certificates held in cash.
Silver Cert ifientes held in cash
Currency Certificates held in cash

TREASURY



I)EPARTNIENT,

$107,0 9,805 00
9
364, 758, 2:31 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

$41,539,486
1, 161, 174
662,041.
9,646,912
5, 768, 298

00
00
00
00
00

1,886,408 00
58,777,911 00
1, 786 00
58, 779,697 (9)

$50,151,006 00
$106,490 1)0
6,942, 257 00

Increase since February 1, 1894
Increase since Feb( nary 1, 1894
decrease since February 1, 1894

$V8, 140 00
184,061 00
40,000 00

t.rem,

Statement showing' the amounts of Gold and Silver Coins and Certificates, Unitid States
JV'otes, and National Bank Xotes, in circulation, March 1, 1894.
AMOUNT

GENERAL STOCK,
COINED OR ISSUED.

IN CIRCULATION

MARCH 1, 1894.

CULATION

MARcil 1, 1893.

12,640,479 00

$409,817,138 00
60,432,090 00
64,021,S38 00
114,388,729 00
321,279,132 00
126,447,613 00
314,174,742 00
19,250,000 00
169,841,260 00

573,105,056 00

2,263,780,208 00

00
00
00
00
00
00
00

AMOUNT IN CIR-

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331, 1.19, 247 00
141,038,766 00
293,610,528 00
47,805,000 00
194,839,041 00
1,690,675,152 00

1,599,655,542 00

$107,029,805
364,758,231.
16,594,888
106,490
6,942,257
11,962,418
53,070,488

$603,860,188 00
419,332,777 00
76,516,800 00
71,042,219 00
338,061,504 00
153,001,184 00
346,681,016 00
47,805,000 00
207,479,520 00

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act J uly 14, 1890..
United States Notes
Cur'y Cert'f's, Act June 8, 1872
National Bank Notes
TOTALS

IN TREASURY.

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, $24.90.
Comparative Statement showing the chanfjes in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894. I
Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1S90 i
United States Notes
Cur'y Cert'f's, Act June 8, 1872
National Bank Notes
TOTALS

$527,357,916 00
55, 735, 720 00
61, 108, 700 00
77,015,419 00
330, 161,308 00
150, 755,402 00
299,378,826 00
44,935,000 00
193, 335,220 00
1,739, 783,511 00

IN

CIRCULATION

INCREASE.

MARCH 1, 1894.

$496,830,383 00 $30,527,533 00
54,574,546 00
1,161,174 00
59,921,912 00
1,186, 788 00
70,935,729 00
6,079,690 00
331,119,247 00
141,038,766 00 :
9, 716,636 00
293,610,59 00
8
5, 768,298 00
47,805,000 06
194,839,041 00
1,690,675,152 00

54,440,119 00

957,939 00
2,870,000 00
1,503,821 00
5,331,760 00

$49,108,359 00

Net decrease.

Comparative Statement of changes in Money and Bullion in Treasury during February,
1894.
IN TREASURY
FEBRUARY 1,1894.

IN TREASURY
MARCH 1, 1894.

DECREASE.

INCREASE.

$41,539,486
1,161, 174
662,041
9,646,912
5, 768,298

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Treasury Notes, Act July 14, 1890..
United States Notes
National Bank Notes.

$65,490,319
363,597,057
15,932,817
2,315,506
47,302, 190
14,526,887

00
00
00
00
00
00

$107,0 805 00
99,
364, 758, 231 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

Gold Bullion
Silver Bullion

509, 164,806 00
77, 175,275 00
127, 215,171 00

566,056,309 00
70,432,992 00
197, 216,957 00

6, 742,283 00

TOTALS

713,555,252 00

763, 706, 258 00

8,628,691 00

00
00
00
00
00

58, 777,911 00
1,786 00
58, 779,697 00

$50,151,006 00

Net increase
Gold Cert ificates held ill cash.
Silver Certificates held in cash
Currency Certificates held in cash

1,886,408 00

*106,490 00
6,942, 257 00

Increase since February 1, 1894
Increase since Febi nary 1, 1894
decrease since February 1, 1894

$28,140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,




Secalotury's Office,
Division of Loans and Currency.

(Ed. 3-2-'94---2,400.) T. II.

Statement showing' the amounts of Gold and Silver Coins and Certificates, United States
.71rotes, and National Bank Xotes, in circulation March 1, 1894.
GENERAL STOCK,
COINED OR ISSUED.
Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July 14, 1890 '
United States Notes
Cur'y Cert'f's, Act June 8, 1S2
National Bank Notes

TOTALS

$603,860, 188 00
419,332, 777 00
76,516,800 00
71,042,219 00
333,061,504 00
153,001,181 00
346,681,016 00
47,805,000 00
207,479,520 00
2,263, 780,208 00

AMOUNT IN CIRCULATION
MARCH 1, 1894.

AMOUNT IN CmCULATION
MARCH 1, 1893.

12,640,479 00

$496,830,383 00
54,574,546 00
59,921,912 00
70, 935,729 00
331, 1.19, 247 00
141,038, 766 00
293,610,528 00
47,805,000 00
194,839,041 00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314, 174,742 00
19,230,000 00
169,844,260 00

573,105,056 00

1,690,675,152 00

1,599,635,542 00

IN TREASURY.

$107,029,805
364, 758, 231
16,594,888
106,490
6,942,257
11,962,418
53,070,488

00
00
00
00
00
00
00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, 324.90.

Comparative Statement showing the changes in Circulation daring February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.
Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890
United States Notes
Cur'y CertTs, Act June 8, 1879
National Bank Notes
TOTALS

$527,357,916 00
55, 735, 720 00 '
61, 1.08, 700 00
77,015,419 00
330, 1.61, 308 00 .
150, 755,402 00
299,378,89 00
6
44,935,000 00 '
193,335,220 00
1,739, 783,511 00

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

$496,830,383 00
51,574,546 00
59,921,912 00
70,935, 799 00
331, 119,247 00
141,038, 766 00
293,610,528 00
47,805,000 00
194,839,041 00

$30,527,533 00
1,161,174 00
I, 186, 788 00
6,079,690 00

1,690,675, 152 00

54,440, 119 00

INCREASE.

Net decrease.

957,939 00
9, 716,636 00
5, 768, 298 00
2,870,000 00
1,503,821 00
5,331,760 00

$49,108,359 00

Comparative Statement of changes in Money and Bullion in Treasury during February,
1894.
IN TREASURY
FEBRUARY 1,1894.

IN TREASURY
MARCH 1, 1894.

DECREASE.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Treasury Notes, Act July 14, 1890
United States Notes
National Bank Notes

$65,490,319 00
363,597,057 00
15,932,817 00 1
2,315,506 00
47,302, 190 00
14,526,887 00

Gold Bullion
Silver Bullion

509, 161,806 00
77, 175,275 00
197, 215,171 00

566,056,309 00
70,432,992 00
127,216,957 00

6,742,283 00

TOTALS

713,555,252 00

763, 706,258 00

8,628,691 00

INCREASE.

Net increase
Gold Certificates held in cash.
Silver Cert ificates held in cash
Currency Certificates held in cash

$107,029,805 00
364, 758,931 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

$41,539,486
1, 161,174
662,041
9,646,912
5, 768,298
1,886,408 00

58,777,911 00
1,786 00
58, 779,697 00

$50, 151,006 00
$106,490 00
6,942,257 00

Increase since February 1, 1894
Increase since February 1, 1894.
decrease since February 1, 1894.

$28,140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secretary's (Wire,
Division of Loans and Currency.




00
00
00
00
00

(Ed. 3-2-'94-2,400.) T. U.

Statement showing the amounts of Gold and Silver Coins and Certificates, Unittid States
JV'otes, and National Bank Xotes, in circulation March 1, 1894.
GENERAL STOCK,
COINED OR ISSUED.

TOTALS

$107,029,805
364, 758,231
16,594,888
106,490
6,942,257
11,962,418
53,070,488

$603,860,188 00
419,332, 777 00
76,516,800 00
71,042,219 00
338,061,504 00
153,001, 184 00
346,681,016 00
47,805,000 00
207,479,520 00

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July 14, 1;i90
United States Notes
Cur'y Cert'f's, Act June 8, 1872..
National Bank Notes

AMOUNT IN CIRCULATION
MARCH 1, 1894.

IN TREASURY.

$496,830,383 00
54,574,546 00 •
59,921,912 00
70,935,729 00
331,119,247 00
141,038,766 00
293,610,528 00
47,805,000 00
194,839,041) 00

00
00
00
00
00
00
00

12,640,479 00

2, 263,780,208 00

AMOUNT IN CIRCULATION
MARCH 1, 1893.

573,105,056 00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314, 174,742 00
19,250,000 00
169,844,260 00

1,690,675,152 00

1,599,655,542 00

Population of the United States March 1, 1894, estimated at 67,910,000 circulation per capita, $24.90.

Comparative Statement showing the changes in Circutation, during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890 •
United States Notes
Cur'y Cert'f's, Act June 8, 1872
National Bank Notes

$527,357,916
55, 7:35, 720
61, 108, 700
77,015,419
330, 161,308
150, 755,402
299,378,826
44,935,000
193,335,220

00
00
00
00
00
00
00
00
00

1,739, 783,511 00

TOTALS

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

$496,830,383 00 $30,527,533 00
54,574,546 00
1,161,174 00
59,921,912 00
1, 186, 788 00
70,935, 79 00
9
6,079,690 00
331, 119, 247 00
141,038, 766 00
9,716,636 00
293,610,528 00
5, 768, 298 00
47,805,000 00 • ......
00000
194,839,041 00
1,690,675,152 00

54,440, 119 00

Net decrease

INCREASE.

957,939 00
2,870,000 00
1,503,821 00
5,331, 760 00

108,359 00

Comparative Statement of changes in Money and Bullion in
1894.
IN TREASURY
FEBRUARY 1,1894.

IN TREASURY
MARCH 1, 1894.

Treasury during February,

DECREASE.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Treasury Notes, Act July 14, 19()
United States Notes
National Bank Notes

$65,490,319 00
363,597,057 00
15,932,817 00 1
2,315,506 00
47,302, 190 00
14,526,887 00 '

Gold Bullion
Silver Bullion

509, 164,806 00
77, 175,275 00 '
127,915, 171 00

566,056,309 00
70,432,992 00
127,216,957 00

6, 742,283 00

713,555,252 00

763, 706,258 00

8,628,691 00

INCREASE.

TOTALS
Net increase

Gold Certificates held in cash
Silver Certificates held in cash
Currency Certificates held in cash.

$107,029,805
364, 758,231
16,594,888
11,962,418
53,070,488
12,640,479

00
00
00
00
00
00

$41,539,486
1,161,174
662,041
9,646,912
5, 768, 298
1, 886,408

00

5s,777,911 00
1,786 00
58, 779,697 00

$50, 151,006 00
*106,490 00
6,942,257 00

Increase since February 1, 1894
Increase since February 1, 1894
decrease since February 1, 1894

$28, 140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secretary's (Wire,




00
00
00
00
00

Division of Loans and Currency.

(Ed. 3-2-'94-2,400.)

T. D.

Statement showing the ain,ounts of Gold and Silver Coins and Certificates, United States
i
Arotes, and Arational Bank JV'otes, in circulation March 1, 189.4.
GENERAL STOCK,
COINED OR ISSUED.

Gold Coin
Standard Silver Dollars.
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July14,1890
United States Notes
Cur'y Cert'f's, Act June 8, 1872
National Bank Notes

TOTALS

$603,860,188
419,332,777
76,516,800
71,042,219
338,061,504
153,001,184
346,681,016
47,805,000
207,479,520

IN TREASURY.

$107,029,805
364,758,231
16,594,888
106,490
6,942,257
11,962,418
53,070,488

00
00
00
00
00
00
00
00
00

AMOUNT IN CIRCULATION
MARCH 1, 1894.

00
00
00
00
00
00
00

12,640,479 00
573,105,056 00

2,263,780,208 00

96,830,383
54,574,546
59,921,912
70,935,729
3:31,119,247
141,038,766
293,610,528
47,805,000
194,839,041

1,690,675,152 00

AMOUNT IN CERCULATION
MARCH 1, 1893.

00
00
00
00
00
00
00
00
00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314,174,742 00
19,250,000 00
169,844,260 00

1,599,655,542 00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, 324.90.

Comparative Statement showing the chang'es in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890..
United States Notes
Cur'y CertTs, Act June 8, 1872
National Bank Notes
TOTALS

$527,357,916
55,735,720
61,108,700
77,015,419
330,161.,308
150,755,402
299,378,826
44,935,000
19:3,335,220

IN CIRCULATION
MARCH 1, 1894.

00
00
00
00
00
00
00
00
00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331,119,247 00
141,038,766 00
293,610,528 00
47,805,000 00
194,839,041 00

1,739, 783,511 00

1,690,675,152 00

Net decrease

DECREASE.

INCREASE.

$30,527,533 00
1,161,174 00 .
1,186, 788 00
6,079,690 00
957,939 00
9,716,636 00
5,768,298 00
2,870,000 00
1,503,821 00
54,440,119 00

5,331,760 00

$49,108,359 00

Comparative Statement of changes in Money and Bullion,in Treasury during February,
1894.
IN TREASURY
FEBRUARY 1, 1894.

IN TREASURY
MARCH 1, 1894.

DECREASE.

INCREASE.

I
Gold Coin
Standard Silver Dollars
Subsidiary Silver
Treasury Notes, Act July 14, 1890..
United States Notes
National Bank Notes

$65,490,319 00
363,597,057 00
15,932,847 00 ,
2,:315,506 00
47,:302, 190 00
14,526,887 00

$107,029,805 00
364, 758,931 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

Gold Bullion
Silver Bullion

509, 164,806 00
77,175, 275 00 '
127, 215, 171 00

566,056,309 00
70,432,992 00
127,216,957 00

6,742,283 00

713,555,252 00

763, 706,258 00

8,628,691 00

TOTALS
Net increase
Gold Certificates 'held in cash
Silver Certificates held in cash
Currency Certificates held in cash.

$41,539,486
1, 161,174
662,041
9,646,912
5, 768, 298
1,886,408 00

58, 777,911 00
1,786 00
58, 779,697 00

$50,151,006 00
$106,490 00
6,942, 257 00

Increase since February 1, 1894
Increase since Feln nary 1, 1894.
decrease since February 1, 1894

$28,140 00
184,061 00
40,000 00

TREASURY DEPA wrm ENT,
Secrehtry's Office,
Diri8ion of Loans and Currency.




00
00
00
00
00

(Ed. 3-2-'94-2,400.) T. B.

1
Statement showing' the amounts of Gold and Silver Coins and Certificates, United States
Notes, and JYational Bank Notes, in circulation March 1, 1894.
GENERAL STOCK,
COINED OIL ISSUED.
Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Trms'y Notes, Act July 14,1890
United States Notes
Cur'y Cert'f's, Act June 8, 1872 '
National Bank Notes

IN TREASURY.

$603,860,188 00
419,332,777 00
76,516,800 00
71,042,219 00
338,061,504 00
153,001,184 00
346,681,016 00
47,805,000 00
207,479,520 00

$107,029,805 00
. 364,758,231 00
16,594,888 00
106,490 00
6,942,257 00
11,962,418 00
53,070,488 00

2,263,780,208 00

TOTALS

AMOUNT IN CIRCU- AMOUNT IN CIRLATION
CULATION
MARCH 1, 1894. 'MARCH 1, 1893.

12,640,479 00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331,119,247 00
141,038,766 00
293,610,528 00
47,805,000 00
194,839,041 00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314,174,742 00
19,250,000 00
169,844,260 00

573,105,056 00

1,690,675,152 00

1,599,635,542 00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, $24.90.

Comparative Statement showing' the changes in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890..
United States Notes
Cur'y Cert.'rs, Act June 8, 1872.....
National Bank Notes
TOTALS

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

$527,357,916 00
55,735,720 00
61,108,700 00
77,015,419 00
330,161,308 00
150,755,402 00
099,378,826 00
.14,935,000 00
193,335,220 00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,7°9 00
331,119,247 00
141,038,766 00
293,610,528 00
47,805,000 00
194,839,041 00

$30,527,533 00
1,161,174 00
1,186,788 00
6,079,690 00

1,739,783,511 00

1,690,675,152 00

54,440,119 00

INCREASE.

Net decrease

957,939 00
9,716,636 00
5,768,298 00
2,870,000 00
1,503,821 00
5,331,760 00

$49, 108,359 00

Comparative Statement of changes in Money and Bullion in
1894.
IN TREASURY
' FEBRUARY 1,1894.

IN TREASURY
MARCH 1, 1894.

Treasury during February,

DECREASE.

INCREASE.

1

Gold Coin
Standard Silver Dollars.
Subsidiary Silver
Treasury Notes, Act July 11, 1
United States Notes
National Bank Notes

$65,490,319 00
363,597,057 00
15,932,817 00 i
2,315,506 00 '
47,302, 190 00
14,5°6,887 00

Gold Bullion
Silver Bullion

509, 164,806 00
77,175,275 00
127,215,171 00

566,056,309 00
70,432,992 00
127,216,957 00

6, 742,283 00

TOTAl.S

713,555,252 00

763, 706,253 00

8,628,691 00

Net increase
Gold Certificates held in cash
Silver lien Hie:0es held in cash
Currency Certificates held in cash.

$107,029,805 00
364, 758,231 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

$41,539,486
1,161,174
662,041
9,646,912
5,768,298

1,886,408 00
58,777,911 00
1,786 00
58,779,697 00

$50,151,006 00
$106,490 00
6,942,257 00

Increase since February 1, 1894
Increase since Felii nary 1, 1894.
decrease since February 1, 1894

$28,140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secretary's (Mice,




00
00
00
00
00

Division of Loans and Currency.

(Ed. 3-2-'94--2,400.)

T. a

Statement showing the amounts of Gold and Silver Coins and Certificates, United States
Xoleis., and Xational Bank JV'otes, in circulation March 1, 1894.
GENERAL STOCK,
COINED Olt ISSUED.
Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Ceti i ficares
Silver Certificates
..........
Treas'y Notes, Act July14,1890
United States Notes
Cur'y Cert'f's, Act June 8, 1872
National Bank Notes
TOTALS

IN TREASURY.

$603,860, 188 00
419,332, 777 00
76,516,800 00
71,012,219 00
338,061,504 00
15:3,001, 184 00
346,681,016 00
47,805,000 00
207,479,520 00

$107,029,805
364, 758,231
16,594,888
106,490
6,942,257
11,962,418
53,070,488

AMOUNT IN CIRCU- AMOUNT IN CIRLATION
CULATION
MARCH 1, 1894.
MARCH 1, 1893.

12,640,479 00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
3'21, 279,132 00
126,447,613 00
314, 174,742 00
19,230,000 00
169,841,260 00

573,105,056 00

2,263, 780,208 00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331,119,247 00
141,038, 766 00
293,610,528 00
47,805,000 00
194,839,041 00
1,690,675,152 00

1,509,65.5,542 00

00
00
00
00
00
00
00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, $24.90.

Comparative Statement showing the changes in Circulation during February, 1894.
IN CIRCULATION

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890
United States Notes
Cur'y CertTs, Act June 8, 1872
National Bank Notes

TOTALS

IN CIRCULATION

FEBRUARY 1, 1894.

MARCH 1, 1894.

$527,357,916 00
55, 735, 720 00 •
61, 1.08, 700 00
77,015,419 00
330,161,308 00
150, 755,402 00
299,378,8 6 00
9

DECREASE.

$496,830,383 00 ; $30,527,533 00
54,574,546 00
1, 161,174 00
59,921,912 00
1, 186, 788 00
70,935,729 00
6,079,690 00
331, 119,247 00
141,038, 766 00
9, 716,636 00
293,610,59 00
8
5, 768,298 00

44,935,000 00
193,335,220 00

47,805,000 00
194,839,041 00

1, 739, 783,511 00

1,690,675,152 00

INCREASE.

957,939 00
2,870,000 00
1,503,82I. 00

54,440,119 00

Net decrease

5,331,760 00

$49,108,359 00

Comparative Statement of changes in Money and Bullion in
1894.
IN TREASURY
FEBRUARY 1, 1894.

IN TREASURY
MARCH 1, 1894.

Treasury

during February,

DECREASE.

Gold Coin
Standard Silver Dollars.
Subsidiary Silver
Treasury Notes, Act July 14, 1890..
United States Notes
National Bank Notes

$65,490,319
36:3,597,057
15,932,847
2,315,506
47,302,190
14,526,887

Gold Bullion
Silver Bullion

509,.164,806 00
77, 175,275 00
127,215,171 00

566,056,:309 00
70,432,992 00
127,216,957 00

6, 742,283 00

TOTALS

713,555,252 00

763, 706,258 00

8,628,691 00

INCREASE.

00
00
00 ,
00 '
00
00

Net increase
Gold Celli ficates held in cash
Silver Cert ifieates held in cash.
Currency Certificates held in cash

$107,029,805 00
364, 758, 231 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

$41,539,486 00
1,161,174 00
662,041 00
9,646,912 00
5,768,298 00
1,886,408 00
58,777,911 00
1,786 00
58,779,697 00

$50,151,006 00
$106,490 00
6,942,257 00

Increase since February 1, 1894
Increase since Fcbi nary 1, 1894
decrease since February 1, 1894

$28,140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secpcittry's Office,
Division of Loans and Currency.




(Ed. 3-2-'94-2,400.)

T. B.

Statement showing the amounts of Gold and Silver Coins and Certificates,(Maid States
.7trotes, and National Bank Xotes, in circulation Afarch 1, 1894.

Gold Coin

$603,860,188
419,332,777
76,516,800
71,042,219
338,061,504
153,001, 184
346,681,016
47,805,000
207,479,520

Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July14, 1890
United States Notes
Cur'y
I's, Act June 8, 1872
National Bank Notes
TOTALS

AMOUNT IN CIRCULA.TION
MARCH 1, 1894.

AMOUNT IN CIRCULATION
MARCH 1, 1893.

12,640,479 00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331,1.19,247 00
141,038,766 00
293,610,528 00
47,805,000 00
194,839,041 00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314, 174,742 00
19,230,000 00
169,844,260 00

573,105,056 00

GENERAL STOCK,
COINED Olt ISSUED.

1,690,675,152 00

1,599,65.5,542 00

IN TREASURY.

00
00
00
00
00
00
00
00
00

$107,029,805
364, 758,231
16,594,888
106,490
6,942,257
11,962,418
53,070,488

2,263,780,208 00

00 ,
00 '
00
00
00
00
00

Population of the United States March 1, 1894, estimated at 67,910,000 circulation per capita, $24.90.
- 7=

Comparative Statement showing' the changes in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894. I

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890..
United States Notes
Cur'y Cert'f's, Act June 8, 1872.....
National Bank Notes
TOTALS

$527,357,916
55,735,720
61,108,700
77,015,419
330,161,308
150,755,402
299,378,826
44,935,000
193,335,220

00 1
00
00
00
00
00 ,
00
00
00

1,739,783,511 00

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

INCREASE.

$496,830,383 00 $30,527,533 00
54,574,546 00
1,161,174 00
59,921,912 00
1,186,788 00
70,935,729 00
6,079,690 00
331,119,247 00
141,038,766 00
9,716,636 00
293,610,59 00
8
5,768,298 00
47,805,000 00 j.
194,839,041 00
1,690,675,152 00

Net decrease

957,939 00

2,870,000 00
1,503,821 00

54,440,119 00

5,331,760 00

$49,108,359 00

Comparative Statement of changes in Money and Bullion in
1894.
IN TREASURY
FEBRUARY 1,1894.

IN TREASURY
MARCH 1, 1894.

Treasury during

DECREASE.

Gold Coin
Standard Silver DollaN
Subsidiary Silver
Treasury Notes, Act July 14, 189o..
United States Notes
National Bank Notes

$65,490,319 00
363,597,057 00
15,932,817 00 i
2, 315,506 00
47,302, 190 00
14,526,887 00

Gold Bullion
Silver Bullion

509, 164,806 00
77, 175, 275 00
127, 215,171 00

566,056,309 00
70,432,992 00
127,216,957 00

713,555,252 00

763,706,258 00

8,628,691 00

INCREASE.

6, 742,9
83 00

TOTALS

_February,

Net i

rease

Gold Certificates held in cash.
Silver Cert ificates held in cash
Currency Certificates held in cash.

$107,029,805 00
364, 758, 231 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

$41,539,486
1, 161, 174
669,041
•9,646,912
5, 768,298
1,886,408 00

58,777,911 00
1, 786 00
58, 779,697 00

$50,151,006 00

$106,490 00
6,942,257 00

Increase since February 1, 1894
Increase since February 1, 1894.
decrease since February 1, 1894

$28,140 00
184,061 00
40,000 00

TREASURY DEPA wrm ENT,
Secrei(iry's Office,
_Division of Loans, and Currency.




00
00
00
00
00

(Ed. 3-2-'94-2,400.) T. B.

Statement showing the amounts of Gold and Silver Coins and Certificates, Unitid States
94.
Notes, and National Bank Notes, in circulation March 1, 18
GENERAL STOCK,
COINED OR ISSUED.

Gold Coin

$603,860,188
419,332, 777
76,516,800
71,042,219
338,061,504
153,001, 184
346,681,016
47,805,000
207,479,520

Standard Silver Dollars
Subsidiary Silver
Gold Cert i ficates.
Silver Certificates
Treas'y Notes, Act July 14, 1890 ,
United States Notes
Cur'y Cert'f's, Act June 8, 1872..'

National Bank Notes
TOTALS

AMOUNT IN CIRCULATION
MARCH 1, 1894.

IN TREASURY.

$107,029,805
364,758, 231
16,594,888
106,490
6,942,257
11,962,418
53,070,488

00
00
00
00
00
00
00
00
00

96,830,383
54,574,546
59,921,912
70,935,729
331,119,247
141,038,766
293,610,528
47,805,000
194,839,041

00
00
00
00
00
00
00
00
00

$409,817,138 00
GO,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
120,497,613 00
314, 179,792 00
19,230,000 00
169,844,260 CO

1,690,675,152 00

1,599,655,U2 00

00
00
00
00
00
00
00

12,640,479 00
573,105,056 00

2,263,780,208 00

AMOUNT IN CIRCULATION
MARCH 1, 1893.

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, $24.90.

Comparative AStatement showing the changes in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 104.

$527,357,916
55,735, 720
61,1.08,700
77,015,419
330,161,308
150,755,402
299,378,826
44,935,000
193,335,220

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890..
United States Notes
Cur'y Cert'rs, Act June 8, 1872.....
National Bank Notes

IN CIRCULATION
MARCH 1, 1894.

$496,830,383
54,574,546
59,921,912
70,935,729
331,119,247
141,038,766
993,610,528
47,805,000
194,839,041

00
00
00 '
00
00
00
00
00
00 '

1,739,783,511 00

TOTALS

DECREASE.

00 $30,527,533 00
00
1,161,174 00
00
1,186,788 00
00
6,079,690 00
00
00 '
9,716,636 00
00 ,
5,768,298 00
00
00 1

I,690,675,152 00

54,440,119 00

INC R EASE.

957,939 00

2,870,000 00
1,503,821 00
5,331, 760 00

$49,108,359 00

Net decrease

Comparative Statement of changes in Money and Bullion in
1894.

Treasury

during February,

IN TREASURY
FEBRUARY 1,1894.

IN TREASURY
MARCH 1, 1894.

Gold Coin
Standard Silver Dollars
Subsid iary Silver
Treasury Notes, Act July 14, 1890..
United States Notes
National Bank Notes

$65,490,319
363,597,057
15,932,817
2,315,506
47,302, 190
14,526,887

$107,029,805
364, 758, 231
16,594,888
11,962,418
53,070,488
12,640,479

Gold Bullion
Silver Bullion

509, 164,806 00 j
77, 175,975 00
127, 215,171 00

566,056,309 00
70,432,992 00
127,216,957 00

6, 742, 283 00

713,555,252 00

763, 706,258 00

8,628,691 00

I

TOTALS

00
00
00
00
00
00

INCREASE.

$41,539,486
1,161,174
662,041
9,646,912
5, 768, 298
1,886,408 00

58,777,911 00
1,786 00
58, 779,697 00

$106,490 00
6,942, 237 00

Increase since February 1, 1894
Increase since February 1, 1894
decrease since February 1, 1894

$28,140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secrelttry's Office,
Divthion of Loans and




00
00
00
00
00

$50, 151,006 00

Net increase

Gold Certificates held in cash
Silver Certificates held in cash.
Currency Certificates held in cash.

00
00
00
00
00
00 1

DECREASE.

(Ed. 3-2-'94-2,400.) T. B.

Currency.

Statement showing the amounts of Gold and Silver Coins and Certificates, United States
Jirotes, and JV'ational Bank JV'otes, in circulation March 1, 1894.
AMOUNT IN CIRCU- AMOUNT IN CIRLATION
CULATION
MARCH 1, 1894.
MARCH 1, 1893.

,1

GENERAL STOCK,
COINED OR ISSUED.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July14,1890
United States Notes
Cur'y Cert't's, Act June 8, 1872..
National Bank Notes

$603,860,188 00
419,332,777 00
76,516,800 00
71,042,219 00
338,061,504 00
153,001,181 00
346,681,016 00
47,805,000 00
207,479,520 00

$107,029,805 00
364,758,231 00
16,594,888 00
106,490 00
6,942,257 00
11,962,418 00
53,070,488 00
12,640,479 00

$496,830,383 00
54,574,546 00
59,991,912 00
70,935,729 00
331,119,247 00
141,038,766 00
293,610,528 00
47,805,000 00
194,839,041 00

2,263,780,208 00

573,105,056 00

1,690,675,152 00

TOTALS

IN TREASURY.

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314,174,742 00
19,230,000 00
169,844,260 00

1,509,653,542 00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, $24.90.

Comparative Statement showing the changes in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.
Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890_
United States Notes
Cur'y CertTs, Act June 8, 1872.....
National Bank Notes
TOTALS

$527,357,916 00 1
55,735, 720 00
61,108,700 00
77,015,419 00
330,161., 308 00
150,755,402 00
299,378,826 00
44,935,000 00
193,335,220 00
1,739,783,511 00

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

$496,830,383 00 $30,527,533 00
54,574,546 00
1,161,174 00
59,921,912 00
1,186,788 00
70,935,729 00
6,079,690 00
331,119,247 00
141,038,766 00
9,716,636 00
293,610,59 00
8
5,768,998 00
47,805,000 00
.
.....
194,839,041 00
1,690,675,152 00

Net decrease

54,440,119 00

INCREASE.

957,939 00
2,870,000 00
1,503,821 00
5,331,760 00

$49,108,359 00
.-

Conoarative Statement of changes in Money and Bullion in Treasury during February,
1894.
IN TREASURY
FEBRUARY 1, 1894.

IN TREASURY
MARCH 1, 1894.

DECREASE.

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Treasury Notes. Act July 14, 1890..
United States Notes
National Bank Notes

ik65,490,319 00
363,597,057 00
15,939,847 00 ,
2,315,506 00 !
47,309, 190 00 1
14,526,887 00

Gold Bullion
Silver Bullion

509, 164,806 00
77, 175,275 00
127,215, 171 00

566,056,309 00
70,432,992 00
127,216,957 00

6, 742,283 00

TOTALS

713,555,252 00

763, 706,258 00

8,628,691 00

INCREASE.

Net increase

$107,029,805 00
364, 758,231 00
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

$41,539,486 00
1, 161, 174 00
669,041 00
9,646,912 00
5, 768,298 00
1,886,408 00
58, 777,911

00

1,786 00
58,779,697 00

$50,151,006 00

-

Gold Certificates held in cash
Silver Certificates held in cash.
Currency Certificates held in cash

$106,490 00
6,942,9 00
57

Increase since February 1, 1894
Increase since February 1, 1894
decrease since February 1, 1894.

$28,140 00
184,061 00
40,000 00

TREASURY DEPARTMENT,
Secretary's Office.
DiVi8i011 Of Loans and Currency.




(Ed. 3-2-'94-2,400.)

T. D.

,1
Statement showing the ainoun,ts of Gold and Silver Coins and Certificates, lilted States
.71roles, and .71rational Bank Notes, in circulation March 1, 1894.
GENERAL STOCK7
COINED OR ISSUED.
Gold Coin
Standard Silver Dollars.
Subsidiary Silver
Gold Certificates
Silver Certificates
Treas'y Notes, Act July 14, 1890..
United States Notes
Cur'y Cert'f's, Act June 8, 1872
National Bank Notes
TOTALS

IN TREASURY.

AMOUNT IN CIRCULATION
MARCH 1, 1894.

$603,860,188 00
419,332,777 00
70,516,800 00
71,042,219 00
338,061,504 00
153,001, 184 00
346,681,016 00
47,805,000 00
207,479,520 00

$107,029,805 00
364,758,231. 00
16,594,888 00
106,490 00
6,942,257 00
11,962,418 00
53,070,488 00
12,640,479 00

$496,830,383 00
54,574,546 00
59,921,912 00
70,935, 729 00
331,119, 247 00
141,038, 766 00
293,610,528 00
47,805,000 00
194,839,041 00

2,263,780,208 00

573,105,056 00

AMOUNT IN CIRCULATION
MARCH 1, 1893.

1,690,675,152 00

$409,817,138 00
60,432,090 00
64,021,838 00
114,388,729 00
321,279,132 00
126,447,613 00
314,174,742 00
19,250,000 00
169,841,260 00

1,509,653,542 00

Population of the United States March 1, 1894, estimated at 67,910,000; circulation per capita, $24.90.

Comparative Statement showing the changes in Circulation during February, 1894.
IN CIRCULATION
FEBRUARY 1, 1894.
Gold Coin
Standard Silver Dollars
Subsidiary Silver
Gold Certificates
Silver Certificates
Treasury Notes, Act July 14, 1890..
United States Notes
Cur'y Cert'rs, Act June 8, 1872.....
National Bank Notes

IN CIRCULATION
MARCH 1, 1894.

DECREASE.

$496,830,383 00
54,574,546 00
59,921,912 00
70,935,729 00
331,119,247 00
141,038,766 00
293,610,528 00
47,805,000 00
194,839,041 00

$30,527,533 00
1,161,174 00
1,186,788 00
6,079,690 00

1,739,783,511 00

TOTALS

$527,357,916 00
55,735,720 00
61,1.08,700 00
77,015,419 00
330,1.61.,308 00
150,755,402 00
299,378,826 00
44,935,000 00
193,335,220 00

1,690,675,152 00

54,440,119 00

INCREASE.

951,939 00
9,716,636 00
5,768,298 00
..
.
.....

Net decrease

2,870,000 00
1,503,821 00
5,331,760 00

$49,108,359 00
-

Comparative Statement of changes in Money and Bullion in
1894.
,

IN TREASURY
FEBRUARY 1, 1894.

IN TREASURY
MARCH 1, 1894.

Treasury

daring February,

DECREASE.

INCREASE.
$41,539,486
1,161,174
662,041
9,646,912
5,768,298

Gold Coin
Standard Silver Dollars
Subsidiary Silver
Treasury Notes, Act July 14, 1890..
United States Notes
National Bank Notes

$65,490,319 00
363,597,057 00
15,932,817 00
2,315,506 00
47,302,190 00 ,
14,526,887 00

Gold Bullion
Silver Bullion

509,164,806 00
77,175,975 00
127,215,171 00

566,056,309 00
70,432,992 00
127,216,957 00 I

6, 742,283 00

TOTALS

713,555,252 00

763, 706,258 00 '

8,628,691 00

Net increase
Gold Certificates held in cash
Silver Cell iii('ales held in cash.
Currency Certificates held in cash

$107,0 805 00
99,
- 364, 758,231 00 ,
16,594,888 00
11,962,418 00
53,070,488 00
12,640,479 00

1,886,408 00
58,777,911 00
1,786 00
58,779,697 00

$50,151,006 00
s106,490 00
6,942,257 00

Increase since February 1, 1394
Increase since February 1, 1894
.decrease since February 1, 1894

$28,140 00
184,061 00
40,000 00

TREASURY DEPA u'rm ENT,




00
00
00
00
00

Secretary's Office.
Division of Loans and Currency.

(Ed. 3-2-'94-2,400.)

T. B.

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STATEMENT OF LIABILITIES AND ASSETS OF THE TREASURY
The Statement of Liabilities and Assets, if made up according to the form

Post-Office-Department Account

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Qe.
2o/0i747
Treasurer's Gen'l Acct._ _ Interest due and unpaid
/?49•0,
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(f,
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Treasurer's Gen'l Acct._ _Gold Certificates

/aari or,

Treasurer's Gen'l Acct...Silver Certificates

04//o600

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Treasurer's Gen'l Acct._ _Balance, including Bullion Fund.:
.''C

or,o00
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Total Treasurer's General Account

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TREASURY OF THE UNITED STA




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Treasury of the United States,
WASHINGTON, D. C.,

Treasurer U. S.

StIlleTVICT:

A°. of Enclosures,



OF THE UNITED STATES FROM LATEST RETURNS RECEIVED.
heretofore used, would be as follows:
ASSETS.
17t4
Tte'Ar7J 7,

Gold Coin
Gold Bullion

2
/0
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New York and San Francisco exchange
One and Two-Year Notes, &c
Redeemed Certificates of Deposit, June 8, 1872

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Quarterly Interest-checks and Coin Coupons paid
U. S. Bonds and Interest
Interest on District of Columbia Bonds

/

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Speaker's Certificates
Pacific Railroad interest paid




71(i / /

VY7 /

JAMES W. HYATT,
Treasurer U. 8.

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THE

VISIBLE

GOLD

AND

SILVER

STOCKS.

IN THE 8.9.C. OUR ESTEEMED COLLABORATOR, MR. OTTOMAR HAUPT, PUBLISHES
THE FOLLOWING STATEMENT OF THE STOCKS OF THE PRECIOUS METALS IN
THE
MONTH OF DECEMBER 1889.

Banks and Treasuries
Associated Banks of New
Other American Banks .
United States Treasury.
Bank of England . . .
Scotch Banks of Issue •
Irish Banks of Issue
Other English Banks. .
Bank of France . . •
Italian Eanks of Issue.
National Bank .
State Treasury.
Belgian National Bank
Swiss Banks of Issue
Greek National Bank.
Bank of Spain.
. .
" Algiers
• •
" Holland
• •
" Roumania. • •
" Portugal.
" Sweden . • •
Swedish National Banks.
Bank of Norway .
Danmark .
" Russia .
Russian State Treasury.
Austro-Hungarian Bank .
German Imperial Bank •
"
Banks of Issue •
State Treasury •
PP

Gold

York.
• •
• •
. •
•
.
.
.
.
•
.

.
.
•
.

••

.

•
•
•

•

.

.

.

.

.

.

.

.

.

.

.

.

•

$75,463,000
7,720,000
314,204,000
85,885,000
24,125,000
16,019,000
38,600,000
245,689,000
32,424,000
34,354,000
19,879,000
12,545,000
11,387,000
579,000
19,386,000
3.281,000
24,704,000

•

PP

IP

PP

Silver

410,315,000
301,080,000

240,671,000
3,369,000
5,983,000
2,316,000
6,755,000
4,632,000
22,774,000
3,088,000
29,336,000
6,176,000

PP

.

.

.

.

.

.

.

.

.

.

.

.

PP

PP

OP




Total.

•
•
•

5,504,000
4,632,000
11,387,000
12,931,000
14,475,000
162,313,000
27,792,000
26,055,000
138,188,000
18,335,000
28,950,000
1,417,006,000.

965,000
4,632,000

772,000
4,439,000
67,620,000
46,320,000
965,000

763,508,000-

•

The above figures give as total amounts f11,417,000,000 for gold
763,000,000 " silver
'
as compared with the same period of the ydar 181 18, the stocks for which
were:
$1,351,000,000 of gold
723,000,000 " silver,
an increase of:
about

34,000,000 of gold
38,000,000 " silver

The steady increase of the visible stock of gold is exceedingly reassuring, and proves how wrong the Eimetallists are when they talk of an
Impending scarcity of money.




A

FCRE ,'AS T.
-

ny viortgomo,.'y ladd. •
IIIM=7[M,M=71===

dumbly dedicated to his Jtajesty The /jag of England, The rrnsidnnt of
the United States of America, The Fresident of the Unitcid States of
litexico, The Right Honourable Earl Gray, qovernor rennral, Canada. The
Right donoural- le Lord Northcote, Governcr iluneral, Australia.
ANN.

For the consideration of the Chancellor of the Exchequer, :ngland, The
Finan3ial Secretary of State, America, The i.inister of Finance, 1.',exicor
Tho lAinister of Finance. Canada, The Ninister of Finance, Australia
The passin of the Aldrich Emergency Currency Bill by ';Itratagem in the
United States, and the formation of a National Currency Association by
the New York Banks under' the New Emergency Currecicy laws, in the face
of France
ermany, and other Nations competing for and asorbing our
Empires Cold, is a matter of the gravest concern to the people of
Great Britain, and calls for an immediate enquiry.
The Emergency Currency Bill
mean the unloading of vast accumulations
of material wealth on the Continent of America created on false issues,
and through legalised currency c:easures-convertable into gold: This
forced currency will assume fabulous proportions, makinfT the United
States Currency more mischievous than ever to the other communities on
the Continent of America. Realisation of this new currency, with the
100 cent Silver dollar ranking pari-pa3su with Gold, will precipitate
the next panic - a panic that vill exceed all others in intensity, a
panic that will axhaust the monetaxy systems of sations, unless
measures are adopted to rjorestall it.
Are Groat Britain, Cana,la, Australia and South Africa prepared to
sacrifice their Gold in this coming International Cri,
ds? " I venture
'to say No". It stands to reason, if the material wealth of the people
is based on an artificial currency, values must be fallacious, as
legalised tender token money is not roal money, and as the Silver
Dollar
in the United States of America is meroly a le,qalised token, worth
only
one half its face vallie, its realisation in resvdts must be
fictitiaus.
hence panics, stress,stringency, the hoarding of (old, and Financ
ial
unrest.
When iJr. Joseph Chamberlain a.:.oused and alarmed the ceuntr:,
, with the
cry of Fiscal Reform and reciprocity measures for the Commonwealth
of
the British 4ire it wa-s thought that England was at last
determined
upon real fiscal reform, bvt that 'as a lolitjaal delusion,
.as the
1.11p1ect in its entirety hacl newer been logically thought
out, in fact
Chamberlain had only grasped the shaoow of a 7.ree4
idea, leaving
the most important factor unteahod
dow was it possible to deal with the intricacies of fiscal
reform and
equitable reciprocity measures , ithout L5,.oin7 to the
root tf the evil,
that evil being token mow/. There lies the
stumblin:T block to .1q.
Chamberlain and his followers, yet this token
money sub;ect has a for
greater significance to-day, than it had then,
with the "Entnntn
Cordiale" of Europe before our eyes, tho passin
g of the Aldrich




Emergency Currently Bill, and the formation of a Natio
nal Currency
Association in the Unite, States, an Association that -ill
:'
all the Gold the world can produce for the next 20 years inabsorb
the
developmnnt of the American Continent
With the continuation and expansion ot token money, fiscal reform
and
reciprocity measures ar:1 in antagonism, the one to the other
, then,
7hy use tokens? whim with the latest silver wealth of Canada,
and
Australia lying idle, which -Then scientifically applie.711 vrill
perform
all the functions of gold, My not abandon token money? had
14r.
Chamberlain and his followers extended the right hand
of good fellowship
to the people of the United States, lexico, and Canada, and given an
undertaking to abolish token money, fiscal reform and
reciprocit
,
measures would have been possible, but that Statesman
in the framing
of a Political proqramme deceived himself and his followers,
and
was difficult to depart from the hard and fast linos laid down, it
and
the object unless amended will become as moribund as the
once famous
BI-motallic League.
Fiscal reform and rn-iprocity mealures on a sound money
would have been uno.oubtedly a practical idea for r-reat metal basis
time, but for the British El-Tire totally impracticable Britain at that
without the
co-operation of the Arerican people, and the money metal
producing
countries. The financial stability of the British 2mpir
e, and the
United States of America depends upon sound money, not
token money,
for in token money lies the pitfall of Financial State
smen in and out
of office.
'hen Ur. Chamberlain and his followers understand the token
Donny
problem in all its vicious bearing on the people in the
mysterious
ramifications of its superficial operations in the
daily life of
communities, fiscal reform and reciprocity mea3ures betwe
en Nation and
Nation can be made to reconcile themselves thront
sh a Union of money
metal producing countries, havin7 for its object the
unification and
control of the mono 7,etols, thus relegating tarif and
measures to siae issues, and it is for the :3ritish Empirreciprocity
United States of America to join hands on this important e, and the
subject.
These two powerful nation; would then J.(MSess a pacif
ic por-or the
world does not possess to--ay.
A measure nas been formulated and submitted to Great
several of the Executives of novernments on the ContiBritain, arid
nent of America
that will in the futurn provide sound Silver money
a measure that will obviate National and Internatioon a sold basis
nal monet
This measure in no way interferes with existing i3ankin,7 or ary panics.
Financial
Institutions except to strength:na them. The measure is
simple in
conception, and easy of exenti.on, as all :weat measu
res must be to be
effective. With token money the rich have become
richer, the poor have
become poorer, and the middle classes are in stages
of sublIkTation,
look at the Aidionairos in the United States of Ameri
ca, then look at
the calamitous aoniition of the great human family sprea
d over the
face of the Globe, than ask, "'That is wrong?" the futur
e will ans-rer:The entanglement of the irteney metals. Therefore the first
duty of a
"overnmmt in the interests of the people is to maint
ain the recognised
value of coined money, as a medium of exchange betwe
en man and man,




ndtion and nation, as such money should be kept inviolate, and if the
money metals are controlled in the manner I propose there can be neither
af4t-eciation nor deprociation of either. The arzuments of theorists
and political economists to the contrary are fallacious without
providing a remedy for the disturbance created. That remedy has been
found after years of study and travel, but the finder not being a
philanthropist, hesitates to define a clearer exposition than that
submitted to the press on both sides of the Atlantic, on the ground
that every labourer in the vineyard of lifo is worthy of his hive,
oven when the labour is self imposed. At the right tine and under
certain conditions, the finder will place before a competent lo- ally
constituted triblInal, the simple wor:ing of a monetary measure that
has baffled so many theorists and political economists.
To use the vrords of an eminent expert at one of our Universities: We
are mare that these problcms have.taxed and are taxing the chief
authorities on Currency througtout the world, but without arro,7ance we
claim that V.r. Oad:. has solved them.
1
Years of labour have been devoted by him to the furtherance of this
object, and the solution of the difficulty is his alone; a touch
here and there in the finished work is all his collaborators can claim.




THE NEW CURRENCY LAW
Proposed by
THE LAND CURRENCY LEAGUE OF THE UNITED
STATES
TO PROVIDE A VOLUME OF NATIONAL CURRENCY
EQUAL TO THE NEEDS OF COMMERCE:
TO SUBSTITUTE CASH FOR THE CREDIT INGRED
IENT OF OUR CIRCULATING MEDIUM:
TO ABOLISH THE CUSTOM OF PAYING "INTEREST"
FOR THE USE OF A MEDIUM OF EXCHANGE:
AN ACT TO MONETIZE LAND VALUES FOR CURRENCY PURPOS
ES
BY THE CERTIFICATE PROCESS.
Be it enacted by the Senate and House of Representatives
of
SECTION 6. The commissioner, upon receiving official notithe United States in Congress assembled:fication of the Treasurer's approval of any application made to
SECTION 1. That from and after the passage of this
him, shall, if the condition of the title remains unchanged, take a
any person having poasesaion and ownership in fee simple of act, written obligation, or mortgage on the real estate, duly executed
any
improved real estate in any state of the United States, by a
clear, by the applicant, and jointly with the husband or wife of the apobvious and perfect title, and who is competent to convey
the p icant, if married, in favor of the United States, with conditions
same, shall, upon the conditions hereinafter prescribed, be entitled and provisions as follows: 1. That a sum equivalent to the currento receive on de.
-naal fro:n the Treasurer of the United States an cy received by the applicant shall be returned to the United States
issue of full la;al-tealer paper money to an am nint not exceeding Treasury when the same shall no longer be desired for use as a
the present assessed valuation of the lot or tract upon which such circulating medium. 2. That until such currency is returned the
i3s11 shall be desire-I; provide 1 that such a isesamen
t is made on the applicant, his heirs or assigns, will pay to the national treasury on
basis of less than forty per cent of the value of the property the first day of each year a tax, or charge equal to two per cent
aasesaed; the m )ney so issued to constitute the legalized represen- per annum on the amount of currency received. 3. That the
tative of the value thus manetizei for currency purposes, and
to obligation thus executed shall constitute a first and primary lien
be a legal-tender at its face value in payment of all debts, public upon the realty described, until the conditions of the same are
and private,
duly complied with. 4. That so long as the payment of said tax
of two per
SECTION 2. To carry into effect the provisions of this act, cant shall cent per annum on the currency received by the applibe promptly made, the obligation shall not mature; but
the president, by and with the consent of the senate, shall appoint
in each congreasioaal district a resident co:nrnissioner, learned in in case of default of any such annual payment at the maturity
the law, and duly entitled to practice in the supreme court of the thereof, such obligation shall be subject to foreclosure for the full
state in which he resides, who, as fiscal agent of the national amount thereof, and the premises upon which the obligation is a
treasury, shall transact the business required of him by this act, lien may be sold to satisfy the same.
and to wh )rn applications for an issue of currency on real estate in
SECTION 7. Immediately upon the execution of such oblihis district shall be made; and he shall receive as compensation for
his services a salary of two thousand and four hundred dollars gation the cominiseioner shall make, and keep in his office for
public inspection, a registry of the same, duly indexed, which
annually.
registry shall impart notice to all persons of the contents thereof;
SECTION 3. To obtain an issue of currency under this act, and the title and right so acquired by the United States shall be
the applicant must file with the corn:nissioaer for the district with- prior and superior to any lien or claim of the state or any munin which his realty is located an application in writing, setting icipality thereof, and of all persons whatsoever subsequently acforth: (1) The name in full and coat office address of the applicant quired.
—aril of consort, if married; (2) the legal description of the lot or
SECTION 8. Upon the registration of such obligation the
tract of land for which a currency representative is desired; (3)
the eaunty and state in which the same is located; (4) the nature commissioner shall return and certify the same to the Treasurer
and value of the imoraveanents; (3) the value of the land exclusive of the United States who shall thereupon place to the credit of
of irnorove.nents; (6) the official valuation of the premises for the applicaat on the books of the national treasury a sum equal to
taxation for the year 19.)7 as evidence by the public records of the the amount of his obligation; which credit shall be payable on (Iec)unty within which it is situated; (7) the amount of currency inand in a national currency to be provided by the Treasurer, of
desired. A written abstract, certified by the proper custodians of denominations and designs corresponding to the present authorized
the records of the same, showing the applicant to have such title issue of United States Treasury notes. The Treasurer shall transto the real estate described as is required by the first section of mit to the applicant a certificate of deposit, payable to his order,
for the amount of such credit, and in case of demand for the curthis act, shall accompany each application.
rency, the same may be transmitted by registered mail at the risk
SECTION 4. It shall be the duty of the commissioner to ex_ of the person entitled thereto.
amine, in the order in which they are received, all applications and
the real estate described therein; he shall verify the corrections,
SECTION 9. Any owner of
truth and sufficiency of the representations made, and the suffi_ rency representative shall have real estate against which a curbeen
ciency of the respective titles; he shall reject all cases of unpro_ may, at his option, at any time after issued as herein provided,
one year from the issuing of
ductive real estate, and all cases of excessive valuation, and the same, return the same into the national
treasury, in sums equal
certify to the Treaaurer of the United States such applications, to one third. two thirds, or the full
amount of the original issue, and
with the acco.-npanyin.g title abstract as he finds to conforin with upon the sum so returned the annual
charge of two per cent shall
the provisions of this act; and where it shall appear from an ex_ cease from the first day of the calendar
month succeeding the date
arnination of the premises against which an issue of currency is of such payment. Upon repayment
of
applied for, that the value of the improvements exceeds the value gation, the Treasurer shall execute the full amount of the obliof the land, the issue of currency thereaa shall not exceed such a shall be entered in the registry of the a discharge thereof which
proper county by the coniproportion of the assessed value of the premises as the value of the missioner of such district.
realty, exclusive of improvements, bears to the total assessed value, under the provisions of this Currency so returned may be reissued
act, and when not needed for such reSECTION 5. It shall be the duty of the United States Treas- issue the Treasurer of the United Staes shall cause the same to be
destroyed.
user to cane all applications regularly submitted to him to be
examined by expert examiners qualified to pass upon the validity
SECTION 10. The revenues derived from the operation of this
of the same, and to endorse his approval upon such as are in accordance with this act. Such Treasurer shall file and keep a act shall constitute a fund from which the expenses of maintaining
record of applications thus approved, and shall transmit to the the system shall be paid, and should the receipts exceed the expenproper commissioner, and to the applicant, official notice of such ditures, the surplus shall become available
for the general exapproval or disapproval.
penses of the government.
WHAT IS OUR CURRENCY DEFICIT?
It is a sum equal to the credit constituent of our present circulating
medium—which consists of cash and credit—about one
part cash and five parts credit --as shown by the report of the Comptroller of
the Currency, viz:
Total bank "deposits" (cash and credits)
$13,000,000,000
Estimated cash not deposited in banks
1,700,000,000
Total circulating medium
$14,700,000,000
Estimated amount of coin and paper currency extant
2,700,000,000
CURRENCY DEFICIT
812,000,000,000
The purpose of the foregoing measure is to supply this deficit—to perfect our
currency system by providing national currency
direct from the government at actual cost of issue, in lieu of the bank-credit checking
accounts now provided by financiers at current
interest rates. The measure enacted into law will make Money abundant WITHOUT
AFFECTING ITS VALUE. Only the uninformed will
question this momentous truth. Products of labor fluctuate in value in response to the law
of supply and demand, but the full legal-tender
money unit—paper or specie—is always worth A DOLLAR, whether employed as a debt-paying
device, as an exchange medium, or for
conserving individual wealth.
_
THE DISTURBING FACTOR IN HUMAN AFFAIRS -By James D. Holden. An
Illustrated Pamphlet Elucidating The Land
Currency Theory sent post-paid on receipt of 25c. Address Secretary THE LAND CURRENCY
LEAGUE 213-14 Kittredge Bldg. Denver, Colo.



THE NEW CURRENCY LAW
—

Proposed by-

--

THE LAND CURRENCY LEAGUE OF THE UNITED STATES
TO PROVIDE A VOLUME OF NATIONAL CURRENCY EQUAL TO THE NEEDS OF COMMERCE:
TO SUBSTITUTE CASH FOR THE CREDIT INGREDIENT OF OUR CIRCULATING MEDIUM:
TO ABOLISH THE CUSTOM OF PAYING "INTEREST" FOR THE USE OF A MEDIUM OF EXCHANGE:
AN ACT TO MONETIZE LAND VALUES FOR CURRENCY PURPOSES
BY THE CERTIFICATE PROCESS.
Be it enacted by the Senate and House of Representatives of
the United States in Congress assembled:SECTION 1. That from and after the passage of this act,
any person having possession and ownership in fee simple of any
improved real estate in any state of the United States, by a clear,
obvious and perfect title, and who is competent to convey the
same, shall, upon the conditions hereinafter prescribed, be entitled
to receive on demand from the Treasurer of the United States an
issue of full legal-tender paper money to an amount not exceeding
the present assessed valuation of the lot or tract upon which such
issue shall be desired; provided that such assessment is made on the
basis of less than forty per cent of the value of the property
assessed; the money so issued to constitute the legalized representative of the value thus in3ne.tized for currency purposes, and to
be a legal-tender at its face value in payment of all debts, public
and private.
SECTION 2. To carry into effect the provisions of this act,
the president, by and with the consent of the senate, shall appoint
in each congressional district a resident commissioner, learned in
the law, and duly eatitlel to practice in the supreme court of the
state in which he resides, who, as fiscal agent of the national
treasury, shall transact the basinese required of him by this act,
and to wham applications for an issue of currency on real estate in
his district shall be made; and he shall receive as compensation for
his services a salary of two thousand and four hundred dollars
annually.
SECTION 3. To obtain an issue of currency under this act,
the applicant must file with the corn miseioaer for the district within which his realty i3 located an application in writing, setting
forth: (1) The name in full and post office address of the applicant
—and of consort, if married; (2) the legal description of the lot or
tract of land for which a currency representative is desired; (3)
the county and state in which the same is located; (4) the nature
and value of the improvements; (5) the value of the land exclusive
of improvements; (6) the official valuation of the premises for
taxation for the year 19:)7 as evidence by the public records of the
county within which it is situated; (7) the amount of currency
desired. A written abstract, certified by the proper custodians of
the rec3rds of the same, showing the applicant to have such title
to the real estate described as is required by the first section of
this act, shall accompany each application.
SECTION 4. It shall be the duty of the commissioner to examine, in the order in which they are received, all applications and
the real estate described therein; he shall verify the corrections,
truth and sufficiency of the repre3entations made, and the sufficiency of the respective titles; he shall reject all cases of unproductive real estate, and all cases of excessive valuation, and
certify to the Treasurer of the United States such applications,
with the aceompanying title abstract as he finds to conform with
the provisions of this act; and where it shall appear from an examination of the premises against which an issue of currency is
applied for, that the value of the improve.nents exceeds the value
ot the land, the iesee of currency thereon shall not exceed such a
proportion of the assessed value of the premises as the value of the
realty, exclusive of improvements, bears to the total assessed value.
SECTION 5. It shall be the duty of the United States Treasurer to cause all applications regularly submitted to him to be
examined by expert examiners qualified to pass upon the validity
of the same, and to endorse his approval upon such as are in acc3rdance with this act. Such Treasurer shall file and keep a
record of applications thus approved, and shall transmit to the
proper coaernIssioner, and to the applicant, official notice of such
approval or disapproval.

SECTION 6. The commissioner, upon receiving official notification of the Treasurer's approval of any application made to
him, shall, if the condition of the title remains unchanged, take a
written obligation, or mortgage on the real estate, duly executed
by the applicant, and jointly with the husband or wife of the applicant, if married, in favor of the United States, with conditions
and provisions as follows: 1. That a sum equivalent to the currency received by the applicant shall be returned to the United States
Treasury when the same shall no longer be desired for use as a
circulating medium. 2. That until such currency is returned the
applicant, his heirs or assigns, will pay to the national treasury on
the first day of each year a tax, or charge equal to two per cent
per annum on the amount of currency received. 3. That the
obligation thus executed shall constitute a first and primary lien
upon the realty described, until the conditions of the same are
duly complied with. 4. That so long as the payment of said tax
of two per cent per annum on the currency received by the applicant shall be promptly made, the obligation shall not mature; but
in case of default of any such annual payment at the maturity
thereof, such obligation shall be subject to foreclosure for the full
amount thereof, and the premises upon which the obligation is a
lien may be sold to satisfy the same.
SECTION 7. Immediately upon the execution of such obligation the commissioner shall make, and keep in his office for
public inspection, a registry of the same, duly indexed, which
registry shall impart notice to all persons of the contents thereof;
and the title and right so acquired by the United States shall be
prior and superior to any lien or claim of the state or any municipality thereof, and of all persons whatsoever subsequently acquired.
SECTION 8. Upon the registration of such obligation the
commis3ioner shall return and certify the same to the Treasurer
of the United States who shall thereupon place to the credit of
the applicant on the books of the national treasury a sum equal to
the amount of his obligation; which credit shall be payable on demand in a national currency to be provided by the Treasurer, of
denominations and designs corresponding to the present authorized
isAue of United States Treasury notes. The Treasurer shall transmit to the applicant a certificate of deposit, payable to his order,
for the amount of such credit, and in case of demand for the currency, the same may be transmitted by registered mail at the risk
of the person entitled thereto.
SECTION 9. Any owner of real estate against which a currency representative shall have been issued as herein provided,
may, at his option, at any time after one year from the issuing of
the same, return the same into the national treasury, in sums equal
to one third, two thirds, or the full amount of the original issue, and
upon the sum so returned the annual charge of two per cent shall
cease from the first day of the calendar month succeeding the date
of such payment. Upon repayment of the full amount of the obligation, the Treasurer shall execute a discharge thereof which
shall be entered in the registry of the proper county by the commissioner of such district. Currency so returned may be reissue('
under the provisions of this act, and when not needed for such reissue the Treasurer of the United Staes shall cause the same to be
destroyed.
SECTION 10. The revenues derived from the operation of this
act shall constitute a fund from which the expenses of maintaining
the system shall he paid, and should the receipts exceed the expenditures, the surplus shall become available for the general expenses of the government.

WHAT IS OUR CURRENCY DEFICIT?
It is a sum equal to the credit constituent of our present circulating medium --which consists of cash and credit—a bout one
part cash and five parts credit—as shown by the report of the Comptroller of the Currency, viz:
Total bank "deposits" (cash and credits)
Estimated cash not deposited in banks
Total circulating medium
Estimated amount of coin and paper currency extant
CURRENCY DEFICIT

*13,000,000,000
1,700,000,000
$14,700,000,000
2,700,000,000
$12,000,000,000

The purpose of the foregoing measure is to supply this deficit—to perfect our currency system by providing national currency
direct from the government at actual cost of issue, in lieu of the bank-credit checking accounts now provided by financiers at current
interest rates. The measure enacted into law will make Money abundant—WITHOUT AFFECTING ITS VALUE. Only the uninformed will
question this momentous truth. Products of labor fluctuate in value in response to the law of supply and demand, but the full legal-tender
money unit—paper or specie—is always worth A DOLLAR, whether employed as a debt-paying device, as an exchange medium, or for
conserving individual wealth.
THE DISTURBING FACTOR IN HUMAN AFFAIRS—By James D. Holden. An Illustrated Pamphlet Elucidating The Land
Currency Theory sent post-paid on receipt of 25c- Address Secretary THE LAND CURRENCY LEAGUE 213-14 Kittredge Bldg.Denver,Cola



A PLA7 'OR ISSUATTC7 Or ADDITIONAL rTRPFTICY POP PPFCIAL
PURPOSPIS AND LIMITFD PFRIODS.

Assuming that there will be times when increased volume
of currency will be needed in special localities for particular
purposes for limited periods as for instance, crop moving periods.
Ordinarily this extra currency may be supplied under our
general scheme as elsewhere outlined.

Assuming, however, that there

will be times when banks will not give up currency for these Special
purposes and limited periods, the follewing plan is proposed.
Viz;- 1st;

All league banks through the central agency apply to

the governnent to issue a certain specific amount of money pledging
to the government (a) their joint credit to secure it against loss
from such issue and (b) requiring that the league banks taking such
extra issue place in the hands of the central F.Fency an amount of
gilt-edged securities satisfactory to it.
2nd;

An undertaking on the part of the league banks through

the central agency with the Treasurer of the United States that there
will be delivered to the U. S. Treasury within sixty days after the
Issue of said money an amount of gold equal to the money so issued
or money of the United States,
3rd;

ngland, Prance, lermany or Austria.

The return to the United States Treasury of an amount

of United States currency equal to that thus issued within a certain
limited specified period longer than that of sixty days whereupon
the gold or money which has thus been deposited with the Treasurer
as security should be returned to the banks furnisliiryg the sane
through the central rti;enc ,14,
4th;

The secarities placed with the central iir7enc:f b:

the banks receiving such money will upon return of a like amount to
the central agency within a certain definite limited period be handed
back their securities thus pledged and in practice this currency in
t'he hands of central agency will oe used by the league of banks in
Iiit7adrawin7, fr3m the United States Treasury the gold or money there on




deposit.

When it becomos necessitry to move the cotton crop of the

South or the wheat crop of the West and North, the banks of those
particular sections would be the ones requiring this special increase of currency and would be the banks consequently returning; the
same after the crop moving period had passed.
The ;old securities or rwiley can be deposited in escrow
eit'ler in the United Rtates or in the etountry's nwle when it is
found necessary to hurry.
All this, of course, is a mere outline.
')P

furnished if jou wish it at any time.




X. N. BRXITUNG.

Particulars will

Bam ergerls:Quotations from Ludw
In Reichstag"
Zettelbank vor
"Die
(Leipzig, F.A.Broc: us _1874)
translated by Max Teixeira de Mattes,
for the Honorable Geo. B. Cortelyon's use.
Under the heading: "The Issuebanks, their Liportance and justification".




"The issuance of Banknotes is a more efficient
and reliable medium to meet under all circumstances
the Industry's wants for discounting facilities, than
hard
the mere readiness of capital in the shape
Banknotes are more handy than cash; their
cash.
issuance and withdrawal are based on a more elastic
principle than the acquisition, coining and remelting
of metal.
"Credit goes above cash". In the sme way as
Modern Industry reposes on the Elasticity of Steam,
liplement of Indutr:,
Modern Trade, the indispensable ecr
reposes on the Elasticity of the Banknote (currency).-"
Wherever an Issuebanl: exists, it has the
Page 32.authority, and avails itself of same, to issue a larger
amount in Banknotes, than covered by metal in its vaults.
It may occasionally occur that both figures agree; but
those rare cases are never meant to happen, and where
they do happen they are the symptoms of extraordinary
circumstances, mostly of entanglements in traffic
There are banks which do not issue banknotes; but no
Issuebank, from a matter of principle, allows itself
at any time to be handicapped by the amount of metal
then in its vaults.-"
If it has to issue a larger amount of Banknotes,
N.B.:
1. e. to increase the volume of circulation, it replenishes the metal in its vults in proortion, up to If not over - the legal ratio.•
(Translator):"naLen asked to explain why it ha6 -become a common
Page 37.
pretice with all civilized countries to have banks,
issuing banknotes which are not fully covered by metal,
and this to an extent of their having become a fundamental institution, the lack of which would endanger
said countries', "Vitality" - we refer to two facts:
Of the Banknotes issued by each :3ank, (we under1st:
stand by Bank, exclusively one adapted to handling
large volumes of money), always a certain percentage
remains in circulation without being presented for
pent of their equivalent in cash; therefore it
would be entirely superfluous to "hoard" in the Banh's
vaults "dead" metal as coverture for said percentage
constantly in circulation.
Granted that there may be commercial dangers con2nd:
nected with Banknotes which are but partially covered,
even ton it should not Le overlooked that this is a
feature common to all human institutions an especially
to all those.pertaining to the realm of business.
Even those countries which do not have any uncovered nor partly covered currency, are exposed to
financial crisis, and we sustain that they are far
more exposed to them than those countries which have
Issuebanks; because the "raison d!Are" for such Issuelac, provided they are well organized and skillfully
managed, is:
to prevent crisis and
to overbridze those which have set in;
and the elasticity of their currency enables them to

Page 29.

•

71-

do Vlis better than such Institutions a.; are confined
to issuance of fully covered banknotes.
Pages 3R/9._
There never have been times even of the greatest
l'inncial collapse and lack of confidence, but that
always part of the Banknotes issued by the 3ank of
England, have remained in circulation.
Quotations from Professor N. G. Pierson', L.L.P.
treatise on Political Economy, (Haarle 1, de Erven
F. Bohn, 1884) translated by Max Teixeira de hattos,
for the honorable Goo. B. Cortelyouls use:
Vol. 1 )
As a rule, a crisis is nowhere a more serious
Page 415.)
one than there where there is no Central Bank, or
there where the power of isuance of the Central
Banking Institution is handicapped by too narrow a
charter.
Arlstorda, Novbr. 5th,1907.
(s) Max Teixeira de Mattos.-

THE FEDERAL BANK OF TEE
UNITED STATES.
Authorized Capitl:
Charter:
Business:

Shareholders:
Stock Certificates:
Transfer:

Nature of
Stockholders.

Management:




1
, 100,000,0. (One Hundred Millions of Dollars)
United States Currency; to be divided into 4 Series of 025,000,000. - U. S. Currency, each. The Bank to be incorporated under existing
Federal lawn, or to be chartered by special
Federal law. To be commenced so soon as tLe first series af
025,000,000. - U.S.C. shall be subscribed and
fully paid for.
Not to be liable beyond the par value of the
shares subscribed for.
Exclusively nominal stockcertificates; no stockcertificate to bearer.The stock certificates shall not be transferred
unless the proposed transfer shall have been duly
sanctioned by the Management of the Federal Bank
of the U. S.
National Banks, State Banks, Trust Companies, Insurance CompanieL, Al private banng firms (not
the so called "Bankers and Brokers") tutors and
trustees for their wards; in short, merely such
corporations, firms and persons as may tend to
make the stock, from the very outset, an Unspeculative one;
•
"un placement de pere de Famille”
“muenclelsicher".If feasible under the existing laws and charters,
the corporations above referred to, to be compelled
to become shareholders fora certain percentage of
their respective capitals;
this to be the "conditiosine qua non" for granting any new-charter
or for renewing any existing one at its expirations
The shareholders shall select from their midst a
Board of Directors (an uneven number); the BoarC.
of Directors shall select from their midst a Board
of Governors (an uneven number); the Board of Governors shall select from their midst:
One President Governor,
One Vice President Governor,
One Secretary to te Board of Governors
and submit their names for approval to the Secretary of the Treasury, and to 'the Comptroller of the
Currency, and, their approval obtained, for conPresifirmation and appointment in Office by
dent of the United States.
With a vie to obtaining the needful stability in

#3.

Offices:

Executive
Committees:

Officers at_:
anc,
.
Auditor for:

Operations:

a. The Issuance
Of Bank Notos.




the Bank's manageent, it is commendable that the
Board of Directors, the Board of Governors, the
President, Vice President and Secretary of the
latter, be selected and appointed for not too
short a period.
The Central Office: in New York City;
a Head Office: in the Capital of each State;
Offices: in the principal towns;
Sub-offices: in the smaller ones.
The Central Office and each Head Office to
have an Executive Committee, appointed by the
Board of Governors;
said Executive Comiiittee to
control and report won the Bank's affairs, upon
affairs in general, trustworthiness of corporations,
banks and firms in tneir respective States.
All officers shall be appointed by the Board of
Governors, which B oard shall reside at New York City.
It is commendable to appoint:- down fro:l the Presidnt Governor, to the runners of the Bank - merely
men of sterling integrity, and of the highest
ability, in keeping with ;heir respective charges;
on aalaries enabling them to live honorably in
their respective stations of life, yhile devoting
themselves exclusively to their respective duties
in the Bank's service.None of the Governors, Officers or Auditors,
none of the employees shall be allowed to occupy
any other charge, not even any honorary and unreuunerated one, in business, politics, etc.
The selected auditors shall have to be approved
by the Comptroller of the Currency, and report
both to him and to the Boar of Governors.
A. The Issuance of Bank notes on the footing indicated hereinafter;
B. Purchasing and selling of gold bullion and
gold coins, as also of eullion and coins of other
precious metals;
C. Re-discountinL: of commercial paper, and promissory notes on the footing im.icated hereinafter;
D. Granting loans against collateral;
E. Acting as General Fiscal Agency of the United
States, wherever the Bank is established;
The United States Government shall have the benefit
of the Bank's services free of uny charge;T. The issuance and negotiation of Government loans;
G. The Federal Bank shall remain in touch with all
Government Issue Banks of other countries,H. The Federal Bank shall control, and, if feasible,
fix the Official Quotations for Domestic and Foreign
Exchange at the principal financial centres of the
United States,
Secured for, at least, 405) (f2;ity percent) of
their face value by Gold bulliona
* Gold coin,
(United States gold coin and other);
and for the
remaining 60,70 (sixty per cent) by commercial paper,
as described sub 0. At the request of the Bard of Governors, the
Secretary of the Treasuryff the Comptroller of
the Currency may authorize the Federal Bank of
the United States to increase the volume of Bank
notes in circulation, until it shall have reached
a maximum of three times the equivalent of its
face value, in gold (Bullion Hd coins) in the
Bank's vaults; i.e. covered for: 25 of the
Bank notes in circulation by gold, as indicated
2
above,and for thp remaining 75 ) by commercial
paper, as described sub. c.
The Treasury of the United States shall levy
a tax of 5c) (Five Percent) per annum, and prorata
tempore, on such excess of Bank notes in circulation, or any part of it.

4
.

b. Purchasin- and
Sellinv of
Bullion and
Coins,of
and other
Precious ietals.
c. Rediscounting:

Rates for
Rediscounting.
d.

Of colmercial paper and promissory notes,
endorsed by any National Bank, State Bank, or
Trust Company;
by preference those which are
share-hold=q in this Bank, - provided:
-Such paper di`
4 Inotos be payable within six months,
or so ITC:h shorter a3 may be in keeping with the
comercial i,ractice in the United States. - and
further, that they be payable at the Central Dffice of the Federal Bank of the United States,
or at any other of said Bank's offices;
-such paper bear at least two more good endorsements;
-such paper does not contain any interest clause; nor
-any clause exei.
.i])tin it fro. protest;
-such paper Le free of collateral.As also any eventual minimum rate, shall be
fixed by the Board of Governors.

Grantin
Loans.

The percentage of available funds for this
kind of operation, as also the nature of securities to be accepted as collateral for such loans,
to be fixed by the Board of Governors, and tg be
approved by the Secretary of the Treasury Bile
Comptroller of the Currency.
Such collateral shall never be considered as
coverture for hank notes in circulation.
ThL,'; goes without saying.

Fiscal Agency
United 5 tates.
1
f. Issuance and
Negotiation
of
Govern:
-Jent Loans.
and h.

-

Bank Notes:

AlTropriation
Of Profits:




This goes without saying, the prices and
eventual premiums for these transactions to
be fixed by the Board of Governors.

Merely those of the United States. - The
Board of Governors shall for any special case,
make special arrangements for the Federal
Bank's legitimate remuneration, with the
Secretary of the Treasury.
This goes without saying.
Shall be prohibited and exclrded from the scoup
of the Federial Bank's operations;
granting of any clean credit or advance, of whatsoever nature;
participating in any syndicate, or comercial, or
industrial enterprise;
Purchasing the Federal Bank's shares, or granting
loans upon said shares;and,
and
purchasing securities, or merchandise,
eal
estate, with exception as to real estate of such
buildings as shall be required for conducting the
Bank's business, for the Bank's vaults, etc.;
granting of advances on real estate x)rt:a::es; or
on mortgages on ships of whatsoever nature.
The Bank Notes issued in conformity with -te
proviso of the Federal Bank's charter, shall,
at all times and under all cirmustances, be legal
tender for all paTlents of :latsoever nature, In
anq
cyr- to the United States. 10cd (ton percent) of the Federal Bank's net
profits shall :o to a Reserve Fund, until said
fund shall have reached 25y) (t7enty-five per cent)
of the Bank's capital.
From the balance, viz: 90 , (ninety per cent) of
the Bank's net profits, share holders shall receive
a dividend of 5'd (five per cent) on their capital
stock. -

5
.

P,eserve Fund:

Invest lent of
Reserve Fund
and
S:pecial Pension
and
Invalidity Fund.

From the remainder:
40;) (forty per cent) shall r'o to the United States
government.
44) (forty -oer cent) shall -o to the share holders,
as an extra dividend on their capital stock.
20yJ (twenty per cent) shall be appropriated toward
the foundation of a special "Pension and Invalidity
Fund" for the Bank's Officers and employees.
So soon and so long as said fund shall have
reached 25;) (twenty-five per cent) of the Bank's
caPital, - the 10c0 (ten per cent) of the Banl:'s
net profits, above referred to, shall be equally
divided between the United States Government emd
the share holders.
The Board of Governors shall invest both
these funds in Government Bonds and other
first TiPte securities, of easy sale; (shares
the 2hoice
of whatever nature excluded);
of such investment to be submitted for approval
to both the Secretary of the Treasury and the
Comptroller of the Currency.
Amsterdam, Novbr. 5th,1907.
(s) Max Teixeira de Mottos.

Max Teixeira de !:attos.




Amsterdam,
Keizersgracht 482,
Novr. 12-th, 1907.

Honorable
Geo. B. Cortelyou
Secretary of the Treasury
7as:'inirton, D. C.,
U
A
.
Dear Sir:In prrouace of my respects of this day,
I lake free to offer a few additional explanations.
It :lay strike your attention that I have not
referred to "Dcroosits".
The idea which prompted me in not mentioning
them under the Bank's operations, is, that they
belong to the legitimate business conducted 17
!anies,
National Banks, State Banks, and Trust Co"
all of which I should wish to see as share holders
From the moment they see
In the projected Bank.
that the Bank is not coveting deposits, that, far
from trespassing upon this domain of theirs, the
Bank keeps aloof, at the same time offering them
facilities for "Rediscounting", they will consider
the Bank as a helpful Institution, and not as a
competitor.
Besides, since the Bank should, from the first
day of its existence, be a Standard Institution for
solidity and soundness, a Flory to the Government
and the people of the United P.tateo of America,
it will Day to show the world at large, that the
Bank does not look for a "safety belt" in the
share of Cash deposits subject to checks; a safety
belt which too often, even very recently, has proven
swimmer to rely more on
danrerous, as it causes
the belt's support, than on his own strength and
skill.
at Mr. Ludwig BomTal-inL into consideration
berger wrote as to that part of the bank notes issued, which always remains in circulation, - the
correctness of which argument has been proven by
an experience of many decades, - the fact of the
Bank's not accepting cash deposits subject to
checks, obviates the danger of a run on the Bank..
Whether the Lank shall open accounts for certain
customers, and if so, at what terms; - wheth(lr the
Bank shall afford any interest on credit lalances,
.

S.

provided such balances are loft the Bank for a
certain period, - these are matters open for study
and consideration.
I have not mentioned "safe-keeping", etc.,
under the scope of the Bank's projected opera-uionf:,
with a view to prevent the Trust Companies' obtain
in the wrong impression that the projected Bank
intended to compete with them, along, this, or any
other of their special lines.
Among the facilities which the Nederlandsche
Bank, - the charter of which I have given special
attention, - offers to Trade and Industry in the
Netherlands, I still find: "Discounting of drawn
bonds, etc.": even foreign bonds, - provided they
are payable in the Netherlands, and redeemable
within three months;
of course, under full
responsibility of the party who offers them for
discount.
The prohibited operations, indicated by me,
are those which the charter of the Nederlandsche
Bank emphatically excludes from said Bank's operations.
Ther'e is one more salient point which I wish
to call your attention to; - the Nederlandsche
Bank's charter allows said Bank to purchase and
sell bills payable in foreign countries, rrovided
they bear at least two .00d endorsements, and do
not run for a longer period than customary in
trade; - the aggregate amount invested in such
paper, (foreign-exchange), shall never for longer
than a fortnight consecutively, exceed the availatie balance of metal, - (i.e. that balance which
remains, after the metal required as leFT,1 coverture
for the Bank notes in circulation, viz: 4O. of their
face value, - shall hav been set apart in the
Bank's vaults).
The reason which prompted me to suggest the
"inauguration" and "endowment" of a special
"Pension and Invalidity Fund" is, that all the
members of the Bank's staff, who are to devote
themselves entirely and exclusively to the Bank's
service, shall be enabled to do so cheerfully,
knowing that they shall be provided for, if, while
fully doing their duty, anythin::; untoward should
befall them.
I a:1,
dear Sir,
Very respectfully,
(s) MaxTeixeira de Mattos.
SYSTEnS OF STATE BANKS-ISSUE BANKS.
BANQUE NATIONALE DE BELGIQUE, BRUSSELS (founded in 1850).
frs. 50,000,000. Reserve: frs. 32,734,328. in Dec. 1907.
LEGAL COVEFTURE IN =Till,: 1
/3 (one third) of circulation; eventual2c,
/
provided royal sanction be obtained, temporarily 1 4
(one fourth).
CIRCULATION:
Al'ove frs. 275,000,000. subject to Tax. .
PERCENTAGE OF TAX:1//v,) o
_
pr half year, on the average amount of
circulation exceeding frs. 275,000,000. - This
moderate Tax Is sufficiently explained by the
fact that the State has stipulated ih the Bank's
charter, that 1 4 (one fourth) of the Bank's
/
profits, after reserve shall have been made for
a diviaend of 4, shall be appropriated to the
State.
Besides, the State is entitled to the
profit resulting from the Bank's discount rate
eventually having exceeded 3-1 2 per cent. /




7.

BANQUE de FRANCE, PARIS. (founded in 180N.
CAPITAL:
frs. 182,500,000.
UNDIVIDED
ff
PROFITS
8,0029313. ) in Dec. 1907.
H
RESERVE
34,513,194. )
The proportion of metallic coverture for the
circulation, has not been regulated by law, but the
CIRCULATION is limited to frs. 5_1000,C00,000. On Dee. 5th, 1907, the outstanding notes and
liabilities "on demand" aggregated about
frs. 5,696,000,000, cash and bullion aggregated
about frs. 3,622,500,000, showing a metallic coverture of about 63,60; apart fron about frs.81,800,000.
foreign bills in portfolio.
REICHS BANK, BERLIN. (founded in 1876.)
CAPITAL:
M.180,000,000.
RESERVE:
H. 65,378,823.
in Dec. 1907.
LEGAL COVERTURE IN METAL:
/7
11') (one third) of circulation. Circulation above M. 450,000,000 subject to tax.
Percentage of Tax: 50 (So called:
"Indirecte Contingentirun"). NEDERLANDSCHE BANK, AMSTERDAM. (founded in 1814).
CAPITAL: F. 2o,000
j000. RESERVE: F. 5,128,312 in December 1907.
LEGAL COVERTURE in metal: 25 (two-fifths) of the
Bank'saggregate liabilitias
"on demand"; 1.a. notes in
circulation, balance due,etc.:
BANK OF ENGLAND, London: (founded in 1694).
CAPITAL:
L 14,553,000.
Rest:
Undivided profits L 3,237,640. - in Dec.1907
The Isaue Department may issue against Gold the
full face value of notes, an unlimited amount.
Uncovered by metal, actually, to the extent of
L 18,450,000, but merely.through the Bankin7 Department, which latter has deposited with the Issue
Department, Government Securities (Government Debt)
ag:Icregatin: L 11,015,100. and the
balance, viz:L 7,434,900. in other securities.
(So called: "Directe Contingentirungl. In former years, the Bank of En2;land had the power
to issue notes upon Silver Bullion to the extent
of 1 5 (one-fifth) of its ,letallic reserve,
/
but,
though it has been proposed to Iral:e use of this
privilege, Gold remains the only accepted metal.
From the followinr2 state.1(Int it appears that
on Dec. 4th, 1907, the a-::regate amount of the Bank
of England's liabilities "on demand", viz:
L 49,844,422. was covered by
L 21,909,190. 1. e. for about 44,).
ISSUE DEPARTMENT.
Notes Issued:




L 49,938,230. -

Govt. Eobt,
Other securities,
Gold coin and
bullion,

L 49,938.230. -

L 11,015,100.
7,434.900.
L 18,450,000.
31,48,230.
L 4a,93,230. -

# 8.

BANKING DEPARTM_P,NT.
Proprietors' Capital L 14,43,000. Rest:
3,237,640. Public Deposits,
5,549,216. Other
44,295,206. 7 Days & other bills,
51,778. -

Govt. Securities L 14,332,136.
Other
31,445.514.
Notes,
20,638,635.
Gold and silver
coin,
1,270,555.

L 67,636,840. -

L 67,636,840.




Amsterdam, Dec. 1907,
New Orleans, Apr.1909.
L7

/yo9.

I. 1
Financial Questions—Money Jup;gling.
I am in quest of Rome editor, some cont;rossman, or some
other welltmforMed person, who will candidly ard publicly answer the
ouestions
following; especially such questions as are not answered_
by the 01103t ions or by the questioner:
let—Who owns the millions of gold whieh the Secretaries of
the United. States Treasury are in the habit of depositing
in their favorite
rational banks—to alc the bankerl in their gambling
and oth6r schemes?
As a case In point, 1,1.J 4225,000,000 thus deposi
ted at the boQ:inning
of the late financial panic?
2nd--Is not practically all of this gold a part
of that deposited in
the U. S. Treasury for which currency certificates
have been issued to
the de„,ositors, certificates which, by the depositors,
have been put
Into circuition in place of the gold?
3rd—II this crold 18 a part of that for which certificates
have been
issued. does it not belong solely to the holciers of the certif
icates?
Belonging to the holders of the certificates, then what right
have those
tscretaries to place it at the disposal of bankers, that they may
uut
into circulation money which not only is aireacy in circul
ation through
the certificates, bIlt which belongs neither to the bankers
nor to the
Government?
And was not the law for Ruch depositing of the gold enacted mainly for the purpose of saving the wear that would
result from
keeping: it in circulation?
It is a pertinent ouestion that should be
solved for the benefit of the public—whore the secretarins
get their
right to make any use of this gold, sxoeuting to pay it
out--when called for-- in exchange for the certificates.
4th—AssumAng that this gold IA really the Government's own money,
then the 4223;000,000 late!', deposited with the bankers, alonf7
with the
slim of :,$100,000,000 kept in the Treasury for the
re6emption of greenbacks (Treasury notes) makes 0325,000,000 of gold owned by
the Government.
07ning all this surplus, together with all the other hundreds
of millions which our President—at the beginning of the panic—
claimed
that the Government owned and had in its treasury vaults,
then why is
it that the Government so froouontly fInds
it necesmary to borrow mon-ey?
5th--If the Government is able to stand behind the hundred
of millions of Currency which it has issued to the bankers of the
country, arid
U' there is nothing wrong in depreciating the dollars—in lessen
ing
their purchasing power—by such Inflation of the currency, then
why is
it that the Goverrmert, when in need of money, cannot issue and
stand
behind Its own Tlre'mbacks?
As the bankers are but a small part of the
country (so far as numbers go, at least), how could it be more wrongf
ul
to the country to Inflate and cheapen the money by issuing greenb
acks,
than it is by issuing the currency to the national banks?
.6th—To !lay nothing about redeeming the millions of rag money which
the inflationists now talk of issuing, where 18 the specie for the
recemption of that which has alreatty been issuod?—especialiy if the endless chair racket should be set in motion, not oniy tor the redemp
tion
or the greenbacks, but also for the redemption of the national-bank
currency?
7th--What if there should be an awakening of the victims of cheap
money—of those who fail to receive a sufficient number of the present
cheaper dollars to eoual in uurchasing power the moro valuable dollars
they rec;eived prior to the late crazy inflation?
What 11 these victims were to wa.''e up and refuse point biarik to accept anything but coin
money, greenbacks, and gold and silver certificates?—thus compelling
a contraction of currency by driving out of circulation tee rag money
of the national banks, and thus giving the remaining dollars a ;7:reatf3
r
and more rightful purchasing power?
8th--What kind of rot must the chumps ho Atufild. with, who think
they are getting "prosperity"--and more of
receiving for their
goods, or their labor, a little more of the present inflated money
than
they formerly received of the morel, less inflated?
And the chumps who
are receiving for their goods. or their labor, no more money
than formorly--how much rot must they be stuffed with not to see what
is up
against them?
[,:ontinued on pa.yi 2]




UNITED STATES CURRENCY REVISION.
By
Marshall R. Goding.




The National Currency Bureau receipt above mentioned should
stiulate that its amount would be paid to the Secretary of the Treasury
in Gold Certificates, Silver Certificates, Unitud States Notes, and
Treasury Notes of 1890, in sums of $10.000 or its multiples, as fast as
said kinds of money were received into the Bureau through its redemption
and exchanging operations or otherwise; and the Secretary should tnen
cause them to be canceled and destroyed in the usual manner. In this way
no inflation of the currency would result in thus establishing the Redemption Fund.



U. S. C. R., No. 2.
The management of this Bureau charged with thus relieving the
Government of its banking responsibilities, would be almost entirely executive of the law controlling the operations of that Bureau, and therefore not liable to excite the antagonisms and jealosies of other banking
interests, any more than does the present Comptroller of the Currency's
Bureau.

The National Currency Bureau should be managed by a Board of

Directors consisting of seven men, elected, one from each of the seven
largest reserve cities of the country, by the national banks of those
reserve cities; thus ensuring the assistance of the best financial ability
of those national banks which are most vitally interested in the uniformity, stability and goodness of all United States money. This asLiztance
of these banks would be freely rendered, because of their pecuniary interests and furthermore because they would not be required to assume any
direct financial responsibilities in the matter.
REDEMPTION FUND.
Of the two functions of the National Currency Bureau, above
mentioned, the first to require attention should be the establishment of
a Redemption Fund, and provisions made for its maintainance and operation,
in order to insure the equal exchangeable value of all United States money.
The first step would be to instruct the Secretary of the Treasury to deliver to the Bureau all gold coin, gold bullion and United States silver
dollars and silver bullion; and all other money, excepting minor coins,
in the Treasury, and receive therefor a receipt of the National Currency
Bureau, which should include in its amount the so-called gold reserve
of $150.000.000, the amount of outstanding gold certificates and silver
certificates and Treasury notes of 1890, not in the United States Treasury
as part of its cash balance: and the balance of funds thus transferred
by the Secretary to the Bureau, or the amount in excess of the sum covered by said receipt should be paid to the Secretary in National Currency
notes hereinafter described.
The minimum amount of the Redemption Fund should be not less
than 35% (gold value) of outstanding redeemable liability, which liability includes United




States Notes, Treasury Notes of 1890, Silver Certif-

U. S. C. R., No. 3.
icates, national bnnk notes and minor coins; also when issued, Naticnal
Currency notes.A great assistance in maintaining this Fund would be,tc
require all national banks to keep in National Currency notes, their
lawful money reserve, which is now required to be kept in their own vaults.
This would release to the Redemption Fund all the gold and silver thus
held, and the circulating notes of tne Bureau being redeemable in gold
on demand, in most of the reserve cities of the country, would furnish
a more convenient and equally valuable form of legal tender money. The
banks would thus not only obtain a more convenient fori:i of money for
actual use, but save the loss by abrasion in handling the coin.
To provide when necessary additional gold, not otherwise obtainable, the National Currency Bureau should be authorized to issue its bonds
and borrow thereon whatever amount of gold might be required to maintain
the Redemption Fund at not less than 3b,% of outstanding money, other tnan
gold money. The bonds issued for this purpose should be sold in some foreign country, in order that additional gold in the United States should
result from such sales. As a precaution, guarding against the possibility
of the bonds sold abroad being re -sold immediately in this country, and
the object of the sale (to obtain more gold) thus be made of no avail,
it would be wise tc provide by law that, suc,

bonds should not be used

as a basis of circulation by national banks until five years after their
date of issue. This proposed restriction, regarding the use of Redemption
Fund bonds at the time of their issue, would prevent then froin having
a particular value in addition to their investment value. This additional
value belongs to all issues of United States bonds that are available to
secure circulation. It causes them to command a higher price than could
be otherwise obtained. If bonds sold abroad on an investment basis could
be sold again in this country at an advance, because of the profit possible through the taking out of circulation on them, they would undoubtedly
find their way back to the United States at once. Payment would then be
required in gold, and that would be taken from the redemption Fund stock
just obtained through the issue of those same bonds. Such_ transactions
would be useless in supplying the Redemption Fund requirements, and that




U. S. C. R., No.4.
contingency should be guarded against by the method here indicated of
disqualifying Redemption Fund bonds for circulation procuring purposes,
at the time of their issue.
In case there should ever be an excessively large Redemption
Fund, it could be reduced to reasonable proportions by autl- orizinF
!
the
National Currency Bureau to use thereof the excess of

50,

of outstanding

currency, in the purchase and cancellation of Redemption Fund bonds or
United States bonds.
1:0r. CIRCULATION.
,
A great advantage in economy of issue and redemption and
in
stability of value would be gained, if the varicus kinds of paper
money
circulating in the United States were unified by issuing in their
place
legal tender National Currency notes redeemable in gold or silver
at the
option of the holder. It is most desirable that no discrtmination
be possible in favor of any particular kind of circulating rotes 1-laving sTecia
l
qualities, like the present Gold Certificates, redeemable in gold.;
or
Silver Certificates, redeemable in silver. One form of raper money
would
most benefit the community, because no question could then arise
as to
whether or not it was as good as some other kind. The fact that
it was
redeemable on demand in gold or silver, as desired, would entitl
e it to
the highest credit possible. The National Currency notes issued
to national banks should be based on Government bonds at par and
on other legally authorized bonds at

isq%

of their market value. The Bureau should be

made the judge of the market value of bonds deposited to secure
circulation,
and in case of depreciation in tie prices of those bonds, it
should oblige
the banks owning them to reduce the amount of circulation issued
tio them,
or sell their bonds and make the required reduction wW-,_ the
proceeds.
An exclusive National Currency Note circulation would make
it
easy for national banks to retire a part or all of ttle notes
issued to
at any time, for to reason that it would simply be necess
ary to send
to the Bureau for cancellation some of the only kind
of not:)s there would
1),
.

in circulation, and the tax or charge o. them welAid thereupon
cease.




U. S. C. R., No.5.
The legal tender National Currency notes issued to national banks, instead
of the non-leeal tender notes now issued by them, would be very advantagocusi as it would furnish the banks, and through them the public, with
a form of money that could be used for all purposes.
The present national bank note is quite limited in its usefulness. It cannot be used in the payment of Clearing House balances in the
principal cities of the country, and though this restriction is a local
regulation, it is none the less effective. The liability of an issuing
bank to be called upon for the redemption of their notes at any time
limits their usefulness as a basis of credit for loans and discounts to
their customers.
The tax on circulation issued to banks should be fixed at rates
that would make the obtaining and retiring of it the effective inans of
keeping the currency outstandiag always equal to the domande oZ trade
and in proper proportion to the amount of the Redemption Fund. Thera
should be a rate low enough to encourage legitimate use, and yet high
enough to make it profitable to the banks to retire it rather than lend
money at such insignificant rates as to lead to rash speculation. If it
were made profitable to banks to take out circulation when business could
afford to pay 2.IM;(; per annum and upwards for money, merchants and others
could not complain that money was too expensive to use. On the other hand,
were it more profitable for banks to retire circulation than to lend money
at 2

per annum or less, they could be depended upon to effect a contrac-

tion of the currency in accordance with the law of demand and supply as
regards the usc of money at a fair rate of interest. In addition to such
a minimum tax, a varyile - charge to national banks Cor circulation issued
to them, in correspondance with any decided fluctuation of the proportion
of the total %mount of the Redemption Fund to redeemable currenc: outstanding, would be an effectual method of preventing that Fund from being reduced below a safe limit. This is practically the means employed by t'e
Bank of England lirrlen it raises its discount rate to protect its reserve.




U. S. C. R., No. 6.
The lowest charge or tax on circulation should be

cents

per day per one thousand dollars, or I.825,% per annum when the Redemption
Fund is in excess of 40% of liability; eight cents per day, or about 3%
per annum, when the Fund is between

and

40g

of liability;eleven cents

per day, or about 4,% per annum, when the Fund is between 3e and 39: of
liability; fourteen cents per day, or about a per annum, when the Fnnd
/
d
is between 375.: and 38% of liability, and seventeen cents per day, or
about

per annum, when the Fund is below 36% of liability.
With the privilege accorded banks of receiving circulation on

deposits of interest bearing bonds; with no 5

redemption fund to main-

tain or redemption of their yffn notes to make until it suits their convenie;ace; with circulation issued to them a legal tender, and with prompt
service rendered by tne Bureau in issuing and retiring that circulation,
the banks could well afford to pay the rates or charges herein specified
for such circulation. By means of a plan of this description, the pecuniary interests of the banks would be enlisted to cause a close correspondence between the volume of currency and the demand for it in business.
An emergency

provision of law could be enacted to protect tne

banks and the country from the evils of panics, and obviate the necessity for Clearing House Certificat3s, which are an inflation of the currency
without lawful authority. The National Currency Bureau could be authorized
;o issue, at times of great monetary stringency caused by panic, circulation to solvent national banks for the face value of the promissory
notes of such banks, to a total limit of

50%

of tne demand deposits owin

by the banks at the time of applying for the circulation. The issue to
any national bank of circulation under this provision of law should be
made subject to the approval of the Secretary of the Treasury and the
Comptroller of the Currency, whi3h would be a safeguard against issuing
any circulation to a bank not financially strong.
Prcmi.isory notes of banks deposited with the Bureau to secure
circulation in this manner should be made a first claim on all the

ssets

of the issuing bank, including the personal liability of shareholders.




U. S. C. R., No.7.
The intimate knowledge of the Treasury officials as to the financial condition of each bank would render it easy to prevent any loss through issuing this special emergency currency.
Banks receiving this circulation should be taxed at the rate
of 7.3": per annum on such circulation; also be prohibited from incruaeing their liabilities in any other manner above their total at the time
of applying for such circulation, and until all of their said nots had
been paid.
A law for ena-tment to revise the United States' monetary systein
as above described, would read about as follows:AN ACT.
To amend the National Bank Act and other laws relating

to National

Banks, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
See. I.

Tnere shall 'cc in the Dei.artnent of the Treasury a Bureau

charged with the execution of all laws passed by Congress relating to the
regulation of national banks; the cLle:' officer of which Bureau shall be
called the Comptroller of National Banks, and shall perfori , his deties
under the direeticr of the Secretary el' the Treasury.
Sec. 2.

The Comptroller of National Banks shall be appointed by the

President, on recommendation of the Secretary of the Treasury, by and
the advice of the Senate, and shall hold his office for t17e tern of
five years, unless sooner removed by t.(1 President, upon reasons to be
co,n,unicated by him to the Senate; and he shall be entitled to a salary
of five thousand dollars a year.
Se-. 3.

The Comptroller of National Banks shall, witl-An fifteen

days from the time of notice so;* his alTointment, take and subscribe the
oath of office; and

e shall give to the United States a bond in te

penalty of one hundred thousand dollars, with nct less than two respo/—
sible sureties, to be approved by the Secretary

the Treasury, condit-

ioned on the faithful discharge of the duties of his office.




U. S. C. R., No. 8.
Sec. 4.

There shall be in the Bureau of the Comptroller o

National

Banks, a Deputy Comptrolle/ of National Banks, to be appointed by the
who shall be entitled to a salary of two thousand five hundred
dollars a year, and who shall possess tl-e power and perform the duties
attached by law to the office of Comptroller during a vacancy in the office or during the absence or inability of the Comptroller. The Deputy
Comptroller shall alsc take the oath of office prescribed by the Constitution and laws of the United States, and shall give a like bond in the
penalty of fifty thousand dollars.
Sec. 5.

The Comptroller of National Banks shall employ, from time

to time, the necessary clerks, to be classified by the Secretary of the
Treasury, to discharge sucl, duties as the Comptroller may direct.
Sec. 6.

It shall not ha lawful for tl-e Comptroller or Deputy Comp-

troller of National Banks, eit:r.er directly or indirectly, to be interested
in any banking association organized under the laws of the United States.
Sec. 7.

The seal devised by the Comptroller of National Banks for

is office and approved by the Secretary of the Treasury, shall continue
to be the seal of office of the Comptroller, and may be renewed when necessary. A description of tl- e seal ih an impression tn.ereof, and a cerof approval
tificate ^
the Secretary of the Treasury, shall be filed in the office
of the Secretary of State.
Se. 8.

There shall be assigned fro

time to time. to the Comptrol-

ler of National Banks, by the Secretary of t..e Treasury, suitable rooms
in the Treasury building for conducting the office of the Barkini- Bureau,
containing safe and secure fire -proof vaults in which the Comptroller
shall deposit and safely keep all records and all other valuable things
belonging to his department; and the Comptroller shall from time to time
furnish the necessary furniture, stationery, fuel, lights and other proper
conveniencies for the transaction of the business of his office.
Sec. 9.

The Comptroller of National Banks, in addition to the pow—

ers conferred upon him by law for the examination of national banks, is
further autlorized, whenever he may deem it. useful, to cause examination
to be made into th condition of any bank in the District ol* Columbia
organized under Act of Congress. The Comptroller, at his discretion, may



U. S. C. R., No. 9.
repert to Congress the result of such examination. The expense necessarily incurred in any such examination shall be paid out of any appropriation
made by Congress for special bank examinations.
Sec. IC.

The Comptroller of National Banks shall make an annual re-

port to Congress at the commencement of its session, exhibiting:FIRST.A summary of the state and condition of every association from
which reports 1-ave been received the preceding year, at the several dates
to which such reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total
amount of means and resources, specifying the amount of lawful money held
by them at the times of their several returns, and such other information
in relaLion to su&2 associatiors as, in his judgment, may be useful.
SECOND. A statement of the associations whose business has been closed during, the year, with the amount of their indebtedness and dividends,
if any, paid in liquidation.
THIRD. Auy amendment to the laws relative to banking by which the
systen: may be improved, and the security of its creditors and stockholders
ilay be increased.
FOURTH. A statement exhibiting under appropriate heads, the resources and liabilities and conditions of the banks, banking companies, and
savings banks organized under t e laws of th

several States and Terri-

tories; such information to be obtained by the Comptroller from reports
made by such banks, banking companies, and savings banks to the legislatures or officers of U'e different States and Territories; and where such
reports cannot be obtained, the deficiency to be supplied from such other
authentic sources as may be available.
FIFTH. 111- names and compensation of the clerks employed by him, and
,e
the Whole amount of te expenses of the banking department during the year.
Sec. II. When the annual report of the Comptroller of National Banks
Upon the national banks and banks under State and Territorial laws is completed, or while it is in process of completion, if thereby the business
iray be sooner dispatched, the work of printing shall be colianenced, under
the superintendence of the Secretary, and the whole shall be printed and



U. S. C. R., No. IO.
ready for delivery on or before the first day of December next after the
the year to which the report relates.
Sec. 12.

The chief officer of the Bureau in the Treasury Department

charged with the execution of all laws relating to national banks shall
be hereafter called and known as the Comptroller or National Banks. The
designation "Comptroller of the Currency" as used in the "National Banx
Act" and other laws relating to national banks passed by Congress prior
to the taking effect of this Act, and the desinaton Comptroller of National Banks as used herein shall be construed to mean one and the same
official.
Sec. 13.

The national banks in the seven reserve cities havinr the

largest amount of bankinr- assets, as shown by the annual reports of the
Comptroller of National Banks, are hereby authorized and required, on or
before July 1st 1908, to oranize an association to be known as the National Currency Bureau for the purpose of establishing and maintaining a
redemption fund for the redemption and interchanging of all kinds of money
issued and outstanding, or which may be issued hreafter as legal-tender
money by autority of the United States laws, and for the purpose of issuing and redeeming circulating notes.
Sec. 14.

When the said National Currency Btlreatl 1.c

organized

by the election of a Board of Directors, as herein provided, and has received a certificate of authority from the Comptroller of National Banks
to commence the business of interchanging money and of issuing and redeeming circulatirw rotes ancordinr- to the provisions of this Title, the Bureau
shall tecome, as oi the date of the Comptroller's certificate, a body corporate, and as such, and in the name of the National Currency Bureau, it
shall have power:FIBST.
SECOND.
THIRD.
FOURTF.

To adopt and use a corporate seal.
To have succession until dissolved by Congress.
To make contracts.
To sue and be sued, complain and defend, in an:" court of

law or equity, as fully as natural
FIFTH.

persons.

To anoint, by its board of directors, a president, vice-

president, cashier, and other officers, define their duties, require bonds



U. S. C. R., No. II.
of them and fix the penalty thereof, dismiss such officers or any of then
at pleasure, and appoint others to fill their places.
SIXTH.

To prescribe, by its board of directors, by-laws, not incon-

sistent with law, regulating the manner in which its business shall be
conducted.
SEVENTH.

To exercise by its board of directors or duly authorized

officers or agents, subject to law, all such incidental powers as shall
be necessary to carry on the business of establishing and maintaining a
redemption fund, and of issuing and redeeminr- circulatinr- notes according
to the provisions of this Title.
Sec. 15.

The business of the National Currency Bureau shall be tran-

sacted at a principle office or banking-house in the city of New York, and
at branch offices or bankinr houses in eacY legally dosilated reserve
city of the United States: Provided, that where there is more than one
reserve city in a State, the Bureau is required to establish an office
only in that city in such State w'r,leh has the largest amount of banking
assets.
Sec. 16.

The Bureau may purchase, hold and convey only such real

estate as shall be necessary for its immediate accommodation in the transaction of its business.
Sec. 17.

In all elections of directors of the National Currency Bureau,

each national bank, in the seven reserve cities having the largest amount
of national banking assets, as shown by the Comptroller of National Bank's
last annual report, shall be entitled to one vote for one director to re resent the particular reserve city in which the voting bank is located.
Each national bank in said cities shall vote by proxy duly authorized in
writing.
Sec. 18.

The affairs of the Bureau shall be managed b7 seven dirntors

who mhall be elected, one from each

of th

seven cities hereinbeore spe--

ified, by the national banks, at a meetinF7 therein to be held at any time
before the Bureau is authorized by the Comptroller of National Banks to
comence business; and afterward at meetings to be held the second Tuesday
in January in each year. The tern of office of the directors elected at
the first Jaruary election shall be as follows:- the directors elected



U. S. C. R., No. 12.
from the three largest reserve cities shall }Told office for three years;
the directors from the two next largest reserve cities shall hold office
for two years, and the remaining two directors shall hold office for one
year. Thereafter all directors shall be elected and hold office for three
years, and until their successors are elected and have qualified.
Sec. 19.

Every director must, during his whole tenm of service,

be a citizen of the United States, and be a resident of the city whrein
the banks electing him are located. Every Bureau Director must be a director of some national banking association in the city fror which elected.
Any Bureau Director who ceases to be a resident of the city wherein elected, or who becomes in any other manner disqualified, shall thereby vacate
his place.
Ssc.20.

Each director when elected, shall take an oath that he will,

so far as the dut:, devolves on him, dillir7ently and honestly administer
the affairs of te Bureau, and will not knowingly violate or willirv7ly
permit to be violated, any of the provisions of this Title, and that he
is a resident of the city wherein elected and a director of a national
banking association therein. Such oath, subscribed by the director makirrit, and certified by the officer before whom it is taken, shall be immediately transmitted to the Comptroller of National Banks, and shah

be

filed and preserved in his office.
Sec. 21.

Any vacancy in te board shall be filled by an election

by the banks whose representative has vacated his place, and any director
thus elected BLEU) hold his office for the unexpired term of the former
Incumbent.
Sec. 22.

One of the directors,to be chosen by the board, shall be

the president of the board.
Sec. 23.

To provide means witL which to erect suitable buildings

wherein the business oi the Bureau may be properly conducted, said Toirau
is hereby authorized to issue its capital stock froll, time to time to an
.
amount not exceeding, five million dollars, and to use the proceeds of such
stock solely for the purpose of purchasing land and erectinr thereon
buildings to be used by the Bureau exclusively for its offices or banking
houses, and for 1:rclierly equipping said offices as required i'or te trans-




U. S. C. R., No. 13.
action of its business.
Sec. 24.

The capital stock shall be divided into shares of one thou-

sand dollars each, and shall be offered for sale by subscription, at not
less than par, under such regulations as the directors of the Bureau may
prescribe. The shares shall be entitled to dividends semi-annually, at
tIe rate of six per centum per annum from the income of the Bureau, and
t'Le ahhres shall be free fron all taxes w}latsoever; but the real estate
represented by such shares, shall be subject to local taxation the same
as other real estate in the city wherein it is located.
Sec. 25.

The redemption fund herein authorized and required to be

established by the National Currency Bureau, shall consist of not les:J
than thirty-five per contum in 7old coin and bullion and United States
silver dollars, all at their market value, of the face value of all law—
fully issued money outstanding, which was issued by authority of United
States laws, and which is of less intrinsic or market value than United
States gold coin. Of the said thirty-five per centum, not less than twothirds shall consist of gold coin and gold bullion.
Sec. 26.

When the Comptroller of National Banks issues his certif-

icate to the National Currency Bureau authorizing it to commence business,
he shall, at tJ.e. same time, send a duplicate thereof to the Secretary of
.
the Treasury, who shall forthwith, deliver to said Bureau all the

old

coin, gold bullion and United States silver dollars and silvel. bullion,
and all °trier monies, excepting minor coins, in the Treasury, and receive
therefor a receipt of the National Currency Bureau whien shall include
in its amount the so-called roli reserve cf $150.000.000, the amount of
outstanding gold certificates and silver certificates and Treasury rotes
of 1890, not in the United States Treasury as part of its cash balance:
and the balance of the funds thus transferred by the Secretary to the
Bureau, or the amount in excess of te sum covered by the receipt above
mentioned, shall be paid to the Secretary in National Currency notes
hereinafter provided.
Se. 29.

The Secrtary o

the Treasury is hereby authorized and

directed to exchange at the National Currency Bureau, or at any Oi its
branci

offices, all the existini: forms of ,
:,oneu, (exclusive of minor coills)




U. S. C. R., No. 14.
now lawfully iesued in the United States, which. are now in, cr may be
hereafter received into the Treasury, for National Culience notes, in
sums of $10.000, or multiples thereof. And thereafter the National
Currency Bureau shall on demand:FIRST. Pay out United States gold or silver coin in exchange for
any form of money now lawfully existing by authority of United States
laws. The persons presenting, such money fol exchange shall have t're
'
.
privilege of electing whicn kind oiT coin they shall receive.
money
SECOND. Issue National Currency notes for any kind of lawfully ieeued
in the United States, when and after this Act shall take effect.
THIRD. Redeem National Currency notes, at the option of the holder
thereof, in United States gold coin or In United States silver coin.
Sec. 30.

The Comptroller of National Banks is hereby authorized and

directed, immediately after issuing to the National Currency Bureau the
certificate authorizinr , the commencement of business, to assirm in trust
,
to said Bureau, all United States Bonds pledged by national banks as security for theii circulating notes. And the United States Treasurer is
hereby authorized and directed to deliver sue bonds to the said Bureau.
'
,
The Treasurer shall be given by the Bure'al.i, a receipt for said bonds in
the sulrl of the amount of otstandinc national hank notes secured b

same.

Tne receipt shall stipulate that the amount thereof shall be paid to the
Treasurer in national bank notes, in sums of $10.000 or multiples thei-,of,
as fast as said aotas are received by tie Bureau i

ally of its transaeticYns

and notes thus paid to tie Treasurer snail thereupon be ettaluvied and destroyed in ti:e usual If:antler. And thereafter tne National Currency Bureau
shalt redeem all outstanding national 'eanx notes on demand. in United
States loal-tender coin or National Currency notes as the hold'er of said
bank notes may elect.
Sec. 31.

The Treasurer of t:Ae United States is hereby authorized

and directed to transfer
by him, whIc

c tile National Currency Bureau all funds hold

have been depcsit!ll by natiolal banks for the retirement

oi lilt or any part of their circulating notes, and t}-erea:ter suc. notes
shall be redeemed by the said Bureau in te saue l!LarIrt3r- as herein provided
"or the redemption of otne - outstandin:- national hank notes. The Trasuner




tag`i

U. S. C. R., No. 15.
shall take A receipt for the funds thus tranuferrud similar in form and
terms to that taken to cover the transfer of United States bonds see'e.rieg
national bank notes.
Sec. 32.

In order to furnish suitable notes for circulation, the

National Currel:ey Bureau shall cause plates and dies to be engraved, in
the best manner to guard against counterfeiting and fraudulent alter ation, and shall lave printed therefrom and numbered, sucl

quantity of

circulating notes of te denominations of one dollar, two dollars, five
dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars,
five hundred dollars, one thousand dollars, five thousand dollars , and
tan thousand dollars, ae may be required to buppli

aeand for same.

such notes shall express on their face that they ar-3 secured by United
States or other legally authorized bonds and legal-tender eloney held on
deposit to ensure the payment of same, and shall also express on their
face the promise of , ie National Currency Bureau to pay on demand in
United States gold or silver coins at the option of the holder thereof;
attested by the wrien or engraved signatures of the President, or Vice President and Cashier , and by te imprint of the seal of said Bureau;
and shall bear sue} ote.er devices and such oter statements, and shall
be in such form as t2le Directors of said Bureau shall, by regulation,
direct. The notes thus issued shall be a leeal-tender in payment of all
debts public and private, so long as they shall be currently redeemed
in United States gold or silver coins as herein provided.
Sec. 33.

Upon a deposit of Unit-3d States interest -bearing bonds

or any other legally authorized bonds, by any natioftal banking association
wit. the National Currency Bureau, the association clakinc; the same sall
be entitled to receive fro,e‘ said Bureau, its cireulatng: notes of such
authorized denominations as they may desire, registered and countersigned
as heroin provided, equal in amount to tne par value of the United States
bonds, and to eigty per centum of the current market value of other authorized bonds, so transferred and delivered.
Sea. 34.

All transfers of bonds made by an: association under tile

provisions of this Title, shall be made to the National Currency Bureau
ih trust for the association
%ethe

akIng t;.0 deposit. A receipt shall, be given

ssoliation by t.e Bureau, statin:- t'at the bonds are held in trust




U. S. C. R., No. 16.
for th., association on whose behal

tle transfer is made, and as security

for the redemption and payment of any circulating notes that have been,
or may be, delivered to such association. No assignment, or transfer, Jf
any such bonds shall be deemed valid unless countersigned by the Comptroller of National Banks.
Sec. 35.

The Comptroller of National Banks shall keep ir his office

a book in which he shall cause to be entered immediately upon countersigning

assig-rtment and transfer by the Bureau of any bonds belonging

to a national banking association presented for his signature. He shall
state in such entry the name of the association from whose account the
transfer is made, the name of to party to - tom it is made, and the par
/
value of t.e, bonds transferred.
Sec. 36.

The Comptroller of National Banks shall immediately upon

countersigning; and entering any transfer or assifrraent by tl'e Bureau, of
advise by mail the
any bonds belonTilv to a national 'oankin: association,Traln whose assoeiation
account
the transfer is made, of the kind and numerical designation of tile bonds,
and t':e amount tereof transferred.
,
See. 37.
Currene

Every asscciation havu- bonds deposited in the National

Bureau shall, once or oftener in eare

fiscal year, examine

tnd

compare the bonds pledged by te association vrit;1 the books of the Bureau
and the accounts of the association, and if they are found correct, to
execute to the Bureau. a certificate setting forth the different kinds
and t.Le amoltnts thereof, and that the same are in the possession and custody of the Bureau at the date of t*e certificate. Such examination shall
be made at such time or times, during te ordinary business hours, as the
Bureau and the association may select, and may be made by an officer or
agent of such association, duly appointed in writing for the purpose;
and iis certificate before mentioned shall be of like force and validity
as if executed by t.e president or cashier. A duplicate of suo.n certificate, signed by the Bureau, shall be retained by the association.
Sec. 38.

The bonds transferred to and deposited with the Bureau by

any association, for the security of circulating notes delivered to it,
shall be hold exclusively for that purpose, until suc

notes are
suc
except as provided in this Title. The Bureau shall give to any association



U. S. C. R., No. 17.
powers of attorney to receive and appropriate to its awn use the interest
on the bonds which it has so transferred to the Bureau; but such powers
shall be revoked whenever suc

association fails to comply with any of the

provisions of this Title. Whenever, in the opinion of the Bureau, the
market or casIs value of any bonds thus deposited, is reduced below hie
amount required as security for the circulation issued on account of te
same, the Bureau may demand and receive the amount of such depreciation
in other authorized bonds at cash value, or in money, from the association,
to be deposited with the Bureau as long as such depreciation continues. And
the Bureau shall permit an exchange to be made of any bonds Imends by any
association, for other bonds authorized to be received as security for
circulating notes; and said Bureau shall return the bonds to the association which transferred the same, in sums of not less than one thousand
dollars, upon the surrender to it of a proportionate amount of circulatilv
notes, which shall then be canceled: Provided, That the remaining bonds
which shall have been transferred by the association offering to surrender
ciroulatinT notes, are equal to ti,e amount required for the circulating
notes not surrendered by such association, and that there has been no
violation by tile association of any of the provisions of this Title. Upon
the failure of any association to make rrepod any depreciation in the marot

cash value of bonds deposited, with additional bonds or cash as

herein provided, the Bureau shall sell at public auction, having eiven
twenty days' notice thereof in one daily newspaper printed in ta place
where the sale is to take place, and one printed in New York City, an
amount of the bonds deposited by that association as secirity for circulation, equal to the circulation required to be witIldrawn from the association and not returned in compliance wit: such demand; and it shall
with the proceeds redeem and caneal so many notes as will equal the the
amount required and not returned; and shall pay the balance, if any, tc
the association.
Sec. 39.

The National Currency Bureau is hereby aut, crized and em-

powered to charre and collect semi-annually from all naticnal banks obtaining circulation from it as herein provided, at the rate of five cents
per day per one thousand dollars or suc




circulation, from the time :he

U. S. C. R., No. 18.
circulation is issued by said Bureau until it is surrendered
thereto,
redemption fund Is in excess r: f fort
,

per centum of redeemable

currency liability; at the rate of eight cents per day per one thousa
nd
dollars when the redemption fund is in excess of tYirty-nine
per centum
and not exceeding fort' per centum of such liability; at the rate
of
eleven cents per day per one thousani dollars when the redemption
fund
is in excess of thirty-eiFrht per centum and not exceeding
thirty-nine
per centui:1 of suc

liability; at the rate of fourteen cents per day per

enu thousand dollars when the rademptiorl fund is in excess of
thirtyseven per centum and not exceeding thirty-eight per centum of
such liability, and at the rata of seventen cents per day per one thousa
nd dollars when the redemption fund is not in excess of thirty-seven
per centum
of suell liability.
Sec. 40.

The Bureau shall cause to be posted in a conspicuolAs place

in its principal office, and in every branch office, on every
Thursday
morning (or on the next succeeding business day, if such Thursday
be a
legal holiday) for the information of t,Le public, a statem
ent of the
financial condition of the Bureau at tlie commencement of that
day, showinc among itc liabilities the total amount of its notes outstanding; the
total %mount of its outstanding Redeyiption RInd bonds (if
any), and the
balance of its income account. Also FO owing among its assets
,
th2 total
amount of its holdings of gold coin; gold bullicn ; silver
dollars; silver
bullion (Treasury not -.)s value); United States notes;
United States Treasury
notes of 1890, and United States bonds at par and other
bonds at eighty
per centum of market or cash value. The statement shall
also Tive the
percentage of the redemption fund to outstanding redeem
able currency
liability, and the chargeable rate on circulation issued
to national banks
for the ensuing week, which rate shall be determined
by the redemption
fund percentage published therewith as herein
provided.
Sec. 41.

Hereafter no person, firn, association or corporation shall

issue post -notes or any other notes to circulate as
money, other than such
as are herein authorized to be issued "b7 the National
Currency Bureau.
Sec. 42.

All national banks shall keep in National Curren
cy notes

exclusively, that part of their lawful money reserve
!low reT.Iires shall be kept in t_etr own valzi'7,s.



WLI21
'

existinr law

U. S. C. R., No. 19.
Sec. 43.

The income of the National Currency Bureaul received from

national banks on account of circulation issued to them as herein provided,
shall be used in paying the reasonable and necessary expenses of operating
the Bureau, including ULe cost of issuing and redeeming its notes; issuing
its redemption fund bonds and payinr te interest thereon, and paying the
dividends on the capital stock of said Bureau. Any balance of income remaining after making sue, payments shall be paid to the Treasurer of the
:
United States in United states notes or Treasury notes of 1890, who shall
thereupon cancel and destroy the same in

usual manner; and in case

no such notes are available , then said balance shall be covered into t e
United States Treasury.
Sec. 44.

The National Currency Bureau is authorized to issue,subject

to the approval of the Secretary of the Treasury and the Comptroller of
National Banks, National Currency notes to solvent national banks for the
face value of the promissory notes of said national banks, upon the delivery of such promissory notes to the Bureau in sums of one thousand
dollars or its multiples. And said promissory notes shall be made payable
on demand to the order of the Bureau, wit

interest payable semi-anually

at the rate of seven and three -tenths per eentum per annum. The promissory
notes of said national banks thus issued ;Mall not at any time exceed in
their total amount, fifty per centum of deposits payable on demand, due
from the bank issuing they. National banks issuinj- tneir notes as herein
provided are hereby prohibited from increasing teir lial;ilities in any
other manner above their amount at the time of first issuinc said notes,
and during the time any of such notes remr.in unpaid. The promissory notes
of national banks given to the Bureau to secure National Currency notes as
herein provided shall be a first claim on all the assets of the banks
issuing them, including the personal liability of stockholders of said
banks.
Sec. 45.

The directors of the National Currency Bureau shall be

entitled to a salary of five thousand dollars a year each, from te income

of the Bureau, and no more. ri":.e chief executive officer, to be appoint-

ed by the directors, shaLl receive a salary of ten thousand dollars a
year, and he shall be required to rive to



Y e Bureau a satisfactory bond

U. S. C. R., No. 20.
in the penalty of not less t:lan One hundred thousand dollars, conditioned
on

the faithful discharge of the duties of Li

office. All other ofri-

:erz, clerks and employees of the Bureau shall receive such coJapensation
for services and 7ive such bonds for faithful performance of duties as
te directors shall by regulation direct. The names and compensation or
all persons employed by the Bureau, and the whole amount of expenses of
the Bureau shall be reported to the Comptroller of National Banks each
year, and by him included in his annual report to Congress.
sec. 46.

The Comptroller of National Banks, in addition to the

powers conferred upcn him by law for te examinaticn of national banks,
is furtlier authorized, at least twice i

each year, to cause examination

to be made into the condition of the National Currency Bureau. The Couptroller shall include in his annual report to Congress the results of
such examinations. The expenses necessarily incurred in any such examination shall be paid by the Bureau from its Income.
Sec. 47.

The Secretary of the Treasury is hereby autorized and di-

rected to assi7,n to the National Currency Bureau suitable rooms in the
Treasury and assistant Treasury buildings, for conducting the business
of this Bureau durin7 such time as may be necessary for t'e providing, of
offices or bankinr houses of its own as herein authorized.
Sec. 48.

All laws or parts of laws in conflict with the above are

hereby repealed.




.0

Within the past five years United States capital purchased
foreign bonds from England (Boer Tar), Japan ri.nd Russia.

Capital

invested outside of the United States remains out until maturement
of the obligation.
The U. S. Treasury has upon deposit with National Banks
ag9rox1mate1y .1400,000,000.0, all of which is without interest.
The Nation at present has a per capita circulation for
every man, woman and child about #37.U.

This has about doubled in

the past twenty years.
Cheap money creates low interest rates, and inflated
values to the principal.

Abnormal low interest prompted the pur—

chase of bonds from ingland, Russia and Japan, and created a prin—
cipal value to securities upon a 4% basis, which formerly ranged
nearer a C)77 basis.

Dividends have been increased upon the basis

of yeers of excessive prosperity.

Conservative investors feel they

are not possible to a continuous pv-Antenance.
In dividend., added upon
of the principal.

Each increase of 1%

/
4c27 value, 25 points to the supposed value

In a readlustment from a 4(1) to a 0 basis, this

excessive increase in dividend is discounted upon the basis of
uncertainty of its continuance.
The withdcawal of less than one hundred millions of gold
from all Europe has created with them an unusual financial condi—
tion, and has forced a large increase in their interest rates.
It would seem as if 433.00 per capita in circulation
should be ample for average requirements.
We complain of the lack of elasticity to our currency.
Why not make the three hundred millions of government surplus and
deposits the basis of expansion and contraction by fixing a graded
scale for its deposit charge, with the National Banks.



- 2 -

Say for the ftrst $75,00- ,000 loaned the National Banks,
an intPrest charge of

2d
it.

The second $75,000,000, charge
•

third

tt

fourth 050,000,000,

•

fifth

3c14

$50,000,000,

4;c1
2
U

5;10

$50,000,000,

In cas, the Treasury from any cause fails to have the
-=
4300,000,000 in its surplus, authorize the U. 3. Treasury to make
up any deficiency of the issue of denand notes without interest uvon
part of U.

Government.

These high rat-=s in normal times nay appear excessive.
They are not based in calcul74tion for normal conditions.

They are

for abnormal conditions and the rates are so scaled to induce liquidation at an early period.
No officer or director of a National Bank should be eligible for a similar position in any loan or trust company, savings
bank or as a private banker.
National banks shold he considered as commercial bankrs.
They operate with the daily balances of the oonvnercisl and manufacturing world.

To merit confidence their loans should be based

upon commercial revolution, which ranges from one month to four
months.

The usual tPrms of commercial credits average 60 days, or

six revolutions per year.
No charter should be granted a National Bank unless they
take out a National Bank circulation.

This circulation should be

established at a minimum, also a Mixt= basis..

No N tional Rank
,

should be exempt from this obligation.
The National Banks and loan and trust companies should be
managed by entirely different inter Ists.
,

The Nntional Banks should

conduct their busine88 to merit the confiden
ce of the commercial



und manufacturing world, !3o that they continuously '!,64

on deposit

their daily balances wtth them.
he loan and trust com.anies should be classed as underwriters of investment securities for the purpose of supplying the
wants of people who have s-rlqus in 'ones.
time investmnts.

This class w Int long

They tire cash buyers.

People who deposit their money with lon

trust com-

panies and savings banks know the character of their investment
holdings, f,nd as these ,2epcsitors receive interest upon their deposits and daily balances, no harm arise; to this class when a financial emergency arises foc the loan and trust companies and saings
banks to lyrotect themselves and their credits by de*TIniing two or
even four months notice for payment.
The money in the 7Jational Ranks belonzs to the comer1l

nd manufacturing world.

Any change in their daily ci:stoms

reects upon all gomqerci.al and manufacturing organizations.
in turn reets upon labor emrloyed by them.

This

The suspension of

this l'lbor destroys its earning and purchasing power.

This follows

to the farmer and all transportation companies.
This separation of the savings .nd loan anci trust companies from the Natior.n1 73an"-;.s enables all other relief to be concentrated tw,cirds the 7!ation!',1 Panket, whose deposits are the financial bone and sinew of the great public.
With :30,,,,00,0

of o':rrrrcy placed upon an elastic

basis, cogestive p riods should be less in number.

In the sc.C1.e

of charges fc:r the elastic currency a time not excedding six months
should be stated for the use of all money loaned at 45 and unJer,
and if used beyond four to six months this rate should be :ide at
rate of e for all time in excess of fpur to six months, a', decided
best.




4

Charging interest upon Government deposits at 2, 3, 4, 5
and 6% takes out of circlilation what some people class as a sod—
den mass of GoVernment bond secured notes, when they are not worth
to the public the established interest rates.
All bonds issaed by the U. S. Government are payable in
gold coin.

As the foundation for National Bank circulation is

Government bonds, which are redeemable in sold coin aryl the in—
terest payable in p*old coin, what better guarantee can there be
than the above back of this circulation ?

The U. S. Government

gurantees the redemption of every )iational Bank note -- surely
you cannot improve upon this.
The argument has been ride, the Government has to keep a
thousand ) ilTion of bonds out to secure this circulation, and the
-l
interest upon these bonds is 2% per year.
upon above equals 420,000,000 yearly.
keep idle the proceeds fro

The interest charges

The Government does not

this bond sale.

The money has been

used in various ways for public improvements, leavng the liquida—
tion for a future generation to pay who may realize upon the ben—
efits of expenditures such as the Panama Canal, Harbor, River and
Fortification constructions.

Suppose the money was in the Treas—

ury and idle and we were out $20,000,000 yearly interest.

This

for ninety millions of !.
,eople would be but 22 cents tax to each
man, woman and child.



- 5 -

millions of doll1.4rs yearly o: our paper ctrrency and never find a
counterfeit note.
All our currvncy reiAres is elisticity upon the Governnent circlilation; 1. e., the Greenback can do All this.

This els-

tic currency withlr,
tws three hundred millions Government deposits
whenever it is not worth a profit to the National BanYcl at
4, 5 and Cc') interest.

This withdrawal will enable the :ational

Banks to keep their cilpital under interest and no burdensome re ,
serves idle.
The separation of the loan and trust companies, the fl=tvings banks

nd .rlvate baners from all active interest in the

m4nagen.ent of the liation, Banks by/law debsrninp: them from any ofi1
ficial connection with Nation';11. Banks, so that each must work upon
their specialty.
The law amended so

at tonal Ranks cannot hold real es-

tate or bonds not required by law to secure circulations or

Gov-

ernment deposits in Joint excess of 50;1,, of their incorporated capitalization.

This js not intended to include surplus or any ex-

cess above inrpor,
3ted ct. fializstion.
The recomynendation for the various states t
of f4urveillance uiion

piss Ptws

1l lortn '.nd trust, savings banks, private

bankers or any one else aplyini- the phrase "flanker" attached to
his or her business or private card, also building risPociatiOns
soliciting loans, and to lo, and trust companies and savings banks
n
that they reserve the right to demand four months 4:1- 1(.T

notice

upon payment of loans in case of a genera I. financial disturbance,
hut this right only to be exeroised in case of a general financial
distrust.




SIJMEING AINANTACT.%

eparation of all joint management tn the 'ational Darks.

The elf-!st ic currency of the Government

s

IT.

ational

Bank surplus a more valuable asset.

It also gives to the National Banks'4300,000,003 of
elstic circ-Pition at 2,

4, 5 and

interest.

The removal of novernment, deposits when not vir-,rth the
Interest charges w'11 nheck irrational speculative tendencies.

The low rates fixed for

1.50,000,000 at 2 and 7

¶nterest

should provide anilde ready cash to aid during harvest !Friodp from
October to March when liquidation F:ho,-11 set in.

Would it not be a good policy to invest ye rly the interest receive4 Cron there deposits in foreign gold, thereby inresing the gold reserve:

/0(dz(Qz•geit_,
7
e ‘tAL .0t -O
-g -f"4.- 4W- lk4,

‘
j." 70

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112:26

of

f

WA)

000.1C
‘20frotLi.

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er3:;6‘zkvzl.si
6

4ait

41-14-i )44-4
14/44444




4/7-70A
o*k. /0014.0(es4gA--

4
Et
# 4 c Cat
94

.c/if

Urio- }11,ileoad Co!f!p•vny sh

Thfl.

Slation 1.

pue of this at

within oni year

stem
or

*LI!' id '7ff

t

4:r/N1 R

;:r1 rl

ht.

:
or n4:::r the oet, r of its

9124;h other minol• tr,
insf-e

other points in tYir:i st ret.ts of s-tiri

tntions

,
,pc .3e r,
arroodltpon

'his asst

A.'.191P run throurh ths

,
.
not ex,:e6t15 inr t‘went: miru.+;en in

g_LtLATZ.C.a:,
4
1 At",0-44.-.L

" i

'447

lir

%TVs
4
1
/

e

p ass

h

from .an1,7 one

R..,

t.

d

.:J.low

t

1/rt9=144

•

of

ther 1)o int

ri en 4;

rt)
t

1.

prfint of 7, si-gle

'.1.ansfer t.t

6.

"

,

4
6 0

et,e—L

').:
7:tt

th

/
7,47
A..t.4 c.irs of

t% I.a et G to ;.an d rib
a/.
.11.;...t. 3h •

1

3 '.;

throughS11

t

A
not b.cs binding

proviio•ls of !ilia see ion

,
the Ili t;," of Provil e!la

Upon the Union RI iolro raei Cony
,
shall by LL vot:. of its .;ity counoil

1.14

V 11

of'11"-rt: e
th,ir

1J"'i a.:.;ept th




::110-v a

ah

:
1 !%ilro:

,
F3 -

ftwe of

an‘:eptanite

-Aid
s

—11,1 hr t./40/140th

,
tAr7;11;&A44

r
1.

oit:i 1 im t 3

1
th,
.3r,..r-i-n-e• in

,o z.tm,
r-

p

.11
.s ' 1

3,10!1, st-tion the
-

11017 Ft

1

roirt,, re

to 70 fro-r ,!iny
f••

f'requent

aso c...

'fl

s nrovision hir

ritepoqe o
, ;(4
7 r,

be

!Ind cl,rs var.-IT-1r ,.4."1".146'

t he", (%1

_in#7
'

0
t . ;01 9 r' HI' 0

.kt

S

there.:ftrr r:trd until the

sh

470

t

CA

complrtion of s'airi central st! tion the

said railroad .;orip

day of

7.4411-40#1.47

rrilroad no-Iparri anr9. the i:ity Of Provi-

!
,
bet-r.. f?n

deri.!(:-: anrl th7. t. upon

,t)

.
of Pi ovidenee

tri

.
eon(itions hritrir , ,fter let forth,rroviro
or ci suit7Ae ciPltral transi'ely. station

,s..thjt to th ,../

•
tr:t ,

pc.; in ii 5aid oi ty

shall agree with s:i.id RAlrond momp ,iny to fu7ish it free o
e..„....(454
,11.-. or-riCii,
clvek-'N'1.4?1
I,
ilsolg se suitable location for -3'hh eentral stPtion and sh: 11
,
(•,... ,
A
A
,
64,4. riC-4,A. 1L ti-uwrzt41oft-z:.fb s N i d railroad oompary to lay adeitionel tr1.(s
/
4
in such m -ryner anti in sel.-1 streets as
reessary to make

1

proper eonneo ions

with said st ,
DtionS.

or ft/re years a iter the system of free transfers toe,
7'
into efreet as . '''ores - id

thei4nion r ,ilnead compan:
,

released from all oblipstitionSto pave •Afcri_ repve
the el ty of ?rovi1n.:-! in whieh their traeks

streets is-.
l0000tpc

or may.

hereaftr he located.
Provirled fgtinTit'-ing contlined in this aet
strued to authorize the t61rl Urion Rsilroae:

Porp any

snail be

to

inere!-tse the rate of -are now charTed by said eompnny on um: of

f\J
.

A

its 1.43:a-4-14. or to rf-flere the 8nid coripany

may 1-11re incurred or to allow it to ineeese
fixed

A

tin y

obliglt ion it

the rates of !s3re

in the contracts hereto fore entered into

railrotd ,
:ompary and the trrms of Fast
, \
1N

from

betver said

Provii3ence,Censton,

17orth Providence and Johnston in a.:,:ordanoe with the Provadione
of (Thiapter 975 of the Public Laws,71114:h conteas:ts are hereby
ratified and confirmed.




ODM

SEction 2.

Tht h9reafter nnd until the

Or-lorf i:1•

f
/;fri oZul,
tfl

etrEtrred 'rci 4)11

faeo to be

G - lo n F !leo qd Co ipc1

h

g
/)

for a con-

tinuous t ianintfire(Iptorl !.idr on Ftry of its str.l.it
as no, of hereaftur
s
of

si. h1ishd jtJiin the tirni
,

cit:r or town in ' ,
,
#1.1. 1h sie;

r a'i now (
1.-3PI:Id

Ocmrnny

is authorizJd

„
4

to tr3nspoet

t fivu
A

S(Ition 3.A11 acts and parts of a.:ts irJAIn. iistrmt with
:
?6 %na
,
-rrrvnm of this at aro '1 , wtihy repe21,

Efm.A3zt7/4/4,
It
..

an6)ho in full force

an

bot'v

n thti

anal'
of

said Union R311rotld Company wht.nev.ir 3aid corptiny

;,
bc;fore Via first day of Tune A T).1896 ti, :ept in writinf

RAW.r!

T

sland

sh,til on or
the

p!.ovisions theeof,ink'? Pile s7;fid anneptanou with th,. :;(,i.;e(Aary
Cr




1/TN

k1

tr'N

ea.
-C

74404/

10.re.

Gp;-Z


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102