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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. 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. liited 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 00 573,105,056 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. $496,830,383 00 $30,527,533 00 1,161,174 00 54,574,546 00 1,186, 788 00 59,921,912 00 6,079,690 00 70,935,799 00 331, 119,247 00 9, 716,636 00 141,038,766 00 293,610,598 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 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 1,886,408 00 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 957,939 00 $49,108,359 00 Net decrease TOTALS INCREASE. $106,490 00 6,942,957 00 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 00 299,378,896 00 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. INCRSEASE. $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 Net increase Gold Certificates held in cash Silver Cut ificates held in cash. Currency Certificates held in cash 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 $50,151,006 00 *106,490 00 6,942,957 00 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 1,690,675,152 00 47,805,000 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 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 00 293,610,598 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 Net decrease DECREASE. INCR 0EASE. $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 Net increase Gold Certificates held in cash Silver Certificates held in cash Currency Certificates held in cash. 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 $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 TOTALS 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 $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 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, 755,402 299,378,896 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 $107,099,805 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, 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 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. 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 $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 00 00 00 00 00 00 00 00 00 00 00 00 00 00 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 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 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, $107,099,805 00 364, 758, 2:31 00 16,594,888 00 11,962,418 00 53,070,488 00 12,640,479 00 INCREASE. $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. 2,263,780,208 00 00 00 00 00 00 00 00 AMOUNT IN CIRCULATION MARcil 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,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 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 00 293,610,598 00 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. $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 $107,099,805 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 00 197, 216,957 00 6, 742,283 00 TOTALS 713,555,252 00 763, 706, 258 00 8,628,691 00 1,886,408 00 58, 777,911 00 1,786 00 58, 779,697 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, 00 00 00 00 00 $50,151,006 00 Net increase Gold Cert ificates held ill cash. Silver Certificates held in cash Currency Certificates held in cash INCREASE. 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 00 299,378,896 00 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 Net decrease. INCREASE. 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 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 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 $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, 799 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 • ...... 00000 194,839,041 00 1,690,675,152 00 54,440, 119 00 Net decrease IN TREASURY FEBRUARY 1,1894. 2,870,000 00 1,503,821 00 5,331, 760 00 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 Net increase Gold Certificates held in cash Silver Certificates held in cash Currency Certificates held in cash. 957,939 00 108,359 00 Comparative Statement of changes in Money and Bullion in 1894. TOTALS INCREASE. $107,029,805 364, 758,231 16,594,888 11,962,418 53,070,488 12,640,479 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 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, Unitied States 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 2,263,780,208 00 AMOUNT IN CIRCULATION MARCH 1, 1894. 00 00 00 00 00 00 00 12,640,479 00 96,830,383 54,574,546 59,921,912 70,935,729 3:31,119,247 141,038,766 293,610,528 47,805,000 194,839,041 573,105,056 00 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 TOTALS 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 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 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. $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 $107,029,805 00 364, 758,231 00 16,594,888 00 11,962,418 00 53,070,488 00 12,640,479 00 INCREASE. 1 Gold Coin Standard Silver Dollars. Subsidiary Silver Treasury Notes, Act July 11, 1 United States Notes National Bank Notes Gold Certificates held in cash Silver lien Hie:0es held in cash Currency Certificates held in cash. 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 $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 2,263, 780,208 00 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 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 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. 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 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 00 299,378,896 00 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 00 293,610,598 00 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 00 957,939 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 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 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 INCREASE. $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. GENERAL STOCK, COINED Olt 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 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 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. $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 00 293,610,598 00 5,768,298 00 47,805,000 00 j. 194,839,041 00 1,690,675,152 00 Net decrease IN TREASURY FEBRUARY 1,1894. 2,870,000 00 1,503,821 00 54,440,119 00 5,331,760 00 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 6, 742,983 00 TOTALS 713,555,252 00 763,706,258 00 8,628,691 00 rease Gold Certificates held in cash. Silver Cert ificates held in cash Currency Certificates held in cash. 957,939 00 $49,108,359 00 Comparative Statement of changes in Money and Bullion in 1894. Net i 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 _February, INCREASE. $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 Notes, and National Bank Notes, in circulation March 1, 1894. 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. 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 FEBRUARY 1, 104. IN CIRCULATION MARCH 1, 1894. $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 $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 00 293,610,598 00 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 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 INCREASE. $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 6,942,957 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 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 1,690,675,152 00 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 19,250,000 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 TOTALS IN CIRCULATION MARCH 1, 1894. DECREASE. $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 $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 1,690,675,152 00 54,440,119 00 951,939 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. $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 $107,099,805 00 - 364, 758,231 00 , 16,594,888 00 11,962,418 00 53,070,488 00 12,640,479 00 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 Gold Certificates held in cash Silver Cell iii('ales held in cash. Currency Certificates held in cash INCREASE. 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. j (j ;7 / //{, • • / • / •/ /" / -ter Zet•tr-• ec • .6 " ere re ." • (- 1:?ricieW 1 ,• A _ ,/ •••••4;:e' /,_c 7 • ity _ , e,. o -/ q 1.Y / 1_1 Ci"../ Et— / / 0 A( c- (/ /( '•-•‘ 7 e . „. e-f,t( r• 2r, / / Le , / , ? ....1?e,(e f•t• If • C( r / /.1.17 — - •,../ec r r (;," (F „ , / ; r(-1 -7 7%0 /7 ci r/ 4,7 0 77(r-,7 r / 6 r r; .1/ / ,,-,Fr.70-", /7 -ya (2.// T (7 /7, 7, -,44 ,7 (.; ,/ _ cc , (6- 7 if- V'-'-" r (((( (.' et I r•• •"‘; 4 .r r - (-• - • 1/- r / / / A 97 v=i,F r • *(__`//,', __ ,f /7/ ?r, eI,"/rr-/r i: 1 •Cf. Ze're re: f q .7r _ _ __/ r. J7 _ r• 6/ C22 1 . 4 1 - C/- e / 0 K, ,•;:' _ -f .• • c LI r,‘,- .4." • 0 r/ 0 77‘,/ (/- / ,)"2' /1 0 / ,4•7( ••'" r / le, ‘;.' / -/ 0 q / ,? ( / -Ty (7 4r..f7t 7 c-t1 .1-/ci , es e / r (,it - / , 4-z /70 ."/Kr_ry--%"vir, rC. I Cr • 1.%: / // /, ,/k%' c•T r> _ r /7,/ 1, V• // 7(/--(A 7 ei„/ y7 - -S ir r 4-- // r? /- 0 J (- (/- /. r/ eo 00 (,? -/ _ / r`.:71 ijIee?t,',(( t- ,V1' 7 // .; / / / -7,„ ,J • 1. (,,- 17 (7 e et r't 7 70. 0-- c/- r 11 7-4 /.• e? 7 it,(I _ I/P / = / r/ _ • // , ( , ("-• 1-r• J.! /j.re / (i • / V - o0 t. / . • J- ev /0 ea ; ' ( (/— cri_.;' -7 (-5 0 / te; cj- e? -7 CJ,• ( / -S•Y 2•,./eza/e-t2-0t. , j ,4, o ,/re _Cl t ^ er, re ; Ise. r re , r _ el• //.„•4,„e€ cy/c (tete', , ' c / ..« . ( • ii / 6 K,t.1 .7' , ,C r r •• e% t 1^ f 7 CC? L // .c.er • I P? /cPT(77 • • //,• /.,/(2/e< ; : 1'e7 /(••- tea ./* tt le't //. , e -if-o, , c . I C/4 f iffficW , ( • (C,.,?..41°;., „.....//f 17•7e,. a r eir c" . .st-c/ i1te •• ; r to' a t ,, ;ji ' 1470...terU, . erti td , r-e-/1:1, ,e. /r;,` ,• et zeca.. ,// C rt i , / / s/ .4. • r/ y, 11 / / '7 `-; 4 / ^ s, ( <-7 r/ /(/(,'2 /7(7 •;" (.! r ,/' , / y J" 4 / / 4/ r/ d'-/k;',(F., / / 7 Ci (74 if, ;7(#.( 77c 7- r (./ ../ r/ r,rur ,4„ / / r)•,/ / / / / / 77' Cr-J . 7 A-/ 4z /2- c 6/ ' r ( Z;74 // CX. f/ Az 4/ cY c/ o /// <...2 •O 7; . /. / "2. • /./ // - • // • (-: v (i 7 6. 6 4,1 / ' r (,; ,;;" 6',(74/.4. / ri" ("/ (V.(7 44. / 11, 4-44 ..- / t 401. y /,/ ,Yr - 11 (-/ 1. 7 (./ i/ , / C a7 t-21 / • (/ - ( (1 o // i/ .4 7 -/ / ci I ALAI / "Jr / e? "-tel , 7/ / ( (.7 <2 7 e,,../// q 7 cr,": / r / ( / / r? r", • r , r7 / c-;r7 _ / ?„,/ e-/cr ir / 6( _ _ _ (Q o., 74,7 474. •7 4-4 / 4./ / 6 0 / ' Yr / (7/ cf ,/,-v / (.7 t -=1 / / r' - „ 41 / 6 Js !..;`..,7 7,4'770 6/ / A7 It .4/ 7ur- r/ cF 0 /7 4. / F _ .74-( ,7 77 ( ;2. (YA'' c/- / o <-1 7 -; /// re, ,, 6_ e /e. 7 ;? '/?/,',(71/ Y A/4 / 1('0 ( / / r4 / 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 4./k_z/ti 14, .(61, A7 j Disbursing Officers' Balances Fund for redemption of notes of National Banks "failed," "in liquidation," (7 /7 o and "reducing circulation" Undistributed assets of failed National Banks / Five per cent. Fund for redemption of National-Bank Notes Fund for redemption of National-Bank Gold Notes Currency and Minor-Coin Redemption Account Redemption Account Fractional Silver-Coin,( r , n L. e ai-II l litfiA'sf j:a (fC (1'7 d)7/ 0$7.2 z 7 77. / anal Co Treasurer U. S., agent for paying interest on D. C. Bonds Treasurer's Transfer Checks and Drafts outstanding Qe. 2o/0i747 Treasurer's Gen'l Acct._ _ Interest due and unpaid /?49•0, Treasurer's Gen 1 Acct._ _ Matured Bonds and Interest_ Treasurer's Gen'l Acct._ _Called Bonds and Interest_ (f, .17 Treasurer's Gen'l Acct._ _Old Debt Treasurer's Gen'l Acct._ _Gold Certificates /aari- or, Treasurer's Gen'l Acct...Silver Certificates 04//o600 Treasurer's Gen'l Acct...Certificates of Deposit Treasurer's Gen'l Acct._ _Balance, including Bullion Fund.:.''C or,o00 </-74-2 _ Total Treasurer's General Account 1 1/6F- TREASURY OF THE UNITED STA S. „tt.N. I, Washington, D. C., ifforp44:-0/40--:-Kig , F 7/ (6-0 /. ( 1 ,d/a 41/1 tx/ ,i4' (it/I- lt41/ ai44,w1 Abil -r-at/ / 4v(/e e 4tt/t/ ,,/itZte,d`z,-/ 7/ L a€1_, e() - 4A7et - ff-/-( /I/ ( Pz a wit gm" /6c 5,41 Wet-e-fe ; /' te,,eZtf-oe A C2_ "Int tz)'f/ It; wit t t, •Itt,a.etetv,,z(/fat k i7rt.,,---7:1„4" a.2/ 1071-v /a/di- a_ cz dsid aff,2744 , 1?/ifi dal , C() Y I 4e asz/ aiz --Kl-ti,17Ldedc-z rZ cite5T-4-66 dr3-1/ d e 624 r /-c-w OP-1(/ 17.0-t-4S 6i-A,ft,4-v Z.14-1- k2a 6 4, 0 Z, /00,(700,--Th -eWeetE-e4L1' e_etA> e it ZA-,e6 ,5eitt-tz I 111.cra t 71i. .1 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 2trt?2 /0(r0/, , ,qtr Standard Silver Dollars Fractional Silver C.oin ----Silver Bullion ,..17(1-'y7 F76 Li r ri <74,1 a,e V- 47t k:// I ..Kea 4tl _ 9%7 4o,Ze; / • Gold Certificates Silver Certificates (7 6 0(510.7 7; XL4/.ttf6,0 0 7k1Ci,i/ United States Notes National-Bank Notes flier'S 174- A7 National-Bank Gold Notes Fractional Currency Deposits held by National-Bank Depositaries / 4.1 d' / /07(0 (Tv Minor Coin New York and San Francisco exchange One and Two-Year Notes, &c Redeemed Certificates of Deposit, June 8, 1872 (7f;',') o n (Pr r Quarterly Interest-checks and Coin Coupons paid U. S. Bonds and Interest Interest on District of Columbia Bonds / 74/o o / Speaker's Certificates Pacific Railroad interest paid 71(i / / VY7 / JAMES W. HYATT, Treasurer U. 8. 1 -t- r /At fIr•Vel As77,9 ei;Afie.1 tA' 4%46,41,7 /,/ /17 t,i K, /71, 466 _ 7_7. .2-ef441 ; , e.1/41 42,7 f,I /62, eri'2 '4 sg/6- a 7,13, (344 3 21t.7 /4 7 70•7 ,9//,a 7,572 ..Po 6, / ,97.f 29,4 .'2 ro",- 4z - 40 `7. 4 ef i , •3/‘7 TA V , 1-4 - 4, 00,2-- . 9/4. cec.d f /6 ' ____ 224_1 /6.7 ‘9,6,, ,fc,-f a#/. 2._: ,42 a I — /2_ ..1' . 3//. 7 A44? . --a'-./. `,4 /(1,-.3 -L-Ar f _Li 37.dr _ f ..Of 2-ki;3 "I— 1 71-4.4_____ _i____ _/& /1 / _ .2_g_c_._1_____ _ -_ (0,s-t(4,' - /Lid.6_t .2s77 ,3 2_ iL .34(4 6 44A f /a 4 _ 4— /effiZ i /33.7 J3),6 ' 441, ; 1.1___,, 4_ 410.'2- doe. J.'? 67,i .17,, , Jo47 , /fn h-i.3? . 7ir-F' ac.r ,?/- 4.,r 7l,r kco-,s--- f• k .3/7,1 /// — .-4- 1 '11 '6d .7 . 4741 --1 // 70,7 _ • Ji,7j ..."---- 26.i Z2_ 4. SC _1st, --4- A-4 ' J 07 1 / /''2,/ / rt.r- .2o 2_f /140.— -4 4 ?'2L /..1).4541 ( ( 1 / 4,4 W‹--de} ZA-eA)* 6- 4-4447 62,7 / atG•. zeti ?el•tf 774 1711. 7 y / 724 2-- I 2,7 Pir4 ,/ _70.7 27'- 461. 4.7 /s-,, 22_ \12-7 2.2At.3 - 9,3 / I -2 JAC; k 4s7.7 i-1. ,3 .297f %//6, / _ /2,e 7 32./.IA ,1,9. .407 _7, / 337.41 f _ A5132-A5-74 /&L4, ‘d o 44.t' - / • / 444. /#-'7. /741.I e3 00.2 L51. Li J51,7_ . 440.-L a 4.0.- 0-44kr dr2. L dso.7 .P/ 1/ t51. , /170.7 v. 2-- ti 76.S1 ‘.gtie. 1117-7 74,/ .21'4 r (.< 46 2- — .4 _ _ .a17./14.7 77( 2.72- a k-1,1 J4/1•7_, •t2.- /6, I/ 7/O, -4-- t/ 1 4? c 4-6 7 c4q.— 45,4 Ar.-44 34444 4U1 7 -Ja7,4+ 444,4• /, 3 r__/6. 74A - art, 2 /a 1, 6%. _ // 4e*.r .17/. PI, 02 .2a6, 2_4, 02/7, _pf.z- ,J Ss' 4. Sc yc.-7 •ftf. 1.41 ( et- 1 • r 4,-e?. / - 64,I 1.e.,"er /f7a et ilc akee T Tirt,,jcv 0, 4filaw, ,1 1-, ot/43 /fff-/ 4J4,ce.....a44 efrP-1 c‘CaL4 k 10-1- 4 Ti ef.2% e 5f , 976.1/4f- 97 s4 /.; 0 s- 7-f 72-6 /377tr 94,4 , /101. Ft /q-ft. /d1/, ASS7. 29 v 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. • • • • . • • . . . . • . . . • . •• . • • • • . . . . . . . . . . . . • • PP IP $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 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 f- ormation 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 s - ystems 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 it was difficult to depart from the hard and fast linos laid down, and the object unless amended will become as moribund as the once famou s 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 in at that time, but for the British El-Tire totally impracticable Brita 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 myste rious 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 sold basis a measure that will obviate National and Internatioon nal monetary panics. This measure in no way interferes with existing i3ankin,7 or 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:.1 has solved them. 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 act, him, shall, if the condition of the title remains unchanged, take a any person having poasesaion and ownership in fee simple written obligation, or mortgage on the real estate, duly executed improved real estate in any state of the United States, by aof any by the applicant, and jointly with the husband or wife of the apclear, obvious and perfect title, and who is competent to convey p icant, if married, in favor of the United States, with conditions the and same, shall, upon the conditions hereinafter prescribed, be entitled provisions as follows: 1. That a sum equivalent to the currento receive on de.-naal fro:n the Treasurer of the United States cy received by the applicant shall be returned to the United States an 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 aasesaed; the m )ney so issued to constitute the legalized represen- per annum on the amount of currency received. 3. Thatcent 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 cent per annum on the currency received by the appliSECTION 2. To carry into effect the provisions of this act, cant shall be promptly made, the obligation shall not mature; but the president, by and with the consent of the senate, shall appoint case of default of any such annual payment at the maturity in each congreasioaal district a resident co:nrnissioner, learned in in the law, and duly entitled to practice in the supreme court of the thereof, such obligation shall be subject to foreclosure for the full amount thereof, and the premises upon which the obligation is a state in which he resides, who, as fiscal agent of the national 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 gation the cominiseioner shall make, and keep in his office for his services a salary of two thousand and four hundred dollars 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 real estate against which a curtruth and sufficiency of the representations made, and the suffi_ rency representative shall have been issued as herein provided, ciency of the respective titles; he shall reject all cases of unpro_ may, at his option, at any time after one year from the issuing of ductive real estate, and all cases of excessive valuation, and the same, return the same into the certify to the Treaaurer of the United States such applications, to one third. two thirds, or the full national treasury, in sums equal 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 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 theannual calendar month succeeding the date arnination of the premises against which an issue of currency is of such payment. Upon repaymen t of the full amount of the obliapplied for, that the value of the improvements exceeds the value gation, the Treasurer shall execute a discharge thereof which of the land, the issue of currency thereaa shall not exceed such a shall be entered in the registry of the proper county by the coniproportion of the assessed value of the premises as the value of the missioner of such district. Currency so returned may be reissued realty, exclusive of improvements, bears to the total assessed value, 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 SECTION 5. It shall be the duty of the United States Treasuser to cane all applications regularly submitted to him to be destroyed. 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 $14,700,0 00,000 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 - ou wish it at any time. furnished if j X. N. BRXITUNG. Particulars will Bam ergerls:Quotations from Ludw Reichstag" In vor Zettelbank "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,Modern Trade, the indispensable ecrliplement of Indutr:, 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: ,1100,000,0. (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 expirationsThe 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 by commercial above,and for thp remaining 75 ) 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 di4`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 51 tates. 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 to the United cyrStates. 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' obtainin 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,) _ half year, on the average amount of o pr 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 (one third) of cir11') culation. 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,000j000. 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/ d per annum, when the Fnnd 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-,e names and compensation of the clerks employed by him, and 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 t.J.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 assoeiation any bonds belonTilv to a national 'oankin: association,T raln whose 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% 4c2/7 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 2dit. The second $75,000,000, charge • third tt fourth 050,000,000, • fifth 3c14 $50,000,000, 4;c12 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 )-lilTion of bonds out to secure this circulation, and the 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,i1 Banks by/law debsrninp: them from any official 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,n and trust companies and savings banks 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‘tAL .0t-g e -O-f"4.- 4W- lk4, ‘70 j." •tC.C) 112:26 of f WA) 000.1C ‘20frotLi. Ce /rZ (At'Lla er3: 6;6‘zkvzl.si 4ait 41-14-i )44-4 14/44444 4/7-70A o*k. /0014.0(es4gA-- c Cat 4 Et #94 4 .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:, At",0-44.-.L 14 " i '447 lir p ass h %TVs 4 1 / e from .an1,7 one R.., t. d .11 .s ' 1 1/rt9=144 • .:J.low t rt) p t ther 1)o int ri en 4; prfint of 7, si-gle 6. ::110-v a ah 1:!%ilro: '.1.ansfer t.t " , 40 6 et,e—L ').: 7:tt th 7,47c/.irs of A..t.4 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 , of its .;ity counoil shall by LL vot:. 1.14 V 11 of'11"-rt: e th,ir 1J"'i a.:.;ept th s-Aid —11,1 hr t./40/140th of 1. F3 -, ftwe of an‘:eptanite th,.3r,..1r-i-n-e• in ,o z.tm, r- , tAr7;11;&A44 r 1. oit:i 1 im t 3 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 7, r,;(4 be !Ind cl,rs var.-IT-1r ,.4."1".146' t he", (%1 '_in#7 t .0;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• /;fri oZful, 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,s of hereaftur 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 -rrrvnm of this at aro '1 ,,wtihy repe21,?6 %na 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