No. 3. ESTIMATED AMOUNT OF MONEY IN ACTUAL CIRCULATION IN THE UNITED STATES AT THE CLOSE OF EACH FISCAL YEAR FROM 1860 TO 1897 INCLUSIVE -Continued. ury, but were negotiated as a loan and issued by the government to investors in exchange for legal tender notes, being sold at par and accrued interest like any other loan. A small amount of these, however-less than ten millions-was issued to soldiers in the field, but the notes were taken only by the soldiers who desired to save, and were, therefore, not placed in circulation. The total amount of seven-thirty notes negotiated in 1864 and 1865 was $829,992,500, of which $44,509,900 were of the denomination of $50, $137,634,600 of $100, and the remainder $647,848,000 were $500s, $1000s, and $5000s. The receipt of legal tender notes by the department in exchange for seven-thirty notes did not cause a contraction of the currency, because the legal tenders so received were immediately paid out by the government in settlement of demand liabilities then pressing. "The one and two-year notes and compound-interest notes were sufficiently unlike the legal tenders to attract notice and cause an examination of their terms. In this way their interest-bearing quality was speedily discovered, and they were very soon retired. The seven-thirties were unlike the legal tenders, except in color, being much larger and having coupons attached. "There are two facts which prove conclusively that these obligations were not in active circulation: one is that they were all redeemed within three years without creating monetary disturbance; the other is that nearly all of them came back into the treasury as clean and unworn as on the day of their issue- a condition which they would have not presented had they been in active circulation."- Secretary of the Treasury, 1891. No. 4. ESTIMATED PAPER CURRENCY IN THE UNITED STATES AT THE CLOSE OF EACH FISCAL YEAR.' [Compiled from Report Secretary of Treasury, 1897, pp. cxxxi-cxxxviii, 99-100.] July 1 Old Demand United States State Bank Fractional Gold Silver National Bank Total Paper $51,105,235.00 $ 96,620,000 $183,792,079 3,384,000.00 387,646,589 238,677,218 $20,192,456.00 27,008,875.36 $ 10,947,860 3,163,771 32,727,908.47 2,558,874 32,114,637.36 2,222,793 39,878,684.48 1,968,058 40,582,874.56 1,700,935 40,855,835.27 1,379,184 44,799,365.44 1,162,453 39,460,000 $331,517,314.00 1880. 60,975.00 346,681,016 15,590,892.70 8,004,600 1881. 60,535.00 346,681,016 15,481,891.65 5,782,920 1882. 59,695.00 346,681,016 15,423,186.10 5,037,120 66,096,710 358,742,034 792,039,761.10 15,267,122.47 15,263,640.47 15,376,629.14 82,378,640 15,355,999.64 98,392,660 15,340,114.21 140,323,140 139,901,646 318,576,711 15,330,025.85 131,174,245 115,977,675 311,699,454 15,322,902.70 121,486,817 145,543,150 279,217,788 15,298,582.15 142,023,150 229,491,772 252,368,321 15,292,628.80 154,048,552 262,629,746 211,378,963 990,087,348.30 15,287,449.30 157,542,979 301,539,751 185,970,775 1,007,078,002.80 15,283,617.93 152,461,429 | 314,715,185 167,927,974 1,047,353,286.43 15,279,400.95 156,598,929 331,614,304 172,683,850 1,124,625,218.45 346,681,016 15,276,442.95 92,846,189 330,957,504 178,713,872 1,111,720,898.45 54,847.50 346,681,016 15,273,075.75 66,387,899 337,148,504 206,854,787 1,124,984,546.25 54,847.50 346,681,016 146,088,400 15,270,055.82 48,469,959 328,894,504 211,691,035 1,097,150,817.32 42,818,189 342,619,504 226,000,547 1,103,124,005.97 230,668,034 1,121,795,990.97 56,032.50 346,681,016 55,647.50 346,681,016 $ 50,228,417 55,647.50 346,681,016 101,712,071 Includes all currency "outstanding;" that is, all issued and not cancelled. This table thus includes not only the amounts in actual circulation, but also any No. 5.-APPROXIMATE STOCKS OF MONEY IN THE AGGREGATE AND PER CAPITA IN THE PRINCIPAL COUNTRIES OF THE WORLD. d 2,000,000 € 5,000,000 Haiti Bulgaria. Hawaii. Gold* 1,000,000 € 5,000,000 € 4,000,000 Gold 3,300,000 € 1,000,000 € 1,500,000 € 3,400,000 Silver.. 5,000,000 Gold*. 35 Cape Colony. Gold South African Republic.. Gold 100,000 1,700,000 800,000 Total. € 20,000,000 72,900,000 $ 696,300,000 $ 558,700,000 $ 39,600,000 b 584,000,000 € 1,500,000 C 193,400,000 75,800,000 $634,500,000 $397,000,000 $9.55 $8.70 $5.45 $23.70 b 121,700,000 C57,900,000 € 7,000,000 C 1,700,000 € 10,000,000 18,500,000 b 1,000,000 1,000,000 22.06 .58 b 1,200,000 1,200,000 36.50 1.50 22.64 35 38.00 36 $652,500,000 $4,268,300,000 $2,565,800,000 *In these countries silver is a full legal tender, but coinage discontinued or carried on only to a limited extent for government account, by which means the gold standard is maintained. In Germany also some old legal tender silver is still current. Actual standard, paper, more or less depreciated. By the closing of the mints to the free coinage of silver, and steps looking to the establishment of the gold standard, the standard of India has been raised from that of silver, so that the rupee for 1897 has been worth about 50 per cent, more than the silver it contains. a July 1, 1897; all other countries January 1897. 6 Money and prices, United States State Department. Information furnished through United States represen. tatives. d Haupt. e e Estimate, Bureau of the Mint. C. Cramer Frey. London Economist. h Except Venezuela and Chili, and some countries with depreciated paper standard. F. C. Harrison. Indian Currency Committee report. Includes Aden and Perim, Ceylon, Hongkong, Labuan, and Straits Settlements. amount consists of the national bank notes issued, plus the gold certificates, currency certificates, and United States notes outstanding, minus the amount of gold coin and bullion in the treasury. This No. 6. APPORTIONMENT OF MONEY IN THE TREASURY ON JANUARY 1, 1898, BETWEEN THE FISCAL DEPARTMENT OF THE TREASURY AND THE PROPOSED 'There being no definite provision in the plan as to the precise amount of subsidiary and minor coins which should be transferred to this division, this amount is suggested as typical of the necessary transfer. 2 United States notes are used here merely as indicative of "lawful money," though any other forms of lawful money might be used in making the transfer. |