method of reducing the surplus.
A table presented by the Secretary of the Treasury showing the amount
of money of all kinds in circulation each year from 1878 to the present
time is of interest. It appears that the amount of national-bank notes
in circulation has decreased during that period $114,109,729, of which
$37,799,229 is chargeable to the last year. The withdrawal of bank
circulation will necessarily continue under existing conditions. It is
probable that the adoption of the suggestions made by the Comptroller
of the Currency, namely, that the minimum deposit of bonds for the
establishment of banks be reduced and that an issue of notes to the
par value of the bonds be allowed, would help to maintain the bank
circulation. But while this withdrawal of bank notes has been going on
there has been a large increase in the amount of gold and silver coin in
circulation and in the issues of gold and silver certificates.
The total amount of money of all kinds in circulation on March 1,
1878, was $805,793,807, while on October 1, 1889, the total was
$1,405,018,000. There was an increase of $293,417,552 in gold coin,
of $57,554,100 in standard silver dollars, of $72,311,249 in gold
certificates, of $276,619,715 in silver certificates, and of $14,073,787
in United States notes, making a total of $713,976,403. There was during
the same period a decrease of $114,109,729 in bank circulation and of
$642,481 in subsidiary silver. The net increase was $599,224,193. The
circulation per capita has increased about $5 during the time covered by
the table referred to.
The total coinage of silver dollars was on November 1, 1889,
$343,638,001, of which $283,539,521 were in the Treasury vaults and
$60,098,480 were in circulation. Of the amount in the vaults
$277,319,944 were represented by outstanding silver certificates,
leaving $6,219,577 not in circulation and not represented by
certificates.
The law requiring the purchase by the Treasury of $2,000,000 worth of
silver bullion each month, to be coined into silver dollars of 412-1/2
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