CIRCULATION.

STATEMENT SHOWING THE AMOUNTS OF GOLD AND SILVER COINS AND CERTIFICATES, UNITED STATES NOTES, AND NATIONAL BANK NOTES IN CIRCULATION NOVEMBER 1, 1895.

Population of the United States November 1, 1895, estimated at 70,878,000; circulation per capita, $22.72. ESTIMATED AMOUNT OF MONEY IN ACTUAL CIRCULATION* IN THE UNITED STATES AT THE CLOSE OF EACH FISCAL YEAR FROM 1860 тo 1895 INCLUSIVE.

NOTE.-"These tables have been compiled from records of the Department which were made on or about the dates specified. They include everything properly belonging in a statement relative to circulation, except minor coins, which are not stated because it is difficult to estimate accurately the amount in use. The figures agree with the reports published from year to year, and an estimate has been added of the amount of specie in circulation on the Pacific coast during the period of suspension of specic payments (1862 to 1878 inclusive,. It will be observed that no attempt has been made in the table for 1862 to

STATEMENT OF

THE COIN AND PAPER CIRCULATION OF THE UNITED STATES ON
JUNE 30, FROM 1860 TO 1895 INCLUSIVE.

[Prepared by Loans and Currency Division, Treasury Department.]

1861. 1862.

250,000,000 202,005,767 452,005,767

$6,695,225 $435,407,252
3,600,000

31,443,321

$14.06 $13.85

448,405,767

$2,064,00

14.09

13.98

1863.

1864.

25,000,000 333,452,079 858,452,079 23,754,335
25,000,000 649,867,283 674.867.283 79.473,245 595,334,038 33,365,000
25,000,000 680,588,067 705.588,067

334,697,744

32,704,000

20.72

19 67

1865. 1866.

22.16

20.57

35,946,589 669,611,478 34,046,000
25,000,000 745,129,755 770,129,755 55,426,76 714.702,993 34,748,000
25,000,000 729,327,254 754,327,254 80,839,010 673.488,244 35,169,000
25,090,000 703,200,612 723,200,612 65,208,543 661,992,069 36,211.000
25,000,000 691,553,578 716,553,578 36,449,917 680,103,661 35,973,000
25,000,000 690,351,180 715,351,180 50,898,259 664,452,891 37,756,000
25,000,000 697,868,461 722,868,461 47,655,667 675,212,794 38,558,371
25,000,000 716,812,174 741,812,174 25,923,139 715,889,005 89,555,003
25,000,000 737,721,565 762,721,565 24,412,016 738,309,549 40,536,000
23,000,000 749,445,610 774,445,610 22,563,801 751,881,809 41,677,000 18.58
25,000,000 781,024,781 806,024,781 29,941,750 776,083,031 42,796,000 18.83
25,000,000 773,273,509 798,273,509 44,171,562 754,101,947 43,951,000
52,418,784 738,264,550 790,683,284 63,073,896 727 609,388 45,137,000
65,837,506 697,216,341 763,053,847 40,738,964 722,314,883 46.353,000
102,047,907 689,205,669 791,253,576 62,120,942 729,132,634 47,598,000|
357,268,178 694,253,363 1,051,521,541 232,889,748 818,631,793 48,866,000| 21.52
494,363,884 711,565,313 1,205,929,197 232,546,969 973,382,228 50,155,783 24.04
647,868,682 758,673,141 1,406,41,823 292,303,704 1,114,238,119 51,316,000
703,974,839 776,556,880 1,480,531,719 306,241,30 1,174,290,419 52,495,000
769,740,048 873,749,768 1,643,489 816 413,184,120 1,23,305,696
801,068,939 904,385,250 1,705,454,189 461,528, 220 1,243,925,969
872,175,823 945,482,513 1,817,658,336 525,089,721 1,292,568,615
903,027,304 905,532,390 1,808,559,694 555,859, 169 1,252,700,525
1,007,513,901 892,928,771 1.900,442,672 582,903 529 1,317,539,143
1,092,391,690 970,564,259 2,062.955.949 690 785,079 1,372,170,870 59,974, 0
1,100,612,434 974,738,277 2,075,350,711 694,989,062 1,380,361.619
1,152,471,638 991,754.521 2,144,226,159 714,974,889 1,429,251,270
1,163,185,054 1,032,039,021 2,195,224.075 697,783,368 1,497,440,707
1,232,854,331 1,139,745,170 2.372 599,501 771,252,314 1,601,847,187
1,213,413.584 1.103,988,808 2.323,402,392|726,701,147 1,596,701,245
1,252,071,867 1,169,390,080 2,421,461,747 759,626,073 1,661,835,674
1,260,710,620 1,137,579,914 2,398,290,584] 794,158,566/1,604,131,968

NOTE 1.-Specic payments were suspended from January 1, 1862, to January 1, 1879. During the greater part of that period gold and silver coins were not in circulation except on the Pacific coast, where, it is estimated, the specie circulation was generally about $25,000,000. This estimated amount is the only coin included in the above statement from 1862 to 1875, inclusive,

NOTE 2.-In 1876 subsidiary silver again came into use, and is included in this statement, beginning with that year.

NOTE 3.-The coinage of standard silver dollars began in 1878 under the act of February 28, 1878. NOTE 4.-Specie payments were resumed January 1, 1879, and all gold and silver coins, as well as gold and silver bullion in the Treasury, are included in this statement from and after that date.

An estimate on similar basis to the above, of the aggregate and per capita circulation of the United States from 1800 to 1850 may be found in the Report of the Comptroller of the Currency 1894, p. 173, or in the Finance Report 1894, p. 437.

estimate the quantity of the nondescript currency, consisting of postage stamps, tickets, due bills, etc., which served as small change during the period subsequent to the disappearance of subsidiary silver and prior to the issue of the postal currency and fractional currency authorized by the Acts of July 17, 1882, and March 3, 1863. Also that the one and two year notes of 1863 and com ound-interest notes supposed by many persons to have been in circulation are not included in any of the tables. The small quantities of these classes of interest-bearing obligations which were in circulation as money for a few morths when first issued had been absorbed as investment securities and withdrawn from circulation before July 1, 1865, which is the date commonly selected for comparison with the present time a to money in circulation. The seven thirty notes are also excluded from the tables. They were not used as money nor paid out as such by the Treasury, but were negotiated as a loan and issued by the Govern ment to investors in exchange for legal-tender notes, being sold at par and accrued interes: like any o her 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 those 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 $829,9 2,500 of which $44,509,900 were of the denomination of $50, $137,634,600 of $100, and the remainder $647,848,000 were $5008, $1,000s, and $5,000s. The receipt of legal-tender notes by the Department in exchange for seventhirty 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 legaltenders, except in color, being very 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 Trezeury, 1891.

PAPER CURRENCY OUTSTANDING AT THE CLOSE OF EACH FISCAL YEAR.

[Compiled from Report Secretary of Treasury, 1894, pp. 84, 85.]

1887..

57,1 0.00

346.681,016.00

145,543,150.00

*These figures are not included in the total, because they duplicate U. S. notes already included. + Of the fractional currency outstanding, the Act of June 21, 1879, estimated $8,375,934 as lost or destroyed.

15,355,999.64 98,392,660.00
15,340,114.21 140,323,140.00
15,330,025.85 131.174,245.00
15,322,902.70 121,483,817.00

18,110,0 0.00
9,620,000.00
14,865,000.00
17,195 000.00

851,581,032.00
354.408,005.00
832,998,336.00
3 7,048,872.00
324,514,284.00
329,691,697.00
344,505.427.0
855,042,675.00
358,742,034.00
3 6.073,281.00
339.499.883.00
818 76.71 .00
311 69,454.00
279,217,788.00

730,299,044 48

Circulation References-The table on the oppo ite page is taken mainly from the report of the Director of the Mint for 1894 (pp. 44, 45). For the detailed information upon which it is largely based, see same report, pp. 92-102.-For an admirable chart showing circulation of silver dollars and silver certificates, see frontispiece to Report of the Secretary of the Treasury, 191.-The annual report of the Treasurer gives tables showing the amount of money of each kind outstanding, in the treasury and in circulation, at the end of each month since 1878.