46 



Colorado College Studies. 



From the monthly estimates made by the Treasury 

 Department are taken the following figures, showing the 

 amount of each kind of money in circulation on July 1 of 

 the year named. Money held by the banks is included, 

 for the stock they keep does not far exceed (though it does 

 in July somewhat exceed) a reasonable reserve, which is as 

 much a part of the needs of ordinary business as is the 

 reserve of five dollars or fifty below which the head of a 

 family does not loermit his cash in hand to fall. Money in 

 the Treasury is not included, because much of it is held 

 merely to redeem certificates that are circulating outside; 

 and because there has been a widely varying amount there, 

 the variations of which had an unbusinesslike origin. There 

 would be no material difference in results, so far as the pur- 

 pose of this paper is concerned, if the money in the Treas- 

 ury, less the backing of certificates, were included. The 

 figures in parentheses for the true amount of national bank 

 notes are round numbers, estimated from the reports of the 

 Comptroller of the Currency; this needs to be distinguished 

 from the nominal amount, because notes of surrendered 

 circulation, being no longer an obligation upon the banks 

 that issued them, are really certificates payable by the 

 United States. 



MONEY IN CIRCULATION. 

 (Millions of dollars.) 



[Copper and nickel coins are disregarded ; so is paper fractional currency, 

 which was reckoned about 16 millions in 1879 and only about 7 millions since, 

 including the amount in the Treasury. The figures of subsidiary silver for 1879 

 and 1882 are too large, througii including trade dollars.] 



*Tlie figures for gold, after 1879, are often disputed as too largo; and prob- 

 ably with good reason. But it will bo seen ( page 56) that allowance for a smaller 

 amount does not vitiate the conclusions of this paper. 



