Endless

chain. Name given to the proce by which gold is taken from the Treasury by the presentation of United States notes (greenbacks), which, not being cancelled and retired, are rei ued and become again available for the same purpose. Since the resumption of specie payments in 1879 nearly twice the amount of United States notes in existence has been redeemed in gold without extinguishing any of the debt they represent. The proce is employed when gold is wanted for export or for hoarding in times of panic. - During the years 1894, 1895 and 1896 commercial depre ion and fear that the monetary system of the country would be overturned by the succe of the agitation for free silver coinage caused such enormous withdrawals of gold from the Treasury that four separate i ues of bonds, amounting in all “to $265,000,000, were found nece ary to maintain the gold reserve and prevent the suspension of payments on United States notes and Treasury notes. The Treasury notes are gradually being retired, but the United States notes, of which there are, in round numbers, $346,000,000, can only be retired by an act of Congre . So long as they are in existence they can still be used over and over for the withdrawal of gold from the Treasury.