Ogden Daily Standard | 1918-12-07 | Page 5 | Gold Again to be in Circulation

GOLD A6AIEI TO BE II CIRCULATION: I SALT LAKE, Dec. 7 Gold coin, a rarity among money changers, and even more rare as a medium of common com-mon exchange, is soon to be restored to circulation. Gold was removed from circulation some months ago by federal mandate, and paper certificates 1 have sionco been its substitute. Gold pieces, according to national treasury orders, aro to be given their regular place an purchasing mediums. Glittering pieces of the ?5, $10 and $20 denominations havo not been seen - ' ! ! to any extent in the past eighteen months, the mandate restricting their use becoming effective immediately after tho United States entered the recent world war. Local banks havo since then operated without the use of gold except as a circulating intermediary inter-mediary with their customers. As a matter of fact, all gold, under the ruling of the treasury department has been systematically diverted from common use to the purposes of the federal government. Banks, in all instances, in-stances, set aside every piece of gold coming into their possession, to be later la-ter deposited in the federal reserve bank or branch of that institution. In recognition of such deposit the federal bank issued paper certificates to the amount of the deposit to the depositor. deposi-tor. Tho gold, in turn, being held in custoday by the federal bank until international in-ternational loan requirements demanded demand-ed removal to meet loan calls. According to local financiers, the gold requirements of the government have all been met, and coin of this metal may now be retained for circulatory circu-latory purposes. j With the restrictions on circulation' of gold also came a ban against the use of silver as a purchasing medium, but on a more modified principle than that held against gold. Silver dollars were all withdrawn from distribution as money, but sliver coin of lesser denomination has continued in circulation, circula-tion, and much new coin of . this class has been Issued by tho mint since the war. It is now expected that many new coinage silver dollars, will appear at the banks in a short time, as It is generally understood that tho old dollars have been cast Into bars for foreign shipment as pure metal. Such of these bars as have not been put to this purpose will bo reclned. There is a probability, local bankers declare, that under a totally new design than tho old form, oo