Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-06

whole country was represented in the SUBJ
scriptioas. Although the department made
no preference of one kind of money over
another. the tenders Of gold exceeded those
OF any form of paper, and amounted to
more than a third of the total cash pay
rnents.
Important changes took place during the
year in the composition and distribution
of the stock of money. The amount of
notes and silver certificates in circulation
was increased by $40, S2S, 1856, reducing the
paper holdings of the treasury to the mini
mum required for the transaction of bust
ness The outstanding treasury notes of
1880 were cut down. by cancellation on re-
demption in silver dollars. from $1O1 POI, $50
to SIX, SIS, 80. This process, however, dill
not involve a contraction of the currency,
since the coins paid out for the notes
either remained in circulation or were
redeposited In the treasury for silver GER
tfficates. AS the volume of the paper cur
rency is fixed by limitations, the depletion
OF the treasury holdings made 1t necessary
to refuse many requests, most OF them Ior
small denominations. where the application
was not accompanied with a tender in kind.
Precaution had, however. been taken to
provide liberal supply of small notes, and
they were always sent out when desired
in redemption of unfit currency.
In consequence of these operations ana
the increased use of gold, there was note
worthy addition to the denominations OF
$40 and under in active circulation. In the
year ended September 80 last the increase
in the amount of paper money of these de-
nominations outstanding amounted 10 s'N-
j,416 while the increase of the gold com
in the hands of the people was estimated
at S23,911 1913. Inclusive OF the higher de-
nominations of paper, the total increase nf
the active circulation reckoned on the same
basis, was 1926, Io1 oh.
In the fiscal year the offices OF the treas
urv paid out s42522 DOG in standard silver
dollars an increase of S1IO,14t over the
previous year. The receipts in the same
period were 1851 ,04O, a decrease of Sl6,-
= inn rod
demand for these coins carried the total in
circulation to SOS, 1J5,2f3, the highest
amount ever reached. Similar activity in
the call for subsidiary silver cons, OF
" hich the trea sury received S55,aG H.. !: ii
paid out $40 1s9,315 during the same rerlvd,
gradually reduced the treasury ho'di-,;s'
until al the close of the year only ,oto-
4gI remained on hand. In the ensui-
three months the continuance of the de
mand decreased the treasury stock to 81
117,JTl. The amount estimated to be in
circulation on the 3oth of September was
$74 o45, it,
The receipts of gold at New York from
customs amounted for the fiscal year TO
TsJ per cent of the whole. as compared
with 2J4 per cent for 1898. For the first
quarter of 1900 they rose to $40 per,ceat.
In the aggregate operations of the treas
ury. the receipts of gold in 1899 amounted
to :}1.6 per cent of the whole, and the dis
bursernents to 35.37. as compared with
1uu3 and 11.S3. respectively, in 1s!'S. For
the quarter ended September 30, the per
Centdge OF gold receipts was SO ana OF tne
disbursements 3d. While so large p9 81
of the treasurys business was transaC: l
in gold. and while large additions Were
made to the coin in outside circulation and
are estimated to have reached 500 O6o.i'J
on July /. 1899, the gold holdings of the
treasury have exceeded all previous rec
ords, both in the aggregate and in the net
Gmout above outstanding gold certificates.
On September 80 the gross amount of geld
coin and bullion in the treasury was S33.'.-
Co., $50, and the net SO 1.S2S.S21. The max
imum net gold was S2's.oSl.3S3 on October
Il. The highest previous records for the
end of any month were So. 551,36 and
s2ls.sIs,25:s, respectively, the former in
September and the latter in March, 1888.
The gross on October 81 was S379,S173 16.
LegisIasion recommended.
In my annual report for the fiscal year
1898 attention was called to the defects
in the bullion accounts of the mints at San
Francisco, Philadelphia, New Orleans and
Carson. amounting in the aggregate to
$3.50, 6s1.GI. The items embraced IL this
sum are carried in the accounts of the
spective minis named, ami also in the ac-
counts of the treasurer of the United
States, as unavailable assets. There is
not even remote prospect of any part of
these sums ever being recovered by the
government They should not be con-
tinued in the accounts year after year as
part of the governments assets. They are
not such in any sense OF the WORD, and
their inclusion results in a total which is
false. The recommendation made last year
that Congress relieve the treasurer of the
United States and the respective minis
from carrying the amount of these de-
icits in their accounts is renewed
Experience for several years has shown
that the fund ($5O,OOO) provided for minor
coinage IS inadequate when there is an
active demand upon the mint at Phiiadei-
phia for such coin, and it is respectfully
recommended that Congress provide for in
creasing from $4,000 tc 100000 the max
imum amount the Secretary of the Treas
ury is authorized to transfer to the credit
of the superintendent of the mint at Phla-
delphia for the purchase of metal for the
minor coinage.
Under the law the manufacture of the
minor coins is restricted to the mint at
Philadelphia. 1t is desirable that this re-
stricttOn should be removed and authority
given by Congress for the coinage of scent
nickel and 1-cent bronze pieces by the
mints at New Orleans and San Francisco
when necessary to supply the demand for
such coin from nearby states and terri
tories
For several years the demand for minor
coins from the southwestern and Pacific
coast states and territories has increased
from year to year. If authority were given
TO execute minor coins at the minis at
New Orleans and San Francisco, these
states could be more readily supplied at a
less cost Of transportation, without any
Increase in the appropriations for the sup
port of said mints. Relief, TO some extent
would also be afforded the mint at Phila-
delphia from the great pressure frequently
placed upon that institution to supply the
demand for such coins.
ENGRAVING AND PRINTING
The bureau having charge of this work
has met promptly and in most satisfac-
tory manner all of the requirements of the
public service during the year, notwith-
standing the fact that there was an in
crease equal to nearly - per cent in the
demands. The aggregate number of sheets
delivered during the fiscal year was H.
ISL ,l22 and the aggregate expenditures Were
81 ,sS4. +41.;sy The work has been done
economically, although the net average
cost per 1000 sheets during the fiscal year
was slightly greater than the previous
year.
This increase is the result of the require
ment by Congress that certain classes of
securities and stamps be printed upon hand
instead of power presses. IS was done dur
ing the prior fisca! year. 1t has been neces-
sary in accomplishing this work to operate
the bureau beyond the regular hours estab-
lished for the business of the department
for the reason that there is not sufficient
space in the building to accommodate tn,
full number of presses that are needed t.
execute the work within the time 1t has
been the policy of Congress to prohibit
working overtime, and ii may be assumed