The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-12-05
REPORT OF SECRETARY
OF THE TREASURY

Their circulation while red sing the
circulation tax, the comptr JIler of the
currency has approved 500 applications
to organize national banks. of which
SS2 were for banks with capital of less
than $5O,0O0 and 127 with capital OF
s6O,OOO or more. Eighty of the appli-
cations We're from state banks pro-
posed to be converted: 172 from state
or private banks proposed to liquidate
Tor the purpose of reorganization un-
der the national banking law. and -56
from those contemplating primary or
ganizations. Since Oct. 81. 1899. 3S3
banks, with an authorized capital Of
$2O,O2j,00O, have been chartered.
or the eos new banks with $25. 900
capital each. 4 organized in the New
England states: 81 in the eastern
states: 81 in the southern states: 50
in tie middle states: IS in the western
states. and 4 in the Pacific states. thus
enabling many Of the remoter sections
ana small communities to secure nee
essary bnnKlrg facilities. The growth
in bank-note circulation from March
ii to Oct. 81 was $77.5SI.O3S
National Debt.
ON July / last the interest hearing
debt of the United States was S1,0a3.-
443,59O, reduction in one year of ST.
56l .o3C. The per capita OF money in
circulation Nov. ]. 1899. was $3.50: on
Nov. /. 1860, it was $2I.S2. the highest
amount on record. Here is a table
showing the changes in one year in
the amounts of the several kinds of
money in the United states outside
the treasury:
In circulation In circulation
Nov !. lsDc Nov l. 1900
Gold coin ......,..S C3i,Glo,...i $ G2l. .1G ,aG
Standard silver dol.
lars ............... ~ ,1Gl 40 -, lI9, 400
Subsidiary silver =. 1G.l13lGi 81. .03J ls1
Gold certificates -. 1.1,5., .ily 2l:i, 90 a}3
Silver cItcatcs :. .p4 .g7G, 30 l2l, $50 74J
Treasury notes. act
OF july II. 1870 =. >SS'c:. SDl d. 400
United States notes. 81 .2Gl.GGt a.s:3 2y5 O6l
I'uircncy certificates.
act of June s.
49, ............. l". I3j.OOo l.1sO. Uuo
National bank notes 2jo,OG, 1913 ;25,31j.25>
Totals ..........SlD DG3. 1l6,lIS S2.l34. ISL, ,4l2
Net increase l,j,4Gj, ,2Gi |
During the year the cost of collect
in" the internal revenue was reduced |
from 1,6S to LIS per cent.
Currency Reform.
The report reviews at length the ex-
traordinary gains made during the |
year in our foreign commerce in fig |
-Tes more or less familiar: indorses
the recommendation of the commits
sioner OF navigation in favor of the
shipping subsidy bill; summarizes the
work of the immigration bureau. life
NH ir,s
'evenue cutter and other departments;
advocates a cut of $30.OOO.O 900 in the
'ederal revenues, and on the general
subject of the money standard ami
says:
AS to the redemption iund provided in the
urency act of March II, While the powers con-
erred upon the secretary are probably ample 10
nablc Jealous and watchful officer TO protcr,
ully the gold reserve. there appears to he lack
ng slfficicifint mandatory requirement 10 inr-
ish complete confidence in the continued parity.
nder all conditions, between omr two forms Of
netallic money, silver and gold. Upon this
oint further legislation may become desirable.
Is TO the currency while the liberalizing OF con-
itions has found response in Il necessary in
rcasc OF bank-noe issues, there is under our
resent system no assurance whatever that the |
olume of bank currency will be continuously
lsponsiNc to the country's needs, either by en-
ahdng rs such needs require or by contracting |
hen Superiluous i'll amount The truth is that |
lfe and desirable as is our currency system in
lany respects it is not properly related The
lpply OF currency is but remotely, if at all, i'll
uenced by the evcrcianging requirements of
'ade and industry. 1t is related most largely,
not entirely, to the price of government
onds in the market. Between the needs of
'adc and commerce for a medium of exchange
nd for instruments Of credit, which proper
lnk note furnishes, and the investment price
: value of government bonds, which is at pres
nt the most influential factor in determining
he currency supply, there is no dscernible re-
tion whatever.
l folbear at this time, in view of the many
her important subjects which demand atten-
on during the present short session of congress,
press these questions for immediate action,
At | can not refrain from inviting the atten-
on OF senator's and representatives to care
il consideration Of the matters thus suggested
the act OF March IA forward step WAS taken,
the great benefit OF all our material interests
ofhing should prevent timely and wcll-consid-
ed amendments where necessary to soldiy