Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1901-12-11


in his annual repcrt to Congress. takes
stand against the wax taxes, and sug-
SeSts that many of them be repealed,
and the Government revenue pt cut
down TO S50.0OO,oOo.
He also argues IN favor Of amending
the national banking act. so as to pro-
vide for 4 more elastic currency and its
expansion IN volume when increase
of business requires it.
The Secretary inclines toward q bank
which would be . sort of parent in-
sutution, though ne admits that pub
lie animosity toward Il central bank,
with power OF establishing branches.
is still too strong 10 allow the serious
consideration OF such 4 project. He
thinks, however. that The same advan-
tages might be secured through Il fed
Grafton OF banks.
He favorS the transfer Of the burden
OF the redemption of grcenbackS from
the Treasury to banks without interest
cost TO the Government The green
backs, Mr.. Gage thinks. would even
tually become gold certificates. which
he says they ought to be in reality.
Another matter which he treats spe-
cially is his renewed recommendation
Tor remodeling and extension of the
Act OF March 3. 1891. relating to TIE
carrying of ocean mails by American
steamships.
There is no reason why the United
States should be dependent on the aux.
iliary naVieS of European powers for
our ocean mali service" says the Sec
retary.
IL opening his report Secretary Gage
says:
The reserve fund and trust fund
have been maintained. The redenp-
ton of United States notes have been
each DAY adjusted by exchange for
gold, so that the full sum of $3.50, ,000,-
200 has been kept unchanged in coin
aud bullion.
- Upon the withdrawal OF Treasury
notes as the bullion OF 1890 WAS coined
into standard dollars. silver certificates
under the Act OF March u. 1900. were
substituted to the extent OF $iO.T43. 600
to July l. 1900, and S2S.2H. 900 addi-
ti0nai to July l. 1901. by November
J, IaUi. ,ne total exchange reached
$45.336, 600.
THE gold certificates upan deposit
Of the metal were increased during the
fiscal year by $tJ, 1G0,3To. and in tie
ditional.
The gross gold in the Treasury. in
Guiding the reserve ana the trust fund
against certificates, received an addi-
ton of $1l, ,21U,325.1 during the fiscal
year. and Il further addition of S34,-
304, ,22J.50 by October |, while S13. .697,-
327 more in October brought the ag-
gregate by November ] to $542, S31 $40
This sum in gold was never before
equallcd in our annals. and only for n
few months some years ago has any
other government ever held so much
of that precious metal"
While the circulation per capita was
$26.50 on July /, 1900, and $2S52 on
October l, 1901. gold certificates more
and more entered into the field of large
denominations. and We're used almost
exclusively In the payment OF customs
duties and In the settlements ut the
Clearing House in New York.
Two features are marked i'll the cur
rency-frst. the growing use Of GoiG,
and. second, the constant addition to
the small denominations of paper.
On March 4, 1900, there waJ in ex-
istence 3617 National banks. NTH au-
thorized capital stock of S61G30S. .O05; (;
bonds on deposit TO secure circulation.
S244. GIL so; circulation secured by
bonds. S21G.374975: and circulation
secured by lawful money. S3S, ,O27 .935
Comparing conditions on that day with
the close OF the fiscal year 1901. there
Is shown 10 have been n net increase
in banks of 5G1: of capital, S3l ,35S.G0
bonds deposited to- secure circulatior6
"