The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-12-04
UNP PRECEDENTED.
Amount of Gold in the Treasury
Unequaled
In This Country or Any Other
With One Exception.
MR.. GAGE,S REPORT
MIR. CAGES REPORT.
Silver Certificates Are Super
ceding Small Bank Notes.
Growing Use of Gold in the
Currency Is Noted.

Washington, Dec. 4.-Secretary of the
Treasury Gage today submitted his
annual report. Upon the subject of the
reserve fund he says:
The reserve fund and the trust fund
nave been maintained. The redemptionS
of United States notes have been each
day adjusted by exchange for gold, SO
that the full sum of $3.50, 200, 600 has been
kept unchanged in coin and bullion.
Upon the withdrawal of treasury
notes as the bullion of 1890 was coined
into standard dollars, silver certificates
under the act of March IA, 1900, were
substituted to the extent of $10,743,000
to July 1, 1901. The gold certificates
upon deposit of the metal were in
creased during the fiscal year by $45,-
16c,270, and in the first quarter of 1902
in the treasury, including the reserve
and the trust fund against certificates,
received an addition of 81, ,270, 1854 dur
ing the fiscal year, and further addi-
tion of $34, 304. .225.50 by October l, while
$13,697, 1927 more in October brought the
aggregate by November l to $542, ,S31, $40.
This sum in gold was never before
equaled in our annals, and only for
few months some years ago has any
other government ever held SO much
of that precious metal.
In the bonds held by the treasurer for
the circulation of national banks, an
increase is shown for the fiscal year of
$41, ,741 100, and for the first quarter of
1902 of the further amount of $4,57S,950.
AS security for public deposits, the
bonds held amounted to 81, ,4S8, ,130 less at
the close of the fiscal year than at it's
beginning, and an addition of $2,444, 300
took place in the first quarter of 1902.
While the circulation per capita was
$26.50 on July 1, 1900, and $28.52 on Oc-
tober l, 1901, gold certificates and
more entered into the field of large de-
nominations, and were used almost ex-
clusively in the payment of customs
duties and in the settlements at the
clearing house in New York. The
United States notes are undergoing
change into the denomination of $40,
larger ones are redeemed, while the sill
yer certificates are taking the place of
81, 81, and $5 notes.
Two features are marked in the cur
rency-first, the growing use of gold.
and, second. the constant addition to
the small denominations of paper. The
gold, including certificates, in circula~
ton, which was 1873 per cent of the
total circulation on July l. 1897, was
1876 per cent on July 1, 1900, 40.2 per cent
on July 1, 1901, and 4o.S per cent on
October l, 1901. The average denonina-
ton of notes and certificates issued by
the treasury, which was 1854 in the
fiscal year 1900, fell to $4.46 in 1901.
The number of pieces of government
paper issued rose from rs, ,132, ,176, repre-
senting $495, ,545,000 in 1900. to 81, ,2s1 ,o3l.
of which the face value was S407.1 OF. 900,
in 1901 In the first quarter of 1901.
800, 1874 ,000 while in the like period of
1902 the issues were 26,603 799. of the
face value of SIG, 100000. and the aver
age worth was S4.152.
The redemptions in 1900 were 67,550.
735 pieces, of the average value of $4.S4
each, aggregating 1927, ,257, ,424, and in
1901, S1,394,5 ,555 pieces, averaging SAL
in value, and amounting to $358, ,891, ,490.
In the first quarter of 1901 the pieces
were 18. 5O7, 709, of the average value of
$4.S5 and the aggregate of $50, ,S64, 500,
pieces We're 1858, ,514 of the average
value of $3.50 and the total of $s4,1e2.-
600.
The redemptions of national bank
notes show an increase of $50, sos, so
during the fiscal year, while the aver
age amount of such notes outstanding
increased $79, 500, ,511 The total amount
redeemed was greater than in any other
year since 1879 save one.-The rate Of
expense for each 81. 900 in notes assorted
was 1886 cents, of which 37.81 cents was
for transportation The rate has never
been so low before. as the lowest pre-
yious figure $1.o7 in 1897, and the
highest $3.50 in 1881. The notes are paid
for if by check. on the day on whicn
they are received. and if by currency
on the succeeding day.
The shipments of standard dollars in
the fiscal year reached the maximum
as usual. in the late autumn. and the
December. This fell to $66 5SS, ,628 in
July. The increase in the year was
$50 per cent over 1900. For three years
the growth of shipments was steady,
but not large in the first quarter In
the standard dollars presented at the
treasury offices for exchange in silver
certificates an increase of per cent
appears over the preceding II months,
and in the first quarter of 1902 1876 per
cent over the like period of 1901
In subsidiary silver the shipments in
the fiscal year were 6.94 per cent great
er than in 1900, and in the first quarter
of 1902 6.42 per cent greater than for the
like period of the preceding year. The
redemptions for the year were 1873 per
cent more than in 1900. and in the first
quarter of 1902 they were 1878 more than
in the same months of the preceding
year.