The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1902-12-17
He Recommends That Silver Be Mais
PAYABLE in Gold.
STRENGTH OF THE TREASURY

stantly Increasing Business-Bankins
system Impertect-Ths Health OF tho
country-ImmiGrstIon Statisfics For
Year.1ho Secretary's Annual Report.
Washington. D. C.-The annual re-
port OF Secretary OF the Treasury
Shaw was presented to the House OF
Representatives and read. 1t contains
nearly 10000 words.
His principal recommendations refer
to the actual condition Of the currency
and the necessity for a change IN the
banking laws which will provide for
additional circulating medium. While
insisting on no one plan. the Secretary
suggests that the issuance OF circula'
tion based upon general bank credits
be properly safeguarded.
He also urges that Congress pass a
law making provision for the rcdemp-
tion of silver or its exchange with
gold. This would complete absolutely
the gold.standardizing Of this country.
II gives 4 statement Of the Govern
ment's finances fo- the year 1OU2. as
compared with the preceding year.
showing that receipts decreased $l4.'
O,2jO.4J. whereas expenditures de-
creased S3S. .776. 1851.
The public debt was decreased $56.-
O7O.34O. During the year national
banks increased their resources $ilS.-
5S1.617.54, but their supply Of specie
decreased So. The total re.
sources OF the banks was SB.113.92S.-
912.5O. the largest in the history OF
the country.
Attention Is called to the fact that
the imports OF the country Increased
by $50. .li3.1S3, while the exports de-
creased $lO6.O45.59O. High prices at
home. the Increased home consumption.
and the failure OF the corn crop. are
given rs the principal reasons for this
condition.
The report on immigration shows
that I3O. .79S aliens came to this coun.
try during the year. or these S2.O35
came first cabin.
or the total European countries fur
nished 69O.472. Asiatic countries 23.0S2.
and all other sources 1I.24i.
As to illlteracy. the report shows
that 162.1SS were unable to read or
write. 2S17 could read. but not write.
leaving 43S.63S who were able to do
both.
The total reflections for all causes
under the immigration laws were 1914.
or about two-thirds OF one per cent.
OF the total steerage immigration.
The report shows that in the year
ending June 30. 1902. there were 55..
S57 cases of smallpox 1852 being fatal.
Notice is given that bill for the es-
tablishment of an institution for the
study and care Of leprosy patients will
be introduced into Congress. Refer.
ences Is also made to the freedom OF
the United States from yellow fever
during the year.
On the question OF the currency. the
report urges action by Congress look
ing to the redemption OF silver and
Its change for gold. This would ward
of a danger which might arise In hard
times when the Government revenue
was less than Its expenditures.
It Is also urged that more subsidiary
silver coin be minted. The Treasury
cannot now supply the growing de-
mand. The legal limitation has been
reached-S1OO.O .OOO. .OOO-and the demand
Is S1OOOO.OOO a year. The Secretary
urges that the law requiring the coin
Ing of 100000 silver dollars month
be repealed and authorization given
to coin subsidiary silver to the limit
OF the demand.
As to changing the banking laws.
the report discusses the question at
length. Additional circulation. 1t says.
Is needed. Bank branches are not rec.
commended. No one plan Is. the ques.
tIon being left open to Congress.