The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1902-11-07
Chr Mprala ana Me,ps
UNCLE SANS MONEY BOX.
ANNUAL REPORT OF THE TREASUREs
OF The UNITED STATES:
Unpreceeented Boldin.s OF GOld and q
Large Cash BalaI Q. on Jnly, 1909, the
Clos. OF the Last Fiscal Year,
Show tho Financial Strength
OF the Government.

ohioo" NNotoS3 w nohihf3toh ~. w.,
in opening his annual report, says
that the magnitude of the available
cash balance and the unprecedented
holdings of gross gold are the strik-
ing features of the condition of the
treasury at the close OF the fiscal
year 1902.
The available cash balance in the
treasury July 1, 1902, was the largest
net balance in our history. 1t
amounted to $362, ,187,36l. The gold
reserve is connteG in, as it ls availa.
BILE for the redemption of legal ten.
der notes. Nearly. one half of the
available cash balance July was in
gold, coin and certificates, $103,801,
200 over and above the gold reserve
of $l50,00O,000, and by October l it
became $13G, ,124,771. AS a meas.
ure Of the financial strength of the
government, the report says, the fact
deserves mention. by October I,
1902, the available cash balance,
exclusive of the reserve, was %221,-
1894, and, owing to the large
measures for the relief of the money
market, it was reduced by November
l to $20G,421, ,87O. Of tins sun
S146,SS5,0l2 was in national banks.
70 the general stock OF money in
the country IN addition Of $50, 1893,
6Sl was made during tho fiscal year.
OF this 67,055,5 1927 was in gold coin
and bullion. There was also IN in
crease of $40, 735,250 in standard
dollars and Of S7,360,00l in subsidi-
ary silver. United States notes re
NAMED under the law unchanged.
Treasury notes fell off $l7,7S3,OOO
National bank notes received an in
crement Of S2,851,5S0.
The gold coin and bullion October
| exceeded all other kinds of money,
excluding national bank notes, l,y
$500, ,36S,43 In five years the ratin
of gold in the country TO total circu
lation has run up from 3G 80 to 4G As
to the hundred.
The growth in the volume Of money
in circulation during the year was
S'4,OS2, $50, carrying the per capita
from 270S to 2S.43 The element
of gold coin and gold certificates
was the largest part, and the increase
reached SOL, ,0GG,l7l and advanced
from 4O.3O per cent Of the total 70
III. Is per cent. In silver Of all demon
nations, including certificates, there
was increase of spa, ,22G, l46, of which
$6,4SG,Ol.l was in subsidiary coin
The reduction in treasury notes Of
SIT ,67T,S 800 is due to their with
drawal.
The advance IN circulation in the
volume of gold, Including ccrtiti
Gates, within twelve years by tho
large sum of S433, 7O3,576, is the
measure Of the greater strength Of
our circulation The addition during
the past fiscal year was $6l, ,0GG,l7
The increase in the future can hard
ly be less than 50,000,O00 to 500
OoO,oO0 year. The mines, the re-.
port says, are thus confirming the
gold standard steadily and lnvinribly,
and it adds:
"For the immediate present, and
doubtless for few years at least, the
inflow of gold will be in such large
measure as to lift the volume of cur
rency TO the highest level Of all needs
OF business. Our currency keeps
more than equal pace with the pop.
uIatIon. On June q the gold Ger
tlficates out standing for the first
time exceeded in volume the United
States notes, and were $347, rs, ,O80.
BY November | they were 1867, ,O78,,
$780,
"The gold in the treasury keeps
in active circulation as currency the
certificates issued against it, and,
moreover, $34G,681, ,010 iu United
States notes and $30,0OO,OOO in
treasury notes, or over $l40,000,OO
more than it's own value. The ques
tlon may we'll be considered whether
the United States notes may not
properly be turned by Congress into
gold certificates. They have much
that quality already and the change
could be gradually made as the sun