The Savannah morning news., 1902-11-04
FINANCIAL REPORT
TREASURER OF UNITED STATES
RENDERS STATEMENT.
GROSS GOLD UNPRECEDENTED
STRIKING FEATURE OF THE
TREASURY'S CONDITION.

Also the Available Cash Balance Mt
the Close of the Fiscal Year, June
80, the Largest in the History of
the Country, Amounting to $362,-
1S7.36I-In Five Years the Ratio of
Gold in Circulation Has Increased
Ten Per Cent-Mines Confirming
the Gold Standard.
Washington, Nov. 3.-Ellis H. Rob-
erts, treasurer of the United States, in
opening his annual report, says that the
magnitude of the available cash ball
ance and the unprecedented holdings
of gross gold are the striking 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 amount
ed to 1852, 1877, 961. The gold reserve rs
counted in as it is available for the
redemption of legal tender notes. Near
ly one-half of the available cash bal
| ance July 1, was in gold coin and GER
tificates, $103,S ,29O over and above
the gold reserve of $3.50, 000-
900, and by Oct. 1 it became
| $1S6, 124,771. AS a measure of the finan-
cial strength of the government, the re-
port says the fact deserves mention.
| BY Oct. l, 1902, the available cash ball
ance, exclusive of the reserve, was
! 1921, 253, 1874; and, owing to the large
measures for the relief of the money
market, it was reduced by Nov. l to
$685. AL $40 OF this sum STAG, SS5, O12
was in national banks.
! To the general stock of money in the
| country, an addition of $50, 1885 was
made during the fiscal year. OF this
| 67,955,527 was in gold coin and bull
| lion. There was also an increase of
| $40, 1925 in standard dollars and of
| $780, 91 in subsidiary silver. United
| States notes remained under the law
unchanged. Treasury notes fell off ST.
| $4,000. National bank notes received
an increment of $2S51, $50.
! The gold coin and bullion Oct. 1 ex-
| ceeded all other kinds of money, ex-
| Guiding national bank notes, by $780,
1884, In five years the ratio of gold
| in the country to total circulation has
| run up from 1852 to 46.45 to the 100.
The growth in the volume of money
in circulation during the year was
| $74, 0S2, 5S9, carrying the per capita
from 27.98 to 28.43. The element of
| gold coin and gold certificates was the
largest part, and the increase, reached
| $61, 500, LA, and advanced from 1890 per
cent. of the total to NIB per cent. In
| silver of all denominations, including
| certificates there was an increase of
SOS, 226, LAG, of which $6,4S6014 was in
subsidiary coin. The reduction in
treasury notes of $17,677 800 is due to
their withdrawal.
| The advance in circulation in the
volume of gold, including certificates,
within twelve years by the large sum
| of $433, 7Q3516 is the measure of the
| greater strength of our circulation.
| The addition during the past fiscal
| year was SCI, 9e6,174. The increase in
the future can hardly be less than $780,
600, 900 to $50 600, 900 a year. The mines,
the report says, are thus confirming
the gold standard steadily and irwin
chilly, and the report adds:
For the immediate present, and
! doubtless for a 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 population.
! On June 81 the gold certificates out
| standing, for the first time exceeded in
volume the United States notes, and
were S347 179,0S9. By Nov. l, they were
| 1857 07S ,569.
1.-THE gold in the treasury keeps in
| active circulation as currency the GER
tifcates issued against it, and more
over, S346 6S1, Ole in United States notes
| and 1000 900 in treasury notes, or over
| $140 600 900 more than it's own value.
| The question may well 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 supply
| of the yellow metal takes on greater
| proportions.
1.-THE demands of the people for notes
! OF small denominations have surprised
| the closest students of the currency. In
| 1890, there were 81, 065,S8 pieces of gov
| eminent paper issued, of the average
| value of 1851. In 1902, the issue was
| 116,e97,S74 and the average value 81.
| The facilities for production have been
! often increased, and now. seem to be
! sufficient for present requirements.
| THE act of March IA, 1900, makes it
| the duty of the Secretary of the Treas
ury to maintain the parity of value of
! all forms of money issued or coined by
! the United States with the gold stand
/ ard defined and fixed by that law. This
| parity has been and is now easily main
! tanned, and all kinds of government
| money are exchangeable with each
! other.
THE inflow of gold. permitting
| the free issue Of gold GER
| tificates of $50 and upwards, is
! the key to this maintenance of parity
| and interchangeability of all kinds of
| government money On the other
! hand. small denominations, including
| silver coin, are constantly in demand
| for the myriad transactions of retail
| trade and the current uses of rural
! communities as well as for payrolls in
/ furnaces and factories and harvest
| fields. The treasury in recent years
| has heard much more clamor for silver
and small notes than for gold. 1t is
| now abundantly able to meet all calls
| for every kind of money. for its own
| obligations for redemption and for
| legitimate transfers. AS a result of
! the movements which have been noted,
our government paper currency is gain
| ing in simplicity. Gradually all large
| denominations are becoming gold GER
! tificates, and the smallest silver certih-
! Gates. while in time all $40 will be
| United States notes"