The Birmingham age-herald., 1902-11-04

gations will be shown to have been dim inished by 340,SSS during the fiscal year. The banks with securities pledged for circulation on June 30, numbered 455s, making an addition during the year of 3n Those with pledges for public moneys de- posted were 577.
 For more than 50 per cent of the banks the deposits for circulation are less than S1O0000 and for nearly one-third of the banks the bonds fell below $25, 900 in each case.
 The growth in the volume of money in circulation during the year was S74OS2,- 5S9, carrying the percentage from 279S to 28.43. The element of gold coin and gold certificates was the largest part and the increase reached $61 966,174 and advanced from 40.30 per cent. of the to- tai to 4l73 per cent. In silver of all de- nominations, including certificates, there was an increase of S25, ,226. .146, of which S6'4S60l4 was in subsidiary coin. The re- duction in treasury notes of $17 677.So0 is due to their withdrawal
 The advance in circulation in the vol ume of gold, including certificates within twelve years by the large sum of S533,- 703,5l6, is the measure of the great strength of our circulation. The addi- ton during the past fiscal year was $61,- 9S6l74 The increase in the future can hardly be less than $5OOOO,O 900 to $60OOO, 900 year.
 The mines. the report says. are thus confirming the gold standard steadily and invincibly, and it adds:
 Confirms Gold Standard.
 "For the immediate present. and doubt less for few years at least, the inflow of gold will be in such large measure as to lift the volume of currency to the highest level of all needs of business. Our currency keeps more than equal pace with the population.
 On June N the gold certificates out standing for the first time exceeded in volume the United States notes and were S34I 179,0S9. By November l they were $6S7 07S, ,569
 aThe gold in the treasury keeps in active circulation as currency the certificates against it and moreover Ss46, ,6s1, ,O1S in United States notes and $30,0OOOOO in treasury notes or over $140,000,OOO more than it's own yalue.. The question may well be considered whether the United States notes may not properly be turned by congress into gold certificates. They have much of that quality already, and the change could be gradually made as the supply of the yellow metal takes on greater proportions.
 The act of March IA, 1900, makes it the duty of the secretary of the treasury to maintain the parity of value of all forms of money issued or coined in the United | States with the gold standard defined and fixed by that law. This parity has been and is now easily maintained and all | kinds of government money are ex- | ehangeable with each other.
 As a result of the movements of money our government paper currency is gain ing in simplicity. Gradually all large de- nominations are becoming gold certii- | cates and the smallest silver certificates
 while in time all $l0 will be United States | notes.
 l There was a net increase during the l fiscal year of $S6S banks, 437 charters | having been granted and sixty-nne sur | rendered. The total number of banks | chartered to June 30 1902 was 6325 of which 4546 were in operation and 1779 out | of existence.
 There was unusual activity in the move- | ment of silver and minor coin to and from the treasury. The shipments of silver dollars reached $40, 04,325, exceeded | all former records and the returns for exchange were s271O,69O greater than the issues. There was a marked falling off in the amount of spurious coin and paper money presented.