Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1902-11-06
TREASURY REPORT.
Ellis q. Roberts Tells About Uncle
Sans Money.
UNPRECEDENTED HOLDINGS OF COLD.


CEtc, IIcdSuIeF VI INC UulJcu oLdJcS,
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 net ordinary revenues
for the year were $500, 47S,233 and
the expenditures $471, 190,s57, show
ing o surplus Of $91,2S7,37 Z
While the accounts Of the public
debt on their face show an increase
OF SIS, 1885, 12 in the total of the debt,
II allowance be made for the increase
Of s57,624,40O in gold certificates,
the national obligations will be
shown to have diminished by 4 $780,
1888 during the fiscal year.
The growth in the volume Of money
in circulation during the year was
$74,Os2,5S9, carrying the per capita
from 27.9S to 2S.43. The element Of
gold coin and gold certificates was
the largest part and the increase
reached SOL, 966,174 and advanced
from 40.30 per cent. Of the total to
41.73 per cent. In silver Of all de-
nominations. including certificates,
there was an increase Of $25, 266, 146, |
Of which $6,4S6,O14 was in subsidiary
coin. The reduction in treasury
notes Of $17,677,sOO il due to their
withdrawal.
The advance in circulation in the
volume Of gold, including certificates,
within 70 years, by the large sum
Of $433, 3,51O is the measure Of the
greater strength Of our circulation.
The addition during the past fiscal
year was $751; 1856, ia. The increase in
the future can hardly be less than
$50, 900, 900 to $685. 900, 900 a year.
The mines, the report says, are
thus confirming the gold standard
steadily and invincibly and it 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 currency to the highest level Of
all needs of business. Our currency
keeps more than equal pace with
the population. f.rf
1.-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 by 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
exchangeable with each other. The
inflow Of gold, permitting the free
of gold certificates of $40 and
upwards, is the key to this main
tenance Of parity and Interchange
Of all kinds Of government
money. On the other hand, small
denominations, including silver coin, (,
are constantly in demand for the I
transactions of retail trade
and the current uses OF rural com
munities, as well as for pay rolls
In furnaces and factories and har- y
vest fields. The treasury in recent =
years has heard much more clamor '
for silver and small notes than for Q
gold. 1t is now abundantly able to +
meet all calls for every kind of :
money for its own obligations for t
redemption and for legitimate trans c
fers. Il
"As n result Of the movements
which have been noted our govern
ment paper currency is gaining in
simplicity. Gradually all large de- =.
are becoming gold GER !
.tifcates, while in time all $40 will !
be United States notes" Y
There was a net increase during '
the fiscal year Of 1868 banks, 437 I
charters having been granted and )
50 surrendered. The total number Y
pf banks chartered to June 30, 1902, J.
was 6,325, Of which 4,546 were In OPP
and Ito out Of existence. !
There was unusual activity in the q
movement Of silver and minor coin :
10 and from the treasury. The ship '
ments Of silver dollars reached $40,'
lO4, 1925, exceeding oil former records,
md the returns for exchange were
", no, 800 greater than the issues.
The amount Of subsidiary coin out. +,
standing was increased by $3,114,s52 /,