Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-04
THE HOARD OF Gold |
UNPRECEDENTED CASH BALANCE
AND YELLOW boys IN TREASURY.
INCREASE IN RATIO OF GOLD.
Our Currency Said to Keep More
Than Equal Pace With the Popu1n-
tion-The Demand for Small De-
nominntions-Al1 Kind Exchange
able.
AND YELLOW boys IN TREASURY.
INCREASE IN RATIO OF GOLD.
our Currency Said to Keep More

WASHINGTON. D. c., November g..
Ellis II. Roberts treasurer of the
United States. in opening his annual re-
port, says that the magnitude Of the
available cash balance and the unprcce-
denied 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 l. 1902 was the biggest
net balance in our history. It amounted
to 1862, 1S7, 361. The gold reserve is counted
in as it is avanable for the redemption
Of legal tender notes.
Nearly one half of the available cash
balance July LIST was in cold coin and
certificates. 500, sol 200 over and above the
gold reserve OF $50, 10000, and by, October
LIST it became s1S6, AS a measure
Of the financial strength of the govern
ment the report says. the fact deserves
mention that by October 1, 1902, the
available cash balance, exclusive Of the
reserve, was s221, 2253, 1894; and owing to the
large measures for the relief of the money
market it was reduced by November LIST
to s2oS 421, $40 Of this sum S146. OLE was
in national banks.
To the general stock Of money In coun-
try in addition of sso19s.6S1, was made
during the fiscal year. OF this s67955,527
was in gold coin. and bullion.
There was also an increase of s19 I9o, 259
in standard dollars, and of $7,360,991 in
subsidiary silver. United States notes
remained under the law unchanged
Treasury notes fell off s17,7SSooo. National
bank notes received an increment of
G 1,n rNir,
October LIST. exceeded all other kinds Of
money, excluding national bank notes.
by $1,000. sos, 433.
In five years the ratio of gold in the
country to the total circulation, has run
up from 1852 to 46.45 to the 100. The
growth in the volume of money in circula-
ton during the year was 74,0s2,5Ss. carry
ing the per capita from 27.9S to 2S4s
The element of gold coin and gold Ger
tificates was the largest part and the In
crease reached s61 966,174, and advanced
from 1870 per cent. of the total to 4.73
per cent In silver of all denominations,
including certificates. there was an in
crease of s25, 226, JAG, Of which Sc, OLA was
in subsidiary coin. The reduction in
Treasury notes Of s1767 500 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 S433, 49,
SIG is the mea sure Of the greater strength
Of our circulation. The addition during
the past fiscal year was S6l,966.l14. Inc
increase in the future can hardly be less
than $50. OCO. 900. to 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 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 demands of business.
Our currency keeps more than equal
pace with the population. On June 9th
the gold certificates outstanding, for the
first time exceeded in volume the United
States notes and were S347, 0S9. BY
| November 1st they were 1861, 07S,569.
..The gold in the Treasury keeps in
circulation as currency the certificates
issued against it and, moreover. S3i6,6S1, 016
| in United States notes, and S3OOOO,0oO in
| Treasury notes, or over S140, 100000 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 quail
| ty already and the change could be
gradually made, as the supply of the yell
| low metal takes on greater proportions.
"The demands of the people for notes of
| small denominations have surprised the
| closest students OF the currency. In 1880
there were 37,065,SS0 pieces of govern
ment paper issued, of the average value
| of s6.G1. In 1902 the issue was n6,6lS,S14
and the average value 81. The facilities
for production have been often increased
and now seem to be sufficient for present
requirements.
oyrAe fhn
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 par1-
| ty 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 certificates of $50 and up
wards, is the key to this maintenance OF
parity and interchangeability of all kinds
! Of government money. On the other
| hand, small denominations, including sill
yer coin, are constantly in demand for
commercial transactions Of retail trade
| and the current users Of rural commune
| ties, as we'll as for pay-rolls in furnaces
| and factories and harvest fields.
The Treasury in recent years, continues
| the report, has heard much more clamor
| for silver and the small notes than for
| gold. It is now abundantly able to meet
| all calls for every kind of money and its
| own obligations, for redemption, and for
| legitimate transfers. AS result of the
| movements which have been noted, our
government paper currency is gaining in
simplicity Gradually all large denomina-
| lions are becoming gold certificates and
! tho smallest silver certificates. while in
| time all $40 will be United States notes.
German Consul Wants informant on.
Mr.. E. X. Victor. German Consul here