Arizona republican., 1902-12-04

to the higher denominations. Inclusive of gold coin, the smaller denominations constituted over 80 per cent of the whole stock of money. In the next twelve months the increase of the smaller denominations was $71, ,2S3.1 .129 and of the higher only S4. .745, 75O, raising the percentage of the former to over S3. The demands of the people for notes of small denominations have surprised the closest students of the currency. In 1890 there were 37. .065. .SsO pieces of government paper issued, of the average value Of S6.61 In 1902 the issue was 16,6S7, ,S74 and the aver age value $4. The facilities for produc- tion, so far as the treasurer's office is concerned, have been often increased. ana now seem to be sufficient for pres ent requirements. In July. Augusr. and September. 1902. the issues and re- demptions were each over 7.0O00O pieces greater than in the same months of the preceding year The average value has fallen to $3.62. The currency distributed from Washington to the subtreasuries and banks during the fiscal year amounted to $3S7, ,31S. .SS3. against S319.9 1SS in the year preced- ing.
 From the occupation of the Philip pines to September 15 last. an aggre- gate of 1881 .05O in American money was sent there to be used in govern ment disbursements. Of this, Si5. .6S0,- eco was in paper, $10.290O00 in gold. and the remainder in silver and minor cion. There is no record to show what has been returned.
 The act of March 1A- 1900, has been carried out in accordance with the spirit and letter of the statute. The parity of all kinds of currency has been maintained. For the present, no silver certificates are issued of higher de- nomination than s, and no United States notes of any other denomina- tion than $10. while gold certificates alone are issued in the higher forms. As a consequence, the paper currency is gaining in simplicity Generous congressional action has made it pos sible to provide a fair reserve of fin ished notes of all denominations ready for issue. and the treasury has been able to meet all demands for currency without any restrictions upon the de- nominations paid out or the kinds of money received in return The receipts
 
 the fiscal year amounted to S723. .275. .246. an increase of $54.S64, ,S65 over 1901.
 National bank notes amounting n $171, ,S69, ,25S, equal to 4S Der cent of the average outstanding, were presented during the year for redemption. an in crease of s24.3s2, ,6S1 over the previous year. In the first quarter of the cur rent fiscal year presentations for re- demption amounted to $39, ,791, POI an increase of S3.2S3,51O over the same period in 1901. The volume of notes outstanding was further increased SlO,3 ,5O1. making the aggregate $366.- 993,5SS. The expenses of redemption for the fiscal year were s153, 796. which have been assessed upon the banks at the rate of $0.92444 per S1,OOO of thei- , notes redeemed.
 There was unusual activity in the movement of silver and minor coin to and from the treasury. The shipments of silver dollars reached $40. 4O4. .325. exceeding all former records. and the returns for exchange were Se.71O 6aO greater than the issues. The amount of subsidiary coin outstanding was in- creased by S6,4S6,014 to $S5, ,721, ,22S. A recoinage of $4,331, GAS of all kinds of uncurrent coins was executed, at q loss of $19S,14S on the original face value. There was a marked falling off in the amount of spurious coin and paper money presented.
 THE MINT SERVICE.
 The hints at Philadelphia, New Or leans and San Francisco were in oper- alton throughout the fiscal year. The total number of coins struck was 191. . | nf fl,n roo Gold coinage amounted to $6I. .sSO, ,572. 50 silver dollars to S19, ,4O2. 800 subsidiary silver coins to $1O. 713, ,569.45, and minor coins to S2.429, ,736.17 Gold bullion in the hints increased during the year from S1O9 9,219,4 to SPA, 1923. The coinage of silver dollars was wholly from bullion purchased under the act or July IA, 1890. Of this, there remained on July l, 1902, 8. .21S.71 fine ounces.
 The new mint edifice at Philadelphia was occupied in October, 1901, and with its equipment now constitutes prob ably the most modern and complete coinage establishment in the world. It's ultimate capacity when fully equipped will be much beyond what is at present required The total approp- ration made for equipment was s44O,- 1855. of which S349, 720. .S4had been ex- pended up to July 1. 1902. The contract for the interior construction of the new mint at Denver has been awarded. That machinery and other equipment may be ready for installation when the building is completed, a further ap- propriation for that purpose should now be made. The mint at San Francisco is being supplied with new machinery to bring its equipment up to the stan