The county record. [volume] (Kingstree, S.C.) 1885-1975, 1902-11-13
BIG CASH BALANCE.
Greatest Amount of Money On Hand
In Ccuntry's history
VlRY GOOD TREASURY SHOW ING
All Large Denominations Becoming
Gold Certificates and the Smallest
Silver Certificates.

erts, Treasurer of the United States, IN
opening his annual report. says thai
the magnitude Of the available cash
balance and the unprecedented hoia-
ings of gross gold are the striking fea-
lures of the condition Of the Treasury
at the close of the fiscal year 1902. The
available cash balance in the Treas
urv July /, 1902, was the largest net
balance in our history. 1t amounted 10
1862, 1S7, 361. The gold reserve is counted
in as it is available for the redemption
of legal tender notes. Nearly one-hait
of the available cash balance was IN
gold coin and certificates, s1o3, sol ,29O
over and above the gold reserve OIL
$3.50. 5000. 900 and by October it became
s136, 124, III. AS a measure OF the inan-
cial strength of the government the re-
port says the fact deserves mention. by
| October l, 1902, the available cash bal
ance, exclusive Of the reserve, was
S221, 263, 1894; and owing to the large
measures for the relief Of the money
market was reduced by NovembeG l,
to $780, 21 $40. OF this sum Sl45,SSo,ol
was in national banks. To the totai
stock of money in the country an add
ton OF s13O, 13S, 841 was made during
! the fiscal wear. OF this 1861, 699, SIT was
In gold coin and bullion. National bank
notes received an increment OF sZ'Soi''
53a.
The gold coin and bullion October l
.xceaded all other kinds OF money, ex-
cind;ng national bank notes, by S2Oo,-
q 433, In five years, the ratio OF gold
%. country has run up from 36.52 70
Id tbe .e 100. The growth in the VOL
1915 TO L.. in circulation during the
ume of none, "49 carrying the per
year was s74,04s,~. 20. The element
capita from 27.9S to 2s.. -ntes was
Of gold coin and gold certipo- ~
the largest part and the increase rea.-
ed SCI, $50, ia, and advanced from 1870
per cent. Of the total to Alb per cent.
in silver Of all denominations, includ-
ing certificates, there was an increase
Of $25, 226, JAG, of which S6,4S6 ola was
in subsidiary coin. The reduction in
Treasury notes of $17,677,S00 is due to
their withdrawal.
The advance in circulation in the
volume of gold including certificates
within II years by the large sum OF
s433, T03, SIG, Is the Measure of the
great strength of our circulation. The
addition during the past fiscal year was
SCI $3.50, ia. The increase in the future
can hardly be less than $50, 0O0, 900 to
$50, 900, 900 a year. The mines, the re-
port 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
measures 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 q the gold certificates out
standing for the first time exceeded in
volume the United States notes and
we're S347, 179, 089. BY November l, they
were 1857, 078, 569.
THE gold in the Treasury keeps in
active circulation as currency the GER
t~ifcates issued against it and more
over $346, 65S, 016 in United States notes
and $50, 900 900 in Treasury notes, or
over $40, 000. 900 more than its own
value. The question may we'll be con-
sidered 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 a ds
the supply of the yellow metal takes
On greater proportions. The demands
of the people for notes Of small denoln-
nations have surprised the closest STU
dents of the currency. In 1890, there
were 37,065,SS pieces Of government
paper issued Of the average value Of
S6.61. In 1902, the issue was 1861
S74, and the average value was 81. The
facilities for production have been
often increased and now seem to be SUI
fcient for present requirements.
The act of March IA, 1900, makes
it the duty Of the Secretary Of the
Treasury to maintain the party of
value on all forms of money issued or
coined by the United States with the
gold standard and fixed by that law.
This parity is now easily maintained
ana all kinds Of government money
are eXchangeable with each. The flow
of gold permitting the free issue Of
gold certificates of S29 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 tie
myriad transactions Of retail trade and
the current uses of rural communities
as we'll as for pay rolls in furnaces and
factories and harvest fields" The
Treasury in recent years, continues the
report, has had much more clamor for
silver and small notes than for gold. 1t
is now abundantly abe to meet ali
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 or
paper currency is gaining in simplicity.
Gradually all large denominations are
becoming gold certificates, and the
smaller silver certificates, while in
time all $40 will he United States
notes.