The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1902-11-05
MILLIONS IN The TREASURY.
annual Report Of the Treasurer Of
the unitsa States.
UNPRECEDENTED HOLDINGS

July, 1902, The Close of the last
Fiscal Year, Sbow the Finan-
cial Strength of the
Government,
Washington, November 3.-Ellls =;
Roberts, Treasurer OF the Oalseo
States. in opening his annual repors,
saws that the magnitude OF the avail. Ila.
able cash balance and the uEprecedent
ed holdings of gross gold are the strlk-
IN, faatures Of the condition OF the
treasury s at the close of the fiscal year
% g;he available cash balance in the
treasnry July 1, 1902, was the largest
net balance in our history. 1t arnounS-
ed 10 s362, 1ST, 1861. The gold reserve
;s counted in, as it is available for the
redemption of legal tender notes. Near
" one-half of the. available cas1 Dal-
ance Julys1 was in gold, coin ana Ger
tifcates, s105, S0l, ,2SO over ano aoo ABOVE
the gold reserve of $50, OOO,0O an. ana
by October it became Sl36, IA s4i.
As measure of the financial strength
Of the. Government, the report says,
The fact deserves mention. By OcGo-
ber !. 1902, the available cash balance
exclusive of the reserve, was S22l, ,2o5,
3o4. and. owing to the large measures
for the relief of the money market,
it was reduced by November to S2oo,-
421, $40. OF this sum Sl46, SS5,el2 was
in national banks.
To the general stock of money IN me aae
country an addition OF SS0, l9e, oSi
was made during the fiscal year. VI
this S67, 800, 527 was In gold coin ano
bullion. There was also an increase OF
s19. 735, 259 in standard dollars and OF
s7 36O. 991 in subsidiary silver. United
States notes remained under the law
unchange. Treasury notes fell OF ST.
TsS. coo. National bank notes received
and increment of S2,S51, $50.
The gold coin and bullion October
exceeded all other kinds Of money. ex-
eluding national bank notes, by S2OO, !.
36S. S.433. In five years the ratio OF
cold in the country to total clrcuia-
ton has run up from S6,52 to 40, 70 70
the hundred.
in circulation during the year was
s74. os2, $50, carrying the per caplta
from 27.9S to 2S. 43. The element OF
pold coin and gold certificates was the
largest part, and the increase reached
s6I. a66. I7A and advanced from 40.3 ~
neT ~ cent of the total to Al. 73 per cent.
In silver of all denominations, lnciud-
ING certificates, there was an increase
nessSs s2e l46. of which Sc, 4S6, Ola was
in subsidiary coin. The reduction IN
treasury notes of S17, ,677, sO0ls due TO
their withdrawal.
The advance in circulation IN the
volume Of geld, including certlhcases.
within twelve years by the large SUN
of s4S3, 7o3, 576, is the measure OF she
greater strength of our c1rculaslon;
The addition during the past nscal
wear was s61, 966, 174. The increase In
the future can hardly be less than
so OOO. 600 to $50, coo. COO year. The
mines. the report says are thus con,
frming the gold standard steadily ana
invincibly. and it adds:
| aFor the immediate present, and
doubtless for few years at least, e sne
inflow of gold will De in sucn large
measure assto lift the volume OF cur
| rency to the highest level OF all needs
! Of business. Our currency keeps more
I than equal pace with the population.
ON June q the gold certificates out
standing for the first time exceeded IN
| yolunae the United States notes, ano
/ ware s347. l79, 089. By November / they
we're s367, ,o7S, $50.
ssThe gold in the treasury keeps II
active circulation as currency the GER
ti6cates issued against it, and, more
! over. s346, 68l, ,O16 in United State:
1 notes and $50, 600, 600 in treasury notes.
4 or over $40, 600, 600 more than its owl
yalne. The question may we'll be con
| sidered whether the United s9a5e e
notes may not properly be turneo "a, Q: .
Congress into gold certificates. Inc.
4 have much that quality already AM
the change could be gradually made a
the supply of the yellow metal take
on greater proportions.
ssThe demands of the people 10
5 notes of small denominations nav
surprised the closest students OF to
currency. In 1890 there were 37,o69
$40 pieces of Government paper issued
3 of the average value of Sc. 81. In l9O
< shs issue was l1e, e97, ,s74 and the aver
f age value 81. Tie facilities for Pre-
d1ction have been often increased an
now seem to be sufficient for preser
requirements.
0 1.-THE Act of March IA, 1900, make
It it the duty of the Secretary OF tn
9 Treasury to maintain the parity,
tyalue of all forms of money issued
coined by the United States With Il
e cold standard defined and fixed /
y That law. This parity has been an
/ is now easily maintained, and all kint
n of Government money are exchang
;. able with each other. ;,
"The inflow of gold, permitting tt
u free issue of gold certificates OF S2o al
,e upwards, is the key to this malnse
,e ance of parity and interchangeaoll1I 7
- of all kinds Of Government money: 7
4 the Other hand, small denomination
in ;,ol,5;no eilver coin. are constant