The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1902-11-07
Chr Aesald and 0ews
UNCLE SANS MONEY BOX.
ANIMAL REPORT OF TIE TREASURER
OF TEE UNITED STATES.
unprecedented holdings OF Gold and q
Large Cash Balarcs I'm July, 1902, the
Cloee Of the Last Fiscal Year,
Show the Financial Strength
~ of the Government.

Ellis H. Roberts, Treasurer of the
United States, Washington, D. c.,
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 available cash balance in the
treasury July-1, 1902, was the largest
net balance in our history. 1t
amounted to $685., 187,361. The gold
reserve is connted in, as it IS availa-
BILE for the redemption of legal ten
der notes. Nearly one-half of the
available cash balance July l was in
gold, coin and certificates, $1O3,SOl,
200 over and above the gold reserve
of $150,000,000, and by October l it
became $136,1A7 III. As q meas
nre of the financial strength Of the
government, the report says, the fact
deserves mention. By October l,
1902, the available cash balance,
exclusive of the reserve, was $22l,-
253, 1914, and, owing to the large
measures for the relief of the money
market, it was reduced by November
1 to $2O6,421,870. Of this sum
$146,885,O12 was in national banks.
To the general stock of money in
the. country an addition of $50, l9S,
68l was made during the fiscal year.
OF this $67,955,527 was in gold coin
and bullion. There was also an in
crease of SIC, 735,259 in standard
dollars and of $7,360,991 in subsidi-
airy silver. United States notes re
NAMED under the law unchanged.
Treasury notes fell off $~17,7o3,OOO'
National bank notes received an in
crement of $2,851,5S9.
The gold coin and bullion October
/ exceeded all other kinds of money,
excluding national bank notes, by
$500, 368,433. In five years the ratio
of gold in the country to total circu
lation has run up from 1852 to 1915
to the hundred.
The growth in the volume of money
in circulation during the year was
S4,082,589, carrying the per capita
from 27.98 to 2843. The element
of gold coin and gold certificates
was the largest part, and the increase
reached $61, 1858 TIA and advanced
from 1870 per cent. of the total TO
III. 70 per cent. In silver of all demon
nations, including certificates, there
was increased of s25, ,146, of which
$6,486,0l4 was in subsidiary coin.
The reduction in treasury notes OF
$17,e77,8O0 is due to their with
drswal.
The advance IN circulation in the
volume of gold, including certif
Gates, within twelve years by the
large sum of $433, 03,576, is the
measure of the greater strength OF
our circulation. The addition during
the past fiscal year was S61,966,174
The increase in the future can hard:
" be less than $50,000,000 to $780,
100000 q year. The mines, the re-
port says, are thus confirming the
gold standardsteadlly and ~lnvincibly,
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 cur
rency to the highest level of all needs
of business. Our currency keeps
more than equal pace with the pop.
ulation. On June q the gold GER
tiicates outstanding for the first
time exceeded in volume the United
States notes, and were S547, l79,089.
By NoVerher / they were sS67,078,-
569.
"The gold in the treasury keeps
in active circulation as currency the
certificates issued against it, and,
moreover, S346, 681,016 in United
States notes and $4,000, 900 in
treasury notes, or over S14O,OOO,OOO
more than it's own value. The ques
ton may we'll be considered whether
the. United States notes may not
properly be turned by Congress into
gold certificates. They have much