The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-09


Engraving and Printing, the report says:
The aggregate delivery of all classes or
work during the year was l55, 1859 sheets,
year of 16.576.332 The deliveries, In detail,
were as follows: To the treasurer OF the
United States, 37.112.C00 sheets of United
States notes, gold and silver certificates, an
increase of 2,931, 800; TO the controller OF the
currency, for national bank circulation,
o;ozl,0IS sheets. an increase OF 3N.,ozo; 10
the register OF the treasury 1000 sheets or
bonds, an increase OF 1900; to the commits
sioner of internal revenue. IS, OS4,95S sheets
OF internal revenue stamps, an increase OF
3,5l2,303; to the postal service, %, 4OZ5cI
sneets or postage stamps, an increase OF
6522.301. The deliveries OF miscellaneous
work were 2,506274 sheets, an increase OF
Considerable space is devoted to customs
and good recommendations are made with a
view of improving the service and prevent
commissioner of internal revenue is re-
viewed and its salient points (printed in
the Journal few weeks ago. are gwen
synopsis or reports or the public healtn
and Marine Hospital Service are found in
the secretary's report. He says ga patients
have been treated during the year. an ex-
cess of sixty-two over the previous year
Twelve discharged recovered, fifty
four improved and ten not improved; l5O
remained under treatment at the close or
the year.
The Treasury Department has charge of
many branches of the public service. whose
| reports have been made public from time
reviewed by the secretary. He calls atten-
ton 20 the fact that the foreign commerce
of the year was the largest in the history
of the country. The total imports We're
valued at s1025, .237 and the total exports
at 81 APO. 1859. This makes the grand total
OF the years commerce $2,4i5,S6 9l6. against
81, 066. 116 in 1885, 81. 547 O20316 in 1888 and
H,164, 6l6.132 in 1873 Thus the increase in
the past decade has been more than that
of the two Immediately preceding decades
combined
OUR MONETARY SYSTEM.
In conclusion, under the head of 'Our
Monetary SYSTEM" the secretary says:
''Our currency system has been subjected
during the year to some very severe tests.
Unprecedented prosperity encouraged the
natural optimism of our people to such an
extent that property of all kinds found
ready and eager buyers at figures phenom-
enally high. condition, therefore, ex-
listed which of necessity could not last.
Within a year the market value of stocks
and bonds. the proper and legitimate hold
| ings of the people, has deprecated in an
amount estimated far in excess OF the cost
of four years devastating civil war Yet
| Notwithstanding this enormous and lncon-
| ceivable shrlnkage, it has not affected in
noticeable degree other classes OF prop
! erty. Banking institutions have exhibited
! no suggestion of weakness, few business
| failures have occurred, there has been but
| q slight curtailment In commercial enter
1 pr1SeS, very little apparent ndrOSnlp
| absolutely no fear of any depreciation in
| any form OF currency To all appearances
the crisis is passed There now exists scant
reason for apprehension-certainly no occa-
sion for alarm.
| by the provisions of a very wise act of
! Congress approved March IA. $780, il was
made the duty of the secretary of the
| treasury to redeem United States notes and
| treasury notes in gold on demand. and to
maintain all forms of money issued or
coined by the government at a parity OF
1 xa1t E-xyi6 w he M
| stood, as they are justified in doing, that
| this statute authorizes the redemption OF
ever necessary for the maintenance of par
| ity. Nothing short of this assurance would
have carried us through the period to which
| i have referred.
One well-recognized weakness however,
has been strongly emphasized-our cur
| rency system is nonelastic. 1t does not re-
| spond to the varying needs of seasons, or
| of localities, or of changing conditions of
business. This admitted defect should be
remedied. But in remedying ii no measure
should be considered that will i'm any wise
| weaken that which Is now stable, and no
element should be injected that will cause
distrust or doubt Fortunately, at the pres
| ent time no recipient of any of our several
| forms of money stops to examine its char
| acter 1t is all known to be as good as
gold for the credit of the government is
| No act should be passed authorizing the
issuance of anything less safe and secure.
| NATIONAL BANK CIRCULATION.
During the fiscal year ended June 30,
| 1903, national bank circulation increased. in
round numbers, So, 900, only coo of
which was due to new organizations. Man.
ifestly this rate of increase cannot be con-
tinued unless additional United States
bonds are provided, some other plan is
| devised.
I'm my last annual report I called at
tention to the fact that the act of June %,
| 1902, which authorized the secretary of the
| treasury to borrow $l30,000,O00 for the con-
| struction of the proposed isthmian canal,
security for national bank circulation at a
less rate of taxation than / per cent. per
annum. repeat my recommendation then
| made that these proposed bonds be made
| available as the basis of circulation on the
| same terms the consols authorized by
act of March IA, 1900.
| subsidiary coin less than 100000 ounces of
| silver. This will be exhausted approx
mately at the close of the current fiscal
| year. Authority should be given to re-
coin existing silver dollars into subsidiary
coin or to purchase additional silver with
which to supply the ever-increasing needs
! of the country. The present volume of
silver stored in the vaults of the treasury
| is equivalent to nearly 500 carloads of 80
tons each 1t would cost sloo'ooo TO recount
it. This enormous amount is worth in bull
lion less than half of its coinage value,
but it is all redeemable, at the discretion
of the secretary of the treasury, in gold.
Manifestly it must always be stored or
other uses provided. Whether ii be wiser
to continue this burden and purchase ad-
ditional bullion for subsidiary coinage. or
to authorize the conversion of portion of
these dollars into more available forms of
money is for the Congress to determine.
In any event some provision should be
made for an increase of subsidiary coin.
There is also scarcity of paper cur
rency of small denominations. That this
demand may be supplied. L recommend that
national banks be permitted to issue a
larger proportion of their authorized cir
culation in denominations of 50.
OTHER RECOMMENDATIONS.
81 desire to emphasize the following rec
concentrations, the reasons for which are
more fully set forth in the preceding pages
or in my last annual report:
1.-The mint at New Orleans is both in
convenient and expensive. 1t should. in
my judgment, be reduced to an assay Of
flee.
THE assay office at New York is in
/ convenient in construction, inadequate in
size. unfortunately located, and should be
sold and new one built. Fortunately the
present site can be sold for enough to buy
one more eligible, erect a suitable building
thereon, and have a respectable balance
left to cover into the treasury.
THE tax national bank circulation
based upon bonds hereafter issued should
| hale Of