Holbrook argus., 1903-12-19
HAS PLENTY OF CASH
BALANCE MORE THAN DOUBLED
 SINCE 1890
Depositors Find it Convenient to Offer Gold Ger tificates for Exchange. New Record Made in Receipt of all Money for Redemption

Washington-Le M. Shaw, secre- tary of the treasury, has issued a re- port of the financial condition of his department showing a noticeable in crease in the available cash balance and increased holdings of golds. Extracts of the report are as follows:
 The most noticeable features in the condition of the treasury are the in- creased available cash balance and the increased holdings of gold. Since 1890, the available cash balance, in cluding the reserve, has more than doubled, rising from S179, 259, S37. IS to S3SS, 6S6, l12.43. The cash in the general fund increased during year by S3O, 1O3, 869. CT, and the liabilities in creased s, 6O5, l16.60. Thus, the avail able cash balance at the end of 1903 exceeded that of 1902 by s26, 49S, 753. .07.
 Increased receipts from customs, sales of lands, and from miscellaneous sources nearly equaled the diminution in receipts from internal revenue. The increase of expendi lures for the fiscal year 1903 over those of 1902, re- suited in a reduction of the surplus revenue for the year of S36, 9S9, 7OS.2l.
 For the first quarter of the fiscal year 1904 the recepits were S6, 733,- 297. 42 greater than the expenditures,
 The trust funds held for the re- demption of the notes and certificates for which they are pledged increased to sS93, O6S, S69, an increase for the year of s62, 459, 7S0.
 Transactions in public debt items, other than those related to the trust funds, caused a net decrease of SIS, ,625, 444 in the public debt and re- duced the annual interest charge to the extent of s2, o72.20.
 The foreign holdings of United States bonds are principally confined to the registered class, and are dimin- ishing. In 1899 the amount was S24, 339, 200. At the end of 1903 it was re- duced to SIG, S6r, 1850.
 During the year 1903 national bank notes to the amount of Sl96, 429, 62l were presented for redemption, an in crease over the previous year of S24, 560, 363. The expenses incurred were STA, 477.62, which have been assessed upon the banks at the rate of sO.9O262 per 5000 of their notes re- deemed.
 There is continuous growth in the ratio of public money of denomina- tions of S10 and below to the total public money in circulation, but the increase in small bills hardly keeps pace with the demand. The process of changing denominations under the act of March IA, 1900, will reach its limit in about two years, and the question of further provision fol small notes requires early attention. The treasurer suggests that old certii' cates of the denomination of S10 be authorized, and that the restriction on the issue of S5 notes by national banks be removed.
 Gold continues to accumulate in the treasury. The total holdings of gold on July 1, 1903, were s63l, APO, 7e9. 43, an increase for the year of S71, 220, 4e9 On October 1903, the total holdings o1 gold in the treasury amounted te s654, 811,716 Unrestricted use of ole coin and certificates Ill all branches of business and the freedom witt which they are paid into and out o1 the treasury have been marked features of the treasury operations durinp the past year.