Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1903-12-09
Cost no More Than Re-
cent Shrinkage of
Securities.
SECRETARYSHAWS SAYS
Other Classes of Prop
erty Not Seriously
Affected.

washington, Dec. S.-lhe report OF
Leslie NJ. Shaw, treasurer of the
United States, for the fiscal year end
ing June 30, 1908, which has just been
submitted, shows that the receipts
for the year aggregated $694,621, ,117.64
with expenditures of $640, 1923, ,450.2S.
This leaves a balance of $54 ,297 ,667. "a.
Compared with the fiscal year 1902,
the receipts for 1903 increased $1O,-
294. .S37.17. There was an increase of
$47.2S4.545.3S in expenditures. Treas
urer Shaw says:
''rhe most notable features in the
condition of the treasury are the
increased 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 $179259, ,S37.1S to
S2SS, ,6S6.1 .114.23. The cash in the gen
eral fund increased during the year
by $50 1O3. .S69.67. and the liabilities
increased S3,6Oj. 1860. Thus. the avail
able cash balance at the end of 1903
exceeded that of 1902 by S26.49s, ,753.07.
Years Coinage.
The domestic coinage of the mints
during the year aggregated 1S4.57S,63S
pieces of the value of $74.2O3, ,O00.43.
Of this, $45, 5,S21.773 was gold coin, $17,-
972.7Sj standard silver dollars. s., ,023,-
751.25 subsidiary silver coin, and 81
4S4.G91.1S minor coin. In number of
pieces. the total coinage was greater
than in any previous year.
The silver dollars were coined from
bullion purchased under the act of
,JulyI4. 1890 OF The subsidiary silver
81 2.5O9.OOO was likewise coined from
this bullion. OF this bullion there re-
manned on hand June 30, 1908, 7,5O2,
1885 fine ounces, which cost S15,-
S36,910. The entire amount will be
used for coinage by the close of the
fiscal year 1904.
Records In Commerce.
The foreign commerce Of the year
was the largest in the history of the
country. The total imports were val
ued at $1,O25. .719.237, and the total eX
ports at $1,420,141.679. This makes the
grand total of the years commerce
81, AS, ,S6O.916, against $1,714,O66,1 116 in
1898. 81. .547 .O20,316 in 1888, and 81, 1884,
G16,132 in 1873 Thus the increase in
the past decade has been more than
that of the two Immediately preced-
ing decades combined.
The imports of the year exceed by
more than hundred millions those of
any proceeding year, and for the first
time passed the biIlion-dollar line. The
exports were larger than in any pre-
ceding year, with the single eXcep-
tion of the record year 1901, aud, de-
spite the extraordinary demands of
the home market, fell but S67 .623. .312
below those of that year. The large
imports were chiefly due to the great
demands of the manufacturers for
material for use i'm their workshops,
and part to the general prosperity
which led to an increase in the i'm
portation of manufactures and lux
uTies.
Put to Test.
Our currency system has been sub
jected during the year to some very
severe tests. Unprecedented prosper
ity encouraged the natural optimism
Of our people to such an extent that
property of all kinds found ready and
eager buyers at figures phenomenally
high. y condition, therefore, existed
which of necessity could not last.
Within Il year the market value of
stocks and bonds, the proper and le-
gitimate holdings of the people, had
deprecated in an amount estimated
far in excess of four years devastat-
ing civil war. Yet Notwithstanding
this enormous and incouceivable
shrinkage. it has not affected in no.
ticeable degree other classes of prop
erty. Banking institutions have eX-
hibited no suggestion Of weakness, few
business failures have occurred, there
has been but a slight curtailment in
commercial enterprises, very little
apparent hardship, and absolutely
no fear of any depreciation in any
form of currency. To all appearances
the crisis is passed. There now eX-
lists scant reason for apprehension
certainly no occasion for alarm.
by the provisions of a wise act of
congress approved March IA, 1900, it'll
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 gov
ernment at parity of value. Evi-
dently the people have understood.
as they are justified in doing, that this
statute authorizes the redemption Of