The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-01-01
SECRETARY SHAW GIVES
RETROSPECT OF YEAR
Currency System Under a
Fearful Strain.
BUT HAS WEATHERED STORM
Outlook for 1904 Favorable and Danger
of Financial Crisis
Is Past.

The fearful strain to which the cur
rency system OF the country has been
subjected in the past year and the sue
cessful weathering of this strain are
the things that loom up above all 9TH
ers i'm RETROSPECT of the year by Sec
retar< Shaw.
For months the tremendous shrink
age in values of stocks and bonds
threatened a financial disaster of ap-
palling proportions. Fortunately, the
danger is MOVE regarded as past The
danger Of the methods of imitation OF
securities followed so recklessly in re-
cent years has been well learned 1t
is estimated by Secretary Shaw that the
loss TO the country In four devastating
years of civil war did not equal the loss
the country sustained in the deprecia-
ton Of stocks and bonds the past year.
As Secretary Shaw views it, the nom
elastic nature of the currency system of
the country has been emphasized.
Kept Prices Down.
Heavy refunding operations which re-
suited in keeping the prices on 2 per
cent consols down to a reasonable fig
ure increased deposits of public mon
eys and enlargement of national bank
note circulation, all have been combined
a n
cial strinEency.
Mr.. Shaw considers the outlook for
the coming year as favorable. He
thinks the danger of a financial crisis
Is past No repetition of the financial
stringency of last summer is locked for.
me Government now has a balance in
the Treasury of over 81, 200, 900, 900. the
largest balance since the United States
became nation. A slight surplus is
predicted at the end of the fiscal year.
Floating of Bonds.
The floating of the proposed Panama
Canal bonds in case it is decided to
issue them will be one of the big events
OF the coming year in Treasury circles
In the customs division of the Treas
ury, the carrying out Of the provisions
OF the Cuban reciprocity treaty will
occupy close attention for months 10
come. rms division has had a busy
time the past twelve months, owing to
the TACT that several vigorous house
cleanlngs have been necessary in dif-
ferent parts of the country. particularly
IN New York and Boston. Assistant
Secretary Armstrong expects to con-
tlnue his endeavOrs to make the Gus
toms service more and more effective
ne reorganization of the methods of
handling merchandise which has been
on Tor months Will be continued through
the coming months.
In Marine Service
The past year has been a particularly
hard one for the Public Health and
Marine Hospital Service. owing to the
invasion OF yellow fever on the South
western border. Great precautions are
being taken to prevent a recurrence Of
the disease this year. 1t is expected
the lsthmus of Panama viii be center
from which fever infection will radiate.
and the service will give that part of
the country especial attention this year.
The construction of the proposed Hall
OF Records may be begun this year.
The title TO the tract for a site is being
perfected as rapidly as possible. Plans
viii be prepared as soon as AN appro
priation is secured. The contract for
the laundry and stable for the Bureau
of Engraving and Printing will soon
be awarded.