New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-22
FOR SOUND FINANCE.

The vast and complicated transactions of the
treasury, which for the last uscal year show
actual cash receipts Of 81. 25O. $50 262 and dis
ouTsements Of S4.113.1994l4. have been con-
Quoted with perfect accuracy and fidelity and
without the loss OF a dollar. Under wise man
agemenr the financial act of March Il 1890
which embodied the sound financial principles
OF the Republican party ana provided for the
maintenance OF our currency on The stable basis
or the gold standard has wrought out benefCent
results On the lst OF November. 1899, the in
terest bearing debt Of The United states was
S--Ofo,o1SsV-V IN the Isl o.. May last 'he
amount or That debt was $500. l5I. 44O, redUc
ton OF $50 1850. By refunding the annual
interest has been stu more rapidly reduced
from S+b34I So on the 1st Of November 1888.
TO S24.1I6,745 the fst OF June 1904 an an
nua! saving Of over S16OOOOOO. When the
financial act was passed the thinly settled por-
tons or our country were suffering for lack OF
banking facilities. because the banks were In the
large towns and none could be organized with
capital Of less than $4,000. Under the pro
visions OF that act there We're organized down 10
the lst OF May last ,15U small banks Of $4,000
capital, furnishing. under all the safeguards Of
The national banking system facilities 10 the
small communities OF the West and South. The
facilities made possible by thar act have IN
creased the circulation of national banks from
S1-l4 402 80 on the 14th OF March 1900 10 S445-
SsS.J6J on the 1st Of June, 1904. The money OF
the country in circulation has not only Increased
in amount with our growth IN business, out It
has steadily gained IL the stability Of the basis
on which II rests. on the lst OF March. 1897,
when the first administration Of Mckinley be
gan had n the country. including bullion in
the Treasury. 81. SOC. 272, O76. This was SIS u
per capita for population and OF this 3 S93
per cent was gold. on the LIST OF March. 1901,
when the second administration Of Mckinley Be
gan. the money in the country was s.. 467, 29J,-
22s, This was SIS "a per capita, and Of this
4J.2T3 per cent was gold. On the Isr Of May
last the money fl the country was $2,Sl4,9SJ,-
40, which S31 % per capita. and OF Il 4S.O2S
per cent gold. This great increase OF cur
rency has been arranged IN such way that the
large government notes in circulation gold
certificates. while the silver certificates and
greenbacks are Of small denominations As the
large gold certificates represent gold actually on
deposit their presentation at the Treasury in
exchange for gold can never infringe upon the
gold reserve As the small silver certificates
and greenbacks are always IN active circulation,
no large amount OF them can be accumulated
for the purpose OF drawing on the gold reserve;
and thus. while every man can get gold dollar
FOR every dollar OF the governments currency.
fear so much has been effectively put out OF
business The Secretary Of the Treasury has
shown himself mindful OF the needs Of business,
and has so managed our finances himself to
expand and contract our currency as occasion
has required. When IN the fall OF 1892 the de-
mand for funds 20 move the crops caused
extraordinary money stringency. the Secretary
bonds as security for public deposits,
thus uberating United States bonds which
We're used for additional circulation. When the
crops were moved and the str1ngency was over
he called for a withdrawal Of the State and mu-
nicipal securities, and thus contracted the cur
rency Again, in 1903, under similar conditions,
he produced similar results. The payment OF
the $5OOOOOOO for the Panama Canal. made last
month without causing the slightest disturbance
in finance. showed good Judgment and a careful
consideration OF the interests OF business upon
which our people may confidently rely