Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-10-24
IRE SMALL BILLS NEEDED
Treasurer of United States Discusses Non
stary situatiOn in his Annual Report
FIR CAPITA CIRCULATION IS INCREASING
Net Decrease of Nearly Four MIL
lion Dollars in the Interest
Hearing Debt During
the Year.

WASHINGTON, D. c., oct 23.-The
treasurer OF the United States in his an
udaI report for the fiscal year. 1905, says:
There is an Increased demand for more
ne per currency OF the denominations OF
W. bills and under, owing to the expansion
a d DEVELOPMENT of the business interests
; the country. The treasury has partially
lpplied the needs by redeeming and re
/ ing notes of the larger denominations
d issuing notes for smaller denominations
[ q substitution therefor.
-rhe amount OF United states paper cur
5etsianding June 90 1905, was $3.50, 7s2 179, an
Increase of S14,635, $50 during the year. The
tai increase in these denomination1;s, Isl from rSg
: arch T. 1900. to June 30, 1905, was NoI. 1885,
3 OF an average of little more than
81. 10000 each year.
rercy of the denominations of 800 and
above outstanding at the close of the fiscal
,car was about S91 10000, exclusive OF gold
certificates. and under present conditions
tho representation OF these notes for re-
demptlon in future will be the only re-
,ources available TO the treasury for sup
living the demand for smaller denomina-
ipns OF currency. The larger denomina-
IONS are received in small amounts only
redemption. The limit has practically
cen reached in making changes In deuomi-
1tions through the process Of redemption
md reissue The presentation of large
ties for redemption probably will be too
flnw to meet the demand for small bills.
Turing the year there was 1887 $4,000 Of
~ 1it tee states paper currency Issued and
i-gregating t8Os 2aS. $50 were presented for
i'demption or 1884 per cent Of the average
rot proceeds Of the notes redeemed con-
sisted OF $li6,59510S In United States cur
r"0cy, mostly in denominations of s. and
rnder. and of S107 599.547 in checks on sub
treasury ofices. and of So, $50 7O2 in credits,
90 redemption fund or in general account.
Reduction I'm Public Debt.
Transactions in the public debt resulted
n a net increase of 5000 I'm the interest
caring debts. by the conversion Of re-
funding certificates with accrued interest
the funded loan , OF 1907 while r red
which interest has ceased since maturity,
F7d of S3,302146 in the debt bearing no in
ts1cst The net result Is reduction OF
FOR the past two years the expenditures
r-ore than $64,O00OO0. This, however in
clnded the extraordinary expenditure I'm
canal. The available cash balances June
20 last OF N45,477491. largely the accumula-
ion OF former years, Is deemed adequate
. for some time TO come
The treasurer refers TO the excess OF ex-
rcnditures over revenues in the early part
Of the year and the precaution adopted by
Withdrawing from the depository banks
n part Of the public moneys held by them,
nnd the balance therein to the credit OF
the general fund June 30 last, became
'hoUofs E4t. Inefe are b,f6E national Ddnke
that have bonds. on deposit to secure bank
circulation and s37 to secure public moneys
Movement of Crops.
Referring to the movement of the crops
the report says that since January. 1900
this movement has averaged about $27. 900 00l
annually, and in this connection action by
congress to enlarge the volume of small
notes is recommended owing to the heavy
demand for them. and the sub-treasury has
not at all times been able to meet it. The
report continues:
The coinage of silver dollars was dis
continued during the year owing to the ex
haustion of silver bullion available Thi
stock OF this coin In the country June 3
last was $55S, $40 S65. exclusive OF $9,413,OO
outstanding treasury notes. The amount o
silver dollars in circulation June 30. 1906
was 1856 as against $1,3l3,S8 twelv
months before. It Is estimated that tn
maximum circulation Of silver dollar
has been reached. The, total number o
these dollars received annually at the treas
ury offices Is about S50000.000 and of th
mated that more than $4,000 annually vii
he in worn and abraded coin unfit 70
circulation
The stock OF subsidiary silver June 90
1905. was S11LS24.1S9. an increase of S,T62 16
during the year; the amount in circula
and the amount in the treasury $l3,3S6, 1872
Growth of Monetary stock.
The continued increase in our monetar
stock and circulation is one that engage
the thoughtful attention of financiers an