The Providence news. (Providence [R.I.]) 1891-1906, 1905-12-07
S23,OO4,228.60
over REVENUE
Secretary Shaw Reports on
Expenditures for Year.
USE FOR ABRAOED DOLLARS
Plan for Elastic CuTanCy ReCamEenied.
Wireless Telegraph Needed for
Revenue Cutter SeNca.

Washington. Dec. THE annual report
of Secretary Shaw of the treasury de
partment has been prepared for trans
mission TO congress.
The ordinary revenues Tor ly1o' as com. !.
pared with 1904. show an increase OF
"a 642 e35. IS. while the expenditures were
less by 1929. 4O7. sc. The net result for
the fiscal year was in excess Of eXpendl-
lures over revenues of s23, ,0Oi 2S6
For the past two years the eNpehdl-
lures OF the government nave peeh IN
excess OF the revenues to the aggregate
OF more than S64,Oo0o00. This, however
included the extraordinary expenditures
IN 1904 Of $50. 900. 900 on account or the
Panama canal.
THE available cash balance i'm the gem
ersl fund June 80. 1905 was $l45 Az, isl' ~. a
reduction for the year of S26,54O'5lS.
During the year s6s 739. 1888 was added
20 the money circulation. The per capita
circulation advanced from t3OU July l.
lpO, 10 s3l IS Nov L. 1904; then deelired
10 $40 Sc April J. 1905 and at the close OF
the year, June 80 1905. stood at sSlS
Rv oct J. 1906. the total money in circula-
sion had advanced TO 81. .62l, ,23o. S9l, per
capita circulation OF 1879 i2.S per cent
Of which was gold.
To maintain the present per capita cir
culation the increase In population or the
country makes II necessary to add about
$50. 100000 to the monetary stock each
year
The gold in the treasury. including the
reserve and trust funds. oct. 9. 1905
amounted 10 $7s9 SOS. .60036 a sum never
eaualled in our annals; nor has any other
government ever held so much OF the
precious metal
ABRADED DOLLARS.
The domestic coinage OF the mints dur
ing the fiscal year amounted 10 l52.422, 302
pieces. Of the value of 72.729SS or
this, yIg gS3, 5gI.5U was gold COLI TIC
coinage OF the standard silver dollars
was 1910. of subsidiary silver &,l2S 5000
and OF minor coin 81 O6o. .O61.13 The silver
dollars were coined from bullion pur-
chased under the act Of July IA. 1890. OF
the subsidiary silver. $,752 lSl 10 was ike
wise coined from this bullion.
The stock OF bullion purchased under
the act or July II. 1890. became wholly ex-
hausted during the past year. The coin
age OF silver dollars Is necessarily discon-
tinued and no subsidiary silver coins are
being made except by the recoinago Of
the abraded and uncurrent coins OF the
same denominations as they accumulate
In the treasury.
IL probably Will be necessary during tho
coming year 10 draw on some other sup
ply Of silver TO meet the constant demand
for these coins. and ! recommend that the
secretary of the treasury b- authorized 10
cause the recoinaee OF abraded ard un-
current silver dollars. in amounts not eN-
ceeding s5,0oc0oO per year. into the several
denominations of subsidiary coins as they
are required.
These abraded dollars, UNIT for circula-
tion. are accumulating. and some provi-
sion for their reconage should be made.
They cannot be recoincd into dollars with
out a loss which the secretary OF the
treasury is not authorized TO incur. As
the subsidiary coins are Of lighter proper
tionate weight than the dollar pieces. the
latter may be converted into them with.
out loss TO the treasury or To the circula-
ton.
In view OF the enormous additions now