Evening star., 1905-10-23

Of October.
Expenditures during the past two years
exceeded receipts by more than $64. 600 600.
accounted for by the purchase Of the Pan
anna canal property.
Demand for Paper Money.
The treasurer In his annual report for the
fiscal year 1905 says:
There In an increased demand for more
paper currency of the denominations of SO
and under, owing to the expansion and de-
velopment of the business interests Of the
country. The treasury has responded and
and retiring notes of the larger denomina-
tions and issuing notes OF the smaller de-
nominations in substitution therefor
In view OF these conditions. some action
Is recommended by Congress that will en-
large the volume of small notes that are in
such great favor with the people.
Coinage Of Silver Dollars Suspended.
The coinage Of silver dollars was dis
continued during the year. owing to the ex-
haustion OF the silver bullion available for
that purpose. The stock Of this coin in the
elusive of So. 9.41300O of such coin held in the
treasury against outstanding treasury notes
The amount of silver dollars in circula-
ton June 30 1905. was $73.5S4,336. as
1t Is estimated that the maximum circu-
1ation Of silver dollars has been reached.
The total number Of these dollars received
annually at the treasury offices is about
$3O.OO0,OO0. and of this amount, for the
coming years. 1t Is estimated that more
than 100000 annually will be in worn and
abrazed coin unfit for circulation.
1t is suggested for the consideration of
bankers, merchants and others using this
coin. that they retain their accumulations
during the inactive periods for use in the
f,0k 80
the treasury for redemption, and thus
tighten burden upon the government that
Is constantly growing, and which may In
the interest of economy soon have to be
discontinued.
Immense Stock Of Gold.
'@The growth in the general stock of
money during the year was $79,605, 729, and
the increase of the amount in circulation
s6S 739, 1913. OF the amount in circulation
gold and gold certificates represent 1870 per
cent, silver and silver certificates 244 per
cent, United States notes and treasury
notes 1872 per cent. and national bank notes
1875 per cent.
There is continued increase In the pro-
portion of gold and national bank notes in
circulation, while there is steady de-
cline In the proportion Of silver. silver GER
tihcates and treasury notes. The volume of
United States notes Is fixed, and for this
reason the variation is slight. Since 1895
kind of money in circulation.
The total gold in the Treasury on June
80, 1905. amounted to Sos. 592. 800, and by
October 10. 1905. 1t had attained a maxi
mum at $74s, ,425, 923. No other government
has ever held so much OF the precious
metal.
'The paper currency issued direct by the
national government amounts to Y per
cent Of the stock OF paper money In the
country, and embraces more than S5 per
cent of the notes and certificates outstand-
ing of the denominations of IS and under.
This being the predominating medium OF
exchange. 1t is subjected to very rough
usage which soon reduces it to condition
unfit for circulation
Redemption Of Currency.
There are ample facilities for exchans
ing worn and defaced United States cur
rency for new in cities where subtreasury
offices are located, but in other places the
exchange of such currency cannot be made
so readily and inexpensfvely, and for this
reason 1t Is kept in circulation until 1t is
finally received at a subtreasury Office and
sent to the treasury for redemption.
In the redemption division Of this Office.
where the worn and defaced United States
currency Is counted and Cancelled, it is daily
observed that a large part OF the money is
in such condition that 1t is not only difficult
to handle and count, but is menace to
health.
"It Is suggested that provision should be
made that will enlarge the facilities to all
holders to exchange worn for new currency.
and In furtherance of this object section
3032 of the Revised Statutes may be amend
ed to permit holders of defaced and mutt
lated United States currency to forward the
same by registered mall without charge. to
the Treasury of the United States for re-
demption.