The Elbert County tribune., 1905-12-14
UNCLE sam RICH
REPORT OF SECRETARY or THE
TREASURY SHAW.
IMMENSE WEALTH ON HAND
Treasury Holds Largest Sum Ever
Owned by Any Government
Would Eeeoin silver Dollars Into
Subsidiary Currency.


Owned by Any Government
Would RECON- silver Dollars Into
Subsidiary Currency.
Washington Secretary Shaw's re-
port in part follows.
"The gold in the treasury, including
the reserve and trust funds, October
g. 1905. amounted to s739 1893 GOOSE. a
sum never equaled In our annals; nor
has any other government ever held so
much OF the precious metal.
''In several previous reports atten-
tion has been called to the necessity
for additional subsidiary coinage. Tho
time has arrived when II must he dc
termined whether the government Will
again become a purchaser Of silver UT
will use for this purpose. as the de.
mands of the country require, the 500
carloads of silver dollars now In the
vaults OF the treasury. the metallic
value OF which is approximately fifty
per cent of their circulating value.
Since their recoinage into smaller de
nominations will in nowise contract
the volume of currency. every princi-
pie of prudence points TO their gradual
use rather than to the purchase OF
more silver. In any event. think the
abraded and uncurrcnt silver dollars.
which cannot be rccoined into dollars
without loss. should be converted into
subsidiary coinage at not to exceed
$5,000.000 per annum.
The silver dollars In circulation
June 80 1898, were S5S. S.4S2,966. The
amount OF this coin distributed nj gov
ernment expense for transportation
from July /, 1898 to June 30. 1905. was
75.536,5i2. but the amount In circu-
lation on the latter date was only $73.-
5S4 1886.
Subsidiary silver coin to the
amount OF $2f .606.iS5 was distributeJ
to depositors during the last fiscal
year. The average rate for transporta-
tion on shipments of silver coin during
the year was 81 90 per $1,000.
The production of gold In tho
United States for the calendar year
1904 is estimated at $50. .464 200 ana
the industrial consumption nj $2S.-
655,963. of which $22.930.036 was of
new material The original deposits
of gold at the several mints and assay
Offices aggregate $l43.37S, ,969.SG.
The domestic coinage OF the mints
during the fiscal year amounted 10 i52-
422,302 pieces, OF the value Of $s1,-
172. 2.729S3 OF this $40. 1888 ,961. 80 was
gold coin The coinage OF the standard
silver dollars was $50, OF subsidiary
silver, 9.l23 $1,000. and of minor coins.
$2,065,067.73. The silver dollars were
coined from bullion purchased under
the act OF July IA. 1890. OF the sub
sidiary silver. s7.752.131.75 was like
wise coined from this bullion.
.'rhe stock OF bullion purchased uB-
der the act of July ID. 1890, became
wholly exhausted during. the past year.
The coinage Of silver dollars Is neces-
sarily discontinued, and 80 subsidiary
silver coins are being made except by
the recoinage of the abraded and uD-
current coins of the same denomina-
tions as they accumulate in the treaa-
ury. II probably Will be necessary dur
Ing the coming year to draw on some
other supply of silver to meet the con
stant demand for these coins, and
recommend that the secretary of tho
treasury be authorized to canse the
recOinage of abraded and nncurreDt
silver dollars in amounts not exceed
ing $5.000,O00 per year. into the scv-
eral denominations OF subsidiary cOine
as they are required.
"The annual cost OF maintenance OF
the paper currency issued by the gov
ernment averages about two-tenths of
one per cent. of the amount outsfand-
ing
"National bank notes to the amount
VI fpuor-'cstp tp' ntit III tStnttu tOt I*-
demption during the year. iEhis was
G5.S4 per cent. of the average amount
of notes outstanding"
Secretary Shaw recommends de-
partment savings bank for government
clerks. Very few Of them have saved
money.
'The ordinary revenue for 1905, MS
compared with 1904. show an increase
of s3,G42. 1856. while the expenditures
were less by t5.123. .407.s6. The net
result for the fiscal year was mn ca
cess of expenditures over revenues OF
$23 .004 .22S.60.
For the past two years the expcndI-
lures of the government have been In
excess OF the revenues to the aggre-
gate amount of more than $64. .000, 900
This, however. included the extraordi-
,, nary expenditures in 1904 OF $50 ,000-
900 ON account of the Panama canal