The state herald., 1905-12-15
UNCLE SAM RICH.
REPORT OF SECRETARY OF THE.
TREASURY SHAW.
IMMENSE WEALTH ON HAND
Treasury Holds Largest Sum Ever
Owned by Any Government
Would RECON- silver Dollars Into
Subsidiary Currency.


Would RECON- silver Dollars Into
Subsidiary Currency.
Washington.-Secr Shaw's re-
port in part follows:
"The gold in the treasury, including
the reserve and trust funds, October
8, 1905. amounted to $739, sos, ,600.36, 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-
ton has been called to the necessity
for additional subsidiary coinage. The
time has arrived when 1t must be de-
termined whether the government will
again become a purchaser of silver or
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 uncurrent silver dollars,
which cannot be recoined into dollars
without loss, should be converted into
subsidiary coinage at not to exceed
s5,000,00O per annum.
The silver dollars in circulation
June 30, 1898. were S5S.4S2. .966. The
amount of this coin distributed at gov.
ernment expense for transportation
from July l.; 1898 to June 30, 1905, was
s275, ,536,5l2, but the amount in circu,
lation on the latter date was only $73.'
5S4,336.
Subsidiary silver coin to the
amount of s27,6Oj,lS5 was distributed
TO depositors during the last fiscal
year. The average rate for Transports
tion on shipments of silver coin during
the year was s1.90 per $1,000.
THE production of gold in the
United States for the calendar year
1904 is estimated at $50, AGA 700. and
the industrial consumption at $2S,.
655,963. of which s22,93O,036 was Of
new material The original deposits
of gold at the several mints and assay
offices aggregate sl43,37S, ,9G9.s6.
The domestic coinage of the mints
during the fiscal year amounted to 152,-
i22,302 pieces. of the value of $91,-
112.729.S3. OF this s19,9S3,9Gl.50 was
gold coin. The coinage of the standard
silver dollars was s3l0 of subsidiary
silver. 80. 123 .660.60. and of minor coins,
s2065, ,067.73. The silver dollars were
coined from bullion purchased under
the act of July II. 1890. or the sub.
sidiary silver. s7.752,l31. was like
wise coined from this bullion.
a al nf r.sb n snI n n.
der the act of July IA, 1890. became
wholly exhausted during the past year.
The coinage OF silver dollars is ncces.
sarily discontinued, and so subsidiary
silver coins are being made except by
the recoinage of the abraded and un-
current coins of the same denomina.
tions as they accumulate in the treas.
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 .he
treasury be authorized TO cause the
recoinage of abraded and uncurrent
silver dollars In amounts not exceed.
ing S5,000.0O0 per year, Into the sew.
erai denominations Of subsidiary coins
ss they are required
The annual cost Of maintenance OF
the paper currency issued by the gov.
ernment averages about iwo.tenihs OF
one per cent. Of the amount outstand.
ing.
National bank notes TO the amount
Of $3Os. .29S. .7Co were presented Tor re
dompiion during the year. This was
Gb.S 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. as
compared with 1904. show an Increase
OF s3.6i2 1856 i5. while the expenditures
were less by $l5,l23. .iO1sG. The net
result for the fiscal year was an ex.
cess OF expenditures over revenues OF
s23. .O0i, ,?2SG0.
For the past two years the eXpendi'
lures Of the government have been In
excess Of the revenues 10 the aggre,
gate amount OF more than s6i 900, 900.
This. however. included the extraordl.
nary expenditures In 1904 Of $50, ,OOO..
900 on account OF the Panama canal