The Lamar register., 1905-12-13
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.

OWHSu py f<Hy SsS'""S"s
Would RECON- silver Dollars Into
Subsidiary Currency.
Washington. Shaw's re-
port in part follows:
THE gold in the treasury, including
the reserve and trust funds, October
8, 1905, amounted to s739, ,S9S, ,6OO.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 it must be de-
termined whether the government will
again become 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
S5,000,0OO per annum.
The silver dollars in circulation
June 80, 1898, were S5S.4S2,966. The
amount of this coin distributed at gov
ernment expense for transportation
from July /, 1898 to June 80. 1905, was
s275, ,536.512, but the amount in circu
lation on the latter date was only $73,
5S4,336.
Subsidiary silver coin to the
amount of 27,GO6,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, ,464 700. and
the industrial consumption at $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 $143,31S,969.SG.
THE domestic coinage of the mints
during the fiscal year amounted to 152,-
22,302 pieces, of the value of SOL
l72. .729.S3. OF this s79,9S3.961.5O was
gold coin. The coinage of the standard
silver dollars was S310; of subsidiary
$2,065. .06773. The silver dollars were
coined from bullion purchased under
the act of July Il, 1890. OF the sub
sidiary silver. s7,752 .l3l.75 was like
wise coined from this bullion.
THE stock of bullion purchased un-
der the act of July IA, 1890. became
wholly exhausted during the past year.
The coinage of silver dollars is neces-
sarily' discontinued, and 50 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 10 cause the
recoinage of abraded and uncurrent
silver dollars in amounts not exceed
ing So 100000 per year. into tie. sew
erai denominations of subsidiary coins
- 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 outstand-
ing.
National bank notes to the amount
of s30S 29S.7G0 were presented for re.
domption during the year. This was
G5.Si per cent. of the average amount
of notes outstanding"
Secretary Shaw recommends a. 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 s3.642 .935i5, while the expenditures
were less by SIS. .l23. .i07.s6. The net
result for the fiscal year was an ex-
cess of expenditures over revenues Of
s23 .004, ,22S.60
For the past two years the expendi.
lures of the government have been in
excess of the revenues to the aggre.
gate amount of more than s64 100000.
This. however included the extraordi-
nary expenditures in 1904 of $50 900
0O0 on account of the Panama canal.