The Springfield 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.

Washington.-Secreta Shaw's re-
port in part follows:
THE gold in the treasury, including
the reserve and trust funds, October
0, 1906, amounted to $739 ,S9S, ,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 it 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
S., 100000 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
$275, ,536.5l2, but the amount in circu
lation on the latter date was only $73,
S4.33G.
Subsidiary silver coin to the
amount of s2T.GOG.lS5 was distributed
q, 10
year. The average rate for transporta'
ton on shipments of silver coin during
the year was sl.90 per $1,000
1.-The production of gold in the
United States for the calendar year
1904 is estimated at SS0.464.7O0, and
the industrial consumption at $2S.-
655 1868, of which s22,930, ,036 was OF
new material. The original deposits
of gold at the several mints and assay
offices aggregate s143,37S, ,9G9.S6.
THE domestic coinage of the mints
during the fiscal year amounted TO 1872
422. .302 pieces, of the value of SOL
112,129.S3 OF this s79 ,9S3 ,9G15O was
gold coin. The coinage of the standard
silver dollars was $50; of subsidiary
silver. 81, 123, ,660.60. and of minor coins,
S2.065 .06773. The silver dollars were
coined from bullion purchased under
tne act OF july ~. lS3'. vi tne SUD
sidiary silver. s7752.l3l.15 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 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 the
treasury be authorized to cause the
recoinage of abradcd and uncurrent
silver dollars in amounts not exceed
ing $5,OOO.OOo per year, into the sey-
era denominations of subsidiary coins
as they are required.
Tho 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.IG0 We're presented for re-,
demption during the year. This was
G5.Si 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
THE ordinary revenue for 1905. as
with 1904, show an increase
of s3.642, ,935. 10. while the expenditures
were less by sl5,123, 407.S6. The net
result for the fiscal year was an ex-
cess of expenditures over revenues of
s23 .O04 22S6O.
For the past two years the expend-
lures of the government have been in
excess of the revenues to the agSre
gate amount of more than $4,000, 900.
This, however, included the extraordi-
nary expenditures in 1904 of $50 1000
900 on account of the Panama canal.