The Grit-advocate., 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.-Secre Shaw's re-
port in part follows:
"The gold in the treasury, including
the reserve and trust funds. October
3, 1905, amounted to 3739. 1913. S.600.36. q
sum never equaled in our annals; nor
has any other government ever held SO
much of the precious metal.
I'm 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,
no fv,in a re
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 $5S,4S2,966- The
amount of this coin distributed at gov
ernment expense for transportation
from July 1, 1898 to June 30, 1905, was
$275 ,536,512, but the amount in circu-
lation on the latter date was only $73,-
5s4,336.
Subsidiary silver coin to the
amount of $27,606,1S5 was distributed
to depositors during the last fiscal
year. The average rate for transporta-
tion on shipments of silver coin during
the year was $3.50 per $1,000.
THE production of gold in the
United States for the calendar year
1904 is estimated at $S0,464,70O. and
the Industrial consumption at $685..
655,963, Of which $22.93O,O36 was OF
new material. The original deposits
of gold at the several mints and assay
offices aggregate $143,37S,9 ,969.S6.
1.-The domestic coinage of the mints
during the fiscal year amounted to 1872.
422,302 pieces, of the value Of $91,'
172,729S3. OF this $79,9S3,9 3,961.50 was
Of fhn cfo do r6
silver dollars was $40; of subsidiary
silver, So. .123, ,66O.60, and of minor coins
$2,O65, 5,06773. The silver dollars were
coined from bullion purchased under
the act of July IA, 1890. OF the sub
sidiary silver. $7,752,131.75 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 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. It probably will be necessary dur
ing the coming year to draw on some
other supply of silver to meet the con
slant demand for these coins, and
recommend that the secretary of The
treasury be authorized to cause the
recoinage of abraded and uncurren
silver dollars in amounts not exceed
ing $5,000,00O per year, into the sew
eral denominations of subsidiary coin:
as they are required.
1.-The annual cost of maintenance o
the paper currency issued by the gov
ernment averages about two-tenths o
one per cent. of the amount outstand
ing.
National bank notes to the amour
of $3OS, ,29S,76O were presented for re
demption during the year. This wa
G5.S4 per cent. of the average amour
of notes outstanding"
Secretary Shaw recommends de
partment savings bank for government
clerks. Very few of them have savet
money.
1.-The ordinary revenue for 1905, al
compared with 1904. show an increas'
of $3,642,935.45. while the expenditure
were less by $15,123, ,407SG. The ne
result for the fiscal year was an eX
cess of expenditures over revenues o
$23,0O4,228.60.
"FOr the past two years the expend
lures of the government have been il
excess of the revenues to the aggre
gate amount of more than $64,000,O0C
This, however, included the extraord
nary expenditures in 1904 of 10000
900 on account of the Panama canal