The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-10-24
Excess Of Expenditures.

Z
The treasurer refers to the excess
of expenditures over revenues i'm the
early part of the year and the pre-
caution adopted by withdrawing from
the depOSitary banks a part of the
public moneys held by them. and the
balance therein to the credit of the
general fund June 80 last became $685..
0S4. Pa"
There are .. 782 national banks that
have bonds on deposit to secure bank
circulation and $40 to secure public
moneys.
Referring to the movement of the
crops, the report says that since Janu-
uary, 1900, this movement has averaged
about 2.,GO0,0 600 annually, and in this
connection action by congress TO en-
large the volume of small notes is rec
commended, in view of the heavy de-
mand for them, which the treasury has
not at all times been able to meet.
Silver Coinage Discontinued.
The coinage of silver dollars was dis
continued during the year owing TO the
exhaustion of silver bullion available.
The stock OF this coin in the country
June 80 last was sos 315. 500, exclusive
of $9,4l5,000 of such coin held in the
treasury against outstanding treasury
notes. The amount of silver dollars in
circulation June 80, 1905 was SI3,5S4, 336,
as against 81, 313, $50 twelve months be-
fore. 1t is estimated that the maximum
circulation of silver dollars has been
reached. The total number OF these
dollars received annually at the treas
ury offices is about S50,000,O0O, and of
7 this amount, for the coming years, it is
estimated that more than 5000 annu-
ally viii be in worn coin unit for cir
culatiOn.
The stock Of subsidiary silver coin
June 30. 1905. was Sl14,S 1S9, an in
crease Of s., 162,16S during the year; the
amount in circulation AT the close Of
the year was S1Ol. 437.101. and the
amount in the treasury Sl5,3S5,4s2,
Monetary Stock Increased.
The continued increase in our none
tary stock and circulation is one that
engages the thoughtful attention Of
fnanciers and also excites a just pride
among our people as an evidence of the
remarkable growth in the resources Of
the country. The total stock of money
June 30, 1908, was g 614109. S64, of which
$685., 221, 2ll was held in the treasury as
assets of the government, and S2,!7S.-
$50 $50 was i'm circulation, making a per
capita Of $3i.0S. The growth i'm the
general stock of money during the year
was SlA. 500, l25. and the increase or the
amount I'm circulation sS8 139, 193. OF
the amount in circulation gold and gold
certificates represent 1873 per cent, sill
Yer and silver certificates PA per cent,
United States notes and treasury notes
1872 per cent and national bank notes
1873 per cent,
Large Proportion of Gold.
There is a continued increase in the
proportion OF gold and national bank
notes i'm circulation, while there Is
steady decline in the proportion of sill
yer, silver certificates and treasury
notes. The volume of United States
notes is fixed. and for this reason the
variation is slight. Since 1896 gold has
increased more than any other kind OF
money IN circulation. The total gold
in the treasury on June So 1905.
amounted 10 $7O6. 592, 399. and by Oct. 10.
1905. il had attained a maximum OF
$74S,425 S2S. No other government has
ever held SO much Of the precious
metal.
Unfit Paper Money.
The paper currency issued direct by
the national government amounts TO y
per cent of the stock of paper money in
the country, and embraces more than
s. per cent of the notes and certificates
outstanding Of the denominations Of So