The Ordway new era., 1905-12-15
|NCLE SAM RICH
-,oor OF SECRETARY OF THE
TREASURY SHAW.
EueNsE WEALTH ON HAND

reSgtry Ho'os
oxSed by Any Government
would RECON- silver Dollars Into
subsidiary Currency.
washington. on.--secretary shaw's re-
vi in part follows;
THE gold In the treasury, including
reserve and trust funds. October
,so5 amounted to s739. .s9S S.600.36. a
m never equaled In our annals; nor
any other government ever held SO
ucb of the precious metal.
lin several previous reports atten-
m has been called TO the necessity
additional subsidiary coinage. The
ne has arrived when II must be de-
rmned whether the government will
ain become a purchaser OF silver or
m use for this purpose. as the de-
,uds OF the country require. the 500
ROADS OF silver dollars now In the
ults Of the treasury. the metallic
lue OF which Is approximately fifty
cent Of their circulating value.
nee their recoinage into smaller de
limitations will in nowise contract
volume of currency. every princi-
Of prudence points to their gradual
rather than to the purchase OF
ore silver. In any event, think the
raded and uncurrent silver dollars.
kIch cannot be recoined into dollars
thout loss. should be converted Into
bsidiary coinage at not to exceed
100000 per annum.
The silver dollars in circulation
he 20. 1898. were S5s.4S2.96 The
boun, OF this coin distributed at gov
hment expense for transportation
bm July ]. 1898 TO June 30. 1905. was
r5.55s.5le. but the amount In circu-
lion on the latter date was only 373.-
l.3:s.
Subsidiary silver coin to the
ount Of $27.GO6.Is5 was distributed
depositors during the last hscal
~ The average rate for transporta-
on shipments OF silver coin during
year was 81 90 per $1,000.
The production Of gold In the
lied States for the calendar year
is estimated At $SO. 700. and
Industrial consumption at 32S..
B.ss, OF which $22.33O.O36 was OF
? material. The original deposits
gold at the several mints and assay
ces aggregate Sl43.37S. .969.SG.
The domestic coinage Of the mints
fins the fiscal year amounted to 152.-
-: pieces. of the value Of $9l.-
,':ss;. OF this 379.9S3. .96i.50 was
coin. The coinage OF the standard
Fer dollars was $40; Of subsidiary
ser. ~. .i.3 .6G0.60. and OF minor coins.
ss.SI13. The silver dollars were
sed from bullion purchased under
act of July u. 1890. or the sub
iary silver. E.752.I3I.75 was like
e coined from this bullion.
ine stock OF bullion purchased un-
The act OF July II. 1880. became
oily exhausted during the past year.
coinage OF silver dollars IL neccs.
ny discontinued. and M subsidiary
UT coins are being made except by
recoinagc OF the abraded and un-
Ient coins OF the same denomina-
as they accumulate In the treas
" probably will be necessary dur
me coming year to draw ON some
q supply OF silver to meet the con-
demand for these coins. and !
'mmend that the secretary OF .he
sury be authorized To cause the
omase OF abraded and uncurrcn,
u uoliars In amounts not exceed
yl.ufIN IWiu tus. t.n
denominations Of subsidiary coins
,aey are required.
rue annual cost OF maintenance Of
Wper currency issued by the gov
A.en' averages about two-tenths Of
per cent. OF the amount Outstand-
s.aa sraaonal bank notes to the amount
ssvs,2sS.1G0 were presented for re.
v'oa during the year. This was
VT cent. 0f the average amount
notes outstanding"
'ehry Shaw recommends n de-
sMent aa savings bank for government
ney. '"s'' nave '"'e"
ordihary revenue for 1905. MS
sa ,swi with 1904, show mn increase
'Is<.9a5i5. while the expenditures
~ss by $l5.123.407.SG. The net
y, 'or me fiscal year was an ex
NJ, M ,a expenditures over revenues Of
"v past two years the expendl-
."e government have been In
s, VI he revenues to the aggre-
Iaoiht haht OF more than $64 ,O0O. 900.
"oxever. included the extraordi-
mn renui''ires In 1904 Of $50 O.OOO.-
a'rount OF the Panama canal.