New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-24
TREASURY OPERATIONS.
Remarkable Grosoth of the Country's
Resources Sho70n.

washington Oct 8--United States treasurer
Treat says in his annual report that the continued
increase in the circulation is q matter for just
prids and has attracted the admiration and atten-
ton OF the fnanciers Of the world In the year the
general stock of money increased $1s6O57Z9 making
per capita circulation of 81 oS. There was con-
tinued increase in the proportion Of sold and ma
tional bank notes in circulation. and no other gov
eminent has ever held much gold as the $f48'-
592S in the United States Treasury in the middle
Of October. Expenditures In the last two years eA-
ceeded receipts by more than $64O0o-o5e on account
Of the purchase of the Panama Canal property MT
Treat says:
rency of the denoraina tons of $40 and under owing
~ teres4s 80 fhe country The Treasury has par
TALLY supplied the needs by redeemlns ana i
ing notes of the larger denominauons s 1
notes of the smaller denominations IN SUBSTITUTION
The amount OF United States paper currency In
denominations OF so and under outstanding June
g. S tb was Se6T Ro to e nSTease IN these
wac Sl57lS6,s2 or an average of little more tiiah
2Ioo5,o0o each year. Co.,. .or.u o,rrarcv Of
The OF uo of and a6oPe o@tsa
at the close OF the fiscal year. was about SSlooeCV
e e301e q the gore Of these notes for
dspon in future w be tine gny FeP desnd for
smaller denominations Of currency; The larger oG
for sPe The limit has praoticy been
reached II making changes N 6 resSie
The presentation OF large notes for redemPPuF2n
probably viii be too SLOW 10 meet ule u0iS'ii~ 40
S' Burng the year there was s4coo Of United
States nauer currency issued and StZS0Zo,oD Ie-
deemed. National bank notes aggregaji3S $Sr0,2 S
@ presented for redPti9n or S p PeT egfs
for the net proceeds of the notes redeeined con
mostly in denominations of 50 and u9geI s29 ana o.
$l059957 in checks on SubITeas4ry oI'TS enc
$50 go 702 in credits to redemption fufG OF Ill
account. .,..s &, ,o+
increase $500 in the interest bearing debt by the
conversion of refundng CertfcateS WIN &C. uu
tons are recorded of S60O675 in the debt or which
interest has ceased since maturity ana o. T.
in the debt bearing no interest Inc net reSUi' -
For the last two years the expenditures Of the
government have been in excess of the revenues
10 the aggregate amount OF more Ihan
This however. included the extraoTdln8[Tg %
lure In 1904 Of S50O00GJp account OF the FSI4La
Canal This is the first yfaT IN vne laS ~ SIX Of
the revenues, and the amount was ~, ne
largely the accumulation of former years is deemed
adequate TO meet the demands upon Ihe 1iN''-A'
for some time to come.
The treasurer refers the excess Of expenditures
over revenues in the early part of the year and the
precaution adopted by withdrawing from the de-
positary banks part of the pubic moneys nelu oy
them and the balance therein TO the credit or the
general fund June 30 last became S550S4,2tL
rr.are are 57s2 national banks that have bonds on
deDot to secure bank circulation and S57 to secure
public moneys.
Referring to the movement of the crops, the re-
mort saws that since January 1900, this movement
has averaged ABOUT S-iVVJspyJ dLil4e'AS' el-'o
by Congress to enlarge the volume OF small notes
is recommended in view Of the heavy demand Tor
them which the Treasury has not at all times heen
able to meet
The coinage of silver dollars was discontinued
during the year owing the exhaustion Of the Sill
yer bullion available. The stock of this coin In
the country on June 90 $558s5,S65 exclusive Of
80 8 900 Of such coin held in the Treasury against
outstanding Treasury notes. The amount OF sill
yer dollars in circulation June go 1906 was 49,
mon
is estimated that the maximum circulation OF slI-
yer dollars has been reached. The total NUMBER
Of these dollars received annually at the Treasury
Offices is about 500g00C0 and OF this amount for the
coming years it is estimated that than 100000
annually viii be and abraded coin unfit for
circulation. The Treasurer ADDS:
The stock OF subsidiary silver coin on June go,
1906 Sl1t,o1flS9, an increase OF S'ozloA curing
the year was 510i. .707 and the amount IN the
The continued Increase in our monetary stock
and circulation is one that engages the thought
pride among our people as evidence OF the re
inarkable growth in the resources Of the country
S74lO9 86I Of which S5,22 I'll held in the Treas
GIy as assets OF the goye[nga aI Of S S
The growth in the general stock of money during
amount in circulation s6s 1873 OF the amount in
circulation COLO and gold certificates represent ~
cent. and national bank notes iS5 per cent
There IS q continued increase in the proportion
OF gold and national bank notes in circulation,
while there is steady decline In the proportion
OF silver, silver certificates and Treasury notes.
The volume United States notes is fixed and for
this reason the variation is slight Since 1896
gold has increased more than any other kind of
The total gold in the Treasury on June 80 1905,
amounted TO $IGG. 592399 and by October 49, 1905,
it had attained a maximum Of $748 923. No
other government has ever held 50 much of the
precious metal
The paper currency issued direct by the national
government amounts to % per cent of tie stock of
paper money in the country and embraces more
than 50 per cent of the notes and certificates out
sBs2ding Of the denominations Of s. and under.
This being the preGominating medium of exchange,
il is subjected 10 Very rough usage which soon re-
duces il to condition unfit circulation. It Is
suggested that provision should be made that will
enlarge the facilities 10 ali holders to exchange
Tor currency. and in furtherance Of this
object Section 1882 OF the Revised Statutes may
be amended permit holders of defaced and mutt
lated United States currency TO forward the same
by registered mail without charge, the Treas
urer Of the United States for redemption.