Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-26
PANAMA CANAL BONDS
WILL PROBABLY NOT BE MAR
KETED FOR SIX MONTHS.

1t Is regarded in well-fnformed treasury
circles as highly improbable that Secretary
Shaw will put on the market any OF the
Panama canal bonds for six months. These
bonds, 1t Is remembered, are authorized for
the purpose of raising money to construct
the canal. Up to this time the $4,000, 900
spent on the canal have come to the treasury
direct although part of 1t will go back
into the vaults of Uncle Sam when the ca
nal bonds are sold. All the money paid out
under the appropriations of this Congress
and future Congresses will be returned to
the government from bond sales. The
treasury. however, is so full of money as a
result OF the good times that have prevailed
for the last year that Secretary Shaw does
not now need the money that will be de-
rived from the canal bonds. He is going
ahead and drawing on the funds in hand
now to meet canal expenses. Later on,
when he finds an advantageous time, he will
sell to the fnanciers Of the country for the
best prices he can get something like SO.
100000 of Panama canal per cent bonds.
1t is probable that II the treasury continues
to draw money from the country 1t will be
necessary next fall to make deposits of gov
errnment funds with national banks to re-
lieve probably financial stringency. With
plenty OF money on hand, Secretary Shaw
could make these deposits and at the same
time put the canal bonds on the market so
that they could be used as security for the
deposits thus made.
Gold in the Treasury.
Charles H. Treat. United States treasurer,
has been preparing some interesting figures
as to the accumulation OF gold by the treas
ury In the last year. He saw a statement
that the recent stringency of money In New
York was due to the accumulation by the
treasury of about $77.O00.OO0 in gold from
business channels of the country. He
wanted to know II this was true and why.
He found. after thorough study of the cash
of the treasury that there has been a net
increase OF gold coin. gold certificates, gold
bullion. etc. from March 20. 1905, to March
20. 1906, of s43. PAT 142. A year ago the total
available cash balance Of the treasury was
s141 ,329.3O2. while March 20 of this year it
YES $154.212.2S2. an increase Of about Sl3-
0O0O COO
A year ago the total gold coin and bull
lion in the general fund was SD 310 Dos
while at this time the total is SIT 765 ia,
an increase OF sos, 455 ,516. The amount of
gold certificates has increased from SAL
714.6So one year ago to 4.622 .260 at this
the total increase Of gold coin, bullion and
certificates. over and above the reserve
holdings. 1896. 096.
The treasurer points out, though, that all
of this is not actual increase of cash on
hand. although increase in gold inasmuch
as the general fund lost SIS. lis 954 of silver
certificates, notes, etc, which. when de-
Quoted from the gold increase, leaves u net
increase of $4S,247,1 42 of cash In the gem
eral fund above one year ago. besides an
increase in the amount deposited with ma
tionai banks The exchange OF silver GER
tificates and other money for gold added
largely to the gold increase.
Treasurer Treats Estimate.
Treasurer Treat estimates that the total
increase of gold in the United States in the
year mentioned was S75O00O00. of which
a goodly portion Is with the banking and
business interests of the country. The
treasury thinks this gratifying condition
as 1t tends to show that the country is
getting on genuine gold basis faster than
was ever thought.
Taking the figures OF the treasurer 1t
shows that the treasurer has on hand the
greatest amount of gold In It's history.
$709 .4s4 .593. No other country in the world
has SO much gold coin or bullion The
total Is made up Of $50 600 600 as a re-
serve fund for redemption: $541.TISss9 for
redemption of outstanding gold certificates
and $77,T6J. 724. Since March 20, when the
figures were compiled, there has been
further increase of gold. and the treasury
really holds over 10000 TOO OF the yellow
coi. hlI1lion.