The Glenwood post., 1906-12-08
NATIONS MONEYS
REPORT OF SECRETARY OF THE
TREASURY SHAW.
GOLD, SILVER AND PAPER
Good, Healthy Surplus - Large In
crease in Receipts-No Silver DOL
lars coined-Large Demand for Sill
yer for Subsidiary Coinage.

crease in Receipts-No Silver DOL
lars coined-Large Demand for Sill
yer for Subsidiary Coinage.
Washington.-The secretary Of the
treasury reports the revenues from all
sources for the fiscal year ending June
30, 1906, as $762, 1886, ,9O4.62 and the ex-
penditures as $736.717,5 7,5s2.O1, leaving
surplus Of $25,669,322.61. Them
crease in receipts over the previous
fiscal year was $65,2S5,634.67. and in
expenditures $16,612.OS3.46.
The revenues Of the current fiscal
year are estimated at $813,573,264 and
the expenditures at $755,573,264.
There was an increase Of $186,S56.-
1877 in the monetary stock of the coun-
try during the last fiscal year. The
growth in gold was $118,050,777; in.
silver $5,450,396, and in national banl
notes s65392, ,554, while treasury notes
declined s2,O27,OOO.
The money in circulation July I,
1906, amounted to 81 ,736. .646,62S a per
capita circulation of $32.32. By Octo-
ber LIST the total circulation had in
creased to $2,S12 .133. .694, or $33.Os per
capital, 43.6 per cent. of this amount
being gold.
The treasury holdings of gold at the
close of the last fiscal year was $sO7,-
051 1,69O.30. By October 18th this in
creased to 1871 ,S93, ,S99.77, the largest
amount of the precious metal ever held
in the treasury.
The latest returns of national banks,
SHOWS that September 4, 1906, there
were in operation 6,137 associations
with paid-in capital stock of $685., ,066,-
1876, and surplus and other profits OF
500, 0,l40,9S1. The surplus proper was
$490,245.l24. which is nearly three
times the amount required to be &C
cumulated and maintained under the
law. The surplus and 'other undi-
vided profits" amount to over eighty
per cent. of the paid-in capital
OF the total liabilities of the banks.
namely, sS,016,021 .06G. over one-half.
or $4,199.93S,310, is represented by in
dividual deposits. The deposits to the
credit of banks amounted to $1,5S9,011,-
462, and to the credit of the United
States and disbursing officers of the
government, $l07 S31, ,S14.
Since August 25, 1905, the date Of
approximately corresponding returns.
there is shown to have been an in
crease of $50 in number of reporting
banks, $35 SGT in capital stock and
O,521, ,O24 in surplus and undivided
profits. There was an increase of $379,-
25G,597 in individual deposits and $45,
741 ,514 in government deposits. Tho
amount to the credit of other banks>
decreased $35,S76,120. The deposits
on which reserve was required
amounted to $4,927, ,S65,452. on which
a reserve of 20.70 per cent. was held
on September A, 1906.
The domestic coinage of the mints
during the fiscal year amounted to
1873 ,O35 pieces, of the value of $780,
216,7479O OF this, $50, ,O22 ,097.50 was
gold coin, $4,01G,3GS.10 was subsidiary
silver coin, and $3,19S, ,2S2.30 was
minor coin. No silver dollars were
coined. all bullion purchased for that
purpose being exhausted. The mint at
Philadelphia also coined 100000 ten
peso pieces and 100000 tive-peso
pieces, of the value in United States
money of $12,46l ,240.32, for the Mexi-
can government; 100000 fractional sill
yer pieces for the government of Costa
the government of Panama, and 1,557,-
629 pesos and 3,1oo pieces in fractional
silver coins for the government of the
Philippine islands.
7 ne new mint at Denver has been
in operation since February l, 1906
The demands on all the mints are
growing every year with the enlarge
ment of the gold supply and the rap
idly increasing need for the subsidiary
silver and minor coins. There are in
dications that the cessation OF coinage
OF the silver dollar will cause an en-
larged use of the half dollar.
On the basis of the coinage OF the
last five years, approximately 5,oOo,-
900 ounces of silver will be required
annually for subsidiary coinage, and
with the growth of population and bus
mess this amount will be exceeded.
The report concludes by renewing.
former recommendations for a law CIV
ing trust companies power to incorporN
ate under national supervision; estao-
lishment of department OF saving
banks in Washington and legislation
which will build up our merchant ma
rine.