The Washington herald., 1906-10-31

Tie annual report OF the United States
Treasurer, made yesterday. says the per
capita OF the circulation or October
was SS5-es. AT amount which is declared
60 be unparalleled in the history Of the
United States. The banks increased their
S notes during the year almost nine and
a half millions. a cleaner and more san-
itary currency is recommended. The re-
port in part follows.
The net result of the ordinary rev.
saues and expenditures for the fiscal
year 1895. was 4 surplus OF S25,G69,Sz-.el,
as compared with q deficit Of S2S,Co4.z26.6o
for the preceding year" A continuation
of these favorable conditions is reflected
In the transactions for the first quarter
OF the current dscal year. in which the
revenues were S5,sa.2A27, in excess Of the
expenditures.
The available cash balance on June 90
1905, was $50, 0,6S9 81, an increase OF $50
21i,662e3, as compared with that OF twelve
months earlier The increase is the rc-
suit of the net excess OF revenues and the
deposits of lawful money to the credit OF
the nationaI-bank note redemption fund
Monetary stock GroWs.
The monetary stock Of the country took
on a growth during the year Of SlS6Se6,727,
Of which Sis. Co. ~ was in gold, $5i50,3s6
IN silver. and $s5,Ss2 554 in national bank
notes. while the Treasury notes decreased
soy, ,00. The aggregate stock Of money
al the close OF the year was SS,069.9l6,59l-
OF which 3. .7566iS,62S was in circulation.
BY October the circulation had Increased
10 S2.S12lS3.6s4, ct a per capita of $330S, an
amount unparalleled in our history.
The national bank depositaries have
been utilized during the year as me-
diUm through which the excessive accu-
mutation OF money in the Treasury was
restored 70 the channels OF trade.
Tre nationa hank repositories have
redemption during the year amounted TO
SZ95. .292.SS5. as against $5oS,2sS,l60 IN 1865,
The expenses Incurred we're S250.9242
which have been assessed on the banks al
The rate Of So.S4S2S per Sl,o0o Of their notes
redeemed.
Not Enough So Bills
The national banks have not issued s.
notes to the limit allowed by law and
thereby have forced upon the Treasury
Lhe burden OF supplying the smaller de-
nominations required BY the business In
terests OF the country. The bank notes
Of the denomination OF $ outstanding
June 80 1s16. were STe,sssII5, as against
TI67,0S7, 4J2 allowed IN that denOmina ton.
However, IN response 10 the appeal OF the
secretary OF the Treasury. the banks
lave increased the volume of their $
notes, which, or October were SS6,36s 2l5,
81 increase OF S9,479,01o
Practically all OF the silver dollars held
~ tic Treasury are covered BY Treasury
notes and silver certificates outstanding,
ana this condition renders Il necessary for
those desiring shipments OF these coins
70 dcposit therefor Treasury notes ana
silver certificates The large amount OF
silver dollars distributed annually Tree Of
expense lot transportation 20 Oepositors,
therefore, Is not indicative OF > preference
Tor that coiE over other kinds OF money.
The tVue explanation OF the matter is
that the silver dollars are preferred only
when the government pays the cost OF
transportation.
The Treasury holdings OF gold con
unue 20 attract The attention Of finauc!ers,
both At home and abroad. II Is apparent
large share OF tho product CT the gold
mines OF the world Is brought 10 the
United States. The gold coin and bullion
II the Treasury. June 80. 1905. amounted
ID y'06, D.. 559-0f. and at the close OF the
Lscal year 1905, il had advanced to SS01,-
t5l l590.S1 By October 26 & attained a
maximum at S77,2SS. 9Ss6I the largest
amount Of the precious metal ever held IN
tle Treasury CT any government
Cost OF Paper Money.
The United States paper currency issued
amounted to s629.696.05o and the redemp-
runS were S577, fi5.I00. a net increase in
The volume outstanding OF s., o90o. The
average cost OF each piece OF paper money
ISSUED and redeemed by the government Is
L57l cents, and the annual cost of main
tcuance Of the currency averages about
ore-ffth OF per cent CT the amount out
standing.
On March 1. 1876. the paper circulation
OF the denomination Of SO and under
outstanding amounted to SI21052.S45 and
by October !, 1876. q was Sl,eS7. .5S8. .2s.5, o.
IN average annual Increase of about $50
t9o,e0o. But the supply is not equal TO the
demand
The pressure from bankers and others
for a larger and more regular supply Of
small denominations Of currency con-
tinues unabated, while the Treasury is
without resources for the issue Of small
bills TO comply with their urgent re-
quests.
COngFess Expected 10 Act.
The sentiment Of the country seems 50
unanimous for a reetIncation Of this un-
toward condition that it is naturally ey-
peeted that Congress will ultimately en-
act the legislation that it has under con-
sideratiou, which will bring full relief
from the existing conditions
There is q notable and widespread in
terest among the public in the suppIv
of z cleaner or moro sanitary currency.
Tie sentiment is laudable one. and
should be att2lnable, because the expen-
dituTes, as per tables Of cost, is but q
trifle as compared with tho benedcent
results. 10 government can AFFORD 10
have its currency a source Of conveyance
Of infectious disease or a menace IN any
WY 10 the public health. The Profit it
derives from the issuance Of curl ercy. is
ample compensation for the srlaH cz-
pense that this charge would involve. II
Is gratifying 10 note that the House Com.
mittees on Banking and Currency have
this matter in charge and are making
most panstaking investigations as TO the
merit OF this proposition.