The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1906-11-21
GROWTH OF GOLD RESERVE
Report of Charles H. Treat, United
States Treasurer.
Total, $s77,296,o36-Treasury STIR
plus For 1906, $50, 9,3332-
Available Cash Balance Biz.

Washington, D. G. - Charles RI.
Treat, Treasurer of the United States,
submitted his annual report to the
Secretary of the Treasury, and in
reference to the more noticeable
transactions said in part:
The net result Of the ordinary rev.
enues and expenditures for the fiscal
year 1906 was a surplus Of $780,
1922, as compared with q deficit of
s23,004,22S for the preceding year.
A continuation Of these favorable
conditions is reflected in the trans
actions for the first quarter Of the
current fiscal year, in which the rev.
enues were $5,S71,314 in excess of
the expenditures.
The available cash balance on June
80, 1906, was $1S0,689,354, an in
>crease of $35,211,S62 as compared
with that of twelve months earlier.
The monetary stock of the country
took on a growth during the year Of
$1S6,S66,727, of which $11S,050,777
was in gold, ~S5,450,396 in silver and
$65,392,554 in national bank notes,
while the Treasury notes decreased
S2,027,000. The aggregate stock of
money at the close of the year was
5000, 976,591, of which S2,736,646,-
628 was in circulation.
The national bank depositaries
have been utilized during the year as
q medium through which the excess
sive accumulation Of money in the
Treasury was restored to the chan
nels of trade. About April 1 an unu-
sual stringency in the money market
was relieved by tne temporary in
crease Of public deposits with depos-
itary banks, to enable them to i'm
port gold. Through this aid more
than $49,00O,00 in gold was i'm
ported. The balance in banks to the
credit of the general fund on May 8
was $102,70S,123 the highest point
reached during the fiscal year.
The national bank notes presented
for redemption during the year
amounted to s296,292,SS5, as against
%s30S,29S,7 60 in 1905; the national
banks have not issued SIS notes to the
limit allowed by law, and thereby
have forced upon the Treasury the
burden Of supplying the smaller de-
nominations required by the business
interests Of the country. However,
in response to the appeal Of the Sec
rotary of the Treasury, the banks
have increased the volume of their
SIS notes.
The Treasury holding of gold con-
tinues to attract the attention of
inanciers both at home and abroad.
1t is apparent from the continued
accumulation that a large share
of the product Of the gold mines of
the world is brought to the United
States. The gold coin and bullion in
the Treasury on June 80, 1905,
amounted to $706,592,399. At the
close of the fiscal year 1906 it had
advanced to sS07,051,690. BY Octo-
Der 26 it attained a maximum of
$877,296,23S.
The United States paper currency
issued amounted to s629,S96,000, and
redemptions were $577,445,1 100, a
net increase in the volume outstand-
ing of $52,450,900.
The pressure from bankers and
others for larger and more regular
supply of small denominations of
currency continues undated, while
the Treasury is without resources for
the issue of small bills to comply
with their urgent requests. 1t is to
be expected that Congress will ulti-
mately enact legislation that it has
under consideration, which will bring
full relief from the existing condi-
tions