Evening journal., 1907-12-05
CORTELYOU FOR
NEW MONEY Law
tcontInuaa From rIrst Paeel

gated Sig8.2f4,052Ss. an increase Of |
/ 97.66S. .327SS since June 30. 1906.
/ The moneys presented for redemp- |
ton and exchange during the fiscal
year 1907 amounted to s1O26,S7b, 500, |
as AGAINST Sl.10f, f,449,492 In 1906
The Treasury holdings OF gold at the
close Of the fiscal year 1906 amounted
to SSO7,05169O30. BY April "a, 1907.
this increased to S027,912.21113. after
which the demands for export during
the month OF June caused Withdrawals.
reducing the amount to S904,69 .73C.14
Y by the close OF the fiscal year 1907
The redemptions from the reserve
fund during the last fiscad year were
In United States notes S1Ncg0 ,SS7. In
Treasury notes SiOi,27S. making total
of Sl2.7g2,165. The reemed notes were
restored to the general fund IN eN-
change fDr gold. and the reserve there
by maintained at the fixed amount.
on June 30. 1906, there ware 77,001,-
3GS silver dollars IN circulation; the
Inumber distributed at Government eX-
} pense for transportation during tho
: last hsca lyear was 375001iS. but the
number In circulation on June 20, 1907.
was only Sl.710.4I4
The available cash balance In the
general fund az the close OF the fiscal
year 1901 was $27206t ,445.4s. an in
crease Of S91.372 09065 as compared
! with that of 1906.
, Under the act OF February %. 1863.
establishing the national banking sys-
tom. and the revised act OF Jnne Q.
rs q, and during the period ended
March i9. 1900. national banking as
saclations wero organized 10 the NUM-
hor Of 5.264. OF which 3 617 were In
creasng the balance therein TO N2i,-
g 0SS475.42 by October l.
Z The trust funds consisting Of gold
coin and standard silver dollars. held
Z Tor the redemption of certificates and
: notes for which they are respectivolS
pledged. amounted to 81 ,l60.0 009 500 at
, the close OF the last fiscal year. an in-
crease Of Sli5,37i. 900 as compared with
, that Of 1906.
Tho monetary stock OF the country
increased SiS0.5S4.4iG during the last
, fiscal year The growth IN gold Nas
Sl25.6S2.3a6. In silver Si3.623.7ao. and In
national- bank notes S42.6g6.2g0. while
there was decrease OF Si,89S000 in
- Treasury notes of 1880. At the close
OF the hscal year 1907 the money in
: circulation amounted TO S2.7, 1850. .455,
or a per capita OF S32.22. rhe per-
I. centage of gold 60 total circulation
l was 41.00.
The notes and certificates Of United
States paper currency issued during
the past fiscal year numbered 17S.Og3.-
OIL pieces of the total value OF $685.
278,0OO. The redenptions were l6i .434.-
$50 pieces of the value OF S5S2, 902 600.
: Gold certificates outstanding increased
S11S.465.000. while silver certificates de-
creased s1,69GOOO. and Treasury notes
= OF. 1890 S139S,00O.
There was an increase Of S42. .676, $50
I'm the volume OF national bank notes
u during the ppst fiscal year. but the
" amounted presented for redemption
was only $2i0,S14,GSi. as against $3.50,
, 2g2 $50 in 1906 w
'rie acu cuoNAiarch itfs07. met o long
/, lexisting need. II enlarged the resources
d of the Treasury FOR the issue of paper
currency in the smaller denominations
Tho United States bonds pledged
IT. existence ON that date, 1919 having
been placed ia voluntary liquidation
4 and 3i4 in the charge OF receivers
y The minimum amount Of capital OF ma
!. tional banks. under these acts was
y S50.0u0 and the average capital Of as
sociations 10 existence at the close OF
D. business March 10, 1900, was SliO.a92
n Quarantine Service
h The appropriation for the mainte-
d nance Of the quarantine service was
$4,000 The amount Of repayments
n was S4G6.16. The expenditures were
X lSs1s.7iO04; deducung outstanding Tia.
n billties leaves an estimated balance OF
$4,000.
Is Life Saving Service
The number OF disasters TO docu.
mented vessels during the last fisca
year within the field Of the operation,
Of the Life-savlng Service was s47
on board these vessels were 1896 per.
ls sons, % OF whom were lost The estl.
N mated value Of property saved wal
y s6.916,4OO and Of property lost $685..
'e sos. The number OF vessels total,
~ lost was 3d.
y The net expenditure for the malnte.
'e nance Of the service was $3.50. 1887.
le Contract was entered into during thu
g year for the building Of two new sta
'r tions-one at Bethany Beach. Del; thl
n other at Garlbaldi. Greg. at the en-.
IS trance to Tillamook Bay. The formel
station has Just been completed an,
the latter is now under construction
T. Emergency Measures
IF During the summer the gradual IN.
rs creasing rate OF interest charged fol
rs call money, time money. and discounts
d OF commercial bills indicated a. pro.
ar gressive diminution in the amount o.
,r available cash. Accordingly. IL WA
os decided August 23. 1907. to make eacl
J. week substantial deposits in the diff
= ferent sections of the country, witt
~ the particular object of facilitating tn
fall movements OF the crops.
These distributions were continues
weekly until the aggregate amount o
S260 900 had been so distributed
u Notwithstanding this measured ther
y. was a constantly increasing stringenc.
, I'm the monetary centers. which culmi
n mated in the forced suspensions OF sew
eral important institutions.
Prior to this crisis the shipments o
currency 10 the West by eastern bank
a. for orop-moving purposes had been in
10 significant There had been no imp0r
s tant shipments Of gold abroad, so tn
monetary strlngency seemed to be due
o. in large measure, to the boarding o
,a funds by owners thereof who had be
j come apprehensive OF their financia
,r safety As the crisis approached tn
~ department adopted the stronges
measures to give material assistance
hi. within four days there was trans
ferred from the Treasury TO the bank
the sum of 5000. 600. the security re
ceived therefor being such state, mu