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For the first time in nineteen years, due to the immense pressure of business and the necessity for working night and day, the Bureau of Engraving and Printing, in which all the paper money of the United States is manufactured, was recently checked up from cellar to garret. This inventory began February 21, and on that date the Bureau was charged with having in its possession 8,921,156 sheets of distinctive paper, from which all of the paper money of the country is made. For two days one hundred and thirty persons worked from dawn until darkness counting piece by piece and sheet by sheet, and at the end of the second day it was found that the Bureau had actually in its possession the exact number with which it was charged. When it is remembered that in this Bureau alone there are 3,000 employees, each one of whom has to do at some stage with the manufacture of this paper money, the accuracy and integrity of the system are all the more remarkable. In the nineteen years that elapsed between the former count and the count described herein, more than 350,000,000 sheets of this distinctive paper-more than 2,000 tons-passed through the Bureau, and not a single sheet was lost or unaccounted for.

Nor is the Bureau of Engraving and Printing exceptional for accuracy in the various offices of the Treasury Department. After a lapse of 37 months the Commissioner of Internal Revenue recently instituted a count of all revenue stamps in the Bureau under his control. During the period from January 7, 1901, to February 23, 1904, the books showed that the total number of stamps handled by his Bureau amounted to 6,236,311,764; that the value of the stamps on hand at the beginning of that period, added to those received during the period amounted to $955,067,567.64; that the office issued to collectors of Internal Revenue for sale stamps to the value of $866,521,359.78, and delivered for destruction stamps to the value of $36,530,256.78, while the balance on hand February 23, 1904, of stamps amounted to $52,015,951.08. The actual count of the stamps on hand verified these figures to a cent.

Not less interesting or more remarkable was the actual count of funds in the possession of the United States Treasurer during the past year. Full count had not been made since 1897. July 1, 1903, the contents of the reserve vault were counted. The books showed that the vault should contain currency to the value of $403.936,500. This exact amount was found to be inside the four walls of the strong box. January 19, 1902, the lower vaults in the office of the Treasurer, containing gold and silver coins, were counted. The Treasurer was charged with $15,785,000. After a day of careful counting that amount was found to be correct to a cent. January 27, 1904, the national-bank notes in process of redemption in the National Bank Redemption Agency were counted. According to the books there should be notes in that Bureau to the amount of $15,294,063.71. Not a dollar was found missing.

An Element of Elasticity in the Currency System.

Though the demands for currency at crop-moving periods were never so tremendous as in the last two or three years, the Treasury Department, by wise and prompt administrative measures, prevented any sudden contraction of the circulation and a consequent check to prosperity. The Secretary of the Treasury for the first time since the organization of the national banks in 1863, utilized the best class of approved savings-bank investments as security for deposits of public moneys in national banks, on condition that the Government bonds thus released be used for the immediate issue of additional national-bank circulation. In this way the circulation was increased many millions. But for this original and decisive action on the part of the Secretary of the Treasury, a currency famine would have resulted. Following in its train would undoubtedly have come contraction in various lines of industrial activity and at least a partial paralysis of prosperity. This element of elasticity, first injected into the national-bank circulation in the fall of 1902, was again used in the fall of 1903, with equally good results. To these wise measures and to the remarkable and widely distributed growth of national banks throughout the country is due in large measure the

continued and well-sustained prosperous condition of this country initiated by the Republican victory of 1896.

Extension of the National-Bank System.

The gold standard act of March 14, 1900, gave a great impetus to the extension of the national-bank system of this country. In operation over forty-one years, there has been, during that period, up to April 30, 1904, 7,240 associations organized, of which 5,313 are in active operation, 1,516 have been placed in voluntary liquidation, and 411, or only 5.6 per cent., placed in the hands of receivers. Insolvent banks, the affairs of which have been liquidated, paid their creditors, on an average, 78.55 per cent. on their claims.

Under authority conferred by the act of March 14, 1900 (which authorized the incorporation of banks with a minimum capital of $25,000), and subsequent to that date, national banking associations have been organized to the number of 1,976, with aggregate capital of $114,591,500, the number and capital of associations organized in each geographical division being as follows: New England, 20 banks with capital of $4,000,000; Eastern States, 346, capital $28,524,000; Southern States, 488, capital $26,456,500; Middle Western States, 604, capital $33,681,000; Western States, 427, capital $13,770,000; Pacific States and Territories, 88, capital $7,535,000; Hawaii and Porto Rico, 3, capital $625,000.

On March 14, 1900, there were in operation 3,617 associations, with capital of $616,308,095, and outstanding circulation of $254,402,730. Between that date and April 30, 1904, there was a net increase in number of banks and capital of 1,696 and $158,141,220, respectively. During this period there was a net increase in the amount of national-bank notes outstanding of $182,677,843, the outstanding issues amounting to $437,080,573 on April 30.

From the foregoing, it will be observed that there has been a material increase in number, capital, and circulation of national banking associations as a result, primarily, of the legislation of March 14, 1900.

On February 13, 1900, the date of reports to the Comptroller of the Currency nearest to that of the passage of the currency act of that year, there were in active operation 3,604 national banks, with aggregate resources of $4,674,910,710, of which $2,481,579,942 was represented by loans and discounts. The amount of gold, silver, and lawful money held by the associations on that date was $476,544,315. The principal items of liabilities were as follows: Capital stock, $613,084,465; surplus and net undivided profits, $363,872,959; circulation outstanding, $204,912,544; and individual deposits, $2,481,847,032. On March 28, 1904, the number of associations reporting to the Comptroller of the Currency was 5,232; loans and discounts, $3,544,998.555; specie and other lawful money, $617,515,582; aggregate resources, $6,605,995,612. The paid in capital stock amounted to $765,974,752; surplus and profits, $574,532,691; circulation outstanding, $385,908,198, and individual deposits, $3,254,470,856.

Comparing the returns on the two dates, there is shown to have been an increase in number of reporting banks of 1,628, and in aggregate resources of $1,931,084,902. The capital was increased to the extent of $152,890,287; surplus and other profits, $210,659,732; circulation, $180,995,654, and individual deposits to the amount of $772,623,824. The percentages of increase are as follows: Number of banks, 45 per cent.; aggregate resources, 41 per cent.; capital stock, nearly 25 per cent.; individual deposits, 31 per cent. circulation, approximately, 90 per cent.

Classifying the returns by geographical divisions, it is shown that there has been an increase in the aggregate resources of the banks in every section of the country. In the New England States, by reason of liquidations and consolidations with other institutions, there were only 529 banks in operation on March 28, 1904, as against 565 on February 13, 1900. With this reduction in number of banks there is shown a reduction in capital stock of $18,485,000, but an increase in surplus and other undivided profits of $8,735,497. The increase in individual deposits was from $322,259,422 to $323,495,707, or $1,236,285. The banks in this section increased their circulation to the amount of $10,865,769.

The number of banks in the Eastern States increased from 976

to 1,242 with increased assets to the amount of $818,321,183. The increase in loans and discounts is shown to have been $442,125,929, or from $1,067,365,098 to $1,509,491,027. Specie and other currency held by the banks increased from $268,812,664 to $342,976,434, or $74,163,770. The increase in capital stock was $76,894,620; surplus and other profits, $115,181,829; circulating notes, $59,298,550. The individual deposits increased in the sum of $231,423,116, or from $1,106,036,612 to $1,337,459,728.

In the Southern States the number of banks increased 420, or from 545 to 965. The increase in loans and discounts was $144,469,806; specie and other currency, $9,462,749, and aggregate resources, $253,034,551. The aggregate resources of the banks in this division in 1900 were $379,875,634, and in March, 1904, $632,910,185. The increase in number of banks resulted in an increase of capital stock of $28,177,371, or from $64,067,960 to $92,245,331. Surplus and profits increased $23,578,802; circulation, $28,904,590, and individual deposits $129,924,413. The liabilities of the associations to depositors in 1900 were $207,682,432, and in 1904 $337,606,845, an increase of $129,924,413.

National banking associations to the number of 1,566 were in operation in the Middle Western States on March 28, 1904, an increase since 1900 of 513, with an addition in capital stock of $42,863,412, the amount of capital on the earlier date being $159,948,100, and on the later $202,811,512. The surplus and other profits increased from $71,068,691 to $117,289,634, or $46,220,943. The banks in this section increased their circulation during the period in question from $49,589,110 to $103,620,140, or $54,031,030. The individual deposit liabilities increased $264,998,484, or from $635,799,976 to $900,798,460.

The number of associations in the Western States in operation in 1904 was 738, an increase of 392 since 1900, with an increase also in capital stock of $14,613,656, or from $29,984,500 to $44,598,156. The aggregate resources of banks in this section increased from $213,980,433 to $351,304,708, or $137,324,275. Increase in loans and discounts was $69,344,026, and in specie and other currency holdings $7,306,460. The surplus and other profits of the banks increased from $9,534,642 to $18,072,909, or $8,538,267. The banks in this section increased their circulation from $8,675,187 to $23,136,092, or $14,460,905. Individual deposits increased in the sum of $78,612,601, or from $135,331,545 to $213,944,146.

'The number of banks in the Pacific States and Territories reporting in 1904 was 189, an increase of 70 since 1900. The aggregate resources nearly doubled, amounting to $237,459,617 on the later date, and $122,353,994 on the earlier, the increase being $115,105,623. Loans and discounts standing at $52,641,665 in 1900, increased to $113,617,579 in 1904, or $60,975,914, and the increase in specie and other money was from $15,455,970 to $23,159,411, or $7,703,441. The increase in capital stock was from $19,145,000 to $27,346,228, and the surplus profits from $8,304,400 to $16,639,560, the increase in each item being, capital, $8,201,228, and surplus, $8,335,160. Relatively, the greatest increase in circulation is shown in this section, the amount being $13,168,310, or from $4,376,777 to $17,545,087. The increase in individual deposits was $65,405,065, or from $74,737,045 to $140,142,110.

There were no national banking associations in existence in the island possessions in 1900, in consequence of which comparisons similar to the foregoing cannot be made. In March, 1904, there were in operation in Hawaii two national banks and in Porto Rico one, the aggregate capital of the associations being $625,000; surplus and other profits, $69,234; circulation, $266,500; individual deposits, $1,023,860. The banks' aggregate resources were $2,407,864, of which $309,179 was in specie and other currency, and $1,176,407 loans and discounts.

The divisions of the States, geographically, are shown in the accompanying table relating to the organization of national banks from March 14, 1900, to April 30, 1904 :

Fate has decreed, and her decrees are forever irreversible, that we shall dwell in perpetual unison. Political demagagues, for selfish ends, and senseless agitators cannot disturb the ties which bind us together with more than a Titan's power.-Hon. €. W. Fairbanks, at Lancaster, Mass., June 30, 1903.

Summary, by States, geographical divisions, and classes, of National banks organized from March 14, 1900, to April 30, 1904.

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THE WAR DEPARTMENT.

Its Policy and Administration Since 1897.

From whatever view point the War Department may be judged in the past seven years, there can be no just criticism of its integrity, its administration, or its achievements. Nor can be questioned its extraordinary growth and useful importance as the chief instrumentality of executive authority in the varied and important affairs that imperatively claimed serious consideration in the two administrative terms since 1897. Without design or desire, the United States became suddenly saddled with the duties of governing three different sections of foreign countries, which, by reason of their different peoples and varying traditions and customs, presented to the Chief Executive political problems and obligations unparalleled in the history of the world.

Although the probability of war with Spain had long been contemplated, when it did occur its suddenness found the United States in a measure largely unprepared-its ocean ports and seacoast cities almost defenseless. Despite all handicaps and the general unpreparedness, however, in military organization, equipment, armament, and seacoast defensive fortifications, the War Department met this vital emergency with astounding alertness and success.

Just prior to the outbreak of the Spanish-American war the strength of the Regular Army was but 2,143 officers and 26,040 enlisted men. Under the President's first and second calls for troops, April 23 and May 25, respectively, and the recruitment of the Regular Army to the maximum allowed by law, the strength of the Army, including regulars and volunteers, on August 8, 1898, had been quickly increased to 11,108 officers and 263,609 enlisted men. Congress also passed without a dissenting voice the $50,000,000 voted to meet the emergency of that sudden war, and with unmeasured faith in the President of the United States left him without hindrance, condition, or restriction, to expend that large amount of money as, in his discretion, seemed best for the welfare of the country. No greater tribute to the lamented Republican President could have been paid by friends and opponents in the political world, and no more complete justification can be made of the integrity of the Republican Administration than to say that not one dollar of that appropriation was diverted from its intended proper use.

Finally, on May 30, 1898, instructions were issued by the War Department, under the direction of the President, ordering an expedition to proceed to Cuba to "capture the garrison at Santiago and to assist in capturing the harbor and fleet of the enemy." The expedition sailed on June 14, 1898, from Tampa, Florida, with 815 officers and 16,072 enlisted men on thirty-three transports, and arrived at Daiquiri on June 21. The troops immediately advanced and captured Siboney. On the morning of June 24, 1898, a dismounted cavalry brigade attacked the enemy at La Guasima and carried their intrenchments. On July 1 an attack was made on El Caney and the place was carried by assault about 4 p. m. In the meantime preparations for an attack on San Juan Hill were completed, and, after a fierce encounter, the American forces drove the enemy from his intrenchments and blockhouses, thus gaining a position that sealed the fate of Santiago, and on July 8 the commander of the Spanish forces offered to march out of the city of Santiago with arms and baggage, provided he would not be molested before reaching Holguin, and to surrender to the American forces the territory then occupied by him. This proposition was rejected; on the morning of July 11 the surrender of the city was again demanded; on the morning of the 14th General Toral agreed to surrender, and the formal surrender took place on the 17th of July.

Thus the war with Spain was practically ended with an invading army of less than 17,000 officers and men in a sickly

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