The paper currency prepared for issue and the amount issued during each fiscal year from 1910 may be studied from the subjoined table:

The number of pieces and amount issued monthly for the fiscal years 1916 and 1917 are set out in the annexed statement:

United States paper currency issued during the fiscal years 1916 and 1917.

SUPPLY OF UNITED STATES PAPER CURRENCY HELD IN RESERVE.

At the close of the fiscal year 1917 the pieces of United States paper currency held in the reserve vault numbered 26,903,462, a net increase of 1,945,211 pieces, as compared with like holdings at the close of the preceding year.

A comparison by number of pieces of each denomination and total value of the United States paper currency held in the reserve vault

at the close of the fiscal years 1916 and 1917 may be observed in the statement following:

REDEMPTIONS OF PAPER CURRENCY.

During the fiscal year 1917 there were 354,926,184 pieces of United States paper currency redeemed, an increase of 44,582,836 pieces as compared with those of 12 months earlier. The pieces redeemed were 35,090,458 less than those issued and the amount was $356,583,000 less than the amount issued during the year.

A comparison, by months, for the fiscal years 1916 and 1917 may be studied from the annexed table:

United States paper currency redeemed during the fiscal years 1916 and 1917.

The stock of standard silver dollars in the United States at the close of the fiscal year 1917 was $568,269,513, of which $71,825,375 were in circulation and $496,444,138 were held in the Treasury, against which Treasury notes and silver certificates to the amount of

$479,154,920 were outstanding. Standard silver dollars are shipped to depositors therefor at the expense of the consignee for transportation charges when there is demand for the same. In recent years such shipments have averaged about $12,800,000 annually, but the silver dollars remain in circulation only a short time.

SUBSIDIARY SILVER COIN.

At the close of the fiscal year 1917 the stock of subsidiary silver coin in the United States was $198,274,719, of which $193,852,097 was in circulation and $4,422,622 was held in the Treasury. These coins are shipped to depositors therefor at the expense of the consignee for transportation charges, and such shipments in recent years have averaged about $22,000,000 annually.

The subsidiary silver coins are redeemable in lawful money of the United States by the Treasurer or any assistant treasurer, and such coins are paid over the counter of Treasury offices in exchange for other kinds of money.

MINOR COIN.

The minor coins form no part of the stated stock of money in the United States, though in circulation in every section of the country. The current minor coins are the bronze 1-cent pieces and the nickel 5-cent pieces. These coins are in great demand, and are shipped to depositors therefor at the expense of the consignee for transportation charges, and they are paid over the counter at Treasury offices in exchange for other kinds of money. They are redeemable in the lawful money of the United States when presented in sums or multiples of $20 to the Treasurer or any assistant treasurer of the United States.

The amount of each denomination of minor coin outstanding at the close of the fiscal years 1916 and 1917 is shown in the statement following:

TRANSFERS OF FUNDS FOR DEPOSITS MADE IN NEW YORK.

The deposits of money in the subtreasury at New York for which payments are made by telegraph through this office at other subtreasury offices, for moving the crops or to meet other demands of business, are in every year considerable in magnitude. The Treasury renders such assistance, though limited in resources, when the payments can be made without detriment to the public interest.

The record of such deposits in New York, by calendar years, and the resultant payments at the several subtreasuries from 1912 to June 30, 1917, may be observed in the statement following:

TELEGRAPHIC TRANSFERS FOR PROCEEDS OF FOREIGN COIN.

In order to facilitate payments for the proceeds of imported gold coin and bullion the department deemed it advisable to allow such deposits to be made in San Francisco and Philadelphia, for which payments were made by wire through this office at New York.

The transactions, by months, for the fiscal years 1916 and 1917 are recorded in the statement following:

DEPOSITS OF GOLD BULLION AT MINTS AND ASSAY OFFICES IN THE FISCAL YEARS 1916 AND 1917.

The facilities provided by the Treasury for marketing the new product of gold bullion attracts to the mints and assay offices the greater part of the output of our mines. Under the provisions of an act of Congress approved March 2, 1911, the product of our gold mines and all imports of gold may be deposited in the mints and assay offices, for which the full value thereof will be paid, either in coin or by check on the Treasurer of the United States, and against the gold so deposited and paid for the Secretary of the Treasury may, in his discretion, issue gold certificates.

The deposits of gold bullion at the mints and assay offices during the fiscal years 1916 and 1917 may be studied in the annexed state