The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-12-08
Washlngton. -Dec. Z. 1so7.

Washington, Dec. Z, 1907. M
me annual report of the Secretary Of
The Treasury sent to Congress to-day
shows that the totnl' receipts Of the year
ended June goth, 1897, were $43O 37S, 167, y
and the expenditures siiS, S,i39. .622, leav-s
ing deficit for the year of $iS,O52, ,45f.
l'he receipts for the year, however, ex-
ceeded those for the year 1896 by $50, oil =
io9. The customs. it is shown, yielded
SIG 55i,l26 and internal revenue sources
Sli"''SS''H. AS compared with 1896 this.
'is an increase in the customs OF S16,-,
yS2,3'l. and In internal revenue Of S4.342,
~ The Secretary at some length arr
cues the need OF q reform in the cur.
reno! and In conclusion recommends
me enactment Of legislation establish
'hS department of the Treasury to be
designated as the issue and redemption
ulFislon IN which Is to be deposited Sl25.-f
oVV'VUo in gold TO be$used only for re-4
demption purposes, and all silver now
nsia IN the Treasury for redemption
~, ~. p,ses uses ana also all silver bought un-
uer lhc act OF 1890. He further recnni.s
menus that the sum Of 5000 o,00O.00O in
Chited States legal tender notes be@ also
uspost'ed IN this division. to he disburs
~ ,heIetrom only upon the receipt Of
h,n'' Us also recommended that Dro-f
VISION be made for the issue of refrnd-
ing loan ten year 21s per cent bonfsf
payable IN gold. in exchange for anys
Ia'' Ii or al OF the outstanding loans of
the United States. - i 81,
-, ,in ne secretary also recommends that
hf,
minimum capital Of S25. .0ol in no oosS
having population of 1000 or ioss's
ana the rate of taxation on circulo In = ;
iotes' secured by deposit OF hondsFEbSS
reouced 10 one-half of one per cant 4
per annnm; also that banks be narnniti "a
.e9 10 issue circulating notes to the IA 81
Saiue Oh the refunding bonds depostfada
IL '"r,n r III me Treasury, and furthers
mat banks be allowed to deposif%sy yas
security with the Treasury green baals
ireasury notes or silver certificates fbi
lolal amount of the spn) 6O6{ {G60ss
hGaihst which national bank notes sshtfiiiS
DC issued TO them to an equal +, ,mni,n fsss
Aitef the banks have deposited such
ponds' greenbacks. Treasury not MAJ
a.Ner certincates, the amount of 90 per-
eent. Oh their capital they shall be per-
TO the so per cent. thus provId IN r ta
me extent OF % per cent, for awhichs
the banks assets shall be lila bla sS;ss sss3
lie also recommends thai, the qlIars A z
" oi payment by the Government be "A.
tended TO adj circulating notes of the
pahk' whether issued against deposit!
cd security or againsI; assets. TO sasSi
cure the Government against loss. lrs
any, tax of 2 per cent. should be Ieyleds
on unsecured circulation, to create 81
Sltety fund to be invested by the Conn
trolier In United States bonds Tn a{iss
aition the Government should be further
protected, the Secretary says, by NAV 8
ing "a first lien upon all assets In case iofs
failure Of the issuing bank. 1t is ftir.
ther recommended THAT all notes.-the sra
deemed in the city of New York u md atS
other sub-treasuries at the expense ofs
the banks, and that the issue 5btts
national bank notes be restric cted lto$ $thafsS
denomination Of $40 and upWard ds