Crawford avalanche. (Grayling, Mich.) 1879-19??, 1899-12-14

Secretary Of the Treasury shows Re-
ccipts and Ex pendftpres.
Secretary Of the: Treasury Lyman j.
Gage has issued the annual report Of his
department. Statistics necee1arily make
up q considerable portion OF tbs. report,
and the first tabulatcd item to appear up
on the pages Is one which shows deficit
for the fiscal year ending June ~, 1888,
OF no less than $50, Ill ,550.67.
Revenues Of all kinds foot up $61O,-
0S2, 004.35, while the expenditures were
500, 093, 564.02. Internal revenue Is the
largest item In the receipt column,
amounting to $273, 437, 1Gl.51, and Gus
toms next. with $206, 12S, 4S1.75. All 9TH
err receipts were Of a minor and conipara-
lively insignificant nature That the de-
felt was caused largely through the war
with Spain is shown by the fact that the
expenses of army and navy for the fiscal
year amounted to $293. 1888 ,3aS.72, to
which must be added the lump sum Of
SEC, 1000, 900 paid to Spain. Pensions for
the year amounted to $139, 304 ,929O7.
Mr.. Gage favors the proposition to al
low national banks to issue their notes In
the form of paper money, and makes
many general recommendations In regard
to their control, but none Of a specific ma
ture. Close adherence to the gold stand
ard is deemed advisable and lengthy eulo-
gies delivered on its believed merits. I'm
migration reports show 81, 115. immi-
grants at the ports of the United States
and Canada. The transactions Of the IFS
cal year, as shown by the report OF the
treasurer of the United States, were Of
unusual magnitude, the net ordinary re-
ceipts having been exceeded in any like
period but once, in 1866, and the net
ordinary expenditures but thrice. In 1853,
1854 and 1865.
Important changes took place during
the year in the composition and distri-
button OF the stock of money. The
amount of notes and silver certificates in
circulation was increased by $43,S2S,3S6,
reducing the paper holdings of the treas
ury to the minimum required for the
transaction of business.
During the existence Of the system, up
to the close of the year ended June ~.
1899, 5,2O1 national banks have been or
ganized. On the latter date, 1850 banks
were in operation, 1,247 had been placed
in voluntary liquidation by shareholders,
and 365 placed in the charge of receivers.
On June &c. 1898, there were $3.50
banks in existence, showing a net loss
during the year of one bank. During
the past fiscal year, seventy-three banks
were organized, and sixty-seven placed in
voluntary liquidation and eight in charge
of receivers. The authorized capital
stock of the banks on June 30 last was
$607,S11 ,245. and on June 30, 1898. $780,
O25, 29o, showing a decrease during the
year OF 500, 154 $50.
The national bank circulation outstand-
ing on June 80, 1899, aggregated Sal
26S, COG, of which $205. 264 ,094. was secur-
ed by bonds on deposit with the treasurer
of the United States and $4,000 ,6O2 by
lawful money deposited on account of
liquidating and insolvent associations and
those reducing circulation.
The silver dollars coined were from
bullion purchased under the act OF July
IA, 1890. The total coinage Of silver
dollars from bullion purchased under act
of July IA, 1890. from Aug. 13, 1890, to
July ], 1890, was $97 ,0O5,966, containing
75,O2S, O51 81 fine ounces, costing ST.
195,539.O9, giving a seignorage of $25,
SIC, 426.91. In bullion the minis used
$16,252, 1873 in domestic gold and ST.
DC, S96.57 In domestic silver. In total
the expenditures went above those for
1898 to the extent of $161 !, 703, 597.O5.