The sun., 1900-12-05
HOW The WAR
TAXES WILL Be
SCALED DOWN
Secretary Gage Touches on This
Interesting Ppint in His
Annual Report.
RECEIPTS SHOW A SURPLUS
1t is Recommended That the sum of
$5O,0OO,OOO be Kept as a Re-
serve in the Govern
ment Vaults. Ratio
of Silver.

Washington, Dec. 4.-The report of the
secretary ol the treasury is "A document
Of about $4,000 words. TO the general
reader the most interesting paragraphs
are those relating to Il scaling down of
the war taxes. Mr.. Cages estimate for
the fiscal year 1902 promises an excess
of receipts OF $26,0o0,o00 This may be
conservative, for he goes on to say:
The present and prospective easy con-
dition of the treasury justifes the belief
that the sinking fund requirement can he
met, both for the current fiscal year and
for the next fiscal year, and still permit
moderate reduction in taxes imposed by
the war revenue act A reduction to the
amount of $30,000,0G0 is therefore reconl-
mended to the consideration Of the pres
cnt congress-"
The total receipts Of the government
for the fiscal year ended June 30, 1900,
were S669, 1885, 431 Is, the expenditures
SJD0. 0.O6S,3I1, showing a surplus of S10,-
52I ,0G0.1S AS compared with the fiscal
year 1899, the receipts for 1900 ncreas-
ed S,613, 426.S3, and there was de-
crease of S117,3jS,3SS.14 in expend-
lures. The value of securities redeemed
on account of the sinking fund was $780,
544, 4,556.06. 1t is estimated that the
revenues of the government for the cur
rent fiscal year will he $6S7. 173, 253.92.
and the expenditures $60I, ,T73, ,25392, in
dicating surplus of about SS0,000, 900.
The treasurer has called attention to a
marked irrcguarty in receipts and eX
penditures. While in July. 1899, there
was deficiency of SS,o0b, ,S32.2S, III
June, 1900 there was n surplus of ST.
S95, 1856. In the face of such wide
fluctuations it is recommended that the
sum of 500, 100000 be kept as reserve
in the government vaults. Mr.. Gage re-
ports that ''thc authority to increase the
issue of subsidiary silver coin to SlOO,-
100000, which was granted by the act of
March IA. 1900. has been convenience
both to the treasury and the people" The
circulation of this coin was increased to
S79, ,432, 1913 by Oct. l, 1900.
Average Ratio of silver.
The receipts aud deposits of bullion at
mints and assay offices for the year
amounted to SOB. .553,S 3,S13.SS in gold and
SD, POI ,92236 in silver. For coinage OF
subsidiary silver 1,2900o594 standard
ounces were purchased at a cost of T9OS,
S6SS6. The coinage executed during the
year was S141,301 ,9G0.36; recoined un-
current gold coin, 81, ,401 ,4o4.o0; mutilat-
ed silver. $5261 ,0I0.33. The balance OF
silver bullion OH hand at the mints and
assay Offices for the coinage of silver
dollars, subsidiary silver coins and for
payment of deposits of silver bullion in
fine bars July /, 1900, was SO, TAG, ,6909G
standard ounces, the cost Of which was
S6S. .224 ,56231. During the fiscal yeaI
gold bars of the value of 96,261, ,l69O-
and silver bars of the value of $S,649,
30714 were manufactured. The highest
London quotation for silver during the
year was % 9-16 pence, equal tt
S062612 in United States money pei
ounce fine. The lowest was 263s pence
equivalent to $0.5S365. The commercial
ratio of gold to silver at the ayerag,
price was to 34.44. The estimated pro
ducton of gold in the United States
during the calendar year 1899 was 3.43I ,
81 21o ounces, the coming value of whicl
was $71,053,400; silver, 54,T64,5O'
ounces. of which the coming value wa
w S70,S06,626. The worlds coinage during
1890 was: Gold, $466, ,110,614; silver
S166, ,226, 1854, total of $685., ,337 ,57S
The amount of public moneys held b,
national bank repositories on June &c
19OO was sos, 1886, ,806.93, an increas
since June 80, 1899, of 22,453, 151 81
OF the bank repositories nearly 240 wer
specially designated to hold funds ten
porarily. The attention of congress
called to the inconvenience of handlin
the public moneys in Hawnii and (p"os
pectively) in Porto Rico because OF se'
tion 5153 Revised Statutes, forbiddin
the deposit of receipts from customs /
national bank repositories. The sccr'
tary recommends change in the law.
The National Banks.
The net increase of national bank cap
tai was $19,631, S31 during the year ent
ed June 80, 1900. Outstanding circul;
tion of the banks increased $GS,2S9,o7!
Nine insolvent banks, with Il capital {
$1,900.000, We're placed in charge {
receivers. The capital Of 43 association
placed in liquidation was SS,4I9,9oO. U
June 30, 1900, reports of condition wei
received from 3,T32 national banks, wit
resources aggregating $4,944, 1G3, ,623S
an increase since June 80, 1899, of $23J
331, 1903. Individual deposits amour
ed to $2,45S,0 ,092, I57.67, decrease {
S64,O64.7 .751. 81 since June 30. 1899.
This" says the secretary, sis only a
apparent decrease, as prior to April 2
1900, deposits of savings banks an
trust companies were included in il
dividuai deposits. The June 20, 100
state-uent exhibits an increase in ban
deposits, which included savings hnnl
and trust companies, of $130, ,499, ,a37. 2
The specie held aggregated $358,ola
T00.0S, which is $S08. 1881. IL less than Il
amount in bank on June 30, 1890"
Since the financial net Of March l.
1900. went into effect. and covering Il
pua.oa .e3:-. ---rth - 20 Gsr -, :. y