The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-05
And He Recommends the Repeal OF All
the miscellaneous Taxes,
known War Taxes.
EVILS OF BANKING. SYSTEM
AND SOME DEFECTS or THE Cur
RENCY DISCUSSED IN DETAIL.
Time Ripe for Applying Remedies
Federation Preferable to Cen
trail Bank and Branches.

WASHINGTON, Dec. 4.-The annual re-
port of Lyman j. Gage, secretary OF the
treasury, transmitted 10 the speaker OF
the House to-day, is a detailed review OF
the financial operations OF the government
for the fiscal year ended June 80 The total
receipts for the year amounted 10 S699.-
316,5S0, and the expenditures, $62l, $50. SO,
leaving surplus of S77,717.9S4. The secur-
tiles redeemed on account OF the sinking
fund and the bonds purchased cost So. .4S4.-
$50. Compared with the fiscal year 1900 the
receipts for 1901 increased So. .721.099. The
increase in expenditures amounted TO $22.-
25S.5 sol. The revenues for the current fiscal
year are estimated S6SS. .6SS. .O42 the expendi-
lures for the same period, $5SS. .633. 042. and
the surplus 800 0O0.O 900. Secretary Gage es-
Inmates that for the fiscal year 1903 the
revenues on the basis OF existing laws
will be S7l2O2o.63O. and the expenditures.
exclusive of sinking fund, S6SS, S4S,5lS, max
ing the surplus s23. 172,3ll.
Regarding the operat ons of the treasury
the secretary says: THE reserve fund and
the trust fund have been maintained The
Iedemptions of United States notes have
been each day adjusted by exchange for
gold. so that the full sum OF $4,000 600
has been kept unchanged I'm coin and bull
Ion.
Upon the withdrawal of treasury notes
as the bullion of 1890 was coined into stand
ard dollars, silver certificates under thA
act of March L. 1862 were substituted 10
the extent of slQ7asoOo to July !. 1900. and
s2S,244,OOO additional to July !. 1901. BY
Nov. /. 1901. the total exchange reached
rbo
OF the metal were increased during the fs-
cal year by s45.16O.27O and i'm the first quar-
ter of 1902 by 81. so. 40 additional. The
gross gold in the treasury, including the re-
serve and the trust fund against certih-
Gates, received an addition of 81. .27O. .S25. "a
during the fiscal year. and a further addi-
tion of $S4, ,3O4 225. .50i by Oct l. while sl3es7.
S27 more in October brought the aggregate
by Nov. to S542. l.s49. This sum in gold
was never before ec1aled in our annals,
and only for few months some years ago
has any other government ever held so
much of that precious metal.
I'm the bonds held by the treasurer for
the circulation of national banks, an IN
crease is shown fer the fiscal year of s4I.-
TAI, 100, and for the first quarter of 1902 OF
the further amount OF 81. So. $50 As secur-
ity for public deposits. the bonds held
amounted TO sl.4Ss.ISO less at the close OF
the fiscal year than at its beginning. and
an addition of $2444,90O took place In the
first quarter of 1902
GROWING USE OF GOLD
while the circulation per capita was
$3.50 on July !, 1900. and s2s.52 on Oct. 1.
1901. gold certificates more and more en-
tered into the field of large denominations.
and were used exclusively in the payment
of customs duties and in the settlement
at the clearing house in New York The
United States notes are undergoing a
change into the denomination OF $40.
larger ones are redeemed while the silver
certificates are taking the place Of ST. 81.
and s. notes.
Two features are marked I'm the cur
rency-first, the growing use OF gold, and.
second. the constant addition to the small
denominations OF paper. The gold. includ-
ing certificates. in circulation, which was
1873 per cent. OF the total circulation on
July 1. 1897. was 39.5 per cent. on July /.
1900. 4O.2 per cent. on July 1. 1901. and 40
per cent. on Oct. 1. 1901 The average de-
nomination of notes and certificates issued
by the treasury, which was S6.34 in the
fiscal year 1900, fell 10 s4.46 I'm 1901.
The number of pieces OF government
paper issued rose from 7slS2.l76. represent
ing 1896. .545 OOO in 1900. to 1921 O3l. OF which
the face value was s4O7 IO2. 600. In 1901. The
first quarter OF 1901 q .443, 469 pieces issued.
representing SiO0. 600. while I'm the like
period OF 1902 the issues were 26. eos 799. OF
the face value OF $ll0. 10000 and the ave-
rage worth S4.i52.
The redemptions in 1900 were s. $50 735
pieces. Of the average value OF A.a each.
"a, ut.H 4. TuIf
$50 pieces. averaging SAL in value. and
amounting 10 500. s9l. $50 In the first quar-
ter OF 1901 the pieces were ls.5O7. zoe. Of the
average value OF Sass and the aggregate OF
$50 S64 80, while in the first quarter OF 1902
the pieces were 19 639 .5l4. OF the average
value OF $3.50 and the total OF S941s2. co.
THE redemptions Of national bank notes
show an increase OF S50.J8.570 during the
fiscal year. while the average amount OF
such notes outstanding increased S7s.5e0 .5ll.
The total amount redeemed was greater
than in any year since 1873 save one. The
rate Of expense for each $1,000 IN notes
assorted was S956 cents. OF which 37.Si cents
was for transportation. The rate has never
been so low before. as the lowest previ-
Gus figure was Si01 In 1897, and the high
est $3.50 In 1881 The notes are paid for
II by check. the day on which they are
received. and If by currency, on TIE sue
ceeding day.
The shipments Of standard dollars In the
fiscal year reached the maximum. as usual
in the late autumn. and tlre amount out
standing was S76lS2,326 In December. This
fell 10 S66.5Ss, ,62S In July. The increase in
the year was 5.b0 ner cent over 1900. For
three years the growth OF shipments was
steady. but not large In the first quarter.
In the standard dollars presented al the
treasury Offices for exchange In silver GER
tihcates an increase OF per cent. appears
over the preceding twelve months and In
the first quarter Of lg02 1915 per cent. over
the ike period Of 1901
"In subsidiary silver the shipments IN the
fiscal year were ga per cent greater than
in 1900. and in the first quarter OF 1es2 8 az
per cent. greater than for the like period of
the preceding year. The redemptions for
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