Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1901-12-11
CONDITIONS OF OUR FINANCES.
Extracts from the Report of Secre-
tary Gage-Largc Surplus
for the Year.

washington. Dec. 5.-Secretary Gage,
of the treasury department, Wednesday
submitted to congress his annual report
on the nations finances for the year end
ed June 80, 1901. In the period covered
by the report the revenue of the gov
$699. Sig. 53092. and the total expenditures
were s621, sos, 54654, leaving a surplus in
the treasury June 80 of 81, III, SS438.
According to the report there was in
the redemption division Of the treasury
November 15 1901, s15O, 600 in gold coin
and bullion. The available cash balance
in the treasury at that date was $717,Q17,-
6l0.
On the working of the last national
bank law the report says:
''The national currency bill became law
February Is, 1868, but was repealed and
reenacted with material amendment on
June 8, 1864. Under the provisions of the
former act 4SS national banking assOcia-
tons were organized and under the lat
ter 4,971. The act of March IA, 1900,
which authorized the incorporation of ma
tional banking associations with min
imum capital of $4,000 in towns with
population not exceeding 5000, resulted
in the organization of 429 banks of that
class up to June 80, 1901, making a total
of 5,SSS organizations under these three
acts up to the close Of the year. On
July l. 1901, there were in active opera
ton 4,17S national banking associations.
the existence of the system 1895, or
about 225 per cent. of the associations
were placed in voluntary liquidation, and
1884, or 6.5 per cent, in charge of receiV-
ers.
During the fiscal year Ill banks, with
aggregate capital Of s20,517, 600, were or
gained; 81, with capital of $S,97O,0oo
with capital of $1,S60,O00, placed in charge
of receivers Subsequently to the close of
the year one of the II associations was
placed in solvent condition and permit
ted to resume. The authorized capital
stock of the banks in existence on June
30, 1900, was $e27 ,5os,oe3. In addition to
the capital of banks organized during
the year, old associations Increased their
stock to the extent Of $12,9N, SOO.'
Secretary Gage reviews at length the
Russian sugar bounty case, holding that
the ruling made last winter was the
most equitable that the. department could
devise in the interest Of all parties.
The secretary urges a modification of
the currency and national banking laws:
He lays down three principles upon which
he bases his recommendations:
/. The United States treasury should be
relieved of its responsibility and burden
Of redeeming the grsenbacks in gold and
the burden transferred to the national
banks. $685..
2. National banks should be permitted
to issue circulating notes to the full
amount Of paid-in capital upon deposit
of 80 per. cent. of the amount of the
capital in United States bonds and 20
per cent. of the capital in United States
legal tender notes.
3. The obligations Of the government
to pay the notes of 1nsolvent banks
should be rescinded.
In support of his recommendations Sec
| rotary Gage points to the fact that a
diminishing volume of government bonds
will soon make it impossible for national
banks to secure a basis for circulating
notes. s. A.: -. ,- 80. ... It
+ According to the report touching imni-
grafton the arrivals Of aliens for the
| year aggregated 562,S6S. OF that number
Isl, 91S were steerage passengers and 1850
were first and second cabin. italy leads
! in, the. number sent. with 137,S07 Of the
steerage list. Of the steerage immigrants
3S1 ,O55 were males and 15S,ess females.
| There were III, s57 who could neither read
!