Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1901-12-17
CAGES ANNUAL REPORT.
Treasury Receipts, 5000. 3I6, $50. 80 |;
Expenditures, S6ol, sos, $40 o.

Treasury Receipts, 5000. SIG, $50. 80
Expenditures, $62I, 59S, 546 "a.
The revision of the banking and cur
rency systems is advocated by Secretary
of the Treasury Gage in his annual re-
port. He proposes great central bank
ing institution with which all of the
banks, now independent institutions, shall
be federated. The banks thus federated
and controlled are, however, to have IL
dependence in local matters. The mem,
bership in the federation is to be sub
jected TO limited powers by the central
institution. This central institution
which he avoids calling central bank
with branches" is to be confined in its
dealings 70 the banks and the COVER
nlent
Following this suggestion. he favors
permitting national banks to issue circu
lating or bank notes in the amount of the
paid-in and unimpaired capital. The de
post he suggests is 80 per cent of the
capital in United States bonds and 81
per cent in legal tender notes. The bene-
fits he claims for this currency plan
would be the release Of bonds for invest
ment and the relief of the government
lIOlu tut hQAdtu VI ANNNSAAAAAS
backs
There were 4,219 national banks in ex'
istence Oct. 81. The total capital was
$663, pa, 195.
A ship subsidy is advocated by Mr.
Gage. He proposes a bounty based on
the mileage of American vessels engaged
in the foreign carrying trade.
This bounty would cost yearly, he says
about the cost of two battleships-
to 100000.
Last year we exported or sold, in mer-
chandise, the value of $1.4SI, I64,99l,
while we imported only SS23,1I2,l6o'
The excess of exports over imports was
$664, 592, S2G.
The revenues of the government, ne
says. are too large. He advocates a re-
duction of $50,000,000 year. In this
he suggests the abolition of the last OF
the war taxes, amounting TO S2hoUo,ooo
a year. These include an increased tax
on liquors, tobacco, tea and mixed Hour.
Last year there was coined $lo0,o4U,-
TS1.5S The mint earned Sl0,4lO,3S2.
He suggests that the limit of $lOO,ooO,-
600 on subsidiary coin be increased.
The estimated production of gold in the
United States last year was $I9,lfl,oOO'
The worlds production was $25Iol4, 100.
The production of silver in the United
States last year was $35.T41.140 in COM
mercial value. The worlds output of sill
yer was $110S54,00 900.
The industries in the United States con-
sumed SIG, 500 worth of gold and the
worlds industries consumed SIo,OOO,OOO,
Most Of this was used in making jewelry
aud in filing teeth.
Smugglers are given a chapter in the
report. Mr.. Gage refers particularly 10
those coming in as traders and tourists,
BY more careful examination of bag
gage last year the duties were increased
from S192,045 to S7S7,3SS. He also sug-
gests more encoura cement for informers
on smugglers.
OF immigration last year he says:
''Of the races which contributed to the
total steerage immigration the Italian,
with 137.SO7, is far in the lead, repre-
senting about 2S per cent, followed by the
Hebrew, with 5S,O0S; the Polish, 43,61I;
the Scandinavian, 40,2TT; the German,
"a, 80; the Irish,> 30,4O4; the Slorak,
29,343; the Croatian and Slovenian, H.
92S; the English, 13,4SS; the Magyar,
1881, and all others combined, 6S,9O3. "
He calls attention to the difficulty OF
enforcing the Chinese exclusion act by
reason of the number of Chinese laborers
who seek TO enter under the classified
tion of merchants.
Thirty-three public buildings are under
construction at a minimum cost of $l9,-
065, 932.