Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1901-12-14
CAGES ANNUAL REPORT.
Treasury Receipts, 5000, 316, $50. 92I
Expenditures, 1921, 500, SAG ga.

Expenditures, $621, 1913, SAG ga.
The revision of the banking and cur
pency 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 arc, however, to have In
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 a central bank
with branches is to be confined i'll its
dealings to the banks and the COVER
ment.
Following this suggestion he favors
permitting national banks to issue clrcu-
1ating 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 80
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
from the burden of redeeming green
backs.
There were 4,279 national banks in ex-
istence Oct. 81. The total capital was
$663, 224, 1875.
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-close
to 100000.
Last year we exported or sold, in mer-
chandise, the value of $1,4S7, 764,99
while we imported only 1888, l|Z,Ibo.
THE excess of exports over imports was
$664, 500, 1876.
The revenues Of the government, he
saws, are too large. He advocates a re-
duction of S50,0OO,000 year. In this
he suggests the abolition of the last OF
the war taxes, amounting to $21,5OO,OOO
a year. These include an increased tax
on liquors, tobacco, tea and mixed Hour
Last year there was coined Sl36,34O,-
7S1. SO. The mint earned SlO,4IO,ooA.
He suggests that the limit Of SlOO,OOO,-
600 ON subsidiary coin be increased.
The estimated production of gold in the
United States last year was $79,l7l,OOO
The worlds production was 1921, 514, 7OS.
The production of silver in the United
States last year was $50, TAI, 140 in COM
mercial value. The worlds output of sill
yer was $11O, 1854, 1000.
The industries in the United States con-
sumed $16,667, 500 worth of gold and the
worlds industries consumed $75,OOOOOO.
Most of this was used in making jeWelry
and in filling teeth.
Smugglers are given a chapter in the
report. Mr.. Gage refers particularly to
those coming in as traders and tourists.
By more careful examination of bag
gage last year the duties were increased
from 1892, O45 to $751;, 1888. He also sug-
gests more encouragement for infOrmers
on smugglers.
OF immigration last year he says:
"Of the races which contributed to the
total steerage immigration the Italian,
with 137,S07, is far in the lead, repre-
senting about % per cent, followed by the
Hebrew, with 5S09S; the Polish, 1861;
the Scandinavian, 4O,277; the German,
34,742; the Irish, 30,4O4; the Sloyak,
29,343; the Croatian and Slovenian, IT,
928; the English, 13,4SS; the Magyar,
1881, and all others combined, 6o,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 classifca-
ton of merchants.
Thrty-three public buildings are under
construction at a minimum cost of $19,-
965, 932.