The Saint Paul globe., 1902-12-04

SYSCCfY1s
WASHINGTON, D. C., Dec. 3.-Sec-
retary of the Treasury ShaW's annual
report leads off with these figures: Re
ceipts fer the fiscal year ended June 80,
1902, S6S4,326, ,2S0.47; expenditures,
1888. .O3S, ,9O490; surplus, s$91, ,2S7 ,375.57;
securities redeemed on account of the
sinking fund, $40, ,249, ,669.14. The esti-
mated revenues for the fiscal year 1903
will be $694,020,630; expenditures, $751;
020,630, a surplus of $43,000,000. The
revenues for the fiscal year 1904 are
estimated at $729,767,664. The esti-
mates of appropriations required for
the same period are $677, 1856, 1850, or
a surplus of $51,S10, ,SSS7.70. The re-
port goes on:
1.-The treasurer of the United States
in his annual report distinguishes, as
the striking features of the condition
of the treasury, the magnitude OF the
available cash balance and the unpre-
cedented holdings of gold. Among the
notable events of the last fiscal year
are the diminution of revenues due to
the repeal of war taxes, the reduction
of expenditures, and the changes in
the composition of the paper currency.
United States notes and treasury notes
were redeemed in gold to the amount
of $174S2590 of the former and ST.
27459O of the latter, without any i'm
pairment of the gold reserve of $780,
100000.
Cash Balance Increase.
'"The increase of the available cash
balance was S33,7S0,563, bringing the
total on June 80 to $212,187,361. By
Oct. 1, 1902, the total increased to
1921, ,25S,394, but was reduced by Nov.
1 to $206, ,421 5000. Inclusive of the
gold reserve, the available balance on
June 80 was $362, 1861, the largest
in the history of the department. After
allowing for subsidiary silver, silver
bullion and minor coin not available
for large payments, there remained in
the treasury vaults Nov. fund of
over $56,000,000, which is slightly in
excess of what is deemed fair work.
ing balance.
"During the year ended Sept 80,
1901, there was an addition of $685.
S45 to the paper currency of $40 and
under, while only $9,794, 500 was added
to the higher denominations. Inclusive
of gold coin, the smaller denomlna-
tions constituted over 80 per cent of
the whole stock of money. In the next
twelve months the increase OF the
smaller denominations was $71,2S3,129,
and of the higher only s4,745,750, rails
ing the percentage of the former to
over 49, The demands of the people
for notes of small denominations have
surprised the closest students of the
currency.
National Bank Notes.
National bank notes amounting to
$171, ,869,25S, equal to 4S per cent of
. the average outstanding, were pre-
sented during the year for redemption,
an increase of $24,382,681 over the
previous year. In the first quarter of
the current fiscal year presentation for
redemption amounted to $39, ,791 ,201, an
increase of $3,283,510 over the same
period in 1901. The volume of notes
outstanding was further increased
$10,321 ,507, making the aggregate $685.
993598. The expenses of redemption
for the fiscal year were $153,796, which.
have been assessed upon the banks
at the rate of $0.92444 per $1,000 of
their notes redeemed.
There was unusual activity in the
movement of silver and bullion coin to
and from the treasury. The shipments
of silver dollars reached $40, 1895,
exceeding all former records, and the
returns for exchange were $2,710,690
greater than the issues. The amount
of subsidiary coin outstanding was in
creased by S6,4S6,014 to $S5.721,2 ,22S.
1.-The number of associations in ac-
tive operation Oct. 81, 1902, was 4.673,
with authorized capital of $713.t35,-
695; bonds on deposit to secure circu-
lation, 1888, ,352,670, and circulation out
standing secured by bonds, 1885, 1885,,
1885," Of the banks organized from
March IA, 1900, to Oct 81, 1902, Min
nesota has IL, Iowa II, North Dakota
1. South Dakota 2, Montana J and Wis
conSin II.
''The latest reports submitted were
under date of Sept. Is, and the COM
piled returns show the condition of
4,601 associations, with paid-in capital
stock of s705, 1885, AT. The accumu-
lated surplus and undivided profits Of
the associations aggregated S495,619,-
466, an amount slightly in excess of 20
per cent of the capital stock. The out
standing circulation was $317,99 500;
individual deposits, $3,209, ,273.S93.93;
United States deposits and deposits of
United States disbursing offices, .$117,-
097, 7,769.59 and $6,846, ,033.S5, respective
ly. Borrowed money, represented by
notes and bills rediscounted and bills
payable, aggregated $4,000, ,888.36, or
only 4.8 per cent of the capital stock.
The total resources of the banks were
$6,113, 3,92S,912.50, the maximum amount
reached in the history of the system.
Loans and Currency.
"The amount of the interest-bearing
debt outstanding July l, 1901, was
$9S7, 141 ,040. On that date the govern
ment was still purchasing United
States bonds for the sinking fund, and
such purchases We're continued with
slight intermission until March Is, 1902.
The eotal amount purchased sand
charged to the sinking fund for the
fiscal year 1902 was $5s,071, 730, and the
disbursement was $70.410.941.33.
''The estimated population of the
United States Nov 1, 1901, was 78,211,-
900, and the per capita supply of money
outside the treasury was $2S.72. The
estimated population and the per cap
ita supply of money Nov 1, 1902, were
79,572,O0O and s2S.S6, respectively.
Chinese Exclusion.
"In the enforcement of the Chinese