Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1902-12-02
FUNDS OF UNCLE SAM
Secretary of the Treasury Shaw
Issues His Annual =.
Report.
BIG FALLING OFF IN REVENUES
Due to Repeal of War Taxes-Other
Matters OF Inter-
est.

The report of Secretary of the
Treasury Shaw for the fiscal year
ending June 80. 1902, was given to the
public today. 1t fairly bristles with
numbers of eight and nine figures
and its perusal may be calculated
TO give the average American Il clear
er notion of the size and Importance
of his country. Following are some
extracts from it:
The revenues of the government
from all sources for the fiscal year
ending June 80. 1902. were S6S4.326,-
2SO, of which $271.ssO.I22 were re-
ceiyed from internal revenue. S2j4,-
4+4.70S from customs. arid S1O.9.9. 5O5
from profits on coinage. bullion de
posts, etc. The expenditures were
S593.03S,g O4. of whichS11I .O67.17I were
on account of civil establishment.
Sl12.272.216 the military establish
ment. 6T.s03. 122. the naval establish
ment. SIO.O49.5S4 the Indian service.
$l3S.4SS.559 for pensions. $50, 1850 in
tereSt on the public debt. 1921. SIS oar
the postal service and S2.4O2.1 j2 for
deficiency in postal revenues. The
surplus was SSl - 10.
The number of national banks in
active operation on Oct 81. 1902. was
4,c7S, with authorized capital of S1I3.-
435.695: bonds on deposit to secure
circulation, $33s.352. go: circulation
outstanding secured by bonds. $3.50
1S3.lS9. The latest reports sub
mitted under date of Sept Is.
show that 4.60l have individual de
posts of $3.2O9 .213.393: United States
deposits and deposits of United States
iisbursing officers, Sll7.09..sG9. and
S6.S46,033, respectively. borrowed
money. represented by notes and bills
re-discounted and bills payable. aggre-
gated So. SOO.SSS. cor only Is per cent
Of the capital stock. The total re-
sources were S6.113.92S.9f2 the maxi
mum amount reached i'm the history
of the system. The loans ana dis
counts were S3,2SOI21.4S0.
Decrease I'm Exports.
The marked characteristics of the
foreign commerce of the United
States during the fiscal year ended
!une so. 1902. were decrease Of
Sl06,045,59O i'm exports and m increase
of SS0,130.7S in imports. The total ex-
ports OF the year were 81 .3SI.5lg.4O1.
of which Sl.3oj. Is SOL was of domes-
tic production; the total imports
We're S903,32O.a4S. making the excess
of exports over imports S47S,39S,453.
Among the notable events of the
last fiscal year are the diminution of
revenues due to the repeal Of the war
taxes. the reduction of expenditures.
4 2
the paper currency. The United
States notes and treasury notes were
redeemed in gold to the amount of
$l7.is2,59O of the former and $l.274,-
30 of the latter. without any impair
ment of the gold reserve Of $15O.OOO.-
100
The increase of the available cash
balance was S33,7SO, SOB, bringing the
total on June 80. to S212. ISL. 361. BY
Oct l. 1902. the total increased TO
1921 263. 1874. but was reduced by Nov.
/. to SOCIALISTS. Inclusive of the
gold reserve. the available balance
on June 30. was $500, 1877 .36l. the larg-
est in the history of the department.
During the year ending Sept. 30,
1901. there was an addition of 49,
956.s45 to the paper currency of $50
and under, while only SO, 794.5O0 was
added to the higher denominations.
Inclusive of gold coin, the smaller de
nominations constituted over so per
cent of the whole stock of money. In
the next twelve months the increase
OF the smaller denominations was
ST1.2S3, 129, and of the higher only S4.-
745.750. raising the percentage of the
former to over So. The demands of
the people for notes of small de-
nominations have surprised the
closest students of the. currency. In
1890 there were 1905. $50 pieces OF
government paper issued. of the aver
age value of $6.61. In 1902 the issue
was 116,697,S and the average value
81.
From the occupation of the Philip
pines to Sept. Il last. an aggregate Of
S27,331 $50 in American money was
sent there to be used in government
disbursements. Of this, S15,GSO, 900 was
in paper. $IO,29O,OOO in gold, and the
remainder in silver and minor coins.
There is no record to show what has
been returned.
Tax on Circulation.
81 see no objection TO the issuance
of circulation based upon general
credits, if properly safeguarded. Nei-
Their do l believe ii necessary to make
currency thus issued a first lien upon
assets. a very small tax upon circn-
latiOn would be sufficient to cover any
possible loss. The government actu-
airy has demonstrated that Il tax of
one-eighth of one per cent upon cir
culation would have covered all loss
from the beginning of our national