, 1902-12-05

way Suppiant Ne" Orleans.
Washington. Dec. 5.-Thc annual re,
port OF the secretary of the treasury
says:
The revenues OF the government
from al sources (by warrantsD for the
0sca. year ended June 20. 1902, were
$GSI,32G.@So.45. The expenditures were
>52i.O&S 9Oi.9O, leaving surplus of s9l,
~2S7.375.57.
Compared with the fiscal year 1901
he receipts for 1902 decreased Sl4.
g~O.@5O.I5. and there was I decrease
Of $5S,77G495.5I in expenditures.
The revenues Of the government for
the current fiscal year are estimated
upon The basis OF existing laws at $G9l,
O2O $50.
tn. expenditures for the same per,
iod are estimated at $G5I ,o2O.G3O. or a
anrpus of SI5.."O..10.
1t is estimated that upon the basis
u; existing laws tn" of the
so'IrHment Tor the fiscal year 1904
will be $729.7G7,G Gl.
IN" estimates OF appropriations re-
1uircd for the same period are s677,-
l"~5G.71G.3o. or an estimated surplus of
sol 'Slp.NSt.'V.
II treasurer OF the United States
in his annual TppOr. DISTINGUISHES. as
'h' SiEIhlhE features OF the CONDITION
q! tA' treasury the magnitude OF the
aFaIIahI" cash balance and the unpre-
~'"d"hl"u Mornings or gold. Among the
notable events OF the last ilSCal year
are TN" dlmlnution Of revenues due to
me repeal OF war taxes. III" reduction
the composition OF the paper currency.
tnlt'd States notes ana treasury notes
were redeemed III gold to the amount OF
SlI,lS2,59O OF the former n $l,2Il,-
$50 OF the latter, without IN impair
iA'ht oil the S"ia reserve Oh sloo,-
600 o
me act OF March IA, 1900. has been
carried out in accordance with the spir-
II ana letter OF the statute. The parity
OF all Kinds OF currency has been main
talned. For the present. no silver GER
tliicate are issued IN the higher forms.
rs Il consequence. the paper currency
is gaming IN simplicity. Generous con
OCCASIONAL acton mas made 1t possible
TO provide n lar reserve Of hnlshed
notes OF all denominations ready for
issue, ana the treasury has been able
to meet all demands FOR currency with
out any restrictions upon the denoml-
nations paid out or the KINDS OF money
received IN return. The receipts for
redemption and exchange during the
hscai year Mount to S125.2I5,2i6,
an increase OF S5l,S6i, 500 over 1901.
The contract for the interior con-
struction of the new mint at Denver
has been awarded. That machinery
and other equipment may be ready for
installation when the building is COM
pleted, a further appropriation for that
purpose should now be made. The
mint at san Francisco is being supplied
with new machinery to bring its equip
ment up to the standard OF efficiency
established at P~hlladelphia. The mint
at New Orleans has been engaged for
several years almost wholly upon the
coinage of silver, and the approaching
exhaustion OF the supply OF silver bull
lion in the treasury raises the ques-
stitution in the future. The opening
OF the new mint at Denver will provide
a natural place of deposit for the gold
bullion produced in the central west,
the mint at San Francisco will receive
the production II imports of the Pa
ciiic coast. II the mint at Philadelphia
Will receive the imports at New York
The receipts of gold at New Orleans
dc not justify the continuance of coin
age operations there. In view of these
facts. it is recommended that after
June 80. 1903, the New Orleans mint
be reduced to an assay office.
The aggregate of subsidiary coin
age permissible under existing laws is
500. OOO.O 900. This limit has been reach
ed. but the demand for subsidiary coins
Is by no means satisfied, and the de-