Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1902-12-06
NATIONAL FINANCES.
Report Of Secretary Shaw Is Full
w. Of Interest.
TELLS THE STORY OF OUR FINANCES.
Surplus In the Treas1ry Has Reached
Nearly $1OO,OOO, OOO-His Views
ON Important Questions
Yof Finance.

Washington, Dec. 4.-Following are
extracts from the annual report of
Secretary of the Treasury Shaw:
The revenues of the government
from all sources for the fiscal year
ended june 80, 1902, we're $6s4,326, $50,
of which $271 ,sSO,122 were received
from internal revenue, $254,444, 70S
from customs and ,$10,979, 500 from
profits ON coinage, bullion deposits,
etc. The expenditures were $3.50, O3S,-
904, of which sill, o67, 171 were on &C
count of the civil este blishment, $112,-
272,216 the military establishment,
$67, s03, 12o the naval establishment,
$10,049,5 the Indian service. $685.
4ss,559,e47 the postal service and
$2,4o2,152 for deficiency in postal
revenues. The surplus was $9l.2S7,-
375. Estimated revenues for 1903,
1854 ,020,630; estimated expenditures
for 1903, 1851, o2o,e3o.
Events of the Year.
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 re-
deemed in gold to the amount of ST.
49,, $50 of the former, and $1,274 $50
of the latter, without any Impairment
of the god reserve of $150,OOO,O00.
After allowing for subsidiary silver,
silver bullion and minor coin, not
available for large payments, there
remained in the treasury vaults No.
vember 1 fund of over $56,0Q0,000,
| which is slightly in excess of what
is deemed fair working balance.
Parity Maintained.
The act of March II, 1900, has been
carried out in accordance with the
spirit and letter of the statute. The
parity of all kinds of currency has
been maintained. For the present, no
silver certificates are issued of higher
| denomination than five dollars. and
! no United States notes of any other
| denominat ton than ten dollars, while
gold certificates alone are issued in
the higher forms. AS consequence
the paper currency is gaining in sim
plicity.
The Public Debt.
= The interest bearing debt out
standing at the close of business
June 80, 1902, was 1881 ,o7o,340. Since
then the department has purchased
SIG, 529, 900 bonds for the sinking fund
for the fiscal year 1908.
The per capita supply of money
outside the treasury November 1,
| 1901, was $2s.72; November I. 19oa,
$29.36.
Foreign Commerce.
The marked characteristics q ~
foreign commerce of the United
States during the fiscal year ended
June 80, 1902, were. a decrease of
$106, O45, 500. in exports and an in
! crease of $50, 12o,7s3 in imports. The
total exports of the year were 1881,
719, 4O1, of which $1,335, 461 1861 was of
domestic production; the total i'm
ports were 1908, 32o,94s, making the
excess of exports over imports $47S,-
39s. 453. -. =.
Should he interchangeable.
| The statute now provides that
parity between all forms of money
shall be maintained. A former Sec
rotary of the treasury expressed the
opinion that somewhat similar
statute authorized the redemption of
| silver in gold. If that be the inten-
ton I submit it would be better to
express the same in specific terms.
It has been found necessary, in order
to maintain the parity of greenbacks
and treasury notes, to expressly pro-
vide for the redemption thereof in
gold. I am, not .unmindful of the
claim that parity will, naturally con-
tinue: SO long as the government ac-
cepts silver in payment of revenues.
If this be true there would be no
danger to the government should the
two coins be made interchangeable.
l believe the treasury of the United
| States would be in less danger with
an express provision for the exchang-
ability of gold and silver than under
existing laws. At the present time
LHe 2CFcdSuIy u HAsHoo Oil VIC SOIu
needed, whatever. the purpose for
which it is demanded, and certainly
no more would be required for COM
merce, and not as much for hording,
should all doubt as to the status of
silver be removed. On the contrary,
if all forms Of money were made -
equivalent Of gold, then ~ ossao11a
for hording one coin moFss tAaa -
Eother would vanish, and the danger
70 the treasury would be diminished
Instead Of being increased. The eabil-
ity= Of this government to fulfill its
promises has never been questioned,
but doubts arising from unexpressed
/ policies have caused more than one
crisis. 5$:. +. Il Il ..S E#