Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1903-12-14
onsratlons Of the Treasury.

condition of the treasury are the IN
creased available cash balance and
the increased holdings of gold. Since
1890 the available cash balance, In
Guiding the reserve, has more than
doubled. rising from $179,259,SS7 TO
s3SS. 6S6.114. The cash in the general
fund increased during the year by
$40. 1O3.S69 and the liabilities in
creased S3,6O5,116. Thus, the avail
able cash balance at the end of 1908
exceeded that of 1902 by $26, 49S,75S.
Increased receipts from customs,
sales of lands, and from miscellaneous
sources nearly equaled the diminulon
in receipts from internal revenue.
The increase CT expenditures for the
fiscal year 1908 over those of 1902 re-
suited in a reduction of the surplus
revenue for the year of $36,sS9,7OS.
For the first quarter of the fiscal year
1904 the receipts were $6,733,297
greater than the expenditures.
The trust funds held for the re-
demption CT the notes and certificates
for which they are pledged increased
to 1898 ,06S, S69, an increase for the
year of $62,459,7S0. Transactions in
public-debt items, other than those re-
lated to the trust funds, caused net
decrease of S1S,625,444 in the public
debt and reduced the annual interest
charge to the extent Of S2,001 ,S72.2O.
The foreign holdings of United
States bonds are principally confined
TO the registered class, and are dimin-
ishing. In 1899 the amount was $24,-
S39 ,020 At the end or 1908 it was re-
duced to s16,S66,950.
During the year 1903. national bank
notes to the amount of $196,429,621
were presented for redemption, an in
crease over the previous year of $24,-
56O. 1868. The expenses incurred were
s174.477.62, which have been assessed
upcn the bank at the rate of $0.90262
per $1,000 of their notes redeemed.
There is a continuous growth in the
ratio of public money of denomina-
tons of $40 and below to the total
public money in circulation, but the
increase in small bills hardly keeps
pace with the demand. The process
Of changing denominations under the
act OF March IA, 1900, will reach its
limit in about two years, and the ques-
ton of further provision for small
potes requires early attention. The
treasurer suggests that gold certiti-
cate of the denomination of $40 be
authorized, and that the restriction on
the issue of IS notes by national banks
be removed.
Gold continues TO accumulate. The
total holdings of gold July /, 1908,
were S631, APO, 7S9, an increase for the
year of S71,220,4S9. October 1, 1903,
the total holdings of gold in the treas
ury amounted to s654,S11,716. I'm
restricted use of gold coin and GER
tificates in all branches of business
and the freedom with which they are
paid into and out of the treasury have
been marked features of treasury
operations.
United States paper currency is
sued in the fiscal year 1903 amounted
TO 1851 ,03S, 900, and the number of
pieces was 81 per cent. greater than
in 1902 Redemptions amounted TO
s4SS, 55S, 220 and the number of pieces
was 22.1 per cent greater than in 1902.
A new record was made in the receipt
of all kinds of money for redemption
and exchange The amount paid for
was 1864, sos, SCI, an. increase of SAL
22S,315 over the preceding year.
The sum of $35,504,050 was sent to
the Philippines from May, 1898, to
August 16. 1908. The standard sill
yer dollars in circulation July /, 1902,
were s6S,747, $40, and the amount in
circulation July 1, 1903, was 2,S91,-
240 The amount distributed at the
expense of the government during the
past fiscal was s41,1S2,154. Subsidiary
silver coin amounting to $24,112, 445
was distributed during the year to
depositors therefor but the amount in
circulation shows an increase for the
year of only S7005,466 The rate for
transportation on shipments of sill
yer coin during the year was s2.0S per
$1,000.
National Banks.
AT the close OF the year ended
October 81, 1903, the misunderstanding
system had been in operation forty
years. During this time 1929 national
banks were organized, of which 5,907
were banks of primary organization
and 1,122 were state banks converted
into national associations; 399 banks
failed and were placed in charge of
receivers, and 1883 went into volun-
tary liquidation for the purpose of
consolidation with other banks or re-
firing from business. The failures
were sc per cent and the lie uidations
2l1 per cent of the total number or
banks organized. During the year
ended October 81, $50 national banks
were organized, with a total capital of
$34,333,500. The banks organized
since the financial legislation of March
II, 1900. constitute nearly one-fourtb
of the number organized during the