The Savannah morning news., 1903-12-09
TREASURY SECRETARY
MAKES HIS REPORT
Statement of the Financial Operation of the
United States Government.

Washington, Dec S.-The report of
the Secretary of the Treasury. which
was made public to-day, shows that
the total receipts of the government
for the fiscal year of 1898 were 1894
62111704 and that the expenditures
for the same period were S640, 323, 450. 2S.
These figures show that the receipts
We're so, 294, S37.17 more than those for
the fiscal year of 1892, and that there
was an increase in expenditures for the
year of $472S4,545,3S
The most noticeable features in the
condition of the treasury are the in
creased available cash balance and the
increased holdings of gold. Since 1890,
the available cash balance, including
the reserve, has more than doubled,
rising from $179, ,SS7.1S to $685., $50. =
1142S The cash in the general fund
increased during the year by $50 103,-
S6967, and the liabilities increase So
sos 1860. Thus, the available cash
balance at the end of 1903 exceeded
that of 1902 by $26 49S, 753.O7. The for
eign holdings of United States bonds
are principally confined to the register
ed class, and are diminishing. In 1899
the amount was $24,339 020. At the end
of 1903 it was reduced to SIC. S66 $50.
Notes of Small Denomination.
There is a continuous growth in the
ratio of public money of denominations
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
49,, tI,x % N-H
a. 1900. will reach it's limit in about
two years, and the question of further
provision for small notes requires early
attention. The treasurer suggests that
gold certificates of the denomination Of
$40 be authorized, and that the re-
striction on the issue of s. notes by
national banks be removed.
Gold in the Treasury.
On Oct l, 1908, the total holdings of
gold in the treasury amounted to $654,
S1l, ZIG. Unrestricted use of gold coir
and certificates in all branches of bust
ness and the freedom with which they
are paid into and out of the treasury
have been marked features of the
treasury operations during the past
year.
The standard silver dollars in cir
culation July l, 1902. were $6S,747,S49,
and the amount in circulation July 1,
1903 was $72, 1891, 240 The amount dis
tributed at the expense of the govern
ment during the past fiscal year was
Sal. 1872. 1854.
Subsidiary silver coin amounting to
S24.112,445 was distributed during the
year to depositors therefor, but the
amount in circulation shows an in
crease for the year of only $7,OO5, 466.
National Banks.
cd oct
81, 1903, the national banking system
had been in operation for forty years
and eight months. During this time
1929 national banks were organized,
of which 5907 were banks of primary
organization and 1,122 We're state banks
converted into national associations;
399 banks failed and were placed in
charge of receivers, and 1,4S3 went into
voluntary liquidation for the purpose
of consolidation with other banks or
retiring from business.
During the year ended Oct. 81, 1908,
553 national banks were organized, with
a, total capital of 1874, 333, 500. OF these
banks, 343 were organized with an
Individual capital of less than $4,000.
AS a result of the passage Of the
act of March IA, 1900, permitting banks
to issue notes to the par value of
bonds deposited authorizing the or
capital of $4,000, and reducing the
semiannual duty on circulating notes
secured by 2 per cent. consols of 1880
from One-half to one-fourth of l per
cent, banknote issues increased from
$249 SIG, 227 on March /, 1900, to $419,-
610,6S3 on Oct. 81, 1908, an increase of
$40 094, 456
on July l, 1903, national bank notes,
secured by bonds, and lawful money,
constituted 1872 per cent.
The limitation of the coinage of sub
sidiary silver was, in a measure, re-
moved by the act of March 3, 1908,
which permitted the bullion purchased
under the act of 1890 to be used as
required. When this bullion is ex-
hausted, which will be before the end
Of this session of Congress, no further
coinage of subsidiary silver from new
bullion can be made without legisla-
ton.
Interest Bearing Debt.
The interest bearing debt of the
United States outstanding Nov. 1, 1908
was 1905, 277 ,060, and the annual in
terest charge thereon was $24,S30, ISL. 80.
There were 1921, 340,600 bonds held by
the treasurer of the United States in
trust for National Banks as security
for circulating notes and deposits
other investors.
The Money supply.
The estimated population of the Unit
ed States, and the per capita sup
ply of money, Nov. /, 1903. were So
$4,000 and $29.99, respectively.
Smuggling.
The suppression of smuggling has re-
quired the constant vigilance of GUS
toms officers. In New England a for
mer offender was arrested, convicted
and imprisoned on the charge of SNUG
Cling tobacco in bales; two smugglers
of laces are now under bail awaiting
trial. and criminal proceedings are
pending against smugglers of wooler
cloths concealed in cars containing
paper stock. At several of the larger
ports numerous arrests of seamen de-
tected in smuggling Suma ira tobacco
has been made. In Northern New York
two persons were convicted of snug
Cling wool. Frequent seizures OF
struggled wool, horses, and cattle are
made in that section. In Florida a
conspiracy of long standing to SNUG.
gle cigars from Havana has been un.
earthed and criminal prosecutions are
in progress in this connection.
Smallpox, Plague and Yellow
Fever.
Reports show the continued preva.
lence of smallpox in a mild form il
nearly ever state of the Union. Dur.
ing the fiscal year 1908. there were re.
ported in forty-four states AZ $50 cases
with 1,642 deaths, a mortality of 3SC
per cent.
Cases of r1aeie have continues =.