The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1903-10-12
FINANCES OF
THE COUNTRY
UNITED STATES TREASURER ROB-
ERTS MAKES HIS ANNUAL RE-
PORTS TO SECRETARY SHAW.

WASHINGTON, Sept. 3O.-Ellis ii.
Roberts, Treasurer of the United
States, has submitted his report to Sec
rotary Shaw on the condition of the
Treasury on June g. 1903, and it's opera
tions during the past fiscal year. The
total net revenues for the year We're
$3.50, 1885, 13, an increase of S3S,9SS, 4G9
over the year preceding, and the total
expenditures $506,099,001, an increase Of
$S5, 7S1,034. The surplus was $54 ,297 ,667,
as compared with $91 ,2S7,375 in 1902.
In the receipts there was an increase
of more than $S0,000O00 from customs
and a falling off of over $41 Goo 600 from
! internal revenue, the latter being the
result of legislation enacted with thai
object. On the side of expenditures
there was an increase in every impor-
tant account except pensions and inter-
est, in which there were slight savings.
The expenditures for the two military
departments, which together amounted
to $191, 227 ,554, forming by far the neaV-
lest outlay for any single purpose,
were more than $21,00O,00O greater than
the year before.
The aggregate income, including. be-
sides the revenues, the receipts from
bonds, notes and coin certificates, was
$1,211, 1894, 097, and the average outgo
81, 122, 647 ,665. At the close of the year
the Treasury held 1898, 06S,S69 OF gold
and silver on deposit against outstand-
ing certificates and Treasury notes, be-
sides the $15O0O0,0OO in gold which
forms the reserve against United
States notes.
Treasurer Roberts places the none
tary stock of the country on June 80,
1903, including gold and silver, United
States notes, Treasury notes and ma
fipa fac
at $2,68S, 1891 an increase of $124, SS2,
1853 for the year. The increase in gold
was 60,137, 401 and in national banh
notes 5699S,559
The total estima ted stock of gold
was $1,252, 731, $780, constituting nearly
AZ per cent of the whole. The gold
in the treasury amounted to 1851, APO,
7S9, a gain of $71,22O.4S0 in twelve
months. During the year $126, lilo, 72a
in gold was deposited at the minis
and assay Offices OF the receipts
from customs at the port of New
York, constituting 67 per cent of the
whole, SO per cent were in gold. The
proportion of gold at other ports is
about so per cent The imports OF
gold were $44,OS2,0S2 and the exports
%7,O90,595. The Increase of the money
in circulation during the year was
1921, 740, 1852, of which $59, 776 462 was in
gold and gold certificates, and $54,-
52O,19S in national bank notes. The
share of money for each person in.
creased SO cents, and proportion OF
gold to the whole rose to AZ per cent
the highest ratio ever recorded.
There has been a continued increase
in the proportions of paper currency
of the denominations of SO and under
i'm circulation, but the growth hardly
keeps pace with the demand. The
supply can be increased if Congress
will authorize the issue of gold GER
tif1cates for $40 and remove the re-
striction on the issue of IS notes by
national banks. To meet the con-
slant pressure requires strenuous effort
in the preparation of the currency is
sue.
The national bank notes presented
for redemption during the year
amounted to 1896, 429,621, or 81 per cent
of the average outstanding. OF the
IS notes the redemptions were IS pei
cent; of the $40, 46 per cent; of the 500
40 per cent; of the $50, 81 per cent, and
of the 800, 70 per cent These figures
show that the $40 and $40 notes remain
in circulation longest.