The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1903-10-14
CONDITION OF TREASURY
Mr.. Roberts Gives Figures Of the Fis.
, cal Year Ended Last June.
WORKING BALANCE, S86,OOO,0O0
Total Net Revenue, $500, ,39e,674, an In
crease OF S3s,9ss, ,43o- Expenditures
Greater Than Those of 1909 by $685.
7S2,o34-Money In the Country, S2,-
6ss,14s,e21-s631,4 ,4aO,7s9 in Gold.

6ss,14s,e21-s631, AGO, ,7s9 in Gold.
Washington, II. C.-Ellis H. Roberts,
Treasurer Of the United States. has
submitted to Secretary Shaw his report
on the condition of the Treasury on
June 80. 1903, and its operations during
the last fiscal year.
The total net revenue for the year
was $500. O.396.674, an increase of $685.
9SS,439 over the year preceding, and
the total expenditures were $506O99,-
0O7, an increase of $35.7S2, ,O34. The
surplus was $54.2o7, ,Gb7, :s compared
with 91,2s7,375 in 1902. In the re-
ceipts there was ar increase of about
$30,000.00O from customs, and a fall
ing of of more than $41,O0O,000 from
internal revenue, the latter being the
result Of legislation enacted with that
object. On the side of the e1pendi-
lures there was an increase in every
important account except pensions and
interest, in which there were slight
savings.
The expenditures for the two mill
tary departments, together amounting
to $191, ,237, ,554 and forming by far the
heaviest outlay for any single purpose,
were upward of S21OOO,OOO greater
than those Of the year before. The az
gregate income, including besides the
revenues the receipts from bonds,
notes and coin certificates, was $1,211,-
304,007, and the aggregate outgo was
81. 22,647 .665. At the close of the
year the Treasury held 1898 ,06S, ,SG9 in
gold and silver on deposit against out
standing certificates and Treasury
notes. besides S150,000,000 in gold.
forming the reserve against United
States notes.
Treasurer Roberts places the none
tary stock of the country on June 80.
including gold and silver. United States
notes, Treasury notes and National
bank notes, but not certificates, at 81
6SS 1862, an increase Of 1924 ,SS2, ,963
for the year. The increase in gold was
$50, 1871 ,401. and in National bank notes
S5699S,559. The total estimated stock
of gold was 81 1.252. 731 900, constituting
nearly forty-seven per cent. Of the
whole. The gold in the Treasury
amounted to SG31, ,420,7 7S9. after a gaiu
Of ST., ,220,4 ,4S0 in twelve months. Dur
ing the year S126,715.723 in gold was
deposited at the mints and assay
offices. Of the receipts from customs
at the Port Of New York. constituting
si1ty-seven per cent. of the whole,
eighty eight per cent. was in gold.
The proportion Of gold at other ports
Is about eighty per cent. The imports
of gold were 44,0S2, ,027, and the eX
ports 47.O90,595.
The increase of the money in circula-
tion during the year was S121, ,740,252,
Of which $50, 7T6,4G2 was in gold and
gold certificates, and S54,520. 1913 in Ma
tional bank notes. The share of money
for each person increased eighty-nine
cents, and the proportion of gold to
the whole rose to forty-two per cent.
the highest ratio ever recorded.
There has been continual increase
in the proportions Of paper currency OF
the denominations of $40 and under in
circulation, but the growth hardly
keeps pace with the demand. The sup
ply can be increased. If Congress will
authorize the issue of gold certificates
for $40 and remove the restriction OH
the issue of s. notes by National banks.
To meet the constant pressure requires
strenuous effort in the preparation of
the currency for issue.
The National bank notes presented
for redemption during the year
amounted to S10G, ,429,621. or fifty-one
per cent. Of the average outstanding.
Of the five-dollar notes the redemptions
were fifty-five per cent, Of the tens
forty-six per cent, Of the twenties
forty-nine per cent. of the fifties sixty
one per cent. and Of the hundreds sew
enty-three per cent. These figures
show that the tens and twenties re-
main In circulation longest.