New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-09


process or renovated but
Banks and bankers. 81 so -0-' s sS ~ ~
Miscellaneous 2as55 o52 ss27Sos 81 81
Totals .s271 SOL 800 . $3.50 925 p
The total cost OF collection for the fiscal year
ended June 80 1893. SAN ISIS so The total pro
dies was IA 10 2o5i taxable gallons. against e.
62 4n-9 gallons in 1907. increase of 13 l52 so
creased 2,2l0,Z3 gallons. During the fiscal year
1903. PA disteres OF all kinds were operated.
total receipts from the taxes on tobacco cigars
cigarettes snuff etc. were $43,514 $40 "a The re-
eelpts from the same sources in 1902 were S., 49,
925 10 q decrease Of SS423,11 %.
A hearty Endorsement OF the Life Saving Service
is fully warranted by the years record, which
shows that out Of 6s7 disasters involving 4SS7 per
sons. only 81 vessels and a lives lost, while
property to the value Of S7,s82045 was saved SINH
larry valuable service was rendered by revenue
cutters, and extensions are recommended.
FOREIGN COMMERCE
The foreign commerce of the year, says the re-
port, the largest in the history Of the coun-
try. The total imports were valued at 81 719 81
and the total exports at s., 4201A679. This makes
the grand total OF the years commerce g. 40 S15
against sI7I4o6116 in 1885, S154703O3l6 in 1855 and
s. l546l6lS2 il 1915 Thus the increase in the past
decade has been more than that Of the two i'm
nediateIy preceding decades combined.
The imports OF the year exceeded by more than
year. and for the hrst time passed the billion dol
cednE year with the single exception Of the record
year 1901, and. despite the extraordinary demands
Of the home market; fe only So'bZ55l2 below those
Of that year The large imports we're chiefly due due
10 taf graz eeai'qS i o. tne 9 81 LOT
the general prosperity which led TO an increase
in the Importation OF manufactures and luxuries.
The value OF the raw material imported for manu-
featuring $50 1851 inc, ease Of $4I 1850
5 % 1 incre5e Of Sc 3o5 rs over last vear
making the total OF manufacturers material import
ed $50 81 go an increase Of $40 1926 over last year
and Of si64 6 rs over that of 1893 The Increase in
-r.4r ions of
caIIy all classes. while that o. partly manlfact-
1red material was chiefly in iron and steel for the
7ss IN rnanIjfactIIring despite the fact that the
home production of iron and steel last year was
the largest in the history or the country inc
condition Of general prosperity which Ied 70 an
increase in other classes OF imports IS
by the fact tnat the lInIoI s 9 81 ~ il 90
OF The {0Jaa 1r6uation amounted to
e5i 902 Products of agriculture exported amounted
to $ 50 and x We5e Tge[ he tota value of the
manufactures exported was SiJ, 1912 an lIi
SfT S8si of the iyeT hom s' market mark s''7
The commerce with the nOn-contiguous territory
Of the United States showed gratifying increase
during the year. The value Of the merchandise
brought into the country during the year from the
fag was Porte Pco So5l 10 Fn ~. Ps6f ss
against so .563 in 1891 The shipments OF neI
chandse 10 those Islands during the year were:
81 Pa total Of S27l25 606. against $6Itog, IN
Alaska Was SO 228 o65 and Of the merchandise sent
- tLlt ifI-,l3r territory Ss55lS GA
during the year If TO this added the gold
81 10 q 70 oG m tota Would exceed 500 900
The Secretary also emphasizes the sondlty OF me
nendations that merit the thoughtful attention Of
legislators.
THE MONETARY SYSTEM.
Our currency system, he says has been subjected
during the year TO some very severe tests. Tn
precedented prosperity encouraged the natural op-
tiraisu Of our people 10 such extent that prop
erty OF all kinds found ready and eager buyers at
figures phenomenally high. a condition, therefore,
existed. which of necessity could not last Within
2 year the market value Of stocks and bonds, the
proper and legitimate holdings Of the people. has
deprecated in an amount estimated rar IN excess
OF the cost Of four years devastating civil war
Yet Notwithstanding this enormous ana neon
cevable shrinkage il has not affected IN notceaDle
-ll-s = iI,--es rs 5Ce71rred there has been
very little apparent hardship. and absolutely no
feaT II any depreciation in any form Of currency.
exists scant reason for apprehension-certainly no
b the provisions Of a very wise act Of Congress;
approved March Il 1909 It was made the duty OF
the Secretary Of the treasury 10 reoeen Lhlied
States notes and Treasury notes in gold on de-
nand and TO MAINTAIN an toIhS Oh none y, sii{s
Evidently The people have understood. as they are
rederrtfon OF silver and silver certificates in gold
whenever necessary for the maintenance OF party
us through the period 10 which have referred
one well recognized weakness, however has been
sfro7aly er1rf7a sizedour currency system is non
elastic II does not respond 70 the varying needs
lions ~ bjsiness This admitted defect should he
rernedied But in remedying II no measure should
be considered that will in any wise weaken that
which is now stable and no element should be in
jected that will cause dlstrust or do1pC ForIu l.
nately at the present time no recipient OF any OF
our several forms Of money stops 10 examine Us
characte-. It is all known 70 De a5 Soog s sDiu'
for the credit OF the goyernnent IS Pledged 10 mann
tain is parity with gold No act should be passed
authorizing the issuance Of anything less safe and
During the fiscal year ended on, June 80. 1903 ma
berg 81 000 900 only 100000 Of which was due 10
new organizations Manlfesty ms rate OF IN IN
States bonds are provided or some other plan IS
In nv last annual report I called attention to the
fact rFar the act If June o. 1902. which authorized
tbe Sarrta-- OF the Treasury borrow $40 100000
canal does not permit the use OF these bonds as
secIIrit for national bank circulation at less rate
az raxat!or than ! per cent ,'er annum- repeat
my recommendation then maze lhdi lhese prop,97eu
bonds be made available as the oaSs OF clrculi Ipn
on the same terms as the COZ sols authorized by
az l, - ie now AVAILABLE for coinage into subsidiary
coin less than 5.Ge0o00 ounces OF silver This Viii
- isl yeeT Authority should he given to re-
com existing silver dollars into subsidiary coin, or
re go ircreasiu, needs Of the country. The
present volume ~ silver stored IN te vaults OF the
TT,ra s1-r is equivalent TO nearly 800 carloads Of
ttirtv IONS each It would cost 100000 to recount
q This enormous amount Is worth in bullion less
than half Of its coinage value but il IS al redeem
Ie at te discretion of the Secretary Of the Treas
nv, in gold ManifeStIy il must always be stored
continue this burden and purchase additional bull
lion for subsidiary coinage. or 70 authorize the
cor version Of q portion OF these dollars into more
svailable forms Of money. IS for the Congress TO
determine in any event. some provision should
h. made for an increase Of subsidiary coin
There is nlsO q scarcity OF paper currency OF
email denominations That this demand may be
supplied / recommend that national banks be per
rTffted 10 issue a large proportion OF their author
iZed circulation IN denominations or s.
OTHER RECOMMENDATIONS
II. conclusion Secretary Shaw says:
? aest-e ~ emphasize the following recommenda-
=. ~ 80 sons COR which more fully set forth