The Minneapolis journal., 1903-12-08
YEARS REVENUE
SHOWS SURPLUS
GOLD CONTINUES TO ACCUNIU-
LATE IN THE TREASURY.
Secretary Shaw Shows Receipts of
$14,00o,OOO Above Expenditures for
19O3.-Prcsent Revenuen Laws VIII
Not Meet Estimated Appropria-
tions for Next Year. - New Rec
ord in Department OF Redemption.


washington, Dec. 3.-According to
the annual report of the treasury de-
partment, submitted by Secretary
Shaw. the revenues Of the government
for. the fiscal year 1903 exceeded the
expenditures and showed surplus Of
$54,297 667.36. Compared with 1902
the receipts for 1908 increased $1O,-
294,S37.17, and the expenditures in
creased safest,
The revenues of the government for
the current fiscal year are estimated
upon the basis Of existing laws at
$674,767.66 and the expenditures for
the same period are estimated at
S660,767, ,664, showing q, surplus of
$14,00O,000.
For the fiscal year 1906 the reve-
estimated at $704,472, ,06O.72. The es-
innate Of appropriations required for
the same period, as submitted by the
| several executive departments and
offices. exclusive Of sinking fund,
amount to $727,474,206.79, which
would cause a deficit of $23,OO2,-
| 146.07.
| Increase in Cash Balance.
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, in
Guiding the reserve, has more than
doubled, rising from $179,259, ,ss71S
to $3S8,6S6, 114.2a. The cash in the
by s30,1os,S s,S69.67. and the liabilities
increased $3,605,1 Thus, the
available cash balance at the end of
1903 exceeded that of 1902 by $780,
49S,753.07. ...-.
Increased receipts from customs,
le,o1 las ~ Io<,
sources nearly equaled the diminution
in receipts from internal revenue.
The increase in expenditures for the
fiscal year 1903 over those of 1902 re-
suited in reduction of the surplus
revenue for the year Of $36,9S9, ,70S.21.
First Quarter of 1904.
For the first quarter Of the fiscal
year 1904 the receipts were $685.
297.42 greater than the expenditures.
The trust funds held for the redemp-
ton Of the notes and certificates for
which they are pledged increased to
$993,068,869, an increase for the year
Of $62,459.780.
| Transactions in public debt items,
other than those related to the trust
625,44 in the public debt and reduced
the annual interest charge to the eX-
tent Of $2,001,372.20. ..... -ss
The foreign holdings of United
States bonds are principally confined
to the registered Glass; and are dinin-
ishtng. In 1899 the amount was $24,-
$4,000. At the end Of 1903 it was
| reduced to s16,s66,950. .#>
Ratio of Public Money.
During the year 1903, national bank
notes to the amount Of $196,429,621
were presented for redemption, an
increase over the previous year Of $24,-
560,363. The. expenses incurred Were
$174,477.62, which have been assessed
upon the banks at the rate Of $O.9O262
. per $1,000 Of their notes redeemed.
+ There is a continuous growth in the
} ratio of public money Of denomina-
= tions 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
3 act of March IA, 1900, will reach its
: limit in about two years, and the ques
ton of further provision for small
= notes requires early attention. The
: treasurer suggests that gold certif
] Gates Of the denomination Of $40 bt
+ authorized, and that the restriction or
, the issue Of SIS notes by national bank:
be removed.
e Gold cOntinueszto accumulate in thu
= treasury. The total holdings Of golt
I on July 1, 1908, were $631, ,420,7S9.43
e an increase for the year Of s71, ,220,4s9
On Oct. 1, 1903, the total holdings O
, gold in the treasury amounted tt
t $654,811,716. Unrestricted use of gol(
coin and certificates in all branches o
business and the freedom with which
they are paid into and out of the treas
ury have been marked features of th'
treasury operations during the pas
year.
Paper Currency.
q United States paper currency issue
y in the fiscal year 1908 amounted t.
!. $551, ,03S.OOO, and the number o
4 pieces was 21 per cent greater than il
- 1902. Redemptions amounted to $4SS,
% 55S,220 and the number Of pieces wa
- 221 per cent greater than in 1902.
; A new record was made in the re
~ ceipt Of all kinds of money for re
" demption and exchange during tn
+ year. The amount paid for. was 1864,
q 5O3,561, an increase of :$141,22S,3l
= over the preceding year.
a The sum Of $35, ,050 was sent t
- the Philippines from May, 1898, t
10 Aug. 16, 1908.
" The standard silver dollars in cir
culation July 1, 1902, were $6S,747,
is $40, and the amount in circulatio
n July 1, 1903, was $72,391,2 ,24O. Th
It amount distributed at the expense 9
l. the government during the past fisce
,r year was $41,1S2,154.
? Subsidiary silver coin amounting t
II $24,112,445 was distributed during tn
d year to depositors therefor, but tn
d amount in circulation shows an In
- crease for the year of only $7,0O5, ,46e