Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-09-30
NATIONAL FINANCES
Report of United States
Treasurer Roberts.
SU RPLUS, S54,297,667
DECREASE COMPARED WITH THE
PRECEDING YEAR.
Falling Off in Internal Revenue Due to
Legislation Upon That
Subject.
SU RPLUS, S54,297,6 ,667

Ellis II. Roberts, treasurer of the United
States, has submitted to Secretary Shaw his
report on the condition of the treasury.
June 80, 1903, and its operations during the
past fiscal year. The tolal net revenues for
the year We're $3.50 GA, an increase OF
SIS, ,9SS, 4S0 over the year preceding, and the
total expenditures SJ06. .099, ,o07, an increase
OF $50, 49,, ,034. The surplus was So, ,29l 1861,
as compared with S91, ,2s7. .375 in 1902. In the
receipts there was an increase of upward OF
$50, 100000 from customs, and a falling Off
of over $41 100000 from internal revenue,
the latter being the result of legislation
enacted with that object On the side or
the expenditures there was an increase IN
every important account except pensions
and interest, in which there We're slight
savings The expenditures for the two mill
tary departments, which together amounted
to S191 237 ,5J4, forming by far the heaviest
outlay for any single purpose, were upward
of $21 100000 greater than the year before.
The aggregate income, including besides
the revenues, the receipts from BONDS, notes
and coin certificates, was S1,2l1, 4,o9I, ana
the aggregate outgo, s1,122,6i''6tS.
Money in the Treasury.
At the close of the year the treasury held
$S92, ,06S $50 In gold and silver on deposit
against outstanding certificates and treas
ury notes, besides the s150.000,000 in gold
which forms the reserve against United
States notes. In the general fund or the
treasury which amounted to $500, ,o31, 156,
there was 1878 $40 in gold. together with
$31 ,S6l $40 in gold certificates. The deposits
in national banks aggregated $141, ,s42,61O,
an increase of nearly s24 100000. After de-
Quoting these from the available cash bal
ance of $23S, csc, ia, and setting aside the
subsidiary silver, bullion, minor coin and
national bank notes. there remains an ac-
tual fund of $50 150, ,403.
The principal changes in the public debt
were effected by the purchase of SIG, 5o4, 800
in per cent bonds of 1925, and the ex-
change of s65, 099,900 in per cents of 1907.
and $16.042. 100 in per cents of 190S-191S
into per cent consols of 1890.
Monetary Stock Of the Country.
Treasurer Roberts places the monetary
stock of the country, on June 90. slY08. tn-
cluding gold and silver. United States notes,
treasury notes and national bank notes, but
not certificates, at $26SS. 149. GIL, an in
crease of S124. $50. 963 for the year. The
increase in gold was $50 137, ,401, and in ma
tional bank notes 56,99S 559.
The increase of the money in circulat ton
during the year was S121. 02o2 of which
S59, 6,462 was in gold and gold certificates
and S54,520 1913 in national bank notes. The
share of money for each person increas sed
50 cents, and the proportion of gold to the
whole rose to ~. IL per cent, the highest
ratio ever recorded.
The prediction made in the treasurer's
report for last year. that the growth of the
circulation per capita would keep ahead of
the growth of population. has been fulfilled.
The increase in circulation per capita was
80 per cent, while that in population was
2.1 per cent.
Demand for Small Denominations.
There has been a continual increase in
the proportions of paper currency of the
denominations of SO and under in circula-
ton, but the growth hardly keeps pace with
the demand. The supply be increased
if Congress will authorize the issue of gold
certificates for $40 and remove the restric-
ton on the issue Of S. notes by national
banks
The total issues In the fiscal year were
141 ,235371 notes and certificates, of the
value of $351 ,03S,0O0. The redemptions
were 122. COG, 5S4 pieces, worth S4Ss 55S 22O.
In the aggregate the redemptions and ex-
changes Of all kinds Of money were $S64,.
5O3.561.
Money in the Philippines.
Moneys for use In the Philippine Islands,
from the beginning Of the occupation to
August 16. 1903 have been paid by the
assistant treasurer in San Francisco to dis
bursting officers, to the aggregate OF $780,
500, ,05O.
The national bank notes presented for
redemption during the year amounted to
$196 429, ,621. or 5121 per cent Of the aver
age outstanding.
Coins for Porto Rico
The substitution Of coins of the United
States for coins Of Porto Rico has been
continued in small amounts. The total
exchanges have been 50, 44O,572 for 5,734.-
2S7 pesos.
On June 80 the amount Of subsidiary sill
yer coin in circulation was $92, 1876, 800, an
increase of Sc, 474 342 In the year.
Since August, 1902, two payments.
amounting to s. 969 400 have been made
on the notes of the Central Pacific Rail-
road Company held by the department.