The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1903-12-23
SECRETARY SHAW'S REPORT.
Foreign Commerce the Largest in
History Of the Country,
GREAT DEFICIT iMTHE TREASURY
Points Out in His Annual Report That the
Revenues Are Failing Of-Makes Few
Recommendations For Changes in Cur
rency Laws-Calls Attention to the In
creaaed Holdings Of Gold.

recommendation for Cn8nEes In Cur
rencj Laws-Calls Attention to the In
creased Holdings Of Gold.
Washington, Dec. 'S.-The report of
Secretary Of the Treasury Leslie NJ.
Shaw, sent to Congress to-day, is ex-
tremely optimistic 80 far as present
conditions are concerned. but the esti-
mates for the fiscal year 1901 show a
reduction of the surplus receipts over
expenditures from $54, ,297 ,667 to $14,,
100000, while for 1905 there is an es-
tlmated deficit of $23,OO2, lag. The to-
tai receipts for the fiscal year ending
June 80 last were 1894, ,e2l, 1T and the
expenditures were $s4O,323, $50.
Although the figures show all in
crease in receipts over 1902 of $10,-
294, ,S37, the expenditures at the same
time increased $47. .2S4,545. There is
a falling off in internal revenue re-
ceipts Of over Sal 100000, but this has
been more than made up by increased
receipts from customs and the sale Of
lands.
Secretary Shaw calls attention to the
increased available cash balance and
the increased holdings Of gold as the
most notable features in the condition
of the Treasury at the present time.
He says also that there is falling off
in the foreign holdings Of United States
bonds. In$1S99 these foreign-held Sc
curities of the United States amount
ed to over $24,O0O,000; on June 80 last
they had been reduced to S16.SG6, $50
During the year ending October 81,
1908, 553 national banks were organ
lied, with total capital of $34 333, 500.
Of these 343 were organized with an
individual capital of less than $4,000.
Secretary Shaw says that the reports
! Of the national banks to the Control
| Ter Of the Currency show that in(s-
gidual deposits were at higher point
on September Is. 1902, than at any
| date subsequent thereto, and amounted
to $3,209, 9,273,S ,S93. On September 8,
1908, they were S3.156, ,3S3, 400, de-
crease of $52,94O,394. :. ...
The specie holdings of"thet banks on
September Is, 1902, were $500. 1885, 12O.
On February 6, 1903. these holdings
had increased to $417,572. 49,, This
was the greatest amount Of specie ever
held by the banks during the existence
of the national banking system. On
September 9, 1903, specie holdings az
gregated $397. .556,167. Of these hold
ings. $105,569, 1874 was in gold coin,
S146,547, ,220 was in gold certificates.
and $63,307 900 was in gold clearing
house certificates. The balance con-
sisted of silver dollars. fractional sill
yer coin and silver certificates.
The mints coined 194,579,6 ,63S pieces
Of an aggregate value Of $74,203, 900
during the year, Of which $45. .721, ,773
was gold coin and the balance silver
dollars, subsidiary silver coin and
minor coin. During the last three
months of the fiscal year the mints at
Philadelphia and San Francisco coll
| fined their operations to the manufac-
ture Of Philippine conn., The bullion
used has been paid for by the Govern
ment Of the Philippine Islands and the
United States Government has been re-
imbursed from the same source for the
expense Of manufacture. In addition
to their full share Of this work the
Philadelphia Mint coined 100000 pieces
of silver for Venezuela and 1850, 900
pieces for Colombia.
The partial repeal of the Spanish
War revenue taxing laws is RESPONSE
BILE for the falling off Of collections in
the Internal Revenue Bureau. The Bu-
reau reports show that the manufac-
ture of distilled spirits increased 49,
152, 800 gallons, that PAL distilleries
operated. a decrease of 497, and that
Sc, ,720,179 barrels Of beer were brewed
an increase Of .2.170.052. In receipts
from tobacco, cigars and cigarettes
there was a decrease from 1902 of over
S8O0O,O00.
The foreign commerce of the year
was the largest in the history of the
country. The imports were. valued at
S1.025.719.237. and the exports at ST..
420, 141,6 ,679. The increase in the past
decade has been more than that of the
two Immediately preceding decades.
Our currency system, says Secretary
Shaw. has been subjected to some very
severe tests during the year. Unprece'
dented prosperity encouraged the nat
ural optimism Of the people to an ex'
tent that property Of all kinds found
ready buyers. A condition heretofore
existed which could not last. and with
in year the market value of stocks
and bonds has deprecated in !. au
amount estimated far in excess of the
cost Of four years devastating civil
war.