Holbrook argus., 1903-10-10
MILITARY EXPENSES HEAVY
THE TOTAL NET REVENUES SHOW
 MARKED INCREASE
Treasurer Roberts Suggests That the Supply of Paper Currency Be Increased by Congress -Decrease in Internal Revenue Receipts

treasurer of the United States has submitted his report to Secretary Shaw on the condition tf tue treasury on June 9, 1903, and its operation during the past fiscal year. The total net revenues for the year were S560,- 396,673, an increase of S38, 988, 439 over the year preceding, and the total expenditures s5O6, O99, ,0O7, an increase of $35, 7S1, 034. The surplus was s54,- 2S7, ,667, as compared with S91, 2S7, 375 in 1902. In the receipts there was an increase of more than S30, GOO, ,000 from customs and a falling of of over S4l, ,000, coo from internal revenue, the latter being the result of legislation enacted with this object.
 On the side of expenditures there was an increase in every important account except pensions and interest, in which there were slight savings. The expenditures for the two military depa tnents, which together amounted to s11, 227, 554, forming by far the heaviest outlay for any single purpose, were more than s21, ,00O, ,000 greater than the year before.
 The aggregate income, including, beside the revenues, the receipts from bonds, notes and coin certificates, was sl, 211, 394, ,079, and the aggregate outgo 1,212. 647, ,665. At the close of the year the treasury held ss93, 06S, S69 of gold and silver on deposit against outstanding certificates and treasury notes, beside the sl50, ,0O0, GOO in gold which forms the reserve against United States notes.
 Treasurer Roberts places the mone- tary stock of the country June l, 1902, including gold and silver, United States notes, treasury notes and national bank notes, but not certifi- cates, at g, 6sS, 149, ,621, an increase of s2l4, sS2, 963 for the year. The in crease in gold was s60, 137, 401, and in national bank notes S56, ,998, 559.
 The total estimated stock of gold was s1, 252, 73l, ,990, constituting nearly 47 per cent of the whole. The gold in the treasury amounted to S631, 420, 789, a gain of S71, ,220, 480 in twelve months. During the year s126, 715, 723 in gold was deposited at the hints and assay offices. Of the receipts from customs at the port of New York, constituting 67 per cent of the whole, S8 per cent were in gold. The pro. portion of gold at other ports is about 80 Eper cent. The imports of gold amounted to s44, ,0S2,0 092 and the ex- ports to 47.O90,595. The increase of the money in circulation during the year was s121, TAO, 252, of which s59,- 776, 462 was in gold and gold certif- cates and s54, 52o, l93 in national hank notes. The share of money for each person increased 89 cents, and the proportion of gold to the whole rose to 42 per cent, the highest ratio ever ICCOTueCl.
 There has been continued increase in the proportions of paper currency of the denominations of S10 and under in circulation, but the growth hardly keeps pace with the demand. The supply can be increased if congress will authorize the issue of gold cer- tif1cates for $10 and remove the re- striction on the issue of S5 notes by national banks. To meet the constant pressure requires strenuous effort in the preparation of the currency issue. The national bank notes presented for redemption during the year amounted to $196, 429, ,621, or 51 per cent of the average outstanding, Of the S5 notes