Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-15
TREAsURER'S REPORT
DECREASED NATIONAL REVENUE
AND INCREASED EXPENSES.
Principal Falling Off in Receipts Was
in acknowledgement for
Panama Canal.

Ellis H. Roberts, treasurer of the United
States, has submitted to Secretary Shaw
the annual report ON the transactions of the
treasury during the fiscal year ended June
80 1904. The net ordinary revenues are
shown to have been $40 631 ,749, decrease
of $40, 764 925 as compared with 1903, and
the net ordinary expenditures, 1851, 402, 321
an increase of 5000 SD. In the receipts
the principal falling off was s23, 205. OFT in
customs, while in the disbursements the i'm
portant Increases were s11 ,423 446 in COM
merce and labor. $50, 7ss,5s0 in treasury
proper, and s2O33s ,O67 for the navy. I'm
usual expenditures were $50,000,000 on ac-
count of the Panama canal and 100000
loaned to the Louisiana Purchase EXPOSE
ton Company, which latter has now been
nearly all repaid. But for these, the record
ed deficiency of $41, 7705T1 would have been
changed to a surplus Of S12, ,42S.
The operations affecting the public debt
exceeded those of the preceding year. and
amounted to $6e9, $50 941 In receipts and
S63s ,924,379 IN disbursements. The aggre-
gate receipts for the year were, therefore,
$1,24029 2690, and the aggregate disburse-
months of the current fiscal year the rev.
enues show falling off of $6,516, 1873 and
the expenditures an increase of $1SO73, $50.
The trust funds held for the redemption of
ed at the end of the year to $97S OS4 $50, an
increase of $S5,015, 100 in twelve months.
BY October there was a further increase
to 81 ,014, TO 500 ~
The redemptions of United States notes
in gold amounted to 81 ,GS1 ,06S for the year,
and those of treasury notes to $474, 1876
The available balance, including deposits
IN national banks and other credits, was
s23s $50 ia on June 80, 1903, and s151, Ala, 1862
on October 1, 1904.
Refunding Operations.
Exchanges of and per cert bonds into
Der cents We're continued up to January
.. 1904, with aggregate conversions of S16,-
1910 of the As and $5,9I1, 700 of the 3's.
The per cent loan matured February 1,
and was reduced by redemptiorIs before ma
turity by $14, 712, 49, and after maturity by
$3,S $50, leaving $777,S5O. Other changes
In the public debt have been ,inimportant
with the exception of the increase in gold
certificates, which amounted In fifteen
months to more than $4,000, 900.
Increasing the Money Supply.
An addition of $11s, 793 14S was made dur
Ing the year to the monetary stock Of the
country, and another of $31 SIS, 500 in the
following quarter. Of the total Increase.
s11O.s04, 400 was in gold. The aggregate
supply on October 1, exclusive of certif-
Gates, was estimated at 81, So, 1888 734 of
which $2,562, 149, 4s9, was in circulation. The
proportion of gold was Al SO per cent. as
against 44.2l June l. 1900. The gain OF gold
to the treasury in the same period was
s2S6 OBJ ,233. Deposits of gold bullion were
received at the minis and assay offices dur
ing the year to the amount OF 1855 565
The actual gold coin in circulation on Oc-
tober is placed at $641 ,s44, 1868 in coin, and
s4S6 512, 139 in certificates.
Since July /, 1900, there has been a
growth of $463, 991, 1862 in the money in circu-
On October /, the circulation reached the
maximum of $31.16 for each person, and
the proportion of gold to the whole was
44O3 per cent.
Demand for Small Bills.
On the subject of the demand for small
bills the report says:
This condition of things might be rene
died by Congress, without initiating the cur
rency. First, the issue of gold certificates
of the denominations of s. and $40 might
be authorized. Secondly, such certificates,
to the amount of $50,OOo,0O0 might be SUBJ
stituted once for United States.notes, by the
applcat ton of that sum from the reserve.
Thirdly, the national banks might be per-
mitted to issue any part of their circula-
ton in S. notes, by the repeal of the pro-
vision allowing only one-third of the total
issue of each institution to that denomina-
tom -t
The national bank notes presented for
redemption during the year amounted to
$685. 141 800, or 81 IL per cent of the average
outstanding.
The movement of silver dollars from the
treasury was a little over $i1,000O00, and
the shipments for the current year show
an increase over last. Silver dollars to the
amount of $46,09S314 were presented during
the year at the treasury offices for ex-
change into other money.
An addition of s. sol, GA was made to the
subsidiary silver coin in circulation, carry
ing the total up to 500, SOS, 343 The dis
bursements of these coins for various pur-
poses amounted to more than s24, 900, 600.
The redemptions were 1915, 1877, as against
$40, 959, PA in 1903.
Minor coins are not included In the gen.
eral statements of circulation, yet a volume
of no less than $3S, 149 $40 is shown to have
been coined and not remelted.s An increase
of 81 ,5S3 715 took place during the year, of
which nearly 100000 was in five-cent
nickel pieces and the remainder in bronze
cents. The redemptions were $50, 4S2.
Worn gold and subsidiary silver coins the
former Of the face value of 81 473 391, and
the latter of 81, S2S. 1884, were recoined The
loss was ,347 on the gold, and $172, $50 on
the silver. The good condition of the cur
rency is shown by the fact that the treas
ury offices detected only sI2,714 in nominal
value of spurious issues.