The Montgomery advertiser., 1904-10-15
REPORT OF ROBERTS
rrc,rnrs or THE TREASURY FOR
 THE YEAR.
perr...e of sis,ssl,szS in Receipts and Ircrease of e7e,Sos,a14 in Net
 Ordinary Expenditures Ccm- pared With Last Year.

wa.h,n~ton, oct. 14.-Ellis H. noherts. treasurer of the United States has submftted to Secretary Shaw the annual report on the transactions of the treasury during the fiscal year end ed June 30. 1so4.
 The net ordinary revenues are shown to have been $64o.ss1,74s, decrease of $is,7s4.sz5 as compared with 1903, and the net ordinary expenditures sbs2,4o2,- iai. an increase of $7s,s03,314. In the receipts the principal falling of was sa3. 2os. or in customs while in the dis b,,rsements, the important increases were s11,423,440 in commerce and labor, and s2o.33s,0 ,06S for the navy. Unusual expenditures were $50,ooo,000 on &C., count of the Panama canal and S4,600,- ooo lent to the Louisiana Purchase Ex- posttion Company, which has now been nearly all repaid. But for these. the recorded defciency of $41.77o,571 would have been changed to q surplus of $12.- s2s.42S.
 The optrations affecting the public debt exceeded those of the preceding receipts and se3s,s24.37s in disburse- ments. The aggregate receipts for the year were therefore s1,240.2s2,6s0 and the aggregate disbursements S1,221,- 3as,701. For the first three months of the current fiscau year the revenues show a falling off of ss.51S.37s, and the expenditures an increase of s1s.- 073,s3s.
 The trust fund held for the redemp- tion of outstanding notes and certif- cates amounted at the end of the year to $s7s.0s4.5es, an increase of sS5,o15,- TOP in twelve months. By October 1 there was a further increase to s1,014,- 77s.969.
 The redemptions of United States notes In gold amounted to s11,0s1. .06S for the year. and those of treasury notes to $474.126.
 In consequence of the deficiency in the revenues, the cash in the offices of the treasury and mint declined during the year from $17o.02o.s62 to $137,520.- 264 and by October 1 to $125,e64,SSS The available balance, including de- posits in antional banks and other credits was $2ss.sss,114 on June 30. 1908. and S151.414,1s2 on October i. 1s04. Exchanges of four and three per cent bonds into two per cents were con- tinued up to January g. 1904, with ag- gregate conversions of $16, ,795 100 of the fours and S5,s71,7o0 of the threes. The 5 per cent loan matured February and was reduced by redemptions before maturity by $14,712.450 and after ma- turity by 33,S94,750, leaving $777,s5O. Other changes in the public debt have been unimportant with the exception of the increase of gold certificates which amounted in fifteen months to more than $l1s.o0o.ooo. The increase in the number of banks during the year was s95.
 The semi-annual duty paid into the .IAA AN A an increase of &22o.017 over 1903. An addition of $11S.7s3.14s was made dur ing the year to the monetary stock of the country an aggregate of $31,S2s,- 6e9 in the following quarter. Of the total increase $110,S04,469 was in gold. The aggregate supply on October 1 ex- elusive of certificates was estimated at $2sS5, ,333,734 of which $2.5s2.l4s,4ss was in circulation. The proportion of gold was 47.6 per cent as against 44.21 July i. 1900. The gain of gold to the treasury in the same period was $2s,- 033, ,233. Deposits of gold bullion were received at the hints and assay of- fees during the year to the amount of 
 The actual gold coin in circulation October 1 is placed at ss41.s44.863 in coin and $4S6,5l2.13S in certificates.
 Since July l, 1900. there has been a growth of 3463,s62 in the money in cir culation. On October the circulation reached the maximum of $31.1e for each person and the proportion of gold to the whole was 44.03 per cent. In the current fiscal year the demand for small bills in spite of all previous additions has been unceasinE. Expe- rience has made 1t clear that the stock of small notes is hardly sufficient. The Department has employed all its re- sources, but these are limited, for the Issuance of silver certificates cannot exceed the silver dollars available and the United States notes have a volume l fixed by law. The report says: This condition of things might be remedied by Congress without infiating the currency. First. the issue of gold certificates of the denominations of s and SIC might be authorized: secondly, such certificates to the amount of &50. .000, ,00O might be substituted at once for United States notes by the application of that | sum from the reserve; thirdly the na- tional banks might be permitted to is- | sue any part of their circulation in S5 | notes, by the repeal of the provision allowing only one-third of the total l issue of each institution of that denom- nation"
 The deposits in New York for pay ment by telegraph chiefly in Chicago | and New Orleans for moving the crops | owing to the calendar year 1903. to S13, | 14S.0o0 and the first calendar months of 1904 to $15,755,222.
 Gold. of which $31.990,261 was in Jap. anese yen. s1o.s0O.57s in other foreign l coins and S9,005.902 in Oregon, making altogether $51,796.143 was deposited in the last fiscal year in San Francisco | for telegraphic exchange.
 The national bank notes presented for redemption during the year amount. ed to 3262.141,s30. or 61.12 per cent ot the average outstanding. This Is the highest record of any year of the thirty during which these notes have been re- demeed by the Treasurer.
 The movement of silver dollars from the Treasury was a little over S4l, ,o00,- 600, and the shipments for the current year show an increase over the last | Silver dollars to the amount of $G6,096.. 314 were presented during the year al | the Treasury ofices for exchange into | other money.
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