Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1904-10-21
REPORT OF U. s. TREASURER
Transactions Of the Treasury During
the Past Year.
THE DEMAND FOR SMALL BILLS
The Expenditure of s4o,ooo,oeo for the Panam'
Canal and the Loan Of S4,600,000 to thu
St. Louis Exposition Responsible for th'
Recorded Deflciency--Increase In Numbe
of Banks,

Washington, D C. (SpeciaD.-Elli
H. Roberts, treasurer of the Unite'
States, has submitted to Secretar!
Shaw the annual report on the trans
actions of the Treasury during tn
fiscal year ended June 80. 1904.
The net ordinary revenues arr
shown to have been $54o,63r,74o, /
decrease of $Io,764,o25, as compares
with 1903, and the net ordinary expen
ditures $582,4o2,3 1921, an increase o
$40. .3o3,3I4. In the receipts the prin
cipal falling off was $23,2o5,oI7 in Gus
toms, while in the disbursements thu
important increases were SII,423,44
in commerce and labor, $6o.788,58o il
treasury proper and $2o,33S,o67 foI
the Navy. Unusual expenditures wer'
S5o.ooo,ooo on account of the Panama
Canal and $4,6oo,ooo loaned to thu
Louisiana Purchase Exposition Com
pany, which latter has now been near
ly all repaid. But for these the re
corded deficiency of $4I,77o,57I woult
have been changed to surplus OF SI2,
82o,428. -.
The operations affecting the publit
debt exceeded those of the preceding
wear and amounted to $6oo,66o,o4I II
receipts and $63S.o2437o in disburse
ments. The aggregate receipts to-
the year were, therefore, $I.24o,2o2,
600 and the aggregate disbursement!
$I,22I, 326,7oI. For the first three
months of the current fiscal year the
revenues show falling off of $3.50,
373 and the expenditures an increase
of $IS,o73,53o.
Cash on Hand.
The trust funds held for the re-
demption of outstanding notes and GER
tifcates amounted at the end of the
year to $o78,oS4,56o, an increase OF
S85,oI5,7oo in II months. By Octo'
Der I there was further increase Of
$I,oI4779o6o.
The redemption of United States
notes in gold amounted to $II DBL
1853 for the year, and those of the
Treasury notes to $474,I2o,
In consequence of the deficiency IN
the revenues the cash in the office:
of the Treasury and the Mint declined
during the year from $I7o,o2o,562 to
$IH,52o, 264, and by October I to
$125, 1888. The available balance
including deposits in national banks
and other credits, was $238,o8o,II4 on
June 30, 1908, and $I5I,4IAIo2 on
October I, 1904
Exchanges of a and 3 per cent
bonds into per cents were continued
up to January 9, 1904, with aggregate
conversions of $I6,7o5,Ioo OF the As
and $5,o7I 700 of the IS. The 5 per
cent. loan matured February I, and
was reduced by redemption before ma
turing by $I47I2,45o, and alter ma
turity by $3.8o475o, leaving S777,o5o
Other changes in the public debt have
been unimportant, with the exception
of the increase in gold certificates,
which amounted in IS months to more
than $4,000, 1000.
New Banks Established.
The increase in the number OF banks
during the year was 3o5, and OF these
262 deposited less than 100000 each
in bonds to secure circulation, and 30l
less than 100000 each. On June 90
single bank had on deposit SIo,'
900, 900 in bonds to secure circulation
while 1890 had less than $4,000
Bonds to secure public moneys were
held for S42 institutions in 81 state!
and territories, including Porto Rico
in amounts varying from $4,000 te
$Io,oooooo or more. The state ant
municipal bonds on deposit, which a.
one time amounted to over $4,000,
900, have been gradually reduced tt
less than 100000 The semi-annua
duty paid into the Treasury on circu
lation was $I,o28.837, an increase Oh
$22o,oI7 over 1908.