The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1904-12-10
Finances OF THE
United States
LESLIE NJ. sE.AJg, SECRETARY
OF TREAsU.. slBNIITs
ANNUAL RGfol.T.
BIG DECREkGE III
CUSTOMS RECEIPTS
Difference Due to Abnormal Condi-
tons of 19O3-Dec-ares Currency
System Safs--Mca5 y il Circulation
Recommendations.

Recommendations.
Washington, Dec. S.-Leslie NJ. Shaw.
secretary o! Tie treasury, III his annual
report en- the 1i!al.css u tie govern
ment, says the total receipts from az
sources Tor the year CAGed June 80
1904, were $U&i,2l4,@iS, Ui which $751;.
214 .5Gl was iron ,usttli.s and S232 ,9U4,.
119 from in,erna. revenue. Customs re.
ceipts for the fiscal year 1904, says the
secretary, were $-S,o00.uvo less than in
the previous year. W !iiie there was q
further reduction during the early
months OF the present nsaal year, these
receipts are now increasing, and there
Is no reason TO believe the revenues fol
the year from this source will be less
than in 1904.
Abnormal Conditions in 1908.
The falling off in 1904 over that OF
the previous year was due more large
ly to abnormal conditions in 1903 than
to depression in 1904. There was col.
lected, for instance, in duties on iron
, and steel and manufactures thereof
$17,000,UO0 curing 1893, and only $4,000
600 during the last fiscal year. This
difference is accounted for by demand
for iron and steel products in excess Of
the capacity of American factories dur.
ing the former year, which is not like.
ly to be repeated.
J Three other causes contributed te
the falling off of customs revenues in
1904. First, the abolition of the wal
tax on tea, which caused loss OF
> over 100000; second, the abolition Of
the countervailing duty on sugar, which
resulted in an estimated reduction OF
over 100000; third, the reciprocity
treaty with Cuba, which caused los:
in the customs revenues of the United
States estimated at $3.50 900 on sugar
and $2,215,00O on tobacco.
Currency System Safe.
Our currency system, though some
what complicated, has been proved saft
and reliable under every practical test
The exchange OF gold for all forms o.
money issued or coined by the govern
ment on demand, authorized by act O
congress approved March II, 1900, re
moves every suggestion of public dis
trust or doubt. The system has on
recognized weakness, however; it i:
nonelastic. To meet a demand for pa
per money of small denominations it i
I recommended that rational banks be per
mitted to issue a larger proportion y
their authorized circulation in demon
nations Of five dollars, and that aughor
ity be given to issue oTe-eiShth eof tn
a.%re2at" vclHme nt eulG certificates il
| denominations Of tel uoliars
4 Money in Circulation.
OF the amount of money in circulation
the report has the following to say
THE money in circulation July i, 1904
amounted to S2,519.1 42S $50 a per capt.;
circulation of s30.77. The percentage 0
gold was 44.12. A notable fact is that
%ith an addition of IL per cent. to tn
population in the year. the increase ii
the circulation per capita has been A.
Fer cent. BY October 1, 1904, there wa
a further increase in circulation o
S43066,629, and the circulation pc
capita reached the maximum at $31 .1f
while the share of gold became 44.0
per cent"
Recommendations.
| Among the recommendations offere
are the following:
! Federal law governing trust com
panies.
More officers for revenue cutter serv
ice.
Provision for retiring members of life
saving crews with pay, and assistanc
for widoWs and children of those lost 4
the line of duty.
New vessels for revenue cutter serv
ice
Appropriation of $4,000 for prelim
mary work in the construction Of tn
proposed Hall of Records, at Washing
ton.
Reorganization of the customs serv
ice. to prevent losses in maintainin
ports Of entry at which expenses ex
coed receipts.
Registration Of all customs brokers.