The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1904-12-16
CURRENCY SYSTEM n
IS Declared SAFE
SECRETARY SHAW SAYS 1T HAS
PROVED RELIABLE UNDER
EVERY PRACTICAL TEST.
Extracts from His Annual Report
Customs Receipts Show Falling
OF a. Compared with Last Year
Manv Recommendations Made.

Washington, Dec. 8.-Leslie M. Shaw
secretary of the treasury, In his annual
report gays our currency SYSTEM
though somewhat complicated, has been
proved safe and reliable under every
practical test. The exchange OF gold lot
all forms of money issued or coined by
the government on demand, authorized
by act of congress approved March Il,
1900, removes every suggestion OF pup
lie distrust or doubt. The system mas
one recognized weakness, however; II
is nonelastic. &, To meet demand "1os
paper money of small denominations II
is recommended that national banks be
permitted to issue larger proportion
of their authorized circulation In denom-
|inations of five dollars, and that author
ity be given to issue one-eighth OF the
aggregate volume of gold certificates IN
of ten dollars.
Recsipts.
The total receipts from all sources
for the year ended June 30, 1904, were
1894 ,214,373, of which $261 .274.664 was
from customs and $232, 904 ,119 from in
ternal revenue. Customs receipts foi
the fiscal year 1904, says the secretary,
were $23,000,000 less than in the pre-
vious year. While there was a further
reduction during the early months OF
the present fiscal year, these receipts
are now increasing, and there is no rea-
son to believe the revenues for the year
from this source will be less than IN
1904. The falling on in 1904 over that
of the previous year was due more large
ly to abnormal conditions In 1903 than
to depression in 1904. >,
Three other causes contributed to
the falling of of customs revenues in
1904. First, the abolition OF the war
tax on tea, which caused loss OF
over $4,000, 900: 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 loss
in the customs revenues of the United
States estimated at $5,375,00 on sugar
and $2.215,000 on tobacco.
Money in Circulation.
OF the amount of money in circulation
the report has the following to say:
THE money in circulation July l, 1904,
amounted to 81, ST., 142, 800, a per capita
circulation Of $3077. The percentage OF
gold was 44.12. A notable fact is that,
with an addition of IL per cent. to tho
population in the year, the increase in
the circulation per capita has been As
per cent. BY October l, 1904, there was
a. further increase in circulation of
$43,006,629, and the circulation per
capita reached the maximum at $31.16,
while the share Of gold became 44.0S
per cent
Recommendations.
Among the recommendations ohered
are the following:
Federal law governing trust COM
panies.
More officers for revenue cutter
service.
Provision for retiring members of life
saving crews with pay, and assistance
for widows and children of those lost in
the line of duty.
New vessels for revenue cutter
service.
Appropriation of $150,00O for prelim-
mary work in the construction of the
proposed Hall of Records, at Washing
ton.
Reorganization of the customs service,
to prevent losses in maintaining ports
of entry at which expenses exceed re-
|ceipts.
Registration of all customs brokers.