The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1904-10-21
paid. OUT Ut. MORE
!: +: ). ii TRAN received "
DEFICIT OF $41,77o,571 BETWEEN
\ RECEIPTS AND EXPEND1-
M TUREs OF THE TREASURY.
Purchase of Panama Canal and Loan
to Louisiana Exposition Account
for It-Treasurer Roberts Makes
Report. "

W8SnlukIOus w. AIAAA0 IL AS~~
erts, treasurer of the United States, has
submitted to Secretary Shaw the annual
report on the transactions of the treas
ury during the fiscal year ended June 80,
1904. '5 o. ~ r
> The net ordinary revenues are shown
to have been $540,631 ,749, a decrease OF
$19,764,925 as compared with 1903, and
the net ordinary expenditures $5S2, 4O2,-
321, an increase of $776,303,314. In the
receipts the. principal falling OF was
$23,2O5, OF in customs, while in the dis
bursements the important increases were
11,423.44 in commerce and labor, $780,
| 788,580 in treasury proper and $20, $685.
OCT for the navy. Unusual expenditures
were $4,000, 900 on account of the Pan
anna canal and $4,6O0,00o loaned to the
Louisiana Purchase Exposition COM
pany, which latter has now been nearly
all repaid. But for these, the recorded
deficiency of $41,770,5 81 would have been
changed to a surplus of $12;S29, 428.
The Public Debt.
The operations affecting the public
debt exceeded those of the preceding
wear and amounted to $685., 660,94 in
receipts and $638,924,379 in disburse-
ments. The aggregate receipts for the
year were therefore $1,240, 292 $50, and
the aggregate disbursements 81, 221 1885,
701. For the first three months of the
current fiscal year the revenues show
a falling off of Sc, SIT, 1873 and the expen-
ditures an increase of $1S,O73,539.
In consequence of the deficiency in
the revenues, the cash in the Offices of
the treasury and mint declined during
the year from 81 ,020,562 to $137 $780,
204, and by October ! to $125, 1864, 1888.
Increase in Banks.
The increase in the number of banks
during the year was 395 and of these 262
deposited less than 800, 900 each in
bonds to secure circulation and 381 less
than $500, 900 each. On June 30 a single
band had on deposit $10,000.000 in bonds
to secure circulation, while 1920 had
less than $4,000.
Supply Of Money.
An addition of $118, 1913 ,14s was made
during the year to the monetary stock OF
the country and another of $31, S29,59s
in the following quarter. OF the total
increase $110,So4, 400 was in gold. The
aggregate supply on October 1, exclusive
Of certificates, was estimated at $685.
333, 7s4, of which $2,562, 149,4s9 was in
circulation. The actual gold coin In
circulation on October is placed at
s641 ,844,S63 in coin and $486,512, 139 in
certificates. :
Circulation Of $31.16 Per Capita.
Since July /, 1900, there has been .
growth of $463 ,991 1862 in the money In
circulation, or an average Of nearly
silt, O0O, 900. On October the circula-:
ton reached the maximum of $31 .16 for
each person, and the proportion Of gold
to the whole was 44.03 per cent. -.
Bank Notes Redeemed. i
The national bank notes presented
for redemption during the year
amounted to 1852 ,141,930, or CLIP per
cent. of the average outstanding. This
Is the highest record for any year OF
the 80 during which these notes have
been redeemed by the treasurer.
| An addition Of $2S01. 644 was made
to- the subsidiary silver coin in circu-
lation, carrying the total up to $685.
$685.. ::
Minor coins are not included In the
general statements Of circulation; yet
! a volume of no less than $3S, $40 Is
shown to have been coined and not re-
melted. An increase of $1.5S3, us took
place during the year, of which nearly
81 900 900 was in five cent nickel
pieces and the remainder in bronze
cents. The redemptions were $685.
4s2.
Worn gold and subsidiary silver
coins, the former of the. face value Of
81 ,473,391 and the latter Of $2,828384,
were recoined. The loss was $11,347
on the gold and $172,28o on the silver.
The good. condition of the currency is
shown by the fact that the treasury
Offices detected only $12,714 in nomi-
nal value of spurious issues. -: