The Saint Paul globe., 1904-12-31
EXPLAINS TREASURY
OPERATIONS OF YEAR
Department Places the Deficit
at Twenty-Five Million
Dollars

WASHINGTON, D. c., Dec. 3d.
The treasury department today issued
review of treasury operations for the
calendar year 1904. The receipts were
$54O,000,000 and the expenditures Gin
cluding the Panama payment) $685.
100000 a deficit for the year of $22,-
100000. AS compared with the pre-
yious calendar year, the receipts show
fallirS off of $SOO0,O00, and the ex-
penses Increase $5,000,000. The de-
crease IN customs receipts was $9,-
000,00d. Civil and miscellaneous ex-
penditusss increased SIS, $1,000; was
department, $9,00O,000; navy depart
ment. $aS,000,000; pension department,
$2,OQe.ot5, and interest $1,00O,0O0.
The eacrease in the interest is due to
TIL. faS& that a portion of the interest
OF 1908 was anticipated in 1902 The
hgures do not include the postal re-
celpts and expenditures except that
the postal deficit is included in the
fiscal and miscellaneous expenditures.
Imports for the first eleven months
of 1904 were $939,O00,OO0 an increase
over the corresponding period of 1903
of $22,0OO,00O.
Free imports Increase
Imports free of duty for the same
period increase $42,000,000, while du-
table imports decreased $4,000. 900,
In 1903, 434s per cent of the imports
were free OF duty, while in 1904 AT
per cent were free of duty. Prac-
tlcally the entire increase in free i'm
ports was in three articles: Coffee,
India rubber and raw silk Although
dutiable imports decreased 100000
600, raw sugar and wool show in
creases aggregating $28,O00,0OO. All
other dutiable imports decreased near
ly $50,00O,000. OF this decrease $20,-
10000 was in iron and steel
Other noteworthy features of 1904
were the payment out of accumulated
surplus of $50,000,000 for the right of
way of the Panama canal; the redemp-
tion Of the outstanding 5 per cent
bonds. due Feb. 1, 1904, and the various
calls on the national bank depositaries
Tor the return of a portion of their
public deposits. The redemption of 5s
during the calendar year was approxi-
mately $6,000,000. Public funds on de-
posit with the banks were reduced
from $166,000,000 Jan. 1, 1904, to $113,-
100000 at the close of the year. The
calls on the banks, to mature early in
1905, will further reduce these depos-
its and replenish the cash in the gen
eral fund of the treasury to the ex-
tent of $2S,O0O,OO
Less Cash in Treasury
The cash in the treasury, exclusive
of the gold reserve and gold and silver
coin held against outstanding certifi-
Gates, was $320,000,000 on Jan. 1, 1904.
At the close of the year it was $780,
100000, decrease of $50, 900, 900 for the
year. The Panama payment accounts
for $50,000,000 Of this decrease. The
redemption of the SIS of 1904 and ma
tional bank note redemptions account
for $1O,000,000 more. The balance Is
due to the deficit incurred in carrying
on the ordinary operations of the gov
ernment.
For the first six months of the cur
rent fiscal year the deficit is approx
mately $22,000,000. The balance of the
year will probably reduce rather than
increase the deficit. Receipts show a
tendency to increase. The greater part
of tie postal deficiency for this fiscal
yea1 has already been met, and the
expenditure for various kinds of pub
lie works will be less for the next six
months than for the six months Just
closed. Nearly $4,000, 900 was dis
bursed in the last half of the last fiscal
year on account of the Louisiana Pur-
chase exposition.