The Cooperstown courier. (Cooperstown, Griggs Co., N.D.) 1902-1913, 1904-12-15
CURRENCY SYSTEM
Is Declared SAFE
sEcRErA1Y SHAW SAYS IT HAS
PROVED RELIABLE UNDER
EVERY PRACTICAL TEST.
Extracts from His Annual Report
Customs Receipts Show . Falling
OF as Compared with Last Year
Many Recommendations Made.

washington, OeCs 0."A<ESAlS M. Ola VI
secretary of the treasury,si in his annual
report Gays our currency system,
though somewhat complicated, has been
proved safe and. reliable under every
practical test. Theexchange Of gold for
all forms of money issued or coined by
the governments ON demand, authorized
by act of congress approved March IA.
1900, removes every suggestion OF pub
Tic distrust or doubt. The system has
one recognized weakness. however; it
lis none1astic. TO meet Z demand for
paper money of small dencmtna atoms 1t
is recommended that national bankssbe
permitted to issue aalarger proportion
of their authorized circulation in denom-
nations Of five dollars, and that author
ity be given to issue one-eighth of the
aggregate volume of gold certificates in
OF ten dollars.
4. Receipts.
y The total receipts from all sources
for the year ended June 30, 1904, were
$6S4,214, 373, Of which $261, 274,564 was
from customs and $232, 904 ,119 from in
ternal revenue. Customssreceipts fo7
the fiscal year 1904, says the secretary,
were $23,000,0oo less than in the pre-
vi0us year. While thereswas . 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
rly 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
tag On tee, which caused loss OF
over $1,000. 600; 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 a loss
in the customs revenues of the United
States estimated at $5,375,00 on sugar
and $2,215,o0o ON tobacco.
Money in Circulation.
OF the amount of money in circulation
the report has the following to say:
"The money in circulation July 1, 1904,
amounted to $2,519, 142, $50, a per capita
circulation of $30.77. The percentage of
gold was 44.12. "A notable fact is that.
with an addition of 1T per cent. to the
population in the year, the increase in
the circulation per capita has been As
per cent. BY October 1, 1904, there was
a further increase in circulation of
$4,000. 629, and the circulation per
capita reached athezmaximum at $31.l6,
while the share of gold became 44.03
per. cent"
Recommendations.
Among the recommendations offered
are the following:
Federal law governing trust COM
panies.
s-.. 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 $15o,000 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.