The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-15
ROBERTS TELLS ALL
ABOUT THE TREASURY
Deficiency for the Last Fiscal
Year Reaches a Matter of
$41,77O,571

1 revenues were $540631 749, a decrease
| of. 1864, 925, as compared with 1903,
and the net ordinary expenditures
1882, 402, 321, an increase of $76,303, 314.
In the receipts the principal falling off
was $23, 205, OF in customs, while in the
disbursements the important increases
were 81, 42S,4 45 in commerce and labor,
$60,78S,580 in the treasury proper and
! $40, 1893, 067 for the navy. Unusual ex-
penditures were $50,000.000 on account
of the Panama canal and $4,600.000
| loaned to the Louisiana Purchase Ex-
| position company, which latter has now
! been nearly all repaid. But for these,
the recorded deficiency of $41,770,571
would have been changed to a surplus
| of $12,S29,42S.
! The operations affecting the public
/ debt exceeded those of the preceding
year and amounted to $685., 660,941 in
receipts and S63S, 924,37s in disburse-
ments The aggregate receipts for the
year were therefore $1,240, 292,690 and
/ the aggregate disbursements $1,221,-
/ 326.701 For the first three months of
the current fiscal year the revenues
show a falling off of $6,516,37S and the
expenditures an increase of $18,073, 539.
Work of Redemption
| The trust funds held for the redemp-
ton Of outstanding notes and certif-
icates amounted at the end of the year
| to $978,084, 500, an increase of $85, 015,-
| 700 in twelve months. By Oct there
| was further increase to 81 ,014, 779,969.
/ The redemptions of United States
notes in gold amounted to 81, 0S1 ,068
for the year, and those of treasury
! notes to $474, 126.
! In consequence of the deficiency in
the revenues, the cash in the Offices of
| the treasury and mint declined during
! the year from $170,020,562 to $137, $780,
/ 256, and by Oct. 1, to 1925, 1884, 1885, The
available balance, including deposits in
national banks and other credits, was
$238,6S5.114 on June 80, 1903, and $751;, :
| 414,162 on Oct. 1, 1904.
Exchanges of 4 and 3 per cent bonds
! into per cents were continued up to
Jan. 8, 1904, with aggregate conversion
| of SIG, 799,100 of the as and S5,971, 100 of
the IS. The per cent loan matured
| Feb. 1 and was reduced by redemptions
| before maturity by $14,741,3 41 and after
maturity by $S,S94,750, leaving $777,-
| $50. Other changes in the public debt
have been unimportant, with the ex-
ception of the increase in gold certif-
| icates, which amounted in fifteen
months to more than $119,o00,000.
increase in Banks
The increase in the number of banks
during the year was 395, and of these
| 262 deposited less than 100000 each in
! bonds to secure circulation and 3S1 less
/ than 100000 each. On June 80 a single
! bank had on deposit $4,000, 600 III
/ bonds tc secure circulation, while 1920
| had less than $25,00 Bonds to secure
| public moneys were held for 842 insti-
| tutionS in 81 states and territories in
Guiding Porto Rico, in amounts varying
! from $4,000 to $10000,00 or more
The state and municipal bonds on de-
! post, which at one time amounted to
| over $20,000,000, have been gradually
| reduced to less than 100000. The
annual duty paid into the treasury on
| circulation was $1,928,8S7, an increase
| of $220,017 over 1903.
An addition of $11S,793,148 was made
during the year to the stock of the
country and another of $31,S29,599 in
the following quarter. Of the total in
crease $110.S04, 469 was in gold. The
aggregate supply on Oct. 1, exclusive
of certificates, was estimated at $2835,-
3S3,734, of which $2,562 las, 489 was in
CIRCULATION. The proportion of gold was
1855 per cent, as against 44.21 July 1,
1907 The gain of gold to the treasury
posits of gold bullion were received at
the minis and assay Offices during the
year to the amount of $175. sos. The
actual gold coin in circulation on Oct.
l is placed at $641 ,S44,S63 in coin and
$4S6,512,1S9 in certificates
Growth in Circulation
Since July /, 1900, there has been a
growth of $463,991, 1862 in the money in
circulation, or an average of nearly
$116,000,000. On Oct the circulation
reached the maximum of $31 26 for each
person, and then the proportion of gold
to the whole was 44.03 per cent.
In the current fiscal year the demand
for small bills, in spite of all previous
additions, has been unceasing. Expe-
rience has made it clear that the stock
of small notes is hardly sufficient. The
| department has employed all its re-
sources but these are limited, for the
issue of silver certificates cannot ex-
coed the silver dollars available and the
United States notes have a volume
fixed by law. The report says:
"This condition of things might be
remedied by congress without initiating
the currency. First, the issue of gold
certificates of the denominations of So
and $40 might be authorized. Second
! ly, such certificates to the amount of
| $50 900 900 might be substituted at once
| for United States notes by the applica-
| ton of that sum- from the reserve.
Thirdly, the national banks might be
permitted to issue any part of their cir
culation in IS notes, by the repeal of
| the provision allowing only one-third
| of the total issue of each institution Of
| that denomination"
The national bank notes presented
for redemption during the year amount
/ ed to $262,141,930, or Clip per cent of
the average outstanding. This is the
highest record for any year of the THU :
ty during which these notes have been
| redeemed by the treasurer.
Redemptions Increase
From June 80, 1899, to June 80, 1904.
there was a net increase of 1903 in the
number of banks, making a total of
$685. While there has been a large in
/ crease in the amount of notes outstand-
| ing, the increase in the yearly redemp-
lions has been larger. For the first
quarter of the current fiscal year the
| presentations exceed those of the same
period in 1903 by nearly 20 per cent
The movement of silver dollars from
| the treasury was a little over $4,000
900. and the shipments for the current
year show an increase over last. Sill
yer dollars to the amount of $46 098,314
! were presented during the year at the
treasury offices for exchange into other
money. An addition of $2,S01,64 was
made to the subsidiary silver coin in
circulation, carrying the total up TO
s95. .343. The disbursements of these
coins for various purposes amounted to
more than $29,900,000. The redemptions
were SAC, 375, 137, as against $40,S59, 244
| in 1908.
Miner coins are not included in the