Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1904-10-20
REPORT OF ELLIS H. ROBERTS.
OF UNITED STATES
MAKES A STATEMENT.
The Panama Canal and Loan to the
Worlds Fair Caused a Def
cheney During the Last
Fiscal Year.

Washington. Oct. 15.-Ellis H. Rob
erts, treasurer of the United States,
has submitted to Secretary Shaw the
annual report on the transactions of
the treasury during the fiscal year
ended June 80, 1904.
The net ordinary revenues are
shown to have been S540,631 ,749, a de
crease of $19, ,764. 1926 as compared with
1908. and the net ordinary eXpendi-
lures S5S2 402, ,321, an incresase of $76,-
303,314. In the receipts the principal
falling off was S23.205,017 in customs,
while in the disbursements the i'm
portant increases were $11 ,423, ,446 in
commerce and labor, $G0,7SS, $50 in the
treasury proper, and $20,33S,067 for
the navy.
Unusual expenditures were $4,000
900 on account of the Panama canal
and $4.6OO,OO0 loaned to the Louisiana
Purchase Exposition Co, which latter
has been nearly all repaid. But for
these, the 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 $699, ,660,941 in
receipts and SG3S, ,924,379 in disburse-
ments. The aggregate receipts for the
year were therefore 81 ,240, ,292 $50 and
the aggregate disbursements $1,221,-
326, 70l. For the first three months of
the current fiscal year the revenues
show a falling off of $6,5lG,373 and the
expenditures an increase of $1S,073,-
639
The redemption of United States
notes in gold amounted to $11,0S106S
for the year. and those of treasury
notes to S47412G.
In consequence Of the deficiency in
the revenues, the cash in the offices of
the treasury and mint declined during
the year from sl7O,O20,562 to $137, 500,
264, and by October !. TO $l25, 1864 SSS.
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 $500,000 each. On
June 80 a single bank had on deposit
$4,000, 600 in bonds to secure circula-
ton, while lisp had less than 5000
Bonds to secure public moneys were
held for Si2 institutions in 80 states
and territories, including Porto Rico
in amounts varying from 100000 tC
SO 900, ,0O0. The state and municipal
bonds on deposit, which at one time
amounted TO over $20000,00O, have
been gradually reduced to less than
1900, ,000. The semi-annual duty paid
into the treasury on circulation was
$l,92S,S37, an increase of $22O,0l7
over 1908.
An addition of Sl1S,793,14S was
made during the year TO the monetary
stock of the country and another OF
$31 500 ,599 in the following quarter
OF the total increase $1t0 1904 400 was
in gold. The aggregate supply on Oc-
tOber |. exclusive of certificates, was
estimated at S2,S35, ,333, ,734, of which
81, 5G2, l49 4S9 was in circulation. The
proportion of gold was 47.G6 per cent,
against i4.2l on July l, 1900. The
gain of gold to the treasury in the
same period was $3.50, ,233.
The actual gold coin in circulation
on October | is placed at $G41 ,S44, $50
in coin and $4SG,512,l39 in certificates.
Since July /, 1900. there has been
growth of $4G3, ,991 ,S62 in the money in
circulation, or an average of nearly
$11G, 100000. On October / the circula-
ton reached the maximum OF $31.1G
for each person, and the proportion of
gold to the whole was 44.03 per cent.
The national bank notes presented
for redemption during the year
amounted to $262, ,141 $50, 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.
From June so, 1899, to June 50, 1904
there was a net increase of 1,S03 in the
number of banks, making a total of
1886.