Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1905-12-12
UNCLE SANS INCOME.
NATIONS REVENUES AMOUNT TO
S1,325 A MINUTE.
Most of This Comes from Customs
Service-Expcnses, However, Ex-
ceed Receipts-NIoncy in CircuIa-
tion $31.39 for Each Person.

pendltures, however. were S23,UO4,Z2S IN
excess of the receipts, the expenditures
being S720. 105.4qS Secretary Shaw
gives the figures in his ANIMAL report for
the Treasury Department, submitted to
Congress
The largest sources of revenue were
as follows:
Customs ......................S 261, 500
Internal revenue ............. 234, 095, TAO
Revenues of the District of Co
Sales of public lands ....... 4,s59,249
Profits on coinage, bullion de-
Reimbursement Of loan to
Louisiana Purchase EXPOSE
ton Company ............. 4,4O4,942
Fees-Consular letters patent,
and lands ........s......... Aust ,06l
Of Indian labor, etc -. 3,9e5,os7
Part payment Central Pacific
railroad Indebtedness 1919. 5,745,3S5
Postal revenues ............... 152,S26,5S5
The expenditures were:
For civil establishment. includ-
ing foreign intercourse, public
buildings. Panama canal, col
lecting revenues, District of
Columbia, and other miscella-
neouS expenses ......,.,...,. 5 lol, SS(, III
For the military establishment,
including rivers and harhOrs,
forts. arsenalS, sea"oast de-
lenses and expenses of the
Philippines ..............:.. 10 1904
For the naval establishment.
including construction of new
vessels, machinery. armament,
equipment. Improvement at
navy yards. and expenses of
the war with Spain and in
the Philippines .... 1850. 30s
For Indian service ............. 14236,OI3
For pensions OBSERVATION-DISCLOSURES. 14l.II3,964
For interest on the public debt 24,59H944
For deficiency in postal revenues 15065,257
For postal service ...,......... 152 S26, JSJ
Compared with 1904 the revenues in
creased So ,SS6,S96 and the expendi-
lures decreased $3.50, 447. In the two
years expenses have been more than
S64,O00000 in excess of receipts.
Money in Circulation Grows.
During 1905 SOS, 739, 1913 was added to
the money in circulation. The per cap
tia circulation advanced from $3077
July 1, 1904 to $3f.3S Nov l. 1901; then
declined to S30.S6 April /, 1909 and at
the close of the year, June 80. 1905,
stood at S31.0S. BY Oct. 1. 1908, the
total money in circulation had advanced
to $2.624 .230391, per capita circula-
ton of $31.39, 42S per cent of which
was gold
At the close of the year ended Sept.
80 1905, 1881 national banks, with au-
thorized capital stock of $S10654,0 75,
were in active operation. Since the ma
tional banking system was first author
lied there have been 43S failures and
1861 voluntary liquidations of national
banks.
In these national banks the deposits to
the credit of individuals are s.. S206S1,-
713 and to the credit of banks S1624,
S77,5S1. The aggregate liabilities are
$7,412, Boosts. In the year ended Sept.
30, 1905, 513 banks were chartered, with
a capital of $34 765, 800.
Would RECON- Abraded Silver.
Mr.. Shaw cites the great demand for
subsidiary silver coins and recommends
that the Secretary of the Treasury be
authorized to cause the recoinage of
| abraded and uncurrent silver dollars, in
amounts not exceeding S5,000,000 per
year, into the several denominations of
subsidiary coins as they are required"
The production of gold in the United
States for the calendar year 1904 is esti-
mated at $50, 464, 100, and the industrial
consumption at S2S $50, 963, of which
| So, $50 036 was of new material. The
original deposits of gold at the several
minis and assay offices aggregated $143,
37S. 969S6.
The Understanding debt of the Unit
ed States outstanding Nov. /, 1905, was
1896, los, $40. OF this amount, bonds of
the face value of $549, 500. $50 were held
by the treasurer of the United States in
trust for national banks as security for
circulating notes and deposits, leaving
$345, 500 $50 in the hands of other in
vestors.
To Make Currency Elastic.
''The necessity for an elastic curren-
Cyl continues Mr.. Shaw, ''has received
fresh emphasis in the financial conditions
of the last few months. Millions were
loaned approximately at l per cent in
midsummer, and call money reached %
per cent in November. The exceedingly
low rate was about as dangerous as the
high rate, for the latter was the logical
result of the former Such extremes can
and should be rendered impossible.
"As means to this end, suggest the
advisability of permitting national banks
to issue volume of additional govern
ment guaranteed currency, equal in
amount 10 OO per cent OF the DOnu-Se-
cured currency maintained by them, but
subject to a tax of or 6 per cent UNI
til redeemed by the deposit of a like
amount in the treasury. BY eliminating
the words secured by United States
bonds deposited with the treasurer of
the United States from national bank
notes now authorized, the additional cur
rency would be identical in form with
that based upon a deposit of bonds, and
its presence would not alarm, for it
would not be known"
Mr.. Shaw favors a revision of the GUS
toms administrative act, the extension
of the "drawback" in tariff on exports
and the encouragement Of an American
merchant marine. lie says the aggre-
gate deaths from yellow fever in New
Orleans numbered 455, and the number
of cases $685..
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