The Irish standard., 1905-12-09
Secretary SHAW
REPORTS Deficit
GOVERNMENTS EXPENDITURES
FOR PAST FISCAL YEAR Ex-
CEEDED RECEIPTS.
INCOME OF COUNTRY
IS ST, 1926 A MINUTE
Money in Circulation $3.50 for Each
Person-Plan to RECON- Worn Sill
vcr-Head of Treasury Department
Tells Need of Elastic Currency.

Washington, Dec. Z. - The revenues
of the government in the fiscal year 1908
aggregated $697 16l .269 This was an
income OF $1,909,S66 day, or $1,326 a
minute night and day throughout the
year. The total expenditures. however,
were s23 .004 ,22S in excess of the receipts,
the expenditures being $72O, ,105.49S. Sec
retary Shaw gives the figures in his an
nual report for the treasury department,
submitted to congress Wednesday.
Compared with 1904 the revenues in7
creased $12,SS6,S96 and the expenditures
decreased $5,S79,447. In the two years
expenses have been more than SG4 ,00O,-
000 in excess of receipts.
Money in Circulation Grows.
During 1905 S6S,739.793 was added to
the money in circulation. The per cap
ita circulation advanced from $30.77
July l, 1904, to S3l,3S November 1, 1904;
then declined to $3o. sc April 1. 1905. and
at the close Of the year. June 80, 1905.
stood at $31.0S. BY October /, 1905, the
total money in circulation had advanced
to $2,624 ,230391. a per capita circulation
OF $31 SO, 42.S per cent. Of which was gold
During the past year the usual facili-
ties have been extended to aid in the
movement of the crops. The deposits
for transfer in New York and Chicago
subtreasuries were SIC. .O93 ,034, for which
payments by telegraph were made at
other points in the denominations re-
guired to meet the demands of the local.
ity in which the funds were to be used.
AT the close OF the year ended Septem-
her 80, 1905, 1881 national banks. with
authorized capital stock of $S10,654 ,O75.
were in active operation. Since the ma
tional banking system was first author
lied there have been 43S failures and
l,6GGl voluntary liquidations of national
banks In these national banks the de-
posits to the credit of individuals arc
$3.S20.GS1,71 and to the credit of banks
81 ,G24 ST., ,5S1. The aggregate liabilities
are ,472,350,S7S. In the year ended
September 80, 1905. 513 banks were
chartered with a capital of $34. .7G5, 500.
Would Recoin 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 undercurrent silver dollars.
IN amounts not exceeding $4,000 900 per
year. into the several denominations of
subsidiary coins as they are required .
Ihe production of gold in the Unit
ed States for the calendar year 1904
is estimated at $SO,4G4, 200, and the
industrial consumption at $2S,G55, ,9G3,
of which $22,93O,O3G was of new ma
terial. The original deposits of gold
at the several mints and assay offices
aggregated $l43,37S ,9G9SG.
The intcrest-bearing debt of the
United States outstanding November
j, 1905, was SS95,15S,94 OF this
amount. bonds Of the face value of
) $o43,599,59o We're held by the treas.
urer of the United States in trust for
national banks as security for cir.
culating notes and deposits, leaving
| $345,559,350 in the hands of other in.
! VcSf0rc