Valentine Democrat. (Valentine, Neb.) 1900-1930, 1905-12-14
NATIONS REVENUES AMOUNT TO
S1,326 q MINUTE.
Icst OF This Comes from Customs
servfce-Expenses, However, Ex-
coed ReceiDts-Money in CircuIn-
ton S3 80 for Each Person.


The largest sources of revenue were
as follows:
Customs 261. 79s, $50
internal revenue .............. I'D, U9o, i4O
lum 5,64s,257
Sales Of public lands ........ 4,s59,249
Profits on coinage, bullion de-
posts, etc. ................ AIS, 593
Reimbursement of loan to
ton Company .............. 4,4o4,942
and lands ................... 4Os7,561
Sales Of Indian lands, proceeds
of Indian labor, etc. ..... 3965,os7
Part payment Central Pacific
railroad Indebtedness ...... 5,745, 3S3
Postal revenues ......... 152 SIG, $50
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 .............S 131 ,SS7, POI
For the military establishment,
including rivers and harbors,
forts, arSenals, seacoast de-
lenses, and expenses of the
war with Spain and in the
Philippines ................. 122 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 ............. III, 30, 30S
For Indian service .... l4236,O73
For pensions ....... 1417739 64
For interest on the public debt 24590. 944
For deficiency in postal revenues 15,065.257
For postal service ............. 152, S26, 5S5
Compared with 1901 the revenues in
creased $12 ,SS6.S96 and the expendi-
lures decreased $5.S70,447. In the two
years expenses have been more than
$64,OOO,OOO in excess of receipts.
Money in Circulation Grows.
During 1905 $6S, 739, 1913 was added to
the money in circulation. The pGr cap
tia circulation advanced from $30.T
July /, 1904, to S313S Nov. /. 1904; then
declined to $30.S6 April /, 1905. and at
the close of the year, June 80, 1903,
stood at $31 .OS. By Oct 1, 1908, the
total money in circulation had advanced
to $2,624. 23O,391. a per capita circula-
ton of $31.39, 42S per cent of which
was gold.
AT the close of the year ended Sept.
30, 1905, 1881 national banks. with au-
thorized capital stock of $50, ,0I5,
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 So, S206 $751;
713 and to the credit of banks 81 ,624,-
1871. The aggregate liabilities are
S7,472, 35O,S7S In the year ended Sept.
80, 1905, 513 banks were chartered, with
a capital of $34, 765 800.
Would RECON- Abrat,ed 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 $5,000,0O0 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 $3.50 ,963 of which
So, $3.50, 036 was of new material. The
original deposits of gold at the several
minis and assay Offices aggregated $143,-
37S, 969.S6.
The interest-bearing debt of the Unit
ed States outstanding Nov. l, 1905, was
1896, los, $40. Of this amount, bonds Of
the face value of $549, 599, $50 were held
by the treasurer of the United States in
trust for national banks as security for
circulating notes and deposits, leaving
S345, 659, $50 in the hands of other in ,
vestors.
To Make Currency Elastic.
THE necessity for an elastic curren-
cy," continues Mr.. Shaw, has received
fresh emphasis in the financial conditions
of the last few months. Millions were
loaned, approximately at 1 per cent in
midsummer, and call money reached 25
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.
LAS Il means to this end, | suggest the |
advisa bility of permitting national banks |
to issue a volume of additional govern
ment guaranteed currency. equal in |
amount TO 80 per cent of the bond-se- |
cured currency maintained by them, but |
subject TO a tax of ) or + per cent I'M
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 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 He says the aggre-
gate deaths from yellow fever in New
Orleans numbered 45.J, and the number
of cases $3.50.
During the past year the usual facili-
ties have been extended TO aid in the
Of the crops. The deposits
tor transfer in the New York and Chi
cago subtreasures were $30.O93, O34, for
which payments by telegraph were made
at other points in the denominations re-
quired to meet the demands Of the 10 !
cality in which the funds were to DO
used.