Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1905-12-15

ton Company ............... 4,4o4,94
and lands ,........... 4,os7,5 s1
Of Indian labor. etc. ...~... 1895, Os7
railroad Indebtedness ...... 5.745. 3s3
Postal revenues 152, S26, 5S5
The expenditures were:
| For civil establishment. includ-
l ing foreign intercourse, public
| buildings, Panama canal, col
1 lecting revenues. District OF
Columbia, and other miscella-
| neous expenses .............S ISL, SSI ,29l
| For the military establishment.
| Including rivers and Earbors.
forts, arsenals. seacoast de-
l lenses, and expenses OF the
war with Spain and In the
| For the naval establishment.
1 Including construction OF new
| vessels, machinery. armament,
l equipment. improvement at
l navy yards, and expenses Of
the war with Spain and in
| the Philippines ...-........ 1850, 800
For Indian service Il. 236,oI3
l r or pensions 141. ,S64
| For interest on the public debt q. $780, 14
For deficiency In postal revenues 15,O6O,25I
l FOR postal service --.....-.--... 152, S26, 5SS
| Compared with 1904 the revenues in
creased $12,SSS,S SOC and the expeudi-
lures decreased S5.STO.47. In the two
years expenses have been more than
$64.oOO,OO0 in excess of receipts.
Money In Circulation Grows.
During 1905 SOS, 73a. 1913 was added to
the money in circular ton. The per cap
ita circulation advanced from $30.77
July 1, 1904, to S31-3S Nov. /. 1904; then
declined to $30.S6 April /, 1905, and at
the close of the year, June 80, 1865,
stood - S31.0S- By Oct. I, 1905, the
total money in circulation had advanced
to $2.624.23O,331. a per capita circula-
ton of S31.39, i2-S per cent of which
was gold.
At the close of the year ended Sept.
so, 1905. 1881 national banks. with au-
thorized capital stock of $50. 654.015
were in active operation. Since the ma
tional banking system was first author
ICED there have been 4SS failures and
1861 voluntary liQuidations of national
hanks.
In these national banks the deposits 10
the credit of individuals are SS.S20.8S1
Tl3 n TO the credit of banks S1.624,-
SIT.5S1. The aggregate liabilities are
Si.iI235o.SIS. In the year ended Sept
SO, 1905. S13 banks were chartered, with
q capital of S3i,Ie5.5o0.
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
xbraded and %uncurrent silver dollars, in
amounts not exceeding 100000 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 estf-
mated at SSO.4S4.s Ol and the Industrial
consumption at S2S.655,963, # which
SsSp 0g1t nCsS -.- IT,
original deposits OF gofu at the several
minis and assay Offices aggregated SI45.-
S7S,96a.S6. tz
The Understanding debt of the Unit
ed States outstanding Nov. /, 1905. was
SS5,15S.940. Or this amount, bonds OF
the face value 81 S549. 9 go were held
by the treasurer Of the United States in
trust for national banks as security for
circulating notes and deposits, leaving
SSi5 1859, $50 in the hands Of other in
veStorS. $3.50
To Make Currency Elastic &
The necessity for an elastic curren-
cy," continues Mr.. Shaw, has received
fresh emphasis IL the financial conditions
Of the last few months. Millions were
loaned, approximately at l Per cent in
midsummer. and AL money reached %
per cent In November. TIE exceedingly
low rate was about as dangerous as this
high rate. for the latter WAS the logical
result of the former. Such extremes can
and should be rendered impossible
A a means 10 this end. l suggest the
advisability of permitting nasiSaal hanks
to issue i volume II additional govern
mens guaranteed currency. s4aal in
amount to so per cent of the asnd-se-
cured currency maintained by them, but