The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-06
Over the Revenues.

lures of the government have been In
excess of the revenue to the aggregate
amount of more than 1900, 900. This,
however, included $5O,000,0 900 on &C
count Of the Panama canal.
The total amount of United States
fiscal year was ,$637 100000, and the
o2e,soo. Cola certificates increased
$23, 499, 400,: while =, silver certificates
were reduced $5,211OOO and treasury
notes So, 565 900. National bank notes
to the amount Of ,,$308,298,7 60 were pre-
scented for redemption during the year.
This was 1884 per, cent of the average
amount Of notes Outstanding. During
money in CIRCULATION The per - caRita
i, 1904, to $31.3S Nov. 1, 1904; then de-,
clined to $50.s6. April 1, 1905; and at
thes close Of the year, June 3d., 1905,
stood at $31.0S. BY Oct. 4, 1905, The
total money in circulation. had advanced
1854, 230;39l, per capita circulation
of e6lS $a1 SO, s42:s per per e1pt Of which was
To maintain the pEesent per capita
.circulations+the, increl Use. in population
Of the country makes it necessary to
add about 3,$5Q,oo0,0oo to- the monetary
SGOCh cdCH ytdI. - ue SOlu, III Gne treas
,uTy Oct. 9,E1905, was $739, 1898, 500. 80
sum never ,equaled in our annals nor has
any other government ever held SO much
of 7the precious metal. 49, -@~eT
I ,%S= National Banks. -:
AT the close Of the year ending Sept
80, 1905, there were. '5,S3t national
banks having an authorized capital
stock Of l0,654,075. The act of March
IA, 1900, authorizing national banks
with a minimum capital of $4,000, hat
resulted in 1860 new national banks
According to the report, Minnesota has
III national banks, having less thar
| $4,000 capital and 10 having more
than $50 900, or l66 national banks al
! less than $4,000 capital and 4 which
I have $4,000 each South Dakota hal
:. A with less than 100000 capital ani
! 5 with $4,000. Isl, - s..
The production of gold in the United
States for the calendar year 1904 is es
! timated at $50, 464.7OO. and the indus
! trial consumption at 1888, 1868. TIL,
: interest bearing debt Of the Unite
! States. outstanding Nov. 1, 1905, wa
/ 1888, 158,940. s5 - ~ ~s/ -
Imports to the value of $1,117,512,
629 were landed in the United State
during the fiscal year ending June sc
! 1905. For the same period the export
of merchandise were $1,515, 565, 720. e.
-@: Shaw on Currency.
On the subject of the currency, tn
4 secret;.ry says @-&t& ~. 5.s.--~@. ::
4 1.-The necessity for an elastic currenc
1 has received fresh emphasis in tn
i financial conditions of the last fe7
! months. Millions were loaned, approx
mately at l per cent in midsummer, an
call money reached 25 per cent in NJ
ve,nber. The exceedingly low rate wa
about as dangerous as the high rate
for the latter was the logical result
Of the former. Such extremes can an
should be rendered impossible.
AS a means to this end, l sugges
the advise bility Of permitting nations
banks to issue volume of additions
: government guaranteed currency, equ;
: in amount to so per cent Of the bono
secured currency maintained by then
but. subject to a tax of 5 or per cen
until redeemed by the deposit Of a ik
, amount in the treasury. By elimina
! ing the words secured by Unite
: States bonds deposited with the trea
urer Of the United States" from NJ
tional bank notes now authorized, tt
, additional currency would be identic
; in form with that based upon a depos
! OF bonds, and its presence would NJ
, , alarm, for it would not be known n
:, , now and distinct or unguaranteed for
: of money should be injected into OF
! system. The tax would be ample, an
: more than ample, to cover the risk
! the government in guaranteeing +
: de1nption. Manifest1y this addition
!, currency would not spring into bei1
! until interest rates exceeded 6 per cen
: and it would as promptly retire whe
) rates became normal. Under these
7 any similar provisions 10 per cei
r +. money would be well-nigh impossibl
!. and the treasury department would
d saved @ most embarrassing responsible
lty. This may not be the only mea
of adding an element of elasticity
our currency system, the need Of whi'
& is universally recognized. / suggest
as the plan which, to my mind, seer
4 most feasible and one fraught with
: danger.
\ Trust Companies
The secretary !. notes the large
crease In the number of trust compani
and the extraordinary growth of d
a-sEposlts therein, together with the ia
{, that few states require trust compani
a to carry any reserve. He repeats Q
les servations made on this subject a we
n ago, suggesting a law giving trust CO..
d paies OF large capitaliz ~ lar
re- cities the privilege of Incorporating U
m der federal law with corresponding {
lie pervision. The more conservative won
vi avail themselves Of the law and t
It'll others would be compelled to cultlva
GOflSnr fiSm