Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1905-01-06
The NATIONAL TREASURY
Review Of Operations During Calendar
Year 1904.
RECEIPTS ARE LESS THAN EXPENSES.
A Deficit Of So, 100000 Because Of Panama
Canal Purcbase-Recelpts Show Decrease
Of $4,000, 600, While There Was an Increase
of SsO,Ooo, 900 In Expenditures Some OF the
Work of Treasury.

Washington, D. c. (SpeciaD The
Treasury Department issued a review
of treasury operations for the calendar
year 1904
The Treasury receipts for the calen-
dar year 1904 were $s4o,ooo,ooo and the
expenditures (including the Panama
payinem) S562,ooo,ooo-a deficit for the
year of $22ooo,ooo. AS compared with
the previous calendar year, the receipts
show falling off OF 100000 and the
expenditures an increase of $5o,ooo,ooo.
The decrease in customs receipts was
Soooo,ooo. Cival and miscellaneous ex-
pendtures increased $I5,oooooo; War
Department, $ooooooo; Navy Depart
ment, $23,oooooo; pensions, 100000,
and interest, 100000.
The increase in interest is due to the
fact that a portion of the interest of
1903 was anticipated in 1902, The hg-
ures do not include the postal receipts
and expenditures, except that the postal
deficit is included in the civil and mlScel-
laneous expenditures.
Imports for the first II months OF 1904
were So3o,ooo,ooo, an increase over the
corresponding period i'll 1908 OF $22,-
100000.
Imports free of duty for the same peri
cd increased $42,ooo,ooo, while dutiable
imports decreased $40 100000. In 1908
43H per cent. of the imports were free
Of duty, while in 1904 Al per cent were
free of duty. Practically the entire in
crease in free imports was in three artl-
Giles:
Coffee, india rubber and raw silk.
Although dutiable imports decreased
$2o,ooo,ooo, raw sugar and wool show
increases aggregating S28,ooo,ooo All
other dutiable imports decreased nearly
$so,ooo,ooo. OF this decrease $2o,ooo,-
900 was in iron and steel.
Other noteworthy features of the
Treasury transactions in 1904 were the
payment out of accumulated surplus of
$5o,ooo,ooo for the right of way of the
Panama Canal; the redemption of the
outstanding 5 per cent. bonds due Feb
ruary I, 1904, and the various calls on
the national bank depositaries for the
return of portion of their public de-
posts. The redemption of ives during
the calendar year was approximately
100000. Public funds on deposit with
the banks were reduced from $I66, -ooo,-
900 January I, 1904 to $II3,ooo,ooo at
the close of the year. The calls on the
banks, to mature early in 1905, will
further reduce these deposits and re-
plenish the cash in the general fund
of the Treasury to the extent of $751;
100000.
The cash in the Treasury exclusive
of the gold reserve and gold and silver
coin held against outstanding certif-
Gates, was $32o,oooooo on January I,
1904. At the close of the year it was
S24o,ooo,ooo, decrease of $50, 900 for
the year. The Panama payment accounts
for S5o,ooo,ooo of this decrease. The re-
demption of the hves of 1904 and nation
al banknote redemptionS account for
100000 more. The balance is due
to the deficit incurred in carrying on
the ordinary operations of the govern
ment.
For the first six months of the cur-
rent fiscal year the deficit is approx
mately $22,oooooo The balance of the
year will probably reduce rather than
increase the deficit. Receipts show a
tendency to increase. The greater part
of the postal deficiency for this fiscal
year has already been met, and the ex-
penditure for various kinds of public
works will be less for the next six
months than for the six months just
closed Nearly 100000 was dis
bursed in the last half of the last fiscal
year OH account of the Louisiana Pur-
chase Exposition.