The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-12
Financial Peril.

the heavy drain on the gold reserve of
the state bank balances abroad, which
have fallen 1852 100000 in the three
last ten days Of the ~ year al the gold re.
serve was reduced by $50 800, 900, while
the issue Of paper currency was in
creased by $3O,000.O0O. |
The increase of paper issued, the
statement says, was made by the bank
in an effort to come to the rescue of the
business interests, which were almost
paralyzed and which had been refused
panicky conditions and to the reduction
Of the foreign credits of houses with
connections abroad. t@ i!
Monetary Situation.
The statement has this to say of the
monetary situation: g.. 49,. IT, |
Such a state Of affairs could not
fail to inspire disquietude, for our mon
etary system waes menaced simultane-
st. Petersburg, Jan. 12.-The budget
statement for 1905, just issued, shows
that it will be necessary to raise $780,
100000 by credit operations to balance
the estimated receipts and expenditures.
The latter include 1902, 100000 for the
liquidation of the expenses of the Rus
so-Japanese war, the repatriation Of
the troops in the far east and the re.
due 10 of It the arm army to a peace foot.
Of the war, $1,O5O,OOO, 1000, is revealed.
The credit operations to balance the
budget include the recent authorization
of 5000, 100000 in treasury bonds, $751;
100000 Of which have already been used
ously by the diminution Of the stock of
gold resulting from Withdrawals, which
the bank was powerless to prevent, and
by the exodus of capital abroad and the
! nf M lot 1o44
being due to the necessities Of the in
terror. --.>.. ..~..>.
cit is permitted, however, to hope,
thanks to the restoration Of calm, that
the causes which Influenced the with
drawals Of gold will cease and that coin
will soon begin to return to the bank.
The amelioration Of the situation which
is anticipated should soon restore some
: terror, revivify credit and thus diminish
the demand for money~for business af-
fairs. u IL ,... ms ss.- - &
# s'ss. as Words Of White. &
The statement concludes with the fol.
lowing addressed to the: emperor, which
was evidently penned by GSnnt Witte:
"These facts and figures submitted
to your majesty show that the present
situation Of Russian finances is none
! too favorable. This state Of things is
thesresult Of the war and of the trouss
bles. which followed. These troubles
are Of a temporary character, and it is
fair to assume that they will be amel, :.
economic depression, history proves,
] are ordinarily followed by periods Of
activity and prosperity. Economic
! agitation multiplies the energy of the
ablest and most enterprising elements
| of the nation and arouses the laboring
masses to persevere in their work,
which cannot fail to better the. indus.
trial situation of the country and like
wise the financial condition Of the
state. >
,.sjs.-s Silvery. Lining Is Seen. q
"Conditions favorable for the app
pearance Of fruitful work must be per-
ceived even amidst the gloom Of the
| present crisis. With each day the pop
and more to a realization Of the true
needs Of the fatherland.
"The awakening OF these social
forces has sure guarantee in the in
dependence granted to Russian ma
tion by your august will, and in the
equality before the law which has been
assured to all your majesty's sub
jects." !
Yearly Budget Ready.
The budget for 1906 estimates thu
ordinary revenue at 81 ,013, 920 1887 ant
the ordinary expenditure at $1,009,0 38,
275. The extraordinary revenue Is es
z timated at 1,00o,00o,000, plus $240,
$1,000 from impending. credit opera
lions, and the extraordinary expendi
ture of $246, 448,112. The total revenu
and expenditures balance at 1926,
4 1856, 387. =. !
The extraordinary expenditure, i
round numbers, includes: For the Rus
1 so-Japanese war, $202,500, 900; for tn
building Of railroads, $21 ,000,000; TO
4 the relief Of sufferers from the bad hal
vests, $10,000,000; in loans for the res
/ toration Of the naphtha works. 81 500
& 900. .. =
In the budget statement it Is ar
& nounced that manifestos will be issue
giving the nation the right to partic:
pate in the examination Of future buo
gets. This, therefore, will be the las
budget to t. be examined solely by BY II !,
b operation of an elective assembly. ]
& is further stated that the surplus fc
4 1905 will be greater than was at frs
Il estimated. (,
= Expense Of Assembly.
y A credit Of 100000 is assigned fc
81 the expenses of the national assembl,
III anu UneIe Is S11gnG increase IN Cn
q credits for the holy synod and imperi.
: households. The latter is given $4,000
Il 600 and the army credit is raised fro
d .$183, 100000 to $1S7,000,000, but til
q general expenses for the army are r
81 duced, as the army credit includes SIS
q 100000 for Improvement Of the pay an
81 for the soldiers.
The navy credit is reduced from $5e
8 100000 to $50, 100000, and there is 4
81 credit for new construction. The $22
q 100000 which is under that head is a
= signed for the completion of ships CO.
traeted for or purchased abroad durin
+ the war.
The interior department, credit
raised from $50, 100000 to $65,5O0,OO
"a Practically all the increase consists
# $12,000,000 for the police Of villages
the country districts. The total sum a
T. propriated for police and gendarmerie
q 8,500,000.
81 The Courts and Prisons.
& The credit for the department of :ju
s tice is raised from $4,000, 900 to sex
= 100000. The increase is assigned to IL
courts and prisons. The department
education credit is raised from $21, SOC
~