The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-06
SECRETARY SHAW'S REPORT.
GOVERNMENTS FINANCES IN A
FLOURISHING CONDITION.

-PHbIlG lbeDt DecreHecu NDtWhtUetA nu"
ing Payments on Account Of Panama
canal RECORD Customs Receipts
,ors Credit Currency Banks should
Cooperate 20 Relieve Money string ency.
WASHINGTON, Dec. S.-The report Of the
Secretary of the Treasury for the fiscal
year ended June 30, 1905, was transmitted
to Congress to-day.
Mr.. Shaw devotes the early part Of his
report to a setting forth in detail Of the
income and disbursements Of the Govern
ment which show the total Of receipts to
have been s7e2. 1886 ,sO4. e2, and the total ex-
~penditnres, s738, III, $50. OF, showing a sur
plus for the fiscal year Of s2S, $50, 1922. 81.
Including the issue OF Panama bonds
the public debt Nov. l, 1906, was s925 1850, $50.
OF this amount bonds of the face value Of
1881 ,542 $50 were held by the Treasurer Of
the United States in trust for national
banks as security for circulating notes and
deposits, leaving sos, $3.50 in the hands
of other investors.
RECEIPTS.
Compared with the fiscal year 1905, the
receirts for 1904 increased s65 ,2s5 ,634.67,
and there was an increase in expenditures
Of SIC, 6l2 ,Os3. is. The customs receipts for
1905 amounted 10 $500 PSI ,s77.77. an increase
over the previous year of SSs, 453 .O20. SO.
The receipts from Internal revenue for the
year were s249 ,l5O.2 PIP 81, an increase over
the previous year Of SIS .054, 472. "a. The
receipts from the operation OF the Post
Office Department we're sl67 ,s32, 1872 .95. being
an increase over the previous year Of sI5.-
iOs l97. IS. The total expenditures on ac-
1o,nt ~ tho nnflifary ocfahlishpnap worn
$ii7 .946, 692. 81. an ircrease over the
previous year Of IS, 776, s43 .35, while the
total expenditures on account OF the naval
establishment were sll0, Ala, 284. 40, an in
crease of SO, 1913, 1872 40. The amount paid
TO pensioners was slIl ,O34 ,56l n, a decrease
over the previous year OF $3.50 ,402 so. The
Indian service cost the Government sl2, 746,-
sS9. Os, a decrease over the previous year Of
81, 4S9, PA SO. Interest on the public debt
amounted to S24, 3OS, 576.27, a decrease over
the previous year Of s2S2 367.S3 The aggre-
gate expenditures for the year 1905 were
$3.50, III, 5s2 oil, and the increase for the year
was sic, 6l2, 0S3.48.
The revenues Of the Government for the
current fiscal year 1901 are estimated,
upon the basis Of existing laws, at Ssl3, 57S,-
264. and for the same period the expendi-
lures are estimated at S755 ,S73, 264, showing
a surplus Of receipts over expenditures OF
SIS, OOO, 900.
GOLD IN TREASURY.
The Treasury holdings Of gold at the close
OF the last fiscal year were $S07 ,05l $50 30.
BY Oct. Is this increased 10 t87l 1893 500. II,
the largest amount Of the precious metal
ever held in the Treasury.
The United States paper currency issued
during the fiscal year 1905 amounted to
$500 SOC, 900 and the assumptions were ST.
445, 100, gold certificates increased s42,-
209, 900, silver certificates sl2 ,:0S eco, while
Treasury notes decreased 81 1927 900. The
.o--A zNAN - Aanh Dta,o 90 Initial GNnfAa
paper currency issued and redeemed was
ISM cents, and the annual cost OF maint
nance of the currency issued by the national
Government averages about one-tifth OF 1
per cent. Of the amount outstanding.
The United States bonds pledged to
secure bank cir culation amount to $50, 6O5,-
30, an Increase of $50 ,53s, 27O during the
fiscal year. The United States and other
bonds held to secure public deposits aggre-
gated SOS ,575, US, an increase Of SIS, IT'S
since June 30, 1905.
The redemptions from the reserve fund
during the year we're as follows: United
States notes, Sl1 ,452, l95; Treasury notes,
s192, $40. The redeemed notes were imme-
diately restored to the general fund in ex-
change for gold, and the reserve was thus
maintained at the amount fixed by law.
The volume of national bank notes in
creased S85, 392,554 during the last fiscal
year, but twithstanding this increase,
only S296, 292, 1855 we're presented for re-
QeInDIlO0, rs against eOOot $50 tVu III LbpOs
The expenses incurred for such redemp-
ton we're $3.50, 824.24, which have been
assessed on the banks at the rate of t0.S4528
per 81 900 of notes redeemed.
The receipts Of moneys for redemption
and exchange during the fiscal year 1900
were 81 ,lO4 40 ,492, as against 81 ,l50,e25 ,7o3
In 1905.
$3.50 BANK CHARTERED.
From the establishment of the national
banking system, in 1868, to Sept. 30, 1905,
national banking associations to the num-
~ of 1850 we're chartered, OF which $3.50,
with capital OF S84l ,s64, 775, are in active
operation. During the period in question
AS national banks failed and l,743 were
Tla,ed in voluntary liquidation. From
statistics compiled bv the Comptroller
Of the Currency il is shown that creditors
81 insolvent national banks have received,
on an average, 7S per cent. on their claims.
During the year ended on Sept. 81,
1903, $50 banks. with aggregate capital OF
s2i, 800, 500, were chartered, Of which 80
were banks with SIS 600 capital and l4l
with capital of $50 900 or over. Fifty-three
e these banks we're conversions OF state
hanks. 1871 were re~organlZations OF state
and private banks, and 2C3 were primary
organizations. Since Oct. 1, 1905, 81 ma
tional banks, with capital Of s1s,523,O 900,
were placed in voluntary liquidation, and
Il banks, with capital Of 81, IS 1000, were
closed by order OF the Comptroller OF the
NDTTtUCl hIV CIV FVd ohhF ~ -
gregate capital OF SIPS 900, were restortd to
solvency and authorized to resume busl-
ness.
The latest returns OF national banks
made TO the Comptroller Of the Currency
exhibit conditions on Sept. 4. 1908. on
which date there were in operation 8,l37
associations with paid in capital stock OF
1895 .OS8, 100, and surplus and other profits OF
$50, s14, 1881. The surplus proper was $780,
245,l2t, which IL nearly three times the
amount required to be accumulated and
maintained under the law. The surplus
and -other undivided profits" amount to
over so per cent. of the paid in capital.
or the total liabilities Of the banks
namely, 81, ole, OIL ,O88, over one-half, or
81, 100, a3s, $40, is represented by individual
deposits. The deposits to the credit of
banks amounted to 81, $50 ,OOi ,462, and
10 the credit Of the United States and dis
bursting officers Of the Government slO7,
s3I,slE
The principal items Of resources Of the
banks were as follows: Loans and dis
counts, "a, DOS, 1888, 318; United States bonds
S82s, 100, ITO; other bonds and securities,
Sol '24O,7S5; specie, SAGA ,437. POI (of which
1888. s 1 O,258 represents gold and gold certifi
cates), and legal tenders slol SIS, 10.
DOMESTIC COINAGE.
The domestic coinage of the mints
during the fiscal year amounted to 1G7, 37l ,C3i
DiScea of the value of 500, PIG, 7A7 90. OF this,