Omaha daily bee., 1906-12-06

u
circulation had increased to S2,Sl2,1S3.6 s4, or
&5SUS per capita, 49, per cent OF this
amount being gold.
/ The treasury holdings of gold at the
close of the last fiscal year was 1901, 05l,
! OsOSO BY October 10 this increased to
$oil, 1893, Syy.i7, 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
! $629, $780, OO and the redemptions were $677,-
44O lUO; gold certificates increased $42, z6y,
yJJ silver certificates Sl2, Dos 0vO, while treas
ury notes decreased SziON,UOO. The average
I cost Of each piece of United States paper
currency issued and redeemed was l.0il
cents, and the annual cost OF maintenance
OF the currency issued by the national
government averages about one-fifth of
per cent OF the amount outstanding.
The United States bonds pledged to Sc
cure bank circulation amount to $50, 500, 21O,
an increase OF s62 go during the fiscal
| year. The United States and other bonds
held to secure public deposits aggregated
EsobI5'i26' an increase Of a5'l7OH6 since
The redemptions from the reserve fund
during the year. were as follows; United
| States notes, Sll, 462 1885, treasury notes,
mediately restored to tie general fund in
change tor geld, and the reserve was thus
m lat at the amount 4xed by law
creased 1882 ,554 during the last fiscal
! year, but Notwithstanding this increase,
only $2Y6, ~, SS5 were presented for re-
demptiOn as against S3OS, 100 in 1906. The
expenses incurred in such redemption were
/ $3.50, 924.24, which haveIbeen assessed on the
banks at the rate OF O.S452S per 1900 Of
notes redeemed.
On March /, 1900 the paper circulation of
the denominations Of SO and under out
] standing was $40, 062 645, and by october /,
1906, II Increased to N,OS7, 7SS, 228, an average
annual increase OF about $56,OO0OC0 But
/ the needs of business, measured by the
appeals made to the treasury for small
notes during the last fiscal year makes
| It clear that the supply is not equal to the
| demand, Under existing law, the national
government provides nearly three-fourths
/ OF the paper circulation, but the resources
/ for the issue of small denominations are
practically exhausted, and can be ade-
quately enlarged only by legislation.
The receipts Of moneys for redemption
and exchange during the fiscal year 1905
were N,lO4,i49,iS2, as against H,l5O 625, 1853 in
/ The shipments OF silver coin at govern
ment expense for transportation during the
fiscal year 1906 were S41, s2S in standard
silver dollars and S29, 37S 631. 40 in subsidiary
| coin. The average rate for transportation
was S2.l5 per 81 600.
The San Francisco earthquake, April IS,
| 1905, was followed by a fire which de-
stroyed the greater part OF the city. The
subtreasury was burned, and the treasure
in its vaults was buried and for a time
was inaccessible. The United States mint,
/ by the vigilance and heroic action of the
! superintendent and employees, was saved
with its SSOO,0o0o)O Of coin and bullion.
! Contributions for the relief OF the stricken
city, as well as moneys withdrawn by the
| banks OF San Francisco from their eastern
correspondents, were received at treasury
offices to the amount Of S3l, $50 34444 and
/ through the medium Of the general fund
/ payments in like amount were made by the
mint at San Francisco upon Geographic
| advice from the treasurer Of the United
States.
! The vaults OF the subtreasury were
! opened May 28, 1906 The contents were
! found intact and uninjured,
| Condition of National Banks.
The latest returns OF national banks
I Unada the n the r
! hibit conditions on September 4, 1906, on
/ which date there were in operation 6lS7
ssS 066. l96, and surplus and other profits
| OF l0Sl4,9Sl. The surplus proper was $780,
! 25,l24. which is nearly three times the
/ amount required TO be accumulated and
| maintained under the law. The surplus
| and other undivided profits" amount to
over 50 per cent OF the paid-in capital.
namely, SSOl6 O2I ,O56 over one-haif, or S,-
/ 1852 9SS sic, Is represented by individual de-
amounted to 81 So oo1 49,, ana to the credit credit
Of the United States and disbursing ofiicers
Of the government SlOIs3l,sl4
] The principal items OF resources OF the
banks were as follows; Loans and dis
I counts, a. 29S, $685. lB: United States bonds.
S6:S 796, no; other bonds and securities, SOL =
249, 80; specie, 1854, 49,, f9l (Of which 1863
: so, s56 represents gold and gold certhcatesl
and legal tenders tl6l ,575,l20.
Internal Revenue.
The most important legislation affecting
internal revenues enacted by the last ses-
sion Of congress is TIE act approved June
1 !, 1905 providing for the withdrawal from
| bond, tax free, Of domestic alcohol rem
dered unit as a beverage or for liz lid
/ medicinal uses BY the admiXture herewith
/ Of denatuTing materials. This legislation
/ is In harmony with similar laws adopted
during the last ffty years by nearly all
toretgn countries, It's prime object Is 10
: furnish cheap alcohol for domestic and
I manufacturing purposes. The present in
/ ternal-revenue tax per wine gallon on
alcohol at $50 degrees proof Is tl.9S. This
[ tax Is removed By the act.
/ II Is believed that by means OF this leg
I islauon not only will the manufaC turing in
terests OF our country using alcohol be
placed on equal footing with those Of other
countries, but there Will be marked benefit
Z 10 the people az .arge IN securing q new
product for the production OF heat, light
and power. and that this new product
viii be a competitor with kerosene
gasoline and coal in our domestic and
farm life. The use Of wood alcohol for
domestic and manufacturing purposes will
be largely, II not completely. displaced by
| this product.
There will be some loss OF revenue to the
! government through this new legislation,
| though the amount OF such loss can not
7 now be definitely stated. but the benefits
| aecrulng 10 the people will greatly out