The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1906-11-08
SURPLUS KEEPS INCREA'ING
Interesting Feature of United States
Treasurer's Report.

Washington, ID. c. (SpeciaD. -
Charles II. Treat, treasurer of the
United States, submitted his annual
report to the Secretary of the Treas
| ury, and in reference to the more
noticeable transactions said, in part:
THE net result of the ordinary
revenues and expenditures for the
| fiscal year 1906 was a surplus of
| S25 500, 1922, as compared with a
deficit of $23,004,22S for the pre-
ceding year. A continuation of those
favorable conditions is reflected in
the transactions for the first quarter
of the current fiscal year, in which
the revenues were S5,S71,314 In ex-
| cess of the expenditures. The avail
| able cash balance on June 80, 1905,
was $3.50, ,6S9,354, an increase OF
S35, ,211, ,S62, as compared with that
of / 2 months earlier.
The monetary stock of the country
took on growth during the year of
81 1S6,S66, 6,727, of which S,050,777
was in gold, $5,450,396 in silver
and S65, 5,392,554 in national bank
notes, while the treasury notes de-
creased s2,027,000. The aggregate
stock OF money at the close of the
year was 5000, 9,976,591, of which
$2,736, ,62S was in circulation.
The national bank repositories
have been utilized during the year as
medium through which the exces-
sive accumulation of money in the
Treasury was restored to the chan
nels of trade. About the first of
April an unusual stingency in the
money market was relieved by the
temporary increase of public deposits
with depository banks to enable them
to import gold Through this aid
more than 100000 in gold was
imported. The balance in banks to
the credit of the general fund May
5 was $102,70S,123 the highest
point reached during the fiscal year
The national bank notes pre-
sented for redemption during the
year amounted to s296,292,SS5, as
against $30S, ,29S,760 in 1905.
THE national banks have not is
sued $5 notes to the limit allowed
by law, and thereby forced the Treas
ury the burden of supplying the
smaller denominations required by
the business interests of the country.
However, in response to the appeal
of the Secretary of the Treasury the
banks have increased the volume of
their s5 notes.
The Treasury holdings of gold
continues to attract the attention. of
financiers, both at home and abroad.
1t is apparent from the continued ac-
emulation that large share of the
product of the gold mines of the
world is brought to the United States.
The gold coin and bullion in the
Treasury June 80, 1905, amounted
to $706,592,399, and at the close of
the fiscal year, 1906, it had ad-
vanced to $SO7051,690. BY Oeto-
Der 26 it attained a maximum at
sS77,296,23S.
"The United States paper currency
issued amounted to $629,S96, 900,
and the redemptions were $577,445,-
100, a net increase in the volume
outstanding of $52,450,9OO.
"The pressure from bankers and
others for larger and more regular
supply of small denominations of cur
rency continued unabated, while the
Treasury is without resources for the
Issue of small bills to comply with
their urgent requests. 1t is to be
expected that Congress will ultimate
ly enact the legislation that it has
undea consideration which will bring
full relief from the existing condi-
tions."