The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-01-01
Of Government Receipts
Over Expenditures.
'DURINGPAST YEAR
Secretary Shaw Discusses the finan.
ciaI Condition Of lhe Govern
ment and Of the People.

Washington, Jan. 1.-"There is nc
o. occasion for alarm Our only anxiet,
+, need be lest we fail of facilities tc
properly garner, store, transport ana
Y market our multiplied blessings. Lei
IN every man be of good cheer and try
v to be conservative in everything ex
cept thankfulness.
~ Secretary Shaw thus concludes re
sumo of the years financial record
which he says has been prepared 10
response to many requests. In round
numbers he places the government re
ceipts for the calendar year 1906 at
$625, 100000 and the expenditures at
igt $b66, 900 900, or an excess OF receipts
over expenditures of $4,000, 900.
Discussing the finances Of the gov.
ernment for the six months OF the
/. present fiscal year just closed, the sec.
:. retary says that the books ef the
treasury show surplus receipts over
of $25,000,000, as com
pared with deficit of $S,O00,0OO for
the corresponding months Of the previ.
GUS fiscal year. The cash in the treas
S,ury is $4,000 900, as compared with
-, $171 100000 year ago. The cash in
national bank depositaries is $159, ,O00,.
eAs0OO. as compared with $65,000,000 a
year ago. and the total cash In the
general fund is 1856, ,000, 900, as against
= $242, 100000 year ago
Against this cash there are liabili.
: Ties at the present time $13,000,000
: greater than at the same time last
z year. The available cash balance has
increased during the year $101 900, 900
& FDuring the last 12 months the
= money In actual circulation, exclusive
!; Of the amount in the treasury vaults
y has increased over 100000 900. or
!. this increase $145,O00,0OO is available
:. for bank reserve and $4,000, 900 is In
=, national bank circulation. This" he
< says, Seems to be complete answer
to the oft-repeated and ill-advised
y criticism that the independent treas
- ury system necessarily results In con-
II traction when money is most needed"
- He maintains that the existing money
Il stringency, worldwide in its extent, Is
W traceable in no respect to the inde-
/ pendent treasury system of the United
X States.
y He says the shortage has been caus-
= ed oy the unprecedented prosperity In
= this country and reasonable prosperity
y elsewhere. TIL, people of the United
States, he declares, consume per
capita more food more clothes, more
y OF everything than any other people
in the world, and when prosperous
x they import very largely. This. he as
serts, naturally encourages industry
everywhere and unusual business &C.
..tivity calls for an unusual amount of
Gactual money and Of credits based on
xactual money.
. AS to the currency system of the
gUnited States, Secretary Shaw says
that In his judgment 1t permits ade-
aquate expansion, but that its weakness
lis Its failure to produce contraction.
The volume OF money, he contends,
does not respond TO the volume Of our
business. The annual increase. he
adds, may be sufficient, but there is no
annual contraction during the dull
summer months, only the unthink-
Ing and ill-advised." he says, charge
the admitted stringency TO stock and
bond speculation" Just now specula-
ton In real estate is at high tide and
the opinion IL expressed that very
likely as much money is tied up in OPP
tion and margins on real estate as In
options and margins on stock and
bonds.
Ut is idle to complain OF the inevi-
table," he continues. THE spirit OF
speculation Is among us and like the
drink habit, those most addicted are
frequently the loudest In denunciation
sItyill becomes the real estate specula.
tor to decry every other manifestation
ofdesire to get rich quick"
=