Waterbury evening Democrat., 1907-12-06
ASKS NEW M0NEYLAW
Secretary CorteIyou In Report
 Favors Elastic Currency.
WANTS IMMEDIATE ACTION.
His Annual Statement Shows a Total Income of $s46, ,33s and a Surplus of $84,236,5S6. .3o-Record Year In Gus toms-AvaiabIe Cash $418,5s1,437.

Washington, Dec. 6.-In his annual
 report submitted to congress George B. Cortelyou, secretary of the treasury,
 reviews the currency stringency and
 concludes that "the remarkably sound
 and prosperous condition of the coun-
 try would seem to warrant the belief
 that the strain will leave behind no
 extensive business depression. r, The report shows total revenue
 from all sources for the fiscal ye.
 ended June 30 of $S46, 725, ,339 62
 and total expenditures of $762, 2,4SS,-
 753.32. showing a surplus of SS4 4,236,-
 5S6.30. Of the receipts the sum of
 $339, ,233, ,362.70 is credited to customs
 and $269,666, ,772.S5 to internal revenue.
 The total of the national debt on the date named was $2.457, 1SS,061.54. The
 total cash in the treasury amounted to $1,6SS,027, ,0S6S3, against which were
 liabilities totaling S1,269 44564932. Deducting the reserve fund of $780, 100000, the available cash was S41S- 5S1,437.51. Compared with 1906 there was an increase in receipts of $S4,- S3S,435 and an increase in expendi- lures of S25,771,171.31.
 On the basis of existing laws the revenues of the government for the current fiscal year are estimated at SS44. .025. .5S1.10 and expenditures at $S02, ,025, ,5S1 10: for the fiscal year 1909, revenues $STS. .123,Q11.30 and expendi- lures S912,949. .2SS96. This shows a difference of $34.S26. .277.66 between the estimated revenues of the government for 1909 and total estimates of appro- priatiOns submitted by the several ex- ecutive departments.
 Ths Financial Crisis.
 Regarding the recent financial crisis the secretary says:
 During the summer the gradual increas- ing rate of interest charged for call money. time money and discounts of com 1 mercial bills indicated a progressive dim l mutton in the amount of available cash. l Accordingly it was decided Aug. g. 1907, ] to make each week substantial deposits | In the different sections of the country. | with the particular object of facilitating l the fall movement of the crops.
 These distributions were continued | weekly until the aggregate amount of | i95.ooo.oo0 had been so distributed. Not ] this measure there was a l increasing strinsency fin the | centers. which culrninated in the forced suspension of several important In- stitutions
 Prior to this crisis the shipments of currency tO the west by eastern banks Tor crop moving purposes had been in- significant. There had been no important shipments of gold abroad. so the none ary stringency seemed to be due in large to the boarding of funds by I 'wnsEs thereof who had become sppre- iensive Of their financial safety. As the .rtsis approached the department adopted he strongest measures to give material assistance. Within four days there was transferred from the treasury to the ,anks the sum Of s.oooo0O. the security eceived therefor being such state. mu- lieipsl and railroad securities as are ae- spsable under the laws Of the states of Sew York. Massachusetts. Connecticut nd New Jersey as investments by say aEs hanks On Nov n there were on de- .osit ia national bank dspositsrfes t-5s.- Q. .sTA This sum was distributed among atioaal banks in every state and terri 3ry of the Union
 Trihats to Patrietie Endesver. N These ssposIts and ether trsasary oper- ttorx. fn co-ascrion with the associated -9rrs of prouInsrf E1aacsers and other usf1sss men. rho aE1ed first by giving relief to certain embarrassed ls-itatio1s ard afterwzrt hy Er0v1dinE 5r tks twpor1s of go8d of whFch up to '5v- I5 tHsrs ha6 bsen engaged mors than 2. 1sN pn cperatef Co prsvs-t a dznesrozs zzfc- The secretary sf ths tress1ry has .s5e sz.h a1fUs1r-ezf of depcstts be- rsez tke varssGs eftt@s ard sections as zs posxt1e n n1ck a tsre of financial rs<s ard thrg-xh tke r0-cperztts- of sszern k1-ksrs has seczre1 fhe trzrsfsr. .-1-x@ tke wE1f cr--errszl cHzrzszs Earxs s-s cf ES1eF to t.e tauth tke sst tks ncr1kwesr arx tEs Psrfzc cnas4 aers wHA kswsrsx. great HnsEe4ai 6s- ss 2zzx szEzsza zk fksl le1zztry ed