The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-12-05
The Government During the
Fiscal Year Recently Closed
Redeemed Enough Bonds to Off.
set the Panama Canal Issue.
CONTIGUOUS REPORT
OF the Treasury Transactions
Submitted to Congress.
Stock of Money Increased $780,
5S4,416 Last Year.


Washington, Dec. 5.-The annual
report of the secretary of the treas
ury was submitted to congress today.
Following is summary of the opera
tions of the department for the past
| fiscal year:
The most noticeable transa ctions of
the treasury during the past fiscal
year have been the dealings with de-
pos1tary banks and the manner of dis
posing of accommodating revenues For
the first quarter the excess of ordi-
nary revenues over expenditures, the
deposit of lawful money in excess of
national bank notes redeemed, to-
gether with the proceeds of the Pana-
ma canal bond SALE amounted to $4O,-
2O,671.22, which was restored to the
/ channels of trade by direct deposits
IN national banks aHgregating $42,-
9S6,7OO.9O, increasing the balance
therein to $124,088,475.42 by October
1. For the second quarter the net ex-
cess from the first two sources pre-
viously named was $20,238,0S9, while
the balance in depositary banks to the
credit of the general fund had grown
to s146,S27. .S67.99 by January 1, an
increase of 2,739, ,392.57 since Octo-
Der 1. The treasury also purchased
81, ,441,26O principal of the interest
bearing debt. For the third quarter
named amounted to $28, 649,4SO.14, of
which $7,265, 5,094,10 was deposited in
national banks, increasing the bal
ance therein to $154,092, ,962,09 by
April. The treasury also purchased
and redeemed $14,484,220 principal
of the interest-bearing debt. For the
fourth quarter the net excess from the
two sources named amounted to $34,-
271,2S5.86, of which $12,961,817.03
was deposited in national banks, in
.,cf,, h. I>aIa -
054,779.12 by July 1, and the treasury
redeemed $13,399,3S0 principal of the
interest-bearing debt. In the mean
time (April % the residue of the
per cent loan of 1907, about $36,0O0,-
900, after refunding operations were
completed, was called for redemption,
interest on same to cease on July 2,
1907, and in order to provide for the
payment thereof, a call was made
upon the depositary banks June IL
100000 of the public moneys held by
them.
Under the provisions of the act of
March Ia, 1900, $50, ,307, 800 in United
received during the last fiscal year. at
a valuation equal to their present
worth, to yield an income Of ~ per
cent per annum, and a like amount of
consols of 1880 were issued in exchange
therefor at premium of 8 per cent.
the Panama Canal loan to the interest
bearing debt during the past fiscal year
was more than offset by the purchase
and net redemption of $30,324 $50 in
bonds of the loan of 1907, and refund
ing certificates. The noninterest-bear-
ing debt was increased 81, $50, ,082.50. The
net increase of the debt proper was
81 655, ,222.50.
The Trust Funds.
The trust funds consisting of gold
coin and standard silver dollars. held
for the redemption of certificates and
notes for which they are respectively
pledged, amounted to 81, 1,160, 009,8 1863 at
the close of the last fiscal year, an in
crease of s115,371, 100 as compared with
that of 1906
increased $3.50, ,416 during the last
fiscal year. The growth in gold was
$125, ,682, 1886, in silver $13,623750, and in
national bank notes $42 GIG, $50, while
there was a decrease of 81, $4,000 in
treasury notes of 1890. At the close of
the fiscal year 1907 the money in circu-
lation amounted to S2,772, $50, ,455,. or a
per capita of 1922. The percentage of
gold to total circulation was 41.90.
The notes and certificates of United
States paper currency issued during the
past fiscal year numbered 173,O93 911
pieces of the total value of 1886, ,273, 900. |
The redemptions were 161, ,434, $50 pieces
Of the value of $582, ,902,0 600. Gold certif1- |
while silver certificates decreased ST. |
596 900, and treasury notes of 1890 81 |
39S, 900. The average cost of each piece |
Of United States paper currency issued |
and redeemed was 1.571 cents, and the |
annual cost of maintenance of the cur
rency issued by the national govern !
nent averages about one-fifth of per
cent of the amount outstanding.
There was an increase Of $42, ,676, $50
in the volume of national bank notes
nj
amount presented for redemption was
only $240, ,314, ,681, as against 1926, ,292, SS5
in 1906. The expenses incurred for such |
were S233 $50. So, which have
been assessed on the banks at the rate
Of $0.9S615 per 81 900 of notes redeemed. |
The act of March 4, 1907, met a long |
existing need. It enlarged the resources |
Of the treasury for the issue of paper
currency in the smaller denominations. |
The issue of SIS United States notes and |
$40 gold certificates began on July 1, |
and the demands for notes and certifi-
Gates of the smaller denominations have |
been supplied as rapidly as possible |
since that date.
Bonds to Secure Circulation.
The United States bonds pledged to |
secure bank circulation amounted to |
,55S, 1854 $3.50 on June 29, 1907, an increase
IF $37, 759 $50 during the fiscal year. The
United states bonds and other obhga-
ions held to secure public deposits in
national banks aggregated $193, ,44,05 .SS,
In increase of $97, ,66S, ,327.S8 since June
10, 1906.
The moneys presented for redemption !
md exchange during the fiscal year
eO7 amounted to 81 026, 876, 500, as
against 81, ,1O4, ,449, ,492 in 1906.
The treasury holdings of gold at the
,lose of the fiscal year 1906 amounted /
increased to 1927, ,912, ,211.13. after which
o $s07, ,051 5000. BY April q, 1907. this
he demands for export during the
month of June caused withdrawals, re-
iucing the amount to 1904, SOL 1904 by |