New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-02
BIG TREASURY SURPLUS.
Nay Erceed Estimate by SI2,OOO,-
900, Sans CHY Bank.

Much Of the May circular OF the National CITY
| Bank is devoted description Of the favorable
state OF the national finances The circular says
in part:
| close with surplus exceeding $4,000 900 Last
December, at the beginning OF Congress- the Secre-
with remarkable accuracy but receipts have sur
passed all expectations At this date the excess OF
receipts over expenditures amounts to $50 900 600.
May and June are yet to be heard from before the
end OF the year. and, while the former month is
not likely to add greatly to the already large
annual surplus well above S7O,O0O,Ooo.
As showing how complete has been the trans
present excess OF $50 600 600 may be compared with
Of Rs ye Ey 2 TO- %6r FGr nc ten
sye customs receipts larger by $25 900 than
time also internal revenues have made large gains
are ToIresPomd9g Ten months Of 1906 and
GUS items show a gain of $l0.000.0o0 This latter
in part by profits on coinage arising from recent
heavy purchases OF silver for subsidiary pieces
expenditures on the whole are not apprecIably
greater than shown at this time last year. In fact
IT Is surprising to find that the aggregate from
Gay To day about Keeps pace with last years fig
AS tho Treasury working balance in vault has
been reduced to about $6i066OO0 either through the
increase of accounts with denositorv hanks mr.
because OF bond redemptons II Would SEEM that az
the sum required on July next to pay off the re-
manning As OF 1907 must be withdrawn from banks
The depository banks now hold Of public moneys
United States and 10000 to the credit of di e
Burslng officers, a total of SIT 100000 The with
be expected. and as the redemption of the matur'-
ing bonds will at return the proceeds TO cir
culation. 1t is not likely that large withdrawal
from depository banks will have any appreciabIe
effect the money market.
Sooner or later, of course there will be another
issue of Panama bonds but the prosperous
state OF the Treasury makes 1t entirely feasible
to leave the proceeds of n Panama issue with the
depository banks. this next problem in Treasury
financierinE need not be disturbing factor.
The Treasury will be in position to
the demand for small bills. Rapid progress has
been made by the Bureau of Engraving and Print
ing In the preparation of the smaller denominations
that were authorized by the Aldrich act, and II is
expected that by July l tho Suh-Treasury offices
will be supplied with the fve-dolar United States
notes and ten-doar gold certificates, which will be
paid out ordinary transactions. The hve-dollar
notes will be exchanged for worn United States
notes. and the ten-dollar gold certificates will he
exchanged for deposits Of gold coin. for worn gold
certificates and for United States notes. The issue
currency will be confined to silver certificates. In
instances in response to inquiries, the Treas
ury has written banks that limited amounts OF
these denominations may be obtained at Sub
Treasures in exchange for unfit silver certificates,
but TO secure larger amounts of either of the
smaller denominations the unfit bills of any de-
nomination should be forwarded directly the
Treasurer at Washington.
Authorities of the opinion that there may be
delay in realizing the full measure of relief
intended by the recent legislation but If the holders
of silver certificates of the denomination of ten
dollars and above will present for redemption such
hand fit unfit, II will facilitate the
issue of the smaller denominations.