The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-01
Be OF GOOD CHEER.
AA|DL GIVE! { thanks
This the Counsel Of Secretary
shaw-says Our Only Danger
Is Lack of Facilities.
PROSPERITY is ABUNDANT
Receipts 81 the Government
Nearly Sixty Million in Excess
of}Our Expenditures.

WASHINGTON, December Sl.-"There
is no occasion for alarm. Our only anx-
icty need be lest we fail of facilities TO
properly garner, store. transport and
market our multiplied blessings. Let
every nxn be of good cheer and try to be
conservative in everything except THANK
fulness."
Secretary Shaw thus concludes a resume
OF the years financial record which, he
says. has been prepared 10 response %
multiplied requests. In round numbers
he places the receipts for the calendar
year 1906 at s625. 100000 and the expendi-
lures at s566.0oo,00o, or an excess or re-
celpts over expenditures of $50 10000.
AS there has been no change In the
tariff laws or the laws relating to inter-
nal revenue, Secretary Shaw says the
large receipts increase is due solely to
the extraordinary trade activity. The to-
tai expenditures, however, for 1906. as
compared with 1906 he says, shows q
decrease of but $5.oof,oOo.
Surplus Growing Rapidly.
Discussing the finances Of the govern
ment for the six months of the present
fiscal year just closed. the Secretary says
that tho books Of the treasury show sur
plus receipts over expenditures of $40
O0O,0 as compared with deficit Of
IS, OO0, 900 for the corresponding months OF
the previous fiscal year. The cash in the
treasury is 90,O0o.000, as compared with
s171. 100000 a year ago, an Increase OF
$19,0 900.
The cash in national banks dcposita-
ries Is $3.50. 000 900. as compared with $685.
100000 a year ago, an increase of S94, :
100000 and the total cash In tho general
fund Is $3.50. 900, 900, as against $4,000, 900
u year ago. Against this cash there are
liabilities at the present time.of $13,000.000
greater than at the same time last year.
The available cash balance has increased
during the year SOL, 100000, With the
general fund standing at s237,oO000O, Sec
rotary Shaw remarks that tho bonds ma
turing July ], 1907, can be paid, If 1t
shall be deemed WISE and still leave a
working balance of moro than s120.O0O.OO
81 During the last twelve months, the sec
rotary continues. the money in actual
circulation, exclusive Of the amount In
the treasury vaults, has Increased over
S200,000000. OF this increase sl45, 100000 is
available for bank reserve and 100000, 900
Is In national bank circulation. "rhis.''
he says, '"seenls to be a complete answer
TO the oft-repeated and ill-advised critl-
cism that the independent treasury sys-
TEN necessarily results in contraction
when money is most needed"
Stringency Due to Prosperity.
lie maintains, therefore, that the exist
Ing money strnsency, worldwide in its
extent, Is traceable in no respect ana inno
degree to tho independent treasury sys-
TEN of the United States. /
e He says the manifest and admitted
shortage has been caused by the unpre-
cedented prosperity IN this country ana
reasonable prosperity everywhere.
"As to the currency system Of tho
United States, Secretary Shaw says that
In his Judgment it permits adequate en-
panson. but that It's weakness Is its.
failure to produce contraction. The vol
ume OF money, he contends, does not
respond to tho volume Of our business.
The annual Increase. he adds. may be-
sufficient. but there Is no annual con-
traction during tho dull summer, months,
Only he&unthinking and ill-advised,, he
says, charge the admitted strngency
solely or largely to stock and bond
speculation
Banks Should Cooperate.
Corporation between the commercial
banks of the country tho Secretary. de-
3clnres to be Impossible, because the Sher-
man antitrust law forbds It, instead
says het I'VE have approximately $4,000
institutions engaged in commercial bank
Ing, each d law unto itself so long as It
does not violate statutory requirements
M ~ 4 Il y