The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1907-12-07
SURPLUS OVER
so MILLIONS
e1ETEtgaus REPORT ON GOV.
Ei,sssEhT's FiNANcEs-THE
tio2Eyj CRISIS REVIEW.

spu. satth was made public yester-
IN. y takenlup chiefly with routine
slascfg aud the usual departmental
stl,,stiea. aat he leyotes some space
. i retaG Of the part played by the
HaeIuEeat In the recent financial
fsiziz.
TAe sotai receipts Of the government
" II pntces tby swarrants) for the
sseaI year ended June 30. 1907. were
sssslesI M, and the postal revenues
SlsSstsses. making total Of $780,.
7zsxss:
cs.nparel With the previous year,
mere sak aDs increase OF ssI.00O.OOO in
rrsr,as q and iof s25,ooo, 900 in expendi.
s,Rs.ss
8 attaaz ned revenues for the current
ntrsf year are sS44,OoO,O0O. and esti'
neaeE expenditures $500 100000. lear.
isx an estimated surplus of s42 90, 600.
Bond transactions.
Gaer eterrIng to the refundlng Of
s5aslassoss Of the 4 per cent. funded
io.n o 1901. which by! its terms was
rsasszalle All the pleasure of the Unit.
ed states after. July /. 1907, as a first
sssp spxatd the relief OF the growing
financial stringency, Mr.. Cortelyou
sss.::
IN rrrsuances OF the authority con
>ealnsd In the, act Of congress approved
lIsrrA s 1907, all collectors of Gus.
nrla sIeept those in sub.treasury
}eisies Rase been Instructed to deposit
shaiz enlire collections with national
2iatk depository II there be one locat
Cd IN tthe same town.
yaese have also been transferred
% hanks from time to time of the re.
cripts OF customs In subtreasury cit.
ia an aggregate amount OF s22,724,.
saa.1. The total sum stransferred to
1lti1nlI bank deposftaries in all eft.
rs Icceiying customs revenues up to
November / is approximately sl1s,.
slsx,5
ne adsfsabilfty Of depositing Gus.
sfanE receipts in this manner at sub,
Granny cities has been under consid.
israina for sometime, but no satisfac.
tnx conclusion has yet been reached.
Emergency Measures.
lariHs The summer tie gradual in,
psossing rate Of Interest charged fol
GIL nmlnY. TINA, money. ,and discounts
- csnmerciar bills indicated n pro
Elsurire elimination in the amount
q arnfhbIe cash. Accordingly. 1t was
dsrssel august %. 1907, to make each
uoek substantial deposits in the differ,
~ seetions Of the country. with the
rssieahr object of facilitating the
al laayement OF the crops. In his an.
,nazzeement Of this plan the Secretary
Iof lie Treasury said:
This aeuoH is taken to meet the
canineIcial and industrial needs OF
he. nnuntrY at this season, and is be,
nsrca 10 h,ipreferable to waiting un.
~ a Gtne' of acute stringency, when
tiie only alternative would be n large
general deposit. The latter policy the
5ssfeiary desires to supersede by one
uz,irh shall have as Its ultimate OBJ.
iecs the adjustment OF thee perations
u ths treasury department. as rapid.
y Is rszY be practicable under exist
sag hx. In such manner as shall pre-
s4nSe tnefr being in any sense dis.
eizEhtrs factor in the business world.
Shsse distributions were continued
lreskI until the aggregate amount OF
SlSaGen 900 had been so dlstrlU ted.
Notwithstanding this measure, there
Ms \ constantly. increasing stringen,
u II The monetary centers. which cul.
nSs1&d ID tGesforced suspensions OF
sssycraI Important institutions.
u fIfnr To this crisis the shipments OF
ssrreaes 90 the, west BY. eastern banks
csnp moking purposes had been In,
Significant, There had been no i'm.
Iu,taat shipments OF gold abroad. so
tAe monetary striRgeney seemed to be
!<ss II large measure, to the boarding
q ssaaslby owners thereof who had
beeaEie aHprehensive of their financial
aai-ss.
DEPOSITS in the Banks.
~. The crisis approached the depart,
I,uSi sdopted the strongest measures
10 gire material assistance. Within
touri days there was transferred from
'ths treasury to the banks the sum of
rs 200 Ooo, the security received
ltsrefn being such state, municipal
sSRE Sanroad securities as are accepta,
M Huacr the laws of the states OF
ab York. Massachusetts, Connect.
$780, ~ = = = :