The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1907-01-01

Washington, Dec. 31.-"There is no
occasion for alarm. Our anxiety need
be lest we fail in facilities properly
to garner, store, transport and meet
our multiplied blessings. Let every
\ man be Of good cheer and try to be
4 conservative in everything except
thankfulness."
Secretary Shaw thus concludes a
resume of the financial record, which
he says has been prepared in response
to multiplied requests. In round
numbers he places the receipts for
the calendar year 1906 at $625, ,O00,0 900
and the expenditures at $566,0O0O00.
OF an excess of receipts over ex-
penditures Of $59,OO0,OO0. AS there
has been no change in the tariff laws
or the laws, relating to internal rev.
enues, Secretary Shaw says the large
increase in;asreceipts is due solely to
the extraordinary trade activity. The
total expenditures, however, for 1906.
as compared with 1905, he says, show
a decrease 81 only $5,000,O00.
Discussing the finances OF the gov.
ernment for the six months of the
present fiscal years just closed, the
secretary says the books Of the treas
ury show surplus receipts Of $25,0O0,-
900, as compared with deficit Of
$8,OOO,OO0 for the corresponding
months Of the preceding fiscal year.
The cash in the treasury, Is $190,000,
900, as compared with $171,000,000 for
last year, an increase Of $19,000,00O.
The cash in national bank depositaries
is $159, 100000, as compared with $685.,
100000 a year ago, an increase Of $94,
100000, and the total cash in the gen
eral fund is $3.50. 100000. as against
$242.OO0,00O a year ago. Against this
cash there are liabilities at the pres
ent time Of s13.0oO,oO0 greater than
at the same time last year. The all
able cash balance has increaseds&ur.
ing the year $lO1 100000.
With the general fund standa at
$237,O00,000, Secretary Shaw resaa arks
that the bonds maturing July ~ 1907
can be paid IL it shall be deemed wise,
and still leave working balance Of
more than $12O.o00.oOO. If the owners
would accept,the money, he says. tie
bonds could be paid now.
But he doubts whether any constd'
cradle number OF the holders would
accept payment at this time because
they are o. the class who care for lit.
tie else than certainty Of security and
exemption from taxation.
During the, last IL months. the sec.
retary continues. the money in actual
circulation, exclusive Of the amount
sn the trgasury vaults. has increased
mere than 5000, 100000. OF this in
, crease S145. 100000 is available Tor
bank reserve and $6o,ooo,000 is in
national hank circulation. "This.
he, says, Seems to be complete an
aver b the oft repeated and Ill atl.
vised criticism that the independent
treasury system necessarily results in
contraction when money is most
needed"
He maintains, therefore, tha. the
existing money stringency, worldwide
in its extent is traceable in no re.
spect and LII no degree to the inde.
pendent treasury system OF the United
States. s.
He says the manifest and admitted
shortage has been caused by the un.
precedented prosperity In this coun.
try and reasonable prosperity every.
where. The people OF the United
States, he declares. consume per
capita more food, more clothing. more
OF everything than any other people
In, the world. and when prosperous
they import very largely. "This." he
asserts. naturally encourages indus
try everywhere, and unusual business
activity calls for an unusual amount
of actual money and Of credits based
ON actual money" IA
) AS TO the currency systsn reform
suggested. Secretary Shaw says that
in his Judgment 1t permits adequate
expansion. but that It's weakness 10
its failure to produce contraction. The
volume Of money. he contends. does