The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-01-01
RECORD OF YEAR
SHOWS OUR GROWTH
No Occasion for Anxiety, Says
Secretary Shaw in Review Of
Financial Conditions.
VAST INCREASE in THE
GOVERNMENT RECEIPTS
Circulation Also Largely Aug
mented; Our Money Short
age Due to Prosperity.

no occasion for alarm. Our anxiety
need be lest we fail in facilities prop
erly to garner, store, transport and
meet our multiplied blessings. Let
every man be of good cheer and try to
be conservative in everything except
thankfulness.
Secretary Shaw thus concludes re-
sumo of the years financial record,
which. he says, has been prepared IN
response 10 multiplied requests In
round numbers he places the receipts
for the calendar year 1906 at 625,Ooo.-
600, and the expenditures at $685.
100000, or an excess of receipts over
expenditures of s59,Ooo,ooo. AS there
has been no change in the tariff laws
OF the laws relating to internal
revenue, Secretary Shaw says the
large increase in receipts is due solely
TO the extraordinary trade activity. The
total expenditure. however. for 1906, as
compared with 1905, he says, shows
decrease of only S5,o00,0OO.
No Deficit at Present.
Discussing the finances Of the Gov
ernment for the six months OF the pres
emf fiscal year just closed, the Secretary
saws the books of the treasury show
surplus receipts over expenditures OF
S25, ,000,0 600. as compared with dehclt
of IS, 1000 900 for the corresponding
months of the previous fiscal year. The
cash in the treasury IS Sl9O ,oou.ooo,
as compared with Sill. 100000 a year
ago, an increase of Sl9.000000. The
cash in National bank depositaries is
100000. as compared with 500, ,o00,-
900 year ago, an increase or S94,-
nj
general fund 80, is soo $s56,ooo 600 as
Against this cash there are liabilities
at the present time of Sl3OOO.OO0
greater than at the same time last
year The available cash balance has
Increased during the year SlOl, 100000,
With the general fund standing at
S237 600, 900. Secretary Shaw remarks
that the bonds maturing July l, 1907,
can be paid, if j, shall be deemed wise,
and still leave working balance OF
more than sl20.000,000,
If the owners would accent the
money he says. the bonds could be paid
now. but he doubts whether any con-
siderable number Of the holders would
! accept payment at this time, because
! they are of the class who care for
| little else than certainty of security
and exemption from taxation.
Increased Circulation.
During the last twelve months, the
| Secretary continues, the money IN
| actual circulation, exclusive or the
amount in the treasury vaults, has in
! creased more than S200.000,000. OF this
| increase $l45,000,00O is available for
| bank reserve and $60.000,000 is in
| National bank circulation, This,
| he saws "seems TO be a complete
answer to the oft repeated and ill.ad-
vised criticism that the, independent
| treasury system necessarily results In
contraction when money is most
| needed. y
He maintains. therefore, that tbs
existing money stringencv, worldwide
in its extent is traceable in no respect
and in no degree to the Independent
| treasury system of the United States,
He says the manifest and admitted
| shortage has been caused by the un-
| precedented prosperity in this country
| and reasonable prosperity everywhere.
| The people of the United States, he de-
clares. consume per capita more food,
more clothing, more of everything thau
any other people in the world, and,
largely, This, he asserts. naturally
encourages industry everywhere, and
| unusual business activity calls for IN
unusual amount of actual money and
of credits based on actual money
AS to Currency Reforms.
AS to the currency system reform
suggested, Secretary Shaw says that in
| his Judgment it permits adequate eX-
pansion, but that it's weakness is
it's failure TO produce contraction.
| The volume of money, he contends, does
not respond to the volume OF our busi'
| ness The actual increase, he adds, may
| be sufficient, but there is no annual con-
traction during the dull summer
months. ''Onlv the unthinking and IL
advised y be says, icharge the ad-
| mit,ed strlngency solely or largely to
stock and bond speculation
Just now speculation in real estate is
| at high tide and the opinion Is ex-
pressed that very likely as much money
| is tied up IN options and margins IN
real estate as in options and margins
| on stocks and bonds,
| ''It Is idle to complain of the IN
| evitable.' - he continues. The spirit
| of speculation among us, and. like
| the drink habit. those most addicted
| are frequently the loudest In denun-
citation. II i'll becomes the real estate
| speculator TO decry every other mani
festatlon of desire to get Tlch quick.
| The epithet black banded between
pot and kettle is never instructive, and
lust now II is not even entertaining.
The effect of the present car short
| age on the money market is also al
luded to- The Secretary says;
"a larger crop Of cotton than usual
and an unprecedented yield of cereals,
fruits and every other agricultural
product has filled granaries and ware
houses to overlooking and congested
every important railway, few years
ago the freight cars of the country
averaged forty miles day, but. owing
| to the present congested condition and
tory sidinGs, they now move onS