Bisbee daily review., 1908-12-10
GREAT DEFICIT IN REVENUES
 DUE IN JUNE
Secretary corteIyou Submits
 Annual Report, Showing
 That Government Will Not Come Out Even By Millions.

WASHINGTON, D. C.. Dec. B. The annual report of Mir. Cortelyou the secretary of the treasury, shows a reversal of conditions for the fiscal year 1908, as compared with the fiscal year for 1907. For the latter year the receipts were SS4,236,5S6 in ex cess of the disbursements. For the fiscal years 1908 the disbursements were $5S,070,201 in excess of the re- ceipts, due to business depression and increased appropriations. Fortunately, the report says, the available cash bal ance at. the beginning of the fiscai year was $272,061,445.
 The treasury was called upon in the latter part of October, 1907, to ren- der assistance in a financial panic which started in New York city and which gradually extended over the entire country. Through treasury op- erations during this financial disturb ance the amount of public deposits with the banks reached $2S6,54S,32I on November 30th, 1907, and on De cember 27, 1907, the maximum ot $259 ,994.271 was attained, after which it was decreased ro $256,920,154 by the close of the month.
 Further withdrawals decreased this amount to SIS, ,379,526, on November Is, 1908. At the beginning of the present fiscal year there was freer circulation of money and large amounts were returned to the finan- cial centers and some of the depos- itaries voluntarily returned to the treasury a part of their holdings of public deposits. amounting in all to approximately four million dollars. A further withdrawal of public money from depositary banks in New York city, made in January, amounted 10 $S, S,S50, 900, making the balance in the banks to the cI edit of the> general fund at the end of January, S226,- 241,4IS.
 Further voluntary surrender of de- posits were made during February and on June 3Oth the general fund had been reduced to 149,000,000.
 The aggregate Of trust funds, con sisting of gold coin and standard sil- yer dollars held for the redemption of certificates and notes for wh1cn they were respectively pledged in creased $139, 100000 during the year.
 The monetary stock for the year increased s263, ,203, 900. The growth in gold was $151,744,391. In silver. ST. 9I9 9,395: national bank notes S94 ,64e- 227. At the same time there was a decrease of s1,006,000. At the close of the fiscal year, 1908, the money in circulation amounted to S3,03S ,015,- 4SS, or a per capita of $34.72. The percentage of gold to circulation was S45.95. There was an increase of $94,- 545, ,227 in the volume of national bank noted during the fiscal year closed July 1st, last
 The amount of interest bearing debt on June 90, 1907, is shown to have been 34,902, ,760 and on June 30, 1908, S897 .503.9 .990.
 The report shows that from the date of the passage of the national bank act in 1863 to July 1, 1908, char ters were granted to 9174 national banking associations and at the close of the last fiscal year there were in operation 6S27 associations, with au- thorized capital stock of $930, ,542,7 Banks to the number of 1878 have been closed by the voluntary action of their stockholders and 469 insoi- vent associations have been placed in charge Of receivers
 There were purchased for the coin age of subsidiary silver during the fiscal year 16,956, ,309 ounces of silver boullion at cost of $9,923,026.
 The receipts from internal revenue taxes for the fiscal year 1908, were S25I,711,126 a net decrease from 1907 of S17,955,646. The customs receipts for the same period amounted to $2S6, 113,130, a decrease for the year ot about $46,000,00G.
 Easing his figures on the estimates of appropriations already submitted by the several executive departments the secretary is Uf the opinion that the excess of expenditures over re- ceipts for the fiscal years ending June 30, 1909, may reach $143.046,796.
 Realizing that sudden changes in the customs standing of imported mer- chandise are unfair to business, and introduce an element of uncertainty, the secretary has instituted a new system by which when the classitica- tion of goods is changed, which re- suits in the payment of higher rate of duty, ample notice is given to those interested.
 There have been iiist completed Dy the department negotiations which put an end to the IoUg drawn out con troversy as toet the value of Limoges China And in doing this it had es- fablished a precedent and a principal of cooperation between the manufact- uring interests involved and the Unit ed States government which is cap able of being extended to other classes of merchandise, with excellent results
 z During thesyear the department mas entered into an agreement with the chamber of commerce. Of Limoges rep resenting the manufacturers of that city, as to the value of all kinds or pottery there manufactured. Some minor details yet remain to be set monious results that have been achieved.
 The reports calls attention to the commission of which Assistant Secre- tary James B. Reynolds was the chair man which went abroad last year to discuss with German officials certain important matters affecting the prop er administration of the customs laws and an agreement reached with that country contained provision that the chambers of commerce of last coun. try should be entitled to furnish cer tificates of value of merchandise man ufacured or produced in their respec- tive communities which should be re garded by the appraising officers of the United States as competent evi denee in the findings of value. This privilege was subsequently extended to the chambers of commerce of oth- CT nations. and it was granted only after 1t was ascertained that these or ganizations were governmental in their character so that in case of a careless or false certificate of value