The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-12-10
CONTIGUOUS REPORT
Confined from PAGE ONE

L lite treasury Wis Ndiltu ulfoA III
! the latter part of October, 1907. TO
/ render assistance in financial panic
which started in New YORK City and
which gradually extended over the
entire country. Through treasury
operations during this financial dis
turbance the amount of public de
posts with the banks reached S236,-
/ 54S.321 on November 30. 1907. and
on December 81. 1907, the maximum
of $3.50, 994.27l was attained, after
which ii was decreased TO $256, 92O,-
/ la by the close of the month.
Further Withdrawals decreased
this amount TO $11S,379,936. on No
vember Ii. 1908. At the beginning
of the present fiscal year there was a
freer circulation of money and large
amounts We're returned TO the finan-
cial centers and some of the deposit
taries voluntarily returned to the
treasury a part of their holdings OF
public deposits. amounting in all To
approximately four million dollars.
4 further withdrawal of public
money from depository banks in New
York City. made in January. amount
ed to $500, 1000, making the bal
ance in the banks to the credit of
the general fund at the end of Janu-
airy. $226. PAL. 41S.
Further voluntary surrender of
deposits We're made during Febru-
airy, and on June - the general fund
had been reduced to $149, 100000.
The aggregate of trust funds. con
sisting of gold coin and standard
silver dollars held for the redemp-
ton of certificates and note for
which they were respectively pledged
increased 100000 during the
year.
The monetary stock for the year
increased s263.2 03 900 The growth
in gold was 1851 ,744,39l. In sill
yer. S17.919.395 national bank
there was a decrease of 81 ,006. 900. +
At the close of the fiscal year, 1908, I
the money in circulation amounted /
to $3.03S.015, 4SS. or per capita
of $34.72. The percentage of gold /
to circulation was S45.95. There I
was an increase of $94.545.227 in +
the volume of national bank notes +
during the fiscal year closed July I
last
The amount of interest bearing I
debt on June 80, 1907. is shown 10
have been $934.9O2,7 100 and on T
June 30. 1908. 1897 500 800.
The report shows that from he +
date of the passage of the national I
bank act in S63 10 July /, 1908.
charters were granted To 9.174 ma
tional banking associations and at the
close of the last fiscal year there
were in operation 6,S27 associations,
with authorized capital stock of
1890, 542,774. Banks TO the num-
Der of .S7S have been closed by the /
action of their stockhold-
ers and 469 insolvent associations I
have been placed in charge of re-
ceivers.
There We're purchased for the /
coinage of subsidiary silver during |
,le fiscal year 16,956,309 ounces of |
silver bullion at a cost of $9.923.026. !
The receipts from internal revenue
taxes for the fiscal year 1908. we're |
$251. ,t26. net decrease from |
1907 of $17.955,646. The customs i
receipts for the same period amount |
ed TO s2S6. 113.13O. a decrease for
the year of about $4G,000,000
Basing his figures on the es.i- |
mitted by the several executive de-
partments the secretary is of the
opinion that the excess of expendi-
lures over receipts for the fiscal year
ending June 30. 1908. may reach
81 40 ,046.796.
Realizing that sudden changes in
the customs standing of imported
merchandise are unfair TO business,
and introduce an element of uneer
tainty, the secretary has Instituted a
new system by which when the CLASH
fication OF goods is changed. which
results in the payment of higher
rate of duty. ample notice is given
to those interested.
There have been just completed
by the department negotiations
which put an end to the long drawn
out controversy as to the value of
Limoges china. And in doing this
1t had established a precedent and a
principle of cooperation between the
manufacturing interests involved and
the United States government which
Is capable Of being extended 70 other
classes of merchandise. with excel
lent results.
The report calls attention To the
commission of which Assistant Sec
rotary James b. Reynolds was the
chairman which went abroad last
year 10 discuss with German officials
certain important matters affecting
the proper administration OF tho Gus
toms laws and an agreement reached
with that country contained Drovi-
sion that the chambers of commerce
of that country should be entitled to
furnish certification of value of mer-
chandise manufactured or produced
in their respective communities
which should be regarded by the APP
praising officers of the United States
as competent evidence In the finding
OF value. This privilege was suisse
quently extended to the chambers of
commerce of other nations, and 1t
was granted only after it was ascer-
tanned that these organizations we're
governmental in their ehcrae'er so
that in case Of careless or false
certificate of value being sent to this
country by such an organization. il
would he DOSsiblp tn DrpSpnt the