Weekly Watertown leader. [volume] (Watertown, Jefferson County, Wis.) 1908-1909, 1908-12-11
DEPRESSION HITS
TREASURY FUNDS
DISBURSEMENTS ARE 5s,o70,2o1 IN
EXCESS OF RECEIPTS FOR FIS-
CA YEAR 1908.
CIRCULATION Is NOW FREER.
Withdrawal of Public Money from De
positaIy Banks in New York in
January Was $s,S5O,000.
COCTELYOU SUBMITS HIS REPORT

WASHINGTON, D. c., Dec. 9-The
annual report of Mr.. Cortelyou, the
secretary of the treasury, shows a re-
versal Of conditions for the fiscal year
1903, as compared with the fiscal year
for 1907. For the latter year the re
ceipts were $S4, 236, $50 in excess of the
disbursements. For the fiscal year 1908
the disbursements were S5S,07O201 in
excess of the receipts, due to business
depression and increased appropriations.
Fortunately, the report says, the avail
able cash balance at the beginning of
the fiscal year was S272, O61 AS.
| The treasury was called upon in the
! latter part of October, 1907, to render
assistance in a financial panic which
| started in New York city and which
! gradually extended over the entire coun-
/ try. Through treasury operations dur
! ing this financial disturbance the amount
| OF public deposits with the banks
reached S236, 54S,321 on November 30,
! 1901. and Oh December u, 1907, the
maximum of S259,994,271 was attained,
! after which it was decreased to $685.
! 920, l54 by the close of the month.
| Further Withdrawals decreased this
amount to $11S,379, $50, on November Is,
/ 1908 At the beginning of the present
! hscal year there was q freer circulation
of money and large amounts were re-
! turned to the financial centers and some
! of the depositarieS voluntarily returned
to the treasury part of their holdings
| of public deposits, amounting in all TO
| approximately four million dollars. A
| further withdrawal of public money from
depository banks in New York city,
made in January, amounted to $780,
900, making the balance in the banks to
| the credit of the general fund at the
end of January, $226, 241 AIS.
Further voluntary surrender of de-
| posits were made during February, and
| on June 30 the general fund had been
| reduced to $149, 100000.
The aggregate Of trust funds, consist
| ing of gold coin and standard silver dol
| lars held for the redemption of certif-
Gates and notes for which they were re-
spectively pledged, increased $139, OO0,-
600 during the year.
Monetary Stock Increases.
The monetary stock for the year in
creased $263, 100000. The growth in gold
was $151, IA ,391. In silver. $780,
800; national bank notes $94, 545, 227. At
the same time there was a decrease of
| S1,OO6O0O. At the close of the fiscal
| year 1908, the money in circulation
amounted to $3,03S,015, 4SS, or per
capita of $34.72. The percentage of gold
to circulation was $45.95. There was an
| increase Of S94, 545, 221 in the volume of
national bank notes during the fiscal year
closed July LIST, last.
/ The amount of interest bearing debt on
June 30, 1907, is shown to have been
1894, 9O2, 7GO and on June 80, 1908, 1897,
SOB 800
The report shows that from the date of
| the passage of the national bank act in
1863 to July l, 1908, charters were
granted to 9174 national banking associa-
lions and at the close of the last fiscal
year there were III operation 6S27 as
! sociations, with authorized capital stock
| of $500, 542, TIA. Banks to the number of
1873 have been closed by the voluntary
action of their stockholders and 400 insol-
vent associations have been placed in
! charge of receivers.
There were purchased for the coinage
| of subsidiary silver during the fiscal year
16,956.3O9 ounces of silver bullion at a
cost of SO, 923, 026.
The receipts from internal revenue
taxes for the fiscal year 1908. were
! $251, ,126, net decrease from 1907 of
! $17,955,646. The customs receipts for
the same period amounted to 1886, 49,
100, a decrease for the year of about
S460OO,OOO.
May Reach Big Sum.
Basing his figures on the estimates of
appropriations already submitted by the
rotary is of the opinion that the excess
of expenditures over receipts for the fs-
cal year ending June 30, 1910. may
| reach S143. 046. 1856
Realizing that sudden changes in the
| customs standing of imported merchan-
| disc are unfair to business, and intro
| duce an element of uncertainty, the sec
rotary has instituted a new system by
| which, when the classification 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 controver-
Sy as to the value of Limoges china.
| And in doing this it had established a
precedent and principle of cooperation
| between the manufacturing interests in
| yolved and the United States govern
ment which is capable of being extended
| to other classes of merchandise, with ex-
| cellent results
During the year the department has
entered into an agreement with the
| chamber of commerce of Limoges repre-
| Sentlng the manufacturers of that city,
as to the value of all kinds of pottery
there manufactured. Some minor details
yet remain to be settled but these do
not affect the harmonious results that
have been achieved.
Germany's Monetary System.
The report calls attention to the COM
mission of which Assistant Secretary
James 3. Reynolds was the chairman
which went abroad last year to dis
euss with German officials certain impor-
tant matters affecting the proper admin
| istration of the customs laws and an
agreement reached with that country
contained q provision that the chamber
of commerce of that country should be
entitled to furnish certificates of value
of merchandise manufactured or pro-
duced in their respective communities
which should be regarded by the ap-
praising officers of the United States