Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-12-11
POINTS BIG DEFICIT
Secretary corteIyou Tells Congress
New Source Of Revenue Must Be
Found - Disbursements Exceed In
come by $58,00,O0o.

H.
Washington, Dec. 11.-Secretary of
the Treasury George B. Cortelyou has
called upon congress to provide more
revenue for running the government,
and more careful supervision Of expen-
ditures The secretary made these
suggestions in his annual report, which
shows a reversal Of conditions for the
fiscal year 1908, as compared with the
fiscal year 1907. For the latter year
the receipts We're ss4,236,5s6 in excess
of the disbursements. For the fiscal
year 1908 the disbursements were $751;
07O,201 in excess Of the receipts, due to
business depression and increased ap-
preparations. Fortunately, the report
says, the available cash balance at the
beginning of the fiscal year was $272,-
061,445
The treasury was called upon in 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. Thru treasury operations
during this financial disturbance the
amount of public deposits with the
banks reached $236.54s,321 on Nov. 30,
1907, and on Dec 81, 1907, the maxi
mum of $259,994.271 was attained,
after which it was decreased to $685.
92O,154 by the close of the month.
Circulation Now Freer.
Further Withdrawals decreased this
amount to s11S.379,538> on Nov. 16,
1908. At the beginning of the present
fiscal year there was a freer circulation
of money and large amounts were re-
turned to the financial centers and
some of the repositories voluntarily re-
turned to the treasury a part of their
holdings of public deposits. amounting
in all to approximately 100000. A
further withdrawal of public money
from depository banks in New York
city. made in January, amounted to
sS,s5O,O0O, making the balance in the
banks to the credit of the general fund
at the end of January, 1926, 2A, 41S.
Further voluntary surrender of de-
posits were made during February, and
on June 80 the general fund had been
reduced to s149,000,00O.
Income Falling off.
The receipts from internal revenue
taxes for the fiscal year 1908, were
1881, 711.126 net decrease from 1907
of s17,955,646 The customs receipts
for the same period amounted to $685.
11s,13O a decrease for the year Of
about s46,c00,OOo.
Basing his figures on the estimates
of appropriations already submitted by
the several executive departments. the
secretary is Of the opinion that the ex-
cess of expenditures over receipts for
the fiscal year ending June 30, 1910,
may reach s143.046,796.
The secretary estimates the deficit
for the present fiscal year as $114,-
900 900.
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 sys-
tenn by which when the classification
of goods is changed. which results in
the payment of a higher rate OF duty
ample notice is given to those inter-
ested.
The three months of November and
December, 1907 and January, 1908, witt
messed imports of gold into the United
States to the amount Of s11S, 822.S70,
and on the other hand, the three
months Of April, May and June. 1908,
witnessed exports Of gold from the
United States to the amount of s49.-
65s.972. For the twelve months end
ing Oct. 81, 1908, the total imports Of
gold were s15o.234,064, and total ex-
ports s72,5O9,564.