Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1908-12-17
LARGE DEFICIT SHOWN
IN NATIONS TREASURY
CorteIyou Reports Expenses for
Year Exceed Receipts by
S58,o7o,zoI.
IS DUE TO PANIC OF 1907.
Country Now on Up Grade Finan-
cially, but Estimated Shortage
for 1oo9-1o Is s143, o4e, 7se.

The annual report of George B. Cor
telyOu, Secretary of the Treasury,
shows a reversal of conditions for the
fiscal car 1908, as compared with the
fiscal year for 1907. For the latter year
the receipts were SS4, 1865 in excess
Of the disbursements. For the fiscal
year 1908 the disbursements were $5S,-
O10,201 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 1872,
061 ,445.
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
country. Through treasury operations
during this financial disturbance the
amount Of public deposits with the
banks reached 1926. 54S,321 on Nov. 80,
1907, and on Dec. 81, 1907, the maxi
mum Of S259,994.271 was attained, after
which it was decrease to $3.50, 800, 154
by the close of the month. Further
Withdrawals decreased this amount to
$11S,319,536, on Nov. IS, 1908.
The aggregate of trust funds, consist
ing of gold coin and standard silver
| dollars held for the redemption of GER
titicateS and notes for which they were
respectively pledged, increased $780,
100000 during the year. The monetary
/. stock for the year increased $263.2O3,
391. In silver, $17,919,395; national
bank notes. $94545, 227.
Money in Circulation.
At the close of the fiscal year 1908
the money in circulation amounted to
$3,03S, 015,4SS, or a per capita of $34.72.
The percentage of gold to circulation
was $3.50. There was an increase of
| $94,545, 227 in the volume of national
bank notes during the fiscal year clos
ed July l last.
The amount of interest-bearing debt
on June 30, 1907, is shown to have been
1884, 9O2, $50, and on June 80. 1908,
| 1897, 5O399 The report shows that
! from the date of the passage of the ma
| tioEal bank act in 1868 to July / 1908,
charters were granted to OLA national
banking associations, and at the close
| of the last fiscal year there were in
| operation 6,S27 associations. with au-
thorized capital stock of $3.50, 542, ia
Banks to the number of 1878 have been
closed by the voluntary action of their
stockholders and 469 insolvent associa-
tons have been placed in charge of re-
| ceivers.
There were purchased for the coinage
of subsidiary silver during the fiscal
year 16,956,309 ounces of silver bull
lion at cost of $9,923,O26
The receipts from internal revenue
taxes for the fiscal year 1908 were
| SOL, I'll ,126, q net decrease from 1907
| of $17.955,646 The customs receipts
Tor the same period amounted to $780,
1880, decrease for the year of about
| S46.OOO.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
Il fiscal year ending June 80 1910,
lilly reach $143,O46,796. The secretary
estimates the deficit for the present fis-
cal year as S114,00OOOO