The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-12-15
Disbursement Exceed Receipts
by $58,000,0O0.
Over S272.OOO,OOO From Which 10
Make Up Deficiency, says Cor
telyou.
AN INCREASE IN CIRCULATION

NdnulHBlOus DtC. 10 lnt ANNUAL
report of Mr.. 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 re-
ceipts were $s4.23G,5SG in excess Of
the disbursements. For the fiscal
year OF 1908 the disbursements were
$5S, 070,201 In excess of the receipts.
due to business depression and In
creased appropriations. Fortunately
the report says the available cash
balance at the beginning of the fiscal
year was $272,OG1.445.
The treasury was called upon in
the latter part Of October. 1907. TO
render assistance in financial panic
which started in New York city aud
which gradually extended over the
entire country. Through treasury
operations during this financial dis
turbance the amount OF public le-
posts with the banks reached $685.
54S,32l on November 80. 1907, and
on December %, 1907. the maximum
of s259.994,27l was attained, aft arI
which 1t was decreased to s25G.920,-
l54 by the close OF the month.
Further Withdrawals.
Further withdr.wa,s decreased this
to Sis s79.j2G. on Novem-
Der 10, 1908. At the beginning Of
the present fisea. ,car there vas a I
freer circulation of money ana ia-sei
ar UNITS w.ff 'siLrned TO the nnan.
eial centers, and some OF the loposi- |
taries voluntarily returned TO the
treasury a part of their holdings Of !
public deposits. amounting In all to-
approximately s4.OO0,000. A fur
from depository banks in New York
city. made In January. amounted iol
IS 100000. making the balance in
The banks to the c.eiit a the g.an-
e;al fund at ne end u Januiry,
S22G.241,41S
Further voluntary surrender of de
posts were made during February,
and en- June 80 the general fund
had been reduced 10 s149, 900 900.
The aggregate of trust funds. con-
sting Of gold coin and standard ST.
yer dollars held for the redemption
OF ccrtiAcctes end nctcs for VIII oh
they were respectively pledged, in
creased $4,000 900 during the
year.
The monetary stock for the year
increased sees. 203 600. At the
close OF the fiscal year 1908 the
money in circulation amounted TO
s3.O3S. Ol5.4SS, or per capita OF
SSi.72. The percentage OF gold to
circulation was 1855. There was
an increase OF s94,545.227 in the
volume OF national bank notes dur
ing the fiscal year closed July 1. last.
New National Banks.
The report shows that from the
date Of the passags OF the national
bank act. in 1868, to July J.. 1908.
charters were granted to 9.174 ma
tlonal banking associations. and at
the close of the last fiscal year there
were in operation G.S27 associations
with an authorized capital of $780,
l542.774 Banks to the number OF
ISIS have been closed By the vol
untary action OF their stochholde-s.
and 400 inSolvent associations have
been placed in charge Of receivers.
The receipts from Internal revenue
taxes for the fccal year 1908 were
$251.7 a net decrease from
1901 of sl7.955,G4G. The customs
receipts for the same period amOuEt-
ing to $2S6,113,13O. a decrease for
the year OF about $4,000 ESQ.
Bsslng his figures on the estimate
OF appropriations already submitted
by the several executive depart
menis, the secretary is Of the opln-
BON that the excess of expenditures
over receipts for the fiscal year end
ing June 80, 1909, may reach SAB
O4G,7s6.
OF recent currency legislation, the
secretary says that the act passed at
the last session of congress has
served useful purpose. and will be
available until the recommendations
of the monetary commission created
by that congress can beconsidered
and acted upon.