Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1908-07-02
Steadily Growing Deficit Shown
in Figures issued by
Department.
WILL BE BIG IN IUtY
Banks Will be Asked to Give
Up Perhaps $50, 600, 900
Held by Them.

stood the secretary OF the treasury
will this afternoon issue call FOR be-
tween 25,0o0,ooo and $5o,ooo,ooo Of
government money held by depository
banks, payable July IS.
Has Been Bad Year.
Washington, July From the
treasury standpoint the fiscal year inst
closed has been most unsatisfactory.
Since about the middle of October
last, when the period of money strin-
gency set in and the consequent de-
preston in business began to be felt.
there has been a constant falling on
in government revenues up to the
month just closed. For June a sur
plus is shown of nearly $4,000.000.
This fact, however. is not significant
as June is unfailingly a surplus
month, largely to the fact that it is
the closing month of the fiscal year
when appropriations gradually reach
the point of exhaustion. The month
of July, 1907, showed a surplus of ap-
proximately s11,000,000, and every pre-
ceding June for many years past has
SHOWN large SurpluSeS.
May Call I'm Deposits.
AS the month of June uniformly
shows a surplus the month of July
as certainly shows a deficit Nearly
all appropriations become available
| on the first of July and this year
treasury officials are looking forward
to deficit larger than usual and
while they are not willing at this
J time to express an opinion as to its
size it is believed that $20.000.000 for
the one month would be a conserva-
tive estimate with a chance of its
| The amount of cash now in the
treasury vaults and avaIfable to meet
expenditures is about $70,860,000 m
addition to the gold on deposit with.
national banks $153,S44,000, which, Is
at all times subject to call by the sec.
retary. A considerable portion of
this sum is likely to be called into the
treasury within the next very few
days and while Mr.. Cortelyou has not
indicated what his purpose is as to
the amount, it is thought it will not
be less than $50,000,000.
Debt Has Grown.
| The monthly statement of the pub,
lie debt shows that at the close Of
business June 80, 1908, the debt less
cash in the treasury amounted to
1888, 1872, 400, which is an increase as
lcompared with May 81, 1908, Of ST.
I793,794.
The treasury statement of the gov
ernment receipts and expenditures
shows that for the fiscal year just
ended the total receipts were $685.
S95,763, and the expenditures $685.
$50, ,124, leaving the deficit for the
: year $59,656.361, as against surplus
one year ago of $S6,945,542.
Customs sIuInped BADLY.
Customs receipts for the year
amounted to $2S5.6s0,652, or $47,-
$4,000 less than last year. Internal
revenue receipts aggregated $780,.
714,0OS, or $19,559.000 less than last
year. The receipts from miscellane-
Gus sources amounted to $63,50l ,102.
/. which is a gain of nearly $3,000.000.
, A large part of this sum came from
the profits on silver coinage. Ex-
penditures during the year amounted
to $146,S9S,929, as compared with
: ls124,117,119 last year. The disburse.
, ments on account of the war depart
ment were $11o,2S4.S6s, as against
) s101 ,671, $50 for 1907. The navy also
) shows an expenditure or Sis, ,726.347
las against $97. SOC. .595 for 1907. PEN
[ sions aggregated $153,SS7, 1886 a.
ol against s1S9,29O,909 last year. and the
!. public works improvement shows ex
t penditures of nearly $94,000.000, -
E increase of about $17,72s.00o.
Il Less Than Half Thfs Year.
FL The receipts for June show AT
duction from 1926. Ill 900 one :, II
. ago to $53,4SS,612. while the dlsbuls
$ ments have increased from $40,56;
600 to $49.541, 1863. The excess Of -
lceipts over disbursements for -
2 was $3.947,2 ,243.