The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1908-12-17
LARGE DEFICIT SHOWN
IN NATIONS TREASURY
COrte!you Reports Expenses for
Year Exceed Receipts by
S5S,o7o,zoI.
IS DUE TO PANIC OF 1907.
Country Now on Up Grade Finan-
cially, but Estimated Shortage
for 19O9-1O Is $143, o46,7s

The annual report of George b. Cor
telyou, 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 receipts were So. 236, $50 in excess
Of the disbursements. For the fiscal
year 1908 the disbursements were SOS.
QIO,201 in excess of the receipts, due to
business depression and increased ap.
preparations. Fortunately. the report
says. the available cash balance ut the
beginning of the fiscal year was 1912
O61, 44J.
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 $236.54S.3 21 on Nov. 80.
1907. and on Dec. %. 1907, the maxi
mum Of S259,994,211 was attained. after
by the close OF the month. Further
Withdrawals decreased this amount to
$11S.319.536, on Nov. 10, 1908.
The aggregate of trust funds, consist
Ing of gold coin and standard silver
dollars held for the redemption of GER
tihcates and notes for which they were
respectively pledged. increased S139.-
cOOOCO during the year. The monetary
stock for the year increased $263. 203.-
COO. The growth in gold was S151, III
S91. In silver. $l7.919,395; national
bank notes, $9i,545.227.
Money i'm Circulation.
AT the close of the fiscal year 1908
the money In circulation amounted to
S3.03S. O15.4SS. or q per capita of S34.72.
The percentage of gold to circulation
was S45.95. There was an increase of
S9f,5IJ.227 in the volume of national
bank notes during the fiscal year clos
ed July l last.
The amount of Understanding debt
on June 80, 1907. is shown to have been
1884, 9O2, 76C. and on June so, 1908,
SS9i, O3.99O. The report shows that
from the date of the passage of tlfe ma
tional bank act in 1863 to July 1 1905.
charters We're granted to OH 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 S93O.542.774
Banks to the number of 1873 have been
closed by the voluntary action of their
stockholders and Ago 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 hull
ion al a cost of $9923,O2
The receipts from internal revenue
taxes for the fiscal year 1908 were
S.5l, ,126. a net decrease from 1907
of S17,95j.G46 The customs receipts
ior the same period amounted to $3.50
1880, decrease for the year of about
$46.0OO.OO0.
Basing his figures on the estima ties of
appropriations already submitted by
the several executive departments. the
81 Rotary Is of the opinion that the ex-
cess of expenditures over receipts for
Il fiscal year ending June 30. 1910.
mly reach sl43.O4679G The secretary
estimates the deficit for the present fis-
cal year as $114OO0.OOO.