The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1908-12-09
.ATI0N'S
MONEYS
Are Reported Plentiful by
Secretary Cortefyou Since
the So-CaIled Panic.


WASHINGTON, Z. c.. Dec. o.
The annual report of Mr.. cortelyou.
the Secretary OF the Treasury. shows
a reversal of conditions for the hscai
year 1908. as compared with the
fiscal year for 1907 For tho lntt--
year the receipts were $S4.2sG.5s6 in
excess of the disbursements. For
the fiscal year 1908 the disbnrse-
meuts were S5S,0TO. 2O1 in excess OF
thereceipts. due to business deDres-
sion and Increased appropriations:
Fortunately. the report says. tbs
available cash balance NJ the begin
ming Of the fiscal year was $272.-
O61. 445.
The treasury was called upon in
the latter part of October, 1907. to
render assistance in a financial panic
which started III New York City and
which gradually extended over the
entire country. Through treasury
opera tons during this~finaneial dis
turbance the amount Of public de-
posts with the banks reached sage,
54S.321 on November Both, 1907, ana
on December %, I 9O7. the maximum
of $259, 994.97l was attained. after
which it was decreased 10 1886. 920,-
1874 by the close of the month.
Further withdrawals decreased this
amount TO $11S,37 $50. en- Novem-
Der 10. 1905. At the beginning OF
the present fiscal year there was
freer circulation or money and large
amounts were returned TO the hnan-
clal centers and some OF the depos-
tories voluntarily returned to the
Treasury n part OF their holding of
public deposits, amounting In all TO,
Approximately four million dollars
a further withdrawal of public mon
ey from -depositary banks in Sew
York City. made In January, amount
&c. to $3.50 900 making The ball
anee in the banks - the credit OF
the general fund n the end of jan
nary. $226524l,4tS-
Further voluntary surrender of de-
posts were made during February,
and on June 80 the general fund had
beeE reduced to S149, 000,0 900.
The aggregate of trust funds, con-
slsting of gold coin and standard sill |
yer dollars held for the redemption
OF certificates and notes for which I,
creased $139. 100000 during the |
year.
The monetary stock for the year
Increased sea O3 900. The growth I
in gold was $l51.744.391. IN sll-I
yer, $17.919.3953 national bank
notes $94 ,545,227. AT the same
time there was decrease OF. $1.0O6,-t
900. At the close of the fiscal year,
1908. the money in circulation
amount led to s3,O3S, O15,4 SS, or A
per capita of $34.72. Tho percent-
of gold 10 circulation was $45-gS,
There was an increase. Of $94,a4h. go
in the volume of national bank notes
during theh seal year closed July ! a
last.
The amount of interest bearing
debt on June 80, 1907. is shown to
have been $934902,760 and on
June so. 1903, S07 5O3.S90.
The report shows that from the
date of the passage of the national
bank act in 1863 to July l, 1908
charters were granted to 9,174 ma
tIonal banking associations and at
the close of the last fiscal year there
were in operation 6,S27 assoeiations.i
with authorized capital stock OF
S930,542, 774. Banks to the num-
Der OF / ,S7S have. been closed by the
voluntary action OF their stockhold-
ers and 469 insoIvent associations /
have been placed IN charge Of re-
ceivers
There were purchased for the coin
age Of subsidiary silver during the
fiscal year I6.95G3O9 ounces OF sill
YER bouIlion at q cost of Ss,92S,O26.
The. receipts from internal revenuel
taxes for the fiscal year 1908, were
s25l,71I,126. a net decrease from
1907 of $I7,955646- The customa
receipts for the same period amount
ed to $3.50, 112,130, a decrease for
the year of about $40, 100000.
BasinG his figures on the estimates
OF appropriations already submitted
by the several executive depart-
ments the Secretary is of the opinion
that the excess of expenditures over
receipts 70 rthe dscay year ending
June so. 1910, may reach $l43,-
O46.796
Realizing that sudden changes IN
the customs standing of Imported
merchandise are unfair to business,
and Introduce an element of uncer-
tainty, the secretary has Instituted n
new system by which When the
classified ton Of goods Is changed.
which results in the payment OF n
higher rate OF duty. ample notice. is
given to those Interested
There have been just completed
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