Omaha daily bee., 1908-12-10
ANNUAL TREASURY REPORT
Disbursements Ffty-Eight Million in
Excess Of Receipts.
LARGER DEFICIT NEXT YEAR
Operations of Treasury Department in
Financial FURRY of October
Last Are set out I'm
Detail.

~ nv GNA WV
Detail.
WASHINGTON, Dec. 9.-Th~ annual re-
port Of Mir. Cortelyou. the secretary OF the
treasu, Y, shows a reversal Of conditions
for the fiscal year 1915, as COMPARED with
the fiscal year for 1907. For the latter
year the receipts were $si 236,5S6 in excess
OF the disburs, ments. For the fiscal year
1898 the disbursements were SIS, ,2Ol in
excess Of the receipts, due to business de-
preston and increased appropriations.
Fortunately. the report says. the available
cash balance at the beginning Of the fiscal
year was S272,O 61, il5.
The treasury was called upon in the lat
ter part Of October, 1907, to render ASSIST
ancc in a financial panic which started in
New York City and which gradually ex-
tended over the entire country. Through
treasury operations during this financial
disturbance the amount of public deposits
with the banks reached 1886, 54S, 321 on No
vember 80, 1907, and on December q. 1901.
the maximum of $3.50, S94, 271 was a~ttained,
after which it was decreased to s256. 800, l54
by the close of the month.
Further Withdrawals deere sed this
amount to Sis, 37S,536 on November 16, 1903.
At the beginning of the present fiscal year
llGIe was a ITeeE CIRCULATION OF money, and
large amounts were returned to the ffnan-
cial %centers, and some OF the repositories
voluntarily returned to the treasury a part
of their holdings Of public deposits. amount
ing in all to approximately 100000. A
further withdrawal of public money from
depository banks in New York City made
in January amounted to $~S,S50,OOO, making
the balance in the banks to the CT, dit Of
the general fund at the end of January
S226, "a. AS.
Further voluntary surrender of deposits
were made during February and on June
80 the general fund had been reduced to
S149, 100000.
increase in Trust Funds.
The aggregate of trust funds, cons sting
of gold coin and standard silver dollars
held for the redemption Of ceI tificates and
notes for which they were respectively
pledged. increased S1S9, 600, 90 during the
year.
The monetary stock for the year in
creased $263, 2O3. OcO. The growth in gold was
*5l' T4,S9l; in silver, $l7,9 19, 1876; national
bank notes, $94, 227. At the same time
there was a decrease of 81. OO6.OOO. At the
close of the fiscal year 1908 the money in
circulation amounted to $3,O3S, obs, 4SS, or a
per capita OF $S4.7 70. The percentage of gold
to circulation was $45. IS. There was an in
crease Of $94,545, 227 in the volume of national
bank notes during the fiscal year closed
July l last.
The amount of interest bearing debt on
June 80 1907, is shown to have been 1884,
9V2,76O, and on June 30, 1908, 1897, 5O3,g9
The report shows that from the date of
the passage of the national bank act in
1856 to July 1, 1908, charters were granted
to 9,174 national banking associations and
at the close of the last fiscal uear thar,
were in operation 6,s27 associations, Will
authorized capital stock of S93O,542 IA.
Banks to the number of 1873 have been
closed by the voluntary action of their
stockholders and +69 insolvent associations
have been placed In charge of receivers.
There were purchased for the coinage
of subsidiary silver during the fiscal year
1d,S56, 300 ounces of silver boullion at a cost
of $9,s23, 026.
Receipts and Expenditures.
The receipts from internal revenue taxes
for the fiscal year 1905, were 1851, III, 1875, a
net increase from 1907 of 81, $50, 646. The
customs receipts for the same period
amounted to $2S6, 11S. 1870. a decrease for tn,
year Of about SAC, OO0,O 900.
Basing his figures on the estimates o
appropriations already submitted by the
several executive departments the secre
tary is of the opinion that the excess O
expenditures over receipts for the fiscai
year ending June 20, 1909, may reach S1l4,-
10000
Realizing that sudden changes in the
customs standing OF imported merchandise
are unfair to business, and introduce an
element Of uncertainty, the secretary has
instituted a new system by which, when
the classification of goods is changed, which
results in the payment of a higher rate
of duty, ample notice is given to those
interested.
There have been just completed by the
department negotiations, which put an end
to the long drawn out controversy as to
the value of Limoges china. And in doing
this 1t had established a precedent and a
principal of cooperation between the manu-
featuring interests involved and the United
States government. which is capable of
being extended to other classes of mer-
chandise. with excellent results.
During the year the department has
entered into an agreement with the Cham
Der OF Commerce OF Limoges representing
the manufacturers Of that city. as to the
value Of all kinds Of pottery there manu-
featured. Some minor details yet remaln
to be settled, but these do not affect the
harmonious results that have been
achieved.
Agreement with rma
The report calls attention to the com
mission of which Assistant Secretary
James B. Reynolds was the chairman,
which went abroad last year to discuss
with German officials certain important
matters affecting the proper administra-
ton of the custom laws and an agreement