The star and Newark advertiser. [volume] (Newark, N.J.) 1908-1909, 1908-12-09
BANK IS
COUNTRYS NEED
SAYS C0RTELY0U
Suggests in Report National In.
stituti0n Of Issue and Con-
troll to Prevent Panics.
Especial to the Evening start

WASHINGTON, Dec. 1.-The estnb-
ms n means of preventing financial
panics and deterioration in values, II
suggested by the Secretary of the
Treasury, George b. Cortclyou. In his
annual report made today.
1.-THE increase in our population" the
report says, 'the development of indus
try, both national and International
present problems which mo be
solved by a blind adherence to all the
details of a system which, though in
many ways well adapted to u re-
quirements and of great service to our
people, as it has been, was yet pri-
marily the outgrowth Of the exigencies
of a time OF civil strife.
''Thc changed conditions call for
notifications of the existing system, OF
for the ultimate establishment, II 1t can
be ~safeguarded SO as to keep 1t out OF
the domain of politics on the one hand
md the control of great mOneyed inter-
ests ON the other, of n central institute
ton of issue and control.
What is essentially a question OF
finance is embodied in the proposition
to establish postal savings banks. II 1t
is decided to establish such a system.
the conditions under which 1t is put In
operation should be made to harmonic
fully with the general financial opera
tions of the government as
Secretary Cortelyou also sounds a
note of warning against the %extrava-
gance which has characterized the gov
eminent. He says: &
There have been, under many adj
administrations, excessive expenditures,
due to one cause or another. The time
may come when a session of the Con-
gress will be given over largely to the
consideration Of ways and means to re-
duce the operating expenses Of the gov
eminent, and if it does come, and
patriotic and discriminating judgment
is brought TO bear on The problem, we
shall see a saving Of many millions OF
dollars with no sacrifice Of efficiency OF
administration.
Few domestic reforms would do so
much to set the people an example OF
good business and economical govern
ment."
The treasury report shows that dur
ing 1908 there was received $3,3lZ,ioa'-
164.SO. The expenditures, including the
interest on the national debt, were 81
$50, 1856, $50. SO. an Increase of Slei,o'S'-
971.73 over last year. The detailed re-
port of receipts follows;
From customs. s2s6, 11s, 1893
From internal -
revenue - &i'ili 10"
public lands..... 9,T3l ,S6O.S
From miscella-
neous, including
e funds ........... SO, $40, 301. 81
From postal %evenues....... 191. AIS. 663. Al
Total ordinary receipts. In
Guiding postal .............. s2,bo4, 'Sl.sa
Public debt: :
Gold certificates
Silver certif-
Gates issued. 800, 1856. e"aW
United States
notes Issued. 123, $40, 0O0.OO
Certificates of
Indebtedness
issued .......4. 15,i36.5W,W
National bank -
note fund.-, 64,33S, 1850
Panama canal
bonds issued. 1881, 9SoV
on '............ 7a,7ss.e7
Total receipts on account
OF public debt......... sOS, 46S, 4oo. II
Aggregate of receipts, in
cluding public debt.......f1 .I02, 06S .ls'.li
Balance in treasury by war
rants, June 30, 1s07......... ,6lV.ooo,sH %
A---------
Total accounts by
rants for the year 1908, $3,3l2.fo4,lo4.S