Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-12-10
BIG DEFICIT IS
EXPECTED IN
TREASURY
TOTAL FOR YEAR NOW
PLACED AT S114,000,000
Annual Report of Secretary
CorteIyou Shows Vast In
crease of Expenditures Over
Receipts.

receipts,
| by Morning journal Special Leased Wlrel
/ Washington, Dec. g.-The annual
report of Mr.. Corteyou, the secretary
of the treasury. shows reversal Of
conditions for the fiscal year 1906, as
compared with the fiscal year of
| 1907. For the latter year the receipts
were $S4,236,5S6 in excess of the dis
lbursements For the fiscal year 90S
the disbursements were $5S.07O.201
in excess of the receipts. due to busi-
ness depression and increased appro-
priations. Fortunately, the report
says. the available cash balance at the
beginning of the fiscal year, was
$272, ,06l 445.
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 ma
ton. Through treasury operations
during this financial disturbance the
amount of public deposits with the
banks reached $236,54S,321 on No
vember 30th 1907. and on December
27 1907, the maximum of $259,994,-
.27l was attained, after which il was
decreased to S256,92O154 by the close
of the month
Further Withdrawals decreased this
amount to $11S,379,536, on November
16, 1908. At the beginning of the
present fiscal year there was freer
circulation of money and large
amount were returned to the finan-
cial centers and some of the deposi-
taries voluntarily returned to the
treasury a part of their holdings of
public deposits, amounting in all to
approximately four million dollars. A
further withdrawal of public money
from depostary banks in New York
City. made in January, amounted TO
$SS50,000, making the balance in the
banks 60 the credit Of the general fund
at the end of January, $226.241,41S.
Further voluntary surrender of de-
posts We're made during February.
and on June 30th the general fund
had been reduced to S149,00O, O,0O0
The aggregate of trust funds, con-
sisting of gold coin and standard silver
dollars held for the redemption of
certificates and notes for which they
We're respectively pledged Increased
$1S9, 900 during the year.
The monetary stock for the year in
creased $263, 3,2O3,000. The growth in
gold was $151.744,S91. In silver $17,-
1885,: national bank notes $94.545, |
227. At the same time there was a
decrease of $1,0O6.0OO. At the close
AF 4,
circulation amounted to $3,O3S,OI5,- |
48S, or a per capita of $3472. The |
percentage of gold to circulation was |
s45.95 There was an increase of |
$94,545,227 in the volume of national |
bank notes during the fiscal year clos
ed July 1st. last
The amount of interest bearing debt
on June 30, 1907 is shown to have /
been $9S4,9O2.76O, and on June 80,
1908, 1897, ,503.990.
The report shows that from the date
of the passage of the national bank
act in 1868 to July L.. 1908. charters
were granted to 9,174 national bank
ing associations and at the close of the
last fiscal year there were in opera
tion 6,S27 associations, with author
lied capital stock OF $930,542,774.
Banks to the number of 1873 have /
been closed by the voluntary action of
their stockholders, and 469 insolvent
associations have been placed in
,harge OF receivers.
There were purchased for the coin
age of subsidiary silver during the
fiscal year 16,S56,30g ounces Of silver
bullion at a cost of S9,923.O26.
The receipts from internal revenue
axes for the fiscal year 1908 were
i251, 1,711,126. a net decrease from
1907 OF $17,955,646. The customs re-
'eipts for the same period amounted
o 1886, 3,130, "A decrease for the
year of about S46.OO0,000. |.
Basing his figures on the estimates
IF appropriations already submitted
)y the several executive departments.
he secretary is of the opinion that the
,xcess of expenditures over receipts
or the fiscal year ending June 80.
$40, may reach S14S,046,796. The {
iecretary estimates the deficit of the ,
present year at 114.000, 900.
Realizing that sudden changes in ,
he customs standing of imported /
merchandise are unfair to business, g
md Introduce an element OF uncer-
ainty. the secretary has instituted a .
lew system by which when the clas-
ificatlon Of goods Is changed. which
esults in the payment of a higher
ate Of duty. ample notice is given To
hose interested.
There have been just completed by
he department negotiations which
nut an end to the long drawn out con-
roversy as to the value OF Limoges
hina And in doing this IL has es-
ablished precedent and a principal
u cooperation between the manu-
acturing interests involved and the
'nited states government which is
apable OF being extended to other .
lasses OF merchandise, with excellent {
esults. I
During the year the department has ,
ntered into an agreement with tle Z
hamber Of commerce Of Limoges Z
a..r..ua ufFru s..aFNf.a 20 4