Daily press. [volume] (Newport News, Va.) 1896-current, 1908-12-10
Secretary Corte|you's Report Shows
Uncle Sans Pocket Well Filled.
RECEIPTS EXCEED DISBURSEMENTS
Last Years ss4,a3e,5s6 on the Wrong
Side Of the Ledger Is Partly Made
I'D This Time, the 1908 Excess Be-
Ing Over Fifty Millions.

The annual report Of Nr. Cortelyo".
the Secretary of he Treasury. SHOWS
4 a reversal OF conditions for the fiscal
year 1908. as compared with the fScal
wear for 1907. For the latter year
the receipts were ssh, %G,5S6 n fX
cess of the disbursC For IN"
. fiscal year 1905 the disbursements
were s5SO7n,2Nl in excess OF he re-
ceipts. dua to business depression an
Increased anrropriations. Fortunate
N. the report SAYS. the available cash
ha,ance at The beginning Of the fiscal
year was s312oCi.445
{ The tree surv was called upon in the
latter par. of October. 1897, 10 render
assistance in a financi2l panic which
started in New York City and when
gradually extended over the entire
country. Through treasury opera
lions during this financial disturbance
the amount of public deposits with
the banks reached 1925 5iS,321 on NO
yemher Goth. 1907 and on December
27. 1907, the MAXIMUM OF S2o6.99i.HSl
was attained. after which il was de-
creased 20 s25G.920.i54 by the close OF
this month.
Further Withdraw walls decreased this
amount to s11S.379.52G. on November
1e. 1908. At the beginning Of the
present fiscal year there was a treer
circulations OF money and large
amounts were returned TO the f1nan-
cial centers and some OF the deposit
tors voluntarily returned to the
treasury part OF their holdings or
public deposits. amounting in all TO
approximately four million dollars
A further withdrawal Of public money
from depositary banks In New York
CITY made In January. amounted to
Sc. SGT, 900 making the balance in the
banks to the credit to the general
fund at the end Of January, $226.24l.-
41S.
Further voluntary surrender OF de-
posits were made during February,
and on June Goth the general fund had
been reduced to s14a.O00.0 0e.
The average of trust funds. con-
sisting of gold coin and standard
silver dollars held for the redemption
of certificates and notes for which
they were respectively pledged In
creased s139 .0O0. 900 during the year
- The monetary stock for the year
increa sed SECS. 900 600. The growth
IN gold was $151.744391. At the same
time there was a decrease of 81 .0O6.-
600. At the close OF the fiscal year
1908 the money in circulation amount
cd to $4,000 0l5.4SS Cor a per capita OF
s3472,. The percentage Of gold to
circulation was 45.95. There was an
increase Of S94,545.c27 In the volume
OF national bank notes during the
fiscal wear closed July list. last.
The amount OF interest bearing debt
on June 20. 1907, is shown to har"
been sa3a .o0o. 760 and on June 80,
1908. 1897 .5o%,HeO.
The report shows that for the date
OF the passage Of the national bank
act In 1SG? to July 7. zoos. charters
were granted to 9.174 national bank.
Ing associations and at the close OF
the last fsca, year there were IN
operation e.S27 associations. with
authorized cap!tal stock Of S93O,542.-
TIA. Banks to the number Of 1878
have been closed by the voluntary
action Of their stockholders and AGO
insolvent associations have been
rlaced in charge OF receivers.
There were purchased for the
coinage OF subsidiary silver during
the ESCal war i",'o".""' p"'N,S VI
silver hnullicn al a cost Of S9.923 GIG
The receipts from intrral revenue
taxes for the fiscal year 1908, were
se5l.71r.19s. net decrease from
1907 Of SIT a55 $50. The customs re-
CENTS for the same period. amounted
10 s3ss.1IS.i3n. decrease for the
year Of about sac. 0o0. 900.
. Basing his figures on the estimates
Of appropriations already submitted