Albuquerque citizen. [volume] (Albuquerque, N.M.) 1907-1909, 1908-12-09
TREASURY SECRETARY
SUBMITS ANNUAL
STATEMENT
Shows Expenses TO Have
Been Flfty-tight Millions
More Than Receipts
Last Year.
EVERYBODY HAS
At LEAST S34.72
More Than Three Billion Dollars
Is In Circulation and Per Cap
ita InCreases---Suggests
Ways of Saving
Money.

washington, Dec. 9.-The annual
report of MT. Cortelyou, the secre-
tary of the treasury, shows "a reversal
of conditions for the fiscal year 1908,
as compared with the fiscal year for
1907. For the latter year the re-
ceipts were sS4,236,5S6 in excess of
the disbursements. For the fiscal
year 1908 the disbursements were
s5S,070,2O1 in excess of the receipts,
due to business depression and in
creased appropriations. Fortunately
the report says, the available cash
balance at the beginning of the fiscal
year was S272,061,445.
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 country. Through treasury op'
erations during this financial disturb
ance the amount of public deposits
with the banks reached 1896, ,54S,S21
on November 30tn, 1907, and on
December 81, 1907, the maximum oi
s259, 9,994,271 was attained, after
which it was decreased to s258,920,-
154 by the close of the month.
Further Withdrawals decreased thi.
amount to $118,379!536, on Novem
Der l6, 1908. At the beginning OF
the present fiscal year there was a
freer circulation of money and large
amounts were returned to the finan-
cial centers and some of the deposi-
taries voluntarily returned to tht
treasury a part of their holdings OF
public deposits, amounting in all to
approximately four million dollars
A further withdrawal of public mon
ey from depositary banks in New
York City, made in January, amount
ed to $S,S50,000 making the balance
in the banks to the credit of the gen.
eral fund at the end of January
1925. .24l,41S.
Further voluntary surrender of de-
posits was made during February
and on June S0th the general func
had been reduced to S149,O0O,O0O.
The aggregate of trust funds, con.
sisting of gold coin and standard sill
Yer dollars held for the redemption
IF certificates and notes for which
they were respectively pledged, in
creased 100000 during the year
The monetary stock for the yeal
increased 263,203,O00. The growth
in gold was s151,744.391. In silver
s17.919,395 national bank notes $94,.
545,227 At the same time there wa
a decrease of $I.0O6,VOO At tn,
close of the fiscal year, 1908, thC
money in circulation amounted tC
sS,03S, ,015, 4SS or per capita of s34.72
The percentage of gold 10 clrculal.Jr
was s45.95. There was an increas,
of s94, 4,545,227 in the volume of ma
tionai bank notes during the fisca
year closed July lst, last.
The amount of Interest bearing
debt on June 80, 1907. is shown Il
have been 34,s02,I and on Jun,
3Oth, 1908, $S97,503,990.
The report shows that from th'
date of the passage Of the nationa
bank act in 1863 to July /. 1908
charters were granted to 9,l74 ma
tional banking associations and a
he close of the last fscal year tn r,
were in operation 6,S27 associat. ons
WITH authorized capital stock o
$3.50 542,774. Banks to the numb
of 1878 have been closed by the vol,
untary action of Their stockhoideI'
and 46g insolvent associations hav,
been placed in charge of receivers.
There were purchased for the coin,
age of subsidiary silver during tn,
fiscal year l6,956,3O9 ounces of sill
yer bullion at cost of s9,s23.O26.
The receipts from internal revenu,
taxes for the fiscal year 1908, wer,
251,7I1,l26, net decrease from
1907 OF Sl7,955,646. The custom.
receipts for the same period, amount
ed to $2S6.113,I3O, a decrease fol
the year OF aOout S46,0OO,O0
Basing his figures on the estimates
OF appropriations already submitted
by the several executive departments
the secretary is of the opinion thai
the excess of expenditures over re-
ceipts for the fiscal year ending Jun,
80, 1910, may reach $l43.046, 1876
The three months OF November and
December. 1907, and January. 1908
witnessed imports of gold into tbs
United States 20 the amount OF ais,
s22.S70, and on the other hand the
three months OF April, May and June
1908, witnessed exports of gold from
the United States to the amount. 0i
$4s.65s,g7z. For the twelve mon IA,
ending October 81, 1905, the tota