Weekly journal-miner., 1908-12-16
TREASURY REPORT D|SCLOSES HEAVY
 EXPENDITURES

WASHINGTON. Dec 9.-The report ot the treasury department was sent today to congress.
 The annual report of Mir Cortclyou, the Secretary of the Treasury, shows a reversal of conditions for the fiscal year l90N. as compared with the fiscal year l9O1. For the latter year the receipts were Sl.13G.JsG in excess of the disbursements For the fiscal year 1908 the disbursements were sjs .O7O. @Ol in excess of the receipts. due to the business depression and increased appropriations. Fortunately. the re-. port says, the available cash balance at the beginning of the fiscal year was S272.O61,ilj.
 The treasury was called upon in the latter part of October. 1907, 10 render assistance in financial panic which started in New York City and which gradually extended over the entire country. Through treasury operations during this 6nancial disturbance the amount of public deposits with the banks reached S236,jis,32l on No. vember 3O. 1907 and on December 27, 1907, the maximum of S2j9, ,99i ,27l was attained. after which it was de creased to s256,920,l5i by inc close of the month
 Further withdrawals decreased this amount to siis,379, ,536. on November l6, 1908. At the beginning of the present fiscal year there was a frcer circulation of money and large amounts were returned to the hnan. eial centcrs and some of the deposit. aries voluntarily returned to the treas ury part of their holdings of public deposits, amounting in all to approxi. mately four million dollars. \ fur. ther withdrawal of public money from depositary banks in New York City, made in January. amounted to ss,sj0,. O0O making the balance in the banks to the credit of the general fund at the end of January, s226.2il AIS.
 Further voluntary surrender of de posits were made during February, and on June 30th the general fund had been reduced to Slig,OOO,0O0.
 The aggregate of trust funds. con sisting of gold coin and standard sil- yer dollars held for the redemption of certificates and notes for which they were respectively pledged increased $l3g,OOOO0O during the year.
 The monetary stock for the year increased s263. .2O3.O .OOO. The growth in gold was sl5i,7I4.3gl. In silver. slT.glg,3Dj; national bank notes s9i. 54J,227. At the same time there was a decrease of sl.O06.OOO Al the close of the fiscal year. 1908 the money in circulation amounted to s3.O3s, ,Ol5.4s or a per capital of S3i.72. The per. ccntagc of gold to ejaculation was GlE IhnV., ..g Ji5, ,227 in the volume of national bank notes during the fiscal year closed July lst, last.
 The amount of interest bearing debt on June 20. 1907. k snown t0 have been S93i,9O2,160 and on June 3Oth. 1908. ss97 ,j03,00O.
 The report shows that from the date of the passage of he national bank act in 1863 to July 1, 1908. charters were granted to 917i national bank. ing associations and at the close of the last fiscal year there were in opcr. ation 6,S27 associations, with author. ized capital stock of s930,5i2.77i. Banks to the number of 1878 have been closed by the voluntary action of their stockholders and iG0 insolycnt associations nave been placed in chhrge or receivers.
 There were purchased for the coin. age of subsidiary silver during the fiscal year I6,956,3O9 ounces of silver bullion at n cost of t9.S23.O26.
 The receipts from internal revenue taxes for the fiscal year 1908, were s25l,7ll,l ,l26, n net decrease from 1907 of $l7,955,6I6. The customs receipts for the same period, amounted to s2S6, ll3, l30, n decrease for the year of about si6,OOO,OOO.
 Easing his figures on the estimates of appropriations already submitted by the several executive departments the Secretary is of the opinion that the excess of expenditures over re. ceipts for the fiscal year ending June 90, 1910 may reach si43,O40,106.
 Realizing that sudden changes in the customs standing of imported merchandise are unfair to business, and introduce an element of uncer. taiDty, the Secretary has instituted n new system by which wnen the classi. hcation of goods is changed, which re- suits in the payment of n 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 con. troversy as to the value of Limoges China. And in doing this it nad es. tablished n precedent and n principal of cooperation between the manufac turing interests involved and the United States government which is capable of being extended to other classes of merchandise, with excellent results.
 During the year the department has entered into an agreement with the Chamber of Commerce of Limoges representing the manufacturers of