| Show GAGE MAKES HIS REPORT f t Operations of the Treasury Our Cur Curing ing the Year Y REVENUES OF GOVERNMENT SUGGESTS THAT TT CONGRESS WAR WAlt WA TAXES S Washington Dec De The report of Lyman Lymn j Gage secretary seU of ot the trees treas treasury ury u was wu made mad pc p today t y The reye reve revenues nu of the government gove from all aU sources ur by warrants want for fr the fiscal year er June 38 30 3 1901 liOl were and the th expenditures for the same period were showing s a ft surplus of In addition to the revenues collected during dur the th year yer and aD the amounts re received receive received on the t indebtedness of Pacific railroads the cash eh In the te treasury was increased 1556 5 by the te Issue Isue of ef 4 per percent per percent cent bonds in I liquidation of interest ac accrued creed cr on refunding certificates con converted converted converted during the year yer Securities redeemed ree on account of or orthe the sinking fund amounted to f n Compared Compre with wit the te fiscal fical year 1900 lOO 10 the receipts for tO 1901 1101 1 increased and d the th expenditures increased The revenues of the te government for forthe forthe forthe the current fiscal tIel year yar tire are thus esti estimated et meted mated te upon the U basis bt of existing laws I Cul Customs 00 Of Internal Intel revenue MOO W It Miscellaneous sources ere CO r Postal Pol service 00 16 Total estimated revenues 00 oo The expenditures for the same period are estimated as follows Civil establishment 00 Military establishment 09 itO Naval establishment flO 00 Indian service 1100 00 tO Pensions 00 Interest on the public d bt t CO CC 0 Postal service f 00 01 Total estimated expel expendi expenditures dl tures 00 Or a surplus ef of i 00 It is estimated that upon the th basis of existing laws the revenues of ol the got gov government go emment for the fiscal year MM will be b Custom Customs 00 to Internal venues revenues fIB m Mise to Postal I service lCt 89 00 eo Appropriations Required Total estimated M Oft 08 The estimates of appropriations re required required required for the same aane period oI as 5 submitted i iby by the several executive departments and a offices office are are follows Legislative 4 oJ K 98 00 Executive 38 Judicial Jud lal MOO eo I Foreign intercourse 70 Military M Naval I 79 tt II Indian affaire a 30 Pensions H 30 Public works i Wm 13 Miscellaneous 4 41 SS 5 Postal sorriest service h Including tg MI In ht I postal tal revenues reven N Permanent annual Interest on the tb publio debt 4 Ott Refunding Refund cus U customs toms tome internal r re ret mue etc 00 Collecting rev revenue revenue anise from cus ens customs touts toms O Miscellaneous us I Ii i 5 Oft e Total estimated e dons exclusive et ef i fund tuDd i lo tm tt t tOr Or an estimated of 53 sa saIn In discussing the operations of the treasury Secretary Gage says that the there reserve erve re fund end and the trust fund have been Hen maintained The redemptions of United States notes have been each day adjusted by exchange for gold so 5 that the full tull sum of has h been kept unchanged in coin e in and anti bitt b lion Coinage of Bullion Upon the t c withdrawal of treasury notes as the bullion of ot O was coined into standard dollars silver certificates under the act ct of ot March Marek 14 B 1900 were substituted to the extent of to July 1 1900 and additional to July 1 1901 By NO Nov 1 I 1901 1301 the total exchange reached The gold certificates upon deposit of the metal were increased d during the fiscal ft ealy year y ar by and the first quarter quarter ter for of 1902 by additional The gross gold hi In the ue treasury including the reserve and aad the he trust fund u against I II I I I 74 during dUling the fiscal leal year and anda a further addition of by Oct ct ct 1 I while U more in Octo Oem October October ber her brought the aggregate by Nov No 1 to This sum in gold was never before equaled in our annals and an I only for a few months some come years ago has baa any other government ever held so much of that precious metal The shipments of standard dollars in inthe inthe Inthe the fiscal eal tl year reached rea hed the maximum as sc usual usua in the late autumn and the amount outstanding out was in December Df This fell tell to in July The increase in the year was wasI SK I per cent ce t over 1900 For three yea years the growth of shipments was steady but ut not large Ir in the first Quarter u In lit Inthe Inthe the standard dollars doDan ted at the I treasury ury offices for exchange in silver certificates an aa increase of f f 1 per cent appears over the preceding twelve twelveMonths Months and in the lint first quarter of 1902 per cent vent over the be like Jike period of or 1901 1101 In subsidiary sub silver th in inthe Inthe the fiscal cal year were tIp cent great greater er than in 1900 and aD in the arst quarter quartee tee ter of 1990 1900 1 4 per cent greater reater than for the like period of the Ut preceding yeni yeal The redemptions for tor the year were per cent more then than in 1900 1300 1 and in the tile first Ant quarter of 1902 1102 they were 13 more mere than Ulan in fn the same ame months of the preceding year yr The following is j a statement of the condition of ot the United Stales tates treas trees treasury treasury ury on Nov ov IS li 15 I tl Cash CaSIL ia Treasury In divisions of issue sad and redemption reserve fund Gold coin and bullion in hi dt dh vision of redemption 88 lii If i Division of Redemption R Gold coin 00 Silver dollars 00 Silver dollars of IK lIM iio 00 Silver bullion of 00 J 4 7 I V 0 Ott Division lon of 01 T Issue II sue Gold certificates 00 OO Sil SUI r certificates u uT lag ing j X CO U Treasury T y notes outstanding gt IH IHS S 5 08 30 General Fund Gold coin and bullion 47 7 Gold certificates tes Standard silver dollars 3 M f Silver rates cates W 00 Silver Stiver bullion 1 IT United States notes noles H 0 Treasury notes of 1890 Il ti National Nation bank banknotes banknotes notes iN m 90 Subsidiary silver coin Fractional cur eur currency rency reacy 11 Minor coin colli iN 4 1 In National Bank Depositaries To credit of the treasurer of the theof theof theof of the United States do doTo To T credit lIi of f f di dOs dis burring officers u uA 2 A waiting Awaiting Reimbursement Bonds and inter interest Interest est eat paid 4 4 01 i t f I L f 10 Liabilities Ua National bank S 5 Sper Sper per cent fund fUM Outstanding Jr checks and 1 drafts 01 i j Disbursing t I Icen oars cen balances i ti fl depart department went ment account I 40 Miscellaneous items St 81 Available cash halft v 7 e 91 ii The coinage of ot the mints during the fiscal cal fl year amounted to pieces of a value ot 0 1148 ma Of this was gold 4 was wa silver dollars I was wu wa diary silver and minor coin eoln There were also ateo opined o at a the I Philadelphia mint 5 gold pieces I of the value of for tor the got gov government emment of Costa Rica Coinage of Silver Dollars The coinage of silver sliver dollars during curIng the year was wa wholly from the stock of bullion accumulated under the act et of ot July 14 1890 The stock of this bul tnt bullion bullion lion at the beginning of the fiscal year was 83 standard ounces and at atthe atthe atthe the close co e of the year standard j I ounces but standard ounces I were used in subsidiary suti coinage au an j by the act of ol March farch 14 1900 I I The estimated stock of subsidiary lj I coin epin in the country March 1 1990 was of ot which 5 8 41 was wag Ull in inthe inthe inthe the treasury The estimated stock on Nov 1 1901 1101 was wu of which was in the treasury which shows a net absorption ab by 1 the country of in twenty months The act of March 14 1900 1800 the stock of subsidiary sub coin to and andin andin andIn in view of the steady demand upon I the treasury it is apparent that this limit should be raised It is not im improbable improbable probable that before another congress shall hae have opportunity to act the growing needs of the country will vill have absorbed the entire coinage coIna e author On Nov No 1 1901 the stock of bul bullion bullion lion Hon acquired under the act of July 14 H 1890 1898 was standrd standard ounces If enough of this were coined into dollar pieces to take up the treasury notes Is Issued Issued issued sued for its cost rosL there would remain standard ounces which con converted conver ver d into subsidiary coin would give It is suggested that the limit of the stock of subsidiary subsidiary subsidiary diary coin be raised ra ed to The original deposits of J gold bullion at the mints and assay assa offices amount amounted ed to an increase of 1 19 over the deposits of the pre previous prelow low year The original deposits of or silver sliver for return in fine bars amounted to coining value an in irs increase crease of ot during durins the year yearTh The Th estimated production of gold in inthe Inthe inthe the United States in the calendar year 1900 1100 was wu fine tine ounces O of the value of The estimated production of silver stiver in the United States in the same came me year was as ounces of the approximate commercial value of Gold and Silver Production The estimated production of gold goki in inthe inthe inthe the work orl in the calendar year year 1900 1908 Was Has fine tine ounces ounce of the value alue of The estimated production of silver in the world in lIa the calendar year 1000 was ne ounces of the approximate at commercial omm lal value of The industrial consumption of or gold goldin in the United States State in the calendar year is estimated to have been 16 and in the world approximate approximately ly by Although the United States led the world last l year in the production of gold old our Imports of that metal exceeded our exports fx by br the th sum The stoc of d coin oin in the country including b tIp If the he mints at the close of the year was estimated at and the stock of silver sHyer coin at On July 1 1901 there were in active operation national banking asso associations with capital stock stok of 69 During the fiscal year banks with aggregate capital of were WeN organized 37 with capital of 8 S 8 placed in voluntary liquidation and 12 1 with capital of placed in charge char e of recovers receivers reee ers Subsequent to the tl lose v e of the y year ar one of the twelve tr wa was as placed d in a solvent condition and permitted to resume The authorized stock s ck of the Ii J cr I banks in hi eXIste c on June 30 38 1900 1000 1 was I The estimated population and per capita supply of money No Nov 1 1901 1963 I Ii i were and kud respectively I The foreign commerce m in merchandise dIsc dise for the fiscal year ear 1901 showed a decrease of ot in imports and an increase e of in exports when Compared with the preceding P year Referring to tl the Russian sugar boun bonn bounty bounty I ty case ease the secretary says that he be took action because the agricultural and beet heet sugar interests of the country d mended that measure of protection which was intended to be afforded by bythe bythe bythe the tariff law He says the case will willnon now non no soon oon receive line fins determination and it is hoped by the department that the decision of ot the court may be con OR conclusive e and convincing as to the merits of ot this complicated question The laws Jaws relating to the exclusion of Chinese expire by limitation Imitation Un on May 5 i 1902 The reenactment of these laws either ither as they now stand or with modi modifications modifications furnishes an important sub subject jeet for investigation and appropriate action by If It the laws should be renewed or their provisions extend extended ed the department would be bt pleased to furnish a statement covering certain administrative betterments suggested by experience in their enforcement e Of the appropriation of for forthe forthe forthe the administration of the Chinese ex ox exclusion exclusion laws there was expended for salaries and expenses of officers deportation of prisoners 46 ml miscellaneous expenses total leaving a deficit of 4 7 Secretary Gage favors an American merchant marine Reduction of Revenue In discussing the proposition preposition pr po to re reduce reduce reduce duce the revenue the secretary says uCon Congress must be the final judge as to what wt at particular objects of tax taxation tion and in what degree reduction in rates tales shall shaH apply In my opinion it would be within conservative limits to reduce revenues to the extent of 50 As a first step in that diree direction direction tion I recommend for consideration the repeal of all aJl the miscellaneous ml taxes known as war ar taxes These items ex ox exclusive exclusive elusive of ot the increased tax on fer fermented fermented fermented liquors tobacco tea and mixed flour are estimated to produce 27 They are in their nature vex vexatious vexatious in some ome instances oppressive Jve and separately considered yield but small revenue Secretary Secre ry Gage criticises es the present pre ent hanking system declaring it was designed for fair weather and not for storms The evils III of or loans and de deposits deposits posits are severely commented upon Considerable space is given to a re review rev review view v of the he operations of individual banks ana anU reference is made to the suggestion 1 1 that protection against these e could be found in a large cen con central teal hank bank with It multiplied branches Secretary Gage concludes his report with a 8 review of the currency ques question lIOn tion in which the present system is defended ended and the note issuing function of I banks declared to be proper and le Ic legitimate mate within the entire limits of or safety rely |
