Show SECRETARY SHAWS REPORT The report of Secretary Shaw shows a magnificent amid Increasing revenue enjoyed by the t Government after the war trjxes havo all been abated and the burdens ao adjusted as not to be oppressive on tiny one With the present pres-ent revenue laws in force the Secretary Sec-retary reports a revenue of 56S33262SO ror the past fiscal year which ended June 30th last and an expenditure off of-f > t1303S90 15 which left a surplus of 902S7375DO The receipts decreased SL49902oO4n as compared l with the previous year and the expenditures decreased de-creased 3S77C49551 For the present llscnl year which ends June 0th next the revenues arc estimated at C91020030 the expenditures expendi-tures at SG31020GJO leaving a surplus of J 13000000 The added expenditures of this year over last are probably chiefly chargeable to the J40MOOOO to be paid between now and next March lo the Panama canal coin pan y For the coming fiscal yean which begins be-gins July 1st next the receipts are estimated esti-mated at J72D7G7CGI and the expenditures expendi-tures at 567795677630 leaving a surplus of 518l0bb770 The Secretary recommends specific legislation l on the subject of the redemption re-demption of our silver coinage in gold which has been held to be authorized under existing law but which Secretary Secre-tary Shaw prefers to have In express enactment If I It Us I to be done rather than have the process rest In inference or Interpretation and he thinks that the treasury would be In less danger from a specific authorization than under un-der existing laws The treasury now supplies all Llie gold called for and this call would not be likely to be increased In-creased by adding silver coins to the forms of money upon which gold could be drawn If all forms of money were expressly made the equivalent of gold there would be no hoarding and the tax on the treasury would be lessened rather than Increased If that were done then it might be provided that the national banks must redeem their notes In gold thereby jJ ttlng upon them a povtlon of the obligation now borne by the treasury alone The argument ar-gument of the Secretary this point is able and will probably be approved by the iinnnelal world On the banking question the Secretary Secre-tary calls attention to the failure of the banks to issue 1 new currency oven when solicited and encouraged 1 to do so He hercforc r nitn the alternative ariuuiGly either the national debt must be perpetuated as a basis for banking 01 else the banks must be allowed al-lowed to use other ccnritlcn for their currency Jssucs The former nroposl Hon in I not lo bo thought of the people will not consent to make the public < debt perpetual merely that the bunks may have the bonds to issue 1 currency on It will be the duty of Congress to act on the second alternative The Secretary sees no objection to the l8ie 1 of circulation based on generalcredits and he pees no advantage in the attempt at-tempt to perpetuate the use of Government Gov-ernment bonds for this purpose A gcncml Increase In bank circulation Is imtferutlvf but the ISHUQ of currency to the amount of the banks capital is not approved anti neither is the branch bank nrouosltlon The SXretlllY thinks that the public I moneys might advantageously be deposited de-posited when the surplus Is large In approved banks without security and this would relieve a money stringency and help business by putting the money in the channels of trade Secretary Shaw already enjoyed a high repute as a financier this report will add to that fame his recommen b v s datlonn arc conservative and wise his exhibit of the finances Is able and clear It is a sound strong report |