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ANNUAL REPORT OF THE

Secretary of the Treasury
ON THE STATE OF THE
FINANCES
FOR THE FISCAL YEAR
ENDED JUNE 30

1908

With Appendices

WASHINGTON
GOVERNMENT PRINTING OFFICE
1908







TREASURY DEPARTMENT,

Document No. 2523.
Secretary.

4-6^0

coN"TE;:NrTS.
Page.
1

R E C E I P T S AND D I S B U R S E M E N T S . ,

Receipts, fiscal year 1908
Disbursements, fiscal year 1908

1
2

CONDITION OF THE T R E A S U R Y , J U N E 30, 1908
COMPARISON OF R E C E I P T S , FISCAL* Y E A R S 1907 AND 1908
COMPARISON OF DISBURSEMENTS, FISCAL Y E A R S 1907 AND 1908
ESTIMATED R E V E N U E S AND E X P E N D I T U R E S , FISCAL Y E A R 1909
ESTIMATED R E V E N U E S , FISCAL. Y E A R 1910
ESTIMATES OF. APPROPRIATIONS, FISCAL Y E A R 1910
R E P O R T S OF B U R E A U S AND OFFICES
OPERATIONS OP THE TREASURY
L O A N S AND CURRENCY
PUBLIC M O N E Y S
SUMMARY OF FINANCIAL OPERATIONS OF THE TREASURY FROM JULY 1, 1901, TO
JULY 1, 1908
NATIONAL B A N K S

Bank examinations

30

New vault

40

OPERATIONS OF THE MINT

41

Earnings and expenditures
Mint service
•
Production of gold and silver and consumption in the industrial arts
Purchases of silver
•
" New designs for coins
Numismatic collection
/
ENGRAVING AND. PRINTING
SECRET SERVICE
DISTRICT OP COLUMBIA
STATE B O N D S AND STOCKS O W N E D BY THE U N I T E D STATES
CENTRAL PACIFIC AND WESTERN PACIFIC D E B T
TERRITORY OF H A W A I I
INTERNAL R E V E N U E

Denatured alcohol

'.

CUSTOMS ADMINISTRATION

41
42
42
42
43
44
44
47
48
49
49
49
49

51
52

:

PUBLIC BUILDINGS

Legislation
Statement of buildings
Statements of appropriations for public buildings, July 1, 1907, to June
30, 1908
Expenditures during the fiscal year
Contract liabilities existing on June 30, 1908
Balances available on June 30, 1908
,
Sites for new buildings in the District of Columbia
Branch post-office at New York
:




16
23

28

AMENDMENT OF THE NATIONAL BANKING L A W S

Customs receipts
Former recommendations
Sudden changes unjust
Uniformity necessary
Mail importations
New baggage regulations
Limoges china agreement:
Foreign chambers of commerce
Enforcement of the pure-food law
Court of customs appeals

3
5
6
10
10
11
12
12
15
16

53
53
54
54
55
55
55
56
58
.58
59

61
61
61
61
61
62
62
62

IV -

CONTENTS.
Page.
63

PUBLIC H E A L T H AND MARINE-HOSPITAL SERVICE

Bureau of Public Health
Plague in San Francisco and vicinity
Plague in Seattle, Wash
Plague in other countries
Yellow fever
Cholera
Smallpox
Rabies
Investigation of typhoid fever in the District of Columbia
Leprosy Investigation Station, Molokai, Hawaii
Supervision over the manufacture and sale of viruses, serums, and toxins.
Standardization of tetanus antitoxin
The Hygienic Laboratory
Sanitary conferences
International sanitary conventions
International Congress on Tuberculosis
National" quarantine
Medical inspection of immigrants
Sanitary bulletins and reports
Marine hospitals and relief
Personnel
i
Expenditures
Legislation

63
63
64
64
65
65
65
65
65
65
66
66
66
66
67
67
67
68
69
69
69
70
70

R E V E N U E - C U T T E R SERVICE

71

Vessels.
Legislation
Transfer of Fort Trumbull
LIFE-SAVING SERVICE.
,
JAMESTOWN E X P O S I T I O N .
D O U B L E - E N T R Y S ^ S T E M OF BOOKKEEPING
DISBURSING OFFICERS
SURETY B O N D S
PRINTING AND BINDING
STATIONERY
HALL OF RECORDS
SEPARATE BUILDING FOR AUDITORS
REDUCING UNNECESSARY MOVEMENTS OF GOLD
T H E REGULATION OF THE BUDGET
ECONOMIES IN ADMINISTRATION
REVISION OF THE T A R I F F
CURRENCY LEOISLATTON

72
72
72

•

:

73
75
78
78
79
^80
81
82 "
83
84
86
88
89
89

Tables accompanying ihe report.
TABLE A.—Statement of the outstanding principal of the public debt of the
United States June 30, 1908
:
TABLE B.—Statement of the outstanding principal of the public debt of the
United States on the 1st of January of each year from 1791 to 1843,
inclusive; and on the 1st of July of each year from 1843 to 1908,
inclusive
TABLE C.—Analysis of the principal of the public debt of the United States
from July 1, 1856, to July 1, 1908
TABLE D.—Statement of the issue and redemption of loans and Treasury notes
(by warrants) for the fiscal year ended June 30, 1908
TABLE E.—Statement showing the purchase and redemption of bonds on account of the sinking fund during each fiscal year from its institution in May, 1859, to and including June 30, 1908
TABLE F.—Sinking-fund account for fiscal year 1908
TABLE G.—Population, net receipts, and net disbursements of the Government
from 1837 to 1908, exclusive of postal, and per capita of the receipts and per capita of disbursements
TABLE H . — I n t e r n a l and customs receipts and expenses of collecting from 1858
to 1908




93

107
108
112
113
122
123
124

CONTENTS.

V
Page.

TABLE

TABLE
TABLE
TABLE
TABLE
TABLE
TABLE

TABLE

I.--Statement showing the receipts and disbursenients of the Government by months; the legal-tender notes, net gold, and available
cash in the Treasury at the end of each month; the monthly
redemption of legal-tender notes in gold, and the imports and
exports of gold from July, 1896, to June, 1908, inclusive
J.—Statement of receipts of the United States from March 4, 1789, to
June 30, 1908, by calendar years to 1843 and by fiscal years
(ended June 30) from that time
<
K.—Statement of disbursements of the United States from March 4,1789,
to June 30, 1908, by calendar years to 1843 and by fiscal years
(ended June 30) from that time
L.—Comparative statement of receipts and expenditures of the PostOffice Department from July 1, 1836, to June 30, 1908, as shown
by report of the Auditor for the Post-Office Department
M.—Statement of the coin and paper circulation of the United States
from 1860 to 1908, inclusive, with amount of circulation per
capita
N .—Statement of United States bonds and other obligations received and
issued by the office of the Secretary of the Treasury from November 1, 1907, to October 31, 1908
0.—Statement showing the aggregate receipts, expenses, average number of persons employecl, and cost to collect internal revenue in
the several collection districts during the fiscal year ended June
30, 1908
P.—Statement of customs business for the fiscal year ended June 30,
1907

R E P O R T OF THE T R E A S U R E R

i...

130
134
138
139
140

140
142

146-278

Revenues and expenditures for 1907 and 1908
Revenues and expenditures for the first quarter of 1908 and 1909
Receipts and disbursements on account of the Post-Office Department
Transactions in the public debt
The public debt, 1907, 1908, and first quarter of 1909
Payment of Spanish indemnity certificates
Purchase of certificates of indebtedness
Redemption of the funded loan of 1907
The panic of 1907 and measures of relief
The reserve and trust funds
Redemption of notes in gold
State of the Treasury, general fund—cash in the vaults
Net available cash balance, 1896 to 1908
Gold in the Treasury from 1897
^
Bonds held as security for national-bank circulation and deposits
Withdrawal of bonds to secure circulation
National banks designated as depositaries
Classification of depositaries by States and sections
Public deposits in national banks
Unavailable funds of the General Treasury
The monetary stock, 1907, 1908, and first quarter of 1909
Ratio of gold to total stock of money
Money in circulation
Circulation and population
Condition of the United States paper currency
United States notes
Treasury notes of 1890
Gold certificates
"...
Silver certificates
'
Changes in denominations during fiscal year 1908
Denominations outstanding September 30, 1908
Ratio of small denominations to all paper
Demand for small notes
Cost of paper currency
Average life of paper currency
Paper currency prepared for issue and amount issued
Paper currency redeemed. .1
Standard silver dollars
Subsidiary siiver coin
."




125

149
150=
150
151
151
152
152
152
153
154
154
15515(>
157
158
159
159
159
160
166
166168
168
169
169
170'
170
171
171
172"
172
173
173173
174
175'
177
178179'

VI

CONTENTS.

K E P O R T OP THE TREASURER—Continued.

Minor coins
Transfers for deposits in New York—money for moving the crops
Gold deposits in mints and assay offices, 1906, 1907, and 1908
Accumulation of gold at San Francisco
Shipments of currency from Washington, 1907 and 1908
The recoinage, 1907 and 1908
Redemption and exchange of all kinds of money
Redemption of national-Jbark notes
Spurious issues detected in the fiscal year
Special trust funds and changes therein during the fiscal year
District of Columbia sinking fund

Tage.

179
181
185
185
185
186
186
187
188
188
189

Tables accompanymg report of the Treasurer.
No. 1.—Revenues and expenditures for the fiscal year 1908
No. 2.—Net ordinary revenues and expenditures for each quarter of the
fiscal year 1908
No. 3.—Receipts and expenditures on account of the Post-Office Department for the fiscal year 1908
No. 4.—Post-Office Department warrants issued, paid, and outstanding
for the fiscal year 1908
No. 5.—Receipts and disbursements of each kind of money on all accounts
at the Treasury, in Washington, for the fiscal year 1908.
..
No. 6.—Receipts and disbursements of each kind of money on all accounts
at the subtreasury in Baltimore for the fiscal year 1908
No. 7.—Receipts and disbursements of each kind of money on all accounts
at the subtreasury in New York for the fiscal year 1908
....
No. 8.—Receipts and disbursements of each kind of inoney on all accounts
at the subtreasury in Philadelphia for the fiscal year 1908
No. 9.—Receipts and disbursements of each kind of money on all accounts
at the subtreasury in Boston for the fiscal year 1908
No. 10.—Receipts and disbursements of each kind of money on all accounts
at the subtreasury in Cincinnati for the fiscal year 1908
No. 11.^Receipts and disbursements of each kind of money on all accounts
at the subtreasury in Chicago for the fiscal year 1908
No. 12.—Receipts and disbursements of each kind of money on all accounts
at the subtreasury in St. Louis for the fiscal year 1908
No. 13.—Receipts and disbursements of each kind of money on all accounts
at the subtreasury in New Orleans for the fiscal year 1908
N^o. 14.—Receipts and disbursements of each kind of money on all accounts
at the subtreasury in San Francisco for the fiscal year 1908
No. 15.—Total receipts and disbursements ot each kind of money on all
accounts at the Treasury offices for the fiscal year 1908
No. 16.—Assets and liabilities of the Treasury offices, June 30, 1908
No. 17.—Assets of the Treasury in the custody of mints and assay offices,
June 30, 1908
,
:
No. 18.—General distribution of the assets and liabilities of the Treasury..
No. 19.—Distribution of the General Treasury balance, June 30, 1908
No. 20.—Available assets and net liabilities of the Treasury at the close of
June, 1907 and 1908
No. 21.—Assets and liabilities of the Treasury in excess of certificates and
Treasury notes at the close of June, 1907 and 1908
No. 22.—Unavailable funds of the Treasury and Post-Office Department..
No. 23.—Estimated stock of gold coin and bullion, the amount in the
Treasury, and the amount in circulation at the end of each
month from January, 1902
No. 24.—Estimated stock of silver coin, the amount in the Treasury, and
the amount in circulation at the end of each month, from January, 1902; also silver, other than stock, held in the Treasury..
No. 25.—United States notes. Treasury notes, and national-bank notes
outstanding, in the Treasury, and in circulation at the end of
each month, from January, 1902.
No. 26.—Gold certificates and silver certificates outstanding, in the Treasury, and in circulation at the end of each month, Irom January,
1902




191
191
192
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
206
207
207
208
209
213
217
221

CONTENTS.
R E P O R T OP THE TRE.\SURER—Continued.

VII
Tage.

No. 27.—Estimated stock of all kinds of money at the end of each month,
from January, 1902
225
No. 28.—Estimated amount of all kinds of money in circulation at the end
of each month, from January, 1902
226
No. 29.—Assets of the Treasury other than gold, silver, notes, and certificates at the end of each month, from January, 1902
227
No. 30.—Assets of the Treasury at the end of each month, from January,
1902
228
No. 31.—Liabilities of the Treasury at the end of each month, from January,
1902
229
No. 32.—United States notes of each denomination issued, redeemed, and
outstanding at the close of each fiscal year, from 1902
230
No. 33.—Treasury notes of 1890 of each denomination issued, redeemed, and
outstanding at the close of each fiscal year, from -1902
232
No. 34.—Gold certificates of each denomination issiied, redeemed, and outstanding at the close of each fiscal year, from 1902
233
No. 35.—Silver certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1902
234
No. 36.—Amount of United States notes. Treasury notes, gold and silver cer- "
tificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1902
235
No. 37.—Amountof paper currency of each denomination outstanding at the
close of each fiscal year, from 1902
237
No. 38.—Old demand notes of each denomination issued, redeemed, and
outstanding June 30, 1908
238
No. 39.—Fractional currency of each denomination issued, redeemed, and
outstanding June 30, 1908
239
No. 40.—Compound-interest notes of each denomination issued, redeemed,
and outstanding June 30, 1908
239
No. 41.—One and two year notes of each denomination issued, redeemed,
and outstanding June 30, 1908
239
No. 42.—United States paper currency of each class, together with oneand
two year notes and compound-interest notes issued, redeemed,
and outstanding June 30, 1908
239
No. 43.—United States notes and Treasury notes redeemed in gold, and imports and exports of gold during each month^ from January, 1902 " 240
No. 44.—United States notes and Treasury notes redeemed in gold, and imports and exports of gold during each fiscal year, from 1 8 9 5 . . . .
241
No. 45.—Treasury notes of 1890 retired by redemption in silver dollars, and
outstanding, together with the silver in theTreasury purchased
by such notes, for each month, from January, 1902
241
No. 46.—Transactions between the subtreasury and clearing house in New
York during each month, from January, 1902
242
No. 47.—Amount of each kind of money used in settlement of clearinghouse balances against the subtreasury in New York during
each month, from January, 1902
243
No. 48.—Shipments of silver coin from each office of the Treasury and
Mint, from July 1, 1885
245
No. 49.—Shipments of silver coin from the Treasury offices and mints during
each fiscal year, from 1895, and charges thereon for transportation
245
No. 50.—Balance in the Treasury, amount in Treasury offices, and amount
in depositary banks, from 1789 to 1908
246
No. 51.—National banks designated depositaries of public moneys, with the
balance held by each September, 30, 1908
248
No. 52.—Number of national banks with semiannual duty paid, by fiscal
years, and number of depositaries with bonds as security, by
fiscal years.
263
No. 53.—Average amount of national-bank notes in circulation, and amount
of duty paid thereon, during the fiscal year 1908, by national
banks, in each State and Territory
263
No. 54.—Receipts and disbursements of public moneys through nationalbank depositaries, b y fiscal years, from 1895
264
No. 55.—Seven-thirty notes issued, redeemed, and outstanding June 30, ^
1908
264




VIII

CONTENTS.

R E P O R T OF THE TREASURER—Continued.

Tage.

No. 56.—Coupons from United States bonds and interest notes paid during
the fiscal year 1908, classified by loans
No. 57.—Checks issued for interest on registered bonds during the fiscal year
1908
No. 58.—Interest on 3.65 per cent bonds of the District of Columbia paid
during the fiscal year 1908
No. 59.—Refunding certificates issued under the act of February 26, 1879,
converted into bonds of the funded loan of 1907, purchased, redeemed, and outstanding
No. 60.—Public debt at the close of June, 1907 and 1908, and changes during the year
No. 61.—United States bonds retired, from May, 1869, to June 30, 1 9 0 8 . . . .
No. 62.—Bonds and other securities retired for the sinking fund during the
fiscal year 1908, and total from May, 1869
No. 63.—Public debt, exclusive of certificates and Treasury notes, at the
end of each month, from January, 1902
No. 64.—Lawful money deposited in the Treasury each month of the fiscal
year 1908 for the redemption of national-bank notes
No. 65.—Disbursements from redemption accounts of national banks each
month of the fiscal year 1908
No. 66.—National-bank notes received for redemption from the principal
cities and other places each month of the fiscal year 1908, in
thousands of dollars
No. 67.—National-bank notes outstanding at the end of each month, and
monthly redemptions, from January, 1901
No. 68.—Redemptions and deliveries of national-bank notes each month
of the fiscal year 1908
No. 69.—Redeemed national-bank notes delivered from the Treasury each
month of the fiscal year 1908
No. 70.—Assets and liabilities of the 5 per cent redemption fund of national
banks at the end of each month of the fiscal year 1908
No. 71.—National-bank notes received for redemption from the principal
cities and other places, by fiscal years, from 1895, in thousands
of dollars
Np. 72.—Result of the count of national-bank notes received for redemption, by fiscal years, from 1895
No. 73.—Disposition made of the notes redeemed at the National Bank Redemption Agency, by fiscal years, from 1895
No. 74.—Mode of payment for notes redeemed at the National Bank Redemption Agency, by fiscal years, from 1895
No. 75.—Deposits, redemptions, assessments for expenses, and transfers
and repayments on accoimt of the 5 per cent redemption fund
of national banks, by fiscal years, from 1895
No. 76.—Deposits, redemptions, and transfers and repayments, on account
of national banks failed, in liquidation, and reducing circulation, by fiscal years, from 1895
No. 77.—Expenses incurred in the redemption of national-bank notes, by
fiscal years, from 1895.
No. 78.—General cash account of the National Bank Redemption Agency
for the fiscal year 1908, and from July 1, 1874
No. 79.—Average amounts of national-bank notes redeemable and amounts
redeemed, by fiscal years, from 1895
No; 80.—Percentage of outstanding national-bank notes redeemed and
assorted each fiscal year, from 1899, by geographical divisions..
No. 81.—Average amount of national-bank notes outstanding, and the redemption, by fiscal years, from 1875
No. 82.—Changes during the fiscal year 1908 in the force employed in the
Treasurer's office
No. 83.—Appropriations made for the force employed in the Treasurer's
office, and salaries paid during the fiscal year 1908
REPORT OF THE DIRECTOR OF THE MINT

Operations of the year
New designs for gold coinage
The Biglow-Pratt designs for the half-eagle and quarter-eagle
Medal department at mint at Philadelphia
Cost of coinage, 1908, as shown by the cost reports.




264
265
265
265
266
267
268
269
270
270
270
271
271
272
272
272
273
273
274
274
227
276
276
276
277
278
278
278

279-407

279
279
280
, 281
281

CONTENTS.
R E P O R T OF THE DIRECTOR OF THE MINT—Continued.

IX
,

Life of coinage dies
'
Electrolytic refining
Enlargement of assay office at New York
Improvements in melting
Restoration of the motto '' In God we trust '•
*
.
Assay office at Salt Lake City
Use of cupric chloride in toughening brittle ingot melts
United States gold coin in Canada
i
Deposits of gold bullion
Deposits and purchases of silver.
,
Recapitulation of gold and silver deposits
Deposits of gold since 1873
Deposits of silver since 1885..
Coinage of the United States!
— ;
Recoinage of standard silver dollars
Recoinage of uncurrent silver coin
Coinage of the United States, weight and value since 1873
Coinage for Philippine Islands
Recoinage of Philippine coins
Weight and fineness of Philippine coins
Coinage for Mexico
'.
Recoinage of Hawaiian coins
Bars manufactured
Work of Government refineries
Purchases of silver
Balances of silver bullion
The market price of silver
Distribution of silver dollars
Seigniorage on silver coinage
Appropriations and expenditures
Earnings and expenditures of refineries
Appropriations and expenditures of the office of the Director of the Mint,
fiscal year 1908
*.
Earnings and expenditures, mints and assay offices
Classified statement of expenditures
Laboratory of the Bureau of the Mint
Proceedings of the assay commission, calendar year 1907
Operations of the mints of the United States
Philadelphia, Pa
San Francisco, Cal
New Orleans, La
Denver, Colo
Operations of the assay offices:
NewYork
'.
Carson,.Nev
Boise, Idaho
Helena, Mont
Charlotte, N. C . :
:
St. Louis, Mo
Deadwood, S. Dak
Seattle, Wash
Percentage of loss in melting
Summary of operations.
1
^
Bullion operations, legal allowance, and wastage, fiscal year 1908
Ingots made and coin condemned
W^astage and loss on sale of sweeps
".
Receipts and disposition of gold bullion, 1908
Balances, receipts, and disbursements
Cost of maintenance
Freight charges on bullion and coin
Movement of gold from port of New York.
Net exports United States gold coin
".
Stock of money in the United States.
t
Stock of gold and silver in the United States since 1873
;
World's stock of money December 31, 1907
,.
'
Gold and silver used in the industrial arts in the United States, 1907. ... .




Page.

281
282
282
283
283
284
284
284
284
286
288
288
288
290
290
290
291
291
292
292
292
292
293
293
294
297
298
298
298
299
300
301
302
302
302
303
306
306
312
317
321
324
327
327
328
328
329
329
330
332
332
332
334
334
335
336
336
336
337
338
338
340
341
344

X

CONTENTS.

R E P O R T OF T H E DIRECTOR OP T H E MINT—Continued.

Tage.

Exchange.of. gold bars for gold coin
World's industrial consumption of precious metals, 1907
Production of gold and silver in t h e United States in 1907
World's coinage, 1905, 1906, and 1907
World's coinage, 'by calendar years, since 1873
Foreign coins melted b y certain countries
United States coins imported and melted by various countries
Recoinages of the world
Value of foreign coins
Monetary statistics of foreign countries
Experiments in refining by air blast
Adjusting scales
Use of cupric chloride in toughening gold ingots
Making nickel ingots and disposing of troublesome oxides
Accurate method for obtaining low grade contents in Dore bullion

347
347
347
348
349
349
350
350
351
353
354
356
357
357
358

Tables accompanying the report ofthe Director ofthe Mint.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

1.—Domestic production, deposits and purchases of gold, by weight.
360
2.—Domestic production, deposits and purchases of gold, b y value . . 362
3.—Domestic production, deposits and purchases of silver, by weight 364
4.—Domestic production, depo.sits and purchases of silver, by value.
366
5.—Bars manufactured,\by weight
.366
6.—Bars manufactured, by value
368
7.—Coinage fiscal year, 1908
368
8.—Uncurrent domestic coins, by denominations and face values,
received from the Treasury and purchased over the counter...
372
9.—Assets and liabilities, fiscal year 1908
374
10.—Earnings and expenditures, fiscal year 1908
: . . . 376
15.—Summary of imports and exports
378
16.—Transit and transshipment of gold and sih^^er
379
17.—Seigniorage on silver, fiscal year 1908
\ . 380
18.—Average price of an ounce of gold in London and equivalent value
in Unit»ed States since 1870
381
19.—Bullion value of the silver dollar at the annual average price of
silver from 1837
381
20.—Production of gold and silver in t h e Unitea States since 1792, by
years
382
21.—Coinage of nations, 1905, 1906, and 1907
383
22.—World's production of gold and silver, 1905, 1906, and 1907.
384
23.—Production of gold and silver in the world since 1493, fine ounces
and values
387
24.—Statements of expenditures, mints and assay offices, for supplies
1908
388
25.—Authority for coining, changes in weight and fineness, and amount
coined of each coin
394
26.—Coinage of the United States, from organization of mint
396

R E P O R T OF THE COMPTROLLER OF THE CURRENCY

:

409-494

Condition of national banks
Deposits, reserve and lawful money in bank
Classification of loans
Rates for money
- State bonds, etc., available as security for additional circulation
Capital stock of national banks
United States bonds, e t c .
National-bank circulation
Earnings and dividends of national banks
Expenses of national banks
Organization of national banks
Changes in titles of national banks
Extension of corporate existence of national banks
Liquidations.
:
National-bank examinations
State, savings, private banks, and loan and trust companies.
Consolidated returns from state, savings, private banks, and loan and trust
companies




409
413
414
418
418 .
421
422
423
426
426
427
432
433
433
435
438
439

CONTENTS.

XI

R E P O R T OF T H E COMPTROLLER OF T H E CURRENCY—Continued.

State banks
Savings banks of t h e United States.
Mutual savings banks
Stock savings banks
Mutual and stock savings banks
Interest rate paid b y savings banks
Private banks
Loan and trust companies
Capital stock of national and other banks
Individual deposits in banks of t h e United States
Money in banks of t h e United States
Distribution of money in the United States
Loans of national and other banks
Bank resources
:
Banks and banking in t h e island possessions
Philippines,
Agricultural banks
Postal savings banks
Porto Rico.
Hawaii
State and private bank failures
Growth of banking in t h e United States
Banking power of the United States
School savings banks
''
Building and loan associations
Clearing-house transactions
Clearing-house certificates
Foreign banks of issue
Foreign savings banks
Postal savings banks
Banking power of t h e world
Oklahoma deposit guaranty law
National bank legislation, 1908
Insolvent national banks
R E P O R T OF THE R E G I S T E R OF THE TREASURY

Page.

:

,

,.
'

495-517

Duties of t h e Register
Loans and currency, division of
New bonds received
Schedules of interest
Bonds issued
,
Four per cent bonds, funded loan of 1907, redemption of bonds canceled..
Bonds issued and canceled during last t e n years
Panama Canal loan
°.
.Philippine Islands and city of Manila bonds
Redemption of 4 per cent bonds, funded loan of 1907
Loan of t h e city of Manila
Loans of Philippine Islands,
Dividends of interest prepared on registered bonds
Unissued bonds on hand
Spanish indemnity certificates
Bonds delivered to committee for destruction
Summary statement showing disposition of bonds
Coupons delivered to committee for destruction
Packages received and sent
^
Notes, coupon, and currency, diyision of
Coupon bonds
Exchanged, redeemed, and transferred coupon bonds
i
Coupons.
'.
Place of payment, number, and amount of coupons received
Redeemed detached coupons received
Coupons on file June 30, 1908
Coupons received for registration, fiscal year 1894-95 to 1907-8
Currency
Difierent classes of notes received and destroyed
Old demand,notes, etc., received for count, etc
Gold certificates




441
441
442
443
443
446
446
447
448
448
452
454
456
456
457
457
458
460
460
461
461
463
470
470
470
472
472
474
475
477
477
478
481
488
495
495
496
496
497
498
499
499
499
499
499
499
500
501
502
502
502
503
503
503
503
504
505
505
505
508
508
509
509
511
511

XII

CONTENTS.

R E P O R T OF T H E R E G I S T E R OF T H E TREASURY^—Continued.

Tage.

Interest checks
Interest checks received
Place of payment, number, and amount of interest checks received
Redeemed interest checks on file June 30, 1908
Issue, redemption, and outstanding of old issues of the Government
Interest checks received, fiscal year 1894-95 to 1907-8
Redeemed vouchers on file June 30, 1908, classification, total number and
amount of
,.
Redeemed vouchers received, canceled, and destroyed to J u n e 30, 1908
R E P O R T OF T H E COMMISSIONER OF INTERNAL R E V E N U E

516
516

519-539

Receipts
Receipts in large tax-paying States and districts
Cost of collecting t h e internal revenues
Denatured alcohol
Production of denatured alcohol
Specially denatured alcohol
Completely denatured alcohol
Denatured alcohol distilleries
European investigation
Development of tlie use of denatured alcohol in t h e United States
Receipts for first three months, fiscal years 1908 and 1909 compared
Cost of collection
Expenditures from appropriation, "withdrawal of denaturalized alcohol".
Estimated expenses for next fiscal year
Salaries
Scale of salaries of collectors
Official force
Storekeepers, gaugers, etc
Internal-revenue receipts during t h e last two fiscal years compared
Withdrawals for consumption during t h e last two fiscal years compared..
Aggregate collections made and reported to t h e Commissioner of Internal
Revenue during t h e fiscal year 1908:
By collection districts
By States and Territories
.'
Amount of internal revenue collected in the several States, Territories, etc.,
that have been consolidated with other districts for t h e fiscal year 1908..
Receipts for the past ten fiscal years




511
511
512
514
514
514

519
519
522
522
523
524
525
525
525
528
529
531
531
531
532
532
533
534
534
536
537
538
538
539

ANNUAL REPORT ON THE FINANCES.
TREASURY DEPARTMENT,

Washington, D, C , December 7, 1908.
S I R : I have the honor to submit the "following report:
E E C E I P T S AND DISBURSEMENTS.

Fiscal year 1908
RECEIPTS:

(See details in table, p. 5.)

The receipts of the Government by warrants for the fiscal year
ended June 30, 1908, were:
From customs
$286,113,130.29
From internal revenue
251, 711,126. 70
From sales of public lands
9,731,560.23
From miscellaneous, including $7,983,414.52 trust
funds
^53, 570, 30L 31
—
:
$601,126,118.53
From postal revenues
191, 478,663.41
Total ordinary receipts, including postal
Public debt:
Gold certificates issued
Silver certificates issued
United States notes issued
Certificates of indebtedness issued
National bank-note fund
Panama Canal bonds issued
Premium thereon

792, 604,781. 94
$378,360,000.00
302, 356, 000.00
123, 610,000.00
15,436, 500.00
64,333,136.50
24, 631, 980.00
735, 788. 67

Total receipts on account of public debt

909,463,405.17

Aggregate of receipts, including public debt
Balance in Treasury by warrants June 30, 1907.

1,702,068,187.11
1, 610, 665,977. 69

Total account by warrants for the year 1908

3,312, 734,164.80

58716—FI 1908




1

2

REPORT ON T H E FINANCES.
DISBURSEMENTS.
*'

(See details in table, pp. G to 10.)

The disbursements by warrants for the fiscal year ended June 30,
1908, were—
For'civil establishment, including foreign intercourse, public buildings, collecting the revenues. District of Columbia, grants from the
Treai-sury for deficiencies in the postal revenues,
$12,888,040.94, and miscellaneous expenses, including payment of special funds and trust
funds
.•
$175,420,408.57
For military establishment, including rivers and
harbors, forts, arsenals, seacoast defenses,
Panama Canal, and expenses on account of war
with Spain and in the Philippines, and miscellaneous, including payment of special funds
and trust funds
175,840,452.99
For naval establishment, including construction
of new vessels, machinery, armament, equipment, improvement at navy-yards, expenses on
account of war with Spain and in the Philippines,
and miscellaneous, including payment of special
funds and trust funds
118,037,097.15
For Indian Service, including payment of special
funds and trust funds
14,579,755.75
(Trust-fund payments distributed in above
statement amount to $8,424,169.85.)
Forpensions.-:
153,892,467.01
For interest on the public debt
21,426,138. 21
: $659,196,319.68
For postal service out of the postal revenues, exclusive of grants
from the Treasury of $12,888,040.94 for deficiencies in the revenues charged in expenses of civil establishment
191,478, 663. 41
Total ordinary disbursements, including postal
Public debt redemptions:
Gold certificates
$236,821,000. 00
Silver certificates
303,783,000.00
Treasury notes of 1890
1,006,000. 00
United Statesnotes
.^.
123,610,000.00
Certificates of indebtedness
1, 250, 000. 00
Funded loan of 1907
33,060, 600.00
National-bank note fund
39,535,156.50
Miscellaneous redemptions
46,150. 00
Total disbursements on account of public debt
Aggregate of disbursements, including public debt
Balance in Treasury by warrants June 30, 1908

850, 674, 983. 09

739, 111, 906. 50
.

Total account by warrants for the year 1908

1, 589, 786,889. 59
1, 722, 947, 275. 21
3,312, 734,164.80

From the foregoing statements it appears that—
The ordinary receipts including postal were
The ordinary disbursements including postal were

$792, 604,781. 94
850,674,983.09

Excess of ordinary disbursements over ordinary receipts
The excess of receipts over disbursements on account of t h e public
debt were
„

170,351,498.67

Difference and net increase of Treasury balance for 1908, by
warrants

112, 281,297. 52




58,070,201.15

SECRETARY OP T H E TREASURY.
C A S H IN THE T R E A S U R Y , AS P E R

REPORT

OF T R E A S U R E R

3
OF U N I T E D

STATES

RECONCILBD WITH THE P R E C E D I N G W A R R A N T STATEMENT.

Cash in the Treasury June 30, 1907...»
Less liabilities
Cash in the Treasury June 30, 1908
Less liabilities

$1,690,263,414. 54
108,012,100.07
$1,582,251,314.47
1,814,626,382. 73
117,199,166. 00
1,697,427,216.73

Increase in cash, 19081

1

115,175,902.26

as follows:
Increase:
In coin trust fund accounts held for redemption of notes and
certificates i s s u e d . . . . ,
Decrease:
I n the available cash

142,066,000.00
26,890,097.74

Net increase in the cash for 1908....-

115,175,902.26

Eeeonciled with the warrant account as follows:
Moneys deposited in the cash, b u t not covered
by warrants at the close of the year:
On June 30, 1908
$4,299,463.61
On June 30, 1907
1,434, 381. 78
• Difference of uncovered moneys June 30,1908.
.Decrease of unavailable items in 1908

2,865,081. 83
29,522. 91
2,894,604. 74

Agreeing with the increase of Treasury balance for 1908, b y
warrants

112,281,297. 52

The securities redeemed on account of the sinking fund were as
follows:
Fractional currency
One-year notes of 1863
Compound-interest notes
Refunding certificates
Funded loan of 1907
Certificates of indebtedness
Loan of 1904
Funded loan of 1891
Funded loan of 1881

:.

Total

$1,180.00
30.00
40.00
4,350.00
33,060,600.00
1,250,000.00
24,200. 00
2,100.00
100.00
34,342, 600. 00

CONDITION OF THE TREASURY, J U N E 30,

1908.

The public debt of the United States at the close of the fiscal year,
as stated in the debt statement of June 30, 1908, is set forth in detail,
as follows:
Interest-bearing debt:
Loan of 1925, 4 per cent
Loan of 1908-1918, 3 per cent
Consols of 1930, 2 per cent
Panania Canal loan, 2 per cent
Certificates of indebtedness, 3 per cent




$118,489,900.0®
63,945,460.00
646,250,150.00
54, 631,980.00
14,186,500.00
—

$897,503,990.00

4

. REPORT ON T H E FINANCES.

Debt on which interest has ceased:
Funded loan of 1891
Loan of 1904
Funded loan of 1907
Refunding certificates
Olddebt

\
1..

$56,500.00
72,600.00
3,065,550.00
18,270.00
917,095.26
$4,130,015. 26

Debt bearing no interest: ^
United States notes (greenbacks)
National-bank notes, redemption account..
Old demand notes
Fractional currency

346,681,016.00
72,459,284. 50
53,282.50
6,862, 814. 28
426,056, 397. 28

Total interest and noninterest-bearing debt
Certificates and notes issued on deposits of coin
and silver bullion:
Gold certificates
«$819,783,869.00
Silver certificates
474,350,000.00
Treasury notes of 1890
4,982,000.00

1,327, 690,402. 54

'
1,299,115,869.00

Total debt June 30, 1908

«2, 626,806, 271.54

CASH IN THE TREASURY, J U N E 30,

1908.

[]Proni revised figures.]

Reserve fund:
Gold coin and bullion
Trust funds held for redemption of certificates
and Treasury notes:
Gold coin
Silver dollars
:...
Silver dollars of 1890
General fund:
Gold coin and bullion
Gold certificates
Silver certificates
Silver dollars
Silver bullion
. United Statesnotes
Treasury notes of 1890
National bank notes
Subsidiary silver coin
Fractional currency
Minorcoin

'

'

$150,000,000.00
$822,923,869.00
474,350,000.00
<
>
4,982, 000.00
• 1,302,255,869.00
31,964,813.18
39,947, 250.00
9,071,295.00
12,599,155.00
6,096, 247.10
7,284,694.00
18, 470.00
66,685,237.00
23,177, 617. 98
141. 34
3,164,306.36
200,009, 226. 96

I n national bank depositaries:
To credit of Treasurer of United States
To credit of United States disbursing officers.

149,004,924.29
11,352,075.41
160,356,999.70

I n treasury of Philippine Islands:
To credit of Treasurer of United States
To credit of United States disbursing officers.
Awaiting reimbursement, bonds and interest paid
Total cash

589,906.13
1,381,160.03
1,971,066.16
33,220. 91
1,814,626,382.73

« Exclusive of $3,140,000 gold certiflcates issued June 30, 1908, but not covered by warrant until after close of the fiscal year.



SECRETARY OF THE TREASURY.
Liabilities:
Gold certificates outstanding
Silver certificates outstanding
Treasury notes of 1890 outstanding

5

$822,923,869.00
474,350,000.00
4,982,000.00
1,302, 255, 869.00
22,922, 955.48
12,196,420. 58
65,933, 578. 31
6, 799, 639. 31
9, 346, 572. 32

National bank 5 per cent fund
Warrants and checks outstanding
Disbursing officers' balances
Post-Office Department account
Miscellaneous items
Total liabilities
Balance on hand:
Reserve fund
Available cash

.o.......$1,419,455,035.00
150,000,000.00
245,171, 347. 73

Total

395,171, 347. 73

/.... 1,814, 626, 382. 73
COMPARISON OF RECEIPTS, FISCAL YEARS 1907
Object.

1907.

1908.

AND

1908.

Increase.

Decrease.

$332,233, 362.70 $286,113,130.29
$46,120,232.41
Customs
269,666, 772.85 251,711,126.70
Internal revenue
17,955,646.16
7,878, 811.13
9,731,560.23 $1,852,749.10
Sales of public lands
2,128,292.14
11,223,336.62
Profits on coinage, bullion deposits, etc... 9,095, 044. 48
928, 511.10
607,004.18
321,506.92
Customs fees, fines, penalties, etc
2,d51, 605.50
2,888,721.19
237,115.69
Tax on national banks
Part payment Central Pacific Railroad
5,098,227.41
5,374, 035.81
275,808.40
indebtedness
1,042, 249.26
135,503.44
1,177,752.70
Payment of interest by Pacific railways..
Reimbursement by Jamestown Exposi62, 046.43
7,953.57
60,000.00
tion Co
256,219.32
653, 615.33
397,396.01
Sales of brdnance material, etc
Navy pension, navy hospital, and cloth2,033,535.65
616,856.82
ing fimds
2,650, 391.47
30,679.62
5,222, 994.92
Fees—(jonsular, letters patent, and lands.
5,192, 315.30
141, 879.73
142,760.02
Depredations on public lands
284, 629.75
153, 106.90
4,989.80
Tax on sealskins, and rent of fox islands..
148, 117.10
3,388,894.57
610,177. 58
Immig:rant fund
2,778, 716.99
150, 187.15
117,813.65
Naturalization fees
32, 373.50
1,892,329.68
322,736.55
Forest reserve fund and cooperative fund..
1,569, 593.13
220, 157.89
63,006.77
Alaska fund, license fees, etc
167, 151.12
87i: 979.73
Judicial fees, fines, penalties, etc
1,098, 290.39
226,310.66
Sales of government property
1,608, 420.04
1,329! 791.52
278,628.52
278, 028.28
Sales of lands and buildings
373, 180.59
95,162.31
6,062; 970.96
231,563.14
District of Columbia
5,831, 407.82
1,013, 606.36
Chinese indemnity
1,438, 841.36
425,235.00
Dividends on Panama Railroad stock,
84,130.87
subsidy, rentals, etc
339,710.25
255,579.38
Proceeds of town sites, Reclamation Serv48,670.94
ice..
535.00
12,864.06
61,
125,721.16
Sale of town lots, Oklahoma
125, 721.16
68,696.08
Recording fees
90, 502.55
31,806.49
•977,
1,131,781.23
Miscellaneous
153,911.27
TRUST FUNDS.

Department of State:
Miscellaneous trust funds
Treasury Department:
Spginish indemnity interest
Spsinish indemnity prmcipal
South Carolina school fund
Fund for education of the blind
War Department:
Anny deposit fund
SoLIiers' Horae permanent fund
Miscellaneous trust funds
Navy Department:
Navy deposit fund
Marine Corps deposit fund
Interior Department:
Deposits for surveying public lands.
Outstanding liabilities, lands
Proceeds of Indian lands
Indian moneys, proceeds of labor
Miscellaneous trust funds




63,545.96

96,419.74

32,873.78

28,500.00

28,500.00
570,000.00
51,000.78
252,527.17

570,000.00
48,981.58
262,527.17

2,019.20
1,397,268.99
556,455.00

1,653,632.27
438,312.10
95.15

256,363.28

476,802.50
100.00

511,147.50
8,759.90

34,345.00
8,659.90

189,273.28
13,320.87
3,152,657.65
2,563,629.00
1,081.90

274,047.00
8,617.31
1,947,555.41
1,624,654.67
3,624.70

84,773.72

118,142.90
95.15

4,703.66
1,205,102.24
938,974.33
2,642.80

6

REPORT ON T H E FINANCES.
COMPARISON OP RECEIPTS, FISCAL Y E A R S 1907 AND 1908—Continued.
1907.

Object.

1908.

Increase.

Decrease.

TRUST FUNDS—continued.
Department of Commerce and Labor:
Miscellaneous trust funds
District of Columbia:
Miscellaneous trust fund deposits
Washington redemption fund
Police and firemen's relief funds
Other trust funds

$502.27

$502.27

$207,970.03
92,201.72
112,603.20
22,213.65

291,306. 49
91,779.35
107,107. 68
23,825.13

83,336.46

663,140,334.05
183,585,006. 57

601,126,118. 53
191,478,663.41

Total receipts, exclusive of public
846,725,339.62
debt
Public debt issues, including premium... 811,783,371.95

792,604,781.94
909,463,406.17

Total ordinary receipts
Postal revenues

$422.37
6,496.62

1,611.58

7,347,235.88 69,361,451.40
7,893,667.84
16,240,893.72
97,680,033.22

69,361,451. 40

Total receipts, including public debt 1,658,508,711.67 1,702,068,187.11 112,920,926.94

69,361,451.40

COMPARISON OF DISBURSEMENTS, FISCAL Y E A R S 1907 AND 1908.
1907.

1908.

$1,638,365.34
3,907,691.23
138,292.62
5,395,278.71
686,428.36
; 29,811.04
66,657.00

$1,801,049.82
4,726,083.99
167,846.69
6,394,810.82.
613,609.68
29,701.22
66,784.30

$162,684.48
818,392.76
19,554.07
999,532.11
27,181.32

11,762,424.20

13,788,886.42

2,027,344.74

?52,031.43
235,363.48

166,460.95
238,062.55

14,429. 62
2,699.07

387,394.91

404,623.50

17,128.59

Object.

Increase.

Decrease.

CrVIL ESTABLISHMENT.

Legislative:
Senate
House of Representatives
Legislative, miscellaneous
Public Printer
Library of Congress
Botanic Garden
Court of Claims
Total legislative
Executive proper:
Salaries and expenses
Civil Service Commission.
Total executive proper
Department of State:
Salaries and exp'Snses
Foreign intercourseDiplomatic salaries
Consular salaries
Contingent expenses of foreign
missions
Contingencies of consulates
Emergencies arising in the diplomatic and consular service
International B ureau of American
Republics—building
Miscellaneous items
Trust funds
,Total State Department
Treasury Department:
Salaries and expenses
Independent Treasury
Mints and assav offices
Territorial governments
Salaries, etc., internal revenue
Miscellaneous, internal revenue
Collecting customs revenue
Refunding excess of deposits, customs.
Judgments, Court of Claims—refund
of duties on steel blooms
Debentures or drawbacks, customs
Miscellaneous items, customs
Revenue-Cutter Service
New revenue vessels
Special repairs to revenue steamers
Public Health and Marine-Hospital
Service




• $109 82
772 70
882.52

455,268.12

444,345.07

10,923.05

784,091.78
1,148,918.86

675,707 78
1,357,675.05

208,656.19

108,384.00

214,957.67
325,164.20

270,216.93
361,320.40

55,259.26
26,166.20

80,840.93

81,168.16

327.23

200,000.00
397,423.80'
70,696.47

484,467.29
80,771.94

87,033.49
10,076.47

3,677,360.83

3,746,562.62

387,508.84

3,973,673.22
771,749.46
1,317,511.77
372,307.73
4,410,788.04
1,079,572.67
9,436,752.68
3,168,966.23

4,057,952.02
819,404.88
1,466,863.03
5,417,336.62
4,395,317.32
1,429,693.55
9,680,626.26
3,362,656.01

84,278.80
47,655.42
148,361.26
5,045,027.89

315,775.08
5,616,568.85
149,862.34
1,532,040.10
246,593.00
155,322.24

6,934,406.40
209,919.04
1,714,487.20
484,862.21
, 129,102.72

1,317,837.55
60,056.70
182,447.10
238,269.21

1,441,298.16

1,575,829.60

134,531.44

:

350,120.88
143,873.67
193,700.78

200 000 00

319,307.05

16,470.72

315,775.08

26,219.52

SECRETARY OF T H E TREASURY.

7

COMPARISON OF DISBURSEMENTS, FISCAL Y E A R S 1907 AND 1908—Continued.
Object.

1907.

1908.

Increase

Decrease.

CIVIX ESTABLISHMENT-Continued.

Treasury Department—Continued.
Lif(i-Saving Service
.
Engraving and Printing
Pubhc buildings
. .
Fuel, etc., public buildings
Custodians and janitors
Furniture for public buildings
National Museum
Zoological Park
Smithsonian Institution
Interstate Commerce Commission
French spoliation claims
Epidemic diseases
Jamestown Exposition
Church claims in the Philippines
Miscellaneous items
Special fimds—
Phihppines special fund
Miscellaneous special funds
Trust f u n d s South Carolina school fund
Spanisb indemnity, principal.
Spanish indemnity, interest
Total Treasury Department
War Department:
Salaries and expenses
PubUc Buildings and Grounds . .
•Total War Department
Navy Department:
Salaries and expenses
Interior Department:
Salaries and expenses
Public Lands Service
Geological Survey
National Parks
Beneficiaries
Colleges for agriculture . .
OfBce huilding, House of Representatives
Office building. Senate
Heating, lighting, and power plant,
Congressional buildings
Capitol building and grounds
Miscellaneous items
Special f u n d s Reclamation fund
Five, three, and two per cent
funds sales of lands
Revenues of National Parks and
Hot Springs, Ark
Miscellaneous special funds
Trust fimds—
Deposits for surveying public
lands
Outstanding liabilities, lands

$1,795,48L66
$2,009,149.79
3,347,859.93
3,302,400.27
9,361,486.62
9,341,364.55
1,105,741.60
1,262,620.38
1,432,356.61
1,344,663.48
440,356.37
422,124.81
855,054.98
1,001,834.79
90,654.84
110,737.10
149,091. 75
146,982.20
725,640.19
649,204.40 !
15,141.26
8,958.21
442,391.60
308,524.38
166,095.98
1,748,778.98
. 403,030.19
538,443.94
1,003,243.29

$213,668.13

253,834.41
21,716.53

253,834.41
21,716.53

28,500.00

50,490.00
570,000.00
28,500.00

50,490.00
570,000.00

55,746,155.29

64,201,526.22

10,567,025.67

1,866,353.42
365,66L37

1,878,565.33
301,871.61

12,211.91

2,232,014.79

2,180,436.84

12,211.91

738,359.95

743,136.14

4,776.19

4,990,590.95
2,200,998.72
1,030,718.52
48,122.21
633,503.34
1,200,000.00

4,900,797.54
2,487,185.81
881,568.93
75,585.83
673,149. 69
1,500,000 00

905,142 00
645,893 20

1,379,017 07
1,231,739 63

473,875.07
685,846.43

23,000.00
138,432.16
80,573.98

349,989.36
123,431.50
94,233.02

326,989.36

12,795,346.80

11,126,042.02

1,153,568.50

344,386.88

31,667.70
42,447.62

43,055.49
55,609.25

11,387.79
13,16L63

158,016.20

209,327.24
293.62

51,312 04
293 52

156,878.78
146,779.81
20,082.26
3,109.55
176,435.79
6,183.05
133,867.22
403,636.19
464,799.35

286,187.09
27,463.62
39,646.35
300,000.00

13,659.04

25,475,412.78

2,129,821.94

1,610,410.71
7,629,382.81
773,253.05
« 184,725.33

1,627,471.55
12,888,040.94
761,789.45
14,277.86

117,060.84
5,258;658.13

Total Post-Office Department

10,097,771.90

15,291,679.80

6,376,718.97




1,903,399.18
633,000.00
779,095.85
2,015,630.62
217,622.43
784,699.26
654,070.96 1

2,316,383.62
460,154.25
1,056,876.10
2,629,699.71
282,166.082,306,431.69
664,942.55 1

1,582,683.00

2,111,654.74

63,789.86
63,789.86

89,793.41
149,149.59

15,000.66

809,181.62

26,078,020.90

Department of Agriculture:
Salsiries and miscellaneous . . . .
Building
Ex]Denses Animal Industry
Meat inspection, Anirnal Industry
Purchase of seeds
Forest Service
ExiDenses of Plant Industry and cotton
boll-weevil investigations

87,693.13
18,231.56

1,669,304.78

Post-Oifice Department:
Salaries and expenses
Deficiency in postal revenues
Mail transportation. Pacific Railways.
Miscellaneous items

Total Interior Department

$45,459.66
20,122.07

2,732,430.06

.=
11,463.60
170,447.47
181,911.07

412,984.44
276,780.25
614,069.09
64,543.65
1,521,732.43
10,871.59

72,845.76

8

REPORT ON T H E FINANCES.
COMPARISON OF DISBURSEMENTS, FISCAL Y E A R S 1907 AND 1908—Continued.
Object.

1907.

1908.

Increase.

Decrease.

CIVIL ESTABLISHMENT—continued.
Department of Agriculture-Continued.
Agricultural experiment stations
Weather Bureau
Special f u n d s Administration, etc., of forest
reserves
,
Cooperative work, forest investigations
Miscellaneous special funds
Total, Department of Agriculture

$1,330,737.78
1,342,388.31

$1,253,013.76
1,317,310.71

897,412.05

1,144,183.28

$246,771.23

19,352.23
4,784.24

27,266.83
3,336.83

7,914.60

10,482,192.91

13,460,764.40

3,155,667.28

865,048.94
175,297.66
189,166.87
1,239,264.26
962,745.89
6,870,052.52
688,393.82
69,080.90
670,631.49
48,403.20

295,490.71
13,900.00
33,42L71
10,385.94

Department of Commerce and Labor:
• 669,668.23
Salaries and expenses
161,397.66
Bureau of Labor
155,745.16
Bureau of standards
Census Office
1,228,878.31
Coast and Geodetic Survey
853,147.25
Light-House Establishment
,
4,941,920.60
Bureau of Fisheries
,
682,171.35
Fish hatcheries
,
34,812.31
Steamboat-Inspection Service
,
439,213.28.
Miscellaneous items
,
36,880.36
Special funds
Immigration and Naturalization.. V ^ 58,030.94
Regulating immigration
1,652,077.30
Chinese-exclusion acts
354,785.61
Ellis Island, New York Harbor...
56,306.96
Immigrant station, San Francisco,
Cal
Miscellaneous special funds
,
Total, Department of Commerce
and Labor

11,023,925.21

$77,724.03
25,077.60

1,448.41
177,095.79

109,698.64
1,928,132.02
106,222.47
34,268.69
131,418.21
12,622.84

94,452.57
2,028,064.71
418,118.60
480,000.00

S6,42L63
475,977.41

150,000.00
1,517.05

150,000.00
1,617.05

14,850,228.47

3,826,303.26
55,654. 39

,

63,332.99
423,693.05

Department of Justice:
Salaries and expenses
Salaries of justices, assistant attorneys,
etc
Salaries, fees, etc., of marshals
Fees of witnesses
Salaries and fees, district attorneys,...
Fees of j urors
Fees of clerks
Fees of commissioners
Support of prisoners
Pay of bailifi^s
Miscellaneous expenses, United States
courts
MisceUaneous items

805,776.01

861,330.40

1,599,919.45
1,400,866.24
884,745.23
489,727.09
1,033,41L90
292,668.29
94,367.84
659,831.32
235,248.01

1,129,083.39
1,286,493.34
851,468. 40
547,096.81
1,024,303.95
323,278.68
97,468. 49
643. 761.17
219,868.82

522,411.78
1,430,638. 53

569,233.00
1,640,459.83

46,82L22
209,821.30

Total, Department of Justice.,

9,449,490.69

9,093,846.28

403,387.67

10,397,841.66

11,137,442.54

739,600.88

530,437.66
7,533.73

647,446.31
6,456.76

17,008.65

207,970.03
92,20L72
112,603.20
22,213.55

256,090.44
88,317.84
107,107.58
41,643.63

48,120.41

District of Columbia:
Salaries and expenses
Special f u n d s Water department
MisceUaneous special funds
Trust funds—
MisceUaneous trust-fund deposits.
Washington redemption fund
Police and firemen^s relief funds..
Other trust funds.

470,836.06
114,36L90
33,276.83
57,369.72

9,107.95
30,710.39
3,110. 65

116,070.15
16,379.19

769,032.08

1,076.97
3,883.88
5,495.62

19,430.08

Total, District of Columbia .

11,370,801.55

12,184,505.10

824,160. 02

10,456. 47

Total, Civil EstabUshment .

153,045,9iai3

175,420,408.57

28,731,055.08

,356,569.64

682,502.84
32,196,042.68

32,982,606.10

787,563.42

696,790.03
350,600.40
5,540,021.18
30,186,767.36
304,644.69
1,012,927.44

1,014,196.74
131,427.94
6,439,915.89
33,671,038.66
397,160.67
1,455,816.15

• 317,406.71

MILITARY ESTABUSHMENT.

Emergency fund
Pay Department
Encampment and maneuvers, army and
miUtia
,
Extra pay, war with Spain.
Subsistence Department
Quartermaster's Department
National cemeteries...:
Medical Department




682,602.84

899,894.71
3,484,27L20
92,615.88
442,88&71

•*219Vl72.*46

SECRETARY OF T H E TREASURY.

^

9

COMPARISON OF DISBURSEMENTS, FISCAL Y E A R S 1907 AND 1908—Continued.
Object.

1907.

1908.

Increase.

Decrease.

MIL]:TARY ESTABLISHMENT-Continued.

$74,597.61
Ordnance Department
$11, 382,263.51 $11,456,86L12
2, 658,722.43
4,568,693.89
1,909,87L46
Engineer Department
,
192,150.78
275,010.61
82,859.83
Signal Service
,
213,561. 53
139,988.81
Military telegraph and cable lines
012,237.14
1,602,185.74
589,948.60
Military Academy
4,609,256.90
10,643,768.09
Improving harbors
,
034,611.19
2,238,631.26
Improving rivers
^ 276,249. 66 19,513,880.92
364,442.32
1,912,635.75
MiUtary posts
.,648,193.43
3,946,098.33
National homes for disabled soldiers
1,114,534.31
899,769.27
.,512,366.73
State homes for disabled soldiers
Reimbursing States and Territories ex662,710.60
penses of troops, Spanish war
260,815.85
301,894.65
Refunding to States expenses incurred in
97,466.02
65,624.24
raising volunteers
31,841.78
Judgments, Court of Claims and United
316,626.42
69,571.24.
Sta tes courts
Payment to State of Delaware, war 181283,250.50
' 1815
83,250.60
Replacing military stores destroyed at San
Francisco, Cal
82,013.98
960,169.77
Relief of sufferers from earthquake and
I confiagration on Pacific coast
1,027,646.20JamCvStown Exposition
478,417.75
9,334.33
127,445.42
125,202.88
Soldifirs' Home interest account
27,198,618.71 38,093,425.29 10,894,806.58
Panama Canal
1,186,263.24
1,329,439.09
143,176.86
MisceUaneous items
Special f u n d s 117,750.00
148,684.00
Wagon roads, etc., Alaska fund....
90,647.61
75,000.00
Ordnance material, powder, etc
15,647.61
4,23L19
6,000.00
Miscellaneous special funds
Trust f u n d s 2,422,260.71
540,196.27
2,962,465.98
Pay of the army, deposit fund
1,163,000.00
692,300.00
470,700.00
Soldiers' Home permanent fund
Total Military Establishment.

149,775,084.20

175,840,452.99

30,479,326.19

29,588, 343.88
5,491 864.61
5,999 183. 54
2,348, 547.31
7,804, 943.36
4,882, 305. 37
5,094, 072. 99
O
6,880, O L 71
799, 402.41
5,002, 328.48
1,366, 029. 78
21,692, 616.32

27,468; 655.76
5,772, 537.50
10,386, 602.83
3,742, 246. 86
7,192, 521.87
8,030, 376.41
5,549, 055.84
8,617, 939. 45
1,453, 106.66
6,595, 253. 37
980, 628.45
25,492, 613.46
6,778, 385.33

156,779.69
12,680.07
144,127.26

22,570.70
63,319.50
140,432.85

40,739.43

3,417.40
754,420.95

$73,572.72

169,435.98
612,597.46

246,955.18

878,145.79
1,027,646.20
469,083.42
2,242.64

30,834.00
**i;768."8i

4,413,957o40

NAVAL ESTABUSHMENT.

Increiase of the navy
Bureau of Yards and Docks
Bureau of Equipment
Bureau of Navigation
Bureau of Construction and Repair
Bureau of Ordnance
Bureau of Steam Engineering
Bureau of Supplies and Accounts
Bureau of Medicine and Surgery
Marine Corps
Naval Academy
Pay of the navy
Genei'al account of advances
Judgments, Court of Claims and United
States courts
Jamestown Exposition
Miscellaneous items..
Trust f u n d s Pay, Marine Corps, deposit fund
Pay of the navy, deposit fund
Prize money
.'
Deduct repayments in excess of expenditures
Total Naval Establishment..

280,672.89
4,387,419.29
1,393,699.55
3,148,07L 04
454,982.85
1,737,937.74
653,704.25
592,924.89
3,799,997.13
6,778,386.33

2,119,688.12

**"6i2,'42i."49

385,401.33

134,208.99
"*'3,*694.*4i

3, on. 97

3,417.40
168,680.88
593.86

118,037,097.16

23,431,226.52

3,256,414.34

97,128,469.36

118,037,097.15

23,431,226.52

2,522,598.73

799,035.75
1,599,896.03
523,349.19
76,339.26
3,627,699.39
6,553,630.99
. 2,983,657.81

855,686.58
2,163,390.35
536,75L24
1,416,445.59
84,545.90
4,115,540.32
2,908,498.06
2,498,897.71

56,650.83
563,494.32
13,402.05
1,416,445.59
8,206.65
. 487,840.93

15,163,608.41

14,579,755.75

2,546,040.37

595,740.07
2,41&12
97,861,284.97
732,815.61

732,815.61

INDIAN SERVICE.

Current and contingent expenses
FulfiJ.ling treaty stipulations
,
Miscellaneous supports
Interest accounts
,
Incidental expenses of Indian Service..
Support of Indian schools
Miscellaneous expenses
Trust funds
Total Indian Service.




2,645,132.93
484,760.10
3,129,893.03

10

REPORT ON THE FINANCES.

COMPARISON OF DISBURSEMENTS, FISCAL YEARS 1907 AND 1908—Continued.
Object.

$139,309,514.31
24,481,158.34

Pensions
Interest on the public debt

Increase.

1908.

1907.

Decrease.

$153,892,467.01 $14,582,952.70
21,426,138.21
$3,055,020.13

Total ordinary disbursements..
Postal service o

578,903,747.75
183,585,005.57

659,196,319.68
191,478,663.41

99,770,600.86
7,893,657.84

19,478,028.93

Total disbursements exclusive
of public debt
Public debt redemptions, including
premiums

762,488,753.32

850,674,983.09 107,664,258.70

19,478,028.93

689,262,193.47

739,111,906.50

Total disbursements, including
pubUc debt

1,451,750,946.79

1,589,786,889.59

49,849,713.03
157,513,97L73 19,478,028.93

« Exclusive of grants from the Treasury for deficiencies in postal revenues, for 1907
$7,629,382.81 and for 1908 $12,888,040.94, included in expenses of civil establishment,
page 7.

, Fiscal year 1909.
The revenues of the Government for the current fiscal year are
thus estimated upon the basis of existing laws:
From
From
From
From

customs
internal revenue
miscellaneous sources
postal revenues

^
-.
^
.

$270,000,000.00
250,000,000.00
62,000,000.00
206, 796,956.00

Total estimated revenues

788, 796, 956.00

The expenditures for the same period are estimated as follows:
For
For
For
For
For
For
For
For

the civU establishment
the mUitary establishment
the naval establishment
the Indian service
pensions
public works
interest on the public debt
postal service

^
^
^
..
.

-

Total estimated expenditures.
Or a deficit of

$153,000,000.00
128, 000, 000.00
125,000,000.00
17,000,000.00
161,000, 000.00
90,000,000.00
22, 000,000.00
206, 796, 956.00
902, 796, 956.00

j

114,000,000.00

Fiscal year 1910,
It is estimated that upon the basis of existing laws the revenues of
the Government for the fiscal year 1910 will be—
From
From
From
From

customs
internal revenue
miscellaneous
postal revenues

;

Total estimated revenues




_.
,
.
-

$290, 000,000.00
250,000,000.00
62, 000,000.00
223, 340, 712.00
825,340,712.00

SECRETARY OF THE TREASURY.

11

The estimates of appropriations required for the fiscal year 1910, as
submitted by the Executive Departments and offices, are as follows:
Legislative establishment
Executive establishment—
Executive proper
State Department
Treasury Department.
War Department
Navy Department
Interior Department
Post-Office DepartmentDepartment of Agriculture.
Department of Commerce and Labor
Department of Justice
Judicial establishment
Foreign intercourse
Military establishment
Naval establishment
Indian affairs
Pensions.
Public works—
Legislative
Treasury Department
War Department
Navy Department
Department of the Interior
Department of Commerce and Labor
Department of Justice-_-

$7,316,190.75
$415, 510.00
288, 700.00
11,447,836.00
2, 207,068. 00
836,940.00
5, 232, 655.00
1, 711,040.00
14,610,626.00
1, 555, 300.00
500, 680.00
38,806,355.00
972,160.00
3, 880,194.72
104, 844, 635. 88
121, 847,472.47
11,451, 576.05
161,018,000.00
7,000.00
10,000,000.00
112, 274,455. 83
12, 545, 975.52
1, 452, 000.00
x 405,000.00
470, 500. 00
137,154,931. 35

Miscellaneous—
Legislative
Treasury Department
War Department
Interior Department
Department of Justice
Department of Commerce and Labor
District of Columbia

5, 854, 987.20
24,302,971.07
6,957,390.48
5,479,920.00
7,804,180.00
10,445, 545.00
16,176,355.52

77,021,349.27
Postal service
—— 233, 978, 560.00
Permanent annual appropriations—
Interest on the public debt
22, 500,000.00
Refunding—customs, internal revenue, etc_ 15, 203, 500. 00
Collecting revenue from customs
5, 500,000.00
Miscellaneous, exclusive of sinking fund
and national-bank redemption fund
26, 892, 582. 52
Total

70,096, 082. 52

Total estimated appropriations
968, 387, 508.01
Showing an excess of the total estimates of appropriations sub.mitted by the several Executive Departments over the estimated revenues of the Government for the fiscal year 1910 of_ 143, 046,796.01




12

REPORT ON THE FINANCES.

The foregoing estimates are submitted in pursuance of law. As I
stated in my report of last year, I regret the necessity of submitting
them, for they are for the most part problematical. I have no means
of knowing what will be the amount of the appropriations at the coming session, what will be the eflfect of the proposed revision of the
tariflp upon the revenue derived from imports, nor what will be the
ultimate eflfect upon internal-revenue collections of certain moral
and economic movements which seriously aflfect these sources of revenue. I t is little more than guesswork, therefore, to give estimates of
this kind. They are submitted in this report with these explicit
qualifications.
REPORTS OF BUREAUS AND OFFICES.

For a more detailed account of the operations of the Department for
the year, attention is respectfully invited to the reports of the heads
of the several bureaus and offices. Certain of the recommendations
made in these reports will be inade the subject of later communications to the Congress.
OPERATIONS O F T H E TREASURY.

The receipts and disbursements of the Government for the fiscal
year 1908 show a reversal of condition, as compared with the fiscal
year 1907: For the fiscal year 1907 the receipts were $84,236,586.30
in excess of the disbursements; for the fiscal year 1908 the disbursements were $58,070,201.15 in excess of the receipts, due to business
depression and increased appropriations.
Fortunately, the available cash balance at the beginning of the
fiscal year was $272,061,445.47.
The Treasury was called upon, in the latter part of October, 1907,
to render assistance in the financial panic which, starting in New
York City, gradually extended over the entire country. The measures taken to relieve the situation have been set forth elsewhere, particularly in the Response of the Secretary of the Treasury to Senate
Resolution No. 33, of December 12, 1907.
Through these operations the amount of public deposits with
banks reached $236,548,321.08.November 30, 1907, and on December
27, 1907, the maximum of $259,994,271.77 was attained, after which
it was decreased to $256,920,154.70 by the close of the month. Further
withdrawals were soon after begun and continued from time to time
until on November 16,1908, the amount stood at $118,379,536.30.
I n the month of January, 1908, there was a freer circulation of
money than had prevailed for the previous three months. Large
amounts were returned to the money centers, and some of the depositaries therein voluntarily returned to the Treasury a part of their



SECRETARY OF THE TREASURY.

13

holdings of public deposits, in amount $3,978,217. I n the latter part
of January a call was made on the depositary banks of New York
City for $8,850,000, to be paid in six equal installments, from and
after January 23. The balance in the banks to the credit of the
general fund at the end of January was $226,241,418.85.
During the month of February depositary banks voluntarily returned to the Treasury $4,770,000 of public deposits, and February
29 the balance with the banks to the credit of the general fund was
$219,543,719.13. On June 30 it was reduced to $149,004,924.29.
Transactions in the public debt show an increase of interest-bearing
debt of $2,669,710 for the fiscal year. However, if the issue of Panama
Canal bonds were excluded, a net decrease in the interest-bearing debt
would be shown of $21,962,270. The noninterest-bearing debt was
increased $27,842,500, as follows:
Matured loans, not yet presented
National-bank notes, redemption account

$3,043, 200
24,800,480

Less fractional currency redeemed

27, 843, 680
1,180

Net

-

,

27, 842, 500

The aggregate of trust funds, consisting of gold coin and standard
silver dollars, held for the redemption of certificates and notes for
which they are respectively pledged, increased $139,106,000 during
the year. The increase in gold coin was $141,539,000, while standard
silver dollars decreased $2,433,000.
The monetary stock increased $263,203,013 during the fiscal year.
The growth in gold was $151,744,391; in silver, $17,919,395; and in
national-bank notes, $94,545,227, while there was a decrease of
$1,006,000 in Treasury notes of 1890. A t the close of the fiscal year
1908 the money in circulation amounted to $3,038,015,488, or a per
capita of $34.72. The percentage of gold to total circulation was
45.95.
The issue of United States paper currency during the fiscal year
numbered 188,999,912 pieces, of the total value of $804,326,000. The
redemptions were 172,178,577 pieces, of the value of $665,220,000.
Gold certificates outstanding increased $141,539,000, while silver
certificates decreased $1,427,000.
There was an increase of $94,545,227 in the volume of nationalbank notes during the past fiscal year. The amount presented for
redemption was $349,634,341, as against $240,314,681 for 1907. The
expenses incurred for such redemptions were $270,840.21, which has
been assessed on the banks at the rate of $0.90366 per $1,000 of notes
redeemed.
The United States bonds pledged to secure circulation amounted to
$628,172,130 June 30,1908, an increase of $69,807,470 during the fiscal



14

REPORT ON T H E FINANCES.

year. The United States bonds and other obligations on the same
date held to secure public deposits in national banks aggregated
$180,509,419.25, a decrease of $12,734,633.63 for the year.
The moneys presented for redemption and exchange at the Treasury and subtreasury offices during the fiscal year 1908 amounted to
$1,337,826,564, as against $1,026,876,500 in 1907.
During the last half of the fiscal year the Treasury has been confronted with an extraordinary increase in the United States paper
currency and national-bank notes presented for redemption.
There was redeemed in Becember, 1907, of United States paper
currency, $30,487,000; in January, 1908, $48,327,000 was redeemed,
an increase of over 58 per cent; in February, $50,500,000; March,
$52,753,000; April, $55,064,000; May, $70,476,000; and June,
$69,569,000. The increase for the year was 14.1 per cent.
The same condition was experienced with regard to national-bank
notes. Of these there was redeemed in December $11,736,000; in
January, $43,425,863; February, $29,627,000; March, $38,949,000;
April, $42,491,000; May, $43,212,000; and June, $45,121,000. The
increase of national-bank notes: redeemed for the fiscal year was 45.4
per cent.
On June 30, 1908, owing to an entirely inadequate force of employees in the office of the Treasurer, there had accumulated for
redemption purposes, of United States paper currency, $1,465,238;
of national-bank notes, $62,277,880, as compared with $12,377,478' at
the close of the previous fiscal year, an increase over normal of 403.1
per cent. The amount of bank notes has, however, been materially
reduced. On November 16, 1908, the amount was $15,851,235, a reduction of $46,426,645.
The Treasury holding of gold at the close of the fiscal year 1907
was $904,691,730.14. On June 30, 1908, it amounted to $1,004,888,682.18, an increase of $100,196,952.04.
The redemptions from the reserve fund during the last fiscal year
were, in United States notes, $21,182,827, in Treasury notes of 1890
$41,505, a total of $21,224,332.
On June 29, 1907, the number of standard silver dollars in circulation was 81,710,444. During the year $31,466,911 were distributed
at Government expense, and on June 30, 1908, there were $76,328,657
in circulation. The amount of subsidiary silver shipped at Government expense for transportation was $31,438,830.99. The average
rate for transportation was $2.45 per $1,000.
The available cash balance in the general fund at the close of the
fiscal year 1908 was $245,171,808.46, a decrease of $26,889,637.01.




SECRETARY OF THE TREASURY.

15

LOANS AND CURRENCY.

The changes in the amount of the interest-bearing debt during the
fiscal year ended June 30,1908, are shown in the following statement:
Amount outstanding June 30, 1907
$894, 834, 280
Panama Canal bonds issued-^
$24,631,980
3 per cent certificates of indebtedness, act of June 13,
1898, issued
, 15, 436, 500
40, 068, 480
934, 902, 760
Less—
4 per cent funded loan of 1907, matured July 1, 1907_ 36,126,150
4 per cent refunding certificates, matured July 1,
1907
22, 620
3 per cent certificates of indebtedness, redeemed
1, 250,000
—
Outstanding June 30, 1908____

37,398,770
897,503,990

The causes which led to the issuance of the Panama bonds and the
certificates of indebtedness are referred to elsewhere in this report.
The bonds were sold at an average price of 102.99 and the 3 per'^cent
certificates were issued at par. •
•
The issue of $15,436,500 one-year 3 per cent certificates of indebtedness, dated November 20, 1907, and lodged with the Treasurer of the
United States to secure circulation of the national banks purchasing
them, matured and was called for redemption with interest to cease
November 20,1908. One million five hundred thousand dollars of the
certificates had already been redeemed at the request of the owners
and interest was paid thereon to the respective dates of redemption.
The amount outstanding, therefore, November 9, 1908, was $13,936,500, of which $620,000 were replaced by the substitution of other
United States bonds for the purpose of maintaining the circulation
outstanding, and the proceeds of the remainder, $13,316,500, have been
applied to the retirement of the circulation based thereon.
The amount of the interest-bearing debt outstanding October 31,
1908, was $897,253,990, of which the Treasurer of the United States
held as security for circulating notes and public deposits bonds of the
face value of $710,899,950. Deducting the $13,936,500 of 3 per cent
certificates of indebtedness which were redeemed in November, the
amount of interest-bearing debt was reduced to $883,317,490,




16

REPORT ON T H E FINANCES.

The changes in the amounts of the several kinds of money in the
United States outside the Treasury between November 1, 1907, and
November 1, 1908, are shown in the table following:
COMPARATIVE STATEMENT S H O W I N G T H E CHANGES I N CIRCULATION.

Classes.
Gold coin
standard silver dollars
Subsidiary s i l v e r . . . .
Gold certificates
Silver certificates
Treasury notes, act of July 14, 1890
United States notes
National-bank notes
Total

In circulation
Nov. 1, 1907.

In circulation
Nov. 2, 1908.

$674,459,086
88,822,959
127,461,229
677,295,909
464,349,568
5,601,926
343,254,153
596,123,866

$610,060,562
74,740,245
131,663,701
807,246,389
483,899,842
4,691,225
342,994,056
643,202,001

2,876,368,696

3,098,498,021

Netincrease

Decrease.

$14,082,714

9i6,76i

260,097.
15,263,512

Increase.
$35,601,476
4,202,472
129,950,480
19.550,274

/

48,078,135
237,382,837
222,129,325

PUBLIC

MONEYS.

The monetary operations of the Government have been conducted
through the Treasurer of the United States, 9 subtreasury officers,
the ^treasury of the Philippine Islands, the American Colonial Bank
of Porto Eico, the Banco de la Habana, the National Bank of Cuba,
and 1,454 national bank depositaries.
The amount of public moneys held by the bank depositaries on
June 30,1908, including funds to the credit of the Treasurer's general
account and United States disbursing officers, was $160,356,999.70,
a decrease since June 30, 1907, of $18,384,438.82. On June 30,
1908, there were 425 regular and 1,009 temporary depositaries;
195 were designated during the fiscal year and 20 discontinued. On
November 2, 1908, the number of depositaries w^as 1,429 and the
amount of public moneys held by them was $131,693,492.55.
SUMMARY OE FINANCIAL OPERATIONS OF THE TREASURY FROM JULY 1,
1 9 0 1 , TO JULY 1, 1 9 0 8 .

On the 1st of July, 1901, the available cash balance in the Treasury
was $178,406,798.13. The receipts of the fiscal year 1901 showed a
surplus over disbursements of $77,717,984.38. There were at that time
no obligations of the United States that were, by their terms, immediately redeemable. The Government was therefore engaged in
the purchase of United States bonds for the sinking fund, and during
the ensuing fiscal year 1902 the purchases amounted to $56,071,730^
and the disbursement on account thereof was $70,410,941,33.
The receipts of the fiscal year 1902 amounted to over $684,000,000
and the disbursements to about $593,000,000. There was a resulting
surplus of more than $91,000,000 and the available cash balance
July 1,1902, was $212,187,361.16. During this fiscal year there was a




SECRETARY OF THE TREASURY.

17

large increase in the volume of money in circulation, the total amount
July 1, 1901, being $2,175,307,962, with a per capita of $27.98, and on
J u l y . l , 1902, $2,249,390,551, with a per capita of $28.43. The increase in circulation, therefore, amounted to $74,082,589 and in the
per capita $0.45. During this period the increase was largely in the
denominations of $20 and under, and, inclusive of gold coin, these
denominations constituted more than 80 per cent of the outstanding
circulation.
During the fiscal year 1903 the total receipts of the Government
were $694,621,117,64. The disbursements for the same period were
$640,323,450.28. There was, therefore, a surplus for the year of
$54,297,667.36, Interest-bearing bonds purchased during the period
were only $16,529,600, there being an inadequate supply of bonds in
the market and the prices being regarded as excessive.
During the fiscal year 1903 the Department resumed refunding
under authority of the act of March 14,1900. A circular inviting the
surrender of 3 per cent bonds of 1908 and 4 per cent bonds of 1907
for exchange into 2 per cent consols of 1930 was published March 26,
1903. The refunding proceeded from that date until July 31, when
it was discontinued. During that time $16,042,700 3 per cent bonds
and $65,099,900 4 per cent bonds were retired and their place taken
by 2 per cent consols of 1930. The net profit of this proceeding was
$2,768,069.06.
The volume of money in circulation during the fiscal year .1903
was again largely increased, the total July 1, 1902, being $2,249,390,551 with a per capita of $28.43, and the total July 1, 1903, $2,367,692,169 with a per capita of $29,42, showing an increase in circulation
of $118,301,618 and in the per capita of $0.99.
The receipts for the fiscal year 1904 were $684,214,373,74 and the
disbursements were $725,984,945.65. There was, therefore, a deficit
for the year of $41,770,571.91. During this year the residue of the
5 per cent loan of 1904 fell due and was called for redemption, the
amount being $18,607,200. There was further refunding during the
fiscal year of 3 per cent bonds of 1908-1918 and 4 per cent bonds of
1907, the total being $15,826,600, with a net profit of $511,363.21.
The volume of money in circulation continued to increase, the amount
in circulation July 1, 1903, being $2,367,692,169 with a per capita of
$29.42, and the amount July 1, 1904, being $2,519,142,860 with a per
capita of $30.77, making an increase in circulation of $151,450,691
and in the per capita of $1,35.
The receipts for the fiscal year 1905 were $697,101,269.9^5 and the
disbursements were $720,105,498.55. The deficit was $23,004,228,60.
No United States bonds were purchased or called for redemption during this period, nor was there a resumption of refunding operations.
58716—FI 1 9 0 8 — 2



18

REPORT ON THE FINANCES.

The increase in the volume of circulation outstanding was less marked
than in the preceding three fiscal years, the amount outstanding July
1, 1904, being $2,519,142',860, with a per capita of $30.77, and the
amount outstanding July 1, 1905, being $2,587,882,653, with a per
capita of $31.08, an increase of $68,739,793 in circulation and $0.31 in
the per capita.
The receipts of the Government in the fiscal year 1906 were
$762,386,904.62. The disbursements were $736,717,582,01. The surplus was therefore $25,669,322.61. No bonds were purchased during
this fiscal year, but a renewal of refunding operations began October
2, 1905, and terminated November 29. .The amount of 2 per
cent consols of 1930 issued in exchange for 3 per cent bonds of 19081918 and 4 per cent bonds of 1907 was $53,032,400. There was a very
large increase in the volume of circulation during this fiscal year, the
amount outstanding July 1, 1905, being $2,587,882,653, with a per
capita of $31.08, and the amount July 1, 1906, being $2,736,646,628,
with a per capita of $32,32, making an increase in circulation of
$148,763,975 and in the per capita of $1,24.
The receipts for the fiscal year 1907 were $846,725,339,62 and the
disbursements were $762,488,753.32, showing a surplus of $84,236,586,30.
During this fiscal year there were purchased and redeemed bonds of
the funded loan of 1907, due July 1, 1907, amounting to $30,326,300,
A further amount of $50,307,800 4 per cent bonds of 1907 was refunded into 2 per cent consols of 1930, During this fiscal year there
was an issue of $30,000,000 of 2 per cent Panama Canal bonds. The
act of June 28, 1902, contained provision for the issue of these bonds
to aid in the construction of the Panama Canal, the total amount
authorized being $130,000,000. The act, however, contained no special
provision for the acceptance of the Panama Canal bonds by the
Government as a basis for the issue of circulating notes of national
banks. They were, therefore, only receivable for that purpose upon
the same terms as other United States bonds bearing higher rates of
interest-^that is, circulation based thereon would be subject to a tax
of 1 per cent per annum.
As already stated, the receipts for 1908 were $792,604,781,94, and
the disbursements $850,674,983,09, leaving a deficit of $58,070,201,15.
As the 2 per cent consols of 1930 were receivable for the same purpose with a tax of only one-half of 1 per cent per annum, the Panama
Canal bonds were at an obvious disadvantage as compared with the
2 per cent consols of 1930, and an issue of the Panama Canal bonds
was therefore impracticable until this disadvantage could be removed by law. Accordingly, provision was made in the act of December 21, 1905, by which the Panama Canal bonds were receivable
as a basis for circulation upon the same terms as the 2 per cent
consols of 1930. Up to this time there had been no apparent necessity




SECRETARY OF THE TREASURY.

19

for the sale of the Panama Canal bonds, the cost of constructing the
canal having been paid out of moneys appropriated by the act of
June 28,1902, but in the summer of 1906 the disbursements on account
of the canal were so heavy that it was deemed advisable to sell
$30,000,000 of the bonds authorized for that purpose. Accordingly,
proposals were invited on the 2d of July, 1906, and the bids were
opened July 20 of that year. The aggregate of the bids was
$446,371,300, at prices from par up to 125. The average price
offered by the successful bidders was $104,036-4-; and the premium
received for the bonds was $1,210,817.95,
The volume of circulation outstanding July 1, 1906, was $2,736,646,628, and the per capita $32.32, and on July 1, 1907, the amount
of circulation was $2,772,956,455, and the per capita $32,22, being an
increase in circulation of $36,309,827 and a decrease in the per capita
of $0.10.
The foregoing is a recital of the ordinary financial operations of
the Department from July 1, 1901, to July 1, 1908. There were,
however, certain transactions with which the depositary banks were
connected which require notice. For example: During the summer
of 1902 the surplus bank reserves throughout the country were relatively very low. To prepare for the emergency which seemed
approaching, the Secretary of the Treasury caused to be printed
large quantities of national-bank circulation, and, in September of
that year, offered to accept satisfactory security other than Government bonds for deposits of public money then held by the banks, on
condition that the released bonds should be immediately made the
basis for circulation.
As before stated, the Secretary also purchased bonds for the sinking fund and increased deposits in national banks to such an extent
that more than $57,000,000 was restored to the channels of trade, and
national-bank circulation was stimulated to the extent of $18,000,000.
Similar assistance was rendered to business in the fall of 1903, the
aggregate amount being $27,000,000.
I n the spring of 1904 payments were made on account of the purchase of the Panama Canal, amounting to $50,000,000, $10,000,000 of
which was paid to the Government of Panama and $40,000,000 to
the Panama Canal Company for the right of way. The entire
amount was paid without disturbing the money market. The payment was made by the Government and transferred to France through
the medium of the clearing house and dealers in foreign exchange.
Only a few thousand dollars actually changed hands, and not a dollar
of gold was shipped from this country. The Republic of Panama
invested most of the purchase price of her cession in the United
States, and thus shipments of money to that country were avoided.




20

REPORT ON T H E FINANCES.

In 1906 the banks of the country. West as well as East, found themselves in the spring with surplus reserves exhausted. .The foreign
exchange market showed a marked decline in the value of sterling
exchange sufficient to have insured the importation of gold had the
banks been in position to obtain it. The Treasury Department
offered to make deposits in national banks equal in amount to any
actual engagements of gold for importation, the deposits to be
promptly returned when the gold actually arrived. I n this way
approximately $507000,000 in gold was brought from abroad. This
was accomplished without any expense to the Government, but with
great benefit to the business interests of the country.
In the summer of 1906, anticipating heavy demands of money in
the fall to move the harvest of that year, which promised to be very
great, the Secretary of the Treasury withdrew from the channels of
trade $60,000,000. This was accumulated in part from excessive
revenues and in part by deliberate withdrawals of public deposits
from the national banks. Twenty-six million dollars of this amount,
together with about $50,000,000 of gold which was brought from
abroad with the aid of the Department, was deposited in the national
banks in the fall, and a further amount of $18,000,000 was added to
the supply of money through the stimulation of national-bank circulation.
Owing to the important bearing upon the financial situation of
the treatment of the 4 per cent loan of 1907, a brief account thereof
seems advisable:
I n the spring of 1907 the disposal of the 4 per cent loan of 1907,
which would become redeemable July 1, 1907, was an important subject for consideration. The amount of these bonds outstanding
March 1, 1907, was $111,696,300. There was an available cash balance in the Treasury of $251,231,426.10, of which $140,013,087.81
consisted of deposits in national-bank depositaries. As there was
considerable demand for money in all sections of the country, it was
determined at once to increase the disbursements from the Treasury
by the redemption, with interest to maturity, of $25,000,000 of the
4 per cent bonds. The amount actually received was $25,088,750,
leaving more than $86,000,000 to be provided for.
The Department had the option of three methods of disposing of
the bonds. First, through their redemption; second, through continuance at a lower rate of interest, at the pleasure of the United
States; third, through refunding under authority of the act of March
14, 1900, into 2 per cent consols of 1930. The redemption of the
loan would take from the Treasury the $86,000,000 above mentioned,
a loss which seemed to be inadvisable in view of the uncertainty then
existing as to future financial conditions. Its continuance at a lower
rate of interest was thought to be uncertain as to its operation and



i

SECRETARY OF THE TREASURY.

21

effect. So it was decided to refund a part of the loan, leaving outstanding an amount which would easily be redeemed in July. On
April 2 there was published a circular inviting the surrender of
$50,000,000 of the bonds for refunding^ Under this circular the Department received, between April 2 and May 31, $50,307,800 of bonds,
and there remained outstanding for redemption $36,121,450. These
bonds were called, and matured and ceased to bear interest July
2, 1907,
The monetary situation, which had been unsettled for several
months and which was gradually becoming more threatening, caused
the Secretary to take steps in August designed to facilitate the movement of the crops in the various sections of the country. Beginning
on August 28 and continuing each week until October 14, weekly
deposits were allotted to various banks to a total amount of $28,000,000. These deposits were allotted in each of the 46 States, in
the Territories, and in the District of Columbia. Every effort was
made so to distribute this fund that it would meet actual needs in
sections where business activity was at the maximum and currency
was most urgently required.
I n October the situation was so serious in New York City that
several national banks appealed to the clearing house for the issue of
clearing-house certificates. This application was quickly followed
by the suspension of one of the largest trust companies after the payment of about $8,000,000 in cash to depositors. Runs on other large
trust companies were instituted, and deposits in many other institutions were seriously reduced. As the crisis approached, the Department adopted the strongest measures at its command to give material
assistance. Within four days there was transferred from the Treasury to the banks the sum of $35,000,000. These deposits and other
Treasury operations in connection with the associated efforts of
prominent financiers, who aided, first, by giving immediate relief to
certain embarrassed institutions, and, afterwards, by providing for
imports of gold, operated at a time to prevent a dangerous panic.
By the middle of „November the available working balance in the
Treasury had been reduced to approximately $5,000,000. I t was
apparent that no further relief could be given by use of the funds
in the Treasury, and as the national banks were exerting themselves
to increase circulation, being hampered, however, by the scarcity of
bonds and> the rapid advance in their price, it was determined to
receive applications for subscriptions for $50,000,000 in Panama''
Canal bonds, and $100,000,000 in 3 per cent certificates of indebtedness under the act of June 13, 1898.
The direct effect of these issues was to afford to the banks the means
of increasing their circulation. But, in order that the payment into
the Treasury of the proceeds of the bonds should not offset the issuing


\


22

REPORT ON T H E

FINANCES.

of national-bank notes against the bonds, arrangements were made to
permit the deposit of 90 per cent of the proceeds of the Panama bonds
and 75 per cent of the proceeds of the 3 per fcent certificates in the
depositary banks. The relief following the announcement, which was
made on November 17, was so great that ultimately it was found
necessary to issue only $24,631,980 in the Panama bonds and
$15,436,500 in the certificates of indebtedness. All of these classes of
obligations, except $91,820 in bonds, were used as a basis for increasing the bank-note circulation or securing public deposits.
•To recapitulate:
The outstanding circulation July 1, 1901, was
:
$2, 175, 307, 962. 00
The outstanding circulation J u l y 1, 1908, was
3, 038, 002, 357. 00
An increase in amount of
862, 694, 395. 00
An increase per capita of
6. 74
The interest-bearing debt of the United States outstanding J u l y 1,
" 1901, was
!_.___
987, 141, 040. 00
The annual interest charge was
29, 789, 153. 40
The interest-bearing debt of the United States outstanding July 1,
1908, was
897, 503, 990. 00
The annual interest charge was
21, 101, 197. 40
A decrease in the debt of
_
89, 637, 050. 00
A decrease in interest charge of
8, 687, 956. 00
^ S T A T E M E N T OF T H E N E T ORDINARY R E C E I P T S AND D I S B U R S E M E N T S OF T H E GOVERNMENT,
BY F I S C A L YEARS, S H O W I N G T H E N E T S U R P L U S OR D E F I C I T I N EACH YEAR FROM 1901
TO 1908, I N C L U S I V E .

Net ordinary
receipts.

Fiscal year.
1902
1903
1904
1906
19061907
1908
1909 a

..
.

.

- .
:

.

Total

Net ordinary
disbursements.

$562,478,233.21
560,396,674.40
640,631,749. 40
544,274,684.85
694,464,121.67
063,140,334i05
601,126,118.63
145,783,942.53

$471,190,857.64 $91,287,375.57
506,099,007.04
54,297,667.36
582,402,321.31
$4i,776,57i.9i
567,278,913.45
23,004,228.60
568,784,799.06
25,669,322.61
678,903,747.75 84,236,586.30
659,196,319.68
58,070,201.15
. 179,146,479.17
33,362,536.64

4,212,285,858.64

4,113,002,445.10

Net surplus.

Net deficit.

99,283,413.64

a To September 30,1908.
The surplus revenues of the Government, by w a r r a n t s
issued, from July 1, 1901, to September 30, 1908,
were
.
$99, 283, 413. 54
And the deposits of lawful money in excess of redemptions on account of national-bank notes, redemption
fund, were
1
13,238,055.50
Total net receipts to be accounted for

$112, 521, 469. 04

DISBURSEMENTS.

Redemptions of public-debt items in excess of bonds
and certificates of indebtedness sold (exclusive of
national-bank notes, redemption fund)
Premiums paid in excess of premiums received on exchange of bonds and other public-debt t r a n s a c t i o n s Increase of unavailable items from July 1, 1901, to
September 30, 1908
^1
Total
Balance of net receipts




87,494,077.35
2 1 , 925,115. 85
223,169. 14
109, 642, 362. 34

:

2, 879, 106. 70

SECRETARY OF TPIE TREASURY.

23

ANALYSIS OF AVAILABLE C A S H BALANCE.

Available cash balance July 1, 1901_ $178, 406, 798. 13
Less moneys not covered by warrants
995, 236. 85
Available cash balance, by w a r r a n t s —
$177, 411, 561. 28
Available cash balance September
30, 1908, from revised s t a t e m e n t - 184, 589, 176. 23
Less moneys not covered by warrants
4, 298, 508. 25
Available cash balance by w a r r a n t s

180, 290, 667. 98

Net increase of available cash balance, by w a r r a n t s issued

$2, 879,106. 70

NATIONAL BANKS.

From the date of the passage of the national-bank act in 1863 to
July 1, 1908, charters were granted to 9,174 national banking associations, of which 456 were organized under the act of 1863, 6,174
under the act of 1864, 10 (gold banks) under the act of 1870, and
.2,534 under the act of 1900. A t the close of the last fiscal year there
were in active operation 6,827 associations, with authorized capital
stock of $930,542,775. Banks to the number of 1,878 have been closed
by the voluntary action of > their stockholders, and 469 insolvent
associations placed in the charge of receivers. Approximately, only
5 per cent of the total number of banks chartered have failed.
During the past year 400 banks with authorized capital of $24,055,000 were chartered, of which 89 were conversions from State
banks, 107 reorganization of State and private banks, ahd 204 banks
of primary organization. The loss to the system in the year in the
number of banks was 94, of which 73 were by voluntary liquidation
and 21 by failure. Of the total number of liquidations, 3 were by
expiration of charter, new associations being organized as their successors, and 27 were absorbed by other national banking associations;
30 were absorbed by or reorganized as State banks, and 13 liquidated
to discontinue business. The aggTegate capital of the banks in liquidation was $12,715,000, The capital of the 21 insolvent banks was
$5,575,000, and their liabilities to depositors at date of latest reports
immediately preceding failure were $17,438,170, Eleven banks, with
aggregate capital of $1,665,000, suspended during the year, all of
which, however., were enabled to resume business.
That the measure generally known as the " gold standard a c t " of
March 14, 1900, in which the formation of national banking associations with limited capital of $25,000 was authorized, the circulation franchise made more valuable by permitting the issue of circulation to the par value of the bonds deposited, and reducing the
tax on circulation, resulted in an extraordinary increase in the
number of banking associations, is shown by reports from the Comptroller of the Currency, in which it is stated that since the date in




24

REPORT ON T H E FINANCES.

question charters have been granted to 3,910 associations, with authorized capital of $231,948,300, The number of banks chartered in
this period exceeds the number of banks in existence immediately
prior thereto by 293, The number of banks organized under the act
of March 14, 1900, was 2,534, and their authorized capital stock
$66,020,500. The remaining banks organized in this period were
formed under the act of 1864, and numbered 1,376, with authorized
capital of $165,927,800, Of the total number of banks chartered since
March 14, 1900, 2,164, with-a capital of $117,400,500, were associations of primary organization; 493 with capital of $33,195,800 conversions of 'State banks, and 1,253 with capital of $81,352,000 reorganizations of State and private banks. The combined capital of
the converted and reorganized banks, $114,547,800, nearly equaled
the capital of the banks of primary organization.
From tables hereinafter submitted, it will be noted that the United
States bond-secured circulation increased from $216,374,795 on March
14,1900, to $623,250,517 on June 30,1908; that circulation, secured by
deposits of lawful money on account of liquidating and insolvent
national banks and those reducing their circulation, increased from
$38,027,935 to $75,083,400, or an increase of both classes of circulation
from $254,402,730 to $698,333,917, a total increase of $443,931,187.
Circulation secured by United States bonds reached its maximum
on January 24, 1908, when it amounted to $644,796,233,
The increase in number and capital of national banks organized
since March 14, 1900, by States and geographical divisions, together
with the number and paid-in capital stock of national banks on J u l y
15,1908, appear in the table following:
SUMMAEY, BY STATES, GEOGRAPHICAL DIVISIONS,' AND CLASSES, OF NATIONAL
B A N K S ORGANIZED FROM MARCH 14, 1900, to J U N E 30, 1908, AND T H E PAID-IN
CAPITAL STOCK OF ALL REPORTING NATIONAL B A N K S ON J U L Y 15, 1908.
Capital
-S50,000.

Capital
S50,000-f-.

Total
organizations.

National banks
in operation July
15,1908.

states, etc.
No.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut .

. . .

Total New England States.
New York
New Jersey
Pennsylvania
Delaware . . . .
Maryland
District of Columbia
Total Eastern States




Capital.

3

75,000

5
2
1
15
1
4

16

405,000

28

3
4
5
1

S75,000
105,000
125,000
26,000

No,

Capital.

No.
8
6
6
le

No.

Capital
paidin.

5^285,000
200,000
100,000
4,000,000
500,000
200,000
6,285,000

44

5,690,000

485 103,743,800

16,987,500
3,120,000
27,002,000
^220,000
1,677,000
850,000

423 158,782,320
173 19,887,000
765 112,659,470
27 2,348,985
101 17,827,400
11 5,202,000

48,856,500 1,500 316,707,175

75
48
187
8
28

1,917,500
1,235,000
4,822,000
220,000
747,000

74 14,070,000
26 1,885,000
200 22,180,000
930,000
860,000

149
74
387
8
39
3

346

8,941,500

314 39,915,000

660

11
3

Capital.
$360,000
305,000
225,000
4,025,000
500,000
276,000

77 S9,201,000
67 5,435,000
51 6,710,000
198 56,467,500
22 6,700,250
S 20,230,050
O

2§

SECRETARY OF T H E T E E A S T J U Y .
SUMMARY,

BY STATES, GEOGRAPPIICAL D I V I S I O N S , AND GLASSES, OF NATIONAL
B A N K S ORGANIZED FROM M A R C H 14, 1900, ETC.—Continued.

Capital
-$50,000.

Capital
$50,000+.

Total
organizations.

National banks
in o p e r a t i o n J u l y
16, 1908.

States, etc.
No.

Virginia
West Virginia...
N o r t h Carolina..
S o u t h Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

45| $1,206,000
35
960,000
22
580,000
125,000
36 1,020,000
10
275,000
929,500
35
80,000
• 280,000
11
284 7,641,000
375,000
15
52 1,340,000
27
700,000

No.

27
33
23
12
37
19
31
18
17
119
21
26
20

Capital.

146
10
37
179
117
43

No.

760,000
605,000
210,000
485,000
550,000
450,000
625,000
•765,000
210,-000
750,000
77.0,000
645,000
750,000

15,511,500

Total S o u t h e r n S t a t e s .
Ohio
Indiana
Illinois
Michigan..
Wisconsin.
Minnesota.
Iowa
Missouri...
Total Middle
States

Capital.

11,225,000
6,200,000
11,435,000
4,390,000
2,950,000
3,250,000
3,045,000
7,685,000

$3,966,000
3,565,000
45
2,790,000
17
1,610,000
73
4,570,000
29
3,725,000
66|
3,554,500
21
1,845,000
281 3,490,000
403 18,391,000
36
2,145,000
78
4,985,000
47
2,450,000

403 41,575,000

2,793,000
2,303,000
3,793,500
265,000
950,000
4,571,000
3,080,000
1,160,000

Capital.

No.

Capital
paid in.

105 $12,586,950
8,026,750
95
6,677,080
4,230,000
96 10,715,390
39
4,680,000
76
8,317,000
29
3,380,095
36
8,695,000
533 40,595,9000
40
3,950,000
145 16,310,900
10,012,500

57,086,500 1,377 138,177,565
181 14,018,000
1451 8,503,000
2161 15,228,500
31
4,655,000
601 3,900,000
203
7,821,000
168
6,125,000
71
8,845,000

365
242
409
96
130
262
316
121

60,914,100
25,131,050
56,221,100
15,010,000
16,015,000
20,716,000
20,330,000
30,635,000

Western

North Dakota.,
South Dakota..
Nebraska
Kansas
MontanaWyoming
Colorado
Nev?'Mexico....
Oklahoma
Total Western States.
Washington.
Oregon
,
California...,
Idaho
Utah
,
Nevada
,
Arizona
,
Alaska
T o t a l Pacific S t a t e s .
Hawaii
,
Porto Rico.,
T o t a l I s l a n d Possessions.
T o t a l U n i t e d States




725 18,915,500

350 50,180,000 1,075

69,095,500 1,941 244,972,260

2,765,000
1,535,000
2,490,000
2,235,000
400,000
250,000
1,376,000
650,000
7,000,000

400,000
400,000
1,375,000
2,050,000
610,000
550,000
2,450,000
525,000
2,705,000

18,701,000

11,065,000

887 29,766,000 1,170

580,000
676,000
1,325,000
580,000
130,000
25,000
130,000

1,445,000
650,000
12,912,800
600,000
275,000
1,125,000
200,000
60,000

42
38
115
33
10

138 3,496,000

118 17,257,800

256 20,753,800

60,000

560,000
100,000

600,000
100,000

610,000
. 100,000

50,000

650,000

700,000

710,000

109
61
95
87
15
10
52
25
273

2,534 66,020,500 1,376 165,927,800
« Bonds deposited,

$56,283,340.

117
115
22
20
82
34
312

3,165,000
1,935,000
3,865,000
4,285,000
1,010,000
800,000
3,826,000
1,175,000
9,705,000

2,025,000
1,326,000
14,237,800
1,180,000
455,000
1,150,000
330,000
50,000

4,660,000
3,416,900
13,352,500
12,127,500
40
3,738,000
- 30 1,610,000
114
9,500,000
41
2,020,000
308 12,242,500

62
63
139
38
20
13
2

62,667,400
586,360
431,000
547,800
820,500
175,000
707,000
755,000
100,000

346 52,122,660

a231,948,300 6,824 919,100,850

26

REPORT ON T H E FINANCES.

The number and capital of State banks converted, reorganized
banks, and banks of primary organization since March 14, 1900, classified by capital stock, are shown in the following table:
SUMMARY, BY CLASSES, OF NATIONAL B A N K S ORGANIZED FROM MARCH 14, 1900, TO
J U N E 30, 1908.
•

Conversions.

Reorganizations.

Primary organizations.

No.

No.

Total.

Classification.
Capital.

No.
Capital less than $50,000.... 305
Capital, $50,000 or more
188

$8,068,000
25,127,800

0

33,196,800 1,253

Total

493

Capital.

Capital.

799 $21,187,000 1,430 $36,765,500
454 60,165,000 734 80,635,000
81,352,000 2,164

117,400,500

No.

Capital.

2,534 $66,020,500
1,376 165,927,800
3,910 231,948,300

The number of banks and the bond and circulation accounts on
March 14, 1900, and June 30,1908, together with the increase between
those periods, are shown in the accompanying table:
Mar. 14,1900. June 30,1908.
3,617
$616,308,095
244,611,570
216,374, 795
38,027,935
254,402,730

Number of banlcs
Authorized capital
Bonds on deposit
Circulation, on bonds
Circulation, lawful money
Total circulation

Increase.
3,210
$314,234,680
383,535,560
406,875,722
37,055,465
443,931,187

6,827
542,775
628, 147,130
623, 250,517
75,083,400
333,917

Changes'which have occurred during the past year in the amount
of authorized capital stock, bonds on deposit to secure circulation, and
circulation secured by bonds and lawful money, together with the
average price of 2 per cent consols, are shown in the accompanying
table for each month ending June 30, 1908:

Date.

Nuraber
of
banks.

Capital.

Bonds on
deposit.

Average
monthly
price of
2 per
cent
consols.

Circulation secured by—

Bonds.

Lawful
money.

Total
circulation
outstanding.

1907.
July 31
Aug.^31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

6,550 $902,405,775 $558,582,650
6,582 904,494,775 559,319,710
6,620 •906,704,775 559,624,760
6,650 909,274,775 566,994,910
6,655 910,609,775 618,394,610
6,675 912,369,776 646,783,000

105.6337 $555,023,290
105.9135 556,945,917
106.2187 556,101,329
105.4491 662,727,614
lOp. 3750 610,156,008
105.1700 643,459,899

$48,372,596
47,110,404
47,885,785
47,252,852
46,062,188
46,670,996

$603,395,886
604,056,321
603,987,114
609,980,466
656,218,196
690,130,895

1908.
Jan.31
Feb. 29..
Mar. 31
Apr. 30
May 31
June 30

6,699
6,733
6,764
6,787
6,810
6,827

104.5817
104.3886
104.5385

53,483,098
63,215,807
67,573,019
72,220,323
73,735,370
'75,083,400

695,402,762
695,674,519
696,407,355
697,645,698
698,449,517
698,333,917




916,617y776
917,569,776
920,364,775
923,577,775
925,697,775
930,542,776

646,828,820
636,426,660
632,422,670
628,839,430
629,031,160
628,147,130

104. O O
OO
104.0950
104.4808

641,919,664
632,458,712
628,834,336
625,425,375
624,714,147
623,250,517

SECRETARY OF THE TREASURY.

27

Bonds on deposit at the end of the year as security for circulation
were in the following classes and amounts:
2 per cent consols of 1930
Panama Canal bonds
4 per cent loan of 1925
3 per cent loan of 1908-1918
3 per cent certificates of indebtedness

—

$552, 863, 200
36,520, 740
14, 824,250
9, 752,440
14,186, 500

On the same date national banks had on deposit with the Treasury
interest-bearing obligations of the United States to the amount of
$83,703,200 as security for public deposits; in other words, of the
total interest-bearing debt of the United States, amounting to $897,503,990, the banks had on deposit with the Treasury as security for
circulation and public deposits $711,850,330, leaving available, if
obtainable, for circulation security, United States interest-bearing
bonds to the amount of $185,653,660.
In a great measure the financial conditions that existed during the
past year are reflected in the reports made to the Comptroller of
the Currency by the nationar banks. Notwithstanding the voluntary
liquidation of 73 associations ^and the failure of 21, there was a
gradual and substantial increase in the number and capital of banks
from August 22, 1907, to July 15, 1908, the net increase in number
being 280 and in paid-in capital stock $22,649,536. As a result of
the policy of the Department in permitting the substitution of State,
municipal, and other bonds, as security for public deposits, for
United States bonds, on condition that the latter were redeposited
as security for circulation, there was a material increase in United
States bond-secured circulation up to February, 1908, the amount outstanding as shown by reports on August 22, 1907, being $551,949,461,
rising to $601,805,985 on December 3, and to the maximum,
$627,641,739, on February 14, 1908. By May 14 the amount outstanding had decreased to $614,088,723, and declined further to
$613,663,963 on July 15.
Individual deposits, amounting on August 22, 1907, to $4,319,035,402, declined to $4,176,873,717 on December 3, and to $4,105,814,418
on February 14, 1908. In May, however, there was an increase to
$4,312,656,789, and on July 15 to $4,374,551,208, the greatest amount
of deposits ever held by national banking associations.
The liabilities of the banks on account of notes and bills rediscounted, bills payable and bonds borrowed, amounting approximately
to $119,100,000 on August 22, 1907, were increased on December 3 to
$267,000,000.. By February this account was reduced to $189,800,000,
and on May 14 to $116,300,000. By July 15 last these liabilities had
been reduced to $95,300,000. The indebtedness of the banks to the




28

REPORT ON T H E FINANCES.

Government for public deposits rose from $143,282,393 on August 22,
to $223,117,082 on December 3, 1907. This account was but slightly
reduced by February 14, but on May 14 last had declined to $170,700,222, and on July 15 to $118,576,923.
Loans arid discounts, representing about 55 per cent of the aggregate resources of the banks, which on August 22, 1907, amounted to
$4,678,583,968, declined to $4,585,337,094 on December 3, and in the
February following to $4,422,353,647. On May 14, 1908, the volume
of loans had increased to $4,528,346,875, and on July 15 to $4,615,675,531, but, as will be noted, was greater in August, 1907, than at
date of any subsequent report.
As hereinbefore indicated, the aggregate loans and discounts of
national banks declined between August 22 and December 3, 1907,
to the extent of over $93,000,000, while the banks in the city of New
York increased accommodations to their customers from $712,121,058 to $775,181,207, or, roundly, $63,000,000, but during the same
period their lawful money holdings fell from $218,700,000 to $177,000,000, a decrease of $41,700,000. In February, 1908, the loans
made by the New York City banks had declined to $746,692,658, but
their lawful money holdings increased to $258,100,000. In May the
loans reached $814,120,506, and in July, $866,957,813. In May the
cash holdings of the' New York banks reached $318,300,000, approximately $3,000,000 in excess of the amount in bank on July 15.
Lawful money—that is, specie and legal tender notes—^held by the
banks on August 22, 1907, amounted to $701,623,532, but declined to
$660^784,736 on December 3. By February 14, 1908, these holdings
had increased to $788,395,576, and on May 14 to $861,326,450. The
amount held on July 15, however, was approximately $12,000,000
less than at date of the prior report.
The deposit liabilities of the banks on August 22, 1907, amounted
to $5,256,085,097, on which reserve was held to the amount of $1,121,358,395, or 21.33 per cent. On December 3 the liabilities of this
character had decreased to $4,906,684,057, and the percentage of
reserve to 21.31 per cent. On February 14,1908, the percentage of reserve was 23.47 against liabilities aggregating $5,037,945,759, and on
May 14, 23.94 per cent on liabilities of $5,295,981,122. The percentage of reserve held on July 15 last was 23.19 on liabilities, aggregating $5,464,614,059.
Notwithstanding the unfavorable conditions during the year, the
aggregate value of the resources of the national banks was greater
at date of every report since August 22, 1907, than on that date,
although between December 3,1907, and February 14,1908, there was
a decrease of approximately $11,000,000.




SECRETARY OF THE TREASURY.

29

Bank examinations.
For upward of fifty years bank examinations have been made by
each examiner working independently of all other examiners. The
result has been a lack of uniform methods, not only in making the
examinations, but in deciding certain questions which the banker
would ask the examiner at the time of his visit to the bank.
Another bad feature of this independent work of each examiner
was that a man who was either a poor or an indifferent examiner at
the time of his appointment, but who had the qualifications of a good
examiner if properly instructed, went on from year to year making
but little improvement in his work, because he did not come in
contact with examiners of better natural qualifications and wider
experience.
These and other similar conditions have engaged the earnest attention of the Secretary, who, while recognizing that the corps of
nationaL-bank examiners was in the main composed of men of tried
integrity and ability, especially qualified for the diflicult service they
were called upon to render, felt the need of greater unity and harmony of action; and, acting under his general direction, the Comptroller of the Currency has been striving to bring this about. To this
end, the country has been divided by the Comptroller into eleven
examiners' districts, each to be presided over by a chairman. The
idea is to have frequent meetings of examiners, with reports of the
meetings, forwarded by the chairmen to the Comptroller's Oflice.
The chairmen of the different districts have held a meeting in Washington, and have outlined a plan to be followed in holding these meetings, so that the work will be uniform and the reports from each
district will be made up along similar lines. I n this way it is
believed that greater eflficiency in bank examinations will be attained.
Through these meetings in the different districts it is hoped to approximate the work of the less experienced examiners to that of the
more capable ones, and to encourage a full discussion of all the problems with which the examiners have to deal.
The Comptroller also summoned to Washington all the examiners
in the East, about 40 in number, and will later on hold a meeting in
the West to meet the examiners in the Middle arid F a r West.
At the meeting held in the East the examiners were strongly urged
to take more time in making their examinations; to give more attention to finding out the exact value of the assets held by the bank, in
order that their estimate of such assets might be as nearly correct as
possible; and they were advised that the board of directors should be
convened in case the condition of the bank warranted it, in order that
the directors might be fully informed. This plan is now being followed-and much good has already resulted.




30

REPORT ON THE FINANCES.

The receivers of national banks have also been summoned to
Washington and urged to close their trusts promptly and to keep
down expenses as low as possible. In carrying out this policy, the
expenses of many of the receiverships have already been reduced to a
considerable degree.
Appointments to the position of bank examiner are made only after
a most thorough inquiry into the qualifications of the applicant as
to his character, ability, and training, and without regard to political
considerations. I t is of vital importance to the highest usefulness
of this service that it be kept absolutely out of politics, and that the
appointment, assignment, and promotion of examiners be made
wholly on the basis of merit. I n carrying out this policy the Department believes it is insuring, as far as possible under existing law, that
the work of bank examinations, which is of a peculiarly confidential
and responsible nature, s h a l l b e conducted with thoroughness and
efficiency.
The Department has made to the Monetary Commission recommendations for certain amendments to the administrative features of
the national banking laws, which are largely the outgrowth of the
experience and observation of officials of the Comptroller's Office in
the practical operation of these laws. Among these recommendations
is one that the method of compensating national-bank examiners
should be changed from a fee to a salary or per diem and expense
basis. This and other recomniendations have been repeatedly made
by Comptrollers of the Currency, and while calling particular attention to it now I do not feel warranted, because of its presentation to
the Monetary Commission, which is considering the whole subject,
in making further reference to it at this time.
A M E N D M E N T OF T H E N A T I O N A L B A N K I N G L A W S .

The monetary disturbance of 1907 caused the introduction in both
branches of the Congress of bills designed to obviate a repetition of the
trouble. I n the last few days of the session a bill combining the
important features of several of these measures was passed and was
approved by the President, May 30, 1908. Its text was as follows :
[PUBLIC—No: 169.]

[H. R. 21871.]
AN ACT To amend the national banking laws.
Be it enacted 'by the Senate and House of Representativ'es of the United
States of America in Congress assembled, That national banking associations, each baving an unimpaired capital and a surplus of not less tban
twenty per centum, not less than ten in number, baving an aggregate capital
and surplus of at least five millions of dollars, may form voluntary associations to be designated as national currency associations. Tbe banks uniting
to form such association sball, by their presidents or vice-presidents, acting



SECRETARY OF THE TREASURY.

31

under authority from the board of directors, make and file with the Secretary of the Treasury a certificate setting forth the names of the banks composing the association, the principal place of business of the association,
and the name of the association, which name shall be subject to the approval
of the Secretary of the Treasury. Upon the filing of such certificate the
associated banks therein named shall become a body corporate, and by the
name so designated and approved may sue and be sued and exercise the powers
of a body corporate for the purposes hereinafter mentioned: Provided, That not
more than one such national currency association shall be formed in any city:
Provided further, That the several members of such national currency association shall be taken, as nearly as conveniently may be, from a territory composed
of a State or part of a State, or contiguous parts of one or more States: And
provided further, That any national bank in such city or territory, having the
qualifications herein prescribed for membership in such national currency association, shall, upon its application to and upon the approval of the Secretary of
the Treasury, be admitted to membership in a national currency association
for that city or territory, and upon such admission shall be deemed and held
a part of the body corporate, and as such entitled to all the rights and privileges and subject to all the liabilities of an original member: And provided
further, That each national currency association shall be composed exclusively
of banks not members of any other national currency association.
The dissolution, voluntary or otherwise, of any bank in such association shall
not affect the corporate existence of the association unless there shall then
remain less than the minimum number of ten banks: Provided, however, That
the reduction of the number of said banks below the minimum of ten shall not
affect the existence of the corporation with respect to the assertion of all rights
in favor of or against such association. The affairs of the association shall be
managed by a board consisting of one representative from each bank. By-laws
for the government of the association shall be made by the board, subject to the
approval of the Secretary of the Treasury. A president, vice-president, secretary, treasurer, and an executive committee of not less than five members, shall
be elected by the board. The powers of such board, except in the election* of
oflicers and making of by-laws, may be exercised through its executive committee.
The national currency association herein provided for shall have and exercise
any and all powers necessary to carry out the purposes of this section, namely,
to render available, under the direction and control of the Secretary of the
Treasury, as a basis for additional circulation any securities, including commercial paper, held by a national banking association. For the purpose of
obtaining such additional circulation, any bank belonging to any national
currency association, having circulating notes outstanding secured by the deposit
of bonds of the United States to an amount not less than forty per centum,
of its capital stock, and which has its capital unimpaired and a surplus of not
less than twenty per centum, may deposit with and transfer to the association,
in trust for the United States, for the purpose hereinafter provided, such of the
securities above mentioned as may be satisfactory to the board of the association. The ofiicers of the association may thereupon, in behalf of such bank,
make application to the Comptroller of the Currency for an issue of additional
circulating notes to an amount not exceeding seventy-five per centum of the
cash value of the securities or commercial paper so deposited. The Comptroller
of the Currency shall immediately transmit such application to the Secretary
of the Treasury with such recommendation as he thinks proper, and if, in the
judgment of the Secretary of the Treasury, business conditions in the locality
demand additional circulation, and if he be satisfied with the character and
value of the securities proposed and that a lien in favor of the United States



32

REPORT ON THE FINANCES.

on the securities so deposited and on the assets of the banks composing the
association will be amply sufficient for the protection of the United States, he
may direct an issue of additional circulating notes to the association, on behalf
of such bank, to an amount in his discretion, not, however, exceeding seventyfive per centum of the cash value of the securities so deposited: Provided, That
upon the deposit of any of the State, cijty, town, county, or other municipal
bonds, of a character described in section three of this.act, circulating notes
may be issued to the extent of not exceeding ninety per centum of the market
value of such bonds so deposited: And provided further. That no national banking association shall be authorized in any event to issue circulating notes based
on commercial paper in excess of thirty per centum of its unimpaired capital
and surplus. The term * commercial paper " shall be held to include only notes
*
representing actual commercial transactions, which when accepted by the
association shall bear the names of at least two responsible parties and^have
not exceeding four months to run.
The banks and the assets of all banks belonging to the association shall be
jointly and severally liable to the United States for the redemption of such
additional circulation; and to secure such liability the lien created by section
fifty-two hundred and thirty of the Revised Statutes shall extend to and cover
the assets of all banks belonging to the association, and to the securities
deposited by the banks with the association pursuant to the provisions of this
act; but as between the several banks composing such association each bank
shall be liable only in the proportion that its capital and surplus bears to the
aggregate capital and surplus of all such banks. The association may, at any
time, require of any of its constituent banks a deposit of additional securities
or commercial paper, or an exchange of the securities already on deposit to
secure such additional circulation; and in case of the failure of such bank to
make such deposit or exchange the association may, after ten days' notice to
the bank, sell the securities and paper already in its hands at public sale, and
deposit the proceeds with the Treasurer of the United States as a fund for the
redemption of such additional circulation. If such fund be insufficient for that
purpose the association may recover from the bank the amount of the deficiency
by suit in the circuit court of the United States, and shall have the benefit of
the lien hereinbefore provided for in favor of the United States upon the assets
of such bank. The association or the Secretary of the Treasury may permit or
require the withdrawal of any such securities or commercial paper and the
substitution of other securities or commercial paper of equal value therefor.
SEC 2. That whenever any bank belonging to a national currency association
shall fail to preserve or make good its redemption fund in the Treasury of the
United States, required by section three of the act of June twentieth, eighteen
hundred and seventy-four, chapter three hundred and forty-three, and the provisions of this act, the Treasurer of the United States shall notify such national
currency association to make good such redemption fund, and upon the failure
of such national currency association to make good such fund, the Treasurer of
the United States may, in his discretion, apply so much of the redemption fund
belonging to the other banks cbmposing such national currency association as
may be necessary for that purpose; and such national currency association may,
after five days' notice to such bank, proceed to sell at public sale the securities
deposited by such bank with the association pursuant to the provisions of section one of this act, and deposit the proceeds with the Treasurer of the United
States as a fund for the redemption of the additional circulation taken out by
such bank under this act.
SEC 3. That any national banking association which has circulating notes
outstanding, secured by the deposit of United States bonds to an amount of not



SECRETARY OF THE TREASURY.

33

less than forty per centum of its capital stock, and which has a surplus of not
less than twenty per centum, may make application to the Comptroller of the
Currency for authority to issue additional circulating notes to be secured by
the deposit of bonds other than bonds of the United States. The Comptroller
of the Currency shall transmit immediately the application, with his recommendation, to the Secretary of the Treasury, who shall, if in his judgment
business conditions in the locality demand additional circulation, approve the
same, and shall determine the time of issue and fix the amount, within the
limitations herein imposed, of the additional circulating notes to be issued.
Whenever after receiving notice of such approval any such association shall
deposit with the Treasurer or any assistant treasurer of the United States such
of the bonds described in this section as shall be approved in character and
amount by the Treasurer of the United States and the Secretary of the
• Treasury, it shall be entitled to receive, upon the order of the Comptroller of
the Currency, circulating notes in blank, registered and countersigned as provided by law, not exceeding in amount ninety per centum of the market value,
but not in excess of the par value of any bonds so deposited, such market value
to be ascertained and determined under the direction of the Secretary of the
Treasury.
. The Treasurer of the United States, with the approval of the Secretary of
the Treasury, shall accept as security for the additional circulating notes provided for in this section, bonds or other interest-bearing obligations of any State
of the United States, or any legally authorized bonds issued by any city, town,
county, or other legally constituted municipality or district in the United States
which has been in existence for a period of ten years, and which for a period
of ten years previous to such deposit has not defaulted in the payment of any
part of either principal or interest of any funded debt authorized to be contracted by it, and whose net funded indebtedness does not exceed ten per centum
of the valuation of its taxable property, to be ascertained by the last preceding
valuation of property for the assessment of taxes. The Treasurer of the United
States; with the approval of the Secretary of the Treasury, shall accept, for
the purposes of this section, securities herein enumerated in such proportions
as he may from time to time determine, and he may with such approval at any
time require the deposit of additional securities, or require any association to
change the character of the securities already on deposit.
SEC 4. That the legal title of all bonds, whether coupon or registered, deposited to secure circulating notes issued in accordance with the terms of
section three of this act shall be transferred to the Treasurer of the United
States in trust for the association depositing them, under regulations to be prescribed by the Secretary of the Treasury. A receipt shall be given to the
association by the Treasurer or any assistant treasurer of the United States,
stating that such bond is held in trust for the association on whose behalf the
transfer is made, and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association. Nd assignment or transfer of any such bond by the Treasurer shall be deemed valid
unless countersigned^ by the Comptroller of the Currency. The provisions of
sections fifty-one hundred and sixty-three, fifty-one hundred and sixty-four,
fifty-one hundred and sixty-five, fifty-one hundred and sixty-six,. and fifty-one
hundred and sixty-seven and sections fifty-two hundred and twenty-four to fiftytwo hundred and thirty-four, inclusive, of the Revised Statutes respecting
United States bonds deposited to secure circulating notes shall, except as herein
modified, be applicable to all bonds deposited under the terms of section three
of this act.
58716—FI 1908



3

84

REPORT ON THE FINANCES.

SEC 5. That the additional circulating notes issued under this act shall be
used, held, and treated in the same way as circulating notes of national banking
associations heretofore issued and secured by a deposit of United States bonds,
and shall be subject to all the provisions of law affecting such notes except as
herein expressly modified: Provided, That the total amount of circulating notes
outstanding of^ any national banking "association, including notes secured by
United States bonds as now provided by law, and notes secured otherwise than
by deposit of such bonds, shall not at any time exceed the amount of its unim-.
paired capital and surplus: And provided further, That there shall not be outstanding at any time circulating notes issued under the provisions of this act
to an amount of more than five hundred millions of dollars.
SEC 6. That whenever and so long as any national banking association has
outstanding any of the additional circulating notes authorized to be issued by
the provisions of this act it shall keep on deposit in the Treasury of the United
States, in addition to the redemption fund required by section three of the act
of June twentieth, eighteen hundred and seventy-four, an additional sum equal
to five per centum of such additional circulation at any time outstanding, such
additional five per centum to be treated, held, and used in all respects in the
same manner as the original redemption fund provided for by said section three
of the act of June twentieth, eighteen hundred and seventy-four.
SEC 7. In order that the distribution of notes to be issued under the provisions of this act shall be made as equitable as practicable between the various
sections of the country, the Secretary of the Treasury shall hot approve applications from associations in any State in excess o f t h e amount to which such
State would be entitled of the additional notes herein authorized on the basis
of the proportion which the unimpaired capital and surplus of the national
banking associations in such State bears to the total amount of unimpaired
capital and surplus of the national banking associations of the United States:
Provided, however. That in case the applications from associations in any State
shall not be equal to the amount which the associations of such State would be
entitled to under this method of distribution, the Secretary of the Treasury
may, in his discretion, to meet an emergency, assign the amount not thus
applied for to any applying association or associations in States in the same
section of the country.
SEC 8. That it shall be the duty of the Secretary of the Treasury to obtain
Information with reference to the value and character of the securities authorized to be accepted under the provisions of this act, and he shall from time to
time furnish information to national banking associations as to such securities
as would be acceptable under the provisions of this act.
SEC 9. That section fifty-two hundred and fourteen of the Revised Statutes,
as amended, be further amended to read as follows:
" SEC 5214. National banking associations having on deposit bonds of the
United States, bearing interest at the rate of two per centum per annum, including the bonds issued for the construction of the Panama Canal, under the
provisions of section eight of *An act to provide for the construction of a canal
connecting the waters of the Atlantic and Pacific oceans,' approved June
twenty-eighth, nineteen hundred and two, to secure its circulating notes, shall
pay to the Treasurer of the United States, in the months of January and July,
a tax of one-fourth of one per centum each half year upon the average amount
of such of its notes*in circulation as are based upon the deposit of such bonds;
and such associations having on deposit bonds of the United States bearing
interest at a rate higher than two per centum per annum shall pay a tax of
one-half of one per centum each half year upon the average amount of such of
its notes in circulation as are based upon the deposit of such bonds. National




SECRETARY OF THE TREASURY.

85

banking associations having circulating notes secured otherwise than by bonds
of the United States shall pay for the first month a tax at the rate of five per
centum per annum upon the average amount of such of their notes in circulation as are based upon the deposit of such securities, and afterwards an additional tax of one per centum per annum for each month until a tax of ten per
centum per annum is reached, and thereafter such tax of ten per centum per
annum, upon the average amount of such notes. Every national banking association having outstanding circulating notes secured by a deposit of other
securities than United States bonds shall make monthly returns, under oath of
its president or cashier, to the Treasurer of the United States, in such form as
the Treasurer may prescribe, of the average monthly amount of its notes so
secured in circulation; and it shall be the duty of the Comptroller of the Currency to cause such reports of notes in circulation to be verified by examination of the banks' records. The taxes received on circulating notes secured
otherwise than by bonds of the United States shall be paid into the Division of
Redemption of the Treasury and credited and added to the reserve fund held for
the redemption of United States and other notes."
SEC 10. That section nine of the act.approved July twelfth, eighteen hundred and eighty-two, as amended by the act approved'March fourth, nineteen
hundred and seven, be further amended to read as follows:
" S E C 9. That any national banking association desiring to withdraw its
circulating notes secured by deposit of United States bonds in the manner
provided in section four of the act approved June twentieth, eighteen hundred
and seventy-four, is hereby authorized for that purpose to deposit lawful money
with the Treasurer of the United States and, with the consent of the Comptroller of the Currency and the approval of the Secretary of the Treasury,
to withdraw a proportionate amount of bonds held as security for its circulating notes in the order of such deposits: Provided, That not more than nine
millions of dollars of lawful money shall be so deposited during any calendar
month for this purpose.
"Any national banking association desiring to withdraw any of its circulating notes, secured by the deposit of securities other than bonds of the United
States, may make such withdrawal at any time in like manner and effect by
the deposit of lawful money or national bank notes with the Treasurer of the
United States, and upon such deposit a proportionate share of the securities
so deposited may be withdrawn: Provided, That the deposits under this section to retire notes secured by the deposit of securities other than bonds of the
United States shall not be covered into the Treasury, as required by section
six of an act entitled * An act directing the purchase of silver bullion, and the
issue of Treasury notes thereon, and for other purposes,' approved July fourteenth, eighteen hundred and ninety, but shall be retained in the Treasury for
the purpose of redeeming the notes of the bank making such deposit."
SEC 11. That section fifty-one hundred and seventy-two of the Revised Statutes be, and the same is hereby, amended to read as follows:
" SEC 5172. In order to furnish suitable notes for circulation, the Comptroller
of the Currency shall, under the direction of the Secretary of the Treasury, cause
plates and dies to be engraved, in .the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered,
such quantity of circulating notes, in blank, of the denominations of five dollars,
ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars,
one thousand dollars, and ten thousand dollars, as may^ be required to supply
the associations entitled to receive the same. Such notes shall state upon their
face that they are secured by United State's bonds or other securities, certified
by the written or engraved signatures of the Treasurer and Register and by




36

REPORT ON THE FINANCES.

the imprint of the seal of the Treasury. They shall also express upon their
face the promise of the association receiving the same to pay on demand, attested by the signature of the president or vice-president and cashier. The^
Comptroller of the Currency, acting under the direction of the Secretary of the
Treasury, shall as soon as practicable cause to be prepared circulating notes in
blank, registered and countersigned, as provided by law, to an amount equal to
fifty per centum of the capital stock of each national banking association; such
notes to be deposited in the Treasury or in the subtreasury of the United States
nearest the place of business of each association,, and to be held for such association, subject to the order of the Comptroller of the Currency for their delivery as provided by law: Provided, That the Comptroller of the Currency may
issue national bank notes of the present form until plates can be prepared and
circulating notes issued as above provided: Provided, however, That in no
event shall bank notes of the present form be issued to any bank as additional
circulation provided for by this act."
SEC 12. That circulating notes of national banking associations, when presented to the Treasury for redemption, as provided in section three of the
act approved June twentieth, eighteen hundred and seventy-four, shall be
redeemed in lawful money of the United States.
SEC 13. That all acts and orders of the Comptroller of the Currency and
the Treasurer of the United States authorized by this act shall have the approval of the Secretary of the Treasury, who shall have power, also, to make
any such rules and regulations and exercise such control over the organization
and management of national currency associations as may be necessary to carry
out the purposes of this act.
SEC 14. That the provisions of section fifty-one hundred and ninety-one of
the Revised Statutes, with reference to the reserves of national banking associations, shall not apply to deposits of public moneys by the United States in
designated depositaries.
SEC 15. That all national banking associations designated as regular depositaries of public money shall pay upon all special and additional deposits
made by the Secretary of the Treasury in such depositaries, and all such associations designated as temporary depositaries of public money shall pay upon
all sums of public money deposited in such associations interest at such rate as
the Secretary of the Treasury may prescribe, not less, however, than one per
centum per annum upon the average monthly amount of such deposits: P7Vvided, however, That nothing contained in this act^shall be construed to change
or modify the obligation of any association or any of its officers for the safekeeping of public money: Provided further, That the rate of interest charged
upon such deposits shall be equal and uniform throughout the United States.
SEC 16. That a sum sufficient to carry out the purposes of the preceding sections of this act is hereby appropriated out of any money in the Treasury not
otherwise appropriated.
SEC 17. That a commission is hereby created, to be called the " National
Monetary Commission," to be composed of nine members of the Senate, to be
appointed by the Presiding Officer thereof, and nine members of the House of
Representatives, to be appointed by the Speaker thereof; and any vacancy on
the commission shall be filled in the same manner as the original appointment.
SEC 18. That it shall be the duty of this commission to inquire into and report to Congress at the earliest date practicable, what.changes are necessary or
desirable in the monetary system of the United States or in the laws relating
to banking and currency, and for this purpose they are authorized to sit during
the sessions or recess of Congress, at such times and places as they may deem
desirable, to send for persons and papers, to administer oaths, to summons and
compel the attendance of witnesses, and to employ a disbursing officer and



SECRETARY OF THE TBEAStTRY,

37

such secretaries, experts, stenographers, messengers, and .other assistants as
shall be necessary to carry out the purposes for which said commission Was
created. The commission shall have the power,, through subcommittee or otherwise, to examine witnesses and to make such investigations and examinations,
in this or other countries, of the subjects committed to their charge as they
shall deem necessary.
SEC 19. That a sum sufficient to carry out the purposes of sections seventeen
and eighteen of this act, and to pay the necessary expenses of the commission
and its members, is hereby appropriated, out of any money in the Treasury
not otherwise appropriated. Said appropriation shall be immediately available
and shall be paid out on the audit ahd order of the chairman or acting chairman of said commission, which audit and order shall be conclusive and binding
upon all departments as to the correctness of the accounts of such commission.
SEC 20. That this act shall expire by limitation on the thirtieth day of June,
nineteen hundred and fourteen.
Approved, May 30, 1908.

Pursuant to this bill the Department published a circular under
date of June 10, which, after quoting the act, proceeded as follows:
There are two methods of applying for additional national bank = currency
under the provisions of the above act:
1. National banks occupying contiguous territory may organize a national
currency association. There must be at least 10 national banks in each national
currency association, and the aggregate capital and surplus of such national
banks must be at least $5,000,000. No national bank may join a national currency association unless it has an unimpaired capital and a surplus of not less
than 20 per cent. After the formation of an association any national bank belonging thereto, whose outstanding circulating notes actually issued amount to not less
than 40 per cent of its capital, may obtain additional circulating notes in the
manner provided in section 1 of the above act.
2. National banks possessing the same qualifications as to unimpaired capital
and surplus required of banks joining a national currency association, and
whose circulating notes outstanding and actually issued are equal to 40 per cent
of its capital stock, may obtain additional circulating notes based upon the
securities prescribed in said.section 3 and in the manner indicated therein.
In pursuance of the requirements of the above act, the following regulations
are hereby established:
The national banks located in any city in the United States containing 10
or more such banks, having an aggregate unimpaired capital and surplus of not
less than $5,000,000, may form a national currency association. Ten or more
national banks possessing an aggregate unimpaired capital and surplus of not
less than $5,000,000 may form a national currency association of the banks
located within any contiguous territory outside of cities. But, in order that
all national banks in the United States possessing the qualifications of unimpaired eapital and 20 per cent surplus prescribed in the act may, if they desire,
be included within the membership of some national currency association, the
" Secretary hereby expressly reserves the right to add to, and include in, the
^
territory of any national currency association formed in accordance with the
provisions of the act any contiguous territory containing national banks which,
but for such inclusion, would be excluded from or inconveniently located as to
a national currency association.
National banks are advised that the names of the national currency associations must be indicative of the locality of the several associations. It is not
feasible, for instance, to permit an association to style itself " First National
Currency Association."



S8

tePORT ON THE FINANCES.

Accompanying herewith is a blank form of resolution which should be adopted
by the board of directors of each of the national banks desiring to form a national currency association, empowering its president or vice-president, as the
case may be, to act in the formation of such national currency association; also
a blank form of application to be used by a bank desiring to join an association.
These papers are to be presented at a meeting of national banks held for the
purpose of forming a national currency association.
There has been prepared a blank form of certificate to be executed by the officers and executive committees of national currency associations and forwarded
to the Secretary of the Treasury with the duly authenticated resolutions and
applications above mentioned.
° .
Upon receipt of the certificate above mentioned, and the papers which should
accompany the same, they'will be examined under direction o'f the Secretary of
the Treasury, and notice of approval or disapproval will be promptly forwarded
to the association.
Blank forms of the certificate above mentioned, also additional blank resolutions and applications, will be furnished upon applicati'bn to the Secretary of the
Treasury.
The following table shows, by States, the amount of capital and surplus of the
national banks which are entitled to membership in a national currency association. The aggregate capital of such banks and the aggregate surplus are
stated in the table, which includes only national banks having an unimpaired
capital and a surplus of not less than 20 per cent.

state.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

'...

New England States ..

Capital.

Surplus.

$8,395,000
5,005,000
4,835,000
54,822,500
6,350,250
19,855,050

$3,156,500
2,352,000
1,604,000
32,911,171
3,624,500
9,576,800

Comhined
surplus and
capital.
$11,551,500
7,357,000
6,439,000
87,733.671
9,974,750
29,431,850

99,262,800

53,224,971

152,487,771

New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia

153,034,600
18,512,000
106,684,390
2,223,985
16,827,400
5,202,000

134,582,110
18,108,246
112,708,994
1,837,500
10,265,097
3,942,000

287,616,710
36,620,246
219,393,384
4,061,485
27,092,497
9,144,000

Eastern States

302,484,375

281,443,947

583,928,322

11,036,000
.5,806,000
4,235,000
3,260,000
7,806,500
2,795,000
6,325,000
2,800,000
7,755,000
31,860,300
2,690,000
12,678,000
7,790,000

7,434,226
3,990,656
1,878,600
1,108,218
5,536,000
1,367,000
.2,932,500
1,346,250
4,219,865
16,863,200
1,276,500
5,568,058
3,661.000

18,470,226
9,7P6,656
6,113,600
4,368,218
13,342,500
4,162,000
9,257,500
4,146,250
11,974,865
48,723,500
3,966,500
18,246,058
11,451,000

106,836,800

57,182,073

164,018,873

Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida......
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

.°

.^

Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota.
Iowa
Missouri
Middle Western States




78,691,715
27,785,807
80,216,140
19,733,357
20,609,500
26,647,000
20,857,550
40,222,000

53,636,100
19,393,000
50,090,000
14,070,000
14,580,000
15,891,000
14,9.55,000
24,480,000
207,095,100

107,667,969

314,763,069

39.

SECEETAEY OP THE TEEASUEY.

Capital.

State.

North Dakota
SouthDakota
Nebraska
Kansas
Montana
Wyoming
Colorado!
N e w Mexico
Oklahoma.

'
.

.
•.

Western S t a t e s . . :
Washington
Oregon
California .
Idaho
Utah
Nevada
Arizona

-'.

.

. .

Surplus.

Combined
surplus and

capital.

$2,970,000
1.900,000
10,415,000
9,482,500
3,220.000
1,235,000
7,715,000
1,305,000
7,535,000

$971,000
589,000
4,478,750
4,282,000
1,840,000
790,000
4,267,000
523,500
2,790.851

$3,941,000
2,489,000
14,893,750
13,764,500
5,01)0,000
2,025,000
11,982,000
1,828,500
10,325,851

45,777,500

20,532,101

66,309,601

6,425,000
2,580,000
23,462,800
1,100,000
2,005,000
407,000
705,000

3,880,000
1,522,000
13,372,450
864,500
1,053,500
213,000
564,500

10,305,000
4,102,000
36,835,250
1,964,500
3,058,500
620,000
1,269,500

Paciiic States

3'j,684,800

21,469,950

58,154,750

U n i t e d States

798,141,375

641,521,011

1,339,662,386

It will be seen from an examination of the table that the national banks
within some of the States are not eligible to form by themselves national currency associations, the aggregate capital and surplus being insufficient for the
formation of such association. It is apparent, therefore, that the national
banks in these States must affiliate with national banks in contiguous States
in order to effect the formation of an association.
The Secretary will not at this time allot any territory for the formation of
national currency associations other than as is herein indicated. It is thought
that the banks may prefer to come together of their own volition. It is preferable that state lines be observed as far as practicable, and due notice should
be taken of the fact that each national bank desiring to become a member of
a national currency association should be affiliated with the national banks
in its neighborhood, and not apply for admission to an association not occupying contiguous territory.
Under the law, national banks not taking part in the formation" of a national
currency association, but possessing the qualifications of membership, may
apply to the Secretary of the Treasury for admission to some association, and
upon his approval of their applications they may be admitted to membership in
a national currency association for their city or territory.
It will be observed that the foregoing relates only to the formation of national
currency associations. The method to be followed in obtaining additional circulation through such national currency associations will be made the subject
of a separate circular to be issued later. It should be stated in this connection,"
however, that national banks belonging to national currency associations and
desiring to obtain additional circulation through their associations must apply
therefor and submit their lists of securities to the 'officers of their respective
associations, and not to the Secretary of the Treasury. Applications to the
Secretary for additional circulation will be made by officers of the national
currency associations.
Applications for additional circulation under section 3, by individual national
banks, may be addressed, when the circulation is desired, to the Comptroller of
the Currency. That officer will advise any national bank as to the details of
procedure.




40

REPORT ON THE

JB^INANCES.

National banks, by examining section 6 of the act, will see that the redemption fund to be deposited in the Treasury on account of additional circulation
authorized by the act must consist of 10 per cent of such additional circulation.
Section 10 of the act provides that additional circulation issued under the
provisions of the act may be retired at any time, without restriction as to the
aggregate amount retired in any one month.
Referring to section 15 of the act, the rate of interest to be paid by depositary banks is hereby fixed at 1 per cent per annum upon the average monthly
amount of public deposits held, to be computed from June 15, 1908, and to be
payable July 1, 1908, and thereafter on J a n u a r y 1 and July 1 of each year.
Interest will be paid on the entire amount held by temporary or special depositaries, and on the amount held by regular depositaries in excess of the amount
needed for the transaction of public business. Each bank, will be advised by
letter of the precise amount of its public deposits exempt from payment of
interest.
The Secretary hereby reserves the right at any time, upon notice, to increase
the rate of the interest to be paid by depositary banks.

There has been but one national currency association actually
formed whose by-laws have received the approval of this Department. Other associations are in process of formation, and there
has been correspondence with national banks in different parts of the
country upon the subject; but it seems to be the general feeling'among
the national banks that the act should be amended in certain particulars in order to make it entirely effective. I t is contended that there
should be some provision in the law authorizing the withdrawal of
a national bank from the national currency association to which it
belongs, and that the voting strength of the several banks belonging
to a nationak currency association should bear some proportion to
their capital and surplus.
The Department is engaged in an investigation of the value and
character of the county, town, and other municipal securities specified
in section 3 of the act of May 30, 1908, and it has arranged with the
Interstate Commerce Commission to furnish promptly, upon application, information as to the status and value of railroad bonds, which
will no doubt be offered to national currency associations by the
national bank members thereof as security for additional circulation
to be issued through such national currencjr associations. Financial
conditions at this time do not indicate the need of the issue of additional circulation under provisions of the act of May 30, 1908, but
it is important that the Department and the national banks should
perfect as far as possible the details for carrying out in case of
necessity the provisions of the act.
New vault.
I n order to store the emergency currency prepared under the terms
of the act of May 30, 1908, it has been found necessary to construct
a new vault in the Treasury building. Contracts have been made°




SECRETARY' OF THE TREASURY.

41

to construct in the subbasement of the Treasury building a vault
which will be in all respects the best that can be made. The dimensions are: 54 feet long, by 18 feet wide, by 13 feet 9 inches high,
and the cost will be $34,000. The cubic contents of the vault will
be 13,291 cubic feet, and the estimated storage capacity will be
$580,000,000. I t is to be completed by February 15, 1909.
OPERATIONS OF T H E M I N T .

Earnings and expenditures.
The earnings and gains of the Mint service during the fiscal year
1908 were as follows:
Charges for parting and refining
$317, 512.95
Charges for alloy
21,332.60
Charges for assaying and stamping
28, 085. 68
Seigniorage on subsidiary coinage
8,713,413.35
Seigniorage on minor coinage
I
1, 535, 029.42
Seigniorage on recoinage of minor coins
:
__^2, 928. 87
Profits on medals and proof coins
1
;
._
1,193.80
Charges received for mounting, etc., medal-fund account
474.,18
^ Charges for the manufacture of medals, etc
19, 202.91
Deposit melting room grains and sweeps
I_
31,152.39
Surplus bullion recovered by operative officers
29, 797.58
Gain on bullion shipped mint for coinage
5,066. 68
Proceeds sale of old material
«
5,618.38
Receipts from special assay of bullion and ore
3, 594.00
Receipts from sale of by-products
9, 704. 79
Receipts for manufacturing appliances for Government and other
institutions
.
6,164.44
Charges received for coinage for Philippine government
203, 287. 72
Charges received for coinage for Mexico
9,114.22
Gain on light-weight United States gold coin for recoinage
227. 02
Total earnings and gains

:

10,942,900.98

The expenditures were as follows:
Salaries of officers and derks
1
$222, 344. 72
Wages of workmen and adjusters
1,044, 088.97
Contingent expenses, less amount paid to reimburse wastage and
loss on sweeps sold
254, 589.13
Parting and refining expenses, less amount paid to reimburse
wastage and loss on sweeps sold
312, 554. 64
Wastage of operative departments
54, 222. 20
Wastage of operative departments, minor coinage operations
1, 233. 82
Loss on sweeps sold during the year
.
7, 334. 81
Expenses of distributing minor coins___
48,105. 86
Expenses of medal fund (charges paid for mounting, etc.)
481.55
Loss on recoinage of minor coins.^
.
10, 887.54
Total expenditures and loss.




"

1,955, 843.24

42

REPORT ON T H E FINANCES.

Mint service.
The domestic coinage of the four coinage mints during the fiscal
year ended June 30, 1908, amounted to 184,007,755 pieces, of the
value of $215,714,862.97. Qf this amount $197,238,377.50 was gold,
$16,530,477.25 subsidiary silver, and $1,946,008.22 minor coinage.
As compared with the fiscal year 1907, there was an increase of
$117,616,040 in gold coin and $3,555,943 in silver coin, and a decrease
of $1,373,444.96 in the minor coinage. Of the gold coinage, $106,164,360 in double eagles and $4,829,060 in eagles were of the designs prepared by the eminent sculptor, the late Augustus Saint Gaudens, to
whom great credit is due for the artistic merits of these coins.
I n addition to the domestic coinage, there were coined for the government of the Philippine Islands in silver 25,003,915 pieces, of the
value of 18,131,792.90 pesos, and 1,500 pieces of base coins, of the
value of 32.50 pesos, making a total of 18,131,825.40 pesos.
There were coined for the Government of Mexico in silver 1,397,291
50-centavo pieces, of. the value of $698,645.50.
The value of the original deposits of gold at the several mints
and assay offices during the fiscal year ended June 30, 1908, was
$207,413,762.82.
Production of gold and silver and consumption in the industrial arts.
The production of gold by the mines of the United States during the
calendar year 1907 is estimated to have been $90,435,700. The amount
of gold consumed in the industrial arts during the year is estimated
to have been $37,596,254, of which amount $30,418,680 was new
material.
The production of silver in the United States during the year is
estimated to have been 56,514,700 fine ounces, of the commercial
value of $37,299,700. The amount of silver consumed in the industrial arts during the year is estimated to have been 24,293,939 fine
ounces, of which amount 21,138,568 fine ounces were new material.
Purchases of silver.
There were purchased for the coinage of subsidiary silver during
the fiscal year 16,956,309.37 ounces of silver bullion 0.999 fine, at a
cost of $9,923,026. The coinage of subsidiary coin from new bullion during the year was $15,698,063.25, on which there was a seigniorage of $8,713,413.35. The purchases of silver for the subsidiary
silver coin was resumed in August, 1906. The aggregate amount purchased to June 30, 1908, was 28,956,185.44 ounces 0.999 fine, costing
$18,050,212.11. '
The coinage of subsidiary coin from new bullion from August,
1906, to June 30, 1908, was $28,358,018.40. The cost of the bul


SECRETARY OF T H E TREASUllY.

' 43

lion contained in the same was $12,998,695.61, giving a seigniorage of
$15,359,322.79.
New designs for coins.
For many years, and especially since the resumption of specie payments in 1879, when coins commenced to enter into active circulation,
there has been a popular demand for improvement in the designs of
our gold and silver coins. The act of February 12, 1873, revising the
coinage laws, limited both the designs, and devices of such coins td
those employed at the time of the passage of that act.
On September 26,1890, an act was passed by the Congress providing
for the preparation of new designs of authorized devices of the coins
of the United States. Under the terms of this act the Director of the
Mint, with the approval of the Secretary of the Treasury, was authorized to cause riew designs or models of authorized devices to be prepared and adopted. No change, however, in the designs of the dies
of any coin was to be made oftener than once in twenty-five years
from and including the year, of the adoption of the design of the coin.
Under the act of 1890, in June, 1891, artists and others were invited
by circular letter to submit designs and suggestions for changes in
the designs of the silver dollar, the half dollar, the quarter dollar,
and the dime. None of the designs or suggestions were satisfactory,
and all were rejected by a comjnittee appointed by"the Secretary of
the Treasury to pass thereon. Instructions were given, in the latter
part of August, 1891, for the preparation of new designs for the half
and quarter dollar and the dime by the engraving department of the
Mint at Philadelphia. Tbe designs prepared were adopted and the
coinage therefrom commenced in January, 1892.
No action was taken looking to the artistic improvement in the
designs of the gold coins until early in 1905, when the President
decided that a change should be made. The eminent American sculptor, the late Augustus Saint Gaudens, was, by his direction, employed
to prepare models for the gold coins. Mr. Saint Gaudens entered
upon the work enthusiastically, and after much thought and labor
submitted models for the twenty and ten dollar gold pieces, which
were approved by the President.
I n November, 1907, the coinage of the double eagle and the eagle
in the designs prepared by Mr. Saint Gaudens was commenced. The
relief of the new double eagle and eagle is the highest of that of
coins issued by any country. The execution of the designs for these
coins was the last effort of the great American sculptor and the
crowning work of a notable career, giving additional interest to the
coinage.
The designs for the five dollar and the two and one-half dollar
gold pieces were prepared by another American sculptor, Mr. Bela
L. Pratt, of Boston. The striking characteristic of these coins is



44

REPORT o n THE FINANCE^.

that they are executed in intaglio, or, more strictly speaking, " incused," an innovation that is unique in coinage. I t was adopted upon
the suggestion of' Dr. William Sturgis Bigelow, of Boston, to.the
President as a plan of coinage to get the best results in artistic work
and at the same time preserve for commercial interests the uniformity
of the stacking of the pieces. Aside from this these coins are well
adapted for circulation in that the liability of loss by abrasion is
reduced to a minimum on account of the flat field.
'i The present designs of the half and quarter dollar and the dime
having been adopted in 1892, under ^existing law, no change can be
made in the designs' of these coins until after the expiration of
twenty-five years from the date of their adoption, which would not
be until 1917. I t is very desirable that a change in the designs of the
subsidiary silver coins should be authorized, and thCo favorable consideration of the Congress is earnestly recommended, that the designs
of these coins may be brought up to the standard of artistic merit
now distinguishing the present issue of the gold coins of the United
States.
Numismatic collection.
The collection of historical coins and medals in the Mint at Philadelphia was commenced in 1838, and has been gradually added to
each year until it has become a valuable one. Owing, however, to
the limited appropriation made by the Congress ($500 per annum) the
purchase of rare specimens has been necessarily limited, and because
of the restricted appropriation opportunities to secure specimens that
would have added much to the interest and value of the collection
have l3een lost.
As the numismatic value of rare coins is constantly increasing, and
as the present value of the cabinet in the Philadelphia Mint is far
greater than the amount expended for these coins and medals, I
renew my recommendation of last year that the annual appropriation
by the Congress for the purchase of coins and medals for this collection be not less than $5,000, or that authority be granted for the
striking of a small medal to be sold at the Mint and the proceeds
applied to the purchase of coins and medals for this collection.
ENGRAVING A N D P R I N T I N G .

In response to the increased needs for its product to meet the requirements of the business of the country the Bureau of Engraving
and Printing has steadily expanded and its resources have been
drawn upon to the utmost limit. I t has successfully met every demand made upori it, notwithstanding the inconvenient and unsatisfactory conditions under which its work has been executed.
The amount available for the transaction of the business of the
bureau during the year was $3,316,231 appropriated by the Congress,



SECRETARY OF THE TREASURY,

45.

and $567,440.48 repaid for services and materials furnished the several executive departments and bureaus, making an aggregate of
$3,883,671.48. The expenditures comprised $186,919.42 for salaries;
$1,415,272.37 for compensation of employees; $1,567,165.17 for wages
of plate printers and assistants; and $671,816.64 for materials and
miscellaneous expenses, making an aggregate of $3,841,173.60, and
leaving an unexpended balance of $42,497.88.
The result accomplished with the expenditures above stated included the production and delivery of 49,254,000 sheets of United
States notes and certificates; 19,000 sheets of registered bonds; 9,446,267 sheets of national-bank notes; 73,319,610 sheets of internalrevenue stamps; 399,000 sheets of customs stamps; 75,666,333 sheets
of United States postage stamps; 47,690 sheets of postage stamps for
the Philippine Islands; 101,200 sheets of silver certificates for the
Philippine Islands; 129,150 sheets of notes for E l Banco Espanol
Filipino for the Philippine Islands; and 2,206,947 sheets of checks,
drafts, etc., making an aggregate of 210,589,197 sheets. I n addition
to these impressions delivered, miscellaneous work was executed to the
value of $119,360.49.
Compared with the deliveries in the fiscal year 1907, there was an
increase of 10.54 per cent in United States notes and certificates and
bonds, 20.34 per cent in national-bank notes, and 8.34 per cent in
postage stamps, and a decrease of 2.86 per cent in internal-revenue
stamps, 5.45 per cent in customs stamps, and 16.33 per cent in checks,
drafts, etc., or an increase in the aggregate of 4.7 per cent.
In addition to the manufacture of this great quantity of securities,
stamps, etc., the bureau was called upon, in compliance with the act
of May 30, 1908, amending the national banking laws, to undertake
the immediate preparation of $500,000,000 in bank notes. This work
involved an enormous amount of labor, not only in printing, but in
altering nearly 10,000 engraved plates, required to be changed in
order that the notes prepared might, in the inscription on their face,
conform to the provisions of the act.
I t was deemed advisable, also, that the backs of these notes should
bear some suitable inscription connecting them with the new act and
differentiating them from previous issues. This was readily accomplished on the plates of the series of 1902 by adding the numbers
" 1902-1908," but as the series of 1882 had backs of an inartistic
design, expensive to print, and bore the coats of arms of the different
States, making it necessary to carry in stock a full supply for each
State, it was. considered to be an opportune time to prepare a new
design for these backs, and new plates were accordingly prepared.
This work was commenced immediately after the passage of the act,
the first back plate altered in accordance therewith having been sent
to press June 5, and the first delivery of the new currency made to



.46

REPORT ON T H E FINANCES.

the Comptroller of the Currency June 15, showing commendable
promptness on the part of the bureau in. the prosecution of the work.
I n the preparation of the new currency, early provision was made
for notes for banks located in the agricultural sections of the country
in order that they might be available if required in the annual moving
of crops, and afterwards the orders for printing were distributed
among banks located in manufacturing and financial centers of other
States, this method being followed with the object of preparing the
emergency currency for use in those sections of the country which it
was believed would first need it. Gratifying progress has been made
with this work, about $315,000,000 having been delivered to the Comptroller of the Currency-by the middle of November. The daily
deliveries now approximate $3,500,000 in value, and it is expected to
complete the entire work early in the current calendar year. In
addition to preparing this currency, the usual deliveries of nationalbank notes have been maintained to provide for the redemption of
current circulation and for supplying new banks.
The satisfactory results achieved have been made possible only by
the continued employment of a night force, made necessary by the
lack of facilities and space for utilizing all of the employees during
the day, a portion of the engraving division being employed during
the entire twenty-four hours. This condition will obtain until the
completion of the new building, which, in accordance with the recommendation made in my last annual report, was authorized by the
Congress at its last session, and for which an appropriation for preliminary work was made. I n pursuance of this authorization, the
Department has acquired by purchase all of the land in square numbered 231 not now owned by the Government, together with all of
squares numbered 232 and 233, at a total cost of $396,304.40. Sketches
are now under consideration for the building, with a view to an early
commencement of actual building operations.
One of the most important items in the work of the bureau is the
preparation of postage stamps, of w^hich 75,666,333 sheets were delivered during the year, and it is gratifying to note that the bureau has
fully met the agreement with the Post-Office Department with regard
to the manufacture of these stamps, and especially in the matter of
carrying a reserve supply. I t now has a stock of every denomination
in excess of the required reserve.
I t has been found difficult, owing to the peculiar nature of the work
of the bureau, to obtain satisfactory technical and experienced men
for its service in the line of the preparation of engraved plates, and
steps have been taken through the Civil Service Commission to procure yqung men of special qualifications and train them in the bureau,
so that it will be unnecessary to take men from similar private establishments. The force is adequate at this time, but it is deemed wise



SECRETARY OF T H E TREASURY.

47

to take this step in anticipation of future additions to it that will be
necessary owing to the constantly increasing demand for the product
of the bureau.
SECRET SERVICE.

The secret-service division reports that the period of financial and
commercial disturbance which developed during the early autumn
was followed almost immediately by a very marked increase in the
number of offenses against the counterfeiting laws, especially those
relating to coining. There were 17 new counterfeit issues discovered
and described in official circulars during the year, 6 of which might
be considered in the fairly deceptive or dangerous class. There were
345 prosecutions under the various acts relating to counterfeiting as
compared with 216 the previous year, and there wasoan increase of not
quite 150 per cent in the amount of notes and coin captured and confiscated, the total coin, $19,135, being almost double the amount confiscated in 1907. An unusually large quantity of plates, dies, molds,
and contraband material was also captured. Incidentally a contemplated revolution in a neighboring island failed when the counterfeit
currency with which the insurgent troops were to be paid was seized
by the agents of the division, and the fiscal agent was arrested and
prosecuted for counterfeiting.
A mandatory statute requiring officers and employees of national
banks properly to brand counterfeit notes coming into their possession
is very generally disregarded, because through inadvertence no penalty is prescribed for failure to comply with its provisions. If a penalty clause were enacted, the circulating life of a counterfeit would be
shortened. Legislation is also suggested covering the offense of having in possession or passing worthless bills of defunct corporations
where the instrument sufficiently resembles Federal currency as to be
readily accepted by those not thoroughly experienced in the handling
of all the various issues of genuine obligations.
Attention is directed to the restrictive legislation incorporated in
the last sundry civil act in the paragraph " Suppressing counterfeiting and other crimes:"
No part of any money appropriated by this act shall be used in payment of
compensation or expenses of any person detailed or transferred from the secret
service division of the Treasury Department, or who may at any time during
the fiscal year nineteen hundred and nine have been employed in or under said
secret service division.

While it may have been the intention of the
put a limitation upon the funds available for
counterfeiting and to prevent the employment of
by the heads of other departments, the effect of




Congress nierely to
the suppression of
secret service ^agents
this legislation dur-

48

REPORT ON T H E FINANCES.

ing the five months it has been in operation is to extend it much
further. The Eevised Statutes give to the Secretary of the Treasury,
in common with other heads of departments, the right to utilize his
force of employees in the manner best calculated to serve the public
interests. In the Treasury Department, more than in ^mj other,
perhaps—in the mints, Bureau of Engraving and Printing, Treasurer's office, subtreasuries, assay offices, and similar important .adjuncts to the handling of the Government's finances—there are great
temptations and great opportunities for the wrongdoer.
I n the investigation of any irregularity which may be suspected or
discovered the Secretary must necessarily adopt protective measures.
I am advised that he is quite within his rights in thus employing the
services of these agents. Modification of his statutory authority by
the restrictive paragraph of the act is not only a discrimination
against him as the head of an executive department, but distinctly
to the advantage of violators of the criminal statutes of the United
States. In one other direction the Secretary is seriously embarrassed,
for he may not promote a faithful, efficient, and deserving employee
of the secret-service division to any -one of the many offices in the
Treasury Department where the salary or expenses are included in
the sundry civil act. I respectfully insist that there should be no
question of the authority of the head of this Departrnent to transfer,
detail, or jpromote officers or employees under his jurisdiction.
DISTRICT OF COLUMBIA.

The net disbursements on account of the District of Columbia for
the fiscal year 1908 by warrants paid were $12,184,505.10.
The net receipts deposited in the Treasury by warrant on this
account for the same period were $6,576,989.51.
The amount of the funded debt retired during the year was
$501,000, reducing the annual interest charge by $18,286.50. Since
the close of the fiscal year the debt has been further reduced by the
purchase of $486,650 3.65 per cent bonds, leaving outstanding September 1, 1908, $10,117,100 in bonds bearing 3.65 per cent interest.
The total issue of 3.65 per cent bonds is limited" by law to $15,000,000, and of this sum $14,997,300 has now been issued.
At the close of the fiscal year 1908 the 10 per cent guaranty
fund retained from District of Columbia contractors amounted to
$260,018.89, and is represented by $121,230 in bonds purchased at the
request and risk of contractors and $126,280.76 uninvested cash.
Detailed information in regard to the affairs of the District of
Columbia will be found in the reports of the District Commissioners
and the Treasurer of the United States, ex-officio commissioner of the
sinking fund of the District of Columbia.




SECRETARY^ O F T H E T R E A S U R Y .

.

'

4

9

STATE BONDS A N D STOCKS OWNED BY T H E U N I T E D STATES.

The following statement shows the nonpaying State bonds and
stocks, formerly in the Indian trust fund, now in the Treasury,
belonging to the United States:
Louisiana
N o r t h Carolina
Tennessee

.
'.
-

— ^

Total

$37,000.00
58, 000. 00
335, 666. 661
430, 666. 66^

A history of these State stocks and bonds is given in House Document No. 263, Fifty-fourth Congress, second session.
CENTRAL P A C I F I C xVND WESTERN P A C I F I C DEBT.

The debt of the Central Pacific and Western Pacific railroads on
account of bonds issued by the Government in aid of the construction
of the roads, amounting to $58,812,715.48 principal and interest, has
been paid in full;
'
Under settlement agreement of February 1, 1899 (House Document
No. 238, Fifty-fifth Congress, third session), the entire debt was
funded into 20 notes issued to the United States of $2,940,635.78 each,
maturing semiannually from February 1, 1899, to February 1, 1909,
bearing interest at the rate of 3 per cent per annum and secured by
the deposit in the Treasury of collateral bonds bearing interest at 4
per cent per annum. These notes were paid either before or upon the
dates of maturity thereof, the last payment being made July 29, 1908,
which canceled the debt.
TERRITORY OF H A W A I I .

The debt of Hawaii, assumed by the terms of the joint resolution
of July 7, 1898, consisted of $3,235,400 in interest-bearing bonds'^and
$764,570.31 in postal savings deposits. This indebtedness has been
fully paid by the United States, except $2,493.80 in postal savings
certificates not yet presented for payment.
The appropriation of $1,000,000 provided by the Congress for the
liquidation in part of awards made for property destroyed in suppressing the bubonic plague in the Territory in 1899 and 1900 has
been practically expended. The First National Bank at Honolulu
reports that 26 awards, amounting to $2,298.71, are now outstanding.
INTERNAL REVENUE.

The receipts from internal-revenue taxes for the fiscal year 1908,
as shown by collectors' reports, were $251,665,950.04, a net decrease
from 1907 of $17,998,072.81.
58716—Ft 1908




4

,

'

50

REPORT ON T H E FINANCES.

The following items show increases for 1908: Fermented liquors,
$239,798.63; oleomargarine, $66,663.65; adulterated butter, $30,793.70;
banks, bankers, etc., $100; total increases, $337,355,98.
The following items show decreases for same period: Distilled
spirits, $16,178,094.74; tobacco, $1,948,315.43; filled cheese, $1,742.77;
mixed fiour, $341.53; process or renovated butter, $33,791.93; miscellaneous, $173,142.39; total decreases, $18,335,428.79.
The total expenditures for the maintenance of the Internal Revenue
Service for the fiscal year 1908 were $4,830,624.97.
The cost of collecting $1 of internal revenue was $0,019.
The following table gives a comparative statement of receipts for
the fiscal years 1907 and 1908. For a more detailed statement reference should be made to the report of the Commissioner' of Internal
Revenue.
RECEIPTS FROM INTERNAL REVENUE I N 1907 AND 1908, AS S H O W N BY COLLECTORS'
REPORTS.
Fiscal year ended—
June 30,1907.
DistiUed spirits
Manufactured tobacco
Fennented liquors
01eoma.rgarine
Filled cheese
Mixed
flour..
Adulterated butter
Process or renovated butter
Banks, bankers, etc
Miscellaneous
Total

Decrease.

Increase.

Objects of taxation.

c
>
. ..

June 30,1908.

$156,336,901.89 $140,158,807.15
51,811,069.69 49,862,754.26
59,567,818.18 59,807,616.81
954,304.96
887,641.31
1,671.52
3,414.29
2,380.72
2,722.25
43,537.30
12,743.60
128,003.86
161,795.79
100.00
0 706,773.46
879,915.85
269,664,022.85

251,665,950.04

$239,798.63
66,603.65
0

30,793.70
100.00

$16,178,094.74
1,948,315.43
1,742.77
341.53
33,791.93
173,142.39
bl7,998,072.81

Includes $459,800.12 from playing cards, $241,680.16 from penalties, and $5,233.18 from miscellaneous
sources.
''
•
Net decrease.

The total production of distilled spirits, exclusive of fruit brandies,
was 126,989,740.1 taxable gallons, against 168,573,913.2 gallons in
1907, a decrease of 41,584,173.1 gallons.
The production of fruit brandies increased 761,518.2 gallons.
During the fiscal year 1908 1,200 distilleries of all kinds were operated, a decrease of 387.
The production of beer was 58,814,033 barrels, an increase of
192,031 barrels.
The financial disturbance of last year naturally made itself felt in
reduced collections of internal revenue as well as of duties on imports.
I t is probable that other causes also contributed to the decrease in
internal-revenue collections, among which may be mentioned the following:
1. The prohibition movement, whereby the area in which distilled
spirits may be legally sold has been restricted.



51

SECRETARY OF T H E TREASURY.

2. The unsettled, condition of the trade with reference to the marking and branding of certain classes of distilled spirits under the purefood laws.
3. The increase in the price of grain, causing an increase in the
cost of production of distilled spirits, resulting temporarily in a
reduction of the quantity of tax-paid spirits in the hands of dealers.
For comparative purposes, the collections for each month of the
fiscal years 1907 and 1908, and for the first four months of 1909, are
given in the table below:
INTERNAL-REVENUE

Month.

COLLECTIONS.

1906-7.

1907-J

1908-9.

July
August
September.
October
November.,
December-,
January
February..
March
April
May
June

$23,399, 867.96
21,848, 663.56
.68
21,362,
24,825, 283.66
24,738, 952.88
23,276, 367.21
20,709, 017.45
20,260 553.54
22,552i 758.92
21,029 844.98
22,535i 761.97
23,124 311.24

$24,928; 825.04
22,235,897.70
22,318,483.19
25,696,592.80
19,112, 932.76
20,860, 637.00
19,742, 004.33
18,725, 062.21
19,277. 917.66
18,396,179.09
18,495,526.25
21,875,892.11

Total

269,664,022.85

251,665,950.04

D A I L Y COLLECTIONS

FROM NOVEMBER 1 TO 14, 1908 AND 1907.

Date.
Nov.

1
2
3
4
5
6
7
8
9
10
11
12
13
14

1908.
-

..

'

.
:
.. - -

1907.

-

-

Total

-

(o)
$1,161,366
362,058
790,652
599,870
964,008
888,139
(a)
1,457,239
304,597
834,944
884,541
902,272
877,880

$784,054
702,646
(a)
1,668,690
540,244
538,812
564,697
733,616
717,616
(a)
953,928
393,930
574,839
654,113

10,027,566

•

--

$22,029,316.33
19,094,698.24
21,096,966.19
22,848,666.01

8,827,185

a Sunday.
Increase for 1908

$1,200,381

The daily receipts from internal revenue are showing a gradual
improvement, Avhich, if continued, will bring the total for the fiscal
year ending June 30, 1909, to a figure not far below normal.
Denatured alcohol, •
On June 8 I addressed a letter to the Commissioner of Internal
Eevenue and to the chief chemist of the Internal Revenue Bureau,
directing them to proceed to Europe, to visit especially Great Britain,




52

REPORT ON THE FINANCES.

Germany, and France for the purpose of studying the conditions
existing in those countries and the systems used there with regard to
the manufacture of denatured alcohol for consumption in the arts
and industries and for fuel, light, and power; and directing them
also to make personal investigation into the regulations and modes
of procedure now in force under the supervision of the countries
named. They w^ere further directed to investigate particularly the
question of just how the cost of making denatured alcohol could be
reduced, looking to the regulations covering farm productions and
methods employed in the processes.
The Commissioner has made a lengthy report, which is in printed
form and is available for inspection.
The greatest ultimate advantage to be derived from the denaturedalcohol law will be in the shape of increased diversification of crops,
enhanced productiveness of unfertile soil, and the utilization of what
would otherwise be waste crops or by-products of crops. This
feature of the development of the industry will come necessarily as
a slow growth, especially as alcohol in our country has so far been
made from high-priced grains rather than cheap potatoes or molasses,
the by-product of the sugar beet.
Considerable interest, however, is being taken by the Agricultural
Department, by several States through experiment stations, and by
the farmers in the West looking to the planting, cultivation, and use
of the cheaper materials mentioned, and I look hopefully for a
gradual and substantial development of the industry in this respect.
I t should not be overlooked that, however slow that development is,
the operation of the denatured-alcohol law has already been of the
greatest benefit to the manufacturers of products, such as varnishes,
ether, fulminates, and various chemicals made from alcoholj and other
articles, such as celluloid and artificial leather, which require treatment b}^ alcohol as a part of the process of manufacture; also, that
the use of denatured alcohol for the purposes of fuel, light, and power
is increasing, notwithstanding the relative cheapness of petroleum
products. The necessary appliances so used are being rapidly manufactured and introduced, and the merits of denatured alcohol as a
source of energy are being brought to the attention of the public,
CUSTOMS ADMINISTRATION.

The Department is endeavoring to administer the customs law in
such a way as not to permit the business of the country to be hampered by quibble or technicality, and at the same time to safeguard
the revenue in every respect. I t believes in giving an administration
that is fair alike to the American producer and the foreign importer.
To carry out completely such a policy, certain changes are needed in
the existing laws of customs administration,



53

SECRETARY^ OF THE TREASURY^

I renew the recommendation made in my annual report of last
year that legislation be enacted that will give to the Secretary of
the Treasury such power as will enable him to remedy the mistakes
made by the importer Avhose transaction is in good faith and who
has no intent to evade the law or defraud the revenue. The present
law is rigid and inelastic and treats the man whose fault is entirely
that of ignorance or accident with the same harshness as the deliberate and habitual offender. Reference is made, in this connection,
to that part of my report of last year which gives at some length
the reasons why such legislation is desired.
Customs receipts.
During the fiscal year ended July 1, 1908, the customs receipts of
the United States amounted to $291,081,942.84. The twenty leading
ports of the country, in their order as regards the amount of revenue
collected, and with the value of the imports at these places, are as
follows:
A m o u n t collected1.
2.
3.
4.
• 5.
6.
7.
8.
9.
10
11.
12.
13.
14.
15.
16.
17.
18
19.
20.

$190,191,073
22,577,029
18,178,385
9,704,760
7,496,720
7,099,000
4,864,177
2,661,781
2,123,209
1,750,057
1,570,383
1,447,498
1,203,443
1,035,608
910,919
885,108
781,300
674,592
-608,495
578,318

New York
Boston
Philadelphia..
Chicago
San F r a n c i s c o .
New Orleans..
Baltimore
s t Louis
Detroit
Puget S o u n d . .
Tampa
Cleveland
St. P a u l
P o r t l a n d , Oreg
Buffalo
Cincinnati
Milwaukee
Pittsburg
Burlington,-Vt
Kansas C i t y . . .

Value of
imports.
$688,215,938
93,678,716
63,432,007
26,171,943
48,251,476
42,785,646
29,477,101
6,857,050
7,982,642
22,208,814
4,385,219
4,689,661
6,847,325
3,758,752
6,927,281
2,729,909
3,228,662
1,834,053
6,347,672
1,757,637

Former recommendations.
I wish to renew other recommendations in niy report of a year ago,
in regard to legislation needed for the proper conduct of the custoins
business of the country, the reasons for which were given in detail
at that time. I again call attention to the need of a law licensing
persons desiring to transact business as custom-house brokers, for the
protection alike of the Department and of the profession of customs
brokerage.
The present fee system of payment of customs officials is full of
recognized evils and should be changed. Collectors and other chief
officers of the custonis should be paid fixed and suitable salaries,
A small protest fee should be required in all cases of protest before
the Board of General Appraisers in order to relieve the Board of



54

REPORT ON THE FINANCES.

unnecessary labor and to prevent the filing of protests that are admittedly without foundation and wholly insincere.
The time within which protests may be made against the action of
customs officers, both as to value and classification' of merchandise,
should be extended. The present limit is inadequate in the greats
pressiire of business of the present day, and it is often impossible
for the importer to receive information as to the decision in the case
of his importation before the time within which he can protest has
passed.
Sudden changes itnjust.
The Department appreciates thoroughly the injury that can be
done to. business interests by a sudden change in the customs standing of imported merchandise. I t realizes that such sudden changes
are unfair to business and introduce an element of uncertainty that
should be eliminated as far as possible. I t has accordingly instituted a new system by which, when the classification of goods is
changed which results in the payment of a higher rate of duty,
ample warning and notice are given to those interested. Any change
in classification that is now made by the Department does not go into
effect until thirty days after such action has been determined upon
and notice and warning of such advance formally and publicly given.
Uniformity necessary.
The proper administration of customs depends upon uniformity of
appraisement and classification. The law gives to appraising officers
at the different ports the authority to classify and appraise merchandise. This results too often in conflicting methods, with consequent hardship and injustice. The Department is taking all possible
steps to bring about absolute uniformity. This is of especial importance at this time, as a revision of the tariff means new tariff
schedules, new interpretations to be made, and new paragraph problems to be solved.
This year a conference of appraisers at New York was called,
which was attended by representatives from the leading ports of the
country. I t was the largest conference of the kind that has ever been
held in the United States and there were present officers from the
following ports^* New York, Boston, Philadelphia,"Chicago, Baltimore, San Francisco, Detroit, St. Louis, Cleveland, Buffalo, New
Orleans, Tampa, Portland, Me., and the officers acting as appraisers
at Port Townsend, Cincinnati, Newport News, Pittsburg, Milwaukee,
Galveston, Los Angeles, Honolulu, Kansas City, St. Paul, Providence,
Portland, Oreg., and Porto Rico. I n addition, the Department
summoned to meet these appraising officers its confidential agents
abroad, so as to have these officials come in personal contact and thus



SECRETARY OF T H E TREASURY^

55

reach a better understanding. The result was very gratifying, and
the conference will be helpful in the movement to secure uniformity.
The Department has other and important plans under consideration
whereby the same class of goods will be made to pay the same rate
and amount of duty at all of the ports of the country.
Mail importations.
The question of mail importations and what legislation is necessary to put merchandise sent through the mails upon the same footing
as merchandise sent through the regular channels is being thoroughly
considered by a joint committee composed of Treasury Department
and Post-Office Department officials. At present as to this class of
imports there are not the necessary safeguards for protecting the
revenue of the Government. I t is hoped that whatever recommendation is submitted to the Congress as the result of the work of this
committee will receive prompt and favorable attention.
New hag gage regulations.
The new system for passenger baggage declarations, referred to in
my report of last year, is working successfully. I t has done away
with much annoyance and legitimate complaint from the traveling
public, and at the same time has not in any way lessened the protection to the revenues of the Government. Declarations are now made
out in better and more detailed form than before, and as a consequence baggage can be examined more easily and expeditiously than
under the old system. The steamship companies have cooperated
with the officers of the Department in handling the details of the
subject, and have done their part of the work with diligence and care,
Limoges china agreement.
There have just been concluded by the Department negotiations
which put an end to the long-drawn-out controversy as to the value
of Limoges china. I n doing this it has established a precedent and
a principle of cooperation between the manufacturing interests
involved and the United States Government which, in its opinion, is
capable of being extended to other classes of merchandise with excellent results. I n this matter the manufacturers of Limoges, and
the Treasury Department officials have worked together with the one
object in view of securing a proper and fair valuation of the product
of the Limoges potteries.
The work was started late last year, when the Treasury Department commission visited Limoges and went thoroughly into the whole
matter of manufacture and home-market value. The members of the
commission found manufacturers, with very few exceptions, frank



56

REPORT ON THE FINANCES.

and well disposed. Their attitude was one of good faith and a desire
to have the question of value settled once for all, so that their business
would not be hampered by controversy and uncertainty. After
months of labor and a study of all the intricacies of china manufacture an agreement has been reached between the Department and the
Chamber of Commerce of Limoges, representing the manufacturers
of that city, as to the value of all kinds of pottery there manufactured.
There may be some details still to be settled, but they are of minol*
importance and do not affect the harmonious result that has been
achieved by this cooperation.
Foreign chamhers of commerce, .
^
During the past year the Department sent abroad a commission,
consisting of Assistant Secretary James B. Reynolds, and Marion
De Vries and Byron S. Waite, of the Board of General Appraisers,
to examine into certain important matters affecting the proper administration of the customs law. One of these matters was the question
of chambers of commerce and their certificates of value. The commercial agreement with Germany contained a provision that the chambers of commerce of that country should be entitled to furnish certificates of value of merchandise manufactured or produced in their
respective communities, which should be regarded by appraising
officers of the United States as competent evidence in the finding of
value. Subsequent to this agreement this same privilege was, at
the request of several governments, extended to chambers of commerce
of other nations. I t was granted only after it was ascertained that
these organizations were governmental in their character, so that
in case of a careless or false certificateof value being sent to this
country by such an organization it would be possible to present tho
matter to its Government for proper action. The Treasury commission made a special study of these chambers of commerce in Germany,
France, Austria-Hungary, and Great Britain to determine just what
would be the competency of the evidence that was presented in cases
of disputed value. What was found by this commission appears
in the following extract from their report submitted to the Secretary
of the Treasury:
The chambers of commerce of these European countries should not and must
not be confused with similar organizations in the United States. Here they
are purely local, and to that extent irresponsible, making their own laws and
rules of procedure, accountable to no higher authority, and organized and
acting at their own will. In the four countries which the commission visited we found these chambers of commerce under governmental authority, varying somewhat in directness of control, but all accountable to government
officers. In Germany and in Austria-Hungary this control is most practical,
for the Government holds the purse strings, their funds are obtained from
government tax, and dissatisfaction with their conduct could be met by a cutting off of appropriation and financial supply. The members are chosen from



SECRETARY OF THE TREASURY.

57

all branches of business, elected ^s prescribed by national law, make annual
reports to the government, their proceedings are published, and they do official
work for the government along many lines. In France there is not this financial equation, but qualifications for membership are strictly prescribed by law
as well as the number of members.
In Great Britain there is a different system. Not all of the chambers of commerce are under governmental control, and the Department has extended the
certificate privilege only to those which hold that relation. The government
board of trade holds itself responsible for a certain number of these organizations, having examined into their qualifications and abilities to do the work of
certification, and guarantees the results. At a conference between the board of
trade and the commission these qualifil^ations were agreed upon, and the board
will examine closely and thoroughly into each organization before asking that
the privilege be extended, and the Department will grant this privilege only to
those chambers of commerce recommended by the government board.
The commission had personal conferences with these organizations and the
government officers who controlled them in each of the countries visited. We
examined into their practical workings, and what their procedure would be when
asked to furnish a certificate of value. We told them that the United States
would insist upon two things in the certificates; that there should be honest
intent, and careful, thorough, and impartial examination as well; that it was
not enough to mean to give correct value and then permit, through carelessness,
a wrong value to be stated; that we desired no perfunctory signing of a paper
by some high officer of a chamber of commerce who was not acquainted with the
subject; that honest ignorance would not suffice if they wished a high degree
of competency to be attached to the certificates by the appraising officers; that
when we received such a paper we wished to be assured that it represented a
painstaking examination by persons competent to make it. We were assured
that this wish would be followed and the certificates sent would represent all
those features.
Of two things the commission is very confident—that in the chamber of commerce certificate there are great possibilities for good, and that the several
governments will do their utmost to see that no careless or false value is sent
to the United States. The members of these organizations we found to be the
leading business men of the place, of high
-^ing in the community, and men
who would not certify to a value that the;._^aa reason to believe was wrong.
And they have the ability to get at the true values. They are well organized,
possessed of facilities for getting information at first hand that neither treasury nor consular officials can have or acquire, and have persons competent to
find the exact truth. Should a chamber of commerce fail in its duty in the
issuance of such a certificate, we are confident that the government would take
up the matter actively, remedy the carelessness, if such there was, or provide
suitable punishment should such be needed.
Such organizations must, of course, vary in their expertness and accuracy of
work. Some may be found to be influenced by local conditions, especially in
cases where a city manufactures only one kind of goods and the prosperity of
the place depends upon the profit that the manufacturers show where these
weak spots are and where the line will need to be strengthened. But we do
believe that appraising officers in the United States should regard these certificates as coming from organizations of- reputable business men of high standing,
who intend that the information given shall be correct, and that which is obtained by thorough investigation, and that above the chamber of commerce is a
government that will insist that the privilege given shall be neither wasted nor
abused.



58

REPORT' ON T H E FINANCES.

Enforcement of the pure-food law.
In the administration of certain provisions of the food and drugs
act of 1906 the Department has endeavored to act so as to disturb
as little as possible business conditions and to eliminate all unnecessary technicality and delay, and at the same time to safeguard the
revenue. In cooperation with the Department of Agriculture certain methods and measures have been adopted which help to bring
about such a result.
It has been the practice in cases where goods have been detained
to have the findings of the local representative of the Department of
Agriculture and the evidence submitted by the importer sent to the
Department for decision. Such reference of each case to Washington
has resulted in delaying final action, and has caused friction between
Government officers and importers. It has now been arranged to do
away with such practice and to leave to the chief local representatives
of the two Departments at the larger ports the disposition of all
cases in which precedents or principles have been well established,
leaving only exceptional cases and new questions to be referred to the
Department of Agriculture for decision. The necessary instructions
to carry out this new system are in preparation, and other changes
designed to improve the present practice and to .facilitate the transaction of business are under consideration by this Department and
the Department df Agriculture.
Court of customs appeals.
Prompt and effi<iient administration of the customs laws is greatly
retarded by the present inefficient system of appeals from decisions
by the Board of General Appraisers. While improvement has
been in a measure afforded by the act of May 27, 1908, the system
yet invites delay by placing a premium upon it. As every rate and
phrase of a tariff act may be the subject of judicial action, until such
is finally had, no such act is complete, and until then all affected
industries and employments are to an extent embarrassed.
Previously the average life of a customs appeal after leaving the
Board of General Appraisers was four and one-half years. At present
the average time consumed is about two and one-half years. It may
well be doubted whether the recent act mentioned will afford any
marked improvement in this respect. The present system makes each
of at least 120 judges a possible final judge of customs appeals, a
condition which experience has demonstrated will inevitably result
in numerous irreconcilable conflicts of authority. In customs appeals,
each of which often, if not usually, affects large industries and great
numbers of employees, as well as consumers, prompt decision is of
vital importance.



SECRETARY OF THE TREASURY.

59-

The establishment by the Congress of a single appellate customs
tribunal to be coordinate in powers with United States circuit courts
of appeal would remedy the prevalent evils. Such a tribunal, having
exclusive jurisdiction of all customs, appeals, would reduce the time
of ultimate disposition of all such cases to one-third of the time now
required, would avoid all possible conflicts in final customs decisions,
and would eliminate other objectionable features of the present
system:
I t is therefore recommended to the Congress that there be established a United States circuit court of customs appeals having jurisdiction of all appeals from decisions of the Board of United States
General Appraisers.
PUBLIC BUILDINGS.

The policy of the Department with reference to the design and
construction of public buildings under its control has been to keep
fully abreast of the great advance made in this field of enterprise.
Probably no branch of art has made greater strides in recent years
than architecture, and this Department has steadily endeavored to
raise the standard of its buildings to the level of the best examples
known.
The act of the Congress approved May 30, 1908, carried an appropriation of approximately $34,000,000, and authorized the purchase of 259,sites and the construction of 206 buildings. Proposals
have been taken for the sale of these sites to the Government, and
agents of the Department have been in the field examining the properties offered. Selections of sites are being made as rapidly as possible, and the preliminary work has been pushed with all possible
expedition.
The office of the Supervising Architect, which is charged with the
duty of preparing plans and specifications for public buildings and
the administrative work in connection therewith, has again reached
the high state of efficiency which characterized it prior to July 1,
1905, when it underwent partial disintegration for reasons mentioned
in previous reports. This is largely due to the policy of the Congress
in making additional appropriations for its support, and this important branch of the Department is now well equipped for the task of
erecting the many buildings authorized. Its operations have, however,
been considerably hampered by lack of space for the working force, a
condition which the Department hopes may be remedied in the near
future.
Provision was made in the act of May 30, 1908, that all appropriations for public buildings subsequent to July 1, 1907, should be expended for the actual work of construction and no other purpose.




60

REPORT ON T H E FINANCES.

This is a radical but wise change in former laws, which directed the
Secretary of the Treasury to charge the construction appropriations
equitably with the salaries of employees in the office of the Supervising Architect and other contingent expenses. This policy was a
burden upon the appropriations in question, rather cumbersome and
difficult to carry into effect, and its operation was frequently misunderstood by citizens of towns and cities where public buildings were
erected. Under the legislation mentioned the full limit of cdst will
be expended upon buildings authorized by the Congress iii the act of
May 30, 1908.
Further change, it is believed, could be made to great advantage.
The present system employed in connection with bills for public
buildings is not conducive to the best results. A great mass of bills
is annually poured in on the Department, with requests for early
reports. In many instances the buildings authorized are unnecessary for the public business, and in the interests of economy the construction could be postponed for several years. Insufficient time is
allowed for investigation as to the requirements of the building
proposed, or, in fact, for an accurate estimate of cost. As a result,
it frequently happens that a number of buildings are authorized
which are not required, and on the other hand no appropriations are
made for localities in which the Government is urgently in need of
adequate buildings, and is in all probability paying large rent for
insufficient quarters.
Public building appropriations should be put on a basis similar
to that now employed in connection with appropriations for river
and harbor work. If this were done, the Congress would submit to
this Department a list of localities, wdth the request that at the next
session a report be submitted showing:
1. The necessity or advisability of a building in the. city or town
suggested. This would necessarily embrace the size of the city, the
cost of the building, and the price at which rented quarters are to
be had.
2. If a public building is recommended, the area and probable
cost of the site; the size, cost, and character of the building that
should be erected; the branches of the Government service that would
occupy it when completed, and the annual cost of its maintenance.
3. The amount of appropriation necessary to carry on the work
during the ensuing fiscal year.
With such a report, carefully made in detail after consultation with
the other departments interested, the Congress would be better able
to judge of the advisability of authorizing a building and of the
appropriation required. I am confident that by this method a great
saving could be effected and that buildings could be more satisfactorily and economically distributed.



SECRETARY OF T H E TREASURY.

61

The following tables show the construction and financial operations
of the Department with reference to public buildings under its control
during the fiscal year ending June 30, 1908:
Legislation.
The act of May 30,.1908, provided for the following:
Sites only:
Sites and buildings
Buildings on sites already owned
Extensions and improvements to old buildings

130
129
77
51

.

Total

387 ^

There are also 10 sites acquired under previous legislation for which
no buildings were authorized by the act above mentioned, making in
all 140 sites without appropriations for buildings.
statement of buildings.
Completed and occupied, including 43 marine hospitals and quarantine
stations, as of September 30, 1907
Completed since
^
.
In course of erection
Not commencedr
Total

535
10
49
348
942

In addition to. the above, 7 extensions to buildings have been completed and 29 are now in course of construction.
STATEMENTS OF APPROPRIATIONS FOR PUBLIC BUILDINGS, JULY 1, 1907, TO JUNE 30,

I90S.
'

"

E X P E N D I T U R E S D U R I N G TI-IE FISCAL YEAR.

For sites and additional land, for the construction of public
buildings, and for extensions and repairs especially appropriated for
$7,397,871.0^
For repairs and preservation
i
491,141.40
For heating apparatus
391,595.02
For vaults, safes, and locks
.i
* 46,555.53
For plans, including books and periodicals
_
1, 509. 6G
For electrical protection to vaults
19,745.02
o

Total

8, 348,417. 63
CONTRACT LIABILITIES EXISTING ON JUNE 3 0 , 1 9 0 8 .

On account of sites and additional land, for the construction
of public buildings, and for extensions and repairs especially
appropriated for
$11, 594,004.85
Less authorized contract liabilities in excess of amounts appropriated
-.
.
' 2,198,122.95




62

REPORT ON THE FINANCES.

Net contract liability payable from amounts appropriated
On account of repairs and preservation
"
On account of heating apparatus
On account of vaults, safes, and locks
On account of plans, including books and periodicals
On account of electrical protection to vaults
Total

1.

$9, 395, 881. 90
116, 258.19
146,181. 68
44, 748. 04
407. 50
10,062.51
9, 713, 539. 82

BALANCES AVAILABLE ON JUNE 30, 1908.,

For sites and additional land, for .the construction of public
buildings, and for extensions and repairs especially appropropriated for
$25, 276, 249. 08
For repairs and preservation
3, 289. 78
For heating apparatus
6, 258. 50
For vaults, safes, and locks
528.27
For plans, including books and-periodicals
;
' 1, 865. 74
For electrical protection to vaults—i
19,955.48
Total

25, 308,146. 85

Sites for new huildings in the District of Columhia,
The Congress at its last session directed the acquisition in Washington of a new post-office site; of squares 226 to 230, inclusive, for the
Departments of State, Justice, and Commerce apd Labor;, and of
squares 233 and 232 and the remainder of 231 for the enlargement of
the Bureau of Engraving and Printing, already referred to. After
considerable negotiation the Department has contracted for square
678, immediately west of the Union Station, for the post-office site,
at $450,000, and for squares'233, 232, and the remainder of 231 at
$396,304.40. I t was found necessary to condemn squares 226 to 230,'
inclusive, proceedings for which are pending.
Branch,post-office at New Yorh,
Tp insure early action in providing adequate quarters for the New
York post-office at the new Pennsylvania terminal, a competition
for the selection of an architect was held, with the result that the
firm of McKim, Mead & White was selected. These architects are
now preparing the complete working drawings, which it is believed
will be submitted to the various contractors for estimates early in the
spring, and a contract awarded which will enable the Department to
complete and occupy the building coincident with the opening of the
terminal by the Pennsylvania Railroad Company.




SECRETARY OF T H E TREASURY.
P U B L I C HEALTI-I A N D M A R I N E - H O S P I T A L

63
SERVICE.

Bureau of Puhlic Health.
Attention is invited to the necessity of increased administrative
facilities for the efficient conduct of the Bureau of Public Health,
established by act of the Congress approved July 1, 1902.
Plague in San Francisco and vicinity.
I n May, 1907, a fatal case of plague in San Francisco was reported.
Efforts were made by local and State authorities, assisted by officers
of the service, to suppress the disease, but in September, 1907, at the
request of the mayor of San Francisco, and by direction of the
President the Department took charge of the work of suppression,
and Passed Asst. Surg. Rupert Blue was placed in charge. On his
arrival he found that the infection was widespread and that the
difficulties,of the situation were added to by disorganized and ruinous
conditions consequent upon the earthquake and conflagration of
April, 1906. An active antiplague campaign was begun at once,
and the measures instituted by the service received the hearty support
and cooperation of the local authorities, mercantile bodies, trade
councils, and labor unions of the city. The expenses of the Government were limited up to the end of the fiscal year to the pay of officers
and employees and the expenses of laboratory investigations, other
expenses being borne by the city of San Francisco. U p to June 30,
1908, there were 159 cases of plague, with 77 deaths. One thousand
six hundred and eighty sick persons suspected of plague infection
were inspected; 3,973 inspections of the dead were made; 5,320 houses
were disinfected; numerous sanitary nuisances were abated, and over
7,000,000 poisons for the destruction of rats were placed; 203,642
rats were collected, and of these, 90,720 were examined bacteriologically, with the result that 306 were found infected with plague.
Although the last case of human plague in San Francisco was reported
in February, 1908, these sanitary measures have been continued.
On November 1, 1908, in view of the lapse of time since the occurrence of the last case of human plague in the city, and only two plagueinfected rats having been discovered in a period of nearly eight
months, the force engaged in plague suppressive measures in the city
was materially reduced.
•
I n Oakland, up to and including June 30, 1908, there were 12 cases
of plague, with 7 deaths. The service operations there included the
detail of an officer for the supervision of preventive measures and
laboratory investigations of plague suspects. I n Oakland 37,756 rats
were trapped or killed, 357 houses were disinfected, numerous sani-




64

REPORT ON T H E ' F I N A N C E S .

tary nuisances were abated, and nearly 3,000,000 poisons for the destruction of rats were placed. Three cases occurred in other localities in California, in the vicinity of San Francisco, and were followed
by necessary sanitary measures.
•
. ^
On August 11, 1908, a case of human plague was reported from
Los Angeles, Cal., and immediately afterwards a ground squirrel,
found dead, presented bacteriological evidence of plague infection.
A laboratory has been established in Los Angeles, and numerous examinations of ground squirrels, rats, and mice Itave been made. U p
to this date no further evidences of rodent infection have been found,
but the details of a plan for the destruction of ground squirrels are
being perfected and a systematic campaign against these animals will
shortly be inaugurated.
Plague in Seattle^ Wash,
Three human cases of plague occurred in Seattle in October, 1907,
Infected rats were also found, and upon re'quest of the governor of
the State of Washington and the mayor of Seattle, the service assumed; charge of plague suppressive measures November 9, 1907.
To June 30, approximately 41,000 rats were collected, and 25,000 of
this number were subjected to necropsy, with the result that 11 were
found plague infected. Since June 30, 9 infected rats were found in
July and 1 in September.
Plague in other countries.
Plague was widespread throughout the world during the fiscal
year. Since the first outbreak of plague in China in 1894, 51 countries have been invaded. Ecuador, Venezuela, and the British gold
coast were add-ed during the fiscal year to the plague-infected countries. In Hawaii there were 7 cases^ 4 of which were in Honolulu.
I n the Philippine Islands there occurred a single fatal case from a
vessel at Manila.
The advance of plague throughout the world in the past fourteen
years has been notable, and attention to this fact has been called b y '
the bureau in special bulletins, including one on the " Measures Necessary to Prevent the Introduction and Spread of Plague." The lastnamed bulletin has also been published in Spanish and circulated by
the Porto Rican and Cuban authorities.
The high rate of mortality of this disease and the exceeding
persistency of its spread from one locality to another make it imperative that in all combative measures there be the most thorough
cooperation between the authorities,«representing national. State,
and municipal governments, and private citizens of all ranks, and that
no precaution be omitted which will prevent this dread menace from
gaining a permanent foothold on our shores.



SECRETARY OF THE TREASURY.

65

Yellow fever.
The only cases of yellow fever reported in the United States during
the year were three fatal cases imported by vessels and confined to
quarantine. I n Panama there was a single reported case at Ancon.
In Cuba, during the first half of the fiscal year, 147 cases and 50
deaths were reported, and during the second half, 35 cases and 13
deaths. * ^
,
Cholera,
I n Hawaii there was one fatal case at Honolulu in December. I n
the Philippine Islands there were reported, from July to February,
421 cases and 355 deaths at Manila, and 360 cases and 283 deaths in
the provinces.
Smallpox.
Forty-two States, two Territories, and the District of Columbia
reported 31,190 cases.
Rahies,
A considerable number of persons were exposed to rabies in the
District of Coluujbia during the past year, and authority was granted
the Director of the Hygienic Laboratory to administer the virus to
persons who might present themselves for that purpose. Sixty cases
have been treated, with no fatality. Because of its increasing prevalence in the United States, investigations of this disease in the
Plygienic Laboratory have been resumed. These studies have included the preparation of a " fixed virus," which is of great value in
the prophylactic treatment of those bitten by rabid animals.
Investigation of typhoid fever in the District of Columhia,
The board of officers appointed to investigate the origin and prevalence of typhoid fever in the District of Columbia have submitted
a second report (Hygienic Laboratory Bulletin No. 44) which throws
additional light on the causation of this disease. The board is engaged in further investigations of this problem during the present
season, intensive studies of a limited area of the city being made.
These investigations have been of great value in studies of typhoid
fever in other parts of the country, the Pittsburg Typhoid Commission recently organized having undertaken precisely similar studies
in that city.
Leprosy investigation station.^ Molohai^ Hawaii,
I t having been determined to erect the necessary buildings under
the supervision of the constructor, orders were issued September 26,
1907, to an officer to undertake this work. Since that time rapid
58716—FI 1908



5

I

66

REPORT ON T H E FINANCES.

progress has been made looking to the completion of the station. The
medical director in charge of the investigation station and his assistants have continued their studies at Honolulu and Molokai. These
studies have been of importance in relation to the problems of leprosy,
and they have also emphasized the necessity of the study of incipient
cases in Plonolulu as a part of the general investigation.
Supervision over the manufacture and sale of viruses^ s e r u m s ^ n d
toxins.
The act approved July 1, 1902, regulating the sale of viruses,
serums, and toxins in interstate traffic has been administered as in
previous years.
Standardization of tetanus antitoxin.

I

In order that the above-mentioned law might be properly administered, it became necessary to establish a standard for measuring the
strength of tetanus antitoxin, and work upon this subject has been
carried on in the Hygienic Laboratory for the past two years, with
the result that a standard has been devised. An amendment to the
regulations promulgated under the act of the Congress approved
July 1, 1902, was therefore prepared and issued October 25, 1907,
fixing the immunity unit for measuring the strength of tetanus antitoxin, the same being based upon the official test dose of a standard
toxin prepared in the Hygienic Laboratory, this toxin being furnished
from time to time to manufacturers of viruses, serums, and toxins,
and others concerned.
The Hygienic Lah oratory.
The additional building for which the Congress appropriated
$75,000 is now in the course of construction. The activities of the
laboratory have increased in scope, and the results of investigations
made therein are contained in 7 bulletins published during the year.
With the approval of the Secretary of the Treasury, there has been
some enlargement of the Division of Pharmacolog}^ to provide for
investigations of organo-therapeutic preparations in their relation
to the public health and the study of pharmaceutical preparations in
relation to the decennial revision of the pharmacopoeia.
Sanitary conferences.
In accordance with the act of the Congress approved July 1, 1902,
the sixth annual conference of State health authorities with the
Surgeon-General of the Public Health and Marine-Hospital Service
was held in Washington, April 27, 1908. In accordance with sec-




SECRETARY OF THE TREASURY.

67

tion 5 of the same act, a meeting of the advisory board of the
Hygienic Laboratory was held in Washington, February 27, 1908.
The summary of the work of the typhoid fever board during 1907
was presented for consideration, and it was the unanimous opinion
that the investigations should be continued, the problem being one
of national importance and the results obtained of great value to
health officers in combating this disease.
^
International^ sanitary conventions.
The Third International Sanitary Convention of the American
Republics was held in the City of Mexico, December 2-7, 1907, at
which were present delegates from 13 Republics. This convention
adopted a number of important resolutions relating to the prevention
of malaria, tuberculosis', and other diseases, and the improvement of
health conditions in the Western Hemisphere.
A conference was held in Rome, December 3, 1907, at which were
present delegates from the powers signatory to the International
Sanitary Convention of Paris, signed ad referendum December 3,
1903. The conference had for its object the exchange of propositions
regarding the organization of the International Sanitary Bureau of
Paris. An agreement and organic statutes were edited and signed
December 9, 1907. This arrangement was ratified by the President
of the United States by and with the advice and consent of the Senate February 15, 1908. The International Sanitary Bureau of Paris
was therefore duly organized November 4, 1908, this Government
being represented by a commissioned medical officer of the Public
Health and Marine-Hospital Service. The United States will, therefore, participate in the conduct and benefits of the above-mentioned
bureau.
International Congress on Tuherculosis.
The Congress at its last session adopted a resolution that an invitation be extended to the governments of other countries to send representatives to the International Congress on Tuberculosis, to be held
in Washington September 21 to October 12, 1908. An appropriation
was also made to .enable the Government of the United States to
participate suitably in this congress, and the Public Health and
Marine-Hospital Service therefore assembled an exhibit calculated to
show the activities of this Department in the cQmbat against tuberculosis.
National quarantine.
The Surgeon-General reports that 9,579 vessels were inspected, of
which number 733 were disinfected at the 43 national quarantine stations in the continental United States. Inspection has been main-




68

REPORT ON T H E FINANCES.

tained on the Canadian and Mexican borders. National quarantine
has also been maintained at 8 ports in Porto Rico, 7 in Hawaii, and 7
in the Philippine Islands. Medical officers of the Public Health and
Marine-Hospital Service were stationed at the following-named foreign ports: Habana, Cienfuegos, Matanzas, and Santiago, Cuba; Rio
de Janeiro, Brazil; Veracruz, Progreso, Coatzacoalcos, Salina Cruz,
and Tampico, Mexico; Colon, Republic of Panama; Bridgetown, Castries, and St. Thomas, West Indies; Guayaquil, Ecuador; Callao,
Peru; Yokohama, Kobe, and Nagasaki, J a p a n ; Hongkong, China;
Naples, Italy, and Calcutta, India. These officers have exercised
quarantine supervision over outgoing vessels bound for the United
States, its insular possessions and dependencies. At a number of
foreign ports they have also examined emigrants by request of the
Immigration Bureau and steamship companies. Medical officers have
also been stationed at nine fruit ports in Central America to enforce
at the foreign ports the special regulations relating to fruit vessels
which permit their entry at ports of the United States without detention.
During the fiscal year the legislature of the State of South Carolina ceded to the United States, without cost, its four quarantine
stations, and the operation of the said stations has been continued
throughout the year. The title to the New Orleans quarantine station and of the four substations in Louisiana has not as yet been
completed, but the stations have been operated as national stations,
and the question of the title is in the hands of the proper law officers
of the Government. A title to the quarantine station at Mobile has
been perfected, and the erection of buildings necessary to the complete rehabilitation of the station wdll be proceeded with under a
decision of the Comptroller of the Treasury. Measures will be taken
looking to the acquisition of a quarantine site in the harbor of Galveston, Tex.
Outgoing quarantine procedures instituted on account of the prevalence of "bubonic plague in San Francisco, Cal., were maintained
during the fiscal year, but on October 20, 1908, no case of human
plague having occurred in the city during a period of eight months,
and but two plague-infected rats having been discovered during the
same period, these restrictions were removed.
Medical inspection of immigrants.
During the fiscal year 935,597 immigrants were inspected under the
provisions of the immigration laws and regulations. These examinations have been made at ports in the United States, at some ports
officers being detailed for this duty exclusively, while at others the
examination has been made in conjunction with other duties of the




SECRETARY OF THE TREASURY.

69

officers, and at all ports provision is made for a board of medical
officers to pass upon cases that have given rise to dispute. Of the
number of inspections made, 782,870 were arriving aliens, 141,825
were arrivals whose American citizenship was subsequently determined, and of the former number 10,902 were rejected for various
causes falling under the immigration laws and regulations.
Sanitary hulletins and reports.
During the year 222,456 sanitary and scientific bulletins and reports were issued by the bureau. These included the weekly Public
Health Reports, the bulletins of the hygienic laboratory, and numerous special bulletins relating to the public health. The bulletin
entitled " Milk and Its Relation to the Public Health," to which
reference was made in my last annual report, has been published and
distributed. There has been an enormous demand for this treatise,
and the Department edition is now exhausted. Because of its practical and scientific value, the Surgeon-General is of the opinion that
this publication, should have a wider circulation, and it is respectfully
recommended that provision-be made by the Congress for a special
edition.
Marine hospitals and relief.
During the fiscal year 54,301 patients received treatment, 14,778
being treated in hospital, and 39,523 as dispensary or out-patients.
The hospital patients received a total of 426,957 days treatment.
The service operated 21 hospitals, owned by the Government, and
maintained 126 other relief stations where seamen were given hospital
or dispensary treatment.
At the sanatorium for consumptives. Fort Stanton, N. Mex., 369
patients were cared for during the year. Of these, 91 were discharged, 84 died at the sanatorium, and 194 remained under treatment at the close of the year.
Aid was extended to other branches of the Government in the
physical examination of 5,210 persons, of whom 463 were rejected.
In addition 274 merchant seamen were examined to determine their
fitness for shipment on American vessels, of whom 27 were rejected;
also 10 foreign seamen, of whom 6 were rejected.
During the year relief stations of the third class were established
at Bellingham, Wash., Kansas City, Mo., and Port Arthur, Tex.
Personnel,
At the close of the fiscal year there were 128 commissioned medical
officers, namely, the Surgeon-General, 5 assistant surgeons-general,
29 surgeons, 62 passed assistant surgeons, and 31 assistant surgeons.
There were also 281 acting assistant surgeons and 48 pharmacists.




70

REPORT ON T H E FINANCES.

Expenditures,
The appropriation for the ordinary maintenance of the service was
$4,187,750, of which sum $150,000 was payable from the appropriation for expenses of regulating immigration. The receipts from all
sources, repayments for care of foreign seamen, etc., were $17,104.95.
The expenditures were $1,084,783.23; estimated outstanding liabilities, $13,149.73, leaving an estimated balance of $106,921.99.
The amount available of the appropriation for preventing the introduction and spread of epidemic disease at the beginning of the
fiscal year was $379,803.17. Appropriations amounting to $700,000
were made in addition to the available balance reappropriated. The
expenditures were $368,795.59, leaving a balance June 30, 1908, of
$711,007.58.
The appropriation for the maintenance of the quarantine service
was $355,000. The amount of repayments was $509.11. The expenditures were $342,390.92, which, deducting outstanding liabilities, leaves
an estimated balance of $5,158.01.
The amount available of the appropriation for national quarantine
and sanitation at the beginning of the fiscal year was $456,225.48;
the repayments were $525.20; the expenditures were $88,084; the
balance on hand June 30, 1908, was $368,666.68.
Legislation.
There is increasing demand for further 'protection of the public
health, and in this respect the National Public Health Service has
certain duties to perform. Broadly speaking, these duties are the
prevention of the introduction of contagious and infectious diseases
from without and prevention of their spread from one State or Territory to another; the investigation of said diseases and conditions
favoring their spread, as well as methods necessary for their prevention; the dissemination of sanitary information thus acquired among
sanitary officials and the public generally, and cooperation with State
and territorial authorities for the protection of life and health.
The officers of this service are constantly doing work no less arduous
than the medical officers of the other services of our Government in
time of war. No small number of them have lost their lives in epidemics, and in justice they should receive the same compensation as*
officers of the other medical services of the Government. In view of
these facts it is recommended that the Congress during its present
session enact legislation necessary to further improve the public
health and to maintain the high standard of efficiency in the Public
Health and Marine-Hospital Service.




SECRETARY OF THE TREASURY.
REVENUE-CUTTER

71

SERVICE.

The following is a summary of the work performed by the United
States Revenue-Cutter Service during the fiscal year 1908, together
with the net expenditures:
Lives saved (actually rescued) from drowning
50
Persons on board vessels assisted
3, 269
Persons in distress taken on board and cared for
.
317
Vessels assisted
146
Vessels boarded and papers examined
13, 252
Vessels seized or reported for violation of law
242
Fines and penalties incurred by vessels reported
$54, 700
Value of vessels assisted and their cargoes
$6,858,918
Derelicts and obstructions to navigation removed or destroyed—
18
Net expenditure:
Appropriation for maintenance of the service, including
appropriation for special repairs
$1, 817, 227. 55
Estimated unexpended balance
:
$2, 030. 88

The work of the service has extended, as usual, along the entire coast
of the United States, including the waters of the Great Lakes, Alaska,
and Porto Rico. Four vessels have operated exclusively in Bering
Sea from June until late in the fall for the protection of the fur
seals. The Thetis made the annual cruise into the Arctic Ocean,
and her efforts in the far north have resulted in great good not only
to the public interests, generally, but in correcting various abuses
that were found to exist in the whaling fleet. I t is thought that these
abuses have been practically eradicated. Two Japanese schooners,
the Nitto Maru OLndi'Kaiwo Maru^ were seized by the patrol fleet for
unlawful sealing in territorial waters off the Pribilof Islands, and
their crews were taken to Valdez, Alaska, for trial.
There have been during the year 22 cruising cutters in active commission, and 17 harbor vessels and launches which have performed
boarding and anchorage duty at various ports. Twelve officers have
been assigned to the Life-Saving Service to inspect the life-saving
stations, drill their crews, superintend the construction of buildings
and appliances, etc.
The important work of assisting vessels in distress and of removing
derelicts and other dangerous obstructions from the paths of commerce, with which the service is specially charged, has been diligently
and successfully prosecuted. Two instances of the character of this
work deserve special mention. On September 11^ 1907, 243 persons
who had been cast ashore from the wrecked ship John Currier^ of San
Francisco, near Nelsons Lagoon, Aleutian Islands, Alaska, and were
suffering great privation, were rescued and afterwards safely conveyed to Seattle, Wash. On February 21, 1908, the Thetis was dis-




72

REPORT ON T H E FINANCES.

patched from Puget Sound to Point Manby, Yakutat Bay, Alaska, a
distance of 1,000 miles, for the relief of a Japanese crew of 11 men
belonging to the schooner Satsuma Maru^ who were reported wrecked
at that place and in distress. The Thetis promptly set out on her
mission, found the shipwrecked crew, and, at much risk, succeeded in
bringing them to the ship in small boats through a dangerous surf.
All duties within the scope of the service have been carefully performed, and the organization has been maintained in a state of
readiness and efficiency.
Vessels,
The cutters Boutivell^ Fessenden^ Dallas^ and Dexter^ all obsolete
types of vessels, and which had become unfit for active service and
were not worth extensive repairs, were condemned and sold under
authority of section 2748, Revised Statutes. There is need of several
additional sea-going, well-equipped vessels to enable the service to
discharge effectively its duties and meet the increased demands made
upon it. I recommend the passage of Senate bill 3345, for the construction of 4 steam vessels, which has been favorably reported, with
amendments, to the House of Representatives by the Committee on
Interstate and Foreign Commerce. I recommend also that a suitable
vessel be provided for the Hawaiian Islands.
Legislation,
The provisions of the act approved April 16, 1908, which are in
accordance with my recommendations of last year, will materially
improve the organization of the service. Aside from other advantages of this legislation, the benefits which it insures to the warrant officers and enlisted men will exert a marked influence in
promoting the efficiency of the noncommissioned force.
Transfer of F o r t Trumhull,
The school for the education and training of cadets is now located
at Arundel Cove, Md., about 7 miles from Baltimore, on the site provided for a general depot for the Revenue-Cutter Service. This location is not easy of access, has undesirable surroundings, and is not
suitable for the proper development and progress of the school. The
matter has been given careful consideration by the Department and
various places have been examined with a view of securing a location
which would be advantageous and permanent. That considered most
available and best adapted for the purposes of the school is the militar}^ reservation of Fort Trumbull, on the Thames River, at New
London, Conn., consisting of about 13 acres, with various buildings
and improvements thereon, which, is under the jurisdiction of the




73

SECRETARY OF THE TREASURY^

War Department. The latter has signified its willingness, with the
approval of the Congress, to turn over the reservation, subject to certain minor limitations, for the use of the Revenue-Cutter Service. I
therefore strongl}'^ recommend that the Congress authorize the transfer of Fort Trumbull to this Department for the purpose stated.
Small expense has been incurred in permanent improvements for the
school. These are well adapted and are needed for the equipment of
the depot.
LIFE-SAVING

SERVICE.

At the close of the fiscal year the Life-Saving Establishment
embraced 280 stations, distributed upon the sea and lake coasts as
follows: On the Atlantic and Gulf coasts, 201; on the coasts of the
Great Lakes, 61; on the Pacific coast, 18.
The number of vessels meeting disaster within the domain of the
service during the year was 1,094. There were on board these vessels
5,712 persons, 22 of whom were lost. The estimated value of the
property imperiled was $13,530,225, of which amount $10,390,955
represents the value of the vessels endangered, and $3,139,270 the
"value of their cargoes. The number of vessels totally lost was 56.
These figures are divided between documented and undocumented
vessels (the last-mentioned class being craft of less than 5 tons
burden, including sailboats, gasoline launches, rowboats, etc.) as
follows:
Documented
Number of vessels, in volved
Number of vessels totally lost
Number of persons on board
Number of persons lost
Number of persons succored at stations
Number of days' succor afforded
Value of vessels '.
Value of cargoes
Total valu '^ of property involved
Value of property saved
Value of property lost

386
52
!.749
16
421
848
S9,776,725
3,135,190
12,911,915
11,056,805
1,855,110

Undocumented.
708
4
1,963
6
141
152
$614,230
4,080
618,310
609,630
8,680

Total.
1,094
56
5,712
22
562
1,000
$10,390,955
3,139,270
13,530,225
11,666,435
1,863,790

The number of disasters included in the foregoing table exceeds
that given in last year's report by 39 for documented vessels and
217 for small craft, and is 246 greater than that for any previous
year in the history of the service. The increase over last year in the
number of casualties to vessels of the larger class is attributed to
two causes, namely, the exceptional openness of the winter and the
extension of the scope of operations of the life-saving crews as a result of the installation of power in the service lifeboats, which has
made it possible for them to assist a larger number of distressed
vessels. The increase with respect to undocumented vessels is in some




74

'

REPORT ON T H E FINANCES.

measure due to the same reasons, but chiefly to the fact that the use
of gasoline launches has sprung into such sudden and general favor.
The number of accidents to this type of craft alone during the last
year was 330—nearly one-third of the total for all classes of vessels.
Of the 1,094 vessels imp^eriled, 861, valued with their cargoes at
$4,447,460, were assisted solely by the life-saving crews; 192 vessels,
valued with their cargoes at $8,109,710, were aided by the life-saving
crews in cooperation with tugs and other agencies; 13 vessels, valued
with their cargoes at $502,445, were assisted by private agencies only;
and 28 vessels, valued Avith their cargoes at $470,610, received no
assistance from any source.
Assistance of more or less importance was afforded by the station
crews to 89 documented and 210 undocumented vessels not included '
in the tabular statement, making in all 1,352 vessels assisted by the
service crews.
The crews also saved the lives of 56 persons from situations of
peril unassociated with vessels, and succored at the stations 156 persons in distress arising from causes unrelated to shipwreck.
Warning signals were made from the station lookouts and by the
beach patrol to 219 vessels running into danger, 199 of the warnings'^
having been given at night and 20 in the daytime. Of the vessels
so warned, 97 were steamers.
A comparison of the foregoing statistics with those of former years
establishes the gratifying fact that, while the number of disasters
oci3urring last year was much greater than for any previous year,
the percentage of lives lost has never been less. The best showing
heretofore made in this regard was that for the year 1896, when one
life was lost out of each 260 persons involved, the ratio being the
same as that for the period covered by this report. The work accomplished in the saving of property has likewise been equaled
but once, namely, in the same year, 1896, when the percentage of
loss was slightly smaller. Taking into consideration, however, the
services performed by the station crews outside their duties as salvors
of life and property from the perils of the sea, such as extinguishing
neighborhood fires, recovering miscellaneous property, etc., it may
be asserted that the year's record has never been surpassed. The net
expenditure for the maintenance of the service was $1,962,524.90.
New life-saving stations were completed and manned during the
year at Bethany Beach, Del., and at the entrance to Tillamook Bay,
, Oregon.
During the year several of the self-righting and self-bailing lifeboats in use at the stations were equipped with motive power. The
remarkable extension of life-saving operations that has been effected
in the localities of those stations at which mechanical power has thus




SECRETARY OF THE TREASURY.

75

been made to supplement the use of oars and sails renders it a matter of imperative necessity to similarly equip all the larger service
boats. This is being done as rapidly as possible.
Adopting the Secretary's recommendation in last year's report,
both Houses of the Congress passed a bill authorizing the transfer
of surplus books from the Treasury Department library to the stations of the Life-Saving Service, too late, however, to receive the
approval of the President before adjournment.
The act of the Congress approved March 26, 1908, increasing the
compensation of the field force of the service, has done much to improve the conditions heretofore complained of with respect to the difficulty experienced in securing suitable men for the station crews. I t
is to be regretted, however, that the law carries no pension or
retirement feature, which would have permitted the Government to
recognize appropriately the deserts of a class of men engaged in
hazardous public service.
JAMESTOWN

EXPOSITION.

In accordance with the provisions of public act No. 211, approved
March 3,1905, and section 10 of public act No. 383, approved June 30^
1906, the first permanent settlement of English-speaking people on
the Western Hemisphere was celebrated by holding an international
exposition in the vicinity of Jamestown, Va.
The several appropriations made, and directed to be expended
under the supervision of the Jamestown Ter-Centennial Commission,
composed of the Secretaries of the Treasury, War, and Navy, in
promotion of the exposition, and specifically allotted by the acts of
the Congress above referred to, were placed to the credit of the
respective Departments for the purposes indicated, as follows:
Jamestown Ter-Centennial Commission:
Expenditures of the Jamestown Ter-Centennial Commission
$50,000
United States Government exhibit, Jamestown Exposition
200,000
Policing, comfort stations, etc., Jamestown Island, Virginia
10,000
Aid to the Jamestown Exposition Company
250,000
Aid to the Negro Development and Exposition Company
100,000
Under Treasury Department:
Monument to commemorate the first permanent settlement at
Jamestown, Va
,_ 50,000
Buildings, Jamestown Exposition
350,000
Under Navy Department:
Entertainment of foreign naval representatives
100,000
Permanent moorings, Jamestown Exposition
15,000
Exhibit of monitors, Jamestown Exposition
10,000
Under War Department:
Entertainment of foreign military representatives
„ 25,000
Piers, Hampton Roads, Virginia
400, 000
Permanent landing pier, Jamestown Island, Virginia
,. 15,000




76

REPORT ON TI-IE FINANCES.

The President issued his proclamation March 29, 1905, inviting
the nations of the world to participate, and on April 26, 1907, being
present in person, he formally declared the Jamestown Exposition
opened. On this occasion there were present many of the Cabinet
officers, the Diplomatic Corps, many military and naval officials from
foreign countries, and other distinguished guests.
The buildings erected comprised five large structures for exhibit
purposes, including a building for the American Republics and
Mexico's exhibits, club houses for the officers and enlisted men of
the army and navy, a home and office building for the Jamestown
Ter-Centennial Commission, and a commodious building for the
exhibit made by the negroes of the country. At Jamestown Island
was erected a handsome granite monument, marking the first place
V of settlement, and suitable rest and comfort stations were provided
for the use of the public.
Permanent piers adjacent to the exposition grounds and extending
into Hampton Roads were constructed as required by the War Department, permanent moorings provided by the Navy Department,
a landing pier arranged for at Jamestown Island, and a large military camp and establishment made a part of the exposition immediately outside of the grounds.
At the close of the exposition all Government exhibits were carefully packed and returned to Washington, and such as might be
utilized, together with other fixtures purchased for exposition purposes, will be arranged for shipment to the Alaska-Yukon-Pacific
Exposition at Seattle.
All buildings erected and the permanent Government pier constructed in Hampton Roads remain in the custodianship of the Secretary of the Treasury, pending congressional action as to the other
interests involved in the bill before the Senate looking to the purchase of the exposition grounds for a naval training and coaling
station.
There is attached hereto a statement showing the expenditures
made as directed by the Jamestown Ter-Centennial Commission. A
report of the work in detail, with that of the Government Board,
Negro Development and Exposition Company, and the various departments, will be transmittted to the President for the information
of the Congress, as provided by law.




STATEMENT OF VOUCHEES APPROVED BY T H E JAMESTOWN T E E - C E N T E N N I A L C O M M I S S I O N , TO AND INCLUDING OCTOBEB 15.
Preparation.

Appropriation.
Jamestown Ter-Centennial Commission

,

Per diem.

Transportation.

Miscellaneous.

Total.

$17,311.82

S3,135.50

Salaries.

811,844.72

$33,133.08

$16,866.92

Balance.

4,300
32,500
23,800
3,400
9,200
26,000
10,500
12,605
23,400
17,000
5,000
4,000
28,295

$1,484.41
9,809.20
4,280.85
948. 50
3.050.23
14,861.64
1,295.04
2,388. 89
4,167. 62
8,310.82
1,404. 50
1,599.10

S91.24
1,262.91
380.88
144.54
975.93
207.42
261. 49
274.47
2,161.73
319. 44
9.25
35.95

136.19
1,260.15
2,318.96
130. 22
425. 50
1,452. 61
611. 85
1,192. 60
2,170. 61
698. 34
270. 79
77.78
177.91

2,156.50
9,525.00
6,082.50
759. 50
2,690. 50
1,728.50
2,683. 55
3,718.15
7,539. 50
2,957.75
1,090.00
872. 00
2,759.00

153.02
850.92
1,178.20
165.15
401.90
591. 41
253.93
358. 35
2,530. 34
533. 65
121. 50
133. 50
183. 23

7,713.16
3,776.17
1,155. 33
1,374. 00
3,619. 88
4,956.95
3,963.50
3,629. 66
3,082.17
2,046.75
1,004.99
23,275.54

54.41
413.26
654.18
50.11
IIL 14
364. 09
98.10
707. 94
253. 65
502. 71
55. 01
117. 86
1,481. 25

4,076.37
30,834.60
18,671.74
3,353. 35
9,029.20
22,825. 55
10,160.91
12,603.90
22,453.11
16,404.88
4,997.80
3,84L18
27,876.93

223.63
1,665.40
5,128.26
46.65
170. 80
3,174. 45
339.09
1.10
946. 89
595.12
2.20
15a 82
418. 07

200,000

53,000.80

6,125. 25

10,923.51

44,562. 45

7,455. 70

59,598.10

4,863.71

187,129. 52

12,870.48

10,000

5,110. 00

2,700. (

2,151. 38

Common fund
Totals

9,997.79

2.21

100,000

99,258.14

741.86

250,000

250.000.00

,

Aid to Negro Development and Exposition Co
Aid to Jamestown Exposition Co

Freight.
S142.63

$50,000

Govemment exhibit, Jamestown Exposition;
Department of State
Treasury Department
War Department
Department of Justice
Post-Office Department
Navy Department.
Department of the Interior.
Department of Agriculture
Department of Commerce and Labor
Smithsonian Institution
Library of Congress
Bureau of American Republics

Policing, etc., JamestownJsland

Maintenance.

1908.

35.74

O

W
H

>

&^
Balance OcAppropriation. Expenditures. tober 16, 1908.




>

Ul

RECAPITULATION.

Jamestown Ter-Centennial Commission
Goverriment exhibit, Jamestown Exposition
Policing, comfort stations, etc., Jamestown Island, Virgmia,
Aid to the Negro Development and Exposition Co
Aid to the Jamestown Exposition Co

m

t?d
O

$50,000
200,000
10,000
100,000
250,000

$33,133.08
187,129.52
9,997.79
99,258.14
250,000.00

$16,866.92
12,870. 48
2.2i
741.86

Kl

78

'

REPORT ON T H E FINANCES.

DOUBLE-ENTRY

SYSTEM

OF B O O K K E E P I N G .

On July 1, 1907, a double-entry system of bookkeeping, as outlined in a report addressed to the President on January 19, 1907,
by the Committee on Department Methods, was installed in this Department, recording the accounts of receipts and disbursements, appropriations, revenues, expenditures, and statutory acounts, and the
personal accounts of fiscal officers. Controlling or general accounts
are provided, which exhibit the aggregates of the detailed accounts
in the books of original entry, and which insure a balance of all
accounts.
The system supplements the methods in existence during past
years in requiring a record by audits of the transactions of the year,
so that-the accounts may be exhibited on the basis of audited revenues
and expenditures, and its general features have operated satisfactorily.
Approximately seven-eighths of the total yearly payments of the
Government are made through disbursing officers and agents, whose
accounts of disbursements are subsequently rendered, and which
under existing law and the practice thereunder require from four to
six months after the close of each quarter of the fiscal year for the
preparation, transmission, administrative examination, and audit
thereof before the results can be entered in the records of the Department. This condition operates to delay to a late period final action
on the accounts for the last quarter of the year involving a very considerable part of the year's business.
For these reasons it is impracticable to present or publish at this
time complete statements of audited revenues and expenditures for the
year 1908, and the statements of receipts and disbursements for the
last fiscal year are therefore continued on the basis of warrants
issued.
DISBURSING OFFICERS.

A necessity exists for the good of the service and for the relief of
the disbursing officers of the several executive departments, and of
the independent bureaus and offices located at the seat of Government, that during their sickness or unavoidable absence, or while on
their annual leaves of absence, authority be vested by law in some^
clerk in the same office to act in the place of such sick or absent disbursing officer, and to discharge the duties thereof during such sickness or absence; the official bond of such disbursing officer to be held
to cover and apply to the acts of the person appointed to act in his
place, and the clerk so appointed to be subject to all the liabilities and
penalties prescribed by law for his official misconduct while he is so
acting.




SECRETARY OF THE TREASURY.

79'

I recommend that appropriate legislation to this end be enacted.
I t is not the intent of this recommendation, however, to extend the
leave of absence now allowed by law to disbursing officers.
SURETY BONDS.

The law makes no adequate provision for effective Federal supervision of surety companies authorized under the act of August 13,
1894, to do business with the United States. A recapitulation bf the
business for the last fiscal year shows that, including customs, internal revenue, and contract bonds, 500,000 bonds were required by the
Government with penalties aggregating $4,000,000,000, and that
approximately one-fourth of this amount was written by surety
companies.
On February 1, 1907, the Secretary of the Treasury limited the
amount for which any bonding or surety company would be accepted
on any one bond to 10 per cent of its capital and surplus. This regulation has been twice revised and adopted by all of the executive
departments and is now in operation. I t has been productive of
beneficial results and should be enacted into law.
The function performed by the Treasury Department in supervising the advancement of public funds and the auditing and settling
of accounts has brought under its immediate review practically all
of the bonding business in which the Government is interested. Bonds
of all other executive departments submitted to it for this purpose are
certified by the Treasury Department as to the authorities of the
executing officers of the surety companies and as to legal sufficiency;
and the financial and other statements showing the condition of these
companies are rendered to and passed upon by the Treasury Department, the information thus obtained being made available to the
other departments. This information, disclosing as it does in a general way the business methods and financial condition of the bonding
companies, emphasizes the need of further inquiry along these lines.
This, however, can not effectively be done without the use of a small
sum, which I recommend be appropriated for the purpose. Five
thousand dollars will be adequate for the next year and this amount
will be included in the annual estimates.
I renew the recommendations contained in my report of last year
as follows:
The law should be amended so as to terminate the liability of the
sureties on a bond as to future transactions after a new bond has been
executed as required by law for the same class of disbursements.
The law relating to the liability of the sureties upon the bonds of
assistant treasurers should also be amended so as to authorize a
bonded deputy to act in the event of a vacancy by death or otherwise




80

REPORT ON THE FINANCES.

of an assistant treasurer, or by making the bond of such officer liable
for the acts of the deputy until the appointment of his successor.
Only the Treasurer of the United States can now act in case of the
death of an assistant treasurer.
The law should also be amended which provides that the estate of
a deceased customs officer shall be liable for the acts of his deputy
until the appointment of his successor. I t sometimes happens that
such officers have no such estates as would afford the Government
adequate protection. The law should specifically make the sureties
on the bond of the deceased collector liable for the acts of the deputy,
or the deputy should be separately bonded.
The law prescribing a form of bond for customs officers should also
be amended and the adoption of a proper form should be left to the
Secretary of the Treasury as in the case of most other bonds. Because
of the fact that the form of these bonds is recited in the law it
becomes necessary to require, in some cases, six or eight separate bonds
from such officers for the disbursement of funds which might properly
be assigned to them by the Secretary under one official bond if the
law authorized the requirement of a bond sufficiently broad in its
terms to cover such disbursements.
PRINTING AND BINDING.

The expenditures for printing and binding for the entire Treasury
service amounted to $338,790.40, as follows:
Bureaus, offices, and divisions of the Department..^*>216, 874.24
Treasury Service outside of Wasliington—
Customs Service
$71,365.88
Internal Revenue Service
24, 677. 31
Assistant treasurers
9, 075.31
Public Plealth and Marine-Hospital Service
4,208. 23
Mints and assay offices
_——
4,188. 24
Revenue-Cutter Service
2, 604.17
Life-Saving Service
1, 709. 84
National-bank depositaries
2,572.25 .
Custodians of public buildings
1, 390.14
Superintendents of construction of public buildings.
124. 79
121,916.16
Total

338, 790. 40

Close supervision has been exercised over the expenditure of this
appropriation by the Department committee on printing and publication, appointed pursuant to executive order of January 20, 1906, by
whom all requisitions and copy are scrutinized in the interest of
economy and with the view of maintaining uniformity in forms, publications, and methods.




SECRETARY OF THE TREASURY.

81

STATIONERY.
The cost of the stationery supplied to the officers of the Department
during the year amounted to $119,872.49, divided as follows:
Bureaus, offices, and divisions of the Department
:
$46, 691. 55
Treasury Services reimbursing the stationery appropriation—
Custom Service
Z
$34,719.08
Internal Revenue Service
15,399.18
Assistant treasurers
6, 864. 70
Bureau of Engraving and Printing
3, 027. 67
National Banli Redemption Agency
2, 999.40
Public Health and Marine-Hospital Service
2,144. 30
Revenue-Cutter Service
:
2,013. 83
Superintendents of construction of public buildings. 1, 580. 39
Custodians of public buildings
.
^
1,481.32
Mint and assay offices
1,351.51
Life-Saving Service
1, 312.92
Secret Service
^—
286.64
73,180.94
Total

119, 872. 49

Of the $46,691.55 expended for the Department proper, $42,132.78,
or about 90 per cent, was used by the following seven offices:
Office
Office
Office
Office
Office
Office
Office

of the Secretary
of the Treasurer of the United States___
of the Commissioner of Internal Revenue
of the Comptroller of the Currency.of the Auditor for Post-Office Department
of the Auditor for War Department
of the Supervising Architect

:

-__

Total

$10,175.04
10,592.37
6,961.09
6, 040. 51
4,530.47
. 2,077.91
1,755.39
42,132. 78

Of the $34,719.08 worth of stationery furnished to the outside
customs service, $23,500.71, or about 67 per cent, went to the following seven ports:
New Yorli
Boston
New Orleans.
Philadelphia...
Baltimore
San Francisco
Chicaga

-

'_
——

Total

^

-

$15, 327. 99
1, 817. 71
1, 547. 55
1, 380.98
1, 376. 28
1, 075. 92
974.28
23, 500. 71

The appropriations made by the Congress of late years for stationery
supplies have not kept pace with the needs of the service, and in consequence the Department has been embarrassed by lack of sufficient
funds. Increased demands for supplies have been felt especially in
the branches connected with the internal revenue and customs, the
finances, and the currency.
58716—FI 1908
6



82

REPORT ON THE FINANCES.

Attention is called to the objectionable method of appropriating
for stationery for this Department, and to the embarrassment occasioned thereby.
The present practice, which has existed for many years, is to appropriate a certain amount ($40,000 being the amount for the present
fiscal year) for the purchase of stationery for the Department proper
and its several bureaus, offices, and divisions in Washington; but in
order to secure the benefits of the favorable Department contract
prices, the several outside Treasury services are supplied from this
appropriation by means of a repay method, by which thirteen different appropriations reimburse the stationery appropriation, to the
amount (this year) of $73,180.94. This method is cumbersome, dilatory, and expensive, and serves no good purpose. Under this method
contractors' bills for supplies furnished can not be paid as promptly
as they ought to be on account of the delay experienced in o|)taining
repay credits. Eepay accounts are not approved by the auditor in
the absence of the receipts of consignees for supplies furnished to
them, and these receipts, in inany instances, are not received for weeks
after shipment; consequently the fund from which bills are paid is
but slowly replenished.
If a lump sum were appropriated for the whole service, as is done
in the case of the printing and binding, the public business would be
simplified and improved, and legislation to that end is recommended.
HALL OF RECORDS.

Attention is invited to the following letter, recommending that
provision be made for the erection of a hall of records in this city,
which recommendation I renew at this time:
TREASURY DEPARTMENT, OFFICE OF THE SECRETARY,

Washington, March 7, 1908.
SIB : The earnest consideration of the Congress is invited to the necessity for
providing, at the present session, an appropriation for the erection of a hall
of records in this city in which the uncurrent files of the various executive departments and other branches of the Government may be stored.
This matter has been agitated for many years, and on March 3, 1902, was
made the subject of a special communication from the Secretary of the Treasury to the chairman of the Committee on Public Buildings and Grounds
(Senate Document No. 236), in which the pressing need for such a building
was fully set forth. Since that time,° under authority of an act of Congress
approved March 3, 1903, square No. 143, situated between Eighteenth and
Nineteenth and E and F streets NW., has been acquired for a hall of records,
and title thereto is now vested in the Government. Recommendations have been
made yearly for an appropriation for a building to be erected on this site, and
in 1904 tentative plans for such a building were prepared by the Supervising
Architect of this Department.
The necessity for some structure of the character described grows constantly.
An investigation made in 1906 showed that the files then on hand in all tb©



SECRETARY OF THE TREASURY.

83

buildings under the control of the Treasury Department in Washington, and in
space rented exclusively therefor, occupied over 1,000,000 cubical feet of space,
and that they were accumulating at the rate of 25,000 cubical feet per annum.
The condition of these uncurrent files is precarious in the extreme. In many
instances they occupy space^which is frequented by the public and are unpro- ]
tected in any way from depredation. Some of them are stored in rented build-;
ings which are not fireproof, and are liable at any moment to be destroyed by
fire. All of the available space in the different buildings under the control of
this Department is now occupied, as well °as two and one-half fioors in a large
storage building for which the Department pays an annual rental of $8,000, and,
in addition, the Department is compelled to use corridors and other valuable
space which is badly needed for the transaction of current business.
While these files are referred to as " uncurrent," it must be borne in mind that
reference is made to them almost constantly; that in most instances they pertain to questions of great importance; that they have been accumulating since
the organization of the Government,.and that their destruction by fire would
cause almost irreparable injury, confusion, and delay in the transaction of
the public business. It is therefore absolutely necessary that sufficient space
be provided to assemble them in such a manner that they may be of ready
access. They are now inaccessible for reference, except with great labor, on
account of insufficient space, and at the same time are daily exposed to loss,
decay, and accidents which may at any time destroy them in whole or in part.
While there is no recent data covering the other executive departments and
governmental establishments, it is believed that similar conditions prevail
in all.
In my opinion there are few, if any, public improvements here for which
there is greater need than for a hall of records, and the matter is presented
with the earnest hope that action will be taken at this session looking to the
erection of such a building.
Respectfully,

GEO. B . CORTELYOU,

Secretary.
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.
SEPARATE B U I L D I N G FOR AUDITORS.

The construction o£ a separate building in the city of Washington
to accommodate the offices of the various auditors is urgently needed.
At the present time these offices are located in various buildings
throughout the city. Not only is this inconvenient in the administration of business, but the rents which are paid for quarters for these
auditors annually amount to a considerable sum. The following is a
statement of the space occupied by the various auditors and the
amounts paid for rented quarters:
The auditors for the Treasury, War, Interior, and (in part) Post-Office Departments are in buildings owned by the Government.
The auditors for the Navy, State and Other Departments, and Post-Office (in
part) are now in rented quarters.
The Auditor for the Treasury Department occupies 20,719 square feet.
The Auditor for the War Department occupies 83,721 square feet, of which
amount 13,545 square feet are in rented quarters at a cost of $2,500 per annum.
The Auditor for the Post-Office Department occupies 95,407 square feet, of
which 20,773 square feet is in rented quarters, at a cost of approximately
$8,000 per annum.




84

REPORT ON THE FINANCES.

The Auditor for the State and Other Departments is entirely in rented
quarters, and occupies 15,000 square feet, at a cost of $8,500 per annum.
The Auditor for the Navy Department occupies 15,120 square feet, in rented
quarters at a cost of $11,980 per annum.
Quarters for the Auditor for the Interior Department, comprising 41,246
square feet, at a cost of approximately $15,250 per annum, are now under consideration.
In addition, a portion of a building on E street is rented for storage purposes,
at an annual cost of $3,000.

It will be seen that approximately 106,000 square feet is rented at
an annual cost of $49,230. In addition, the space occupied by the
auditors in Government buildings could be better used for the accommodation of other bureaus and offices. For example, the quarters
now assigned to the Auditor for the Treasury Department, if vacated
by him, could be used to accommodate the Life-Saving Service and
the Public Health and Marine-Hospital Service, both of which in the
interests of good administration shouldTbe located in the main Treasury building. The Life-Saving Service pays annually $5,136 for
quarters.
It is estimated that by the construction of an adequate building for
auditors' offices approximately $60,000 could be saved annually in
rent, in addition to facilitating very greatly the administration of
public business and affording additional space for a number of
bureaus that at the present time are unduly cramped.
A building to accommodate the various auditors and to allow for a
reasonable increase should contain 7,500,000 cubic feet and would cost
approximately $3,750,000, exclusive of site.
REDUCING UNNECESSARY MOVEMENTS OF GOLD.

The advantage of reducing to a minimum the transfer of gold between the financial centers of the world has bee'n often discussed, but
has not yet been the subject of official action. Economy in such transfers has come about automatically from time to time by the extension
of the system of bills of exchange and of the use of international
credits. Distrust of these resources in times of crisis—the very
moment at which they are most needed—invokes the demand for
physical gold. Even under ordinary conditions, the interval between
the outward crop movement from this country and the payment for
foreign merchandise imported in the spring is often marked by shipments of gold in both directions, which the mechanism of international exchange has not yet found the means of entirely avoiding.
The movement of gold was exceptionally large last autumn and
spring because of the disturbance to credit which so seriously affected
not only the American market but the markets of other countries.
The three months of November and December, 1907, and January,
1908, witnessed imports of gold into the United States to the amount
of $118,822,870. On the other hand, the three months of April, May,



SECRETARY OF T H E TREASURY.

85

and June, 1908, witnessed exports of gold from the United States
to the amount of $49,658,972. For the twelve months ending October
31, 1908, total imports of gold were $150,234,064, and total exports
were $72,509,564. The excess of imports stood at $77,724,500, as
against an excess of exports for the twelve months ending October
31, 1907, of $5,513,526. o
I t would seem that means might be devised to diminish the transfer
of physical gold under these conditions. That credits or loans of
gold might be extended more generously than at present by one nation
to another in times of stress was proposed soon after the crisis of a
year ago. I t has been suggested that an international conference be
called of representatives of the ministries of finance and of the great
state banks with a view to more prompt and effective cooperation
in emergencies. I t is not proposed here to enter upon a general discussion of this subject, but if such a conference should be held, there
might well be included in the list of topics to be considered the creation of an international gold certificate, which would represent for
all practical purposes the transfer of gold coin or bullion without the
necessity of transferring the metal itself.
Such an arrangement would require international sanction, either
by an agreement among the leading banks of the world to issue a
transferable international certificate upon a certain amount of gold
coin, definitely set aside for the purpose, or an agreement through
diplomatic channels among the several governments to some similar
arrangement under official control.
I n the present advanced state of public faith and of financial responsibility there is apparently no serious obstacle to reaching^ such
an agreement if measures are once set on foot by those capable of
carrying it out. The issue of such international certificates, payable
on demand, like the gold certificate of the United States, would not
prevent the transfer of the physical gold when desired. The certificates might be redeemable in all countries which were parties to the
agreement, without regard to the country in which they were issued,
and it might be left to those in charge of the gold funds to determine
from.time to time whether physical transfers of gold were required.
Actual transfer might be advisable where there was reason to believe
that the movement was more or less permanent in character, but it
would seem that such transfers might be reduced to the minimum
where it seemed probable that the metal would be recalled by the
normal movement of trade within the space of a few months. I t is
suggested that the Secretary of the Treasury might be authorized to
receive hospitably any suggestion on this subject from abroad and
to appoint through the proper channels delegates on behalf of the
United States to any conf erence which might be assembled having the
subject within the scope of its deliberations.



86

REPORT ON T H E FINANCES.
T H E REGULATION OF T H E BUDGET.

A question which grows in importance with the growth of the
country is that of an economical adjustment of disbursements to
current receipts and the classification of both receipts and disbursements in such a way as to facilitate such an adjustment. The rapid
growth of net receipts and net disbursements* at intervals of ten
years since the iowest point after the civil war is indicated by the
following figures:
Year.
1878
1888
1898
1908

disburse*
Net receipts. Netments.
$257,446,776
379,266,075
405,321,335
601,126,118

$236,964,327
259,653,959
443,368,582
659,196,319

If interest on the public debt is excluded, the growth in ordinary
expenditures for carrying on the Government, including payments
for pensions and many public works, was from $135,000,000 in 1878
to $638,000,000 in 1908, or an increase in a generation of nearly 400
per cent. I t is not intended here to enter upon any criticisms of detail,
nor to minimize the benefits which have resulted from these expenditures to the health, comfort, and security of our people; but it is
desired to point out that the distribution of such immense sums
raised by taxation should be subjected to scrutiny, classification, and
coordination. The present method of dealing with the subject is
entirely lacking in system.
Under the relations of the different branches of our Government
there is practically no control by the executive department over the
appropriations made by the Congress (except by veto of the President), and no control by the Treasury or any other branch of the
Government over the amount of the estimates submitted by the
various executive departments to the Congress. The Secretary of
the Treasury is given authority to transmit to the Congress estimates
of revenue and expenditure, but he is not authorized by existing law
to reduce these estimates to conform to the receipts. Nor is any
single committee of the Congress charged with the comparison and
coordination of the appropriations for different branches of the -public service in order to distribute equitably any reductions or increases
which may be warranted by the state of the revenue. ^
From this point of view the subject is a broad one and one with
which it is not possible for a single Department to deal without the
cooperation of other Departments. The Secretary of the Treasury,
however, occupies by law a relation toward the Congress which in
many respects is one of more direct responsibility than that of the
heads of other Departments. I t is declared by statutes which have
not been repealed that the Secretary of the Treasury " shall make re


SECRETARY OF THE TREASURY.

> 87
•

port, and give information to either branch of the legislature in person
or in writing, as may be required, respecting all matters referred to
him by the Senate or House of Eepresentatives, or which shall appertain to his office."
I t would perhaps be competent for the Congress to vest in a joint
committee the power of revising the appropriation bills, with a view
to distributing reductions and increases in an equitable manner and
with a view also to the relative importance of the objects for which
appropriations were sought. I t would seem that such a committee
on budget revision should be charged with the responsibility of keeping the expenditures of each year approximately within the revenue
of the year, or, if this could not be done without crippling branches
of the public service, that it should authorize the issue of a proper
amount of short-term obligations to bridge over the deficit of lean
years. By such a committee needless and wasteful expenditure might
be checked and the amounts saved diverted to more necessary or more
beneficial purposes.
Whatever may be found practicable in regard to the larger question
of control of the budget, something will be accomplished in promoting
scrutiny of expenditures by a proper classification of sources of revenue and objects of expenditure. I t is the intention of this Department to make modifications in the present form of Treasury
statements as soon as the merits of such changes can be carefully
weighed. The present form of daily statements is in several respects misleading. I t makes no separation between expenditures for
the ordinary service of the Government and those for permanent
public works, like river and harbor improvements, public buildings,
and the Panama Canal. I n many foreign budgets, expenditures for
permanent improvements are provided for by the issue of bonds, and
are stated in a separate account from expenditures for the maintenance of the ordinary service of the Govemment.
Putting our budget on this basis for the past fiscal year, for purposes of illustration, the account would stand as follows:
FISCAL YEAR ENDING JUNE 30,

1908.

Iflet ordinary receipts and disbursements.
Receipts
Disbursements

'

Surplus of receipts.
Extraordinary receipts and disbursements.
Receipts:
Sale of Panama bonds..
Sale of Treasury certificates
From premiums
Total




$601,126,118.53
570,477,838.81
30,648,279.72

$24,631,980.00
15,436, 500.00
735,788.67
40, 804,268.67

88

'

REPORT ON THE FINANCES.

Disbursements:
For Panama Canal
^
For public buildings under Treasury Department
For Reclamation Service
,
For rivers and harbors
For reduction of the public debt.:
Total

1 $38,093,425.29
9,341,364.55
11,126,042.02
30,157,649.01
34,356,750.00
123, 075, 230. 87

Whether or not all items which involve permanent capital improvements should be placed in a separate account may be open to question.
I t may be proper in some cases to charge them to current revenue;
but there can be no question that when bonds are actually sold by the
Government to meet the cost of an important public work, like the
Panama Canal, such expenditures should be placed in a separate account or the proceeds of the bonds sold should be included in the
receipts.
Under the present form of making up the daily Treasury statement
the proceeds of bonds sold are not counted in the receipts, but all the
money which is paid out for the purpose for which the bonds are
issued is included in expenditures; thus expenditures for the Panama
Canal and other public works appear mixed with expenditures for
maintenance of the public service. From this cause arose the large
apparent deficit for the last fiscal year, which was stated at
$58,070,201. Of total expenditures, however, the sum of $88,718,481
was expended on public works, including $38,000,000 on the Panama
Canal and $30,000,000 on rivers and harbors. Had these items been
carried to a separate account as extraordinary expenditures and their
cost met by the sale of bonds there would have been a surplus of current receipts amounting to over $30,000,000, as shown above.
There are other items, like payments of lawful money for the
redemption of bank notes, under the provisions of the act of July 14,
1890, which introduce confusion into the exhibit which the Treasury
balance sheet should make of the difference between current income
and expenditure for the maintenance of the public service.
I t is commended to the serious consideration of the Congress
whether a careful study should not be made of the entire subject of
the budget, with a view not to niggardly economies, but to applying
the money of the taxpayers in the most efficient and beneficial manner
to those objects of expenditure which are most desirable.
ECONOMIES I N

ADMINISTRATION.

There have been, under many administrations, excessive expenditures, due to one cause or another. The time may come when a session of the Congress will be given over largely to the consideration
of ways and means to reduce the operating expenses of the Government, and if it does come, and patriotic and discriminating judgment



SECRETARY OF THE TREASURY.

89

is brought to bear on the problem, we shall see a saving of many millions of dollars with no sacrifice of efficiency of administration. Few
domestic reforms would do so much to set the people an example of
good business and economical government.
REVISION OF T H E

TARIFF.

The new administration is pledged to a fair and equitable revision
of the tariff. The necessities of the Government should be a guide,
at least in part, to the measure and character of this revision. Data
recorded in this report tell their own story. If the deficiencies reach
anything like the figures given, ample pre vision must be made, if
necessary through new subjects of taxation, to provide adequate revenue. The earnest consideration of the Cc agress is especially urged
to this phase of the subject.
CURRENCY

LEGISLATION.

The Monetary Commission created by the Congress at its last session has presented to it a great opportunity for public service. The
scope of its authority is apparently equal to the wide range of subjects
that must be considered if the existing needs of our currency system
are to be adequately met. The necessity has long existed, and during
the past year has been especially apparent, for greater flexibility
in our circulating medium, for better apportionment of bank reserves,
for ampler and more scientifically adjusted redemption facilities,
and for the adoption of other elements which shall bring the system
closer to the people of the whole country. To soundness must be
added greater effectiveness. There should be no hostility between the
banker and his customers, and to assure this, heed must be paid to just
demands that are now made by the merchant, the farmer, and the
mechanic, by workers in all lines of activity outside of the business
of banking.
The increase in our population, the development of industry, both
national and international, present problems which can not be solved
by a blind adherence to all the details of a system which, though in
many ways well adapted to our requirements and of great service to
our people, as it has been, was yet primarily the outgrowth of the
exigencies of a time of civil strife. The changed conditions call for
modifications of the existing system, or for the ultimate establishment, if it can be safeguarded so as to keep it out of the domain of
politics on the one hand and the control of great moneyed interests
on the other, of a central institution of issue and reserve.
What is essentially a question of finance is embodied in the proposition to establish postal savings banks. If it is decided to establish
such a system, the conditions under which it is put in operation should
be made to harmonize fully with the general financial operations of
the Government.



90

REPORT ON THE FINANCES.

The recent currency measure has served a useful purpose and will
be available until the recommendations of the commission can be considered and acted upon. But we have had unfortunate experiences
in our past financial disturbances, and though their recurrence may at
this time appear to be a thing of the distant future, we should not be
satisfied with what is essentially a temporary measure, however satisfactory it may be as such.
^
With the likelihood of an early return of the more prosperous conditions which have obtained up to within the past twelvemonth,
encouraging renewed activity in all' fields of enterprise, we should be
still further fortified by wisely considered, comprehensive, and
thoroughgoing currency legislation, which shall not only meet the
normal needs of all sections of the country and all classes of our population, as well as facilitate our foreign exchanges, but which shall
promptly and adequately respond to those extraordinary de'mands
which manifest themselves at such seasons as the crop-moving
periods, and at the same time be effective in sudden crises, which no
financial system, however strong, can wholly avert.
GEO. B . CORTELYOU.

Secretary of the Treasury.
To

the

SPEAKER OF THE HOUSE OF REPRESENTATIVES.




TABLES ACCOMPANYING THE REPORT ON THE FINANCES.




91




TABLE A.—STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT OP THE UNITED STATES J U N E 30,
Length of
loan.
OLD DEBT.
For detailed information in regard to the earlier loans embraced under
this head, see Finance Report for 1876.
TREASURY NOTES P R I O R TO

When redeem- Rate of in- at Price
which
able.
terest.
sold.

On demand.

5 and 6 per
cent.

Amountissued,

Amount outstanding.

Indefinite .

$151,635.26

1846.

Acts of October 12,1837 (5 Statutes, 201); May 21, 1838 (5 Statutes, 228); 1 and 2 years 1 and 2 years xV of 1 to 6
per cent.
from date.
March 2,1839 (5 Statutes, 323); March 31, 1840 (5 Statutes, 370); February 15,1841(5 Statutes, 411); Januarv 31,1842 (5 Statutes, 469); August 31,1842 (5 Statutes, 581), and March 3, 1843 (5 Statutes, 614).
TREASURY NOTES OF 1846.
1 year from xV of 1 to 5g
Act of July 22, 1846 (9 Statutes, 39)
1 year
per cent.
date.
MEXICAN INDEMNITY.
5 years from 5 per cent.
Act of August 10, 1846 (9 Statutes, 94)
5. years
date.
TREASURY NOTES OF 1847.
Act of January 28, 1847 (9 Statutes, 118)
1 and 2 yeara 1 and 2 years 5 | and 6 per
cent.
from date.
TREASURY NOTES OF 1857.
1 year from 3 to 6 per
Act of December 23, 1857 (11 Statutes, 257)
:
1 year
cent.
date.
BOUNTY-LAND SCRIP. V
At the pleasAct of February 11, 1847 (9 Statutes, 125)
Indefinite ..
ure of the 6 per c e n t . . .
LOAN OF 1847.
Government.
Jan. 1,1868.-.. 6 p e r c e n t . . .
Act of January 28, 1847 (9 Statutes, 118)
'.
20 years
TEXAN INDEMNITY STOCK.
Act of September 9, 1850 (9 Statutes, 447)
14 years
J a n . l , 1865.... 5 per c e n t . . .
LOAN OF 1858.
Act of June 14,1858 (11 Statutes, 365)
15 years
J a n . l , 1874.... 5 p e r c e n t . . .
LOAN OF FEBRUARY, 1861 (1881s).
Act of February 8, 1861 (12 Statutes, 129)
10 or 20 years Dec. 31,1880... 6 p e r c e n t . . .
TREASURY NOTES QF 1861.
60 days or 2 60 days or 2 6 p e r c e n t . . .
Act of March 2, 1861 (12 Statutes, 178)
years after
years.
OREGON WAR DEBT.
date.
20 years
July 1,1881 . . . 6 p e r c e n t . . .
Act of March 2, 1861 (12 Statutes, 198)
b Including
a Included in old "debt."




Amount
authorized.

1908.

S51,000,000.00

$47,002,900.00

(a)

m
Q
Par.

10,000,000.00

7,687,800.00

Par.

320,000.00

303,573.92

(«)

23,000,000.00 &26,122,100.00

(«)

52,778,900.00

teJ
H

(«)

(«)
(«)

O
^j

Par.

H

Par.

Indefinite

Par.

Indefinite —

233,075.00

l i to 2
per ct.
pre.
Par

23,000,000.00

c 28,230,350.00

950.00

10,000,000.00

5,000,000.00

20,000.00

Av. pre.
of Sf^.

20.000,000.00

20,000,000.00

2,000.00

(Av.)89.0£

25,000,000.00

18,415,000.00

5,000.00

Par to Indefinite
35,364,450. oo"
l^tfeper
ct. pre.
Par
1,090,850.00
2,800,000.00
c Including conversion of Treasury notes.

teJ

>
d
Kl

2,300.00
2,250.00
CO

CO

TABLE A.—STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT, ETC.—Continued.
Length of
loan.

When redeemable.

Rate of interest.

Price
atwhich
sold.

After June 30,
1881.

6 per cent.

Par.

Amount
authorized.

Amountissued.

Amount outstanding.

LOAN OF JULY AND AUGUST, 1861.
The act of July 17, 1861 (12 Statutes, 259), authorized the issue of
$250,000,000 bonds, with interest at not exceeding 7 per centum per
annum, redeemable after twenty years. The act of August 5,1861
(12 Statutes, 316), authorized the issue of bonds, with interest at 6 per
centum per annum, payable after twenty years from date, in exchange for 7-30 notes issued under the act of July 17, 1861.

20 years.

LOAN OF JULY AND AUGUST, 1861.
Gontinued at 3^ per cent interest, and redeemable at the pleasure of the Indefinite . .
Government.
OLD DEMAND NOTES.
Acts of July 17, 1861 (12 Statutes, 259); August 5, 1861 (12 Statutes, 313); Indefinite . .
February 12,1862 (12 Statutes, 338).
SEVEN-THIRTIES OF 1861.
Actof July 17, 1861 (12 Statutes, 259)
3 3'ears
FIVE-TWENTIES OF 1862.
Acts of February 25, 1862 (12 Statutes, 345); March 3,1864 (13 Statutes, 5 or 20 years.
13), and January 28, 1865 (13 Statutes, 425).
LEGAL-TENDER NOTES.
•The act of February 25, 1862 (12 Statutes, 345), authorized the issue of Indefinite . .
$150,000,000 United States notes, not bearing interest, payable to
bearer at the Treasury of the United States, and of such denominations, not less than five dollars, as the Secretary of the Treasury
might deem expedient, $50,000,000 to be applied to the redemption
of demand notes authorized by the act of July 17,1861; these notes
to be a legal tender in payment of all debts, public and private,
within the United States, except duties on imports and interest on
the public debt, and to be exchangeable for 6 per cent United
States bonds. The act of July 11, 1862 (12 Statutes, 532), authorized
an additional issue of $150,000,000, of such denominations as the Secretary of the Treasury might deem expedient, but no such note
should be for a fractional part of a dollar, and not more t h a n
$35,000,000 of a lower denomination than five dollars; these notes to
be a legal tender as before authorized. The act of March 3, 1863
(12 Statutes, 710), authorized an additional issue of'$150,000,000, of
such denominations, not less than one dollar, as the Secretary of the
Treasury might prescribe; which notes were made a legal tender
as before authorized. The same act Limited the time in which the




$250,000,000.00 $189,321,350.00

$15,050.00

tei

At the pleas- 3i per cent.. P a r .
ure of the
Government.
Ondemand... None.

Par.

1,600.00

o
pi

60,000,000.00 a 60,030,000.00

53,282.50

Indefinite

139,999,750.00

9,400.00

515,000,000.00

514,771,600.00

O

108,250.00

H
Aug. 19 and
Oct. 1, 1864.

7j% per cent. Av. pre.

May 1,1867 . . . 6 per cent... Av. pre.

W
tei

of mkOndemand.

None

450,000,000.00

346,681,016.00

Q
tei
m

Treasury notes might be exchanged for United States bonds to July
1,1863. The amount of notes authorized by this act were to be in
lieu of $100,000,000 authorized by the resolution of January 17,1863
(12 Statutes, 822). The act of May 31, 1878 (20 Statutes, 87), provides
t h a t no more of the United States legal-tender notes shall be canceled or retired, and that when any of said notes are redeemed or
received into the Treasury under any law, from any source whatever, and shall belong to the United States, they shall notbe retired,
canceled, or destroyed, but shall be reissued and paid out again, and
kept in circulation.
T h e act of March 14, 1900, provides that United States notes, when
presented t o t h e Treasury for redemption, shall be redeemed in gold
coin of the standard fixed in said act, and that in order to secure
• the prompt and certain redemption of such notes it shall be the
duty of the Secretary of the Treasury to set apart in the Treasury a
reservefund of one hundred and fifty million dollars in gold coinand
bullion, to be used for such redemption purposes only, and that
whenever and as often as any of said notes shall be redeemed from
said fund it shall be the duty of the Secretary of the Treasury to
use said notes so redeemed to restore and maintain the reserve fund
so established—first, by exchanging the notes so redeemed for any
gold coin in the general fund of the Treasury; second, by accenting
deposits of gold coin at the Treasury or at any subtreasury ih exchange for such notes; third, by procuring gold coin by the use of
said notes in accordance with the provisions of section 3700 of the
Revised Statutes of the United States. The above-mentioned act
also provides that if the Secretary of the Treasury is unable to
restore and maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin and bullion in
said fund shall at any time fall below one hundred million dollars,
it shall be his duty to restore the same to the maximum sum of one
hundred and fifty million dollars by borrowing money on the credit
of the United States, and for the debt so incurred to issue and sell
coupon or registered bonds of the United States bearing interest at
the rate of not exceeding three per centum per annum, payable
quarterly, the bonds to be payable at the pleasure of the United
States after one year from the date of their issue, and to be payable,
principal and interest, in gold coin of thepresent standard value,
t h e gold coin received from the sale of said bonds to be exchanged
for an equal amount of the notes redeemed and held for exchange,
and the Secretary of the Treasury may, in his discretion, use said
notes in exchange for gold, or to purchase or redeem any bonds of
the United States, or for any other lawful purpose the public interests may require, except that they shall not be used to meet deficiencies in the current revenues.
*
T h e act of March 4. 1907, section 2, provides that whenever and so
long as the outstanding silver certificates of the denominations of
one dollar, two dollars, and five dollars, issued under the provisions
of section seven of an act entitled " A n act to define and fix the
standard of value, to maintain the parity of all forms of money
issued or coined by the United States, to ref und the public debt, and
ior other purposes," approved March fourteenth, nineteen hundred,




Ul
tei

o

i
>
O
•=1

H

w
tei

Ul

CD
a Including reissues.

OT

CD

TABLE A.—STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT, ETC.—Continued.
Length of
loan.

When redeemable.

Rate of in- at Price
vvhich
terest.
sold.

Amount
authorized.

Amountissued.

Amount outstanding.

LEGAL-TENDER NOTES-^ontinued.
shall be, in the opinion of the Secretary of the Treasury, insufficient
to meet the public demand therefor, he is hereby authorized to issue
United States notes of the denominations of one dollar, two dollars,
and fivedollars, and upon the issue of United States notes of such
denominations an equal amount of United States notes of higher
denominations shall be retired a n ^ canceled: Provided, however,
That the aggregate amount of United States not-s at any time outstanding shall remain as at present fixed by law: And provided
further, That nothing in this act shall be construed as affecting the
right of any national bank to issue one-third in amount of its circulating notes of the denomination of five dollars, as now provided by
law.
TEMPORARY LOAN.
Acts of February 25, 1862 (12 Statutes, 346);. March 17, 1862 (12 Statutes. 370); July 11, 1862 (12 Statutes, 532), and June 30, 1864 (13 Statutes, 218).

tei

o
O
Indefinite . . After 10 days'
notice.

4, 5, and 6
per cent.

$150,000,000.00 a$716,099.247.16

Par

$2,850.00

W

tei

CERTIFICATES OF INDEBTEDNESS.
Acts of March 1, 1862 (12 Statutes, 352); May 17, 1862 (12 Statutes, 370),
and March 3, 1863 (12 Statutes, 710).

lyear

1 year after
date.

561,753,241.65

3,000.00

o

,

FRACTIONAL CURRENCY.
Acts of July 17, 1862 (12 Statutes, 592); March 3, 1863 (12 Statutes, 711),
and June 30, 1864 (13 Statutes, 220).

No limit

6 per c e n t . . . Par

Indefinite . . On presentation.

None

Par

50,000,000.00 a368,720,079.51

6,862,814.28

75,000,000.00

3,100.00

LOAN OF 1863.
The act of March 3,1863(12 Statutes, 709), authorized a loan of $900,000,000, 17 years...'.. July 1, 1881... 6 per c e n t . . . Av. pre.
and the issue of bonds, with interest not exceeding 6 per centum per
of4xm.
annum, and redeemable in not less than ten nor more than forty
years, prin cipal and interest payable in coin. The act of June 30,1864
(13 Statutes, 219), repeals the above authority, except as to the
$75,000,000 of bonds alreadv advertised for.
Bonds of this loan continued at 3i per cent interest, and redeemable Indefinite . . At the pleas- 3i p e r c e n t . . Par
ure of the
at the pleasure of the Government.
Government.




75,000,000.00

100.00

Ul

ONE-YEAR NOTES OF 1863.
Act of March 3, 1863 (12 Statutes, 710)

lyear

1 year
date.

after 5per cent..

2 years

2 years after
date.

3 years

10 or 40 years

400,000,000.00

44,520,000.00

30,400.00

5 per cent.

400,000,000.00

166,480, ooo:00

26,850.00

3 years from
date.

6 per cent
compound.

400,000,000.00

266,595,440.00

159,710.00

Mar. 1, 1874.

5 per cent... Par to 7 200,000,000.00
perct.
prem.

196,118,300.00

18,850.00

5 or 20 years.

Nov. 1, 1869... 6 per cent... Av. pre. 400,000,000.00
of2^%

125,561,300.00

3 years

Aug. 15, 1867
June 15, 1868 7^^ per cent. Av. pre. 800,000,000.00 a829, 992,500.00
of2x^§^.
July 15, 1868

Par.

TWO-YEAR NOTES OF 1863.
M Act of March 3, 1863 (12 Statutes, 710)

r

COMPOUND-INTEREST NOTES.

^ Acts of March 3, 1863 (12 Statutes, 710), and June 30, 1864 (13 Statutes,
M 218).
CD

TEN-FORTIES OF 1864.
Act of March 3, 1864 (13 Statutes, 13)
FIVE-TWENTIES OF 1864.
Act of June 30, 1864 (13 Statutes, 218)
SEVEN-THIRTIES OF 1864 AND 1865.
Acts of June 30, 1864 (13 Statutes, 218); January 28, 1865 (13 Statutes,
426), and March 3, 1865 (13 Statutes, 468).

^
hrj

14,000.00

O
tei
f

>.
to
K^

121,050.00

^

19,850.00

'-^'

FIVE-TWENTIES OF 1865.
Acts of March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or 20 years- Nov. 1, 1870... 6 percent... Av. pre. Indefinite

203,327,250.00

Oi OTnon

to'
tei

CONSOLS OF 1865.
Actsof March3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5or 20 years. July 1, 1870... 6 p e r c e n t . . . Av. pre. Indefinite

332,998,950. 00

60,000.00

Actsof March 3,1865(13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or 20 years. July 1, 1872... 6 p e r c e n t . . . Av. pre. Indefinite
of rv-hCONSOLS OF 1868.

379,618,000.00

95,200.00

Actsof March 3,1865 (13 Statutes, 468), and April 12,1866 (UStatutes, 31).. 5 or 20 years. July 1, 1873... 6 per cent... Av. pre. Indefinite
. of TMV.
THREE-PER-CENT CERTIFICATES.

^>
^

42,5:39,930.00

of ITIMJ.

CONSOLS OF 1867.

Actsof March 2,1867 (14 Statutes, 558), and July 25,1868 (15 Statutes,183).. Indefinite..! Ondemand...! 3 per cent.
a Including reissues.




Par.

75,000,000.00 I cx85,155,000.00

5,000.00
CO

CD
OO

TABLE A.—STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT, ETC.—Continued.
Length of
loan.

When redeemable.

Rate of interest.

Price
at which
sold.

Amount
authorized.

Amountissued.

Amount outstanding.

FUNDED LOAN OF 1881.
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell,.dispose of, at
not less than par, in coin, either of the description of bonds of the
United States described in the act of July 14, 1870 (16 Statutes, 272),
to the extent necessary for the redemption oi fractional currency in
silver coins of the denominations of ten, twenty-five, and fifty cents
of standard value.
The act of March 3, 1875 (18 Statutes, 466), directs the Secretary of the
Treasury to issue bonds of the character aud description set out in
the act of July 14, 1870 (16 Statutes, 272), to James B. Eads, or his
legal representatives, in pajnnent at par of the warrants of the Secretary of War for the construction of jetties and auxiliary works to
maintain a wide and deep channel between the South Pass of the
Mississippi River and the Gulf of Mexico, unless Congress shall have
previously provided for the payment of the same by the necessary
appropriation of money.
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
$200,000,000 at 5 per centum, principal and interest payable in coin
of the present standard value, at the pleasure of the United States
Government, after ten years; these bonds to be exempt from the
payment of all taxes or duties oi the United States, as well as from
taxation in any form byor under State, municipal, or local authority.
Bonds and coupons payable at the Treasury of the United States.
This act not to authorize an increase of the bonded debt of the
United States. Bonds to be sold at not less than par in coin, and
the proceeds to be applied to the redemption of outstanding 5-20's
or to be exchanged for said 5-20's, par for par. Payment of these
bonds, when due, to be made in order of dates and numbers, beginning with each class last dated and numbered. Interest to cease at
the end of three months from notice of intention to redeem. The act
of January 20, 1871 (16 Statutes, 399), increases the amount of 5 per
cents to $500,000,000, provided the total amount of bonds issued shall
not exceed the amount originally authorized, and authorizes the
interest on any of these bonds to be paid quarterly.
T h e act of December 17, 1873 (18 Statutes, 1), authorized the issue of
an equal amount of bonds of the loan of 1858, which the holders
thereof may, on or before February 1,1874, elect to exchange for the
bonds of this loan.




tei
hj

o

O

May 1, 1881.

5 per cent..

Par.

$517,994,150.00

$27,650.00

f
f.
tei

o
tei
Ul

$1,500,000,000

FUNDED LOAN OF 1891. (REFUNDING.)
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
$300,000,000 at 4^ per centum, payable in coin of the present standard value, at the pleasure of the United States Government, after
fifteen years; these bonds to be exempt from the payment of all
taxes or duties of the United States, as well as from taxation in any
form by or under State, municipal, or local authority. Bonds and
. coupons payable at the Treasury of the United States. This act not
to authorize an increase of the bonded debt of the United States.
Bonds to be sold at not less than par in coin, and the proceeds to be
applied to the redemption of outstanding 5-20's or to'be exchanged
for said 5-20's, par for par. Payment of these bonds, when due, to
be made in order of dates and numbers, beginning with each class
last dated and numbered. Interest to cease at the end of three
months from notice of intention to redeem.

15 years.

Sept. 1,1891..

4i per eent.

Par.

185,000,000.00

24,500.00
Ul

tei
Q

FUNDED LOAN OF 1891. (RESUMPTION.)

&d

T h e a c t o f January 14, 1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of,
at not less than par in coin, either of the descriptions of bonds of the
United States described in the act of July 14, 1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1, 1879, in coin,
at the office of the assistant treasurer of the United States in New
York, the outstandiug United States legal-tender notes when presented in sums of not less, than fifty dollars.

Sept. 1,1891..

4i per cent.. P a r t o
l i per
ct.pre.

Indefinite .

tei

65,000,000.00

>
K|

tei
H

FUNDED LOAN OF 1907. ^ (REFUNDING.)
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
$1,000,000,000 at 4 per centum, payable in coin of the present standard
value, at the pleasure of the IJnited States Government, after thirty
years; these bonds to be exempt from the payment of all taxes or
duties of the United States, as well as from taxation in any form by
or under State, municipal, or local authority. Bonds and coupons
payable at tbe Treasury of the UnitedStates. This act not to authorize an increase of the bonded debt of the United States. Bonds
to be sold at not less than par in coin, and the proceeds to be applied
to the redemption of outstanding 5-20's, or to be exchanged for said
5-20's, par for par., Payment of these bonds, when due, to be made in
order of dates and numbers, beginning with each class last dated and
numbered. Interest to cease at the end of three months from notice
of intention to redeem. See Refunding Certificates, page 101.

July 1,1907 . . . 4per c e n t . . . P a r t o
i per
ct. pre.

710,430,950.00

tei

>
Ul

Kl

3,065,550.00

FUNDED LOAN OF 1907. (RESUMPTION.)
The act of January 14, 1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time t o t i m e i n t h e
Treasury not otherwise appropriated, pnd to issue, sell, dispose of,




30 years.

July 1,1907 .

4 per cent ..

J Indefinite .

30,500,000.00
CD
CD

TABLE A.—STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT, ETC.—Continued.
Length of
loan.

When redeem- Rate of interest.
able.

Price
at which
sold.

Amount
authorized.

o
o

Amount outAmount issued.
standing.

FUNDED LOAN OF 1907 (RESUMPTION)—Continued.
at not less than par, in coin, either of the description of bonds of
the United States described in the actof July 14, 1870 (16 Statutes,
272), for the purpose of redeeming, on and after January 1, 1879, in
^ coin, at the office of the assistant treasurer of the United States in
New York, the outstanding United States legal-tender notes when
presented in sums of not less than fifty dollars.
GOLD CERTIFICATES.
The act of March 3,1863 (12 Statutes, 711), authorizes the Secretary of Indefinite .
the Treasury to receive deposits of gold coin and bullion in sums of
not less than twenty dollars, and to issue certificates therefor in
denominations of not less than twenty dollars each; t h e coin and
bullion deposited for or representing t h e certificates to be retained
in the Treasury for the payment of the same on demand. The certificates so issued to be received at par in payment of interest on the
public debt and for duties on imports. The act of July 12, 1882 (22
Statutes, 165), provides that the Secretary of the Treasury shall suspend the issue of gold certificates whenever the amount of gold
coin and gold bullion in t h e Treasury reserved for the redemption of
United States notes falls below one hundred millions of dollar^.
The act of March 14, 1900, as amended by the act of March 4, 1907,
authorizes and directs the Secretary of the Treasury to receive deposits of gold coin with the Treasurer or any assistant treasurer
of the United States, in sums of not less than twenty dollars, and
to issue gold certificates therefor in denominations of not less
than ten dollars, and the coin so deposited shall be retained in the
Treasury and held for the payment of such certificates on demand, and used for no other purpose; such certificates to be received for customs, taxes, and all public dues, and when so received
may be reissued, and when held by any national banking association may be counted as a part of its lawful reserve. The act also
provides that whenever and so long as the gold coin held in the
reserve fund in the Treasury for the redemption of United States
notes and Treasury notesshall jfall and remain below one hundred
million dollars, the authority to issue certificates as herein provided
shall be suspended; and also, that whenever and so long as the aggregate amount of United States notes and silver certificates in the
general fund of the Treasury shall exceed sixty million dollars, the
Secretary of the Treasury may, in his discretion, suspend the issue
of the certificates herein provided for; and further, that the Secretary of the Treasury may, in his discretion, issue such certificates in
denominations of ten thousand dollars, payable to order.




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None .

Indefinite .

$819,783,869.00

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SILVER CERTIFICATES.
The act of February 28, 1878 (20 Statutes, 26, sec. 3), provides that any Indefinite .. O n d e m a n d . . . None
holder of the coin authorized by this act may deposit the same with
t h e Treasurer or any assistant treasurer of the United States in sums
not less than ten dollars and receive therefor certificates of not less
than ten dollars each, corresponding with the denominations of the
United Statesnotes. The coin deposited for or representing the certificates shall be retained in the Treasury for the payment of the
same ou demand. Said certificates shall be receivable for customs,
taxes, and all public dues, and, when so received, may be reissued.
The actof August 4, 1886 (24 Statutes, 227), authorizes the issue of
silver certificates in denominations of one, two, and five dollars; said
certificates to be receivable, redeemable, and payable in like manner and for like purposes asis provided for by the actof February 28,
1878.
The act of March 14, 1900, provides that it shall be the duty of the
Secretary of the Treasury, as fast as silver dollars are coined under
the provisions of the acts of July 14, 1890, and June 13, 1898, from
bullion purchased under the act of July 14,1890, to retire and cancel an equal amount of Treasury notes whenever received into the
Treasury, and upon the cancellation of Treasury notes, silver certificates shall be issued against the silver dollars so coined. The
act also provides that silver certificates shall be issued only of
denominations of ten dollars and under, except that not exceeding
in the aggregate ten per centum of the total volume of said certificates, in the discretion of the Secretary of the Treasury, may be
issued in denominations of twenty dollars, fifty dollars, and one
hundred dollars; and silver certificates of higher denomination
than ten dollars, except as therein provided, shall, whenever received at the Treasury or redeemed, be retired and canceled, and
certificates of denominations of ten dollars or less shall be substituted therefor, and after such substitution, in whole or in part, a
like volume of ITnited States notes of less denomination than ten
dolla.rs shall from time to time be retired and canceled, and notes
of denominations of ten dollars and upward shall be reissued in
substitution therefor, with like qualities and restrictions as those
retired and canceled.

I Par .

474,360,000.00

No limit.

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REFUNDING CERTIFICATES.
The act of February 26,1879 (20 Statutes, 321), authorizes the Secretary
of the Treasury to issue, in exchange for lawful money of the United
States, certificates of deposit of the denomination of ten dollars,
bearing interest at the rate of four per centum per annum, and convertible at any time, m t h accrued interest, into the four per centum
bonds described in the refunding act, the money so received to be
applied only to the payment of the bonds bearing interest at a rate
not less than five per centum, in the mode prescribed by. said act.




Indefinite .

Convertible
into 4 per
cent bonds.

4 per cent..,. P a r .

No limit.

$40,012, 750.00

18,270.00

TABLE A.—STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT, ETC.—Continued.
Length of
loan.

When redeem- Rate of in- at Price
which
terest.
able.
sold.
c

Amount
authorized.

o

Amount issued. Amount outstanding.

FUNDED LOAN OF 1881, CONTINUED AT THREE AND ONEHALF PER CENT.
These bonds were issued in exchange for five per cent bonds of the
funded loan of 1881, by mutual agreement between the Secretary of
the Treasury and the holders, and were made redeemable at the
pleasure of the Government.

Indefinite . . At pleasure of
the Government.

Indefinite . . At pleasure of
the Government.

$50.00

3^ per cent.. Par

2 per c e n t . . . Par

FUNDED LOAN OF 1891, CONTINUED AT TWO PER CENT.
These bonds were issued in exchange for the four and one-half per
cent funded loan of 1891, by mutual agreement between the Secretary of the Treasury and the holders, and were made redeemable at
the pleasure of the Government. -

$25,364,500.00

32,000.00

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fel

LOAN OF JULY 12, 1882.
These bonds were issued in exchange for the five and six per cent
bonds which had been previously continued at three and one-half
per cent by mutual agreement between the Secretary of the Treasury and the holders, and were made redeemable at the pleasure of
the Government.
LOAN OF 1904.
The act of January 14, 1875 (18 Statutes, 296), authorizes t h e Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell,_dispose of at
not less than par, in coin, either of the descriptions of bonds of the
United States described in the act of July 14, 1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1, 1879, in coin,
at the office of the assistant treasurer of the United States in New
York, the outstanding United States legal-tender notes when presented in sums of not less than fifty dollars.
LOAN OF 1925.
T h e a c t of January 14, 1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasurj'" not otherwise appropriated, and to issue, sell, dispose of at
not less than par, in coin, either of the descriptions of bonds of the
United States described in the act of July 14, 1870 (16 Statutes, 272),
"for the purpose of redeeming, on and after January 1, 1879, in coin,
at the office of the assistant treasurer of the United States in New
York, the outstanding United States legal-tender notes, when presented in sums of not less than fifty dollars.




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Indefinite . . At pleasure of
the Government.

3per c e n t . . . P a r . . . . . .

10 years

ril7. 223
5 p e r c e n t . . . U17.077

200.00

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:

fel
100,000,000.00

72,600.00

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Feb. 1, 1904 . . .

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ri04.4946
4 p e r c e n t . . . till.166

30 j^ears

Feb.1,1925....

1
J

162,315,400.00

118,489,900.00

LOAN OF 1908-1918.
The act of June 13, 1898 (30 Statutes, 467, sec. 33), authorizes the Secretary of the Treasury to borrow on the credit of the United States,
from time to time, as the proceeds may be required, to defray expenditures authorized on account of the war with Spain (such proceeds when received to be used only for the purpose of meeting
such expenditures), the sum of four hundred million dollars, or so
much thereof as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as
he may prescribe, and in denominations of twenty dollars or some
multiple of that sum, redeemable in coin at the pleasure of the
United States after ten years from the date of their issue, and payable twenty years from such date, and bearing interest payable quarterly, in coin, at the rate of three per centum per annum; the bonds
so issued to be exempt from all taxes or duties of the United States,
as well as from taxation in any form by or under State, municipal,
or local authority.

10 years ,

After Aug. 1,
1908.

3 percent...

$400,000,000.00

198,792,660.00

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CONSOLS OF 1930.
The act of March 14, 1900, section 11, authorizes the Secretary of the
Treasury to receive at the Treasury any of the outstanding bonds oJ"
the United States of the five per cent loan of 1904, of the four per cent
funded loan of 1907, and of the three per cent loan of 1908-1918, and
to issue in exchange therefor an equal amountof coupon or registered
bonds of the United States, in such form as he may prescribe, in denominations of fifty dollars, or any multiple thereof, bearing interest
at the rate of two per centum per annum, payable quarterly, such
bonds to be payable at the pleasure of the United States after thirty
years from the date of their issue. The principal and interest of
said bonds to be payable in gold coin of the present standard value,
and to be exempt from the payment of all taxes or duties of the
United States, as well as from taxation in any form by.or under State,
municipal, or local authority. The bonds to be issued at not less
than par and numbered consecutively in the order of their issue;
and when pajnnent is made the last numbers issued shall be first
paid, and this order followed until all the bonds are paid. Interest
to cease three months after any call made by the Government to
redeem.

63,945,460.00

) years

After Apr. 1,
1930.

2 per cent..

839,146,340.00

542,909,950.00

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646,250,150.00
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TREASURY NOTES OF 1890.
The act of July 14, 1890 (26 Statutes, 289), directs the Secretary of the
Treasury to purchase, from time to time, silver bullion to the aggregate amount of four million five hundred thousand ounces, or so
much thereof as m a y b e offered, in each month, at the market price
thereof, npt exceeding one dollar for three hundred and seventy-one
and twenty-five hundredths grains of pure silver, and to issue in payment for such purchases of silver bullion Treasury notes of the United
States, to be prepared b y t h e Secretary of the Treasury, in such form
and of such denominations, not less than one dollar nor more than




4,982,000.00

O
00

TABLE A.—STATEMENT

OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT, ETC.—Continued.
Length of
loan.

When redeemable.

Rate of interest.

Price
at which
sold.

Amount
authorized.

Amount issued.

o
Amount outstanding. 0

TREASURY NOTES OF 1890—Continued.
one thousand dollars, as he may prescribe. That said notes shall be
redeemable on demand, in coin, at the Treasury of the United States,
. or at the office of any assistant treasurer of the United States, and
Avhen so redeemed may be reissued; but no greater or less amount of
such notes shall be outstanding at any time than the cost of the silver bullion and t h e standard silver dollars coined therefrom then
held in the Treasury, purchased by such notes; and such Treasury
notes shall be a legal tender in paymentof all debts, public and private, except where otherwise* expressly stipulated in the contract,
and shall be receivable for customs, taxes, and all public dues, and
when so received may be reissued; and such notes, when held by any
national banking association, may be counted as a part of its lawful
reserve. That upon demand of the holder of any of theTreasury
notes provided for, the Secretary of the Treasury shall redeem the
same in gold or silver coin, at his discretion, it being the established
policy of the United States to maintain the two metals on a parity
with each other upon the present legal ratio, or such ratio as may be
provided by law.
The act of November 1, 1893 (28 Stat., 4), repeals .so much of the act of
July 14, 1890, as directs the Secretary of the Treasury to purchase
from time to time silver bullion to the aggregate amount of four
million five hundred thousand ounces, or so much thereof as may
be off'ered in each month, at the market price thereof, and to issue
in payment for such purchases Treasury notes of the United States.
The act of June 13, 1898 (30 Stat., 467), directs t h a t all of the silver
bullion in the Treasury purchased in accordance with the provisions of the act of July 14, 1890, shall be coined into standard silver
dollars as rapidly as the public interests may require, to an amount
of not less than one and one-half millions of dollars in each month,
and that said dollars, when so coined, shall be used and applied in
the manner and for the purposes named in said act. Tbe act of
March 14, 1900, provides that United States notes, and Treasury
notes issued under the act of July 14, 1890, Avhen presented to the
Treasury for redemption, shall be redeemed in gold coin of the
standard fixed by said act, and requires that the Secretary of the
Treasury shall set apart in the Treasury a reserve fund of one hundred and fifty million dollars to be used for such redemption purposes only. It also provides that it shall be the duty of the Secretary of the Treasury, as fast as silver dollars are coined under the




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provisions of the acts of July 14,1890, and June 13, 1898, from bullion
purchased under the act of July 14, 1890, to retire and cancel an
equal amount of Treasury notes whenever received into the Treasury, and upon such cancellation to issue silver certificates against
the silver dollars so coined.
PANAMA CANAL LOAN.
The act of June 28,1902 (32 Stat., 484, sec. 8), provides t h a t t h e Secretary
of the Treasury is hereby authorized to borrow on the credit of the
United States from time to time as the proceeds may be required to
defray expenditures authorized by this act (such proceeds when received to be used only for the purpose of meeting such expenditures),
the sum of one hundred and thirty million dollars, or so much thereof
as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as he may prescribe,
and in denominations of twenty dollars or some multiple of that sum.
redeemable in gold coin at the pleasure'of the United States after ten
years from the date of their issue, and payable thirty years from such,
da^e, and bearing interest payable quarterly in gold coin at the rate
of two per centum per annum; and the bonds herein authorized shall
be exempt from all taxes or duties of the United States, as well as from
taxation in any form by or understate, municipal, or local authority:
Provided; That said boads may be disposed of by the Secretary of the
Treasury at not less than par, under such regulations as he may pre.scribe,.gi ving to all citizens of the United States an equal opportunity
to subscribe therefor, but no commissions shall be allowed or paid
thereon; and a sum not exceeding one-tenth of one per centum of
the amount of. the bonds herein authorized is hereby appropriated,
put of any money in the Treasury not otherwise appropriated, to pay
^ the expense of preparing, advertising, and issuing the same; and the
, act of December 21,1905 (34 Stat., 5, sec. 1), provides t h a t t h e two per
cent bonds of the United States authorized by section eight of the act
entitled " A n act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans," approved June
twenty-eighth, nineteen hundred and two, shall have all the rights
and privileges accorded by law to other two per cent bonds of the
United States, and every national banking association having on
deposit, as provided by law, such bonds issued under the provisions
of said section eight of said act approved June twenty-eighth, nineteen hundred and two, to secure its circulating notes, shall pay to
the Treasurer of the United States, in the months of January and
July, a tax of one-fourth of one per cent each half year upon the average amount of such of its notes in circulation as are based upon the
deposit of said two per cent bonds; and such taxes shall be in lieu
of existing taxes on its notes in circulation imposed by section fiftytwo hundred and fourteen of the Revised Statutes.




10 years.

After Aug. 1,
1916.

2 percent.

$104.0364 $130,000,000.00

$54,631,980.00

$54,631,980.00

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TABLE A.—STATEMENT OF THE OUTSTANDING PRINCIPAL OP THE PUBLIC DEBT, ETC.—Continued.
Length of
loan.

When redeemable.

Amount
Rate of in- at Price i
which authorized.
terest.
sold.

Amountissued.

o
Amount outstanding.

CERTIFICATES OF INDEBTEDNESS.
The act of June 13, 1908 (30 Stat., 466, sec. 32), authorizes the Secretary
of the Treasury to borrow from time to time, at a rate of interest not
exceeding three per centum per annum, such sum or sums as, in his
judgment, may be necessary to meet public expenditures, and to
issue therefor certificates of indebtedness in such form as he may
prescribe and in denominations of fifty dollars or some multiple of
that sum;, and each certificate so issued shall be payable, with the
interest accrued thereon, at such time, not exceeding one year from
the date of its issue, as the Secretary of the Treasury may prescribe.

lyear.

Nov. 20,1908 . - 3 per cent.

Par

$100.000,000.00

$15,436,500.00

$14,186,500.00

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NATIONAL-BANK NOTES (REDEMPTION ACCOUNT).
The act of July 14, 1890 (26 Stat., 289), provides that balances standing with the Treasurer of the United States to the respective credits
of national banks for deposits made to redeem the circulating notes
of such banks, and all deposits thereafter received for like purpose,
shall be covered into the Treasury as a miscellaneous receipt, and
the Treasurer of the United States shall redeem from the general
cash in t h e Treasiu-y the circulating notes of said banks which may
come into his possession subject to redemption, * * * and the
balance remaining of the deposits so covered shall, at the close of
each month, be reported on the monthly public debt statement as
debt of the United States bearing no interest.




72,459,284.50

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2,626,806,271.54

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SECEETAEY OF T H E TREASUEY.

107

TABLE B.—STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT OF
THE UNITED STATES ON THE 1ST OF JANUARY OF EACH Y E A R FROM 1791 TO
1843, INCLUSIVE, AND ON THE 1ST OF JULY OF EACH Y E A R FROM 1843 TO 1908,
INCLUSIVE.

Year.
Jan. 1,1791
1792 .
1793
1794 .
1795
1796 .
1797
1798
1799
1800
1801 .
1802
1803
1804
1805 .
1806
1807
1808 . ......
1809
1810 .
1811
1812
1813 .
1814
1815
1816 .
1817
1818 . . . .
1819
1820
1821
1822 .
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835 ....
1836
1837
1838
1839
1840
1841
* 1842
1843

Amount.

"...
:

'

*
, .

Year.

$75,463,476.52 July 1,1843
1844
77,227,924.66
80,358,634.04
1845...
' 78,427,404.77
1846
1847
80,747,587.39
1848
83,762,172.07
1849
82,064,479.33
1850
79,228,529.12
1851
78,408,669.77
1852
82,976,294.35
]853
83,038,050.80
1854
80,712,632.25
1855
77,054,686.40
185G
86,427,120.88
1857
82,312,150. 50
1858
75,723,270.66
1859
69,218,398.64
I860
65,196,317.97
1861
57,023,192.09
1862
53,173,217.52 1
1863
48,005,587.76
1864
45,209,737. 90 1
55,962,827.57
1865
81,487,846.24
1866
1867
99,833,660.15
1868
127,334,933. 74
1869
123,491,965.16
1870
103,466,633.83
1871
95,529,648.28 1
1872
91,015,566.15 1
1873
89,987,427.66
1874
93,546,676.98
1875
90,875,877.28
1876
90,269,777.77 i
1877
83,788,432.71
1878
81,054.059.99
1879
73,987; 357.20
1880
67,475,043.87
1881.
58,421,413.67
1882
48,565,406.50
1883
39,123,191. 68
1884
24,322,235.18
1885
7,001,698.83
1886
4,760,082.08
1887
33,733.05
1888
37,513.05
1889
336,957.83
1890
3,308,124.07
1891
10,434,221.14
1892
3,573,343.82
1893
5,250, 875.54
1894
13,594,480.73
3895
20,201,226.27 1
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

Amount.
$32,742,922.00
23,461,652.50
15,925,303.01
...
.15,550,202.97
38,826, 534.77
47,044,862.23
63,061,858.69
63,452,773.55
68,304,796.02
66,199,341.71
59,803,117.70
42,242,222.42
35,586,956.56
31,972,537.90
28,699,831.85
44,911,881. 03
58,496,837.88
64,842,287.88
90,580,873.72
....
524,176,412.13
1,119,772 138.63
1,815,784,370.57
2,680,647,869.74
2,773,236,173.69
2,678,126,103.87
2,611,687,851.19
2,588,452,213.94
2,480,672,427.81
2,353,211,332.32
2,253,251,328.78
a 2,234,482,993.20
a2,251,690,468.43
a2,232,284,531.95
a2,180,395,067.15
a2,205,301,392.10
a2,256,205,892.53
a 2,349,567,482.04
a2,120,415,370.63
a2,069,013,569.58
al, 918,312,994.03
"1,884,171,728.07
a 1,830, 528,923.57
& 1,876,424,275.14
fa, 756,445,205.78
i'l, 688,229,591. 63
' > , 705, 992,320.58
-1
b 1,640,673,340.23
? 1,585,821,048.73
>
M , 560,472,784.61
?a, 628,840,151.63
? 1,598, 111, 156.13
>
b l 668,757.127.68
& 1,698 676,661.26
f'1,778,434,491.40
& 1,811,435 708.90
f 1,798, 066,921.90
>
& 1,984, 766,107.92
& 2;101,445,225.67
f 2,094, 481,966.89
>
6-2,111,654,973.89
c 2,162, 639,009.89
c2,226,571,647.14
c2,235,503,599.84
0 2 289 919 134.04
c2,376,502,498.54
c 2,586,704,772.54

a I n the aniount here stated as the outstanding principal of the public debt are included the certificates of deposit outstanding on the 30th of June, issued under act of June 8, 1872, for which a like
amount in United States notes was on special deposit in the Treasury for their redemption and added
to the cash balance in the Treasury. These certificates, as a matter of accounts, are treated as a part
of the public debt, but being offset by notes held on deposit for their redemption, should properly be
deducted from the principal of the public debt in making comparison with former years.
& Exclusive of gold, silver, currency certificates, and Treasury notes of 1890 held in the Treasurer's
cash, and including outstanding bonds issued t o t h e several Pacific railroads.
c Exclusive of gold and silver certificates and Treasury notes of 1890 held in the Treasurer's cash.




TABLE C.—ANALYSIS OF THE PRINCIPAL OF THE PUBLIC DEBT OF. THE U N I T E D STATES FROM JULY 1, 1856,

TO J U L Y 1,

1908.

o

00
Year.
1856—Julyl
1857
1858
1859.
..
1860
1861
1862
1863
1864
1865.
1865—August 31
1866—Julyl
1867
1868
1869..
1870
1871
1872
1873
1874.
1875
1876
1877
1878
1879
1880
1881.
1882
1883..
1884
1885... .
1886
1887
1888
1889
1890
1891
1892.
1893
1894

2 percents.

3 percents.

3^ p e r c e n t s .

4 percents.

4^ p e r c e n t s .

1
'
i
•
.

1 .

1
,
1
1

...




$57,926,116.57
105,629,385.30
77,547,696.07
90,496,930.74
618,127.98
121,341,879.62
17,737,025.68
801,361.23

$64,000,000.00
66.125, 000.00
59,550,000.00
45,885, 000. 00
24,665,000. 00
14,000, 000. 00
14,000,000. 00
14,000,000.00
14,000, 000.00
14,000, 000. 00
14,000, 000.00
14, 000, 000.00
14,000,000.00
14,000, 000.00
14, 000,000.00
318,204,350.00
238,612,150.00
208,190,500.00
158,046, 600.00
33,716,500. 00
14,000,000.00
14,000,000.00
14,000,000. 00

678,000.00
678,000.00
678,000.00
678,000.00
678,000.00

$460,461,050.00
32,082,600.00

98,850,000.00
741,522,000.00
739,347,800.00
739,347,800.00
739,349,350.00
737,942,200.00
737,951,700.00
737,960,450.00
737,967,500.00
737,975,850.00
714,315,450.00
676,214,990.00
602,297,360.00
559,659,920.00
559,664,830.00
559,672,600.00
559,677,390.00

$140,000,000.00
240,000,000.00
250,000,000.00
250,000,000.00
250,000,000. 00
250,000,000.00
250,000,000.00
250,000,000. 00
250,000,000. 00
250,000,000.00
250,000,000.00
222,207,050. 00
139,639,000.00
109,015,750. 00
50,869, 200.00
a 25,364,500.00
a 25,364,500. OOtt 25,364,500.00

5 percents.

6 percent,s.

$3,632,000.00
3,489,000.00
23,538,000.00
37,127,800.00
43,476,300.00
33,022,200.00
30,483,000.00
30,483,000.00
300,213,480.00
245,709,420.63
269,175,727.65
201,982,665.01
198,533,435.01
221,586,185.01
221,588,300.00
221,588,300.00
274,236,450.00
414,567,300.00
414,567,300.00
510,628,050.00
607,132,750.00
711, 685,800.00
703,266, 650.00
703,266,650.00
508,440,350.00
484,864,900.00
439,841, 350.00

. $28,130,761.77
24,971,958.93
21,162,838.11
21,162,938.11
21,164,538.11
57,358,673.95
154,313,225.01
431,444,813.83
842,882,652.09
1,213,495,169.90
1,281,736,439.33
1,195,546,041.02
1,543,452,080.02
1,878,303,984.50
1,874,347,222.39
1,765,317,422.39
1,613,897,300.00
1,374,883,800.00
1,281,238,650.00
1,213,624,700.00
1,100,865,550.00
984,999,650.00
854,621,850.00
738,619,000. 00
283,681,350.00
235,780,400.00
196,378,600.00

56,666,666.66

7 ^ percents.

$122,582,485.34
139,974,435.34
139,286,935.34
671,610,397.02
830,000,000.00
813,460,621.95
488,344,846. 95
37,397,196.95

Total interestbearing debt.
$31,762,761.77
28,460,958.93
44,700,838.11
58,290,738.11
64,640,838.11
90,380,873.95
365,304,826.92
707,531,634.47
1,359,930,763.50
2,221,311,918.29
2,381,530,294.96
2,33-2,331,207.60
2,248,067,387.66
2,202,088,727.69
2,162,060,522.39
2,046,455,722.39
1,934,696,750.00
1,814,794,100.00
1,710,483,950.00
1,738,980,750.00
1,722,-676,300.00
1,710,685,450.00
1,711,888,500.00
1,794,735,650.00
1,797, 643,700.00
1,723,993,100.00
1,639,567,75a. 00
1,463,810,400.00
1,338,229,150.00
1,226,563,850.00
1,196,150,950.00
1,146,014,100.00
1,021,692,350.00
950,522,500.00
829,853,990.00
725,313,110.00
610,529,120.00
585 029,330.00
585,037,100.00
635,041,890.00

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1895.
1896.
1897.
1898.
1899.
19001901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.

$307,125, 350.00
445.940, 750.00
445,940, 750.00
520,143, 150.00
542,909, 950.00
542,909, 950.00
595,942, 350.00
676,250, 150.00
700,882, 130.00




198,678, 720.00
128,843; 240.00
99, 62i;420.00
97,515; 660.00
83,107, 060.00
77,135; 360.00
77,135, 360.00
63,945; 460.00
63,945; 460.00
78,131, 960.00

837,560.00
999,390.00
000,630.00
002,970.00
005,530.00
879,220.00
724,770.00
203,580.00
906,150.00
112,130.00
113,030.00
271,330.00
638,670.00
489,900.00

a 25,364,500.00
a 25,364,500.0()
a 25,364,500.00
a 25,364,500.00
a 25,364,500.00
a 21,979,850.00

100,000,000.00
100,000 000.00
100,000,000.00
100,000, 000.00
100,000, 000.00
47,651, 200.00
21,854, 100.00
19,410, 350.00
19,385, 050.00

-!

716, 202,060.00
847, 363,890.00
847, 365,130.00
847, 367,470.00
1,046,048,750.00
1,023,478,860.00
987, 141,040.00
931, 070,340.00
914, 541,410.00
895, 157,440.00
895, 158,340.00
895, 159,140.00
894,834,280.00
897, 503,990.00
Ul

a Continued at 2 per cent.

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TABLE C . — A N ALYSI

Year.

1856—July 1....
1857
1858
1859
1860
1861
1802...
1863
1864
1865
1865—August 31
1866—July 1
1867
1868
1869
1870
1871
1872
1873
1874
IS75
1876
1877
1878
1879...
1880
1881
1882
1883
1SS4
1885
1886
•1887
1888
1889
1890
1891
1892
1893




OF THE PRINCIPAL OF THE PUBLIC D E B T OP THE U N I T E D STATES, E T C — C o n t i n u e d .
Debt o n w h i c h
interest has
ceased.

D e b t b e a r i n g n o O u t s t a n d i n g p r i n - Cash i n t h e T r e a s - T o t a l d e b t less c a s h A n n u a l i n t e r e s t
in Treasury.
u r y J u l y 1.
cipal.
interest.
charge.

$-209,776.13
238, 872.92
211, 042.92
206, 099.77
201, 449.77
199, 999.77
$158, 591,390.00
280, 195.21
411, 767,456.00
473, 048.16
455, 437,271.21
416, 335.86
458, 090,180.25
1,245,771.20
461, 616.311.51
1,503,020.09
439, 969,874.04
935, 092.05
428, 218,101.20
1,840,615.01
408, 401,782.61
1,197,340.89
421, 131,510.55
5,260, 181.00
430, 508,064.42
3,708,641.00
416, 565,680.06
1,948,902.26
797.26
430, 530.431.52
7, 926,
472, 069,332.94
51,929, 710.26
509, 543,128.17
3,216,590.26
498, 182,411. 69
11,425, 820.26
465, 807,196.89
3,902, 420.26
476, 764,031.84
16,648, 860.26
455, 875,682.27
5,594, 560.26
410, 835,741.78
37,015, 630.26
455.26
388, 800,815.37
7, 621,
4-22, 721,954.32
6,7-23,865.26
805.26
438, 241,788.77
16, 260,
538, 111,162.81
7,831,415.26
584, 308.868.31
19,656, 205.26
663, 712,927.88
4,100, 995.26
445.26
619, 344,468. 52
9,704.
165.26
629, 795,077.37
6,115,095.26
739, 840.389.32
2,496,485.26
787, 287,446.97
1,911,805.26
825, 011,289.47
1,815,705.26
933, 852,766.35
1,614,875.26
2,785,060.26 1,000, 648,939.37
854.525.87
2,094,

$31, 972,537.90
28, 699,831.85
44, 911,88L03
58, 496,837.88
64, 842,287.88
90, 580.873.72
524, 176.412.13
1,119, 772,138.63
1,815, 784.370.57
2,680, 647,869.74
2,844, 649.626.56
2,773, 236,173.69
2,678, 126,103.87
2,611, 687.851.19
2,588, 452,213.94
2,480, 672,427.81
2,353, 211,332.32
2,253, 251,328.78
2,234, 482.993.20
2,251, 690,468.43
2,232, 284,531. 95
2,180, 395,067.15
2,205, 301,392.10
2,256, 205,892.53
2,245, 495,072.04
2,120, 415,370.63
2,069, 013.569.58
1,918, 312,994.03
1,884, 171,728.07
1,830, 528.923.57
1,863, 964.873.14
1,775, 063.013.78
1,657, 602;592.63
1, 692, 858.984.58
1,619, 052,922.23
1,552,
1,545, 140.204.73
1,588, S96,591.61
1,545. 464,144.63
985,686.13

$21,006, 584. S9
18,701 210.09
7,011, 689.31
5,091 603. 69
4,877; 885.87
2,862, 212.92
18,863, 859.96
8,421 401.22
106,332; 093.53
5,832, 012.98
88,218, 055.13
137,200, 009.85
169,974, 892.18
130,834, 437. 96
155,680, 340.85
149,502, 471.60
106,217, 263.65
103,470, 798.43
129,0213, 932.45
147,541, 314.74
142,243, 361.82
119,469, 726.70
186,025, 960.73
256,823, 612.08
249,080, 167.01
201,088; 622.88
249,363, 415. 35
243,289, 519.78
345,389, 902.92
391,985, 928.18
488,612, 429.23
492,917 173.34
482,433: 917. -21
629,854, 089.85
643,113, 172.01
661,355, 834.20
694,083 839.83
746,937 681. 03
707,016; 210. 38

$10, 965,953.01
9, 998,621.76
37, 900.191.72
53, 405,234.19
59, 964,402.01
87, 718,660.80
505, 312,752.17
1,111,350.737.41
1,709,452,277.04
2,674,815,856.76
2,756, 431,57L43
2,636, 036,163.84
2,508, 151,211.69
2,480,853,413.23
2,432, 771,873.09
2, 331,169.956.21
2,246, 994,068.67
2,149,780,530.35
2,105,462,060.75
2,104, 149,153.69
2,090,041,170.13
2,060,925,340.45
2,019, 275,431. 37
1,999,382,280.45
1.996,414,905.03
1,919,326,747.75
1,819,650,154. 23
1,675, 023,474.25
1,538,781,825.15
1,438, 542,995.39
1,375,352,443. 91
1,282, 145,840.44
1,175, 168.675.42
1,063,004.894.73
975, 939.750.22
890, 784,370.53
851, 912,751.78
841, 526,463.60
969,475.75

$1,869, 445.70
1,672, 767.53
2,446, 670.28
3,126, 166.28
3,443, 687.29
5,092, 630.43
22.048, 509.59
41,854, 148.01
78,853, 487.24
137,742, 617.43
150,977, 697.87
146,068, 196.29
138,892, 451. 39
128,459, 598.14
125,523, 998.34
118,784, 960. 34
111,949, 330.50
103,988, 463.00
98.049, 804.00
98,796, 004.50
96,855, 690.50
96,104, 269.00
93,160, 643.50
94,654, 472.50
83,773, 778.50
79,633, 981.00
75,018, 695.50
57,360, 110.75
51,436, 709.50
47,926, 432. 50
47,014, 133.00
45,510, 098.00
41,780, 529.50
38,991, 935.25
33,752, 354. 60
29,417, 603.15
23,615, 735.80
22.893 883.20
22.894 194.00

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1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

1,851,240.26
1,721,590.26
1,636,890.26
1,346,880.26
1,262, 680.26
1,218,300.26
1,176,320.26
1,415,620.26
1,280,860.26
1,205,090.26
1,970,920.26
245.26
1, 370,
1,128,135.26
1,086,815.26
4,130,015.26

995, 360,506.42
958, 197,332.99
920, 839,543.14
968, 960.655.64
947, 901,845.64
944, 660,256.66
1,112, 305,911.41
1,154, 770,273.63
1,226,259,245.63
1,286. 718,281.63
1,366,875,224.88
1,378,086,478.58
1,440,874,563.78
1,561,266,966.28
1,725, 172,266.28

1,632,253,636.68
1,676, 120,983.25
1,769,840,323.40
1,817, 672,665.90
1,796,531,995.90
1,991,927,306.92
2,136,961,091.67
2,143, 326,933.89
2,158, 610,445.89
2,202,464, 781.89
2,264,003, 585.14
2,274, 615,063.84
2,337, 161,839.04
2,457, 188,061.54
2.626,806,271.54

732,940, 256.13
774,448,016.51
814,543, 069.70
831,016, 579.76
769,446, 503.76
836,607, 071.73
029,249, 833.78
098,587, 813.92
189,153, 204.85
277,453, 144.58
296,771, 811.39
284,748, 291.87
372,726, 152.25
578,591, 306.51
688,673, 862.16

899, 313,380.55
901, 672.966.74
955, 297,253.70
986, 656,086.14
1,027,085,492.14
1,155,320,235.19
1,107, 711,257.89
1,044,739,119.97
969, 457,241.04
925, Oil,637.31
967, 231.773.75
989, 866,771.97
964, 435,686.79
878, 596,755.03
132,409.38

25,394, 385.60
29,140, 792.40
34,387,265.60
34,387, 315.20
34,387, 408.80
40,347, 872.80
33,545, 130.00
29,789, 153.40
27,542, 945.50
25,541, 573.30
24,176, 745.00
24,176, 781.00
23,248, 064.00
21,628, 913.60
20,946 270.41

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NOTE 1.—Annual interest charge computed on amount of outstanding principal at close of fiscal year and is exclusive of interest charge on Pacific Railway bonds.
NOTE 2.—The figures for July 1, 1879, were made u p assuming pending funding operations to have been completed.
NOTE 3.—The temporary loan per act of July 11, 1862, is included in the 4 percents from 1862 to 1868, inclusive, Avith the exception of the amount outstanding August
31,1865, this being the date at which the public debt reached its highest point. This loan bore interest from 4 per cent to 6 per cent, a n d was redeemable on ten days'
notice after thirty days, but being constantly changing it has been considered more equitable to include the whole amount outstanding as bearing 4 per cent interest on
a n average for the year.




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112

REPORT ON T H E FINANCES.

TABLE D.—STATEMENT OF THE ISSUE AND REDEMPTION OF LOANS AND TREASURY
NOTES (BY WARRANTS) FOR THE FISCAL Y E A R ENDED J U N E 30, 1908;

-

Issues.

Redemptions.

Excess of
issues.

Legal-tender notes, acts of Feb. 25
and July 11,1862, Jan. 7 and Mar. 3,
1863, and Mar. 14,1900
$123,610,000.00 $123,610,000.00
Fractional currency, acts of July 17,
1862, Mar 3, 1863, and June 30,1864..
1,180.00
Gold certificates, acts of Mar, 3,1863,
July 12,1882, and Mar. 14,1900
378,360.000.00 236,821,000.00 $141,539,000.00
One-year notes of 1863, act of Mar. 3,
30.00
1863
Compound-interest notes, acts of Mar.
40.00
3 1863 and June 30 1864
Ten-forties of 1864, act of Mar. 3,1864..
100. 00
Five-twenties of June, 1864, act of
June 30, 1864
1,000.00
13,000. 00
Consols of 1865, act of Mar. 3,1865
50.00
Consols of 1868, act of Mar. 3 1865
Silver certificates, acts of Feb. 28,1878,
302,356,000.00 303,783,'000.00
and Mar. 14,1900
Refunding certificates, act of Feb. 26,
4,350.00
1879
Funded loan of 1881, acts of July 14,
• 1870, Jan. 20,1871, and Jan. 14,1875...
100. 00
National-bank note account, act of
64,333,136.50
July 14,1890
39, 535,156.50
24,797,980.00
Treasury notes of 1890, acts of July 14,
1890, and Mar 14 1900
1,006,000.00
Funded loan of 1891, acts of July 14,
1870, Jan. 21,1871, and Jan. 14 1875 .
2,100.00
Loan of 1904, acts of Jan. 14,1875, andMar. 14,1900. .•
24,200.00
Funded loan of 1907, acts of July 14,
1870, Jan. 20,1871, Jan. 14,1875, and
Mar. 14,1900
33,060,600.00
Panama Canal loan, acts June 28,1902,
24,631,980.00
and Dec 21 1905
24,631,980.00
Certificates of indebtedness
15,436,500.00
1,250,000.00
14,186,500.00
Total
Excess of issues
Excess of redemptions
Net excess of issues credited in
receipt and disbursement account




908,727,616.50

739,111,906.50

205,155,460.00

Excess of
redemptions.

^
81 180 00

30 00
40 00
100 00
1,000.00
13,000 00
50 00
1,427,000.00
4 350 00
100 00

1,006,000.00
2,100.00
24,200.00
33 060 600 00

35,539,7'50.00
205,155,460.00
35,539,750.00

169,615,710.00

TABLE

E.—STATEMENT SHOWING THE PURCHASE AND REDEMPTION OF BONDS ON ACCOUNT OF THE SINKING FUND DURING EACH FISCAL Y E A R
FROM I T S INSTITUTION IN M A Y , 1 8 6 9 , TO AND INCLUDING J u N E 3 0 , 1 9 0 8 .

Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868
Total.
Five-twenties
Five-twenties
Eive-twenties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868

of
of
of
of

J U N E 30, 1870.
1862
M a r c h , 1864
J u n e , 1864
1865

Total
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867.
Consols, 1868

of
of
of
of

J U N E 30, 1871.
1862
M a r c h , 1864
J u n e , 1864
1865

Total .

Interest due
a t close of fiscal year.

Accrued
interest paid
i n coin.

B a l a n c e of
interest due at
close of
fiscal y e a r .

$253,822.84
11,725.00
161,946.45
74,969.0073,736.80
749,208.08
49,442.50

$1,874,822.84
81,725.00
1,212,946.45
539,969.00
534,736.80
5,467,208.08
354,442.50

$1,349,970.02
57,552.82
873,205.61
• 387,566.28
387,903.26
3,948,586.11
256,653.20

$16,210.00
700.00
10,510.00
4,650.00
13,830.00
141,540.00
9,150.00

$7,384.60
218.63
1,470.42
2,683. 54
429.04
116,032.35
8,173.98

$8,825.40
481.37
9,039.58
1,966.46
13,400.96
25,507.65
976.02

1,374,850.67

10,065,850.67

7,261,437.30

196,590.00

136,392.56

60,197.44

3,542,050.00
85,000.00
3,971,400.00
2,790,250.00
11,532,150.00
5,882,550.00
348,500.00

493.479.42
15,742.87
506,189.91
361.735.43
1,454,778.37
861,763.73
53,363.95

4,035,529.42
100,742.87
4,477,589.91
3,151,985.43
12,986,928.37
6,744,313.73
401,863.95

3,263,099.51
75,658.54
3,647,628.29
2,606,636.20
10,681,736.97
5,309,810.90
308,573.16

160,919.50
5,350.00
165,834.00
105,257.50
495,421.50
302,734.50
19,380.00

45,994.49
1,080.99
49,946.00
37,113.53
145,518.29
66,111.51
5,238.73

114,925.01
4,269.01
115,888.00
68,143.97
349,903.21
236,622.99
14,141.27

3,747,053.68

31,898,953.68

25,893,143.57

1,254,897.00

351,003.54

903,893.46

2,792,950.00
29,500.00
3,967,350.00
6,768,600.00
10,222,200.00
6,103,050.00
52,600.00

227,607.56
2,277.20
340,529.63
574,923.00
850,949.79
541,559.41
4,784.61

3,020,557.56
31,777.20
4,307,879.63
7,343,523.00
11,073,149.79
6,644,609.41
57,384.61

2,680,209.05
28,590.88
3,847,182.42
6,525,231.42
9,762,387.78
5,800,618.37
49,797.81

145,975.00
1,240.00
201,375.00
331,933.50
522,117.00
351,528.00
3,096.00

36,657 80
388.35
51,703.46
92,259.58
109,455.28
76,745. 93
572.13

109,317.20
851.65
149,67L54
239,673.92
412,661.72
274,782.07
2,523.87

29,936,250.00

J U N E 30, 1869.
1862
M a r c h , 1864
J u n e , 1864
1865

N e t cost
estimated in
gold.

I 28,151,900.00

of
of
of
of

N e t cost i n
currency.

8,691,000.00

Year e n d e d -

2,542,631. 20

32,478,881.20

28,694,017.73

1,557,264.50

367,782.53

1,189,481.97

6,417,850.00
127,100.00
3,604,650.00
3,635,200.00
11,788,900.00
6,958,900.00
85,850.00

764,055.21
14,959.03
438,656.16
436,838.70
1,436,989.46
833,600.15
9,951.63

7,181,905.21
142,059.03
4,043,306.16
4,072,038.70
13,225,889.46
7,792,500.15
95,801. 63

6,345,391. 98
126,123.46
3,573,223.63
3,594,747.85
11,660,785.89
6,863,777.39
84,595.02

427,849.00
8,894.00
246,001.50
246,562.00
707,334.00
417,534.00
5,151.00

75,179.43
1,338.70
57,449.80
37,817.37
149,248.21
108,487.92
1,386.95

352,669.57
7,555.30
188,551.70
208,744.63
658,085.79
309,046.08
3,764.05

32,618,450.00

3,935,050.34

36,553,500.34

32,248,645.22

430,908.38

1,628,417.12

Principal redeemed.

P r e m i u m paid.

$1,621,000.00
70,000.00
1,051,000.00
455,000.00
461,000.00
4,718,000.00
305,000.00

J U N E 30, 1872.
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868

of
of
of
of

1862
M a r c h , 1864
J u n e , 1864
1865

Total




:

2,059,325.50

Ul

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TABLE E.—STATEMENT SHOWING THE PURCHASE AND REDEMPTION OP BONDS ON ACCOUNT OF THE SINKING F U N D , ETC.—Oontinued.
14^
P r i n c i p a l redeemed.

.
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865.
Consols, 1867
Consols, 1868

Premium paid.

$7,137,100.00
50,000.00
3,741,150.00
1,959,850.00
10,768,250.00
4,402,100.00
619,550.00

Year ended—

• $925,783.87
7,372. 50
480,684. 37
250,635.93
1,371,187.17
553,610.89
81,983.44

Interest due
a t close of fiscal y e a r .

Accrued
interest paid
in coin.

B a l a n c e of
interest due a t
close of
fiscal y e a r .

N e t cost i n
currency.

N e t cost
estimated in
gold.

$8,062,883.87
57,372.50
4,221,834.37
2,210,485.93
12,139,437.17
4,955,710.89
701,533.44

$7,089,542.58
49,780.91
3,715,211.22
1,943,488.93
10,668,617.09
4,373,781.76
617,140.34

$431,450.50
3,600.00
223,270.50
120,266.50
646,095.00
264,126.00
37,173.00

$101,960.57
813.70
42,216.46
23,744.47
145,069.34
69,632.51
8,948.40

$329,489.93
• 2,686.30
181,054.04
96,522.03
501,025.66
194,493.49
28,224.60

1,725,881.50

392,385.45

1,333,496.05

67,775.05
93,425.04
57,959.31
157,129.67
187,083.03
37,123. 62

J U N E 30, 1873.

of 1862
of M a r c h , 1864
of J u n e , 1864
of 1865

:

Total

28,678,000.00

3,671,258.17

32,349,258.17

28,457,562.83

1,421,700.00
2,020,550.00
1,247,250.00
3,393,650.00
4,051,000.00
802,300.00

161,219.79
218,457.39
135,577.95
360,964.62
432,348.18
86,505.62

1,582,919.79
2,239,007.39
1,382,827.95
3,754,614.62
4,483,348.18
888,805. 62

1,415,391.05
2,012,05L32
1,241,571.69
3,374,934.42
4,029, 975.86
798,926.40

99,519.00
141,438.50
87,307.50
203,619.00
243,060.00
48,138.00

31,743.95
48,013.46
29,348.19
46,489.33
55,976.97
11,014.38

12,936,450.00

1,395,073.55

14,331,523.55

12,872,850.74

823,082.00

222, 586.28

25,170,400.00

541,973.50

353,061.56

. 188,911.94

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J UNE 30, 1874.
F i v e - t w e n t i e s of 1862
F i v e 4 w e n t i e s of J u n e , 1864
F i v e - t w e n ties of 1865 .
Con.sols, 1865
•
Consols, 1867
Consols, 1868

.

. T o t a l .-:...

:

.

.

•

>

F i v e - t w e n t i e s of 1862

25,170,400.00

J U N E 30, 1876.
F i v e - t w e n t i e s - of 1862
F i v e - t w e n t i e s of J u n e , 1864
F i v e - t w e n t i e s of 1865 . . .

5 , 7 ^ , 200.00
10,869,600.00
1,789,250.00

5,785,200.00
10,869, 600.00
1,789, 250.00

404,964.00
760,872.00
125,247.50

54, 745.72
171,966.33
30,805.86

350,218.28
588,905.67
94,441.64

18,444,050.00

18,444,050.00

1,291,083. 50

257,517.91

1,033,565.59

81,200.00
178,900.00
180,350.00
6,050.00
1,000.00

81,200.00
178,900.00
180,350.00
6,050.00
1,000.00

4,352.25
9,943.50
9,519.00
181.50
30.00

1,181.67
1,323.60
3,141.08
108.97
21.20

3,170.58
8,619.90
6,377:92
72.53
8.80

447,500.00

24,026.25

5,776.62

18,249.73

.

u

Total




447,500.00

:

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J U N E 30, 1877.
F i v e - t w e n t i e s of 1862
F i v e - t w e n t i e s of J u n e , 1864
F i v e - t w e n t i e s of 1865
Consols, 1865
Conjsols, 1867

tei.

600,495. 72

J U N E 30, 1875.

Total

O

JUNE 30, 1878.
Five-twenties of 1862
Five-twenties of June, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867
Consols, 1868

17,900. 00
15,900. 00
2,350. 00
23,600.00
5, 700.00
8,500.00

966.00
834.00
129.00
1,416.00
342.00
510.00

192.65
78.41
40.92
273.35
134.76
89.83

773 35
756 59'
88 OS1 142 6&
207 24
420; 17

73,950.00

73,950.00

4,197.00

809. 92

3,387.08.

2,650.00
3,150.00
1,850.00
, 1,700.00
9,050.00
100.00

2,650.00
3,150.00
1,850.00
1,700.00
9,050.00
100.00

165.75
- 94.50
85.50
102.00
543.00
6.00

40.35
18.5S
41.22
41.49
166.62
.56

125- 40'
75 97
44.2860 51
376.3&
5 44

18,500.00

Total

17,900.00
15,900.00
2,350.00
23,600.00
5,700.00
8,500.00

18,500.00

996.75

308.77

687 9&

JUNE 30, 1879.
Five-twenties of 1862
Five-twenties of June, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867
Consols, 1868
Total

100. 00
100.00
2.50.00
676,050. 00
2,837,000.00
32,064,250.00
12, 797,150.00
202,550.00
23, 575,450.00
1,500,000.00
73,652,900.00

74,161.95
1,376,085.04
549,035.18
8,273.02
662,206.97
125,558.26

100.00
100.00
250.00
676,050.00
2,911,161.95
33,440,335.04
13,346,185.18
210,823.02
24,237,656.97
1,625,558. 26

4.00
4.00
14.50
28,168.75
85,110.00
1,165,807.50
484,747.50
9,787.50
415,162.70
15,000.00

.67
.49
5 . 86
;
12,872., 65
47,540., 20 i
518,148.79'
213.179.29
a, 662'. 56130,349.36
10', 191.74

2,795,320.42

76,448,220.42

2,203,806.45

935,951.60

3,000.00
50.00
IOO. 00'
7,826,277.58
17,201,326.11
7,256,614.62
55,658.65
43,089,571.82

210.00^
3.50
. 7.00
462,390.00
1,002,747.00
361,S15.50
2,584.50
1,106,474.15

80.22;
.25
1.4
.7
160V072.88
200,043.95'
83,330.51
551! ..11
263,342'. 94

75,432,598.78

2,93&,731.65

707,.423.,60'

.

Total

3. 33".
3. 51
'
8.65'
15,296vl0
37,569'..80
647,658.. 71
2.71,568 21
6,124.94
284,813-.. 34
4,808.2&
1,267 854 85>

Total

.,




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JUNE 30, 1881.
Five-twenties of 1862
Five-twenties of June, 1864
Five-twenties of 1865
Loan of February, 1861
Loan of July and August, 1861
Loan of March, 1863
Oregon war debt
-.
Funded loan of 1881

tei:
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Kl

JUNE 30, 1880.
Five-twenties of 1862
Five-twenties of June, 1864
Five-twenties of 1865
Ten-forties of 1864
Loan of February, 1861
Loan of July and August, 1861
Loan of March, 1863
Oregon war debt
Funded loan of 1881
Funded loan of 1907

Zfl:

3,000. 00
50.00
100.00
7, 775,000.00
16,712,450.00
7,057,100.00
54,250.00
42,769,400.00
74,371,350.00

51,277.58
488,876.11
199,514.62
1,408.65
320,171.82
1,061,248.78

129.. 78;
^
3.25'
6 2&
'
302; 317.12;
802; 703;. 05'
277,984.99'
2,.033l 39'
843;.131..21
2,228v308..05'

TABLE E.—STATEMENT SHOWING THE PURCHASE AND REDEMPTION OF BONDS ON ACCOUNT OF THE SINKING F U N D ,

ETC.—Continued.

a:^
B a l a n c e of
interest d u e a t
close of
fiscal y e a r .

Interest due
a t close of fiscal y e a r .

Accrued
interest paid
i n coin.

$55,215,850.00
2,637,850.00
1,000.00
2,224,450.00

$55,215,850.00
2, 637,850.00
1,000.00
2,224,450.00

$1,368,894. 62
91,701.75
23.33
115,717.53

$579,493.12
25,771.80
2.78
6,77L83

$789,401.50
„ 65,929.9b
20.65
108,945. 70

60,079,150.00

60,079,150.00

1, 576,337.23

612,039.53

964,297.70

100.00
41,300. 00
661,750. 00
34,128,150. 00
10,019,400. 00

100.00
41,300.00
661,750.00
34,128,150.00
10,019,400.00

'6.50
1,716.66
20,760.25
1,171,034.37
233,862.12

1-1.18
138.13
6,293.40
186,913. 66
137,402.11

- 8 . 68
1,578.53.
15,466.85
984,120.71
96,460.01

O

44,850,700.00

Year ended—

N e t cost
estimated in
gold.

44,850,700.00

1,427,378.90

329,761.48

1,097,617.42

W

P r i n c i p a l redeemed.

N e t cost i n
currency.

P r e m i u m paid.

J U N E 30, 1882.
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3 i p e r c e n t
L o a n of M a r c h , 1863, c o n t i n u e d a t 3^ p e r c e n t
F u n d e d l o a n of 1881, c o n t i n u e d a t 3^ p e r c e n t
F u n d e d l o a n of 1881
"..
. Total
J U N E 30, 1883.
F i v e - t w e n t i e s of 1862
F u n d e d l o a n of 1 8 8 1 . .
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3 i p e r c e n t
L o a n of M a r c h , 1863, c o n t i n u e d a t 3^ p e r c e n t
F u n d e d l o a n of 1881 c o n t i n u e d a t 3 i p e r c e n t
Total

...

o

tei

J U N E 30, 1884.
F i v e - t w e n t i e s of 1882
..."
F u n d e d l o a n of 1881
L o a n of M a r c h , 1863, c o n t i n u e d a t 3^ p e r c e n t
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t Sh p e r c e n t
F u n d e d l o a n of 1881 c o n t i n u e d a t 3^ p e r c e n t
L o a n of J u l y 12,1882

tei

200.00
5,200.00
422,550.00
566,250.00
33,221,450.00
12,553,950.00

9.50
187.08
14,789.25
19,818.75
1,018,176.97
240,130.13

13. 35
164. 24
2,823.94
7,069.86
276,923.93
31,884.61

-3.85
22.84
11,965.31
12,748.89
741,253.04
208,245.52

46,769,600.00

200.00
5, 200. 00
422,550. 00
566,250. 00
33,221,450.00
12,553.950.00

1,293,111.68

318,879.93

974,231.76

4,000.00
100. 00
1.100.00 ,
52,250.00
18,000.00
230,500.00
45,282,200. 00

85. 00
4.00
36.67
1.269.62
4^J9. 62
5,347.70
1,153,460.88

701.96
.49
50. 51
588.85
87.92
1,416.28
268,821.31

-616.96
3.61
-13.84
680.77
411.70
3,931.42
884,639.67

45,588,150.00

1,160,703.49

271,667. 32

889,036.17

o
tei
Zfl

Total

46,769,600.00
J U N E 30, 1885.

F i v e - t w e n t i e s of 1862
F i v e - t w e n t i e s of 1864
F u n d e d l o a n of 1881
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3^ p e r c e n t
L o a n of M a r c h , 1863, c o n t i n u e d a t Bh p e r c e n t
F u n d e d l o a n of 1881, c o n t i n u e d a t 31- p e r c e n t
L o a n of J u l y •• 2,1882
Total




4,000.00
100.00
1,100.00
52,250.00
18,000.00
230,500.00
45,282,200.00
45, 588,150.00

•

1
1
i

JUN.E 30, 1886.
Oregon war debt
Loan of July and August, 1861
Loan of 1863
Five-twenties of 1862
Five-twenties of 1864
•.
Five-twenties of 1865
Ten-forties of 1864
Consols of 1865
Consols of 1867
Consols of 1868
Funded loan of 1881
Loan of 1882
•
" Loan of 1863, continued at 3i per cent
Loan of July and August, 1861, continued at oh per cent
Funded loan of 1881, continued a t 3^ per cent

Total

1.50
53.25
3L50
1,425.00
85.25
6.00
356.25
419.25
662.25
203.25
826.50
435,942.01
123.00
2,848.50
4,704.13

18.00
99.00
33.00
14,399.00
31.14
2.02
278.80
842.29
2.070.75
570.04
868.55
220,617.44
31.32
1.560.76
1,065.34

16 50
45 75
— 1 50
12,974.00
54 11
3 98
77 45
—423 04
-1,408.50
-366.79
— 4 2 05
215,324.57
91 68
1 287 74
3,638.79

44,531,350.00

447,687. 64

242,487.45

205,200.19

47,748,750.00
1, 300.00
3,100.00
28,700.00
650.00
8,000.00
2,000.00
13,400.00
18,200.00
34,000.00
500.00
1,500.00
8,500.00
25,600. 00

• 47,748,750.00
1,300.00
3,100. 00
. 28,700.00
650.00
8,000.00
2,000.00
13,400.00
18,200.00
34,000.00
500.00
1,500.00
8,500.00
25,600.00

1, 375, 653. 00
84.17
110.83
1,722.00
45.50
560.00
120.00
804.00
1,092.00
2,040.00
30.00
52.50
297.50
926.33

223,676.38
119.50
166.80
861.00
58.12
473.92
60.00
402.00
2,147.16
3,333.69
270.25
/ 22.58
60.31
213.17

47,894,200.00

JUNE 30, 1887.
Loan of 1882
Ten-forties of 1864
Funded loau of 1881
Loan of July and August, 1861
Five-twenties of 1862
Five-twenties of 1865
Loan of February, 1861
Loan of 1863
Consols of 1865
Consols of 1867
Consols of 1868
Loan of July and August, 1861, continued at 3^ per cent
Loan of 1863, continued at Sh per cent
Funded loan of 1881, continued at Sh per cent

100.00
2,500.00
1,100.00
67,500.00
4,300.00
300.00
14,250.00
15,900.00
26,950.00
12,250.00
49,800.00
44,044,800.00
4,100.00
96,750.00
190,750.00

44,531,350.00

Total

100.00
2,500.00
1,100.00
67,500.00
4,300.00
300.00
14,250.00
15,900.00
26,950.00
12,250.00
49,800.00
44,044,800.00
4,100.00
96,750.00
190,750.00

47,894,200.00

1,383,537.83

231,864.88

1,151,672.95

,

1,151,976.62
— 3 5 33
—55.97
861 00
—1*^ 62
86 08
60 00
402.00
-1,055.16
-1,293.69
— 2 4 0 25
29 92
237 19
713 16

JUNE 30, 1888.
Loan of 1882
Funded loan of 1891
Funded loan of 1907

,

Total

^

18,880,500. 00
19,455,400.00
5,389,250.00

$i,555,966.i7
1,296,049.71

18,880,500.00
21,011,366.17
6,685,299. 71

660,630.00
794,247.00
203,293.00

94,660.88
95,098.43
43,817.79

565,969.12
699,148.57
159,475.21

43,725,150. 00

2,852,015.88

46,577,165.88

1,658,170.00

233,577.10

1,424,592.90

69.00
30.00
1,709.25
105.00
3.50
480,076.12
1,Oil,368.00

39.00
15.00
354.94
20.42
.91
39,397.68
180,452. 69

1,493,360.87

220,280.64

JUNE 30, 1889.
Oregon war debt
..:
Loan of July and August, 1861
Loan of 1882
Loan of July and August, 1861, continued at Sk per cent
Loan of 18§3, continued at 3^ per cent
Funded loan of 1891
Funded loan of 1907
,
• Total . . . "




^

1,150.00
500.00
57,900.00
3,000. 00
100.00
12,153,850.00
26,839,650. 00

844,918.01
7,672,222.29

1,150.00
500.00
57,900.00
3,000.00
100.00
12,998,768.01
34,611,872.29

39,056,150.00

8,617,140.30

47,573,290.30

30 00
15.00
1 354 31
84.58
2.59
440,678.44
830,915.31
1,273,080.23

zn^
teiO

tei:

H.
tei:
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d
Kj.

TABLE^ E.—STATEMENT SHOWING THE PURCHASE AND REDEMPTION OF BONDS ON ACCOUNT OF THE SINKING FUND,

ETC.—Continued.
GO

P r i n c i p a l redeemed.

Year ended—

P r e m i u m paid.

N e t cost i n
currency.

N e t cost
estimated in
gold.

Interest due
a t close of fiscal year.

Accrued
interest paid
i n coin.

B a l a n c e of
interest due at
close of
fiscal y e a r .

$119.25
35.00
137.50
537,523.68
1,045,804.50

$11.39
16.88
109.14
69,588.99
156,655.13

$107.86
18.12
28.36
467,934.69
889,149.37

1,583,619.93

226,381.53

1,357 238.40

J U N E 30, 1890.
L o a n of 1882
L o a n of J u l y
Funded loan
F u n d e d loan
F u n d e d loan
Total

$4,050.00
1,000.00
3,000.00
12,136,750.00
27,695,600.00

$710,666.79
7,536,058. 37

$4,050.00
1,000.00
3,000.00
12,847,416.79
35,231,658.37

39,840,400.00

a n d A u g u s t , 1861, c o n t i n u e d a t Si p e r c e n t
of 1881.
of 1891
of 1 9 0 7 . . . . .
..

8,246,725.16

48,087,125.16

L o a n of 188"^
L o a n of J u l y a n d A u g u s t , 1861
L o a n of 1863
. .
F u n d e d l o a n of 1891
F u n d e d l o a n of 1907

O

J U N E 30, 1892.
'

6,300.00
950.00
100.00
27,860,400.00
16,134,000.00
44,001, 750.00

..

Total

69,945.63
3,790,140.65

6,300.00
950. 00
100.00
27,930,345.63
19,924,140.65

183.00
57.00
6.00
1,075,088.24
645,641.50

44.76
28.50
3.00
1,156,413.38
54,310.28

138.24
28.50
3 00
-81,325.14
591,33L22

H
O

3,860,086.28

47,861,836.28

1,720,975.74

1,210,799.92

610,175.82

w

.83

W a r - b o u n t y scrip
L o a n of 1860
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3^ p e r c e n t
L o a n of 1863, c o n t i n u e d a t Sh p e r c e n t
".
F u n d e d l o a n of 1881
F u n d e d l o a n of 1881, c o n t i n u e d a t 3? p e r c e n t .
L o a n of 1882
F u n d e d l o a n of 1891
..
F u n d e d l o a n of 1891, c o n t i n u e d a t 2 p e r c e n t

50.00
10,000. 00
IB,650.00
50.00
350. 00
500.00
15,700. 00
24,225,800. 00
47,700.00

50.00
10,000.00
10,650.00
50.00
350.00
500.00
15, 700.00
24,225,800.00
47,700.00

2.25
250.00
370.12
1.75
11.67
10.79
218.00
1,085,419.69
792.38

L42
250.00
93.30
.15
26.76
4.25
53.64
179,940.75
41.93

276.82
1.60
-15.09
6.54
164.36
906,478.94
750.45

Total
J U N E 30, 1893.
W a r - b o u n t y scrip .
L o a n of F e b r u a r y , 1861
L o a n of J u l y a n d A u g u s t , 1861
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3^ p e r c e n t
L o a n of 1863, c o n t i n u e d a t Sh p e r c e n t
F u n d e d l o a n of 1881, c o n t i n u e d a t Sh p e r c e n t
L o a n of 1882
F u n d e d l o a n of 1891

24,310,800. 00

24, 310,800.00

1,087,076.65

180,412.20

• 906,664.45

• 25.00
1,000. 00
7,600.00
2,000.00
1, 000. 00
1,000.00
76,850. 00
511,700.00

25.00
1,000.00
7,600. 00
2,000.00
1,000.00
1,000.00
76,850.00
511,700.00

.75
30.00
228.00
35.00
17.50
23.33
2,653. 75
16,580.99

.75
90.00
2, 358.00
24.74
sS.lO
\86
377.80
5,977.72

-60.00
-2,130.00
10. 26
9.40
22.47
2,275. 95
10,603.27

601,175.00

601,175.00

19,569. 32

8,837.97

10,731.35

Total

.

.




.

.

tei
hj

J U N E 30, 1891.

tei

o
zn

Loan of
Loan of
Funded
Funded
Loan of
Funded

July
July
loan
loan
1882
loan

JUNE 30, 1894.
a n d August, 1861
,
and August, 1861, continued at Sh per cent
of 1881
of 1881, continued at Sh per cent
,

Loan of
Loan of
Funded
Funded
Loan of
Funded

Total

*

6 00
630 00
158 33
359.33
. 73.00
6,278 81

3.00
270.99
151.51
134.75
22.29
1,721 51

3.00
359 01
6.82
224 58
50.71
4,557.30

214,900 00

7,505 47

2,304.05

5,201.42

7,400.00
3,000.00
3,100. 00
2,500 00
7,350 00
96,200 00

7,400.00
3,000.00
3,100.00
2,500 00
7,360 00
96,200 00

325 50
90.00
163.33
36 46
97 12
3,509 04

321.00
90.00
454.64
19 99
47 47
1,810 73

—291.31
16.47
49.65
1,698.31

zn
tei
O

. 4,221.45

2,743.83

1,477.62

tei
H

50.00
500 00
500 00
3,200 00
2,000 00
3,200.00
58,150.00

12.00
30 00
30 00
394 17
70 00
41 50
2,876.41

12.00
15 00
15 00
397 43
35 00
22.10
1,159.68

15.00
15.00
-3.26
35.00
19.40
1 716 73

67,600 00

3,454.08

1,656 21

1,797.87

2,400 00
1,000 00
500 00
500.00
1,000.00
1,500.00
1,600 00
237,400 00

2,175 00
520 00
30.00
16.67
23.33
43.76
32 00
13,426 16

2,169 00
486.74
15 00
1.37
8.75
25.03
10 49
7,178 20

6 00
33.26
15 00
15.30
14.58
18.72
21.51
6 247 96

245,900 00

JUNE 30, 1895.
July and August, 1861
1863
loan of 1881
loan of 1881, continued at Sh per cent
1882
loan of 1891
.^.

100.00
18,000.00
1,000.00
16,400.00
4,400.00
176,000 00

214,900 00

of 1891

^Total

100 00
18,000 00
1,000 00
15,400.00
4,400.00
176,000 00

245,900 00

16,266 91

9,894.68

6,372. 33

11,000.00
2,650.00
100 00
21,350 00
100 00

11,000 00
2,650.00
100 00
21,350 00
100 00

2,130
233
1
369
3

00
95
46
18
50

1,830.00
174.66
88
166 87
36

300 00
59.30
.58
202 31
3.14

35,200 00

35,200 00

2,738 09

2,172 76

665.33

119,550.00

119,550 00

4 50

>

JUNE 30, 1896.
Oregon war debt
Loan of July and August, 1861
Loan of 1863
Funded loan of 1881
Loan of July a n d August, 1861,.continued at 3^ per cent
Loan of 1882
Funded loan of 1891
. Total

Total
July
loan
loan
loan
July

V -

67.600.00

JUNE 30, 1897.
Loan of July and August, 1861
Five-twenties of 1862
Loan of 1863
F u n d e d loan of 1881
Funded loan of 1881, continued at Sh per cent..".
Loan of July and August, 1861, continued at Sh per cent
Loan of July 12, 1882
Funded loan of 1891

Loan of
Funded
Funded
Funded
Loan of

50.00
500 00
500 00
3,200 00
2,000.00
3,200.00
58,150.00

JUNE 30, 1898.
and August, 1861
of 1881
of 1881, continued at Sh per cent
of 1891
12,1882

Total




2,400 00
1,000.00
500.00
500.00
1,000.00
1,500.00
1,600 00
237,400 00

^

Kl

tei

>

zn

d
W
K!

TABLE E.—STATEMENT SHOWING THE PURCHASE AND REDEMPTION OF BONDS ON ACCOUNT OF THE SINKING F U N D ,

<

Principal redeemed.

Year ended—

P r e m i u m paid.

N e t cost
estimated in
gold.

N e t cost
in currency.

Interest due
a t close of fiscal year.

ETC.—Continued.

Accrued
interest paid
in coin.

l>0

B a l a n c e of
interest d u e a t
close of
fiscal y e a r .

o

J U N E 30, 1899.
L o a n of J u l y
L o a n of 1863
Funded loan
Funded loan
L o a n of J u l y
Funded loan
Total
J U N E 30, 1900.
W a r b o u n t y scrip
L o a n of J u l y a n d A u g u s t , 1861 .
F u n d e d l o a n of 1881
F u n d e d l o a n of 1891
.
F u n d e d l o a n of 1891, c o n t i n u e d a t 2 p e r c e n t
F u n d e d l o a n of 1907
L o a n of 1904
Total

"
.

$2,277.00
30.00
187.92
20.42
139.50
1,172.80

$2,277.00
15.00
153.60
2.49
25.56
700. 21

27,050. 00

3,827. 64

3,173.86

653.78

100.00
500. 00
300.00
36,600. 00
3,384,650. 00
14,310,350.00
4,990,300.00

6.00
30.00
6.25
635.06
7,643.59
429,074.50
166,343.33

3.39
15.00
4.20
342. 02
3,934.61
83,078.64
14,636.72

2.61
15.00
2.05
293.04
3, 608.98
345,995.86
151,706.61

o

$1,824,569.40
548,93^.00

100.00
500.00
300. 00
36,600.00
3,384,650.00
16,134,919.40
5,539,233.00

22,722,800.00

of 1881
of 1881, c o n t i n u e d a t Sh p e r c e n t
12, 1882
of 1891

$2,300.00
600.00
1,100.00
600.00
5,100.00^
17,550.00

27,050.00

a n d A u g u s t 1861

2,373,502.40

25,096, 302.40

603,638.73

102,014.58

501,624.15

tei

14,000.00
3,000.00
500.00
5,850.00
21,705,250.00
12,983,700.00
1,084,300.00
291,520.00

2,670.00
90.00
17.50
446.62
421,126.92
129,876.00
9,035.83
1,467.60

150.00

otei
zn

1,724,471.33
'91,816.68
24,832.76

14,000.00
3,000.00
600.00'
5,850.00
21,705,250.00
14,708,171.33
1,176,116.68
316,352.76

36,088,120.00

1,841,120.77

37,929,240.77

664,719.47

$2,300.00
600.00
1,100.00
500.00
5,100. 00
17,550.00

.

•

$15.00
34.32
17.93
113. 94
472.59

w

>

J U N E 30, 1901.
L o a n of J u l y a n d A u g u s t , 1861
L o a n o f 1863? . .
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3^ p e r c e n t
F u n d e d l o a n of 1891
F u n d e d l o a n of 1891, c o n t i n u e d a t 2 p e r c e n t
F u n d e d l o a n of 1907
L o a n of 1904.
L o a n of 1908-1918
Total




tei

O

2,520.00
90.00
7.53
348.13
87,429.18
50,859.46
5,309.78
1,118.71.
147,682. 79

-9.97
98.49
333,696.74
79,016.54
3,726.05
338.89
417,036.68

JUNE 30, 1902.
Oregon war debt
Loan of 1863
Funded loan of 1881, continued at 3i per cent
Funded loan of 1891
F u n d e d loan of 1891, continued a t 2 per cent .
Funded loan of 1907
Loan of 1904
Loan of 1908-1918
Loan of 1925

96.00
60.00
3.21
232.12
1,565.49
748,512.00
92,242.70
65,666.80
837,179.33

96.00
30.00
.50
7L08
516.72
148,542.39
13,105.85
5,902.20
128,269.75

30.00
2.71
161 04
1,048.77
599,969.61
79,136.85
49,764.60
708,909.58

70,242,971.14

1,735,567.65

296,534.49

1,439,023.16

1,022.51
6,201,025.41

500.00
6,400.00
63,500.00
26,322.51
22,705; 325.41

11.67
137.64
805.83
1,159.58
605,157.66

2.49
39.62
271.39
242.49
141,204.58

9.18
98.02
534.44
917.09
"463,953.08

6,202,047.92

22,802,047.92

607,272.38

141,760.57

465,511.81

1,300.00
7,000.00
18,607,200.00

1,300.00
7,000.00
IS,607,200.00

47.62
121.67
725,470.92

2.40
29.91
338,361.64

45.22
91.76
387,109.28

18,615,500.00

18,615,500.00

725,640.21

338,393.95

387,246.26

2,958,620. 95
175,680.25
173,880.64
10,735,209.30

100.00
1,000.00
100.00
6,250.00
120,900.00
27,159,620.95
2,619,430.25
2,279,160. 64
38,056,409.30

56,199,580.00

14,043,391.14

500.00^
6,400.00
63,500.00
25,300.00
16,504,300.00
16,600,000.00

Total

100.00
1,000.00
100.00
6,250.00
120,900.00
24,201,000.00
2,443,750.00
2,106,280.00
27,321,200.00

JUNE 30,1903.
Funded
Funded
Funded
Loan of
Loan of

loan of 1881, continued at 3^ per cent
loan of 1891
loan of 1891, continued at 2 per cent .
1904
1925

Total
JUNE 30, 1904.
Funded loan of 1891
Funded loan of 1891, continued a t 2 per c e n t . .
Loan of 1904
Total
JUNE 30, 1905.
Five-twenties of 1862
Funded loan of 1881
F u n d e d loan of 1891
Funded loan of 1891, continued at 2 per c e n t . .
Loan of 1904
Funded loan of 1907
:
Total

Total




tei

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Kl
O
tei

tei
H

•

10,000.00
200.00
10,750.00
1,000.00
483,000.00
300.00

700.00
11.67
401.44
6.67
20,569.97
9.00

67.40
5.30
118.90
4.27
5,176.44
1.63

632.60
6.37
282.54
2.40
15,393.63
7.37

505,250.00

21,698.76

6,373.94

16,324.81

19,100.00
42,000. 00
170,150. 00

19,100. 00
42,000.00
170,150.00

714. 00
415.00
8,187.29

217. 24
179.50
1,802.41

496. 76.
235. 50
6,384.88

231,250.00

231,250.00

9,316.29

2,199.15

7,117.14

10, 000. 00
200.00
10,750.00
1,000.00
483,000.00
300.00
505,250.00

•

JUNE 30, 1906.
Funded loan of 1891
Funded loan of 1891, continued at 2 per c e n t . .
Loan of 1904
'.
1

zn
tei
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teJ.
zn
d

TABLE E.—STATEMENT SHOWING THE PURCHASE AND REDEMPTION OF BONDS ON ACCOUNT OF THE SINKING FUND,

Year ended—

J U N E 30, 1907.
Oregon w a r debt
.
..
F u n d e d l o a n of 1891, c o n t i n u e d a t 2 p e r c e n t
L o a n of 1904
F u n d e d l o a n of 1907

Principal redeemed.

Premium paid.

N e t cost
in currency.

N e t cost
estimated in
gold.

ETC.—Continued.

Interest due
Accrued
a t close of fis- i n t e r e s t p a i d
cal y e a r .
i n coin.

!

B a l a n c e of
interest due at
close of
fiscal y e a r .

$9.00
56.66
1,039. 98
506,931.50

$9.00
35.04
371. 99
391,734.23

$20.62
667.99
115,197. 27

49,706.52

30,412,255.52

508 036.14

SQ9 i.^n 9fi

115,885.88

100.00
2,100.00
24,200.00
33,060,600.00

100.00
2,100.00
24,200.00
33,060,600.00

2.09
101.26
882.92
1,320,419.50

2.09
23.89
130.87
227,751.36

77.36
752.05
1,092,668.15

33,087,000.00

Total.

$49,705. 52

$150.00
8,200.00
27,900.00
30,376,005.52

33,087,000.00

1,321,405.76

227,908.20

1,093,497.56

1,029,561,525.00

68.508.222.18 $157,677,967.61 1,075,819,436.96

35, 606,683.90

9,924,861.79

25,680,822.11

$160.00
8,200.00
27,900. 00
30,326, 300. 00
30,362,550.00 |

Kl

J U N E 30. 1908.
F u n d e d l o a n of 1881
F u n d e d l o a n of 1891
L o a n of 1904
F u n d e d l o a n of 1907
Total
Grand total

DR.

July

1, 1907

J u n e 30,1908

TABLE F . — S I N K I N G F U N D ACCOUNT FOR FISCAL YEAR 1908.

T o b a l a n c e from l a s t y e a r
$624,078, 967.20
11,471, 781. 93
T o 1 p e r c e n t o n t h e p r i n c i p a l of t h e p u b l i c d e b t o n
J u n e 30, 1907, less c o i n certificates, T r e a s u r y n o t e s ,
a n d c a s h a v a i l a b l e for r e d u c t i o n of t h e d e b t , viz,
$1,147,178,192.54.
T o i n t e r e s t o n r e d e m p t i o n s p r i o r t o fiscal y e a r 1908...
47,074, 364. 51
T o i n t e r e s t o n $34,342,600, a m o u n t of d e b t " p a i d "
1,344, 586.18
d u r i n g fiscal y e a r 1908.




583,969,689.82

J u n e 30,1908

B y p r i n c i p a l of b o n d e d d e b t r e d e e m e d i n 1908
...
By accrued interest thereon
B y certificates of i n d e b t e d n e s s , f r a c t i o n a l c u r r e n c y ,
a n d n o t e s r e d e e m e d i n 1908.
By accrued interest thereon
By b a l a n c e

o
o
f.
f

CR.

087,000.00
227,908. 20
1 256,600.00
15,606. 94
549 383,674.68

583,969,689.82

>
o

tei
zn

123

SECEETAEY OF THE TEEASURY.

TABLE G.—POPULATION, N E T RECEIPTS A.NID N E T DISBURSEMENTS OF THE GOVEIIN^
MENT FRO.M 1837 TO 1908, EXCLUSIVF. OF POSTAL, AND P E R CAPITA OF THE RECEIPTS
AND P E R CAPITA OF DISBURSEMENTS.

Population.

Year.

1837
1838
1839
1840
1841
1842
1843 ( s i x m o n t h s )
1844
1845
1846
1847.
1848
3849
1850
1851
1852
1853
1854
1855
1856
1857
1858
.
1859
I860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
3872
1873
3874
1875
•
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
.
1888
1889
1890
1891
1892
1893...-•
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
.
1908

. . . .
.

......
....

...

.

...
.

.

..

16,655,000
16,112,000
16,584,000
17,069,453
17,591,000
18,132,000
18,694,000
19,276,000
19,878,000
20,500,000
21,143,000
21,805,000
22,489,000
23,191,876
23,996,000
24,802,000
25,6.15,000
26,433,000
27,256,000
28,083,000
28,916,000
29,753,000
30,596,000
31,443,321
32,064,000
32,704,000
33,365,000
34,046,000
34,748,000
35,469,000
36,211,000
36,973,000
37,756,000
38,558,371
39,555,000
40; 596,000
41,677,000
42,796,000
43,951,000
45,137, 000
46,353,000
47,598,000
48,866,000
50,155,783
51,316,000
52,495,000
53,693,000
54,911,000
56,148,000
57,404,000
58,680,000
59,974,000
61,289,000
62,622,250
63,947,000
65, .191,000
66,456,000
67,740,000
69,043,000
70,365,000
71,704.000
73,060; 000
74,433,000
76,295,220
77,754,000
79,117,000
80,847,000
81,867,000
83,260,000
84,662,000
86,074.000
87,496,000

Net receipts.

$24,954,153 00
26,302,562 00
31,482,750.00
19,480,115.00
16,860,160.00
19,976,197.00
8,302,702.00
29,321,374.00
29,970,106.00
29,699,968.00
26,495,769.00
35,735,779 00
31,208,143.00
43,603,439.00
52,559, 304.00
49,846,816.00
61,587,054.00
73,800,341.00
65,350,675.00
74,056,699.00
68,965,313.00
46,655,366.00
53,486,466.00
66,064,608. O
O
41,509,930.00
51,987,455 00
112,697,291.00
264,626,772.00
333,714,605.00
558,032,620.00
490,634,010.00
405,038,083.00
370,943,747.00
411,255,478.00
383,323,945.00
374,106,868.00
333,738,205.00
304,978,755.00
288,000,051.00
294,095,865.00
281,406,419.00
257,763,879.00
273,827,184.00
333,526,611. O
O
360,782,293.00
403,525,250.00
398,287,582.00
348,519,870.00
323,690,706.00
336,439,727.00
371,403,277.00
379,266,075.00
387,050,059.00
403,080,982.00
392,612,447.31
354.937.784.24
385,819,628.78
297.722.019.25
313,390,075.11
326,976,200.38
347,721,705.16
405,321,335.20
515,960,620.18
567,240,851.89
587,685,337.53
562,478,233.21
560,396,674.40
540,631,749.40
644,274,684.85
594,454,121.67
663,140,434.05
601,126,118. 53

Per capita on
receipts.

N e t disbursements.

$37,243,496.00
$1 59
33,865,059.00
1 63
26,899,128.00
1.90
24,317,679.00
L14
26,566,873.00
.96
25,205, 761.00
LIO
11,858,075.00
.89
22,337,571.00
L62
22,937,408.00
L51
27,766,925.00
1.45
57,281,412.00
1.25
45,377,225.00
L64
45,051,657.00
1.39
39,543,492.00
L88
47,709,017.00
2.19
44,194,919.00
2.01
48,184,111. 00
2.40
58,044,862.00
2.79
59,742,668.00
2.40
69,571,026.00
2.64
67,795,708.00
2.38
74,185,270.00
1.67
69,070,977.00
.
1.75
63,130,598.00
L78
66,546,645.00
1.29
474,761,819.00
1.59
714,740,725.00
3.38
865,322,614.00
7.77
9.60 1,297,655,224.00
520,809,417.00
15.73
357,542,675.00
13.55
377,340, 285.00
10.97
322,866,278.00
9.82
309,653,561.00
10.67
292,177,188.00
9.69
277,517,963.00
9.22
290,345,245.00
8.01
302,633,873.00
7.13
274,623,393. 00
6.55
265,101,085.00
6.52
241,334,475.00
6.07
236,964,327.00
5.42
266,947,884.00
5.60
267,642,958. O
O
6.65
260,712,888.00
7.00
257,981,440.00
7.68
265,408,138.00
7.41
244,126,244.00
6.36
260,226,935.00
5.76
242,483,138.00
5.86
267,932,179.00
6.33
6 32 a267,924,801.00
& 299,288,978.00
6.31
6.43 • 0 318,040,710.00
^365,773,905.35
6.14
345,023,330.58
5.44
383,477,954.49
5.81
367,525,279.83
4.40
356,195,298.29
4.54
352,179,446.08
4.65
365,774,159.57
4.85
443,368,582.80
5.55
605,072,179.85
6.93
487,713,791.71
7.43
509,967,353.15
7.56
471,190,857.64
7.11
506,099,007.04
6.93
582,402,321.31
6.60
567,278,913.45
6.54
568,784,799.06
7.02
678,903, 747.76
7.70
659,196,319. 68
6.87

Per capita
on
disbursements.
$2.38
2.10
1.62
1.42
1.51
1.39
1.27
1.16
1.16
1.35
2.71
2.08
2.00
1.71
1.98
1.79
1.88
2.20
2.19
2.48
2.34
2.49
2.26
2.01
2.08
14.52
21.42
25.42
37.34
14.68
9.87
10. 21
8.55
8.03
7.39
6.84
6.97
7.07
6.25
• 5.87
5.21
4.98
6.46
5.34
6.08
4.91
4.94
4.44
4.63
4.22
4.56
4.46
4.88
5.07
5.72
5.29
5.77
5.43
5.16
5.01
5.10
6.07
8.14
6.39
6.56
6.96
6.26
7.11
6.81
6.72
6.73
7.53

aThis includes $8,270,842.46 of "premiums on purchase of bonds."
& This includes $17,292,362.65 of "premiums on purchase of bonds."
cThis includes $20,304,224.06 of "premiums on purchase of bonds."
\
dThis includes $10,401,220.61 of "premiums on purchase of bonds."
NOTE.—Thenet receipts and disbursements and per capita on receipts for 1891 were erroneously
stated by the Register of the Treasury in his reports for 1891,1892, and 1893. (See Finance Reports for
those years, pp. 845, 767, and 906.)




124

REPORT ON THE EINANCE^.

T A B L E H . — I N T E R N A L A N D CUSTOMS R E C E I P T S A N D

E X P E N S E S O F COLLECTING, FROM

1858 TO 1908.
Year ended
June 30—

Receipts."
Dollars.

1858.
1859.
1860.
1861.
1862 .
1863.
1864.
1866.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876 .
1877.
1878.
1879.
1880 .
1881 .
1882.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
1893.
1894.
1895.
1896.
1897 .
1898.
1899.
1900 .
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.

Customs receipts.

Internal revenue.
Expenses of collecting.?'
Per cent.

('i
\d)
Ul)
\cl)

37,640, 787.
109,741,134.
209,461,215.
309,226,813.
266,027,537.
191,087,589.
158,356,460.
184,899,756.
143,098,153.
130,642,177.
113,729,314.
102,409,784.
110,007,493.
116,700,732.
118, 630,407.
110,581,624.
113,561,610.
124,009,373.
135,264,385.
146,497,595.
144,720,368.
121,586,072.
112,498,725.
116,805,936.
118,823,391.
124,296,871.
130,881,513.
142,606,706.
145,686,249.
153,971,072.
161,027,623.
147, 111, 232.
143,421,672.
146,762,864.
146,688,574.
170,900,641.
273,437,161.
295,327, 926.
307,180,663.
271,880,122.
230,810,124.
232,904,119.
234,095,740.
249,150,212.
269,666,772.
251,711,126.

.29
.23
.18
1.87
2.77
4.66
4.59
3.92
5.30
4.36
4.69
4.40
3.89
3.38
2.99
2.96
3.10
2.95
3.20
2.80
3.06
3.47
3.42
3.06
3.22
2.92
2.88
2.65
2.76
2.62
2.57
2.55
2.62
2.62
2.46
2.17
1.59
L51
1.43
1.60
L95
1.94
1.86
L76
1.72
1.85

Receipts.^
Dollars.
41,789,620.96
49,665,824.38
53,187,5n. 87
39,582,125.64
49,056,397.62
69,059,642.40
102,316,152.99
84,928,260.00
179.046.651.68
176,417,810.88
164.464.599.56
180,048,426.63
194,538,374.44
206,270,4€8.05
216,370,286.77
188,089,522.70
163,103,833.69
157,167,722.35
148.071.984.61
130,956,493.07
130,170,680.20
137,250,047.70
186,522,064.60
198,159,676.02
220,410,730.25
214,706,496. 93
196,067,489.76
181,471,939.34
192.905.023.44
217,286,893.13
219,091,173. 63
223.832.741.69
229.668.584.57
219,622,205.23
177,452,964.15
203^ 355,016.73
131.818.530.62

152.158.617.45
160,021,751.67
176,554,126.65
149,576,062.35
206,128,481.75
233,164,871.16
238,585,455.99
254,444,708.19
284,479,58L81
261,274,564.81
261,798,856.91
300,261,877.77
332.233.362.70
286,113,130.29

Expenses of collecting, c
Per cent.
6.94
6.85
6.27
7.18
6.67
4.60
4.09
6.39
2.98
3.26
4.65
2.99
3.20
3.18
3.21
3.76
4.49
4.47
4.63
4.96
4.47
3.96
3.23
3.22
2.96
3.07
3.44
3.58
3.33
3.16
3.27
3.14
2.98
3.17
3.74
3.32
6.16
4.43
4.52
4.01
4.78
3.57
3.20
3.23
3.13
~ 2.98
3.32
• 8,665,636.37
3.48
9,115,499.44
3.00
8,997,669.41
2.55
9.436.752.68
3.35
9,580,626.25
Dollars.

2,903,336.89
3,407,931.77
3,337,188.15
2,843,456.84
3,276,660.39
3,181,026.17
4,192,582.43
5,415,449. 32
6,342,469.99
5,763,979.01
7,641,116.68
5,388,082.31
6,233,747.68
6,668,350.61
6,950,173.88
7,077,864.70
7,321,469.94
7,028,521.80
6.704.858.09
6,501,037.67
5,826,974.32
5,477,421.62
6,023,253.53
6.383.288.10
6,506,359.26
6,593,509.43
6,709,485.76
6,494,847.29
6.427.612.67
6,855,801.74
7,156,187.77
7,030,487.00
6,859,986.09
6,964,367.09
6,646,276.05
6,766,790. 98
6,791,872.86
6,736,690.92
7,237,796.40
7,075,372.05
7,152,276.58
7,361,562.83
7,467,692.48
7,713,418.82
7,967,472.89
8,468,710.19

a. Based on warrants issued.
& The cost of collecting the internal revenue embraces the following items: Salaries and expenses of
collectors, including pay of deputy collectors, clerks, etc., and including expenses incident to enforcing the provisions of law taxing oleomargarine; salaries and expenses of revenue agents, surveyors of
distilleries, gaugers, storekeepers, and miscellaneous expenses; paper for internal-revenue stamps,
and expenses of detecting and punishing violations of internal-revenue laws.
cThe expenses of collecting the revenue from customs includes all .sums drawn from the appropriation made by Congress forthat purpose. The money is expended for salaries, rents, labor in weighing,
gauging, and measuringimported merchandise, revenue boatraen, repairs, and other expenses inci dent
to rented buildings, stationery, and the traveling expenses of special agents, but does not include
disbursements for revenue cutters, fuel, lights, water, furniture, janitors, etc., for buildings owned
by the Government, nor disbursements for erecting new buildings, all of which are paid for from
specific appropriations made for those purposes.
The expenses of collecting internal and customs revenue do not include the disbursements for
salaries;etc., incident to auditing these accounts in the Departraents at Washington.
d No data.




TABLE I.—STATEMENT SHOWING THE RECEIPTS AND DISBURSEMENTS OF THE GOVERNMENT BY MONTHS; THE LEGAL-TENDER NOTES, N E T GOLD,
AND AVAILABLE CASH IN THE TREASURY AT THE END OF EACH M O N T H ; THE MONTHLY REDEMPTION OP LEGAL-TENDER NOTES IN GOLD,
AND THE IMPORTS AND EXPORTS OF GOLD, FROM JULY, 1896, TO J U N E , 1908, INCLUSIVE.

Month.

1896—July
August
September.
October
November.
December .
1897—January . . .
Februa'ry..
March
April
May
June...
T o t a l for 12 m o n t h s
July
August
September.
October
November.
December .
1898—January . . .
February..
March
April
May
June
T o t a l for 12 m o n t h s .
July
August
September.
October—
November.
December .

DisburseexcluR e c e i p t s , [ments, postal, |
e x c l u s i v e of jsiveof i p a l of
princ
postal.
debt, a n d
premium.
$29, 029,209
25, 562,097
24, 584,245
26, 282,830
25, 210,696
25, 857,114
24, 316,994
24, 400,997
36, 217,662
37, 812,135
29, 797,391
36, 584,708

$42,088,
35,701,
26,579,
33,978,
33,260,
23,812,
30,269,
28,796,
27,212,
32,072,
29,109,
22,934,

347,721,705

365,774,160

027,364
023,615
933,098
391,416
363,605
646,698
333,628
572,358
958,751
012,943
074,818
509,313

60,100,909
33,588,047
25,368,816
33,701,512
37,810,839
27,634,092
36,696,711
26,599,256
31,882,444
44,314,062
47,849,909
47,852,282

405,321,335
43,847,109
41,782,708
39,778,070
39,630,051
38,900,915
41,404,794

Surplus
receipts.

Legal-tenderj
Available
Legal-tender
Net gold
cash balance,
notes
notes
in Treasury,
including
redeemed
i n Treasury.
in gold.
net gold.

a$13,059,259 $102,125,226 $110,718,746 $256,158,473
111,800,038
a 10,139,580
243,346,401
100,957,561
98,868,949
124,034,672 241,164,457
al, 995,290
96,535,206
117,126,524 233,572,762
a7, 695,447
75,034,912 131,510,353
225,357,098
as, 050,024
70,628,317
137,316,544 223,320,380
2,044,449
48,609,678
.144,800,493 215,362,421
a 5,952,395
41,425,059
212,837,256
148,661,209
a 4,396,060
50,593,846
004,664
151,786,464 222,045,606
53,480,533
740,038
153,340,890 228,090,517
61,188,187
688,132
230,113,813
144,319,563
67,929,521
140,790,738 240,137,627
13,650,013

E x p o r t s of
gold.

140,817,699
144,216,377
147,663,105
153,573,147
157,363,851
160,911,547
164,236,793
167,623,182
174,584.136
181,238.137
171,818,055
167,004,410

233,016,457
2.18,561,207
215,192,787
207,756,100
220,663,560
235,474,769
223,871,786
225,564,204
226,166,944
215,810,622
195,764,815
205,657,571

61,099,556
74,263,475 a 30,416,366
68,345,061
56,260,718 a 14,478,010
39,230,848
54,223,921 a 14,445,851
21,587,896
63,982,277 a 14,352,226
16,166.768
49,090,981 a 10,190,066
15,380; 807
a 460,014
41,864,808
a E x c e s s of d i s b u r s e m e n t s .

189,444,714
217,904,485
243,297,543
239,885,162
241,663,444
246,629,176

254,844,215
294,487,085
307,557,504
300,238,275
292,376,790
294,764,695

443,368, 583 a 38,047,248

$1,667,986
4,289,538
34,347,009
28,193,769
7,487,300
2,801,044
943,306
830,180
1,439,439
971,506
951,515
1,092,188

$11,931,436
1,972,644
93,655
368,007
468,010
431,826
442,365
353,147
576,205
6,631,216
9,468,471
7,625,808

85,014,780

40,361,580

5,275,143
3,116,276
2,742,173
2,096,301
2,110,416
2.019,399
i;209,916
1,635,813
1,583,770
1,155,907
548,997
903,852

938,961
4,720,569
4,723.181
11,775,483
3,054,089
2,682,405
6,493,414
6,162,681
30,708,320
32,579,858
13,322, 111
3,330,612

6,462,869
1,983,588
142,922
313,311
699, 513
577,996
2,658,663
1,030,412
728,707
1,323,724
109,157
375,629

24,397,963

306,457
500,670
578,689
952,343
974,898
789,433
617,220
291,680
381,277
820,008
692,454
605,387

$17,285,078
12, 369,725
4,661,446
12,073,835
'4,062,410
1,131,846
946,068
924,124
1,249,329
7,502,008
8,882,600
7,113,445
V8,201,914

a 18,052,455
a 11,073,
a 14,564,
a 3,435,
a 9,310,
5,552,
32,012,
636,
1,973,
1,076,
all, 301,
a 17,775,
a 14,342,

I m p o r t s of
gold.

120,391,674

15,406,391

4,091,067.
613,762
443,871
347,578
653,253
2,674,754

641,668
296,811
808,341
738,353
324,601
757,182

1,497,013
1,956,908
3,102,810
1,279,926
913,467
1,219,638

NOTE.—yhe receipts and disbursements by months are made up-from partial reports, and, being subject to change by subsequent concentration of accounts, do not agree
with the totals by years. The latter are the actual results, as shown by complete returns.




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TABLE I.—STATEMENT SHOWING THE RECEIPTS AND DISBURSEMENTS OF THE GOVERNMENT BY MONTHS,

Month.

1899—January ..
February.
March
April
May
June
Total for 12 months .
July
August
September.
October
November.
December .
1900—January . . .
February..
March
April
May
June
Total for 12 months.
July
August
September.
October
November.
December .
1901—January . . .
February..
March . . ' . . .
April
May
June
Total for 12 months




Disbursements, excluReceipts, sive of postal
exclusive of principal of
postal.
debt, and
premium.

Surplus
receipts.

$41,774,930
37,979,333
57,030,240
41,611,587
44,786,014
47,126,915

$51,122, 771
43,918,929
42,978,571
65,949,106
40,513,005
31,382,762

a$9,347,841
a 5, 939,596
14,051,669
a 24,337,519
4,273,009
15,744,153

515,960,620

605,072,180
56,561,090
45,522,312
37,579,372
44,174,027
40,769,848
39,145,560
39,189, 097
37,738,472
32,188, 271
40,903,928
40,351,525
33,540,673

a 8,506,832
4,455,861
7,754,773
3,359,562
6,176,724
7,613,544
8,823,068
7,892,793
16,538,566
4,135,399
4,814,528
17,895,159

567,240,852

487,713,792

Available Legal-tender
Legal-tender
notes
Net gold
cash balance,
notes
in Treasury,
redeemed
including
in Treasury.
in gold.
net gold.

53,979, 653
50,600,199
39,169, 971
47,993, 638
41,278,661
40,204, 622
40,109,707
38,880, 636
40,762,862
41, 968, 246
42,136,561
33,045,147

a 4,024,492
a 811,443
6,134,355
3,632,429
7,065,854
6,641,886
7,410,580
6,963,487
9,128,263
5,799,605
10,492,879
17,288,761

587,685,338

509, 967, 353

77,717, 985

Exports of
gold.

16,317, 766
18.246.243
17,066,521
16,615,736
16,848,640
17,817,580
16.455.244
14,322,423
10,268,313
13,426,509
19,946,308
27,141,405

26,781,125
26,661,394
20,468,514
11,680,495
11,408,327
10,700,362
12,817,781
11,358,967
9,944,303
9,165,801
12,304,350
14,455,758

245,254,534
248,757,971
254,328,820
2.52,223, 797
239,744,905
236,909,230
218,613,617
232, 225,336
248,358,064
229, 461, 962
218,857,545
220,557,185

223,567,376
218, 263,969
2.30,131,162
242,670,175
243, 235,735
246,561,322
221,183,644
231,150, 064
249,046,644
246,767,053
244,432,246
248, 605, 794

274,844,167
279,352,872
287,695,613
289,391,540
286,216,440
283,595,453
292,490,973
298,362,824
306,792,996
296,117,548
295,783,530
305,705, 655

299,859,366
285,419,696
288,204,878
287,005.032
289,176,791
290,107,336
293,012,973
298,915,149
308,443,522
306,494,208
312,338,469
326,833,125

$4,237,722
3,001,905
2,343,753
1,781,270
2,725,378
2, 737,952

$6,392,344
5,148,906
3,187,575
2,482,871
3,070,265
3,105,686

$1,755,451
667,962
1,109,845
1,162,484
2,049,255
20,908,327

88,954,603

37,522,086

2,208,091
2,076,548
1,106,220
888,828
1,225,020
1,837,112
3,191,433
' 1,590, 041
1,132,563
6,072,805
8,482,051
6,788,626

2,895,469
5,391,411
2,593,b94
8,542,254
2,904,043
5,620,246
1,992,692
1,911,116
1,921,036
3,388,813
3,683,634
3,728,576

2,606,457
2,099,062
618,995
379,752
264,310
11,857,511
5,691,290
1,403,658
1,081,280
1,961,580
12,209,596'
8, 093,268

35,598,337

$228,652,341 $274,584,676
269,103,513
231,124,638
245,413, 707 284,043,164
263,127,533
246,140,226
267,584,094
228,415,238
281,380,469
240,737,212

79,527,060

955,161
688,756
304,326
626,067
344, 515
846,508
620,287
844,123
891,125
767,851
629,440
333,908

Imports of
gold.

25,652,265

$16,856,385
16,577,439
14,705,478
14,317,850
15,169,090
16,191,155

a 89, 111, 560

054,258
978,173
334,145
533,689
945,572
759,104
012,165
631,265
726,837
039,327
166,053
435,832

ETC.—Continued.

44,673,184

48,266,759

11,263,332
4,238, 358
7,861,553
10,731,375
12,641,988
3,386,611
4,265.626
1,859,274
2,520,455
2,249,038
1,772, 834
3,260, 743

3,272,739
18,084,938
806,572
441.962
677,207
410,533
8,221,159
416,812
490,269
4,916,965
10,101,177
5,344,844

66,051,187

•63,185,177

2,639,656
1,442,265
1,001,519
1,530,704
3,955,240
2,379,510
7,100,411
1,500. Ill
515;652
885, 525
819,985
452, 533
24,223,111

fei
O

O

fej

>
O
fei
zn

July
August
September.
October
November.
December .
1902—Ja;nuary . . .
February,.
March . . . 1.
April .'.:..•.
Ma;y . , . ; . J ' . .

June
Total.for 12 months.
July
August
September.
October . . .
November.
December .
1903—January . . .
February..
March.....
April.......
May
June
Total for 12 months .
July
August
September.
October
November.
December .
1904—January...
February..
March ..'...
. April
May . . .
June..




52,320,340
45,394,126
44,434,423
49,831,953
45,716,777
47,061,965
46,682,144
41,159,739
46,601,414
46,216,390
49,609,449
49,677,469

62,307,591
39,351,498
32,310,736
40,646,936
40,198,917
37,318,998
38,-548,278
39,099,291
38,102,437
40,799,263
38,746,798
33,837,859

12,749
6,042,628
12,123,687
9,186,017
6,517,860
9,742,967
8,033,866
2,060,448
8,398,977
4,416,127
10,762,662
16,839,609

562,478,233

471,190,878

13,973,412
12,837,975
8,732,369
7,949,374
7,437,299
5,670,893
11,088,847
11,456,896
10,069,052
8,662,329
8,700,602
12,586,618

249,955,831
258,456,786
251,635,364
269,346,494
257,539,887
262,800,634
239,040,401
238,821,209
244,858,050
242,945,286
246,554, 393
253,801,291

327,368,877
329,971,356
319,919,880
325,665,697
317,010,665
321,603,279
324,796,646
325,361,866
327,856,289
334,739,983
346,350,229
362,187,361

9,379,762
6,617,492
3,845,140
3,089,656
3,028,960
3,042,732
6,561,025
4,395,124
2,487,162
4,732,027
6,717,736
12,598,801

248,006,005
264,657,694
286,124,771
263,542,933
264,967,774
270,777,264
247,783,746
259,651,782
276,815,803
262,539,660
256,208,626
254,162,230

353,974,699
359,491,501
371,253,394
356,421,878
354,576,588
364,409,380
368,345,963
374,543,470
372,921,989
373,326,187
375,168,898
388,686,114

560,396,674

56,813,568 . a 7,507,877
5,492,202
43,113,611
11,025,583
37,554,798
4.486.297
46,904,965
658,743
43,040,268
10,617,666
36,533,744
3,364,094
42,632,244
5,277,430
37,750,750
447,848
44,987,687
1,662,287
41,763,814
3,626,973
40,586,997
13,764,316
34,589,738
506,099,007

11,673,873
11,423,194
10,466,039
5,813,498
2,434,085
3,486,725
9,076,523
9,433,542
5,330,470
7,037,750
9,475,212
12,997,534

248,499,879
253,201,871
260,714,057
258,892,307
267,Oil, 715
265,571,972
229,362,090
236,241,028
248,529,691
231,877,090
217,592,391
216,183,723

378,291,444
383,450,710
389,417,184
378,637,402
369,237,430
379,374,895
378,745,084
373,068,505
374,699,996
370,919,188
313,287,516
322,051, 568

4,076,113
3,490,628
11,905,431
9,138,638
7,431,678
2,791,522
1,405,787
1,696,967
2,636,313
1,864,767
1,497,053
4,086,457

2,875,120
150,861
163,362
4,066,747
16,292,500
4,744,123
1,973,676
8,665,480
4,432,946
2,844,214
1,968,407
391,525

18,757,180

91,287,376

49,305,691
48,605,813
48,680,381
61,391,262
43,599,001
47,151,300
46,996,338
43,028,180
45,435,436
43,326,101
44,113,970
48,354,054

845,565
2,315,616
881,012
2,409,965
1,824,251
2,314,174
5,216,580
1,139,411
272,793
377,005
460,653
700,255

48,568,960

1,594,421
5,143,597
4,981,130
11,118,446
6,981,743
2,186,636
2,010,851
1,817,456
4,567,728
1,349,621
1,462,845
2,767,653

7,884,339
2,305,714
630,029
1,460,829
720,331
2,853,112
85, 961
1,606, 370
1,042, 598
1,705,466
14,488,268
12,607,688

8,267,245

54,297,667

62,021,254.

614, 925
386,665
329,870
438,140
388,012
581,940
1,152,600
372,426
528,110
1,199,065
1,336,376
1,039,228

44,982,027

47,090,595

1,033,060
707,110
443,595
727,685
697,645
1,149,135
1,396, 920
1,080,698
1,054,800
1,070,818
1,235,428
958,600

4,631,207
7,848,553
5,184,858
5,026,036
11,370,690
17,230,298
8,225,508
5,034,372
8,855,162
10,289,869
10,472,582
4,886,233

9,117,758
H
84,776
W
998,076 ^ fel
352,177
Ul
993,150
1,464,656
d
591,667
732,614
3,063,458
19,470,167
43,069,053
1,522,544

99,055,368

81,469,986

zn
fel

o
^
fel
H

>
^l
K
•§
H

w

fel
48,611,576
49,852,678
44,969,819
46,963,213
44,692,595
42,747,592
41,688,370
45,895,407
44,761,499
41,529,422
41,688,060
48,215,414
540,631,749

56,388,189, a 7,776,613
43,024,546
6,828,133
6,538,855
38,430,964
a 4,947,266
51,910,479
a 2,735,193
47,427,788
10,491,787
32,255,805
a 6,784,184
48,372,554
3,240,635
42,654,772
3,067,101
41,704,398
a 6,480,843
47,010,265
96,418,473 a 54,730,413
11,218,399
36,997,015
582,402,321

a 41,770,572

11,555,194

>

^

aExcess of disbursements.

to

T A B L E L — S T A T E M E N T SHOWING T H E R E C E I P T S AND DISBURSEMENTS OF T H E GOVERNMENT BY M O N T H S ,

ETC.—Continued.

to

Month.

1904—July
August
September.
October
November.
December .
1905—January . . .
February..
March.. . i .
April
May
June
Total for 12 months .
July
August
September.
October
November.
December.
1906—January . . .
February..
March
April
May
June
Total for 12 months.
July
August
September.
October
Noyember.
December..




DisburseexcluEeceipts, ments, postal,
sive of
exclusive of principal of
postal.
debt, and
premium.
J46,786,387
44,903,392
46,344,683
48,990,608
45,576,877
45,047,906
43,410,285
44,608,073
46,267,756
39,778,182
43,758,933
47,950,777

QO

Surplus
receipts.

$64,194,115 a$17.407, 728
61,246,604
a 6,343,212
40,450,358
5,894,325
62,943,122
a 3,952,514
49,697,548
a 4,120,671
41,497,698
3,550,207
49,628,299
a 6,218,014
41,461,234
3,146,839
45,295,127
972,639
48,989,601
a 9,211,419
46,719,056
a 2,960,123
35,288,849
12,661,928

644,274,685

567.278,913
63,128,796
52,150,494
41,309,677
55,710,038
46,871,085
44,931,746
46,919,736
43,720,698
45,769,669
47,025,106
46,848,211
36,342,309

a 13,833,762
a 4,660,062
8,941,482
a6,217,346
2,129,784
6,418,717
3,870,360
4,474,030
4,861,500
a 1,932,238
2,131,813
20,024,772

694,464,122

568,784,799
65,813,722
47,848,450
40,270,155
64,617,789
48,322. 507
46 637,586

a 13,514,869
8,159,147
11,227,036
2,624, 210
7,279,991
9,275,394

Exports of
gold.

15,290,666
13,206,652
10,372,232
6,600,158
3,626,744
3,474,041
9,016,456
10,650,684
9,182,840
9,671,656
11,154,905
10,789,476

224,372,884
235,466,527
263,331,814
273.076.079
285,582,811
284.836.080
259,856,877
276,418,068
284,378,284
260,229,777
269,690,707
290,489,841

279,865,731
277,597,345
286,823,693
281,815,289
285,310,840
289,780,373
293,885,083
302,718,086
309,859,322
307,126,224
310,386,376
330,689,355

10,238,628
7,968,918
3,844,856
2,182,349
3,436,118
4,787,834

290,313,464
311,358,446
313,714,775
302,973,951
317,952,371
313,999,622

319, 963,942
350,686,875
371,213,096
373,300,810
381,470,287
388,997,076

$1,352,975
699,055
547,135
578,870
734,290
832,668
2,198,355
945,015
1,060,920
796,221
1,041,695
.1,071,055

$8,925,418
7,764,491
4,241,035
8,045,275
4,727,105
3,336,184
1,895,691
2,192,919
6,133,692
2,581,057
2,657,143
2,149,051

$1,083,249
10,762,818
2,744,448
3,855,649
20,813,443
13,502,827
16,828,168
14,794,312
2,392,784
1,303,874
481,570
4,030,882

53,648,961

92,594,024

4,973,241
3,213,216
• 5,543,692
10,722,132
5,202,790
4,028,881
2,605,709
2,079,683
5,630,695
14,941,583
34,911,028

1,159,274
274,153
1,412,904
310,696
1,137,318
2,668,532
5,741,665
8,486,330
5,918,627
2,486,552
5,722,148
3,256,392

11,645, 005

$304,081,579
297,975,365
301,414,163
296,352,797
293, 344,658
296,592,689
290,625,796
290,681,839
291,821,624
284,318,681
281,141,378
295,477,492

25,669,323

52,298,853
56,007,597
51,497,191
67,241,999
55,602,498
65,812,980

Imports of
gold.

11,858,254

$15,104,016 $197,445,631
13,926,610
199,512,294
223,098,966
9,862,159
231,060,229
4,609,708
233,812,615
. 4,101,449
229,664,318
4,472,335
201,244,581
12,325,203
202,857,181
14,108,050
221,231,681
14,679,367
212,331,729
15,051,220
218,172,921
14,430,032
221,381,650
14,401,301

a 23,004,228

273,134
490,432
251,159
492,692
000,869
350,463
790,096
194,728
631,169
092,868
980,024
367,081

Available Legal-tender
Legal-tender
Net gold cash balance,
notes
notes
redeemed
in Treasury. in Treasury. including
net gold.
in gold.

96,221,730-

38,573,591

981,905
900,840
429,515
892,305
1,183,145
1,420,050

9,834,333
7,972,868
31,431,038
27,250,852
8,935,274
7,617,237

1,302,248
598,078
2,278,922
7,074,544
1,963,767
1,880,895

769,230
662,060
459,645
751,154
895,676
1,744,380
889,170
1,067,135
971,455
• 1,464,933
896,560

O
O

fel

O
fel
zn

56,237,500
63,925,496
54,221.954
53,260; 592
57,488,012
62,711,463

1907—January
February
March
April
May
June

r

Total for 12 months,
July
August
September
October
November
December
1908—January
February
March
April
May
June

.,

Total for 12 months

47,827,241
45,720,316
43,602,007
48,071,134
48,912,801
40,816,883

7,410,259
8,205,180
10,619,947
5,189,458
8,576,211
21,894,580

663,140,334

678,903,748

8,135,752
7,771,407
4,944,821
4,715,016
3,592,043
4,423,426

285,Oil,577
310,617,216
310,760,992
296,040,433
292,821,224
304,619,431

394,708,206
400,164,666
402,868,003
401,388,342
407,629,666
422,061,446

5,586,496
4,188,283
3,562,043
3,437,937
2,006,992
1,415,538
7,516,877
9,638,200
13,181,963
10,462,172
11,504,843
7,303,164

293,670,624
284,300,724
280,808,512
237,987,850
245,500,558
249,344,971
217,475,100
210,382,518
204,492,080
193,772,017
213,684,683
221,924, 733

388,574,188
386,660,408
389,551,314
387,227,019
400,551,014
419,519,991
416,417,301
418,845,804
412,608,191
401,596.987
390,933,256
395,171,808

84,236,586

906,465
226.282
438,483
028,246
629,326
283,828
435.283
324,900
616,965
919,321
698,053
488,613
601,126,119

66,813,346 a 10,906,881
3,588,492
54,637,790,
48,539,358
2,899,125
68,544,357
483,889
42,362,209
3,167,117
55,818,874
a 8,535,046
68,817,658
a 9,382,375
66,730,007
0 8,405,107
53,201,329
0 8,584,364
59,888,785 o 15,969,464
54,657,043 0 11,958,990
49,541,369
3,947,244
659,196,320

3,270,605
3,329,867
5,046,243
4,974,527
2,682,163
2,165,342

2,460,072
1,127,059
2,126,173
2,219,844
4,505,444
23,872,140

12,792,165

o 58,070,201

2,597,885
855,755
648,580
879,340
1,039,870
1,062,975

114,610,249

51,399,176

3,410,782
3,223,772
2,769,019
4,512,466
63,574,871
44,448,515
10,799,484
2,847,133
3,649,407
2,561,197
3,101,002
3,449,673

7,478,366
4,596,879
1,503,836
3,716,258
615,169
1,004,441
444,200
1,967,597
1,447,206
14,476,341
26,565,913
8,626,718

zn

148,337,321

72,432,924

H<

2,723,095
2,100, 980
1,722,005
2,664,020
673,235
482,985
1,909,590
1,659,240
2,839,745
1,751,815
1,178,060
1,715,242
21,320,012

. a Excess of disbursements.
NOTE.—The receipts a n d disbursements by months are made up from partial reports, and, being subject to change by subsequent concentration of accounts, do not agree
with t h e totals by years. The latter are the actual results, as shown by complete returus.




o
w
>
O
fel
H
fel
H
W
fel

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zn

w
K}

to
CO

130

REPORT ON T H E

EINANCES.

TABLE J.—STATEMENT OF RECEIPTS OF THE UNITED STATES FROM MARCH 4,
1789,
J U N E 30) FROM THAT TIME. FOR POSTAL

?
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1816
1816
1817
1818
1819
1820
1821
1822
1823
1824
1826
1826
1827
1828
1829
1830
1831
1832
1833
1834
1836
1836
1837
1838
1839
1840
1841
1842
18430
1844
1846
f846
1847
1848
1849
1850
1861
1852
1853
1854
1856
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865

Balance in
the Treasury at
commencement of year.

Customs.

Internal revenue.

Direct tax. Public lands.

Miscellaneous.

$10,478.10
$4,399,473.09
$208,'942." si
9,918.65
3,443,070.85
$973,'965."75
21,410.88
337,705.70
783,444.51
4,255,306.56
63,277.97
274,089.62
4, ^1,065.28
753,661.69
28,317.97
337,755.36
1,151,924.17
5,588,46L26
$4,"836.*i3 1,169,415.98
616,442.61
6,567, 987.94
475,289.60
899,139.29
7,549,649.65
83,540.60
888,995.42
575,491.45
68,192.81
11,963.11
1,021,899.04
7,106,061.93
644,357.95
86,187.56
617,451.43
779,136.44
6,610,449.31
2,161,867.77
9,080,932.73
809,396.55 ""$734,'223.'97
152,712.10
""443." 75
623,311.99
10,750,778.93
1,048,033.43
345,649.15
534,343.38
167,726.06
3 295,391.00
12,438,235.74
621,898.89
1,500,505.86
206,565.44
188,628.02
5,020,697.64
10,479,417.61
215,179.69
131,946.44
71,879.20
165,675.69
4,825,811.60
11,098,565.33
50,941.29 • 50,198.44
139,075.53
487,626.79
4,037,005.26
12,936,487.04
21,747.15
40,382.30
21,882.91
640,193.80
3,999,388.99
14,667,698.17
20,101.45
61,121.86
55,763.86
766,245.73
4,538,123.80
15,845,621.61
13,051.40
38, 550.42
34,732.56
466,163.27
9,643,850.07
16,363,650.58
8,190.23
21,822.85
19,159.21
647,939.06
9,941,809. 96
7,257,506.62
4,034.29
62,162.57
7,517. 31
442,252.33
3,848,056.78
8,583,309. 31
7,430.63
84,486.84
696,548.82
12,448.68
2,672,276.67
• 2,295.95
59,211.22
1,040,237.63
13,313,222.73
7,666.66
3,502,305.80
4,903.06
126,165.17
859.22
.710,427.78
8,958,777:63
3,862,217.41
13,224,623.26
4,755.04
271,571.00
3,805.52
836,655.14
5,196,542.00
5,998,772.08
• 1,662,984.82 2,219,497. 36 1,135,971.09
164,399.81
1,727,848.63
7,282,942.22
4,678,059.07 2,162,673.41
285,282. 84
1,287,959.28
13,106,592.88
36,306,874.88
5,124,708.31 4,253,635.09
273,782.35
1,717,985.03
22,033,519.19
26,283,348.49
2,678,100.77 1,834,187.04
1,991,226.06
109,761.08
14,989,465.48
17,176,385.00
955,270.20
57,617. 71
264,333.36
2,606,564.77
1,478,526.74
20, 283,608.76
229,593.63
57,098.42
83,650.78
3,274,422.78
2,079,992.38
15,005, 612.15
106,260.53
61,338.44
31,586.82
1,635,871.61
1,198,461.21
13,004,447.15
69,027.63
152,589.43
29,349.05
1,212,966.46
1,681,592.24
17,589, 761. 94
67,665.71
452,957.19
20,961.56
1,803,581.54
4,237,427.55
19,088,433.44
34,242.17
141,129.84
10,337.71
916,623.10
9,463,922.81
17,878.325.71
34,663.37
6,201.96
984,418.15
127,603.60
1,946,597.13
20,098,713.45
• 25,77L35
2,330.85
1,216,090.56
130,451.81
5,201,650.43
23,341,331.77
21,589.93
94,588. 66
6,638.76
1,393,785.09
6,358,686.18
19,712,283.29
19,886.68
1,315,722.83
2,626.90
1,495,845.26
6,668,286.10
23,205,623.64
17,45L54
65,126.49
2,218.81
1,018,308.75
5,972,435.81
22,681,965.91
14,502.74
112,648.55
1,517,175.13
11,335.05
5,755,704.79
21,922,391.39
12,160.62
73,227.77
16,980.59
2,329,356.14
6,014,539.75
24,224,441.77
6,933.61
584,124.05
10,506.01
3,210,815.48
4,502,914.45
28,465,237.24
11,630.65
270,410.61
6,791.13
2,623,381.03
2, Oil, 777.55 29,032,508.91
2,759.00
394.12
3,967,682.55
470,096. 67
11,702,905.31
16,214,957.16
4,196.09
4,857, 600.69
480,812.32
19.80
8,892,858.42
19,391,310.59
10,459.48
759,972.13
4,263.33 14,757,600.75
26,749,803. 96
23,409,940.58
370.00
728.79 24,877,179.86
2,245,902.23
46,708,436.00
11,169,290.39
5,493.84
1,687.70
6,776,236.52
7,001,444.59
37,327,252.69
16,158,800.36
2,467.27
6,410,348.46
3,730,945.66
36,891,196.94
2,553.32
23,137,924.81
755.'22 7,361,576.40
979,939.86
33,157,503.68
13,499,502.17
1,682.25
2,567,112.28
3,411,818.63
29,963,163.46
14,487,216.74
3,261.36
1,365,627.42
1,004,054.75
28,685, 111. 08 18,187,908.76
495.00
1,335,797.52
451,995.97
30,521,979.44
7,046,843.91
103.25
898,158.18
285,895.92
39,186,284.74
26,183,670.94
1,777.34
2,059, 939.80 1,075,419.70
36,742,829.62
27,628,112.70
3,'517.12
2,077,022.30
361.453.68
36,194,274.81
26,712,667.87
2,897.26
2 694 452 48
289,950.13
23,747,864.66
38,261,969.65
375.00
2,498,355.20
220,808.30
33,079,276.43
31,757,070.96
375.00
612.610.69
3 328,642.56
29,416,612.45
28,346,738.82
1,688,959.55
685,379.13
32,827,082. 69
39,668,686.42
1 859 894 25 2,064,308.21
49,017,567.92
35,871,753.31
2,352,305.30
1,185,166.11
40,158,353.25
47,339,326.62
2,043,239.58
464,249.40
43,338,860.02
58,931,865.52
1,667,084.99
988 081 17
60,261,901.09
64,224,190.27
8,470,798.39
1,105,352.74
48,591,073.41
53,025,794.21
11,497,049.07
827 731 40
64,022,863.50
47;777,672.13
8,917,644.93
1,116,190.81
49,108,229.80
• 63,876,905.05
3,829,486.64
1,259,920.88
46,802,855.00
41,789,620.96
3 513 715 87 1,352,029.13
35,113,334.22
49,565,824.38
1,454,596.24
1!756,687.30
33,193,248.60
53,187,611.87
1,088,530.25
1,778,657.71
32,979,530.78
39,582,125.64
1,023,515.31
870,658.64
30,963,857.83
49,056,397.62
915,327.97
1,795 33i'73
152,203.77
46,965,304.87
3,741,794.38
69,059,642.40
37,'646,"787'95 1,485; 103.61
167,617.17
36,523,046.13
102,316,152. S9
109,741,134.10
475,648.96
688,333.29 30,291,701.86
134,433,738.44
84,928,260.60
209,464,215.25 1,200,573.03
996,553.31 25.441,556.00
•




aFor the half year from

131

SECEETAEY OF T H E TEEASUEY.
TO, J U N E 30, 1908, BY CALENDAR YEARS TO
REVENUES.
SEE TABLE L , P A G E 144.

Net ordinary
receipts.

1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807

961.19

Premiums.

1843

AND

BY

FISCAL YEARS (ENDED

Receipts
from l o a n s a n d | Gross r e c e i p t s .
Treasury
notes.
$361,391.34

Unavailable.

771,342.

3 669, 960.31
5,102,498.45
772,458.
1,797,272.01^
450,195.
4 652, 923.14
4,007,950.78
439,855.
5 431, 904.87^
3,396,424.001
515,758.
6 114, 534.59 $4,800.00
320,000.00
740,329.
8 377, 529.65 42,800.00
70,000.00
758,780.
8 688, 780. 99|
200,000.00
179,170.
78,675.00
7 900, 495,
12, 546,813.
5,000,000. ool
7 546, 813.31
12, 413,978.
1,565,229.24
10 848, 749. lOl
12, 945,455.
12 935, 330.95 i6,'i25.'66
14, 995,793.
14 995,
11 064,
11, 064,097.
11 .826,
11, 826,307.
13 560,
13, 560,693.
15 559,
15, 559.931.
16 398,
16, 398,019.
17 06CL
17, 060.661.
7, 773,473.
7 773,
2,750,000.00
1810
9 384,
12, 134,214
1811
14 422,
14, 422,634.
12,837, 900.00
1812
9 801,
22, 639,032,
26,184, 135.00
300.00
1813
14 340,
40, 524,844,
85.79
23,377, 826.00
1814
11 1.81,
34, 559,536,
$32,107.64l
11,541.74
35,220, 671.40
1815
15 696,
50, 961,237,
686.09
68,665.16
9,425, 084.91
1816
47 676,
57, 1.71',421,
267,819.14|
202,426.30 33 099,
466, 723.45!
1.817
33, 833,592,
412.6:
525,000.00 21 585,
1818
8, 353.00
21, 593,936,
675,000.00 24 603,
1819
2, 291.00
24, 605.665.
40,000.00
1820 1,000,000.00 17 840,
3,000, 824.1.3
20, 881,493.
105,000.00 14 573,
1821
5,000, 324.00
19, 573.703.
297,500.00 20 232,
1822
20, 232,427.
350,000.00 20 540,
1823
20, 640.666.
5,000,000.00
350,000.00 19 381,
1824
24, 381,212.
367,500.00 21 cS40,
5,000,000.00
1825
26, 840,858.
402,500.00 25 260,
1826
25, 260,434.
420,000.00 22 966,
1827
22, 966,363.
455,OQO. 00 24 763,
1828
24, 763,629.
490,000.00 24 827,
1829
24, 827,627.
490,000.00 24 844,
1830
24, 844,116.
490,000.00 28 526,
1831
28, 526,820.
490,000.00 31 867,
1832
31, 867,450.
474,985.00 33 948,
1833
33, 948,426.
234,349.50 21 791,
1834
21, 791,935.
506,480. 82 35 430,
1835
35, 430,087.
292,674.67 50 826,
50, 826,796.
1836
2,992,989.15|
27, 947,142.
1837
24 954,
12,716,820.
39, 019,382.
1838
26 302,
3,857,276.21]
35, 340,025.
1839
31 4cS2,
5,589,547.51
25, 069.662.
1840
19 480,
13,659,317.38
30, 519,477.
1841
16 860,
14,808,735.64'
34, 784.932.
1842
19 976,
12,479, 708.36i
71,700.83
20, 782,410.
1843 a|
8 231,
666.60
1,877,181.35
31, 198,555.
1844
29 320,
29, 970,105.
1845
29 970,
29, 699,967.
1846
29 699,
872,399.45
55, 368,168.
28,365.91
1847
26 467,
256,700.00
37,080.001
56, 992,479.
1848
35 698,
487,065.48
688,750.00
59, 796,892.
1849
30 721,
10,550.00
045,950.00
47, 649,388.
1850
43 592,
4,264.92
203,400.00
62, 762.704.
1851
62 555,
•46,300.00
49, 893,115.
1852
49 846,
16,350 00
6li 603,404.
22.50
587,
1853
61
73, 802,343.
2,001. 67
1854
73 800,
65, 351,374.
800.00
1855
65 .350,
74; 056,899.
200.00
1856
74 056,
68, 969,212.
3,900.00
965,
1867
68
70: 372,665.
717,300.00
1858
46 655,
81, 773,965.
287,500.00
709,357.72
777,
1859
52
76, 841,407.
20, 776,800.00|
10,008.00
1860
56 054,
83, 371,640.
33,630.90
1861
41, 861,709.74
41 476,
68,400.00 529, 692,460.501 58i; 680,121.
1862
51 919,
094,
602,345.44| 776, 682,3<31.57 889! 379,652.
1863
112
21,1 4,101.01 ,128, 873,945.36| 1,393; 461,017.
1864
243 412,
11,683,446.' !l,472, 224,740.851 1,805! 939,345.
1865
322 031,
$8,028.00
38,500.00
303,472.00
160,000.00
160,000.00
80, 960.00
79,920.00
71,040.00
71,040.00
88,800.00
39,960.00

J a n u a r y 1 t o J u n e 30,1843.




$1,889.50

63,288.35
ll, 458,782.93
37,469.26

• 28,251.90

"36,'606.'66

103,301.37

15,408.34
11,110.81
6,000.01
9,210.40
6,096.11

132

REPORT ON T H E FINANCES.
TABLE J.—STATEMENT OF THE RECEIPTS OF THE UNITED

Balance in
the Treasury at
commencement of year.
1866
1867
1868
1869
1870
1871
1872
1873
1874
1876
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

Customs.

$33,933,667.
160,817,099.73

$179,046,661.68
176,417,810,

164,464,599.56
198, 076,437.09
158;936.082.87 180,048,426.63
194,538,374.44
183, 781,986.76
206,270,408.06
177,604,116.51
216,370,286.77
138,019,122.16
188,089, 522.70
134,666,001.85
163,103,833.69
169,293,673.41
178,833,339.64 157,167 722.35
172,804,061.32 148,071,984.61
130,956, 493.07
149,909,377.21
130,170,680.20
214,887,646.88
286,591.463.88 137,250,047.70
186,522,064.60
386,832.588.65
231,940,064.44 198,159,676.02
280,607,668.37 220,410,730.25
276,450,903.63 214,706,496.93
374,189,081.98 195,067,489.76
181,471,939.34
424,941,403.07
192,905,023.44
521,794,026.26
526,848,755.46 217,286,893.13
219,091,173.63
612,851,434.36
659,449,099.94 223,832 741.69
673,399,118.18 229,668;684.67
691,527,403.76 219,622, 205.23
726,222,332.60 177,452! 964.15
778,604,339.28 203,356! 016.73
738,467,555.07 131,818,530. 62
152,158,617.46
763,566,540.76
773,610,008.76 •160,021,751.67
846,093.349.62 176,654,126.65
149,576,062.35
790,237.71
. 864,
775,751,368.11 206,128,481.75
233,164,871.16
867,980,559.46
1,059,336.349.68 238,586,455.99
1,128,762,603.23 254,444,708.19
284,479,681.81
1,221,259.599.66
1,310,006,031.20 261,274,564.81
1,328,972,020.53 261,798,856.91
300,261,877.77
1,316!679.270.63
1,403;908,212.91 332,233,362.70
286,113,130.29
1,610,665.977.69

10,560,497,341.39




Internal revenue.

Direct tax.

$309,226,813.42 $1,974,764.12
266,027,537.43 4,200,233.70
191,087,589.
158,356,460.
184,899,756.
143,098,153.
130,642,177.
113,729,314.
102,409,784.
110,007,493.
116,700,732.
118,630,407.
110,581,624.
113,561,610.
124,009,373.
135,264,385.
146,497,695.
144,720,368.
121,586,072.
112,498,725.
116,805,936.
118,823,391.
124,296,871.
130,881,613.
142,606,706.
145,686,249.
163,971,072.
161,027,623.
147,111,232.
143 421,672.
146,76^,864.
,574.
146,
170,900,641.
273,437,161.
295,327,926.
307,180,663.
271,880,122.
230,810,124.
232,904,119.
234,095,740.
249,150,212.
269,666,772.
251,711,126.

Public lands. Miscellaneous

$665,031.
$29,036,314.23
1,163,575.76 • 15,037,622.15

1,348,715.41 17,745,403.59
4,020,344.34 13,997,338.66
3,350,481.76 12,942,118.3Q
2,388,646.68 22,093,541.21
2,576,714.19 16,106,061.23
315,254.51
2,882,312.38 17,161,270.05
1,852,428.93 32,575,043.32
1,413,640.17 15,431,915.31
"93,"798.'86 1,129,466.95 24,070,602.31
976,253.68 30,437,487.42
1,079,743.37 15,614,728.09
924,781.06 20,685,697.49
30.85
1,016,506.60 21,978,626.01
2,201,863.17 26,154,860.98
1,616.
140.37 31,703,642.52
4, 753,
160,141.69
7,955,864.42 30,796,695?02
108,156.60
9,810,705.01 21,984,881.89
70,720.76
5,705,986.44 24,014,055.06
'i68,'239."94 6,630,999.34 20,989,527.86
32,892.05 9,264,286.42 26,005,814.84
1,566.82 11,202,017.23 24,674,446.10
8,038,651.79 24,297,151.44
6,358,272.51 24,447 419.74
4,029,635.41 23,374! 457.23
3,261,875. 58 20,25l! 871.94
3,182,089.78 18,254,898.34
1,673,637.30 17,118,618.62
1,103,347.16 16,706,438.48
1,005,523.43 19,186,060.64
864,581.41 23,614,422.81
1,243,129.42 83,602, 501.94
1,678,246.81 34,716,730.11
2,836,882.98 35,911,170.99
2,966,119.65 38,954,098.12
4,144,122.78 ^32,009,280.14
8,926,311.22 36,180,657.20
7,453,479.72 38,999,685.42
4,859,249.80 43,620,837.29
4,879,833.66 40,172, 197.34
7,878,811.13 53,361,387.37
9,731,660.23 63,570,301.31

1,788,145.85
765,686.61
229,102.88
680,366.37

7,797,808,450.53 28,131,990.32 348,193,443.57 1,297,002,360.66
a Amount heretofore credited to the Treasurer as

133

SECBETABY OF THE TEEASUEY.
STATES FROM MARCH 4, 1789, TO J U N E 30, 1908, ETC.—Continued.

Dividends,

1866
1867

Net ordinary
receipts.
$519,949,564.38
462,846,679.92

Interest.

Premiums.

Receipts
from loans and Gross receipts.
Treasury
notes.

Unavailable.

$38,083,056.68 $712,861,553.05 $1,270,884,173.11 $172,094.29
27,787,330.36 640,426,910.29 1,131,060,920.561 721,827.93
2,675,918.19

1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

376, 434, 453.
357, 188, 256.
395, 959, 833.
374, 431, 104.
364, 694, 229.
322, 177, 673,
299, 941, 090.
284, .020, 771.
290, 066, 584,
281, 000, 642.
257, 446, 776.
272, 322, 136.
333, 526, 500.
360, 782, 292.
403, 625, 250.
398, 287, 581.
348, 519, 869.
323, 690, 706.
336, 439, 727.
371, 403, 277.
379, 266, 074.
387, 050, 058.
403, 080, 982.
392, 612, 447.
354, 937, 784.
385, 819, 628.
297, 722, 019.
313, 390, 075,
326, 976, 200,
347! 721, 705,
405! 321, 335.
515! 960, 620.
567, 240, 851.
587; 686, 337.
562, 478, 233.
560, 396, 674.
540,,631, 749.
544! 274, 684.
594, 454, 121.
663! 140, 334.
601 ,126, 118.

29,203, 629.50
13,755, 491.12
15,295, 643.76
8,892, 839.95
9,412, 637.66
11,560, 530,
5,037, 665.22|
3,979, 279.69
4,029, 280.58|
405, 77i
317 102.301
1,505, 047.63
110.00

. 8,633,295.71
11,339,344.62
11,166,246.4l[

1,484,048.00
455,336.00
530,324.00
2,720,051.96
736,788.67

625, 111, 433.20
238,678, 081.06
285,474, 496.00
268,768, 523.471
305,047, 054.001
214,931, 017.00
439,272, 535.46
.387,971, 556.00
397,455, 808.00
348,871, 749.00
404,581, 201.00
792,807, 643.00
211,814, 103.00
113,750, 534.00
120,945, 724.00
655,942, 664.00
206,877, 886.00
245,196, 303.00
116,314, 850.00
154,440, 900.00
285,016, 650.00
245,111 350.00
245,293, 650.00
373,208, 857.75
381,463, 612.001
347,051, 586.00
417,651 223.50
395,787, 205.50
482,710, 363.50
389,930, 220.00
333,227, 920.00
522,490, 720.00
610,558, 056.00
218,978, 610.001
89,259, 910.00
147,441, 230.00
113,720, 100.00
23,292, 150.00
117,850, 887.00
203,795, 965.50
205,155, 460.00

, 030, 749,616,
609, 621,828.
696, 729,973.
652, 092,468.
679, 153,921.
548, 669,221.
744, 251,291.
675, 971,607.
691, 661,673.
630, 278,167.
662, 346,079.
,066, 634,827.
546, 340,713.
474, 532,826.
524, 470,974
954, 230,146.
555, 397,765,
568, 887,009.
452, 754,677,
626, 844,177.
664, 282,724,
632, 161,408.
648, 374, 632,
765, 821,305.
736, 401,296,
732, 871,214,
724, 006,538,
720, 616,625,
820, 852,810,
737, 651,925,
738, 549,255.
,038, 461,340.
,077, 798,907.
806, 663,947.
651, 738,143.
709, 321,952.
654, 807,185.
567, 566,834.
712, 835,332.
656,361.
017,367.

a 2,070.73
a3,396.18
a 18,228.35
a 3,047.80
12,691.40

a 1,500.00
47,097.65
7,997.64

' 'a 73i.'ii

|$9,720,136.29|20,041,363,722. 66,$485,224.45|241,323,656.19|18,159,758,096.69,38,442,920,698.89|2,714,730.71

unavailable and since recovered and charged to his account.




134

REPORT ON T H E FINANCES.

TABLE K.—STATEMENT OF DISBURSEMENTS OF THE UNITED STATES FROM MARCH 4,
J U N E 30) FROM THAT TIME. F O R POSTAL

Navy.

Year.

1791..
1792..
1793..
1794..
1796..
1796..
1797..
1798..
1799..
1800..
1801..
1802..
1803..
1804..
1805..
1806..
1807..
1808..
1809..
1810.1811..
1812..
1813..
1814..
1815.1816..
1817..
1818-.
1819..
1820..
1821..
1822..
1823..
1824..
1825..
1826..
1827..
1828..
1829..
1830. :
1831..
1832..
1833..
1834..
1835..
1836..
1837..
1838..
1839..
1840..
1841..
1842..
1843 a
1844..
1845..
1846..
1847..
1848..
1849..
1850..
1851..
1852..
1853..
1864..
1855..
1856..
1867..
1858..
1859..
I860..
1861..
1862..
1863..
1864..

$632, 804.03
1,100; 702.09
1, i3o; 249.08
2,639! 097.59
2 , • " " 910.13
1,260, 263.84
1,039; 402.46
2,009, 522.30
2,466, 946. 98
2,560, 878.77
1,672; 944.08
1,179; 148.25
822; 055.85
875; 423.93
712; 781.28
224, 355.38
685.91
834.40
772.17
323.94
828.19
798.24
013. 02
806.86
294.22
096.80
236.53
715.10
300.37
392.31
291.78
981.48
924.43
939.85
914.18
194.37
977.88
544.56
291.07
128.88
835.55
034 88
019.10
189.38
156.89
345.25
730.80
224.16
995.80
267.23
610.24
438.02
671.95
5,
183.66
291.28
5i
370.68
10,
030.33
35,
334.21
27,
473.26
. 14,
024.58
9!
965.11
12!
506.19
S]
498.49
9,
282.87
11
074.07
14!
160.51
16;
150.87
19,
121.63
25;
720.53
23,
202.72
16!
530.67
23;
562.29
389,
411.82
6O3;
048.66
690,




408. 97
562.03
784.04
631.89
347.76
081.84
716.03
424.00
561.87
230.53
832.75
500.00
641.44
064.47
067.80
758.80
244.20
566.39
365.15
600.10
290.60
000.25
278.
598.49
695.00
640.42
990.00
243.06
458.98
765.83
581.66
083.86
902.45
877.45
786.44
745.47
428.63
183.0'
370.29
356.75
260.42
939.06
718.23
914.53
580.53
294.25
896.
076.97
242.95
711.53
199.11
177.
013.92
635.76
476.02
705.92
724.66
581.38
842.10
789.53
096.32
095.11
834.64
694.61
264.64
927.90
649.83
156.52
353.09
235.31
963.74

Indians.

Pensions.

000.00
13, 648.85
27. 282.83
13; 042.46
23, 475.68
113, 563.98
62,.396. 58
16, 470.09
20, 302.19
31.22
9, 000.00
94, 000.00
60, 000.00
116, 500.00
196, 500.00
234, 200.00
205, 425.00
213, 575.00
337, 603.84
177, 626.00
161, 875. 00
277, 845.00
167, 358.28
167, 394.86
530, 750.00
274, 512.16
319, 463.71
505, 704.27
463, 181.39
'315,750.01
477, 005.44
575, 007.41
781.82
. 380,
429, 987.90
724, 106.44
743, 447.83
750, 624.88
706, 084.24
676, 344.74
622, 262.47
930, 738.04
1,352, 419.75
1,802, 980.93
1,003, 953.20
1,706, 44.4.48
5,037, 022.88
4,348, 036.19
6,504, 191.34
2,528, 917.28
2,331, 794.86
2,514, 837.12
1,199, 099.68
578, 371.00
1,256, 532.39
1,539, 351.35
1,027, 693.64
1,430, 411.30
1,252, 296.81
1,374, 161.65
1, 663,591.47
2,829, 801.77
3,043, 576.04
3,880, 494.12
1,550, 339.55
2,772, 990.78
2,644, 263.97
4,354, 418.87
4,978, 266.18
3,490, 534.53
2,991, 121.54
2,865, 481.17
2,327, 948.37
3,152, 032.70
2,629, 976.97

$175, 813.88
109, 243.15
80, 087.81
8I; 399.24
• 68;673.22
100; 843.71
92; 256,
104; 845.33
95; 444.03
64, 130.73
73, 533.37
85; 440.39
62, 902.10
80 092.80
81 854.59
81 875.63
7o;500.00
82; 576.04
87; 833. 54
744;16
83; 043.88
75, 402.10
91; 989.91
86; 164.36
90, 656.06
69 804.15
188; 374.43
297; 719.90
890; 939.85
2,415; 376.31
3,208; 817.25
242; 199.40
1,948; 588.52
1,780; 326.59
1,499; 810.57
1,;
593,
1,556; 138.86
976; 573.57
850; 594.47
949; 297.31
1,363; 665.14
1, i7o;422.40
1,184; 152.40
4,589; 285.30
3,364; 711.32
1,954; 797.96
162.45
2,i
2,672; 057.29
2,156; 750.61
3,142; 562.17
2,1
434.51
2 ; 931.33
T, 378;041.12
839; 008.99
2,032; 788.11
2,40O; 097.56
1,811 883.63
1,744, 496.48
1,227, 867.64
1,328; 886.02
1,866, 377.22
2,293; 858.78
2,401 306.20
1,756; 665.00
1,232; 612.33
1,477; 229.65
1,296, 380.58
1,310; 768.30
1,219; 222.71
1,222; 802.32
1,100; 599.73
1,034; 170.47
852; 613.36
1,078; 473.90
4,985;

Miscellaneous.

$1,083, 971.61
4,672, 664.38
511, 451.01
750, 350.74
1,378, 920.66
8OI; 847. 58
259; 422.62
139; 524.94
391
613.22
768.46
929-. 40
635.76
009. 43
598.75
137.01
897.61
285.61
803.7'9
144.98
291. 40
088.21
435.61
029.70
870.47
741.17
936.76
839.61

211.41
021.94
121.54
996.24
093.99
308.81
544.89
177. 79
476.68
052.64
234. 65
416.04
646.10
141.45
245.93
728.95
698.53
279. 72
370.27
664.76
990.
398.96
881.45
624.61
713.00
183.86
760.98
283.89
608.35
851.25
334.24
763.36
992.18
171.45
068.01
144.68
425.43
038.87
498.77
016.42
544.40
978.30
287.69
862.69
382.37
216.87

a For the half year from

SECEETAEY OF THE TEEASUEY.
1789, TO J U N E 30, 1908, BY CALENDAR YEARS TO 1843
EXPENDITURES.
SEE TABLE L , P A G E 144.

Year.

1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843a|
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1869
1860
1861
1862
1863
1864

Interest.

$1,177,863.03
2,373,611.28
2,097,859.17
2,752,523.04
2,947,059.06
3,239,347.68
3,172,516.73
2,955,875.90
2,815,651.4l|
3,402,601.04i
4,411,830.06
4,239,172.16
3,949,462.36
4,185,048.74
2,657,114.22
3, 368,968.26
3,369, 578.48
2,557, 074.23
2,866, 074.90
3,163, 671.09
2,585, 435.57|
2,451, 272.67
3,599, 455.221
4,593, 239.04
5,990, 090.24
7,822, 923.34
4,536, 282.55
6,209, 954.03
5,211, 730.56
5,151, 004.32
5,126,073.79
5,172, 788.79
4,922, 475.40
4,943,557.93
4,366,757.40
3,975;542.95
3,486,071.51
3,098; 800.60|
2,542; 843.231
1,912; 574.93
1,373; 748.741
,
772; 561.50
303; 796.871
202; 152,
57, 863.081
14, 996.48
399, 833.89
174, 598.08
284, 977.55
773, 549.85
523, 583.91
1,833, 452.131
1,040, 458.18
842, 723.27
1,119, 214.72
2,390, 765.88
3,565, 535.78
3,782, 393.03
3,696, 760.75
4,000, 297.80
3,665, 832.74'
3,070, 926.691
2,314, 464.99
1,953, 822.37
1,593, 265.23|
1,652, 055.67
2,637, 649.701
3,144, 120. 94
4,034, 157,
13,190, 344.841
24,729, 700.62
53,685, 421.69'

Net ordinary
disbursements.

$3, 097,452.
269,
846,929.
297,822.
309,600,
790,650.
008,627.
607,586.
295,818.
813,971.
393,499.
976,252.
952,286.
637,907.
014,348.
449,177.
354,161.
061,413.
10, 280,747.
474,753.
178,040.
20, 280,771.
31, 681,852.
34, 720,925.
32 943,661.
31; 196,355.
19, 990,892.
20, 018,627.
21, 512,004,
18, 285,534.
15, 849,552,
15, 000,432,
14, 706,629,
20; 273,702.
15, 857,217.
17, 037,859.
16, 139,167.
16, 394,842.
15, 184,053.
15, 142,108.
15, 237,810.
17, 288,950.
23, 017,551.
18, 627,570.
17, 572,813.
30, 868,164.
37, 243,214.
33, 864,714.
26, 896,782.
24, 314,518.
26, 481,817.
25, 134,886.
11, 780,092.
22, 483,560.
22, 935,827.
27, 261,182.
54, 920,784.
• 47, 618,220.
43, 499,078.
40, 948,383.
47, 751,478.
44, 390,252,
47, 743,989,
55, 038,455,
58, 630,662,
68, 726,360,
67, 634,408,
73, 982,492,
68, 993,599,
63, 200,875,
66, 650,213,
469, 570,241,
718, 734,276,
969,100,

January 1 to June 30, 1843.




Premiums.

AND BY FISCAL YEARS (ENDED

Public debt.

$699,984.23
693,050.25
2,633,048.07
2,743,771.13
2,841,639.37
2,577,126.01
2,617,250.12|
976,032.''"
1,706,578.84]
1,138,563.11
2,879,876.
5,294,235.241
3,306,697.07
3,977,206.071
4,583,960.63
5,572,018.64
2,938,141:62
7,701,288.961
3,686,479.26
4,835,241.12
6,414,564.43
1,998,319.88
7,508,668.22
3,307,304.90|
6,638,832.11
17,048,139.59
20,886,753:67
15,086,247.59
2,492,195.73
3,477,489.96
3,241,019.83
2,676,160.33
607,541.01
11,624,835.83
7,728,587.38
7,065,539.24
6,517,596,"
9,064,637.47
9,860,304,
9,443,173.291
14,800,629.48
17,067,747.79
1,239,746.51
6,974,412.21
328.20|

$18,231.43

82,865.81
69,713.19
170,063.42
420,498.64
2,877,818.69
872,047.39
385,372.90
363,572.39
574,443, "

135

21, 822.91
5,590, 723.791
10,718, 153.53
3,912, 015.
5,315, 12.191
7,801, 990.09
338, 012.64
11,158, 4.50.71
7,536, 349.49
371, 100.04
5,600, 067.65|
1.3,036, 922.54
12,804, 478.541
3,656, 335.14
654, 912.71
2,152, 293.06]
6,412, 574.01
17,556, 896.95|
6,662, 065,
3,614, 618.66|
3,276, 606.05
7,505, 250.82
14,685, 043.15
13,854, 250.00
18,737, 100.00
96,097, 322.09
181,081, 635.07
430,572, 014.03'

Gross disbursements.

Balance in
Treasury at
the end of
the year.

$3,797, 436.78
$973, 905.75
8,962, 920.00
783, 444.51
6,479, 977.97
753, 661.69
9,041, 593.17
1,151, 924.17
10,151, 240.151
516, 442.61
8,367, 776.84
888, 995.42
8,625, 877.37
1,021, 899.04
8,583, 618.41
617, 451.43
11,002. 396.97 • 2,161, 867.77
11,952, 534.12i
2,623, 311.99
12,273, 376.94|
3,295, 391.00
13,270, 487. 31
5,020, 697.64
11,258, 983.67
4,825, 811.60
12,615, 113.72
4,037, 005.26
13,598, 309.47
3,999, 388.99
15,021, 196.26
4,538, 123.80
11,292, 292.99] 9,643, 850:07
16,762, 702.04
9,941, 809.96
13,867, 226.301 3,848, 056.78
13,309, 99,4.49
2,672, 276.57
13,592, 604.
3,502, 305.80
22,279, 121.15j 3,862, 217.41
39,190, 620.36
5,196, 642.00
38,028, 230.32
1,727, 848.63
39,582, 493.35 13,106, 592.88
48,244, 495.51 22,033, 519.19
40,877, 646.04 14,989. 465.48
35,104, 875.40
1,478, 526.74
24,004, 199.73
2,079, 992.38
21,763, 024.85
1,198, 461.21
19,090, 572.69
1,681, 592.24
17,676, 592.63
4,237, 427., 55
15,314, 171.00
9,463, 922.81
31,898, 538.471 1,946, 597.13
23,585, 804.72|
6,201, 650.43
24,103; 398.461 6,358, 686.18
22,656, 764.04
6,668, 286.10
25,459, 479.52
5,972, 435.81
25,044, 358.40
5.755, 704.79
24,585, 281.55
6; 014, 539.75
30,038, 446.12
4,502, 914.46
34,356, 698.06
2,011, 777.55
24,257, 298.49 11,702, 905.31
24,601, 982.44! 8,892, 858.42
17,573, 141.56 26,749, 803.96
30,868, 164.04 46,708, 436.00
37,265, 037.15 37,327, 252.69
39,455, 438.35 36,891, 196.94
37,614, 936.15 33,157, 503.68
28,226, 533.81 29,963, 163.46
31,797, 530.03 28,685, 111. 08
32,936, 876.53 30,521, 979.44
12,118, 105.15 39,186, 284.74
33,642, 010.851 36,742, 829.62
30,490, 408.71 36,194, 274.81
27,632, 282.90 38,261, 959.65
60,620, 851.74 33,079, 276.43
60, 655, 143.19| 29,416, 612.46
56,386, 422.74 32,827, 082.69
44,604; 718.26| 35,871, 753.31
48,476, 104.31 40,158, 353.26
46,712; 608.83] 43,338, 860.02
54,577;,061.74 50,261, 901.09
75,473; 170.75 48,591, 073.41
66,164; 775.96 47,777, 672.13
72,726,, 341. 57 49,108, 229.80
71,274; 587.37 46,802, 855.00
82,062, 186.741 35,113, 334.22
83,678;;642. 92 33,193, 248.60
77,055, 125.651 32,979, 530.78
85,387 ,313.
30,963, 857.83
565,667 ,563.741 46,965, 304.87
899,815, 911.25 36,523,,046.13
i,
,295,541,,114." 134,433, 738.44

136

REPORT ON T H E FINANCE^.
TABLE K.—STATEMENT OF THE DISBURSEMENTS OF THE "UNITEB

Year.

War.

Navy.

Indians.

Pensions.

Miscellaneous.

$1,030,690,400.06 $122, 617,434.07
283,164,676.06 43,285,662.00

$5,059,360.71
3,295,729.32

$16,347,621.34
15,605,549.88

$42,989,383.10
40,613,114.17

3,568,638,312.28 717,551,81.6.39
a3,621,780.07
a77,992.17

1865.
1866.

103,369,211.42
a53,286.61

119,607,656.01
a9,737.87

643,604,554.33
a718,769.52

3,672,260.092.35
95,224.415.63
123,246,648.62
78,501,990.61
57,655,675.40
35,799,991. 82
35,372,157.20
46,323,138.31
42, 313,927.22
41,120,645.98
38.070.888.64
37,082,736.90
32,154,147.86
40,425, 660.
38,116,916.22
40,466,460.55
43,570.494.19
48,911,382.93
39,429.603.36
• 42,
670,578. 47
34,324,152.74
561,025.85
622,436.11
44,435,270.85
44,582,838.08
48,720, 065. 01
46,895,456.30
49,641,773.47
54,567,929.85
51,804,759.13
50,830,920.89
48,950,267.89
91, 992,000.29
229,841,2,54.47
134,774,767.78
144,615.697.20
112,272,216.
118,619,620.16
115,035,410.58
122,175,074.24
117,946.692.37
122,576,466.49
175,840,452.99

1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897...
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
•1908

Total

717,629 808.56 103,422,
119,617, 393.88 644,323, 323.85
31,034, Oil.04
4, 642, 531.77
20,936, 661.71
61,110, 223.72
25,775 502. 72
63,009, 867.67
4,100, 682.32 23,782, 386.78
20,000, 757.97
56,474, 061.63
7,042, 923.06
28,476, 621.78
21, 780, 229.87 . 3,407, 938.15 28,340, 202.1
53,237, 461.56
19,431, 027.21
7,426, 997.44 34,443, 894.88
60,481, 916.23
21,249, 809.99
7,061, 728.82 28,533, 402,
60,984, 757.42
23,526, 256.79
7,951, 704.88 29,359, 426.86
73,328, 110.06
30,932, 587.42
6,692, 462.09
29,038, 414.66
86,141, 693.61
21,497, 626.27
8,384, 656.82 29, 456, 216.22
71,070, 702.98
18,963, 309.82
5,966, 558.17
28,257, 395.69
73,599, 661.04
14,959, 935.36
6,277, 007.22 27,963, 752.27
58,926, 532.53
17,365; 301.37
4,629, 280.28
27,137, 019.08
63,177, 703.57
15,125; 126.84
5,206, 109.08
35,121, 482.39
65,741, 556.49
13,536; 984.74
5,945, 457.09
56,777, 174.44
54,713, 529. 76
15,686; 671.66
6,514, 161.09
50,059, 279.62
64,416, 324.71
15,032; 046.26
9,736, 747.40
61,345, 193.95
57,219, 750.98
15,283, 437.17
7,362, 590.34
66,012, 573. 64
68,678, 022.21
17,292; 601.44
6,475, 999.29
55,429, 228.06
70,920, 433.70
16,021 079.67
6,552, 494.63
56,102, 267.49 87,494, 258.38
13, 907, 887.74
6,099, 158.17
63,404, 864.03
74,166, 929.85
16,141, 126.80
6,194, 622.69
75,029, 101.79 85,264, 826.69
16,926, 437.65
6,249, 307.87
80,288, 508.77 72,952, 260.80
21,378, 809.311
6,892, 207. 78
87,624, 779.11
80,664, 064.26
22,006, 206.24
6,708, 046.67 106,936, 855.07 81,403, 256.49
26,113; 896.46
8,527, 469.01 124,415, 951.40 110,048, 167.49
29,174, 138.98
11,150, 677. 67 134,583, 052.79
99,841, 988. 61
30,136; 084. 43
13,345, 347.27 159,357, 557.87 103,732, 799.27
31,701; 293.79
10,293, 481.52 141,177, 284.96 101,943, 884.07
28,797; 795.73
9,939, 754.21 141,396, 228.87
93,279, 730.14
27,147, 732.38
12,165, 528.28 139,434, 000.98 87,216, 234.62
34,561, 546.29
13,016, 802.46 141,053, 164.63
90,401, 267.82
68,823 984.80
10,994, 667.70 147,452, 368.61
96,520, 505.17
63,942; 104.25
12,805, 711.14 139,394, 929.07 119,191, 255.90
55,963, 077. 72
10,175, 106.76 140,877, 316.02 105,773, 190.16
60,506 978.47
10,896, 073.35 139,323, 621.99 122,282, 003.10
67,803; 128.24
10,049, 584.86 138,488, 559.73 113,469, 323.91
82,618 034.18
12,935, 168.08 138,426, 646.07 124,944, 289.74
102,966 101.56
10,438, 350.09 142,559, 266.36 186,766, 702.92
117,550, 308.18
14,236, 073.71 141,773, 964.57 146,952, 548.65
110.474, 264.40
12,716, 859.08 141,034, 561.77 ! 162,273 845.17
97,128, 469.36
15,163, 608.41 139,309, 514.31 180,244 531.84
118,037, 097.15
14,579, 755.75 153,892, 467.01 176,420 408.67

6,566,243,999.79 2,324,910,616.27j

469,403,690.50 3,793,422,444.11 4,478,803,805.14
a Outstanding

N O T E . — T h i s s t a t e m e n t is m a d e from w a r r a n t s p a i d b y t h e T r e a s u r e r u p t o J u n e 30,1866.




The

SECRETARY OF T H E
STATES FROM MARCH 4, 1789, TO J U N E 30, 1908,

Net ordinary
disbursements.

Year.

1865
1866

$77,395,090. $1,296,099,289.58
133,067,624.91
619,022,356.34

137

TREASURY.
ETC.—Continued.

Public debt.

Balance in
Gross disburse- Treasury at
ments.
the end of
the year.

. 717,900.11 $609,616,141.68 $1,906,433,331.37 $33,933,657.89
,
58,476. 51 620,263,249.10 1,139,344,081.95 165,301,654.76

2,374,677,103.12 8,037,749,176.
602,689,619.27 6,655,461,069.70 7,611,003. 56
a 100.31
a 4,484,454.72
a 4,484,555.03 a 4,484,565.03
«2,888.48
1867
1868
1869
1870
1871
1872
1873
1874
1876
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

602,692,407.75 5,659,945,524.42 7,611,003.56 ,374,677,203.43 1,042,233,731.41 160,817, 099.73
143,781,691.91
346,729,325.78 10,813,349. 38 735,536,980.11 ,093,079,655.27 198,076, 537.09
370,339.133.82 7,001,151.04 692,549,685.88 ,069,889,970.74 158,936, 082.87
140,424,045.71
584,777,996.11 183,781, 985.76
130,694,242.80 321 190,597.75 1,674,680.05 261,912,718.31
129,235,498.00 293,657,005.15 15,996,555.60 393,254,282.13 702.907,842.88 177,604, 116.61
691,680,858. 90 138,019, 122.15
283,160,393.51 9,016,794.74 399,503,670.65
125,576,665.93
117,357,839.72 270,559,695.91 6,958,266.76 405,007 307.64 682,525,270.21 134,666, 001.85
285,239.325. 34 6,105,919.99 233,699,352. 68 524,044,597.91 159,293, 673.41
104,750,688.44
724, """933.99 178,833, 339.64
107,119,816.21 301,238,800.21 1,395,073.55 422,065,060.23
407,377,492.48 682,000-,885. 32 172,804, 061.32
274,623.392.84
103,093,544.57
449,345,272.
714,446,357.39 149,909, 377.21
265,101.084.59
100,243,271.23
323,965,424.05
565,299,898.91 214,887, 646.88
97,124,511.68 241,334,474.86
353,676,944.90 690,641,271.70 286,591, 453.88
236,964.326,
102,500,874.65
699,445,809.16
966,393,692.69 386,832, 588.66
105,327,949.00 266,947,883.63
700,233,238.19 231,940, 064. 44
264,847,637.36 2,795,320.42 432,590,280.41
575.11
96, 757,
425,865,222.64 280,607 668. 37
82,508,741.18 259,651,638.81 1,061,248.78 165,152,335.05
271,646,299.55 529,627,739.12 275,460; 903.63
257,981,439.67
71,077,206.79
590,083,829.96
855,491,967.50 374,189, 081. 98
69,160, 131.25 265,408,137.54
260,520,690.50 504,646,934.83 424,941, 403.07
54,578,378.48 244,126,244.33
211,760,353.43 471,987,288.54 621,794 026.26
51,386,256.47 260,226,935.11
205,216,709.36 447,699,847.86 626,848, 765.46
50,580,145.97 242,483,138.50
271,901,321.16 539,833,501.12 512,851, 434.26
47,741,577.25 267,932,179.97
259,653,958.67 8,270,842.46 249,760,258.06 617,685,069.18 659,449, 099.94
44,716,007.47
618,211,390.60 673,399, 118.18
281,996,615. 60 17,292,362.65 318,922,412.35
41,001,484.29
630,247,078.16 691,527, 403.76
297,736,486.60 20,304,224.06 312,206,367.50
36,099,284.05
355,372.684.74 10,401,220.61 365,352,470.87 731,126,376.22 726,222, 332.60
37,547,135.37
338,995,958.98 684,019,289.56 778,604, 339.28
23,378,116.23 345,023,330.58
389,530,044.50 773,007,998.99 738,467, 556.07
27,264,392.18 383,477,954.49
331,383,272.96
367,625.279.83
698.908,552.78 763,565, 540.75
27,841,405.64
354,276,868.93
356,196,298.29
710,472,167.22 773,610. 008.76
30,978,030.21
396,190,023.35
362,179,446, ~~
748,369,469.43 846,093, 349.62
35,386,028.93
353,180,877.60 718,955,037.07 864,790, 237.71
365,774,159.57
37,791,110.48
384,219,542.00 827,588,124,
775,751, 368.11
443,368,682.
37,585,056.23
341,149,968.98 946,222,148.83 867,980, 559.46
605,072.179.85
39,896,925.02
40,160,333.27 487,713,791.71 33,147,054.81 365,582,271.25 886,443,117.77 1,069,336, 349.68
1,128.762, 603.23
32,342,979.04 609,967,353.15 14,649,572.95 212,620,767.78 737,237,693,
29,108,044.82 471,190,857. 64 14,043,391.14 74,006,898.00 559,241,146.78 1,221,259, 599.66
506,099,007.04 10,907,119.82 103,669,394.00 620,575,620.86 1,310,006, 031.20
28,556,348.82
52,181,296.76
582,402,321.31 1,257,578.01
635,841,196.0711,328,972, 020.53
24,646,489.81
12,680,671.30 679,959,584. 7 5 1 , 3 1 6 T 5 7 9 , 270.63
24,590,944.10 567,278,913.45
24,308,576.27 668,784,799.06 1,417,479.53 55,304,111.80' 625,506,390. 39;i,403,908, 212. 91
662,898,586.721,610,665, 977.69
225,095. 97 83,769,743.00
24,481,158.34 678,903.747.75
35,539,750.00
659,196, 319.68
694,736,069.68,1,722,947,,275.21
21,426,138.21

3,191,816,847.78 20,824,601,403.59 201,345,305.8816,691,311,983.60 36,717,258, 692.97

r

warrants.
outstanding warrants are then added, and the statement is by warrants issued from that date.




138

REPORT ON T H E EINANCES.

TABLE L.—COMPARATIVE STATEMENT OP RECEIPTS AND EXPENDITURES OF THE POSTOFFICE DEPARTMENT FROM JULY 1, 1836, TO J U N E 30, 1908, AS SHOWN BY REPORT OF
THE A U D I T O R F O R P O S T - O F F I C E D E P A R T M E N T .
Receipts.
Expenditures.a

Fiscal year.
Eevenue.
1837
1838
1839
1840
184 L
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1869
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1876
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
19031904
1905
1906
1907
1908

945,668.21
238,733.46
484,656.70
543,521. 92
407,726: V
546.849.65
296,225.43
237,287.83
289,841.80
487,199.36
880,309.23
555,211.10
705.176.28
499,984.86
410,604.33
184,'526. 81
240,724.70
255,586. 22
642,136.13
920.821.66
353,951. 76
486.792.86
968,484.07
518,067.40
349,296.40
299,820.90
163, 789.59
11,
12, 438.253.78
14, 556,158. 70
14, 436,986.21
15, 297.026.87
16, 292.600.80
18, 344,510.72
19, 772,220. 65
20, 037,045.42
21, 915,426.37
22, 996.741.67
26, 471,071.82
26, 791,360.59
• 28,
644,197.50
27, 531,585.26
29, 277,516.95
30, 041,982.86
33, 315,479. 34
36, 785.397.97
41, 876,410.15
45, 508, 692.'61
43, 325.958.81
42, 560,843. 83
43, 948,422,95
48, 837.609.39
52, 695.176.79
56, 1.75,611.18
60, 882,097. 92
65, 931,785.72
70,
75, 930.475.98
75, 896,993.16
76, OSO, 479.04
82, 983,128.19
82, 499.208.40
89, 665,462. 73
95, 012,618.55
102, 021,384.17
111, 354.579.29
121, 631,193.39
134, 848,047.26
143, 224, 443. 24
152, 582, 624.34
167, 826,585.10
183, 932,782.95
191, 585,005.57
478.663.41

Treasury grants.

$482,657.00

750,000.00
12,500.00
125,000. 00

1,74. 444.44
2,255, 000.00
2,736, 748'. 96
3,114, 542.26
3,748; 881.56
4,528, 004.67
4,679, 270.71
3,915, 946.49
11,154, 167. 54
4,639! 806.53
2,i
953.71
1,007; 848.72
980.00
749, 968.46
3,991 666. 67
5,696; 525.00
5, 707 115.30
. 4,022, 140.85
4,126, 200.00
4, ,993, 750.00
5,990, 475.00
5,922, 433.55
6,704, 646.96
5,088, 583.03
7,013, 300.00
5,307 652.82
3,297, 965. 25
3,597' 717. 20
3,297, 921.46
6, 595.12
21 416.85
i4o; 690.79
6,066; 473.00
8,751, 070.73
4,746; 167.06
3,386; 441.70
5,745; 017.89
6,100, 000.00
4,441; 772.08
6,260; 232.64
6,727 828.43
10,200; 895.13
9,872, 962.53
8,830, 600.56
12,133 392.88
9,341; 258.81
7,902 040.58
6,250; 019.95
4,001 345.17
2,490; 635.34
3,753, 955.50
7,631 837.43
14,931; 688.45
ll,07i; 558.22
7,624' 439. 99
6 13,035;430.16

Total.
$4,945, 668.21
4,238; 733.46
4,484; 656. 70
4,543;521.92
4,890; 383. 27
4.546,849.65
4; 296;
225.43
4,237 287.83
4,289; 841.80
4,237 199.35
3,892,809.23
4, 680,211.10
4, 705,176.28
5,499,984.86
6,410,604.33
6,925,971. 28
7,495,724.70
8,992,335.18
9,756,678. 39
10,669, 703.22
11,881 956.43
12,166; 063.57
11,884; 430. 56
19, 672; 234.94
12,989; 102.93
10,898; 774.61
12,171 638.31
13,188; 233.78
14,560; 127.16
14,436; 986.21
19,288; 693.54
21, 989; 125.80
24,051' 626.02
23,794, 361.50
24,163; 245.42
26,909; 176.37
28,987; 216.57
32,393; 505.37
33,496, 007.55
33,732, 780.53
34, 544;885.26
34,585; 169.77
33,339; 948.11
36,913; 196. 54
40,083; 319.43
• 41,833;
005.27
45,530; 109.46
43,466, 649.60
48,627; 316.83
52,699; 493.68
53,583 776.45
56,081 618.49
61,920,629.07
66,982 097.92
70,373, 567.80
77,1.90,708.62
82,624,761.59
85,281, 374.17
86,856, 090.72
91,329, 808.96
94,798, 855.61
98,363, 877.36
102,923, 424.75
108,604 599.24
116,632; 538.66
124,338, 682.60
137,978, 398.74
151,214, 461.77
167,758, 273.65
179,004 341.17
191,209; 445.56
204,514, 093.57

$3,288, 319.03
4,430; 662.21
4,636; 536.81
4,718; 235.64
4,499, 527.61
5,674, 751.80
4,374, 753.71
4,296, 512.70
4,320, 731. 99
4,076, 036.91
3,979, 542.10
4,326, 850.27
4,479, 049.13
5,212, 953.43
6,278, 401.68
7,108, 450; 04
7,982, 756.59
8,577, 424.12
9,968, 342.29
10,405, 286.36
11,508, 057.93
12,722, 470.01
11,458, 083.63
19,170, 609.89
13,606, 759.11
11,126, 364.13
11,314, 207. 84
12,644, 786.20
13,694, 728.28
15,352, 079.30
19,235, 483.46
22,730, 592.65
23,698, 131.50
23i 998,837.63
24, 390,104.08
26, 658,192.31
29,084, 945.67
32,126, 414. 58
33,611, 309.45
33,263, 487.58
33,486, 322. 44
34,165, 084.49
33, 449,899.45
36,542, 803.68
39,592, 566.22
40,482, 021.23
43,282, 944.43
47,224, 560.27
50,046, 235.21
61,004, 743.80
53,006, 194.39
56,468, 315.20
62,317, 119.36
66,259, 547.84
73,059, 519.49
76,980, 846.16
81,581, 681. 33
84,994, 111.62
87,179. 551.28
90,932, 669.50
94,077, 242.38
98,033, 523.61
101,632, 160. 92
107,740, 267.99
115,554, 920.87
124,785, 697.07
138,784, 487.97
152,362, 116.70
167,399, 169.23
178,449, 778.89
190,238, 288.34
208,351, 886.16

oincludes expenditures made during thQ year for the current'and prior fiscalyears. For details
for 1908, see page 28 of the report of Auditor for Post-Office Department.
& Grants from the Treasury, as shown by Auditor for Post-Office Department
$13,035,430.16
Net grants paid from Treasury in 1908
12,888,040.94
DifCerence
Being amount repaid to the Treasury in 1908 from balances of prior years.




147,389.22

139

SJ!CEETAEY OF T H E TEEASUEY.
T A B L E M . ^ S T A T E M E N T OF THE
S T A T E S F R O M 1860
TO 1908,
CAPITA.

Year.

1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1886
1886
1887
1888
1889
1890
1891
. 1892
1893
1894
1896
1896
1897,
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

COIN AND P A P E R CIRCULATION OF T H E U N I T E D
INCLUSIVE, WITH AMOUNT OF CIRCULATION PER

Coin, bullion,
and paper
Coin, includ- United States]
ing bullion in notes and Total money.
money in
Circulation.
Treasury.
Treasury, as
banknotes
assets.
$235, 000,000 $207, 102,477
202, 005,767
250, 000,000
333, 452,079
26, 000,000
649, 867,283
25, 000,000
680, 688,067
25, 000,000
745, 129,755
25, 000,000
000,000
729, 327,254
26;
703, 200,612
25, 000,000
000,000
691, 553,578
25,
690, 351,180
25, 000,000
000,000
697, 868,461
25,
716, 812,174
25, 000,000
000,000
737, 721,565
25,
749, 445,610
25, 000,000
781, 024,781
25, 000,000
773, 273,509
25, 000,000
418,734
738, 264,550
.62,
697, 216,341
65, 837,506
687, 743,069
102, 047,907
676, 372,713
357, 268,178
363,884
691, 186,443
494,
701, 723,691
647, 868,682
974,839
705, 423,050
703,
702, 754,297
769, 740,048
686, 180,899
801, 068,939
665, 257,727
872. 175,823
658, 380,470
903, 027,304
625, 898,804
1,007,513,901
391,690
599, 049,337
1,092,
558, 059,979
1,100, 612,434
471,638
532, 651,791
1,152,
564, 837,407
1,112,956,637
621, 076,937
1,131, 142,260
672, 585,115
1,066, 223, 357
958,741
706, 120,220
1,098,
704, 460,451
1,114, 899,106
610,190
702, 364,843
1,097,
692, 216,330
1,21:3,780,289
675, 788,473
1,397,785,969
681, 550,167
1,508, 543,738
352,213
732, 348,460
1,607,
748, 206,203
1, 734,861,774
913,551
733, 353,107
1,829,
779, 594,666
1,905, 116,321
610,024
808, 894,111
1,994,
851, 813,822
2,031, 296,042
797,215
915, 179,376
2,154,
956, 457,706
2,159,103,301
2,328, 767,087 1,049, 996,933

$442, 102,477
452, 005,767
358, 452,079
674, 867.283
705, 588,067
770, 129,755
754, 327,254
728, 200,612
553,578
• 716,
715, 351,180
868,461
722,
741, 812,174
762, 721,565
774, 445,610
024,781
273,509
790, 683.284
763, 053,847
789, 790,976
1,033, 640,891
1,185,550,327
1,349,592,373
1,409, 397,889
1,472; 494,345
1,487. 249,838
1,537,433,650
1,561,407.774
1,633,412;705
1,691,441,027
1,658,672,413
1,685, 123,429
1,677,794,044
1,752,219,197
1,738, 808,472
1,805, 078,961
1,819, 359,557
1,799, 976,033
1,905, 996,619
2,073, 674,442
2,190, 093,905
2,339, 700,673
2,483, 067, 977
2, 563, 266.658
2,684, 710,987
2,803, 504,135
2,883, 109,864
3,069, 976,591
3,116, 561,007
3,378, 764,020

$6,695,225 $435, 407,252
448, 405,767
3,600,000
334, 697,744
23,764,335
595, 394,038
79,473,246
669, 641,478
35,946,589
714, 702,995
55,426,760
673, 488.244
80,839,010
661. 992,069
66,208,543
680; 103,661
36,449,917
664, 452,891
60,898,289
675, 212,794
47,655,667
715, 889,005
25,923,169
738, 309,549
24,412,016
751, 881,809
22,563,801
776, 083,031
29,941,750
764, 101,947
44,171,662
727, 609,388
63,073,896
722, 314,883
40,738,964
729, 132,634
60,658,342
818, 631,793
216.009.098
973, 382,228
212.168.099
235,354,254 1,114,238,119
235,107,470 1.174,290,419
242.188, 649 1,230, 306,696
243,323,869 1,243, 925,969
244,864,935 1,292, 568,615
308,707,249 1,262,700,525
315,873,562 1,317,639,143
319,270,157 1,372, 170,870
278,310,764 1,380, 361,649
255,872,159 1,429,251,270
180,353,337 1,497,440.707
150,872,010 1,601, 347,187
142,107,227 1,596, 701.245
144,270,253 1,660, 808.708
217,391,084 1,601,968,473
293,640,067 1,506,434,966
265.787.100 1,640, 209,519
235,714,547 1,837,859,895
286,022,024 1,904,071,881
284,649,676 2,055, 150,998
307,760,015 2.175, 307,962
313,876,107 2,249, 390,551
317,018,818 2,367, 692,169
284,361,275 2,519, 142,860
2^5,227,211 2,587, 882,653
333,329,963 2,736, 646,628
342,604,552 2,772, 956,455
340,748,-532 13,038,015,488

Population.

31,443,321
32,064,000
32,704,000
33,365,000
34,046,000
34,748,000
35,469,000
36,211,000
36,973,000
37,756,000
38,558,371
39,555,000
40,596,000
41,677,000
42,796,000
43,951,000
45,137,000
46,363,000
47.598,000
48,866,000
50,155,783
51,316,000
52,495,000
53,693,000
54,911,000
56,148,000
67,404,000
68,680,000
69,974,000
61,289,000
62,622,250
63,947,000
65,191,000
66,456,000
67,740,000
69,043,000
70,365,000
71,704,000
73,060,000
74,433,000
76,295,220
77,754,000
79,117,000
80,487,000
81,867,000
83,260,000
84,662,000
86,074,000
87,496,000

Circulation
per
capita.
$13.85
13.98
10.23
17.84
19.67
20.67
18. 99
18.28
18.39
17.60
17.51
18.10
18.19
18.04
18.13
17.16
16.12
15.58
16.32
16.76
19.41
21.71
22.37
22.91
22.65
23.02
21.82
22.46
22.88
22.52
22.82
23.42
24. 56
24.03
24.52
23.20
21.41
22.87
25.16
25.58
26.94
27.98
28.43
29.42
30.77
31.08
32.32
32.22
34.72

NOTE 1.—Specie payments were suspended from January 1, 1862, to January 1, 1879. During the
greater part of that period gold and silver coins were not in circulation except on the Pacific coast, .
where, it is estimated, the specie circulation was generally about $25,000,000. This estimated amount
is the only coin included in the above statement from 1862 to 1875, inclusive.
NOTE 2.—In 1876 subsidiary silver again came into use, and is included in this statement, beginning
with that year.
NOTE 3.—The coinage of standard silver dollars began in 1878, under the act of February 28, 1878.
NOTE 4.—Specie payments were resumed January 1,1879, and all gold and silver coins, as well as
gold and silver bullion in the Treasury, are included in this statement from and after that date.
NOTE 5.—For redemption of outstanding certificates an exact equivalent in amount of the appropriate kinds of money is held in the Treasury, and is not included in the account of money held as
assets of the Government.
NOTE 6.—This table represents the circulation of the United States as shown by the revised statements of the Treasury Department for June 30 of each of the years specified.
NOTE 7.—The Director of the Mint recently made a revised estimate of the stock of gold coin, and,
as a consequence of such revision, the estimated stock of gold in the United States and of gold coin
in circulation has been reduced $135,000,000 in the figures for 1907.
NOTE 8.—The details of the foregoing table, showing the amount of each kind of money in circulation each year since 1860, are omitted; but they may be had upon application to the Secretary of the
Treasury, Division of Loans and Currency, where a circular covering information on the subject has
been prepared for distribution.




140

REPORT ON T H E FINANCES.

TABLE N.—STATEMENT OF UNITED STATES BONDS AND OTHER OBLIGATIONS RECEIVED
AND ISSUED BY THE OFFICE OF THE SECRETARY OF THE TREASURY FROM NOVEMBER
1, 1907, TO OCTOBER 31, 1908.
^

R e c e i v e d for R e c e i v e d for
transfer a n d redemption.
exchange.

T i t l e of l o a n .

F i v e - t w e n t i e s of 1864 (act J u n e 30,1864)
F i v e - t w e n t i e s of 1865, consols of 1865 (act
Mar. 3,1865)
F i v e - t w e n t i e s of 1865, consols of 1867 ( a c t
Mar. 3,1865)
F u n d e d l o a n of 1881, five-per c e n t s ( a c t s
J u l y 14,1870, a n d J a n . 20,1871)
Gold certificates, series of 1888 ( a c t J u l y 12,
1882)
L o a n of 1904, five p e r c e n t ( a c t J a n . 14,1875)..
Gold certificates, series 1900 ( a c t M a r . 14,1900).
Consols of 1930, 2 p e r c e n t ( a c t M a r . 14,1900)..
L o a n of 1908-1918,3 p e r c e n t ( a c t J u n e 13,1898).
F u n d e d l o a n of 1907, 4 p e r c e n t ( a c t s J u l y 14,
1870, a n d J a n . 20, 1871)
R e f u n d i n g certificates, 4 p e r c e n t ( a c t F e b . 26,
1879)
L o a n of 1925, 4 p e r c e n t ( a c t J a n . 14,1875)
P a n a m a c a n a l l o a n , 2 p e r c e n t ( a c t s J u n e 28,
1902, a n d D e c . 21.1905)
Certificates of i n d e b t e d n e s s , 3 p e r c e n t ( a c t
J u n e 13, 1898)

Total transactions.

Issued.

$1,000

$1,000

13,400

13,400

500

$88,357,950
18,529,280

500

1,100

1,100

385,000
^3,850
81,470,000

$132,740,000
88,357,950
18.529,280

385, 000
23,850
214.210,000
176,715,900
37,058,560
3,151,160

3,151,150
29,607,100

1,120
69,214,200

42,819,700

61,007,420

1,120
29,607,100
18,187,720
1,600,000

15,806,500

17,676,500

155,052,050

Total

370,000

,547,120

327,860,530

569,459,700

TABLE 0.—STATEMENT SHOWING THE AGGREGATE RECEIPTS, EXPENSES, AVERAGE
NUMBER OF PERSONS EMPLOYED, AND COST TO COLLECT INTERNAL REVENUE IN THE
SEVERAL COLLECTION DISTRICTS DURING THE FISCAL YEAR ENDED J U N E 30, 1908.

A g g r e g a t e receipts.a

Collection d i s t r i c t s .

Alabama
Arkansas
First California
F o u r t h California
Colorado
Connecticut
Florida
Georgia
Hawaii
First Illinois
Fifth Illinois
Eighth Illinois
Thirteenth Illinois...
Sixth Indiana
Seventh Indiana
Third Iowa
Fourth Iowa
Kansas
Second K e n t u c k y
Fifth K e n t u c k y
Sixth Kentucky
Seventh K e n t u c k y . . .
Eighth Kentucky
Louisiana
Maryland
Third Massachusetts.
First Michigan
Fourth Michigan
Minnesota
F i r s t Missouri
S i x t h Missouri
Montana
Nebraska
New Hampshire
First New Jersey
Fifth N e w J e r s e y —
New Mexico




>

$810,904.43
105,511.18
5,801,465.16
642,888.24
685,424.34
1,834,346.69
1,058,036.76
419,269.69
56,878.14
7,859, 392.06
28,481,340.69
9,291,010.31
491,101.91
10,577,953.42
15,968,799.97
427,371.49
506,353.56
323,725.20
2,479,952. 98
15,209,340. 76
3,559,108.05
3,332,677.47
2,293, 606.28
5,206,645.98
7,045,696.41
4,311,892.39
6,333,056. 64
851,445.21
1,812,788.97
7,897,604.68
1,436,957.04
644,864.66
2,124,035.80
483,144.64
403,602.80
6,566,290.62
106,209.81

a B a s e d o n r e p o r t s of c o l l e c t o r s .

Expenses.

$37,926. 69
26,871.88
158,927.38
41,429.32
29, 062. 46
42,659.62
22,294.08
57,392.36
10,986.48
94,846.39
161,417.28
72,092.66
17,874.02
90,423.52
99,179.33
19,854. 63
21,392.59
22,341.14
98,360. 97
809,068; 06
95,496. 85
151,847.09
121,677.35
62,467.18
154,470.69
84,485.04
39,898.12
17,677.96
40,953.01
69,442.35
63,123. 90
24,941. 87
46,837.37
20,328.37
18,095.74
39,942.93
14,466.69

Average
n u m b e r Cost t o
of per- c o l l e c t
sons e m $1.
ployed.
17
11
41
12
16
22.
15
26
6
39
21
21
10
21
22
12
16
12
20
31
17
18
23
17
37
29
21
13
23
27
17
13
19
13
8
26
6

$0.122
.256
.027
.064
. 042
.023
.021
.137
.193
.012
.006
• .008
.036
.009
.006
.046
.042
.069
.039
.020
.027
.046
.053
.010
.022
.020
.007
. 021
.023
.009
.037
.039
.022
.042
.045
.006
.138

SECRETARY OF T H E TREASURY.
TABLE 0.—STATEMENT SHOWING THE AGGREGATE RECEIPTS,

Collection districts.

First New York
Second New York
Third New York
Fourteenth New York
Twenty-first New York
Twenty-eighth New York . . .
Fourth North Carolina
Fifth North Carolina
North and South Dakota
FirstOhio
Tenth Ohio
Eleventh Ohio
Eighteenth Ohio
Oregon
First Pennsylvania
• Ninth Pennsylvania
Twelfth Pennsylvania
Twenty-third Pennsylvania .
South Carolina
Second Tennessee b
Fifth Tennessee b
Tennessee c
Third Texas
Fourth Texas
Second Virginia
Sixth Virginia
Washington
West Virginia
First Wi-sconsin
Second Wisconsin
Total

Aggregate receipts.a

952.356.39
965.362.60
483,604.33
814,689.22
937,758. 69
205,927:68
283,035.41
798,055.80
172.400.40
212,016.71

733.794.61
422,689.10
231,146.42
550,401.65
876,328. 57
048,710. 97
912,135.53
413,465.84
214,409. 99
425.189.47
595,882. 72
381,688.72
585,697.96
188,159. 98
505,237.82
056.283.48
064,875.96
455,021.05
237,154.72
002,176.73
261,666,950.04

141
ETC.—Continued.

Expenses.

$60,033.53
89,342.00
64,016.14
54,802.21
40,041. 77
47,102. 08
60,774.50
73,876. 02
15,286.60
167.675.34
41,839.13
31,079.66
46,122.68
21,066.41
110,952.14
72,683.84
37,458.80
172,392. 73
29,411.96
20,544. 51
21,278.75
65,717.77
21,463.34
18,882.41
60, 228. 37
84,541.98
36,061. 60
41,991.77
65,849.71
25,441.20

Average
number
of persons employed.

Cost to
collect
$1.
. $0,007
.023
.008
.011
.021
.021
.022
.026
.089
.012
.024
.022
.021
.038
.016
.024
.020
.018
.137
.048
.036
.048
.037
.100
.014
.080
.034
.029
.009
.025

4,158,491.32

a Ba.sed on reports of collectors.
S^Covering a period fiom July 1 to November 24, 1907, at which time the second and fifth districts
of Tennessee were consolidated.
cCovering a period from November 25,3907, upon the consolidation of the second and fifth districts
of Tennessee,, to June 30, 1908, inclusive.
NOTE.—The foregoing stateraent of expenses does not include .salaries and expenses of internalrevenue agents, salaries of the officers and clerks in the office of the Commissioner of Internal
Revenue, amounts expended in detecting and punishing violations of internal-revenue laws, cost of
naner for internal-revenue stamps, and certain miscellaneous expenses.
Amount of expenses as above stated
$4,168,491.32
Expenses not included in above
672,207.33
Total expenses for fiscal year ended June 30, 1908
d 4,830,698.65
Cost to collect $1
,019
dThis amount differs with the amount stated as disbursements by warrants in Table H of this
report, for the reason that only the expenses incurred and paid from the appropriations pertaining
to fiscal year 1908 are shown herein.




TABLE

P . -- S T A T E M E N T

OP

CUSTOMS

BUSINESS

FOR

THE

FISCAL

YEAR

ENDED

Foreign

Alaska (Juneau), Alaska
Albany, N. Y
Albemarle (Elizabeth City), N. C
Alexandria, Va
Annapolis, Md
Analachicola Fla
Arizona (Nogales), Ariz
Aroostook (Houlton),Me
Atlanta, Ga
Baltimore, Md
Bangor, Me
Barnstable, Mass.
Bath, Me
Beaufort, N C
Beaufort, S.C
:'
Belfast, Me
Boston a n d Charlestown(Boston),
Mass
•
Brazos de Santiago (Brownsville),
Tex
Bridgeport, Conn
Bridgeton, N. J
Bristol and Warren R. I
Brunswick, Ga
'.
Buffalo Creek (Buffalo), N. Y
Burlington, Iowa
Burlington, N. J
Cairo 111
Cape Vincent, N. Y .
Castine Me
Champlain (Plattsburg), N. Y . . . .
Charleston, S C
Chattanooga, Tenn
Cherrystone (Cape Charles City),
Va
Chicago, 111
Cincinnati Ohio
Columbus, Ohio
Corpus Christi, Tex
Council Bluffs, Iowa




Coastwise

362

1

19

7

34
2

1

737
4
7
78

1,374
920
1
3

408

1,987
2

433

5

701
4
16
72

1,623
16

12
30

2
1

1,453

865

i'

60
3
1
81
977

1,335
1
1
. 458
2,738

1,340
10
1,724
121

446
1

141

DocuEntries ments
of m e r - i s s u e d
Coast- c h a n d i s e . t o vessels.
wise

229

275

34 1
2

Foreign.

'259"

6,033

i'

41'
1,021

69,904

19
938
1
2
2
110 """"446' ,
904
2,807

1,318
10
1,945
56

450
2
1,507
80

222

269
295
217
104
210
74
3

3
3,739
1,084
221
15,404 " i , ' 2 3 9 '
21,567
110
407
48.
200
88
181
93
2
142
43

10
1,234

30,

1908

V a l u e of e x p o r t s .

Vessels entered. Vessels c l e a r e d .
Districts and ports.

JUNE

6,940

1

687

2,787
660 " " • 3 6 3 '
375
2
29
116
-8
399
27,943
65
23
10.
47
1,648 , 112
62
281
502
28,346
172
276
22
76
36,973
4,097
648
1,459
81

433
208
133
6"

Duties a n d
tonnage tax.

Aggregate
receipts.

Expenses.
Foreign.

$11,442

954.41
2,274.42

$74,874.57
269,459. 52
5.70
1,085.93
10.25
892.73
108,772.40
43,689.39
42,623.19
4,864,177.62
325,605. 80
428.73
26,202.09
70.00
1,103.45
2,458.43

22,333,920.06

22,577,029.01

8,170.64
243,636.42
614.02
483.88
9,565.55
898,573.19
7.44
L40
22,089.59
724.40
482,638.00
69,182.82
258.65

9,611.35
246,323.10
572.93
602. 85
10,826.18
910,919. 90
6L00
37.41
10. 00
22,127.09
777.32
483,116.73
70,925.33
401.92

9,685,222.02
883,241.87
193,692.48
95,214.93
8,750.46

250.00
9,704, 750.40
885,108.67
193,752.28
98,237.06
8,755.90

$65,287. 95
269,286.83
5.70
993.73
10.26
652.22
104,448.87
39,651. 02
42,512.41
4,719,644.24
323,941. 92
223.23
25,602.58
.

Domestic.

Average
n u m - Cost t o
b e r of c o l l e c t
persons
$1.
employed.
34
10
4
2
2
4
31
16
2
206
20
7

$0.867
.067
496.391
.929
.98.083
3.906
.092
.469
.116
.058
.079
8.958
.258
19.103
2.948
1.184

181, 900
226,961

$64,.946.16
15,259.66
2.829.43
1,009.16
1,005.35
3,487.13
9,983.73
20.486.05
4,927. 63
284,320.55
25,830.52
3.840.44
6,763.48
1.337.24
3.253.25
2,909.76

904,600

95,146,468

805,166.45

687

.036

22,869

169,398

41,806.53
11,250.16
1,593.16
211.77
6,061. 91
65,895.24
456.86
366.68
401. 70
16,212. 23
4, 535. 37
54,170.19
12,670.61
677.37

32
8
6
2
6
53
2
2
3
13
6
44
11
2

4.350
.046
2.781
.421
.560
.072
7.490
9.775
40.170
.687
5.836
.112
.179
1.685

1,284.01
269,959.18
38,277.65
8,763.40
•39,560.72
370.00

4
192

5.136
. 028
.043
.046
.403
.042

$1,846,463
2,500

16,616
1,376
230,048
100,026

219,930
9,165,687.
89,768,457
966,982
3,780

150,000
773,446

12,397,838
30,628,034

14,200

145,163

2,027,385
2,897

11,251,238
2,508,068

967,641

3,957,291

29,900

11,128,377

•

6

2.
4
6

31
2

o
O

W

>

o
zn

"Cuyahoga (Cleveland), Ohio
1,377
Dayton, Ohio
Delaware (Wilmington), Del
26
Denver, Colo
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
289
Duluth, Minn
3
Dunkirk, N. Y
Eastern (Crisfield), Md
44
Edgartown, Mass
159
Erie, Pa
.Evansville, Ind
17
Fall River, Mass
100
Fernandin a,. Fla
•.
19
Frenchmans Bay (El 1 sworth), Me.
Galena, 111
391
Galveston, Tex
856
Genesee (Rochester), N . Y . . . . . . . . .
3
Georgetown, D.C...'
4
Georgetown, S. C
78
Gloucester, Mass
Grand Rapids, Mich
Great Egg Harbor (SomersPoint),
NJ
Hartford, Conn
Hawaii
125
Houston, Tex
6
Humboldt (Eureka), Cal
1,102
Huron (Port Huron), Mich
Indianapolis, Ind
Kansas City, Mo
Kennebunk, Me
432
Key West, Fla
Knoxville, Tenn
La Crosse, Wis
Lincoln, Nebr
Little Egg Harbor (Tuckerton),
N.J
Los Angeles, Cal
Louisville, Ky
Machias, Me
Marblehead, Mass
Memphis, Tenn
446
Memphremagog (Newport), V t . . .
144
Miami (Toledo), Ohio.
66
Michigan (Grand Haven), Mich..
37
Milwaukee, Wis.
108
Minnesota (St. Paul), M i n n . ,
729
Mobile, Ala
Montana and Idaho (Great Falls),
Mont




6,628

1,767

5,298
26

2,676
'2,'888'

661

2,054
242
3

.2,924
36

1
182

44
642

705
73

11
157
17

390
187

491
871

109
61

281
182
108
70

269
292

5
133

262
280

301
1,591

, 31
1,078

52
1,614

434

151

235

"si'
1,251
7,348
12,823

443
169
63
'37
108
738

1,246
7,374
12,673
125

435
722
151
1,372
301
26,939
142
694
31
186
89
121
11
18
3,000
1,847
2,753
638
681
1,296
3,873
13,187
'946
3,033
3,459
39
28
186
2,356
1,392
23
7
380
28,339
722
49
4,181
7,022
842
2,164

'195'
321
21
503
,19
732
30
131
165
138
44
206
10
168
17
58
51
484
147
143
64
66
25
182
25
13
184

1,442,776.23
145,010.92
18,248.19
245,046.15
61,385.32
2,114,010.26
29,661.34
37,452.21
3,151.57
210.87
19,445.82
80,697.96
49,821.98
11,387.80
175.65
497,648.43
443,781.59
170,059.02
100.82
15,267. 70
103,866. 95
225,680.35
1,537,322.20
27,858. 62
2,108.56
424,851.77
211,714.77
573,421.50
491,946.06
2,750.04

1,447, 498.14
145, 021.82
18, 520.64
245, 493.93
61, 430.94
2,123, 209. 96
29, 725.74
41, 116.24
3,213.12
.60
531.70
652. 65
777. 81
001.44
735.28
357.00
542,637.32
445,883.49
172,690. 49
132.80
16,990.80
103,919. 67
201.17
226,962.07
. 560,157. 32
,
27,861.17
2,304.74
437,319.67
212,461.18
678,318.15

10,840.30

611,281.64
2,777. 00
17.13
10,840.30

1.20
618,257.52
296,942.64
.562.93
1,064.68
72,742.46
335,309.33
62,874.78
8,580.48
777,885.10
,196,800.58
76,225.84

1.20
520,613. 73
298,101.72
980.19
1,171.04
73,201.47
338,252. 89
65,906.06
8,691.24
781,300.89
1,203,443.66
87,656.61

353,110.18

359,219.80

38
19
84
102
196
78
210
69
282
429
47
241

7,109,963
8,761
502
'i24,'748"

37,033,676
"'5,'358,'468'

528,064
8,659,118
331,268

161,020,933
1,367,281
29,702

10,435

8,590
587,205

9,112

959,726
16,445,052

3,358

187,247
634
638,427
7,604
11,416
4,166

7,688,211
624,884
.70,182
165,692
8,036,460
27,979,831
925,089

39,698.69
7,180.04
9,636.39
13,248.70
3.127.57
90,194.96
414.85
15,697.95
1,271.19
2,651.31
2,803.59
6,689.12
4,204.80
6,060.45
1,984.90
3.651.58
384. 50
85,315.13
23,492.76
19,250.75
268.16
18,344.03
7,449.72

29
.027
.060
3
.615
9
.064
6
.051
2
.042
75
.014
2
.379
13
.396
2
2 4,418.850
6.273
4
.289
4
.052
2
.101
3
.156
3
10.228
5
64
19
10
2
14
3

.157
.053
.111
2.019
1.080
.072

2,831.34
11,524.63
96,898.56
2,358.50
2,855.53
63,383.59
11,343.34
30,242.88
254.00
42,277.88
671.10
468.77
2.232.42

4
6
65
2
2
56
6
19
?
37
2
2
3

14.074
.051
.068
.085
1.239
.145
.053
.052
.083
.242
.27.365
.206

376.48
35,927.53
17,895. 96
4.367.43
1,959.20
6,426.78
47,624.69
9,601.58
9,.180.60
25,176.12
68,354. 74
26,253.56

1
23
10
6
3
4
42
7
14
24
41
19

312.900
.069
.060
4.456
L673
.088
.141
.146
1.056
.032
.048
.^300

29,456.45

19

.082

9

zn

o
H

;>

o
^
^
H
H
W

;>
zn .

00

TABLE P.—STATEMENT OF CUSTOMS BUSINESS FOR THE FISCAL Y E A R ENDED J U N E 30, 1908—Continued.
Vessels e n t e r e d . Vessels c l e a r e d .
Districts a n d ports.
Foreign.

N a n t u c k e t . Mass
Nashville, T e n n
N a t c h e z , Miss
Newark, N. J .
N e w B e d f o r d , Mass
N e w b u r y p o r t , Mass
New Haven, Conn
New London, Conn
N e w Orleans, L a
I^^ewport, R . I . . .
Newport News. Va
NewYork, N . Y
Niagara (Niagara Falls), N. Y . . . .
N o r f o l k a n d P o r t s m o u t h (Norfolk), V a
North a n d South Dakota (Pembina), N.Dak
Omaha, Nebr
Oregon (Astoria), Oreg
Oswegatchie (Ogdensburg),N. Y .
Oswego, N. Y .
Paducah, K y
Pamlico (Newbern), N. C
Paso del N o r t e (El Paso), T e x
P a s s a m a q u o d d y ( E a s t p o r t ) , Me . .
Patchogue, N. Y..'
P e a r l R i v e r ( G u l f p o r t ) , Miss
Pensacola, Fla
P e o r i a , 111
Perth Ambov, N . J
Petersburg, Va
Philadelphia, P a
Pittsburg, P a
P l y m o u t h , Mass
P o r t Jefferson, N . Y
P o r t l a n d a n d F a l m o u t h (Portland), Me
Porto Rico




Coastwise.

Foreign.

V a l u e of e x p o r t s .

DocuEntries ments
of m e r - issued
Coast- c h a n d i s e . t o vessels.
wise.

1
1

1,398
177

4,091
995

14
2
262
1,005
138
2,750
661

724
16
17,555
276
1,463
626,002
26,957

31
43
11
88
104
15
242
275
376
147
372
6,071
28

765

1,933

697

1,469

3,939
847
• 27
8,089
833

"

204
76
'47

6
36

43
12
1,089
13
128
4,539
1,066

3
6
296
994
• 863
2,356
686

126

i , 950

1,497
128
1.037
1,298 " • * 3 2 9 '
6

114
40
4
25
13
1,093

""bis

20
638
1,296

""'soo'

....

970

122

930

111

320
236

76
131

367
298

45
68

63
1,226

90
118
160
828 ""i,"244'
7

4
251
357

88
164
994

343
327

1

211
349

342
317

Aggregate
receipts.

98,189

32,829
159,357,684

3,'474
12,652,086
2,148,554

8,362,411
688,410,827
12,909,859

138,952.85

5,467

12,629,166

22,422.82

16

.161

112,062.54
155,622.34
25,958.33
268,126.46
157,321.20

36,906

7,451,662

89,728
2,311

237,435
4,539,966
2,989,198
7,959,817
1,130,778

1,329

7,755,843
20,332,649

21
4
12
29
13
2
5
46
22
2
7
11
3
7
6
486
• 15
2
2

.257
.067
.653
.122
.112

91,104
49,783

28,804.68
10,498.97
16,959.11
31.450.74
17.690.01
679.11
7,236.56
58,420.34
25,648.19
474.25
11,190.62
14,512.25
3,762.63
10.513.02
8.562.17
552,354.55
25.851.75
1,484.23

607

132,998.88

28

109,260.63
165,622.34
22,545.34
257,669.71
156,993.77

ii'

303
108

$31,058.23
5.10
171,498.83
34,757.27

15,874.84
27,465.64
36,417. 83
146,768.44
112,941.58
18,076,458. 44
673,630. 67
310.98

2,244.75
353,551.50
79,054.97
10.00
20,401.17 .
31,438.39
36,423.83
151,896.64
113,970.84
18,178,385.74
674,592.35
333.38

206,283.52
1,086,856.66

215,140.31
1,100,097.28

654. 70
339,351.48
76,438.35

Domestic.

$362.40
3,911.93
548.03
12.114.73
6,362.80
600.00
10,705.62
7,135.30
337,356.15
4,705.91
45,466.85
4,059,098.12
63,905.21

118,126.13
1,212.15
7,044,056.72
36,857.37
369,668.98
187,243,720.59
343,468.77

67'
72
45
82
216

Expenses.
Foreign.

$31,402.62
5.10
174,597. 54
41,737.03
33.63
118,739.63
3,477.06
7,099,000.39
36,990.48
375,030.87
190,191,073.17
356, 658. 72

1,208
.4,312
3,483 " " ' 2 7 6 '
347
319
io
94
69
37
198
317
790
.9
2,681
1,039
43,600
2,773
6
35
1.654
5,634

Duties a n d
tonnage tax.

Average
n u m - Cost t o
b e r of c o l l e c t
persons
$1.
employed.

$477,998

$164,807
35,205

637

1,719,984

211,927

244,947

109,016,489

1,348
37,366

11,691,652
4,715.843

n.oo
64,637.63
68,909.11

1
2
2
6
6
2
7
5
266
5
43
3,162
65

$0.126
107.467
. .069
.162
17.841
.090
2.052
.048
.127
.121
.021
.179

38
66

3.224
.165
.324
47.425
.549
.462
.103
.069
,075
.030
.038
4.462
.254
.063

teJ

o
H
O

Ml

o
Ul

Portsmouth, N . H
,
P r o v i d e n c e . R. I
Puget Sound (Port Townsend),
Wash
Richmond. Va
R o c k I s l a n d , 111
Sabine (Port Arthur), Tex
Saco, M e
Sag Harbor, N. Y
St. A u g u s t i n e , F l a
,
St. J o h n s (Jacksonville), F l a
St. J o s e p h , Mo
St. L o u i s , M o
St. M a r k s ( C e d a r K e y s ) , F l a
St. M a r y s , G a
S a l e m a n d B e v e r l y ( S a l e m ) , Mass.
S a l t L a k e City, U t a h
Saluria (Eagle Pass), T e x
S a n Diego, Cal
Sandusky, Ohio
S a n F r a n c i s c o , Cal
Savanna,h, Ga
S i o u x City, I o w a
S o u t h e r n O r e g o n (Coos B a y ) ,
Oreg
S p r i n g f i e l d , Ltass
Stonington, Conn
Superior (Marquette), Mich
Syracuse, N . Y
Tampa, Fla
Tappahannock, Va
Teche (Brashear). La
Vermont (Burlington), Vt
V i c k s b u r g . Miss
Waldoboro, Me
W h e e l i n g , W. V a
Willamette (Portland), Oreg..'...
Wilmington, N. C
Wiscasset, M e
Yaquina, Oreg
York, Me
Total

399

11
25

2,623

916

2,678
7

88

74

143
4
76

31

1
285

162
955
547
122

24
105
1, 792
533
649

129
989
466
208

29
88
1,782
897
652

1,696

6
6,483

6
1,663

5
6,495




137.06
510,888.43

229.14
612,264.90

1,033
107
151
121
12
235
45
163

1,686,334.58
157,958.24

2,718.34
25,163.39
90,083.56
108,148.50
9,769.42
,459,292.50
67,302.98
9,922.84

1,760, 057.82
158, 353. 92
28.56
667.34
72.43
4.1-3
4, 075.42
30, 203.97
110, 656. 94
2,661. 781.70
5,851.87
78.40
3, 066.01
250.82
25,
98, 008. 49
111, 646.25
y. 943. 06
7,496, 720.98
70, 966.01
9, 982.96

497,074.31
1,776.49
125,376.46
68,020.34
1,661,745.16

10.00
497,639.15
1,847. 78
127,270. 91
68,422.22
1,670.383.36

228

207
324

62
201
502
7,321
3
30
146
2,065
626
691
35,100
359
113

142
61

70
109
24
85
1,193
145

7,694.77
19.41
3,988.65
29,059.10
110,548. 67
2,656,889.13
5,414.44

99

6
217

144
28
69
9
19

160
20
"44
161
64
7

35,938

75,863

36,205

523
78
32
30

735
12
2,782
547
7,589
29,556
4
65
1
3,275

75,208 1,203,732

A m o u n t of e x p e n s e s r e p o r t e d b y c o l l e c t o r s , a s a b o v e .
Expense not included in above
Total
Cost t o c o l l e c t $1

65
165

10

136

11
1,668
18,066
544

6
28

126
186
189
314
158
20
44
231
200
121
100
71
9
3
30,520

1
101,910

43,930,857
154,301
12,964,644

815,000
1,945,144

27,388
4,613
474,429

4,490,227
636,610
560,622
27,525,610
61,695.330
29,151

3,648.78
22,881.22

2.50

91.35
597,615. 62
1.20
361.88
1,030,205.14
21,206.13
131.76

287,102,948.73

291,081,942.84

25, 986,989 1,834,786,357 9,429,766. 64

126.50
608,495.75
1.20
785. 27
86.82
1,035,608.28
22,686. 00
397.02

7,116,662

10,233

3,766,376

'i,'i58,"986'

4,526

' 6,'047,'627'

17,659,405
30,291,681

131
5
2
9
2
4
2
4
3
60
4
1
6
2
37
18
10
333
7
2

171.363.78
7,355.57
630.90
12,003.87
681.70
819.13
1,759.24
6,271.70
7,126. 21
67,663.30
1,725. 74
608.52
6,069.21
3,124.75
52,547.14
25.901. 34
4,722. 39
497,925.67
10,395.65
798.36
1,549.00
9,674.60
1,346.49
40,255.72
7,875.36
45,271.63
689.76
2,821.90
79,992. 72
633.45
5,361.48
942. 91
60,343.46
6,778.33
3,106. 09
1,048.75
361.81

348,692

5 1 16.924
.045
16
.098
.046
22.090
1.385
9.412
198.337
.432
.208
.064
.025
.295
7.762
L980
124
.536
.232
.476
.066
.146

2 154.900
.019
6
.729
2
.316
43
.115
4
.029
34 1
3 1
3 "22." 308
.131
67
1 444.542
^

7

2
39
4
3
2
2

6.828
10.987
.058
.299
7.824

Ul

a

ft

w
>
zn
d

"i44.'724

7,430

$9,429, 766.64
150,860.61
9,580,626.26
.033

cn




APPENDIX TO THE REPORT ON THE FINANCES.







_^Ll^I>E]>^DIX.
REPORTS OF HEADS O F BUREAUS.
REPORT OF THE TREASURER.
TREASURY DEPARTMENT,
O F F I C E OF THE TREASURER,

Washington, Novemher 2, 1908,
SIR: The transactions of the Treasury of the United States for the
fiscal year ended June 30, 1908, and its condition on that and subsequent dates, are presented in the annexed tables.
REVENUES AND EXPENDITURES FOR 1907

AND

1908.

The usual relations between the income and outgo of the Government were unexpectedly disturbed during the greater part of the
fiscal year 1908, and as a result, the ordinary revenues were
$58,070,201.15 less tha.n the expenditures. Contrasted with the
showing for. the preceding fiscal year when the revenues were
$84,236,586.30 in excess of the expenditures, the change is not only
a surprising one, but it also emphasizes the fact that the income of
the Government is not exempt from the influences of trade depression.
The ordinary revenues and expenditures for the past two years
are recorded in the table following:
R E V E N U E S AND

E X P ENDITURES FOR FiSCAL Y E A R S 1907 AND

1907.

1908.

Increase.

$332,233,362.70
269,666,772.85
7,878,811.13
47,094,99L05

S286,113,130.29
251,711,126.70
9,731,560.23
46,993,968.56

$1,852,749.10

6,266,396.32

6,576,332.75

309,936.43

G63,140,334.05

601,126,118. 63

2,162,685.53

11,023,925.21
22,417,35L18
5,490,360.71
3,483,014.58
77,412,442.37
9,516,047.69
26,078,020.90
124,808,480.28
9/,866,829. 31
15,163,608. 41
139,309,514.31
24,481,158.34
10,482,192.91
11,370,801.55

14,850,228.47
24,679,044.03
5,825,010.87
3,549,373.18
63,312,866.18
9,159,630. 58
25,475,412. 78
178,020,889.83
118,780,233.29
14,579,755. 75
153,892,467.01
21,426,138.21
13,460,764.40
12,184,505.10

3,826,303.26
2,261,692.85
334,650.16
66,358.60

578,903,747.75

659,196,319.68

1908.

Account.

Decrease.

REVENUES.

Customs
Internal revenue
Lands
Miscellaneons revenues
Revenues of the District of Columbia
Total
Net

:...

$40,120,232.41
17,955,646.15
101,022 49

64,176,901.05
62,014,215. 52

EXPENDlTURf.S.

Totai
Net
Surplus
Denclt




:.

84,236,586.30

-.

14,099,576.19
CO

3.'i6.417.11

i.

Commerce and Labor
Customs
Internal revenue
Diplomatic
Treasury proper
Judiciary
Interior civil
War Department
Navy Department
Indians
Pensions
Interest
Agriculture
District of Columbia

53,212,409.65
20,913,403.98
14,582,952.70
2,978,57i.49
813,703.65
98,990,046.14
80,292,571.93

583,852.66
3,055,020.13

18,697,474.21

58,070,201.15

149

150

REPORT ON T H E FINANCES.

I t is a noteworthy fact that the total revenues for 1908 were in
excess of those of any preceding fiscal year, with the single exception
of 1907. If the expenditures of 1908 had not been in excess of those
of 1907, there would have been a surplus of $22,222,370.78, notwithstanding the decrease of $62,014,215.52 in the revenues. Thus it
becomes apparent that the trouble is not in decreasing receipts, but
the great increase of expenditures.
Fortunately the condition of the available cash balance,
$272,061,445.47, at the beginning of the fiscal year was such as to
enable the Government to meet a large deficiency in revenue without
embarrassment.
R E V E N U E S AND EXPENDITURES, FIRST QUARTERS OF 1 9 0 8 AND 1 9 0 9 .

For the first quarter of 1909 the revenues were $33,362,536.64
less than the expenditures, and as compared with the same period
in the preceding fiscal year, there was a decrease of $19,787,287.22
in the revenues and an increase of $9,155,985.50 in the expenditures.
The comparison, by items, for the two quarters follows:
F i r s t quarter—
Increase.
1908.

Decrease.

1909.

REVENUES.

Customs
Internal revenue. .
Miscellaneous
Total
Net

$84,157,057.30
67,366,068.93
14,048,103. 52

$68,085,929.60
61,788,474.07
15,909,538.86

$1,861,435.34

165,571,229.75

145,783,942.53

1,861,435.34

35,949,142.00
32,743,761. 06
26,957,808.17
4,142,544. 49
37,856,965.13
26,839,819.33
5,500,453.49

41,859,755.42
36,804,919.28
27,845,891.56
5,014,602.09
41,668,065.05
20,810,398.00
5,142,847. 77

5,910,613.42
4,061,158.22
888,083.39
872,057.60
3,811,099.92

169,990,493.67

179,146,479.17

15,543,012.65
9,155,985.50

4,419,263.92

33,362,536. 64

$16,071,127.70
5,577,594:86
21,648,722.56
19,787,287.22

EXPENDITURES.

Civil a n d m i s c e l l a n e o u s . . . '
War
Navy
Indians.. 1
Pensions
P u b l i c works
Interest..
. . . .
Total
Net
Excess of e x p e n d i t u r e s

6,029,421.33
357,605.72

RECEIPTS AND DISBURSEMENTS ON ACCOUNT OF THE
DEPARTMENT.

6,387,027.05

POST-OFFICE

The receipts and expenditures on account of the Post-Office
Department are under the exclusive control of the PostmasterGeneral. A statement of transactions relative thereto at the Treasury offices during the past year will be found on page 192 of this
report.




151

TREASURER.
TRANSACTIONS IN THE PUBLIC DEBT.

The total receipts on account of the public debt during the last fiscal
year were $909,463,405.17 and the disbursements $739,111,906.50.
Comparison of the tra,nsactions, by items, for the fiscal years 1907
and 1908 may be studied in the table following:
RECEIPTS AND DISBURSEMENTS ON ACCOUNT OP THE PUBLIC D E B T FOR 1907 AND

1908.
Account.

1907.

1908.

Increase.

Decrease.

RECEIPTS.

United States bonds
United States notes.
National-bank notes
Gold certificates . . . .
Silver certificates.
Panama Canal loan.
Certificates of indebtedness

$50,312,900.00
105,020,000.00
30,477,420. 00
288,545,000.00
304,708,000.00
30,000,000.00

Total
Premium on consols of 1930
Premium on Panama Canal loan

809,063,320. 00
1,509,234.00
1,210,817.95

908,727,616.50

811,783,37L95

909,463,405.17

80,679,080.00
1,763.00
105,020,000.00
1,398,000.00
25,454,254. 50
170,080,000.00
306,404,000.00

33,105,570. 00
1,180.00
123,610,000. 00
1,006,000.00
39,535,156. 50
236,821,000.00
303,783,000.00
1,250,000.00

689,037,097.50
49,705. 52
175,390. 45

739,111,906.50

100,661,902.00

689,262,193.47

739,111,906.50

50,074,809. 00

122,521,178. 48

170,351,498.67

Aggregate

$123,610,000.00 $18,590,000.00
64,333,136.50 33,855,716. 50
89,815,000.00
378,360,000.00
302,356,000.00
24,631,980.00
15,436,500. 00 is,436,500.66
157,697,216.50

735,788. 67

$50,312,900.00

2,352,000. 00
5,368,020. 00
58,032,920.00
1,509,234.00
475,029.28

97,680,033.22

DISBURSEMENTS.

United States bonds
Fractional currency
United States notes
Treasury notes of 1890
National-bank notes . .
•
Gold certificates
Silver certificates
Certificates of indebtedness
Total
.
Premium on bonds purchased
Premium on bonds exchanged
Aggregate
Excess of receipts

..

18,590,000.00
14,080,902.00
66,741,000.00
1,250,000.00

47,573,510.00
583. 00
392,000.00
2,621,000.00
60,587,093.00
49,705. 52
175,390. 45

PUBLIC DEBT, 1 9 0 7 AND 1 9 0 8 , AND FIRST QUARTER OF 1 9 0 9 .

The aggregate amount of the public debt, including certificates and
treasury notes (trust funds, offset by an equal amount of cash in
theTreasury), June 30, 1907, was $2,457,188,061.54, and at the close
of the fiscal year 1908, $2,626,806,271.54, an apparent, increase of
$169,618,210. The additions to the various accounts were: Panama
Canal loan, $24,^31,980; certificates of indebtedness, $14,186,500;
matured loans, $3,042,200; national-bank notes (redemption fund),
$24,800,480; gold certificates, $141,539,000, while reductions were
made in the following accounts: Funded loan of 1907, $36,126,150;
refunding certificates, $22,620; fractional currency, $1,180; silver
certificates, $1,427,000; treasury notes, $1,006,000.
The total debt at the close of the first quarter of 1909 was"
$2,632,337,092.04, an apparent increase of $5,530,820.50 since June
30, the net result of the following transactions: Interest-bearing debt
decreased $250,000; debt bearing no interest decreased $30,124,179.50,




152

REPORT ON T H E FINANCES.

while there was an increase of $35,905,000 in the trust funds, as may
be observed from the comparative statement of the debt following:
PUBLIC DEBT, 1907 AND

1908, AND FIRST QUARTER OF 1909.

Outstanding
June 30.1907.

Outstanding
June 30, 1908.

Outstanding
September 30,
1908.

$646,250,150.00
63,945,460.00
36,126,150.00
22,620.00

$646,250,150. 00
63,945,460.00

$646,250,150.00
63,945,460.00

118, 489,900. 00
30,000,000. 00

118,489,900.00
54,631,980.00
14,186,500. 00

118,489,900. 00
54,631,980.00
13,936,500.00

894,834,280.00

897,503,990.00

897,253,990.00

1,086,815.26
53,282.50
346,681,016.00
47,658,804.50
6,863,994.28

4,130,015. 26
53,282. 50
346,681,016.00
, 72,459,284.-50
6,862,814.28

3,823,195.26
53,282.50
346,681,016.00
42,642,365.00
6,862,374.28

402,348,912.54

430,186.412. 54

400,062,233.04

678,244,869. 00
475,777,000.00
5,988,000.00

819,783,869.00
474,350,000.00
4,982,000.00

842,045,869.00
488,208,000.00
4,767,000.00

Total

1,160,009,869.00

1,299,115,869.00

1,335,020,869. 00

Aggregate

2,457,188,061. 54 2,626,806,27L 54

2,632,337,092.04

Rate.

When payable.

P.ct.
Interest-bearing debt:
2 After Apr. 1, 1930 .
Consols of 1930
3 AfterAug. 1, 1908.
Loan of 1908-1918...
4 July 1,1907
Funded loan of 1907
4 Convertible
Kefunding certificates.
4 Feb. 1, 1925
Loanof 1925
2 Aug. 1, 1916
Panama Canal loan.
3 After Nov. 20,1908.
Certificates of indebtedness.
Total i n t e r e s t beariDg debt.
Debt bearing no interest:
Matured loans
Old demand notes
United States notes.
National-banlc notes
Frac tional currency

On demand
.do
do
.. ..do
do

Total
Certificates and notes
Issued on deposits of
coin and bullion (trust
funds, act Mar. 14,
1900):
Gold certificates
Silver certificates...
Treasury notes of
1890.

Ondemand
.. ..do
.do . .

...

PAYMENT OF SPANISH INDEMNITY CERTIFICATES.

The Secretary of the Treasury on January 13, 1908, gave notice to
the holders of the Spanish indemnity certificates of 1834 that the
department had received from the Government of Spain, through the
Department of State, the sum of $570,000, to be paid to such holders^
in full satisfaction of their certificates, the face value of which aggregated $599,850.16.^
In conformity with such notice, settlement was made to June 30 of
certificates having a face value of $591,896.03, for which the amount
of $562,441.67 was paid.
PURCHASE OF CERTIFICATES OF INDEBTEDNESS.

The Secretary of the Treasury on March 3, 1908, authorized the
purchase of $1,250,000 of the certificates of indebtedness issued under
the act of June 13, 1898, at par and interest to date of purchase. The
total disbursement in the transaction was $1,260,582.18.
REDEMPTION OF THE FUNDED LOAN OF 1907.
The bonds of the funded loan of 1907, having been called for
redemption, ceased to bear interest from the date of maturity, July
2, 1907. The amount of this loan outstanding November 1, 1908,
was $2,677,000.



153

TREASURER.

There appears to be unnecessary delay in presenting for redemption the bonds of matured loans, and the attention of holders thereof
is invited to the amount outstanding at the present time, viz:
Matured.

Loan.
Funded loan of 1891
Funded loan of 1891 continued at 2 per cent
Loan of 1904...
. .
Funded loan of 1907
Refunding certificates
...
Total

...

Sept.
Aug.
Feb.
July
July

.

.

Amount.

2,1891
$24 500
32,000
18,1900
2,1904
72,450
2,1907 • 2,677,000
1,1907
18,030

. . . .

2,823,980

THE PANIC OF 19Q7 AND MEASURES OF RELIEF BY THE TREASURY.

Financial conditions became very acute in New York about the
20th of October, and the Treasury Department used $37,597,000 of
its available resources for the relief of the stringency at that point
by increasing public deposits in national banks therein (as stated on
p. 161 of this report), thereby reducing its working balance to the
lowest point indicated by prudence under prevailing conditions.
There was an unusual shortage of ready cash to meet current demands,
and many national banks were unwilling to part with their currency
to cash freely the government checks, owing to the fear that they
might not be able to secure currency in return for such payment.
The Treasurer therefore directed the nine assistant treasurers to pay
or ship currency on all Treasury and Post-Office Department warrants or drafts and United States disbursing officers' checks drawn
upon any subtreasury office when presented properly indorsed and
the indorsement guaranteed by the bank presenting the same.
Under these instructions the holders of such paper were enabled to
convert it into cash upon presentation to the nearest subtreasury
without the delay usually attending the collection of such items from
the ofiicer upon whom, drawn. This action caused a formidable
amount of extra work, lasting several months, and great inconvenience to the Treasury in clearing the accounts.
The kinds of paper and amounts involved in the payments by each
office are recorded in the statement following:
Kinds of obligations.
Warrants and checks drawn on other ofBces and
paid by—

Baltimore
Boston
Chicago.:
Cincinnati
New Y o r k . . . .
New Orleans..
Philadelphia..
St. Louis
San Francisco.
Washington...
Total...

Treasury
warrants
and checks,
$1,725.74
6,555.08
13,749. 66
11,847.36
418,129. 93
3,106. 02
7,174. 44
22,561.66
17,229.19
93,645.01
595,724.09

Post-office
warrants.
$1,469.39
39,294.38
372,879.16
179,939.63
71,671.90
8,154.46
69,012.77
398,702. 24
10,405.92
59,294.06
1,210,823.91

Disbursing
officers' checks.

Total.

$508,901.37
896, 850.19
2,717,634.05
3', 493,
062.80
1,060, 063.21
189, 605.05
2,541, 242. 08
1,434, 090.13
1,396, 397.64
603, 184.16

$512, 096.50
942, 699.65
3,104,262.87
3,684,849.79
1,549,865.04
200, 865.53
2,617,429.29
1,855,354.03
1,424,032.75
756, 123.23

14,841,030.68

16,647,578.68

The Secretary of the Treasury early in October notified depositary
banks that they would be permitted to substitute bonds acceptable
for savings-banks investments under the laws of the States of New



154

REPORT ON T H E FINANCES.

York, Massachusetts, Connecticut, and New Jersey for government
bonds which were pledged as security for public deposits, provided
the bonds thus released were deposited for additional bank-note circulation. The offer was readily accepted by the banks, and United
States bonds to the amount of $44,109,860 were thus made available
for the issue of circulation which was^used in relieving the shortage
in currency.
The supply of United States bonds in the market available for the
issue of circulation was limited in quantity and held at such a price as
to practically make it unprofitable to the banks to buy the bonds and
take out circulation thereon. To relieve this situation and to counteract the premium on currency, the Secretary of the Treasury on
November 17, 1907, announced that he would receive bids for an issue
of $50,000,000 in Panama Canal bonds under the act of June 28, 1902,
and $100,000,000 in 3 per cent certificates of indebtedness under the
act of June 13, 1898. Under ordinary conditions, the proceeds of
these sales would have been deposited in the Treasury, thereby withdrawing that amount of money from circulation. But in this instance
to turn the sale into a relief measure as well as to make it an inducement to banks to purchase the new issues with a view to making them
a basis for circulation, it was deemed advisable to allow the banks
to which awards of Panama Canal bonds were made, to retain 90
per cent, and those to which awards of certificates of indebtedness
were made, 75 per cent of the purchase price as additional deposits.
The amount of each class of obligation sold was, Panama Canal loan
$24,631,980 and certificates of indebtedness $15,436,500. These
securities were almost wholly absorbed by banks and were used as a
basis for increasing the bank-note circulation or securing public
deposits.
The accumulated balances arising from our foreign-trade relations
placed a number of the financial institutions of the country in a
very advantageous position for importing gold. During the month
of October engagements of $24,000,000 in gold for. import were
announced, and by January 1, 1908, such imports aggregated more
than $100,000,000.^
The inflow of this large amount of gold exerted a very great influence in restoring confidence, and relieved the pressing needs for
currency in those localities favored by its distribution. The
Treasury, through the medium of the general fund, facilitated this
movement by receiving gold deposits of $52,462,051 at the subtreasury in New York during November and December, making
payments therefor at other points as follows:
Washington
Boston
Cincinnati
New Orleans
San Francisco
Philadelphia

$203, O O Chicago
O
572, 000 St. Louis
391, 400 Denver
2, 641, 500
14, 677,127
Total
2, 955, 000

122, 685, 932
5, 790, 700
2, 545, 392
52,462,051

RESERVE AND TRUST FUNDS.

The amount of gold coin and certificates in circulation seem to
supply all demands for the precious metal. There are numerous
transactions in the reserve fund, but they are not indicative of a
desire to obtain gold in exchange for notes redeemable therefrom.
The redemptions from the reserve fund during the fiscal year 1908



155

TREASURER.

were, in United States notes, $21,278,307, and in Treasury notes,
$41,705, making a total of $21,320,012. I n accordance with the
provisions of law, the redeemed notes were immediately transferred^
to the general fund in exchange for gold which restored the reserve
to the fixed am.ount.
The net growth in the volume of the trust funds during the last
.fiscal year was $139,106,000. The gold coin increased ^141,539,000,
while there was a decrease of $2,433,000 in standard silver dollars.
These funds are held for the redemption of the certificates and notes
outstanding for which they are respectively pledged.
The transactions in the certificates and notes were as follows:
Fiscal year 1908.
Outstanding
June 30,1907.

Kind.

Outstandmg
June 30, 1908.

Issued.
$678,244,869
475,777,000
5,988,000

Total

$378,360,000
302,356,000

$236,821,000
303,783,000
1,006,000

$819,783,869
474,350,000
4,982,000

1,160,009,869

Gold certificates
Silver certificates..
Treasury notes

Redeemed.

680,716,000

541,610,000

1,299,115,869

The foregoing statement does not include $3,140,000 in gold certificates, series of 1900, that had been issued but not reported in time
to be taken u p in the public-debt statement for June.
The revised figures at the close of the fiscal year were:
RESERVE FUND.
Gold coih and bullion in division of redemption

$150,000, 000

TRUST FUNDS.
[Held for the redemption of the notes and certificates for which they are respectively pledged.]
DIVISION OF REDEMPTION.
Gold coin
' Silver dollars.
Silver dollars of 1890

1822,923,869
474, 350, 000
4, 982,000

Total

1, 302, 255, 869

DIVISION OF ISSUE.
Gold certificates outstanding
Silver certificates
outstanding
Treasury notes outstanding
Total

$822, 923, 869
474, 350, 000
4,982,000
1, 302, 255, 869

The total general fund for June 30, 1907 and 1908, and October 1,
1908, is given in the following table:
G E N E R A L F U N D — C A S H I N THE VAULTS.
[ From revised statements for June 30, 1907 and 1908.]
Kind.Gold coin and bullion.
Gold certificates
standard silver dollars
Silver certificates
Silver bullion
IJnited States notes....
Treasury notes of 1890.
National-bank notes...
Subsidiary silver coin..
Fractional currency....
Minorcoin
Total....




June 30,1907.

June 30,1908. October 1,1908.

$76,2^6, 861.14 $31,964, 813.18
78,352, 570. 00 39,947, 250.00
4,774, 538. 00 12,599, 155.00
5,565, 775. 00
9,071, 295.00
4,040, 074. 59
6,096, 247.10
4,410, 96L00
7,284, 694.00
12, 465. 00
18, 470. 00
14,546. 665. 38 66,685, 237.00
8,674; 816.60 23,177, 617.98
57.08
14L34
1,642; 937. 70
3,164, 306.36

$35, 680,398.95
36, 378,105. 00
201,835.00
12, 364,058.00
5, 389,192.79
5, 490,551.00
16,19L 00
829,288.00
746,012.52
92.66
896,358,85

198,287,62L49

159,992,083.77

200,009,226.96

156

REPORT ON T H E

FINANCES.

G E N E R A L F U N D — C A S H IN THE VAULTS—Continued.
Kind.
I n n a t i o n a l - b a n k depositaries:
T o credit ol t h e Treasurer of t h e U n i t e d States
T o credit of disbursing officers
.

$167,054,779.12 $149,004,924.29
11,686,659.40
11,352,075.41
160,356,999.70

129,925,200.17

1,037,763.00
1,946,339.56
60,382. 97

589,906.13
1,381,160.03
33,220.91

1,636,604.40
3,050,500. 53
9,766. 06

181,785,924.05
•

Liabilities:
N a t i o n a l - b a n k 5 per c e n t fmid
O u t s t a n d i n g checks a n d w a r r a n t s
Disbursing officers' balances . .
Post-OfBce D e p a r t m e n t a c c o u n t
Miscellaneous items

.

162,361,286.77

134,622,071.16

380,073,545.54

. . .

Aggregate

$117,926,917.16
11,998,283. 01

178,741,438.52

Total
:
I n t r e a s u r y of P h i l i p p i n e I s l a n d s :
To credit of t h e Treasurer of t h e U n i t e d States
T o credit of U n i t e d States disbursing officers
A w a i t i n g r e i m b u r s e m e n t — b o n d s a n d interest p a i d
Total

J u n e 30, 1908. O c t o b e r 1,1908.

J u n e 30, 1907:

362,370,513.73

294,614,154.93

22,387,514.63
6,902,534. 53
57,756,902. 72
10,937,399.18
10,027,749. 01

22,922,955.48
12,196,420. 58
65,933,578.31
6,799,639.31
9,346,572. 32

22,504,392.12
11,753,933.63
74,553,369.12
3 522,572. 63
3,227,314.16

.

Total

108,012,100.07

117,199,166.00

115,561,581.60

Available cash balance

272,061,445.47

245,171,347.73

179,052,573. 27

The excess of ordinary expenditures over revenues, by warrants
issued during the fiscal year 1908, was $58,070,201.15, but this
amount is not reflected in the available cash balance on June 30,
1908, upon comparison with like cash of twelve months earlier, for
the reason that the receipts and disbursements on certain public-debt
items and two miscellaneous items are not included in the^ account of
ordinary revenues and expenditures.
The following analysis and proof of the available cash balance takes
into account every receipt or expenditure that in any way affects
the showing, viz:
Available cash balance June 80, 1907
Less excess of expenditures in 1908

$272, 061,445. 47
58, 070, 201.15
213,991, 244.32.

Add difference between receipts and disbursements on public debt
transactions not included in the account of ordinary revenues and
expenditures:
Receipts.

Disbursements.

United States bonds
$33,105, 570. 00
Panama Canal loan
$24, 631, 980. 00
Certificates of indebtedness... 15,436, 500. 00
1, 250, 000. 00
Premium on bonds, etc
735, 788. 67
National-bank notes (redemption fund)
64,333,136.50
39,535,156.50
Fractional currency
1,180. 00
Total

105,137, 405.17

73, 891, 906. 50

Net receipts in excess of disbursements
Decrease of unavailable items during 1908
Less decrease in amount of moneys not covered by warrants.
Available cash balance June 30, 1908

31,245,498. 67
29,522. 91
245,266, 265. 90
94, 918.17
245,171, 347. 73

AVAILABLE CASH BALANCE.

The reversal of financial conditions during the last year has resulted
in a considerable reduction of the available cash balance in the
Treasury at the close of the fiscal year 1908. The Government in



157

TREASURER.

its financial transactions stands on the same plane as the merchant
who in periods of prosperity accumulates a fund that enables him to
meet his obligations when conditions are reversed. I n previous
years the excess of revenues over expenditures favored the accumulation of an increased balance in the Treasury, which, during the recent
period of depression, furnished the means to continue the operations
of the Government.
The balance in the Treasury at the end of each month from January, 1902, is stated in Table No. 31, page 229 of the ap'pendix; and
for July 1 in each year since 1896 in the statement following:
AVAILABLE CASH BALANCE (INCLUDING THE R E S E R V E F U N D ) , FROM THE R E V I S E D
STATEMENTS, ON THE D A T E S NAMED.

Available cash balance.
Date.
R e s e r v e fund.
J u l y 1, 1896
J u l y 1, 1897
J u l y 1, 1898
J u l y 1, 1899
J u l y 1, 1900
J u l y 1, 1901
J u l y l , 1902
J u l y 1, 1903
J u l y 1, 1904
J u l y 1, 1905
J u l y 1, 1906
J u l y 1, 1907
J u l y 1, 1908

.

.

.'

Balance.

Total.

SlOO,000,000 S169,637,307.07 $269,637,307.07
100,000,000 144,466,201. 95
244,466,201.95
100,000,000 109,282,643.13
209,282,643.13
100,000,000 184,488,516.20
284 488,516.20
150,000,000 156,827,605.37
306,827,605.37
150,000,000 178,406,798.13
328,406,798.13
150,000,000 212,187,361.16
362,187,361.16
150,000.000 238,686,114.23 . 388,686,114.23
150, ooo; 000 172,051,(568. 02
322,051,568.02
150,000,000 145, 477, 491.89
295, 477,491.89
150,000,000 180,689,354.82
330,689,354.82
150,000,000 272,061,445. 47
422,061,445.47
150,000,000 245,171,347. 73
395,171,347. 73

GOLD IN THE TREASURY.

The steady flow of gold into the Treasury continues to interest the
students of finance at home as well as abroad and to excite an absorbing study of the resources of a country so favored in the distribution
of the precious metal. There was a net increase of $100,196,952 in
the Treasury holdings of gold during the fiscal year 1908, an amount
equal to 66 per cent of the growth in the general stock of gold in the
country during the year.
By October 31, 1908, the holdings were $1,039,298,181, an increase
of $34,409,499 since July 1, 1908.
The total amount of gold in the Treasury on July 1 in each year
from 1897, set apart for the respective uses, is here stated:
GOLD IN THE TREASURY.

Date.

J u l y l , 1897
J u l y l , 1898
J u l y l , 1899
J u l y l , 1900
J u l y l , 1901
J u l y l , 1902
J u l y l , 1903
J u l y l , 1904
J u l y l , 1905
J u l y l , 1906
J u l y l , 1907
J u l y l , 1908
October 31, 1908




Reserve.

$100,000,000
100,000,000
100,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000

For certiflcates in
circulation.
$37,285,339
35,811,589
32,655,919
200,733,019
247,036,359
306,399,009
377,258,559
465,655,099
485,210,749
516,561,849
600,072,299
782,976,619
807,246,389

General'fund
(belonging to
Treasury).
$41,363,988.57
67,752, 727.90
151,104, 414.92
72,844,952.68
97,811, 938.42
103,801, 290.97
104,162, 230.43
66,183, 722.60
71,381, 650.04
140,489, 841.30
154,619; 431.14
71,912; 063.18
82,051, 792.63

Total.

$178,649, 327.57
203,564, 316.90
283,760,333.92
423,577,971.68
494,848,297.42
560,200,299.97
631,420, 789.43
681,838, 821.60
706,592;399.04
807,051, 690.30
904,691 730.14
1.004,888; 682.18
1,039,298; 181.63

158

REPORT ON T H E FINANCES.
BONDS HELD AS SECURITY FOR NATIONAL BANKS.

At the close of the fiscal year 1908 the United States bonds held
in trust for national banks to secure their circulating notes amounted
to $628,172,130, an increase of $69,807,470 as compared with the
amount held at the close of the previous y6ar.
The increase of public moneys in national banks during the financial stringency in October, 1907, and following months called for the
pledge of unusual amounts of obligations to secure the deposits.
The amount of bonds held to secure deposits attained a maximum
at $296,338,417.26 on December 31, 1907, and was reduced to
$180,509,419 by the close of fiscal year 1908.' ^
The transactions relative to deposits and withdrawals of bonds
during the fiscal year 1908 are recorded in the table following:
B O N D S H E L D FOR NATIONAL B A N K S , CLOSE OF J U N E , 1907 AND 1908, AND S E P TEMBER 30, 1908, AND CHANGES DURING 1908.
TO SECURE CIRCULATION.
Transactions during
1908.
Kind of bonds.

Rates. Held June
30,1907.
Deposited.

Consols of 1930.'.
Loan of 1908-1918
Funded loan of 1907
Loan of 1925
Panania Canal
(Certificates of indebtedness

2
3
4
4
2
3

Held September 30,
1908.

Held June
30,1908.

$528,385,000 $66,987,250 $42,509,050 $552,863,200 $555,208,000
5,086,800
4,817,180 10,022,060
9,752,440
10,006,260
415,000
415,000
9,039,460
7,956,900 15,906,800
14,824,250
14,645,450
2,644,920 36,545,740
16,790,580 22,400,080
38,389,680
1,250,000 14,186,500
15,436,500
13,936,500
558,364,660 130,752,690

Total

Withdrawn^

60,945,220

628,172,130

632,185,890

$65,278,-400 $23,736,000 $40,066,750
7,061,500 6,302,300 5,145,600
565,600
565,600
3,766,750 6,147,750 2,934,550
12,658,800 16,621,100 12,244,100
945,000 2,043,000
412,000
9,468,000
1,085,000 1,746,000
326,000
1,713,000
35,000
165,000
730,000
125,000
56,260,070 106,334,896 102,067,745
1,625,000 1,625,000

$48,947,650
8,218,200

$46,290,450
9,153,400

6,979,950
17,035,800
2,576,000
8,807,000
2,004,000
770,000
60,527,221

6,682,750
14,746,000
2,396,000
8,296,000
1,833,000
736,000
40,277,261

158,447,120 164,386,046 166,967,345

155,865,821 •130,410,861

TO SECURE PUBLIC DEPOSITS.
Bonds held by Treasurer U.S.
Consols of 1930
Loan of 1908-1918
Funded loan of 1907
Loan of 1925
Panania Canal
District of Columbia
Philippine loans
Territory of Hawaii
Porto Rico
state, city, and railroad
Certificates of indebtedness
Total
Bonds held by assistant treasurer
U. S. at New York, N. Y.
Consols of 1930
Loan of 1908-1918
. .
Funded loan of 1907
Loan of 1925
. .
Panama Canal
District of Columbia
Philippine loans
State, city, and railroad

2
3
4
4
2
3.65
4
(a)
4
(a)
3

2
3
4
4
2
3.65
4

Bonds held by assistant treasurer
U. S. at San Francisco, Cal.
Consols of 1930
Loan of 1908-1918
Loan of 1925
Total
Aggregate for deposits




496,600
202,000

2
3
4

783,000
595,000

471,600
78,000

594,000
117,000

724,000
795,500
752,500
200,000
90,000
200,000
168,000
50,000
173,000
176,000
45,000
56,000
30,729,932 161,181,399 170,049,333

767,000
90,000
45,000
165,000
21,861,998

316,000
90 000
45,000
165,000
9,769,486

33,226,932 162,860,499 172,608,833

(a)

Total

758,000
471,000

23,478,598

11,096,486

200,000
70,000
1,300,000

70,000
920,000

285,000 .

. 85,000

500,000

880,000

260,000

1,570,000

585,000

990,000

1,165,000

345,000

193,244,052 327,831,545 340,566,178

180,509,419

141,852,347

a Various.

85,000

159

TREASUEER.
WITHDRAWAL OF BONDS TO SECURE CIRCULATION.

The deposits of lawful money in the Treasury for the retirement of
national-bank notes under the provisions of the act limiting such
deposits to $108,000,000 annually, amounted to $37,112,837.50 during the fiscal year 1908. From the foregoing it will be seen that the
banks have availed of b u t little more than one-third of the option;
therefore the law is not restrictive on retirements until the limit of
$9,000,000 per month has been reached. The largest monthly
deposit was $10,735,750 in February, which apparently was in excess
of the limit; but of this amount $4,290,500 was deposited in subtreasuries near the close of January and was not taken up on the
books of this office until February.
The monthly deposits are recorded in Table No. 64 on page 270 of
this report.
NATIONAL BANKS DESIGNATED AS DEPOSITARIES
STATES.

OF THE

UNITED

The Secretary of the Treasury deemed it expedient to increase the
number of depositary banks during the last fiscal year. The object
to be attained in selecting batiks as depositaries of public moneys is
to afford to the business community the necessary means for promoting its transactions upon a normal basis of money supply, and the
aim has been to designate banks in every part of the country, so that
the benefit arising from the use of the funds thus distributed would
extend even to the most remote localities.
The growth in the number of depositaries which qualified is shown
in the statement following:
Number of depositaries June 30, 1907
Net increase during the fiscal year 1908

1,255
181

Number of depositaries J u n e 30, 1908

1,436

CLASSIFICATION OF DEPOSITARIES, BY STATES AND SECTIONS, AMOUNT OF PUBLIC
MONEYS T H E R E I N , AND AMOUNT OF BONDS ON DEPOSIT J U N E 30, 1908.
Public deposits in national banks.
o
Number
of depositaries.

state, Territory, etc.

Maine.
New Hampshire
Vermont.
Massachusetts...
Rhode Island
Connecticut

To the credit of
the Treasurer of
the United
States and
United States
disbursing
officers.

11
20
12
58
6
17

$652,058.49
1,155,515.69
639,427.52
5,338,207.55
498,524.79
1,043,700.35

. ..
.

...

124

Total New England States
New York
New Jersey
Pennsylvania .
Delaware
Maryland
District of Columbia
Total Eastern States




•

24,434,705.09
1,709,252.48
16,606,504.13
97,496.15
4,640,118.06
4,973,381.20

323

52,461,457.11

$704,000.00
1,256,000.00
725,000.00
6,255,000.00
505,500.00
1,213,000.00

9,327,434.39

99
22
151
2
38
11

Per cent.

Amount of
bonds pledged
to secure public deposits.

5.8

10,658,500.00
30,477,098.15
2,053,700.00
18,047,800.00
• 108,000.00
5,336,500.00
5,947,000.00

•

32.7

61,970,098.15

160

REPORT ON T H E

FINANCES.

CL .OSSIFICATION OF D E P O S I T A R I E S , B Y STATES AND SECTIONS, AMOUNT OF PUBLIC
MONEYS T H E R E I N , AND AMOUNT OF B O N D S ON D E P O S I T J U N E 30, 1908—Cont'd.

Public leposits in national banks.

Number
of depositaries.

Total Pacific States
Cuba
Hawaii
Porto Rico
Total islands

4
6
2

3,034,311.54
2,058,760.27
. 7,435,423. 74
567,081.82
332,620.84
505,569.88
297,848.52
207,078.31

96

14,438,694.92

2
1
1

.•.

12.387 501 27

17
16
36

.

499,945.00
692,976.12
2,666,608. 97
2,611,836.43
1,065,767.30
769,333.06
2,039,765.89
348,311.80
1,692,956.70

174

T o t a l W e s t e r n States
Washington
Oregon
California
Idaho.
Utah.
.Nevada
Arizona
Alaska

41,219,095.22

8
13
32
46
13
12
20
6
24

Total Middle Western S t a t e s . . .
North Dakota
South Dakota.
Nebraska
Kansas
Montana
Wyoming
"
Colorado
N e w Mexico
Oklahoma'

-8,025,603. 93
. 5,478,277.67
9,630,561. 51
2,645,281.92
2,361,648. 91
3,460,280.59
3,616,937. 42
6,000,503.27

410

'
.

29,149,100. 51

88
70
65
32
30
29
63
33

Total S o u t h e r n Slates
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa.
Missouri

$5,832,715.53
1,486,206.75
1,527,98L20
818,966. 37
2,719,081. 86
1,797,149. 63
1,245,842.73
721,789. 88
2,543,928.07
3,256,168.36
326,425.98
4,921,152. 32
1,951,691.83

305

Virginia
W e s t Virginia
N o r t h Carolina
S o u t h Carolina.
G eorgia
.^.
Florida
.
A labama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

T o t h e c r e d i t of
t h e T r e a s u r e r oif
theUnited
States and
United States
disbursing
. officers.

44
21
22
10
27
15
17
13
13
50
6
48
19

s t a t e , Territory, etc.

766,777.93
305,296.56
301,641. 79

'\

Per cent.

A m o u n t of
b o n d s pledged
t o secure p u b lic d e p o s i t s .

$6,378,600.00
1,539,700.00
1,644,100.00
869,000 00
2,935,000.00
1,900,500.00
1,291,500.00
839,500.00
2,822,200 00
3,465,000.00
351.000 00
5,520,600.00
2,072,500.00
18.2

31,629,200.00
8,961,900.00
5,882,500.00
10,687,900.00
3,112,500.00
2,636,000.00
4,190, 600.00
3.905 000 00
6,727,371.10

25.7

46,103,77L10
•

530,000.00
731,500.00
2,895,250.00
2,865,000.00
1.208 000 00
777,700.00
2,297,000.00
359,000.00
1,823,500.00

7 7 • 13,486,'950.00
3,402,000.00
2,154,000.00
7,674,000.00
588,500.00
346.000 00
567,000.00
300,000. 00
200,000.00
9.0

15,231,500.00
800,000.00
329,400.00
300,000.00

4

Aggregate U n i t e d States

1,373,716 28

Q

1,429,400.00

1,436

160,356,999.70

ic\rt n

180,509,419.25

PUBLIC DEPOSITS IN NATIONAL BANKS.

The annual report of the Treasurer of the United States for the.
fiscal year 1907 included the transactions relative to public deposits
in national banks to October 15, 1907, at which time the balance
therein to the credit of the general fund was $162,708,310.90. Under
the plan of allotment adopted by the Secretary of the Treasury




161

TREASURER.

during the latter part of August, 1907, with a view to furnishing funds
to aid in the movement of the crops, the deposits in banks had
gradually grown. The allotment of deposits to the banks selected
was made principally to relieve local needs for currency, but it
was observed that many of the banks had their allotments placed
with their correspondents in New York City, influenced no doubt
by the high rates of interest prevailing there, owing to the stringency
in the money market.
The transactions in the New York stock market from October
19 to 26 produced a serious break in values. Public confidence
was shaken thereby to such an extent that it precipitated withdrawals of individual deposits from banks and trust companies.
The situation was critical and created great anxiety throughout
financial circles; strong appeals were made for relief by an increase
of the public deposits in national banks. The Secretary of the
Treasury, impressed with the responsibility that attaches to the
proper use of the public moneys held in the Treasury, which to all
intents and purposes are additional reserves back of the credits of
the country, hastened to the scene of financial disturbance. From
close observation and consultation with those in touch with business conditions he was convinced that instant relief only could
avert a panic which might be ruinous in its results. Accordingly
he directed that the public deposits be increased in the depositary
banks in New York City, upon a pledge with the Treasurer of securities acceptable for savings-bank investments. The amount transferred to the banks under these instructions during the period from
October 21 to October 31, 1907, was $37,597,000.
The pressure for relief was not confined to New York City, but
came from other commercial centers, and in response thereto the
Secretary of the Treasury, under like conditions, directed that the
public deposits in some of the depositary banks located in Chicago,
Cincinnati, Pittsburg, St. Louis, and San Francisco be increased
either by a direct transfer of funds from the Treasury or by retaining
the receipts deposited in the banks from ordinary sources. The
amount of increase allotted to the depositaries in the respective
cities was as follows:
Chicago, 111
St. Louis, Mo
Pittsburg, Pa
Cincinnati, Ohio

$3, 249, 000
200,000
1,127, 000
1, 227, 700

San Francisco
Total

|500, 000
6,303,700

In several instances the depositaries were dilatory in pledging
with the Treasurer the securities required; the balan(3e in banks to
the credit of the general fund increased to $207,786,733.22 by
October 31, 1907.
The withdrawals of individual deposits from banks and trust
companies and the withholding of the same from circulation continued; banks in almost every section of the country limited their
payments in currency, and as a result merchants, manufacturers,
and other business interests found it necessary to retain their cash
receipts to meet current demands. This reversal of the ordinary
business methods caused, a great scarcity of currency throughout
the country. The depositary banks in the interior, while receiving
collections in the usual manner, mostly in checks, were unable to
make prompt transfers to subtreasuries in cash or by draft on their
58716—Fl 1908


-11

162

REPORT ON T H E FINANCES.

city correspondents, as had been the previous custom, because of
the refusal to honor such drafts, or, if honored, a charge was made
by the correspondents for the currency so paid. All the power and
available resources of the Treasury were used for the relief of these
conditions; additional public deposits were placed in banks in"
various sections of the country where there was ari unusual pressure
for currency, as follows:
NewYork....
New Orleans
Danville, 111
Greenville, Miss
Little Rock, Ark
Minneapolis, Minn
Portland, Oreg
Pittsburg

$900,000
100, 000
50,000
100, 000
20,000
250, 000
200,000
500, 000

Washington
Richmond, Va
AVheeling, W . V a
Helena, Mont
St. Paul, Minn
Birmingham, Ala

$200,000
300, 000
50,000
50,000
250, 000
40, 000

Total

3, 010,000

The banking institutions of the country imported unusual amounts
of gold early in November, and when the gold was received in New
York conditions immediately improved in that city to such an extent
that it was deemed expedient by the Secretary of the Treasury to
withdraw a part of the pubhc deposits from the depositary banks
therein for use in other places, and accordingly $5,125,000 was
recalled, to be paid in five equal daily instalhnents from and after
November 13,1907, as follows:
The Chemical National Bank, N e w Y o r k
The First National Bank, N e w Y o r k
TheNational City Bank, N e w Y o r k
TheNational Park Bank, N e w Y o r k
The Merchants' National Bank, New York
. The National Bank of Commerce, New York
The Hanover National Bank, New York
The Mechanics' National Bank, New York
The Chase National Bank, New York
The Fourth National Bank, N e w Y o r k

^
,

Total

$375,000
500,000
1,500,000
250,000
375, 000
500, 000
500,000
375, 000
500, 000
250,000
5,125, 000

Depositary banks that purchased 3 per cent certificates sold by the
Secretary of the Treasury as a relief measure were allowed additional
deposits of public moneys, and the amounts so transferred to the
banks in the respective cities from and after November 23, 1907,
were as follows:
NewYork
Boston
Philadelphia.
Richmond, Va
Petersburg, Va
Reno, Nev
Sidney, Ohio
Forsythe, Ga
San Antonio, T e x . .
Chattanooga, Tenn.
Lynchburg, Va . . . .
Baltimore, Md

$7,150,000
1,083,500
562,500
112, 500
107, 000
375,000
44,250
50,000
126, 000
90, 000
75,000
304,500

New Orleans
Washington.
Newark, N. J
Buffalo, N . Y
Pittsburg, Pa
Atlanta, Ga
Wellsburg, W. Va.
High Point, N . C .
Greenwood, S. C
Milwaukee, W i s . . .
Total

$675,000
75,000
600, 000
187, 500
917, 000
127,500
50, 000
50, 000
37, 500
375,000
13,174,750

The foregoing transactions increased the ^balance in banks to
the credit of the general fund to $224,384,881.06 by the close of
November.
The depositary banks to which awards were made of Panama
Canal bonds, sold by the Secretary of the Treasury as a rehef measure,




163

TREASURER.

were allowed to hold additional public deposits equal to 90 per cent
of the purchase price of the bonds, and accordingly^ the respective
amounts were transferred to the depositaries located in the following
States and Territories, from and after December 7, 1907:
state or Territory.
Alabama
Alaska
Arkansas
California
Colorado
Connecticut
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
,
Kentucky
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri

Amount.
$306,000
50,000
67,500
50,000
50,000
386,000
144,000
994,500
423,000
50,000
400,000
125,000
90,000
190,000
190,000
321,000
095,000
112,000
50,000
153,000
2,370,000

State or Territory.
Montana
Nebraska
NewHampshire.
New Jersey
New York
North Carolina...
Ohio
Oklahoma
Oregon
Pennsylvania....
South Carolina...
Tennessee
Texas
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Total.

Amount.

.

$90,000
347,500
135,000
120,000
5,543,500
404,800
830,000
212,500
50,000
3,325,700
180,000
18,000
150,000
18,000
909,500
90,000
50,000
50,000
50,000

19,791,500

During the month of December some additional deposits of public
moneys were made with banks in localities where such funds aided
in restoring confidence and relieved a local demand for currency.
The great amount of gold arriving at New York afforded substantial aid in restoring confidence in that money center, and the premium
on currency disappeared about the 1st of January, 1908, as the panic
subsided and as hoarded funds were gradually restored to circulation. So rapidly did conditions improve that in the latter partof
December the Secretary of the Treasury recalled $6,916,000 of public
deposits from depositary banks in New York City, to be paid in ten'
equal daily installments commencing December 27, 1907. The
amounts recalled from the respective banks were as follows:
National City Bank, New York
First National Bank, New York
Hanover National Bank, New York
National Bank of Commerce, New York
Chase National Bank, New York
Chemical National Bank, New York
Mechanics' National Bank, New York
Merchants' National Bank, New York
:
Fourth National Bank, New York,
American Exchange National Bank, New York
Importers and Traders' National Bank, New York
National Park Bank, New York
Total

$1, 050, 000
1, 000, 000
1, 082, 000
750,000
500,000
500, 000
500,000
500, 000
300,000
134, 000
100, 000
^ 500,000
6, 916, 000

The balance in banks to the credit of the general fund attained a
maximum at $249,233,643.55 on December 27, 1907, after which it
decreased to $245,556,944.45 by the close of that month.
In January, 1908, there was a freer circulation of money than had
prevailed for the previous three months. Unusual amounts were
returned to the money centers, and several of the depositaries




164

REPORT O N . T H E FINANCES.

therein voluntarily returned a part of the public deposits they held
to the Treasury, as recorded in the statement subjoined:
1908—Jan. 7.
10.
13.
15.
16.
17.
21.
22.
24.
25.
27.
30.
31.

National Bank of North America, New York
Fourth National Bank, New York
First National Bank, Baltimore
Merchants' National Bank, New York
Merchants' National Bank, Philadelphia
Fourth National Bank, N e w Y o r k
Mechanics' National Bank, New York
National City Bank, New York
Mechanics' National Bank, New York
New Amsterdam National Bank, New York
Mercantile National Bank, New York
New Amsterdam National Bank, New York.
National Bank of Commerce, New York
Total

$200, 000
50, 000
100,000
125,000
201, 217
200,000
243, 000
2, 000, 000
242, 000
88, 000
140, 000
200, 000
189, 000
3,978,217

During the latter part of January, 1908, the Secretary recalled
from depositary banks located in New York City $8,850,000 of the
ptiblic deposits held therein, to be paid in six equal daily installments from and after January 23, 1908. The amounts recalled from
the respective banks were as follows:
Citizens' Central National Bank, New York
National Park Bank, New York
Hanover National Bank, New York
Fourth National Bank, New York
Merchants' National Bank, New York
First National Bank, New York
Chemical National Bank, New York
National Copper Bank, New York
National City Bank, New York
American Exchange National Bank, New York
Chase National Bank, New York
Importers and Traders' National Bank, New York
National Bank of Commerce, New York
"Mechanics' National Bank, New York
Total

$90,000
120, 000
1, 500,000
120,000
150, 000
3, 000, 000
300, 000
60, 000
1, 500, 000
90, 000
450, 000
120, 000
900, 000
450, 000
8, 850,000

The balance in banks to the credit of the general fund at the
close of January, 1908, was $226,241,418.85.
During the month of February, money having continued to fiow
from the interior to the financial centers, a number of the depositaries therein voluntarily returned a part of the public deposits
held by them, as here stated:
1908—Feb. 5-7. Consolidated National Bank, New York
10-11. Fourth National Bank, New York
15. First National Bank, Baltimore
18-21. Fourth National Bank, New York
21. National City Bank, N e w Y o r k .
22. Bank of New York N. B. A., New York
23. First National Bank, Boston
Total...

$150,000
205, 000
155, 000
325. 000
3,800,000
100,000
35, 000
4,770,000

The Secretary of the Treasury, on February 25, 1908, issued a
call to 326 depositary banks throughout the country for the return




TREASURER.

165

to the Treasury of a part of the public moneys deposited with them,
payable as follows:
Payable on or before March 9, 1908
Payable on or before March 23, 1908

,

$11,435, 200
17,150, 950

A number of the depositaries anticipated the payment of the
amounts required of them, and thereby the balance in the banks to
the credit of the general fund February 29, 1908, was reduced to
$219,543,719.13. The banks promptly returned the amounts called
as stated in the foregoing and voluntarily added thereto $930,700,
making a total of $29,516,850 returned under the call. The balance
in banks to the credit of the general fund on March 31, 1908, was
$190,518,388.93.
On April 28, 1908, the Secretary of the Treasury, owing to local
conditions prevailing in the District of Columbia^ deemed it advisable to increase the public deposits in depositary banks located
therein to the amount of $3,000,000, and directed that $2,000,000
of the amount be transferred to the banks at once and $1,000,000
on May 28, 1908, to be returned to the Treasury in ten equal monthly
installments payable from and after July 1, 1908. He also issued
a call on 369 depositary banks throughout the country for the return
to the Treasury of a part of the public moneys deposited with them,
payable as follows:
Payable on or before May 9, 1908
Payable on or before May 23, 1908

$16, 655,000
24, 798, 000

The amounts were promptly returned by the banks at the time
designated, and in addition thereto $387,000, making a total of
$41,840,000 returned under the call. The balance in banks to the
credit of the general fund on May 31, 1908, was $154,049,500.75.
On June 10, 1908, the Secretary of the Treasury, in accordance
with the provisions of the fifteenth section of the act of May 30,
1908, fixed the amount of public Aioneys needed in each regular
depositary bank for the transaction of the public business and notified such depositaries that they would be required to pay interest at
1 per cent per annum on the average monthly amount of public
deposits held in excess of the sum needed, to be computed from
June 15, 1908, and payable July 1, 1908, and thereafter January 1
and July 1 in each year. The temporar}^ depositaries were also
notified.that they would be required to pay interest at the same rate
on the average monthly amount of public deposits held.
No material change in the balance in banks to the credit of the
general fund was made during June, and at the close of the year the
amount was $149,004,924.29, from revised returns.
The Secretary of the Treasury on July 2, 1908, issued a call on
the depositary banks for the return to the Treasury of $33,261,270
of the public moneys deposited with them, payable July 15, 1908.
The banks responded promptly and returned the amounts required.
Overpayments to the amount of $141,850 are also recorded in the
settlement of this call, making the total amount paid $33,403,120.




166

REPORT ON THE FINANCES.

No other transactions of note relative to balances in banks occurred
during the month of July, and the amount therein to the credit of
the general fund at the close of that month was $118,836,354.59
and remained practically at that figure during the months of August,
September, and October, 1908.
UNAVAILABLE FUNDS.

Attention is again invited to the necessity for legislation that will
clear the accounts kept in this office of unavailable funds and relieve
the Treasurer of the United States from further accountability for
amounts which have passed from his control without fault or negligence on his part. This subject has been called to the attention of
Congress by many of my predecessors and has received some consideration by committees in the Senate and House of Eepresentatives,
but the desired legislation has not been enacted.
In the Forty-fourth Congress, first session, the Committee on
Finance in the Senate submitted a report (No. 371) in which, on
)age 3, reference is made to this question of unavailable moneys as
ollows:

f

All money in the Treasury, wherever it may be deposited or placed for disbursement or custody, is charged to the Treasurer of the United States. It is obvious, however, that this money may be lost without fault on the part of the Treasurer, by robbery, accident, defalcation of a subordinate officer, misconduct of depositaries having
it in charge, or otherwise. Still, under the law, the Treasurer is responsible and is
charged with these sums. Such a deficit would, in the accounts of a firm, be a simple
plain entry in the profit and loss account by crediting cash and debiting the defaulter.
But from the fact before stated that money can<jiot be taken from the Treasury except
by an appropriation, this course could not be pursued. An account called ''unavailables" was created, which was charged with the amounts, and the Treasurer credited
in his general account through the statement of an account by the accounting officers.
This method of relieving the Treasurer is, your committee are informed, a practice
which has grown up, and is not authorized by law, and for some years past has been
prohibited by the Comptroller, and has been discontinued. It is plain that the
Treasurer should be relieved from this responsibility, and that Congress should in some
proper way provide by law for the dropping of these unavailable funds, by authorizing
a credit to the Treasurer and a corresponding charge'against the defaulting officer who
fails to pay the money on demand.

I t is desirable that you should recommend such measures as will
provide for the dropping of these unavailable funds by authorizing
a credit to the Treasurer and a corresponding charge against the
defaulting officer who fails to pay the money on demand. There is
recedent for such legislation in the act of March 3, 1837. (5 Stat.

EI.,An itemized statement of the unavailable funds will be found
178.)

in

Table No. 22 on page 208 of this report.
GENERAL STOCK OF MONEY tN THE UNITED STATES.

The general stock of money in the' country at the close of the
last fiscal year was $3,378,764,020, an increase of $263,203,013 as
compared with that of twelve months earlier. The growth in gold
was $151,744,391; in silver, $17,919,395, and Tn national-bank notes,
$94,545,227, while the Treasury notes of 1890 decreased $1,006,000.




167

TREASURER.

The amount of each kind of money included in the general stock
at the close of the fiscal years 1907 and 1908 and October 1, 1908,
may be studied in the statement following.
MONETARY

STOCK.

[This statement represents the monetary stock of the United States, as shown by the revised statements
for June 30,1907 and 1908.]
Kind.

In Treasury
and mints.

In circulation.

Total stock.

June SO, 1907.
Gold coin and bullion
Silver dollars
Subsidiary silver
....

$904,691,730
480,551,538
8,674,817

Total metallic

$1,466,389,101
562,261,982
130,452,218

1,393,918,085

765,185 216

2,159,103,301

4,'410 961
12 465
14,546 565

United States notes
Treasury notes of 1890
National-bank notes

3561,697,371
81,710,444
121,777,401

342,270 055
5,975 535
589,242 125

346,681,016
5,988,000
603,788,690

18,969,991

Gold certificates
Silver certificates
Total certificates

937,487,715

1,412,888,076

1,702,672 931

78,352 570
5,565 775

Total notes
Aggregate metallic and notes

600,072 299
470,211 225

83,918 345

.

956,457,706
3,115,561,007

1,070,283 524
2,772,956 455

3,115,561,007

613,244 810
76,328 657
124,178 165

1,618,133,492
563,277,812
147,355,783

1,515,015 455

813,751,632

2,328,767,087

7,284 694
18 470
66,685,237

Aggregate

339,396 322
4,963 530
631,648 680

346,681,016
4,982,000
698,333,917

•
June SO, 1908.
1,004,888,682
486,949,155
23,177,618

Gold coin and bullion
Silver dollars
Subsidiarv silver
Total metallic
United States notes. . .
Treasury notes of 1890
National-bank notes

73,988,401

Aggregate metallic and notes
Gold certificates .
Silver certificates

976,008 532

1,049,996,933

1,589,003,856

1,789,760,164

3,378,764,020

39,947,250
9,071,295

Total notes

782,976,619
465,278,705

49,018 545

Total certificates

1,248,255,324
3,038,015,488

3,378,764,020

1,027,726,268
488,409,835
21,746,013

615,955,118
75,084,147
124,024,077

1,643,681,386
563,493,982
145,770,090

1,537,882,116

815,063,342

2,352,945,458

5,490,551
16,191
39,829,288

341,190,465
4,750,809
635,783,039

346,681,016
4.767,000
675', 612,327

Aggregate
October 1, 1908.
Gold coin and bullion . . .
Silver dollars
Subsidiary silver

.

Total metallic
United States notes
Treasury notes of 1890
National-bank notes
Total notes
Aggregate metallic and notes
Gold certificates
Silver certificates. .
Total certificates
AeCTegate




45,336,030

981,724,313

1,027,060,343

1,583,218,146

1,796,787,655

3,380,005,801

36,378,105
12,364,058

805,667,764
475,843,942

48,742,163

1,281,511,706
3,078,299/361

3,380,005,801

168

REPORT ON T H E FINANCES.
RATIO OF GOLD TO THE TOTAL STOCK OF MONEY.

There was a noticeable increase in the ratio of the gold to the total
stock of money during the last fiscal year; the advance was from
47.06 per cent July 1, 1907, to 47.89 per cent July 1, 1908.
The volume of gold in the general stock of money in the country
and its ratio thereto on July 1 in each year since 1897 is given in the
annexed table:
R A T I O O F G O L D T O T O T A L S T O C K O F M O N E Y F R O M J U L Y 1,

1897.

[From the revised statements of the Treasury Department.]
Total stock of
money.

Date.
July 1,1897
July 1, 1898
July 1,1899
July 1,1900
July 1, 1901
July 1, 1902,
July 1,1903
July 1, 1904
July 1,1905
July 1,1906
July 1,1907,
Tuly 1,1908

$1,905,996,619
2,073,574,442
.2,190,093,905
2,339,700,673
2,483,147,292
2,563,266,658
2,684,710,987
2,803,504,135
2,883,109,864
3,069,976,591
3,115,728,887
3,378,764,020

MONEY IN

Gold.

Per cent.

239,016
861,514,780
963, 498,384
1,034,384,444
1,124,639,062
1,192,594,589
1,248,681,528
1,327,656,398
1,357,655,988
1,475,706,765
1,466,389,101
1,618,133,492

36.52
41.54
43.99
44.21
45.29
46.52
46.51
47.35
47.09
48.07
47.06
47.89

CIRCULATION.

The money in actual circulation at the close of the fiscal year
1908 amounted to $3,038,015,488, an increase during the year of
$265,059,033. The circulation per capita of $34.72 is exceeded only
by that of France.
Comparisons by kinds of money in circulation for the years since
1897 are recorded in the table following:
M O N E Y I N CIRCULATION AT THE E N D OF EACH FISCAL Y E A R FROM

Money in circulation.

Fiscal year.

1897...
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

United
Gold coin
NationalStates notes
and gold cer- and Treasury bank notes.
tificates
notes.

$554,875,027
693,762,052
712,393,969
811,539,491
876,827,124
938,793,298
994.519,298
1,111,472,675
1,136,274,338
1,185,216,924
1,161,769,670
1,396,221,429

$390,384,139
408,440,459
421,188,606
392,980,487
377,569,944
364,094,498
353,325,215
346,661,482
341,692,715
343,277,540
348,245,590
344,359,852

Silver
certificates,
standard
dollars, and
subsidiary
silver.

$225,544,351 $469,406,002
512,666,396
222,990,988
532,683,867
237,805,439
300,115,112 550,515,908
345,110,801 575,800,093
601,026,239
345,476,516
399,996,709 619,850,947
627,980,867
433,027,836
629,886,751
480,028,849
548,001,238 660,150,926
589,242,125 673,699,070
665,785,527
631,648,680

Total.

1897.

Percentage of
Circu- gold coin
lation and cerper
tificates
capita. to total
circulation.

$1,640,209,519 $22.87
1,837,859,895 25.15
1,904,071,881 25.58
2,055,150,998 26.94
27.98
2,175,307,962
2,249,390,551 28.43
2,367,692,169 29.42
2,519,142,860 30.77
31.08
2,687,882,653
2,736,646,628 32.32
2,772,956,455 32.22
3,038,015,488 34.72

33.82
37.74
37.41
39.48
40.30
41.73
42.00
44.12
43.90
43.30
41.90
45.95

NOTE.—Currency certificates, act of June 8,1872, are included in the amount of United States notes and
Treasury notes during the years when they were in use.




169

TREASURER.
CIRCULATION AND POPULATION.

The money in circulation for the past eleven years has steadily
increased; the growth per capita advanced from $22.87 in 1897 to
$34.72 in 1908. The population of the United States has more than
doubled every thirty years, while the wealth of the nation has more
than doubled every twenty years. There is legitimate demand for
an enormous amount of money in developing the growing industries
and expanding the trade relations of the country, but there is no
method employed by which that demand, per capita, can be measured.
Some rule of action should be formulated that would not be so
misleading, and one that would more accurately measure the volume
of money required for the increasing activities of business. I t is my
opinion that the volume of currency should not be based upon the
individual man or per capita, but upon the voluii\e of products produced by man, measured by the market value thereof.
Data relative to circulation and population at the end of each
fiscal year from 1897 will be found in the table following:
I N C R E A S E IN POPULATION AND IN CIRCULATION PER CAPITA.

Fiscal year.

1897...^
1898
1899
1900
1901
1902
1903
1904
1905
1906
. . . .
1907
1908

Money in
circulation.

$1,640,209,519
1,837,859,895
1,904,071,881
2,055,150,998
2,175,307,962
2,249,390,551
2,367,692,169
2,519,142,860
2,587,882,653
2,736,646,628
2,772,956,455
3,038,015,488

Population.

Circulation
per c a p i t a .

71,704,000
73,060,000
74,433,000
76,295,220
77,754,000
79,117,000
80,487,000
81,867,000
83,260,000
84,662,000
86,074,000
87,496,000

$22.87
25.15
25.58
26.94
27.98
28.43
29.42
30.77
31.08
32.32
32.22
34.72

P e r c e n t of Per c e n t of
increase
increase
of p o p u l a - of circulation p e r
tion p e r
c a p i t a per
year.
year.
1.9
1.9
1.9
2.5
1.9 ^
1.7
1.7
1.7
1.7
L7
1.7
1.6

6.8
9.9
1.7
5.3
3.8
1.5
3.5
4.5
1.0
3 9
o0.3
7.8

a Decrease.
CONDITION OF THE UNITED STATES PAPER CURRENCY.

The paper circulation issued directly by the Government is in
better condition at the present time than for many years past,
owing to the replacing by new issues in kind of large amounts of
worn notes and certificates returned for redemption during the past
three years. However, there is necessity for legislation that will
equalize the expense of redemption between the different sections of
the country, and that will require the return of all worn currency to
the Treasury when received by depositary banks and postmasters of
the first and second class.
The national-bank circulation is kept in good condition mainly by
the legislative provision that requires the banks to bear the expense
of transporting their circulating notes to the Treasury for redemption. I t is submitted that the Government, in justice to the people
of all sections, should maintain and keep its paper issues in good
condition, and that for sanitary reasons it should provide for its
transportation to the Treasury for redemption.




170

REPORT ON T H E FINANCES.
UNITED STATES NOTES.

The United States notes issued and redeemed during the last fiscal
year were $123,610,000, an amount that has been exceeded but once
(in 1905) since the close of the war of the rebellion. The demand
for small denominations of currency is at all times urgent, and the
gradual growth in the volume of United States notes of the denominations of $5 and under outstanding, by substitution for the higher
denominations redeemed and retired, is the result of the efforts made
by the department to supply the demand.
The amounts issued and redeemed, by denominations, during the
fiscal year 1908 are recorded in the table following:

Denomination.

Outstanding
June 30,
1907.

Fiscal year 1908.
Issued.

Redeemed.

Outstanding
June 30,
1908.

One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars.
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars
Five thousand dollars
Ten thousand dollars

$1,875,389
1,421,369
6,620,115
283,757,706
17,566,262
3,441,925
6,224,250
7,114,000
19,640,000
10,000
10,000

Total
Unknown, destroyed

347,681,016
1,000,000

123,610,000

123,610,000 ' 347,681,016
1,000,000

346,681,016

123,610,000

123,610,000

Net

$78,220,000
22,480,000
2,880,000
2,200,000
350,000
17,480,000

$14,046
13,344
9,523,650
102,919,770
3,275,240
466,150
1,108,800
1,860,000
4,419,000
10,000

•

$1,861,343
1,408,025
75,316,465
203,317,936
17,171,022
2,975,775
7,315,450
5,604,000
32,701,000
10,000

346,681,016

TREASURY NOTES OF 1 8 9 0 .

The issue of Treasury notes of 1890 for the purchase of silver
bullion began on August 19, 1890, and from that date to November
1, 1893 (the date of the repeal of the purchasing clause of the act),
the Government had purchased 168,674,682.53 fine ounces, at a-cost
of $155,931,002, for which Treasury notes had been paid.
Under the provisions of the act of July 14, 1890, all Treasury notes
redeemed in standard silver dollars are canceled and retired. Also,
sections 5 and 8 of the act of March 14, 1900, provide for the cancellation and retirement of such notes to an amount equal to the coinage
of standard silver dollars and the cost of the bullion used in the
coinage of subsidiary silver purchased with such notes. The total
amount of Treasury notes retired under the foregoing provisions has
been as follows:
Retired on account of redemption in silver dollars
$84,393, 976
Retired on account of coinage of silver dollars and substitution of silver
certificates
44, 954, 299
Retired on account of coinage of subsidiary silver
21, 600, 727
Total canceled and retired to J u n e 30, 1908

150, 949,002

There remained outstanding June 30, 1908, but $4,982,000, offset
by an equal amount of standard silver dollars held in the trust
funds for their redemption when presented.




171

TREASURER.

The amount of each denoinination redeemed during the year and
the amounts outstanding at the close of 1907 and 1908 are recorded
in the table following:
Outstanding
June 30,
1907.

Denomination.

Redeemed Outstanding
during fiscal
June 30,
year 1908.
1908.

One dollar
Two dollars
Fivedollars
Ten dollars
Twenty dollars
I if ty dollars
One hundred dollars.
One thousand dollars,

$462,987
324,298
1,355,185
2,190,410
1,098,070
26,650
312,400
218,000

$28,606
26,154
210,790
432,350
202,900
4,100
43,100
58,000

$434,381
298,144
1,144,395
1,758,060
895,170
22,550
269,300
160,000

Total....

5,988,000

1,006,000

4,982,000

,

GOLD CERTIFICATES.

The amount of gold coin actually used in, the channels of trade is
less than one-half of the general stock of gold coin in the country,
owing to the increasing popularity of the gold certificates, which
are the representatives of gold coin deposited in the Treasury under
provisions of law. The growth in the stock of gold is largely indicated by the increased volume of gold certificates outstanding.
Since 1896 the stock of gold has increased $1,016,071,331, while the
volume of gold certificates has taken on a growth of $776,965,680.
Recent legislation authorizing the issue of gold certificates of the
denomination of $10 has enlarged the resources of the Treasury for
responding to the wants of the people in the way of small denominations of currency.
The transactions in gold certificates during the fiscal year 1908
are set forth, by denominations, in the annexed table:
Fiscal year 1908.
Denomination.

Outstanding
June 30, 1907.1

Outstanding
June 30,1908.
Issued.

Ten dollars
Twenty dollars
Fiftydollars
One hundred dollars.,
Five hundred dollars.
One thousand dollars.
Five thousand dollars
Ten thousand dollars.
Total

Redeemed.

$36,000
250,778,364
50,115,155
71,358,850
17,065,000
61,346,500
81,315,000
146,230,000

$107,760,000
67,280,000
12,000,000
15,600,000
6,100,000
14,300,000
17,000,000
138,320,000

$9,618.840
60,820,260
11,447,400
14,144,000
3,640,500
10,195,000
16,165,000
110,790,000

177,160
257, 238,104
50, 667,755
72, 814,850
19, 524,500
65, 451,500
82, 150,000
173, 760,000

678,244,869

378,360,000

236,821,000

819,783,869

SILVER CERTIFICATES.

The silver certificates are issued principally in $1, $2, and $5, and
supply largely the demands for currency of the smaller denominations.
The volume of the smaller certificates became somewhat redundant
during the later months of the last fiscal year and were returned
to the department for redemption, thus necessitating the issue of
certificates of higher denominations in order to pay for redemptions
in kind.




172

REPORT ON T H E FINANCES.

The amount of each denomination issued and redeemed during the
year and the amounts outstanding at the close of 1907 and 1908 are
recorded in the statement following:
• Fiscal year 1908.
Outstanding
June 30, 1908.

Outstanding
June 30, 1907.

Denomination.

Issued.
OnedoUar
Two dollars
Fivedollars
Ten dollars
Twenty dollars
Fiftydollars
One hundred dollars.
Five hundred dollars.
One thousand dollars

Redeemed.

$108,051,458
55,024,094
289,604,597
12,396,521
7,835,550
1,871,860
907,420
35,500
50,000

$106,832,000 $102,077,663
46,064,000
45,044,352
125,100,000
151,075,315
8,800,000
3,001,410
8,960,000
2, 022,260
430,000
6, 600,000
120,000
5,000
7,000

$112,805,795
56,043,742
263, 629,282
18, 195, 111
14, 773,290
041,860
787,420
30,500
43,000

475,777,000

302,356,000 I 303,783,000

474,350,000

' Total

CHANGES IN DENOMINATIONS.

The changes effected by issue and redemption in the total amount
of each denomination of United States paper currency outstanding
may be studied in the subjoined table:
Fiscal year 1908.
Outstanding
June 30, 1907.

Denomination.

Outstanding
June 30,1908.
Issued.

Redeemed.

OnedoUar
Two dollars
Fivedollars
Ten dollars
Twenty dollars.
Fiftydollars
One hundred dollars.
Five hundred dollars.
One thousand dollars.
Five thousand dollars
Ten thousand dollars.

$110,389,833
56,769,762
297,579,897
298,380,637
277,278,246
55,455,590
78,802,920
24,214,500
81,254,500
81,325,000
146,240,000

$106,832,000
46,064,000
203,320,000
139,040,000
• 79,120,000
18,600,000
17,800,000
6,450,000
31,780,000
17,000,000
138,320,000

$102,120,315
45,083,850
160,809,755
115,972,370
66,320,660
12,347,650
15,415,900
5,505,500
14,679,000
16,175,000
110,790,000

$115,101,518
57,749,912
340,090,142
321,448,267
290,077,586
61,707,940
81,187,020
25,159,000
98,355,500
82,150,000
173,770,000

Total
Unknown, destroyed.

1,507,690,885
1,000,000

804,326,000

665,220,000

1,646,796,885
1,000,000

1,506,690,885

804,326,000

665,220,000

1,645,796,885

Net

PAPER

CURRENCY,

BY DENOMINATIONS,

OUTSTANDING

SEPTEMBER

30, 1908.
The denominations of each kind of paper currency outstanding may
be studied from the monthly statement for September, 1908:
Denomination.

U n i t e d States
notes.

Treasury
notes of
1890.

Nationalb a n k notes.

Gold
certificates.

Silver
certificates.

Total.

One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t v dollars
Fiftydollars
One h u n d r e d d o l l a r s . . .
Five hundred dollars...
One t h o u s a n d d o l l a r s . . .
Five thousand dollars..
Ten thousand dollars...
Fractional parts

$1,858,412
1,404,376
85,396,875
187,628,386
18,908,942
2,890,575
7,005,450
5,541,000
36,437,000

Total.
Unknown, destroyed...

347,681,016
1,000,000

4,767,000

675,612,327

842,045,869

488,208,000

2,358,314,212
1,000,000

346,681,016

4,767,000

675,612,327

842,045,869

488,208,000

2,357,314,212

Net




$427,821
292,544
1,086,895
1,670,060
849,730
22,550
261,400
156,000

10,000

$343,875
$117,503,575
164,470
56,424,062
139,089,390
256,697,102
282,238,100 $103,415,440
32,261,671
196,175,940 248,088,324
14,072,010
17,767,700
48,847,555
10, 411,660
39,672,900
70,804,550
767,420
18 888,500
92,000
30,500
66; 846,500
24,000
40,000
94,505,000
190,650,000
43,952

$120,133,683
58,285,452
482,270,262
607,213,657
478,094,946
79,940,040
119,111,720
24,552,000
103,503,500
94,505,000
190,660,000
43,952

173

TREASURER.
RATIO OF SMALL DENOMINATIONS TO ALL PAPER CURRENCY.

The ratio of denominations of $10 and less to the total paper currency, by fiscal years since 1897, and on October 1, 1908, is stated
in the table following:
Denominations of $10 and less.
Total paper
currency.

Date.

J u l y l , 1897...,
J u l y l , 1898....
J u l y l , 1899...,
J u l y l , 1900...,
J u l y l , 1901...,
J u l y l , 1902...,
J u l y l , 1903...,
J u l y l , 1904....,
J u l y l , 1905....
J u l y l , 1906....
J u l y l , 1907....
J u l y l , 1908....
October 1,1908

$1,169,788,004
1,139,339,402
•1,144,266,891
1,380,832,739
1,473,177,892
1,534,962,196
1,654 420,535
1,775,000,680
1,835,868,791
1,953,712,245
2,111,659,575
2,345,130,802
2,358,314,212

One
dollar.

Two
dollars.

Five"dollars.

2.57
2.80
2.98
2.74
2.74
2.77
2.83
2.66
2.73
2.51
2.69
2.46
2.47

22.86
24.19
25.10
21.20
20.72
21.34
21.10
20.26
19.83
19.67
19.48
20.79
20.45

3.96
4.36
4.88
4.36
4.34
4.63
4.97
4.71
5.06
5.31
5.24'
4.92
5.09

Ten
dollars.
25. 56
26.89
28.11
26.72
27.11
27.44
27.87
26.94
27.43
27. 43
25.84
26.00
25.74

Total.
, 54.95
58. 24
61.07
55.02
54.91
56.18
56.77
54.58
55.06
54.93
53.26
54.19
53.76

DEMAND FOR SMALL DENOMINATIONS OF CURRENCY.

The growth in the volume of the $1, $2, $5, and $10 denominations of paper currency for the past four years may be observed in
the comparative statement following:
ft

Amount outstanding-

Denomination.
July 1, 1905.
One dollar
Two dollars
Five dollars
Ten dollars

July 1, 1907.

July 1, 1908.

$92,896,514
$103,746,556
50.205,802
49,126,432
364,217,427
384,414,562
503,593,702 , 536,000,012

.

Total
Per cent of increase

July 1, 1906.

.

$110,734,082
56,934,470
411,406,602
545,759,387

$115,445,396
57,914,382
487,684,557
609 829,367

1,073,287,562
6.1

1,124,834,541
4.8

1,270,873,702
12.9

1,010,913,445
4.3

COST OF PAPER CURRENCY.

Many inquiries reach the department relative to the cost attending the production, issue, and redemption of United States paper
currency. The subject is carefully investigated every third 3^ear;
the last reckoning was made upon the experience of 1906, and may
be studied in the statement following:
Cost of each 1,000 sheets of paper delivered to the Bureau of Engraving and
Printing
Cost of engraving and printing each 1,000 sheets (4,000 notes) of perfect work,
delivered to the Treasurer of the United States
Cost of sealing, separating, bundling, and issuing each 1,000 sheets (4,000
notes)
,
Total average expense of 4,000 notes issued
Total average expense of 4,000 notes redeemed
Aggregate average expense of issue and redemption
Average expense of issue and redemption of each note.,



, ,....
^.........

$5. 95
42. 09
6.00
54. 04
8. 80
62. 84
0.01571

174

REPORT ON T H E FINANCES.
TOTAL E X P E N S E S OF I S S U E AND REDEMPTION.

Fiscal year.

1907.
Issued
Redeemed.

Cost per
1,000
pieces.

Number of
pieces.

$13.51
2.20

173,093,911
161,434,830

.

Total cost.

$2,338,499.94
355,156.60
2,693,656.54

Total
1908.

189,999,912
172,178,577

Issned
liedeemed.

13.51
2.20

Total

2,553,390.00
378,792.87
2,932,182.87

U N I T E D STATES P A P E R CURRENCY OUTSTANDING AND COST OF MAINTENANCE.
Cost of maintenance.
Amount outstanding.

Fiscal year.

Amount.
1907
1908

1

$1,506,690,885
1,645,796,885

$2,693,656.64
2,932,182.87

Per cent.
0 178
178

AVERAGE LIFE OF PAPER CURRENCY.

The hard usage of the paper circulation during the last few years,
necessitating its frequent renewal, has shortened its average lifetime
of usefulness.
Data relative to the average length of service, in years, of the
different kinds and denominations of paper currency m a y be studied
in the table follomng:
NUMBER

OF NOTES AND CERTIFICATES ISSUED AND AVERAGE
* IN Y E A R S .

Kind and denomination.

United States notes (issue began Apr. 22,1862):
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars
Five thonsand dbllars
Ten thousand dollars..All denominations




LIFETIME OF E A C H

Calculated
Total num- aggregate num- Resulting
average
ber of notes
Der of life
lifetimeof
issued to
years expeeach note
June 30,1908. rienced when
in years.
redeemed.

188,364,160
93,381,524
134,348,352
133,533,124
26,578,120
2,940,304
1,939,140
439,252
432,028
4,000
4,000

578,869,972
298,369,586
533,926,838
492,868,826
158,091,339
17,912,281
11,787,888
1,634,478
1,693,029
1,304
643

3.073
3.195
3.974
3.691
5.948
6.092
6.078
3.721
3.918
.326
.160

581,964,004

2,095,156,184

3.600

175

TBEASUBER.
N U M B E R OF N O T E S AND CERTIFICATES

I S S U E D AND AVE R A G E

LIFETIME

OF E A C H

IN YEARS—Continued.

Kind and denomination.

Calculated
Total num- aggregate num- Resulting
average
ber ol notes
ber of life
years expe- lifetime of
issued to
each note
Jime 30,1908. rienced when
in years.
redeemed.

Treasury notes of 1890 (issue began Aug. 19,1890)
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
,
One hundred dollars
One thousand dollars

111,310/996
46,144,750
71,046,079
38,492,012
7,040,204
86,255
646,364
100,163

1.720
1.852
2.942
3.677
3.937
3.670
3:590
1.905

126,268,068

274,866,823

2.176

10,780,000
28,760,000
2,704,000
1,994,343
208,088
300,681
136,208
131,006

9,821,316
87,664,051
9,170,025
6,689,766
652,957
836,717
229,520
195,907

.911
3.048
3.390
3.354
3.137
2.782
1.685
1.495

45,014,326

All denominations

64,704,000
24,904,000
24,148,000
10,468,000
1,788,000
23,500
180,000
52,568

115,260,259

2.560

915,688,000
229,016,000
345,352,000
58,331,400
14,991,300
1,521,000
815,400
33,300
32,490

1,112,018,043
316,911,840
669,557,068
203,198,933
58,774,677
4,767,547
2,245,167
62,538
45,894

1.214
1.383
1.938
3.483
3.920
3.134
2.753
1.878
1.412

1,565,780,890

2,367,581,707

1.512

Gold certificates (issue began Nov. 15, 1865):
Ten dollars
Twenty dollars.
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars
Five thousand dollars
Ten thousand dollars
All denominations
Silver certificates (issue began Apr. 11,1878):
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars.
:
One hundred dollars
Five hundred dollars
One thousand dollars
All denominations

,

Kind and denomination

National-banknotes (issuebegan Dec. 21,1863):
One dollar
Two dollars
Five dollars.
Ten dollars '.
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars
All denominations

PAPER

CURRENCY PREPARED

Calculated
Total numnum- Resulting
ber of notes aggregate life
average
ber of
issued to
lifetime of
years
October 31, riencedexpeeach note
when
1907.
in years.
redeemed.-

23,169,677
7,747,519
215,888,032
133,857,642
42,968,271
3,435,319
2,949,933
23,894
7,379

101,058,238
34,590,911
764,826,262
466,232,281
161,664,994
14,638,282
11,888,708
124,508
24,665

4.361
4.464
3.542
3.483
3.762
4.261
4.030
5.210
3.342

430,047,666

1,555,048,849

3.616

FOR ISSUE

AND AMOUNT

ISSUED.

There were 266,306,572 pieces of United States paper currency in
circulation October 1, 1908, which must be replaced when worn and
redeemed. Heretofore it has taxed the full capacity of the force
engaged in the preparation of new currency to meet the demands,
but with the increased facilities recently authoiized and installed it is
believed the output will be sufficient to provide for the accumulation
of a reserve of such denominations as may be required.



176

REPORT ON T H E FINANCES.

The number of pieces and amount of paper currency prepared for
issue and the amount issued since 1902 is set forth in the subjoined
table:
Prepared for issue.
Number of
notes and
certificates

Fiscal year.

136,721,000
148,446,000
159,463,000
155,389,000
157,425,000
178,180,000
197,012,000

1902.
1903
1904
1905
1906
1907
1908.

Paper currency issued.

Total value. Average
value.
$4.326
4.162
4.783
3.285
3.825
3.813
4.359

$591,580,000
617,936,000
762,820,000
510,524,000
602,172,000
679,480,000
858,944,000

Number of
notes and
certificates.

Total value. Average
value.

116,697,874 $466,908,000
141,235,371 551,038,000
152,908,853 650,026,000
169,259,812
637,540,000
172,930,'548 629,826,000
173,093,911 698,273,000
188,999,912 804,326,000

$4.000
3.901
4.251
3.766
3.642
4.034
4.255

The issues of United States paper currency, by months, for the
fiscal years 1907 and 1908 and first quarter of 1909 are stated in the
table following:
U N I T E D STATES P A P E R CURRENCY I S S U E D DURING THE FISCAL Y E A R S 1907 AND

1908.
Fiscal year 1907.
Month.

July
August
September
October
November
December
January
February
March
April
May
June

Number of
notes and
certificates.

,

Total
."
Per cent of increase over
preceding year

Amount.

Fiscal year 1908.
Average
value of
notes
and certificates.

Number of
notes and
certificates.

Amount.

Average
value of
, notes
and certificates.

13,123,481
14,752,776
11,819,298
13,873,004
12,449,238
15,125,566
15,102,503
12,673,277
15,226,952
16,467,986
16,194,319
16,285,511

$49,422,000
50,508,000
56,684,000
81,064,000
44,648,000
59,931,000
66,398,000
45,570,000
59,076,000
71,668,000
59,950,000
53,354,000

$3.765
3.423
4.795
5.843
3.586
3.962
4.396
3.595
3.879
4.351
3.701
3.276

18,814,212
19,049,010
15,992,416
18,482,719
11,453,850
11,931,376
14,590,227
14,167,339
15,434,053
16,928,014
16,155,687
16,001,009

$68,540,000
66,788,000
56,036,000
104,434,000
56,688,000
49,936,000
84,746,000
62,590,000
52,642,000
78,606,000
59,490,000
63,830,000

$3.611
3.506
3.503
5.650
4.949
4.185
5.808
4.417
3.410
4.643
3.682
3.989

173,093,911

698,273,000

4.034

188,999,912

804,326,000

4.255

9.2

15.2

10.8

U N I T E D STATES, P A P E R CURRENCY I S S U E D DURING THE F I R S T QUARTERS OF 1908
AND 1909.
Fu-st quarter fiscal year 1908.
Month.

Number of
notes and
certificates.

Amount.

First quarter fiscal year 1909.

Average
value of
notes
and certificates.

Number of
notes and
certificates.

Amount.

Average
value of
notes
and certificates.

July ..
August
September

18,814,212
19,049,010
15,992,416

$68,540,000
66,788,000
56,036,000

$3,611
3.506
3.503

16,070,297
15,008,633
15,945,474

$71,534,000
64,198,000
50,964,000

$4 451
4.277
3.196

Total
Per cent of increase over
first quarter 1908..

53,855,638

191,364,000

3.553

47,024,404

186,696,000

3.970

0 12.6

a2.4




a Decrease.

,

177

TREASURER.
REDEMPTIONS OF PAPER CURRENCY.

There were 172,178,577 pieces of United States paper currency
unfit for circulation presentecl for redemption during the last fiscal
year, an increase of 9,743,747 pieces as compared with that of the
fiscal year 1908.
The number of pieces redeemed in the first quarter of the fiscal
year 1909 was 41,587,941, a slight increase over that of the first
quarter of 1908.
Under present regulations United States paper currency is redeemed
at full face value of the note when not less than three-fifths of the
original proportions remain. Fragments less than three-fifths are
redeemed at face value of the whole note when accompanied by an
affidavit of the owner or other person having knowledge of the facts
that missing portions have been totally destroyed.
Comparison of the redemptions, by months,, for the fiscal years
1907 and 1908 and first quarter of 1909 may be observed in the
annexed table:
U N I T E D STATES P A P E R CURRENCY R E D E E M E D DURING THE FISCAL Y E A R S 1907 AND

1908.
Fiscal year 1907.

Month.

July
August
September
October
November
December
January
February
March
April
May
June

Number of
notes and
certificates.

Amount.

Fiscal year 1908.
Average
value of
notes
and certificates.

Number of
notes and
certificates.

Amount.

Average
value of
notes
and certificates.

12,513,181
11,748,889
11,885,582
12,318,779
10,363,690
13,396,874
15,351,084
14,728,955
15,329,603
13,901,818
15,380,304
14,516,071

$45,207,000
41,101,000
47,621,000
44,490,000
36,456,000
50,034,000
53,684,000
55,810,000
53,390,000
47,146,000
51,557,000
56,406,000

$3,612
3.498
4.006
3.611
3.517
3.734
3.431
3.789
3.482
3.391
3.352
3.885

13,539,001
15,392,003
12,581,709
16,586,963
6,901,139
8,348,311
14,492,879
15,010,315
16,174,284
16,657,079
16,459,396
20,035,498

$53,660,000
52,941,000
44,453,000
78,976,000
58,014,000
30,487,000
48,327,000
50,500,000
52,753,000
55,064,000
70,476,000
69,569,000

$3,963
3.439
3.533
4.761
8.406
3.651
3.334
3.364
3.261
3.305
4.281
3.472

161,434,830

582,902,000

3.610

172,178,577

665,220,000

3.869

1.4

0.9

6.6

14.1

,

Total
,
Per cent of increase over
preceding year
,

U N I T E D STATES P A P E R

CURRENCY R E D E E M E D DURING THE F I R S T QUARTERS OF

1908 AND 1909.
First quarter fiscal year 1908.
Month:

Number of
notes and
certificates.

Amount.

Average
value of
notes
and certificates.

July
August
September

13,539,001
15,392,603
12,581,709

$53,660,000
52,941,000
44,453,000

$3,963
3.439
3.533

Total
Per cent of increase over
first quarter, 1908

41,512,713

150,054,000

3.614

58716—Fl 190(3



First quarter fiscal year 1909.

Number of
notes and
certificates.

Amount.

16,047,805 $62,934,000
41,734,000
12,253,500
13,286,636 V 46,123,000
150,791,000

0.1

12

41,587,941

0.5

Average
value of
notes
and certificates.
$3,921
3.405
3.471
3.625

178

REPORT ON T H E FINANCES.
STANDARD SILVER DOLLARS.

The total stock of standard silver dollars in the United States
on October 1, 1908, was $563,493,982 (exclusive of $4,767,000 held
against outstanding Treasmy notes). There were in the Treasury
$488,409,835 and in circulation $75,084,147, a decrease of $9,674,019
as compared with that of October 1, 1907.
The appropriation for the free transportation of silver dollars to
depositors therefor was exhausted by April 1, 1908, and since that
time all shipments of such coins have been at the expense of the
consignee.
Silver dollars paid into the Treasury are utihzed as a basis for the
issue of silver certificates of the smaller denominations for which
there is demand.
The shipment of silver dollars to depositors therefor, by months,
during the past two years and a quarter is recorded in the statement
following:
MOVEMENT OF STANDARD SILVER DOLLARS.

1909.
July
August
September

$2,572,579
4,299,899
4,786,093

$2,738,346
3,791,269
5,262,743

$797,530
1,089,600
1,524,500

First quarter
October
November
December
January
February
March
'.
April
May
June

11,658,571
4,498,946
3,323,096
3,919,887
1,709,799
2,327,099
2,518,625
2,532,904
2,346,227
2,664,964

11,792,358
6,213,096
4,671,687
2,642,027
1,327,621
1,284,849
1,740,298
533,200
490,650
771,125

3,411,630

37,500,118

31,466,911

Total

EXCHANGE OF STANDARD SILVER DOLLARS.

The presentation of silver dollars at Treasury offices for exchange
during the fiscal year 1908 amounted to $43,680,767, an increase of
$6,076,512 as compared w!th that of 1907.
'
Comparison of the amounts presented at the several offices during
the past two years and a quarter may be studied in the annexed table:
Fiscal year-

First quarter-

Office.
1908.

1908.

1909.

Washington..
Baltimore
New York
Philadelphia.
Boston
Cincinnati
Chicago
St. Louis
New Orleans..
San Francisco

$1,999,305
1,032,643
4,646,648
3,548,619
1,240,040
4,628,058
8,370,225
6,773,266
3,827,850
1,537,601

$2,294,639
1,168,360
5,820,240
3,619,804
1,360, 430
5,781,908
10,372,210
6,707,808
4,199,950
2,355,4:18

$465,404
259,430
1,137,145
.1,186,853
314,980
1,317,535
2,614,314
1,592,775
818,000
427,819

$204,281
133,590
1,140,705
628,817
211,290
899,790
1,697,810
472,090
597,000
287,636

Total...

37,604,255

43,680,767

10,134,255

6,173,009




179

TREASURER.
SUBSIDIARY SILVER COIN.

There was an increase of $16,903,565 in the subsidiary silver coin,
and the stock in the country at the close of the fiscal year 1908
amounted to $147,355,783; the amount held in the Treasury was
$23,177,618 and in circulation $124,178,165. The increase in circulation over that of the preceding year was $2,400,764.
The deposits for shipments of such coin during the last fiscal year
amounted to $31,438,830.99, an increase of $1,043,168.44 as compared with that of 1907.
Comparison of the amounts shipped to depositors therefor, by
months during the past two years and a quarter, may be observed
in the statement following:
1907.
$2,246,930.60
2,960,175.60
3,878,762.40

. .

First quarter
October . .
November
.,
December. .
January
'.
February..
March
April
May
June..

$2,379,912.40
2,857,516.70
3,462,291. 80

$1,977,268.80
3,172,594.60
4,460,330. 40

9,085,868.60
4,140,739.60
3,201,395.70
2,875,108.75
1,105,696. 30
1,588,690. 40
1,868,232. 00
2,004,496.20
2,209.036.80
2,316; 398. 20

8,699,720.90
4,017,353.70
4,877,095.19
3,350,184.50
1,245,583. 90
1,130,280. 40
1,604,818.00
1,961,684.60
1,969,135.00
2,582,974.80

9,610,193. 80

30,395,662.55

July
August.
September

1908.

31,438,830.99

'
-...:

Total
REDEMPTION OF

S U B S I DI A R Y

S I L V I:R

1909.

COIN.

There was an unusually large amount of subsidiary silver coin
returned to the Treasury for redemption in lawful money during the
last fiscal year.
The amounts received at each of the Treasury offices for redemption
during the fiscal years 1907 and 1908 and the first quarter of 1909 a r c
recorded in the table following:
Fiscal year—

First quarter—

Office1907.
Washington
Baltimore
New York
Philadelphia
Boston
.
.
Cincinnati
Chicago
St. Louis
New Orleans
San Francisco."

.

Total

.

.

1908.

1908.

1909.

.

$3,514,216
2,964,100
18,126,042
6,235,714
2,450,010
3,301,565
f 7,113,740
5,218,591
2,737,265
2,949,953

$721,104
743,240
3,336,207
1,471,954
538,880
714,050
1,437,032
1,118,570
388,630
549,985

$667,795
672,210
4,928,476
1,649,690
528,880
744,600
1,440,700
813,731
527,350
539,635

43,971,014

.

$2,333,168
2,802,130
14,711,446
5,218,245
1,894,270
2, 419,400
5,103,935
4,879,307
1,902,776
• 2,706,337

54,611,196

11,019,652

12,513,067

MINOR COIN.

The minor coins are authorized by law, and provision is made for
an increase thereof if there is demand for it. Also the coins are
redeemable in lawful money when presented at Treasury offices for
redemption. The amount in circulation is growing annually, and
under the foregoing conditions there does not appear to be good reason for excluding such coin from the stated stock of money in the



180

REPORT ON T H E FINANCES.

United States. During the last fiscal year an addition of $789,875.22
was made to the stock of bronze cents and of $964,156.10 to the 5-cent
pieces.
The amount of minor coin outstanding, by denominations, at the
close of the fiscal years 1907 and 1908 is recorded here:
Fiscal year 1908.
Denominations.

Outstanding
June 30, 1907.
Coined.

Copper cents
Copper half c e n t s . . .
Copper-nickel cents.
Bronze 1-cent pieces
Bronze 2-cent i)ieces
Nickel 3-cent pieces.
Nickel 5-cent pieces.

Outstanding
June 30, 1908.
Remelted.
. $131. 46

$1,182,677.27
39,926.11
1,206,190.14
15,454,395.27
$811,708.12
572,935.98
624,368. 39
27,095,340.85 1,134,300.10

Total

627.99
21,832.90
244. 90
690.00
170,144.00

$1,182,545.81
39,926.11
1,205,562.15
16,244,270.49
572,691.08
623,678. 39
28,059,496.95

1,946,008.22

193,671.25

.47,928,170.98

46,175,834.01

MOVEMENT OF MINOR COIN.

There was a decrease of $313,406.60 in the amount of minor coin
shipped to depositors therefor cluring the last fiscal year, as compared
with like shipments in 1907.
The amount of minor coin distributed, by offices, to depositors
therefor during 1907 and 1908 and first quarter of 1909 is stated in
table following:
Fiscal year 1907.
Office.
Amount.

Washington
Baltimore
Boston
Chicago
Cmcinnati
New Orleans
New York
Philadelphia
San Francisco
St. Louis
Mint, Philadelphia

Expense of
transportation.

$46,710.25
$690.22
28,085.00
353.05
127,325.00
1,235.65
677,424.80
9,153. 65
197,739.25
1,975.50
50,770.00
594.75
316,870.00
4,214.53
287,479. 40
4,960.30
147,840.00
1,895.80
303,740.00
5,431. 60
1,435,133.70 a 51,920.09

Total

3,619,117. 40

82,425.14

First quarter of 1908.
Office.
Amount.

Washington
Baltimore
Boston
Chicago
Cincinnati
New Orleans
New York
Philadelphia
San Francisco
St. Louis
Mint, Philadelphia
Total

Fiscal year 1908.

Expense of
transportation.

Expense of
transportation.
$41,201.30
28,705.00
141,730.00
561,751.80
111,992.70
12,545.00
325,570. 60
187,337.40
127,755.00
188,426.50
.,578,695.50

3,305,710.80

$661.73
327.50
1, 416. 40
7,435.07
1,146.00
165.25
1,629.10
2,691.86
1,551.11
3,122. 45
a 37,850.71
57,997.18

First quarter of 1909.

Amount.

Expense of
transportation.

$20,087.10
12,620.00
50,570.00
220,285.00
53,665.00
760.00
90,430.00
76,035.00
37,970.00
98,575.00
463,395.10

$338.29
150.55
503.05
3,011.88
555. 45
14.20
667.20
1,100.04
499.77
1,687.90
14,478.38

$19,151.00
12,450.00
48,300.00
214,515.00
52,570.00
27,190.00
154,880.00
85,675.00
24,955. 00
104,850.00
152,721.65

$341.57
142.80
483.60
2,960.17
642.55
366.30
1,217.45
2,496.84
270.04
1,893.75
233.75

1,124,392.20

23,006.71

1,025,012.65

11,048.82

a The charge against the mint, Philadelpliia, covers the expense of transfers from that point to supply
other offices.




181

TREASURER.
REDEMPTION

OF MINOR

COIN.

Minor coin is redeemable in lawful money, and the amount presented for redemption at each of the Treasury offices for the past
two years and a quarter may be observed in the statement following:
Fiscal year-

First quarter—

Office.
1907.

1908.

1908.

1909.

Washington..
Baltimore
Boston
Chicago
Cincinnati
New Orleans.
New York
Philadelphia.
San Francisco
St. Louis

$343,636
880,935
425,200
668,810
401,385
61,084
2,293,102
761,421
10,603
427,462

$446,883
918,050
514,145
896,785
487,367
. 114,284
2,694,044
1,000,530
82,248
446, 468

$102,317
241,320
110,110
178,743
110,823
16,210
530,608
205,143
15,285
111, 463

$122,039
218, 430
135,205
186,789
137,299
13,105
729,562
252,317
25,845

Total...

6,273,638

7,600,804

1,622,022

1,918,879

MONEY FOR MOVING THE CROPS.

The Treasury is annually requested to render assistance in the
movement of the <irops, which it does, by receiving deposits of currency in New York for which payments are made by wire through
this office at other points in denominations of paper currency required
in the locality where it is to be used.
The amounts deposited in New York for 1905, 1906, 1907, and 1908
in all months when any were received, and the resultant payments in
the several cities, are recorded in the table following:
Gold coin and
certificates.

Transactions.

1905—Receipts:

$1,013,034.00
440,000.00
750,000.00
4,100,000. 00
2,700,000. 00
1,040,000.00
4,995,000.00
2,000,000.00
4,255,000.00
7,375,000. 00
6,950,000.00

Tn Ja.nna.ry__

i n March.'l
In April... .
Tn May-.,
In June
In July
In August
In September
Tn Oc/tobp.r
In November
In December-

Silver dollars
and certificates.

$65,000.00

,, Total.

$1,013,034.00
505,000.00
750,000.00
4,100,000.00
2,70G, 000,00
1,040,000.00
4,995,000.00
2,000,000.00
4,255,000.00
7,375,000.00
6,950,000.00




16,000.00
37,000.00
10,000. 00

355,000.00
100,000.00
300,000.00

118,000.00

63,000.00

755,000.00

120,000.00
100,000.00
370.000.00
860,000.00
1,495,000.00
350,000.00
1.689,000.00
2.4C5.000.00
1,450,000.00

28,000.00

2.000.00

150,000.00
100,000.00
400,000.00
1,040,000.00
1,495,000.00
700,000.00
2,380,000.00
2,675,000.00
1,450,000.00

a

Total

159,000.00
19,000.00
40,000.00

a

,

35,683,034.00

574,000.00

Total

65,000.00

888

35,618,034.00

Total
Paid by the Treasurer and assistant
treasurers of the United States:
Cincinnati—
In March
In September
. .
In October

New Orleans—
In March
In May
TTI June
In July .
^ In August
In September
In October
In November
In December..

United States
notes.

8,899,000.00

30,000.00
110,000.00

70,000.00

170,000.00
382,000.00
190,000.00

180,000.00
309,000.00
20,000.00

910,000.00

581,000.00

10,390.000.00

182

REPORT ON T H E

FINANCES.

MONEY FOR MOVING THE CROPS—Continued.
Gold coin a n d
certificates.

Transactions.

P a i d b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d States—Con.
S a n Francisco—
In January
I n April
I n May .
In June
In September..
In November
In December. .

•

$1,013,034.00
750,000.00
4,000,000.00
2,300,000.00
500,000.00
3,400,000.00
4,000,000.00

U n i t e d States
notes.

Silver dollars
a n d certificates.

Total.

$1,013,034.00
750,000.00
4,000,000.00
2,300,000.00
500,000.00
3,400,000.00
4,000,000.00

-

15,963,034.00

Total
Baltimore—
I n September .

15,963,034.00
$40,000.00

Total

$60,000.00

100,000.00

2,800,000.00
900,000.00
500,000.00
1,500,000.00

Chicago—
Tn A u g u s t
I n October
In November.
I n December

550,000.00
100,000.00

150,000.00

3,500,000.00
1,000.000.00
500,000.00
1,500,000.00

5,700,000.00

650,000.00

150,000.00

6,500,000.00

St. Louis—
I n September
I n October
In November

220,000.00
266,000.00
470,000.00

200,000.00
174,000.00
270,000.00

180,000.00
135,000.00
60,000.00

600,000.00
575,000.00
800,000.00

Total

956,000.00

644,000.00

375,000.00

1,975,000. 00

..

1906—Receipts:
In January
In February
I n March
Tn April . , - .
I n May
In June
In July
In August . . .
In September
I n October
In November
I n December

350,000.00

..

Total

°.

350,000.00

900,000.00
3,450,000.00
300,000.00
200,000.00
1,050,000.00
3,450,000.00
7,235,000.00
1,890,000.00
4,225,000.00
5,975,000.00

900,000. 00
3,450,000.00
300,000.00
200,000.00
1,050,000.00
3,450,000.00
7,335,000. 00
] , 890,000. 00
4,265,000.00
6,150,000. 00

100,000.00
40,000.00
175,000.00

29,340,000.00

315,000.00

29,025,000.00

•

Paid b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d States:
Washington—
I n April
Cincinnati—
In January
I n March
I n October

..

Total
San Francisco—
I n March
I n April
In June
In July
In August
Tn S e p t e m b e r
I n October
In November
In December.
Total




30,000.00

20,000.00

350,000. 00
400,000. 00
100,000. 00

795,000. 00

....

345,000.00
400,000.00
50,000.00

Total.
. N e w Orleans—
Tn April, . .
I n May
In June
In July
I n August
I n September
I n October
.
In November
I n December

300,000.00

300,000.00

35,000.00

20,000.00

850^000.00

900,000.00
300,000.00
100,000.00
200,000.00
250,000.00
755,000.00
• 1,175,000.00
,600,000.00
3,015,000.00

...

7,295,000.00

...

.

.

. . .

5,000.00

40,000.00
175,000.00

50,000.00
40,000.00

90,000.00

900,000.00
300,000. 00
100,000.00
200,000.00
• 300,000. 00
875,000.00
1,175,000.00
640,000.00
3,190,000.00

295,000.00

7,680,000.00

80,000.00

500,000. 00
1,750,000.00
100,000 00
850,000.00
2,750,000.00
6,310,000.00
15,000.00
3,075,000.00
3,610,000.00

500,000.00
1,750,000.00
100,000.00
850,000.00
2,750,000.00
6,310,000. 00
15,000.00
3,075,000.00
3,610,000.00

18,960,000.00

18,960,000.00

183

TREASURER.
MONEY FOR MOVING THE CROPS—Continued.

Gold coin and
certificates.

Transactions.

Silver dollars
and certificates.

United States
notes.

Total.

•

Paid by the Treasurer and assistant
treasurers of the United States—Con.
Chicago—
In April
In October

$500,000.00
500,000.00
1,000,000.00

Total
St. Louis—
In August
In September.
o

$500,000.00
500,000.00
1,000,000.00

Total

1907—Receipts:
In January
In February
In March...
In April
In May
In June
In July
In August. .
In September
In October
In November
In December

250,000.00
90,000.00

$130,000.00
40,000.00

$20,000.00
20,000.00

400,000.00
150,000.00

340,000.00

;..

170,000.00

40,000.00

550,000.00

700,000.00
300,000.00
500,000.00
650,000 00
3,075,000.00
1,189,138.60
1,500,000.00
2,525,000.00
1,775,000.00
4,389,000.00
35,160,157.95
17,264,893.54
69,628,189.99

Total
Paid by the Treasurer and assistant
treasurers of the United States:
Washington—
In March
In October
In November
In December

37,000.00

69,665,189.99

300,000.00
200,000.00
200,000.00
3,000.00

300,000. 00
200,000. 00
200,000.00
3,000.00

,

' 703,000.00

572,000.00

1,100,000.00
14,300,032.30
8,365,900.00

a 20,000.00

1,100,000.00
14,320,032.30
8,365,900.00

23,765,932.30

Total
Cincinnati—
In November
In December
Total
New Orleans—
In February
.
In January .
In March
.
In April
In July
.
In August
In September . .
In October
In November
In December

372,000 00
200,000.00

572,000.00

Total
Chicago—
Tn November
In August
In December'

100,000.00

372,000.00
200,000.00

.

703,000. 00

100,000.00

Total . . .
Baltimore—
In October
Boston—
In November
Tn Dftcembftr

20,000.00

23,785,932.30

95,900.00

& 55,000. 00
a 12,500.00
? 33,000.00
>

262,500. 00
128,900.00

290,900.00

100,500.00

391,400.00

195,000.00

.
.

:

Total...
Philadelphia—
In November
In December
Total..

32,000.00
5,000.00

700,000.00
300,000.00
500,000.00
650,000. 00
3,675,000.00
1,189,138.50
1,500,000. OTJ
2,525,000. O
U
1,775,000.00
4,389,000.00
35,192,157.95
17,269,893.54

.

a Silver coin.




.
.

.
.

200,000.00
300,000.00
1.20,000.00
100,000.00
180,000.00
405,000.00
1,255,000.00
475,000.00
1,118.000.00
1,513,500.00

. 50,000.00
20,000.00
10,000.00

5,666,500.00

80,000.00

? 80,000.00
>
10,000.00
70,000.00
10,000.00
170,000.00

2,378,000.00
577,000.00

200,000.00
300,000.00
200,000.00
150,000.00
200.000.00
425,000.00
1,325,000.00
475,000.00
1,128,000.00
1,513,500.00
5,916,500.00
2,378,000.00
577,000.00
2,955,000.00

2,955;000.00
b National-bank notes.

184

REPORT ON T H E

FINANCES.

"" M O N E Y FOR MOVING THE CROPS—Continued.
Gold coin a n d
certificates.

U n i t e d States
notes.

Silver dollars
a n d certiiicates.

P a i d b y t h e T r e a s u r e r a n d assistant
treasurers of t h e U n i t e d States—Con.
St. Louis—
^
$420,000.00
I n September
600,000.00
I n October
In November
3,266,200.00
I n December . . .
2,501,500.00

$20,000.00

$10,000.00

6,787,700.00

20,000.00

Transactions.

Total
S a n Francisco—
In January
I n April.
I n May
In June
In July
I n Auenst

25,855,265.24

25,855,265.24

1,582,792.45
962,600.00

1,582,792.45
• 962,600.00

2,545,392.45

2,545,392. 45

291,725.87
131,000. 00
1,052. 92
. • 750,000.00
355,000. 00
. . . .
25,000, 00
492,000. 00

ios,666.66

100,000.00

291,725.87
131,000. 00
1,052. 92
750,000. 00
355,000. 00
25,000. 00
700,000. 00

2,045, 778. 79

108,000. 00

100,000. 00

2,253,778.79

400,000. 00

200,000. 00

600,000. 00

Total
Mint, Denver—
Tn N o v e m b e r
Total

Febrnarv
Anril
Mav
June

Tn S e n t e m b e r
Total

P a i d b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d States:
Washington—
In May
Chicago—

30,000. 00

N e w Orleans—
Tn Tanuarv

Total
Philadelphia—,,,
San F r a n c i s c o -

Total




- ...

30,000. 00

100,000. 00

Mint, Denver—
Tn F e b r n a r v

Tn S e n t e m b e r

6,840,700.00
500,000.00
500,000.00
3,675,000.00
1,189,138.50
1,300,000.00
1,000,000.00
3,014,000.00
11,659,633,20
3,017,493.54

I n November
In December

Tn
In
In
In

33,000.00

$450,000 00
600,000.00
3,289,200.00
2,501,500.00

500,000.00
500,000.00
3,675,000.00
1,189,138.50
1,300,000.00
1,000,000.00
3,014,000.00
11,659,633.20
3,017,493.54

.

1908—Receipts:

23,000.00

Total.

100,000. 00

5,000. 00
31,000. 00
150,000. 00
355,000. 00
25,000. 00
542,000. 00

60,000. 00

98,000. 00

5,000. 00
31,000.00
150,000. 00
355,000. 00
25, 000. 00
700,000.00

1,108,000.00

60,000. 00

98,000. 00

1,266,000. 00

5,000.00

5,000.00

251,725. 87
> 1,052. 92

251,725.87
1,052. 92

252,778. 79

252,778. 79

185

TREASURER.

DEPOSITS OF GOLD BULLION AT THE MINTS AND ASSAY OFFICES.

The value of the new product of gold bullion, from mines and
imports, deposited at the mints and assay offices during the fiscal
year 1908 demonstrates the control that the United States has over
^the gold supplies of the world.
The amount of the precious metal deposited at each institution
during the fiscal years 1906, 1907, and 1908 is recorded here:
1906.

Philadelphia
San Francisco
New Orleans
Denver
New York..
Carson
Boise
Helena
Charlotte
St. Louis .
Deadwood
Seattle

.'

Total

1907.

$2,040,242.66
35,808,830.73
737,333.54
25,830,358.12
64,345,545.58
735,974.22
811,377. 41
2,341,8n. 92
229,582. 49
220,810.55
548,188.95
17,945,146.16

$1,809,596.26
44,138,66L93
874,035.21
22,569,154. 64
77,754,786.19
811,415.95
884,713.11
2,039,329.03
173,945.02
259,517.48
470,150.17
22,860,744.44

$435,929. 98
34,087,705. 48
. 757,927.83
14,103,766. 91
126,322,084.27
1,706,910. 60
851,235.76
1,703,183. 32
218,867. 66
75,190.28
1,196,032. 70
15,769, 486. 47

151,595,202.33

Oflice.

174,646,049.43

197,227,321.26

1908.

Depositors of gold bullion at the above-named offices are paid
therefor in coin or by checks on assistant treasurers and depositary
banks. During the last fiscal year $250,000 in gold coin was transferred from San Francisco to Carson and $5,500,000 to Seattle to be
used in making payments for local deposits of gold bullion.
ACCUMULATION OF OOLD COIN AT SAN FRANCISCO.

In order to prevent a burdensome accumulation of gold at Treasury offices on the Pacific coast, the privilege heretofore granted
owners of bullion of depositing it in San Francisco for telegraphic
exchange on New York has been withdrawn. However, one deposit
of $235,000 for such exchange was accepted in March, 1908.
SBLIPMENTS OF CURRENCY FROM WASHINGTON.

The shipments of currency from Washington are governed largely
by the amount of worn and unfit paper money presented for redemption. As a new record for redemptions was made, in the last fiscal
year, there was a large increase in the number of packages and amount
of currency sent from the Treasury.
Comparison of the shipments for the fiscal years 1907 and 1908
may be observed here:
Fiscal year 1907.
Number of
packages.
Total by express
Total by registered mail
Aggregate




Amount.

Fiscal year 1908.
Number of
packages.

Amount.

72,663
17,320

$570,552,841
1,214,026

75,781
18,138

$627,628,740
3,658,874

89,983

571,776,867

93,919

631,287,614

186

REPORT ON T H E FINANCES.
RECOINAGE IN THE FISCAL YEAR 1 9 0 8 .

The recoinage of gold, silver, and minor coins during the fiscal
year 1908 was more in value than in 1907.
The details for the two years follow:
1907.

1908.

Denominations.
Face value.
$489,840.00
489,010.00
805,545.00
8,842.60
48.00
44.00

D o u b l e eagles
Eagles
Half eagles
Q u a r t e r eagles
Three-dollar pieces
One-dollar pieces
T o t a l gold

1,793,329.50

Half d o l l a r s . .
Q u a r t e r dollars
T w e n t y - c e n t pieces
Dimes
Half dimes
Three-cent pieces
Total silver

Loss.

'.

..

1,138,260.80

$6,823.95

3,106,030.09

2,680,310.00

$6,404 09

445,036.00
343,524.75
192.20
369,381.10
947.05
108.00
77,377.06

1,159,189.10

84,201.01

4,033,170.35

174,439.79

Aggregate

Loss.

$564,880.00
622,600.00
1,485,300.00
7,505.00
6.00
19.00

402,193.00
343,611.00
204.40
391,404.00
698.30
150.10

Minor coins.

F a c e value

76,245 05

193,671.25
82,649.14

REDEMPTIONS AND EXCHANGES.

The moneys received in redemption and exchange accounts at all
the Treasury offices during the fiscal year 1908 attained a maximum
at $1,337,826,564, and exceeded those of 1907 by $310,950,064.
The amount of each kind of money received and paid at Treasury
offices on account of redemptions and exchange auring the fiscal
year 1908 is recorded here:
RECEIPTS.
K i n d s of m o n e y received b y T r e a s u r y offices.

Gold coin
and
certificatco

Receipts for c u r r e n c y
outstanding
J u n e 30, 1907
Moneys received d u r i n g year
Less o u t s t a n d i n g receipts J u n e 30,
1908. .
N e t receipts, for w h i c h
m e n t s were m a d e




Silver coin
and
certificates.

Um'ted
NationalStates notes b a n k notes
a n d Treasand
u r y notes. m i n o r coin.

$556,770
489,569,518

$1,384,411
408,542,864

$1,900,721
136,792,837

$3,902,975
. $61,073
302,921,345 1,337,826,564

490,126,288

Account.

409,927,275

138,693,568

302,982,418 1,341,729,539

901,390

1,231,351

1,105,773

489,224,898

408,695,924

137,587,785

85,919

Total.

3,324,433

pay302,896,499 1,338,405,106

187

TREASURER.
PAYMENTS.
Kinds of money paid by Treasury ofiices.
Account.

Transfer
checks.

Gold coin
and
certificates.

Silver coin
and
certificates.

For gold coin and certificates.
$463,922,333 $18,655,390
For silver coin and certificates
$1,563,869 135,386,242 237,323,775
For United States notes and
Treasury notes
21,320,013 38,453,778
For national-bank notes and
minor coin
172,765,543 31,187,408 53,964,714
Total..

..

174,329,412

United
States
notes.

Nationalbank
notes and
minor
coin.

$2,289,235 $4,357,940

Total.

$489,224,898

27,209,934

7,212,104

76,601,662

1,212,332

408,695,924
137,587,785

43,606,887

1,371,947

302,896,499

651,815,996 348,397,667 149,707,718 14,154,323 1,338,405,106

REDEMPTION OF NATIONAL-BANK NOTES.

The amount of national-bank notes presented for redemption, as
valued by the owners and contained in 31,511 remittances, was $349,634,341.42, a sum equal to 52.78 per cent of the average amount of
notes outstanding during the year. As verified by count the proceeds
of the remittances were $348,549,280.70. Payment of this sum was
made by checks on the subtreasuries to the amount of $172,719,195.75, by remittances of $124,175,368.95 in new United States currency and coin, and by credits of $51,654,716 in accounts. The total
number of notes redeemed was 35,221,320, and the average value of
the notes was $9.91. The $5 notes outstanding were redeemed at the
rate of 58.66 per cent, the $10 notes at 55.20 per cent, the $20 notes at
48.81 per cent, the $50 notes at 49.99 per cent, and the $100 notes at
49.84 per cent. Compared with the redemptions of the previous year,
there was an increase of $109,319,660, and of this increase $91,013,000
was presented by the banks in New York City. The total amount
presented by those banks was $193,292,000. The net addition to
the bank-note circulation during the year was $94,545,227, of which
sum $80,150,428 took place in the months of November and December. This increase in circulation appears to have appreciably stimulated redemptions during the second six months of the year, as $242,827,576 was presented for redemption in that period, as against
$106,806,765 in the first six months. The unusual .redemptions of
bank notes which commenced in January and continued through the
remainder of the year quickly exhausted the 5 per cent redemption
fund, and by June 30 the Treasury had advanced $41,992,052 in the
redemption of such notes, and the total notes on hand at that date
was $62,277,880, as against $12,377,478 on the corresponding date
of the previous year. By employing an additional force soon after
July 1 the redeemed notes held in the cash for moneys advanced by
the Treasury were assorted and disposed of by October 27, and the
balance of notes on hand was reduced to $21,691,923. The average
monthly redemptions during July to December was $17,801,127,
while the average for the months of January to June was $40,471,262.
Such variation in the volume of redemptions suggests the desirableness
to have authority to temporarily employ additional force immediately
the necessity arises, so that there could be no call on the Treasury to
advance money for the redemption of notes, for it is plain that under




188

REPORT ON T H E FINANCES.

the conditions that arose during the year a force sufficient for the first
half of the year would be insufficient for the second half. There were
notes assorted during the year to the amount of $298,178,914.« Of
this sum, $258,643,757.50 was charged to the 5 per cent redemption
fund, $62,194,650 as fit'for use, and $196,449,107.50 as unfit for use,
and $39,535,156.50 was charged to deposits for the retirement of
notes. The notes fit for use were forwarded by express to the respective banks of issue in 50,180 sealed packages, and those unfit for
use were delivered to the Comptroller of the Currency in 146,197
ackages for reissue. There was $328,535,358.20 in lawful money
eposited in the Treasury on account of transactions in nationalbank circulation, $260,678,988.70 for the 5 per cent fund and $67,856,369.50 for the retirement of such circulation. The total of the deposits made uncier the law limiting deposits to nine millions monthly was
$37,112,837.50. The expenses incurred for the yearns operations
amounted to $270,840.21, and they were assessed on the oanks in
proportion to theiT notes redeemed at the rate of $0.90366 per $1,000.

P

SPURIOUS ISSUES DETECTED IN 1 9 0 8 .

There has been no apparent increase of spurious issues in circulation during the last fiscal year, and this favorable condition of the
currency is owing to the vigilance of tlie Secret Service agents in
ferreting out those who perpetrate such frauds upon the public.
The spurious issues detected during the year were only $13,23*5.19 in
nominal value in all kinds.
SPECIAL TRUST FUNDS.

During the fiscal year 1908 the Central Pacific Railroad reduced
its indebtedness to the Government by the payment of two notes
amounting to $5,881,271.56, and on July 28, 1908, in the current
fiscal year, the company paid the remaining two notes of like
amount, and thus closed the account. Bonds of the company held
to secure said notes were released at the time of each payment.
Transactions during the year in the special trusts in the custody
of the Treasurer are recorded in the subjoined table:
SPECIAL T R U S T F U N D S IN THE CUSTODY OF THE T R E A S U R E R OP THE U N I T E D STATES
AT THE CLOSE OF THE FISCAL Y^EAR 1908.
Fiscal year 1908.
Account and kind of bonds, etc.

Held June 29,
1907.
Deposited.

Notes secured by bonds given by the Central
Pacific R. R. to the Government in settlement of the obligations of that road:
$11,762,543.12
Central Pacific R. R. notes
Central -Pacific R. R. bonds
11,763,000.00
State bonds belonging to the United States:
37,000.00
Louisiana State bonds
58,000.00
North Carolina State bonds
Tennessee State bonds
335,666.66§
United States bonds held under special provisions of law:
American Printing House for the Blind..
250,000.00
Manhattan Savings Institution
75,000.00
North American Commercial Co
50,000.00
Held for the Secretary of War:
Captured bonds of the State of Louisiana.
545,480.00
Held for the Secretary of State:
A package sealed and said to contain
Spanish "certificates of inscription"
600,000.00




Withdrawn.

$5,881,271.56
5,881,000.00

Held June 30,
1908.

$5,881,271.56
5,882,000.00
37,000.00
58,000.00
» 335,666.66§
250,000.00
75,000.00
50,000.00
545,480.00

600,000.00

189

TEEASUEEB.

SPECIAL T R U S T F U N D S I N THE CUSTODY OF THE T R E A S U R E R OF THE U N I T E D STATES
AT THE CLOSE OF T H E FISCAL Y E A R 1908—Continued.
Fiscal year 1908.
Account and kind of bonds, etc.

Held for the Secretary of the Treasury:
Panama R. R. notes
Held for the District of Columbia:
3.65 per cent bonds (unsigned)
Bonds for account of District contractors.
Chesapeake and Ohio Canal bonds
Aeereeate

....

Held June 29,
1907.

Deposited.

Withdrawn.

Held June 30,
1908.

$997,892.77 $2,734,521.47

$150.00

$3,732,264.24

5,000,000.00
18,740.00

3,500,000.00
22,380.00

4,895,450.00
121,230.00
84,285.00

3,395,450.00
124,870.00
84,285.00

30,079,187.551 7,753,261.47 15,884,801.56

21,947,647.46§

DISTRICT OF COLUMBIA.

The transactions of the Treasurer of the United States, ex officio
commissioner of the sinking fund of the District of Columbia, pertaining to the affairs of the District are fully set forth in a separate
report.
During the fiscal year 1908 the bonds, of the funded debt retired
amounted to $501,000, resulting in the reduction of the annual
interest charge by $18,286.50.
From July 1, 1878, to the close of the fiscal year 1908 the bonded
debt was increased by the issue of 3.65 per cent bonds amounting to
$1,254,050, and decreased by the operations of the sinking funds
and otherwise $12,757,950, makmg a net reduction of $11,503,900
and of the annual interest charge $628,758.75. The interest-bearing
bonds outstanding June 30, 1908, were $10,602,750.
Since the close of the fiscal year the debt has been further reduced
by the purchase of 3.65 per cent bonds amounting to $485,650.
This leaves outstanding November 1, 1908, $10,117,100 in bonds
bearing 3.65 per cent interest.
The retentions from 29 District of Columbia contracts were canceled during the year by the return to the contractors. of $22,350 in
bonds and $152,431.88 in cash.
At the close of the fiscal year 1908 the 10 per cent guaranty fund
amounted to $260,018.89, and was credited t o 67 separate contracts,
and is represented by $121,230 in bonds purchased at the request
and risk of contractors, .and $126,280.76 uninvested cash.
The receipts during the year for account of the police relief fund
were $82,904.16, and for account pf the firenien's relief fund $37,303.
These sums were advanced to the Commissioners of the District in
monthly installments.
The securities of the District in the care and custody of the Treasurer are:
3.65 per cent bonds (unsigned)
Bonds for account of District contractors
Chesapeake and Ohio Canal bonds

$4, 895, 450
121, 230
84, 285

Total

5,100,965

Respectfully,
CHAS. H .

TREAT,

Treasurer of the United States,
Hon.

GEORGE B .

CORTELYOU,

Secretary of the Treasury.






APPENDIX TO REPORT OF THE TREASURER.
Bk^O. I . — R E V E N U E S

A N D E X P E N D I T U R E S F O R T H E F I S C A L Y E A R 1908
WARRANTS ISSUED.

Expenditures.

Account.

Customs
Internal revenue
Lands
Miscellaneous
District of Columbia..
Commerce and Labor.
Interior, civil
Treasury proper
Diplomatic
Judiciary
War
Navy
Interior, Indiaus
Interior, pensions
Agriculture
Interest

$286,113,130.29
251,711,126.70
9,731,660.23
46,993,968.66
6,676,332. 75

Total
Premium on Panama Canal loan.
Public debt.-.
Aggregate

No.

601,126,118.53
735,788.67
908,727,616. 50

AS SHOWN BY

Repayments
from

Counter ^
credits t o '
appropriations.
appropriations,
unexpended

$24,679,044. 03
5,826,010.87

• $996,853.28
82,018.33

12,184, 505.10
14,850, 1.47
26,475, 412. 78
63,312, 866.18
- 3,649,373.18
9,169,630. 68
178,020,889.83
118,780, 233. 29
14,579, 765. 75
163,892, 467.01
13,460, 764. 40
21,426, 138. 21

870,472. 93
1,021,801.47
1,247,799. 97
2,598,381.09
43,084.69
316,694.67
7,442,694.49
2,665,386.78
1,039,944. 73
2,044,827.76
155,925.12
70,873.49

659,196,319.68

$80,076.61
381.18
222,017.86
48,693.20
615,146.80
416,436.39
36,023. 48
22,920.34
5,721,541. 95
28,965,025. 84
77,968.96
106. 00
5,555.30

20,586,667.80

36,211,893.91

20,586,657.80

36,211,893.91

"739," iii,'906.'56'

i 1,610,589,523. 70 1,398,308,226.18

2 . — N E T ORDINARY R E V E N U E S AND E X P E N D I T U R E S FOR EACH Q U A R T E R
THE F I S C A L Y E A R 1908, A S S H O W N B Y W A R R A N T S I S S U E D .

First
quarter.

Account.

Second
quarter.

Third
quarter.

Fourth
quarter.

OF

Total for
year.

EEVENUES.

Customs
Internal revenue
Lands
Miscellaneous revenues
Total

. .

$86,393,864.63 $72, 415, 748. 53 $66, 466,930.16 $61,846,686.97 $286,113,130. 29
69, 445, 431.99 65,713,905.47 57,784,187.82 58,767,601.42 251,711,126.70
2,426,932.46
9,731,560.23
2,892,078.64
2,262,170. 38 2,150,378. 86
11,885,803.74 11,901,728.26 15,412,966.34 14,369,802.97
53,570, 301. 31

..

169,152,032.81 162,923,460.80 141,916,254.70 137,134,370.22

601,126,118.53

EXPENDITURES.

Civil and miscellaneous
War Department
Navy Department
Interior, Indians
Interior, pensions ^
Interest on public Jebt

43,121,802.93
52,384,692. 54
26,958,057.77
'. 4,142,544.49
37,856,965.13
5,499, 453. 49

TotaL
Excess of expenditures

43,821,063.74
43,323,308.18
30,637,526.06
3,641,203.39
37,073,164.69
5,630,521.79

172,496,835.59
178,020,889.83
118,780,233.29
14,579,756.75
153,892,467.01
21,426,138.21

169,963,516.35 156,803,119.31 168,302,906.17 164,126,777.85

659,196,319.68

811, 483. 54




41,945, 300.82
36,725,812.46
31,776,399. 54
3,648,415.42
37,553,124.62
5,154,066.45

3,879,658.61

43,608,678.10
45,587,076.65
29, 408,249. 92
3,147,592. 45
41,409,212.57
6,142,096.48

26,-386,651.47

26,092,407.63

68,070,201.15
191

192

REPORT ON T H E FINANCES.

W o . S . — R E C E I P T S AND E X P E N D I T U R E S FOR SERVICE OF THE POST-OFFICE
MENT FOR THE FISCAL Y E A R 1908.

Balances J u n e
30. 1907.

Office.

Washington
B al timore
New York
Philadelphia
Boston
Cincinnati
Chicago
St. Louis
N e w Orleans
San Francisco
N a t i o n a l - b a n k depositaries.
U n a v a i l a b l e item

Receipts.

Expenditures.

$2,066,213.19
230, 108. 87
1,142,625. 70
686, 255.07
380,968. 91
284,955. 98
2,041 721.11
77i; 113.61
330,813. 37
614,938. 25
11,267. 28
277. 06
37,

94,356,469. 48
16,200,000.00

98,391,504.83
16,200,000.00

8,698,258.40

0 79,156,469.48

83,191,504.83

34,707,880.42
35,144,569.74
34,904,096.70
35,181,916.46

34,707,880.42
35,144,569.74
34,904,096.70
35,181,916.46

219,094,93L80

223,129,967.15

'I:

12,633,293.75

N e t receipts a n d e x p e n d i t u r e s b y
T r e a s u r y officers
Receipts a n d e x p e n d i t u r e s b y postm a s t e r s for q u a r t e r e n d e d :
Sept. 30, 1907
Dec. 31, 1907
Mar. 30, 1908
J u n e 30, 1908
12; 633,293; 75

Total.

Balances J u n e
30, 1908.

$9,087,469.81
2,528,938.96
38,331,288.34
6,883,865.46
5,429,812.23
4,298,363.69
17,673,897.57
6,825,897.45
3,284,363.50
4,015,422.78
32,195.14

$274,716.06 $10, 878, 956.94
197 361.62
2, 661, 696.21
2,982,110.37
36; 491, 803. 67
1,662,021. 72
5, 918, 098.81
762,766. 46
5, 048, 024. 68
815,612.31
3, 767, 707. 26
3,001,236.13
714, 382. 55
930,622.23
666, 388.83
951,265.72
2, 663, 921.15
1,016,720.45
3; 614, 640. 58
12,613.62
30,
37,277. 06

Total
Less transfers b e t w e e n offices..

DEPART-

8,598,258.40

a I n c l u d i n g deficiency a p p r o p r i a t i o n of $12,888,040.94.

N o . 4 . — P O S T - O F F I C E DEPARTMENT WARRANTS I S S U E D , P A I D , AND OUTSTANDING
FOR THE FISCAL Y E A R 1908.

Warrants drawn on—

Treasurer United States,
Washington
Assistant Treasurer United
StatesBaltimore
NewYork
Philadelphia
Boston
Cincinnati.
Chicago
. .St. Louis
New Orleans
San Francisco
Total




Number Warrants outof
standing
warrants June 30, 1907.
issued.

Amount o
warrants
issued.

Amount of
warrants
paid.

Warrants outstanding
June 30, 1908.

0

2,170

$38,288.58

$3,404,595.61

$3,441,706.18

$1,178.01

33,231
46,743
24,897
16,611
33,877
44,053
39,201
32,319
25,677

52,305.56
702,406.90
26,03L03
19,283.18
147,711.48
146,033.86
260,657.54
73,032.17
192,867.21

2,488,693.19
38,408,588.58
6,620,911.81
2,691,657.73
4,013,569.66
14,315,544.81
6,425,45L88
2,067,007.32
2,826,020.03

2,444,502.00
38,478,440.76
6,621,938.11
2,691,76L32
3,941,502.75
14,314,75L77
6,436,960.16
2,074,410.86
2,713,352.19

96,496.75
632,554.72
25,004.73
19,179.59
219,778.39
146,826.90
249,169.26
65,628.63
305,535.05

298,779

'1,658,617.51

83,262,040.62

83,159,316.10

1,761,342.03

193

TKEASUKER.

]5Sfo» 5»—RECEIPTS AND DISBURSEMENTS OF E A C H K I N D OF MONEY ON ALL
ACCOUNTS AT THE TREASURY IN WASHINGTON FOR THE FISCAL Y E A R 1908.
Gold coin.

Account.

Standard sil- Subsidiary
silver.
ver dollars.

United
Treasury
States notes. notes.

RECEIPTS

$26

$3,000

$148,650
132,730
38
993,879

$17,000
2,005
44
9,450

27,929
8,619
601
155,803

2,673,100
169,352
2,000
127,371,691

241,316

2,294,639

3,514,216

1,516,613

2,323,138

150,000
76,672

7,374

34,363

Customs
Internal revenue
Miscellaneous
Disbursing officers
:
Post-Office Department
Transfers
Standard silver dollars
Subsidiary silver
Minor coin
Gold certificates
Redemption and exchange
Issues

!

$820,158

277,211,670

1,006,000

1,288,539

65
290,101
59
1,227,536

1,361,275
14,397,453
144,021
55,881,423

998

362
1,030
2,200
1,100

83,303
6,135
2,610
152,880

5
12,154
21

402,404
549,159
20,041
1

1,312,785

2,734,294

Nationalbank notes.

.

3,707,194

1,505
470,142
10

.

185,842

733,690

Total

23,382,527
123,610,000

Gold certificates.

Silver certificates.

DISBURSEMENTS.

Warrants and checks
Disbursing officers
Post-Office Department
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars
Subsidiary silver
. . .
United States notes
Treasury notes of 1890
National-bank notes
Gold certificates
Silver certificates
Minor coin
Redemption and destruction
Five per cent fund
Total.

Account.

5,985
20,000
1,002,556
20,414,043
13,813
41,983.877
1, eoo; 641
. 16,438,127
190,210
123,610,000 1,006,000
277,063,424
Minor
coin.

1,006,000

Total.

RECEIPTS.

Customs
Internalrevenue.. . .
Miscellaneous
Disbursing officers
Post-OfficeDepartment
Transfers.
Standard silver dollars
Subsidiary silver
Minorcoin
Gold certificates
Redemption and exchange
Issues

$32,650

$143,573

$6

$179,265

6,998,850
687,125
27,025
243,566,455

1,555,117
489,690
45,722
198,967,473
625,948
873,586
165,465

2,757
92
98
10,693

11,423,403
1,489,613
75,528
628,679,612
625,948
873,586
165,465

291,765,171

13,198,210 107,337,449
261,040,000 ^302,356,000

446,883

442,366,253
687,006,000

348,549,281

525,550,115

612,560,023

460,529

1,772,884,563

5,690,000
44,073,491
2,995,609
187,093,020

2,399,994
10,838,107
301,930
159,495,847

87
39,521
87
67,956

9,601,421
69,722,719
3,441,706
405,088,684

• 68,170
35,870
84,970
1,264,200
1,373,550
467,185
1,835,835
1,860,843
1,060
170,969
29,365,985
47,277,920
7,474,240
2,901,745
10,456,435 80,422,046
148,740
69,133
236,821,000 303,783,000

47,628
6,372
19
14,952

241,318
1,382,707
2,848,120
24,280,651
185,842
119,036,558
13,198,210
107,337,449
398,087
704,755,157
259,113,721

—
,.
...

Total.....

$56,784,110
1.

DISBURSEMENTS.

Warrants and checks
Disbursing officers
Post-OfficeDepartment. . .
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars
Subsidiary siiver
.
United States notes
Treasury notes of 1890 . .
National-bank notes
Gold certificates .
Silver certificates
Minor coin
Redemption and destruction
Five per cent fund

39,535,157
259,113,721

Total

5S716—Fl 1908-

298,648,878

-13




627,482,105

611,278,789

4,862
190,129
769
3

372,385

1,720,632,360

194

REPORT ON T H E FINANCES.

IVo. 6 . — R E C E I P T S AND DISBURSEMENTS OF E A C H K I N D OF M O N E Y ON A L L
ACCOUNTS AT THE SUBTREASURY IN BALTIMORE FOR THE FISCAL Y E A R
1908.

Gold coin.

S t a n d a r d silver dollars.

$3,650
13,685
14,607
6,005
3,671
343,578

Account.

$43
2
39
2
17
1,122,503

Subsidiary . United
Treasury
silver.
States notes. n o t e s .

RECEIPTS.

Customs
Internal revenue
Miscellaneous
Disbursing officers
Post-Office D e p a r t m e n t
Transfers
S t a n d a r d silver dollars
S u b s i d i a r y silver
Minor coin
Gold certificates
R e d e m p t i o n and e x c h a n g e
Issues. t
.".

$608
79
411
73
842
155,736

$197,003
32,305
56,897
207,400
81,029
2,572,369

$20'.
144
60
55
1,227
2,82?

27,705
4,312

35,
60

4,850
50
870,000
1,493,156

2,964,100

2,2i4,447

11,054

2,763,152

2,290,966

3,121,849

5,393,467

15,478

3,051

686
11,563
697
585,775

399,510
1,094,730
116,520
2,320,000

16,000

7,737

34

700,000

373,233
1
861,096
.838,240
132,212

50,000
4,320
179,650
896,566
9,491

1,683,731
1,421,405

2,008,286

2,803,527

5,201,977

Nationalb a n k notes.

Total

1,168,360

Gold certificates.

Silver certificates.

Minor coin.

DISBURSEMENTS.

W a r r a n t s a n d checks
Disbursing officers
Post-Office D e p a r t m e n t
Transfers
R e d e m p t i o n a n d exchange:
Gold coin
S t a n d a r d silver dollars
Subsidiary silver
U n i t e d States notes
T r e a s u r y notes of 1890
N a t i o n a l - b a n k notes
Gold certificates
Silver certificates
Minor coin

25,000
162,018

321,500

526,660

Total

26,100
105,100

16, ooa:
]

Account.

TotaL
1

!

RECEIPTS.

$87,985
38,573
35,462
421,197
201,961
7,305,709
372,900
183,463
16,548

$203,490
85.705
615,270
379,578
5,451,891
'..

Total

265,110
25,680
18,285,350
8,580,000

7,492,866

51,951,846

16,156,664

304,300
2,636,440
669,000
3,827,500

^

101,960
10,465
1,164,230

. .

$3,924,720
438,440
1,004,780
399,900
393,160
18,644,706

8,012,579

Customs
Internal revenue
Miscellaneous
Disbursing officers
Post-Office D e p a r t m e n t
Transfers
S t a n d a r d silver dollars
Subsidiary silver
Minor coin
Gold certificates
Redemption and exchange
Issues

5,048,355
8,752,184
1,392,617
13,670,600

334,315
2,211,805
240,596
7,481,630

$27

.«4.214-0.'>6;

3
40
12
119

726,621
1,198,001
1,649 914

79,605

1 Ofil fin4.
3 5 ! 6 7 8 ! 920:

372,900
573,113
57,115870,000'
918,050 35,711,6ia
8,580,000
Q Q 7 S-f^fi

Qr» fiQ.^ R.t;T

DISBURSEMENTS.
•

W a r r a n t s a n d checks
Disbursing officers
Post-Office D e p a r t m e n t
Transfers
R e d e m p t i o n a n d exchange:
Gold coin
S t a n d a r d silver dollars
Subsidiary silver
U n i t e d States notes .
T r e a s u r v notes of 1890
Gold certificates
Silver certificates
Minor coin
Total




^

2,317,760
790,490
2,455,440

1,123
362,910 . :
22,400
3,943
106

62 6,087,228.
976 14,710,739
68 2,444,602
40,415 28,425,3381,501

2,378,155-

7,870
313,260
• 3,792
2
51,000
17,000
4,000
102,130

16,561,020
256,270
706,800

13,720
5,300,656
6,470

236,923 2 . 2 1 4 . 4 4 7
1,454
' 11;054
252,134 1.164.230
338,720 18,285,350
89,897 7,492,866920,500'

7,936,294

51,941,436

15,979,674

962,150 88,270,749

1.165..«i9ft

2,970,750

195

TEEASUEEE.

No. 7 . — R E C E I P T S AND D I S B U R S E M E N T S OP E A C H K I N D OF M O N E Y ON ALL A C COUNTS .^T THE SUBTREASURY IN N E W Y O R K FOR THE FISCAL Y E A R 1908.

Gold coin.

Account.

Standard sil- Subsidiary
silver.
ver dollars.

United
States
notes.

Treasury
notes.

RECEIPTS.

$6,141,931
118,640
147,178
130,465
52,710
4,212,874

875
125

247
10,906
11,199
881,966
16
499

5,820,240

18,126,042
123

74,579,934
2,539

179,831

88,927,838

Gold eertificates
Redemption and exchange
Special customs deposit.
Issues

$484

4,700
14,177
36,023
47,892

78,120,740

M i n o r r^nin

$66,446

3,260
60

Customs
Internal revenue.
Miscellaneous
Disbursing officers
Post-Office Department..
Transfers
Gold bars . . .
Standard silver dollars
Subsidiary silver.

$2,003,572
100
8,730
582,854
509,869
22,840,692

5,989,478

19,031,472

100,601,939

320,282

1,678,369

7,061

966,666

813,999

1,664
149,898
37
5,096,314

47,742,000

$140,451

49,323
24,336

!

Total
DISBURSEMENTS.

Warrants and checks..
Disbursing officers
Post-Office Department
Transfers
;
Redemption and exchange:
Gold coin
Standard silver'dollar-:
Subsidiary silver .
United States notes
Treasury notes of 1890
National-bank notes
Gold certificates..
Silver certificates
Minor coin
.
Clearing-house balances

^

2,680,626
314,000

6,393
...

610,990

40,922,989

1,200,800
1,903,753

77,066,965

3,941,213

669,090
9,566,829
459,607
5
103
16,559,830

100,109,660

Nationalbank notes.

Account.

15,600

74,480,106

Total ..

8,500

Gold certificates.

Silver certificates.

$4,712,391

$1,870,000
1,487,500
10,713,827

$176,757,290
2,075,700
34,622,300
31,840,460
14,727,560
616,094,800
55,962,060
97,150
7,060,380
966,060

8,764,145

Minor
com.

314,000

Total.

RECEIPTS.

Customs
Internal revenue
Miscellaneous
Disbursing officers
Post-Office Department
Transfers
Gold bars
Standard silver dollars
Subsidiary silver
Minorcoin
Gold certificates
Redemption and exchange
Special customs deposit
Issues

.

...

'...
..

34,030
3,520
835,572

...

Total..

200,558,440
355,129,690
51,690,000

14,944,449 1,547,471,890

22,216
614,895
580,892
74,769,024
2,953,700
41,081
2,287

$25 $189,682,139
2,194,440
34,706,386
15
35,067,987
4,230
17,404,802
59
729,758,069
56,663
55,952,076
3,061,349
7,188,939
996,378

121,038,156 2,694,044
2,444
28

501,952,999
355,134,824
51,690,000

204,737,086 2,754,964 1,984,779,388

DISBURSEMENTS.

Warrants and checks
Disbursing officers
Post-OfficeDepartment..
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars
Subsidiary silver
United States notes*
Treasury notes of 1890
National-bank notes
Gold certificates
Silver certificates
Minor coin
Clearing-house balances
Total

.•




6,691,8{J5
8,265,000

24,746,300
910,914,052
7,732,440
82,067,000
78,105,638

'.

656,000
39,700
113,413,290
72,288,640
272,507,020
14,956,885 1,562,469,980

26,698
18,121,846
358
81,174,187

86
14,106
3
358,661

24,774,748
940,257,733
7,732,838
226,731,051

2,070
74
101,020
110
121,982
1,685,335
46,119,266
112,033
2,676,855
574
391
11

78,113,101
5,827,106
18,038,968
74,419,609
177,775
835,572
200,346,360
120,883,099
2,677,434
281,271,670

5,827,032
18,038,968
32,104,610
177,665
4,800

204,272,576 |2,395,955 1,982,087,064

196

REPORT ON T H E FINANCES.

N o . § . — R E C E I P T S AND D I S B U R S E M E N T S OF E A C H K I N D OF M O N E Y ON A L L
ACCOUNTS AT THE SUBTREASURY IN PHILADELPHIA FOR THE FISCAL Y E A R 1908.

Account.

Gold coin.

Standard
silver
dollars.

Subsidiary
silve/.

United
States
notes.

Treasury
notes.

RECEIPTS.

$739,478

$920

8,437
24,920
5,691
3,251

637
14,742
7,667
931,309

114,261
629,165
392,975
6,024,808

1,848
7,126
2,002
2,029

19,950
4,690
5,140,000
489,920

200
40

1

138,821
30,864

869
673

3,619,804

6,235,714

7,607,699

19,548

12,311,616

3,668,263

7,190,890

14,560,407

37,410

1,788,600

Total

$5,920

482,025
77,030
60,228
5,298,295

Customs
Internal revenue
Miscellaneous
Disbursing officers.
Post-0 ffice Department
Transfers..
Standard silver dollars
Subsidiary silver
Minor coin
Gold certificates
Redemption and exchange
Issues

$621,814_

736
61,849
514
2,526,762

681,200
1,769,138
55,440
8,374,000

37,000

39,965
17,506
658
144,145
1,359
1,102,435
2,197,600
145,275
143

93,610
3,372,860
5,400
15,000

6,238,937

14,395,498

$3,315

DISBURSEMENTS.

Wan-ants and checks
Disbursing oificers
Post-Office Department
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars
Subsidiary silver
United States notes
Treasury notes of 1890
National-bank notes
Gold certificates
Silver certificates
Minor coin

1,207,010
2,254,006
521,000
\
T

20,000
130.000
800,450
55

287

1,964,949

9,266,421

Total

4,068,900
255,000

3,753,736

Gold
certificates.

Silver ,
certificates.

$15,635,961

Nationalb a n k notes.

$217,598

4,154,467
1,663,362
2,963,760
46,045,045

43,513
1,245,175
763,791
28,514,279
1,886,100
282,624
02,010

28,850

Minor
coin.

37,000

Total.

RECEIPTS,

Customs
I n t e r n a l revenue:^.
Miscellaneous...
D isbursing officers
Post-Office D e p a r t m e n t
Transfers
S t a n d a r d silver dollars
S u b s i d i a r y silver
Minor coin
Gold certificates
Redemption and exchange.
Issues
:
Total.

$291', 098
1,781,481
1,199,780
3,902,910

$17,125,075
73
160
527
36,044

1,261,260

74,955,000 I 24,016,364 1,000,530
46,920,000 I

5,096,349
5,443,161
5,396,311
88,767,970
1,886,100
2,427,182
677,387
5,140,COO
119,205,829
46,920,000

8,848,741

193,289,190 ! 57,031,444 1,037,403

297,975,364

321,047
91,165

1,663,670 i
387,945

DISBURSEMENTS.

W a r r a n t s a n d checks
Disbursing, officers
Post-Office D e p a r t m e n t
Transfers
R e d e m p t i o n a n d exchange:
Gold coin
S t a n d a r d silver dollars.
Subsidiary silver
U n i t e d States notes
T r e a s u r y notes of 1890..
N a t i o n a l - b a n k notes . . .
Gold certificates
Silver certificates
Minorcoin
Total.




982,320
3,681.465
30,610
3,811,000

22,663,190
21,575,061
5,668,819
59,110,000

1,492,095
8,270,646
355,490
22,643,000

73
4,911
65
208,362

27,026,624
37,616,976
6,621,938
98,498,604

275,820

5,579,010
123,430
3,496,470
3,192,390
11,800

5
3,448,412
2,226,441
11,000

45,360

68,386.000
3,893.900
472,280

20,000
17,624,950
451,708

10,940
109
13
41,364
934
158,825
268,500
62,280
20

5,629,920
3,609,804
6,222.012
7,562,159 .
19,548
1,261,260
74,955,000
23,936,354
998,351

8,826,565

194,160,410

56,543,647

746,376

293,958,590

197

TREASUKEE.

JNo. 9 . — R E C E I P T S AND DISBURSEMENTS O P . E A C H K I N D OP M O N E Y ON A L L
ACCOUNTS AT THE SUBTREASURY IN BOSTON FOR THE FISCAL Y E A R 1908.

Gold coin.

Account.

Standard
silver
dollars.

Subsidiary
silver.

United
States
notes.

Treasury
notes.

RECEIPTS.

Customs
Internal revenue
Miscellaneous
Disbursing officers
Post-Office Department
Transfers
Standard silver dollars
Subsidiary silver
Minor coin
Gold certificates
Redemption and exchange
Special customs deposit

$407,883
68,400
61,787
14,600
168,897
1,816,939

.•

$15,822
58

$2,586
4
988
126
1,784
320,752

$553,968
5
181,301
138,143
499,082
4,600,897

$2,194

78,690
7,662

11
13,631

2,900
200

1,628
794
1,089
23,767
3,000
650
821

3,824,886
15,300

2,460,010
482

7,499,746

4,633

1,389,952

2,776,732

13,559,294

38,576

338,000
925,800
43,000
62,568

Total

1,360,430

6,381,792

.•

2
4,198
3,000
935,600

489
38,035
412
1,512,014

107,000
798,715

DISBURSEMENTS.

Warrants and checks
Disbursingofficers
Post-Office Department
Transfers
Redemption and exchange: •
Gold coin
Standard silver dollars
Subsidiary silver
United States notes
Treasury notes of 1890
National-bank notes
Gold certificates
Silver certificates
Minor coin
Total

; .•».

55,335
95

388,076

80,843
1,282
167,469
389,716
76,926

1,331,376

2,289,817

500

5,354,080

6,874,113

Account.

-0 22,631

95,235

9,261,010

38 200

53,900
20,500
366,445
2,876,500

7,000
97,970
^:^ FtRQ M O

38 200

NationalGold
bank notes. certificates.

Silver
certificates.

$17,145
48,210
364,205
930,895
1,681,885
600
511,910
107,575

$21,549,360
31,820
2,331,150
2,812,340
3,057,2C0
40,995,870
38,000
703,140
12,230

$440,494
471
80,171
244,913
373,603
14,832,305
941,600
79,840
10,642

54
15
162
10,123

249,968

6,214,080
23,035,775

15,673,967
0,578

514,145
72

37,792,455
23,088,207

3,912,343

100,811,615

32,684,584

524,727

162,079,615

7,500
588,820

15,926,551
52,471,650
2,610,164
18,665,200

36,365
2,727,806
35,136
17,907,019

53
2,724
49
154,924

16,415,960
57,555,748
2,691,761
50,547,130

620

3,829,386
1,363,350
2,468,130
7,521,746
4,633
249,958
6,218,180
15,723,067
617,985

Minor
coin.

Total.

RECEIPTS.

Customs
,
Internal revenue
Miscelianeous
Disbursing officers
Post-Office Departmeut
Transfers
Standard silver dollars
Subsidiary silver
Mmor coin
Gold certificates
Redemption and exchange.
Special customs deposit
Total.

$166

$22,972,403
117,845
2,706,347
3,575,196
6,032,773
64,290,169
983,100
1,377,030
139,030

DISBURSEMENTS.

Warrants and checks...
Disbursingofficers
Post-Office Department....
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars..
Subsidiary silver
United States notes
Treasury notes of 1890..
National-bank notes
Gold certificates
Silver certificate's
Minorcoin
Total.




2,010,695

7,000
270,315

3,657,100
5,260
1,111,o::o
4,405,300
2,000
321,700
4,661,700
147,140

26,000
10,643,100
2,560

3,888,980

103,984,825

32,662,951

5,600
971,150
30,000

1,331,990
19,475
33,500

40,268
766
82,489
126,684
39,265
447,732

165,107,034

X98

REPORT ON T H E FINANCES.

W o . 1 0 . — R E C E I P T S AND D I S B U R S E M E N T S OP E A C H K I N D OP M O N E Y ON A L L
ACCOUNTS AT THE SUBTREASURY IN CINCINNATI FOR THE FISCAL Y E A R 1908.

Gold coin.

Standard
Subsidiary
silver dollars.
Silver.

$22,866
50,200
2,428,200

$29
14
61
19
120
416,176

$72,500
77,500
31,000
372,100
361,000
3,035,800

12,000

Account.

3

166,000
500

United
Treasury
States notes.
notes.

*

RECEIPTS.

Customs
Internal revenue
Miscellaneous
Disbursing officers
Post-Office D e p a r t n i e n t
Transfers
S t a n d a r d silver dollars
S u b s i d i a r y silver
Minor coin
Gold certificates
Redemption and exchange
Issues

1,547,303

3,301,565

646,400

4,060,503

5,781,908

3,716,987

4,742,800

667,505
612,983
222,965
44,117

Total

$5,781,908

3,010
15,200
3,900,660

2,116
4,645
1,468
2,294,478

206,500
662,800
158,600
2,790,000

DISBURSEMENTS.

W a r r a n t s a n d checks .
Disbursing officers
P o s t - 0 ffice D e p a r t m e n t . . . .
Transfers
Redemption and exchange:
Gold coin
S t a n d a r d silver dollars
Subsidiary silver
U n i t e d States notes
T r e a s u r y notes of 1890. . .
N a t i o n a l - b a n k notes
Gold certificates
Silver certificates
Minor coin

11

61,600

127,800

18,005

657,600
45,500

o-.
4,000
3,000
723,000
22,000
2,000

274,900
203,724

2,319,575

Total

1,700
172,058
4,092,628

2,909,132

139,000
53,500
4,664,800
Minor
coin.

NationalGold ^
b a n k notes. certificates.

Silver
certificates.

$636,000
265,000
1,272,500
1.662,900
9;382,300

$576,000
667,000
216,200
2,267,600
1,190,400
16,462,000
777,350
15,350

$169,114
39,093
38,993
137,163
308,693
7,242,296
3,655,660
226,379
110,832

$4
1
9
4
73
40,024

972,300
28,000

$816,647
1,409,608
651,263
4,072,186
3,563,286
39,005,796
3,656,660
2,144,032
154,682

18,000

3,719,700
1,240,000

3,484,552

487,367

18,986,795
1,240,000

14,237,000

Account.

27,120,600

15,412,675

627,482

75,599,955

1,481,800
1,990,145
462,200
8,100,000

6,131,340
4,663,393
2,632,247
4,796,000

1,111,603
2,017,686
468,763
7,060,010

293
1,664
170
123,883

8,601,057
9,956,226
3,941,503
29,108,148

172,248
1,891,408
53-^,205
285,500

86

1,017,600
21,000

1,320,450
•3,881,300
1,170,000
132,000

1,562,300
5,7*^2,708
3,286,205
646,400

66,000
377,800
90,565

18,000
2,M36,400
914,840
159,630

129,500
1,490,645
181,672

, 98,200
155,390

18,000
3,719,700
3,475,457
487,357

13,587,000

27,254,600

15,336,040

411,286

70,575,061

Total.

RECEIPTS.

Customs .
.
Internal revenue
Miscellaneous. .•
Disbursing officers
Post-Office D e p a r t m e n t
Transfers
S t a n d a r d silver dollars
S u b s i d i a r y silver.
Minorcoin
Gold certificates
Redemption and exchange
Issues
Total
DISBURSEMENTS.

W a r r a n t s a n d checks
Disbursing officers
P o s t - 0 ffice D e p a r t m e n t
Transfers
R e d e m p t i o n a n d exchange:
Gold coin
S t a n d a r d silver dollars
S u b s i d i a r y silver
U n i t e d States notes
T r e a s u r y notes of 1890
N a t i o n a l - b a n k notes
Gold certificates
Silver certificates
Minor coin
Total

. .




i
-

31,600

199

TREASUKEE.

IVo. 1 1 . — R E C E I P T S AND DISBURSEMENTS OP E A C H K I N D OF M O N E Y ON ALL
ACCOUNTS AT THE SUBTREASURY IN CHICAGO FOR THE FISCAL Y E A R 1908.

Gold coin.

Account.

Standard
silver
dollars.

Subsidiary
silver.

United
States
notes.

Treasury
notes.

RECEIPTS.

$56,000

•Customs
...
Internal revenue
Miscellaneous
Disbursing officers
Post-Office Department
Transfers
. .
Standard silver dollars
Subsidiary silver
Minor coin
Gold certificates
Redemption and exchange
Issues

$1

$4,000

2,470,000

26,740
1,385,313
3,325,197
9,953,705

$56,666
12,315,000

104,000

3,726,585
566,550

$220
466
3,330
7,166
103,350

32,509,321

7,113,740

14,693,015

63,920

44,874,321

Total

10,372,210
10,532,210

9,683,741

33,681,105

168,450

6,763,848

4,079,510
2,259,44&
2,417,565
14,272,000

i66,666

5,020

539,045

190
10,080
4,689,430
4,300,925

259,505

1,045

80,300
790,130

7,269,343

7,303,938

32,899,575

DISBURSEMENTS.

19,539,000
756,000
105,000
4,451,134

Warrants and checks
Disbursing officers
Post-Office Department
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars. . .
Subsidiary silver
United States notes
Treasury notes of 1896
National-bank notes .
Gold certificates
Silver certificates
Minor coin

6,994,818

160,000
34,085
16,870,735

Total

41,915,954

Minor
coin.

166,000

NationalGold
bank notes. certificates.

Account.

Silver
certificates.

$9,727,230
1,000
3,435,940
54,213,690
7,636,810
150,173,835
. 200,000
1,912,160

$12,972
200
30,815
1,633,566
3,445,042
23,367,122
8,193,473
28
2,005

127
135
155
155,252

$9,800,352
1,200
3,557,067
59,142,425
15,946,083
201,551,129
8,496,823
6,538,373
780,670

34,184,076
6,480,000

22,560,964

896,785

122,377,780
6,480,000

7,679,555 267,963,740

59,236,177

1,052,603

434,671,902

3,714,765
769,225
360
2,896,000

109,841,600
60,318,338
9,988,382
19,069,000

4,496,118
3,059,939
1,803,301
30,671,000

277
146
144
612,138

141,670,270
.67,153,093
14,314,762
85,895,938

32,222,140
1,849,840
818,430
9,255,910
26,500
1,760
17,277,440
13,873,690
35,550

1,853
8,599,270
1,633,120
291,820
27,920
1,376
31,000
8,404,638
69,960

138

1,176
4

32,384,321
10,459,190
7,140,980
14,779,216
53,420
3,760
34,225,175
22,705,254
896 634

274,577,670

59,090,204

903,433

431,681,002

Total.

RECEIPTS.

Customs
Internal revenue
Miscellaneous
Disbursing officers
Post-Office Department
Transfers
Standard silver dollars
1
Subsidiary silver
Minor coin
Gold certificates
Redemption and exchange
^Issues
Total

.

..

'...

$13,225
1,909,256
1,636,649
3,005,060
899,600
212,116
3,760

..

$149

DISBURSEMENTS.

Warrants and checks
Disbursing officers
Post-Office Department
Transfers
Redemption and exchange:
Gold coin
Standard silver doUars
Subsidiary silver..
United States notes
Treasury notes of 1890
National-banknotes...
Gold certificates
Silver certificates
•
Minor coin
.'
Total




63,000
635
46,000
85,000
7,564,985

289,410

200

REPORT ON T H E FINANCES.

N o . 1 2 . — R E C E I P T S AND DISBURSEMENTS OF E A C H K I N D OP M O N E Y O N A L L
ACCOUNTS AT THE SUBTREASURY IN S T . L O U I S FOR THE FISCAL Y E A R 1908.

Account.

Qold coin.

Standard
silver
dollars.

Subsidiary
silver.

United
States
notes.

Treasury
notes.

RECEIPTS.

Customs
Internal revenue
Miscellaneous
Disbursing officers
Post-Office Department
Transfers
.
Standard silver dollars
Subsidiary silver
Minor coin
Gold certificates.-.
Redemption and exchange
Issues

$135,380

$12

$32

$672,375

57,000

6,072
400
61.001
1,073

61
30
18,270
1,475,039

437,208
838,198
878,899
10,967,276

74,528
2,798,450

.

3,932,060
292,115

$1,200

13.541
3, O O
O
39,500

680,000
3,010,495
0,766,863

6,218,591

4,008,111

20,060

6,776,366

6,712,013

22,026,242

77,291

160, loo
795,160
136,630
665,678

884
724
491
7,463,037

107
122
52
4,364,675

2,653,985
5,166,780
1,640,040
6,681,000

79,400

2,000

Total

6,707,808

9,502
1,389,049

600
2,749,266
2,327,010

DISBURSEMENTS.

Warrants and checks
Disbursing officers
Post-0 ffice Department
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars
Subsidiary silver
United States notes
Treasury notes of 1890
National-banknotes
Gold certificates
Silver certificates
Minor coin

596,020

1,690,300

Total

4,041,888

266,102
4

1

327,680

7,733,242

6,763,508

21,446,261

79,40O

NationalGold
bank notes. certificates.

Silver
certificates.

$1,384,810

$406,812

$138

$2,699,769'

3,069,060
1,255,350
1,066,055
41,993,600

122,384
1,043,150
1,086,895
11,364,736
5,637,350

129
144
9,898
90,198

4,017,600
1,270,000

4,331,672

446,468

3,704,684
3,932,822'
4,676,252
87,867,861
6,576,860
4,066,510
293,405
680,000
27.760.795
1,270,000

21,603,715

54,046,475

23,881,998

646,976

142,426,928.

229,890
3,816,135
551,570
13,048,000

Account.

6,985,900
18,092,087
3,090,113
22,998,700

366,516
1,692,860
518,909
12,102,024

205
145
145
223,359

10,396,686
29,663,013.
6,436,960'
67,625,873.

3,020,475
1,770,900
151,500

4,874,408
8,000

600

19,650

Minor
coin.

Total.

RECEIPTS.

Customs . . .
Internal revenue
Miscellaneous
Disbursing officers
Post-Office Department
Transfers
Standard silver dollars
Subsidiary silver
Minor coin
Gold certificates
Redemption and exchange
Issues

$22,780
795,650
1,466,165
19,184, 480
133,450
1,290

Total
DISBURSEMENTS.

Warrants and checks
Disbursing officers
Post-Office Departrnent
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars
Subsidiary silver
United States notes
Treasury notes of 1890
National-bank notes
Gold certificates
Silver certificates
Minor coin
Total




iii, 666'
2,349,471

»
:

70,000
42,000
112,434

2,257,300
227,000

20,390,600

59,194,475

3
290,057

3,615, 495=
6,816,8085,267,742
4,008,116
20,050

3,796,576
7,020

9

4,017,600
4,331,672
447,148

23,384,866

613,923

142,647,063

201

TEEASUKEB.

W©. 1 3 . — R E C E I P T S AND DISBURSEMENTS OF E A C H K I N D OF M O N E Y ON ALL,
ACCOUNTS AT THE SUBTREASURY IN N E W ORLEANS FOR THE FISCAL Y E A R 1908.

Gold coin.

Account.

Standard
silver
dollars.

Subsidiary
silver.

Treasury
United
States notes.
notes.

RECEIPTS.

$10,780

Total

$2,180

$1,207

$490,390

$2,642-

695
646
10,384
109,266

10,622
13,681
66,889
270,845

6,870
1,373
53,216
1,789,694

94,135
174,264
466,029
3,196,563
46,400
211,601
12,8.39

2,5533053,544
3,521
• 4,121
413
440>

788,486

4,199,950

2,737,265

1,606,956

16,465.

920,746

Customs
Internal revenue
Miscellaneous.
Disbursing officers
Post-Office D e p a r t m e n t
Transfers
S t a n d a r d silver dollars
Subsidiarv silver
Minor coin .
. .
Gold certificates
Redemption and exchanges...
Issues

4,554,067

4,689,625

6,298,066

33,994

637,927
15
5,161,799

463,912
2
3,310,748

617,126
824,824
267,335
2,378,700

34,000

,

600

. .
DISBURSEMENTS.

W a r r a n t s a n d checks
Disbursing officers
Post-Office D e p a r t m e i i t
Transfers
R e d e m p t i o n a n d exchange:
Gold c o i n . . .
S t a n d a r d silver dollars
Subsidiary silver
U n i t e d States notes
T r e a s u r y notes of 1890
N a t i o n a l - b a n k notes
Gold certificates
Silver certificates
Minorcoin...
.

.

....

5,000
96,642
90,172

3,000
•

6,000
13,000

9,519
36,500
781,000
1,416,675
900

Account.

20 000
20,900

267,214

Total

75,400

5,840,641

3,786,662

6,369,299

NationalGold
b a n k notes. certificates.

Silver
certificates.

Minor coin.

$5,822,610

$74,584

$491

$6,404,784

19,187
10,202
150,034
4,519,173
1,805,379
266,121
31,406

3,772
1,193
12,703
18,312

887,505
27,390

992,010
273,380
1,043,770
14,541,590
2,403,600
1,380,310
29,220

1,208,369'
866,308
2,674,544
28,946,179
4,269,60a
2,735,460'
101,296

5,000

879,820

4,277,196

114,284

100
8,050
29,670
34,000'

Total.

RECEIPTS.

Customs
Internal revenue
Miscellaneous
Disbursingofficers
Post-Office D e p a r t m e n t
Transfers
S t a n d a r d silver d o l l a r s . . .
Subsidiary silver
Minorcoin
Gold certificates
Redemption and exchange
Issues
Total

$78,725
391,275
877,975
4,498,235

14,625,411
1

6,766,105

27,366,210

11,142,282

150,766

61,821,840'

1,033,807
771,928
173,350
2,609,000

2,677,765
6,061,562
1,612,473
16,666,500

23,498
640,882
21,085
6,011,000

214
87,014
151
23,932

4,367,40O
9,674,681
2,074,411
35,284,851

774,170
2,300,840
830,540
136,080
460

4,779
1,839,110
3,000
3,500
16,105

19

14,000
. 1,113,226
46,700

78,625

746,070
797,820
6,080

19,250
3,434,576
8

788,487
4,190, 460
2,727,766
r, 603,965
16,455
5,000
876,820
4,261,346
114,284

5,841,635

32,609,330

11,015,793

DISBURSEMENTS.

W a r r a n t s a n d checks
Disbursing officers
Post-Office D e p a r t m e n t
Transfers
R e d e m p t i o n a n d exchange:
Gold c o i n . .
S t a n d a r d silver dollars
Subsidiary silver
U n i t e d States notes
T r e a s u r y notes of 1890
N a t i o n a l - b a n k notes
Gold certificates
Silver certificates..
Minorcoin..
Total




2,000

1

111,331^ '66,874,905

202

REPORT ON T H E FINANCES.

N o . 1 4 . — R E C E I P T S AND DISBURSEMENTS OF E A C H K I N D OF M O N E Y ON A L L
ACCOUNTS AT THE SUBTREASURY IN SAN FRANCISCO FOR THE FISCAL Y E A R 1908.

Gold coin.

Account.

Standard
silver
dollars.

Subsidiary
silver.

United
States
notes.

Treasury
notes.

RECEIPTS.

Customs
Internalrevenue
Miscellaneous
Disbursing officers
Post-Office Department
Transfers
Standard silver dollars...
Subsidiary silver
Minor coin...
Gold certificates ..
Redemption and exchanges
Special customs deposit...
Issues
Total.

$7,161,450

$7,662

$30,890

$90

2,078
43,061
72,335
6,929

996
44,136
122,936
1,034,460

2,256
1,880
90,622
664,160

33
10
1,456
66

3

7
3

2,366,418
119

2,949,953
. 205

62,425

245

84,011,865 •

\

$17,075

732,754
1,097,793
2,356,534
54,941,474
2,123,400
2,813,715
178,020
3,850,000
7,594,630
1,162,096

2,497,018

4,160,247

742,133

1,899

689,324

1,043
361,231
759
3,014,576

276,000

5,000

602,400

DISBURSEMENTS.

Warrants and checks
Disbursingofficers
Post-Office Department
Transfers
Redemption and exchange:
Gold coin...
Standard silver dollars
Subsidiary silver
.
United States notes
Treasury notes of 1890. , .
National-bank notes
Gold certificates
Silver certificates
Minorcoin
Total

6,432,906
45,598,111,
2,712,584
22,189,536

'^

100,000
2,337,410
2,988,947
62,425
246
3,686,390
45,600
82,248
85,236,400

Account.

2,352,533

Nationalbank notes.

40,000

2,000

17,690
"

2, i35

3,043,992
Gold certificates.

3,400,199

818,400

Silver certificates.

Minor coin.

2,000

Total.

RECEIPTS.

Customs
Internalrevenue
Miscellaneous
Disbursingofficers
Post-Office Department
"Transfers
Standard silver dollars
Subsidiary silver
Minor coin
Gold certificates
•
Redemption and exchange
Special customs deposit
Issues
Total

$288,730

$12,993

$304 $7,619,094

7,980
12,080
244,160
3,444,900

2,834
643
133,197
420,257
179,600

17,690 1 3,936,390

47,736

766,770
424
1,221,945
4,637
3,300,967
14,779
99,241 62,268,662
2,302,900
2,815,202
178,026
3,850,000
82,248 17,046,634
1,162,425
6
4,100,000

$17,415
17,805
266,060
1,767,176
1,480

4,100,000
797,169

. 201,539 106,622,615

12,000

287,420

760,923

3,337,000

411,001

10 5,433,958
33,572 47,257,668
9 2,713,352
136,198 32,233,766

1,396,470

9,363,260

77,600
53,006

2,076,625 j 12,034,230
DISBURSEMENTS.

Warrants and checks
Disbursing officers..
Post-Office Department
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars
Subsidiary silver
United States notes
Treasury notes of 1890
National-bank notes '.
Gold certificates
Silver certificates.
Minorcoin...
Total




:.J

.

260,000

2,147,393 ! 12.962.260

828,927

2
6

11,444,630
2,390,418
2,988,963
62,425
245
17,690
3,936,390
47,736
82,248

169,797 108,609,368

203

^•REASURER.

Wo, 1 5 . — T O T A L RECEIPTS AND DISBURSEMENTS OF EACH K I N D OF M O N E Y ON ALL
ACCOUNTS AT THE T R E A S U R Y OFFICES FOR THE FISCAL Y E A R

Account.

Gold coiu.

Standard
silver
dollars.

Subsidiary
silver.

1908.

United
Treasury
States notes. notes.

RECEIPTS.

$14,600,562
Customs
..
..
200,626
Internal revenue
1,694,696
Miscellaneous.
1,482,068
Disbursingofficers
2,777,190
Post-Office Department
85,267,945
Transfers
Gold bars
2,123,400
Standard silver dollars..
2,857,266
Subsidiary silver
183,010
Minor coin .
. . .
Gold certificates
c. 10,540,000
129,620,2.53
Redemption and exchange.. . .
1,177,396
Special customs deposit
Issues

$16.3,498
2
48,906
98,246
231,011
1,579,574
1,076
168

$13,455 $4,649,512
97
109,910
38,190
3,625,628
80,024
4,498,669
216,534
6,696,692
9,629,915 190,116,961
16
499
46,400
11
8,320,686
3
939,078

$9,461
144
6,342
8,766
26,188
1,002,980
i49,97i
1,967
1,994

54,611,196
810

136,301,269
2,539
123,610,000

491,578

262,614,299

45,803,366

64,590,750

478,817,113

1,699,380

27,499,520
62,793,733
3,765,179
28,599,586

886
1,362,669
18,710
31,020,986

6,906
1,371,346
3,990
30,696,716

10,106,106
29,929,411
4,699,421
149,740,133

^686,600

976,997
2,367,410
3,122,947
1,664,793
395
1,605
107,945,703
322,610
84,248

362
1,317
2,200
23,720
500
5
1,234,654
6,661,230
4

156,337
23,641
12,770
3,420,985
2,642
3,226,084
13,829,444
1,038,730
160
103

673,494
91,900
10,419,467
76,572,058
29,604
41,983,877
1,615,741
16,698,577
1.623,010
8,764,146
123,610,000 16,006,000

229,133,625

Total

43,680,767
119

40,317,242

53,788,844

476,556,934

DISBURSEMENTS.

Warrants and checks
. . .
Disbursing officers
Post-Office Department
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars.
Subsidiary silver
United States notes
Treasury notes of 1890
National-bank notes
Gold certificates .
Silver certificates
Minor coin
Clearing-house balances
Redemption and destruction
Total
Account.

National- Gold certifibank notes.
cates.

Silver certificates.

$235,598,251
3,203,960
$866,635
56,722,727
822,158
95,425,287
9,017,402
32,348,940
9,806,402
116,361,863 1,190,962,601
55,962,060
2,738,750
500
13,752,120
3,863,272
1,436,485
481,520

$6,277,516
78,337
1,950,692
5,840,594
7,089,730
371,292^73

295,320,541

310,260,901
9,022
302,366,000

7,600,804
106

436,530,293 2,807,605,911 1,033,640,092

8,254,823

6,129,456,027

10,285,101
49,868,797
3,736,668
343,956,718

1,360
184,779
891
1,949,708

254,365,252
1,283,368,586
52,413,713
1,059,439,383

293,378
29,491,746
22,956,794
34,694,616
411,315
47,284,096
3,141,215
177,136,347
3,465,376
391
303,783,000

62,902
6,557
41
1,045,684
3,254
620,292
2,707,668
450,810
611
11

139,987,113
42,978,131
53,959,626
137,098,763
489,022
122,691,928
369,777,785
310,194,299
7,639,028
281,271,670
704,755,157
269,113,721

383,789,116 2,846,636,991 1,030,393,457

7,034,368

5,069,343,176

RECEIPTS.

Customs
Internal revenue.
Miscellaneous
Disbursing officers
Post-Office Department
Transfers
Gold bars
Standard silver dollars..
Subsidiary silver
Minor coin
Gold certificates
Redemption and exchange..
Special customs deposit
Issues
•.
Total.

192,600

359,949,265
378,195,465
381,320,000

Minor coin.

$1,379
4
7,400
10,522
38,563
596,045

26,161,610
1,942,122
401,195

Total.

$261,313,624
•
4, 449,714
64, 916,639
116, 461,557
59, 131,150
1,966,800,247
56, 952,076
31 211,130
738,417
. 30,
3, 443,463
10, 540,000
1,337,826,664
379,385,456
807, 286,000

DISBURSEMENTS.

Warrants and checks
Disbursing officers
Post-Office Department
Transfers
Redemption and exchange:
Gold coin
Standard silver dollars
Subsidiary silver
United States notes
Treasury notes of 1890
National-bank notes
Gold certificates
Silver certificates
Minor coin
Clearing-house balances.......
Redemption and destruction.
Five per cent fund
Total.




7,754,382 198,710,991
20,934,043 1,126,933,808
1,877,090
38,312,864
45,318,018 427,470,920
1,396,470
198,470
6,040,426
163,492
2
51,635
191,000
515,800
699,409
39,536,157
259,113,721

136,428,173
10,807,090
.11,405,990
19,613,515
41,310
29,425,435
229,112,460
107,370,195
1,676,220
272,507,020
236,821,000

204
No.

REPORT ON T H E FINANCES.
1 6 . — A S S E T S AND LIABILITIES OF THE T R E A S U R Y OFFICES J U N E 30,

Washington.

Baltimore.

New York. . Philadelphia.

1908.

Boston.

ASSETS.

Gold coin
S t a n d a r d silver dollars
Subsidiary sil ver coin
U n i t e d States notes
T r e a s u r y notes of 1890
N a t i o n a l - b a n k notes
Gold certificates .
.
Silver certificates
Minor coin
Fractional currency
B o n d s a n d interest p a i d .

$9,823,966.34 $10,985,612.82 $186,001,173.00
155,999,714.00
3,760,260.00
76,789,040.00
1,427.873.85
490,076.25
3,662,206.30
2,586,338.00
247,566.00
716,352.00
5.00
7,870.00
62,277,880.00
90,360.00
63,160.00
513,830.00
971,970.00
17,237,170.00
238,806.00
3,778,759.00
971,862.00
101,767.30
46,736.11
484,363.78
94.00
. 417.05
17,851.83

$7,903,930.00 $16,000,282.7&6,306,446.00
2,145,488.001,111,707.96
742,485.10
173,165.00
154,829.00
686.00
1,036.00
36,426.00
38,671.00
2,370,840.00
1 172 250.00
343,619.00
518,499.00
163,182.08
304,714.94
30.88
184.40
523.00

Total cash assets
Transfer account

236,609,128.49 16,821,799.23
47,715,225.62.

285,861,141.91

17,724,968.78

19,762,027.37

284,224,354.01

16,821,799.23

286,851,141.91

17,724.968.78

19,762,027.37

356,261.36
1,053,776.18

4,179,842.05
27,729,074.48

432,106.86
2,026,119.43

378,099.8^
2,011,939.87

133,612.12

610,070.98

661,250.34

361,789.32

Aererregate
LIABILITIES.

Outstanding warrants and
162,262.22
checks .
Disbursing officers' bal ances. 4,921,499.28
Post-Office D e p a r t m e n t account''.
2,066,036.18
B a n k - n o t e 5 p e r cent red e m p t i o n fund
22,922,966.48
O t h e r deposit a n d r e d e m p tion accounts
4,004,256.80

"2,600,899.21

310,302.74

304,902.7&

34,919,886.72

3,428,779.37

3,056,731.87

239,949,121.05

271,419.93
14,024,769.48

8,353,426.28.
8,351,869.22

16,821,799.23

285,851,141.91

17,724,968.78

19,762,027.37

Chicago.

St. L o u i s .

N e w Orleans.

$10,963,690.97 $56,386,807.34
Gold coin
6,448,617.00
2,681,950.00
S t a n d a r d silver dollars..
2,876,200.00
1,225,470.00
Subsidiary silver (oin
121,000.00
899,436.00
U n i t e d States notes
3,980.00
T r e a s u r y notes of 1890
N a t i o n a l - b a n k notes
26,815.00
«66i,666.66
4,136,710.00
Gold certificates
...
499,000.00
452,177.00
Sil ver certificates
174,175.00
202,134.65
Minor coin °
131,137.17
Fractional c u r r e n c y
64.80
1,161.26
B o n d s a n d interest p a i d

$14,642.269.34
5,116;067.00
1,991,550.00
700,500.00

$8,199,529.46
9,795,402.00
1,571,972.48
142,197.00
1,956.00
1,062,900.00
3,950,740.00
172,433.00
66,443.20

$6,114,576.17
27,165,014.00
.1,342,020.15
3,124.00
1,937.00
5,065.00
13,040.00
19,936.00
37,966.4&
16.46
727.90
34,703,411.1&

17,694.84
1,660,243.50

Total agency a c c o u n t . 34,066,008.96
Balance to credit of m i n t s
a n d assay offices
Balance transfer account
Balance general a c c o u n t . . . . . 250,168,345.06

4,393,212.24
10,868,343.49

284,224,364.01

Cincinnati.

Aerereeate

5,507,863.47
5 474 9 7 0 - 6 7

San Francisco.

ASSETS.

1.536,000.00
4,136,000.00
734,136.00
62,974.09
644.45

Total cash assets
Unavailable

16,347,487.94

70,433,027.24
173,000.00

28,819,139.88
61,500.00

24,963.573.14
701,851.34

Aggregate

16,347,487.94

70,606,027.24

28,880,639.88

26,656,424.48 1 34,703,411.1&

428,636.00
743,837.26

1,664,470.17
7,612,326.61

669,362.35
1,628,726.93

320,064.64
941,797.72

1,713,631.61
4,779,808.84

621,954.35

265,184.74

309,403.20

LIABILITIES.

Outstanding warrants and
checks
Disbursing officers' balances.
Post-Office D e p a r t m e n t account
O t h e r deposit a n d r e d e m p tion accounts
Total agency a c c o u n t .
Balance to credit of m i n t s
a n d assay offices
Balance transfer a c c o u n t . . . .
Balance general account
Aggregate




65,177.59

1,894,894.21

82,618.47

789,468.97

1,320,169.32

11,961,148.96

6,092,576.66
9,934,742.06
16,347,487.94

96,993.12.

44,052.14

45,033.66

2,917,036.75

1,671,089.14

6,847,877.21

3,9i2.25i.i8
54,732,627.10

23,508.11
10,469,999.26
15,470,095; 76

3,9i6,526.65
20,167,814.69

5,118,358.36
5,831,648.75
16,906,026.86

70,606,027.24

28,880,639.88

26,655,424.48

34,703,411.16

205

TEEASUKEB.

IVo. 17.—^ASSETS OF THE TREASURY IN THE CUSTODY OF MINTS AND ASSAY OFFICES
J U N E 30, 1908.
Carson City.

Boise City

Dahlonega.

Charlotte.

Deadwood.

BULLION F U N D .

Gold coin
Gold buhion.
Standard silver dollars
Subsidiary silver coin
Silver bullion
United States notes . . .
Gold certificates
Minor coin.
Balance in subtreasuries and
national banks

$39,126.52

$21,426.01
135,293.08

$62,140.74

796.67
1,275.64
12,727.00
.05
$34,675.97

45,266.12

Total available.
Unavailable.

66,637.47

158,791.40
. 75,649.75

34,676.97
32,000.00

$27,950.03

97,406.86

Aggregate

66,637.47

234,341.15

66,675.97

27,950.03

14,783.90

Helena.

Denver.

New York.

$86,619.98

$31,663.08
9,132,410.56 $2,933,986:49

Seattle.

97,406.86
St. Louis.

BULLION F U N D .

Gold coin
Gold bullion
Standard silver dollars
Subsidiary silver coin
Silver bullion
United States notes
Gold certificates
Minor coin
Balance in subtreasuries and
national banks

$66,690,145.00
6,803,546.91
3,044,573.85
623,229.67

$35,737.39

180,402.30
2,107.00

26,490.00
897. 62

.10

8.20

~

273. 05

87,522.42

3,961,499.77

6,460,137.69

23,,508 11

Total available
Unavailable

66,088,166.00

173,042.40

13,308,082.80

9,394,124.18

69,253.70

Aggregate

66,088,156.00

173,042.40

13,308,082.80

9,394,124.18

69,263.70

Philadelphia.

San Francisco. New Orleans.

Total.

BULLION F U N D .

$300,088,425.60 $237,281,075.00
Gold coin
16,689,351.80
45,987,043.58
Gold buUion
106,850,900.00
61,401,432.00
Standard silver dollars
Subsidiary silver coin
486,642.50
712,860.32
932,564.31
Silver bullion
3,819,387.83
United States notes
277,810.00
Gold certificates
.12
Minor coin
Balance in subtreasuries and national
268,368.35
banks.
428,212,517.76 346,573,323.66
13,543.82
413,557.96
77. 93

Total available
Unavailable
Loss on recoinage
Aggregate bullion fund.

428,226,139.60

346,986,881.52

$1,499,946.21
2,070,007.11
29,581,825.00
2,591,175.00
639,379.15
3,394.00
.90

$695,612,680.80
82,964,164.15
197,834,157.00
6,836,038.34
6,096,247.10
18,228.00
303,300.00
898.69
10,886,024.38

36,386,727.37 ' 900,561,738.46
662,601.56
1
77 93
36,385,727.37

901,114,417.95

MINOR COIN AND METAL F U N D .

Gold certificates
Silver certificates
Minor coin

,- -

Aggregate assets




225,000.00
'
414.00
1,571,987.87
430,02.'?..'541..^7

225,000.00
414 00
1,671,987.87
346,986,881.52

36,.'?85.727 .^7

9 0 2 . 9 1 1 . S I Q R9

206

REPORT ON T H E FINANCES,

Wo. 1§.—GENERAL

DISTRIBUTION OF THE ASSETS AND LIABILITIES
T R E A S U R Y J U N E 30, 1908.

Treasury
offices.

Mints and
assay offices.

National bank
and other
In transit.
depositaries.

OP T H E

Total.

ASSETS.

Gold coin
$325,911,837.23 $595,612,680.80
$400,000.00 $921,924,518.03
Gold bullion
. . . .
82,964,164.15
82,964,164.15
Standard silver dollars
294,096,998.00 197,834,157.00
491,931,155.00
Subsidiary silver coin
16,341,561.09
6,836,038.34
18.55 23,177,617.98
Silver bullion
6,096,247.10
6,096,247.10
United States notes
5,743,496.00
18,228.00
1,522,976.66
7,284,694.00
Treasury notes of 1890
17,470. 00
1,000.00
18,470.00
65,796,267.00
888,970.00
66,685,237.00
National-banknotes
628,366.00
Gold certificates
35,000,550.00
4,418,400.00
39,947,250.00
Silver certificates
.
. . .
7,404,400. 00
414.00
1,666,481.00
9,071,295.00
Minor coin
1,591,419. 80 1,572,886.66
3,164,306.36
Fractional currency .
. . .
141.34
141 34
Deposits in national banks.
$162,328,065.86
162,328,065.86
21,564. 68
Bonds and interest paid
11,656.23
33,220.91
751,925p705.14 891,463,115.95 162,328,066.86 8,909,495.78 1,814,626,382.73
936,351.34
562,601.56
382.80
218,463.55
1,717,799.25
77.93
77.93

Total available assets.
Unavailable
Unpaid loss on recoinage
Balance in subtreasuries and
national banks
Transfer account

47,7i5,225.52

10,886,024.38

10,886,024.38
47,716,225.62

800,577,282.00 902,911,819.82 162,546,529.41 8,909,878.58 1,874,945,509.81

Aergregate
LIABILITIES.

Outstanding warrants and
checks
Disbursingofficers balances..
Post-Office Department account
B ank-note 5 per cent redemption account
Other deposit and redemption accounts

10,293,626.95
53,447,904.60

1,902,793.63
12,485,673.71

12,196,420.68
66,933,678.31

6,788,372.03

11,267.28

6,799,639.31

22,922,955.48

22,922,956.48

8,196,112.74

1,150,469.58

9,346,572.32

14,399,734.62 1,150,459.68 117,199,166.00
Total agency account.. 101,648,971.80
Balance to credit of mints
and assay offices
236,294.45
10,649,729.93
10,886,024.38
Balance of transfer account... 47,715,225.52
47,715,225.52
Balance general account
640,563,354.75 902,911,819.82 147,910,500.34 7,759,4i9.60 1,699,146,093.91
Aggregate

.

. .

800,577,282.00 902,911,819.82 162,546,529.41 8,909,878.58 1,874,946,509.81

N o . 1 9 . — D I S T R I B U T I O N OF THE G E N E R A L T R E A S U R Y BALANCE J U N E 30,

Location.

Washington
Baltimore
New York
Philadelphia
Boston
Cincirmati
Chicago
St. Louis
New Orleans
San Francisco
Mints and assay offices
National banks
Treasury of Philippine Islands..
United States depositaries (old).
In transit
Total Treasurer's books.
On deposit with States

Treasurer's general account.
$250,158, 345.05
10,868, 343. 49
239,949, 121.05
14,024 769. 48
8,35i; 869.22
9,934, 742. 06
54,732 627.10
15,470: 095.76
20,167; 814. 69
16,905, 626. 85
902,91r 819.82
148,703: 303.68
0 796, 605.41
3, 702.17
7,759, 419.00

$116,102. 54
73,729.87
3,216,683.34
261,848.95
69,058.45
736.81
34,041.50
12,193.93
12,103.98
82,868.30

1,699,146,093.91

4,299,463.61

Total Treasury balance.




Receipts not
covered by
warrants.

300,636.22
119,469.72

1908.

Balance as showii
by warrants.
$250,042, 242.51
10,794, 613.62
236,732, 437.71
13,762, 920.63
8,282, 810.77
9,934, 005.25
54,698, 585.60
15,467; 901.83
20,166, 710.71
16,822, 758.55
902,911, 819.82
148,402, 667.36
0 916, 965.13
3. 702.17
7,769 419.00
1,694,845,630.30
28,101,644.91
1,722,947,275.21

a Overdrawn.

207

TREASURER.

Wo. 2 0 . -AVAILABLE ASSETS AND N E T LIABILITIES OP THE TREASURY AT T H E
CLOSE OP J U N E , 1907 AND 1908.
June 30,1907.

June 30,1908.

ASSETS.

Gold—Coin
Bullion

$767,070,899.76
137,620,830.39
486,539,538.00
8,674,816.60
4,040,074.69

Silver—Dollars . .
Subsidiary coin
Bullion
Paper—United States notes
Treasury notes of 1890
National-bank notes
Gold certificates . . .
Silver certificates

4,410,961.00
12,465.00
14,646,566.38
78,352,670.00
5,566,776.00

Other—Minorcoin
1,642,937.70
57.08
Fractional currency
Deposits in national banks, etc. 181,725,641.08
* 60,382.97
Bonds and interest paid

$921,924,618.03
82,964,164.15
$904,691,730.14

499,254,429.19

102,888,336.38

491,931,155.00
23,177,617.98
6,096,247.10
7,284,694.00
18,470.00
66,685,237.00
39,947,250.00
9,071,295.00
3,164,306.36
141.34
162,328,065.86
33,220.91

$1,004,888,682.18

621,205,020.08

123,006,946.00

183,428,918.83

165,626,734.47

1,690,263,414.64

Aggregate.

1,814,626,382.73

LIABILITIES.

Agency account:
Outstanding warrants and checks..
Disbursing officers' balances
Post-Office Department account...
Bank note 6 per cent redemption
fund
•.
Other deposit and redemption accounts
General account:
Gold certificates
Silver certificates
Treasury notes of 1890
Reserve f u n d . . .
Balance

6,902,634.63
67,756,902.72
10,937,399.18

12,196,420.58
66,933,578.31
6,799,639.31

22,387,514.63

22,922,955.48

10,027,749.01

108,012,100.07

678,424,869.00
475,777,000.00
6,988,000.00
160,000,000.00
272,061,446.47
1,682,251,314.47

Aggregate

9,346,572.32
117,199,166.00
822,923,869.00
474,360,000.00
4,982,000.00
160,000,000.00
246,171,347.73
1,697,427,216.73

1,690,263,414.54

1,814,626,382.73

]^o. 2 1 . — A S S E T S AND LIABILITIES OP THE TREASURY I N E X C E S S OP CERTIFICATES
AND T R E A S U R Y N O T E S AT THE CLOSE OP J U N E , 1907 AND 1908.
June 30,1907.

June 30,1908.

$304,619,431.14
14,380,387.69
8,674,816.60
4,410,961.00
c 12,466,00
14,546,565,38
1,642,937.70
57.08
181,726,541.08
60,382.97

$221,912,063.18
27,766,697.10
23,177,617.98
7,284,694.00
18,470.00
66,685,237.00
3,164,306.36
141.34
162,328,065.86
33,220.91

630,073,546.54

512,370,613.73

,
,

108,012,100.07
160,000,000.00
272,061,446:47

117,199,166.00
150,000,000.00
246,171,347.73

,

630,073,546.64

512,370,613.73

ASSETS.

Gold coin and bullion
Silver dollars and bullion
Subsidiary silver
United States notes
Treasury notes of 1890.
National-bank notes
Minor coin
Fractional currency
Deposits in national banks, etc
Bonds and interest paid

,
.;
,
,

Total
LIABILITIES.

Agency account
Reser\^e fund
Available cash balance
Total




208

REPORT ON T H E FINANCES.

-Wo. 2 2 . — U N A V A I L A B L E

F U N D S OF THE G E N E R A L TREASURY AND POST-OFPICB.
DEPARTMENT J U N E 30, 1908.
GENERAL TREASURY.

On deposit with the following States under the act of June 23,1836:
-Maine
.1
-New Hampshire
:
Vermont
Massachusetts
•Connecticut
:
Rhode Island
New York
Pennsylvania
New Jersey
•Ohio
Indiana
Illinois
.Michigan
:
Delaware
Maryland
Virginia
•
North Carolina
South Carolina
Georgia
Alabama
Louisiana
Mississippi
Tennessee
Kentucky
-Missouri
•
-Arkansas

$955,838.26
669,086.79
669,086.79
1,338,173.68
764,670.00
382,335.30
4,014,520.71
2,867,514.78
764,670.60
2,007.200.34
860,254.44
477,919.14
286,751.49
286.751.49
965,838.25
2,198,427.99
1,433,757.39
1,051,422.09
1,061,422.09
669.086.79
477,919.14
382,335.30
1,433,767.39
1,433,767.39
382,335.30
286,761.49

Total on deposit with the States

$28,101,644.91
Deficits and defalcations.

•Subtreasuries:
Defalcation, subtreasury United States, New Orleans, 1867,
May and Whitaker
$676,325.22
Defalcation, subtreasury United States, New Orleans, 1867,
May property
6,666.31
Deficit, subtreasury United States, New Orleans, 1885
20,959.81
Deficit, subtreasury United States, New Orleans. 1886
328.80
Deficit, subtreasury United States, St. Louis, 1906... 1
61,600.00
Deficit, subtreasury United States, Chicago, 1907
173.000.00
-Mints and assay offices:
Deficits and defalcations, mint United States, San Francisco, 1857 t o 1869
413,557.96
Defalcation, mint United States, Dahlonega, 1861
27,950.03 Defalcation, mint United States. Charlotte, 1861
32.000.00
Deficit, mint United States, Carson City
76,649.75
Deficit, mint United States, Philadelphia
13,543.82
Deficit, mint United States, New Orleans, 1886
64.00
-National-bank depositaries:
Failure, Venango National Bank of Franklin, Pa
Failure, First National Bank of Selma, Ala
-Depositaries United States:
Defalcation, depositary United States, Galveston, 1861
Defalcation, depositary United States, Baltimore, 1866
Defalcation, depositary United States, Pittsburg. 1867
Deficit, depositary United States, Santa Fe, 1866, short in
remittance

181.377.51
33,383.87

>

936,680.14

562,655.66

214,761.38

778.66
547.50
2,126.11
249.90

3,702.17

Total deficits and defalcations

1,717,79<l. 25

Total general Treasury
(Post-Office Department:
Defalcation, subtreasury United States. New Orleans, 1861
Defalcation, depositary United States, Savannah. 1861
Defalcation, depositary United States, Galveston. 1861
Defalcation, depositary United States, Little Rock, 1861
Aggregate




29,819,444.16

31,164.44
205.76
83..%
6,823.50

37,277.06
29,856.721.22

209

TEEASUKEB.

W o . 23.-—ESTIMATED . STOCK OP GOLD COIN AND BULLION, THE AMOUNT I N THE
T B EASURY, AND THE AMOUNT I N CIRCULATION AT T H E E N D OF EACH M O N T H ,
PROM JANUARY, 1902.

Month.
1902—January:
Estimated stock
In the Treasury
In circulation
February:
E stimated stock
In the Treasury
In circulation.
March:
Estimated stock
In the Treasury
In circulation
April:
Estimated stock
In the Treasury
In circulation
May:
Estimated stock
In the Treasury
In circulation
June:
Estimated stock
In the Treasury
In circulation
July:
Estimated stock
In the Treasury
In circulation
August:
Estimated stock
In the Treasury
In circulation
September:
Estimated stock
In the Treasury
In circulation
October:
Estimated stock
In the Treasury
In circulation
November:
E stimated stock
In the Treasury
In circulation
December:
Estimated stock
In the Treasury
In circulation
1903—January:
E stimated stock
In the Treasury
In circulation
February:
E stimated stock
In the Treasury
In circulation
March:
E stimated stock
In the Treasury
In circulation
April:
Estimated stock
In the Treasury
In circulation
May:
Estimated stock
In the Treasury
In circulation
Jime:
E stimated stock
In the Treasury
In circulation
July:
Estimated stock
In the Treasury
In circulation
August:
Estimated stock
In the Treasury
In circulation

58716—PI 1908

Gold cohi.

Gold bullion.

Total.

$1,067,146,188
422,411,341
634,733,847

116,182,087
115,182,087

1,178,640,790
643,346,029
635,194,761

116,586,538
116,586,638

1,183,652,727
646,219,775
. 637,432,952

1,067,002,208
436,110,581
631,891,627

117,686,681
117,586,681

1,184,688,889
662,697,262
631,891,627

1,068,311,784
436,917,496
632,394,289

124,282,805
124,282,805

1,192,694,589
660,200,300
632,394,289

1,067,034,785
435,878,362
631,166,433

126,890,672
126,890,672

1,193,926,457
662,769,024
631,166,433

1,074,838,670
442,629,662
632,209,118

128,673,081
128,673,081

1,203,611,761
671,302,633
632,209,118

1,080,110,347
456,382,287
624,728,060

135,124,538
135,124,538

1,216,234,885
690,606,825
624,728,060

1,082,166,751
467,783,106
624,373,645

148,516,021
148,516,021

. 1,230,672,772
606,299,127
624,373,645

1,083,674,894
462,263,926
631,410,968

168,655,872
168,666,872

1,242,330,766
610,919,798
631,410,968

1,087,807,422
468,126,790
629,680,632

169,069,293
159,069,293

1,246,876,715
617,196,083
629,680,632

1,095,101,623
466,077,708
629,023,915

167,740,852
167,740,852

1,252,842,475
623,818,560
629,023,915

1,102,028,942
476,766,287
625,262,655

166,017,639
156,017,539

1,268,046,481
632,783,826
625,262,655

1,107,346,286
48(5,343,888
622,002,398

154,396,915
164,396,916

1,261,743,201
639,740,803
622,002,398

1,107,120,714
483,988,254
623,132,460

160,182,866
160,182,866

1,267,303,579
644,171,119
623,132,460

1,101,766,986
477,784,977
623,982,009

169,678.138
159,678,138

1,261,445,124
637,463,115
623,982,009

1,092,041,186
474,780,446
617,260,739

166,640,343
166,640,343

1,248,681,528
631,420,789
617,260,739

1,096,300,467
474,420,677
620,879,790

160,448,601
160,448,601

1,255,749,068
634,869,278
620,879,790

1,094,346,709
473,969,560
620,376,169




1,178,031,493
544,576,908
633,454,686

1,067,066,189
429,633,237
637,432,952

14

134,387,642
114,387,642

1,063,358,703
428,163,942
635,194,761

•.

$1,181,279,087
646,546,240
634,733,847

1,063,643,861
430,189,266
633,454,685

.

$124,133,899
124,133,899

173,388,240
173,388,240

1,267,733,949
647,367,790
620,375,159

210

REPORT ON T H E FINANCES.

] ^ o - 2 3 . — E S T I M A T E D STOCK OP GOLD COIN AND BULLION,, T H E AMOUNT I N T H E
T R E A S U R Y , AND THE AMOUNT I N CIRCULATION AT T H E E N D OP EACH M O N T H , PROM
JANUARY, 1902—Continued.

Month.
1903—September:
Estimated stock.
I n the Treasury.
I n circulation...
October:
Estimated stock,
In the Treasury.
I n circ u l a t i o n . . .
November:
Estimated stock.
In the Treasury.
In circ u l a t i o n . . .
December:
Estimated stock.
I n t h e Treasury.
In circulation
1904—January:
Estimated stock.
I n t h e Treasury.
In circulation...
February:
Estimated stock.
I n t h e Treasury.
In circ u l a t i o n . . .
March:
Estimated stock.
I n the Treasury.
I n circulation
April:
Estimated stock.
In the Treasury.
In circulation
May:
Estimated stock.
I n the Treasury.
I n circulation...
June:
Estimated stock,
I n t h e Treasury.
I n circulation
July:
Estimated stock,
In the Treasury.
In circulation...
August;
Estimated stock
In the Treasury.
I n circulation...
September:
Estimated stock.
I n t h e Treasury.
In circulation...
October:
Estimated stock,
In the Treasury.
In circulation...
November:
Estimated stock.
In the Treasury.
I n circulation...
December:
Estimated stock,
In the Treasury.
In circulation...
1905—January:
Estimated stock
In t h e Treasury.
In circulation...
February:
Estimated stock,
In the Treasury.
In circulation...
March:
Estimated stock
In the Treasury.
In circulation...
April:
Estimated stock,
In the Treasury.
In circulation...




Gold coin.

Gold bullion.

Total.

$1,094,516,971
471,966,037
622,560,934

$182,846,680
182,845,680

$1,277,36^,651
654,811,717
622,560,934

1,090,220,300
468,467,003
621,753,297

192,071,603
192,071,603

1,282,291,903
660,638,606
621,763,297

1,099,437,060
472,411,968
627,025,092

198,670,676
198,670,676

1,298,107,736
671,082,644
627,026,092

1,109,204,766
481,234,233
627,970,533

205,417,758
205,417,758

1,314,622,524
686,661,991
627,970,533

1,111,496,883
483,591,028
627,906,855

215,344,672
216,344,672

1,326,841,555^
698,935,700
627,905,85^

1,146,914,400
608,004,690
638,909,710

190,443,317
190,443,317

1,337,357,717
698,448,007
638,909,710

1,207,926,349
567,001,639
650,924,710

140,877,621
140,877,621

1,348,803,970
697,879,260
650,924,710

1,239,660,266
683,500,838
656,159,418

112,324,321
112,324,321

1,361,984,577
696,825,159'
666,159,418

1,270,165,981
625,271,433
644,894,648

42,964,887
42,954,887

1,313,120,868
668,226,320'
644,894,548-

1,286,080,291
639,262,715
645,817,576

42,576,107
42,576,107

1,327,656,398.
681,838,822:
645,817,576

1,284,748,247
640,635,267
644,112,980

57,674,493
57,674,493

1,342,422,740
698,309,760
644,112,980

1,281,212,025
634,547,213
646,064,812

68,684,640
68,684,540

1,349,896,565703,231,753
646,664,812

1,284,554,125
642,709,262
641,844,863

66,901,843
66,901,843

1,361,465,968:
709,611,105.
641,844,863

1,314,583,906
672,790,813
641,793,093

48,463,175
48,463,175

1,363,047,081
721,253,98a
641,793,093:

1,305,440,609
657,940,060
647,600,549

45,975,024
45,975,024

1,351,415,63a
703,915,084
647,500,549

1,297,139,999
647,591,471
649,548,528

48,812,536
48,812,536

1,345,952,535:
696,404,007
649,548,528

1,294,195,377
644,667,875
649,527,502

47,011,075
47,011,075

1,341,206,452
691,678,950
649,527,502

1,286,600,046
640,848,326
645,751,720

44,565,674
44,565,674

1,331,165,720
685,414,000
645,751,720

1,291,997,470
647,270,924
644,726,546

46,277,076
46,277,076

1,338,274,546
693,548.000
644,726,546

1,292,171,106
647,747,895
644,423,211

51,726,063
51,726,053

1,343,897,159
699,473,948
644,423,211.

211

TBEASUBEB.

IVo. 2 3 . — E S T I M A T E D STOCK O P GOLD COIN AND B U L L I O N , T H E A M O U N T I N T H E
T R E ; ASURY, A N D T H E A M O U N T I N C I R C U L A T I O N A T T H E E N D O P E A C H M O N T H , P R O M
J A N U A R Y , 1902—Continued.

Month.
1905—May:
Estimated stock
I n t h e Treasury.
In circulation...
June:
Estimated stock
I n t h e Treasury.
In circulation...
•
July:
Estimated stock
I n t h e Treasury.
In circulation...
August:
Estimated stock
In the Treasury.
In circulation...^^
September:
Estimated stock
In the Treasury.
I n circulation...
October:
Estimated stock
I n t h e Treasury.
In circula t i o n . . .
November:
Estimated stock
In the Treasm'y.
In circulation...
December:
Estimated stock
I n the Treasury.
In circulation...
1906—January:
Estimated stock
In the Treasury.
In circulation...
February:
Estimated stock
In the Treasm-y.
I n circulation...
MarchEstimated stock
I n t h e Treasm-y.
In circulation...
April:
Estimated stock
In the Treasm-y.
In circulation...
May:
Estimated stock
I n t h e Treasury.
In circulation.. .June:
Estimated stock
I n t h e Treasury.
In circulation...
July:
Estimated stock
In the Treasury.
In circulation...
August:
Estiinated stock
In the Treasm-y.
I n circulation...
September:
Estimated stock
In the Treasury.
In circulation
October:
Estimated stock.
In the Treasury.
In circulation
November:
Estimated stock.
In the Treasury.
In circulation
December:
Estimated stock.
In the Treasury.
In circulation




Gold coin.

Gold bullion.

Total.

$1,296, 649,290
645, 670,182
650, 979,108

$55,413,738
55,413,738

$1,352,063,028
701,083,920
660,979,108

1,305,960,157
664,896,568
651; 063,589

51,695,831
51,696,831

1,357,655,988
706,592,399
651,063,589

1,307,361,838
656, 745,268
650, 616,580

61,066,506
61,066,605

1,368,427,343
717,810,763
660,616,580

1,316, 242,709
663, 239,161
663,003,548

63,561,605
63,561,605

1,379,804,314
726,800,766
663,003,548

1,314,607,078
662, 176,943
662, 330,136

72,750,860
72,760,860

1,387,267,928
734,927,793
662,330,135

1,313,635,983
661,990,985
651; 644,998

91,060,533
91,050,533

1,404,686,516
753,041,518
661,644,998

1,315,607,291
666, 666,901
649,040,390

96,170,169
96,170,159

1,411,777,450
762,737,060
649,040,390

1,318, 995,964
664, 827,939
664, 168,025

100,947,160
100,947,160

1,419,943,124
765,776,099
664,168,025

1,325,016,490
670,222,793
664, 793,697

98,203,723
98,203,723

1,423,220,213
768,426,516
654,793,697

1.322,876,970
674, 020,918
648, 856,052

94,130,469
94,130,469

1,417,007,439
768,151,387
648,866,052

1,326,831,496
682,838,188
643,993,307

91,370,715
91,370,715

1,418,202,210
774,208,903
643,993,307

1,342, 812,911
670,288,507
672, 524,404

90,637,659
90,637,659

1,433,450,670
760,926,166
672,624,404

1,369, 656,302
686, 229,424
683, 426,878

97,265,072
97,265,072

1,466,921,374
783,494,496
683,426,878

1,368,612,051
699, 956,976
668, 656,075

107,094,714
107,094,714

1,476,706,765
807,051,69t)
668,656,075

1,376,804,630
700,824,869
676,979,661

118,801,964
118,801,964

1,495,606,494
819,626,833
675,979,661

1,383.961,942
707, 782,428
676, 179,614

123,541,907
123,641,907

1,507,503,849
831,324,336
676,179,614

1,410,606,914
726,238,840
684,268,074

129,333,864
129,333,864

1,639,840,778
865,572,704
684,268,074

1,421, 400,284
733, 713,523
687,686,761

145,218,847
145,218,847

1,566,619,131
878,932,370
687,686,761

1,429,009,743
743,035,321
685,974,422

147,889,169
147,889,169

1,576,898,912
890,924,490
685,974,422

1,431, 146,581
738,523,017
692, 623,564

155,871,804
155,871,804

1,587,018,386
894,394,821
692,623,664

212

REPORT ON T H E FINANCES.

N o , 2 3 . — E S T I M A T E D STOCK OP GOLD COIN AND BULLION, T H E AMOUNT I N T H E
T R E A S U R Y , AND T H E AMOUNT I N CIRCULATION AT THE E N D OP EACH M O N T H , PROM
J A N U A R Y , 1902—Continued.
Month.
1907—January:
Estimated stock..
I n the Treasury..
In circulation
February:
Estimated stock..
I n t h e Treasury..
I n circulation
March:
Estimated stock..
I n t h e Treasury..
In circulation
April:
Estimated stock..
I n t h e Treasury..
I n circulation
May:
Estimated stock..
I n t h e Treasury..
In circulation.....
June:
Estimated stock..
I n t h e Treasury..
In circulation
.
July:
Estimated stock..
I n t h e Treasury..
In circulation
August:
Estimated stock.;
In the Treasury..
In circulation
September:
Estimated stock..
I n t h e Treasury..
In circulation
October:
Estimated stock...
In the Treasury...
In circulation
November:
Estimated stock...
In the Treasury...
In circulation
December:
Estimated stock...
In the Treasury...
In circulation
1908—January:
Estimated stock...
In the Treasury...
In circulation
February:
Estimated stock...
In the Treasury...
In circulation
March:
Estimated stock...
In the Treasury...
In circulation
April:
Estimated stock...
In the Treasury...
In circulation......
May:
Estimated stock...
In t.he Treasury...
In circulation
June:
Estimated stock...
In the Treasury...
In circulation
July:
Estimated stock...
In the Treasury...
In circulation.
August:
Estimated stock...
In the Treasury...
In circulation
September:.
Estimated stock...
In the Treasury...
In circulation




Gold coin.

Gold bullion.

Total.

$1,440,249,298
744,709,467
696,539,841

$157,866,809
157,866,809

$1,598,116,107
902,576,266
695,639,841

1,460 890,496
757,994,683
692,895,812

164,081,932
164,081,932

1,604,972,427
912,076,615
692,895,812

1,465,993,997
765,664,718
690,439,279

166,379,753
155,379,753

1,611,373,750
920,934,471
690,439,279

1,459,633,919
768,152,450
691,481,469

158,259,822
158,269,822

1,617,893,741
926,412,272
691,481,469

1,466,182,901
769,602,643
696,680,258

153,963,990
163,953,990

1,619,136,891
923,466,633
695,680,258

1,328,768,271
767,070,900
661,697,371

137,620,830
137,620,830

1,466,389,101
904,691,730
561,697,371

1,331,818,663
765,781,928
566,036,725

142,350,085
142,360,085

1,474,168,738
908,132,013
566,036,725

1,366,653,662
796,296,568
560,356,994

116,909,766
116,909,766

1,472; 663,328
912,206,334
560,356,994

1,369,927,431
797,970,842
561,956,589

123,042,279
123,042,279

1,482,969,710
921,013,121
661,966,589

1,368,668,660
794,209,574
574,469,086.

121,074,185
121,074,185

1,489,742,845 .
915,283,769
674,469,080

1,420,804,115
780,220,163
640,677,962

140,910,604
140,910,604

1,561,714,719
921,136,767
640,577,962

1,438,276,003
789,702,850
648,573,173

166,254,490
166,254,490

1,604,530,493
955,957,320
648,673,173

1,463,271,296
821,775,200
641,496,090

166,329,279
106,329,279

1,628,600,555
987,104,459
641,496,096

1,483,613,476
849,809,418
633,804,067

152,234,999
162,234,999

1,636,848,474
1,002,044,417
633,804,057

1,501,092,789
871,360,084
629,732,705

141,472,825
141,472,826

1,642,566,614
1,012,832,909
629,732,705

1,627,262,767
899,093,879
628,168,888

112,004,617
112,004,617

1,639,267,384
1,011,098,496
628,168,888

1,538,405,225
919,784,464
618,620,761

77,608,708
77,608,708

1,616,013,933
997,393,172
618,020,761

1,636,169,328
921,924,618
613,244,810

82,964,164
82,964,164

1,618,133,492
1,004,888,682
613,244,810

1,536,611,207
920,822,931
616,788,276

93,088,682
93,688,082

1,630,299,889
1,014,511,613
616,788,276

1,638,216,009
918,226,746
619,990,263

103,342,939
103,342,939

1,641,568,948
1,021,668,685
619,990,263

1,530,087,479
914,132,361
616,966,118

113,693,907
113,593,907

1,643,681,386
1,027,726,268
616,966,118

213

TEEASUKEB.

W o . 2 4 . — E S T I M A T E D STOCK OP SILVER COIN, THE AMOUNT I N T H E T R E A S U R Y , AND
THE AMOUNT IN CIRCULATION AT THE E N D OF EACH M O N T H , FROM. J A N U A R Y , 1902;
ALSO SILVER O T H E R T H A N STOCK H E L D I N T H E T R E A S U R Y .

Month.

1902—January:
Estimated stock
In t h e T r e a s u r y .
In circulation...
February:
Estimated stock
In the Treasury.
In circulation...
March:
Estimated stock
In the Treasury.
In circulation...
April:
Estimated stock
I n the Treasury.
I n circulation...
May:
Estimated stock
In the Treasury.
In circulatio.n...
June:
Estimated stock
I n the Treasury.
I n circulation...
July:
Estimated stock
In the Treasury.
In circulation...
August:
Estimated stock
I n the Treasury.
In circulation...
September:
Estimated stock
In theTreasury.
In circulation...
October:
Estimated stock
In t h e T r e a s u r y .
In circulation...
November:
Estimated stock
In the Treasury.
In circulation...
December:
Estimated stock,
In the Treasury.
In circulation...
1903—January:
Estimated stock,
In the Treasury.
In circulation...
February:
Estimated stock.
I n t h e Treasury.
In circulation...
March:
Estimated stock,
I n t h e Treasury.
In circulation...
April:
Estimated stock.
In t h e T r e a s u r y .
In circulation...
May:
Estimated stock.
I n t h e Treasury.
I n circulation...
June:
Estimated stock.
I n t h e Treasury.
I n circulation...
July:
Estimated stock.
I n t h e Treasury.
In circulation...
August:
Estima.ted stock.
In the Treasury.
In circulation...




Standard
dollars.

Subsidiary
silver.

Other silver
items held.

$533,057,617
461,761,744
71,295,873

$92,206,926
8,364,087
83,842,839

$625,264,543
470,125,831
165,138,712

$38,021,269

534,606,654
465,228,132
69,378,522

92,869,794
9,418,003
83,441,791

627,466,448
474,646,135
152,820,313

36,699,230

536,113,305
466,933,853
69,179,462

= 93,417,944
10,726,509
82,692,435

629,531,249
477,659,362
161,871,887

34,310,110

637,603,809
468,200,479
69,403,330

96,299,190
12,444,691
82,454,699

632,902,999
480,645,070
161,867,929

32,949,286

538,684,786
469,809,022
68,876,764

96,432,492
12,793,627
82,638,865

634,117,278
482,602,649
151,614,629

31,888,208

540,136,200
471,387,851
68,747,349

97,183,762
11,462,634
85,721,228

637,318,962
482,860,385
154,468,577

33,132,596

540,682,817
471,776,352
68,906,465

98,225,389
12,002,930
86,222,459

638,908,206
483,779,282
166,128,924

31,442,360

642,363,298
471,378,623
70,984,676

97,766,461
10,351,174
87,415,287

640,129,769
481,729,797
158,399,962

31,062,330

643,360,860
468,317,141
76,043,719

97,988,676
8,082,371
89,906,205

641,349,436
476,399,612
164,949,924

30,146,199

546,627,822
468,010,664
77,617,158

98,809,323
6,909,608
91,899,715

644,337,146
474,920,272
169,416,873

28,411,203

547,127,022
468,426,110
78,700,912

99,611,076
6,428,213
93,082,863

646,638,098
474,854,323
171,783,775

26,979,708

548,098,168
469,787,834
78,310,334

100,769,875
6,419,206
94,350,669^

648,868,043
476,207,040
172,661,003

24,932,497

549,680,553
473,742,105
76,838,448

100,528,619
8,020,706
92,506,814

650,109,072
481,762,810
168,446,262

24,076,588

650,683,664
476,632,410
75,151,254

100,616,082
8,624,739
91,990,343

661,298,746
484,167,149
167,141,697

23,160,458

551,615,317
477,138,477
74,476,840

100,786,118
8,500,673
92,286,446

662,401,435
485,639,150
166,762,286

'22,'642,*678

652,268,056
478,281,678
73,986,478

101,141,663
8,831,987
92,309,666

663,409,609
487,113,565
166,296,044

23,288,935

662,876,093
479,468,884
73,417,209

101,603,440
9,636,261
91,867,189

654,379,533
489,095,135
165,284,398

21,701,025

554,400,226
482,008,986
72,391,240

102,034,667
9,307,873
92,726,694

666,434,793
491,316,859
166,117,934

21,349,002

665,428,603
482,860,149
72,568,364

101,679,100
9,432,720
92,246,380

667,007,603
492,202,869
164,814,734

20,503,534

655,853,494
482,894,482
72,959,012

101,867,228
- 8,996,276
92,870,962

667,720,722
491,890,768
165,829,964

'19*528,'220

214

REPORT ON T H E FINANCES.

N o . 2 4 . — E S T I M A T E D STOCK OF SILVER COIN, T H E AMOUNT I N T H E T R E A S U R Y , AND
THE AMOUNT I N CIRCULATION AT T H E E N D OP EACH M O N T H , PROM J A N U A R Y , 1902;
ALSO SILVER O T H E R T H A N STOCK H E L D IN T H E T R E A S U R Y — C o n t i n u e d .
Month
1903—September:
Estimated stock
In the Treasury.
In circulation...
October:
Estimated stock.
I n t h e Treasury.
I n circulation...
November:
Estimated stock
I n the Treasury.
I n circulation...
December:
Estimated stock,
I n t h e Treasury.
In circ u l a t i o n . . .
1904—January:
Estimated stock
I n t h e Treasury.
In circulation...
February:
Estimated stock.
I n t h e Treasury:
I n circulation...
March:
Estimated stock
I n t h e Treasury.
I n circulation...
April:
Estimated stock
In the Treasury.
I n circulation...
May:
Estimated stock
In the Treasury.
I n circulation...
J^ne:
Estimated stock
In the Treasury.
In circulation...
July:
Estimated stock
In the Treasury.
In circulation...
August:
Estimated stock
In the Treasury.
In circulation...
September:
Estimated stock
I n t h e Treasury.
In circulation...
October:
Estirnated stock
In the Treasury.
In circulation...
November:
Estimated stock
I n t h e Treasury.
I n circulation...
December:
Estimated stock
In the Treasury.
In circulation
1906—January:
Estimated stock
I n t h e Treasury.
In circulation...
February:
Estimated stock
I n t h e Treasury.
In circulation...
March:
Estimated stock
I n t h e Treasury.
I n circulation...
April:
Estimated stock
I n t h e Treasury.
In circulation...
May:
Estimated stock.
In the Treasury.
In circulation




Standard
dollars.

Subsidiary
silver.

$656,886,980
479,927,497
76,959,483

$102,826,368
7,968,266
94,867,102

$658,712,348
487,885,763
170,826,585

555,034,790
476,118,061
78,916,739

104,087,329
7,851,871
96,236,458

669,122,119
483,969,922
176,152,197

564,739,236
473,939,275
80,799,960

105,236,816
8,106,008
97,130,806

659,976,060
482,045,283
177,930,766

554,841,489
473,268,266
81,573,223

106,938,279
81,306,926
97,631,352

660,779,768
481,576,192
179,204,575

556,449,127
477,551,527
77,963,600

105,903,449
10,433,124
96,470,325

661,362,676
487,984,661
173,433,925

657,198,489
480,798,298
76,400,191

106,903,896
11,417,518
96,486,378

664,102,385
492,216,816
171,886,669

667,569,484
482,850,303
74,709,181

106,633,724
11,645,932
95,087,792

664,293,208
494,396,235
169,796)973

658,579,393
484,936,404
73,642,989

106,672,887
11,852,586
94,820,302

665,252,280
496,788,989
168,463,391

559,422,410
486,816,683
72,606,727

106,614,930
12,035,831
94,679,099

666,037,340
498,852,614
167,184,826

669,891,605
488,577,779
71,313,826

107,062,021
11,533,678
96,528,343

666,953,626
600,111,457
166,842,169

660,244,263
489,662,702
70,581,561

106,503,340
11,926,290
94,577,050

666,747,603
501,588,992
165,158,611

669,496,170
487,987,441
71,507,729

108,458,972
12,464,060
95,994,732

667,954,142
500,451,501
167,502,461

558,851,028
482,860,778
76,000,260

110,300,314
11,460,297
98,840,017

669,151,342
494,311,075
174,840,267

658,677,161
479,234,038
79,443,123

110,993,172
10,585,044
100,408,128

669,670,333
489,819,082
179,851,251

558,434,892
477,912,010
80,622,882

111,694,407
9,808,023
101,886,384

670,129,299
487,720,033
182,409,266

668,484,968
478,445,573
80,039,395

112,171,494
9,280,167
102,891,327

670,656,462
487,725,740
182,930,722

558,342,589
482,180,839
•76,161,750

112,642,674
11,563,194
101,079,480

670,985,263
493,744,033
177,241,230

558,393,881
484,064,162
74,329,719

113,162,870
12,947,985
100,214,886

671,566,751
497,012,147
174,644,604

568,221,561
484,389,788
73,831,773

113,670,338
13,915,168
99,755,170

671,891,899
498,304,966
173,686,943

558,228,412
484,686,657
73,641,755

114,062,988
13,995,343
100,067,645

672,291,400
498,582,000
173,709,400

568,678,656
485,060,912
73,617,644

113,977,467
13,503,978
100,473,489

672,656,023
498,564,890
174,091,133

Other silver
items held.

215

TREASURER.

l ^ o . 2 4 . — E S T I M A T E D STOCK OF SILVER COIN, THE AMOUNT I N THE T R E A S U R Y , AND
THE AMOUNT I N CIRCULATION AT T H E E N D OF EACH M O N T H , PROM J A N U A R Y , 1902;
ALSO SILVER O T H E R T H A N STOCK H E L D I N T H E TREASURY—Continued.
Month.
1905—June:
Estimated stock.
In the Treasury.
In circulation
July:
Estimated stock.
In the Treasury.
In circulation
August:
Estimated stock.
In the Treasury.
In circulation
September:
Estimated stock.
In the Treasury.
In circulation
October:
Estimated stock.
In the Treasury.
In circulation
November:
Estimated stock.
I n t h e Treasury.
In circulation
December:
Estimated stock.
In the Treasury.
I n circulation
1906—January:
Estimated stock.
I n the Treasury.
In circulation
February:
Estimated stock.
In the Treasury.
In circulation
March:
Estimated stock.
I n the Treasury.
In circulation
April:
Estimated stock.
In the Treasury.
In circulation
May:
Estimated stock.
In the Treasury.
In circulation
June:
Estimated stock.
I n the Treasury.
In circulation
July:
Estimated stock.
In the Treasury.
. In circulation
August:
Estimated stock.
In the Treasury.
In circulation...:
September:
Estimated stock,
In the Treasury.
In circulation
October:
Estimated stock
In the Treasury.
In circulation...
November:
Estimated stock
In the Treasury.
In circulation...
December:
Estimated stock
I n t h e Treasury.
In circulation...
1907—January:
Estimated stock
In the Treasury.
In circulation..February:
Estimated stock
I n t h e Treasury.
In circulation...




Standard
dollars.

Subsidiary
silver.

$558,816,865
485,231,529
73,584,336

$114,824,189
13,386,482
101,437,707

$673,640,054
498,618,011
175,022,043

$12,710,588

659,039,217
485, 452,319
73, 586,898

114,507,936
13,070,177
101,437,769

673,647,153
498,522,496
175,024,657

12,486,594

559, 220,217
483,638,302
76,581,915

114,484,171
11,664,150
102,820,021

673,704,388
495,302,452
178,401,936

12,364,738

559, 433,866
479,996,964
79, 436,901

115,246,222
9,706,266
106,639,966

674,680,087
489,703,220
184,976,867

11,877,623

659,607,865
477, 785,554
81, 822,311

115,554,205
8,396,273
107,167,932

675,162,070
486,181,827
188,980,243

11,181,993

559, 760,866
476, 424,637
83, 326,228

116,386,553
7,609,174
108,776,379

676,136,418
484,033,811
192,102,607

10,408,539

659,898,865
476, 162,638
736,227

116,990,856
6,961,490
110,029,365

676,889,720
483,124,128
193,765,592

9,573,189

560,,142,865
479, 725,320
80, 417,545

117,111,381 I 677,254,246
9,521,847
489,247,167
107,589,534
188,007,079

9,380,361

Other silver
items held.

V

560, 259,865
480,896,099
79,363,766

117,168,956
9,787,503
107,381,463

677,428,821
490,683,602
186,745,219

9,666,393

560, 434,865
478, 723,429
81, 711,436

116,763,682
7,274,243
109,489,339

677, 198,447
485,997,672
191, 200,775

9,466,350

560,567,865
480, 143,809
424,056

116,919,774
'7,425,109
109,494,665

677, 487,639
487,568,918
189,918,721

9,167,649

560, 724,865
482, 122,730
78, 602,136

116,940,192
7,045,873
109,894,319

677, 665,057
489, 168,603
188, 496,454

9,161,511

560,866,530
483,864,162
77, 001,368

118,224,920
6,596,416
111,629,504

679, 090,450
490, 459,578
188,630)872

8,766,336

561, 018,856
483,903,200
77, 115,655

117,802,471
5,826,342
111,976,129

678,821,326
489, 729,542
189,091,784

8,742,763

561, 121,856
482, 183,246
78, 938,609

118,808,475
6,408,943
113,399,532

930,330
487, 592,189
192,338,141

8,607,247

561, 229,856
479,567,148
81, 662,707

120,066,795
4,055,285
116,001,510

681, 286,650
483,622,433
197, 664,217

8,769,993

561,339,530
477,733,062
83; 606,468

123,785,299
3,506,651
120,278,648

685,124,829
481,239,713
203,885;116

8,320,338

661, 424,530
477,212,611
.211,919

126,154,782
3,893,072
122,261,710

687,579,312
481, 105,683
206,473,629

7,733,380

561,
,635,530
476,257,695
85,377,835

127,841,368
3,720,430
124,120,938

476,898
479 978,125
209 498,773

7,449,600

561, 763,530
478,590,490
83, 173,040

127,474,478
7,066,315
120,408,163

238,008
485; 656,805
203; 581,203

8,109,187

561,,866,630
478,
,948,749
82 917,781

128,134,441
7,361,332
120,773,109

690, 000,971
486,310,081
203,

'8,"744,'627

216

REPORT ON T H E FINANCES.

N o . 2 4 . — E S T I M A T E D STOCK OP SILVER COIN, T H E AMOUNT I N T H E T R E A S U R Y , AND
THE AMOUNT IN CIRCULATION AT THE E N D OP E A C H M O N T H , PROM J A N U A R Y , 1902;
ALSO SILVER O T H E R T H A N STOCK H E L D I N T H E TREASURY—Continued.

Month.

1907—March:
Estimated stock.
In the Treasury..
I n circulation
April:
Estimated stock.
In the Treasury..
I n circulation
May:
Estimated stock.
In t h e T r e a s u r y . .
I n circulation
June:
Estimated'stock.
In the Treasury..
I n circulation
July:
Estimated stock.
In the Treasury..
I n circulation
August:
Estimated stock.
In the Treasury..
I n circulation
September:
Estimated stock.
In the Treasury.,
In circulation
^ October:
Estimated stock..
In the Treasury..
I n circulation
November:
Esthnated stock..
In the Treasury...
I n circulation
December:
Estimated stock..
In the Treasury..
I n circulation
1908—-January:
o
Estimated stock..
In the Treasury..
I n circulation
February:
Estimated stock..
In the Treasury..
In circulation.:..
March:
E s t i m a t e d stock. .
In the Treasury..
I n circulation
April:
Estimated stock..
In the Treasury.,
I n circulation
May:
Estimated stock..
In the Treasury..
I n circulation
June:
Estimated stock..
In the Treasury..
I n circulation
July:
Estimated stock..
In the Treasury..
I n circulation
August:
Estimated stock..
In the Treasury..
I n circulation
September:
Estimated stock..
In the Treasury..
I n circulation




Standard
dollars.

Subsidiary
silver.

Other silver
items held.

$561,969,
479,045,
82,923;

$128,436,053
7,375,620
121,059,533

$690,404,683
486,421,344
203,983,239

$8,758,609

562,069,
479,641,
82,628i

129,769,489
8,419,788
121,349,701

691,839,019
487,901,014
203,878,005

8,720,750

562,173,
480,089
82,083;

130,779,018
9,052,491
121,726,527

692,952,648
489,142,079
203,810,469

8,862,505

562,261
480,551; 638
.81,710, 444

130,452,218
8,674,817
121,777,401

692,714,200
489,226,355
203,487,845

10,028,075

662,360,,530
481,104,,863
81,255,,667

130,836,567
8,587,949
122,248,618

693,197,097
489,692,812
203,504,285

10,410,249

662,464,,530
480,350:,162
82,114.:,368

131,604,478
8,385,669
123,118,909

693,969,008
488,735,731
206,233,277

10,200,408

562,544.,530
477,786,,364
84,768,,166

132,799,079
7,812,842
124,986,237

695,343,609
485,699,200
209,744,403

9,374,258

662,636,
473,814,
88,822,

134,122,602
6,661,373
127,461,229

696,759,584
480.475,396
216,284,188

8,925,446

662,703,
471,724,
90,979,

136,201,146
3,221,533
132,979,612

698,905,127
474,945,966
223,959,161

8,652,090

662,770,
471,468,
91,312,

139,630,994
4,660,136
134,980,869

702,401,976
476,108,689
226,293,287

8,534,984

562,849.
473,292.
89,557,

141,617,793
10,816,738
130,701,065

704,367,776
484,109,628
220,268,147

9,715,900

662,930,
476,391,
86,639,

143,464,623
16,075,711
127,388,912

706,395,605
492,467,468
213,928,137

10,264,137

563,009,
479,412, 996
83,696,

144,486,463
18,452,313
126,034,150

707,496,446
497,865,309
209,631,136

11,305,261

663,097,
482,347,
80,750,

144,809,002
20,267,842
124,541,160

707.906,984
602;615,430
205,291,654

11,128,435

663,179,
485,076,
78,103,

143,638,263
22,155,411
121,382,862

706,718,245
607,232,062
199,486,183

10,829,470

563,277,
486,949,
76,328,

147,356,783
23,177,618
124,178,166

710,633,695
510,126,773
200,506,822

11,078,247

663,367,
488,172,
75,185, 134

147,006,385
24,222,649
122,782,736

710,363,367
512,395,497
197,967,870

10,642,882

663,413.
488,522;
74,891, 095

147,779,837
23,774,263
124,005,574

711,193,819
512,297,150
198,896,669

10,432,468

663,493,
488,409,
76,084,

145,770,090
21,746.013
124,024,077

709,264,072
510,155,848
199,108,224

10,156,193

217

TREASURER.

M o . 2 5 . — U N I T E D STATES N O T E S , T R E A S U R Y N O T E S , AND NATIONAL-BANK N O T E S
OUTSTANDING, I N THE T R E A S U R Y , AND IN CIRCULATION AT THE E N D OP EACH MONTH^
FROM J A N U A R Y , 1902.

Month.

1902—January:
Outstanding
In the Treasury..
In circulation
February:
Outstanding
In the Treasury..
In circulation
March:
Outstanding
In the Treasury..
In circulation
April:
Outstanding
In the Treasury..
In circulation
May:
Outstanding
In the Treasury..
In circulation
June:
Outstanding
I n t h e Treasury.,
In circulation
July:
Outstanding
, In the Treasury..
In circulation
August:
Outstanding
In the Treasury..
In circulation
September:
Outstanding
I n t h e Treasury.,
In circulation
October:
Outstanding
In the Treasury.,
In circulation
November:
Outstanding
I n t h e Treasury.,
In circulation
December:
Outstanding
In the Treasury.
In circulation
1903—.January:
Outstanding
I n the Treasury.
In circulation
February:
Outstanding
In the Treasury.
In circulation
March:
Outstanding
I n t h e Treasury.
In circulation
April:
Outstanding
In the Treasury.
In circulation
May:
Outstanding
I n t h e Treasury.
I n circulation
June:
Outstanding
In the Treasury.
In circulation
July:
Outstanding
In the Treasury.
In circulation...
August:
Outstanding
In the Treasury.
In circulation...




United
States notes.

Treasury
notes.

Nationalbank notes.

$346,681,016
10,999,371
336,681,646

$37,633,000
89,476
37,443,624

$369,444,615
13,006,953
346,437,662

$743,658,631
24,095,800
719,662,831

346,681,016
11,278,286
335,402,730

35,346,000
177,610
35,168,390

358,434,867
10,864,621
347,570,246

740,461,883
22,320,617
718,141,366

346,681,016
9,987,171
336,693,846

33,963,000
81,881
33,881,119

357,476,407
9,141,233
348,336,174

738,120,423
19,210,285
718,910,138

346,681,016
8,572,902
338,108,114

32,638,000
89,427
32,648,673

366,987,399
8,982,718
348,004,681

736,306,415
17,645,047
718,661,368

346,681,016
8,636,279
338,144,737

31,307,000
164,323
31,142,677

356,747,184
9,117,164
347,630,020

734,736,200
17,817,766
716,917,434

346,681,016
12,389,294
334,291,722

30,000,000
197,224
29,802,776

366,672,091
11,196,676
345,476,616

733,353,107
23,782,093
709,671,014

346,681,016
9,252,347
337,428,669

28,763,000
127,416
28,636,685

358,984,184
12,937,219
346,046,965

734,428,200
22,316,981
712,111,219

346,681,016
6,539,242
341,141,774

27,701,000
78,250
27,622,750

361,282,691
14,726,312
346,657,379

735,664,707
20,342,804
715,321,903

346,681,016
3,750,930
342,930,086

26,836,000
94,210
26,741,790

366,993,598
14,610,339
352,383,259

740,610,614
18,455,479
722,055,135

346,681,016
3,041,934
343,639,082

26,796,000
47,722
26,748,278

380,476,334
13,468,862
367,007,482

752,963,350
16, .568,608
736,394,842

346,681,016
2,897,475
343,783,641

25,054,000
131,485
24,922,516

384,854,614
13,302,019
371,552,496

766,689,530
16,330,979
740,258,651

346,681,016
2,910,158
'343,770,868

24,053,000
132,574
23,920,426

384,929,784
16,251,263
368,678,531

756,663,805
19,293,985
736,369,810

346,681,016
6,473,603
340,207,613

22,953,000
87,622
22,865,478

383,973,546
21,569,293
362,404,253

763,607,662
28,130,318
726,477,244

346,681,016
4,288,223
342,392,793

22,232,000
106,901
22,125,099

382,798,845
16,011,286
366,787,669

751,711,861
20,406,410
731,306,461

346,681,016
2,406,334
344,274,682

21,601,000
80,828
21,420,172

382,619,268
9,733,404
372,785,864

750,701,274
12,220,666
738,480,708

346,681,016
4,607,767
342,073,249

20,796,000
124,260
20,670,740

391,161,728
9,845,606
381,306,122

768,627,744
14,577,633
744,060, 111

346,681,016
6,571,478
340,109,638

20,013,000
146,258
19,866,742

406,443,205
11,352,287
396,090,918

773,137,221
18,070,023
766,067,198

346,681,016
12,432,449
334,248,567

19,243,000
166,352
19,076,648

413,670,650
13,673,941
399,996,709

779,594,666
26,272,742
763,321,924

346,681,016
11,485,451
336,196,666

18,556,000
88,422
18,467,678

417,346,487
15,948,987
401,397,500

782,683,603
27,522,860
.756,060,643

346,681,016
11,303,448
336,377,568

17,970,000
119,746
17,860,254

418,687,975
.19,203,046
399,384,930

783,238,991
30,626,239
762.612,752

Total.

218

REPORT ON T H E FINANCES.

JVO. 2 5 . — U N I T E D STATES N O T E S , TREASURY N O T E S , AND NATIONAL-BANK N O T E S
OUTSTANDING, IN THE TREASURY, AND I N CIRCULATION AT THE E N D OF EACH
MONTH, PROM JANUARY, 1902—Continued.
Month.
1903—September:
Outstanding
I n t h e Treasury.
In circulation...
October:
Outstanding
In the Treasury.
In circulation...
November:
Outstanding
I n t h e Treasury.
In circulation...
December:
Outsanding
I n t h e Treasury.
In circulation...
1904—Januarv:
Outstanding....
In the Treasury.
I n circulation...
February:
Outstanding
I n t h e Treasury.
In circulation...
March:
Outstanding
I n t h e Treasury.
In circulation...
April:
Outstanding
I n t h e Treasury.
In ciiculation...
May:
Outstanding
In the Treasury.
In circulation...
June:
Outstanding
I n t h e Treasury.
In circulation...
July:
Outstanding
I n t h e Treasury,
In circulation...
August:
Outstanding
In the Treasury.
In circulation...
September:
Outstanding
In the Treasury
In circulation...
October:
Outstanding
In the Treasury
In circulation...
November:
Outstanding
In the Treasury
In circulation...
December:
Outstanding
In the Treasury
In circulation...
1905—January:
Outstanding
In the Treasury
In circulation...
February:
Outstanding
In the Treasury
In circulation..,
March:
Outstanding
In the Treasury
In circulation..,
April:
Outstanding...
In the Treasury
In circulation..
May:
Outstanding...
In the Treasury
In circulation..




United
Statesnotes.

Treasury
notes,

$346,681,016
10,302,247
336,378,769

$17,498,000 I $420,426,535
162,792 I 15,620,837
17,336,208 I 404,905,698

Nationalb a n k notes.

Total.

$784,605,551
25,986,876
758,019,075

346,681,016
6,719,673
340,961,343

10,874,000
93,825
16,780,175

419,610,683
10,872,165
408,738,618

783,165,699
16,685,663
766,480,036

346,681,016
2,387,366
344,293,661

16,428,000
46,720
16,381,280

421,106,979
8,141,361
412,966,618

784,216,995
10,676,446
773,640,649

346,681,016
3,408,678
343,272, 438

15,906,000
77,147
16,828,853

426,163,018
12,009,829
413,153,189

787,760,034
15,495,564
772,254,480

346,681,016
8,988,196
337,692,820

15,322,000
88,327
16,233,673

426,857,627
18,654,036
408,203,691

788,860,643
27,730,569
761,130,084

346,681,016
9,368,476
337,312,541

14,846,000
66,067
14,780,933

430,324,310
14,040,247
416,284,063

791,851,326
23.473.789
768,377,637

346,681,016
6,273,146
341,407,870

14,372,000
57,324
14,314,676

434,909,942
10,116,596
424,793,346

795,962,958
15,447,066
780,615,892

346,681,016
6,903,946
339,777,071

13,987,000
133,806
13,863,195

437,080,573
12,715,566
424,365,007

797,748,589
19,753,316
777,996,273

346,681,016
9,376,636
337,304,380

13,473,000
98,576
13,374,424

445,988,565
14,257,581
431,730,984

806,142,681
23,732,793
782.409.788

346,681,016
12,921,691
333,759,426

12,978,000
75,943
12,902,057

449,235,095
16,207,259
433,027,836

808,894,111
29,204,793
779,689,318

346,681,016
16,001,782
331,679,234

12,653,000
102,234
12,550,766

450,206,888
17,505,015
432,701,873

809,640,904
32,609,031
776,931,873

346,681,016
13,869,797
332,811,219

12,225, OCO
56,813
12,168,187

452,516,773
18,623,087
433,893,686

811.422.789
32,649,697
778,873,092

346,681,016
9,766,268
336,924,768

11,966,000
105,901
11,860,099

466,079,408
14,051,921
442,027,487

814,726,424
23,914,080
790,812,344

346,681,016
4,548,695
342,132,421

11,613,000
61,113
11,651,887

467,281,600
12,041,082
445,240,418

815,675,616
16.660.790 '
798j924,726

346,681,016
4,057,379
342,623,637

11,331,000
44,070
11,286,930

460,679,075
12,298,003
448,381,072

818,691,091
16,399,462
802,291,639

346,681,016
4,393,389
342,287,627

11,0.19,000
• 78,946
10,940,054

464,794,166
15,636,878
449,157,278

822, 494,172
20,109,213
802,384,959

346,681,016
12,217,996
334, 463,020

10,702,000
107,207
10,594,793

467,422,863
20,884,648
446,638,206

824,805,869
33,209,861
791,596,018

346,681,016
9 14,061,633
332,6.19,383

10,330,000
40, 417
10,283,683

469,203,840
16,107,136
453,096,704

826,214,856
30,215,186
795,999,670

346,681,016
14.6.1.6,143
332,064,873

10,111,000
63,224
10,047,776

475,948,945
12,128,996
463,819,950

832,740,961
26,808,362
805,932,699

346, C81,016
15,008,354
331,672,662

9,865,000
42,866
9,822,134

481,244,946
12,854,398
468,390,647

837,790,961
27,905,618
809,885,343

346,681,016
14,396,323
332,284,693

9,617,000
33,709
9,583,291

488,327,516
13,968,127
474, .359,389 '

844,625,532
28,398,159
810,227,373

219

TREASURER.

M o . 2 5 . — U N I T E D STATES N O T E S , TREASURY N O T E S , AND NATIONAL-BANK NOTES
OUTSTANDING, IN THE T R E A S U R Y , AND IN CIRCULATION AT THE E N D OF EACH M O N T H ,

PROM JANUARY, 1902—Continued.
Month.
1905—June:
Outstanding
I n t h e Treasury,
In circulation...
July:
Outstanding,
I n t h e Treasury,
In circulation
August:
Outstanding
In the Treasury.
In circulation...
September:
Outstanding
I n t h e Treasury,
In circulation...
October:
Outstanding
I n t h e Treasury,
In circulation...
November:
Outstanding
In the Treasury,
In circulation...
December:
Outstanding
In the Treasu.iy
In circulation...
1906—January:
Outstanding
In the Treasury,
In circulation...
February:
Outstanding
I n t h e Treasury,
In circ ulation...
March:
Outstanding..:,
In the Treasury,
In circulation...
April:
Outstanding
In the Treasury,
In circulation...
May:
Outstanding
In the Treasury,
In circulation...
June:
Outstanding
In the Treasury,
In circulation."..
July:
Outstanding
I n t h e Treasury,
In circulation...
August:
Outstanding
In the Treasury,
In circulation...
September:
Outstanding
In the Treasury,
In circulation...
October:
Outstanding
I n t h e Treasury,
In circulation..,,
November:
Outstanding
I n t h e Treasury,
In circulation...
December:
Outstanding
I n t h e Treasury,
In circulation...
1907—January:
^
Outstanding
I n t h e Treasury.
In circulation...
February:
Outstanding
In the Treasury,
I n circulation...




United
States notes.

$346,681,
14,260;
332,420,

Treasury
^notes.

Nationalbank notes.

$9,413,000 $496,719,806
140,982
15,690,957
9,272,018 480,028,849

$851,813,822
30,092,258
821,721,664

346,681
15,249;
331,431,

9,165,000
41,426
9,123,676

603,971,395
17,222,511
486,748,884

869,817,411
32,513,177
827,304,234

346,681,
13,141'
333,639,

8,984,000
63.747
8,920,253

512,220,367
20,100,441
492,119,926

867,885,383
33,306,093
834,679,290

346,681
10,342;
336,338,

8,795,000
30,142
8,764,868

516,352,240
16,101,921
500,260,319

871,828,266
26,474,163
845,364,103

346,681,
6,573;
340,107,

8,621,000
26,622
8,694,378

624,408,249
12,194,985
612,213,264

879,710,265
18,795,143
860,916,122

346,681
3,484;
343,196,

8,478,000
42,278
8,435,722

533,329,258
12,088,485
521,240,773

888,488,274
16,616,229
872,873,045

346,681
3,418;
343,262,

8,330,000
65,116
8,274,884

640,914,347
13,740,872
627,173,475

895,926,363
17,214,913
878,710,460

346,681
8,987;
337,693,

8,086,000 ° 543,230,080
28,721
18,740,257
8,057,279 524,489,823

897,997,096
27,756,713
870,240,383

346,681
10,594;
336,086,

7,969,000
66,545
7,912,465

550,803,895
13,588,277
637,216,618

906,453,911
24,238,961
881,214,950

346,681,
9,156,
337,524,

7,794,000
25,905
7,768,095

664,666,967
13,589,761
541,077,216

909,141,983
22,772,591
886,369,392

346,681
9,650;
337,130,

7,661,000
20,901
7,640,039

656,646,282
11,880,323
544,765,959

910,988,298
21,461,979
889,636,319

346,681,
11,128
335,662;

7,504,000
26,782
7,477,218

669,129,660
13,869,358
545,260,302

913,314,676
25,024,263
888,290,413

346,681,
10,740;
336,940,

7,386,000
48,680
7,337,320

561,112,360
13, 111, 122
648,001,238

916,179,376
23,900,598
891,278,778

.346,681
10,221
336,469;

7,232,000
17,004
7,214,990

661,481,045
12,983,607
548,497,538

915,394,061
23,222,135
892,171,926

346,681,
7,592,
338,728,

7,129,000
16.748
7,112,252

669,852,303
10,560,637
669,295,666

923,662,319
18,526,666
906,136,764

346,681
3,822;
342,858,

7,021,000
22,438
6,998,662

673,903,108
9,755,104
664,148,004

927,605,124
13,699,960
914,005,164

346,681
2,164
344,516:

6,912,000
17,482
6,894,518

683,171,985
8,649,611
574,522,374

936,705,001
10,831,960
925,933,041

346,681
3,420',
343,260,

6,827,000
15,424
6,811,676

693,380,649
9,916,545
583,463,604

946,888,565
13,363,063
933,535,502

346,681
4,772
341,908;

6,616,000
15,171
6,600,829

596,162,469
11,105,884
685,056,685

949,459,485
16,893,718
933,665,767

346,681
8,121
338,659;

6,488,000
14,460
6,473,540

596,197,569
17,950,662
678,246,907

949,366,585
26,086,414
923,280,171

346,681
7,753
338,927

6,385,000
17,909
6,367,091

596,343,022
13,684,999
582,758,023

949,409,038
21,366,406
928,052,632

220

REPORT ON T H E FINANCES.

M o . 2 5 . — U N I T E D STATES N O T E S , T R E A S U R Y N O T E S , AND NATIONAL-BANK N O T E S
OUTSTANDING, I N THE T R E A S U R Y , AND I N CIRCULATION AT T H E E N D OF EACH M O N T H ,
PROM JANUARY, 1902—Continued.

Month..

1907—March:
Outstanding
I n t h e Treasury
In circulation...
April:
Outstanding
In the Treasury
I n circulation...
May:
Outstanding
In the Treasury
In circulation...
June:
Outstandiug
I n the Treasury
In circulation..,
July:
Outstanding
In the Treasury
In circulation...
August:
Outstanding
In the Treasury
In circ ulation...
September:
Outstanding
I n the Treasury
In circ ulation..,
October:
Outstanding....
In the Treasury.
In circulation...
November:
Outstanding
In the Treasury.
In circulation...
December:
Outstanding....
In the Treasury.
In circulation...
1908—January:
Outstanding
In the Treasury.
In circulation...
February:
Outstanding....
In the Treasury.
In circulation...
March:
Outstanding....
In the Treasury.
In circulation...
April:
Outstanding
In the Treasury.
In circulation...
May:
Outstanding
In the Treasury.
In circulation...
June:
Outstanding
In the Treasury.
In circulation...
July:
Outstanding
In the Treasury.
In circulation...
August:
Outstanding
In the Treasury.
In circulation...
September:
Outstanding
In the Treasury.
In circulation...




United
States notes.

Treasury
notes.

Nationalbank notes.

$346,681,016
4,934,662
341,746,454

$6,282,000
10,259
6,271,741

$697,212,063
10,388,420
686,823,643

$950,175,079
15,333,241
934,841,838

346,681,016
4,701,774
341,979,242

6,182,000
13,242
6,168,758

699,913,840
11,616,291
588,397,549

952,776,866
16,231,307
936,646,649

346,681,016
3,580,823
343,100,193

6,078,000
, 11,'220
6,066,780

601,940,560
11,910,342
590,030,208

964,699,666
15,602,385
939,197,181

346,681,016
4,410,961
342,270,066

5,988,000
12,405
5,975,635

603,788,690
14,546,565
589,242,125

956,457,706
18,969,991
937,487,715

'346,681,016
6,576,646
341,104,470

5,891,000
9,960
5,881,050

603,395,886
16,876,682
586,519,204

955,967,902
22,463,178
933,604,724

346,681,016
4,179,244
342,501,772

5,787,000
9,039
5,777,961

604,056,321
17,136,485
686,920,836

966,524,337
21,323,768
935,200,569

346,681,016
3,565,391
343,126,625

5,707,000
6,652
5,700,348

603,987,114
19,711,566
584,275,549

966,376,130
23,273,608
933,101,622

346,681,016
3,426,863
343,264,153

6,613,000
11,074
6,601,926

609,980,466
14,866,600
.595,123,866

962,274,482
18,294,637
943,979,945

346,681,016
1,998,059
344,682,957

5,646,000
8,933
6,637,067

656,218,196
7,323,079
648,895,117

1,008,446,212
9,330,071
999,116,141

346,681,016
1,406,694
346,275,422

5,479,000
9,944
5,469,066

690,130,895
11,096,231
679,034,664

1,042,290,911
12,611,769
1,029,779,142

346,681,016
7,509,361
339,171,655

5,400,000
7,516
6,392,484

696, 402,762 1,047,483,778
30,401,444
37,918,321
666,001,318 1,009,666,467

346,681,016
9,627,701
337,053,315

5,319,000
10,499
6,308,601

695,674,619
30,955,156
664,719,363

1,047,674,535
40,593,366
1,007,081,179

346,681,016
13,167,707
333,513,309

5,240,000
14,256
5,225,744

696,407,356
40,581,661
655,826,794

1,048,328,371
53,763,624
994,664,847

346,681,016
10,449,437
336,231,679

5,162,000
12,736
5,139,265

697,646,698
49,767,343
647,878,365

1,049,478,714
60,229,615
989,249,199

346,681,016
11,488,742
336,192,274

5,070,000
16,101
5,063,899

698,449,517
60,997,318
637,452,199

1,060,200,633
72,602,161
977,698,372

346,681,016
7,284,694
339,396,322

4,982,000
18,470
4,963,630

698,333,917
66,685,237
631,648,680

1,049,996,933
73,988,401
976,008,632

346,681,016
6,645,634
241,035,382

4,903,000
13,211
4,889,789

692,088,991
64,772,332
627,316,659

1,043,673,007
70,431,177
973,241,830

346,681,016
6,369,090
341,311,926

4,847,000
9,682
4,837,418

685,326,108
64,692,308
630,633,800

1,036,854,124
60,070,980
976,783,144

346,681,016
6,490,551
341,190,466

4,767,000
16,191
4,760,809

675,612,327
39,829,288
636,783,039

1,027,060,343
45,336,030
981,724,313

Total.

221

TREASURER.

M o . 2 6 . — G O L D CERTIFICATES AND SILVER CERTIFICATES OUTSTANDING, I N THE
T R E A S U R Y , AND IN CIRCULATION AT THE E N D OF EACH M O N T H , PROM JANUARY, 1902.

Month.

1902—January:
Outstaiiding
I n the Treasury..
In circulation
February:
Outstanding
In the Treasury..
In circulation
March:
Outstanding
In the Treasury..
I n circulation
April:
Outstanding
In the Treasury..
In circulation
May:
Outstanding.....
In the Treasury..
I n circulation
June:
Outstanding
I n the Treasury..
I n circulation:...
July:
Outstanding
I n the Treasury..
I n circulation
August:
Outstanding
I n the Treasury..
In circulation
September:
Outstanding
I n the Treasury..
In circulation
October:
Outstanding.
- I n the Treasury..
I n circulation
November:
Outstanding
I n the Treasury..
I n circulation....
December:
Outstanding.....
I n the Treasmy..
I n circulation
1903—January:
Outstanding
I n the Treasury..
I n circulation
February:
Outstanding
In the Treasury..
In circulation
March:
Outstanding
I n the Treasury..
In circulation....
April:
Outstanding
In the Treasury..
I n circulation
May:
Outstanding.....
In the Treasury..
In circulation
June:
Outstanding
I n the Treasury.,
I n circulation
July:
•
Outstanding
I n the Treasury..
In circulation
August:
Outstanding.....
I n the Treasm-y..
In circulation




Gold
certificates.

Silver
certificates.

$325,722,089
18,217,250
307,604,839

$453,089,000
10,077,620
443,011,480

$778,811,089
28,294,770
• 750,516,319

330,258,089
24,502,390
306,755,699

450,471,000
6,673,704
443,797,296

780,729,089
31,176,094
749,662,996

334,581,089
36,093,110
298,487,979

454,255,000
6,672,408
447,582,592

788,836,089
42,765,518
746,070,571

341,620,089
38,345,600
303,274,489

465,944,000
6,820,496
449,123,504

797,664,089
46,166,096
762,397,993

345,272,089
'39,129,220
306,142,869

455,607,000
7,057,584
447,949,416

800,879,089
46,786,804
764,092,285

346,612,089
40,213,080
306,399,009

463,997,000
7,439.338
446,667,662

800,609,089
47,652,418
762,956,671

356,985,089
42,221,070
314,764,019

456,217,000
8,771,458
447,446,642

813,202,089
50,992,628
762,209,661

369,390,089
52,746,160
306,644,939

458,785,000
6,427,977
462,367,023

818,175,089
69,173,127
759,001,962

363,311,089
68,929,035
304,382,064

465,752,000
6,180,522
469,671,478

829,063,089
65,109,657
763,953,632

367,078,669
24,322,376
342,756,194

467,442,000
4,271,662
463,170,438

834,520,569
28,693,937
805,926,632

376,358,669
30,406,645
346,952,024

467,824,000
4,619,160
463,304,840

844,182,669
34,926,705
809,256,864

383,664,069
37,145,260
346,418,819

468,967,000
6,386,368
463,570,632

852,621,069
42,531,618
809,989,461

398,621,069
22,686,265
376,034,814

466,297,000
8,440,401
456,856,599

863,918,069
31,026,666
832,891,413

399,062,069
25,930,025
373,132,044

463,431,000
6,276,417
457,164,683

862,493,069
32,206,442
830,286,627

402,008,069
39,083,070
362,924,999

466,498,000
4,910,447
461,687,663

868,606,069
43,993,617
824,612,652

410,257,869
28,626,410
381,631,459

464,373,000
6,129,354
459,243,646

874,630,869
33,765,764
840,876,106

411,199,869
29,946,380
381,254,489

462,650,000
5,963,269
466,586,731

873,749,869
35,908,640
837,841,229

409,119,869
31,861,310
377,268,569

464,706,000
9,972,987
454,733,013

873,825,869
41,834,297
831,991,672

412,087,869
25,718,470
386,369,399

463,614,000
8,720,068
464,893,932

876,701,869
34,438,638
841,263.331

416,385,869
22,229,960
394,166,919

462,384,000
6,465,616
456,928,384

878,769,869
28,686,566
860,084,303

Total.

222

REPORT

ON

TI-IE

FINANCES.

M o . 2 6 . — G O L D CERTIFICATES AND SILVER CERTIFICATES OUTSTANDING, IN THE
T R E A S U R Y , .^ND I N CIRCULATION .\T THE E N D OF EACH MONTH, FROM J.ANUARY,

1902—Continued.
Month.
1903—Septeinber:
Outstanding
In. the Treasury..
In circulation
October:
Oiitstanding
In the Treasury..
In circulation
November:
Outstandmg
In the Treasury..
In circulation
December:
Outstanding
In the Treasury..
In circulation
1904—January:
Outstandmg
In the Treasury..
In circulation
February:
Outstanding
In the Treasury..
In circulation
March:
Outstandmg
In the Treasury..
In circulation
April:
Outstanding
In the Treasury..
In circulation
May:
Outstanding
In the Treasury..
In circulation
June:
Outstanding
In the Treasury..
In circulation
July:
Outstanding
In the Treasury..
In circulation
August:
Outstanding
In the Treasury..
In circulation
September:
Outstanding
In the Treasury..
. In circulation
October:
Outstanding
In the Treasury..
In circulation
November:
Outstanding
In the Treasury..
In circulation
December:
Outstanding
I n t h e Treasury..
In circulation
1905—January:
Outstanding
I n t h e Treasury..
In circulation
February:
Outstanding
In the Treasury..
In circulation
March:
Outstanding
In the Treasury..
In circulation
April:
Outstanding
In the Treasury..
In circulation
May:
Outstanding
In the Treasury..
In circulation




Gold
certificates.

Silver
certificates.

$420,487,
20,390,
394,097,

$464,715,000
6,192,784
468,622,216

$885,202,869
32,682,994
862,619,875

433,198,
31,652,
401,646,

469,771,000
7,407,961
462,363,039

902,969,869
38,960,631
864,009,338

441,739,
37,668,
404,070,

473,041,000
6,539,918
466,501,082

914,780,869
44,208,858
870,572,011

447,175,
26,095,
421,080,

472,247,000
6,410,710
465,836,290

919,422,869
32,506,560
886,916,309

487,949,
18,376,
469,573,

464,261,000
8,325,172
455,935,828

952,210,869
26,701,432.
926,609,437

477,903,!
15,696,1
462,206,1

469,942,000
7,840,898
462,101,102

947,846,869
• 23,537,78a
924,308,081

467,660,f
. 18,311,;
449,349,J

473,085,000
7,032,921
466,052,079

940,745,869^
25,344,221
916,401,648

493,457,!
29,509,!
463,948, (

472,555,000
6,475,916
466,079,084

966,012,869
35,986,716
930,027,153.

489,974,
39,340,
460,633,

471,062,000
7,505,174
464,156,826

961,636,869
46,846,114
914,790,765

494,630,
28,975,
466,665,

470,476,000
965,106,669
38,312,772
9,337,302
461,138,698 ' 926,793,797

621,430,
20,666,
500,864,

469,645,000
10,123,090 I
459,621,910

991,075,969
30,689,930
960,386,039

527,336,
23,617,
503,719,

468,329,000
6,808,840
461,620,160

995,665,96930,426,360
965,239,619

528,491,
. 41,979,
486,512,

474,322,000
6,182,124
468,139,876

1,002,813,96948,161,954
964,652,015

531,479,
41,286,
490,193,

478,464,000
5,760,168
472,713,832

1,009,943,96947,036,378
962,907,591

630,780,
60,678,
470,102,

477,320,000
6,735,556
471„584,444

1,008,100,969:
66,414,066.
941,686,913

624,684,
57,946,
466,739,

477,102,000
9,084,773
468,017,227

1,001,786,969
67,030,063
934,766,916

525,959,
35,525, 600
490,434,

474,225,000
13,974,954
460,260,046

1,000,184,969
49,500,554
960,684,415

521,149,
38,593,
482,656,

469,666,000
7,893,101
461,761,899

990,804,969
46,486,261
944,318,718

518,186,
45,870,
472,316,

468,314,000
6,883,424
462,430,676

986,500,969.
61,764,074
934,746,895

619,204,
32,062,
487,142,

469,349,000
6,602,. 487
462,846,513.

988,663,969
38,665,237
949,988.732

519,762,
36,851,
482,910,

466,160,006
5,687,897
460,4j62,lO3'.

985,912,969
42,539,867
943,373,102

Total.

223

TBEASUBEB.

M o . 2 6 . — G O L D CERTIFICATES AND SILVER CERTIFICATES OUTSTANDING, IN THE
TREASURY, AND I N CIRCULATION AT THE E N D OF EACH MONTH, FROM JANUARY,

1902—Continued.
Gold
certificates.
1905—June:
Outstanding
In the Treasury..
In circulation
July:
Outstanding
In the Treasury..
In circulation
August:
Outstanding
In the Treasury..
In circulation
September:
Outstanding
In the Treasury..
In circulation
October:
Outstanding
In the Treasury..
I n circulation
November:
Outstanding......
In the Treasury..
In circulation.*...
December:
Outstanding.....
In the Treasury..
In circulation.'...
1906—January:
Outstanding
In the Treasury..
In circulation.'...
February:
Outstanding
In the Treasury..
In circulation
March:
Outstanding
In the Treasurj'-..
In circulation
April:
Outstanding
In the Treasury..
I n circulation
May:
Outstanding
I n the Treasury..
I n circulation
June:
Outstanding
In the Treasury..
I n circulation....
July:
Outstanding.....
I n the Treasury..
In circulation
August:
Outstanding
I n t h e Treasury..
In circulation
September:
Outstanding
In the Treasury..
In circulation
October:
Outstanding
I n t h e Treasury.,
I n circulation
November:
Outstanding
In tlie Treasury.
I n circulation
December:
Outstanding
In the Treasury.
I n circulation
1907—January:
Outstanding
In the Treasury.
In circulation




Silver
certificates.

$517,789,969
32,679,220
486,210,749

$465,265,000
10,400,292
464,864,708

$983,054,969
42,979,612
940,075,457

518,411,969'
24,974,090
493,437,879

466,150,000
7,631,049
468,618,961

984,561,969
32,606,139
951,956,830

522,202,969
30,867,730
491,335,239

471,736,000
7,395,959
464,339,041

993,937,969
38,263,689
955,674,280

520,047,969
48,451,990
471,695,979

475,017,000
6,043,693
469,973,307

996,064,969
53,496,683
941,569,286

524,465,969
44,490,530
479,965,439

476,308,000
4,682,224
471,626,776

1,000,763,969
49,172,754
951,591,215

526,020,869
48,866,620
477,164,249

475,735,000
4,770,752
470,964,248

1,001,755,869
53,637,372
948,118,497

627,493,869
46,554,860
480,939,019

476,574,000
11,613,515
463,960,485

1,003,067,869
58,168,366
944,899,604

639,252,869
30,683,230
508,569,639

467,926,000
8,906,866
459,019,134

1,007,178,869
39,590,096
967,588,673.

542,360,869
50,627,660
491,733,319

467,164,000
4,411,037
462,762,903

1,009,624,869
65,038,587
954,486,282

644,746,869
64,916,250
489,830,619

469,729,000
"^4,618,305
465,110,695

1,014,475,869
59,534,555
954,941,314

650,691,869
49,995,480
500,696,389

472,644,000
5,069,630
467,674,470

1,023,335,869
55,065,010
968,270,869

567,599,869
43,796,080
613,803,789

474,640,000
4,976,414
469,663,586

1,032,239,869
48,772,494
983,467,376

600,059,869
43,498,020
516,561,849

477,473,000
6,952,946
471,520,064

1,037,632,869
49,460,966
988,081,903

563,984,869
34,671,490
529,313,379

477,637,000
6,844,312
470,792,688

1,041,621,869
41,515,802
1,000,106,067

' 669,739,869
49,773,980
519,966,889

481,392,000
8,099,009
473,292,991

1,061,131,869
67,872,989
993,258,880

681,740,869
39,882,940
641,867,929

478,562,000
4,223,690
474,338,310

1,060,302,869
44,106,630
1,016,196,239

619,617,869
43,669,460
675,958,419

477,368,000 1,096,985,869
3,948,561
47,608,001
473,419, 449 1,049,377,868

628,059,869
65,087,750
572,972,119

477,203,000 1,106,262,869
7,084, 417
62,172,167
470,118,583 1,043,090,702

Total.

476,266,000
639,114,869
68,719,670
8,438,976
680,395,199 I 467,817,025

1,116,370,869
67,168,645
1,048,212,224.

662,670,869 i 476,642,000
35,006,180
12,706,811
617,564, 689 ! 462,936,189

1,128,212,869
47,711,991
1,080,500,878

224

REPORT ON T H E FINANCES.

M o . 2 6 . — G O L D CERTIFICATES AND SILVER CERTIFICATES OUTSTANDING, IN T H E
T R E A S U R Y , AND I N CIRCULATION AT THE E N D OP EACH M O N T H , FROM JANUARY,

1902—Continued.
Month.

1907—February:
Outstanding
In the Treasury
I n circula t i o n . . .
March:
Outstanding
I n the Treasury
In circulation...
April:
Outstanding
In the Treasury
In circula t i o n . . .
May:
Outstanding
In the Treasury
I n circula t i o n . . .
June:
Outstanding
In the Treasury
In circulation...
July:
Outstanding
I n the Treasury
In circulation...
August:
Outstanding
In the Treasury
In circulation...
September:
Outstanding
In the Treasury
In circulation...
October:
Outstanding
In the Treasury.
In circulation
November:
Outstanding
In the Treasury.
.^In circulation
December:
Outstanding
In the Treasury.
In circulation
1908—January:
Outstanding
In the Treasury.
In circulation
February:
Outstanding
In the Treasury.
In circulation
March:
Outstanding
•
In the Treasury.
In circulation....
April:
Outstanding
In the Treasury.
I'l
In circulation
May:
Outstanding
In the Treasury.
In circulation
June:
Outstanding
In the Treasury.
In circulation
July:
Outstanding
In the Treasury.
In circulation
August:
Outstanding
In the Treasury.
In circulation
September:
Outstanding
In the Treasury.
In circulation




Gold
certificates.

Silver
certificates.

$646,082,!
44,623,'
601,459,;

$471,993,000 $1,118,076,869
7,370,511
51,993,981
464,622,489 1,066,081,888

Total.

662,191,
42,018,
610,173,

471,673,000
4,710,967
466,962,033

123,864,869
46,729.357
077,136,612

672,336,
41,966,
630,371,

476,150,000
.6,320,837
469,829,163

148,486.869
48,286,867
100,201,002

681,249,
60,614.
630,636,

475,734,000
5,274,748
470,459,252

166,983,869
56,889,208
101,094,661

.078,424,
78,352, 570
600,072,

475,777,000
5,566,776
470,211,226

154,201,869
83,918,345
070,283,524

694,930,
80, 469,
614,461, 389

474,068,000
10,251,663
463,816,437

168,998,869
90,721,043
078,277,826

710,938,
83,033,
627,905,

472, Oil, 000
11,505,829
460,606,171

182,949,809
94,639.089
088, 410,780

720,889,
80,685.
640,204,

473,723,000
12,876,749
460,847,261

194,612,869
93,661,009
101,061,860

748,637,
71,341, 960
677,295,

471,627,000
7,177, 432
464,349,668

220,164.869
78,619,392
141,646, 477

747,218,
71,682,
676,636,

471,687,000
2,733,880
468,963,120

218,906,809
74,316,640
144,689,329

767,005,
60,393,
706,612,

471,416,000
3,684,653
467,731,347

238,-421,869
64,078,173
174,343,696

810,215,
40,686,
769,629,

464,704,000
11,290,360
463,413,640

274,919,809
51,876,870
223,042,999

830,046,
38,384,
791,661,

457,044,000
10,852,631
446,191,369

287,090,869
49,237,601
237,853,268

835,010,
20,670,
808,340,

452,048,000
13,866,783
438,181,217

287,058,869
40,536,823
246,622,046

846,910,
29,684,
817,326,

463,778,000
17,520,019
446,267,981

310,688.869
47,104, 409
263,684,460

825,730,
42,022,
783,708,

474,064,000
17,385.516
456,668,484

299,784,869
69, 407,8S6
240,376,973

822,923,
39,947,
782,976,

474,360,000
9,071,295
466,278,706

297,273.869
49,018,646
248,265,324

818,758,
34,486,
784,273,

484,064,000
9,303,038
474,690,962

302,812,869
.43,848,298
268,964,671

837,564,
30,911,
806,653,

487,768,000
12,684,277
475,083,723

325,332,869
43,596,037
281,736,832

842.046,
36,378,
805,667,

488,208,000
12,364,058
475,843,942

330,253,869
48,742,163
281,611,706

225

TREASURER.
Mo.

2 7 . — E S T I M A T E D STOCK OF ALL K I N D S OF M O N E Y JVT THE E N D OF EACH MONTH
FROM J A N U A R Y ,

1902.

[Notes include United States notes. T r e a s u r y notes, a n d n a t i o n a l - b a n k notes.]
Month.
1902—January
February..
March
April
. May
June
July.......
August
September.
October
November.
December..
1903—January—
February..
March
April
May
June
July
August
September.
October
November.
December..
1904—January...-:
February..
March
April
May
• June
July
August
September.
October
November.
December..
1905—January
February..
March
April
May
June
July
A.ugust
September.
October
November.
December..
1906—Januai-y—
February..
March
April
May
June
July
August
September.
October
November.
December..
1907—January....
February..
March
April
May
June
July
August
September.
October
November..
December..
1908—January
February,.
March
April
May
June
July
August
September.

58716—Fl 1908—-15



Gold.
,181,279,087
,178,031,493
,178,540,790
,183,652,727
,184,588,889
,192,594,589
,193,925,467
,203,611,761
,216,234,885
,230,672,772
,242,330,766
,246,876,715
,252,842,475
,258,046,481
,261,743,201
,267,303,579
,261,445,124
,248,681,528
,256,749,068
,267,733,949
,277,362,651
,282,291,903
,298,107,736
,314,622,524
,320,841,555
,337,357,717
,348,803,970
,351,984,577
,313,120,868
,327,656,398
,342,422,740
,349,896,565
,351,455,968
,303,047,081
,351,415,633
,345,952,536
,341,206,452
,331,165,720
,338,274,646
,343,897,159
,352,063,028
,357,655,988
,368,427,343
,379,804,314
,387,257,928
,404,686,516
,411,777,450
,419,943,124
,423,220,213
,417,007,439,418,202,210
,433,460,570
,466,921,374
,475,706,765
,495,606,494
,507,503,849
,539,840,778
,666,619,131
,676,898,912
,587,018,385
,598,116,107
,604,972,427
,611,373,750
,617,893,741
,619,136,891
,466,389,101"
,474,168,738
,472,563,328
,482,969,710
,489,742,845
,561,714,719
,604,530,493
,628,600,555
,635,848,474
,642,565,614
,639,267,384
,616,013,933
,618,133,492
,630,299,889
,641,658,948.
,643,681,386

Silver.
$626,264,543
627,466,448
629,631,249
632,902,999
634,117,278
637,318,962
638,908,206
640,129,769
641,349,436
644,337,146
646,638,098
648,868,043
650,109,072
661,298,746
652,401,435
653,409,609
654,379,533
666,434,793
667,107,603
657,720,722
668,712,348
659,122,119
659,97'6,O50
660,779,768
661,352,576
664,102,385
664,193,208
665,252,280
666,037,340
666,953,626
666,747,603
667,963,962
669,151,342
669,670,333
670,129,299
670,656,462
670,985,263
671,656,751
671,891,899
672,291,400
672,656,023
673,640,054
673,647,163
673,704,388
674,680,087
675,162,070
676,136,418
676,889,720
677,264,246
677,428,821
677,198,447
677,487,639
677,665,057
679,090,450
678,821,326
679,930,330
681,286,660
685,124,829
687,579,312
689,476,898
689,238,008
690,000,971
690,404,583
691,839,019
692,952,548
692,714,200
693,197,097
693,969,008
695,343,609
696,759,584
698,905,127
702,401,976
704,367,775
706,396,605
707,496,445
707,906,984
706,718,245
710,633,595
710,363,?67
711,193,819
709,264,072

Notes.
$743,658,631
740,461,883
738,120,423
736,306,415
734,735,200
733,353,107
734,428,200
735,664,.707
740,610,614
762,953,360
756,589,530
755,663,800
753,607,662
761,711,861
750,701,274
768,627,744
773,137,221
779,594,666
782,583,503
783,238,991
784,605,551
783,166,699
784,215,995
787,750,034
788,860,643
791,851,326
795,962,958
797,748,589
806,142,581
808,894,111
809,640,904
811,422,789
814,726,424
815,575,516
818,691,091
822,494,172
824,805,869
826,214,866
832,740,961
837,790,961
844,625,532
851,813,822
859,817,411
867,885,383
•871,828,256
879;710,266
888,488,274
•895,925,363
897,997,096
906,453,911
909,141,983
910,988,298
913,314,676
915,179,376
915,394,061
923,662,319
927,605,124
936,766,001
946,888,566
949,459,485
949,366,585
949,409,038
950,176,079
962,776,856
954,699,566
956,457,706
955,967,902
956,524,337
966,376,130
962,274,482
il,008,446,212
1,042,290,911
1,047,483,778
1,047,674,635
1,048,328,371
1,049,478,714
1,050,200,633
1,049,996,933
1,043,673,007
1,036,854,124
1,027,060,343

Aggregate.
$2,550,202,261
2,645,959,824
2,546,192,462
2,552,862,141
2,553,441,367
2,563,266,658
2,567,261,863
2,579,306,217
2,597,094,935
2,627,963,267
2,645,558,394
2,661,408,668
2,656,659,109
2,661,057,088
2,664,845,910
2,679,340,932
2,688,961,878
2,684,710,987
2,696,440,174
2,708,693,662
2,720,680,660
2,724,579,721
2,742,299,781
2,703,152,320
2,777,054,774
2,793,311,428
2,808,960,136
2,814,985,440
2,785,300,789
2,803,504,135
2,818,711,247
2,829,273,316
2,836,333,734
2,848,292,930
2,840,236,023
2,839,103,169
2,836,997,684
2,828,937,327
2,842,907,406
2,853,979,520
2,869,344,583
2,883,109,864
2,901,791,907
2,921,394,085
2,933,766,271
2,959,568,851
2,976,402,142
2,992,758,207
2,998,471,565
2,999,890,171
3,004,542,640
3,021,926,507
3,057,901,107
3,069,976,591
3,089,821,881
3,111,096,498
3,148,732,562
3,188,508,961
3,211,366,789
3,225,954,768
3,236,720,700
3,244,382,436
3,251,963,412
3,262,609,616
3,266,789,005
3,115,561,007
3,123,333,737
3,123,066,673
3,134,688,449
3,148,776,911
3,269,065,058
3,349,223,380
3,380,452,108
3,389,918,614
3,398,390,430
3,396,653,082
3,372,932,711
3,378,764,020
3,384,336,263
3,389,606,891
3,380,005,801

226
Mo.

REPORT ON THiE F I N A N C E S .
2 8 , — E S T I M A T E D AMOUNT OF ALL K I N D S OP M O N E Y IN CIRCULATION AT THE
E N D OF EACH MONTH, FROM JANUARY, 1902.

Month.
1902—January...
February.
March
April
May
June
July..
August
September
October...
November.
December.
1903—January...
February ., March
April
May
June
July
August
September
October...
.November,
December.
1904—January...
February..
March
April
May
Jime
July
August
September
October...
November.
December.
1905—January...
February.
March
April
May
June
July
August
September
October...
November.
December.
1906—January...
February.
March
April
May... ^.
June
July
August
September
•October...
November.
December.
1907—January...
February..
Marcli
.
April
May
June
July
August
September,
October...
- November.
December.
1908—January...
February.,
March
April
May
June
July
August
September.




Gold.

Silver.

Notes..

$634,733,847 $155,138,712 $719,662,831
633,454,585
152,820,313
718,141,366
635,194,761
151,871,887
718,910,138
637,432,952
152,257,929
718,661,368
631,891,627
151,614,629
716,917,434
632,394,289
154,468,577
709,671,014
631,156,433
166,128,924
712,111,219
632,209,118
168,399,962
716,321,903
624,728,060
164,949,924
722,065,135
624,373,645
169,416,873
736,394,842
631,410,968
171,783,775
740,258,651
629,680,632
172,661,003
736,369,815
629,023,915
168,346,262
726,477,244
625,262,665
167,141,597
731,305,451
622,002,398
166,762,285
738,480,708
623,132,460
166,296,044
744,050,111
623,982,009
165,284,398
755,067,198
617,260,739
166,117,934
763,321,924
164,814,734
766,060,643
•620,879,790
166,829,964
752,612,762
620,376,159
170,826,685
758,619,675
622,650,934
175,162,197
766,480,036
021,763,297
177,930,766
773,640,649
627,025,092
179,204,575
772,264,480
627,970^533
173,433,925
761,130,084
627,905,855
171,886,669
768,377,537
638,909,710
169,796,973
780,616,892
650,924,710
168,463,291
777,996,273
666,169,418
167,184,826
782,409,788
644,894,548
166,842,169
779,(389,318
645,817,576
165,168,611
776,931,873
644,112,980
167,602,461
778,873,092
646,664,812
174,840,267
790,812,344
641,844,863
179,861,261
798,924,726
641,793,093
182,409,266
802,291,639
647,500.549
182,930,722
802,384,959
649,648;528
177,241,230
791,696,018
649,527.502
796,999,670
645,751; 720 174,644,604
173,686,943
805,932,699
644,726,546
173,709,400
809,886,343
644,423,211
174,091,133
816,227,373
650,979,108
175,022,043
821,721,664
661,063,589
176,024,667
827,304,234
650,616,680
178,401,936
834,579,290
653,003,548
184,976,867
846,354,103
652,330,135
188,980,243
860,916,122
651,644,998
192,102,607
872,873,046
649,040,390
193,766,692
878,710,460
654,168,025
188,007,079
870,240,383
654,793,697
186,745,219
881,214,950
648,866,052
191,200,776
886,369,392
643,993,307
189,918,721
889,636,319
672,624,404
188,496,464
888,290,413
683,426,878
1-88,630,872
891,278,778
668,655,076
189,091,784
892,171,926
675,979,661
192,338,141
905,136,764
676,179,514
197,664,217
914,006,164
684,268,074
203,885,116
925,933,041
687,686,761
206,473,629
933,635,502
685,974,422
209,498,773
933,666,767
692,623,564
923,280,171
695,639; 841 203,581,203
203,690,890
928,062,632
692,895,812
203,983,239
934,841,838
690,439,279
203,878,005
936,545,549
691,481,469
203,810,469
939,197,181
696,680,258
203,487,845
937,487,715
561,697,371
203,504,285
933,504,724
566,036,726
205,233,277
935,200,669
560,356,994
209,744,403
933,101,522
561,956,589
216,284,188
943,979,945
574,459,086
223,969,161
999,115,141
640,577,952
226,293,287 1,029,779,142
648,573,173
220,258,147 1,009,666,467
641,496,096
213,928,137 1,007,081,179
633,804,067
209,631,136
994,564,847
629,732,705
205,291,664
989,249,199
628,168,888
199,486,183
977,698,372
618,620,761
200,506,822
976,008,532
613,244,810
197,967,870
973,241,830
615,788,276
198,896,669
976,783,144
619,990,263
199,108,224
081,724,313
615,965,118

Certificates.

Total.

$750,616,319 $2,259, 951,709
749,552,995
2,253;969,259
746,070,571
2,252,047,367
752,397,993
2,260, 760,242
764,092,285
2,254, 415,975
752,966,671
2,249,390,551
762,209,561
2,260, 606,137
759,001,962
2,264,932,945
2,275, 686,661
763,963,532
2,336, 111,992
805,926,632
2,362,710,158
809,256,864
2,348,700,901
809,989,461
2,356, 738,834
832,891,413
2,353,996,330
830,286,627
2,351,757,943
824,612,652
2,374,353,720
840,875,105
2,382,174,825
837,841,220
2,367,692,169
831,991,672
2,382,018,498
841,263,331
2,388 902,178
850,084,303
2,404: 617,069
852,619,875
2,427; 394,868
864,009,338
2,449; 168,418
870,672,011
2,466! 345,897
886,916,309
2,487;979,301
925,509,437
2,603,481,897
924,308,081
2,616,639,223
915,401,648
2,632,645,136
930,027,163
2,609,279,917
914,790,755
2,619, 142,860
926,793,797
2,546, 689,603
960,386,039
2,658,279,984
966,239,619
2,562,149,489
964,652,016
962,907,691
2.583, 476,661
941,686,913
2,573,888,367
2,569, 621,125
934,766,916
2,569,049,165
960,684,416
2,560, 614,712
944,318,718
2,558,992,983
934,746,895
2,578,006,686
949,988,732
943,373,102
2.584, 670,716
940,076,467
2,587,882,663
961,956,830
2,604,902,301
955,674,280
2,621,659,064
941,569,286
2,624,230,391
951,591,215
2,653, 131,678
948,118,497
2,662,134,639
944,899,504 .2,671, 543,571
2,680, 629,932
967,688,773
2,671,302,603
954,486,282
2,676,504,788
954,941,314
2,720,260,303
968,270,859
2,743, 681,120
983,467,375
2,736, 646,628
988,081,903
2,757,349,438
1,000,106,067
2,766,913,299
993,258,880
2,812,133,694
1,016,196,239
2,866,882,786
1,049,377,868
2,869,074,265
1,043,090,702
2,883,900,328
1,048,212,224
2,902.902,093
1,080,500,878
2,890,721,222
1,066,081,888
2,906,399,868
1,077,135,512
2,932, 106,025
1,100,201,002
2,939,782,569
1,101,094,661
2,772,966,465
1,070,283,624
2,781,323,560
1,078,277,826
2,789,201,620
1,088,410,780
2,806,864,374
1,101,061,860
2,876,368,696
1,141,645,477
3,008,241,683
1,144,589,329
3,078,989,298
1,174,343,696
3,094,362,699
1,223,042,999
3,092, 666,641
1,237,863,268
3,080, 450,734
1,246,522,046
3,086,294,101
1,263,684,460
3,036,182,289
1,240,376,973
3,038,015,488 .
1,248,255,324
3,045,962,647
1,268,964,571
3,077, 406,908
1,281,736,832
3,078,299,361
1,281,1511,706

227

TREASURER.

M o . 2 9 . — A S S E T S OP T H E T R E A S U R Y OTHER THAN GOLD, SILVER, N O T E S , AND C E R TIFICATES AT T H E E N D OP EACH MONTH, FROM J A N U A R Y , 1902.

Month.

1902—January
February..,
March, i
April
,
May
,
June
,
July
..,
August
September.*.
October
November..
December..
1903—January
February...
March
April
May
June
July
August
September..
October:.-..
November..
December..
1904—January
February...
• March
April.......
May
June
July........
August
September..
October
November..
December.,
1905—January
February*..
March
April..
May..'.
.
June
July.......:
August
September..
October
November..
December..
1906—January....
February.'..
March......
April
May
....
June
July
August
September..
October
November..
December .
1907—January
February...
March......
April
May
June
July
August
September..
October
November..
December...
1908—January
February...
March
April . . . * . . .
May
June........
July
August
September..

Fractional
Minor coin. currency.

$770,682
769,603
962,315
871,876
1,086,257
919,404
810,005
1,010,576
701,446
738,378
637,667
686,783
785,660
768,751
960,342
813,250
619,756
894,800
811,582
681,149
406,643
0.480,614
464,573
450,940
698,843
796,872
918,729
872,480
811,692
765,791,
732,260
665,318
596,892
631,235
694,817
636,709
807,961
858,863
1,018,504
912,228
809,158
926,164
787,987
621,910
602,146
534,560
248,495
471,820
696,215
754,470
855,028
760,142
578,825
1,359,586
1,243,896
967,924
672,132
967,506
495,6C8
601,133
1,065,121.
1,063,125
893,730
2,022,713
1,834,313
1,642,938
1,424,650
1,183,838
884,615
1,500,150
1,133,863
1,159,206
1,665,027
1,995,907
2,826,075
2,771,583
2,869,089
3,164,307
3,077,284
3,096,834
2,896,359




Deposits inj
Deposits treasury of Bonds and
interest
in national Philippine
paid.
Islands.
banks.

• $116 $112,578,621
71 113,433,947
155 118,041,310
161 120,396,714
96 124,882,004
. 147 123,983,068
144 126,152,991
161 125,382,170
141 133,932,197
195 146,885,013
98 148,911,318
183 150,216,599
154 150,098,226
202 150,552,651
182 150,150,489
226 150,389,772 $3,588,431
3,876,460
202 150,657,146
4,122,463
941 147,842,611
4,019,978
116 151,662,296
3,422,901
298 152,317,777
3,609,367
84 161,778,286
4,670,205
156 167,329,841
4,908,445
115 168,047,061
5,712,601
61 166,446,738
5,777,747
118 166,595,774
5,522,362
- 156 162,505,618
6,162,946
178 162,058,363
5,971,496
209 162,729,008
114,633,127
5,119,272
204
6,146,607
200 110,726,253
7,316,937
128 112,642,766
6,452,880
195 112,841,419
6,824,703'
172 112,303,505
5,794,510
100 114,658,482
5,211,669
187 112,041,489
4,699,741
95 111,550,855
6,538,431
142 102,407,259
4,735,870
187 102,428,349
89,395,018
4,926,371
173
88,257,004
4,368,929
72
78,457,793
3,739,480
119
73,757,357
2,824,469
99
65,715,119
3,972,622
150
64,059,172
4,489,951
524
64,618,584
3,935,870
88
65,726,312
4,122,039
151
4,820,624
88 . 65,607,937
64,764,367
5,195,977
144
64,343,644
5,148,603
74
65,333,465
5,064,704
137
76,350,723
4,921,755
103
3,713,519
152 102,918,772
92,534,755
4,318,437
126
90,443,924
3,449,265
154
84,480,056
5,177,552
195
106,355,219
4,898,673
128
134,619,383
5,314,735
158
4,730,064
191 148,975,346
145,559,439
5,003,377
137
4,398,584
154 168,753,158
4,200,305
. 8 160,654,952
5
3,422,651
73 150,486,236
3,887,713
159 165,235,680
3,799,552
80 178,691,078
4,112,786
150 183,810,572
2,984,102
57 178,741,438
156,990,205 -. 4,253,678
91
157,102,219
4,731,183
147 170,512,212
5,593,866
65 220,270,625
5,064^571
92
236,548^321
107 266,920,155, 3,939,200
4,353,145
172 238,190,042
4,004,169
75 230,615,443
2,996,970
129 202,662,622
4,064,367
47 200,713,219
3,366,421°
117 164,912,412
2,451,942
85 160,357,000
141 130,660,745 yl,971,066
5,448,751
75
128,907,343
6,455,226
125 129,925,200
4,687,105
92

$35,737
30,402
13,325
47,977
44,865
16,565
216,283
40,082
178,192
289,120
47,121
16,413
45,235
41,477
28,199
64,488
58,428
46,120
73,177
28,200
1,116,969
95,249
48,535
54,175
232,740
24,113
28,383
82,267
38,907
58,153
63,100
^ 17,357
37,919
26,801
26,830
37,412
41,474
31,839
17,788
50,721
22,663
67,261
34,972
31,148
36,998
36,239
43,131
156,234
121,499
. 26,907
31,265
43,613
217,095
63,238
24,468
34,740
29,247
27,759
22,452
346,897
13,319
39,790
696,606
26,454
40,690
60,383
617,924
106,062
59,216
49,155
56,113
57,051
15,637
32,014
11,764
22,738
37,736
33,221
21,707
17,174
9,766

Total.

$113,385,166
114,234,023
119,017,105
121,316,728
126,013,222
124,919,184
127,179,423
126,432,989
134,811,976
147,912,706
149,596,204
160,919,978
160,929,275
151,363,081
151,139,212
154,856,167
155,111,992
152,906,935
156,567,149
166,450,325
166,911,349
172,576,065
173,458,729
172,664,615
173,305,222
168,849,021
168,168,589
169,656,460
120,503,202
117,687,004
120,7.55,181
119,967,169
118,763,191
121,011,128
117,974,992
116,924,817
108,796,262
107,755,105
95,356,864
93,588,954
83,029,103
77,575,340
70,510,860
69,202,705
69,193,686
70,419,301
70,720,275
70,588,542
70,310,035
71,179,683 .
82,158,874
107,436,198
97,649,238
95,306,167
90,926,167
112,256,684
140,635,655
I M , 700,866
151,081,013
164,099,926
165,933,765
155,002,775
170,613,888
184,539,877
189,798,611
183,428,918
163,186,548
163,122,439
177,049,965
226,884,593
241,677,604
262,489,729
243,874,850
235,540,463
209,564,875
206,874,078
170,271,264
165,525,735
139,208,562
138,476,702
137,518,522

228
Mo.

REPORT ON T H E FINANCES.
30.—^ASSETS OF THE T R E A S U R Y AT THE E N D
ARY, 1902.

Month.

Gold.

Silver.

Notes.

OP EACH MONTH, FROM J A N U -

Certificates.

Other.

1902—January
$546,545,240 $508,147,090 $24,096,800 $28,294,770 $113,385,156
544,676,908
610,345,365
22,320,517
31,176,094
114,234,022
February
543,346,029
511,969,472
19,2l'0,286
42,765,518
119,017,106
March
546,219,775
513,594,366
17,645,047
45,166,096
121,316,729
April
552,697,262
514,490,857
17,817,766
46,786,804
126,013,222
May
124,919,184
23,782,092
660,200,300
47,652, 418
515,982,981
June
22,316,981
127,179,423
562,769,024
515,221,642
50,992,528
July
20,342,804
126,432,989
571,302,633
512,792,127
69,173,127
August
18,455, 479
66,109,557
134,811,976
September... 590,606,825 506,545,711
606,299,127
.503,331, 476
16,558,508
28,693,937
147,912,706
October
16,330,979
34,925,705
149,696,204
November... 610,919,798 601,834,031
617,196,083
501,139,537
19,293,985
42,531,618
150,919,978
December—
623,818,560
605,839,398
28,130,318
31,026,656
160,929,276
1903—January
632,783,826
507,317,607
20,406,410
32,206,442
151,363,081
February
639,740,802
668,281,228
12,220,566
43,993,517
161,139,212
March
644,171,119
510, 402,500
14,677,633
33,755,764
154,866,167
April
637,463,115
510,796,160
18,070,023
36,908,649
166,111,992
" ^ " ' j
May
26,272,742
631,420,789
41,834,297
152,906,935
512,665,861
June
July
512,796,403
634,869,278
647,357,790
511,418,978
August
S e p t e m b e r . . . 654,811,716
506,929,894
October
660,638,606
602,306,042
N o v e m b e r . . . 671,082,644
499,632,256
December
686,651,991
498,303,362
1904—January
698,935,700
604,814,015
February
698,448,007
608,684,869
March
697,879,260
510, 483,639
April
695,825,159
512,696,991
668,226,320
514,160,262
May
681,838,822
516, 492, 465
June
516, 466,172
698,309,760
July
703,231,753
514,781,635
August
S e p t e m b e r . . . 709,611,105
508, 460,654
October
721,253,988
503,983,106
N o v e m b e r . . . 703,915,084
501,816,347
Deceraber
696, 404,007
601,656,425
1905—January
691,678,950
507, 736, 446
February
686,414,000
610,662,138
March
693,64^,00.0
611,729,263
April
699,473,948
612,182,600
May
701,083,920
511,924,263
706,592,399
611,328,599
June
717,810,763
511,009,090
July
726,800,766
507,667,191
August
S e p t e m b e r . . . 734,927^793
601,680,743
October
753,041,518
497,363,820
N o v e m b e r . . . 762,737,060
494,442,350
December
766,775,099
492,697,317
1906—January
768,426,516
498,627,618
February
768,151,387
600,349,995
M a r c h . . . i . . . 774,208,903
495, 464,022
April
760,926,166
496,736,567
May
783, 494, 496
498,330,114
807,051,690
499,225,914
June.
July
819,626,833
498, 472,295
831,324,335
496,199, 436
August
S e p t e m b e r . . . 855,572, 704
492,392, 426
October
878,932,370
489,560,051
N o v e i n b e r . . . 890,924,490
488,839,063
December
894,394,821
487,427,725
1907—January
902,576,266
493,765,992
February
912,076,615
495,054,708
March
920,934,471
495,179,853
April
926,412,272
496,681,764
923,4.56,633
497,994,644
May
904,691,730
499,254,430
June
908,132,013
July
500,103,061
912,206,334
498,996,139
August
S e p t e m b e r . . . 921,013,121
494,973,464
October
916,283,769
489,400,842
N o v e m b e r . . . 921,136,767
483,598,056
December
965,957,320
484,643,673
1908—January
987,104,459 • 493^825,528
February
1,002,044,417
502,731,606
March
1,012,832,909' 609,170,570
AprU
1, Oil, 098,496
613,743,865
997,383,172
618,061,532
May
1,004,888,682
521,205,020
June
July...:
1,014,511,613
623,038,379
1,021,568,685
August
522,729,618
S e p t e m b e r . . . 1,027,726,268
520,312,041




27,522,860
30,626,239
26,985,876
16,685,663
10,575,446
15, 495,554
27,730,669
23, 473,789
15, 447,066
19,753,316
23,732,793
29,204,793
32,609,031
32,549,697.
23,914,080
16,650,790
16,399,452
20,109,213
33,209,851
30,215,186
26,808,362
27,905,618
28,398,159
30,092,258
32,513,177
33,306,093
20, 474,163
18,795,143
15,616,229
17,214,913
27,756,713
24,238,961
22,772,591
21, 461,979
25,024,263
23,900,698
23,222,135
18,625,555
13,599,960
10,831,960
13,353,063
15,893,718
26,086,414
21,356,406.
15,333,241
16,231,307
15,502,385
18,969,991
22,463,178
21,323,768
23,273,608
IS, 294,537
9,330,071
12,511,769
37,918,321
40,593,366
53,763,624
60,229,515
72,502,161
73,988,401
70,431,177
60,070,980
45,336,030

34,438,538
28,686,566
32,582,994
38,960,531
44,208,858
32,506,660
26,701, 432
23,537,788
26,344,221
35,986,716
46,846,114
38,312,772
30,689,930
30,426,350
48,161,964
47,036,378
66,414,066
67,030,063
49,600,564
46,486,261
61,754,074
38,666,237
42,539,867
42,979,512
32,606,139
38,263,689
53, 495,683
49,172,754
53,637,372
68,168,365
39,690,006
55,038,587
69,634,565
66,066,010
48,772, 494
49,460,966
41,616,802
57,872,989
44,106,630
47,608,001
62,172,167
67,168,645
47,711,991
51,993,981
46,729,357
48,285,867
55,889,208
83,918,345
90,721,043
94,539,089
93,561,009
78,519,392
74,316,540
64,078,173
51,876,870
49,237,601
40,536,823
47,104,409
69,407,896
49,018,645
43,848,298
43,596,037
48,742,163

166,667,149
-156, 450,325
166,911,349
172,676,066
173,458,729
172,664,615
173,305,222
168,849,021
168,168,590
169,656,400
120,503,202
117,687,004
120,755,181
119,967,109
118,763,191
121,011,128
117,974,992
116,924,812
108,796,267
107,755,105
95,356,854
93,588,964
83,029,103
77,575,340
70,510,850
69,202,705
69,193,686
70,419,301
70,720,275
70,688,642
70,310,035
71,179,683
82,158,874
107, 436,198
97,649,239
95,306,167
90,926,167
112,256,684
140,635,665
154,700,865
151,081,013
164,099,925
165,933,755
155,002,775
170,613,888
184,539,877
189,798,511
183,428,918
163,186,548
163,122,439
177,049,965
226,884,593
241,677,604
262, 489,729
243,874,850
235,540,463
209,564,875
206,874,078
170,271,^264
165,525,736
139,208,562
138,476,702
137,518,522

Total.
$1,220,468,056
1,222,652,906
1,236,308,409
1,243,942,003
1,267,806,911
1,272,636,976
1,278,479,698
1,290,043,680
1,315,429,648
1,302,696,763
1,313,606,717
1,331,081,201
1,339,744,207
1,344,077,366
1,355,375,325
1,357,763,183
1,357,349,939
1,366,100,624
1,366,194,228
1,374,638,898
1,387,221,829
1,391,066,907
1,398,957,933
1,405,621,982
1,431,486,928
1,422,993,464
1, 417,322,776
1,433,916,642
1,373,468,691
1,382,536,846
1,398,829,074
1,400,966,604
1,408,910,984
1,409,936,390
1,406,519,931
1,402,124.610
l,390,92i;068
1,380, 532,680
1, 379,196,563
1,371,716,257
1,366,976,312
1,368,568,108
1,364, 449,019
1,375,240, 444
1,385,672,058
1,388, 792,536
1,397,152,286
1, 404, 444,236
1,404,710,878
1, 418,958,613
1,434,138,945
1,441,616,920
1,463,270,606
1,474,936,335
1,473, 763,232
1,616,178,999
1,546, 307,376
1,581,633,247
1,606; 369,796
1,628,974,834
1,636,074,418
1,635,484,485
1,648,790,810
1,672,151,087
1,682,641,381
1,690,263,414
1,684,605,843
1,690,187,769
1,709,871,167
1,728,283,123
1,730, 069,038
1,779, 680,664
1,814,600,028
1,830,147,442
1,826, 868,701
1,839,050,363
1,817, 636,025
1,814,626,383
1,791,038,029
1,786,442,022
1,779,635,024

229

TREASUBEB.
M©.

31.--LIABILITIES

OP

Month.

1902—January
February...
March
April, r . . . . .
May
June
,
July
August
September.
October
November..
December..
1903—January
February...
March
,
April...
May
,
June
,
July........
August
September.,
October,...
November.,
December;.
1904—January
February..,
March
April
,
May
June
July..
August
September..
October
Novehiber.,
December..
1905—January
Februiary..
March
April
.,
May
June
July
,
August
Septeinber.
Otcober
Noveniber.
December.,
1906—January
February..
March...;.
April
May
June
July.......
August
September.
October
November.
December..
1907—January
February..,
March
April
May
,
June
July
August
September.
October
November..
December..
1908—January
February...
March
April...
May
June
July.......
August
September.,




THE

T R E A S U R Y AT THE
JANUARY, 1902.
Certificates
and Treasury notes.
344,089
075,089
799,089
202,089
186,089
609,089
965,089
876,089
899,089
316,569
236,569
574,069
871,069
725,069
007,069
425,869
893, 762,869
893, 068,869
257,869
739,869'
902, 700,869
919; 843,869
931 208,869
935; 328,869
967, 532,869
962, 691,869
955, 117,869
979, 999,869
975, 109,869
9783 084,569
1,003, 728,969
1,007, 890,969
1,014, 779,969
1,021 556,969
1,019; 431,969
1,012, 805,969
1,010, 886,969
1,001 134,969
996; 611,969
418,969
529,969
992, 467,969
993, 726,969
1,002, 921,969
1,003, 859,969
1,009, 384,969
1,010, 233,869
1,011 397,869
1,015; 264,869
1,017, 493,869
1,022,
1,030,
1,039: 743, {
1,044 918, J
1,048: 853,,J
1,058 260, {
1,067; 323, {
1,103, 897, {
1,112; 089, {
i, 121 986, {
1,134 700,1
1,124: 460, {
1,130; 146, {
1,154 668,5
1,163: 061, J
1,16O; 189, {
1,174, 889, {
736, {
1,200; 319, i
1,225, 777, {
,1,224; 451,5
1,243 900,5
1,280: 319,5
1,292: 409,5
1,:~'~ 298,5
1,315: 840,5
1,304 854,5
1,302: 255,5
l-,307: 715,5
1,330: 179,5
1,335: 020,5
$816,
816!
822:
830,
832
830,
841
845;
-855,

END

Agency
accoimt.

OP

EACH MONTH, PROM

Balance.

$79,327,321 $324,796,
1,646
81,215,951
325,361,
,866
85,653,031
327,856,
»,289
78,999,931
»,983
334,739,
80,269,593
1,229
345,350,
',361
79,740,525
362,187,
t,599
82,539,910
353,974,
,500
84,676,091
359,491,
1,394
88,277,065 0 371,253,
.,878
85,957,306
356,421,
i,588
89,794,560
354,675,
1,380
90,097,752
364,409,
i,963
84,527,175
368,346,
;,470
84,808,827
374,543,
,989
92,446,267
372,921,
1,187
89,011,127
373,326,
1,898
88,418,172
375,168,
,114
83,346,641
388,886,
,444
93,644,916
378,291,
1,710
94,348,319
383,450,
,184
95,103,776
389,417,
,403
92,585,635
378,637,
,430
98,611,634
369,237,
1,895
90,918,218
379,374,
i,084
85,208,975
378,745,
i,506
87,233,089
373,068,
1,996
87,504,911
374,699,
1,188
82,997,586
370,919,
',516
85,071,306
313,287,
.,568
322,051,
82,399,709
,579
91,018,526
304,081,
;,365
95,090,270
297,976,
,163
92,716,852
301,414,
:,797
92,025,624
296,352,
t,658
93,743,304 . 293,344,
!,689
92,725,852
296,592,
i,796
89,408,303
290,625,
,839
88,715,872
29.0,681,
,624
90,762,960
291,821,
;,681
88,978,607
284,318,
,378
90,303,965
281,141,
,492
80,622,647
295,477,
,731
90,856,319
279,865,
',345
94,721,130
277,597,
;,693
94,988,396
286,823,
;,289
97,592,278
281,815,
1,840
101,607,577
285,310,
),373
103,265,994
289,780,
;,083
95,560,926
293,885,
!,086
98,746,658
302,718,
»,322
102,009,754
309,859,
1,224
103,492,827
307,126,
i,376
103,141,361
310,385,
1,355
99,327,111
330,689,
1,942
104,945,421
319,963,
1,875
107,231,255
350,686,
;,096
107,770,410
371,213,
1,810
104,434,568
373,300,
1,287
112,809,640
381,470,
',076
117,990,889
388,997,
;,207
106,665,342
394,708,
,'664
110,868,962
400,154,
;,003
115,775,938
402,868,
;,343
116,093,875
401,388,
1,665
111,949,847
407,629,
,445
108,012,100
422,061,
121,141,786
388,574,
114,790,492
386,660,
119,999,984
,314
389,561,
115,278,235
',019
387,227,
105,056,156
,013
400,551,
116,259,804
1,991
419,519,
',301
117,862,858
416,417,
i,804
118,891,769
418,845,
120,961,641
,191
412,608,
,988
121,612,506
401,596,
1,256
121,847,900
390,933,
,348
117,199,166
395,171,
,173
129,693,987
353,628,
,139
116,372,014
339,890,
1,573
115,661,582. 329,052,

Total.

$1,220, 468,056
1,222,652,906
1,236,308,409
1,243,942,003
1,257,805,911
1,272,636,975
1,278,479,598
1,290,043,680
1,316,429,548
1,302,695,753
1,313,606,717
1,331,081,201
1,339,774,207
1,344,077,366
1,356,375,325
1,357,763,183
1,357,349,939
1,365,100,624
1,366,194,228
1,374,538,898
1,387,221,829
1,391,066,907
1 "'" 957,933
i;405,621,982
1,431,486,928
1,422,993,464
1,417,322,776
1,433,916,642
1,373,468,691
535,846
1, , 829,074
1,400,956,604
1,408,910,984
1,409,935,390
1,406,519,931
1,402,124,510
1,390,921,068
1,380,532,680
1,379, 196,553
1,371,716,267
975,312
, 1,366,
1,368,568,108
1,364,449,019
1,375,240,444
1,386,672,058
1 " " 792,536
152,286
1
i;404; 444,236
1,404,710,878
1,418,958,613
1,434,138,945,
1,441,615,920
1,463,270,606
1,474,935,335
1,473,763,232
1,616 178,999
1,546 307,376
l,68i; 633,247
1,606,369,796
1,628,974,834
1,636,074,418
1,635,484,486
1,648, 790,810
1,672, 151,087
1,682, 641,381
1,690, 263,414
1,684, 605,843
1,690, 187,769
1,709,871,167
'1,728,283,123
1,730,059,038
,680,664
1,779,
,600,028
1,814,
1,830,147,442
1,825,868,701
1,839,050,363
1,817,636,025i
1,814,626,383
,038,029
1,791,
1,786, 442,022
1,779,635,024

230

REPORT ON T H E FINANCES.

M o . 32.—^UNITED STATES N O T E S OF EACH DENOMINATION I S S U E D , R E D E E M E D , AND
OUTSTANDING AT THE CLOSE OP EACH FISCAL Y E A R PROM 1902.

Denomination.

Redeemed"
during year.

Total redeemed. Outstanding.

$188,364,160
186,763,048
692,821,760
756,331,240
622,762,400
146,216,200
189,904,000
216,276,000
411,628,000
20,000,000
40,000,000

$63,750.00
114,290.00
21,234,140.00
42,783,460.00
16,971,970:00
2,767,460.00
4,725,200.00
3,531,750.00
10,338,000.00

$186,378,117.80
185,202,694.20
662,662,718.00
662,871,919.00
4f;8,263,118.00
, 136,617,075.00
171,976,650.00
207,017,600.00
382,415,000.00
19,990,000.00
39,990,000.00

$1,986,042.20
1,560,353.80
30,159,042.00
193,469,321.00
64,499,282.00
9,598,126.00
17,927,360.00
9,258,500.00
29,213,000.00
10,000.00
10,000.00

101,520,000

3,271,006,808

101,620,000.00

2,923,384,792.00
1,000,000.00

347,681,016.00
1,000,000.00

loi,52O,O0O

3,271,065,808

101,620,000.00

2,924,384,792.00

346,681,016.00

188,364,160
186,763,048
592,821,760
865,931,240
622,762,400
146,215,200
189,904,000
216,276,000
411,628,000
20,000,000
40,000,000

37,188.00
64,990.00
11,945,017.00
69,557,690.00
13,816,840.00
2,911,826.00
5,354,450.00
1.657,000.00
4,366,000.00

186,416,306.80
185,257,684.20
574,607,735.00
632,429,609.00
482,079,958.00
139,528,900.00
177,331,100.00
208,574,500.00
386,780,000.00
19,990,000.00
39,990,000.00

1,948,854.20
1,605,363.80
18,214,025.00
233,501,631.00
40,682,442.00
6,686,300.00
12,572,900.00
7,701,500.00
24,848,000.00
10,000.00
10,000.00

109,600,000

3,380,665,808

109,600,000.00

3,032,984,792.00
1,000,000.00

347,681,016.00
1,000,000 00

109,600,000

3,380,665,808

109,600,000.-00

3,033,984,792.00

346,681,016.00

108,440,000
5,920,000
800,000
1,810.000
3,000,000
2,710,000

188,364,160
180,763,048
592,821,700
974,371,240
528,682,400
147,015,200
191,714,000
219,276,000
414,338,000
20,000.000
40,000,000

27,510.00
35,280.00
6,349,066.00
96,601,620.00
10,775,600.00
1,687.225.00
3,421,300.00
1,007,500.00
2,876,000.00

186,442,816.80
186,292,964.20
580,966,800.00
728,931,229.00
492,855,458.00
141,216,126.00
180,752,400.00
209,582,000.00
389,656,000.00
19,990,000.00
39,990,000.00

1,921,344.20
1,470 083 80
11,864,960.00
245,440 Oil 00
36,826,942.00
6,799,076.00
10,961,600.00
9,694,000.00
24,683,000.00
10,000.00
10,000.00

122,680,000

3,503,346,808

122,680,000.00

3,165,664,792.00
1,000,000.00

347,681,016.00
1,000,000.00

122,680,000

3,503,345,808

122,680,000.00

3,156,664,792.00

346,681,016.00

188,364,160
186,763,048
692,821,760
1,100,691,240
528,682,400
147,015,200
191,714,000
219,276,000
414,548,000
20,000,000
40,000,000

• 22,328.00
23,102,00
3,215,860.00
107,412,180.00
9,021,930.00
1,116,750.00
2,200,850.00
1,233,000.00
2,284,000.00

186,465,143.80
.186,316,066.20
584,172,660.00
836,343,409.00
501,877,388.00
142,332,875.00
182,953,260.00
210,816,000.00
391,939,000.00
19,990,000.00
39,990,000.00

1,899,016.20
1,446,981.80
8,649,100.00
264,347,831.00
26,806,012.00
4,682,326.00
8,760,760.00
8,461,000.00
22,609,000.00
10,000.00
10,000.00

126,530,000

3,629,875,808

126,530,000.00

3,282,194,792.00
1,000,000.00

347,681,016.00
1,000,000.00

126,530,000

3,029,875,808

126,630,000.00

3,283,194,792.00

346,681,016.00

107,840,000

188,364,160
186,763,048
592,821,760
1,208,531,240
528,682,400
147,016,200
191,714,000

13,093.00
13,962.00
1,706,195.00
95,839,150:00
5,519,660.00
760,150.00
1,500,900.00

186,478,236.80
185,330,018.20
585,878,865.00
932,182,559.00
507,396,948.00
143,093,025.00
184,454,160.00

1,886,923.20
1,433,029.80
6,942,906.00
276,348,681.00
21,285,452.00
3,922,176.00
7,259,860.00

Issued dur- Total issued.
ing year.

1902.
One dollar
Two dohars
Five doUars
$101,120,000
Ten dohars
Twenty dollars
Ilfty dollars
One hundred dollars
Five hundred dollars... 0 400,000
One thousand dollars
Five thousand dollars..
Ten thousand dollars
Total
Unknown, destroyed
Net
1903.
One dollar
Two dollars
Five doUars
Ten doUars
Twenty doUars
Fifty doUars
"
One hundred dollars
Five hundred doUars..
One thousand dollars...
Five thousand dollars
Ten thousand doUars...
Total
Unknown, destroyed . . .
Net
1904.
One dollar
Two dollars.. . .
Five doUars
Ten doUars.
Twenty dollars
Fifty dollars..
One hundred doUars
Five hundred doUars...
One thousand doUars...
Five thousand dollars
Ten thousand doUars...
Total
Unknown, destroyed . . .
Net
1906.
One dollar
Two dollars
Five doUars
Ten dollars
Twenty doUars
Fifty dollars
One hundred doUars
Five hundred dollars.
One thousand doUars...
Five thousand doUars
Ten thousand dollars...
Total
Unknown, destroyed . .
Net
1906.
One doUar . .
Two dollars
Five doUars.
Ten dollars
Twenty dollars
Fifty doUars...
One hundred dollars




109,000,000

126,320,000

210,000

231

TREASURER.

M o . 3 2 . — U N I T E D STATES N O T E S OP EACH DENOMINATION I S S U E D , R E D E E M E D , AND
OUTSTANDING AT THE CLOSE OP EACH FISCAL Y E A R PROM 1902—Continued.

Denomination.

Issued during year.

1906—Contmued,
Five hundred dollars....
One thousand dollars.
Five thousand doUars
Ten thousand doUars...

Total issued.

$219,276,000
414,548,000
20,000,000
40,000,000

Redeemed
during year.

$717,000.00
1,770,000.00

Total redeemed. Outstanding.

$211,632,000.00
393,709,000.00
19,990,000.00
39,990,000.00

$7,744,000.00
20,839,000.00
10,000.00
10,000.00

Total
$107,840,000
Unknown, destroyed.:..

3,737,716,808

107,840,000.00 1 3,390,034,792.00
1,000,000.00

347,681,016.00
1,000,000.00

107,840,000

3,737,716,808

107,840,000.00

3,391,034,792.00

346,681,016.00

188,364,160
186,763,048
593,521,760
1,312,851,240
528,682,400
147,015,200
191,714,000
219,276,000
414,548,000
20,000,000
40,000,000

10,635.00
11,660.00
1,022,790.00
96,910,975.00
3,719,190.00
480,260.00
1,035,600.00
630,000.00
1,199,000.00

106,020,000

3,842,736,808

105,020,000.00

3,495,064,792.00
1,000,000.00

347,681,016.00
1,000,000.00

105,020,000

3,842,735,808

106,020,000.00

3,496,054,792.00

346,681,016 00

188,364,160
186,763,048
671,741,760
1,335,331,240
531,562,400
147,015,200
193,914,000
219,626,000
432,028,000
20,000,000
40,000,000

14,046.00
13,344.00
9,523,660.00
102,919,770.00
3,275,240.00
466,160.00
1,108,800.00
1,860,000.00
4,419,000.00
10,000.00

186,602,817.80
185,355,022.20
596,425,295.00
1,132,013,30400
514,391,378.00
144,039,425.00
186,598,560.00
214,022,000.00
399,327,000.00
20,000,000.00
39,990,000.00

1,861,342.20
1,408,025.80
75,316,465.00
203,317,936.00
17,171,022.00
2,975,775.00
7,315,450.00
5,604,000.00
32,701,000.00

123,610,000

3,966,346,808

123,610,000.00

3,618,664,792.00
1,000,000.00

347,681,016.00
1,000,000.00

123,610,000

3,966,345,808

123,610,000.00

3,619,664,792.00

346,681,016.00

Net
1907.
One dollar. . . ;
Two doUars
Five dollars
.. . .
Ten doUars
Twenty doUars
Fifty doUars
One hundred doUars
Five hundred doUars
One thousand doUars...
Five thousand doUars
Ten thousand doUars....
Total
Unknown, destroyed . •
Net

700,000
104,320,000

1908.

One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred doUars
One thousand dollars
Five thousand dollars .
Ten thousand dollars
Total
Unknown, destroyed
Net

78,220,000
22,480,000
2,880,000
2,200,000
360,000
17,480,000




1,876,388.20
186,488,771.80
1,421,369 80
185,341,678.20
6,620,116.00
586,901,645.00
1,029,093,634 00 283,757,706.00
511,116,138.00 17,566,262.00
3,441,925.00
143,573,275.00
6,224,260.00
185,489,750.00
7,114,000.00
212,162,000.00
19,640,000.00
394,908,000.00
10,000.00
19,990,000.00
10,000.00
39,990,000.00

10,000.00

232

REPORT ON T H E FINANCES.

Mo. 33.—^TREASURY N O T E S OP 1890 OP EACH DENOMINATION I S S U E D , R E D E E M E D ,
AND OUTSTANDING AT THE CLOSE OP EACH FISCAL Y E A R FROM 1902.
Issued dur- Total issued. Redeemed
during year.
ing year.

Denomination.
1902.
One dollar
Two dollars
^
Five doUars
Ten dollars
Twenty doUars
Fifty doUars
One hundred dollars
One thousand doUars

$64,704,000
49,808,000
120,740,000
104,680,000
. • 35,760,000
1,175,000
18,000,000
52,568,000

Total
redeemed.

OutstRDding.

$1,066,166
1,069,899
7,379,225
6,266,040
1,599,920
19,350
185,400
217,000

$63,584,677
48,854,343
Ul, 582,150
91,996,200
31,122,430
1,104,900
17,250,300
51,940,000

$1,119,323
963,657
9,157,860
12,683,800
4,637,570
70,100
749,700
628,000

17,783,000

417,435,000

30,000,000

•64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
52,568,000

348,539
340,901
4,122,540
4,369,010
1,326,760
12,860
139,400
107,000

63,933,216
49,196,244
116,704,690
96,365,210
32,449,190
1,117,750
17,389,700
52,047,000

770,784
612,756
6,036,310
8,324,790
3,310,810
67,260
610,300
621,000

447,436,000

10,757,000

428,192,000

19,243,000

64,704,000
49,808,000
120,740,000
104,680,000
36,760,000
1,175,000
18,000,000
62,568,000

143,692
135,338
1,978,730
2,870,470
924,220
11,260
112,300
89,000

64,076,908
49,330,582
117,683,420
99,225,680
33,373,410
1,129,000
17,502,000
52,136,000

627,092
477,418
3,056,580
6,454,320
2,386,590
46,000
498,000
432,000

447,436,000

6,265,000

434,457,000

12,978,000

64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,176,000
18,000,000
62,568,000

79,338
72,977
933,865
1.718,080
632,240
7,500
72,000
49,000

64,166,246
49,403,659
118,617,285
100,943,760
34,005,650
1,136,500
17,574,000
52,185,000

547,754
404,441
2,122,715
3,736,240
1,754,360
38,500
426,000
383,000

447,435,000

3,665,000

438,022,000

9,413,000

64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
62,668,000

51,670
47,935
464,015
944,030
390,100
6,750
64,600
68,000

64,207,916
49,451,494
119,081,300
101,887,790
34,395,760
1,143,260
17,638,500
62,243,000

496,084
366,506
1,658,700
2,792,210
1,364,260
31,760
361,500
325,000

447,435,000

2,027,000

440,049,000

7,386,000

64,704,000
49,808,000
120,740,000
104,680,000
36,760,000
1,176,000
18,000,000
52,668,000

33,097
32,208
303,515
601,800
266,180
6,100
49,100
107,000

64,241,013
49,483,702
119,384,816
102,489,590
34,661,930
1,148,350
17,687,600
52,350,000

. 462,987
324,298
1,365,185
2,190,410
1,098,070
26,650
312,400
218,000

447,435,000

1,398,000

441,447,000

5,988,000

64,704,000
49,808,000
120,740,000
104,680,000
36,760,000
1,175,000
18,000,000
52,568,000

28,606
26,154
210,790
432,360
202,900
4,100
43,100
58,000

64,269,619
49,609,856
119,595,606
102,921,940
34,864,830
1,152,450
17,730,700
52,408,000

434,381
298,144
1,144,395
1,758,060
895,170
22,550
269,300
160,000

447,435,000

1,006,000

442,453,000

4,982,000

447,436,000 .

Total
1903.
One doUar . . .
Two doUars
Five doUars .:
Ten dollars
Twenty doUars
Fifty doUars
One hundred dollars
One thousand doUars
Total
1904.
One doUar
Two doUars
Five doUars
Ten doUars
Twenty doUars
FiftydoUars..
One hundred doUars
One thousand doUars
Total

.

1905.

One dollar
Two doUars
Five doUars
Ten doUars
Twenty dollars
Fifty doUars.
One hundred doUars
Ohe thousand dollars
Total..
1906.

One doUar
Two doUars
Five doUars
Ten doUars
Twenty doUars
Fifty doUars
One hundred doUars .
One thousand dollars
Total
1907.

One doUar .
Two dollars
Five doUars
Ten doUars
Twenty doUars
Fifty doUars
One hundred doUars
One thousand doUars.
Total
1908.

One dollar
.
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars.
One hundred dollars
One thousand dollars
Total....:




. . .

233

TREASURER.

M o . 3 4 e — G O L D CERTIFICATES OP EACH DENOMINATION I S S U E D , R E D E E M E D , AND
OUTSTANDING AT THE CLOSE OP BACH FISCAL Y E A R FROM

Denomination.
1902.
Twenty dollars
F i ft ydol l ars. . . .
One hundred doUars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars.
Ten thousand doUars..

Issued dur- Total issued. Redeemed
during year.
ing year.

1902.

Total
redeemed.

Outstanding.

1905.
Twenty doUars
Fiftydollars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars.
Ten thousand dollars..
Total.
1906.
Twenty dollars
Fiftydollars
One hundred doUars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars.
Ten thousand dollars..
Total.

72,255,600

1,621,232,211 346,582,089

69,620,000
14,200,000
19,200,000
3,500,000
11,300,000
50,710,000

236,240,000
66,400,000
102,234,300
79,744,000
236,881,000
603,035,000
811,710,000

28,376,620
6,393,400
7,705,200
3,149,000
6,044,000
1,575,000
52,660,000

2,136,244,300

105,902,220

56,640,000
10,600,000.
19,200,000
5,400,000
18,500,000
23,000,000
81,430,000

292,880,000
77,000,000
121,434,300
, 85,144,000
255,381,000
626,035,000
893,140,000

43,391,200
9,078,300
11,570,300
3,422,500
8,447,000
2,010,000
51,670,000

2,351,014,300

129,589,300

54^240,000
16,400,000
23,200,000
2,800,000
8,300,000
7,260,000
82,520,000

347,120,000
93,400,000
144,634,300
87,944,000
263,681,000
633,285,000
975,660,000

49,713,400
9,693,250
13,134,950
3,431,000
8,318,000
2,010,000
85,120,000

172,672,836
52,115,645
83,474,450
73,502,000
206,249,500
578,630,000
861,500,000

174,447,164
41,284,465
61,159,850
14,442,000
67,431,500
64,665,000
114,160,000

2,645,724,300

171,420,600

2,028,144,331

617,679,969

66,000,000
12,200,000
16,800,000
4,900,000
11,200,000
5,750,000
83,980,000

413,120,000
105,600,000
161,434,300
92,844,000
274,881,000
639,035,000
1,059,640,000

42,315,000
10,086,600
14,363,500
3,603,000
8,947,000
2,045,000
77,270,000

200,830,000

Total.

1,967,814,300

194,710,000

1904.
Twenty dollars
Fiftydollars
One hundred dollars...
Five hundred dollars,.
One thousand dollars..
Five thousand dollars.
Ten thousand doUars..

$51,192,616 $115,627,384
26,960,695
26,249,405
51,064,000
31,970,300
63,499,500
12,744,500
183,440,500
42,140,500
573,035,000
30,000,000
672,050,000
88,950,000

214,770,000

Total.

$15,704,800
4,127,900
4,992,900
2,057,000
3,093,000
740,000
41,540,000

168,430,000

1903.
Twenty dollars
FiftydoUars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars.,
Ten thousand doUars..

$166,720,000
52,200,000
83,034,300
76,244,000
225,581,000
603,035,000
761,000,000

129,880,000

Total.

$47,840,000
8,800,000
12,400,000
4,300,000
11,800,000
2,000,000
42,740,000

2,746,564,300

158,630,100

2,186,774,431

669,779,869

40,000
94,800.000
17,600;000
22,400,000
5,100,000
11,500,000
25,005,000
112,100,000

40,000
607,920,000
123,200,000
183,834,300
97,944,000
286,381,000
664,040,000
1,171,740,000

4,000
42,153,800
10,882,700
14,637,500
3,774,000
9,838,000
2,050,000
86,740,000

4,000
257,141,636
73,084,845
112,476,460
80,879,000
225,034,600
582,725,000
1,025,510,000

36,000
250,778,364
50,116,155
71,358,860
17,066,000
61,346,600
81,316,000
146,230,000

288,545,000

3,035,099,300

170,080,000

2,356,864,431

678,244,869

lO7r76O,OO0
67,280,000
12,000,000
15,600,000
6,100,000
14,300,000
17,000,000
138,320,000

107,800,000
575,200,000
135,200,000
199,434,300
104,044,000
300,681,000
681,040,000
1,310,060,000

9,618,840
60,820,260
11,447,400
14,144,000
3,640,500
10,195,000
16,165,000
110,790,000

9,622,840
98,177,160
317,961,896 257,238,104
, 84,532,245
60,667,755
126,619,450
72,814,850
19,524,500
84,619,600
66,451,500
236,229,600
82,150,000
698,890,000
1,136,300,000 173,760,000

378,360,000

3,413,459,300

236,821,000

2,593,676,431

79,568,236
33,343,995
58,769,200
66,648,500
189,484,600
574,610,000
724,710,000

156,671,764
33,056,005
43,465,100
13,095,500
47,396,500
28,425,000
87,000,000

1,727,134,431 409,109,869
122,959,436
42,422,296
70,339,600
70,071,000
197,931,600
576,620,000
776,380,000

169,920,564
34,577,705
61,094,800
15,073,000
57,449,600
49,415,000
116,760,000

1,856,723,731 494,290,569

214,987,836 198,132,164
43,397,865
62,202,145
. 97,837,950 63,596,350
15,739,000
77,105,000
59,684,500
215,196,500
58,360,000
580,675,000
938,770,000 120,870,000

1907.
Ten dollars
Twenty dollars
Fifty doUars
One huiidred doUars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars.
Ten thousand dollars..
Total.
1908.
Ten dollars
•
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand doUars.
Ten thousand dollars..
Total.




819,783,869

234
Moi

REPO:RT ON T H E FINANCES.
3 5 . — S I L V E R CERTIFICATES OF EACH DENOMINATION I S S U E D , R E D E E M E D ,
OUTSTANDING AT THE CLOSE OP EACH FISCAL Y E A R PROM 1902.

issued dur- T o t a l issued.
ing year.

Denomination.

Redeemed
during year.

Total
redeemed.

AND

Outstanding.
•

1902.
F n e doUar
O w o doUars
T i v e doUars .
Ten doUars
T w e n t y dollars
FiftydoUars
O n e h u n d r e d doUars
Five h u n d r e d doilars
O n e t h o u s a n d doUars

$59,676,000
31,072,000
141,800,000
: 2,960,000

$351,776,000
198,440,000
758,640,000
563,554,000
289,606,000
67,650,000
81,540,000
16,650,000
32,490,000

$61,337,686.00
27,694,254 00
83,880,680.00
37,377,730.00
12,722,300.00
2,793,650.00
697,300.00
13,500.00
108,000.00

$284,081,805.90
158,562,722.60
526,011,787.50
492,369,889.00
256,403,650.00
61,625,265.00
79,319,380.00
16,580,500.00
32,294,000.00

$67,694,194.10
39,877,277.40
233,628,212.50
71,184,111.00
33,102,360.00
6,024,735.00
2,220,620.00
69,500.00
196,000.00

235,508,000

2,360,246,000

216,525,000.00

1,906,249,000.00

463,997,000.00

76,612,000
38,016,000
167,420,000
1,960,000

427,388,000
236,456,000
916,000,000
665,514,000
289,606,000
67,650,000
81,540,000
16,660,000
32,490,000

64,006,011.00
33,303,089.00
127,023,145.00
26,191,330.00
9,655,200.00
1,723,625.00
427,600.00
12,000.00
67,000.00

348,087,816.90
191,865,811.60
652,034,932.60
518,561,219.00
265,968,850.00
63,348,890.00
79,746,980.00
16,592,600.00
32, .361,000.00

79,300,183.10
44,590,188.40
264,025,067.50
46,952,781.00
23,547^50.00
4,301,110.00
1,793,020.00
67,600.00
139,000.00

273,008,000

2,633,254,000

262,299,000.00

2,168,548,000.00

464,706,000.00

81,320,000
41,016,000
178,080,000
9,000,000
1,360,000
1,800,000

608,708,000
277,472,000
1,094,140,000
574,614,000
290,866,000
69,460,000
81,640,000
16,660,000
32,490,000

79,913,407.00
40,414,738.00
160,263,176.00
17,851,850.00
6,876,530.00
1,125,300.00
320,000.00
10,000.00
31,000.00

428,001,223.90
232,280,549.60
812,298,107.50
636,413,069.00
272,835,380.00
64,474,190.00
80,066,980.00
16,602,500.00
32,382,000.00

80,706,776.10
45,191,450.40
281,841,892.50
38,100,931.00
18,030,620.00
4,975,810.00
1,473,020.00
47,500.00
108,000.00

312,676,000

2,945,830,000

306,806,000.00

2,475,354,000.00

470,476,000.00

95,640,000
45,200,000
175,460,000

86,241,703.00
604,348,000
42,202,062.00
322,672,000
1,269,600,000 172,329,775.00
674,514,000 • 13,739,410.00
290,866,000
5,139,500.00
69,450,000
1,580,150.00
81,640,000
240,400.00
16,660,000
5,000.00
32,490,000
33,000.00

614,242,926.90
274,482,611. 60
984,627,882.50
550,152,479. 00
277,974,880.00
66,054,340.00
80,307,380.00
16,607,500.00
32,415,000.00

90,105,073.10
48,189,388. 40
284,972,117.50
24,361,521.00
12,891,120.00
3,395,660.00
1,232,620.00
42,500.00
76,000.00

316,300,000

3,262,130,000

321,511,000.00

2,796,865,000.00

465,265,000.00

O n e doUar
102,612,000
Two dollars
40,644,000
F i v e doUars
178,100,000
Teri doUars
T w e n t y doUars
F i f t y doUars
O n e h u n d r e d doUars
Five hundred d o l l a r s . . . .
O n e t h o u s a n d doUars

706,860,000
363,216,000
1,447,700,000
574,614,000
290,866,000
69,450,000
81,640,000
16,650,000
32,490,000

91,596,877.00
605,839,803.90
41,561,298.00 • 316,043,909.60
164,148,335.00 1,148,776,217.50
7,610,110.00
557,662,589.00
280,989,360.00
3,014,480.00
66,965,040.00
910,700.00
80,497,580.00
190,200.00
16,611,500.00
4,000.00
32,427,000.00
12,000.00 •

101,020,196.10
47,172,090.40
298,923,782.50
16,851,411.00
9,876,640.00
2,484,960.00
1,042,420.00
38,600.00
63,000.00

321,156,000

3,583,286,000

308,948,000.00

3,105,813,000.00

477,473,000.00

One doUar
101,996,000
48,752>0OO
T w o doUars
153,960,000
Five dollars . .
Ten dollars
Twenty dollars.
F i f t y doUars
One h u n d r e d doUars . .
Five hundred dollars
.
O n e t h o u s a n d doUars

808,856,000
411,968,000
1,601,660,000
674,514,000
290,866,000
69,450,000
81,540,000
16,650,000
32,490,000

94,964,739.00
40,899,996.00
163,279,185.00
4,454,890.00
2,041,090.00
613,100.00
135,000.00
3,000.00
13,000.00

700,804,542.90 108,051,457.10
366,943,906.60
55,024,094 40
1,312,055,402.50 289,604,597.60
12,396,521.00
562,117,479.00
7,835,560.00
283,030,460.00.
1,871,860.00
67,578,140.00'
907,420.00
80,632,580.00
35,500.00
16,614,500.00
60,000.00
32,440,000.00

3,887,994,000

306,404,000.00

3,412,217,000.00

/

Total
1903.

One doUar
T w o doUars
F i v e doUars
T e n doUars
T w e n t y doUars
FiftydoUars .
O n e h u n d r e d doUars
Five hundred dollars..
One t h o u s a n d doUars

.

Total
1904.
One dollar
T w o dollars
F i v e doUars
Ten doUars
T w e n t y dollars
FiftydoUars
One h u n d r e d doUars
F i v e h u n d r e d doUars
One t h o u s a n d dollars
Total
1905.
One d o U a r .
T w o doUars . . .
F i v e doUars
T e n doUars
T w e n t y dollars
F i f t y doUars
One h u n d r e d d o l l a r s
Five h u n d r e d dollars
One t h o u s a n d doUars
Total....

.

1906.

Total
1907.

Total..

..




304,708,000

475,777,000.00

235

TEEASTJEER.

M o . 3 5 . — S I L V E R CERTIFICATES OF EACH DENOMINATION I S S U E D , R E D E E M E D , AND
OUTSTANDING AT THE CLOSE OF EACH FISCAL Y E A R FROM 1902—Continued.

Issued during year.

Denomination.

1908.
O n e dollar
T w o dollars
F i v e dollars
Ten dollars...
T w e n t y dollars
Fifty cfollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars

$106,832,000
46,064,000
125,100,000
8,800,000
8,960,000
6,600,000
. .

Total.

Total issued.

Redeemed
d u r m g year.

$915,688,000 $102,077,663.00
458,032,000
45,044,352.00
1,726,760,000 151,075,316.00
583,314,000
3,001,410.00
299,826,000
2,022,260.00
76,050,000.
430,000.00
81,540,000
120,000.00
16,650,000
• 5,000.00
32,490,000
7,000.00

302,366,000 .4,190,350,000

^303,783,000.00

Total
redeemed.

Outstanding.

$802,882,205.90 $112,805,794.10
56,043,742.40
401,988.257.60
1,463,130,717.50 263,629,282.50
18,195, 111. 00
565,118,889.00
285,052,710.00
14,773,290.00
8,041,860.00
68,008,140.00
787,420.00
80,752,580.00
30,500.00
16,619,600.00
32,447,000.00
43,000.00
3,716,000,000.00

474,350,000.00

M o . 3 6 , — A M O U N T OF U N I T E D STATES N O T E S , T R E A S U R Y N O T E S , GOLD AND SILVER
CERTIFICATES OP EACH DENOMINATION I S S U E D , R E D E E M E D , AND OUTSTANDING AT
THE CLOSE OF EACH FISCAL Y E A R FROM 1902.

Denomination.

Redeemed
Issued durTotal issued.] during year.
ing year.

1902.
One doUar
Two doUars
Five doUars
Ten dollars
Twenty dollars
Fifty doUars
One hundred doUars...
Five hundred dollars...
One thousand dollars..
Five thousand dollars.
Ten thousand dollars..
Total
Unknown, destroyed .

Total
redeemed.

844,160 $52,457,602.00 $534, 044,600. 70
676,000
392, 619,769.80
072,000
436,011,048 28,868,443.00
201,760 112,494,045.00 1,199,266,655.50
800,000 1, 472,
080,000 1,424, 565,240 86,417,220.00 1,147,238,008.00
806, 981,814 00
840,000 1,014, 748,400 46,998,990.00
226,297,835.00
800,000
267, 240,200
9,708,350.00
319, 610,330.00
400,000
372, 478,300 10,500,800.00
287, 097,500.00
700,000
6,602,260.00
309, 170,000
660,089,500.00
800,000
722,267,000 13,766,000.00
593,025,000.00
000,000
740,000.00
623, 035,000
712, 040,000.00
740,000
801,000,000 41,540,000.00
466,908,000

Outstanding.

$70,799, 559. 30
42, 391; 288.20
272,945, 104. 50
277,327 232.00
207,766; 586.00
40,942, 366.00
52,867, 970.00
22,072, 500.00
72,177 500.00
30,010, 000.00
88,960, 000.00

,046,661,108 408,083,600.00 16,868,301,003.00 1,178,260,105.00
1,000,000.00
1,000,000.00

466,908,000 8,046,661,108 408,083,600.00 6,869,301,003.00 1,177,260,105.00

Net
1903.

82,019,821.30
46,708,308.20
287,274, 402, 60
288,779,202.00
224,212, 160.00
44,100, 665.00
58, 441,320.00
20,854, 500.00
72,904, 500.00
28, 435,000.00
'87,010,000.00

One dollar
Two dollars..'.
Five dollars
Ten doUars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars . .
One thousand dollars..
Five thousand dollars.
Ten thousand dollars..

436,338. 70
75, 612,000
680, 466,160 64,391, 738.00
426,318,739.80
38, 016,000
473,027,048 33,698, 980.00
167 420,000 1,629,621,760 143,090; 702.00 1,342,347,357.60
111, 560,000 1,636, 126,240 100,108,030.00 1,247,346,038.00
860,056,234 00
69, 520,000 1,084, 268,400 63,074, 420.00
237, 339,635.00
281, 440,200 11,041,700.00
14,200,000
333,236,980.00
200,000
391, 678,300 13,626,650.00
291, 815,500.00
500,000
4,718,000.00
312, 670,000
ii; 300,000 733 567,000 10,673, 000.00 660, 662,600.00
594, 600,000.00
623 035,000 .1,575;000.00
764, 700,000.00
50,710,000
851, 710,000 52,660, 000.00

Total
Unlcnown, destroyed .

551,038,000 8,597,699,108 488,668,220.00 7,366,859,223.00 1,240,739,885.00
1,000,000.00
1,000,000.00

Net

1'

551,038,000

;, 597,599,108 |488,558,220.00 7,357,859,223.00 1,239,739,885.00

1904.
One dollar
Two dollars
Five dollars
Ten doUars
Twenty dollars
" Fifty dollars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand doUars.
Ten thousand dollars..
Total
.'...
Unknown, destroyed ,
Net

81,320,000
761, 776,160
41,016,000
614, 043,048
178,080,000 1,807, 701,760
117,440,000 1,653,665,240
63,920,000 1,148, 188, 400
13,200,000
294, 640,200
21,010,000
412, 688,300
8,400,000
321, 070,000
21,210,000
754, 777,000
23,000,000
646,035,000
81,430,000
933, 140,000

678, 520,947.70
609.00
466,904,095.80
40,585, 366.00
168,690: 970.00 1,610,938,327.60
117,223: 940.00 1,364, 569,978.00
922, 023,684 00
61,967: 450.00
249, 241,610.00
11,902;075.00
348, 660,880.00
15,423, 900.00
296,266,500.00
4,440: 000.00
672, 104,600.00
11,442: 000.00
596, 610,000.00
2,010: 000.00
816, 370,000.00
51,670; 000.00

83,265 212. 30
47,138,962.20
296,763, 432.50
288,996, 262.00
226,164, 716.00
45,398, 590.00
64,027, 420.00
24,814, 500.00
82,672, 500.00
49,425, 000.00
116,770,000.00

650,026,000 9,247,626,108 666,340,300.00 7,922,199,623.00 1,326, 426,685.00
1,000,000.00
1,000,000.00
650,026,000 9,247,625,108 565,340,300.00 7,923,199,523.00 ;i,324,425,fS5.00




236

REPORT ON T H E FINANCES.

M o . 36.—^AMOUNT OP U N I T E D STATES N O T E S , TREASURY N O T E S , GOLD AND SILVER
CERTIFICATES OP EACH DENOMINATION I S S U E D , R E D E E M E D , AND OUTSTANDING AT
THE CLOSE OF EACH FISCAL Y E A R FROM 1902—Continued.

Denomination.

Issued dur- Total issued. Redeemed
ing year.
during year.

Total
redeemed.

1905.
One dollar
$95,640,000 $857,416,160 $86,343,369.00 $764,864,316.70
Twodollars
609,202,236.80
569,243,048 42,298,141.00
46,200,000
Five dollars
176,460,000 1,983,161,760 176,479,600.00 1,687,417,827.50
Ten dollars
126,320,000 1,779,885,240 122,869,670.00 1,487,439,648.00
986,530,764.00
Twenty dollars
54,240,000 1,202,428,400 64,507,070.00
261,639,260.00
Fiftydollars..
•.... 16,400,000
311,040,200 12,397,660.00
364,309,080.00
One hundred dollars
435,888,300 15,648,200.00
23,200,000
300,924,500.00
4,669,000.00
Five hundred doUars
2,800,000 323,870,000
682,788,500.00
One thousand doUars
763,287,000 10,884,000.00
8,510,000
598,620,000.00
2,010,000.00
Five thousand dollars
.653,285,000
7,250,000
901,490,000.00
Ten thousand doUars
82,520,000 1,015,660,000 85,120,000.00
Total
Unknown, destroyed
Net

Outstanding.

$92,561,843.30
60,040,811.20
295,743,932.50
292,445,592.00
215,897,646.00
49; 400,940.00
71,579,220.00
22,945,500.00
80,498,500.00
54,666,000.00
114,170,000.00

637,540,000 9,885,165,108 623,026,600.00 8,546,226,123.00 1,339,938,985.00
1,000,000.00
1,000 000.00
637,640,000 9,886,165,108 623,026,600.00 8,546,226,123.00 1,338,938,985.00

1906.

OnedoUar
Two doUars
Five doUars
Ten doUars
Twenty doUars
Fifty doUars
One hundred doUars
Five hundred doUars
One thousand dollars
Five thousand doUars
Ten thousand doUars

102,5i2,000
40,644,000
178,100,000
107,840,000
. 66,000,000
12,200,000
16,800,000
4,900,000
11,200,000
6,750,000
83,980,000

Total
Unknown, destroved

629,826,000 10,614,991,108 577,445,100.00 9,122,671,223.00 1,392,319,885.00
1,000,000.00
1,000,000.00

959,928,160 91,661,640.00
856,625,966.70
103,402,203.30
599,787,048 41,623,186.00
48,961,626.20
550,825,421.80
2,161,261,760 166,318,646.00 1,863,736,372.60
307,525,387.50
1,887,725,240 104,293,290.00 1,591,732,938.00 295,992,302.00
1,268,428,400 61,239,140.00 1,037,769,894 00 230,658,506.00
323,240,200 11,764,200.00
273,403,460.00
49,836,740.00
452,688,300 16,119,100.00
380,428,180.00
72,260,120.00
4,324,000.00
328,770,000
305,248,500.00
23,521,500.00
774,487,000 10,787,000.00
693,575,500.00 • 80,911,500.00
2,045,000.00
659,035,000
600,665,000.00
68,370,000.00
1,099,640,000 77,270,000.00
978,760,000.00
120,880,000.00

629,826,000 10,514,991,108 577,446,100.00 9,123,671,223.00 1,391,319,885.00

Net
1907.
One doUar..
Two doUars
Fivedollars
Ten dollars
'^
Twenty doUars
Fifty doUars
One hundred doUars
Five hundred dollars
One thousand doUars
Five thousand doUars
Ten thousand dollars

101,996,000
48,762,000
164,660,000
104,360,000
94,800,000
17,600,000
22,400,000
6,100,000
11,500,000
25,005,000
112,100,000

Total
Unknown, destroyed

698,273,000 11,213,264,108 582,902,000.00 9,705,673,223.00 1,507,690,886.00
1,000,000.00
1,000,000.00

1,061,924,160 96,008,371.00
961,534,327.70
110,389,832.30
648,639,048 40,943,864 00
591,769,286.80
66,769,762.20
2,316,921,760 164,605,490.00 2,018,341,862.60
297,679,897.50
1,992,085,240 101,971,665.00 1,693,704,603.00 298,380,637! 00
1,363,228,400 48,180,260.00 1,086,950,154 00 277,278,246.00
340,840,200 11,981,150.00 285,384,610.00
66,455,690.00
475,088,300 16,867,200.00
396,285,380.00
78,802,920.00
333,870,000
309,656,500.00 . 24,214,500.00
4,407,000.00
785,987,000 11,167,000.00
704,732,600.00 '81,254,500.00
684,040,000
602,715,000.00
2,060,000.00
81,325,000.00
1,211,740,000 86,740,000.00 1,065,600,000.00
146,240,000.00

698,273,000 11,213,264,108 582,902,000.00 9,706,673,223.00 1,506,690,886.00

Net
1908.

1,168,756,160
694,603,048
2,519,241,760
2,131,125,240
1,442,348,400
359,440,200
492,888,300
340,320,000
817,767,000
701,040,000
1,350,030,000

1,053,654,642. 70
636,853,135.80
2,179,161,617.50
1,809,676,973.00
1,162,270,814 00
297,732,260.00
411,701,280.00
315,161,000.00
719,411,500.00
618,890,000.00
1,176,290,000.00

One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars
Five thousand dollars
Ten thousand dollars

•106,832,000
46,064,000
203,320,000
139,040,000
79,120,000
18,600,000
17,800,000
6,450,000
31,780,000
17,000,000
138,320,000

Total
Unknown, destroyed

804,326,000 12,017,590,108 665,220,000.00 10,370,793,223. 00 1,646,796,885.00
1,000,000.00
1,000,000. 00

Net .




102,120,315.00
46,083,850.00
160,809,755. 00
115,972,370.00
66,320,660.00
12,347,650.00
16,415,900.00
5,505,500.00
14,679,000. 00
16,176,000.00
110,790,000.00

115,101,517.30
57,749,912.20
340,090,142.50
321,448,267.00
290,077,586.00
61,707,940.00
81,187,020.00
25,159,000.00
98,355,500.00
82,150,000.00
173,770,000.00

804,326,000 12,017,690,108 665,220,000.00 10,371,793,223. 00 1,645,796,885.00

237

TREASURER.
Mo. 37.-

- A M O U N T OF
AT THE

P A P E R C U R R E N C Y OP EACH DENOMINATION OUTSTANDING
CLOSE OP EACH FISCAL Y E A R FROM 1902.

Legal-tender
notes.

Denomination.

1902.
One dollar
T w o d o l l a r s . .-.. .
Five dollars
Ten dollars
Twenty dollars
Fifty d o l l a r s
One h u n d r e d dollars .
Five h u n d r e d dollars
One t h o u s a n d d o l l a r s
F i v e t h o u s a n d dollars
Ten t h o u s a n d dollars

Certificates.

National-bank
notes.

Total.

$3,106,365
2,614,011
39,316,892
206,143,121
69,136,862
9,668,226
18,677,050
9,268,600
29,841,000
10,000
10,000

$67,694,194
39,877,278
233,628,212
71,184, 111
148,629,734
31,274,140
34,190,920
12,814,000
42,336,500
30,000,000
88,960,000

$346,371
166,170
64,620,060
143,883,370
107,488,120
16,241,000
33,768,300
98,600
26,000

$71,146,930
42,667,469
327,666,164
421,210,602
316,254,706
67,183,366
86,636,270
22,171,000
72,202,600
30,010,000
88,960,000

377,681,016
1,000,000

800,579,089

356,636,881

1,634,896,986
1,000,000

376,681,016

800,679,089

366,636,881

1,633,896,986

One d o l l a r
Twodollars
Five doUars
Ten dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d d o l l a r s
Five hundred dollars
One t h o u s a n d dollars
Five thousand dollars.
Ten t h o u s a n d dollars

2,719,638
2,118,120
23,249,335
241,826,421
43,993,252
6,743,650
13,183,200
7,701,600
26,369,000
10,000
10,000

79,300,184
44,590,188
264,025,067
46,952,781180,218,914
37,367,116
45,258,120
13,163,000
47,636,600
28,425,000
87,000,000

345,959
165,960
61,798,906
172,263,760
127,446,540
16,676,650
34,815,200
96,500
25,000

82,366,781
46,874,268
349,073,307
461,042,962
351,668,706
60,777,216
93,266,620
20,951,000
72,929.600
28,435,000
87,010,000

Total
Unknown, destroyed

366,924,016
1,000,000

873,815,869

413,634,374

1,654,374,269
1,000,000

365,924,016

873,815,869

413,634,374

1,653,374,269

2,648,436
1,947,502
14,921,640
250,894,331
38,213,532
6,845,076
11,459,600
9,694,000
26,116,000
10,000
10,000

80,706,777
46,191,460
281,841,892
38,100,931
187,951,184
39,653,515
52,567,820
16,120,600
67,667,500
49,416,000
116,760,000

345,146
166,282
62,827,170
189,306,960
141,904,240
17,691,500
36,939,000
96,600
24,000

83,600,368
47,304,234
359,690,602
478,301,222
368,068,956
62,990,090
100,966,420
24,910,000
82,696,500
49,425,000
116,770,000

360,659,016
1,000,000

964,766,669

449,197,797

1,774,623,382
1,000,000

359,659,016

964,766,569

449,197,797

1,773,623,382

2,446,771'
1,851,422
10,771,815
268,084,071
28,659,362
4,720,826
9,186,760
8,461,000
22,992,000
10,000
10,000

90,105,074
48,189,388
284,972,117
24,361,521
187,338,284
44,680,116
62,392,470
14,484,500
57,606,500
54,656,000
114,160,000

344,669
164,992
68,473,495
211,148,110
168,704,700
18,238,850
38,487,500
96,000
24,000

92,896,614
50,205,802
364,217,427
503,693,702
374,602,346
67,639,790
110,066,720
23,040,600
80,622,500
54,665,000
114,170,000

367,094,016
1,000,000

982,844,969

496,681,316

1,835,620,301
1,000,000

356,094,016

982,844,969

496,681,316

1,834,620,301

".

Total
Unknown, destroyed

•

Net
1903.

Net
1904.
One d o l l a r
T w o dollars
Five dollars
Ten doUars
T w e n t y dollars
F i f t y dollars."
One h u n d r e d dollars
Five h u n d r e d dollars
One t h o u s a n d dollars
Five t h o u s a n d dollars
Ten t h o u s a n d dollars
Total
Unknown, destroyed

»..

^...

:
. . . . . .

Net....
1906.
One dollar
T w o dollars
Five dollars
Ten doUars
Twenty dollars.
Fifty doUars
One h u n d r e d d o l l a r s
Five hundred dollars
Onethousand dollars.
Five t h o u s a n d dollars
Ten t h o u s a n d dollars
Total
Unknown, destroyed
Net




,

238

REPORT ON T H E FINANCES.

M o . 37.-

- A M O U N T OF P A P E R CURRENCY OF EACH DENOMINATION OUTSTANDING AT
THE CLOSE OF EACH FISCAL Y E A R PROM 1902—Continued.

Denomination.

Legal-tender
notes.

Certificates.

National-bank
notes.

Total.

1906.
OnedoUar...
Two dollars
Five dollars
Ten dollars
Twenty dollars.
Fiftydollars
One hundred dollars...
Five hundred dollars..
One thousand doUars..
Five thousand doUars.
Ten thousand dollars..

$2,382,007
1,789,536
8,601,605
279,140,891
22,649,702
3,963,926
7,621,360
7,744,000
21,164,000
10,000
• 10,000

$101,020,197
47,172,090
298,923,782
16,851,411
208,008,804
45,882,815
64,638,770
15,777,500
59,747,500
58,360,000
120,870,000

$344,352
164,806
76,889,175
240,007,710
181,097,620
19,934,800
42,516,600
94,500
24,000

$103,746,566
49,126,432
384,414,562
536,000,012
411,756,126
69,771,540
114,775,720
23,616,000
80,936,500
58,370,000
120,880,000

Total
Unknown, destroyed.

356,067,016
1,000,000

1,037,252,869

561,072,563

1,953,392,448
1,000,000

354,067,016

1,037,252,8

561,072,563

1,952,392,448

Net
1907.
^...

One dollar
Two doUars
Five dollars
Ten dollars
Twenty dollars
Fiftydollars
One hundred doUars...
Five hundred dollars..
One thousand doUars..
Five thousand dollars..
Ten thousand doUa.rs..

2,338,375
1,746,668
7,975,300
285,948,116
18,664,332
3,468,576
6,636,660
7,114,000
19,858,000
10,000
10,000

108,051,458
55,024,094
289,604,597
12,432,521
258,613,914
51,987,016
72,266,270
17,100,500
61,396,500
81,315,000
146,230,000

344,249
164,708
113,826,705
247,378,750
183,971,240
18,239,300
39,705,100
93,000
24,000

110,734,082
56,934,470
411,406,602
545,759,387
461,249,486
73,694,890
118,5.08,020
24,307,500
81,278,500
81,326,000
146,240,000'

Total
Unknown, destroyed.

363,669,016
1,000,000

1,154,021,869

603,747,052

2,111,437,937
1,000,000.

352,669,016

1,154,021,869

603,747,052

2,110,437,937

One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fiftydollars
One hundred doUars...
Five hundred dollars...
One thousand dollars..
Five thousand doUars..
Ten thousand doUars..

2,295,723
1,706,170
76,460,860
206,075,996
18,066,192
2,998,325
7,584,750
5,604,000
32,861,000

112,805.795
56,043,^742
263,629,282
116,372,271
272,011,394
58,709,615
73,602,270
19,565,000
66,494,600
82,160,000
173,760,000

343,878
164,470
147,594,415
288,381,100
202,633,280
18,369,150
40,787,300
93,000
24,000

115,445,396
57,914,382
487,684,557
609,829,367
492,610,866
80,077,090
121,974,320
26,262,000
98,379,600
82,150,000
173,770,000

Total
Unknown, destroyed..

362,663,016
1,000,000

1,294,133,869

698,290,593

2,345,087,478
1,000,000

351,663,016

1,294,133,8

698,290,593

2,344,087,478

Net
1908.

Net.

10,000

M o . 3 § . — O L D D E M A N D N O T E S OF EACH DENOMINATION I S S U E D , R E D E E M E D , AND
OUTSTANDING J U N E 30, 1908.

Denomination.

Redeemed
Total issued. during year. Total redeemed. Outstanding.

Fivedollars
Ten dollars
Twenty dollars

$21,800,000
20,030,000
18,200,000

$21,778,:622.50
20,010,235.00
18,187,860.00

$21,377.60
19,766.00
12,140.00

. Total

60,0*30,000

59,976,717.50

63,282.50




239

TEEASUEEE.
M o . 3 9 . — F R A C T I O N A L CURRENCY OF EACH DENOMINATION I S S U E D ,
AND OUTSTANDING J U N E 30, 1908.

Redeemed
during year. Total redeemed. Outstanding.

Total issued.

Denomination;

REDEEMED,

Three cents
Five c e n t s . . . ,
Ten cents
:.—
Fifteencents
Twenty-five cents.
Fifty cents:

$601,923.90
5,694,717.85
82,198,466.80
5,305,668.40
139,031,482.00
135,891,930.50

$11.20
244.00
3.40
468.16
463.25

$511,719.78
3,836,191.48
77,142,000. 43
5,065,545.69
134,762,257.01
132,135,612. 45

$90,20412
1,858,526.37
5,'056,456.37
240,022:71
4,269,224 99
3,756,318.05

Total
Unknown, destroj^'ed.,
Net

368,724,079.45

1,180.00

353,453,326.84
32,000.00

15,270,752.61
32,000.00

368,724,079.45

1,180.00

353,485,326.84

15,238,752.61

M o . 4 0 . — C O M P O U N D - I N T E R E S T N O T E S OF EACH DENOMINATION I S S U E D , R E D E E M E D ,
AND OUTSTANDING J U N E 30, 1908.

/

Redeemed
Total issued. during year.

Denomination.

Total
redeemed.

Outstanding.

$23,285,200
30,125,840
60,824,000
45,094,400
67,846,000
39,420 000

Total

$50

$23,265,200
30,094,070
60,762,750
45,062,600
67,835,000
39,416,000

$20,000
31,770
61,250
31,800
11,000
4,000

266,595,440

Ten dollars
Twenty dollars
FiftydoUars
One hundred dollars
Five hundred dollars
One thousand dollars

60

266,435,620

159,820

M o . 4 1 . — O N E AND T W O Y E A R N O T E S OF E A C H DENOMINATION I S S U E D , R E D E E M E D ,
AND OUTSTANDING J U N E 30, 1908.
Redeerried
Total issued. during year.

Denomination.

Total
redeemed.

Outstanding.

...

Total
Unknown, destroved
Net

$10

$6,193,970
16,427,780
20,932,300
37,788,600
40,300,500
89,289,000

$6,030
12,220
. 13,300
15,800
1,500
19,000

211,000,000

.

$6,200,000
16,440,000
20,945,600
37,804,400
40,302,000
89,308,000

10

210,932 160
10,590

67,850
10,590

211,000,000

Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars .

10

210,942,740

67,260

-.

M®. 4 2 o — U N I T E D STATES P A P E R CURRENCY OF E A C H CLASS, TOGETHER- WITH
O N E AND T W O Y E A R N O T E S . AND COMPOUND-INTEREST N O T E S , I S S U E D ,
R E D E E M E D , AND OUTSTANDING J U N E 30, 1908.
'
Issued
during
year.

Class.

Totalissued.

Redeemed
during year.

Old demand notes
$60, 030,000.00
United States notes..
$123,610,000 3,966,345,808.00 $123, 610,000.00
Treasury notes of 1890
447, 435,000.00 1,006,000.00
Gold certificates
378,360,000 3,446, 469,880.46 236, 821,000.00
Silver certificates...,
302,356,000 4,190,350,000.00 303, 783,000.00
Currency certificates—..
1,473,625,000.00
Fractional currency
368, 724,079.46
1,180.00
One and two year notes..
211,000,000.00
10.00
696,440.00
Compound-interest notes.
60.00
Total

Total
redeemed.
$69, 976,717.
3,619, 664,792.
442, 453,000.
2,626, 676,011.
3,716,000,000.
1,473,625,000.
363, 485,326.
210,942,740.
266, 435,620.

Outstanding.

$53,282.60
346,681,016.00
. 4,982,000.00
819,783,869.00
474,350,000.00
15,238,752.61
67,260.00
159,820.00

804,326,000 14,430,665,207.91 666,221,240.00 12,769,259,207.80 1,661,306,000.11




240

REPORT ON T H E FINANCES.

M o . ^ 3 . — U N I T E D STATES N O T E S AND T R E A S U R Y N O T E S R E D E E M E D IN GOLD, AND
IMPORTS AND EXPORTS OP GOLD, DURING EACH MONTH, PROM JANUARY, 1902.

Month.

1902—January
February...
March
April
May
June
July
August
September..
October
November..
December..
1903—January
February..
March
AprU
May
June
July
August
September.
October
November..
December..
1904—January
February..
March
AprU
May
June
July
August
September.
October
November.,
December..
1906—January...
February..
March
AprU
May
June
July
August
September.
October
November.,
December..
1906—January...
February..
March
AprU
M^ay
June
July
August
September.
October—
November.,
December..
1907—January...
February..
March
AprU
May
June
July
August
September.
October
November..
December..
19§—January
February...
March
April
May
June
July
August
September..




United States
notes.
$6,105,090
1,031^734
198,539
260,930
369,343
568,626
411,662
301,583
263,425
327,838
321,362
524,700
1,006,815
294,300
465,975
1,129,-685
1,178,465
939,928
961,450
663,950
407,203
664,690
683,540
1,108,995
1,325,451
1,069,983
1,049,436
1,034,718
1,200,768
920,886
1,319,800
662,466
530,475
650,230
706,995
805,093
2,149,920
901,786
1,026,866
780,546
1,018,480
1,066,936
1,065,733
754,825
663,010
440,790
742,354
874,845
1,714,280
877,166
1,048,610
968,750
1,428,838
893,105
976,290
895,505
429,515
886,265
1,173,440
1,409,842
2,677,770
838,365
540,080
871,166
1,032,985
1,060,676
2,719,495
2,087,130
1,721,800
2,661,785
572,670
479,385
1,907,345
1,657,636
2,839,546
1,747,930
1,173,660
1,709,927
- 2,034,996
1,292,974
1,366,690

Treasury
notes.
$111,490
107,677
74,254
116,075
101,210
131,630
103,273
86,082
66,445
110,302
• 66,600
67,240
146,686
78,125
72,136
69,370
167,910
99,300
71,610
43,160
36,392
62,996
14,005
40,140
71,319
20,615
5,366
36,100
34,660
37,616
33,175
36,590
16,660
28,640
27,296
27,575
48,435
43,230
35,065
15,675
23,216
6,120
17,875
14,405
9,050
18,855
8,800
20,830
30,120
12,016
18,626
12,705
26,095
3,455
6,615
5,336
6,060
9,706
10,208
20,116
17,390
8,600
8,176
6,885
2,300
3,600
13,850
205
2,236
566
3,600
2,246
1,605
200
3,886
4,400
5,315
3,810
4,765
950

Total.

$5,216,580
1,139,411
272,793
377,005
460,663
700,235
514,926
386,666
329,870
438,140
388,012
581,940
1,452,500
372,425
628,110
1,199,056
1,336,375
1,039,228
1,033,060
707,110
443,596
727,686
697,645
1,149,135
1,396,770
1,080,698
1,064,800
1,070,818
1,235,428
958,600
1,352,975
699,066
647,135
678,870
734,290
832,668
2,198,356
. 946,015
1,060,920
796,221
1,041,695
1,071,065
1,083,608
769,230
662,060
469,645
751,154
895,676
1,744,380
889,170
1,067,135
971,465
1,464,933
896,560
981,905
900,840
429,616
892,306
1,183,146
1,420,050
2,697,886
866,765
648,680
879,340
1,039,870
1,062,976
2,723,096
2,100,980
1,722,005
2,664,020
573,236
482,986
1,909,690
1,669,240
2,839,745
1,751,815
1,178,060
1,716,242
3,038,805
1,297,739
1,357,640

I m p o r t s of
gold.o
$762,306
938,683
1,567,471
898,960
725,183
762,693
. 848,015
873,988
2,446,005
8,612,451
2,972,110
1,313,092
877,333
•^992,331
3,716,563
837,132
803,351
2,014,819
2,337,593
3,229,505
2,537,008
2,240,320
8,511,322
15,968,625
7,193,200
3,908,668
8,063,037
9,536,844
9,889,837
4,139,363
8,422,809
6,949,529
3,600,961
7,481,253
3,931,728
2,538,999
1,078,307
1,391,006
4,144,083
1,699,927
1,802,174
1,278,170
3,933,862
2,257,691
5,499,685
9,881,977
4,100,040
2,671,421
1,282,497
740,672
4,192,978
13,630,046
33,590,906
1,348,717
8,219,015
6,736,327
30,147,874
26,600,713
7,726,631
6,489,511
2,222,081
2,437,464
4,070,214
3,709,766
1,637,726
1,009,940
2,368,607
2,180,071
1,707,860
3,624,348
62,274,680
43,462,666
9,781,830
1,876,618
2,558,736
1,481,369
2,168,368
2,344,417
2,071,098
3,487,964
3,849,724

o I m p o r t s a n d e x p o r t s pf gold i n t h e ore n o t included.

E x p o r t s of
gold.a
$1,969,705
8,611,387
4,381,143
•2,837,169
. 1,962,772
385,040
7,838,739
2,288,614
487,836
1,425,973
698,595
2,835,872
63,811
1,485,756
1,034,915
1,694,916
14,472,998
12,476,188
9,086,902
61,516
937,744
310,945
827,652
1,324,918
626,285
686,624
3,029,086
19,432,272
43,056,656
1,449,319
897,182
10,742,078
- 2,474,337
3,811,064
20,679,972
13,443,769
16,759,675
14,769,021
2,364,637
1,291,243
455,890
3,970,102
1,056,089
186,263
1,412,904
204,166
1,117,091
2,623,620
5,689,914
8,436,714
6,845,422
2,423,213
5,673,108
3,194.249
1,257,513
672,506
2,222,877
6,954,117
1,939,109.
1,860,710
2,436,081
1,107,293
2,099,087
2,203,056
4,491,641
23,866,002
7,441,776
4,571,063
1,477,528
.3,633,136
676,690
976,465
430,543
1,966,664
1,440,630
14,464,012
26,642,288
8,659,302
4,782,894
6,561,339
3,892,290

241

TEEASUEEE.
Mo.

4 4 . — U N I T E D STATES N O T E S AND T R E A S U R Y N O T E S R E D E E M E D I N GOLD, AND
IMPORTS AND E X P O R T S OF GOLD, DURING EACH FISCAL Y E A R FROM 1895.

Fiscal year.

1895
1896
1897
1898
1899
1900
1901
1902
1903
3904
1906
1906
1907
1908

.

U n i t e d States
notes.
$109,783,800
153,307,591
68,372,923
22,301,710
18.645,016
28,637,501
23,776,433
17,482,590
7,154,718
11,081,068
11,517,579
11,462,195
12,690,887
21,278,307

. . .

Treasury
notes.
$7,570,398
5,348,365
9,828,991
2,696,253
6,997,250
6,960,836
. 446,678
1,274,590
1,112,527
473,976
340,675
192,810
101,278
41,705

Total.

I m p o r t s of
gold.a

$117,364,198
158,655,956
78,201,914
- 24,997,963
26,642,265
35,598,337
24,223,111
18; 767,180
8,267,245
11,655,044
11.858,264
11,645,005
12,792,165
21,320,012

$35,146,734
.^1,720,487
81,411,633
115,173,988
84,280,674
30,961,698
45,445,734
27,205,657
26,306,190
• 77,535,222
44,318,946
91,349,507
100,007,262
135,729,460

E x p o r t s of
gold.o
$66,131,183
112,309,136
40,114,722
15,324,929
37,607,771
48,218,168
52,968,446
47,699,796
46,793,212
80,726,919
91,-668,950
39,119,266
50,998,891
72,070,067

a Gold in the ore not included.
M o . 4 5 . — T R E A S U R Y N O T E S O F 1890 R E T I R E D B Y R E D E M P T I O N I N S I L V E R D O L L A R S
AND O U T S T A N D I N G , T O G E T H E R W I T H T H E S I L V E R I N T H E T R E A S U R Y P U R C H A S E D
BY S U C H N O T E S , F O R E A C H M O N T H , F R O M J A N U A R Y , 1902.

Retired by
redemption. Outstanding.

Month.

1902—January
February
March
April
May
June
July
August
September
October
November
December
1903—January
February
March
April
May
June
July
August
September
October
November
December
1904—January
February
March
April
May
June
July...
August
September
October
November
December
1905—January
February
March
April
May
June
July.:
•
August
September
October
November
December
1906—January
February

58716—PI 1908



$1,063,000
2,187,0001,383,000
1,326,000
1,331,000
1,307,000
1,237,000
1,062,000
865,000
1,040,000
742,000
1,001,000
1,100,000
721,000
731,000
706,000
782,000
770,000
687,000
686,000
472,000
624,000
446,000
622,000
584,000
476,000
474,000
385,000
514,000
495,000
325,000
428,000
259,000
363,000
282,000
312,000
317,000
372,000
219,000
246,000
248,000
204,000
248,000
181,000
189,000
174,000
143,000
148,000
244,000
117,000

16

$37,533,000
36,346,000
33,963,000
32,638,000
31,307,000
30,000,000
28,763,000
27,701,000
26,836,000
25,796,000
25,054,000
24,053,000
22,953,000
22,232,000
21,601,000
20,795,000
20,013,000
19,243,000
18,566,000
17,970,000
17,498,000
16,874,000
16,428,000
15,906,000
16,322,000
14,846,000
14,372,000
13,987,000
13,473,000
12,978,000
12,653,000
12,226,000
11,966,000
11,613,000
11,331,000
11,019,000
10,702,000
10,330,000
10,111,000
9,865,000
9,617,000
9,413,000
9,165,000
8,984,000
8,795,000
8,621,000
8,478,000
8,330,000
8,086,000
7,969,000

BuUion in
Treasury.

$37,506,000
35,332,037
33,955,376
32,620,815
30,870,792
29,960,039
28,368,763
27,209,244
24,439,639
24,556,601
23,667,801
23,057,667
''21,940,052
20,972,163
20,146,491
19,166,230
18,463,267
15,836,567
15,836,557
15,601,548
14,982,959
13,616,046
12,711,491
11,679,610
7,151,148
7,142,610
5,829,230
5,368,139
6,437,156
5,074,026
4,916,944
3,908,351
3,021,439
2,494,572
1,970,303
1,708,079
1,248,700
927,992
636,672
297,623
91,339

DoUars in
Treasury.

$27,000
13,963
7,624
17,186
436,208
39,961
394,237
491,756
2,396,361
1,239,399
1,386,199
995,333
1,012,948
1,259,837
1,354,509
1,629,770
1,549,733
3,406,443
2,719,443
2,368,452
2,515,041
3,267,954
3,716,609
4,326,490
8,170,862
7,703,490
8,542,770
8,618,861
8,036,844
7,903,974
7,736,056
8,316,649
8,944,561
9,118,428
9,360,697
9,310,921
9,463,300
9,402,008
9,574,328
9,567,477
9,525,661
9,413,000
9,165,000
8,984,000
8,795,000
8,621,000
8,478,000
8,330;000
8,086,000
7,969,000

242
Mo.

REPORT ON T H E FINANCES.
4 5 . — T R E A S U R Y N O T E S OF 1890

R E T I R E D BY R E D E M P T I O N IN SILVER DOLLARS

AND OUTSTANDING, ETC.—Continued.

Month.

Retired by
redemption. Outstanding,

1906—March
A.pril
May
June
July
August
September
October...
No vember.
December.
1907—January..,
February.
March
April
May
June
July
August...
September
October...
November.
December.
1908—January...
February..
March
April
Mlay
June
July
August
September.

Mo.

$176,000
133,000
157,000
118,000
164,000
103,000
108,000
109,000
85,000
211,000
128,000
103,000
103,000
100,000
104,000
90,000
97,000
104,000
80,000
94,000
67,000
67,000
79,000
81,000
79,000
88,000
82,000
88,000
79,000
56,000
80,000

B u l l i o n in
Treasury.

Dollars in
Treasury.
$7,794,000
7,661,000
7,504,000
7,386,000
7,232,000
7,129,000
7,021,000
6,912,000
6,827,000
6,616,000
6,488,000
6,385,000
6,282,000
6,182,000
6,078,000
6,988,000
5,891,000
5,787,000
5,707,000
5,613,000
5,546,000
5,479.000
5,400,000
5,319,000
6,240,000
6,152,000
6,070,000
4,982,000
4,903,000
4,847,000
4,767,000

$7,794,000
7,661,000
7,604,000
7,386,000
7,232,000
7,129,000
7,021,000
6,912,000
6,827,000
6,616,000
6,488,000
6,385,000
6,282,000
6,182,000
6,078,000
5,988,000
5,891,000
6,787,000
5,707,000
5,613,000
5,546,000
5, 479,000
5,400,000
5,319,000
5,240,000
5,152,000
6,070,000
4,982,000
4,903,000
4,847,000
4,767,000

4 6 . — T R A N S A C T I O N S BETWEEN THE SUBTREASURY AND CLEARING H O U S E
N E W Y O R K DURING EACH MONTH, FROM JANUARY, 1902.

Checks s e n t t o
clearing house.

1902—January..
February.,
March
April
,
:May
,
June
,
July
August —
September.
October...
November.
December.
1903—January...
February..
March
April
May
,..
June
July
August
September.
October...
November.
December.
1904—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.


http://fraser.stlouisfed.org/
\
Federal Reserve Bank of St. Louis

Checks received
from c l e a r i n g

$14,769, 296.32
14,359, 023.10
16,936, 501.12
16,371, 135.29
16,349, 686. 83
16,786, 003. 43
20,370, 861.88
16,047, 595.73
16,173, 260.82
16,426, 624. 21
18,561, 487.99
20,448, 315.16
17,629, 065.77
18,794, 219.77
19,452, 891.18
16,162, 444 79
15,584, 144 53
15,675, 064 15
21,352, 287.08
19,412, 283. 54
16,438, 641. 60
24,170, 432. 36
25,032, 520. 86
20,338, 506.14
19,869, 173.93
19,140, 107. 08
21,783, 531. 68
17,329, 814 a.8
61,372, 324. 51
19,214, 667. 27
24,360, 480.60
21,814, 238. 63
26,154, 253.26
29,768, 061.18
22,559, 553.19
23,393: 269,24

$41,368, 397.12
30, no: 546.02
32,155: 715.22
34,876: 284.95
30,270; 867.74
25,521, 215.98
42,021; 604.28
31,289, 780.43
27,522, 190.04
42,679, 792.79
28,249, 797. 65
29,879, 770.59
42,866, 194 57
27,086, 737.87
27,187, 821.09
38,675, 784 49
34,696, 911.63
31,355, 179. 99
43,898, 816. 26
38,489, 615.30
38,106, 006.95
48,698, 201. 62
34,184, 703. 28
38,733, 269. 50
49,200, 686.17
44,715, 261.15
41,890, 705. 64
47,787, 187.02
72,891, 013.31
38,334, 047. 66
52,133, 572. 23
45,554, 515. 56
32,401, 519. 62
45,538, 366. 31
39,845, 967.94
40,310, 027.91

Balances due
subtreasury.

$422,060.06
211,766.13
275,785.10
644,423. 44
4,159.87
1,032,025.55
1,652,184 22
1,889,651.12
2,664,366.72
1,116,056.69
1,252,424 08
717.18
1,764,143.24
415,316.85
45,975.16
347,322.28
913,239.53
280,814 54
2,042,112.70
423,394 83
"4,"439,'9ii.'95"
1,715,797.58
2,873,929.05
1,089,120.44
138,791.49

IN

Balances due
clearing house.

$26,699, 100.80
15,757, 622.92
15,641, 274 16
18,716, 906.79
13,921, 280.91
9,010, 997.65
22,295, 175.84
15,246, 344 67
12,380, 954 77
26,253, 078. 58
11,340, 493.88
11,321, 106. 56
27,901, 486. 62
9,408, 574 79
8,987, 353.99
22,413, 339. 70
19,112, 767.10
15,680; 833. 02
24,310, 672. 42
19,492, 647. 61
21,713, 340. 61
24,875, 091. 64
10,065, 421.95
18,675, 577.90
31,373, 624 94
25,575, 154 07
20,530, 568.79
30,457, 372. 64
25,958, 600.75
19,119, 380.39
29,488, 889. 21
23,740, 277.03
9,121, 195 31
16,859, 425.57
17,286, 414.76
17,055, 560.16

243

TREASURER.

M o . 4 6 . — T R A N S A C T I O N S BETWEEN THE SUBTREASURY AND CLEARING H O U S E I N
N E W Y O R K DURING EACH MONTH, FROM JANUARY, 1902—Continued.

Checks sent to
clearing house.
$26,693,779.04
21,615,642.37
31,154,361.29
19,920,879.23
25,860,260.08
20,659,148. 45
27,488,118.04
26,073,192.76
26,972,085.09
28,235,116. 35
23,270,632.20
24,309,278.05
25,456,394.18
30,608,404 33
29,174,220. 00
23,738,833.42
23,291,358.19
24,473,190. 24
25,963,205.01
31,101,688.94
23,917,058.16
31,929,493.03
23,982,729.99
27,274,123.10
23,812,324 68
23,^269,992.41
26,062,275.59
23,208,102.21
21,632,632.92
20,864,866.38
28,764,435.33
30,782,311.56
24,983,421.44
33,892,636.66
28,656,691.97
18,862,343.70
20,287,286.27
26,608,121.64
24,802,630.15
23,037,257.40
26,176,221.18
26,848,826.01
30,710,802.27
24,764,721.78
34,207,314.96

1905—January
February...
March
April
May
June
July
August
September..
October
November..
December.-,
1906—January
February...
March
April
May
June
July
August
September..
October
November..
December..
1907—January
February...
March
April
May
June
July
August
September.,
October
November..
December..
1908—January;...
February..
March
April
M^ay
June
July
August
September.

Checks received
from clearing
house.

Balances due
subtreasury.

$60,860,165.08 $2,604,723.70
72,150.29
36,177,131.46
3,187,074 84
36,823,355.33
41,531,173.16
1,846,370.30
36,320,575.76
298,435.92
38,997,108.54
2,689,536.49
47,223,942.71
1,029,218.17
40,694,438.65
3,423,974 43
32,676,093.16
40,686,938.83
566,894 30
32,351,829.68
638,113.11
32,187,315.89
1,059,374 77
46,716,493.94
325,392.66
31,688,622.75
7,268,975.27
31,214,215.38
3,750,494 87
32,776,428.45
1,453,127.16
29,305,626.23
724,748.49
29,795,611.40
3,348,367.87
47,068,368.67
829,67L56
41,237,013.83
2,329,868.22
26,997,138.94
3,033,801.96
42,556,658.85
962,100.03
30,740,017.18
1,250,514 28
32,288,780.63
3,035,260.73
44,822,538.29
2,140,926.67
34,265,137.69
15,443.69
37,746,229.90
385,374 72
42,994,465.83
835,695.58
. 38,191,399.28
7,462.64
34,195,662.74
163,061.84
54,054,139.63
41,987,887.40
3,546,013.66
31,659,037.19
3,471,683.68
39,110,722.73
4,962,869.90
16,856,939.93
12,161,572.97
14,652,801.00
4,903,464 78
57,084,776.26
62,212,932.49
1,677,327.92
55,613,88492
276,16423
65,924,686.07
66,656,169.30
67,218,270.04
76,982,674 93
65,173,066.08
60,726,444 32

Balances due
clearing house.

$27,671,109.74
i
14,633 , 639.38
8,856 , 068.88
i
1,293.93
2i,6io;
,685.98
12,306,
,
18,636' 396.01
22,425.,361.16
15,6501,463.96
9,127 ,982.60
13,008 ,716.78
9,719, 310.69
8,937, 412.61
»
21,585', 492. 41
8,349,193.69
5,790,490.25
10,490, 722.19
6,739,016. 53
8,670,789.03
21,934, 836.22
12,465, 183.11
,882.74
6,113,
,265.85
11,579,
,
8,007, 801. 47
.918.26
8,049,
23,151',140.18
11,010, 688.97
13,069, 329.03
20,622,059. 20
16,566,328.90
13,493, 739.20
,704 30
25,289,
,
14,751, 589. 40,
10,147: 199. 43,955.97
10,180,
,920.93
461,
,922.08
,488.99
36,797:
.138.77
27,282:
31,087 409.00
42,887, 428.67'
40,379,948.12
41,369, 444.03
47,276 063.24
,333.30
40,408,
17,510,243.22

M o . 4 7 . — A M O U N T OP EACH K I N D OF M O N E Y U S E D IN SETTLEMENT OP CLEARING,
H O U S E BALANCES AGAINST THE SUBTREASURY I N N E W Y O R K DURING EACH M O N T H - .
PROM J A N U A R Y , 1902.

Month.

Gold coin.

1902—January
February...
March
AprU
May
June
July
August
September..
October
November..
December...
1903—January
February...
March
,
April
,
May
June
,
July
August
September.,




United States
notes.
$20,101
19,523
21,274
23,906
22,281
20,997
28,176
25,344
21,955
29,078
22,493
24,106
28,485
15,574
19,353
27,339
26,767
• 32,833
22,672
25,648
26.341

Treasury
notes.

Gold
certificates.
$26,579,000
16,738,000
16,620,000
18,693,000
13,899,000
8,990,000
22,267,000
15,221,000
12,369,000
26,224,000
11,318,000
11,297,000
27,873,000
9,393,000
8,968,000
22,386,000
19,086,000
15,648,000
24,288,000
19,467,000
21,688,000

Silver
certificates.

Total.
$26,599,101
15,757,523
15,641,274
18,716,906
13,921,281
9,010,997
22,295,176
16,246,344
12,380,965
26,253,078
11,340,493
11,321,106
27,901,485
9,408,674
8,987,353
22,413,339
19,112,767
16,680,833
24,310,672
19,492,648
21,713,341

244

REPORT ON T H E FINANCES.

M o . 4 7 . — A M O U N T OP EACH K I N D OF M O N E Y U S E D I N SETTLEMENT OP CLEARINGH O U S E BALANCES AGAINST THE SUBTREASURY IN N E W Y O R K , ETC.—Cont'd.

Month.
1903—October...
. November.
December..
1904—January...
February..
March
April

Gold coin.

$12,500,000
8,300,000

June
July
August
September..
October...-.
November..
December..
1905—January
February...
March
AprU
May
June
July
August
September..
October....
November..
December..
1906—January
February...
March.
AprU
May
....
June
July
August
September..
October
November..
December...
1907—January
February...
March
April
May
June
July
August
September..
October
November.:
December...
1908—January
February...
March
,
April
,
May
June
,
July
August
September.,




ll\

United States
notes.
$23,092
16,422
24,678
21,626
19,164
23,669
21,373
18,601
26,380
21,889
26,277
19,195
22,426
22,416
23,550
24,110
17,639
14,069
21,294
23,686
22,396
16,361
21,464
12,982
22,717
17,311
19,413
22,492
12,194
15,490
17,722
18,017
14,789
20,835
19,183
13,883
16,266
13,801
12,918
20,140
19,589
49,329
23,059
23,329
24,739
26,704
19,689
18,199
15,956
1,921
5,922
27,489
89
119
1,776,139
128
6,988,134
3,000,123
143
68,103

Treasury
notes.

Gold
certificates.
$24,852,
10,050,
18,651
31,352;
13,056,
12,207,
30,436;
25,940,
19,094,
29,467,
23,715,
9,102,
16,837,
17,264:
17,032;
27,647,
14,616,
8,842,
21,589,
12,283,
18,614,
22, 409,
15,629,
9,115,
12,986,
9,702,
918,
663,
337,
775,
473,
721,
666,
914,
446,
100,
563,
994,
037,
131,
991,
050,
699,
543,
469,
263,
732,
129,
165,
460,
688,
770,
282,
087,
112,
379,
381,
274,
408,
442,

Silver
certificates.
876,092
065,422
675,678
373,625
575,154
530,569
457,373
968,601
119,380
488,889
740,277
121,195
869,426
286,415
065,560
671,110
633,639
866,069
610,294
306,686
636,396
425,361
650,464
127,982^
008,717
719,311
937,413
586,492
349,194
790,490
490,722
739,017
670,789
934836
465,183
113,883
679,266
007,801
049,918
151,140
010,589
069,329
622,059
566,329
493,739
289,704
751,689
147,199
180}956
461,921
693,922
797,489
282,139
087,409
887,429
379,948
369,444
,276,063
408,333
51 J, 243

245

TREASURER.
Mo. 4 8 .

- S H I P M E N T S OP SILVER COINS FROM EACH OFFICE OF THE TREASURY AND
M I N T S PROM J U L Y 1, 1885.

D u r i n g fiscal year 1908.
Office.

TREASURY,
Washington
Baltimore..
Boston
Chicago
Cincinnati
N e w Orleans
New York
PhUadelphia
San Francisco
St. Louis

Total to J u n e 30,
1907.

Total t o J u n e 30,
1908.

Standard
doUars.

Subsidiary
sUver.

$34,528, 004 54
10,903, 303. 38
70,944, 975. 65
217,890, 726. 53
100,668, 779. 81
127,621, 146. 07
97,669, 940. 54
71,119, 303. 66
62,137, 001. 26
165,664, 356.88

$1,288,913.00
321,500.00
935,600.00
6,994,818 00
3,900,660.00
6,620,800.00
814,499.00
1,788,500.00
2,347,500.00
7,362,033.00

$1,085, 387.10
542, 274 60
1,446, 826. 00
6,626, 855.10
2,199, 478.29
3,267, 748. 00
4,239, 405.00
2,458, 573. 20
2,912, 401. 00
4,244, 626 60

$36,902, 304 64
11,767, 077. 98
73,326, 400. 65
231,412, 398 63
106,768, 918.10
136,509, 694 07
102,623, 844 64
75,366, 376 86
67,396, 902. 25
177,271, 016.48

653,630.00
8,025.00
70,068,136 70
32,655,832.08
7,697,990 00

300 00
91,788.00

162,000.00
109,390.00
2,244,867.10

653,630.00
170,025.00
70,167,826.70
34,992,487.18
7,697,990.00

1,070,121,15L 09

31,466,91L00

31,438,830.99

1,133,026,893.08

MINTS.
Carson City
Denver
N e w Orleans
PhUadelphia
San Francisco
Total

M o . 4 9 . — S H I P M E N T S OP SILVER COIN FROM THE T R E A S U R Y OFFICES AND M I N T S
DURING EACH FISCAL Y E A R FROM 1895, AND CHARGES THEREON FOR TRANSPORTATION.

Fiscal year.

1896,
1896,
1897,
1898,
1899,
1900,
1901,
1902
1903
1904
1905
1906
1907
1908




Standard
dollars.

Subsidiary
silver.

Total.

$27,155,466.80 $11,885, 117. 47 $39,040, 584.27
12,458, 107.03
40,870, 407.38
28,412,300.36
12,029,966. 29 41,629,990.39
29,600,035.10
16,330, 205. 24 48,600,815.24
33,270,610.00
17,018, 536. 65 60,323,798.65
33,305,262.00
19,707,902. 65 55,992, 694 35
36,284,791.80
21,075, 146 85
69,413, 665.85
38,338,619.00
21,871, 959.35
62,276,284.35
40,404,325.00
24,112, 444. 65 65,294, 698.65
41,182,154.00
24,382,947.90
65,415,662.90
41,032,715.00
27,606, 184.80
72,694,930.80
44,988,746.00
29,378, 631.40
70,941, 459. 40
41,562,828.00
37,500,118 00 .30,395,662. 66 67,895,780. 55
62,906,741. 99
31,466,911. 00 31,438, 830 99

Charges.

$78,333.84
78,756.54
81,526.24
110,065.63
111,741.61
125,969.37
125,742.99
124,003.66
132,265.05
126,369.81
137,597.21
162,184 90
163,051.65
154,069.35

Rate per
$1,000.
$2.01 .
1.93
1.96
2.26
2.22
2.25
2.12
1.99
2.03
1.93
1.90
2.15
2.40
2.45

246

REPORT ON T H E FINANCES.

M o . 5 0 . — B A L A N C E IN THE TREASURY OF THE U N I T E D STATES; AMOUNT IN T R E A S URY OFFICES, AND AMOUNT IN DEPOSITARY B A N K S , AT THE E N D OF EACH CALENDAR
Y E A R FROM THE ADOPTION OF THE CONSTITUTION IN 1789 TO 1842, AND AT T H E
E N D OF EACH FISCAL Y E A R THEREAFTER TO 1908.
Balance in the Treasury.«

Date.

1789_X)ecember 31
1790—March 31
June 30
September 30
December 31
1791—June 30
September 30
December 31
1792—March 31
June 30
September 30
Deceniber 31
1793—March 31
June 30
December 31
1794—December 31
1795—December 31
1796—December 31
1797—December 31
1798—December 31
1799—December 31
1800—December 31
1801—December 31
1802—December 31 .
1803—December 31
1804—December 31
1805—December 31
1806—December 31
1807—December 31
1808—December 31
1809—December 31
1810—December 31
1811—December 31
1812—December 31
1813—December 31
1814—December 31
1816—December 31
1816—December 31
1817—December 3 1 . .
1818—December 31
1819—December 3 1 . .
1820—December 31
1821—December 31
1822—December 31
1823—December 31
1824—December 31
1825—December 31
1826—December 31
1827—December 31
1828—December 31
1829—December 31
1830—December 31
1831—December 31
1832—December 31 .
1833—December 31
1834—December 31
1836—December 31
1836—Deceraber 31
1837—Deceraber 31
1838—Deceraber 31
1839—December 31
1840—December 31
1841—December 31
1842—December 31
1843—June 30
1844—June 30
1846—June 30
1846—June 30
1847—June 30
1848—June 30




In depositary
banks.

I n Treasury
offices.
. .

$10,490.54

232.14

-

:

1

^

.'^....

700,000.00
1,0*25,610.63
1,268,827.62
691,097.04
1,414,029.62
205,330.74
380,199.04
669,889.11
390,199.04
725,199.04
768,000.00
5,446,382.16
758,332.15

$28,239.61
60,613.14
155,320.23
349,670.23
670,023.80
671,699.00
679,579.99
973,905.76
751,377.34
623,133.61
420,914.51
783,212.37
1,035,973.09
561,435.33
753,661.69
1,151,924.17
516,442.61
888,995.42
1,021,899.04
617,451.43
2,161,867.77
2,623,311.99
3,295,391.00
5,020,697.64
4,825,811.60
4,037,005.26
3,999,388.99
4,538,123.80
9,643,860.07
9,941,809.96
3,843,066.78
2,672,276.57
3,502,305.80
3,862,217.41
6,196,542.00
1,727,848.63
13,106,592.88
22,033,519.19
14,989,466.48
1,478,526.74
2,079,992.38
1,198,461.21
1,681,592.24
4,193,690.68
9,431,353.20
1,887,799.80
5,296,306.74
6,342,289.48
6,649,604.31
5,965,974.27
4,362,770.76
4,761,409.34
3,063,513.24
911,863.16
10,658,283.61
7,861,093.60
25,729,315.72
45,056,833.54
5,779,343.01
5,364,887.61
3,992,319.44
290,532.18
170,361.73
1,699,709.09
10,526,267.10
8,222,661.19
7,386,450.82
8,916,869.83

Total.
$28,239.61
60,613.14
165,320.23
349,670.23
570,023.80
582,189.54
679,579.99
973,906.75
751,377.34
623,133.61
420,914.61
783,444.61
1,035,973.09
661,435.33
753,661.69
1,151,924.17
516,442.61
888,995.42
1,021,899.04
617,451.43
2,161,867.77
2,623,311.99
3,295,391.00
5,020,697.64
4,826,811.60
4,037,006.26
3,999,388.99
4,538,123.80
9,643,850.07
9,941,809.96
3,848,056.78
2,672,276.57
3,502,305.80
3,862,217.41
5,196,542.00
1,727,848.63
13,106,592.88
22,033,519.19
14,989,466.48
1,478,526.74
2,079,992.38
1,198,461.21
1,681,592.24
4,193,690.68
9,431,353.20
1,887,799.80
5,296,306.74
6,342,289.48
6,649,604.31
5,965,974.27
6 4,362,770.76
4,761,409.34
3,053,513.24
911,863.16
10,668,283.61
7,861,093.60
25,729,315.72
45,756,833.54
c6,804,953.64
6,633,715.23
'
4,683,416.48
1,704,561.80
375,692.47
2,079,908.13
11,195.156.21
8,612,850.23
8,110,649.86
9,683,869.83
5,446,382.16
758.332.15

Number
of
depositary
banks.
3
3
3
3
3
4
5
6
9
9
8

14
16
15

94
29

58
55
68
60
69
59
66
40
40
42
41
62
50
44
91
54
43
27
11
19
26
30
34
43
49

247

TEEASUREE.
Mo.

5 0 . — B A L A N C E I N THE T R E A S U R Y OF THE U N I T E D STATES, AMOUNT I N T R E A S URY OFFICES, AND AMOUNT I N DEPOSITARY B A N K S , ETC-r-Continued.

Balance in t h e Treasury.

Date.

1849—J u n e 30
1850—J u n e 30
1851—June 30
1852—J u n e 30,
1853—J u n e 30
1864—June 30
1855—June 30
1856—J u n e 30
1867—June 30
1868—June 30
1859—J u n e 30
1860—June 30
1 8 6 1 - J u n e 30
1862—June 30
1863—June 30
1864—June 30
1865—June 30,
1866—June 30,
1867—June 30
1868—Jmie 30,
1869—J u n e 30,
1870—J u n e 30,
1871—J u n e 30,
1872—J u n e 30
1873—J u n e 30,
1874—J u n e 30
1875—J u n e 30
1876—June 30
1877—June 30
1878—June 30
1879—June 30
1880—June 30
1881—June 30
1882—June 30
1883—June 30
1884—J u n e 30
1885—June 30
1886—June 30
1887—June 30
1888—June 30
1889—June 30
1890—June 30
1891—J une 30
1892—June 30
1893—June 30
1894—June 30
1895—J u n e 30
1896—June 30
1897—June 30
1898—June 30
1899—June 30
1900—J u n e 30
1901—J u n e 30
1902—June 30
1903—June 30
1904—J u n e 30
1906—June 30
1906—June 30
1907—June 30,
1908—June 30




In Treasury
offices.
$3,208 ,822.43
7,431 ,022.72
12,142,193.97
15,097,880.36
22,286 ,462.49
20,300: 636. 61
19,529; 841.06
20,304, 844. 78
18,218; 770. 40
6,698, 157.91
4,685, 625.04
3,931, 287.72
2,006, 285.24
18,265, 984 84
8,395; 443.73
72,022, 019.71
5,346, 956. 56
101,844, 867.12
126,813, 153. 53
-86,631, 229.20
111,576, 414 43
102,521, 920. 67
82,607, 293. 41
60,872, 563. 46
49,194, 276. 53
64,723, 630. 48
51,712, 042.19
51,427, 414 23
84,394, 007.01
130,670; 578.15
159,020, 734 90
160,528, 170.50
173,974, 146. 61
152,941: 618.24
151,579: 255.91
164,557; 552.96
171,851, 780.21
218,277, 107.26
188,625, 383.03
189,395; 440. 66
167,646, 333.23
164,061, 481.40
135,448, 137.33
118,728, 662. 62
114,862, 278. 94
108,462, 220. 65
185,369, 687.37
258,221, 832.65
232,304, 043.90
175,438, 942.32
214,193, 189.26
214,206, 233.65
234,964, 116.04
245,045, 797.03
248,685, 097.53
217,591, 929.57
230,674, 025. 69
249,958, 296.77
256,267, 493. 51
247,479, 310. 94

In depositary
banks.

$39,980, 756.39
36,073, 363.73
34,298, 320. 64
25,208, 363.78
22,779, 797.62
8,697, 927.34
8,206, 180.34
6,919, 746. 69
12,501, 695.08
7,233, 551.11
7,435, 966.69
. 11,662, 679. 52
7,520, 194 76
7,299, 999.28
46,928, 268.56
208,033, 840.24
7,771, 233.90
8,704, 830.83
9,381, 712.90
9,803, 381.79
10,488, 827.63
10,770, 579.96
13,822, 070.80
18,975, 315. 41
54,698, 728.36
43,090, 750.53
26,779, 703.32
21,399, 689.16
10,450, 130.01
9,962, 526.00
10,423, 767.61
10,978, 606. 80
11,415, 474 42
12,162, 168.05
33,843, 700.81
70,296, 326.94
92,621, 371.72
93,442, 683.09
117,141, 564 13
140,001, 016.70
104,469, 638.45
64,803, 466.30
80,731 058.05
166,803, 951.96
147,692,

Total.

$3,208 822.43
7,431: 022.72
12,142 193.97
15,097 880.36
22,286 462.49
20,300; 636.61
19,529, 841.06
20,304, 844 78
18,218, 770. 40
6,698, 157.91
4,685, 626.04
3:931, 287.72
2,005, 286.24
18,265, 984 84
8,395, 443.73
112,002, 776.10
41,420, 309.29
136,143, 187. 66
151,021, 607.31
109,411; 026.82
120,174, 341.77
110,728, IOL 01
89,627, 039.00
73,374, 168.54
56,427, 827.64
72,159, 597.17
63,274, 721.71
68,947, 608.99
91,694 006.29
177,498', 846.71
367,054, 676.14
168,299, 404 40
182,678, 977. 44
162,323, 331.14
161,382, 637.70
165,046, 380.59
182,622, 360.17
. 232,099, 178.05
207,600, 698. 44
244,094, 169.01
210,737, 083.76
190,841, 184 72
156,847, 826. 49
129,178, 792.53
124,824, 804 94
118,885, 988.16
196,348, 193.17
269,637, 307.07
244,466, 201.95
209,282, 643.13
284,488, 616.20
306,827, 605.37
328,406, 798.13
362,187, 361.16
388,686, 114 23
322,061, 568.02
296,477, 491.89
330,689, 354 82
422,061, 445. 47
395,171, 347. 73

Numberof
depositary
banks.

204
330
382
385
370
276
148
159
163
158
154
145
143
145
124
127
131
130
134
140
135
132
160
200
290
270
205
185
159
160
155
160
160
168
172
357
442
448
577
713
842
837
928
1,265
1,436

248

REPORT ON TI-IE FINANCES.

Mo. 51.—NATIONAL

BANKS

DESIGNATED

AS DEPOSITARIES OF PUBLIC M O N E Y S ,

WITH THE JBALANCE H E L D BY E A C H SEPTEMBER 30, 1908.
R E G U L A R

DEPOSITARIES.

T o t h e credit
of t h e Treasurer of t h e
U n i t e d States
and United
States
disbursing
officers.

T i t l e of b a n k .

T i t l e of b a n k .

T o t h e credit
of t h e Treasurer of t h e
United States
and United
States
disbursing
officers.

Delaware.

Alabama.
First National Bank, Birmingham..
Traders' National Bank, Birmingham
B a n k of Mobile N a t i o n a l B a n k i n g
Association, M:obile.:
First National Bank, Montgomery..
City N a t i o n a l B a n k , Tuscaloosa

$155,000.00

First National Bank, Wilmington...

105,000.00

District of Columbia.

112,450.00
50,000.00
•44,886.66

N a t i o n a l B a n k of W a s h i n g t o n , W a s h ington

$48,101.23.

664,159.12:

Florida.
Alaska.
First National Bank, Fairbanks
First National Bank, Juneau

99,297.18
92,595. 97

Arizona.
F i r s t N a t i o n a l B a n k , Nogales
Phoenix National Bank, P h o e n i x . . .
Prescott National Bank, P r e s c o t t . . .
Consolidated N a t i o n a l B a n k , Tucson.

48,690.06
60,000.00
60,000.00
50,000.00

Exchange
Rock

Arkansas.
National Bank,

Little

California.
First National Bank, Eureka
First National Bank, Fresno
Farmers' National Bank, Fresno
F u s t N a t i o n a l B a n k , Los A n g e l e s . . .
First National Bank, Oakland
..
California N a t i o n a l B a n k , Sacramento
N a t i o n a l B a n k of D . 0 . MiUs & Co.,
Sacramento
F i r s t N a t i o n a l B a n k , S a n Diego
F i r s t N a t i o n a l B a n k , San Francisco.
A m e r i c a n N a t i o n a l B a n k , San F r a n cisco
Crocker N a t i o n a l B a n k , S a n F r a n cisco
Merchants' National Bank, San
Francisco
S a n Francisco N a t i o n a l B a n k , S a n
Francisco
:
Wells, F a r g o - N e v a d a N a t i o n a l B a n k ,
S a n Francisco
W e s t e r n N a t i o n a l B a n k , San F r a n cisco
Colorado.
First National Bank, Denver
Colorado N a t i o n a l B a n k , D e n v e r
Denver National Bank, Denver
F i r s t 'National B a n k , D u r a n g o
F i r s t N a t i o n a l B a n k , Montrose
First National Bank, Pueblo
L o g a n C o u n t y N a t i o n a l B a n k , Sterling
Connecticut.
First National Bank, Bridgeport
B r i d g e p o r t N a t i o n a l B a n k , Bridgeport
Charter O a k N a t i o n a l B a n k , H a r t ford
:
Hartford N a t i o n a l B a n k , H a r t f o r d . .
Second N a t i o n a l B a n k , N e w H a v e n . ,
N a t i o n a l B a n k of Commerce, N e w
London
:
Thames National Bank, N o r w i c h . . .




95,068.00
74,992. 45
100,000. 00
60,000. 00
600,306. 96
81,363. 20

F i r s t N a t i o n a l B a n k , GainesviUe...
A t l a n t i c N a t i o n a l B a n k , Jacksonville
:
B a r n e t t N a t i o n a l B a n k , Jacksonville
F l o r i d a N a t i o n a l B a n k , Jacksonville
First National Bank, K e y West
F i r s t N a t i o n a l B a n k , Pensacola
A m e r i c a n N a t i o n a l B a n k , Pensacola
First National Bank, T a m p a
Exchange National Bank, T a m p a . .

51,837.81
133,052.21
222,679.68
189,000.00
46,889.0068,670.30
74,801.30
186,881. 47
.49,984. 93

Georgia.
Atlanta National Bank, A t l a n t a . . .
Lowry National Bank, Atlanta
M e r c h a n t s ' N a t i o n a l B a n k , Savannah

162,796. 32
500,456.90
294,176.45-

Hawaii.

85,000.00

F i r s t N a t i o n a l B a n k of H a w a i i ,
Honolulu

97,845. 63
50,000.00
242,482.96

Idaho.

650,000.00
360,243.40
176,000.00

F i r s t N a t i o n a l B a n k , Blackfoot
Boise City N a t i o n a l B a n k , Boise
E x c h a n g e N a t i o n a l B a n k , Coeur
d'Alene
Hailey National Bank, Hailey
F i r s t N a t i o n a l B a n k , Lewiston
,

285,000.00

F i r s t N a t i o n a l B a n k , Ghicago
C o m E x c h a n g e N a t i o n a l B a n k , Chicago
F o r t D e a r b o r n N a t i o n a l B a n k , Chicago
Hamilton National Bank, Chicago..
DanvUle N a t i o n a l B a n k , D a n v i l l e . .
MUikin N a t i o n a l B a n k , D e c a t u r
S o u t h e r n lUinois N a t i o n a l B a n k ,
E a s t St. Louis
,
Farmers' National Bank, P e k i n . . . . ,
German-American National Bank,
Pekin
F i r s t N a t i o n a l B a n k , Peoria
Central N a t i o n a l Banlc, Peoria
Commercial-German N a t i o n a l
B a n k , Peoria
Illinois N a t i o n a l B a n k , Peoria
Merchants' National Bani., Peoria..
Quincy National Bank, Quincy
Ricker National Bank, Quincy
R o c k Island N a t i o n a l B a n k , ' R o c k
Island
F i r s t N a t i o n a l B a n k , Springfield
Illinois N a t i o n a l Banlr, Springfield..
S t a t e N a t i o n a l B a n k , Springfield

48,809. 73.
103,746.18
60,000.00
49,927.04
49,690.16

Illinois.

390,000.00

300,766.91

300,000.00

406,657.63
440,902.56
398,839. 02
74,177. 98
77,561.35
89,873.20
60,000.00
48,860.45
72,360.17
72,139. 99
60,000. 00
74,946.57
50,000. 00
50,000.00

•416,000.00
434,849.92
136,000.00
276,000. OO
197,033.27
49,910. 33
138,000.00
400,000.00
400,000.00
600,000. 00
426,804 41
849,832.86 '
500,000. 00
450,256.10
65,000.00
60,000.00
60,000.00
63,191.24
60,000.00
60,212.23

249

TREASURER.'

M o . 5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC MONEYS,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
REGULAR DEPOSITARIES-Continued.

Title of bank.

To the credit
of the Treasurer of the
United States
and United
States
disbursing
officers.

Title of bank.

Indiana.

Kentucky—Contmued.

Old State National Bank, EvansviUe
First National Bank, Fort Wayne..
Hamilton National Bank, Fort
Wayne
First "National Bank, Hammond
Citizens' German National Bank,
Hammond
American National Bank, Indianapolis
Capital National Bank, Indianapolis.
Indiana National Bank, Indianapolis
Merchants' National Bank, Indianapolis
Dearborn National Bank, Lawrenceburg
PeoiDle's National Bank, Lawrenceburg
Marion National Bank, Marion
Second National Bank, Richmond...
Citizens' National Bank, South
Bend
South Bend Natio.nai Bank, South
Bend
First National Bank, Terre 11 ante..
First National Bank, Vincermes
German National Bank, Vincennes..

Lawrenceburg Nationalfeank, Lawrenceburg
Lexington City National Bank, Lexington
First National Bank, LouisviUe
Third National Bank, LouisviUe
American National Bank, Louisville
Citizens' National Bank, Louisville..
National Bank of Kentucky, LouisviUe
Southern National Bank, Louisville.
Union National Bank, Louisville
State National Bank, Maysville
First National Bank, Owensboro
National Deposit Bank, Owensboro.
City National Bank, Paducah

To the credit
of the Treasurer of the
United States
and Uinted
States
disbursing
officers.

$99,03L38
72,000.00
72,000.00
160,000.00
150,000.00
164,256.57
143,208. 86
393,891. 63
162,000.00
100,000.00
160.000.00
228,100.15
51,869. 35
50,000 00
70,000.00
199,376. 78
110,000. 00
100,000. 00

Iowa.
First National Bank, Burlington
Cedar Rapids National Bank, Cedar
Rapids
City National Bank, CUnton
First National Bank, Council Blufis.
First National Bank, Davenport
Citizens' National Bank, Des Moines.
Des Moines National Bank, Des
Moines
Iowa National Bank, Des Moines
Valley National Bank, Des Moines..
Second National Bank, D u b u q u e —
First National Bank, Ottumwa
First National Bank, Sioux City
Security National Bank, Sioux City,




362,117.08
294,863. 90
340,000.00
260, ooa 00
431,285.76
50,000. 00
100,064. 86
99,963. 76
99,844 59

203,144.93
612,284 62

Maine.
Granite National Bank, Augusta
First National Bank, Bangor
Portland National Bank, Portland..

Citizens' National Bank, Baltimore..
Merchants' National Bank, Baltimore
National Exchange Bank, Baltimore
National Mechanics' Bank, Baltimore
,
First National Bank, Cumberland..,
Second National Bank,Cum.berland.
Second National Bank, Hagerstown.

96,491.66
60,000.00
97,67L13

Maryland.

63,003. 04
60,000. 00
67,500.00
96,240. 95
74,995.99
100,862.82
211,250.28
86,979.56
70,000.00
79,903.10
50,000. 00
60,000.00

50,000.00
49,968.36
199,840. 57

149,163. 56
50,000.00
200,000.00
100,000. 00
115,000.00

Kentucky.
Citizens' National Bank, Bowling
Green
CarroUton National Bank, Carrollton
First National Bank, Covington
Citizens' National Bank, Covington
German National Bank, Covington.
Farmers' National Bank, Danville.
State National Bank, Frankfort

108,600.00
268,698. 26
98,360.13

Louisiana.
New Orleans National Bank, New
Orleans
Whitney Central National Bank,
New Orleans

70,000.00

Kansas.
National Bank of Commerce, Dodge
City
Lawrence National Bank, Lawrence,
First National Bank, Leavenworth..
Leavenworth National Bank, Leavenworth
First National Bank, Pittsburg
,
Merchants' National Bank, Topeka
Fourth National Bank, Wichita
Kansas National Bank, Wichita

$50,000.00

50,000.00
53,000.00
99,930.18
100,000.00
100,000.00
80,161. 01
50,000.00

300,000.00
262,051.30
297,246.05
328,000.00
70,000.00
89,956.80
60,000.00

Massachusetts.
First National Bank, Boston
Merchants' National Bank, Boston.,
National Shawmut Bank, Boston...
Mechanics' National Bank, New
Bedford
First National Bank of West Newton, Newton
Third National Bank, Springfield...
Mechanics' National Bank, Worcester

406,000.00
200,000.01
479,397.76
50,000.00
98,459.49
102,872.60
76,000.00

Michigan.
Central National Bank, Battle Creek
First National Bank, Bay City
First National Bank, Detroit
Old Detroit National Bank, Detroit..
Fourth National Bank, Grand
Rapids
Houghton National Bank, Houghton
Miners' National Bank, Ishpeming..
City National Bank, Kalamazoo
First National Bank, Marquette
First National Bank, Menominee

60,000.00'
50,000.00
476,917.62
150,000 00
160,000.00'
79,976.39
85,000.00
60,000.00
66,000.00
60,000 00

250

REPORT ON T H E FINANCES.

M o . 5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OP PUBLIC M O N E Y S ,
WITH THE B A L A N C E H E L D B Y E A C H S E P T E M B E R 30, 1 9 0 8 — C o n t i n u e d .

REGULAR DEPOSITARIES-Continued.

Title of bank.

To the credit \
of the Treas- |
urer of the !
United States
and United i
States
i
disbursing
officers.

Title of bank.

Michigan—Contmued.

Nevada.

First National Exchange Bank, Port
Huron
Second National Bank, Saginaw
First National Bank, Sault Ste.
Marie

Farmers' and Merchants' National
Bank, Reno
Nixon National Bank, Reno

To the credit
of the Treasurer of the
United States
and United
States
disbursing
officers.

$68,563.27
138,377. 63
60,000.00

Neiu Hampshire.

50,323.95
150,000.00
275,465.15

First National Bank, Concord
Manchester National Bank, Manchester
First National Bank, Portsmouth...
New Hampshire National Bank,
Portsmouth

Minnesota.
Merchants' National Bank, Crookston.
First National Bank, Duluth
First National Bank, MinneapoUs...
Northwestern, National Bank, MinneapoUs
First National Bank, St. Paul
Second National Bank, St. Paul
Nat'l German-American B'k, St.
Paul
Mississippi.
First National Bank, Vicksburg
American National Bank, Vicksbm*g
Missouri.
First National Bank, Kansas City
National Bank of Commerce, Kansas
City
National Bank of the RepubUc,
Kansas City
:
Union National Bank, Kansas City.
First National Bank of Buchanan
County, St. Joseph
German-American National Bank,
St. Joseph
Third National Bank, St. Louis
Central National Bank, St. Louis...
Mechanics - American
Natiohal
Bank, St. Louis
Merchants'-Laclede National Bank,
St. Louis
National Bank of Commerce, St.
Louis
State National Bank, St. Louis
Montana.
YeUowstone National Bank, BilUngs
Commercial National Bank, Bozeman
First National Bank, Butte
First National Bank, Glasgow
First National Bank, Great Falls..
American National Bank, :Helena..
National Bank of Montana, Helena.
Conrad National Bank, KalispeU..
First National Bank, Lewistown...
State National Bank, Miles C i t y . . .
Western Montana National Bank,
Missoula
Nebraska.
First National Bank, Lincoln
First National Bank, Omaha
Merchants' National Bank, Omaha,
Nebraska National Bank, Omaha..
Omaha National Bank, Omaha
United States National Bank,
Omaha




$36,095.33
381,000.00

218,084 79
387,603.54
400,312.69

Bridgeton National Bank, Bridgeton
Camden National Bank, Camden..
First National Bank, Jersey City
Essex County National Bank, Newark.
60,166. 20 Union National Bank, Newark
60,000.00 Passaic National Bank, Passaic
First National Bank, Paterson
Paterson National Bank, Paterson..
First National Bank, Perth Amboy.
287,422. 62 First National Bank, Trenton

First National Bank, Roswell
107,093. 58 First National Bank, Santa Fe

326,000.00

265,700.00
874,659.82
295,000. 00
50,000.00
49,898.14
100,000 00
49,653.60
49,943.27
100,311. 82
197,780. 37
50,000.00
80,000.00
70,000 00
99,671.94
49,946.20
218,115.36
190,000.00
161,320. 44
485,337. 64
196,232.20

60,000.00

46,317.04
72,927.67
150,000.00

60,000.00
308,429.97
50,000. 00
58,008. 33
63,406 03
50,000. 00
98,664 66

New Mexico.

250,000. 00 First National Bank, Albuquerque.,
147,048.75 First National Bank, Clayton

50,000.00
160,000 00
80,000 00

70,000.00
204,649. 67

New Jersey.

150,000.00

499,922.72

60,288.94

125,289. 95
50,000. 00
50,000 00
46,462.42

New York.
First National Bank, Albany
National Commercial Bank, Albany.
First National Bank, Binghamton..
Nassau National Bank, Brooklyn...
National City Bank, Brooklyn
Third National Bank, Buffalo
Marine National Bank, Buffalo
Second National Bank, Elmira
American Exchange National Bank,
New York
,
Citizens' Central National Bank,
New York
,
Hanover National Bank, New York
Liberty National Bank, New York.
National Bank of Commerce, New
York
,
National City Bank, New York
New York County National Bank,
New York
,
Seaboard National Bank, New York.
National Bank of Ogdensburg, Ogdensburg
,
First National Bank, Oswego
,
Westchester County National Bank,
PeekskUl
Plattsbm-g National Bank, Plattsburg
National Bank of Rochester, Rochester
Traders' National Bank, Rochester.
Third National Bank, Syracuse
Manufacturers' National Bank,
Troy

94,122. 20
248,072.31
49,998. 50
249,113. 20
250,000 00
246,029.49
361,000.00
47,40LOO
256,126. 95
262, 078 40
962, 742. 08
118, 000. 00
848, 393. 87
2,220. 000. 00
250, ooa 00
100, ooa 00
50, ooa 00
148, 106 19
160, ooa 00
50, ooa 00
208, 396. 74
86, 010 42
115; 265.33
106,000.00

251

TREASURER.

M o . 5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OP P U B L I P MONEYS,
WITH THE BALANCE H E L D I N E A C H SEPTEMBER 30, 1908—Continued.
REGULAR DEPOSITARIES-Continued.

Title of bank.

To the credit
of the Treasurer of the
United States
and United
States
disbursing
officers.

New For A;—Continued.
National State Bank, Troy
Fust National Bank, Utica
,
Second National Bank, Utica
,
Watertown National Bank, Waterto^vn
—

Title of bank.

To the credit
of the Treasurer of the
United States
and United
States
disbursing
officers.

Oklahoma—Continued.
$70, ooa 00
100,ooa 00
50,007.53
84,703. 92

OMahoma City National Bank, Oklahoma City
Western National Bauk, Oklahoma
City
Oklahoma National Bank, Shawnee.
First National Bank, Woodward

$50, ooa 00
336,909.67
60, ooa 00
50,129.31

North Carolina.
Oregon.

American National Bank, Asheville,
Commercial National Bank, Charlotte
,
First National Bank, Durham
,
Greensboro National Bank, Greensboro
Citizens' National Bank, Raleigh..
Fust National Bank, StatesvUle
People's National Bank, Winston.,

100,000 00
149,96014
50,000 00
85, ooa 00
125,290 83
50,000 00
100,010 50

50,090 54
50,000 00
129,95a 65
50,000 00
49,998.50
50,000 00

OUo.
First National Bank, Athens
,
Fust National Bank, ChiUicothe
First National Bank, Cincinnati
Fourth National Bank, Cincinnati.,
Fifth-Thud National Bank, Cincmnati
Citizens' National Bank, Cinciimati,
Market National Bank, Cincinnati,
First National Bank, Cleveland
Bank of Commerce, National Association, Cleveland
:
Deshler National Bank, Columbus.,
Hayden-Clinton National Bank,
Columbus
Third National Bank, Dayton
First National Bank, HamUton
Second National Bank, HamUton..,
Miami Valley National Bank, HamUton
,
Merchants' National Bank, Middleto^wm
,
Fust National Bank, Portsmouth..,
Central National Bank, Portsmouth.
Commercial National Bank, Sandusky
Fust National Bank, Toledo
Second National Bank, Toledo
,
Troy National Bank, Troy

49,763. 50
68,000 00
355,000 00
282,700 00
430,000 00
319,000 00
200,000 00
310,47158
140,000. 00
174,825.27
85,000 00
200,000 00
70,020 83
50,000 00




Merchants' National Bank, Allentown
First National Bank, Altoona
First National Bank, Easton
First National Bank, Erie
First National Bank Harrisburg
Conestoga National Bank, Lancaster.
New First National Bank, MeadvUle
First National Bank, Philadelphia..
Second National Bank, PhUadelphia
Corn Exchange National Bank,
PhUadelphia
Farmers and Mechanics' National
Bank, PhUadelphia
Merchants' National Bank, PhUadelphia
Quaker City National Bank, PhUadelphia
Second National Bank, Pittsburg
Columbia National Bank, Pittsburg.
MeUon National Bank, Pittsburg...
Miners' National Bank, PottsviUe...
First National Bank, Reading
Third National Bank, Scranton
First National Bank, WUkes-Barre..
First National Bank, York

50,000 00

50, ooa 00
60,67a 48
999,496.12
149,822.76
199,99a 95

50, ooa 00
49,000.00
50, ooa 00
84,93L18
80, OOO.'OO
79,991.96
50, ooa 00
60, ooa 00
100, ooa 00

482,689. 41

164, ooa 00
910,96a 19
200,000,00
300, ooa 00
370, ooa 00
871, ooa 00
50,000.00
80, ooa 00
108,212.50
60, ooa 00
60, ooa 00

Rhode Island.

120,000 00
70,000 00
50, ooa 00
50,000 00
49,950 43
107, ooa 00
85,000 00

Oklahoma.

Fust National Bank, Alva
Ardmore National Bank, Ardmore.
Citizens' National Bank, El Reno..
Guthrie National Bank, Guthrie
National Bank of Commerce, Guthrie
First National Bank, Lawton
First National Bank, Muskogee
Conunercial National Bank, Musko-

60, ooa 00

Pennsylvania.

North Dakota.

First National Bank, Bismarck
Dakota National Bank, Dickinson.,
Fust National Bank, Fargo
,
Fargo National Bank, Fargo
,
Second National Bank, Minot
,
Citizens' National Bank, WUliston.,

First National Bank, Burns
,
La Grande National Bank, La
Grande
First National Bank, Lakeview
First Natibnal Bank, Portland
Merchants' National Bank, Portland
United States National Bank, Portland

60, ooa 00
60, ooa 00
60, ooa 00
100, ooa 00

Aquidneck National Bank, Newport
Merchants' National Bank, Providence.

60, ooa 00

219,96L53

South Carolina.

First National Bank, Charleston
Carolina National Bank, Columbia..
National Loan and Exchange Bank,
Columbia
Palmetto National Bank, Columbia.
National Union Bank, Rock HUl

105,623.98
50,757.10
50, ooa 00
260, ooa 00
80, ooa 00

South Dakota.

70, ooa 00
84,885.01
100, ooa 00
75, ooa 00

First National Bank, Aberdeen
Aberdeen National Bank, Aberdeen,
First National Bank, Deadwood
First National Bank, Huron

50,000.00
48,^814 09
100, ooa 00
46,966.11

252

REPORT ON T H E FINANCES.

M o . 51.—NATION.'VL B A N K S DESIGNATED AS DEPOSITARIES OP PUBLIC MONEYS,
WITH THE BALANCE H E L D I N E A C H SEPTEMBER 30, 1908—Contmued.
REGULAR DEPOSITARIES-Continued.
To the credit
of the Treasurer of the
United States
and United
States
disbursing
officers.

Title of bank.

South Dakota—Contmued.
First National Bank, Mitchell
Mitchell National Bank, MitcheU...
First NationalsBank, Pierre
Pierre National Bank, Pierre
First National Bank, Rapid City....
Minnehaha National Bank, Sioux
FaUs
Sioux Falls National Bank, Sioux
Falls
Tennessee. FirstNational Bank, Bristol
,
First National Bank, Chattanooga...
American National Bank, Chattanooga
First National Bank, ClarksvUle
Manufacturers' National Bank, Harriman
,
Unaka National Bank, Johnson City
East Tennessee National Bank,
KnoxvUle
,
Holston National Bahk, ElnoxvUle..
First National Bank, Memphis
,
First National Bank, NashvUle
American National Bank, NashvUle,
First National Bank, TuUahoma—
Texas.
Austin National Bank, Austin
Corpus Christi National Bank,
Corpus Christi
American Exchange National Bank,
DaUas
City National Bank, Dallas
First National Banlc, Eagle Pass —
First National Banlc, El Paso
Galveston National Bank, Galveston
South Texas National Bank, Houston
,
FirstNational Bank, Port Arthur..
San Antonio National Bank, San
Antonio
Merchants and Planters' National
Bank, Sherman
Citizens' National Bank, Waco
Utah.
^^First National Bank, Ogden
Utah National Bank, Ogden
Deseret National Bank, Salt Lake
City

•

National Bank of the Republic, Salt
Lake City
Vermont.
Merchants' National Bank, BurUngton
National Bank of Newport, Newport
Virginia.
First National Bartk, Abingdon
First National Bank, Alexandria
First National Bank, Danville
..
Ljmchburg National Bank, Lynchburg
First National Bank, Newport News.
Newport News National Bank, Newport News
National Bank of Commerce, Norfolk
:




$60, ooa 00
50, ooa 00
49,871. 37
63,336.21
49,618.38
76,28a 06
60, ooa 00
62, ooa 00
163,518.06
70, ooa 00
60, ooa 00
50, ooa 00
31,117.17
99,309. 97
50, ooa 00
190,833. 09
235,2ia64
127, ooa 00
49,99a 18
200,756.28
49,762.33
132,701.77
89,185.31
46,506.40
147,792.47
135,848.73

66,000.00
49,907.56
343,066.07
52,695.33
60,000.00
47,66a 84.
49,902.65
80,523.70
146,273.56

101,685.87
50,000.00
60, ooa 00
61,515.62
90, ooa 00
120, ooa 00
100,437.19
a 16,643.75

Title of bank.

Virginia—Continued.
Norfolk National Bank, Norfolk..
Virginia National Bank, Petersburg.
American National Bank, Richmond
Merchants' National Baoik, Richmond
National Bank of Virginia, Richmond
Washington. .
First National Bank, BeUingham...
First National Bank, North Yakima,
First National Bank, Port Townsend
,
National Bank of Commerce, Seattle.
Seattle National Bank, Seattle...
Exchange National Bank, Spokane.
Old National Bank, Spokane
National Bank of Commerce, Tacoma
Pacific National Bank, Tacoma
Vancouver National Bank, Vancouver.
First National Bank, Walla WaUa..
West Virginia.
Citizens' National Bank, Charleston.
First National Bank, Grafton
West Virginia National Bank,
Huntington
,
First National Banlc, Huntington..,
Old National Bank, Martinsburg...
First National BarUc, Parkersburg .,
National Exchange Bank, WheeUng,
Wisconsin.
Ashland National Bank, Ashland..,
Kellogg National Bank, Green Bay.,
National Bank of La Crosse, La
Crosse
First National Bank, Madison
,
First National Bank, Milwaukee
National Exchange Bank, Milwaukee
Wisconsin National Bank, Milwaukee
,
Old National Bank, Oshkosh
J.
Wyoming.
First National Bank, Buffalo
First National Bank, Cheyenne
Stoclc Growers' National Bank,
Cheyenne. .•.
First National Bank, Evanston
First National Bank, .Lander
First National Bank, Shoshoni

To t h e credit
of t h e Treasurer of t h e
U n i t e d States
and United
States
disbursing
officers.

$780,890.87
90,728.33
276,072.16
286,604.80
246,000.00
60,000.00
98,885.02
50,061.71
899,803.95
899,992.00
58,764 97
99,70a 17
250,635.62
208,000.00
61,038.48
60,000.00
200,007.60
60, ooa 00
50, ooa 00
50,000.00
50,32a 39
60, ooa 00
192,000.00
65,088.55
50, ooa 00
49,868.20
49,168.95
399,215.66
215,487.57
344,406.43
50,076.00
49,99a 99
127,422.21
99,923.69
50,36a 89
50, ooa 00
50,036.00

ADDITIONAL DEPOSITARIES.

Cuba.
B a n c o de la H a b a n a , H a v a n a
N a t i o n a l B a n k of Cuba, H a v a n a . . . ,
P h i l i p p i n e Islands.
Trieasury of t h e P h i l i p p i n e I s l a n d s ,
Manila
,
Porto Rico.
American Colonial B a n k of P o r t o
Rico, S a n J u a n
Total

1,104,725.32q u i d a t i o n .
a I n li

387,388.17
373,33a 69

3,889,416.83

308,942.97
73,927,082.31

253

TEEASUEEE.
Mo.

5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES- OF PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
SPECIAL DEPOSITARIES.

Title of bank.

To the credit
ofthe
Treasurer of
the United
States.

Alabama.
First National Bank, Anniston
Anniston National Banlc, Anniston..
First National Bank, Dothan
Dothan National Bank, Dothan
First National Bank, Eutaw
First National Bank, Gadsden
Henderson National Bank, HuntsvUle
,
Exchange National Bank, Montgomery
,
City National Bank, Selma
,
Selma National Barik, Selma
,
Isbell National Bank, Talladega
Talladega National Bank, Talladega.

50, ooa 00
• 50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00

50, ooa 00

50, ooa 00
50, ooa 00
60, ooa 00
50, ooa 00
25, ooa 00

California.
First National Bank, Berkeley
,
Berkeley National Bank, Berkeley.,
First National Bank, Colton
,
American National Bank, Los An• geles
,
Citizens' National Bank, Los Angeles
,
Farmers and Merchants' National
Bank, Los Angeles
,
Merchants' National Bank, Los Angeles
,
First National Bank, Napa
,
Union National Bank, Oakland
First National Bank, Pasadena
Petaluma National Bank:, Petaluma
First National Bank, Pomona
•Citizens' National Bank, Redlands.,
Redlands National Bank, Redlands
First National Bank, Riverside....
San Bernardino National Bank, San
Bernardino
National Bank of the Pacific, San
Francisco
United States National Bank, San
Francisco.
First National Bank, San Jose
First National Bank, San Pedro
Santa Rosa National Bank, Santa
Rosa.
Colorado.
American National Bank, Alamosa.
First National Bank, Colorado
Springs
Exchange National Bank, Colorado
Springs
First National Bank, Cripple Creek,
Capitol National Bank, Denver.,..




National Bank of Commerce, Denver
United States National Bank, Den- |
ver
First National Bank, Fort Collins...
Morgan County National Bank, Fort
Morgan
W o o d s - R u b e y National B a n k , Golden
Grand VaUey National B a n k , Grand
Junction.Carbonate N a t i o n a l B a n k , L e a d viUc'
Mercantile National B a n k , P u e b l o . .

$50,000.00
50,000.00
50,000.00
60, OOO. O
O
50,000.00
50, OOO 00
50, ooa 00
50,000.00

Connecticut.

Arkansas.
Arkansas National Bank, FayetteviUe
First National Bank, Fort Smith...,
American National Bank, Fort
Sraith
Merchants' National Bank, Fort
Smith
First National Bank, Gravette

To the credit
ofthe
Treasurer of
the United
States.

Colorado—Continued.
$50,000.00
50, ooa 00
50, ooa 00
60, ooa 00
50, ooa 00
60, ooa 00

Arizona.
F i r s t National B a n k , Globe

Title of bank.

74, ooa 00
45,000.00
50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
45, ooa 00
50,000 00
50,000 00
50,000 00
60, ooa 00
50,000 00
50, ooa 00
50, ooa 00
88,000 00
60, ooa 00
.50,000 00
60, ooa 00
60, ooa 00
50, ooa 00
60, ooa 00
50,000. 00
50, ooa 00
60, ooa 00

Windham County National Bank,
Danielson
First National Bank, Hartford
First National B ank, Meriden
Home National Bank, Meriden
Yale National Bank, New Haven...
National Bank of Norwalk, Norwalk.
First National Bank, Norwich
First National Bank, Putnam
Torrington National Bank, Torrington
Windham National Bank, Willimantic
Delaware.
Lewes National Banlc, Lewes

50,000.00
50,000.00
60,000.00
50,000.00
60,000.00
60,000. 00
50,000.00
60,000.00
60,000.00
16,000.00
60,000.00

District of Columbia.
Second National B a n k , W a s h i n g t o n .
A m e r i c a n National B a n k , W a s h i n g ton
Columbia National Bank, Washington
Commercial N a t i o n a l B a n k , W a s h ington
F a r m e r s a n d Mechanics' National
B a n k of Georgetown, W a s h i n g t o n .
Lincoln National B a n k , W a s h i n g t o n .
National Capital B a n k , W a s h i n g t o n .
National City Banlc, W a s h i n g t o n . . .
National Metropolitan B a n k , W a s h ington
Riggs N a t i o n a l - B a n k , W a s h i n g t o n . .

195,500.00
190, ooa 00
183,000.00
218,000.00
158,500. CO
116,000.00
130,600. 00
108,000.00
452,000 00
807, OCO. 00

Florida.
First National Bank, Apalachicola..
First National Bank, F e r n a n d i n a . . .
GainesviUe N a t i o n a l B a n k , Gainesville
F i r s t National B a n k , Miami
F i r s t National B a n k , S t . A u g u s t i n e .
N a t i o n a l B a n k of St. P e t e r s b u r g , S t .
Petersburg

Georgia.Albany National Bank, Albany
Americus National Bank, Americus.
Georgia National Bank, Athens
Third National Banlc, Atlanta
Fourth National Bank, Atlanta
First National Banlc, Bainbridge....
First National Bank, Barnesville....
National Bank of Brunswick, Brunswick
I

60,000. 00
60, OOO. 00
50,000.00
60,000. 00
60,000.00
50,000. GO

60,000 00
50,000.00
50,000.00
60,000.00
130,000.00
60,000.00
60,OOa C
O
60,000.00

254
Mo.

REPORT ON T H E FINANCES.
5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
SPECIAL DEPOSITARIES-Continued.

Title of bank.

To the credit
of the
Treasurer of
the United
States.

Georgia—Continued.
Third National Bank, Columbus
National Bank of Columbus, Columbus
Exchange National Bank,Fitzgerald.
First National Bank, Forsj^th
Greensboro National Bank, Greensboro
•
First National Bank, Hawkinsville..
La Grange National Bank.La Grange
Fourth National Bank, Macon
American National Bank, Macon
First National Bank, Madison
First National Bank, Marietta
First National Bank, Quitman
First National Bank, Sandersville . .
National Bankof Savannah, Savannah
First National Bank, Sparta
First National Bank, Valdosta

Illinois—Contmued.
$50, ooa 00
50, ooa 00
50, ooa 00
60,000. 00
50, ooa 00
50, ooa 00
50, ooa 00
50,000 00
50, ooa 00
50, ooa 00
50, ooa 00
50, ooa 00
60, ooa 00
50, ooa 00
60, ooa 00
50, ooa 00

Idaho.
Western National Bank, CaldweU...
First National Bank, Moscow
First National Bank, PocateUo
First National Bank, Wallace
First National B ^ k , Weiser
Weiser National Bank, Weiser

50, ooa 00
50, ooa 00
20,000.00
50,000 00
50, ooa 00
60, ooa 00

Illinois.
Citizens' National Bank, Alton
First National Bank, Amboy
First National Bank, Aurora
First National Bank, Beardstown...
First National Bank, Belvidere
Third National Bank, Bloomington.
First National Bank, Carlyle
Old National Bank, Centralia
First National Bank, Champaign . . .
Bankers' National Bank, Cliicago...
Commercial National Bank, Chicago.
Continental National Bank, Chicago.
Drovers' Deposit National Bank,
Chicago
Monroe National Bank, Chicago
National Bank of the Republic,
Chicago
National City Bank, Chicago
Second National Bank, DanviUe
Citizens' National Bank, Decatur...
National Bank of Decatur, Decatur..
Tazewell County National Bank,
Delavan
First National Bank, Dwight
City National Bank, East St. Louis..
First National Banlc, EdwardsvUle..
Home National Bank, Elgin
Union National Bank, Elgin
First National Bank, Flora
First National Bank, Gibson City...
First National Bank, Granite City...
Granite City National Bank, Granite
City
First National Bank, Joliet
Joliet National Bank, Joliet
First National Bank, Kankakee
City National Bank, Kankakee
La Salle,National Bank, La SaUe . . .
Lincoln National Bank, Lincoln
Third National Bank, Mt. Vernon..
Pana National Bank, Pana




Title of bank.

60, ooa 00
50, ooa 00
50, ooa 00
50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60,000 00
50, ooa 00
105, ooa 00
138, ooa 00
66, ooa 00
123, ooa 00
106,000. 00
90, ooa 00
60, ooa 00
50, ooa 00
50, ooa 00
50,000.00
50, ooa 00
50, ooa 00
50, ooa 00
50,000 00
60, ooa 00
50, ooa 00
50, ooa 00
47,60a00
50, ooa 00
50,000.00
50, ooa 00
50, ooa 00
50,000 00
50, ooa 00
60, ooa 00
50,000 00
60, ooa 00

Edgar County National Bank, Paris.
Livingston County National Bank,
Pontiac
Citizens' National Bank, Princeton..
Farmers'oNational Bank, Princeton.
Third National Bank, Rockford
Manufacturers' National
Bank,
Rockford '.
Rockford National Bank, Rockford..
Ridgely National Bank, Springfield.
Indiana.
Citizens' National Bank, Bedford...
Bloomington National Bank, Bloomington
BoonvUle National Bank, BoonvUle
First National Bank, BrazU
RiddeU National Bank, BrazU
National BrookvUle Bank, Brookville
First National Bank, Cormersville..
Corydon National" Bank, Corydon..
First National Bank, CrawfordsvUle
Citizens' National Bank, Crawfordsville
Elston National Bank, Crawfordsville
Bankers National Bank, Evansville.
Citizens' National Bank, Evansville.
City National Bank, Evansville.
MercantUe National Bank, Evansville
German-American National Bank,
Fort Wayne
First National Bank, Frankfort
American National Bank, Frankfort.
Franklin National Bank, Franklin..
Central National Bank, Greencastle.
Third National Bank, Greensburg..
Citizens' National Bank, Greensburg
First National Bank, Huntington...
Columbia National Bank, IndianapoUs
.,
Fletcher National Bank, Indianapolis
Union National Bank, IndianapoUs.
Citizens' National Bank,Kokomo...
Howard National Banlc, Kokomo...
First National Bank, La Fayette
City National Bank, La Fayette
Merchants' National Bank, La Fayette
National Fowler Bank, La Fayette.
First National Bank, Lebanon
Lebanon National Bank, Lebanon..
Union County National Bank, Liberty
First National Bank, Madison
National Branch Bank, Madison
Delaware County National Bank,
Muncie
Merchants' National Bank, Muncie..
Second National Bank, New Albany.
Merchants' National Bank, New
Albany
New Albany National Bank, New
Albany
Citizens' National Bank, Peru

To the credit
ofthe
Treasurer of
the United
States.

255

TREASURER.

MOc 5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
SPECIAL DEPOSITARIES-Continued.

Title of bank.

To the credit
ofthe
Treasurer of
the United
States.

Title of bank.

Jndmna—Continued.

/oz(;a—Continued,

Bozeman-Waters National Bank,
Posey vUle
People's National Bank, Princeton..
First National Bank, Richmond
Union National Bank, Riclimond...
First National Bank, Seymour
National Bank of Sullivan, SuUivan.
Second National Bank, Vincennes..
Farmers' and Merchants' National
Bank, Wabash
Wabash National Bank, W a b a s h . . .

Iowa State National Bank, Sioux
City
Northwestern National Bank, Sioux
City
First National Bank, Waterloo
Black Hawk National Bank, Waterloo
Commercial National Bank, Waterloo
Leavitt & Johnson National Bank,
Waterloo
First National Bank, Waverly

To the credit
ofthe
Treasurer of
the United
States.

$25,000.00
60,000. 00
50, ooa 00
50,000. 00
60,000. 00
60,000. 00
60,000. 00
50, ooa 00
60, ooa 00

Iowa.
First National Bank, Algona
Citizens' National Bank, BeUe
Plaine
First National Bank, Boone
Boone National Bank, Boone
Merchants' National Bank, BurUngton
National State Bank, Burlington —
Cedar Falls National Bank, Cedar
Falls
Merchants' National Bank, Cedar
Rapids
Commercial National Bank, Charles
City
Clarinda National Bank, Clarinda..,
First National Bank, Corning
Commercial National Bank, Council
Bluffs
National Bank of Decorah, Decorah.
First National Bank, Eldora
First National Bank, Emmetsburg..
Commercial National Bank, Essex..
First National Bank, Fort Dodge...
Fort Dodge National Bank, Fort
Dodge
First National Bank, Gamer.
Grundy County National Bank,
Grundy Center
Citizens' National Bank, Hampton..
First National Bank, Iowa FaUs
KlnoxviUe National Bank, Knoxville
Marion County National Bank,
Knoxville
First National Bank, Lake Mills
First National Banlc, Lyons
First National Bank, Mason C i t y . . .
City National Bank, Mason City
First National Bank, Montezuma...
First National Bank, Mount Pleasant
National State Bank, Mount Pleasant
First National Bank, Newton
First National Bank, Northwood...
Oskaloosa National Bank, Oskaloosa
Iowa National Bank, Ottumwa
Ottumwa National Bank, Ottumwa.
First National Bank, Red Oak
Red Oak National Bank, Red Oak..
First National Bank, Rock Rapids..
First National Bank, Rock Valley..
Sheldon National Bank, Sheldon —
First National Bank, Shenandoah...
Shenandoah National Bank,Shenandoah
—




50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60,000.00
50,000.00
50,000.00
100, ooa 00
50, ooo 00
50,000 00
60,000.00
60, ooa 00
60, ooa 00
60,000. 00
50, ooa 00
60, ooa 00
50, ooa 00
60, ooa 00
50,000.00
15,000 00
60, ooa 00
60, ooa 00
60, ooa 00
60,000.00
60, ooa 00
50,000 00
60,000. 00
60, ooa 00
15, ooa 00
25,000 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
50,000. 00
50,000. 00
60,000. 00
50,000. 00
50,000. 00
50,000. 00
60,000. 00
50,000.00
50,000. 00

$15, ooa 00
60,000.00
26,000.00
60, ooa 00
50,000 00
15, ooa 00
15, ooa 00

Kansas.
AbUene National Bank, AbUene
First National Bank, Anthony
Home National Bank, Arkansas City.
Exchange National Bank, Atchison.
People's National Bank, Burlington.
People's National Bank, Clay Center.
Citizens' National Bank, Emporia...
Emporia National Bank, Emporia..
First National Bank, Fort Scott
Galena National Bank, Galena
First National Banlc, Great Bend
First National Bank, Horton
First National Bank, Hutchinson...
First National Bank, Independence.
Citizens' National Bank, Independence
Commercial National Bank, Independence
Northrup National Bank, lola
First National Bank, Jewell City
First National Bank, Junction City.
Commercial National Bank, Kansas
City
First National Bank, Kingman
Manufacturers' National Bank,
Leavenworth
First National Bank, Manhattan...
First National Bank, Marysville
First National Bank, Norton
Oberlin National Bank, Oberlin
First National Bank, Osborne
First National Bank; Ottawa
People's National Bank, Ottawa
National Bank of Commerce, Pittsburg
Farmers' National Bank, SaUna
National Bank of America, Salina...
First National Bank, Smith Center..
Central National Bank, Topeka
NationalBank of Commerce, Wichita'.
First National Bank, Winfield
Winfield National Bank, Winfield...

16, ooa 00
50, ooa 00
50,000.00
50,000.00
50, ooa 00
50,000.00
50,000.00
50, ooa 00
50,000.00
50,000. 00
50, ooa 00
50,000.00
50, ooa 00
50,000. 00
60, ooa 00
60,000 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
50,000.00
50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60,000. 00
60,000.00
60, ooa 00
16,000.00
60, ooa 00
60,000.00
50, ooa 00
50, ooa 00
26, ooa 00
50, ooa 00
60,000.00
15, ooa 00

Kentucky.
Second National Bank, Ashland
Ashland National Bank, Ashland...
BowUng Green National Bank,
Bowling Green
Morgan County National Bank,
Cannel City
Catlettsburg National Baijk, Catlettsburg
'.
Hardin National Bank, Elizabethtown

50, ooa 00
50, ooa 00
50, ooa 00
60, ooa 00

60,000. 00
60, ooa 00

256

REPORT ON T H E FINANCES.

M o . 5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
SPECIAL DEPOSITARIES-Continued.

Title of bank.

To the credit
• of the
Treasurer of
the United
States.

Kentucky—Continued.
Trigg National Bank, Glasgow
Henderson National Bank, Henderson
Farmers' National Bank, Hodgenville
First National Bank, Hopkinsville..
Citizens' National Bank, Lebanon...
First National Bank, Lexington
Second National Banlc, Lexington . .
Third National Bank, Lexington—
Fayette National Bank, Lexington..
Louisa National Bank, Louisa
Continental National Bank, Louisville.
First National Bank, M.aysvUle
Montgomery National Bank, Mount
Sterling
Paintsville National Banlc, Paintsville
First National Bank, Paris.
First National Bank, PikeviUe
PikeviUe National Bank, PikeviUe..
First National Banlc, Prestonsburg..
Farmers' National Bank, Princeton.
First National Bank, Sebree
First National Bank, Somerset.
Clark County National Bank, Winchester

Maryland—Continued.
$60, ooa 00
50, ooa 00
25,000.00
50,000.00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
40,000. 00

60, ooa 00
60, ooa 00
50,000.00
50,000.00
50,000.00
50,000.00
60, ooa 00
50, ooa 00
50,000. 00
50,000.00
60, ooa 00
60,000.00
60, ooa 00

Louisiana.
First National Bank, Crowley
First National Bank, ,Lake Charles..
Calcasieu National Bank, Lake
Charles
•
Lake Charles National Bank, Lake
Charles.
^
New Iberia National Bank, New
Iberia
Commercial National Bank, New
Orleans
German-Ameriean National Banlc,
New Orleans
People's National .Bank, New Orleans
New Hibernia National Bank, New
Orleans
First National Bank, Shreveport
Commercial National Bank, Shreveport

50, ooa 00
50, ooa 00
60,000.00
60, ooa 00
50, ooa 00
60, ooa 00101, ooa 00
61, ooa 00
50,000.00
50, ooa 00
50, ooa 00

Maine.
First National Bank, Augusta
Bath National Bank, Bath
City National Banjc, Belfast
People'sNational Bank,Farmington.
Northem National Bank, Hallowell.
Canal National Bank, Portland
Chapman National Bank, Portland..
Ticonic National Bank, Waterville.

50, ooa 00
50, ooa 00
60, ooa 00
50, ooa 00
60. ooa 00
60, ooa 00
60, ooa 00
60, ooa 00

Maryland.
First National Bank, Baltimore
Third National Bank, Baltimore
Commercial and Farmers' National
Bank, Baltimore
K
Drovers and Mechanics' National
Bank, Baltimore
Farmers and Merchants' National
Bank, Baltimore
Maryland National Bank, Baltimore.




Title of bank.

81, ooa 00
259,600.00
50,000.00
50, ooa 00
50, ooa 00
60, ooa 00

National Bank of Baltimore, Baltimore
National Bank of Commerce, Baltimore
National Howard Bank, Baltimore..
National Marine Bank, Baltimore...
National Union Bank of Mar3dand,
Baltimore
Old TownNational Bank, Baltimore.
Western National Bank, Baltimore..
Second' National Bank, Bel Air
Harford National Bank, Bel Air
First National Bank, Catonsville
Second National Bank, Chestertown.
National Bank of Cockeysville, CockeysviUe
Easton National Bank of Maryland,
Easton
Farmers and Merchants' National
Bank, Easton
Patapsco National Bank, EUicott
City
Citizens' National Bank, Frederick..
Farmers and Mechanics' National
Bank, Frederick
First National Bank, Frostburg
First National Bank, Hancock
First National Bank of St. Marys,
Leonardtown
'.
First National Bank, Lonaconing...
First National Bank, Oakland
National Bank of Port Deposit, Port
Deposit
Natiohal Bank of Rising Sun, Rising
Sun
Salisbury National Bank, Salisbury.
Massachusetts.
Greylock National Bank, Adams
Second National Bank, Boston
Fourth National Bank, Boston
Atlantic National Bank, Boston..'...
Eliot National Banlc, Boston
National Bank of Commerce, Boston.
National Market Bank of Brighton,
Boston
,
New England National Bank, Boston
,
People's National Bank: of Roxbury,
Boston
,
South End National Bank, Boston.,
State National Bank, Boston
,
Webster and Atlas National Bank,
Boston
,
Winthrop National Bank, Boston..,
First National Bank, FaU River
Massasoit-Pocasset National Bank,
FaU River
Fitchburg National Bank, Fitchburg
Safety Fund National Bank, Fitchburg
Westminster National Bank, Gardner
,
City National Bank, Gloucester
Franklin County National Bank,
Greenfield
,
Haverhill National Bank, Haverhill.
Merrimack National Bank, HaverhiU
Hingham National Bank, Hingham.
Bay State National Bank, Lawrence.

To thecredit
ofthe
Treasurer of
the United
States.

257

TREASURER.
Mo.

5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OP PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
SPECIAL DEPOSITARIES-Continued.
To the credit
ofthe
Treasurer of
the United
States.

Title of bank.

Title of bank.

To the credit
ofthe
Treasurer of
the United
States.

Massachusetts—Contmued.

Minnesota—Continued.

Merchants' National Bank, Lawrence
Lee National Bank, Lee
Traders' National Bank, LoweU
Central National Bank, Lynn
First National Bank, Marlboro
People's National Bank, Marlboro...
Natick National Bank, Natick
Merchants' National Bank, New
Bedford
Merchants' National Bank, Newburyport
Ocean N/ational Bank, Newburyport
North Adams National Bank, North
Adams
First National Bank, Northampton.
N orth ampton N ation al B ank, Northampton
Agricultural National Bank, Pittsfield
Old Colony National Bank, Plymouth
First National Bank, Reading
Asiatic National Bank, Salem
Mercantile National Bank, Salem...
Merchants' National Bank, Salem...
Spencer National Bank, Spencer
Chapin National Bank, Springfield..
Springfield National Bank, Springfield
Martha's Vineyard National Bank
of Tisbury, Vineyard Haven
Ware National Bank, Ware
First National Bank, Westboro
Merchants' National Bank, Worcester

National Citizens'Bank, Mi'ankato.
Security National Bank, Minneapolis
/
First National Bank, Nortnfield...
Northfield National Bank, Northfield
T
FirstNational Bank, 0 \ A t o n n a . . .
National Farmers' Bank, Qwatonna.
Capital National Bank, St. P a u l . . .
Merchants' National Bank, St. Paul.
First National Bank, Spring Valley.
First National Bank, Stillwater . . . .
First National Bank, Wabasha
First National Bank, WeUs
First National Bank, Winona
Second National Bank, Winona....

$50, ooa 00

First National Bank, Aberdeen
First National Bank, Greenville...
First National Bank, Gulfport
First NationalBankof Commerce,
Hattiesburg
Capital National Bank, Jackson
FirstNational Bank, Lumberton..
First National Bank, Meridian
Citizens' National Bank, Meridian..
National Bank of PoplarvUle^ PopviUe
'.
FirstNational Bank, Yazoo City...

60,000.00
60,000.00
50, ooa 00

$60,000.00
50,000.00
50,000.00
60,000.00
50,000.00
50, ooa 00
50, ooa 00
50, ooa 00
50,000.00
41,000.00
200,000.00
50,000.00
16, ooa 00
60,000.00

50, ooa 00
60, ooa 00
26,000.00
60,000.00

15, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60,000.00

60, ooa 00
50, ooa 00
50, ooa 00

Michigan.
First National Bank,.AUegan
Old National Bank, Ba,ttle Creek..
First National Bank, Calumet
Merchants' National Bank, Charlotte
National Bankof Commerce,Detroit
FirstNational Bank, Escanaba
Grand Rapids National Bank,
Grand Rapids
National City Bank, Grand Rapids.
Old National Bank, Grand Rapids.
First NationalBank,Iron Mountain.
Capital National Bank, Lansing...
City National Bank, Lansing
..
Marquette National Bank, Marquette
HackleyNational Bank, Muskegon..
First National Bank, Negaunee
First National Bank, Petoskey
Commercial National Bank, Saginaw
First National Bank, Traverse City.
Union City National Bank, Union
City

60,000.00
60,000. 00
60,000. 00

16,000. 00
170,750. 00
60,000. 00
60, ooa 00
50,000. 00
50, ooa 00
50,000. 00
50,000. 00
60,000. 00
60,000.
60,000.
60,000.
60,000.

00
00
00
00

50,000. 00
50, ooa 00
60, ooa 00

Minnesota.
First National Bank, Albert Lea . . .
First National Bank, Austin
First National Bank, Benson
First National Bank, Crookston....
First National Bank, Detroit
Merchants' National Bank, Detroit.
City National Bank, Duluth
Citizens' National Bank. Faribault

58716—FI 1908



17

60,000. 00
50,000. 00
50,000.00
50,000. 00
50,000. 00
50,000. 00
50,000. 00
50. ooa 00

69, ooa 00
60, ooa 00
50, ooa 00
60,000. 00
60,000.00
200,000.00
66,000. 00
50, ooa 00
50, 000. 00
50,000. 00
50,000. 00
60,000. 00
50,000.00

100,000.00
50,000. 00
60,000.00
60,000.00
60, ooa 00
50,000.00
60,000.00

Missouri.
Central National Bank, Carthage...
Citizens' National Bank, Chillicothe.
Clinton National Bank, Clinton
Hannibal National Bank, Hannibal.
Joplin National Bank, Joplin
New England National Bank, KansasCity
,
Citizens' National Bank, Kirksville.
National Bank of KirksviUe, Kirksville
First National Bank, Lamar
First National Bank, Neosho
Burnes National Bank, St. Joseph..
Tootle-'Lemon National Bank, St.
Joseph
City National Bank, St. Louis . . . . .
Third National Bank, Sedalia
Citizens' National Bank, Sedalia...
National Exchange Bank, Springfield
Union National Banlc, Springfield . .
Trenton National Bank, Trenton . .
First National Bank, Versailles
People's National Bank, Warrensburg
First National Bank, Wellston

60,000.00
60,000. 00
60,000. 00
60,000.00
60,000.00
60, ooa 00
50,000.00
50,000. 00
50,000. 00
50, ooa 00
50,000. 00
15,000.00
60,000.00
60, ooa 00
50,000.00
60,000. 00
60,000. 00
50, 000. 00
50,000. 00
50,000.00
47,600.00

Montana.
First National Bank, Miles C i t y . .
First National Bank, Missoula

60, ooa 00
50, ooa 00

Nebraska.
First National Bank, Alliance
National Bank of Ashland, Ashland
First National Bank, Auburn . : . . .
First National Bank, Beatrice
Blair National Bank, Blair
First National Bank, Crete
First National Bank, Fairbury . . .

50,000.00
50,000.00
50,000. 00
50,000.00
50,000. 00
50,000. 00
50,000.00

258
Mo.

REPORT ON T H E FINANCES.
5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
S P E C I A L DEPOSITARIES-Continued.

Title of bank.

To the credit
ofthe
Treasurer of
the United
States.

Title of bank.

Nebraska—Continued.

New Mexico.

Farmers' and Merchants' National
Bank, Fremont
Fremont National Bank, Fremont.
First National Bank, Hastings
Exchange National Bank, Hastings.
Dawson County National Bank,
Lexington
City National Bank, Lincoln
National Bank of Commerce, Lincoln
Nebraska City National Bank, Nebraska City
First National Bank, Nelson
Nebraska National Banlc, Norfolk..
Norfolk National Bank, Norfolk—
First National Bank, North Platte.
South Omaha National Bank,
South Omaha
Union Stock Yards National Bank,
South Omaha
Citizens' National Bank, Tecumseh.
First National Bank, Weeping
W ater
First National Bank, York
City National Banlc, York
Farmers' National Bank, York

First National Bank, Raton
American National Bank, Silver
City
'

To the credit
ofthe
Treasurer of
the United
States.

$60, ooa 00
40,000.00
60,000.00
60,600.00
50,000. 00
50, ooa 00
60, ooa 00
60,000.00
25,000.00
.50, ooa 00
50,000.00
50,000.00
25,000.00
60,000.00
15,000.00
50,000.00
60,000.00
60, ooa 00
60, ooa 00

Nevada.
First National Bank, Elko
Nevada First National Bank, Tonopah
•..:.

50, ooa 00
50, ooa 00

New Hampshire.
Berlin National Bank, Berlin
Claremont National Bank, Claremont
,
People's National Bank, Claremont,
National State Capital Bank, Concord
,
Merchants' National Bank, Dover,
First. National Bank, Hillsboro
Bridge
,
Cheshire National Bank, Keene
Keene National .Bank, Keene
First National Bank, Manchester...
Second National Bank, Manchester
Amoskeag National Bank, Manchester
,
Merchants' National Bank, Manchester
Souhegan National Bank, Milford...
Second National Bank, Nashua
First National Banlc, Somersworth.
Somersworth
National
Bank,
Somersworth

50, ooa 00
50,000.00
60,000.00
60, ooa 00
15,000.00
60, ooa 00
60, ooa 00
60, ooa 00
60,000.00
16,000.00
60,000.00
60,000.00
60,000.00
60,000.00
26,000.00
50,000.00

New
Atlantic Highlands National Bank,
Atlantic Highlands
•...
First National .Bank, Cranbury
National State Bank, Elizabeth
Second National Bank, Hoboken..
Farmers' National Bank ol New
Jersey, Mount Holly
FirstNational Bank, Princeton
First National Bank, Rockaway
First National Bank, Sea Bright
Swedesboro National Bank, Swedesboro.
Vineland National Bank, Vineland.
First National Bank. Williamstown.




46, ooa 00
50,000.00
60,000.00
15,000.00
50,000.00
50,000.00
60,000.00
15, ooa 00
50,000.00
50, ooa 00
50, ooa 00

$50,000.00
50,000.00

New York.
Citizens' National Bank, Adams
First National Bank, Addison
New York State National Bank,
Albany
,
First National Bank, Batavia
First National Bank, Brooklyn
Central National Bank, Buffalo
Colmnbia National Banlc, Buff'alo...
Manufacturers' and Traders' National Bank, Buffalo
First National Bank, Cobleskill
NationalBank of Cohoes, Cohoes..
First National Bank, Corning
Lake Shore National Bank, Dunkirk
Merchants' National Bank, Dunkirk
Merchants' National .Bank, Elmira.
First National Bank, Glens Falls
National Bank of Glens Falls, Glens
Falls
Farmers' National Bank, Granville
Herkimer National Bank, Herkimer.
People's National Bank, Hoosick
Falls
First National Bank, Hornell
Ilion National Bank, Ilion
First National Bank, Jamaica.. ^
National Herkimer County Bank,
Little Falls
Black River National Bank, Lowville
People's National Bank, Malone
FirstNational Bank, Mount Vernon.
First National Bank, Newark
National City Bank, New Rochelle,
First National Bank, New York
Fourth National Bank, New York..
Fifth National Bank, New York
Bank of New York National Banking Association, New York
Cha.se National Bank, New York...,
Chatham National Bank, New
York
Coal and Iron National Bank, New
York
Consolidated National Banlc, New
York,
•.
Gallatin National Bank, New Yorlc,
Garfield National Bank, New York,
Importers' and Traders' National
Bank, New York.,,
Irving National Exchange Bank,
New York
Lincoln National Bank, New York.
Market and Fulton National Bank,
New York
Mechanics' National Bank, New
York
Mercantile National Bank, New
York
Merchants' National Bank, New
York
Merchants' Exchange National
Bank, New York
National Copper Bank, New York..
National Park Bank, New York

50, ooa 00
60, ooa 00
50, ooa 00
50,000.00
100, ooa 00
50, ooa 00 '

64,ooaoo

50, ooa 00
50,000.00
50,000.00
50,000.00
60,000.00
75,000.00
40,000.00
50,000.00
50,000.00
50,000.00
50,000.00

60,ooaoo
60,000.00
60,000.00
60, ooa 00
60,ooaoo
50, ooa 00
50,000.00
60,000. oo
60, ooa 00
50,000.00
990,400.00
164,000.00
50,000.00
121,50aOO
629,000.00
50, ooa 00
135, ooa oo
110,000.00
101,000.00
100,000.00
162,O0O.'OO
135,000.00
125,000.00
50,000. oo
360, ooa 00
130,000. 00
222, ooa 00
143, ooa 00
150,000. oo
325, ooa 00

259

TEEASUEEE.

M o . 5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.

SPECIAL DEPOSITARIES-Continued.

Title of bank.

New For/i;-Continued.
Phenix National Bank, New York..
Sherman National Bank, New York.
State National Bank, North Tonawanda
Chenango National Banlc, Norwich..
National Bank of Norwich, Norwich.
Nyack National Bank, Nyack
Exchange National Bank, Olean
WUber National Bank, Oneonta
Ossining National Barik, Ossining..
PeekskiU NationalBank, Peekskill..
Citizens' National Bank, Potsdam..
National Bank of Commerce, Rochester
:
Citizens' National Bank, Saratoga
Springs
Commercial National Bank, Syracuse
Merchants' NationalBank, Syracuse.
First National Bank, Ticonderoga...
First National Bank Tonawanda...
National City Bank, Troy
Union National Bank, Troy
Oneida National Bank, Utica
Utica City National Bank, Utica

To the credit
ofthe
Treasurer of
the United
States.

50, ooa 00
50, ooa 00
60, ooa 00
50,000 00
50, ooa 00
60, ooa 00
60,000. 00
60, ooa 00
50,000. 00
50, ooa 00
50,000. 00
50, ooa 00
60,000. 00
50,000. 00
50,000 00
50,000 00
50, ooa 00
35, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
50,000 00
50,000. 00
50, ooa 00
50, ooa 00
60,000. 00
50, ooo 00
50, ooa 00
50,000. 00
50, ooa 00
50, ooa 00
50, ooo 00
50, ooa 00

North Dakota.

First National Bank, Bottineau
Merchants' National Bank, Fargo..,

25, ooa 00
60, ooa 00

Ohio.

First National Bank, Akron
Second National Bank, Akron
,
National City Bank, Akron
First National Bank, Barnesville..,
National Banlc of Barnesville,
BarnesviUe
Fanners and Merchants' National
Bank, Bellaire
Bridgeport National Bank, Bridgeport
Famiers' National Bank, B r y a n . . .
Central National Bank, Cambridge.
First National Bank, Canal Dover.,
First National Bank, Canton
Second National Bank, Cincinnati.,
German National Bank, Cincinnati.
Merchants' National Bank, Cincinnati




ofthe
Treasurer of
the United
States.

0/wo—Continued.

$146, ooa 00
60, ooa 00

North Carolina.

First National Bank, Waverly
First National Bank, Charlotte.....
Charlotte National Bank, Charlotte..
IMEerchants and Farmers' National
Bank, Charlotte
Citizens' National Bank, Durham...
FirstNational Bank, Elizabeth City.
Fourth National Bank, FayettevUle.
National Bank of Fayetteville, Fayetteville
Commercial National Bank, High
Point
First National Bank, Marion
First National Bank, Shelby
First National Bank, Wadesboro
First National Bank, Weldon
Murchison National Bank, Wilmington
,
Southern National Bank, Wilmington
,
First National Bank, Wilson

T o t h e credit
Title of b a n k .

50,000. 00
50,000 00
50, ooa 00
60, ooa 00
50, ooa 00
50,000. 00
50, ooa 00
50, oo'o. 00
50, ooa 00
50,000. 00
50, ooa 00
56, ooa 00
50, ooa 00
68,000. 00

Second National B a n k , Circleville...
Central N a t i o n a l B a n k , C l e v e l a n d . . .
N a t i o n a l Commercial B a n k , Cleveland
U n i o n N a t i o n a l B a n k , Cleveland
City N a t i o n a l B a n k , Columbus
Commercial N a t i o n a l Banlc, Columbus
:
N e w F i r s t N a t i o n a l B a n k , Columbus
Commercial N a t i o n a l B a n k , Coshocton
Coshocton N a t i o n a l B a n k , Coshocton
F i r s t N a t i o n a l B a n k , Defiance
D e l a w a r e National B a n k , D e l a w a r e .
Citizens' National B a n k ,
East
Liverpool
P o t t e r s ' N a t i o n a l B a n k , E a s t Liverpool
E a t o n National B a n k , E a t o n
Preble County National Bank,
E aton
American National B a n k , F i n d l a y . .
Buckeye National Bank, F i n d l a y . . .
F i r s t National B a n k , I r o n t o n
•.
Second N a t i o n a l B a n k . I r o n t o n
.Kenton National .Bank, K e n t o n
F i r s t N a t i o n a l B a n k , Marietta
Marion National Banlc, Marion
Citizens' National B a n k McConnelsville
Medina C o u n t y National B a n k , Medina
F i r s t N a t i o n a l B a n k , Napoleon
Citizens' N a t i o n a l B a n k , N e w L e x ington
Citizens' National B a n k , N e w Philadelphia
F i r s t National B a n k , Niles
F i r s t N a t i o n a l B a n k , Norwood
Citizens' N a t i o n a l B a n k , P i q u a
Piqua National Bank, Piqua
Q u a k e r City National B a n k , Q u a k e r
City
Second National B a n k , R a v e n n a
F i r s t N a t i o n a l B a n k , St. Clairsville-.
F a r m e r s ' National B a n k , S a l e m . . . . .
F i r s t National E x c h a n g e B a n k , Sidney
F i r s t National B a n k , S p r i n g f i e l d . . . .
Mad R i v e r N a t i o n a l B a n k , Springfield
National E x c h a n g e B a n k , S t e u b e n ville
Commercial National B a n k , Tiffin...
Tiffin National B a n k , Tiffin
....
N o r t h e r n National B a n k , T o l e d o . . . .
W e s t e r n Reserve National B a n k ,
Warren
People's National B a n k , WellsviUe..
First National B a n k , W i l m i n g t o n . . .
F i r s t National B a n k , Woodsfield....
Citizens' National B a n k , W o o s t e r . . .
First National Bank, Youngstown..
Commercial National B a n k , Youngstown
M a h o n i n g National B a n k , Youngstown
F i r s t National B a n k , Zanesville
Old Citizens' National B a n k , Zanesville

$25,000.00
50,000.00
60, ooa 00
50,000.00
60, OOa 00
50, ooa 00
50, ooa 00
50, ooa 00
50,000.00
50, OOa 00
60,000.00
50, OOa 00
50, ooa 00
60,00a 00
60, OOa 00
50,000.00
50,000 00
50, OOa 00
50,000, 00
50, OOa 00
60, OOO 00
50,000.00
50, ooa 00
60,000.00
60,000.00
50,000.00
60,000.00
60, OOa 00
60,000.00
60,000.00
60, OOO 00
60, ooa 00
50,000.00
60, OOa 00
60,000.00
50,000.00
50, OOa 00
50,000.00
50,000.00
50,000.00
50,OOa 00
-60, OOa 00
60,000.00
50,000.00
50,000 00
50,00a O
O
60, OOO. 00
60,000.00
60,000.00
50,000.00
50,000.00
50,000.00

260

REPORT ON T H E FINANCES.

M o . 5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
S P E C I A L DEPOSITARIES-Continued.

Title of bank.

To the credit
ofthe
Treasurer of
the United
States.

$50, ooa 00
50, ooa 00
60,000.00

50, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
60,000 C
O

60, ooa C
O
60, ooa 00
100, ooa 00
50, ooa 00
60, ooa 00

Oregon.
First National Bank, Ashland..
Astoria National Bank, Astoria
First National Bank, Baker City....
Citizens' National Bank, Baker City,
Benton County National Bank, Corvallis
First National Bank, Eugene
First National Bank, Medford
First National Bank, Pendleton
Commercial National Bahk, Pendleton
,
Capital National Bank, Salem

60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
50, ooa 00
60, ooa 00
26, ooa 00
50, ooa 00

Pennsylvania.
German National Banlc, Allegheny.
Second National Bank, Allentown...
Ashland National Bank, Ashland.
Athens National Bank, Athens...
Berwick National Bank, Berwick.
First National Bank, Blairsville...
Miners' National Bank, Blossburg,
Braddock National Banlc, Braddock.
First National Bank, Bradford
Jefferson County National Bank,
BrookviUe
Second National Bank, BrownsvUle,
First National Bank, Canton
Merchants' National Bank, Carlisle.,
National Bank of Catasauqua, Catasauqua
Valley National Bank, Chambersburg
...,
Delaware Countjr National Bank,
Chester
'..."
,
Clearfleld National Bank, Clearfield.
County National Bank, Clearfleld...
Farmers and Traders' National
Bank, Clearfleld
First National Bank,Clifton Heights.
National Bank of Chester Valley,
Coatesville
National Bankof CoatesviUe, Coatesville
:
Tradesmen's National Bank, Conshohocken
First National Bank, Coudersport...
First National Bank, Donora
People's National Bank, East Brady.
First National Bank, Ebensburg
Elizabethtown National Bank, Eliz! abethtown




To thecredit
ofthe
Treasurer of
the United
States.

Pennsylvania—Continued.

Oklahoma.
First National Bank, Chickasha
First National Bank, El Reno
First National Bank, Enid.
:
Enid National Bank, Enid
City National Bank, Lawton
First National Bank, Mangiun
American National Bank, McAlester.
American National Bank, Oklahoma
City
Security National Bank, Oklahoma
City
Arkansas Valley National Bank,
Pawnee
State National Bank, Shawnee
First National Bank, Tulsa.
Fust National Bank, Vinita

Title of bank.

60, ooa 00
60, ooa 00
60, ooa 00
25, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
60, ooa 00
50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
20, ooa 00
50, ooa 00
50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
50,000 00
50, ooa 00

Emaus National Bank, Emaus
First National Bank, Emlenton
First National Bank, .Emporium
Second National Bank, Erie
First National Bank, Franklin
First -National Bank, Galeton
National Bank of Girard, Girard
First National Bank, Greensburg...
First National Bank, GreenvUle
First National Bank, Hanover
Harrisburg National Bank, Harrisburg
First National Bank, Hollidaysburg.
First National Bank, Huntingdon...
Union National Bank, Huntingdon..
National Bank of Jersey Shore, Jersey Shore
First National B ank, Johnstown
Citizens' National Bank, Johnstown.
First National Bank, Kane
Farmers' National Bank, Kittanning
Northern National Bank, Lancaster
First National Bank, Lansford
Citizens' Bank, Lansford
Lebanon National Bank, Lebanon..
People's National Bank, Lebanon...
Farmers' National Bank, Lititz
Union National Bank, Mahanoy
National Bankof Malvern, Malvern
Keystone National Bank, Manheim.
.Grange National Bank, Mansfield
First National Bank, Marietta
,
Mauch Chunk National Bank,
Mauch Chunk.
First National Bank, McKeesport..,
National Bank of McKeesport, McKeesport
Union National Banlc, McKeesport.
First National Bank, McKees Rocks,
Citizens' National Bank, Meyersdale.
First National Bank, Montrose
First National Bank, Mount Carmel
First National Bank, Mount Joy
First National Bank, Nanticoke
Nanticoke National Bank,Nanticoke.
First National Bank, New Castle..:.
Citizens' National Bank, Nevv Castle.
First National Banlc, Oakdale
National Bankof Oxford, Oxford.
First National Bank, Perkasie
Third National Bank, Philadelphja.
Eighth National Bank, Philadelphia.
Bank of North America, Philadelphia
Central National Bank, Philadelphia
,
Fourth Street National Bank, Philadelphia
Franklin National Bank, Philadelphia
GirardNationalBank, Philadelphia.
Market Street National Bank, Philadelphia
National Bank of Germantov^oi,
Philadelphia
Northwestern National Bank, Philadelphia
Philadelphia National Bank, Philadelphia
Southwark National Bank, Philadelphia

$50, ooa 00
50, ooa 00
60,000.00
60,000 00
50, ooa 00
50, ooa 00
50, ooa 00
50, ooa 00
60, ooa 00
15,000.00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
35,00a 00
60,00a 00
50, ooa 00
50, ooa 00
60, ooa 00
15, ooa 00
60, ooa 00
60, ooa 00
16, ooa 00
60, ooa 00
50,00a 00
60, ooa 00
60, ooa 00
60,00a 00
60, ooa 00
50, ooa 00
. 60, ooa 00
60, ooa 00
60,00a00
50, ooa 00
50, ooa 00
50, ooa 00
50, ooa 00
50, ooa 00
60, ooa 00
50, ooa 00
50, ooa 00
50, ooa 00
60,00a 00
50,000 00
50, ooa 00
60, ooa 00
60, ooa 00
100,00a 00
50, ooa 00

128, ooa 00
122,00a 00
116, ooa 00
60, ooa 00
50, ooa 00
50, ooa 00
100,000.00
75,00a 00

261

TREASURER.

M o . 5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC M O N E Y S ,
WITH THE B A L A N C E H E L D B Y E A C H S E P T E M B E R 30, 1 9 0 8 — C o n t i n u e d .

SPECIAL DEPOSITARIES-Continued.

Title of bank.

To the credit
of the
Treasurer of
the United
States.

Title of bank.

Pennsylvania—Continued.

South Carolina.

Tradesmen's National Bank, Philadelphia
Union National Bank, Philadelphia.
First National Bank, Pittsburg
Fourth National Bank, Pittsburg...
Bankof Pittsburg, Nat'l Ass'n, Pittsburg
Cosmopolitan National Bank, Pittsburg
Fec'eral National Bank, Pittsburg...
German National Bank, Pittsburg...
Keystone National Bank, Pittsburg.
Metropolitan National Bank, Pittsburg
People's National Bank. Pittsburg..
Union National Bank, Pittsburg
Washington National Bank, Pittsburg
First National Bank, Pittston
National Bank of Pottstown, Pottstown
Merchants' National Bank, Quakertown
Reading National Bank, Reading...
First National Banlc, Rimersburg...
National Bank of Sayre, Sayre
People'sNationalBank, Scranton...
Traders' National Bank, Scranton...
Sellersville National Bank, SeUersviUe
Market Street National Bank, Shamokin
National Bankof Slatington, Slatington
,
FirstNational Bankof Spring Grove,
Spring Forge
Stroudsburg
National
Bank,
Stioudsbmg
?.
First National Bank, Sunbury
First National Bank, Tamaqua
Grange National Bank, Tioga
First National Bank, Troy
First National Bank, Tyrone
Farmers and Merchants' National
Bank, Tyrone
Warren National Bank, Warren
Citizens' National Bank, Washington
Citizens' National Bank, Waynesburg
First National Bank, Wellsboro
First National Bank, West Chester..
Second National Bank, Wilkes-Barre
Wyoming National Bank, WUkesBarre
=West Branch National Bank, Williamsport
Windber National Bank, Windber..
Westem National Bank, York
York County National Bank, York..
York National Bank, York

People's National Bank, Charleston,
City National Bank, Greenville
National Bank of Greenville, Greenville
•
National Loan and Exchange Bank,
Greenwood...."
Central National Bank, Spartanburg
South Dakota.
First National Bank, Madison
,
Yanlcton National Bank, Yankton.,
Tennessee.
Hamilton National Bank, Chattanooga
Clarksville National Bank, Clarksville
First National Bank, Dyersburg
First National Banlc, Jackson
City National Bank, Johnson City..
City National Bank, Knoxville
State National Bank, Memphis
Texas.
Commercial National Bank, Abilene.
Farmers and Merchants' National
Bank, Abilene
AmariUo National Bank, Amarillo..
First National Bank, Beaumont
American National Bank, Beaumont.
Gulf National Bank, Beaumont
First National Bank, Big Springs...
Merchants' National Bank, BrownsvUle
First National Bank, Bryan
City National Bank, Bryan.
Commonwealth National Bank,
Dallas
State National Bank, Denison
City National Bank, El Paso
American National Bank, Fort
Worth
State National Bank, Fort Worth...
Commercial National Bank, GreenvUle
:
Greenville National Exchange Bank,
GreenvUle
Commercial National Bank,Houston.
Merchants' NationalBank, Houston.
National City Banlc, Houston
Laredo National Bank, Laredo
First National Bank, Marshall
MarshaU National Bank, Marshall...
FirstNational Bank,Mount Pleasant,
First National Bank, Navasota
First National Bank, Paris
American National Bank, Paris
City National Bank, Paris
First National Bank,.San Angelo....
City National Bank, San Antonio...
Frost National Bank, San Antonio..
Lockwood National Bank, San Antonio
City National Bank, Sulphur S prings.
Texarkana National Bank, Texarkana
Citizens' National Bank, Tyler
Jester National Bank, Tyler
First National Bank, Victoria
FirstNational Bank, Wichita FaUs..

To thie credit
ofthe
Treasurer of
the United
States.

$103,ooa 00
46, ooa 00
60, ooa 00
60, ooa 00
640, ooa 00
100,ooa 00
100, ooa 00
300, ooa 00
341,ooa 00
60, ooa 00
60,00a 00
50, ooa 00
50, ooa 00
50, ooa 00
50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
102,ooa 00
60,ooa00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
do.ooaoo
16 000. 00
60, ooa 00
26, ooa 00
60, ooa 00
60, ooa 00
60,000. 00

60, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
60, ooa 00
45, ooa 00
50, ooa 00
60, ooa 00
60, ooa 00
60, ooa 00
35, ooa 00

Rhode Island.
Atlantic National Bank, Providence
Mechanics' National Banlc, Providence
National Exchange Bank, Providence
United National Bank, Providence..




50,000.00
50, ooa 00
20, ooa 00
60, ooa 00

$50, ooa 00
16, ooa 00
15, ooa 00
50, ooa 00
60, ooa 00

i6,ooaoo
50,000.00.
80,000.00"
50, ooa 00
60, ooa 00
60, ooa 00
16,000.00
60, ooa 00
60,000.00

50, ooa 00
45, ooa 00
50, ooa 00
50,000.00
50, ooa 00
60, ooa 00
60, ooa 00
60,000.00
60, ooa 00
60, ooa 00
60, ooa 00
60,000.00
60, ooa 00

60, ooa 00
60, ooa 00
60,000.00
60,000.00

60, ooa 00
60,000.00
60,000.00

60, ooa 00
60, ooa 00
60,000.00
60,000.00

60, ooa 00
6a ooa 00
60, ooa 00
6a 000.00
60, ooa 00
16, ooa 00
50. ooa 00
16, ooa 00
50,000.00
50, ooa 00
50, ooa 00
6a ooa 00
50,000.00
50, ooa 00

262
Mo.

REPORT ON T H E FINANCES.
5 1 . — N A T I O N A L B A N K S DESIGNATED AS DEPOSITARIES OF PUBLIC M O N E Y S ,
WITH THE BALANCE H E L D BY E A C H SEPTEMBER 30, 1908—Continued.
SPECIAL DEPOSITARIES-Continued.

Title of bank.

To the credit
ofthe
Treasurer of
the United
States.

Vermont.
National Bank of Barre, Barre
People's National Bank, Brattleboro.
Vennont National Bank, Brattleboro
Lyndonville National Bank, Lyndonville
Montpelier National Bank, Montpelier
Killington National Bank, Rutland.
First National Bank, St. Johnsbury.
National Bankof Newbury, Wells
River
National Bank of White River Junction, White River Junction
Woodstock National Bank, Woodstock
Virginia.
Alexandria National Bank, Alexandria
Citizens' National Bank, Alexandria.
Dominion National Bank, Bristol...
Culpeper National Bank, Culpeper..
First National Bank, Famiville
Merchants' National Bank, Hampton
First National Bank, Harrisonburg..
Rockingham National Bank, Harrisonburg
Loudoun National Bank, Leesburg..
People's National Bank, Leesburg..
American National Bank; Lynchburg
National Exchange Banlc, Lynchburg
People's National Bank, Manassas..
Marion National Bank, Marion
First National Bank, Martinsville...
First National Bank, Norton
Farmers and Merchants' National
Bank, Onley
First National Bank, Pearisburg
National Bankof Petersburg, Petersburg
PurcellvUle National Bank, Purcell ville
First National Bank, Richmond
National State Bank, Richmond
Planters' National Bank, Richmond,
First National Bank, Roanoke
National Exchange Banlc, Roanoke.
Boston National Banlc, South Boston
Augusta National Bank, Staunton.,
National VaUey Bank, Staunton
Staunton National Bank, Staunton..
Tazewell National Bank, Tazewell..,
Farmers and Merchants' National
Bank, Winchester
Shenandoah Valley National Bank,
Winchester
,
.

$50,000.00
60,000.00

35, ooa 00
50, ooa 00
60,000.00

50, ooa 00
60, ooa 00
60,000.00
50,000.00

50, ooa 00

60,000.00

50, ooa 00
42,000.00
50,000.00
60,000.00

60, ooa 00
15,000.00
50,000.00
60, ooa 00
60,000.00

60, ooa 00
63, ooa 00
60,000.00

15, ooa 00

60,000.00

50, ooa 00
60, ooa 00
60, ooa 00
50, ooa 00
50,000.00
90,000.00
60, ooa 00
50, ooa 00
60, ooa 00
60,000.00
50,000.00
60,000.00

24, ooa 00
. 50,000 00
50,000. 00
50, ooa 00
118, ooa 00

Washington.

Bellingham National Bank, Bellingham
First National Bank, Everett
,
American National Bank, Everett..,
Yakima National Bank, North Yakima
Capital National Bank, Olympia
Traders' National Bank, Spokane..,




60,000. 00

60, ooa 00
50, ooa 00
60,000. 00

50, ooa 00

60,000.00

To the credit
ofthe
Treasurer of
the United
States.

Title of bank.

West Virginia.
American National Bank. Bluefield.
Flat Top National Bank, Bluefield..
Charleston National Bank, Charleston
u
Merchants' National Bank of West
Virginia, Clarksburg
First National Bank, Fainnont
Huntington National Bank, Huntington
First National Bank, New Cumberland
First National Bank, New Martinsville
First National Bank, Northfork
Parkersburg National Bank, Parkersburg
First National Bank, Piedmont
First National Bank, Sistersville....
Farmers and Producers' National
Bank, Sistersville
Wellsburg National Banlc, Wellsburg
Wisconsin.
First National Bank, Antigo
Citizens' National Bank, Appleton..
Lumbemien's National Bank, Chippewa Falls
National Bank of De Pere, De Pere..
First National Bank, Dodgeville
Eau Claire National Bank, Eau
Claire
Union National Bank, Eau Claire
Fond du Lac National Bank, Fond
du Lac
Citizens' National Bank, Green Bay.
Rock County National Bank, Janesville
.^.
National Bank of Marutowoc, Manitowoc
First National Bank, Menomonie
National Bank of Merrill, Merrill
Germania National Bank, Milwaukee
Marine National Bank, Milwaukee..
Milwaukee National Bank of Wisconsin, Milwaukee
Citizens' National Bank, Oconto
National Union Bank, Oshkosh
First National Bank, Racine
First National Bank, Stevens Point.
First National Bank of the City of
Superior, Superior
National German-American Bank,
Wausau
Wyoming.
First National Bank, Cody
Shoshone National Bank, Cody
First National Bank, Laramie
First National Bank, Rock Springs..
Rock Springs National Bank, Rock
Springs
Sheridan National Bank, Sheridan..
Total

$50, ooa 00
60,000.00

60, ooa 00
60,000.00

6o,o0aoa
50,000. 00

50, ooa 00
60,000.00
60,000.00

60, ooa 00
- 50, ooa 00
50,000.00
60, ooa 00

50, ooa 00
50,000.00
50, ooa 00
50,000.00
60,000.00
60,000.00

50, ooa 00
50,000.00
50,000.00
50,000.00

50, ooa 00
60, ooa 00
50,000. 00
50,000.00
60,000.00
36,000. 00

60, ooa 00
16, ooa 00
60, ooa 00
50,000.00
16, ooa 00
35,000.00
50, ooa 00
50,000. 00
50, ooa 00
50,000.00
50,000.00
50,000.00
50,000. 00

, 56,845, lOa 00

RECAPITULATION.

Regular depositaries
Special depositaries
Total

73,927,082.31

, 56,845,100.00
130,772,182.31

263.

TREASURER.

M o . 5 2 . — N U M B E R OF NATIONAL B A N K S WITH SEMIANNUAL DUTY P A I D , BY FISCAL
Y E A R S , AND N U M B E R OF DEPOSITARIES WITH B O N D S AS SECURITY AT CLOSE OF
EACH FISCAL Y E A R .

Fiscal year.

1895 . . .
1890
1897
1898
1899
1900
1901
1902.
1903
1904
1906
1906
1907
1908

Number
B
N u m b e r to o n d s held
Semiannual
secure cirof deposd u t y collected. itaries.
of b a n k s .
culation.
3,767
• 3,737
3,615
3,634
3,599
3,822
4,187
4,553
5,014
5,409,
6,782
6,138
6,538
6,827

$207,680,800
$1,704,007.69
228,916,950
1,861,67a 03
230,471,660
2,020,703.66
220,201,400
1,901,817.71
229,688,110 V 1,991,743.31
284,378,040
1,881,922.73
326,119,230
1,699,22L08
317,038,530
l,633,30ai5
375,068,770
l,708,8ia92
416,016,690
1,928,827.49
468,066,940
2,163,882.05
520,605,210
2,509,997.80
568,364,660
2,806,07a 54
628,172,130
3 , 0 9 0 , 8 n . 72

160
160
168
172
367
442
448
677
713
842
837
927
1,265
1,436

B o n d s held
to secure
deposits.
$15,278,000
16,928,000
16,930,500
30,851,600
78,564,540
107,253,580
105,766,450
124,718,650
152,852,020
112,902,550
80,404,950
95,575,725
193,244,052
180,459,419

Total b o n d s
held.

$222,958,800
245,843,950
247,402,050
251,052,900
308,252,650
391,631,620
431,884,680
441,757,180
527,920,790
528,919,240
548,471,890
616,180,935
761,608,712
808,631,549

W o . 5 3 . — A V E R A G E AMOUNT OF NATIONAL-BANK N O T E S IN CIRCULATION
AMOUNT OP DUTY P A I D THEREON FOR THE FISCAL YEAR E N D E D J U N E 30,
BY NATIONAL B A N K S IN EACH STATE AND T E R R I T O R Y .

S t a t e or Territory.

Maine
New Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut
Total,
New
E n g l a n d
States
New York
N e w Jersey
Pennsylvania
Maryland
District of C o l u m b i a . .
Total, E a s t e r n
States
Virginia
W e s t Virginia
N o r t h Carolina
S o u t h Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
P o r t o Rico
Total, S o u t h e r n
States

Average
a m o u n t of
notes in circulation.

D u t y paid
on circulation.

$5,802,196.00
4,768,99a 00
4,621,773.00
30,086,989.00
3,933,938.00
12,248,682.00

$31,489.26
24,906.03
23,601.95
164,427.17
19,671.42
62,574.20

Ohio
Indiana
lUinois
Michigan
Wisconsin
Minnesota

61,362,674.00

326,570.03

Missouri
Total, Middle
States

90,793,868.00
12,366,012.00
80,245,845.00
1,400,683.00
12,266,206.00
4,853,682.00

497,064.00
64,406.32
419,840.95 1
7,251.00'
67,429.88
26,279.93

201,916,296.00 1,081,254.08
9,126,154.00
6,717,351.00
4,613,293.00
2,701,197.00
6,654,649.00
2,758,130.00
6,178,997.00
2,403,130.00
6,102,959.00
22,449,105.00
1,692,593.00
13,878,140.00
7,741,667.00
66,000.00

49,293.05
33,869.32
23,703.54
13,787.97
33,647.11
13,897.12
31,264.60
12,015.66
32,774.47
114,714.97
8,045.22
71,073.10 '
38,924.57
326.00

92,882,366.00

477,335.60




S t a t e or T e r r i t o r y

North Dakota
SouthDakota
Nebraska
Kansas
Oklahoma
Montana
Wyoming
Colorado
N e w Mexico
Total Western
States
:
Washington
Oregon
California. . .
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Total,
Pacific
States
Total, U n i t e d
States

AND
1908,

Average
D u t y paid
a m o u n t of
n o t e s in circu- on circulation.
lation.
$39,341,935.00
.18,587,460 00
32,065,394.00
8,114,43a 00
11,279,790 00
11,790,075.00
14,064,023.00
23,404,02a 00

$214,f67. 94
95,055.89
165,917.72
40,892.48
68,168.18
69,502.60
70,643.76
118,658.16

158,637,142.00

822,99a 73

2,149,547. 00
1,921,926.00
8,228,184.00
9,033,140 00
7,141,828.00
1,859,044.00
1,135,707.00
6,566,728. 00
1,404, n a 00

10,775.14
9,609.71
46,637. 80
9,332.57
5,936. 65
33,177.27
7,023.13

39,440,222.00

199,474.71

3,917,215.00
2,558,09a 00
24,611,424.00
1,061,057.00
1,916,07a 00
1,157,422.00
624,52a 00
57,853.00
,282,284.00

20,086. 61
12,893. 58
123 24L67
5,331.12
9,626.10
7,17a 16
3,122. 66
28a 27
1,41L41

36,084,95a 00

183.180.67

590,323,665.00 3,09a 8 n . 72

264
No.

REPORT ON T H E FINANCES.
5 4 . — R E C E I P T S AND DISBURSEMENTS OP PUBLIC M O N E Y S THROUGH NATIONAL
B A N K DEPOSITARIES, BY FISCAL Y E A R S FROM 1895.
Funds transFunds transWarrants paid by
banks.
ferred to banks. ferred to Treasury
by banks.

Receipts.

Fiscal year.

1895
1896
1897. •
1898
1899
. . . .'
1900
1901
1902
1903
1904..:
1905 . . . . ..
1906
1907 . : . .
1908

$169,440,435.46
181, 705,917. 74
149,306,64a 29
207,178,119. 61
283,276,222.20
303,903,656. 66
313,373,16a 38
281,234,091.57
244,947,528. 71
251,970,862.51
261,266,327.39
267, 418,788. 43
313,824,77L09
293,869, 49a 31

N o . 55.—SEVEN-THIRTY

$41,892,885.26
46,867,86L23
60,059,756.00
82,971,223. 08
226,173,117.13
166,289,607.85
125,443,007. 56
157,041,57L84
201,897, 43a 60
176,189,611. 66
134,884,137.86
233,200,148.62
349,196,379.80
297,371,652. 96

$187,692,611.38
205, 465,269.68
179,269, 503.12.
245,636,845.31
448,437,283.16
425,260,383.24
'413,853,467.60
388,229,463.27
388,639, 946. 66
414,301,175.71
368,889,785.82
427,142,93a 07
516,805,991.82
544,689,16a 96

$23,186,071.15
22,671,650. 77
• .19,360,217.64
22,830,954.62
24,560, 43a 04
22,606,835.39
24,141,398.97
26,347,3ia 10
35, 445,660.08
49,400,67a 71
56,905.851.68
57,548', 415.23
60,142,265.16
66,763,897.28

Balance.

$11,193,267.18
11,630,235.80
12,376,919. 43
34,058, 462.19
70,510,088.32
92,836,133.10
93,657,444. 47
117,356,325.51
140,216,778.08
104,674,399.83
66,018,227.68
80,945,819.43
167,018,713.34
147,906,798.17

NOTES I S S U E D , R E D E E M E D , AND OUTSTANDING J U N E 30,

1908.
Issue.

Redeemed to Redeemed
during
Total issued. June 30,1907.
year.

July 17, 1861...
August 16, 1864
June 16, 1866...
July 16, 1866...

$140,094,760 $140,085,350
299,992,600 299,947,000
331,000,000 330,969,700
199,000,000 198,964,760

Total....

970,087,250

969,956,800

Total
redeemed.

Outstanding.

$140,085,360
299,947,000
330,969,700
198,954,750

$9,400
45,600
30,300
45,260

969,966,800

130,460

N o . 5 6 . — C O U P O N S FROM U N I T E D STATES B O N D S AND I N T E R E S T N O T E S P A I D DURING
THE FISCAL Y E A R 1908, CLASSIFIED BY L O A N S .

Title of loan.

Number
of
coupons.

Texan indemnity stock...
Five-twenties ol June,1864.
Consols of 1865
Consols of 1867
Funded loan of 1881
Loan of 1904
Funded loan of 1907

19
1
4
12
10
326
116,046




Amount.
$475.00
3a 00
48.00
18.00
125..00
3,455.00
357,136. 60

Title of loan.
Loan of 1925
Loanof 1908-1918...
Consols of 1930
Panama Canal loan
7.30 notes of 1864-66
Total

Number
of
coupons.

Ainount.

102,321
345,666
30,794
- 626
3

$879,702.00
791,06a 20
119,695.00
682.50
5.47

594,718

2,162,431.67

265

TEEASTJEER.

N o . 5 7 . — C H E C K S I S S U E D FOR I N T E R E S T ON R E G I S T E R E D B O N D S DURING THE FISCAL
Y E A R 1908.
Title of loan.

Number.

Loan of 1925
Loan of 1908-1918
Consols of 1930
.'
Panama Canal loan
Spanish indemnity certificates
PhUippine loan of 1914-1934
Philippine loan of 1915-1935 pubUc improvement bonds . . .
Philippine loan of 1916-1935 Manila sewer and water bonds
Philippine loan of 1916-1936 pubUc iniprovement b o s d s . . .
Philippine loan of 1917-1937 Manila sewer and water bonds
District of Columbia 3.65 per cent bonds

15,966
65,017
40,174
2,250
113
1,647
483
192
88
78
478

Total

126,486

Amount.
$3,849,02a 60
1,151,334.30
12,804,666.26
845,521.36
28,500 00
280, ooa 00
100, ooa 00
40,000 00
40, ooa 00
80, ooa 00
376,789. 50
19,595,82a 85

N o . 5 § . - -INTEREST ON 3.65 PER CENT B O N D S OP THE DISTRICT OF COLUMBIA P A I D
DURING THE FiSCAL Y E A R 1908.
Coupons.

Total

.

.

.

$10,648.50
366,255.50

$14,148.31
380,797.20

19,14L61

Treasury United States, Wasliington
Subtreasury United States, New York

Checks.

$3,69a 81
16,541.70

Where paid.

376,804.00

394,946.61

Total

N o . 5 9 . - R E F U N D I N G CERTIFICATES, ACT OF F E B R U A R Y 26,1879, I S S U E D , R E D E E M E D ,
AND

How payable.

To order
To bearer
Total




OUTSTANDING.

Issued.

Redeemed
Total
during
retired to Outstanding.
year.
June 30,1908.

$68,500
39,954,260

$20
4,330

$58,460
39,936,030

$60
18,220

40,012,760

4,360

39,994,480

18,270

266

REPORT ON T H E FINANCES.

N o . 6 © . — P U B L I C D E B T J U N E 30, 1907, AND J U N E 30, 1908, AND CHANGES DURING
THE

Title of loan.

INTEREST-BEARING DEBT.

Funded loan of 1907 ct
Refunding certificates &
Loan of 1925
Loan of 1908-1918
Consols of 1930
Panama Canal loa-n
Certificates of indebtedness..

YEAR.

Rate
of interest.

Outstanding
June 30,1907.

Perct.
4
4
4
3
2
2
3

$36,126,16a 00
22,62a 00
118,489,9OaO0
63,945,46a 00
646,250,16a 00
30,000, ooa 00 $24,631,98a 00
16,436,50a00
894,834,28a 00

Total

Issued during
year.

40,068,48a 00

Retired durmg year.

Outstandmg
June 30, 1908.

.*
$118,489,90a00
63,946,46a 00
646,250,150.00
64,631,9Sa00
14,186,600.00
$1,250, ooa 00
1,260, ooa 00

897,603,990.00

DEBT ON WHICH INTEREST
HAS. CEASED.

A^6
Olddebt
Loan of 1847
Texan indemnity stock
5
5
Loan of 1868
6-20S of 1862
6
6-20S of June, 1864
6
6
5-20S of 1865
10-40S of 1864
5
Consols of 1865
6
Consols of 1867
6
6
Consols of 1868
Loan of February, 1861
6
Funded loan of 1881
5
Funded loan of 1881, continued
Oregon war debt
Loan of July and August, 1861.
6
Loan of July and August, 1861,
continued
3^
6
Loan of 1863 (1881's)
Loan of 1863, continued
Loan of July 12, 1882
Funded loan of 1891
Funded loan of 1891, continued.
Loan of 1904
5
Funded loan of 1907 a
4
Treasury notes of 1861
6
7.30s of 1861
One-year notes of 1863
5
Two-year notes of 1863
6
Compound-interest notes
7.30s of 1864-65
Certificates of indebtedness.. .
Temporary loan
4to6
3
3 per cent certificates
4
Refunding certificates b

f
f

Total

161,635.26
950.00
20, ooa 00

161,635.26
950.00
20,000.00

2, ooa 00

108,250.00
16, ooa 00
19,85a 00
18,95a 00
73, ooa 00
95,20a00
10,85a 00
5, ooa 00
27,76a 00
5a 00
2,25a 00
15,06a 00

2, ooa 00

1, ooa 00
loaoo

13, ooa 00
6a 00

•

loaoo

108,25a 00
14,000.00
19,860.00
18,85a 00
60,000.00
•96,2oaoo
10,800.00
6, ooa 00
27,660.00
60.00
2,26a 00
15,05a 00

i,6oaoo

1,600.00

3,ioaoo

3,100.00
100.00
200.00
26,60a00
32, ooa 00
96,80a00

2,100.00
24,20a00
33,060,60a00

2,3oaoo

100.00
200.00
24,500.00
32, ooa 00
72,60a00
3,066,65a 00

2,3oaoo

9,400.00
30,430.00
26,85a 00
169,760.00
121,06a 00

4a 00

9,400.00
30,400.00
26,85a 00
169,7ia00
121,05a 00

3a 00

3, ooa 00

3, ooa 00

2,86a 00
5, ooa 00

4,350.00
33,105,67a 00

1,086,815.26

5, ooa 00
2,860.00
18,270.00
4,130,015.26

DEBT BEARING NO INTEREST.

Old demand notes
United States notes
National-bank notes, redemption account
Fractional currency

53,282.50
346,681,0iaOO

123,610, ooa 00

123,610, ooa 00

53 282.60
346,681,Oia0O

47,658,804.60
6,863,994.28

64,335,63a 60

39,535,156.60
1,18a 00

72,469,284.60
6,862,814.28

401,257,097.28

187,945,63a 60

163,146,33a 60

426,066,397.28

678,244,S6a00
476,777, ooa 00
5,988, ooa 00

378,360, ooa 00
302,366, ooa 00

236,821, ooa 00
303,783, ooa 00
1,006, ooa 00

819,783,86a 00
474,350,000.00
4,982,000.00

Total

1,160,009,86a 00

680,716,000.00

541,610, ooa 00 1,299,116,86a 00

Aggregate

2,457,188,061.54

908,730, n a 60

739,lll,90a50 2,626,806,271.64

Total
CERTIFICATES A N D TREASURY

NOTES.

Gold certificates
SUver certificates
Treasury notes of 1890

a The funded loan of 1907 matured July 2, 1907, when there was outstanding $36,126,150. The amounts
retired during the year and outstanding June 30, 1908, are shown under "Debt on which interest has
ceased."
& Refunding certificates ceased to bear interest on July 1, 1907. The amounts retired during the year
and outstanding June 30, 1908, are shown under ''Debt on which interest has ceased."




TREASURER,

267

N o . ^ 1 . — U N I T E D STATES BONDS R E T I R E D , FROM MAY, 1869, TO J U N E 30, 1908.

Title of loan.

Loan of 1847.
...
Bounty-land scrip
Loan of February, 1861
Oregon war debt
Loan of July and August, 1861
5-20S of 1862.
Loan of 1863
6-20S of March, 1864
5-20s of June, 1864...
.
'5-20S of 1865
Consols of 1865
Consols of 1867
Consols of 1868 . .
Texan indemnity stock
Loan of 1860
Loan of 1858
10-40S of 1864
Funded loan of 1881
Funded loan of 1891
Funded loan of 1907
Loan of July and August, 1861, continued
Loan of 1863, continued.
... .
Funded loan of 1881, continued
Loan of July 12 1882
Loan of 1908-1918
Funded loan of 1891, continued
Bonds issued to Pacific railroads:
Central Pacific
Union Pacific
Kansas Pacific
Central Branch, Union Pacific
Western Pacific
Sioux City and Pacific
Loan of 1904
Loan of 1925
Total




Rate
of interest.
Per ct.
6
6
6
6
6
6
6
6
6
6
6
6
6
5
5
• 6
5
5
4^
4
3^

P
3
2
6
6
6
6
6
6
5
4

Redeemed.

$47,900
1,175
7,798,000
685,960
12,932,400
430,417,000
4,684,700
2,382,200
69,868,900
157,697,450
205,284,800
310,107,250
37,477,850
232,000
7,022,000
6,041,000
192,458,950
72,862,600
81,046,100
59,668,200
127,595,600
37,226,200
109,165,250
. 305,581,060
25,380,200
25,885,120
27,236,512
6,303,000
1,600,000
1,970,660
1,628,320
19,312,450
2,347,489,687

Purchased.

$10,612,000
256,800
48,776,700
57,155,850
19,854,250
1,119,800
43,459,750
36,023,350
118,960,560
62,846,960
4,794,050

43,599,666
143,518,200
236,575,400

Converted
and
exchanged.

$27,091,000
386,566
12,218,650
9,586,600
8,703,600
6,568,600
256,660
13,967,000
2,089,500
441,728,960
13,231,650
292,349,600

2,913,640

8,643,660
43,825,500

132,449,900

72,071,300

882,825,340 1,032,683,600

Total.

$47,900
1,176
18,410,000
942,750
61,709,100
514,663,850
24,538,950
3,882,500
125,547,300
203,307,400
332,938,950
379,622,800
42,628,550
232,000
7,022,000
19,998,000
194,548,450
116,461,600
224,563,300
737,872,660
127,596,600
50,457.860
401,504,850
305,581,050
136,363,440
26,380,200
26,885,120
27,236,512
6,303,000
1,600,000
1,970,560
1,628,320
99,927,400
43,825,500
4,262,998,627

268

REPORT ON T H E FINANCES.

N o . 6 2 . — B O N D S AND OTHER SECURITIES R E T I R E D FOR THE SINKING F U N D DURING^
THE FISCAL Y E A R 1908, AND TOTAL FROM MAY, 1869.

Title of loan.

Retired
during fiscal
year.

From May, 1869.
Redeemed.

Purchased.

War-bounty scrip
$175.00
Loan of 1860
10, ooa 00
Loan of February, 1861
,
3, ooa 00 $10.612, ooa 00
Oregon war debt
1,65a 00
266,80a00
Loan of July and August, 1801
78,45a 00
48,776,70a00
5-20S of 1862
30,047,40a00
24,029,16a 00
23,100.00
Loan of 1863
19,854,25a 00
10-40S of 1864
,
691,60a00
6-20S of March, 1864
361,600. 00
11,072,loa 00 18,356,100. 00
5-20S of June, 1864
,
1,982,450.00 16,866,150.00
5-20S of 1865
Consols of 1866
. 65,
450. 00 48,166,150.00
Consols of 1867
,
76,700. 00 32,115,600.00
Consols of 1868
21,360.00
2,213,800.00
Funded loan of 1881
$100.00 25,086,300. 00 43,699,000.00
Funded loan of 1891
2,100.00 50,764,050. 00 46,274,850.00
Funded loan of 1907
33,O6O,6Oa0O
58,149,350. 00 134,291,400.00
Loan of 1904.
:
24,20a00
19,312,450.00
8,643,650.00
Loan of July and August, 1861,continued.
56,633,000. 00
Loan of 1863, continued
37,220,300. 00
Funded loan of 1881, continued
,
43,710,300.00
Loan of July 12, 1882
168,692,760. 00
Loan of 1908-1918
,
2,396,80a00
Funded loan of 1891, continued
,
25,380,20a 00
Loan of 1926
'43,'825,"566."66
Treasury notes issued prior to 1846
110.00
Treasury notes of 1861
20a 00
Temporary loan certificates, act 1862
no. 00
Certificates of indebtedness, act 1862
1,00a 00
Certificates of indebtedness of 1870
678,000.00
One-year notes of 1863
5,305.00
3a 00
Two-year notes of 1863
1,660.00
Compound-interest notes
,
*46.'66'
29,83a 00
7.30s of 1861
1,460.00
12,450.00
7.30s of 1864-65
Fractional currency
1,180.00 26,253,068.65
29,090,664.00
United States notes
Old demand notes
,
3,185.00
National-bank notes
41,865,067.00
Refunding certificates
,
4,360.00
4,72a 00
1,36a 00
Certificates of indebtedness
1,260, ooa 00
1,250. ooa 00
Total




34,342,60a 00

626,968,724.65

Total.
$175.00
10, ooa 00
10,615, ooa 00
258,360.00
48,856,16a OO
54,076,65a 00
19,877,35a 00
691,600. O
O
361,60a00
29,428,200. 00
18,848,60aOO
48,231,60a00
32,192,300.00
2,235,15a 00
68,685,300.00
97,038,900.00
192,440,750.00
27,856,10a00
56,633,000.00
37,220, 30a 00
43,7ia30a00
168,692,760.00
2,396,80a00
25,380,20a 00
43,826,60a00
110.00
200.00
110.00
1, ooa 00
678, ooa 00
5,306.00
1,660.00
29,83a 00
1,450.00
12,450. 00
26,253,068.66
29,090,664.00
3,185.00
41,865,057.00
6,07a 00
1,260, ooa 00

601,790,86a 00 1,128,769,674.66

269

TEEASUEEE.
N o . 6 3 . — P U B L I C D E B T , EXCLUSIVE OF CERTIFICATES AND T R E A S U R Y
THE E N D OF EACH MONTH, FROM JANUARY, 1902.

Month.

1902—January
February...
March
AprU
May
June
July
August
September..
October
November..
December..
1903—January
February...
March
AprU
May
June
July
August
September..
October
November..
December..
1904—January
February...
March
AprU
M!ay
June
July
August
September..
October
November..
December..
1906—January....
February...
March
AprU
• May
June
July
August
September..
October
November..
December..
1906—January
February...
March
AprU
May
June
July
August
September..
October
November..
December..
1907—January
February...
March
AprU
May
June
July
August
September..
October
November..
December..
1908—January
February...
March
' AprU
'
May
June
July
August
September..

Interest
bearing.
,094,330
937,021,160
93i:
,070,700
93i;
,070,750
931'
,070,340
931,
,070,340
931 ,070,340
931,
,070,340
931,
,070,340
915,
1,370,230
914,, 541,240
:
914,, 641,240
:
914', 541,330
:
,
914,, 641,420
:
914^, 541,370
:
914,, 541,390
:
914,, 541,360
:
914 ,641,410
914 ,541,400
914 ,541,400
912 .539,440
905 ,277,060
902,
,911,240
901 ,747,220
900,
',470,950
,156,700
i, 156,74a
1,157,440
», 157,430
,157,440
,157,640
,157,630
895,
1,157,630
896,
1,157,770
895;
1,167,470
895,
,157,470
895,
1,157,510
895,
1,157,630
895,
1,157,530
895,
1,158,070
895,
1,158,240
1,158,340
1,158,720
1,158,700
895,
1,158,680
1,158,940
1,169,120
,159,140
895,
i, 159,180
i, 159,170
1,159,170
1,159,160
i,
896; 159,150
i, 159,140
,159,090
!
922,, 133,380
,159,200
925,
,159,250
926,
'
925,, 169,190
1,717,880
922,
1,020,560
922;
1,099,510
920,
,
908! 233,660
,668,630
901:
',972,780
,834,280
1,685,510
858,
1,685,510
868,
1,685,610
868,
1,685,610
858',
1,603,010
1,210,050
1,753,990
1,753,990
,503,990
•,503,990
',603,990
,503,990
,603,990
',603,990
,253,990
897,




Matured.

United States
notes and
fractional currency.

National-bank
notes, redemption account.

N O T E S , AT

Total.

$1,328, 830 26 $353,609, 355. 38 $36,691 029. 00 $1,330, 723,544. 64
37,971, 313. 00
1,316, 270 26 353,609, 175. 38
1,329, 917,918 64
39,594, 625. 50
1,314, 120.26 353,609, 175. 38
1,325,
621.14
41,873; 957. 50
1,302, 080 26 353,609, 172.13
i;327,
95a 89
41,839, 395. 00
1,301, 880 26 353,608, 187.13
1,327,
802. 39
42,071 96a 50
1, ' " 860 26 353,608, 187.13
1,328;
356. 89
41,929, 62a 50
1,276, 810 26 353,608, 187.13
1,327,
966. 89
41,646 804.50
1,257, 490 26 353,608, 187.13
1.327,
82L 89
42,733, 894. 60
1,256, 860 26 353,608, 187.13
1.328,
281. 89
44,695, 092. 60
1,256, 820 26 353,607, 457.13
1,314, 929
43,268, 362. 50
1,255, 810 26 353,607, 457.13
1,312, 672;
42,169, 652. 60
1,255, 710 26 353,607, 457.13
1,311, 574 059. 89
42,908, 829. 00
1,230, 910 26 353,607, 457.13
1,312, 288; 52a 39
43,136, 981. 50
1,230, 510 26 353,607, 457.13
1,312, 516, 368. 89
43,147, 883. 50
1,230, 100 26 353,606, 664.13
1,312, 525, 907.89
42,883, 611. 00
1,230, 050 26 353,606; 554.13
1,312, 261 605. 39
41,494, n a 00
1,214; 90a 26 353,606, 554.13
1,310, 856 93a 39
40,053, 308. 50
1,205, 090 26 353,606, 104.13
1,309, 405; 912.89
38,962, 178. 50
1,205, 070.26 353,606, 104.13
1,308, 314, 762. 89
38,023,493. 50
1,204, 07a 26 353,606, 104.13
1,307, 375, 067. 89
39,827 135. 60
1,197, 050. 26 353,606, 104.13
1,307, 169, 729. 89
38,959,809. 50
1,196, 930.26 353,606, 104.13
1,299, 039; 903.89
37,292 775. 00
1 " " 720 26 353,606, 104.13
1,296, 006, 839.39
36,976,674. 00 , 1,293, 525, 775. 39
1,196, 530. 26 353,605, 451.13
38,534, 696. 50
1,196, 530 26 353,605, 451.13
1,293, 807' 627.89
39,179 309. 00
3,161, 680 26 353,605, 45a 13
1,291, 103; 13a 39
38,689, 396. 00
2,670, 510 26 353,605, 45a 13
1,290, 122, 096. 39
38,663, 61L 50
2,347, 480 26 353,604, 715.13
1 , " " ' 773, 246. 89
37,717, 05a 00
2,109, 950. 26 353,604, 713.38
589; 149. 64
35,626, 542. 60
1,970, 920. 26 353,604, 113.38
1,286, 269, Oia 14
34,220,208 60
1,881, 130 26 353,604, 113. 38
1,284, 862, 992.14
34,765, 732. 60
1,841 270 26 353,604, 113. 38
1,285, 368; 746.14
33,373, 135. 60
1,662; 220 26 353,604, 113.38
1,283; 797, 099.14
32,750,866. 00
1,627: 700 26 353,604, 113. 38
1,283, 140; 449. 64
32,329, 377.00
1,495, 400. 26 353,603, 328 38
1,282, 586, 675. 64
31,933, 96L 60
1,447, 260.20 363,603, 328 38
1,282; 142 010.14
30,363, 106. 60
1,431, 470 26 353,603, 328. 38
1,280, 555; 415.14
30,077, 818 50
1,417, 320 26 353,603, 328 38
1,280, 255, 997.14
30,279,435. 00
1,406, 450 26 353,602, 766. 68
1,280, 446 180 84
31,374, 742. 00
1,401, 046. 26 353,602, 765. 58
1,281, 636; 622. 84
31,349,862. 50
1,377, 165. 26 353,602 ,247.58
1,281, 487, 605. 34
32,227, 102. 00
1,370, 245. 26 353,601, 407. 58
1,
• " 357 094.84
31,889, 869. 00
1,264, 735. 26 353,601, 407. 68
1,281, 914; 731. 84
33,105, 29a 50
1,256, 535. 26 353,601, 407. 58
1,283, 121 939. 34
33,385! 20a 00
1,256, 406. 26 353,601, 407. 58
1,283, 401 70L 84
34,470: 390 60
1,231, 076. 26 353,601; 007. 58
1,284, 461 413. 34
35,095: 44a 00
1,208, 095. 26 353,601, 007. 58
1,286, 063; 67L84
34,690;
1,199, 636. 26 353,601, 007. 58
1,284, 650, 091. 84
00
35,478,66a 00
1,170, 826. 26 353,601, 007. 58
1,285; 409, 678. 84
40,322, 758. 50
1,166, 705. 26 363,601, 007. 58
1,290, 239 64L34
41,583,908. 00
1,139, 425. 26 363,600, 257. 68
1,291, 482; 760 84
41,640, 909. 00
1,139, 145. 26 353,600, 257. 68
1,291, 539, 47L84
42,445, 6 i a 00
1,135, 046. 26 353,600, 257. 68
1,292, 340, 068. 84
42,635; 63a 00
1,128, 135. 26 353,600; 065. 78
1,292, 522, 970 04
43,935, OIL 50
1,126, 685. 26 353,600, 055. 78
1,293, 820, 742. 64
44,195,967. 20
1,126, 376. 26 353,599, 536.78
1,321, 055, 258. 24
45,574, 178. 00
1,126, 376. 26 353,699; 535. 78
1,325 459, 289. 04
45,590, 183. 50
1,123, 205. 26 353,599; 535. 78
1,326; 472, 174. 54
45,922, 015. 00
1,118, 975. 26 353,599; 635. 78
1,325, 799, 7 i a 0 4
46,632, 672. 50
1,118, 766. 26 363,599; 535. 78
1,324; 068, 853. 54
45,434, 571. 00
1,096, 745.26 353,599; 535. 78
1,322; 150: 412. 04,
46,006, 527. 00
1,095, 695. 26 353,598; 775. 78
1,320; 799, 508.04
49,046, 767.00
1,095, 366. 26 353,598; 775. 78
1,311, 974: 568. 04
48,463,418. 00
1,096, 135. 26 353,598; 775. 78
1,304, 725, 959. 04
47,753, 708. 00
1,086, 925. 26 353,598; 775. 78
1,302, 412: 189. 04
47,658, 804.50
1,086, 815. 26 353,598; 292. 78
1,297, 178: 192. 54
47,428,404.00
13,563, 136. 26 353,698, 292. 78
1,273, 275: 342. 04
46,445, 882.00
9,623, 106.26 353,598; 292. 78
1,268, 352; 790 04
46,993,774. 00
8,272, 546.26 363,698, 292. 78
1,267, 550, 122. 04
47,239, 336. 60
6,930, 956. 26 363,597; 847. 78
1,266, 453; 64a 54
45,601,97a 70
6,228, 015. 26 353,697, 847.78
1,275, 030; 852. 74
46,162, 653. 60
5,580, 385. 26 353,597; 732. 78
1,303, 560 821.64
51,697, OIO 20
5,107, 205. 26 353,597, 732.78
1,309, 055, 938. 24
62,028; 732.40
4,887, 095. 26 353,597, 732. 78
1,319, 267, 550 44
4,675, 215 26 353,597,, 132.78 66,553 18a 10
1,322 , 329, 527.14
71,162:,425.00
4,500, 695. 26 353,697, 112.78
1,326: 764: 223.04
71,879: 462. 60
4,291, 305.26 353,597, 112.78
1,327: 271' 870 54
,
72,459, 284. 50
4,130, 015 26 353,597, 112.78
1,327:,690; 402. 54
57,393: 588.00
3,943, 745.26 353,696, 672.78
1,312, 437, 996. 04
,672.78
48,808, 438. 00
3,867, 625.26 353,696,
1,303 ,776: 72a 04
,
3,823,, 195. 26 363,596; 672. 78 42,642, 365. 00
1,297, 316; 223. 04
:,

270

REPORT ON T H E FINANCES.

Mo. 6 4 .

- L A W F U L M O N E Y DEPOSITED IN THE T R E A S U R Y EACH MONTH OF THE FISCAL
Y E A R 1908 FOR THE REDEMPTION OP NATIONAL-BANK N O T E S .

Month.

1907—July
August
September
October
November
December
ions—Januarv
February
March.
Ajpril
May
June

$19,696,456.29
19,833,012.15
14,005,727.78
21,684,158.80
17,803,165.70
10,640,694.46
17,612,348.86
26,907,13a 66
24,913,809.69
28,166,52a 83
27,294,147.40
33,432,8ia09
260,678,988.70

...

Total

Wo.

Liquidating
account.

Insolvent
account.

F i v e p e r cent
account.

Reducing
account.

Total.

8,147.00
5,707.60
36,196.00
355,565.00
38,9Oa00
425.00
96,850.00
48,593.50
ll,4ia00

$588,172.00
876,586.00
1,455,644.50
1,126,005.00
1,625,487.20
1,485,865.40
4,931,421.60
3,367,757.20
4,172,15a 20
2,924,304.90
3,738,15a 00
3,932,30a00

$2,180,66a 00
695,66a 00
1,026,25a 00
1,028,66a 00
46,045.00
5,55a 00
3,893,23a 50
10,736,76a 00
4,977,818.00
6,526,-290.00
3,481,85a 00
2,515,295.00

$22,479,478.29
21,408,847.15
16,487,622.28
23,746,86a 80
19,380,405.40
12,068,294.85
26,692,674.96
40,049,537.86
34,064,202.89
37,702,971.73
34,662,74a 90
39,891,816.09

620,693.00

30,122,83a 00

37,112,837.50

328,536,368.20

$14,20a 00
4,70a00

6 5 . — D I S B U R S E M E N T S FROM REDEMPTION ACCOUNTS OF NATIONAL B A N K S EACH
M O N T H OF THE FISCAL Y E A R 1908.

F o r notes redeemed.

Total...

T o t a l disbursements.

$249,238.00
334,425.79
72,673.50
103,691.36
546,232.51
341,448.84
784,509.68
648,177.36
691,604.77
687,201.96
1,360,590.20
282,932.61

$21,883, 210.50
21,640, 17a 29
17,012, 329.00
25,027, 533.86
16,556, 676.61
8,765, 344.34
24,912: 844.68
30,269: 164.85
30,946; 348.77
32,555, 19a 96
36,494, 750.20
41,771, 618.11

300,732,461.60

1907—July
August...
September
October...
November,
December.
1908—January...
February.
March
April
May
June

Transfers
a n d repayments.

$21,633, 972.50
21,305, 744.60
16,939, 755.50
24,923, 942.50
16,010, 344.00
8,423, 896.50
24,128, 335.00
29,620, 987.60
30,254 744.00
31,867: 995.00
34,134: 16a 00
41,488; 585.60

Month.,

6,102,62a 57

306,834,988.07

Balance.

$68,772; 028.78
68,640, 705.64
68,015, 998.92
66,735, 325.86
69,559, 154.75
72,862, 105.26
74,641, 835.64
84,422, 208.66
87,540, 062.67
92,687, 837.44
91,756 834.14
89,876: 131.12

M o . ^ ^ , — N A T I O N A L - B A N K N O T E S R E C E I V E D FOR REDEMPTION FROM THE PRINCIPAL
CITIES AND O T H E R PLACES, EACH MONTH OF THE FISCAL Y E A R 1908, IN T H O U SANDS OF DOLLARS.

Month.

New
York.

Boston.

Philadelphia.

Baltimore.

1907—July
August-....
September.
October....
November.
December..
1908—January—
February..
March
April
May
June

$11,266
9,293
6,817
7,327
1,987
4,202
28,764
17,778
23,202
26,347
27,697
28,723

$2,124
1,861
1,782
1,614
646
886
2,638
1,391
1,289
1,630
1,992
2,322

$1,817
1,636
1,362
1,477
630
1,011
2,185
1,659
1,661
2,305
2,025
2,870

$786
747
623
611
360
374
773
701
724
930
847
665

$2,686
2,779
2,460
2,352
944
922
2,418
2,385
3,470
3,662
3,066
3,390

$738
459
646
676
291
674
801
1,120
703
731
711
676

$1,9.90
786
1,465
1,089
341
397
1,070
1,378
2,760
1,676
1,888
1,308

193,292

20,076

20,437

7,941

30,512

8,026

16,147

Total




New
Other
St.
Chicago. Cincinnati.
L o u i s . Orleans. places. T o t a L
$661 $3,683 $26,749
692
4,135 22,286
477
3,808 19,330
560
4,460 19,956
• 248 2,403
7,750
220
3,061 11,737
264
4,623 43,426
302
3,013 29,627
780
4,360 38,949
962
4,358 42,491
360
4,727 43,212
470
4,797 45,121
• 6,896

47,308 349,634

271

TEEASUEEB.
Mo.

^ 7 . — N A T I O N A L - B A N K N O T E S OUTSTANDING AT THE E N D OP EACH MONTH, AND
MONTHLY REDEMPTIONS, FROM JANUARY, 1901.

Month.

r

1901—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1902—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1903—January...
February..
"^ March
April
May
June
July
August
September.
October...
November.
December.
1904—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.

Mo. 6 § . -

Outstanding.

Redemptions.

Outstanding,

Month.

$346 821,871 $19,482,764
12,799,120
348 655,255
12,358,659
360 101,405
11,305,800
350,764,257
14,188,094
351 582,590
13,415,238
353 742,187
13,378,875
356; 162,903
14,336,572
357 419,155
8,792,245
358: 830,548
11,384,984
359: 911,683
11,087,009
359;720,711
13,351,267
360,289,726
20,863,764
359,444,615
14,999,349
358,434,867
14,610,899
367, 476,407
15,450,660
356,987,399
17,243,753
356,747,184
16,369,881
356,672,091
16,334,968
358,984,184
13,213,682
361,282,691
11,242,551
366,993,598
12,483,910
380,476,334
13,600,790
384,854,614
18,557,201
384,929,784
24,364,960
383,973,546
13,916,434
382,798,845
14,446,393
382,519,258
17,012,685
391, 151,728
20,576,357
,443,205
406;
413, 670,650 • 21,679,690
417, 346,487
22,953,412
18,856,086
418; 587,976
16,830,510
420, ,426,535
17,488,970
419; ,610,683
13,654,484
421;,106,979
,163,018
22,080,483
425;
29,541,701
426; ,857,627
21,006,260
430; ,324,310
21,667,430
434; ,909,942
23,783,646
437, ,080,573
26,702,886
445, ,988,565
28,676,063
449, ,235,095
27,138,361
450, ,206,888
24,922,176
452, ,516,773
18,187,050
456, ,079,408
20,200,160
457:,281,600
22,291,957
460:,679,075
27,355,322
464:,794,156

1905—January...
February..
March
April
Ma'y
June
July
August
September.
October...
November.
December.
1906—January...
February..
March
April
"May
June
July
August
September.
October...
November.
December.
1907—January...
February..
March
April
May
June
July
August
September,
October...
November.
December.
1908—January...
February..
March
April
May
June
July
August
September

Redemptions.

$467;,422,853
469; ,203,840
475; ,948,945
481,,244,945
488, ,327,516
495, ,719,806
503, ,971,395
512: ,220,367
616: ,352,240
524, ,408,249
533, ,329,258
540: ,914,347
543:,230,080
560: ,803,896
554: ,666,967
556: ,646,282
559, ,129,660
66I: ,112,360
561' ,481,045
669: ,852,303
573:,903,108
583:,171,985
593:,380,549
596: ,162,469
596' ,197,569
696 ,343,022
597 ,212,063
699 ,913,840
601 ,940,650
603,,788,690
603,,395,886
604,,056,321
603,,987,114
609: ,980,467
656: ,218,196
690: ,130,895
695: ,402,762
696: ,674,519
696: ,407,355
697',645,698
698:1,449,517
698:1,333,917
692:,088,991
685:,326,108
675' ,612,327

$35,687,232
24,706,431
26,964,598
24,605,427
27,265,778
29,074,269
26,624,807
22,912,286
19,073,610
20,612,165
21,661,971
24,832,651
36,710,959
23,716,730
27,021,045
22,758,848
27,590,918
23,876,995
21,766,334
18,804,632
14,538,106
15,370,970
15,483,851
16,903,960
31,730,178
20,296,964
18,187,816
21,522,289
22,278,235
23,431,356
25,748,794
22,285,888
19,329,739
19,955,863
7,749,861
11,736,620
43,425,863
29,627,608
38,949,474
42,491,474
43,212,118
45,121,039
38,319,375
29,442,768
24,776,186

-REDEMPTIONS AND D E L I V E R I E S OF NATIONAL-BANK N O T E S EACH M O N T H
OF

Month.

1907—July
August
September
October...
November.
December.
1908—January...
February.
March
April
May
. June
Total....




THE

FISCAL

Y E A R

1908.

Redemptions.

Deliveries o n Deposited
r e d e m p t i o n ac- in Treasury.
counts.

On h a n d
charged to 6
p e r cent account.

On hand unassorted.

$25,521; 144. 70
21,.576; 388. 63
19,482; 58a 15
20,255; 574.06
7,732, 193.63
11,676, 716.88
43,099, 681.93
28,713, 527.80
39,340, 060.26
41,275: 419. 02
44,292: 315.95
45,584:; 677.81

$21,688, 102.50
21,274, 044.50
16,865, 005.50
24,794, 512.50
16,132, 974. 00
8,462, 843. 00
23,914 776.00
29,021: 137.50
30,221: 759. 00
31,304: 157.50
34,035: 665.00
40,464 038.00

$36,724.00
23,26a 00
26,783.00
29,112.00
20,84L00
32,22a 00
96,783.00
35,678.00
34,208.00
60,346.00
47,03a 00
36,972.00

$226,60a00
258,30a00
333,06a 00
462,48a 00
339,85a00
300,902.60
514,462.60
1,114,312.50
1,147,297.50
1,711,135.00
1,809,73a 00
2,834,277.50

$15,947, 196.58
16,194,580. 71
18,710, 622. 36
14,013 141.91
5,714' 160. 44
8,933: 742.82
27,808' 306. 75
26,865 169. 05
35,916 277. 30
45,273 356.32
55,384 482.27
59,443 602.68

348,549,28a 70 298,178,914.00

469,965.00

272

REPORT ON T H E FINANCES.

M o . 6 9 . — R E D E E M E D NATIONAL-BANK N O T E S D E L I V E R E D FROM THE T R E A S U R Y EACH
MONTH OF THE FISCAL Y E A R 1908.

Month.

For return to
b a n k s of issue.

F o r destruction a n d
reissue.

F o r destruction a n d
retirement.

Total.

1907—July. August
September
October
November
December
1908—January.
February
March
April
May
June

$3,466,85a 00
3,246,80a00
2,513,60a00
3,272,85a 00
1,513,400.00
988,5'50.00
6,156,000.00
7,822,660.00
7,240,20a00
8,057,650.00
8,685,460.00
10,232,75a 00

$15,487,487.60
15,563,39a 00
12,417,507.50
19,627,867.60
11,914,932.60
6,557,182.50
15,615,505.00
17,638,365.00
18,698,477.60
18,517,602.50
19,983,936.00
24,426,866.00

$2,733,765.00
2,464,854.50
1,933,898.00
1,893,795.00
2,704,641.50
917,110.50
3,144,270.00
3,660,222.60
4,283,081.50
4,728,905.00
6,366,18a 00
5,804,433.00

$21,688,102.50
21,274,044.50
16,866,005.50
24,794,512.60
16,132,974.00
8,462,843.00
23,914,775.00
29,021,137.50
30,221,759.00
31,304,157.60
34,035,566.00
40,464,038.00

62,194,65a 00

196,449,107.50

39,636,15a 50

298,178,914.00

Total

Mo.

Balance.

$16,173,-796.58
16,452,880.71
19,043,672.36
14,475,621.91
6,054,000.44
9,234,646.32
28,322,769.25
27,979,481.55
37,063,674.80
46,984,491.32
67,194,212.27
62; 277,88a 08

7 0 . — A S S E T S AND LIABILITIES OF T H E F I V E P E R CENT REDEMPTION F U N D OP
N A T I O N A L B A N K S A T T H E E N D O F E A C H M O N T H O F T H E F I S C A L Y E A R 1908.

Liabilities.
Month.

1907—July
August
September..
October....
November..
December..
1908—January
February...
March
April
May
June

On deposit Nationalin
bank notes
Treasury.
on hand.
$5,276,157 $16,173,797
5,935,490 16,452,881
2,347,326 19,043,672
5,285,167 14,476,622
18,046,596
6,054,000
17,795,298
9,234,645
28,322,769
27,979,482
37,063,575
46,984,491
67,194,212
62,277,880

Expenses
paid.

$233,660
233,660

Total.

$21,44a 954
22,388; 371
21,390,998
19,994,439
24,334,246
27,029,943
28,322,769
27,979,482
37,063,675
46,984,491
67.194,212
62;277,880

To national
To
On other
Treasury. accounts.
banks.

$21,188,625
22,094,824
21,022,225
19,496,989
23,957,175
26,699,452
23,044,825
22,296,076
20,986,874
21,625,412
19,876,471
17, 416,847

$4,733,849
4,538,411
14,898,163
23,715,800
35,474,725
41,992,052

$261,329
293,547
368,773
498,450
377,071
330,491
644,095
1,144,995
1,178.538
1,743,279
1,843,016
2,868,981

M o . T l . — N A T I O N A L - B A N K N O T E S R E C E I V E D FOR R E D E M P T I O N PROM T H E PRINCIP A L C I T I E S A N D O T H E R P L A C E S , B Y F I S C A L Y E A R S , F R O M 1895, I N T H O U S A N D S O P
DOLLARS.

Fiscal
year.
1896
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

New
Yopk.
$51,936
58,061
66,312
51,804
46,610
62,J07
81,263
86,749
• 98,650
141,660
159,432
150,087
102,279
193,292




Boston.

Philadelphia.

Baltimore.

$10,266
14,613
16,382
16,606
13,342
12,427
19,467
18,672
19,543
22,834
24,416
22,656
18,087
20,075

$6,099
7,601
8,348
6,570
7,332
8,390
9,097
10,788
14,306
18,688
21,483
20,422
17,778
20,437

$952
2,068
1,610
2,113
2,385
2,633
4,747
6,635
7,009
9,338
11,768
10,789
9,222
7,941

Chicago..

$4,028
5,778
5,431
5,153
6,050
4,804
8,662
14,192
18,739
21,910
26,798
28,160
27,677
30,612

Cincinnati.

St.
Louis.

$i,705
3,112
1,684
1,466
1,718
1,218
1,644
3,198
4,449
6,417
7,724
8,321
7,285.
8,026

$1,731
3,836
2,172
1,896
2,283
2,320
6,008
12.847
9; 311
12,301
18,672
13,764
13,044
16,147

New
Orleans.
$389,
1,062
576
564
630
710
1,528
2,271
3,176
4,034
5,372
6,346
6,418
6,896

Other
places.

Total.

$9,603
12,140
12,160
10,942
11,488
11,773
15,171
17,517
21,347
24,960
32,734
36,748
38,625
47,308

$86,709
108,261
113,674
97,112
90,838
96,982
147,487
171,869
196,430
262,142
308,299
296,293
240,316
349,634

273

TEEASUEEE.
Mo.

72,—RESULT

Fiscal year.

^

1896
1896
1897
1898
1899
1900
1901
1902.
1903
1904.
1906
1906
1907
1908

\©.

OP THE COUNT OP NATIONAL-BANK N O T E S
REDEMPTION, BY FISCAL Y E A R S , FROM 1895.

Claimed by
owners.

''Overs." "Shorts." Referred and Counterrejected.
feit.

$86,940,748.64
108,260,978.05
113,226,181.47
97,459,282.47
90,838,301.01
96,982,607.88
147,486,577.93
171,512,762.90
196,786,12a 61
262,141,93a 23
308,298,76a 03
296,292,884:. 96
240,314,68a 86
349,634,341.42

$7,553.54 $2,062.90
7,654.71 7,682.70
6,423.79 3,84L50
10,383,40 11,957.50
16,616.50 16,9n.20
8,092.26 11,685.80
19,903.62 20,62a30
6,99a 40
7,26a23
29,33a 97 12,998.30
18,48a 36 30,83a 28
61,102.06 19,032.80
41,35a06 35,882.00
28,54a10 31,794.80
41,978.85 39,97a 70

R E C E I V E D FOR

Express
charges.

$575,708.51 $1,68a 60 $13,22a 95
352,356.27 2,06a 60 16,598.95
626,331.70 1,508.76
43.80
7a 20
352,84a 96 1,424.50
121.80
681,108.05 1,227.00
124. 70
750,902.16 1,70a 00
143. 95
340,636.30 1,432.00
174. 62
462,958.76 1,754.00
200. 40
439,173.60 1,OOL00
385,636.86 1,307.00
250.81
1,521,902.10 1,308.00
261. 76
1,121,987.60 1,685.76
268.95
1,474,68a 65 1,667.00
316.85
1,085,62a 22 1,13a 60
403.15

Net proceeds.
$86,355,723 22
107,891,026.34
112,599,87a 51
97,103,360 72
90,156,648.46
96,226,281 48
147,143,649.90
171,048,136.36
196,361,193.28
261,742,386 66
306,817,357.43
295,174,4ia81
238,834,864.76
348,649,28a 70

7 3 . — D I S P O S I T I O N MADE OF THE N O T E S R E D E E M E D AT THE NATIONAL-BANK
REDEMPTION AGENCY, BY FISCAL Y E A R S , PROM 1895.
Delivered to the Comptroller of
the Currency.
Fiscal year.

1895
1896'
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

'
. .

:Returned to
banks of issue.

$36,066,620
46,946,190
37,66a 960
27,124,260
23,472,650
25,620,660
67,668,716
57,303,520
62,563,430
92,026,655
106,286,870
88,930,700
43,140,205
62,194,650

58716—Pl 1908-




-18

For destruction For destruction
• and reissue.
and retirement.
$40,094,54a 00
43,866,376.00
69,014,687.60
64,868,155.60
60,530,827.50
49,006,445.00
71,432,232.50
89,646,745.00
104,604,265.50
136,444,405.00
174,417,382.50
184,561,827.50
168,940,465.00
196,449,107.60

$13,068,36a 00
11,223,15a 00
11,092,366.60
15,990,46a 00
16,649,275.50
17,909,793.00
18,626,437.60
20,085,274.50
26,272,08a 00
30,936,971.00
25,867,368.00
24,724,136.00
25,454,254.60
39,635,15a 60

Deposited in
Treasury.

Balance on
hand.

$65,341.00 $4,203,973.31
91,894.00 9,967,390.66
4,731,248.16
69,oiaoo 3,790,578 38
71,155.00
3,209,447.84
84,92a 00
6,787,132.32
111,69a O
O 6,080,514.09
122,883.13 9,944,632.95
148,477.00 12,691,238.23
174,80a50 14,735,342.88
291,361.00 14,682,532.31
308,647.60 11,372,838.12
267,461.50 12,377,478.38
295,3OaO0 62,277,880.08
469,965.00

274
Mo.

REPORT ON TI-IE FINANCES.
T 4 . — M O D E OF PAYMENT FOR NOTES R E D E E M E D AT THE NATIONAL-BANK
REDEMPTION AGENCY, BY FISCAL Y E A R S , FROM 1895.

Fiscal year.

1895
1896
1897
1898
1899
1900
1901.
1902
1903
1904
1905
1906
1907
1908

. .

Credit in
United States Silver coin. Credit in gen- redemption
eral account. •
currency.
account.

Transfer
checks.
$40,374,030.32
48,774,713.30
56,567,032.90
42,186,863.86
24,730,838.15
28,433, ooa 36
65,935,811.60
61,870,4Oa5O
63,646,511.10
95,594,893.78
107,599,54a 96
122,852,833.45
126,576,021.21
172,719,196.76

$31,626,706.66
29,331,63a 61
36,525,208.00
39,921,232.75
49,339,819.20
65,877,983.30
58,986,97a 64
74,811,828.26
95,919,863.47
123,698,061.41
146,613,677.16
123.371,141.71
62,747,460.06
123,985,045.30

$61,236.65 $13,604,664.93
82,669.45 28.893,49a 85
57,208.70 19;084,125.58
83,747.40 13,733,92a 92
84,399.50 14,984,970.20
78,301.35 11,380,978.28
41,964.90 21,508,997.10
46,77a 80 33,603,045.00
47,084.45 36,178,617.50
31,82a 60 41,360,671.40
81,430.80 50,629,868.00
109,491.20 46,965,078.53
161,694.40 47,676,60a25
190,323.66 48,732,30a 17

$690,094.66
808,507.13
1,366,304.33
1,177,696.79
1,016,621.41
466,009.20
669,909.86
716,084.80
669,2ia76
1,157,040.46
1,992,834.62
1,875,874.92
1,683,179.85
2,922,415.83

Total.

$86,355,723. i r
107,891,02a 34,
112,599,879.51i
97,103,360.72\
90,166,648.46 i
96,226,281.48^
147,143,649.90
171,048,136.36
196,361,193.28
261,742,386.65
306,817,367.43
296,174,419.81
238,834,864.76
348,549,280.70

M o . 7 5 . — D E P O S I T S ; REDEMPTIONS, ASSESSMENTS FOR E X P E N S E S , AND TRANSFERS
AND REPAYMENTS ON ACCOUNT OF THE F I V E P E R CENT REDEMPTION F U N D OF
NATIONAL B A N K S , BY FISCAL Y E A R S , FROM 1895.

Fiscal year.
1896
1896
1897
1898
1899
1900
1901
1902
1903
1904
1906
1906
1907
1908

Deposits.

•




$76,630,065.60
91,565,066.77
107,249,3ia44
83,511,77a 36
75,885,13a 10
78,354,882.88
131,535,72a 84
148,687,860.75
169,458,351.28
230.952,14a79
282; 914,986.56
279,186,849.35
214,858,638.72
260,678,988.70

Redemptions.
$74,907,472.50
90,967,815.00
106,608,977.60
81,817,265.50
73,982,227.60
74,872,477.50
128,928,835.00
147,010,875.00
167,643,685.50
228,324,620.00
280,998,292.50
272,996,687.50
212,082,4OaOO
261,197,305.00

Assessments. Transfers and
repayments.
$107,222.51
100,159.28
114,814.32
125,971.49
130,417.31
121,42a 28
122,644.28
153,334.03
156, "409.72
176.464.24
223;672.88
249,350.38
248,742.26
234,300.66

$510,917.34
273,425.83
671,838.92
924,597.79
1,041,481.13
l,021,9ia07
723,459.79
1,622,48a 62
1; 176,007.61
1,351,771.62
977,191.78
1,570,711.55
1,480,983.67
2,347,492.91

Balance.
$7,349,343.80
7,573, ooa 46
7,426,695.16
8,070,639.74
8,801,652.90
11 140 721.93
12,901,609.70
12,802,774.90
13,285,123.46
14,384,414.38
16,100,243.78
19.470,443.70
20,616,956.49
17,416,84a 62

275

TEEASUEEE.

M o . 7 6 . — D E P O S I T S , REDEMPTIONS, AND T R A N S F E R S AND REPAYMENTS ON ACCOUNT
OF NATIONAL B A N K S INSOLVENT, IN LIQUIDATION, AND REDUCING CIRCULATION,
^ BY FISCAL Y E A R S , FROM 1895.

Fiscal year.

Deposits.

Redemptions.

Transfers and
repayments.

Balance.

INSOLVENT.

$274; 293.50
613, 180.60
1,610, 952.50
663,831.00
908, 422.00
1,276, 002.00
266, 171.00
704, oiaoo
492,
428, 798.00
642, 535.60
503; 288.00
1,385, 497.60
620; 894.00
693.00

$25,020.00
1,810.00
460.00
66,230.00
6,352.00
30.00
381.00
100.00
8,704.00
3,721.50
22,850.00
1,550.00
1,700.00

$987,010.00
789,007.00
1,359,611.50
1,223,662.60
1,527,733.00
2,108,661.50
1,693,140.50
1,667,070.50
1,562,709.00
1,166,777.50
1,071,910.00
656,873.00
1,441,77a 00
912,920.60

3,226; 443.00
2,868; 828.50
2,808; 411.50
2,602,099.00
3,088; 015.00
3,207; 666.00
3,341, 847.50
4,455; .127.00
6,336; 116.50
7,670, 603.00
9,012, 039.00
11,126, 108.00
10,441; 736.00
13,241, 623.00

33,973.60
73,038.00
82,690.00
13,066.00
39,674.50
65,202.00
13,776.00
28,121.50
20,048.00
70,820.50
41,240.50
89,936.60
39,944.00
184,820.50

16,870; 665.00
15,782; 043.50
15,065, 071.60
16,946; 466.00
17,488; 529.60
16,716; 845.60
15,891, 038.00
19,017, 284.00
22,197; 507.00
22,065; 161.00
28,222; 067.50
36,709; 990.50
34,871; 603.50
61,567; 999.00

9,346, 995.60
3,659, 307.00
12,324, 430.00
18,800, 530.00
18,121, 441.00
14,626, 460.00
10,861, 289.00
25,232, 209.60
17,181, 070.00
18,879, 475.00
8,301, 696.00
17,467, 742.50
22,224, 662.50
37,112: 837.60

1900.,
1901.,
1902.
1903.
1904.,
1905.,
1906.,
1907.
1908..

$754,044.00
786,163.60
938,538.00
699,340.00
548,111. 50
687,831.50
681,652.00
730,305.00
607,059.50
805,763.00
733,434.00
895,684:50
699,441.00
1,147,848.60

2,696, 467.60
1,853, 256.00
2,174; 129.60
3,396, 659.50
4,669; 763.00
2,501, 184.00
2,529, 815.00
7,609; 494.50
9,536; 387.50
7,599; 077.50
15,220; 186.00
18,703; 967.60
9,643, 293.00
30,122; 839.00

1895.
1896.
1897.

9,088,882.00
7,568,158.00
7,345,406.00
12,789,021.00
13,013,149.00
14,014,295.50
14,603,038.00
14,899,842.60
19,328,910.00
22,460,605.00
16,111,895.00
12,702,342.50
14,413,077.50
25,145,685.00

127,600.50
62,001.00
476,042.00
722,434.50
1,630,201.50
1,090,802.00
760,601.50
764,883.00
2,936,682.60
417,358.50
1,561,279.50
1,429,749.00
2,734,935.50
3,334,212.50

7,501; 824.00
3,530; 972.00
8,033, 954.00
13,323, 028.50
16,801; 119.00
16,322, 481.50
11,820, 131.00
21,387; 615.00
16,303, 092.50
12,304, 604.00
2,933, 124.50
6,268, 775.60
11,346, 425.00
19,978, 365.00

I 12,217,746.50
6,125,742.50
16,009,612.00
22,760,920.60
23,699,616.00
18,402,646.00
13,657,275.00
33,646,320.00
27,210,255.60
26,907,088.00
24,164,169.00
36,675,207.60
33,253,849.60
67,856,.369.50

13,068, 369.00
11,223: 150.00
11,092: 355.50
16,990: 460.00
16,649,276.60
17,909,793.00
18,626,437.50
20,085,274.50
26,272, 086.00
30,936: 971.00
26,857: 368.00
24,724: 135.00
25,464: 264.60
39,535; 156.50

161,674.00
160,059.00
560,542.00
735,950.60
1,726,106.00
1,162,356.00
774,406.60
793,385.50
2,956,830.50
496,883.00
1,606,241.50
1,542,535.60
2,776,429.50
3,520,733.00

26,369, 489.00
20,102, 022.50
24,458,637.00
30,493, 147.00
36,817,381.50
35,147, 878.50
29,404,309.50
42,071 969.50
40,053;308.60
36,526,542.60
32,227, 102.00
42,635,639.00
47,658,804.60
72,4.59,284. .^
'O

IN LIQUIDATION.

1896.,
1896.
1897.
1898.,
1899.,
1900.,
1901.,
1902.
1903.
1904.
1906.
1906.
1907.
REDUCING CIRCULATION.

1895..
1896..
1897.,
1898..
1899..
1900..
1901..
1902..
1903..
1904..
1905..
1906.,
1907.,
1908.,
AGGREGATE.

1896
1896.,
1897.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.




276
Mo.

REPORT ON T H E FINANCES.
7 7 . — E X P E N S E S INCURRED IN THE REDEMPTION OP NATIONAL-BANK N O T E S , BY
. FISCAL Y E A R S , FROM 1895.

Charges for
transportation.

Fiscal year.

$21,035.82
32,518.93
44,518.50
34,337.93
30,725.56
31,767.33
55,549.76
69,967.96
67,998.88
96,680.12
111,661.20
104,477.20
73,101.66
104,685.62

1896
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

Mo.

Salaries.

$76,411.97
77,766.64
77,977.62
87,183.64
87,161.01
86,98a 30
87,066.10
87,425.26
99,802.67
114,640.80
126,237.63
136,056.02
151,477.77
156,421.19

Stationery,
printing, a n d
binding.
$2,173.41
2,826.97
2,516.92
3,387.11
1,96a 34
3,561.94
2,859.25
4,621.61
4,693.88
6,055.20
7,506.28
6,79a 10
5,909.36
8,50a90

Contingent
expenses.

$731.59
974.19
49.69
1,015.67
1,438.49
669.19
771.08
1,791.61
1,982.19
2,917.01
2,668.16
3,60a92
3,161.83
1,22a 50

Total.

$100,352.79
114,085.63
125,061.73
125,924.35
121,291.40
122,984.76
146,23a 18
153,79a 33
174,477.62
219,093.13
247,973.26
250,924.24
233,650.62
270,840:21

R a t e of
expense . '
per$l,0Oa|
$1.16
1.125
1.0701 :
1.29646\
1.34611 J
1.33568 J
.9956 \
.92444 V
.90262
.84716
.80993
.84528
.98615
.90366

7 8 . — G E N E R A L CASH ACCOUNT OF THE NATIONAL-BANK REDEMPTION AGENCY
FOR THE FISCAL Y E A R 1908, AND FROM JJJLY 1, 1874.

For fiscal year. From July 1,1874.
DR.
Balance from previous year
'
National-bank notes received for redemption
"Overs''

$12,377,478. 38
349,634,341. 42
41,978.85
362,053,798.65

4,916,771,424.65

62,194,650.00
235,984,264.00
469,965. 00
1,079,05a 17
403.15
1,130. 50
6,470. 05
39,976. 70
62,277,88a 08

1,641,462,27a 00
3,051,407,32a 10
136,513,747.18
23,270,092.73
86,491. 34
91,396. 85
153,928. 82
508,282.45
62,277,8Sad8

362,053,798. 65

Total

$4,916,173,79a 79
597,633.76

4,915,771,424.56

CR.
National-bank notes forwarded to banks of issue
National-bank notes delivered to Comptroller of the Currency
Moneys deposited in Treasury
Packages referred and moneys returned
Express charges deducted
Counterfeit notes returned
Uncurrent notes returned or discounted
"Shorts"
:
Cash balance June 30, 1908
Total

Mo.

7 9 . — A V E R A G E AMOUNTS OF NATIONAL-BANK N O T E S R E D E E M A B L E AND
AMOUNTS R E D E E M E D , BY FISCAL Y E A R S , FROM 1895.

O u t of deposits for retirement.

O u t of 5 p e r c e n t fund.

Fiscal year.
Average
redeemable.
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906.
1907
1908

.

Redeemed.

Average
redeemable.

Redeemed,
fit for use.

Redeemed,
unfit for use.

$27,720,318
22,604,148
21,5.13,208
29,679,023
32,023,249
36,424,466
31,268,712
35,966,721
43,179,711
38,920,347
32,798,435
38,019,161
47,07.5,981
57,388,822

$13,068,369
11,223,150
11,092,365
15,990, 460
16,649,275
17,909,793
18,626, 437
20,085,275
26,272,086
30,936,971
25,857,368
24,724,135
25,454,255
39,535,156

$180,140,091
194,529,242
211,375,241
198,491,851
207,264,424
223,869,280
308,625,545
322,207,220
339,993, 484
389,966,135
435,487,040
500,046,264
642,369,618
605,084,732

$35,065,620
46,946,190
37,659,960
27,124,260
23,472,650
25,620,660
57,668,715
67,303,520
62,563,430
92,025,655
106,286,870
88,930,700
43,140,205
62,194,650

$40,094,540
43,866,375
69,014,688
54,858,156
50,530,828
49,006,445
71,432,232
89,646,745
104,604,266
136,444,405
174,417,383
184,561,828
168,940,465
196,449,108




Total
redeemed.
$75,150,160
90,812,565
106 674 648
81,982,416
74,003,478
74,627,106
129,100,947
146,950,265
167,167,696
228,469,960
280,704,253
273,492,628
212,080,670
258,643,768

X
i
i
^

277

TEEASUEEE.

M o . 8 0 . — P E R C E N T A G E OP OUTSTANDING NATIONAL-BANK N O T E S R E D E E M E D AND
ASSORTED EACH FISCAL Y E A R PROM 1899, BY GEOGRAPHICAL D I V I S I O N S .
1899

. .

...

• 1904

1905

1906

38.53
3a 77
4a 05
45.47

65.23
58.00
53.87
6 a 94

61.56
53. 43
63.32
6L78

66.33
6 a 69
5a 03
64.85

43.84
43.54

54.61
5 a 96

65:95
61.95

5 a 27
63.67

64.88
67.93
7 a 36
6 a 65
87.66
67.54
8 a 56

6 a 49
6 a 61
7 a 73
73.78
8 a 82
8a27
87.76

56.31
5a 40
6 a 16
65.33
78.32
68.43
73.10

43.55

58.37

5 a 03

62.14

73.25

77.39

67.10

47.36

45.76

5 a 60

64.84

73.07

65.65
4L69
.

1903

47.85

New England .
New York
N e w Y o r k City
N e w Jersey
Pennsylvania
Philadelphia
Delaware....
Maryland
Baltimore
District of Columbia

1902

47.23

....

1901

4a 07
48.22

Maine
New Hampshire
Vermont
Massachusetts
Boston.
R h o d e Island .
Co:rmecticut

1900

40.86
43.41
4 a 81
48.31

Division.

51.11
3a 59

68.68
42.62

7 a 48
4 a 39

73.61
54.78

44.03 41.04 42.75
5 a 76 • 49. 37 6 L 4 4

4 a 78
7 a 77

55.86
83.16

6 a 24 74.64 7 a 13
101.62 114.02 83.60
8 a 17 104. 52 8 a 33
• 62.13 68.69 6 a 72
8L97 78.18 73.47
61.10 6 a 87 65.01
64.15 82. 23 7 a 66
134. 30 143.86 111. 89
74.24 8 a 77 75.88

,4a 04
47 23
57.70
47.00
52 67
54.05
63.11
75.57
60.83

48.79

5 a 12

57.,31

64.90

63.80

/

4 a 12

43.99

53.73

68.43

6a88

Virginia
W e s t Virginia
N o r t h Carolina
S o u t h Carolina
Georgia
Florida
Alabama . . .
Mississippi
Louisiana . . .
N e w Orleans
Texas
Arkansas
Kentucky
Tennessee P o r t o Rico

34.66
3a 48
37.97
37.25
3 a 30
5a 02
27.06
3L67
ia3i

3 a 88
25.99
42.65
64.87
33.67
3a 40
27.83
2 a 54
2 a 34

4 a 37 4 a 29 48.80
32.03 ' 3 a 67 3a 42
63.23 51.22 4a 84
64.53 52.18 . 50. 33
47.68 4L08 44.88
41.68 47.29 42.66
43.57 42.01 43.10
3L25 34.47 47.23
3 a 81 4L0O 5 a 22

24.02
27.88
22.30
27.80

27.57
25.67
23.04
23.40

3L95
28.19
25.16
3L89

Eastern

.

3 a 01
38.57
3L60
34.10

1907.
41.54
42.19
44 91
45.52
51 62
53.69
60.51

8 a 46

88.70

74.56

49 75

3 a 81
34.86
3 a 68
35.06
a 75

53.26
6L59
54.64
62.29
58.56
4a 63
47.66
48.92
3a 25
74.87
4L82
32.20
42.24
38.63
67.25

6 a 85
6 a 39
6 a 24
77.37
6 0 88
56.80
64.16
5L10
4L99
64.28
48.24
40.27
48.19
45.02
55.90

58.02
52.02
65.73
6L30
52.56
4 a 86
44.08
6 a 71
4a 43
7L09
3 a 76
33.60
42.32
4L85
65.90

44.68
38.44
43.66
46.19
41.02
40 70
35.23
37 01
44.28
66 04
30.80
28.62
33.52
35.99
37.05

2 a 91

28.60

3 a 34

38.17

4L25

47.55

54.64

4 a 83

37.63

26.05

22.70

27.62

31.61

35.77

21.66
2L45

2L31
22.12

24.41
2 a 93

2 a 29
32.84

28.74
35.45

25. 36
22.69
22.16
22.49
ia36

23.98
21.18
24.12
2L10
2 a 15

27.71
24.98
25.25
24. 40
24.93

27.65
27.04
2 a 45
27.90
4L18

3L37
3L39
2 a 75
32.51
38.26

4L75
52.43
35.88
35.50
5a 69
34.42
3a 70
34.43
36.62
28.83
5L68

4 a 15
53.43
4a 61
4a 27
65.31
3a 35
34.64
3a 70
40 30
4L34
53.44

4a 76
4a 23
34.85
35.93
38.68
34.38
27.80
32.72
33.18
32.32
42.36

34.27
30.96
29.24
30.02
31.82
28.70
24.52
26.44
27.52
27.65
37 84

23.02

22.05

2 a 25

32.00

34.45

3a 69

43.96

3 a 76

30.75

25.22
2 a 83
25.67
25.12
26.10
32.90
23.56
27.86
34.11
2 a 65

24.59
25.42
23.26
22.17
25.56
22.96
23.56
25.12
2 a 38
21.41

23.37
28.30
24.64
22.42
3a 54
25.07
22.19
2 a 80
17.46
28.70

25.34
28.63
3L75
2 a 63
27.80
2 a 41
32.32
32.41
3 a 38
33. 41

2 a 89
31.40
34.61
32.00
33.70
34.53
3 a 72
37.97
32.24
37.13

34.83
36.91
35.30
34.54
37.80
38.33
40.43
44.84
34.90
3a 48

4 a 70
3 a 30
37.32
4L42
4 a 09
4L74
35.87
4a 23
50.22
4 a 54

32.97
32.82
3 a 90
34.42
35.03
35.20
32.17
42.44
37.88
3 a 20

24.99
27.08
26.04
27.78
29.06
27.55
3a 93
31.71
3 a 18
30.72

25.47

23.33

24.04

3a 62

34.52

3 a 79

4a 78

33.81

28.41

2 a 33
2a 36
28.22

27.87
29. 56
45.30

3a 68
33.45
32.24

33.92
35.24
37.35

38.28
45.82
43.00

3L26
ia20
62.87
28.73
a 33

30.43 28.02
2L70 '21.66
32.91 33.73
28.17 32.21
25.60

34.06
33.26
4L54
42.96

47.03
57.48
52.13
45.20
42.27
4a 64
4 a 03
48.40
2 a 80
9 a 57

36.62
4 a 53
48.25
38.49
33.56
35.15
45.14
43.35
14.29
88.31

31.74
33.39
35.56
33.89
28.63
31.03
44.71
36.38
2 a 32
60.55

Pacific.

27.12

34.90

12.58
30.54

2 a 21
2 a 67
37.48
37.35
12.00
54.56

44.06
51.22
48.72
4 a 33
38.45
43.98
28.47
49.65
18.40
139.99
47.67

4 a 10

42.35

34.40

U n i t e d States

37.83

35.85

43.44

6 a 52

65.84

55.21

40.27

Southern
Ohio
Cincinnati
Indiana
Illinois
Chicago
Michigan
Wisconsin
Minnesota
Iowa
Missour i
.
St. Louis

.

.

.

Middle
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
N e w Mexico .
Oklahoma
I n d i a n Territory

. . .

.

Western
Washington
Oregon
California
San Francisco
Idaho
Utah
Nevada
Arizona....
Alaska
Hawaii

•
J




laoo

laoo

35.64

45.22
4L50

4 a 82

51.68

278

REPORT ON T H E FINANCES.

Moo 81.—^AVERAGE AMOUNT OF NATIONAL-BANK N O T E S OUTSTANDING^ AND THE
REDEMPTIONS, BY FISCAL Y E A R S , PROM 1875.
Redemptions.

Redemptions.
Average
outstanding.

Year.
Amount.

Amount.

Per cent.
43.90 1892
6a 68 1893
75.47 1894
6a 48 1895
48.62 1896..18.13 1897
17.22 1898
2L15 1 1899
28.53 1 1900
36. 27 i 1901....
45.93 1902
4L38 1903
2a 85 1904
37.32 1905
38.55 1906
35.80 1907
38.34 1908

$354,238,291 $156,620,880
344,483,798 209,038,866
321,828,139 242,885,375
320,625,047 213,151,458
324,244,285 167,656,645
61,686,676
339,530,923
346,314,471
69,650,259
359,736,050
76,089,327
359,868,524
102,699,677
347,746,363 126,152,572
327,022,283
160,209,129
314,815,970
130,296,607
293,742,062
87,689,687
26.% 622,692
99,162,364
230,648,247
88,932,059
196,248,499
70,256,947
175,911,373
67,460,619

1875
1876
1877
1878
1879.
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891

Average
outstanding

$172,113,311
174,765,365
205,322,804
207,860,409
217,133,390
232,888,449
228,170,874
239,287,673
260,293,746
339,884,257
358,173,941
383,173,195
428,886,482
468,285,476
638,065,426
689,445,699
662,473,654

Per cent.

$69,625,046
75,845,225
106,330,844
86,709,133
108,260,978
113,573,776
Ov', 111, 687
90,838,301
96,982,608
147,486,678
171,869,268
196,429,621
262,141,930
308,298,760
296,292,885
240,314,681
349,634,341

40 45
43.40
51.30
4L71
49 85
48.76
42.56
37.96
37.26
43.39
47.98
5L26
6L12
66.84
66.07
4a 77
62.78

M o . 8 2 . — C H A N G E S DURING THE FISCAL Y E A R 1908 IN THE FORCE EMPLOYED IN
THE T R E A S U R E R ' S OFFICE.
Total force June 30, 1907:
Regular roU
Detailed to

637
8

Discontinued
Died
Resigned
Transferred from
Detailed from
Details discontinued
Vacant

5
4
33
18
1
8
2

1

'Appointed
Reappointed
Transferred to
Detailed to

26
9
29
75

71

139
Total force.June 30, 1908

545

68
613

M o . 83.—^APPROPRIATIONS M A D S F O R T H E FORCE EMPLOYED IN THE T R E A S U R E R ' S "
OFFICE AND SALARIES P A I D DURING THE FISCAL Y E A R 1908.
Appropriated.

Expended. Balance unexpended.

$433,48a 00
22,754. 68

$428,55a 94
22,754.45

$4,923.06
.23

456,234.68

451,31L39

4,923. 29

Reimbursable roll (force employed in redemption of national
currency)

123,640 00
3,6ia 69

121,698. 42
3,35L77

2,04L68
267.82

Deficiency appropriation

127,259 59

124,96a 19

2,309 40

456,234.68
127,259 59

461,311.39
124,95a 19

4,923.29
2,309 40

683,494.27

676,26L58

7,232.69

Roll on which paid.
Regular roll
Deficiency appropriation
Total

Total
Aggregate:
Regular roll
Reimbursable roll
Total




,

EEPOET OF THE DIEECTOE OF THE MINT.

TREASURY DEPARTMENT,
BUREAU OF THE M I N T ,

Washington, D. 0., December 9, 1908.
SIR: I have the honor to submit herewith the thirty-sixth annual
report of the Director of the Mint, covering the operations of the
mmts and assay offices of the United States for the fiscal year ended
June 30, 1908, with other interesting statistics relating to coinage
and financial matters in this and other countries, which will be found
valuable in considering this report.
THE

YEAR'S OPERATIONS.

The fiscal year ended June 30, 1908, was remarkable in that there
was made at the various mmts of the United States $16,530,477.25 in
subsidiary coinage, this being the largest amount of subsidiary
coinage ever made in the United States mints in one year since 1877,
when a little over $3,000,000 more than the above amount was coined
in preparation for the resumption of specie payments. The larger
part of this coinage was made in the first half of the fiscal year, and
was wholly due to the remarkable expansion of trade during that
period. The dem:and for this character of coinage ceased as soon as
the efect of the panic of last fall began to be felt, while for several
months^p re vious to the 1st of December, 1907, there had been a
continuous absorption of the entire output of the mints. During
the last half of the year only two mints operated on subsidiary coin,
the mint at Philadelphia operating almost exclusively on gold coinage,
and the operations of the mint at San Francisco being devoted almost
entirely to the coinage work for the government of the Philippine
Islands.
NEW DESIGNS FOR THE GOLD COINAGE.

In response to a popular demand for an improvement in the
designs used on our coin, the President took steps early in the year
1905 to accomplish this result. I t was decided to make the first
change on the gold corns, and the eminent sculptor, Mr. Augustus
Saint Gaudens, was employed at the request of the President to
prepare models for all denominations of the gold coins, and with the
purpose in view of securing a much higher relief in design than was
ordinarily used in modern coinage several models were made of the




279

280

REPORT ON T H E FINANCES.

same design but with different heights of relief. But it was found
to be impossible to work any of the designs upon the ordinary coining
press until a third model was made with a greatly reduced rehef.
This was somewhat disappointing to those urging a high relief, and
therefore some 12,153 pieces of double eagles from the second model
were struck on a medal press and sent to such places in the United
States where a general distribution of them could be made. Of
the new Saint Gaudens double eagle perfected for coinage in the
regular way, $105,939,360 were struckJpy the close of the fiscal year.
The new designs for the eagle were also prepared by Mr. Saint
Gaudens, and are regarded by competent critics as artistic. The
standing eagle is true to nature, while the feathered head of Liberty
is a radical departure from the head heretofore appearing on any of
our coins of either gold or silver.
There were coined in eagles during the fiscal year $4,829,060 in
the new design.
BIGELOW-PRATT DESIGNS FOR THE HALF EAGLE AND QUARTER EAGLE.

Early in the present year while the President was explaining to Dr.
William Sturgis Bigelow the mechanical difficulties met with in the
effort to bring to success the double eagle and the eagle of the SaintGaudens designs, especially that referring to the commercial desire
that the coins should stack or pile to a uniform height, Doctor Bigelow became impressed with the idea that a high or strong relief of
design on a coin could be obtained by depressing the design below the
face or field of the coin, instead of raising it, as was being done in all
coinage operations, thereby the field being flat and uniform in thickness would insure a stacking, and would permit of the pieces being
piled to a uniform height.
In all other coins the wear comes on the highest point of the relief.
In these, the flat surface takes the wear and protects the relief,
which is depressed below it, the shape of the depression following the
outline of the relief. This system of countersinking a relief is one
of the oldest forms of sculpture in stone. Egypt is full of examples
of it. I t has been little used in modern times except in Japan, Where
it finds a restricted application chiefly in wood carving. I t has never
been applied to coins in modern times. The idea of so applying it
was Doctor Bigelow's. Acting upon his own responsibility, he asked
Mr. Bela L. Pratt, an artist of St. Botolph Studios, Boston, to make
an experimental design to illustrate the principle. This model was
submitted to the President, and the practicability of this new idea
in coinage appealed so strongly to him it was decided that the experiment of making a coin on this principle should be made. The design
of a real Indian head, with war bonnet of feathers,was adopted forthe
obverse side, and the President selected the design of a real eagle,
standing, for the reverse side; and JMr. P r a t t was commissioned to
prepare models for the engraver of the United States mint at Philadelphia. The model work was done during the summer and the dies
made. The results were so satisfactory that the designs were approved by the President and instructions given the mint at Philadelphia for the striking of the. coins. This coinage was commenced
in November of the present year.




DIRECTOR OF T H E M I N T .

281

That the artist in producing faithful representations of both the
real Indian and the real eagle has reached a remarkable degree of
success, persons familiar with those subjects must attest. The engraving work, executed by Mr. Charles E . Barber, engraver of the
United States mint at Philadelphia, is remarkably fine and sharp in
detail, showing consummate skill and an artistic hand.
THE MEDAL DEPARTMENT OF THE MINT AT

PHILADELPHIA.

The medal department of the mint at Philadelphia is now equipped
with the most powerful and modern presses and other apparatus for
the manufacture of medals of every character. During the last two
years there have been made for the War and Navy departments over
100,000 bronze medals, and the necessary bars for mounting the same,
at a much less cost than the same could have been procured from
private firms. No valid reason exists why all national medals should
not be made by the medal department of the mint at Philadelphia.
COST OF COINAGE AS SHOWN BY THE COST REPORTS.

The system of keeping account of the expenditures incidental to
the manufacture of coin, which was inaugurated last year, has been
improved and perfected so that now the figures shown therein can be
deemed reliable as giving a close estimate of the actual cost of coinage
of the different denominations. This system is based upon the
actual coinage costs only, such as ingot making, alloy, coining department operations, and the cost of administration, bu^ does not
take into account the cost of making the coinage dies used. For the
first time in the history of mint operations it is thus made possible to
make a report on the cost of coinage.
The following statement shows the average cost per thousand
pieces for each denomination coined during the fiscal year at all of
the mints as shown b y t h e cost reports kept by them:
AVERAGE COST P E R THOUSAND P I E C E S .
Gold:
Double eagle
Eagle.
Half eagle
Silver:
Half doUar
Quarter dollar
Dime
Minor:
5 cent
1 cent
Philippine:
Peso
60 centavo
20 centavo
10 centavo
LIFE

:

$2a 61
32. 75
13.93

•.

a 80
6. 93
2.53
:

>

O F COINAGE DIES USED IN T H E MINTS O F T H E UNITED
D U R I N G T H E CALENDAR* Y E A R 1 9 0 7 .

2.11
1.12
11.01
8.27
6.25
3.15
STATES

During the calendar year 1907 there were used in the four coinage
mints in the coinage of domestic, Philippine, and Mexican coin 3,100
obverse and reverse coinage dies. From these dies 262,018,610 pieces
of good coin were struck. The following table shows the highest,




282

REPORT ON T H E FINANCES.

lowest, and average number of pieces of coin struck per die for each
denomination coined:
Denomination.

Total Highest numnumber
ber pieces
dies.
single die.

, Double eagle..
Eagle
Half eagle
Quarter eagle.
HaU dollar....
Quarter dollar.
Dime
5 cent nickel.
1 cent bronze.
PhUippine:
Peso
50 centavo
20 centavo
10 centavo
Mexican:
50 centavo
20 centavo

Lowest number pieces
single die.

146
66
53
16
323
259
374
356
545

337,341
269,120
140,364
85,218
468,860
660,352
616, 476
294,319
493,211

Rev.
6,728
Rev.
8,410
Both
6,650
Rev. 19,255
Rev"
3,000
Rev.
6,780
Both
2,589
Rev. 39,980
Rev. 198,218

196
116
140
195

Rev.
Rev.
Rev.
Obv.

481,866
263,630
276,600
261,000

Obv.
Obv.
Both
Rev.

245
70

ELECTROLYTICAL

Obv.
Obv.
Obv.
Obv.
Obv.
Rev.
Obv.
Obv.
Obv.

Both 630,925

Both

1,000
600
2,000
5,000

Average
number
pieces
per die.
33,101
40,664
28,569
21,028
36,071
60,218
92,345
110,163
198, 419.
52, 438
28,557
31,540
33,542
55,678
77,638

REFINING.

The installation of an electrolytical. refinery plant in the mint at
San Francisco has been completed. Experience already had as to
the cost of the operating of the same is such as to justify the behef
that in the near future it will be possible to reduce the charges to
depositors of bullion for parting and refining. For the mints the
electrolytical processes of refining possess many advantages over
the old acid processes. In the first place there is little or no loss of
gold or silver in the operations. Then, again, deposits are made containing small and minute particles of platinum that were heretofore
lost in parting and refining by the acid process, but are now recovered
and inure to the benefit of the Government. The amount contained
in any one deposit is so small as to make it impracticable to account
to the depositor for the same. If all deposits were treated individually the cost of extracting the platinum would be much greater than
its value. By treating the deposits in large quantities with other
bullion the platinum is recovered without any additional expense to
the Government. >
Electrolytical refining plants hav^ already been installed in the
mints at Philadelphia and Denver.
ENLARGEMENT OF ASSAY OFFICE AT NEW YORK.

Under the act of June 30, 1906, to increase the limit of cost of
certain public buildings, authorizing the purchase of sites therefor,
and for the erection and completion of public buildings, and for other
purposes, the Secretary of the Treasury was authorized to enter into
contract for the remodeling of the United States assay office at New
York. Under the authority conferred in the act the old building in
which refinery operations were conducted was demolished. Specifications were prepared and proposals invited for the construction
of a suitable building in lieu thereof. Upon opening proposals it
appeared that the amount appropriated would not permit of an
award of contract for the construction of a building in accordance
with specifications.



DIRECTOR OF T H E M I N T .

288

An urgent necessity exists for the erection of this building at an
early date. The part of the building formerly used for refinery purposes having been torn down, there are no facilities for parting and
refining bullion, making it necessary to transport all crude and
unparted bullion to the mint at Philadelphia at the expense of the
Government to be parted and refined.
IMPROVEMENT IN MELTING.

In 1899, what was then considered a great improvement in meltingfurnace fuel was made by the introduction of gas for melting bullion ^
instead of coal and coke; another improvement is now made by
using fuel oil instead of gas. The mints at Denver and San Francisco
have demonstrated that oil is not only more efiective but very much
cheaper than gas. One of the main features in favor of oil-burning
apparatus is that oil can be stored at or in the building in sufficient
quantities to provide a working supply that will allow the furnaces to
be operated for a period of several weeks. • With the use of oil the
number of melts made per day has been increased greatly. The
first cost of installation of furnaces and generating apparatus is
greatly reduced and the actual cost of melting cheaper. The fuel oil
used at Denver and San Francisco is obtained from the local oil fields
of Colorado and California.
THE RESTORATION OF THE MOTTO.

The motto ^^In God we trust ^' was first placed upon the bronze
2-cent piece authorized to be coined by the act of September 22,
1864. Section 5 of the act of March 3, 1865, authorizing the coinage
of the 3-cent piece, provided for the placing of the motto on such
coins as would admit thereof. This provision was enacted under
section 18 of the act of February 12, 1873. The motto was first
placed on the gold and silver coins (with the exception of the dime,
which was too small) January 1, 1866.
Section 3517 of the Revised Statutes of the United States adopted
by the act of Congress dated June 22, 1874, did not provide for the
placing of the motto on any of the coins. The motto continued to be
placed on the coins upon which it had previously appeared until the
adoption, in 1907, of the new designs of the double eagle and the
eagle, from which it was omitted, the inscriptions and legends being
confined to those authorized by section 3517 of the Revised Statutes.
May 18, 1908, an act was passed by Congress restoring the motto
^^In God we trust'' on the coins of the United States, to take eff'ect
thirty days^after its passage. The motto appears on all gold and
silver coins struck since July 1, 1908, with the exception of the dime.
AN ACT Providing for the restoration of the motto "In God we trust" on certain denominations of
the gold and silver coins of the United States.

Be it enacted hy the Senate and House of Representatives of the United States of America
in Congress assembled, That the motto "In God we trust," heretofore inscribed on
certain denominations of the gold and silver coins of the United States of America,
shall hereafter be inscribed upon all such gold and silver coins of said denominations
as heretofore.
SEC. 2. That this Act shall take effect thirty days after its approval by the President.
Approved, May 18, 1908.




284

REPORT ON THE FINANCES.
ASSAY OFFICE AT SALT LAKE CITY.

The following act was passed by Congress May 30, 1908, providing
for the establishment of an assay office at Salt Lake City, Utah:
AN ACT To establish an assay oflace at Salt Lake City, State of Utah.

Be it enacted hy the Senate and House of Representatives of the United States of America
in Congress assemhled, That the Secretary of the Treasury is hereby authorized and
required to establish an assay oflBce of the United States at Salt Lake City, in the
State of Utah; said assay office to be conducted under the provisions of the Act entitled
''An Act revising and amending the laws relating to the mints and assay offices and
the coinage of the United States," approved February twelfth, eighteen hundred and
seventy-three; that the officers of the assay office shall be an assayer in charge, at a
salary of two thousand five hundred dollars per annum, who shall also perform the
duties of melter; chief clerk, at a salary of one thousand five hundred dollars per
annum; and the Secretary of the Treasury is hereby authorized to rent a suitable
building for the use of said assay office, and there is hereby appropriated, out of any
money in the Treasury not otherwise appropriated, the sum of twenty thousand
dollars for salary of assayer in charge, chief clerk, and wages of workmen, rent, and
contingent expenses.
Approved, May 30, 1908.

I t was not practicable to secure an entire building for the use of
the assay office, but rooms have been rented at an annual reiital of
$1,800 for the purpose, and the necessary melting furnaces, appliances, and apparatus are now being installed therein, and it is confidently expected that the office will be open to the receipt of bullion
early in January, 1909.
USE OF CUPRIC CHLORIDE IN TOUGHENING BRITTLE
AT THE MINT, PHILADELPHIA.

INGOT

MELTS

Within the last year the melter and refiner of the mint at Philadelphia, David K. Tuttle, Ph. D., makes report on the use of cupric
chloride which shows an ingenious and most effective application in
toughening brittle melts of standard gold bullion. One great advantage is that a brittle ingot melt for coinage can be treated with the
cupric chloride most expeditiously and without danger of destroying
the proportion of the alloy to the precious metal. The chlorine
when it unites with and carries off the troublesome base responsible
for the brittleness, leaves its former associate, copper, in place of the
base metal.
UNITED STATES GOLD COIN IN CANADA.

The treasury of the Dominion of Canada helcl on December 31,
1907, $33,529,889 in United States gold coin, while the amount held
by the chartered banks on the same date was $12,244,213, making
the total amount of United States gold coin held in the Canadian
reserves on December .31, 1907, $45,774,102. In addition to this
there were held by agencies of Canadian banks in Cuba and Porto
Rico $1,299,811, and in Jamaica $370,217 in United States gold coin.
DEPOSITS OF GOLD BULLION.

The deposits of gold bullion at the mints and assay offices of the
United States during the fiscal year 1908, exclusive of redeposits
were of the value of $207,415,984, against $176,580,654 reported the
previous year.



285

DIRECTOR OF T H E M I N T .

Redeposits which consisted of bullion transferred from one office
of the service to the other, or bars bearing the stamp of one of the
offices of the service deposited or sold to another office, amounted to
$119,214,058.
The total gold bullion and gold coin received, including redeposits,
contained 17,556,365 standard ounces of the value of $326,630,042.
The deposits of domestic bullion amounted to 6,005,804 standard
ounces, of which 2,201,114 standard ounces were in crude condition
direct from the mines operating in the diff'erent States; 668,016
standard ounces of refinery bars (less than 0.992 in fmeness) and
3,136,673 standard ounces of refined bullion (0.992 in fineness and
over) were received from private refineries, bromide, chlorination,
and cyanide works.
U N C U R R E N T DOMESTIC GOLD COIN FOR

RECOINAGE.

Uncurrent and mutilated gold coin received for recoinage contained 214,450.317 standard ounces of the coining value in new coin
of $3,989,772.90. Of this amount 71,363.207 standard ounces were
received over the counter and 143,087.110 standard ounces were
received on transfer orders from the Treasury. The loss on this
coinage was $30,895.60.
DEPOSITS OF F O R E I G N GOLD .BULLION A N D GOLD COIN.

Foreign gold bullion containing 3,857,871 standard ounces of the
value of $71,774,351, and foreign gold coin containing 735,538
standard ounces of the value of $13,684,426 were received from
various countries as follows:
C r u d e bullion.

Refined bullion.

Coin.

Source.
Standard
ounces.
B r i t i s h Columbia
Northwest Territory.
O n t a r i o a n d Quebec
Nova Scotia...
Mexico
Cuba
Santo Domingo
Costa R i c a
Nicaragua
Honduras
Guatemala.
Central America, u n known.
Colombia
Brazil .
Peru
Venezuela
S o u t h America, u n known
D u t c h Guiana
Great B r i t a i n
-...
Germany
France.
Spain
Korea
Russia
China
Sweden.
Unclassified
'.
Total

Value.

69,669,344 $1,296,173.84
82,936,246 1,542,999.93
116,905.86
6,283,690
212,455.88
11,419,477
87,613,499 1,630,018.68
• 41,317.47
2,220,814
1,614.06
81,381
76,995.36
4,138,501
36,177,065 • 673,061.67
6,100.04
327,877
17,805.47
957,044

Standard
ounces.

Value.

13,615,178

4,493.59
248.94

Value.

$253,305.64

241,530
13,381

Standard
ounces.

504,671.59
1,683,730.79
162.60

118,018

$54,103.12

359,481

6,688.02

1,719
137,027

31.98
2,649.34

120,352
97,124

2,239.11
1,806.96

58,394

27,126,098
90,500,530
8,740

2,908,043

1,086.40

2,195.68

17,228,245
26,056
31,156,105

8,752

162.82

320,525.49
977.58
52,545
484. 76
679,648.47 3,330,566,290 61,964,005.39
1,810,428
33,682.38
40,063.56
41,367,770
769,446.89

2,146

766,319.44

958,934
17,336,550

17,840.63
322,521.86

39.93

2,232

21.66
7,875,458.70
2,964,666.50
1,626,528.30
42,564.54

41,189,670

2,153,400

1,159
423,305,905
159,350,825
87,425,896
2,287,844

41.53

69,979
470,206,487




1,115.03
8,748,027.68 3,387,664,874 63,026,323.23

735,637,923 13,684,426.46

286

REPORT ON T H E FINANCES.
DEPOSITS OF J E W E L E R S '

BARS.

Jewelers' bars and old plate containing 333,190 standard ounces
of the value of $6,198,890 were received.
REDEPOSITS OF GOLD BULLION.

The redeposits contained 6,407,756 standard ounces of the value
of $119,214,058 as follows:
F i n e b a r s deposited a t New York.

M i n t bars deposited a t
Philadelphia.

S t a n d a r d oz.

Standard oz.

Bars manufactured a t Philadelphia.

S t a n d a r d oz.
68. 752
3,411,947.143
3,421. 264

Philadelphia
New York
St. L o u i s
• Total

20.933
20.933

3, 416, 437.149

909,375.614
909,376.614

U n p a r t e d b a r s deposited a t Bars manufactured
-at—
Philadelphia.

Stand, oz.
1,134.574

N e w Orleans
Denver
New York
Carson
Boise
H e l e n a . . .•
Charlotte
St. L o u i s . . .
Deadwood
Seattle..
I'Otal

Total
unparted.

San F r a n cisco.

New York.

Helena.

Seattle.

Stand, oz.

Stand, oz.

Stand, oz.

Stand, oz.

3.365

Stand, oz.
1,134.574
14. 972
829, 401. 813
89,011.801
46 422 522
90,835. 440
11,859. 368
19, 441. 355
01,612. 404
933 187 779

3.365

2,082,922.028

14.972
829,401.813
89, Oil. 801
46,289. 243
89,717.970
11,859.368
19, 441. 355
61,612. 404

133.279
1,1.17. 470

933,184. 414
1,069,456.727

1,022,196.215

148.251

1,117. 470

DEPOSITS AND PURCHASES OF SILVER.

Silver is coined in the United States on government account only.
Deposits of silver bullion are received by the mints, and assay
offices to be returned to the depositors in fine or unparted bars with
the weight and fineness stamped thereon. These deposits are confined almost exclusively to the assay office at New York, and the
bars when returned to the depositors are sold for use in the arts or
exported.
The deposits and purchases of silver at the United States mints
and assay offices during the fiscal year 1908 were as follows:
Item.

Silver purchased
Silver parted from gold deposits
Uncurrent domestic coiu for recoinage.
For return in fijie bars
For Philippine coinage
Total.-..




Standard
ounces.

15,806,746.79
3,012,532.36
872,651. 66
3,320,600.83
10,391,605.08
33, 404,136.70

287

DIRECTOR OF T H E M I N T .

Included in silver '^for Philippine coinage'^ is 9,851,801.76 standard
ounces Philippine silver coin received for recoinage at a reduced
fineness.
U N C U R R E N T DOMESTIC SILVER COINS FOR

RECOINAGE.

Uncurrent and mutilated domestic silver coins received for recoinage
contained 873,428.65 standard ounces of the value of $1,086,691.94
in new subsidiary coin. The net loss on this recoinage was $76,290.12.
DEPOSITS OF F O R E I G N SILVER BULLION A N D SILVER COIN.

Foreign silver bullion containing 3,292,665 standard ounces of the
coining value of $3,831,465 and foreign silver coin containing 149,972
standard ounces of the value of $174,512 were received from various
countries as follows:
Crude bullion.
Source.

Standard
ounces..

Refined bullion.

Coining
value.

Standard
ounces.

Coin.

Coining
value.

Standard
ounces.

33,313.80
2,934.57

Total

2,947,764.49

3,430,126.05

344,901.00

28,078.62

55,770.10
19,022.51

64,896.19
22,135. 28

3,302.00

3,842.33

289. 54

336.92

100. 94
11,107. 91

117. 45
12,925.58

149,971.50

401,339.35

$38,766.14
3,414.77

24,130. 07

15,246.06
$17,739.70
British Columbia
19,912.41
23,170.80
Northwest Territory
17,903.11
Ontario and Quebec
16,385.60
1,243.76
Nova Scotia
1,068.86
Mexico
2,777,397.21 3,231,880.39 344,901.00 $401,339.35
263.88
307. 06
Cuba
5.29
Santo Domingo
4.65
Hayti
8,355.02
Costa Ricai
7,180.10
24,509. 31
Nicaragua
21,062.69
6L32
7L35
Honduras
'..
Guatemala
74.55
86.75
Central America, unknown.
48,698. 73
66,667. 60
Colombia
33, 451.17
38,925.00
Brazil
.60
.69
Venezuela
8.66
7.45
South America, unknown..
9,241. 78
7,942.01
Dutch Guiana
2.66
3.08
Spain
.90
Korea
.77
.36
China
.31
6.44
Unknown
4.67

Coining
value.

174,512.28

Jeweler's bars and old plate containing 693,676 standard ounces
were deposited.
R E D E P O S I T S OF SILVER

BULLION.

The redeposits of silver contained 3,298,432 standard ounces, as
follows:
Fine bars deposited a t Bars manufactured at—
Philadelphia. SanFrancisco. New York.

Philadelphia
San Francisco
New York
Total




Std. ozs.
2,039.61

2,039.61

Std. ozs.
490,492.52
490,492.52

Std. ozs.

Mint bars
deposited at.
Philadelphia.
Std. ozs.

= 85,470.71

68,874.18

85,470.71

68,874.18

288

REPORT ON T H E FINANCES.
REDEPOSITS OF SILVER BULLION—Continued.
Unparted bars deposited a t Total.

Bars manufactured at—
Philadelphia. SanFrancisco. New York.
Std. ozs.
78.80

New Orleans
Denver
New York
Carson
Boise
Helena
Charlotte
St. Louis . .
Deadwood
Seattle..

Std. ozs.

Helena.

Seattle.

Std. ozs.

Std. ozs.

.59

Std. ozs.

Std. ozs.
78.80
2.45
2,313,025.20
46,943.37
26,458. 75
46,160. 68
1,766. 58
1,131. 20
67,658. 95
149,329.54

.•69

2,651,566. 52

2.46
2,313,025.20
45,943.37
•

26,431. 84
45,854.22
1,766. 58
1,131. 20
67,658.95

26.91
306. 46

149,328.95

Total

2,466,946.79

196,272.32

29.36

306. 46

RECAPITULATION OF DEPOSITS AND P U R C H A S E S OP GOLD AND SILVER BULLION AND
COIN AT THE MINTS AND ASSAY OFFICES OF THE U N I T E D STATES DURING THE FISCAL
Y E A R 1908.
Silver.

Gold.
Description.
Standard
ounces.
Domestic bullion:
Unrefined
Refinery b a r s .
Refined

Coinage
value.

Standard
ounces.

Coinage
value.

2,201,114.213
668,016.113
3,136,673.284

$40,950,958.77
12, 428,206.75
58,356,712.25

997,805.20
899,276.73
16,007,976.87

$1,161,082.31
1,046,431.10
18,627, 464.00

6,005,803.610

111,735,877.77

17,905,058.80

20,834,977.41

71,363.207
143,087.110

1,327,687.13
2,662,085.77

870, 416.29
122.67
3,790.20
9,851,801.76

• 3,362.54
1,012,848.00
142. 74
4, 410. 42
11,463,914.77

470,206.487
1,387,664.874
735,537.923
333,190.357
1,065.666
690.162

8,748,027.68
63,026,323.23
13,684,426. 46
6,198,890.17
19,826.15
12,840.07

2,947,764. 49
344,901.00
149,971.60
693,676.95
1,075.49
25,255.96

3,430,126.05
401,339.35
174,612.28
807,186.54
1,251.46
29,388.76

Total deposits..

11,148,609. 376

207, 416,984.33

32,796,723.80

38,163, 480. 31

Redeposits:
F i n e bars
Unparted b a r s . . .
M i n t bars

3,416,458.082
909,376.614
2,082,922.028

63,543,406.17
16,918,614.21
38,762,037.73

578,002.74
218,203.13
2,602,226.67

672,585.00
80,144.50
3,086,446.37

T o t a l domestic
U n i t e d States coin:
Received over coimter
Received from T r e a s u r y
T r a d e dollars, received over counter.
P h i l i p p i n e assay coins
P h i l i p p i n e coins for recoinage
Foreign bullion:
tfnrefined
Refined abroad
;
Foreign coin.
-Jewelers' b a r s , old p l a t e , etc
.
Deposit melting-room grains
S u r p l u s bullion

Total redeposits.

6,407,765.624

119,214,058.11

, 3,298,432. 44

3,838,176.87

17,566,365.000

Grand total

326,630,042.44

36,096,166.24

42,001,636.18

DEPOSITS OF GOLD AT U N I T E D STATES MINTS AND ASSAY OFFICES SINCE

1873.

Character of gold deposited.
Fiscal
year
" ended
June 30—

1873
1874
1875
1876
1877
1878
1879
1880
1881

•.

Domestic
bullion.

Domestic
coin.

Foreign
bullion.

Foreign coin.

Jewelers'
bars old
plate, etc.

$774,218.25
$426,107. 44
$518,642.14
$28,868,569. 78 $27,116,948.27
654,363.56
6,275,367.29
3,162,619.92
9,313,882.47
29,736,387.82
724,625.96
1,714,311.50
1,111,792.26
739,439.66
34,266,124.62
681,819.32
417,947.15 . 1,141,905.76
2,111,083.80
37,690,529.39
837,911.25
447,339,68
2,093,260.73
1,931,163.12
43,478,103.93
907,932.20
301,021.79
1,316, 461.09
48,075,123.76
2,068,679.05
198,083.17
1,498,819.71 • 937,751.14
38,649,705.89
1,069,796.89
209,328.82 21,200,997.23 40,426,569.63 1,176,505.77
36,821,705. 40
440,776.97 37,771, 472.26 65,462,386.74 1,343,430.93
35,816,036.66




Total.

$57,704,385.88
49,142,511.06
38,556,293.90
41,943,286.42
48,787,778.71
52,669,217.89
42,254,166.80
98,835,096.85
130,833,102.45

289

DIEECTOE OF T H E M I N T .

DEPOSITS OF GOLD AT U N I T E D STATES M I N T S AND ASSAY OFFICES SINCE 1873—Con.
Character of gold deposited.
Fiscal
year
ended
J u n e 30—

$31,298,511.97
32,481,642.38
" 29,079,596.33
31,584, 436.64
32,456,493.64
32,973,027. 41
32,406,306.59
31, 440,778.93
30,474,900.25
31.655.116.85
31,961,546.11
33,286,167.94
38,696,951.40
44,371,949.83
53,910,957.02
60,618,239.77
69,881,120.67
76,252, 487.23
87,458,836.23
92.929.695.86
94,622,078.39
96,614,298.12
87,746,626.63
101,618,315.38
103,838,268. 01
114,217, 462. 44
111, 735,877. 77

1882
1883
1884
1886
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

Domestic
coin.

Domestic
bullion.

T o t a l . 1,947,611,976.73

Foreign
bullion.

F o r e i g n coin.

Jewelers'
bars, old
p l a t e , etc.

$599,356.80 $12,783,807.04 $20,304,810.78 $1,770,166.36
4,727,143.22
6,906,083.80 1,858,107.42
374,129.23
6,023,734.46
9,096,461.45 1,864,769.26
263,117.17
326,210.97 11,221,846.45 . 7,893,217.77 1,869,363.26
4,317,068.27
5,673,565.04 2,069,077.00
393,646.28
9,896,512.28 2,265,219.86
516,984.63 22,671,328.70
492,612.60 21,741,042.44 14,696,885.03 2,988,760.90
2,136,516.66
4, 447,475.99 3,526,697.31
686,066.87
2,691,932.29
5,298,773.93 3,542,013.83
655, 474.96
4,054,822.86
8,256,303.80 4,035,710.15
583,847.16
567,967.86 10,935,164.69 14,040,187.70 3,636,603.68
2,247,730.78
6,293,296.33 3,830,176.02
792.470. 43
2,093,615.46 15,614,118.19 12,386,406.81 3,118,421.45
1,188,258.21 14,108,435.74
2,278,614.07 3,213,809.43
6,572,390.14
1,670,005.53
3,227,409.06 3,388,622.06
1,015,314.39
9,371,621.03 13.188.013.86 2,810,248.66
1,187,682.99 26,477,370.06 47,210,077.84 2,936,943.37
1,168,307.57 30,336,659.47 32,785,162.48 2,964,683.90
1,389,096.68 22,720,150.22 18,834,496.53 3,517,540.93
1,116,179.86 27,189,659.12 27,906,489.13 3,959,656.64
1, 488,448.16 18,189,416.90 13,996,162.21 4,284,724.22
960,907.95 16,331,058.92
8,960,695.28 4,247,682.64
2,169,818.57 36,802,224.39 46.162.783.87 4,892,930.88
3,404,966.63 17,646,526.82 15,141,678.08 5,668,482.96
1,614,291.19 36,317,864.38
6,648,511.63 4,790,558.31
2,764,283.29 36,656,545.85 17,221,251.40 5,731,111.55
3,989,772.90 71,774,350.81 13,684,426. 46 6,231,547.01

Total.

$6-'?, 756,652.95
46,347,106.05
46,326,678.66
52,894,075.09
44,909,749.23
68,223,072.87
72,225, 497.56
42,136, 435.76
42,663,095.26
48, 485,800.82
61,131, 460.04
46,4.49,841.60
71,909,513.31
65,161,067.28
68,769.383.81
87,003,337. 71
147,693,194.83
143,497,190.66
133,920,119.69
153,101,680.61
132,580,829.88
127,004,'442.91
177,763,384. 34
143,378,969.86
153,109, 493.52
176,680,654.53
207, 416,974.95

70,351,757.98 561,071,401.22 506,167, 429.18 102,951,967.42 3,188,154,532.53

DEPOSITS OF SILVER AT U N I T E D STATES M I N T S AND ASSAY OFFICES SINCE

1885.

Character of silver deposited.
Fiscal year
e n d e d J u n e 30—

Total.

Total

Domestic
coin.

Foreign
bullion.

Foreign
coin.

Jewelers'
bars, old
p l a t e , etc.

Fine ounces.
24,943,394
25,101,639
29,293,372
28,921,649
29,606,387
29,187,135
50,667,116
56,817,648
56,976,082
15,296,815
6,809,626
4,420,770
3,914,985
2,116,690
5,684,912
4,977,978
2,466,749
1,425,060
12,523,630
9,991,187
4,923,655
2,398,871
20,388,163
16,114,553

1885.
1886
1887.
1888..-.
1889.
189.0
1891
1892
1893
1894
1895
1896.
1897
1898
1899
1900
1901....
1902
1903
1904
1905...
1906
1907
1908.

Domestic
bullion.

F i n e ounces.
678,741
216,015
6,848,585
1,202,177
394,346
466,302
637,652
5,036,246
5,346,912
5,012,060
3,015,905
3,170,768
2,208 953
1,243,060
6,060,986
3,687,992
2,613,570
2,276,090
0 2,611,911
6 2,072,397
d 1,337,242
/ 960,801
770,269
786,085

F i n e ounces.
.1,627,619
1,145,017
1,127,213
1,290,390
1,063,900
1,852,155
1,767,908
1,656,618
1,738,711
994,901
1,362,141
680,757
626,085
209,987
716,077
1,088,019
1,306,149
. 1,152,023
1,110,463
1,361,701
1,906,410
3,165,170
2,662,003
2,963,399

F i n e ounces.
867,856
628,545
271.166
67,549
328,276
961,162
1,970,912
349,652
506,171
422,725
15,291
150,942
101.167
6,808
19,382
44,704
4,250,196
29,265
21,869
c 4,039,100
e 7,796, 761
^1,348,991
^4,963,403
19,005,007

F i n e ounces.
336,981
361,316
396,656
486,190
502,223
526,270
633,073
572,661
582,728
467,968
580,125
604,386
473,755
249,468
484,751
557,831
567,647
575,430
627,108
652,015
739,310
632,544
636,722
648,007

F i n e ounces.
28,454,591
27,452,632
36,936,992
31,966,955
31,895,132
32,983,024
65,676,661
64,332,725
65,149,604
22,194,459
11,783,088
9,027,623
7,324,935
3,826,003
12,866,108
10,256,524
11,204,311
5,456,868
16,794,981
18,116,400
16,703,378
8,506,377
29,310,560
29,517,051

444,867,966

57,454,055

34,364,816

38,155,890

12,894,155

587,736,882

o Includes 461,686fineounces Hawaiian coin.
6 Includes 148,788fineounces Hawaiian coin.
cincludes 6,901fineounces Philippine special assay coins.
d Includes 3,647fineounces Hawaiian com.
«Includes 3,466fineounces Philippine special assay coins.
/Includes 3,896fineounces Hawaiian com.
9 Includes 2,663fineounces Philippine special assay coins.
h Includes 4,680,791fineounces Philippine coins.
i Includes 3,411fineounces Philippine assay coins and 8,866,622fineounces Philippine coins for recoinage;

58716—Fl 1908


-19

290

REPORT ON T H E FINANCES.
COINAGE OF THE UNITED STATES, FISCAL YEAR 1 9 0 8 .

The domestic coinage was as follows :
Denomination.

Pieces.

Value.

10,984,878
69,166,063
22,686,002
81,170,812

Total

$197,238,377.50
16,630,477.25
1,134,300.10
811,708.12

184,007,755

Gold....
Silver, s u b s i d i a r y
Nickels, 5-cent pieces
Bronze, 1-cent pieces.

215,714,862.97

Of the subsidiary coinage made during the year, $832,414 were
from uncurrent domestic coin received from the Treasury for recoinage
and $15,698,063.25 from silver bullion purchased under the provisions
of section 3526 of the Eevised Statutes.
R E C O I N A G E OF STANDARD SILVER DOLLARS.

There were purchased as bullion and melted at the mints and assay
offices 1,170 mutilated silver dollars during the fiscal year 1908,
which were for use in the manufacture of subsidiary silver coins.
Fiscal year.
1883
1884
1885
1886
1887
1888
1889
1890
1891 1892
1893
1894
1895
1896

Amount.
$621

.

1,850
8,292
14,055
31,042
11,977
10,800
42,881
10,500
15,055
18,580
2,034

Fiscal year.
1897
1898
1899
1900
1901
1902
1903
1904....
1905
1906.
1907
1908.,

Amount.
$1,898
. 1,365
1,734
1,341
1,786
1,893
1,777
1,304
2,298
909
1,548
1,170

:

Total

186,710

R E C O I N A G E OF U N C U R R E N T U N I T E D STATES COIN.

The following table shows the face value of abraded subsidiary coin
transferred and purchased for recoinage, the amount of new coin
made therefrom, and the loss since 1891:
F a c e vakie.

Fiscal year.

1891
1892
1893
1894.
1895
1896
1897 .
1898
1899
1900
1901
1902..,.,.., = ,,....,
1903.... =
.,,....
1904
.,...,......,,,.....,.
1905
1906
1907 .
1908
Total




:

Value of n e w
coin p r o d u c e d .

Loss.

$910,046.69
7,118,602.78
7,618,198.25
7,184,472.17
4,361,761.36
4,627,141. 46
3,197,998.60
6,109,772.32,
8,684,304.26
5,261,070.35
3,832,280.69
3,333,437.06
3,008,747.98
2,828,384.90
1,964,476.11
1,414,963.90
1,142,184.00
1,162,982.06

$861,680.41
6,937,886.02
7,381,289.58
6,924,763.05
4,161,820.73
4,377,268.40
3,048,861.64
6,820,159.16
8,098,485.18
4,960,088.96
3,613,021.69
3,141,648.04
2,829,890.71
2,656,104.21
1,839,219.24
1,322,834.27
1,064,826.39
1,086,691.94

$48,366.28
180,716.76
236,908.67
269,719.12
199,940.63
249,883.06
149,136.86
289,613.16
485,819.08
310,981.39
219,259.10
191,889.02
178,867.27
172,280.69
126,266.87
92,129.63
77,357.61
76,290.12

73,660,824.84

70,116,419.62

3,644,405.32

291

DIRECTOR OF T H E M I N T .

The loss on the recoinage of $4,020,668.50 in worn and uncurrent
gold coins was $30,895.61, and the net loss on the recoinage of
$1,162,982.06 in'worn and uncurrent silver coins was $76,290.12.
The Treasury was reimbursed $6,404.09 loss on uncurrent gold coin
transferred and $76,245.05 loss on uncurrent silver coin transferred
for recoinage from the appropriations for this purpose.
COINAGE OF GOLD AND SILVER OF THE U N I T E D STATES SINCE 1873,

BY FISCAL Y E A R S .

Silver.

Gold.
Fiscal year.
F i n e ounces.

1873
1874. .
1875
1876.
1877
1878
1879
1880.
1881
1882
1883
1884
1886
1886. • '
1887
1888
1889
1890 .
1891
1892
1893
1894
1896
1896
1897
1898
1899
1900
1901
1902
1903
1904...
1906
1906
1907
1908..

:

^

....
•.

.. -

1,705,187
2,440,165
1,623,173
1,846,907
2,132,283
2,654,161
1,982,742
2,716,630
3,808,751
4,326,375
1,738,449
1,361,250
1,202,667
1,648,493
1,083,276
1,372,117
1,235,687
1,066,302
1,169,330
1,717,650
1,463,096
4,812,099
2,125,282
2,848,247
3,466,909
3,126,712
6,233,071
6,221,468
4,792,304
2,998,313
2,211,791
10,091,929
3,869,211
2,663,976
4,279,701
9,641,406

Value.

F i n e ounces
consumed.

$35,249,337.00
60,442,690.00
33,563,966.00
38,178,963.00
44,078,199.00
62,798,980.00
40,986,912.00
66,167,736.00
78,733,864.00
89,413,447.00
35,936,928.00
27,932,824.00
24,861,123.00
34,077,380.00
22,393,279.00
28,364,171.00
25,643,910.00
22,021,748.00
24,172,203.00
36,506,987.00
30,038,140.00
99,474,913.00
43,933,476.00
68,878,490.00
71,646,706.00
64,634,865.00
108,177,180.00
107,937,110.00
99,065,716.00
61,980,672.00
46,721,773.00
208,618,642.00
79,983,692.00
53,002,097.50
79,622,337.50
197,238,377.50

Subsidiary
coined.

$977,150
3,688,900
5,697,600
6,132,050
9,162,900
19,951,610
27,227,600
27,933,750
27,637,956
27,772,076
28,111,119
28,099,930
28,628,652
29,838,905
33,266,831
32,718,673
33,793,860
36,923,816
36,232,802
8,329,467
5,343,716
758
3,966,011
7,600,822
21,203,701
10,002,780
18,254,709
18,294,984
24,298,850
19,402,800
17,972,786
10,101,650
310

613,848,141

$1,968,645.50
2,394,701.39
4,372,868.00
12,994,462.60
19,387,036.00
8,339,311.60
382.50
8,687.60
12,011.76
11,313.76
724,351.15
673,457.80
320,407.65
183,442.96
1,099,652.75
1,417,422.25
721,686.40
892,020.70
2,039,218.36
6,659,811.60
7,217,220.90
6,024,140.30
5,113,469.60
3,939,819.20
3,124,085.66
6,482,804.00
9,466,877.65
12,876,849.15
10,966,648.60
10,713,569. 45
8,023,761.25
7,719,231.00
9,123,660.60
4,016,368.10
12,974,534.25
16,630,477.25

607,259,120

2,179,833
4,668,626
7,660,005
14,228,861
21,239,880
21,623,702
21,069,046
21,611,294
21,383,920
21,488,148
22,266,171
22,220,702
22,296,827
23,211,226
26,625,276
26,331,176
26,659,493
28,430,092
29,498,927
.11,259,863
9,353,787
4,368,299
6,810,196
8,661,384
18,659,623
12,426,024
20,966,979
23,464,817
26,726,641
22,756,781
19,705,162
13,396,894
6,600,068
2,905,340
9,385,454
11,957,734.

107,354,078 2,210,358,729.60

Total

Dollars coined.

198,534,387.84

COINAGE FOR PHILIPPINE ISLANDS.

The following coinage was made during the fiscal year 1908 for the
Philippine government:
Made a t
Philadelphia
mint.

Denomination.

Silver:
Pesos
50 centavos
20 centavos
10 centavos
Nickel:
5 centavos
Bronze:
1 centavo
^ centavo

Pieces.
601
501
601
601

.•
*

Made a t
San. Fra.ncisco m i n t . .
Pieces.
16,128,000
2,105,000
2,736,000
4,033,911

Total.

Pieces.
16,128,501
2,106,501
2,735,601
4,034,412

600
.....

Total.




>

600

500
500

600
500

3,604

25,001,911

25,005,415

292

REPORT ON T H E FINANCES.

The total coinage made for the Philippine government, under
authority of the act of March 2, 1903, to June 30, 1908, is as follows:
Made at
Philadelphia
mint.

Denomination.

Silver:
Pesos
50 centavos
20 centavos
•
10 centavos
Nickel:
5 centavos
Bronze:
1 centavo. .•
^ centavo
;

.

.

.

Made at
San Francisco mint.

Pieces.
2,806,859
4,317,644
6,618,840
6,618,839

Pieces.
45,890,000
6,125,000
6,626,000
12,793,911

....

•

Total.

Pieces.
48,696,859
10,442,644
13,243,840
19,412,750

10,000,384

Total

10,000,384

37,845,784
17,753,384

37,846,784
17,753,384

86,961,734

RECOINAGE

OF 1>HILIPPINE

71,433,911

157,395,645

COINS.

Under the act of June 23, 1906, which provides for the recoinage
of Philippine silver coins of a reduced fineness and weight, there
were received at the mints and melted for recoinage up to June 30,
1907, the following:
'^
Pieces.

Total

13,108,334.90
1,233,414.16
382,404.85
318,665.89
78.15

23,883.319

Peso
50 centavos
20 centavos
10 centavos
Mixed Philippine coins

Standard
ounces.

15,128,000
2,850,000
2,215,000
3,690,000
319

Denomination.

16,042,897.95

WEIGHT AND FINENESS OF PHILIPPINE COINS.

The weight and fineness of the Philippine silver coins authorized
under the act of March 2, 1903, and of the reduced weight and fineness authorized under the act of June 23, 1906, are as follows:
.

Act of March 2, 1903.
Denomination.

Weight in
grains.

Fineness.

416.00
208.00
83.10
41.55

Peso
60 centavos
20 centavos
10 centavos

Act of June 23, 1906.
Weight in
grains.

900
900
900
900

308.640
154.320
61.728
30.864

Fineness.
800
760
760
760

COINAGE FOR MEXICO.

The mint at Denver coined during the fiscal year 1908, for the
Mexican Government 1,397,291 silver 50-centavo pieces. ^
RECOINAGE OF HAWAIIAN SILVER COIN.

There were transferred from the Treasury to date for the purpose
pf recoinage Hawaiian silver .coins of the face value of $828,624.50,
producing $854,351.75 in domestic subsidiary silver coins oii which
there was a gain of $25,727.25.



293

DIRECTOR OF T H E M I N T .
BARS MANUFACTURED.

During the fiscal year 1908 there were manufactured by the mints
and assay offices of the United States gold and silver bars of the value
as follows:
Standard
ounces.

Description.

Value.

8,740,825.920 $162,620,362.66
8,041,326.040
9,367,179.28

Gold bars
Silver bars
Total

171,977,631.93

..

WORK OF THE GOVERNMENT REFINERIES.

There were received and operated upon by the refineries connected
with the mints at- Philadelphia, San Francisco, New Orleans, and
Denver, during the fiscal year 1908, gold and silver bullion as shown
by the following table:
Silver.

Gold.
Institution.

Standard
ounces.

Philadelphia. . .
San Francisco
New Orleans.
Denver o
New York b
Total

• Value.

Standard,
ounces.

Coining value.

2,465,453.361 $45,868,899.74
1,073,491.250 19,971,930.22
653,901.34
35,147.197
1,387,362.785 25,811,214.60

$3,721,420.27
276,803.76
94,564.04
1,880,928.13

4,961,444.693

:

3,198,095.55
237,018.86
81,265.97
1,616,422.61
5,132,802.99

6,972,716.20

92,306,946.90

SILVER BULLION ON WHICH CHARGES WERE COLLECTED. >

In order to show the amount of the above-mentioned silver bullion
treated by the government refineries on which charges were received
and the amount handled for parting purposes, the following table is
presented:
Silver bullion
owned by the
Govemment
Silver bullion retarned by the
on which
refinery for
charges were
parting purcollected.
poses on wMch
there were no
charges.

Institution.

Total.

•.

Total

:...

Standard oz.
2,616,278.62
227,537.34
21,427.33
604,339.17

Standard oz.
682,817.03
9,48L62
59,838.64
1,006,927.66

Standard oz.
3,198,095.65
237,018.86
81 266 97
1,611,266.83

3,468,582.36

Philadelphia
San Francisco
New Orleans
Denver «.
New York b

1,659,064.86

5,127,647.21

a For period April 1,1907, to June 30, 1908.
h Refinery operations suspended during reconstruction of building.




294

REPORT ON T H E FINANCES.
PURCHASE OF SILVER.

The table following shows the amount and cost of silver bullion
purchased for the subsidiary silver coinage during the fiscal year 1908:
Standard
ounces.

stock.
Silver bullion purchased under section 3626, United States Revised Statutes, at the Treasury Department
Silver bullioh purchased under section 3526, United States Revised Statutes, at mints
,
Parting charges and fractions purchased
Melted assay coins purchased
Mutilated coins purchased
Surplus bullion purchased.

Cost.

$7,999,855.87

625,126.65
3,012,632.36
3,819.70
2,236.36
25,503.49

273,497.60
1,632,306.82
2,241.25
1,176.69
13,947.77

18,821,514.50

Total

16,262,297.05

9,923,026.00

QUANTITY AND COST OF SILVER PURCHASED FOR SUBSIDIARY COINAGE AT EACH
MINT AND AT THE ASSAY OFFICE AT N E W Y O R K DURING THE FISCAL Y E A R 1908.
Standard
ounces.

Institution.

Cost.

4,666,213.37
3,065,316.38
4,485,679.91
4,367,265.89
2,237,139.95

Total

$2,453,680.95
1,612,864.04
2,412,168.07
2,277,463.25
1,166,959.69

18,821,614.60

Mint at Philadelphia
Mint at San Francisco
Mint at New Orleans
Mint at Denver
Assay ofiice at New York

9,923,026.00

QUANTITY AND COST OF SILVER OBTAINED BY T R A N S F E R AND PURCHASE FOR S U B SIDIARY SILVER COINAGE, AMOUNT AND COST U S E D IN COINAGE, COINAGE D E R I V E D
THEREFROM, AND SEIGNIORAGE ON SAME DURING THE FISCAL Y E A R 1908.
Obtained by transfer
and purchase.
Sources from which
bullion was obtained.

Used in coinage.
Coinage.

Standard
ounces.

Cost.

Standard
ounces.

Cost.

MINT AT PHILADE LPHIA.
Silver bullion on hand
J u l y l , 1907
4,131,588. 44 $2,844,808.59
Uncurrent coins transferred from Treasury..
927,730.01
692,363.75 $737,000.00 $737,000.00
745,663.00
Amount silver purchase
bullion t r a n s f e r r e d
from New York assay
ofl&ce
199,836.84
114,455.61
Amount silver purchased under section
3526, Revised Statutes
of the United States,
by Treasury Department...
2,109,732.97 1,076,583.35
Amount silver purchased under section
3526, Revised Statutes
. 2,970,228.69 1,724,142. 40 3,695,463.25 $1,971,320.85
of the United States,
102,419.27
205,226.24
at mint
Partings, charges, and
fractions purchased... 2,345,480.25 1,271,315.22
Melted assay coins pur2,222.67
3,801.12
chased
Mutilated coins pur1,028.94
1,948.84
chased
Surplus bullioii purn.60
chased . .
23.95
Total




9,743,300.65 6,340,575.16

3,662,692.34 2,461,142. 40 4,432,463.25 1,971,320.86

295

DIKECTOR OP T H E M I N T .

QUANTITY AND COST OF SILVER OBTAINED BY TRANSFJER AND P U R C H A S E F O R S U B SIDIARY SILVER COINAGE, AMOUNT AND COST U S E D IN COINAGE, COINAGE D E R I V E D
T H E R E F R O M , AND SEIGNIORAGE ON SAME D U R I N G T H E FISCAL Y E A R 1908—Cont'd.
Obtained by transfer
and purchase.
Sources from which
bullion was obtained.

Used in coinage.
Coinage.

Standard
ounces

Cost.

Standard
ounces.

Seigniorage.

Cost.

MINT AT P H I L A D E L P H I A —

continued.
Used in coinage, fiscal
year 1908
Silver purchase bullion
transferred to New
York assay oflSce
Sold in sweeps
Wasted by operative officers
Balance on hand Jime
30,1908
Total

3,562,592. 34 $2,461,142. 40

3,049.86

1,738.38

6,177,668. l5 3,877,694.38
9,743,300.65 6,340,675.16

MINT AT SAN FRANCISCO.

Silver bullion on hand
July 1,1907
271,434. 47 163,557.99
Uncurrent coin' transferred from Treasury.,.
76,688.99
95,414.00
76,688.99
Amount* silver purchased under section
3526, Revised Statutes
of the United States,
by Treasury Department
2,745,900.09 1,436,079.87
Partings, charges, and
306,765.41
fractions purchased...
170,438.57
Mutilated coins pur• 1,442,329.38
chased
76.70
36.81
Surplus bullion purchased
. .
12,573.18
7,308.79
Total

.

Used in coinage, fiscal
year 1908
Assay coins transferred.
(Philippine) to Philadelphia
Sold in sweeps. •.
Wasted by operative
oflBcers..
Balance on hand June
30,1908
Total

3,413,438.84 1,871,836.03
1,619,018.37

$95,414.00

774,424.61 1,794,600.00 $1,020,075.39

869,838.61 1,889,914.00 $1,020,076.39

869,838.61

3,609.39
7,326.16

1,519,018.37

$95,414.00

1,925.73
4,369.10

10,384.28

5,647.67

1,873,101.64

990,056.02

3,413,438.84 1,871,836.03

MINT AT N E W ORLEANS.

Silver bullion on hand
691,060.92
July 1, 1907
482,228.63
Uncurrent coin transferred from Treasury..
48,064.30
59,800.06
Amount silver purchased under section
3526, Revised Statutes
of the United States,
by Treasury Depart4,393,926.21 2,360,984.43
ment
Amount silver purchased under section
3526, Revised Statutes
> 4,185,206.63
2,310,686.31 6,207,100.00 2,896,613.69
"of the United States,
at r lint
40,203.41
71,065.63
Partings, charges, and
10,875.94
fractions purchased....
20,420.73
Mutilated coins pur160.40
86.36
chased
,
Surplus bullion purchased
17.04
8.93
Total

5,224,705.13 2,954,186.66




4,186,206.63 2,310,686.31 6,207,100.00 2,896,513.69

296

REPORT ON T H E FINANCES.

QUANTITY AND COST OF SILVER OBTAINED BY T R A N S F E R AND PURCHASE, FOR S U B SIDIARY SILVER COINAGE, AMOUNT AND COST U S E D IN COINAGE, COINAGE D E R I V E D
T H E R E F R O M , AND SEIGNIORAGE ON SAME DURING THE FISCAL Y E A R 1908—Cont'd.
Obtained by transfer
and purchase.
Sources from which
bullion was obtained.

Used in coinage.
Coinage.

Standard
ounces.

Cost.

Standard
ounces.

Seigniorage.

Cost. .

M I N T AT N E W O R L E A N S —

continued.
Used in coinage, fiscal
j'^ear 1908
Transferred to Philadelphia mint
Sold in sweens
Wasted by operative
officers
Balance on hand June
30, 1908 .
Total

4,185,206.63 $2,310,586.31
94.26
3,493. 41

61.36
1,791.17

4,955.53

2,539.09

1,030,955.31

639,218.72

6,224,705.13 2,954,186.65

.

MINT AT DENVER.

689,169. 79 428,126. 96
Silver bullion on hand
July 1, 1907
Uncun-ent coins transferred from Treasury
Amount silver purchased under section
3526, Revised Statutes
. of the United States,
by Treasury Depart4,006,640.05 2,087,360. 83
ment
Amount silver purchased under section
3526, Revised Statutes
of the United States,
130,874.92
248,844.78
at mint
Partings, charges, and
100,116. 93
53,250.45 4,019,553.75 $2,175,496.58 $6,00.1,000.00 $2,825,603.42
fractions purchased...
Mutilated' coins pur49. 4.2
chased
25.58
Melted assay coins pur18. 58
18.58
chased
Surplus bullion pur11,696.13
5,932.89
chased
•Total.

5,056,435.68 2,705,590. 21

Used in coinage, fiscal
4,019,563.75 2,176,496. 68
year 1908
18.58
18.58
Transferred assay coins.
1,822.04
998. 41
Sold in sweeps.
Wasted by operative
5,063. 29
2,588.18
officers.
Balance on hand June
1,029,978.02
526, 488. 46
30, 1908
Total

4,019,563.75 2,175,496.68 6,001,000.00 2,825,603. 42

,

5,056,435.68 2,705,590. 21

ASSAY OFI'TCE AT N E W
YORK, N . Y .

Silver bullion on hand
July 1, 1907
612,808.60
368,783.73
Amount silver purchased under section
3526, Revised Statutes
of the United States,
by Treasury Department
1,996,097.73 1,039,847.39
Partings, charges, and
126,426.64
fractions purchased...
239,749.03
Surplus bullion purchased
1,293.19
685. 66
Total.. .
Transferred to Philadelphia mint
Sold in sweeps
Balance on hand June
30,1908
;
Total




\

2,849,948.65 1,535,743.42
2,381,626.39 1,297,947.35
3,222.14
1,868.36
465,ioo. 02

235,927.71

2,849,948.65 1,536,743.42

"
^

297

DIEECTOR OF T H E M I N T .

QUANTITY AND COST OF SILVER OBTAINED BY T R A N S F E R AND P U R C H A S E FOR S U B SIDIARY SILVER CQINAGE, AMOUNT AND COST U S E D IN COINAGE, COINAGE D E R I V E D
T H E R E F R O M , AND SEIGNIORAGE ON SAME DURING THE FISCAL Y E A R 1908—Cont'd.
Obtained by transfer
and purchase.
Sources from which
bullion was obtained.

U sed in coinage.
Coinage.

Standard
ounces.

Cost.

Standard
ounces.

Seigniorage.

Cost.

SUMMARY.

Silver bullion on hand
J u l y l , 1907
6,396,062.22 $4,287,605.80
Uncurrent coins trans669,062.74 $832,414.00 $832,414.00
ferred from Treasury..
870,416.29 1,082,944.06
Silver bullion purchased
under section 3626, Revised Statutes of the
United States, by
Treasury Department. 16,252,297.06 7,999,865.87
Silver bullion purchased
under section 3626, Revised Statutes of the
UnitedStates, atmint.
526,126.66
273,497.60
Silver purchase bul ion
12,617,318.36 6,984,649.90 15,698,063.25 $8,713,413.35
transferred from New
York assay office to
Philadelphia mint
199,835.84
114,466.61
Partings; charges, and
fractions purchased
3,012,632.35 1,632,306.82
Melted assay coins purchased
3,819.70
2,241.25
Mutilated coins purchased
2,235.36
1,176.69
Surplus bullion purchased
25,603.49
13,947. 77
Total

26,287,828.85 16,407,931.47 13,286,371.09 7,817,063.90 16,530,477.25 8,713,413.35

Assay coins transferred
3,627.97
to Philadelphia mint..
1,944.31
Used in coinage, fiscal
year 1907
13,286,371.09 7,817,063.90
Subsidiary silver purchase bullion transferred from New York
assay office to Philadelphia mint
2,381,626.39 1,297,947.36
Subsidiary silver pur^
chase bullion transferred from mint at
New Orleans to Philadelphia mint
94.26
61.36
Sold in sweeps. . .
10,765.42
18,912.61
Wasted . by operative
officers..
10,774.84
20,403.10
Balance on hand June
10,676,793.44 6,269,384.29
30,1908.
Total

^

26,287,828.85 15,407,93L47

BALANCES OF SILVER BULLION.

The balances of silver bullion on hand. June 30, 1908, at the,
mints and assay offices of the United States for the coinage of
subsidiary silver coins and also for coinage for the Philippine Islands were as follows:
Item.
For subsidiary silver coinage
Silver bullion for Philippine coinage
Total




Standard
ounces.

Cost.

10,597,364.48
2,186,069.66

$6,278,891.63
1,700,108.85

12,783,434.04

7,979,000.38

298

REPORT ON T H E FINANCES.
MARKET PRICE OF SILVER DURING THE FISCAL YEAR 1 9 0 8 .

During the twelve months ending June 30, 1908, the price of
silver in the London max:ket varied from 32Jd. per ounce for silver
0.925 fine, equivalent to $0.7069+ per ounce fine, to 24Jd-? equivalent to $0.5274+ per ounce fine. For the first three months
of the year the price was comparatively steady, but commencing
with October the price declined rapidly. The decline was in a
great measure due to the small amount of rain that had fallen in
some parts of India, leading to the fear of a failure of the crops
and, in consequence thereof, a famine. This led the bazaars of
India, who deal very largely in silver, to make heavy sales in the
London market. Aside from these forced sales by the India bazaars there was little demand froin any quarter for silver.
For the last six months of the fiscal year the London price ranged
from 27d. to 24TVd. The following table exhibits the monthly
fluctuations in the price and the value of a fine ounce of silver for
the twelve months ending June 30, 1908:
. H I G H E S T , LOWEST, AND AVERAGE P R I C E OF SILVER BULLION AND VALUE O F A F I N E
OUNCE, E A C H MONTH, DURING THE FISCAL Y E A R 1908.

Highest.

Months.

1907.
July
August
September...
October
November...
December

Lowest.

Average
price per
ounce,
British
standard,
0.925.

Equivalent
Equivalent
value of a
Average
Average
value of a
fine ounce
monthly
monthly
fine ounce
based on
price at
New York
with
average
price of
New York
exchange of exchange
monthly
fine bar
at par
price and
silver.
on London. average rate
($4.8665).
of exchange.

Pence. Pence.
31
31H
31^
32J
3l3^
Slfij
30|
27 j^
26|
26f

Pence.
31.3667
31. 6805
31.2725
28. 8634
27.1538
26.2450

I. 68757
. 69447
. 68662
. 63272
. 69524
. 66340

$4.8694
4. 8895
4.8578
4.8637
4.8660
4. 8562

25f
26^
25§
24f,
24,^
241

25. 7283
25.8650
26.6697
26.1328
24. 3389
24. 7600

.66699
.56051
.65094
.53363
.54276

27.3313

.59913

1908.
January
February
March
April
May
June

27
25|
25H
26§
24}t
25i

Average.

. 68518
. 63107
.69624
.56399

$0.68759
.69416
.68430
' .63111
. .59403
.55216

4.8620
4.86514. 8621
4. 8695
4. 8711
4.8697

.56347
.56682
.66001
.55123
. 53404
.54276

.6G274
.56630
.55990
.55129
.53427
.54278

4.8660

.59722

.59671

$0. 68798

DISTRIBUTION OF SILVER DOLLARS.

The number of dollars on hand June 30, 1907 and 1908, and the
distribution from each mint during the year was as follows:
, Items.

Philadelphia.

San Francisco.

New Orleans.

In mints June 30,1907
Transferred

$106,946,188

$61,400,027
6,000

$29,682,125

$197,928,340
5,000

Total
In mints June 30, 1908

106,940,188
106,850,900

61,405,027
61,401,432

29,682,125
29,581,825

197,933,340
197,834,157

96,288

3,596

300

99,183

Distributed from mints during the
year.......
SEIGNIORAGE ON

SILVER

Total.

COINAGE.

The balance of profits on the coinage of silver on hand in the mints
June 30, 1907, was $253,795.33.



DIRECTOR OF T H E

299

MINT.

The seigniorage on subsidiary silver coinage during the fiscal year
ended June 30, 1908, was $8,713,413.35.
Including the balance on hand at the mints July 1, 1878, the net
seigniorage on silver coined from that date to June 30, 1908, aggregated $151,666,237.81.
The amount of seigniorage deposited in the Treasury during the
fiscal year was $8,852,842.52, leaving a balance on hand in the mints
on June 30, 1908, of $114,366.16.
APPROPRIATIONS AND EXPENDITURES.

The acts approved February 26, 1907, and February 15, 1908, making appropriations for the legislative, executive, and judicial expenses
of the Government for the fiscal year 1908, contained specific appropriations for the support of the mints and assay offices of the United
States amounting to $1,199,570.
' The earnings of the mints at Philadelphia, San Francisco, and Denver collected from the manufacture of coins for foreign countries,
appliances for other institutions, etc., amounting to $235,887.52, were
deposited in the Treasury to the credit of the appropriations for'
wages of workmen and contingent expenses. of the above-named
institutions.
The acts approved June 6, 1900, March 3, 1903, April 28, 1904, and
March 3, 1905, contained the following specific appropriations:
New machinery and appliances, mint at Philadelphia
Charges collected and credited to above
New machinery and appliances, mint at Denver
Charges collected and credited to the above

1440,185
4, 600
345,055
560

The expenditures from these appropriations to June 30, 1908,
have been:
Mint at Philadelphia
Mint at Denver

$433, 550. 44
340,419. 49

:

APPROPRIATIONS AND E X P E N D I T U R E S FOR THE FISCAL Y E A R 1908.

APPROPRIATIONS AND EARNINGS.
Salaries.

Institution.

Philadelphia
S a n Francisco
N e w Orleans
Denver
Carson
NewYork
Helena
Boise
Charlotte
St. L o u i s .
Deadwood
Seattle..

...
.

Total

.

Wages of
workmen.

Contingent
expenses.

$43,650 "• $468,847.16 & $104,507.64
41,100
c301,710.21 d i l l , 688.39
27,300
69,800.00
30,000.00
39,100
«167,987. 63
/ 68,646. 69
5,600
4,250.00
2,000.00
41 760
35,000.00
12,500.00
5; 450
14,500.00
4,000.00
3,400
8,300.00
3,750.00
2,750
1,080.00
920.00
3,000
1,000.00
760.00
3,200
4,000.00
2,200.00
9,250
30,020.00
8,000.00
225,450

1,096,494.90

338,962.62

Total.

$616,904.70
454,498 60
127,100.00
255,734.22
11,860.00
89.250 00
23,950.00
15,460.00
4,750.00
4,750.00
9,400 00
47.270 00
1,660,907.52

a Includes $2,198.39 for the manufacture of automatic scales for the customs service; $77.78 for charges manufacturing Philippine dies; $14,452.45 for medals for State, War, and Navy Departments and Life-Saving
Service and for miscellaneous medals; $1,699.54, manufacturing appliances for other offices bf mint ser^nce;
$167.01 for counting boards for assistant treasurers; $102.09 for miscellaneous work; $160 for modifying Louisiana Exposition medals.
b Includes $704.89 for the manufacture of automatic scales for the customs service; $22,26 for manufacturing
Philippine dies; $2,881.94 for medals for State, War, and Navy Departments and Life-Saving Service and
for miscellaneous medals; $773.10, manufacturing appliances for other offices of the mint service; $107.42 for
counting boards for assistant treasurers; $17.93 for miscellaneous work.
cincludes $136,499.29 for coinage for Philippine Islands; $210.92 for boxing same.
^Includes $66,688.39 for coinage for Philippine Islands.
«Includes $5,468.63 for coinage for the Government of Mexico; $19 for miscellaneous work.
/Includes $3,645.69 for coinage for the Government of Mexico; $1 for miscellaneous work.




300

REPORT ON T H E FINANCES.

APPROPRIATIONS AND E X P E N D I T U R E S FOR THE FISCAL Y E A R 1908—Continued.

EXPENDITURES.

Institution.

Philadelphia
S a n Francisco
N e w Orleans
Denver.
..
New York
Carson
Helena
Boise
Charlotte
St. Louis
Deadwood
Seattle

..
.

Total

:

Parting and
refining
bullion.

Wages of
workmen.

Contingent
expenses.

$43,650.00
40,669.18
27,226.10
36,86L11
41,726.11
5,393.34
6,460. 00
3,400. 00
2,760. 00
3,000.00
3,200.00
9,2.18.88

$447,530. 48
283,822.26
68,824.44
160,872.14
33,776.99
4,058. 00
13,898.00
8,160. 00
1,080.00
276. 41
3,870.00
27,920.25

$103,880.11
98,766.03
29,460.85
49,608.27
11,469. 96
1,993.76
3,742.69
2,353.88
755.99
615.21
950.39
7,346.04

$72,448.69
141,767.22
2,182. 96
70,475.69
30,984.25

$667,409.18
664,923.69
127,694.34
307,817.11
117,957.31
11,445.10
23,090. 69
13,913.88
4,586.99
3,791.62
8,020.39
44,485.17

222,344.72

1,044,088.97

310,842.18

. 317,868.60

1,895,134. 47

Salaries.

Philadelphia.
Wages.
Original a p p r o p r i a t i o n
E a r n i n g s d u r i n g year
Total available
Expenditures
Balance i n a p p r o p r i a t i o n
U n e x p e n d e d balance of original a p i)ropriatio,n..
Earnings expended during y e a r . . . .

San Francisco.

Contingent.

Balance i n appropriation
U n e x p e n d e d balance of original a p p r o p r i a t i o n . .
E a r n i n g s e x p e n d e d d u r i n g year

Contingent.

$100,000.00
4.607. 64

$166,000.00
136,710.21

$45,000.00
66,688. 39

468,847.16
447,530. 48

104,607.64
98,765.03

301,710.21
283,760. 38

111,688 39
98,765.03

21,316. 68
2,469. 62

5,742.61
1,234,97

17,949. 83

12,923.36

i i s , 760.38

Wages.

Total available
Expenditures

Wages.

$450,000.00
18,847.16

N e w Orleans.

Original a p p r o p r i a t i o n
E a r n i n g s d u r i n g vear

Total.

53,765.03

Denver.

Contingent.

Wages.

Contingent.

$69,800.00

$30,000.00

$152,500.00
6,487.63

$66,000.00
3,646 69

69,800.00
68,824.44

30,000.00
29,460. 85

167,987. 63
150,872.14

68,646 69
49,608.27

975.56
975. 66

639.11
539.11

7,115.39
1,627.86

9,038 42
5,391.73

EARNINGS AND EXPENDITURES OF THE REFINERIES OF THE COINAGE
MINTS AND ASSAY OFFICE AT NEW YORK, FISCAL YEAR 1 9 0 8 .

The earnings of the refineries, amounting to $357,015.32, were
deposited in the Treasury to the credit of the appropriation for
^'Parting and refining bulhon.^^




301

DIRECTOR OF T H E M I N T .

The expenditures on account of '^Parting and refining bulhon''
during the fiscal year aggregated $318,183.10, showing a net gain
of earnings over expenditures of $38,832.22, as shown by the following
table:
EARNINGS AND E X P E N D I T U R E S , PARTING AND R E F I N I N G BULLION, FISCAL Y E A R , 1908.
Charges
collected.

Institution.
Philadelphia
San Francisco
New Orleans
Denver
New York

Siu-plus
bullion.

products.

Total

$3,149.27
8,605,99
2,211.90
14,952.98
877. 44

$8,302^22
1,258.17

317,512.95

.

$90,195.11
82,129. 40
3,460.21
34,632.46
107,095.77

29,797.58

Total
earnings.

Expenditures.

144. 40

$101,646.60
91,993.56
5,672.11
49,585.44
108,117.61

$72,448. 59
141,767 22
2,182. 95
70,476 59
31,308.76

9,704.79

357,015.32

318,183.10

APPROPRIATIONS AND EXPENDITURES OF THE OFFICE OF THE DIRECTOR
OF THE MINT FOR THE FISCAL YEAR 1 9 0 8 .

Under the acts of February 26, 1907, February 15, 1908, and
May 30, 1908, the sum of $39,170 was appropriated for the office of
the Director of the Mint to meet the expenses of the fiscal year 1908.
The expenditures from these appropriations for salaries, supervising the annual settlements at the mints and assay offices, for collecting and compiling statistics of the production of gold and silver
in the United States, for incidental expenses and the purchase of and
subscription to books and pamphlets and contingent expenses for
the laboratory, aggregated $35,534.84, leaving an unexpended
balance of $3,635.16 to the credit of the appropriations.
I n addition to the above appropriations for the office of the Director
of the Mint, the acts of February 26, 1907, and February 15, 1908,
0contained specific appropriations aggregating $125,000 for ^^Freighton bullion and coin between mints and assay offices.'' The expenditures from these appropriations for the fiscal year amounted to
$94,504.19, leaving an unexpended balance to the credit of said
appropriation of $30,495.81.
APPROPRIATION AND E X P E N D I T U R E S OF THE OFFICE OF T H E . D I R E C T O R OF THE M I N T
FOR T H E F I S C A L Y E A R E N D E D J U N E 3 0 , 1 9 0 8 .

Appropriations.
Salaries
Examination of mints and offices
Mining statistics
Laboratory
Books, pamphlets, etc
Freight on bullion and coin between mintsand assay offices..
Total




Amount .
appropriated.

Amount
expended.

Unexpended
balance.

$31,020.00
5,500.00
1,500.00
750. 00
400.00
125,000.00

$28,786.83
5,486. 64
271.41
656. 56
334.40
94,504.19

$2,234.17
13.36
1,228.69
93.44
65.60
30,495.81

164,170. 00

130,039.03

34,130.97

802

JREPORT ON T H E FINANCES.

EARNINGS

AND E X P E N D I T U R E S

OF THE

^

M I N T S AND ASSAY

OFFICES.

In the appendix a table will be found showing in detail the earnings
and expenditures for the year.
CONSOLIDATED STATEMENT OF E X P E N D I T U R E S FOR SALARIES, WAGES, AND SUPPLIES
OF THE M I N T S A N D A S S A Y O F F I C E S D U R I N G T H E F I S C A L Y E A R 1908.

Items of expenditure.
Acids
Adjusting weights and repairing balances
Advertisements for supplies
Assayer's balances
Assayer's materials, matrasses, pipettes, dishes, etc
Barrels and lard tierces
Belting
Bullion boxes
Carpets, furniture, and fixtures
Charcoal
Chemicals
Coal
Coke
Copi)er
,
Crucibles, covers, stirrers, and dippers
Dry goods (cost of materials for mittens, sleeves, coin
sacks, toweling, scale covers, etc.)
Electric light and suppUes
Electric power
Ensigns
Fire brick
•.
Fluxes
Freight and drayage
Furnaces and repairs
Gas
Gloves and gauntlets
Hardware
Ice
Iron and steel
Labor and repairs (only temporary labor or repair)
Laundering of towels, etc
Lead, sheet, and lead pipe
Loss on sale of sweeps and leady melts
Lumber
Machinery and appliances
Metal work and castings
Naphtha
Oils
Rent of building
Salt
:
Sewing (making of mittens, sleeves, coin sacks, towels,
and scale covers)
Stationery, printing, and binding
Steam, supply of
Sundries (only such items as can not readily be classified)
Telegraphing
Telephone
Tools
Water (sprinkling, heating, and Irrigating)
Wood
Zinc
Wastage of operative officers
Well

Ordinary expenses.

Refinery expenses.

$3,824.39
430.80
787.01
1,426. 71
1,475 91
479.00
342.26
1,644.30
1,473.97
1,159.91
2,128.08
23,942. 65
1,823.85
44,023.01
12,972.73

-

$14,708.91
159.05

6,574. 38
7,596. 41
3,804.64
119.10
2.307.91
2,731.24
2,685.35
11,333.23
10,100. 96
6,715.21
3.608.84
1,69L00
2,268.68
2,666.27
2,560.66
364. 30
3.726.85
3,640.19
16,444.20
6.041.92
19,279.27
3,309.51
1,980.00
3.53

2,582.19
18,561. 60
685. 63

672.97
346.20
130. 68
260.00
113.76
1,752. 68
911.17
2,046.31
413. 59
9,295.86

1,436.65
4,919.11
418.66
662.96
4,639. 90
747.42
383. 34
23.07
643.96
1,804.30
2,683.20
3,607.96
978. 35
66,277.80
2,932.86
4,827.65.
163.02
210.20
225.50
4.80
1,287.06
8,843.18

310,843.18

Total
Salaries
Wages of workmen
Total

6,161.60
1,733.93
1,931.06
20,106. 46
209.64
2,338.69
1,431.47
3,263.78
166.35
13.08
62,626.20
2,925.00

6.60
80.26
63.90
966.12
1,922.57

Total.
$18,533.30
689.86
787.01
1,426.71
2,148.88
824.20
472. 94
1,794.30
1,687.72
2,912. 49
3,039.25
25,988.86
1,823.85
44,436. 60
22,268.69
9,156. 67
26,167. 91
4,490.17
119.10
3,743. 56
7,650.35
3,004.00
11,996.18
14,640.86
6,462. 63
3,892.18
1,714.07
2,802.63
4,469. 57
2,560.66
3,037.60
7,334.81
4,518. 64
81,722.00
8,974.78
24,106.92
3,462.53
1,980.00
213.73
6,377.10
1,738.73
3,218.12
28,948.63
209.54
2,344.29
1,511.73
3,327.68
166. 35
979.20
54,448.77
2,926.00

162,177.66

473,020.84

180,614.72
1,010,311.98

. 110,868.83

180,614.72
1,127,180.81

1,501,769.88

273,046.49

1,780,816.37

LABORATORY OF THE BUREAU OF THE MINT.

During the calendar year 1907 there were tested by the assayer of
this bureau 362 gold and 696 silver coins, all of which, with one
exception, were found within the legal requirements as to weight
and fineness.



303

DIRECTOR OF T H E M I N T .

In the gold coins the greatest deviation in fineness above standard (the legal limit being 0.001 above or below) was 0.0007, while
the greatest deviation below was 0.0006.
The greatest deviation of silver coin in fineness above standard
(the limit being 0.003 above or below) was 0.0009, while the greatest
deviation below was 0.0018, as shown by the following table of assays
made at the Bureau of the Mint:
Philadelphia.

San Francisco.

N e w Orleans.

Denver.

Total.

Fineness.
Gold.
898.2
898.5
898.7
898.9
899.1.
899.3
899.4
899.5
899.6
899.7
899.8
899.9
900.0
900.1...
900.2
900.3
900.4
900.5
900.6
900.7
900.9
Total....
Average
fineness

Silver,

Gold.

1
2
10
18
26
31

Silver.

Gold.

Silver.

1
4
6

1
3
5
10
11

5

8

10

12

Gold.

Silver.

Gold.

1
3
13
26
43
52

2
3
4
3

1
1
9
23
31
37
28
26
16
7
3
. 6
1

1
3
3
12
13
19
7
2

25
26
16

2

17

16

. 7

16

2

6

7
17
13
18
24
16
11
6

3

900.061

899. 400

60

7
8

1
1

3
161

14

2

1

188

3
2
11
29
48
62
80
60
39
21
7
4
6
1

4

i

i

Silver.

42
61
56
35
9
1
2
4

64

87

114

46

362

348

899.913 .899.826

899.608

899.926

899.824

899.980

899. 598

In addition to the above there have been examined 363 Philippine
silver coins'and 132 Mexican silver coins, all of which, except 4, were
within the legal requirements as to weight and fineness.
*
*
PROCEEDINGS OF THE ASSAY COMMISSION, 1 9 0 8 .

The following-named gentlemen acted as commissioners to test
and examine the weight and fineness of the coins reserved at the
several mints during the calendar year 1907 pursuant to the provisions of section 3547 of the Revised Statutes:
Hon. William B. McKinley, House of Representatives; Hon. William
A. Ashbrook, House of Representatives; Hon. Charles J. Russell,
Burlington, Vt.; Prof. Leverett Mears, Williams College, Massachusetts; Mr. George L. Harrison, jr., Philadelphia, Pa.; Mr. J. W.
Campbell, Fort Dodge, Iowa; Mr. L. S. Kerfoot, Seattle, Wash.; Mr.
John L. McNeil, Durango, Colo.; Mr. E. W. Harden, Chicago, 111.;
Mr. Thomas P. Burns, San Francisco, Cal.; Mr. Frank Shinn, Columbus, Ohio. (Dr. H. G. Torrey, ex officio member.)
The commission met at the mint in Philadelphia on February 12,
1908, and Hon. William A. Ashbrook was elected chairman.
The following committees were appointed by the chairman, with
the approval of the commission:
Committee on counting: Mr. Campbell, chairman; Messrs. McNeil
and Burns.
Committee on assaying: Professor Mears, chairman; Messrs, Harrison, Russell, and Torrey.



304

REPORT ON THE FINANCES.

Committee on weighing: Mr. Harden, chairman; Messrs. Kerfoot,
Shinn, and McKinley.
. The committee on counting reported that the packages containing
the pieces reserved by the several mints for the trial of coins were
delivered to them, and that they were compared with the transcripts
kept by the Director of the Mint and found to be correct. After
verification the COIQS were delivered to the committees on weighing
and assaying.
The coins reserved by the mints for the purposes of the assay commission were as follows:
Gold coins from the mint at Philadelphia, 4,280, of the value of
$55,597.50.
Silver coins from the mint at Philadelphia, 16,017, of the value of
$2,662.90.
Gold coins from the mint at San Francisco, 2,377, of the value of
$45,430.
Silver coins from the mint at San Francisco, 2,896, of the value of
$641.60.
Silver coins from the mint at New Orleans, 6,783, of the value of
$1,809.90.
Gold coins from the mint at Denver, 2,765, of the value of $31,670.
Silver coins from the mint at Denver, 5,210, of the value of $1,478.50.
The coins reserved on account of coinage executed for the Philippine Islands were as follows:
Mint at Philadelphia:
60 centavos
20 centavos
a 10 centavos
Mint at San Francisco:
Pesos
60 centavos
20 centavos
10 centavos.

601
626
751
i
L

'

5,139
1,066
1,583
2,465

The committee on assaying reported receiving and making assays
of coins reserved from the mints at Philadelphia, San Francisco,
Denver, and New Orleans, representing the deliveries made b y t h e
coiners to the superintendents during the calendar year 1907.
The highest assay value of the gold couiage (the limit of tolerance
being one one-thousandth) was at—
Philadelphia
San Francisco.
Denver

900.3
900.0
900. 3

:

The lowest assay value of the gold coinage (the hmit of tolerance
being one one-thousandth) was at—
Philadelphia
San Francisco
Denver

899.6
899. 7
899.8

The highest assay value of the silver coinage (the limit of tolerance
being three one-thousandths) was at—
Philadelphia
San Francisco
New Orleans
Denver

901.1
901. 6
900.9
901.1

The lowest assay value of the silver coinage (the limit of tolerance
being three one-thousandths) was at—
Philadelphia
San Francisco
New Orleans
Denver
,




,

,

'.

898.2
899. 6
900.2
900.2

DIRECTOR OF T H E M I N T .

305

' The highest assay value ^ of the Philippine silver coinage was at—
San Francisco (pesos)
Philadelphia (20 centavos)

-.

800.6
751.5

The lowest assay value of the Philippine silver coinage was at—
San Francisco (pesos)
Philadelphia (50 centavos)

799.8
^ 749. 7

The committee also tested the quartation silver and found it free
from gold, and the lead used in the assay of gold bullion and found
it free from gold and silver. The acid used in the humid assay of
silver was found to be free from silver and also from chlorine.
The balances used were tested^ and found to be correct.
The committee reported the assays as entirely trustworthy, and
that none of the coins tested differed from the standard of fineness
by a greater degree than the amount allowed by law.
The committee on weighing respectfully reported examining sample coins selected at random from those reserved by the several mints.
The weighing was made on a balance by Henry Troemner, of Philadelphia. The weights employed were furnished under seal by the
Director of the Bureau of Standards, and were accompanied by a certificate stating their variations in mass from the standards fixed by
law. The balance was carefully tested and found to be sufficiently
accurate without making corrections.
The secondary troy pound of the mint was compared with the
standard pound and found to be correct. A pound built up of working weights of the mint was found to be correct within 1 part in
30,000.
The details of the weighings indicated that the deviations from the
statutory standard weights of the coins examined were all within
the legal tolerance, consequently the committee on weighing pronounced the examination of the weights of the coinage of the several
mints during the year 1907 to be satisfactory.
The committee on resolutions submitted the following:
Resolved, That it is the sense of the members of the annual assay commission that
the coin collection of the United States in the mint in Philadelphia should be made
as complete as possible. The commission desires to express its approval of the recommendation of the commission of 1907, and it recommends that an appropriation of
$20,000 be made available for the purchase of these coins and medals, these purchases
to be made under the direction of the Director of the Mint, and that an annual appropriation of $5,000 be made to continue the purchases of coins and medals for this
collection.
One hundred thousand citizens of the United States, and many foreigners, visit
annually the IJnited States mint in Philadelphia; many of these visitors desire to
purchase a souvenir of the mint. It is recommended that the Director of the Mint be
authorized to have prepared annually a souvenir medal for sale to visitors. In the
opinion of the officers of the mint such authorization would net to the mint from $5,000
to $10,000 annually, that representing the sale price above the cost of preparing the
dies and striking the medals. The profit to be obtained from the sale of these medals,
in the opinion of the members of this commission, should be added to the amount
appropriated annually for the purchase of coins and medals. And be it further
Resolved, That the thanks of the members of the assay commission be extended to
the Director of the Mint and the officers and employees of the mint in Philadelphia
for their courtesy to the members of the commission during the session.
a By the act of June 23, 1906, the standard fineness of the Philippine peso was
reduced to 800 and the su:bsidiary coins to 750 fine.
587ia—FI 190S




20

306

REPORT ON T H E FINANCES.
MINT OF THE UNITED STATES AT PHILADELPHIA, PA.

The following table shows, by weight and value, the gold and silver
deposited during the fiscal year 1908:
Metal.

Deposits.

Redeposits.

3,338
920
Total

3,151
20

4,268

Gold
Silver

Standard
ounces.
6,621,472.076
6,637,658.74

3,171

Coinage
value.
$104,586,626.98
7,723,704.71
112,309,231.69

ASSAYER'S DEPARTMENT.

The number of assays made in this department was as follows:
Deposits and purchases
Ingots (gold and silver)
Refinery
Special assays
Sweeps assays:...,
Total

:

'

39,990
10,113
9,812
2,407
409

^

,

62,731

In addition to this 300 ounces of proof gold and 320 ounces of proof
silver were made.
Of the 2,341 melts of gold ingots made by the melter and refiner
2,008 were passed, 324, while within the standard fineness required by
law, were returned for remelting, and 5 melts were condemned. There
were 1,485 melts of silver ingots made, of which 1,474 were passed, 5
returned for remelting, and 1 condemned.
The fineness of gold melts passed was:
12melts at.
258 melts at
560 melts at
521 melts at
495 melts at
128 melts at
'.
33 melts at
1 melt at

899.6
899.7
899.8
899.9
900
900.1
900.2
900.3

2,008

.

The fineness of silver inelts passed was:
66 melts at
90meltsat
366 melts at
232 melts at
456 melts at
152 melts a t . . . . :
85 melts at..
•
11 melts at
16 melts at

898
898J
898|
898|
899
899i
899|
899J
900

1,474

In addition five melts for Philippine coinage were made by the
melter and refiner and passed by the assayer.
MELTER AND R E F I N E R ' S

DEPARTMENT.

During the fiscal year the melter and refiner receiyed from the superintendent gold bullion containing by assay 12,864,633.519 standard
ounces, of the value of $239,342,018.95, his legal allowance for wastage
being 12,864.633 standard ounces, of the value of $239,342. He
also received silver bullion containing by assay 11,699,861.48 standard
ounces, of the value of $13,614,384.27, his legal allowance for wastage
being 17,549.79 standard ounces, of the value of $20,421.57. He
returned to the superintendent 12,863,283.347 standard ounces of
gold and 11,705,630.93 standard ounces of silver.
He operated upon bullion as follows:
Items.

Ingots. .
Refinery
Merchant bars
Total




Gold.

_. .

_ . . . . .

Silver.

Standard ozs. ' Standard ozs.
14,426,095.830
5,795,688.86
2,465,463.361
3,198,095.56
331,874.140
917,748 40
17,223,423.331

9,911,632.81

307

DIRECTOR OF T H E M I N T .

The excess of gold and silver operated upon over the amounts
charged during the year is due to duplicate operations.
Upon the settlement of the melter and refiner's accounts, June 30,
1908, there was found an apparent loss upon the gold bullion during
the fiscal year of 1,350.172 standard ounces, and in the operations
upon the silver bullion an apparent gain of 5,769.45 standard ounces.
The melts made aggregate as follows:
Melts.
Gold
Silver

. .

Bars.

Ingots.

Anodes. Deposits. Special.

Total.

381
916

- Total

2,341
1,485

1,044

4,756
891

385

8,906
3,291

1,296

.

3,826

1,044

5,646

385

12,197

During the year five gold melts and one silver melt were condemned.
NUMBER, WEIGHT, AND VALUE OF GOLD AND SILVER BARS FOR INDUSTRIAL USE.
Bars.

Metal.

Standard
ounces.

Coinage
value.

3,976
2,684
6,560

341,257.630
1,025,321.40

S6,348,979.18
1 193 101 26

1,366,579.030

7,542,080.44

r

Gold
Silver

'.
Total

During the year 212 barrels of sweeps were gathered, containing
by assay 2,913.565 standard ounces of gold, and 5,342.59 standard
ounces of silver.
The operations of the refinery were as follows:
Bullion.

Sent to the refinery, 5,524,410.24 gross ounces, containing hy assay
Bullion received from refinery
Sweeps
Apparent gain

Gold.

Silver.

Standard oz.
2,465,463.361
2,464,032.812
1,466.341

Standard oz.
3,198,095.65
3,196,197.05
3,394.22

44.792

1,495.72

Silver bullion sent to the refinery upon which refming charges were
collected contained by assay 2,615,278.52 standard ounces, and silver
owned by the Government and returned to the refinery for parting
purposes upon which no parting charges were collected contained by
assay 582,817.03 standard ounces.
During the year the melter and refiner received from the superintendent minor coinage
metal
,
Delivered prior to settlement:
Bronze ingots
3,996,998.70
Nickel ingots
4,601,161.20
8,498,169.90
Delivered in settlement:
Bronze ingots
1,504,649.22
Nickel ingots
323,292.70
Ingot copper
5,579,226.81
Nickel shot
960,997.33
Zinc
"....
59,227.69
Tin
68,638.70
Alloy, etc
:
21,667.00
Wastage
39,804.96
8,647,, 404.41
•
•




Troy ounces.
17,045,564.31

17,045,564.31

308

REPORT ON T H E FINANCES.
C O I N E R ' S DEPARTMENT.

During the fiscal year 1908 this department received 12,496,691.010
standard ounces of gold, of which 12,449,944.310 standard ounces, of
the value of $231,626,870.88 were operated upon, from which there
were produced 6,470,284.041 standard ounces of coin, of the value of
$120,377,377.50, all delivered to the superintendent during the fiscal
year prior to the settlement, upon which there was a wastage of
285.598 standard ounces, of the value of $5,313.45, being 4.57 per cent
of the legal allowance.
The percentage of coin produced from the amount of metal operated upon was 51.97 per cent.
During the same period the coiner also received and operated upon
6,274,260.60 standard ounces of silver, of the value of $7,806,234.02
in subsidiary coin, from which there were produced 3,562,592.34
standard ounces of domestic coin, of the value of $4,432,463.25 in
subsidiary silver coin, and 501.11 standard ounces of Philippine coin,
of the value of $623.46 in domestic subsidiary silver coin, delivered
to the superintendent during the fiscal year prior to settlement, and
22,951.75 standard ounces of domestic coin delivered to the superintendent at settlement, upon which there was a wastage of 520.48
standard ounces, of the value of $284.11, being 8.29 per cent of the
legal allowance.
The percentage of coin produced from the amount of metal operated upon was 57.10 per cent.
There were also delivered to the coiner during the same period
5,692,502.34 ounces of nickel ingots and planchets, from which were
produced 3,642,183.58 ounces of domestic 5-cent nickel coin, of the
face value of $1,134,300.10 and 80.38 ounces of nickel coin for the
Philippine government, of the value of $25 in United States nickel
coinage, upon which there was a wastage of 17,200.06 ounces.
During the same period the coiner also received 10,310,811.88
ounces of copper-bronze ingots and planchets, from which there were
produced 8,126,204.93 ounces of 1-cent coin, of the face value of
$811,708.12, and 125 ounces of copper-bronze coin for the Philippine
^goverment, of the value of $12.50 in United States copper-bronze
coinage, upon which there was a wastage of 20,979.27 ounces.
Owing to a considerable amount of experimental coinage in the
development of the new design double-eagle and eagle coins, the
product of which could not enter into the amount of coin produced,
and the receipt of a quantity of defective gold ingots which could
not be worked satisfactorily and had to be returned for remelting,
the percentage of coin prociuced from the amount of metal operated
upon is lower than it otherwise would have been.




DIRECTOR OF THE MINT.

309

The following table shows the coinage executed during the year:
Denomination.

Pieces.

Value.

GOLD.

D o u b l e eagles
Eagles
Half eagles
Q u a r t e r eagles

.

1,086,272. 60
1,489,136.25
1,868,064.50
4,432,463.25

22,686,002
81,170,812

Total

120,377,377.50

26,707)635

.

$114,888,300.00
2,729,350.00
2,759,566.00
162. 50

2,170,646
6,966,545
18,580,645

.

6,744,415
272,935
561,913
65
6,569,328

.

1,134,300.10
811,708.12

SILVER.

Half dollars
Q u a r t e r dollars
Dimes

.

Total
MINOR.

5-cent nickel pieces.
1-cent b r o n z e pieces
Total

103,856,814

1,946,008.22

Grand total - . . . . - .

137,133,777

126,756,848.97

E N G R A V E R ' S DEPARTMENT.

All the dies used in the coinage operations of all the mints of the
United States are made in the engraving department at Philadelphia.
The number of dies prepared for United States coinage last year
was 2,380. In addition 629 dies^were made for Philippine coinage,
10 for Mexican coinage, 56 for medals, and 111 master dies, hubs,
and experimental dies for the new gold coinage.
The following table shows the number of proof coins and medals
and their nominal value manufactured during the fiscal year:
N u m b e r of
pieces.

Article.
Gold m e d a l s
Silver m e d a l s
Bronze m e d a l s
Gold proof coins
Silver proof coins
Minor proof coins

Nominal
value.

183
2,418
69,685
165
2,620
1,774

..

.'

.

.

.

.

Total

§4,603.50
1,152.50
18,788.75
1,222.60
476 84
63.22

76,745

.

26,297.31

MINOR C O I N A G E .

The manufacture of the 1-cent bronze and 5-cent nickel coins has
heretofore been confined by law to the Philadelphia mint. The
Fifty-ninth Congress at its first session authorized the making of
these coins at the other mints, but the output so far has been wholly
at Philadelphia, and owing to the recent financial troubles was much
less than during the fiscal year 1907, as shown below:
Denomination.
1-cent bronze
5-cent nickel




1907.
$937,315.68
2,382,137. 50

1908.
$811,708.12
1,134,300.10

310

REPORT ON THE FINANCES.

Bronze and nickel blanks were purchased from contractors as
follows:
Pounds
avoirdupois.

Character.

Cost.

369,000
.60,000

Total

$138,744.00
26,350.00

429,000

Bronze 1-cent blanks
Nickel 6-cent blanks

164,094.00

The amount of metal purchased for tne manufacture of minor
coinage other than blanks was 819,419 pounds avoirdupois, at a cost
of $166,155.13.
The amount of uncurrent copper, nickel, and bronze coins transferred from the Treasury during the year for conversion into current
coins, cost, and seigniorage are shown by the following table:
Old copper cents
Nickel 1-cent coins
Bronze 1-cent coins
Bronze 2-cent coins
Nickel 3-cent coins
Nickel 5-cent coins

$131. 46
627.99
21,832.90
244.90
690.00
170,144.00

'

Total

193,671.26

Cost of nickel added to 1-cent metal to convert into 6-cent alloy for recoinage into nickel 5-cent
coin
Cost of tin and zinc added to old copper-cent metal to convert into bronze 1-cent alloy for recoinage into bronze 1-cent coin
Cost of metal of same alloy added to nickel 3-cent metal for recoinage into nickel 6-cent coin
Seigniorage (gain by recoinage)
Total
Coinage executed, nominal value:
Bronze 1-cent coin
Nickel 5-cent coin
Loss by recoinage
Total

24.52
3.68
11.89
2,928.87
196,640.11

$21,643.67
164,108.90

186,762. 67
10,887.64
196,640.11

The seigniorage, or gain, on recoinage of minor coin was $2,928.87,
as against a loss of $10,887.54, showing a net loss of $7,958.67.
The seigniorage on the coinage of nickel and bronze coins coined
from purchased metal was $1,535,029.42, which, less a net loss of
$7,958.67 on the recoinage of minor coin and a wastage of the operative officers in the minor coinage operations of $1,233.82, gives a
net seigniorage on minor coin of $1,525,836.93.
The total amount of the several types of minor coin manufactured
from 1793, when the first coinage of copper cents was made, until
June 30, 1908, aggregated $52,707,463.67. From the records of
this mint, at which all this coinage has heretofore been made, it
appears that there have been melted for recoinage $4,779,292.69,
leaving outstanding June 30, 1908, $47,928,170.98.
The several types and denominations of minor coin issued, manufactured by the mint at Philadelphia since its establisliment, the
amount remelted, and the amount outstanding June 30, 1908, are
set forth in the following table:




^11

lbmE(i!1^6R OF THE MINT.
MINOR COINS ISSUED, REMELTED, AND OUTSTANDING.

Denomination.

Coined.

Remelted.

Outstanding
June 30, 1908.

$1,562,887.44
39,926.11
2,007,720.00
16,562,297.05
912,020.00
905,768.52
30,716,844.55

Total

802,157.85
318,026.56
339,328.-92
282,090.13
2,657,347.60

$1,182,645.81
39,926.11
1,205,562.15
16,244,270.49
572,691.08
623,678.39
28,059,496.95

52,707, 463.67

Copper cents
Copper half cents...
Copper nickel cents.
Bronze cents
Bronze 2-cent pieces
Nickel 3-cent pieces.
Nickel 5-cent pieces.

4,779,292. (

47,928,170.98

$380,341.63

Minor coins to the amount of $2,337,103.04 have been distributed
throughout the States and Territories of the United States during
the fiscal year 1908—$1,441,538.60 in nickel 5-cent pieces and
$895,564.44 in bronze 1-cent pieces.
The expenditure for the distribution of minor coin for the same
period was $48,105.86.
ALL

SEIGNIORAGE.

The seigniorage on the coinage of purchased metal for the fiscal
year was $3,506,350.27, as shown by the following table:
Item.
Subsidiary silver coins
Minor coins

Coined.

Seigniorage.

$3,695,463.26
1,760,255.65

Total

$1,971,320.85
1,535,029.42

5,465,718.90

---

3,506,350.27

VISITORS.

A large number of visitors from all States of the Union and from
foreign countries visited the mint during the year, 113,406 having
been shown through by the several guides.
NUMBER OF EMPLOYEES.

The force of employees at the end of this fiscal year shows a reduction of 24 from the number carried on the rolls at the end of the
previous fiscal year. The total number on the rolls at the close of
the fiscal year was 472, distributed in the several departments as follows:
Department.
General
Assayer's
Coiner's
Melter and refiner's
Engraver's
Total




Male.
.

.

.

182
12
92
68
17
371

Female.
42
67
1
1.
101

Total.
224
12
149
69
18
472

S12

REPORT Oisr THE PIKAKCES.
MINT OF THE UNITED STATES AT SAN FRANCISCO, CAL.

It was necessary during the fiscal year of 1908 to close this mint for
settlement on two unusual occasions, owing to a change of the officers
and the consequent filing of new bonds.
In the early part of the year, Frank A. Leach, superintendent of
this mint, was offered the position of Director of the Mint, and on
September 19, 1907, he resigned the superintendency to take up the
duties of his new office. Mr. Leach was succeeded as superintendent
by Edward Sweeny. On July 8, 1907, Dan T. Cole resigned, and
Aug. E . Muenter assumed the duties of coiner. Mr. Muenter remained
in office until the date of Mr. Leach's promotion, when he, too,
resigned, and was immediately succeeded by William M. Cutter.
The settlement of January 31, 1908, was occasioned by the necessity for the filing of new bonds by the superintendent and coiner,
the former bonds having been filed under a recess appointment.
The weight and value of the gold and silver bullion deposited
during the fiscal year was as follows:
Metal.
Gold
Silver..
Total.

Deposits.

Redeposits.

6,126
9,428

1,253

15,654

1,253

Standard
ounces.
2,865,013.444
14,678,964.51

Value.
$53,302,575.69
18,263,097.36
71,565,673.05

Of the above amount of silver bullion 9,851,801.76 standard ounces
of Philippine silver coin were received for recoinage for the government of tne Philippine Islands.
ASSAY DEPARTMENT.

During the fiscal year ending June 30, 1908, several improvements
in the equipment were made, which have tended in no small degree
to increase the efficiency of the department. The purchase of a set
of heavy 3-inch rolls, operated by an electric motor, has greatly
facihtated the rolling of silver ingot granulations, especially in the
case of ingots for Philippine subsidiary coinage, where the proportion
of copper alloy has been so large. Individual motors are now being
placed on all rolls, the unsightly and cumbersome shafting and belting
in use for so many years being dispensed with, and the frequent falling
of dirt and grease upon the samples thereby avoided.
Late in the year a fairly complete experimental laboratory with
hoods, tables, shelves, etc., of acid-proof stone was fitted up, to enable
the carrying on of investigations mto the nature of base metal contained in refractory deposits, and to p'ermit the making, not only of
qualitative tests of all kinds, but of various quantitative determinations, both volumetric and electrolytic.
The installment of this laboratory resulted almost immediately
in the adoption of a method for the determination of the gold contents in Dore bulhon, that for accuracy and rapidity is far superior
to the ordinary fire assay formerly used. This new method does away
altogether with the use of the parting flask or mattress, and in many
instances enables us to dispense with the use of the cupel furnace as
well.



313

DIRECTOR OF THE MINT.

Briefly speaking, it consists in the parting of a gram of the bullion,
either with or without cupellation, according to the amount and
nature of the base metal present, in a No. 2 porcelain crucible containing moderately strong nitric acid. Two five-minute boilings are
made, the discarded solutions being carefully decanted to avoid distributing the gold residue, which, after being thoroughly washed in
hot water, is dried and annealed without having been removed from
the crucible in which the parting was made. The results are very
accurate, quadruplicate assays agreeing almost exactly.
A greater amount of routine work was achieved in the department
than for several years past, there having been a total of 92,124 assays
made at an average cost of $0,318 per assay. A considerable proportion of this increase was due to the opening of the new refinery, the
assays for which averaged over 1,200 a month during the last quarter.
The appended table shows the operations of the department in
detail:
Gold assays made
Silver assays made
Sweep assays made

48,673
43,263
288

Total
Proof gold made
Proof silver made
Parting silver prepared
Cupels made
Leads cut and rolled

,

.ounces..
ounces..
ounces..

92,124
260
100
1.600
100, O O
O
100,000

The reported finenesses of ingot melts are as follows:
UNITED STATES COINAGE.
Fineness.

Number
of melts.

Fineness.

GOLD INGOTS.

899.6
899.7
899 8
899.9
900.0
900.1..
900 2
900 3

r.

Condemned




Number
of melts.

^SILVER INGOTS.

4
56
241
438
438
195
55
0
1 432
57
1 489

898.8
898.8
899.0
899.1
899.3
899.5
899.8 . .

.'

Condemned.

470
336
4
316
219
202
24
1,571
2
1,573

314

REPORT ON T H E FINANCES.
P H I L I P P I N E COINAGE.
Number
of m e l t s .

Fineness.

Number
of m e l t s .

Fineness.

TWENTY CENTAVOS.

PESOS.
797 5
797.6 .
797 7
797.8
797 9
798.0
798 1
798 2
798 3
798 4
798.5. . . .
798 6
798.7.
798 8
798 9
799 0
799 1
799.2..
.
799 3
799 4
799 5
799 6 . . .
799 7
799 8
799 9
800 0 . .
8001

.

.

5
5
489
5
348
659
549
732
454
2,014
694
1,158
263
887
196
472
46
625
63
164
18
84
8
52
2
35
3

747.7
747.8
747.9
748.0
748.1
748.2
748.3
748.4
748.5
748.6..
748.7
748.8
74S.9
749.0
749.1
749.2.
749.3
749.4
749.5
749.6
749.7. . .
749.8....749.9...
750.0

:.
;
•

...
•

:
•.

.

.

Total
Condemned

:.

"

352
15
367

9,930
24

Total

0
13
0
5
0
29
20
0
66
0
41
1
45
47
0
43
0
15
1
20
0
6
0
2

9,964
FIFTY CENTAVOS.
TEN CENTAVOS.
747 7
747 8
747.9
748.0.
748.1
748.2
748 3 .
748.4
748 5
748.6
748 7
748 8 . .
748.9
749 0 .
749.1
749 2
749 3
749.4
749 5
749.6
749 7
749.8
749 9
750 0

"
^
;

...

Total
Condemned

1
1
0
13
0
21
20
0
32
0
25
1
22
21
0
44
0
10
0
3
0
1
0
5
220
3

747.7
747.8
747.9
748.0.
748.1
748.2
748.3
748.4
748.5
748.6
748.7
748.8 .
748.9
•749.0
749.1
749.2
749.3
749.4.
749.5
749.6
749.7
749.8
749.9
750.0

...

Total
Condemned....

0
31
4
11
25
36
72
0
173
1
122
2
111
69
1
74
0
17
1
16
0
4
0
1

'

....

....

763
2
755

223

MELTER AND REFINER'S

DEPARTMENT.

The melter and refiner received and operated upon gold and silver
bullion during the fiscal year as follows:
standard ounces.
Received from the superintendent Juiy 1 to September 19,1907, bullion containing gold . . 3,497,001.689
Returned prior to settlement September 19, 1907
2,763,676.218
Returned at settlement September 19, 1907
733,741.616
3,497,317.834
Wastage in gold




'

283.765

DIRECTOR OF THE MINT.

315

Standard ounces.
Received from the superintendent September 20, 1907, to June 30,1908, bullion containtng
gold
3,811,252.177
Returned prior to settlement June 30, 1908
1,383,909. 496
Returned in settlement June 30, 1908
2,427,129.764
3,811,039.260
Wastage in gold

212; 917

Received from the superintendent July 1 to September 19, 1907, bullion containmg silver.. 3,466,429.57
Returned prior to settlement September 19, 1907
2,155,327.37
Returned at settlement September 19, 1907
1,319,498.37
3,474,825.74
Surplus in recovered silver

,

8,396.17

Received from the superintendent September 20,1907, to June 30, 1908, bullion containuig
silver
22,869,818.74
Returned prior to settlement June 30, 1908
19,482,741.94
Returned m settlement June 30, 1908
3,391,204.88
22,873,946.82
Surplus in recovered silver

4,128.08
RECAPITULATION.

Total amounfcof gold bulUon received during fiscal year
Total amount of gold bullion delivered during fiscal year

•.

,
'.

7,308,853.766
7,308,357.094

Net wastage in gold.

496.672

Total amount of silver bullion received during fiscal year
Total amount of silver bullion delivered during fiscal year

26,336,248.31
26,348,772.56

Net surplus in silver

12,624.25
Melts for-

Number.

Condemned.

Gold ingots..
Silver ingots.

1,489
12,871

67
46

Total..

14,360

103

There were manufactured during the fiscal year:
Fine gold bars
Fine silver bars

74
978

,

Total

1,062

There were gathered in sweeps 288 barrels, containing by assay:
Standard ounces.
686.871
7,370.86

Gold
Silver

The installation of the new electrolytic plant was completed and
refining commenced on March 2, 1908. During the remainder of the
fiscal year the plant ran steadily, but the work in the operation of
the silver cells was largely experimental in nature, the methods,
machinery, and utensils being changed from time to time, and that
portion of the plant not yet perfected.
The total refinery operations were as follows:
Gold bullion refined upon which charges were made
Gold bullion refined upon which no charges were made
Net amount of bullion sent to refinery
Net amount of bullion received from refinery
Wastage tn gold
Silver bullion refined upon which charges were made
silver bullion refined upon which no charges were made
Net ainount of bullion sent to refinery
Net amount of bullion received from refinery
Wastage in sil ver




standard ounces.
314,383.322
759,107.928
1,073,491260
1,072,906.626
686.624
227,537.34
9,48152
237,018.86
234,919.49
2,099.37

316

REPORT ON T H E FINANCES.
COINER'S DEPARTMENT.

The coiner received gold and silver during the fiscal year as follows:
GOLD.

Received from superintendent July 1 to September 19, 1907
Returned prior to settlement September 19, 1907
Returned in settlement September 19, 1907

Standard ounces.
2,830,907.980
2,533,252.660
297,622.573
2,830,876.223

Wastage in gold

32.757

Received from superintendent September 20, 1907, to January 31, 1908
Returned prior to settlement January 31, 1908
Returned at settlement January 31, 1908
Wastage in gold

1,585,038.180
49,438.626

•

Received from superintendent February 1, 1908, to June 30, 1908
Returned prior to settlement June 30, 1908
Returned at settlement June 30, 1908

1,634,605.630
1,634,476.806
28.724

71376
44,706.948

Excess in gold

44,707.320
44,778.324
71004

SILVER.

Received from superintendent July 1 to September 19, 1907
Returned prior to settlement September 19, 1907
Returned at settlement September 19, 1907

2,729,817.60
1,924,20155
804,470.27
2,728,67182

Wastage in silver

1,146.68

Received from superintendent, September 20, 1907, to January 31,1908
Returned prior to settlement, January 31, 1908
^.
Returned at settlement, January 31, 1908
'.

$6,912,036.10
868,294.36

Wastage in silver

7,783,768.62
7,780,330. 46
3,438.16

Received from superintenent, February 1, 1908, to June 30, 1908
Returned prior to settlement, June 30, 1908
Returned at settlement, June 30, 1908

12,260,316. 47
11,576,665. 77
667,860.26
12,244,516.03

Wastage in silver

5,800.44
RECAPITULATION.

Total amount gold received during fiscal year

4,610,120.830

Total amount of gold returned during fiscal year..

4,510,130.363

Net excess in gold
Total amount of silver bullion during fiscal year
Total amount returned during fiscal year
Net wastage

^.

9. 523
:

22,763,902.59
22,763,518.31
10,384.28

During the fiscal year the coiner operated upon 4,167,758.980
standard ounces of gold and 20,401,848.95 standard ounces of silver.
He delivered to the superintendent during the same period 2,441,378.750 standard ounces of gold coin, valued at $45,421,000, and
11,810,282.19 standard ounces of silver coin, valued at $13,742,873.81
in standard dollars, or $14,693,974.72 in subsidiary coin, aggregating
35,504,039 pieces. Of this amount there was delivered for the
government of the Philippine Islands 18,130,891.10 pesos in silver
coiii, weighing 10,291,263.81 standard ounces, valued at $11,975,288.79 in standard dollars, or $12,804,060.72 in subsidiary silver coin.




317

DIRECTOR OF T H E M I N T .

The following table exhibits the coiner's deliveries. for the fiscal
year:
Denomination.

Pieces.

Gold:
Double eagles
Eagles

Value.

Total

..

.

45,421,000.00
1,086,414.00
347,000.00
456,500.00

8,125,828

--

$43,316,000.00
2,106,000.00

2,172,828
1,388,000
4,565,000

Total
Silver:
Half dollars
Quarter dollars
Dimes

2,165,800
210,600
2,376,300

•

1,889,914.00

P H I L I P P I N E ISLANDS.
Denomination.

Pesos
50 centavos
20 centavos
10 centavos

Pieces.

16,128,000
2,105,000
2,735,000
_ - _ -. 4,033,911

.

.

--

- -

---

--

-

Peso.
16,128,000.00
1,062,500.00
547,000. 00
403,39110

25,001,911

. .

Total . . .

Value.

18,130,89110

.

The percentage of coins produced from the amount operated upon
was: Gold, 58.58 per cent; silver, 57.76 per cent. This has been a
record-breaking year for the coining department of this mint, the
total number of pieces coined and delivered exceeding the production
of any previous year by 4,231,025 pieces.
NUMBER OF EMPLOYEES.

The total number of employees in this mint at the close of the
fiscal year 1908 was 317, distributed as follows:
•
>

Department.

Male.

Female.

Total.

:

Total

87
17
61
70

1
0
0
81

88
17
61
151

236

General
Assayer's
Melter and refiners
Coiner's

82

317

MINT OF THE UNITED STATES AT NEW ORLEANS, LA.

The standard weight and value of gold and silver deposited at this
mint during the fiscal year was as follows:
Metal.

Gold
Silver

Deposits.

Standard
ounces.

Coining
value.

780
100
Total




46,296.675
4,535,796. 480

$861,333.47
5,278,017.71

880

4,582,093.155

6,139,35118

318

REPORT ON T H E FINANCES.

There were purchased over the counter 2,659,268 ounces standard of uncurrent domestic gold coin, of the face value of $49,989.50,
producing in new coin $49,474.74, showing a loss in recoinage of
$514.76, and 160.49 ounces standard of uncurrent domestic silver
coin, of the face value of $201.25, producing in new coin $199.66,
showing a loss in recoinage of $1.59.
The treasurer transferred for recoinage uncurrent domestic subsidiary silver coin of the face value of $64,550, containing 48,064.30
ounces standard silver, producing in new coin $59,800.05, showing
a loss by wear of $4,749.95.
There were deposited 204.762 ounces standard gold (unrefined)
domestic bulhon, producing in gold coin $3,809.52.
There were deposited 621.34 ounces standard silver domestic
bulhon, producing in standard dollars $723.01.
There were deposited 38,519.085 ounces standard gold unrefined
foreign buUion, producing in gold coin $716,634.14.
There were deposited 21,450.70 ounces standard silver unrefined
foreign bullion, producing in standard dollars $24,960.81.
The following table shows the countries from which the bullion
was received:
Silver.

Gold.
Country.

Mexico
Nicaragua
Honduras
Guatemala
Costa Rica

Standard
ounces.

Coining
Value.

Standard
oimces.
1,024.939
36,140.266
299.759
957.044
97.077

Total

$19,068.63
672,377.04
5,576.91
17,805.47
1,806.09

125.36
21,056.3863.59
74.55
140.82

$145. 87"
24,501.97
62.36
86.75
163.86

. 38,519.085

•

Value.

716,634.14

21,450. 70

24,960.81

Foreign gold coin containing 1,881.494 standard ounces of the
coinage value of $35,004.54, and foreign silver coin containing
66,577.83 standard ounces of the value of $77,472.38 in standard
silver dollars were received.
Gold bullion amounting to 3,018.180 standard ounces and coinage
value of $56,152.19 and silver bullion, 4,978.570 standard ounces
and coinage value of $5,793.25 in standard silver dollars was obtained from jewelers' bars, plate, etc.
The number of employees during the fiscal year were as follows,
the superintendent and operative officers not included:
Department.

Male.

Female.

Total.

General
Assaver's
Melter and refiner's
Coiner's

29
3
11
22

38

36
3
11
60

Total. -

65

45

110




7

319

DIRECTOR OF T H E M I N T .
ASSAYER'S DEPARTMENT.

The following is the assayer^s report of the fineness of the silver
and gold ingot melts passed during the fiscal year 1908:
SILVER INGOTS.
Number
of melts.

Fineness.
898.4
898.6
898.8
898.9
899.1
899.3
899 4
899.5

4
57
147
2
488
93
15
87

Number
of melts.

Fineness.
899.7
899.8
900

23
5
7

Condemned

928
3

Total

931

GOLD INGOTS.
Number of
melts.

Fineness.
899.9 . .
900

1
1

Total
Condemned

2
0

N U M B E R OF DEPOSITS, PURCHASES, INGOTS, AND B A R S RECEIVED AND ASSAYED DURING FISCAL Y E A R 1908.
Classification.

Gold.

Deposits.
Purchases (flne bars)
Mint bars issued
Ingot melts
Melter and refiner's consolidated melts.
Superintendents' bars
Coiners' grain bars
Melter and refiner's grain bars
Melter and refiner's fine melts
,
Assayer's bars
Mint Bureau samples
Transfer orders
Sweeps

931

918

Total.

Silver.

Total.

52
933
30
13
6
19
33
4
19
2
6
5,496

MIELTER AND R E F I N E R ' S DEPARTMENT.

The melter and refiner received and operated upon 111,959.889
standard ounces of gold bullion and returned at the settlement
112,078.779 standard ounces, showing a surplus of 118.890 standard
ounces. He also received and operated upon during the same
period 8,406,388.43 standard ouncesof silver and returned 7,416,073.43
standard ounces, showing a wastage of 1,929.93 standard ounces,
being 15.3 per cent of his legal allowance.
From 95 barrels of sweeps there were obtained 97.052 standard
ounces of gold and 5,732.42 standard ounces of silver.




320

REPORT ON T H E FINANCES.

The number of gold and silver ingot melts made and the number
condemned by the assayer is as follows:
Number Number
made. condemned.

Melts.
Gold i n g o t s . . .
Silver ingots
Total

. . . .

2
931

.'

3

933

-

3

MELTS MADE DURING THE Y E A R .
Fine gold
Fine silver
Mass melts
Gold deposits

22
11
30
780

Silver deposits
Grain bars
Granulations
Miscellaneous

100
19
44
30

REFINERY OPERATIONS.

The weight and value of gold and silver operated upon in the
refinery were as follows:
Standard
ounces.

Gold bullion . .
Silver bullion
Amount of gold and silver received from refinery:
Gold
Silver

. . .

Coining
value.

35,14V. 197
81,265.97

$653,90133
101,108. 51

35,147.197
80,438. 96

Metal.

6.53,90133
100.079 56

Silver bullion on which charges were collected contained 21,427.33
standard ounces.
Silver bullion owned by the Government on which there were no
charges contained 59,838.64 standard ounces.
The refinery was in operation for only three months.
COINER'S DEPARTMENT.

During the fiscal year 1907 the coiner received and operated upon
7,612,014.20 standard ounces of silver.
He manufactured during the same period 4,185,206.63 standard
ounces of silver coin, valued at $5,207,100, aggregating 16,266,600
pieces, as shown by the following table:
No gold coined during this fiscal year.
Denomination.

Pieces.

Value.

SILVER.

Half dollars.
Quarter dollars
Dimes
Total

- -

--

6,364,600
6,924,000
2,988,000

$3,177,300
1,731,000
298,800

16,266,600

5,207,100

The percentage of coin produced from the amount operated upon
was, silver, 54.98.
At the annual settlement of his accounts it was found that there
had been a wastage during the year of 3,025.60 standard ounces of
gilver^ being 39.74 per cent of the legal allowaiice.



321

DIRECTOR OF T H E M I N T .
MINT OF THE UNITED STATES AT DENVER, COLO.

The^ receipts of gold and silver during the fiscal year 1908 were as
follows:
Metal.

Deposits.

Gold
Silver

Redeposits.

Standard
ounces.

Coining val