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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 1,448.41 109,698.64 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. 177,095.79 470,836.06 114,36L90 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 6,880, OOL 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 . Fiscal year. 1902 1903 1904 1906 19061907 1908 1909 a .. . . - . : . Total Net ordinary receipts. 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 SO 20,230,050 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 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. 146 10 37 179 117 43 No. 27 33 23 12 37 19 31 18 17 119 21 26 20 Capital. 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 15,511,500 403 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 11,225,000 6,200,000 11,435,000 4,390,000 2,950,000 3,250,000 3,045,000 7,685,000 Capital. $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 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: Number of banlcs Authorized capital Bonds on deposit Circulation, on bonds Circulation, lawful money Total circulation Mar. 14,1900. June 30,1908. Increase. 3,617 $616,308,095 244,611,570 216,374, 795 38,027,935 254,402,730 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. OOOO 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. • - .. ' . : .. -- - - $22,029,316.33 19,094,698.24 21,096,966.19 22,848,666.01 - - Total - 1907. (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 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 , $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 Aid to Jamestown Exposition Co Per diem. S142.63 S3,135.50 Transportation. Salaries. Miscellaneous. Total. $17,311.82 811,844.72 $33,133.08 $16,866.92 Balance. $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 9,997.79 2.21 100,000 99,258.14 741.86 250,000 250.000.00 , Aid to Negro Development and Exposition Co Freight. 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 Common fund Totals 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 9,400.00 515,000,000.00 514,771,600.00 108,250.00 O 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 ff. 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. tei Ou demand None . Indefinite . $819,783,869.00 o o te: > o tei Ul 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. Ul tei o > tei > Ul d 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 outAmount issued. Amount standing. 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. 3^ per cent.. Par Indefinite . . At pleasure of the Government. 2 per c e n t . . . Par $50.00 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 w o 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. tei hJ O 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 H tei i; ) : fel 100,000,000.00 72,600.00 > a tei Feb. 1, 1904 . . . Ul 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 Ul otei S 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 tei - H > 646,250,150.00 ^ Kj tei > Ul Kl 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 tei o % o tei fei > O tei Ul 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 Ul tei O tei O tei > Ul d Kl o or TABLE A.—STATEMENT OF THE OUTSTANDING PRINCIPAL OP THE PUBLIC DEBT, ETC.—Continued. Length of loan. When redeemable. Amount Rate of in- at Price which i 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 tei o 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 o tei tei hH 2,626,806,271.54 > o teJ m 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 '->1, 705, 992,320.58 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 tei o O fel t> fel o tei Ul 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. tei Q W tei H > Kl o tei H m tei W tei > Ul d w K^ O CO 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 1,948,902.26 430, 530.431.52 7, 926,797.26 472, 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, 995.26 619, 344,468. 52 9,704.445.26 165.26 629, 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 tei O o tei fel o tei Ul 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 1, 370,245.26 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 Zfl tei 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. o w tei H > Kl otei H \A tei H W tei > Zfl d w Kj- 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 . Year e n d e d - Five-twenties Five-twenties Five-twenties Five-twenties Consols, 1865 Consols, 1867 Consols, 1868 of of of of J U N E 30, 1869. 1862 M a r c h , 1864 J u n e , 1864 1865 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 . 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 . $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 8,691,000.00 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 I 28,151,900.00 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 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 tei O !?^ tei > Kl o H tei H W tei > Zfl d Kl TABLE E.—STATEMENT SHOWING THE PURCHASE AND REDEMPTION OP BONDS ON ACCOUNT OF THE SINKING F U N D , ETC.—Oontinued. 14^ Year ended— . Five-twenties Five-twenties Five-twenties Five-twenties Consols, 1865. Consols, 1867 Consols, 1868 P r i n c i p a l redeemed. 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 • $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 tei C 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 : o te! Ul 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 Total 17,900. 00 15,900. 00 2,350. 00 23,600.00 5, 700.00 8,500.00 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 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..74 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 ., , , , tei: Hi >- o tei •H tei' H- • W > • zn d Kj 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: a 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:^ Year ended— B a l a n c e of interest d u e a t close of fiscal y e a r . N e t cost estimated in gold. 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 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 12,553.950.00 200.00 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 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 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 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 96,750.00 190,750.00 100.00 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 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 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 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: > zn 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 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 . . . . . .. 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 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 .. Total 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 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 , of 1891 ^Total Loan of Loan of Funded Funded Loan of Funded JUNE 30, 1895. July and August, 1861 1863 loan of 1881 loan of 1881, continued at Sh per cent 1882 loan of 1891 .^. Total * 100 00 18,000 00 1,000 00 15,400.00 4,400.00 176,000 00 100.00 18,000.00 1,000.00 16,400.00 4,400.00 176,000 00 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 00 214,900 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 00 245,900 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 a n d A u g u s t 1861 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 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 ". $2,300.00 600.00 1,100.00 600.00 5,100.00^ 17,550.00 $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 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 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 Total 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 18,615,500.00 725,640.21 338,393.95 387,246.26 100.00 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 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 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 > 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 o 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 Total. 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 . $49,705. 52 $150.00 8,200.00 27,900.00 30,376,005.52 $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 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. OO 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. OO 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. OO 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 . Disburseexclu-| R e c e i p t s , [ments, postal, e x c l u s i v e of jsiveof p r i n c i p a l of 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, i n c l u d i n g 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 a 18,052,455 306,457 500,670 578,689 952,343 974,898 789,433 617,220 291,680 381,277 820,008 692,454 605,387 140,817,699 144,216,377 147,663,105 153,573,147 157,363,851 160,911,547 164,236,793 167,623,182 174,584.136 181,238.137 171,818,055 167,004,410 233,016,457 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 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, 443,368, 583 a 38,047,248 I m p o r t s of gold. E x p o r t s of gold. $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 $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 V8,201,914 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 24,397,963 120,391,674 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. zn o K| O ^^ w fei H fej > zn cl td to 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 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 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 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 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 ETC.—Continued. Available Legal-tender Legal-tender notes Net gold cash balance, notes in Treasury, redeemed including in Treasury. in gold. net gold. $16,856,385 16,577,439 14,705,478 14,317,850 15,169,090 16,191,155 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 $228,652,341 $274,584,676 269,103,513 231,124,638 245,413, 707 284,043,164 263,127,533 246,140,226 267,584,094 228,415,238 281,380,469 240,737,212 245,254,534 248,757,971 254,328,820 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 Imports of gold. Exports of gold. $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 25,652,265 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 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 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 48,354,054 560,396,674 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 56,813,568 . 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 34,589,738 506,099,007 249,955,831 258,456,786 251,635,364 269,346,494 257,539,887 262,800,634 239,040,401 238,821,209 244,858,050 242,945,286 246,554, 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 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 54,297,667 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 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 a 41,770,572 845,565 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 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 62,021,254. 48,568,960 614, 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 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 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 11,555,194 zn fel o ^fel H > ^Kl •§ H wfel > ^ 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, sive of postal, 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 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 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 25,669,323 52,298,853 56,007,597 51,497,191 67,241,999 55,602,498 65,812,980 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 Available Legal-tender Legal-tender Net gold cash balance, notes notes redeemed in Treasury. in Treasury. including net gold. in gold. $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 $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 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 Imports of gold. Exports of gold. $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 11,858,254 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 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 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 56,237,500 63,925,496 54,221.954 53,260; 592 57,488,012 62,711,463 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 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 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 o 58,070,201 2,597,885 855,755 648,580 879,340 1,039,870 1,062,975 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 12,792,165 114,610,249 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 > 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. 861,709.74 33,630.90 476, 1861 41, 41 68,400.00 529, 692,460.501 58i; 680,121. 1862 51 919, 889! 379,652. 682,3<31.57 776, 094, 602,345.44| 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. 4, 753,140.37 31,703,642.52 160,141.69 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 54 87; 833. 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,i, 911.25 36,523,,046.13 ,295,541,,114." 134,433, 738.44 136 REPORT ON T H E FINANCE^. TABLE K.—STATEMENT OF THE DISBURSEMENTS OF THE "UNITEB Year. 1865. 1866. War. Total 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 a77,992.17 103,369,211.42 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 Navy. 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 1,139,344,081.95 165,301,654.76 602,689,619.27 6,655,461,069.70 7,611,003. 562,374,677,103.12 8,037,749,176. 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 96, 757,575.11 425,865,222.64 280,607 668. 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, 438.253.78 556,158. 70 14, 14, 436,986.21 297.026.87 15, 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, 000,000 000,000 781, 024,781 25, 773, 273,509 25, 000,000 418,734 738, 264,550 .62, 697, 216,341 65, 837,506 047,907 687, 743,069 102, 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 1,112,956,637 142,260 621, 076,937 1,131, 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 1,21:3,780,289 785,969 675, 788,473 1,397, 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, 296,042 915, 179,376 2,154, 797,215 956, 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 • 716,553,578 715, 351,180 722, 868,461 741, 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 $88,357,950 18,529,280 Total transactions. Issued. $1,000 $1,000 13,400 13,400 500 500 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 18,187,720 370,000 1,600,000 15,806,500 17,676,500 155,052,050 ,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 408 362 1 19 7 34 2 1 737 4 7 78 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 1,374 920 1 3 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 6,940 269 295 217 104 210 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 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 69 282 429 47 241 542,637.32 445,883.49 172,690. 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 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 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' 4 251 357 343 327 88 164 994 7 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 6 28 399 11 25 2,623 916 2,678 7 88 74 143 4 10 136 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 6,495 228 207 324 65 165 137.06 510,888.43 229.14 612,264.90 18,066 544 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 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 11 1,668 126 186 189 314 158 20 44 231 200 121 100 71 9 3 30,520 91.35 597,615. 62 1.20 361.88 1,030,205.14 21,206.13 131.76 287,102,948.73 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 2.50 291,081,942.84 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 Account. 1908. 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, OOO Chicago 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. Gold certificates Silver certificates.. Treasury notes Total Outstandmg June 30, 1908. Issued. Redeemed. $678,244,869 475,777,000 5,988,000 $378,360,000 302,356,000 $236,821,000 303,783,000 1,006,000 $819,783,869 474,350,000 4,982,000 1,160,009,869 680,716,000 541,610,000 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 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 . . . Aggregate J u n e 30, 1908. O c t o b e r 1,1908. J u n e 30, 1907: • 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 . $117,926,917.16 11,998,283. 01 178,741,438.52 160,356,999.70 129,925,200.17 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. 06 181,785,924.05 162,361,286.77 134,622,071.16 380,073,545.54 362,370,513.73 294,614,154.93 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. June Rates. Held 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 (a) Total 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 2 3 4 758,000 471,000 496,600 202,000 783,000 595,000 471,600 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 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 state, Territory, etc. Maine. New Hampshire Vermont. Massachusetts... Rhode Island Connecticut Number of depositaries. 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 . .. . ... Total New England States New York New Jersey Pennsylvania . Delaware Maryland District of Columbia Total Eastern States • 124 9,327,434.39 99 22 151 2 38 11 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 Per cent. Amount of bonds pledged to secure public deposits. $704,000.00 1,256,000.00 725,000.00 6,255,000.00 505,500.00 1,213,000.00 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. s t a t e , Territory, etc. 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 Total S o u t h e r n Slates Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa. Missouri ' . Total Middle Western S t a t e s . . . North Dakota South Dakota. Nebraska Kansas Montana Wyoming " Colorado N e w Mexico Oklahoma' T o t a l W e s t e r n States Washington Oregon California Idaho. Utah. .Nevada Arizona Alaska . .•. Total Pacific States Cuba Hawaii Porto Rico Total islands Aggregate U n i t e d States Number of depositaries. 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 $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 29,149,100. 51 88 70 65 32 30 29 63 33 -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 41,219,095.22 8 13 32 46 13 12 20 6 24 499,945.00 692,976.12 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 12.387 501 27 17 16 36 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 1 766,777.93 305,296.56 301,641. 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 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.,An178.)itemized statement of the unavailable funds will be found 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 United States notes Treasury notes of 1890 National-bank notes Total notes Aggregate metallic and notes Gold certificates Silver certificates Total certificates 3561,697,371 81,710,444 121,777,401 $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 14,546 565 342,270 055 5,975 535 589,242 125 346,681,016 5,988,000 603,788,690 18,969,991 937,487,715 1,412,888,076 1,702,672 931 78,352 570 5,565 775 600,072 299 470,211 225 83,918 345 Aggregate . 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 66,685,237 339,396 322 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 Total notes Aggregate metallic and notes Gold certificates . Silver certificates 73,988,401 976,008 532 1,049,996,933 1,589,003,856 1,789,760,164 3,378,764,020 39,947,250 9,071,295 782,976,619 465,278,705 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. Ten dollars Twenty dollars Fiftydollars One hundred dollars., Five hundred dollars. One thousand dollars. Five thousand dollars Ten thousand dollars. Total Outstanding June 30, 1907.1 Outstanding June 30,1908. Issued. 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 . Total Per cent of increase . July 1, 1906. 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 $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 of years expe- lifetime 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 All denominations 64,704,000 24,904,000 24,148,000 10,468,000 1,788,000 23,500 180,000 52,568 111,310/996 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 45,014,326 115,260,259 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 average ber of life issued to lifetime of years expeOctober 31, rienced each 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. 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 , Amount. Fiscal year 1908. 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 12 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 41,587,941 150,791,000 0.1 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: July August. September . . First quarter October . . November ., December. . January '. February.. March April May June.. 1907. 1908. $2,246,930.60 2,960,175.60 3,878,762.40 $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 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. $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 $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 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. Total 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 1,134,300.10 627.99 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- 888 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 35,683,034.00 159,000.00 19,000.00 40,000.00 16,000.00 37,000.00 10,000. 00 355,000.00 100,000.00 300,000.00 574,000.00 118,000.00 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. 65,000.00 a Total Silver dollars and certificates. $65,000.00 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 . Chicago— Tn A u g u s t I n October In November. I n December Total 15,963,034.00 $40,000.00 $60,000.00 100,000.00 2,800,000.00 900,000.00 500,000.00 1,500,000.00 550,000.00 100,000.00 150,000.00 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 .. Total °. 350,000.00 350,000.00 900,000.00 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. . 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 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 345,000.00 400,000.00 50,000.00 30,000.00 20,000.00 350,000. 00 400,000. 00 100,000. 00 795,000. 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 ... . . . . . 300,000.00 300,000.00 5,000.00 50,000.00 40,000.00 90,000.00 40,000.00 175,000.00 900,000.00 300,000. 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 Total St. Louis— In August In September. o ;.. 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 Total Paid by the Treasurer and assistant treasurers of the United States: Washington— In March In October In November In December . Total Chicago— Tn August In November In December' Total Cincinnati— In November In December Total New Orleans— In January . In February . In March . In April In July . In August In September . . In October In November In December 1,000,000.00 1,000,000.00 250,000.00 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 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. OU 1,775,000.00 4,389,000.00 35,192,157.95 17,269,893.54 69,628,189.99 37,000.00 69,665,189.99 300,000. 00 200,000. 00 200,000.00 3,000.00 , ' 703,000.00 703,000. 00 100,000.00 100,000.00 372,000.00 200,000.00 372,000 00 200,000.00 572,000.00 572,000.00 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 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 In November December Total.. $500,000.00 500,000.00 300,000.00 200,000.00 200,000.00 3,000.00 Total . . . Baltimore— In October Boston— In Tn November Dftcembftr $500,000.00 500,000.00 . 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— Mint, Denver— Tn F e b r n a r v N e w Orleans— Tn Tanuarv Tn S e n t e m b e r Total Philadelphia—,,, San F r a n c i s c o - Total 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. - ... 30,000. 00 30,000. 00 100,000. 00 100,000. 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: Oflice. Philadelphia San Francisco New Orleans Denver New York.. Carson Boise Helena Charlotte St. Louis . Deadwood Seattle .' Total 1906. 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. 47 151,595,202.33 174,646,049.43 197,227,321.26 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. Account. 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 Gold coin and certificatco 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 1,337,826,564 490,126,288 409,927,275 138,693,568 302,982,418 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 Total . . ! $820,158 23,382,527 123,610,000 185,842 3,707,194 277,211,670 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 1,505 470,142 10 5 12,154 21 402,404 549,159 20,041 1 733,690 1,312,785 2,734,294 Nationalbank notes. 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. Account. Gold coin. S t a n d a r d silver dollars. $3,650 13,685 14,607 6,005 3,671 343,578 $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 .". Total $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 1,168,360 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 1,683,731 373,233 1 861,096 .838,240 132,212 50,000 4,320 179,650 896,566 9,491 1,421,405 2,008,286 2,803,527 5,201,977 Nationalb a n k notes. 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. 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 . . ^ '.. Total $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 $3,924,720 438,440 1,004,780 399,900 393,160 18,644,706 101,960 10,465 265,110 25,680 1,164,230 18,285,350 8,580,000 7,492,866 8,012,579 51,951,846 16,156,664 304,300 2,636,440 669,000 3,827,500 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. Customs Internal revenue. Miscellaneous Disbursing officers Post-Office Department.. Transfers Gold bars . . . Standard silver dollars Subsidiary silver. M i n o r r^nin Gold eertificates Redemption and exchange Special customs deposit. Issues $6,141,931 118,640 147,178 130,465 52,710 4,212,874 $66,446 $484 4,700 14,177 36,023 47,892 3,260 60 875 125 247 10,906 11,199 881,966 16 499 $2,003,572 100 8,730 582,854 509,869 22,840,692 78,120,740 5,820,240 18,126,042 123 74,579,934 2,539 179,831 88,927,838 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 ... Total .. Account. 8,500 15,600 610,990 40,922,989 74,480,106 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. 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. Customs Internal revenue Miscellaneous Disbursing officers. Post-0 ffice Department Transfers.. Standard silver dollars Subsidiary silver Minor coin Gold certificates Redemption and exchange Issues Total $739,478 $5,920 $920 482,025 77,030 60,228 5,298,295 8,437 24,920 5,691 3,251 637 14,742 7,667 931,309 $621,814_ 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 1,788,600 736 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 Total 1,207,010 2,254,006 521,000 \ T 20,000 130.000 800,450 55 287 4,068,900 255,000 1,964,949 9,266,421 3,753,736 Nationalb a n k notes. Gold certificates. Silver , certificates. $15,635,961 $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 11 13,631 $2,586 4 988 126 1,784 320,752 2,900 200 .• Total $553,968 5 181,301 138,143 499,082 4,600,897 $2,194 78,690 7,662 1,628 794 1,089 23,767 3,000 650 821 3,824,886 15,300 1,360,430 2,460,010 482 7,499,746 4,633 6,381,792 1,389,952 2,776,732 13,559,294 38,576 338,000 925,800 43,000 62,568 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. Account. 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 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 Total 1,547,303 $5,781,908 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 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 18,005 11 61,600 127,800 657,600 45,500 o-. 4,000 3,000 Total Account. 723,000 22,000 2,000 1,700 172,058 274,900 203,724 2,319,575 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 $4 1 9 4 73 40,024 972,300 28,000 777,350 15,350 $169,114 39,093 38,993 137,163 308,693 7,242,296 3,655,660 226,379 110,832 $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 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 Total $220 466 3,330 7,166 103,350 32,509,321 10,372,210 7,113,740 14,693,015 63,920 44,874,321 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 Account. Minor coin. 166,000 NationalGold bank notes. certificates. 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 Total $1,200 13.541 3, OOO 39,500 680,000 3,010,495 0,766,863 6,707,808 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 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 Account. 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 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. 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 Total $10,780 $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 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... . . Total Account. .... 5,000 96,642 90,172 3,000 • 6,000 13,000 9,519 36,500 781,000 1,416,675 900 75,400 20 000 20,900 267,214 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 $17,075 $7,662 $30,890 $90 732,754 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 2,078 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 • 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 Total $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 43,680,767 119 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 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 . 30,738,417 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 Denver. Helena. 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 Aggregate. $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 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. . •. 14 Gold bullion. Total. $1,067,146,188 422,411,341 634,733,847 $124,133,899 124,133,899 $1,181,279,087 646,546,240 634,733,847 1,063,643,861 430,189,266 633,454,685 134,387,642 114,387,642 1,178,031,493 544,576,908 633,454,686 1,063,358,703 428,163,942 635,194,761 116,182,087 115,182,087 1,178,640,790 643,346,029 635,194,761 1,067,066,189 429,633,237 637,432,952 116,586,538 116,586,638 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 1,094,346,709 473,969,560 620,376,169 173,388,240 173,388,240 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. 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 Gold certificates. 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 .58 160,654,952 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 5,064^571 92 220,270,625 236,548^321 107 266,920,155, 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, 84,676,091 359,491,,500 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, 92,446,267 372,921,,989 1,187 89,011,127 373,326, 1,898 88,418,172 375,168, 83,346,641 388,886,,114 93,644,916 378,291,,444 1,710 94,348,319 383,450, 95,103,776 389,417,,184 92,585,635 378,637,,403 98,611,634 369,237,,430 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 91,018,526 304,081,,579 ;,365 95,090,270 297,976, 92,716,852 301,414,,163 :,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, 88,715,872 29.0,681,,839 90,762,960 291,821,,624 ;,681 88,978,607 284,318, 90,303,965 281,141,,378 80,622,647 295,477,,492 90,856,319 279,865,,731 ',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, 110,868,962 400,154,,'664 ;,003 115,775,938 402,868, ;,343 116,093,875 401,388, 1,665 111,949,847 407,629, 108,012,100 422,061,,445 121,141,786 388,574, 114,790,492 386,660, 119,999,984 389,561,,314 115,278,235 ',019 387,227, 105,056,156 400,551,,013 116,259,804 1,991 419,519, ',301 117,862,858 416,417, i,804 118,891,769 418,845, 120,961,641 412,608,,191 121,612,506 401,596,,988 1,256 121,847,900 390,933, 117,199,166 395,171,,348 129,693,987 353,628,,173 116,372,014 339,890,,139 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 1,779,,680,664 1,814,,600,028 1,830,147,442 1,825,868,701 1,839,050,363 1,817,636,025i 1,814,626,383 1,791,,038,029 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 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....: . . . 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 Total redeemed. 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.. Total. 1903. Twenty dollars FiftydoUars One hundred dollars... Five hundred dollars.. One thousand dollars.. Five thousand dollars., Ten thousand doUars.. Total. 1904. Twenty dollars Fiftydollars One hundred dollars... Five hundred dollars,. One thousand dollars.. Five thousand dollars. Ten thousand doUars.. Total. 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. Issued dur- Total issued. Redeemed during year. ing year. 1902. Total redeemed. Outstanding. $47,840,000 8,800,000 12,400,000 4,300,000 11,800,000 2,000,000 42,740,000 $166,720,000 52,200,000 83,034,300 76,244,000 225,581,000 603,035,000 761,000,000 $15,704,800 4,127,900 4,992,900 2,057,000 3,093,000 740,000 41,540,000 $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 88,950,000 129,880,000 1,967,814,300 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 52,660,000 168,430,000 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 51,670,000 214,770,000 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 64,665,000 114,160,000 194,710,000 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 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 28,868,443.00 800,000 1, 472,201,760 112,494,045.00 1,199,266,655.50 080,000 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. Ten dollars Twenty dollars FiftydoUars One hundred dollars Five hundred dollars One thousand dollars Total Total redeemed. Outstanding. $23,285,200 30,125,840 60,824,000 45,094,400 67,846,000 39,420 000 $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 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. Ten dollars Twenty dollars Fifty dollars One hundred dollars Five hundred dollars One thousand dollars . . ... Total Unknown, destroved Net Total redeemed. Outstanding. $6,200,000 16,440,000 20,945,600 37,804,400 40,302,000 89,308,000 $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 10 210,932 160 10,590 67,850 10,590 211,000,000 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. 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 s e n t t o clearing house. 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 14,633i, 639.38 8,856i, 068.88 2i,6io;1,293.93 12,306,,685.98 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 6,113,,882.74 11,579,,265.85 8,007,, 801. 47 8,049,.918.26 23,151',140.18 11,010, 688.97 13,069, 329.03 20,622,059. 20 16,566,328.90 13,493, 739.20 25,289,,704 30 14,751,, 589. 4010,147:, 199. 4310,180,,955.97 461,,920.93 ,922.08 36,797:,488.99 27,282:.138.77 31,087 409.00 42,887, 428.67' 40,379,948.12 41,369, 444.03 47,276 063.24 40,408,,333.30 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 . . 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 Idaho. 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 Illinois. 390,000.00 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 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 50,000.00 189,000.00 46,889.0068,670.30 74,801.30 186,881. 47 .49,984. 93 162,796. 32 500,456.90 294,176.45- Hawaii. 97,845. 63 50,000.00 242,482.96 360,243.40 222,679.68 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 85,000.00 650,000.00 51,837.81 133,052.21 300,766.91 48,809. 73. 103,746.18 60,000.00 49,927.04 49,690.16 •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 1-1 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 $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, 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 Maryland. 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 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. 50,000.00 49,968.36 199,840. 57 50,000.00 53,000.00 99,930.18 100,000.00 100,000.00 80,161. 01 50,000.00 108,600.00 268,698. 26 98,360.13 362,117.08 294,863. 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. 63,003. 04 60,000. 00 67,500.00 96,240. 95 74,995.99 Kansas. $50,000.00 Louisiana. New Orleans National Bank, New Orleans Whitney Central National Bank, New Orleans 70,000.00 100,862.82 211,250.28 86,979.56 70,000.00 79,903.10 50,000. 00 60,000.00 To the credit of the Treasurer of the United States and Uinted States disbursing officers. 96,491.66 60,000.00 97,67L13 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 $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 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 60,288.94 70,000.00 204,649. 67 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 $36,095.33 381,000.00 New Jersey. 150,000.00 499,922.72 To the credit of the Treasurer of the United States and United States disbursing officers. 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 1,104,725.32 a I n liquidation. 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. OO 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 CO 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 $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 To the credit ofthe Treasurer of the United States. $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 ' $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 To the credit ofthe Treasurer of the United States. $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 OO 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 CO 60, ooa CO 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.. $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 To thie credit ofthe Treasurer of the United States. $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 o n d s held N u m b e r to 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 transpaid by to Treasury Warrants banks. ferred to banks. ferred 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. Where paid. Treasury United States, Wasliington Subtreasury United States, New York Total . . . Coupons. Checks. $3,69a 81 16,541.70 $10,648.50 366,255.50 $14,148.31 380,797.20 19,14L61 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 1,086,815.26 4,350.00 5, ooa 00 2,860.00 18,270.00 33,105,67a 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. OO 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 ,157,640 895,,157,630 896,1,157,630 895;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 1,158,240 1,158,340 1,158,720 895,1,158,700 1,158,680 1,158,940 1,169,120 895,,159,140 i, 159,180 i, 159,170 1,159,170 1,159,160 i, 159,150 896; i, 159,140 ,159,090 922,!, 133,380 925,,159,200 926,,159,250 925,', 169,190 922,1,717,880 922;1,020,560 920,1,099,510 908!, 233,660 901:,668,630 ',972,780 ,834,280 858,1,685,510 1,685,510 868, 868,1,685,610 858',1,685,610 1,603,010 1,210,050 1,753,990 1,753,990 ,503,990 •,503,990 ',603,990 ,503,990 ,603,990 ',603,990 897,,253,990 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 48,808, 438. 00 3,867, 625.26 353,696,,672.78 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. F i v e p e r cent account. 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. 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. Month., 1907—July August... September October... November, December. 1908—January... February. March April May June Total... F o r notes redeemed. Transfers a n d repayments. T o t a l disbursements. $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 $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 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. 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 Outstanding, 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. and Counter''Overs." "Shorts." Referred rejected. 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 OO 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 and Assessments. Transfers 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. 1895. 1896. 1897. 1900., 1901., 1902. 1903. 1904., 1905., 1906., 1907. 1908.. $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 $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 $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 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 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 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'' Total $12,377,478. 38 349,634,341. 42 41,978.85 $4,916,173,79a 79 597,633.76 362,053,798.65 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 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. 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906. 1907 1908 . Average redeemable. 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 . Division. Maine New Hampshire Vermont Massachusetts Boston. R h o d e Island . Co:rmecticut .... New England . New York N e w Y o r k City N e w Jersey Pennsylvania Philadelphia Delaware.... Maryland Baltimore District of Columbia . . . ... 1899 1900 1901 1902 1903 • 1904 1905 1906 40.86 43.41 4 a 81 48.31 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 4a 07 48.22 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 47.23 43.55 58.37 5 a 03 62.14 73.25 77.39 67.10 47.36 47.85 45.76 5 a 60 64.84 73.07 65.65 4L69 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. unExpended. Balance expended. $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 ELECTROLYTICAL Lowest number pieces single die. 146 66 53 16 323 259 374 356 545 Obv. Obv. Obv. Obv. Obv. Rev. Obv. Obv. Obv. 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 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 27,126,098 90,500,530 8,740 504,671.59 1,683,730.79 162.60 118,018 2,195.68 17,228,245 26,056 31,156,105 2,153,400 39.93 2,232 41.53 470,206,487 Value. 13,615,178 $253,305.64 241,530 13,381 4,493.59 248.94 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 69,979 Standard ounces. 1,115.03 8,748,027.68 3,387,664,874 63,026,323.23 Standard ounces. Value. 2,908,043 $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 1,086.40 1,159 21.66 423,305,905 159,350,825 87,425,896 2,287,844 7,875,458.70 2,964,666.50 1,626,528.30 42,564.54 41,189,670 766,319.44 958,934 17,336,550 17,840.63 322,521.86 735,637,923 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 3, 416, 437.149 20.933 909,375.614 20.933 909,376.614 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. 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 Total 2,947,764.49 3,430,126.05 344,901.00 401,339.35 Standard ounces. Coining value. 33,313.80 2,934.57 $38,766.14 3,414.77 24,130. 07 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 12,925.58 149,971.50 174,512.28 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. Std. ozs. Helena. Seattle. Std. ozs. Std. ozs. .59 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. Grand total 6,407,765.624 119,214,058.11 , 3,298,432. 44 3,838,176.87 17,566,365.000 326,630,042.44 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— 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. Total Total. Domestic bullion. 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 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. Gold.... Silver, s u b s i d i a r y Nickels, 5-cent pieces Bronze, 1-cent pieces. Total Value. 10,984,878 69,166,063 22,686,002 81,170,812 $197,238,377.50 16,630,477.25 1,134,300.10 811,708.12 184,007,755 215,714,862.97 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 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. 613,848,141 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 $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 16,630,477.25 607,259,120 198,534,387.84 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 .• * ..... Total. > 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 4,034,412 600 600 500 500 600 500 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: Denomination. Silver: Pesos 50 centavos 20 centavos • 10 centavos Nickel: 5 centavos Bronze: 1 centavo. .• ^ centavo ; . . . Made at Philadelphia mint. 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 10,000,384 37,845,784 17,753,384 37,846,784 17,753,384 86,961,734 RECOINAGE Total. 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: '^ Denomination. Peso 50 centavos 20 centavos 10 centavos Mixed Philippine coins Total Pieces. Standard ounces. 15,128,000 2,850,000 2,215,000 3,690,000 319 13,108,334.90 1,233,414.16 382,404.85 318,665.89 78.15 23,883.319 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 3,198,095.55 237,018.86 81,265.97 1,616,422.61 $3,721,420.27 276,803.76 94,564.04 1,880,928.13 4,961,444.693 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. Philadelphia San Francisco New Orleans Denver «. New York b •. 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 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. Total. 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. Total Cost. 16,262,297.05 $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 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. Mint at Philadelphia Mint at San Francisco Mint at New Orleans Mint at Denver Assay ofiice at New York Total Cost. 4,666,213.37 3,065,316.38 4,485,679.91 4,367,265.89 2,237,139.95 $2,453,680.95 1,612,864.04 2,412,168.07 2,277,463.25 1,166,959.69 18,821,614.60 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 1,619,018.37 869,838.61 3,609.39 7,326.16 1,925.73 4,369.10 10,384.28 5,647.67 1,873,101.64 990,056.02 1,519,018.37 $95,414.00 $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 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 > 4,185,206.632,310,686.31 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 York exchange ofNew monthly fine bar exchange at par price and silver. ($4.8665). on London. average rate 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 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. 17,949. 83 12,923.36 i i s , 760.38 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 . Total Siu-plus bullion. products. $90,195.11 82,129. 40 3,460.21 34,632.46 107,095.77 $3,149.27 8,605,99 2,211.90 14,952.98 877. 44 $8,302^22 1,258.17 317,512.95 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 Total Salaries Wages of workmen Total 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 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 2,925.00 225.50 4.80 1,287.06 8,843.18 310,843.18 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 6 2 17 16 . 7 16 2 3 7 17 13 18 24 16 11 6 900.061 899. 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. Gold Silver Total Redeposits. 3,338 920 3,151 20 4,268 3,171 Standard ounces. 6,621,472.076 6,637,658.74 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. . - Total Ingots. Anodes. Deposits. Special. Total. 381 916 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. Metal. Bars. 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 . . . . Total 6,744,415 272,935 561,913 65 $114,888,300.00 2,729,350.00 2,759,566.00 162. 50 6,569,328 120,377,377.50 2,170,646 6,966,545 18,580,645 1,086,272. 60 1,489,136.25 1,868,064.50 26,707)635 4,432,463.25 22,686,002 81,170,812 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 . .. .' . . . . Total Nominal value. 183 2,418 69,685 165 2,620 1,774 §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. Bronze 1-cent blanks Nickel 6-cent blanks Total Cost. 369,000 .60,000 $138,744.00 26,350.00 429,000 164,094.00 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. Copper cents Copper half cents... Copper nickel cents. Bronze cents Bronze 2-cent pieces Nickel 3-cent pieces. Nickel 5-cent pieces. Total 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 30,716,844.55 802,157.85 318,026.56 339,328.-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 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. --- Total Seigniorage. $3,695,463.26 1,760,255.65 $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, OOO 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 • Total Silver: Half dollars Quarter dollars Dimes Total -.. . Value. 2,165,800 210,600 $43,316,000.00 2,106,000.00 2,376,300 45,421,000.00 2,172,828 1,388,000 4,565,000 1,086,414.00 347,000.00 456,500.00 8,125,828 1,889,914.00 P H I L I P P I N E ISLANDS. Denomination. Pesos 50 centavos 20 centavos 10 centavos Pieces. . . . Total . . . . -- - - --- -- - Value. 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 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. General Assayer's Melter and refiners Coiner's Male. : Total Female. Total. 87 17 61 70 1 0 0 81 88 17 61 151 236 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 Total Deposits. Standard ounces. Coining value. 780 100 46,296.675