THE
OREGON DAILY JOURNAL. PORTLAND, WEDNESDAY EVENING. DECEMBER 8, 1908.
LARGE DEFIGIT
CONFROHTS
COUfJTRV
Xcarly Sixty Millions in Ex
cess of Receipts, Says Sec
retary' of Treasury Cortel
you Fiscal Year Short
age of 1910 to- Ik Greater.
Washington. Dec. 9. According to the
anirial rrtof fiearetary of the Treaa
ury George B. Cortelyou, presented to
congress today, the fovernirient expen
diture for the fiscal year ending June
10. 1908, exceeded receipts oy m sum
nt irr dt m.6. This-Is a marked ro-
rsrsai of condition from the previous
year, when receipt exceeaei) aiaouw
menta by 84.326,68 SO.
A still greater deficit Is anticipated
for the present fiscal year which will
end next June. For this period Beere
. tary Cortelyou estimates that expendl-
... ... . . M i t . J AAA
turea wJU exceed receipts vy iit.vvv,
AAA
An eveh Maier Iclt is expected for
the fiscal year ending June su, hid,
as the estimated requirements of the
.various departments of the government
are already more than $143,000,000 in
excess of estimated revenues.
Tho rtpflHt for the last fiscal year is
attributed to increased appropriations by
oongreBS and to the unusual expendi
tures entailed by the recent panic. The
report says- . . .
- Operation of the Treasury.
i "The reeetpts -and disbursements of
-the government for the fiscal year 1908
show a reversal of condition as com
pared with the fiscal year 1907: For the
fiscal year 1907 the receipts were $84.
236.686.30 in excess of the disburse
ments; for the fiscal year , 1908 the dls--bursemen-ts
were J5i.070.201. 15 In ex
cess of the receipts, due to business
depression .and Jncf eased appropriations.
"Fortunately, the available cash bal
ance 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 fn the financial panic which,
starting in New Tork City, gradually ex
tended over the entire country.
"Through these operations the amount
of public deposits . with banks reached
$236.4,i21.0S -November SO, 1.907, and
on December 27, 1907. the maximum'
of $269,894,271.77 was attained. after
which it was decreased to $266,920,164.70
by the close of the month. Further
withdrawals were soon aftr begun -and"
continued" ffonv tlma to' time until on
November 16. 1908, the amount stood
at $n8,3J.a.
"In the month of January, 190K, there
was -a. frfer. circulation .of money than
had prevailed for the previous three
months. . large ampunts were returned
to the money centers, and some of the
fleiJosftaries therein voluntarily returned
to the treasury a part of their holllnfcs
of public deposits. In amount $3,978,217.
In- the latter rant . of January- a call
was mafie on the depository banks of
jnbw lorn cny tor ib.sau.poo, to be paid
In six equal installments, from and
after January 23. The balance In the
banks to the credit of the general fund
t the end of. January was $226,341,
4 18. 85.
"During the month of February de
pository banks voluntarily returned to
the treasury lf.770.O04 of public de
posltst and February 1 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 flie -public debt show
an Increase of interest bearing debt of
$2,669,710 for -the -fiscal' year. How
ever, if the issue of Panama canal bonds
were excluded.- a 'net decrease In "the
Interest-bearine debt would be shown of
$21,962,270. The nonlnterest bearing
debt was Increased $27,842,500, as fol-
low: ..... ....
"Matured loans, not yet pre
sented . $ 8,043.200
National hank notes, redemp
tion acceunt 24, 800.4 0
Less fractional
deemed
currency re-
$27,843,680
1,180
Net $27,842,600
"The aggregate of trust funds, con
sisting of gold coin and standard sliver
dollars, h?ld for the redemption of cer
tificates and notes for which tlipv are
respectively pledged, increased $139 106
"000 during the vear. The lnrrease In
gold coin was $141,639,000, whUe stand
ard sliver dollars decreased $2,433,000.
Monetary Stock.
t, "The monetary stock increased $263,
303,013 during the fiscal vear. The
growth in gold was $1 51,744,391; In sil
ver, $17.919 395; and In national bank
. notes, $94,545,227. while there was a
decrease of $1,006,000 In treasure nntei
Of 1890. At the close of the fiscal year
1908 the money in circulation imnuiiti
to Sft.038.015.488, or a per -aplta of
$84.72. The percentnge of goM to total
circulation was 45.95
; "The lsu of Vnifed States paper
currency during the fiscal y. ar num
' ; bered 188.999.912 pieces, of the total
value of $804 326,000. The redemptions
. $665,220,000. Gold certlflrntos ntit-
f standing Increased $141,639,000. while
silver certificates decreased M 47 flnn
j 'There was an lnerase of $94 545 ' "'7
, W the volume of national hank notes
i during the past fiscal vrar. The amount
? resented for redemption was J34J f'A -41,
as against $240,314,6S1 f,,r '1 307
, The expense incurred for such redemp
tions were $270,840.21, which has been
assessed on the banks at the rate of
$0.90366 per $1000 of notes redeemed.
"The United States bonds pledged to
secure circulation amounted to $628,
172.130 June 10, 1908, an Increase of
$69,807,470 during the fiscal year. The
United States bonds and other obliga
tions on the same date held to secure
public 'deposits In national banks aggre
gated $180,509,419.25. a decrease of $12,
734. 633.63 for the year. - .
"The moneys presented for redemp
tion and exchange at the treasury and
Fiibtreasuj-v offices during the fiscal
year ISO amounted to $1,837,826,664
as against J.1.0Z6, 878,500 In 1907.
Increase of Currency.
"During the last half of the fiscal
vear the treasury has been confronted
with an extraordinary increase In the
I nited t-tates paper currency and na
tional bank, notes presented tor redemp
tion.
'There was redeemed in December,
1907. of United Slates paper currency,
J3O.4S7.0O0; In January, 1908, $48,327,000
was reueemea, an increase or over 68
per centj In February, $60,600,000;
iami. Di.foj,vvu; April, 9D0,ut4,uuu;
May. $70,476,000. and June. 169 89 000
The Increase for the year was 14.1 ner
cent.
The same condition was exnoHonced
with regard to national bank notes. Of
these there was redeemed In December
ii.J6,uuo; in January. 143,425,868;
reoruary, xzv.kzv.uuu: March. 138.949.
MOA- Anrfl ti9 401 AAA. 1.. .is of 4 AAA
and June, $45,121,000. The increase of
national bank uou-s redeemed for thf,
nscai year was 40. t per corn.
on June 3D. 1SOS. ovine to an en
tirely lnadeouate force of emDloves In
the office of the trttaaurer. thnr had
accumulated for redemption purposes,
of United States paper, currepcy. $1.466,
238; of national bank notes, 161277,880,
as compared with $12,377,478 at the
close or trie previous fiscal year, an In
crease over normal of 403.1 per cent.
The amount of bank notes has, however,
been materially reduced. On November
16, 1108, the amount was $19,826,669. a
reduction of $48,619,985.
"The treasury holding of gold st the
cioae oi we nscai year ivut "was JU4,-
CQ1 TlAlj t.,. aA iani a
to $1,004,888,682.18, mix Increase of $100,-
I,IDi.Vt.
"The redemptions from the reserve
fund during the iait fiscal year were.
In United States notes, $21,182,827, in
treasury notes of 1890, $41,505, a total
of $21,224,332.
Standard Silver Dollars.
"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 sovornment
expense, and on June 30, 1908, there
were $76,328,667 in -circulation. The
amount of subsidiary silver shipped at
government expense for transportation
was $31,438,830.99. The average rato
for transportation was $2.4 6 per $1000.
"The available cash balance in the
general fund at the close of the fiscal
year 1908 was $245,171,808.46, a de
crease of $26,889,637.01.
"The amount of the interest bearing!
debt outstanding October 81, 1908, was
Y,2ti3.au, or wnicn the treasurer of
the United States held as security for
circulating notes and public deposits
nonas or tne race value or v iu,899,60.
Deducting the $13,936,600 of 8 per cent
certificates of indebtedness which were
redeemed in November, the amount of
interest bearing debt was reduced to
$883,317,490."
The total public debt at the close
of the fiscal year (June 80, 1908), In
cluding Interest bearing and non-Interest
bearing obligations, and Including
also outstanding goia ana silver cer
tificates and treasury notes, Is given as
$Z,eZ,aU6,X'l.S4.
FORBES
M
MCEjUpOR
Massachusetts Man Will Aid
Governor Smith in the
Philippines.
(United Press Leised Wire.)
Washington, Dec. 9. The president
today sent the following -nominations to
the senate:
Vice governor of the Philippines. W.
Cameron Forbes of Massachusetts.
Members of the Philippine oommts
lon. Newton Gilbert of Indiana and
Itafael Palma of the Philippines.
25
urn niwni
flLH DIILII
OP FOB LOST
(I'nlt.d Press LesMfl Wlrs.)
Duluth, Minn., Deo. 9. All hope for
tne satety or 26 men comrtrlsing the
crew or tne steam rreignter Clemson
was abandoned today when 23 hatch
covers came ashore near here. A de
scription of the covers has convinced
the officials of the Provident Steam
ship company that they were parts of
me ucmson.
CHAMBERLAIN WILL
NOT DISCUSS POLITICS
Rheumatism Csused
?; By Dyspepsia
By John K. Lathrop.
Washington. Dec. 9. On the same dav
with tiie mf-etinir of the conservation
conference appeared In the Washington
papers a lengthy statement by Senator
l-'ulton In which he asserted that Cham
berlain's oloction In June was "accom
plished by Democratic frauds," through
registration of Democrats as Repub
licans to vote for Cake In the primary
as the weaker man of the two Repub
lican candidates to run against Cham-bt-rlaln.
Chamberlain's friends here
fouRht to avoid a quarrel between Ore
gon's governor and senior senator,
yielding to Chamberlain's request yes
terday not to mar an occasion when
goon leenn" otherwise ruled on every
fido. Some of them fear, however, that
Fulton's alving out a formal statement
lays on them the duty of accepting the
"L uamc, una n may transpire tnat
the facts relating to the entire affair
rna(v be given to the public here.
-Numerous newspaper men have sought
to interview Chamberlain, who contents
himself with saying "I have been
treated with such fine courtesy In
Washington by men of all parties that
I must rpfraln from dragging In poll
t ics at this time."
So Claim Mamy Eminent Doctors Upon
Recent Scientific Investigation.
j A large school of physicians which
is constantlr Increasing, claims that the
atlng of too much animal foods creates
an over supply of protelds, which are
composed of carbon, hydrogen, nitrogen
oxygen and sulphur, and that when
such protelds are lmperfectlv digosted
and go into the blood they create vast
quantities of nitrogen which the oxy-
i gen from the lungs cannot neutralize
and hence results, uric acid and rheu-
- tnatlsm and scores of other diseases
These protelds do not permit the as
similation processes to take placo prop
erly and poisoning results all throuch
tbe blood
However, If such protelds are perfect
ly digested they, form a most valuable
Part of - our food--.and are hnl,,t, h-
necessary to life? .
The fault-then j-esta with the stom
ach and the digestive apparatus. ,
Hence it Is claimed by these latter
.day authorities that rheumatism arises
in in stomacii or tnrougn the stomach
and not In the kidneys aa some medical
authorities' teach.
, Stuart's Dyspepsia Tablet cure dys
pepsia, reduce rfotelda to their natural
rondttion best taken up by th.s system,
triv strength to the blood, rest the
stomach and invigorate and renew the
gastric- fluids. , pancreatic Juice sad the
llrwf tve Organs in gene-mL"
Vortr thousand- physicians use these
little d'gestera. anfljevery druggist- sells
them, hc per box of send us your name
nd address and we-will send you a
trial r-nrksg b mail free. AriHr.
V. A. f-tiisrt Co., 150 Stuart Bids;, Mur-J
GERMAN EDITOR
ROASTS THE KAISER
(United Ptms litrd Wlra.l
Berlin, Dec. 9 Declaring that the
resignation of Chancellor Von Bulow
has been delayed only by the Indecision
of the kaiser over what course to pur
sue. Dr. Leo l.elpzlger. In his own peri
odical, the Weekly Review, scathingly
denounces Emperor William In to
days Issue. The article declares tt,t
! the emperor la. "now, as always, a vis
um ui nis mooas.
SEASICK NEVADA
MAN A SUICIDE
(Tnlted Press Ltued Wtre.)
- New York. Dec. 9. Seasick and de
spondent because of the rough ocean
voyage. Benedict Imdorff of Tonopah,
Nev., a second cabin passenger on the
steamship Finland, shot and killed him
self while the vessel was at sea, on
November 30.
His death was reported to the authori
ties today on the arrival of the vessel.
MONTANA'S OFFICIAL
PRESIDENTIAL VOTE
(Special Dispstrfc to Tbs loanil l
0V. I5-, ,.9-Montnm' official
ore: Taft 22.3-33. Rrvan Da Tuk.
SELL BONDS OF .
THE CITY niOHOAY
On the advice from Citv Treasurer
Werleln, the ways and means committee
ef the council yesterday decided to wait
until next Monday to sell the $238,000
worth of Improvement bonds yet re
maining of the recent 1300,000 issue.
The treasurer assured the committee
that if it would agree to take all the bids
of 1 per cent or over every Txmd would
be sold, as a number of "buyers bad
promised to bid for .the enure amount. .
Keniamln I. Cohen of the Portland
Trust company had bid for 130,000
worth of bonds at par -and accrued In
terest He declared that the action vf
the committee in rerusing to'uuce sucn
bids was not authorised by the charter
and that the city's financial reputation
Is injured tiy the tactics of ths council
man. He said that the bonds are not
worth more than par, a statement wnicn
was flatly contradicted by Mr. Werlein,
who contends that they are well worth
a premium of 1 per cent.
Tomorrow (Thursday) positively the
last day ror aiscouni wesi siae gM
Don t OveriooK gas appliance ion.
"You Can't Skin Lennon's Kids
San Francisco
CHAS. F. BERG
Portland
A. T. LENNON
Seattle
J. D. LOUGHRY
enno?is
SI
LENNON'S Interchangeable Glove Orders, redeemable at all
times at LENNON S stores in San Fran
cisco, Portland, Seattle.
GREAT UMBRELLA SALE
For Holiday Gifts at Lcnnon's
Men's and Women's Unioa Taffeta, absolutely guar- Al Q
anteed best Paragon frames, $2.50 values. Special. ... tPl X o
Men's and Women's Guaranteed Waterproof Silks, beautiful
assortment handles to select from, Sfj.OO values. Aa Jf-
Special PaJ.tD
Mens and Women s Fine Taffeta Silk Umbrellas, f J f
$10.00 values -2)4.i7D
500 Boys' and Girls' Waterproof Umbrellas, $1.00 val-
ues. Special OC
VKBSEL&A8
recovered and re
paired on premises
at moderate prices
trMBKEI.I.AS
engraved free of
charge.
309
Morrison
Street
jXmas Snggesti(Di5
ManicuringSets
The best assortment in the city. We have
hundreds of sets to select from, and of vari
ous combinations. Prices $1.50 to $50.
Umbrellas
arc Always
Appreciated
We have a splendid line of Umbrellas' for
women. Prices $1.50 to $20.
1 MILITARY HAIR BRUSHES
91.00 to $10.00
COMBINATION SHAVING STANDS
, ?2.25 to $15.00
FINE SHAVING SETS
$1.50 to $15.00
BEST FOUNTAIN PENS
$1.00 to $27.50
LEATHER CIGAR CASES
50 to $10.00
CAMERAS' AND KODAKS
$1.00 to $00.00
Stationery in Fancy
Boxes
Comes in all
kinds of fancy
and beautiful
boxes, and
contains fine
aper of all
grades. Prices
351 to $10.
Jewel Cases Fountain Pens Kodaks
Cut Glass Gloves Perfumes Toilet
Sets Belts Pictures Calendars
Mirrors and hundreds of others.
A Fine Suitcase
or Bag
Biggest assortment on the coast all kinds,
sizes and styles. Prices $3 to $75.
A Gillette
V
Safety
Razor
u
Can be used by any man.
Put up in neat boxes. Prices
$5.00 to $22.50.
FIRST AND
MORRISON
OUTLET CLOTHING CO.
FIRST AND
MORRISON
Only Tlree Weeks
.Moire
writes Mrs. Matti Campbell, of Katdiff, Tex- if
gulleared tmtoid misery. It is hard to saj where mj
worst tuches were, for I ached all over. lAi timp J
wished for death to end 1117 suffering. KnaHy I de
cided to tabe Cardui, which has stopped my suffering
and made my life worth living. I would not bo badrJ
like I was, before I took that wonderful medicine,
CARDUI, for this whole world rolled at my feet"
TAKE
lZJZJ Li
O H ttS
II Will Help You
Why suffer female pain, when Cardui, Woman's
iceliel, is in every drug store, waning for you to give
it a trial! It has helped thousands of others. Why
not you! Female pain is a sign of female disease.
i v
Female disease is a sign of female
weakness. Weakness, disease and
pain, have been found to disappear,
by the use ?f Wine of Cardui . Try
it rAll reliable druggists sell it j
to take advantage of our slaughter
in prices.
DON'T WAIT
It will pay you to buy NOW if you
have to lay them away tor
future use.
Men's Suits Q or
$12.50 to $20 values, NOW tlel
Men's Overcoats Qr
$12 to $15 values... NOW vfvyO
Men's Craveneltes $0 TA
$15 to $20 values. . . . NOW VpOU V
Men's All Wool Underw'r 7ft o
Regular price $1.50 NOW v
Boys' Suits Q( qf
$3.50 to $5.00 values. NOW yUVW
Boys' Suits $ i r
$6.00 to $8.00 values .'NOW V jkltl
Boys' Overcoats CO c
$3.50 to $5.00 values. NOW VMX3
Men's Fiats 13 Off
on Regular Rrlce
One-Third Off on All Men's Shoes
VALUES
FIRST AND
MORRISON
OUT!
H-ClOlGjCO.
FIRST AND
MORRISON
N.
ISS, Chafln l2T.IIi..eY Vi""' '