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APPROPRIATIONS.

Appropriations-Second session, Fifty-fifth Congress, compared with the law of 1897-98.

[Statement of Hon. Joseph G. Cannon, chairman of the Committee on Appropriations.] The sum of $892,527,991.16 has been appropriated at this session of Congress. This includes $117,836,220 of permanent appropriations to meet sinking-fund requirements of and interest on the public debt, and for other objects, and $361,788,095.11 to meet expenditures of the war with Spain.

Deducting the last two from the sum first mentioned, there remains $412,903,676.05, representing the appropriations made at the present session to meet all ordinary expenses of the Government; which sum is only $4,246,816.75 more than was appropriated at the last session of the last Congress for the same purposes (including the appropriations made during the recent extra session), which apparent excess is almost doubly offset by the increased appropriation of $8,070,872.46 for the payment of pensions on account of the fiscal year 1898, provided for in a deficiency act at this session. No river and harbor bill has been passed at this session; but the sundry civil act carries $14,031,613.56 to meet contracts authorized by previous Congresses for river and harbor works.

No laws authorizing the construction of public buildings in any of the cities throughout the country have been enacted, and otherwise the legislation authorizing expenditures and appropriations has been confined to the actual necessities of the Government, and to meet all demands incident to the existing war.

The following tables show, by acts, the appropriations made for war expenditures, and also the history of the appropriation bills for the session.

In addition to the appropriations made specifically for expenses of the conduct of the war since its inception and for the first six months of the fiscal year beginning July 1, 1898, contracts have been authorized on the naval appropriation act for new war vessels and for their armament, for which Congress will be called upon in the future to appropriate to an amount estimated at $19,216,156.

APPROPRIATIONS TO MEET EXPENSES INCIDENT ΤΟ THE WAR.

$50,117,000 00 34,625,725 71

Naval appropriation act, May 4, 1898-amount of increase over preceding
Naval appropriation act.

For the National defense, act March 9, 1898....................................................................................................... .....
Army and Navy deficiencies, act May 4, 1898..

23,095,549 49

Fortification appropriation act, May 7, 1898-amount of increase over act as passed by House...

5,232,582 00

Naval auxiliary act, May 26, 1898...

Additional clerical force, War Department, Auditors' offices, etc., act May 31, 1898.....

3,000,000 00

227,976 45

Life-Saving Service, act June 7, 1898.......

Army and Navy deficiencies, act June 8, 1898..

$70,000 00 18,015,000 00

Appropriations in act to provide ways and means to meet war expenditures,
June 13, 1898.......

600,000 00

Army, Navy, and other war expenses for six months, beginning July 1, 1898, in general deficiency act.......

Expenses of bringing home remains of soldiers..

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226,604,261 46 200,000 00

361,788,095 11

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a No amount is included in the estimates for 1899 for the Agricultural Department for agricultural experiment stations in the several States authorized by the act of March 2, 1887. The amounts appropriated for this purpose for 1898 and 1899 are $720,000 respectively. b One-half of the amounts for the District of Columbia payable by the United States, except amounts for the water department (estimated for 1899 at $140,851.71), which are payable from the revenues of the water department.

Includes all expenses of the postal service payable from postal revenues and out of the Treasury.

d This amount is exclusive of $18,098,007.56 to meet contracts authorized by law for river and harbor improvements included in the sundry civil estimates for 1899.

$6,000,000 00

999,057 90

774,691,771 16

408,656,859 30

117,836,220 00

120,078,220 00

892,527,991 16

m 528,735,079 30

390,000,000 00

92,874,647 37

APPROPRIATIONS-FIFTY-FIRST TO FIFTY-FOURTH CONGRESS, INCLUSIVE.

The Fifty-first Congress (1891-92) passed appropriation bills to the amount of $988,417,183.34. It was called the "Billion-Dollar Congress" by the Democrats, who controlled the House during the Fifty-second Congress (1893-94) by more than a two-thirds majority, the Senate being Republican by a slender margin. This Congress appropriated $1,027,104,547.92, or $38,687,364.58 more than its Republican "billion-dollar" predecessor. The Fifty-third Congress (18951896) was Democratic in both branches and appropriated $989,239,205.69, but did not pass a river and harbor bill, which, estimated by the sum appropriated at the first session of the Fifty-fourth Congress would have increased the amount to $1,001,898,755. The Fiftyfourth Congress (1897-98) had a Republican House and an opposition Senate, and passed appropriation bills, including $12,659,550 for rivers and harbors, amounting to $1,044,494,899; deducting river and harbor appropriations, $1,031,835,349. This is in excess of the appropriations authorized by the Fifty-third Congress, but comparison will show that the Fifty-third Congress appropriated for the Navy but $55,043,203, while the Fifty-fourth Congress appropriated for that part of our national armament $63,565,894, or nearly ten millions more. For fortifications the Fifty-third Congress appropriated $4,331,561, while the Fifty-fourth Congress authorized the expenditure of $16,895,029.

e This amount includes $18,098,007.56 to meet contracts authorized by law for river and harbor improvements for 1899.

ƒ This amount is approximated.

9 No river and harbor bill passed for 1899, but the sum of $14,031,613.56 is appropriated in the sundry civil act to carry out contracts authorized by law, and $235,846 additional, and $360,000 in the general deficiency act for river and harbor improvements for 1899; in all, $14,627,459.56.

h No river and harbor bill passed for 1898, but the sum of $18,578,412.91 is appropriated in the sundry civil act to carry out contracts authorized by law, and $543,000 additional for river and harbor improvements for 1898; in all, $19,121,412.91. The general deficiency act also appropriates $1,200,000 to carry out contracts authorized by law, and $11,000 additional for river and harbor improvements, and the joint resolution of March 31, 1897, appropriates $250,000 for the improvement of the Mississippi River to carry out contracts authorized by law, and the joint resolution of February 26, 1897, appropriates $250,000 for closing the crevasse in Pass a Loutre, an outlet of the Mississippi River, making in all for river and harbor improvements in sundry civil act for 1898, in general deficiency act, and in joint resolutions, $20,832,412.91.

i This amount includes $14,031,613.56 to carry out contracts authorized by law for river and harbor improvements for 1899.

k This amount includes $18,578,412.91 to carry out contracts authorized by law for river and harbor improvements for 1898 and $513,000 additional for river and harbor improvements for 1898; in all, $19,121,412.91.

This is the amount submitted by the Secretary of the Treasury in the annual estimates for the fiscal year 1898, the exact amount appropriated not being ascertainable until two years after the close of the fiscal year.

m In addition to this amount, contracts are authorized to be entered into, subject to future appropriations by Congress, as follows: By the District of Columbia act, $368,000; by the naval act, $300,000; by the sundry civil act, $200,000; and by the deficiency act, $1.401.375.09; in all, $2,269,375,09.

For the Navy and fortifications together the appropriations were

as follows:

Fifty-fourth Congress (Republican House)...
Fifty-third Congress (Democratic House).

Excess by Fifty-fourth Congress..

.$80,460,923

59,374,764

21,086,159

So that, if these important provisions had been omitted from the appropriations of the Fifty-fourth Congress, and its items are equalized with the appropriations of the Fifty-third Congress, the total amount authorized would have been $1,010,749,190, or about sixteen millions and a half of dollars less than the appropriations of the Fifty-second Congress.

BANKS.

National-Bank Currency.

Authorizing acts.-The issue of circulating notes by national banking associations was first authorized by an act entitled "An act to provide a national currency secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof," approved February 25, 1863, which act was repealed by an act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June 3, 1864. The act approved June 3, 1864, with subsequent amendments thereof, was embodied in the Revised Statutes of the United States in 1873. The law as embodied in the Revised Statutes has been amended from time to time, and is now contained in what is known as the National-Bank Act, with amendments thereof.

Security. Under the provisions of existing law a national bank is required to deposit interest-bearing bonds of the United States with the United States Treasurer as security for its circulating notes in the following minimum amounts:

1. Banks with a capital not exceeding $150,000 must deposit bonds, par value, to an amount not less than one-fourth of their capital stock.

2. Banks with a capital exceeding $150,000 must deposit bonds to the amount of at least $50,000, par value.

The maximum amount of bonds, at their par value, which may be deposited by a national bank must not exceed the amount of the bank's capital stock.

The proportion of circulating notes issued against bonds deposited as security therefor is 90 per cent of the par value of said bonds, or of the market value of said bonds if the bonds are below par.

Profits on circulation.-Tables published annually by the Comptroller show the profit arising from a bank investing its funds in bonds and taking out circulation thereon, compared with the profits from investment of the same funds at 6 per cent per annum. This profit varies with the cost of the bonds and the rates of interest current where a bank is located. In 1896 the investment in 4 and 5 per cent bonds with circulation was more profitable by 1 per cent to 11⁄2 per cent per annum than an investment at 6 per cent. (See page 533, Comptroller's Report, 1896, vol. 1.)

Ownership of stock.—An official investigation made by the Comptroller in 1895 shows that on October 31, 1895, the stock of 3,715 national banks, with a capital of $664,136,915, was owned by 285,190 shareholders.

Profits on capital invested.-On page 620, volume 1, Comptroller's Report for 1896, is a table showing annual profits on capital invested made by national banks for twenty-seven years, based upon sworn reports made by the banks. The annual average per

centage of profit for this period was 7.9 per cent, the profit for the year 1894 being 5.6 per cent, for 1895 5 per cent, and 1896 5.4 per cent.

Every national bank is required by law to make to the Comptroller not less than five sworn reports every year, showing in detail its resources and liabilities, and it is required to publish same in a local newspaper; also, to make a sworn report of every dividend declared, which also shows gross earnings, losses, expenses, and net profits.

The affairs of every bank are also examined about twice a year by an examiner, who verifies its assets and audits its accounts, and the examiner is empowered by law to examine every officer and employee of the bank under oath, if necessary, to find out its true condition.

Capital based on population.-A national bank may be organized by not less than five shareholders anywhere in the United States, subject to the following mentioned requirements as to capital and population:

1. With not less than $50,000 capital in any place having 6,000 inhabitants or less.

2. With not less than $100,000 capital in any city having over 6,000 but not more than 50,000 inhabitants.

3. With not less than $200,000 capital in any city having over 50,000 inhabitants.

Amount of national bank circulation.-The aggregate capital of national banks May 5, 1898, was $624,471,670. Under the law the banks were entitled to issue circulation to the amount of $562,024,503.

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