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FINANCIAL STATISTICS

TABLE IX. RATIO OF BULLION VALUE OF SILVER TO GOLD (1790-1911)

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TABLE X. BANKING INSTITUTIONS AND THEIR CAPITAL (1870-1910)

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[graphic]

88.8

93.2

157.0

108.0

45.2

1865

1,517

431.9

487.2

723.3

427.7

171.3

1866

1,644

469.8

603.3

735.5

426.8

280.2

1867

1,642

486.7

609.7

680.9

418.9

293.9

1868

1,643

498.6

657.6

726.2

416.6

295.7

1869

1,617

513.5

682.9

641.9

384.1

293.6

1870

1,615

524.4

715.9

642.8

378.5

291.8

1871

1,767

559.4

831.5

798.7

410.3

315.5

1872

1,919

589.9

877.2

769.5

409.6

333.5

1873

1,976

611.4

944.2

811.6

411.9

339.1

1874

2,004

622.7

954.4

856.1

411.2

333.2

1875

2,088

639.2

984.7

855.1

398.4

318.3

1876

2,089

632.0

931.3

842.1

385.0

591.5

1877

2,080

602.2

891.9

788.4

381.8

291.9

1878

2,053

583.0

834.0

830.3

442.3

301.9

1879

2,048

568.8

878.5

935.4

428.4

313.8

1880

2,090

578.1

1,041.0

1,152.3

401.4

317.3

1881

2,132

591,9

1,173.8

1,378.0

419.8

320.2

1882

2,269

615.1

1,243.2

1,394.8

395.0

314.7

1883

2,501

651.7

1,309.2

1,334.0

382.0

310.5

1884

2,664

671.3

1,245.3

1,235.7

357.8

289.8

1885

2,714

674.1

1,306.1

1,416,3

339.4

268.8

1886

2,852

705.4

1,450.9

1,498.1

290.9

228.7

1887

3,049

752.4

1,587.5

1,604.3

223.7

167.3

1888

3,140

778.1

1,684.2

1,782.1

232.6

151.7

1889

3,290

810.1

1,817.2

1,947.3

194.9

128.4

1890

3,540

864.0

1,986.0

2,020.6

170.6

122.9

1891

3,677

895.0

2,005.4

2,039.1

175.9

131.3

1892

3,773

925.4

2,171.0

2,309.9

183.4

143.4

1893

3,781

924.3

1,843.6

1,814.7

224.0

182.9

1894

3,755

914.0

2,007.1

2,269.0

225.5

172.3

1895

3,712

903.6

2,059.4

2,210.1

234.8

182.5

1896

3,676

896.2

1,893.2

2,028.1

262.4

209.9

1897

3,610

877.8

2,066.8

2,515.2

259.9

198.9

1898

3,585

869.1

2,172.5

2,804.9

339.1

194.5

1899

3,595

854.2

2,516.0

3,458.4

329.9

200.3

1900

3,871

892.1

2,709.9

3.698.6

408.7

283.9

1901

4,221

934.9

3,051.7

4,229.8

444.4

323.8

1902

4,601

1,031.9

3,314.2

4,533.5

456.9

318.0

1903

5,002

1,124.1

3,508.6

4,532.4

522.7

375.0

1904

5,412

1,177.2

3,757.9

5,130.2

540.2

411.2

1905

5,833

1,229.1

4,071.2

5,554.8

561.8

485.5

1906

6,137

1,325.3

4,331.4

5,896.7

628.8

517.9

1907

6,544

1,444.7

4,709.0

6,075.5

660.3

551.9

1908

6,853

1,487.0

4,781.5

6,616,1

717.1

613.7

1909

6,977

1,542.6

5,158.4

7,077.4

731.0

658.0

1910

7,372

1,605.1

5,467.2

7,140.0

740.6

674.8

1911

7,301

1,695.4

5,402.6

766.2

697.0

1912

7,372

1,727.5

5,810.4

778.1

708.7

Figures are given for the date nearest October 1.

FINANCIAL STATISTICS

TABLE XII.

TRANSACTIONS OF THE NEW YORK CLEARING HOUSE (1855–1912)

(Millions)

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TABLE XIII. AVAILABLE FUNDS IN THE TREASURY OF THE UNITED STATES (1865–1912)

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1865

$2.4
$24.1
$26.4

330
1866

78.4
34.1
112.5

382
1867
135.3

25.9
161.2

385
1868

92.4
22.8
115.1

370
1869
117.9

8.6
126.5

276
1870
105.3

8.2
113.5

148
1871
84.8

6.9
91.7

159
1872

61.9
12.5
74.4

163
1873
52.5

7.2
59.8

153
1874
64.7

7.4
72.2

154
1875

51.7
11.6
63.3

145
1876
51.4

7.5
58.9

143
1877
84.4

7,2
91.7

145
1878
130.6

46.9
177.5

124
1879
159.0
208.0
367.1

127
1880
160.5

7.8
168.3

131
1881
174.0

8.7
182.7

130
1882
152.9

9.4
162.3

134
1883
151.6

9.8
161.4

140
1884
154.6

10.5
165.0

135
1885
171.9

10.8
182.6

132
1886
218.3

13.8
232.1

160
1887
188.6

19.0
207.6

200
1888
189.4

54.7
244.1

290
1889
167.6

43.1
210.7

270
1890
164.1

26.8
190.8

205
1891
135.4

21.4
156.8

185
1892
118.7

10.5
129.2

159
1893
114.9

10.0
124.8

160
1894
108.5

10.4
118.9

155
1895
185.4

11.0
196.3

160
1896
258.2

11.4
269.6

160
1897
232.3

12.6
244.5

168
1898
175.4

33.
209.3

12
1899
202.5

72.4
274.8

357
1900

64.2 1
92.6
156.8

442
1901

85.0
93.4
178.4

448
1902

95.0
117.1
212.2

577
1903

98.7
140.0
238.7

713
1904

69.8
102.3
172.1

842
1905

80.7
64.8
145.5

837
1906
100.0

80.7
180.7

928
1907
105.3
166.8
272,1

1,255
1908

57.5
147.7
245.2

1,436
1909

65.9
60.4
126.4

1,414
1910

66.3
40.6
106.9

1.380
1911
101.1

36.0
140.2

1,362
1912
129.2

37.9
167.2

1,352 1 By act of March 14, 1900, a reserve fund of $150,000,000 was set aside for the redemption of U. S. notes, and not included henceforth in "available" balance.

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1912

33.6

1.0

1,027.6

1 Includes premiums both on receipts and disbursements.

FINANCIAL STATISTICS

TABLE XVII. UNITED STATES BONDS OUTSTANDING, AND AMOUNT DEPOSITED FOR

BANK CIRCULATION (1880–1912)

(Millions)

[graphic][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed]

FEDERAL GOVERNMENT

TABLE XVIII. RECEIPTS AND EXPENDITURES OF THE

(1860—1912)
(Millions)

Year

Ordinary
Receipts

Ordinary
Expenditures

Excess of Receipts Excess of Expendover Expenditures itures over Receipts

$7.1 25.1 122.8 602,6 821.9 973.8

116.1

6.1 36.0 102.3 91.3 94.1 36.9

1.3

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 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1808 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912

$56.1
41.5
51.9
112.1
243.4
322.0
519.9
462.8
376.4
357.2
396.0
374.4
364.7
322.2
299.9
284.0
290.1
281.0
257.4
272.3
333.5
360.8
403.5
398.3
348.5
323.7
336.4
371.4
379.3
387.1
403.1
392.6
354.9
385.8
297.7
313.4
327.0
347.7
405.3
516.0
567.2
587.7
562.5
560.4
539.7
544.6
594.7
663.1
601.1
603.6
675.5
701.4
691.8

$63.2
66.7
469.6
718.7

865.0
1,295.1
519.0
346.7
370.3
321.2
293.7
283.2
270.6
285.2
301.2
274.6
165.1
241.3
237.0
266.9
264.8
259.7
258.0
265.4
244.1
260.2
242.5
267.9
259.7
282.0
297.7
355.4
345.0
383.5
367.5
356.2
352.2
365.8
443.4
605.1
487.7
510.0
471.2
506.1
532.2
563.4
549.4
551.7
621.1
662.3
659.7
654.1
634.6

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1 Ordinary receipts include receipts from customs, internal revenue, sale of public lands and miscellaneous; ordinary expenditures include disbursements for war, navy, Indians, pensions, interest on debt, and miscellaneous. Neither includes loans, premiums, or postal accounts.

16

FINES AND FORFEITURES-FINES AS SOURCES OF REVENUE

1

TABLE XIX. VALUE OF ALL PROPERTY IN THE UNITED STATES (1850-1904) 1

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1 For methods of estimating national wealth at different dates, see United States Census Bureau, Special Report, Wealth, Debt and Taxation (1907), 27.

Taxable property only.

See ASSESSED VALUATIONS, COMPARATIVE; | imposition of excessive fines by way of criminal BANKS AND BANKING ACTS, NATIONAL; COIN- punishment, such a prohibition being found in AGE AND SPECIE CURRENCY; COST OF GOVERN- the English Bill of Rights (1689). As a conMENT IN THE UNITED STATES; DEBT, PUBLIC, stitutional guaranty this provision is of slight ADMINISTRATION OF; DUTY ON IMPORTS, AVER- significance, as the discretion of the legislaAGE RATE OF; EXPENDITURES, FEDERAL; PUBLIC tive and judicial departments in providing the ACCOUNTS; STATISTICS, OFFICIAL COLLECTION amount of the fine which may be imposed for OF; TARIFF STATISTICS. any particular class of crimes and the amount to be paid in any particular case within the limit provided by law can not very well be inquired into (see CRUEL AND UNUSUAL PUNISHMENTS).

References: Financial statistics must be sought for in current public documents, especially Statistical Abstract of the U. S., in which (annual), use tables on "Progress of the U. S.," and index; U. S. Secy. of the Treasury, U. S. Comptroller of the Currency, U. S. Director of Mint, and U. S. Commissioner of Internal Revenue, Annual Reports in Finance Report; A. Piatt Andrew, Statistics for the U. S. 1867-1909 (issued by National Monetary Commission, 1910), with supplement, Financial Diagrams (1910); U. S. Census Bureau, Special Report on Wealth, Debt and Taxation (1909); Statistics of Cities (annual); D. R. Dewey, Financial Hist. of the U. S., tables and charts.

DAVIS R. DEWEY.

FINES AND FORFEITURES. As a punishment for a crime committed of which the accused has been duly convicted he may be required to pay a penalty in money into the public treasury (or into some specified public fund such as the school fund); or property which he has acquired as the result of his crime or which has been used by him in the perpetration of the crime may become forfeited to the government. In this sense fines and forfeitures are simply forms of criminal punishment. In a more general sense a fine is a penalty for failing to perform an act which it is one's duty to perform and for the nonperformance of which he has undertaken to pay such penalty, as where the members of an association are by its articles or by-laws obligated to pay an additional sum of money on account of delinquency in the payment of specified dues. The term forfeiture is also used in a quite general sense to signify a surrender of property or property rights on failure to comply with some agreed condition. In either case the obligation is enforceable by legal proceedings.

In many of the constitutions (see U. S. Const., Amend. VIII) are prohibitions against

The forfeitures which resulted in England from conviction for a felony or might be imposed by bills of attainder are not recognized under our constitutional system. There is a specific provision in the Federal Constitution (Art. III, Sec. iii, 2) that no attainder of treason shall work corruption of blood or forfeiture except during the life of the person attainted, the object being to prevent the sins of the father in this respect being visited on the son. In accordance with this constitutional declaration the Confiscation Acts of 1861 provided that forfeiture of real estate thus confiscated should not extend beyond the natural life of the offender.

See ATTAINDER, BILL OF;

ACTS.

CONFISCATION

References: Cooper vs. Telfair, 4 Dallas 14;
Ex parte Garland, 4 Wallace 333; Cummings
vs. Missouri, 4 Wallace 277.
E. McC.

FINES AS SOURCES OF REVENUE. Fines and pecuniary penalties are revenues collected under the penal rather than the fiscal power of a government. In modern practice they are the inheritance of the crude financial systems of the middle ages; not only were governments often at a loss to secure revenue by orderly methods of taxation, but there were few penal institutions in which offenders against the law could be imprisoned. For punishment for which capital punishment or physical pain appeared too severe, it was common to provide elaborate schedules of monetary payments or penalties.

Such practices have been retained in certain branches of legal and judicial procedure; they are applied, for example, in case of infraction of the customs laws, as for smuggling, buying goods known to have been smuggled, making

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