Treasury’s Dirty Secrets: A $54 Million Heist in the Nation’s Capital

December 9, 1903, Washington D.C. – In a shocking revelation, the annual report of Secretary Shaw revealed a massive misappropriation of funds within the Treasury Department. The report, submitted to Congress, painted a picture of a system riddled with corruption and mismanagement. According to the report, the government’s revenues from all sources for the fiscal year 1902-1903 totaled $694,621,117.64. However, the total expenditures, including a whopping $54 million, were found to be a staggering $50 million less than what was available.