Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-01-06

leE, lpsbHsE
OF THE SECRETARY OF THE TREASURY
ON THE FINANCES.

ON THE FINANCES.
TRrAsUKY DEPARTMENT., Die. 3. 1889
The undersigned respectfully submits to Congress
The following report on the finances IN obedience
the Act supplementary 10 the act to establish the
Treasury Department"
Ii is gratifying be able TO state, Notwithstanding
the embarrassmens OF The present year. that the re-
venues OF The General Government have been ncteas-
ed, The expenditures dlminlshed, aud most OF the
Treasury notes redeemed.
Rereaae and means for 1890. e1ciusre oTirusfs and
the Pest office.
The balance in The Treasury on the ls Janury 1899
which could be considered available tor general
purposes, was 50 i66o6l 95
The receipts from customs. tic first thee quarters
as appearing on the Registers DO, kS,
Sl5,32e, 1913 so
This includes about two millions
aud three -iuurths collected astye.r
/ IN Treasury notes, but nol carried on
his books TIL 1899. From this cause
the actual receipts IN tins seat will,
TO that extent, appear larger than
they ought.
Receipts from lands the first three
quarters including also soule col
lected last year in Treasury notes, SAY 2e6 81
Miscellaneous receipts l25,2os Is
Estimated receipts for the fourth
/ qnartet from ali those 100000 90
Reee pts some of the debts against
banks nj available on lst January,
1889, but since paid aGe6 90
| From the third issue Of Treasury
notes under the act Of Mach .,
1889 1857 o-6 81
Aggregate means S37, 2l7 Sl2 IS
Expenditures for 1899, ercpsre ofMe Post Office and
trusts.
Civil, foreign and miscellaneous, for
the tirst three quarters S3,Gi9 sos %
Military, Tor the first thee quarters 1921, 100 81
Naval Tor the first three quarters 4,1l3, FOL 81
Estimate for all, during the fourth
quarter 8, ZOO 0dO eU
Funded debt for the year 1i,65s %
2I,769 667 90
Redemption of Treasury notes in the
hrst three quarters, interest as well
principal 9,S9l,756 SO
THIS includes Two millions aud
three =lonrths paid in for duties and
lands list wear, but not clnied on the
/ Registers books ill 1899. From
/ Tins cause the expenditures on that
/ account will appear Larger by that
amount thiu they actually have been
y lhn hose quarters.
Estimated amount of notes redeem
ed IN the fourth quarter LOCO 900 90
Aggregate payments 35G61,427 CO
Lea>ir an available balance OF mo-
hey IN the Treasury on the 3lsl Of
December, 1899, of 1856 3s4 80
S37,2l76l2 10
The funds computed 10 be not available, APP
plicahle 10 public purposes. AT the commencement
aud al tie close OF the present year. eau be seen IN
the table before eulioncd.
Public debt and Treasury notes.
The condition OF the small remains ofthc funded
debt has not materially altered since The last
nual report. statement OF 1T, with the several
payments made within the year, Is herewith exhibit
ted.
Though inco nmodrd by repeated pressures in The
money market and suspensions of specie payment
by the banks within the last three years, the interest
aud all the principal due on that debt, as well as on
Treasury notes, lave been punctudlly laid IN specie
whenever desired.
Not more than fourth Of a million OF the fist
and second emissions, and Two millions aud ball OF
the bird, will probably remain outstanding at the
close of the wear. Tie former emissions have been
for months redecmable, but The last one does
not begin to be ull March, $780, exceptas previous
~ offered, in payment Of public dues. The aggfe-
gale of TWO millions and three -fourths of principal IS
therefore all that IT is computed viii be unpaid OF
nearly twenty millions. which were ISSUED since DC
tober 1887, III consequence OF udulgeucles granted
To the merchants on lher bonds, and the banks on
their deposit debts. At no one time has the a.
mount OF notes outstanding been allowed TO exceed
ten millions, and the piesentyery reduced aggregate,
Unre deemed, is less than the sums su owing nom
the banks that suspended specie payments IN 1857,
and from the Pennsy vana Bank OF The United
States its bond due in September next: and
might with ease have been paid during the pre-
sent year, had the money been received on those
claims.
Exports ANIL imports ndtm The commercial year
ls39.
The exports during the year ending September
80, $50, computed to have been 81 Is 359004
This Is S96723s5 lhan those IN The year
1898.
OF The whole exports only Sl7 600 we're Of
foreign origin, and of the excess IN exports over
1888 only about five millions domts Sue pro
duce.
The imports during the same year were about
! 81 GOO $50, being the very large OF Sl3.-
SOS, 35G over these during the previous year. his
may be solution of portion OF the pressure IN the
money market. The difference between the imports
aud exports being $50 2j0,55G in favor oil the Tor
mer larger than IN year, except three. since
1859, and Is much larger than any difference III me
valuation Of the articles win the profits IN Tie
foreign trade added. 1t mus, therefore, except 50
far reduced by an unusual quantity OF goods con
signed here from abroad, and yet in store unsold be
decisive evidence oil increased Indebtedness
by this county to other nations. And EXCEPT SO
far IS this Indebtedness may CONSIST oil stocks
sold and the proceeds returned here ~ merchandise,
it mus, furnish another proof Of one immediate cause
uf the present pecunary pressure.
The history of our commerce duriDg tie twenty
years Gom 1913 TO 1893, presents singular change
Ia the last half Of that period, winch tends strongly
10 illustrate the correctness of these suggestions.
Dulng the first bali OF IL the excess OF Imports over
exports WAS only about se,enly -iive millions OF DOL
lars, or IN The pfopohIouof near seven mlloLs ana
! hall annually on an average.