Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1884-11-29
FROM WASHINGTON.
OUR FINANCES.
Annual Report of the Treasurer Of the
United states 10 the Secretary OF
the Treasury.
WASHINGTON. Nov. 2s

WASHINGTON. Nov. 2S.
The annual report of the treasurer of the
United States has been made TO the secretary
of the treasury. Ii shows that the net revenue
of the government was less than that of 1888
bv $40, 7e7 ,7l2. having been S34S. SIS, 500.
The decrease in the receipts from customs was
Sl9, 639. .007, in the receipts from internal
revenue. S23, l34. 296, and in the receipts
from miscellaneous sources, sS.s49, ,24S.
From the aggregate of these items should be
deducted an increase of 81, ,s54 $40 in the
receipts from the sale of public lands. leaving
net reduction stated. The net expenGi-
lures aggregated s244. l26, PA, decrease
from the amount in 1888 OF S2l PSI S93 The
surplus applicable to the reduction of the
public debt amounts to Sl0l 1893, ,625, a
decrease of S2S, 1851 from the previous
year. There was collected during the year
from the national banks s., ,02t, ,66S on account
of the semi annual duty on their circulation.
There were held in this Office at the close OF
the year, L S. bonds amounting 10 1851 POI
$50, of which 1884, l47 $50 was held To secure
their circulation, and Sll, ,060, coo as security
for public moneys on deposit. There was
outstanding AZ the close of the year 5362. 376,
80 of L. 5 currency The amount redeemed
and destroyed during the year was $50. .972,
$40. There were redeemed L y. bonds,
600 was for sinking fund and 81 329, 250 of
bonds continued at 34 per cent were ex
changed into 3 per cents. From NAV. 1869,
the date OF the first retirement 10 the close of
the wear. the amoun, of bonds redeemed,
purcha sed, converel or cvcbar gel was
81, 6S4, OBJ, 500. of which S4S4. $50. $50 was
for the sinking fund. There were
received for redemption, ciI culatlng notes
of the national banks, amounting TO Sl26,-
l52,5T2. making total of such notes received
since the act of June 20, 1874. went into
op. ration, of ST, ,404 430. 725. included in
the amounts received are S26. .S57 $50 in notes
of the national banks failed, gone into iqui-
dation. or are reducing circulation. This
amount has been redeemed. A statement of
assets and Liabilities for Sept 80, 1884, shows
the general balance was reduced from Sl63.-
232. .463, in 1888 to SI49. .525, ,062, in 1884 a
reduction of Sl3. 707 400 The gross assets
increased from S456, ll9,Sl in 1888 II Sjl9.-
600, ,249, an increase OF S63, $40, ,43l.
From Nov. /, 1888. to Nov. l, 1884, the
reserve decreased Sl2, 752 ,255, due to net
decrease in cash in the treasury not held for
certificate outstanding of Sl1 .437, ,439 and net
increase of liabilities amounting TO 81 3d.
Sl5.
The total amount of United States notes
redeemed in coin since the resumption of
specie payments was on June Both, Sl2 ,S59,-
0S6 An appropriation of $1,000 is rec
omciendei 10 meet the expenses OF transport
ing Uuited States moneys for redemption
The amount of standard silver dollars coined
to September Both was SlS2 $50, ,S29. of which
the treasury held Sl42 $40, 400 of this S97,-
094 SSl was for the redemption OF silver
certificates outstanding. The amout IN cir
culation was $50, sol, ,953. The amount out
standing reached the highest point in Dec.
when it exceeded Sal 100000 an aggregate
never before reached. The amount of frac-
tional currency redeemed during the year
was S20629. The amount outstanding was
SIS 355 999. 1t is believed that the gain to
600. 600 of S36S, 124 .079 of such currency
issued by reason of loss or destruction. There
were issued during the year, under provis-
ions of the act of June SIh, 1872. on deposits
of United States notes by national banks
certificates, amounting to S26 SO 900 There
were redeemed S27 $40, 900, leaving an out
standing of Sl2,230, 900. During the year
Sl35, $40 OF fractional silver coin was re-
ceived at loss of 81 ,229.
As consequence of the inability of the
treasury under the existing practice to use
either silver dollars or silver certificates in
settlements with the New York clearing
house, whereby a far greater part of its dis
bursements is made available gold ran down
from Sl55, ,429 600 in Jan l. 1884, to Sll6,-
479, ,979 on Aug. y, 1884, while silver dollars
and bullion on hand not represented by silver
certificates outstanding increased during the
same period from S27. .266, 037 to S4S, ,603, ,95S
As temporary expedient to stop this drain
of gold from the treasury, the assistant treas
urer at New York was directed to use in pay
ments to the clearing house a United States
note to the extent of one half payment An
increase of % SO per cent in amount of bank
notes presented for redemption during the
year reflects the condition of the mercantile
and monetary affairs of the countary as shown
by the reports of increasing business failures
and decreasing clearing house transactions
and Its continuation in the course that bank
note redemptions have been pursuing year by
year since 1881. Statistics of the past 10
years show that redemptions are invariably
affected by business seasons, decreasing in
spring and autumn when trade is active and
increasing, in midwinter and midsummer
when trade is dull, the balances of funds held
for the redemption of notes of national banks
that have failed and gone into liquidation, or
are reducing circulation, have for some years
pas exceeded $50, 100000. The bank notes
presented for redemption during the first 3
months of the current fiscal year are 81 per
cent in access of the amount presented during
the corresponding period of the last fiscal year
The treasurer renews the recommendation
annually made, that an amount be appropri
ated sufficient to restore the salaries in his
Office to amounts formerly paid