The McCook tribune. (McCook, Neb.) 1886-1936, 1888-11-30
THE FINANCES OF THE NATION.
Condition of the Treasury at the Close Of the
Fiscal Year Ended June 80, 1883.

Inc treasurer OF ne Oniteu OIaIeS,
Hon. James w. Hyatt, has submitted
to Secretary Fairchild his annual report
of the operations of the treasury. The
net revenues of the government for the
fiscal year ending June 80. 1888. were
1879, 266, 074, and the net expenditures
$267, 1872, 481, the surplus receipts avail
able for the reduction of the public
debt being S111, 341, 273, an increase of
81, 1870, 176 ove one year before. As
compared with 1887, the were
ST. 1862, 797 greater and the expenditures
1878 less. The treasury balance in
creased during the year from 500, 1884,
379 to 1929, 8O4, 242, and the total assets,
including certificates of deposit in cash,
from 1922, 304, 2S4 to 1854, 729, 525. The
net change of $50, $40, 1858 in the balance
was produced by an increase of $751;
526, 46S IN the assets and a decrease of
s23, 053, 394 in the liabilities. The silver
balance fell off more than S27, 600, 900.
The principal increase of assets was in
United States notes and deposits in ia
tional banks, and the principal de-
crease of liabilities in the public debt
and funds for the redemption of ma
tional bank notes. There was a net de-
crease of $74, SS9, 92O during the fiscal
year in the principal of the interest
bearing debt.
The total purchase of bonds for the
sinking fund and out of the surplus rev
enues was $51, AGA, 800, the net premium
paid, exclusive of accrued interest, be-
ing IS, 270, S42. The gold and silver coin
and bullion in the country, and all kinds
of notes outstanding June 80, 1887,
amounted to 81, 925, $50, SS2, and on June
80, 1888, to SO, 093, 500, 072. The stock
of gold and silver increased from ST.
007, 513, 901 to ST., 092, 391, 900, mostly in
gold.
The increase in the volume of paper
circulation was $50, 424, 400, resulting
! from an increase of S110, 319, 955 in the
amount of certificates and a falling off
of S26, S95, 554 in the total of notes and
fractional currency.
Some attention has been given to the
question of the probable loss or destruc-
ton of paper currency, but without any
very definite result. A table IS given
showing the course of redemption on
the first issues of legal tender notes.
Until the notes are collected In by the
government, or some other course
brings them to the treasury, the loss
from destruction must be more or less q
matter of conjecture. The most careful
estimate from the data at hand places
it at 1 per cent or less, according to the
denomination. This is supported by the
history of the earlier paper issues of the
government.
Certificates Of deposit amounting to
SS24, 10, 900 were issued for United States
notes, and $1S, 465, 900 were redeemed,
leaving $14, 665, 900 outstanding. The
treasurer attributes the decrease in the
use of these certificates since 1886 to
change in the manner of redeeming
them, the holders nov receiving the
same notes that were deposited, instead
of e notes, as formerly.
standing increased $50, 536. 1873, reach
noted at the end of any fiscal year
amount in the treasury, the total in.
crease of circulation was 500, 901 ,143
The coinage of silver dollars during the
year amounted to $32, 484, 673, making
the total coinage $299424, 100. The in.
crease of the net distribution was only
500, 1876. Owing to the scarcity of one
and two dollar notes, and the demand
for the movement of crops, nearly
50, 900, 900 we're drawn into circulation
between May and November, 1887, bu
when the notes were again to be had the
dollars came back to the treasury as fas
as they had gone out. The treasurer il
of the opinion that the people have al
of these coins they want, or are willing
to take, and recommends that If thu
purchases of silver are to continue bull
lion be put into form by heavy bars OF
ingotS, arguing that the present supply
of dollars will be sufficient for any de
mand there is likely to be for them, anC
that any increase of certificate circula
ton could be based with perfect safety
on the uncoined metals. The new sill
yer vault in the treasury building hav
ing r capacity of 81, 600, 900, 900, ant
said to he the largest treasury vault il
the world, is being filled at the rate O.
half n million a day. It will hold the
total coinage of three years, but at the
end of that period still further storag,
room will probably have to be provided
unless the coinage is suspended.
The amount of fractional silver coli
in the treasury has not changed mucl
since the first accumulation after re
sumption of specie payments. Of a lit
tie more than sec. 600. 900 held June 80
1886, $50, 800, 900 was i'll half dollars, III
only SIS, 500. 900 in other pieces. The
treasurer points out that this proportion,
which does not vary much from year tC
year. is excessive, and that something
like SO, 900. 600 in fifty-cent pieces thai
are not needed for circulation vii
doubtless have to be carried by the
treasury until they are recoined into
other denominations or absorbed by the
growth of business. The minor coin in
the treasury, amounting to S112, 800, il
reported to be in good condition, an(
not in excess of what is needed. The
treasurer states that the gold in the
treasury is in good condition with the
exception of a little. Many of the silver
half dollars are much worn, some being
quite smooth, and that it has been i'm
possible to recoin these because the loss
would have been too great in proportion
to the new coinage, mostly dimes which
it was necessary to produce. The de-
crease In the amount of deductions on
account of mutilations from the face
value of currency redeemed, and in the
number of counterfeit notes and coins
ItItcteu, SHOW Slatily luS Iiulto' ohiIn
in the condition of the circulation in this
respect.
At the close of the year the treasury
held S17S, 312, $50 of United States bonds
to secure national bank circulation, and
$50, 1876, 900 to secure public moneys held
i'll depository banks. There was q de-
crease during the year of S13, 654, 05O in
the amount of the former. and an in
crease of $50, 642, 500 in the amount OF
the latter. There was sos, 712, 511 of pub
lie money held by banks, all increase OF
S35, $50. 633. The semi-annual duty col
lected from national banks amounted to
81. GIG, 1877, making an aggregate of S136,