Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1888-12-07
THE NATIONS FINANCES.
Synopsis Of the United States
Treasurer'S Annual Report.
The Governments Revenues and
Expenditures Last Year.

The Treasurer of the United States, the
Hon. James W. Hyatt, has submitted 20
Secretary Fairchild his annual report of tbs
operations of the Treasury. The net
revenues of the Government for the fiscal
year ended June 80. were 1919, 1860 and
the net EXPENDITURES S267, 1924, S01, the
surplus receipts available for the reduc-
ton of the public debt being S1l1,34l,-
273, an increase of 1870, 176 over the
year before AS compared with
1887, the revenues were 81, S62, 1917 greater,
and the expenditures S131o less. Inc
Treasury balance increased during the year
from 500, 224, 379 to S129 SO4, 242 and the toCaI
assets, including certificates of deposit In the
cash. from 1922, :04 .2S4 to S764, 129, 80. The
net change of $50, SO, 863 in the balance was
in the assets and a decrease OF 3d.
O53 1874 in the liabilities. The silver
balance fell off more than $27,OO000O. The
principal increase of assets was in United
States notes and deposits in national banks,
and the principal decrease of liabilities in
the public debt and the funds for the redemp-
ton of national bank notes.
There was a net decrease of S74, 1oS, 92O
during the fiscal year In the principal OF the
interest bearing debt. The total purchases
of bonds for the sinking fund and out OF sur
plus revenues were Sd, 464, 300, the net pre-
MUM raid exclusive of accrued interest,
being S, 210, S42 Under the circular Of Au-
gust 3 1887, interest amounting to 81, 1876, S39
on 4 and A. per cent. bonds was prepaid, with
rebate at the rate of per cent p per annT nm
The amount of the rebate was $3.50. The
gold and silver coin and bullion in the coun-
try and all kinds of notes and certificates
outstanding on June 80, 1887, amounted to
el 925 25g, SS2, and on June 80 1888, to 81,
G93. 5G2, or. The stock of gold and silver in
creased from 81 0O7 5l3. 901 to 1892, 391 $50,
mostly in gold. The increase in the volume of
the paper circulationw was $S3, 424. 400 resulting
nj a
amount of certificates and a falling off of
S26, 50, 5j4 in the total of notes and frac-
tiOnal currency.
The coinage of silver dollars during the
year amounted to $50, 4S4, 67:, making the
total coinage 1929, 424, 100. The increase of
the net distribution was only $50. l36. Owing
to the scarcity of One-dOllar and twO-d dollar
notes and the demand for the movement OF
crops nearly nine millions were drawn into
circulation between May and November,
1887, but when the notes were again to be had
the dollars came back to the Treasury as
fast they had gone out The Treasurer
is of the opinion that the people have
all of these coins they want willing to
take. and recommends that if the purchases
of silver are to continue the bullion be put
into the form of heavy bars of ingOts, argu-
ing that the present supply of dollars will be
sufficient for any demand there is likely to
be for them, and that any increase of the
certificate circulation could be based
with perfect safety on the uncoined
metal. The new silver vault in
the Treasury Building, having a capacity
of 100, 600 900 of the dollars, and said to be
the largest treasury vault in the world, is
being filled at the rate of 500, 00G day 1t
will hold the total coinage of three years, but
at the end of that period still further storage
room will probably have to be provided I'M
less the coinage is suspended.
At the close of the year the Treasurer held
SITS, 31265O of United States bonds to secure
national bank circulation, $50, 128,OO0 to Sc
cure public moneys held in depositary banks.
There was a decrease during the year Of
S13, 654, go in the amount of the former, and
an increase of S29, a $40 in the amount of
the latter. There was $50, 7l2,511 of public
money held by the banks, an increase of
1886, 633. The semi annual duty collected
from national banks amounted to ST.,
GIG, ~ making an aggregate of $780,
of the national bank notes redeemed during
the year was sos, 246, 727. The redemptions
were 81, 100000 greater than those of the
preceding year, in the face of a reduction of
S56, 500, 900 in the two years in the amount
outstanding, and greater in proportion to the
circulation than those of every year save two
since 1879 The increase came from New
York City for Treasury checks and one-dol-
The redemptions from the per cent
fund were S43, 379, 1S5, and those from the
fund for the retirement of circulation were
so, 1853, 957. The latter fund excited much
concern early in the year On July 8, it
stood at S107, S21, 754. The highest point
it has ever reached From that time it
declined to 9l,932,S43 by the end OF
the fiscal year. The net deposits during
the year were S44, 1913 SS3, of which S766, 5S5
was for the retirement of the circulation of
banks to liquidation or in the hands of
Receivers, $24, 543, sol was for the reduction
of the circulation of banks in active exist
ence, and SIS. S13, 797 for the retirement
of old notes. to be replaced by new issues of
the same amount 1t is expected that the
balance in this fund will continue to de-
ceease. The expense of bank note redemp-
ton was S141, 141, and the rate of cost S1.52
297-1000 per $1,000 redeemed.