The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1888-12-12
THE NATION'S FINANCES.
SynOpsis of the United States
Treasurer's Annual Report.
The Governments Revenues and
Expenditures Last Year.

The treasurer or the Unlted StateS, tne
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 ended June so, were S379, ,2G6, O74, and
the net expenditures s267, sol, the
surplus receipts available for the reduc-
tion of tho public debt being Sl11,S41,-
273, an increase Of S7,S7o,17G over the
year before. AS compared with
1887, the revenues were s7,s62, ,797 greater,
and the expenditures St31S less. Inc
Treasury balance increased during the year
from SGD 234 ,379 to S129, ,S0i A2, and the total
assets, including certificates of deposit in the
cash, from SG22, "04.2S4 to SG6i, ~, $40. Inc
net change of sGO,579. SG3 in the balance was
produced by an increase of ssI,5 S!ss .aS0
O53,394 in the liabilities. The silver
balance fell off more than S27, ,000 O00. 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-
tion of national bank notes.
There was q net decrease of S74, 92O
during the fiscal year in the principal of the
interestbearing debt. The total purchases
of bonds for the sinking fund and out of sur
plus revenues were s5l, 46i, 800, the net pre-
mium raid, exclusive of accrued interest,
being SS,2i0,S42 Under the circular OF Au-
gust >, 1887, interest amounting to 81, lJO. $50
on and AZ per cent. bonds was prepaid, with
n rebate at the rate of 3 per cent per annum
The amount Of the rebate was s9259. The
gold and silver coin and bullion in the coun-
try and all kinds of notes and certificates
outstanding on June So 1887. amounted to
g., ,925. 259, $50, and on June 80, 1855, to So
093, SIZE, or. The stock of gold and silver in
creased from 81, on, ,5l3.aOl to Sl,0H, ,39l ,6!D,
mostly in gold. The increase in the volume of
the paper crculationwas Ss3, ~, 4uO resulting
from an increase of S1l0,3t9.!I55 i'll the
amount of certificates and falling off of
s26, ,S95, ,554 in the total of notes and frac-
tional currency.
The coinage of silver dollars during the
year amounted to S32, 4S4, ,G73, making the
total coinage S999, ,424, 100. The increase of
the net distribution was only SS9. l56. Owing
to the scarcity Of one-dollar and two-dollar
notes and the demand for the movement of
crops nearly nine millions were drawn into
circulation between May and November.
1857, but when the notes were again to be had
the dollars came back to the Treasury as
fast as they had gone out. The Treasurer
is of the opinion that the people have
all of these coins they want or are willing to
take. and recommends that il the purchases
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 uncolned
metal, The new silver vault in
the Treasury Building, having capacity
of OO,OO0,O0O of the dollars, and said to be
the largest treasury vault in the world, is
being filled at the rate Of 100000 day. 1t
will hold the total coinage of three years, but
at the end of that periol still further storage
room will probably have to be provided un-
less the coinage is suspended.
At the close of the year the Treasurer held
$l7S,3 65) Of Unitod States bonds to secure
national bank circulation, $50: 5000 to Sc
cure public moneys held in depositary banks.
There was decrease during the year of
S13,G54 $50 in the amount Of the former, and
an increase of $29. $40 in the amount OF
the latter There was S5S, 7l25ll of public
money held bv the banks, an increase OF
5.395, ,G33. The semi-annual duty collected
from national banks amounted to ST.
Gl6I27, making an aggregate Of sGo5. siS5;,
of the national bank notes redeemed during
the year was s9s,.46.727. The redemptions
were Sl1 900, 900 greater than those of the
preceding year, in the face of reduction OF
$50, 500, 0GO in the two years in the amount
outstanding, and greater in proportion to the
circulation than those of every year save two
since 1870. The increase came from New
York City for Treasury checks and one-tlol.
lar and two-dollar silver certificates.
The redemptions from the. per cent.
fund were s43,379, 1856, and those from the
fund for the retirement Of circulat' on were
so. 163,957 The latter fund excited much
concern early in the year. On July s. it
stood at sl07, ,sa7,754. The highest point
it has ever reached. From that time it
the fiscal year. The net deposits during
the year were s44, 1883. of which S7G6, $50
was for the retirement of the circulation of
banks to liquidation or in the hands of
Receivers, s24,5 -, 5O1 was for the reduction
of the circulation Of banks in active e'ist-
ence, and SlS.Sl3, 797 was for tie reti: q ent
of old notes, to be replaced by new issaes of
the same amount. 1t is expe"ted that the
balance in this fund will continue to de-
ceease. The expense of bank note redenlb,
tion was sl4l,li1, and the rate of cost 81 so
2y7-1OO0 Der $1,000 redeemed.