Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1888-11-23
lucre By Billions
Reported on BY the United
States Treasurer.
THE CONDITION OF OUR FINANCES.

Over $4,000. 600, 900 in the Countrywide
Increase for the Year-Revenue and Ex-
penditnre- Bond Purehases-Our Stock
of Dads Dollar. Nearly 0O,O00,OOO-
A Recomme ndation That No More Be
Coined, but That Certificates He Issued
Against Bullion.
WASHINGTON CITY, Nov 23.-United
States Treasurer Hyatt, in his annual report
Of the operations during the year and con.
dition Of the treasury at the close of the fis-
cal year ended June 80, 1888, reports the net
revenue of the government for the year.
SSl9, a66,u74, aud the net expenditures, $751;
VA, sol, the surplus receipts available for
the reduction OF the public debt being Si1l-
4i ,27S, an increase of S7,S7O,1i5 over the
year before. As compared with 1887, the
revenues We're S7s62, 797 greater and the
expenditures s7,37s less. The treasury bal
ance increased during the year from sh9,-
224,S7y to 1920, s04,242 The net change
or s60.579,S e3 in the balance was
produced by an increase of 1885,
46s in the assets. and decrease of S23, 05S,-
S9i in the liabilities The silver balance fell
| off more than ST, Oh, 900 The Principal in
and deposits in national banks, and the prin-
| cipal decrease of liabilities in tine public
| debt and the funds for the redemption of ma
tional bank notes There was a net de-
crease of S74, 79S, 800 during the fiscal year
| in the principal OF the iuterest-bearing deb
| The total purchase OF bonds for the sinking
| fund, and out of surplus revenues, were
s5i, 464, 800 the net premium paid, exclu-
sive of accrued interest, being s, 270, S43. 49,
The gold and silver coin and bullion in the
country aud all kinds of notes and certificates
outstanding on June 30, 1887, amounted to
s., Us, -" So, and on June 80 1855, to
2,u9S 562, 012. The stock Of gold and silver
increased during the year from 81 ,0g7, 5l3, 401
to 81 u92 .39i $50 35-mosty IN god The in
crease in the volume of the paper circulation
was $50, 42440, resulting from an increase
of $40. $40 955 in the smount of certificates
and falling off of S26, S95, 5j4 IS in the total
of notes and fractional currency.
The redemptions of United States notes at
the treasury during the year amounted to
S63, 352, go. Since the resumption of specie
payments only s26, 1876, "a rave been re.
deemed in gold. With the increase of coin
certificates, of which there are now more
than of legal tenders, the Importance of the
latter in the circulation has declined. The
denominations below $40 are being displaced
by silver certificates, and those above 500
largely by gold certificates The volume of
gold certificates outstanding increased SEQ
Sc, 1888, reaching Si42, 02Y, $50, the highest
point yet noted at the end of any fiscal year
Taking into account the decrease of the
amount in the treasury, the total increase of
the circulation was SO, 9Vl, l43 There were
issued $l05, SOC, 900 Of silver certificates,
mostly of the denominations OF SO and
under, and So "a ,S1o were redeemed The
amount outstanding increased from SII5,-
54S, $50 to SIS, 49l, ~ The increase in the
actual circulation was SIS 4S1, 707 1t had
been impossible to meet the demand for the
denominations of 81 and s., and in conse-
quence their issue was suspended between
Oct IS 1887, and Feb 8, 1855 Since the
latter date the treasurer has been able most
of the time to furnish them as thay have
been asked for.
The coinage of silver dollars during the
year amounted to 49,, 4S4, 613, making the to-
tai coinage S3'-9, 424, 10. The increase of the
net distribution was only S29. l5S. Owing to
the scarcity OF 81 and s. notes, and the de-
mand for the movement of crops nearly
1905, 900 were drawn into circulation be
tween May and November, 1887; 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 if the purchases of silver are to continue
the bullion be put into the form Of heavy
bars or ingotS, arguing that the present sup.
ply Of the dollars will be sufficient for any
demand there is likely TO tie for them, and
that any increase of the certificate cir.
culation could be based with perfect safety
on the uncoined metal
The amount of fractional silver coin in the
treasury has not changed much since the
first accumulation after the resumption of
specie payments. OF little mere than $50
OO0, 900 held on June 80, 1885, S20, so, COO was
in halfdollars and only $500, 900 in other
pieces. The treasurer points out that this
proportion, which does not vary much from
year to year, is excessive and that some.
thing like $4,000, 900 in 5O-cent pieces that
are not needed for circulation will doubtless
be carried by the treasury until they are re-
coined into other denominations or absorbed
by the growth of business
At the close of the year the treasury held
sl7S 1850 United States bonds to secure
national bank circulation and $50 rs, 900 tc
secure public moneys held by depository
banks There was a decrease during thu
year of sl3, So, $50 in the amount of the
former, and an increase Of 500, Ga. $40 in the
amount of the latter. There was SIS. 2,5tl
of public money held by the hanks, an in,
/ CREASE of 81 3g1 ca