Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1888-12-01
UNCLE SANS MONEY
The Treasurer Of the United
States Submits His
Annual Report.
The Revenues Were Greater and the
Expenditures Less Than for
the Year 1887.

WASHINGTON, Nov. 23.--The treasurer
OF the United States, Hon. James w.
Hyatt, has submitted to Secretary Fair
child the annual report of the operations
of the treasury:
The net revenues OF the government for the
fiscal year ending June 30, lssS, were S319,-
@b6,O14, and the net expenditures S36i ,924,-
sol the surplus receipts available for the re-
uuction Of the public debt being Slll ,34l ,213,
an increase OF 81 so, - over the year before.
AS compared with 1887 the revenues were
$500, ~. greater and the expenditures $7,31S
less. Treasury balance increased during the
year from 9 PA, 80 TO 1929, s04, 24!, and the
total assets, including certificates OF de-
posts In cash, from S62,3O4,2s4
In the balance was produced by an increase
OF S37 ,S26, 46S Ia the assets, and a decrease OF
SD, 1858, 1874 Ia the liabilities. The silver bal
ance fell of more than 81, OOO,COo. 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 funds for redemption OF ma
tional bank notes. There was a net decrease
OF x14, 1SS, $40 during the fiscal year In the
principal OF the interest bearing debt. The
total purchases Of bonds for the sinking fund
and outsof the surplus reveneus were Sol 464,-
cNo. IA HCt pIcHlluu phiu, tACiuSlNS Va az
crued interest, being $e,210,Si2.
The gold and silver coin and bullion In tn"
country and all kinds OF notes and c%er,ili-
Gates outstanding June 80, 1857, amounted TO
Sl,925.2 j9, $50, and June 30, 1873, 10 s2,093,-
569,O72. The stock OF gold and silver in-
creased from 1907, 5i3, 90l to 81 ,O92,39 $50,
mostly In gold. The increase In the volume
OF the paper circulation was s>o,424 400, re-
sulting from an increase OF fllO,3l9 800 In the
amount OF certificates and & falling of OF
x26, wa, 354 In the total of notes and fractional
currency.
Some attention has been given to the cues
tlon OF the probable loss or destruction OF
paper currency, but without any very definite
result. A table is given showing the course
OF redemptions OF the first issue OF legal ten
der notes. Until the notes are called In by
the government or some other cause brings
them to the treasury loss from destruction
must be more or less q matter Of conjecture.
The most careful estimate from data at hand
place it at per cent. or less, according TO de-
nomination.. This Is supported by the his
tory OF the earlier paper issues OF the govern
ment.
Certificates OF deposit amounting to S24,-
10000 were issued for United States notes,
and SIS, 400, 900 were redeemed, leaving 81
6i1, 900 outstanding. The treasurer attributes
the decrease Of the use OF these certificates
since 1876 to the change In the manner OF re-
deeming them, holders now receiving the
same notes that We're deposited instead OF
new notes "a formerly. The volume Of gold
certificates outstanding Increased $40, 53G, 1913
reaching SAP, 023. 100, the highest point yet
noted at the cad OF any fiscal year. Taking
into account the decrease of amount In the
treasury total, the Increase Of circulation was
SOP, 90l l43.
The coinage OF silver dollars during the
year amounted To $50, 4st,6 73, making the
total coinage S299. "a, ,9o. The increase
Of me- IistrihnTtnu WAS only so 1It
Owing 10 the scarcity OF 81 and - notes, and
the demand for the movement Of crops,
nearly $4,000, 900 were drawn into circula-
tion between May and November, 1857, but
when 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,
II the purchases Of silver are to continue, that
the bullion be pat into the form Of heavy bars
or ingots, arguing THAI the present supply Of
dollars will be sufficient for and demand there
is likely to be for them, and that any increase
OF certificate circulation could be based with
perfect safety on the uucoincd metal. The
new silver vault in the treasury building,
having a capacity Of 500, 900, 900, and said
to be the largest treasury vault in
the world, is being fllei at the rate OF half
a million a day. 1t will hold the total coin
age OF three years, but at the end Of that
period still further storage room will prob
ably have to be- provided, unless the coinage
Is suspended. The amount OF fractional III
yer coin in the treasury has not changed
much since the first accumulation after the
resumption OF specie payment. OF n little
more than S2j,0J0,000 held Juue 30, ISIS,
S20,5o0,0o0 was IN half dollars, and only
$500 eco in other pieces. The treasurer
points out that this proportion, which does
not vary much from year 10 wear, is excessive
and that something Ike SO, COO, 600 In 80 cent
pieces that are not needed for circulation will
doubtless have TO be carried by the treasury
until rccCined into other denominations Or az
sorbed by the growth CT business. The minor
coin Ia the treasury, amounting to sll2, 800,
Is reported 10 be in good condition and not
In excess Of what Is needed. The treasurer
states that tie gold 10 the treasury Is IN good
condition, with the exception Of q little.
Many Of Ia" lyer half collars ere much
worn, some hei"g quite smooth, and that X
has been Impossible TO recon these because
the loss would have been too great in proper
ton to the ne" coinage, mostly dimes, which
it was necessary - produce.
The decrease IN the amount Of deductions
On account III the nutlatiOns from the face
value OF c%urrcnet redeemed and in the num-
Der OF counterfeit notes and coins rejected
shows O gratifying Improvement ~ the circu-
latiOn in this respect.
At the close Of the year the treasury heli
SITS, 81, $50 II United States bonds to secure
national bank circulation and S56, 5000 to
secure pubic moneys held IN depository
banks. There WAS d decrease during the yesr
OF $l3,654, 90 ia the amount Il the former |
and an ~increas" of 5000, 800 in the amount
OF the latter. There was SIS, 1l2,5ll OF the
public money hc!d by banks, an increase OF
$35, 395 ,633. The semi-annual duty collected
from national banks amounted to $1,6l6, l27,
making an aggregate OF 1856, 233 SOB since
1873. The net proceeds of national bank
notes redeemed during the year was sGS, 2i6,-
125. The reurinptions were 81 900 900 great
er than those OF the preceding year in the
face OF n reduction Of $56, 500, 900 iu two years
In the amount outstanding, and greater Ia
proportion TO the circulation than those OF
every year save TWO since 1879.