The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-11-23
The Condi N of the Nation s
Finances.
TOTAL PURCHASE OF BONDS
The Surplus-Increase In the v, lume
of Paper Ciroulation-The
Silver Dollar.

rotary Fairchild his annual report of
the operations of the Treasury:
The net revenues of the government
for the fiscal year ended June 80, 1883,
were $379, 266 ,074, and the net expendi
lures 1857 ,9A SOL, leaving surplus re-
ceipts available for the reduction of the
public debt of Sill ,341 273, an increase
of 81, s70.176 over the year before. AS
compared with 1887, the revenues were
$8, 1902 1877 greater, and the expendi-
lures 1873 less.
The Treasury balance increased
during the year from $50. 224 =
379 to S129 804 PAP. and the total
assets, including certificates of deposit
in cash. from $622, 304, 2S4 to 1854. 729 =
$50. The net change of $60,579, 1868 in
| the balance was produced by an in
crease of $37 ,526,468 in the asses and
the decrease of $23 ,053 1894 in the liabili-
ties.
The silver balance fell off more than
81 ,0O0 600.
The principal increase of assets was
in United States notes and deposits
in national banks, and the principal de-
crease of liabilities in the public debt
and funds for the redemption of ma
tional bank notes. There was net de-
crease of S74, 788. 800 during the fiscal
yea in the principal of the interest
bearing debt.
The total purchase Of bonds for the
sinking fund and ont of the SURPLUS
revenue, were $5l ,464 300, the net pre-
MUM paid, exclusive of accrued in
terest, being SS.270 842.
| The gold and silver coin and bullion
in the country, and all kinds Of notes
and certificates outstanding June 80,
1887, amounted to 81 1926 ,259 .882, and on
June 30. 1888. amounted to 81. 093 562,-
| or. The stock of gold and silver in
creased from 81 ,007,5 .901 to $l.092,
391, 800, mostly in gold.
g.. The increase in the volume of paper
circulation was $50, 425 400, resulting
from an increase of $ll0 .319, $50 in the
amount of certificates, and falling OF
of $26, 1876, 554 in the total of notes and
fractional currency. Some attention
must be given to the question OF prob
able loss or distinctions of paper cur
rency, but without any very definite
results. A table Is given showing the
course of the redemptions of the fir
issue of legal tender notes. Until the
notes are caleb in by the government
or some other cause brings them to the
treasury, the loss from destruction
must BIS more or less matter of con-
lecture. A careful estimate from data
at hand places it at per cent. or less,
according to the denomination.
Certificates of deposit amounting to
$24 1000 were issued for notes, and
$l8, 465 900 were redeemed, leaving $14 :
665 Geo outstanding. The Ire isurer at.
tributes the decrease OF the use OF these
certificates since 1886 to the change in
tae manner of redeeming them, the
holder now receiving ..the same notes
that were deposited, lns cad of new
notes as formerly.
The volume of gold certificates out
standing increased 500 535 1888, reaching
$142. 023 $50, the highest point vet
noted at the end of any fiscal year, !
Taking into account the decrease in the
Treasury, the total increase in circula-
ton was 500 .901 .143.
The coinage of silver dollars during
the year amounted to $32 484 673 max
ing total coinage of 1929. 424 100. The
increase of the net distribution was
only 500, 156. Owing to the scarcity
of 81 and 81 notes and the demand for
the movement of crops nearly SO DOC, 900
W as uIon IL 1AtO UCbnOOA
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, if the pur-
chase of silver is to continue, the bull
lion will be put into the form of heavy
bars or ingets, arguing that the present
supply of dollars will be sufficient
for any demand there is likely to be for
them. and that any increase of certif
Gates in circulation could be based with |
perfect safety on the uncoined metal. |
The new silver vault in the Treasury |
building, having a capacity OF 500 000,-
600 and said to be the largest vault in |
the world, is being filled at the rate of |
half million 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 |
unless the coinage is suspended.
The amount of fractional coin has |
not changed much since the first accu- /
mulauon after the resumption OF specie |
payment.
The Treasurer states the coin in the |
Treasury is in good condition, with the
exception OF HUE lou OF silver DalL
dollars which are much worn, the |
same being quite smooth, and it has
been impossible to recon them because
the loss would have been too great in !
to the new coinage OF |
dimes, which it was necessary TO pro-
duce.
The decrease in amount of deduc-
tons on ACCOUNT of mutilation from !
the face value of currency redeemed,
adding the number of counterfeit notes |
and coins rejected, shows gratifying
tbs condition OF oircu-
lation in this respect.
At the close of the year the Treasurer |
held $I78 312 $50 of United States bonds |
to secure the national bank circulation,
and $50 228.000 to secure public moneys |
held in depository banks. There was |
decrease during the year OF S13 654 $50
in the amount of the former and de-
crease of $29642 500 in the amount of
the latter. There was $58,7l2,571 of
public money held by the banks, an
increase of $35, 1895, 633. The semi-an-