Los Angeles daily herald., 1888-11-23
THE NATIONS CURRENCY.
An Inventory of Uncle Sans
Treasures.
TREASURER WAITS REPORT.
Gold Coin by the Bushel and Silver
Dollars by the TOn-Crpsus
OutdOne.


| Associated Press Dispatches to the HERALD
WASHINGTON, November %. - The
Treasurer of the United States, Hon.
James Wyatt, has submitted to Secretary
Fairchild his annual report of the opera
tions of the Treasury. The net revenues
of the Government for the fiscal year
ended June 80, 1883, were 1878, ,266, ,O74,
and the net expenditures $267 1924, sol ;
the surplus receipts available for the re-
duction of the public debt being $111,-
341 ,273, an increase of $7,S7O,176 over
the year before. AS compared with
1887, the revenues were 1882, 10Y
greater, and the expenditures 81 1873 less.
The Treasury balance increased dur
ing the year from $50, ,224,379 to
$129, ,S04 ,242, and the total assets, includ-
ing certificates Of deposit in cash, from
1922 1904 ,2S4 to 1854, 729, ,535. The net
change of $60,579 1868 in the balance was
produced by the increase of $37. .526, 1853
in assets, and a decrease of $23 ,O53, 1894
in liabilities. The silver balance fell off
more than $27,000,OO0. 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 the re-
demption Of national bank notes. There
was net decrease of $74, 7S8, ,92O during
the fiscal year in the principal of interest
bearing debt. The total purchases of bonds
for the sinking fund, out of the surplus
revenues, were $51 ,454, 800, the premium
paid, exclusive of the accrued interest,
being IS, ,270, ,s42. The gold and silver
coin and bullion in the country, and all
kinds OF notes and certificates outstand-
259,SS and June 80, 1888, to
50, ,093, ,562 ,O72 The stock of gold and
silver increased from 81 ,OO7 ,313, ,9O1 to
81 ,092 ,591 500, mostly in gold. The in
crease in the volume of paper circulation
was $S3, ,423 400, resulting from an in
crease of $l10,319, ,955 in the amount of
certificates, and falling off of
$26. 1858 in the total of notes and
fractional currency.
| DESTRUCTION OF PAPER CURRENCY.
Some attention has been given to the
question OF the probable loss or destruc-
tion OF paper currency, but without any
very definite result. A table is given
showing the course OF the redemption of
the first issue of legal tender notes, until
the notes are called in by the Govern
ment, or some other cause brings them
to the Treasury. The loss from destruc-
tion must be more or less matter of
| conjecture. The most careful estimate
from data at hand places it at one per
| cent or less, according to denomination.
Certificates OF deposit, amounting to
$24, 10000 were issued for United States
notes, and lS465, 600 were redeemed,
| leaving $l4 $3.50 900 outstanding. The
Treasurer attributes the decrease of the
| use OF these certificates since 1886, to the
change in the manner of redeeming
| them, the holder now receiving the same
notes that were deposited instead of new
notes as ornerly.
| The volume OF gold certificates out
standing increased SIC, $50 1888, reaching
$l42 ,O23, $50, the highest point yet noted
at the end of any fiscal year. Taking
into account the decrease in the Treas
ury, the total increase in circulation was
$29, 9,90l, ,143.
SILVER DOLLARS.
The toinage of silver dollars during
the year amounted to $32, 2,4S4 ,675, max
ing total coinage of $299, ,424, 7qO. The
increase of net distribution was only $780,
l56. Owing to the scarcity of one and
two-dollar notes and their demand for
movement of crops, nearly 900 900 silver
dollars we're 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
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 pur-
chase of silver is to be continued, the
bullion to be put into the form of
heavy bars or ingots, arguing that the
present supply of dollars will be sufficient
Tor any demand there is likely to be for
them, and that any increase OF certificate
circulation could be based with perfect
safety on uncoined metal. The new sill
yer vault in the Treasury building, hav-
ing capacity of one hundred million
dollars, and said to be the largest treasury
vault IN the world, 10 beiHg 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 coinage is suspended.
The amount of fractional silver coin in
the Treasury has not changed much since
first accumulating after the resumption
of specie payment. The Treasurer states
that the coin in the Treasury is in good
condition, with the exception of little
of the silver; the half-dollars are much
worn, some being quite smooth, and il
has been impossible to recoin these, be-
cause the loss would have been too preat
in proportion to the new coinage, mostly
dimes which it was necessary to pro-
duce.
The decrease in the amount Of deduc-
tions on account Of mutilations from the
face value of currency redeemed. adding
the number of counterfeit notes and coins
rejected, shows gratifying improvement
in the condition of the circulation in this
respect.
BONDS, BANK DEPOSITS, ETC.
At the close of the year the Treasurer
held $l7S,312, $50 of United States bonds
to secure National bank circulation. and
$56, l2S, 900 to secue public moneys held
in depository banks. There was a de-
crease during the year of $13, ,654, ,O5O in d,
the amount of the former, and a de-
crease OF S29 ,642 SOC in the amount of
the latter. There was f58,712,51I of
public money held by banks an increase
OF $35, ,396, 1888. The semi.annual duty
collected from National banks amounted
TO II .6l6,l27, making an aggregate of
$l36, 1922 1903 since 1865. The net pro-
ceedE on National hank nofea rodoonnod