New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-23
TREASURER HYATT'S REPORT.
CONDITION OF THE NATIONS FINANCES.
AN OPINION THAT NO MORE SILVER DOLLARS
ARE NEEDED IN CIRCULATION.

| AN OPINION THAT NO MORE SILVER DOLLARS
ARE NEEDED IN CIRCULATION.
Washington Nov. 22.--Treasurer Hyatt has submit
ted TO Secretary Farcblld his annual report. The
net revenues Of the Government for the fiscal year
ended June 80 1888 were 1870 ,o68o74 and the net
expenditures 1907 924 sol, the surplus receipts avail
able for the reduction OF the public debt being FILL
341 273, increase OF 81, s70170 over the year be-
fore. As compared with 1887, the revenues were
81 sGo 1907 greater and the expenditures S7375 less
The revenues of the Post Office Department were
So 384 and the expenditures 1904 29S, there
being deficiency OF 50 G64,9i3, on account OF which
SO 100 800 was paid out Of the Treasury. Inc
Treasury balance increased during the year from
$50 224 $40 Si20 e04 242 and the total assets IN
Guiding certificates Of deposit in the cash, from $o22
3O4 os4 to S764, 729,53o. The net change OF
$50 $40 1863 I'm the balance produced by an In
crease Of s37 463 in tho assets, and decrease OF
1913 O53 304 the liabilities The silver balance ie
off more than s27 900 O00 The principal Increase of as
sets was United s. ates notes and deposits In NaoDa
banks, and the principal decrease of liabilities IN the
public debt and the funds for tho redemption Of Ma
tlonal bank notes.
There was net decrease of $747as,oe0 during the
fiscal year In the principal of the interest bearing debt
The total purchases OF bonds for the sinking fund ana
out OF surplus revenues were Sol 464,3oo, the net
premium paid, exclusive of accrued interest, being
SO 27Os42 Under the circular Of August B. 1887
interest amounting to 81, 13ee38 on and IL per
cent bonds was prepaid with rebate at tho rate OF
o per cent per annum. The amount Of the rebate
$1,000.
The gold and silver coin and bullion in the country
and all kinds Of notes and certificates outstanding on
June 80, 1887 amounted to 81 925,2o9,so2, and on
June 80 1883, to 81 093 562 072. The stock OF gold
and silver increased from 81 007, $4,000 to S1O99,
391 $780, mostly In gold. The increase in the volume
of the paper circulation was $53,424,dOO.
The redemptions OF United states notes at the
Treasury amounted 1868 65o,O 600 and those at New
York in gold, 5000 500. Since the resumption OF
specie payments only S26,736454 have been redeemed
in gold The most careful estimate from data at
hand places at per cent or less the loss OF oesruo
ton OF paper currency.
Certificates Of deposit amounting to $24,l1o,0OO
were issued for United States notes and S15,46o,ooo
were redeemed leaving SID $50 900 outstanding Tho
Treasurer attributes the decrease OF the use OF these
certificates since 1886 to the change in the manner
of redeemng them the holders receiving the same
notes that were deposited Instead of new notes as
formerly. The volume Of gold certificates outstanding
Increased $50 $50 1888, reaching $142 023150, the
highest point yet noted the end Of any fiscal year
Taking into account tho decrease OF the amount In
the Treasury, the total Increase OF the circnat OF
was $50 o01 ,143. The greater part OF the Increase
in the denominations OF $1,000 and $1,000 whlch
are much used in the transactions OF the New-iosh
sub-Treasury with the Custom House and the Clearing
House. There were issued Sl0J, S96,OOO OF silver
certificates, mostly of denominations of $40 and
under and S21 947 1915 were redeemed The amount
outstanding Increased from $145 543 $50 to 1929 4ol-
77o The increase in the actual circulation $685.
AL 7O7 II had been impossible t. meet the demand
for the denominations Of al and g., and In coEse-
Qucnce their issue was suspended between Octop-r
10, 1887 and February 3, 1858. Since the latter
date the Treasurer has been able most of the time
TO furnish them they have been asked for. the
hafol q
Issued fits them better for wear, and the result is
seen in the improved condition of those now In cir
culation.
The coinage Of silver dollars during the year
amounted to s32, ABA 673, making the total coinage
5000 424.79O owing to the scarcity OF 81 and ~
notes and the demand for the movement OF the
crops. nearly s9O0O,O 900 drawn into circulation
between 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 opinion that the people have all OF
these coins they want or are willing to take, and
recommends that II he purchases OF silver
arc to continue, the bullion be put into
tho form of heavy bars or inso's
The new silver vault in the Treasury Building having
capacity of hundred million of the dollars ana
said to be the largest treasury vault in the world
being filled at the rate of half million day. 1t
Will hold the total coinage of three years
The amount of fractional silver coin in the Treasury
has not changed much. OF little more than 800
900 600 held on June 30, 1888, S20, 100000 was In
half dollars and only 81, 100000 in other pieces
The Treasurer points out that this proportion, which
does not vary from year to year, Is excessive, and
that something like S15,OOO,O00 in iftycent pieces
that are not needed for circulation will doubtless have
to be carried by the Treasury until they are reconed
into other denominations or absorbed by the growth
OF business
At the close OF the year tho Treasury held Sl1S,-
3l265O of United States bonds to secure National
bank circulation, and $50, 126, 900 to secure pubic
moneys held In dopositary banks There was DC
crease during the year of S13G54,o50 In the amount
OF the former and an increase of 800 612,o 800 In the
amount Of the latter. There $5o,712,5ll Of pub
lie money held by the banks increase OF S3o3oo,-
G33 The semi annual duty collected from National
banks amounted to $1,61G127, making an aggregate
of Si36 90. sO3 since 1863 The net proceeds OF
the National bank notes redeemed during the year
were SOS o46,727. The redemptions were SllOOO,OOO
greater than those of tho preceding year. In tho face
OF a reduction OF S56,500,o 900 in the two years In
the amount outstanding aud greater in proportion
to the circulation than of every year. save two,
since 1879 The increase came from New-York City,
for Treasury checks and 81 and 81 silver certificates
The redemptions from the per cent fund were
T43,379, 1885, and those from the funds for the ro-
fund excited much concern early In the year On |
July g. 1888, II stood az SlO7 ,S27,754, tho highest
point It has reached. From that time IL de-
cned sol 49,, s43 by the end of the fiscal year.
WHY NAVAL RELIEF BILL FAILED.
Washington, Nov. % tspccaD.-0ne of the bills |
passed by Congress appropriated a specific sum OF