, 1889-11-14
NATIONAL FINANCES.
Annual Report of the United
States Treasurer.
A NUMBER OF SUGGESTIONS
The Past Year One of the Most
Remarkable In the Coun-
try's History.

WASHINGTON, Nov. 10. - Treasurer
Huston OF the United States, in report
of the operations of his office during the
fiscal year and condition of the treasury
to June 30 last, says:
The year is characterized as a remark
able one in the history of public finances,
both the revenue and expenditures hav-
ing boon exceeded but few times since
the foundation of the government. The
former amounted to 1857, ,05o, ,o5s and the
latter $209, 2sS, 97s, inclusive of SIT, 202, 302
paid In premiums on bonds purchased.
The surplus revenue June 80 was 49,
76l, ,0oO u decrease of $2s, $50 1913 as COM
pared with the year before.
Counting premiums ON bonds as ord
mary expenditure, June 80, 1888, there
was In the treasurer's custody in cash
and effective bonds the sum of s764, =
279, 1885, aud year later the sum OF
$3.50, ,643, SO7. Current liabilities decreased
in the interval from Sl4S, 29l, 347 to S12i, :
93l, $50, and the reserve from S220, S05, 800
to S103, ,097 ,047.
Gold in the treasury In excess of Ger.
tifioates outstanding was l93,6lO, III in
1888, and $lS6, 257, 400 in 1880 Not.
withstanding the loss of gold both in the
aggregate and in the amount not coy
cred by certificates, amounting to nearly
per cent, the position of the treasury
was strengthened in every respect save IN
the amount of the reserve. The
total assets liabilities and reserve all
fell oil about Ii per cent. AT the begin
ming of the year free gold was S45, ,OOO ,O6O
an 4 at the close $5S,OOO,OOO in excess OF
the demand. Liabilities and unavailable
funds, exclusive of upwards of$7S,OO,UWO
output with the states under the Law OF
1856 amounted at the end OF the year TO
S1, 4l5, i33, having been decreased by the
appropriation of S34,O16 to cover losses
In the New York sub-treasury and in
creased by a loss of $40, 900 at San Fran.
cisco by the assistant treasurer there in
1885.
The treasurer suggests that the present
method of keeping accounts, by which
he L. charged with funds that do not eS.
list, should be changed so that the books
would at all times show the state OF the
treasury without real or apparent dis.
crepancies.
The changes that took place. in the
currency is an increase of about $3i 900,
0OO in the stock of silver, contraction
of S41, 900, 600 in the national bank circu-
lation, and loss of S25, 750, 900 of gold,
The report shows that in a period OF
four years public ownershipof of silver was
nearly double, while the volume of notes
$50, 1853. The increase in circulation of
silver certificates has been about S5,oO0,-
600 and has kept pace with the rate for
two previous Years. The issues OF small
denominations appear to have fully sup.
| piled the needs OF the country.
During the year the national banks
Withdrew $66. $40, 200 of their bonds held
by the treasury as security for circuat-
ing notes OF public money. Deposits
amounted to S25, ,3+S 100. There re-
mnined ut the close OF the year Sl4S, 12l, :.
for circulation, and S45, 222, 900 belonging
to 270 banks as security for deposits.
The report shows the minimum limit
of bonds for the present capital of banks
TO be only about $50, 0OO, 0UO or $50, 900, VIC
below the amount now on deposit. The
amount OF public moneys held by the
depository of banks ran down from Sos, :
1851 to f47, 259 IA.
The semi-aunuIl tax on circulation
amounted to 81, 4l0, 3s1 for the year The
net deposits during the year amounted
to s32,654, ,4l5, of which sum S29,653, 6sC
was for reduction of circulation Of active
banks.
The question whether national banks
should be required 10 redeem notes stolcr
| from them and put into circulation ha.
been considered, and the treasurers 5 opin.
ion is that as the law plainly requires
| banks to provide for tho redemption Of
notes issued to them, whether regularly
paid out or not, the innocent holder il
entitled to the advantage of the pro
vision.
The report closes with some criticism:
on the intrmity of the provisions for
the safety OF public funds and makes Ger
tain recommendations ror improve
ments.