Los Angeles daily herald. [microfilm reel] (Los Angeles [Calif.]) 1884-1890, 1889-11-11
TELEGRAPHIC.
treasurer Hust0M's Report for tn
Els. al Year.

UNCLE sAM,S CASH ACCOUNT.
treasurer Hustom,s Report for the
Els. nj Year.
WARRINGTON, November 10.-Treasurer
Huston, of the United States, in his re-
port of the operations of his office during
the fiscal year, and the condition OF the
Treasury on June 30th last, says: The
year is characterized as a remarkable
one in the history of public finances,
both the revenue and expenditures hav-
ing been exceeded but few times since the
foundation of the Government; the
former amounted TO $397, 050,05S, and
the latter to $299. 1882, 27s, including $17,-
297, 1922 paid as premiums on bonds pur-
chased.
The surplus revenue June 30th was
$S7, 761 900, decrease of $23,5S0, 1913
compared with the year before, count
ing the premiums on bonds as ordinary
expenditures.
On June 80, 1888. there was in the
Treasurer's custody in cash effective
bonds the sum of 1874, 500 1856, aud a
current liabilities decreased from $14S,-
POI ,S47 to 1927 93l $3.50, end the reserve
from 1929, 1906 800 to $l93, 097 ,045.
The gold in the treasury in excess of
certificates outstanding was $193, 610.1 72
wi.hstanding the loss of gold both in the
aggregate and on that amount not received
by certificates, amounting to nearly four
per cent.
The position of the treasury was
strengthened in every respect, save in
the amount of reserve. The total assets,
liabilities and reserve all fell off about IA
per cent. At the beginning OF the year
the free gold was $45 900, 900, and at the
close $5S COO, 900 in excess OF the de-
mand.
Unavailable funds, exclusive of up
wards of $2S, 10000 on deposit with the
States under the law of 1886, amounted
at the end of the year to 81, Ala, 1873,
having been decreased by an appropria-
ton of $24,016 to cover losses in the
New York sub treasury and increased by
the loss Of $4,000 at San Francisco, re-.
ported by the Assistant Treasurer there
in 1886.
The Treasurer suggested that the pres
emit methods of keeping accounts, by
which he is charged with funds that do
not exist, should be changed, so that the
books would at all times show the state
of the treasury without real or apparent
discrepancies.
The changes that took place in the
currency were an increase of about S34,-
600, 1000 in the stock of silver, contrac-
ton of SAL 600 900 in national bank CIR
culation, and loss of $25, $50, 900 of
gold.
The report shows that in period of
four years the public ownership of silver
was nearly doubled, while the volume of
noteo was diminished from $647, 1856, 147
to $3.50, $780, 7S. The increase in the
circulation of silver certificates was about
5000, 900, having kept pace with the
rate for the two previous years. The
new issues of small denominations ap-
pear to have fully supplied the needs OF
the country.
During the year the national banks
withdrew $66 $40 900 of their bonds held
by the Treasurer az security for circu-
lating notes of public money. The de-
posits amounted to $25 ,243, 700. There
remained at the close of the year $140,-
III ,450, belonging to 1922 banks, ae
lecurity for circulation, and $45, 222 900,
belonging 10 300 banks as security for
deposits.
The report shows that the minimum
amount OF bonds for the present capital
of banks was only about fifty or sixty
millions below the amount now on de-
post. The amount of public money
held by dspositary banks ran down from
$58, ,511 to SAT ,259, ia The semi
animal tax on the circulation amounted
to 81, 410, 1881 for the year. The net de.
posits during the yesr amounted to
$22, 4S4, AIS, of which sum 1893. $50
was for the reduction Of the circulation
of active banks.
The question whether national banks
should be required to reimburse un.
signed notes stolen from them and put
into circulation, has been considered,
and the Treasurer's opinion is that as
the law plainly requires the banks TO
provide for the redemption Of notes is
sued to them, whether regularly paid out
or not, the innocent holder is entitled to
the advantage OF the provision.
The report closes with some criticisms
on the inferiority of the provisions for
the safety Of public funds, and makes
certain recommendations for improve
msnts.