Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1889-11-12
THE NATIONS FINANCES.
A Long Report by the Treasurer on the
Operations of His Office,

WASHINGTON, Nov II Hon. J. n. Hus-
ton, treasurer of the United States, has
made long report to the secretary of the
treasury of the operations of his Office
during the last fiscal year, and the condi-
ton of the treasury juno 80 last.
The year is characterized as a remark
able one in the history of the public
finances, both the revenues and expendi-
lures having been exceeded but
few times since the foundation
of the government. The former amounted
TO $685.. o5G, O5S. and the latter to $685., 49,
9SS, inclusive of ST., 282, 1852 pail in preml-
ums on bonds purchased. The surplus
revenues June 80 were $87, 76l 900, de-
crease of s23, $50, 1876 as compared with the
year before, counting premium on bonds
as ordinary expenditure.
On January 80, 1885, there was in the
treasurer's custody, in cash and effective
bonds, the sum of S764. 729, 1886, and a year
later the sum OF S76O, 643.S71. The current
S14S. .347 to S127, 931 $50. and the reserve
from S229, S05, 800 to Sl93, 097, 047.
The gold IN the treasury in excess OF GER
tificates outstanding was s193,6l2 III in
1888 and $50, PSI, 400 in 1889. Notwithstand-
ing the loss of gold, both in the aggregate
and in the amount not covered by certlh-
Gates, amounting to nearly per cent. the
in every respect save the amount of the re-
serve. The total assests, the liabilities
and the reserve all fall off about IA per
cent. At the beginning of the year the
free gold was $45, 100000, and at the close
100000 in excess OF the de-
mand liabilities. The unavailable funds
exclusive of upward Of S2S.00O,OO0
on deposit with the states under the law
of 1886 amounted at the end Of the year to
Sl,4l5, 43}, having been decreased by an
appropriation of SO, Ole to cover losses in
the New York suDtreasury, and Increased
by a less of $4,000 at San Francisco, re-
ported by the assistant treasurer there IN
1856. The treasurer suggests that the
present methods of keeping the account.
by which he is charged with funds that do
not exist. should be changed so that the
books would at all times show the true
state of the treasury without real or APP
parent discrepancies.
The changes thst took place in the cur
rency show an increase of about S34. OOO, 600
Sal .0O0.0OG in the national bank circulation,
and a loss of SIS. 900 of gold. The re-
ports show that in the period of four years
the public ownership of silver was nearly
doubled, while the volume of notes was
diminished from $647, 1856. 147 to S. O,9S8, 478.
The increase Of the circulation OF
silver certificates was about S5o, OOO.-
r rate for the hep two two previous
years. The new issues of small denomina-
tions appear to have fully supplied the
needs of the country.
The coinage of the standard silver dol
lars has proceeded without any incident
worthy of remark. Without much change
in the amount in circulation there is
tendency toward a decrease.
During the year the national banks
withdrew $50, $40. 800 on their bonds held
by the treasury as security for
circulating notes OF public mon
eys The deposits amounted to
So, 243, 700. There remained at the close Of
the year $14S, 12l. $50 belonging to 3,263
banks as security for circulation, and S45,-
ties for deposits. The report shows the
minimum limit of bonds or the present
capital of the banks was only about $780,
co., 900 or $50, 000,00 below the amount
now on deposit. The amount of public
money held by depository banks ranged
from $751; 81 to SAT $50 TIA, the result
mainly Of voluntary acts of the bank in sur
rendering the deposits and withdrawing
their bonds. The semi-annual tax on cir
culation amounted to S1,5l0,33I for the
year. The net deposits during the year
amounted to S32, 49,, AIS, of which sum
$50, 5S3 $50 was for the reduction of the Cir
culatiOn of active banks
The question whether national banks
should be required to redeem unsigned
notes stolen from them and put into cir
culation has been considered and the
treasurer gives his views, which are that
as the law plainly requires the banks to
provide for the redemption OF all notes
issued to them whether regularly paid out
or not, an 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 the public funds and the con-
venlences for the transaction OF business
and makes certain recommendations Tor
improvements in this respect.