Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1889-11-11
UNCLE sAEPS COIN.
Report of the Operation and Condition
of the National Treasury.

OF Une National treasury.
WASHINGTON, November 10th. = The
Treasurer of the United States has sub
mitted to Secretary Window a report on
the condition and operations of the Treas.
ury for the fiscal year ending June 30th.
The year is characterized as the most re-
markable one in the history of public
finances, both the revenues and expendi-
lures having been exceeded but few times
since the foundation of the Government
The former amounted to 1887 06o;058 84,
and The latter to $299 2S8;97S 25; inclusive
of $l7 ,292, 1862 65 paid in premiums on
bonds purchased. The surplus revenues
were SS7, ,761 0S0 50. a decrease of S23. 5SO,-
10S o., as compared with the year 1884.
Counting the premium on bonds as an or.
dinary expenditure, the receipts on account
of the public debt amounted to $245 LII, $50
and the expenditures to 1886, 214, ,z75.
On June 20, 1888, there was in the Treas
urer's custody in cash ard effective credits
The sum of 1854 729, ,535 81, and year later
the sum of $76O 643 S7I %. The current
liabilities decreased in the interval from
S14S, ,29l 347 % to S127 931 $50 64, and The
reserve from S229. sos, 600 81 to S19s,o97,-
047 II.
The gold in the Treasury in excess of the
cert ficates outstanding was Sl95 6l0,172 46
in 1888 and $1S6, 257 400 10 in 1889. Not
withstanding the loss of gold both in the
aggregate and the amount not covered by
certificates, amounting to nearly 4 per
cent, the position of the Treasury was
strengthened in every respect, save the
amount of reserves.
The total assets, liabilities and reserve all
fell of about ID per cent.
At the beginning of the year free gold
was S45 100000 end at the close S5S, 600 900
in excess of the demand for liabilities and
the unavailable funds, exclusive of up
wards of $2S 100000 on deposit with the
States under the law Of 1896 amounted at
the end of the year to 81, ,4l5, ,433 81, having
been decreased by the appropriation of
81 401 649 TO cover the losses in the New
York Sub-Treasury and increased by the
loss of $40 900 at San Francisco, reported
by the Assistant Treasurer there in 1886.
The Treasurer suggests that the recent
method of keeping accounts by which it 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 apparent discrep-
ancies.
The aggregate obligations of the Govern
ment at The close of the year. including the
public debt, as stated by the department
and national bank note redemption funds
W L
has sole charge of were 81, $40 67S. .475 CO.
The debt, less cash in the Treasury. was
81 050 034 SOB so as against 81 ,139 900, S7S IL
the year before.
The debt proper, consisting of interest
bearing bonds, outstanding notes and ma
tured securities, decreased during the wear
from 81 81, ,397 ,574 5S to 81, ,250043, ,l36 23
The total application of moneys to the
extinction OF the principal, including pre-
miums was $l3S, ,562 al, of which sum
S105053 443 "a was derived from surplus
revenues and S33 500, ,297 76 was taken from
the cash in the Treasury
The purchases of bonds amounted to
SS256S, ,050 of Al per cents. and $3S, LOG, 400
of four per cents. The reduction of the
annual interest charge effected by the op-
erations of the year was s.. 239, $50 IS.
The changes that took place in currency
were an increase OF about S34 600, 900 in in
stock of silver contraction, of SAL 600. 600 in
National bank circulation, and a loss of
$25, 600 of gold,
The total stock of gold, silver and circu-
lating notes was $2065, ,S34 571 "a in 1888,
and 81, ,099 96S, 71S AZ in 1880
1t would seem from these figures that
there had been an increase of the circulat-
ing medium, but the certificates of deposit,
which are included, are merely repre- senta-
tive OF moneys in the Treasury, and 10
count them with coin and notes, to which
they give title, would be duplication. If
they be set aside and the actual moneys de-
posted according 10 ownership the forego-
ing figures will be reduced to 81 Cos 904.-
$40 81 for 1888, and 81 666, ,095, 400 AZ for
1889, making an apparent contraction of
about $33,000,000 in the total currency of
the country.
AS the holdings of the Treasury de-
creased in the interval in the sum of SAL
100000, the circulation increased about
$S, 100000. The public lost $lS,000,000 of
gold and $30,000,000 of notes, and gained
$50, COO 900 in silver.
The comparison of the currency in the
country at the end OF each of the last five
years shows that the percentage of gold fell
off only slightly, while it is still higher
than it was at the end of any year prior to
| 1883.
The redemption of worn and nutilated
United States notes amounted to $50. $50,
600. The calculated average life of these
| notes to keep the circulation in the re-
demptions at New York in gold were $780,
143