St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-11-11
UNCLESkM'S SHEKELS
Treasurer Huston Makes a
Report on the Govern
ment's Doodle.
A Decrease Of TweDty-ThPee
Millions in the Surplus
Revenue.
The Position Of the Treasury,
However, is Reported
Strengthened.
A Question OF Bank Liability
for Unsigned Stolen
Notes.

WASHINGTON, Nov. 1o.-Hon. j. Fl.
Huston, 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
condition Of the treasury June 80 last.
The year IS characterized as remarka-
bic one in the history of the public
finances, both the revenues and the ex-
penditures having been exceeded but
few times since the foundation of the
government. The former amounted to
SSS7. O5o.o-S. and the latter to $3.50, 2SS,-
9TS, inclusive of Sl7.2g2.36 paid in
premium on bonds purchased. The
surplus revenues June 81 were SS7.76l,-
O60. a decrease of $3.50, lS3 as com
pared VIA the year before, counting
premium on bonds as an ordinary
expenditure. On June 80. 1873,
there was in the treasurer's custody
In cash and effective bonds the sum of
ST64. 80 S}5. and year later the sum of
of 500. 81. The current liability
decreased in the interval from Sl4S.29l,
S47 TO 1921, 931, $50, and the reserve from
1928. sos. 600 to SIg3. OR, 047. The gold in
the treasury in excess of certificates out
standing was Sl93,6l0,172 in 1888. and
1856. PSI. 400 in 1890. Notwithstanding
the loss of gold, both in the aggregate
and the amount not covered by certifi-
Gates, amounting to nearly per cent.
the position of the treasury was
strengthened in every respect save the
amount of reserve. The total assets,
the liabilities and the
RESERVE FELL OFF
about IA per cent. At the beginning OF
the year the free gold was $4,000. 600,
and at the close S5S.0O0.0O0 in excess of
the demand liabilities. The unavqila-
bic funds, exclusive of upwards of S.
OUO.OOO on deposit with the states under
the law of 1880. amounted at the end of
the year to Sl.415.4 33, having been de-
creased by an appropriation of S24.0l6
to cover losses in the New York sub
treasury and increased by loss Of Sl0.-
0O0 at ) Francisco, reported by the
assistant treasurer there in 1856. The
treasurer suggests that the present
methods of keeping the account. Ivy
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 apparent discrepancies.
The changes that took place in the cur
rencv were an increase of about 81. Co.,
900 in the stock of silver. contraction
of $41 ,OOO. 600 in the national bank cir
culatiOn, and loss of S25. 750, 900 of gold.
The report shows that in The period IF
four years the public ownership of sill
yer was nearly doubled. while the vol
ume of notes was diminished from
S645. $50. 147 to $3.50. 9S9.47S. The increase
of the circulation of silver certificates
was about st. 600, $50. having kept pace
with the rate sur the two previous years.
The new issue of small denominations
appear to have fully supplied the needs
OF the country. The coinage of the
standard silver dollars has Proceeded
without any incident worthy of remark.
Without mach change in the amount in
circulation there is tendency toward
decrease. During tie year
THE NATIONAL BANKS
Withdrew sd. $40. 500 of their bonds held
by the treasury as security for circulat-
ing notes of public moneys. The de-
posts amounted to S25.243. 100. There
remained at the close of the year Sl4S.-
l2l,45O belonging TO 3,262 banks as
security for circulation and s45,2&2,0 600
belonging to 2T0 banks as security for
deposits. The report shows the mini
mum limit of bonds for the present
S50.000,0O0 or S60.000,000 below the
amount now OH deposit. The amount
of public moneys held by depository
banks ran down from S5S, 7l2.5ll to $4T,-
259. IA, tie result mainly of the volun-
tary acts of the banks in SurIendering
the deposits and withdrawing their
bonds. The semi-annual tax on cireu-
latiOn amounted to S1.4lO.33 for the
year. The net deposits during the year
amounted to So, 49,, Ala. of which sum
SO. 5S3. $50 was for the reduction of the
circulation of active banks. The queS-
tiOn whether national banks should be
required to redeem unsigned notes
stolen from them and put into circula-
ton has been considered, and the treas
Urer 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 en-
titled to the advantage of the provision.
The report closes with some criticisms
o the inferiority of the provisions for
the safety of the public funds and the
cOnveniences for the transaction of
business, and makes certain recon-
mendatlOns for improvements in this
respect.