Connecticut western news., 1889-11-13
A YEAR OF FINANCE.
Annual Report of U. s. Treasurer
 Huston.
A Remarkable Year in Revenues and Ex- penditures-A Loss of S25.OOO, 900 in Gold-Total Stock in Gold and Silver Small Bank Circulation.

T.. s. Treasurer Huston has made a long report of the operations of his office during the last fiscal year and the condition of the treasury June 30 last. The year is charac- terized as u remarkable one in the history of the public finances, both the revenues and the expenditures having been exceeded but few times since the foundation of the govern ment. The former amounted to $3SI ,050,- 05S, and the latter to $299, ,2SS, ,9IS, inclusive of S1i ,292, 362, paid in premium on bonds purchased. The surplus revenues June 30 were SS7, ,761 ,060, decrease of S23, ,5SO, ,193, as compared with the year before, counting premium on bonds as an ordinary eXpendi- ture. On June 30, 1888, there was ill the treasurer's custody, in cash and effective credits SI64, ,I29, S35, and year later $780, S43, ,s71. The current liability decreased.
 In the interval from S14S, ,291 ,S47, to S127,- 931 ,SSO, and he reserve from $229, ,SO5, ,60O to $193, ,097, ,047.
 The gold in the treasury in excess of cer- tificates outstanding was $193, ,610, ,172 in 1888, and S1S6, ,2o7 ,49O in 1889. Notwithstanding the loss of gold, both in the aggregate and in the amount not covered by certificates, amounting to nearly four per cent, the position of the treasury was strengthened in every respect save the amount of reserve The total assets. the liabilities and the rr- serve, all fell oil aDout IA per cent. At the beginning of the year the free gold was s Al, ,OOO. 900, and ut the close S5S 1000 ,00O in excess of the demand liabilities. The changes that took place in the currency were an increase of about $34, ,00O. 900 in the stock of silver, contraction of $41 900 900 in the national bank circulation, and loss of S25. .75O 900 of gold.
 The last is unusual. each former year since the preparations were commenced for the re- sumption of specie payments having witness ed an increase of gold in the country. The amount of the loss is less than 4 per cent of the stock, and the fact of the loss itself is not ,s,~ x-sa nf lor,r number of Americans that have visited Europe the past season, and the rapid influx of gold during the two years preceding the last.
 The total stock of gold. silver, and circulat- ing notes was S2,0S5, ,334, ,571 in 1888 and 8, ,O99, ,96s, ,71S in 1889. It would seem from these figures that there had been an increase of the circulating medium, but the certificates of deposit, which are included, are merely representative of moneys in thetreasury, and to count them with the coin and notes to which they give title would be a duplication. If they be set aside and the actual moneys dispersed according to ownership, the fore going figures will be reduced to $1 ,69S, ,9O4, 4,- $40 for 1888, and $1 .666 09o, APO for 1SS9 mak- ing apparent contraction of about $33, 900 ,- 900 in the total currency of the country. As the holdings of the treasury decreased in the interval ill the sum of $41 ,0O0,0 ,0O0. the cir culation increased about SS,OOO,0 GOO. The public lost SIS, ,0OO 900 of gold and $50, 900 900 of notes and gained S56, 900 ,0O0 in silver. During the year the national banks with drew S66 ,34O 900 of their bonds held by the treasury as security for circulating notes or public moneys. The deposits amounted to S25, ,243, 100. There remained at the close of the year S14S, ,l21 ,450 belonging to 3262 banks, as security for circulation. and $45. .222 ,OOC belonging to 270 banks, as security for de posits. In the last 10 years the number of active banks has increased nearly 50 per cent, while the amount of bonds held to SC cure their notes has decreased in about the same proportion.
 The minimum limit of bonds for the pres ent capital of the banks is only about S50,- 1000 or $6O ,0O0 GOO below the amount now on deposit. The amount of public moneys held by depository banks ran down from S5S, ,511 to $4I ,259, ,7l4, the result mainly of the voluntary acts of the banks in surrcn- dering the deposits and withdrawing their bonds. The semi-annual tax on circulation amounted to S1, 40 ,331 for the year.
 The decrease of S4l 900, 900 in the national bank circulation was the largest that has taken place in any one year since this cur rency was first issued. The contraction, which began in 1883 with the redemption of the per cent. bonds, has amounted to S15O,- 0OO,0cO, of which S1OO GOO 900 fell to the last three years.
 The outstanding notes amounted to S211,- 900 900 on June 30, with 7S,OOO, ,0O0 of law full money on deposit for further reductions. In proportion to the circulation the redemp- tions were unusually heavy, but there has been distinct falling off since February. An investigation of the causes which have produced the large accumulation of funds in the treasury for the retirement of these notes leads to the conclusion that unless unfavor- able conditions should arise the amount will continue to run down until it reaches an un- important point. The net deposits during the year amounted to S3 ,24S4 .415, of which sum S29, ,5S3 ,5S0 was fer the reduction of the cir culation of active banks.