The sun., 1889-11-11
THE NATIONAL FINANCES.
ANNUAL REPORT OF UNITED STATES
TREASURER HUSTON.

A Loss or 0sS, 100000 In Gold Daring th.
Year, mp Increase or RoA ,OOo. 900 In sil
yer. and n Contraction of Sal 900, 900 n
National Bank Circulation.
| WASHINGTON, Nov. 10.-Treasurer Hustor
has made q long report to the Secretary OF the
Treasury Of the operations OF his Office durine
the last fiscal year and the condition Of the
| Treasury June 80 last, OF which the following
is a synopsis:
Tho year Is characterized as a 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 Government. The former amounted TO
S3S7050.05S. and the latter to $209. .2SS,97s. in
elusive OF fS17, 292, ,3G2 paid In premium on bonds
purchased. The surplus revenues on June 80
were sS7,761,0 ,060, n decrease Of $235S0 1893, as
compared with the year before, counting pre-
MUM on bonds as an ordinary expenditure
On June 80. 1883, there was in tho Treasur-
er's custody, in cash and effective credits, the
sum OF S7G4.720. 335, and a year later the sum of
$760.643,S7l. The current liabilities decreased
In the interval from s14s, ,29l SAT to S127 $50
and the reserve from 1929, ,S05G00 to $193097,-
047 The gold in the Treasury in excess OF GER
tiilcates outstanding was $193.G1O.172 in 1883,
and slS6 1857. .48O in 1882
Notwithstanding the loss Of gold both in the
aggregate and in the amount not covered by
certificates, amounting to nearly per cent.
the position OF the Treasury was strengthened
In every respect. save the amount of reserve,
all lel off about ID per cent At the beginning
OF the year the free gold was s45, ,00OU00 and at
liabilities
The changes that took place in the currency
we're an increase OF about S34,O0oO00 in the
stock o. silver, u contraction OF S41.000,0C0 in
the national bank circulation, and loss OF
s25,75O0OO oI gold, less than four, per, cent. Of
circulating notes excluding tho certificates Of
deposit, which are merely representative of
me moneys HSs in the treasury M was $lGsS. .9O4.G49
an apparent contraction of about $33,00U.UOO
in the total currency OF the country. AS the
terval in the sum OF Sil00O, 900. the circulation
;nGreased .s 6GG ed about $s9Voo00 The public lost
gained $56, 100000 in silver.
The increase Of the circulation OF silver .cer-
tiflcates, WIS about $56.GO0,0OO, having kept
The new. issues o! small denominations appear
to have fully supplied the needs OF the coun-
furnishing such denominations uS they are
wanted. within the limits OF the coinage Of silver
dollars. These certificates now exceed in vol
United States notes.
The coinage OF the standard silver dollars has
mark. Without much change in the amount in
circulation, there is a tendency toward Il de-
crease AS the EFFORTS to increase the circula-
tion have proved futile. no extraordinary in
ducements have been held out to the public to
take them.
During the year the national banks withdrew
$65.34O,9OU Of their bonds held by the Treasury
as security for circulating notes or public
moneys. The deposits amounted to $25,24S.-
700. There remained at the close of the year
Si4s,l2l,45O; belonging to 3,262 3,2 banks, as secur-
30 banks. rs security for deposits. The
banks ran down from $5S.712511. IL to SAT, 2J9-
Tl4,J2. the result mainly Of the voluntary acts
OF the ban Ks in surrenderinR the deposits and
withdrawing their bonds. The semi annual
tax on circulation amounted to Sl.4lU,3Jl tor
the year.
The decrease OF s4l.O0OO0O in the national
bank crcu latinn was the largest that has taken
place within any one year since this currency
was first issued. Tho contraction. which began
in 1858 with the redemption OF the three per
cent. bonds. has amounted TO $150000, GOO, OF
which $lO0.0OO.03O fell to the last three years.
Tho outstanding notes amounted to $21l .000.-
00D on June 80. with $7S.0U0 900 OF lawful
money OH deposit for further reductions. In
proportion to the circulation the redemptions
were unusually heavy. but there has teen
distinct falling off since February. An inves-
tCation OF the causes which have produced
the large accumulation OF funds in the Treas
ury tor the retirement Of these notes leads to
the conclusion that unless untavorable condi-
tions should arise the amount will continue to
ure. The net deposits during the year amount
ed to $32.4Si 415, OF which sum S29, $50. $50 was
for the reduction OF the circulation OF active
hanks