The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-11-11
THE NATIONS TREASURY.
A REPORT OF ITS OPERATIONS
--r,--- AND CONDITION.

EVne PaSt Year remarkable One
in the History OF the Country's
Finances-Last Years Income S387,-
O6o,o59 and the Expenditures $780,
399,e79-The Surplus June 80 Was
S97, 7,761 ,o8o.
WASHINGTON, Nov. 10.-Hon. J. N.
Houston, treasurer of the United States has
made a long report to the Secretary of the
Treasury of the operations of his office
during the last fiscal year. and the condi-
tion of the treasury June 80, last. The year
is characterized as a remarkable one in the
history of public finances, both the reve-
nues and expenditures having been exceeded
but few times since the foundation of the
government The former amounted to
$3S7, ,O50, ,05S, and the latter TO S299, ,2SS, ,97S.
inclusive of S17, ,292, ,362 paid in premiums
on bonds purchased.
THE SURPLUS.
The surplus revenue June 30 was $S7, ,76l,-
0S0, decrease Of $23, $50, 1893 as compared
with the year before, counting the premium
on bonds as an ordinary expenditure. On
June 80, 1888, there was in the treasurer's
custody in cash and effective credits $764,-
729, ,535, and year later $760, ,643, ,S71. Cur
rent liabilities decreased IN the interval
from $l49, 1891, ,347 to $127, 1891 $780, and the re-
serve from 1929, ,S05, 600 to $i9S.0 ,047. The
gold in the treasury in excess of the certifi-
Gates outstanding was $l93, $40, l72 in 1888,
and s1S6, ,257 AGO in 1889.
THE TREASURY STRENGTHENED.
Notwithstanding the loss of gold both in
the aggregate and in the amount not COW
cred by certificates, amounting to nearly
4 per cent, the position of the treasury was
strengthened in every respect, save the
amount of reserve. The total assets, liabil-
tiles and reserve all fell off about IA per
cent. At the beginning of the year the
free gold was S45, 5,000, 900, and at the close,
S5S, ,000. 600 in excess of the demand liabil-
tiles. The unavailable funds, exclusive of
upward of SOS, 10000 on deposit with the
states under the law Of 1886, amounted at
the end of the year to 81, ,415.43S.
CHANGES IN THE CURRENCY, =;
The changes that took place in the cur
rency were an increase of about $34, 600 900
in the stock of silver, o contraction of
S4l 900, 600 in the national bank circulation
and loss of e25, 100000 of gold. The
amount of loss is less than per cent. of the
stock, and the fact of the loss itself is not
considered significant in view of the large.
number of Americans that have visited
Europe the past season, and the rapid influx
of gold during the two years preceding last.
The total stock of gold, silver and cir
culating notes was $2,0S5, ,334 ,571 in 1888
and s., ,099, 1858, ,T18 in 1885,
SILVER CERTIFICATES.
The increase of the circulation Of silver
certificates was about SAG, 900 900, having
kept pace with the rate for the two previous
years. The new issues Of small denomina-
tlons appear to have fully supplied the
needs of the country, and no further diff
| Sc al In
denominations as they are wanted within
the limits of the coinage Of silver dollars.
These certificates now exceed in volume
every other kind OF paper currency except
United States notes.
1t Els suggested that it might be- well to
| stop paying the cost of transportation from
the treasury on silver dollars, not only as a
measure OF economy but also as possible
means Of checking the too ready return of
the coin to the treasury.
THE NATIONAL BANK FUNDS.
During the year national banks with
drew $66, $40, 900 of their bonds held by the
treasury as security for circulating notes
on public moneys. The deposits amounted
to $25, ,243. ZOO. There remained at the
close of the year s148, 121, ,450, belonging to
3,262 banks, as security for circu
| lation, and $45, ,222, 900, belonging to
| 270 banks as security for deposits. In the
/ last ten years the number OF active banks
! has increased nearly sixty, while the
amount Of bonds held to secure their notes
has decreased in about the same proportion.
| The minimum limit of bonds for the present
capital of banks is only about $50, ,000, 900 or
| $50, 600, 900 below the amount now on de-
| posit.
GOVERNMENT DEPOSITS.
The amount Of public moneys held by
depository banks ran down from s5S, ,712,-
511 II to SAT, ,259, TIA SO, the result mainly
of voluntary acts of banks In surrendering
deposits and withdrawing their bonds. The
decrease of SAL 900. 900 in national bank cir
culation was the largest that has taken
place within any one year since this cur
rency was first issued. The contraction
which began In 1888 with the redemption of
per cent. bonds has amounted to $50, ,000,-
900, of which $100, 900. 900 fell to the last
three years. The outstanding notes
amounted to s211 ,000, 900 on June 80, with
$78, 900, 900 Of lawful money on deposit for
further reductions.
UNSIGNED NOTES.
The question whether national banks
should be required to redeem unsigned notes
stolen from them and put into circulation
has been considered and the treasurer says
that as the law plainly requires 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.