Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1889-11-11
THE NATIONS
-
Remarkable Year in Our Pinan-
cial History.
Position Of Treasury Strengthened in
Every Respect Except Reserve.
Indian CommissioDeT Morgan Advisss
Doing Away OF the Reservation sys-
tenn.
WASHINGTON. Nov. 10.

WAsHiNsroS, Nov. 10.
United States Treasurer Huston made a
report Of the operations of his office during
the last fiscal year and of the condition of
the treasury June 30th, last. The year is
characterized As = remarkable one in the
history of public finances. the revenues and
expenditures having been exceeded bur few
times since the foundation of the govern.
ment. The former amounted TO S3s7 $50,
o5S and the latter 10 S299, ,2ss, ,97s, inclu-
siye of Sl1 ,292 1862 paid in premiums on the
bonds purchased.
The surplus revenues, June 80, were Ss7, :
s6l 900. a decrease of $50 $50, 1873 as com,
pared with the year before, counting pre-
MUM on bonds as ordinary expenditures
June 80, 1889, there was in the ueasurer's
cus tody in cash and effective credits, $780,.
643,S ,S7l. The current liability decreased in
the year from Sl4s. .29l ,347 to Sl27 1881, $50,
and the reserve from S229 sos 900 TO Sl93,-
097,47. Gold in treasury, in excess of certi
ficaies outstanding, Sis6,257, 400 in 1889
The position of the treasury is strengthened
in every respect save the amount of the re-
serve. The total assets, liabilities and
reserve all fell of about fourteen per cent
At the beginning of the year free gold was
s45 0O0, 900 and at the close S5s, COO, 600 in
excess of the demand Of liabilities. The
changes in currency were an increase Of
about S34 ,000. 900 in stock silver the con-
traction of $4l .0000 in the national bank
circulation and loss Of S25, 7s0, 900 in gold.
Each former year since preparations COM
menced tor the resumption of specie pay
ments has witnessed All increase of gold in
the country. The amount of loss is less
than per cent of the stock, but the fact of
the loss itself 10 not considered significant in
view Of the large number of Americans that
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 circu-
latiDg notes was 81 ,0s5 1884 ,57l in 1883 and
g., ,O99. .96S,7lS in 1889. 1t would seem
from these figures that there had been an in
crease of circulating medium, but certif-
Gates of deposits which are merely represen-
tstive of moneys in the treasury, and to
count them with coin aud notes to which
the, give title would be duplication. II
they be set aside and actual moneys disburs-
ed according TO ownership the foregoing
figures would be reduced to 81 ,69s, ,904. $40
for 1883 and 8 ,6G66 .0y5 APO for 1889. max
an apparent contraction OF about $33 200, 900
in the total currency of the country, as the
holding of the treasury decreased in the in
circulation increased about So, 900 600
The public has lost SIS ,OGO 900 of gold and
$50, 900, ,060 of notes and gained $50. .00o, 900
IN silver. During the year the national
banks Withdrew s66 34O,900 of the bonds
held by the treasury IS security for circulat-
ing notes or public monies. The deposits
amounted to S25 5,243, 700. There remained
at the close of the year SlS6, l2I, ,420 belong
ing to 1852 banks, as security for circulation
and S45, ,222 900 belonging to 270 banks as
security for deposits. In the last ten years
the number Of active banks have increased
nearly sixty per cent. while the amount of
bonds held to secure their notes have de-
creased in about the same proportion. The
minimum limit of bonds for the present cap
ital of banks is only about fifty or sixty mil
lion below the amount now on deposit.
The amount of public MONEYS held BY de-
positary banks ran down from S5S,7I2 ,51l
to S47 ,2597l4, the result mainly of volunta-
ry acts of banks in surrenderng deposits and
Withdrawing their bonds. The sem-annual
tax on the circulation amounted to SI,4l0.-
33l for year. Tho decrease in the nation
al bank circulation the largest that has
taken place within anY ora year since this
currency was first issued
The contracting which began in SS3 with
the redemption of the three per cent. bonds,
has amounted 10 $50 coo 900, of which
l000OO,n0O fell to the last three years.
The outstanding rotes amounted to S2l =
600 COO On June Both, with S76 100000 of
lawful money On depo-i, f,r further reduc-
,iols In proportion to tie circulation the
reder ptions we're u@nsuiIly heavy, but
there ha. been dis'i..ct falling off since
February
The Investigate of the causes which pro-
iuct d the lark, accumulation of fund, in the
treasury for the retire oment 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 figure. The net deposits during
the year amounted to s32 474,4l5. of which
sum, S29l 5S3 $50 was for the reduction of
the circulation OF active banks.