Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-11
UNCLE SANS WEALTH,
The Annual Report OF the Treasurer of the
United States-The Receipts and
Expenditures Are Both

Expenditures Are Both
Very Large.
WASHINGTON, November 10.-Hon, G.
n. Huston, Treasurer of the United States
has made long report to the Secretary O
the Treasury of the operations of his ofic,
during the last fiscal year, and the condition
of the Treasury June 30 last The tollowine
is the substance of the document:
The year was remarkable one in the history
of the public finances both the revenues anS
the expenditures having been exceeded but few
times since the foundation of the Government
The former amounted to $3S7. O,O58 and The
latter to $299 2SS 97S inclusive of sl7, ,2S2 1862 paid
in premiums on bonds purchased. The surplus
revenues, June 30 were ST. 76I, ,06O a decrease OF
S23, ,5SO, 1873 as compared with the wear
before, counting premium on bonds as an
ordinary expenditure. On June 30. 1885, there
was in the Treasurer's custody in cash and
effective bonds the sum S764, T29 835 and a wear
later the sum of $3.50, ,643ST1 The current Iia-
bilities decreased in the interval from Sl4s 29I
S47 to $l27, ,99l $50, and the reserve from S229'-
oOooOV 70 SISSUS%V41; The gold in the Treas
ury in excess of certificates outstanding was
Sl93 36l0, lT2 in l6SS, and SlS6, Isl, ,49O in 1889
Notwithstanding the loss of gold both in the
aggregate and in the amount not covered bv
ceruncates, 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
all fell off about IA per cent At the beginning
of the year the II Tree gold was $45 600 900 and at
the close SIS, 900 900 in excess of the demand
of liabilities. The unavailable funds
exclusive of upward of SIS 600 OO0 on
deposit with the States under the law
of 1896, amounted at the end of the year
to 81, AIS z33, having been decreased by an an
preparation of S24 0l6 to cover losses in the New
York sub-Treasury, and increased by q loss of
$4,000 at San Francisco, and reported by the
a U7-1a cEwn kl.,wn =. mi -
urer suggests thatthe present methods of keen-
ing the account, by 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.
During the year the National Banks Withdrew
ST, 3409 goo Of their bonds held by the Treasury
as security for circulating notes of public
moneys The deposits amounted to SIS. 5.243 ZOO
There remained at the close Sl4S LII 45O belong.
ing to 3 262 banks, as security for circulation
and S45.22200O belonging to 40 banks as
security for deposits. The report shows the
minimum limit Of bonds for the present capital
of the banks was only about $50, 600 900 or S0O.-
100000 below the amount now on deposit The
amount of public moneys held by depositarV
banks ran down from S0S,7l26ll to $47,259, IA,
banks in surrendering the deposits and with
drawing their bonds. The semi-annual
tax on circulation amounted to N.4lO-
during the year amounted to So 4s9 4IS 1'tof Of
which sum $29, ,5SS, $50 was for the reduction of
the circulation in active banks. 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 gives his views which are that
as the law plainly requires the banks to pro-
vide 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.
The report closes with some criticisms on
the inferiority of the provisions for the
safety of the public funds and the con-
veniences for the transaction of business.
and makes certain recommendations for inn
prOvements in the secretary's report.