St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-19
Treasurer Huston Renders an
Account OF His Steward
ship for One Year.
ALI Changes in the Circulate
ing Medium Of Favorable
Character.
Being a Bonded Officer He
Thinks He Should Ap. |
point His Clerks.
They Arc Paid Less Than Em-
ployes Of Private Finan-,,
cial Institutions.

l
urer OF the United States, Hon. James
N. Huston, has submitted to Secretary
Window the report on the operations
and conditions of the treasury for the
fiscal year ended June 50. The net or
binary revenues amounted to S403, $780,
9o2. sum but twice exceeded in tile
history of the government The in
crease over the year before was SI6,0
923, of which S1l, 725, 1911 came from the
internal revenue. The ordinary eY-
penditures were 1927, 736, 436. an increase
of sl5, 1881 over those of the year be-
fore. The growth of the revenues
was. therefore, little greater
| than that of the expenditures, and
there would have been falling
off in the latter but for the increase in
| pensions. The surplus revenues were
Sl05, 944. 1876. OF which $50, 1904. 224 was
paid out III premiums on bonds pur-
! chased. According to the warrants, the
! receipts of the pOstoffice department
| were SCI. l06.04l, and the expenditures
| S6I,0ll 263. an Increase of between five
| and six millions on both sides. At the
close of business on June 80, 1889, there
| stood charged to the treasurer on the
| books of the department the sum of
| S613,399. lis. To this were added the re-
celDtS OF the year from the revenues and
on account OF the public debt. amount
ing in all to S64S. 375, 1868, so that the
aggregate for which he was accountable
| during the year was Sl,32l, 774.4 OF
| this he disburSed $3.50, 247.07S on war
| rants OF the department, leaving S691,-
| 3'7.4o3 in his charge on June so, 1890.
| There were
Included in These Accounts.
however, upwards of saS. 600 900 on de-
poSlt with the states under an old law,
besides nearly S1,500,000 of unavailable
funds. for which the treasurer was not
responsible. On the other hand, there
was on deposit with him for various
| purposes large sum of which the de-
| partnent took no account, and he had
| receive d other sums which had not vet
been charged to him. The true amount
for which he was accountable on June
! so. 1889, was S760,643.S7I, and S757, 3d.
07S a year later, against which he held
like amount of assets, consisting of
gold, silver. paper currency and
deposits with national banks. The
amount of gold in the treasury increased
during the year from SS03, 3S7.719 to
$500, 93s3. l45, and the silver from S315,+
l5O.779 to S346.S21.006. Exclusive of
amounts on deposit. there was in the.
treasury belonging to the government
on June so. 1889, 1896. OPS. 927. and on
June 30, 1890, S2S6.3S4.S15, the amount
OF gold having Increased about 81, OOO,-
600, while the silver decreased nearly
s9.OO0,O0O. The liabilities decreased
during the year from s127, 1891, $50 to
Sl07.l24, us, and the reserve, being the
excess of assets over liabilities. ram
down from $l9S. O97,O47 to sl79, 26O.-
Og. The difficulties in the way
OF making out a plain state
ment of the liabilities of the treasury
and of the public debt are pointed OUT
and the changes recently made in the
debt statement explained. The total
obligations of the treasury on all acl
counts were sl,o10.67S.475 OH June so.
1889, and Sl,722, 240 l63 on June so, 1890.
The debt less cash in the treasury was
l,010, 034 sos on the former date, and
was S964, 325. 0S4 on the latter. Not
counting the certificates of deposit,
The Debt Proper
IN the shape of bonds and circulating
notes was reduced from $3.50, O43. 1856
| TO 81, 145, 400.9e6. This was effected at a
total cost of 1924, 952, 243 for principal
and premiums. Nearly S74. 00O,0 600 of 4
| per cent bonds and upwards of $50, OOO.-
| O90 OF AZ per cent bonds were pur-
chased. Important changes took place
in the circulating medium, but they
were of more favorable character than
| those of the year before. There was a
| gain of SIS, OOH, 600 i'll the stock of gold:
| an increase of 81, GOO, 600 in that of sill
yer, and contraction of 26.OOO, 600 in
| the volume of bank notes, resulting i'm
| net increase of s32,000,000 i'm the
| aggregate supply of money. The
| total stock. Including certificates of de-
| post as well as the gold silver and notes
| held in the treasury for their redemp-
tion.is estimated to have increased from
| $-,099, 96S, IFS to g, ITO. l07, 1876 and the
actual circulation, being the stock less
the amount in the treasury, from Sl,3S7,-
| SOL, S33 TO 81, 443, OS3. 618. In round num-
bers, the circulation on June 80, 1880.
consisted of s505, 900. 900 of gold and sill
yer certificates, S414. 100000 of silver and
silver certificates, and S523, UOO. 900 of
United States and national bank notes.
In view of the prominence which the
money circulation and the rela-
tons of the treasury thereto
have assumed in public discussion
the treasurer thinks the time opportune
for presenting Information of a kind to
throw light on the subject. Accord
Ingly he explains with care the effect
which the operations of the treasury
have upon the circulating medium; how
the stock i'll the country is aScertained.
and how the amounts of the several
kinds of currency in the hands or con-
troll OF the people is arrived at. He
gives y0luminouS tables, extending over
the last thirteen years. which show the
issues, redemptions and amounts out
standing of
Each Kind of Currency,
by denominations; the total volume of
each denomination outstanding at the
end of each year; the amounts in the
treasury and circulation at the end Of
each month; the estimated stock of,
gold and silver in the country at the
end of each year to 1885, and at the end
of each quarter thereafter; and finally.
the amounts of each and all held i'm the