Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-12-10

great Work Oh laaIhtAufAk us hafinvuy
q, hone and It's prestige abroad. IL 10
document that will not fall 70 meet with
the warm eommendatien Of the Aulefi-
can people.
The Government Finances.
The annual report Of Hen chaFies Fog
ter, secretary Of the treasury, was pre-
sented to Congress yesterday. Besides
the report Of the secretary proper. which
treats of metal stock, national banks.
Internal revenue, the public monies,
precious metals and the administration
Of those divisions Of the public service
coming under the care Of the treasury
department, it also embraces the reports
Of the United States Treasurer Hon 4
II. Nebeeker, and the report OF Hon Il
s. Lacey, comptroller of the currency.
Among the interesting topics pre-
sented, one of the most 80 ls that re-
lating TO the reduction effected
during the year In the principal
Of the tonded debt and the cir
calating notes which cannot be reis
sued amounted to SIG 590,273 and
required an expenditure OF Si26, 1871 t49f
including the premiums on bonds pur
chased This sum was made up by TAX
ing 49,, 75I. 73i from tina reserve in the
treasury. in addition to the surplus
revenues Of the year. The consequent
reduction in the annual interest charge
was 81, 323 092.
According TO the revised figures, the
amount Of money in the country on June
30th, exclusive OF certifcatesi In circulation
for which the treasury held deposits, was
81 ,67G .07s 100, of which $50 Az, 0l9 be
longed to the treasury, 81, 1876. 666 ,0s3
was In circulation. There was net
loss of si9, 0O0, 600 of gold. net gain
OF upward OF $40 600, 600 of other money,
and q consequent contraction OF about
50 600, 900 In the whole volume. The
movements which brought about this
result and the production and industrial
consumption Of gold are discussed by
the treasurer at some length, and vol
sminous statistics are given relating to
the amount and general distribution OF
the money Of the country at the end Of
each month since 1873.
A measurable Improvement In the con
dItion OF the coinage, particularly the
silver, has been effected, nearly $1,000
900 of uncurreut coins In the treasury
having been restored to full weight As
the result OF this, and OF some special
efforts In other directions, the amount
Of fractional silver In the treasury has
been much reduced Many Of the in
quiries for silver specify new coins 1t is
believed hat but for the prejudice against
all coins showing any signs OF wear
the treasury would long since have been
relieved OF good portion of its load Of
fractional silver. The treasurer points
out that this prejudice in case of the
silver coin is altogether grouudless, since
they derive their currency not from
their weight, but from the stamp of the
mini and are received a. the treasury for
full value so long as the stamp can be
recOgGiI u, no matter how light they
may he, provided only that the loss Of
metal be due to natural wear and not to
witui mntilation.
There WAS decrease of about 50 00O,-
GO In the amount of bonds held for ma
tioual banks as security for their clrcu-
iatIon, As also iu the amount held as
security for public deposits. Nearly
SCI 900 COO of national bank notes were
redeemed. an amount much above the
average, it the contraction Of the circu
lation be considered The fresh deposits
for the withdrawal of notes from circula-
ton amounted to nearly $4,000 coo,
while the Tedemptious from the fund
arising from this source exceeded s2J,-
600 700. By anticipating the maturity
OF the / per cert. bonds, and by ae.
cepting the secretary's offer of exten.
sion. the banks avoided any considerable
of their circulation: in fact.
the deposits of the new , per cents
exceeded the Withdrawals of the old
bonds, and there was an issue of new
notes amounting to about O., 500 900
Mr. Lscey's report relates wholly to
the organization, supervision and liquid
alton of national banks during the year
ending October 81, lS9l 1t shows that
during this perioi 1873 new associations
were organlz ID possessing an aggregate
capital of s20, zoo, 600 thus exhibiting a.
growth largely in excess Of the annual
average for past years During the same
period forty one associations went into
voluntary LIN aidation and twenty five be
came insolvent, leaving As a net gain for
the twelve months l27 banks, with cap
ital of sla 5a3 600 This substantial
increase Is in the opinion of the Comp.
troller somewhat remarkable consider
ing the depressed condition Of business
which has everywhere prevailed
IuC hdHitrt VI baihs III
October 81, 1891, was 369i, having
in capital stock s6S4.ss55 ,s65; bonds
deposited to secure circulation, sl52,-
1850; bank notes outstanding. SILL
s,is,eis. Including s35. $50 12l, repre-
sented by lawful money deposited
for their redemption The gross cireu-
lstion, including notes of old banks and
those of failed and liquidating assoeia- |
tons, has decreased 8. 81 ,0s3 during
the year, while that secured By pledge |
Of bonds increased Sill 1910 No
increase of notes secured By pledge Of
bonds has occurred since ISL until |
For |