Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-12-10
FOSTERS STATEMENT.
Affairs of the Treasury Department
Carefully Reviewed.
COINAGE OF PRECIOUS METALS.
Increase in Exports and Imports of her-
chandiSe and Coin.
TIE IMMIGRATION LARGER THAN EVER

of the 2surv Charles Foster will presen
his .e;sort TO Congress to-day. In it h,
shows that the revenues of the Government
for tHe fiscal wear ended June 50 were S45S,
544 233 OF, and the expenditures, S421, ,30i,
40 As. leaving a surplus of So, ,239, 762 81. TC
this was added S54, 207 ,975 40, dep1s fol
the redemption of national bank notes
S9,363, 715 for the same purpose; $3.50 re
ceivej on per cent bonds issued for inter
est accrued, and s34, 49,, ,572 is, making
totsl O: S1S4. 947, ,635 4S, which
was applied to the payment of the public
debt. The receipts as compared with 1S9(
fell of s., AIS, S47 50 ard the ordinary eN.
penditures increased So. $50, 19S II. Hi.
statement regarding outstanding bonds i:
the same as that of the United State.
Treasurer Published last week.
The revenues for the present year are
estimated at S433. 0O0, 600 and the expendi
lures IT S4O9, 600, 600, leaving an estimated
surplus of S34 600, 900 1t is expected that
there viii be cash balance of S139, 72S.-
rs So on June 50, 1892. 1t is estimated that
the revenues for 1898 will be S455. $50, $50 Il
and the expenditures SAL, 800, ,O95 81.
In view o. the requirements of the sink
ing fund for 1892. it was deemed advisable
to suspend the redemption of AZ per cent
bonds until after that year should begin.
The amount outstanding on September 1
was $50, 500, 200.
The Monetary Transactions.
In speaking of the public moneys, Mr.
Foster saws:
The monetary transactions of the Govern
ment haze been conducted through the
Treasurer of tie United States. sub
treasury offcers and 2l3 national bank de-
poSitaries. The number of such depositaries
on November l. 1891, was lS3, and the amount
Of public moneys held by them on that date.
including those to credit of the Treasurer's
general account and United States disburs-
ing officers. was $40 l06,S76 %. a reduction
since November l, 1885, in number of p, and
in amount of holdings of 50 S30sl0 IS. These
Withdra walls have been made from locations
where public funds were held IN excess of
the requirements OF the service, and grad
ually. in order to avoid disturbing the busi-
ness of the people. Further withdra walls
viii he made from time to time when il can
be done without detrimeEt to business inter
estS until the holdings of national bank de-
DositarieS shall have been reduced to the
amount needed for the proper transaction of
public business.
The st ingcncy in the money merket dur
ing I lie summer and autumn of 1890 was re-
of my predecessor, and happily disappeared
without producing the grave consequences
which were feareG by the public: but its eX-
lStcnce and the widespread apprehension
which il caused. induced Il revival of the er
TOneOus idea that the volume of money in
circulation WIS not only inadequate to the
needs Of the country b-t was very much
less per capita than during the so-called
flush times which followed the Civil War.
The amount of money in circulation has
been largely increased since tie close II the
fiscal wear The amount July l, 1891. was
81 4A7. 440. 7C7. and the amount per capita was
S23 Al The return OF gold to the United
states, til operation OF the silver act OF
July IA, 1890, and disbursements by the
Treasury on account of the As per cent loan,
pensions, etc. have enlarged the volume to
Sl.5I.2G-,010 and the per capita amount to
s2l IS.
Gold and Silver Coinage.
The value Of gold deposited at the mints
ana assay offices during the fiscal year Of
1891 was S59.G25G7S OS. Of which S4S, ass SEQ 81
were original deposits, and SiLi59,ST 26 were
rcdeDositS. The coinage of the mints dur
ing the fiscal year was the largest in the his
tory o. the mint in this country. aggregating
lI9,5l7.S7? pieces valued at S6S,6ll. 159 35. In
addition, to tie coinage, gold bars were
OF the value of S31. .l65. al Il.
and silver bars of the value of S, 1861 65, a
total OF s3a613. l99 a.. Tie total number of
silver dollars coined from trade dollar
hulliOn to November l, has been s.. .2G0 100.
This coinage Will be completed during the
present calendar year. The price O. silver
fiuctuetCd during the year from $0.9I TO
s. p per fine ounce, variation of nearly %
cents an ounce
The loss Of gold llv net export during the
fiscal year was So 6..6S, while there was
lain oi silver by excess Of imports over eN-
ports amoCnting to -, 74j355. Il is gratifying
10 report HAT a return movement of gold is
wetl under way. which has aggregated since
g,s al Il, .
S5t OOO and il is believed that owing TO the
large exports of breadstuffs and other ma
terials from The United states. this fall and
winter, the movement of gold to this conn
try viii continue for some monthe and in in
crc"sing amounts.
The MINES OF the United States produced
during the calendar year 1880: Gold 1.5SS, $50
ounces valued at 50 So 900: silver 81 500 600
ounce. Va ued at $57. .a25. 600 The product of
gold atG silver in the world, based upon re-
turns o I'll Director Of the Min. was: Gold,
946 - ounc =. valued at SIG O09 600: silver,
l2~ gl4.0GO0 valued at Sl34 $50 900. The coinage
Of gold and silver by the various countries
O.: the woTl aggregated for the calendar
ve..r lS90 rs FIR aS reports have been re-
cejvcd: Cola Slf9, llS, $50; silver Sl3l, l,93062l.
The stock Of gold and silver in the United
states. was. on November /, Sl,2l0 ISL, l55.
Tie valU' = he gold and silver used i'll the
Industrial arts in the United States during
tho last wear wa, approximately: Gold, sls,
OGO OJ0 ard silvc". S9O0lO00. of which $40, 7OO,
O5g gold and .. l4O o00 silver was new bullion.
Mr.. Foster recommends hat authority be
given TO reimhurs: the Treasurer for the
loss of meta incident to the recoinage of
uncuTent silver coins, from the silver
profit fund, or ne passage of bill appTo-
priating 500, 600 for continuing the re-
coinage Of uncurrent coins in the Treasury.
lie calls attention 10 the fact that while an
approuri ton was made for the new mint
al Philad .phia, no appropriation was made
Tor carrying the provisions Of the
act into effect. He asks that Congress
act promptly in the matter,
7he Operation of the Tariff.
IN relation 10 the tariff Mr. Foster saws:
Under the operations of the new tariff the
customs revenue has been decreased as Tar
as il consistent with tie current needs of
the Goyernn, 5t. By the readjustment of
duties iE the lire of protection to American
labor and American industries. the free list
las L zen enlarged by the addition of arti-
ClcS which from climatic or other conditions
are not produced prOfitably nor extensively
in III < country: adequate protective duties
Lave ,reen imposed upor articles that come
into competition with our own produc tions:
new industries have been established and
others -timulated, thereby giving increa scd
en!ploy-nent to American labor, and bett er
control Or CTg home marke to our own peo-
pie: and tie price ot nearly every article Of
common consumption mas been reduced to
the cons IuIe".
Euasmuch as a considerable portion of our
revenues mus bc derived from duties on i'm
norris. If is the part OF wisdom and patriotism
10 - adjust the rates as 20 have regard first
70 the interests OF OCr own people and the
Tlgh ful demands of American labor for re-
num- .-rGtiVe wares. L do not believe that
anyt. lliderable numb II OF the people de-
sire % see our manufacturing industries de-
stvoVeG. or wages reduced TO the European
basis whica - Guild be the inevitable result
OF reduction o. duties with a view to rev.
cnue only. 4 comparison of the prices OF
goods imported respectively under the old
AID ~ tariffs where rates have been in
creased will demonstrate that the tariff is
tax upnn the foreign com m5etitor in ou- mar
keis in tie sale of such articles as are ex-
tcnsiyely produced here, AMI that the duties