Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-07-02
TREASURY FACTS.
The New Form of Public Debt
Statement.
EXPLANATION By THE SECRETARY,

The Old Form Said to Have Been Mis-
leading as to the Condition of the Ma
tional Debt-What the New Form
Shows for June-Last Years Income
and Outgo-Immigration Statistics for
Seventy Nears-A Total of 5,64I ,6Ss
Arrivals In That Period-OmciaI Notes.
WASHINGTON, July 2.-The monthly pub.
lie debt statement was issued Yesterday in
an entirely new form. It combines both
the secretary's statement Of the public
debt and the United States treasurer's
statement of assets and liabilities, hereto.
fore issued separately. Comparison with
the last monthly statement and the state.
ment issued July l, 1880 shows an increase
in the public debt during the past month
of about 100000, and a net reduction
during the past fiscal year of So. coo. 600.
The surplus in the treasury in the new
form is placed at $50, 500, sos, or about
S5,OOD,O00 less than a month ago. with no
change in the bearing debt of the
government during the past month. The
bonded debt is S6l0,529, 100, made up in
round numbers of $3.50, 1000 As and $50, =
100000 ~ per cent. bonds
Explanation of the New Form.
Secretary Foster last evening gave out
the following statement explanatory of
the changed form of statement. and the
daily statement of cash in the treasury,
which will hereafter be issued: Hereto
fore the manner and makeup of the
monthly statement required the showing
of an increase or decrease in the public
debt. Under this form it has happened
on several occasions that when large pur
chases of bonds were made the statement
following would show an increase of the
public debt when reduction had really
been effected. This was owing to the fact
that the principal and premium paid for
bonds reduced the cash on hand beyond
the amount of bonds actually redeemed.
Debt and Cash Statements Separated
The secretary has concluded after mich
thought on the subject to separate the
statement of the debt from the statement
of the cash in the treasury Hereafter the
sSatement of the cash on hand will show
the net increase or decrease from month
10 month and this statement will be a part
Of the form now adopted. In making up
the new statement 81 the cash in the traas-
ury the figures will plainly show the diff
ferent kinds Of money included in the to-
tai. Against this total wiz be stated tie
cash Liabilities. This part of the new
form will taks the PLACE of the assets ane
naSilltless s.ateme2t bere- anssaa-e issued by
the treasurer. 1nrCfI1sf debt statements
the accrued interest and interest due and
unpaid have appeared as current liabili-
ties.
Why They Are Eliminated.
= These items have been eliminated. The
secretary holds that if accrued interest
may be charged as a liability against cash,
then with eq lal propriety accrued salaries
can be so charged, or in like manner the
accrued Gabi ity for the construction of
public buildings, or FOR the improvement
OF rivers and harbors. The matured debt
item is made up of the remnant of bonds
and other forms Of Indebtedness remain
ing unpaid from the foundation of the
government. 1t is assumed that less
than 25 per cent of these will ever be pre-
sented for payment. They are now as
heretofore carried on the debt statement,
but not as liability against cash.
Four Items of Liability.
The secretary also calls attention to four
items of liability against the cash in the
treasury amounting to S5l, 600, 600 COM
posed: First, of the ) per cent. fund held
for the redemption of uncurrent national
bank notes, which sum can only be re-
duced by the retirement of national bank
circulation. The secretary thinks this
amount ought by law TO be covered into
the treasury, as was done recently with
the fund for the redemption of failed
and retired national banks. The proba-
bllity is that this sum will be increased
during the coming year, instead of being
reduced. Second, the item of outstand-
ing checks ard drafts, which rarely ever
falls below s5,OOO,00O Third. dis
bursting officers balances now amount
ing to about S34, OOO. 600 This money
is in the treasury and in the government
repositories to the credit of discussing Of
ficers, and seldom falls below the present
amount. Fourth, agency accounts made
up mainly of postal revenues and subject
to the draft of the postmaster general.
This, too, rarely falls below S5,0OO0OO.
These four items he says. If held by a
bank, could be safely loaned up to nine
tenths of the total sum The secretary
will not hereafter deduct from his cash
balance the amount on deposit i'll national
banks, nor the fractional silver coin on
hand. He thinks there is no good reason
why this should ever have been done.
RECEIPTS AND EXPENDITURES.