Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1891-12-10
THE FINANCIAL ISSUE
Submitted by SeCre-
tary Foster.
WIDE RANGE OF SUBJECTS.
Review of the Work Done During the
Past Fiscal Year.

Ine revenues OF the government 1fOm all
sources for the fiscal year ended June so,
1891, were sijS, ,5i4. 2S3 03; the expenditures
for the same period were s42l ,30I 40 ~,
leaving a surplus of S}i g}9, i62 81. To this
sum was added S54, 2O1 ,815 -, deposited in
the treasury under the act OF July IA, 1890,
for the redemption of national bank notes;
81, 1863, 1l5 deposited during the year OH the
same account; $3.50 received for per
cent bonds issued for interest accrued
on refunding certificates converted during
the year, and s34, ~, 81! 10 taken from the
cash balance In the treasury, making
total of sl34, ,947, ,635. 4s, which was applied
to the payment of the public debt.
AS compared with the fiscal year 1890,
the receipts for 1891 lIhave fallen off 81, ,4ls,-
A7,52 There was AN increase Of s57, $780,
1854 In the ordinary expenditures.
The 4 l.. Per Cent. Loan.
The original issue of 4l-2 per cent
bonds, authorized by the acts July IA, 1870
consists of sl3i 500, $50 registered, and
$lls, 400, $50 coupon bonds.
During the fifteen years existence OF the
loan there were received and cancelled ST.
430. 700 coupon bon DIS, for which an equal
amount OF registered bonds were issued,
and there were retired by purchase or re-
demption, prior to April |, 1891, sl6s, ,039,
800 registered and SOS, l06,45 coupon
bonds. The amount outstanding April l,
was, therefore, $50. .S54 go, OF which s4l,-
087, $50 were registered, and ST., 200
coupon bonds. These by their terms were
redeemable at the pleasure of the United
States after Sept. l. 1891, and were being
received for redemption. with interest to
that date, in pursuance of circular is
sued by my predecessor Oct. ., 1890. The
bonds so redeemed were paid from the sur
plus revenues, under section 2 Of the act
Of March 3, 1891, the sinking fund for the
current year having been completed by
purchases and redemptions of per cent
and / 2 per cent. bonds during July and
August, 1890.
In view of the requirements of the sink
ing sund for the fiscal year 1892 it was
deemed advisable to suspend the redemp
tion of l-2 per cent bonds until after
that year should begin, and circular was
therefore published, under date Of April
%, 1891, resembling that under which the
bonds were then being redeemed and re-
serving the residue of the IL per cent
loan for adjustment within the fiscal year
1892. There had been presented for re-
demption in April, prior to the issuance
of the circular above mentioned, 81 ,9S5, $50,
settlement at the option of the govern
meut after Sept. I, 1891 was therefore $50
$50, 900, consisting of S39, ,2O2, 800 registered
and 81 ,G66, 900 coupon bonds.
Nearly SO, SOC, 900 of the registered bonds
were deposited with the treasurer of the
United States as security for circulation
and public moneys.a and many Of the banks
to which they belonged would be obliged
to replace them with other bonds at great
expense or go into liquidation whenever it
should be necessary that the 4 l-2 per
cents be surrendered. But il was found
that some owners of IL per cent bonds
who desired their continuance were unable
to take the necessary steps TO that end
within the prescribed time, and an extern
sion of the time TO Sept. 30 was therefore
granted. On Sept. 30, 1891, the total
amount of bonds which had been presented
for continuance was s25. AZ, 900. leaving for
redemption s25, ,457, 600, of which Sl1, $40, 100
were presented and paid during the month
of September There were also redeemed
in that month, to correct an error made by
the owner, $41 200 continued bonds, and the
amount now outstanding on interest at 3
per cent. is s25, 1854 500.
Public Moneys.
The monetary transactions of the gov
ernment have been conducted through the
treasurer of the United States, nine sub
treasury officers and 2l3 national bank de-
positories. The number of such depos-
itories on Nov. /, 1891, was 1873, 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 disbursing officers, was so0 lO6,-
S76.92, reduction since Nov. /, 1890, Of
81 and In amount Of holdings of 50 S30,-
6l076.
Circulation.
This important subject has been un
usually prominent since the last annual
market report. Stringency in the money
during the summer and autumn Of 1890
was relieved by the prompt and effective
measures Of my predecessors, and happily
disappeared without producing the grave
consequences which were feared by the
public, but its existence, and the wide
spread apprehension which it caused in
duced a revival of the erroneous idea that
the volume of money in circulation was
not only inadequate to the needs Of the
country, but was very much less per
capita than during the so-callcd flush
times, which followed the civil war.
The amount OF money in circulation has
been very largely increased since the close
OF the fiscal year The amount July 1,
1891, was 81 ,497, 40. .707, and the amount
per capita was s234l. The return Of gold
TO the United States the operation of the
silver act Of July l3, 1890, and dsburse-
ment by the treasury on account Of the
l-2 per cent. loan, pensions, etc, have en-
larged the volume TO Al ,517, ,262, 90, and
the per capita amount to s24.3s.
The loss Of gold by net export during the
fiscal year was sj7, ,gi6, i6s while there was
gain OF silver by excess Of imports over
exports amounting to s2.1+s,365. The to-
tai amount exported from the port Of New
York during this period was $40, ,223, ,49i.3l.
The total expenditures for the support
OF the mint service for the last fiscal year
aggregated tl ,355 ,9l0 The total earnings
Of the mnts and assay Offices, from all
sources, was 81, $50 so 81, and the total ex-
penditures aud losses Of all kinds, h,6sl,-
iss g. net profit ~ earnings over expendi
lures II - $50, ,3s97g
Legislation Recommended.
I Ia the last report of the secretary ~ the
treasury, attention was directed to large
stock of subsidiary silver coins in the
treasury which. through abrasion or mutt
lation, wfse unfit for circulation, or else
were of denominations for which there
was no popular demand. and IL was rec