Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-12-03
THEREvENUES DECREASED
Ordinary Expenditures We're In
creased Over Fifty Millions.
REDUCTION OF THE PUBLIC DEBT.
The Circulation of Gold Diminished, but
Other Moneys Gained.
IMPROVEMENT IN COINAGE CONDITION

mas submitted MS annual report III 1eS5dTu y
the operations and conditions of the Treas
ury to Secretary Foster. The net ordInar,
revenues of the Government for the pas
fiscal wear were S392, ,612, AL or $40, 46S. So
less than those of wear before. The net ordi
nary expenditures, exclusive of the amount
paid in premiums on bonds purchased, wer
1856, So, ,6S4, an increase of S57, 636, 1913. Th,
surplus revenues were thus cut down from
sos, 344, ,496 to s37, 239, 762, which last sun
was applied to the reduction of the public
debt
The postal revenues amounted to S65,
762, ,9oS and the expenditures to S72, ,067, $50
an increase of about So 900, 900 on bott
sides. On June 80, 1890, there stood
charged to the Treasurer on the books OF
the department balance of S691 ,527, ,403,
representing the excess of previous receipts
over expenditures.
To this was added the receipts of the
year from all sources amounting to $685..
s21 ,305, which made an aggregate of 81, 45I )
S4S, 70S TO be accounted for. The disburse.
ments authorized by the warrants of the
Department, including those on account of
thepublic debt were S731, 126, ,376, so that
which the Treasurer was required to be
able to produce cash or other assets.
Balances of Several Departments.
But besides being the bank of the general
Government the Treasury is also the de-
pository of the Postoffice Department. of
the bank note redemption fund, and of the
disbursing officers of the various services
The balance of these accounts, together
L
but not vet covered by warrant. made the
opening of the fiscal wear and S777 ,S54, ,945
at the close, ior which he held cash and
other assets the exact equivalent.
These figures, however, include upwards
of S2S,000.000 of deposits which certain
States over which he has no control, and
upwards of 81, 400, 600 of old losses from de-
fcits and defalcations, for which he is not
responsible. After making these deduc-
tions the true assets and liabilities are found
TO have been S757, ,915, 70S on June 30, 1890,
and S74s, 347, ,S66 on June 80, 1891, for which
he held cash or credits, all instantly avail
able, with the exception of comparatively
small amounts of uncurrent coin.
The reduction effected during the year in
the principal of the bonded debt and the
circulating notes which cannot be reissued,
amounted to SIG, $50. 273, and required an
expenditure of S126 S91, ,494, including the
premiums on bonds purchased.
This sum was made up by taking $50, 751,-
731 from the reserve in the Treasury in ad-
dition to the surplus revenues of the year.
The consequent reduction in the annual in
terest charge was s, 800 092.
The Amount OF Money in Circulation.
According to the revised figures the
amount of money in the country on June
30, exclusive of certificates in circulation
for which the Treasury held deposits, was
81, SIC, ,e7S, 102, of which $780, ,019 be-
longed to the Treasury and 81, ,495, ,666, ,0S3
was in circulation. There was a net loss of
SAG, 900, 900 of gold, a net gain of upward of
100000, 900 of other money and a conse-
quent contraction of about S9, ,0O0, 900 in the
whole volume. The Treasurer computes
that during the past ten years there has
been an average increase of S52, 200, 900 from
the end of June to the end of December, in
the amount of money actually in circula-
tion, followed by an average decrease of
S14, 200, 600 from the end of December to the
end of June
The increase realized in the past wear has
been nearly double this average of S3S. 000,-
600, and in the last two years the average
has been exceeded by S43, ,00O, ,0O0 Un-
usually large amounts of notes of small de-
nominations have been sent out to the West
and South since the first of July, chiefly for
deposits in the Sub-Treasury in New York
The aggregate up to the middle of Novem-
Der reached upward OF S49, GOO, 900 as
against SCI, 900, 900 for the whole preceding
year. Measurable improvement in the con-
dltlon of the coinage, particularly the sill
yer, has been effected, nearly $1,000, 900 of
uncurrent coins in the Treasury having
been restored to full weight
The Stock of Fractional Silver Reduced,
As result of this and of some special
efforts in other directions the amount of
fractional silver in the Treasury has been
reduced. Many of the INQUIRIES for silver
specify new coins. 1t is believed that but |
for the prejudice against all CONS showing
any signs of wear the Treasury would long |
since have been relieved of a good portion |
of its load of fractional silver. The Treas |
urer points out that. this prejudice in the |
case of the silver coins is altogether ground |
less, since they derive their currency, not |
from their weight but from the stamp of |
the mint and are received at the Treasury |
for full value so long as the stamp can be |
recognized, no matter how light thev NAV /
be, provided only that the loss of metal be |
due to natural wear and not to wilful mutt |
lation.
Counterfeit silver coins United States |
notes, silver certificates national bank |
notes and fractional currency of the nom-
iDal face value of nearly $1,000 were de-
tected at the Treasury Offices, a considerable |
decrease from the year before. Three new
counterfeits have appeared, all photo
graphic. A sum of unsigned notes was
stolen from the Kinsman National Bank, of
Kinsman, o., end they will not be re-
deemed at the Treasury Out of the appro-
priation of 50, 800 MANY years ago to redeem
certain unsigned notes stolen from the
Comptroller of the Currency, there has been
redeemed the sum of 81, $50, the last one in
February.
Decrease of Bonds in the Banlrs.
There was decrease Of about $1,000, 900
in the amount of bonds held for National
banks as security for their circulation, as
also in the amount held as security for pub
lie deposits. Nearly S67 900, 900 of national
bank notes were redeemed, an amount much
above the average, if the contraction of this
circulation be considered. The fresh de-
posits for the withdrawal of notes from cir
culation amounted to nearly $40, ,000, 900,
while the redemptions from the fund aris-
ing from this source exceeded S25, ,00O, 900.
The deposits of the new per cents ex-
ceeded the withdrawal of the old bonds. and
there was an issue of new notes amounting
TO about s., 800, goo. Some little difficulty
has been experienced in the redemption of
national bank notes through the 5 per cent
fund, owing to the narrowness of the mar
gin within which it is necessary to work.
Many banks have less than 81, 900 on de-
post, and the majority of them all have no
more than s., go EACH 1t frequently hap
pens that in the interval between one as
sortment of banks notes and the next