The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-07-02
A NEW DEBT STATEMENT.
AN OFFICIAL EXPLANATION OF
T6E FORM.

The Statement OF the Debt to be
Separated From the Statement of
the Cash in the Treesury-Accrued
Interest and Interest Due and Un-
paid to be Eleminated National
Bank Deposits and Fractional Silver
on Hand TO be Included in the Cash
Balance.
WASHINGTON, July 1.-The form of the
national debt statement, issued from the
treasury department to-day, differs materi-
ally from that heretofore followed, and the
following is an authoritative explanation
of the change in the form and theTeasons
for it: "The Secretary of the Treasury calls
attention to certain changes in the monthly
debt statement issued for June, 1891, and
in the daily statement of the cash
in the treasury. Heretofore the manner
and make up Of the monthly statement re-
quired the showing of an increase or de-
crease in the public debt. Under this form
it has happened on several occasions, that
when large purchases of bonds were made
the statement following would show an in
crease Of the public debt, when reduction
had really been effected. This was owing to
the fact that the principal and premium
paid for the bonds reduced the cash on hand
beyond the amount of the bonds actually
redeemed.
THE NEW SCHEME.
1.-THE secretary has concluded, after much
thought on the subject, to separate the
statement OF the debt from the statement of
the cash in the treasury. Hereafter the
pta Of Oach vuill oh ta
net increase or decrease from month to
month, and this statement will be
part of the form now adopted.
In making up the new statement of
cash in the treasury, the figures will
plainly show the different kinds of money
included in the total. Against this total
will be stated the cash liabilities. This part
Of the new form will take the place of the
assets and liabilities statement here
tofore issued by the treasurer. In
former debt statements the accrued interest
and interest due and unpaid have appeared
as current liabilities. These items have
been eliminated. The secretary holds that
if accrued interest may be charged as a
liability against the cash, then with equal
propriety the accrued liability for the con-
struction of public buildings or for i'm
provements Of rivers and harbors may be
so charged.
THE MATURED DEBT ITEM.
"The matured debt item is made up Of the
remnant Of bonds and other forms of in
debtedness remaining unpaid from the,
| foundation of the government 1t is as
sumed that less than % per cent. of these
will ever be presented for pay
ment They are now, as heretofore,
| carried on the debt statement, but not as ssg
liability against the cash. The secretary
also calls attention to the items of liability
against the cashEin the treasury, composed,
first, of the per cent. fund held for the re-
| demption of uncurrent national bank notes.
which sum can only be reduced by
the retirement OF national bank
circulation. The secretary thinks this
amount ought by law to be
covered into the treasury as was done re-
Gently with the fund for the redemption Of
failed and retired national banks. The
probability is that this sum will be increased
during the coming year instead of being
reduced.
OTHER ITEMS.
"Second, the item of outstanding checks
| and drafts, which rarely ever falls below
| 5000, 900.
Third, disbursing officers balances now
amounting to about sS4, ,OOO,o This
money is in the treasury and in govern
ment depositaries to the credit of the dis
buring officers and seldom falls below the
present amount
Fourth, agency accounts. made up
mainly Of postal revenues and SUBJ
| iect to draft of the postmaster
general. This, too. rarely falls below
$4,000, 900. These four items amount
to $50, 100000, aud il held by banks could
be safely loaned up to nine-tenths of the
! total sum.
THE CASH BALANCE.
THE secretary will not hereafter deduct
| from his cash balance the amount on deposit
in national banks nor fractional silver coin
| on hand He thinks there is no good reason
why this should ever have been done. To-
| days statement embraces the following
items: Debt on which interest has
ceased since maturity S1,614,7 7O5 26, debt
bearing no intere,t 1898. .662, 735 So. This
includes legal tender notes. remnants of
old demand notes. national bank
notes, redemption account and
| fractional currency, certificates
and notes issued on deposits of coin and
| legal tender notes and purchases of silver
/ bullion S540, l90,O31. This includes the items
of gold, silver and currency GER
tifcates and treasury notes
of 1890, bullion purchase notes
interest bearing debt 500, 329, l20; aggre-
gate of debt s, ,545. 1896 81. The total cash
in the treasury is stated at S745, $40, ISL 63;
Cash balance $153, 1893, sos S3, being a de-
crease during the month Of June of 81, ,992,-
| 909 a. In the cash balance is included
! $100,000, 900 gold reserve.