Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-11-28
COIN OF THE REALM
The United States Treasurer
Makes His Report
or OUR FINANCIAL CONDITION
For the FiscAl Year Ending June 30.
improved Condition Of the Public
pebt-Total Revenues.

eker. hzs submitted his annual report
foe the year ended June 80. 1892. The
net ordinary revenues OF the govern
ment fer the fiscal year were ss54. sS7 =
7sf. q decrease Of s37 .ozf. .66S as COM
pared with The year before. The net
ordinary expenditures were s3i5. .033.-
$50. decrease or tl0. .349. Ssh The
surplus revenues we're thus cut down
from ss7 .23s. 1852 to t9,sl4.453- includ-
Tag tho pubic debt, the total receipts
for the year were s735. 4oi ,296, and the
expenditures s6sf.ols. .ss9. Considered
With respect to the effect upon the
treasury, the receipts are divided into
two general classes, Of which the first,
comprising the ordinary revenues, the
receipts from loans aud the deposits
for the retirement OF national bank
notes. increase for the time being the
cash available for the uses of the gov
eminent, while the second. arising
from the issue Of gold, silver and cur
reney cert ficates. United States notes
and treasury notes, tend TO swell the
assets of the treasury, bat do not affect
the available balance. For the first OF
these classes the ngures chow an excess
OF eighty-esght millions OF expendl-
lures over revenues IN 1891, and one of
upwards OF twenty-seven millions IN
lsy2.
The Cash BaIaae.,.
In the second class there was an ex-
cess of nearly s6s, ,O00, 900 Of receipts in
the former year and one OF $S0. 900 900
IN the latter. As compared with 1891,
there wss salvage of upwards of $l4,-
600, 900 of interest, out Of which . sur
plus Was realized. notwithstanding the
cutting down of revenues by legislation.
Ansiyzlng the true condition of the
treasury and setting ASIDE the trust
funds, the treasurer shows that there
was = balance of cash and deposits In
banks amounting to s207, ,ll0.452 1T the
beginning Of the year and sl65,5is, Isl
at she end. OF the former amount
fll9, ,0o0, 900 and OF the latter $ll4. $780,
600 was gold. The success which has
attended the efforts Of the department
to maintain . strong gold reserve 10
considered satisfsctory IN view OF the
heavy disbursements. The amount Of
public debt 10 gwen ~ 81 .545, ,9s6. .59l on
Juno so, 1891. and fl.5SS. .464. .l44 op
June 80. 1892. The loans resting on the
credit of the United States were cut
down from 81 ,005. 500 $50 to S96s. .2is $40,
while those secured by full deposlts in
the treasury increased from $40, l90,-
03l to t620, "a, ,3o4.
Improvements In the Debt
There vas gratifying improvement
IN the condition of the debt produced
by the reduction of the interest bear
ing loans, the conversion OF mstured
bonds into others payable At the option
of she secretary OF the treasury and
the exsinction of . considerable part of
the loans payable on demand. The
total net reduction of S37 ,5s7 ,720 In
these items WAS effected by the applI-
cation of the surplus revenues oil the
year, amounting TO nearly Si07 .000. 900
together with upwards OF S27, ,000, 900
taken from the cash IN the treasury.
According to the revised estimates the
total stock OF money Of all kinds in the
country on June so was 81 ,374. .33i, ,0i9,
an increass of $3.50. .000, 900 IN the year.
BY ehminsting that part of the paper
currency. which Is purely represented,
consisting of certificates of deposit and
treasury notes. the effective stock is
found TO have been si,753, ,953.7 an
lbtEcHef OF TfosVttsVtb.
The Years Monetary History.
The monetary history of the past
wear. however. has been peculiar, both
IA the movements of gold. which have
been increased, and IN the other
changes OF the season, but have this
year been less marked. The increase
OF the effective stock Of money from
September TO September was only s50,-
100000. Discuss nx the changes IN the
amount and composition of the money
stock, the treasurer finds that the in
crease which marked the fiscal year
vas the result Of the production of
nearly si7 .000, 600 of gold IN excess of
the ind dustrisl consumption, 4 fresh is-
sue of IS 900. 600 OF national bank notes,
together with the changes IN the stock
OF silver. The gold exported tetvsen
January and September was taken
mostly from the sub-treasury IN New
York. Up to the end of June the with
drsvsls were made by the presenting
OF gold certificates. but from, that time
on 10 the cessation Of shipments mostly
upon tenders OF United states notes
and treasury notes
sxxr-xst. stock of MONEY.
Of the aggregate stock of money at
ne end OF the fiscal year s77l. .252. .SlS
VS. the treasury and mints, leaving
sl .oOS. S.0Si .s5S IN the hands of the
people. The holdings of the treasury
increased 81 600 coo and the smount IN
circulation sloo. .000. .o00during the year.
Figures are gwen 10 show that each
year during the isst ten there hss oc-
Cured in the month OF January a con
sidersSis diminution OF the gold re-
serve of the treasury averaging sI0.-
ooo. 600. which has been succeeded in
February by = tendency toward re-
covsry. It has Shown that the decline
has occurred yearly N the face OF A
xalu Of geld both 20 the treasury and
20 TIE country. In the last Ten u,orsths :
of January the treasury gained sos
zoe 600 of the meta and the country
Sss ono. .e0e. ft thus appears that the
depletion e the reserve = the conse-
o,seuce of the increase OF the csrculs-
ton OF gold certificates. and this i.
sho~p. grows cut Of the difficulties
which she treasury encounters IA, the
return of the notes and silver certifi- :
rsts- of snsaii denominations which
wsr. sent out IN the autumn for nov
ing the crops.
a. thu eotd Reserve saEs-s
Tha rnovsuent sets n sfropgiv after
th@ Hrst Of January, through the sub
sr..asriss. whence the notes. beng
more or less worn and the dsnouins.
tons rn<nifed e. city uss. sFe sent 20
ws.ainstan Tor redemption. The "a D
,,,.of ,a.sarss,sf.ss, sri si@sfrurfintl Of