The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-11-28
UNCLE SANS BANK BOOKS
United States Treasurer Nebeker Pro-
m~ulgates an Interesting Annual.
Decrease OF $50, 349, 1854 in the Net Ordinary
E~xpendlur Working balance Of Cash
in the Treasury of Sl65. us, 151.

nary expenditures were SS45. 20S. $50, q de-
crease of $40. S4e. s5A. The surplus revenues
were thus cut down from $50. $50, zoe to
80. GA. 453. Including tho public debt. tho
total receipts for the year were s7S6. 4Ol. 296.
and the expenditures s5S4.O i9. 2S9.
Considered with reference to the effect
upon the treasury. the receipts are divided
into two general classes, of which the first,
comprising the ordinary revenues. the re-
ceipts from loans and the deposits for the
retirement of national bank notes, increase
for the time the cash available for the uses
of che government, while the second, aris-
ing from the issue of gold. silver and cur
rency certificates. United States notes and
and treasury notes, tend to swell the assets
of the treasury. but do not affect the avail
able balance. For the first of these classes
the figures show an excess of eighty-eight
millions of expenditures over revenues in
1891. and one Of upwards of twenty-sevcn
millions in 1891. In the second class there
was an excess of nearly sixty-nine millions
of receipts 10 tho former year, and one Of
eighty millions In the latter. As compared
with 1S92, there was @ saving OF upwards or
surplus was realized, Notwithstanding the
cutting down of the revenue by legisla-
ton.
CONDITION OF HI TREASURY.
Analysing the true condition of the
treasury and setting aside the trust funds.
the Treasurer shows thatthere was @ work
ing balance of cash and deposits in banks
amounting to S207. 10. ASP ct the beginning
of the year and S165, us. 15l at the end. OF
the former amount, Sis, 600. 900. and of the
latter. $1l4, 500. 900 was gold. The success
which has attended the efforts of the do
partment to maintain q strong gold re-
serve is considered satisfactory, in view Of
the heavy disbursements.
The amount of the public debt is given
as 81. 545, 996. 59l on June 80. 1891. and s1.5ss..
464. 144 on June 80. 1892. The loans resting
on the credit OF the United States were cut
down from sl.C05. 906.5 SEQ to e96s. 2ls. $40.
while those secured by tuli deposits in the
treasury increased from $40. 100. OBJ to $780,
245.304 There was o gratifying improve-
mont IN the condition of the debt, pro-
duced by the reduction of the interest bear
ing loans. the conversion of matured bonds
into others payable ct the option Of the
Secretary of the Treasury and the extinc-
tion of u considerable part of the loans pay
able on demand. The total not reduction
Of SS7. 6S7. 40 in these items was effected by
the year. amounting. TO nearly SIC. 0oo.o DOC.
together with upwards of S27, 900. coo taken
from the cash in the treasury.
According to the revised estimates the to-
tai stock of money of oil kinds In the coun-
try on June 81. 1892, was 81. s74. 3s4. O49. an
increase of $150, 600 in the year. By
eliminating that part of the paper curren-
cy which Is purely representative, consist
ing OF certitcates OF deposit. and treasury
notes. the effective stock is found TO have
been 81. 75S. 953. 745. On increase Of S70.000,0 C0.
The monetary history of tho past yea.
however. has been peculiar: both in the
movements of gold. which have been in
creased. and in the other changes that
commonly occur with the changes of the
season, but have this year been
less marked. The increase OF
September to September was only 50.O00..
600. Discussing the changes in the amount
and competition of the money stock, the
Treasurer finds that the increase which
the production of nearly sl7. 600. 600 of gold
in excess of the industrial consumption: q
fresh issue of 8 5000 900 of national bank
notes, together with the changes In the
stock of silver. The gold exported pe-
tween January and September was taken
mostly from the sub-treasury In New York.
Up to -he end of June the Withdrawals
were made by the presentation of gold
certificates, but from that time on 70 the
cessation of shipments. mostly upon tenders
OF United States notes and treasury notes.
1884 34. 049 IN THE y
Of the aggregate stock of money at the
end of the fiscal year, s77l. 90. 3lS was in
the treasury and mints, leaving S1.60S.0 S1..
736 in the hands of the people. The hold
iDgs of the treasury increased $50 .000,0 600
and the amount in circulation 500. 00O.0 900
during the year. Figures are given to
show that each year during the last ten
there has occurred. in the month of Janu-
airy. a more or less considerable diminution
of the gold reserve Of the treasury. averag-
ing nearly 500 0 ,0Oo. which has
been succeeded In February by q
tendency toward recovery. 1t is
shown that the drain has occurred
yearly in the face of o decline OF gold. both
last ten months. since January. the treas-
ury gained 80, 00O. 000 of the metal. and the
country &c, 000. 600. 1t thus appears that
the depletion of the reserve Is the conse-
quence of the increase OF the circulation OF
gold certificates, and this. 1T Is shown,
grows out of the difficulties which the
treasury encounters in the return of the
notes aud silver certificates OF email de-
nominations which were sent out IN the
autumn for moving the crops. The move-
ment sets In strongly after the nrst OF JAM
nary through the sub-treasuries. whence
the notes. being more or less worn and or
denominations unsuited TO city use, are
sent to Washington for redemption. The
ehlpment. redemption and destruction or
the old notes and the issue of new take
time. Before the treasury can make the
conversion the sub-treasuries are drained
and the treasury has nothing but gold GER
tificates to send them. In this way the
gold reserve suffers until o working balance
Of other material can be got together.
The issues OF United States paper ourren-
cy amounted to 1916. 6.5S2, exceeding
those of any previous year. The nearest
approach to this total was $50. GOO in
the yeHr before, and the next nearest, Ss9l..
COO. 0O0 In 1868. Of the whole amount S2ys.-
600, 600 took the place of hks kinds and
mounts destroyed. while SIS, OOO,OO0 cou-
sisted of fresh issues. Satisfactory changes
have been effected in the condition OF the
fractional silver coinage through the lib
eral appropriations for the past two years
for this purpose. There hss been a slight
decrease In the amounts OF counterfeit sill
Yer coin and paper currency presented at
the treasury Offices
There was an increase of over s20.0 O0. 900
during the year in the amount of United
States bonds held for the security of ma
tional-bank circulatian, and . decrease Of
l0.000.0 900 in the amounts held as security
for public deposits. A total addition OF a.
! Ga. UO0 was made TO the par value of the
securities composing the Pacific railroad
sinking funds. In proportion TO the vol
umc of national bank notes IN circulation
the redemp .ons continue heavy. having
amounted to S69. 00O.O o IN the fiscal year.
Important legislation 10 contained in the
act of Congress approved July q, 1872.
which provides that all national bank
notes issued to or received bv any national
bank shall be redeemed as provided by the
Revised Statutes. notwithstanding such