The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-11-28
Annual Report of the Treasurer
of the United States.
CONDITION OF The EZCHEQUER
And Its observation-disclosures and
Revenues and State of the Public
Debt--.A Cash Balance at tho End
of tho Year of Over $105, 100000.
Decrease of the National Debt.

I
ury. The net ordinary revenues of the
government for the fiscal year were
1854, ,937, ,7S4, decrease OF S31 1674, 1858, as
compared with the year before. Tho
net ordinary expenditures were SS45,-
o2S,3SO, decrease of SlO,349,S54. The
surplus revenues were thus cut down
| from S37, ,2S0, 1852 to s9,9l4, ,453, including
the public debt. The total receipts for
the year were $3.50, ,4Ol, ,206, and the ex-
penditures s6S4,Ol9,2S0. Considered
with respect to the effect upon the
treasury and the receipts are divided
into two general classes, OF which the
first, comprising tho ordinary reve-
nues, tho receipts from loans and
the deposits for the retirement
Of national bank notes increase for the
time the cash available for the United
States and the government, while the
second arising from the issue Of gold,
silver and currency certificates, United
States notes and treasury notes, tend to
swell the assets Of the treasury but do
not affect the available balance. For
the first OF these classes the figures
show an excess OF SSS0O0,000 OF expen-
ditures over revenues in 1891, and one
OF upwards OF $4,000, 900 in 1892. In
tho second class there was an EXCESS OF
nearly S69000000 OF receipts in tho
former year and one OF $4,000, 900 Ill
the latter year. AS compared with
1891 there was saving Of upwards OF
fourteen million OF interest, out OF
which surplus was realized, notwith-
standing the cutting down of the reve-
nues by legislation.
On June so, 1891, there stood charged
to the treasury on the books Of the re-
gister balance of$726, ,222S32 Adding
thereto the revenues OF the year from
oil sources gives q total OF 81, 1852, ,623, ,62S
to be accounted for. Out OF this was
disbursed by warrant OF 1854, OH, ,2S9,
leaving balance Of S77S, ,604, $40 charged
to tho treasurer on June 80; 1892. In
addition there were other liabilities
arising from the postal revepues, from
the deposits to the credit of disbursing
officers, from the FIVE per cent fund for
the redemption OF national bank notes
and from various other sources. These,
together with sums of money collected
but not yet charged to the treasurer on
the books of the department, brought
the total liabilities up to S777, ,S54,945 at
the former date and to SSl5.63l ,63S at
the latter.
Analysing the true condition of the
treasury and setting aside the trust
funds, the treasurer shows that there
was working balance Of cash and de-
posits in banks amounting to $207, no.
451 at the beginning OF the year and
Sl65, ,7ls, $50 at the end. OF the former
amount Sll9,00O,000 and OF the latter
Sl14,50O,0O0 was gold. The success
which has attended the efforts Of the
department to maintain strong gold
reserve is considered satisfactory in
view Of the heavy disbursements.
The amount of the public debt is
given as 81, ,545, ,996,591 on June 80, 1891,
and 1858, ,484, IA on June 80, 1892.
The loans resting on the credit of the
| United States were cut down from ST.
005, ,S06,566 to S96S, ,21S, $40 while those
secured by full deposits in the treasury
increased from $40, l90,03l to $500, 1885,
304. There was gratifying improve.
ment in the condition OF the debt pro-
duced by the reduction Of the in
terest bearing loans, the conversion Of
matured bonds into others payable at
the option OF the secretary OF the treas
ury and the extinction OF a considerable
part Of the loans payable on demand.
The total net reduction OF $37, ,537, ,749 in
these items was effected by the applica-
ton Of the surplus revenues of the year,
amounting to nearly Sl0O00,000, to-
gether with upwards Of S27, ,000, 900 taken
from the cash in the treasury. Accord
ing to the revised estimates the total
stock of money OF all kinds in the coun-
try on June SO was 2,S74, ,3S4, ,049, an in
crease OF $50,000,000 in the year. BY
eliminating that part OF paper currency
which Is purely representative, consist
ing OF certificates OF deposit and treas
ury notes, the effective stock is found to
have been 81, ,75S, ,953, 745, an increase OF
over $50, 100000. The monetary history
Of the past year, however, has been Pc
culiar, both in the movements OF gold,
which have been increased, and in the
other changes that commonly occur
with the changes OF the seasons. but
have this year been less marked. The
increase OF the effective stock Of money
from September to September was only
S50,000,000.
Figures are given to show that each
year during tho last ten there has oc-
CURED in the month OF January more
or less considerable diminuition OF the
gold reserve OF the treasury averaging
nearly $4,000, 900 which has been sue
ceeded in February by tendency to-
ward recovery. 1t is shown that the
drain has occurred yearly in the face Of
gain of gold both to the treasury and
to the country. II thus appears that
the depletion OF the reserve is the con-
sequence OF the increase Of
the circulation OF gold certificates,
and 1his, it is shown, grows out
| of the difficulties which the treasury
encounters in the return Of the notes
and silver certificates OF small denomi-
nations which were sent ont in the
autumn for moving the crops. The
movement sets in strongly after the
first OF January through the sub-treas-
uries, whence the notes, being more or
less worn, and OF denominations un-
suited to city use, are sent TO Washing
ton for redemption. The shipment, re.
demption and destruction OF tho old
notes and tho issue OF the new ones
takes time. Before the treasury can
make the conversion the sub.treasuries
are drained, and the treasury has
nothing but gold certificates to send
them. In this way the gold reserve
suffers until working balance Of other
material can be got together.
The issues OF United States paper cur
rency amounted TO 1916, 126,5S3, exceed
ing those Of any previous year. OF tho
whole amount, S2oS,00O,0OO took tho