The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1892-12-14
TREASURER'S REPORT.
Annual Statement of the Con-
diti0n of National Finances.
Government Expenditures Are
Far Exceeding the Revenues.

The Treasurer of the United States, Mr..
E. n. Nebeker. in bis annual report for the
year ending June 30. 1892. says that the net
ordinary revenues of the Government for
the fiscal year were 1854, 937, ,7s4, decrease
of s37, ,674, ,663 as compared with the year be-
FORE The nat ordinary expenditures were
S345, ,02S, $780, decrease Of SIC, 349,354 The
surplus revenues were thus cut down from
s37,,239, 1852 to $9,9l4.45S. Including the
public debt, the total receipts for the year
were sT36, 4Ol, ,296 and the expenditures $751;
O19, $50.
Considered with respect to theefect upon
the Treasury, the receipts are divided INTO
two general classes Of which the first, COM
prising the ordinary revenues, the receipts
from loans. and the deposits for the retire.
ment Of National bank notes. increase for the
time the cash available for the uses OF the
Government. while the second, arising from
the issue Of gold. silver and currency Ger
tihcates, United States notes and Treasury
notes tend to swell the assets OF the Treas
ury, but not affect the available
balance. For the first Of: these classes
the figures show an excess OF $38, OOJ,O0o
Of expenditures over the revenues In 1881,
and OF upward of 27, 000, 900 in 1892. In the
second class there was an excess OF nearly
and one of $50. 900. 0O0 in the latter. As COM
pared with 1891 there was saving OF up
ward Of $14, OOO, 600 Of interest, out Of which
a surplus was realized, notwithstanding the
cutting down Of the revsnue by legislation.
Analyzing the true condition OF the Treas
ury, and setting aside the trust funds, the
Treasurer shows that there was working
balance Of cash and deposits In banks
amounting to $2O7, no. 452 at the beginning
Of the year, and to sl65, 7ls Isl at the end:
OF the former amount Sis, 600, 600 and OF
the latter sl14, 500, 900 was gold. The sue
cess which has attended the efforts OF the
department to maintain strong gold re.
serve is considered satisfactory, in view OF
the heavy disbursements.
The amount Of the public debt Ii given as
81, ,545, 996. SOL on June 80, 1891, and 81, $685.
484, IA on June 80, 1892. The loans resting
on the credit Of the United States were cut
down from 1,005, 800, $50 to $968, 2l6. $40.
while those secured by full deposits IN the
Treasury increased from $40 l9oo3l to
$3.50, 245,3O4. There was gratifying i'm
provemsnt in the condition OF the debt, pro-
duced by reduction Of the interest-bearing
loans, the conversion OF matured bonds into
Others payable at the option Of the Secre-
tary Of the Treasury, and the extinction OF
a considerable part Of loans payable on de-
mand. The total net reduction Of S37, $751;
40 in these items was effected by the appll-
cation of the surplus revenues OF the year,
amounting to nearly $40 000, ,00o, together
with upward of s27, ,090 600 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 80 was s., 374, S3t, ,049, an
increase Of $3.50. ,009 in the year. BY
eliminating that part Of the paper currency
which is purely representative, consisting
of certificates of deposit and Treasury notes,
the effective stock is found to have been
81, 753, 95S, 745, an increase Of S7O O0Oo,-
900. This increase the Treasurer
finds, was the result Of the produc-
ton Of nearly 81. .0O0, 900 Of gold in excess
Of s., 600, 900 of National bank notes, together
with the changes in the stock Of silver. The
gold exported between January and Septem-
Der was taken mostly from the Sub-Treasury
In New York. Up to the end OF June the
Withdrawals were made by the presentation
OF gold certificates, but from that time on ia
the cessation Of shipments, mostly upon
tenders Of United States notes and Treasury
notes.
OF the aggregate stock OF money at the
end OF the fiscal year, S7l, % Z 3l3 was In the
In the hands Of the people. The holdings OF
the Treasury increased $5O. 0O0, 900, AMI the
amount in circulation 500. .O0o, 600 during
the year.
The issue of United States paper currency
amounted to s376, ,726 ,5SS, exceeding. thossot
any previous year. The nearest approach
to this total was 1910, ,00O 00l. in the year be-
fore, and the next nearest $23l, ,OOO, 900 In
1888. Of the whole amount &9S. 000. 900
took the place Of like kinds and amounts
destroyed, while So, oo0, 900 consisted of fresh
issues.
Satisfactory changes have been effected
in the condition of the fractional silver coin.
age, through the liberal appropriations Of
the past two years for this purpose.
There has been slight decrease in the
amounts OF counterfeit silver coins and paper
currency presented at the Treasury offices.
There was an Increase Of over go, 0O0 0OO
during the year In the amount OF United
States bonds held for the security OF Ma
tional hank circulation, and decrease OF
$IO, ,O00, 600 in the amounts held as security
for public deposits. A total addition OF ST.
684, 600 was made to the par value Of the SO.
curities composing the Pacific Railroad
sinking funds. 49,.
In proportion to the volume OF National
bank notes In circulation the redempttons
continue heavy, having amounted to Upward
- mn mn l., Sbs aeooI uaor