Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-28
UNCLE SANS PURSE.
Treasurer Nebeker's Annual Report
Tells Just What Is in It.
TIE DEBT is s4O,OOO,OOO BIGGER
Al the End Of June, 1892, Than 1t Was
at the Same lime Last Year.
PECULIAR MOVEMENTS OF GOLD COIN

hls annual report The net ordinary
revenues of the Government for the fiscal
year were 1854. 9S7, 7S4, a decrease ofS37 ,674,
6S3 as compared with the year before. The
net ordinary expenditures were S345, ,023. $50,
a decrease of $40, 349, 354. The surplus
revenues were thus cut down from S37, 2S9, =
762 to S9, ,914, ,45S, including the public debt
The total receipts for the year were
S156, 4Ol, 206, and the expenditures 1864, 019,-
2S9.
Considered with respect to the effect upon
the Treasury, the receipts are divided into
two general classes, of which the first, COM
prlslng the ordinary revenues, the receipts
from loans and the deposits for the retire.
ment of national bank notes, increases for
the time the cash available for the United
States and the Government; while the Sec
ond, arising from the issue of gold. silver
ana currency certificates, United States
notes and Treasury notes, tends to swell the
assets of the Treasury, but does not affect the
available balance.
Interest Amounting to S14 100000.
For the first of these classes the figures
show an excess of SSs O0O, 900 of expenditures
over revenues in 1884, and one of upward of
S27 ,O00, 600 in 1892. In the second class there
was an excess OF nearly s69, ,0OO, 600 of receipts
in the former year and one of $780, 900 in
the latter. As compared with 1891 there was
q saving of upward of Sl4 600, 900 of interest
out OF which a surplus was realized, not
Withstanding the cutting down OF the reve-
nues by legislation.
on June 80, 1891. there stood charged TO
the Treasurer on the books OF the Register
a balance OF sag. Do. 1872. Adding thereto the
revenues of the year from all sources gives
total OF 81, 462 62S 62S to be accounted for. Out
Of this WAS disbursed by warrant q total of
SGs4, ,Ol9 2S9 leaving a balance of SIS, ,604, 339
charged to the Treasurer on June so, 1892. In
addition, there were other liabilities arising
from the postal revenues, from the deposits
10 the credit OF disbursing officers, from the
5 per cent fund for the redemption of la
tOnal 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 ,9l5
AZ the former date and to SSl5, ,63l 63S d the
latter
Public Debt Increased Over $4,000, 900.
Analysing the true condition of the Treas
ury, and setting aside the trust funds, the
Treasurer shows that there was a working
balance of cash and deposits in banks
amounting to s2O7. llO, ,45l at the beginning OF
the year. and to SI65, us, $50 at the end. OF
the former amount Sis, 100000. and of the
latter, Sll4, 500, 600 was gold. The success
which has attended the efforts of the de-
paTtment to maintain strong gold reserve
l. considered satisfactory, in view of the
heavy disbursements.
The amount of the public debt is given as
81 54j. .9g6 j9l on June so, 1881, and Sl5S 464 IA
u lne 80. 1892. The loans resting on the credit
oi the tnired States we're cut down from
81 COS Sui $50 to S6S 2lS $40 while those secured
hy Iul deposits in the Treasury increased
nom S54O, 10 OSl to $500, ,245, ,3O4.
Iuera was Il gratifying improvement in
The condition of the debt produced by the
r'tf n ST -haor he
conversion of matured bonds into others
payable at the option of the Secretary of
4 easury and the extinction OF a considera-
bic part of the loans payable on demand.
The total net reduction of s37, So, 7I9 in these
! 'cms was effected by the application of the
surplus revenue of the year amounting to
lcarlT SlOOOJOO0, together with upward OF
t-'iOlOOO taken from the cash in the treas
ury.
According to the revised statutes the total
stock of monev of all kinds in the country
June 81, was 50 374 334 049, an increase of $780,
B0O, 900 in the year. By eliminating that part
Of paper currency which is purely repre-
sentative, consisting OF certificates of de-
pnsit and Treasury notes, the effective stock
is found 10 have been 81, ,753, ,95S 745, an in
crease OF $50 OO0,OGO
Concerning the Movements of Gold.
The monetary history of the past year,
however, has been peculiar, both in the
of gold, which have been in
creased, and the other changes that COM
monty occur with the changes OF the seas
ons, but have this year been less marked.
The increase of the effective stock of money
from September to september was only $780,
OHO 900.
Discussing the changes in the amount and
of the money stock, the Treas
urer finds that the increase which marked
the fiscal year was the result of the pro-
duction OF nearly Sl7. 600 900 in gold in excess
of the industrial consumption; fresh issue
of s. 100000 OF national bank notes, together
witu the change in the stock of silver. OF
the aggregate stock OF money at the end of
the fiscal year, sal 252, ,3l3 was in the Treas
ury and mints, leaving s., ,603. .SS1, 1856 in the
hands OF the people. The holdings of the
Treasury increased $50 OO00OO and the
amount in circulation sl0OO00,OOO during the |
wear.
Figures are given to show that each year
during the last ten there has occurred in
January more or less oimunition of the |
gold reserve of the Treasury, averaging
]. . early $40, OO0, 600 which has been succeeded |
IN February by tendency toward recov-
cry, 1t is shown that the drain has oc-
both to the Treasury and to the country.
How the Gold Reserve Is Depleted.
1t thus appears that the depletion of the
reserve is the consequence of the increase
OF the circulation of gold certificates, and
his it is shown, grows out OF the difficulties
" hich the Treasury encounters in the re-
turn of the notes and silver certificates of
sm all denominations which were sent out in |
I lie autumn for moving the crops. The
movement sets in strongly after the lst of
January through the sub-treasuues |
W hence the notes, being more or less
worn ard of denominations unsuited |
to city use, are sent TO Washington for re- |
demption. The shipment redemption and |
destruction of 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 |
4 iaof faS fn In
gold reserve suffers It'll a working balance |
Of other material can be got together |
The issues of United States paper cur |
rency amounted to S376, 726,5SS, exceeding |
hose OF any previous year. OF the whole |
amount 1896 600 900 took the place of like |
kinds and amounts destroyed, while s7S,- |
600 go consisted of fresh issues. The Treas |
urer remarks that it would seem to be the |
proper policy to make provision for the pe- !
riodic changes, which appear to be natural, |
both in the amounts and the denominations |
Of the paper currency required by the people. |
Partly in consequence of the improved |
condition of the coins themselves and part |
" as the result OF more liberal plan OF dis |
iIibution the Treasury between June 30, |
lSgI ana September 80 1892, reduced its hold. |
ngS Of fractional silver by no less than |
Z, ,0J0 0JO.
More silver to Leave the Treasury. |
4 still further reduction is expected to be |
reaIized in consequence of the recoinage |
proposed for the remainder of the current !
year, and in particular from the manufact-
are of the Columbian half dollars. There |
has been a slight decrease in the amounts OF ]
counterfeit silver coins and paper currency /
presented at the Treasury.
Important legislation is contained in the |
act Of Congress, approved July 2S 1892, /
which provides that all national bank notes |
-sued 10 or received by any national bank |
shall be redeemed as provided by the re- |
! ised statutes, Notwithstanding such notes !
may have been lost or stolen IRON tn" bank /
md put in circulation withou the |