River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1892-12-01
THE TREASURY.


Report = The Surplus Reduced - De-
creased Receipts-An Increase In ths
Public Debt-Estimate of the Money In
the Country.
WASHINGTON, Nov. 2s.-The treas
urer of the United States, Hon. E. H.
Nebeker, has submitted TO Secretary
Charles Foster the annual report on
the operations and condition of the
treasury:
The net ordinary revenues OF the government
for the fiscal year were 1851, 937 5s4, decrease
OF s31 ga, 60 as compared with the year before
The net ordinary expenditures were s3i5, O23 $50,
decrease of $40, Sf9, S5i The surplus revenues
were thus cut down from s37 go 752 to s99i4.-
453, including the public debt The total re-
eeipts for the year were s736 i0l 2o6 and the ex-
penditures s63i 019, 2S9,
Considered with respect TO the effects upon
the treasury the receipts were divided into two
general classes, OF which the first, comprising
the ordinary revenues, the receipts from loans
and the deposits for the retirement OF national
bank notes, the cash available; while the sec
ord, 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 ses.o00O00 OF ex-
penditures over revenues in 1891, and one OF
upward Of s27O00,OOO in 1892. In The second
class there was an excess Of nearly Se9,o00 100
OF receipts in the former year. and one OF Ss0,-
OOO,0O0 in the latter AS compared with 1891
there was Saving Of upward Of Sll000l 90 OF
interest, out OF which a surplus realized
Notwithstanding the cutting down q th' reve-
nues by legislation.
On June 81 1891 there stool charge the
treasury on the hooks Of tie r. gisier a nee
of S726, -, 1872 Aud n IN 10 the rev es
OF the year from all sources gives TO Of
81 1852 62s, 1913 to be accounted for. Out Of Is
was disbursed by warrant total Of SOS Oi9.-
2s9, leaving a balance of s77s u04.Sa0 charged
TO the treasurer on j ne 81 1872 Ia addit on
there were other liabilities ar sing from the
postal revenus s, from he posts 10 the
credit of disbursing ON crs fr IN The D ptr
cent. fund for the relem vi n Il national bunk
notes and from var Gus other sources. TIese.
with sums Of money collected but no, yet
charged TO the treasurer On the To- ks Of the
department, broul ht the total liabilities Up TO
,s45 at tie former date and TO Ssl5 6jl 6Ss
at the latter
Analysing the true condition of the treasury
and setting as de the trust funds, the treasurer
shows that there work ng balance of
cash and deposits in bank amounting to s207,-
ll0,45l at the beginning Of the year and 10
sl65, s,l50 at the end or the former
amount Sll9,OO00O0 and OF the latter
STA 100000 was gold. The success
which has attended the efforts OF the depart
ment 10 maintain strong gold reserve is con
sidered satisfactory in view OF the heavy dis
bursements. The amount OF the public debt is
given as sl,545, 996,591 on June 30, 1891,
and sl,5Ss 464, IA on June 80, 1892.
The loans resting on the credit OF
the United States were cut down
from 1905 $685. $50 TO S96s. 2ls,si0 while those
secured by full deposits in the treasury in
creased from $40 l6003l to $500, 245, 304. There
was a gratifying improvement in the condition
of the debt produced by the reduc-
ton OF tie Understanding loans, the
conversion of matured bonds into
others payable at the option of the
secretary of the treasury. and the extinc-
ton OF a considerable part Of loans payable on
demand. The total net reduction OF s37, 5s7 7l9
in these items was effected by the application
of the surplus revenues Of the year, amounting
TO nearly $4,000 900. together with upward OF
81, O00, 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 80 was s., 37i, 0i9, an increase of $780,
600, 600 in the year. BY eliminating that part
of the paper currency which is purely repre-
sentative, consisting OF certificates of de-
posites and treasury notes, the effective
stock is found 70 have beeen sl,75S,-
953745, an increase of s70,O00,000 The
monetary history of the last year, however,
has been peculiar. both in movement Of gold.
which has been increased, and in the other
changes that commonly occur with 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 $50 1900.
Figures are given to show that each year
during the last ten there has occurred in the
month Of January a more or less considerable
diminution Of the gold reserve Of the treasury,
averaging nearly 100000, which has been
succeeded in February by a tendency toward
recovery. 1t is shown that the gain
has occurred yearly in the face of
gain OF gold both TO the treasury
and to the country. 1t thus appears that the
depletion Of the reserve is in consequence Of
the increase of the circulation Of gold eertih-
Gates and this il is shown, grows out Of
the difficulties which the treasury
counters in the return Of the notes
and silver certificates Of small denomi-
nations which were sent out in the
autumn for moving the crops The movement
set in strong after the lst OF January through
the sub-treasuries, whence the notes, being
more or less worn and OF denominations I'M
suited TO city use, are sent to Washington
for redemption The shipment, redemp
ton and destruction of the old notes
and the issue of new take time. Before the
treasury can make the conversion the SUBJ
treasures are drained and the treasury has
nothing but gold certificates TO send them. In
this way gold reserve suffers until working
balance of other material can be got together.
The issues of United States paper currency
amounted to 1876 re. $50 exceeding those Of any
previous year OF the whole amount s29S.OOO,-
600 took the place Of like kinds and amounts
DESTROYED, while S7S000,000 consisted of fresh
issues During the first six months there
was an increase OF upward Of S3IOOO0O)
In the denominations OF $50 and under outstand-
ing and during the last six months
increase of $4,000 % In the denominations of
$50 and over The treasurer remar 5 that it
would seem TO be The prop paicy to make
provision for the periods chs which APP
pear to be nat3ral, 10 g T. : an the
denominations Of TIE III -.cy requ red
by the people.
Purity D 20 quonce Of tie improved con
diiion OF the coins themselves Su1 partly as
the result Of n more liberal plan Of d.slrii u
ton, the treasury between June 30. 1891, 10 Sep
TENDER 80 1892 reduced the holdings of frae-
tional silver by no less than s70O,000OJJ A still
further reduction is expected T. lie realized
in consequence of the recon, 2 proposed for
the remainder of the mt Sc. and in par
ticular from the manufacture {, the Columbian
half dollars
here was an increase of over 600
during the year in the amount Of United States
bonds held for the security of national bank
circ lation and decrease OF t1jO0OJO in the
amount held as security for public deposits.
A total addition OF 81 G54 90) was made to the
par value of the securities composing the
Pacific railroad sinking funds. In proportion
TO the volume of national bank notes in cir, ula-
ton the redemptions continue heavy. having
amounted 10 upward of SG9OO0,OO0 in The fiscal
year change of the regulations has been
made by which fragments OF notes, valued by
the comptroller Of the currency at less than
face, are received Internationally from the
holders at the certified valuation.