The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-12-01
THE TREASURY.
Condition Of the National Ex'
chequer Up to Date.
TREASURER MORGAN'S REPORT.
transactions of the Observation-Disclosures
tions of Bullion - Amount Of
Money In Circulation
Etc.

J
Morgan, has submitted to Secretary
Carlisle the annual report on the oper-
ations and condition of the treasury.
The net ordinary revenues for the
! fiscal year were 1886. $40, 62S.7S, an in
crease of $50, ,SS1, ,s44. 81 over those of the
year before. The net ordinary expend-
itures were 1888, Az, 554. 49, an increase
of S3S, 454, ,623.91. There was, therefore,
a decrease of 81, 572, :79 81 in the surplus
revenues, reducing them to 81, 34l, ,674. 80.
Including the public debt, the total re-
ceipts were s732, s71. .214.7S, and the to-
tai expenditures STA, O07, ,99S 90.
The business of the treasury has
been conducted through the main Of
flee at Washington, nine esub-treasuries,
five mints, five assay offices and about
100 national banks designated to act as
United States repositories Each of
these institutions held part of the pub
lie funds, which amounted on June 80,
1892, to s7S6, 351, sos. II, and on June 80,
1898, to s746, ,53S, ,6555S. After setting
apart those sums of gold. silver and
United States notes which were held
for the redemption of certificates
of deposit and treasury notes, there
was left reserve or general fund
of slS7, OLE. 740. II in 1892, and s16S, 167,-
391 SO in 1898. These amounts, how
ever, included certain sums of certifi-
Gates of deposit, bonds and coupons,
which were unavailable for any other
purpose than the settlement of the
treaSurer's account, and which. If can
celled, would have left an actual avail
able working balance of sl65, 945. 4S6, 60
and s156, 395, 693. 81 on the two dates re-
spectively. BY September 30 this bal
ance had been diminished to s149, $50,
in the revenues.
At the end of September. 1883, the
treasury held 1892, 55l, 800 of gold, the
largest amount ever reported. The
largest amount of free gold ever held
was s21S,S1S,253, in March of the same
year. The lowest points touched since
then were s160, 763. 5S4 of total holdings
and ss1, 551 1856 of free gold on October
10. In April, for the first time since
the gold reserve reached the sum of
500, 900, 900, it fell below that figure,
and on the 14th of that month the issue
of gold certificates was suspended, as
required by law. The loss of gold was
caused partly by deficiencies in the
revenues, but chiefly by the presenta-
tion of legal tender notes for redemp-
tion in coin.
For the seven months beginning with
last December. upwards of sSl, 900, 600
was drawn out of the treasury in re-
demption of notes, and the gold re-
serve was reduced during the same
period by $4,000, ,OO0 During the next
three months, with light redemptions
and deficiency of s19.OOO.OO in the
revenues, the treasury lost SIS. 600, 900 of
gold. but the reserve fell off only ST.
OOO. 900.
The amount of gold exported during
the fiscal year was the largest ever
taken out of the country or brought
into it in any like period, being up
wards Of sl0S. S.600,O 600. and it is noted
that S102, 100000 of it was drawn
out of the treasury by the presentation
of legal tender notes. Most of the gold
exported in former years was supplied
by the treasury in exchange for gold
certificates. and it is the first time that
any considerable sums of notes have
been presented for the metal.
With the exception of an increase of
s45, 500. 900 in the amount of treasury
notes issued in the purchase of silver
bullion, and decrease of $50. 600. 900 in
the combined volume of gold ccrtifi-
Gates and currency certificates, there
has been no important change in the
public debt.
According to the revised estimates
the total stock money of all kinds in
the country on June so. was 81, S23,-
547, ,917, or nearly $4,000, 900 less than
at the same time last year. This con-
traction took place. notwithstanding
the addition of S45, 500 900 to the stock
of silver and an increase of
Sc, 100000 in the outstanding
bank notes, and was caused, of course,
by the exports of gold. In July, how
ever. there began heavy return
of the metal, supported by
a rapid extension of the bank note cir
culation. BY the end of September
the stock of gold was restored to what
it was when the exports began. The
total increase of the effective stock of
money in the three months was no less
than S95, 900, 900, bringing it up to fig
ure much above the highest ever before
The treasurer remarks that
this sudden contraction and expansion
within the space of eleven months af-
fords a striking illustration of the de-
gree of fiexibility possessed by the cur
rency.
The revised figures for the amount of
money in circulation. that is outside of
the treasury, on June 30. place it at
; .596. s46, S29, or about $4,000, 600 less
than it was year before. During the
four months ending with October there
was an increase of s125. 600, O00 a record
altogether without parallel in the his
Tory of the country. The aggregate of
money in the hands of the people and
The average per capita were thus
brought to a higher figure than had
ever before been reached.
The redemptions of United States pa
per currency have been unusually
leavy, amounting to s3I7, 900, 900 in the
fifteen months ended with October
During the past two fiscal years there
vas recoined nearly one-fifth part of
he whole estimated stock of subsidiary
liver, an improvement that is expected
% increase the popularity and useful
less of this part of the currency.
Michigan defeated Kansas at foot
oal at Kansas City. Score, 22 to- o.