The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1893-12-13
THE ETREASURER'S REPORT
OPERATIONS OF HIS BUREAU
FOR THE YEAR.

The Exports Of Gold We're S1OS,'
100000, Most of Which Was
Drawn Out of the Treasury-Av-
erage of Money Per Capita Higher
Than Ever.
The Hon. D. n. Morgan, the Treasurer oil
the United States, has submitted to secre-
tary Carlisle the annual report on the opera
tions and condition Of the Treasury.
The net ordinary revenues for the fiscal
year were 1886. .s1s ,625.7s. an increase oi
$50, ,S81, ,844 "a over those of tho year before.
The net ordinary expenditures were 1888,
47.554.49, an increase OF S3S, ,454, ,62S. 81.
There was therefore q decrease OF S7.572.-
779.37 in the surplus revenues. reduclng 8
them to 80, ,674.29. Including the public
debt, the total receipts were 1882. 871 .214.7S,
and the total expenditures S773.0 .007. 1895. SO.
The public funds. on June 80. 1892,
amounted to 1856, ,351 .s95.71. and on June 80,
1898. to S746, ,5S8, ,655.5S. 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
S1S7 012 740 II in 1892, and S16S. 167 .39l 81 N
1898. These amounts, however. included Ger
tain sums Of certificates OF deposit, bonds,
and coupons, which were unavailable for any
other purpose than the settlement OF the
Treasurers account, and which, if cancelled,
would have left an actual available working
balance OF S165, ,945, 1850 and 1856, ,395,
1895 "a on the two dates respectively. By Sep
tember 30th this balance had been diminished
Ito S149, ,250. .26S.72, owing, Of course, to de-
Sfciency in the revenues.
} At the end of September, 1888, the Trea-
sury held $685.. .551 ,306 of gold, the largest
amount ever reported. The largest amount
OF free gold ever held was S2l8, ,81s, ,252,
points touched since then were $3.50, ,763,
5Si of total holdings, and SS1 ,55!,
3s5 OF free gold. on October 19. In April,
for the arst time since the gold reserve
reached the sum OF S100, ,000, 900. it fell be-
low that figure, and on the 14th OF that
month the issue OF gold certificates was
suspended, rs required by law. The loss OF
gold was caused partly by deficiencies
in the. revenues. but chiefly by the
presentation Of legal tender notes for re-
demption in the coin. In seven months,
beginning with last December, upward
of sS1, ,O00. 900 was drawn out OF the
Treasury in redemption Of notes, and the
sold reserve was reduced during the same
beriod BY S29, ,0O0, ,O00. During the next three
months, with light redemptions and de-
1ictency Of S19, ,0O0. 900 in the revenues, the
Treasury lost SIS, ,O00. 600 of gold, but the re-
serve fell of only 81, 1000 900.
The amount Of gold exported during the
fiscal year was the largest ever taken out OF
the country or brought into it IN In any IKE e
period, being upward of S108, SOC, 900, and 1t
Is noted that s1O2, ,000, 600 Of it was drawn
out ofthe Treasury by the presentation oflegal
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 IN increase OF S45,-
SEQ, 900 in the amount OF Treasury notes Is
su sd in the purchase Of silver bullion, and
decrease of $50, ,000, 900 In the combined vol
ume OF gold certificates and currency certtf-
Gates, there has been no important change In
the public debt.
According to the revised estimates the total
stock of money Of all kinds In the country on
June 80 was 81, 1923, ,547, ,977, or nearly $751;
600, 600 less than at the same time last year.
This contraction took place, notwithstanding
tho addition of $4S, 5O0, ,000to the stock OF Sill
yer and IN increase Of sc, ,000, 600 In the out.
standing bank notes, and was caused, OF
course bv the exports OF gold. In July, how
ever, there began heavy return movement OF
the metal, supported by rapid expansion OF
the bank note circulation. By the end OF
September the stock of gold was restored 10
what it was when the exports began. Inc
total increase Of the effective stock OF money
in the three months was no less than $50,
600. 600, bringing It up to figure much
above the highest ever before reached. inls
sudden contraction and expansion Wnnln
the space of eleven months affords q striking
illustration OF the degree OF he1lplnty pos
sessed by the currency.
The revised figures for the amount OF
money in circulation, that Is, outside OF the
Treasury, on June 80. place it at 81 l,59S,-
84S, ,S29, or about 100000 less than 1t was
a. year before. During the four months
ending with October there was an increase
Of $125. .0O0, 900. a record altogether without
parallel In the history OF the country. The
aggregate OF money In the hands OF the peo- @
pie and tho average per capita we're tnus
brought to higher figure than had ever be-
fore been reached.
The redemptions of United States paper
currency have been unusually heavy,
amounting to $377, 100000 in the fifteen
months ending with October.
During the past two fiscal years there was
recoined nearly one-f1fth part OF the whole
estimated stock Of subsidiary silver, IN I'M
provement that is expected to increase the
popularity and usefulness Of this part OF the
currency. Contrary to expectation. the CO.
lumbian souvenir coins have not proved popu-
lar. Some OF them were never taken out Of the
Treasury and others have been returned for
redemption. An arrangement has been In
contemplation under which the half dollars
In the Treasury will be recoined at the e1-
pense of the management OF the Exposition.
It has not yet been decided what disposition
Is to be made Of the quarter dollars OF this
coinage not disposed Of.
q. The Treasurer concludes by urging that
the vaults and safes in his Office be put in
better condition, in accordance with the rec
concentrations made in the report OF the
Commission appointed to investigate the
present methods OF this kind of construction.