Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1893-11-30
THE TREASURY.
Condition Of tho National Ex-
chequor Up to Dato.
TREASURER MORCiN'S REPORT.


ations and condition of the treasury.
The net ordinary revenues for the
fiscal year were 1885. sl0, ,62s.7s, an in
crease Of $50, Ssi, s4l. % over those Of the
year before. The net ordinary expend-
itures were 1888, All, BOD. 80, an increase
Of S3s. I54, 623.0i. There was, therefore,
decrease of s7572, 77o 81 in the surplus
revenues reducing them 20 s2, 3lt, ga 80
Including the public debt, the total re-
ccipts were S732, s7i, ,21i,7s, and the to-
tai expenditures S578 O07, 99s 90.
The business of the treasury has
been conducted through the main Of
flee at Washington, nine ub-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,
1899, to S7sj, 85i, sos n, and on June 30,
1893, to sTi6,58s, 055 IS. 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 n reserve or general fund
Of 7,Oi2. 7I0 II In 1892, and slGs, l67,-
80l.5s in 1898. These amounts, how
ever, included certain sums of certiii.
Gates of deposit, bonds and coupons,
which were unavailable for any other
purpose than the settlement of the
| treasurer's account, and which, II can
| cslled, would have left an actual avail
able working balance of $685. iSG 90
and sl5G, ,305, SOB. 81 on the two dates re-
| spectively. by September 30 this bal
| ance had been diminished 10 si4g, $50,
| 26s. ~ owing, of course, TO deficiency
In the revenues,
At the end of September, 1888, the
treasury held s332, Dol, 800 of gold, the
largest amount ever reported. The
largest amount OF free gold ever held
was s2ls, 1888, in March OF the same
year. The lowest points touched since
then were $3.50, 1893 5si OF total holdings
and Ssl, ,55l, 3s5 of free gold on October
10. In April, for the first time since
the gold reserve reached the sum OF
800, 0OO, 900, it fell below that figure,
and on the l4th Of that month the issue
of gold certificates was suspended MS
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 ISL, 900, 900
was drawn out OF the treasury In re-
dcmption of notes, and the gold re-
serve was reduced during the same
period by 1000 600 During the next
| three months, with light redemptions
and n deficiency Of Slg. 900, 900 in the
revenues, the treasury lost SIS 900 900 of
gold but the reserve fell Off only S2,-
| 900, 600.
The amount of gold exported during
| the fiscal year was the largest ever
taken out of the country or brought
into 1t in any like period, being up
wards of SlOs, ,GlO, 900, and IL is noted
| chat SlO2, 200, 600 Of II was drawn
out Of the treasury by the presentation
pf legal tender notes. Most of the gold
exported in former years was supplied
| by the treasury in exchange for gold
| certificates and II is the first time that
any considerable sums of noses have
been presented for the metal.
With the exception Of an increase Of
si5, 100000 In the amount of treasury
notes issued in the purchase of silver
bullion, and a decrease Of $50, 900, 900 in
the combined volume of gold certih-
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 80, was 81, $685.
| 5i7, ,077, or nearly 60 900, 600 less than
at the same time last year. This con-
traction took place, Notwithstanding
the addition Of sl5, 800, 900 to the stock
Of silver and an increase of
| Sb,000,00O I'm the outstanding
bank notes, and was caused, of course,
by the exports of gold. In July, how.
ever, there began heavy return
movement 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
1t was when the exports began. The
total increase of the effective stock of
money in the three months was no less
than sos, 000, 900, bringing it up TO fig
ure much above the highest ever before
| reached. 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 feasibility possessed by the cur
rency,
The revised figures for the amount of
money in circulation, that is outsi le of
the treasury, ON June 80, place it at
81, 500, s46, 500, or about 10000, 900 less
than II was year before. During the
four months ending with October there
was an increase Of sl25, OO0, 900, 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 IA higher figure than had
ever before been reached.
The redemptions of United States pa
per currency have been unusually
heavy, amounting to S3i7, 900. 600 in the
fifteen months endcd with October
During the past two fiscal years there
was rccoinel nearly one-hfth part of
the whole estimated stock of subsidiary
silver, an improvement that is expected
to increase the popularity and useful
ness Of this part of the currency.
|
Michigan defeated Kansas at foot
ball at Kansas City. score, 22 10 ..