The record-union., 1893-11-27
Special to the REcoRD-USIoS.

Special TO the REcoRD-UNIoN.
WASHINGTON, Nov. 26.-United States
Treasurer D. n. Morgan has submitted
to Secretary Carlisle his annual report on
the operations and conditions of the
Treasury. 1t shows the net ordinary
revenues for the fiscal year 1893 to be
1888, AZ, ,554, an increase of SIS, 454, ,623.
There was a decrease Of S7,772,7 759 in the
surplus revenues, reducing them S2,54l,-
Oh Including the public debts the total
receipts were S732. 81, ,21s, and the total
expenditures S773, ,007, ,99S.
The public funds amounted on June 80,
1892. to S7S6, 33I, ,693, and on June 30, 1898,
to sac, ,53S, ,635. There was left in the re-
serve or general fund SlS7, ,0l2. 740 in 1892,
and Sl6S, l67, ,39l in 1898, an actual avail
able working balance of S165. .945, S86 and
Sl56, ,295, ,69G on the two dates respectively.
BY Septem Der 30th, this balance had
diminished Sl49, ,250, ,26S, owing to the de-
ficiency in the revenues. In the seven
months beginning last December, up
wards of IS. 600 000 was drawn out of the
Treasury in the redemption of notes, and
the gold reserve vas reduced during the
same period by 81, ,000 600. During the
demption and deficiency OF SlS,OO0,OUO
III the revenue, the Treasury lost SI5, ,0O0,-
600 of gold, but the reserve fell oil only
S2,000,O00.
The amount of gold during the fiscal
year was the largest ever taken out Of the
country or brought into it in a like
period, being upward Of Sl0S, 100000, and
slO2, 2,00O,000 of it was drawn out OF the
Treasury 10y presentation OF legal tender
notes. With the exception Of an increase
OF 81, 100000 in the amount Of treasury
notes issued in the purchase OF silver
bullion, and d decrease of $50, 100000 in
the combined volume of gold certificates
and currency certificates, there has been,
the report says, no important change IN
the public debt.
According to a revised estimate of the
total stock of money of all kinds in the
country on June 30th, there was s., 30,
347, 81, or nearly S5l,000,000 less than last
year. The contraction took place, not
withstanding the addition of S45.0C0,U0O
to the stock of silver and the increase of
S6,0O0 900 in outstanding bank notes, and
was caused by the exports of gold. In
July. however, there began heavy re-
turn movement Of the metal, supported
by rapid expansion of the bank note
circulation, and by the end of Septem Der
the stock of gold was restored to what it
was when the exports began.
The total increase of effective stock of
money in the three months was no lower
than $4,000, bringing it up to a figure
much above the highest ever reached be-
tore.
The Treasurer remarks that this sud-
den contraction and expansion within
the space OF eleven months affords a
striking illustration of the degree of flex-
ibility possessed by the currency.
Revised figures of the amount of
money in circulation that was outside of
the treasury on June 3Oth place it at
81 ,396, ST. SO, or about $4,000, 900 less than
at the same period the year before. Dur
ing the four months ended with October
there was an increase of SI25, 100000, a
record altogether without parallel in the
history Of the country. Redemptions of
United States paper currency have been
unusually heavy, amounting to S377, :
0O0,000 in the fifteen months ended with
October.