The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-11-27
THE DEPARTMENT REPORTS.
1REzsURER MORGAN ON THE OPERA
TONS or ms BUREAU IN 1893

| The Exports or cold Were aIOe 5000
Most &C witch WAS Drnwn Out OF ths
Trssspry-Ths AEgresste OF Money Nov
In the Hands or the People and the
Average Per Capita IIighsr thsu Evsr.
WASHINGTON. Nov. 2e.-The Hon. D. N Nor
gan. the Treasurer Of the United States. la.
submitted to Secretary Carlisle the annual re-
| port on the operations and condition Of the
| Treasury.
The net ordinary revenues for the fscaI
year were 1886. Sl0.B28.IS. an increase Of
S3O.SSl .S44.5I over those OF the year before,
The net ordinary expenditures were 1888 477,-
e044e, an increase OF S3S. 454.023D1. There
was therefore a decrease OF $L5T2.77G37 in
the surplus revenues reducing them to So 341.-
oI429. Including the public debt, the total
receipts were S732. S71. 21478 and the total
expenditures 773.o07.ooS99.
The public funds on June 80 1902. amount
ed to sfS6.35l. SD571. and on June 30. 1893. to
ST4o,53S 0555S After setting apart those
sums OF gold, silver. and United States notes
which were held for the redemption OF certl-
hcates OF deposit and Treasury notes. there
was left reserve. or general fund. OF $751;
O12.I4O71 In 1892. and S1BS. 1U7. 391. So in
1898. These amounts, however. included GER
tain sums OF certificates OF deposit. bonds. and
coupons. which were unavailable for any other
bNibOoo hudn lIe IUe lTeHSOror8
account and which. IL cancelled. would have
left an actual available working balance OF
Sl65.945. 1880 and S150.305. UDG.Si on the
two dates respectively. BY Sept. 80 this
balance had been diminished to S14o250.-
2oS.f2. owing, Of course. to deficiency In the
revenues.
At the end Of September. 1888. the Treasury
held S332. Sol. 306 OF gold. The largest amount
ever reported. The largest amount OF free
gold ever held was 1888 253 in March OF
the same year The lowest points touched
since then were $3.50. 783.5S4 OF total holdings
and SSl.55l. 3s5 OF free gold. on Oct 10 In
April Tor the first time since the gold reserve
reached the sum Of 500 O00. 900. II 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 presentation OF legal tender
notes for redemption in the coin. In seven
months. beginning with last December. up
ward OF Sl,OO0.UO0 was drawn out Of the
Treasury in redemption OF notes. and tho gold
reserve was reduced during the same period
By S2o.OO0.OO0. During the next three
months. with light redemptions aud a de-
ilciency OF sl1.OOOOOo in the revenues. the
treasury lost Sl5,0OO.O0Oo OF gold. but the re-
The amount OF gold exported during the ns-
cal year was the largest ever taken out of the
country or brought into It in any like period. be-
SlO2. 1000. 600 OF 1t was drawn out OF the Treas
uury by tho presentation Of legal tender notes
Most OF the gold exported In former years was
supplied by the Treasury in exchange for gold
certlihcates; and 1t is the first time that any
sented for the metal
With the exception Of an increase Of S45.-
5OO.uOO In the amount OF Treasury notes is
sued in the purchase OF silver bullion, and a
decrease Of SSD.uuU.OOO in the combined vol
ume OF gold certificates and currency certiii-
Gates there has been no important change in
According to the revised estimates the total
Sans g WMs q snas In or the s9gntry IN
100000 less than at the same time last year
This e9ntraction took place. notwith Standing ,
YER and an increase of S6.O0O.OUO in the out |
standing tank notes. and was caused. OF
ever. there began heavy return movement OF |
the metal supported by rapid expansion OF |
TENDER the stock OF gold was restored to what
II was when the exports began. Tho total in
crease Of the effective stock OF money in the
est ever before reached. This sudden con-
eleven months affords a striking illustration
VI the degree OF tlexiDility possessed by the
The revised figures for the amount Of money
In circulation. that is. outside OF the Treasury.
On June 80. place it at - .59d.S4hS29 or about
sU.OOO,OOO less than II was n year before.
During the four months ending with Octo! or
there was an increase OF $4,000. 600. q record
without parallel in the history OF
he country. The aggregate OF money in the
hands Of tho people and the average per capitn
we're thus brought to u higher figure than had
ever before been reached.
Tho redemptions OF United States paper cur
-ency have been unusually heavy Amounting
% S37 100000 In the fifteen months ending
with October,
During the past two fiscal years there was
-ecOined nearly one-ilfth part OF the whole a.
mated stock Of subsidiary silver. an i'm
JruvsmeDt that is expected to increase the
and usefulness OF this part II the
currency Contrary to expectation. the CO.
umbian souvenir coins have not proved popu- !
mr. sumo OF them Were never taken out OF the
Treasury, and others have been returned for
redemption. An arrangement has been in
'nntem platlon under which tho half dollars in
he Treasury will be rrconod at the expense
u the management OF the Exposition. II has
lot yet been decided what disposition IL to he
made Of the quarter dollars OF this coinage
lot disposed or
The Treasurer concludes by urging that the
aults and safes In his Office be put In better
ondition. in accordance with the recommen-
latlons made in the report o. the Commission
Hpolnted TO Investigate the present methods
u this Kind OF construction.
Report ofths Secretary OF Agr,euliure.
Secretary Morton, in his report regrets the
ague character OF the department organlza-
ion. which. he says. offers opulent oppor-
unities for the exercise OF the most pro-