The farmers' union. (Memphis, Mo.) 1891-1895, 1893-12-07
CASH OF THE NATION.
ANNUAL REPORT OF TREASURER
MORGAN.
Revised Figures Presented to Secretary
ti0nal Treasury-Secretary MortOn's De-
partment Int ernal Revenue Bureau Re
port.
Total stock of Money.

Total Stock OF Money.
United States Treasurer d. y. Nor
gan has submitted to Secretary Car
Isle his annual report on the opera
tions and condition Of the treasury. 1t
shows that the net ordinary revenues
for the fiscal year 1893 were $3.50. o19.-
62s, an increase of S3O,SS1. S44 over
those Of the year before. The net Or
binary expenditures We're 1888, ~. 5oi,
an increase of s3s, 454 1913. There was,
therefore. decrease of S1...2.1.9 in
the surplus revenue. reducing them to
S.. ,674. Including the pubic debt
the total receipts were S.32, :. pa and
the total expenditures S1I3. 90. 1893. The
public funds amounted on June 30 1892,
to $3.50, 35l ,S95, and on June 80, 1893, to
STAG, 53S $50. After setting apart those
sums of gold. silver and the United
States notes which were held for the
redemption of certificates of deposit
and treasury notes there was left re-
serve, or general fund, Of SlS1 ,O12, 74O
in 1892 and Sl6s. l67,39I In 1893. These
amounts, however, included certain
sums of certificates of deposit, bonds
and coupons which were unavailable
for any other purpose than the settle
ment of the treasurerS account, and
which, if Cancelled. would have left an
actual available working balance of
Sl65, 945, $50 and S15t,295 100 on the two
dates, respectively.
BY Sept. 80 this balance had been
diminished to Sl49, $50. 26s, owing to a
deficiency in the revenue. In seven
months, beginning with last Decem-
ber, upward of SSl. 100000 was drawn
out of the Treasury in redemption of
notes, and the gold reserve was reduced
during the same period by 500, OO0, 900.
During the next three months, with
light redemptions and a deficiency of
ury lost 100000 of gold, but the re-
serve fell off only S2,OOO,OOO. 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 $685.
100000, and that $lO2,OO0,OOO of
it was drawn out of the treasury by tho
presentation of legal-tender notes.
Most Of the gold exported in former
years was supplied by the treasury in
exchange for gold certificates. and the
report says that 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, 5OO,-
COO in the amount of treasury notes.
issued in the purchase of silver bullion,
and a decrease of SsO,OOO,OOO 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 the revised estimate
the total stock of money of all kinds in
the country on June 30 was 1898, 547,-
n.1,,
the Same time last year. This con-
the addition of $45.5jO,OO to the stock
of silver and an increase of $1,000, 900
in the outstanding bank notes, and was
caused by the export of gold. In July.
however, there began a heavy return
movement of the metal, supported by
rapid expansion of banknOte circula-
ton. BY the end of September the
stock of gold was restored to what it was
when the exports began. The to-
tai increase of the effective stock
OF money in the three months
was no lower than 500, 900, 600,
bringing it up to figure much
above the highest ever reached before
The treasurer remarks that this sudden
contraction and expansion within the
space OF eleven months affords strik-
ing illustration of the degree Of flexibil-
ity possessed by the currency. The re-
vised figures for the amount of money
in circulation. that is outside the treas
ury on June 30. place it at 81, 500, S46,-
$40, or about 5000. 900 less than it was
year before. During the four months
ended with October there was an in
! crease Of 1925 900. a record alto
gether without parallel in the history
of the country. The redemption Of
United States paper currency has been
unusually heavy. amounting to $751;
| 100000 in the fifteen months ended
/, with October.
During the last two fiscal years there
was recoined nearly one-fifth of the
whole estimated stock of silver. an i'm
| provement, the report says, that is ex-
! pected to increase the popularity and
| usefulness of this part Of the currency
| Contrary to expectations, the Column
| bian souvenir coins have not proved
! popular. Some of them were never
| taken out of the Treasury and others
have been returned for redemption,
An arrangement has been in contem-
! plation under which the half-dollars in
, the Treasury will be recoined at the
! expense of the management of the En-
| position. 1t has not yet been decided
what disposition is to be made of the
! quarter dollars of this coinage not dis
posed of.
SECRETARY MORTON'S REPORT.
| The Head Of the Agricultural Department
| shows What He Has Done.
| The Secretary of Agriculture in h Is