The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-11-27
UNCLE SANS MONEY BAGS
Condition Of The Treasury as Shown
BY The Annual Report.

In Excess of the Receipts-The De-
crease in the Holdings of Gold Ex-
plained-A Shrinkage of $51, ,ooo,-
900 in the Money in Circulation as
Compared With Year Ago.
Washington, Nov. 26.-The treasurer
of the United States, Hon. d. M. Nor
gan, has submitted to Secretary Carlisle
the annual report of the operations and
condition of the treasury.
The net ordinary revenues for the fiscal
year were 1885, 5,Sl9, ,62S.7s. an increase of
$50, ,SS1 ,SS4 "a over those of the year be-
fore.
The net ordinary expenditures were
1888, Az SOL 49, an increase of $3s, 454 ,623. =
81.
There was, therefore, a decrease of 81
572, 1881 in the surplus revenues, re-
ducing them to 81, ,341 ,674.29.
Including the public debt, the total re-
ceipts were 1872, ,S71 ,214.7s, and the total
expenditures S773, ,0O7 ,99S 80.
The business of the treasury has been
conducted through the main office at
Washington, subtreasuries, mints, >
assay offices and about $50 national
repositories. Each of these institutions
held part of the public funds, which
amounted, on June 30, 1892, to 1856, 35I -
S95.1l, and on June 30, 1898, to S746, ,538,-
655.5S.
THE RESERVE.
After setting apart the gold. silver and
United States notes which were held for
the redemption Of certificates of deposit,
the treasury was left q reserve for the
general fund of SlS7. .0I2, ,14011 in 1892.
and Sl6S, 167 ,39l. IS in 1898. These amounts,
however, included certain sums of certif-
Gates of deposits, bonds and coupons,
which were unavailable for any other
purpose than the settlement of the treas
urer's account, and which, if cancelled,
would have left an annual available work
ing balance of S165, ,945, 4S66 GO, and Sl5G,-
395, 696.S4 on the two dates respectively.
BY Sept. 30, this balance had been dimin-
ished to $l49, ,250, ,2GS.72 owing, of course,
to deficiency in the revenues.
HOLDINGS OF GOLD.
At the end of September, 1888, the
treasury held 1892, ,55l, BOG of gold, the
largest amount ever recorded. The larg-
est amount of free gold was S2lS, ,253
in March of the same year. The lowest
points touched since then were $50, ,763, =
584 of total holdings and $Sl, ,551 1856 of free
SOlu Ol OCb. ~ last. III April, LOT
the first time since the gold reserve
reached the sum of Sl00, ,OO0, coo it. fell be-
low 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 tenderfnotes'fOr re-
demption in coin,
In seven months, beginning with last
December, upwards of SSl, 100000 was
drawn out of the treasury in redemp-
tion of notes, and the gold reserve was
reduced, during the same period, by S29, =
100000, During the next three months,
with light redemption and a deficiency
of 50 000, 600 in the revenues, the treasury
lost S15, 600, 900 of gold, but the reserve fell
off only $2,0O0,00O.
REPORTS OF GOLD.
The amount of gold exported during the
fiscal year was the largest ever taken out
Of the country or brought into it in any
like period, being upwards of SOS soc, 600,
and it is noted that S1O2 900, 600 of it was
drawn out of the treasury by the presen-
tation of legal tender notes. Most of the
gold exported in former years was sup
piled by the treasury in exchange for gold
certificates, and it is the first time that
any considerable sum of notes has been
presented for the metal
With the exception of an increase of
s45, 800, 900 in the amount of treasury
notes issued in the purchase of silver bull
lion, and a decrease of $50, 900, 600 in the
com bined volume of gold certificates and
currency certificates, there has been no
important change in the public debt
THE MONEY IN THE COUNTRY.
According to the revised estimates, the
total stock of money Of all kinds in the
country on June 80 was 50, ,323, ,547, ,977, or
nearly S51 coo, 600 less than at the same
time last year. This contraction took
place. notwithstanding the addition Of
S45 500, 600 to the stock of silver and an
increase of 1900, coo in the outstanding
bank notes, and was caused. of course,
by the exports of gold. In
July, however, there begun a
heavy return movement OF the
metal supported by a rapid expansion
of the bank note circulation. BY the end
of September the stock of gold was re-
stored to what it was when the exports
began. The total increase of the effective
stock of money in the three months was
no less than $95, 900, 600 bringing it up to a
figure much above the highest ever
before reached. The treasurer remarks
that this sudden contraction and expan-
sion within the space of eleven months
affords a striking illustration of the de-
gree of fexibility possessed by the cur
rency.
The revised figures for the amount of
money in circulation, that is, outside of
the treasury, on June 80, place it at
81, 500, ,646 ,S29, or about 60, 900 900 less than
it was year ago. During the four months
ending with October there was an in-
crease of Sl25, 100000 record altogether
without parallel in the history Of the
country. The aggregate Of money in the
hands of the people, and the average per
capita, were thus brought to a higher
figure than had ever been reached.
REDEMPTION OF PAPER.
The redemptions Of United States paper
currency have been unusually heavy,
amounting to 1917 100000 in the fifteen
months ending with October.
During the past two fiscal years there
was received nearly one-fifth part of
whole estimated stock of subsidiary sill
yer, an improvement that is expected to
increase the popularity and usefulness of
this part of the currency.
Contrary TO expectations, the Column
bian 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 arrange
ment has been in contemplation under
L. 81, IoIl s,, 81,