The Portland daily press., 1893-11-27
UNCLE SANS AFFAIRS.
Treasurer Morgan's Story Of the
Recent Panic.
MILLER MAKES
NO RECOMMENDATIONS.

Increases in Internal Revenue Duties
The Commissioner of Agriculture
Worried About the State Experiment
Stations-He Finds Cattle Well Looked
After and Wants Imported Horses
Inspected.
Washington. November 26.-The treas
urer of the United States, Hon. D. NJ.
Morgan, has submitted to Secretary
Carlisle the annual report on the opera
tlons and conditions of the treasury.
The net ordinary revenues for the fiscal
| year were 1886, S19, ,62S. rs, an increase of
80, SS1, ,S44. 81 over those of the year before
| The net ordinary expenditures were $685.
| AT, 554.49, an increase of $38, 49,, 1928 81.
| There was therefore a decrease of $3.50,
| 779.3 81 in the surplus revenues, reducing
| them to S., 341, ,674.29 Including the
public debt, the total receipts were $751;
| 1,21.75, and the total expenditures
$773, 0o7, 1898. so.
| After setting apart those sums of old,
| silver and United States notes which
were held for the redemption of certifi-
Gates of deposit and treasury notes, there
| was left reserve or general fund of
$751;. .012 7S0 II in 1s92sand $16s, 167. 301 % in
1883. These amounts, however, included
| certain sums OF certificates of deposits,
| bonds and coupons, which were unavail
/ able for any other purpose than the
| settlement OF the treasurer's accounts,
and which, if cancelled, would have left
| an actual available working balance of
| $165, 945, 486 60 and $156, 1856, $685. "a on the
I two dates respectively. By September 80
| this balance had been diminished to $149, :
| $50, 1853. Y, owing, of course, to deficiency
in the revenues
At the end OF Septem Der, 1883, the
| treasury held 1892, 551, 1906 of gold, the
| largest amount ever reported.
The largest amount of free gold ever
held was $21S, 81S, ,283, in March of the
same year. The lowest points touched
since than were $3.50, 1853, 5S4 of total hold
ings and SS1. 81 1856 of free gold, on Octo-
Der 10. EIn April, forsthe first time since
the gold reseve reached the sum of $780,
| 600, 600 it fell below that figure, and on
| the 10th OF that month the issue of gold
certificates was suspended, as required
| by law. The loss of gold was caused part
| ly by deficiencies i'll the revenues but
| chiefly by the presentation of legal ten
der notes for redemption in the coin. In
| seven months, beginning with last De-
| cember, upwards of $81 900, 600 was drawn
l
notes, and the gold reserve was reduced,
during the same period by 500, 900, 900.
| During the next three months, with light
redemptions and deficiency of $4,000,
| 600 in the revenues the treasury lost
| $15, ,000, 900 of gold, but the reserve fell
off only S2,000,000.
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 $685.
600, 900, and it is noted that $102, 600, 900
of it was drawn out OF the treasury by
the presentation of legal tender notes.
Most of the gold exported in former years
| was supplied by the treasury in exchange
for gold certificates, and it is the first
time that any considerable sums ofsnotes
| have been presented for the metal.
With the exception of an increase of
S45, 500, 900 in the amount of treasury
notes issued, in the purchase of silver
bullion, and deer ase of $4,000, 900 in
the combined volume of gold certificates
and currency certificates, there has been
no important change in the public debt
According to revised estimates the
toJal stock of money of all kinds in the
country on June 80, was So, 1928, 547, ,977, or
nearly s91, 020, $50 less than at the ..same
| time last year This contraction took
I place Notwithstanding the addition of
$45, 500, 900 TO the stock of silver and an
increase of Sc, OO0, 900 in the outstanding
bank notes and was caused, of course,
by the exports of gold. In July, how
ever, there began a heavy return move
ment of the metal, supported by rapid
expansion of the bank note circulation.
BY the end of Septem Der the stock of
gold was restored 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, 900, bring
ing it up to a figure much above the
highest ever before reached. The treas
urer remarks that this sudden contrac-
tion and expansion within the space of
eleven months affords striking illustra-
tion of the deree of fexibility possessed
by the currency.
The revised figures for the amount of
money in circulation. that is, outside of
the treasurey, on June 30, place it at
it was year before. During the four
months ending with October there was
an increase of S123, 900, 900, a record
altogether without parallel in the history
of the country. The aggregate of money
in the hands of the people and the aver
age per capita were thus brought to 81
higher figure than had ever before been
| reached.
he redemption of United States paper
currency ha been unusually heavy,
amounting to Ss77 100000 in the fifteen
months ending with October.
Report of the Secretary of Agriculture.
Washington, November 26.-The Secre-
tary of Agriculture, in his report, re-
ferring to the sum appropriated for the
use of state experiment. stations, says:
"This appropriation is unlike any other
public moneys legislated out of the
treasury of the United States, because
there is no officer of the United States
authorized to direct, limit, control or
audit it's itemized expenditure.
He suggests that The stations should be
entirely divorced from the department
and the sum appropriated charged direct
Iv to them or that the secretary should
have some power to direct and restrain
their disbursements SO as to insure a
legitimate expenditure of the same. He
adds that in view of rumors that have
obtained credence in some Of the states
ond territories, to the effect that moneys
annropriated to the stations have been
diverted from their legitimate public
nnrnoses. a thorough investigation
ebonId be made to demonstrate either
the truth or falsity of such reports.
The work of the bureau of animal in
dnstry is reviewed in detail The result
Of The Texas fever regulations is pro-