Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-11-27
u. S. T,sasa>sr's Report Shows
Expenses Exceed Receipts
HEAVY INCREASE or EXPENSES
Ihs Goif Reserve wss fapped so
Meet Gold shipments ssd Has
Ne Fseea ffe~soree.

y AAlt14r tHE A1taA- - E"tt - ee-~ 49,
tions and consi.tion u the treasury The
net og,iiaary rsxeaa-s foF ths nscal year
~sre Es-5 SD % =. an Increase ot 80
~ s4k5l over thoss u the year before
Ihs net sxpeEdifures wese <sahiss,'
b54t9 an increase % <is.4f.shAzi.
Ihafs sas therefore decrease Of "a
7s1 s1311 IN the surplus revenues. re
dsesng thea o. S.5ii GsA9 laeiudlng
tie public debt. the total receipts we're
ssa1.n ..lEzs. and tas total exPendi.
tur~- s75.5 coz. .s~e0 The business of
~. treasury hss been conducted
through the inain oflicc at Washington.
nins san-tssasuries, tive mints. tive assay
oitcrs and about oae hgndred and sl1ty
rational BANKS designsted % act as
tnifei Ssatesdcposstaries. Zach OF these
Institutions held part "a the pubilc
fonda v 1ish amounted on June JU. i,J..
O. SD 81. .tG.si. and on June -. l,ed.
g. sTf,1 t<la3s After setting apart
tho-e sums q gold. silver and United
States notes which we're held for the re-
ueaption q certificates u deposit and
a treasury notes. these Vas lett a re.
servs. 0r general fuod. u SlSs.Ol2sioIl
in l-.ra. and sltso. i65. ..9i.as in lsok
These amounts however. Included eer-
tam sums II certificates of deposit.
bonsis and coupons which we're uoavail-
abe Tor sry other purpose than the set
t.-mect of the treasurers accounts. and
Witch Il cancelled. would have LETT an
acfuai avl.JAb!e working balance of
sls.5 94j. l-so % and sl56.SStSsi-i on the
two dates respectively. BY September
90 ta.s balances had been diminished 10
ttf9.2aO. .5iSI2. owing. of course, TO a de-
tciency ia the revenues
Gold Reserve Tapped
~ the end q September. lsss. the
treasury held sks...s,l -, of gold. the
llss cst amount ever reported The larg
e-t amount. % free gold ever held vas
t-l5 sl-.2si. in March of the same year.
The l0Nest points touched since then
we're slap. 9sSi.S3i ~ total holdings ard
e.. .tsi-z,5 o. Tree gold on October 10.
Ia Apsil. for the first time since the
gold reserve reached the sum of slUO.-
OoUolO. Il fel below that figure. and on
tie illh % that moutE the Issue OF gold
certificates vas suspended. as required
by Law The lors IL gold was caused
partly by the deiiciencics m the rev
snuea but chiefly BY the presentation
Ol legal tender notes for redemption IN
cosn. For the seven months beginning
with last December upsard Of solOtO.-
600 Was drawn out of the treasury Ia re-
dsnaption notes and the gold reserve
was reduced during the same periosi by
fztttnDtO Duriag tDe next three
months. With light re,iemptions aud "A
q. .f,sency * slgu0O0uo IN the revenues
she treasury lost ei5O0O0oO. but the re-
serve fell off only s.oo0oOo.
Export OF Cold.
The amount 81 gold exported during
the tscal year Wss the largest ever
taken out Il the country or brought
iutn 70 iu any like period. being upward
of SltS. 10000 and it u noted that Slu2.-
OoONOu q Il vas drawn out u the
treasury Is the presentation ~ legal
tender sotes Mast ol the gold exported
in furmsf years vas supplied by the
treasury IN exchange for gold cert,h-
Gates ana if - the mrs; time that any
CON nsinaf4tio sums % notes have been
9geseutcd foT the metal With the ex'
cepfion ~ an increase of st3JttO0 IN
t4e amount 81 treasury notes issued IN
tie purchase II silver buiiiun and a de-
crease e s-oOc0oNo Ia the combined
v G1if 20 -.fal ceriincafcs aud currency
ccr' lfcGtes tIrrr had been no important
chtnss lr fhs uutlic debt According
g the wed r-fiinafes the total stock
~ lu. u@F oi al kinds ,n tho country on
juus - wa- s-'&35l5UsI or nearly
ssI.tV 80 issE ttau at the samc tine
tsst vcar Tbs cuutfscti0n took place
refNifasfandirg TIE addition 20 .t5.,So
o. u io lh...atorlS of SILVER add an increase
81 fG fstttN in the outstanding bank
notes ,n3 xas caused ~ course by the
sxPssts ~ gold
t.xpsn~ioa 90 Baak Sotc~
Ia fniy. however thera began a heavy
refufa usorsmcnt - the metal sup.
Ported b. a rspi1 expansion ~ the bank
rnfe cifsaisi4an. Hy the end - Sep.
ia.it.r fiie stock = goid wss restored O.
what 60 xas ~nen The exports began
The rcts inerssss u the effective st,rk
- a. oeg in the three l1onth- V1s o.
less Tan S35No.0eo bfiu0.sg g up T.
fsarc mneh above the hi11cst ever De
fls fsa, bed The treas1rrf remafss
Eat shls sudgiru conirse ton and expan
80 EithiH The space of rleren moafhs
aTsf,is strHung iliasJratbn ~ fhs de
gree ~ fexlbuitY Fa~sc-sei - Tue eur
fn8ry tie revised lgurss for the
aficurt nf mcory in cifruIatiaa that
81 catside q tbe tressary oa iuss ~
rlser 6 az sf.lrC ,4Gi,1i or ab0ut stio0n
go Icss f-1an it vss q year before. Dur
- the four nionthe eudiax with Dcto-
ber ihsre 0ss al iucrease ~ si-iif1utsl.
reeori altogether Niihout parallel in
ite histcry q the ctustry fae sEur-
gate ~ nooey "a ths hsnsisof The people
ar. the average per cnrita Eers thus
Brought b. higher izgse thsu had ever
b.fssn hsen rcachcfi The retemPti1ns
81 trtsd States payer esfreacy have
eeer anususly heavy amounting o.
So psfsn ir tbs fftsso slontbs endiug
Nitt Ugichsf
H~s-oseaar~ ef silver.
purirs be past fvo fiscal years there
- feroined nesr'r ene ffth part q the
rrpip 'etlfrsl.el sfa.s - Subsidiary sfi
vef, an San rrayswent iast - exr@cf~t -
inefease me rapa'sfiry and usefulness
~ tnis rtff r ere currency Contrary
e. sxleefsi.un fne teinm rian souvenir
CONS aag- nnt prlvrd ropalsf S8rse
80 sheu Sers reFer taken ait 90 The
TREASURY and others hsr. hs~n returaesi
fr -sfteluFfro. A arearvesaanf hss
teeu iu -orter risflan us,i.sf which ne
hsf cellars ~ tee srea-afy wal =. -
cofnrd st tbe expense = fhs s,.nas..
meat = ne expfss1ieu. ft hs- ne vet
heen decisi-d shst dssfenssisnn = q, y.
wade ct ne sasyter aoiisru ~ th.. eoie
ags st ai~posei ~ Afhesgh faa
uosuirai sslnnrf - c7iaterfrtt rusas
ard par~r yurreuey rrpsenfstl AZ TIE
treasury eas greater thaa "a fh- pfa