The morning call., 1893-11-27
CONDITIONS OF CURRENCY.
The Return Movement of Gold
Offset the Exports.
SURPLUS REVENUES DECREASE.
With All the Fluctuations There Has
Been No Important Change in
the Public Debt.

/. WASHINGTON. Nov 26-United States
: Treasurer ID. \. Morgan has submitted to
Secretary Carlisle his annual report on
the operations and conditions of the treas
ury. 1t shows the net ordinary revenues
= Tor the fiscal year 1898 TO be 1885. S19. .62S,
an increase of $50. $751; S44 over the previous
: year. The net ordinary expenditures were
:; 1888, Al. .554, an increase of S3S, 454, ,623
There was a decrease of S7,772, T79 in the
*surplus revenues, reducing them to 81. .341,-
. 674. Including public debts. the total re-
-ceipts were 1872, ,S7f, 214, and the total ex-
-pehditures S773, ,007, 1898. The public funds
!: amounted on June 80, 1892. to S7S6, ,351, 1895.
! aud on June 80, 1898, to S746, 53S. .655. There
was left a reserve or general fund of $751;
:: Oh, TAO in 1892, and S16S. 167. .391 in 1898
The actual available working balance is
: S165. 945 $50. aud S156, ,295. .696 on the two
. dates respectively.
:: By September so this balance was dimin-
:: ished to S149, go, 36S owing to the deficiency
!. in the revenues. In seven months begin
ming last December upward of SS1.0Oe, COZ
was drawn out of the treasury in the re-
:. demption of notes, and the gold reserve
was reduced during the same period by
S29.000,000. During the next three months.
:: with light REDEEM ption and deficiency of
: SIS, 0O0,O00 in the revenue. the treasury
!: lost SIS. O0O,OO0 of gold. but the reserve fell
:. off only 100000.
: The amount of gold during the fiscal
year was the largest ever taken out of the
country or brought into it in like period
being upward of S109.6O0,0 600, and S102,-
100000 of it was drawn out of the treasury
by presentation of legal-tender notes.
! With the exception of an increase OF S45,-
5GQ,000 in the amount of treasury notes is
sued in the purchase of silver bullion and
"a decrease of $50, GOO. .00O 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 che revised estimate
the totaLs.F-iS of money of all kinds in the
cnpPSry June 80 was 81 323, 547. .977. or
It say S51,o00.O00 less than last year.
F7f CONTRACTION took place notwithstand-
has the addition of S45. .500,0 600 to the stock
r. orrIilver and an increase of S6,000.0O0 in
~ standing bank notes and caused by the
exports of gold.
In July, however, there began a heavy
return movement in the metal, supported
by the rapid expansion Of banBDote circu-
lation. By this end of September the
stock of gold was restored TO what it was
when the exports bsean. The total in
crease of the effective stock of money in
three months was no lower than S95. COO 600.
:: bringing it up to figure much above the
: highest ever reached before. The Treas
:. urer remarks this sudden contraction and
: Expansion within a space of eleven months
affords striking illustration of the degree
:. Of f1exibility possessed by currency.
Z: The revised figures for the amount of
money in circulation, that is, outside of
!: the treasury. on June 80 place il at 81. $780,
: <s46, ,829, or about $6.OOOOOO less than it
). was the year before. During the four
:: months ended with October there was an
increase of S125, 100000. The record is
altogether without parallel in the history
-*.ef the country. The redemptions of
*United States paper currency have been
:: unusually heavy, amounting TO S377, 600, COO
: IN the fifteen months ended with October
! During the past two fiscal years there was
:. recOlned nearly fifth part of the whole
;. estimated stock of subsidiary silver i'm
: provement. The report says that there is
expected an increase of popularity and
!: usefulness in this part of currency.