The Monticellonian., 1894-11-30
UNCLE SAM'S CASH BOX.
Annual Report of United States
 Treasurer Morgan.
A Detailed Statement of the Receipts and Expenditures For the Fiscal Year Ended June BOA Decrease
 in the Net Revenue.

condition of the treasury;
 The net ordinary revenhes for the fiscal year ending June 50, cents omit ted, were S2o7, 722 ,0l9, a decrease of sss, ,09T GOO, as compared with the year before. The net ordinary cXpcndi- lures were S367, 525. 27D, decrease of Sl5, ,95e, 674. Including the public debt the total receipts on all accounts were SPA, ,00B, 53S, and the expenditures S69s.- DOS, 552.
 At the close of business on June 30, 1sq9, there stood on the books of the department, charged to the treasurer, a balance of S73s, ,467, ,555. Adding to this the receipts on all accounts gives Sl, 462, ,470, ,093. as total to be accounted for, and deducting the expenditures leaves a balance of S763, 565, $40 on June 30, 1894. In addition to these balances, however, there were other liabilities arising from the postal revenues, from disbursing officers and from other sources, which brought the total to S776, 041, sos at the former date and to $904, S54, ,753 at the latter. After setting aside the amounts treated as unavailable, the principal of which are the deposits made at the states under the law of 1886, there re- mained the sum of STAG, ,53s, ,655 in 1893, and the sum of SITS, ,3l0, 559 in 1891, rep resented by live assets in the several offices of the treasury and mint, to- gether with deposits in national banks. Of these balances the sums are S5s4,- 593, 920 and S6l6, 155, s20 respectively, were on deposit for the redemption of outstanding certificates and treasury notes, leaving Sl61 S94, 735 and S159, 154,- 739 as the balance on account of the general fund
 The treasurer remarks that the inn pairment of the gold reserve, render ing necessary the issue of bonds in February, was caused chiefly by the depletion of the treasury resulting from insufficient revenues. Even when the supply of paper had become so re- duced that the treasury was obliged to pay out large sums of gold in the ordi- nary disbursements, the coin was free ly returned in the revenues. The pro cceds of this loan were S5s, ,66O 000 In gold coin and certificates, and during  deemed Sl9,200, 000 of notes in gold, pre- sumably to meet subscriptions to the loan, so that the net gold proceeds were about S39, 300 000 This, together with a gain of S1, 300, GOO in gold from ordinary sources, brought up the re- serve, during the month, from S65, 000- GOO to S100, 500, 900, while the net assets of the treasury, with an excess of s. 100000 of expenditures over receipts for the month, increased from S125. GOO, GOO to SIT 900. During the succeeding months, until the end of the first week in August the reserve was affected by deficient revenues and withdrawals of gold for export, the movement abroad having been stimulated by the nccesSi- ty which the treasury was under of furnishing to exporters new full weight after the supply of old pieces had been exhausted. The lowest point touched by the reserve was S52. ts0, 300, on Au- gust7. 1894.
 Prior to Jnly, 1892, the gold reserve was but little affected by withdrawals of coin, there never having been any considerable demand for the redemp- tion of notes. Even when gold exports were heavy the metal was furnished by bankers from their vaults or was ob- tained from the treasury for gold eer- tlfcates, of course without impairment to the reserve. During the last two years however, the treasury has been called upon to furnish nearly the whole of the requirements for exportation, and there have recently been consider able withdrawals for other uses
 To the end of September the total rcdemptions of United States notes in gold since the resumption of specie payments were S1Sl. 300, 900, and the total redemption of the treasury notes in gold from their first issue were SOS 800, ,000
 The two important events of the year affecting the condition of the public debt were the issue of $50, ,000,- 900 , per cent bonds to replenish the gold reserve and the stoppage of the purchase of silver bullion by the issue treasury notes.
 With reference to the retirement of treasury notes, the treasurer says that prior to August 1, 1893, the treasury
 
 had been able to provide for the re- demption of treasury notes in silver dollars out of the holdings of silver, so that there had not been mp to that time, any impairment of the total amout of the silver funds ac- cumulatcd under the act On the third of that manth, however. the silver dollars and bullion in the treasury had become reduced to the amount re- quired by law to be retained for the payment of outstanding treasury notes and certificates and the demand for the redemption of notes continuing in consequence of the scarcity of the small denominations of currency, it became necessary to draw upon the dollars coined especially for that pur- pose. The silver fund being thus i'm paired the notes so redeemed were can celed in order to preserve the required equality between the silver in the treasury and the notes outstanding. The total amount of the notes re tired in this way, up to October 3l, was S4 roo, 43f.
 The amount of new issues of United States paper currency put into circula- tion during the year was S350. .959, 19O having been exceeded but once. in 1892 The amount of worn and mutulated notes redeemed was S319,0O2, 290. This has also been exceeded but once, in 1893. The total paper circulation reached its highest point in May last when it stood at Sl .175, GOO, 900.
 Since then there has been a Slipht