The Providence news. (Providence [R.I.]) 1891-1906, 1894-11-23
NATIONS PURSE.
Treasurer Gives Out Figures
For Consideration.
Deficiency in lho Revenue Causes
the Issuance Of Bonds,


noai repor, un tao operations and con
d.-on ofthr re0ufy.
rhenot 0r0iaal8 ecfanurs ior ne ftcl
ytarcnd 81 IuGe 8b cas arlfai were
t.s Ts2ai0 q deon ~ .5J09i Il, 80
COZ pared with the before Tho net
ord nary expendiu~. ere s,1z, 80 27q
dccrense of SO, ,952.Gis. Ihclnding tne pub
lie debt. the tosal receipts on all accounts
wcre e7a4 Oo8 538, and the expendl ures
f093 O06 55l.
Al the close OF business on June 30 '93,
thorc stood on the bo Ks OF the department..
charged to The treasurer, balance Of
t7SS 467 BOO. Adding TO this the receipts
on all accounts gives 81, ,4G2, 474,093 as tho
total TO be accounted for, ana, deducting
the expenditures, leaves balance Of S5o3,-
665,54 on June %, 1884.
In addition TO these balances, however,
there were other liabilities arising from
the postal revenues, from disbursing Off
GERS funds and from other sources, which
brought the total to t776, 0tO, sos at tho
former date, and TO t5oi. .S54 753 at the lat
ter
After setting aside the amounts treated
as unavailsble. the principal of which are
the deposits made with the states under
law OF 1885, there remained the sum OF
e746 hBS go in 1893, and the sum of s775.-
BlO, ,55B In 1874, reoresente Jy live assets
In the severa. aiA = of TIN treasury and
mint, together wi. IA deposits In national
banks.
Prior TO July, ls92. the gold reserve was
but little affected by Withdrawals of coin.
there never having been any considerable
demand for the redemption OF notes. TO
the end OF September last, the total re
demptions of United States notes in gold
since the resumption Of specie payments
were $751;, 30, 90, and the total redemp
ton of treasury notes in gold from their
hrst issue were s6S 5oo.0Oo
The Bend Issues.
The two i'm portant events OF the year
affecting the condition OF the public debt
wero the issue of $50 900, 600 of the per
cent bonds to replenlsh the gold reserve
and the stoppsge OF the purchase Of silver
bullion by the issue of treasury notes.
With reference 20 the retirement of the
treasury notes, the treasurer says that,
prior to August, 1898, the treasury had
been able to provide for the redemption of
the treasury notes IN silver dollars out of
the holdings OF free silver so that there
had not been up TO that time any impair
ment of the total amount of the silver
fund accumulated under the act.
On the 81 OF that month, however,
the silver dollars and bullion I'm the treas
ury had become reduced to the amount re-
quired by law to be retained for the pay
ment Of outstanding treasury notes and
certificates, and the demand for the re-
demption OF notes continuing I'm conse-
quence of the scarcity OF small denoInina-
tions Of currency, 1t became necessary to
draw upon the dollars coined especially
for that purpose.
The silver fund baip0 thus i,pnafraJ bo
notes so reduced were cancelled In order
20 preserve the required equality between
the silver in the treasury and the notes
outstanding. The total amount of the
notes retired In this way mp TO Oct. 81 was
s4,7go,4 45f.
The amount OF the new issues OF United
States paper currency put into circulation
during the year was $3.50, s59. 100 having
beon exceeded but onoe>-in 1882 The
amount Of worn and mutilated notes re.
deemed was S3io 0oe, goo This also has
been exceeded but oncs--in 1893. The total
paper circulation reached its highest point
In May last when it stood at 81. 175, ,oOo, 900.
Since then there has been q slight contrac-
ton, caused chiefly by the gradual re-
demption and retirement Of gold certin-
Gates, the issue OF which was suspended, as
the law requires, when the gold reserve of
Recent operations of the treasury in
preparing and distributing the supplies of
currency demanded by the public have
been conducted with much less difficulty
than formerly, the reason being found in
the greater ease Of the currency situation
A considerable share Of the autumn de-
mand for small notes has been supplied
this season by the local bankers, without
assistance either from their city oorre-
spondcnts or the treasury.
Current gold and silver coins Of tho
face valve Of q, ,6sl, 900 were deposited In
the mint during the year for rsooinsgo, at
loss of tses 100 to the treasury from loss
Of weight by wear and abrasion.
OF these balances the sums Of 1854, $685.
go and sole, lee, $40 respectively, were on
deposit for the rede nption Of outstanding
certificates and treasury notes. leaving
slel, ga, ,73s and elos, los. 78e rs the balances
on account Of the general fund.
Revenues Were shsrt.
The treasurer remarks that the impair
ment Of the gold reserve rendering neces-
sary the Issue OF bonds In February was
caused chiefly by the depletion Of the
treasury, resulting from insufficient rev.
snues. Even when the supply Of paper
had become 20 reduced that tho treasury
was obliged 10 pay out large sums of gold
in the ordinary disbursements, the coin
was freely returned In the revenues.
The proceeds Of this loan were SIS, 6sO,.
900 In gold coin and certificates, but dur.
Ing tho month Of February there were re-
deemed rs, eoo. 900 Of notes In gold, pre-
sumably TO meet subscriptions to loan, so
that the net gold proceeds were about sac.
10000. This, together with q gain of
ei, 500, 900 In gold from ordinary sources,
brought mp the reserve during
the month from ess,e0o 0Oo to sloe,
800 900, while the net assets Of the treas.
Sry, with On excess Of s7ooo.OoO
OF expenditures over receipts for the
month, increased from siss. ooo, 900 10 sl77,
100000. During the succeeding months
tll the end Of the nrst week in August
the reserve wa affected BY deficient rsven.
ues and Withdrawals Of gold for export
lowest poipt tcuohaA bv Ia r>..ruo