The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1894-11-23
Special to the REcoRD-US1oS.


ditions Of the Treasury. The net ordinary
revenues for the fiscal year ending June
30th, cents omitted, were 1927, 10, ,0I9, de-
crease of SIS, ,097, ,609, as compared with the
year before. The net ordinary expendi-
lures were S367, ,5l5, ,279, decrease of $I5,-
S52, GA. Including the public debt, the
total receipts on all accounts were S724, :
006, 53S, and the expenditures S694, sos, ,55S.
At the close of business on June 80, 1898,
there stood on the books of the depart
ment, charged to the Treasurer, balance
of S733, 467. 800. Adding to this the receipts
on all accounts, gives 81, 1862, AZ, ,093 as the
the expenditures, leaves a balance of
S163, 500, $40 Cn June 30, 1894. In addition
10 these balances, however, there were
other liabilities arising from the postal
revenues, from disbursing officers and
from other sources, which brought the
total to 1904 ,S04 at the former date. ana
to SS04, S54, 753 at the latter.
After setting aside the amounts treated
as unavailable, tho principal of which are
the deposits made the dates under the
law of 1885, there remained the sum
Of S746, ,53S, ,655 in 1898, and the sum of
S175, ,3l0,559 in 1894, represented by live
assets in the several offices of the Treas
ury and Mint. together with deposits in
national banks. OF these balances the
sums of $5S4, 920 and $6l6, 155, $50, re-
spectively, were on deposit for the re-
demptiOn Of outstanding certificates and
Treasury notes, leaving 1894, 735 and
Sl59, l54 739 as the balance on account of
the general fund.
The Treasurer remaks that the impair
ment OF the gold reserve, rendering nee
essary 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 reduced that the
Treasury was obliged to pay out large
sums of gold III the ordinary disburse-
ments, the coin was freely returned in the
revenues. The proceeds of this loan were
500, ,660, 900 in gold coin and certificates,
but during the month of February there
were redeemed SO, 100000 in notes in
gold, presumably to meet subscriptions
TO the loan, SO the net gold proceeds were
about S39,500,000. This, together with
gain of 81, 100000 in gold from ordinary
sources, brought the reserve during the
month from S65,0O0,0O0 to SlOO, 800. 600.
while the net assets in the Treasury, with
an excess of S7,000,000 of expenditures
over the receipts Tor the month, increased
from Sl25, 5,0O0,000 to SIT7,000. .000 During
the succeeding months till the end of the
first week in August the reserve was af-
fected by deficient revenues and with
drawals of gold for export movement
abroad, having been stimulated by the
necessity which the Treasury was under
of furnishing TO exporters new full
weight after the old pieces had become
exhausted. The lowest point touched by
tho reserve was So, IS9, 500, on August Z,
1884.
Prior to July, 1892, the gold reserve
was but little affected oy Withdrawals of
in bu,r
siderable demand for the redemption of
notes. Even when gold exports were
heavy. the metal was furnished by bank
erS from their vaults, or was obtained
from the Treasury for gold certificates,
of course without impairment to the re-
serve. During the last two years, how
ever the Treasury has been called upon
to furnish nearly all the requirements
for expectation, and there have recently
been considerable Withdrawals for other
uses.
TO the end of September the total re-
demption OF United States notes in gold
since the resumption of specie payments
were SlSl, 1000, and the total redemp-
ton OF the Treasury notes in gold from
their first issue were S6S, 800, 600.
The two important events of the wear
affecting that condition or the public
debt were the issue of $4,000, 600 of 3 per
cent. bonds to replenish the gold re-
serve, and the stoppage of the purchase
of silver. bullion by the issue of Treasury
notes.
In reference to the retirement of treas
ury notes, the Treasurer says that prior
to August. 1898, the treasury had been
able to provide for the redemption of
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
third OF that month, however, the silver
dollars and bullion OF the treasury had
become reduced to the amount required
by law to be retained Tor the payment of
outstanding treasury notes and certin-
Gates, and tho demand for the redemption
OF notes continuing in consequence of
the scarcity of small denominations of
currency, 1t became necessary to draw
upon the dollars coined especially for that
purpose. The silver fund being thus i'm
paired, the notes so redeemed were can
celled, in order to preserve the required
between the silver in the treas
ury and the notes outstanding. The total
amount of the notes retired in this way
up to October 3lst, was $4,7g0,4 ,434.
The amount of new issues of United
States paper currency put into circula-
tion during the year was $3.50, 909, ,359, hav-
ing been exceeded but once, in 1892. The
amount OF worn and mutilated notes re-
deemed was S3l9,002. .290. This also has
been exceeded but once, in 1898. The to-
tai paper circulation reached its highest
point in May last, when it stood atSI ,I75,-
100000. Since then there has been
slight contraction, caused chiefly by the
gradual redemption and retirement of
gold certificates, the issue of which was
as the law requires, when the
gold reserve of the treasury fell below
SlG0, ,000.000
The management of the Colum bian Ex-
position having finally declined to defray
the expense OF recoining the Columbian
half-dollars which have found their way
into the treasury, they have been offered
TO the public at par in exchange for gold
or gold certificates. aud a considerable
sum of them has been distributed in that
manner. The Isabella quarters in the
treasury are retained for the requisition
of the Lady Board of Managers of the
The amount of counterfeit silver coins
and fractional currency detected at the
offices of the treasury during the year was
$40. 800, an increase of $500 over the year
before.
Under the provisions of the last Indian
Act, the face value of cer-
tain defaulted State bonds and stocks for
merly belonging to the Indian trust fund
have been placed upon the books of the
TO the credit of the several tribes.
to draw interest at the rate of 5 per cent.
per annum, and the bonds and stocks
have become the property of the United
States.