Crawford avalanche. (Grayling, Mich.) 1879-19??, 1894-11-29
UNCLESAM'S CASH BOX
TREASURER MORGAN SUBMITS
HIS ANNUAL REPORT.
Total Fiscal Receipts on All Accounts
We're s724,OO6,53s and the Total
Expenditures S69s, s,9Os. .552-Insuffi-
cient Revenues Impair Gold Reserve.
Bond Issue a Necessity.

Bond Issue Necessity.
The Treasurer of the United States
Hon. III. ID. Morgan, has submitted to
Secretary Carlisle the annual report OF
the operations and condition of the treas
ury. The net ordinary revenues for the
fiscal year ending June 30, cents omit
ted, were, $297, 722,019 a decrease of
SSS, ,097 900 as compared with the year
before. The net ordinary expenditures
were 1867, ,525,2 ,279, n decrease of $15,-
952,674. The total receipts on all ac-
counts were $724 4,OO6,53S, and the ex-
pendtures S69S, ,90S, $50.
At the close of business on June 30,
1893. there stood on the books of the
department charged to the treasurer
balance of S73S, ,467 800. Adding TO this
receipts on all accounts gives 81 ,462, ,414,-
093 as total to be accounted for, and de-
ducting the expenditures leaves balance
Of $763, ,565, $40 on June 30, 1894. In
addition TO these balances, however,
there were other liabilities, arising from
the postal revenues, from disbursing Off
GERS and from other sources, which
brought the total to $776,041, sos at the
former date, and to $SO4 ,S54, 753 at the
latter. After setting aside the amounts
treated as unavailable, the principal of
which are the deposits made with the
States under the law of 1866. there re-
mained the sum of STAG, ,53S, ,655 in 1898
and the sum of $715 5,310, $50 in 1894 rep
resented by live assets in the several
Offices of the treasury and mint, together
with deposits in national banks. OF
these balances the sums of 1854 ,593, ,920
and $616, ,155, $50, respectively, were on
deposit for the redemption of outstand-
ing certificates and treasury notes, leav-
ing $161, 1894, ,735 and $3.50, 154, ,739 as the
balances on account Of the general fund.
Impairment of the Gold Reserve.
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.
enues. Even when the supply of paper
had become so reduced that the treasury
was obliged TO pay out large sums of gold
in the ordinary disbursements the coin
was freely returned in the revenues. The
proceeds of this loan were SOS, ,66O, 600 in
gold coin and certificates, but during the
month of February there were redeemed
SIS, zoo, 900 of notes in gold, presumably
to meet subscriptions to the loan, so that
the net gold proceeds were about $780,
10000 This, with a gain of $780,
600 in gold from ordinary sources,
brought up the reserve during the month
from $G5,00O,0O0 to $106, 100000, while
the net assets of the treasury, with an ex-
cess of $7,O00,O00 of expenditures over
receipts for the month, increased from
$125 100000 to SIT 100000. During the
succeeding months till 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 necessity
which the treasury was under of furnish
ing to exporters new full weight after the
supply of old pieces had become exhaust
ed. The lowest point touched by the re-
serve was So, ,1S9 800 on Aug. Z, 1894.
Prior to July. 1892, the gold reserve
was but little affected by the Withdrawals
of coin, there never having been any con-
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 of the reserve.
During the last two years, however, the
treasury has been called upon to furnish
nearly the whole of the requirements for
expectation, and there have recently been
considerable Withdrawals for other uses.
To the end of September last the total re-
demptions of United States notes in gold
since the resumption of specie payments
were $1S1 100000, and the total redemp-
tions of the treasury notes in gold from
their first issue were $6S, 100000. The
two important events of the year affect
ing the condition Of tho public debt were
the issue of $50,000,000 of per cent.
bonds to replenish the gold reserve and
the stoppage Of the purchase of silver
bullion by the issue of treasury notes.
Retirement of Treasury Notes.
With reference to the retirement of
treasury notes the Treasurer says that
prior to August, 1893, 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 i'm
pairment of the total amount of the silver
fund accumulated under the act. On
the Sd of that month, however, the silver
dollars and bullion in the treasury had
become reduced to the amount required
by law to be retained for the payment of
outstanding treasury notes and certif-
Gates, and the demand for the redemp-
ton of notes continuing in consequence
of the scarcity of the small denomna-
tions of currency, il became necessary to
draw upon the dollars coined especially
for that purpose. The silver fund being
thus impaired, the notes so redeemed
were Cancelled in order to preserve the re-
,quired equality between the silver in the
treasury and the notes outstanding. The
total amount of the notes retired in this
way, up TO Oct. 81, was $4,790,434. The
amount Of the new issues of United
States paper currency put into circulation
during the year was $3.50, ,059. 100, hav-
ing been exceeded but once. i'm 1892. The
amount of worn and mutilated notes re-
deemed was 0,002, 300. This also has
been exceeded but once, in 1893. The
total paper circulation reached its high
est point in May last, when 1t stood nj
$1,175,OO0,0OO. Since then there has been
n slight contraction, caused chiefly by the
gradual redemption and retirement OF
gold certificates, the issue of which was
suspended, as the law requires, when
the gold reserve of the treasury fell be
low $1OO.O00.000.
The management of the Columbian
Exposition having finally declined to de-
fray the expenses of recoinjng the Co
lumbian half-dollars, which have found
their way into the treasury, they have
been offered TO the public ut par in ex-
change for gold or gold certificates, and
n considerable sum of them has been
distributed in that manner.
The Isabella quarters in the treasury