The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-12-01

Morgan Makes Hts Annual Report q.
Secretary CArlisia.

Secretary Carlisle.
| WASHINGTON. Nov. 24.-rhe treasur-
err OF the United States, Hon. ID. ~.
Morgan, has submitted 10 Secretary
Carlisle his annual report The fol-
lowing Is a synopsis OF the document:
The net ordinary revenues for the fiscal year
ending June 80 cents omitted we're s2g5. 7ee =
oi0, decrease % So cg5 coo as compared With
the year before The net ordinary oxpondi-
lures were les ,s72 a decrease Of SIS 952 GA
Tho total receipts on all accounts were t7ei-
too,aSs ana the expenditures scQs p0s So
Al tho close OF business on June 80 1888
there stood the books OF the department
charged 10 the treasurer a balance OF t7as 4ds :
$50. Adding 10 this the receipts on all accounts
gives eisee. f74 COS as total 10 be accounted for
and deduciing the expenditures leaves a
balance OF s7oS5e55i0 on June 80 1894
In addition 20 these balances. however
there were other liabilities. arising from tho
postal revenues, from diSburslng oniccrs and
from other sources. which brought the total 10
STIoOfi s0s az the former date ana 10 1904 ~ =
7baat the lattor.After setting aside the amounts
treated as unavailable, the principal OF which
are the deposits made with the states under
the Law OF 1890 there remained the sum OF
ts4d,bN eaa Ia 1893 and the sum OF s7sb8lO.-
$50 In 1894 represented by i've assets In the
several oaiceS % the treasury and mint, to-
gcther with deposits In national banks or
these balances the sums OF sssi. jg3 g2i ana
tOi6,ib5,S2o. respectively were on deposit FOR
the redemption OF outstanding certificates and
treasury notes. leaving Si6l p9t 73i aud $3.50 f5f
5ss as tho balances on account OF the genera
fund.
lie states that the lowest point touched by
the reserve was tb2 i69 500 on August z. 1895
Prior 70 Jtry 1892 the gold reserve was but
little affected by Withdrawals OF coin. thcre
never having been any considerable do
mand FOR tho redemption OF notes
Even when gold exports were heavy the metal
was furnished by hanEers from their vaults or
was obtained from the treasury for gold GER
tincates, OF course without impairment 20 tho
reserve During the last TWO years. however.
the treasury has been called upon TO furnish
nearly the whole ~ the requirements for eX-
portation, and there have recently been con-
siderable Withdrawals for other uses
The treasurer remarks that the impairment
OF the gold reserve rendering 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 90 reduced that
the 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 we're s5s C00O0 IN
gold coin and certificates, but during the
month OF February there were redeemed SO
10000 OF notes In gold, presumably 10 meet
subscriptions 10 the loan, so that the net gold
proceeds wore about sSg.jO0OO0 This to-
gether with gain OF Si,a00OOl IN gold from
ordinary sources brought up the reserve
during the month from s65O00,00O 20
Si06,5000O0. while the net assets 81 tho
treasury, with an excess OF S7OO0OO0
Of expenditures over receipts FOR the
month, Increased from sl25 10000 TO S177.-
100000. During the succeeding months till
the end OF the first week in August the re-
serve was affected by deficient revenues ana
Withdrawals Of gold for export. tho move
ment abroad having been stimulated by the
necessity which tho treasury was under II
furnishing 10 exporters new fun weight after
the supply OF old pieces had become exhausted.
with reference TO the retirement OF treasury
notes the treasurer says that prior 20 August
1898, the treasury had been able to provids for
the redemption OF treasury notes Ia silver doll
lars out Of the holdings OF free silver 40
that there had not been. up TO that
time, any impairment OF tho total amount
the silver fund accumulated under the act on
the 81 OF that month. however tho silver dol
lars and bullion IN the treasury had become
reduced 70 the amount required by law 70 be
retained for the payment OF outstanding treas
ury notes and certificates and the de-
mand for the redemption OF notes continuing
In consequence OF the scarcity OF small
0f currency, Il became neces-
sary TO draw upon the dollars coined Especially
for that purpose, e'silyer fund being thus
impaired the notes SO redeemed Were can
celed I'm order 80 preserve the required equal
ity between the silver IN the treasury and the
notes outstanding, The total amount OF the
notes retained In this way, up to October 81.
was g. 7DO. 1874
To the end az September last the total re-
demption OF United States notes in gold since
the resumption or specie payments were sisi.-
300 600 and the total redemptions OF the treas
lry notes IN gold from their first Issue were
,6s. $50 600. The two important events OF tho
ga AZ lsx, Or
we're the issue OF 40 900, 900 OF pQr cent bonds
10 replenish the gold reserve and this stoppago
Df the purchase OF silver bullion by the issue
lf treasury notes
The amount Of the new issues OF United
States paper currency put into circulation dur
ng the year was $3.50. oso 100. having been ex-
'cedcd but once, Ia 1879 The amount OF wcrn
md mutilated notes redeemed was $4,000 800
This also has been exceeded but once, In
1893. The total paper circulation reached
Is highest point In May last, when
Z stood at fii7b,O0OOoO Since then
here has been slight contraction. caused
'hieny by the gradual redemption and retire
nent OF gold certificates, the issue OF which
vas suspended, as tho law requires. when tho
'old reserve OF the treasury fell below 800
10 600
Notwithstanding a change IN the regulations
Whereby senders OF national bank notes for
exemption we're required 70 bear the charges
4 transportation, the redemptions we're the
eaviest since 1885 amounting 20 Si05. 200 600,
r more than half OF the average circulation.
The management OF the Columbian expose
ion having finally declined 70 defray the ex-
enses Of rccOining the Columbian half-doi-
ars. which have found their way into the
reasury, they have been offered 20 the public
I par In exchange FOR gold or gold certificates.
nd considerable sum of them has been dis
ributed In that manner The Isabella quar-
ers In tho treasury are retained for the rcqui-
iuon OF the board OF lady managers OF the eK-
osition
The amount OF counterfeit silver coin and
fractional currency detected nc the oirces OF
be treasury during the year was so 800. an in
reaae OF 1000 over the year before.
There was an increase during the year OF si.-
y, $50 in the face value OF the bonds held on
ccount OF the sinking funds OF the Pacific
ailroads, which amounted, on Juno 20 70 SIS
" COO
COMING BACK.
Large sum OF American Gold Reaches
New Ynrk from, E.r,,.