The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-11-23

gold from their first issue was sos, 5OO, OU0.
The two important events of the year
affecting tho condition of the public deot
were the issue of $50. 100000 of 5 per cent
bonds to reDlenish the gold reserve 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, 1893, the treasury had been able
to provide for the redemption of treasury
notes in silver dollars oui of the holdings
of free silver, so that there had not been
up to that time any impairment of the
total amount of the silver fund accumu-
lated under the act On the third of that
month, however, the silver dollars and
bullion of the treasury had become re-
duced TO the amount required by law to be
retained for the payment of outstanding
treasury notes and certificates. and the de-
mand for the redemption of notes contlnu-
ing, in consequences of the scarcity of
the small den ordinations of currency, 1t
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 10
preserve the required equality between the
silver in the treasury aDd the notes out
standing The total amount of the notes
retired in this way up to October 81 was
81, 100, 434
The amount of new issues of United
States paper currency put into circulation
during the year was 350.959 100, having
been exceeded but once, ia 1892. The
amount of worn and mutilated notes re-
deemed was $310 6O2. 800. This also has
been exceeded but once, in 1898. The
total paper circulation reached its highest
point In May last. when it stood at 81, 49,
000,000 Since then there has been a slight
contraction, caused chiefly by the gradual
redemption and retirement of gold cerlif-
Gates. the issue of which was suspended,
as the law requires. when the gold reserve
of the treasury fell below S1OO,OOO,00O.
The management OF the Columbia Ex-
position having finally declined to defray
the expenses of recoining the Columbian
halt-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 and considerable sum
of them has been distributed in that
manner.
The Isabella quarters 10 the treasury are
retained for the requisition of the lady
managers board of the exposition.
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
appropriation act, the face value of GER
tain defaulted State bonds and stocks for
merlv belonging to the Indian trust fund
has been placed upon the books of the
treasury to the credit of the several tri bes,
to draw Interest at the rat of pr cent
per annum, and the bonds ami stocks haVe
become the property Of the United States.
There was an Increase during the year
of S1.562, $50 il the face value of he bonds
held on account OF the sinking fund of the
Pacific railroads, which amounted on June
30 to SIS, 950, 600.
Notwithstanding change in the regula-
tons whereby senders of bank notes for
redemption we're required to bear the
charges for transportation, the redemptions
were the heaviest since 1886, amounting TO
S205. 100000. or more taan half of the aver
age circulation.