The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-11-23
CONDITION OF THE TREASURY.
Statement in Justification of the
dministration Policy.

WASHINGTON, Nov. 22.-The Treasurer
of the United States. Hon. III. d. Morgan,
has submitted to Secretary Carlisle his
annual report on the operations aud con-
dition of the treasury.
The net ordinary revenues for the fiscal
year ending June 80, cents omitted. were
1927. 100. 019, decrease of SIS, 097, 500, al
cOmpared with the year before. The net
ordinary expenditures were 1857, 525, 279, a
decrease of $3.50, 674. Including the pub
lie de ut the total receipts on all accounts
were $724, 006, 1913. and the expenditures
$694. COS, 55S
At the close of business on June 80,
1898, there stood on the books of the de-
partment, charged 10 the Treasurer,
balance of 1888 467, 500. Adding to this
the receipts on all accounts gives 81, 1852, =
474, 093 as the total TO be accounted for, and
deducting the expenditures leaves a bal
aEce of S763, 565, $40 on June 30, 1894 In
addition to these balances, however, there
were other liabilities arising from the
postal revenues, from disbursinz officers
and from other sources, which brought
the total tn S776. 041, S04 at the former date
and to $500, 1854. 753 at the latter. After
setting aside the amounts treated as un-
available, the principal OF which are the
deposits made with tie States under the
law of 1886, there remained the sum of
STAG, 53S, 655 IN 1898 and the sum of $775,-
310.5 10 1884, represented by live assets
in the several offices of the trea sury and
mint, together with deposits in nation al
banks. Or these balances the sums of
1854, 593, 800 and S616, 155, 500 respectively
were or deposit for the redemption of out
standing certificates and treasury notes,
leaving $161, 1894, 735 and $3.50 154, 739 as the
balance on account of the general fund.
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 tho
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 S5S, 500, 900 in
gold coin and certificates. but during the
month Of February there were redeemed
$40 200, 600 of notes in gold, presumably 10
meet subscriptions to the loan, so the net
gold proceeds were about S39. 500, 600.
Phis. together with a gain of 81. 100000 in
gold from ordinary sources, brought up
the reserve during the month from $685.
000. 900 to 800, 500. 600. while the net assets
OF the treasury. with an excess Of $1,000
600 of expenditures over receipts for the
month, increased from S125, 000 to
SIT, 900, 900.
Duting the succeeding months, till the
end OF the first week in August, the re-
serve was affected by deficient revenue
and Withdrawals of gold for export move
ment abroad, having been stimulated by
the necessity which the treasury was IN
der of furnishing to exporters new full
weight after the supply of old pieces had
become exhausted. The lowest point
touched by The reserve was $50. 1S9, 500, on
August 7. 1894
Prior to July, 1892 the gold reserve was
but little affected by Withdrawals of coin,
there never having been any consid era BILE
demand for the redemption of notes. Even
When gold exports were heavy the metal
was furnished by bankers from their vaults
or was. obtained from the treasury for
gold certlhcates, of course without impair
ment TO the reserve. During the last two
years, however. the treasury has been
called upon to furnish nearly all the re-
quirement Tor expectation, and there have
recently been considerable Withdrawals
for other uses. To the end of September
the total redemption of United States
notes In gold since the resumption of
specie payments was $lS1, 300,o GOO, and the
total redemption of the treasury notes in