The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-11-23
LARGE DEFICIT IN THE REVENUE.
Difficulty Of Maintaining Gold Re-
serve in Normal Condition,
The Issue and Redemption of Paper
Money - Banks Gathering Gold 40
Buy Bonds.The BIDS Already In
Would Cover the Whole Issue.

iisle the annual report on the operations
and condition of the treasury. The net
ordinary revenue Tor the fiscal year eud-
ing June 80. cents omitted, was $997, -,
oi9. decrease of SIS. .oe7 6o9 as compared
with the year before. The net ordinary
expenditures we're S3s7, SIS. 27s. decrease
OF si5,S52,674 Iucluding the public debt.
the total recei pts on all accounts were S724-
O0o, 5Ss. and the expenditures s69s 91S aS2.
AT the close of business on June 80. lssS.
there stood on the books of the depart
ment, charged TO the treasurer. balance
of S73S, 467, 555. Adding TO this the receipts
on ali accounts gives 81, ,4s2. i54 COS as the
total to be accounted for, and, dedueting
the expenditures. leaves a balance OF S76S.
5oo. $40 on June 80. 1894. In addition to
these balances. however. there were other
liabilities arising from the postal revenues.
from disbursing officers and from other
sources. which brought the total TO
SIG, ,04l s0i AT the former date and
to SS04, Sd, 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 1884, there remained the sum of
$1i6. 53s ,655 IN 1898 and the sum of S775.
3i0.5 IN 1894. represented by live assets
in the several Offices of the treasury and
mint. together with deposits in national
banks. OF these balances the sums of
s5s4. 593. 920 and 1915 l55, $40. respectively.
were on deposit for the redemption of out
standing certificates and treasury notes.
leaving si6i, ,9si. 735 and $3.50 l54, 739 ar the
balance on account of the general fund.
The treasurer remarks that the impair
af he 81
sary 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 Day out large sums of gold
IN the ordinary disbursements, the coin
was freely returned in the revenues. The
proceeds of this loan were $5s 660. 900 in
gold coin and certificates, but during the
month of February there were redeemed
so, 200. 900 in notes IN gold presumably to
meet subscriptions to the loan. so that
net gold proceeds were about $40. 500. 600.
This. together with gain of 81 500, 900 in
gold from ordinary sources. brought up
the reserve during the month from s65.-
0o.0o0 TO 500 SOC, 900. while the net assets
of the treasury, with an excess of s.. T.ooo
600 of expenditures over receipts for the
month. were increased from SIS. 900, coo TO
sl77.0oo0o0. During the succeeding
months, till the end of the first week in
August, the reserve was affected By def
cient revenues and Withdrawals of gold
for export, the movement abroad having
been stimulated by the necessity which
the treasury was under OF furnishing
TO exporters new full weight, after the
supply of old pieces had become ex-
hausted. The lowest point touched by the
reserve was So. $50. 500. on August Z, 1894
Prior TO July, 1892, the gold reserve was
little affected by Withdrawals of coin,
there never having been any considerable
demand for the redemption OF notes.
Even when gold exports we're heavy,
the metal WAS furnished by bank
ers from their vaults. or was OBJ
tanned from the treasury for gold
certificates, of course without i'm
pairment TO the reserve During the
last two years, however. the treasury has
been called upon To furnish nearly ali the
requirements for expectation, and there
have recently been considerable with
drawais for other uses. To the end of Sep
tember the total REDEEM ptions of United
States notes in gold. since the resumption
of specie payments, were slsi, 3o0, 900, and
the total redemptions of treasury notes in
gold from their first issue were Sos, so, COO
The two i'm portant events of the year at
fecting the condition the public debt were
the issue OF $50, 600 600 of rer cent. bonds
to replenish the gold reserve and the stop
page of the purchase of silver bullion by
the issue Of treasury notes. La reference
to the retirement Of treasury notes the
treasurer says that prior 10 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 this had not been, up
to that time, any impairment OF the total
amount Of the silver fund accumulated
ander the act. On the "a Of that month.
however the silver dollars and bullion OF
the treasury had become reduced to the
amount required by Law to be retained
for the payment of outstanding treasury
notes and certificates. and the demand
for the redemption Of notes continuing,
in consequence Of the scarcity Of the small
denominations of currency, 10 became nee
essary TO draw upon the dollars coined
especially for that purpose The silver
fund being thus impaired. the notes 80
redeemed were Cancelled in order 10 pre-
serve The required equality between the
silver in the treasury Aad the notes out
standing. The total amount of the notes
retired in this Say up TO October 81 was
s4To. 434
TIE amount Of neg issues Of United
States paper currency pat into circulation
during the year ~as $50 $50 leo having
been exceeded bat once. IN 1s93 The
amount Of worn and muulated notes
redeemed was ssi9 oo2, 80. Tnis aiso
has been exceeded but once. IN
Isas The totsl paper circulation
reached its highest uoint in Nay last,
when Il stood at 81. IT'S 0oo0o siEcs then
there has been = slight contraction, caused
chiefly by The gradual redemption and re-
tsremeat OF gold cert hcates. the issue Of
xhich was suspended. IS the ia~ requires.
when the gold reserve Of the treasury fell
below 500 CO. 0sa
The management of the Columbian sx-
rosiglon having finally declined - eefray
the expenses OF rsco.ulsg tAs Columbian
half-aollars which have fsand their wky
snto the treasury. they have been offered
TO the public At par. In exchanges Tor gold
or gold cert EcSses. sa6 a considerable sun
OF them has been distributed ia that man
ner. The Isabella quarters IA the treasury
are retained fer the reqalsiison Of the lady
managers board OF the exposition.
The amount cs counterfeit saayss CONS