Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1894-12-13
NATIONAL FINANCES.
The Annual Report of United
States Treasurer Morgan
Reduction of the Gold Reserve-The Retire
ment of Treasury Notes-Interestlng
Facts with Reference to the
Circulation.

W AsHINGTON, NOV. SS.-Ihe treASur-
er of the United States, Hon. D. n.
Morgan, has submitted to Secretary
Carlisle his annual report. The fol-
lowing is a synopsis of the document:
Revenues Reduced.
The net ordinary revenues for the fiscal year
ending June So cents omitted were S2q7. 722-
0le decrease Of Sc. or. 500 as compared with
the year before. The net ordinary expendi-
lures were ss67 525. 272 decrease of SIS esq e74
The total receipts on all accounts We're SRA,
0O6.53s and the expenditures S6e8 90e. $50
AT the close of business on June 80. 1923.
there stood on the books Of the department
charged to the treasurer balance OF s73s. 49,
555, Adding to this the receipts on all accounts
gives 81 4e2 474O0S as total to be accounted for,
and deducting the expenditures, leaves a
balance of sos ,565.540 on June 80 1894
In addition to these balances, however.
there we're other liabilities, arising from the
postal revenues, from disbursing officers and
from other sources, which brought the total to
s77e,041.s sos at the former date and to 1904 s54-
75Sat 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 1895. there remained the sum of
s746,b3S, Cos In 1898 and the sum of $40 &c.
st9 IA 1894 represented by live assets in the
several otfices of the treasury and mint to-
gether with deposits in national banks or
S6I6,15b,S2O, respectively. were on deposit for
the redemption Of outstanding certificates and
treasury notes, leaving sle1 994 7s5 and $3.50 154
739 as the balances on account of the enera
fund.
Impairment of the Gold Reserve.
He states that the lowest point touched by
the reserve was $50, I8e, 500 on August T. 1894
Prior to July. 1892, the gold reserve was but
little affected by Withdrawals OF coin, there
never having been any considerable de-
mand for the redemption OF notes
Even when gold exports we're heavy the metal
was furnished by bankers from their vaults or
was obtained from the treasury for gold GER
tihcates, Of course without impairment to the
reserve. During the last two years, however.
the treasury has been called upon to furnish
nearly the whole of 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 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 SIS. 900 in
gold coin and certificates, but during the
month Of February there we're redeemed sl9,-
100000 OF notes In gold, presumably 70 meet
subscriptions to the loan, so that the net gold
proceeds were about e3o. 800 ,000 This, to-
gether with gain Of o. 800 900 in gold from
ordinary sources, brought up the reserve
during the month from s65.000,00O to
si06.50O,O00 while the net assets of the
treasury with an excess OF 100000
Of expenditures over receipts for the
month, increased from S125, 100000 10 s177,-
100000. During the succeeding months till
the end OF the first week in August the re-
n.g-
Withdrawals Of gold for export the move
ment 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 exhausted.
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 ot.treasury notes in silver dol
lars out Of the holdings of free silver, so
that there had not been, up to that
time. any impairment Of the total amount
the silver fund accumulated under the act On
the Sd of that month however the silver dol
lars and bullion in the treasury had become
reduced TO ne amount required by law TO be
retained for the payment Of outs andlng treas
nv notes and certificates, and the de-
mand for the redemption OF notes continuing
in consequence OF the scarcity OF small
denominations of currency, it became neces-
Sary to draw upon the collars coined especially
for that purpose. The silver fund being thus
impaired, the notes so redeemed were can
celled, In order to 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 81. 1904
The Circulation.
The amount OF the new issues of United
States paper currency put into circulation dur
ing the year was $3.50. 95o, 1870, having been ex-
ceeded but once. in 1892 The amount Of worn
and mutilated notes redeemed was S3is,0O2 300
This also has been exceeded but once. in
1893 The total paper circulation reached
its highest point in May last when
a. GOOD % q f7s no0 OO0 Since tban