The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1894-12-01
NATIONAL CASH BOX.
Treasurer Morgan Talks on Finan-
cial Matters.
Condition or the Treasury Revicwcd-Im-
pairment of the Gold Reserve and
the Issuing of Bonds-Muti-
lated Notes Redeemed.


of the United States, II. ID. Morgan,
has submitted to Secretary Carlisle the
annual report on the operations and
condition of the treasury. The net
ordinary revenues for the fiscal year
ended June 80, cents omitted, were
S291, 10, ,0l9, Il decrease OF SSS, ,097, 600 as
compared with the year before. The
net ordinary expenditures were S367,-
5a5.279, decrease of Sl5,952,G7i. In
cluding the public debt. the total re-
ceipts on all accounts were S72i, ,0C6, ,53s
and the expenditures S69s, ,9Os, ,552.
At the close of business on June 30
department charged to the treasurer n
balance of S73S, 467, 555. Adding to this
the receipts on all accounts gives ST.
462, 474, ,09S as total to be accounted
for. and deducting the expenditures
leaves balance of S1G3, sos, $40 on June
30, 1891. 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 S77G,Oil, sos at the former date
and to SSOi, S54, ,753 at the latter. After
setting aside the amounts treated as
unavailable, the principal Of which are
the deposits made with the states un-
der the law of 1896, there remained the
sum of STAG. .53S, ,G55 in 1898 and the sum
of S775, 31o,5 in 1894, represented by
live assets in the several offices of the
treasury and mint, together with de-
posits in national banks. OF these bal
ances, the sums of 1854, ,593, 800 and
SGl6 1856 respectively, were on de-
posit for the redemption of outstand-
ing certificates and treasury notes.
leaving Si6l, ,0o4, ,735 and Sl59, 154, 739 as
the balance on account of the general
fund.
The treasurer remarks the impair
ment of the gold reserve. rendering
necessary the issue of bonds in Febru-
airy, was caused chiefly by the deple-
tion 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 re-
turned in the revenues. The proceeds
of this loan were S5S, ,G60,0 900 in gold
coin and certificates, but during the
month of February there were re-
deemed S1o, 200, 900 of notes in gold. pre-
sumably to meet subscriptions to the
loan, SO the net gold proceeds were
$50, 100000. This, together with a gain
of sl,50O,OOO in gold, from ordinary
sources, brought up the reserve during
the month from SOS, ,OO0, 900 to 500, ,500,-
600, while the net assets of the treas
ury, with an excess of $1,000. 900 of eX-
penditures over receipts for the month,
increased from 1925, ,000, 900 to SIT 900, :
900. The lowest point touched by the
reserve was So, 1s9, 500 on August z,
1891. To the end of September the to-
tai redemptions of United States notes
in gold since the resumption of specie
payments were Sls1, 300, 900 and the to-
tai redemption of the treasury notes in
gold from their first issue were $685.
SOC. 900.
The two important events of the year
affecting the condition of the public
debt were the issue of $50, 1000, 900 of 8
per cent bonds to replenish the gold
reserve and the stoppage of the pur.
chase of silver bullion by the issue OF
| treasury notes.
With reference to the retirement OF
treasury notes, the treasurer says that
prior to August, 1898, the treasury had
been able toprovide for the redemption
of treasury notes in silver dollars out
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 accumulated under the act
On August 3, however. the silver dollars
and bullion in the treasury had become
reduced to the amount required by
law to be retained for the payment OF
outstanding treasury notes and certifi
Gates, and the demand for the redemp
ton of notes continuing in conse
quence of the scarcity of the small
denominations of currency, it became
necessary to draw upon the dollar:
coined, especially for that purpose
The silver fund being thus impaired
the notes SO redeemed were cancelled
in order to preserve the required equal
ity between the silver in the tree81(
and the notes outstan andinG y
amount of the notes re1(r1
DIP to October 81. VS. k7Q6 =,
The amount q 5des o
United States r s.1cy put int
circulation d. was $3.50,
$50, 190.s ~ ~ - kceeded but once
in l60 4 &&14unt of worn and mu
tilat fGo f6deemed was S3l9, ,002.
900. iflS slso has been exceeded bu
once, q 1928. The total paper circula
tion reached its highest point in Ma.