River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1894-11-29
UNCLE SANS TREASURY.
Morgan Mahes His Annual Report I
Secretary Carlisle.


WASHINGTON, Nov. 24.-The treasur-
er Of the United States, Hon. y. n.
Morgan, hes submitted to Secretary
Carlisle his annual report. The fol-
lowing is synopsis of the document:
The net ordinary revenues for the fiscal year
ending June 3d. cents omitted, were 1927 p
Ols, decrease OF sssfE coo as COMPARED with
the year before The net ordinary eEpendi-
lures were 1867 .5s5 272 decrease OF SIS 952 GA
The total receipts on all accounts we're s72a,
Oo6,5Ss and the expenditures $685. s0s.55
AT the close OF business on June 30. 1898.
there stood on the hooks OF the department
charged TO the TREASURER balance OF .73e 49,
200 Adding to this the rec pts on all accounts
gives 81 4G2 474 0O3 as TOT 70 be accounted for.
and decucling the expenditures leaves
balas-ce Of S76s.56a $40 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 broucht the total 60
S77604l sos at the former date, ana to 1904 s54-
75sat the latter. After setting asi-e the amounts
treated as unavail BILE the principal of which
are the deposits made with the states under
the law OF 1875 there remained the sum OF
s.655 in 1898 and the sum of sT75.3l0,-
$50 in 1894 represented by live assets in the
several offices OF the treasury and mint, to-
gether with deposits in national banks. or
these balances the sums of Sssf593 90 ana
tol6l55s2O, respectively. were on deposit for
the redemption OF outstanding certificates and
treasury notes, leaving s161 e9i 7S5 and sli9 l54
7ss as the balances Gu account of the genera
fund
He states that the lowest point touched by
the reserve was S52.js9.500 on August 2, 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.
TNx~atFK xtll -
was Furnished by bankers from their vaults or
was obtained from the treasury for gold GER
tificates, of course without impairment TO the
reserve. During the last two years, however,
the treasury has been lied upon to furnish
ne rly the whole Of the requ rements 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 gall In the ordinary disbursements
the coin was free y returned in the revenues.
The proceeds Of this loan we're S5s.660 600 in
gold coin and certificates but during the
month of February there were redeemed 3d..
100000 OF notes in gold presumably to meet
subscriptions to the loan, so that the net gold
piOCttus we're AbOut aoSODUVOI ms. To-
gether with gain of 81 500 001 in gold from
ordinary sources, brought up the reserve
during the month from s65,00O,O00 to
sl065O0OO0, while the net assets of the
treasury, with an excess of S70O0000
OF expenditures ever receipts for the
month, Increased from SIS 100000 to S177,-
100000 During the succeeding months till
the end of the first week in August the re-
serve was affected BY deficient revenues and
Withdrawals OF gold for export, the move
ment abroad having been Ct mulated by the
necessity which the tire .sury was under Of
furnishing TO exporters new full weight after
the supply OF old pieces had become exhausted.
With reference to the retirement OF treasury
notes the treasurer says that prior to August.
1898, the treasury had been able to provide for
the redemption OF 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 80 of that month, however. the silver dol
lars and bullion in the treasury had become
reduced to the amount required by law to be
retained for the payment of outstanding treas
ury notes and certificates, and the de-
E1and for the redemption of notes continuing
in consequence of the scarcity OF small
denominations of currency, it became neces-
sary To draw upon the dollars 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
fly between the silver in tie treasury and the
notes outstanding. The total amount of the
notes retained in this way, up to October 81,
was - 10. 4Sf.
To the end OF September last the total re-
demption of United States notes IN gold since
the resumpti j OF specie payments were $751;
600 and the total Tedemptlons of the treas
ury notes In gold from their first issue were
SeS, $4,000 The two important events of the
year Affecting the condition OF the public debt
were the issue of S50,0o00O0 of 3 por cent. bonds
10 replenish the gold reserve and the stoppage
OF the purchase of silver bullion Dy the issue
OF treasury notes.
The amount of the new issues OF United
states paper currency put into circulation dur
ing the year was 1910 $50 I90 having been ex-
ceeded but once in 1892. The amount Of worn
and mutilated notes redeemed was 1919 0G} 300.
This also has been exceeded but once. in
1898. The total per circulation reached
it's highest point in : May last. when
II stood at si155, 10000 Since then
there has been slight contraction, caused
chiefly by the gradual redemption and retire.
ment OF gold certificates, the issue OF which
was suspended. the las requires, when the
gold reserve OF the treasury fell below $780,
OOOO10
Notwithstanding change in the-regulations
whereby serders of national bank notes for
redemption were reQuired to bear the charges
of transportation. the redemptionS were the
heaviest since 1885 amounting to sos 900 900,
or more than half of the average circulation.
The management Y the Columbian EXPOSE
tion having finally iee ined TO defray the ex-
penses of recoining the Columbian half-dol-
lars, which have found their way into the
treasury, they have been offered to the public
al par in exchange foT gold or gold certificates,
and considerable sum Of them has been dis
tributed In that manner. The Isabella quar-
Tn ~ ffaa gsrfa fair
sitlon Of the board Of lady managers of the e&-
p sitiou.
The amount OF counterfeit silver coin and
fractional currency detected at the offices of
the treasury during the year was SlO,oO0, an in
ere Sc of $500 over the year before.
There was an increase during the year OF ST.
3D., $50 in the lace value of the bonds held on
account Of the sinsing funds of the Pacific
railroads, which amounted, on June 30, to Sls,-
96OOO1