The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-11-23
Treasurer Of United StatesMakes
His Report.
Gold Reserve Was Impaired by
Insufficient Revenue.
DISCUSSES THE BONDS.
Total Receipts for the Past
Year We're S724,OO5,538.


urer Of the United States. Hon. Fl.
D. Morgan. has submitted to Secre-
tary Carlisle the annual report on the
operations and condition of the treas
ury. The net ordinary revenues for
the fiscal year ending June 80, cents
omitted, were s297, 722, O19. a decrease
Of SIS, O97 GOO as com pared with the
year before. The net ordinary ex-
penditures were 1857, 525. 279, a de-
crease of SIS. 952. GA. Including the
public debt. the total receipts on all
accounts were 1921. 0o6, 538 and tho
expe nditures S6os. 9Os, 552.
At the close Of BUSINESS on June 80,
1893, there stood on the books of the
department charged to the treasurer
a balance OF S73s, 467, 555. Adding to
this the receipts on all accounts gives
81, 462. 474, 093 as total to be accounted
for. and deducting the expe nditures
leaves a balance Of S763, 500, $40 on
june 30. 1894 In addition to these
balances. however, there were other
liabilities arising from the postal rev
enues, from disbursing officers and
from other sources which brought the
total to S776, O41.sOS at the former
date and to $500, s54, 753 at the latter.
After setting aside the amounts
treated as unavailable, the principal
Of which are deposits made with the
states under the law Of 1886, there
remained the sum of S746. 53s 655 in
1893 and the sum Of 2775. BIO $50 in
1924, repres .nted by live assets IN the
several Offices of xae treasury and
mint, together with the de pOsits in
national banks Of these balances,
the sums of @5S4 593, 920 ami S516, 1885,
$50. respectively. were on deposit for
the redemp tiOn of outstanding Ger
4fe1e n. n
Sl61- 994, 735 and $3.50, 154, 739 as the
balance on account Of the general
fund
The treasurer remarks the impair
ment Of the gold reserve, rendering
necessary the issuing of bonds in
Fe bruary 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 dis burse nents, the
coin was freely returned III the reve-
nues- The proceeds of this loan
were SIS 500. 600 IN gold coin and &C
tidcates, but during the month Of
F. hruary there were redeemed Sl9,-
200. 600 Of notes in gold presumably to
meet su bscrf ptions to the loan, SO the
net gold proceeds were about $780,
500. 600. This, together with a
gain of 81, 900 OOO in gold
no the reserve during the month
from $50. 600. 600 to 500 500 600, while
the net assets of the treasury, wit
an excess Of 81. 900, GOO of expendi-
lures over receipts for the month. in
creased from SIS, 900 600 to SLIT OOO,-
600. During the sHccee ding months,
till the end of the first week ia Au-
gust, the reserve was affected by de
6cient revenues and withdra walls Of
gold for export. the movement broad
-F~-4. l. D.
sity which the treasury was under Of
furnishing TO exporters new full
weight after the supply of gold
pieces hal become exhausted. The
lowest point touched by the reserve
was S52. Is9. 500 on August u 1894
Prior to July. 1892, the gold reserve
was but little Elected by Withdrawals
of coin. there never having been any
considera bic demand for the re-
demption 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 certificates, OF
course without impairment to the re-
serve. During the last two years,
however, the treasury has been called
u pom to furnish nearly the whole Of
the require ments for export and
there have lately been coDsider5 bic
vithdra walls for other uses To the
end of septic m Der the total redenD-
ton of United States notes in gold
since the resumption of specie pay
ments were S1s1. 900. 600 and the total
redemp tiOn of the treasury notes in
gold from their first issue were $685.
500. 600.
The two important events of the
year affecting the condition of the
pu bile debt We're the issue Of $50, OO0.
600 of per cent bonds to replenish
the gold reserve and the stoppage of
the purchase Of silver bullion by the
issue Of treasury notes
With reference to the retire ment of
Treasury notes, the treasurer says
that prior to August. 1893, the treas
ury had been able to provide for the
redemp tiOn Of treasury notes in silver
dollars out Of the holdings Of free sill
yer so that there had not ben, up
to that time, any Impairment of
the total amount of the silver fund
accumulated under the act On
lars 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 certificates, and the de-
mand for the redemption OF notes
continuing IN consequence Of the
small scarcity Of the small denOInina-
sary to draw upon the dollars coin I'd,
especially for that purpose The
silver fund being thus impaired, the
notes 50 redeemed were cancelled IN
order TO preserve the required equal
ity between the silver in the treasury
and the notes outstanding The total
amount Of the notes retired in this
way up to October 81 was 81, 79O 434-
The amount Of the new issues OF
United States paper cure ncy put
into circulation during the year was