The farmers' union. (Memphis, Mo.) 1891-1895, 1894-11-29
UNCLESAM'SCASHB BOX
TREASURER MORGAN SUBMITS
HIS ANNUAL REPORT.
Total Fiscal Receipts on All Accounts
We're $724,OO6,53s aud the Total
Expenditures $69s, 9Os, 552-Insuffi-
Gent Revenues 1 m pair Gold Reserve.


Gent Revenues Inn pair Gold Reserve.
Bond Issue a Necessity.
The Treasurer of the United States.
Hon. ii. ID. Morgan, has submitted to
Secretary Carlisle the annual report of
the operations and condition of the treas
ury. The net ordinary revenues for the
fiscal year ending June 30, cents omit
ted, were, $297. 72222.O19. a decrease OF
$SS.O97 900 as compared with the year
before The net ordinary expenditures
were $780,, 525,279, a decrease of $15,-
952,674. The total receipts on all ac-
counts were S724.OO6.53 and the ex
penditures $69S, 9OS,552.
At the close of business on June so,
1898. there stood on the books of the
department charged to the treasurer a
balance of $13S, 461 800. Adding to this
receipts on all accounts gives 81, 4G2,4I4,-
U93 as total to be accounted for, and de-
Quoting the expenditures leaves 4 balance
of $7GS, $50, $40 on June so, 1894. In
addition to these balances, however.
there were other liabilities. arising from
the postal revenues, from disbursing Off
GERS and from other sources, which
brought the total to S116O41 sos at the
former date, and to $SO4 .S54, 1853 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 1866. there re-
manned the sum of STAG. 53S. 600 in 1893
and the sum of $775,:51O, $50 in 1894 rep
resented by live assets in the several
Offices of the treasury and mint. together
with deposits in national banks. Of
these balances the sums of $5S4,:593,92O
and S616. 155,S2O, respectively, were on
deposit for the redemption of Outstand-
ing certificates and treasury notes, leav-
ing $161, 904, 735 and $3.50, 154, $50 as the
balances on account of the general fund.
Impairment of the Cold Reserve.
The treasurer remarks that the impair
ment of the gold reserve rendering neces-
sary the issue of bonds in February, was
caused chiefly by the depletion of the
treasury resulting from insufficient rev
enues. 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 sos, geo, 900 in
gold coin and certificates, but during the
SIS, 2OO. 600 of notes in gold, presumably
to meet subscriptions to the loan, SO that
the net gold proceeds were about $780,
1000. This, with gain of $780,
600 in gold from ordinary sources,
brought up the reserve during the month
from $61, 100000 to $1O6 SOC, 900, while
the net assets of the treasury, with an ex-
cess of $7,OOO,OOO of expenditures over
receipts for the month, increased from
$125, 100000 to SLIT 100000. 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 furnish
ing to exporters new full weight after the
supply of old pieces had become exhaust
ed. The lowest point touched by the re-
serve was So, $50. 500 on Aug. Z, 1894.
| Prior to July, 1892, the gold reserve
was but little affected by the Withdrawals
of coin, there never having been any con-
sidera bic demand for the redemption of
notes. Even when gold exports were
! heavy the metal was furnished by bank
! ers from their vaults, or was obtained
! from the treasury for gold certificates, of
/ course without impairment of the reserve.
During the last two years. however. the
treasury has been called upon to furnish
nearly the whole Of the requirements for
expectation, and there have recently been
considerable Withdrawals for other uses
To tn. end Of September last the total re-
demptions of United States notes in gold
since the resumption of specie payments
were S1S1 900, and the total redemp-
tons of the treasury notes in gold from
their first issue were SOS, 100000. The
two important events of the year affect
ing the condition of the public debt were
the issue of $1O,OOO,OOO of 5 per cent
bonds to replenish the gold reserve ant
the steppage of the purchase of silver
bullion by the issue Of treasury notes.
Retirement of Treasury Notes.
With reference to the. retirement o.
treasury notes the Treasurer says tina
prior to August, 1893, the treasury hat
been able to provide for the redemption
of treasury notes in silver dollars out o
the holdings Of free silver, so that Their,
had not been, up to that time. any in,
pairment of the total amount of the silve
fund accumulated under the act. Or
the Sd of that month. however, the silve
dollars and bullion in the treasury ha,
become reduced to the amount require,
by law to be retained for the payment o
outstanding treasury notes and certiti
Gates and the demand for the redemp
ton of notes continuing in consequence
of the scarcity of the small denomina
tons of currency. it became necessary t
draw upon the dollars coined especiall
for that purpose. The silver fund bein
thus impaired. the notes SO reIeeme
were Cancelled in order to preserve the re
Quired equality between the silver in tn
treasury and the notes outstanding TIL
total amount of the notes retired in thi
way, up to Oct. 81. was 4.19, 434. TIL
amount of the new issues of Unite'
} States paper currency put into circulation
during the year was $3.50. 959. 100. hay
ing been exceeded but once. in 1892. TIL
amount of worn and murilated notes r.
deemed was 1919. OO22, 80. This also ha
been exceeded but once. in 1893. TIL
total paper circulation reached its high
fne -