The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1894-11-30
NATIONAL FINANCES.
United States Treasurer Morgan Submits
His Annual RepOrt-The Condition OF the



United States Treasurer Morgan Submits
His Annual Report-The Condition of the
Treasury.
WASHINGTON, Nov. 23.-The treasurer
of the United States. II. d. 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 so, cents omitted, were
1927, 722, O19, decrease of SIS, 097, 600 as
compared with the year before. The
net ordinary expenditures were $685.
525.279, a decrease o: SIS, 952, 674. In
Guiding the public debt, the total re-
ceipts on all accounts were S724 ,OO6, 53s
and the expenditures S69s, 90s, $50.
At the close of business on June 30,
1898, there stood on the books of the
department charged to the treasurer a
balance of S73S, 467, $50. Adding to this
the receipts on all accounts gives 81
462, 474. 093 as total to be accounted
for, and deducting the expenditures
leaves balance of S763, 565, $40 on June
30, 1894. 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 S776,O4l, sos at the former date
and to SsO4, s54, 753 at the latter. After
setting aside the amounts treated as
unavaila BILE, the principal of which are
the deposits made with the states un-
der the law of 1886, there remained the
sum of STAG. SIS, 655 in 1898 and the sum
of S175, 31O, $50 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, 500, 920 and
SOLO 155, $50, respectively, were on de-
posit for the redemption of outstand-
ing certificates and treasury notes.
leaving S161, 1894, 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 issue of bonds in Febru-
airy, was caused chiefly by the deple-
ton 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,660,00O in gold
coin and certificates, but during the
month of February there were re-
deemed SO, zoe, 900 of notes in gold. pre-
sumably to meet subscriptions to the
loan. so the net gold proceeds were
$50, SOC, 900. This, together with gain
of S1,5OO,OOO in gold, from ordinary
sources, brought up the reserve during
the month from S., ZOO, 900 to 500, 50O,-
900, while the net assets of the treas
ury, with an excess of 100000 of eX-
penditures over receipts for the month,
increased from Sl25, ZOO, 900 to SIT, 000,-
600. The lowest point touched by the
reserve was So, 1S9, 800 on August :,
1894. To the end of September the to-
tai redemptions of United States notes
in gold since the resumption of specie
payments were Sls1, 800, 900 and the to-
tai redemption of the treasury notes in
gold from their first issue were $685.
100000.
The two important events of the year
affecting the condition of the public
debt were the issue of $50, ZOO, 600 of 5
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 to provide 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 certiti-
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 dollars
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 treasury
and the notes outstanding. The total
amount of the notes retired in this way
up to October 81 was 81, 790,434
The amount of the new issues of
United States paper currency put into
circulation during the year was $780,
$50, 100, having been exceeded but once,
in 1892. The amount of worn and mu-
tilated notes redeemed was S319. OO2.-
300 This also has been exceeded but
once, in 1898. The total paper circula-
ton reached it's highest point in May
last, when it stood at Sits, 900.
Since then there has been a slight con-
traction, caused chiefly by the gradual
redemption and retirement of gold GER
tificates, the issue of which was sus-
pended, as the law requires, when the
gold reserve of the treasury fell below
500, OOO, 200.
Mgr. Satollfs Red Hat.
New YORK. Nov. 23.-All doubt as to