The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-11-23

| tions and condition of the treasury.
The net ordinary revenues for the ifs
cal year ending June 80, cents omitted,
were 1921, 722, 019, a. decrease of $SS,097,-
| 609 as compared with the year before.
| The net ordinary expenditures were
1857, 525, 279, a decrease of SIS, 952, 674. In
Guiding the public debt the total re-
ceipts on all accounts were 1924, ,53S,
and the expenditures $69S, 1908, $50.
| At the close OF business on June S0
1898, there stood on the books of the
department, charged to the treasurer,
a balance of 1888, 467, $50. Adding to this
the receipts on all accounts gives
| 81, 462, Ala 093 as total to be accounted
for, and deducting the expenditures
leaves a balance of $763, 500, $40, on 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 brought the total to
$776,041, 1908 at the former date and to
$500, S54, 1853 at the latter. After setting
aside the amounts treated as unavail-
able, the principal of which are the
deposits made with the states under
the law of 1886. there remained the
| sum of $746, 1855, in 1893, and the sum
of 75,310,559 in 1894, represented by
live assets in the several offices of the
treasury and mint together with de-
posts in the national banks Of these
balances the sums of 1854, 500, 900 and
1915, 800. respectively, were on de-
post for the redemption of outstanding
ceruhcates and treasury notes, leaving
$l6l, S94,7S5, and $3.50, 154, 739 as the bal
ance on account Of the general fund.
Impairment of Gold Reserve.
The treasurer remarks the impair
ment Of the gold reserve, rendering
necessary the issue of bonds in Feb
ruaI'y, was caused chiefly by the de-
pletlon of the treasury, resulting from
insufficient revenues. Even when the
supply of paper had become 50 reduced
that the treasury was obliged to pay
out large sums of gold in the ordin-
airy disbursements, the coin was freely
returned in the revenues. The proceeds
of this loan were $58, $50, 900 in gold coin
and certificates, but during the month
Iof February there were redeemed 49,
100000 of notes in god, presumably to
meet subscriptions to the loan, so the
net gold proceeds were about sS9, 500, 600.
This, together with a. gain of 81, 800, 900
IN gold, from ordinary sources brought
up the reserve during the month from.
500, 100000 to $100,500,000, while the net
assets of the treasury, with an eX-
cess of $1.OOO,000 Of expenditures over
receipts for the month, increased from
S125, 0G0,000, to $177 000,0 600. During the
succeeding months, till the end of the
first week in August, the reserve was
affected by deficient revenues and
Withdrawals of gold for export move
ment abroad, having been stimula ted
by the necessity which the treasury
was under of furnishing TO exporters
new full weights, after the supply of
old pieces had become exhausted. The
lowest point touched by the reserve
was $52 1873, 800, on August Z, 1894.
Withdrawals of Gold.
Prior to July, 1892, the gold reserve
was but little affected by withdrawals
of coin, there never having been any
considerable demand for the redemp-
ton of notes. Even when gold exports
were heavy the metal was furnished by
| bankers from their vaults Or was OBJ
tanned from the treasury for gold GER
/ tificateS, of course, without Impairment
to the reserve. During the last two
years, however, the treasury has been
called upon to furnish nearly all the re-
quirement for expectation and there
have recently been considerable with
drawals for other uses. To the end of
September the total redemptions of
United States notes in gold since the
redemption of specie payments We're
$1S1 300, 000, and the total redemption
of the treasury notes in gold from their
first issue were $6S,500000.
The two important events Of the year
affecting that condition of the public
debt were the issue of $50,0O0,0 900 of 5
per cent bonds TO replensh the gold re-
serve and the stoppage of the purchase
of silver bullion by the issue of treasury
notes.
Retiring Treasury Notes.
With reference to the. retirement of
treasury notes the treasurer says that
prior to August. 1893, 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 this
had not been. UP to that time, any inn
pairment of the total amount of the sill
Yer fund accumulated under the act.
On the third of that month, 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 GU standing treasury
notes and certificates, and the demand
for the redemption of notes continuing
in consequence of the small scarcity of
the small denominations of currency,
il became necessary to draw upon the
dollars coined, especially for that pur-
pose. The silver fund being thus i'm
paired, the notes so redeemed were can
celled in order to preserve the required
equality between the silver in the
treasury and the notes outstanding.
The total amount of the notes retained
in this way UP to October ii was $4,-
790,494.
Paper Currency.
The amount of the new issues of
United States paper currency put into
circulation during the year was $780,
959, l9G, having been exceeded but once,
in 1892. The amount of worn and mutt
lated notes redeemed was $Sl9002, 200
This also has been exceeded but once,
in 1898. The total paper circulation
reached its highest point in May last,
when it stood at S1,175,000 Since then
there has been slight contraction,
caused chiefly by the gradual redemp-
ton and retirement of gold certificates,
the issue of which was suspended, as
the law requires, when the gold reserve
of the treasury fell below one hundred
million dollars.
Columbian Half Dollars.
The management of the Columbian
exposition having finally declined to
defray the expenses of re-coining the
Columbian half-dollars, which have
found their way into the treasury
they have been offered to the public at
par in exchange for gold or gold certi-
ficates and considerable sum of them
has been distributed in that manner.
The Isabella quarters in the treas
ury are retained for the requisition of