The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-03-09
FALLING OFF OF RESERVE
Assistant Secretary Curtis Cor
reefs Some Erroneous
Statements.
EXPENDITURES AND RECEIPTS.
to Pay All the Appro-
priations.

WASHINGTON, March S.-Assistant Secre-
tary Curtis to-day made the following
statement:
In view of certain statements in the news
papers that the treasury officials are embar-
raised by an alleged failure in gold deliveries
under the recent contract and other assertions
OF similar nature calculated to miSlead and
disturb the public mind wish to say that the
actual Withdrawals of gold from the treasury
since the 1st of March, 1895, have been
1855, 347, of which 1891 OS7 has been for the
redemption of United States treasury notes
and $74 ,260 for the redemption of United
States notes, and divided among the cities of
New York, Boston, Philadelphia, Baltimore,
San Francisco, St. Louis and Chicago These
are no more than the ordinary Withdrawals
which in the past have usually taken place at
this season of the year. Moreover, during the
same period the treasury has received con-
siderable gold coin in exchange for various
kinds of paper currency.
The apparent falling off in the gold reserve
was caused by misunderstanding in the gold
reserve statement, made upfrom the statement
sent from New York, which should not have
been included in the gold reserve until the
final certificates of deposit upon which bonds
could be issued were delivered. The February
figures quoted in some of the newspapers as
withdrawn include the heavy Withdrawals of
the earlier part of the month before the gold
purchase contract was made, and one single
large item not withdrawn for export, concern
ing which there has been considerable news
paper comment.
The treasury officials who are charged with
the responsibility of these transactions have no
anxiety whatever in regard to the method
which is and has been pursued by the sellers of
the gold coin under the recent contract. They
are satisfied TO contemplate the fact that for
five weeks the Withdrawals of gold coin have
not exceeded the normal amount, with the ex-
ception of the instance quoted above, and that
exports of gold would ever have been made
during that time. The fact is that fully
So, 00o, 900 in gold has already been deposited
on the foreign account in excess of the con-
tract requirements
In regard to the excess of Government ex-
penditures over receipts, it is well known the
latter are rapidly increasing and that up to
this time nothing has been received from the
income tax and very little from sugar duty,
both OF which will be great sources of revenue
in the future.
There is plenty of money in the treasury to
pay the appropriations and the statement in
some articles, that if the treasury had the
money the passage of the enormous appropria-
tons would lead to immediate disbursement of
immense sums of money, is totally untrue.
There is question of law as to when the APP
preparation Tor the payment OF sugar bounty
becomes available, and until that question is
settled it will be impossible to make any pay
ment. Moreover, the claims for bounty must
be adjusted before payment, since payment
must be made pro rata if the appropriation is
insufficient.
The total available cash in the treasury to-
day amounts to SS3, 81 ,495 over and above
the 500 900 allowed to cover the gold re-
serve, which is S89, 745, 594 IL. The treasury
officials have no anxiety as to their ability to
meet all obligations in the immediate future
with ease, and are confident the expected re-
vival OF business will assure the future.