The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-11-29
YEARS GOLD RAIDS
REVIEWED BY THE TREASURE
ER'S ANNUAL REPORT.
A DEFICIT OF s25,2o3,246.
SEVENTEEN MILLIONS LESS THAN
THAT FOR THE PRECEDING
FISCAL YEAR.
MoNETARY STOCK OF THE NATION
More Than Two Billions, of Which
About TwO-Thirds Is in Actual
Circulation.

WASHINGTON, Nov. 2S.-The an
nual report OF Daniel N. Nor
gan, treasurer of the United States,
shows that the net ordinary revenues
of the government during the fiscal
year which ended June 80, 1896, to have
been 1926, 200 and the expenditures
1852, lis, 446, leaving a deficiency for the
year of SIS, 203, 246, or SIT, 6O1, 977 less
than during the preceding fiscal year.
The report shows that during the last
fiscal year there was an increase Of
$7,S63, 1874 in the receipts of customs, an
increase of 81, 341 1872 from internal reve-
nue. sources; an increase of $2,479, 622
from miscellaneous sources and a loss
of $97 S23 from the sale of public lands,
making the net increase in the receipts
S13,5S6,125. The decrease in the expen-
ditures amounted to $4,015, S52
The report shows the total receipts
from the first $5O,00O0O0 loan of 1894
to have been $5S, CSC, 917; the second loan
of 100000 Of 1894, $5S, rs, no; the loan
of $62, 915, 400 for 1895, $65, 42S,O 56, and the
100000 loan Of 1896, Sill, 1856, 612 The
total receipts from the several bond
sales were 1924, 1854, 295. The report says:
While the cash balance in the treas
ury has afforded a comfortable work.
dng fund and would have done so with,
out augmentation from loans, the gold
reserve has been the cause of much
concern, and has been maintained only
at the cost of a fresh issue Of bonds,
and by the voluntary contributions OF
banks and financial institutions. With
the exception of a brief period in the
autumn of 1895 and another in the
spring Of 1896, the ruling rates of
foreign exchange were such through
out the year as to permit, If not re-
;quire, the export of gold. The move
'ment began in volume the first week
IN August and continued with a short
interruption till toward the end Of jan
uary.
At first the demands upon the treas,
ury for gold were limited to the wants
of exporters, but in December con-
siderable Withdrawals began to be
made by others, the amount increasing
during January and rising in February
when heavy payments were made into
the treasury for bonds, to nearly $780,,
100000 for the month. Under this
drain, the reserve gradually sank IN
til February 10, 1896, when it stood at
$44, 563, 493. 1t was then rapidly built
up from the proceeds of the sale of
bonds and rose to $12S, 713,709 by March
81. After inconsiderable variations in
the reserve during April the export of
gold was resumed on May 1, and this
movement, together with the continued
Withdrawals not for export, again put
in operation the process Of depletion
There was an almost daily decline I'M
til July %, when the official figures for
the reserve were $50 1863, 975.
AT this point the bankers Of the
principal cities joined together in a.
movement Of relief, the result being
that the banks and financial institu-
tions deposited gold in exchange for
paper currency, and restored the re-
serve to $110, 1872, 40S by Aug. 4. After
the discontinuance of these operations
the free gold again declined gradually
to $100,957, 561, where it stood Sept. /.
In the latter half of August there oc-
CURED q, favorable turn in foreign eX-
change, which had the effect, first Of
checking the outflow of gold, and, later,
of setting in motion a rapid current in
the opposite direction. AS some Of the
imported material was brought for the
purpose Of supplying the inland de-
mand for currency, and as the prefer
ence which later was manifested tn the
interior for gold, had not yet become a
factor in the situation, great part Of
the early inflow found its way into the
treasury in exchange for paper.
In the fifteen months ending with
September last, the Withdrawals of
gold from the treasury in redemption
of United States notes and treasury
notes amounted to the immense sum
of 1929 ,205, while the net gains of
gold from all sources attained a total
of $98 13S,902.
The public debt outstanding June 80,
1896, is shown to have been 81, 769, 840,-
3S3, and on June 80, 1895, 81, 676, 120,840.
According to the revised estimates
Of the department, the composition and
distribution Of the monetary stock on
June 80, 1896, was as follows: