The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-11-30
UNCLE SAMSCASH
q. s. Treasurer Morgan Makes
His Annual Report.
Cash Balance Has Been a Com
Portable Working One.
GOLD MADE TROUBLE.
Gold Reserve Made All Of the
Difficulties.
The Public Debt Is Now About
Two Billions.
GOLD MADE TROUBLE

Washington, D. c., Nov. 30.-The an
nua1 report of Daniel N. Morgan, treas
urer of the United States, shows the
net ordinary revenues of the govern
ment during the fiscal year ended June
So 1896, to have been $326 976, 200, and
the expenditures S352. 179 446. leaving a
deficiency for the year of S25, 2O3. 246. or
Slf,6OlSI1 less than during the preced-
ing fiscal year.
The report shows that during the last
fiscal year there was an increase Of
$bS63,l34 in the receipts from customs,
and an increase of So, 341, 1872 from inter
nal revenue sources; an increase of 81
4tS,522 rrom miscellaneous sources, and
a loss of S97, SOB from the sale of pub
lie lands, making the net increase in
the receipts S13,5S6, 125. The decrease in
the expenditure amounted to "a 015 $50.
The report shows the total receipts
from the first $4,000 600 loan Of 1894 to
have been $5S $50, 917; the second loan
Of $50 100000 of 1894, SOS. 791, 10; the loan
of $50, 3l5. 400 for 1895, SOS, 428, O46 and
the 800 900 900 loan of 1896 S111 355. 612.
From the first loan there was realized
S52 $50, 264 in gold coin and S5,81O.42O in
gold certificates, from the second loan.
S53 65l, 1873 in gold coin and S5,60S, 410 in
gold certifiC ates; from the third loan,
S65 42S, O5l in gold coin, and from the
fourth loan sos, 1927, ASS in gold coin and
81 O26. SO in gold certificates. The total
receipts from the several bond sales
therefore were 1874, 164. 295. Referring to
the condition Of the treasury during
the last year the treasurer says:
While the cash balance in the treas
ury has afforded a comfortable work
ing fund, and would have done 50
without 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 contribu-
lions of banks and financial institu-
tons With the exception Of a brief
period in the autumn OF 1898 and an
other in the spring of 1896, the ruling
rates of foreign exchange were such
throughout the year as to permit if
not require, the export of gold. The
movement began in volume the first
week in August and continued with
short interruption till toward the end
of January.
At first the demands upon the treas
ury for gold were limited to the wants
of exporters, but in December cOnsid-
cradle Withdrawals began to be made
by others. the amount increasing dur
ing January and rising in February,
when heavy payments were made into
the treasury for bonds, to nearly S20,-
600 600 for the month
Under this drain the reserve grad
ualIy sank until February 10, 1896, when
it stood at $44, 562, 493. 1t was then rap
idly built up from the proceeds OF the
sale of bonds, and rose to Sl2S, l13, lO9'
bv March 81 After incOnSidera bic
variations in the reserve, during April.
the export of gold was resumed on May
L. and this movement, together with
the continued Withdrawals not for eX-
port again put in operation the pro-
cess of depletion. There was an al
most daily decline until July %. when
the official figures for the reserve We're
SIS. $50 975. At this point the bankers
Of the principal cities joined together
in a movement of relief, the result be-
ing that the banks and financial in
stitutiOns deposited gold in exchange
for paper currency and restored the re-
serve to S110. 403 by August 4
After the discontinuance of these Oper-
atoms the free gold again declined grad
ually to 500 $751; where it stood on Sep
TENDER l. In the latter half Of August
there occurred a favorable turn IN for
ejan exchange which had the effect, first,
err Of setting in mOllon a RAPID current
in the opposite direction AS some of the
imported material was brought Tor the
purpose of supplying the inland demand
for currency. and the preference
which later was manifested in the inter-
ior for gold. had not yet become a factor
in the situation. a great part of the
early inflow found its way into the treas
urv in exchange for paper. IN ordinary
times and under ordinary circumstan-
ces there is a natural flow of gold to-
ward the treasury. which often is limited
Fortunate indeed has it been for the
treasury. that even during the most crit
icai periods through Whlch the country
has recently passed these currents of flow
have not been altogether checked, ana
that where their volume ms beeh mate
tally diminished the loss has been partly
made good by the assistance of financial
institutions In the fifteen months end
ing with September last the Withdrawals
of gold from the treasury amounted to
the immense sum Of 1872, 972 205, while the
net gains of gold from all sources at
tanned a total Of S9s, 1873 SOP.
The public debt outstanding June 30.
1896 is shown to have been 81. 769 $40, 32S.
and on June 80. 1895 S1.6I6.l20,9S &C
department the composition and distrl-
button Of monetary stock on June 81
1886, is as follows: