The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-29
Deficiency Last Fiscal Year Was S25,.
2O3,246, Against s42.SO5,223 IN the
Year Ending June 30, 1895.
GOLD WITHDRAWALS HEAVY
THEY AMOUNTED TO SI92.012.2O5 IN
FIFTEEN MONTHS.
Receipts from Sales of BOnds-In-
the Treasury and in Circulation.

WASHINGTON, Nov. 2s.-The annual re-
port or Daniel n. Morgan, treasurer of the
United States. shows the net ordinary rev.
enues of the government during the fiscal
year ended June 80, 1896, to have been
s326. 6.976. 200 and the expenditures $352 179. .446
leaving a deficiency for the year Of S25,-
203. .2i6. 81, ,601 ,9T less than during the
preceding fiscal year. The report shows
that during the last fiscal year there was
an increase of 81. .S6S lS4 in the receipts from
customs, an increase of S., ,34l 1872 from in
ternal revenue. sources, an increase of 81
419.622 from miscellaneous sources, and a
loss of $S7. s23 from the sale of public lands,
making the net increase in the receipts
S13,5S6,125 The decrease of the expenditures
amounted to S4,0l5,S52.
The report shows the total receipts from
the first $50, 900 loan of 1894 to have been
SOS. .66O Sl7; the second loan of $4,000 coo OF
1894, $5S,19,I10; the loan of $62, 400 for
1895. S65, ,42S,O56, and the $lOO,OOOOOO loan of
1896. $l11 ,355, ,612- From the first loan there
was realized 2.S5O,264 in gold coin and $5-
SJ0,420 in gold certificates; from the second
loan, $53, ,65l, ,lSS in gold coin and S5,06S 40 in
gold certificates; from the third loan, &c.,,
42SO51 in gold coin, and from the fourth
gold certificates. The total receipts from
1912
Referring to the condition of the treasury
during the last year the treasurer says:
While the cash balance in the treasury
has afforded a comfortable working fund.-
and would have done without augmenta-
ton from loans, the gold reserve has been
maintained only at the cost of a fresh issue
of bonds, and by the voluntary contribu-
tions 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 ex-
change were such, throughout the year, as
to permit, if not require, the export Of gold.
The movement began in volume in the first
week in August and continued with short
interruption till towards the end of Janu-
ary. At first the demands on the treasury
for gold were limited to the wants of ex-
perters, but in December considerable
withdrawal 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 $40. 900 600 for the month.
Under this decline the reserve gradually
sank until Feb. 10, 1896 when it stood al
s44. $50, 493. 1t was then rapidly built W
from the proceeds of the sale of bonds and
rose to $12S, ,709 by March 81. Afterfncon-
siderable variations in the recerve during
April the export of gold was resumed on
May l. and this movement, together with
the continued Withdrawals not for export
again put in operation the process of deple-
tion. There was an almost daily decline
until July %, when the official figures fol-
the reserve were $50, $50 975. AT this point
the bankers of the principal cities Joined
together in a movement of relief, the result
hafN hot rlrc- Ern nin1 sn-f i'm
tions deposited gold in exchange for paper
currency and restored the reserve to $ll0.-
7S2, ,403 by Aug 4. After the discontinuancs
OF these operations the free gold again de-
clned gradually to s1Oo, ,957 ,561, where ii
stood on Sept. j. In the latter half of Au-
gust there occurred a favorable turn In
foreign exchange, which had the effect
first, of checking the outflow of gold, and
later, of setting in motion rapid current
In the opposite direction. AS some of the
pose of supplying the inland demand fol
currency, and as the preference which later
was manifested in the interior for gold hac
not yet become "a factor in the situation
great part of the early inflow found ii:
way into the treasury in exchange fol
paper
circumstances there is a natural flow Of
gold towards the treasury, which often /:
limited only by the capacity of the treasury
to carry the specie. Fortunate indeed he!
Ii been for the treasury that even during
the most critical periods through which tn,
country mas recently passed, tnese current:
of inflow have not been altogether checked
and that where their volume has been ma
terially diminished the loss has been partl,
made good by the assistance Of financial in
stitutions In the fifteen months endins
with September last the Withdrawals o.
gold from the treasury in redemption o.
United States notes and treasury note:
amounted to the immense sum Of Sl92.972.
205, while the net gains of gold from al
sources attained total of SOS, ,13S, ,902.''
The public debt outstanding June 30 1896
shown Sl.lb
June 80, 1885, Sl,6I6, 120, 9S3.
According TO the revised estimates of tn,
department the composition and distribu
tion of the monetary stock on June 80, 1896
Is