River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1896-12-03
UNCLE SANS TREASURY.
Interesting Report by United States Treas
urer Morgan.

Washington. Nov. 30.-The annual report
OF Daniel N. Morgan, treasurer Of the
United States. shows the net ordinary rev.
enues of the government during the fiscal
year ended June 80 1925. TO have been $22e,-
s7s.2o0 and the expenditures s352, Us. 49,
leaving deficiency for the year OF $25.2OS.-
246. or .s7 less than during the pre-
ceding fiscal year.
The report shows that during the last
fiscal year there was In increase OF 81 $685.
l34 In the receipts from customs. an In
crease or 1884. 1872 from internal revenue
sources. an Increase of 81. 1882 from mis-
eellaneous sources, and loss of S97 s23 from
the sale of public lands, making the net in
crease In the receipts si3.5s6.l2a The de-
0l5.s52
The report shows the total receipts from
the first $oO.Oo0. 900 loan of 1894 to he re been
s5S.660.el7, the second loan of s50.0Oj.000 of
1894 s5S.7l9. 40. the loan OF $50, Sl5, 100 for
1895 s65.i2s.056. and the sl0o.0oo.000 loan of
1895 $lll. S55.6l2 From the first loan there
$3.50. 40 In gold certificates: from the sec
ond loan s5s.65l.lsS In gold coin and $685.
40 In gold certificates: from the third loan
s65. AZ. 05l in gold coin. and from the fourth
loan Slos.s27.4 ass In gold coin and s2.026,si9
IN gold certificates. The total receipts from
the several bond sales. therefore. were s2s4.-
164, 295.
Referring to the condition of the treasury
during the last year. the treasurer says:
While the cash balance in the treasury
has afforded comfortable working fund.
and would have done so without augmenta-
ton from loans. the gold reserve has been
maintained only at the cost OF 8 fresh issue
of bonds and by 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
throughout the year as to permit IL not re-
Quire 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 treasury
for gold were limited to the wants of ex-
porters. but in December considerable with
drawals began to be made by others. the
amount increasing during January and ris-
Ing In February, when heavy payments
were made into the treasury for bonds, TO
nearly s2o,00O.0Oo for the month.
Under this drain the reserve gradually
sank until February 10, 1896. when II stood
at s44.563,49S 1t was then rapidly built up
from the proce eds of the sale of bonds and
rose TO sl2S. ,709 by March 81. After in
considerable variations in the reserve dur
ing 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 de-
pletton. There was an almost daily de-
cline until July %. when the official figures
for the reserve were $50. 65e.9'5.
"At this point the bankers of the principal
cities Joined together in a movement OF re-
lief. the result being that the banks end
financial institutions deposited gold In ex-
change for paper currency and restored the
reserve to $ll0.7S2, 403 by August 4. After the
discontinuance of these operations the free
gold again declined gradually to $l00. 957. sci,
where 1t stood on September /.
I'm the latter half of August there &C.
currred favorable turn in foreign ex-
change. which haa the effect, first. Of
checking the outflow of gold, and later OF
setting In motion rapid current In the OPP
posite direction. As some of the imported
material vas brought for the purpose of
supplying the inland demand for currency,
and as the preference which later was man
ifested In 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.
'Tn ordinary times and under ordinary
circumstances there is q natural flow of
gold toward the treasury, which often Ii
limited only by the capacity of the treas
ury to carry the specie.
Fortunate indeed has II been for the
treasury that even during the most crit
ical periods through which the country has
recently passed these currents of Inflow
have not been altogether checked. and
that where their volume has been materi-
ally diminished the loss has been partly
made good by the assistance or financial
institutions.
I'm the Is months ending with Sept ember
last the Withdrawals of gold from the
treasury In redemption of United States
notes and treasury notes amounted to the
immense sum of sl92. 972. 2J5, while the net
gains of sold from all sources attained
total of SIS, l3S, 902."
The public debt outstanding June 80. 1896,
is shown to have been s. 769. Si0.S 1923. and OH
June 80. 1895, 81. s76. l20. 1888.
According TO the revised estimates of the
department the composition and distribu-
ton of the monetary stock on June 80. 1896.
was as follows: