The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1896-12-03
UNCLE SANS TREASURY.

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 ns cs
year ended Juno 30, 1896, to have been $a26,-
97s, 200 and the expenditures 1852. 179, 40.
leaving deficiency for the year of $25. 20s.-
246, or $17.eO1. 97 less than during the pre-
ceding fiscal year.
The report shows that during the last
fiscal year there was an increase OF 1855
1A in the receipts from customs. an In
crease of 1894, 1872 from internal revenue
sources, an increase Of $2.479.e22 from mis-
cellaneous sources, and a loss OF $97 .S2S from
the sale Of public lands. making the net In
crease in tho receipts $13.5s6,125. The de-
crease in the expenditures amounted to H.
O15.S5
The report shows the total receipts from
the first 50,0oo. 900 loan Of 1894 to have been
$5S, $780, 917, the second loan Of $5O,O 00 900. OF
1894 s5S,719. no. the loan of s62. BE. 400 for
1895 $65, 42S.058. and the 500, 100000 loan OF
sss reassa sS% The IN sed Loon coin sn
s., 40 in sold certificates: from the Sec
ond loan SIS, 1851. 1SS in gold coin and $5.60S. =
40 in gold certificates: from the third loan
s65, 051 in gold coin, and from the fourth
loan sos. s27. ass in gold coin and $2.02s, SO
the several bond sales. therefore. were 1884,
164, 295.
referring to tho condition of the treasury
during the last year, the treasurer says:
while the cash balance in the treasury
has afforded comfortable working fund.
ton from loans. the gold reserve has been
maintained only at the cost OF a fresh issue
of bonds and by voluntary contributions OF
banks and financial institutions. With the
exception of g. brief period In the autumn
of 1895 and another in the spring of 1886, the
ruling rates of foreign exchange were such
throughout the year as to permit II not re-
Quire the export Of gold.
1.-The movement began in volume the first
week in August and continued with a 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 consldera bic 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 $2O. 900 for the month.
Under this drain the reserve gradually
sank until February 10, 1885, when 1t stood
at $4.563, 493. 1t was then rapidly built up
from the proceeds Of the sale of bonds and
rose to $l2S, 713, 700 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-
pletion. There was an almost daily de-
cline until July %, when the official figures
for the reserve were $50, 1876.
lat this point the bankers Of the principal
cities Joined together in a movement Of re-
lief, the result being that the banks and
financial institutions deposited gold in ex-
change for paper currency and restored the
reserve to $l10. ~, 403 by Augusta. After tho
discontinuance OF these operations the free
gold again declined gradually to 500, 957 ,56l.
where it stood on September /.
I'm the latter half Of August there &C.
currred a 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 op-
positc direction. AS some OF the imported
material was brought for the purpose of
supplying the inland demand for currency,
and as the preference which later was man.
Tested in the interior for gold had not yet
become factor In the situation. great
part of the early inflow found its way into
the treasury in exchange for paper.
I'm ordinary times and under ordinary
circumstances there Is a natural flow OF
gold toward the treasury. which often ia
limited only by the capacity Of the treas
Ucy 10 carry tAe epcC4os'
:Fortunate indeed has it 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 OF financial
Institutions.
'In the Is 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 92,972, POS. while the net
gains Of gold from oil sources attained q
total Of $yS, l3S, 902."
The public debt outstanding June 80, 1886,
Is shown to have been $1.769. S40. 1923. and OF,
June 80. 1895. 81 GIG. 120.983.
According to the revised estimates Of the
department the composition and distribu-
ton Of the monetary stock on June 80. 1886.
WAS AZ fOllOw8: