The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-12-05

Interesting Report by United states Treas
urer Morgan.

Interesting Report by United States Treas
urcr Morgan.
| Washington. Nov 30 The annual report
OF Daniel NJ. Morgan. treasurer OF the
United States. shows the net ordinary rev.
enues OF the government during The fiscal
year ended June 80. 1885, TO have been $3.50.
$4,000 and the expenditures s352. s.4is.
leaving "A deficiency for the year OF t25. 200.
246. or 60i.g7 less than during the pre-
ceding fiscal year.
The report shows that during the last
fiscal year there was an increase OF 81. sea-
iH In the receipts from customs. an In
crease OF t3.sii.l92 from Internal revenue
sources. an Increase OF s2.f79.622 from mis-
cellaneous sources. and a loss OF s9I NIB from
the sale OF public lands. making the net In
crease In the receipts sl3.bs6. Us The de-
crease In the expenditures amounted TO 81
DiLS52
The report shows the total receipts from
the first $50. 900 loan OF 1894 TO have been
SIS. C609i7. the second loan OF $4,000 900 OF
1884, s5s.7i9.7i0. the loan OF sc2.3l5. 100 for
1896 SIS. .05s. and the 500. 900 900 loan OF
1895 siIi355.6l2 From the first loan there
was realized So. .26f in gold coin and
sb.Sl0.420 In gold certificates; from the sec
ond loan S53.G5i.lS In gold coin and 5.6Os.-
40 In gold certificates; from the third loan
Sc. 42S O5l In gold coin. and from the fourth
loan si09 .S27 1855 In gold coin and s2.028.Sio
m gold certificates. The total receipts from
the several bond sales. therefore. were S2gi.-
iGi, 300
Referring 10 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 so without augmenta-
ton from loans. the gold reserve has been
maintained only at the cost or a 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 la the spring OF 1896 the
"a as a.
throughout the year as 10 permit II not re-
Qulre the export OF gold.
THE movement began In volume the first
week in August and continued with Il short
interruption tili toward the end OF January.
"At first the demands upon the treasury
for gold were limited 10 the wants OF ex-
porters. but In December considerable with
drawais began 10 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.OO0.OOO for the month.
Under this drain the reserve gradually
sank until February TO- 1896. when Il stood
at $if,553.f93 IL was then rapidly built W
from the proceeds OF the sale OF bonds and
rose 10 Sl2S. 7l3 100 by March 81. After In
considerable variations in the reserve dur
ing April the export OF gold was resumed
on May |, and this movement. together with
the continued Withdrawals not for export,
again put In operation the process OF de-
pletiou. There was an almost daily de-
cline until July o. when the official figures
for the reserve were SSa.Ci9915
AT this point the bankers OF the principal
cities joined together ia a movement OF re-
lief. the result being that the banks ana
financial institutions deposited gold In ex-
change for paper currency and restored tho
reserve TO sliO.7Sa. 4o3 by Augusta After tho
discontinunnce OF these operations the free
gold again declined gradually o 500. g57 .5Gl.
where Il stood on September l.
'In the latter half of August there oc-
crirrred a favorable turn IN foreign ex-
change. which had the effect. FIRST, OF
checking the outflow OF gold. and later or
setting in motion rapid current IN the OPP
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 mnn-
Tested in the interior for gold had not yet
become a factor In the situation a great
part OF the early inflow found ~ way into
the treasury In exchange FOR paper.
"In ordinary times and under ordinary
circumstances there is natural flow OF
gold toward the treasury, which often Is
limited only by the capacity OF the treas
ury TO carry the specie.
Fortunate indeed has u been for the
treasury that even during the most crit
zeal periods through which the country has
recently passed these currents OF Inflow
have not been altogether checked. and
that where their volume has been matori-
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 1872 .g72. POS while the net
gains OF gold from all sources attained a
total OF SIS. tSS. 800"
The public debt outstanding June 3d. 1896,
Ia shown TO have been s.. 7G9. $40. 800. and on
June 80. 1895. Sl.61G. 120.3S3
According 10 tho revised estimates Of the
department tho composition and distribu-
ton OF the monetary stock on June 30. 1896.
Mas as follows.