Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-12-03
NATIONAL FINANCES.
Annual Report Of the Treasurer
of the United States.
Revenues of the Last Fiscal Year-The
Drain on the Gold Reserye-The Bond
saIes-HeIp from the Bankers-Mon-
ey of the Nation.

Washington. Nov. 30-rhe 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. 1896. to have been s326,-
500 and the expenditures 1852. Us, 448.
leaving deficiency for the year Of So. 203.-
2i6 or SI7,C9l ,977 less than during the pre-
ceding fiscal year
The report shows that during the last
fiscal year there was an Increase Of 1885,
13f in the receipts from customs. an in
crease Of S5,3h.l92 from Internal revenue
sources. an increase Of 2,47s.622 from mis-
CeliancoGS sources, and loss Of s97 623 from
the sale Of public lands, making the net in
crease in the receipts s13.5S6.f25. The de-
crease in the expenditures amounted to 81
Jl5, so.
Bond Sales.
The report shows the total receipts from
the first $50eo0, 900 loan of 1893 TO have been
s., 66e,9l7. the second loan of $4,000 600 of
i 1898 SJs. 1910. the loan of $50 3l5, 900 for
1895 $65, ~, 056 and the $l0G coo 900 loan OF
| 1886 lll.355,6l2. From the first loan there
was realized $52,S50,264 in gold coin and
s5,Slo. 40 IN gold certificates. from the sec
ond loan sa3. 65i, lSS in gold coin and S5,60s,-
40 in gold certificates. from the third loan
So, e5l in gold coin. and from the fourth
loan $lV9. 3Z7, f55 in gold coin and $685., SO
~ gold certificates. The total receipts II ON
the several bond sales. therefore, were 1884,
l64. 295.
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,
ami would have done so without augmenta-
ton from loans. the gold reserve has been
maintained only at the cost of fresh issue
OF bonds and by voluntary contributions of
banks and financial institutions With the
exception Of brief period in the autumn
Of 1885 and another in the spring Of 1896 the
ruling rates Of foreign exchange were such
! throughout the year as to permit II not re-
qGire the export of gold
Draining the Gold Reserve
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 we're limited to The wants Of ex-
poTters, but in Deceln Der cousidera bic with
dTawals began 20 he 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 $4,000 600 for the month
Under this drain the reserve gradually
sank until February 10, 1896, when ii stood
at di.of3,4y3. 1t was then rapidly built w
from the proceeds Of the sale of bonds and
rose 70 Sl2S.7l3 100 by March 81 After III
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 49, when the official figures
for the reserve were $50. 6s9 gT5
Help from the Banks.
AT this point the bankers of the prlncipaI
cities joined together in a movement of re-
iiet the result being that the banks ana
financial institutions deposited gold In ex-
change for paper currency and restored the
reserve to $40. IS. 403 by August A. After the
discontinuance of these operations the free
-
soid again declined gradually to Sl00. 957. SOL
where it stood on September l.
I'm the latter half of August there &c
CURED Il favorable turn in foreign ex-
change. which had the effect first of
checking the outflow of gold, and later OF
setting in motion rapid current in the m
posite direction. AS some of the imported
material Was brought for the purpose OF
supplying he inland demand for currency
ana as the preference which later was man
Tested II tile interior for gold had not vet
become q factor in The situation a great
part 81 the early Inflow found its way into
the treasury 10 exchange for paper
"a ordinary Tunes ana under ordinary
circumstances there is a natura, flow ar
gold toward The treasury. which often IS
limited only by the capacity of the treas
uIy to carry tho specie
Fortunate iaaUpd has IL been for the
treasury taat cVep during the most crit
zeal periods through which the country has
recently passed these currents ofcinfoyv
haye not been altogether checked. ana
That WIcfe their volume has been materi-
ally diminished the less has been partly
made good by the assistance OF financial
Institutions.
I'm tile 10 months ending with September
last the Withdrawals of gold from the
treasury in redemption Of United States
hotes and treasury notes amount ed TO the
Immense sum Of Sl92,912 20. while the net
gains OF gold from all sources attained
fetal of SIS, lSS. s02
The public debt outstanding June 80, 1896
Is shown TO have been Sl.769. SO, 323. and o..
June 50. 1895. Si.67G.l20.9S3
Money of the Nation.
According 20 the revised estimates Of the
dcpartme II the composition and distribu-
ton OF the monetary stock on June 30. 1896
was as follows.
In treas / n cir
ury minis. culation
.iOIl coin 81 81 W.