The evening tribune. (Pawtucket, R.I.) 189?-190?, 1896-11-30
YEARS FINANCES.
Interesting Figures Pre-
.sented by Mr.. Morgan.
An Increase in Receipts and
Decrease in Expenses.
Bond Sales Serve to Considerably Increase
the Public Debt-Big Flow of Gold.


port OF Daniel ~ Morgan. treasurer Of
the United States shows the net ordi-
nary revenues Of the government dur
ing the fiscal year. ending June 80, 1896
to have been 1926, ,976. .2G0 and the expen-
ditures 1852 ,l79.446. leaving deficiency
for the year of $25. .203,246. or $17,601,977
less than during the preceding fiscal
year. The report shows that during the
last fiscal year there was an increase OF
81, ,SBy, 13i In the receipts from customs;
en- increase OF $3341.l92 from internal
revenue sources; an increase Of $2,419.-
e2a from miscellaneous sources, and a
loss of $97,S23 from the sale Of public
lands, making the net increase in the re-
ccipts $13,5St,125 The decrease In the
expenditures amounted to st,0l5,812.
The report shows the total receipts
from the first $50, 900, coo loan Of 1894 to
have been $58, ,917; the second loan OF
$50, ,O00, 900 Of 1894. $685. 1870; the loan for
1895 Of SCI, ,3l5. 400. 65.42S,06S. and the
$100, coo, 600 loan OF 1895, Sill ,3555.6l2.
From the first loan there was realized
$52, $50, ,2G4 In gold coin and $3.50. 40 In
gold certificates; from the second loan,
$53, 1873 in gold coin and $5,0es, 40 In
gold certificates; from the third loan
Sa5, ,42s, ,O5l in gold coin. and from the
fourth loan, $109. 1921, ass in gold coin and
81, ,O26, $40 in gold certificates. The total
receipts from the several bond sales
therefore were 1924, ,164. .296 Referring to
the condition Of the treasury during the
last year, the treasurer says:
while the cash balance In the treas
ury has afforded a comparable working
fund, and would have done 80 without
augment alton from loans, the gold re-
serve has been the cause of much con-
Germ, and had been maintained only at
the cost Of fresh issue Of bonds and by
the voluntary contributions Of banks
and financial institutions. With the ex-
ception 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,
II not require. the export Of gold. The
movement began In volume the first
week in August, and continued. with
short interruption, till toward the end
CT January. At first the demands upon
the treasury for gold were limited to the
wants Of exporters, but In December
considerable Withdrawals began TO be
made by others, the amount increasing
during January. and rising In February.
when very heavy payments were made
into the treasury for bonds 10 nearly $780,
00o. 900 for the month.
Under this drain the reserve gradu-
ally sank until Feb. 10, 1896, when II stood
at $44.563,493 1t was then rapidly built
up from the proceeds Of the sale Of bonds,
and rose to SIPS, 709 by March 81.
After inconsiderable variations In the
reserve during April the export of gold
was resumed In May, and this move
ment, together with the continued with
drawals not for export, again put in
operation the process OF depletion.
There was an almost daily decline until
July %, when the official figures for the
reserve were S9,GG9,915. At this point
the bankers OF the principal cities Joined
together in a movement of relief, the re-
suit being that the banks and financial
institutions deposited gold in exchange
for paper currency and restored the re-
serve to $110,7s2,4 ,40S by Aug. 4. After
the discontinuance Of these operations
the free gold again declined gradually
to $100, ,957, SCI, where ii stood on Sept. l.
In the latter half Of August there oc-
Cured a favorable turn in foreign ex-
change, which had the effect, first OF
CHtShiHS tic OutilON Vi SOIu, stllu, iGttl,
of setting in motion a rapid current in
the opposite 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 manifested in the in
terror for gold had not yet become
factor In the situation, a 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 q natural flow Of
gold toward the treasury, which often is
limited only by the capacity OF the
treasury to carry the specie. Fortunate
indeed has ii been for the treasury that
even during the most critical periods
through which the country has recently
passed these currents of inflow have not
been altogether checked. and that where
their volume has been materially d.
minished the loss has been partly made
good by the assistance Of financial in
stitutions. 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 $192,-
S72, 205, while the net gains of gold from
all sources attained a total Of $9S, ,138, ,902
THE public debt outstanding June 30,
1896. Is shown to have been 81. 7S9, $40, ,323,
and on June 30. 1896. 31.e76. l20.9 .9SS"