Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-11-29
TREASURY CONDITION
Small Increase in Receipts Over 0cto-
ber Indicated.
food PROSPECTS FOR NEXT SPRING
Government Running Behind About
$6,ooo,o0o a Month.
DEMAND FOR CURRENCY

tion, notwithstanding the receipts during
the month from the tariff law have been
| somewhat disappointing. The receipts dur
Ing NoNember have thus far reached s22.-
| 95O,S9O. which indicates a total of about
200 for the month. This is trifline
Improvement over October when the re-
ceipts were $24,391. AS. The receipts Sat
urday were 81, ,OS3. $780, of which $531 OS9 was
from customs. $463,32 from internal reve-
nue and $SS,715 from miscellaneous sources
Inc total receipts from customs during
november have reached $S,917. .s6S, indicat-
ing total for the complete month of s9,-
ioOoOO. as compared with s9,713,4 ,494 in Oc-
tober The internal revenue receipts thus
ias have been 81, 436, Alb, indicating a total
during November of $13, 3,50OOOO, as com
pared with $13,614.S72 during October. The
celianeous receipts, which have already
reached 900. as compared with ST.
O6S, O4S for the entire month of October
The deficit thus far during November stands
al $S,oI2, lO9, which Is larger than was ex-
pected. Pension expenditures have reached
$lS,26OOOO, and interest payments on the
public debt 81, 100000 The deficit will not
De materially reduced during the remain
ing TWO business days of the month, except
by the Pacific railway payments, which
are not in the nature Of ordinary receipts
The deficit for the fiscal year stands at
$46,5Sl, TO- the receipts having been $127,-
s0A'AoV oAiu liS Sl64,<SSSU.
Heavy Receipts in the Spring.
The present rate of receipts Is about &c.
100000 less month than would put the
treasury upon self-supporting basis. This
does not indicate the final results of the
new tariff law, because a special source of
revenue will become available to a large
amount early in the spring.
This will be the revenue from sugar,
which is estimated to furnish from So
100000 to $60OOO.0O0 annually. The tmpor-
tations last summer anticipated the crop
of only single season, and large impor-
tations are expected to begin again in
March, when the new season usually opens.
The fact that the supplies brought in last
summer were not greatly in excess of the
needs of a single season is indicated by the
Importation Of I4,32O.023 pounds of dutiabIe
sugar during September. The duty upon
this sugar would be about S1.O0OOO0 and
collections from this source nave probably
not been much larger during October and
November, for whion the returns are still
incomplete. There is reason to believe,
therefore, that the customs receipts from
sugar will approach, and perhaps exceed,
100000 month from March to September
next The average receipts for complete
year will not be more than $5.OOO,OOO
month. but the amount during the active
months may be larger. This will afford a
gain of not less than $4,O00,OO0 a month
from customs, which will bridge two-t thirds
of the deficit now disclosed by the monthly
returns.
1t is not considered at the treasury an
unreasonable computation that the i'm
rrovement In customs receipts upon other
classes of articles will afford another sum
of S2,0O0O00 a month, which will raise the
treasury to self-supporting basis. This
calculation, however, will not provide any
surplus for wiping out the deficit which
has already accumulated, and Is based up
en- expenditures Of $372, 100000 year which
does not permit large appropriations for
public buildings, new pensions or the guar
antee of the Nicaraguan canal bonds.
From present Indications the deficit in
ordinary receipts during the present fiscal
year will be about S65G00,Oe0, but this will
be reduced to about S40,OO0,000 by the net
excess of the Union Pacific railway pay
ment above the bond redemptions of jan
uary.
Less Demand for Currency.
The pressure for currency which usually
marks the autumn has partially subsidized,
and there is less fear that the currency
balance will pe reduced by large deposits of
gold. The gold reserve has increased
s. 100000 thus far during the month and
stands at $156,924,244 The gold bullion
the lsrge deposits Of new gold at the mints
and assay offices and the employment Of
the mints upon the subsidiary silver COIN
age. The amount of bullion carried Sat
urday was ,94S, while the amount
Of coin was $153 AIS. 2S4, including that held
against $36,74S. $50 in outstanding gold GER
tihcates The currency balance of the
treasury is about 5S,50OOOO, which is am-
pie for ordinary demands. The fear has
prevailed that this margin would be unduly
reduced II deposits of gold were too much
encouraged. The termination of the sea-
son for moving the crops has partially re-
moved this danger, and the gold reserve
Will be permitted to increase until the be-
ginning of the new year. It is believed
That at that time it will touch about s16O.-
100000 This will be larger than at any
time Tor the past five years. The treasury
might have been driven to the payment
OF gold for ordinary obligations at the New
In exchange for small notes had been a
trifie larger than has been the case. The
question would then have become somewhat
again be issued
The settlement OF the Union Pacific rail.
way debt to the government mas contrib
uted Its share In averting this possibiI;ty
ssitcs ssa ooo ~ n, brings into the treasury about
sof.OOOoOO In cash. and will afrori a hal
ance or S25.OO0000 after the redemntion
of maturing Pacific railway nonds ~ va
r,ous . classes in January. A part of the
Paciiic railway payments win he In poiS
but another large part win confrih,.s ~
the increase of the margin of avaiIahle
currency. o'e
Paying Out Currency.
Inc treasury began the crop-moyiup sea
son July with $13, ,OOO, 600 in free silver
s"1.012,O45 in Sherman treasury notes and
$SS, 1886 in United States notes. De-
nlands for currency were met at first with
silver SILVER certificates issued against the free
silver They were exhausted many weeks
ago and the demand was then diverted to
the sherman notes. They also disappeared
IN exchange for gold, and recent reouests
for currency have been filed with the
United States legal tender notes,
The margin Of free silver on Saturday
was only 100000. which is less thar
treasurer Roberts usually intends to carry
as working balance to cover certificates
In transit and in the redemption division.
The supply Of Sherman notes had been
hammered down on Saturday to s., Isa $40.
and United States notes to $35 551, ass. The
United States notes have been reinforced
during the last few days by the Pacific
railway payments.
Another fund which has met the demand
Tor small currency has been the standard
silver dollars coined under the Sherman law
for the redemption OF notes. This fund has
been bolstered up from time to time by the
work OF the mints. but declined from $II.-
094. .657 July to $5.126. 127 Saturday last.
The actual redemp6ions OF Sherman notes
during these five months have been about
1905, 600. and have reduced the oufstand-
Ing mass OF Sherman notes. including those