The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-07

Refunding- customs in
ternal revenue, etc.. 5,422, 0G90 90
Collecting revenue from
customs ............... 5,500,00OO
miscellaneous ............ A396 2zOO - .
/, Total estimated appropriations,
exclusive of sinking fund. S641, COG. $50 "a
Or an estimated deficit of.......... ssOO4S. s7ss4
TREASURY OPERATIONS.
In reviewing the operations of the treas
ury, Secretary Gage says: 1.-THE aggregate
receipts for the fiscal year, under warrant,
as shown by the report of the treasurer
of the United States, were $73S. $40 $500, and
the disbursements $S27, SIS, 124SO. There was
consequently decrease of $50, OBS, $3.50 in the
general treasury balance, which stood at
1851, $50 237. n at the opening of the year and
at $775 ISL, 36S1 at the close. Besides the
ordinary revenues, there were receipts on
account of the public debt which swelled
the total income available in the fiscal oper.
RtionS OF the government to $4Sl ,6l2 255. 20,
while corresponding additions to the, or
this side Of the account up to $543 ,56l 1O4. so,
and created a deficiency of SCI 948 go as
the net result These figures, however, do
100000, the proceeds of which had begun
TO come in before the close of the year,
though none were formally covered into
of the receipts is included the sum of 1884,
151, IS, realized from the sale of the
=,
while, on the other hand, the expenditures
are increased by $29, $50, 952 diSburSed in the
redemption of Pacific railroad subsidy
bonds.
"A better view of the results of the years
fiscal operations is afforded by the changes
in the assets of the treasury The total
holdings available in this branch of the
business show only insignificant falling off
from 1888 295, 424.2S to $275, ,S0317. So I'M
usual variance az this between the ac-
counts of the department and the actual
condition of the treasury is due chiefly to
the receipts from the new loan, on the one
hand and to unexpended advances to dis
bursting officers on the other.
In the character of the assets there was
such an Improvement as to constitute sub
etant1a1 gain in strength The changes
We're an increase in gold and in de-
posits in national banks, while the
Wif wsre N silver and treasury notes
gold, which stood at $139 S67, 1857 at the
beginning Of the year, continued to in
crease until it reached $1S1, 240 3SS.S1 on May
4. 1898. After this, the extraordinary expen-
ditures caused by the war, together with the
depletion of the other forms of cash, COM
PEELED the use Of gold in current disburse-
ments and drew down the treasury re-
serve, by June is, to $163, 474 ,057.32. After
that date the proceeds of the loan began to
anord relief, and the reserve grew napidly
until it reached $245, O63, 1851 on October T.
1919, the highest point this fund has ever
attained. Since then the necessities of the
situation have required an enlarged use of
the coin in disbursements, which has had
the inevitable result of diminishing the
extent. - '1i iiisis iiiiic'ii'
by forethought and care an ample stock
OF notes of suitable denominations was pro-
Ylded TO meet the demand for the annual
movement of the crops, and the difficulties
presented by this task in former years have
been in large part avoided Within forty
days after the first of September Chicago
alone was supplied with $4,000 In small
notes IN exchange for larger denominations.
amount Of outstanding notes Of the denom-
dnation OF so and under increased from $751;
aSS S26 10 1908 go S69 while the increase of the
gold coin in circulation in the same period
all, of course. of the like denominations
amounted to $94.551 059, making a total adj
dition to such currency of $136,2OS096
SMALL NOTES EXCHANGED FOR GOLD
Although the net gold in the treasury
during the past year has exceeded the needs
of the government. having been greater.
both absolutely and in proportion to other
moneys, than ever before, it was found pos
sible, Up to the middle of October. to accent
gold coin to the extent of over $4,000, 600 in
exchange for notes of small denominations.
which were needed to facilitate the business
OF the country
THE first proceeds Of the popular loan Of
500 600 900 were received on the 14th of June.
and from that date forward the inflow Of
money from this source has been rapid and
Nov. was $195. 444, 1882
With the object of averting the possibility
OF nnanclaI stringency. which might have
been apprehended as the result of the drain
upon the currency in circulation, the pay
ment of the interest due Oct. 1 on the l.
percent. loan of 1907 was anticipated the
maturing coupons being made payable on
Sept 10, while the checks for the interest
on the registered bonds were sent out Sept
~. Like anticipation was also made in the
case of the interest falling due Nov l. The
total amount Of the payments thus advanced
the circular Of Sept sg Se b P9TPose under
road bonds, which viii fall due on IAN
1888, amounting to $14,004 $50. were made paw,
ape pIisnclpai ana interest, in fun. with
directed that large share of the proceeds
81 the popular loan be deposited in national
oanks SO that these funds, while at all times
available for use, might until needed re-
main in the channels of trade The deposits
SOLO. 6l0 s. between May 81 and Oct. 81 The
Hnect or theSa measures has proved in all
respects satisfactory"
The secretary next gives points from the
reports OF the director of the mint the con-
troller OF the currency, the Bureau of En-
craving and Printing and other subdivisions
or MS great department, SynopSeS of which
nave been published. Under the head of
Public Moneys" the secretary says: 1.-THE
have been conducted through the treasurer
of the United States. nine suDtreasury Of
fleers and 1874 national bank repositories
The amount of public moneys held by them
on June 30. 1898. including those to the credit
or the treasurer'S general account and
United States disbursing officers, was $685.
amount of holdings of SD 7S4, 2S3.35.
Since the beginning of the present fiscal
year deposits on account of the new per
cent. war loan have been received to the
amount of 100000 600, and in order to avoid
dangerous stringency which might be Gre
ated by a too-rapid absorption of funds into
the treasury, a large number of national
banks were designated, under Section 5l53
Revised Statutes. as depositaries of public
moneys. and public funds deposited there
with temporarily, thereby increasing the
holdings OF such deDositaries to an amount
exceeding $50, O00, 0o0."
THE NEW BONDS.
In treating of Loans and Currency" Mr.
Gage says: THE Understanding debt July
!. 1897 included unmatured United States
bonds outstanding in the amount of $sl7,-
$1,000 No material change appeared in the
debt statements in the fiscal year ended
June 50, 1895. but on June 10 circular was
published inviting public subscriptions for
s2o000O.OOo per cent. bonds authorized by
the act Of June 70. 1898
'The public response to this invitation was