The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-11-04

mum of SIPS 713, 200, from which point
II sank again by July %. 1885, to 49,
geo 975. Since that month the reserve
Of s10Q.aeg. eco has not been trenched
upon. With some fluctuations, the ten
deacv of the gold balances has been
steadily upward. The sources OF sup
rlv have been the mines of the north
western states. Alaska and Australia,
with innportations from Europe, the
customs and the boards of the bank.
Until the beginning of the year 1898,
the receipts of gold at the New York
customs house were a negligible guam
tity. but in March they rose to 17.e per
cent of the whole, in April to 52.7 per
cent and after some fluctuations reach
ed rs per cent in September and 1916 in
october. The tenders of gold from
banks and individuals in exchange for
paper have been greater than the re-
sources OF the treasury have enabled
it to accept
PROCEEDS OF THE LOAN.
When it became obvious, by the sud-
den close Of hostlities that the demand
upon the treasury would not reach the
magnitude for which provision had
Drudentiy been made, the secretary de-
termined to deposit a large share Of
the proceeds of the popular loan in ma
tional banks in all parts of the country.
times available for the use of the gov
eminent, remained in the channels of
trade. The balance standing to the
credit of the treasurer on this account
on the 31st of October was 5000, 800.
The result of these methods of dealing
with the situation has been in all
respects satisfactory and the immense
financial operations of the war have
been conducted so that the money
markets have been in no degree dis
turbed at any time.
The only change OF Importance in the
public debt was the payment of $685.
S50, 952 OF the Pacific railroad bonds.
The remainder of this loan outstand-
ing on June 90, was $14,1SS,560 all of
which Will be payable after Jan. l, 1883.
CIRCULATION OF SUBSIDIARY
SILVER.
The gradual increase of the cireula-
ton of the subsidiary silver coins
which has drawn down the treasury
holdings Of them in the last Is years
from $4,000, 600 to a little over $1,000
900, the treasurer says, will soon make
il necessary to provide a further sup
ply of this class of currency.
A noticeable improvement in the
chief circulating medium, indicated by
the diminished number of counterfeit
notes and silver coins presented at the
treasury offices, is counterbalanced in
part by the large increase in the
spudious copper and nickel coins in
circulation, principally in the cities of
New York Boston and Philadelphia.
No less than $685. pieces of this char
acter were detected at the treasury
offices during the fiscal year as against
$4,000 in the year before.
The receipts of national bank notes
for redemption for the year amounted
TO S97, 600 as compared with S113,-
574,000 for the year preceding. The
total expenses of redemption were
$l25, 92455 and the annual assessment
on the banks is at the rate of s1,296. 46
for each 81 GOO Of notes redeemed.
AS result of the retirement of a
large block Of Pacific railroad bonds
there We're unusually heavy deposits of
lawful money. during the earlier part
of the year, for the reduction of the
bank note circulation but since the ap-
pearance of the new 3 per cent bonds
On the market the volume of these
notes has increased at rate without
precedent in recent years.