Evening star., 1898-12-06
GOVERNMENT FINANCES
Annual Report Of the Secretary Of the
Treasury Submitted.
A YEARS RECElPTSAuD EXPENDITURES
Fiscal Operations Are Discussed at Considerable
Length
BANKING AND CURRENCY QUESTION
BANKING AND CURRENCY QUESTION

exclusive of sinking fund 49,. s6i1 O06 400 Ga
Or an estimated deficit of w s30O4s.37S Ga
Operations of the Treasury.
The aggregate receipts for the fiscal wear
under warrant, as shown by the report of
the treasurer of the United States, were
S'5s.''i!', 300 and the disbursements sS27-
3SS, 124s0. There was consequently a de-
crease of $50 u'S 500. 60 in the general treas
! ury balance. which stood at sSG4 $50 237 II at
the opening of the year and at $40, 151, ,36S II
at the close. Besides the ordinary revenues
there were receipts account of the pub
lic debt which swelled the total income
available in the fiscal operations of the gov
ernment to S4S1, 25- 20 while correspond
ing additions to the ordinary experditures
nIousht thc total on this side of the ac-
count Up II ,.l3 .6l. 1ol. 50 and created a def
| clency OF SGi," .S.S49to as the net result
IEcSe '.2ufeS however. do not include any
part or the loan OF &-a nsa 3sk3 the proceeds
oi "h't.l had begun to come in before the
ci'St OF the year though none were for
! h2ajiy covered into the treasury untf1 arter-
ward ON the side of the receipts is in
e.IdSu the sum of s84, 751 .22375 realized
" " ON ."e sale of the Union Pacific and
! N%hSaS Pacific railroads. while on the
! olher hani. the expenditures are increa sed
oy sZ'',N""2 dis5ursed in the redemption
oI fachc railroad subsidy bonds
a better view of the results of the wears
iiSSaI operations is afforded by the changes
| IN Tie assets of the treasury The total
ncidlhss available in this branch of the
er us snow only the insignificant falling
OF IRON VS. 2.'' y! % to s2I5 7i7 Sa317. So
Unusual a variance as this between the ac-
counts of the department and the actnaI
.'Lu4i!0h OF the treasury is due chiefly
70 tne receipts from the new loan. on the
az az nand' ana to unexpended advances to
ofsDufslhs officers the other
IN the character of the assets there was
suCh an Improvement as to constitute A
substantial ., gain in strength. The changes
's mere an increase in gold and in deposits
WIN national banks, while the losses were
IN silver and treasury notes With insip-
hiHcaht interruptions. the free gold which
stood AT sl3o.S67. 1857 at the beginning of
the year. continued to increase until II
reached Slsl,2io.3ss. 81 on May 4, 1SaS. After
this. the extraordinary expenditures caused
Dy the war. together with the deDIetion ~
INC otHef forms of cash. compelled the
use OF gold in current disbursements and
u llew doWn the treasury reserve, by June Is
10 sIh14 '4.oJi.32 After that date the nro-
ceedS OF the loan began to afford relief and
t sne reserve grew rapidly, until 1t reached
S-i",oha, I15Il on October Z 1898 the high
est point this fund has ever attained since
then the necessities of the situation have
required an enlarged use of the coin in dis
pursements which has had the inevitable
result OF diminishing the holdings though
only to an insignificant extent
ny forethought and care an ample stock
Oh notes OF suitable denominations was pro-
Nldeu To meet the demand for the annual
presented by this task in former wears have
peen IN large part avoided. Within forty
days after the LIST Of September Chica go
/ alone was supplied with s5,lJo.00O in small
notes IN exchange for larger denominations
IN the twelve months ended September 10
last the amount of outstanding notes of
the denomination Of 800 and under increased
frc 1861. 49,. so to SfO3. .0eO st3 while the
increase of the gold coin in circulation in
the same period, all, of course of the like
denoninauons, amounted to s9455l, ,O59
making a total addition to such currency
Of S13G, 20S GGG
Although the net gold in the treasury
during the past year has exceeded the
Heeds or the government, having been
greater, both absolutely and in proportion
to other moneys. than ever before. it was
found possible, up to the middle of Octo-
Der, to accept gold coin 10 the extent Of
over fifteen millions of dollars in exchange
for notes of small denomiua tions which
were needed to facilitate the business of the
country.
The first proceeds of the popular loan of
sHn,eO.N0 were received on the ltth of
June, and from that date forward the In
now OF money from this source has been
1apld and constant. The total amount re-
ceived up TO November was 1885, 444 1877 62
Win the object of aVerting the possibil-
| 1ty or financial stringency. which might
nave been &pprehended the result of the
drain upon the currency in circulation the
payment of the interest due October l on
the per cent loan of 1907 was anticipated
lle maturing coupons being made payable
on September 10. while the checks for the
interest on the registered bonds were sent
out September %. Like anticipation was
also made in the case of the interest fall
ing due November l. The total amount of
the payments thus advanced was s9S15.-
1853. With like purpose, under the cir
cular of September 3. 1898 the Pacific rail-
road bonds. which will fall due on jan
uary ], 1880, amounting to $14,OO4, $50 were
made payable, principal and interest, in
full, with rebate of one-half of / per
cent 1t also directed that a large
share CT the proceeds of the popular loan
be deposited In national banks, so that
these funds. while at all times available for
use. might, until needed. remain in the
channels of trade. The deposits in national
banks We're thus increased by sf6 TO 610 IS
between May 81 and October 81.
The effect of these measures has proved
in all respects satisfactory.
COINS AND COINAGE.
The director of the mint. in his report for
the fiscal year ended June 80, 1898 shows
in detail the operations of the institutions
under his charge and also statistics of
coinage, production and monetary condi-
tions of foreign countries.
The receipts and deposits of bullion at
mints and assay offices, including the re-
deposits. aggregated s215, $50, ,261 54 of
which $l9s. 40, 492 % was gold and SIG S25,
1881 silver.
The deposits of gold were greater than In
any previous year of history In but
one other year have the original deposits
exceeded 800, 100000, the exception being
the fiscal year ended June 80, 1881 when
they were $3.50 S33, ,l02.45.
Silver bullion purchased under the pro-
visions of section 1926. Revised Statutes Of
the United States, for coinage of subsid-
! larry silver aggregated 1913 80 fine ounces
costing $1O7, ,741.2s
Including the balances on hand at the
nlints July l, 1878, the net seigniorage on
nina nT,fS tlx-nr hat n
so, 1893, was $sS, ,1s2. .s15.37.
or the minor coins manufactured during
the year, 81, las, ,23s.s1 were from new ma
terial and $341 ,245.30 from old and uncur-
rent minor coins transferred from the treas
ury for recoinage.
The amount of minor coins transferred
for reissue was s19S 800
The total amount of minor coins out
standing July 1, 1888, was $25 ,311, ,402 .01.
During the fiscal year there were manu-
| factured gold bars of the value of s92-
| 1S7 331 81, and silver bars, 81, ,667, ,SS7. 90
The highest quotation for silver O.925 fine
/ during the year in the London market was