New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-06


the deposits In banks for general account, which
were S129OO.OO0 in March and are now SH.-
$4,000. The statement of receipts and expendl-
lures explains that in December S31 .1l52o4 was
received from the sale of the Union Pacific,
while 100000 was paid out to secure bld on
the Kansas Pacific, and $517,420 in interest on
subsidiary bonds not due until January. The
net receipts on that account In December were
thus $50 207, Ia, so that the cash on hand has
gained less than these payments. But in De
cember the receipts other than for Union Pacific
sales were S27. 931 494, and exceeded by Sl.714,-
S31 all expenditures on other accounts. 1t has
seemingly been to some so-called Americans a
pleasure to see their Government running be-
hind more or less each month, but that pleas
ure Is now denied them.
The cash on hand has changed in some i'm
portant respects since March /. Exclusive OF
certificates outstanding. the net gold on hand Is
$3.50 341 OS7-an increase of $12.2O0OO0 The
silver on hand has decreased in bars and in
minor coins but has increased in standard sill
yer dollars $3,4O0,000. 1t is probably supposed
by great many people that silver coinage mas
ceased But the record shows that August,
September and October Of last year S1,IOO,OOo
In standard silver dollars was coined by Score
tary Carlisle, nor has the coinage terminated,
for the Mint report shows that Sl,6O4,33O IN
standard silver dollars was coined in December
and $9J00,000 has been coined since March l..
Yet the Treasury holds and Is unable to use,
1894 900 600 in such coin, and S3O00,OOO more
than It held March !, and the silver certificates
are by far the most dangerous part Of the paper
circulation But the amount Of these outstand-
ing increased about $3OOO00OO in Mr.. Ceve,
lands last year. and has increased S12669'000
since March |.
The Treasury held Of United States notes
$50 946, 400 March l. and now holds SS4, 2OO'0S9.
Meanwhile the certificates Of deposit outside the
Treasury were S76,525,OO0 March l. and are
now S43.315, 900. January /. There is virtually
withdrawn from actual circulation large
amount Of these notes, In the absence Of any
measure providing for their retirement The
fact that they are so held, when not required
in the operations OF commerce, does not accord
with the idea by many entertained that the
Treasury is actually obliged by law to reissue
such notes when received. On the other hand.
the Treasury held $50, 900 900 Treasury notes Of
1890 last March, but now holds only S2,9OO,OOO,
and the amount Of these In circulation appears
to have been reduced from Sill, $50 900 to $780,
23SO0O No difficulty appears to stand in the
way OF reduction In these notes, though 1t Is
not clear that the substitution Of silver certiii-
Gates is helpful. AS Secretary Gage explained
In his report, the law now makes It practically
necessary for the Treasury to redeem In gold
either form Of the notes outstanding In order
to maintain their parity with gold and prevent
the depreciation which a refusal would cause.
The Treasury holdings Of silver certificates have
only slightly increased, and except in decrease
Of Treasury notes Of 1890 and increase in bank
deposits, the change since March has not been
material But the comparison makes one thing
evident, that the Treasury Is no longer COM
PEELED to borrow money for It's expenses from
month to month, or in order to prevent an ex-
haustion Of It's reserves, as It was under Pres-
dent Cleveland