The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-11-04
UNITED STATES TREASURY.
The Conditions and Transactions fol
Fiscal Year Made Public.

Washington, Nov 3.-The treasurer OF
the United States. Ellis H. Roberts, has
submitted to the secretary of the treas
Jury the annual report on the transactions
and condition Of the treasury for the past
fiscal year.
The net ordinary revenues of the gov
srnment were $4O5, 32l 1896, an increase OF
ISSl, 597 $50 over those of the previous year,
while the net ordinary expenditures were
S443, 36S, 5S2, an increase of $II, b94, 40.
The resulting deficiency of sSS Al eX-
lceeds that of the preceding year by sly,
1874, 1893. In the receipts are included 500,
ISL, 223 paid into the treasury on account OF
the sale Of the Union Pacific and Kansas
Pacific Railroads. Out of this was paid
$29, $50, 1852 of the bonds issued for the con-
lstruction of the Pacific railroads, which
went to increase the expenditures: UP to
the close of the fiscal year the increase
OF expenditures on account OF the war
with Spain was $43, OIL 1872 for the war de-
partment and $24, 262, 438 for the navy de-
partment; For. the four months, July,
August September and October, 1898, the
expenditures of the war department were
| $l07, $40. 1858, being $S1, 613, l31 greater than
for the same months in 1887 For the same
months this year the navy department
expended 81 1857, which was sl6Ol4, S2t
more than it spent in the like period IN
1897. Up to October 81 the war with Spain
added to the disbursements, of ttf these two
departments the sum of $164, 1872, 22S.
Independently of the prospect of reve-
the treasury as having been stronger at
the close than at the opening of the fiscal
year, insignificant shrinkage in the
amount of assets having been more than
compensated for in the improvement
which took place in their character
Against a net loss of $7,50O,00O in the to-
| tai holdings available for the financial
Operations of the government there was a
gain of upwards of $26 900 in free gold,
coupled with an increase of nearly $23. 000
600 in absolutely secured deposits with
banks, and these changes were effected at
no greater cost than the loss of so much
| IN silver and treasury notes. The total
available assets were 1874, 764,S77 on June
1870, 1897, and $3.50. sos 1856 year later. BY
the addition of unavailable assets carried
by the department these totals are
swelled to 1904 411576 and 1885,, 2o9,24l re-
! spectively.
| On June go 1898 the treasurers liability
to the general treasury fund was $775,
! 751, 1858, with one of $685. 49, 100, sustained in
MS capacity as the depository of public
officers, and one of SIG, 1885, Alb for money
shipped into his hands, but not yet COW
cred by warrant into the general account.
In every year during the period of the
movement of the crops there is demand
small notes. BY forethought and care
during the past fiscal year and the au-
tumn following it an adequate stock OF
notes of different denominations was pro-
for large was readily made.
| The outstanding notes of the denomina-
tons of twenty dollars and under, which
decreased in volume by S11522 l57 from
| Sept. 80. 1896, to the same date in 1897. in
creased by $41. 65T, or in the twelve months
ending Sept 3d. 1898.
The gold in circulation rose steadily by
S49, S27 263 in the former of the two periods
and by $94,551, 059 in the latter. The total
currency of all kinds in circulation shows
an increase of $96.5S9, 249 in the former
year, and of S13T, 755, S54 in the latter. a
gain of 1924, 2e4, 103 for the two years. The
report reviews the history of the net colo
balance in the treasury, showing how il
was brought up four times by sales oil
bonds. which remedy in each instance
proved effectual for only short period
! BY July p, 1896. the gold balance had fall
len again to $S9, &c., 75 Since that montF
| the reserve of Sl00,000,000 has not beer
trenched upon. With some of the fiuctu-
ations the tendency of the gold balance
| has been steadily upward. The sources
of supply have been the mines of thC
northwestern states, Alaska and Austria,
liza, with importations from Europe tht
customs and boards of the banks. Until
the beginning Of the year 1898 the receipts
of gold at tn New York custom house
were of a negative quantity, but since
then, after some fluctuations, they have
increased until they reached in October
l79.6 per cent of the whole. The tenders
of gold from banks and individuals in eX
lchange for paper have been greater thar
the resources of the treasury have on
abled it to accept
The report states that the increasing
product of the war revenue act, coupled
with the proceeds of the war loan, gave
rise to an apprehension that the dralr
upon the currency of the country Nigh
create a stringency which would be harm
full to business.
To prevent such a result, arrangement.
were made to prepay Interest ON govern
ment bonds and to redeem Pacific Rail
road bonds before they fell due. Wher
lit became obvious by the sudden close Of
treasury would not reach the magnitude
for which provision had been made, the
secretary deposited large share of Tho
proceeds of the popular loan in nationa
this process the funds while at all times
available for the use of the government
remained in the channels of trade. The
balance standing to the credit of the
treasurer on this account on the 31st OF
October was $65, $50, 900. AS a result Of
these methods, the immense finsncia
Operations of the war were conducted sc
that the money markets were in no de
gree disturbed at any time.
i The only change of Importance in The
public debt was the payment of 80 SD 30.
of the Pacific Railroad bonds. The re.
mainder of this loan outstanding on june
80 was $l4, 1873, $50, all of which will be pay.
able after Jan. l, 1899 The gradual in
icrease in the circulation of the subsidiary
silver coins, which has drawn down III.
treasury holdings of them in the lasc /;
years from s29, 100000 to little over $4,000
1000, the treasurer says, will soon make II
necessary to provide a further supply 81
this class of currency. A noticeable i'm
provement in the chief circulating me.
dunn, increased by the diminished mum
Der of counterfeit notes and silver coir
presented at the treasury offices, is coun.
terbalanced in part by the large increase
lin the spurious copper and nickel coins r
4 circulation, principally in the cities q
New York, Boston and Philadelphia. NJ
less than 50, 625 pieces of this character
were detected at the treasury offices dur.
ling the fiscal year. as against 1899 in tnt
year before. The receipts of nationa
bank notes for redemption for the veal
amounted to $97, 112, 600, as compared 'yltl
BIB. 900 for the year preceding The
total expenses of redemption were SIPS
294 .35. and the annual assessment on the
banks is at the rate of 81 29646 for eacf
$1,000 of notes redeemed.
AS result of the retirement of large
block of Pacific Railroad bonds there
were unusually heavy deposits of lawfu
Imoney during the earlier part of the yeal
for the reduction of the bank note circu
lation but since the appearance of The
new per cent bonds on the market tn,
volume of these notes has increased al :
rate without precedent in recent years.