The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-11-04

REPORT OF THE TREASUREH.
Resume of Treasury TransactiOns
for Past Fiscal Year.


for Past Fiscal Year.
Washington, Nov 3.-The treasurer of
the United States, Hon. Ellis H. Roberts,
has submitted to the Secretary of the
Treasury the annual report on the trans
actions and conditions of the treasury for
the past fiscal year.
The net ordinary revenues of the govern
ment were $4O5, s21. 1886. an increase of $751;
597, $50 over those of the previous year,
while the net ordinary expenditures were
$443, 1868, 5S2, an increase of ST, 594, 423 The
resulting deficiency of $3S,047 PAT exceeds
that of the preceding year by $l9,994,7sS.
Up 10 the close of the fiscal year the
increase of the expenditures on account
of the war with Spain was $4S,OE,732 for
the war department, and $24, 262, 43S for the
navy department. For the four months,
July, August, September and October, 1898,
the expenditures of the war department
were SLOT ,520,36S, being $S1.6131S1 greater
! than for the same months In 1897. For the
same months this year the navy depart
ment expended $27,459,577, which was $16,
O41, 1926 more than 1t spent in the like Pc
Rod in 1897 Up to Oct. 81, the war with
Spain added to the disbursements of these
two departments the sum of 1854, 1882, 22S.
Independently of the prospect Of reve-
nues or expenditure the treasurer regards
the treasury as having been stronger at
the close than at the opening of the fiscal
year, the 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 81 $685. 600 in the to-
tai holdings available for the fiscal opera
lions of the government. there was a gain
of upward of $26,0O00OO in free gold coup
led with an increase of nearly $23, 1000
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 $S74, 1884,
377 on June 3d. 1897, and $3.50. 6O6,796 a year
later BY the addition of the unavailable
assets carried by the department these
totals are swelled to 1901, All, 576 and $780,
202, 941. respectively.
The outstanding notes of the denomina-
tions of $40 and under, which decreas ed In
volume by 81, 522, 1877 from Sept 30, 1896, to
the same date in 1897 increased by $41 ,657,- !
037 in the twelve months ending Sept. 80,
1898
The gold in circulation rose steadily by
by $94,551,059 in the latter. The total cur
rency of all kinds in circulation shows an
increase of sec, 5S9, 249 in the former years,
and one of S137, 755, S54 in the latter, gain
of 1924, 294 103 for the two years.
In chapter in which the treasurer re-
views the history of the net gold balance
in the treasury, he says that prior TO Sept
1, 1898, the highest point which this bal
ance had ever attained was S219,059, 233, on
April g. 1888. On June 6, 1893, the amount
was $S9, $50, 1854. the lowest in fifteen years.
By the exchange of notes for gold with /
the banks, the net gold balance was
brought up to $l03, 1853 800 by Aug. TO- 1893
Another minimum mark was reached Feb !
/, 1894 at SGT, 43s,37s. By the proceeds of a |
sale Of bonds, amounting to S5S $50 ,917 the !
net gold balance was increased to $107. 49, |
SOP by March 6. Under reaction however
il again fell to $54,9756N by the end of
July. 1894.
Another sale of bonds, in November and
December of that year, brought in $751; |
1870 aad the gold balance Dec. 4, 1884, |
was again Sill, 412,121. The remedy was
effectual for only a brief period for on |
Feb. H. 1895, the treasurer held only SAL |
34O,1S1 in free gold. Again bonds were |
sold, for which payments aggregating $685. |
428 O56 were received from February to |
June. Thus the net gold balance was car |
ried up to $l07, SOL ,230 by July s, 1885. Once |
more the relief was but temporary, and |
by Feb 8, 1886, the gold balance had fall |
len to $44, 563 493. For the fourth time ie-
sort was had TO the sale of bonds which |
produced up to June $111. 1856 ,6l2, and |
brought the gold balance up TO a maxi
mum of $12S, 700 from which point 1t
sank by July p. 1896. 10 SIS, 669975.
Since that month the reserve of 800, 000,-
900 has not been trenched upon. With
some fluctuations the tendency of the gold
balance has been steadily upward.
The increasing product of the war reve-
nue. act coupled with the proceeds of the |
war loan gave rise to a natural appre-
hension that the drain on the currency
of the country might create a stringency
which would be harmful to business. To
prevent such result, notice was given
that, all. coupons falling due on Oct. 4 |
Inight he presented for payment on or
after Sept 10 and that checks for interest
on registered bonds of the same loans /
would be sent out on Sept. 90 or as soon /
thereafter as they could be prepared As I
a further measure of relief, a circular was /
issued BY the Secretary Of the Treasury
giving to the holders OF $14 ,00456O of Pa |
cifc Railroad bonds, which fell due Jan.
l, 1898, the option of receiving payment
OF principal and interest IN fun, less
rebate Of one-half Of / per cent The same 4