The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-04
WAR HAS COST $164,932, 228
THAT AMOUNT HAVING BEEN PAID
OUT UP TO OCT. 81.
of the Gold Balance,
Issue of Bonds, and other Statis-
tics of National Interest.

fiscal year. The net ordinary revenues of
the government were $405 321 1885, an increase
of $57, 597 $50 over those of the previous year,
while the net ordinary expenditures We're
$50, increase of ST., 1894, 423 The re-
sultEfg deficiency of ,247 exceeds that
of the preceding year by $19,994 1893. In the
receipts are included $64 ISL, 22S paid into the
treasury on account of the sale of the Union
Pacific and Kansas Pacific Railroads. Out
of them were paid SIS, 952 of the bonds
issued for the construction of the Pacific
railroads, which went to the increase of the
expenditures.
Up to the close Of the fiscal year the in
crease of the expenditures on account Of the
war with Spain was $43,041 1872 for the War
Department, and $24, 1852 4SS for the Navy De-
partment. For the four months-July, Aug
ust, September and October, 1S9S-the ex-
penditures of the War Department were
$1O7 1868, being $S1 61S, 1S1 greater than for
the same months in 1897. For the same
months this year the Navy Department ex-
pended $27, 1851, which was $16014,926 more
than it spent in the like period in 1897. Up
to Oct. 81 the war with Spain added to the
disbursements of these two departments the
sum of $164 1892 22S.
Independently of the prospect of revenue
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
the assets having been more than compen-
stated for in the Improvement which took
place in their character. Against net loss
of $7,5000JO in the total holdings available
for the fiscal operations of the government
there was gain of upwards of $26. 600 in
free gold, coupled with an increase of nearly
1928 100000 in absolutely secured deposits with
banks, and these changes were effected at no
greater cost than the loss of so much i'll
silver and treasury notes.
TOTAL AVAILABLE ASSETS.
The total available assets were $S74, 1884,
81 on June 3d. 1897, and $685. COS, 1876 a year
later. BY the addition Of the unavailable
assets carried by the department these to-
tails are swelled to $9O4 All $40 and $685. 22 GAL,
respectively. On June 80, 1898, the traesur-
er's liability to the general treasury fund
was 775,751S6S. with one of $66, 465, 16O sus-
tanned in his capacity as the depository of
public officers, and one of $685. 9S6, Alb for
moneys paid into his hands, but not yet
covered by warrant into the general ac-
count.
In every year. during the period of the
movement Of the crops, there is demand
in the producing, parts of the country for
small notes. By forethought and care, dur
ing the past fiscal year and the autumn fol-
lowing it, an adequate stock of notes of
different denominations was provided, and
the exchange Of small notes for large was
readily made
The outstanding notes of the denomina-
tions Of twenty dollars and under, which
decreased in volume by $11, 522 157, from
Sept. 80, 1896, to the same date in 1897 in
creased by $41, 657,O 37 in the twelve months
ending Sept. 80, 1893 The gold in circula-
ton rose steadily by s4s ,263. in the for
mer Of the two periods, and by 1914, 1853
in the latter. \The total currency Of all
kinds in circulation shows an increase of
$96, 2l9 in the former year and one of
$137, 1854 in the latter, q gain of 1884 294,-
1O3 for the two years.
In answer to inquiries from the West
And Northwest, the treasurer has prepared
a table which shows the amount of capital,
surplus. undivided profits and deposits of
the national banks in the territory north
of the Ohio and west of the Mississippi, in
July, in each of the last three years. The
aggregates for the three periods are, sue
cessively, 1923 979. 746 1918, 479 and $751;
$40 166. While these figures do not show
the resources of this sort in their complete
ness, they furnish irresistible evidence of
the strength which this immense region has
gathered in the instruments of commerce.
THE GOLD BALANCE.
In a chapter in which the treasurer re-
views the history of the net gold balance
in the treasury, he says that prior to Sept.
l, 1898, the highest point which this balance
had ever attained was s219, 49, on April
3, 1883. On June 6, 1898, the amount was
$89, $50 1854, the lowest in fifteen years, or
from June, 1875 BY the exchange of notes
for gold with the banks the net gold ball
ance was brought up to s1eS, s62.23) 10y Aug.
10, 1893. Another minimum mark was
reached Feb l, 1894, at $65, 438, S7S BY the pro-
ceeds of a sale of bonds, amounting TO $685.
660,917 the net gold balance was increased
to $1O7, ,SO2 by March 6. Under reaction,
however it again fell to $54, .6O7 by the
end of July, 1894. Another sale of bonds in
November and December of that year
brought in SOS, 719 no. and the gold balance
on Dec. 4, 1894, was again $1ll1t2,O2l. The
remedy was effectual for only Il brief period,
for on Feb. IL, 1895, the treasury held only
Sal, S40,1a in free gold Again Londs were
sold, for which payments aggregating $65,-
AIS ,O56 were received from February to June
Thus the net gold balance was carried up
to $107 ,591 ,230 by July 8, 1895. Once more the
relief was but temporary, and by Feb. g.
1896, the gold balance had fallen 10 $44 $685.
495. For the fourth time resort was had to
a sale of bonds, which produced, up to June,
Sill, $50, 612 and brought the gold balance up
to a maximum of $128, ,709 from which
point it sank again by July % 1896. to $S9,-
$50 975. Since that month the reserve of
500. 100000 has not been trenched upon.
With some fluctuations, the tendency of
the gold balance has been steadily upward
The sources Of supply have been the mines
of the Northwestern States Alaska and
Australia. with importations from Europe,
the customs and the boards of the banks.
Until the beginning of the calendar year
1898 the receipts of gold at the New York
custom house were a negligible QuantifV
but in March they rose to 17.6 per cent. of
the whole, in April to 52.7 per cent, and
after some fluctuations, reached rs per cent
in September and 7v.S In October. The tend
of gold from banks and individuals in
exchange for paper have been greater than
the resources of the treasury have enabled
ii to accept.
The increasing product of the war revenue
act coupled with the proceeds of the war
that the drain upon 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. / might be pre-
scented for payment on or before Sept. TO-
and that checks for interest on registered
bonds of the same loans would be sent out
on Sept. ~ or as soon thereafter as they
could be prepared. AS a further measure
Of relief circular was issued by the secre-
tary of the treasury giving TO the holders
of $4,000. $50 OF Pacific Railroad bonds which
fall due JAM /. 1899. the option OF receiving
payment of principal and interest in full
less rebate Of ore-half Of per cent The