Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-11-04
KAUFMANN s; CO., Fourth and Broad.
THE COST OF THE WAR.
United states Treasury Gaining
strength-The Popular Loan.

! WASHINGTON, ID. c., November g.
The Treasurer of the United States. Hon.
Ellis II. Roberts has submitted to the
| Secretary of the Treasury the annual re-
port on the transactions and condition OF
the Treasury for the past fiscal year. The
net ordinary revenues of the government
| were S405 321, 33j an increase Of $j75I,630
over those of the previous year. while the
set ordinary expenditures were $44S,S5S'5Sl,
an increase Of S759i.423 The resulting
| deficiency Of S3S. O47, 247 exceeds that of the
preceding year by S19,99i,793.
Up to the close of the fiscal year the in
| crease OF the expenditures on account OF
| the war with Spain was Si80il,732 for the
War Department, and $24. 262 43S for the
Navy Department. For the four months
Of July, August September, and October,
1898, the expenditures OF the War Depart
ment were $1O7, 52O36S, being $a,6lSla
greater than for the same months in 1891
For the same months this year. the Navy
Department expenditures were ST. 1881
which was 6.0l4.926 more than ii spent in
the like period in 1897.
Up to October 3lst. the war with Spain
added 10 the disbursements Of these two
departments the sum Of Sl6i932,22S.
TREASURY GAINS STRENGTH.
Independently Of the prospect of reve-
nue. or expenditure, the Treasurer re-
CARDS the Treasury as having been
stronger at the close than at the opening
Of the fiscal year. the insignificant shrink
age in the amount of the assets having
been more than compensated for by the
Improvement which took place in their
character.
Against a ret loss Of $7,50OOOO in the
total holdings available for the fiscal ope-
rations Of the government there was
gain Of upwards OF S26 1900 in free gold,
coupled with an increase of nearly vs.
600 600 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 $S74,76i,
81 on June 30, 1891 and 1899, G06,7S6 year
late. BY the addition Of the unavailable
assets carried by the department these
totals are swelled to 1904 4Ol,576 and $780,
POP e4l, respectively.
THE CURRENCY.
The outstanding notes of the denomi-
nations of $40 and under. which decreased
in volume by $l1,522. 157 from September
80. 1896 TO the same date in 1897, Increased
by Sal. 657 .037 in the twelve months ending
September 80, 1898.
The gold in circulation rose steadily by
$40. 1921, 1858 in the former OF the TWO Pc
RODS and by $94, SOL, 059 in the latter.
The total currency of all kinds in cir
culation shows an increase OF $go,5SSZis IN |
the former year, and one of $lSl155 So6 IN
the latter. a gain Of 1874 ,l03 FOR the |
two years
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 10
1, 1898, the highest point whlch
this balance had ever attained was VIZ
o59 2S2. on April 3, 1888. on June 6, 1893,
the amount was SSSoSS'S5l, the lowest III
fifteen years. BY the exchange of notes
for gold with the banks, the net gold
balance was brought up TO SlO1, go by
August TO- 1888 Another minimum mark
was reached February l, 1894, $65 43S,S7S
BY the proceeds OF a sale of bonds
amounting to s5S,660 9l7, the net gold bal
ance was increased TO Sl0I46,SO2 by
March 9th. Under reaction, however, II
again fell to s54975,eO7 by the end Of July,
1894. Another sale of bonds in November
and December of that year brought In
,5S. 7l9 40. and the gold Lalasce on De-
,ember 4, 1894 was again Sill, 1902. The
remedy was effectual for only brief pc
Rod. for on February IL, 1885. the Urea
sury held only 81 ,3l0.1Sl in free gold.
Again bonds were sold. for which pay
nents aggregating $65, i2S056 were re-
.eived from February TO June. Thus the
net gold balance was carried up to $lO1,-
81 go by July s. 1896. once more the re-
ief was but temporary, and by February
. 1896, the gold balance had fallen to &i,-
SO 1913. For the fourth time resort was
lad 10 the sale of bonds. which pro-
luced, up TO June il,355.6l2, and brought
he gold balance up 10 a maximum of
l2S. III. 100. from which point II sank by
Iuly Y. 1896. to $50, 669, us. Since that
month the reserve of sl00,00o000 has not
,een trenched upon. With some fiuctua-
ions. the tendency OF the gold balance
las been steadily upward.
THE WAR LOAN.
The increasing product OF the war
-eyenue act, coupled with the proceeds
II the war loan. gave rise TO a natural
that the drain upon the
currency of the country might create a
tringency which might be harmful TO
business To prevent such result. |
,otice was given that all coupons falling
Inc on October LIST might be presented
or payment on or after September 10th,
nd that checks for interest on registered
,onds OF the same loan would be sent out
m September 2oth or as soon thereafter