The true northerner., 1898-11-09
FINANCES OF THE NATION
Ellis h. Roberts, Treasurer of the
United States, Makes His An
nual Report.
COMPLETE REVIEW OF THE FISCAL YEAR
War with Spain Adds to the Expenses
Net Deficit Amounts TO S3s,O47,-
247-The Treasury Is I'm Good shape
The Gold Reserve-The Circuis-
tion-Bank Statistics.

Washington, Nov. L-The treasurer OF
the United States. Hon. Willis II. Roberts
has submitted to the secretary or the
treasury the annual report on the trans
actions and condition of the treasury for
the past fiscal year. The net ordinary rev
enue~ or the government were $4O5, ,321. 1885,
an Increase of $57, ,597, $50 over those of the
previous year. while the net ordinary ex-
penditures were $443. .36S. $50, an increase OF
W,5S4423. The resulting deficiency Of $685.
O4I,N4 exceeds that OF the preceding year
by Sls,s94.793. In the receipts nre included
$64, 75l, ,223 paid into the treasury on ac-
count of the Union Pacific and Kansas Pa
cihc railroads. Out OF them were paid s29,-
SbO.952 OF the bonds issued for the construc-
uon OF the Pacific railroads. which went
10 increase the expenditures.
War 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
wa department, and $A, ,262,4 ,43S for the
navy department. For the four months
of July, August, September and October.
1898. the exp enditures of the war depart
ment were sl07. .520. 1868. being S1,6l3,1H
grI ,ter-than for the same months in 1897.
Fo i'd % same months this year the navy
dep4 tment expended $27, .577. which was
Sl6014,926 more than II spent In the like
period in 1897. Up to October 81 the war
with Spain added to the disbursements OF
these two departments the sum Of sl64.9S
2A
Independently OF the prospects OF rev.
enue or expenditure the treasurer regards
the treasury as having been stronger at
the close than at the opening Of the fiscal
year, the Insignificant shrtnkage In the
amount of the assets having been more
than compensated for in the imp rovement
which took place In this character. Against
a net loss OF N,500.00o In the total holdings
available for the fiscal operations of the
government. there was a gain of upward
faf In FREE eynId nlad xxit
increase of nearly $23. 600 900 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 Circulation.
BY forethought and care during the past
fiscal year and the autumn following 1t an
adequate stock OF notes of different denom-
nations was provided and the exchange
OF small notes for large was readily made.
The outstanding notes OF the denomina-
tions Of 500 and under, which decreased in
volume by $11,522,157 from September 10,
1886, TO the same date in 1897 increased by
s41. .657, ,037 In the II months ended Septem-
Der 30, 1898. The gold in circulation rose
steadily, by 1892, 1853 in the former OF the
two periods and by s94. SOL ,059 in the latter.
The total currency Of all kinds In circu-
lation shows an increase Of SOC. $780, 249 in the
former year and one OF $1S755.S54 In the
latter a gain of 1924. .294.l l03 for the two
years.
National Bank Statistics.
In answer to inquiries from the west
and northwest the treasurer has prepared
a table which shows the amount of the
capital. surplus. undivided profits and de-
posits OF the national banks in the territory
north OF the Ohio river and west OF the
Mississippi In July in each OF the last
three years. The aggregates for the three
periods are successfully 1923, ,979, 746. S9lS.-
p52 470 and 1887 $40, ,166 While these figures
a sho ha
their completeness. they furnish irresist-
ible evidence OF the strength which this
immense region has gathered In the In
struments OF commerce.
The Gold Balance.
In chapter In which the treasurer re-
views the history OF the net gold balance
in the treasury he says that prior to Sep
tember /, 1898. the highest point which this
balance had ever attained was s2l9059 232
on April 3. 1888. On June 6. 1S93 the amount
was $50. $50. 1864. the lowest In Is years. or
from June, 1873 BY the exchange OF notes
for gold with the banks. the act gold bal
ance was brought up to sl0S s63. .2SO by Au-
gust 10. 1893 Another minimum mark was
reached February l. 1894. at s65. 43S. .378. BY
the proceeds OF a sale OF bonds amounting
to SIS, ,660, ,917 the net gold balance was In
creased to s107. .SO2 by March 6. Under
reaction, however. II again fell TO sa.T5,-
COZ by the end of July. 1894. Another sale
of bonds. In November and December OF
that year brought in $5S.7l9.710. and the
gold balance on December l. 1894. was
again Sill, OIL The remedy was ef-
fectual for only a brief period. for on Feb
ruary IL. 1895. the treasury held only SAL
$40, 0,1a In free gold. Again bonds were sold, |
for which payments aggregating $685. 42S.-
056 were received from February to June. |
Thus the net gold balance was carried up
to $l07, ,59l. .230 by July g. 1895. Once more the |
relief was but temporary. and by February
S, 1885, the gold balance had fallen to S4.- |
663, 493 For the fourth time. resort was |
had to a sale of bonds. which produced. up |
to June. S111 1856. 612. and brought the gold |
balance up 10 maximum OF S128. 73. 700, |
from which point IL sank again by July q |
1896, to SIS. .669. .976
Since that month the reserve OF 800, ,0O0,-
600 has not been trenched upon. With some |
fluctuations, the tendency Of the gold bal |
ance has been steadily upward
The Public Debt.
The only change OF Importance in the
public debt was the payment of s29. $50, 1852 of |
the Pacific railroad bonds. The remAln- |
der OF this loan outstanding on June 80 |
was S14. .133. $50. all OF which will be payable |
after January L 1899,
-
Russians Follow Britain's Example.