The times. [volume] (Richmond, Va.) 1890-1903, 1898-11-05
The Treasury Stronger Than at the
Opening of Fiscal Year.
WAR REVENUE AND CIRCULATION
The Financial Operations Have beeh
So Conducted "a Not 10 Disturb the
Money Market NJ Any Time.
Pacific Railroad Bonds

ury for the past fiscal year. The net or
binary revenues OF the government were
s,o5.ggl. 1876. an increase OF $5'.5si6So over
those Of the, previous year while the net
ordinary expenditures were |ij5'Sos'os-' an
increase Of $77.59i.423
The resulting deficiency Of $SS,Oi7A' ex-
ceeds that Of the preceding year by 3d.
s9l7@.
Ip 10 the close Of the fiscal year the IN
crease of the expenditures on account VI
The war with Spain was $i3,oii,i5 for ire
War Department and $-l-o-'7'o lor ''ie
Navy Department
For the four months, July. August
September and October. 1895 the eNpehdl-
lures OF the War Department were slv''-
590 2Gs. being ssl.6l313 greater than Tor
the same months in 1891 For the same
months. this year. the Navy Department
expenditures were 81 1851. which was
Sl60l4.g26 more than II spent IN the lac
period in 1897.
Up to October 31st, the war with Spain
added to the disbursements Of these two
departments the sum Of 1854 @22-S
ON A FIRM BASIS.
Independently OF the prospect OF reve-
nue. or expenditure, the treasurer re-
CARDS the treasury as having been strong
er at the close than at the opening or the
fiscal year, the insignificant shrinkaSe
in the amount Of the assets having Deen
more than compensated for In the I'M
provement which took place In their
character
Against a net loss OF S750O,000 in the
total holdings available for the fiscal
operations OF the government. there was
a cain of upwards of 900 in free
,.-ff a
S28. OOO. 600 in absolutely secured deposits
with banks. and these changes were ef-
fecied at no greater cost than the loss
Of so much in silver and treasury notes.
The total available assets were So'i,-
7el377 on June 80. 1897. and $3.50 GOO. l8t
a wear later BY the addition OF the I'M
available assets carried by the depart
ment these totals are swelled TO SOL
loi. 576 and $500. 20s 9n. respectively
The outstanding notes OF the denomina-
tions Of twenty dollars ana under. which
decreased in volume by Sll522,lol from
september 30. 1896 10 the same date IN
1897 increased by &1,65L0H IN me Twelve
months ending September 80 lS5S.
The gold in circulation rose steauly
by $40. 327.2G3 in the former OF the Two
periods and by S94 j51 ,o59 in the latter.
The total currency of all kinds in circu"
the former year and one Of flS'. s50'N6 In
the latter. gain Of $z5f. pa, i03, for the
two years, ..,.
THE GOLD BALANCE.
In a chapter I'm which the treasurer re-
| viev,s the history Of the net gold balance
| in the treasury. he says that prior 10
| September !. 1895. The highest point wnlch
] tbfs balance had ever attained was S3ls'-
o-q 232. on April 3. 1855 on June D. 1870
| the amount was SS9,5s9.3G4. the lowest IN
| Il wears. BY the exchange OF notes 10y
| gol1 with the banks, the net goid pal
| ance was brought up to sl03so5'z9O py
| August 10. 1893 Another minimum ~, MAJ .l1 K
| ,yas reached February /, 1894 So, 4sS. 5A.
| BY the proceeds OF safe 81 D't ~,
onountin,, 10 SIS. G60. 9l7 the net gold bal
ance was Increased to $lOlii6.so3 by
| March C. Under reaction. however. u
.,poir fell TO s54.975 coz by the end or
! ms. 1894. Another sale of bonds In NO
! venber and December OF that year
! brought IN s5S.7l97l0. and the gold pal
once on December 4. 1894. was asaIn
| s111.142021. The remedy was enectual lot
onlv a brief period, for on February II,
| 1SQ5 the treasury held only Sn,3i1lsl ID
| free gold. Again bonds were Sold LOT
| which payments aggregating So''4-
| were received from February 10 june,
| Thus the net gold balance was cATIIru
ND to SlO7. 59l. 23O. by July s lo''' once
more the relief was but temporary @i'u
: h,, Februorv : 1906 the gold balance had
fallen to Si4.56}. 1913. For the fourth u','e
| resort was had TO the sale Of BOMBS
| which produced. up TO June. Slll,S51 ol2'
| ana brought the gold balance mp 10 a
| maximum of sl2s. 700 from which pom
| II sank bv July % 1896. TO $500 80. Slhc
| tbot month the reserve Of SlnOoVn mas
| NOT been trenched upon. with some
| euctuations the tendency of the soll
| balance has been steadily upward.
WAR REVENUE.
| The increasing product Of the "aj
revenue act. coupled with the proceeds
of the war loan, gave rise to haluta
! onnrebension that the drain upon the
| currency of the country might create a
| etringencv which might be harmful 10
| business. To prevent such a result nouce
! was given that all coupons raining que
! ON October l. might be presenter ioI
| pavment on or after September ~ anu
| that checks for interest on reg 's'o- 20
! bonds Of the same loans Wouio DC
| ont on September 70, or as soon inc
! ortor az thev could be prepared. As a
! further measure OF relei a ci' -
| iesued nv the Secretary Of Treasury s4P-
ia IN the holders of Sl4,OOi,56O OF racine
| ,o7lrnad bonds. which fell due January l.
| 500 the ontion Of receiving payment OIL
! -,~fncinal and interest in full less re
b.te Of one-half of one per cent u,
! same option was afterward eN'enue0
] guocessiveIv 10 October ana NoNeinoe'
| xVho, II became obvious, by the SUDDEN
| 100 NJ bostilities, that the deihanus
mon the treasury would not redch ,h'
| rooqnitude for which provision ia
! nrudcntly been made the secretary ue
| termined 10 deposit large snare ., '"'
proceeds of the popular loan III na''Vr n'
hanks I'm an parts OF the country hl
this nrocoss the funds, while at all times
ovailable for the use of the goNefnHleh
remained in the channels of trade. NJ
holance standing to the credit OF th'
,reasurer on this account on the Slst o
| oc,oher was Se5. 7509O9. The result
,hoee methods of dealing with the sltua
don has been in all respects satisia0''iN
and the immense financial operations %
tbo war have been conducted so ina
,ho money market has been In no &c
80 disturbed at any time inc ohl
HENCE NJ importance In the public deo
was the payment Of S29. >O'so- OF th
| pacific railroad bonds. Inc rehlhihue
of this loan outstanding on June 80 wa
s14.1S3. 800. all of whlch VIII DC pay '''
after January l, 1888.
MORE SUBSIDIARY COIN.
The gradual increase OF the circulation
Of the subsidiary silver coins. whleh ma
drawn down the treasury holdings
them in tho last fifteen year iron
s2e OOO. coo to a little over s.VVO'VVv IN
treasurer says VIII soon mart IL nc. 49,
sary 10 provide further supply Vi I'M
class OF currency
the receipts of National bank notes 10
-o,o,,nt,on for the year amounted 4
| COZ 10 ZOO as compared with 5ll8,5H,e3