The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-11-09
NATIONS FINANCES.
Report of Hon. Willis II. Roberts,
United States Treasurer.
The Revenues and Expenditures for
the Year-COst of the War with
Spain-GOId Balance and
Public Debt.

has submitted to the secretary of the
treasury the annual report on the trans
actions and condition of the treasury for
the past fiscal year. The net ordinary rev.
enues of 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, 1865, 5S2, an increase of
$77, 594.423 The resulting deficiency of $685.
047,274 exceeds that of the preceding year
by $19.994, 1893. In the receipts are included
$64, 751, 1923 paid into the trea Sury on ac
count of the Union Pacific and Kansas Pa
cific railroads Out Of them were paid $685.
$50, 1852 of the bonds issued for the construc-
ton of the Pacific railroads, which went
to 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 Sapin was $43,041, 1872 for the
war department, and s24262,4 3S for the
navy department. For the four months
of July. August, September and Octcbsr,
1898. the expenditures of the war depart
ment were $107,52O 1868. being sS1,6l3,1 3l
greater than for the same months In 1897.
For the same months this year the navy
department expended $27, 4595T, which was
s16014,926 more than it 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 $l64,93
22S.
Stronger Than n Year Ago.
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 hscal
year, the insignificant shrinkage In the
amount Of the assets having been more
than compensated for In the Improvement
which took place in this character. Against
a net loss of s7,5O0,O00 in the total holdings
available for the fiscal operations of the
IN of ITyxy q RI
of s26 100000 in free gold, coupled with an
increase of nearly $23.OOO,G00 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 SS74764,3H
on June 30, 1897. and sS39,6O6.736 a year
later. By the addition of the unavailable
assets carried by the department these
totals are swelled to 1904, All SIG and $685.
2O2, GAL respectively. On June 30, 1898, the
treasurer's liability to the general treas
ury fund was SITS, Isl $685. with one of $685.
465, 100 sustained in his capacity as the de-
pository of public officers. and one of $685.
9S6,413 for moneys paid into his hands, but
not yet covered by warrant into the gen.
eral account.
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.
The Circulation.
BY forethought and care during the past
fiscal year and the autumn following 1t an
adequate stock Of notes of different denom-
ina lions was provided and the exchange
of small notes for large was readily made
The outstanding notes of the denomina-
tions of $40 and under, which decreased IN
volume by 11,522,157 from September 30,
1896, to the same date in 1897, increased by
eS1c 01T In ha mn an6Q6 SPntpn-
Der 30, 1898. The gold in circulation rose
steadily, by s49,3 .263 in, the former of the
two periods and by 1874, 551, 059 in the latter
The total currency of all kinds In cfrcu-
lation shows an increase OF $96,539, 249 IN the
former year and one Of $137,755S54 in the
latter, a gain of 1924. lob 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-
posts 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 $923,979746, $9lS,-
252. 479 and $685., S4O,166 While these figures
do not show the resources OF this sort In
their completeness, they furnish 1rreslst-
ible evidence of the strength which this
i'm region mas SdlDeTeu Al Inc III
struments 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 Sep
TENDER /, 1898, the highest point which this
balance had ever attained was $2l9 ,232
on April 3, 1888. On June 6. 1893, the amount
was $S9,5S9,364, the lowest In 10 years, or
from June, 1873. BY the exchange of notes
for gold with the banks. the net gold bal
ance was brought up to SOB, S63, 29O by Au-
gust TO- 1893. Another minimum mark was
reached February 1. 1894. at $65. 43S,SIS. BY
the proceeds of sale of bonds amounting
to S5S, $50, 917 the net gold balance was In
creased to $1O7, 1902 by March 6. Under
reaction, however, it again fell to s54S75,-
COZ by the end of July, 1894. Another sale
of bonds, in November and December OF
that year, brought in $5S.719.7D. and the
gold balance on December 4. 1894. was
again Sill ,142O21. The remedy was eff
fectual for only brief period, for on Feb
ruary IL, 1895, the treasury held only SAL
$40, 1S1 in free gold. Again bonds were sold.
for which payments aggregating $65,42S,
O56 were received from February to june
Thus the net gold balance was carried up
to S1O7, 591, 23O by July s, 1885. Once more the
relief was but temporary. and by Feoruary
g. 1896 the gold balance had fallen to $44.-
$50. 1913 For the fourth time, resort was
had to sale of bonds. which produced, up
to June, $111.355,61 and brought the gold
balance up to a maximum of $12S.713,7O9,
from which point 1t sank again by July Y.
1885, to $50, 669. 975.
Since that month the reserve Of 100000,
600 has not been trenched upon. With some
fluctuations, the tendency OF the gold bal
ance has been steadily upward. The
sources Of supply have been the mines OF
the northwestern states, Alaska and Aus
tralia, with importa tons 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 negligible quantity,
but In March they rose to 17.6 per cent. Of
the whole In, April. to ST. per cent? and
after some fluctuations reached IL per
cent. in September and 1915 in October. The
tenders of gold from banks and individuals
in exchange for paper have been greater
than the resources of the treasury nave
enabled 1t to accept.
The Public Debt.
The only change of Importance IN the
public was the payment of 29,S5O,952 OF
the Pacific railroad bonds The remain n
der of this loan outstanding on June 80
mos s1A 133 EGO all of which will be payable