The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-11-04
CONDITION OF TREASURY
/ Deficiency Il ssSOl7,ll7 Is Shown for
Fiscal Yesr.
SPENT s77,s0aooeMORE THAN LAST YEAR
Not IncIuding the Expenses OF the
war--F'unds Deposited In Hanks
10 Prevent Congestion.

Washington, November 3--The treasurer
Of the United States, Hon H. Roberts
has submitted to tho secretary OF the
treasury the annual report on the transac-
lions and conditions OF the treasury for
the fiscal year. The ordinary revenues OF
the government we're s450,32l, 355 an in
crease of s57,5s7, $50 over those OF the pre-
vious year, while the net ordinary expendi-
lures wcra s443, 49,, 5S2. an Increase OF s1a-
b49423 The resulting deficiency Of S3s,-
047, 247 exceeds that OF the previous year by
S1o,99i.793.
Up 10 the close of the fiscal year the in
crease OF the Expenditures on account OF
the war with Spain was si3.0il,752 for the
war department and 2i,262,ssS for the
ravy department.
For the four months. July, August, Sep
TENDER ard October, 1898, the expenditures
OF the war department were Sl0l,52O, 3GS,
being SSl,6l3,1S1 greater than for the same
months In 1897. For the same months this
year tho navy department expended S2I.-
a59.57T, which wtas 1904 .926 more than II
spent in the like period in 1897, Up TO DC
tober 81 the war with Spain added 10 the
disbursements of these two departments
the sum OF s164,93222S,
indepe Idently of the prospect OF reve-
nue. or expenditure, the treasurer regards
the treasury as having been stronger at
4 the close than at the opening o. the fiscal
year, the insignificant shrinkage In The
amount OF the assets faaving been more
than compensated for in the improvement
which took place in their charactcr.
Against net loss Of 81 100000 In the total
holdings available for the fiscal operations
OF the government, there was a gain OF up
ward OF s66,0oo.ooo IN free gold, coupled
with an increase of nearly s23,0O0,U00 In
absolutely secure: deposits with banks
ana these changes were effected at no
greater cost than the loss of so much in
silver md treasury notes.
The total available aesets were sSI4 1884,
ar on June 30. 1897 and $3.50 6O6, 1876 year
later By the addition OF the unavailable
assets carried by the department these
totals are gwelled to $90i, al $40 and $780,
201941 respectively.
THE total currency of all kinds In cir
culation shows an increase of 500 539, 2i9
in the former year and one OF slS7.755,s 5i
I'm the latter. a gain OF s2Si,29i, 1903 for tine
two years.
In a chapter In which the treasurer re
views the history Of the net gold balance
in the treasury, he says that prior to
September l, 1898, the slightest point when
this balance had ever attained was s219,-
o5a,2s2, on April :. 1883. on June 6, 1893,
the amount was $50, 5S9. 36i. the lowest in
With some fluctuations the tendency OF
the gold bhiance has been steadily upward.
The sources OF supply have been the mines
OF the Northwestern States, Alaska and
Australia, with imporAati5ns from Europe
t<e customs and the boards OF tho banks
The tenders OF gold from banks and in
divtduals in exchange for paper have been
greater than ths resources of the treasury
have enabled il to accept
The product OF the war revenue net,
coupled with the proceeds OF the war loan.
gave rise to natural apprehension that
the drain upon the currency OF the coun-
try might create a stringency which would
De harmful to business, To prevent such A
result, notice was given that all coupons
due on November might he presented for
payment on or after September 10 and that
checks for interest ON registered bonds of
the same loans would be sent out on Sep
TENDER 20 or as soon thereafter as they
could be prepared
As further measure OF relief circular
was issued By The secretary OF the trens-
ury giving to tls> holders OF sl4, 0O4 800 OF
Pacific railroad bonis. which fall due Jan
vary l, 1873, the option Of rccaivipE pay
r,ent Of principal and interest In full, less |
a rebate OF one-hal OF I per cent The |
Same option Was afterward extended sue |
cessiyely TO October and November.
Nhen II bseanic obvious, BIZ the suddsn |
close OF hostilitles, that the demands upon
the treasury would not reach the lnaguitude
for which provision had pruiontly been
made. the secretary determined 10 dsposlt |
large share Of the proceeds OF the papu. |
lar loan in National banks in all parts |
or the country. BY this process the funds, |
while at all times available for the uss oil |
the government Remained in tho channels |
OF trade. The balance standing to the |
credit OF the treasurer on this account on
the 3lst OF October was S)5 10000 The
result OF these mathods OF dealing with
the situation has been in all lpspects salts
factory and The immense financial opera
mons OF the war have been conducted so
that the money markets have been In no
degree disturbed at any time.
The only change OF Importance In the
public debt WAS the payment OF $2a, $50 ,962
OF the Pacific railroad bonds Tho re-
mainder OF this loan outstanding on Juns
80 was Si,1as,56o all of which will be
payable afler January I, 1899
The gradual increase OF the circulation
OF the subsidiary silvgr coins which has
Drawn down tho treasury holding OF than
In the last fifteen years from Sos, 900 90
TO little over $4,000 900 VIII soon make
II necessary to proyds further silpplv
OF this class Of currency.
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