Barre evening telegram. (Barre, Vt.) 1898-19??, 1898-12-07
THEFEDERAL FINANCES
Annual Report of Secretary of the
Treasury Gage.
hiCEIPTS AND EXPENSES,
Is''mated Deficit of One Huuar.,
ana Twelve Million Dollar. For
Current Fiscal Year-Ac.
count Of the War Loan.
'hOh1PTS AND EXPENSES,

Nor. :. Oec' Tine annual re-
yoit OF secretary Gage has been sent Ia
.he speaker Of the house. The report
SHOWS @4S43a3,95S.75 in receipts for the
.n sHa w. year ended June 30, 1898. and
eool'"ol'zol.S5 expenditures for the same
per'oo. showing deficit Of $3s o47. 247. CO.
As compared with the fiscal year 1897
. the receipts for 1898 increased $50 94s .
r 1So'eo. There was an increase OF s77.
os4' 4I3'ZS IN the ordinary expenses ~,
wnicn 1888 was for the military
anu Sz4,262, 43S for the naval service and
$o.3SS.2O3 for pensions.
Inc revenues of the government for
the current fiscal year are estimated At
sen ,s74647.37 and the expenditures at
soss.s74,617.S7, leaving a deficit of SIP.
'oV.Ooo The report continues:
Inc aggregate receipts for the fiscal
year under warrant as shown nv tho
report of the treasurer of the Tinted
states were 73s,549, 255. 20 and the dis
oursements 1927 ,124S0. There was
consequently decrease Of $50, 03s. 1853 60
IN the general treasury balance which
stood at 1861, 700, 23771 at the opening Of
the year and at SITS, Isl ,36S11 at the
c!ose. Besides the ordinary revenues
there were receipts on account of the
pubic debt which swelled the total in
come available in the fiscal operations
OF the government to $4S1 ,612, 255. 20.
Whlle corresponding additions to the or
binary expenditures brought the total
on TINS side of the account up to $543.-
Dol 'lo'so and created a deficiency OF
$6l,9iS,Si0.60 as the net result
Loan Not Included.
These figures, however, do not in
clude any part of the loan Of 5000 ooO,-
600. the proceeds of which had begun to
come in before the close of the year.
though none were formally covered into
the treasury until afterward. On the
side of the receipts is included the sum
OF Ss4, ,223.75, realized from the sale
of the Union Pacific and Kansas Pa
cific railroads, While, on the other hand,
the expenditures are increased by $29,-
850,952. disbursed in the redemption of
Pacific railroad subsidy bonds.
A better view of the results of the
years fiscal operations is afforded by
the changes in the assets of the treas
ury. The total holdings available in
this branch of the business show only
the insignificant falling off from $685.
295, 1929 to 75,747 ,SO317. So unusual a
variance as this between the accounts
of the department and the actual con-
dition of the treasury is due chiefly to
the receipts from the new loan, on the
one hand. and to unexpended advances
to disbursing officers on the other.
The first proceeds of the popular loan
OF 5000 ono, 900 were received on the l4th
of June, and from that date forward
the inflow of money from this source
has been rapid and constant. The total
received up to Nov. was $685.
4l4.1S7.62.
The interest bearing debt July 1, 1897,
included unmatured United States bonds
in the amount Of $847 $780,
900. No material change appeared in
the debt statements in the fiscal year
ended June 30, 1898. but on June 10 a
circular was published inviting public
for 5000, 10000 8 per cent
bonds authorized by the act of June 10, |
1898.
A Widespread Response.
The public response to this invitation
was not confined to any section of the
and during the 30 days pre-
,cribed in the circular as the period for
there were received 232.2 ga
Of $500 and less, accompanied by full
payment for the bonds, and over $4,000,
in sums greater than $500, accompanied
in each instance by deposit of per
cent of the amount subscribed. The to-
tai of subscriptions Of $500 and less was
s10O, 444, $50, and the total in greater
than $500, including certain pro-
posals guaranteeing the loan, amounted
In the aggregate to more than $l,4O0,-
300 900.
The bonds were dated Aug. l, 1898,
and their preparation was carried on as
rapidly as possible. Soon after that
late the department began their deliv-
arv. subscribers for $500 and less being
The first to receive their bonds substan-
tally in the order of the receipt and ac-
centance of their subscriptions. The
delivery of the bonds to subscribers OF
this class was practically completed
about the LIST Of September, though
here are still some undelivered, owing
10 incomplete address or some other IT.
regularity not yet adjusted. I
Before the delivery of the bonds 10
of $500 and less had been
completed the department began the
delivery on account of greater supscrlp-
ions. This has continued to the present
time and is still in progress as sup
,cr,ntions amounting to about 500, Ooo,-
,o0 are still in part unpaid under that
nrovision of the circular of June IL
which provided for payments IN install
nents of 20 per cent at intervals OF ~
lays.