The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-11-04
Report Of the Treasurer Of the
United States.
THERE'S A BIG DEFICIT
1t Exceeds hat of the Proceeding
Year by 1e.ee4. 7e3-The War
With Spain Cost s1e4.e32.-
228 Up to Oct. 81.

efts, mas submitted 10 the secretary Oh
the treasury the annual report on the
transactions and conditions OF the
treasury for the past fiscal year. The
net ordinary revenues Of the govern
ment were s4o5, 321 1896. an increase Of
S57 ,597. $50 over those OF the previous
year. while the net ordinary expenses
were s443. 36s. $50, an increase OF s77. 594.-
423. The resulting deficiency of $685.
047, 247 exceeds that Of the preceding
yea by $40. 994. 1913.
In the receipts are included s64. ISL. 223
paid into the treasury on account of
sas Pacific railroads. Out of them were
paid S29. $50. 952 of the ond issued for
the construction Of the Pacific rail-
roads. which went to increase the ex-
penditures.
Up to the close Of the fiscal year the
increase of the expenditures on account
OF the war with Spain was $43 .041. 1872
for the war department. and s24. 262. t3s
for the navy department. For the four
months of July, August. September and
October, 1898, the expenditures Of the
war department were fl07 $50. 1858. being
ss1. 613. 131 greater han for the same
months In 1897. For the same months
this year the navy department expend-
ed $27. 457.577. which was SIG, Ola, 026 more
than II spent In the like period In 1897.
Up to Oct. 81 the war with Spain added
to the disbursements OF these two de-
partments the sum of 1854. 1872, 22S.
Independently Of the prospects Of rev.
enue or expenditure the treasurer re-
CARDS the treasury as having been
tronger at the close than at the open
ing of the fiscal year. the insignificant
s~hrinkage 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 81. $780, 900 in the total holdings
available for the fiscal operations of
the government. there was a gain of
upwards of $3.50 o 900 in free gold.
coupled with an increase Of nearly s23,-
600. 900 in absolutely secured deposits
with banks. and the exchanges were
effected at no greater cost than the loss
of so much in silver and treasury notes.
The total available assets were ss74.-
764.377 on June 30. 1897. and $3.50, SOC. 1856
a year later. BY the addition of the
unavailable assets carried by the de-
partment. these totals are swelled to
1904. al .776 and sS49. 202. 941. respectively.
On June 30. 1898, the ~treasurer's liabil-
ity to the general treasury fund was
s575, 751. 36s, with one OF $50. ass. 100 us
tained in his capacity as the depository
Of public offices and one of sec, $50. 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 crops. there Is a de-
mand In he producing parts of the
country for small notes. By fore
thought and care. during the past fiscal
yea and autumn, an adequate stock of
notes on different denominations was
provided and the exchange of small
notes for large was readily made.
The outstanding notes of the denom-
ination of 500 or more which increased
in volume by s11. 522. 157 from Septem-
Der 80. 1896. to the same date in 1897.
increased by s41. 651 .037 i'm the twelve
months ending September 30. 1898. The
gold in circulation rose steadily by
$40. 1921. 263 in the former OF the two pc
RODS and by s94. SOL. 059 in the latter.
The total currency of all kinds in circu-
lation shows an Increase OF $50, 939. 249
in the former year and n of $137 49,
S35 i'm the latter, a gain of 1924. 294. l03
for the two years. In answer to inquir-
les from the West n Northwest, the
treasurer has prepared a table which
shows the amount of the capital, sur
plus, undivided profits and deposits and
deposits Of the national banks in the
territory north of the h and west OF
the Mississippi, in July in each of the
last three years. The aggregates for the
three periods are successfully 1928 3d.
746. s9ls. 254.4 and 1857 $40. 166. While
these figures do not show the results in
completeness. they furnish irresistible
proof of the strength which this i'm
mense region has gathered In the in
struments of
In a chapter in which the treasurer
reviews the history OF the net gold
balance I'm the country, he says that
prior to Sept. I. 1898. the highest point
which this balance had ever attained
was s219. 059. 232. on April 3. 1885. on
June 6. 1898. the amount was SIS, 1854,
the lowest in rs years years, or from
June, 1873. BY the exchange of notes
for gold with the banks. the net gold
balance was brought up to s103. s63. go
by Aug. 10. 1898. Another minimum
mark was reached Feb. 1. 1884. at S65.-
ass. 37s. BY the proceeds OF a sale OF
bonds amounting to SIS. $50. 81, the net
gold balance was increased TO sloI,-
4i6. 500 by March 6. Under reaction,
however, IL again fell to s54. s75.6o7 by
the end of July. 1894. Another sale of
bonds in November and December OF
that year brought In SIS. 49, 10 and the
gold balance on Dec. 4. 1894, was again
siii. 142. 021. The remedy was enectual
for only a brief period. for on Feb. ii.
1895. the treasury held only Sal $40. ISL In
free gold. Again bonds were sold. for
which payments a~egregating . o,4ze,-
o5s were received from February to
Juno Thus the net gold balance was
carried to s1o7. 591 go by July 8. 1895.
Once more the relief was but tenn
porary and by February s. 1896. the
gold balance lao fallen to sA 1858. 4s3.
For the fourth time. resort was had TO
a sale of bonds which produced. up 70
Jun sil1. s55. 6l2. and brought the gold
balance up to the maximum of $l2s.-
rs. 700. from which point II sank again
by July %. 1896. to SIS. 6se.s !5. since
that month the reserve of 500. 900. 900
has not been i~ntrenched upon. With
some fluctuations. the tendency OF the
gold balances has been steadily up
ward. The sources of supply have been
the mines of the Northwestern states.
Alaska and Australia with importa-
tons from Europe. the customs and
the boards of the banks. Until the be-
ginning Of the year 1888. the receipts of
gold at the New York customs house
were a negligible quality. but by March
they rose 20 l..s per cent OF the whole.