The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-06
THE TREASURER'S REPORT.
EFFECT OF THE WAN RBTENUE Law
ON THE RECEIPTS FOR THE. FEAR.

| Marked Increase In the Receipts and Cir
| culntion of GoId-The Circulation Of
| silver Dollars Reached s78, 49, 6t on
| Nov. I, the Highest Figures on Record.
| WASHINGTON. Nov. 5-The Hon. Ellis II.
| Roberts. the Trels OF the United States. In
| his annual report to Secretary Gage. sums up
the operations Of the last fiscal ycnr by saying
that "a notable activity was exhibited In all
kinds Of currency. with marked increase in
| the use Of gold coin. and in less degree OF
silver coin. while the prosperity OF the country
has at no time left any part OF the Government
notes in the Treasury. above the demands OF
| daily business In Its several offloss.'
| The effect Of the new revenue laws Is shown In
the receipts for the year. In which there was IN
increase over 1898 OF s58 $50. a ~ from customs
| and one OF S102. 500 $50 from internal revenue.
| The collections OF internal revenue were larger
| than those for any previous year. with the ex-
| ceptlon only OF 1896. aud the total ordinary
| receipts. which amounted to S515.a80. 800.
| were also the largest on record. with the Same
exception. The net ordinary expenditures
were little over $jO5. 900. GOD an amount sx-
| cesded but twice. In 1893 and 1894. There
was deficiency OF $50 III $50 in the ordinary
| revenues.
| Inclusive Of loans. and the issue OF notes and
| certificates. the total receipts on oil accounts
by warrants. were 81 OBS. 45l $40. and the total
| disbursements soi8 222.14S. With the addi-
! ton Of the proceeds OF the now per cent loan
to the ordinary revenues. there was a nscal
surplus OF 500. 7o1 .52l for the year. The
receipts from the loan began In June. 1893.
and were closed IN April 1900. They were
| distributed among the treasury Offices In way
which shows how widely scattered the sub
scriptions were. and how fairly they repre-
sented overy part OF the country. OF the total
OF nearly 100000 900. upwards OF sl25. O00.-
900 came TO the office In Washington In the form
OF checks on banks In every part OF tho coun-
try. Nearly 500. OOO.0 was paid In gold up
wards OF SIS 000,O00 in United States notes.
and the rest In other kinds OF money.
by tho improved revenues and the now loan
the Treasury. Notwithstanding the heavy war
expenditures. was placed In the independent
position 40 necessary TO the soundness Of the
financial system o. the country The change
was no less marked in the aggregate Of avaIa-
bic resources than In their character, for the
gain in the total holdings was almost entirely In
gold. and the Treasury not only refused ten
dcrs Of gold in exchange for paper. but In
creased the use OF gold In the disburssm snts.
At the close Of tho year the Treasurer was nc.
eountable for So47. TAG. 394. against which he
held s017. S73a25 In cash and credits. the diff
ference consisting OF funds classsd az unavail-
able
Aside from the issue OF the per cent bonds.
the mos important event affecting the public
debt was tho falling due. on Jan. !. OF tho last
Of the bonds issued for the construction OF the
Pacific railroads. or these. sl3 e7O. 900 were
presented and paid. leaving So. 900 Of the loan
outstanding. nll past due and bearing no in
terest.
PAPER CURRENCY IN CIRCULATION.
There were in circulation June 30. 1893.
s2S6.572.328 in United States notes. SaS. U85,-
$50 In Treasury notes. $500. 1850. 0S0 in silver
certificates. and 1925. l29. 1O3 in national bank
notes. On Juno 30 1899. the amounts were:
United States notes. 1910, 547.34a; Treasury
notes. s22U05.7j2; silver certificates. s4Ol.-
D.343. and national bank notes. $237. 1892
5a4. The paper In circulation was thus in
creased during the year by $40. S2S. 1886 As
result az these changes. the Treasury holdings
Of Government paper fell between the two
dates In United States notes from $34 .Oe3 Gs7
20 Sl5.2Ts.667. in Treasury notes from s2.541.-
700 to $sl24Ss. in silver certificates from
S7.S97. i2i to sI.2l6.l6l.
BY continuance OF the process OF retiring
Treasury notes OF 1890 redeemed In standard
silver dollars. the amount Of these notes out
standing was reduced during the year from
slOl.2O7.2so to s93.5ls.2so. The highest
amount outstanding n the close q any month
was 81 20, 453.629; In November. 1893. A the
SILVER phlu out 1Or tnesc notes either
remained in circulation or became the basis
for he issue OF silver certificates. the process
involve, no co on ,. q the CURRENCY; but
s4i.5oa. III 70 $50. 4o7.sio was caused by tho
creditors and by the recent Of revenues In
growing measure in gold coin, Tn. Treasury
currency required for TIA daily business. g. '''''
As the volume OF Government paper 10 re:
stric,sd. the United States notes by statute and
n art nnat hr
Treasury was Obliged to decline requests for
exchange in kind; 4 liberal supply Of small
notes was provided and they were always sent
in exchange for large dsnomin ations. Every
efrort was put forth TO meet tho demands OF
, business. and these transactions reached very
a notable increase in paper OF denominations
OF $50 and under.
GOLD COIN IN CIRCULATION.
r5 Tht sGs S9n e s.S, sssd ~
notes there va . sh.inknt. o, slI".S2S.1as71
was an increase oi 's4i. 0S7 o37. and ipom 1893
TO lSh' the amount ran up BY s5S.585.4l9.
7sa. The total addition, to the paper circula.
,Gp ,sr p9rGa Ta si1l
ton. The addition to The he, s g, y circulation
MAKES a total incrssse Of si!5E5i 1oia Oh
Much OF the exchange OF currency was made
by deposits with the Assistant Treasurer OF
New York. paid for by other Offices. and chiefly
by shipments to various points from Washing
ton. The total OF the deposits made In New
York under this arrangement was S23. 4S2 600
and the total Shipment. from Washington
Sl6157.0OO. The rest Of the distributions
were made from Chicago. st. Louis and New
Orleans
MOVEMENT OF SILVER.
In the fiscal year 1893 the ten Treasury
ofIlcss paid out S+O,S32. 149 in standard silver
dollars, md in 1922 $40 .532, 2a6. an Increase
Of Sl.70O147. At the same time the receipts
OF standard dollars were $5i. OO703i in 1893
and S3IJSl $40 in 1892. a decrease OF SIG |
426SI. These changes indicate n growing
circulation sOt these coins. Previous to this |
year the maximum OF silver dollars In crcula- |
ton ut tho close OF any month was reached in |
December. 1890. as the resnlt OF urgent efforts !
70 promote their use. when the record wa.
S675470 23, Thn minimum since that date |
appears IN July. 1884, at $50. a59.5+O Between |
July !. 1879. and July |. 1897. the circulation |
Of these coins increased from S57. go 70l to |
Si3 1871 .761 by Sent. 30 IL had Increased still
further to 500 755,243, and by Oct, 30 to SILL |
361 740,
The several Offices of tho Treasury together |
received S3l .4OG.O47 In fractional silver In |
1898 and $40 hi3 100 In 1899. while they dIs- |
bursed S32,S7A.73O and S40lSD.375 In tina |