The times., 1899-11-06
TEE TRHASURBR'O REPORT
The Condition of the Country S
Finances Reviewed
The Effect OF the New War Revenue
Law on the Largest Government
Receipts on Record with One EX-
ceptfon-RcserVc Fund-Increase Of
Gold in Isc-The Bank Circulation.

treasurer OF the nllel states, mas Deeu
submitted 10 Secretary Gage. The follow
ing summary Of the report has been given
out By the Treasury Department:
The effect of the new revenue laws is
shown in the receipts for the year. in which
there was an increase over 1898 Of S55. 5.55S.
41g from customs. and one Of slo2.53G,5 $50
from internal revenue. The collections Of
internal revenue were larger than those
for any previous year, with the exception
only OF 1866, and the total ordinary re-
ceipts, which amounted TO S5l5. 900, go,
were also the largest on record. with the
same exception The net ordinary eN-
penditures were little over S605. 00q, 600,
an amount exceeded but twice. in 1863 and
1854 There was deficiency OF $50 111,559
IN the ordinary revenues.
Inclusive OF loans and the issue OF notes
and certificates. the total receipts on all
accounts. by warrants were S1.0SS, 45l.340.
and the total disbursements S946,222. .14S.
With the addition Of the proceeds Of the
new per cent loan to the ordinary reve-
nues. there was a fiscal surplus OF $780,,
79l, ,521 for the year The receipts from the
loan began in June 1898. and were closed
4 II.
the Treasury offices IN way which shows
how widely scattered the subscriptions
were and how fairly they represented every
part Of the country or the total OF nearly
S209 000, 600. upwards Of Sl25 GOO 600 came
10 the Office In Washington in the form OF
checks on banks in every part Of the coun-
Try. Nearly S29 .000 was paid in gold,
upwards Of S25. OG0 900 in United States
notes and the rest in other kinds Of money.
BY the improved revenues and the new
loan the Treasury, Notwithstanding the
heavy war expenditures, was placed in the
independent position SO necessary TO the
soUudness Of the financial system of the
country. The change was no less marked
IN the aggregate Of available resources than
in their character. for the gain in the total
holdings was almost entirely in gold. and
the Treasury not only refused tenders
OF gold in exchange for paper, but in
creased the use OF gold in the disburse-
meuts.
Paper Currency In Circulation.
There were in circulation June 30. 1895
$2SG.572. .52s in United States notes. $9S,-
665 $50 in Treasury notes $3s0. .659. .0SO in
silver certificates. ana $223, ,l29, ,T03 in ma
ti0ual bank notes. On June 90 1899. the
amounts were. United States notes, S310,-
54- 349: Treasury notes. $50 SOS 1872 silver
notes. S237 S32 5gz. The paper in circuIa-
tion was thus Increased during the year
by Si3 s2s.5b5. AS a result Of these changes
The Treasury holdings of Government pa
Per fell. between the two dates In United
States notes from So e63 6ST 10 So 27S 657.
in Treasury notes from S2.54l. 700 10 SsI2,-
ass and in silver certificates from ST Se7. p
~ 10 S4.2l6.I61.
BY continuance Of the process OF retir-
ing Treasury notes Of 1890 redeemed in
standard silver dollars. the amount OF
these notes outstanding was reduced dur
ing the year from SlQl 207 $50 TO Sg3.5l $50.
The highest amount outstanding at the
close Of any month was SI53 453. .G24 in No
geUber. 1888. As the silver dollars paid
out for these notes either remained iu cir
culstiol or became the basis for the issue
OF silver certificates. the process involves
10 contraction of the currency. bur only a
change Cf form The reduction Of the total
Of The paper held By the Treasury. from
81 5eZ.I5l 10 2o.497.3l6. was caused by the
payment OF Government obligations 10 pub
JIG creditors and by The receipt Of revenues
IN growing measures in gold coin The
Treasury was thus brought 10 the minimum
Of paper currency required for its daily
business
AS the volume OF Government paper is
restricted The Uaired States notes by
statute and the Treasury notes and silver
certificates by the silver against which
they are issued. the Treasury was obliged
70 decline requests for notes or certificates
except for redemption OF exchange in kind
a liberal supply q small notes was pro
Fiaed and they were always sent out in
kind of redemption Of unfit currency and
IN exchange for large denominations. Every
effort was put forth 10 meet the demands
rF H#r #rrl.r
&C very liberal proportions In conse-
quelce there was a notable increase in pa
per = denominations Of $50 and under
he gold coin in circulation all in
these denominations. steadily increased
from S47S.771,s9G, September 80. 1896. 10
s6sf 81 .Is5 on the same date In 1893 In
the small notes there was a shrinkage Of
Sll52z .l57 from 1896 10 1897. but in the
next year there was an increase of S4I.-
65I.08I ana from 1898 TO 1899 the amount
ran up By SOS 665.a1G. During that year
the increase Of these denominations Of both
gold and paper was $50 SIC 7Ss The total
addition 10 The paper circulation in the
same period was S16l s3s.541. Of which s43.-
ia 225 was in the larger denominations.
The addition 10 the gold in circulation dur
ing The year was S23 slI373. and this added
10 The increase OF the paper outstanding
makes total increase Of $125. .751, Ola
The Movement Of silver.
IN the fiscal year 1885 the ten Tres su7y
Offices paid OUT $40, ,oS2. .I4s in standard si7-
yer dollars. and in 1899. S42. $50 2g6. an in
crease Of 81 200 l4T At the same rine The
receipts Of standard dollars were So gg7 .
s35 u ls+s. and S57 5SI go In 1899. a de-
crease Of SI6,4ZG $50 These chance ind -
cate a growing circulation Of these coins
Previous 10 this year the maximum OF II
ver dollars in circulation al the close Of anv
month was reached iu December 1880 as
the result Of urgent efforts TO promote their
use. when the record was SGI 547.C23 Tn
minimum since that date appears in July
1898, AZ s50,sgs $40. Between July 1895
and july I, 1883 the circulation of thee
coins increased from So. .Z5s 7gl 10 S5s 2Sl q
755- BY September 30 IL had increased SIN
further 20 $Gs 1853 243
The several Offices Of the Treasury to-
Eerher received S3l.4sf-6i7 in fractional
silver in 1885, and 81 5g3 1gs 10 1898 while
they disbursld So 80 80 and $50 1855 S75 iu
the same periods respectively. The es,i-
mated stock OF these coins ranged above
$50 00G0 00N from July 1881 10 august
1888. and during that period the smotut ip
circulation varied from S543ll Jos t0 So
$50 1872 The stock. which has never been
20 high since. was so. ~. 42e June 30. 1885.
and Sc 7f6. 17s June 90. 1859 The amount
IL circulation ran up to SGI.3 267. De
cember. 1892; declined 10 So. 323 IA. July
J. 1885 and increased 10 $70.67J. go. July
J. 1898
During the fiscal year 1858 the Treas
ury received S3.3s6.l01 in copper and nickel