Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1899-12-14
NATIONAL FINANCES.
The Annual Report Of the Secretary
Of the Treasury.
The REVENUES OF The GOVERNMENT
The Estimated Per Capita Supply Of Money
November 1, 1899, Given ~ 1890
Power Of Needful Expansion Of
Currency Recommended.

port of the secretary Of the treasury
shows the following:
The revenues Of the government from all
sources for the fiscal year ended June 30 1899,
were sjO,yssOO4, The expenditures, were $780,
| 1913, s.. The civil establishment expenses were
G,s7 6sS military establishment, 3? 1851 ,s5t:
naval establishment, $dS 94s lOi; pensions, $3.50,
S9i,9sa; interest on public debt 1885, QS;
postal service slOS, sS.aSi. The deficit was $685.
| III, 800 In addition to the revenues collected
the cash in the treasury increased $Ni,O 5,5l4
by the sale of three per cent bonds Sl9S, 6's 7!O
and from national bank funds deposited in ex-
cess Of bank notes redeemed, t',SA,sA
The revenues OF the government for the cur
rent fiscal year are estimated upon the basis Of
existing laws to be S6i0958, III, and the expend-
itures s6m,a s,il2-a surplus Of $40, 100000. The
revenues for 1891 are 1861, 773,sS aud the esti-
mated appropriations required, exclusive OF
sinking fund, are $685. S5S iiS- an estimated de-
felt Of Sls, OsO, 1914 1t is believed, however, that
congress will be able to. reduce the estimate to
such u point as will bring the expenditures
within the estimated revenues and leave fair
and substantial margin for surplus,
The transactions of the fiscal year were Of
unusual magnitude, the net ordinary receipts
having been exceeded in any like period but
once in 1866 and the net ordinary expenditures
hut thrice, in 1863, 1854 and 1865. Inclusive Of
the amounts involved in the issue and redemp-
ton Of bonds notes md certificates the gross
receipts were 81 81, 45l $40 and the gross ex-
pendilures &46,a22 las
1upnrt nj a. m uunN toni, nluno du riuu thn vnnr
in the composition and distribution Of the stock
Of money The amount of notes and silver cer-
ttcatcs in circulation was increased by $is,8.s,-
SS6, reducing the paper holdings Of the treasury
to the minimum required for the transaction OF
business The outstanding treasury notes Of
1870 were cut down by cancellation or redemp-
ton IN silver dollars from $l0l, ~, 49, to Mi-
bS,.S0 This process. however, did not involve
q contraction of the currency, since the coins
paid out for the notes cit er remained In circu-
lation or were rcdcposited in the treasury for
silver certificates,
In the fiscal year the Offices of the treasury
paid out sis53s 300 in standard silver dollars,
an increase of VI, 700 IA over the previous year
The receipts In the same period were 49, 81 ,Oi0
a decrease Of 1854 1894, The amount estimated
TO be in circulation on the 3Oth Of September
wus TiOl5,;6.
In the aggregate operations of the treasury
the receipts of gold in 1900 amounted TO 376 per
cent of the whole and the disbursements to
SbS7 us compared with 10 .O3 and II. S3 respec-
lively In 1893 While SO large part Of the
treasury's business was transacted in gold, and
while large additions were made to the coin In
ia al Lar al tad 10, hnu
reached TOs,O $50 40 on July /, 1900, the gold
holdings of the treasury have exceeded all pre-
vious records, both In the aggregate and In the
net amount above outstanding gold certificates
The estimated population OF the United States
November t. l,9s was 75,O5p,0OO, and the per
capita supply Of money outside the treasury
was S,l.s7 The estimated population and per
capita supply of money November |, 1899, were
1850, 900 and $5.6 respectively. The commerce
Of the year has been marked by three especially
notable characteri' ties; First a continuation
Of the phenomenal exports Of last year; second,
moderate increase In importalions, md third
the combined imports and exports form the
largest total ever shown by single year In the
history Of our foreign commerce,
The state Of the treasury exhibits adegree Of
financial strength never before equaled 1t
places the government in position more favor
able than has before existed to take any steps
congress my consider wise toward inaugural
ing ne dful improvements IN the currency or
judirious notifications In the banking laws.
There are lwJ points TO which public attention
has long been directed Ind upon which legisla-
tive action has been earnestly desired. These
are, first, the money standard, and second, u
better adaptation Of our currency system TO the
requirements OF expanding trade and industry,
II It be true, as true II undoubtedly Is, that
gold Is now our standard of mon'y values, the
future needs only the assuranc, that II will 10
continue to be- until ~ least the people shall
be so united in their desire I q change therein
as TO be abe TO direct the voice Of both houses
Of congress and secure the approving signature
Of the chief executive. The conf ience that
congress will furnish this kind Of guarantee
has inspired enterprise called capital nto use,
improved the condition OF labor and given new
impetus to oil our energies TO make this IA
yorublc state of affairs permanent the highest
secur v should be given that the common de-
nCminator Of all calculations In value shall re-
main unchanged
While stability In the currency should be
safely guarded, hexibilty-the power Of need
fu expansion must also be provided. The ex-
erclse Of this power, with proper limitations and
restrictions, must be intrustcd to the banks.
There Is no other agency that can wisely ind
efficiently execute 1t. With periodical regular
lily clearly marked, Occurring year after year
with the autnmnal season, bank credits, checks
anddrafts instruments Of exchange, are proved
to be inefficient for the service then required.
The crops are TO be harvested the labor cost paid
The grain and the cattle are to be marketed.
The western bankers and merchants who have
funds or credits ut rest with the bankers In the
finance i ceniers find that checks and drafts
are no; suited 10 the purposes now In question.
The bank credit is oil right per Sc, but the form
In which that credit is evidenced is not conyeni-
ent. Whit they need for these uses Is a form
o! ,r dit instrument easily re 0gnizcd by the
people tpc convenient az TO denomination, and
one which wi pass from hand 10 hand without
being questioned. In short their need Is for
paper money or hard cash. Now, subject 10
ne nit ton. that Of safety u the note holder.
ihlilcr i,1a ntsrf-tv De- uisfc9ardeu--it Is I'M
possible ar anyone 70 name good reason why
the indcb tdncss OF the bunker In this field OF
the exchanges should not he expressed as freely
IN his NOTES q hand Of convenient size, ~ In
one cons lid ted entry 10 The credit Of his feal-
erupon bis b oks Of account
tits precisely at this point that difficulties,
embarrassment and loss are oceasioned. What
would be natursi, economical and effective
operation is by the inhIoItons and restrictions
Of law now made impossible. In a state Of
freedom the extraordinary wants Of the coun-
Try ut harvest time void be largely II not
wholly, met by The conversion Of bank balances,
not available for these general purposes Into
bunk N tes or paper money These, performing
th,ir function. would again return when their
service was ended TO be dgain transformed into
"balances In bank, where, through the medium
Of checks aud drafts, the larger commercial
ilse> would H. the hpttpr servnd