The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-11-06
THE CURRENCY CONDITION
1NNUAL REPORT OF TREAS. ROB-
ERTS TO SECRETARY GAGE.
A Notable Activity Exhtbited-nlarked ed
I'm Use OF ofStlver-Effect ofNcw Revenue

! lions.
Washington, Nov. 5.--Hon. Ellis FL.
Roberts, the treasurer of the United
States, in his report to Secretary Gage
sums up the operations of the last fiscal
year by saying that "A notable activity
was exhibited in all kinds OF currency,
with a marked increase In the use of
gold coin, and in a less degree of silver
coin, while the prosperity of the coun-
try has at no time left any part of the
government notes in the treasury, above
the demands of daily business in it's
several Offices.
He says: The effect of the new revenue
laws is shown in the receipts for the
year in which there was increase over
1898 of over $50, ,553, 419 from customs and
of $102 536,520 from internal revenue.
The collections of internal revenue We're
larger than those for any previous year
with the exception only of 1866 and the
total ordinary receipts, which amount
ed to $515, ,960, 500, were also the largest
on record, with the same exception.
The net ordinary expenditures were a
little over $605, 000,000 an amount ex-
ceeded only twice-in 1853 and 1864.
There was deficiency of $50, Ill ,559 in
the ordinary revenues
Inclusive of loans and the issue of
notes and certificates the total receipts
on all accounts, by warrants, were ST.
03S, 451 $40 and the total disbursements
S946, ,222,14S With the addition of the
proceeds Of the new per cent. loan to
the ordinary revenues there was fis-
cal surplus of 800, ,791. .521 for the year
The receipts from the loan represented
every part of the country, Of the to-
tai of nearly $200,000,000 upwards of
$125, 900, 900 came to the Office in Wash
ington in the form of checks on banks
in every part of the country. Nearly
$29, 100000 was paid in gold, upwards of
$25, ,oO0, 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 plac-
cd in the independent position so neces-
sary to the soundness of the financial
situation of the country. AT the close
of the year the treasurer was account
able for s947,A 1884, against which he
held $917 s7S,925 In cash and credits, the
difference consisting of funds classed
as unavailable. Aside from the issue
of the 3 per cent. bonds, the most i'm
portant event affecting the public debt
was the falling due on January /, of
the last of the bonds issued for the
construction of the Pacific railroads.
OF these $l3,970 900 were presented and
paid, leaving $4,000 of the loan out
standing all past due and bearing no
There We're in circulation June 30
1898, 1896, ,572,329 in United States notes,
500 ,565, $50 In treasury notes, 1890 659,0S0
in silver certificates and s223, 1923, ,7OS in
national bank notes. On June 80, 1899,
the amounts We're: United States notes
1910, 547, ,349 treasury notes $92, sos, 792
silver certificates s40l 6s9943, and ma
tional bank notes S237 ,S32,5 ,594 The pa
per in circulation was thus increased
during the year by $43, S2S, 1856. AS a re-
suit of these changes the treasury hold
ings of government paper fell between
the two dates in United States notes
from $34 O63 6s7 to 15,272667 in treasury
notes for s2,541, 700 to sS12,4s6 and in
silver certificates from $7.7S6, 294 to $4,-
216,161.
BY continuance of the process of re-
firing treasury notes of 1890 redeemed
in standard silver dollars the amount
IF these notes outstanding was reduced |
during the year from $101, ,207 ,2S0 to $685.,
j1S, 2SO. The highest amount outstand-
ng at the close of any month was $153,-
t53, 629 in November, 1893 AS the silver |
1olar paid out for these notes either in |
circulation or became the basis of is |
sue Of silver certificates the process in
toves no contraction of the currency !
,ut only change of form. The reduc-
ion of the total of the paper held by |
he treasury, from $44 502 791 to $2O,407.-
16, was caused by the payment of gov
obligations to public creditors,
md by the receipt of revenues in grow
ng measure in gold coin.