The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-06
Gold So Abundant Part OF Last Fiscal
Year that STEPS Were Taken to
Retard It's Inflow.
NO IDLE PAPER CURRENCY
TREASURY BARELY ABLE TO KEEP
SUFFICIENT FOR ITS OWN NEEDS.
Country Ina Such Prosperous Condi-
tion that All Forms of Money Are
i'm Active Circulation.

WASHINGTON, Nov. 5.-Hon. Elns II.
Roberts, the treasurer Of the United States,
in his annual 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 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 Offices" He says:
The effect OF the new revenue law Is
shown In the receipts for the year, In which
there was an increase over 1885 OF s56. 3.fl9
from customs and s1o2. .5ss53D from internal
revenue. The collections Of internal revenue
were larger than those for any previous
year. with the exception only OF 1865. and
the total ordinary receipts. which amounted
to s5l5.eeo. $40. were also the largest on
record with the same exception The net
ordinary expenditures were little over
seO5 100000. an amount exceeded only twice
in 1863 and 1864. There was a deficiency OF
$ss.1l1. 500 in the ordinay revenues.
Inclusive OF loans and the issue Of notes
and certificates. the total receipts on all ac-
counts, by warrants. were s1.OSs. $40 and
addition Of the proceeds of the new 5 per
cent. loan to the ordinary revenues. there
was a fiscal surplus of 800. 7sl.52i for the
year. The receipts from the loan represented
every part OF the country. OF the total OF
nearly $500. 100000. upwards ot si2s.ooooao
came to the Office In washington In the
form OF checks on banks In every part OF
the country. Nearly s2s.o0c.0oo was paid In
gold. upwards of Sos. coo In United States
notes, and the rest in other kinds OF money
FORCED TO REFUSE GOLD.
"By the improved revenues and the new
loan the treasury, notwithstanding the
heavy war expenditures. was placed in the
independent position necessary to the
soundness of the financial system OF the
country. The change was no less marked
in the aggregate of available resources than
in their character. sor the gain in the total
holdings was almost entirely In gold. and
the treasury not only refused tenders or
gold in exchange for paper. but increased
the use Of gold in the disbursements.
"At the close of the year the treasurer
was accountable for s9f77i6.3s4, against
which he had s9l7 S73.925 in cash and credits.
the difference consisting OF funds classed
as unavailable. Aside from the issue OF the
3 per cent. bonds, the most important event
due on Jan. OF the last of the bonds Is
sued for the construction OF Pacific rail-
roads. OF these sls.e70.oOo were presented
and paid, leaving $1,000 of the loan out
standing, all past due and bearing no in
| terest
There were In circulation June So 1Ss.
s2Ss. 500 in United States notes, $685. $50
in treasury notes, sss0, 90s0 In silver ce--
| tificates, and s223 .12s. .7os in national bank
notes On June 30, 1899. the amounts were:
United States notes, $sl0.5i7.3is; treasury
notes. S92 COS, 1872 silver certificates, s0l s6s,-
si3; and national bank notes. SIS. So ,5sL
, Tfe paper in circulation was thus increased
during rear by $3.50 ,3ss AS a result
/, of thes nges the treasury holdings OF
| govern PAPER fell, between the two
dates. aited States notes. from ssl.oss.-
6S7 to lo2ss.6s7: In treasury notes. from
81 100 to ss12 ASS; and in silver certificates.
from s7Ss7.424 to si.2ls.1s1-
by continuance OF the process Of retiring
treasury notes of 1890 redeemed in standard
silver dollars the amount OF the notes out
standing was reduced during the year from
| Sl01 ,207 $50 to $935ls $50. The highest amount
outstanding at the close of any month was
sl5s 453. .62s, In November. 1899. AS the silver
dollars paid out for these notes neither re-
for the issue OF silver certificates. the pro-
cess involved no contraction OF the curren-
cy, but only change OF form. The reduce
ton OF the total of the paper held by the
| treasury from $4f. 500 .7u TO s20.407. .sls was
caused by the payment OF government obi
cations to public creditors, and by tie re-
| ceipt Of revenues in growing measure in
| gold coin. The treasury was thus brought
/ TO the minimum or paper currency required
| for Its daily business.
INCREASE IN SMALL NOTES
las the volume OF government paper is
restricted-the United States notes by
statute and the treasury notes and silver
certificates by the silver against which they
are lssued-the treasury was obliged TO de-
! cline requests for notes or certificates ex-
| cept for redemption or exchange In kind A
| liberal supply OF small notes was provided
] and they were always sent out IN kind IN
] redemption OF unfit currency and in ex-
! change for large denominations Every ef-
] fort was put forth 10 meet the demands II
business. and these transactions reached
very liberal proportions In consequence
| there was a notable increase In paper or
! denominations Of SO and under
| THE gold coin In circulation. all In these
| denominations. steadily increased from
sf7s. al $50 Sept. 30. 1856. to 500 ssllS5 on ths
same date In 1889. In the small notes there
was a shrinkage OF 81. i57 from 1876 TO
| 1897, but In the next year there was an In
crease OF 81. So. .os7 and from 1855 10 1899 the
| amount ran up by $Ss.e a5s- During that
| year the increase OF these denominations
/ OF both gold and paper was S.5s6. 7S9
The total addition 10 the paper circuis-
| ton In the same period was slol. So. 81. of
! which SaSl7s.2e5 was In the larger denomina-