Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-05-23
EQUAL TO EXPENDITURES
MI. Vanderlips Predictions About Receipts
Verified.
Government Funds on Deposit in
the Banks - Scarcity of
Paper Money.

Fanderlip last week that receipts would
soon balance expenditures at the treasury
has been fully verified by the result Inc
cash balance, which stood a week ago at
500, 9SS. 927 rose Saturday to $264,l1o,3lS,
and the temporary deficit for the month
fell from s2,o4S,s6s to 81 ,411,G5O This i'm
provement took place in the face or the
payment of most of the pensions for the
month and large drafts for interest on the
public debt. The receipts for the week were
about $0,9oo, 600 and the average daily re-
ceipts during May have reached $1.t6i,oo
for each business day. This indicates total
receipts for the month of about $43,5oo,ooo'
in spite of d holiday, in addition to four
Sundays. The customs receipts, which nave
thus far been 81, i5l $50, will be about sio,-
100000 for the complete month Inc IN
ternai revenue receipts, which have heen
s16O44SjO will be about So, 100000 and the
miscellaneous receipts will provide the re-
mainder of the total collections from orai-
nary sources A.,
Philippines has closed most of the large
extraordinary items on account or the span
ish war although many sums are sun que
for the completion of contracts anu the
maintenance of garrisons.
Military Expenses Falling OF.
The expenses of the War Department
have fallen off in marked degree TINS
month, as compared with n pA'i.
for the first twenty days has been N,51oooo'
while the amount for the first twenty Gays
of April was $40. 495, 900. The navy expenses
have Increased for the twenty days from
Il 25o 600 to $1,000. The net reduction
for both departments is about $LW"'.1 ~
and If it is maintained throughout the
month will reduce the increaseu mn, IN ta,a
avnanses on account of garrisons and war
contracts to about $l20oNoo0 per HohIh.
This is not far beyond the proceeds vi
the new revenue law, and the dlr1erehSe -
iikefy 10 be made up by the excess Vi ~
csints under previous laws above the re-
ouirenents of the peace ESTABLISHMENTS
Government Funds in the Banks.
The srrnIus of government funds at pres
| ont is indicated by the fact that the gov
| arpn,ent still has on deposit In the nauohhi
banks $50 2G1 100. This includes apout o.
| ooo 900 to the credit of disbursing olhcels'
leaving about S7s000o0o In the nature nature, %
voluntary deposit to prevent Strih6o"'s "
| the money market. o...., I,aga
| and Treasurer Roberts to reduce SONG ~
| the largest deposits IN the Ne" 'oiH
| hanks especially the City Nauonal anu
| Honnver Rational in order to make gooo
| 70 the treasury the gold surrendered IN Ile
| Philippine payments by dId"ihS II y. -
| mateiy from the money IN the pf I'm: ,nficy
| NOT proposed however, to carry TINS policy
| IN n point which will cause erDarraSSineHt
| in the money market. Inc future dctioh
| Of the department will depend 10 consul
| cradle extent upon the state OF the ieceiPt9
| So lopss as they are about equal to eXpen-
| ditures the banks will not De asked 10
| surrender the public funds IN thelr keepihS.
| If present indications should be dlSappont-
| ed in any manner, and the cash in the
| treasury should decline materially the re-
| serve in the banks would be drawn upon TO
| make il good. This would not operate 10
| rontract the volume of money If the drafts
| upon the banks were not greater than the
excess of disbursements over receipts; me
| probab ility is that the amount in the banks
| will not he materially reduced for many
| weeks after the Philippine payment has
| been covered which will leave the gen.
| eral deposits in the banks at about So
| 900 900.
| Scarcity of Paper Money.
| The treasury would not be compelled to
| call upon the banks for any part of the de-
posits simply for the purpose of increasing
| its net balance. The cash carried Satur-
day included 1926, 45O,773 in gold coin and
bullion $13 $50 $40 in United States notes.
1857 SIG IN Sherman treasury notes. and
| So 500 129 In silver certificates. 1t is the
| scarcity Of paper rather than the need of
| cash which will stimulate reduction of the
| bank deposits II q reduction becomes neces-
| sary. The small margin of paper has been
| giving the treasury officials some anxiety,
| especially in view of the anticipated pres
| sure for small notes when the crop-moving
| season begins. Calls upon the banks for
| the surrender of their deposits will be the
| only available means of obtaining paper to
| meet the demand 1 MS Will pc only WASH
| ing one hand with the other to a certain
| extent, since 1t is the banks principally
which make the calls for paper upon the
| treasury but some increase of paper might
| be possible where 1t Is most needed by call
| ing it in from sections where it is not
| needed
| Decrense in Bank Note Circulation.
| Treasurer Roberts has been endeavorne
| to persuade some of the national banks t,
/, | issue notes for the accommodation of theil
| patrons and to convert issues of twentie.
and higher denominations into notes FOL
81. Several banks have promised to tax,
| this step. but the tendency of the bank
note circulation has been downward upon
the whole for the last two or three months
The total circulation has fallen only from
$243, 80. loo at the close of 1898 to s2f2 2I5.
$50 Saturday last: but the tendency t
withdraw circulation has been much NOR
marked than these figures would indicate
Much of the circulation now outstandin:
is covered by lawful money for the purpos
of retirement and the notes will be can
Celed fast they reach the treasury
1 Tho magnitude of this movement is lndi
/ Gated by the fact that the bonds on deposi
/ 20 secure circulation have fallen from 500.
942, $40 at the close of 1898 to $40 siS9 81
= on Saturday last. This is loss of nearl
. S9.0UO,0tD, of which 81 100000 has occurre,
= | since the close of April,
The deposit of rev per cent bonds {
secure circulation has increased Slightly
| but both classes of per cents have fallen
- | and the new As, of which Sl62, 00U, 900 ar
| outstanding, were on deposit on Saturda
| 60 secure circulation to the amount of onl
, | ST, 80. $50. The occasion of this downwar
| movement was not the redundancy of tn
4 | currency, but the lack of profit upon cir
l | culation under present laws in view OF tn
l | high price at which the bonds fell in tn
| market.
Il | <-
GERMAN PRAISE OF DEWEY.