Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-11-06
MR.. ROBERTS, REPORT
Increased Receipts of Gold by the Gov
eminent.
Popular Demand for Paper Moncy-Is-
sue of Gold Certiacntes-POwer
of the National Banks.

Ellis H Roberts treasurer of the United
States. says in his annual report:
The effect Of the new revenue laws Is
shown In the receipts for the year. In
which there was an Increase over 1875 OF
Sc $50, 40 from customs. and s1O2, 536, $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 receipts,
which amounted to s515, U.620. were also
the largest on record with the same excep-
ton. The net ordinary expenditures were
little over SG'J. OoO, 900, an amount exceeded
only twice in 1863 and 1864. There was
deficiency OF SS9111 $50 in the ordinary
revenues.
Increase In Paper.
There were in circulation June 80, 1898,
s2S6, 5T2. $50 in United States notes $685.
$50 in treasury notes, $500, 6;i9 ESQ in silver
certificates and S223. 129, 7O3 in national bank
notes. on June 80, 1899. the amounts Were
United States notes $310,54I ,349; treasury
notes S12 GgI5 Tg2; silver certificates, $401,-
500 343. and national bank notes. S2S7, 49,
594 The J~per in circulation was thus in
creased during the year by S43, S2S.5S6. AS
q result of these changes the treasury hold
iI,gS OF government paper fell between the
two dates in United States notes from
s}4 Otzi. $50 to $15.2Is,667. in treasury notes
from $2541 700 to SI12, 4SS, and in silver
% -
BY continuance Of the process of retir-
ing treasury notes of 1870 redeemed in
standard silver dollars the amount of these
notes outstanding was reduced during the
year from S1U1 $50 to s93,J1S,2So.
Appeal for Paper Money.
As the volume of government paper is
restricted. the United States notes by stat
ute and the treasury notes and silver GER
tifcates by the silver against which they
hit H.
cline requests for notes or certificates ex-
cept for redemption exchange in kind.
liberal supply of small notes was pro-
yided, and they We're always sent out in
kind in redemption of unfit currency and
In exchange for large denominations. Ev-
cry effort was put forth TO meet the de-
niands of business. and these transactions
reached very liberal proportions. In conse-
Quence there was notable increase in
paper OF denominations of $40 and under.
Right to Increase Bank Notes.
With reference TO the appeals for notes
and certificates which the treasury has had
to refuse. because it had already gone TO
the limit Of its powers. Mr.. Roberts points
out that the existing national banks CT
the United States have the right, under
their charters, to add S345, 900. 4t3 to their
circulation. OF this, 800 1s1.6s0 would go
TO the city Of New York and S15, 92J, 100 to
Chicago. from both of which places there
treasury for paper. In face of the asser-
ton that the far western states are suffer-
ing for want of currency. their own banks
could issue additional notes to the amount
of SIS 2SJ. 2i5. The treasurer offers no criti-
cism upon the banks but puts 1t TO them
whether their sphere ends with cent per
cent. or involves also an obligation of ser
vice 10 the community. He continues:
Although there was an increase of $13.-
ObD,Ht in the volume of national bank
notes outstanding, the redempttons at the
treasury were less by $1.0OOOO0 than the
year preceding. Deposits amounting 10 $23-
699,616 We're made for the retirement of
notes. and the balance Of this fund in the
treasury was increased from $50 1913 147 to
s;65.s17.:}S1. The cost of maintaining the re-
demption system. including the charges paid
for transportation, was Sl21.2 which sum
has been assessed upon the banks at the
rate of $1-34611 for each $1,000 redeemed
Issue of Gold Certificates.
"On August :. 1899. was resumed the is
sue Of gold certificates. after an almost
uninterrupted suspension from April ii,
1Sa3. during which the amount in circu-
latiou was reduced to SO. 5sI,349. BY the
end Of October this amount had been in
creased to sI27, 593,5l9. Within this period
the treasury paid out s15G. G52. $40 of the
certificates, of which SS3,Gi3. 800 were for
gold coin and So. 9S9, 42O We're in current
disbursements. while So, O22 $50 We're re-
turned 10 the treasury in the receipts. The
rapidity Of the outgO is notable, we'll
as the proportion Of the denominations I'M
der 81 900
Heavy Gold Receipts.
The treasurer says regarding the heavy
receipts Of gold:
In the fiscal year 1898 gold coin was
taken for 1908 per cent Of the receipts
amounting 10 s2076. 1876 s7. and given for
I1.SS per cent Of the disbursements, amount
ing to g. 1875 973. OI3. In 1899 the receipts OF
chr g md
disbursements OF S2.371, 2S3 go, showed 80 81
Der cent in gold coin. For the quarter end
ing September 80 gold formed 3s.j per cent
Of the receipts ard 352 per cent Of the dis
bursements. For twenty-one years there
has been a natural and healthy increase OF
gold in circulation.
While disbursements Of gold have beer
so heavy. the holdings OF the treasury il
coin and bullion have surpassed all pre-
Vious records. both IN gross amount and il
net excess over outstanding certificates
The former gross maximum Is found in
September. 1855 at S332. 55l .3U6. and the net
max mum before l>!sS was S2lS SIS 2.S3. in
March Of the same year On June 30. 1S.,S
the gross gold in the treasury was s2O2 s25.
0i9. and the net S16T .0o4 40 These figures
rose TO S}53, o7l2,3SD gross and s2j4 32s sd
net. September 81. 1899 These statistic
make plain tendency to an increase in the
use Of coin Of all kinds. On October J. 1899
the estimated amount of gold in circulation
was 33.l per cent u all the currency and
the gold In the treasury was IA per cent
Of the United States notes and treasury
notes outstanding"
The Gold Reserve.
These resources. the treasurer suggests
would make It easy 10 establish a perrna.
nent and adequate gold reserve. He points
out that while the reserve of s19o o0o. 0sl
several times has been trenched upon under
pressure Of necessity. the trust funds SCI
apart for specific object, as the goIC
pledged for gold certificates. and the stand
ard dollars for silver certificates have al
ways been kept intact. A fund Of $3.50 go
"H devoted by law 10 the purpose. with {
provision that the notes once redeemed II
gold should not be paid out again. excep
for gold, would be self-sustaining. anC
would prove a perpetual guarantee o
safety.
SURGEON RAFTER EXPLAINS.