The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-11-06
HOW THE TREASURY STANDS.
NEW REVENUE LAW BROUGHT IN
CREASED RECEIPTS.


Gave the Treasury IA Fiscal Surplus
of More Than SIOO, ,OOO, ,OOO--Treas-
ury Received Plenty OF Gold ana
the Reserve Is in Good shape.
Washington Nov. 5.-Hon. Ellis H. Rob-
erts, tho 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 a less degree of silver coin,
while the prosperity Of the country has as
no time left any part Of the governmone
notes in the treasury above the demands
of daily business in its several offices"
Continuing he says:
"The effect of the new revenue law ~
shown in the receipts for the year, ln
which there was an increase over 1898 of
| $50, ,553 ll9 from customs and $l02, ,536 $50
| from internal revenue. The collections oe
internal revenue were larger than those
| for any previous year, with the exception
only of 1866, and the total ordinary re-
ceipts. which amounted to $5l5 1920, were
olso the largest on record, with the samo
| exception. The net ordinary expenditures
were a little over $GO5,OOO0OO, an amount
exceeded only twlce-in 1863 and 1864. There
was a deficiency of $780, $50 in the or
binary revenues.
| Inclusive of loans and the issue OF
| notes and certificates, the total receipts
| on all accounts, by warrants, were Sl,03S,-
| i5l, ,340 and the total disbursements were
| $9i6, ,222, 14S. with the addition of the pro-
| Of ba h..
| ordinary revenues, there was a fiscal sur
plus Of S10O,7 521 for the year. The re-
| ceipts from the loan represented every part
| of the country.
| Treasury Needed II.
| "By the increased revenues and the new
| loan the treasury, Notwithstanding the
| heavy war expenditures. was placed in the
| independent position so 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. for the gain In
| the total holdings was almost entirely in
| gold, and the treasury not only refused
| tenders Of gold In exchange for paper but
| Increased the use of gold in the dlsburse-
| ments
"At The close OF the year the treasures
was accountable for $9i7 ,7l6,3 ,39l against
which he held $917S3 925 in cash and cred-
| It's, the difference consisting of funds class
/
Of the per cent. bonds. the most import
ant event affecting the public debt was the
| falling due, on Jan /, OF the last of the
| bonds issued for the construction of tho
| Pacific railroads. OF these, $l3. go 900 wers
presented and paid, leaving $4,000 of the
loan outstanding, all past due and bear
| ing no interest.
| There were In circulation June 80 1893.
| $2S6 572 ,329 In United States notes, sos G65 :
| $50 In treasury notes $500 $685. ,0s0 in silver
certificates ana s223, ,129 7O3 in national banl1
| notes. On June 30, 1899 the amounts were:
| United states notes, $50 5i7,3 treasury
| notes, $92, 605,792; silver certificates slOi-
| S69,3i3 and national bank notes S237 832..
| 594. The paper in circulation was thus
| increased during the year by Si3 S28 2s6
| by continuance of the process of retiring
| treasury notes OF 1890 redeemed in stand-
! ard silver dollars, the amount of these notes
outstanding was reduced during the year
| from $l01, ,2J7 2S0 to $93 ,5l8 280. As the sil-
| yer dollars paid out for these notes either
| remained In circulation or became the ba-
| sis for the issue of silver certificates. the
process involves no contraction of the cur
| rency, but only change Of form.
"As the volume of government paper is
restricted, the United States notea
by statute and the treasury notes
and silver certificates by thu
silver against which they are is-
sued, the treasury was obliged to decline
requests for notes or certificates except
for redemption or exchange in kind. Al
liberal supply of small notes was provd-
ed, and they were always sent out in kind
In redemption Of unfit currency and In ex-
change for large denominations.
Status OF Gold Coin.
1.-THE gold coin in circulation, all in thes
denominations, steadily increased from
$478, III. .l9O Sept 30 1896, to $646561 ,1S5 on
the same date in 1899. In the small notes
there was shrinkage OF $l1 ,522 l57 from
1895 TO 1897, but in the next year there was
an increase of $i1, ,G57 037. and from 1893
to 1899 the amount ran up by $50 ,eg5, 4i6.
During that year the increase OF these de-
nominations of both gold and paper was
Ss2, ,576 .789. The total addition to the pa
per circulation in the same period was
$101 1854. The addition 10 the gold n
circulation during the year was SO 911 ,373,
and this added to the increase of the pa
per outstanding makes a total increase Of
$l25 751 .O14.
'In the fiscal year 1898 the ten treasury
Offices paid out $40, 1872, 149 In standard sill
yer dollars, and in 1899 a2,532,296, an in
crease of 81 ,70J,1H Al the same time the
receipts of standard dollars were S540N,-
934 In 1898 and S37 $751; 90 In 1899, decrease
Of 6426S9l. These changes indicate a
growing circulation of these coins.
From the end of 1887 to July, 1893. the
receipts of gold In New York from Gus
toms were less than 10 per cent; then for
seven months they ranged from 581 to II
per cent. After January, 1894, the propor-
ton Of gold was nominal. but in Deeem-
ber, 1897, It was 9.7 per cent and then
rose rapidly to 7s per cent. in September,
1885, and to 9l.5 IN September, 1899. The
percentage Of gold for the whole fiscal
year Of 1895 was 20.4; for 1899, 1876
1.-THE increase in the receipts of gold
from customs was not exceptional, for a
like growth has taken place in all gov
ernment transactions.
Large Treasury Holdings.
"whie disbursements Of gold have been
50 heavy the holdings of the treasury in
coin and bullion have surpassed an pre-
vious records, both in gross amount ard
in net excess over outstanding certificates.
The former gross maximum Is found in
September 1888 at S332, ,55l, ,G0G and the next
maximum before 1898, was s21s S1S z53. in
March OF the same year. On June 3d. 1888,