The San Francisco call., 1899-11-06
CONDITION Of
THE TREASURY
Country Prosperous and
Using More Gold.
Special Dispatch to The Call.

WASHINGTON, Nov. 5.-Hon. Ellis H.
Roberts, 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
at no time left any part of the Govern
ment notes in the treasury above the de-
mands of daily business in its several
Offices
He says: The effect of the new revenue
law is shown in the receipts of the year
in which there was an increase in 1898 of
$50 ,553 ,419 from customs and $102 536, 500
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 re-
ceipts, which amounted to $5l5 $50 $50, We're
also the largest on record, with the same
exception.
The net ordinary expenses were little
over S605, 600, ,O00 an amount exceeded only
twce-in 1863 and 1864 There was a def
cheney of $85, Ill ,559 in ordinary revenues.
Inclusive of loans and the issue OF notes
and certificates the total receipts on all
accounts by warrants were 81, OBS 451 ,340
and the total disbursements 1864 222, Jas
With the addition of the proceeds of the
new per cent loan to the ordinary reve-
nues there was a fiscal surplus Of $780,
791 ,521 for the year The receipts from the
loan represented every part of the coun-
try. OF the total of nearly 5000 900 900 up
ward of $125, 900 came to the office in
Washington in the form of checks on
banks in every part of the country Near
ly $29, 600 was paid in gold, upward of
$25 900 900 in United States notes and the
rest in other kinds of money.
By the improved revenues and the loan
the treasury, notwithstanding the heavy
war expenses will be placed In the inde-
nPn6p0f nOSitiOO necessary n a
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
ments. At the close of the year the
Treasurer was accountable for S947 746, 1894,
against which he held $917, ,S73 925 in cash
and credit the difference consisting of
funds classed as unavailable.
Aside from the issues Of per cent
bonds, the most important event affecting
the public debt was the falling due on jan
uary of the last of the bonds issued
for the construction of Pacific railroads.
OF these $13, 600 were presented and
paid, leaving 100000 of the loan out
standing, all past due and bearing no in
terest.
The gold coin in circulation. Of denom-
nations of $40 and under, steadily in
creased from S47S, III ,490 on September 30,
1896, to $646 ,561, 1S5 on the same day in
1899 In the small notes there was a
shrinkage of $11,522,157 from 1896 to 1897,
but in the next year there was an in
crease of $41,6 OBJ and from 1898 to 1899
the amount ran up to S5S.665, ,456. During
that year the increase of these denomina-
tions of both gold and paper was $50. .576,-
7S9. The total addition to the paper circu-
lation in the same period was $101 S39 Sal,
of which ,225 was in the large de-
nominations. The addition to the gold in
circulation during the year was s23, ,911 1873.
and this, added to the increase of the
paper outstanding, makes total increase
of $l25, ISL Ola
offices paid out $40 1872 ,149 in standard sill
yer dollars. and in 1899 S42, ,532 296 an in
crease of $1,70O1 147. At the same time the
receipts of standard dollars We're $54 .0U7.-
934 in 1898 and $37. .5S1 ,040 in 1899, a decrease
of 16,426,S94. These changes Indicate a
growing circulation of these coins.
While disbursements of gold have been
heavy, the holdings of the Treasury in
coin and bullion have surpassed all prev
ious records, both in gross amount and in
net excess over outstanding certificates
The former gross maximum is found in
September, 1888, at 1892 SOL ,306 and the net
maximum before 1898 was $21S S1S ,253 in
March of the same year. On June 30.
1898, the gross gold in the Treasury was
S3O2, ,S25 ,O49 and the net s167, ,004 410. These
figures rose to 1854 002, $50 gross and $254,-
32S.S21 net September 30, 1899. These sta
tistics make plain a tendency to an in
crease in the use of coin of all kinds.
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 existence of national
banks in the United States have the right
under their charters to add s345 02O, Alb to
their circulation. OF this $29, ,1S1 $50 would
go to the city Of New York and $15, 1926, 100
to Chicago, from both of which places
there has been persistent applications to
the Treasury for paper. In face of the
assertion that the far Western States are
suffering for want of currency, their own
banks could issue additional notes to the
amount of SIS, ,2S5 PAS. The treasurer offers
no criticism upon the banks, but puts it
to them whether their sphere ends with
per cent or involves also an obligation of
service to the community