The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-06
FOR THE FISCAL YEAR (.
Annual Report Of the Treasurer.
Ellis 81. Roberts.
OPERATIONS SUMMED UP
A Notable Activity Shown in All Kinds
of Currency-Increased Use of
Gold - Effect OF the
Revenue Law.

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 fis-
cal year by saying that "a notable ac-
tivity was exhibited in all kinds of cur
rency, with a marked increase in the
use Of gold coins and in a less degree
Of silver coin, while the prosperity Of
the country has at no time left any part
Of the government notes in the treas
ury above the demands OF daily bust
ness in its several Offices" He says:
1.-THE effect Of the new revenue law is
shown in the receipts OF the year, in
which there was an increase in 1896 of
S56.553, 1879 from customs and s1O2, $3.50, $50
from internal revenue. The collection
Of internal revenue were larger than
those for any previous year. with the
exception only Of 1856. and the total
ordinary receipts, which amounted to
s515, 960,620. were also the largest on rec
ord, with the same exception.
THE net ordinary expenses were a
little over $605. 100000, an amount ex-
ceeded only twice-in 1868 and in 1864
There were deficiency Of $S9,111 $50 in
ordinary revenues.
Inclusive of loans and the issue of
notes and certificates, the total receipts
on all accounts, by warrants, were
81, $685. 451, $40, and the total disburse-
ments $946,222. 14S. With the addition
of the proceeds from the new per cent.
bonds to the ordinary revenues there
was a. fiscal surplus of $500, 10, 521 for
t1n yhnr lSNr So. q
resented every part of the country OF
the total of nearly s200oO,O0O upwards
OF $l25,oo0,000 came to the office in
washington in the form of checks on
banks in every part of the country,
Nearly $29.000,000 was paid in gold. up
wards of s25.e0o.o00 in United States
notes. BY the improved revenues and
tne loan, the treasury, Notwithstanding
the heaFy war expenses, was placed iii
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 al
| most entirely in gold and the treasury
| not only refused tenders of gold in en-
change for paper. but increased the use
| of gold in the disbursements At the
| close of the year the treasurer was lc-
countable for $947,7 1894, against which
he held $9l7 ,s7S,925 in cash and credit,
| the difference consisting Of funds
classed as unavailable. +v
| aside from the issues of 5 Der cent,
bonds, the most important event affect
!. ing the public debt was the falling due
I on Jan. l of the last of the bonds is
! sued for the construction Of Pacific
railroads. OF these s13,970003 were pre-
scented and passed, leaving $73. 900, COO
of the loan outstanding, ali past due,
and bearing no interest.
| There were in circulation June 80
1898, sass, 672, S29 in United States notes.
$eS,665580 in treasury notes, $500, fs9 Gao
in silver certificates and 1929 1870, 1903 in
national bank notes. On June 80 1892
| the amounts were: United States notes.
$3.50, 547,3 $40; treasury notes, 92,6o5 1s2;
silver certificates. $401, $3.50 343, and ma
tional bank notes, s2s7, S32, 1914. The pa
per in circulation was thus increased
during the year by 43.s2S, 1856. AS re-
suit of these changes the treasury hold
ings of government paper fell. between
| the two dates. in the United States
from $34,063, 6s7 to S15,27s, 667; in treas
ury notes from s2,541,70O to $912 4SS,
| and in silver certificates from $7,S9T 424
| to S4,216161.
by continuance of process of retir-
ing treasury notes of 1898 redeemed in
| standard silver dollars. the amount OF
the notes outstanding was reduced our
ing the year from SOL ,207,2s0 to $685.
| 51S,2S0
THE highest amount outstanding at
| the close of any month was 3,i53,-
629, in November, 1898. AS the silver
| dollars paid out for these notes either
| remained in circulation or became the
basis for the issue of silver certifi-
Gates the process involves no contrac-
ton of the currency, but only a change
| of form. The reduction of the total
| If no 1o Jonls 1a1I fSrf 1a two f,.h,,
| S44,502,731 to S20,407,316 was caused by
the payment of government obliga-
| tions to public creditors and by the
| receipt of revenues in growing meas
ure in gold coin. The treasury was
thus brought to the minimum of paper
currency required for its daily bust
| ness.
LAS the volume of government paper
is restricted the treasury was obliged
to decline requests for notes or Ger
tiffcates except for redemption or ex-
change in kind. A liberal supply OF
| small notes was provided and they
were always sent out in kind in re-
demption of unfit currency, and in ex-
| change for large denominations.
1.-THE gold coin in circulation. all in
these denominations, steadily increas-
ed from $47S,771,4 400. Sept 80, 1885, tc
646,561, 1856 on the same day in 1899
| In the small notes there was a shrink
age of s11. 500. 15T f. 1sas to 1897 out
in the next year there was an increase
of Sal. 657,037 and from 1898 to 1899 the
amount ran up to s58,665,456. During
| that year the increase of these demon.
nations of both gold and paper was
$S2,576.7s9 The total addition to the
! paper circulation in the same perioc
| was S101, S39.641, of which s43, 174,225 was
in the large denominations. The add.
| ton to the gold in circulation during
| the year was s23911,37 and this added
to the increase of the paper outstand'
| ing makes a total increase of $125, 751, ).
| Ola.
| Much Of the exchange of currency
| was made by deposits with the assist
ant treasured in New York paid fol
| by other officers and chiefly by ship
ments to various points from Wash
| ngton. The total of the deposits made
| in New York under this arrangement
was 1923 4S2, 900 and the total shipments
from Washington, s16,157 900. The res
of the distributions Were made from
Chicago, ST. Louis and New Orleans