The Worthington advance., 1899-11-10
ISTlO(l 81 | ] OlRY o N AN CES.
Treasurer Roberts Reports On the
Nations Revenues.

Nation's Revenues.
Enect of the New Law On Reeeipt.-
Increased Growth of Circulation
OF Gold Coin and standard
silver Dollars
Washington, Nov 6.-Hon. ellis HI Rob-
erts. the 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 ex-
hibited In all kinds Of currency, with q
marked increase ia the use Of Ecld coin
and in q less degree OF silver coin, while
the prosperity Of the country has at no time
left any part Of the government notes in
tho treasury above the demands Of daily
business in its several of1ces,' \.
The Revenues.
He says: The effect Of the new revenue
law lis shown in the receipts fol. the year,
| IN which there was an increase over 1893
OF So, ,419 from customs and $102 536, $50
from internal revenue. The collections Of
internal revenue were larger than those
for any previous year, with the exception
only OF 1856, and the total ordinary re-
cefpts, which amounted to $515, 800, $50, were
also the largest on record, with the same
exception. The net ordinary expenditures
were little over $605, 900 900, an amount ex-
ceeded only twice-in 1863 and 1854 There
was deficiency Of $50, Ill $50 in the ordinary
revenues. rE,fS5 4 ~
Inclusive Of loans and the issue o. notes
and certificates the total receipts on all
accounts, by warrants, were s., ,O3S, ,451, $40
and the total disbursements $946, ,22214S.
With the addition of the proceeds of the
new three per cent. loan to the ordinary
revenues there was fiscal surplus of $780,
Fnr $H4 VI
Loan represented every part Of the country.
In an Independent Position.
BY the improved revenues and the new
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 disburse-
ments. .a -
Pacific Railway Bonds
Aside from the issue Of the three per cent.
ponds the most important event affecting
the public debt was the falling due, on jan
uary l last, of the last Of the bonds issued
for the construction Of the Pacific rail-
roads. OF these $13,970.OOO were presented
and paid, leaving sp,eoo Of the loan out
standing, all past due and bearing no in
terest
Our Paper Money.
There were In circulation Tune 40 1ses
$2s6, 81, S29 in United States notes. s9s 665 $50
in treasury notes, 1890, ,659, ,0sO in silver GER
tificates and .$22s, 29,7O3 in national bank
notes. On June 80, 1899, the amounts were:
United States notes, 1910. .547, 7,349; !; treasury
notes. $92,605, 1872; silver certificates. 34o1. 8
S69. 34S and national ha nj rNy,o% ooo-
594. The paper in circulation was thus in
creased during the year by $43S2S, 1856 AS a
result of these changes the treasury hold
ings OF government paper fell, between the
tV tWo ID dates: in United States notes from 1884,
O63, ,6S7 to $15.278, 667 in treasury notes frnr,
$2541, 700 to 1912 4sS and in silver certificates
from $7,S97, ,424 to $4,216,161. BY continuanca
OF the process of retiring treasury notes Of
1880, redeemed In standard silver dollars.
the amount of theEnotes outstanding was
reduced during the year from SO .2o7, ,2so to
$93, ,5182S0. A@$s: tE 4. .s ~ a
~, ~ Gold Circulation.
The gold coin in circulation, all in these
denominations, steadily increased from
$478 III, $780, September 80, 1896. to s646. .sa. .185
on the same date in 1899. IN the small otes
there was shrinkage Of n1, SO, ,1T from
1896 to 1897, but in the next year there was
an increase of SALE ,Os7, and from 1883 to
1899 the amount ranYup by SIS. 665, ,45s. DUR
ing that year the increase Of these denomt-
| nations Of both gold and paper was - g
6,789. The total addition to the paper CIR
tculation8fn the sameperiod was $10l. .S7s,6
Eof which s4s.174 ,225s was in the larger de-
nominations: The addition to the gold In
circulation during the year was $23, 911, 37s.
and this, added to the increase of the paper
outstanding, makes atotal increase Of s1z5.-
| Isl Oh. Es5tEz7@ -
+ p; Silver Circulation Increases.
In the fiscal year 1898 the ten treasury Of
| fees paid out $40, ,S32,149 in standard silver
dollars, and in 1899 $42 81, ,296, an increase Of
$1,700, ,147. At the same time the receipts
| of standard dollars were $54 COZ, ,ss4 In 1883
and $751; ,040 in 1899. q decrease Of SIG, ,43e-
1874. These changes indicate growing cir
| culation Of these coins. Previous to this
year the maximum Of silver dollars In cir
culation at the close Of any month was
reached in December. 1890, as the result of
| urgent efforts to promote their use, when
the record was $e7.54702s. 49, :.
.s'ly Shows Healthy Increase.
In the fiscal year 1898 gold coin was taken
for 10. .03 per cent. Of the receipts from Gus
toms, amounting to 2,076, ,73e, 5s7, and given
for 1888 per cent. of the disbursements,
amounting to S2,195, ,973,013. In 1899 the re-
ceipts of s2,393, ,199, ,747 showed s7.6 per cent.
and the disbursements Of $2.s7 ,zss, SO
showed 35.37 per cent. In gold coin For the
quarter ending September 80 gold formed
1856 per cent. Of the receipts and a5z per
cent. Of the disbursements For q years
there has been q natural and healthy in
crease Of gold in circulation. While disburse-
ments Of gold have been SO heavy the hold
ings of the treasury in coin and bullion
have surpassed all previous records, both
in gross amount and in net excess over out
standing certificates. The former gross
maximum is found in September, 1888, at
1882, ,551, 3O6, and the net maximum, before
1898, was $21S ,81S, 253, in March Of the same
year. On June 30, 1898, the gross gold in
the treasury was $202825,049. and the net
67,004,410 These figures rose to $3.50. .002, $50
gross and $254,32S,S21 net, September 80,
| 1899. These statistics make plain a tendency
to an increase in the use of coin OF all kinds
On October l, 1899, the estimated amount
OF gold in circulation was 1918 per cent. Of
| all the currency, and the gold in the treas
| ury was eo.A per cent. of the United states
notes and treasury notes outstanding.
Easy to Establish Reserve.
These resources, the treasurer suggests,
would make it easy. to- establish perma-
nent and adequate gold reserve. He points
that while the reserve Of 500, ,0O0. 900
several times has been trenched upon un-
der pressure of necessity, the trust funds
set apart for specific; object, as the gold
| pledged for gold certificates and the stand
| ard dollars for, silver certificates, have al
| ways been kept intact A fund Of $780,.
O0O, 600 devoted by law to the purpose, with q
provision that the notes once redeemed in
| gold should not be paid out again except
for gold, would be self-sustaininR and
/ would prove perpetual guarantee OF
| safety. ..-. .. &....- i
Heir to an Enormous Fortune. (
New York, Nov. GA Wall street
news agency states that James 81.
Smith, the pioneer banker of Chicago
and Milwaukee, who died recently in
London, left the greater part of his for