The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1899-11-11
STORY OF FINANCES.
Treasurer Roberts Reports on the
Nations Revenues.
Eject of the New LAW on Receipts
Increased Growth OF Circulation
of Gold Coin and Standard
silver Dollars.

| Washington, Nov 6.--Hon Ellis II. Rob-
erts the treasurer Of the United States, In
| his annual report to Secretary Gage sums
| Up the operations of the last fiscal year
| Nv saying that "a notable activity was ex-
hibted in all kinds of currency with
marked increase in the use of gold coin
and in n less degree of silver coin, while
| the prosperity OF the country has at no time
| LEFT any part OF the government notes In
] the treasury above the demands of daily
business In its several Offices"
| The sevenues.
He says: The effect OF the new revenue
law Is shown In the receipts for the year.
| In which there was an increase over 1928
| of ,ll9 from customs and Sl02 536,52O
| from internal revenue. The collections OF
| internal revenue were larger than those
| for any previous year, with the exception
| only of 1896. and the total ordinary re-
| ccipts, which amounted to $jl5.SG0, 62O, were
| also the largest on record with the same
| exception. The net ordinary expenditures
| were a little over $780,, 100000, an amount ex-
ceeded only twice--in 1863 and 1864. There
was deficiency Of $780, $50 In the ordinary
| revenues
Inclusive of loans and the issue of notes
and certificates the total receipts on all
| accounts, by warrants. were $1,02Si51 $40
and the total disbursements 1916, 222, l4s.
| With the addition of the proceeds Of the
| new three per cent. loan to the ordinary
| revenues there was u fiscal surplus of SlGo.-
| 79l52l for the year The receipts from the
loan represented every part of the counNy.
In an independent Position.
BY the improved revenues and the new
| loan the treasury, notwithstanding the
| heavy war expenditures. was placed in the
| ir dependent 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
i tenders OF gold in exchange for paper. but
increased the use of gold in the disburse-
! ments.
PnciGc Railway Bonds.
Aside from the issue Of the three per cent
! bonds the most important event affecting
| the public debt was the falling due on Jam
( uary last. of the last of the bonds issued
! for the construction Of the Pacific rail-
roads. OF these Sl3g7O,000 were presented
| and paid, leaving $4,000 of the loan out
standing all past due and bearing no in
d tercst.
Our Paper Money.
| There were in circulation Jure a0 1898.
| SsSc,jI2329 in United States notes sos GGj.5S0
/ in treasury notes 1890, G59, OS0 In silver GER
! tiiicateS and S22S,l99, 103 in national bank
! notes. on June 30, 1899. the amounts were:
! United states notes, $3l0 81 $40: treasury
/ notes. $22, Goj.792; silver certificates $iol,-
! SG92i3, and national hank notes $237, S32 :
!
! creased during the year by Sl3,S2S, $50 As a
result of these changes the treasury hold
! inSs Of government paper fell between the
| two dates, in United States notes from $3i-
! 0G36S7 TO $l5,27SGG7 in treasury notes from
! soil 100 to SIP, ass and in silver certificates
| from &,S9If2l TO $i,2lGlGl. by continuance
! OF the process Of retiring treasury notes of
| 1850, redeemed In standard silver dollars
! the amount Of the notes outstanding was
reduced during the year from SlOl POI. $50 to
| S93,5lS,2S0.
| Gold Circulation.
| The gold coin in circulation. all in these
denominations. steadily increased from
$i7S,77l 400, September %, 1896 TO $Gl6 SGl 1S5
on the same date in 1890 In tho small notes
| there was a shrinkage of Sl1 522157 from
| 1896 to 1897, but in the next year there was
an Increase of sil.Gj7,037 and from 1875 TO
| 1899 the amount ran up by SIS. C65 i5G. Dur
/ ing that year the ncreas sc Of these denomi-
! nations Of both gold and paper was $S2-
| $40 7S9. The total addition to the paper cir
| culat!on in the same period was 800, S29, GIL
| of which S3,l7i.225 was in the larger de-
| nominations. The addition to the gold in
! circulation during the year was $23.g1I313
| and this, added to the increase of the paper
! outstanding, makes total increase of $685.
| 1il,0li.
! Be-. 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 $40, 532 $50, an increase of
| 81, 700,li7 At the same time the receipts
| of standard dollars were S54,C07,9S4 in 1898
and S75Sl.Oio in 1899, decrease of $685.
| S9i. TheSt-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 S67,Ji7 1923.
shows Healthy Increase
1 In ha fiscal year poId coip y,, -,
| for 1908 per cent. of the receipts from GUS
| toms, amounting to $2.076 726, ST. and given
| for 1l.S3 per cent. of the disbursements
amounting to s2,19j,N30lS. In 1889 the re-
ceipts of 81, 1913 ,lS9,7H showed GIG per cent
and the disbursements of $2,311 ,2S3 500
| showed 1857 per cent. in gold coin. For the
quarter ending September 30 gold formed
3S.5 per cent. of the receipts and 35.2 per
cent. of the disbursements. For q years
there has been a natural and healthy in
crease OF gold In circulation While disburse-
ments of gold have been so heavy the hold
ngs 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
ma ximum Is found I'm September, 1885, at
$780,. SOL ,306, and the net maximum, before
1898. was s21S,SlS,25S. in March of the same
year. On June 30, 1898, the gross gold in
the treasury was 500, S25, 0i9. and the net
Sl67 .00i 4l0. These figures rose to 1853 COZ $50
STOSS anu sZJ',1ES,NZl net, september ~,
1899. These statistics make pla in tendency
to an increase in the use OF coin of all kinds
on October ], 1879, the estimated amount
of gold in circulation was 1913 per cent. OF
all the currency, and the gold in the treas
ury was G0ii per cent Of the United States
notes and treasury notes outstanding.
Easy to Establish Reserve.
These resources, the treasurer suggests,
would make IL easy to establish perma-
nent and adequate gold reserve. He points
that while the reserve of $iO00o0,000
several times has been trenchcd 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,.
10000 devoted by law to the purpose, with
provision that the notes once redeemed in
gold should not be paid out again except
for gold. would be self-sustaining and
would prove a perpetual guarantee Of
safety.
"A