The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-11-06
THE CURRENCY AND coin
Animal Report Of the Treasurer Of the
United States.
AN INCREASE IN THE USE OF GOLD
nal Revenue Receipts showed
Large Increase.

| IL. ROBERTS. the treasurer OF the Unite
states, in his annual report to ccretar
Gage, sums UP the operations of the las
fiscal year by saying that "a notable =,
tivity was exhibited in all kinds of cur
rency. with marked increase in the us
Of gold coin and in n less degree OF silve
coin. while the prosperity OF the rountr.
| has at no time LEFT any part of the govern
ment's notes in the treasury above tn
demands of the daily business in its sev
| eral Offices.
tie says: The effect of the new reyenu
law is shown in the reports Tor the year
! ia which there was an increase over $50
of $o6,oo3 40 from customs and $11G, 316,
90 from internal revenue. the coiiec
lions oil internal revenue were larger thar
| those of any previous year with excepuor
only or 1866 aud the total ordinary re.
ueipts, which amounted to S5l5, J6O620
were also the largest on record, with the
came exception.
The net ordinary expenditures we,, IA lit
tie over $685. 100000, al amour. Exceeded
only twice-in 1853 and lo6i. There was
revenues. Inclusive If onns ANA TIE is
sue of notes ana certificates drc total re-
ceipts ON all accounts by warrants were
81, Us. 451 $40 aud the total disburaemenb
Sgi6, - liS. With me addition OF the pT-
coeds of the new ) per cent loan To the iW-
dlnary revenues tnero was y h'cG surFus
OF 500, 79l ,52l for the year. The recepts
from the loan represented every paH oi
the country. OF the total of nearly $40,
100000 upwards of $l25 0D0bDU came 10 the
office in Washington in the form oi{ehecls
GU banks in every part 1T the tflntry.
Nearly $4,000, 0u0 vas paid in gcd, up
ward of s25,CO0,O00 in United Statss notes
and the rest in other kinds OF Eloacy. BY
the improved revenues anl the gew loan
the treasury, Notwithstanding the heavy
war expenditures was placed IN the lnde-
pendent position 50 i%cesssg to the
scundness Of the financial sMfem 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 vas almost entirely in
gold and the treasury not only refused
tenders of gold I'll cxcnange for paper Dut
increased the use OF gold in the dishurse-
ments. At the close of the year the treas
urer was accountable for S9i7.I46394,
against which he held Si1 ,S73925 in cash
and credits, the difference consisting or
funds classad as unavailable.
aside from the issue of the per cent
bonds, the most important event affecting
the public debt was the falling due on
January / OF the last OF the bonds issued
for the construction OF the Pacific raft
roads. OF these S1Sg7u0O0 were presented
and paid, leaving s7o,000,000 OF the loan
outstanding, all past due and bearing no
interest.
There We're In circulation June so. 1898,
S2S6, 572.320, in United States notes. $685.
665, $50 in treasury notes. S390 $50 .0S0 In
silver certificates and s223 %, 7O3 in Ma
tional bank notes On June 3d. 1899. the
amounts were. United States notes. $40
547 $40: treasury notes, $92, 605,792 silver
certificates, sic1,SG9.343, and National
hank notes, s2s7, 1872, 594. The paper in cir
culation was thus increased during the
year by sisS2S.3s6. As a result of these
changes the treasury holdings of govern
ment paper fell between the two dates: III
United States notes. from S1t LOGS 6S7 to
$15,27S.6 SCI; in treasury notes from s2,5u,
7e0 to s9i244S, and in silver certificates,
from s7SF7, t24 to Si,215, 16l. BY the con-
tinuance Of the process of retiring treasury
notes OF 1890, redeemed in standard silver
dollars, The amount Of silver outstanding
was reduced during the year from $lO1,-
207. $50 to S93,5lS.2so The highest out
standing at the close of any month was
1875. ,
silver dollars paid for these notes either ,
remained in circulation or became the
basis for the issue Of silver certificates, the
process involves no contraction of the cur
reney, but only n change OF form.
the reduction of the total of the plner =
leld by the treasury from S4t. 502, ISL 10 !
@o'io'Sl6 was caused hy he payment OF I
evernment obligations 20 public credit
rs and by the receipt OF revenues In grow =
\ ~ ,oraDss In ~. MI
as mus brought 10 the minimum of ma =
or currency required for its daily bust 0
ess. As the volume OF government paper n
restricted. the United States notes by +
afuic and the treasury notes and silver Y
'rtlilcates by the silver against which
ley are issued. the treasury was OBLIGED
dec.lne requests for notes or cnrtiasltes
icept for redemption or exchange In kind.
liberal supply Of small notes was pro- q
usu ana they were always sent out I'm :,
M Tor redemption Of unfit currency ard "
exchange for large denominations. =,
very effort was put forth TO meet the de- >,
amos Of business and these TRANSACTIONS.
aenea very literal proportions. In con- m
puence there was notable increase I'm CO
per OF denominations of $50 ana under h,
Ihe eoid IN circulation. all of these de-
~ ~ i me steadily Increased from
ts,ul,aoo, September 30, 1896. TO s6is !. IT.
r. f'''N SAINT uGif III 1879. In TIN al
iail notes there was a shrinkage OF sI1 10
-,lot from 1896 TO 1897. but in the next lea
ar there was an increase of sit. Gj7. 0.7 =
a from 1898 to 1899 the amount ran nm
S5S.665, 1856 an up n
1uring that year the increase Of tbes.
uonlnations of both gold and panor "a,
5I6, 7s5, The total addition TO he nanas
enlation In the same period was sd,
WI, Of which si3,174,225 was in ,bo !
ger denominations. The addition IN tho Dc
q IN circulation during the wear r,ss pu
' -. and this, added to the inc-sase r.
me paper outstanding. make, n total
rease OF s125,7 ISL Ola. WA
ne percentage OF gold in receints u,
York for customs In the Nseai ,o
ioee was 2o'f; for 1899, 7S.5. and for fho
I quarter OF 1900 $40. The Increase in
receipts OF gold from customs was ,n,
eptiohai Tor like growth has tolen
's III al government transactions In
nscal year 1898 gold coin was talan =
io'o5 per cent OF the receipts amomnt. IN
10 sz,vto IS0 5S7 and given for II IA ner
= Oh the disbursements amountinr 20 -
, ,oa In 1899 the receipts of 20 ~ not
iss,t73 showed 37.6 per cent ana ~ eiai
'ursements OF 80, 37l .2S3, 500 showed az sg oge
cent IN gold coin For twenty m. pro,
- mere mas been natural and healthv the
,s OF gold In circulation. ~