Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1899-12-14
NATIONS TREASURY.
Secretary Gage Gives Detailed
Statement of Finances.
Urges Reforms in the Currency System,
Pleading for Relief for Western Banks
During the Season of Moving Crops
-Treasury's Greatest Year.

shows the following:
The revenues of the government from all
sources for the fiscal year ended June 30, 1899,
were 500, 982, O04. The expenditures were $780,
re3564. The civil establishment expenses were
500 979 685; military establishment, S229 S41 254
naval establishment 1853, 942 104; pensions, $780,
S94, 929; interest public debt $50, 800, -e5;
postal service, S103, 232 1854. The deficit was $685.
III $50. In addition to the revenues collected
the cash in the treasury increased 904,Ot5514,
by the sale OF three per cent bonds, Sl9o,67872O,
and from national bank funds deposited in ex-
cess of bank notes redeemed, s. 324, 2S4
The revenues of the government for the
rent fiscal year are estimated upon the basis of
existing laws be 1910, 95S lip, and the expend-
itures $500 $685. 112-a surplus of $40 600 900. The
revenues for 1901 1867, 77S2 53. and the esti-
mated appropriations required exclusive OF
sinking fund.- are 1856 s5S, 44s an estimated de-
felt of SIS, O80, 1874 1t is believed however, that
congress will be able to reduce the estimate TO
such point as will bring the expenditures
within the estimated revenues and leave fair
and substantial margin for surplus.
The transactions of the fiscal year were OF
unusual magnitude. the net ordinary receipts
having been exceeded in any like period but
once IN 1866, and the net ordinary expenditures
but thu, in 1868. 1864 and 1855. Inclusive OF
the amounts involved in the issue and redemp-
tion OF bonds, notes and certificates, the gross
receipts were 81, C3s 451 $40, and the gross ex-
penditures $946 222, 148.
Important changes took place during the year
in the composition and distribution of the stock
of money. The amount of notes and silver GER
tificates in circulation increased by $685.
1856, reducing the paper holdings OF the treasury
to the minimum required for the transaction Of
business. The outstanding treasury notes OF
1890 were cut down by cancellation or redemp-
ton in silver dollars from S10l ,2O7,S0 to $685.
5lS. 280. This process. however, did not involve
a contraction of the currency, since the coins
paid out for the notes either remained in circu-
lation redeposited in the treasury for
silver certificates
In the fiscal year the offices of the treasury
wzofd na1fX in Cfn f11TdC CT
an increase of 81 ZOO, LAT the previous year.
The receipts in the period were S37, a9l 04O.
a decrease of SIC. 4:6, 1874 The amount estimated
TO be in circulation on the 30th of September
was S74, 045, 49,
In the aggregate operations of the treasury
the receipts of gold in 1899 amounted to 1916 per
cent of the whole and the disbursements to
1881, as compared with TO- OS and II reSpee-
lively in 1898. While large part of the
treasurys business transacted in gold, and
while large additions were made to the coin in
outside circulation and are estimated to have
reached S702.06O. 459 on July l, 1872 the goIo
holdings of the treasury have exceeded all pre-
vious records, both in the aggregate and in the
net amount above outstanding gold certificates.
The estimated population of the United States
November 1, 1898, was 70, 059, 000 and the per
capita supply of money outside the treasury
was S24-87 The estimated population and per
capita supply of money November l, 1899, were
1860 600 and SOS. 60 respectively. The commerce
of the year has been marked by three especially
notable characteristics: First, a continuation
of the phenomenal exports of last year; second,
moderate increase in 1mpOrtatlonS, ana Gh1rd,
the combined imports and exports form the
largest total ever shown by single year in the
history of our foreign commerce.
The state of the treasury exhibits degree OF
financial strength never before eQualed It
places the government in position more favor
able than has before existed to take any steps
congress may consider wise toward inaugurat-
ing needful improvements in the currency or
judicious notifications in the banking laws
There are two points to which public attention
has long been directed and upon which legiSla-
tive action has been earnestly desired. These
are, first, the money standard and, second, a
better adaptation of our currency system to the
requirements of expanding trade and industry.
If it be true, true it undoubtedly is. that
gold is standard of money values, the
future needs only the assurance that it will SO
continue to be, until at least the people shall
be so united in their desire for change therein
as to be able to direct the voice of both houses
of congress and secure the approving signature
of the chief executive The confidence that
congress will furnish this kind of a guarantee
has inspired enterprise. called capital in to use,
improved the condition of labor and given new
impetus to all energies To make this IA
vorable state of affairs permanent, the highest
security should be given that the common de-
nOminator of all calculations in value shall re-
main unchanged.
While stability in the currency should be
safely guarded, hexibility-the power of need
full expansion also be provided. The ex-
ercise of this power, with proper limitations and
restrictions, must be intruSted to the banks
There is no other agency that can wisely and
efhciently execute it. With periodical regular
ity clearly marked, occurring year after year
with the autumnal season, bank credits checks
and drafts instruments of exchange, are proved
TO be inefficient for the service then required.
The crops are to be harvested the labor cost paid
The grain and the cattle to be marketed.
The western bankers and merchants who have
funds credits at rest with the bankers in the
financial centerS find that checks and drafts
are not suited to the purposes now in question
he hnD fS rio nor Init he
in which that credit is evidenced is not convent
ent. What they need for these uses is form
of credit instrument easily recognized by the
people, one convenient as to denomination, ana
one which will pass from hand to hand without
being questioned. In short, their need is for
paper money or hard cash. Now, subject to
one limitation-that Of safety to the note holder,
qualification never TO be d1Sregarded-lt is i'm
possible for anyone to name good reason VIII Y
the indebtedness of the banker in this field Of
the exchanges should not be expressed as freely
in his notes of hand, of convenient size, in
one consolidated entry to the credit of his deal
er upon his books of account
1t is precisely at this point that difficulties,
embarrassment and loss are occasioned What
would be natural, economical and effective
operation is by the inhibitionS and restrictions
OF law now made impossible. In state of
freedom the extraordinary wants of the coun-
try at harvest time would be largely, if not
wholly, met by the conversion of bank balances,
not available for these general purposes, into
bank notes paper money These, performing
their function, would again return when their
service was ended to be again transformed into
balances in bank, - where through the medium
Of checks and drafts the larger commercial
uses would be the better served.
Gen. Joubert Indisposed.
Pretoria, Dec. 7.-Gen. Joubert is in
disposed and has arrived at Volksrust,
across the Transvaal border, for medi-
cal treatment.
Secretary Roots Nomination Confirmed.
Washington, Dec. THE senate
spent half an hour in executive session