The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-11-06
Report Of United States Treasurer
Roberts.
Notable Activity Exhibited In All Kinds
Of Currency.

Z
Government Notes in the Treas
ury Above the Demands of Daily
Business in Its Several Offices.
WASHINGTON, Nov. 5-Hon. Ellis
H. Roberts, Treasurer of the United
States, in his annual report to Secre-
tary Gage, sums up the operations OF
the last fiscal year by saying that "a
notable activity was exhibited in all
kinds of currency, with a marked in
crease in the use of gold coin 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 treasury above the de-
mands of daily business in it's several
Offices
+ He says: The effect of the new reve-
nue. law is shown in the receipts of the
year, in which there was an increase
in 1893 of $56,553, 419 from customs
and $102. 536,520 from internal revenue
The collections of internal revenue were
larger than those for any previous
year, with the exception of 1866, and
the total ordinary receipts, which
amounted to $515, 960620, were also the
largest on record, with the same ex-
ception. The net ordinary expenses
were a little over $6O5, 100000, an
amount exceeded only twice-in 1863
and 1864. There was a deficiency OF
$50, 111,559 in ordinary revenues.
Inclusive of loans and the issue of
notes and certificates, the total receipts
on all accounts by warrants were
81 OBS, 451, $40, and the total disburse-
ments 1864, 222, 14S. With the addition
of the proceeds of the new per cent.
loan to the ordinary revenues, there
was a fiscal surplus of 500, 791, 81 for
the year. The receipts from the loan
represented every part of the country.
OF the total of nearly 500, 100000, up
ward of S125,00O,000 came to the office
in Washington in the form of checks
on banks in. every part of the country
Nearly SIS 'SS00, 0UUsEsas paid in gold.
upward of S25, GOO, 900 in United States
notes, and the rest in other kinds of
money
BY the improved revenues and the
loan, the treasury, Notwithstanding the
heavy war expenses, will be placed in
the Independent position SO necessary
to the soundness of the financial sys-
tenn of the country. The change was
no less marked in the aggregate of
available resources than in their char
acter. for the gain in the total hold
ings was almost entirely in gold, and
the treasury only refused tenders of
gold in exchange for paper, but in
creased the use of gold in the disburse-
ments At the close of the year the
Treasurer was accountable for $.41,-
TAG, 1894, against which he held S9l1,-
S73, 925 in cash and credit the differ
ence consisting of funds classed as I'M
available.
Aside from the issues of per cent
bonds, the most important event af-
fecting the public debt was the falling
due on January LIST of the last of the
bonds issued for the construction of
were presented and paid, leaving $49.-
100000 of the loan outstanding, all past
due and bearing no interest.
There We're in circulation June 30,
1898. S2S6, 572, 800 in United States
notes, sos, $3.50, $50 in treasury notes,
1890. 500, ESQ in silver certificates, and
S223, 129, 703 in national bank notes. On
June 80, 1899. the amounts We're:
United States notes, $50, 547 ,34y;
treasury notes, $92, 6O5, 1872; silver GER
tificates, S401. $50, 343, and nationa.
bank notes. S237 49,, 594. The paper in
circulation was thus increased during
the year by $40, S2S, 1886. AS a result
of these changes the treasury holdings
of Government paper fell. between the
two dates in United States notes from
S34. O63, 6S7 to $15, 21S667; in treasury
notes from 50, 541, 700 to S9124SS, and
in silver certificates from 81 ,S97, 424 to
s., 216. ISL.
BY continuance of the process of re-
firing treasury notes of 1890 redeemed
in standard silver dollars, the amount
of the notes outstanding was reduced
during the year from $101, 207 $50 to
500. SIS, $50.
The highest amount outstanding at
the close of any month was SI53, 3o3, 6.29
in November, 1893. AS the silver dol
lars paid out for these notes either re-
NAMED in circulation or became the
basis for the issue of silver certificates,
the process involves no contraction of
the currency, but only change of
form. The reduction of the total of
the paper held by the treasury from
S44. SOP, 131 to $50. 407 ,316, was caused
by the payment of Government obliga-
lions to public creditors and by the re-
ceipt of revenues in growing measure
in gold coin. The treasury was thus
brought to the minimum of paper cur
rency required for its daily business.
AS the volume of Government paper
is restricted. the United States notes
by statute and the treasury notes and
silver certificates by the silver against
which they are issued, the treasury was
obliged to decline requests for notes or
certificates except for redemption or ex-
change III kind. A liberal supply of
small notes was provided and they were
always sent out in kind in redemption
of unfit currency, and in exchange for
large denominations. Every effort was
put forth to meet the demands of BUSH,
ness, and these transactions were of
very liberal proportions. In conse-
quence there was notable increase in
paper of denominations of $40 and un-
der.
The gold coin in circulation, all in
these denominations, steadily increased
from x47S. III 1870 Sepfey,boy- ~ 1&Qfs