Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-11-12
The Last Fiscal Year Broke All
Records.
TREASURER ROBERTS ANNUALREP0RT
Operations of he New Financial
. Law.
RESERVE STRENGTHENED

SAo"'h haiu prosperity VI luC Soohe'J "N
the general activity Of business are re-
flected in the transactions of his office. The
net ordinary revenues of the government
for the fiscal year were 1851. 240.S5 the
largest in the history of the country. ex-
ceeding those of 1866, the next highest, by
81, 291, 2SS. The increase of Sd. 2SO, 232 over
the preceding year was contributed to from
all the general sources but chiefly. of
course, from customs and internal revenue
On the side of the expenditures there was
net decrease of s117,3oS, 1888 in comparison
with 1899, so that the deficiency of $50, ILL.,
$50 for that|year was converted into sur
plus of s79,527 ,0eO in 1900. The gross re-
ceipts under warrant, including those on ac-
count of the public debt. We're 81 s3S1 .299,-
262, and the disbursements 81, 135, 9G412
large increase on both sides over the pre-
viouS year.
With the exception sof July, 1899. when
there was deficiency, of sS,5e6S' sur
plus was realized for every month of the
year, the one for June being the largest, at
81, S95 159. The largest receipts for single
day were 50, 1898 February 20. 1900 and
the largest expenditures $4s%,O0o, July 3,
1900. The largest Surplus on any one day
was s4.O7,5 1896, August % and the largest
deficiency, $2,31S.621, July 8, 1899.
Redemption of Paper With Gold.
Promptly on the enactment of the new
financial law the divisions Of issue and re-
demption therein provided for were estab-
lished, and to them were transferred the
records and accounts relating to the issue
and redemption of United States notes, gold
certificates, silver certificates and currency
certificates Up to October l, 1900, W, 800
S54 in United States notes and $3.o 4.IoS IN
treasury notes were redeemed in gold out or
the reserve fund of s15O.0O0,OOO. Each day
the notes so redeemed were exchanged for
gold from the general fund, 50 that the re-
serve was kept intact In amount and char
acter. Besides this reserve fund the trust
funds, consisting of gold coin, silver dol
lars and bullion, and. United States notes
held for the redemption of certihcates ana
treasury notes, amounted on the day the
act became a law to 123,O62,2S3 ana IN
creased by November l. 1900, to $40. 365,6l9.
Exclusive of the reserve fund the avail
able cash balance OF the treasury was
greater June 80, 1909. by $24 1887 ,l93 than at
the same date in 1899, but this gain was
partly offset by a decrease of $S.663,273 in
the next ensuing quarter. The cash assets
beyond liabilities We're $40, I23,oli June 81
1899; $50. 327 ,5O2, June 80, 1900, and SILL
100, October l, 1900
To Prevent Hoarding Surplus.
AS the receipts of the treasury were
greater than the needs Of the government
various measures were adopted by the Sec
rotary of the Treasury for the purpose or
restoring the surplus moneys to the general
circulation The first Of these was. a-notice
given September 3D. 1899, that the quarter
" interest due October would be paid In
advance. The prepayments amounted to
SO 2OS OPT. On October 10 and December IA
like offers with respect to the interest fake
ing due on the first Gays @. the ensuing
ing to S916,039 and $',33S504, respectively,
were advanced A further proposal, also or
October 10, was for the prepayment of all
interest to accrue up to July 1, 1900, at
,hota oP un ct 4 cent month
after November I. While the whole amount
Of interest involved was S25,s96,556, the
tenders from the holders OF bonds were only
50 800 191 on which the rebate was S21,lOl.
On November 15 1899, offer was made
by the Secretary to purchase $25,00O,OOO of
the and per cent bonds maturing IN
1904 and 1907, at 1925 for the tours and
to SIS. $50 and s2,s73,5o2 was paid for
premium On May 10, 1900, notice
given that the 81. 36450O then outstanding
Of the per cent loan Of 1891 would be
paid on presentation Up to November 1
the redemptions under this notice were
500, 109 500, leaving $2.255.00O outstanding.
Refundins Operations.
The exchange Of per cents, the old per
cents end the new per cents for 2 per cent
conso5s, under the provisions Of the finan-
cial act, has proceeded steadily. The total
amount of the exchangeable securities out
standing was $3.50. 146.340 and by June 80
S3O7, ia, $50 or 1865 per cent of them, had
been converted into the new IS. The pre-
miums allowed under the provisions of the
law amounted to vov,773,552, and in the
transactions $50, 404S $50 was paid out of the
treasury, after the adjustments of interest
and some other accounts. The saving Of
interest affected by the operation Is placed
at $40, 500, III and the net saving at $S,6N,-
81 On October 1, out of $296, 755 100 in
bonds held by the treasurer security for
the circulating notes Of national banks,
$263, O75, 60 were new rs.
Increase of Money in Circulation.
The aggregate amount Of money of all
kinds in circulation October 1, $780, is esti-
mated at S. lib, 294. 8S3. an increase Of $780,
S1O,744 in fifteen months. Of which SOL 44O,-
$50 was due to the enlarged use of gold and
gold certificates The increase per capita
was from $25.3s to $27.O1. The per capita
o. gold at the latter date was $1,000, which
is greater than that of all the currency in
1862 while the total Of gold is greater than
all the circulation at any time previous to
July. 1879.
On october l. 80 "a per cent Of the total
circulation was in gold and gold cert1fi-
Gates 26 As per cent in silver dollars silver
certificates and treasury notes, 1886 per
cent in United States notes and 1911 per
cent in national bank notes. 1t is a signif-
cant comparison that on June 30 1890 the
percentage of United States notes was
% 3d. Two years earlier 1t was as high as
32.O7. While the volume Of United States
notes, treasury -noteS.an silver certificates
is limited by STATUTORY provisions. the stock
of gold is constantly growing. The metal
lie stock Of money is estimated for October
/, 1900, at 81 O592ss. $50 in gold, $5b6 $50. 367
In silver dollars and bullion and $50 900, 74s
in in fractional ma silYer sc0in, an aggregate of
strength insi the Reserve.
The act of March IA, strengthened the
guarantee for the msasjintenance of the gold
standard. both, fp pr9Xiding for the setting
apart of reserve fuPd and in adding one
half to the $1o6. 600 which. in the prac-
,se Of the "as formerly main
ment. The ratio of the reserve to the fixed
volume of United states notes was raised
from 2ss5 to 4327 per cent. While the ra-
ito of the new reserve to the sum of both
classes of Observation-Disclosures was originally
only "a per cent, the gradual retirement
Of the $50, $4,000 Of treasury notes out
standing at the passage of the9act will re-
duce the demands on the fund to that ex-
tent
The inflow Of gold in consequence of ma
terial conditions, prominent among which
is a favorable trade balance ayera cling
$3.50. 2S3 2O9 in the last three years, will also
co-operate with the statute