The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1900-12-07
NATIONAL FINANCES.
Large Surplus Revenues for the Fiscal
Year Ending June 80, 1900.


It is gratifying to be able to state
that the surplus revenues for the fiscal
year ended June 30 1900, were $79,-
627, 060.1S. For the six preceding
years we had only deficits, the ag-
gregate of which from 1894 to 1899, in
elusive, amounted to 1888, 022, 991. IA The
receipts for the year from all sources,
exclusive of postal revenues, aggregated
$685., 240, S5189, and expenditures for all
purposes, except for the administration
Of the postal department, aggregated
$4S7, 1879 The receipts from GUS
toms were 1928 64,871.16, an increase
over the preceding year OF $27, O36, 1888. Al.
The receipts from internal revenue were
1926, 1927 ,926.76, an increase Of 81, $780,
765.25 over 1899. The receipts from mis-
ce1laneouS sources were $38, 748, 053.97,
as against $50, 1914, 1852 for the previ-
Gus year.
1t is gratifying to note that during
the year a considerable reduction is
shown in the expenditures of the gov
eminent. The war department ex-
penditures for the fiscal year 1900 were
1874. TIA, 767.7S, a reduction Of $95, $685.
1860 over those Of 1899. In the navy
department the expenditures were $685.
953, 077.72 for the year 1900, as against
$50, 942, 10425 for the preceding year, a
decrease of $685. 26.53. In the ex-
penditures on account Of Indians there
was a decrease in 1900 over 1899 of ST.
$50, 6043S; and in the civil and miscel-
laneous expenses for 1900 there was a
reduction of 1341S, 065.74.
Because of the excess Of revenues
over expenditures the secretary Of the
treasury was enabled to apply bonds
and other securities to the sinking fund
to the amount of $50, 544 556.06. The
details Of the sinking fund are set
forth in the report of the secretary of
the treasury, to which I invite atten-
ton. The secretary of the treasury es-
Inmates that the receipts for the cur
rent fiscal year will aggregate $3.50 000,-
900 and the expenditures $500, 900, 900,
leaving an excess of revenues over ex-
penditures of $50, 000. 600. The present
condition of the treasury Is one of I'M
doubted strength. The available cash
balance Nov. 80 was $159, 303, 794. so. I'm
der the form of statement prior to the
would have been included in the state
ment of available cash gold coin and
bullion held for the redemption of
United States notes.
If this form were pursued, the cash
balance, including the present gold re-
serve Of $150,0OoeO0 would be s2S9, SOs,-
1874 80. Such balance Nov. 80, 1899, was
1926 495, 301.55. In the general fund.
which is wholly separate from the re-
serve and trust funds, there was on
Nov 80, $40, 900. 073.15 in gold coin and
bullion. to which should be added S22,-
957, 800 In gold certificates subject to is
sue, against which there is held in the
division Of redemption gold coin and
bullion, making total holding of free
gold amounting to $93 ,047, 373.15.
It will be the duty as I am sure 1t
will be the disposition of the CONGRESS
to provide whatever further legisla-
ton is needed to insure the continued
parity under all conditions between our
two forms of metallic money, silver and
gold.
Our surplus revenues have permitted
the secretary of the treasury since the
close of the fiscal year to call IN the
funded loan of 1891 continued at per
cent, in the sum of $25.364, 500. To
and including Nov 80. $2S, ass, 100 of
these bonds have been paid This sum.
together with the amount which may
accrue from further redemptions un-
der the call, will be applied to the sink
ing fund
The law of March IA, 1890, provided
for refunding into per cent. thirty
year bonds, payable, principal and in
terest, in gold coin of the present stand
ard value, that portion Of the public
debt represented by the 8 per cent.
bonds of 1908, the 4 per cents of 1907,
and the per cents of 1904, of which
there was outstanding at the date of
said law 1899 .14s, $50. The holders of
the old bonds presented them for ex-
change between March IA and Nov. 30
to the amount of $364,943,750. The net
saving to the government on these
transactions aggregates $9,106. 166.
Another eeffct Of the operation, as
stated by the secretary, is to reduce
the charge upon the treasury for the
payment of interest from the dates of
refunding to Feb. 1, 1904, by the sum
OF more than $7,0000 600 annually. From
Feb. /, 1904, to July /, 1907. the annual
interest charge will be reduced by the
sum Of more than $5,000,000. and for
the thirteen months ending Aug. 1,
1908, by about 81 200, 900. The full de-
tails of the refunding are given in the
annual report of the secretary of the
treasury.