River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1900-11-15
THE NATIONS FINANCES.
United States Treasurer Roberts
Makes His Report on the Condi-
lions of the Treasury.

Washington, Nov. 13.-The annual report
OF the treasurer of the United States, Ellis
II. Roberts, on the operations and condition
of the treasury, was submitted to Secretary
Gage Monday. Mr.. Roberts says the growth
and prosperity of the country and the gem
eral activity of business are reflected in the
transactions of his office.
The net ordinary revenues of the gov
eminent for the fiscal year were 1861 ,240-
S52 the largest in the history of the coun-
try, exceeding those of 1866 the next
highest. by 81. POI. 2ss. The increase of $751;
2S0, 232 over the preceding year was con-
tributed from all the general sources. but
chiefly from customs and internal revenue.
on the side of the expenditures there was
net decrease of $ll7, 35S, 3SS in comparison
with 1899, so that the deficiency OF SIS, l11,560
for that year was converted into a surplus
of s7s.527, go in 1900. The gross receipts UNI
der warrant including those on account of
the public debt. were 81 .Ss7. 2ss, 263. and the
disbursements 81, 1876. 943. 472. a large increase
on both sides over the previous year.
Promptly on the enactment of the new
financial law the divisions of issue and re-
dernption 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 tur
rency certificates. Up to October !, 1900,
go. $50, S54 in United States notes and So.
594. 10S in treasury notes were redeemed in
gold out of the reserve fund of $3.50, 600, 900.
Each day the notes so redeemed were ex-
changed for gold from the general fund,
so that the reserve was kept intact in
amount and character, Besides this re-
serve fund the trust funds, consisting OF
gold coin, silver dollars and bullion, and
United States notes, amounted on the day
the act became a law to 1923, 062 2S3, and In
creased by November ]. 1900 to $40. $50, 6I9.
A < q
greater than the needs of the government,
measures were adopted by the secretary of
the treasury for the purpose of restoring
the surplus moneys to the general cfrcu-
lation. these measures including prepay
ment of interest and an offer to purchase
four and five per cent. bonds up to $25. oO0.-
600. and notice that the SOS, 1854. 500 then out
standing of the two per cent. loan of 1891
would be paid on presentation. Up to No
vember the redemptions under this notice
were 1923, 500. leaving 81, 255 600 outstand-
ing. The bond purchases under the call
for four and five per cents. amounted to
$500 $50, with an additional $2,S73502 for
premiums
The exchange of five per cents, the old
four per cents. and the new three per cents.
for two per cent. consols, under the pro-
visions of the financial act. has proceeded
steadily. The total amount of the ex-
changeable securities outstanding was
$S39, $40, and by June So 1907. 125 49, or 36
per cent. of them had been converted into
the new twos. The premiums allowed un-
der the provisions of the law amounted to
$50, 1852, and in the transactions $50 40i, $50
was paid out of the treasury, after the ad-
iustments of interest and some other ac-
counts. The saving of interest effected by
the operation is placed at $42, 592 I'll, and
the net saving at $S.e04.317. On October /,
out of 1896, 755, 1870 In bonds held by the treas
urer as security for the circulating notes
of national banks. s263. 900 were new
twos.
The aggregate amount of money of all
kinds In circulation on October /, 1900, is es-
timated at 81, l1S, 294 9S3, an increase of $780,,
IA in Is months, of which 1874. 440 $50 was
due to the enlarged use of gold and gold
certificates. The increase per capita was
from $20.3S to S2I.0l. The per capita of gold
at the latter date was 5000, which is great
er 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.
The provisions made by congress for the
increase of the subsidiary silver coinage to
$lO0. 100000 have been a great convenience,
and the department, through the mint. has
been able to supply all demands for these
coins. The amount of them in circula ton
which In January, 1890. was only S54, POP 140
rose by October l. 1900. to $40, 1872, 1874. The
distribution of minor coins from the Of
fees of the treasury and mint during the
fiscal year amounted to $3,174.97i, against
81. 926.9S3 the previous year
The national bank notes presented for
redemption during the year amounted to
$685., 607, or 1925 per cent. of the average
volume outstanding, an increase of Sc, IA
SO6 over 1899. The expense incurred in the
redemption and assortment. including $751;
167 for transportation, amounted to S122-
9S5. which sum will be apportioned among
! the banks at the rate of S1.3355S of their
notes redeemed.