Willmar tribune., 1900-11-21
THE NATIONS FINANCES.
Makes His Report on the Condi-
Pr tiOns of the Treasury. II


of the treasurer of the United States, Ellis
e 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 gen.
eral activity Of business are reflected in the
transactions of his Office .5.
The net ordinary revenues of the gov
eminent for the fiscal year were $567, ,240, :
$50, the largest in the history of the coun-
try, exceeding those Of 1866 the next
highest, by A7, ,29l, ,2SS. The increase Of $51,
~. 2S2 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 a
net decrease of Sill, ,35S, ,3SS in comparison
with 1899, SO that the deficiency of $S9, Ill $50
for that year was converted into a surplus
of S7s,527,0 ,060 In 1900 The gross receipts un-
der warrant, including those on account of
the public debt, were $685., 22999 262, and the
disbursements, 81. 49,, ,943. 472. large increase
on both sides over the previous year.
Promptly on the enactment of the new
financial law the divisions of issue and re-
demptton therein provided for were estab-
ished, and to them were transferred the
records and accounts relating to the issue
and redemption Of United States notes,
gold certificates, silver certificates and cur
rency certificates. Up to October l, 1900,
$22,53O, S54 in United States notes and 50,
594, 70S In treasury notes were redeemed in
gold out of the reserve fund of $50, ,000, 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 $723 O62, ,2S3, and in
creased by November /, 1900, to $74O, ,965 679.
AS the receipts Of the treasury were
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 circu-
latton, these measures including prepay
ment OF Interest and an offer to purchase
four and five per cent bonds up to $25, 900,
O0O, and notice that the SIS, 1864 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
We're $23, ,1O9,5 500, leaving $2,255, 900 outstand-
Ing. The bond purchases under the call
for four and five per cents. amounted tO
$l9, 800 $50, with an additional s., 373 502 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, 340, and by June 30 $3O7 l25 $50, or sc
per cent. of them had been converted into
the new twos. The premiums allowed un-
der the provisions of the law amounted to
S3o,773552, and in the transactions $50, ,4O4, $50
was paid out of the treasury, after the ad-
]ustments of interest and some other ac-
counts. The saving of interest effected by
the operation is placed at $42.592,771 and
the net saving at $8604,317. On October
out of $296, 755, 100 in bonds held by the treas
urer as security for the circulating notes
of national banks, $263, ,075 900 were new
twos.
The aggregate amount of money of all
kinds IN circulation on October /, 19OO is cs-
timated at 81, 49, 294 9S3, an increase of $3.50,
s1O,744 in, Is months, of which $94, ,44O $50 was
due to the enlarged use of gold and gold
certificates. The increase per capita was
from $25. IS to $27.O1. The per capita of gold
at the latter date was $1,000, which is great
er than that of all the currency in 1867
while the total of gold is greater than ali
the circulation at any time previous to July,
1879.
The provisions made by congress for the
Increase of the subsidiary silver coinage to
l0O0OO,OOO have been 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 $54, POP, 14O
rose py october !, 1870, to SIS, 49,, 1874. The
distribution of minor coins from the Of
fees of the treasury and mint during the
fiscal year amounted to $3174,971, against
$1,926.9 .98S the previous year.
The national bank notes presented fOl
redemption during the year amounted to
$96, ,982,60 or 1925 per cent of the average
volume outstanding, an increase of Sc, LA,
306 over 1899. The expense incurred in the
redemption and assortment, including $751;.
767 for transportation, amounted to $122,-
985, which sum will be apportioned among
the banks at the rate of $1.33558 of their
notes redeemed