Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-11-01
Was Never Stronger Than at Close
OF Fiscal Year
UNPRECEDENTED REVENUE.
Couutry's Monetary stock Increased
sss,0o0,OOO Gold, s37,0OO,OOO Sill
ver, Nearly $4,000, 900 Notes.


erts. treasurer OF the United States, II
his report of the transactions Of his
Office during the last fiscal year. sayl
that the treasury was never stronger
than at the close OF that period. The
operations, which we're of the first or.
der both in variety and magnitude, re-
suited in noteworthy changes In the
paper currency, as well as a steady anC
healthful growth Of gold In the treas
ury and in the general stock,
The net ordinary revenues for the
year were 1857 337, an increase oil
$50 444 ASS over those OF 1900, which
were the next highest recorded. The
Increase came from each OF the heads
Of resource, but chiefly from internal
revenue. WAX.
On the side of expenditures the total
of $500, 1851 1853 has been exceeded only
four times In 1858. 1854, 1866 and 1899
The surplus OF T7,7l7,9A was slightly
under s2,00O,000 less than in 1900. In
elusive of the transactions affecting
the public debt, the aggregate receipts
were sl.l46. 49S, 30S, and the aggregate
disbursements Si,017, 063. 052.
For the first quarter of 1902, although
the act OF March 2. 1901, was operative,
reducing the revenue the receipts were
only s3,4l7s6O less than for the like
period OF 1901, while the expenditures
for the same month were reduced by
almost exactly $4,000 900.
The reserve of $l50,0O0,0O0 In gold re-
Iuired by the financial law Of 1900 has
been kept intact by the daily substi-
tuition OF gold coin and bullion out Of
the general fund for the notes re-
deemed. These .redemptions, which
amounted to s2i,697 ,s5S for the year, do
not indicate any preference for gold
over paper, but simply the desire for
large denominations, which are most
conveniently supplied in gold certih-
Gates.
After making certain deductions for
items not available in general pay
ments, the free cash was 1856, 1891 &C.,,
which was distributed among the ten
offices Of the treasury and the twelve
offices Of the mint. including Sl0l. 4l69i5
n the national bank repositories.
In the first quarter of 1902 the deposits
in national banks increased s7O97 .iS5,
while the available cash balance was
reduced by s6.ai5,2fi.
The issue OF per cent consols oil
1880 in exchange for the loans matur-
ing In 1904, 1907 and 1908 was continued
up to December 81. 1900, at which time
the total amount Of the principal con-
verted reached S445, 9i0,760.
These transactions involved the pay
ment OF an aggregate sum Of 45,409GOi
In money. On April was begun, under
the order of the secretary of the treas
ury, the purchase OF bonds for the
same loans, at price computed to earn
l.726 per cent. Up to June 30 the pur-
chases amounted to l4,359,b20 of prln-
cipal, at total cost Of $l6,2b7, 92S. BY
this process and under notice Of the
secretary Of the treasury September
10, inviting offers to sell TO the govern
ment s2O, 1000, 900 Of bonds. including the
loan Of 1925, purchases were carried up
20 s40.477,990, at an aggregate cost Of
$40. 49,, 1876.
or the funded loan OF 1891, on which
irkeIfst ceased Augut Is, bonds of
the face value of s2l. 705.25O were re-
deemed during the year, leaving q bal
nee OF s274,600 outstanding and on the
new fiscal year payments reduced the
balance to $12,500.
Although the aggregate OF the debt
has been slightly Increased, the SWELL
ing Of the figures was due to enlarged
issue Of gold and silver certificates.
Oct. l. all but SAC, l34.950 Of the new 2
per cent bonds were held by the treas
urer for national banks as security for
circulating notes and public deposits.
The monetary stock Of the country
received during the year an increase OF
upwards OF sSS,0000O0 In gold, s37 900, 900
In silver coin. and nearly $4,000 600 In
notes and certificates. The circulation
per capita was $685. Oct. I, 1901. Up
20 the last date. July l, 1897, there was
an increase OF s46s, 1904 In the stock
Of gold, which was then estimated at
81 100. S53.790, and OF this there was
S90S, us, i36 In circulation In the form
OF coin or certificates. BY Oct. 81. the
gold in the treasury consisting Of the
reserve the security for certificates
md the sum In the general FUND was
si2, s22 ,s9S, the highest In the history
OF the country. and more than was
ever held under single control else
where In the world, except once for a
few months.
The receipts In New York for customs
are nearly all In gold certificates and
balances between the clearing house
and sub-treasury are s.. tiled almost
entirely In the same metal
To the extent that gold certificates.
which are OF the denomination Of 500
and upwards, have taken the place of
other large paper. II has heen possible
10 supply small notes and certificates
much more freely than formerly. II
Is reasonable to believe that over $40
100000 OF paper will by influences now
at work be changed from denomna-
tons above $40 10 that size or smaller.
so that the annoyances which have
heretofore arisen annually from the
overwhelming demand for small notes
may be expected 10 diminish. On Der
j. the total amount OF outstanding pa
per money OF the denominations OF $40
and under was $3.50. i2i. s2l The In.
crease In those denominations in tbe
last four fiscal years was upwards Of
sles 900 900. VI
ARRANGEMENTS are completed subject
oaction by Congress, for puttinr out
notes and certificates with tho begin.
ming OF the calendar year 1909 nj Inc
rate OF SlS5, 900 900 pieces annuaIIv n
~ hoped that thus the currency vii, no
VOL seasoned before Il Is issued.
The redemptions of national hank
notes were the heaviest I'm twentv-tyo
years, amounting to sla7 ise,577' nm in.
crease OF s5o.5oS,s70 over 1900 The
amount OF notes fit for circulation as-
sorted and returned 10 the hanks ~
issue was S7.ees7i5. the largest s,nce
is,s Notes unfit for use. amounting 10
sh sS2.2S2 were delivered To the coron.
trolier OF the currency for destr,,ct,a,
and Reissue. and siss2e. ss7 OF me notes
OF banks whose circulation is beIns
ment. '"' 'e"'e-
In IN first three months 90 The ssco,
year 1902 national bank notes for tss
eVtesl were presented for rodemn,,on
an increase Of si,0s2. $40 over Tho sar,c
months In 1901. The redeemed no,a.
amounted 20 tSs. ssi. ss2. "'''s
OF fresh cash deposits Of ~ s,s s7o ,or
the retirement Of national hank no,es
S.szs.-0 was issued for that purnose
AMI the result was an Increase In he
balance 10 the credit OF the f,nd IN
uToso carrying the balance Sept %
70 s2s.5s5.ssa. - "
All notes are paid for n certificates
are required on the day on which they
are received and N currency IL destraa
on the succeeding day.
The shipment Of standard silver dol