The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-11-01
into BILLIONS.
Ten Figures Needed TO Express
the Transactions
of the United States Treasury
For One Year.
EXPENSES FALL OFF.
Receipts Show Little Reduction
From Last Year.
Surplus For Year is Little Be-
low the Previous Mark.


in the report of the transactions of the
office during the last fiscal year, says
that the treasury was never stronger
than at the close of that period. The
operations, which were of the first or
der both in variety and magnitude, re-
suited in noteworthy changes in the
paper currency, as well as a steady and
healthful growth of gold in the treas
ury and in the general stock.
The net ordinary revenues for the
year were $5S7, ,6S5, ,337, an increase of
$40, ,444, ,4S5 over those of 1900, which were
the next highest recorded The increase
came from each of the heads of re-
sources, but chiefly from internal rev.
enue- On the side of expenditures the
total of $685. 967 1853 has been exceeded
only four times, in 1863, 1864. 1865 and
1899. The surplus of $77,717, ,9S4 was
slightly under two million dollars less
than in 1900. Inclusive of the trans
actions affecting the public debt, the
aggregate receipts were $1,146. .489, ,306,
and the aggregate disbursements ST.
OF, ,063, ,052.
For the first quarter of 1902, although
the act of March 2, 1901, was operative,
reducing the revenue, the receipts were
only $3,417,9 $50 less than for the like pc
riOd of 1901, while the expenditures for
the same months were reduced by al
most exactly s20, 1000, 900.
The reserve of $3.50 900, 600 in gold re-
quired by the financial law of 1900 has
been kept intact by the daily substitu
tion of gold coin and bullion out of
the general fund for the notes redeemed.
These redemptions, which amounted to
81, ,697, ,858 for the year, do not indicate
any preference for gold over paper, but
simply the desire for large denOmina
tiOnS, which are most conveniently sup
piled in gold certificates After max
ing certain deductions for items not
la in 16T1tG ha freq
cash was s156, 1864, which was dis
tributed among the ten offices of the
treasury and the twelve offices of the
mint, including $101, ,416,973 in the ma
tional bank repositories In the first
quarter of 1901 the deposits in national
banks increased $7,097, ,4S5, while the
available cash balance was reduced by
Sc 913, 244.
The issue of two per cent conso1s Of
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 $445, $50. These trans
actions involved the payment of an ag-
gregate sum of $45, 409, 607 in money. On
April 1, begun, under the order of
the secretary of the treasury the pur
chase of bonds of the same loans, at
price computed to earn LIPS per cent.
Up to June 80, the purchases amounted
to $14 359. $40 of principal, at a total cost
of $16,257, 1928. BY this process, and un-
der a notice Of the secretary of the
y,
to sell to the government s2O,o00.0OO of
bonds including the loan of 1925 pur-
chases were carried up to $40, All $50, at
an aggregate cost of S49, 43S, 436. OF the
funded loan of 1891, on which interest
ceased August IS, 1900, bonds OF the face
value of $21, ,705, $50 were redeemed dur
ing the year, leaving a balance of $274,-
900 outstanding and in the new fiscal
year payments reduced the balance to
$12, 500. Although the aggregate of the
debt has been slightly increased the
swelling of the figures was due to the
enlarged issue of gold and silver certi-
ficates. October l. all but $46,1 $50 of
the new two per cent bonds were held
by the treasury for national banks as
security for circulating notes and pub
lie deposits.
The monetary stock of the country re-
ceived during the year. an increase of
upward SS8, 000, 900 in gold, $37, 900. 900 in
silver coin and nearly Sic, 900 600 in notes
and certificates. The circulation per
capita was $26.5 July I, 1900, $2S July 1,
1901, and $2S.52 October 1. 1901 Up to the
last date, from July 1, 1897, there was
an increase of 1853, ,130. .45S in the stock of
gold, which was then estimated at 81
$50. .353 790, and of this there was $685.
us, 436 in circulation in the form of coin
or certificates-by October 81, the gold
in the treasury consisting of the reserve,
the security for certificates and the sum
in the general fund was $542, ,822, ,S49, the
more than was ever held under single
control elsewhere in the world, except
once for a few months.
On October 1 the total amount of out
standing paper money of the denomi-
nations of $40 and under was 1896. 121 921
The increase in those denominations in
the last four fiscal years was upward
of $166, 900 900.
Since July 1, 1900. the principal of
the indebtedness of the Central Pacific
railway company has been reduced in
the sum of s4.739,974 by cash payments
and transportation furnished. The bal
ance of the principal remaining unpaid
at the date of the last transaction was
$39, ,369 562, secured by first mortgage
bonds for $39, 1870, 900 as collateral.