The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-04
SURPLUS OF OVER $s1,0Oo,Ooo
DESPITE THE LOSS OF STAMP AND
OTHER WAR TAXES.
Enormous Cash Balance and Holdings
of GOId-CircuIating Medium
Now S2S.43 Per Capita.

magnitude of the available cash balance
and the unprecedented holdings of gross gold
are the striking features of the condition
of the treasury at the close of the fiscal
year, 1902 The net ordinary revenues for
the year were $685. 47S, 233 and the expendi-
lures SAL, 19O,S57. showing a surplus of
81, 2S7,376
In comparison with the previous year.
there was a decrease of s25,2O7,104 in the
revenues, offset by falling off of SIS. 776, 495
in the expenditures While there was an
increase of s15.S59,252 in the receipts from
customs, the internal revenues, under the
operation OF new laws repeating the war
taxes. fell off SIS. 3O0541. There was de-
crease of $50, 343, 4S1 in expenditures on &C
count of the War Department and an in
crease of 7,296,149 in the cost of the navy.
The total receipts of the year from all
sources, including the public debt, were
81, 0e2, ,0S7, and the disbursements, $780,
627 OH. United States notes and treasury
notes were redeemed in gold to the amount
of 17.4S2,5 $50 of the former and sl,274.590 OF
the latter, without any impairment of the
gold reserve of s1500OO.000.
In the first quarter of the fiscal year
1903, the diminution of internal revenue con-
tinued in larger ratio from she effect Of
the act of April u. 1902. repeating war
taxes, reaching s16.9O9.564 The total re-
ceipts were. however. $500, 9O6 greater for
the quarter. The expenditures, on the
other hand, compared with the July. August
and September preceding, increased by sl9,-
SH,151. The net result is an excess of re-
ceipts of s13.5s9,171.
LARGEST NET BALANCE.
liz
ury July /, 1902, was the largest net bal
ance in our history. 1t amounted to sS62,-
1881 The gold reserve is counted in, as
it is available for the redemption of legal
tender notes. The sums in national banks
to the credit of the treasurer and disburs-
ing officers were s127.1so,O56. The subsidiary
silver G11, $3.50 and the minor coin (s9l9.-
4OD could hardly be used for large pay
ments, nor is the silver bullion to be reck-
oned for such purpose. With such deduc-
tions there remained in the treasury vaults
July l little over s72OOO.0o0. AS $50. OOO, 900
is deemed a fair working fund, about s22,-
100000 could be spared. By Oct. l this ex-
cess became s25.0OO.0OO and justified meas
ures to reduce it. By Nov. it was brought
to q trifie over 100000 below the working
fund.
Nearly one-half of the available cash bal
ahce July l was in gold coin and certifi-
! Gates, sl03, sol, go over and above the gold
reserve of $3.50, OoO, 600 and by oct. / it be-
| came $lS6.l24.71 AS a measure of the
] financial strength of the government the
| report says the fact deserves mention. BY
| Oct. /, 1902 the available cash balance ex-
| elusive of the reserve, was S221. 253. 1884, and
owing TO the large measures for the relief
of the money market it was reduced by
Nov. to sos, S79. OF this sum $146, SS5 OH
was in national banks. Bonds of the face
value of go were purchased during
the fiscal year for the sinking fund at a
| total cost of S7O,4lO23O for principal
| premium and accrued interest In Septem-
| Der, 1902, purchases were made of SIS, 300 900
bonds of the loan of 1904 at los. and in Oc-
| the amount of Sl5,675,250 for principal, in
volving the payment of s2l.695.3l0 includ-
| ing premium and accrued interest.
| The interest due Oct l, 1901. amounting
| to $4.712,120. was anticipated on Sept 16
| That due Jan. l. 1902, for 81 CSC, 1886, was an
| ticipated on Dec. To- On Sept. Ii, 1902 the
interest due Oct. l (s4.56l, .75C was antici-
pated and on Oct. 20 the interest due Nov
| l for s., 30, 1888 was paid in advance. During
| October interest to the amount of $3,31S 397
was paid in advance, with rebate of $685.
| 44S under an offer of the secretary covering
| all bonds and their earnings up to July l,
| 1903.
THE PUBLIC DEBT.
While the accounts of the public debt on
their face show an increase of ST., 2S3, SIP in
| the total of the debt, if allowance be made
| for the increase of s57,6 400 in gold GER
| tificates, the national obligations will be
shown to have been diminished by $42, $40, SIS
during the fiscal year.
The bonds held by the treasurer as Sc
curity for the notes of the national banks
were s9.OS0 200 less at the end of the fiscal
year than twelve months before; but in the
same interval the securities held for de-
posits in the banks were s1S,953. 200 greater;
| so that the increase in bonds held for both
| purposes was 50, So, 500.
| The banks with securities pledged for cir
| culation on June 80 numbered 1853, making
| an addition during the year of 81. Those
| with pledges for public moneys deposited
| were so.
For more than 50 per cent. of the banks
| the deposits for circulation are less than
100000. and for nearly one-third of the
| banks the bonds fell below $4,000 I'm each
case Out of the 15l banks with securities
| pledged for less than $500 479 have bonds
for no more than $4,000 each with the treas
urer This number increased 2S5 during the
The bonds for circulation. which were on
Oct l. 1901, $3.50. $50, fell to S3l5, 754 $50 on
| June T. 1902, rising to S3l7 03S, $50 on June 80
| On Oct. / they were 1926 or, go, and on
| Nov. /. 1886, OS2 20. These changes show a
measure of elasticity in notes based on
| bonds.
To the general stock of money in the
1 country an addition of $50, 6s1 was made
during the fiscal year OF this s67, $50, 527 was
1 In gold coin anu DuiiOn. lutfe was also
increase of $l9, 735. 259 in standard dollars and
| of $3.50. 991 in subsidiary silver. United
States notes remained under the law un.
| changed. The treasury notes fell off ST., 7S3.
coo. National bank notes received an incre-
ment of 81 S5l,5s9.
The gold coin and bullion Oct exceeded
| all other kinds of money. excluding national
| bank notes. by 500, 1868, 49, In five years the
| ratio of gold in the country to total circula.
| ton has run up from 1862 TO 464 As TO ths
| hundred.
| TTha orovth In tne volume of yoona,, A,
| circulation during the year was s74Os5 $50
| carrying the per capita from 279S To rs 43
| The element of gold coin and gold certifi
Gates was the largest part, and the increase
! reached SOL ,966.174 and advanced from 40 "A
per cent of the total TO ii. 70 per cent In
silver of all denominations. including certih
Gates there was an increase OF SIS 226 ii6 o.
which So 4S6.0l4 was in subsidiary coin Th,
reduction in treasury notes OF $l7,677. 500 i:
due to their withdrawal
THE GOLD STANDARD.
The advance in circulation In the yolum,
of gold, including certificates within lively,
years by the large sum of S4S3, 703 SIG. a.
the measure of the greater strength o.
our circulation. The addition during IN.
past fiscal year was s6i.9Ss.l74. The in
crease in the future can hardly be les.
than 100000 to seO.0Ooe00 a year Tn,
mines, the report says. are thus confirmins
the gold standard steadily and invincibly
and IL adds: For the immediate present
the inflow OF gold Will be In such larg,
A ~ ha xr0l nf