The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-04
THE NATIONS FINANCES
Great Cash Balance, Big Surplus and
Large Gold Holdings-Growth
of tho Circulation.

Washington, Nov. 4.-Ellis H. Roberts,
the treasurer Of the United States, in his
annual report says:
The magnitude Of the available cash
balance and the unprecedented holdings
Of gross gold are the striking features
OF the conditions OF the treasury at the
close Of the fiscal year 1902. The net
ordinary revenues for the year were $685.
478,233, and the expenditures $471, $780, S57,
showing surplus OF sol. 287.376.
In comparison with the previous year
there was a decrease of SIS, 2o7, 104 in tho
revenues emu offset by falling off OF $685.
776,4So In the expenditures. While there
was an increase OF sos, $50. 252 in the re-
ceipts from customs. the internal revenues
under the operation of new laws repeal
Ing the war taxes fell of $35. 3O0,541.
There was a decrease OF $32, 343. 4a1 in ex-
penditures on account of the war de-
partment and an increase Of 1926, 1l9 in
the cost of the navy. The total receipts
Of the year from all sources, including the
public debt, were s1,062, 124,0 37, and tho
disbursements 69,627,0 41. United States
and treasury notes were redeemed In gold
to the amount Of $17.4S2,590 Of the former
and $1,274,590 Of the latter, without any
impairment Of the gold reserve of $780,
600, 900.
The available cash balance in the treas
ury July l, 1902, was the largest net bal
| ance In the countrys history. It amounted
| to 1882, 1877. 361.
The growth In the volume OF money in
circulation during the year was $74 ,0S2.-
! $50. carrying the per capita from 27.9S to
| 2S.43.
The advance in circulation In the vol
ume Of gold. including certificates, within
| twelve years by the large sum Of $780,
| 703,516. Is the measure Of the greater
strength Of our circulation. The addition
during the past fiscal year was SCI, sse, 174.
o0n " IA $,vt,y 1,.Iy,, H.
less than $50, 900, 900 to $50, 900 900 q year.
The figures, the report says, are thus
confirming the gold standard. The report
adds:
For few years at least the inflow of
gold will be in such large measure as to
lift the volume OF currency to the highest
| level Of all needs Of business. Our cur
rency keeps more than equal pace with
| the population. On June ~ the gold GER
tifcates outstanding for the first time ex-
ceeded in volume United States notes, and
were $347,0S9,SS0. BY Nov. there were
1857 ,O58,56s.
The gold in the treasury keeps in &C.
tive circulation as currency by the certif-
Gates issued against it. and moreover
s346, 6S1, 01s in United States notes and
$30.000.000 in treasury notes, or over $140..
100000 more than its own value. The
question may we'll be considered whether
the United States notes may not properly
be turned by congress into gold certih
Gates. They have much that quality al
ready and the change could be gradual,
made the supply Of the yellow meta
takes on greater proportions. The de
mands of the people for notes Of small
: denominations have surprised the closes
students Of currency. I'm 1890 there wer
l 37,o65 $3.50 pieces Of government paper Is
sued, Of the average value Of 1851. Il
1902 the issue was 116,697,874 pieces, an
the average value 81.
There was a net increase during tn
fiscal year Of 1858 banks. 1857 charters hav
ing been granted and 50 surrendered. TIL
total number of banks chartered to Jun
30, 1902, was 6.325, Of which 4.546 were
operation and 1,779 out Of existence.