Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-04
HOL DINGS OF GOLD
The Striking Feature Of the
Treasury's Condition.
LARGE CASH BALANCE
PURCHASE OF BONDS IN THE
LAST FEW MONTHS.
Increase of National Banks-Growth
in Circulation-Paper Currency
Gaining in Simplicity.

| Ellis H. Roberts, treasurer of the United
! States, in opening his annual report says
| that the 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 reve-
nues for the year were s562, AIS, 233 and the
expenditures SAT-, 100, s57, showing a surplus
| of SOL, 2S7,376.
! In comparison with the previous yeaS
| there was a decrease of s25, 207, 1O4 in the
| revenues, offset by a falling off of $3S, 49,
| 495 in the expenditures. While there was
| an increase of SIS, 1853, 252 in the receipts
| from customs the internal revenues, under
| the operation of new laws repeating the
| war taxes fell off $50, 800, 81. There was
decrease of 49,, 343, 4S1 in expenditures
on account of the War Department and an
increase of 81, 296, 149 in the cost of the
navy. The total receipts Of the year from
all sources, including the public debt, were
81 O62. 124, 037 and the disbursements $969,-
627 O41.
United States notes and treasury notes
were redeemed in gold to the amount OF
ST, 4S2, $50 of the former and $l,214,59O OF
the latter without any impairment of the
gold reserve of s150,OOO,OOO.
In the first quarter Of the fiscal year 1908
the diminution Of internal revenue contin-
ued in larger ratio from the effect Of the
act of April -, 1902, repeating war taxes,
reaching $4,000 564. The total receipts
WERE however, s5,902, 800 greater for the
quarter. The expenditures on the other
hand, as compared with the July, August
and September preceding increased by S19,-
S44, ISL. The net result is an excess Of re-
ceipts of s13539171.
Largest Balance in History.
The available cash balance In the treas
T,,l1 hal
ance in our history. 1t amounted to $362,-
1877, 361. 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 ,190056. The subsid-
larry silver, 81, 462. 533, and the minor coin,
1919, 4O4, could hardly be used for large pay
ments, Is the silver bullion to be reck-
oned for such purpose.
With such deductions, there remained in
the treasury vaults July l a little over
$72,000000. AS $5000O,0OO Is deemed fair
working fund. about s22,OO0,OO0 could be
spared. BY October l this excess became
So. 100000 and justified measures to reduce
it; by November 1 1t was brought to a trlfe
over 100000 below the working fund.
Nearly one-half of the available cash bal
ance July / was in gold, coin and certifi-
Gates s1O3, SO1 $50 over and above the gold
reserve of $50, 600, 900, and by October
it became 1886, 124, III AS a measure Of the
report says, the fact deserves mention. BY
October /, 1902 the available cash balance,
exclusive of the reserve, was SOD, 2o3, 1874,
and, owing to the large measures for the
relief of the money market, it was reduced
by November l to $206, 421 $40. Of this sum
s146, SS5,O12 was in national banks.
Purchase Of Bonds.
Bonds Of the face value of $50, OIL ,23O were
purchased during the fiscal year for the
sinking fund. at a total cost Of $70,410, go
for principal, premium and accrued interest
In September, 1902 purchases were made
of so, 800 bonds of the loan Of 1904, at 105
and in October, per cents of 1929 were
bought to the amount of SIS ,675, $50 for
principal, involving the payment of sd ,G95,-
80, including premium and accrued interest
The interest due October 1, 1901 amount
ing to 4712120, was anticipated on Sep
TENDER 49, That due January 1, 1902, for
81, CSC, 1885, was anticipated on December 16
On September 13, 1902, the interest due Oc-
tober /, 81, 561 ,47S75, was anticipated, and
on October 20, the interest due November
l. for 81, 1913 ,93S, was paid in advance Dur
ing October interest to the amount of 3d.
31S, 1897 was paid in advance with a rebate
of S3S 443 under an offer of the Secretary
covering all bonds and their earnings up to
July 1, 1903.
While the accounts of the public debt
their face show an increase of $15,2S3-
so in the total of the debt, if allowance
be made for the increase of S57, 624 400 in
gold certificates, the national obligations
will be shown to have been diminished by
S42, $40 SSs during the fiscal year.
The bonds held by the treasury as securi-
ty for the notes of the national banks were
$9,0S0, 200 less at the end of the fiscal year
than twelve months before; but in the
same interval the securities held for de-
posts in the banks were $1S,953, 200 greater;
so that the increase in bonds held for both