New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-04
TREASURES CONDITION.
STRONG FINANCIAL POSITION OF THE
GOVERNMENT.
r-NPRECEDENTED CASH BALANCE AND
HOLDINGS or GOLD-CURRENCY MORE
THAN KEEPING PACE WITH
POPULATION


POPULATION
washington, Nov. 3.-Euis H. Roberts. Treas
urer Of the United States in opening his annual
report. says that the magnitude of the avail
able cash balance and the unprecedented hold
ings 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 $500, AS 233 and the expendi-
lures S47119OS57. showing a surplus of SOL
2S7376.
In comparison with the previous year there
WAS a decrease of S25. 207. 1O4 in the revenues
offset by falling off Of SIS, 776. 495 in the ex
pendtures. While there was an increase of
l5S59.252 in the receipts from customs the
internal revenue. under the operation of the
law repeating the war taxes. fell of S35. 300 541
There was a decrease of So. 343. 4SI in expendi
lures on account of the War Department, and
an increase of $7.296. l49 in the cost Of the
navy The total receipts of the year from all
sources were S1.O62. 124. OS7 and the disburse-
ments were S969.627.O 41. United States notes
and Treasury notes were redeemed in gold TO the
amount of ST.. 1888 Of the former and 81. 274-
80 Of the latter. without any impairment of the
gold reserve of $1J000OOa0
In the first quarter Of the fiscal wear 1903 the
diminution of internal revenue continued in
larger ratio from the effect of the act OF April
r. 1902. repeating war taxes. reaching SIG
Sl9,564. The total receipts were, however. So
925O6 greater for the quarter The expendi-
lures. on the other hand, compared with the
July. August and September preceding. in
creased by S19S44, 151. The net result is an ex-
cess of receipts of ST., $50 III
The available cash balance in the Treasury
July /. 1902. the largest net balance in the
history of the country. It amounted 10 SS62-
1S136l. The gold reserve is counted in. as 1t
is available for the redemption CT legal tender
notes. The deposits in national banks 10 the
credit Of the Treasurer and disbursing officers
were S121,l90,056. The subsidiary silver. Sill
462533, and the minor coin. 1919 4O4 could
hardly be used for large payments, nor is the
silver bullion 10 be reckoned for such purpose
With such deductions. there remained in the
Treasury vaults July l little over ST.
100000. As S5O000O00 is deemed a fair working
fund. about S22O0OOoO could be spared BY
October ! this excess became S25Oo0O0O. and
justified measures 20 reduce it. and by Novem-
her it was brought TO a trihe over 81. 100000
below the working fund.
Nearly half the available cash balance on
July l was in gold coin and certificates S1O3.-
Sol290 over and above the gold reserve Of
Sl5000000o and by October It became S136.-
PATH AS measure Of the financial strength
Of the government, the report says. the fact de-
serves mention.
RELIEF OF THE MONEY MARKET.
By October l. 1902, the available cash balance.
exclusive Of the reserve. was S221, 253, 1874, and
owing 10 the large measures for the relief of the
money market, il was reduced by November to
SECS 42LSI9 OF this sum SAG. Ss5.O12 was in
national banks Bonds Of the face value OF
S56o7l,230 We're purchased in the fiscal year
for the sinking fund at a total cost OF S7O41O.-
go for principal. premium and accrued interest.
In September. 1902, purchases were made OF
$500 bonds OF the loan of 1901 at los, and in
October per cents Of 1925 We're bought 70 the
amount Of S15.675.2J0 for principal. involving
the payment OF sd 695, 80, including premiums
and accrued interest.
The interest due on October l. 1901, amounting
70 S4.712. 100. was anticipated on September Is.
That due on January /. 1902 81. $50. 1896, was
anticipated on December Is. On September IS.
1902 the interest due on October 1. S4,561,-
AIS -, was anticipated, and on October 20 the
interest due on November ]. 50, 500. 93S was paid
IN advance. In October interest to the amount
If S3.3ls. 397 was paid in advance with a re-
bate Of S3s.4 under an offer Of the Secretary
covering all bonds and their earnings up 10
July l. 1908
While the accounts Of the public debt on
their face show an increase Of Sl5,2S3.512 in the
total Of the debt # allowance be made for the
increase Of S57. 624. 400 in gold certificates the
national obligations viii be shown TO have been
diminished by S42,340.sss in the fiscal year.
The bonds held by the Treasurer as security
for the notes Of national banks were S90s0,7oO
less at the end Of the fiscal year than twelve
months before. but in the same interval the
securities held for deposits in the banks were
SIS. 953 200 greater, so that the increase in
bonds held for both purposes was S9.S12,JOO
The banks with securities pledged for circula-
ton on June 30 numbered 4.553 making an
addition in the yaar Of 37l. Those with
pledges for public moneys deposited were 547.
For more than 20 per cent of the banks the de-
posts for circulation are less than $lOoVoO'
and for nearly one-third the bonds fell below
$4,000 in each case out Of the l,501 banks
with securities pledged for less than $4,000.
479 have bonds for no more than $4,000 each
with the Treasurer This number increased 30
in the fiscal year The bonds for circulation,
which were on October !, 1901. $3.50 693, $50,
fell 70 S3l5 754. 630 on june 4. 1902 rising 10
S3l7.03s. 80 on June 30. On October they were
S326023 go, and on November ] $33s. 0S2,27O
These changes show a measure of elasticity in
notes based bonds.
INCREASE IN STOCK OF MONEY.
To the general stock Of money in the country
addition Of $50 19s,6s1 was made in the
fiscal year OF this SCI, 3d.. 527 was in gold coin
and bullion. There also increase of
Sl9 735 259 in standard dollars. and OF 1880
1871 in subsidiary silver. United States notes
remained unchanged under the law. Treasury
notes fell off ST.. 600 National bank notes
Increased 81. Sol $50.
The gold coin and bullion on October ] ex-
eeeded all other kinds ~ money; excluding ma
uonal bank notes by $500 36S ABB In five years |
me ratio Of gold i'm the country 10 total circula-
Ton has run up from 1862 10 1913 TO the hun
The growth in the volume OF money in circu-
ration was S14,OS2,5S9, carrying the per capita