The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-05
THE NATIONAL FINANCES.

The annual report of the United States
treasurer deals with very large figures and
contains some interesting statements. Some
Of the figures are so much larger than those
which appear in the financial reports OF
any other country that they must seem be-
wildering to foreign financiers, who are
constantly looking for new sources of rev.
enue or struggling to make both ends meet.
The report states in brief business form
that "the net ordinary revenues for the
year were 1852, ,233 and the expenditures
SAL, 170, $751; showing a surplus Of $91, 2S7, 3l6.
No other country ever had such a surplus
of revenue as this The British finance re-
lures over revenues of $40. 527 06O, while that
CT France showed a surplus of s5s.30s, and
that Of Germany showed a deficit Of slS-
$4,000. And the large surplus reported by
the treasurer accrued notwithstanding the
repeal of war taxes, which caused a re-
duction of revenue during the year TO the
amount of s35, 9OO541. After this it is not
surprising to learn that on four different
occasions during the year the government
anticipated the interest due on bonds. The
interest due Oct /, 1901, amounting to &12.-
120, was anticipated on Sept IT, That due
Jan. l. 1902. for $4.630,336 was anticipated on
Dec. 16. On Sept. 10. 1902. the interest due
Oct / (s4,561 47S.75 was anticipated, and on
Oct. 20 the interest due Nov. 1 for s.. S23, sSS
was paid in advance. This anticipation OF
interest is feature of finance unknown to
other countries. If it had been permissible
to make comparisons in an official report
the treasurer might have stated that the
per capita interest on our national debt
is now below that of the principal coun-
tries of the world. Our per capita interest
charge is only one-sixteenth that of France
and only one-sixth that of Great Britain.
The treasurer might have stated also,
which he does not that the United States
is the only country in the world that floats
a per cent. bond.
The report shows that since the adoption
of the gold standard our currency has in
creased in volume and improved in char
acter. During the last fiscal year the cur
rency increased s74Os2. $50. of which $751;
955,5N was in gold coin. This is kind of
imitation that no one need fear, and the
treasurer predicts that ii will continue.
FOR the immediate present" he says, land
doubtless for a few years at least the in
flow of gold will be in such large measure as
to lift the volume of currency to the high
est level OF all needs of business. Our
currency keeps more than equal pace with
the population" AS long as our circulation
continues to show this steady increase of
gold there would seem to be no necessity
for increasing it by asset currency. The
treasurer says that, thanks to the inflow of
gold. the parity of value of all forms of all
gold standard is now easily maintained
There is no longer any embarrassing de-
| mand for gold'' ION the other hand, -
says the report, small denominations, in
Guiding silver coin. are constantly in de-
mand for the myriad transactions of retail
| trade and the current uses Of rural com
munties. we'll as for pay rolls in fur
naces and factories and harvest fields
The treasury in recent years." continues the
report, has heard much more clamor fol
| silver and small notes than for gold /,
is now abundantly able to meet all calls fol
every kind of money for its own obliga-
tions, for redemption and for legitimate
| transfers" The report contains other mat
tiers of interest for financiers at home and
abroad and for business men generally.
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