Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-11-05
u. s. Treasury Hordes So Much
Yellow Metal the Load
Causes Concern
LARGEST BALANCE IN HISTORY
Bonds Have Eeen Purchased and Per
Capita Circulation Has Materially In
creased-Nea .Iy Half Of the Cash
Balance Is Field in Gold for Paper
Money Is Popular.

| 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
| 1852, ,233, and the expenditures SAIL
t19D,S57, ahowing a surplus of $91,2S7,-
| 37s.
| In comparison with the previous year
there was a decrease of $25,207,104 in
| the revenues, offset by a falling off of
| S3S,776,495 in the expenditures. While
| there was an increase of $l5,S59, 252 IN
the receipts from customs, the internal
revenues under the operation of new
laws repeating war taxes fell off $685.
300,541. There was decrease of SS2,-
343,4S1 in expenditures on account OF
the war departm ent 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 S1,O62, 124,037, and the disburse-
ments $969,62T041. United States
notes and treasury notes were redeem
ed in gold to the amount of Sli,fsZ,o9o
of the former ami s1,274,59O of the lat
ter without any Impairment CT the gold
reserve of $150000,000.
In the first quarter of the fiscal year
1908 the diminution of internal revenue
continued in larger ratio from the eff
| feet of the act of April IL. 1902, repeal
| ing war taxes, re aching S16,9O9,564. The
total receipts were, however, se,so2,So6
greater for the quarter The eXpendi-
lures, on the other hand, as compared
with the July, August and September
preceding increased by $1s,S4415l. The
net result is an excess of receipts OF
SIS, 539,171.
Largest Ba anoe in History.
The available cash balance in the
treasury July l, 1902, was the largest
net balance in our history. 1t amount
ed TO 1852, 1S7,161, The gold reserve is
counted in, as it is available for the re-
demption of legal tender notes. The
sums in national banks to the credit of
the treasurer anc disbursing officers
were 27,190,o56. The subsidiary sill
yer, s11,462,53S, and the minor coin,
$914404, could hardly be used for large
payments, nor is the silver bullion to
be reckoned for such purpose.
With such deductions, there remain-
ed in the treasury vaults, July /, a little
over $72,o00,000. AS $50,o00,0o0 is deem
ed a. fair working fund, about $22,00O,-
900 could be spared. By Oct. this ex
cess became s25.00o,0o0 and justified
measures to reduce it SO that by Nov.
1t is brought TO a trifle over a million
dollars below the working fund.
Nearly one-half of the available cash
balance July / was in gold coin and
certificates, $1o3.S)1,2 90 over and above
the gold reserve of $150,000,000, and by
October 1t became s136. PATTI. AS al
measure of the financial strength of the
government the report says the fact de-
serves mention.
BY Oct /, 1905, the available cash
balance, exclusive of the reserve, was
1921, 1874; and owing to the large
measures for the relief of the money
market it was reduced by Nov. / to
| $206, 421, S79. OF this sum S146,SS5,012
was in national hanks. Bonds of the
face value of S56,GT1,230 were purchas-
ed during the fiscal year for the sinking
fund, at total cost of $70,410,230 for
principal, premium and accrued inter-
est.
Bond Purchases.
In September, 1902, purchases were
made of $4,000 bonds of the loan of
1904, at 105, and il, October per cents
of 1925 We're bought to the amount of
s15,675,25o for principal, involving the
payment of s21,695,310, including pre-
miurns and accrued interest.
The interest due on Oct 1, 1901,
amounting to s4,712,12o was antici-
patel on Sept. 16. That due on Jan. 1,
1902, for s4,64o,3Se was anticipated on
Dec. 16. On Sept. IS, 1902. the interest
due on Oct. /. s4,561.47S.75, was antici-
pated, and on Oct. 90 the interest due
Nov. /, for $2.323,93S, was paid in adj
vance.
During October interest to the
amount of s3,31S,s97 was paid in adj
vance, with rebate of $3S,443 under an
offer of the secretary covering all bonds
and their earnings UP to July 2, 1903.
While the accounts of the public debt
on their face show an increase of SIS
2S3,512 in the total of the debt if allow
ance be made for the increase of $751;
624.4 400 in gold certificates, the national
obligations will be shown to have been
diminished by $4234O,SSS during the
fiscal year
The bonds held by the treasurer as
security for the notes of the national
banks were S9,0S0,700 less at the end of
the fiscal year than twelve months be-
fore, but in the same interval the Sc
curities held for deposits In the banks
were $1S,953,200 greater, SO that the in
crease in bonds held for both purposes
was $9,0S7,500.
The banks with securities pledged for
circulation on June 80 numbered 1853,
making an addition during the year of
37l. Those with pledges for public
moneys deposited were SIT.
The bonds for circulation, which were
on Oct /, 1901. $3.50, 500. $780, fel! to $315,-
754630 on June A. 1902 rising to s3l7,,-
cas- $40 on June 80. On Oct. they were
$685. 0s2, go, These changes show a
measure of elasticity in notes based on
bonds.
To the general stock of money in the
country an addition of SS0,1S9,6S1 was
made during the fiscal year Of this
$67955,52T was in gold coin and bullion.
There was also an increase of $19,735,
ESQ in standard dollars and of 1880, 991 |
ir subsidiary silver
United States notes remained under
the law unchanged. Treasury notes fell
IF $17,7S3,00. National bank notes re-
oeived an increment of s2,S51,5S9.
The gold coin and bullion on Oct.