The Washington times., 1902-12-03
OPERATIONS OF TREASURY.

/ OPEkAIlONS VI lREASUk1-
The Treasurer Of the U-ited states IN
his annual report distinguishes, as the
striking features Of the condition Of the
Treasury. the magnitude Of the avail
able cash balance and the uuprecedent-
ed holdings Of gold. Among the notable
events OF the last fiscal year are the
diminution Of revenues due 10 the repeal
Of war taxes. the reduction OF eXpendi-
lures. and the changes in the compost
tiOn Of the paper currency. United
States notes and Treasury notes were
redeemed in gold 10 the amount Of ST.,
4S2. $40 OF the former and S1,274 $50 Of the
latter. without any impairment Of the
gold reserve of S150-00OCOO-
The increase or the available cash
balance was S33, .563 bringing the to-
tai on June 30 to S212.1s1.361. BY Octo-
Der l. 1902 the total increased 20 SZ2l,-
253, 394. but was reduced by November
TO S205 42l .S7s.30. Inclusive Of the
gold reserve, the available balance on
June 80 was 1862 1877 1851 the largest In
the history Of the department. for while
these figures are exceeded by the rec
Ords Of 1879 the latter included IN the
account the funds held temporarily
/ against called bonds.
/ After allowing for subsidiary silver
/ silver bullion, and minor coin not avail
/ able for large payments. there remained
/ in The Treasury vaults November I a
/ fund Of over So, 600. 600 which rs slight
7 ly IN excess OF what is deemed a fair
{ working balance. Nearly half OF the net
/ available cash balance. over and above
J the reserve OF $500 600, was In gold
and gold certificates. which amounted 20
/ $l03. sol 800. and increased by November
| 1 TO yll3.5s2 e23. a sum far exceeding the
/ outstanding liabilities.
Increase in Customs.
THE first quarter Of the new fiscal
/ year was marked by an increase in Gus
I toms. o1sett.ng the reduction by the
new statutes IN internal revenue. Both
. the receipts and the expenditures were
. Ga excess Of the spending months
in the year preceding. On November
/ a surplus Of 2l3 2g6. fgl was shown for
. the current fiscal year
| In the total amounts Of bonds held
for national banks as security for cir
4 culating notes. the most significant
. changes were a reduction OF nearly $i4.-
. O00- 600 between October and June. and
an increase Of nearly $1,000 900 between
] June and October On June 30 all OF the
] . per cent cOnsOls were on deposit in
] the Treasury with the exception Of $f2,
. .250. and by November I all but $35-
I36. 700. The banks with securities
pledged for circulation on June 80 uum-
bered 1853. an increase Of 366 for the
year More than so per cent Of the
hanks had deposits Of less than 100000
for circulation, and nearly One-third
had less than $25 900. while i79 had no
more than SO 900 each. Under a ruling
OF the Secretary. State and city bonds
. amounting 20 $40. 474.500 we're received 10
. November 10 as part security for public
. deposits 20 release United States bonds
which were transferred 20 secure circu-
laJion.
THE unparalleled volume Of gold GER
tiGcates outstanding is the result OF the
freedom with which they can be issued
in consequence of the natural flow OF
gold from many sources into the Treas
Ury. They are issued against deposits OF
coin and are paid out for gold bullion an.
. the obligations Of the Government. OF
June n they for the first time exceeded
IN volume the United States notes Tho
increase ia the fiscal year was &5I.59i.
400 which was followed ly another O
SlG.6g 900 In the next three months
bringing the total u9 10 $363.@ll,oo*.
, Gold Receipts.
The Treasury derives gold from sew
eraI sources. substantially. the Who'll,
receipts from customs are In gold o
the representative certificates. The to
' tai acquired through the custom house.
during the year is placed at over $Zl9.
600 .O00 Deposits of gold amounting q
S22.eZl 800 were made in New York To-
the transfer Of currency o other points
D These deposits began .riy and wer'
larger than lH any TcCeu years eXcep
1900. and for the first ti1e the Treas
ury was able 20 receive god and suppl,
the kinds and amounts OF paper cur
reucy desired which were USUALLY
United states notes and silver Certih
Gates OF small denominations. The gol
received at the mlnts and assay office
ls paid for mostly by checks. Fog De
posits of gold iu san Francisco payment
were made by telegraph IN New Iorl
20 the amount OF Sl0,473.GOg before No
J ycmber L.
From the occupation OF the Philip
D pines TO September o last, an aggregate
80 OF S27 1871 $50 I'm American money wa
2 sent there 10 be used in Government a
Z / bursemeuts- or this, SIS. $50 coo was o.
I. ] MINOR g1O 300 600 iU gold and he re