Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-11-04
LARGEST BALANCE IN HISTORY
Bonds Have Been Purchased and Per
Capita Circulati on Has Materially In
creased-Nearv Half of the Cash
Balance Is Held in Gold for Paper
Money Is Popular.

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
I $562,47S,233, and the expenditures $4T1,-
190,S57, showing a surplus of $91,2S7,-
376.
| Iii comparison with the previous year
there was a decrease of $25, 207,104 in
| the revenues, offset by telling off of
$SS,776,4s5 in the expenditures. While
there was an inc rease of $l5,S59,252 IN
| the receipts from customs, the Internal
revenues under the operation OF new
laws repeating war taxes fell off $780,
| 3Oo.54l. There was DECREASE of $780,
343,AS1 in expenditures on account OF
the war departm ant and an increase OF
| 1926, 149 in the cost of the navy.
The total rece, pts of the year from
all sources, including the public debt,
were $1,062, 124,037, and the disburse-
ments $969,627,O41. United States
| notes and treasury notes were redeem
| ed in gold to the amount OF $lI,4S2,oSo
of the former ana s1,274.590 of the lat
| ter, without any Impairment OF the goa
reserve of s150.00o,000.
| LIN the first quarter of the, fiscal year
| 1903 the diminution of internal revenue
continued in larger ratio from the ef-
! feet of the act OF April IL, 1902, repeal
| ing war taxes, reaching $16,909,564, The
total receipts We're, however. $5.so2,306
greater for the quarter The expendi-
| lures, on the other hand, as compared
| with the July, August and September
preceding increased by $19,S44,151. The
net result is an excess OF receipts OIL
$13,539,171.
Largest Balance in n story.
The available cash balance in the
| treasury July l. 1902, was the largest
net balance in ollr history. 1t amount
| ed to 1852, 1S7,16t. The gold reserve is
counted in, as 1t is available for the re-
dernption of legal tender notes. The
sums in national banks to the credit of
| the treasurer and disbursing officers
were S127, 190,05t. The subsidiary sill
yer, s11.462,5S3 and the minor coin,
| 1914, 404, could htrdly be used for large
payments, nor iIs the silver bullion to
be reckoned for such purpose.
s.; With such deductions, there remain
| ed in the treasury vaults, July /, a little
over s72.000,000. AS s5o,000,000 is DEEM
ed fair working fund, about S22.00G,-
4 600 could be spared. BY Oct. l this ex-
cess became sci, and justified
measures to reduce it so that by Nov.
/ 1t is brought 4, trifie over a million
dollars below the working fund.
Nearly one-haf of the available cash
balance July / was in gold coin and
certificates, $103 1901, $50 over and above
the gold reserve of s150,000, 900, and by
October it became s1s6.12t,771. AS a
measure of the financial strength of the
government the report says the fact de-
serves mention.
| by Oct. !, 1902, the available cash
balance, exclusive of the reserve, was
| $221, 25S,394; and owing to the large
| measures for tile relief of the money
market it was reduced by Nov. 1 to
$2O6, 421,S79. OF this sum STAG, 1912
was in national banks. E.onds of the
face value of $5s,O71,23G were purchas-
ed during the fiscal year for the sinking
fund, at total cost of s70,410,230 for
principal, premium and accrued inter-
est.
! Bono Purchases.
! In September. 1902, purchases were
made of $4,000 bonds of the loan of
1904, at los. and in October per cents
of 1925 were bought to the amount of
/ $15,675,250 for principal, involving the
payment Of $21 ,695,310, including pre-
mfums and accrued interest.
The interest due on Oct 1, 1901,
amounting to s4,712,120,. was antici-
pated on Sept. 6. That due on Jan. /,
1902, for S4,6403s6 was anticipated on
Dec. 16. On Sept. IS. 1902 the interest
due on Oct. 1, s4,561,47s.75. was antici-
pated, and on Oct. 90 the interest due
Nov. 1. for s2,323.93s, was paid in adj
vance.
During October interest to the
amount OF $3.3lS,397 was paid in adj
vance, with a rebate of $3S, 443 under an
offer of the seer etary covering all bonds
and their earnirgs up to July 2, 1908.
While the accounts of the public debt
on their face show an increase of s15,-
2S3,512 in the total of the debt, If allow
ance be made for the increase of $751;
ga, 400 in gold certificates the national
obligations will be shown to have been
diminished by .,42,34O,SSS during the
/ fiscal year.
The bonds held by the treasurer as
security for the notes of the national
banks were $9,0s0,700 less at the end of
| the fiscal year Than twelve months be-
! fore, but in the. same interval the Sc
c,irities held for deposits in the banks
were $1S,953,20O greater, SD that the in
crease in bonds held for both purposes
was $9,0S7500.
The banks with securities pledged for
circulation on tune 80 numbered 1853,
making an add ton during the year of
/ 81. Those with pledges for public
moneys deposited were SIT.
/ The bonds for circulation, which were
on Oct /, 1901. s33O.693 1870, fell to s315,-
/ 754.630 on June A, 1902 Using to $317,-
6TTsaA48 on June 80. On Oct. they were
i $33S,0S2,270. These changes show a
measure of elasticity in notes based on
bonds.
To the general stock of money in the
/ country an addition of $s0,1S9,6S1 was
made during the fiscal year. OF this
4 $67955,527 was in gold coin and bullion.
There was also an increase of $19,735,
/ 2E,9 in standard dollars and of $7360,991
ir subsidiary silver.
United States notes remained under
the law unchanged. Treasury notes fell
oif $1T,7s3,00. National bank notes re-
eeived an increment of $2,s51,5S9.
/ The gold coin and bullion on Oct. !
i all ~ t,,Jc ,af H.,