The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-11-04
D. S. TREASURER'S REPORT


Coulu De Spafeu- ny OCTOBER /. LnlS
excess became $25. 900 and justified
measures to reduce it. By November
it was brought to trife over a mil
lion dollars below the working fund.
Nearly one half Of the available
cash balance July 1 was in gold coin
and certificates, 500, sol, 29O over and
above the gold reserve of $150,0O0000
and by October l it became $136, III.
AS a measure of financial strength of
the government the report says the fact
deserves mention.
BY October l, 1903, the available cash
balance, exclusive Of the reserve, was
Sz21, 253, 1894. and owing to the large
measures for the relief of the money
market it was reduced by November 1
to $206, 421,S79. OF this sum STAG, OLE
was in national banks. Bonds of the
face value of $56,071. 230 were purchased
during the fiscal year for the sinking
fund, at a total cost of $70,410,230 for
principal, premium and accrued inter-
est.
In September, 1902, purchases were
made of $25. 800. 900 bonds of the loan of
1904 ct 1O5. and in October 4 per cents
of 1925 were bought to the amount of
Sl5,675,2 $50 for principal, involving the
payment of $21,695.S10, including pre-
MUM and accrued interest.
The interest due October /, 1901,
amounted to $4,712.12O, was anticipated
on September 16. That due January /,
1902. for $4,630.336, was anticipated on
December 16. On September IS, 1902,
the interest due October /, $4,561, 47S.75
1,n
interest due November / for ,9SS
was paid in advance.
During October interest to the
amount of 81, S1S, 397 was paid in advance
with a rebate of $3S, 443 under an offer
of the secretary covering all bonds and
their earnings up to July l. 1908.
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, 400 in gold certificates, the national
obligations will be shown to have been
! diminished by $42, 340,SSS during the ifs
! cal 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 SIS, 953,200 greater; so that the in
( crease in bonds held for both purposes
was $9S72, 500.
The banks with securities pledged for
| circulation on June 80 numbered 4,553,
making an addition during the year of
81. Those with pledges for public mon
eys deposited were SIT.
For more than 50 per cent. of the
| banks the deposits for circulation are
less than 100000, and for nearly one
| third of the banks the bonds fell below
| $25, 900 in each case. Out of the 1901
banks with securities pledged for less
than $25, 900. 479 have bonds for no more
| than $4,000 each with the treasurer
| This number increased 235 during the
| fiscal year.
The bonds for circulation, which were
on October /, 1901, $3.50, sos, 1S0, fell to
1915, 754, $50 on June A, 1902, rising to
$317, 03S, $50 on June 80. On. October
they were 1926, O23, 80 and on Novem-
Der they were $S3S,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 $50, ,6S1 was
made during the fiscal year. OF this
| $67, SGT was in gold coin and bullion.
There was also an increase of $40, 735, 259
in standard dollars, and Of 1880, 1891 in
subsidiary silver United States notes
remained under the law unchanged.
| Treasury notes fell off 1878, 900. Ma
tional bank notes received an increase
ment of $2,S51. $3.50.
The gold coin and bullion October 1
exceeded all other kinds of money ex-
Guiding national bank notes by $780,
63S, 433. In five years the ratio of gold
| in the country to the total circulation
has run up from 1852 to 46.45 to the
hundred.
The growth in the volume of money
in circulation during the year was $74,-
0S2, $50, carrying the per capita from
279S to 2S.43. The element of gold coin
and gold certificates was the largest
part, and the increase reached SCI, $685.
TIA and advanced from 1880 per cent
of the total to 41,7s per cent. In silver
of all denominations, including certifi-
| Gates, IHSTE WAS all IilCIGdSe OL SAO,GGO,~
146, of which $6,4S6.O14 was in subsidiary
coin. The reduction in treasury notes
of ST. 677 800 is due to their withdrawal
The advance in circulation in the vol
| ume of gold, including certificates,
| within twelve years, by the large sum
of $433 703,516, is the measure of the
| greater strength of our circulation. The
addition during the past fiscal year was
| $61, 1886, ia The increase in the future
can hardly be less than $500 900 to
| $50, 900, 900 year. The mines. the re-
port says, are thus confirming the gold
standard steadily and invincibly, and
| 1t adds:
For the immediate present, and
doubtless for few years at least, the
inflow of gold will be in such a large
measure as to lift the volume of cur
rency to the highest level of all needs
I of business. Our currency keeps more
| than equal pace with the population.
On June q the gold certificates out
standing for the first time exceeded in
volume the United States notes, and
were $347, 179, OS9. BY November they
| were 1857 O7S, 500.
The gold in the treasury keeps in ac-
| tive circulation as currency the certifi-
Gates issued against it, and moreover,
| $346 681, 01S in United States notes and
| $50, 900 in treasury notes or over
| $14O 900, 900 more than its own value.
The 0uastion NAV we'll be considered