The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-04
REPORTOF U.S.TREASURER
INCREASE ~ MONEY IN CIRCU.
LATION OF S74,OS2,5s9.
The Per Capita Coos From 2s.9s to
2s.48-Revenues Of the Year 6S89..
%ss.233. Expenditures SAT- 1908
Great Increase In the v iume Of Gold


%5s.233, Expenditures SAT- 100. SS5
Great Increase In the iume OF Gold
WAsHINGToN, Nov. Sin the opening
paragraph Of his annual report, Ellis II.
Roberts. Treasurer Of the United States,
SAYS:
The magnitude Of the available cash
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 transact
ions for the twelve months then ended
are marked. first, by the dminution Of
the revenue due TO the repeal Of war taxes
by the Act OF March 2. 1901, and the reduc-
ton Of expenditures from the progress
OF peace in our new Possessions, and second,
by the large increase in gold certificates
outstanding, and the continued change
Of other kinds OF government paper cur
rency into denominations OF $40 and under.
The net ordinary revenues for the year
were 1852 ,i7s,?S3 and the expenditures.
tfI ,l9O, sj7, showing surplus of &9l ,2sI.-
376.
In comparison with the previous year.
there was a decrease of 81, 20, l0i in the
revenues, Oh set by "A falling GA OF e3s77o-
485 In the expenditures. While there vas
an Increase of SO So, 252 20 in the receipts
from customs, the internal revenues, under
the operation Of new laws, fell oh $50 &c.,
Sal 81 On the sid" of the expenditures,
the principal changes were a deCrca-" Of
49, .3i3,isl |! ON account OF the war De-
partment, and an increase of g. pos i ~
in the cost Of the Navy.
The total receipts of the wear from all
sources, including the public debt. were
81 Ue1 IA O371, and the disbursements,
SsGg 627 ,Oil.?S, United States notes and
Treasury notes We're redeemed III gold
20 the amount of 7.is2 500 Of the former
and 81 ,27i, $50 of the latter. without any
impairme OF the gold reserve OF
sl5p,OOO, 900.
The Treasurer remarks that on July l
of this year the available cash balance in
the Treasury was the largest in our history.
Il amounted 10 1892 ls7 1851
Nearly one-half of the available cash
balance July l." says Mr. Roberts, was in
gold, coin and certificates, sl03 sol 200 81
over and above the gold reserve Of $780,
$4,000, and by Oct. il became sl36
A. a measure of the financial strength of
the Government the fact deserves mention.
n oct. /, 1892, the available cash balance,
exclusive of the reserve, was s22l 1853 1894;
and owing to the large measures for the
relief of the money market II was reduced
by Nov TO sos ,i2l SIS 80, and of this sum
sl48. $50, 0l2 40 was in national banks, Bonds
of the face value of $50 Oh $50 were pur-
chased during the fiscal year for the sink
nag fund. at a total cost of $70,4 go for
principal. premium and accrued interest,
While the accounts of the public debt on
their face show an increase of SIS, 2s3 ,5l2 in
the total of the debt, II allowance be made
for the increase of s57 ,62i. 400 in gold GER
'ifcates, the national obligations will be
shown TO have been diminished by A2,-
$40 ISIS during the fiscal year
TO the general stock Of money in the
country an addition Of $50 1875 ,6sl was made
during the fiscal year.
The gold coin and bullion, Oct. l, ,ex-
ceecied all other kinds of money, excluding
national bank notes. by 500, 38s, i33. In
tive years the ratio Of gold in the country
20 total circulation has run up from 3852
to 46.45 10 the hundred.
The growth in the volume Of money in
circulation during the year was So Os? $50.
CARRYING the per capita from 81 80 to 2s.43
The advance in circulation in the volume
If gold including certificates within twelve
years by the large sum Of s433, 7o3, $40, is
the measure Of the greater strength OF our
circulation, The addition during the past
fiscal year was SOL ,966,l7+ The increase
in the future can hardly toe less than $780,
0JO, 600 to $50, 900. 900 year.
The mines are thus confirming the gold !
standard steadily and invincibly They are |
creating an imitation of currency which |
keeps pace with the enterprise and industry |
Of the country. They are contributing 70 |
an advance IN prices in general commodi-
ties, and add impetus TO the prosperity OF
our people.
foI 'li- Hn'leuldl" present anu uou''FS,
for few years AT least, the inflow OF gold |
will lie in such large measure a. 10 lift the |
volume Of currency TO the highest level |
10 all needs of business our currency |
keeps more than equal pace with the popu- |
ia'iOn. After considerable fluctuations in |
previous periods, the population, in the |
last fiscal year, advanced IL per cent. and |
the circulation per capita Is per cent.
The inflow Of gold, permitting the free |
issue of gold Icr' lfcates OF $40 al d upward, |
iS the key 20 this maintenance of parity and |
U'errhangeaDlhty of all kinds of Govern |
man' money. On III" other hand, small |
denominations, including silver coin, are
constantly in demand for IN" myriad trans |
actions Of retail trade and n, current uses |
Of rural communists les a. well for pay
rCl- in furnaces and factories and har-
vest fields"