The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1902-11-05
LOWER EXPENDITURES.
Report Of Treasurer of the
United States.

ceipts From Customs But Internal
Revenue Lower Due to Repeal Of
War Taxes-Increasing Gold circula,
tion-Mines Confirm Gold Standard.
Washington, Nov. 4.-Ellis H. Rob.
erts, treasurer of the United States,
in opening his annual report says that
the magnitude of the available cash
balance and the unprecedented hold.
ings OF gross gold are the striking feat
ures of the condition of the treasury
at the close of the fiscal year 1902.
The net ordinary revenues for the
year were 1852, ,47S,23S and the expen.
ditures $471, ,19O,S57, showing a surplus
of s91 ,2SI376.
In comparison with the previous
year, there was a decrease Of $25, ,207,'
104 in the revenues, Offset by falling
off of 1881, ,776, 495 in the expenditures.
While there was an increase of $15,.
S59 ,252 in the receipts from customs,
the internal revenues, under the opera.
tion of new laws repeating the war
taxes, fell off $35, ,3O0,541. There was
decrease of S32,343,4S1 in expendi.
lures on account of the war depart.
ment and an increase of $7,296,149 in
the cost of the navy. The total re,
ceipts of the year from all sources, in.
cluding the public debt, were $1,O62,.
124,037, and the disbursements $685.
62704l. United States notes and
treasury notes were redeemed in gold
to the amount of Sl7 1852 $50 of the for
mer and S1,274,590 of the latter, with
out any impairment of the gold reserve
of S1500O0,000.
The available cash balance in the
treasury July /, 1902, was the largest
net balance in our history. 1t amount
ed to 1862 ,1S7 ,361. The gold reserve
is counted in as it is available for the
redemption of legal tender notes.
The sums in national banks to the
credit of the treasurer and disbursing
officer were $127 ,190,056. The subsi.
diary silver S11 ,462, ,533, and the minor
coin, 1919, ,4O4, could hardly be used for
large payments, nor is the silver bul.
lion to be reckoned for such purpose.
With such deductions, there re.
manned in the treasury vaults, July /,
a little over 100000. AS $5O,OOO,O 900
is deemed fair working fund, about
22,000,000 could be spared. By Oct.
1 this excess became $25,OO0,OOO and
justified measures to reduce 1t. By Nov,
it was brought to trifle over mil.
lion dollars below the working fund.
Gold Coin and Certificates.
Nearly one-half of the available cash
balance July l was in gold coin and
certificates S103, 1901, 900 over and above
the gold reserve of $3.50, 100000 and by
Oct. l it became $136,124,771. AS a
measure of the financial strength OF
the government the report says the
fact deserves mention.
While the accounts Of the public
debt on their face show an increase
of SIS, ,2S3,512 in the total of the debt,
If allowance be made for the increase
of S57624, 400 in gold certificates, the
national obligations will be shown to
have been diminished by s42,34OSSs
during the fiscal year.
The bonds for circulation, which
were on Oct. 1, 1901, $3.50 ,693, ,1SO, fell
to s315,754 $50 on June 4, 1902, rising
to $317 7,03S,530 on June 30 On Oct.
l they were 1926, ,O23,27O, and on Nov.
/, 1898. .OS2,27O. These changes show
a measure OF elasticity in notes based
on bonds.
To the general stock money in the
country, an addition of $50, 19S,6S1 was
made during the fiscal year. OF this
$67,955,527 was in gold coin and bul.
lion. There was also an increase of
9,735,2j9 in standard dollars and of
57,360,991 in subsidiary silver; United
States notes remained under the law
unchanged, treasury notes fell off
$17,7S3,000. National bank notes re.
ceived an increment of $2,S51 $50.
The gold coin and bullion Oct l ex.
ceeded all other kinds of money, eX.
Guiding national bank notes, by $780,
36S ,433. In five years the ratio of gold
in the country to total circulation has
run up from 1862 to 1915 to the hun
dred. The growth in the volume of
money in circulation during the year
was S74,0S2, $50, carrying the per capita
from s27.9S to $2S.43.
The element of gold coin and gold
certificates was the largest part, and
the increase reached SCI 1,966,174 and
advanced from 40.30 per cent of the
total to 41.73 per cent. In silver of all
denominations including certificates
there was an increase of S25, ,226,146 of
which S6,4S6,014 was in subsidiary
coin. The reduction in treasury notes
of $17,677SO0 is due to their with.
drawal.
The advance in circulation in the
volume of gold including certificates
within u years, by the large sum of
S433 ,703 SIG. is the measure of the
greater strength of our circulation.
Increased Output Of Gold.
The addition during the past fiscal
year was SCI ,9S6,174. The increase in
the future can hardly be less than $50.
900, 900 to S6O,OOO,OOO a year.
The mines, the report says, are thus
confirming the gold standard, steadily
and invinciby, and it adds:
For the immediate present and
doubtless for a few years at least, the
inflow Of gold will be in such large
measure as to lift the volume of cur
rency to the highest level of all needs
of business. Our currency keeps more
than equal pace with the population"
On June q the gold certificates out
- a. r.. IL G.-t .{r,a Svc.,Jod L.,