The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-05
THE NATIONAL FINANCES.

The annual report of the United States
treasurer deals with very large figures and
contains some interesting statements. Some
of the figures are so much larger than those
which appear in the financial reports of
any other country that they must seem be-
wildering to foreign fnanciers. who are
constantly looking for new sources Of rev.
enue or struggling to make both ends meet.
The report states in brief business form
that ''the net ordinary revenues for the
year were S562, ,233 and the expenditures
s471, .S57, showing surplus Of s9l, 2S7, 3l6"
No other country ever had such a surplus
of revenue as this. The British finance re-
port last year showed an excess of expendi-
lures over revenues of SIS, ,O6O, while that
of France showed a surplus of S5s,30S and
that of Germany showed a deficit of s1s.-
$4,000. And the large surplus reported by
the treasurer accrued Notwithstanding the
repeal Of war taxes. which caused re-
duction of revenue during the year to the
amount of $35,300,541. After this it is not
surprising to learn that on four different
occasions during the year the government
anticipated the interest due on bonds. The
interest due Oct. 1, 1901. amounting to $7l2.-
120. was anticipated on Sept. 16 That due
Jan. l. 1902. for "a. 63O. 1885, was anticipated on
Dec. 16. On Sept. 13, 1902, the interest due
Oct. Cs4.561. 41S75 was anticipated. and on
Oct. 20 the interest due Nov. / for 81, s23, SSs
was paid in advance. This anticipation OF
| interest is feature of finance unknown to
other countries. If 1t had been permissible
to make comparisons in an official report
the treasurer might have stated that the
| per capita interest on our national debt
Is now below that of the principal coun-
| tries of the world. Our per capita interest
charge is only one-sixteenth that of France
and only one-sixth that of Great Britain.
The treasurer might have stated also,
which he does not, that the United States
is the only country in the world that floats
a per cent. bond.
The report shows that since the adoption
Of the gold standard our currency has in
creased in volume and improved in char
acter During the last fiscal year the cur
rency increased s74.OS2.5S of which $751;
955,57 was in gold coin. This is kind Of
imitation that no one need fear. and the
treasurer predicts that 1t will continue.
For the immediate present" he says, land
doubtless for a few years at least the in
| flow Of gold will be in such large measure as
to lift the volume of currency to the high
est level of all needs of business. Our
currency keeps more than equal pace with
the population" AS long as our circulation
continues to show this steady increase of
gold there would seem to be no necessity
for increasing 1t by asset currency. The
treasurer says that, thanks to the inflow Of
| gold, the parity of value of all forms of all
kinds of United States money with the
| gold standard is now easily maintained.
There is no longer any embarrassing de-
mand for gold" ION the other hand"
| says the report, small denominations, in
GLIDING silver coin, are constantly in de-
mand for the myriad transactions of retail
trade and the current uses Of rural COM
munities. well as for pay rolls in fur
naces and factories and harvest fields.
The treasury in recent years." continues the
report, has heard much more clamor for
silver and small notes than for gold. 1t
is now abundantly able to meet all calls for
every kind of money for its own obliga-
tions, for redemption and for legitimate
transfers" The report contains other mat
tiers of interest for financiers at home and
abroad and for business men generally.