The Washington times., 1902-07-01
Available Treasury Fund,
8,83O,O22 81, al the
Close of Fiscal Year.
LARGEST SURPLUS III YEARS
Exceeded Only Ten Times, and Not
Equaled Since 1888 - Figures Nov
s92,Io3,3oo3o - Billion n Gc'. in
Bullion and Certificates.


Bullion and Certificates.
At The end of the .isca. yevr. wh!1h
closed yesterday, a. available cash bal
ance In the United States Treasury is
larger than ever before 20 The historT
Of the United states Government. 1t
stands at SECS, ,S2c .c22.Gi
The o.ccss Of rcoet2rs ovar cx9endi-
lures for TIC year is also yeFy large,
the Treasury surpl.s q: S92, ,i02 39O.31 be-
irg largcr than IN any year since 1888,
and exceo.icd in opiy ten years since the
foundation Of the GG1c-G:Ecnt. In nearly
every one OF those ten years the rev.
cnrss Of the Govern.nent aad l'erH
swclicd b. extraordinary taxation 20
meet tie expenditures OF past war
period.
At this tine also the general fund in
the Treasury is enormously larger than
ever before, the amount being moro than
2S3 millions OF dollars. Sc against l5G
millions one year ago. Tie United
States Government now has c stock O.
gold in the Treasury believed TO be
larger than any similar stock anywhere
in the world.
Quantity OF Cold.
The amount Of gold coin, bullion and
certificates, in the Treasury is s60S. 49,
412, added to this is gold in circulation
throughout the country which raises the
total amount tc not less than $780,
OOO.OOO.
Aside from the great increase in the
available cash balance, the Treasury sur
plus and - stock of gold. the notable
things in the condition Of the Treasury
at present are that since a year ago the
amount of national bank currency in the
Treasury has increased by nearly $4,000
600; the amount of standard silver dol
lars, silver certificates, bullion, and sub
sidiary silver coin from about $4,000, coo
to about sS9, ,000, 600; that the Government
funds in national bank repositories hare
increased from S101. GOO coo to S127, Geo 900.
The large amount of the cash balance
and OF the Treasury surplus is regarded
by the Treasury officials as the more no.
table from the fact that many million
dollars of revenue were sacrificed during
the fiscal year by the repeal OF war
taxes in the spring Of 1901. and from the
further fact that efforts were made both
by Secretary Hay and Secretary Shaw to
SO manage the Treasury administration
as to reduce the volume of both the cash
balance and the surplus.
Keeping Down the Surplus
year ago Mr.. Gage. then Secretary of
the Treasury, predicted that the surplus
for the coming fiscal year would be not
less than $100, 900 600, despite the fact
that many war taxes had been repealed
Within a few months, however, he set to
work to reduce the prospective growth of
the cash balance, believing that the
country would be benefited by having the
money in circulation instead of allowing
it to lie idle in the Treasury vaults
He continued the purchase of Govern
ment bonds, and he made liberal de-
posits of Government funds in national
hank depositaries. Secretary Shaw dis
continued the purchase Of bonds soon af-
creased by $50 .000, 900 or $40. 900 coo the
deposits in national banks. Despite
these measures. however, the enormous
prosperity OF the country caused the
growth % the casa balance and the
surplus to go on almost unchecked.
Internal Revenue Receipts.
1t Was esiirsated early in 1901. at the
time OF the measure for repeating tho
war taxes vas under consideration by
the Senate Finance Committee, tnat The
proposed amendments would Gauge 4
falling off in internal revenue receipts
during the fiscal year OF not less than
1900, oJ0. The prosperity OF business
has been such, however, that the re-
drctLon in Internal revenue receipts for
the facai period has been only a little
nora than sS4, 600, coo.
The total receipts Of the Govern
r,ens from all sources during the last
yea- were $3.50. .4o5. .1S2 OF these s25i,-
$500. weTe from customs, IN Increase
OF nearly $4,000, O0o over the record of
the year Before; s272. so. PA from inter
nal revenue. and S26.445,040 fror, mis-
cellaueous sources.
Ths Increased surplus for the year was
due. however. not so much 70 increased
revenues as to decreased expenditures,
the total disbursements beiag S4sf. iii
757 as against S5s9, ,967. 1853 last year.
Owing 10 the practical cessation nr
fighting IN the Philippines, and the con-
soquent less expensive administration of
TIE War Department, the military os-
tablishment called for an expenditure
OF only about S112000 600 during the last
nscal year, az against about Sl45, 600 600
IN the ascai year 1901. The Navy De-
pertmen., On the other hand cost about
$4,000, ,oO0 more this year than last. but
the payments on account OF interest on
the national debt were about 81. 900, 600
lees during the last year. and on account
Of pensions about $2.O0o.000 less.
Outlook for New Year.
The Treasury officials believe that the
outlook for the new fiscal year. which
begins today, is entirely hopeful. The
additional repeal OF war taxes. which
Will take effect today, Is ebtiniGtcd TO
reduce the gross income from internal
revenue by about 5000 600 in the next
twelye,months. but on the basis Of this
ycnr'E rpretutS and exuenditIrea thcpe