Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1902-11-06
4 CASH BALANCE.
Very Large Amount Now Avail
able in the United States
Treasury.
HOLDINGS OF GROSS GOLD
country A Decrease in Both Re-
ceipts Inc Expenditures during
the Past Year-Increase of
Money In Circulation.

Washington, Nov. SELLS II Roberts.
treasurer of the United State in opening
his annual report says that the magni-
tude 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 net ordinary revenues for
the year were s562, AS, 1913 and the expendi-
tules $i'l, la0,55i, showing Il surplus of SOL
: $40.
In comparison with the previous year,
there was "A decrease of So, 2G l4 in the
revenues, offset by a falling off of $3S, 49,
40 In the expenditures. While there was
an increase Of SO, ~, 252 in the receipts
from customs, the internal revenues. I'M
der the Operations Of the new laws repeal
* the war taxes fell off So, 800, 54l. There
was a decrease of So. 3I5. l1 IN cxpendi-
lures on account II the war department,
and an increase OF s. 2J6, l49 in the cost
of the navy. The total receipts of the
year from all sources. including the pub
lie debt, were sl,062, IA, M7 and the dis
burscnents 1868, 627, 04l. United States notes
and treasury notes were redeemed in gold
to the amount of 81, 49,, $50 of the former
and 81 pa 80 of the latter, without any
impairment of the gold reserve of S150, 600
no.
The available cash balance in the treas
ury July !, 1902, was the largest net bal
snce in our history. 1t amounted to S62,
1S1.36l. The gold reserve Is counted in as
# is available for the redemption of legal
tender notes. The sume in national banks
TO the credit of the treasurer and disbtrs-
ing officers were $l21, 190,056 The subsi-
diary silver 81, 462, 533, and the minor coin.
s'l9.4Ji could hardly be used for large pay
mcnts. nor is the silver bullion to be reCk-
oned for such purpose.
With such deductions there remained in
the treasury vaults, July l, "A little over
SI2,OQO.vJ. As fifty million dollars is deem
cd a fair working fund, about 81. 000, 800.
could BE spared. BY october l, this ex-
cess became SIS, 900, 900 and Justified meas
ures to reduce II. BY November ! II was
brought to a trife over a million dollars
below the working fund.
Nearly one-half Of the available cash
balance July ! was In gold coin and certi-
lcates sl0S, sol, 900 over and above the gold
reserve Of $3.50. 1000 and by October l it
became sl36, IA, III. 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. SIP in
the total of the debt II allowance be made
for the increase of $57, GA. 400 in gold certih-
catee, the national obligations will be
shown to have been diminished by $42, $40,
$50 during the fiscal year.
The bonds for circulation. which were
on October !, 1901. $3.50, 'D3, 49,, fell to s35.
~ $50 on june I, 1902, rising to 1917, Gs 3D.
IN JuIit oN IN oilOitT l. lIFN were
sSf .O2, go, and on November /. $S3e, Os2, 10.
These changes show a measure of elias
ticity in notes based on bonds.
GENERAL STOCK or MONEY.
To the general stock of money In the
country, an addition of So, 1875, ISL was
made during the fiscal year. OF this $751;
H55. UT WAS In gold coin and bullion. There
was also an increase Of Sl9, 735, re in stand
ard dollars. ana OF s. ga, 9el in subsidiary
silver. United States notes remained UNI
der the law unchanged, treasury notes
fell on SITS 900 National bank notes
received an Increment of 81, Sl bSJ.
The gold coin and bullion October /, ex-
ceeded all other kinds Of money excluding
national bank notes, by 800, a6s, +3. In
five years, the ratio of gold in the coun-
try TO total circulation, has run up from
fB E. TO s4f4j to tho hundred.
The growth in the volume of money in
circulation during the year was $74, 0s2, $50,
carrying the per capita from sg7.& to
S&. The element of gold coin and gold
certificates was the largest part, and the
increase reached SCI $50, ia and advanced
from 1913 per cent. Of tho total to AT
per cent. In silver of all denominations
including certificates there was an In
crease of so 26, lis, OF which S,4Ss. Ola was
in subsidiary coin. The reduction In
treasury notes OF sl7, ST., 500 is due to thsir
withdrawal.
INCREASE IN VOLUME OF GOLD.
The advance in circulation in the volume
Of gold, including certificates. within 10
years by the large sum Of S+S3, 708, ole, is
the measure OF the greater strength of
our circulation. The addition during the
past fiscal year was SCI, 9Sj, ia. The in
crease in the future can hardly be less
than $50, 700. 600 to $50. OO, go a year. The
mines the report says, are thus con-
timing the gold standard, steadily and in
yincibly. and it adds:
For the Immediate present, and doubt
less for a few years AT least the inflow of
gold will be in such large measure as to
MT the volume Of currency TO the high
est level of all needs OF business. our
currency keeps more than equal pace
with the population