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-lncreasing Gold circula.
tion-Mines Confirm Gold Standard.
Washington, Nov. 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 $562, 2,47S,233 and the expen.
ditures $471, ,19O,S57, showing a surplus
of s91 ,2S7,376.
In comparison with the previous
year, there was a decrease of S25, ,207,.
lO4 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 s35,3OO,541. There was
a decrease of $32,343,4S1 in expendi
lures on account of the war depart.
ment and an increase of 1926, 149 in
the cost of the navy. The total re-
ceipts of the year from all sources, in
cluding the public debt, were s1,062,
124,O37, and the disbursements $685..
627041. United States notes and
treasury notes were redeemed in gold
10 the amount of sl1 1852 $50 of the for.
mer and S1,274,59O of the latter, with.
out any impairment of the gold reserve
of 150,OO0,000.
The available cash balance in the
treasury July l, 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, ,19O,O56. The subsi.
diary silver, $11, ,462 ,533, and the minor
coin, S919,404, could hardly be used for
large payments, nor Is the silver bull
lion to be reckoned for such purpose.
With such deductions, there re-
manned in the treasury vaults, July 1,
a little over $72,O0000O AS $4,000 900
is deemed fair working fund about
s22,000,00O could be spared. By Oct
1 this excess became $25 900 and
justified measures to reduce It, BY Nov
| it was brought to trihe over a mil.
lion dollars below the working fund
Gold Coin and Certificates.
Nearly one-half of the available cash
balance July was in gold coin and
certificates S103,SO1, ,29O over and above
the gold reserve of $3.50, 600 and by
Oct. it became s136,124,771. As
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, 5,2S3,512 in the total of the debt
If allowance be made for the increase
of s57,62i, 400 in gold certificates, the
national obligations will be shown to
have been diminished by s42,34O,SSs
during the fiscal year.
The bonds for circulation. which |
were on Oct. l, 1901, $3.50 ,693, ,1S0, fell
to s315.754 $50 on June 4, 1902, rising
to $31703S,53O on June 80. On Oct.
l they we're $326,O23,27O, and on Nov.
1, $S3S,0S2,270. These changes show |
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 bull
lion. There was also an increase of
$19, 1852 in standard dollars and of
57,S6O,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. ex.
ceeded all other kinds of money, ex.
cluding national bank notes, by 5000,
1854 In five years the ratio of gold
in the country to total circulation has
run up from 1862 to 46.45 to the hun.
dred. The growth in the volume of
money in circulation during the year
was $740S2, $50, carrying the per capita
from $27 .9S to S2S.43.
The element of gold coin and gold
certificates was the largest part, and
the increase reached $61,966,174 and
advanced from 4O.30 per cent of the
total to ALB per cent. In silver of all
denominations including certificates
here was an increase of $25 .226, LAG OF
which s6,4S6.014 was in subsidiary
,oin. The reduction in treasury notes
)f $17,677S00 is due to their with
travail
The advance in circulation in the
volume of gold including certificates.
within - years, by the large sum OF
1888 3703516. is the measure of the
greater strength of our circulation.
Increased output of Gold.
The addition during the past fiscal
rear was SCI ,9S6,174. The increase in
he future can hardly be less than $50.
700, 900 to $600OO,O00 a year.
The mines, the report says, are thus
confirming the gold standard. steadily
md invincibly, and 1t adds
For the immediate present and
doubtless for few years at least, the
inflow of gold will be in such large
Measure as to lift the volume Of cur
'ency to the highest level Of all needs
If business. Our currency keeps more
han equal pace with the population"
n - o. A. ,r,II oottfRcatag c,,4