Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1902-11-12

Ellis III. Roberts, treasurer of the Unit
ed States, in his annual report, says the
magnitude Of the available cash balance
and the unprecedented holdings of gross
gold are the striking features of the CON
dition of the treasury at the close of the
fiscal year 1902. The net ordinary reye-
nues for the year were $562, AIS. 233, and
the expenditures SAT-, 100, Sj7, showing
surplus of sol ,2S7,376. In comparison
with the previous year there was a de-
crease of SO, POI, 104 in revenues and OF
S3S, TTG, 405 in expenditures. While there
was an incre Sc of SIS, 1853, 252 in the re-
ceipts from customs, the internal reve-
nues, owing to repeal of war taxes, fell
off $50, 300.541.
The total receipts of the year from all
sources, including the public debt. were
81 ,062, 124 037, and the disbursements
1868, 6270 OH. United States notes and
treasury notes were redeemed in gold to
the amount of ST., 4S2. $50 of the former
and $1,274,590 Of the latter without any
impairment of the gold reserve Of $780,
100000.
Bonds of the face valae of S56,071 $50
were purchased during the fiscal year for
the sinking fund, at total cost of $780,
410,230. In September purchases were
made of $4,000 bonds of the loan of 1904
at 103, and in October per cents of
1925 were bought to the amount of $15,-
6I5,250 for principal, involving the pay
ment of $21 .695,310.
The interest due Oct. l, II, amount
ing to S4,7l2, 100, was ant. pated Sept.
III. That due Jan. l. 1902. for $4,000
336, was anticipated "fJec 16se-~On Sept.
-, 1902, the interest due Oct !, S4,-
61,4IS.I5, was anticipated, and on Oct.
20 the interest due Nov. !, for S2.323,
93S, was paid in advance During Oc-
tober interest to the amount of S3,31S,-
397 was paid in advance, with a rebate
of $3S. 443 under an offer of the secretary.
covering all bonds and their earnings up
to July l. 1903
Decrease of Public Debt.
While the accounts of the public debt
on their face show an increase of $15,-
2S3, 512, if allowance b. lie for the in
crease of $57 1924, 400 in ! certificates,
the national obligations VA D, shown to
have been diminished by $42, ,SSS dur
ing the fiscal year.
The bonds held by the treasurer as
security for notes of national banks de-
creased $1,000. 700 during the year, but
in the same time the securities held for
deposits were SIS, 953, 200 greater, so that
the increase in bonds held for both pur-
poses was $9.S72, 500. The bonds for cir
culation. which were on Oct. 1, 1901,
$3.50, 500, $50. fell TO 1915, 754, $50 on June
f. 1902, rising to S31T ,03S, $50 on June
80. On Oct. ! they We're 1926, 023, 2T0
and on Nov. l $33S, 0S2,2 7o. These
changes show measure of elasticity in
notes based on bonds.
To the general stock of money in the
country an addition of $50, 1S9,631 was
made during the year There was also
an increase of S19.T35.259 in standard
dollars, and of $7,360,j91 in subsidiary
silver
The growth in the volume of money in
circulation during the year was S74,0S2,
$50, carrying the per capita from 2T9S
to 2S.43.
The advance in circulation in the vol
ume of gold, including certificates. with
in twelve years by S433, T03.516 is the
measure of the greater strength of our
circulation. The increase in the future
can hardly be less than $50,000.000 to
S60, 100000 a year.
The gold in the treasury keeps in ac-
tive circulation as currency the certif-
Gates issued against il, and moreover,
S346, 6S1 ,01S in United Staotes notes
and $40. 100000 in treasury notes, or over
S140,000,000 more than its own value.
The question may we'll be considered
whet,sr the United States notes may not
properly be turned by Congress into gold
certificates They have much that quail
ity already, and the change could he
gradually made as the supply of yellow
metal takes on greater proportions.
There was a net increase during the
fiscal yel of 3GS banks. 43T charters hav-
ing been granted and sixty-nine surceh-
dered 7 he total number OF banks har-
tered % June 80, 1902, was 6,32J, of
which 4546 were in operation and Liz
out of existence.
The amount of subsidiary coin GU,
standing was increased by S3,114, S52 T.
SQo GA Q1O 49,.