Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1902-12-08
ARE STRONG BOXES OF UNCLE
SAM AT WASHINGTON.
SHAW ISSUES HIS REPORT
Declares Available Balance at End of
Fiscal Year the Largest in History
of Treasury Department-Rec
mends Mint at New Orleans be
Turned Into An Assay Office.

says the revenues Of the government
from all sourcs for the fiscal year
ended June 80, 1902, were $684,326,-
280.42. The expenditures for the
same period were 1898, ,904.9O,
showing a surplus of 1927, 1851.
In addition to the revenues collected
during the year the cash in the
treasury was increased by the follow
ing sums: From national-bank fund, in
excess of bank notes redeemed, $12,-
$50, 100; from issue of per cent.
bonds, for Spanish war expenditures,
$40, and from the issue of 4 per cent.
bonds in liquidation of interest &C
crued on refunding certificates, $1,01O,
making a total of $12,651,19O.
Compared with the fiscal year 1901,
the receipts for 1902 decreased $14,-
990,250.45.
The treasurer of the United States
in his annual report, says the secre-
tary, distinguishes, as the striking
features of the condition of the
treasury, the magnitude of the avail
able cash balance and the unprecedent-
gu VI SO1O AnOuS lie
notable events of the last fiscal year
are the diminution of revenues due to
the repeal Of war taXs, the reduction
of expenditures, and the changes in
the composition of the paper currency.
United States notes and treasury
notes were redeemed in gold to the
amount of SIT ,482,59O Of the former
oYd 0EI IF hn 1o4+ 0,,+
any impairment of the gold reserve of
15O,OOO,O00.
The increase Oh the available cash
balance was $33,780,563, bringing the
total on June 80 to $212, 187,361. By
October l 1902, the total increased to
1921 ,253,394 but was reduced by
November 1 to $2O6,421, $3.50. In
elusive of the gold reserve, the avail
able balance on June 80 was 1862, 187,-
361, the largest in the history of the
department, for while these figures
are exceeded by the records of 1879,
the latter included in the account the
funds held temporarily against called
bonds. After allowing for subsidiary
silver, silver bullion, and minor coin
not available for large payments, there
remained in the treasury vaults
| November 1 fund of over $56,000,000,
which is slightly in excess of what is
deemed a fair working balance.
| In the total amounts of bonds held
| for national hanks as security for cir
culating notes, the most significant
changes were a reduction of nearly
| $14,0UO,000 between October and June,
and an increase Of nearly 100000
! between June and October.
The unparalleled volume of gold
certificates outstanding is the result
of the freedom with which they can be
issued in consequence of the natural
flow of gold from many sources into
the treasury. On June 27 they for the
first time exceeded in volume the
United States notes. The increase in
the fiscal year was $57,594,400 which
was followed by another of $16,699, 900
in the next three months bringing the
total up to SOW, 311 ,089.
National-bank notes amounting to
| $171, 869,25S, equal to 4S per cent. OF
the average outstanding, were pre-
sented during the year for redemption,
an increase of $24,382,vo4 over the
previous year. In the first quarter of
the current fiscal year presentations
for redemption amounted to $39,79l,-
2O1, an increase of $3,283,51O over the
same period in 1901. The volume of
notes outstanding was further in
creased $10,321, 5O7, making the ag-
gregate $366,993,598 The expenses
Of redemption for the fiscal year were
$153,796.
There was unusual activity in the
movement of silver and minor coin to
and from the treasury. The shipment
of silver dollars reached $40,404,32
exceeding all former records, and the
returns for exchange were $2,710,690
greater than the issues. The amount
of subsidiary coin outstanding was in
creased by $6,486,O14 to $85,7212 88.
The minis at Philadelphia, New
Orleans and San Francisco we're in
operation throughout the fiscal year.
The total number of coins struck was
191, 419, 500, of the value of $94,526,-
67812. Gold coinage amounted to $751;
$50, 572.50, silver dollars to $40 ,402,8OO,
subsidiary silver coins to $1O,713,
569.45, and minor coins to $2,429,-
1857. Gold bullion in the minis in
creased during the year from $780,
219,493 to $124,O83,823.
! The new mint edifice at Phila-
delphia was occupied in October 1901,
and with it's equipment now con-
stitutes probably the most modern and
complete coinage establishment in
the world. The total appropriation
made for equipment was $440,185, of
which $349, 720.84 had been expended
up to July 1, 1902. The contract for
the interior construction of the new
mint ct Denver has been awarded.
The mint at San Francisco is being
supplied with new machinery to bring
it's equipment up to the standard of
efficiency established at Philadelphia.
The mint at New Orleans has been en-
gagged for several years almost wholly
upon the coinage of silver, and the