The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1902-11-11
SPENDS LESS THAN is RECEIVED
DURING YEAR.
GOLD IS REPLACING SILVER
Suggests That Congress Turn United
States Notes Into Gold
Certificates.

Ellis H. Roberts, treasurer of the
United States, in his annual report
says the magnitude of the available
cash balance and the unprecedented
holdings of gross gold are the strik-
ing features of the condition of the
treasury at the close of the fiscal year
1902. The net ordinary
were 1852, AIS ,233, and the expendi.
lures SAIL, 100, 1857, showing a surplus
of $91, 2S7,376.
In comparison with the previous
year there was a decrease of $25, 2O7,-
O4O in revenue, offset by a falling off
of $3S,776,495 in expenditures. While
there was an increase of $15,859,252
in receipts from customs, internal
revenues, because of the repeal Of
the war taxes, fell off 3 5,300,451.
There was a decrease of $32, 343,4 81
in war department expenditures, and
an increase of 1926, 149 in the cost
of the navy.
The total receipts of the year from
all sources, including the public debt,
were $1,062, 1874 ,O37, and the disburse-
ments 1869, 627, O41. United States
notes and treasury notes were re-
deemed in gold to the amount of ST.
4S2,5 of the former and $1,274 500
of the latter, without any impairment
of the gold reserve of $780, O0, 900.
Balance on the Right Side.
In the first quarter of the fiscal
year 1902 the diminution of internal
revenue continued in larger ratio
from the effect of the act repeating
war taxes and reached SIG, 909, 564.
The total receipts were, however, $780,
3O2, 5O6 greater. Expenditures, on
the other hand, increased by $19,844,-
ISL.
The net result is an excess of re-
ceipts of $13,539,171.
The available cash balance in the
treasury July 1, 1902, was the largest
yet known. 1t amounted to $780,
1S7,361. The gold reserve is counted
in. National banks held $127,19O,-
O56 to the credit of the treasurer and
disbursing officers. The subsidiary
sill yer, $11,462, 553, and the minor
coins, $919,4O4, could hardly be used
for large payments nor is the silver
bullion to be reckoned for such pur-
poses.
With such deductions there remain
ed in the treasury on July l a little
over $4,000, 600. AS $4,000, 900 is
deemed a fair working fund, about
$22, OO0, 900 could be spared. By Oc-
tober l this excess became $25, 0OO,-
900 and justified measures to reduce
it. By November 1 it was brought
to a trifle over $1,0OO,O00 below the
working fund.
Gold Coin Increases.
Nearly one-half Of the available
cash balance on July l vas in gold
coin and certificates, $103, sol ,29O over
and above the gold reserve of $780,
O0O, 900, and by October / it became
$136,124,771
By October /, 1902, the available
cash balance exclusive of the reserve
was $221,253,994, and owing to the
large measures for the relief of the
money market it was reduced by No
vember 1 to $2O6, 421, 1919. Of this
sum $146, SS5, O12 was in the national
banks.
Bonds Of the face value of $50, OIL
230 were purchased for the sinking
fund at a cost of $%7O,41O,230.
In September, 1902, purchases were
made of 100000 1904 bonds at los
and in October 1904 4 per cents were
bought to the amount of SIS, 1875, $50,
involving the payment of $21, 695, $40,
including premiums and accrued in,
terest.
The interest due October 1, 1901,
amounting to $~4,71z,12O, was antici'
pated on September Is. That due
January 1, 1902, for ~$4,63o,S36 was
anticipated on December 16. On Sep
TENDER 10, 1902, the interest due DC
tober 1, 81, 561, 47S, was anticipated
and on October 20, the interest due
November 1, for $685. 1913, was paid
in advance.
During October interest to the
amount of $~3,31S,397 was paid in
advance with a rebate of $38, 443, un
der an offer of the secretary, cover
ing all bonds and their earnings uI
to July 1, 1903. While the accounts
of the public debt on their face show
an increase of STE 253. 352. if allow