The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-01
CONDITION OF THE TREASURY.
A WORKING BALANCE OF OVER
SSG, GOO, 900.
In Addition, the Deposits in National Banks
Aggregate Sl45 ,s47,OlO-Treasur
Holds S83l. 40. $50 In GOld-MOney
in the Country, S2,0SS, l40.6 7l.

WASHINGTON, Sept 3O.The aggregate in
come of the Government during the last
fiscal year, including, besides the revenues,
the receipts from bonds. notes and coin
certificates. was 81 ,2l1 1914 ,097, and the ag-
gregate outgo was l,l22, 847, 885, according
to the annual report of the Treasurer Of the
United States, which was made public
to-day. The report says:
AT the close Of the year. June 30, the Treas
ury held $685.. DOS, 500 in gold and silver on
deposit against outstanding certificates aud
Treasury notes. besides the $50 900, 900 in gold
viii il forms the reserve against United States
notes. In the general fund OF the Treasury.
which amounted to $500 ,O3l.75 there was
S72 800 go in gold, together with s3l s8l $40
in gold certificates. The deposits in national
BANKS aggregated 3l47.s42 $40, an increase
OF nearly s2+ .O0O,0 900. After deducting these
from the available cash balance OF so3s 1856 IA.
aud setting aside the subsidiary silver. bullion.
minor coin and national bank notes. there
remains an actual fund of $50. $50, A03 As
working balance of $50, 0O0, 900 is considered
q fair and prudent provision there was an
excess Of over $50. 900 900 which would have
been available for payment toward the sum
OF $40. 900, 0CO for .he Panama Canal had the
The principal changes in the public debt
were effected by the purchase of 3l6,5Oi. 800
In 4 per cent bonds OF 1925 and the exchange
OF sos. 09a eco in per cents of 1907 and tl8.-
O42, 100 in per cents Of i90e-,9ls into per
cent. consols Of 1890. The latter operation
was completed IN july.
An estimat. OF the foreign holdings Of
United States bonds. arr we'd al by tracing
the payment OF interest checks,an believed
to be a close approximation, places the total
The bonds held at the close Of the year 10
secure national bank notes amounted 70
1915, oes,7 no, with Sl32.sS2o 2o Oh deposit
On 0ct. /, 1902. the Department began to
accept approved State and city bonds rs
part OF the security for public funds. releasing
on condition that these should be transferred
withdrawn Nov. I. 1902. Bonds of five States
this regulation. The maximum amount held
at any time was $40, sos 500. but this was re-
duced by July to &l1 200, 900.
Treasurer Roberts places the monetary
stock Of the country on June, 30, 1903, in
Guiding gold and silver. United States
notes, Treasury notes and national bank
notes, but not certificates, at 81 8ss, l48 1921,
an increase of Sl24 1882 1903 for the year,
The increase in gold was SEQ, 1877 ,401 and in
national bank notes, $50, 99s, $3.50. The total
estimated stock of gold was u 1852, 1871 800,
constituting 1890 per cent. of the whole.
The gold in the Treasury amounted to
1881 400, 7s9, gain of 81 ,22O ,4s0 in twelve
months During the year sl26,7l5,723 in
gold was deposited at the mints and assay
offices. OF the receipts from customs at
the port of New York, constituting 81 per
of the whole, IS per cent. was in gold.
The proportion of gold at other ports is
about 30 per cent. The imports of gold
were 81, 9s2 ,O27 and the exports s47 900 ,595,
IF hn in ri In in
during the year was 3lsl ,74O,252, of which
$50, 77s ,4e2 was in gold and gold certificates
and S54 ,52O,l93 in national bank notes.
The share of money for each person in
creased 80 cents, and the proportion Of
gold to the whole rose to 42.1l per cent,
the highest ratio ever recorded The
prediction made in the Treasurer's report
for last year, that the growth of the cir
culation per capita would keep ahead of
the growth Of population, has been full
filed The increase in circulation per
capita was 3.2 per cent, while that In pop
ulation was 81 per cent.
There has been continual increase in
the proportions of paper currency of the
denominations Of $40 and under in circu-
lation, but the growth hardly keeps pace
with the demand. The supply can be in
CREASED if Congress will authorize the issue
of gold certificates for $40 and remove the
restrction on the issue of five dollar notes
by nat iOnal banks, 10 meet Ine constant
pressure requires strenuous effort in the
preparation of the currency for issue.
While the number Of pieces made ready
has run 10 379 per cent. since 1890, the
average value of each piece has fallen
from So. 10 to A.l8. The average value
Of each note issued is now $3.50. The total
issues in the fiscal year were 141 ,235,37
notes and certificates, OF the value of $751;
0ss 900, The redemptions were 1872 900, 5s4
pieces, worth stss,55s,22o: In the aggress
gate the redemp'o a ,sa. exchanges exc ssi Oh
The national bank notes presented for
redemption during the year amounted to
Sl98 ,42a, 1921, or 5l.2l per cent. OF the average
outstanding.
Standard silver dollars to the amount Of
Al 49,, 1854 were shipped by the Treasury
at an average cost Of 81 ,03 per 81 600 for
TRANSFORMATION, while 81 ,8iO,859 were re-
turned to the Treasury for exchange, On
June 80, the amount of 81. subsidiary ei silver
crease of S. 80? in the year.