Democratic Sentinel, Volume 12, Number 45, Rensselaer, Jasper County, 30 November 1888 — THE PUBLIC FINANCES. [ARTICLE]

THE PUBLIC FINANCES.

UNITED STATES TREASURER JAMES XV. HYATTS ANNUAL REPORT. Exciting Times in West Virginia Over the Late Election Both Parties Allege I'raurl The German Reichstag Opened Minor News. [Washington (D. C.) special ] United States Treasurer James W. Hyatt, in his annual report says: The net revenues of the Government for the fiscal year ended June 20. 18t8. were $379,266,074, and the net expenditures $267.924,801; the surplus receipts avail vble for the reduction of the public debt being slll.341.273. an increase of $7,870,176 over the year before. As compared with 1887 the revenues were $7,862,797 greater, and the expenditures $7,378 less. The Treasury balance increased during the vear from $69,224,379 to $129,804,242, und total assets, including certificates of deposit, from $622,304,284 to $764,729,535. The net change of $60,579,863 in the balance was produced by an increase of $37,526,468 in assets and a decrease 6f $23,053,394 in liabilities. The silver balance fell off more than $27,000,010. The principal increase of assets was in United States notes and deposits iu national banks, and the principal decrease of liabilities in the public debt and the funds for the redemption of national bank notes. There was a net decrease of $74,788,920 in the principal of the interest-bearing debt. The total purchases of bonds lor the sinking fund and out of surplus revenues were $51,464,300, the net premium paid, exclusive of accrued interest, being $8,270,842. Under the circular of Aug. 3, 1887,interest, amounting to $2,136,839 on 4 and 4% per cent, bonds was prepaid with a rebate 'at the rate of 2 per cent, per annum. The amount of the rebate was $9,259. Taking into account the decrease of the amount in the Treasury, the total increase of the circulation was $29,901,143. There were issued $105,896,000 of silver certificates, and $21,947,378 were redeemed. The amount outstanding increased from $145,543,150 to $229,491,772. The increase in the actual circulation was $58,431,707. The net proceeds of the national bank notes redeemed during the year were $98,246,723. The redemptions were $11,000,000 greater than those of the preceding year, in the face of a reduction of $56,500,000 in the two years in the amount outstanding, and greater in proportion to the circulation than those of every year save two since 1879. The redemptions from 5 per cent, funds were $43,379,185, and those from the funds for the retirement of circulatfon $50,163,957. The latter fund excited much concern early in the year. On July 8, 1888, it stood at $107,827,754, the 'highost point it has over reached. From that time it declined to $91,952,843 by the end of the fiscal year. The net deposits during the year were $44,123,883 v of which $766,585 was for the retirement of the circulation of banks in liquidation or in the hands of receivers, $24,543,501 for the reduction of the circulation of banks in active existence, and $lB,813,797 for the retirement of old notes, to be replaced by new issues of the same amount. It is expected that the balance in this fund will continue to decrease. The expense of bank-note redemption was $141,141. and the rate of cost $1.52 297-1,000 per SI,OOO redeemed.