Democratic Sentinel, Volume 17, Number 50, Rensselaer, Jasper County, 29 December 1893 — CASH OP THE NATION. [ARTICLE]

CASH OP THE NATION.

ANNUAL REPORT OF TREASURER MORGAN. Revised Figures Presented to Secretary Carlisle Giving the Condition of the National Treasury—Secretary Morton's De-partment-Internal Revenue Bureau Report. Total Stock of Money. United States Treasurer D. N. Morgan has submitted to Secretary Carlisle his annual report on the operations and condition of the treasury. It shows that the net ordinary revenues for the fiscal year 1893 wero $385,819,628, an increase of $30,881,844 over those of the year before. The net ordinary expenditures were $383,447,554, an increase of $.38,454,023. There was, therefore, a decrease of $7,772,779 in the surplus revenue, reducing them to $2,341,674. Including the public debt the total receipts were $732,871,214 and the total expenditures $773,007,998. The public funds amounted on June 30,1892, to $786,351,895, and on June 30, 1893, to $746,538,655. After setting apart those sums of gold, silver and the United States notes which were held for the redemption of certificates of deposit and treasury notes there was left a reserve, or general fund, -of $187,012,740 in 1892 and $168,107,391 in 1893. These amounts, however, included certain sums of certificates of deposit, bonds and coupons which were unavailable for any other purpose than the settlement of the treasurer's account, and which, if canceled, would have left an actual available working balance of $165,945,886 and $156,295,169 on the two dates, respectively.

By Sept. 30 this balance had been diminished to $149,250,268, owing to a deficiency in the revenue. In seven months, beginning with last December, upward of $81,000,000 was drawn out of the Treasury in redemption of notes, and the gold reserve was reduced during tho same period by $29,000,000. During the next three months, with light redemptions and a deficiency of $19,000,000 in the revenue, the Treasury lost $15,000,000 of gold, but the reserve fell off only $2,000,000. The amount of gold during the fiscal year was the largest ever taken out of the country or brought into it in a like period, being upward of SIOB,600,000, and that $102,000,000 of it was drawn put of the treasury by the Kresontation of lbgai-tender notes. lost of tb,e. igpld exported in former years was supplied by the,, treasury in exchange for certiictroS, and the report says that, it is the first time that any considerable sums of notes have boon presented for the metal. With the exception of an increase of $45,500,000 in tho amount of treasury uotes, issued in the purchase of silver bullion, and a decrease of $80,000,000 in the combined volume of gold certificates and currency certificates, there has been, the report says, no important change in tho public debt. According to the revised estimate the total stock of money of all kinds ill the country on June 30 was $2,323,547,977, or nearly $51,000,000 less than at the same time last year. This contraction took place notwithstanding the addition of $45,500,000 to the stock of silver and an increase of $6,000,000 in the outstanding bank notes, and was caused by the export of gold. In July, however, thero began a heavy return movement of the metal, supported by a rapid expansion of bank-note circulation. By tho end of September the Btock of gold was restored to what it was when the exports began. The total increase of the effective stock of money in the three months was no lower than $95,000,000, bringing it up to a figure much above the highest ever reached before. The treasurer remarks that this sudden contraction and expansion within the space of eleven months affords a striking illustration of the degree of flexibility possessed by the currency. The revised figures for the amount of money in circulation, that is outside the treasury on June 30, place it at $1,596,846,829, or about $6,000,030 less than it was a year before. During the four months ended with October there was an increase of $125,000,000. a record altogether without parallel in the history of the country. The redemption of United States paper currency has been unusually heavy, amounting to $377,000.000 in the fifteen months ended with October.

During the last two fiscal years there was rec lined nearly one-fifth of the whole estimated stock of silver, an improvement, the report says, that is expected to increase the popularity and usefulness of this part of the currency. Contrary to expectations, the Columbian souvenir coins have not proved popular. Some of them were never taken out of the Treasury and others have been returned for redemption. An arrangement, has been in contemplation under which the half-dollars in the Treasury will be recoined at the expense of the management of the Exposition. It has not yet been decided what disposition is to be made of the quarter dollars of this coinage not disposed of.

SECRETARY MORTON'S REPORT. The Head of the Agricultural Department Shows AVhat He Has Done. The Secretary of Agriculture, in his report submitted to the President, regrets the vague character of the department organization, which he says, “offers opulent opportunities for the exercise of the most pronounced paternalism,” but he adds that there are many proper ways in which the Federal Government may legitimately serve the cause of agriculture. He devotes considerable space to a review of what he regards as an anomalous partnership between the Government of the United States and the governments of the respective States for the conduct and encouragement of State agricultural colleges and experiment stations. Referring to the sum appropriated for the use of Stale experiment stations, ho says: “This appropriation is unlike any other public moneys legislated out of the treasury of the United States because there is no officer of the United States authorized to direct, limit, control or audit its itemized expenditures.” He suggests that the stations should be entirely divorced from the department and the sum appropriated charged directly to them, or that the Secretary Bhould have some power to direct and restrain their disbursements so as to insure a legitimate expenditure of the same. adds that in view of the rumors that have obtained credence in some of the States and Territories to the effect that moneys appropriated to the stations have been diverted from their legitimate purposes, a thorough investigation should be made to demonstrate either the truth or falsity of such reports. In reference to expenditures the Secretary states that his strenuous endeavor, in view of a depleted public treasury and of the imperative demands of taxpayers for economy in the administration of the Government, has been to “rationally reduce expenditures by the elimination from the pay rolls of all persons not needed for an efficient oonduct of the affairs of the depart-

merit.” The distribution of seeds at the public expense is reviewed at length and its growth traced from the year 1839, when Commissioner of Patents Ellsworth obtained an appropriation of SI,OOO for the purpose of collecting and distributing rare varieties of seed and for other purposes. He shows a considerable saving to have been effected in the purchase and the distribution of the seed this year. The work of the Bureau of Animal Industry is reviewed in detail. The result of the Texas fever regulations is pronounced to be highly satisfactory, but to increase their efficiency it is suggested that a penalty should attach for violation of the department regulations by railroad companies transporting infected cattle. A further reduction has been effected by vessel inspection in the percentage of cattle lost at sea, the ratio being for the last year less than one-half of 1 per cent. The law at present dees not provide for the inspection of horses imported into the country and an amendment in this lespect is suggested. As regards meat inspection the microscopical inspection has been greatly reduced, the intention being to confine it rigidly to products intended for direct export to countries exacting the same. Promiscuous free distribution of publications is condemned, and the suggestion made that, after supplying certain copies free to libraries and educational institutions, a moderate price should be charged for the remaining copies. Of the weather bureau it is stated that the work has been carried on with improved efficiency and economy, a reduction in cost of maintenance of nearly 10 per cent, being effected, and estimates for the fiscal year being correspondingly reduced.

INTERNAL REVENUE REPORT. Receipts for the Current Fiscal Ycv Will Re Less than the Estimates. Joseph Miller, the Commissioner of Internal Revenue, has submitted to Secretary Carlisle his report of the operations of the bureau for the fiscal year ended June 30. 1893, and also certain additional information relating to the collection i made and work performed during the first three months of the current fiscal year. It is a long document of over 200 printed paacs and includes a number of tables c( ntaining much statistical information on the operation of the bureau, some of which date back for thirty years. The report shows that the receipts from all sources of internal revenue have increased from $116,902,869 for the fiscal year 1886 to $161,004,989 in 1893. The estimates of the last commissioner of internal revenue were that the receipts of 1893 would reach $165,000,003, but owing to the general, business depression Mr. Miller says this amount was not realized. He estimates that the receipts for the fiscal year will he $150,000,000.

The receipts for the fi cal year 1892 were $153,857,544. The receipts for 1893 were made up as follows: Spirits, $94,720,260, an increase of $3,410,276 over the previous year; tobacco, $31,889,771. an increase of $889,218; fermented liquors, $32,548,983, an increase of $2,511,530; oleomargarine, $1,670,643, an increase of $404,317; and miscellaneous, $175,390, a decrease of $67,898. The receipts from internal revenue for he first three months of the fiscal year 1894 have been $36,874,402, a decrease of $5,519,143 as compared with the first three months of the fiscal year 1893. Of this decrease $3,830,858 has been in the taxes on spirits and $1,828,882 on tobacco. The cost of collecting the revenue during 1893 was $4,219,769. The expenses for the previous fiscal year were $4,315,946. being 2.80 per cent, of the collections. The estimated expenses for 1895 are $4,498,550.