People's Pilot, Volume 2, Number 24, Rensselaer, Jasper County, 2 December 1892 — THE TREASURY. [ARTICLE]

THE TREASURY.

Xta Condition aa Shown by Mr. Nebekor** Report The Surplao Reduced Doereaeod Receipt*—An Increase in tbo Pablie Debt— Estimate of the Money in tha Country. Washingtom, Not. 28.—The treasurer of the United States, Hon. E. H. Nebeker, has submitted to Secretary . Charles Foster the annual report on I the operations and condition of the j treasury: The net ordinary revenues of the government for the fiscal year were 1364,937,784, a decrease of *87,074,630 as compared with the year before, i The net ordinary expenditures were *345.023,330, I a decrease of *10,349,354. The surplus revenues were thus cut down from *37,230,782 to *9,914.. 453, including the public debt The total re- ; ceipts for the year were *736,401,206 and the exi penditures *631,019,289, Considered with respect to the effects upon the treasury the receipts were divided into two I <eneral classes, of which the first, comprising r the ordinary revenues, the receipts from loans and the deposits for the retirement of' national ■ bank notes, the cash available; while the secord, arising from the issue of gold, silver and currency certificates, United States notes and I treasury notes, tend to swell the assets of the treasury but do not affect the available balance. For the first of these classes the figures show an excess of *88,000,000 of expenditures over revenues in 1891, and one of upward of *27,000,000 in 1892. In the second ! class there was an excess of nearly *69,000,000 of receipts in the former year, and one of *BO,000,000 in the latter. As compared with 1891 there was a saving of upward of *14,000,000 of interest, out of which a surplus was realized notwithstanding the cutting down of the revenues by legislation. •) On June 30, 1891, there stood charged to the treasury on the books of the register a balance of *726,222,332 Adding thereto the revenues of the year from all sources gives a total of *1,462,628,128 to be accounted for. Out of this was disbursed by warrant a total of *684,019,- j 239, leaving a balance of *778,604,330 charged to the treasurer on June 80, 1892. In addition 1 there were other liabilities arising from the I postal revenues, from the deposits to the : credit of disbursing officers from the 5 per ! cent, fund for the redemption of national bank , notes and from various other scurces. These, I ■with sums of money collected but not yet j charged to the treasurer on the books of the department, brought the total liabilities up to *777,854,945 at the former date and to *815,631,638 at the latter.

Analyzing the true condition of the treasury and setting aside the trust funds, the treasurer shows that there was a working balance of cash and de -osits in bank amounting to *207,110,451 a't tho beginning of the year and to *165,718,150 at the end. Of the former amount *119,000,000 and of the latter *114,500,000 was gold. The success which has attended the efforts of the department to maintain a strong gold reserve is considered satisfactory in view of the heavy dis-bui-sements. The amount of the public debt is given as *1,545,996,591 on June 30, 1891, and ‘51,588,464,144 on June 30, 1892. The loans resting on the credit of the United States were cut down from *1,015,806,560 to *968,218,840, while those secured by full deposits in the treasury increased from *540,160,031 to *620,245,304. There was a gratifying improvement in the condition of the debt produced by the reduction of the interest-bearing loans, the conversion of matured bonds into others payable at the option of the secretary of the treasury, and the extinction of a considerable part of loans payable on demand. The total net reduction of *37,587,719 in these items was effected by the application of the surplus revenues of the year, amounting to nearly *10,000,600, together with upward ot *27,000,000 taken from the cash in the treasury. According to the revised estimates the total stock of money of all kinds in the country on June 30 was *52,374,334,049, an increase of *50,000,000 in the year. By eliminating that part of the paper currency which is purely representative, consisting of certificates of deposites and treasury notes, tho effective stock is found to have Jaeeen *1,753,953,745, an increase of 570,000,000. The monetary history of the last year, however, has been peculiar, both in movement of gold, which has been Increased, and in the other changes that commonly occur with the other changes of the season, but have this year been less marked. The increase of the effective stock of money from September to September was only *50,060,000. Figures are given to show that each year during the last ten there has occurred in the month of January a more or less considerable diminution of the gold reserve of the treasury, averaging nearly J1*,000,000, which has been succeeded in February by a tendency toward recovery. It is shown that the gain has occurred yearly in the face of a gain of gold both to the treasury and to the country. It thus appears that the depletion of the reserve is in consequence of the increase of the circulation of gold certificates, and this, it is shown, grows out of the difficulties which the treasury encounters in the return of the notes and silver certificates of small denominations which were sent out in the autumn for moving the crops. The movement set in strong after the Ist of January through the sub-treasuries, whence the notes, being more or less worn and of denominations unsuited to city use, are sent to Washington for redemption. The shipment, redemption and destruction of the old notes and the issue of new take time. Before the treasury can make the conversion the subtreasuries are drained and the treasury has nothing but gold certificates to send them. In this way gold reserve suffers until a working balance of other material can be got together. The issues of United States paper currency amounted to *376,726,582, exceeding those of any previous year. Of the whole amount *298,000,000 took the place ot like kinds and amounts destroyed, while 878,000,000 consisted of fresh issues. During the first six months there was an increase of upward of *37,000,000 in the denominations of *2O and under outstanding and during the last six months an increase of *36,000,000 in the denominations of *SO and over. „ The treasurer remarks that it would seem to be the proper policy to make provision for the periodic changes which appear to be natural, both in the amounts and the denominations of the paper currency required by the people. Partv in consequence of the Improved condition of the coins themselves and partly as the result of a more liberal plan of distribution, the treasury between June 30,1891, to September 30, 1892, reduced the holdings of fractional silver by no less than *700,000,000. A still further reduction is expected to be realized in consequence of the recoinage proposed for the remainder of the current year -and in particular from the manufacture of the Columbian half dollars. There was an increase of over *20,000,000 during the year in the amount of United States bonds held for the security of national bank circulation and a decrease of *10,000,000 in the amount held as security for public deposits. A total addition of *1,664,000 was made to the par value of the securities composing the Pacific railroad sinking funds. In proportion to the volume of motional bank notes in circulation the redemptions continue heavy, having amounted to upward of *69,000,000 in the fiscal year. A change of the regulations has been made by which fragments of notes, valued by the comptroller of the currency at less than face, are received unconditionally from tbs holders at the certified valuation.