Rensselaer Republican, Volume 19, Number 15, Rensselaer, Jasper County, 16 December 1886 — THE TREASURY. [ARTICLE]

THE TREASURY.

Business of the United States Treasurer’s Office During the Last Fiscal Year. From the annual report of tbe United States Treasurer it appears that tbe net receipts ot the Government during the year ended ijune 30' were $336,439,727, and the net expenditures 9242,483,138. The excess of revenue over expenditure was $93,956,589. The net receipts for the last fiscal year over those of 18S5 are $30,492,817. Tbe receipts on account ot the Postotlipe Department, not included in the above statement, amounted to $52,997,135, an increase of $5,687,399 over those of tbe preceding year; the expenditures iucreased from $50,326,314 in 1885 to $50,682,585 in Jaß<>, or $356,271. Bonds of the United States amounting to $44,531,350 were redeemed and applied to tbe sinking fund. Coupons from bonds of the United States amounting t057,557,412 were paid by the assistant treasurers. Interest amounting to $42,498,687 was paid on registered bonds of the United States, including the bonds issued to the various Pacific railroad companies. Coui>ons from 3,65 per cent, bonds of the District of Columbia'amounting to $105,441 and registered interest amounting to $416,448 were paid. Of bonds held in trust for national banks $61,012,400 were withdrawn, of which amount $56,925,310 was held to secure circulation, and 5',117,100 was Lol l ns security for deposits ot public moneys. The bondsdejiosited to replace those withdrawn on account of circulation amounted to $20,754,900, and on account ot deposits to $6,170,000, a total decrease of $34,117,500. The total movement of bonds held for national banks was $87,'»67,300. Worn and mutilated United States notes amounting to $61,000,000 were redeemed during tbe year. The issue of silver certificates was $4,800,000, and $28,523,971 were redeemed. Gold certificates amounting to $10,183,895 were redeemed. The unavailable funds of the Treasury June 30,1886, were $29,521,397, a decrease of $3,946 from last year. The balance in the Treasury nt the close of the year ended Sept. 30, 1386, was $100,055,775, an increase over that of 188.5 of $16,815,636. The available balance was $72,913,141, against $58,922 191 last year, an increase of $13,91,0,919. The Treasurer suggests that tho large sums held by mints and assay offices be placed in the actual custody ot the Treasury, and the duties of the mint officers be confined to tbe assaying and coinage of the bullion placed in their charge. On the subject of altering tbe present SubTreasury system, as rendered necessary by the financial changes in the country, the Treasurer says : “With the extinction of 3 per cent, bonds which must take place during tbe ensuing fiscal year, the only bonds available for tbe purposes of tbe sinking fund will be 4'._. and 4 per cent, bonds. These are now selling at a price which averages very little more than 2 per cent, per annum to the purchaser upon the cost, and it may fairly be assumed that the'rate of 2 per cent, is the maximum rate to be earned during the life of these bonds. At tbe present cost of tbe collection of the revenue of tbe country, say $3.70 per SIOO, the loss on the existing sinking fund, say $45,000,000 per annum, will be $765,000 annually, assuming 2 per cent, as the best rate which the bonds can earn. “Without discussing the consequent possible derangement of our existing financial system, if the purchases for the sinking fund are to be maintained at their present "figures, it will be found to be impracticable to make these purchases at such times and in such manner us to relieve the money market in times of financial distress. As these derangements happen almost invariably at the time of the moving ol the crops of the country, this statement is equivalent to saying that every productive interest in the country must pay toll to foreign buyers, through the lower range of prices which obtain at such times, because of the fact ;bal our arrangements for collecting and disbursirij our revenues are so defective as to need an artificial and violent remedy in order to place ir active circulation the moneys withdrawn from the business of the country.’’ The total amount of United States notes outstanding is $346,681,016. The amount of silvei certificates nominally outstanding at the close of the fiscal year was $115,977,675, of whict amount the Treasury held $27,831,450, lenviiij $88,116,225 in actual circulation, a decrease o: $13,114,7-21 during the year. This amount hai since been added to by the demands of busi ness, so that the amount in circulation Nov. 31 was $105,519,817. There is now in circulatior $61,761,448 in silver dollars.