Rensselaer Republican, Volume 22, Number 10, Rensselaer, Jasper County, 14 November 1889 — THE U. S. TREASURY. [ARTICLE]

THE U. S. TREASURY.

A Remarkab!** Tear in the Financial His tor s of the Rep ah lie. In his report for the year ended June »• last, made public Monday, Treasurer Huston says: The year was a remarkable one in the history of the public finances, both the revenue and the expenditures having been exceeded but few times since the foundation of the government. The former amounted to $387,050,058 and the latter to $299,288,978, inclusive of $17,292,362 paid in premiums on bonds purchased. The Surplus revenues June 30 were $87,761,060, a decrease of $23,580,193, as compared with the year before, counting premiums on bonds as an ordinary expenditure. Oh June 30,1858, there was in the Treasurer's custody in cash and effective bonds the sum of $764,729,335, and a year later the sum of $760,643,571. The current liabilities decreased in the interval from $148,291,347 to $127,931.850 and the reserve from $229,805,600 and $193,097,047. The gold in the treasury in excoss of the certificates outstanding was $193,619,183 in 188 S and $156,257,490 in 1889. Notwithstanding the loss of gold, both in the aggregate and in the amount not covered by certificates, amounting,tonearly 4 per cent., the position of the treasury was strengthened in every respect save in the amount of reserve. The total assets, the liabilities and the reserve all fell off about 14 per cent. At the beginning of the year the free gold was $45,000,000, and at the close $58,000,000 in excess of demand liabilities. The unavailable funds, exclusive of upward of $28,000,000 on deposit with the States under the law of 1536, amounted at the end of the year to $1,415,433, having been decreased by an appropriation of $24,016 to cover losses m the New York sub-treasury, aud increased by a loss of SIO,OOO at San Francisco, reported by the Assistant Treasurer there in 1886. The Treasurer suggests that the present methods of keeping the aepount by which he is charged with funds that do not exist* should be changed so that the books at all times would show the true state of the treasury without real or apparent discrepancies. The changes that took place in the currency were an increase of about $34,000,000 in the stock of silver, a contraction of $41,000,000 in the national bank circulation and a loss of $25,750,000 of gold. The report shows that in the period of four years the public ownership of silver was nearly doubled, while the volume of notes was diminished from $647,386,147 to $530,989,478. The increase of the circulation of silver certificates was about $56, 000,000, having kept pace with the rate fer the two previous years. The new issues es small denominations appear to have fully supplied the needs of the country. The coinage of the standard silverdollars has proceeded without any incident worthy of remark. Without much change in the amount in circulation there is a tendency toward a decrease. During the year the national banks withdrew $66,340,900 of their bonds held hy the treasury as security for circulating notes of public moneys. The deposits amounted to $25,243,700. There remained, at the close of the year, $148,121,450, belonging to 3,262 banks, as security for circulation, and $45,222,000, belonging to 270 banks, as securities for deposits. The report shows the minimum limit of bonds for the present capital of the banks were only about $50,000,000 or $60,000,000 below the amount on deposit. The aSnouD tof public money held by depository banks ran down from $55,712,5U to $47,259,714, the results mainly of voluntary acts of the banks in surrendering the deposits and withdrawing their bonds. The semi-annual tax on circulation amounted to $1,410,331 ior the year. The net deposits during the year amounted to $32,484,415 of which sums $29,553,580 was for the reduction of the circulation of active banks. ~