Rensselaer Republican, Volume 23, Number 13, Rensselaer, Jasper County, 27 November 1890 — TREASURER HUSTON’S REPORT. [ARTICLE]

TREASURER HUSTON’S REPORT.

Hi* Nation’* Finance-—A Plea (or Sm» pomionof the Civ.l Service. The Treasurer of the United States, Hon. Jas. F. Huston, has submitted to Secretary Windocn the report on the oper* ations and conditions of the Treasury for the fiscal year ended June 30. The net .ordinary revenues amounted to f403.0&0,s 882, a sum but twice exceeded in the hiss tory of the Government. The increase over the year before was $16,020,923, of which $11,725,191 came from the internal revenue. The ordinary expenditures were $297,133,436, an increase of $15,739,871 over those or the year before. The growth of the revenues was, therefore, a little greats' er than that of tho expenditures, and there would have been a falling off in the latter but for the increase in pensions. The surplus revenues were $103,344,496, of .which $20,304,224 was paid out in premiums on bonds purchased. According to tho ‘warrants the receipts of the Postolfiee Department were $01,108,041, and the expenditures $67,011,263, an increase of between $5,000,000 and $6,000,000 on Doth sides. ( At the close cf business June 30, 1889,. these stood charged to the Treasurer on, the books of the Department the sum of $.70,393,118. To this were added the receipts of the year from the revenues and on account of the public debt, amounting in all to $648,375,300, so that the aggregate, for which he was accountable during the year was $1,821,774,482. Of this he dis» bursed $630,247,078 on warrant of the Department, leaving $691,527,403 in his charge on June 30,1890. There were included in these a .'counts, ho wcver, upward of $28,006,000 on deposit with tho States under an old law, beside nearly a million and a half of unavailable funds, for which the Treasurer wasnotirespousible. On the other hand, there was on deposit with him for various purposes a large sum of which the Department took no account, and ho • had received other sums which had not yet been charged to him. The true amount for which ho was accountable on June 30, 1869, was $76’>,643,871, and 2757,015,678 d year later, against which he held a like amount of abKets; consisting of gold, silver, paper currency and deposits with National banks. The amount of gold in the-*- Treasury increased during the year from $,103,387,719t0 aud the 1 Exclusive of amounts on deposit there was in the Treasury belonging to the Goveminent on June.3o, 1889, $326,9-0,927, and on Juno 80, 169 ), $386,384,815, the amount of gold having Increased about $4,006,000 while the silver decreased nearly $9,006,000. The liabilities decreased d tiring the year from $127,931,880 to $107,124,718, and the reserve, being tne excess of assets over liabilities, van down from $198,037,047 to $179,260,097. j The difficulties in the way of making a plain statement of the liabilities of the Treasury and of the public debt are pointed out, and the changes recently made in the debt statement explained. Tho total ob ligaiions of the Treasury ou all a mouint# were $1,810,67?,475 on June 30, 1389, aud $1,722,240,163 on June 80, 1810. The debt, lass cash in tho Treasury, was $1.030.054.o‘i3 on the former dat ', and Was $364,325,C 34 o:i the latter. Not counting the certificates of deposit, tiio debt proper, in tho shape of bonds and circulating notes, was reduced from S!,2S6,OIJjiUJ to $1,143,460,-9-0. This was effected ut a total cost of $124,952,243 for principal and premiums. -Nearly $74,009,030 of four-per-ceut. bonds and upward of $30,(0(!,000 of four and-a-half per cents, were purchased, i Traportiinfcehapges took place in the circulating medium, but they were of a mors favorable character than those of a year before. There was a gain of $15,000,060 in the stock of goldyand an-increase of $43,060,000 in that of silver, anil a contraction of $30,000,000 in the volume of bank notes, resulting in a net iucreaso of $32,000,000 in .the aggregate supply of money. The total stock, including certificates of deposit as well as the gold, silver and notes held in the Treasury for tlieir redemption, is estimated to have increased from $2,039,938,-

tlon, being the stock loss the umeunt in the Treasury, from $1,387,551,813 to 11,413,083,618. In round numbers the circulation on. June 30, 1890. consisted of $535,000,003 of gold and gold certificates, $114,000,000 Of silver and silver certificates, and $523,(03,000 of United States und National bank notos; Tho Treasurer suggests that as he is a bonded office holder, ,be should be allowed to select his own force of clerlt9, without the restrictions of tho civil service law, while that law might govern as regards dismissals. The suggestion is made that if some expedient could be devised by which the repeated handling of the silver coin in tl.-e various offices of ti e Treasury could Basely be avoided, it would be an im portaut advantage. Continued embarrassment has uttended the work of supplying the country with paper currency, from delays and failures in filling the Treasurer’s requisitions for new notes. He suggests that greater flexibility might be given to the currency if gold certificates of tho denominations of five and ten dollars be issued. Ho urges tho necessity of an appropriation for tho transportatun* of United States paper currency to Waanington for redemption. With perhaps a triflo additional outlay tho people Could be kept supplied, .free of the cost to them, with a good, clean and fresh paper currency, thus greatly lessening the danger of counterfeiting. The laws and practice hereunder relating to abraded or otherwise uncurrent coins aro referred to as possibly capable of u nendmeut so as to extend to the metallic ciraulution. Tbe Treasurer claims that tho salaries paid to the officers of the Troasury are inadequate compensation for the duties performed, being less than paid in well in»naged private institutions, und leas even than are paid In the sub-Treasury in New York. The whole number employed in the whole Treasury system is 515, at'an nve mg a coat ot sl,-»00 for salaries. Tne Bank of England,. whose business is almost exactly the s«me as that of the. Treasury, with the addition of One of private deposit and discount, employs l,l(V0r persons, ot an average cost of #1,44». No changes of importance have occurred in. Mm routine business other than those in! Cident to t he increase of the revenues. The immense oneration* of the year were aect In dished with the movement of about 41uii.«OO.Q0O less money in and out of this Treasury than was found necessary the previous year.