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000,000 limit. In striking contrast with the special report of Secretary Carlisle in 1894 was the annual report of Secretary Gage for the fiscal year ending June 30, 1900. In comparing these reports it should be borne in mind that a period of remarkable prosperity set in soon after the Presidential election in 1896; that the wat the extraordinary disbursements; and that the foreign trade of the country advanced to an unprecedented volume. The main features of the treasury report for June 30, 1900, were as follows: Receipts and expenditures. The revenues of the government from all sources for the fiscal year ended June 30, 1900, were: Internal rJune 30, 1900, were: Internal revenue$295,327,926.76 Customs233,164,871.16 Profits on coinage, bullion deposits, etc9,992,374.09 District of Columbia4,008,722.27 Fees—consular, letters patent and land3,291,716.68 Sales of public lands2,836,882.98 Tax on national banks1,998,554.00 Navy pension, navy hospital, clothing, and deposit funds1,621,558.52 Sales
all given to a syndicate of bankers at a bid of 117.077. So rapid was the drain on the treasury, however, that on Feb. 8, 1895, the government signed a contract with the Belmont-Morgan syndicate of New York to provide for the treasury 3,500,000 ounces of standard gold coin, amounting to $62,315,000. Payment was made to the syndicate in 4 per cent. bonds. The syndicate was also pledged to help retain all the gold in the treasury. The business depression still continued, however, and on Jan. 6, 1896, the government advertised a sale of $100,000,000 in bonds. It was at first planned to sell the entire issue to the Belmont-Morgan syndicate, but the proposition caused such a popular outcry that the public was allowed to bid for the bonds, and the $100,000,000 was subscribed more than five times over. The treasury received over $6,000,000 more than if the sale had been made to the syndicate. This successful sale seemed to restore the confidence of the nation, and the gold reserve in
e gold reserve, Secretary Carlisle, on Jan. 17, 1894, issued a circular, offering for public subscription an issue of $50,000,000 of bonds, redeemable in coin at the pleasure of the government after ten years . . . and bearing interest . . . at the rate of 5 per cent. The minimum premium was fixed at 117.223, thus making the issue equivalent to a 3 per cent. bond. The Secretary issued the call by virtue of an act of 1875; but his authority was challenged by the House judiciary committee Jan. 26, 1894. In spite of this issue of bonds the treasury reserve soon fell below the mark again, and on Nov. 13 of the same year a second issue of $50,000,000 worth of bonds was made. They were all given to a syndicate of bankers at a bid of 117.077. So rapid was the drain on the treasury, however, that on Feb. 8, 1895, the government signed a contract with the Belmont-Morgan syndicate of New York to provide for the treasury 3,500,000 ounces of standard gold coin, amounting to $62,315,000. Pay
Financial topics were uppermost in interest during the years immediately succeeding 1890. The demand for the free and unlimited coinage of silver increased in the Southern and Western portions of the country. Between 1891 and 1892 the expenditures increased and the receipts decreased. Part of the silver was coined, and the rest accumulated in the treasury vaults. The silver question, and, with it, the whole financial problem, was suddenly brought prominently to the front in 1893. On June 26 of that year the British government closed the Indian mints to the free coinage of silver. As this important silver market was thus barred, the effect was to accelerate the fall in the price of that metal. At this date the value of the silver dollar was about 60 cents, and it fell below that point. The ratio of gold to silver, which in 1873 was 15+, was in 1886 20, and in 1893 25 1/2. The amount of gold in the country was greatly decreased during the same period. The gold reserve in th
Fe; and New York and New England. As the forced purchase of silver was generally recognized as one cause of the disturbances, attention was called to the repeal of the silver purchase act of 1890, and President Cleveland summoned a special session of the Fifty-third Congress to consider the matter. Congress assembled Aug. 7; on Aug. 28 the House passed the Wilson bill, which went to the Senate; in the form of the Voorhees repeal bill the measure passed the Senate by a vote of 43 to 32, Oct. 30; nearly all the repealers were from the East and North. On Nov. 1 it passed the House by a vote of 193 to 94, and was promptly signed by the President. After passing this act, which repealed the purchasing clause of what was known as the Sherman bill of 1890, Congress adjourned. The actual condition of the national treasury on Jan. 12, 1894, was thus set forth in a letter of Secretary Carlisle: Assets—Gold, $74,108,149; silver dollars and bullion, $8,092,287; fractional silver coin,
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