782 



UNITED STATES, FINANCES OF THE. 



increased from $188,506,238 to $218,917,539, 

 and the silver certificates outstanding in- 

 creased from $117,246,670 to $176,855,423, or 

 $59,608,753. The silver dollars not repre- 

 sented by certificates in circulation fell off 

 from $71,259,568 to $42,062,116. The United 

 States notes owned by the Treasury in excess 

 of outstanding certificates decreased from 

 $23,169,325.78 to $15,424,424.94; and the to- 

 tal assets increased from $544,094,782.49 to 

 $642,640,200.28, or a gain of $98,545,417.79. 

 The total liabilities increased from $476,105,- 

 791.94 to $548,414,031.47, or $72,308,239.53, 

 the principal items of increase being in silver 

 certificates outstanding and in the fund held 

 for redemption of notes of national banks 

 "failed," "in liquidation," and ''reducing cir- 

 culation." The available balance in the Treas- 

 ury increased from $67,988,990.55 to $94,226, 

 168.81. 



The Public Debt. During the year ending 

 Dec. 31, 1887, the last of 3-per-cent. bonds 

 issued under the act of July 12, 1882, were re- 

 deemed. In 1865, when the public debt of 

 the United States was at its maximum, about 

 $1,281,000,000 of the bonded debt was in 6 per 

 cents., and $1,100,000,000 in all other forms, 

 $830,000,000 being in 7'3 per cents. The first 

 step after the war was to consolidate this 

 indebtedness, and by 1868 the amount of 

 6-per-cent. debt had reached its maximum at 

 $1,878,000,000, the aggregate interest -bear- 

 ing debt being at that time $2,202,000,000. 

 The next important step was the gradual sub- 

 stitution of 5 per cents, for 6-per-cent. bonds, 

 which continued until 1876, when the amount 

 of 6 per cents, was reduced below $1,000,- 

 000,000, and the amount of 5 per cents, rose 

 to $711,000,000. At that time over $670,- 

 000,000 of the original debt had been paid 

 in about eleven years, and the aggregate 

 of interest - bearing debt was but $1,710,- 

 000,000. Then carne the issue of $250,000,- 

 000 of 4J per cents., and within three years 

 thereafter, under the refunding operations so 

 magnificently accomplished by the Treasury, 

 the 6 per cents, were reduced to less than 

 $300,000,000, the 5 per cents, to about $500,- 

 000,000, the 4 P er cents, remaining at $250,- 

 000,000, while $740,000,000 of the 4 per cents, 

 were placed on the market. During the past 

 six years the amount of the 4 and 4 per cents. 

 has but slightly decreased, while the 6 per 

 cents, and 5 per cents, have been exchanged 

 for 3 and 3 per cent, bonds, while they in 

 turn have been called in and redeemed. At 

 the close of the year there remained outstand- 

 ing less than $1,000,000,000 of interest-bear- 

 ing debt, of which the 4| per cents, run until 

 1891, and the 4 per cents, until 1907. 



It thus appears that in about twenty-two 

 years the country has paid off a bonded in- 

 debtedness exceeding $1,380,000,000, and re- 

 duced the annual interest charge from over 

 $150,000,000 to less than $41,000,000; all of 

 which has been accomplished with a develop- 



ment of industries and of trade in all their 

 branches, to a degree never before witnessed 

 in the history of the country. 



The following table shows the changes in the 

 various denominations of United States legal- 

 tender notes in circulation during the fiscal 

 years 1886-W: 



The Coinage. The value of the gold deposited at 

 the mints and assay-offices during the fiscal year 

 1887, not including re-deposits, was $68,223,- 

 072.87 (3,066,990-17 standard ounces), against 

 $44,909,749.23 in the preceding year, an excess 

 of $23,313,323.64 over the fiscal year 1886. In 

 addition there were re-deposits of the value of 

 $15,193,706.53. Of the re-deposits of gold $3,- 

 517,523.15 represents the value of imported 

 bars sent in for refining and coinage. The re- 

 mainder, $11,676,183.38 was fine bars, of which 

 $7,933,743.98 had been exported and subse- 

 quently imported into the United States, and 

 re-deposited during the year. The value of 

 the total deposits of gold, including all re- 

 deposits as above cited, was $83,416,779.40 

 against $49,606,534.65 in 1886, an excess in the 

 year 1887 of $33,810,244.75. The value of the 

 silver deposited and purchased, not including 

 re-deposits, was $47,756,618.75 (41,041,102-21 

 ounces) against $35,491,183.24 in the preceding 

 year, an excess of $12,262 J35.51. In addition, 

 there were re deposits of silver amounting to 

 $462,113.19. Of these re-deposits $169.514.91 

 consisted of fine bars, and $292,598.28 of im- 

 ported bars, being the value of the silver con- 

 tained in gold bullion originally deposited at 

 the minor assay-offices. This total, calculated 

 at coining rate in standard silver dollars, was 

 $48,219,031.94 against $37,917,026.36 in the 

 preceding year, an excess of $10,302.905.58. 

 The total value of both gold and silver deposit- 

 ed and purchased at the mints of the United 

 States during the fiscal year 1887, not includ- 

 ing re-deposits, was $115,979,991.62, and in- 

 cluding re-deposits, $131,635,811.34. The value 

 of the gold and silver received at the mints 

 and assay-offices during the fiscal year 1887, 

 was greater than in any previous year since 

 1881. Of the gold deposited at the mints and 

 assay-offices during the year, $32,973,027.41 

 was classified as of domestic production, against 

 almost the same amount in 1886. The value 

 of the foreign gold bullion deposited was $22,- 



