MONEY AND CREDIT
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Money and Credit The monetary system is theoretically bimetallic, gold being legal tender, and also silver dollars. In 1853 the fractional silver pieces were reduced to token money. In 1873 the silver dollar was omitted from the list of coins to be struck, but in 1878 it was restored by the Bland Act, which required its coinage to the extent of from $2,000,000 to |4,000,000 per month. In July, 1890, the Sherman Act was passed, whereby silver was to be purchased, and silver certificates issued, to the amount of $4,500,000 per month. The silver purchase clauses were, however, repealed Oct. 30, 1893. The amount of silver purchased under this Act (July 14, 1890, to Nov. 1, 1893) was 108,674,682 fine ounces, costing $155,931,002. The total amount of silver purchased by the government from Feb. 12, 1873, to Nov. 1, 1893, was 496,984,889 fine ounces, cost- ing $508,933,975. Legal tender notes are issued by the Treas- ur}^, and silver certificates, being received in payment of taxes, circulate freely. REVENUES AND EXPENDITURES ^ The net ordinary revenues and expenditures for the fiscal year ending June 30, 1898, present this comparison w^ith those of the preceding twelve months :
Account 1S97 1898 Increase Decrease REVENUES Customs . $176,554,126.65 $149,575,062.35 $26,979,064.30 Internal revenue 146,688,574.29 170,900,641.49 $24,212,067.20
Lands 864,581.41 1,243.129.42 378,548.01 Miscellaneous . Total , 23.614.422.81 S;3,602.501.94 59,988,079.13 $;347,721,7U5.16 $405,321,335.20 $84,578. 694.:34 $26,979,064.:30 Net . EXPENDITURES 57,599.6:30.(14
Customs . $18,356,864.82 $19,764,251.59 $1,407,386.77 Internal revenue 8.678,929.54 4,902,511.15 3,776,418.39 Interior civil 8.814,999.20 8,671,352.8:3
143,646.37 Treasury proper 46,545,332.21 54,;355,678.84 7,810,346.63
Diplomatic 2,076,876.&4 2,485,581.13 408,704.29 Judiciary . 5,928,265.21 6,341,129.63 412,8(>4.42 War Department 48,950,267.89 91,992,000.29 43,041,732.40
Navy Department . 34,561,546.29 58,823,984.80 24,262,438.51 Indians 13,016,802.46 10,994,667.70
2,022,1:34.76 Pensions . 141,053,164.6:3 147,452,368.61 6,399,203.98
Interest . Total . 37,791,110.48 37.585,056.23
206,054.25 $365,774,159.57 $443,368,582.80 $83,742,677.00 $6,148,253.77 Net . Deficiency . 77,594.423.23
$18,052,454.41 $38,047,247.60 $19,994,793.19
With a net addition of $57,599,630.04 to the revenues, and of $77,594,423.23 to the expenditures, a deficiency was created of $38,047,247.60, which exceeds that of the preceding year by $19,994,793.19. ^ Data relating to finance are from Reports of Secretary of Treasury.
