The present gratifying strength of the Treasury is shown by the
fact that on December 1, 1899, the available cash balance was
$278,004,837.72, of which $239,744,905.36 was in gold coin and bullion.
The conditions of confidence which prevail throughout the country have
brought gold into more general use and customs receipts are now almost
entirely paid in that coin.
The strong position of the Treasury with respect to cash on hand and the
favorable showing made by the revenues have made it possible for the
Secretary of the Treasury to take action under the provisions of section
3694, Revised Statutes, relating to the sinking fund. Receipts exceeded
expenditures for the first five months of the current fiscal year by
$13,413,389.91, and, as mentioned above, the Secretary of the Treasury
estimates that there will be a surplus of approximately $40,000,000 at
the end of the year. Under such conditions it was deemed advisable and
proper to resume compliance with the provisions of the sinking-fund law,
which for eight years has not been done because of deficiencies in the
revenues.
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