Democratic Sentinel, Volume 4, Number 43, Rensselaer, Jasper County, 3 December 1880 — Report of the United States Treasurer. [ARTICLE]

Report of the United States Treasurer.

From the annual report of United States Treasurer Gilfillan it appears that the receipts of the Government Gompare very favorably with those of the previous fiscal year, and show an increase from the customs, internal revenue, and sales of public lands of $59,311,505, and a decrease in those from miscellaneous sources of only $112,079. The expenditures’ show a slight increase of $695,074 in the aggregate as compared with the previous fiscal year, caused by an increase of $22,395,040 in payments on account of the Interior Department, but show a decrease,..of $21,699,965 in expenditures for interest and premium on the public debt, on civil and miscellaneous accounts, and for the War and Navy Departments. . The balance of public money on deposit in the treasury, and subject to draft at the close of business June 30, 1879, was $417,223,787. The receipts during the vo*r from all sources amounted to $494,578,241. and drafts paid $708,190,900. After deducting receipts properiy refunded and outstanding drafts, there was subject to draft at the close, of business June 30, 1880, $204,683,836, which differs from the debt-statement balance by $3,595,213, which is explained in the appendix. The business of the Government involved the transfer during the year of $11,053,357,082, the greater portion through the medium of accounts of this office, and the remainder by the actual transportation of funds. Fifty-eight national banks were organized during the year; five failed, and twenty-one went into voluntary liquidation, leaving 2,102 doing business. The amount collected from national banks by the Treasurer of the United States for semiannual duty accruing during tho year was $7,591,770, The total amount collected during the existence of the national-bank system is $100,361,369. The report embodies a statement of the liabilities and assets oi the treasury for the years 1877, 1878, 1879 and 1880, from which it appears that the gold and silver coin and bullion ranged from $114,464,982 in 1877 to $163,969,444 in 1878, to $222,807,368 in 1879, and to $214,303,215 in 1880. The decrease of $8,500,000 between 1879 and 1880 is represented by the reduction m the gold balance of $34,000,000, and an increase in the silver coin and bullion on hand. The influences tending to the decrease of the gold balance have been primarily the scarcity of notes, compelling payments of a daily balance to the New York Clearing-House in gold coin. There has been but a small amount of United States notes and gold certificates presented for redemption in gold coin. There has been during the year an increase in the silver coin of $15,977,970 in standard dollars, and of $7,849,934 m fractional silver coin. Note assets, including balances due from do-

positorv banks, havedecreased from $107,664,287 m 1877*t0 $93,417,282 in 1878, to $63,926,653 in 1879, and to $42,402,314 in 1880. The steady decrease, the Treasurer says, is due in great measure to the withdrawal of notes caused by the presentation of Clearing-House certificates for redemption, the amount of these certificates outstanding having been reduced from $31,335,000 in 1879 to $9,975,000 in 1880. Another reason for the smallness of the note balance, Mr. Gilfillan adds, may be found in the falling off in the note receipts, the revenues of the Government now being largely paid in coin and silver certificates. From the tables of assets and liabilities of tho Government for Nov. 1, 1879, and Nov. 1, 1880, it is shown that on Nov. 1, 1879, there were $151,047,044. and on Nov. 1, 1880, there were $141,597,031.61 available for resumption. The amount of gold coin and bullion in the treasury Jan. 1, 1879—the date of the resumption of specie payments —was $135.382,639, and at this date—Nov. I—it1 —it is $140,725,952, and in addition there have accumulated in tho treasury $47,084,459 in standard silver dollars. This redemption of United States notes in gold since the resumption of specie payments has aggregated sll,963,336. Since the order of the Department of Jan. 1, 1879, authorizing th" receipt of United States notes for oustotns duties, there have been received on that account $142,323,601. The total coinage of standard silver dollars under the act of Feb. 28, 1878, has been $72,847,750. Of this amount $47,588,106 are in tho treasury' and in the mints, and $25,250,644, being more than 34/g per cent, of the co'mage, are in circulation. The Treasurer instances banks which have reduced and forthwith increased their circulation to the former amount with the avowed object of relieving themselves from the trouble and expense of redeeming their notes through the redemption agency, as required by law, and says : “It is plain that such transactions as these are not within the spirit of the act of June 20, 1874. That "act authorizes the deposit of legal tenders by any national bank desiring to withdraw its circulation in whole or in parr. A wish to surrender circulation, with the reserved intention of taking out more at once, or as soon as a fall in the price of bonds shall make the transaction profitable, is not, k is submitted, such a desire to withdraw circulation as the law contemplates. It could neither have been intended nor expected that tho law would liecome the means of enabling banks to operate in securities of the Government deposited to secure the redemption of their notes, or to throw upon the United States or other banks of the country the expense of redeeming their notes while maintaining and enjoying the full circulation to which the law entitles them.”