Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-03-17
UNAVAILABLE FUNDS.


House. Feb. Is, 1898.
<,o. tie Secreta,y Of Gke ISeasur,
n;.e Information IN relation to Balance
1870 Depesae Banks, Collecting OGccrs
= 1xy Bonds, and DEPRECATED Ban
r.s.scsy DEPARTMENT, Feb. 81, 1899.
- ~ SLOWING report is submitted in com
e - : resolution which passed the Hous
r-et.tiyes on the 10Th inst, in tbes'
sss..dsed, That the Secretary Of the Treas
. requested 10 communicate 20 the House
~ Tho amount Of balances against al
-. vhich have been used as repositories tina
-. s.cured. or will probably be lost, adding
49," ~. .,,imated loss that has occurred BY
49, IN public account deprecated bank
.M The amount Of balances against oil
"a. r. .ollec,;ne officers which has not been
..e,,ed. and viii probably be lost.
~41 The amount Of losses which has accur-
.d,hroueh failures in payment Of duty bonds
I. answer 10 the first inquirey, a. TO "the n
-, AZ balances against all banks which have
~. used % public repositories that is not SO
..s.a a will probably be lost, adding thereto the
$1,000 loss that has accured by taking on
,,u;e ,ecount deprecated bank notes." would
nha.re, that it is computed those balances 50
- I'm be about 81 .OOO 600, and the loss by ia
n. rrh notes about g., 100000; making, in the
,,,,ee.te, &C, 56O,OOO. This is without tho adj
d,toa Of aay interest, as are the subsequent
.,,,euents. II interest was cast on the above
.,ms. the aggregate would exceed Sl3,OOO,OOO.
Ths data on which this computation rests are,
,b,, the nominal balances against banks that have
beoo uublic repositories and in default, are now,
,ho,ch excluding what stands 10 the credit Of
d,s,ur,,ao officers, about S7,OOO,OOO. OF this
sim near 81 ,O76,OOO stands against old bank
depositosies, and the residue against recent ones
The loss 10 tho Trcasury by taking deprecated
notes in 1874, rs 'l6 and II, is Estimated at
quite g, 5OO,OO00; and there is now ON hand Of
such notes, then received and new paid away or
collected, about Ss0,o9O more, is more tul-
" detailed in report TO the Senate from this
Ds,arn,ent made the first instant. These con-
sl.I.s an aggregate oil sig ,3SO,O0O.
nefol!owing deductions have been made from
L. II IS difficult to decide what losses will be
ss1incd by the recent fixtures Of banks that
were public repositories. Bu, surprising the
nus, favorable result, TIL further experience,
rave considered 1T proper to mike no estimate
Ia, any loss viii hlppcH in the end from them;
nj hWc computed that only about $ ,O0O,OlO
I'll be lost b. the OLD failures of bank deposit
,ries The q ,:a few and imperfect that !
,,ha. has been added for any d,mtgcs which
M recently been sustained by the United
States Grown any Of its officers or creditors hay
ing taken on public account dcprGcnted notes.
The whole sum TO be deducted is, therefore, 49,
'00, 700; leaving S6,5SO,oo0 as the aggregate of
10 losses previously sustained f:om the sources
'cniioned in the irst branch OF the resolution.
In answer to the Sc .oni iuItirv, as to ''!hc a.
punt OF blInnccs ngaius. MI kinds of collecting
hcers which hrs not been secured, and Will
obabiy be !osf,"i have, after careful cxa'nina-
on, computed thltit VIII not exceed from Sa'iO,-
10 to 81, 100000. From the long period COW
rcd by these balances. connected with their
eat number, IT mist be oh, ious thut the amount
hch has been wholly lost cannot, IN many c.
.s, be asccrtaincd with accuracy.
Bat the data for this estimate arc as follows
The nominal amount Of such balances is about
p2,5Q,OOO Schedules OF most of them, late as
l-tobcr, 1897, with certain explanations, may be
ZEN n a report to the House Of Representatives.,
sds b. this department Oh the 18th January I
"; and anothcr, with one detailed explanation, Is
~ preparing, in conformity to n resolution OF
Q Senate, passed the 18th inst. From the
,ols amount, there should first be deducted
n for what his been asccrtaincd to be probably 3
cured OF paid. This ranges from 81 100000 TO S
l,l5O,OOO
q the nominal balances, further sum, equal {
near $4,000, has never been put III suit; q
IN INST cases, this is believed to have arisen
10 knowledge that nothing would appear to
due when the vouches were all offered, and q
. allowances made which were considered legal a
dust. IL several Of the cases, also. in which $
. debtors are reported AZ insolvent, and the b
''ms entirely lost, the latter arc larger in a I
'unt than was probably the real damage to the I
''ted States; a. the parties must sometimes \
vs had equitable set-off5 not allowed, informal u
ucnes rejected, good ones lost, and other de- 6
nces, which death, accident, or poverty pre- G
'essd them from Offering. |
Under these circumstances, an exact estimate l
m?ssetlcable to what should be deducted, I
Y these last reasons; but from 100000 to 81 v
NV il not considered too much. The |
mole neal loss which is likely TO happen from 1
~ class Of officers is, therefore. supposed not TO
coed : fOm $500, 700 to Sl,2OO,OOO. II
- reply to the third inquiry, as to 'the a. s.
uot OF losses which has acc rued through fail il
!. N payment Of duty bonds" think 1t has
: oesn Tar from S6,5OO,OOO. II will probably d
nsc between that sum and the sum Of st, $780, h
MS result - collected from actual returns Of s.
' Unpaid and lr suit, which, at this date, arc &
,Psea 10 exceed 97,5OO,OOO. 1t is the best a
t"' am able to form on the subject, from d.
S.1sla! Considerations, without a particular
10 each case, as to the insolvency Of "
o' 'nose who made and have neglected to f.
their obligation. Respectfully. W
LEVI WOODBURY.. "
Secretary Of the Treasury. II
'ioa JAMES X. Polk, II
'Peaxe' q the House Of Representatives.. "
~ WOODS BON Mor.-when the earthquake c,
~, Destroyed New Madrid, and so fearfily II