The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-10
"uNAYAILABLEn FUNDS.


UNAVAILABLE" FUNDS.
HOUSE OF REPRESENTATIVES,, Feb. 90, 1883.
Letter from the Secretary ofthe Treasury transmit
ting information in relation 10 balances against
depoi ing banks, collecting officers losses on du-
ty bonds, and deprecated bank notes
TREAsURY DEPARTMENT, Feb 81 1888.
Sir The following report is submitted in compli-
ance with resolution which passed the House Of
Representatives on the l9h inSt. in these words:
ReSotued, That the Secretary of the Treasury
b. requested to communicate to the House,
/" lSt. The amount OF balances against all banks
which have been used as public repositories thai is
not secured will prob bly, be lost adding thereto
the estimated loss that has accrued by taking on pub
lie account deprecated bank notes.
80 The amount OF balances against all kinds OF
coec ing officers which has not been secured and
will prob bly, be lost.
3D. The amount Of losses which has accrued
through failures in payment of duty bonds"
In answer 10 The first inquiry as 10 "the amount
of lances against all nkS which have been used
as public depoS cries that is secured will pro-
bly, BE- lost adding thereto the estimated lose that
has accrued b. taking public account deprecated
bank notes" would observe, that 1t is computed
those balances 50 lost will Be tbout 81 100000 and
the loss by taking such notes about rs, 500 600 MAX
ing, in the aggregate Sc, 100000 This is without
the addition of any interest as are the subsequent
statements II interest was cast on the above sums,
the aggregate would exceed $l30O0,OOo .f
the nominal balances az inst binks that have been
public repositories and in default, are now though
excluding what stands TO the credit of d>bur>ing
officers about 81 100000. OF this sum near vi 016,-
900 sands against old bank repositories and The re-
siduc against recent The loss 10 The TreaSu-
by taking deprecated notes in 1914, l5 lt and
II is estimated at quite IS 100000; and there is
now hand OF such notes, then received and never
paid away, or collected about $4,000 more, as is
more fully detailed in report 10 the Senate from
this Department, made the lSt instant These con-
Sute an aggregate OF $l2, $4,000,
The following deductions have ben made from it.
Ii is difficult 10 decide what losses will be sustained
by The recent failures of banks that were public de-
positories But supposiug the most favorable result,
till further experience. have Considered IL proper
TO make estimate that any loss will happen in the
end from them; and | have computed that only
ab,ut 81 600 will be lost BY the old failures of
b nix repositories The data are few and imper
feet thai nothing has been added for any damage
which has recently been sustained by tne United
States from any OF its officers or credit having Ia
ken on public account deprecated notes. The whole
sum 10 be deducted IS therefore, 000O 600 leaving
So $50 900 the aggregate Of The losses previously
sustained from the sources mentioned in the first
branch of the resolution.
In answer to the second inquiry, as ITO the amount
of balances against all kinds Of collecting offices
which has not been secured, and will prob bly, be
lost | have after careful examination, computed
that it will not exceed from 100000 to 81 200 600.
From the long period covered by these balances,
connected with their great number, must b. obvi-
ouSlha the amount which has been wholly lost can
not in many cases, be ascertained with accuracy.
But the data for this estimate are as follows The
nominal amount of such balances is about ~ 500 00O.
Schedules of most of them, late as October 1887.
with certain explanations, NAV be seen in report
to the House of Representatives, made by this De-
partment the 18Th January last, and another, with
more detailed explanations is now preparing, IN
conformity to a resolution of the Senate, passed the
18Th inst. From the whole amount, there should
n l.. l,l, ,,I , rhu
ed b. probably secured or paid. This ranges from
81 900 600 to 81 10000.
OF the nominal balances, further sum- equal TO
near 100000 has never been put in suit; md, in
most cases, that is believed To have arisen from
knowledge that nothing would appear to be due
when the vouchers were all offered, and The allow
anccs made which were considered legal and Just.
In several cases, also, in which the debtors are re-
I ported as insolven aud the claims entirely lost The
latter are larger in amount than was probably the
real damage dine to the Uni,ed States; as the par
ties mu,t sometimes have had equitable setoffs not
allowed good ones lost and other detenccs, which
death, accident, or poverty prevented them from
Offering.
Under these circumstances, an exact estimate is
impractcable as To wha, should be deducted, Tor
these last reasons; but from $l00,On 10 $4,000 is
not considered too much The whole real loss which
is likely happen from the class OF officers vs. there
fore, supposed not to exceed from S9ooooo TO ST.
100000.
In reply TO the third inquiry as 10 !" the amount of
losses which has accrued through failures in pay
men Of duty bonds" think il has not been far from
$6,5O0OO0. II will prob bly, range between that sum
and the Su n of sc 500 600
This result is collected from actual returns of
b ,nds unpaid and IN suit which, Al this date are
| supposed TO exceed s1500000 II Is the best judg-
men am able TO form on the subject, from few
general considerations, without particular know
ledge in each clse to the insolvency OF most OF
those who made and have neglected To pay their
| obligations.
Respectfully,
LEVI WOODBURY.,
Secretary Of the Treasury.
Hon. JAMES X. Polk,
Speaker of TIC Houa Of Representatives.