The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-06-23
CITY OF WASHINGTON, FRIDAY MORNING, JUNE %, 1913

tact that the three sums marked d) were actually maid
the treasury, and properly stated in the table
They were paid not in specie but in certificates of stool
which in the market worth their face in species and
il the course recommended by the committee were pur
sued the greatest confusion would necessarily be
duced INTO the accounts OF the treasury.
Nor were the balancing amounts ''neediesLg'
and "unjusuy introduced on the other side OF the ac-
count" .r.Ir
When the government treasury notes. it receives
the avails thereof in specie or its equivalent When the
government issues stock receives the avas thereof
specie or IN treasury notes. which the equivalent OF
specie
Ii is true, that when government issues stock certif
Gates IN exchange Tor treasury notes. the of debt
remains unchanged. new debt is incurred BY paying
an old one but the conditions of the two debts are so
different that they be kept distinct unless we wish
TO introduce the utmost confusion in accounts treas
ury note debt, the government may any time be called
on to redeem, on its presentation in payment for duties
lands stock debt 1t cannot be called on to redeem bur
at the end OF a series OF years.
lake the very first item relating TO treasury notes in
table b, by way OF example. This reads:
Fom avais OF treasury notes issued under act of 2ad
July, 1916 S25O.oOo OO"
This was single note and was out for only two DAYS
but large the sum- that the interest on amounted
to seventytive dollars. This was paid in money and
the principal was funded Thus an end was put 10 this
particular treasury note debt and stock debt was in
CURED IN Its stead Now not this treasury note re-
deemed efectually by funding as it could have been
by paying money forh' and ought not the amount to
have been credited 10 redemption OF treasury notes !"
And was not this treasury note thus redeemed. part OF
the "avails OF loans of 2Sh January Is47 II il hal
not been entered SUCH the public debt would have ap
peared to be $230000 less than II actually was and such
would be the necessary result of the views of
the committee. The Secretary pursues the mode of sta
ting and presenting these accounts adopted the Treas
ury and used by all his predecessors there double
entry, debit and credit, receipt and expenditure The
plan of the committee would substitute the exploded sys
TEN Of single entry and destroy all the checks accuracy
rttva SIpU from hu hln aulrr
1t is true, that in preparing table B, the notes funded
might have been las in table AZ deducted from both sides
of the account But this would not have affected the
general result 1t would have been only another mode
OF stating the account, but both correct The table
would, under this aspect, have stood as follows:
Receipts
From avais OF treasury notes issued under acts of July
90, 1885, and January IS, lS47 after deducting
$l,747,9O0 of such notes funded S., 727, 900 90
From avails OF loan OF 22d July, 1916 900 90
From avails of loan OF 2sth of January,
1S47, after deducting $22,47s for notes
of issues prior to 1916, funded 1905, 800 90
5144,7OO 90
Expenditures.
of treasury notes, and interest,
after deducting $l,770,37S for notes
funded 6li,95l 90
Difference $4,529,7is 81
TABLE Bias printed)
Gross avas of treasury notes and loans $69l5O7S 90
Gross redemption OF treasury notes and
interest : 2,3S5,329 SO
Difference $4,529.74s 81
Thus that, if we give either the gross the
nett amount the difference between the debts and the
credits is the But neither mode of stating the
amount peases the committee. They are not pleased
with table Of the Register, which the nett is
given nor with table of the Register in which it
given gross; but the plan the committee would substi-
,ute, would necessarily lead to great IL would be
compound system Of keeping the accounts of the treas
hxt n,,ho Iy hx ria
than either system separately although the system of sim
gle entry in France, rendered their books unntegibe,
and produced discrepancies never yet reconced to the
amount of l4l 100000 francs, and which led to the
abandonment of the system there.
The committee then proceed to examine table G, Of
the tables of The Register.
In this table, prepared in the Registers Office by his
chief clerk the treasury notes in the hands OF accounting
officers, amounting TO 81 40l 900, were, through wrong
view Of the subject by the chief clerk in the Registers
office, omitted by him in giving the amount OF notes out
standing, in max ing up table G, which error not dis
covered by the committee but by Mr. Hunter of the Sen
ate Committee of Finance, early in February last during
the extreme illness OF the Secretary OF the Treasury and
after examination, acknowledged by the Register and
corrected by him; also the amount of stock issued
account OF the hrythree million loan, was moderated
in the same manner in the sum of 1854 .
This is the only OF any practical importance in
the tables appended TO the report and for this the
Secretary OF the Treasury as before shown, is in no
manner responsbe-that table being subscribed and GER
hed by the Register and prepared by his clerks from the
books kept by them.
The committee had before them all the facts necessary
for the proper correction OF table G, and yet have failed
arrive at the true amount of the thrtyth million
loan available on the lst of October They say:
sin statement A, page 36 of the Secretarys report
have the OF that had been issued
der the of July o. 1876 which funded previous
June 80, 1871, stated at 81 ,93i 900"
There is such page in the Secrearys report page
36hat report terminating with page IS but page 80 is
the page of of the Registers tables appended the
report table A; and this of 81 1891 900 is taken,
not from the report proper OF the Secretary but from this
table A--being table subscribed and certified by the
Register to the Secretary and appended TO his report
The committee proceed:
THE committee have shown, page IL of this port,
that component part of the Of 81 1923 275 included
b, stock issued fund treasury
sued under the of July e. 1886 during that quartera
period subsequent that last statedo the amount of
Sl,Ol7,l5O.
And this is corroboated by the books-hus making the
whole of stock issued in funding under that
act up October !, lSi7, from data taken from the Sece
tary's report to be $29i8l50
instead of las per statement G) 2,O96 100
difference $751;, 0J0'
The committee are mistaken. The second ddtum-be-
ing the of 81 OF ,l50s not taken from the Secre
arys report 1t taken from statement subsequently
furnished by the Register his clerks. long after the
port was published, the Secretary, but the
ittee. By acting in this way, taking items from
one book and some from another, the committee can
make has already been observed Just many glar-
ing errors they choose In this instance taking
item from the stock book, and another from the book Of