Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-12-08
REPORT OF THE SECRETARY OF THE TREASURY
ON TIE STATE OF THE FINANCES.
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II appears from the report the banks from this De-
Mrmeut submitted Congress on the 9th OF MAY 1884,
rat lsso-oi there s79 banks in the United States
hh capital off227, SOL $685. aud in lSbS6i there
sos banks With capital Of tso, being an in
ere Of s7s,sis,oSs.
In lseo-ol the circulation ofthe SIC banks Was $685.
les ,sbi, depo.es ,e571l2 due to other bark, 49,,
and together $3.50 sel and in ls5S6+ the
circulation Of the POS banks S20+ $50 207, the de-
psss &lss. and there due to other bank,
$50 lss aud together 4+S making an increase
size 66U ss2 with specie their vaults in lso0'bl Of
S4s ell 0IS. aud In ls5S64 Of csc being 10.
Of sl0,7Sss0b. These tables exhibit bank cir
cuatiou Of $eo+ zoe sganst the Of gold
and silver in the country.
Toe Independent Treasury OF tho United States
receiving and psyog for the fiscal year 1854 than
t7S, 100000 In the coin, has kept up the de-
maud for it and prevented the large bank circulation from
obtaining the mastery aud driving the constitutional
rency from the country. In table Of exports ud
increase In the export OF coin over the previous year.
but exceeding the produce Of mines THIS ir-
may be in part accounted tor by the largo Iedemp
ton Of the public debt held abroad aud the bank ccu
tou, large part Of which in small notes. circulated
at Q discount In places remote from the issuing bank aud
forcing the better currency OF gold aud silver oat Of the
| market
Tho United States having placed her receipts and
pendures upon the constitutional currency OF gold and
silver ia IN the power OF the States by prohibiting the
banks from issuing and circulating notice Of small de-
nomination, and by making the constitutional currency
the basis Of their receipts and expenditures to give
the victory In oil times to the constitutional currency keep
cheney in the country for oil the purposes Of cir
cuatipg medium and prevent the evils end losses that
| always attend All inferior currency.
The disorder felt in money matters out Of the
failure Of many Of these banks and the curtsneut Of the
circulation and discounts Of others which in the last six
months have reached forty fifty millions Of dollars
and in part out Of the effects produced by the large i'm
ports aud in part of tho Of confidence between
lender and borrower. II cannot be attributed tho ship
ment Of gold aud silver which Is nothing but . eonse
| quence growing out Of these causes
The independent treasury has been administered in
strict accordance sth the provisions Of the law IN al
specs IS stated in my former report There has been
found difficulty in Its operation noe 10 complying with
Of the provisions OF the law. The opeping of the
treasurcs Office at Washington, and the offices Of the
era assistant snd public depostArss places
OF depose for the discussing agents Of the government
has been attended with signal success AID resulted in
great advantage to the executive departments the
bursug agents TIE table, IS, which accompanies this
report, shows tho growth of the depose SYSTEM the
number Of dsbursiDg agents Who depost with the places
| and amount Of deposte a: different periods Il will
be that in Septemoe, these deposits exceeded
$500 geo, whilst all discussing agents who could
avail themselves Of the privilege, aud many discussing
agents could do SO because there deposi,ares
| convenient to their location.
The Of these deposits furnish the Of
csr,aung the operations of dsousng agents, and wheth
the funds kept in readiness the sppropria-
tions whilst upon the removal resignation, or death Of
discussing sgsnr, the deposa passes once
into The Ulied States Treasury sad 10 toe credit Of he
deposiio without the ptocastinstion caused by having
to await settlement by the agent or admui';ratou,
|
prstion through sGoise7 agent.
The money thus depo,; as safe and that
10 the Treasury, and without risk to the dsposror and
it is right the Government, and not the disolrsns agent
should be a. the and risk Of keeping the public
money until actually discussed
1t to b. regretted that all disbursing agents
uenty situated nave not awaited themselves OF the right
TO depo,i'e because furnishes cause OF rostrust
strict compliance with the law both in respect the de
pose and the puoc nouey, aud does no; give the
United States the benefit oil promptly obtaining the
amount soug5ed upon the removal resignation or
| death OF the incumbent.
The work on the coast survey continues make sooi
progress aud the means appear to have been careuy
and economically used If the work shall have the con-
nued support Of Congress for few years more the foil
est AID mos, reliable knowledge will b. obtained our
extensive aud OF all haroors the great ai
vantage OF our navigation AID TIE work i.
recommend to the consideration OF Congress- With the
belief that no convenient time will be found for ia
continuance and completion, able corps Of of.
| GERS TO which il can TO consied.
the report OF the light hoase board no 3 also accom-,
paniss this report, and Is referred for detailed
operations for the past year. TIE business has been
promptly snd faithfully attended u all is branches. and
tne system made as efficient a. the time aud would
allow; and is recommended the continued favor of
Congress 10 order tina: increased facilities ay be gwen
70 navigation in all its branches aud connexions.
Ulier ihc appropriation o: $50 900 for continuing the
system OF protecting humaG life FROM ship.reck on the
Jersey coast and 10000 appropriated without pe-
chci,ou, (Which the Department has thought advisable
10 eIpeni on ihe coast Of Long Isl4ni) Mr. s. C. Due
ham appointed for the New Jersey coast and Mr. j.
" S:ne!ug for the Long I.lnd coast with instructions
ID examine existing stations aud report would De
needed 10 put them In perfect safe, and slec; iu-
ternedate stations so as make the stations on each
| coast five instead Of ten miles apart,
Both these agents have reported and are employed
IN building the houses the new stations and ding
the articles required Tor them AID the old ones aud the
additional boats have b.en built, aud being shipped
new stations
Under the appropriation of So 800 for locating bouts
at different points on Lake Michigan 90 b,is have been
purchased and sent to the places indicated in the ac
Bosis tor the remaining poins viii be purchased aud
seat soon AS persons can bs found to take proper
care OF them; for which purpose the necessary iuaircs
are now being instituted
The late melancholy disaster to the ship New Era ha,
shown the inad' quicy Of the mortss heretofore used for
throwing lines 10 vessels in distres; and establishing
cOmmlnlcs'iDn between the wreck aud the shore E1-
peii.ncns now being made a Of p;oyiding
mortar nouned and capable Of throwing ball and line
tae requisite distance. The appropriations will not be
sni lent to place all the stations in entirely effective
condnign.
The report no. Ss) from Captain A. r. Bowman of the
engineer corps in charge OF the construction OF
houses, marine hospitals &c. which accomp Inies tb,
gives information in Detail Of all that has been done to-
ward the completion OF those under the direction Of this
Department since the date Of my last report and Of
working OF the system OF operations aud affords all ne
ce'sy information upon that subject The attention Of
Congress is particularly called part of the report
which reitcs to the custom being built New Or
leans IL saiis Only appears that the foundation not
sufficient Tor the weight and character Of the supersruc
tnre a. spec Md IN the plan according which Congress
mas recte1 TO be built aud that there urgent neces-
siy to y the plan aud remedy tho evil as far as pac
ticabe and modification oithc paD as indicated by
Capt. Bowman, is recommended
The attention Of Consress aso called the report of
Capt. Bonmin upon the sitc for u custom house at De-
tro aud it is recommended, for the reasons stated by
him, that authority be gwen sell the present lo. and
purchase more sUi.sbl, one.
The Department has selected sites for the custom hou
sat NcT Haven, Connecticut Burlington, Vermont:
O,"ego New York; Toledo and siniusky Ono: Chicago
Illinois; Milwaukee, Wisconsin and Wheeling Virginia
IN accodincc with the report oi Capt. Bo.msu No. 80
accompanying this be having sent u anime the
sites offered in the several cities, confer with the COM
mssoners and Others upon tue ec and steps are
taken To obtain tue tries with view 10 early action in
having the buildings constructed.
The table No 80 exhibits the sites and prices agreed to
b. PAID In the syefa cues No report was IN ado on In.
siteat Buf,lo New Yok; Cincinnati Obo ard Burlington
ipSi, Tor the reasons stated Ia the report There
has not been time for information from New Orleans since
Instructions issued OBTAIN offers for site for the
marine hospital there.
me Department having learned Of embezzlenept OF
onlhon by one OF the officers at tue mint Pnadelphi,
dtfnlned TO have tho mint aud course Of business yes
ugaeu ana detcd report made, with view TO tbs bet
YER security oi IT. operations Mes.rs Rio iard Smith ard
D. y. Pickett we're appointed for purpose copy
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