Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1854-12-07
The Sub-Treasury--How it Locks
and What is Done There.

- r 50 49, 1NHP
noteworthy because the public are
excluded. We have gathered few
facts touching its history, which may
be interesting:
The Sub.Trcasury in this city
went into operation Oct. l6, 1916,
during the Presidency of James K.
Polk. Since it has been established,
a period of nearly s years, it has
done business Of over S50Q,000,-
900 in the way of receipts aud dis
bursements: this would make a year
ly average Of S62,000,00O. Latter
ly, from various causes, the opera
tons of the Office have been largely
increased, and the yearly receipts
and expenditures now amount to
nearly Sl00,000,000. Shortly after
the incoming Of the present Admins
tration, the Secretary ofthe Treasury
ordered the Disbursing Agents Of
of the Government to transact their
business through the Sub Treasury
Offices throughout the country, and
not in the Banks. as formerly. This
action had the effect of causing the
Government Agents to open accounts
with the Assistant Treasurer Office
here. These Transactions now a.
mount to 100000 per month; and
the business is rapidly increasing.
Much Of the work formerly done
at Washington, such as the payment
Of members Of Congress, payment Of
pensions, ETC., is nov performed by
the New YORK Sub-Treasury, and its
operations will be still further EN-
larged by the opening Of the Assay
Office, the business of which. it is es-
timated, will amount to $4,000
per month, OF 100000 per an
nun, additional.
The amount Of labor performed in
the Sub Treasury is very great. An
average of two hundred notes, drafts,
etc., is paid out daily; never less
than eighty, and sometimes as many
as five hundred; and as these drafts.
are from all parts of the Union, covered
with endorsements in different hand
writings, all Of which require the
most careful scrutiny before pay
ment, it will be seen that the gentle
man who performs shat duty has his
hands full, besides resting under
weighty responsibility. Tho drafts
are for any amount, from S. up
wards. The largest amount ever
paid out on one order was 81 ,000,-
600. This was to Count Almonte,
the Mexican Minister, July IA, Of
this year.
One would suppose that, in an Of
flee transaction of SO large business,
some mistake would occur-that
fraudulent or unauthorized drafts
would sometimes be honored, and
spurious coin be taken out of the
that pass through the hands
Of its officers. Such things are of
daily occurrence in our oldest Banks,
yet no error Of any account has so
ar come to light 10 the Sub Treasu-
y. This gratifying result is, no
loubt, in a great measure due to one
If the regulations Of the Office, VI ich 4,
that the record of every
transaction involving the receipt or
disbursement of money, shall be kept
~ different clerks. Any error is
hus Immediately discovered in the
disagreement Of accounts, The off,
ers are compelled to exercise great
aution, from the fact that Congress
las failed to supply any fund to meet :
he deficiencies that may arise from !;
he payment Of unauthorized drafts,
n from mistakes in the counting Of
money. All accounts must be made !
God, even though the officers them !
elves have to supply the deficien- J
Y out Of their own salary. ),
The present Assistant Treasurer is
liz John J. Cisco. His salary has
eretoFe been $4,000 year, but
congress provided in the bill estab- d
shing the Assay Office, that ne I
hould be its Treas urer, and his sala- u
y be increased to S6,000 per an e
UNI. Mr.. Cisco gives bonds to the "
-oyernment in the amount Of $780, o
90: a sum certainly not too large, y
, he has constantly in his charge a
ar, Eve to seven millions of dollars
Govern uent funds. !.
The n ev. S. Black, southern "
III q list minister, lately preached a
Il.