New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-22
OUR NATIONAL FINANCES.
Letter from United States Treasurer
Spinner in Reply 10 Controller Ciarh''
Last Commnnica enthusiastically Mc.
(ulIoch Defended.


CulIoch Defended.
WASHINGTON. March 90, 1850.
The following important letter from Gen.
Spinner in defense of Secretary McCulloch was drawn
out by Freeman Clark's letter in to-days papers;
TREASURY OF THE UNITED STATES
WASHINGTON, March ~, 1866.
To The Editor Of The Chronicle.
SIR: The communication Of the Hon. Freeman
Clark Controller Of the Currency in regard ID the
condition of the Treasury published in your paper OF
Yesterday is of such character tnat coDs'Ge, IL
duty owe to the country, to myself, ana espeeih! 10
the Secretary of the Treasury VINO must rey upon ee
figures furnished hin by his subordinates 70 point OUT
some of the errors into which the Controller has iaien
pass the first paragraph In the communication, III
which the material words currency values Are an
polated quotation, without comment further thah
10 note the fact The next two paragraphs ma iauit
with the Hon. Mr.. Hooper and his subcommittee OF
the ouee OF Represe Dtatves because it failed to make
application to the Controller in It's search for niorma-
toD and opinion is yentured that the report made 10
the House by the Committee is neither more nor less
than hasty uDconsidered Endorsement OF the sta'e
ments of the Secretary OF the Treasury and an ntma
ton IL thrown out that II any Information was Obtained
II was from irresponsible person. Now nave tnls
that The Committee did just what the Controller
should have done before he called the statements OF tue
Secretary of the Treasury in question III not ony OK
and it came the conclusion that the Controller womb
have reached had he. like the committee gone 10 the
only place where the information sought could DC OBJ
tanned Ia that case he. like the committee. wonh
have been sa fed that the published statements Of the
Secretary substantially correct.
Next the figures of the Treasury statement are given
substantially correct Immediately following II TINS
statement: Amount deposit in coin, sIoeioe,e 10.
Total amount deposit. sl6j 57s,27 49, Drafts drawn
out and payable bat not yet reported PAID 90 S'
Balance subject to draft sle so1,Joo H. ~ tbis, tIe
first item excepted, is no part OF the JreasureFs
monthly statement rs II Is alleged II Is, Al tAe aeS~
tons and deductions drawn from 1t iaH WIN II; Inc
deposits in the National Banks are entered NeeAF 5
the certificates and reports are received ana heuu.u
In the cash in the Treasury The discrepancy OctMe.
the bank reports and the Treasury statement arises rom
the fact that the banks are charged weekly "Itl ne
amonnts deposited with them by revenue officers and
others and credited daily With whatever checAs are
drawn on them. Hence it occurs that The amount cue
tho Government, according 10 the BOOKS OF the OapA
will differ materially from the balances according 20
the books of the Department. For instance INC rus
urer may draw to-day on the different deposit DaAs V
$40 CO0O0O the banks VIII OF course De ceulleu WIN
the amount Of the checks drawn upon them
while they cannot charge tho Government unt Tue
checks are presented, which may not De or e"!' OF
weeks after. -, A. o.,
troer Of the Currency that country bank may accoro-
ing TO its own books, oyerdTaw ts eoIltsOL1 III Il
commercial city, while, by reason Of me eiecAs u.
transitu h will have daily balance % is credit Oh ih
books OF its correspondent DufinE TIE suuseIiPto"
the seven.thiry loan very heavy deposits |eIe auo
with the national deposit banks these 1epo5ls w.
under the direction OF the Secretary o the lrtAau!
drawn upon rapidly; but large were The Dhlunee'
and so distant many OF the banks that u vas M
doubleday the fact that there were ~ tunes ia process
Z
banks by reason Of being drawn against Vut NOT
charged by the banks to the Governments tnth the
checks were actually paid There nave oeeu, "a l.s
course Of the year, many days in when the balances
due the Government by the deposit banks ACCORDING y
their books have been over 50 O0tcO argef thlh te
real talances according Ia the books OF tue treasury!
To show how iallacous conclusions drawn only rom
the returns made By deposit national banAs 20 inc On"
troer Of the Currency &. Is only necessary 20 eve
one Of the statements in bis communication, w me
monthly statement made mp 10 tie !s 81 J4ne tlo"s
that there that day in the Treasury iucuulng corr
! 60 lac. 702 while there was more tAan tNIee 1"'t
amount deposit in the national oanAF. A. tn, l,ue
there drafts and orders issued upon THESE uAAS
! for amount exceeding sS.,OoVON.
so many elements enter INTO the statements oi tAe
ramifed business Of the Treasury Department nat u rs
impossible any who does not * ilne tr LOOKS
Of the department 10 ascertain the real state OF me Dali
ances In the Treasury Tie amounts deposited ~ he
various offices 10 the credit OF dsbursing officers are So
large that IL often occurred during the Wer taat iae
| Treasury account proper was overdrawn rom twenty
10 thirty million dollars, and by which several millions
OF dollars interest was saved 10 the government ana
people.
The difference in the statement Of coin pointed ont by
! the Controller % the Currency arises from the ieei
that the Assistant TreasuIers are charged Win the
amount OF coin certificates issued by them. and po
credit be- given them by the Treasurer on tie books
OF the department for any such sod eeItlleaes te.
NAV be made BY warrant. In the meantime bll sgCh
redeemed and paid for certificates must be counted
as gold cash items In The statement o. com 90 manu-
made up by the secretary the amount 81 god certn'
Gates redeemed Is deducted daily so as 10 show the
amount OF available coin on hand The so rltfio #
col referred certificates issued olt THAI have
been redeemed and paid for and necessarily appearing
In the statements OF the Offices as coin on hand
ana ch must remain unucr existing laws until re.
imbursing war; ants issue Or the amounts.
These Ell lanauoDs seem % cover all the points m the
Controller OF the CurreDcys communication and tase
leave of the subject with Tie remark that the statement
made by rue the 10th inst. which was by the Secre-
tary Of the Treasury transmitted 20 the Speaker OF the
House Of Representative showing the balances III the
Treasury to be e57 1872 92 - in coin aud >6j623yA -
In currency Of which latter amount s2l 'sO35s - was
| In national banks, is in all respects true.
Very respectfully. yours, r. l.; SPINNER
Treasurer OF the United States.