The Norfolk post. [volume] (Norfolk, Va.) 1865-1866, 1866-03-27
MR.. CLARKE ANSWERED---LET-
TER OF TREASURER SPINNER.


The communication of the Hon. Free
man Clarke, Comptroller OF the Cur
rency, in regard to the condition OF the
| Treasury, is of such character that l
consider it duty owe to the country,
| to myself, and especially to the Secretary
OF the Treasury, whomust rely upon the
figures furnished him by his suoordl-
mates, to point out some OF the errors INTO
which the Comptroller has fallen.
| I pass the first paragraph IN the COM
| munication. in which the material words
Ucurrency value' are interpOlated III
quotation, without comment, further
| than to note the fact.
The next two paragraphs find fault
| with the Hon. Mr.. Hooper, and his sub
committee of the House of Representa-
tiyes. because it failed to make applica-
ton to the Comptroller in its search for
| information, and an opinion is ventored
that the report made to the House by
the committee is ''neither more nor less
than a hasty, unconsidered endorsement
of the statements of the Secretary ofthe
Treasury and an intimation is thrown
out that If any information was obtained
| it was from an irresponsible person.
Now. I have this to say, that the
committee did Just what the Comptroller
should have done before he called the
statements of the Secretary OF the
Treasury in question. 1t not only ex-
amined me and my books, but the clerks
| in NV office, and It came to the c0nclts-
ion that the Comptroller would have
reached, had he, like the committee,
gone to the only place where the lnf0r-
nation sought could be obtained. In
that case he, like the committee, would
have been satisfied that the published
statements of the Secretary were sub
stantially correct.
Next the figures of the Treasury state
ment are given substantially correct.
Immediately following is this statement:
Amount on deposit in con..."'...... a5s.oSas 10
Total amount on deposit. iooe'o,Z9 w
Drafts drawn ont and payable, but not yet
reported paid. iuos.,'oo.
Balance subject to draft iosoo,'oo IL
AS this 1.-THE first item excepted) is no
mart of the Treasurer's monthly state
ment. as it is alleged it is, all the allega-
lions and deductions drawn from 1t fall
with it.
The depasits in the national banks are
entered weekly as the certificates and
reports are received, and included in the
cash in the Treasury The discrepancy
between the bank reports and the Trea-
sury statement arises from the fact that
, the banks are charged weekly with the
amounts deposited with them by reve-
nue. officers and others, and are credited
daily with whatever checks are drawn
on them. Hence it occurs that the
amount due the Government, according
to the books of the banks, will differ
materially from the balances, according
to the books of the Department. For
instance. the Treasurer may draw to-day
on the different deposit banks for twenty
million dollars; the banks will OF course
be credited with the amounts OF the
checks drawn upon them respectively,
while they cannot charge the Govern
ment until the checks are presented,
which may not be for days or weeks
after. 80. 80
than the Comptroller of the Currency
that country bank may, according tG
its own books, overdraw its c0rrespon'
dent in a commercial city, while, by
reason of the checks i'm transitu, 1t will
have daily balance to its credit on the
books of its correspondent.
During the subscription to the seven
thirty loan, very heavy deposits were
made with the national deposit banks.
These deposits were, under the direction
of the Secretary of the Treasury, drawn
upon rapidly; but SO large were the bal
ances. and so distinct were many of the
banks. that it was undoubtedly the fact
that they were at times in process OF col
lection from twenty to forty million dol
lars credited to the banks, by reason OF
being drawn against, but not charged by
the banks to the Government until the
checks were actually paid.
There have been, in the course of the
wear. MANY DAYS in which the balances
due the Government by the deposit
banks, according td their books, have
been over twenty million dollars larger
than the real balances, according to the
books of the Treasury. .r.aa
To show how fallacious conclusions
drawn only from the returns made by
deposit national banks to the Comptrol-
Ter of the Currency are, it is only neces.
sary to give one of the statements in his
communication, viz: se"The monthly
statement made up to the first of June,
shows that there was that day in the
Treasury, including coin, SOS, las, 7O2
while there was no more than twice
that amount on deposit in the national
banks" At this time there were drafts
and orders issued upon these banks fol
all amount eACetuIuS Till ~ -thiCo I'LL
lion dollars. h-
So many elements enter into the state
ments of the ramified business OF the
Treasury Department, that it is impos-
sible for any one who does not examine
the books of the Department, to ascer-
tain the real state of the balances in the
Treasury. The amounts deposited in
the various offices to the credit of dis
bursing officers are SO. large, that it often
occurred during the war, that the Treas
ury account proper was overdMwn from
twenty to thirty million dollars, and by
which several millions of dollars in in
terest was saved TO the Government and
people.
The difference In the statement OF
coin, pointed out by the Comptroller of
the Currency, arises from the fact that
the assistant treasurers are charged with
the amount of gold certificates Issued by
them, aud no credit can be given them
or the Treasurer Oh the books of the De-
partment for any such gold certificates
that may by eitherofthem be redeemed,
until reimbursement may be made by
warrant. In the meantime, all such
redeemed and paidfor gold certificates
must be counted rs gold cash items. In
the statement of coin on hand made up
for the Secretary, the amount OF gold
certificate redeemed is deducted daily
so as to show the amount of available
MT ~ A n =.