Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1871-12-16
The National Finances-AnnuaI Report
Of Gen. SIMMER.

OF Gen. Spinner.
The annual report Of the United
States Treasurer shows the condition of
the Treasury as it was at the close of
the fiscal year, which ended with June
Is, 1871, and is addressed to the Secre
tary of the Treasury. He says, in rela-
ton to the new loan, that under the
Secretary $ commission he visited dur
the past season the principal cities of
Great Britain, Saxony, Baden, Bavaria,
Wurtemberg, Austria, Bohemia, Switzer-
land, and France. For the purpose of
aiding in the negotiation of the new
loan he called upon the agents appoint
ed by the Government, with view to
ascertain the steps already taken by
them in regard to its negotiation, and
made them such suggestions as seemed
expedient to place the subject in
favorable light before the European
public. With the same view he called
upon our ambassadors, Ministers, Con-
suls, and commercial agents, and upon
many bankers and financial men in the
countries named. Through this inter-
course with all kinds of persons who
were well informed upon such subjects,
he learned that the time for placing
our new loan in European markets was
an unfavorable one for its success. 1t
was too late, and too soon. Had Con-
gress given the Secretary authority to
negotiate this loan before the breaking
out of the late war between France and
Germany, it would have been all taken
at once at that time; but later, the
bonds of several other governments
were in these markets, and were offered
at rates much more favorable to the
purchaser than those authorized by
Congress for the negotiation of our
loan. An almost insuperable difficulty
III the wny of the negotiation of our loan
was the low rate of commissions.
1t is, however a source of qualification
that by the Secretary's own act, and
Judge Richardson's adroit management,
all obstacles were removed, and the
loan was disposed of at day much
looked over the whole ground-had
supposed possible. 1t is, therefore, not
to be wondered at that even our friends
at home should have disbelieved in
what is now known to be an accom-
plished fact. The enemies Of the Gov
ernment, he says, are not even now
satisfied and would perhaps be equally
| dissatisfied whether the loan was or was
not taken. The cavilers are now silenced
! by the fact known to all we'll informed
persons, that all the five per cen. stocks
offered by the Secretary have been
| taken, and that the Government has
now none for sale.
Many of our people, he says, object
to making the interest on our loans
| payable in q foreign country, alleging
as u reason that it lowers the dignity Of
our money transactions. If there is
any loss of dignity it occurs at the bor-
rowing of the money, and not with the
payment of the interest thereon.
The delays of banks in making their
semi-annual returns and in the pay
ment of the duty referred to in his last
annual report, have increased during
| the last fiscal year. Most of the ma
tional banks pay the tax due from them
promptly within the time specified by
law, and treat this requirement as they
do other obligations against their re-
spective institutions. But there are
other banks that have been careless if
not wilfully and habitually negligent in
making their returns and paying the
ouly uuc llolll W lllt bOVtfH-
ment. For the protection of the Treas
ury against the growing evil he respect
| fully renews the recommendations of
his last annual report that percentage
upon such duty be added to it for every
ten days delay in payment, after the
expiration of the one months time now
allowed by law. Legal enactments,
giving authority to his office to add one
per cent to the duty due from banks,
for every ten days delay after the time
fixed by law for its payment, would
seem to be the most effective measure
to insure prompt payments of the duty.
Gen. Spinner concludes his report as
follows: Without the least intention
or desire to throw blame upon any other
officer, it is due to the officers of the
Treasury that the emphatic declaration
should be made that for the defalcation
of an officer belonging to another de-
| partment of the Government, neither
this office, nor any one employed in it,
is in any way responsible, as will be
clearly made to appear should legal
investigation o. the whole matter
(Which is desired on my part) ever be
made. The fiscal year has ended with
out the loss of a single cent to the
Treasury by the act or by the negligence
of an employe in this office. For this
and for other escapes from loss l hope
that am truly thankful and grateful
to that power that has now again, as in
the past, shielded me from personal
harm and the nation from consequent
pecuniary loss"
The appendix shows the books of the
office were closed June 30 last, after the
entry of all monies received and dis
bursed on authorized warrants within
the fiscal year, as follows
| Balance in Treasury from
| last year: r:............"...;:...; $i9502 Al 60
Received. formerly credited
as available. .:..............". ~ 1896. 10
| Received from Loans. S420,0206 626 90
| Received from Customs. 2O6, ,270 4G305
| From Internal Revenue..... 1896 1888
| From Lands. 2,3SS. .6466 63
| From War................-..... % ,s37 ,0920i
| From the NaVy................. 3,2O3,6fSi2
| From the lnterior............. Sl4,61S9l
| From miscellaneous 80. l65, ,226S9
Total receipts for the
| fiscal year. $S3l. 1913 3Sl. 50