The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1872-07-10
Los. in collecting q. ..v.-...

WASHINGTON, June 57.-An Amer.
lean gentleman about b visit Europe
has written to the Treasury Depart.
mcnt, making inquiry az to the amount
of losses in the collection Of the In.
ternal and Customs Revenue, the
losses sustained by depasitors in Ma.
tional Banks, and the amount of pub
lie money lost through defaulting Of.
iicials. A report on the subject is EN-.
bodied in the following letter of June
%, from Acting Secretary Richard
son, addressed to the gentleman max
ing the inquiries: T..
In reply TO your lettprd have the
honor herewith TO inclOse statements
relative to dcfalcations and losses in
the Bureau of Internal Revenue, OF
the Customs, and of the Treasury,
and also relative to losses of deposi.
tors in the National Banks. From
the accompanying statement of the
Commissioner of Internal Revenue,
comparing the total receipts of his
Office for the three years from March
,, 1869, to March 3, 1872, with the
proportion of the receipts that have
not yet been paid into the Treasury,
As per schedule incloscd, it appears
that the cash balances outstanding
against the late Collectors of Inter-
nal Revenue, during that period,
amount to somewhat less than one
tenth of one per cent Of the amount
paid into the Treasury. Of that
amount it is estimated that not less
! than four-iifths will eventually be
paid, either by the parties themselves
or by their sureties, reducing the ul-
innate loss to the Government during
the period mentioned to less than the
one-fftieth of one per cent of the
amount collected, or less than 81 in
$4,000
According to the accompanying state
ment of the Commissioner of Gus
toms, showing the amount of money
collected from customs for a period of
two years and thrce-fourths of year,
from the lst Of April, 1869, to the
3lst of December, 1871, compared
with the balances of outstanding Off
GERS engaged in the collection of Gus
toms during the period mentioned,
the latter is about the one fifty fifth
part of one per cent Of the Former
The estimated ultimate loss to the
Government is $4,000 out Of $685.
600, 1000 of collections, or the enc hum
dreth part of one per cent, being
somewhat less than So in 500, 900.
The Controller of the Currency
furnishes a schedule of all the Ma
tional Banks that have failed during
the three years, from June !, 1863, to
June |, 1879, with their capital, the
amount Of claims proved and the div
idends paid on the claims frSm which
it appears that the estimated aJ J<raGe
annual losses Of these ye@es Eore
from $2r,700 to $4,000, of which
the mean Is $50, 900. On the basis
of the constant average amounts of
deposits of S575, 100000 it is found
that the ratio of estimated loss to
creditors through the insolvency of
National Banks has been from nearly
3S parts in Sl,0OO,OO0 to 20 parts in
$1,000, 900 of the constant deposits,
the mean being nearly 81 parts in
81 100000, or the l-lS6th part of
per cent of such deposits, equivalent
to So 37iR in 100000
There is also inclosed statement
furnished by the United States Treas
urer, showing the total amount of
money entries as they appear on the
books Of the Treasury of the United
States at Washington, covering a pc
riod of IL. years from the Both of
June, 1861, to the 9th of January,
1872, to be somewhat over $50, ,OO0.-
100000 (s55. l04, ,232, 2S3), and that
the loss during these III years was
slightly in excess of $4,000 $50
O57), the loss being less than one
ten-thousandth part of one per cent,
or less than 81 in 81 ,OOO, 900 of money