Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1875-12-03
DEP1 RTlfENT REPOR rs.


Mr. New has completed his first report
as treasurer and 1t is brimful OF facts and
suggestions, such as might be expected
from practical banker. Among other
things, lie thinks the treasurer ought not
lost, stolen or become unavailable, but that
a record of the facts should be made in
| such cases, and the creditor charged with
the amount. Again, he recommends that
d sbursing officers should he required 10
make weekly report of their checks and
balances over 100000 are annually
expended through dsbursing officers.
Another difficulty which needs TO be rem
edied is the method of paying members OF
Congress. AT present, the speak err or clerk
makes out the certificates, without indorse-
ment, and the treasurer, who has nothing
| to do with making them out, is held re-
| sponsible for any mistakes they make.
| Mr.. New wants the system changed, so
that some officer of the House shall draw
the money and be accountable for its In
dorsement.
Mr.. New also calls attention TO needed
changes in the law relative 10 the national
pahh VI iSNNbINiOh dBChNJs u IL 10 W w
continued. During the year the agency
redeemed, assorted and accounted for II,
S62, $40 notes of the aggregate value of S16O,
3S2, 945, the expenses having been assessed
upon the banks. II has been hitherto esli-
mated that bank has fully discharged its
promise and obligation when it has re-
deemed the same in lawful money at its
own counter or other designated place OF
redemption under this law. The bank is
also required 10 pay the cost of the trans
portatlon of its notes 10 Washington, to-
gether with all other expenses, direct or
incidental, attending the redemption o. tie
same, and for the return of the notes to the
residence of the holder. For the notes of
III banks which have failed or gone into
voluntary liquidation prior to the 18th OF
June last, and also of the same number OF
other banks that are retiring all or part OF
their circulation, there have been deposit
ed in the treasury legal tender notes to the
amount of circulation outstanding or to be
retired. Such circulation is by law re-
deemable by the treasury yet as a matter
of fact, these notes, or nearly all of them,
are presented TO the treasury through this
agency; and as these banks have no per
cent fund, to which 10 charge their pro rata
share Of the expenses, the same can only
be apportioned and assessed upon the
banks still in full operation. There was
on deposit in the treasury on the SOlh OF
June, 1875, SIS, 2O3, 667.O5 in legal tender
notes for the purpose of taking up the cir
culation of such banks, the government
getting the benefit of this deposit without
interest or expense and yet, under the
law, the expense of relieving such circula-
ton is taxed to the remaining banks, who
have had no benefit therefrom. This is
manifestly unjust, as the profits of this
banking system are diminishing because
| of increasing taxation and unfriendly leg
islation. The number of banks withdraw
ing their circulation Is rapidly inci easing,
and TO the Same degree the proportion OF
this unjust levy upon the remaining banks
will increase.
In the arithmetic part of the report 1t is
| shown by comparative statement of re-
/ ceipts and expenditures that while there
was an increase of 1857, 7OS.6s in internal
revenue receipts for the fiscal year over
those of 1874, there was decrease in re-
ceipts from customs of $3.50, 11l.34, from
lands of s43S, 7sS. 20, and from miscelane-
Gus sources of s2,7Ol, 51S.5l, making total
net decrease of revenue for the fiscal year
1875, as compared with 1874, OF S47s, 7O4.
The total net decrease in expenditures for
the same period is S1l, AIS, 4O7.37, composed
of the following items, viz: On account
of interest Oh public debt. S4,026, 2s0.64
on account Of war department, 81, 1919, 2s1.24 ;
on account navy department, s9,634, 96l.-
Is. Tho total net decrease is Sl4,654, 5l3,
but there are liner eased expenditures on
account of the interior department of 80, 100,
996.29; and civil and miscellaneous of 81,
429, 1O9.37, being net difference of S0,6S6,
1924 in favor of the year 1875 over thai Of
1874, in the matter of receipts and expend-
lures together.