The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-11-19
THE NATIONAL FINANCES.
Annual Report Of Treasurer New.

Mr.. New has completed his first report
as treasurer, and it is brimful of facts and
suggestions, such as might be expected
from practical banker. Among other
things, he thinks the treasurer ought not to
be held responsible for the moneys which
are lost, stolen or become unavailable, but
that record of the facts should be made
in such cases, aud the creditor charged
with the amount Again, he recommends
that disbursng officers should be required
to make weekly reports of their checks
and balances; over $250,000,OOO are an
nually expended through disbursing Of
ficers. Another difficulty which needs to
be remedied is the method of paying men,
bers OF Congress. At present, the speaker
or clerk makes out the certificates, with
out Endorsement, and the treasurer, who
has nothing to do with making them out, is
held responsible for any mistakes they
make. Mr.. New wants the system chang
ed, 80 that some officer of the House shall
draw the money and be accountable for its
Endorsement.
Mr.. New calls also calls attention to
needed changes in the law relative to the
national bank of redemption agency, If it
is to be continued During the year the
agency redeemed, assorted and accounted
for II, 1862, $40 notes OF the aggregate value
of $160, 1929, 945, the expenses having been
$500, 965,37, which have been assessed up
on the banks. 1t has been hitherto esti-
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 to pay the cost of the trans
portation of its notes to Washington, to-
gether with all other expenses, direct or
incidental, attending the redemption of the
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 deposited
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 matter
of fact, these notes, or nearly all of them,
are presented to the treasury through this
agency; and as these banks have no 8 per
cent fund, to which to 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 de-
post in the treasury on the 30th of June,
1875, $1S, 1903, 667.05 in legal tender notes
for the purpose of taking up the circula-
ton of such banks, the government getting
the benefit of this deposit without interest
or expense, and yet, under the law, the ex-
pense of relieving such circulation is taxed
to the remaining banks, who have had no
benefit theretrom. This is manifestly un-
just, as the profits of this banking system
are diminishing because of increasing tax
4 g.: lo,x
Der of banks Withdrawing their circulation
is rapidly increasing, and to the same de-
gree the proportion of this unjust levy up
on the remaining banks will increase. Since
the passage of the national bank act there
has been paid to the government, without
cost or expense to the national government
by the bank taxes, as follows: On circula-
ton, 1920, 900, SALAD; on deposits, 1929, 327,-
GAG 10; on capital, $500, 1881. so; making
SOL, 1856, 469.46. The original intent of
Congress in imposing this tax upon circu-
lation was evidently to cover the expense
of the same and If from the next return
of semi-annual duty upon their circulation,
the banks be allowed to deduct the amount
of the late assessment, and thereafter as
assessments may be made, like deductions
be allowed the matter will, Mr.. New thinks
be satisfactory to the banks, and just to the
government. 1t is the public, not the bank
that is benefited by the renovation or re-
demptioh of the currency. The rate per
cent on the amount redeemed for each bank
will be less in the future. Mr.. New REQ
ommends that the bureau be made a separ
ate branch Of the treasury department, I'M
der a responsible superintendent.
In the arithmetic part of the report it is
shown by comparative statement Of re-
ceipts and expenditures that while there
was an increase of 1851, 70S.GS in inter
nal revenue receipts for the fiscal year oyer
those of 1874, there was decrease IN re-
ceipts from customs of $5,93G, 11l.34, from
lands of $438, 1876, and from miscellsn-
eous sources of $2,70l, 5l3,54, making a
total net decrease of revenue for the fiscal
year 1875, as compared with 1874, of $478,-
704. The total net decrease in expendi-
lures for the same period is IL, 415, 407. 81,
composed of the following items, viz. On
account of interest on public debt, $4,026,-
2S0.64; on account of war department,
SI,l93,281.24, on account of navy depart
ment, SO, 1884, 961.15. The total net dc.
crease is SI4 ,654, 513 but there are increas-
cd expenditures on account of the interior
department of 81, 100, 5000; and civil and
miscellaneous Of 81, 429, l09.37, being a
net difference of 5000, 1872. Al in favor of
the year 1885 over that of 1874, in the mat
ter of ranaints and axDenditureg together.