Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-04-13
CONDITION OF THE FEDERAL
TREAEURV


Much interest attaches to the COM
ing count Of the contents Of the Treas
ury on the retirement of Treasurer
Spinner. The few counts made during
his long administration have been for
nal rather than full, the subordinates
counting by weight, or average, orpack-
ages presumed to contain round hun
dreds and thousands some outside bank
er or prominent citizen being invited to
witness the operation. Now, with q
change Of Treasurer, Mr.. New is per-
sonally interested in a rigidIy accurate
count, and Will superintend it, for his
own satisfaction and the safety # his
sureties. Practically it may be consid-
cred the first thorough o~verhaulIng of
his Office since the Inauguration of the
present financial system, and whatever
be the result, it can hardly be conceal
ed, as the new Treasurer is not likely
to assume responsibility for n~on-exist-
ing assets.
There have been small ~defaleations
under Spinner's administration, but he
Is believed to have promptly reported
them as o as discovered, and Con-
gress has more tL.an once indemniied
him against losses from robberies Ey
his chosen clerks. Semi-occasionally
Wall street has been convulsed by a
reported deficit in this bureau Of a very
large sum, the amount being generally
given as ten million dollars. Themere
fact, however, that Spinner was al
lowed to resign, involving a thorough
~overhauling of the cash, indicates that
the Administration is pretty sure that
no ground exists for the Wall street
rumor. As to the general condition Of
the Treasury Department, outside of
Spinner's Office, the Near York San of
the 10th says;
There is grave cause for anxiety IN
regard to the various issues Of the
United States and Treasury notes, as
well as the conflicting statements con-
corning the public debt, which have
never been satisfactorily explained.
Mr.. Boutwell, and Mr.. Richardson at
tempted to reconcile these serious con
tradlctiOns, by seeking refuge behind a
peculiar method Of bookkeeping, ap-
parently invented to confuse the public
mind and to hide transactions which
would not bear scrutiny. 1t is well
known that the forgeries Of bonds have
been extensive and successful Toe
what extent the Treasury may have
suffered by these fraudulent issues re-
mains 10 be revealed. Whether the
officials themselves have precise know.
edge is doubtful, but they cannot be
wholly ignorant. Silence has been the
policy pursued by the department, un-
der the pretext that speech would in
jure toe public credit.
Of course there must come a daY Of
settlement for all these things, when
the whole truth viii be told, no matter
whom 1t may hurt. That balances
nave DCGA lDECGQ al JQC treasury; E0aJ
the books exhibit the marks Of manip-
u~lation; that imm~ensefrauds have been
perpetrated; that interest is now paid
on forged bonds; and that large sums
Of money have been stolen, is and long
has been an open secret. And it may
abe doubted, with all the power of the
mex House Of Representatives to in
vestigate, whether the actual condition
Of the Treasury, in its various branches
and vast operations, can be developed
at the next session Of Congress, with
the utmost energy and disposition to
push such an inqGiry to the fullest ex-
tent practicable.
Possession Of the department itself,
with access to every Office, and willing
hands to aid the work, seems 70 be In
dispensable to success Experts Of the
highest character, too, viii be needed,
so that the system shall be explored by
which the cOncealing process has been
carried on, as well as the frauds COM
mitted under It. Whenever this is
done fully and honestly, the public
may prepare for a genuine sensation.
H-T . CT