The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1877-12-13
ANNUAL REPORTS.
TREASURY EXHIBIT.
ABSTRACT OF THE REfonT CT ThfAsubEh


ABSTRACT OF THE REronT OF TnrAsunEn
WYMAN.
The Treasurer of the United States, in his
annual report of the operations by the Treas
ury during the last fiscal year, makes the fol-
lowing exhibit regarding the receipts and e1-
penditures, IS compared with the fiscal year
ending June 80, 1876. That ending June ~,
1877. shows decrease in net revenues amount
ing to S19 481, 452, and decrease in net expeiid-
itures of 49, 799, 788. The net revenues for
the fiscal year were S269, 600, $50 net expendi-
lures, $23S, 660, 00S-naking an increase OF
funds amounting to $50, $40, SIT. 1t is observed
that, while the revenue from customs, lands
and miscellaneous sources has decreased year
after year since 1873, the revenue derived from
internal revenue, so-called, has increased. the
receipts from that source in 1874 having been
S1O2 400, 7s4, and in the fiscal year of 1877,
9118, $3.50, 407.
The total amount of unavailable moneys y
carried in balances of accounts in the Treas
mer's offices WAS as follows: June, 80, 1876,
S29, S99, $40; June 80, 1877, S29, $40, 1873. The
theory of public accounts is that the Treas
urer of the United States shall be charged, up
on a warrant of the Secretary. with all moneys
received into the treasury, and for which,
whenever received, he is held accountable I'M
til the same are properly dlsbursed under some
appropriation made pursuant to law. 1t has
however occurred that since 1886. the sum of
$29. 625. 833 over and above the amount of pub
lie money which has been properly accounted
for has, by reason of a deposit of surplus rev.
enue with twenty-siX States of the Union. by
deficit. by default, by theft in various places,
and By failure In depository banks, gone from
the custody of the Treasurer, which it seems
ne cannot, from the nature of the case, &C
count for, and thereby obtain credit therefor
on the books of the department, and for the
the convenience of the operations of the de-
partment, this amount is carried In the &C
counts unavailable. The Treasurer thinks
there should be legislation authorizing the
opening of appropriation account upon
the books of the department In which, under
the head of g unavailable, the Treasurer may
receive credit for the sums now and hereafter
from time to time becoming unavailable, and
that the person, bank, State properly
chargeable may be debited with the various
items by warrant upon their account stated by
the proper accounting officers of the treasury.
Although the monthly debt statement of the
department was never intended to show the
condition of the treasury and the amount and
kinds of funds on hand, yet many deductions
are sought to be made from time to time, as If
that publication gave the liabilities and assets,
and not merely the condition of the debt. The
only items of cash in the treasury which the
debt statement include are the general cur
rency balance and the general coin balance.
The currency balance, as it appears in the
monthly statement under the term "cash in
treasury, currency is simply the amount OF
currency that would be left in the treasury after
the payment of all currency demands in full,
and also of the item ''cash in treasury, coin"
There is, in addition, the amounts held for the
redemption of Clearing House certificates, of
which the amounts outstanding are noted in
the statement beside which, not mentioned
there are funds to the credit of the disbursne
officers for redemption of notes of national
banks failed, in liquidation and reducing cir
culation, to meet outstanding checks and drafts
for the benefit of the creditors of national
banks, the balance of the percent fund, and
others. A comparative statement is given
showing in detail. both in coin and currency,
the liabilities and assets of the treasury on
Sept. 3d. 1876 and 1877. These aggregates are
as follows: Coin, Sept. 80, 1875, $67, $50, sos :;
Sept. 80, 1877, Sl33, $685. 072. Currency, Sept
80, 1876, 800, 437, 1865; Sept. so, 1877, $110,-
O96, 039.
Regarding the long mooted question whether
legal-tender notes deposited for redemption of
the circulation of failed, reducing and liquidat-
ing banks are held as a separate fund, 1t may
be said that there is no provision of law which
requires that such notes should be SO held, and,
as fact they have never been held set apart
and distinct from other funds in the treasury.
There Is, without doubt, in the various offices
and various vaults of the treasury sufficient
amount of United States notes to redeem all
such banks notes if presented simultaneously
for redemption. but they are not always in the
vaults of the Office where redemption is required
to be made.
recapitulation of the silver payments made
in pursuance of the act of April II, 1876, in
Guiding payments from April 10, 1876, until and
including October, 1877, shows ali aggregate of
$50, 1885, 1852 of silver issued for fractional cur
rency redeemed and destroyed, and $13, AGA, 500
of silver issued in lieu of or in exchange for
currency, making total of $50, go, 1872. Upon
official estimate of 90, 0S3 573 fractional cur
rency lost in circulation, there may be still is
sued, before the limit of $50, 000 900 is reached
$10,2690 61 in exchange for fractional and
So, Ito, 206 for currency obligations.