The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1877-11-29
United States Treasurer's Report.

The Treasurer of the United States, in his
annual report of the operation of the Treas
ury during the last fiscal year, makes the
following exhibit regarding receipts and ex-
penditures, as compared with the fiscal year
ended June 80, '76: That ending June 80, III,
shows decrease in net revenues amounting
to SIS, ,4S1, ,452, and decrease in net expend-
itures of $19, ,7sS; net revenues for the
fiscal year, $269, ,0O0, $50; net expenditures,
$23S, 500, ,00S, making an increase of funds
amounting to $50, ,340,577. 1t is observed
that while the revenue from customs, lands,
and miscellaneous sources has decreased
year after year, since 1873, the revenue de-
rived from internal revenue, SO called, has
increased the receipts from that source, in
1874 having been $162 ,409, ,784, and in the
fiscal year 1877, $11S,63O, ,407. The total
amount of available moneys carried in bal
anees of accounts in the Treasurer's office
was as follows: June 80, 1876, $29, 1896, $50;
June 80, III, $29, ,620,883. The theory of
public accounts is that the Treasurer Of the
United States shall be charged upon war
rant of the Secretary with all the moneys
received into the Treasury, and for which,
whenever received, he is held account
able, until the same are properly dis
bursed under some appropriation made pur-
suant to law. 1t has, however, occurred
that since 1886, the sum of $29, ,625 1888, over
and above the amount of public money
which has been properly accounted for, has
by reason of deposit of surplus revenue with
twenty-six States of the Union by deficit, by
default by theft in various places, and by
failure of depository banks gone from the
custody of the Treasurer which sums he can
not, from the nature of the case, account for,
and thereby obtain credit therefor on the
books of the department., and for con-
venience of the operations of the department
this amount is carried in accounts as un-
available. The Treasurer thinks there
should be legislation authorizing the OPEN
90 .a&s Al
books of the department, in which, under
the head of unavailable" the Treasurer
may receive credit for sums now and here
after from time to time becoming unavail-
able, and that any person, bank or State,
properly chargeable, may be debited with
the various items by warrant upon account,
the Treasury. Although the monthly
debt statement of the department was
never intended to show the condition of
the Treasury, and amount and kinds
of funds on hand, yet many deductions
are sought to be made from time to time, as
if that publication gave 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 currency balance and the general
coin balance. The currency balance as it
appears in the monthly statement, under
the item cash in treasury, currency" is
be left in the Treasury after the payment of
all currency demands in full, and 80 also of
item " cash in Treasury, coin." There is in
addition the amounts held for redemption
of Clearing House certificates and coin
certificates, of which the amounts outstand-
ing are noted in the statement, besides
which, not mentioned, there are funds to the
credit of the disbursing officers, for redemp-
ton of notes of national banks failed, in liqui-
dation, and reducing circulation, to meet out
standing checks and drafts for the benefit of
creditors of national banks, the balance of
the five per cent fund. and others.
A comparative statement is given show
ing in detail, both in coin and currency, the
liabilities and assets of the Treasury on
September 80, 1876 and 1877. These aggre-
gate as follows: Coin, September 80, 1876,
$67, $50, ,705; September 80, 1877, $685.
o72; currency, September 80, 1875, $780,
437 ,766; September 80, 1877, $11009 ,O39.
Regarding the long mooted question
whether legal tender notes deposited for re-
demption of circulation of failed, reducing
and Iiquidating banks, are held as separ-
ate fund, it may be said that there is pro-
| vision of law which requires that such
| notes should be SO held, and as a 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
vaults of the Treasury, a sufficient amount
| of United States notes to redeem all such
| bank notes if presented simultaneously for
! redemption, but they are not always in the
vaults of this Office where redemption is
required to be made. ... j.,
A recapitulation of silver payments made
| in pursuance of the act of April IL, 1876, in
Guiding payments from April IS, 1876, until
| and including October, 1877, shows an ag-
| gregate of $23, loo, ,162 of silver issued for
| fractional currency redeemed and destroyed,
and S13, ,464, 500 of silver issued in lieu of, or
in exchange for currency, making a total of
| $36, ,620, ,732. Upon official estimate of S.
OS3, ,573, fractional currency lost in circula-
| ton, there may be still issued before the
| limit of $4,000, 900 is reached; SIC, ,259 ,061
in exchange for fractional, and $3,11O,206
| for currency obligation.
There was decrease of $27 sos, los in re-
turned legal tender notes during the year,
| besides which there was a reduction in the
| volume of United States paper money very
marked, leaving outstanding all circulating
paper issues of the government Mt $3.50, ,627, ;
976 at the close of the fiscal year, being less
| than at any time since 1862. The volume of
| legal tender notes and of fractional cur
rency is also less than at any time since
1862. There was presented during the year
for redemption counterfeit national bank
notes amounting to $14, ,563, including de-
nominations from 500 down to $40; also
counterfeit legal tender notes and fractional
currency to the extent of $40 ,661, including
all denominations of legal tender notes, but
more of the denomination of $50 than any
other. The national banks have paid duty
amounting to $75, 0S7 during thirteen
calendar years from 1864 to 1877.