The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1877-12-06
United States Treasurcr's Report.

WASHINGTON, Nov. n.
The Treasurer Of the United States, in his
annual report Of the operations Of the Treas
ury during the last fiscal year, makes the fol-
pendifures, as compared with the fiscal year
ending June 30, 1876. That ending June 50.
1877, shows decrease In net revenues amount
ing to S1S,4S1 49,, and decrease in net expcndi-
lures Of $l9, T9, 7SS: The net revenues for the
fiscal year were &369, OOO, $50; net expenditures,
e2SS, 660, O06-maling an increase of funds
amounting to $50, $40, So. 1t is observed that
while the revenue from customs, lands and
miscellaneous sources has decreased year after
year since 1873, the revenue derived from in
ternal revenue, so-called, has increased, the re-
ceipts from that source in 1874 having been
e16s, 400, 7S4, and in the fiscal year Of 1877,
The total amount of unavailable moneys"
carried in balances of accounts in the Treasu
$29, 500 $50; June 80, 1877, $29,62O,S S3 The
theory of public accounts IL that the Treasu-
rer of the United States shall be charged upon
. warrant Of the Secretary, with all the mon
eys received into the Treasury, and for which,
BILE until the same are properly dis
bursed under some appropriation made
pursuant to law. 1t has, however, occurred
that, since 1886, the sum Of $29,625, SS
over and above the amount of public
money which has been properly ACCOUNT
plus revenue with twenty-six States Of
the Union, by deficit, by default, by theft,
in various places, and by failure in de-
pository banks, gone from the custody
Of the Treasurer, which 1t seems he cannot,
from the nature of the case, account for, and
thereby obtain credit therefor on the books Of
the Department, and, for the convenience Of
the operations Of the Department, this amount
IL carried in the accounts as unavailable. The
Treasurer thinks there should be legislation
account" upon the books of the Department
in which, under the head of unavailable" the
Treasurer may receive credit for the sums now
and hereafter from time to time becoming un-
available. and that the person, bank, or State
properly chargeable may be debited with the
various items by warrant upon the account
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 il
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
rency demands in full, and also of the
item, "cash in Treasury, coin." There
is, in addition, the amounts held tor the re-
demption of Clearing House certificates and
coin certificates, of which the amounts out
standing are noted in the statement, beside
credit of the disbursing officers for redemp-
ton Of notes of National Banks failed, in
liquidation and reducing circulation, to meet
outstanding checks and drafts for the benefit
of the creditors of National Banks, the balance
OF the per cent. fund, and others. A COM
pafativc statement is given showing in detail,
both in coin and currency, the liabilities and
assets OF the Treasury Cd Sept 30, 1876 and
1871. These aggregates are as follows: Coin,
Sept. 30 1876, 81, 1856, 5O5; Sept. 30, 1871,
SlssSS5,oG Currency, Sept: 80, 1876, $780,
437, 766; Sept 30, 1877, $1l0, O96,O39.
Regarding the long mootcl question whether
legal-tender notes deposited for redemption Of
the circulation of failed, reducing and liquidat-
ing banks are held as a separate fund, it may
be said that there is no provision of law which
requires that such notes should so be held,
aud, 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 various vaults of the Treas
ury 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.
A rccapitulation of the silver payments made
In pursuance of the act of April II, 1876, in-
GLIDING payments from April Is, 1876, until
and including October, 1877, shows an aggre-
gate of $23, Isl, 162 of silver issued for frac-
tional currency redeemed and destroyed, and
&l3 AGA 500 of silver issued in lieu of or in cx-
change for currency, making total Of $780,
GO, 49, Upon official estimate of s., OS3, 573
fractional currency lost in circulation there
may be still issued. before the limit of $50 600,
OOO is reached, :1O.2G9.O6l in exchange for
fractional and s., ITO, 2O6 for currency obliga-
tiOns.
There was decrease of $27. 500, los in the re.
tircment OF legal tender notes during the year,
besides which there was a reduction in the vol
ume of United States papcrmone very marked,
leaving the outstanding circulating paper is
sues of the Government at $3.50, 1927 ,916 at the
close of the fiscal year, being less than at any
time since 1862. The volume of lcgaltcnder
notes and of fractional currency is also less
than at any time since 1862. There were pre-
sentcd during the year for redemption cOun-
terfeits of National Bank notes amounting to
s14, 563, including denominations from 800
down to 81; also counterfeit legal-tcnder notes
and fractional currency to the extent of $19,-
661, including all the denominations of legal
tender notes but more Of the denomination Of
$50 than any other. The National Banks have
paid duty amounting to S75, ,OS7 during
| trio oo1o To