The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1877-11-30

0xuIU1k Itkdfuluk IcCtlDtb uh0 pAKShoA<A o"f
as compared with the fiscal year ended June 80,
1876 That ending June 80, 1877, shows do
crease In the net revenues amounting TO U.s.
481, 452 and a decrease in the net expenditures
Of $19,79978 net revenues for the hscal
year, $269OOO, 5S6; net expenditures, Sz3o,-
660, COS ; making an increase Of funds amount
ing 10 $50, 340.577.
II Is observed that, while the revenue from
customs, lands and miscellaneous sources has
decreased year after year. since 1878 the reve.
nue. derived from internal revenue, so-caled,
has increased, the receipts from that source
in 1874 having been slC2, 4o9 1884, and In the
fiscal year 1877, S118,63O 4O7. The total
amount of unavailable moneys carried in bal
ances OF accounts in the Treasures offices was
as follows: June 80, 1876 $29 S99, $40 June
30, 1877, $29, 620. 1888.
The theory Of public accounts is that the
Treasurer Of the United States shall be charged
upon the warrant of the Secretary with all
moneys received into the treasury, and for
which whenever received he is held account
able until the same are properly disbursed UNI
der some appropriation made pursuant to law
Ii has, however, occurred that since 1886 the
sum of 1923, 625, 1888 over and above the amount
or public money which has been properly ac-
counted for has by reason of the deposit Of the
surplus revenue with twenty-six States Of the
Union, by deficit, by default, by theft in vari-
Gus places, and by failure in depository banks,
gone from the custody of the Treasurer, which
~ cdnuOt, from the nature Vi Tue
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 is carried in accounts
AZ unavailable.
The Treasurer thinks their should be legisla-
tion authorizing the opening Of an ap1ropria-
ton account upon the books of the department
III which, under the head of unavoidable"
the Treasurer may receive credit for sums now
and hereafter from time to time becoming I'M
available, and that the person, bank or State
properly chargeable may be debted with various
items by warrant upon the 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 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 currency,
balance and the general coin balance. The cur
rency balance, AZ 1t appears i'll the monthly
statement under the Item leash 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, AMI
also OF the item leash in treasury, COIN"
There ID, in addition, the amounts held for the
redemption OF clearinghouse certificates and
coin certificates, Of which the amounts out
rbdhulilb diC nObcu III TIC bldlcultHl
which, not mentioned, there are funds to the
credit of the disbursing officers for the re-
demption Of the 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 ba.ance
of the per cent. fund and others.
A comparative statement IL given showing in
detail both In coin and currency both the la
bilities and assets Of the treasury on Sept. 80
1876 and 1877. These aggregate "a follows
Coin, Sept. 80 1876 SCI, $50, 705; Sept 30. 1877,
1913, 5S5, 072; currencv Sept. 80, 1876 $780,
437, 766; Sept. 80, 1877, S110096 O39.
Regarding the long-mooted question whether
the legal-tender notes deposited for the re-
demption of the circulation of failed, reducing
and liquidatipg banks are held az a separate
fund, it may be said that there is no provision
of law which requires that such notes should
so be held, and as q 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 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 this Office, where the
redemption is required TO be made.
A reorganization OF, the silver payments made
in pursuance of the act of April II, 1876, in
Guiding the payments from April Is, 1876, UNI
til and including October, 1877, shows an
aggregate of 500, 156, l62 of silver issued for
CURRENCY reuttulcu ucntIOycus
and S13, AGA, 500 Of silver issued in lieu of or in
exchange for currency, making a total of 1885,
600, 1872. Upon an official estimate of $685.
573 fractional currency lost in circulation there
may be still issued before the limit of the
$4,000, 900 is reached SIC, 26S, 061 in exchange
for fractional and SO, 110, 206 for currency obi
cations.
There was decrease of $27, 500, 10S in the
retirement Of legal-tender notes during the
year. besides which there was q reduction in
volume of the United States paper money very
marked, leaving the outstanding circulating
paper issues of the Government at $3.50, 627,-
$40 at the close of the fiscal year, being less
than at any time since 1862. The volume OF
legal-tender notes and of fractional currency is
also less than at any time since 1862.
There were presented during the year for
redemption counterfeits of national-bank notes
amounting to S14,563, including denomina-
tons from 800 down to 50; also counterfeit
legal-tender notes and fractional currency to
the extent of S19,661. including all denomina-
tons of legal TENDER but more If the denomi-
nation Of $40 than any other.
The national banks have paid duty amount
ing to s75, 762, 087 during the thirteen calendar
years from 1864 to 1877.