The New York herald., 1877-11-20
THE TREAsURER's REPORT

MISUNDERSTANDING AND PAyMxx1
OF INTEREST
wAsHsGroy. Nov. 10, 1871.
The Treasurer OF the United states in his annual
report OF the operation OF tho Treasury during the
last fiscal year makes tho following exhibit regarding
receipts and expenditures compared with the fiscal
year which ended June 30 1876
That ending on June 80, 1877, shows q decrease in
net revenues amounting TO SIS, ,452 81 and
a decrease 10 net expenditures amounting TO
$19, T99. 7SS 40
The net revenues for the fiscal year
were.- S269 000. $50 90
The net expenditures. 23s, $50, 00s %
Making nm increase OF funds amounting
S30340 577 90
/, IS observed that while the revenue from customs
lands ana miscellaneous sources has decreased year
after year since 1873 revenue derived from inter-
nal revenue, SO called, mas Increased, tho reccipta
from that source 1874 having been slo2 4O9 s4 90
and In the fiscal year 1917 Sis, $50 407 ST. ~
The total amount OF unavailable moneys carried In
the balances OF The accounts in the Trcasurer's occs
as lollows:--
June 80, S29. 500 $50 20
June 3o' 1871. sss ss
The theory OF the pubic accounts is that the Treas
urer OF tho United States shall be charged the
warrant OF the Secretary with all moneys received
into the Treasury, and Tor which, whenever received
he Is held accountable until tho same properly
to law. II has, however, occurred that sincc 1885,
the sum OF $50 625 S33 So the above amount Of
pubic money which has been properly accounted for,
has, by reason OF deposit OF surplus revenue with
twcntysix states OF the Union, by deficit by default
by THEFT various places anu failure oil depository
banks, gone from the custody OF the Treasurer, which
sums nc cannot from the nature OF the case, account
Tor and thereby obtain credit therefor on the books
Of tho department. and Tor c0nvonience in tho op.
eraons OF the department. this amount IS carried
IN the accounts as unavailable. Tho Treasurer thinks
there should be legislation authorizing the opening OF
an appropriation account The books OF tho DEPART
mcnt, IN which, under tho head OF "Unavaablc."
the treasurer may receive credit for the sums now
ana hereafter IRON time TO inc becom ms unavailable;
and taat the person. bank or State properly CHARGE
able may be debited with the items by war.
account.
ing officers OF the Treasury.
THE MONTHLY DEBT STATEMENT
Although the monthly debt statement OF the dc.
parment was never intended to show the condition
the Treasury and tho amount and kind or fu nds on
hand. yet many deductions are sought to be made
from tme TO time, AS II that publication gave liabi.
ccb Tho only items Of cash In the Treasury which
tho debt statement includes tho gen.
In tho monthly statement under tho item
cash IN the treasury, CUR currency" is simply the
alter the payment OF all the currency demands in iu
and SO also OF tho item, cash in the Treasury, coin
Thorc Is addition tho amounts held tor REDEEM plon
Of Clearing House certificates and com certificates
OF which tho amounts outstanding are nood
In the statement Besides which, not mentioned.
there funds 10 the credit OF disbursng
officers, tor the redemption OF notes OF national banks
failed, in the liquidation and reducing OF the crcula.
tion 10 outstanding checks and drafts tor the
benefit OF the creditors OF the national banks tho bali
OF tho five per cent fund and othcrs A compar.
alive statement gwen showing in detail, both in
coin and currency, the liabilities and assets OF tho
Treasury on september 80, 1876 and 1871 These ag-
Iresa'e as iohows'-
September 80, ls1d.............. s67, $50, 705 05
september 80, ls77............... 1873 5S5, orr -
CURRENCY.
September 80, 1870. .............sioo, 49, 7ee -
september 5o, lsIi.. llOU96, O39 VI
REDEMPTION CIRCULATION
Regarding the long mooted question whether the
legal tender deposited for the OF oir
lation OF failed reducing and liquidating banks arc
held as separate fund t may be said tnat there
| provision of law which REQUIRES tnat such notes
held apart and distinct from the other funds In tho
| Treasury. There is without doubt IN The various
Offices and vaults OF tho Treasury sufficient
o United States notes 10 redeem all such oank noies
II presented simultaneously for redemption. but ,hoy
are not always IN The vaults of this Office where
the redemption Is required to be made. Deposits OF
legal tenders for the purpose naned may be made ut
Treasurer or dcpositary; but whenever MADE, crcdk
Is the bank upon tne books OF this ofcc
ment IS made either IN notcs or by check any polnt
where the treasurer has transcr account Tho pub.
tho notes OF The bank in question the o1icc
| promiscuousiy with other bank notos sent tor
fund, and when sorted out the respective banks
charged with the amounts OF thor notes redeemed,
| and the hvo per cent fund is credited therew
| SILVER PAYMENTS.
recapitulaton OF silver payments, made In pursu.
snco Of tue ac OF April H. 1870 including payments
from April Is, 1876 until ana including October, 1877.
shows aggregate OF $23 1885, l62 So Of sver issued
! for fractional currency redeemed aud destroyed and
or in exchange for currency under the joint
resolution Of July 2s 1916, making total Of
$50 60 732 Upon The Official estimate OF SS, $40 SO
fractional currency lost IN circulation, .hcrc
may be si ISSUED before the limit OF $50.0o0oo0
fractional and 50 10, zoo 81 Tor currency OBJ
| legations. An increased demand for silver coin
| caused, perhaps, by the necessities of business as
this season OF tho year. is springing up, while the
the amount OF fractional currency presented tor re-
| dcmpt,on has fallen OF from an average OF over
81, ,0O00 0o0 q month during the 1rst four months CT
ths calendar year 10 an average Of less than 100000
month Tor the last our montns
4
| The coin receipts New Orleans exceed annually
the coin payments by about S+o0,000 THIS surplus of
OF exchange The OF checks drawn by
Treasurer on The Assistant Treasurer ut New Orleans
In favor OF the Assistant Treasurer IN Now York, all
that DO spared being disposed OF by this latter
officer nj premium OF quarter OF one per cent Tho
sales the tall Of 1876 amounted 10 S352 600. IL bav
ing boen represented that New York currency cx-
change could be disposed OF in New Orleans.
$5oO,UOo IN transfer checks were sent IN May last
to tho latter point on tho New YORK Office, which
were disposed OF at premium OF one sixteenth OF ono
per cont Upon Application further sum OF 100000
was sent him for sale IN september last
/ during tho labor troubles of July and August the
express companies bcng unable 10 transport funds by
reason of The arrangement OF their connections, and
unwilling account OF the risk many Western
banks were supplied from the excess OF public money
at Chicago ST. Louis ami Cincinnati and the bus ness
necessities were thereby much relieved
Owing TO tho difficulty Of transportation tho onlce at
Tucson, ArlzJna has bcon In great part supplied win
funds by the sale OF exchange.
| MonE Room wANrEp.
The Treasurer calls attention TO tho subject OF pro.
| viding additional room Tor the oincial nes of tho
oflce by regulation, II legislation Is not required,
| providing in some systematic manner that tho bulk
OF the files may be decreased There many n
necessary papers pertaining 10 public transactons of
| which the books furnish sufficient record,
| and such papers hc thinks are useless aud
| might well be spared for DESTRUCTION. Great
| elimination OF tho mass might be made by proper
descriptive inventory being Kept in thcir place. Ho
suggests the apppntment OF "a commission for tho
purpose OF reporting alter inquiry whether any pvr-
lion the flies can be destroyed withou. dctrment
10 public service and upon what conditions aud
IN what manner the destruction should take place.
/ wIxsLow gMEzzLgMExT.
Tho Treasurer gives detailed account OF tho Wins
low cmbczzcmcn OF December 1916 tiuIl accounts Of
which gwen at the timc,, anu winch resulted IN
the conviction oi that employc and his subsequent
imprisonment In Tho PenItcDtlary II Will DO recol-
| lccted that Winsow clerk In the cash aud
cmbczzicd package OF Sll 800, designed Tor bank
Chicago, ana that through the AGENCY Of personal
friend OF WInsIow tho greater portion oil tho money
was recovered.
The quarterly interest the registered stock OF the
funded loan OF 1884, 1871 and 1907, rs also the sent
annual 6j's OF District OF Colum-
bia belu bv pav men Ia