National Republican., 1878-12-03


bonds, and during the present year these bonds
have been sold In the nme manner.
modification Of ths law 30 that smaller sums
The best mode sasss.tcd Is that The Department
be authorized 70 issue certificates Of deposit Of the
United states Of ths dcnoInination Of ten dollar,
| nun and convertible at any time within one year
aitcr their issue into the four per cent bonds M.
thorizel by tho rcfundlng act and TO be Issued only
| IN exchange for United States notes sent to the
Treasury by mail or otherwise Such provision
enable any Persea resdT % Without eos, or rsS 10
to convert his money Into an interest-bearlng se-
cuIty Of the United States, and the money 50 re-
per cont, bonds. The Secretary therefore recon.
| mends the prompt passage OF such q law
PUBLIC MONEYS
| The monetary transactions of the Government
have been conducted without loss through the
offices OF the Treasurer. ten assistant treasurers.
taries Sn% ,Saa M .ssno,Hd ~ pnr
OF the eptD receipts Of the Government duriux
positories the amo,rnt of ~, ,1si 1Slts
Deposits receiycd By the bank deposltaries arc
secured sec by pledge O. un.sd states bonds held by
| Us the convenenoe Of the public servfce may re.
quire transferred by tho bank, Without expense
Office.
Defects in the law OF March ., 1857, requiring dis
bursting officers to draw the public ninik only In
referred to In former reports again noticed the
enforcement OF tho provision boing impacticable.
that disbursements may be made undcr regulations
to be prescribed by the Secretary Of the Treasury
| SATroSAL BANKS.
| The report OF the Comptroller OF the Currency
presents fiii and interesting information as to the
national banks. Tho number In existence on Octo-
tsr was 20o9. The amount OF their circulating
notes outstanding including those In liquidation,
was s3l3,lT7l9; the capital invested waS
sieg,Ii1, ,sl6 tho surplus fiilds and profits were
sis5.sll.g,l; the loans and discounts were
The following advantages possessed by the system
arc:
first-The security Of the b.holder from loss
| through failure OF the bank.
sce0nd-The rapidi,y and certainty of the detee.
ton and prevention Of countcrfciting, from the
fact that the notes are engraved, printed, and rc
deemed at the Treasury Department
Tllird-T frequent and careful examination of
ments Of their condition.
fourth-Uniforlnity and free circulation of the
spest to the place OF their issur.
Finh--The admirable provisions by which fail
| ing banks are placed In liquidation ana their as.
sets cheaply and promptly applied to the payment
These and other advantages. derived to the pub.
lie from national system OF banks over a State
system seem to be fully demonstrated, and though
irksomo aud apparently hard to the banks, arc a
benefit aud security to the Stockholders and safe
Whether the power to issue circulating notes
should be granted to private corporations or be
exercised only by the Government II purely a
questions OF public policy and public interest. In
behalf Of u circulation issue by the Government
Il Is claimed that interest Is saved 10 the public on
the full amount Of the notes issued To this IL Is
piled that the issue OF such notes necessarily in-
wolves their redemption In coin aud this can be Sc
ss ssS, ss ao
expect To derive profit nom their man but this
profit Is diminished by the burden of redemption,
by the large taxes imposed upon the frachise, and
BY the risk always incident TO the issue Of oirculat
ing notes
enter into the question Of the permancncy of the
national. banking system; hut rs the banks of this
system are each organized under the law for
twenty years, and none OF them expire until June,
1883. it is respectfully Submitted that 1t is good
policy 70 continue the experiment until that date,
when the public mind VIII be better prepared to
consider the questions involved.
cJISs AND coISAGg.
The annual report OF the Director Of the Mint ex-
hibs In detail the operations Of the several mints
formation relative 10 the production Of gold and
silver In the United States the estimated amount
Of gold aud silver coin and bnllion In the country,
the depreciation ofsllyer the position OF the Amer-
can trade. dollar In the Oriental tride, and other
subjects connected directly or Indirectly with the
coinage
The value Of gold coinage executed
during the last fiscal year was...... S2sgs9s9 90 90
VI traucuOllnrs ll,jiorulU W
OF standard.sllver dollars. ........... s57sjOO 90
OF fractional silver coin. ............. bSgjl5 80
OF minor coin Observation-Disclosures. 3D69i %
total coinage of.................. ssl l2Oi09 50
In addition to the coinage inc and impaired
bars were prepared for depostOrs In the amount of
Sl25Jl 99j y IN gold and sll SjI 3Sj.s5 IN silver
1t Is manifest, from tho proven capacity Of the
several mint that our coinage facilities are ample
for all purposes
Al times tho fractional coins OF the United States
accumulate at certain places aud are wanted at
others. II Is recommended tnat this Department
be authorized 10 redeem them Ia United States
notes when presented In sums of one hundred dol
lars or any multiple thereof at the mint at Phila.
] lgDlA. Wnpfp they bp lCgOneI. If
und distributed.
DISBURSEMENTS OF THE COMMISSIONERS Oh
TIE DISTRICT OF COLUMBIA.
The act OF Congress OF last session providing a
permanent form OF government for the District OF
Columbia committed Congress to IN appropriation
for the fiscal year ending June 20 1871 and for fi'
ture years, No long as said act should remain In
force, of one.half of the expenses for the govern.
ment Of said District, as estimates therefor should
1t also provided that all taxes collected should
be paid Into tho Treasury OF the United States aud
Ihat dnSy as Me Sa ine m ap ,, 70 % Se .
oi said District OH emIzed vouchers audited and
approved by the auditor Of the District, aud certi
fled by said Commissioners. or majority of them
and that tho accounts OF said Commissioners, aud
the tax collectors and all other oiccrs required "a
account. should be settled and adjusted by the
accounting officers Of the Treasury Department OF
the United States. provision was however, en-
acted that the interest tho Jd5 bonds Of the Dis
trct should be paid by the Secretary OF tho Treas
llry and credited as part of tho approximation fol
tho year by the United States toward the Dis
trcts expenses.
The act was approved June II, 1873, and the ap
proval was consequently too near the end Of the
session of Congress 10 have estimates prepared foi
the fiscal your ending June 3D. 1879, in conformity
, TO tho provisions of said net
Tho Commissioners of the District had, however
the 2st OF January 1875 submitted estimates tC
Congress amended Gnerward by them the I'll
Of June of that year. for the general expenses o
the District for the fiscal year ending June 30 1879
aud Congress, by the Sundry civil act, approved
June 20 lS7s appropriated for the general expense
of the District l,2iOODJ, TO be disbuEed by the
Commissioners for the purposes set forth In said last
named estimates and the Secretary of the Trcnsur!
was HuthDriDrdt0 advance flom tmc totime TO sale
: Commissioners, from tho money thus appropriated
such SUM R5, In his judgment might be necesSar,
to carry on the government of the District tnclud
, I Ing RcCTuing interest OH bonds
II has been held by the accounting officers tina
these acts To he construed together parts o
. one scheme Of legislation. II Will be perceived
I that the disbursements made by the Commission
Grs ure ~ be regulated and limited by estimates up
r proved by Congress that accounts are TO be KEEP
. by the Commissioners Of the District independen
OF those kept by tho tax collector and other officers
Q II has also been held that all disbursements TO
Il the expenses of tho District, except where other
wise particularly specified, are to be made by tn
y Commissioners that these disbursements are Il
5 be regulated and limited by estimates approved b!
= Congress that all accurate account Is 10 be KEEP
by the Commissioners ofreccipt aud disbursements