The New York herald., 1878-11-28

ANNUAL REPORT OF TREASURER GILFTrLLAN-
RESOURCES IN COIN AND cURRENcY-opERA-
T1oN or THE RESUMPTION AcT-NATIoNAL
WAsHIyGroS. Nov. ~, 1873
The animal report Of United States Treasurer Gill
lillian the Secretary Of the Treasury shows that the
total resources in coin and currency were:-
On September 30, 1876 s1ss, 4,4T2 30
On September 30, LETT 2i36sl i'll %
On September 3o 1S7S............... 337,424,94 "A
He says the coin resources have steadily increased
from sC7 $50 7O5 95, the above date in 1876. to
s1s3 s5o72 "a in 1877 and to 574 50 in 1885,
that there has been little change in the
currency assets. except that they were larger
in amount on tho above date in 1877
on account of the failure OF the appropriation for
the military establishment, in the second session of
the Forty-fourth Congress, which necesstated the
withholding Of payments to that branch of the SER
until the assembling of the Fortyfth Congress.
in special session, in October, 1877 The total amount
Of unavailable moneys carried in the balances OF the
accounts kept the Treasurers Office, was S342 61
less in 1873 than In 1877.
OPERATION RESUMPTION ACT
Under the operation of the resumption act Of
1875 providing for the retirement of legal tender
notes equal TO eighty per cent Of national bank
notes issued the aggregate amount retired from 1875
to 1878 IL S353ls 9s4 At the time OF the passage of
the act May 1878, forbiddng the further retirement
of legal tender notes, action under the former act
ceased leaving Che Of legal tender notes out
standing at that time ss4G.ssiOi6 at which volume
they remain
The aggregate amount Of legal tender notes In cir
culation June 30, 1S1T-7s. $3.50 TG4. .532 and
S34G 6s .0l6 respectively. The retirement OF legal
tenders during the fiscal year of 1878 S13Us3 3I6
The distractions were made monthly from notes sent
in for redemption by the public. which held
untLthey eqaled eighty per cent OF the national
rency issued during the month and then destroyed.
II requires TO maintain the outstanding legal tender
note circulation at the present volume, {36 Jsl 01C.
While there daily redernptons of
United States notes is kept hand all times. All
the notes delivered TO this Office daily by the Bureau of
Engraving and Printing deposited In this fund and
charged 10 IL ut the time of delivery and amount
equal 10 each days redemptions of United States
notes IL each day taken from the fund and
amount required by law. This fund IL kept separate
from all other money the vault by itself and IL in
the custody Of two officers. each having a combine
ton unknown 10 the other
Referring tn the standard silver dollars the Treas
urer after stating the amount issued the act of
Congress of February 49, 1875 and the limited amount
in circulation says:-
Whenever it Is permissible to exchange these coins
for United States notes under the provision the
law which authorizes the payment of transportation
charges thereon from the silver profit fund.- they
be distributed very rapidly. There is a demand for
them in many portions of the country where, from
the locality 1t is not possible that they desired for
any other purposes than for circulation In exchange
for paper currency At present. however, they are
sent only to depostary banks and the officers OF the
Treasury and used In payment for silver bullion
their charges for transportation of the coin. The
largest payments OF silver dollars have been made
at New York and san Francisco, but the
coins issued at those points Immediately