The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-21
W ASIIINGTON.
THE TREASURY AND THE HANks.
Uepsrt of secretary sherman ~ Answer
10 the House Resolution.

w,su,nuroN pan % In hia answer tn Judge
Kellnya resolution = 7 'he eiSteentt instant n
brief synopas Of which was sent this afternoon,
Eerreiary sherman aaya:
There were no balances on lonn account
stpnfing 60 the credit Of the Treasurar Of the
United States IN any national bank from March,
1910 to January, 1919 A complete list at national
bank Repositories. with the balances ~ their
loan account tn tho credit nf thn Trnaantnr ~
tho United Statpa held Ivy ench February I, 1873
and on The nrat " each succeeding month, to
and including December !, 1919, Ia herewith sub
mited.
The House viii be duly advised IN another
communication of the hllanoea on January I,
Iafo ma aoon "a the returns from the respective
banka ehall have been received at the depar
ment These banks have been designated from
time 10 time, under the ,prnvts'ona ~ d"pa',
the United States to become financial agents ~
tho government and repositories ot the public
monay and Of special deposits, for tho purpose
~ receiving deposits on account Of aubarriu
tions to funded loans, and they were permitted,
upon uroper security, tn hold the amount ~
authorizations made or obtained by them cub
ieCt to drafts or orders Of the department, ma
occasion required for the payment ot called
No coin has been ,leposltod with these hnnks
or any " them by the Trenaurer of the Untfed
atatee Theae balancea Iepresent exclusively
coin received for subscriptions made or ob'ain u
Nv tha raana,tiva hanks aud laft on iappsit dur
'nn the running of ninety days required by the
law 70 be given fnr the payment otrallai h9nda !;
partly to prevent the withdrawal OF too large
an amount from the channel of bnsinese, and
partly IA an inducomant tn these banks TO- net
efficiently IN procuring Nv
very large balances reported as held by the
Firsi National Bank " New York were cauaad
by temporary deposits Of the proceeds ~ tn"
Al, nor cent honda sold through the syndicate
Of which the bank waa member, and alsohy
very large subscriptions OF the bank to the
per cent loan.
The balances reported as due from tho banks
on loan account are however, 10 some extent
merely nominal being largely made NJ cf
called honda which, tn nil tutenta, are but ray-
mpnts az The amount of the balances due. hui
rapno, be credited to the, bank till tho hcnds
are carefully examined and tho precise amounts
due on them aecertained and certificates Tor the
amounts isaued hy the treasury. lite proposed
toooptinue the same mode of deposit IN ald oi
the saie of cent honda during the next laohl
year and attention IL called to the recommen-
dation In the annual report Tor discretionary
shortening Of the period now required Tor
calls.
The table accompanying the letter shows
the balances on loan accounts held to
tho credit of the Treasurer Of the United
States In different national banks on
the frat Of each month, since March last
and being I'm round numbers aa follows; March,
t1pI 4pG: huril ~ ola oGp: May, 800 732n2b June.
t2l Ioi t6p: July. tlo,oit.a3t: August S5onah i3
Nertemhnr 800 iG3o3i: October. tGt 2oi .aiH. No
yember Se, ,Ts7 22s; December, 81 4s4.
Tho amounts held Ivy the First National Bank
OF New York NJ the periods named except Tor
March. when nothing Ia reported, are aS toI
lows. April. t2blI G's. May, teb66 6h2' June
ais sGb oas; July t32 GNb tpi: August s36 si5 30
September. fiipiiatG. 0rtohor, sih.oNi oe2; No
vemher. s2s. .sql Rs3: December. tlE.aoi.242. The
balance was distributed In banks in different
rarts Of the country, but principally IN the