Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-11-19
THE FINANCES
Annual Report of the United
States Treasurer.

w ANhANNAONf ~ ~ @'bfNAAAhN'' -
The annual report OF United States
Treasurer Gilhllan saws; The aggre-
gate of gold coin and bullion, and OF sill
yer coin and bullion, including standard
silver dollars, which, being coined un-
der the act of February 2S, 1873, do not
appear in statements prior TO that year,
is shown TO have increased from $751;
452, ,426 in 1876 to STA, 454,9 ,9S2 in 1877,
to Sl63. 969, ,444 in 1878 and TO S222, ,SO7,-
SOS in 1879. The decrease IN the aggre-
gate note assets, including credits IN
depository banks, on other than loan
accounts, is shown 10 have been gradual,
the apparent increase in 1877 being due
to the failure of the army bill to
become law and the accumulation OF
funds consequent upon Withholding
payment to that branch of the service.
The note assets ranged Is follows, on the
above dates In 1876, S9S,4l9,6S5; in
1877, SlO7. .664, ,2S7; in 1878, SSS,772 800,
and in 1879, 59,699,0S0, The decrease
in the note balance arises from various
causes, notably from the receipt for Gus
toms and the internal revenue, OF coin
paid out in the purchase Of bullion for
the coinage OF standard silver dollars;
from the exchange OF notes for gold and
the payment of notes for foreign gold
received at the assay Office IN
New York; from the purchase
of gold bullion with notes, and the
payment OF interest upon the public
debt in United States notes, and from
the payment OF the arrears OF pensions.
The most constant influence IN the de
crease of the note balance is that which
proceeds from the purchase OF silver bull
lion for coinage, thereby depriying the
Treasury OF an equal amount OF note re-
ceipts. All the above mentioned causes
of dIminutiOn, except this, can be con-
trOlled Oy the department. Since the
resumption, however, the Treasury Is
deprived, by the receipt Of coin paid for
bullion, of like amount of United
States notes, amounting, probably, 70 7
per cent OF the annual revenues. This
per centage is greater than the margin
between the public receipts and
the expenditures, and will IN
time, without the other influences
mentioned, render the balance IN the
Treasury FIRST exclusively metallic and
then exclusively silver. That this is so
a glance at the monetary operations Of
the Government will show. The an
nual receipts from all sources are S21i,-
900, 900; OF this amount at least S24,OOO,-
600 is in silver dollars, or in silver certi-
ficates, that being the minimum paid
annually for silver bullion for coinage,
which amount speedily finds It's way
into the Treasury, the more certainly
because the payments for bullion are
made either in New York or San Fran
cisco, which are both centres of large re-
ceipts bv the Government. The maxi
mum net rate receipts are then $3.50, O,OOO,-
600, against which are payments OF
SIS, 10000 for general expenditures,
interest on public debt, war and navy
establishment and pensions made in
notes. or ii made IN coin its return de-
creases the net receipts TO that extent.
The excess OF note expenditures over
note receipts is therefore Sl7,OOO,OOO,
which is the annual decrease OF the note
balance from silver dollar coinage alone.
The Treasurer SAYS that unless the
rules of the New York Clearing House
are changed so as to permit the pay
ment bv the Treasury of all or a certain
percentage of the balances IN silver, 1t
may become desirable for the Treasury
10 withdraw from a relation which rem
ders over thirty millions of lawful mon
ev i'm its vaults unavailable Tor payment
at New York, the point OF the greatest
public disbursement. The silver
bullion on hand has decreased
during the year from S9,654,034 to ST.
2gg I2i, on account of the difficulty IN
making purchases prescribed in the act
of February -, 1876, at market rates,
which is held by the Department to be
the equivalent of London rates. a con-
siderable portion Ofthe report is devoted
10 the subject Of resumption OF specie
payments and refunding operations.
During the year there were redeemed
Sol. lO7, ,S33 worth of United States notes
of all denominations. The total coinage
Of standard silver dollars, under the act
of February 2S, 1873, was SIS, ,2O6, 200,
of which amount S;i,2O3,30S are IN the
mints and Treasury offices and Sl3,OO2,-
Si2 in circulation, being PSI per cent. OF
the total coinage, as against S4,922, rs
in circulation at the same time last year,
which was 20 9-l0p per cent. OF the $751;
2S2, 500 coined at that time.
Mr.. Giltillan expresses the opinion that
the rapid appreciation of silver bids fair
to solve the silver problem for this coun-
trv. He SAYS there are indications that
il the present influences continue 1t
NAV attain nearly to its former relation
to gold, or at least approach to parity
Herewith.