New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-19
A YEAR IN THE TREASURY
OBSERVATION-DISCLOSURES.

urcr oil the UDlfeu States mas suDutteu annuhi
report to Secretary Sherman. He speaks of the
fiscal year ended June 80, 1879, as year charac-
rerzed by great transactions connected with the
funding Of the war loans into four per cents. and
the resumption of specie payments after suspen-
son of seventeen years a year Of business which
has taxed the industry Of the Office In all the varied
duties devolvIng upon the Treasury" The report Is
full of interesting information.
The aggregate of coin and bullion is shown 10
have Increased from $61,452,i20 In 1870 to
$114, AGA 9S2 In 1877 to Sl63,069, IA III 1875
and 10 5000, sO7. 3Gs in 1879.
The decrease in the aggregate note assets Is shown
to have been gradual. follows; In lsIo'
$9S,419.Gs5 %; 10 1877, $lO7, 664.2s7 81 IN
1873. 1873, 772. 500 H. and in 1879. $685.
$50 40. The decrease from various
causes. notably from the receipt Of coin
paid out IN the purchase Of silver bnilion
from the exchange of notes for gold and the pay
ment OF notes for foreign gold received at the Assay
Office, New-York; from the purchase of gold bull
ION with notes and the payment OF interest upon
the public debt in United States notes. and from
the payment of arrears of pensions. The most con-
slant influence the decrease of the note balance
Is that which proceeds from the purchase OF silver
bullion for coinage. Since resumption. however,
the Treasury is deprived by the receipt of coin paid
for bullion If like amount, of United States notes
amounting probably to per cent of the annual
revenues. THIS percentage will in time. without
the other H. auences mentioned render the balance
in the Treasury, first exclusively metallic, and then
exclusively silver coin. That this Is so a glance at
the monetary operations of the Government will
show.
The annual receipts from all sources are
S274 OOO. 900. OF this amount the sum OF nc least
81 900 900 Is in silver dollars IN silver certil
Gates, hat being the minimum paid annually for sal
bullion for coinage. which amount sDeedily finds
ITS way into the Treasury. The maximum net note
receipts aIe then $3.50. 5000 against. which are
payments OF $2G7, 600 900 for general expenditures,
interest on the public debt and navy establish
ment and pensions, made in notes, or. if made IN
con It's return decreases the note receipts to that
extent. The excess OF note expenditures over note
receipts is therefore S1700O,0O0, which is the an
nual decrease of che note balance from the silver
dollar coinage alone. OF the $50, 500 $50 note bal
ance of the Treasury September 80. 1879. only
S53.Oi2, $50 is available. the remainder being
simply a credit with dopositary banks.
The following are further extracts from the re-
port:
The arrangement by which The Treasury became in
been o ncaicuhbi'. advantagr In c-tnD1sihng re-
sumption and IN saving useless handling OF money and
may Oc made 10 cheek the orp'eton me Ir-'suiy %"
notes by permitting the settlement uf balance. 10 COLI
10 the extent that any eXigcncy may demand. bu at
present the treasury membership hures 10 the Drhen
the Clearing House banks AMI uness change n the
rules Is made permitting the payment Of al or certain
percentage OF balances lu SILVER, 10 may bccJine I'll s
able for the Treasury to withdraw rom relation winch
renders thirty millions Of Law ~ money n iis
vaults unavaiaDie Tor payment al Sew f"is tr p'nt
public disbursement. AL checks 10 payment
called bonds and Ia payment for foreign gold are 10"
The decrease OF notes m the Treasury continues how
ever, VIII keen until the limitation or cessation
OF the present silver dollar coinage, me sht,r 9u"
hand has also decreased during the year nom
S0G3iO3i 10 ~ 200 1914 Oh account OF the difficulty IN
mail Z purchases presc ibcd IN the acr 81 Fe1ru4ry
2S 1873 at the market rate, which held Dy the De-
The zen millions fund United state, notes, neld for
the redemption OF fractional currency has disappeared
voted t the payment Ol arrears OF pensions to sol
ders the Of tne Rebellion No public money in
the Treasury has became unavailable since 1877. On
the contrary, by collections made since that time the
unavailable funds have been redu' ed more t.an
NIT orreference Congress bill TO make permanent
provision for the transfer Of all unavailable items TO NE
books the Department from the cash accounts OF the
Treasurers Oce. wlte dalt 70 the person. State or
bank properly chargeable Herewith
After reviewing the resumption OF specie pay
mcnts at some length. Mr.. Gilflan says that there
had been received up TO September 80 1879,
500. 1892 IN legal-tender notes for customs.
statement OF the assets and liabilities Of tho
Government October 81, 1879. shows the following
aggregates, Assets. $274.s67, 57ii liabilities,
1923. $50 $50; amount available for resumption,
$15l.O470i4.
Much space is devoted 20 the refunding opera
r.ons the orders issued by the Secretary in
Jion Herewith being embodied in detail.
The cond ton of the outstanding United States
note circulation is spoken Of as alording cause for
complaint.
Mr.. Gilfllan expresses 1t MS his opinion that tho
rapid appreciation Of silver bids fair TO solve the sill
yer problem for this country. Tie says there are IN
dcations that if the present influences continue. sill
yer may attain nearly to Its former relation to god
OF mt least approach to parity Herewith.
The amount of bonds held on account OF the sink
ing fund for the Pacific Railroad Companies is as
follows. Union Pacific Railroad Company
S256A50; Central Pacific Railroad Company
S194, 900
Accompanying the report are statements b. the
Acknowledgement at Boston for tie fiscal year.
and at New-York for the nine months ending Seq
TENDER 80 showing the transactions of Their r.
spective offices. At Boston the receipts were
$40, 0O5 923. ana the disbursements $i02, 50l116
At New-York the receipts $1Os9, 2O3,566
and the disbursements 1923, 792,9l5. In the
course of his statement Mr. HIllhOuse says:
From the fret of the year the flow Of coin into
vaults has been constant. Whine the redemption of
limited -ies notes IN gold has been insignificant For
some DAYS past has been found necessary decline
pay out notes In exchange Tor gOlu tho balance OF the
stock OF them would very soon b. exhausted II the
change continued large amount OF gold coin has
paid 10 tue Clearing House N ettiement OF bal
ances DC ober l. Ii Is received by the banks with
very considerable lnctauce. and every means l.
used To yet back again TO this Office. The figures
chow an almost unbr,k list of debit balances paid This
wear amounting TO over 1888 100000, the compare
lively Insignificant OF 50 10000 being all thai has
been received dS credit balances.
Inc transactions with the National banks OF New
York on account of refundIng Of the public debt,
are shown by Mr.. HillhOuse to have involved
amount OF 81, 6j0. 63S. 100.
LSS1YS BY LAWYERS.
Axn..-.- Nv 10 Al tho annual