The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1879-11-27
Treasurer cHf1ian's Annual Report.

The annual report of United States Treasur-
er Gilfllan says the aggregate of gold coin
and bullion, including standard silver dollars,
which are being coined under the act of Feb
ruary 49,. 1878, and do not appear in the state
ment prior to that year, is shown to have in
creased from $61 ASP, ,426 in 1876 to $114, ,464,-
9S2 in 1877, to $163 1853 ,444 in 1878, and to
1922, ,s07 1858 in 1879. The decrease in the ag-
gregate note assets, including credits in depos-
iting banks other than loan accounts, is
shown to have been gradual, the apparent in
crease in 1877 being due to the failure of the
Army Bill to become a law and the accumula-
ton of funds consequent upon Withholding
payment to that branch of the service. s'
The note assets ranged as follows, on the
above dates: In 1876, $98 ,419 1856; in 1877,
S1O7 1864, ,2S7; in 1873, $8S,772, 500, and in
1879, $59, ,699 ,0S0. @
The decrease in the note balance arises from
various causes, notably from receipts for Gus
toms and internal revenue, of coin paid out in
the purchase of bullion for the coinage of stan
dard silver dollars, from the exchange of
notes for gold and the payment of notes
for foreign gold received at the Assay
Office at 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 arrears of pensions.
The most constant influence in the decrease of
the note balance is that which proceeds from the
purchase of silver bullion for coinage, thereby
depriving the Treasury of an equal amount Of
note receipts. All the above mentioned causes
of dimunition, except this, can be controlled by
the department. Since resumption, however,
the Treasury is deprived, by the receipt of coin
paid for bullion. Of a like amount in u. S.
notes, amounting probably to per cent. of the
annual revenues. This percentage is greater
than the margin between the public receipts and
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, glance
at the monetary operations of the government
will show.
The annual receipts from all sources are
$274, 900 900. Of this amount at least 424,-
900 900 is in silver dollars in silver certifi-
Gates, that being the minimum paid annually
for silver bullion for coinage, which amount
speedily finds its way into the Treasury, the
more certainly because the payments for bullion
are made either at New York or San Francisco,
which are both centers of large receipts by the
Government.
The maximum net note receipts are, then,
$3.50, 900 900, against which are payments of
$267 200, 900 for general expenditures, interest
on the public debt, the War and Navy estab-
lishments, and pensions, made in notes, or, if
made in a coin, its return decreases the note
receipts to that extent.
The excess of the note expenditures over the
note receipts is, therefore, $17, 900 ,000T which
is the annual decrease of note balance from
silver dollar coinage alone.
The Treasurer says unless the rules of the
New York Clearing House charged so as to
permit the payment by the Treasury of all or
certain percentage of balances in silver, it
may become desirable for the Treasury to with
draw sfrom relation which renders over $780,
000, 900 of lawful money in its vaults unavail-
able for payment at New York, the point of the
greatest public disbursement. III 49,
The silver bullion on hand has decreased
during the year from SO, ,634 ,034 to g., ,299, ,124
on account of the difficulty in making pur-
chases, as prescribed in the act of February
%, 1878, at the market rate, which is held by
the department to be the equivalent Of the Lon
don rate.
considerable portion of the report is de-
voted to the subject of the resumption of specie
payments and the refunding operations.
During the year there were redeemed $64, ;
LAT ,133 worth of the United States notes of all
denominations. The total coinage Of standard
silver dollars, under the act of February %,
1873, is $45, ,206 200, of which amount $32,
2O3,3 1858 is in the mints and the Treasury offices,
and $13,002,S is in circulation, being 2Sk
per cent. of the total coinage, as against "a,
922, ,623 in circulation at the same date last
year, which was 26 910 per cent. of $lS, ,2S2,
500 coined at that time. ~ssssz..
Treasurer Gilfllan expresses the opinion that
the rapid appreciation Of silver bids fair 70
solve the silver problem of this country. He
says here are indications, if the present in :
fuences continue, that it may attain nearly to
its former relations to gold, or at least approach
70 q party herewith. I .slg..-. IA. s..y.sH s.