The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1880-12-02
o. S. TREASURES REPORT.

cIom III anuuhl report OF united states
Treasurer Gilfllan, it appears that the receipts
Of the Government compare very favorably
with those of the previous fiscal year, and show
an increase from customs, internal revenue,
and sales Of public lands of $50, 81, sos, and a
decrease in those from miscellaneous sources of
only $112s079. Expenditures show the slight
nc rease of $695,0 74 in the aggregate DIS COM
pared with the previous fiscal year, caused by
an increase of S22, 1896, GAO in payments on &C
count Of the Interior Department, but show a
decrease of $21, 699, 965 in expenditures for in
terest and premium Cd the public debt on the
civil and miscellaneous accounts, and for the
War and. Navy Departments. The balance of
public money on deposit in the Treasury and
subject to draft, at the close of business June
80, 1879, was S417, 223, 1877; receipts during the
year from all sources amounted to $494, 57s, 241,
and drafts paid, sos, 100, 800. After deducting
the receipts properly refunded and outstanding
drafts. there was subject to draft at the close
Of usine June 80, 1880, 1904, 6S3, S36, which
differs from the debt statement balance by
1855, 213, which is explained in the appendix.
The business of the Government involved
the transfer during the year of 1861
se7,.oS2, the greater portion through the
mainder by actual transportation of funds.
Fifty-eight National banks were organized dur
ing the year; five failed and twenty-one went
into voluntary liquidation, leaving 2, 1O2 doing
business. The amount collected from National
banks by the Treasurer of the United States
for semi-annual duty accruing during the year
was 1881, 40. The total amount collected
during the existence of the National bank
system is 800, 361 ,469. The reports embodies
statements of liabilities and assets of the
Treasury for the years 1877, '7s, '7s and 80,
from which it appears that gold and silver coin
and bullion ranged from S114,4 64, $50 in 1877.
to S163, 1858, IA In 1878 to 1925, S07, 1858 in 1879,
and to S214, 303, 215 in 1880. The decrease of
So, $780, 600 between 1879 and 1880 Is represented
by a reduction in the gold balance of S34, OOO,-
600, and an increase in silver coin and bullion
on hand. The influences tending to a decrease
Of the gold, balance have been, primarily, the
daily balance to the New York clearinghouse
IN gold coin. There has been but a small
amount of United States notes and gold certih-
Gates presented for redemption in gold coin.
There has been during the year an increase
in silver coin of SIS, 977, $40 in standard dollars.
and of ST. 49, 1914 in fractional silver coin.
Note assets, including balance from the depos-
itary bank, have decreased from S107, 664, 287 in
1877 to $93, All, 1872 in 1878, to S63, 926, 653 in
1875, and to $40, 402,3 14 in 1880. The steady
decrease, the Treasurer says, is due in a great
measure to the withdrawal of notes caused by
the presentation of clearinghouse certificates
for redemption. Tie amount of these certi-
fcates outstanding having been reduced from
FO4,OOOyOVU III 1OtJ W %, JlO,U UU III lSSU. An
other reason for the smallness of the note bal
ance, Gilfllan adds, may be found in the falling
off in the note receipts, the revenues of the
being now largely paid in coin and
silver certificates. From tables of assets and
liabilities Of the Government for November 1,
1879 and November l, 1880, it is shown that on
November l, 1879, there were $151, O47, 044, and
on November !, 1880, there were $141, 597, O13.6 6
available for resumption. Amount of gold
coin and bullion in the Treasury January 1,
1870 h n e
WINS $1o3, 49,, $50, and at this date, November l.
it is $40, 725, 952, and in addition there have
accumulated in the Treasury SAT, OS4, 459 in
standard silver dollars. This redemption Of
q. S. notes in gold since the resumption of
specie payments has aggregated $11, 963, 1856.
Since the order of the department of January
!, 1879, authorizing the receipt of u. S. notes
for customs duties, there have been received on
account $142, 1928, 601.
The total coinage of standard silver dollars
the act of February %, 1878, has been
$40, S47, $50. Of this amount $47, 5Ss, 1O6 are
in the Treasury and in the minis, and $22, 259,-
GA, being more than 342S per cent. of the coin
age, are in circulation. The. Treasurer instances
banks which have reduced and forthwith in
creased their circulation to former amount with
the avowed object of relieving themselves from
the trouble and expense of redeeming their
notes through the redemption agency as re-
quired by law, and says it is plain that such
transactions as these are not within the spirit
of the act of June 90, 1874. That act au-
thorizss a deposit of legaltender notes by any
National Bank desiring to withdraw its circula-
ton in whole or in part, a wish to surrender
the circulation with the reserved intention
of taking out more at once as soon as a
fall in the price of bonds shall make the trans
action profitable is not, it is submitted, such q
desire to withdraw the circulation as the law
contemplates. 1t could neither have been in
tended nor expected that the law would be-
the means of enabling banks to operate
in securities of the Government deposited to
secure resumption of their notes, or to throw
upon the United States or other banks of the
the expense of redeeming their notes
while maintaining and enjoying the full circu-
lation to which the law entities them.