Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1880-12-08
THE CASH ACCOUNT.
The Treasury Secretary Reports-An
Interesting Statement Furnish
ing Much Valuable In
formation.
WASHINGTON, Nov. %, 1880.

/
ted States Treasurer Gilhllan, 1t ap
pears that the receipts of the Govern
ment compare tavorably with those o
the previous fiscal year and show al
increase from customs, internal revenue
and sales OF public lands of S59,Sll l.,
sos, and decrease in those from mis-
cellaneous sources OF only Sll2,019
The expenditures show the slight in
crease of $685., ,074 in the aggregate as
compared with the previous fiscal wear
caused by an increase of 2 1895. .040 il
the payment ON account OF the interior
Department, but show decrease o.
S2I, ,699, 965 in expenditures for interest
and premium ON the public debt, on
civil and miscellaneous accounts and
for the War and navy Department
The balance of public money on depos
it in the Treasury and subject to draft
at the close of business, June Both, 10,
was SALT. .223,78 The receipts dur
ing the wear from all sources amounted
to S474,578, 24l, and drafts paid $708,.
10000 After deducting receipts from
property refunded and outstanding
drafts, there was subject to draft at
close of business, J une 80, 1880, S2O4,
683 1926. which differs from the debt
statement balance by SO, 595, ,213, which
is explained in the appendix The
business of the Government involved
the transfer, during the year, of SILL
O52, 257 ,OS2, the greaterportlon through
the medium of accounts of this office
and the remainder by actual transpor-
tation of the funds Fifty-eight Ma
tonal banks were organized during the
wear, five failed and twenty-one went
into voluntary liquidation, leaving g.
lO2 doing business. The amount col
lected from the National banks by the
Treasury of the United States for the
semi-annual duty accruing during the
year, was S7,59l,77O. The total
amount collected during the existence
of the National bank system is $l00.
56l,469. The report embodies state.
ment of the liabilities and assets of the
Treasury for the years lS77-S-9 and
1880, from which it appears that gold
and silver coin and bullion ranged
SII4,464, 9S2 in 1877, to $l63, 969, 444
in 1878, to 1925, S0S,36 il 1879, nd
to S2l4, ,3O3, ,2l5 in 1880. The decrease
of S84, coo, 600 between 1879 and 1880
is represented by the reduction in the
go balance of $34, 900, 900 and an in
crease in silver coin and bullion on
hand. The influences tending to de-
crease of the old balance have been,
primarily, the scarcity of notes, COM
pc ling the payments of the daily bal
ance to the New York Clearing House
in gold coin. T. ere have been but a
small amount of United States notes
and gold certificates presented for re-
dempton in gold coin. There has been
during the wear an increase in silver
coin of $3.50. 957, $40 in silver dollars,
and of $7,849, 994 in fractional silver
coin. The note assets, including the
balances due from the depository b nix,
have decreased from $l07 1854, ,287 in
1877, to $93, ,444, 282 in 1878, to $53,
926. .663 in 1879, and to $42, ,403,3l4 in
1880. The steady decrease the Treas
urer says is due in great measure to
the withdrawal of notes, caused by
presentation of clearing house certif-
Gates for redemption and the amount
of these. The certificates outstanding
have been reduced from $6l 1886, 900 in
1879, to $9,975, 900 in 1880. Another
reason Tor the smallness of the note
balance, Gilfillan adds, may be found
in the falling off of note receipts, the
revenues of the Government being now
largely paid in coin anu silver certifi-
Gates.
From the tables of assets and liabili-
ties of the Government for November
lst, 1879, and November lst, 1880, it
is shown that on November lst, 1879,
there were $15I, ,Oh7,O44, and on Nov.
/, 1880. there were $l4l, ,597,013.61,
available for resumption. The emount
of gold coin and bullion in the Treasu-
ry January /, 1879, the date of resump-
tien, of specie payments, was $780,
382, ,639, and at this date November l,
it is $40, 1875, 952, and. in addition,
there have accumulated in the Treasu-
ry $47,084, ,459 in standard silver dol
lars. The redemption of United States
notes in gold, 81 ce the resumption of
specie pay ments, have aggregated SILL
963. 1886. Since he order of the De-
partment, of January |, 1879, author
izing the receipt of United States notes
for custom duties, there have been re-
ceived on that account $l42, 323, COL
The total coinage of standard silver
dollars, under the act of February %,
1873 has been $72, S47, 750 Of this
amount, SAT ,5S8, log are in the Treas
ury and mints, and $25, ,259,644, being
more than 34a per cent of the coinage
in circulation. The Treasurer instan-
ces the bonds which have reduced and
forthwith increased Their circulation to
the former amount, with the avowed
object of relieving themselves from the
trouble and expense o, redeeming their
notes through the redemption agency
as required by law, and says it is plain
that such transactions as these are not
within the spirit of the act of June 20,
/ 1874. That act authorizes the deposit
of legal tender notes by any National
bank desiring to withdraw its circula-
tion, in whole or in part. A wish to
surrender the circulation with reserv-
ed intention of taking out more at once,
or as soon as fall in the price Of bonds
shall make the transaction profitable, is
not, it is submitted, such desire to
withdraw the circulation as the law
contemplates. 1t could neither have
been intended or expected, that the Jaw
would become a means OF enabling
banks to operate in securities OF the
government deposited to secure the re-
demption of their notes, or to throw
upon the United States or other banks
of the country, the expense OF redeem
! ing their notes while maintaining and
ENJOYING the full circulation to when
the law entities them