The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1880-12-02
Treasurer Gilfllanrs Report.

Treasurer Gilflllan's Report.
| WASHINGTON, November -.
FROM the annual report of United States
| Treasurer Gilfllan 1t 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 snles Of public lands of $69. ST.
sos, and decrease in those from miscellane-
ous sources Of only tll2079. The expcndi.
lures show slight increase of se96,074 in the
aggregate as compared with tho previous fis.
tai year, caused by an Increase OF "a, 1851 40
Id payments on account of the Interior d.
partmcnt, but show a decrease OF FL .698965
in expenditures for interest and premium
on the public debt, on civil and miscellaneous
accounts, and for the War and Navy Depart
tnents.
The balance of public money ON deposit in
the Treasury, and subject to draft at the close
OF business June 70, 1879, was SAL, 223, 49, The
receipts during the year from all sources
amounted to $40, 57s PAL, and drifts paid Sos,
1880. After deducting receipts properly re-
funded and outstanding drafts, there was sub
ject to draft at the close Of business June 80,
1850, SOL, 6S3, $50, which differs from tho debt
statement balance by S3,5S,3l3, which is ex-
planned in the appendix. The business OF the
Government involved the transfer during the
year of $1l,0j3357,0Ss, the greater portion
through the medium of accounts of this office,
and the remainder by the actual Transports
ton of funds.
Fifty-eght National Banks were organized
during the year, five failed, and twenty-one
went into voluntary liquidation, leaving 2,lO2
doing business.
The amount collected from National Banks
by the Treasurer OF the United States for
semi-annual duty accruing during the year
was $685. 30. The total amount collected
during the existence of the National Bank sys-
TEN is $1OO.38l. $3.50.
The report embodies statement of the liz
bilities and assets of the Treasury for the years
1877. IS. - and 80, from which it appears that
the gold and silver coin and bullion ranged
from sll4,46a,9ss in 1877 to sl6s,9sa,4A in 1873,
to $ss2 1863 in 1879. and to $214 2l5 in 1880.
The decrease of $s,5O0OO between 1879 and
1880 is represented by the reduction in the
gold balance of 81, 0OO, 600. and an increase in
the silver coin and bullion ON hand. The in.
huences tending to the decrease of the gold
balance have been primarily the scarcity OF
notes, compelling payment CT the daily balance
to the New York clearinghouse in gold coin.
There has been but a small amount of United
States Totes and gold certificates presented
for redemption in gold coin.
There has been during the year an increase
In the silver coin of $l5,9T7,970 in standard
dollars, and of $7,S49,994 in fractional silver
coin.
Note assets, including balances due from
depository banks, have decreased from $lO7,.
GA, PSI in 1877 to $ ,:sa in 1873 to s63 653
In 1879. and to 81, 4lG,3l in 1889. The steady
decrease. the Treasurer says, is due in great
measure to the withdrawal of notes caused by
the presentation of clearinghouse certificates
Tor redemption, the amount Of these certih-
Gates outstanding having been reduced from
81 ,S5OOO in lS19 to $9,975, 600 in 1882 Another
reason for the smallness of the note balance,
MIR. Gilfilian adds, may be found in the falling
OIL in the note receipts, the revenues of tho
Government being now largely paid in coin
and silver certificates.
From the tables of assets and liabilities Of
the Government for November /, 1879, and No.
vcmbcr ], 1850, it is shown that on November
!, 1879, there were $751; ,Oi7 ,O44, AMI on Novem-
Der I, 1889. there were $l4l,5 ,G}l.6l available
Tor resumption. The amount of gold coin and
bullion in the Treasury January l, lS19-the
date Of the resumption of specie paymcnts-
was $l35, IS, $50, and at this datc-Novembcr
1T is $l4O, 1882, and in addition there have
accumulated in the Treasury Si7,0A,.59 in
standard silver dollars The redemption Of
United States notes in gold since the rcsuMp-
ton of specie payments has aggregated Sill
?6i;s}G. Since the order of the Depart mcnt of
January !, 1879, authorizing the receipt OF
United States notes for customs Duties there
have been received on that account SIZE,
The total coinage of standard silver dollars
under the act of February u, 1873, has been
81, H7,15 OF this amount $5G,5SS, lC6 are in
the Treasury and in the MINIS, and 81, 2259,644,
being more than 34as per cent. of the coinage,
are in circulation.
The Treasurer instances banks which have
reduced and forthwith increased their circula-
ton 10 the former amount with the avowed
object Of relieving themselves from the trouble
and expense of redeeming their notes through
the redemption agency, as required by
law, and says: at 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 tenders by
any National Bank desiring to withdraw its
circulation I'm whole or in part, A wish to sur
render circulation, VITA the reserved intention
of taking out more Mt once, or as soon as fall
in the price of bonds shall make the transac-
ton profitable, is not, it is submitted, such q
desire to withdraw circulation as the law con-
templates. 1t could neither have been intend
ed nor expected that the law would become
the means of enabling banks to operate In
securities of the Government deposited to
secure the redemption of their notes, or to
of the country the expense of redeeminy their
notes while maintaining and enjoying the full
circulation to which the law entities them"