The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1880-12-02
UNITED STATES TREASURER GIL
FILLAN REPORT.

Washington. November 22-FFOm the annual
report OF United States Treasurer Gilhllan 1t ap.
pears that the receipts of the Government com.
pare very favorably with those Of the previous
fiscal year and show an increase from customs,
internal revenue and sales OF public lands OF
s59, ,181 $50, and decrease In those from mIscel
laneous sources Of only Sll2,079. The expendi
lures show the slight increase Of S695 0H In the
aggregate as compared with the previous fiscal
year. caused BY an increase OF s22 395 040 In pay
ments on account Of the Interior Department,
but show decrease Of s2l 500 965 In expenditures
for interest and premium on the public debt, on
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 bust
ness June 30, 1879, was SAT- 223,7S7 Receipts dur
ing the year from all sources amounted to s494,
57S241, and drafts paid S708 100 900. After de.
Quoting the receipts properly refunded and out
standing drafts there was subject to draft at the
close Of business June SO $780, 1904 6S9 1885, which
differs from the debt statement balance by So 595
2l3 which is explained In the appendix The
business Of the Government involved transfer
during the year Of s 053 957 OS2 the greater por.
tlon through the medium OF accounts OF this Of.
fee and the remainder by the actual transporta.
ton of funds
Fifty eight National banks were organized dur.
ing the year, five failed and twenty one went into
voluntary liquidation leaving 2,102 doing dust.
ness. The amount collected from National ban ks
by the Treasurer of the United States for semi.
annual duty accrulng during the year was 81 SOL,
no. The total amount collected during the ex.
istence Of the National bank system is S1O9 S6i,
469.
The report embodies q! statement Of! liabilities
and assets OF the Treasury for the years 1877
and 80, from which 1t appears that gold and sil
yer coin and bullion ranged from s144 464 9S2 in
1877 to Sl63 969 44t in 1875 10 1922 7 1868 in 1879
and to S24 3O3 215 In 1880 The decrease of sS 5OO
900 between 1879 and 1880 ia represented by the re
duction In the gold balance Of S34, 900 ,000 and an
increase In silver cOlu AND bullion on hand The
influences tending to the decrease of gold bal
ance have been primarily the scarcity Of notes
compelling the payments OF the daily balance to
the New York clearing house in gold COIN There
has been bul a small amount OF United States
notes and gold certificates presented for redemp
tion in gold coin. There has been during the
year an increase in silver coin Of sl5 977 go in
standard dollars, and OF 81 $40 994 in fractional
silver coin
The note assets, including balances due from
the depository bank, have decreased from SlO7,.
664 2S7 in 1877 to SO3 III 2S2 in 1875 to S69 65S
In 1879, and to s42 2O3, ,314 In 1880, The steady
decrease, the Treasurer says is due in great
measure to the Withdrawal Of notes caused by the
presentation Of clearing house certificates for re
demption, the amount OF these certificates out
standing having be en- reduced from S9l 1856 900 in
1879 to SO 975, 900 In 1880.
Another reason for the smallness OF the note
balance, Mr.. Ghllan adds, may be found in the
falling off In note receipts, the revenues OF the
United States Government being now largely
paid In coin and silver certificates From tables
Of the assets and liabilities Of the Government for
November l, 1879, and November l. 1880, 1t Is
shown that on November l, 1879 there were $751;.
O47O44, and on November /, $780, there were SAL,
5970l36l available for resumption. The amount
Of gold coin and bullion In the Treasury January
l, 1879 the date OF the resumption Of specie pay.
ments was Sl35 1882 $50, and at this date, Novem.
ber l. 1t is Sl4O 25 9j2 ard in addition there have
accumulated in the Treasury A70Si 459 In STAN
dard silver dollars, This redemption of United
States LOtes in gold since the resumption Of specie
payments have aggregated Sll 1858 1856. Since the
order Of the Department of January l, 1879, au.
thOrizIng the receipt of United States notes for
customs duties, there have been received on that
account Sl42 1923 COL.
The total coinage oi.standard silver dollars un.
der the act of February 49, 1873 has been 72,S47,.
$50. or this amount 475S8l06 are in the
treasury, and in the mints is 25,259644, be.
ing more than 3425 per cent, Of the coinage In
circulation.
The treasurer instances banks which have TO.
duced and forthwith increased their circulation
to the former amount, with the avowed object Of
relieving themselves from the trouble and ex-
pense Of redeemlng their notes through the re-
demption agency as required by law, and says 1t
is plain that slch 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 ciIcu.
lation in whole or In part A wish to surrender
with the reserved intention of taking out more at
once or as soon as a fall in the price OF bonds
shall make the transaction profitable is not, II is
submitted such desire to withdraw circulation
as the lew contemplates. It could neither have
been intended nor expected that the law would
become the NEAR Of enabling banks to operate In
securities Of the Government deposited to secure
the redemption Of their notes or to throw upon
the United States or other banks Of the country
the expense Of Hredeeming their notes while main.
tanning and enjoying the full circulation to which
the law entities them.
SENATOR BECK's VIEWS.