The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1881-11-11

Yearly Report.
The report of United States Treasurer Gilfil-
Ian for the fiscal year ending June 80, 1881,
shows an increase in the receipts over those for
1880 from every source. Increase In customs,
Sill 637 Gill; internal revenue, ell, 255 OIL; sales
of public lands. $1,185,s56; miscellaneous
sources s3, lit 702; total increase, s27' o56Sl,
which, added to the net reduction OF s6, 93o,oIs
in expenditures, makes an increase In the sur
plus revenue of s34, 1885, 5l.
The net revenues we're $3.50, 1872 292, and the
net expenditures $3.50, 712. 1877. The excess OF
the receipts over payments was slOO,O09,4O4,
OF which CSC, S72, 26l was expended In the re-
demption Of the public debt. A
The balance in the treasury increased S4S,-
667. 603 from s203, 79l 1921 at the beginning. to
$252. ASS, 925 at the end of the nscai year. Inc
amount expended on account OF interest ana
premium ON the public debt ran down from
S98, $50, S95 IN 1880 to S8S,569, $50, reduction
of Sl4, 982, 905. The balance standing to the
credit OF Disturbing officers and agents Of the
United States with various offices OF the treas
ury June 80, 1881, was S2f, 936,3O7
The receipts for the fiscal year on account OF
the Postoffice Department were $50, 757, 664, and
the expenditures $3S, 544 935, OF which amounts
$24 ZOE, 703 we're received and expended direct
ly by Postmasters.
Inc unaVallaDle lufub III Jlo ticuouiy
amount to S20, 52l, 632, an increase since the
last report. by reason of taking up certain
items previously carried in cash At the close
OF the year there was held by the Treasurer IN
United States bonds $500 505, 800 as security
for the circulation Of national Lanks, and Sl5.-
295,500 as security for public deposits In
nationAl-bank repositories. During the year
s276, 500, 700 in bonds was deposited for these
purposes and S277, 527, $50 withdrawn, exceed
ing by far the transactions OF any former year.
CURRENCY OUTSTANDING.
The amount of United States currencv out
standing at the close Of the year was 1862, $780,
437 ; redeemed during the year, $7l, C69,9
Total redemptiens since first issue Of currency,
g., 300, IA, 073.
United States bonds amounting to S85. 304,-
$50 have been retired during the year. The
aggregate retired by purchase, redemption,
conversion and exchange, from March IL,
1869 10 the close Of the fiscal year, was 81 $685.
344 800. Coupons from United States bonds
of the value Of $22 797, 667 were paid during
the year, and quarterly interest on registered
stock funded loans. amounting to S44, 455, 100,
was paid by means Of 3J5, l05 checks.
National-bank notes received for redemption
during the year, $59, CSC, 259 The aggregate
redemptons. under act June 20, 1874, have been
81, 099, 634, 772.
GOLD AND SILVER.
Comparing the condition of the treasury
Sept. 80, 1881, with the condition the same day
last year, the most striking changes are the In
crease in gold coin and bullion and standard
silver dollars on hand, and in silver certificates
outstand n.y. Deducting gold certificates actu-
ally outstanding, the gold belonging to the
Government Sept 30, the last four years, was
S112, COZ, 622 in 1878. $154, 9S7,371 in 1879,
1928, 100, 0S5 in $780, and $169, 552, TAG in 1881
The gross amount Of gold and silver coin and
bullion held by the treasury, without regard
to obligations outstanding against it, ranged
IN 30 q -,
1879 to $214, 1908, 215, in 1880, and $269 706 $685.
In 1891 The increase last year was $55 400. 900,
Of which S39, $50, 900 was in gold. and $16 25e,-
600 in silver. The increase in gold was greater
and in silver less last year than any year since
the coinage of the standard silver dollar began
The United States notes on hand slightly in
creased last year, notwit outstanding the urgent
public demand for circulation. The amount on
hand above the amount required for payment
of clearinghouse certificates is $40, 000, 600,
against 5000, 900 year ago.
The practice the past year has been to make
10 per cent. OF all payments in silver dollars or
certificates 40 per cent IN gold coin aid so per
cent. in notes. To this rule there is one Inn
portant exception Under an arrangement De-
tween the treasury and the New York Clearing
House all payments by the treasury to this IN
stitution. aggregating 1915 600, 600 year, must
be made in gold coin or United States notes.
standard silver dollars not being receivable un-
der its rules although silver certificates are now
being paid it by the treasury to some extent in
large denominations, in lieu of gold CON- for
use in the payment of customs dues. Aside
from any personal views as to the expediency Of
reviving the silver dollar the Treasurer says il
would seem unwise for any branch Of the Gov
eminent to encourage an arrangement by which
coin, which the law has made full legal tender,
is discredited.
The gross assets OF the Government, includ-
ing funds held for redemption of gold, silver
and currency certificates, Is 1881 1881, 210, hav-
ing increased more than $64, 200, 900 last year,
and larger than on the corresponding date in
any year since 1873 The increase is due in
chief part to deposits on account OF silver GER
tifcates, which amounted to $45, SOC, 900.
THE RESERVE FUND.
In referring to the reserve held for the re-
demption Of United States notes, the Treasurer
says: There is no provision in the law re-
quring specie reserve for redemption of United
States notes. In the preparation for the re-
sumption OF specie payments fund was
created in the treasury under section 8, Re.
sumption act of 1875 by the sale of sos, 500 DOC
in bonds, and the accumulation of surplus
revenue TO protect outstanding notes. The
amount Of this fund has never been definitely
fixed, but 1t has been maintained at about 40
per cent OF United States notes outstanding
1t has usually been assumed that reserve OF
40 per cent Is sufficient for the protection of
United States notes, but, under the method of
computation, the reserve Is not merely 40 per
cent OF liability represented by United States
notes, but also 100 per cent of all other liabili
ties. So far as gold silver and clearing-hou
certificates are concerned, it is necessary, under
the laws authorizing their issue, that their full
amount should be set aside in gold, silver and
United States notes, respectively % funds for
their redemption, but as to other liabilities
there is no such obligation as this, and it is
submitted no higher reserve is required for
their protection than is required for the pro-
lection of United States notes. In the changed
condition of trade and commerce, unless some
calamity shall overtake the nation there seems
to be no probability of a run upon the reserve
OF the treasury. The total demand for coin in
the redemption OF United States notes aggre-
gated since redemption but So, 029 0S6, and no
notes whatever have been presented for re-
depption since February, 1881.
THE SPECIE RESERVE.
Should there ever be run on the specie re-
serves of the treasury, United States notes win
be made the basis of demand, and not the
other matured obligations which compose the