The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1881-11-10
UNITED STATES TREASURY RE-
PORT. -..1

Gilfllan for the fiscal year ending June 80,
1881, shows an increase in receipts over those
for 1880, from every source. Increase in GUS
toms, S11, ,637, Gil internal revenue, $11, 1885,
OIL sales of public lands, 81, 1876, 356 mis-
cellaneous sources, S3. 1T, ,702. Total increase,
~, ,255.6S1, which, added to the net reduction
Of sc, $780, 070 in expenditures, makes and in
crease in surplus revenue of $34, 1876, ISL. Net
revenues 1850, 7s2, ,292, and net expenditures
$3.50. 712, ,SS7. Excess Of receipts over pay
ments, 300, ,O69, ,4o4, of which $50, S72, ,261 was
expended in the redemption of the public debt.
Balance in the Treasury increased $48, 66I.-
603 from S2O3, 791 1921 at the beginning of the
year to s252, ASS, ,925 at the end of the fiscal
year. Amount expended oh account Of in
terest and premium on the public debt ran down
from $98, $50, 895 in 1880 to $50, 569, 9S9-a re-
duction of $14, 982, ,905. Balance standing to
the credit Of the disbursing officers and agents
OF the United States, with various officers of
the Treasury, June 80, 1881, was $24, ,936, ,307.
Receipts for the fiscal year on account of the
Post-ofice Department $39, 757 ,664 and ex-
penditures S3S, 544, 935, of whick amounts
s24, 7o2. 7o3 were received and expended directly
The unavailable funds in the Treasury is
$29. .521, ,632, an increase since last report by
reason of taking up of certain items previously
carried in cash. SiisEi EtsEsEE Jiss#f
At the close of the year there wssheld by the
Treasurer in United States bonds $500, sos, 800
as security for circulation of National Banks,
and S15, ,295, 500 as security for public deposits
in National Bank depostories. During the year
S276, ,899, 700 in bonds was deposited for these
purposes and S277, 527, $50 Withdrawn, exceed
ing by far the transactions Of any former year.
The United States currency outstanding at
the close of the year was $362, 500 48z; re-
deemed during the year, $71, ,069, 974 Total
redemptions since the first issue Of currency,
q, 300, 141, ,073.
United States Bonds, amounting TO $S5, 304, :
H. 49, -
retired by purchase, redemption, conversion
and exchange, from March IL 1859, to the
close of the fiscal year, 81 1888, 344, ,6o0,S Gou-
pons from United States honda of fhe vslue of
s22, 797. .667 were paid during the year, and sSce
quarterly interest on the reeiatsred stock Of
paid by means of 305, ,105 checks. e. -
National Bank notes received for redemption
during the year $59, $50, ,259 The aggregate
zredemptions under Act Of june 20, 1874 has
been 81, ,G99 634, ,772. W Jaol-4l q 81 ~ -
The practice the past year has been to make
ten per cent Of all payments in silver dollars
or certificates, forty per cent. in gold coin, and
fifty per cent. in notes. To, this rule there is
one important exception. Under an arrange
ment between the Treasury and the New York
Clearinghouse all payments by the Treasury
to this institution, aggregating S275, ,000, 900 9
year, must be made in gold coin, or United
States notes, standard silver dollars not receiv-
able under its rules although silver certificates
are now being paid it by the Treasury to some
extent in large denominations, in lieu of gold
coin, for use in payment of customs dues.
Aside from any personal views as to the ex-
pediency of reviving the silver dollar, the
Treasurer says it would seem unwise for any
branch of the Government to encourage an ar.
rangement by which coin, which 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 $751; 981 210, having
increased more than $64, 000, 900 the last year
and larger than any corresponding date in any
| year since 1873. Tho increase Is due in chic
part to deposits ON account of silver certificates
| which amounted to $45, soc, 900. s.
In referring to the reserve held for the re
demption Of United States notes, the Treasures
says There is no provision of law requiring
| specie reserve for the redemption Of United
sumption OF specie payments fund was ere
ated in the Treasury under Section of th,
Resumption Act Of 1875, by the sale Of $95,
| 500, 900 bonds and an accumulation of surplu
revenue, to protect outstanding notes. Tn
amount of this sum has never been defnitel,
| fixed, but it has been maintained at about A
per cent. of United States notes outstanding
It has usually been assumed that reserve o
I 40per cent, is sufficient for the protection O
United States notes, but under the method o
computation the reserve is not merely 40 pc
cent. of liability represented by United State
bilities. So far as gold, silver and Clearing
House certificates are concerned, 1t is necessary
under the laws authorizing their issue, tina
] their full amount should be set aside in gold
silver and United States notes, respectively
as funds for their redemption, but as to othe
liabilities no such obligation exists, and it /
submitted no higher reserve Is required TO
their protection than is required for the pro
-tection of United States notes.
4 In the changed condition of trade and com
merce, unless some calamity shall overtako th
Nation, there seems to be no probability of
run upon the reserve Of the Treasury. Th
4 total demand for coin in the redemption @
Unite6$tates notes aggregatedsince the resumr
ton was but &12, ,029, 066, and no notes what
ever have been presented fo- redemption sine
February, 1881. Should there ever be run O
the specie reserves Of the Treasury, Unite
States notes will be made the basis Of the dc
mand, and not other maturedobligation whic
compose a very varied current of the Habilitie
Of the Government
The excess of assets over demand liabi,itie
Of the Government other than United State
notes is shown by the tabulated statement I
be &146, l43, ,491. sE-,gvs rsss.
"Considering these liabilities as whole,
the Treasurer says, 1T Is clear that whateve
percentage Of reserve will protect United State
notes will protect other liabilities"
The total amount Of standard silver dollar
coined to September 80, 1881, under the act {
February 28, 1873, is $98, 1872, 705, of whic
nearly thirty-three per cent is in circulatio
and the remainder in the Treasury. tt
amount coined last year was $27, 1858, $685.
which 90, 5s9, 400 went into circulation, til
> remainder in the Treasury.
THERE are $4,000 boatmen employe
@fnv, tho an =, N ~ L.