The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1881-11-10
UNITED STATES TREASURY Re-
t4 PORT.

The report of tho United States Treasurer
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, $11, ,637, Gil internal revenue, 81, 255,-
OIL sales of public lands, 81, 1856, 356 mis-
cellaneous sources, S3, 1T, ,702. Total increase,
S27, ,255.681, which, added to the net reduction
Of sc, 930, 070 in expenditures, makes and in
crease in surplus revenue of S34, 185, ISL. Net
revenues $3.50, 49,, ,292, and net expenditures
$3.50, ,712, ,8S7. Excess OF receipts over pay
ments, 800, 069, ,404, of which SOC, ,S72, ,261 WAS
expended in the redemption of the public debt.
Balance in the Treasury increased $48, ,66T,-
6O3 from S203, 791 ,321 at the beginning of the
year to S252, ,45S, ,925 at the end of the fiscal
year. Amount expended on account of in
terest and premium on the public debt ran down
from s9S, $50, 895 in 1880 to $83, ,569, 9S9-a re-
duction of S14, ,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-office Department $50, Isl, ,664 and e1-
penditures S38, 544, 935, of whicL amounts
$24, ,702, 703 were received and expended directly
by the Postmasters.
The unavailable funds in the Treasury is
S29, 81, ,632, an increase since last report by
reason of taking up of certain items previously
carried in cash ----==-
At the close of the year there was held by the
Treasurer in United States bonds $3.50, sos, 900
as security for circulation of National Banks,
and SIS, 295, 500 as security for public deposits
in National Bank repositories. 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purposes and S277, ,527, $50 Withdrawn, exceed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 1852, 529 437; re-
deemed during the year, $71, ,069, 974. Total
redemptions since the first issue of currency,
g, 800, 141,0
United States Bonds, amounting to $85 304, :
$50 were retired during the year. Aggregate
retired by purchase redemption, conversion
and exchange, from March II. 1869, to the
close of the fiscal year, 81, ,9S3, S44, ,800 Cou-
pons from United States bonds of the value of
S22, ,797, ,667 were paid during the year, and tt
quarterly interest on the registered stock of
funded loans, amounting to "a, 455, 790, wss
paid by means of 305, 105 checks.
National Bank notes received for redemption
during the year $59. $50, ,259. The aggregate
redemptions under Act Of June 20, 1874, has
been 81, ,099, ,634, 772.
The practiceth 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 arrange
ment between the Treasury and the New York
| Clearinghouse, all payments by the Treasury
to this institution, aggregating S275, ,OO0, 900 q
| 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 1t 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 1881, 981 210, having
increased more than S64, 600, 900 the last year
and larger than any corresponding date in an.
year since 1873 Tho increase Is due in chic
part to deposits on account Of silver certificates
which amounted to $45, 600, 900.
In referring to the reserve held for the re
demption Of United States notes, the Treasure
says: There is no provision of law requiring
a specie reserve for the redemption Of UNITED
States notes. In the preparation for the re
sumption Of specie payments fund was ere
ated in the Treasury under Section of tn
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 definite
fixed, but it has been maintained at about
per cent. of United States notes outstanding
1t has usually been assumed that a reserve o
40 per 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
notes, but also 100 per cent. Of all other liza
bilities. So far as gold, silver and Clearin
House certificates are concerned, it 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 fo
their protection than is required for the pre-
lection Of United States notes.
In the changed condition Of trade and com
merce, unless some calamity shall overtake th
Nation, there seems to be no probability of
run upon the reserve of the Treasury. Th
total demand for coin in the redemption G
United States notes aggregated since theresumr
ton was but $12, ,029, ,0S6 and no notes whal
ever have been presented fo- redemption sine
February, 1881. Should there ever be q run O
the specie reserves of the Treasury, Unite
States notes will be made the basis of the d.
mand and not other matured obligations whic
compose very varied current of the liabilitit
of the Government.
The excess of assets over demand liabiiitis
of the Government other than United State
notes is shown by the tabulated statement
be S146, ,443, 491.
"Considering these liabilities as q whole
the Treasurer says, sit is clear that whateyt
percentage of reserve will protect United Stat,
notes will protect other liabilities"
The total amount of standard silver dollal
coined to September 80, 1881, under the act ,
February 2S 1878, is $9S, 1922, 705, of whic
nearly thrty-three per cent. is in circulatic
and the remainder in the Treasury I'll
7 amount coined last year was $27 753, 955.
which 90, ,5S9, 420 went into circulation, IL
remainder in the Treasury.