Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1881-11-10
WALHALLA SOUTH CAROLINA, THURSDAY TO- 1881

at the close of tho year was S362, 500 ,437.
There was redeemed during tho year s7I,-
069,974, making the total redemption
since the first issue of currency $780,
l41,073
United States bonds amounting to $685.
3O4 ,050 wero retired during the year. The
aggregate amount retired by purchase, re,
dcpption, conversion aud exchange from
March IL, 1869, to tho close of fiscal wear
is 81, ,9S3 344, 800.
Comparing the condition of tho Trees.
ury September 80, 1881, with its condition
on the same day last year tho most striking
changes arc the increase in gold coin and
bulion and standard silver dollars on hand
und ~ silver certificates outstanding. More
than $23 100000 in gold has becu depos-
ited with the Assistant Treasurer in New
YorC Tor the purchase of exchange on the
West and South payable in silver ocrtia
Gates during the last fiftecu months.
Tho gross amount of gold and silver
coin aud bullion hold by tho Treasury in
1881 was S2G9,706 900. The increase
within the last year has been S5,5500, 600
OF which amount over 500 900 900 was in
gold.
The following arc the important recon-
mcnSa,ions contained in the report: The
Treasurer regards tho requirement of the
Act of 1919 that public moneys shall he
deposited in the Treasury without diminu-
tou in any way, as most salutary and i'm
portant, and believes there is no sufficient
reason for excepting from it public moneys
collected hy the Postotlice Department. 10
correct this, and to secure efficient control
aud uniform accountability, he recommends
change In the statutes 80 40 to require the
revenues OF the Postolice Department to
be deposited like all other rcvenucs 10 the
credit of the Frensurel7s regular account,
aud TO be drawn out only on tho war; Mt OF
Secretary OF the Treasury based upon the
rcquisition Of the postmastcr-G
Referring to the redemption of National
bank notes, Treasurer GiIiilan says Aside
from the mere difficulty of properly ap-
pnrtiuning redemption expenses, | am
firmly convinced that tie power now pos
scsscd BY Nalioual banks of throwing up
their circulation a, will is wrong in princ-
pie, unnecessary aud dangerous Under
the present system issucrs can suddenly and
arbitrarily contract tho currency to any
extent, and it may be for their interest to
do this when ;herc is q legitimate demand
for all the currency in circulation or even
moro. a bank having issued circulating
notes should be held responsible for them
until they are redeemed aud it goes out of
business, aud there is no obligation rcstius
upon tho United States to cssnmc lho
responsibility for their promissory notes.
The privilege Of surrendcring circulation
by depositnG lawful money for its rcdemp-
ton 10 not ue"e esaary to correct rcdundancv
10 its circrmIon. If bank finds that lis
issues arc being redeemed SO rapidly as to
destInv profit tho obvious remedy is
refrain from rcissuing the redeemed notes
and retire them accoruing to law Nor
would the Withdrawal of the privilege pre-
vent the banks from winding up business
and going into liquidation, i"asmuch as the
surrender of circulation by Iiquidating
banks is made uulcr u prior and distinct
provision of law.