New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-04
main. in the Treasury The average monthly coinage
has hee 30 600 and the average net monthly issue

main. in the Treasury The average monthly coinage
has been s22s7ooo. and the average net monthly SS"e
There was large increase during the fiscal year IA
the amount Of silver certificates Ia crculation t
amOunt outstanding at the close Of the year pelhs
SOL / 100, $50 as Compared with $12,374,27O ont
Gates outstanding at the close of the fiscal year
amounted 10 only 81 81 5000 the smallest amount OUT
standing at the close OF any fiscal year since the So
The amount of fractional silver coin in the % T
which on September 80, 1850, S2i,723,s02 65,
steadily ran up until August l. 1881, when II reached
S27 295 4S6 &c. Within the last two months IL nus us
creased in consequence of the heavy shipments rom
the Treasurers Office and now stands at S263434 T.
increase OF 81 6l9,5s4 40 IN the last year. put uo
crease of $685., OO9 AS since August ]. It'll.
The amount Of minor com IN the Treasury, wb non
steadily increased from $4,000 IN 1870 10 ~
TWO Years The amonnt now on hand is S5525s5 o6.
compared with 81 0G3.GU5 % on September oV
and 524 700 81 on the corresponding date in 1873
The Treasurer saws ON the subject Of mutiated cur
rency that the rule subjecting mutilated Oncu
currency on Its redemption, to discount propor9ne
10 the part lacking based on false analogy TO Gomez
money, is unjust to the public and expensive 10 inc
Treasury, and should be modified
MISCELLANEOUS TOPICS.
During the year ending September 30. 1881 there
were redeemed and paid for by the Treasurers once
called United states bondsou which interest had cease
Of the face value of $75 2362O0 The proceeds ncud-
ing interest amounted to S7G556772 SO United states
bond to the amount Of 1877 $50 purchased dur
ing the year for the sinking fund, at cost, cIuhs
accrued interest and premiums, Of S290S3,s2i 80;
The semi-annual duty assessed upon ana c3eG fd
from the National banks by the treasurer OF tne Guu
States for the fiscal year as foows On clpcaatoI
S3.l ,37i 50; on deposits Si9iO9l6 IL on ca.ai
S43l 233 10; total So 1892 80 This Is TIE largest
amount of semi-aruua duty assessed am c4ee,eu III
year since the establishment OF the Nal"hdi pA
Ing system. , a.. -. ~,
The Treasurer regards the requirement OF me act Oh
1Si9 that the public moneys shall he deposited III ,e
Treasury without dminuOn in any way a. most salu-
taTy and important and believes that there IS no sur
fcien reason for excepting from II the PubG money
revrencs Of the Post Onice Department should
n ITpasurpTs ODiulOn be uCIOSGtu ike an ''u'i
revenues, without abatement, to the cred u Tue
urers regular account and be drawn out ony "" Nv
warrant the Secretary OF the treasury OdSeu upon tue
reOui,ito of the Postniastr General.
relative TO the redemption of National bank notes.
Treasurer Gilhllan says: aside from the mere DIM
Guilty of properly appOrtiOning the expenses oI IedeP
ZION te Treasurer il more firmly of the conviction that
the nnwer now possessed by the National banks Of
pa unnecessary and dangerous Under sound system
currency the circulation can he reduced only ny me e
the bOldcrs in presenting II iorredempOn Under t1e
present system the ssuers suddenly aud arbitrarily
contract il to any extent and It may be for their interest
do TINS when there is legitimate demand Tor AZ me
fact often s-a profit the bank in Withdrawing an
selling their bonds, when the circulation Is ALREADY deI
Gent 4 bank having issued circulating notes, should
he held responsible for them until they are redeemed
IL out O business. There Is no sounu reason WY,
W lille continuing TO do business should lie permitted
TO throw the burden OF the redemption OF It's pTOnsoy
upon the United States and there Is no obuSaou
resting upon the United states 10 that burden
The privilege surrendering circulation by deposliug
lawful money for its redemption l. not necessary 10 cor
rect redundancy in the circulation siuce any real re-
dundancy VIII be naturally corrected by the return oil
the notes By the holders. III BANK mas mat its h
are bciug redeemed so rapidly as destroy the profit
the obvious remedy is to refrain from relssug the re-
deemed notes and 10 retire them ms permitted py otco
81 of the Revised which provides for their
surrender in sums of 900. Nor would the withdrawal
of the privilege prevent banks from Winding up tHer
business aud going into liquidation, nasmuch as the
surrender OF circulation by qudatinS Danks If iue
under prior and distinct provisions OF Ia" 'oec'onS
5 22C ,22l aud 5,222, Revised Statutes.
In concluding his report the treasurer urges that 'ue
salaries persons employed IN his Office shall be raised
They were considerably reduced by the act August To-
1870