Southern standard. (McMinnville, Tenn.) 1879-current, 1881-11-12
Treasurer GilnIlan's Report.
WASHINGTON, November

Gilfllan for the fiscal year ended June 80
1881, shows an increase in the receipts oyel
those for 1880 from every source. Increase
In customs, $1l,63LGl1; internal revenue,
Sl1, 255,O11; sale Of public lands, $1,1S5, $3.50
miscellaneous sources, S3,177, 7O2; total in.
crease, $27, 255, 6S1, which, added to the ne
reduction Of $6,930,070 in expenditures
makes an increase in the surplus revenue O.
$94, 1856, 751.
The net revenues were $3.50, 1872, 292, ant
the net expenditures, $3.50, 712, 1887. The ex.
cess of the receipts over payments wa,
. $780, 69, 404, OF which s90,s72, 25i was ex.
pended in the redemption of the public
debt.
The balance In the Treasury increased
S1S,667, 0O3 from $2O8, 791, 1921 at the begin.
hing to $252, 1925 at the end Of the fisca
year: The amount expended on account Of
interest and premium on the public debt
ran down from $9S, 1862, S95 in 1850 to $50, :
969, 9S9, reduction of $14, 9S2, $685. The
balance standing to the credit OF disbursing
Olncers and agents OF the United States with
various officers Of the Treasury, June 30,
1881, was $24 ,93G,3O7.
The receipts for the fiscal year on account
OF the Post -Ofiice Department was 500, 757.-
664, and the expenditures, 1854, 1856, OF
which amOunts S24j702, 708 were received
and expended directly by Postmastefs.
The unavailable funds In the Treasury
amount to S29, 52l 1852, 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 Treas
urer in United States bonds, 1850, sos. 900
! gpnnritV for fha iroYn nf NJ
banks, and S15, 205, 800 as security for public
deposits in National Bank repositories.
During the year $276,S99, 700 in bonds was
deposited for these purposes, and S277, 627, q.
S0O Withdrawn, exceeding by far the trans.
actions of any former year.
The amount OF United States CURRENCY
outstanding at the close of the year was 1862, :.
539, 43l; redeemed during the year, ST. ,O69, :
974. Total redemptiOns since first issue Of
currency, 81, 300, 141, 073.
United States bonds amounting to SS5, =
By4, 900 have been retired during the year.
The aggregate retired by purchase, redemp.
ton, conversion and exchange, from March
II, 1863, TO the close OF the fiscal year, was
M,9S3, 044, 800. Coupons from United
States bonds of the value Of so, 797, 1857 were
paid during the year, and quarterly interest
on registered stock of funded loans, amount
Ing to VA, 400, 100, was paid by means Of $685..
l05 checks.
National Bank notes received for redemp-
ton during the year, S59,6J0, $50. The ag-
neutrality-suspicious., under act of June 20,
1874, has been $1,O09,G34 ,772.
Comparing the condition Of the Treasury
September 30, 1881, with the condition the
same day last year, the most striking
changes are the increase in gold coin and
bullion and standard silver dollars on hand,
and in silver certificates outstanding. De-
Quoting gold certificates actually outstand-
ing, the gold belonging to the Government
September 30, the last four years, was $1l2,-
6O2,622 in 1878, $l54, 9SZ371 in 1879, $l2S,
l6lO,OS5 in 1880, and $l60, 552, 746 in 1851.
~-fti'syvnrrvfrl Ieru ny me Treasury, without
regard to obligations outstanding against if.
ranged from $163, 969,444 in 1878 to S222,
81 ,o6S in 1879, to 2l4,3O3,2I5 in 1880, and
S269, lO6,99S in 1881. The increase last wear
was 700, 1901 900. Of which $50, 100000 was in
gold, ana Sl6, 900 in silver. The increase
IN gold was greater and in silver less last
year IMAM any year since the coinage of the
standard silver dollar began.
Inc United States notes on hand slightly
increased last year, notwithstanding the
urgent public demand for notes for circula-
tlon' The amount on hand above the
amount required for payment of clearing
house SS certificates is $2OOOOOOO against SIS
VVO,UOO year ago.
Inc practice the past year has been to
make Upper cent. Of all payments in silver
uollars or certificates, 40 per cent. in
gold com and 90 per cent in notes. To
TINS rule there is one important exception.
Under an arrangement between the Treas
ury and the New York Clearing House all
payments by the Treasury to this institu-
.lon, aggregatlng S275,0OO,000 year, must
be made in gold coin or United States notes. |
rnf hnf,a 4
under its rules, although silver certificates |
are now being paid 1t by the Treasury to |
some extent in large denominations, in lieu |
OF gold coin, for use In payment of custom |
dues. Aside from any personal views as TO |
the expediency of reviving the silver dollar.
the Treasurer says it would seem unwise for
any branch OF the Government to encourage
an arrangement by which coin, which the
law has made full legal tender, is discred.
tied. O''0
In referring to the reserve held for the 70.
demption Of United States notes, the Treas.
urer says: "There is no provision in the law
requiring specie reserve for redemption of
United States notes. In the preparation
Tor the resumption Of specie payments n
fund was created in the Treasury, under seq
ton ., Resumption act Of 1875, by the sale
OF S95,5O0,O 600 in bonds, and the accumula-
ZION OF surplus revenue to protect outstand-
Ing notes. The amount of this fund has
never been definitely fixed, but it has been
N at about 40 per cent Of United
States notes outstanding.
ut has usually been assumed that n reserve
Of Az per cent is sufficient for the protection
Oh 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 neI
cent. OF all other liabilities. So far as gold,
silver and clearing house certificates are
1t is necessary, under the laws
their issue, that their full
mount should be set aside in gold. silver
md United States notes, respectively, as
unds for their redemption, but as to the
'ther liabilities there Is no such obligation
IS this, and it is submitted that no higher re-
erve is required for their protection than is
equired for the protection Of United States [
totes. In the changed condition of trade
nd commerce, unless some calamity shall ;
vertake the Nation, there seems to be no
probability OF run upon the reserve of the
'reasury. The total demand for coin in the
exemption Of United States notes argre.
ated since resumption but ST., ops, OS6. and
% notes whatever have been presented for
exemption since February, 1881.
should tnere ever be run on the specie s
eserVes OF the Treasury, United States notes
MI be made the basis OF demand, and NOT ,
ne otner matured obligations, which COM
ose the very varied current liabilities of
ne Government. The excess of assets over
emanu 1Or liabilities OF the Government, S
Their than United States notes, is shown by
tabulated statement TO be STAG, 443, 49I.D q
onsidering these liabilities as whole. the
reasurer says: cit is clear that what
yer percentage the reserve will protect. O
nited States notes will protect the i
her liabilities" The Treasurer does
ot attempt to say what this .
ereentage should be, but is OF opinion :
lat UNIFORM percentage should be fixed .
r all current liabilities other than tbe
rec classes Of certificates, and the excess Y
cash in the Treasury should be expended, "a
ON time to time, in the purchase or re. \