Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1881-11-11

Increase in internal revenue II, 255, OIL
Sale of public land. 49, /, lS5, $50
Miscellaneous sources SIN, $50
Total increase. -. p. 255. 6sl
Which added to the net re-
duction. S6.930,070, in the expendi-
lures, makes the increase in surplus
revenues $34. 1S5,751.
Net revenues. Observation-Disclosures. $500, IS2, 292
Net expenditures . 260, 7l2, SS7
Excess of receipts over payment. 100. 069, 404
Of which was expended in redemption
OF the public debt. .....-......... 10, So, FOL
The balance in the treasury increased
AS, 667 sos, or from S203, 791 ,S21 at the
beginning to S252, Ass, 925 at the end of
the fiscal year. The amount expended
on account of interest and premium on
the public debt ran down from SOS, 552, :
S95 in 1880, to SIS, 569. 9s9, reduction
of S14. 9S2, 9N5.
The balance standing to the credit of
the disbursing officers and agents OF
the United States with the various
offices of the treasury, June 80, 1881,
was $24 936, SOY; receipts for fiscal year
on account of postoffice department,
S39, 757 ,664, and expenditures, SS,544,-
935; of which amounts S24,707, 703
were received and expended directly
by the postmaster. Unavailable funds in
the treasury, S29, 521SS2, an increase
since last report by reason of taking up
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, 300 as security for circu-
lation of national banks, and $15, 295, 500
as security for public deposits in national
bank deposItories. During the year,
SIZE, S99, 700 in bonds was deposited for
these purposes and S277, 527 $40 with
drawn, exceeding by far the trans
actions of any former year.
U. S. currency outstanding at the
close of year, 1867, 539, 437; redeemed
during the year, $70,069, 974; total re-
demption since the first issue of cur
rency, 81, 800, al ,073.
U. S. bonds amounting to $50, 004, csc
were retired during the year. The ag-
gregate retired by purchase, redemp-
ton, conversion and exchange, from
March IL, 1869, to the close of the ifs
cal year, was 1888, 344 800; coupons
from u S. bonds of the value of 500.
997, 667 were paid during the year, and
quarterly interest on registered stock
and funded loans, amounting to ST.
455, 790, was paid by means of sos, 105
checks.
National bank notes received for re-
demption during the year were $50,
650, 259. The aggregate redemption
under the act of June so, 1874 have
been 81. 099. 634772.
Comparing the condition of the treas
ury Sept. so, 1881, with the condition
of the same day last year, the mos
striking changes are in the increase o
gold coin, and bullion, an d standard
silver dollars and silver certificates out
standing. Deducting gold certificates
the actually outstanding gold belonging
10 the government, Septembel
80, for the last four years, was
S112,602, 622 in ISIS, S154 ,9S7 81 in 1879
SIPS, 160,0S5 in 1880, and $169, 552, 54G
in 1881. Gross amount of gold and sill
yer coin and bullion held bg the treas
ury without regard to the obligation.
outstanding against it, ranged from
$l63. 969, IA in 1878, to S222, SOY $50 il
1879 to 2l4 sos, 215 in 1880, and 1863,
7GC,9 in 1881. Increase last year
$50 100000, of which $39, $50, 900 was il
gold. and SIG, 100000 in silver. Th,
increase in gold was greater and in sill
yer less last year than any wear since
the coinage of the standard silver dol
lars began.
United States notes on hand Slightly
increased last year Notwithstanding thu
urgent pupic demand for notes for cir
culation. The amount on hand above
the amount required for the paymen
of clearing house certificates, wa,
$20,000,000 against $1S,000,000 one veal
ago. The practice the past year has
been TO make 10 per cent payments il
silver dollars on certificates, 40 per cent
on gold coin, and so per cent on notes
To this rule there is one important ex
ception. Under an arrangement be
tween the treasury and New Yori
clearing house, all payments by til,
treasury to this institution, aggregatins
100000 a year, must be made il
gold coin or United States notes, stand
ard silver dollars not being receivable
under its rules, although silver certifi
Gates are now being paid it by the treas
ury to some extent in large denomina
tions, in lieu Of gold coin, for use in the
payment of customs due. Aside from
any personal views as 10 the expedi
ency of reviying silver dollars, thu
treasurer says it would seem unwise fol
any branch of the government to en-
courage an arrangement by which coin
which the law has made fully legal ten
der, is discredited.
Gross assets of the government, in
Guiding funds held for redemption il
gold, silver and currency certificates
1881 ,9S1 ,210, hav ng increased more
than S64, 000,000 last year, ana is larger
than on the corresponding date in any
year since 1873. The increase is due
in chief part to deposits on account
of silver certificates, which amounted
to S45, 100000.
In referring to the reserve held for
the redemption of United States notes
the treasurer says there is no pro-
vision in the law requiring a specie re.
serve for the redemption Of United
States notes III preparation for resump.
ton of specie payments. The fund
was created in the treasury under sec.
ton of resumption act IS, by the sale
of $50, 500. 600 in bonds and the accu.
mutation of surplus revenue to protect
outstanding notes. The amount oil
this fund has never been definitely
fixed, but it has been main
tanned at about 40 per cent.
of United States notes outstanding. II
has usually been assumed that the re-
serve of 40 per cent is sufficient for the
protection of United States notes, but
under the method of computation the
reserve is not merely 40 per cent. oil
the liability represented by the United
States notes, but also 100 per cent. OF
all other liabilities. So far as gold and
silver, and clearing house certificates
are concerned, it is necessary under the
laws authorizing their issue that thier
full amount be set aside in gold, silver
and United States notes, respectively,
in funds for their redemption, but as to
other liabilities there is no such obliga-
ton as this, and it is submitted that no
higher reserve is required for their pro-
lection than is required for the protec-
ton of United States notes. In the
changed condition OF trade and COM
merce, unless some calamity shall over
take the nation there seems
to be no probability Of a run
on the reserve Of the treasury.
The total demand for coin in redemp-
ton of L. 5. notes aggregated, since
resumption, but s2,029, 0s6, and no
notes whatever have been presented
for redemption since February 1881.