Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1881-11-10

tne expenditures @5o, o44, 700, OF winch amounts
s24, 702, 703 were received and expended direct
" by Postmasters.
The unavailable funds in the treasury
amount to 500 52l ,632, 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 Treasurer in
United States bonds $3.50, sos, 900 as security
for the circulation of national banks, and S15,-
295, 500 as security for public deposits In
n4tional-bank repositories. During the year
s276, 800, 200 in bonds was deposited for these
purposes, and S27f, 527. $50 withdrawn, exceed
ing by far the transactions of any former year.
CURRENCY OUTSTANDING
The amount of United States currencv out
standing at the close OF the year was 1892. $50,
437 redeemed during the year, S7l, 100, OH
Total Iedemptisas since first issue of currency,
81, 300, 141 ,073.
United States bonds amounting TO sS5. 304,-
ESQ have been retired during the year. The
aggregate retired by purchase, redemption,
conversion and exchange, from March H.
1869, to the close OF the fiscal year, was 81, $685.
344 500. Coupons from United States bonds
of the value OF s22, 797,6 67 were paid during
the year, and quarterly interest on registered
stock funded loans amounting to 544 455, 100,
was paid by means Of 3)5, los checks.
National-bank notes received for redemption
during the year, S59,650, $50 The aggregate
redtmpto ns under act June 20, 1874. have been
81, 9,634772.
GOLD AND SILVER
Comparing the condition Of the treasury
Sept. 80, 1881, with the condition the same day
last year, the most striking changes are the in
crease in gold coin and bullion and standard
silver dollars on hand, and in silver certificates
outstand ng. Deducting gold certificates actu-
ally outstanding, the gold belonging to the
Government Sept. 80, the last four years, was
Sll2, ,622 in 1873. 1854, 9s7, 81 in 1879.
1928, 100. 0S5 In 1880, and $3.50 552 TAG in 1881.
The gross amount of gold and silver coin and
bullion held by the treasury, without regard
to obligations outstanding against 1t, ranged
from $l6S, 969 444, in 1873, to 1922 sO7. 1858, in
1879. to S2l4, 303 215, in $780, and 5000 706, 998
in 1891 The increase last year was sos. 400, 900,
II which $50, $50, coo in gold. and $40. 250,-
600 in silver. The increase in gold was greater
and in silver less last year than any year since
the coinage of the standard silver dollar began.
Tie United States notes on hand slightly in
creased last year, notwil hsianding the urgent
public demand for circulation. The amount on
hand above the amount required for payment
of Clearinghouse certificates is $40, 900 600.
against Sl8,000,000 year ago.
The practice the past year has been TO make
10 per cent OF all payments in silver dollars or
certificates, 40 per cent IN gold coin aid so per
cent. in notes To this rule there il one i'm
portant exception. Under an arrangement be-
tween tho treasury and the New York Clearing
House all payments 10y the treasury to this in
+ tuition, agGregating 1878 600, 900 wear, must
be made in gold coin Or United States notes.
stand I'd silver dollars not being receivable I'M
der It's rules although silver certificates are now
icing paid it by the treasury to some extent in
large denominations, in lien of gold coin. for
use in the payment of customs dues Aside
from any personal views as to the expediencv of
re iYiug tho silver dollar, the Treasurer saws il
would seem unwise for any branch of the Gov
erBm mt to encourage an arrangement by which
coln. which the law has made full legal tender,
is discredi;td.
Tho gross assets of the Government, incIud-
ing funds Acid for redemption of gold, silver
snd currency certificates, is 1881, 1881 ,2l0, hav-
ing decreased more than $64, 900 900 last YEAR.
and larger than on the corresponding date in
any year since 1878. The increase Is due in
chef part TO deposits on account OF silver GER
iieaes, which amounted to s45,600,000.
TIE RESERVE FUND.
In referring 10 the reserve held for the re-.
iemst on Of United States notes, the Treasurer
avs: There il no provision in the law re-
~ J. az 81 q ic res rye for redempt Oh of United
Staits notes In the preparation for the re.
nm ton Of spe lie payments q fund was
r"Ss' IN the treasury under section 8, Ra-
~ 7 N act Of 1875 by the sale of S95, SOC. COG
q bonds, and the accumulation of surplus
eNCnle to protect outstanding notes. The
H'o'nt Of this fund has never been definitely
iSei, mt It has been maintained at about 4C
pcr cent. OF United States notes outstanding.
It l.aa usually been assumed that reserve oil
10 per cent. ls sufficient for the protection OF
INIT q States notes, but, under the method oil
computation the reserve il not merely 40 pei
cent. o: liability represented by United States
antes, Int also 100 per cent. of all other habii
teS 50 far ss 50 d, silver and clearinghouse
certificates are concerned II is necessary, under
the laws authorizing their issue, that their ful
amount should be set aside in gold, silver anC
United States notes, respectively, es funds fol
their redemption, but as to other liabilities
there is no such obligation as this, and it Ii
submitted no higher reserve Is required fol
their protection than is required for the pro
lection OF United States notes. In the changed
condition OF trade and commerce, unless som,
calamity shall overtake the nation, there seems
10 be no probability OF run upon the reserve
OF the treasury. The total demand for coin il
the redemption OF United States notes agere
gated since redemption but 5l2, 029, 0S6 and nc
notes whatever have been presented for re-
demption since February, 1881.
THE SPECIE RESERVE.
Should there ever be run on the specie re
serves OF the treasury, United States notes vii
be made the basis OF demand, and not the
other matured obligations. which compose the
very varied current liabilities of the Govern
ment. The excets over demand for liatilitle,
OF the Government, other than United
States notes, ia shown by tabuIated
statement to be Sl46,443,49l Consider
ing these liabilities as whole, thC
Treasurer says; 1T is clear that whatever
percentage the reserve will protect United
States n0es viii protect the other liabilities
The Treasurer does not attempt to say wha
this percentage should be, but is of the
opinion that uniform percentage should b,
fixed for all current liabilities other than ths
three classes for certificates anG the excess
| OF cash in the treasury should be expended
from time to time, IN the PURCHASE or re
deinption of the public debt, according t.
some definite and pubhcly-announced plan
Should this be done the policy Of the depart
ment would cease TO be the subject of specula-
ton and influence in the treasury. and th,
money market would be reduced to minimum
| During the last two years there has been
steady increase In outstanding notes of demon
nation OF 500 and under, and proportional
decrease in notes Of higher denominations
hundreds alone excepted.
STANDARD SILVER DOLLARS
The total amount OF standard silver dollars
coined to Sept 80, 1881, under the act Of Feb
q, 1878, is S9S. 1872, 705, Of which nearly 8.
per cent Is in circulation and the remainder
in the treasury. The amount coined last wear
was S27, 1853, 955, of which SO, $50 400 went into
circulation and the remainder are in the
treasury.
a Clever Rascal