The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1881-11-11
NATIONAL FINANCES.


Ahtract of Treasurer GiIfiIlan's
Yearly Report.
The report of United States Treasurer Gilfil-
lanlor the fiscal year ending June 80, 1881,
shgs an increase in the receipts over those for
1sS from every source. Increase in customs,
1887 GIL; internalrevenue, 81, 255, oil; sales
of public lands. Bliss, 1885, miscellaneous
sorces, S. III, 1927 total increase $27 255, 6S1,
wIeh, added to the net reduction of Sc, $780, 79
iiisxpenditures, makes ali increase in the sur
pla revenue of 1874, 1876
he net revenues were $3.50, 1872, 292, and the
netexpenditures $3.50, 712, 1877. The excess Of
thaeceipts over payments was $100,069, 404,
of 7hich 800, 1872, 261 was expended in the re-
derption of the public debt.
he balance in the treasury increased $48
66803, from 5000, 79l 1871 at the beginning, to
S22, 468, 1926 at the end of the fiscal year. The
anDunt expended on account of interest and
premium on the public debt ran down from
S9S552, 1876 in 1880 to $S3, $50, 9S9, reduction
of E14, 982.g 05. The balance standing to the
crellt of disbursing officers and agents of the
United States with various offices Of the treas
ury June 80, 1881, was S24, 936, 307.
The receipts for the fiscal year on account of
thePostoffice Department we're $50, 757. 1854, and
heexpenditures $3S, 544, 935, of which amounts
$24702, 703 were received and expended direct
ly lg Postmasters.
The unavailable funds in the treasury
amiunt to $40, 52l, 632, an increase since the
lasf report, by reason of taking up certain
items previously carried in cash. At the close
ofthe year there was held by the Treasurer in
United States bonds $780, 500, 900 as security
foflhe Circulation of national banks and $15,
2955O0 as security for public deposits in
nati'nal-bank repositories. During the year
$276899, 100 in bonds was deposited for these
purposes, and SPIT, 527, $50 withdrawn, exceed
ing " far the transactions of any former year.
CURRENCY OUTSTANDING.
Tie amount of United States currencv out
staining at the close of the year was 1852, $780,
437 redeemed during the year, $71, t69,9H.
Totd redempti sns since first issue of currency,
$780, 141, 073.
Tilted States bonds amounting to $S5,304,
$50 lave 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, SO. Coupons from United States bonds
of the value of 1922, 797, 667 we're paid during
the year, and quarterly interest on registered
stock tlnded loans. amounting to $44, 455, 100,
was piid by means Of 3l5, 105 CHI :cks.
Nadonal-bank notes received for redemption
during the year, $50 $50, 1853. The aggregate
redo npto under act June 20, 1874, have been
81 ,D9, 634, 772.
GOLD AND sIINER
Comparing the cInd.t ton of the treasury
Segt. 81, 1881, with the condition the same day
las year. the mC st striking changes are the in.
cresfe god coin and bullion aid standard
siiyer dollars on han1 ana in silver certificates
oustand ng. Deductng gold certificates actii-
ais outstanding, the gold belonging to the
GoFrrnmi mt Sept. 30, the last four years, was
512.6o2,622 in 1878. $154, 937, 81 in 1879,
$14s, 16l, 085 in 1880, and $1G9, $50, 746 in 1891
The gross amount OF gold and silver coin and
bullion held by tho treasury, without regard
to obligations on stan ling against it, ranged
from s 1853 969 44f, in 1878, to 1922 807. 1863 in
1879 TO $2l4, 303 215, i'll 1887, and 1868 706 99S,
y, 1891. Theircrease lat year was $65. 400, 600.
Il which $3J, $780, coo was in gold. and GIG 250,
0o0 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 Logan.
T Q United States notes on hand slightly in
crease last year, notwi his andng the urgent
pubic demand for circul ton. The amount on
hand above the amount required for payment
of clear ng-house certificates is 500, 900 600.
against $500 200 year ago.
The practice the past year has been to make
10 pr cent. O. all payments in silver dollars or
certificates, 40 per cent IN gold coin aid 80 per
COIlb III UDtCH IL iIl16 ItllG tu0TO III one lQl-
roriant exception. Under an arrangement be-
tween the treasury and the New York Clearing
Honse all payments by the treasury to this in
sitution, aggregating 1878 GOO. 900 year, mn
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 Ger ifcates are now
being paid it by the treasury to some extent in
large denominations, in lieu of gold coin, fol-
use in the payment of customs dues. Aside
reyiving the silver dollar, the Treasurer saws il
would seem unwise for any branch of the Gov
ermcnt to encourage an arrangement by which
coin, which the law has made full legal tender
is discredited.
The gross assets of the Government, includ.
ing funds heldfor redemption OF gold, silver
and currency certificates, is 1881, 9S1 ,21O, hay
ing increased more than $64,00O,000 last year
and larger than on the corresponding date in
any year since 1878. The increase is due in
chief part to deposits on account of silver GER
tifpates, which amounted to $45 600,0 900.
THE RESERVE FUND.
In referring to the reserve held for the re-
denption of United States notes, the Treasurer
SAYS: There is no provision in the law re.
curing specie reserve for redemption of United
States notes. In the preparation for the re-
sumption of specie payments a fund was
created in the treasury under section 8, Re
euhlptlOu ACT VI 1910, DV the safe OF J0, 0UU,UUl
in bonds, and the accumulation of surplus
revenue to protect outstanding notes. The
amount of this fund has never been DEFINITELY
fixed, but it has been maintained at about 4(
per cent. of United States notes outstanding
1t has usually been assumed that reserve Of
40per cent is sufficient for the protection o.
United States notes, but, under the method o.
computation, the reserve is not merely 40 PEE
cent. of liability represented by United State
notes, but also 100 per cent. of all other liabili
ties. So far as go!d silver and clearinghouse
certificates are concerned, it is necessary, undel
the laws authorizing their issue, that their full
amount should be set aside in gold, silver anG
United States notes, respectively, as funds fol
their redemption, but as to other liabilities
there is no such obligation as this, and it il
submitted no higher reserve is required fol-
their protection than is required for the pro
tedion of United States notes. In the changed
condition of trade and commerce, unless some
calamity shall overtake the nation, there seems
to be no probability of a run upon the reserve
of the treasury. The total demand for coin il
the redemption of United States notes aggre
gated since redemption but $12 029, 086, and ne
notes whatever have been presented for re
demption since February, 1881.
THE SPECIE RESERVE.
ShOuld there ever he a. RIM on the gnecie re-