The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1881-11-12
Treasurer Gilallan's Report.


The report of Uuited States Treasurer
Gililan for the hscai year ended June %,
1881, shows an increase ia the rec .ipts over
those for 1880 from every source. Increase
in customs. Sll,D37,dl1; internal revenue,
Sll,235Oll; sale Of pubic lands. Sl,lSj $50;
miscellaneous sources, S3,l77,712; to.al in
crease, 81, Pa. 81, which, added to the net
reduction Of SG,93DJ7J In expenditures,
makes an increase in the surplu, revenue Of
S54, 49,. 7jl.
The net revenues were $3.50, 7S2 g92. and
the net expenditures, $500, ~, So. The ex-
cess Of the receipts over payments was
SlOAoG9, iI, OF which s9J,S72. 25l was ex-
pended in the redemption OF the public
debt.
The balance in the Treasury increased
SIS. GGI, Gu3 from S2J3, ~, 32l at the Begin
ming to S252,l5S,925 at the end of the fiscal
year. The amount expended on account Of
interest and premium on the public debt
ran down from rs, aj2, 800 in 1850 to $751;
66O HS9, reduction Of Gl4,gS2,05 The
balance standing to the credit OF disbur>iug
officers and agents OF the United STATES with
various officers OF the Treasury, june 30,
1881, was 24,93G,3l7
The receipts for the fiscal year on account
of the Post office Department was SO. 757,-
664, and he expenditures, S3S,54 ,@3l, of
which amounts ~, IO2. 7U3 were received
and expended directly by Postmasters.
The unavailable funds IN the Treasury
amount TO Sgg, j2l ,G32 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 he Treas
urer in United states bonds, 1861. so go
As security for the circulation OF National
banks, and SO. 29J,jO As security for pubic
deposits in National Bank Repositories.
During the wear 500, 500, 100 i'm bonds was
depoSl Ell Tor these purposes, and c2i7,527,-
800 Withdrawn, Exceeding by far the tr sis
actions Of any former year.
The amount OF United States currency
outstanding at the close OF the year was ,3G2,-
659, I3I; redeemed during the year, 81, OB9,-
S'l. Total rcdCmptiOns since first issue Of
currency, y, 3O', lH,UI3.
Comparing the condition Of the Treasury
September 81, 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 ID, the last four years, was SlI2,-
62,G22 in 1873, tl5i, 9NG37l in 1879, SIgS,-
l6J,OSj in 1850, and SlG0, DO, 7i6 in 1851.
The gross amount Of gold and silver coin
and bullion held by The IreaNIry, without
regard to obligations outstanding against it,
ranged from llG3, 9GD, 4i4 in 1873 to S222,-
SOI,36S in 1879, to S2A, 3,2l5 in 1881, and
S2GJ, 7tG,90S in 1881. The increase last year
was 500, O,UoO. of which 80, 15O,UOO was in
gold, and SIG, 80 ,OO0 in silver. The increase
In gold was greater and in silver less last
year than any year since the coinage Of tho
standard silver dollar began.
The United states notes on hand slightly
increased last year, Notwithstanding the
urgent public demand for notes for circua-
ton. The amount on hand above the
amount I, CURED for payment OF clearing
house certificates is S2J,UUU,OJO against S1S,-
UOO,OOO year ago.
The practice the past year has been to
make 10 per cent. of all payments in silver
dollars or certificates, ~ per cent. in
gold coin and 30 per cent. in notes. To
this 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 insttu-
ton, aggregating $275, 1000 a year, must
be made in gold com or United States notes,
standard silver dollars not being receivable
under its rules, although silver certificates
are now being paid it 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 reVYing the silver dollar,
the Treasurer says II 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.
In referring to the reserve held for the re-
demption OF United States notes, the Treas
urer says: "Ihere is no provision in the law
requiring specie reserve for redemption OF
United States notes. In the preparation
for the resumption OF specie payments
fund was created in the Treasury under Sec
tiOn 3. Resumption act Of 1873, by the sale
OF 800, 100000 in bonds, and the accumua-
ton OF surplus revenue to protect Ouistand-
ing notes. The amount OF this fund has
1at if,ft .l,rH h,,t
maintained at about Az per cent. OF United
States notes outstanding.
at has usually been Sumed that a reserve
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 of liability represented
by United States notes, but also 100 per
cent. of all other liabilities. So far as gold,
silver and clearinghouse certificates are
concerned, it is necessary, under the laws
authorizing their issue, that their full
amount should be set aside in gold, silver
and United States notes, respectively, as
funds for their redemption, but AS TO the
other liabilities there is no Such obligation
us this, and it is submitted that no higher re-
serve is required for their protection than is
required for the protection 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 q run upon the reserve of the
Treasury. The total demand for coin in the
redemption of United States notes aggre-'
gated since resumption but 1929, OS6, and
no notes whatever have been presented for
redemption since February, 1881.
"Should there ever be a run on the specie
reserves OF the Treasury, United States notes
will be made the basis of demand, and not
the other matured obligations, which COM
pose the very varied current liabilities Of
the Government. The excess OF assets over
demand for Liabilities OF the Government,
other than United States notes, is shown by
n tabu,ated statement 10 be SliG,Ii3, 40l. -
Considering these liabilities rs II whole, the