New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-04
THE NATIONAL TREASURY.

TloNs-gEDEMPTIoN OF DoNDs-GENERAL REC
COMBINATIONS.
Warrington. Nov. 3.-The annual report OF
United states Treasurer Gilan, showing the hnalci
operations of the United States Treasury ior the S
wear ended June So 1881, submitted to the secre
tary Of the Treasury to-day The TRANSACTIONS Vi .no
Treasures office for the year are SUMMARIZED as ioi
lows: - ~
The receipts the Government shoy an increase Over e
those for from sysry X, 4 To internal
revenue, Sl1,2550l1 SO; from sales OF puoie Hm'
o. o. The total increase I. 22556s So
which added net reduction OF $693OOIO ~ W ID eA
S34lS5751 rs The net revenues were $36O 20
ami the net expenditures S2GO,7l2,ssI 10y o.
4o4 OK Of which $50 05 was expended in the
redemption Of the public debt The balance ne ~ AZ
the beginning to 1882 ASS 925 81 at the END OF tne sc
year The expended account OF interest anu
sos SO in the fiscal 1880 to 30 RE re
ductOn of $l4.9S2905 81 The baanee 9 the Tinted
States with the various officers OF inc treasury '
ps S for the fiscal year on account Of the Post
ONCE Department G64 ~ agd 4oe 7o a.
was received and expended directly by posnasteIs; -
The unavailable funds OF tue 1 loz % st,~e
the last report by Of taking up on iS % un
aynable funds of the Post Office Department account
remain unchanged at SHOOTS OO.
REVENUE FROM NATIONAL BANKS.
During the year tfty-iour National banks were or
gained and twenty went into voluntary nquicauoh
leaving $50 doing the close of the year No
National bank failed during the year. The semranhna
duty accrupg from National banks during the year was
Ss493 $50 3d. all of which has been collected ana pau
into tine Treasury, making the total amount cOscteu ny
banking system in 1868, $l0s,s55O2l 30 AZ thf oosg
the year there was held ny tue dr"SSeI m
ofNationa banks and 10000 as security lor punc
Saoss i'm National bank repositories During the year
in houIs
and S277 527, $50 withdrawn, exceeding Dy l.L one
enn d%e to The any Continuance Of the five and per
cent bonds at gig per cent but were ea,o ~ 6ois for
4 and le per cents. .. 49,, . cha o,oso ~
the year $500, 437 Co There was ree t
during the year S7lO69,9I 10 maKInS tle ouS t
demptions since the first issue oil currency
United states bonds amounting to $50 were re-
tired durug the year The aggregate amount Vi Ounuse
ired y purchase redemption conversion ana exchange
from March H. 1869 to the close OF the hSca Se Is
value Of $227s76 67 so paid during the year ana
quarterly interest on registered stock oi Ie Iua1e
of 3O5. lOl checks drawn payable to me order oI te
respective stockholders and sent TO them ~ mai for 70
demp,On during the year was $0s,6ooZo9 Ing aSgle
gate redempons under the act OF June 20 Io|4 nave
beeH SO99, G3l,772.
INCREASE OF GOLD AND snvEB.
Comparing the condition Of the Treasury september
so 1881. with its condition on the same day last year.
The most striking changes the increase in the goa
and in the silver certificates outstanding. Deductlng
Tie gold certificates actually outstanding the gold be-
longing TO the Government September 80 of the last
four years was 602 500 coin 1873 Sl549S737l 20
in 1879 Sl28 l6O0S5 II In 1880 and Sl69512,746 Al
IN 1Ssl In 1850 the gold down nearly S27 10000,
INT 1bis decrease was much more than 1881
when it increased more than S41,OOOoOO, reaching the
highest point attained TINS increase the treasurer
says largely due TO the sale for gold coin III New
York under the circular ct September ~ lsso OF eX
Gates More than S23 1000 IN gold has been deposited
with the Assistant Treasurer N New 1Orh on oais do
during the last fifteen months excluslVe OF tne
amount deposited account OF standard silver dollars
The gross amount Of gold and silver coin and bullion
outstanding against it, has ranged from - 20
1850 and $500 70699s 76 il 1881 The increase within
the last year has been $40 400 600 OF which 959l 2oOoo
is ia the gold and $l6,=j0OOO in the silver. The IN
in the gold has been greater ana In the SILVER
the coinage Of the standard silver dollars began
The amount OF United States notes on hahd
which largely decreased during the two preceding years
has slightly Increased during the last year, notwith
standing the urgent public demand for notes Tor eircua
ton. The amount on hand above The amount required
Tor the payment of Clearing House certihcates is
S2O,OOOO0O against $lSOO0,O0O a year ago. The
amount now held is not than sufficient Tor the
reasonable requirements Of the various offices OF tho
Treasury. the Treasurer while freely furnishing new
United States notes in redemption OF old United states
uotes and Of national bank notes. has cndeaNOred TO
husband the supply by the use of gold standard
silver dollars and silver certificates in payment OF de-
nands Oh tie Treasury
funds held for the redemption of gold, silver aud cur
enc certificates are 1851 2lO Ii having increased
than the corresponding date IN any year since
1878 This increase Is ne IN ceI part TO deposits d 09
The year $456O0OC0. large share of these certn-
Gates vas issued deposits OF gold which directly in
creased the asAets, while so TAR as they
issued In payment OF demands on the treasury
they protected the assets TO a like extent.
THE TREASURY RESERVE.
In referring held for the redemption of
United States Treasurer Gnan Gays: "Thcre is
no provision of law requiring a specie for
the redemption of United states notes In preparation
for resumption of specie payments, fund created
In the Treasury under section of the Resumption
Act OF 1878 the sale OF 9jO0OOO0 Of bonds aud the
accumulation OF surplus revenue 70 protect the oustand-
neiy fixed but IL has been maintained at about forty
per cent of the United States notes outstanding -
Il has usually been assumed that reserve OF 40 per
cent sufficient for the protection OF the United States
but II plain that under TINS metnod Oh coinh
liability represented by United states notes but also 100
ner cent all other liabilities so far the gold silver
and clearing house certificates concerned, il is
sary under the laws authorizing their issue that their
states respectively as funds tor their redemption
and IL is submitted that higher is required for
their protection than required for the protection Of the
United states notes In the changed condition of trade
and commerce unless calamity shall overake the
Nation there seems TO DC no probability Of run
demand for coin in redemption Of United States
notes aggregated since resumption only 0S6
ard no notes whatever have been presented TOR redemp
non since February 1881 ShOuid there be
on the specie OF the Treasury the United States
notes viii be made the basis O the demand and not the
other matnred Obligations which compose the very
varied current liabilities OF the Government mentioned
above ~, -, ,,.., ~,
The excess Of assets the demand liabilities Of the
Government other than United States notes is shown by
o tabulaied statement TO be Sl46,fi3,49l az:
the Treasurer says. lit is clear that whatever per
ceDtage of reserve will protect the United States
notes viii protect the other liabilities" The Treasurer
Is of the opinion that uniform percentage should be
fixed for all the current liabilities other than the three
classes certificates and that the OF cash in the
Treasury should be expended from time time the
Durchase redemption Of the public debt according
some definite and publicly announced plan Should this
be done the policy OF the Department would
subieet of speculation and the influence Of Treas
mr. OH the money market would be reduced toa mini
MIN III Is shown by Mr.. Gillian that while present
nominal reserve OF the Treasury held exclusively
fhe Drotection of United States notes has since Jan
nav 4 1879 ranged from 36 to A per
and mas averaged for that period ALI per cent OF the
outstanding United States notes there mas really been