The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-11-10
NATIONAL FINANCES.
Abstract 81 Treasurer Gi10l1am'
Yearly MeROH1e

Yearly Report.
The report OF United States Treasurer 0ilhl-
Ian for the fiscal year ending juno 30, 1851,
shows anincrease in the receipts over those for
1880 from every source. Increase in customs,
sll.G37.6l1 internal revenue, 81, ,255, oil; sales
OF public lands. $1.ts5, 1856: miscellaneous
sources, 702; total increase, ~, 255, ,6S1,
which, added to the net reduction cf &c, $50, ,07o
in expenditures, makes an increase in tbs snr-
Plus revenue of s34 1856, ISL.
The net revenues were $3.50, 782, 292, and the
net expenditures $500, 712,ST. The excess Of
ihe receipts over payments was s1OO. .Oe9, ,4O4,
Of which $50, s72, ,261 was expended in the re-
demption OF the public debt.
The balance in the treasury increased 446,-
cG7.603, from s203, 79i 1921 at the beginning, to
s25.455, ,925 at the end Of the fiscal year. The
amoiint expended on account OF interest and
premium on the public debt ran down from
:Gs. 1852. s95 IN 1880 to $83, 500, 989, reduction
OF E14. $50. 9f5 The balance standing to the
credit Of disbnrsing officers and agents Of the
Unit Il States with various Offices Of the treas
nry June 80 1881, was &24, 936, ,307.
The receipts for the fiscal year on account OF
the Postoflice Department were 439, Isl, 1854, and
the expenditures s38, 544, 935, OF which amounts
$24, 7O2. .70J were received and expended direct
~ by Pustmasters.
Tho unavailable finds In the treasury
amour. to go, ,52l, ,632 an increase since the
last report, by reason OF taking mp certain
items previously carried in cash. At tho close
OF the year there was held by the Treasurer in
United States bonds @36O. sos, 800 - security
for the circulation Of national banks, and $l5,-
295, 500 as security for public deposits in
national-bank repositories. During the year
1916, 500, 7e0 in bonds was deposited for these
purposes, and :277. .527, $50 withdrawn, exceed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 1861. $780,
437 redeemed during the year, S71,t 69.974.
Total rcdemptisns since drst issue of currency,
1900, ,1i1.073.
United States bonds amounting TO ss5. .304,
05D have been retired during the year. The
aggregate retired by purchase, redemption,
conversion aud exchange, from March, IL.
1869 to the close or the fiscal year. was II. 9s3
a4i. 900. Coupons from United States bonds
Of The value Of s22.797,667 were paid during
the year. and quarterly interest on register. d
sock funded loans. amounting to Si4, 455, 100,
WAS paid by means of 395, los checks.
National-bank notes received tor redemption
during the year, 59,G5n,259. The aggregate
reiempt'ons. under act June 70, 1874, have been
S1,O99, ,634,772
GOLD AND aILynn.
Comparing the condition Of the treasury
Sept. 80. 1881. with the condition the same day
last year, The Glest striking changes are the in
crease IN god coin and billion and standard
silver dollars on hani and in silver certificates
outstand NJ. Deductlng gold certificates actu
allv outstanding. the gold belonging to the
Government Sept. 80 the last tour years, was
sll2.Gn2,G22 III 1878. Sl54.9s7.31 in 1879
$12s 100, ,es5 In 1850, and $lG9 652, 746 in 1881
The gross amount OF gold and silver coin and
bullion held by the treasury, without regard
to obligations outstanding against it, ranged
from S163. 9sa4 i'll 1878, to s222. .807. .36s, in
1870. to s2li. .303 215, in 1880, and S269 706 59s
In 1881 heincrease last year was Sos. 400, ,00a
q which $50, 15o, ,00o was In gold. end 4l6. $50.
0CO in silver. The increase III gold MAS greater
and in silver less last year than any t0ar since
the coinage of the standard silver dollar legan
The United States notes on hand slightly in
creasei last year, notwil hssanding the urgep
public demand for circulation. The amount OF
hand above the amount required for paymen
Of clearinghouse certificates is $40, 900 900
against Al8,00o, 900 year ago.
The practice the past year has been 70 make
10 per cent. o. all payments in silver dollars o.
certificates. 10 per cent III gold coin aid so pei
cent. in notes. To this rule there il one i'm
portant exception. Under an arrangement be
tween the treasury and the New York Clearing
House all payments by the treasury to this in
s,itution, aggregating s275. 600. 900 ! year, mu
| be made in gold coin or United States uotes
standard silver dollars not being receivable I'M
der its rules. although silver certificates are nov
| being paid it by the treasury to some extent il
large denominations, in lien Of gold coin, 70
/ use in the payment Of customs dues. Asid
! from any personal views a. to the expediency o
] reviving the silver dollar, the Treasurer says
! would seem unwise for any branch Of the Gov
/ ernment to encourage an arrangement by whicl
coin, which the law has made full legal tender
| il discredi,ed.
4 The gross assets OF the Government. includ
4 ing funds hcldfor redemption OF gold, silve
and currency certificates, il 1891 ,98l. .21O, hav
! ing Increased more than s64, ,000, 900 last yesI
! snd larger than on tho corresponding date il
any year since 1878. The increase Is due il
chief part to deposits on account of silver Ger
tfcates, which amounted to as. 100000.
THE RESERVE FUND.
Iii referrin. to the reserve held for the n
dempton Of United States notes, the Treasure
SAYS: There il no provision in the law re
gur,ns siecie res, rye for redemption Of Unite
States notes. In the preparation for the n
sumption OF specie. payments . fund wa
created in the treasury under section 8, RI
in bonds, and the accumulation Of surplu
/ revenue to protect outstanding notes. Th
amount of this fund has never been definitel
nAcd but it has been maintained at about 4
i per cent. Of United States notes outstanding
II has usually been assumed that . reserve
~ PUi SChls 10 culuClCut Aux tuo piOt0CtAou I
United States notes. but, under the method {
computation. the reserve Is not merely 40 p
cent. Of liability represented by United Stat
4 notes. but also 100 per cent. Of all other Gabil
t,Cs. So far as gold, silver and clearing-h hon
certificates are concerned, It II necessary, unde
the laws authorizing their issue, that their fu
amount should be set aside in gold, silver an
United States notes, respectively, ss funds 70
their redemption, but as to other liabiEue
there is no such obligation - this and it
submitted no higher reserve ID required fo
,hair protection than is required for the pr
:ec,ion Of United States notes. In the change
coaGition Of trade and commerce, unless som
calamity shall overtake the nation, there seem
to be no probability OF . run upon the resery
Of the treasury. The total demand for coin
the redemption OF United States notes aggr,
gated since redemption but S12, OK, ,O86, and n
not, . whatever have been presented for n
denption since February, 1881.
THE SPECIE RESERVE.
Should there ever DO run on the specie n
serves Of the treasury. United States notes VI
be made the basis of demand, and not Il
other matured obligations, which compose q
very varied current liabilities of tho Cover
melit. The sxcets over demand for liabiliti,
Of the Government, other than Unite
States notes, is shown by a tabulate
statement to be sl46,44s. 49l. Conside
ing these liabilities as whole, Il
Treasurer says: 1T il clear that whatevs
percentage the reserve will protect Unite
States noes will protect the other liabilitie
The Treasurer does not attempt to say VIII
J this percentage should be, but is Of u
opinion that uniform percentage should
, fxed for all current liabilities other than q
three classes for certificates, and the exec
Of cash in the treasury should be expende
from time to time, III the purchase or I
demptlon Of tho public debt, according
some definite and pnblicly-announced pla
Should this be done the policy Of the depaI
ment would cease to bs the subject Of specul
ton aud influence in the treasury, and L
T money market would be reduced to minimuI
8 During the last two years there has been
. steady increase in outstanding notes Of denol
!, nations Of $40 and under, and a proportions
= decrease in notes OF higher denomination
hundreds alone excepted.
T STANDARD SILVER DOLLARS.
j. The total amount of standard silver dolla
coined to Sept. 30. 1881, under the act OF Fe
: %. 1873. il Sas, 3D.. I05, of which nearly
per cent. is III circulation aud the remand
e in the treasury. The amount coined last We
i. was S27, 753 955, Of which ~, 5sa 42) went ID
4 circulation and the remainder are in /
treasury.