Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1881-11-17
Treasurer GilnIlan's Report.
WASHINGTON, Novembel

those for 1880 from every source. Increase
in customs, S11, 90. GIL; internal revenue,
ST., 255, oil: sale of public lands, Si,lSo.Joo;
miscellaneous sources, s., s02; total IN
crease, S21, 2a5 .6s1, which, added TO the net
reduction of SG,930,07O in expenditures,
makes an increase in the surplus revenue oil
S34, 1s5, 151.
The net revenues were $3.50, .S2 .292. and
the net expenditures, S2G0, 1l2, So. The ex-
cess of the receipts over payments was
S101, O69, 4O4, of which s9O,S.2 2Jl was ex-
pended in the redemption OF the public
debt.
The balance in the Treasury increased
SIS. G67 ,GO3 from S2O3, ,9l, 321 ut the Begin
ming to S252. ass ,92j at the end OF the fiscal
year. The amount expended on account OF
interest and premium, on on the pn1 a sac sso'
$50, $3.50, n reduction Of S14, 9s2,9oo. The
balance standing to the credit Of Disturbing
officers and agents Of the United States with
various officers of the Treasury, June ~,
1881, was S24 ,936, 3D1.
The receipts for the fiscal year on account
Of the Post -office Department was $50. lo1,..
664. and the expenditures, s3s,5i4 $50, OF
which amounts s24, 102. 703 were received
and expended directly by Postmasters.
The unavailable funds I'm the Treasury
amount TO so, ,632, an increase since the
last report, by reason Of taking up certain
items previously carried in cash. AZ tho
close Of the year there was held by the Treas.
urer in United States bonds, $500. 505,9Og
security for the circulation OF National
banks, and SIS, 295, 800 as security for public
deposits in National Bank repositories.
During the year S2I6, S99, 100 I'm bonds was
deposit ed for these purposes, and s211,521,-
$50 Withdrawn, exceeding by far the trans
actions OF any former year.
The amount OF United States currency
outstanding ut the close OF the year was sJ6s,-
a n 4.
974. Total redemptions since first issue or
currency, 81, 30O, 141,O13.
United States bonds amounting to 49,
304, $50 have been retired during the year.
The aggregate retired by purchase, redemp.
ton, conversion and exchange, from March
IL, 1853, TO the close OF the fiscal year, was
S1.8S3, 344, 500. Coupons from United
States bonds OF the value of So. 1v1, 60. were
on regis cred stock OF funded loans, amounts
ing TO ~, As, 80, was paid by means of3
10J checks.
National Bank notes received for redemp-
lion during the year, S59,6j), 259. The az.
gregate redemptions, under act OF June 30,
1874, has been 81, O99, G3i,.12.
Comparing the condition OF the Treasury
September 30, 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 30, the last four wears, was s112,-
go, Ga2 in 1878, 1854. 9s1, 37i in 1879. sI2s,-
16O,0S5 in 1880, and Sl69, 5j2, ,i6 In 1881.
The gross amount OF gold and silver coin
and bullion held by the Treasury, without
regard to obligations outstanding against IL,
ranged from 1853. 969, 444 In 1875 TO s222,.
S01, 1853 in 1873, TO S2l4, 3p3,2l5 I'm 1880, and
500, 706,99s in 1881. The increase last year
was $50, 100000. OF which $50, 10000 was In
gold, and SIG, 10000 in silver. The increase
d. srRl.l s.w a.. Ia. laaN
year than any year since the coinage Of the
standard silver dollar began.
The United States notes on hand slightly
Increased last year, Notwithstanding the
, urgent public demand for notes for eireuls.
amount required for payment OF clearing
house certificates is $4,000, 900 against sls,-
100000 n year ago.
make 10 per cent. OF all payments in silver
dollars OF certificates, ~ per cent. in
gold coin and 80 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 thi. institu-
ton, aggregating S215,O0O,0O0 n year, must
be made In gold coin or United States notes,
standard silver dollars not being receivable
under its rules. although silver certificates
are now being paid 1t by the Treasury to
some extent i'm large denomin atoms, In lieu
OF gold coin, for use In payment OF custom
dues. Aside from any personal views n to
the expediency Of reyiving 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. f. di.cred-
tied.
In referring TO the reserve held for the re-
demption Of United States notes the Treas
urer says: "There Is no provision IN the law
requiring specie reserve for redemption Of
United States notes. In the preparation
IN tho of anerfa
fund was created In the Treasury, under Sec
tion .. Resumption act Of 1915, by the sale
Of S95, 900 in bonds. and the accumula-
ton OF surplus revenue to protect outsiand-
never been definitely fixed, but II has been
maintained Mt about ~ per cent OF United
States notes outstanding.
at has usually been assumed that a reserve
Of 40 per cent. u sufficient for the protection
OF United states notes, but under the
method of computation the reserve Il 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 clearing -house certiiicates are
concerned, IL II necessary, under the laws
authorizing their issue, that their full
amour, should be set aside I'm gold, silver
funds for their redemption. but rs TO the
other liabilities there Is no such obligation
as this, and 1t Is submitted that no higher re-
serve Is required for their protection than IL
TeVuiTeu ioT tue pTOtectlOn 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 I'm the
redemption OF United States notes aggre.
gated since resumption but Sl2, O2D, Os8 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
tabuiated statement 10 be Sl40,i43,4yI.p
these liabilities as n whole. the
Treasurer says: cit is clear that what
ever percentage the reserve will protect,
United states notes will protect the
other liabilities" The Treasurer does
not attempt to say what this
percentage should be, but Is of opinion
that a uniform percentage should De fixed
Tor all current liabilities other than the
three classes OF certificates, and the excess
OF cash in the Treasury should be expended,