The Portland daily press., 1885-12-07
treasurer Jordan Submits His Ann.

al Report
WASHINGTON, Dee. 5-The annual report of
c. n. Jordan, United States Treasurer shows
the net revenue of the government during the last
fiscal year was 1928, 69o,7o6 or $24, 1925, ,1e3 less
than that of the preceding wear while the ex-
penditure was $3.50 1926 935 or sic, ,10o $50 great
er than that of the proceeding year. The surplus
available for reduction OF the public debt at the
Gloss of the fiscal year was therefore $40, ,929.-
S54 less than was available on the 1st of July.
1884 The assets according to the new form Of
statement September 80. 1885, were 1914, 70S,-
256 or an increase OF 500, ,0l8,007 over 1884; the
liabilities were S3S0,3Sl, ,777 an increase OF S10,-
216,591 over 1Ss4.and the balance S194, 1926 478,
an increase of S44, sol ,416 over 1884.
During the same period there has been an in
crease Of $33, 1895 in gold assets; Of $22,-
095016 in silver assets; OF $6,776,423 in legal
deposits The bullion fund" or deposits in the
nlints were on the Both OF June this year $14S,-
5O4629 as against $141, GAS, ,oG8 June 80, 1884.
The issue OF United States notes during the fiscal
year in place Of such as were returned in a worn
and mutllated condition amounted to $S4 4493,-
153 Silver certificates to the amount of $40,-
600 600 were issued and 500 900. .O45 were re-
deemed during the year and gold certificates Of
the old issue amounting to $52,420 We're re-
sued and $2l ,O17 100 redeemed. Coupons from
bonds TO tile amount of SIS, ,0S4, ,667 were received
from the several assistant treasurerieS by whom
they were paid and examined in this Office.
Called bonds OF the United States amounting TO
$45,96S, 500 were redeemed, ,of which amOunt$45,-
5S0, ,l50 was for the sinking fund, and interest
amounting to $40, ,570,736 on registered bonds Of
the United States including those issued to the
Pacific Railroad Company was paid by means OF
245159 checks on the treasurer and assistant
treasurer The banks withdrew $53 1903, $50 of
the bonds held TO secure their circulating and
S31 800 700 of bonds were deposited for that pur-
pose, a net decrease of S22, ,002 $50. There were
also deposited by national banks as depoSitarieS,
So, ,904 ,450 in bonds to secure public moneys de-
posted with them and $3.357 $50 of the bonds SO
held were withdrawn. The total movement of
bonds was S9l. $685. $50.
The national banks paid into the Treasury on
account OF fHe SPnl-auUII9l GUfV their crcUla-
tion the sum of So, ,794,5S4 which was $3.50, ,0S4
less than was paid on that account the preceding
amounting to S150,209, ,129 were received for re-
dempti0n during the year. This amount included
notes Of national banks that have failed, gone in
to liquidation Or are reducing circulation, OF which
S2S, ,y62, ,225 We're redeemed during the year
The unavailable funds Of the Treasury were in
creased from $39, ,514.665 to $29,525,325 during
the year. The unavailable funds including depOS-
its with states ($2S, 101, ,044 amount TO S29
562,602. The amount provided for the sinking
fund was $45, ,150. The Treasurer recon-
mends that the provision for the fund be reduced
to Sl5,O00,00O per annum.
Notice is given OF the suspension of the 1SSu-
ance of 81 and 50 notes and the economy effected
thereby, the saving for one quarter indicating
S15,0000O0 notes per year or the sum of $685.
100000 of the amount issued.
The treasurer says he should have authority to
make frequent examination of sub-treasurers and
mints to enable him to know that the funds with
which he is charged are held as represented and
to hold officers to Il more strict accountability
than has heretofore prevailed. He also fayors a
SGeiiiG fOf ILl6 OF The
les OF the united State the officers of which have
had their duties and responsibilities largely in
creased through the issue of gold, silver and
legal tender certificates and in other ways.
Attention is also directed to the large amount of
funds to the credit of diSbursing officers of the
government. 1t is believed that advances are
made to these officers in excess of their current
requirements. For years the amount has rarely
been less than S22, 100000, and has frequently
exceeded $40000,000.
1t is recommended that change be made in
the made OF paying pensions and that these pay
nents be made by means OF treasuref's checks, IN
the same manner as the interest on the public
debt is now paid. The treasurer recommends
that the practice Of issuing legal tender gold and
silver certificates be discontinued as expensive
and dangerous through the accumulation of the
immense sums now in the treasury, and
Silver certificates especially on the ground that il
| has proved to be a positive hindrance to more
extended circulation OF silver dollars The latter
| he also considers a too expensive currency for
daily use as owing to the express charges paid by
the government in putting these coins into circu
lation, and further charges paid by the people to
return them to the monetary centres where they
alone can be used the coins cause large loss tC
the community.
1t is apparent, he says that the execution Of the
| coinage law is gradually converting the funds Of
| the treasury into standard dollars Every exer
| tlon has been made to give extended clrculatl0I
to these coins, but without the success which tnt
| large expenditure incurred would warrant. Sucl
| measure OF success as has been obtained has beer
| at very great expense to the government, the eX
| cossiye cost furnishing strong argument against
continuing the issue. The circulation obtained Is
| short lived, the coins finding their way back I'M
mediately to the sub-treasuTies, the return move
| meDt costing the individual holders more tol
| transportation than the original issue cost tht
government.
| The Treasurer states the amount OF fractlona
| coin held in the treasury as $31 ,236, ,99949 ant
| recommends the repeal of the redemption law al
| to these and minor coins. He further gives ;
| statement OF the abrasion upon coins now In use
and an estimate as to what would cost to replace
| them. He recommends the issue of new coins
| greater weight and greater beauty.
| The Treasurer further recommends Ghat tht
4 a6 fpDfaa a
| paItment go through the Treasury and be spen
| under its supervision.