The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1886-12-17

Year-Ths National Hank
and silver Qusstiens-
WAsuISGToS, Dec. d-Thc annual repnrs
Of Mr.. Jordan, Treasurer OF the United
States was given 70 the press to-day ~
Jordan presents y very comprehensive 70
mort OF the operations Of the treasury for
the fiscal year ended June 80 1850, and 10
condition on that and subsequent dates.
The net receipts Of the Government Tor
the fiscal year were es36, 80, ~; tho net
expenditures were ~, 4S3, i3S The 70
ceipts were el2,7{o.0s9 greater, and the ex-
penditures were ,7q5 less than last
year, making an increase In the net re-
ccipts for the past fiscal year over that OF
1875 OF so. 492,S17. The excess Of revenue
over expenditures was ~, 81, $50
During the year bonds amounting 70
ei4.5 ,s5c we're redeemed and applied TO
the sinkins fund.
Treasurer Jordon suggests q revision OF
the method heretofore adopted in making
up the sinking fund, by which the sinking
fund charge for the current year Will be
81. 40. ass instead Of $49.s4a -. according
| 10 the present method. BY the present
method the entire debt Of the United States
will be retired by the year 1905, and II the
method suggested by Treasurer Jordan 10
adopted the debt will be cxtinguished by
| the year 1913
| At the close Of the year the United States
| bonds held as security for National bank
| circulation amounted 10 $275.os4.eoo, re-
| duction OF $36.l20.4OO during the year.
| Three per cent bonds amounting to ST.
| ASS, $50 were withdrawn during the year.
!. most Of which was surrendered Tor re-
| demption. The amount Of bonds deposited
| during the year was ea6924.90o. and the
| bonds withdrawn amounted to ~, Or. 400,
| showing decrease Of S31,1l7.JW. OF the
| movement OF redemption Of National bank
| notes Of late years Treasurer Jordan says;
| ssThe National bank notes presented for
| redemption during the fiscal year amount
| ed to $40, 296.6O6, which was $500 5sS, or
| 13a q per cent less than the amount pres
entcd for redemption in the fiscal year
1855. That there would be q falling on In
the amount presented duriug the first
three months OF the fiscal year, and my
opinion, based thereon. and expressed IN
my last report, that the eliminating point
In the second upward movement
in bank note redemptions had
been reached in the fiscal year
1sS5 has been verified. The rate Of in
crease in the redemptions Of bank notes
during the second upward movement,
covering the fiscal years 1Ss2, 1883, 1854 and
1885. is represented by the percentages q,
81. q and 10 respectively. A feature OF
this upward movement was the constantly
decreasing volume Of National bank notes
actually outstanding. from So, AZ .fSc on
January l, 1882, to $3la.069. a32 on June DO
1855. n decrease Of $433S2.056. This seems
10 Indicate that the volume Of bank notes
outstanding during that period was
excessive. or above the point a.
which it could be profitably
maintained. Another fact, however
should be considered in this connection
which is thgt. during these four years q
increase in redemptions the silver certifi
cate circulation Of the country was In
creased S75755. lse-from SO. 10. 10 on June
30. 1851, 10 STA. S65.911 on December 81. 1854
This increase much more than balances
the decrease in bank-note circulation, ant
the apparent excessive issue OF bank nofe
might, to considerable extent be due Z
that fact. The decline in the volume o
bank-note circulation has continues
| without interruption, until the amour
| outstanding on September 80. 1sH6. wa
e3n3 51l. 24l. making total reduction o
&5S9iO. IA since January 1. 1sS2. and ais
after December 81. 1854 the silver ccrtifi
cate circulation gradually decreased unit
on July 81. 1856, il had fallen to 81. 81. 50
from Ss7.564.644 The average outstanding
I for year preceding that date was abou
e9l 100000 Since July l, 1sc5. the declin
I in the bank note circulation has apparentl
had the effect TO check the decrease In IN
bank note redemptions, as they hav
steadily fallen on from that date. unit
| they now are sor the current fiscal yea
! shout twenty-one per cent less than l
the preceding year.
Still further on. while discussing IA
, | question Of the retirement OF the Nations
bank circulation, the treasurer says. "A
, there seems to be on the part Of the pull
lie an idea that the treasury Is locking y
= money in its vaults on account Of thl
! fund. the whole operation Of the rctir'
ment OF the notes OF National bank wi
: be stated here in order 70 relieve any 81
|. prehension which may be felt on this SUI
! ject: The three per cent bond
!. OF the Washington National Bank
. Westerly. r.. l., amounting TO $1,000
n were called on the 18th day Of Septembe
r 1850. On the 18th day Of October. lss6 4
bank sent its duplicate receipt 70 "a
ONCE. the original being held b. the Com
2 troller Of the Currency, with the reque
= lIat u NtVoSlt Vi ninety ~ N<ht- - ~
!. above amount should be made TO retire
|. circulation with the Treasurer Of q
!. United States as agent for the REDEEM
. ton Of the notes OF the National ban
e and requesting . check for the ten p
. cent difference. Accordingly cree
. was placed upon the books Of :
g treasurer, as agent for the National ban
!. for $4,000, and q check for $1,000 and =
= amount standing to the credit Of the bal
: In the 8 per cent. redemption fund in u
Z case, 1880. returned 10 the bank =
= amount Of redeemed notes charged 70 u
i account since il was opened Is u so I
ig annual percentage OF such redemption
251, and II will therefore take u lea
cr four years before the greater ~
- Of the notes Of this ba
will be redeemed The amou
credited TO the general ia
thus created stands on the books OF tire
% urcr. as agent, AZ credit for the rcdcn
ton d the notes Of the banks, and as
en- notes come in for redemption they I
in charged 70 this account, and the Natiol
Of bank circulation outstanding IL dccrca'
m by corresponding amount At presc
IA owing TO the active business >
IA sor uona hut mufil2fed no