Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1886-12-09
NATIONAL FINANCES.
Treasurer Jordans Report Upon this Ops
citations OF the National freaserv.


Treasurer jordans Report Upon tbs 0p.
citations OF the National freaserv.
WASHINGTON, Dec. 0.-The annual re-
tort OF Mr.. jordai, Treasurer OF the United
States, was given 10 the press yesterday.
lie presents a comprehensive review OF the
operations Of the treasury for the past fiscal
year and It's condition on that and subse-
quent dates The net receipts OF the Gov
eminent for the fiscal year were $780,
4S0, 727; the net expenditures, s2i2, ,4sS, 1888.
The receipts were sl2, T49, ,O2e greater, aud
the expenditures si7,74S, 100 less than last
year, making TN increase In the net receipts
for tho past fiscal year over that OF 1888
OF s30, 0,4o2,7lL The exccss Of reve.
nue over expenditures was 03,050,.
bsy. During the yeat bonds amount.
ing to s44,53l, $50 were redeemed and ap.
piled to tho sinking fund Treasurer Jor.
dan suggests a revision Of the method here.
tofOre adopted In making mp the shaking
fund, by which the sinking fund charge for
the current year will be S37, l36, ass, instead
of sac, $40, 72s, according TO present method,
by which the entire debt OF the United
States will be retired by 1908, will, II the
method suggested Is adopted, be extin.
guished by 1918. At the close OF the year
the United States bonds held rs security
for National bank circulation amounted 10
s215, ,gT4, 800, a reduction OF $50, 110, 400
during the year. Three per cent bonds
amounting TO S34, ass, $50 were Withdrawn,
most OF VIII ch were surrendered for re-
demption. Tie amount OF bonds deposited
during the year was S26,p24, 300, and the
bonds withdrawn amounted TO So, ,O62, 400,
showing decrease Of s34, ,il7,5O0
While discussing the question OF the re-
tirement OF tile National bank circuli itiOn,
the Treasurer says: "As there seems 10 be
on the part OF tie public an idea that the
treasury is locking up money In its vaults
on account of that fund, the whole opera.
ton Of the retirement OF the notes Of a
National bank will be stated here In Orler
TO relieve any apprehension which may be
felt Oh this subject The 3 per cent bonds
OF the Washington National Bank OF
Westerly, II. l., amounting to 500, 900, were
called September Is. October II the bank
sent It's duplicate receipt 10 this office, the
original being held by the Comptroller OF
the Currency, with the request that de-
post OF 90 per cent OF the above amount
should be made to retire It's circulation
with the Treasurer OF the United States 8s
agent for the redemption OF the notes OF
national banks and requesting a check for
the ten per cent. difference. Accordingly u
credit was placed upon the books Of the
Treasurer as agent for the national banks
for 5000 and a check for $4,000 and
the amount standing TO the credit OF the
bank OF the five per cent redemption fund,
In this case 81 800 returned TO bank. The
amount Of redeemed notes charged TO this
account since IL was opened Is sl,s92,
Is 25.22 ard II will therefore take at least
four years before the greater part OF tile
notes of this bank will bo redeemed The
amount credited TO the general fund thus
credited stands on the books OF the Treas.
urcr, as agent, as a credit for the Tedemp-
ton OF tho notes Of tho bank, aud
as the redemption Of the notes come
Ia for redemption they are charged 10 this
account and the national bank circuat On
outstanding Is decreased by correspond.
ing amount. At present, owing to the act
i've business season, none but mutilated
notes are sent In for redemption. Persons
presenting these notes for redemption are
paid either by check on New York or In
such form OF currency as may be desired by
them. The Indebtedness on the part of the
treasury, created as above described, Is no
doubt due In legal tenders, but Is Iiquldatrd
IL the manner stated, and no attempt is
made TO preserve any specific sun OF legal
tenders or any other form OF currency out
OF the treasury balance In which 10 pa,
these constantly accfuing liabilities. There
was, November 80, Of this kind OF liability,
adding the per cent. fund, which theorct
ically Is also composed Of legal tenders, tile
sun OF S94, 752, ,3S9 The total amount oi
legal tenders IN the treasury ON the
same date, exclusive Of that held 10 redeem
the legal tender certificates which are used
In the banks as reserve In their stead, was
500, 54s, lSs, thus showing that there must
be held IN the treasury In some other fOrms
OF money the balance Of sos, ,2O4, POI. The
entire sum of S94. 752. $50 may be said tO
be composed OF 500, 54s, 1ss legal tenders,
s82, COZ 100 standard silver dollars and
S32, 602 100 gold. II the Looks OF the
treasury stated accurately the balance due
by II as 4 depository, the amount now re.
ported as n credit balance would DO ma
terially decreased. That these balances
should not be so reported Is, in the opinion
OF the Treasurer, one Of the greatest defects
OF the present treasury system"
Discussing tile Question OF silver coinage,
after referring 10 the fact that there arr
now In circulation sol, ,16i AS In standard
dollars, the Treasurer says he thinks thai
S65,OOO, 900 Is the extreme limit Of ciTcu
iiOn which may be obtained. Ii certainly
can not be maintained ut that sum when
the new silver one and two dollar certiii.
Gates hTe In full supply, and return To III.
treasury Of one half tile amount OF standard
silver dollars now In circulation must BE-
looked for; and so he asks whether, II the
further purchase OF silver bullion be deter
mined upon, the coinage might not cease
aud tie sum which II costs be saved 10
the treasury. The amount expended
so far upon the coinage OF
tile silver dollar, outside OF the cost and
consequent loss upon the purchase OF tl,r
bullion amounts u s4,033, 467. All Of the
cnsl Ia excess OF the cost OF lie coinage Of
the sum OF s15,0OO,OOO represents pure
lOsa, and amounts at Two cents per dollar
the cost OF these c0lns-iO s3,433 4G7. To
add 10 this loss would seem UNNECESSARY,
and the sum could be expended In tho pur
chase Of that amount OF silver bullion. The
adoption OF this plan would at least have
ile merit Of adding jus; so much to the
credit Of the silver profit fund. BE-
sides, the cost 10 the Government fOl
The transportation Of these coins aver
ages Sl.05 per $1,000. and the cost TO the
people for their return 10 The treasury aver
ages S2.54 per $1,000. Tie average cos. Of
transportation 10 the Government OF the sii-
Yer certificates per 81 900 Is fifty cents; the
cost To the people about sL25, a saving Of
S2.Ii per $1,000. The amount Of silver dol.
lars coined to date, the Treasurer reports
ls S2iG. .073, $50; the amount Of gold coin
and bullion on hand, S254, $50, sj3. The
cost OF the s2lG G673,3s0 IS S2i6, ,O49. .2sg, and
the present value Siss.Otf,35g, showing an
actual loss Of s2s,O3I.9lL