St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-19

AN appropriation OF $500 was made In
September for the reduction of certain
notes, described by their numbers,
bearing the Oil City National Bank. of
Lynn. Mass; the First National Bank
or Jersey City. N. j., and the Third Ma
tional Bank of New York. which were
stolen from the Office of the controller
OF the currency prior to 1869 and fraud
ulently put In circulation. These notes,
but not certain other notes stolen from
several banks, will be redeemed at the
treasury in the order of their presenta-
tlon. There was decrease of less
than S3,0O0.O00 in the bonds held on de-
post to secure national bank circula-
ation.Seventy-three banks were discon-
tinued as depOsitaries and eight new
ones were designated. Some important
changes occurred in the Pacific railroad
sinking funds and the Indian trust
fund. The redemptions of bank notes
amounted to nearly s70.0OO.OOO, a de-
crease of upwards of $4,000, 900 as COM
pared with the year before. Owing
CHIEFLY to the lower prices ruling for
bonds the deposits for the retirement
OF national bank notes amounted to
only Sll. 100000. BY the act of July Ia,
1890. these deposits, together with the
balance of them remaining in the treas
urer's hands at the time, were re-
qulred to be covered into the treas
ury and like amount of Outstand-
ing bank notes to be reported each
month as debt Of the United States
bearing no interest. The work of re-
ceiying these deposits and redeeming
the notes out of them has been done
heretofore without accountability to the
department.. The total amount of money
received In these deposits to the 25th of
81 IF
which S404.000,000 was paid out in re-
demption of notes, and upwards of s20,-
OOO.0O0 was refunded or transferred.
The balance OH hand, amounting to
so, .475, was deposited i'm the treas
ury by the treaSurer's check. The
treasurer suggests that, as he is
A Bonded OmcehOider,
he should be allowed to select his own
force OF clerks, without the restrictions
OF the civil service law, while that law
might govern as regards dismisSals.
The suggestion is made that il some eX-
pedlent could be devised by which the
repeated handling of the silver coin in
the various Offices of the treasury could
safely be avoided, it would be an i'm
portant advantage. Continued embarasS-
ment has attended the work of supply
ing the country with paper currency
from delays and failures in filling
the treasurer's acquisitions for new
notes. He suggests that greater fieXi-
oility might be given to the currency
if gold certificates of the denom-
nations of So and SO were issued. He
urges the necessity of all appropriation
Tor the transportation of United States
paper CURRENCY 10 Washington for re-
demptiOn. With perhaps trifling adj
dltlonal outlay the people could be kt pit
supplied. free of cost to them, with
good, clean and fresh paper currency,
thus greatly leSsening the danger of
counterfeting. The laws and practices
hereunder relating to abraded or
otherwise uncurrent coins are referred
to as possibly capable of amendment so
as to extend to the metallic circulation.
The treasurer claims that the salaries
paid to the officers of the treasury are
inadequate compensation for the duties
performed, being less than those paid
in well-managed private institutions,
and less even than are paid
in the subtreasury in New York. The
whole number employed in the whole
treasury system is SIS, at an average
cost of Sl,4OO for salaries. The Bank of
England, whose business is almost ex-
actly the same as that of the treasury,
with the addition OF one private de-
post and discount, employs 1,160 per-
sons, at an average cost of Si,440. No
changes of Importance have occurred in
the routine business, other than those
incident to the increase of the revenues.
The immense operations of the year
were accomplished with the movement
of about S100,000,000 less money in and
out of treasury than was found neces-
sary the previous year. In conclusion,
the treasurer commends the officers and
employees associated with him for the
manner in which they have pei formed
their duties.