The Indianapolis journal., 1890-11-19

and fraudulently put in circulation. These
notes. but not certain of other notes stolen
from several banks, will be redeemed at the
treasury In the order of their presentation,
NATIONAL BANK DEPOSITS.
There was decrease of less than S. S.O00,-
600 In the bonds held on deposit to secure
national bank circulation. Seventy-three
banks were discontinued 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 100000, decrease
of upward of 900 as compared 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 ST., 100000. By the act of
July A. 1890, these deposits, together with
the balance of them remaining IN the Treas
urer's hands at the time, were required TO
be covered into the treasury and like
amount of outstanding bank notes to be
reported each month as debt of the United
States bearing no interest. The work OF
receiving these deposits and redeeming the
notes out of them has been done hereto
fore without accountability to the depart
ment. The total amount of money re-
ceived in these deposits. TO the 25th
of July last, was nearly S479OOOOOO,
of which S404, 100000 was paid out In
redemption of notes and upwards of S20-
1000 was refunded or transferred. The
balance on hand, amounting to S54, 3SS, ,475.
was deposited In the. treasury by the Treas
urer's check.
The Treasurer suggests that as he is 9
bonded office-holder 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 dis
missals. The suggestion IS made that II
some expedient could be devised By which
L. k~I - ~f q ell Sv,
the various offices of the treasury could
safely be avoided it would be an important
advantage. Continued embarrassment has
attended the work of supplying the coun,,
failures in filing the Treasurer's requi-
sitions for new notes. He suggests that
greater fiexibility might be given to the
currency if gold certificates of the
denominations of s. and SO be
issued He urges the necessity of an ap-
preparation for the transportation of United
States paper currency to Washington for
redemption. With perhaps trifie addi-
tional outlay the people could be kept
supplied, free of cost to them, with good,
clean and fresh paper currency. thus great
ly lessening the danger of counterfeiting.
The laws and practice hereunder relating
TO q branded 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 in
adequate compensation for the duties per-
formed, being less than those paid in we'll
managed private institutions and less even
than are paid in the subj treasury
in New York. The whole number
employed in the whole treasury system
Is 5l5, at an average cost of 81. 400 for sal
aries. The Bank of England. whose busi-
ness is almost exactly the same as that of
the Treasury, with the addition of one prl-
vate deposit and discount. employs 1,160
persons, at an average cost of 81 ,440. No
changes of Importance have occurred in
the routine business other than those Incl
dent to the increase of the revenues. The
immense opera tions of the year were ac-
complished with the movement of about
S100O00000 less money In and out of the
treasury than was found necessary the
previous year. In conclusion the Treasurer
commends the officers and employees assOci-
ated with him for the manner in which they
have performed their duties.