The Portland daily press., 1897-12-08
Secretary Cages Annual Report Of
Its Operations.
DEFICIT OF $4,000, 900 DIT51RlNG
THE FISCAL YEAR,
secretary's Elaborate Plan of Currency
Reform

| AO'SAANSD VI oA4O GOF6rufuSHU ILL.,
all sources for the fiscal year ended June
80, 1897, were S430, 587, 167. 3d. and the ez
renditures for the same period were
s448, 439, 1928 showing deficiency Of
Sls,052, 454.l1. AS compared with the pre-
vious year the receipts for 1897 increased
s2o'9l1, 75e.11. The ordinary expenditures
increased $13, 594.71S 49, The value OF
the gold. deposited at the minis and assay
OFFICES during the fiscal year 1897 was
Sl23 ,105, SOC. 53. Of this amount, S7.003,-
oSIH, were original deposits, and
S42, l02, 162S2 redeposits. The coinage
value of silver bullion received during
One year was ST., 725, 022 25 Of this
amount SO, 40, 623. Sc were original depos-
ies' and the remainder, $254, $685. so rede-
poslVs. The purchases of silver bullion
Ior subsidiary silver coinage, under the
| PROVISIONS of section 1896, Revised Stat.
utes, aggregated 259, 24S. 60 fine ounces,
costing sl7l, 455. AZ. During the year there
were coined of gold s71. 64e, 705; of silver
@Si' ,7ol; of subsidiary silver e3,124,-
oS5.65; minor 1884, sos. SO.
| NATIONAL BANKS.
from the date of the organization of
sne nrst national bank under Congress
slonal authority on June 20, 1868. to the
close OF the year ended October 81. 1887.
| o,oso national banks were organized. OF
thls number, 1,126 went into voluntary
lquloatlon, and 352 were placed in the
oharge OF receivers, leaving in active
operation on the date above mentioned
| ., 6l7. While A associations ware organ
lied during the year, the decrease by vol
untary liquidations and failures has re-
| suited In net decrease during the year
of 81 associations. The number of lioui-
cations was II and the number of failures
SO.
During the year A national banks,
with 81, 100000 capital stock, were char
tered.
The total resources of 800 banks. as
shown by their last reports, October s.,
1897. were s3,705, 1873, 70771, an increase
during the year of SAL, 44S, 1873. Ss. The
loans and discounts of the banks in
creased, between October 6, 1896, and Oo-
toher s, 1897, s174 AT, 7s1 81, and their
holdings of specie and other lawful mon
ey increased from $343, 143, 362.47 to
1888, 6S2. 631 .05, that is. $780, 75e, seS SO. The
reduction of the number of banks report
ing has resulted in the reduction Of capi-
tai stock and circulation outstanding to
the extent of ST., 05s, $50, aud 81, o2s, $50
respectively. s4
fol Of tIn Ear a.. -
last was 1851, ASS, o95, and their circulation
$19S, $50, go. Individual deposits of the
banks have increased $255, ass, OG9. " since
October 9, 1895, amounting on October S.
1887, to 81 1853, 349, 12s. SO.
TEE TARIFF ACT.
The Secretary says, referring to the tar
III act, that it has not been In force long
enough to determine fully it's merits, but
it is confidently believed that when in
full operation it win afford ample revenue
for the ordinary needs of the Cover nmenj,
while adequately protecting our manu-.
featuring and agricultural interests. Our
home industries have already felt the
stimulating effect of the law From the
report OF the Board of Appraisers it
Would seem that there are likely to be
fewer protests and less legislation under
the new tariff act than under its predeceg-
SCR. The Secretary recommends that Gus
tom mouse brokers be brought under the
control of the Treasury Department.
CURRENCY.
Concerning the currency the Secretary
makes the following recommendations:
RECOMMENDATIONS.
First, l recommend that proper legisla-
ton be enacted which will establish. sen.
arate and apart from the ordinary opera
ons of the Treasury as they relate to
revenue and Expenditures, a department to
pe designated and known as the Issue and
redemption Division. To this division
the sum of slso, O00, 900 in gold should be
sci over from the general fund in the
treasury, to be used only for redemption
purposes, and all the silver dollars now
held for redemption of silver certificates,
and all the silver bullion and dollars
coined theretrom, bought under the act of
io9O, should be passed to the same .c-
count. Further, that the sum of 80 o, 00O,-
zoo in the legal tender notes of The United
States known as greenbacks be collected
as hereinafter described, and deposited in
the said Issue and Redemption Division,
to be dlsbursed therefroIn only upon the
receipt IN exchange therefor of an
equivalent amount of gold coin. Such
gold, when SO secured. to be held in said
division as part of the general redemp-
ton fund.
Second, [ recommend that provision be
made for the issue of refunding loan
bonds, payable after ten years at the
pleasure of government, such bonds to
bear interest at the rate of 2 2 per cent
per aDnum, payable, principal and inter
est, in gold coin; and that the Secretary
of the Treasury be authorized to issue such
bonds and receive in payment therefor,
with an equitable allowance for the diff
erence in interest, any part or all of the
outstanding loans of the United States
which mature by their terms of payment
in the years 1904, 1907 and 1895.
The advantage involved in the proposed
action lies in this: 1t removes an am
biguity from our contract obligations
an ambiguity which affects unfayorably
the government credit. The word "coin,"
now used TO express the obligation in the
public debt, is an ambiguous word. 1t
is no doubt understood by the more dis
eliminating pub ic creditor to mean gold
coin, and the solemn act of Congress
pledging the maintenance of silver
coin upon parity with gold coin makes
it impossible 10 construe the word