Year: 1875

RUMoR DENIED-THE LOSSES IN THE RE


DESrPTIoN AGENcY-oPERATIoNs OF THE DE-


PARTMENT AND TIE AMOUNT OF MONEY


HANDLED.


WASHINGTON August Is, 1875


Since the report OF the committee appointed to ex-
anime into the and count the funds of tho
United States Treasurer has been persisently
circulated 10 the effect that the committee its
port found fault with the in which the National
Bank Redemption Agency conducted and unearthed
deficit in the cash which its officers had attempted to
conceal An examination Of the report of the commit
tee proves that rumor to be entirely groundess The
committee did not attempt TO orcise or censure the
management Of the agency of any other branch of
the Treasurers Office but simply reported the Of
its examination of the books and accounts The only
discrepancy found between the books and cash
OF the agency was an ''over" of $11
in the cash The books did show however,
that $l5 1868 had been charged the profit and loss
count This ascerained to be the amount of sew
cral packages of money distracted from the agency be-
fore 1t was provided with proper rooms, furniture or
other precautions against theft loss 1t will be
membered that the Redemption went into effect i'm
mediatey upon its passage and that before any ade
quate preparations could be made for carrying out its
provisions mutated bank notes began to pour in for
redemption at the rate of million dollars a day. Under
these circumstances losses were inevitable All of the
losses mentioned occurred in the first seven months
after the passage Of the Redemption act not dollar
having been'lost in the last six months.


THE AMOUNT OF MONEY


assorted and turned ont during the last fiscal year was
over $3.50 900 600 As all Of this was handled
at least four times in passing through the various
processes assortment the aggregate amount handled
during the year $500 000, 900. Compared with this
vast amount the losses are surprisingly small The
officers of the agency claim that the percentage of loss
smaller than that sustained by any similar institution
in the world and that experienced bank officers who
have inspected the agency have invariably expressed
constituent the perfection of its organization and the
smalncss OF its losses.


Regarding the asserted concealment of the deficit Il
may be mentioned that statement is type and
will be sent to bank in the United States
giving exact account Of every dollar of expense in
Cured by the agency, and an explanation Of the items
charged to profit and loss This statement shows that
the salaries paid during the year much less than
authorized by law and that the utmost
omy has been observed in every branch Of expenditure
The officers of the agency state that, far from
deavoring to conceal the losses, full history of each
loss has been spread upon the books and that the de-
ciences have been explained to every bank ocer and
to every member Of Congress who has inspected the
agency


AN ASSESSMENT


will be made In few days upon the national banks
for the expenses of the agency during the last year,
including express charges salaries, furniture losses
and all other expenses. The express charges will DO
for each bank while the other charges will be appor
toned according to the number OF notes redeemed The
assessment will be about two nnths of per cent
the amount redeemed. About two-iifths of the bank
the assessment will be less than one-eleventh of
per cent the total bank circulation At this rate the
entire expense of the redemption system 10 bank of
$4,000 circulation will be $50 per annum.