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ANNUAL REPORT
SECRETARY OF THE TREASURI
ON THE
STATE OF THE FINANCES
FOR
THE
YE.A.R 1887.
WASHINGTON:
GOVERNMENT P R I N T I N G O F F I C E .
1887.
6209 FI 87
ms
TREASURY DEPARTMENT,
Document No. 1028, 3d ed.
Secretary.
1^0
• (AJ
OOlSTTElsrTS.
. '
'
Page.
R E C E I P T S AND E X P E N D I T U R E S
.'......,
^
xxi
SINKING-FUND^
xxiv
SuEPLUs R E V E N U E
Purchase of Bonds
Unnecessary Expenditure . . . o
Reduction of Revenue
Increased Duties
Internal-Reyenue Taxation
Less Customs Taxation',
.
Surplus in the Treasury
..xxv-xxxiii
xxvi
xxviii
xxix
xxix
xxix
xxxi
xxxiii
i
'.
CUSTOMS ADMINISTRATION
.xxxiii-xxxix
Duty on Worsted Cloths...'
Customs Districts
Methods of Business a t Principal Ports
Expeuses of Collecting the Revenue from Customs
Conference of Local Appraisers
xxxv
xxxvi
xxxvi
xxxvi
xxxvm
^
F O R E I G N COMMERCE
XXXIX-XLV
Exports
Imports
Imports Entered for Consumption
Increase of Customs Revenue
Foreign Carrying Trade
1
XL
XLI
XLII
XLIV
XLIV
'.
\
-
PUBLIC MONEYS
„,.
C U R R E N C Y CIRCULATION
XLVI
STANDARI) S I L V E R D O L L A P S
XLVII-L
Safeguards for Silver Money
^
NATIONAL BANKS
,
XLVIII
L
IMMIGRATION
L
INTERNAL R E V E N U E
LII
E N G R A V I N G AND P R I N T I N G
REVENUE MARINE
XLV
-
LIII
1
„
LIFE-SAVING SERVICE
LIV
:
MARINE-HOSPITAL SERVICE
LVI
«
'LVII
STEAMBOAT-INSPECTION S E R V I C E
LIX
LIGHT-HOUSE SERVICE
LXI
pOAST ANI) GEODETIC S U R V E Y , , , , , . . , . . . ,
•? 9-3
,,,,,,,,.,..
L:^I?
Ill
IV
CONTENTS.
Page.
P U B L I C BUILDINGS
^
LXIV
STATUTE OF LIMITATIONS H A L L OF R E C O R D S
LXV
•.
DISTRICT OF COLUMBIA
LXV
,
..
LXVI
Tables accompanying the report.
TABLE A.—Statement of the outstanding principal of the public debt
June 30, 1887
Lxix
TABLE B.—Statement of the outstandiug principal of the public debt
each year from 1791 to 1887
LXXVII
TABLE C.—Analysis of the principal of the public debt from J u l y 1,1856,
to J u l y 1, 1887
'.
LXXVIII
TABLE D.—Statementof the issue and redemption of loans and Treasury
notes during the fiscal year 1887
„
„
.....
LXXX
TABLE E.—Statement showing the purchase of bonds on account of the
sinking-fund during the fiscal year 1887.
LXXXI
TABLE F.—sinking-fund account for the fiscal year 1887
;
.
LXXXVI
TABLE G.—Statement of '30-year 6 per cent, bonds issued to the several
Pacific Railway Companies
,
„,
LXXXVII
TABLE H.—Statement showing the changes in the interest-bearing debt
during the year ended October 31, 1887
LXXXVIII
TABLE I.—Statement showing the amount of gold and silver coin and
bullion; gold, silver, and currency certificates; United
States notes, and national and State bank notes in the
United States, and distribution thereof each year, from
J u n e 3 0 , 1860, to J u n e 30, 1887
:
xc
Diagram, showing the amount of national-bank notes in circulation,
gold, silver, and United Statesnotes in theTreasury, with
the corresponding liability in outstanding gold, silver,
and currency certificates, with the reduction of the public
debt
XCI
TABLE J.—Statement of the standard silver dollars, silver bullion, aud
subsidiary silver coin in t h e Treasury at the end of each
. month from December 31, 1877, to November 30, 1887'...•.
xcil
TABLE K.—Statement showing the amount of silver offered for sale to
the United States, the average price of offers, the amount
purchased, and the average price of same, for the sixteen
months ended October 31, 1887
^
xciV
TABLE L.—Statement &f tho annual appropriations made by Congress for
each fiscal year from 1879 to 1888
xcv
TABLE M.—Statement o f t h e receipts of the United States from March 4,
1789, to J u n e 30, 1887
'
.\
xcvi .
TABLE N.—Statement ofthe expenditures ofthe United Sfcates from March
4,1789, to J u n e 30, 1887
,.:
TABLE O.—Statement of the net receipts during the year
TABLE P.—Statement of the net disbursements during the year.
, c
civ
cv
CONTENTS.
V
Page.
TABLE Q.^—Statement o f t h e net receipts and disbursements for the quarter ending September 30,1887
cvii
TABLE R.—Statement of receipts and disbursements by United States
assistant treasurers during the year
cviii
TABLE S.—Statement showing t h e present liabilities ofthe United States
to Indian tribes under treaty stipulations
cxiii
,TABLE T.—Statement of redeemed United States securities received by
the office o f t h e Secretary o f t h e Treasury for final count,
examination, and destruction, during t h e fiscal y e a r . .
cxix
TABLE U.-r-Statement of distinctive paper, silk-threaded fiber, issuedfrom
I the office of the Secretary of the Treasury to t h e Bureau of
Engraving and Printing, and deliveries and balances of the
same, for nationai-bank currency, series 1882,for thefiscal
year 1887
cxx
TABLE V.—Statement of United States bonds and other obligations received and issued by the office of the Secretary of the
Treasury from November 1, 1885, to October 31, 1 8 8 7 . . . . . .
cxxi
APPENDIX TO THE REPORT.
REPORTS O F HEADS OF BUREAUS AND SUPERVISING SPECIAL AGENT.
Index to Contents of Appendix.—He^ovts: Treasurer, V; Director of Mint, IX; Comraissioner of Internal Revenue, x i ; Comptroller of Currency, x m ; Chief of Bureau
of Engraving and Printing, x i v ; Eirst Comptroller, XY; Second Comptroller, xv ;
Commissioner of Customs, x v ; Eirst Auditor, x v i ; Second Auditor, xvi; Third
Auditor, xvi; Eourth Auditor, xvii; Eifth Auditor, xvil; Sixth Auditor, xvill;
Eegister, x v m ; Supervising Special Agent, xix.
Page.
REPORT O F T H E TREASURER
3-80
Receipts and expenditures
•
Summary of operations
3
..-.„
The state of the T r e a s u r y . . i
4
:.....
•
5
Mints and assay offices
12
Deficits, unavailable funds
13
United States notes
14
Certificatesof deposit, acfc of J u n e 8, 1872
..,-....
16
Gold certificates
Silver certificates
16
»
,
Trade dollars
18
Standard silverdollars
,..o
Fractional silver coin
19
21
^
Mutilated, stolen, and counterfeit currency
Fractional currency
,.
20
Minor coin
Recoinage of uncurrent coins
17
..-.
„
21
.*....
22
.
21
Disbursing officers
23
Postal revenues
24
Speaker's certificates
24
Clearing-house transactions
25
VI
; CONTENTS.
R E P O R T OF THE TREASURER—Continued.
Page.
•
Receipts from customs at New Y o r k . .
25
Depositary banks
26
,
Pacific Railroad sinking fuuds
27
Indian trust funds
28
Miscellaneous trusts
•
'..
29
United States bonds held for national banks
Special deposit
30
L
31 •
Semi'annual duty
31
The redemption of national-bank nofces
32
The work of the office*
.».
The Treasury balance sheet (folder)
.'
33
.,
35
Appendvx.
TABLE No. 1.—Receipts and expenditures for the fiscal year 1887, as
shown by warrants issued
36
TABLE No. .2.—Comparative statement of receipts for the fiscal years
1886 and 1887, as shown by warran^ts issued
38
TABLE No. 3.—Comparative statement of expenditures for the fiscal
years 1886 and 1887, as shown by warrants issued
38
TABLE NO. 4.—Comparative statement of balances in the Treasury at
tbe close of the fiscal years 1886 and,1887
38
TABLE NO. 5.—Exx^lanatory statement of the differences between the
balance in the Treasury J u n e 30,1887, as shown by the
preceding statements and the books of the Register,
1
and t h e cash as shown by the iDublic-debt statement
published J u n e 30, 1887
'
39
TABLE NO. 6.—Balances standing to the credit of disbursing officers and
agents of the United States J u n e 30, 1887
39
TABLE NO. 7.—Statement showing the Lotal amount o f t h e classified receipts and disbursements ou account of transfers, revenues, redemptious, and exchanges, by Treasury offices,
for the fiscal year ending J u n e 30, 1887
40
TABLE No. 8.—Receipts and expenditures on account of the Post-Office
Dexoartment for the fiscal year 1887, as shown by warrantspaid..
' 41
TABLE NO. 9.—Semi-annual duty assessed upon and collected from national banks by the Treasurer of the United Sfcates for
tbe fiscal years from 1864 to 1887, inclusive.
41
TABLE NO. 10.—Statement, by loans, of United States bonds held in trust
for national banks June 30,1887^ and of changes during the fiscal "year 1887, in the character of bonds held.
TABLE NO. 11.—Redemptions of United Sfcates currency for the
42
fiscal
year 1887, and total redemptions to June 30, 1887
42
TABLE NO. 12.—United States currency of each issue outstanding at the
close of each fiscal year from 1862 to 1887
,.
43
CONTENTS.
VII
Page.
R E P O R T O F T H E TREASURER—Continued.
TABLE NO. 13.—United States currency of each issue and denomination
issued, redeemed, and outstanding at the close of the
- fiscal year 1887
"
43 '
TABLE NO. 14.—Issues and redemptions of United States notes by denominations and by fiscal y e a r s . . * .
49
TABLE NO. 15.—Comparative statement of the issue and redemption of
United States notes for the last three fiscal y e a r s . . . . .
54
TABLE NO. 16.—Silver certificates issued, redeemed, and outstanding, by
series and denominations
..,
56
TABLE NO. 17.—Gold certificates issued, redeemed, and outstanding, by
series and denominations
56
TABLE NO. 18.—Seven-lhirfcy notes issued, redeenied, aud o u t s t a n d i n g . .
57
' TABLE NO. 19.—Coupons from United States bond^ and interest notes,
paid d u r i n g t h e fiscal year 1887, classified by l o a n s . . .
57
TABLE NO. 20.—Numberand amount of checks issued for interest on registered bonds of the United States during t h e fiscal
year 1887
57
TABLE NO. 21.—Interest on ,3.65 per cent, bonds of the District of Columbia paid during the fiscal year 1887
57
TABLE No. 22.—Refunding certificates issued u n d e r the act of February
26, 1879, converted into bonds of the funded loan of
1907
'.
58
TABLE NO. 23.—Total amount of United States bonds retired for the
sinking fund from May, 1869, to J u n e 30, 1887
58
TABLE NO. 24.—Total amount of United Sfcates bonds retired from May,
1869, to J u n e 30, 1887
".....'......
59
TABLE No. 25.—Bonds of the loans'given in statement No. 24 retired
prior to May, 1869..
',
60
TABLE No. 26.—Matured called bonds redeemed and outstanding June
30, 1887.
'.
61
TABLE NO. 27.—Balanced statement of receipts and deliveries of moneys
by t h e National Bank Redemption Agency for t h e fiscal
year 1887
64
TABLE NO. 28. —Balanced statement of receipts and deliveries of moneys
by t h e National Bank Redemption Agency from J u l y
1, 1874, to J u n e 30, 1887
64,
TABLE NO.. 29.—Result of t h e count of national-bank notes received fbr
redemption, by fiscal years, to J u n e 30, 1887
65
TABLE No. 30.—National-bank notes received for redemiDtion, during
each month of t h e fiscal j ^ a r 1887, from the principal
cities and other places . . . ,
-
66
TABLE NO. 31.—Mode of payment for national-bank notes redeemed during the fiscal year 1887 .
'.
-.--
66
VIII
CONTENTS.
Paga
R E P O R T OF THE' TREASURER—Cbntinued.
.
TABLE No. 32.—Deposits made by national banks iu tbe 5 per cent, fund
for the redemption of their notes during the fiscal year
• 1887
67
T A B L E No. 33.—Notes ofnational banks redeemed and delivered on the
5 per cent, account duriug the fiscal year 1 8 8 7 . . . . . . . .
67
TABLE NO. 34;—Deposits made by national banks for the retirement of
their notes cluring the fiscal year 1887
,
68
TABLE No. 35.—Notes of failed, liquidating, and reducing national banks
redeemed and delivered, to June 30, 1877, by fiscal
years to 1836, and by months to June 30, 1887
68
TABLE No, 36.7—Deposits and redemptions on account of national banks
failed, in liquidation, and reducing.circulation, to J u n e
30, 1877, by fiscal years to 1886, and by montbs to October 31, 1887, and balanceof the deposits at t h e close
«
of each period
69
TABLE No. 37.—Packages of national-bank notes delivered during the
fiscal year 1887
'
69
TABLE No. 38.—Expenses incurred in the redemption of national-bank
notes during the fiscal year 1887
69
TABLE NO. 39.—Statement showing the monthly receipts from customs
at New York from April, 1878, to September, 1887, and
the percentage of each kind of money received
70
TABLE No. 40.—Shipments ofsilver coin from Treasury offices and mints
from J u l y 1, 1885, to September 30, 1887, inclusive, as
per their reports to this office
72
TABLE NO. 41.—Shipments of silver coin since J a n e 30,1885, from Treasury offices and mints^ the charges thereon for transportation, and t h e average cost per $1,000
73
TABLE NO. 42.—Statement showing the amount of gold coin and bullion
in the Treasury and of gold certificates outstanding
. at the end of each montli from March, 1878, to October,
1887
74
TABLE No. 43.—Statement showing the amount of standard silver dollars
coined, in the Treasury and in circulation, and ofsilver certificates outstanding, at t h e end of each month .
from March, 1878, to October, 1887....
76
TABLE NO. 44.—Coinage, movement, and expense of movement of standard
silver dollars, by quarters; to September 30, 1887
78
TABLE NO. 45.—Statement showing t h e amount of fractional silver coin
in the Treasury at t h e end of each month from May,
1879, to October, 1887
79
TABLE NO. 46.—Changes during the fiscal year 1887 in the force employed"
in t h e Treasurer's office
80
CONTENTS.
^
IX
Page.
R E P O R T OF T H E T R E A S U R E R — C o n t i n u e d .
TABLE No. 47.—Appropriations made for, and salaries paid to, the force
, employed in the Treasurer's office during the fiscal year
1887
80
TABLE No. 48.—Letters, telegrams, and money packages received and
transmitted during t h e fiscalyear 1887
80
R E P O R T OF THE D I R E C T O R OF T H E M I N T
81-316
Deposits and X)urchases of gold and silver
-
'81 .
Coinage
83
Manufacture of gold aud silver bars
86
Medals and dies manufactured.
,
Exchange of gold bars for gold coin
:
86
-.
87
Refining by acid
87 -
Silver purchases
88
Price of silver
90
Distribution of silver dollars
92
Circulation of silver dollars
92
Subsidiary silver coinage.
92
Seigniorage of silver coinage
,
95
Coinage and redemption of the trade dollar
96
Minor coinage
,.
Appropriations and expenditures
-
100
.,
107
Earnings and expenses of the refineries of the coinage mints and of the
assay office at New York
109
Earnings and expenditures of t h e mints and assay offices
110
Classified statement of expendi tures o f t h e raints and assay offices ..
110
Summary of the operations of fche mints and assay offices
Minor assay offices
112
'
Annual trial of coins
.--.
Values of foreign coins
126
131
132
Regulations governing the transaction of business at the mints and assay
offices
-.
135
Production of gold and silver in the United States
135
Industrial employment of gold and silver in the United States
137
Imports and exports of gold and silver
139
Stock of Coin in the United States
140
Proposed legislation
145
Irregular productions of the United States Mint
180
Technical operations of mints
190
Production of gold and silver in the world for 1886
201
The world's coinage and use of gold and silver in the arts
202
W^ork of th© Bureau of the Mint.
228
Appendix.
TABLE No. 1.—Deposits and purchases of gold and silver by weight . . . .
230
TABLE NO. 2.—Deposits and purchases of gold and silver by value..oo-
232
X
CONTENTS.
Page.
R E P O R T OF THE DIRECTOR OF T H E MINT—Continued.
TABLE No. 3.—Deposits of unrefined gold of domestic ijroduction, with
the States and Territories producing t h e same, and of
refined domestic bullion not d istributed
234
TABLE No. 4.—Deposits of unrefined silver of domestic production, with
the States and Territories producing the same, and of
unrefined domestic bullion not distributed
236
TABLE No. 5.—Coinage executed at the mints during the fiscal year
238
.
TABLE No. 6.—Coinage executed at the mints duriug the calendar year
'
TABLE NO. 7.—Standard ounces in bars manufactured
1886 . . . :
238
• 240
TABLE NO. 8.—Value bf bars manufactured
240
TABLE NO, 9.—Earnings and expenditures of the mints and assay offices..
242
TABLE NO. 10.—Medals manufactured a t t h e mint at Philadelphia
244
TABLE NO. 11.—Medals and proof sets sold
245
'.
TABLE NO. 12.—Coinage and medal dies manufactured at the Philadelphia
mint
„
J...
245
TABLE NO. 13.—Seignorage on t h e coinago of silver, and the disposition
of the same
246
TABLE No. 14.—Expenditures from silver profit fund on account of transpoijjation of silver coin
248
TABLE No. 15.—Amouut expended for distribution of minor coins from
J u l y 1, 1878, to J u n e 30, 1887
249
TABLE No. 16.—Wastage and loss on sale of sweeps
249
TABLE No. 17.—Assets and liabilities of mints and assay offices
250
TABLE No. 18.—Number of standard ounces and cost of t h e silver bullion
delivered on purchases a t the coinage mints, and' t h e
number of silver dollars coined
. TABLE NO. 19.—Silver bullion purchases
252
•.
253
TABLE NO. 20.—Bullion employed in t h e coinage of silver dollars, and the
wastage and loss on sale of sweeps
...
254'
TABLE NO.' 21.—Bullion employed in t h e coinage of silver dollars, and the
wastage aud loss on sale of sweeps
256
TABLE NO. 22.—Cost of silver bullion purchased, delivered, and coined
into silver dollars, and the nominal value of the coinage .
^
258
TABLE NO. 23.—Monthly purchase and coinage of $2,000,000 worth of bullion for silver dollars
^ 259
TABLE NO. 24.—Average monthly price of silver bullion, .925 fine, in
London, during t h e calendar year 1886, and equivalent per ounce, 1,000 fine, in United States money
260
TABLE NO. 25.—Highest, lowest, and average value o f t h e United States
silver dollar, measured by the gold standard, and the
quantity of fine silver purchasable with a United States
dollar at-the average London price of silver each year
since 1873
...:..
261
CONTENTS.
XI
R E P O R T O F T H E D I R E C T O R OF T H E MINT—Continued.
TABLE No. 26.—Highest, lowest, and average price of bar silver in London, per ounce, British standard (.925), since 1833, and
I the equivalent in United States gold coin of an ounce,
1,000 fine, taken at the average price
262
TABLE NO. 27 a, b.—Gold and silver coins of t h e several degrees of fineness in percentages of t h e whole number of coins
assayed
264,265
TABLE NO. 27 c, tZ.—Number of gold and silver coins, and fineness of each,
from the coinage of the calendar year 1886, assayed
at the annual assays, aud monthly at the Bureau
oftheMint
26b
TABLE NO. 28.—Comparison of the busihess of t h e miuts and assay offices.
268
TABLE NO. 29.—Manifested imports and exports of gold aud silver
,
273
TABLE NO. 30.—Values of gold and silver ores imported and exported...
280
, TABLE NO. 31.—Manifested imports and exports of gold and silver at Sah
Francisco...
,
281
TABLE No. 32.—Imports of gold and silver coin and bullion into the customs district of New Oiieans
282
TABLE No.' 33.—Imports of gold and silver coin and bullion into the customs district of E l Paso, Tex
^
282
TABLE No. 34.—Unrefined gold and silver of domestic production, its distribution b y States and Territories; also refined domestic bullion (not distributed) deposited at t h e mints
and assay offices, from their organization
•
283
TABLE NO. 35.—Coinage of trade-dollars, by months.
284
TABLE NO. 36.—Coinage of the mints of t h e United States from their
organization, by calendar years and b y denomination
of pieces
288
TABLE NO. 37.—Coinages of various countries
i
312
TABLE NO. 38.—Production of gold and silver in t h e United States since '
1792
313
TABLE NO. 39.—The world's production of gold and silver
314
TABLE NO. 40.—Ratio of silver to gold each year since 1687
,
REPORT O F T H E COMMISSIONER O F INTERNAL R E V E N U E
316
317-392
Collections for the current fiscal year
318
Comparative receipts for the last six fiscal years
318
Collections for t h e last fiscal year
318
Receipts for t h e last t w o fiscal y e a r s . .
318
Withdrawals for consumption during t h e last two fiscal years
320
Receipts by States and Territories during the last fiscal year
Cosfc of collection
320
".
,
General condition of t h e service
321
Reduction in the number of districts
Miscellaneous expenses
^
321
.,
„
321
......
321
XII
CONTENTS.
Page.
R E P O R T OF THE COMMISSIONER OF INTERNAL R E V E N U E — C o n t i n u e d .
Revenue agents
,
I.s
322
Expenses of revenue agents
^
322
Work of revenue agents
Illicit stills seized
322
'
322
Ordnance stores
,
323
Expenditures for the discovery and punishment of violations of law
324
Offers in compromise
325
Abstract of seizures
325
Reports of district attorneys
^.
Estimated expenses for the next fiscal year . . . .
326
^
327
. Scale of salaries of collectors
327 ,
Official force
.;
Store-keepers, gaugers, etc
^
327
^
328
Condition of the office
328
Salaries .,
329
Stamps
329
Redemption of check stamps
„
Manufacture of stamp paper.
Production of stamps.. I
Tobacco
330
^
330
;
.'
330
'.
Production of tobacco, cigars, cigarettes, etc
.
..
'.
331
• 332
The tabular statements'
333
Direct-tax claims
336
School f a r m s . . . . .
....'
Direct t a x still due
337
337
Cases pending before the Supreme Court
338
Abateinent claims
339
1
Rebate claims
339
Refunding claims
339
Sales of real property acquired under t h e law
340
Number of special-tax payers
341
Distilled spirits
,
343
Taxation of fractional parts of a gallon of distilled spirits
347
Special bonded warehouses for t h e storage of fruit b r a n d y ; distillation
of other fruit t h a n apples, peaches, or grapes
347
Assessments
348
Decreased prod;iction of spirits
350
Decreased tax-paid withdrawals of spirits
Reimported spirits
-
350
'.
351
Spirits removed in bond for export
353
Decreased withdrawals of spirits for scientific purposes and use of the
UnitedStates-....
354
Transfer of spirits from distillery warehouses to manufacturing warehouses
o.
354
,
CONTENTS.
.
XIII
Pago.
R E P O R T O F T H E COMMISSIONER O F I N T E R N A L R E V E N U E — C o n t i n u e d .
Decreased transfers of spirits from distillery warehouses to manufacturing w a r e h o u s e s . . . . :
,
Spirits lost by casualty in warehouses duriug t h e year
355
°..
355
Spirits lost by fire in warehouses for t h e last fifteen years
355
Differentkinds of spirits produced, withdrawn, and remaining in warehouse for t h e last two fiscal years
357
Stock on hand, production, and move'ment of spirits for five years
Spirits rernaining in warehouses a t t h e close of the year
358
,,
359
Si:)irits in distillery warehouses October 1, 1883, 1884, 1885, 1886, and
1887 . . . , . „
359
Spirits withdrawn for export during t h e first three months of t h e present
fiscal y e a r . . .
,..-.
360
Comparative statement with previous years
360
Operations of special bonded warehouses for storage of grape brandy . . .
Distilled spirits in t h e United States October 1, 1887
361
'
Exportation of manufactured tobacco and snuff in bond
362
362
Exportation of cigars and cigarettes in bond
363
Reimported domestic spirits in customs warehouses
~
Drawback allowed on exported merchandise
„
„.
363
364
Oleomargarine l a w
365
Oleomargarine law considered otherwise t h a n as an internal-revenue
measure
369
Oleomargarine law as a protective measure
370
Oleomargarine law as a prohibitory measure
371
Oleom argarine law as a sanitary measure
„ „..
' 374
Law regulating t h e manufacture of oleomargarine a subject connected
„
379
Exportation of oleomargarine
with agriculture
379
Analyses of substances suspected of being oleomargarine
Butter and oleomargarine from a scientific standpoint
380
^
R E P O R T O F T H E COMPTROLLER OF T H E C U R R E N C Y
382
393-5i8
Requirements of section 333, Revised Statutes of t h e United States, in
detail, as to Comptroller's report
393
Summary of t h e state and condition of every national b a n k reporting
during t h e year
394
Statement of national banks closed during t h e year
395
Suggestions as to amendments to t h e laws by which the system may be .
improved
,
:.
-
New national-bank code
396
404
Legal decisions affecting organization, operations, and dissolution of
national banks
State banks, savings banks, private banks, and loan and trust companies.
430
430
Organization and expenses of the office
438
Number and value of items representing clerical work in t h e office
439
XIV
CONTENTS.
Page.
R E P O R T OF THE COMPTROLLER O F T H E CURRENCY—Continued.
Comparative statement of the number of banks organized, and number
and compensation of officers and clerks
' 440
Number of national banks organized in each State and Territory during
the year, with capital, bonds, and circulation
.-^„,
441
Statement of banks failed during the year, their capital, surplus, and
liabilities, and causes of failure
Organization ofnational banks
..„_
442
.,..,....
445
Conversion of State banks
446
Number ofnational banks of primary organization, number in voluntary
liquidation, and number, insolvent
„.
Extension of corporate existence ofnational b a n k s .
.....= . . .
448
449
Share-holders in banks
1..
Circulating notes
:
451
456
Interest-bearing funded debt of the United States, and amount held by
national banks
^...i
Redemption of 3 per cent, b o n d s . . .
Security for circulating nofces
..„.
«
t..,.
—
463
Banks without circulation
466
Dissolution
Inactive receiverships
557
459
....-»..-.
Issues and redemptions during t h e year
,,.....
467
..^.
467
a .-.„-..-....
Issues of national-bank notes
470
472
Redemption of national-bank notes
o
472
Redemption of circulation of banks in the hands of receivers, of those in
voluntary liquidation, and of those reducing circulation
Supervision of national Isanks
477
»
480
Examinations of national banks, and areas covered by individual examiners
_.
Reports of national banks, and treatment by office
Classification of loans in reserve cities
.
Pro.visions of law governing reserve
482
,;.
/.
4§3''
„_ _
484
.;.
' 486
Amount of reserve, and ratio of deposits; New York City, reserve cities,
and States and Territories
J...
Clearing-House transactions
•..
1
.^
Duties, assessments, and redemption charges
490
492
497
State taxation of national banks
498
Conclusion
-
508
REPORT O F C H I E F O F THE B U R E A U OF E N G R A V I N G A N D P R I N T I N G
519-533
Securities delivered
519
Expenditures
520
Appropriations and estimates
Force e m p l o y e d . - - , p - - - , . . - .
.0.^
o,
...'....,^
520
o,^,. . . , P P . . „ , ^ , , . . , „ .
5^3
CONTENTS.
XV
Piige.
R E P O R T OF C H I E F OF T H E B U R E A U O F E N G R A V I N G ' A N D PRINTING—Continued,
Appendix.
.TABLE NO. l.—Statement showing the United States uotes, certificates of
deposit, and national-bank notes delivered.
i
524
TABLE NO. 2.—Statement showing t h e internal-revenue stamps delivered.
525
TABLE NO. 3.—Statement showing the customs stamps delivered
528
TABLE No.4.—Statement showing the checks, drafts, certificates, etc., by
classes, delivered
'.
528
TABLE No; 5.—Summary bf all classes of work delivered
529
TABLE NO. 6.—Schedule of miscellaneous work done for, and of materials'
furnished to, the various bureaus of the D e p a r t m e n t . .
530
TABLE NO. 7.—Statement of t h e various classes of securities and other
work proposed to be executed in t h e fiscal year 1889...
532
TABLE NO. 8.—Statement showing t h e annual production of securities in
sheets, and the expenditures by the Bureau
533
TABLE NO. 9.—Statement showing t h e number of employ<Ss on the first
day of each month since J u l y 1, 1877
533
R E P O R T OF T H E F I R S T C O M P T R O L L E R . . . . . . . .
Warrants received, examined, etc
535-541
=
535
Requisitions
,
539
Miscellaneous work
539
' Assignment of claims upon t h e United S t ates
539
Compensation of commissioners of the circuit courts
540
Statute of limitations on claims against t h e Government
;.
R E P O R T O F T H E SECOND COMPTROLLER
541
543-547
Number of accounts, claims, a n d cases settled
543
• Number of clerks employed and distribution of work •.
• Army back-pay and bounty division
,.
543
,.:
544
Army paymasters' division
544
Army pension division
544
Quartermasters' division
Navy division
545
.,
545
Indian division
L a w and miscellaneous division
545
:
^
546
Requisitions . . . . . J
546
Miscellaneous work of the office
^...
Suits brought
546
547
Statute of limitations
547
Office library
548
Inventories of public property
548
Office appropriations
548
R E P O R T O F T H E COMMISSIONER O F CUSTOMS
549-561
Work of the office
549
Divisions
Qld warehouse, and boud account-^,-.^.^ . - 9 . .,9 9 .^o
550
\..^..
55X
XVI
CONTENTS.
Page.
R E P O R T OF THE COMMISSIONER OF CUSTOMS—Continued.
Cancellation of export b o n d s . . . .
„.
,
552
Stubs
553
Unclaimed goods
,
Receipts by attorneys
553
:
554
Examination of light-house accounts
555
Maintaining and repairing light-house tenders
556
Official b o n d s . . .
556
Appendix.
TABLE A.—Staternent of warehouse transactions a t t h e several customs
districts and ports
558
TABLE B.—Statement of entry of horses, wagons, harness, machinery, etc.,
brought into the United States for temporary purposes
561
TABLE C.—Statement of duties collected on unclaimed goods entered aud
amount of net proceeds of unclaimed goods sold
L
REPORT OF THE FIRST A U D I T O R . .
561
563-576
Business transactions of the office
>.
563
Customs division
573
Judiciary division
573
Public debt division
573
Miscellaneous division
574
Warehouse and bond division
574
Comparative statement of the transactions of t h e office from 1861 to 1887.
575.
R E P O R T OF T H E SECOND AUDITOR
577-589
Book-keeper's division
577
Paymasters' division
,
579
Ordnance, medical, and miscellaneous division
J
580
Indian division
'581
P a y and bounty division
582
Division for t h e investigation of fraud
Property division
583
.....„,-
Division of inquiries and replies
583
-
Mail division
584
-^
-
584
Archives division
584
Condition ofpublic business
.-
Claims for arrears of'pay and bounty
Revolutionary claims
/
585
-
586
^
587
Overpayments during t h e late war
588
Defective inquiries
-
Disallowed vouchers
588
.•
588
Bounty under act of April 22, 1872
R E P O R T OF T H E T H I R D AUDITOR
Army pension division
Claims division
580
591-619
.
, . .^,,^,,,^„^^ .,.^ . . . ^ . . . , . , , , . . . , . . , ^ . . . . . . .
591
59?
CONTENTS.
'
XVII
Page.
R E P O R T OF T H E T H I R D A U D I T O R - C o n t i n u e d .
Collection division
«
592
Military division
593
Miscellaneous division .
„
596
Horse-claims division
596
Book-keeper's division
^
State war claims
597
.,
597
The clerks.--
599
Appendix.
Statement showing the financial operations of t h e office
600
Operations of horse-claims division
(307
Operations of miscellaneous division.
607
Operations of military division
609
Operations of collection division
^
610
Operations of claims division
610
Operations of pension division
611
REPORT OF THE FOURTH AUDITOR.
621-635
Appropriations and expenditures pf t h e Navy
,
Balances and liabilities under pay of the Navy a n d Marine Corps
Exchange
629
Special fiscal agents a t London
'..,
629
Work of t h e office....
630
Settlements on contracts . . .
633
Property returns
634
Distribution of public accounts
634
R E P O R T OF T H E F I F T H A U D I T O R
637-668
Diplomatic and consular division
'
621
629
,
Internal-revenue division
637
642
' Miscellaneous division
642
Appendix.
TABLE A.—Statement of expenses of the diplomatic service
647
TABLE B.—Statement of consular fees, salaries, and expenses
649
TABLE C.—Statement of consular fees, compensation, expenses, and loss,
by exchange
657
TABLE D.—Names of consular clerks, with their salaries and expenses . .
659
TABLE E.—Statement of sundry expenses of consulates in China, Japan,
Siam, and Turkey
660
TABLE F.—Statement of relief afforded seamen, with extra wages and arrears
-
-
661
TABLE G.—Statement showing the number of seamen sent to t h e United
States, and amount paid at the Treasury for passage . . . . . ^
662
TABLE H.—Internal-revenue stamps and assessments charged and cash
deposited
,
TABLE I.—Internal-revenue e x p e n s e s . . . . . .
6309 FI 87'
IX
663
-,.....-.,..,.......
66.6,
XVIII
CONTENTS.
Page.
669-674
REPORT OF THE SIXTH AUDITOR
Business operations of the office
669
Appendix.
Accounts submitted for suit
670
Amount collected in suit cases
Absences
Numberof general postal accounts of postmasters, aud classification of
'the offices.
1
Number of changes of post-offices and postmasters
,
Statement showing t h e principal transactions in money-orders and
670
670.
postal notes
R E P O R T OF T H E . R E G I S T E R
671
672
,.
•.
672
.1
675-877
Business operations of the office
.*
Draft of a bill to facilitate the business of the Treasury Department.....
Draft of a bill to determine and settle final balances of accouuts due to
and from the United States
—..
Accounts of Post-Office Department
.,
Preservation of
files
Monthly debt statement
Annual appropriations and expenditures of office
Division of receipts and ex;^enditures
,
Special work
Division of loans
Note, coupon, and currencj^ division
Division of interest and expenses of loans
675
675
680
681
681
682
682
685
688
688
692
693
Statements.
Loan division
Note, coupon, and currency division
'..
Receipts and expenditures division
Receipts from customs
'
sales of public lands
internal revenue
-.
consular fees
.•
steamboat fees
registers' and receivers' fees
marine-hospital t a x
relief of seamen
^
labor, drayage, etc
services of United States officers
weighing fees
customs-officers' fees
fines, penalties, and forfeitures (customs)
emolument fees (customs)
immigrant fund
,
'
•
l.
:.. •
.,
,.,.,.
695
697
713
713
715
717
718
722
723
725
725
725
726
727
727
727
7i^9
730
CONTENTS,
XIX
Page.
R E P O R T OF THE REGISTER—Continued.
Receipts from shipping fees
730 '
fines, penalties, and forfeitures (judiciary)
730
emolument fees (judiciary)
732
sales of Government property
732
Pacific Railway Company
Indian lands
. . . : . . . i...
^._.
733
733
publicdebt..
-733
Balauces of axipropriations aud expenditures, etc.—
'
Treasury J
735
Diplomatic
' 774
Judiciary.
'Customs
778
-..!
781
Interior civil
-.r-
-
787
Internalrevenue
797
Public debt
,
....
Interior—Indians
793
800
Interior—Pensions
816
Military establishment
817
Naval establishment
:
.•,
i.
Recapitulation
841
849
Public debt of the United States outstanding
850
Public debt of the United States from 1791 to 1836
851
Principal of t h e public debt on t h e 1st of J a n u a r y of each year from 1837
to 1843, and on t h e 1st day of July of each year from 1843 to 1887
Expenses of collecting the revenue from customs .1
853
. 855
Expenditures for assessing and collecting t h e internal revenue
857
Statement showingthe number, occupation, an decompensation of persons
employed in the customs service
^
858
Population, net revenue, and net expenditures of theGovernment from
1837 to 1887..
..•
^ 874,
Comparative statement of the receipts and expenditures on account of
internar revenue
875
Comparativestatementof the receipts and exxienditures ou accountof
customs
875
Receipts and expenditures of the Governraent
876
R E P O R T OF T H E SUPERVISING SPECIAL AGENT
879-899
Money paid into the Treasury
879
Undervaluations
880
Necessity for additional legislation
,
881
Importations uuder consular seals
881
SmuggUng
882
Expenses of special agents
, . . . . . , . , — , , . . , , , , . . , , „ . . . . . , , . . ^...
883
XX
CONTENTS.
ly
•
?ag©.
R E P O R T OF THE SUPERVISING SPECIAL AGENT—Contiuued.
Appendix.
TABLE A.—Statement showing business transacted in each custoras dis-.
trict
TABLE B.—Merchandise transported without appraisement
884
.-
888
TABLE C—Statement showing the invoice value and estimated duty of
merchandise imported without appraisement
890
TABLE D.—Statement of sugars remaining in warehouse and imported
and exported, etc
892
TABLE E.—Comparative statement of invoices examined and appraised,
etc
898
REPORT,
TREASURY DEPARTMENT,
Washington, D. C, December 5, 1887.
S I R : I have tlie honor to submit the following report:
RECEIPTS AND EXPENDITURES.
Fiscal year 1887.
The ordinary revenues of the Government from all sources for the
fiscal year ended June 30, 1887, were:
From customs
From internal revenue
.'
From sales of publiciands
From profits on coinage, bullion dexJosits, and assays
From tax on national banks
From fees—consular, letters patent, and land
From customs fees, fines, penalties, &c
From sales of Indian lands
From Soldiers' Home, permanent fund
From sinking-fund for Pacific railways
From repayment of interest by Pacific railways
From sales of old public buildings
From sales of Government propert}^
From immigrant-fund
:
From t a x o n seal-skins
From deposits by individuals for surveying public lands
From revenues ofthe District of Columbia
From miscellaneous sources
:
|217, 286, 893
118,823,391
9,254,286
8, 929, 252
2, 385, 851
3,301,647
1,053,037
1, 479, 028
1,226,259
1,364,435
914, 793
624,882
262,832
258, 402
..
317, 452
94, 289
2, 367, 869
1,458, 672
Total ordinary receipts
13
22
42
83
18
16
86
81
47
87
13
20
32
50
75
76
01
04
371,403,277 66
The ordinary exi3enditures for the same i)eriod were:
For civil expenses...
For foreign intercourse.
For Indian service
."
Forpensions......
For the military establishment, including rivers and harbors and
arsenals
,
Fbr the naval establishment, including vessels, machinery, and improvements at navy-yards
For miscellaueous expenditures, including xiublic buildings, lighthouses, and collecting the revenue...
For expenditures on account of the District of Columbia
For interest on the public debt
F o r t h e sinking-fund
Total ordinary expenditures.
:,
|22, 072, 436
7,104, 490
6,194,522
75,029,101
27
47
69
79
38,661,025 85
15,141,126 80
52,002,647
4, 085, 251
47,741,577
47,903,248
46
39
25
15
315,835,428 12
Leavinga surplus of.
o.
$55, 567, 849 54
Which, with an amount draAvn from the cash balance in the
Treasury of....,
. 24,455,720 46
Making.
80,023,570 00
XXI
XXII
REPORT OF THE SECRETARY^ OF THE TREASURY.
Was applied to the redemption—
Of the loan of 1882
. Of the funded loan of 1881
'
O f t h e l o a n o f J u l y and August, 1861
Of the ten-forty loan of 1864
Of consols of 1865,
Ofconsolsof 1867
Of consols of 1868
•
Ofthe five-twenty loan of 1862
Of the loan of 1863
Of Oregon war debt
Ofthe five-twenty loan of 1864
Of compound-interest and other notes
$79,864,100
54,800
34,650
12,350
14,550
34,400
650
1,650
350
100
150
5,820
00
00
00
00
00
00
00
00
00
00
00
00
80, 023, 570 00
As compared with the fiscal. year 1886, the receipts for 1887 have
increased $34,963,550.60, as follows:
:
Increase.
Source.
Salps of Dublic lands
...
Sinlvino'-funcl for Pacific railways
.
Reimbursement fornon-pay ing Indian stocks.
Tteimbursenientfor costof Indian reservations
Consular fees
Imnii""rant fund
Sales of ordnance material
'
Revenues of tlie District of Columbia.
Miscellaneous items
Retristers and receivers' fees ....
Steamboat-fees
Deposits for surveying public lands
Sales of Indian lands
Shipping-fees
*.
Sales of condemned vessels
Fees on letters-patent
Decrease,
l^et increase.
$24,381,869 69
2,017,454 74
3,623,287 08
3,024,633 57
980,822 49
272,525 07
235,603 70
266,530 40
154,426 98
232,941 86
95,000 00
77,336 67
76,855 50
31,361 83
.28,817 30
16,880 64
221,229 57
83,691 40
^07,861 69
131,347 10
99,786 19
98,445 87
97,429 25
54,578 00,
40,357 19
27,912 60
.
35,821,268 49
857,717 89
$34,963,550 60
There was an increase of $25,449,041.47 in the expenditures, as
follows:
Increase.
Civil and miscellaneous
War Departraent
Navv Denartraent
Interior Departraent—Indians
Interior Departraent—Pensions
Intere.'^t on the public debt
...
. .
$11,097,895 74
4,236,873 11
1,233,239 06
. 95,364 52
11,624,237 76
28,287,610 19
Decrease.
Net increase.
$2,838,568 72
2,838,568 72
$25,449,041 47
RECEIPTS
AND E X P E N D I T U R E S ,
1888-89.
XXIII
. Fiscal year 1888.
For the present fiscal year the revenues, actual and estimated, are as
follows:
Quarter ended R e m a i n i n g
Septeraber 30,
three-fourths
of the year.
1887.
Source.
Actual.
Custoras
;
;
Internal revenue
Sales ofpublic lands
Tax on national banks
Interest and sinking-fund, Pacific railways..
Custoras fees, fines, penalties, &G
,.
Fees—consular, letters-patent, and lands
Sales of Governraentproperty
Profits on coinage, assays, «&c
.,
Deposits for surveying public lands
Revenues of the District of Colurabia
Miscellaneous sources
Total receipts
$62, 588,115 92
31, 422,039 49
2, 620,890 23
912,411 69
446,090 81
273,201 10
007,660 36
84,926 87
113,855 90
40,450 32
356,400 11
462,355 02
.•.....!
102,328,397 82
Total.
Estirnated.
$165,411,884
88,577,960
7,379,109
1,087,588
1,553,909
876,798
2,492,339
215,073
7,886,144
109,549
2,043,599
3,037,644
08
51
77
31
19
90
64
13
10
68
89
98
280,671,602 18
$228,000,000 00
120,000,OOOOO
10,000,000 00
2,000,OOOOO
2,000,000 00
1,150,000 00
3,500,000 00
300, ooooo
9,000,000 00
150, ooooo
2,400,000 00
4,500,ooooo
383,000,000 00
The expenditures for the same period, actual and estimated, are as
follows:
Object.
Quarter ended R e m a i n i n g
September 30,
three - fourths
1887.
of the year.
Actual.
Civil a n d miscellaneous expenses, including
public buildings, light-houses, a n d collecting the revenue
Indians.
Pensions
Military establishment, including fortifications, river and harbor improvements, and
arsenals
Naval establishraent, including vessels and
machinery, a n d improvements at navyyards.
Expenditures for District of Columbia
Interest on the public debt '.
Sinking-fund, including premium
,
Total expenditures.
Total.
Estimated.
$17,286,572 63
1,913,585 65
29,156,382 17
$62,713,427 37
4,336,414 35
50,843,617 83
$80,000,000 00
6,250,000 00
80,000,000.00
12,368,225 87
26,631,774 13
39,000,000 00
3,735,240 89
1,474,685 28
12,162,181 68
43,024,277 84
12,264,759 11
2,775,3.14 72
32,337,818 32
3,793,507 64
16,000,000 00
4,250,000 00
44,500,000 00
46,817,785 48
121,121,152 01
195,696,633 47
316,817,785 48
Total receipts, a c t u a l a n d estimated
Total expenditures, including sinking-fund
' Estimated surplus
$383,000,000 00
316, 817, 785 48
....,
66,182,214 52
Jfiscal year 1889.
' The revenues of the fiscal year ending June 30, 1889, are thus estimated upon the basis of existing laws:
From
From
From
From
From
From
From
From
customs
internal revenue
:.....
sales of public lands
tax on national banks
interest and sinking-fund, Paciiic Railways
customs fees, fines, penalties, &c
fees—consular, letters-patent, and lands
sales of Government property....
$228,000,000
120,000,000
10,000,000
2,000,000
2,000,000
1,150, 000
3, 500, 000
,
300, 000
00
00
00
00
00
00
00
00
XXIV
From
From
From
From
REPORT OF THE SECRETARY OF THE TREASURY.
x^rofits on coinage, assays, &c
deposits for surveying public lands
revenues of the District of Colunibia
miscellaneous sources
,...
i
..:
. Total estimated ordinary receipts.........
$9, 000, 000
150,000
2, 400, 000
4, 500, 000
00
00
00
00
383,000,000 00
The estimates of ex]3enditures for the same period, received from the
several Executive Departments and offices, are as follows:
Legislative
Executive
Judicia:!
Foreign intercourse
Military establishment
Naval establishment
Indian affairs......:
Pensions
Public Works—
,
Legislative.
State Department
Treasury Department
War Department.
Navy Department....
InteriorDepartment
Department of Justice
i..
:
:
,
.'
$3,272,110
18,852,734
422,200
1,947,865
25,692,574
21,348,032
5,488,697
76,312,400
85
95
00
00
54
57
66
00
30, 081, 983
1,403,499
20,802,193
5,265,702
66
42
36
35
$4,000*00
6°, 000, 00
5,074,446 00
....;... 22,381,151 20
...;..... 1, 655, 591 56
915,798.90
44, 996 00
Postal service
Miscellaneous
•
'
District of Columbia
;
Permanent annual appropriations—
Interest on the public debt
...$42,500,000
Sinking-fund
;... 47,844,158
Refunding—customs, internalrevenue, lands, «&c.. 11,943,000
Collecting revenue from customs
5, 500, 000
Miscellaneous
7,853,640
;
00
90
00
00,
00
r- 115, 640, 798 90
Total estimated .expenditures, including sinking-fund
326, 530, 793 26
Or an estimated surx)lus of
$56,469,206 74
.;..
Excluding the sinking-fund, the estimated expenditures will be
$278,686,634.36, showing a surplus of $104,313,365.64.
'
SINKING-FUND.
The act of February 25, 1862, (E. S., 3688, 3689,) requires one per
centum ofthe entire debt of the United States to be annually set apart
as a sinking-fund, and applied to the purchase or payment of the public
debt, in such manner as the Secretary of the Treasury may from time
to time direct, together with a sum equal to the interest on all bonds
so redeemed; and the act of April 17, 1876, (19 Stat., 33,) provides
that fractional currency redeemed by the Treasury shall also form a
part of the sinking-fund.
The requirements of the fund for the fiscal year ended June.30,1887,
including a balance of $1,597,407.23 from the previous fiscal year, were
SINKING F U N D — S U R P L U S REVENUE.
XXV
fully met by the redemption of bonds, interest notes, and fractional
curreney, to the extent of $47,903,248.15. The requirements for the .
current fiscalyear, which are estimated at $46,817,785.48, have been
almost wholly provided for to E'ovember 1, 1887, by the redemption of
fractional currency and three per cent, bonds and by the purchase of
four and four-and-one-half i3er cent, bonds, amounting, in all, to
$46,564,821.80, or within $252,963.68 of the estimated requirement for
the year.
SURPLUS REVENUE.
Taxation and currency reform were the questions which my distinguished xiredecessor deemed to be of most pressing importance, and to
them he devoted a large part of the two annual reports which he made
to the Congress. In those reports he stated his honest convictions
with a vigor and boldness which, together with the ability and fairness that he showed in the general management of this Department,
have given him a high place among statesmen and financiers. The
same subjects are still the most important of all those to which it
is my duty to call your attention, and it is not necessary to do
otherwise than follow the„ general lines laid down by him in treating
them. Circumstances have heightened the immediate urgency of
taxation reform as affecting the surplus revenues of the Government.
The urgency is so great that the question of surplus revenues demands
the earnest attention of both the legislative and executive branches of
the Government. By surplus revenue is meant the money which
annually remains in the Treasury of the United States after the of&cers
of this Deioartment have collected the taxes laid on the people by the
laws of Congress and have paid all the expenses and obligations of
the Government except principal of the interest-bearing debt.
Bach year for twenty-two years there has been such a surplus—the
least, $2,344,882.30, in 1874; the greatest, $145,543,810.71, in 1882.
The total of this surjplus for the twenty-two years ended June 30,1887,
was $1,491,845,953.12. I t w a s $103,471,097.69 during the last fiscal
year, which was only about *a million of dollars less than the greatest
annual surplus '(that of 1884) since the reduction of taxation in 1883,
• although the ordinary expenditures, exclusive of interest on the public
debt, were $30,642,736.87 greater in 1887 than in 1884. During the
present fiscal year ending Jane 30; 1888, the surplus taxation will
amount to $113,000,000.
What shall be done with this surxilus revenue? It comes into the
Treasury in the form of gold coin, silver coin, gold certificates, silver
certificates, and United States notes. The Government provides, at
XXVI
REPORT OF THE SECRETARY,OF THE TREASURY..
large annual cost, mints and a Bureau of Engraving and Printing to
coin and x)rint these various forms of. money and reipresentatives of
money, that there may be a sufficient circulating medium in the hands
of our peoi3le to enable them to conveniently exchange the products of
their labor among themselves and with the peoples of the world. If
we take into the Treasury large amounts of these circulating media in
excess of what we pay out, there will soon not be money enough in the
hands of the people for the purposes of business; serious derangement •
and disaster must follow, and a portion of labor must cease until the
very evils which this wrong condition creates shall have worked a temporary cure by so diminishing the consumption of food, clothing, fuel,
and luxuries, by the taxation of which the revenues of the Government
are raised, that taxes do not ^exceed the expenditures of Government.
This evil and this cure every one wishes to avoid. There are-various
expedients by which this may be done.,
1st. The purchase of the interest-bearing debt of the Government.
2d. Larger expenditures by Government for other purposes than the
purchase of bonds, so that they shall each'year equal the taxation of
thatyear.
3d. Eeduction of the revenue from taxation to the amount actually
required to meet hecessary expenses.
All of these expedients have in common the one merit of pre venting
the derangement to business which must follow hoarding or locking
up in the Treasury the circulating media of the i^eople.
FurcJiase of Bonds.
[
•
The first, the purchase of bonds, has the farther merit that the interest ceases upon all bonds purchased by the Goverment; but, on the
other hand, the use in business of the money which is devoted to the
purchase of bonds is worth something to the people from whom it is
taken by taxation, and if the value of this use of money in business is
greater than the amount of money which is saved by the cancellation
of the Government bonds, then the people have lost by the transaction, the measure of loss being the difference between the worth of the
use of the money to them and the interest saved on the bonds cancelled ; for example, no calculation being made of compound interest,
the purchase at par of a $1,000 4 per cent, bond twenty years before it
is due saves to the people $800 in interest upon that bond; but if the
money had not been taken from the people, and if in their business it
wouM have been worth 5 per cent, annually for the twenty years, then
the total value of the use of the $1,000 to them would have been $1,000,
SURPLUS REVENUE.
XXVII
and there would have been a loss of $200 in consequence-of this surplus
of taxation; but 4 i^er cent, bonds cannot be bought at par, and henc€
the calculation must always be made upon the basis of a far less saving
in interest than 4 per cent, per annum by the purchase of the bond,
while the average annual value of money to the whole i^eople may
safely be put at not less than 5 per cent.
The Government has purchased some bonds during the present fiscal
year for the sinking-fund, and has been obliged to pay such a price for
them that the annual saving in interest upon the purchases is only about
two and one-half per centum. The price of the same classes of bonds
has advanced since those purchases, so that the annual saving in interest would be less if purchases were made now. Should the .Government
attempt to spend all of its present suriDlus revenues in the purchase of
bonds, the price Avould go much higher. Indeed, it is doubtful if
enough bonds could be bought to expend all the surplus revenues at a
price which would result in any considerable saving in interest to the
Government. , So that it does not seem wise to continue taxation beyond the ordinary needs of Government, and then resort to the buying
of bonds for the mere purpose of redistributing the circulating media
among the people. I am not, however, at present disposed to recommend the repeal of the sinking-fund requirements of .the present laws.
It is probable that the command of these laws can only be obeyed at
heavy cost, but nevertheless it is better and more wholesome that the
country should each year continue to devote such sum as they require
to the extinguishment of so much of the interest-bearing debt as can
be iDurchased therewith. At least the experiment should be faithfully
tried until it is demonstrated to be a failure.
The Government has not paid a premium in gold for its bonds for
any xiurpose but the sinking-fund since the enactment of the law creating
it, and it has done that but three times—in 1880, when it paid apremium
in gold of $2,795,320.42; in 1881, a premium of $1,061,248.78, and again
in the present fiscal year, when it has paid a premium of $2,852,015.88.
With these exceptions^ the Government has been in a position where
it could purchase or call its bonds at x^ar or lesSj and has consequently
been enabled to apply almost the whole of the vast surplus revenue of
the past twenty-two years to the retirement of its interest-bearing debt
upon fairly good terms; it is not x:)robable that it can do this as to any
considerable portion of the remaining debt.
The sinking fund requirements ofthe last fiscal year were $47,903,248.15, which, deducted from the surplus revenue, viz., $103,471,097.69, left $55,567,849.54 uncalled for by any law; this money, to-
XXVIII REPORT OF THE SECRETARY OF THE TREASURY.
gether with a fuither sum from accumulations of former years, was devoted to the retirement of the 3 x^er cent, bonds, so that, in all, $79,864,100 of 3 per cent, bonds were retired during that year in addition to
those carried to the sinking-fund, making a grand total of $127,612,850
3 per cents, retired in 1887.
All of the 3 x^er cent, bonds have been cancelled. The sinlcing-fund
requirements of the fiscal year ehding June 30, 1888, have already been
met, and now there is no wa^^, under existing laws, to put out again
among the peox3le the surplus money which comes into theTreasury,
except it be that a clause in an axDX^iopriation act of 1881 authorizes the
Secretary of the Treasury to purchase bonds in the market at such
price and in such amounts^ as he may think best; a power which unnecessarily ought not to be given to, and a responsibility which
ought not to be X3ut 'ux3on, any officer of Government.
I do not mention dexDOsits in national-bank dexDOsitories as a means
of keeping the circulating media available for business purposes, for
that resource at best is very limited under present laws, and ought not
to be used except in exceptional circumstances such as have existed ot
late and because there is no better thing to do.
There is in the Treasury of available funds at this date, December 1,
1887, after every possible obligation has been x^iovided for, the sum
of $55,258,701.19, which every day grows larger. A careful estimate
shows that this sum will be increased to $140,000,000 at the end of this
fiscal year under the operation of the present tax and axipropriation
laws.
Unselfish statesmanshix^ must now be invoked to save the x^eox3le
from the dangers which the new conditions threaten.
. •
n
Unnecessary Expenditure.
i cannot believe that it will adopt the second exx3edient, viz., the
, enlargement of Government exxDcnses simx)ly to expend money raised
by taxation, when the public weal does nbt otherwise call for the exX3enditure. Every dollar taken by taxation from the man who has it
employed in a business which the natural wants of the community call
for, and carried into the Treasury, even if at once x^aid out again to
satisfy obligations created by law in excess of the ° healthy needs of
government, is a dollar used to misemx)loy labor and to impoverish the
people, and as a sure consequence to impose in the end the burden of
the excessive taxation ux^on the labor of the country.
We can easily comx3rehend the case if we consider a community of
say one hundred men. If ten of the number of this community are
SURPLUS REVENUE.
XXIX
employed i n t h e construction of fortifications or of public buildings, it
is evident that the other ninety must expend a portion of the fruits of
their labor in the support of the ten ; to do this they must either work
more hours and days in the year than they otherwise would do, or they
must deprive themselves of certain comforts and savings. The same
relations of labor in general to labor employed by government obtain
in our great community of sixty millions of xDeox^le, although numbers
and the comx3lex nature of society make it less easy to connect financial and labor troubles with the causes thereof.
I have used as illustrations fortifications and x^nblic buildings, not
because the Government .should not build fortifications to such extent
as will give the country ample xirotection against invasion and enable
it at all times to maintain its dignity, or because it should not build
public buildings of such size and numbers as are needed for the convenient and fitting transaction of public business, but to show that even
the most meritorious expenditures of government are seldom anything
but an unproductive burden upon the whole body of labor, and that
consequently taxation beyond the absolute needs of government is an
injury to the peox3le of the country, no matter for what purposes the
proceeds of taxation are expended.
Both bond buying, except for sinking-fund purposes, and goveruT.
mental exxienditure in excess of the needs of government should be
rejected.
Reduction of Bevenue.
Eeduction of the revenue from taxation is the only fit remedy for
the evils which threaten the country. This may be accomplished in
various ways.
Increased Duties.
. One which has been proposed is to compel a decrease of importation, and consequently a decrease of revenue from customs, by largely
increasing the rates of duties. This x)lan could be made to reduce the
customs revenue, but it would increase the-people's taxation far more
than it would decrease the revenues, and should not be adopted.
Internal-Bevenue Taxation.
Another way is to reduce or abolish internal-revenue taxation. In
favor of this is the fact that in a small part of the Southern States the
internal tax on liquors and tobacco is thought to be oppressive,. and is
odious to the people of those regions; and the further fact that by its
reduction the expenses of its collection might be somewhat reduced—
by its. total abolition they might be done away with altogether. These
expenses, as shown by the complete and interesting report ofthe Com-
xxx
REPORT OF THE SECRETARY OF THE TREASURY.
missioner of Internal Eevenue, which is commended to your careful
attention, amounted during the last fiscal year to $4,065,148.87, being
three and forty-hundredths per centam of the amount collected. The
cost of the collection of the revenue from customs for the same year was
$6,830,296.16, being three and twelve-hundredths per centum of the
amount collected.
The chief cause for the prejudice against this tax seems to be that as
there was no such tax before the war for the Union, it is looked upon
as a remainder of the measures adopted to raise money to carry on the
war, and which ought not to be continued in time of peace, and as
interfering in some way with the natural rights of mankind to^ grow
grain and tobacco and manufacture therefrom spirits, cigars, snuff, and
the various forms of merchantable tobacco. Of course taxation of
whiskey and tobacco trespasses no more upon the natural rights of
man than does the taxation of his clothing, of his bedding, of every
implement which he uses in the cultivation of his grain and tobacco,
and in the distillation or manufacture of the same. The burden of the
one tax is direct, known, fixed; the whole of it goes into the'^Government's Treasury ; the burden of the other is indirect and unknown, and
only a portion of it comes into the Treasury. It reaches the farmer or
distiller increased by the xirofit upon itself, which every merchant must
take as the clothing or tools pass through his hands on their journey
to them from the foreign or domestic manufacturer. Taxation there
must be. The choice is between kinds of taxation; each man can decide for himself, if he will examine the subject free from prejudice,
which is the least burdensome for him, for his familj^-^ and for his neighbors, and which is in the end better for his whole country. That internal taxation of sxiirits and tobacco began during the war is not a
reason why it should be done away with now, if it be ih itself wise.
So the fact that the rates of customs taxation were raised during the
same war far higher than ever before in our history and have been
continued until now, ought not to determine the manner of their treatment; this should rather dex3end ux3on what is just and exxoedient at
the present time. Ii^either passion, prejudice, nor sentimentality should
have xilace in the consideration of questions of taxation.
As to the expense of collecting the internal revenue, I suggest that
an amalgamation of the customs and internal-revenue systems is entirely feasible, and that thereby a large number of offices might be
abolished, and that the exxiense of the whole system might be made
not to exceed that of an efficient enforcement of the customs laws. I
earnestly commend this suggestion to the, careful consideration of the
Congress, Is it the part of statesmanship to give up a revenue so
SURPLUS REVENUE.
XXXI
easily collected, to unaccustom our x3eople to its xiayment and to do
away with all machinery for its collection, when, unless we are more
favored than the other nations of the world, there will come a day
when it will all be needed'? If the methods provided by law for the
collectionof this tax are needlesslj'severe, amend the law; certainly they
are no more severe than those for the collection of the customs tax.
To do away with the w^hole revenue from internal taxes at present
would so diminish the revenues that it would be necessary either to
lay duties on articles of importation now free, such as tea and coffee, or
to susx)end the sinking-fund requirement and also materially diminish
other expenses of government.
But it is not well either to abolish or reduce internal-revenue taxation ; it is a tax upon whiskey, beer, and tobacco, things which are in
very small measure necessary to the health or happiness of mankind;
if they are necessaryto any unfortunate man, they are far less necessary
even to him than are a thousand other articles which the Government
taxes. This tax is the least burdensome, the least unjust of all the
taxes which government lays or can lay upon the people; each man
has a choice to pay much, little, or none of it, as he chooses to use much,
little, or no spirits, beer, or tobacco; it should not be abolished, nor
should it be reduced if, with due regard to the existing conditions of
labor and capital, sufficient reduction can be made in the taxation of
articles which are of necessity in the daily use of all the people.
Less Customs Taxation.
And now there is left only the revenue from customs taxation to be
considered. Here is, where the reduction should be made, and while
reducing, advantage should be taken of the oxDportunity to reform the
abuses and inequalities of the tariff laws. Add to the free-list as many
articles as possible. Eeduce duties upon every .dutiable article to the
lowest point possible; but in ascertaining these possibilities thepresent
situation of labor and business must always be kex)t in mind.
One argument urged in favor of the continuance of the present highly
protective tariff would, if admitted to be true, establish the claim that
the majority of the labor and people of this country have made a
compact with the minority that the' majority will pay the minority
more for certain articles, to be made by the latter, than the price at
which the peox)le of other countries are willing to sell the same; that
the evidence of this is found in our tariff laws which have kept duties
at a highly protective rate since early in the war, and in the continued
existence of those laws for so long a time; and that under these conditions many laboring-men have become so employed in certain industries that it might be difficult for them at once to get other work.
XXXII
REPORT OF THE SECRETARY OF THE TREASURY.
While not admitting that labor elsewhere can injure labor as a whole
in this country by giving it clothing and tools at less cost than it can
make them here for itself, no more than the sun, the winds, the waters,
and, indeed, all of the forces of nature injure the labor of the world
because they do for mankind far more of man's work than he does himself, yet it must be admitted that the cheaper labor of other countries
might now injure a xiortion of the labor of this country if the articles
made by the former were adniitted here upon terms which would enable
our people to buy them for the x^iices at which they are, sold in the
other countries. If this obligation, which it is claimed that labor as a
whole has assumed toward labor engaged in particular industries in
this country, does exist, it should be sacredly kept, however unwise
and ill-considered we may believe its assumption to have been; and
whether the existence of this obligation is admitted or not, the fact of
this present emxDloyment of a xiortion of the laborers of the country
should always be in mind when making changes in the tariff, to the end
that their interests may not suffer thereby.
Under the encouragement offered by the tariff laws, large sums of
money have been invested in manufacturing enterprises, and the capital
thus invested must also be remembered, for it is important to the country that it should receive reasonable reward, and its power to pay fair
wages to the labor which it employs depends upon its own prosperity.
But it must also be borne in mind that it was no part of the alleged
compact, nor should it be claimed on any other ground, that the labor
engaged in the tariff-protected industries should be rewarded beyond
the general labor of the country, due allowance being made for skill
and experience, or that the capital invested in them should return vast
fortunes to its owners.
The country was promised the benefit of whatever comxDctition might
naturally arise among the manufacturers when they should be once
established, and to this it has a right. The tariff laws are the,
country's laws; they do not belong to any section or to any class; their
amendment should be approached in a spirit of justice, and with fall
consideration of all of the obligations which exist between sections of
the country toward each other, and of those engaged in one pursuit
toward those engaged in other pursuits, but it should also be ax^x^roached
with courage, and with a determination to dispose of this business in
the. same way that other business is disposed of, and with full regard
to the rights and equities, as well as the interests of all concerned.
After paying due regard to all these equities, after providing for due
observance of every obligation, it will be found that great reductions
SURPLUS R E V E N U E — C U S T O M S
ADMINISTRATION.
XXXIII
can be made in tariff taxation. So many compensations will be thereby
given to this and that industry that most of them will find themselves
in fully as good a state as now, many of them in a much better state.
Patient labor, coupled with a firm determination to lay aside every
consideration save the lasting good of the whole country, will enable
the Congress to accomplish its task with honor.
Surplus in the Treasury.
After the question of the annual surplus revenues is disxiosed of, there
still remains the surxilus money which is in the Treasury to be considered. This surxilus amounted, on the first day of December, to
$55,258,701.19, and wiU probably amount to about $140,000,000 on the
30th day of June next. One use which can be made of this money is to
diminish taxation to sach an extent that the annual revenues will be
less for some years to come than the axipropriations ; thus the accumulated surplus would be used for ordinary expenses and the x^eoxDle would
gain the greatest xiossible good from it. Doubtless by the time this
money was spent in pursuance of this plan, the revenues would have so
increased as to be equal to xiroper annual exx3»enses. Experience teaches
that this would probably he the case. In the mean time a portion of
this money could lie in banks, where it would be available forthe business of the country, and, as upon withdrawal from them it would be
at once returned to the channels of business through Government payments, no shock would be caused by such withdrawal. As this is the
best use to make of this money, I advise it. If, however, it is thought
better to attemxDt to buy bonds with it, specific authority should be
given to the Secretary of the Treasury to do so.
CUSTOMS ADMINISTRATION.
The difficulties in the collection of duties so forcibly pointed out by
my predecessor in his' annual reports and special communications to
the Congress still exist, notwithstanding the efforts .of this Department
and of the local customs officers to overcome them. The numerous ambiguities in the tariff schedules furnish constant means of evasion; disputes and litigation increase rather than diminish. The calendar of
customs suits in the southern district of Kew York has grown so large
that there is ho reasonable prospect of disposing of them in this generation. A merchant who has suffered an illegal exaction of duties cannot
hox3e for a sx3eedy trial of his cause, and justice is xiractically denied
him. The laws which were ostensibly enacted to prevent fraud by undervaluation promote rather than suppress that evil.
6209 FI 87
III
XXXIV
REPORT OF THE SECRETARY OF THE TREASURY.
The remedies for these troubles which suggest themselves to me are,
briefly stated, the reduction of high ad valorem rates of duty, the simXDlification of the tariff by the elimination of ambiguities, and decreasing the number of dutiable articles, and the rearrangement and simxilification of the customs.laws, including the enactment of x)rox3er measures to enforce the collection of duties, and to secure the prompt, uniform, and certain adjustment of all questions relating to values and
rates of duty.
.
'
Improvements in the methods of appraisement and reappraisement,
and the abolition or restriction of damage allowances, may well claim
' your attention.
The privilege of entry hy pro forma invoice should be so guarded as
to prevent its use to escape the penalty for undervaluation.
Careful attention should be given to measures to diminish the amount
of customs litigation with which the courts are burdened. Sxieculative
suits should be discouraged, and, as one of the means to that end, .either
no interest at all or a very low rate of interest should be allowed on
judgments against the Government.
The law relating to coverings of imxDorted goods should be amended
in the interest of honest and equitable administration. What is meant
by ^^the component material of chief value" should be made clear,
- and the other provisions of the similitude clause of the tariff should be
more distinctly defined.
I advise that the full amount of the drawback on exxDorted goods be
given to the manufacturer or exporter. This concession may well be
made to the exporter of goods manufactured in this country. The
retention of a percentage of the duty in such cases was intended to
comxDcnsate the Government for the expense of ascertaining and xiaying the drawback. But it often ox3erates unequally, and is sometimes
in effect a tax upon exportation. While granting this to the exporter,
the drawback laws should be so framed as to insure the xiayment of no
more than the amounts actually collected in duties, and only to the
Xiersons actually entitled to the same.
If the administrative measures introduced in the last Congress, and
approved by this Department, should be enacted, it is believed that
they would accomplish much in the direction indicated.
I am advised that the Special Committee of the Senate on Undervaluations has made an exhaustive investigation of the subject of evasions of
duties, and I am led. to hope that its labors may result in some wholesome legislation in the premises.
Whatever the rates of customs taxation may be, the laws for the collection ofthe same should be made as efficient as xiossible. In this the
CUSTOMS ADMINISTRATION.
XXXV
bona fide importer, who wishes to gain only the legitimate profits of his
business, the home manufacturer, and laborer are equally interested.
They all have a right to demand that the laws be so administered as to
give them every possible protection in their business. The high ad
valorem tariff of the last quarter of a century has been the fruitfal
cause of devices to gain improper advantage at the custom-house. It
is, therefore, desirable that in revising and reducing rates of duty they
should be made specific instead of ad valorem so far as the nature of
the merchandise will permit. Theoretically considered, ad valorem «
are x^ieferable to specific duties; but in practice, under such rates as
we have had and must continue to have for years to come, the former
are the too easy source of deception and inequality at the custom-house.
Congress has it iu its power to change, from time to time, as may be
advisable, specific rates so as to meet any X3ermanent changes in values.
Duty'on Worsted Cloths.
A conspicuous example of the inequalities of the tariff is found in'
the discrimination in the rates of duty imposed upon woollen and
worsted cloths.
Improvement in recent years in the machinery employed in combing wool has so changed the character of what are commercially known
as worsted cloths that the latter have largely superseded woollen cloths
for use as men's wearing-apparel. This change in the style of manufacture and use of worsted cloths has operated to the serious injury of
our domestic manufacturers of these goods, because the duty on the
wool which they must use is the same as that uxDon wool used in
making woollen cloths, while the rates of duty imposed ux3on the latter when valued at not exceeding 80 cents per pound are 35 cents
X^er pound and 35 per cent, ad valorem, whereas the duty on worsted
cloths valued at not exceeding 80 cents ranges from 10 to 24 cents
per pound and 35 per cent, ad valorem. ' In some cases the duty on
the wool used in niaking worsted cloths exceeds the duty imposed on
the finished article.
Earnest rex3resentations have been made to me of the hardshix3S suffered by domestic interests on account of these changed conditions. '
There is much reason to believe that the manufacture of worsted cloths
must soon cease in this country unless the tariff law in this regard is
amended.
It has been ably argued before the Dexiartment that the changes in
the method of manufacture and in the style and use of the goods in
question have been such as to make them in fact woollen cloths, and that
it is the duty of the customs officers to so classify them.
XXXVI
REPORT OF THE SECRETARY OF THE TREASURY.
The truth of this claim is very doubtfal, in my judgment, hence it
would be a violation of my duty shoald I direct the customs officers to
change a long established usage in this regard.
I am, however, so convinced of the imminent danger to large industries engaged in the manufacture of worsted and woollen goods, unless
a change is soon made in the duties on wool and manufactures thereof,
that I deem it proper to depart from my general xiractice in thus calling your attention to this particular provision of the tariff.
Customs Districts.
' A.ttention is invited to the appended report of the Supervising Special
Agent (page 879), which contains pertinent information and suggestions
relating to the customs administration. A tabular statement accom- ,
XDanying that rexiort (page 884) shows the business transacted in each
of the customs districts, and the cost of collection in each case. There
are 139 of these d.istricts and x)orts. In 60 of them the expenses exceeded the receipts, and in 28 of them there were no duties on iniports
or tohnage collected.
•
The attention of the Congress has been repeatedly called by my predecessors to these useless and expensive establishments for collecting
revenue where no revenue is received. A bill for their abolition and
consolidation, providing amply for preventive service in the territory
embraced in them, and having the approval of this Dexiartment, was
before the last Congress. I urgentlj^ recommend its revival and early
consideration, in the interest alike of economy and public convenience.
Methods of Business at Frincipal Forts.
Much attention has beeh given by this Department, to the improvement and simplification of the methods of business at the principal
ports. At the port of ISTew York, greatly improved methods in the
liquidation of entries have replaced those which were before loose and
.unsatisfactory, and large arrears of unliquidated entries which had accumulated are being rapidly disposed of, so that in a short time it is
expected that the officers will be able to keep up the current business.
^ Improvements have also been made in the treatment of protests, suits,
and refunds, which have resulted alike to the advantage of the Government and of the merchants interested.
Expense of Collecting the Bevenue from Gustoms.
The expense of collecting the revenue from customs during the last
fiscal year Avas $6,830,296.16. Included in this amount is $188,392.50
of a deficiency ax)prox3riation on this account. This is an increase over
the expenses for the year 1886 of $402,683.16. The percentage of cost
CUSTOMS ADMINISTRATION.
XXXVII
to collections has, however, decreased from 3.30 per cent, in 1886 to
3.12 per cent, in 1887.
' The Secretary of the Treasury is required by the fifth section of the
act of August 5, 1882, to submit, annually, detailed estimates to Congress
of the cost of collecting the revenue at each port of entry. This has
been done regularly since that law went into effect. The object of this
requirement, as then understood, was, that Congress might have the
necessary information upon which to base specific annual ax3X3ropriations for this branch of the X3ublic service. 'No such action has, however, been taken, although five years have elax3sed since the enactment
of this law. It is, therefore, assumed that it is not the desire of Congress to discontinue the present system, of a permanent annual appropriation for defraying these expenses. If such be the case, it will be
necessary to increase the sum now ax3propriated by at least $500,000.
The present permanent ax3propriation was made by the act of March
3, 1871, which x3rovides an annual fund of $5,500,000, ^4n addition to
such sums as may be received from fines, penalties, and forfeitures connected with the customs, and from fees paid into the Treasury by customs officers, and from storage, cartage, drayage, labor, ahd services."
The above appropriation of $5,500,000 was in lieu of $4,200,000 provided by the act of May 3,1866. The act of 1871 thus increased the
customs appropriation by $1,300,000, or over 30 per cent., though the
amount of business had not increased 10 per cent, in the intervening
period, and the receipts from fines, fees, &c., had very largely increased.
Sixteen years have elax3sed since the present permanent appropriation
was made, but the conditions upon which it was based have vastly
changed. The amounts available for the payment of customs exx3enses
other than that drawn from the Treasury were in the fiscal year ending
June 30, 1871, as follows:
From fines, penalties, and forfeitures
From fees of customs ofScers
From storage, cartage, &c
:.......
Total
1
$952,579 86
585, 887 69
409, 587 .69
1,948,055 24
By changes in the statutes since that date the first two accounts have
greatly fallen off, while the last one has responded to the increase of
business, and the exhibit for the fiscal year 1887 is as follows:
From fines, penalties, and forfeitures
From fees of customs ofhcers
From storage, cartage, &c..
Total....
,
,
.'
$160,205 41
144,817 53
748,014 92
1, 053, 037 86
Or a reduction of $895,017.38 in the amount of money annually available for payment of customs expenses; so that a deficiency apx3ropria-
XXXVIII REPORT OF THE SECRETARY OF THE TREASURY.
tion was necessary to meet the exx3enses of that year. On. the other
hand, the demands upon the approx3riation have increased through the
great exx3ansion of business at the principal ports, the creation of new
ports and customs districts, and the large increase of business at interior
X3orts to which goods are shipped from the seaboard Avithout apx3raisement under the act of June 10, 1880, and subsequent acts.
^
At the X30rt of New York over two-thirds of the customs revenue is
collected, and the business there fairly represents the business of the
whole country. A comparison of the main transactions at that port in
the fiscal years 1871 and 1887 is thus X3resented: •.
Number
Number
Number
Number
Number
Number
Number
of vessel manifests received
of entines ofmerchandise
of withdrawals^from bond
of export, transit, and transportation bonds.
of entries for immediate transportation
of entries for drawback
......;
of invoices liquidated
5,148
123,444
92,139
13,190
2,904
124,658
6,114
193,657
92,453
22,903
20,105
19,534
232,632
Totals..
361,483
587,398
There has thus been an increase of 225,915 distinct documents and
transactions, or an increase of over 62 per cent, in the volume of business. In 1871 there were weighed by the customs officers at New York
3,251,322,004 pounds. In 1887 the amount weighed was 5,522,655,197
pounds, an increase of 70 per cent.
In general terms it may be stated that there has been an increase of
66 X3er cent, in the transactions requiring action by the customs officers
at that port.
In my judgment, definite annual apx3ropriations for the support of
the customs service would be preferable to tlie present system. This
would necessitate the adox3tion of another reform much needed, viz.,
the payment of fixed salaries to all those collectors and surveyors of
customs who are now compensated in X3art by salaries and in X3art by
fees, cominissions, storage, and other emoluments.
^
Should it be determined, however, to continue the permanent annual
appropriation of a lump sum for this purpose^at least seven millions
should be appropriated, and the receipts from fines, penalties^ and forfeitures, fees, storage, cartage, labor, and services should be covered
into the Treasury. This would enable the Department to know at all
times the exact amount available for customs expenses, and would
greatly simplify the labors of the officers in relation thereto.
Conference of Local Appraisers.
During the past year there have been held at the port of New York
three conferences of local appraisers, which were convened for the pur-
CUSTOMS ADMINISTRATION-—FOREIGN COMMERCE. XXXIX
pose of securing, so f^ir as possible, a uniform X3ractice at the several
ports in the valuation and classification of imported merchandise.
The first conference met on December 2,1886, and was attended by the
appraisers from the five principal'X30rts of this country. It was called
by me for the purpose of simx3lifying and harmonizing, if possible, the ^
practice at those ports in the classification of so-called ^^hat materials."
The others were held under and by virtue of an act of March 3, last,
which apx3rox3riated $2,000 for defraying the expenses of local apx3raisers at quarterly meetings of this character on the second Mondays in
July and October last, and were attended resx3ectively by the ax3X3raisers
from four and seven of the principal ports.
The proceedings e:^tended over a x3eriod of about two weeks at each
conference, and appear to have been conducted with harmony and
attended with much interest. The rex3ort of each has been published
by the Department, and copies sent the customs officers at all ports.*
Under the act above mentioned two more conferences will be held at
Ij^ew York in January and March next, which will be attended by the
appraisers from the leading ports and from other X30rts which have not
been represented at previous conferences.
It is perhaps too early as yet to judge as to the practical results of
these conferences, bat much benefit to the Government as well as to commercial interests is hoped to be derived therefrom in the A\^ay of increased revenue to the one and to the other of more certainty^ as to the
rates of duty to beiimposed.
The limited appropriation precludes the attendance at these conferences of appraisers from a distance, who would in all x3robability be
most benefited thereby, and an increased ax3propriationfor the ensuing
year would, it is thought, enable the Department to so arrange these
conferences as to increase their usefalness.
FOREIGN COMMERCE.
The values of our imports from and exports to foreign countries
during the year ended June 30, 1887, as comx3ared with the X3receding
fiscal year, were as folioA^S :
Merchandise.
1886.
1887.
Exports—
Foreio'n
.
.....
.
....
..
S665,964,529
13,560,301
$703,022,923
13,160,288
6,
679,524,830
635,436,136
716,183,211
692,319,-768
44,088,694
23,863,443
Total
Imports
E x c e s s of expoi*ts
XL
REPORT OF THE SECRETARY O F T H E
TREASURY.
Specie.
1887.
Exports.
•Imports.
$72,463,410
38,593,656
Excess of exports..
Excess of imports..
$35,997,691
60,170,792
33,869,754
24,173,101
The total value of the imports and exports of the last fiscal year,
when compared with that of the fiscal year 1886, shows an increase of
$93,542,013. ,
[An extended analysis of the condition, growth, &c., of our foreign
trade, and its leading characteristics, as compared with those of preceding years, will be found in the Annual Eeport of the Chief of the
Bureau of,Statistics on Foreign Commerce.]
Exports.
'
The value of our exports of domestic merchandise durihg the last
fiscal year exceeded that of 1886 by $37,058,394.
' The folloA^ing are the articles of domestic product or manufacture
the exports of which have materially increased during the last fiscal
year:
AVheat
Wheat-flour
'
.Pork and meat products, except beef products
Leather, and manufactures of
Furs and fur-skins
Cotton, unmanufactured
$40,453,766
13,507,127
6,185, 297
1, 698, 456
1, 486,175
1,136, 415
The following are the articles of domestic x3roduct or manufacture
the exports of which haA^e decreased during the last fiscal j^ear:
Corn..
Mineral oils
Beef products....
....'.
Spirits; distilled
Oats
Hops
Copper ore...
,
Tobacco, and manufactures of.
Fire-arms
Dairy products.;
....".
'.'.
;
$12,383,561
3,374,929
2,988,053
1, 944, 411
1,765,138
1,659,518
1,374,955
1,194, 236
1,114,407
1,039,164
FOREIGN COMMERCE.
XLI
The values of the X3rincix3al articles of domestic merchandise exported
during the two years ended June 30, 1886 and 1887, were as follows: .
Articles.
Animals
Breadstuffs
Coal
Copper, and manufactures of
Cotton, and manufactures of.
Furs and fur-skins
,•.....
Iron and steel, and manufactures of..
Leather, and manufactures of
Oil-cake a n d oil-cake meal
Oil, mineral
:.....
Provisions:
Bleat products
Dairy products
Sugar
.'
:
Tobacco, and manufactures of.
Wood, a n d manufactures of.
Total
i
$10,598,362
165,768,662
4,526,325
3,727,447
221,151,399
4,807,277
15,963,756
10,436,138
7,309,691
46,824,915
$12,518,660
125,846,558
4,188,530
5,671,748
219,045,576
3,321,102
15,755,490
8,737,682
7,053,714
50,199,844
82," 945,994
9,837,302
11,442,337
29,230,672
19,654,934
79,748,750
10,876,466
10,977,759
30,424,908
20,743,390
,
644,225,211
605,010,177
Value of all domestic exports....
Per cent, of enumerated articles to total
$703,022,923
91.6
$665,964,529
91.2
The values of exports of domestic merchandise during the year ended
June 30, 1887, classified by groups according to sources of production,
were as follows:
,
Per cent.
Products of agriculture
Proaucts of manufacture
Products of mining, (including mineral oils)
Products ofthe forest
Products ofthe fisheries
Other products
,
Total
$523,073,798
136,735,105
11,758,662
21,126,273
5,155,775
5,173,310
74.41
19.45
1.67
3.01
0.73
0.73
703,022,923
100.00
Imports.
The total value oi tne imports ofmerchandise increased from ^yj-,^^,436,136 in 1886 to $692,319,768 in 1887, being an increase of $56,883,632, or 9 per cent., of which $22,061,831 rex3re3ehts the increase in the
value of free merchandise, and $34,821,797 the increase in the value
of dutiable imports.
The following are the articles of merchandise the imx3orts of which
have materially increased or decreased during the fiscal year 1887:
Increase.
Free of d u t y :
Chemicals
Coffee
India-rubber and gutta-percha, crude.
Silk, unmanufactured
Tin bars
Dutiable:
Animals
Artworks
,
Fancy articles
,
$2,306,226
13,674,663
1,868,591
1, 365, 581
1,053,944
;
'
'.
1, 068,566
1,385,478
1,188^890
XLII
REPORT OF THE SECRETARY OF THE TREASURY.
Flax, hemp, jute, &c.—
Unmanufactured
Manufactures
Fruits and nuts....
Hops
„
:
Iron ahd steel—
Ores
Pig-iron
1
Scrap-iron..
,
Railway-bars, steel
Ingots and other forms of steel not elsewhere specified
Machinery
$2,352,466
969,893
2,447, 372
2^9591 680
$812,324
2,472,274
2,910,135
1,213,272
3, 898, 400
677,878
Another....
507,127
12,481,410
Precious stones
Silk manufactures
AVools—
Combing
Carpet
Wool, manufactures
".
$2, 623,292
3,389,984
919,796
.1,978,295
3, 481, 399
!
Decrease.
Free of d u t y :
Hides and skins
Seeds not medicinal
Dutiable:
Breadstuffs
:....
Cotton, manufactures
Leather
Seeds not medicinal
Sugar, molasses, and candy
Wools, clothing
2,480,212
937,125
»
'.
1,295,248
768,913
1,068,847
880, 776
2, 698, 528
3,219,693
Imports Elter ed for Consumption.
The amounts of rcA^enue collected on dutiable merchandise entered
for consumption at specific rates of duty and ad valorem rates of
duty, respectively, during the fiscal years ended June 30,1883, (the year
prior to those affected by the tariff act ofMarch 3, 1883, excex3t with
resx3ect to sugar,) 1886, and 1887, have been as follows:
Years.
18a3
1886
1887
Value of
dutiable meich an disc.
$493,916,384
413,778,055
450,325,322
Ordinary
duty
collected.
$209,650,699
188,533,171
212,032,424
Collected
under
specific rates.
Per cent.
56.0
60.5
61.3
Collected
under
ad valorem
rates.
Per cent.
^i. 0
39 5
38 7
The totalvalue of imported merchandise entered for consumption in
the United States during the year ending June 30, 1887, was $683,418,981, exceeding the total of 1886 (viz., $625,308,814) by $58,110,167,
or 9.3 per cent.
FOREIGN
COMMERCE.
XLIII
Of the aggregate value, $233,093,659 rex3resents the total value of
merchandise free of duty, and $450,325,322 that of dutiable commodities, against $211,530,759 and $413,778,055, respectively, in the preceding year.
The increase of $58,110,167 in the total value is princix3ally found in
the following articles and classes of articles :
Articles.
1887.
FREE OF DUTY.
Coffee
Tin, in bars
Ores, (emery, gold, a n d silver).
$42,675,600
5,873,773
1,343,294
$56,360,701
. 6,927,71.0
3,840,925
$1,312,322
4,041,367
557,402
274,878
1,859,827
30,585,981
$2,112,128
6,510,126
3,723,471
1,000,329
5,529,704
31,743,228
38,631,777
50,618,986
11,987,209
$13,794,213
40,536,509
$16,351,370
44,235,244
$2,557,157
3,698,735
$13,685,101
1,053,937
2,497,631
DUTIABLE.
I r o n a n d s t e e l , a n d m a n u f a c t u r e s of:
Ores...
Pig-iron
S c r a p i r o n and* s t e e l
R a i l r o a d - b a r s , iron a n d steel
B a r s , b i l l e t s , &c., of s t e e l
All other
Total
W o o l , a n d m a n u f a c t u r e s of:
Wools
Manufactures...
Total
S i l k , m a n u f a c t u r e s of
.Jewelry a n d precious stones..:
F l a x , h e m p , j u t e , a n d m a n u f a c t u r e s of.
Fruits and nuts
.'
- $799,806
2,468,759
3,166,069
725,451
3,669,877
1,157,247
54,330,722
60,586,614
6,255,892
$28,055,855
8, 367,818
31,612,641
12,973,308
$31,264,277
10,981,192
33,807,283
15,088,074
$3,208,422
2,613,354
2,194,642
2,114,766
The average duties ad valorem collected on the scA^eraP articles of
dutiable merchandise named below, entered for consumx3tion in 1882
and 1887, respectively, compare as follows:
Increase in duties ad valorem.
, 1882.
Sugar a n d molasses
C o t t o n , m a n u f a c t u r e s of
Glass a n d glass-ware
T o b a c c o , a n d m a n u f a c t u r e s of.
Liquors:
Malt-liquors
Spirits, distilled
AVines
Salt
52.05
39.08
56.94
73.03
78.15
40.17
59.01
83.32
44.49
142.79
49.82
45.82
48.47
154.01
' 54.90
49.92
The increase in the aA-erage duties ad valorem on sugar, molasses,
malt-liquors, spirits, and salt is mainly due to a decrease in the import prices of these articles, the rates of duty being specific, and in the
case of tobacco and wines, to increased tariff rates.
XLIV
H£I>ORT OF THE SECRETARY OF THE TREASURY.
Decrease in duties ad valorem.
1882.
Wools, raw
Wool, manufactures of.
Iron and steel, and manufactures of.
Silk, raanufactures of
Fruits and nuts
Buttons and button materials
Paper, and manufactures of
Musical instruments..
Rice
37.30
68.12
44.77
59.05
27.90
28.71
34.69
30.00
98.54
1887.
.
36.08
67.21
40.92
49.71
24.53
23.79
21.39
25.00
64.01
This decrease, with the exception of that on rice, is largely the result
of tariff legislation, and in the case of rice is due to an increased percentage of granulated rice admitted at 20 per cent, ad valorem.
Increase of Customs Bevenue.
^
The increase in the amount of ordinary duty collected, from $188,379,397 in 1886 to $212,032,424 in 1887, viz., $23,653,627, was in the
following classes of articles imported :
D u t y collected.
Increase.
C l a s s e s of a r t i c l e s .
I r o n a n d s t e e l , a n d m a n u f a c t u r e s of
AVool, a n d m a n u f a c t u r e s of:
Wools
Manufactures
Silk manufacturesof.
T o b a c c o , a n d m a n u f a c t u r e s of
Glass a n d glass-ware
Fruits including nuts
All other articles
Year ending
J u n e - 3 0 , 1886.
Year ending
J u n e 30, 1887.
$51,778,948
14,631,876
$58,016,686
20,713,234
$6,237,738
6,081,358
5,126,108
27,278,528
13,938,097
8,31i;il4
3,694,924
3,498v569
60,121,233
5,899,817
29,729,717
15,540,301
9,127,758
4,510,312
4,210,099
64,284,500
773,709
2,451,189
1 602,204
816,644
815,388
711,530
4,163,267
188,379,397
212,032,424
23,653,027
.\.
Total
.
Foreign Carrying Trade,
The following table shows the A-alues of the imports and exports of
the United States carried respectively in American A-essels and in foreign vessels during each fiscal year from 1856 to 1887, inclusive, with
the percentage carried in American vessels:
Y e a r e n d i n g J u n e 30—
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
....
In American
vessels.
$482,268,274
510,331,027
447,191,304
465,741,381
507,247,757
381,516,788
217,695,418
241,872,471
184,061,486
167,402,872
325,711,861
297,834,904
I n foreign
. vessels.
$159,336,576
213,519,796
160,066,267
229,816,211
255,040,793
203,478,278
218,015,296
343,056, 631
485,793,548
437,010,124
685,226,691
581,330,403
Total.
$641,604,850
723,850,823
607,257,571
695,557,592
762,288,550
584,995,066
435,710,714
584,928,502
669,855,034
604,412,996
1,010,938,552
879,165,307
Percentage
carried in
American
vessels. '
75 2
70.5
73 7
66 9
• 66.5
"65 2
50.0
41 4
27 5
27.7
32:2
33.9
FOREIGN C O M M E R C E — P U B L I C
MONEYS.
XLV
Tahle shoioing the values of imports and exports, &c.—Continued.
Y e a r e n d i n g J u n e 30—
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878. . c.
1879
1880
1881
1882
1883
1884
3885
.
1886
1887
•
.
,
:
•
In American
vessels.
I n foreign
vessels.
Total.
$297,981,573
289,956,772
352,969,401
353,664,a72
345,331,101
346,306,592
*350,451,994
314,257,792
311,076,171
316,660,281
313,050,906
272,015,692
258,346,577
250,586,420
227,229,745
240,420,500
233,699,035
194,865,743
197,349,503
194,356,746
$550,546,074
586,492,012
638,927,488
755,822,576
839,346,362
966,723,651
939,206,106
884,788,517
813,354,987
859,920,536
876,991,129
911,269,232
1,224,265,434
1,269,002,983
1,212,978,769
1,258,506,924
1,127,798,199
1,079,518,566
1,073,911,113
1,165,194,508
$848,527,647
876,448,784
991,896,889
1,132,472,258
1,212,328,233
1,340,899,221
1,312,680,640
1,219,434,544
1,142,904,312
1,194,045,627
1,210,519,399
1,202,708,609
1,503,593,404
1,545,041,974
' 1,475,181,831
1,547,020,316
1,408,211,302
1,319,717,084
1,314,960,966
1,408,502,979
Percentage
carried in
American
vessels.
35 1
33 1
35 6
31 2
28 5
25 8
26.7
25.8
33 1
26.5
25 9
22 6
17.18
16 22
15.40
15 54
16.60
14 76
15.01
13.80
Thus it Avill be seen that our foreign commerce, carried in vessels of
the United States, measured by its value, has steadily declined from 75
per cent, in 1856 to less than 14 per cent, in 1887. EA^CU of this small
X3ercentage less than one-half was carried in steam-vessels bearing our
flag.
A citizen of the United States may buy a foreign-built vessel in a
foreign pOrt ] he may put the United States flag upon it and trade with
all the countries of the world except his own.. Our Government will
protect him with all its power in such trade; but if he brings his ship
Avith our flag upon it to one of our ports, our GoA^ernment Avill confiscate it or imx30se x3rohibitory duties. He may, however, put the
flag of any other country on that same ship and bring it to his home
Avithout molestation by our Government; it is then protected b y t h e
Xiower of a foreign country. It is difficult to understand why it would
not be well to so change our navigation laws as to allow foreign-built
ships owned by our citizens to come and go between this and other
countries while bearing the flag of the country of their owners.
PUBLIC MONEYS.
" The monetary transactions of the Government have been conducted
through the offices of the Treasurer of the United States, nine assistant
treasurers, and two hundred and eleven national-bank depositaries.
The gross receipts of the Government, amounting during the fiscal
year, as shown by warrants, to the sum of $525,844,177.66, ($154,440,900 of which were on account of United States notes, certificates, and
conversion of refunding certificates,) were deposited asfollows, viz:
In the Treasury and sub-treasuries
In national-bank depositories
, $398,534,669 95
127,309,507 71
XLVI
REPORT OP T H E SECRETARY OF T H E
TREASURY,
CURRENCY CIRCULATION.
The increase and changes in the circulation among the people of
money and its representatives, and of money and bullion in the Treasury
since July 1, 1886, have been so extensive and interesting that it is well
to here give the following tables:
Comparative statement showing the changes in circulation from July 1, 1886, to Novemher 1,
• 1887.
In circulation
J u l y l , 1886.
Standard silverdollars
Subsidiary silver
Gold certificates
Silver certificates
United States notes
National-bank.notes
Totals
•....
I n circulation
N o v . 1, 1887.
$358,790,428 •
52,469,720
46,156,256
76,044,375
88,116,225
323,812,700
304,475,950
1,249,865,654
Decrease.
$392,585,770
62,934,625
51,290,051
99,684,773
160,713,957
331,419,950
267,883,223
1,366,512,349
Increase.
$33,795,342
10,464,905
5,133,795
23,640,398
72 597 732
7,607,250
$36,592,727
'
36,592,727
Net increase
153,239,422
$116,646,695
Comparative statement showing the changes in the • money and bullion held hy the Treasury
from July 1, 1886, to Novemher 1, 1887.
0
Gold coin
S t a n d a r d silver dollars
Subsidiary silver
United States notes
National-bank notes
Silver bullion
Trade-dollars as bullion
Totals
In Treasury
^ J u l y 1,1886.
InTreasury
N o v . 1,1887.
Decrease.
$189,529,603
181,253,566
28,904,681
22,868,316
4,034,416
43,308,520
3,092,198
$182,342,103
214,175,532
24,468,135
15,261,066
4,157,980 .
120,202,502
4,721,996
6,961,036
$7,187,500
472,991,300
572,290,350
19,231,296
Net increase
,
Increase.
$32,921,966
4,436,546
7,607,250
123,564
76,893,982
1,629,798
6,961,036
118,530,346
$99,299,050
The circulation of coin and paper in denominations of twenty dollars
and less, from July 1, 1886, to November 1, 1887, shows a net increase
of about $109,000,000; thus neariy the whole of the increased circulation was in the form of small money. The increase in the total circulation was caused by ordinary payments made in pursuance of law, by
the purchase of bonds, and by increasing deposits in national-bank depositories. The increase in the circulation of small money was because
the Government met the people's request for it so far as it could. But
for the lack of a sufficient appropriation for the Bureau of Engraving
and Printing, the circulation of small currency, X3articulaiiy in the
form of silver certificates, would have been much greater. It has been
impossible to more rapidly supply the demand for that kind of currency.
'
CURRENCY CIRCULATION
SILVER DOLLARS.
XLAAII
After deducting the gold and sih-er coin, held for the gold and silver
certificates in circulation, it is found that the Government owned
$30,827,898 less gold coin, and $39,675,766 less standard sih-er dollars
on IsTovember 1, 1887, than it did on July 1, 1886; during the intervening x3eriod $43,386,871 standard silver dollars were coined.
As there is still so much coined gold owned by the Government,
($82,657,330, l^ovember 1, 1887,) it has been thought best to allow the
gold to accumulate in the form of bullion, until, there is need of gold
coin.
'
The statements ofthe Treasurer show that after deducting the demand
and trust liabilities of the Government and the amount of money on
deposit in national-bank depositories the net money in the Treasury
vaults was $89,660,592.36 on June 30, 1886; October 31, 1887, itwas
$49,459,361.77.
STANDARD SILVER DOLLARS.
One of the most interesting facts shown by the foregoing statements
is the decrease in the number of standard silver dollars owned by the
Government and'the increased use of the same money by the X3eople in
the form of silver certificates. The fiA^e, two, and one dollar certificates furnish a convenient currency, and it is evident that the future
use of the silver dollar will be almost exclusively in that form.
It is waste to coin and store any more silA^-er dollars at present.
There is no function AA-hich those that are coined after this time will
X3robably ever x3erform, except to lie in Government vaults and be a
basis upon which sih-er certificates can be issued. It is seldom that
any one wishes to haA^e his sih^^er certificate exchanged for the sih-er
dollar itself, consequently a limited number of coined dollars will X3erform the A^ork of redeeming certificates. The $214,000,000 which are
noA\^ in the Treasury will more than suffice to redeem, as they may be
X3resented from time to time, the silver certificates that have already
been issued or that can be issued against all the dollars which will
be coined for years to come under the X3re%ent law.
. The law should be so amended as to authorize the Secretary of the
Treasury to issue certificates against the coining value of the bullion
bought and to coin only such number of dollars as he might deem exX3edient hereafter. This would not restrict in the least degree the use
of the silver dollar as currency. The certificates would be equally
secure whether rex3resenting coined dollars lying in A^aults, or represent:
ing bullion also lying in vaults, and which could be coined into dollars.
The bullion should be melted into the form of very heavy bars, which
could not be easil}^ stolen or lost. In this form the silver could be easily
and quickly moved, and counted.
XLVIII
REPORT OF THE SECRETARY OF THE TREASURY.
More than a dozen men were occupied for several weeks last summer,
when the late Treasurer turned over the office to the present incumbent, in counting the coih which is in the vaults,at Washington. Safety,
economy, and convenience would be x3romoted if this recommendation
were adopted.
Safeguards for Silver Money.
Tt would be a neglect of duty did I not call the attention of the Congress to certain safeguards which ought to be thrown about the standard
silver dollar to protect from X30ssible loss the people among whom it and
its representative, the certificate, are so universally distributed.
Provision should be made against a time when there may be more of
that /orm of money than is required for the business of the country.
The first symptom of this will be increasing oAvnership ofsilver by the
Government; this increase will take place because the Government
pays to the people that kind of currency which they Avish to have
and receiA^es from them that kind which they wish to pay; consequently, the GoA^ernment will accumulate the form of money which the
public least desires. If the GoA^ernment held no funds save those
needed for its daily expenses, it would perform no difierent function
toward currency when it had once coined or printed it than does an
individual who receives and pays out monej^; ;but the two great trustfunds—that for the redemption of United States notes, ($100,000,000,)
and that for the redemx3tion of national-bank notes, at present more
than $100,000,000, and whatever surplus there may be from time to time—
form, as it were, a reserA^oir which takes and' holds that kind of currency which the x3eople reject. Were it not for this great Government
reservoir a redundancy of any form of currency would be shown either
by its exportation to countries where it was needed or by its depreciation here. The silver dollar cannot be exported because the silver of
AYhich it is made is worth lessthan 75 cents, and that would be its A-alue
for exportation.
The Government has bought silver bullion and coined it into about
$280,000,000, of which it has put in circulation among our x3eople about
$230,000,000, making an apparent profit thereby of over $35,000,000; it
has always kept those dollars and their certificates as A-aluable as they were
when it X3aid them out, by receiAdng them in X3ayment of taxes; but sometimes it has been obliged to receive them in greater amounts than the people Avere willing to take them; this was notably the case in 1884,1885, and
1886, when they so accumulated that at the end of July, 1886, there were
$93,959,880 of them in the Treasury. During those years thesefunds in the
Treasury formed the reservoir which held the Silver dollars that the people did not want, and thus preventedthosewhichthey did want, and still
held, ($146,000,000,) from going to a discount, or, in other words,' from
SILVER DOLLARS.
XLIX
becoming Avorth less to the x3eox3le than they were Avhen the Government
originally X3aidthem out of its Treasury. The foregoing tables show
that during the sixteen months ended ISTovember 1, 1887, this Dex3artment was able to X3ay out at X3ar and keex) in circulation $10,464,905 of
the coined silver dollars, and $72,597,732 of their representatives, the
certificates, in addition to the amounts of each in circulation July 1,
1886. If the Dex3artment had been able to print enough certificates,
doubtless the AA^hole of this increased use of sih-er would have been in
the form of certificates, and few, if any, coined dollars would have
been paid out. On the contrary, many of those out Avould have been
returned, and certificates taken in their place.
Thefe should always be in the Treasury enough silver beside that held
against outstanding certificates to enable the Government to at once
supply any demand, for it on the partof the peox3le ; but-all held in the
Treasur}^ in excess of that amount is absolutely useless for any xiurpose,
and is in fact a menace to the sih-er which the peox3le hold and also to
the United States notes and national-bank notes—to the whole circulating medium, except gold; therefore it would be the part of wisdom
to X3i'event any accumulation of sih-er in the Treasury beyond a
sufficient reserve needed to meet any demand which may be made for
it. This can be done by fixing the amount of such reserve, and providing that AA'^hen it is exceeded by say $5,000,000, the purchase of
bullion shall cease until the amount held by the Government again
equals such reserve. Another plan, somewhat similar to that recommended by my predecessor in his last annual report, would be to
provide that when the reserve was exceeded, an amount of United States
notes equal in value to such excess should be cancelled, if enough of
them were in the Treasury; but if not, then the purchase of bullion
to cease until the maximum reserve should be reached. This would
create a vacuum in the circulating medium which would be filled
by silver. The amount of United States notes would be gradually
reduced until the whole were extinguished; silver dollars or sih-er
certificates would take the X3lace of United States notes as they Avere
retired. This plan would' make our currency more uniform and as
secure as now.
ll^either of these plans, if adox3ted, would diminish the actual or potential use of silver as currency by a dollar. In my judgment, it would
be promoted thereby.
Our people will never consent that the money which is in every one's
pocket shall become of less value than it Avas when the Government
paid it to them, if it be in the power of the Government to make it good.
The trade-dollars haA^e been practically redeemed in gold under act of
Congress, although they were held. by but few persons, Avere intrinsically worth more than the standard dollar, and had far less equitable
claim for redemption than would the standard dollar. If ever the time
^pmef when the standard dollar goes to a 4isOQunt^ the people^, in tlt^
"^^""",^6209 n S7-™-IY
L
REPORT OF THE SECRETARY OF THE TREASURY„
pockets of almost every one of whom will be found more or less of those
dollars, will emphatically demand that they, tod, shall be redeemed in
gold or made a^ good as when issued, and that'the purchase of silver
bulliQu stop. If the plan above suggested were now adopted, they would
probably never go to a discount—surely not except under altogether extraordinary circumstances; and yet the X3ublic Avould have a supply of
them limited only by the need and demand of the people for them. I
recommend that a law to the above effect be enacted.
NATIONAL RANKS.
|
During the year ending October 31, 1887, there have been 225 new
banks organized—capital, $30,546,000; circulation, $4,690,375.
Thirty-three banks have been closed during the same period, of
which twenty-five have gone into A'-oluntary liquidation and eight have
failed. These 33 banks had an aggregate capital of $4,087,450, and
their outstanding circulation amounts to'$l,122,;836.
The total number of national banks organized to date has been 3,805, of
AA-hich 3,219 have been formed-under the acts of ;Congress and 586 have
been converted from State institutions. Of the first class, 556 have gone
into voluntary liquidation and 100 have failed, leaying in existence 2,563.
^Of the second-class, 69 have gone into voluntary liquidation and 19
have failed, leaving in operation 498.
:
Total in operation 3,061, being the largest nuniber yet reached. The
following-named items show net increase during the year, viz: Capital
stock, $30,572,325; surplus, $16,664,250.10; deposits, $76,508,818.31.
The decrease during the year in United States^ bonds held for all purposes is $82,505,900.
I
IMMIGRATION.
The State commissioners, heretofore employed under contracts made
in pursuance of the provisions of the act to regulate immigration, have
continued to conduct the local affairs of immigration at their respective
ports during the last fiscal year. The ports at which commissioners
are now stationed are as follows: Baltimore, Boston, Galveston, Key
West, New Orleans, ISTew York, Philadelphia, Portland, (Me.,) and San
Francisco. At none of the other ports was the business deemed sufficient to justify the employment of a commissiouer.
The receipts of capitation-tax for the year ended June 30,1887, v/ere
$257,879.50. These receipts constitute the immigrant-fund, which is
created by a tax of fifty cents per head for alien passengers arriving from foreign countries in ports of the United States. This tax is
collected not only for bona fide immigrants, but for all alien passengers,
including tourists and other sojourners, and on each recurring arrival
of such alien. The tax, however, is not collected foi^ immigrants coming
from foreign contiguous tomtory,
\
IMMIGRATION.
LI
The expenditures during the year were $164,070.57, thus leaving a
net balance to the credit of the fund of $93,808.93.
The Dex3artment has endeavored to secure uniformity in the methods
of transacting the business by the commissioners employed at the several ports, but the efforts in that direction have not been entirely successful. The execution of the law has thus been embarrassed by a want
of uniformity in the performance of their duties by the several boards
of commissioners. This is due in great measure to the administration
of the business through the agency of officers appointed by State governments, over whom the Secretary of the Treasury, who is charged
Avith the execution of'the law, has no control except by contract, which
he has no adequate means of enforcing.
It is recommended that the existing law be so amended that, in addition to the provision prohibiting the landing of aliens liable to become
a public charge, idiots, lunatics, and convicts, a fine reasonable in
amount should be imposed upon the master of the vessel for every such
person brought by him to this country, and that such fine be made a
lien upon the vessel.
Provision should also be made that, where aliens, after having been
landed, are found, within a time to be fixed, to be of either of the
classes whose landing is x3rohibited, they should be deported by or at
the expense of the master or owner of the vessel bringing them, and, on
failure to do so, such master or owner to be subject to fine.
The following statement exhibits the receipts and expenditures on
account of immigration at the several ports during the fiscal year ended
June 30, 1887:
Ports.
Receipts.
Expenditures.
Astoria
Baltimore
Barnstable
Boston.........
Charleston
Galveston
Key West
Mobile
New Bedford....
New Haven
New London
New Orleans
New York
Pearl River
Pensacola
Philadelphia
Portland
Providence
Puget Sound......
Savannah
San Francisco....
St, Augustine....
St. John's
\yillamette
Yorktown,
$0 50
17,640 50
25 50
18,409 50
3 50
231 50
3,227 00
50
240 50
3 00
1 00
1,210 50
193,237-50
1 50
]3 50
15,566 00
775 50
50
3 00
50
7,116 00
5 00
15 00
24 50
127 50
134 83
135,146 60
Aggregate,
257,879 50
164,070 57
$6,739 01
'9','377 78
778 00
2,153 65
7,101 60
202 80
2,436 30
LII
REPORT
OF
THE
SECRETARY
INTERNAL
OF
THE
TREASURY.
REVENUE.
The report of the Commissioner of Internal lievenue, herewith transinitted (page 317), sets forth in detail the condition of this branch of
the X3ublic service:
.
Statement showing ihe receipts from the several ohjects of taxation under the internal-revenue
laws for the fiscal years ended June 30, 1886 and'\ 1887, respectively.
' Sources.
Ppi rits
Tobacco
I'ennented liquors '.
Oleomargarine
Banlc circulation
Penalties, &c •.
Collections under repealed laws..
Total'.
1886.
1887.
$69,092,266 00 $65,829,321,71
27,907,362 53 30,108,067 13
19,676,731 20 21,922,187149
723,948;04
•4,288:37
194,422 45
220,204;83
32,087 17
29,283'49
116,902,869 44 118,837,301 i 06
Increase.
Decrease.
$3,262,944 29
$2,200,704 60
2,245,456 20
723,948 04
4,288 .37
25,782 38
1,934,431 62
The amount' of collections aboA^e rex3orted' includes certain sums
collected but not deposited during the fiscal years named; thus causing
a discrex3ancy to apx3ear between the amounts collected and the amounts
covered into the Treasury by warrants.
The Commissioner, in his report, reiterates his recommendations in
X>revious rex3orts to the effect that the law be amended so as to provide
for the taxation of fractions of gallons of distilled spirits; to authorize
the distillation of brandy from all kinds of fruits under the exemptions
now accorded to distillers of brandy from apples, peaches, and grax3es
exclusively, and to provide for the storage of all kinds of "fruit brandy
in special bonded warehouses. He also rq,commends that the tax on
reimx3orted domestic spirits be treated as an internal-revenue tax, and
levied ux3on the quantity drawn from the distillery warehouse, or to require the duty payable under section 2500 of the Eevised Statutes, to be
XDaid with interest at a rate to be determined by Congress, the interest
to run from the date of the withdrawal from the distillery warehouse, or
from the date of payment of the drawback, as the case may be.
He also X30ints out the great disparity between the special taxes and
the tax on the article itself in the oleomargarine law, which leaves it
in doubt as to whether the law should be construed as a protective
measure, or as a prohibitory measure. He suggests a simplification of
the statute, if it is to be simply an internal-revenue measure, and submits certain information, including bills introduced and laws passed by
other countries, as valuable aids to Congress, Ay^hether the law is to be
perfected either as a protective measure or as a| prohibitory measure.
In my opinion, the adoption of the. amendinents proposed by the
Commissioner of Internal Eevenue would remove certain existing ine
INTERNAL REVENUE
ENGRAVING AND PRINTING.
LIII
qualities in the payment of tax. His recommendations are therefore
approved.
I would also recommend t h a t t h e law relative to oleomargarine be
carefully reconsidered by Congress, and so amended as to render it more
efficient as a means of protecting the people from being imposed upon
through the^sale of this article as butter.
ENGRAVING AND PRINTING.
The appropriations for the support of the Bureau of Engraving and
Printing for the fiscal year were $795,008.30, and the estimated number
of sheets of securities to be produced, 29,532,550. The actual expenses were $794,477.90, and the number of sheets of securities turned
out during the year, 32,652,207. The delivery to the Treasurer of the
United States of the new silver certificates of the denomination of one
dollar began Sex3tember 20,1886; of the two-dollar certificates, JSTovember 27, 1886, and of the five-dollar certificates, February 9, 1887. To
October 31, 1887, there had been delivered to the Treasurer for issue
certificates of these denominations amounting to $47,944,000, of which
$17,916,000 was in one-dollar certificates and $11,128,000 in two-dollar
certificates.
Under the authority given in the last approx3riation act, all ofthe officers, clerks, and employes of the Bureau, except the plate-printers and
their assistants, were on July 1, 1887, placed o^ annual salaries, instead
of daily wages, and the number to be employed in each grade was fixed
by a Departmental order. ^NTo difficulty has been found in carrying on
the work under this organization. In order to place this establishment
on the same permanent footing as the other bureaus of the Department,
it is, however, desirable that its organization should be fixed by law.
The estimates for the next fiscal year accordingly set forth the number
of persons to be employed in each grade and the salaries they are to
receive.
The great increase in the quantity of securities which the various
branches ofthe GoA^ernment estimate that they will require during the
next fiscal year has made it necessary to submit an estimate of an increased appropriation for the sux3port o f t h e Bureau. The estimated
number of sheets of securities to be printed is 51,150,050, as against an
estimated production of 34,992,794 sheets during the current fiscal year.
The estimated appropriation is $1,152,915. The appropriation for the
current year is $918,030. The increase in the quantity of work to be
done is more than 46 per cent., while the increase in the appropriation
asked for is only 25 J per cent.
LIV
REPORT OF THE SECRETARY OP THE TREASURY.
REVENUE MARINE.
There has been an increased performance of work by the revenue
cutters. The officers of this service have discharged their duties with
energy and fidelity, and the vessels in their' charge have been safely
and skilfully navigated on harbor and coasting; duty and on extensive
cruises.
;
Thirty-eight vessels have been in commission during the year, and a
new steamer has just been X3laced for boarding duty on the - Mississipx3i
river. The total number bf persons employed in this service is 1,046.
The following is the record of regular duty for the year ending June
30, 1887:
! '
Aggregate number of miles cruised by vessels
i
'.
. 351,395
Number of merchant-vessels boarded and examined
1
'
31,586
Number of nierchant-vessels found violating law in some'particular and
seized or reported to proper autborities
;.|
,
1, 282
Fines or penalties incurred by vessels so seized or reported
|393, 961. 70 •
Numberof vessels in distress assisted
^
,
207
Value of vessels and their cargoes imperilled by the sea to which assistance was rendered
^
:
^4, 969, 450. 00
Number of persons on board vessels assisted
1....,.,
3,106
'
Forty-two x3ersons were picked out of the water and saved from
drowning.
The revenue-marine steamers ^^Eush'^ aiid ^'Bear^' haA^e been
actively engaged in enforcing the laws which; prohibit the killing of
fur-seals in the Territory of Alaska and the; waters thereof, excex3t,
under the sux3ervision of the Government, at the Islands of St. Paul
and St. George.
.
! ^
Capt. L. G. Shepard, commanding the ^^Eush,'' cruised during
the summer betAveen Ouualaska and the Pribylov Islands, and seized
seven American and five British vessels, having on board 6,307 sealskins.
;
Cax3t. M. A. Healy, in command of the ^^Bear,'' also seized two
American and one British vessel, in the latter part of the season, having on board 5,155 seal-skins. The ^^Bear," i3esides particix3ating in
the work of x3rotecting seal life, x3roceeded as, far north as Point Belcher, in the Arctic Ocean. At Port Clarence news was received of the
. probable surviA^al of one or hiore of those on board the whaling-bark
^•ISTapoleon'' when she was wrecked in May, 1885. The ^'Bear'' Adsited the Siberian coast^ and forty-five miles west of Cape l^avarih found
J. B. Yincent, the sole surviv^or of eighteen who landed on the ice
from the lost vessel. It is highly advisable ithat a moderate sum be
used in purchasing suitable articles to be sent by the next revenue cutter visiting those waters as a reward to the naitives who, in a condition*
REVENUE MARINE.
LV
very near starvation, sheltered and fed Yincent and his unfortunate
companions.
At Sfc. Michaels, Third Lieut. C. D. Kennedy, of the ''Bear,''
acting as deputy United States marshal, arrested the murderer of"
Bishox3 Seghers, and delivered the prisoner to the ''Eush," at Ounalaska, for transportation to Sitka. Six destitute miners were taken on
board the "Bear," and given passage to Ouualaska.
Material assistance has been given, as customary, by the officers and
vessels of this service to the Life-SaAang Service. The distance cruised
while performing this duty aggregated 16,643 miles.
The expenditures of the Eevenue-Cutter Service for the year 1887
were about $890,000.
This service requires the immediate replacement of a considerable
number of its vessels with new ones fully adapted to the requirements
of the work to be performed. In this way alone can prox3er efficiency
be secured and real economy in expenditures be brought about.
The revenue-marine steamer "McCulloch," on the Charleston station, is practically^ worn-out, and should be disposed of ^nd a new one
constructed.
The AT^ast extent of the sounds of ]^orth Carolina, with numerous
bays and rivers, and ah extensive and increasing commerce greatly in
need of the protection afforded by this service, is guarded by the revenue-marine steamer '' Stevens,'' no longer fit for regular duty. A new
vessel should be proA^ided for this station as soon as possible.
The rcATienue cutters doing harbor boarding duty are in proportion
less adequate to the duties they are called upon to perform than the
cruising-vessels. U^Tot only have these vessels been greatly deteriorated
by age, but in original design they barely met the requirements of a
commerce that, since their construction, has increased greatly in volume, and which is now carried on in vessels of remarkable size and
speed.
The following revenue-marine steamers doing harbor boarding duty,
the "Hamlin," at Boston, the "Washington," at J^Tew York, the
"Tench Coxe," atPhiladelphia, the "Penrose" at Galveston, a n d t h e
'' Hartley,'' at San Francisco, should all be disposed of, and their X3laces
filled Avith new vessels equal to the proper performance of the duties
required of them.
.
The recommendations made in this report for new vessels, it is estimated, would require $350,000, andwhat might be realized fromthe
sale of the old vessels when replaced.
LVI
REPORT OF THE SECRETxiRY OF THE TREASURY.
LIFE-SAVING SEBVICE. •
The past year has been in many respects a notable one in the history
of the Life-Saving Service. The winter was unusually severe, and
the number of marine disasters exceeded that i of any year previous.
Many of the vessels involved were of the larger class, and included
several X3assenger steamships, and more persons and greater values
were therefore imperilled. But although the 'rigor of the weather
made the operations of the life-saving crews peculiarly difficult and
hazardous, yet in nearly every instance they Avere eminentlj^ successful,
and resulted in the saAdng of a greater numberl of lives and a larger
'amount of prox3erty than in any former year.
;
The statistics of operations within^ the scope of the Service are as
follows:
;
The number of disasters to documented vessels was 332. The nuniber of persons on board was 6,327, of whom 6,272 were saved, and 55
lost. The value of the property involved is estimated at $7,075,700, of
which $5,788,820 was saved, and $1,286,880 lost. The number of vessels totally lost was 72. Besides the foregoing, there Avere 135 disasters
to smaller craft, (sail-boats, row-boats, &c.,) on which were 274 persons, 271 of whom were saved, and 3 lost. The value of property
involved in the latter disasters was $96,830, Of which $92,915 was
saved, and $3,915 lost. The following is the aggregate:
Total number of disasters
Total valueof property involved
Total value of proiDcrty saved
;...
Total value of property lost...
Total number of persons on board....
:
Totalnumber of persons saved
Total number of persons lost
Total number of persons succored at stations
Total number of days' succor afforded
Number of vessels totally lost
'
;
'
i
•..._
,
:..
'..
'
;...,...;
;
467
$7,172, 530
$5,881,735
$1, 290, 795
6, 601
6, 543
58
737
1, 894
• 72
There were, besides the x3ersons saved as above shown, twenty-three
other persons rescued, who had fallen from wharves, &c., and would
probably have perished but for the aid of the life-saving crews. With
the exception of the year preceding, the assistance rendered in saAdng
vessels and cargoes has been greater than ever before, no less than 393
vessels having been aided in getting afloat A^^hen stranded, repaired when
damaged, piloted out of dangerous places, and helped in similar ways by
the life-saAdng crews. In 210 instances, vessels; in danger of stranding
were warned off by the signals of the patrolmei^.
The number of stations in the Service at the close of the year was
218, and the cost of their maintenance during the year was $834,985.36.
LIFE-SAVING—MARINE
HOSPITALS.
LVII
Seven new stations were completed and put in commission during the
year, their respective locations being as follows: ISTorth Scituate, Mass.;
and Frankfort, Pent Water, White Eiver, Holland, South Haven, and
Sturgeon Bay Canal, on Lake Michigan. Two others, one at Cape
Elizabeth, Maine, the other at Cape Lookout, IsTorth Carolina, have
been completed, and are about to be put in operation.
Five stations were rebuilt during the year, at Block Island, Ehode
Island; at Ditch Plain and Georgica, on Long Island, and at Shark
Eiver and Townsend's Inlet, coast of !N'ew Jersey. There are now rebuilding, under contract, the I^Taragansett Pier and ]STew Stoneham
Stations, Ehode Island; the Far Eockaway Station, Long Island, and
the Bond's Station, I^ew Jersey; Extensive repairs and alterations
have been put upon 22 stations on different portions ofthe coast, and
there are 17 others now in process of renovation and improvement.
MARINE-HOSPITAL SERVICE.
The relief furnished by the Service.during the past year is greater
than at any other in the history of the Service; 45,314 patients were
treated, and 331,701 days' relief in hospital have been furnished, and
the character o f t h e accommodations is steadily improving as new
hospitals are opened and old ones modernized.
The recommendation is renewed for the establishment of a marine
hospital at the port of ISTew York, because the necessities for a marine
hospital are as great as ever, and because we cannot have as efficient a
hospital in a leased building as in one owned by the Government.
The reasons are plain—first, because articles of furniture supplied to
leased hosx3itals are limited in amount, and, second, little in the way
of alterations can be attempted, and no imx3rovements of the building
involving expense can be considered. From an economic point of.
view, it would be,in the interest of the Goyernment to own an establishment of its own in JSTew YOrk harbor, even if there were no other
considerations.
The hospitals are generally in fair condition, with the exception of
certain additional buildings required at Wilmington and Detroit, where
there is insufficient room for the Service, extensive repairs needed at
Boston, and the grading of the grounds at Chicago and at ^ e w Orleans. The recommendation heretofore made for the establishment of
a ]N"ational Sailors' Home for the reception of aged and worn-out sailors
is renewed.
LVIII
REPORT OF THE SECRETARY OF THE TREASURY.
The law of April 29, 1878, known as the IsTational Quarantine Act,
has been carried out as fully as the .conting<^nt apx3rox3riation at the
disposal of the Bureau would permit, and in accordance Avith my
direction the publication of the weekly abstraicts of sanitary information received has been resumed. These abstracts'have been of great
service to health officers throughout the country and to quarantine
officers generally. The four quarantines maintained by the Bureau,
namely, at Shix) Island, Sapelo Sound, Cape jCharles, and DelaAvare
Breakwater, have been maintained during the; quarantine season, and
the Ship Island station throughout the yearj iJ^one of the stations
have^ been proAdded with modern ax3X3liances for the disinfection of
shix3S and the prox3er handling of cargoes, for the simple reason that
these appliances involve the construction of Avharves and suitable vessels for the machinery, and there is no fund out of which the expense
could be met.
The Cape Charles quarantine station is 6n a leased island, and
although it can be bought for $5,000, there isj no authority of statute
for its purchase. A defect in the quarantine; act, needing legislative
remedy, is that this law has no penalty for the violation of its provisions.
^
;
Aid has been extended to Florida in sux3X3lying the hosx3ital at Key
West, and furnishing nurses and x3roviding a temporary refuge station
at Egmont Key, and xecently aid has been extended to Tampa, in the
construction and maintenance of a temporary hosx3ital, with medical
sux3plies and nurses. A suitable quarantine! station on one of the
Florida keys is: an urgent necessity, for the prevention of the regular
inroads of yellow fever on the west coast of Florida. The demand for
the Governmental control of seaboard quarantiines is becoming yearly
more pronounced, and the recent threatened introduction of cholera at
•JSTew York has emx3hasized it, but I cannot too strongly urge the necessity for sx3ecific approx3riations for the creditable management of the
quarantines now controlled by the Department.
The exx3enses of the.general service have been $4.61,336.19, and the
receix3ts from all sources $570,227,62.
j
From special apx3ropriations for repairs and preservation of marine
hosx3itals; furniture and repairs of furniture; j vaults, safes, and locks;
fuel, lights, and water; heating, hoisting, and ventilating ax3X3aratus,
the expenditures were $77,817.61.
:
From the balance of the fund placed at the disposal of the President
for the prevention of the spread of epidemic diseases, there have been
expended $48,649.28, and the unexpended balance, June 30, 1887, was
STEAMBOAT
LIX
INSPECTION.
$217,193.72. This balance should be reappr0x3riated to meet the contiingencies of the service next year, in addition to the sx3ecial approx3riations necessary for the equipment of the quarantines.
STEAMBOAT-INSPECTION SERA-ICE.
The personnel of the Service on the 30th June, 1887, was composed of
147 officers, clerks, and messengers, asfollows: One Supervising Inspector-General, ten supervising inspectors, thirty-eight inspectors of
hulls, ten assistant inspectors of hulls, thirty-eight inspectors of boilers,
ten assistant inspectors of boilers, one assistant insx3ector to examine
life-X3reservers, ten special inspectors of foreign steam-vessels; one chief
clerk, three clerks, and one messenger to the Sux3ervising Insx3ectorGeneral; one clerk and messenger to the supervising insx3ector at IsTew
York citj^, twenty-two clerks to the local boards of inspectors, and one
clerk to the special iiisx3ectors of foreign steamers at ISTCAV; York.
The offices of Supervising Inspector-General, supervising and local
inspectors of steam-vessels, clerks, &c., are organized under the act of
Congress ax3proved Febrhary 28, 1871, now Title 52, EcAdsed Statutes.
The sx3ecial inspectors of foreign steam-vessels are organized under
the amendment to section 4400, Title 52, Eevised Statutes, approved
August 7, 1882.
STATISTICS OF THE SEEVICE FOE THE LAST FISCAL YEAE.
liable giving the statistics ofthe different divisions of the country.
Officers
licensed.
Steamers.
Net tonnage.
Western rivers
Nbrttiern lakes
Gulf coast
458
2,730
1,041
1,462
429
118,515.96
482,321.12
181,944.24
315,537.34
61,957.11
2,057
11,336
5,996
6,226
2,373
Total
6,120
1,160,275.77
27,988
Divisions. •
Paciflccoast
Increase in number of vessels inspected over tbe preceding year
Increase in the tonnage of vessels inspected over the preceding year
Increasein number of of&cers licensed
376
78, 527. 36
2, 208
ExpenditUjres.
Salaries Supervising Inspector-General, supervising, local, and.assistant inspectors, paid frora. funds in the Treasury not otherwise appropriated,
act approved .June 19, 1886, (appointments authorized by sections
4402, 4404, and 4414, Revised Statutes):.......:
1184,200 60
Contingent expenses, paid from the indefinite' appropriation of the surplus revenues in the Treasury received from fees for inspecting steamvessels and licensing officers, for the payment of clerical help authorized
by section 4414, Revised Statutes, fees to United States marshals and
witnesses, section 4451, Revised Statutes, and travelling and other expenses, when on official duty, of the Supervising Inspector-General,
supervising, local, and assistant inspectors, and all instruments, books,
blanks, stationery, furniture, and other things necessary to carry into
LX
REPORT OF THE SECRETARY OF THE TREASURY.
effect the provisions of Title 52, Revised Statutes, authorized by section
3689, Revised Statutes:
'
Salaries of clerks
.;. $29,880 24
Travelling and miscellaneous expenses
J. 32, 890 64
Clerk, messenger, and room-rent for Board
i.
183 00
Stationery for supervising and local inspectors
!.
889 89
Engraving, printing, and binding officers' licenses
:.
1, 235 -40
New instruments
j.
112 00
Reconstructing three testing-machines
;.
767 80
Marshals'and witnesses'fees
:
664 40
:
$66, 623 37
Total expenditures
I
.|...
250,823 97
Unexpended balance in the Treasury standing to the credit iof the Steamboat-Inspection Service, June 30, 1887....'.
J
244,813 39
Notwithstanding an increase of 376 steamers inspected and 2,208
officers licensed over the previous year, and an extraordinary expense
incurred of $767.80 for the reconstruction of three jiron-testing machines,
the contingent expenses of the Service have be;en $1,797.81 less than
they were in the fiscal year preceding.
i
Nnmber of accidents during the year resulting i;n loss of Ufe.
Numberof
casualties.
N a t u r e of c a s u a l t y .
5
24
Fires
Collisions
.'.
B r e a k i n g of s t e a m - p i p e s a n d m u d - d r u m s . .
Explosions
Snags, wrecks, a n d sinking
Increase in 1887
68
34
13
11
94
46
Total..
Number of lives lost in 1886
Numberof lives lost in 1887
Numberof
lives lost.
1
.^
;
;
182
220
J
38
Of the number of lives lost in 1887, 74 were passengers and 146 were
officers or persons employed on the steamers, i
It is estimated that fully five hundred million (500,000,000) passengers were carried on steam-vessels during the year.
Inspection of foreign steam passenger-vessels under the act of Congress approved August
7, 1882.
I
Annual inspection—
"
'
AtNewYork
|
137
At Boston, {including seven inspections at Portland, Me;)
24
At Philadelphia, (including one inspection on the lakes);..
10
At Baltimore, (including forty-eight inspections on .the l4kes).
59
At New Orleans
i
13
At San Francisco
I
;
6
Total
Intermediate inspections
i
;
Expenses of the foreign service for thefiscal year.
Salaries
I
Travelling and contingentexpenses
J
Total expenses
..J,...
249
2, 086
$21,500 00
1, 467 09
22, 967 09
STEAMBOAT
INSPECTION
LIGHT-HOUSES.
LXI
Important changes were made in the steamboat laws, by an act approved June 19, 1886, the most prominent being that which abolished,
in substance, the' pros^isions of section 4458, Eevised Statutes, authorizing the collection of fees for the inspection of steam-vessels, and the
licensing of officers for such vessels; also in substance repealing so
much of section 4461, Eevised Statutes, as authorized the fees collected
under section 4458 of the statutes to be permanently appropriated for
the payment of >^ the salaries of the Supervising Inspector-General, of
all the supervising inspectors, local inspectors, assistant inspectors,'^
• such salaries to be paid instead, from and after July 1, 1886, from any
moneys in the Treasury not otherwise appropriated. By an oversight
of the. committee'having the bill in charge, the bill failed to make provision for the payment of clerks, travelling expenses of officers when
on official duty, and other contingent expenses referred to in section
4461, Eevised Statutes, which provided for such expenses to be paid
from the fees proAdded in section 4458, Eevised Statutes.
This oversight will sooner or later have to be remedied by supplemental legislation. Such legislation was recommended to Congress
in a special message from the President of the United States, dated
June 19, 1886, (page 6222, Congressional Eecord, June 20,1886.) The
recommendation was x3romptly acted upon by the passage of a bill inthe Senate to remedy the defect. This bill Avas reported favorably
by the Committee on Commerce of the House of Eepresentatives, and
placed on the calendar, but never acted ux3on thereafter. Attention is
called to the necessity of legislation on the subject referred to.
•
'
T H E LIGHT-HOUSE SERVICE.
The Light-House Board reports the changes in aids to navigation as
shown in the folloAvLng table:
J u n e 30
1886.
Light-houses, light-ships, a n d stake-lights, including those on the rivers
New lights of all kinds established during the year.
Lights discontinued during the year
Steam and hot-air fog-signals
Whistling buoys in position
Bell buoys in position
Lighted buoys in position
Other buoys in position
1,994
105
60
76
40
44
2
3,758
J u n e 30,
1887.
2,031
75
38
77
45
51.
4
3,867
Increase.
Decrease.
37
30 ,
22
2
109
The Light-House Board is still unable to complete the construction
of the much-needed light-house on l^orthwest Seal Eock, (St. George's
reef,) off Crescent City, California, owing to insufficient appropriations.
It is hoped that funds may be promptly provided for this purpose.
LXII
REPORT OF THE SECRETARY OF THE TREASURY.
The Board calls attention to jhe imminent danger that the high iron
toAver at Hunting Island Light-station, South Carolina, will Be .undermined and overthrown by the encroachments of the sea. This tower
cost $102,000. The Board asks half that sum with which to buj^ a new
site and place the structure upon it. Failure to provide the means to
save this tower may, as in the case of the Mosquito Inlet structure,
Florida, cost the Government in the future twice the sum asked now.
The Board also asks $8,000 with whieh to establish a light at Lake
Borgne, Louisiana, to take the place of the light at St. Joseph's.Island,
as the latter is being washed away so rapidly that it is now impracticable
to saA^e the station. The Board also asks $25,00(^ with which to establish Humboldt Light-station, California, ux3on a more secure site, that
occux3ied by it at X3resent being so seriously threat(ined that it is believed
it will be overthrown by the next severe storm, i The Board also asks
$25,000 to enable it to replace the Pamplico Point light-house, ^N'orth
Carolina. When this was asked last year it was jstated that the structures were in imminent danger from the encroachments of the sea. The
Board now rex3orts that it has been forced to discontinue the light, much
to the inconvenience of the commerce of the sound. The interests of
navigation demand that the light should be replajced at the earliest day
practicable.
\
Mineral oil is now used as an illuminant throughout the whole of the
Light-House Establishment to the complete exclusion of lard oil, the illuminant formerly used, making a large saving in cost and increasing the
celerity of lighting and the certainty of maintaining lights in the colder
X3arts of our coasts.
\ '.
Attention is called to the Board's statements as to its cramx3ed quarters, and especially as to the danger to its archiA(es, and its need for a
special building for its offices, museum, and laboratory.
The need shown by the Board for light-house ajnd buoy depots in the
new light-house districts established under the authority of recent laws
seems to demand early attention.
!
The loss of the light-house schooner ^ ^ Mignonette," in the hurricane
of 21st September, 1887, makes it necessary that an early appropriation
be made for sux3plying her place.
:
COAST AND GEODETIC SURVEY,
The progress of the work has been commensurate Avith the means
afforded by Congress, although necessarily restricted b y t h e large reduction made in the estimates approved by the Ljepartment.
Field operations, including triangulation and topogra^phy, astronom-
iQ^l Md. magnetic woi^k, WQV§ cpimed QU within; th^ MlRlts or QU th^
COAST AND GEODETIC SURVEY.
LXIII
coasts of twenty-seven States, three Territories, and in the District of
Columbia. Hydrographic surA^eys were prosecuted in the waters or off'
the coasts of scA^enteen States and two Territories.
Effort was concentrated in pushing to completion important surveys
already in x3rogress, and in beginning those imperativel}^ demanded by
the interests of commerce and navigation. Special attention was giA-en
to the study of the X3hysical changes in Monomoy and its shoals; to the
completion of the resurveys of Long Island Sound and of N'ew York
Harbor and its ax3proaches; to the formation and movement of ice and
of shoals in Delaware Eiver and Bay; to the iuA^estigation of the currents of the Gulf Stream; to resurveys of the harbors of San Francisco and San Diego, and to the x3reparation of a UCAV and greatly enlarged edition of the Pacific Coast Pilot. The x3ublication^of a Quarterly
IsToticeto Mariners was continued, and arrangement made for notices
of the same general character to apx3ear monthly. These quarterly and
monthly notices are in addition to the occasional notices announcing
dangers to navigation or giving information of value to naAdgators.
They contain all corrections made on charts during the month or quarter A^^ith lists of charts cancelled, new editions and charts in preparation.
Advance was made in the special triangulation begun in 1884 at the
request of the Commissioners ofthe Topograx3hical Survey ofthe State
of Massachusetts; the surveys asked for by the Harbor Board of Baltimore, to define X30rt-warden lines in that harbor, and to connect them
with the triangulation, were made; the boundary line between the States
of Yirginia and E^orth Carolina was determined, at the request of the
commissioners of those States; hydrograx3hic resurveys and examinations were made at ]SreA\^ Inlet, l^orth Carolina; Saint Simon's Sound,
Georgia, and at Atchafalaya Bay, Louisiana. A special examination
Avas made in Charleston Harbor, to determine any changes of depth due
to the effects of the earthquake. On the coasts of California and Oregon, of Washington Territory and of Alaska, in the-Columbia Eiver,
and in Puget, Washington, and Possession Sounds, surveys were in
active x3rogress.
The basis for accurate national and State surveys afforded by the.
transcontinental triangulation authorized by act of Congress, March 3,
1871, and intended to connect the work on the Atlantic and Pacific
coasts, has been extended by the continuation of geodetic operations in
the States of Pennsylvania, ISTew Jersey, Tennessee, Indiana, and Wisconsin, and by a survey be^un towards the close of the fiscal year in
the State of Minnesota,
LXIV
REPORT OF THE SECRETARY OF THE TREASURY,
In the office, which is charged Avith the duty Iof making the results of
field-work accessible to the people and to the Government by the speediest and most economical methods, there were X3ublished 24 new charts
and 9 new editions of charts, 10 new charts and 4 new editions being
from engraved plates, 14 new charts and 5 new editions from photolithogfax3hs. There were printed 37,407 charts, of which number
31,007 were from engraved plates and 6,400 from photolithograx3hs.
Distribution AA^as made of 34,019 cox3ies of charts. Of this number, 8,624
were for the use ofthe ExecutiA-e Departments,! 2,515 for Congress, and
21,010 Avere sent to agents for sale.
Twelve ^sTotices to Mariners were issued during the year, and 12,000
copies of these notices were printed for distribution. Tide-tables, predicting for 1888 the times and heights of the tide on the Atlantic and
Pacific coasts, Avere in preparation and are now published. Upwards
of 480 copies of the third edition of Subdivision N'o. 13, Atlantic Local
Coast Pilot, including the south coast of Long ilsland, l^ew York Bay,
and Hudson Eiver, were X3ublished. The manuscript of a new edition
(the fourth) of the Pacific Coast Pilot was nearly complete for publication.
I
Of the annual reports for A-arious years, 2,801j copies were distributed.
For the x3roper development and economical conduct of the work of
the Survey, it is submitted that Congress should grant appropriations
to the full amount of the approved estimates. |
PUBLIC BUILDINGS. !
There are under the control of this Department more than two
hundred completed and occupied buildings to; be cared for from the
annual appropriations for ^^ repairs antl X3reservation," ^^ vaults, safes
andlocks," and repairs to heating ax3paratus; aind duringthe past year
work of construction and repairs sx3ecially ax3propriated for have been
prosecuted upon sixty-three buildings, of which number four have
been completed, involving a total expenditure Of $3,261,373.82, Avhich
is fully accounted for in the report of the Supervising Architect of thi^
Department.
I
The total expenditures during the year for sites, construction of
ncAV buildings, and repairs specially appropriated for aggregate
$2,841,139.55; for repairs and preservation df completed buildings,
$229,072.14; for heating ax3paratus and repaiijs to same, $135,454.72;
for vaults, safes, and locks, $52,068.86, and for jihotographing plans for
public buildings, $3,638.55.
|
After a careful consideration of the method that has been pursued in'
thepast in ai)propriating money for the construction of public build v
PUBLIC BUILDINGS
STATUTE OF LIMITATIONS.
LXV
ings, I am coiiAdnced that a great saAdng of time and money would be
secured if. the full amount of the limit of cost should be apx3rox3riated
in one sum, so that the work of construction might be uninterrux3tedly
X)ursued, and thus avoid a susx3ension of work by reason ofthe exhaustion of a x3artiarapprox3riation. If this method should be adox3ted, the
unfortunate delay experienced by the Department up to this time, in
comx3leting the X3ublic buildings, would be avoided, and the large sums
required for the rental of X3rivate buildings on account.of this delay
be saved to the Government.
'
It may be stated that the estimates for some of the buildings now in
course of erection were prex3ared as far back as 1882, the basis for which
were the rates prevailing at that time, but, by reason of the great advance in the X3rice of labor and material since that date, owing to the
prosperous condition of the building trade, contracts cannot be secured,
even after the most X3ublic advertisement, except at greatly increased
prices, thus rendering it .impossible to complete the buildings as originally designed, and sometimes requiring the omission of important
parts of the work.
New Quarters.
It is deemed A-ery desirable that an apx3ropriation should be made
for office accommodations, outside o f t h e Treasury building, for the
architectural division of this Department, as the X3resent quarters are
insufficiently lighted and too contracted to X3ermit the X3roper transaction of the delicate and important Avork under its supervision.
STATUTE OF LIMITATIONS.
The necessity for the X3assage of a statute of limitations constantly
presses upon the attention of the accounting officers of the Government.
I call attention to the Adews expressed oh this subject in the annual
reports of the First and Second Comptrollers of the Treasury (pages
535 and 542, respectively).
HALL OF RECORDS.
I call attention to the oft-repeated recommendation of my predecessors in office to the necessity for the construction of a fire-proof building suitable for the storage of the files and records of the several Departments.
Many of these papers and records of great value are stored in unsafe
and almost inaccessible places.
The Secretary of the Treasury transmitted January 17, 1883, plans
and specifications prepared by the Supervising Architect for such a
6209 FI 87
V
LXVI
REPORT OF THE SECRETARY OF THE TREASURY.
building. I earnestly urge this matter ux3on the attention of the Congress, asking thereon-favorable and speedy action.
DISTRICT OF COLUMBIAl
The net expenditures on account of the District of Columbia for the
fiscal year 1887 were $4,085,251.39. The rcA^enues deposited in the
Treasury on this account for the same x3eriod A^fere $2,367,869.01.
During the fiscalyear 1887 there has been; issued in payment for
judgments of the Court of Claims $3,150 of the 3.65 per cent, bonds.
There has been retired through the operations of the sinking-fund,
$401,700 of the bonded indebtedness of the District, making a net reduction of $398,550, and reducing the amoun^) annually required for
interest $22,138.
i
Since the duties of the commissioners of the ,binking-fund of the District of Columbia were devolved on the Treasurer of the IJnited States
by the act of Congress of June 11, 1878, (2o| Stat., 106,) the bonded
debt of the District has been increased $837 j 700 b y t h e the issue ot
3.65 per cent, bonds in exchange for certificates of the board of audit
and in payment for judgments of the Court of Claims. There has been
retired during the same peidod $1,952,250 of lihe bonded debt, inaking
a net reduction of $1,114,550, reducing thei annual interest charge
$84,068.22.
I
.
The amount realized from the sale of bonds in which the 10 per cent,
retained from contractors with the District of i Columbia was invested,
as required by the act of June. 11, 1878, exceeds the sum necessary to
pay the amounts originally withheld. At the close of the fiscal year
1887 the surplus amounted to $25,835.81, and. has been covered into
the Treasury as a miscellaneous receix3t, to the credit of the United
States and District of Columbia in equal parts,; as required by law.
Detailed information in regard to the affairs of the District of Columbia will be found in the reports to be submitted by the District commissioners and by the Treasurer of the United States as ex-officio
commissioner of the sinking-fund of the District.
The several reports of the heads of offices aind bureaus are herewith
transmitted.
l
'
CHAELES Is. FAIECHILD,
Secretary of the Treasury.
The Honorable
'
T H E SPEAKER OF T H E H O U S E OF EEPRESENTATIVES.
TABLES ACCOMPANYING THE REPORT ON THE FINANCES.
LXVII
T A B L E A.—STATEMENT OF T H E OUTSTANDING P R I N C I P A L OF T H E P U B L I C D E B T O F T H E U N I T E D STATES, J U N E 30,
Length of
loan.
1887.
When redeem- Kate of in- atPrice
which Amount author- Amount issued, Amount outable.
terest.
, ized.
standing.
sold.
OLD D E B T .
For detailed inforraation in regard to the earlier loana embraced under
this head, see Finance Beport for 1876.
On demand .
5 and 6 per
cent.
Indefinite.
$151,920.26
TKEASURY NOTES PKIOK TO 1846.
Acts of October-12, 1837 (5 Statutes, 201); May 21, 1838 (5 Statutes,
228); March 2,1839 (5 Bta/utes. 323) ; March 31, 1840 (5 Statutes, 370);
Febraary 15,1841 (5 Statutes, 411); January 3171842 (.5 Statutes, 469);
August 31,1842 (5 Statutes, 581); and March 3,1843 (5 Statutes, 614).
1 and 2 years 1 and 2 years xV of 1 to 6
from date.
per cent.
$51,000,000.00
$47,002,900.00
(t)
o
TKEASUKY NOTES OF 1846.
A c t o f July 22, 1846 (9 StatutGs;39)
lyear
1 year from
date.*
1^0 of 1 to 5 |
per cent.
5year8
5 years from
date.
5 per cent..
, 1 and 2 years 1 and 2 years 5 | and 6 per
from date.
cent.
MEXICAN I N D E M N I T Y .
A c t o f August 10,1846 (9 Statutes, 94)"..
--.-.-..
TKEASUKY NOTES OF 1847.
Act of J'anuary 28,1847 (9 Statutes, 118)
:.
TKEASUKY NOTES OF 1857.
Act of December 23,1857 (II Statutes, 257)
, lyear.
BOUNTY-LAND SCKIP.
Actof Fehruary 11,1847 (9 Statutes, 125)
LOAN OF 1847.
Act of January 28,1847 (9 Statutes, 118)..
T E X A N INDEMNITY STOCK.
A c t o f September 9^1850 (9 Statutes, 447)
'
LOAN OF 1858.
A c t o f June 14, 1858 (11 Statutes, 365)
*= Including reissues.
1 year from
date.
14 years
15 years
7,.687, 800. do
(t)
Par.
' 320, 000.00
303,573.92
(t)
Par.
23, 000, 000.00
*26,122,100.00
(t)
Indefinite.
52,^778,900.00
(t)
Indefinite.
233, 675.00
C4
3 to G per
cent.
Indefinite . . A t the pleas- 6 per cent-.
ure of the
Government.
20 yearsl
10, 000, 000. 00
Par-
l i to 2
J a n u a r y ] , 1868 6 p e r c e n t . . . percent,
prem'm.
Par
January 1,1865 5 per cent
23, 000, 000.00
t28, 230, 350.00
1,250.00
10, 000, 000. 00
5,000,000.00
20, 00.0.00
20, 000, 000.00 20, 000, 000.00
prem'm
Qf3x^^V
X Including conversion of Treasury notes.
2,000.00
.January 1,1874 5 per cent...
tIncluded in "old deht."
o
>^
d.
w
ftl
td
H
t-^.
X
T A B L E A.—STATEMENT O F T H E OUTSTANDING P R I N C I P A L OP T H E P U B L I C D E B T , ETC.—Continued.
Length of
loan.
When redeemable.
Kate of interest.
Price
authorAmount outat which Amount
Amount issued.
ized.
standing.
sold.
LOAN OF 1860.
A c t o f June 22, 1860 (12 Statutes, 79).
10 years
Jan. 1,1871.... 5 per cent.
P a r t o $21,000, odo. 00
IxoVper
ct. pr'm,
$7, 022, 000. 00
$10, 000. 00
H
LOAN OF FEBKUAKY, 1861 (1881s).
Act of February 8, 1861 (12 Statutes, 129)
10 or 20 years Dec. 31,1880..
6 per cent-. (Av,)89.03
25, 000, 000. 00
18, 415, 000. 00
6, 000. 00
:
60 days or 2 60 days or 2 6 per cent.
years.
years after
date.
OKEGON WAK DEBT.
A c t o f March 2, 1861 (12 Statutes, 198)
•
'.'..,
O
H
TKEASUKY NOTES OF 1861.
A c t o f March 2, 1861 (12 Statutes, 178)
Ti
O
•.. 20 years . . . July 1,1881.
G per cent.
P a r t o Indefinite
liVoPer
ct. pr'm.
Par
35, 364,450. 00
2, 500. 00
2,800,000.00
1, 090, 850. 00
3, 850.00
250,000,000. 00
189,321,350.00
124, 550. 00
«
cc
a
. LOAN OF J U L Y AND AUGUST, 1861.
The act of July 17, 186i;(12 Statutes, 259), authorized the issue of
$250,000,000 honds, with interest at not exceeding 7 per centum per
annum, redeemable after twenty years. Tho act of August 5, 1861
(12 Statutes, 316), authorized the issue of bonds, with iuterest at 6
per centum per annum, payable after twenty years from date, in
exchange for 7-30 notes issued under the act df July 17, 1861.
20 years . . . . After J u n e 30,
1881.
6per cent... P a r .
•^
W
K
H
W
LOAN OF J U L Y AND AUGUST, 1861.
Continued at 3^ per cent., interest,- and redeemable at the pleasure of
the Government.
OLD DEMAND NOTES.
Acts of July 17, 1861 (12 Statutes, 259); August 5, 1861 (12 Statutes,
313); February 12, 1862 (12 Statutes, 338).
o
IndefiLnite... A t the pleas- 3§ per cent.. P a r .
ure of the
Government.
Indefinite.
On demand .
None.
Par.
70,200.00
Cl
60, 000,000.00
*60,030,000. GO
67,130.00
SEVEN-THIKTIES OF 186L
3 years.
Actof July 17, 1861 (12 Statutes, 259)
^
FIVE-TWENTIES OF 1862.
Aug. 19 and
' Oct. 1,1864.
7i% per cent- Av.pre.of Indefinite.
139, 999,750.00
15,800.00
:
Acts of February 25,1862 (12 Statutes, 345}, March 3,1864 (13 Statutes,
13), and January 28, 1865 (13 Statutes,.425).
5 or 20 yeais. May 1, 1867.
6 per c e n t . . . Av.pre.of 515, 000, 000. 00 514,771,600.00
266, 050. 00
LEGAL-TENDEK NOTES.
The act ot Febraary 25, 1862 (12 Statutes 345), authorized the issue of Indefinite...
$150,000,000 United States notes, not bearing interest, payable to
.hearer.at.the Treasury ofthe United States, and of such denominations, not less than five dollars, as the Secretary of the Treasury
might deem expedient, $50,000,000 to be applied to. the redemption
of demand notes authorized hy the act of Julj'' 17, 1861; these notes
to be a legal tender in payment of all debts, puhlic and private,
within the United States, except duties ou imports and interest on
the public debt, and to he exchangeable for six per cent. United
States honds. The actof July 11,1862 (12 Statutes, 532), authorized
an additional issueof $150,000,000 of such denominations as the SeciPetary. of the Treasury might deem expedient, but no sucli note
shoald be for a fractional part of a dollar, and not more than
$357000,000 of a lower denomination than five dollars; these notes to
he a legal tender as before authorized. The act of Maroh 3, 1863
(12 Statutes, 710), authoiized an additional issue of $150,000,000 of
such denominations, not less than one dollar, as the Secretary ofthe
Treasury might prescribe; which holes were made a legal tender
, as hefore authorized. The same act limited the time iu which the
Treasury notes might be exchanged for United States bonds to July
1, 1863. The amount of notes authorized hy this act were to be in
lieu of $100,000,000 authorized by the resolution of January 17, 1863
(12 Statutes.'822). - .
TEMPOKAKY LOAN^.
Ondemand..
None .
Par-
346,681, 016. 00
450, 000, 000.00
H-t
: d
Q
"
Acts of Fehruary 25, 1862 (12 Statutes, 346), March 17, 1862 (12 Statutes, 370), July 11,1862 (12 Statutes, 532), and June 30,1864 (13 Statutes, 218). -
Indefinite... Afterten days' 4, 5, and 6
per cent.
notice.
Par.
150,000,000. oa 716, 099, 247.16
2, 960. 00
1 year after
date.
Par.
No limit .
561, 753, 241. 65
4,000. 60
50,000,000.00 *368, 720, 079. 51
6,946,964.37
CEKTIFICATES OF INDEBTEDNESS,
Acts of March 1, 1862 (12 Statutes, 352), May 17, 1862 (12 Statutes,
• 370), and March 3, 1863 (12 Statutes, 710).
lyear...
6 per cent-~
FKACTIONAL CUKKENCY.
Acts of J u l y 17, 1862 (12 Statutes, 592), March 3, 1863 (12 Statutes,
711), and J u n e 3Q, 1864 (13 Statutes, 220).
On . presentar-C None,.,.,,,.,,.... P a j r . . . ,
tion.
* Including reissues.
Indefinite...
-X
T A B L E A.—STATEMENT O F T H E OUTSTANDING P R I N C I P A L O F T H E P U B L I C D E B T , ETC.—Contiuned.
• P r i c e A m o u n t authorat which
Amountissued
ized.
sold.
L e n g t h of
loan.
W h e n redeemable.
K a t e of interest.
17 y e a r s . . .
J u l y 1,1881 . .
6 per cent-.. Average
premiu m of
A m o u n t outstandiug.
L O A N O F 1863.
T h e a c r of M a r c h 3, 1863 (12 S t a t u t e s , 709), a u t h o r i z e d a loan of
$900,000,000. a n d t h e i s s u e o f bond.s, w i t h i n t e r e s t n o t e x c e e d i n g 6
p e r ceutum p e r annum, a n d redeeraable i n n o t less t h a n ten nor
m o r e t h a n f o r t y y e a r s , princi,pal a u d i n t e r e s t p a y a b l e in coin. T h e
a c t o f J u u o 30,' lr'64 (13 S t a t i i i e s , 219), r e p e a l s tlie a b o v e a u t h o r i t y ,
e x c e p t a s t o t h e $75,000,000 of b o n d s a l r e a d y a d v e r t i s e d f o r
B o n d s of t h i s loan c o u t i n u e d a t 3^ p e r c e n t , i n t e r e s t , a n d r e d e e m a h l e
a t t h e p l e a s u r e of t h e Governraf-nt.
$75, 000, 000.00
$75, 000, 000. 00
$17, GOO. 00
O
4-4^3^
O
Indefinite-.
A t t h e p l e a s u r e 3^ p e r c e n t . . P a r .
,of t h e . Government.
lyear
1 year
date.
after
5 per cent-.. P a r .
400, 000, OOO.-OO
44,520,000.00
36, 205.00
2 y e a r s -'
2 y e a r s after
date.
5 per c e n t . . . P a r .
400, 000, 000.00
166,480,000.00
29,400. 00
Indefinite..
On d e r a a n d . . . N o n e
A c t s o f M a r c h 3,1863 (12 S t a t u t e s , 710), a n d J u n e 30,1864 (13 S t a t u t e s ,
218).
T E N - F O K T I E S O F 1864.
3 years..
3 y e a r s from
^ate:
A c t o f M a r c h 3,1864 (13 S t a t u t e s , 13)
10 or 40 y e a r s
7,150.00
O N E - Y E A K N O T E S O F 1863.
A c t of M a r c h 3,1863 (12 S t a t u t e s , 710)
T W O - Y E A K N O T E S O F 1863.
A c t of M a r c h 3,1863 (12 S t a t u t e s , 710)
..7
m
o
GOLD C E K T I F I C A T E S .
A c t of M a r c h 3,1863 (12 S t a t u t e s , 711)
:
Par.
Indefinite
Par-
400,000, 000.00
266, 595, 440.00
M a r c h 1, 1874. 5 p e r c e n t . . . P a r t o 7
p e r ct.
prem.
200, 000, 000.00
196,118,330.00
6 per c e n t . . . Av.prem,
of2-iW^.
400, 000, 000.00
125, 561, 300.00
121,486,817.00
o
COMPOUND-INTEREST NOTES.
,
6 p e r cent,
compound.
192,880.00
F I V E - T W E N T I E S O F J U N E . 1864.
A c t of J u n e 30,1864 (13 S t a t u t e s , 218)
5 or 20 y e a r s . N o v . 1,1869 .
44,100. 00
S E V E N - T H I K T I E S O F 1864 A N D 1865.
A c t s of J u n e 30,1864 (13 S t a t u t e s , 218). J a n u a r y 28,1865 (13 S t a t u t e s ,
425), a n d M a r c h 3,1865 (13 S t a t u t e s , 468).
3 years
-!
A u g . 15,1867)
5.1867 )
Av.prem.
J800, 000, 000.00 '829, 992, 500.00
J u n e 15,
5.1868 V 7 i % p e r c t - J
ofrffiT.
J u l y 15,
5, 1868 y
N A V Y PENSION FUND.
T h e a c t of J u l y 1,1864 (13 S t a t u t e s , 414), a u t h o r i z e d t h e S e c r e t a r y of
Indefinite...
Indefinite.
3 percent... Par.
Indefiuite.
14, 000, 000.00
14, 000, 000.00
the Navy to invest in registered-securities of the United States so
much of'the Navy pension fund in the Treasury January 1 and July
1 in each year as would not be required for the payment of naval
pensions^ Section 2 ofthe act of J uly 23,1868 (15 Stai^utes, 170), fixed
the interest on thiafund at 3 per centum per annuui ia lawful money,
and confined its use to the payment of naval pensions exclusively.
F I V E - T W E N T I E S OF 1865.
Acts cf March 3, 1865 (13 Statutes, 468), and April 12, 1866 (14 Stat- 5 or 20 years. Nov. 1,1870
utes, 31).
8 per cent... Av prem Indefinite.
203,327,250.00
28,850.00
Acts of March 3, 1865 (13 Statutes, 468), and April 12, 1866 (14 Stat, 5 or 20 years. J u l y l , 1870... 6 per cent.i- Av.prem. Indefiniteu t e s , 31).
332,998,950.00
179, 600. 00
.g
-
O
379,618,000.00
378,750.00
42,539,350.00
73, 400.00
CONSOLS OF 1865.
CONSOLS'OF 1867.
Acts of March 3, 1865 (13 Statutes, 468), and April 12, 1866 (14 Stat- 5 or 20 years. July 1,1872... 6 per c e n t . . . Av. prem, Indefinite.
utes, 31).
ofli§§^
.
CONSOLS OF 1868.
O
I.
Acts of March 3, 1865 (13 Statutes, 468), and April 12, 1866 (14 Stat- 5or^20years. July 1,1873.
utes, 31).
6 per cent.. Av.prem. Indefinite.
• tn
THKEE-PEK-CENT. CEKTIFICATES.
Acts of March 2, 1867 (14 Statutes, 558), and July 25, 1868 (15 Stat- Indefinite..,
utes, 183).
FIVE-PEK CENT. LOAN OF 1881.
On demand .
The act of January 14, 1875 (18 Statutes, 296), authorizes the Secretary of the Trodsury to use any surplus revenues from'^ime to tirae
in the Treasury not otherwise appropriated, and to issue, sell,' dispose of, a t n o t less than par, in coin, either of the description of
honds of tho United States describt-d iu the act of July 14, 1870 (16
Statutes, 272), to the extent necessaryfor the redemption of fractional carrency in silver coins of the denominations of ten, twentyfive, and fifty cents of standard value.
The actof March 3, 1875 (16 Statutes, 466), directs the Secretary of
the Treasurv to issue bonds ofthe character and description set out
in the act of July 14,1870 (16 Statutes, 272). to James B. Eads, or his
legal representatives, in paymeut at par ofthe warrants of the Secretary of War for the construction of jetties and auxiliary works to
maintain a wide and deep chauuel betweeu the South Pass of the
Missittsippi Kiver and the Gulf of Mexico, unless Congress shall
have previously provided for the payment of the same hy the necessary appropriation of money.
3 per cent... Par
=75,000,000.00
*85,155 000.00
5,000.00
hi .
a
w
o
um
w
t—)
H
X
X
* Including reissues.
T A B L E A — S T A T E M E N T O F T H E OUTSTANDING P R I N C I P A L O F T H E . P U B L I C D E B T , ETC.—Continued.
L e n g t h of
loan.
T h e a c t of J u l y 14, 1870 (16 S t a t u t e s , 272), a u t h o r i z e s t h e i s s u e of )> 10 y e a r s
$200,000,000 a t 5,per c e n t u m , p r i n c i p a l a n d i n t e r e s t p a y a h l e i n coin
of t h e p r e s e n t standai^d v a l u e , a t t h e p l e a s u r e of t h e U n i t e d S t a t e s
G o v e r n i n e n t , a f t e r t e u y e a r s ; t h e s e b o n d s t o h e e x e m p t from t h e
p a y m e n t of all t a x e s o r ' d u t i e s o f t h e U n i t e d S t a t e s , a s well a s frora
t a x a t i o n i n a n y forra h y or u n d e r S t a t e , m u n i c i p a l , o r local a u t h o r i t y .
E o n d s a n d c o u p o n s p a y a b l e a t t h e T r e a s u r y of t h e U n i t e d S t a t e s .
T h i s a c t n o t t o a u t h o r i z e a n i n c r e a s e of t h e b o n d e d d e b t of t h e
U n i t e d S t a t e s . B o n d s t o h e sold a t n o t l e s s t h a n p a r in coin, a n d t h e
p r o c e e d s t o b e a p p l i e d t o t h e r e d e m p t i o n of o u t s t a n d i u g 5-20's, o r t o
b e e x c h a n g e d for s a i d 5-20's, p a r fot p a r . P a y m e n t of t h e s e h o n d s ,
w h e n d u e , t o b e m a d e in o r d e r of d a t e s a n d n u m b e r s , h e g i n n i n g w i t h
each c l a s s . l a s t d a t e d a n d n u m b e r e d . I n t e r e s t t o cease a t t h e e n d
of t h r e e m o n t h s from n o t i c e of i n t e n t i o n t o r e d e e m . T h e a c t of j a u u a r y 20, 1871 (16 S t a t u t e s , 399), i n c r e a s e s t h e a m o u n t of 5 p e r c e n t s
t o $500,000,000, p r o v i d e d t h e t o t a l a m o u n t of b o n d s i s s u e d s h a l l n o t
exceed the a m o u n t originally authorized, and authorizes t h e iuterest
on a n y of t h e s e b o n d s t o b e p a i d q u a r t e r l y .
T h e act'of D e c e m h e r 17,1873 (18 S t a t u t e s , 1), a u t h o r i z e d t h e i s s u e of a u
e q u a l a m o u u t of h o n d s of t h e l o a n of 1858, Avhich" t h o h o l d e r s t h e r e o f
m a y , o n or before F e b r u a r y 1,1874, e l e c t to e x c h a n g e for t h e h o n d s
of t h i s l o a n .
F O U K - A N D - O N E - H A L F - P E K - C E N T . L O A N O F 1891. (KEFUNDING.)
T h e a c t of J u l y 14, 1870 (16 S t a t u t e s , 272), a u t h o r i z e s t h e i s s u e of 15 y e a r s .
. $300,000,000 a t 4^ p e r c e n t u m , p a y a b l e i n coin of t h e p r e s e n t s t a n d a r d v a l u e , a t t h e p l e a s u r e of t h e U n i t e d S t a t e s G o v e r n m e n t , a f t e r
fifteen y e a r s ; t h e s e b o n d s t o b e e x e m p t from t h e p a y m e n t of a l l
t a x e s o r d u t i e s o f t h e U n i t e d S t a t e s , a s w e l l a s from t a x a t i o n i n a n y
form b y o r u n d e r S t a t e , m u n i c i p a l , o r local a u t h o r i t y . B o n d s a n d
c o u p o n s p a y a b l e a t t h e T r e a s u r y of t h e U n i t ed S t a t e s . T h i s a c t n o t
t o a u t h o r i z e a n i n c r e a s e of t h e h o n d e d d e b t of t h e U n i t e d S t a t e s .
B o n d s t o h e sold a t n o t l e s s t h a n p a r i n coin, a n d t h e p r o c e e d s t o b e ' |
a p p l i e d t o t h e r e d e r a p t i o n of o u t s t a n d i n g '5-20's, o r t o b e e x c h a n g e d
for said 5-20's, p a r for p a r . P a y m e n t of t h e s e bonds, V h e n due^, t o
h e m a d e i n o r d e r of d a t e s a n d numbei-s, h e g i n n i n g w i t h e a c h c l a s s
l a s t d a t e d , a n d n u m b e r e d . . I n t e r e s t t o cease a t t h e e n d of t h r e e
m o u t h s from n o t i c e of i n t e n t i o n t o r e d e e m .
. •
. F O t J K - P E K - C E N T . L O A N O F 1907.
K a t e of interest.
M a y 1,1881 .
5 per cent... P a r .
A m o u n t authoro u u t outA r a o u n t issued, A m
ized.
standing.
$517,994,150.00
$128, 950. 00
O
tei
h $1,500,000,000:00
o
Sept. 1,1891..- 4 i p e r cent.
Par....
185, OCO, 000.00 185, 000, 000. 00
cc
cl
(KEFUNDING.)
T h e a c t of J u l y 14, 1870 (16 S t a t u t e s , 272), a u t h o r i z e s t h e i s s u e of 30 y e a r s .
$1,000,000,000 a t 4 p e r c e n t u m , p a y a b l e i n coin of t h e p r e s e n t s t a n d a r d
Price
atwhich
sold.
W h e n redeemable.
tr
X
X
J u l y 1,1907 .
4 per cent.
ar to
o n e -half
708, 980,800.00 707,300, 600., 00
value, at the pleasure ofthe United States Government, after thirty
years,; these bonds to he-exempt from"the payment of all taxes or
'duties of the tJnited States, as well as fromtaxation in any form hy
or under State, municipal, or local authority. Bonds and coupons
payable at the Treasury of the United States. This act not to authorize an increase, of the bonded debt of the UnitedStates. Bonds
to he sold at not less than par in coin, and the proceeds to he applied
to the redemption of outstanding 5-20's, or to be exchanged for said
5-20's, par for par. Payment of these bonds, when due, to he made
in order of dates and numbers, heginning with each class last dated
and numhered. Interest to cease at the end of three months from
notice of intention to redeem. See Kefunding Certificates, page x.
FOUK-AND-ONE-HALF-PEK-CENT. LOAN OF 1891. (KESUMPTION.)
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of,
at not less than par, in coin, either of the description of bonds of the
United States described in the actof July 14,1870 (16 Statutes, 272),
for the.plirpose of redeeming, on and after January 1, 1879, in coin,
at the office of the assistant treasurer of the United States in New
York, the outstanding United States legal-tender notes when presented in sums of not less than fifty dollars.
"^ -
percent 1
premium.
15 years.
FOUK-PEK-CENT. LOAN OF 1907. (KESUMPTION.)
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary 30 years.
Of the Treasury ito use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of,
at not less than par, in coin, either of the description of bonds of
the United States described in the act of July 14, 1870 (16 Statutes,
272), for the purpose of redeeming, on and after January 1, 1879, in
coin, at the office of the assistant treasurer of the United States in
New York, the outstanding United States legal-tendernotes when
presented in sums of not less than fifty dollars.
Sept. 1,1891.
4^ per cent.. P a r t o Indefinite.
one and
one-half
percent.
premium.
65,000,000.00 65,000,000.00
O
o
J u l y 1, 1807..
4 per cent... P a r . . . . . Indefinite.
30, 500,000. 00 30,500,000.00
•
, CEKTIITICATES OF DEPOSIT.
The act of June 8, 1872 (17 Statutes, 336), authorizCiS the dei)Osit of Indefinite..
United States notes without interest by banking associations in sums
not less than $10,000, and the issue of eertificates therefor in denominations of not less than $5,000; which certiticates shall he payahle
on demand in United States notes at the place where the deposits
^ ere made. It provides that the notes so deposited in the Treasury
shall not be counted as a part of the legal reserve, but that the certificates issued therefor may he held and counted h y t h e national
hanks as part of their legal reserve, and raay be accepted in the.
settlement of clearing-house balances, at the place where the deposits
therefor were made, and that the TJnited States notes for which
such certificates were issued or other United States notes of like
amount, shall he held as special deposits in the Treasury, and used
only for the redemption of such certificates.
.
Ondemand ... Kone. ..
Par
No limit..
64,780,000.00
9,080,000.00
^^
X
X
<
TABLE A.—STATEMENT O F T H E OUTSTANDING P R I N C I P A L O F T H E P U B L I C D E B T , ETC.—Continued.
Length of
loan.
Price
When redeem- Kates of inatwhich
able.
terest.
sold.
Araount authorized.
Amount issued.
X
X
Amount outstanding.
SILVEK CEKTIFICATES.
The act of February 28,1878 (20 Statutes, 26, sec. 3), provides that any Indefinite...
holder ofthe coin" authorized by this act usay deposit thesame with
the Treasuier or any assistant treasurer of the United States in
sums not less than ten dollars and receive theretbr certificates of
not less than ten dollars each, corresponding wii h the denominations
of the United States notes. The coin deposited for or representing
tho certificates shall be retained in thn Treasury for the jDayment of
the same on demand. Said certificates shall bereceivable lor customs,
taxes, and all public dues, aud, when so received, may be reissued..
On demand .
$145, 543,150. CO
No limit.
None .
O
H
O
^^
H
w
KEFUNDING CEKTIFICATES.
The act of Fehruary 26, 1879 (20 Statutes, 321), authorizes the Secretary of the Treasury to issue, in exehange*for lawful money of the
United States, certificates of deposit, of the denoraination of ten
dollars, bearing interest at the rate of four per centum per annum,
and convertible at nny time, with accrued interest, into the four per
centum bonds described in the refunding act; the raoney so received
to be applied ouly to the payment of the bonds bearing interest at a
rate not loss than five per centum, in the mode prescribed by said act.
Indefinite.
Convert ahle in- 4 per cent.
to 4 per cent,
bonds.
Par.
No limit.
$40,012, 750.00
175, 250. 00
o
H
FUNDED LOAN OF 1881, CONTINUED AT T H R E E AND ONEH A L F PEK CENT.
These bonds were issued in exchange for five per cent, bonds of the
fuuded loan of 1881, by mutual agreement hetween the Secretary of
tho Treasury and the holders, and were made redeemable at the
pleasare of .the Government.
Indefinite... A t pleasure of
the Government.
3J per cent.
Par.
48, 200. 00
H
LOAN OF J U L Y 12, 1882.
td
These honds were issued in exchange for'the five and six per cent,
bonds which had been previously continued at three and one-half
per cent., by mutual agreement between the Secretary of the Treasury and the holders, and were raade redeeraable at the pleasure of
the Government.
• W
Indefinite... At pleasure of
the Government.
3 per cent.
Par.
23, 779,150. 00
1,657,602,592.63
* Exclusive of $64,623,512 bonds issued to Pacific railroads.
a
PKINCIPAL
OF T H E
PUBLIC
DEBT,
X791 TO 1887.
LXXVII
T A B L E B . — S T A T E M E N T OF OUTSTANDING P R I N C I P A L OF T H E P U B L I C D E B T OF THE
UNITED
STATES
ON
THE
1ST OF
JANUARY
OF
EACH
YEAR
FROM
1791
TO
1843,
IN-
C L U S I V E , A N D ON T H E 1 S T O F J U L Y OF E A C H YEAR F R O M 1 8 4 3 TO 1 8 8 7 , I N C L U S I V E .
Year.
J a n . 1,1791
1792.
1793
1794
1795
1796.
1797
1798
1799
1800.
1801,
1802
1803
1804
1805
1806
1807
1808
1809,
1810
1811
1812
1813
1814
1815
1816
1817.
1818
1819,
1820.
1821.
1822.
1823.
1824.
1825.
1826.
. 1827.
1828.
1829.
1830.
1831.
1832.
1833.
1834.
1835.
1836.
1837.
1838.
1839.
Amount.
$75, 463,476.52 J a n . 1,1840.
77, 227, 924. 66
1841.
80, 352, 634. 04
1842.
78, 427,404. 77
1843.
80, 747, 587. 39 J u l y l , 1843.
83, 762,172. 07
184482, 064, 479. 33
1845.
79, 228, 529.12
1846.
78. 408,669.77
1847.
82, 976, 294. 35
1848.
83, 038, 050. 80
1849.
80, 712, 632. 25
1850.
77, 054, 686. 30
1851.
86, 427,120. 88
1852.
82, 312,150. 50
1853.
75, 723, 270. 66
1854.
69, 218, 398. 64
1855.
65, 196,317.97
1856.
57, 023,192.09
1857.
53, 173, 217. 52
1858.
48, 005, 587. 76
1859.
45, 209, 737. 90
1860.
55, 962, 827. 57
1861.
81, 487,846.24
3862.
99, 833, 660.15
1863.
1864.
127, 334, 933. 74
1865.
123. 491,965.16
1866.
103; 466, 633. 83
. 1867.
95, 529, 648. 28
' 1868.
91, 015, 566.15
1869.
89, 987, 427. 66
1870.
93, 546, 676. 98
1871.
90, 875, 877. 28
1872.
90, 269, 777. 77
1873.
/ 83, 788, 432. 71
1874.
81, 054, 059. 99
1875.
73, 987, 357. 20
1876.
67, 475, 043. 87
1877.
. 58, 421,413. 67
1878.
48, 565, 406. 50
1879.
39, 123,191. 68
1880.,
24, 322, 235.18
1881.
'7, 001, 698. 83
. 1882.,
4, 760, 082. 08
1883.
37, 733. 05
1884.,
37, 513. 05
1885.,
336, 957. 83
1886.,
308,124. 07
434, 221.14
1887.,
Year.
Amount.'
573, 343. 82
250, 875. 54
594, 480.73
601, 226. 28
742, 922. 00
461, 652. 50
925,303.01
550, 202. 97
826, 534. 77
044, 862.23
061,858.69
452,773.55'
304, 796.02
199,341.71
803,117.70
242, 222.42
586, 956. 56
972, 537. 90
699, 831. 85
911,881.03
49d, 837. 88
842, 287. 88 580,873.72
176, 412.13
772,138.63
784, 370.57
647, 869.74
236,173. 69
126,103.87
687,851.19.
452, 213. 94
672,427. 81
211,332.32
251,328.78
482,993.20
690,408.43
284,531.95*
39.5, 067.15
301, 392.10
205, 892. 53
567,482. 04
415,370. 63
013, 569. 58
3i2,994.03
171, 728. 07
528, 923. 57
424,27.^.14
445, 205. 78
229, 591. 63
* I n t h e a m o u n t h e r e s t a t e d a s t h e o u t s t a n d i n g p r i n c i p a l of t h e p u h l i c d e h t a r e i n c l u d e d t h e cert i f i c a t e s of d e p o s i t o u t s t a n d i n g on t h e 30th o f J u n e , i s s u e d u n d e r a c t of J u n e 8,1872, for w h i c h a l i k e
a m o u n t i n U n i t e d S t a t e s n o t e s w a s on s p e c i a l d e p o s i t in t h e T r e a s u r y for t h e i r r e d e m p t i o n , a n d
a d d e d t o t h e c a s h h a l a n c e in t h e T r e a s u r y . T h e s e certificates, a s a , m a t t e r of a c c o u n t s , a r e t r e a t e d a s
a p a r t of t h e p u h l i c d e b t , b u t h e i n g offset b y n o t e s h e l d on d e p o s i t for t h e i r r e d e m p t i o n , s h o u l d p r o p e r l v h e d e d u c t e d from t h e p r i n c i p a l of t h e p u h l i c d e h t in m a k i n g c o m p a r i s o n w i t h former y e a r s , o .
t ' E x c l u s i v e of gold, silver, a n d c u r r e n c y certificates h e l d i n t h e T r e a s u r y ' s cash, a n d i n c l u d i n g
$64,623,512 h o n d s i s s u e d t o t h e s e v e r a l P a c i f i c r a i l r o a d s .
T A B L E C — A N A L Y S I S O F T H E P R I N C I P A L O F T H E P U B L I C D E B T OF T H E U N I T E D STATES F R O M J U L Y 1, 1856,
Year.
1856...
1857
1858
1859
I860....
1861
1862
1863
1864
1865
1 8 6 5 — A u g u s t 31
1866
1867
1868
1869
. .
1870
1871
3872
..
3873
1874
1875
..
2876
JL877
:.
1878
1879...:
i880
1881
1882
1883
1884
1885..
1886
1887.....
3 per cents.
3i per cents.
4 per cents.
4A p e r c e n t s .
5 per cents.
•
. $64,000,000.00
66,125, 000.00
59, 550, OCO. 00
..:
45, 885, 000.00
24, 665, 000. 00
14, COO, 000. 00
14, 000. 000.00
,
14, 000, 000. 00
14, 000, 000. 00
14, 000, 000. 00
34,000,000.00
14, 000, 000. 00
14, 000, 000. 00
14, 000, 000.00
14, 000, 000. 00
318, 204, 350.00
238,612,150.00
208,190, 500.00
158, 046, 600. 00
33, 716, 500.00
$57, 926,116. 57
105, 629, 385. 30
77, 547, 696. 07
90, 496, 930.74
618.127. 98
121,341,879.62
17, 737, 025. 08
801,361.23
678, 000. Od
678, GOO. 00
078,000.00
678, 000. 00
678, 000.00
$160,461,050.00
32, 082, 600.00
98, 850, 000. 00
741, 522, OOO. 00
739, 347, 800. 00
739,347,800.00
739, 349, 350. 00
737, 942, 200. 00
737,951,700.00
737,960,450.00
737, 967, 500. 00
737, 975, 850.00
$140, COO, 000. GO
240,0*00,000.00
250,000,000.00
2.50, 000, 000.00
250, 000, 000.00
250, 000, 000. 00
250, 000, 000. 00
250, COO, 000. 00
250, 000, 000.00
250, 000,000. 00
250, COO, 000.00
6 per cents.
$3, 632, 000. 00 . • $28,130,761.77
3,489, 000.00
24,971,958.93
23, 538, OCO. 00
21,162,838.11
37,127, 800.00
21,162, 938.11
43,470, 300. 00
21,-164, 538.11
33, 022, 200.00
57, 358, 673. 95
30,483, 000.00
154,313,225.01
30, 483, 000. 00
433,444,813.83
300,213,480.00
842, 882, 652. 09
245, 709,420. 63
1, 213, 495,169. 90
269,175, 727. 65
1, 281, 736, 439. 33
201,982,665.01
1,195; 546, 041.02
198,533,435.01
1,543,452,080.02
221,586,185.01
1, 878, 303, 984. 50
221, 588, 300: 00
3, 874, 347, 222. 39
221,588,300.00
3,765,317,422.39
274, 236, 450. 00
1,613,897,300.00
414, 567, 300.00
3,374,883,800.00
414, 567, 300.00
1, 281, 238, 650.00
510, 628, 050.00
3,213,624,700.00
007,332,750.00
3,100,805,550.00
711, 685, 800. GO
984, 999, 650.00
703, 266, 650.00
854, 623, 850. CO
703, 266, 650.00
738, 619, 000. 00
508,440,350.00
283, 681, 350. 00
484,864,900.00
235, 780,400. 00
439,841,350.00
196„,378, GOO. 00
TO J U L Y 1,
7-^^ p e r c e n t s .
1887.
T o t a l interest-,
beaiing debt.
$31,762,761.77
28, 460, 958. 93
44, 700, 838.11
58, 290, 738.11
64,640,838.11
90, 380, 873. 95
•365 304,826.92
707 531,634.47
1, 359, 930, 763. 50
2,221,311,918.29
2,381,530, 294.96
2, 332, 331, 207. 60
2, 248, 067, 387. 66
2,202,088,727.69
2,162, 060, 522. 39
2, 046, 455, 722. 39
1, 934, 696, 750. 00
1,814,794,300.00
3, 730, 483,950. 00
1, 738, 930, 750. 00
1, 722, 676, 300. 00
1, 710, 685,450. 00
1, 711, 888, 500. 00
= 1,794,735,650.00
1 797 643 700. 00
3,723,993,100.00
3,639,567,7.50.00
1,463,830,400.00
1, 338, 229,150.00
1, 226, 563, 850.00
1,196,350, 950.00
1,146,014, ICO. 00
1, 021, 692, 350.00
X
X
•
$122, 582, 485. 34
139, 974,435.34
139, 286, 935. 34
671,610,397.02
830, 000, 000.00
813,460, 62L 95
488, 344, 846. 95
37, 397,196. 95
o
H
O
w
o
H
f>
Pi
o
H
PO
>
a
T A B L E C — A N A L Y S I S O F T H E P R I N C I P A L O F T H E P U B L I C D E B T O F T H E U N I T E D STATES, ETC.—Continued.
Year.
1856—Julyl....
1857.......
1858
1859.-•1860...
1861..
1862
1863......
1864
1865...
1865—August 31
1866—July 1 . . . .
3867...:...
1868
1869...
1870
'
1871
1872.....
1873...
1874.......
1875
1876.
1877
1878..1
1879
1880
1883
1882
1883
1884
1885.
3886
1887
Debt on which in Deht hearing no
terest has ceased.
interest.
$209, 776.
238, 872.
211,042.
200, 099.
201, 449.
199, 999.
'2£0,195.
473,048.
416, 335.
245, 771.
503,020.
935,092.
840, 615.
197,340.
260,181.
708, 641.
•948, 902.
926, 797.
929,710.
216, 590.
425, 820.
902,420.
648, 860.
594, 560.
015, 630.
621, 455.
723, 865.
260, 805.
831*, 415.
656, 205.
100, 995.
704, 445.
115,165.
$158, 591, 390.00
411,767, 456.00
455, 437, 27 L 21
458, 090, 180. .25
461,616, 313.51
439,969, 874.04
428, 218, IOL 20
408,401, 782.61
421,131, 510. 55
430, 508, 064. 42
416, 565, 680. 06
430. 530, 431.52
472, 069, 332. 94
•509, 543, 128.17
;498,182, 411.69
-465, 807, 196. 89
476,764, 031,84
455, 875, 682.27
410,835, 741. 78
388, 800, 815. 37
422, 721, 954. 32
438,244, 788.77
538, 111, 162.81
584,308, 868. 31
663, 712, 927. 88
619, 344, 468. 52
629,795, 077. 37
Oatstanding prin- Cash in the Treas- Total debt, less cash Annual interest
cipal.
ury J u l y 1:
in Treasury.
charge.
$31, 972, 537. SO
28, 699,831.85
44, 911, 881.03
58, 496, 837.88
64, 842, 287. 88
90, 580, 873.72
524, 176, 412.13
1.119, 772,338.63
1,815, 784, 370. 57
2,-680, 647, 869. 74
2, 844,649, 626. 56
2, 773,236,173. 69
2, 678,126,103.87
2, 611,687, 851.19
2, 588,452, 213: 94
2,480, 672,427. 81
2, 353,211, 332. 32
2, 253,251, 328.78
2,234, 482,993.20
2, 251,690, 468.43
2, 232,284, 531. 95
2, 380,395,067.3 5
2. 205,303,392.30
2; 256,205, 892. 53
2, 245,495, 072. 04
2.120, 415, 370. 63
013,509.58
. 2, 069,
1,918, 312, 994. 03
3,884, 171,728.07
3,830, 528, 923. 57
1, 863,964, 873.14
1, 775,063, 013. 78
1,657, 602.592.63.
$21, 006, 584.89
18, 701, 210.09
7,011, 689.31
5,093, 603. 69
4, 877, 885.87
2, 862, 212. 92
38, 863, 659.96
8,421, 401.22
105, 332, 093. 53
6, 832, 012.98
88, 218, 0,35.33
137, 200,' 009. 85
169, 974, 892.18
130, 834, 437. 96
155, 680, 340. 85
149, 502, 47LeO
306,217, 263. C5
103, 470, 798.43
129, 020, 932.45
147,541, 314.74
142, 243, 361.82
119, 469, 726.-70
386,025, 960. 73
256, 823, 612. 08
249, 080, 167.01
201, 088, 622. 88
249, 363, 415.35
243, 289, 519. 78
845, 389, 902.92
391, 985, 928.18.
488,612, 429. 23
493, 917, 373. 34
482, 433, 917. 21
$10, 965,953:01
Ol 998,623.76
37, 900, 393. 72
53, 405, 234.19
59, 964,402.01
87, 718,660.80
505, 312,752.17
1,111, 350,737.41
1,709, 452, 277.04
2,674, 815, 856. 76'
2, 756,431,571.43
2, 636,036,163. 84
2,508, 151,211.69
2,480, 853,413. 23
2,432, 771, 873. 09
2, 331,169,956.21
2, 240,994,088.67
2,149, 780, 5;:o. 35
2,105, 462, oeo. 75
2,301, 349,153.69
2, 090,041,170.13
2, 060,925, 340. 45
2, 019,275; 431. 37
1, 999,382, 280.45
1, 996,414, 805. 03
1,'919, 326, 747. 75
1, 819,650,154.23
1, 675,023, 474. 25
1, 538,781, 825.15
3,438, 542, 995. 39
1, 375,352/443.91
1, 282,145, 840. 44
3,175; 168,675.42
$1,869, 445.70
1,672, 767.53
2,446, 670. 28
3,126, 366.28
3,443, 687.29
5,092, 630.43
22, 018,50y.~59
41,854, 148.01
78,853, 487.24
137, 742,617. 43
350,977, 697.87
146, 068,196.29
138, 892,453.39
128, 459,598:14
325,523, 998. 34
118, 784,960.34
111,949, 330. 50
103, 988,463.00
98,019, 804': 00
98, 796,004. 50
96, 855,690.50
95,101, 209.00
93, 360,643.-50
94, 654,472. 50
83,773, 778. 50
79, 633,981.00
75,018, 695. 50
57, 360,110.75
53, 43.6,709. £0
47,926, 432. 50
47, 014,133. 00
45, 510,098. 00
41, 780,529. 00 >
NOTE 1.—The annual interest charge is computed upon the amount of outstanding principal at the close of the fiscal year, and is exclusive of interest charge on Pacific
railway honds.
~NOTE 2.—The figures for July 1,1879, were made up assuming ponding funding operations to have been completed.
,
NOTE 3.—The temporary loan, per act of J u l y 11, 1862, is included in the 4 per cents, from 1862 to 1868, inclusive, with the exception of the amount outstanding for August
31,1865, this being the date at which the public debt reached its highest point. This loan bore interest from 4 per eent. to 6 per cent., and was redeemahle on ten days' notice
after thirty days; but heing constantly changing, it has been considered more equitable to include the whole amount outstanding as bearing 4 per cent, interest oa an average
for the year.
'
.
.
NOTE 4.—In the recent monthly statements of the puhlic debt the interest accrued has heen added to the principal, inaking the net deht larger in that amount than the
amount herein stated for each'year.
'
-
>
o
hj.
o
O.
X
X
I—I'.
X
LXXX
EEPORT OF THE SECRETARY .OF THE TREASURY.
T A B L E D.—-STATEMENT OF T H E ISSUE AND R E D E M P T I O N OF L O A N S AND TREASURY
N O T E S (BY WARRANTS) FOR THE FISCAL YEAR E N D E D J U N E 30, 1887.
Issues.
Oregon w a r deht, a c t of M a r c h 2,1861
L o a n of J u l y a n d A u g u s t , 1861, a c t s
of J u l y 17 a o d A u g u s t 5,1861
Old d e m a n d n o t e s , a c t s J u l y 17 a n d
A u g u s t 5, 1861, a n d E e b r u a r y 12,
1862
E i v e - t w e n t i e s of 1862, a c t of E e b r u a r y 25, 1862
L e g a l - t e n d e r n o t e s , a c t s of F e h r u a r y
25 a n d J u l y 11,1862, J a n u a r y 7 a n d
$74, 068, 000. 00
M a r c h 3,1863
G-old certificates, a c t s of M a r c h 3,
1863, a n d J u l y 12,1882
O n e - y e a r n o t e s o f 3863, a c t o f M a r c h
3,1863 ..."
T w o - v e a r n o t e s of 1863, a c t of M a r c h
3, 1863
:
C o m p o u n d - i n t e r e s t n o t e s , a c t s of
M a r c h 3, 1863, a n d J u n e 30, 1864 . . .
Loan of 1863, a c t s of M a r c h 3,1863,
a n d J u n e 30, 1804
Ten-forties of 1864, a c t of M a r c h 3,
1864
E i v e - t w e n t i e s of J u n e , 1864, a c t of
J u n e 30,1864
S e v e n - t h i r t i e s o f 1864 a n d 1865, a c t s
of J u n e 30, 1864, a n d M a r c h 3, 1865.
L o a n of F e b r u a r y , 1861
T r e a s u r y n o t e s of 185!7>
T r e a s u r y no'tes of 1861
E i v e - t w e n t i e s of 1865, a c t of M a r c h
3, 1865
Consols of 1865, a c t of M a r c h 3, 1865..
Consols of 1867, a c t of M a r c h 3,1865..
Consols of 1868, act of M a r c h 3, 1865..
E u n d e d loan of 1881, a c t s of J u l y 14,
1870, a n d J a n u a i y 20, 1 8 7 1 , ' a n d
J a n u a r y 14, 1875
Certificates of deposit, a c t of J u n e 8,
1872
28,480,000.00
Silver 'certificates, a c t o t E e b r u a r y
51,852,000.00
2'8, 1878
Eefunding: certificates, a c t of E e b r u a r y 26, 1879
L o a n of 1882, a c t of J u l y 12, 1882
E r a c t i o n a l c u r r e n c y , a c t s o f J u l y 17,
1862, M a r c h 3, 1863, a u d J u n e 30,
1864
E u n d e d loan of 1907, a c t s J u l y 14,
1870, J a n u a r y 20,1871, a n d J a n u a r y
34, 1875
Total .
154, 440, 900. 00
Eedemptions.
E x c e s s of
issues.
E x c e s s of
redemptions.
$100. 00
$100, GO
64. 850. 00
64, 850. 00
315. 00
315. 00
2, 300. 00
2,300.00
74, 068, 000. 00
9, 687, 428. 00
9, 687,428.00
590.00
590. 00
350. 00
350. 00
4, 290. 00
4, 290. 00
22, 250. 00
22,250.00
13, 650.00
13, 650. 00
150. 00
150. 00
700. 00
2, 000. 00
1, 000. 00
500. 00
700. 00
2, 000. 00
1, 000. 00
500. 00
8,000.00,
32,750.00
68, 400. 00
1,150.00
8, 000. 00
32, 750. 00
68, 400. 00
1,150. 00
83, 500. 00
83, 500. 00
37, 900, 000. 00
9, 420, 000. 00
22, 286, 525. 00
29, 565,475. 00
32, 550. 00
127, 612, 850. 00
32, 550.00
127, 612, 850. 00
7,123.15
7,123.15 '
40, 900. 00
271, 901, 321.15
29, 606, 375. 00
147,066,796.15
E x c e s s of r e d e m p t i o n s .
E x c e s s of i s s u e s
147, 066, 796.15
29, 606, 375. 00
N e t e x c e s s of r e d e m p t i o n s c h a r g e d
in r e c e i p t s a n d e x p e n d i t u r e s
117,460,421.15
T A B L E E . — S T A T E M E N T SHOWING T H E P U R C H A S E AND R E D E M P T I O N OF B O N D S ON ACCOUNT OF T H E SINKINGTFUND DURING E A C H F I S C A L Y E A R
F R O M I T S I N S T I T U T I O N I N M A Y , 1 8 6 9 , TO A N D I N C L U D I N G J U N E 3 0 , 1 8 8 7 .
o
o
Priucipal redeemed.
Y e a r ended—
P r e m i u m paid.
N e t c o s t in
currency.
N e t c o s t estim a t e d in gold.
Interest due
a t close of
fiscal y e a r .
A c c r u e d interest paid in
coin.
B a l a n c e of int e r e s t d u e ,at
closeof fiscal
year.
E i v e - t w e n t i e s of 1862
E i v e - t w e n t i e s of March, 1864 .
E i v e - t w e n t i e s of J u n e , 1 8 6 4 . . .
E i v e - t w e n t i e s of 1865
,..
Consols, 1865
Consols, 1867 . . . . . . . :
Consols, 1868
".
Total.
^
$1,621,000.00
70,000.00
1,051,000.00
465,000.00
461,000.00
4,718,000.00
305,000.00
$253, 822. 84
11,725.00
161,946.45
74, a60. CO
73,736.80
749, 208. 08
49,442. 50
$1, 874,-822. 84
81,725.00
1, 212,946.45
539,969. 00
, 534, 736. 80
5,467, 208. 08
354,442; 50
$1,349,970.02
57, 552.82
873,205.61
387, 566. 28
387, 903. 26
3,948,586.11
256, 6.53. 20
$16,210.00
700.00
30, 5 i 0.00
4, 650. 00
13, 830. 00
141, 540.00
9,150.00
$7,384.60
218.63
1,470.42
, 2,683.54
429.04
116,032.35
8,173. 98
$8, 825.40
48^.37
9, 039.58
^ 1. 966.46
13,400.96
25, 507. 65
976. 02
8, 691, 000. 00
1, 374, 850. 67
10, 0fi5, 850.67
7,261,437.30
196,590,00
136, 392. 56
60,197.44
3, 542, 050. 00
85, 000, 00
3,971,400.00
2, 790, 250. 00
11, 532.150. 00
5, 882, 550.00
, 348, 500.00
493,479.42
15,. 742.87
, 506, 189. 91
361.735.43
1, 454, 778. 37
86L763.73
53,363.95
4, 035, 529. 42
100, 742. 87
4,477,589.91
3,151,985.43
12, 986, 92:8.37
6,744,333.73
401,863.95
3, 263, 099. 51
75, 658. 54
3, 647, 628.29
2, 606, 636.20
10,68.1,736.97
5,309,810.90
308,573.16
160, 919. 50
- 5, 350.'00
165, 834. 00
105, 257. 50
495, 4> 1.50
302, 734.50
19, 380.00
45, 994.49
1, 080.99
49,946.00
37,113.53
145,518.29
66, i n . 51
5, 238.73
114, 925.01
4, 209.01
135,888.00
68, 343. 97
349,903.21
236, 6^2. 99
14,141. 27
28,151,900.00
3,747,053.68
31,898,953.68
25, 893,143. 57
1, 254, 897. CO
,351,003.54
903, 893.46
2,792,950.00
29, 500.00
3, 967, 350.00
6,768, 600.00
10, 222, 200.00
6,103,050.00
52, 600. 00
227,607.56
2, 277.20
340, 5 L 9 . 63
574,923.00
850, 949.79
541, 559.41
4, 784. 61
3,020,557.50
31.777.20
4, 307, 879. 63
7, 343, 523.00
11,073,149.79
6, 644, GOO. 41
57, 384.61
2, 680, 209.05
28, 590. 88
3, 847,182.42
6,525,231.42
9, 762, 387.78
5,800,618.37
49,797. 81
145,975:00
1,240.00
201,375.00
331, 933. 50
522,317.00
351, 528.00
3,096.00
36, 657.80
388.35
51, 703.46
92. 259.58
109,45.5.28
76, 745. 93
572.13
109,317. 20
. 851.65.
149, 671.54
239,673. 92
412, 661. 72
274, 783.07
2, 512. 87
29,936, 250.00
2, 542, 631.20
28,094,017.73
1, 557, 2«4. 50
307,782.53
td
O
u
J U N E 30,1870.
E i v e - t w e n t i e s , of
E i v e - t w e n t i e s of
E i y o - t w e n t i e s of
E i v e - t w e n t i e s of
Consols, 1865
Consols, 1867
Consols, 1868
.
Ul
o
J U N E 30, 1869.
I
I
<:^
^
o
W
1862
M a r c h , 1864
J u n e , 1864
1865
-
:
;.
..i
-
Total
t—(
Q
^^
U
J U N E 30, 1871.
Eive-twenties
Eive-twenties
Eive-twenties
Eive-twenties
Consols, 1865
Consols, 1867
Consols, 1868
of 1862
of M a r c h , 1864 .
of J u n e , 1864 . . .
of 1865 —
Total.
-
32,478,}
.20
O
1,189,481.97
M
X
T A B L E E . — S T A T E M E N T SHOWING T H E P U R C H A S E AND R E D E M P T I O N O F B O N D S ON ACCOUNT O F T H E SINKIN^G-FUND, ETC.—Continued.
Accrued interest paid i n
coin.
B a l a n c e of interest due at
closeof fiscal
year.
$427, 849. 00
8. 894. 00
246, 001. 50
246, 562. CO
707, 334. 00
417,534.00
5,351.00
$75,179. 43
1, 338. 70
57, 449. 80
37, 817.37
1-49, 248. 21
108, 487. 92
1, 386. 95
$352, 669. 57
7, 555. 30
188, 551. 70
208, 744.63
558,085.79
309, 046. 08
3,764.05
32, 248, 645. 22
2, 059, 325. 50
430, 908. 38
1, 628, 417.12
925,, 783. 87
7,,372.50
480,I, 084. 37
250,\ 635. 93
1, 371,,187.17
553,, 610.89
81,, 983.44
7, 039, 542. 58
49, 780. 91
3,715,211.22
3,943,488.93
10, 608, 617. 09
4, 373, 78L 76
617,140. 34
431, 450. 50
3, 500. 00
223, 270. 50
320,266.50
616, 095. 00
264,126. 00
37,173. 00
28, 078, 000. 00
3, 671, 258.17
28,457,562.83
3,725,881.50
1, 421. 700. CO
2, 020, 550. CO
1,-247, 250. 00
3, 393, 650. 00
4, 051, 000. 00
802, 300. 00
161,219.79
218, 457.39
135, 577. 95
360, 964. 62
432, 348.18
86, 505. 62
1,582,919.70
2, 239, 007. 39
1, 382, 827. 95
3, 754, 614. 62
4, 483, 348.18
888, 805. 62
1, 415, 391. 05
2, 012, 051. 32
1,241.571.69
3, 374, 934. 42
.4, 029, 975. 86
798, 926. 40
99,519.00
341,4:^.8.50
87,307.50
203, 619. 00
243, 060. CO
48, 138. 00
31, 743. 95
48,013.46
29, 348.19
46,489.33
55, 976. 97
11,014.38
67, 775. 05
93, 425. 04
57, 959.31
357,129.67
187, 083. 03
37,123.62
12,936,450.00
1, 395, 073. 55
14,333,523.55
12, 872, 850. 74
823,082. CO
222, 586. 28
600, 495. 72
P r i n c i p a l redeemed.
P r e m i u m paid.
$6, 417, 850. 00
127,100. 00
3, 604, 650. 00
3, 635, 200. 00
11, 788, 900. 00
6, 958, 900. 00
85, 850. 00
N e t cost in
curreucy.
N e t cost estim a t e d i n gold'.
$764,055.21
14, 959. 03
438,656.16
436, 838. 70
1,436,989.46
833, 600.15
9, 951. 63
$7,181, 905.21
142,059.03
4,043,306.16
4, 072, 038. 70
13; 225, 889.46
7, 792, 500.15
95, 801.63
$6, 345, 391. 98
126,123. 46
3, 573, 223. 63
3, 594, 747. 85
11,660,785.89
. 6,863,777.39
84, 595. 02
32,618,450.00
3,935,050.34
36, 553, 500. 34
7,137,100.00
50. 000. 00
3,741,150.00
3, 959, 850. GO
10, 768, 250. 00
4,402,100.00
619, 550. 00
.^....
J U N E 30,1874.
E i v e - t w e n t i e s of 1862
E i v e - t w e n t i e s of J u n e , 1864
E i v e - t w e n t i e s of 18G5
Consols, 1865
Consols, 3 867
Consols, 1868
Y e a r ended—
Eive-twenties
Eive twenties
Eive-twenties
Eive-twenties
Consols, 1865
Consols, 1867
Consols, 1868
J U N E 30,1872.
of 1862.
of M a r c h , 1864
of J u i i e , 1864
of 1865
Total..-.
Interest due
a t close of
fiscalyear.
X
X
X
PO
o
w
O
J U N E 30,1873.
Eive-twenties
Eive-twenties
Eive-twenties
Eive-twenties
Consols, 1865
Consols, 1867
Consols, 1868
of 1862
of . M a r c h , 1864.
of J u n e , 1864
of 1865
:
Total
Total
101, 960. 57
813. 70
42,216.46
23, 744.47
345,069.84
69, 632. 51
8, 948. 40
392,385.45
329, 489. 93
^ 2, 680.30
181,054.04
90, 522. 03
501, 025. 66
194,493. 49
28, 224. 60
1, 333,496. 05
J U N E 30,1875.
E i v e - t w e n t i e s of 1802
,
25,170, 400. CO
25, 370, 400. 00
541, 973. 50
353, 061. 56
188,911.94
J U N E 30,1876.
E i v e - t w e n t i e s of 1862
,
E i v e - t w e n t i e s of J u n e , 1864
E i v e - t w e n t i e s of 1865
5, 785, 200. 00
10, 869, 600. 00
1, 789, 250. 00
5, 785, 200. 00
10, 869, 600. 00
1, 789, 250. 00
404; 964. 00
760, 872. 00
125, 247. 50
54,745.72
171,866.33
30, 805. 86
350,218.28
588, 905. 67
94,441.64
18, 444, 050. 00
18,444, 050. 00
1,291,083.50
257, 517. 91
1, 033, 565. 59
Total
cc -
o
•W .
o
H
H
Ul
J U N E 30, 1877.
F i v e t w e n t i e s of 1862
E i v e - t w e n t i e s of J u u e 1864
E i v e - t w e n t i e s of 1865
,
Consols, 1865
Consols, 1867.
Total
.
J...........
....
.
..
" 81,200.00
178,900.00
180,350.00
6, 050. 00
1, 000. 00
.81,200.00
178, 900.00
180,350.00
G, 050.00
1, 000. 00
447, 500. 00,
447,500.00
.
4,352.25
9,943.50
9,519.00
18L50
30. 00
1,18L67
1,323.60
3,14L08
•
108.97
2L20
' 2 4 , 026. 25
5, 776. 52
3,170. 58
8,619.90
6, 377. 92
72. 53
8. 80
'
18,249.73.
•
J U N E 30, 1878.
E i v e - t w e n t i e s of 1862 .
.. '
.
E i v e - t w e n t i e s of J u n e , 1864
E i v e - t w e n t i e s of 1865 .
.
. . . .
Consol.s, 1865
Consols, 1867
Consols, 1868
..
.. .. .
-.-•
-.
,
I'otal
J U N E 30,1879.
E i v e - t w e n t i e s of 1862
.......
E i v e - t w e u t i c s of J u n e , 1864.. . . . .
E i v e t w e n t i e s of 1 8 6 5 . . . . . . . . . . ^
Consol3,4865
Consols, 1867
:
~
Consols. 1868.
Total
. .
.t
^
i.
..:
....:
...;
J U N E 80, 1881.
E i v e - t w e n t i e s of 1862
F i v e - t w e n t i e s of J a n e , 1864.
F i v e - t w e n t i e s of 3865
L o a n of E e b r u a r y , 3861
L o a n of J u l y a n d A u g u s t , 1861.
-
—
-
773.35
755.59
88.08
1,142.65
207. 24
420.17
17, 900.00
15, 900.00
2,350.00
23,600. 00
.5, 700. 00
8,500.00
17, 900; 00
^15, 900. 00
2, 350. 00
23,600.00
5,700.00
8, 500.00
966. 00
834. 00
. 129.00
1, 416. 00
342. 00
510. 00
192.65
78.41
40.92
273.35
134.76
89.83
73, 950. 00
73, 950. 00
4,197.00
•809.92
2, 650. 00
3,150. 00
' 1,850.00
1,700.00
9,050.00
100.00
2,650.00
3,150.00
1,850.00
1,700.00
9,050.00
100.00
165. 75
94:50
85.50
302. 00
543. 00
6. 00
40; 35
18. 53
4L 22
4L49
166. 62
56. 00
125.40
75. 97
44.28
60.51
376.38
5.44
18,500.00
996. 75
308.77
687. 98
4. 00
4. 00
14. 50
28,168. 75
85,110.00
1,165,807.50
484, 747. 50
9, 787. 50
415, 162. 70
, 15, 000. 00
.67
.49
5. 85
12, 872. 65
47, 540. 20
518,148. 79
213,179.29
3, 662. 56
130, 349. 36
10,19L 74
3.33
3.51
8.65
15, 296.10
.37, 569. 80
647, 658. 61
271,568.21
6,124. 94
284, 813. 34
4, 808. 26.
a
. 18,500.00
J U N E 30, 1880.
E i v e - t w e n t i e s of 1862
F i v e - t w e n t i e s of J u n e , 1864
F i v e - t w e n t i e s of 1865
Total...
—
-
3, 387. 08
Ul
O
o.
Ul
o
,
L o a n of F e b r u a r y , 1861
L o a n of J u l y a n d A u g u s t , 1861.
L o a n of M a r c h , 1863
Oregon w a r debt
E u n d e d l o a n o f 3.881
F u n d e d loan of 1907
1
•
a
Pi
o
.,
..........:
.
:....
'.
...
100.00
100. 00
250.00
676, 050.00
2,837,000.00
32, OiB4, 250.00
12,797,150.00
202,550.00
23, 575, 450.00
1, 500,000. 00
74,16L95
1,376,085.04
549,035.18
8, 273.02
662, 206. 97
125,558.26
-100.00
100. 00
250.00
676, 050. 00
2, 911,161. 95
33,440,335.04
13,346,185.18
210,823. 02
24,237,656.97
1,625,558.26
73,652, 900. 00
2, 795 320.42
76 448 220.42
2, 203, 806.45
935, 951. 60
3, 267, 854. 85
3,000.00
50.00
300.00
7, 826, 277. 58 17,201,326.11
210: 00
3.50
7. 00
.462,390.00
1, 002, 747. 00
80.22
. 25
1.74
. 160, 072. 88
' 200, 043. 95
129. 78
3. 25
5.26
302, 317.32
802,703.05
3, 000. 00
50. 00
100.00
7, 775, 000. 00
16,712,450.00
'
•
51,277.58^
488, 876.11
o
00
X
X
X
T A B L E E . — S T A T E M E N T SHOWING T H E P U R C H A S E AND R E D E M P T I O N O F B O N D S ON ACCOUNT O F T H E S I N K I N G - F U N D , ETC.—Continued.
P r i n c i p a l redeemed.
Y e a r ended—
P r e m i u m paid.
N e t cost in
currency.
N e t cost estim a t e d in gold.
Interest due
a t close of
fiscal y e a r .
A c c r u e d interest paid in
cpin.
B a l a n c e of interest due a t
close of fiscal
year.
J U N E 30,1881—Continued.
L o a n of M a r c h , 1863
Oregon war debt
E u n d e d l o a n of 1881
>
Total
.
.
.
.
.
$7, 057,100. 00
54, 250. 00
42, 769, 400. 00
$199, 514. 62
1,408.65
320,171.82
$7, 256, 614.62
55, 658. 65
43, 089, 571. 82
$361,315.50
2, 584. 50
1,100,474.15
$83, 330. 51
.55L11
263,342.94
$277, 984. 99
2, 033.39
843.131.21
74, 371, 350. 00
1, 061, 248.78
7.5,432,598.78
2, 935, 731. 65
707, 423. 60
2, 228, 308.05
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3^ p e r c e n t
L o a u of M a r c h , 1863, c o n t i n u e d a t 3^ p e r c e n t
E u n d e d loau of 3883, c o n t i n u e d a t 3^ p e r c e n t
E u n d e d loan of 1881 . . .
. . .
.
.
O
Pi
H
O
w
.JUNE'30,1882.
Total.
X
X
55, 215, 850. 00
2, 637, 850. 00
1,000.00
2,224, 450. 00
579,493.3 2
25,7^1.80
2.78
6,773.83
789,401.50
65, 929. 95
20.55
108, 945. 70
612, 039. 53-
964, 297.70
5. 50
3,7 6.66
. . 20,760.25
3,171,034.37
233,862.12
14.18
138.13
5, 293.40
386.933.66
137, 402.11
8.68
1, 578. 53
15,466.85
984,120.71
96,460.01
. 1,427,378.90
329, 761.48
1,097,617.42
55,215,850.00
2, 637, 850. 00
1,000.00
2, 224, 450. 00
. 1, 368, 894. 64
91,70L75
23.33
115,717.53
60,079.150.00.
00 079 150. 00
1 P>ifi ^ ^ 1 . oa
100.00
41,300.00
661,750.00
34,128,130.00
10, 019, 400. 00
100.00
41,300.00
661, 750. 00
34,128,150. 00
10, 019,400. 00
44,850,700.00
44, 850. 700. 00
'
'
1
'
'
J U N E 30,1883.
w
QC
O
tei
pi
E i v e - t w e n t i e s of 3 86^^
E u n d e d l o a n o f 1881
. .
L o a n of J u l y a n d ' A u g u s t , 1861, c o n t i n u e d a t 3^ p e r c e n t
L o a n Of M a r c h , 1863, c o n t i n u e d a t 3^ p e r c e n t
Total
o
^^
H
' J U N E 30,1884.
E i v e - t w e n t i e s of 1862
T niTi nf MiTf'h 186^ c o n t i n u e d a t 3 i n e r c e n t
L o a n of J u l y and A u g u s t , 1861, c o n t i n u e d a t 3i p e r c e n t
T m n nf J n l v 12 1882
'J^Qt;al
-
200. 00
5, 200. 00
422, 550. 00
566, 250. 00
33,221,450.00
12, 553, 950. 00
200. 00
5, 200. 00
422, 550. 00
566, 250. 00
33,221,4^30.00
12, 553, 950.00
0.50
187. 08
14, 789. 25
39,818.75
3,018,176.97
240, 330.13
33.35
164. 24
2, 823. 94
7, 069. 86
276, 923. 93
31, 884. 61
3.85
22.84
11,965.31
12, 748. 89
741,253.04
208, 245. 52
4Q, 769, 600. 00
46, 769, 600. 00
3,293,113.68
318, 8-9. 93
974,231.75
Pi
Ul
Pi
. J U N E 30, 1885.
E i v e - t w e n t i e s of 1862
.
.
....
..
F i v e - t w e n t i e s df 1864
.
. . . .
...
E u n d e d l o a n of 1881
L o a n of J uly and A u g u s t , 3861, c o n t i n u e d a t 3 | p e r c e n t
L o a n of M a r c h , 1863, c o n t i n u e d a t 3^ p e r c e n t
E u n d e d loan of 1881 c o n t i n u e d a t 3^ p e r c e n t .
Loanof J u l y 12,1882....
4, 000. 00
100.00
1,100. 00
52,250. 00
18, 000.00
> 230, 500. 00
45, 282, 200. 00
85.00
4.00
36. 67
1, 269. 62
499. 62
5, 347.70
1,153,460. 88
70L96
.49
50.51
588. 85
. 87.92
1,416.28
268, 821. 31
616.96
3.51
13.84 1 hj
d
•
680.77
Pi
4lL70
3,931.42
884,639. 57
45,588,150.00
45, 588,150. 00
1,160, 703.49
271,667.32,
• 889,036.17
100. 00
2, 500. 00
1,100. 00
67, 500. 00
4, 300. 00
300. 00
14, 250.00
15, 900. 00
26,950.00
12, 250. 00
49, 800. 00
44, 044, 800. 00 ,
4.100; 00 •
96, 750. 00
190.750. 00
100. 00
2, 500. 00
1,100.00
67,500.00
4,300.00
' 300. GO
14, 250.00
15, 900. 00
26, 950.00
12, 250. 00
49,800.00
44,044,800.00
4,100. 00
96, 750. 00
190, 750. 00
1. 50
53. 25
31.50
1, 425. CO
85. 25
6.00.
356. 25
419. 25
662. 25
203.25
826. 50
435, 942. 01
123. 00
2,848.50
4,70413
18.00
99.00
33.00
14,399.00
31.14
2.02
278. 80
842.29
•
2,070.75
570.04
868.55
220,617.44
3L 32
1, 560.76
1, 065. 34
16. 50
45. 75
4.50
12.974.00
54.11
3.98
77.45
423. 04
1,408. 50
366.79
42.05
215, 324. 57
91. 68
1, 287. 74
3, 638. 79
4,000.00
100.00
1,100. 00
52,250.00
18, 000. 00
230, 500. 00
45, 282, 200.00
'
a
•
Total..
.
,o
. ^ J U N E 30, 1886.
L o a n of J u l y a n d A u g u s t 1861
'..
L o a n of 1863
F i v e - t w e n t i e s of 1862
E i v e - t w e n t i e s of 1864
F i v e - t w e n t i e s of 1865
T e n - f o r t i e s of 1864
C o n s o l s of 1865
C o n s o l s of 1867
C o n s o l s o f 1868
E u n d e d l o a n of 1881
L o a n of 1882..
L o a n of 1863, c o n t i n u e d a t 3J p e r c e n t
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3 | p e r c e n t
E u n d e d l o a n of 1881, c o n t i n u e d a t 3J p e r c e n t
Total
.;....
J U N E 30,1887. .
L o a n of 1882
. . .
T e n - f o r t i e s of 1864
- . -.~
E u n d e d loan of 1881 '?.
L o a n of J u l y a n d A u g u s t , 1861
E i v e - t w e n t i e s of 1862
E i v e - t w e n t i e s of 1865
L o a n of F e b r u a r y 1861
L o a n of 1863.
'.'..
C o n s o l s of 1865
.
^
C o n s o l s of 1867
C o n s o l s of 1868
*
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3 | p e r c e n t . . . .
L o a n of 1863, c o n t i n u e d a t 3^ p e r c e n t .
-.
F u n d e d l o a n of 1881, c o n t i u u e d a t 3^ p e r c e n t
Total.....
Grand total
44, 531, 350. 00
44,-531, 350. 00
447,687.64
242, 487.45
47, 748, 750. 00
1,300.00
3,100. CO
28, 700. 00
650.00
8,000.00
2, OOO. 00
13,400.00
18,200.00
34,000. 00
500. 00
1,500.00
8, 500. 00
25, 600. 00
1,375,653.00
84.17
110. 83
1, 722. 00
45.50
560.00
120. 00
804. 00
1, 092. 00
2, 040. 00
' 30.00
52. 50
297. 50
926.33
223, 676. 38
119.50
166. 80
86LG0
58.12
473. 92
60.00
402. 00
2,147.16
3,333.69
270.25
22. 58
60.31
213.37
'
205,200.19
O
o
Ul
O
Pi
l-H
o
•
47, 748,750.00
1, 300. 00
3,100. 00
28,700.00
.650.00
8, 000. 00
2,000.00
13.400. 00
18,200.00
'
34, 000. 00
500. 00
1, 500. 00
8, 500. 00
25, 600. 00
47,894,200.00
..^
GC
622, 903, 850. 00
20, 522,486. 81 $157, 677, 967. 61
1,151,976.62
35. 33
55. 97
861. 00
12. 62
86. 08
60.00
402. OO
1,055.16
1,293:69
240 25
29. 92
- 237.19
713.16
47, 894, 200. 00
1,383,537.83
231, 864. 88
1,153,672.95
621,176,026.59
21, 907, 612. 37
6,168,609.21
15, 739,003.16
o
X
X
X
<
T A B L E F . — S I N K I N G - F U N D ACCOUNT FOR F I S C A L Y E A H
1887.
DR.
CR.
[NOTE.-^The annual report of the Secretary of the Treasury for the fiscal year 1885 contains a statement showing the condition of the sinking-fund from its institution in
May, 1869, to and including J u n e 30, 1885.]
July
3, 1886
J u n e 30,1887
To hajance from last year
To 1 per cent, on the principal of the puhlic deht on
June 30,1886, less coin and currency certificates held
in cash and cash available for reduction of the debt,
viz, $1, 451, 242, 958
..-.
To interest on redemptions prior to fiscal year 1887
To interest on $47, 903, 248.15, amount of debt " p a i d "
during fiscal year 1887...;
To halance...
;
$1, 597, 407. 23
J u n e 30, 3887 By
Ey
By
By
principal of honded debt redeemed in 1887
accrued interest thereon
1
fractional currency and note* redeemed in 1887
accrued interest thereon
.$47, 894, 200. 00
231, 864. 88
9, 048.15
218. 54
34,512,429.58
30, 643, 339. 05
1j
O
Pi
H.
o
1, 384,080. 97
74.74
48,135, 333. 57
X
X
X
48,135,331. 57
W
Ul
o
Pi
H.
>
Pi
o
w
Ul
a
pi
T A B L E G . — S T A T E M E N T OF T H I R T Y - Y E A R 6 P E R C E N T . B O N D S ( I N T E R E S T P A Y A B L E J A N U A R Y AND J U L Y ) I S S U E D TO T H E S E V E R A L P A C I F I C
E A I L W A Y COMPANIES U N D E R T H E ACTS O F J U L Y 1, 1862 (12 STATUTES, 492), AND J U L Y 2, 1864 (13 STATUTES, 359).
CD «
.Pl
^-St^
!^ ®
S '-
co'cs
® o
flflfl
Railway companies.
o fl
fli
fl flla
H -
O n ' J u l y 1,1887:
C e n t r a l Pacific
,
K a n s a s Pacific
U n i o n Pacific
,
Central B r a n c h Union Pacific.
W e s t e r n Pacifi'c
1
,
S i o u x C i t y a n d Pacific
,
O
Illli
p^ .2 o
flS5
O n J a n u a r y 1,1887:
C e n t r a l Pacific
K a n s a s Pacific
U n i o n Pacific
C e n t r a l B r a n c h U n i o n Pacific
W e s t e r u Pacific
S i o u x C i t y a n d Pacific
©
CC-
d;
25, 885,120.00
6,303,000.00
27,236,512.00
1, 600, 000.00
1, 970, 560.00
1, 628, 320.00
28,111,^876.87
7, 263,873. 09
29, 860,422. .57
3,837,808.26
2, 022, 949.74
1, 757, 395.09
776, 553.30
189, 090.00
817, 095.36
48, 000.00
59,116. 80
48, 849.60
28, 888, 430.47
7,452,963.09
30,677,517.93
1, 885, 808.26
2,082,066:54
1,806,244.69
5, 392, 719.43
3, 467, 005.95
11,375,832.46
277,095.64
> 9, 367.00
126, 503. 91
23,495,711.04
3, 985, 957.14
19,501,085.47
•1,608; 712.62
2,072,699.54
1,679,740.78
64, 623, 512.00
70, 854, 325.62
1, 938. 705. 36
72,793,030.98
20,448,524.39
.52,344,506.59
25,885,-120.00
6, 303, OOO. 00
27, 236, 512.00
1,600,000.00
-1,,970,560.00
1,628,320.00
28,888,430.47
7,452,963.09
30, 677, 517.93
1,885,808.26
2,082,066.54
1, 806, 244.69
776, 553.60
189, 090.00
817,095.36
48, 000.00
59,116.80
48, 849.60
29, 664, 984.07
7, 642, 053.09
31,494,613.29
1, 933, 808. 26
2,141,183.34
1,855,094.29
5, 496, 849.96
3, 517, 642.95
11, 370, 902.40
298,523.60
9, 367.00
126, 504.96
64, 623, 512.00
72,793,030.98
1,938,705.36
74, 731, 736.34
20, 819, 790.87
=
=
=
=
=
•
O
ahd
=
"^
24,168,334.31
^
4,324,41.0.14 . PO"
•20,323,710.89
.' 1,635,-284.66
W'
2,131. 816.34
•
1, 728; 589
53,911,945.47
a
>
fe$^
Uls-
X:
XX-
LXXXVIII
REPORT OF T H E SECREl^ARY OF T H E TREASURY.^
T A B L E H.—STATEMENT SHOWING THE CHANGES I N T H E I N T E R E S T BEARING D E B T
\
OF THE U N I T E D STATES DURING THE YEAR ENDED OCTOBER 31, 1887.
T i t l e of loan.
L o a n of J u l y 12 3882
F u n d e d lo.an o t 1891
F u n d e d l o a n of 1907
R e f u n d i n g certificates
N a v y pension fund
E a t e of
interest.
Outstanding
November i,
1886.
Increase
during the
year.
P e r cent.
3
4^
4
4
3
$86, 848, 700
250, 000, 000
737, 776, 400
394,500
14, 000, 000
*$50, 400
$86,848,700
19,45.5,400
5, 379, 250
*39,420
1,088,819,600
64, 623, 512
50, 400
111, 722, 770
977,147, 230
64, 623, 512
1,153,443,112
50,400
111, 722, 770
1,041,770, 742
6
E o n d s issued to Pacific railroads ..
Decrease
during t h e
year.
Outstanding
October 31,
1887.
$230, 544,600
732,447,550,
155, 080
14, 000,000
*See8tatemeDt which follows, showing conversions of refunding certificates, for an explanation of
the increase daring the year in the interest-bearing deht.
Since November 1, 1886, refunding certificates issued in 1879, u n d e r t h e actof February 2'6, 1879, bave been.presented for conversion into 4 per cent, bonds, as follows:
Principal
,
Accrued interest due thereon
."
$39,420.00
12, 729.60
Total...
52, 149.60
For wbicb settlement was made as follows:
Four per cent, honds issued on account of principal
Four per cent, bonds issued on account of accrued interest
$39,420. 00
10,980. 00
$50,400.00
1, 749. 60
Interest paid in cash
Total
1
:
52,149.60
Tbe certificates still outstanding amount to $155,080.
Tbe reductionan tbe annual interest cbarge by reason of tbe cbanges during tbe
year ended October 31, 1887, is as follows:
»
On honds redeemed or which have ceased to bear interest
Deduct the interest on $10, 980 4 per cent, bonds issued..,
Net reduction
$3, 696,124. 00
439.20
:...
3,695,684.80
During tbe twelve montbs ended October 31, 1887, tbe residue of tbe 3 per cent,
bonds of tbe act of J u l y 12, 1882, amounting to $86,848,700, ceased to bear interest.
Of tbis amouut $605,150 were redeemed under tbe circular of September 15,1886, witb
interest to tbe dates of payment; $22,606,150 matured affcer October 31, 1886, tbougb
called for redemption prior to t b a t date, and tbe remainder, $63,637,400, were called
and matured witbin tbe twelve montbs. Tbe interest-bearing debt was furtber reduced during t b a t period by tbe-redemption of $19,455,400 4^ per cent, bonds and
$5,379,250 4 per cenfc. bonds wbicb were purcbased for tbe sinking fund under tbe
circulars of August 3 and September 22, 1887. Of tbese bonds, $11,565,300 4^ per
cents were purcbased under tbe.circular of August 3, a t an average net premium of
7.9738 per cent., and tbe reraainder, under tbe circular of September 22, 1887, at a net
premium for tbe ^ per cent, bonds of 8.0325 and for tbe 4 per cent, bonds of 24.049
per cent.
CHANGES
IN T H E
INTEREST BEARING
DEBT.
LXXXIX
T A B L E H . — S T A T E M E N T SHOWING THE CHANGES I N T H E INTEREST-BEARING D E B T
OF T H E U N I T E D STATES, ETC.—Continued.
'
Tbe redemptions and cancellations of United States bonds and seven-tbirty notes
during tbe twelve montbs ended October 31, 1887, were as follows:
^
Seven thirty notes of 1864-'65.....'
.'
......
...
$450
Oregon war deht, act of Mar. 2, 1861...
................:.
250
Five-twenties of Feb. 25, 1862...'....
3,750
Five-twenties of Juno 30, 1864 .
, 150
Five-twenties of 1865 (May and Novemher)
1,500
Ten-forties of 1864....
.',......
16.000
Consols of 1865, actof Mar. 3,1865
.:......
24,900
Consols of 1867, actof Mar. 3,1865 . . . . . . . . . . , . . . . . . ' . . . . . ,
46,500 ^
Consols of 1868, act of Mar. 3,1865
*
900
Loanof July and August, 1861 (6 per cent.)..
8,000
Loanof Mar. 3, 1863 (81's) (6 per cent.)
350
Fundedloanof 1881 (5 per cent.).
'.
...
...
18,150
Loan of July and August, 1861 (continued at 3 | per cent.)
35,050
Funded loan of 1881 (continued at 3§ per cent.)..
.38,450
Three per cent, honds which matured prior ip November 1,1886
$9,705, 250
Three per cent, bonds which matured withiri the year
85,192,85(i
Three per cent, bonds redeemed under circular of September 15,1886
605,150
•
'/
•
.
1—95,503,250
Fundedloanof 1891, 4ii)er cent., purchased under circular of August 3,1887...
11,565,300
Funded loan of 1891, 4T^ per cent., piirchased urider circular of Septemher 22,1887
7, 890,100 ,
Funded loan of 1907, 4 per cent., purchased under circular of Sejitemher 22,1887
5,379,250
Total redemptions and cancellations
120,532,300
TABLE
I.—STATXMENT
SHOWING
THE AMOUNT
k
J
Date.
or
GOLD A N D
SILVER
COIN AND
BULLION;
In national
banks.
In circulation;
in other banks
and in individual hands.
Total.
.
In Treasury.
. In national
banks.
In circulation;
in other banks
and in individual hands.
NATIONAL
AND
STATE-BANK
Total.
In Treasury.
In national
banks.
N O T E S IN
THE U N I T E D
STATES, A N D
DISTRIBUTION THEREOF AT THE
In circulation;
in other banks
and in individ*
ual bands.
In Treasury,
including silver
bullion.
Total.
In circulation;
iu other banks
and in individual halids.
In national
banks.
CLOSE
Subsidiary silver.
Silver dollars.
Silver certificates.
Gold certificates.
Gold.
In Treasury,
including
bullion.
GOLD, S I L V E R , A N D C U R R E N C Y C E R T I F I C A T E S ; U N I T E D STATES NOTES, A N D
OF E A C H Y E A R N A M E D .
In Treasury.
Total.
In national
banks.
In circulation;
in other banks
and in individual hands.
Total.
June 30—
I860
18G1
1862
2863
1864
1S65
1866
J8G7
1808
1809
1870
1871.
1872...
. 1873
1
1874.-.
1875
1870
1877
1878.
1879
188 0
1881
1882
188 3
188 4
188 5
1886
*
$72,281,687.83
68,431,388.80
50, G88,448.36
55, 217, 604.03
89,390,471.88
128,460,202.87
135,236,474.62
126,145,427.20
163,171,661.25
148,500,389. 95
198,0T8. 5G7. t 8
201,876,594.15
247,028, 625.25
232,554,886.49
277,979,653.61
$3,370,378.40
5.019.638.53
3,6b3,993.46
4.839.240.54
5,306,262. C9
8,191, 952. 67
21,530,846.03
76,959,509.73
101,901,276.45
91,223, 770.74
67, 002,816. 21
65,835, 738.50
83,208,917.07
104, 5C0,587.67
93,137,439.47
$59,347,933.74
73, 928, 465. 67
60,782,464.18
70,000, 062.41
72,804,737.43
76,547,821.46
88, 974,516.33
148,736, 269.07
213.411.600.30
267.027.554.31
277,650,679.11
274,788,464.35
258,399,463. G8
253, m , 986.84
278,403,241.92
$135,000,000.00
147,379,493.00
121,134, 906. 00
130,056,907.00
167,501,472.00
213,109, 977. 00
245,741, 837.00
351,841,200.00
478,484,538.00
506,757,715. 00
542,732,063.0.0
545,500, 797.00
588,697,036. 00
590,774,401.00
654, 520, 335. 00
5442, 640.00
$8,082,800.00
95,470.00
7, 122, 350.00
35,2C0.00
13, 233, 790. 00
533, 680.00
11,953,6t0.00
2,462,320.00
18, CG0,920.00
2, 096,020.00
9,161,1C0.-00
5, 674, 640.00
11,412,1C0. 00
5,208,680.00
22,139, 090. 00
4, 809, 720. 00
13, 671, 660. 00
4,247, 500.00
12,642,180. 00
4, 506,420.00
16, 872, 780.00
9,274,5G0.00
12,179, 520. 00
1-9,469, 320.00
16,021,460. 00
133,880. 00
13, 975, COO. 00
40, 700.00
7,939, 560. 00
23.400.00
5,137,500.00
4,440,400. 00
s; 100.00
32, 791, 590. *00
22,571,270.00
26,637,110.00
27,246,0.0. 00
74,816,920. 00
13, 593,410.00
.
41,446,430.00
55,129,870.00
54,274, 940. 00
30,261,380 00
$2, 422,420.00
$10,947,860.00
11,555, 7C0.00
18, 773, £8J. 00
4, 359, 590. 00
17,678.640. 00
18, 002, 280. 00
30,489,640 00
13, 423, 81*0. 00
34, 547, liO 00
8,628,520. 00
19,886,300 00
14,999,500. 00
32,086,30J. 00
12,112,230.00
39,460,000.00
4, 343, 720. 00
22,825,100.0 J
4, 906,620. 00
21,796, 300. 00
7, 302, 200 00
28, C81,400. 00
20, 118,520.00
41, 572, COO. 00
8,876,220.00
44,367,000.00
1,304,2^0 00
15,413, 700. 00
24,340. 00
8, 004, COO. 00
G22, 020. 00 .
5, 782, 920.10
588, 620. 10 |
5,037,120. 00
27, 015, 780.00
82,378,640 00
44, 509, 530. 00
98,392,660. 00
51,912,810.0J
140, 323,140. 00
34,597,943.00
131,174,245.00
36, 950,497. 00
121,480, 817.00
1
t
*"$i'455*5:0." 00*
2,032, 470. 00
6, 584,701.00
12, 055, 801. 00
11, 500, 620. 00
15,996,145. 00
23, 384,680.00
38, 370,700. 00
27, 8G1,450.00
3,425,133.00
£7,080*01)'
"$56,'670. 00
357,810 00
995, 410.00
4,794,169.0)
945, 590. 00
E8, 165,139. 00
854,010. 00
53,652, 050. 00
3,121,130. 00
69, 499, 550. 00
2,861,000. 00
9^,566,011 00
3,139, 270. CO 98, £91,676. 0J
1,812,290.00
8(5; 303,935.00
3,535,479.00 1ZS, £82,538.00
"$1,462,"COO.* 00
2, 466, 9:0 CO
32 374,270 CO
51,16'i, 5'JO. 00
(JO. 093, 710. 00
88,616, 831.00
119,811, 691. < 0
139, 9J4, G4G. 00
115,977, 675.10
145, 543,150. 00
National-bank notes.
State-bank circulation.
Date.
Demand notes.
One and t w o y e a r Compound-interest
notes.
notes of 1863.
Fractional currency.
In Treasury.
In national
banks.
In circulation; in
other banks and in
individual hands.
.1. 997. 258. 00
4,626,921.00
• 15,039,827. K4
33,239,916.91
49,549, 851.42
65, 954, 671.10
90, 384, 724. 36
llti, 396, 235. 29
139,616,414 27
109,451,997.52
184,523,282,97
221, 897,045. 77
1
1
$175, 250.00
4, 739,120.00
4, 689, 628. 00
5,711,137.00
6, 077,153. 00
6, 351, 004.00
8, 032,811. 00
7, 797,925.00'
6,757, 263. 00
6,343,213.00
$i, 634,601. i 6
3,297, 319.09
15,420, 928. 58
23, 631, 274. 90
26, 326, 666. 64
29,300,445.71
32, 657, 388. 73
31, 289, 044.48
45.911,360. 03
49,205, 508.23
*1, 592, 261. 00
*2,742, 548.00
*3, 997, 258.00
*4, 626, 921. CO
16, 269, 079. 00
41,276, 356. CO
69, 600,408.00
93, 297, 083. 00
122,788, 544. 00
152, 047, 685. 00
180,306,614. 00
208, 538, 967.00
237,191, 906. 00
277,445, 767.00
$905,344.8S $2, 440, 618. 32
3, 634, 908. 74
1,414,207.17
2, 653, 4t8. 84
5,329,577.71
3, 506, 449. 38
0, 363,605.72
3,850,213. 37
2, 952, 633. 04
G, 860, 505. 97 4, 862, 807.10
8, 903, 401. 36
2, 031, 031. 39
24, 350,481.80
1,172,407. 53
27,247,696.93
771,424. 05
820, 868.80
28, 048, 630. 58
857, 834. 4 L
28,486,001.05
1, 085, 022. 61
29, COO, 720.05
1,039, 390. 95
31, 236, 899.49
2,913,304. f-2
28, 886, 946. 97
2,813,13S. SO
26, 963, 934. 20
In Treasury.;
$5,000, 000.00
8, 763,217.00
16, 625,447.00
418, 734, 00
151, 837, 506. 00
t71,778, 828.00
t76, 249, 983. 00'
t"8,862,270. 00
180,087,061.00
tftO, 428, 5S0, 00
tSO, 960, 20if. 10
175,261,528.00
74, 939, 820.00
75, 060, 937. 00
75,547,799.00
Legal-tender certificates.
Legal-tender notes.
Total.
$1,654, 036.80
3,714,041.09
8, 642, 460. 45
22, 543, 678. 90
45, 034, 639. 59
60, 055, 514. 93
65, 315, 532. 25
53, 339, 380. 67
52,0G7,940. 02
51, 559, 080.62
51,616,444.54
44, 575, 785. 34
42, 643, 529. 56
43,260,685.21
45,770. 726.00
In circulation; in
In national banks. other banks and in
individual hands.
Total.
In banks.
In Treasury.
Total.
Aggregate circulation.
Juno 30—
1860
1861
1862
' 1863
1864
186 5
1866......
1867
1808
1869
187 0
187 1
187 2
1873
187 4
187 5
187 6
187 7
1878
1879
18^0
1881
1832
1883
1*84
1885
• 1886
1837
-
$207,102,477.00
202,005,767.00
183,792,079.00
238,677,218.00
179,157,717.00
142,919,6C8.00
19,996,163.00
4,484,112.00
3,1G3,771.00
2,558,874.00
2,222,793.00
1,968,058.00
1,700,935.00
1,294,470.00
1,009,02L 00
786,844.00
G5S, 938.00,
521,611.00
426,504.00
352,452.00
•
299,790.00
242.9C7.00
. 235,173.00
189.253.00
187,978.00
144,489. CO
132,470.00
98,697.00
$53,040, 000.00
3,351, 019.75
780, 999.25
472, 603.00
272, 162.00
2D 8, 432.00
141, 723.00
123, 739.25
106, 256.00
96, 505.50
88, 296.25
79, 967.50
76, 732.50
70, 107.50
66, 917.50
63, 962.50
62, 297.50
61, 470.00
60, 975. CO
60, 535.00
59, C95. 00
58, 985.00
58, 440.00
57, 950.00
57, 445.00
57, 130.00
$89,879,475.00
153, 471,450.00
42,338,710.00
3,454, 230. 00
1,123, 630. CO
555, 492.00
347,772. 00
248,272. 00
198,572.00
167,522.00
142,1C5.00
127,625.00
113, 375.00
104,705. 00
95,725.00
90,485.00
86,185.00
82,485.00
79,935.00
74,565. CO
71,765.00
69,765.00
68,035.00
66,545.00
65,605.00
$15,000, 000.00
193,756, 080.00
159,012, 140.00
122, 394, 480.00
28,161, 810.00
2,871, 410.00
2,152, 910. 00
768, 500. 00
593, 520. 00
479, 400. 00
415, 210.00
367, 390.00
328, 760.00
296, 630.00
274, 920. 00
259. 090.00
242, 590.00
230, 250.00
220, 960. 00
213, 620.00
207, 660.00
202, 730.00
197, 170. CO
i. 00
192,
$20,192,456.00
22,894, 877. 25
25, 005, 828.76
27,070,876.96
28,307, 523.52
32,626,951.75
32,114, 637.36
39,878, 684.48
40,582,874.56
40, 855, 835.27
44,799, 365.44
45,881,295.67
42,129, 424.19
34,446, 595.39
20,403,137.34
16, 547, 768. 77
15,842, 610.11
15,590,892. 70
15,481,891.65
15,423,186.10
15,376,629.14
15,355, 999.64
15,340,114.21
15,330,021:52
15,322,898.37
$5,467,195.00
11,861,418.00
5, 393, 982. 00
7, 992, 791.00
11,118. 903.00
6, 855, 5G9. 00
8,627,790.00
8,304, 586.00
11, 715,488.00
13, 861,463. 00
16,877,634.00
15,759,847.00
12,789,923.00
8,286,701.00
7,090,249.00
5, 296,382.00
6,277,246.00
8,217/062.00
8,809, 990.00
9, 945,710.00
4,034,416.00
2, 362,585.00
$10,753,777.00
36, 337, 528. 00
31, 547,972. 00
22, 215, 935. 00
17, 498, 787. 00
18,081,718.00
23,894, SCO. 00
26,841,641.00
23, 999, 544. 00
26,955,726. 00
32,272, 068.00
42,317,896.00
32,979, 719.00
34,238,402. 00
30,463, 349. 00
24,771,123.00
26,358, 332.00
27,932,850. 00
27,753,195.00
31,748,004.00
27,871,246.00
32,131,028.00
30,684,525.00
25,420,212.00
$20,481, 493.00
109,800, 332.00
244,464, 741. 00
264,548, 026.00
276,870, 086. 00
273,667, 966.00
264,753, 581.00
284,561, 031.0i)
305,037, 46!. 00
312,006, 749. 00
3<7, 993, 476. f><)
2fJ8, 228, 649. OJ
283,140, 983 0J
267, 050, 623. 00
281,261, 012. CO
296, 633, 873. 00
311,056, 846.00
321,813, 443.00
324, 711, 593.00
316,108, 215. 00
302, 818, 647. 00
276,499, 973.00
276,980, 513.00
251,434, 991.00
$31,235,270.00
146,137,860.00
281,479, 908. 00
298, 625,379. 00
. 299, 762, 855.00
299,742,475.00
299,766, 984.00
318,261,241.00
337,664, 795.00
347,267,001.00
351,981,032. 00
354,408,008.00
332, 9S8, 336. 00
317,048,872.00
324,514,284.00
329,691,697.00
344,505,427.00
355,042, 675.00
358,742, 034. 00
356,073,281.00
339,499, 883.00
318,576,711.00
311,699,454.00
279,217,788.00
$32,184,213.00
52,149, 686. 00
72, 088, 001. 00
52,345,895. CO
27,428,335.00
41,233,100.00
31,037,362. 00
12,931, 030. 00
11,331,320.00
39,050,855.0J
68,578,548.00
84,053, 245. 00
70, 8S9,906 00
75,6S9, 987.68
72,020,120.73
74,391, 903.62
33,020,559.11
30,204,092.45
34,670,589.68
36,498, 839.42
40,183, 801.75
45,047,378.94
41,118,316. 79
28,783,796.79
$10, 042, 756.00
165,394,496. 00
197,783,494.00
100, 587, 582. 00
100,166,100.00
£0,934,119.00
94,573, 751.00
122,137, 660. 00
122,994,417.00
106,381,491.00
103,108,350. 00
87,492, 895 00
90, 836, 876.00
78,004,386.00
71,643,402.00
67, 059,152.00
64,470,717.00
58,728,713.00
64,019,518.00
73,832,458.00
76,917,212.00
79,701,352.00
79,636,783.00
74,482,342.00
NOTE.—Tho aggregate circulation should be reduced by the total amount of gold, silver, antl legal-tender cerxificates, to obtain.the net circulation, as the funds "which these certificates represent are also included in the aggregate.
NOTE 2.—The stock of gold coin and bullion and of silver coin and bullion in the United States at tho close of each year from Jane 30,1873, to June 30,1887, is the«amount estimated by the Director of the Mint
(>209 F I 8 7 — P A G E
I C
$375,073, 234. 00
213,522, 246.00
*130,008,811.00
218,850,120.00
228, 405, 565. 00
233,767,975.00
230,383. 8S7.00
220,931,310.00
223,174, 263.00
210; 567, 654.00
210,313,102. CO
204,223,440.00
203,045, 502.00
200,069, 958.32
203,017, 493.27
205,229, 960.38
249,189, 739,89
257,748, 210.55
247,990, 908.92
236,349,718.58
229,580, 002.25
221,932,285.06
225,905,916.21
243,414,877.21
$447,300, 203.
431, 006, 428.
400, 780, 306.
371, 783, 597.
356,000, 000.
355,935, 194.
356,000, 000.
356,000, 000.
357,500, 000.
356,000, 000.
382,000, 000.
375,771, 580.
3 6ft, 772, 284.
359,764, 332.
346,681, 01G.
346,681, 016.
346, 681, 016.
346,681 ( 016.
346,681, 016.
346,681, 016.
34G, 681, 016.
346,681, 016.
346,681, 016.
346,681, 016.
$31,515," 000.00
58. 000, 000.00
57,970,000.0J
32, 565, 000. 00
53, 825, 000. 00
4G, 245, 000. 00
29, 355, 000. 00
14,235, 000. CO
11, 650, 000. 00
13, 245, 000. 00
13, 060, 000. 00
12,190,000.00
29, 583,000.00
18, 230,000.00
8,770,000.00
* Bullion in the mints and New York assay office,
t Includes trade-dollars.
$215,000. 00
755,000. i 0
445,000. 00
275,000.00
1,135,000. 00
570,000. 00
1,450,000.00
3GO, 000. 00
275,000. 00
75,000,00
315,000. 00
195,000.00
200,000.00
250,000.00
310,000.00
£31, 730, 000. 00
58, 755, 000. 00
58,415, COO. 00
32, 840. 000. 00
54, 960, 000. 00
46,815, 000.00
3U, 805, 000. 00
14, 595, 000. 00
11,925, 000.00
13,320, 000. 00
13,375, 000. 00
12,335, 000.00
29,785, 000.00
18, 500, 000. 00
9, 080, 000.00
$3G2,401, 673.94
1,020,805, 987.17
994. 3GO, 929.69
9G6, 370, 834.89
1,018,692, 768.84
1, 082,489, 759.27
1,104,918, 348.11
1,242, 800, 929.70
1,440,562, 451.65
1, 515, 865, 693.10
1,678, 775, 068.14
1,733,719, 031.64
1,863,259, G54.21
1,842,843, 345.52
1,925,259, 882.37
t Trade-dollars ($6,000,000) deducted.
EXPLANATIOlsr OP DIAGEAM,
'
Tbe diagram sbows tbe amount in millions and tens of millions—a-million being
indicated by eacb space between t b e lines.
Tbe reason for its non-exfcension beyond tbe year 1878 is tbafc a new element-was
introduced into tbe circulating medium of tbe country in tbis year, just as in 1862
tbe introduction of tbe legal-tender notes brougbt about an entire cbange in tbe
monetary system of tbe United States.
Tbe first item upon tbe diagram designates tbe amount of tbe national-bank notes
in ac,tual circulation, excluding tberefrom tbe notes beld by national banks and tbose
wbicb. bad'become a cbarge upon tbe Treasury, owing to tbe deposit'of legal tenders
made in order to retire tbese notes from circulatioUi
'
Tbe second item sbows tbe amount of gold coin and bullion in tbe United States
Treasury, beld as a reserve for tbe rederaption of tbe legal-tender notes and for tbe ,
redemption of tbe gold certificates. Tbese amounts being deducted, tbe balance will
sbow t h e free gold and bullion contained in tbe Treasury.
Tbe tbird item sbows tbe reduction or increase of tbe public' debt, as sbown by tbe
montbly s t a t e m e n t publisbed at tbe end of eacb montb.
' T b e fourtb item sbows tbe amount of legal tenders field i n tbe Treasury, and, witb .
tbe fiftb item, wbicb. rajast be first-deducfced, isbows tbe amount of tbese notes applicable to t h e redemption of national-bank notes.
Tbe sixtb item sbows tbe amount of gold certificates actually in circulation, and
wbicli bad become a, cbarge upon tbe gold coin and bullion in tbe Treasury.
Tbe seventb item sbows tbe amount to tbe credit of tbe national-bank redemption
fund. Tbis fund represents the a m o u n t o f unredeemed national-bank notes, whicb,
so long.as tbey remain outstanding, inure to the benefifc of the Treasury.
The eighth item includes the subsidiary coin, silver bullion, and standard silver
dollars in t h e Treasury, the issue of-the standard dollar b a v i n g resulted in t h e retirement into the Treasury ofthe subsidiary silver, which would otherwise have remained
in circulation.
The ninth item shows the araount ofsilver certificates actually outstanding^ which
had become a cbarge upon the standard silver dollars held in t h e Treasury. • •
'^
•
•
:
••
.-
••
X C I - -
•
,
DIAGRAM
Showing the amount of NATIONAL BANKNOTES in ck eulat|on, the amount of GOLD, SILVER and UNITED STATES NOTES in the TREASURY
of the UNITED STATES, with the correspondin^fliability in outstanding GOLD, SILVER and CURRENCY Certificates.
NationalBankNotes
GOLD..
INGRBASE.
Public Debt,
h
United States Notes
Cunmcy Certifies.
Gold Certificates
* N.B.RedemptFund
SILVER
Silver Certificates..
• The notes of li/fuidaiin^, reduxxng and failed National Bcunlis, in circulation and the
notes held by National Banfr$ are not included herein.
t The issue oT Uhited Stales Notes is fixed by leukat $346,681,016. - See Act May 31,1878
* Held by Treasurer U.S. for redemption ofnote&in, circulation, of liquidating7, reducing j
http://fraser.stlouisfed.org/ and failed National/ Banlcs.
Federal Reserve Bank of St. Louis
Prepared, bjrJO.Maiisotv.
U. S .TreasurerIs Off.
XCII
REPORT OF THE SECRETARY OF THE TREASURY.
T A B L E J . — S T A T E M E N T O F T H E STANDARD » S I L V E R DOLLARS, S I L V E R B U L L I O N
AND SUBSIDIARY S I L V E R C O I N I N T H E T R E A S U R Y AT T H E E N D O F EACH MONTH
FROM
DECEMBER
3 1 , 1877, T O O C T O B E R
Standard silver
dollars.
1877—Decemher 3 1 . .
1878—January 31 . . .
'
F e b r u a r y 28 . .
M a r c h 30
April 30..
May31
J u n e 29..
J u l y 31
A u g u s t 31
S e p t e m b e r 30 .
O c t o b e r 31 . . . .
N o v e m b e r 30 .
December 3 1 . .
3 1 , 1887.*
Silver bullion.
S u h s i d i a r y silv e r coin.
Total.
$810,561
3,169,681
5, 950,45 L
7, 718, 357
9, 550,236
II, 292, 849
12,155,205
13, 397, 571
14,843,219
16, 704, 829
$3,736, 984.89
2, 827,368. 07
2, 955,577.65
3, 534,480. 53
7, 350,710.68
5, 891,204.95
7, 341,470.84
7, 665,760.19
8.982. 239.07
9, 634,034.48
8, 352,042.21
10,159, 491.41
9,439,461.25
$5, 532,.283.95
5, 626,541.22
6,261, 437. 76
7,139, 637.34
7, 029,306. 77
8,103, 228.02
6, 860,505.97
7,079, 667. 36
6,478, 642.22
6,143, 903.02
6, 323,132.31
6,009, 834.43
6,031, 804.52
$7, 260, .84
8,453, 909.29
9,217, 015.41
11,484, 678.87
17, 549,698.45
19,944, 883.97
21, 920,933.81
24, 295,663.55
, 26,753, 730.29
27, 933,142. 50
28,072, 745.52
31, 012,544.84
32,176, 094.77
1879—Januarv 31 . . .
February 28...
M a r c h 31
A p r i l 30
M a y 31
/ J u n e 30
J u l y 31
'.
A u g u s t 31
September 30.
O c t o b e r 31
November 30..
December 3 1 . .
17,874,457,
19, 505, 767
21, 558, 894
23, 694,563
26, 381, 045
28,147, 351
29,151, 801
30,678,464
31, 559,870
32,322, 634
32, 839, 207
33,168, 064
10,347, 889.50
9, 837,402.62
8, 688,260.74
6, 949,046.43
5, 672,655.55'
5,092, 565.91
5,112,223.82
4,904,611.89
4, 557,504. 31
3,537, 224.31
4, 323,097. 69
4,492, 421.19
6,143,449.13
6, 278,490.66
6,428, 185.06
6, 621,940.39
6,813, 559.32
8,903, 401.36
12, 731,765.97
15, 236,724.48
16,814, 308.94
17, 755,986. 76
18,432, 478.13
18,881, 629.15
34, 365,795.63
35, 621,660.28
36, 675,339. 80
37, 265,549.82
38, 667,289.87
42,143, 318.27
46, 995,790.79«
50,819, 800.37
52, 931,683. 25
53, 615,845.07
55, 594,782.82
56, 542,114.34-
1880—January 31 . . .
February 28...
M a r c h 31
A p r i l 30
Ma.v 31
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30 .
O c t o b e r 31
N o v e m b e r 30 .
Decemher 3 1 . .
34, 961, 611
36,972,093
38, 780,342
40,411, 673
42,778,190
44,425,335
46,192, 791
47,495,063
47,654,675
47.084.459
47,397,453
48,190,518
4, 888,035.97
4, 525,306.25
4, 086,839.58
5, 007,331.04
4,853, 587.99
5,124, 536.42
6, 081,647.91
6,380, 258,46
5, 557,759. 74
6, 043,367.37
6,255,389.81
6, 1K3, 224.05
20,204, 809.83
21,179, 312.32
21,989, 814.48
22, 767,672,95
23, 577,091.99
24, 350,481.80
24, 975,713.52
25, 152,971.89
24, 799,925.40
24, 629,4.S9. 89
24,653, 530.37
24, 769,057.32
60, 054,456.80
62,676, 711.57
64, 856,996.06
68i 186,676.99
71,208, 869.98
73, 900,333.22
77, 250,152.43
79, 028,293.35
78, 012,360.14
77,757, '316.26
78,306, 373.18
79,142, 799. 37
1881—January 31 . . .
Februaiy 28...
M a r c h 31
A p r i l 30
May31
June30
J u l y 31
A u g u s t 31
S e p t e m b e r 30 .
O c t o b e r 31
N o v e m b e r 30 .
December 3 1 . .
50,235,102
52.939.460
55,176,158
58, 044,826
60, 518,273
62, 544, 722
64,246,302
65, 948,344
66, 092, 667
66, 576, 378
68,017,452
69, 5c9,937
6, 704,197.36
5, 356,308.00
4,017, 770.08.
3,863, 582. 74
3,457, 192. i-5
3, 309,949.10
2, 962,277. 52
2, 732,862, 69
2,632, 184.67
3,424, 575.15
3, 088,709.63
3, 607,829.86
25,490, 914.88
25, 813,058,08
26, 283,891.96
26,493, 612. 56
26, 841,956. 74
27, 247,696.93
27, 295,486.63
27, 042,806.63
26, 313,113.63
25, 984,687, 76
25, 918,252.00
25, 963,641.48
82,430, 214.24
84,108, 826.08
85,477, 820.04
88,402, d21.30
90, 817,422.59
93,102, 368.03
94, 504,066.15
95, 724,013.32
, 95,037,965.30
95, 985,640.91
97, 024,413.63
99,161, 408.34-
1882—January 31 . . .
Feb ruary 28...
• M a r c h 31
A p r i l 30
M a y 31
J u n e 30
J u l y 31
A u g u s t 31
September 30.
O c t o b e r 31
N o v e m h e r 30 .
December 3 1 . .
72,421,584
75,138, 957
78,178, 583
81, 595,056
84,606,043
87,153, 816
88, 840,899
91,166,249
92, 228,649
92,414,977
92,940,582
94, 016,842
3, 258,926.18
2,806, 143.12
4,440, 661.97
3, 239,033.43
3,793, 664.11
3, 230,908. 36
2,816, 269.83
2, 730,716.27
3, 343,585.26
4, 012,503.27
3, 769,219. 77
4,468, 193.10
26, 56.7,873.37
26, 869,906.26
27,187, 680.67
27,439, 183.93
27, 755,923.33
28, 048,630. 58
28,153, 956.16
27, 990,387.75
27,426, 139.93
26, 749,432.45
26, 544,544.43
26,521, 692.20
102, 248,383. 55
104,815, 006.38
109, 806,925. 64
112, 273,273.36
116,155, 630.44
118, 433,354.94
119,811, 124.99
121, 887,353.02
122, 998,354.19
123,176, 912.72
123,254, 346.20
125, 006,727.30
1883—January 31 . . .
Fehruary 28...
M a r c h 31
A p r i l 30
M a y 31 . ,
J u n e 30
97, 530,969
100,261,444
103,482, 305
106,366, 348
108, 898, 977
III, 914, 019
3, 761, 958.12
3, 974,114.04
3,943, 467.30
3,478, 750.15
4,157, 217. 76
4,482, 2l6.29
diagram.
27,135, 244. 74
27, 507, 275.78
27, 865,993.79
28, 068, 628.88
28, 303,196.20
28,486, OOL 05
128,428,171.86
131,742, 833.82
135,291,766.09
137,913, 727.03
141,359,390.96
144,882,236.34
SILVER COIN AND BULLION IN TREASURY, 1877 TO 1887.
XCIII
T A B L E J . — S T A T E M E N T O F T H E STAISTDARD S I L V E R DOLL.ARS, S I L V E R BOLLION, AND
,
.
SUBSIDIARY S I L V E R COIN, ^ETC—Continued.
Standard silver
dollars.
Silver bullion.
S u b s i d i a r y silv e r coin. . '
Total.
$4, 486, 638.23
4,694, 559. 45
5,107,911 29
4, 936, 364. 86
4,624,279. 34
4, 534, 372. 93
$28,058,141.67
27,8l9,71L70
26,750,16L 13
26,712,424. 15
26,969,614.40
27, 224,126. 33
$145,601,831.90
146,834,468.15146,445, 444. 42
147,685,239.01
149, 362, 859.74
151,207, 884. 26
123,474,748
126, 822, 399
129,066,101
130,314,065
132,626,753
135,560,916
137. 692,119
140,615,722
342,058,787
142, 926, 725
144, 745, 075
146,502,865
4,674, 432. 92
4,919, 912. 85
5, 043,824. 61
5,150, 842. 97
4,623, 158. 03
4,055, 498.27
4, 003,609. 95
4, 723, 420. 00
4,934,404. 86
4, 646, 496. 89
4, 778,848. 90
4,716, 055. 33
28,014, 414. 76
28,490, 906. 91
28, 866, 556. 33
29,158. 480. 47
- 29, 377, 206.41
29, 600, 720. 05
29, 797,, 485. 76
29, 659, OOB. 38
29,474, 100 89
29, 346, 757.24
29,343, 283.48
29,194, 355. 52
156,163, 595.68
160, 233,218.76
162, 916,481.94
1(4,623, 388.44
166, 627, 117.44
169,217, 134.32
172,093, 214.71.
174, 998, 145. 38
3 76,467,352.75
176, 919,979,13
178,667, 207. 38
180,413, 275.85
150,632,154
153,561,007
. 156,698,482
159,441,034
162, 244, 855
165,413,112
166,499,948
166,854,215
165, 483, 721
163,817,342
165, 56H, 018
165,718,190
4,613, 582.23
3,991, 129.93
3, 887,493. .52
4, 042, 186. 86
4,098, 143.86
4, 038, 885.52
3,944, 837 32
3,766, 196.12
3, 916,122.84
3, 840,536. 45
- 3, 583,956. 42
3, 797,040.84
29,901, 104. .54
30, 244, 836.12
30, 632, 326. 20
30, 944, 048. 81
31,. 694. 364.80
31,230, 899. 49
25, 355, 020, 23
24,724, 287. 43
' 23, 641, 893. 79
22, 965, 535. 70
27, 920, 309.44
27,796, 430. 88
185,146, 840.77
187,798, 973.05
191,218, 301. 72
194, 427,269. 07
198, 037, 363. 66
200, 688,897.01
195, 799, 805. 55
195,344, 698. 55
193, 041,737.63
.390,623, 414.15
197, 072,283.86
197,-311, 661.72
1 8 8 6 — J a n u a r y 30
F e b r u a r y 27..,
M a r c h 31
April 30...
May 29........
J u n e 30.
y July 31........
A u g u s t 31.'
S e p t e m h e r 30.
October 3 0 . . . .
N o v e m b e r 30.
December 3 1 . .
169,083, 385
171,805, 906
174, 700, 985
175, 928, 502
178, 252,045
181,253,566
181,523,924
181,769,457
181, 262, 593
182,931,231
184,911,938
188, 506, 238
3, 658,783. 44
2,612, 968. 08
2,271, 104.42
2, 556,522.03
1, 947,761.61
198.45
• 3, 092,
3, 786,069. 56
3, 268,940.39
3, 758,393. 89
3, 807,948. 52
4,091, 383.17
4,739, 376.81
29, 013, 993.71
28,811, 037.49
28, 822, 637. 63
28, 864, 482. 89
28,912, 277.14
28, 904, 681;66
28, 584, 624. 69
27, 956, 991. 95
26, 899, 745^ 20
26, 300, 335. 88
^25, 808, 067. 32
25, 660, 935.44
201, 756,162.15
203, 229,911.57
205, 794,727.05
207, 349,506. 92
209,112, 083.75
213, 250,446.11
213, 894,618. 25
212,995, 389. 34
211,920, 732. 09
213, 039,515.40
214, 811,388.49
218,906, 550.25
1 8 8 7 — J a n u a r y 31 — , . . .
F e b r u a r y 28
, March31
April 3 0 . . .
M a y 31.
J u n e 30
;
July30
"Augusts!
S e p t e m h e r 30
O c t o h e r 31
193, 963. 783
198,112,,766
201, 672, 372
205, 788, 822
209, 052, 567
211,483,970
211, 528; 891
213, 212, 448
213, 043, 796
214,175, 532
4,877, 039.10
4, 700,182. 85^
4, 779,858. 28
4,171,926. 35
3, 248,351. 93
3,982. 472.43
5, 092,355.94
5, 024,420.16
4, 910,872. 64
4. 721,996.19
26,323, 524. 61
26,482, 472. 31
26, 601, 613.74
26, 891, 076. .57
27, 064, 742. 87
20, 977, 493.79
26.691, 105. J 4
26,148, 531.34
24.984, 219.17
24,468, 135.17
225,164,346.71
229,295,415.10
233,053, 844. 02
236,851,824.92
239,365,661.80
242, 443, 936.22
243,312,352.68
244, 385, 399. 50
242, 938, 887.81
243, 305,663.36
1883—July 3 1 .
A u g u s t 31
September 29.
October 3 1 . . . .
November 30..
December 3 1 . .
$113, 057, 052
114,-320,197
114,587,372
116. 036,450
117, 768, 966
119,449,385
1 8 8 4 — J a n u a r y 31
^February 2 9 . . .
M a r c h 31
A p r i l 30.
M a y 31
J u n e 30
J u l y 31
A u g u s t 30
September 30.
O c t o b e r 31
Novemher 29..
. Decemher 3 1 . .
1885—January 3 1 . . . F e b r u a r y 28
'March31
:
April30.................
May29...
J u n e 30.
July 31..
August 30... i.:
S e p t e m h e r 30 . ^
October 3 1 . . . .
.....
November 30...
....
f
D e c e m b e r 31 .
..
XCIV
REPORT OF T H E SECRETARY OF T H E TREASURY.
T A B L E - K . — S T A T E M E N T SHOWING T H E •AMOUNT OF S I L V E R O F F E R E D FOR SALE TO
THE U N I T E D STATES EACH M O N T H I N L O T S OF T E N THOUSAND OUNCES AND
O V E R , THE AVERAGE P R I C E OF O F F E R S , -THE AMOUNT PURCHASED B Y THE D E PARTMENT EACH MONTH, AND THIS A V E R A G E P R I C E OF T H E SAME F O R THE
FISCAL YEAR ENDED J U N E 30, 1887, AND ALSO F O R THE F O U R MONTHS ENDED
OCTOBER 31, 1887.
.
,
Months.
1886.
July
August
Septemher
October
November
December
Araount
offered.'
A v e r a g e ask- A m o u n t p u r - A v e r a g e p u r c h a s i n g price.
i n g j)rice.
chased.
Ounces.
2, 080, 000
3, Oil, 000
2, 812, 000
3, 050, 000
3, 527, 500
3,400, 000
Dollars.
0. 96.8224
0. 92. 8168
0. 95. 8756
0. 98.3918
L 01. 5073
1. 00.7377
Ounces.
1, 510,000
2, 265, 000
2,119,000
2, 355, 000
2, 492, .500
2, 600, 000
Dollars.
0. 96. 3467
0.92.3150
0. 95.4325
0. 98.1967
1.01.2294
L 00.3600
2, 902, 500
3, 609, 500
3, 688, 500
3, 403, 000
2, 336, 000
2,159, 000
1.02.7321
L 02.7161
1. 00. 0558
0. 96. 5014
0. 95. 6384
0.96.1125
2, 039, 500
3,976,500
1, 942, 000
3,905,000
1, 87'6, 000
1, 760, 000
L 02.4813
1. 02. 2563
0. 99.8188
0. 95. 6917
0.95.3167
0. 95. 8417
35, 979, 000
0. 98. 3257
•24,846,500
0. 97. 9406
1887.
January
February
March
April
May
June
'.
»..
Total and average
> 1887:
July
August
September
October
Total and average.
2,425,000
3, 235, 000
3, 040, OOO
3, 244, 000
11,944,000
0. 96.3927
0. 97. 0233
0. 97. 2594
0. 96.4344
6.7775
3,885,000
2,270, 000
2, 214, 000
2, 2S6, 000
0.
0.
0.
0.
8, 654, 000
0. 96.5329
96.1000
96.7833
96. 9189
96.3292
T A B L E L . — S T A T E M E N T SHOWING T H E A N N U A L A P P R O P R I A T I O N S MADE B Y CONGRESS: F O R E A C H F I S C A L Y E A R F R O M 1&80 TO 1888, IXVCLUSIVE.
3d s e s s i o n
2d s e s s i o n
1st session
2d s e s s i o n
2d s e s s i o n
45th Congress
3d session
1st session
a n d 1st s e s s i o n 4 6 t h C o n g r e s s , 4 6 t h Cong«?es3. 47th C o n g r e s s . 4 7 t h C o n g r e s s . 4 8 t h C o n g r e s s . 48th-; Congress,
Fiscal year
46th Congress.
Fiscal year
F i s c a l y e a r •"
Fiscal year
Fiscal year
F i s c a l year"'
1886.
1885.
Fiscal vear
1882.
1884.
1883.
1881.
1880.
T o s u p p l y deficiencies f o r
t h e s e r v i c e of t h e v a r i o u s
b r a n c h e s of t h e G o v e r n ment
F o r legislative, executive,
a n d j u d i c i a l e x p e n s e s of ,
the (jovernment
For sundry civil expenses
of t h e G o v e r n Ul e n t
.!
F o r s u p p o r t of t h e A r m y . . .
F o r t h e naval service .
F o r t h e I n d i a n service
For rivers and harhors . . . .
F o r f o r t s a n d fortifications.
F o r s u p p o r t of M i l i t a r y
Academy
F o r s e r v i c e of Post-Office
Department.....
F o r invalid and other pensions, i n c l u d i n g deficien.
cies
.•
F o r corisular a n d d i p l o m a t i c
service
.".....
F o r s e r v i c e of A g r i c u l t u r a l Department...
....
F o r e x p e n s e s of t h e D i s t r i c t of C o l u m b i a .
F o r miscellaneous.
Totals.:
$4,633,824.55
$6,118, 085.10
16,136,230.31
19,724, 868. 56
26, 797, 300. 00
14,028,468.95
4, 713, 478. 58
9, 577, 494. 61
275,000. 00
$2,832,680.04
$4,385,836.10
13,332,717.30
$13,572,882.61
$137, 000. 0,0
20,322,907. 65
20,763,842.55
21, 556,901.65
21,495,660.70
20,809,78L46
20,772, 720. 67
25,425,479.45
27, 032, 099.18
34,903,558.98
5,219,603.91
18, 988, 875.00
375, 000. 00
23,713,404.22
24,681,2.50.00
15,9.54,247.23
5, 388, 655.91
25, 961,904.19
22,346,749.74
24,014,052.50
24,454,450.00
18,931,856.12 t21,280, 766.-93
5,773,328.56
5.903,151.26
14; 948,800.00
700, 000.00
725,000.00
22, 650, 658.49
23,753,057.21
16,489, 556.72
5, 561, 262.84
14, 464, 900.00
59, 876.09
22, 369, 840.96
23, 724, 718. 69
25,786, 847.79
5,234,397.66
$5,110, 862.39
$9, 853, 869. 30
16,532,008.93
17,797,397.61
22, 503, 508.23
26,425, 800.00
14, 405,797.70
4, 657,262. 72
8,976,500.00
550, 000. 00
22, Oil, 222.87
26, 687, 800. 00
14,566,037.55
4, 587, 806. 80
11,451,800. 00
575, 000. 00
070," bob! 66
318,657.50
309, 902.14
297, 805.00
419; 936.93
319, 547. 33
316,234.28
322,435.37
335i 557. 04^
3,883,420.00
2,152,258.00
1, 902,177% GO
50,233,200.00
41,644, 000. 00
68,282,306.08
116, 000,000. 00
§86,575,0:0.00
1120,810,000.00
60,000,000.00
. 76,075, 200.00
83,152,500.00
1, 097,735.00
1,180, 335.00
1,191,435.-00
1,256, 655.00
1,290,255.00
1,225,140.00
1,242,925.00
1, 364, 005.00
1,429,942.44
335, 500.00
• 427,280.00
405,640.00
480,190.00
.580,790.00
654, 713.00
1, 028, 730. 00
2, 995,123.77
3,425,257.35
4, 950,^332.01
3, 370, 571.44
1,128, 006.15
3,496,060. 47
- 5,888,993.69
3, 594, 255. 54
3, 505,494.97
1,806,438.75 . 7, 800, 003.-86
3,622,683.20
2,268, 383.15
3,721,050.90
10; 184, 570.90
4,284, 590.00
4, 694, 635.-3.3
162,404,647.76
155, 830, 841. 32
179,578,999.86
251,428,317.57
137,451,397.77
170, 608,113.60
209, 659, 382.91
193,035,861.13
253, 300.00
*
Indefiriite.
187,911,566.17
314, 563.50
Indefinite.
Indefinite.
Indefinite.
"^
a
O
Pi
5,872,376.10
* N o t i n c l u d i n g $6,150,061.98 a p p r o p r i a t e d for t h e n a v a l s e r v i c e for s i x m o n t h s
e n d i n g J u n e ,30, 1885.
t F o r s i x m o n t h s e n d i n g D e c e m h e r 31,1884.
2d s e s s i o n
1 s t session
49th C o n g r e s s . 4 9 t h C o n g r e s s .
Fiscal year
Fiscal vear
. 1887. .,
Indefinite.
I—I-
O
Ul
O
00
I I n c l u d e s $6,150,061.'98 for s i x m o n t h s e n d i n g J u n e 30,1885. ,
' § A n d r e a p p r o p r i a t i o n of u n e x p e n d e d h a l a n c e s , e s t i m a t e d a t $38,000,000.
II A n d r e a p p r o p r i a t i o n of u n e x p e n d e d h a l a n c e s , e s t i m a t e d a t $66,000,000.
X
a
<
XCVI,
EEPORT OE THE SECRETARY OF THE TREASURY.
T A B L E M.—STATEMENT, OF R E C E I P T S OF THE U N I T E D STATES FKOM M A R C H 4,
1789,
30) FROM
H
CJ
H
B a l a n c e in
the Treasmy at
commencem e n t of y e a r .
1791
1792
3793
1794
1795
3796
1797
3798
1799
1800
1801
1802
1803
1804
3805
1800
3 807
1808
1809
1810
1811
1812
1813
38L4
1815
1816
1817
3818
3819
1820
18i'l
1822
1823
1824
3825
3826
3827
1828
1829
1830
3831
1832
1833
1834
1835
3836
3837
3838
3839
1840
1841
1842
Customs.
Internalrevenue.
Direct tax.
$4, 399, 473.09
$973,905.75
3,443, 070. 85 '"'"$208,'942.'81
783, 444. 5 1 '
4, 255, 806. 56
337 70.5.70
4,803,065.28
7.53,061.69
274, 089.62
5 588 463 '-'6
337 755 36
1,151, 914.17
5]C), 442.61
6, 567, 987.94
475,289.60
888' 995.42
7 549 649 65
575,491.45
1,021^899.04
7,106, 061. 93
644, 357.95
017,451.43
779,136.44
6!610!449.31
2,161, 867.77
. 9, OPO, 932. 73
809. 396.55
$734,'233.97
2,623,311.99
10, 750, 778.93
1, 048. 033.43
534,343.38
3,295,391.00
12, 438, 235,74
621, 898.89
206, ,565.44
5, 0_0, 697.64
10,479,417.61
215, 179. 69
71,879.20
4,825,811.60
11,098,565.83
50,941.29
50,198.44
4, 037, 005. 26
12,936,487.04
21,747.15
21, 882.91
3, 999, 388.99
14,667,61)8.17
20,101.45
55, 763.86
4, .538, 123\80
15,845.521.61
13. 051.40
34, 732. 56
9,643,850.07
16, 363, 550. 58
19, 159.21
8,190.23
9, 941. 809.96
7, 257, 500.62
4. 034. 29
7,517.31
3, 848 056.78
8, 583, 309, 31
7, 430.63
32, 448.68
2, 670, 276. 57
13,313,222.73
2, 295.95
7, 666.66
3, 502, 305.80
8, 958.777.53
4, 903.06
859,22
3,802,217.41
13. 224, 023. 25
4, 755.04
3, 805.52
5, 196,542.00
5. 998, 772. OS
1, 662. 984.82 2, 219 497. 36
1, 727, 848.63
7, 282, 942.22
4, 678. 0:)9. 07 2.162,673.41
13,106,502.88
30, 306, 874. 88
5,124, 708.31 4, 253, 635.09
22, 033, .519.19
26,283,348.19
2,678,100.77 1, 824,187.04
14, 980, 465,48
17,176,385.00
955,270.20
264, 333. 36
1,478,526.74
20, 283, 608.76
229, 593.63
83, 650.78
2, 079, 992.38
15, 005, 612.15
106, 2( 0.53
31,586.82
1,198,461.21
13, 004,447.15
69, 027. 63
29, 349.05
3,681,592.24
17,: 89,761.94
67, 665.71
20,961.56
4,237,427.55
19. 088, 433.44
34, 242.17
10,337.71
9,463, 922.81
17, 878, 325.71
.34,663.37
6,201.96
3,946,597.13
20, 098, 713.45
25, 771. 35
2, 330. 85
5,201,650.43
23,341,33L77
6, 638.76
21, ,589.93
6,358,086. 18
19, 712. 283.29
19,885,68'
2, 626.90
6,668,286.30
23, 205, 523.64
17,45L54
2, 218.8t
5. 972, 435.81
22,681,965.91
14, 502.74
11, 335.05
5, 755, 704.79
21, 922, 391. 39
12,160.62
"16, 980. 59
6. 014. 539.75
24, 224, 441.77
6, 933. 51
10,506.01
4,502,914,45
28,465, 237. 24
13,610.65
6,791.13
2, Oil, 777. 55
29, 032, 508.91
2, 759.00
394.12
11,702,905.31
10, 214, 957.15
4,396.09
39.80
8, 892, 858.42
19, 391, 310. .59
10, 459.48
4, 263.33
20, 749, 803.96
23,409, 940. 53
370. 00
728.79
46, 708, 436.00
11,169, 290.39
5,493,84
. 1, 687.70
37, 327,252.09
16,158, 800.36
2,407.27
755.'22'
2, 553.32
36,891,196.94 . 23, 137, 924.81
33,157,503.68
13,499, 502.17
3,682.25
14,487, 216.74
3,261.36
29, 963,163.46
• 495.00
28, 685, 111. 08
18,187,008.76
103.25
30, 521, 979.44
1843"-^'
7, 046, 843.91
39,180,284.74
26,183, 570.94
1,777.34
1844
36, 742, 829.62
1845
27 528 112 70
" 3, 517.12
36, 394, 274.81
2, 897. 26
26, 712, 667.87
1846
38,261,959.65
375.00
23, 747,864.66
3847
33,079.276.43
375.00
31 757 070 96
1848
29,416,612.45
3849
28! 346! 738.82
32,827, 082.69
39, 6G8, 686.42
1850
35,871, 7.53.31
49 017 567 92
1851
40,158, 353.25
1852
47, 339, 326.62
43, 338, 800, 02
58, 931, 865.52
1853
50,261, 901.09
64, 224,190.27
1854
48, 591, 073.41
53, 025. 794. 21
1855
64, 022, 863. 50
47, 777, 672.13
1856
63,875. 905.05
49,108,229.80
1857
[^
41 789, 620.96
46, 802, 855.00
18ri8
35,113,
334.22
1859
49, 565, 824.38
33,193,248.60
1860
53,187, 531.87
32, 979, 530. 78
1861
39, 582,125. 64
30 963 857.83
'i,'795,*33i.'73"
49, 056, 397.62
1862
46,965,304.87
69,059,642.40 "'37,'646.'787."95' 1,485,103.61
1863
1864
36, 523, 046.13
102,316,152.99 109,741,134.10
475, 648.96
1865 134,433,738.44
84,928, 260.60 209,464,215.25 1, 200, 573.03
Public lands.
$4,'836.'is'
83, 540.60
11, 963.11
443.'75"
167, 726.06
188, 628.02
165, 675.69
487, 526.79
540,193.80
765, 245.73
466,163. 27
647, 939. 00
442, 252. 33
696, 548.82
1, 040, 237. 53
710,427.78
835,655.14
1,135,971.09
1,287,959.28
1,717,985.03
1,991,226.06
2, 606. .564.77
3, 274, 422.78
1,635,871.61
1,212,966.46
1, 803,581. 54
916,523.30
984,418. 35
1. 5*16. 090.56
1, 393. 785.09
1, 495. 845.26
3,018,308.75
1,517,175.13
2, 329, 356.14
3,210,815.48
2,623,381.03
3, 967. 682. 55
4, 857, 600.69
14, 7.57, 600.75
24, 877,179.86'
6, 776, 236.52
3, 730. 945.66
7,361,576.40
3,41L818.63
3, 365, 627.42
1 335 797.52
'898! 358. 38
2,059,939.80
2, 077, 022.30
2,094,452.48
2,408 355,20
3! 328. 642. 56
1.688 9'9.55
1, 859,894.25
2. 352, 305. 30
2, 043, 239.58
1, 667, 084. 99
8, 470, 798.39
13,497,049.07
8,937,644,93
3,829. 486.64
3, 513. 715.87
1, 756, 687. 30
1,778, .557.71
870, 658. 54
352,203.77
167,617.37
588, 333. 29
996, 553.31
Miscellaneous.
$10,478.10
9,918,05
21,430:88
. 53,277.97
28, 317. 97
1,169,415.98
399,139.29
58! 192! 8 .
86, 187.56
152,712.10
345,649.15
1, 500, 505.86
131, 945.44
139, 075. 53
40, 382. 30
51.121.86
38. 550.42
21.822.85
62, 162. 57
84, 476. 84
.59,211.22
126,165.17
271,.57L00
164, 399. 81
285, 282. 84
273, 782. 35
109, 761.08
57, 617.7 c
57, 098.42
61. 338.44
152, 589.43
452,957.19
141,329.84
327, 603. 60
130, 451.81
94, 588, 66
1,315,722,83
65,126,49
112, 648, 55
7.3, 227.77
584,124,05
270.4)0.61
470. 096.67
480,812.32
759, 972.13
2, 245, 902. 23
7,001,444.59
6,410,348.45
979, 939.86
2,567.112.28
1, 004, 0f>4.75
451 995 97
285, 895.92
1,075,419.70
861 453 CR
289 950 13
220, 808. 30
612, 610.69
685* 379.13
2, 064! 308.21
1,185,166. 11
464, 249.40
988, 081.17
1,105! 352.74
827! 731.40
3,116,390.81
1, 259, 920,88
1,352,029,13
1,454.596.24
1, 088, 530.25
1,023,515.31
915,327.97
3,743,794.38
30,291,701.80
25,443,556.00
^ For the half-year from Jan
RECEIPTS,
TO J U N E 30, 1887,
THAT TIME.
Dividends.
1789 TO 1887.
BY CALENDAR YEARS TO 1843
Net ordinary
Interest,
receipts.
$4, 409, 951.
$8, 028. 00 3, 669, 960.
38, 500. 00 4, 652; 923.
303, 472. 00 5, 431, 904.
160. 000. 00 6,114, 534,
160, 000. 00 8, 377, 529.
80,960.00 8. 688, 780.
79, 920. 00
900, 495.
71, 040. 00
546, 813,
71,040.00
848, 749.
88, 800. 00
935, 330,
39, 960. 00
995, 793,
064, 097.
826, 307.
560, 693.
559, 931.
398, 019.
060, 661.
773, 473.
384, 214.
422, 634,
801, 132.
340, 409.
181, 625.
696, 916.
676, 985.
202, 426. 30
099; 049.
525, 000. 00
585, 171.
675, odo.00
603, .374.
1, 000, 000 00
840, 669,
105, 000. 00
573, 379.
297, 500. 00
232, 427.
350, 000. 00
540,. 666.
350, 000. 00
.381, 212.
367, 500. 00
840, 8.58.
402, 500. 00
2i0; 434.
420, 000. 00
966,
455, 000. 00
763.
490,
827,
490, 000. 00
844,
490, 000. 00
526,
490, 000. 00
867,
000.
00
474,
948.
234, 985. 00
791,
349.
50
506,
430,
292, 480. 82
826,
674. 67
954,
302,
482,
AND BY FISCAL YEARIS (ENDED J U N E
1
Premiums.
Eeceipts
from l o a n s a n d G r o s s r e c e i p t s ,
Treasury
notes.
$361, 391. 34
5,102,498.45
1, 797, 272. 01
4, 007, 950. 78
3, 396, 424. 00
320, 000. 00
70, 000. 00
200, 000. 00
5, 000, 000. 00
1, 565, 229.24
800. 00
42. 800. 00
78, 675. 00
10, 125." 66
2, 750, 000. 00
300.00
85.79
541.74
66.5.16
819.14
412. 62
$32,107. 64
686. 09
40, 000. 00
12,837, 900. 00
26,184, 135.00
23, 377, 826. 00
35, 220, 671.4,0
9, 425, 084. 91
466, 723.45
8, 353. 00
2, 291 00
3. 000, 824.13
5, 000, 324. 00
5, 000, 000. 00
5, 000, 000. 00
71, 700. 83
666. 60
2, 992, 989.15
12,716,820.86
3, 857, 276. 21
.5, 589, 547. 51
13,659,317.38
14, 808, 735. 64
12, 479, 708. 36
1, 877,181. 35
28, 872, 399.45
21, 256, 700.00
28, 588, 750. 00
4,04.5, 950. 00
203, 400. 00
46, 300.00
16, 350. 00
22. 50,
2, 001.67
800. 00
200. 00
900. 00
23, 717, 300. 00
28, 287, .500. 00
709, 357. 72
20, 776, 800 00
10, 008. 00
41, 861, 709. 74
33, 630. 90
68, 400. 00 529, 692, 460. 50
602, 345. 44 776, 682, 361. 57
21,174,101.01 128, 873, 945.36
11, 683, 446. 89| 472, 224, 740.85
28, 365. 93
37, 080. 00
487, 065. 48
10, 550. 00
4, 264. 92
u a r y 1 t o J u n e 30, 1843.
6209 FI 8-7-
-VII
XCVII
t, 771, 342.
!, 772,'458.
1,450,1195.
>, 439,1855.
515, 758.
740, 329.
758, 780.
179, 170.
12, 546, 813.
12! 413,978.
12, 945,j455.
14, 995,{793.
11, 064,097.
11, 826,307.
13, 560,693.
15, 559,1931.
16, 398,1019.
17, 060,1661.
7, 773,1473.
12, 134,121.4.
3.4, 422,1634.
22, 639,032.
40, 524,844.
•34, 559^53650, 961, 2.37,
57,
421
33,
592,
21,
936.
24,
665.
20, 881,1493.
19, 573, .703.
20-, 232,1427.
20, 540,;666.
24, 381, 212.
26, 840, '858.
2.5, 260, ^34.
22, 966, 363.
24, 763, 629.
24, 827, 627.
24, 844,116.
28, 526, 820,
31, 867, 450,
33, 948, ^26.
21, 971, 035,
35, 430, 087,
50, 826, 796.
27, 947,142.
39, 019, 382,
35, 340, 025.
25, 069. 662,
30, 519, 477,
34, 784, 932,
20, 782, 410.
31, 198,555.
29, 970, i05.
29. 099, ^)67,
55, 368,168,
56, 992. 479,
59, 796, $92.
47, 649, .388.
•52, 762, 704.
49, 893, l l 5 .
61, 603, 404.
73, 802, ^43.
65, 351, 374.
74, 056, ^99.
68, 969,212.
70, 372, ^65.
81, 773, 965.
76, 841, 407.
83, 371,(340.
581, 680, 121.
889, 379, 652.
, .393, 461,017.
, 805, 939, §45,
Unavailable.
$1, 889. 50
63, 288. 35
i,'458.'782! 93,
37,469. 25
'"'ii,'i88.'66
28, 251. 90
'36! 000." 66
103, 301. 37
15,408.34
11,110.81
6, 000. 01
9, 210. 40
6, 095.11
XCVIII
REPORT OF THE SECRETARY OF THE TREASURY.
T A B L E M . — S T A T E M E N T OF THE .RECEIPTS OF THE U N I T E D
^^
B a l a n c e in
t h e T r e a s u r y at
commencem e n t of y e a r .
1866 $33, 933, 6.57. 89
1867 160, 817, 099. 73
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
3878
1879
1880
1881
1882
1883
1884
1885
1886
1887
198, 076,537. 09
158, 936, 082. 87
183; 781, 985. 76
177, 604,116. 51
138,019,122., 3 5
134, 666, 001. 85
159, 293, 673. 41
178, 833, 339. 54
172,804,061.32
349, 909, 377.21
214, 887, 645. 88
286, 591', 453. 88
386, 832, 588. 65
231, 940, 064.44
280, 607, 668.37
275, 450, 903. 53
374,189,081.98
424, 941, 403. 07
521, 794, 026. 26
526, 848, 755. 46
Customs.
Internalrevenue.
$179,046, 6.51. .58
176, 417, 810. 88
164,464,509.56
380,048,426.63
394, 538, 374. 44
206, 270, 403. 05
216, 370, 286. 77
388, 08.9, 522. 70
103,103, 833. 69
157,167, 722. 35
348, 071, 984. 61
130, 956, 493. 07
130,170, 680. 20
137, 250, 047. 70
186, 522, 064. 60
198,159, 676. 02
''220, 410, 730. 25
214,706,496.93
195, 067, 489. 76
181,471,939.34
192, 90.5, 023. 44
217, 286, 893.13 .
5, 858, 971, 675. 27
Direct tax.
$309, 226, 813. 42 $1, 974, 754.12
266, 027, 537.43 4, 200, 233. 70
P u b l i c lands. Mivscellaneous.
$665, 031. 03 $29 036,314.23
3,163,575.76 35. 037, 522.15
191, 087, 589. 41 1, 788,145, 85
1,348,715.41
158, 356,460. 86
765, 685. 61
4, 020, 344. 34
184,899,756.49
229,102. 88
3, 350, 481. 76
143, 098,153. 63
580, 355. 37
2, 388, 646. 68
330,642.377.72
2, 575, 714. 39
313, 729, ,314.14 ' " s i 5," 254.'si' 2, 882, 332. 38
302,409,784,90
1, 852, 428. 93
330, 007, 493. 58
1, 433, 640. 17
116, 700, 732. 03 ""93,-798."so' 1,129, 466. 95
118,630,407.83
976, 253. 68
110, 581, 024. 74
1, 079, 743. 37
113, 561, 610. 58
924, 781. 66
3 24, 009, .373. 92
30.85
1, 016, 506. 60
135, 264, 385. 51
1,516.89
2, 201, 863.17
146, 497, 595. 45
360,141. 69
4, 753,140. .37
144, 720, 368. 98
108,156.60 . 7, 955, 864. 42
121, 586, 072. 53
70, 720. 75
9, 810, 705. 01
112, 498, 725. 54
5, 705, 986. 44
116,80.5,936.48
108, 239. 94
5, 630, 999. 34
118, 823, 39L 22
32, 892. 05
9, 254, 286.42
, 17, 745, 403. 59
13, 997, 338. 65
12, 942,118. 30
22, 093, 541. 21
15,306,051.23
17,161, 270. 05
32, 575, 043. 32
15,431,915.31
24, 070, 602. 31
30, 437, 487. 42
15, 614, 728. 09
20, 585, 697. 49
21, 978, 525. 01
2.5,154, 850. 98
31, 703, 642. 52
30, 796, 695. 02
21, 984, 881. 89
24, 014, 055. 06
20, 989, 527. 86
26, 005, 814. 84
3, 568, 289, 456.46 28,130, 424. 50 250, 877,164. 58 594, 077, 828.19
•* Amount heretofore credited to the Treasurer as
XCIX
STATES FROM MARCH 4, 1789, TO J U N E 30, 1837, E T C . ^ C o n t i u u e d .
cd'
Dividends.
IN'et^ordinary
receipts.
Interest.
Premiums.
3866
1867
$519,949,564.38
462,846,679.92
$38,083,055.68
27,787,330.35
1868
1869
1870
1871
1872
1873
f874
3875
3876
1877
3878
3879
1880
1881
1882
3883
3884
3885
3886
1887
376,434,453.82
357,388,256.09
395,959,833.87
374,431,104.94
364,694,229.91
322,177,673.78
299,941,090.84
284,020,771.41
290,066.584.70
281,000,642.00
257,446.776.40
272,322;i36.83
333,526,500,98
360,782,292.57
403,525,250.28
398,287,581.95
348,519,869.92
323,690,706.38
336,439,727.06
371,403,277.66
29,203,629.50
13,755,491.12
15,295,043.76
8,892,839.95
9,412.637.65
11,560,530.89
5,037,66.5.22
3,979,279.69
4,029,280.58
405,776.58
317,102.30
L 505,047.63
110.00
.
.i..
•
'
Keceipts
from l o a n s a n d
Gross receipts.
Treasury
notes.
tTn avails
able.
$712,851,553.05 $1,270,884,17.3.11 $172,094 29
640,426,910.29 1,131,060,920.56 721, 827. 93
2, 675, 918.19
625,111,433.20 1,0.30,749,516.52
609,621,828.27
238,678,081.06
*2, 070. 73
285,474,496.00 ' 696,729,973.63
652,092.468.36
268,768,523.47
*3, 396.18
679,153,921.56 *18, 228.35
305,047,054.00
548,669,221.67
214,931,017.00
*3,047.80
744,251,291.52
439,272,535.46
12, 691, 40
387,971,556.00 '675,971,607.10
691,55 i, 673.28
397,455,808:00
630,278,167.58
348,871,749.00
662,345.079.70
404,581,201,00
792,807,643.00 1,066,634.827.46
. 211,814,10.3.00
545,340;713.98
113.750,534.00
474,532,826.57
120,945,724.00
524,470,974.28
555,942,564.00
954 230 145 95
• 206,877,886.00 . 555,397,7.55.92 • *1, 500. 00
568,887,009.38 . 47,097.65
245,196,303.00
452,754,577.06
116,314,8.'^0,00
525,844,177.66
154,440,900.00
7 997. 64
$9,720,136.29 10,310,066,685.29 $485, 224. 45 204,259,220.83 12,110,762,468.84 22,625,573,599.41 2, 715,461. 82
unavailable, and since recovered and charged to his account.
C
EEPORT OF THE SECRETARY OF THE TREASURY.
T A B L E N . — S T A T E M E N T OF E X P E N D I T U R E S OF T H E U N I T E D STATES I-^ROM MARC31 4,
J U N E 30) FROM
War,
Year.
1791
1792
1793
1794
1795
1796..
1797
1798
1799
1800
1
1801
1802
,
1803.
1804
1805
1P06
1807
1808
1809
18101811 . .
1812....
1813
1814
1815...
1816..
1817
1818
1819
18'0
1821
1822
1823
1824
1825
1826
1827
1,S28
1829
1830
1831
1832
1833 ...
1834
1835
1836
1837
1838
1839
1840 ...:
1841
1842
1843*...
1844
1845
1846
1847
1848
1849
18.50
3851
1852
1853
1854
1855
1856
1857
1858
18.59..'.
1860
1861.
1862 .
1863.......
1864
.
."
,.
:
$632, 804, 03
1,100, 702. 09
1,130, 249. 08
2, 639, 097. 59
2,480,910.13
1, 260, 263. 84
1, 039, 402,46
2, 009, 522. 30
2, 466, 946. 98
2, 560, 878. 77
1, 672, 944. 08
1,179.148. 25
822; 055. 85
875, 423. 93
712, 781. 28
1, 224, 355. 38
1, 288, 085. 91
2, 90O, 834. 40
3, 345, 772.17
2,294,323.94
2, 032, 828.19
11, 817, 798. 24
19, 6.52, 013. 02
20, 350, 806. 86
14, 794, 294. 22
16, 012, 096. 80
8,004,236.53
5, 622. 715.10
6, 506, 300. 37
2, 630, 392. 31
4, 461, 291, 78
3,111, 981, 48
3, 096, 924. 43
3, 340, 939, 85
3,659,914.18
3, 943,194. 37
3, 948, 977, 88
4,145.544.56
4,724,291.07
4,767,128.88
4, 841, 835. 55
5, 446, 0,34. 88
6,704,019.10
5, 696, 189. 38
5,759,1.56.89
11, 747, 345. 25
13, 682, 730. 80
12,897,224.16
8, 916, 995. 80
7, 095, 267. 23
8, 801, 610. 24
6,610,438.02
• 2, 908, 671. 95
5.218,183.66
5; 746, 291. 28
10. 413. 370. 58
35, 840. 030.33
27, 688, 334. 21
14, 558, 473. 26
9, 687, 024. 58
i2,161, 965.11
8, 521. 506. "i.9
9, 910, 498. 49
11,722,282.87
14, 648, 074. 07
16,963,360.51
19,159,150. 87
25, 679,121. 63
23, 354, 720, 53
16, 472, 202. 72
• 23,001,530,67
389, 173, 562, 29
<603,314,41L82
690,391,048,66
Navy,
,$61, 408, 97
' 410, 562, 03
• 274,784.04
"382,631,89
],38L347.76
2, 858. 081, 84
3, 448, 716. 03
2, 111, 424. 00
. 915, 5 6 L 8 7
1, 215, 230. 53
1,189, 832. 75
1, 597, 500. 00
1, 649, 641. 44
1, 722, 064. 47
1, 884, 067. 80
2, 427, 758. 80
1, 654. 244. 20
1, 965, 566. 39
3, 959, 365.15
6, 446, 600.10
7, 311, 290. 60
8, 660, 000. 25
3, 908, 278. 30
3, 314, 598. 49
2, 953, 695. 00
3, 847, 640. 42
4, 387, 990. 00
3, 319, 243. 06
2, 224, 458. 98
2, 503, 765. 83
2, 904. 581. 56
3, 049, 083.86
4, 218, 902.45
4, 263, 877.45
3, 918, 786.44
3,308.74.5.47
3, 239. 428. 63
3,8.56,183.07
3, 956. 370. 29
3, 901, 356. 75
3, 956, 260. 42
3, 864, 939. 06
5, 807, 718. 23
6, 646, 914. 53
6,131,580.53
6,182, 294. 2.5
6,113, 896. 89
6,001,076.97
8, 397, 242. 99
• 3, 727, 711..53
6, 498, 199.11
6, 297,177. 89
6, 45.5, 013. 92
7, 900, 635. 76
9, 408, 476. 02
9, 786, 705. 92
7, 904, 724. 66
8, 880, 581. 38
8, 918, 842.10
il, 067, 789. 53
10,790,096.32
13.327,095.11
14, 074. 834. 64
12, 651, 694. 61
14,053,264.64
14, 690. 927. 90
11,514,649.83
12, 387,156. 52
42, 640, 353.09
63, 261, 235. 31
85, 704. 963.74
ludians.
Pensions.
Miscellaneous.
$1. 0 \ D73. 61
$17.5,^813.88
$27,000.00
109, 243.15
4, 672, 664. 38
13, 648. 85
511, 451. 01
80, 087. 81
27, 282. 83
81, 399. 24
750, 3.50. 74
13, 042. 46
1,378,920.66
68, 673. 22
23, 475. 68
100, 843. 71
801, 847. 58
1.13, 563. 98
1, 259, 422. 62
62,396. 58
92, 256. 97
1,139,524.94
104, 845. 33
16, 470. 09
. 95,444.03
1.039,391.68
20, 302.19
64,130, 73
1, 337, 613. 221
3 L 22
73, 533. .37
1,114, 768. 45i
• 9, 000. 00
1, 462, 929. 40
85, 440. 39
94, 000. 00
1,842, 635. 76i
62, 902.10
60, 000. 00
• 80,092:80
2,191, 009. 43
116, 500. 00
81, 854. 59
3, 768, .598. 75
196, 500. 00
2, 890,137. 01
81, 875. .53
234, 200. 00
1, 697, 897. 51
70. 500. 00
205, 425. 00
1, 423, 285. 61
82, 576. 04
213, 575. 00
1, 215, 803. 79
87, 833.'.54
337, 503. 84
1,101,144. 98
83, 744.16
177, 625. 00
1, 367, 291. 40:
75, 043, 88
151, 875. 00
1,683,088.21
91, 402.10
277, 845. 00
7,729,43.5.61!
86. 989. 91
167, 358. .28
9.0,164. 36
2, 208, 029. 701
167, 394. 86
2, 898; 870. 471
69, 656. 06
530, 750. 00
188,8.04.15
2, 989, 741.17 i
274, 512.16
297, 374. 43
3, .518, 936. 76,
319, 463. 71
890, 719. 90
3, 835, 839. 51
505,704.27
3, 067. 21L 41
2, 415, 939. 85
463,181. 39
2, 592. 021. 94'
315, 750. 01
3, 208, 376. 31
2, 223,12L 54
242, 817. 25
.477,005,44
1, 948,199.40
1, 967. 996. 24
575, 007. 43
1, 780, 58.'^. 52
2, 02?, 093. 99
380,781.82
1, 499. 326. 59
429, 987. 90
7,3.55,308.81
724,106. 44
1,308,810.57
2, 748, 544. 89|
743, 447. 83
1, 556, 593. 83
2, 600,377. 79
750, 624. 88
9T6,138. 86
2. 713, 476. 58
705, 084, 24
850, 573. 57
3, 676, 052. 64
949, 594. 47
576, 344. 74
3. 082, 234. 651
622, 262. 47
1, 363, 297. 31
3,237,416.04!
930, 738. 04
1,370,66.5.14
3.064,640.101
1,184, 422. 40
1, 352, 419. 75
4,577,141.45!
1,802,980.93
4, 589,152. 40
5,716,245.93
1, 003, 953. 20
3, 364, 285. HO
4, 404, 728, 951
1, 9.54. 7 n . 32 4, 229, 698. .531
1, 706, 444, 48
2,
882,
797.
96
.5, 393, 279. 72
5,037,022,88
2, 672,162. 45
9, 893. 370. 27
4, 348, 036.19
2,156,057.29
7,160,
664. 76
5,504,191.34
3,142, 750. 51
5, 725, 990. 89
2, 528, 917. 28
2,
603,
562.17
5. 995, 398. 96
2, 331, 794. 86
2, 388, 434. 51
2, 514, 837.12
6, 490, 881.45
1,199, 099. 68
6, 775, 624. 61
3, 378, 931. 33
3. 202, 713. 00
839. 041.12
578, 371. 00
5, 645, 383. 86
2. 032, 008. 99
1, 256, 532. 39
2, 400, 788.13
1. 539, 351. 35
5, 911, 760. 98
1, 027, 693. 64 • 1, 811, 097. 56. 6, 711, 283. 89
1, 744, 883. 63
1,430,411.30
6, 885, 608. 35
1, 227, 496. 48
1, 252, 296. 81
5,650,853.25
L 3 2 8 , 867. 64 12,88.5,334.24
l,374i.l61.55
1, 866, 886. 02 16.043,763.36
1, 663. 591. 47
2, 293, 377. 22 37,888.902.18
2, 829, 801. 77
2,401,858.78
37,504,373.45
3, 043, 576. 04
1, 756, 306. 20 17, 463, 068. 01
3, 880, 494.12
1, .550, 339. 55 1, 232, 665. 00 26,672,144 68
1,477,612.33
24, 090. 42.5. 43
2, 772, 990, 78
2, 644, 263, 97 - L296, 229. 65 31,794,038.87
4, 3.54, 418 87 1, 310, 380. 58 28, 565, 498. 77
4, 978, 266. 18 1, 219, 768. 30 26, 400, 016. 42
1, 222. 222. 71 23.797,544.40
3, 490, 534. 53
1,100. 802. 32 27. 977, .-*/8. 30
2,991,12L54
1, 0.34, 599. 73 23,327,287.69
2, 865, 481,17
852,170.47
2, 327, 948, 37
21,385.862.59
3,078,513.36 1 23,198,382.37
3,152, 032, 70
2, 629, 975, 97 4, 985, 473. 90 27, 572, 216. 87
* For the half year from Jan
EXnPlKDlTtlRESy 1789 TO 1887.
1789,
TO J U N E 30, 1887,
CI
B Y GALENDAR Y E A R S tc> 1843 AND B Y F I S C A L Y E A R S ( E N D E D
T H A T - TIME..
Year.
1791
1792
1793
1794
17&5
179^6
17c>7
1798
1799
1800
1^01
1802
3803
1804
1805
180^
1807
1808
380^
3810
1811
1812
3 813
1814
1815
38r6
1817
1818.
3819
1820
3821
3822
,1823
•3824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843'
1844
1845
1846
1847
1848
3849
1850
1851
1852
1853
1854
1855
1856
• 1857
1858
1859
1860
3861
1862
1863
1864
N e t o r d i n a r y expenditures.
Premiuins.'
$3,919, •589.52,,
5, 896, 258;47|
1, 749, 9'76.7'3
3, 545, 299.^0
4, 362, 54L72
2,551, 303.15
2,836, 110.521
4, 651, 710,42
6, 480, 166.72
7,411, 369.97
4,981, 669.90
• 3,737, 079.91!
4, 002, 824. 24
4, 4.52, 858.01
6,357, 234.02
6; 080, 209.36
4, 984, ^72.89|
6, 504, 338. 85
7,414, 672.14
5,311, 082.28
5, 592, 604.86
17,829, •498.70
28, 082, 3^6.92
30,127, 086. 3'8
26, 953, 571,00
23, 3-; 3, 432. 58
35,4.54; 009. 92
13,808, 673. 78
, 16,300, 273. 44
' 13,134, 530.57
30,723, 479,07
9, 827, 643. 51
9, 784, 154.59
15, 330, 144,71
11, 490, 450.80
13, 062, 316.271
12, 653, 095.65
13, 296, 041.45
12, 641, 210.40
13, 229, 533.33
13,864, 067.90
16, 516. 388,77
11
22, 713, 7.5.5.
18, 425, 417.25
950.28
17, 514, 164. 04|
• 30,'868, 214. 24
37, 243, 718.08
33, 849, 948.73
26, 496,. 920.11
24,139, 840.29!
26, 396, 336.59
24,363, 508.60
11. 256, 108.01
20, 650, 369.61
21, 895, 459.59|
$38, 231.43
26,418,
53, 801, 569.37
45, 227, 454. 77
39, 933, 542. 61
82, 865.83
37,165, 990
, 44,054, 717. 66|
69, 733.19
40, 389, 954, 56! 170, 063.42
44, 078, 1,56.35
420,498.64
; 51,967, 528. 42 2,877,838.69
56, 316, 197. 72
872, 047.39
66, 772, 527. 64! ,385, 372.90
363, 572. 39
66, 041, 143, 70
574, 443. 08
72,330, 437.17
66, 355, 950. 07
60, 056, 754, 71
62,616, 055, 78
456, 379, 896,81
694,004, 575.56
811, 283, 676.14
u a r y I to J u n e 30, 1843.
Interest.
Public debt.
Gross expenditures.
B a l a n c e in
Treasury at
t h e e n d of
t h e year.
984.23
i$3, 797, 436.78|
905.75
8,962, 920.00
6^93,
783i 444. 51
m.:2B
rso.B
2, 0'97, 859. 37
9'77.97
2, 633,
753, 661.69
593.17
2, 743, 048;07
'2,752, 523.04
1,151, 924.17
9, 041, 240.151
516, 442.61
•2, M i , 771'. i^l
059.06
3 ^ 2 ^ ; 347.11
W, 151, 776.84
888, 995.42
% o i l , 639. 37
. 3,172, 516.731
B,3B7, 877. St
l,'6'2l '899.04.
'% 6i7, 126. t l
2,955, 875.90]
8,6^0. 618.41
976, 250.1:2
617, 451.43
2, 815, 651.41
8, 583, 396.971 2,iBi, 867. 77
3,70^, 032.09
534.12
,3,402, 60^1.04
1,TP, 578, 84
2,
623, 311.99
376.94
4,411, 830.'0'6i
•2,879, 563.11
3, 295, 39-1.00
876.'981
4,'239, 372.16
5, 294, 235.24
l l ; 952, 487.31
5,020, 697. 64 ^
3,'3t^6, 697.'07
12, 273, 983'. 67,
3,9l9, 462. .36
4,82.5, Sll.69
3,'977, 206.07
I3,:270, 113; 7'2"| 4,037. 005.26
4,18B, 048.74
4,983, 960.63
ll,:2'58, 309.4Y
3, 999, 388.99
2,'657, 114:22
'5, 572, 018; 64
12,'615, 196; 26
4, 538, 123; iBO
3,'3&8, 968.'26
2,'938, 141.6^2
i'3, 598, 292.99'
9, 64.3, 850.07
3,369, 578.48
7, '703, 288.90
15,021, 702. 04
9,94i, 809.-96
. ^,.^57, 074.23
3, 5t6, 479.;2'6
11, 292, 226; 30; 3,-848, 056.78
2, mQ, 074.90
994.49
4,
835,
16,7^^,
2,672. 276. 57
3,163, 671.09
241.12
5, 414, 564.'43
13, 867, 604.'861 •3, 502, 305. 80
2, 585, 435.'57
3, M8, 349.881
13, 3OI9, 121.15
3, 8'62, 217.,41'
2, 451, 272.57
.520.
36
7,508, 868.2'2
13. 592,
5,196, 542.00
3, 599, 455.22
3, 307, 304.'90
2'2,279, 230.32
1, 727, 848.63
4, '593, 239.04
6, 638, 832.11
39, m , 493.35| 13,106, 592.88
5, 990, 090.24
..3'8, 028, 495.51 22, 033, 519.19
7, 822,,'923.34 . 17, 048, 139.591
20, 886, 753. m,
39, 58'2, 646.04 14,"9'89, 465.48
4,536, 282.55
35,0'86, •247: .59i
48, 244, 875,40
1, 478, 526.74
6, 209; •9'54.0'3
730.56
2,492,
40,
877, 199. 73
2, 079, 992.38
19^5.73
5,211,
3, 477, 489. 96i
3.5,104, 024.851
l.,198, 461.21
5,151, 004, 32
.572.
69
073.79
3,
241,
24,
004,
019. 83
1,681, 592.24
5,126,
2, 676, 160.33
21, 763, 592.63
4,237, 427.55
5,172, 788. 79|
607, 541.01
19,090, 171.00
9,463, 922.81
• .4, 922, 475.40,
11,624, 835. 83
17, 676, 538,47
1,946, 597.13
4, 943, 557.93
.804.72
757.401
7,
728,
15,
314,
587.38
5, 201, 650.43
4, 366,
7, 065, 539.24
31,898. 39'S. 46 ' 6,3.58, 686.18
3,975, 542, 951
764.04
07L51
6, 517, 596.88
23, 585,
6, 668, 286.10
3, 486,
9, 064, 637.47|
24, 10.3, 479. 52
5, 972, 435. 81
3, 098, 800. 60
9, 860. 304.77 • 22,656, 358, 40
5, 755, 704.79
2, 542, 843.23
25, 459, 281.55
9, 443, 173.29
6,014, 539.75
1, 912, 574.93
25,044, 446:12I
14, 800, 629. 48
4, 502, 914.45
3,373, 748,74
561.
50!
747,
24,
585.
698.06
17,
067,
2,
Oil, 777.55
772,
30, 038. 298.49 11,702, 905.31
1, 239, 746. 51!
303, 796.87
152.
98!
412.21!
34,
356,
858.42
982.44
5,974,
202,
328, 20
24,257, 141. 56 2(3, 749, 803. 96
57, 863. 08
24, 601, 164.04
436.00
17, 573. 037.15 37, 327, 252.69
21, 822. 91
30, 868, 438. 35 36,891, 196.94
5, 590, 723.79
14, 996.48
37, 265, 936.15 33,157, 503.68
10,718, 153.53
. 399,'833. 89
39, 455, 533.83 29, 963, 163.46
3, 912, 015.62
174, 598. 08
37. 614, 530, 03! 28, 685, 111.08
284, 977. 55
5, 31.5, 712.19
28, 226. 876. 53 30, 521, 979.44
773,. 549.85
7, 801, 990, 09
31,797, 305,35 39,186, 284.74
523, 583. 93
338, 012.64
32, 936, 030. 85 36, 742, 829. 62
1,8.33, 452.131 11,158, 450.71
12,118, 408. 71 36,194, 274.81
1, 040, 458. 38|
7, 536. 349.49
33, 642. 282. 90l 38,261, 959.65
842, 723. 27
371; 100; 04|
30, 490, 853.74 33,079, 276,43
1,119, 214.72
5, 600, 067.65
27, 632, 143,19 29,416, 612.45
2, 390, 765,
33,036, .922.54
60, 520, 422.74 32, 827, 082.-69
3, 565, 535. 78
12, 804, 478. 54
60,655, 718.26 35, 871, 753.31
3, 782, 393.03
3, 656, 335.1
56, 386, 104.33 40,158, 353.25
3, 696, 760. 75
654, 912.71
44,604,
4,000, 297. 80
2,152; 293. 05
608.83 43, 338. 860. 02
48, 476, 061.74 50,261, 901.09
3, 665, 832.74
6. 412, 574. 01
46,
712,
3,070, 926.69
17, 556, 896'.95
170.75 48, 591, 073.41
54,577, 775, 96 47,777, 672.18
2,314, 464.9!)
6, 662, 065. 86
75,473,
1, 953, 822.37
3.614, 618.66,
341. ,57 49,108, 229.8a
66,164, 587.37 46, 802, 855.00
1, 593, 265. 23|
3,276, 606.-05
1,652 055,67
72, 726, 186. 74 35,113, 334.22
7,505, 250; 82
2,037, 649.701 14, 68,5, 043.15
71, 274, 642.92 33,193, 248.60
3,344, 120. 94
82, 062, 125. 65 32, 979, 530.78
13,854, 250. 00
83, 678, 313. 08 30, 963, 857.83
• 4,034, 157.30
18, 737, 100. col
1.3,190, 344.84
96, 097, 322.09 - 77,055, 563.74 46, 965, 304.87
85, 387, 911.25 36, 523, 046.13
24, 729, 700,62 181,081, 635. 07
565, 667, 114. 86 134,433, 738. 44
53, 685, 423, 69 430, 572, 014. 03
899, 815,
. 295, 541,
•$1,177, 863. 03
%m,
%m,
cn
EEPORT OF THE SECRETARY OF THE TREASURY.
TABLE N . — S T A T E M E N T OF T H E E X P E N D I T U R E S OP T H E U N I T E D
War.
Year.
Navy.
Indians.
Pensions.
Miscellaneous,
$1, 030, 690, 400. 06 $122, 617, 434. 07 $5, 059, 360. 71 $16, 347, 621. 34 $42, 989, 383.10
283,154, 676. 06
43, 285, 662. 00
3, 295, 729, 32 15, 605, 549. 88 40, 613,114.17
1865
1866
3, 568, 638, 312. 28 717,551,836.39
*77, 992,17
*3, 621, 780. 07
3867 ...0
1868
3869....
1S70
1871
1872
1873
1874..:
1875
1876
1877
3878
3879
3880
3 881
1882
3883
. ..
j884
'....
1885
1886
3887
Total
103,369,211,42 119, 607, 656. 01
*53, 286. 61
*9, 737. 87
3, 572, 260, 092. 35 717,629,808.56 103, 422, 498, 03
31, 034, Oil, 04 4,642, .531.77
95, 224. 415. 63
123, 246, 648 62 25, 775, 502.72,
4,100, 682, 32
78,501,990.61
20, 000, 757. 97
7, 042, 923. 06
57, 655, 675. 40
21, 780, 229. 87
3, 407, 938,15
35, 799, 991. 82
19, 431, 027. 21
7, 426, 997. 44
35, 372,157. 20
21, 249, 809. 99 7, 061, 728, 82
46,323,138.31
23, 526, 256. 79
7,951,704,88
30, 932, 587. 42
42, 313, 927. 22
6, 692, 462. 09
21, 497, 626. 27
41,120. 645. 98
8, 384, 656. 82
18, 963, 309. 82
5, 966, 558.17
38, 070, 888. 64
5, 277, 007. 22
14, 959, 935, 36
37, 082, 735. 90
17,365,301.37
32,154,147. 85
4, 629, 280. 28
15,125,126. 84
40, 425, 660. 73
5, 206,109. 08
13, 536, 984. 74 5, 945, 457. 09
38,116, 916. 22
15,686,671.66
40, 466. 460. 55
6,514,161.09
43, 570, 494.19
15, 032, 046. 26
9, 736, 747. 40
48. 911, 382. 93
15, 283,437,17
7, 362, 590. 34
17, 292, 601.-44
6,475, 999. 29
39, 429, 603, 36
16,021,079.67
42, 670, 578, 47
6, 5.52, 494. 63
34, 324,152. 74 13. 907, 887. 74
6.099,158.17
6,194, 522. 69
38, 561, 025, 85 15,141,126. 80
643, 604, 554. 33
'^718,769, 52
319, 617, 393. 88 644. 323, 323. 85
20, 936, 551. 71
51,110, 223, 72
23, 782, 386. 78
53, 009, 867. 67
28,476,621.78
56, 474, 061. 53
28, 340, 202.17
53, 237, 461. 56
34, 443, 894. 88
60, 481, 916, 23
60, 984, 757. 42
28, 533, 402. 76
73, 328,110. 06
29, 359, 426. 86
85,141,593.61
29,038,414.66
71, 070, 702. 98
29,456,216.22
73, 599, 661, 04
28, 257, 395. 69
58, 926, 532. 53
27, 963, 752. 27
27,137,019.08 , 5.3,177,703.57
.3.5,121, 482. 39
6.5,741,555.49
56, 777, 374. 44
.54, 713, 529. 76
50, 059, 279. 62 64, 416, 324. 71
61, .34.5,193. 95
57, 219, 750. 98
66, 012, 573. 64
68, 678, 022. 21
55,429, 228. 06
70, 920, 433. 70
56,102, 267, 49
87, 494, 258. 38
63,404,864.03
74,166, 929. 85
75, 029, 101. 79
85, 264, 825. 59
4, 601, 602, 730, 571, 323, 373,126. 71 236, 094, 208. 83 974, 623, 844.15 2, 023, 481, 546. 44
* Outstauding
NOTE.—This statement is made from warrants j?ai(i by the Treasurer up to June 30, 1866.
The
EXPENDITURES,
1789 TO 1887.
I
CIII
STATES FROM M A R C H 4, 1789, TO J U N E 30, 1887, ETC.—Continuedl
Y e a r . N e t o r d i n a r y ex- P r e m i u m s .
penditures.
Interest.
Puhlic deht.
Gross expenditures.
1
1865 $1, 217, 704,199. 28 $1,717, 900.11
1866
58, 476.51
385, 954, 731.43
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
B a l a n c e in
Treasury a t
t h e e n d of
the year.
$77, 395, 090. 30 . $609, 616,14L 68 $1, 906.4331 331. 37 $33,933,657.89
620, 263, 249.10 1,139, 344, 081. 95 165, 301, 654. 76
133, 067, 624. 91
5,152, 771, 550. 43 7, 611, 003. 56
*4, 481, 566. 24
502, 689, 519, 27 2,374,077,103,32 8, 037, 7491176. 38
* 100. 31
*4, 484] 555. 03
*2. 888, 48
5,157, 253,116. 67 7,611,003.56
202, 947,733. 87 30,833,349.38
229,935,088.31 7, 003,3 5L 04
190, 496, 354. 95 1, 674, 680. 05
164, 421, 507.15 15, 996, 555. 60
157, 583, 827. 58 9, 016, 794. 74
153, 201, 856.19 6. 958, 266. 76
180, 488, 636. 90 5,105,919.99
194,118, 985. 00 1, 395, 073. 55
171, 529, 848. 27
164, 857, 813. 36
144, 209, 963. 28
134, 463, 452.15
161 619 934 53
169, 090, 062. 25 2, 795, 320. 42
177,142, 897. 63 1, 061, 248. 78
186, 904. 232. 78
206, 248, 006. 29
189 547 865 85
208, 840, 678. 64
191, 902, 992. 53
220,190, 602. 72
502, 692, 407. 75 2, 374, 677, 203. 43
143,781,59191
735, 536, 980.11
340, 424, 04.5. 71
692, .549, 685. 88
130, 694, 242. 80
261,912,718,31
129, 235, 498. 00
393, 2.54, 282,33
12.5, .576, 565. 93 399, 503, 670. 65
117, 357, 839. 72
405, 007, 307. 54
104,750.688.44
233. 699, 352. 58
107,119, 81.5. 21 422, 06.5, 060. 23
303.093,544.57
407, 377, 492. 48
100, 243, 271. 23
449, 345, 272. 80
97, 324, 513. 58
323, 965, 424. 05
102, 500, 874 65
353, 676, 944. 90
105, 327, 949. 00
699, 445, 809. 36
95,757, .575.11
432, 590, 280. 41
82,508,743.18
16.5.152, 335. 05
71,077,206.79
271, 646, 299. 55
59,360,131.25
590, 083, 829. 96
54, 578, 378. 48
260, .520, 690. 50
51, 386, 256. 47
211,700, .353.43
50, .580,145. 97
20.5, 236. 709. 36
47, 741, 577. 25
271, 901, 321.15
8, 042, 233j 731. 41
1, 093, 079] 655. 27
1, 069, 889,1 970. 74
584, 777,' 996.11
702, 907* 842. 88
691,680,18.58.90
682,525,1270.21
524, 044,1597. 91
724,698,i933.99
682, 000,! 88.5. 32
714,446,1357.39
565,299,1898.91
590, 641,1271. 70
966, 393. 692. 69
700, 233.1238.19
425, 865,1222. 64
.529,627,1739.12
. 855,491,1967.50
504, 646,1934, 83
471, 987,]288. 54
447,699,847.86
539, 833,501.12
*4, 484, 555. 03
160, 817, 099. 73
198, 076, 537. 09
358, 936. 082. 87
183, 78i; 985. 76
177, 604,116. .51
138, 019,122.15
334, 666, OOL 85
159, 293, 673.41
178, 833, 339. 54
172 804,061.32
149, 909, 377. 21
214 887,645.88
286, 591, 453. 88
386, 832, 588. 65
231, 940, 064. 44
280, 607, 668. 37
275, 450, 903. 53
374 389,081.98
424, 941, 403. 07
521, 794, 026. 26
526, 848,755.46
512, 851, 434. 36
8, 956, 975, 456. 70 69, 429, 363, 87 2, 522, 712, 859. 00 10, 560, 889, 023. 66 22,110,006,703.23
warrants.
|
outstandihg warrants are then added, and the stateinent is by warrants issued frpm that date.
1
I
CIV
REPORT OF T H E SECRETARY OF T H E TREASUKY.
T A B L E O.—STATEMENT OF THE N E T RECEirTS ( B Y WAIRRANTS) DURING T H E FISCAL,
YEAR ENDED J U N E 30, 1887.
Quarter
Quarter
Quarter
Quarter
ended
ended
ended
ended
Septemher.30,388*6
"December 31,1886
March 3L 1887
June 30,1887
Quarter
Quarter
Quarter
Quarter
s
ended
ended
ended
ended
September 30,1886
i)ecemher 31,1886
March 31.1887
June 30,1'887
Quarter
Quarter
Quarter
Quarter
ended
ended
ended
ended
Septem her 30,1886
Deceinber 31,3886
March 31, 1887
J une 30,1887
CUSTOMS.
'.
'$59,177, 586.50
48,176, 846. 55
57,200,270.26
52,732,189.^82
^ . — _ $217, 286,893.13^
INTERNAL REVENtJE.
28. '930, 043. 94
28,604,344.51
26,422,'825. 02
34, 866,177. 95
—-- — 118,823,39L22!
SlLES OF PUBLIC LANDS.
:
1, 827, 78L'46
2, 595, 030.32
2,187,144. 91
2, 644,329.73
—^.
TAX ON CIRCULATION OF NATIONAL BANKS.
Quarter ended September 30,1886
Quartei" ended December 31,1886
Quarter ended March -31,1S87
Quarter ended June 30,1887
Qu'arter
Quarter
Qaarter
Quarter
Quarter
Qaarter
Quarter
Quarter
1, 252,498. 57
9,170.90
1,112, 201. 74
11, 979. 97
..
REPAYMENT OF INTEREST BY PACIFIC RAILROADS.
ended September 30.3 886
203, 503. 45
ended Deceinber. 31, 3886
340, 023. 20
ended March 31,1887
175, 325. 38
ended June 30,1887
19.5, 94L30
:
CUSTOMS FEES, FINES,. PENALTIES, AND FORFEITURES.
ended Septemher 30,1886
-232,998.88
ended Decemher 31,1886
„
308, 875. 22
ended March 31.1887
259,141. 95
ended June 30,1887
252,021.81
•
FEES—CONSULAR, LETTERS PATENT, AND LANDS.
Quarterended
Quarter ended
Quarter ended
Quarter ended
9,254,286.42'
'.'.
September 30,1886
Decemher 31,1886
March 31,1887
June 30,1887
814,359.39
819, 203. 07
795, 247. 82
• 872,836.88
..—
.-
2, 385, 851.18-
914,793,13.
1, 053, 037. 86>
3,301,647.16=
PROCEEDS OF SALES OF GOYERNMENT PROPERTY.
Quarter ended September 30,1886
QuarterendedDecember 31,1886 ...'.
Quarter ended March 31,1887
Quarterended June 30, 3887
48, 508, 21
72,691.99
68, 743.12
72,889.00.
-
/
262,832,32:
PROFITS ON COINAGE,
Quarterended
.Quarter ended
Quarter ended
Quarter ended
September 30,1886.....
Deceniber 31,1886
M.arch 31.1887
June 30,1887
•.
582,694,65
3,186,553,55
2,382,899.02
2,977,305.61
8,929,252:83.
REVENUES OF DISTRICT OF COLUMBIA.
Quarter
Quarter
Quarter
Quarter
ended
ended
ended
ended
Septemher 30,1886
Decemher 3L 1886
March 31,1887
June 30,1887
Quarter
Quarter
Quarter
Quarter
MISCELLANEOUS.
ended Septemher 30,3886...:.. .c
-.
ended Decemher 31,1886
ended March 31,1887
ended June 30,1887
296, 060. 74
1,047,396.81
187,982.89
836,428.57
1, 579, 556. 78
1,087,329.74
2, 634,129. 37
1,542,407.51
Total ordinary receipts, exclusive of loans
Receipts from loans, certiiicates, and notes
—
2, 367, 869. 01
6,823,423.40
371,403, 277. 66
154, 440, 900. 00
/
Total receipts
Balancein Treasury June 30,1886
Grand t o t a l . . . . . .
o...
525,844,177.66
526,840,757.82
1,052,684,935.4a
NET DISBURSEMENTS.
CY
T l B L E P . — S T A T E M E I S T T OF THE NET DlSBUJRSiEMENTS (BY WARRANTS) DURING THE
FISCAL YE:^R ENbED J U N : E 30, 1887.
\
CIVIL.
Congress
J Executive
Judiciary
Government in the Territories
Subtreasuries....... ~
Public land offices
Mints and assay offic'es
Total civil
'.
.,
FOREIGN INTERCOURSE.
Diplomatic salaries . u
Consular salaries
Contingent expenses of foreign missions
1
Contingencies of consulates
.'
."
Prisons for American convicts.
Indemnity for losses sustained by Chinese
:
Puhlication of consular and coraiaercial reports
Expenses Court'of Alabama Claims
Judgments Court of Alabama Claims
Spanish indemnity
Miscellaneous
,.
Total foreign intercourse
..:
$22, 072,436.2T
307, !377.39
492, ,941.25
61,962.12
182, |197.35
5,-588.91
147,748.74
19,407. 92
2,j500.97
5, 739, '265. 29 •
27,(898.42
117, ,602.11
,
MISCELLANEOUS.
Mint estahlishment
.Life-saving service
Revenue-cutter service
Steamboat-inspoctnm servioe
35ngraving and piinting .
•
Coast and" Geodetic tiurvey
Ligh|-house establishment
Marine-hospital establishment
'•..
Custom-houses, court-houses, post-ofEices, etc
Repairs and preservation of public buildings.'.
Pay of assistant custodians and janitors for public huildings
Fuel, lights, and w.ater for public buildings
•.
.Furniture and heating apparatus for public huildings
Vaults, safes, and locks, and plans for puhlic buildings
Refunds, reliefs, etc., under customs laws
Collecting revenue from customs:
For the year 1887
$6,702,307.20
For prior years
153,434.54
For detection and prevention of frauds on the customs revenue
14, 869. 69
Refunding excess of deposits, etc
Debentures and drawbacks under custoras laws
Compensation in lieu of moieties ... Expenses of regulating immigration
Inspection of neat cattle
Salaries and expenses shipping service
:.
Services to American vessels
Expenses seal fisheiies in Alaska
Assessing and collecting internal revenue
Internal-revenue stamps, paper, and dies
Redemption ot internal-revenue stamps
Punishing violations of internal-revenue laws
Refunds, reliefs, etc., under internal-revenue laws
Allowance or drawback under internal-revenue laws
Payment of j udgments. Court of Claims
.Preventing the spread of epidemic diseases
Expenses of national currency
1
Distinctive paper .for United States securities
Suppressing counterfeiting and other crimes
....
Propagation, etc., of food-fishes
'.
Expenses uuder Smithsonian Institution
Contingent expenses. Independent Treasury
Sinliing funds, Pacificrailroads....,,
'.
Mail transportation. Pacific railroads
'...
World's Industrial Exposition, New Orleans, La
District of Columbia:
Expenses, 50 per cent, payahle h y t h e United States. $4,085,251.39
Water department, payable from the water f u n d . . .
214, 876. 97
Special-trust funds
:
:.
62,911,01
-.._
Education of feeble-minded children of Districl; of Columbia
Buildings and grounds in WashingUm under Chief Engineer
State, War, and Navy Departraent building
Fuel, light, and water. State, War, and Navy Department building
!
$5,'896,724. 21
10,704, 448. 58
3, 979, 093. 85
341, 384.10
, 376,503.84
555,263.12
219,018. 57
\
976, ,976. 34
877, ;385. 36
862, 079. 86
264, 551. 78
775, |l63. 70
487, 582. 92
2,143,719.22
395, (394. 83
2, 760, fl78. 59
182, 063. 64
455, 748. 29
472, 707. 55
288, 865. 59
57, 540. 88
12, 797. 44
'
[
I
6, 870, 671. 43
4, 656, 717. 81 •
7, 426, 952.74
29, 800. 29
215, 081. 95
8, ^84.18
55, 445. 76
16, 208. 75
'33, ^74.13
3, 826, 507. 98
57,105. 21
19, 524. 50
29,234. 91
103,532.31
35, 221. 68
560,264. 23
47, $87. 80
16, 487. 79
43, 177. 19
56, 820. 98
233,001.50
92, 003. 71
55,704.43
3,604,862.92
3, 239,175. 60
8, 704. 80
1
'
'
4,36.3,039.37
2, 857, 23
I l l , 106. 72
355, 000. 00
33,996. 80
7,104,490.4T
CVI
REPORT OF THE SECRETARY OF THE TREASURY.
T A B L E P . — S T A T E M E N T OF THE N E T DISBURSEMENTS ( B Y WARRANTS' DURING T H E
FISCAL YEAR ENDED JuNE 30, 1887—Continued.
MISCELLANEOUS-Continued.
Completion of Washington Monument
Various monuments and statues
Support and treatment of transient paupers
Increasing water supply pf Washington, D. C
Erection of fish-ways at Great Falls
Department of Agriculture
Deficiency in the postal revenues
."
Capitol building and grounds
Building for Library of Congress
Interior Department huilding
Pension Oflice building
Government Hospitalfor the Insane
Columbia Institution for the Deaf and Dumb
Freedmen's Hospital and Asylum
Howard University National Museum
Expenses of Tenth Census
Surveying public and private lands
Contingent expenses of land oflices
Geological Survey
Yellowstone National Park
Hot Springs Reservation, Arkansas
Deposits by individuals for surveying puhlic lands
E'epayment for lands erroneously sold
Swamp lands and swamp-land indemnity
.'
Depredations on public timber
Protecting public lands
Five, three, and two per cent, fund to States
Photolithographing, etc!, for the Patent Office
Building for Army Medical Museum and Library
Miscellaneous items
Total miscellaneous
$22, 000, 00
33,358.38
15, 000. 00
348, 000. 00
3,800.00
636, 351, 90 *
6, 501, 247, 05
257, 215. 24
625, 477. 27
\ 7,780.00
126, 499. 00
217,112.95
60, 500. 00
52, 301.74
25, 500.00
155,771.24
8, 044. 67
93, 440.11
135, 322. 52
466, 867.49
319. 28
30, 453. 01
131, 998. 78
78,140. 40
91, 815. .57
75, 771. 66
86, 004. 42
83, 241. 98
133, 970. 98
65, 164. 84
292, 857. 68
'
•.. $56, 087, 898. 85
INTERIOR DEPARTMENT.
Indians
Pensions
•
6,194, 522. 69
75, 029,101. 79
Total Interior Department
81, 223, 624,48
MILITARY ESTABLISHMENT.
Pay Department.
12,446, 018. 30
Pay Department, bounty and iniscellaneous
854, 94.5. 72
Commissary Departraent
3,509,498.63
.Quartermaster's Department
8, 733, 566. 42
Purchase and repair of building at New York for Quartermaster's Department
.
90,000.00
Medical Department
445, 394. 59
Ordnance Department
1, 373, 225. 98
Military Academy
284,401.57
Improving rivers and harbors
.,
7, 782, 748. 14
Fortifications
20-7, 925.11
Construction of military posts, roads, etc
:..
254, 604. 20
National cemeteries, roads, etc
•.
244, 358. 09
Damages hy improvement of Fox and Wisconsin rivers
129,403.10
Expenses of recruiting
72,128.71
Contingencies of the Army
18, 680. 88
Signal Service
867, 503. 46
Expenses of military convicts
4, 319. 84
Publication of the Official Records of the War of the Rebellion
36, 000. 00
-Miscellaneous surveys
10, 458. 91
Support of the National Home for Disabled Volunteer Soldiers
1, 801, 262. 49
Soldiers' Home, including permanent fund and interest account
,...
413, 489. 43
Support of military prison. Fort Leavenworth, Kans
71, 091. 96
Army and N,avy Hospital, Hot Springs, Ark
35, 9.52. 00
Clairns, reimbursements, reliefs, e t c . . 1
,
843, 276. 86
Miscellaneous items
30, 771. 49
Total military establishment
.'.
38, 561,025,85
N A V A L ESTABLISHMENT.
General account of advances
Fay and contingencies of the Navy ..,
MarineCorps..
Naval Academy
Navigation
Orndance
Equipment and recruiting
Yards and docks
^,
469, 093. 64
7, 721, .534. 03
.857,180.43
188,785.60
118,646.77
.279, 926.25
737,732.22
577,044.48
NET DISBURSEMENTS
NET R E C E I P T S AND DISBURSEMENTS.
CVII
T A B L E P . — S T A T E M E N T OF THE N E T DISBURSEMENTS ( B Y WARRANTS) DURING T H E
"FISCAL YEAR ENDED JUNE 30, 1887 — C o n t i u u e c l .
NAVAL ESTABLISHMENT — Continued.
Medicine and surgery
$51,18,1.63
Provisions and clothing
_
966.893.60 ^
Construction and repair
' 1, 031, 920. 47
Steam engineering
880,262.42
Increase of the Navy
.^
".
606,314,56
Extra pay to officers and men who served, in the Mexican war
15, 07|9, 06
Mileage, Navy (Graham decision)
143,270, 83
Navy pension fund
420,000,00 ,
Miscellaneous
76,260.81
Total naval establishment
Interest on the public debt
-
$15,141,126.80
47,741, 577.25
Total net ordinary expenditures
Redemption of the public debt
Total expenditures
Balancein Treasury June 30,1887
...'
:
267,932,179,97
271,901, 32L 15
539, 833, 50L 12
512,851,434.36
!
Grand total
1,052,684,935.48
T A B L E Q . — S T A T E M E N T OP T H E N E T R E C E I P T S AND DISBURSEMENTS ( B Y WARRANTS)
FOR THE Q U A R T E R ENDED S E P T E M B E R 30,
1887.
RECEIPTS.
Customs
Internalrevenue
Sales of puhlic lands
Tax on national banks
Repayment of interest by Pacific Railroads
Customs fees, fines, penalties, and forfeitures
Fees—consular, letters patent, and lands
Proceeds of sales of Government property
Profits on coinage, etc
Miscellaneous
Total net ordinary receipts
Balance in the Treasury J u n e 30,1887
;
$62, 588,115, 92
31,422,039,49
2,620,890.23
..
912, 411.69
168, 542, 55
273, 206.80
1, 007, 600.36
84,926,87
..
1,113,855.90
2,136,748.01
;
;
102, 328, 397.82
512, 851, 434.36
,
•
'
1
^
Total
615,179,832.18
DISBURSEMENTS.
Customs
Internal revenue
Diplomatio
Quarterly salaries
Treasury
Judiciary
Interior civil
--•••7.'.
-
Total net ordinary expenditures
Redemption of public debt in excess of issues
Balance in the Treasury Septemher 30,1887
J
^
J
•
....'
,
18,761,25^7. 91
1,913,585.65
29,156,382.17
12,368,225.87
3,735,240.89
12,162,18L68
2,228,268.20
'
Total civil and miscellaneous
Indians
Pensions
Military estahlishment
Naval establishment
Interest on the puhlic debt
Premium on bonds for the sinking-fund
Total
^
$5,868,014.75
851, 857.68
496,210.46
153,249.12
8,224,766.04
1,184,772.21
1,982,387.65
..
80,325,142.37
25,591,037.25
509,263,672o 56
•
615 179,832.18
CVIII
REPORT OF THE SECRETARY OF THE TREASURY.
T A B L E R . — R E C E I P T S AND DISBURSEMENTS B Y U N I T E D STATES ASSISTANT TIIKASURERS D U R I N G THE FiSCAL Y E A R ENDED JUNli: 30, 1887.
BALTIMORE.
Balance June 30, 3886
:...
$11, 458, 446.55
RE(3EIPt6.
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
of customs
of internal revenue
of certificates of deposit, act June 8,1872
of Post-Office Department — ' . . ' .
of transfers
of patent f e e s . . . . ,
of disbursing o&cers
of semi-annual duty
of the Secretary of the Treasury.
of Treasurer United States, transfer account
of redemption and exchange
of miscellaneous
1
-.
$3,096,12.5.10
. 576, 501. 58
8,250,000.00
497, 233.63
4, 574, 699.45
879.00
2, 720, 524.44
30,261.44
738.80
2, 654,422, 73
5.957, 935. 00
84, 830,81
—••
—
•
'
28,444,151,98
39,902,598,51
DISBURSEMENTS.
On account of Treasury drafts
On account of Post-Office drafts
On account of disbursing officers
On account of interesf
Ou account of redem ption and exchange
On account of Treasurer United States, transfer account
On accountof transfers
Dn account of certificates of deposit, act June 8,1872
3, 519, 339, 90
427, 677.23
2, 748. 758.25
674,451.14
5, 913, 050. 00
1, 815, 422,98
6,620,815.90
8, 375, 000.00
^
30; 094, 515,40
•.
Balance June 30,1887
9, 808,083,11
BOSTON.
Balance Juue 30i 1886
.•
RECEIPTS.
;...-.
$20,.180,489.91
"
On account of customs
On account of certificates of deposit, act June 8, 1872
On account of Post-Office Department
On account of transfers:
Treasurers
Standard dollara
On account of patentfees
:
On account of disbursing officers
On account of semi-annual duty
On account of the Secretary of the Treasury
On acconnt of redemptions
On account of miscellaneous....
$25,013,555.87
2, 670,000, 00
2, 234, 684.70
9, 278, 545. 80
.2, 619, 500.00
7,596.25
23,177,112.30
336, 565.48
11,441.41
6, 411,920.00
3, 243, 201.31
75, 004,123.12
95,184, 613.03
DISBURSEMENTS.
On account of Treasury drafts
On account of Post-Office drafts
On account of disbursing officers
On account of interest
On account of the Secretary of the Treasury
On account of transfers
:
'.
On account of United States notes mutilated
On account of certificates of deposit, act June 8,1872
On account of standard dollars exchanged
On account of fractional currency (silver and minor coins) redeemed..
On account of miscellaneous
Balauce June 30,1887
,
,
16,233, 723. 91
2, 263, m 6.35
23, 879, 768.48
5, 309, 460. 59
9, 743,94
15,3 78, 619.08
3, 659, 029.00
3, 425, 000.00
4, 605, 772. 00
1, 813, 659. 25
2,458.74
_.
76,381,151.34
..'.
18, 803,461.69
R E C E I P T S AND DISBURSEMENTS BY SUB-TREASURERS.
CIX
TABLE R . — R E C E I P T S AND DISBURSEMENTS, ETC.—Continued.
CHICAGO.
Balance June 30, 1886
.....L....
$10,085,551,95
RECEIPTS.
Ou account of customs
On account of internal revenue
On account of sales of public lands
On account of certificates of deposit, act June 8, 1872
On account of Post-Office Departmenl.
On account of transfers:
Treasurer's
Standard dollars
On account of patent fees.
On account of disbursing officers"
Ou account of semi-annual d u t y . .
On account of the Secretary of the Treasury
On account of redemption of trade.dollars . " . . ,
On account of repayments
On account of silver exchange
On account of miscellaueous
$5, 560, 931. 35
1, 233, 252.44
97, 092.70
50, 000. 00
5,154, 962. 84
-
27,429.059.81
2,765, 4;95. 00
5,186.00
11, 088, 804. 53
41, 302.15
13, 796. 91
12, 867. 00
188, 338.41
4, 321, 995. 00
27, 816. 87
57, 990, 901.01
68,076,452.96
DISBURSEMENTS.
On account of Treasury drafts
On account of Post-Office drafts,
On account of disbursing officers
On account of the Secretary of the Treasury
On accouut of interest
On account of silver exchanges
On account of gold certificates
On account of silver certificates
On account of transfers
On account of United States notes mutilated
On account of certificates of deposit, act June 8,1872
11,767,579.76
5, 073, 712. 98
11, 028,193. 77
13, 840. 09
1, 089. 673.79
4, 314, 792. 00
164, 300. 00
4,928, 000. 00
20,164, 702. 29
2, 951, OOO. 00
650, 000. 00
=
62,145,794.68
Balance June 30, 1887
5,930,658.28
CINCINNATL
Balance June 30, 1886...i
'.
RECEIPTS.
$7,870,88139
'
On account of customs..
On account of gold certificates
On account of certificates of deposit, act June 8, 1872
On account of Post-Office Department
On account of transfers:
Treasurer's... 1 . . . . . . . , , .
Standard dollars
•.'
On account of patent fees
On account of disbursiug officers
On account of semi-annual duty
On account of the Secretary of the Treasury
Ou account of repayments'
:
, On account of redemptions
*
On account of miscellaneous
$1,990,168.93
150^ 000.00
2, 670; 000.00
1, 848| 136.13
^
.'..
15,400,116.45
1, 847^ 500. 00 '
744.25
1, 893, 959. 56 .
38, 257. 65'
1; 600. 01
42, 015.13
3, 643, 578.00
21, 923. 59
29, 547, 999.70
37,418,88L09
DISBURSEMENTS.
On account of Treasury drafts..
On account of Post-Office drafts
^
Onaccount of disbursing officers
On account of iuterest
On account of gold certificates
On account of silver certificates
Onaccountof tiansfers.
On account of United States notes mutilated
:
Ou accountof certificatesof deposit, act June 8, 1872.
On account of redemptions
....!!.
Ealance.Juno 30, 1887
.:.
^
,
......i..
1, 725, 941.73
1,661,444.01
1,843,122.63
i, 257, 85,0. 87
.
34, 000. 00
1, 878, 000. 00
11,202,449.72
1, 674, OOQ. 00
2,836,000.00.
3, 536, 946.00
j
27,643,754.96
1
9,775.126.13
cx
REPORT OF THE SECRETARY OF THE TREASURY.
TABLIS R . — R E C E I P T S AND DISI^URSEMENTS, ETC.—Contiuued.
N E W ORLEANS.
Balance June 30, 1886
$7,103,913.99
RECEIPTS.
On account of customs
On account of internal revenue
On account of sales of public lands
On account of Post-Office Departiuent
On account of transfers:
Treasurer's
:
Standard dollars
On account of patent fees
On account of disbursing officers
On accountof assay office, bullion
On accouut of semi-annual duty
On account of the Secretary of the Treasury
On account of repayments...
.
On account of redemptions
On account of miscellaneous
$2, 582,188. 46
411, 865. 46
658,024.30
980, 258. 47
:.
^.
.''..
13, 304, 321. 92
4, 733, 000. 00
70. 00
3,613,607.49
555.25
33, 808. 29
7, 584. 24
275, 446. 56^
1, 287, 000. OO""
15, 250. 07
27, 902, 980. 57
35, 006, 894.47
DISBURSEMENTS.
On account of Treasury drafts
On account of Post-Ofiice drafts
On account of disbursing officers
On account of Secretary of the Treasury
On account of interest".
On accouut of gold certificates canceled
On accountof redemption
On account of transfers
On account of United States notes mutilated
3,175, 685. 69
858, 778. 48
3, 373, 772. 52
3, 903. 01
431, 994. 58
60, 500. 00
1,287,000.00
11, 384, 395. 71
2, 744, 000. 00
.-.
23,320,029.99
Balance June 30, 1887
11, 686, 864. 48
N E W YORK.
Balance June 30, 1886
.$212,568,901.00
RECEIPTS.
On account of custbms
1
On account of internal revenue
On account of certificates of deposit, act Juue 8,1872
On account of Post-Office Department
On account of transfers:
Treasurer' s
'.
Standard dollars
^
On account of patent fees
On account of disbursing officers.
On account of Assay Office:
Ordinary expenses
Bullion......
On account of semi-annual duty
On account of the Secretary of the Treasury
On account of interest
On account of United States bonds redeemed
On account of redemption and exchange
On account of miscellaneous, repaymeuts iucluded
$151, 379, 724. 47
150, 703. 33
4, 840, 000. 00
12,412, 915.44
145, 049, 678. 40
6,486, 747. 00
3, 212. 00
248,123,100. 52
.'
173, 090. 42
43,287,634.43
273, 377. 70
45, 779. 65
34, 555, 694. 06
11, 085, 910. 49
54, 258, 096. 00
24, 78.5, 654. 91
736,911,318.82
949, 480, 219. 82
DISBURSEMENTS.
On account of Treasury drafts
On account of Post-Oflice drafts
On account ot disbursingofficers
On account of Assay Office:
Ord inary expen'ses
Bullion
On account of interest
On account of redemption and exchauge
On account of gold certificates
On account of silver certificates
On account of transfers
On acconnt of United States notes mutilated
On account of certificates of deposit, act of J u n e 8, 1872
On account of fractional currency redeemed
On account of United States bonds redeemed
Balance June 30, 1887
308, 402, 661. 94
10, 064, 564.18
126,644,352.85 '
•
171, 264. 32
66,697,219.96
34, 555, 694. 06
54, 282, 344, 00
4, 333, 320. 00
4,974, 000.00
116,889,129.45
23, 008, 000. 00
14,180, 000. 00
-....
2, 500.00
11, 085, 910.49
775, 290, 96L 25
174.189,2.58.57
R E C E I P T S AND DISBURSEMENTS BY SUB-XREASURERS.
CXI
T A B L E R.—RILCEIPTS AND DISBURSEMENTS, ETC.—Coatinued.
PHILADELPHIA.
BalanceJune 30, 1886
\
$22,597, 09L 96
RECEIPTS.
On account of customs
On account of redemption and exchange
Onaccountof certificates, act June 8, 1872
On accouut of Post-Office Department
On account of transfers
On account of patent fees
On account of disbursing officers
On account of semi-annual duty
On account of miscellaneous.
$18,087, 8^32, 20
14, 781,003. 26
9,250,000.00
2, 654,311. 60
11, 256,056.13
2,198.20
14,992,123.18
104,467.63
1,246, 249. 95
.^
:
72, 374, 242.15
94, 971,334.11
DISBURSEMENTS.
On accouut of Treasury drafts
Onaccountof Post-Offi'ce d r a f t s . . . . .
On account of disburvsing officers
On account of redemption and exchange
On account of interest
On account of transfers
On account of certificates of deposit, act J u n e 8, 1872
10, 255, 033. 74
2,361,689.50
16,702,474.23
14,745,822. 26
2,667,13.8.01
15, 578, 555.03
7, 720,000.00
Balance June 30, 1887....
/
70,030,692.77
;
24,940,64L34
^
$22,193,693.17
SAINT LOUIS.
Balance June 30, 1886
RECEIPTS.
Onaccountof customs
On account of intemal revenue
On acconnt of sales of public lands
On account of certificates of deposit, act June 8, 1872
On account of Post-Office Department
On account of transfers:
Treasurer's
1
Standard dollars
On afccount of patent fees
On account of disbursing officers..
On acconnt of Assay Oiiice :
Ordinary expenses
Bullion
On account of semi-annual duty
On accouut of the Secretary of the Treasury
On account of repayments
On account of miscellaneous
$2,132,601.63
391.03
52,344.13
130,000.00
1, 828, 287,14
:..
23,575.530.14
1,801,500.00
1,415. 50
10,552,130.32
5,620.00
110,000.00
23,826.46
|521.64
479,783. 74
39,594.67
40,733,546.40^
!
"^2,927,239.57
DISBURSEMENTS.
On accountof Treasury drafts
On accountof Post-Ofiice drafts
On account of disbursing officers
On accouut of Assay Office:
,
Ordinary expenses
Bullion....
On account of interest
On account of trausf ers
On account of United States notes mutilated
On account of certificatesof d«5posit, act June 8, 1872
On account of fractional currency and minor coins redeemed
Balance June 30, 1887
'.
10,892,'406. 96
1,811,136.67
10,650,' 663. 59
5,345.84
105^000.85
431^957.48
16,370;82L60
173^ 931.00
110; 000.00
1247. 06
.
•
40,551,51L05
'
22,375,728.52;
CXII
REPORT OF THE SECRETARY OF THE TREASURY.
T A B L E I R . — R E C E I P T S AND DISBURSEMENTS, ETC.—Continued.
SAN FKANCISCO.
Balance June 30,1886
$56^^274,078.94
RECEIPTS.
On account of customs
On account of internal revenue
; On account of sales of public lands
On account of Post-Office Department
On account of transfers:
Treasurer's
Standard dollars
On account of patent fees
On account of disbursing officers
On account of semi-annual duty
On account of the Secretary of the Treasury
On account of repayraents
On account of miscellaneous
.^..
$7,294,076.62
2,113,241.82
739,660.03
1,068,894.00
2,124,619.37
*3, 032,424.49
16,267.50
10, 901, 867.79
4,730, 69
22,929.28
270,372.18
769,205,91
:
'.
-.
^. .
28,358,289.68
84,632,368.62
DI8BURSEMENTS.
On account of Treasury drafts
On account of Post-Office drafts
On account of disbursingofficers
On account of interest
Onaccountof transfers
On account of Secretary of Treasury
•
10, 294,153, 22
892,102,61
10,679,416,10
320, 855.78
2,606,379.79
23, 000.15
,
Balance J u n e 30, 1887
24,81.5,907.65
59, 816,460. 97
RECAPITULATION.
Total disbursements
Total .receipts
c
Dishursements over receipts
* $666,274.49 in fractional silver coins indladed in this amount.
$1,130,274,319.09.
1,097,267,553.43
33,006,765.66
T A B L E S . — S T A T E M E N T SIIOWING T H E P R E S E N T L I A B I L I T I E S OF T H E U N I T E D STATES TO I N D I A N T R I B E S tlj^DER-TREATY STIPULATIONS.
^
QJ o
'« ^ ^ « S
n
?> S^ 5 Bq X-
o
4 ^ .£3 « <o 3
-^2^.2 2 .
g fl a .2 J'-S
D e s c r i p t i o n of a n n u i t i e s , e t c .
N a m e s of t r e a t i e s .
Reference to
N u m h e r of i n s t a l l m e n t s y e t u n a p laws. Statutes a t
propriated, explanations, etc.
Large.
^
O
^
4^ ® p . g p ' p
OT
P O
'M ^ j .>2 C3 .
a ft Ss
tag
a
«?•'•
•« o
Apaches, Kiowas,
and Comanches.
Do
T h i r t y installments, provided to he expended
u n d e r t h e t e n t h a r t i c l e t r e a t y of O c t o b e r 21,
1867.
P u r c h a s e of c l o t h i n g
Do
T e n i n s t a l l m e n t s , u n a p p r o p r i - Vol. 15, p , 584, §10
a t e d , a t $30,000 e a c h .
T e n t h a r t i c l e t r e a t y of O c t o h e r . . . . d o
21,1867.
F o u r t e e n t h a r t i c l e t r e a t y of Oc- Yol. 15, p , 585, § 14
t o b e r 21,1867.
do
...do
S e v e n t h a r t i c l e t r e a t y of J u l y 27, T r e a t y n o t p u b 1866.
lished.
P a y of c a r p e n t e r , f a r m e r , b l a c k s m i t h , miller,
and engineer.
Do
, P a y of p h y s i c i a n a n d t e a c h e r
A r i c k a r e e s , G r o s A m o u n t t o b e e x p e n d e d i n s u c h goods, e t c . , a s
t h e P r e s i d e n t m a y from t i m e t o t i m e deterV e n t r e s , and
mine.
Mandans,
Assinaboines..
do
.do.
...do.
B l a c k f e e t , Bloods,
do
E i g h t h a r t i c l e t r e a t y of S e p t e m - . . . d o .
and Piegans.
h e r 1,1868.
C h e y e n n e s a n d T h i r t y i n s t a l l m e n t s , p r o v i d e d t o h e e x p e n d e d T e n i u s t a l l m e n t s , u n a p p r o p r i - Yol. 15, p . 596, § 10
u n d e r t e n t h a r t i c l e t r e a t y of O c t o h e r 28,18o7.
Arapahoes.
a t e d , a t $20,000 each.
Do
P u r c h a s e ot clothing, same article
...do
Do
P a y of p h y s i c i a n , c a r p e n t e r , f a r m e r , b l a c k Yol. 15, p . 597, § 13
s m i t h , miller, e n g i n e e r , a n d t e a c h e r .
Chickasaw
P e r m a n e n t a n n u i t y i u goods
Yol. 1, p . 019 . . . .
C h i p p e w a s of t h e F o r t y - s i x i n s t a l l m e n t s t o b e p a i d t o t h e chiefs F i v e i n s t a l l m e n t s , of $1,000 each, Vol. 9, p . 904, § 3
Mis.sissippi.
of t h e M i s s i s s i p p i I n d i a n s ?
due.
C h i p p e w a s , ' P i l l a - F o r t y i n s t a l l m e n t s : i n m o n e y , $10,666.66; S e v e n i n s t a l l m e n t s , of $22,666.66 Vol. 10, p. 1168, §
ger and Lake
gobds, $8,000; a n d for p u r p o s e s of u t i l i t y ,
each, d u e .
3; vol. 13, p. 694,
Winnebagoshish
$4,000.
§3.
bands.
Choctaws..c
Permanent annuities
.:
"Second a r t i c l e t r e a t v of N o v e m - Vol. 7 , p . 99, § 2 ;
ber, 16, 1805, $3,000"; t h i r t e e n t h
vol. 13, p . 614, §
a r t i c l e t r e a t y of O c t o b e r 38,
33; vol. 7, p.213,
1820, $600; second a r t i c l e t r e a t y
§ 1 3 ; vol. 7, p .
of J a n u a r y 20,1825, $6,000,
235, § 2.
p p ftoS « P4
w
H
$300, 000. 00
l-H
QC
;12, 000. 00
H
O
4, 500. 00
2, 500. 00
30, 000. 00
HH
r-(
30, 000. 00
75, 000. 00
200, 000. 00
l-H
to
12, 000. 00
6, 500. 00
$3, 000. 00
5, 000. 00
158, 666. 62
9, 600, 00
O
X
Choctaws
Do
Creeks
Do
Do
Do
Do
Do
Do
Do
Crows .
Do
Do
P r o v i s i o n s for s m i t h s e t c
. .
I n t e r e s t o n $390,257.92, a r t i c l e s t e n a n d t h i r t e e n t r e a t y of J a n u a r y 22, 1855.
Permanent annuities
. d o
do
\
S m i t h s , shops, e t c
Wheelwright, permanent
A l l o w a n c e , d u r i n g t h e p l e a s u r e of t h e P r e s i dent, for b l a c k s m i t h s , a s s i s t a n t s , s h o p s a n d
tools, i r o n a n d steel, w a g o n - m a k e r , education, a n d a s s i s t a n t s i n a g r i c u l t u r a l operations, e t c .
I n t e r e s t o n $200,000 h e l d i n t r u s t , s i x t h a r t i cle t r e a t y A u g u s t 7,1856.
I n t e r e s t on $675,168 held i n t r u s t , t h i r d a r t i c l e
t r e a t y J u n e 14, 1886, t o b e e x p e n d e d u u d e r
t h e d i r e c t i o n of t h e S e c r e t a r y of t h e I n t e r i o r .
F o r supplying male persons over fourteen
y e a r s of a g e w i t h a s u i t of good, s u b s t a n t i a l
woolen c l o t h i n g ; f e m a l e s o v e r t w e l v e y e a r s
of a g e a flannel s k i r t o r goods t o m a k e t h e
same, a p a i r of w o o l e n hose, calico, a n d domestic; a n d boys and girls u n d e r t h e ages
n a m e d s u c h flannel a n d c o t t o n g o o d s a s t h e i r
necessities m a y require.
F o r p a y of p h y s i c i a n , c a r p e n t e r , miller, engineer, farmer, a n d b l a c k s m i t h .
T w e n t y i n s t a l l m e n t s , for p a y of t e a c h e r a n d •
for b o o k s a n d s t a t i o n e r y .
S i x t h a r t i c l e t r e a t y of O c t o b e r 18,
1820; n i n t h a r t i c l e t r e a t y of
J a n u a r y 20,1825.^
T r e a t y of A u g u s t 7,1790
T r e a t y of J u n e 16 1802
T r e a t y of J a n u a r y 24,182'6
do
-T r e a t y of J a n u a r y 24, 1826, a n d
A u g u s t 7,1856.
T r e a t y of F e h r u a r y 34, 3833, a n d
t r e a t y of A u g u s t 7,1856.
Vol.7.p.212,§6;
vol. 7, p.'236,§9;
vol.7, p.614, §13.
Vol.ll,p.614,§13.
V o l . 7 p . 36 § 4
V o l 7 n 69 (^2
V o l . 7 , p . 287, § 4 .
Vol. 7, p . 287, § 8 .
Vol.7, p . 287, §8 ;
vol. 13,p.700,§5.
V o l . 7 , p . 419,§5;
vol. 11, p . 700, §5.
o
X
—Continued.
E T C -
•rH
O
11
+3
CO
a ft
Am oun c held in trust hy the
United States on which 5
per cent, is annually paid,
and amounts which, invested at 5 per cent., produce
permanent annuities.
N u m b e r of i n s t a l l m e n t s y e t u n a p propriated, explanations, etc.
TRIBES,
Aggregate of future appropriations that will be required
during a limited number of
years to pay limited annuities incidentally necessary
to effect the payment.
D e s c r i p t i o n of a n n u i t i e s , e t c .
N a m e s of t r e a t i e s .
Reference to
laws, Statutes a t
Large.
INDIAN
Annual amount necessary to
meet stipulations, indefinite
as to time, now allowed, but
liable to he discontinued.
• T A B L E S . — S T A T E M E N T SHOWING T H E P K E S E N T L I A B I L I T I E S OF T H E U N I T E D STATES TO
o
o
$920. 00
Ul
$840. 00
270.00
600. 00
1, 000. 00
2,000.00
19,532.89
$390, 257.92
o
3, 500. 00
3,000.00
20, 000. 00
1,110.00
600.00
400, 000. 00
22, 2U0. 00
12, 000.00
Pi
O
".
V o l . 11, p.. 700, §6.
10, 000. 00
200, 000.00
m
E x p e n d e d u n d e r t h e d i r e c t i o n of
t h e S e c r e t a r y of t h e I n t e r i o r .
Vol.l4,p.786,§3.
33, 758.40
675,168.00
H
T r e a t y of M a y 7, 1868; e l e v e n
i n s t a l l m e n t s of $15,000 each,
due, e s t i m a t e d .
Vol, 15,p.651,§9.
T r e a t y of A u o ' u s t 7,1856
....
Pi
$165, 000.00
Ul
w
6
T r e a t y of M a y 7,1808.
Vol. 15, p . 651,§9.
T w o i u s t a l l m e n t s , of $1,500 each, V o l . 15,p.651,§7du§.
,
4, 500.00
3, 000.00
Blacksmith, iron and steel, and for seeds and
agricultural implements.
Twenty-five installments of $30,000 each, in
Dp...
cash or -otherwise, under the direction of
the President,
Amounts
to be expanded in such goods, proGros Ventres
visions, etc., as .the President may from time
to tinie determine as necessary.
on $57,500, heing the balance on
lowas
: . . Interest
$157,500.
Kansas
, Interest on $200,000, at 5 per cent
Kickapoos
Interest on $88,175,68, at 5 per cent
Miamies of Kansas Permanent provision for smith's shops and
miller, etc.
Do
, Interest on $21,884.81, at the rate of 5 percent,,
as per third article treaty of J u n e 5,1854.
M i a m i e s of E e l Permanent annuities
River.
Estimated at
Molels
Crows . . . . . . . ^ . . .
Nez Perces
Pay of teacher to manual-lahor school, and
subsistence of pupils, etc.
Salary of two matrons for schools, two assistant teachers, farmer, carpenter, and tvvo
millers.
Thirty installments, for purchase of clothing,
as per sixth article of treaty May 10,1868,
Northern C h e y .
ennes and Arapahoes.
Do
, Ten installments, to he expended by the Sec. retary ,of the interior, for Indians engaged
in agriculture.
Do
Pay of two teachers, two carpenters, two
farmers, miller, blacksmith, eugineer, and
physician.
Omahas...
Twelve installments, fourth series, in money
or otherwise.
iges
Interest on $69,120, at 5 per cent., for educational purposes.
Do
Interest on $300,000, at 5 per cent., to he paid
semi-annually, in - money- or such articles _a.s
the Secretar.y of the Interior may direct.
Otoes and Missou- Twelve installments, last series, in money or
rias.
otherwise.
Pawnees..
Annuity goods, and such articles as may he
necessary.
Do
Support of two manual-lahor schools and pay
of teachers.
Do
For iron and steel and other nee essary articles
for shops, and pay of two blacksmiths, one
of whom is to be tin and gun smith, and compensation of two strikers and apprentices.
*
Nineteein installments, of $30,000
each, due.
Vol. 15,p.6oL§8.
570,000.00
30, 000.00
Treaty not puhlished (eighth article, July 13,1868).
Say $411.43 for shop and $262.62
for miller.
1,500.00
Act of April 11,
1882.
Vol.l0,p.l071,§9.
2, 875.00
57, 500.00
Vol. 9, p. 842, §2.
Vol.10,p. 1079,52
Vol. 7, p. 191, §5.
10, 000. 00
4, 408.78
674.05
200, 000.00
88,175, 68
13, 481. 00
Vol.l0,p.l094,§3.
1,094.24
21, 884. 81
1,100. 00
22, 000. 00
Treaty of Decemher 21,1855
Vol. 7, p. 51, § 4 ;
vol. 7, p. 91, § 3;
vol.7,p.ll4,53;
vol. 7, p. 116.
Vol. 12, p.982, §2.
3, 000. 00
Treaty of June 9,1863
Vol. 14, p.650.15.
3, 500. 00
Eleven installments," of $12,000
each, due.
Vol.l5,p.657,§6,
Fourth article treaty of 1795;
third article treaty of 1805;
third article treaty of 1809.
s
l—l
H
m
O
132, 000. 00
One installment, of $30,000, d u e . . . ...do
l-H
30, 000. 00
hH
Estimated at .
Vol. 15, p.658, §7.
Seven installmeuts, fourth series,
of $10,000 each, due.
Resolution ofthe Senate to treaty,
Januarv 2, 1825.
Treaty of September 29, 1865
Vol. 10, p.1044, §4|
'H
Seven installments, of $5,000 each,
due.
Treaty of September 24, 1857....
Vol. 7, p. 242, § 6
3, 456. 00
69,120. 00
15,000.00
300, 000. 00
I—t
w
GQ
Vol.l4,p.687,§l
VoL 10, p. 1039, §4
35, 000. 00
Vol. 11, p.729, §2.
30,000.00
Vol. 11, p.729, §3.
10,000.00
Estimated for iron and steel, Vol. 11, p. 729, §4.
. $500; two blacksmiths, $1,200;
and two strikers, $480.
2,180.00
.do.
Pi
70, 000. 00
O
X
<
T A B L E S . — S T A T E M E N T SHOWING T H E P R E S E N T L I A B I L I T I E S O F T H E U N I T E D STATES TO I N D I A N T R I B E S ,
•+3+3 d
O
ETC—Continuecl.
^.1 03 O rt P
ft.^ P d g
J3 cfl rrf 03
§.S|B
Description of annuities, etc.
Names of treaties.
Reference to
Number of installments yet unap- laws.
Statutes at
propriated, explanations, etc.
Large.
ft© H 0-+3
ftf.^ Snd © p
r^-S
« P ^§
-t^ .2 ^ .2
P +3 C d
I§
p . 2 --*^
O^
fl'fl
"^ +^ .S c^ © rt
oce^jVdi^
03 5=2 - S
fl <D-M.O
fl 2 a , c 3
fl a (^i^i
Pawnees.
Poncbas.
Do...
Pottawatomies .
Do
Do
Do
Do
Do
Do.
Do.
Do
P o t t a w a t o m i e s of
Huron
Quapaws
S a c s a n d F o x e s of
Mississippi.
Do
Do
S a c s a n d F o x e s of
Missouri.
Pp.............
F a r m i n g u t e n s i l s a n d s t o c k , p a y of farmer,
miller, a n d e n g i n e e r , a n d c o m p e n s a t i o n of
apprentices t o assist in w o r k i n g i n t h e mill
a n d k e e p i n g i n r e p a i r g r i s t a n d s a w mill.
Fifteen installments, last series, t o b e paid t o
t h e m o r e x p e n d e d for t h e i r benefit.
A m o u n t t o h e e x p e n d e d d u r i n g t h e p l e a s u r e of
t h e P r e s i d e n t for p u r p o s e s of civilization.
Permanent annuity in money...:
do
. . . . do
do
do
P e r m a n e n t provision for t h r e e blacksmiths
• a n d assistants,, i r o n a n d s t e e l .
P e r m a n e n t provision for f u r n i s h i n g salt
P e r m a n e n t p r o v i s i o n for p a y m e n t o f m o n e y
i n l i e u of t o b a c c o , i r o n , a n d s t e e l .
F o r i n t e r e s t on $230,064.20, a t 5 p e r c e n t
Permanent annuities
Estimated
V o l 11, p . 730, § 4
^^
-SP
03 P T : J ©
ftci 03 p4
w
O
H
O
^^
H
$4,400.00
(72
W
One i n s t a l l m e n t of $8,000, d u e . .
Vol. 12, p . 997, § 2
T r e a t y of M a r c h 12,1868
VoL 12, p . 998, § 2
20, COO. 00
Vol, 7, p . 51, ,
Vol, 7, p . n 4 , i
V o l . 7 , p . 185,1
Vol. 7, p, 317, i
Vol, 7, p . 330, i
Vol, 7, p. 296, i
vol. 7, p, 318,'
vol, 7, p , 321, ^
Vol.
7, p. 320, '
J u l v 29,1829
,
S e p t e m b e r 20, 1828; J u n e 5 a n d Vol. 7, p . 318, (
vol.
9,
p . 855, {
17,1846.
Vol. 9, p . 855, (
J u n e 5 a n d 17,1846
V
o
l
.
7
,
p
. 106, {
N o v e m b e r 17,1808
I n t e r e s t on $200,000, a t 5 p e r c e n t .
I n t e r e s t on $800,000, a t 5 p e r c e n t .
I n t e r e s t on $157,400, a t 5 p e r c e n t .
T r e a t y of O c t o b e r 21,1837 .
T r e a t y of O c t o b e r 21,1842 .
T r e a t y of O c t o b e r 21,1837 .
Vol, 7, p , 541, § 2 .
Vol. 7, p . 596, § 2 .
Vol. 7, p . 543, § 2 .
^ o v s u p p o r t of s c h o o l . . . . . . . ^ . . . . ,
T r e a t y of M a r c h 6,1861.
Vol, 12, p . 1172, § 5
o
pi
$8, 000. 00
A u g u s t 3,1795
S e p t e m b e r 30,1809
O c t o b e r 2,1818
S e p t e m b e r 20,1828
J u l y 29,1829
O c t o b e r 16, 3826; S e p t e m b e r 20,
1828; J u l y 29, 1829. •
F o r e d u c a t i o n , s m i t h , f a r m e r , a n d s m i t h - s h o p $1,000 f o r e d u c a t i o n , $500 f o r Vol. 7, p . 425, § 3 .
d u i i n g t h e p l e a s u r e of t h e P r e s i d e n t .
smith, etc.
Permanent annuity
, T r e a t y of N o v e m h e r 3,1804
Vol. 7, p . 85, § 3 - .
S3+3_5 03.2 o
Pi
$357. 80
178. 90
894. 50
715. 60
5, 724.77
1, 008. 99
$7,356.00
3, 578, 00
17,890.00
14,312.00
114,495.40
20,179.80
15a 54
107. 34
3,120. 80
2,146. 80
11, 503. 21
400.00
230, 064. 20
8, 000. 00
1, 000. 00
20, 000. 00
10, 000.00
40,000^00
7, 870. GO
200, 000. 00
800, 000.00
157, 400. 00
1, 500. 00
a
pi
Seminoles
Do
Senecas
:
Do
Senecas of New
York.
Do.....
Do
Senecas and Shawnees.
Do
Shawnees
Do
Shoshones and Bannacks :
Shoshones
Do
Do
Bannacks
Do.....
Six Nations of New
Tork.
Sioux of different
tribes, iucluding
Santee Sioux of
Nebraska.
Do
Do,.Do
Do........
Intereston $500,000, eighth article of treaty,
of August 7,3856
Interest on $70,000, at 5 per cent
Permanent annuity
$25,000 annual annuity . .
Vol. 11, p. 702, §8.
25, 000.00
500, 000.00
Support of schools, eto . .
September 9 and 17,1817.
3, 500.00
1, 000.00
70, 000.00
20, 000. 00
Smith and smith-shop and miller, permanent.
Permanent annuities
February 28,1821.
February 19,1841.
Vol. 14, p. 757, § 3
Vol.7,p.l61,§4;
vol. 7, p. 179, § 4.
Vol. 7, p. 349, §4..
Vol. 4, p. 442
1, 660. 00
6, 000.00
33, 200.00
120, 000. 00
Vol. 9, p. 35, § 2 . .
Vol. 9, p. 35, 5 3 . .
3, 750.00
2,152. 50
75, 000.00
43, 050.00
~ 1, 000. "0
20, 000. 00
3,000. 00
2, 000. 00
60, 000, 00
40,000.00
A c t o f June 27,3846 .
Interest on $75,000, at 5 per cent
do
Intereston $43,050, transferred from the On- ,
tario Bank to the United States Treasury.
Treaty of September 17,1818.
Permanent annuity
Vol. 7, p. 179, §4.
Support of smith and smith-shops .
Permanent annuity for education ..
Interest on $40,000, at 5 per c e n t . . .
Vol. 7, p. 352, §4..
Treaty of July 20,1831
.
August 3,1795; September 29,1817 Vdl.7,p. 51, ^ 4 . .
Vol. 10, p. 1056, §3
August3,1795; May 30,1854...
For the purchase of clothing for men, women,
and children, thirty installments.
Fpr pay of physiciarfs, carpenter, teacher, engineer, farmer, and blacksmith.
Blacksmith, and for irou and steel for vshops..
For the purchase of clothing for meu, women,
and children, thirty installments.
Pay of physician, carpenter, miller, teacher,
engineer,-farmer, and blacksmith.
Permanent annuities in clothing, etc
Twelve installments due, estimated at $10,000 each.
Estimated
1, 060. 00
l-H
Purchase of clothiug for men, women, and
children.
120, 000.00
Vol. 15, p. 676, §10
5, 000. 00
do
Twelve iustallments due, estimated at $5,000 each.
Estimated
Vol. 15, p. 676, §3.
Vol 15, p. 676, §9.
1, 000. 00
Vol. 15, p. 676, §10
5, 000. 00
Treaty Novemher 11, 1794
Vol. 7, p. 64, §6
Twelve installments of $130,000
each, due; estimated.
Vol. 15, p. 638, §10
H
hH
CC
60,000.00
H
O
HH
Blacksmith, and for iron and steel.
Estimated
•
For such articles as may he consJn.ered neces- Twelve installments, of $200,000
sary by the Secretary of the Interior for
each, due; estimated.
persons roaming.
Physician, five teachers, carpeuter, miller, Estimated.
engineer, farmer, and blacksmith.
Purchase of rations, etc., as per article 5,
do....
agreement of September 26, 1876.
Pay of blacksmith
,
do....
Tabequache band
of Utes.
Tabequache, Mua- For iron and steel and necessary tools for
che, Capote, Weeblacksmith shop.
minuche, Yampa,
Grand River, and
Uintah bands of
Utes.
Do
Two carpenters, two millers, two farmers,
one blacksmith, and two teachers.
Vol. 15, p. 676, §9
do....
.do.
...do.
...do .
4, 500. 00
'Z
1, 560, 000. 00
u
l-H
>
2,400, 000. 00
Pi
H
2,000.00
Vol. 15, p. 638, §13 10, 400. 00
90, 000. 00
i-(
td
W .
Ul
Vol. 19, p. 256, §5 1,100,000.00
VoL 13, p. 675, §10
720.00
VoL 15, p. 627, i
220.00
VoL 15, p. 622, §15
7, 800.00
O
X
Tabequache, Mua- Thirty instaUments, of $30,000 each, to he ex
che, Capote, Weepended under the direction ot the Secretary
minuche, Yampa,
of the Interior, for clothing, blankets, etc.
Grand River, and
•Uintah bands of
Utes.
Do
Annual amount to be expended, under the
direction of the Secretary of the Interior, in
supplying said Indians with heef, mutton, .
wheat, flour, beans, etc.
Winnebagoes
Interest on $804,909.17, at 5 per cent, per annumDo
1 Interest on $78,340.41, at 5 per cent, per annum, to he expended under the direction of
the Secretary of the Interior.
Yankton tribe of Ten installments, of $25,000 each, heing third
Sioux.
series, to be paid to them, or expended for
their benefit.
Do
TwentyinstallmentS, of-$15,000 each, fourth
series, to be paid to thera, or expended for
their henefit.
Eleven installments, each $30,000,
due.
.
M
^-§
o2
43 ©
a ft
§=«
X
o
O
H
W
$330, 000. 00
VoL 15, p. 622, §13
CS
Ul
o
Pi
Vol. 15, p. 622, §12 $30,000.00
>
^.
Pi
November 1, 1837, and Senate VoL 7, p. 546, §4..
.voL 12, p. 628, §4 .
amendment, July 17, 1862.
VoL 16, p. 355, §1July 15, 1870
One installment due, of $25,000... Vol 11 p 744 §4
do
Twenty installments, of $15,000
each, due.
$40,245. 45
1804,909.17
3, 917.02
78, 340. 41
25, 000.00
o
-W
300, 000. 00
PO
Total
as
03
Aniount held in trust hy the
United States on whiph 5
per cent, is annually paid,
and amounts which, invested at 5 per cent,, produce
permanent annuities.
Description of annuities, etc.
Aggregate of future appropaiations that will he required
during a limited numher of
years to pay limited annuities incidentally necessary
to effect the payment.
Names of treaties.
Reference to
Numherof installments yet unap- laws,
statutes at
propriated, explanations, etc.
Large.
Annual amount necessary to
meet stipulations, indefinite
as to time, now allowed, but
liable to he discontinued.
TABLE S.—STATEMENT SHOWING T H E P R E S E N T L I A B I L I T I E S OF T H E U N I T E D STATES TO INDIAN T R I B E S , ETC.—Continued.
1,430,190.00 6,471,666.62
1
349,25L 98
6, 024, 629.99
>
•
Ul
Pi
T A B L E T . — S T A T E M E N T O F R E D E E M E D U N I T E D STATES S E C U R I T I E S R K C E I V E D B Y T H E O F F I C E OF T H E S E C R E T A R Y ' O F T H E T R E A S U R Y FOR F I N A L
COUNT, E X A M I N A T I O N , AND D E S T R U C T I O N , D U R I N G T H E FISCAL YEAR E N D E D J U N E 30, 1887.
Denomination.
Title of security.
I's.
•
2's.
$57,439.50
$5, 614. 60
$3,437. 80
299,817.50
30,651.20
21,750.20
34,773.60
33,102.30
694,467. 50
89, 939. 60
45,033.50
Uuited States notes, series 1875.
57, 308. 20
779, 904. 00
64, 900.00
United States notes, series 1878
United States notes, series 1880. 8,658, 322.10 8, 997, 710.40 15,472,740.00
135. 00
United States demand n o t e s . . .
One-year notes of 1863'
Two-year notes of 3863
f
Two-year coupon notes of 1863.
.
Compound-interest notes of 3863
Compound-interest notes of 1864
Silver certificates, series 1878 .
Silver certificates, series 1880 . .
31,758. 50
70, 003. 60
Silver certificates series 1886
176, 503.90
Gold certificates. New York,
series' 1882
:
Gold-certificates, Washington,
series 3882
Refundin sr certificates
National currency notes of
7,966. 00 4, 406, 690. 00
failed and liquidating banks.
10,693, 00
National currency, redeemed
7,768.00 16, 212,390. 00
and retired
i
9, 933. 00
United States notes, series 1869.
Totals .
lO's.
20's.
50's.
$116,437
1,421,306
$333, 734
1, 496, 544
930,086
1,440,085
5, 019, 276
60
390
1,182,362
2, 382, 336
2,194,242
^ 120
420
$20,000
226, 865
814,145
113,245
865,490
1, 342, 535
5's.
70
1,800
1,330
83,766 . 148,552
6, 326, 526 3,700, 060
98,225
50
100
50
100
l,8u0
278,215
2, 910, 525
"-^
lOO's.
500's.
$27,600
494, 250
$17, 500
15, 000
531,000
734,290
697,000
1, 371,260 2,605,000
854,000
3,888,900
1,000's.
$21,000
521,000
~
$402,762.90
4,527,183.90
1,373,020.90
4,486,423.60
14,2.57,883.20
49,020,725.50
315.00
760 00
300 00
50.00
270.00
6,080.00
929,623.00
20,980,411.00
376,491.00
100
200
100
1,100
270,590
50,500
5,626,800 1,115,500
98,000
1,301, 000
966,400 I, 298, 000
945,000
1, 452,150
155, 602
40,450
^ 75, 4oe
102, 500
163, 000
4,207,740
1, 552, 400
1, 895, 800
39, 500
24,000
15,199,9m 10,556,160
2, 985, 600
5, 568, 000
75,000
1,000
32,750
9,003,675.80 9,281,535.20 37, 955,342. 00 36, 769,407 27,108, 678 12, 603, 770 38,920,790 7,400, 500 12,342, 000
Totals;
10,000's.
4, 677, 000
$15,000
4,593,000 1
949,206
6, 099,350
5,000's.
585,000 $2,800,000
35,000
8,995,756;00 .
639,952.00
32,750.00
70,000
18,244,139.00
50,615,801.00
w
o
d
Pi
635,000 2,870, 000
Ul
Denomination.
Redeemed United States fractional carrency.
United
United
Uuited
United
States fractional
States "fractional
States-fractional
States fractional
currency, first issue
currency^ seconel iss
currency, third i83u<
currency, fourth iss \IQ
,_
._
-
-
'
3c.
5c.
10c.
$12.12
$22. 58
25.57
13. 35
$34. 58
41.68
140. 79
423. 48
12.12
6L50
1, 363.44
ies
--.
AfiTETre^'ate of r e d e e r a e d UTiit^^^rl Sfn.f.fa app.nrit.ipn rAPAivAfl fnr dAsf^rnP.f.inn
*"$iio.'68'
722.91
United States fractional currency, fifth issue
Totals
Redeemed United'States internal-reve n u e s t a m n s
15c.
110.08
25c.
50c.
$73.48
$100.40
70.20
97.30
230.03- - 378.15
659.91
334.05
515.45 1
628.30
1,658.24 1,030. 70
2, 691. 86
231 04
234 75
774 44
1,327.52
515.45
628.10
3,41L85
2,884.15
2,213,507.34^
177,111,328.49^
o
X'
HH.
X
T A B L E U . — S T A T E M E N T OF D I S T I N C T I V E P A P E R — S I L K T H R E A D E D F I B E R — I S S U E D FROM T H E O F F I C E O F T H E SECRETARY O F T H E T R E A S U R Y TO
THE B U R E A U OF E N G R A V I N G AND P R I N T I N G , AND D E L I V E R I E S AND BALANCES OF T H E SAME, F O R NATIONAL BANK CURRENCY, S E R I E S 1882, FOR
T H E FISCAL Y|3^4;^i ,1.^«7.
X
X
Denomination.
Combiuiitions.
Transactions.
N u m b e r of
sheets.
Amount.
5's.
BALANCES.—Balances in Bureau of Engraving and Printing, June 30,1886.
5,5, 5, 5
10,10,10,20
50,100
Total balances . . . .
BLANK PAPER.—Delivered to Bureau of Engraving and
Printing frorn the Office of the Secretary of the Treasury, for printing circulating notes, during the fiscal
year 3887.
Total blfink paper
Balances 3886 brought down .
Total to be accounted for
.
.
.
5, 5, 5, 5
10,10,10, 20
50,100
.
PERFECT NOTES.—Delivered by Bureau of Engraving and
Printiugto the Officeof the Coinptroller ofthe Currency
for issue during fiscal year 3887.
5, 5, 5, 5
10,10, .10, 20
50, 300
Total delivered (perfect)
IMPERFECT NOTES.—Delivered by Bureau of Engraving
and Printing to the Otfice of the Secretary of the Treas?jry for destruction, during fiscal year 1887.
Total balances
1
RECAPITULATION.
Deliveries to Comptroller brought down
D e l i v e r i e s t o S e c r e t a r y ' s Oflice b i o u g h t d o w n
B a l a n c e s on h a n d J u u e 30; 1887 "
..
T o t a l a c c o u n t e d for
> 237,202
130, 506
19, 974^
4, 744, 040
387, 682i
4, 744, 040
343, 000^
153, 000
6, 000
6, 860, 000
502, 000
387, 6S2^
6,860, 000
4,744, 040
4, 590, 000
3,915,180
889, 682^
11,604,040
398, 735
176, 574
6, 9801
7, 974, 700
582, 2891
7, 974, 700
24, 205
11, 382
1,037
36, 624
484,100
5, 5, 5, 5
10,10,10, 20
50,100
157, 262
95, 550
17, 957
3,145, 240
270, 769
20's.
50's.
300's.
Pi
O
H
O
1,997,450
3, 994, 900
$4, 744, 040
6, 525, 300
5 99'' 350
3,997,450
3, 994, 900
17,261,690
600, 000
3,200,000
6, 860, 000
7, 650, 0( 0
3,800 000
3, 060, 000
2, 610,120
600,000
1, 997,450
3,200,000
3, 994, 900
16,310,000
17,261,690
o
8, 505,180
5,670,320
2, 597,450
5,194,900
33,573,690
pi
5, 297, 220
3, 531, 480
698, 050
1,396,300
7, 974, 700
8, 828, 700
2, 094, 350
Pi
5, 297, 220
3, 533, 480
-698, 050
1, 396, ICO
38, 897, 550
O
H
103,700
207, 400
484,100
569, 300
311 100
103, 700
207, 400
1, 364, 300
H
w
3, 915,180
5, 5, 5, 5
10,10,30,20
50,100
Total delivered (imperfect)
BALANCES.—Balances in Bureau of Engraving and Printing June 30,1887.
lO's.
2, 610,120
3, 915,180
2, 610,120
4, 590, 000
3, 060, 000
484,100
341,460
341, 460
227, 640
227, 640
2, 866, 500
1,911,000
1, 795, 700
3,591, 400
3,145, 240
4, 777, 500
5, 387,100
3,145, 240
2,866, 500
1,911,000
1,795,700
3, 591, 400
33,309,840
582, 289^
36, 624
270, 769
7,974, 700
484,100
3,145, 240
5, 297, 220/
.341,460
2, 866, 500
3,531,480
227, 640
1, 911, 000
698, 050
3 03,700
3, 795, 700
" 1, 396,100
207, 400
3, &91,400
38,897,550
3, 364, 300
33, 309, 840
889, 682^1
11, 604,040
8, 505,180
5, 670,120
2, 597, 450
5,194, 9G0
33, 571, 690
Ul
H
Ul
cl
Pi
BONDS, E T C . , R E C E I V E D AND ISSUED.
TABLE Y.—STATEMENT
CEIVED
AND
ISSUED
O F U N I T E D STATES
B Y THE
OFFICE
BONDS
OF
AND OTHER
CXXI
OBLIGATIONS R E -
THE SECRETARY OF THE TREASURY"
FROM NOVEMBER 1,1886, TO OCTOBER 31,1887, INCLUSIVE.
T i t l e of l o a n . -
Oregon w a r d e b t , a c t of .Mar. 2, 3 861
L o a n of J u l y a n d A u g u s t , 1861, a c t s of J u l y 17
a n d A u g . 5, 1861
E i v e - t w e n t y b o n d s of 3862, a c t of F e b . 25,1862.
B o n d s i s s u e d t o Pacific r a i l r o a d s , a c t s J u l y 1,
1862, a n d J u l v 2, 1804
L o a n o f 1863 (1881s), a c t of M a r . .3, 1863
G o l d c e r t i f i c a t e s (old i s s u e ) , a c t of M a r . 3,1863.
T e n - f o r t y b o n d s of 1864, a c t of M a r . 3, 1864 . . . .
S e v e n - t h i r t v n o t e s of 1864-'65, a c t s of J u n e 30,
1864, a n d M a r . 3, 1865
F i v e - t w e n t y b o n d s of J u n e , 1864, a c t of J u n e
30,1864..
•
E i v e - t w e n t y b o n d s of 1865, a c t of M a r . 3, 1865.
C o n s o l s of i 865, a c t of M a r . 3, 1865
C o n s o l s of 1867, a c t of M a r . 3, 1 8 6 5 . . .
C o n s o l s of 1868, a c t of M a r . 3, 1865.
founded l o a n of 1881, 5 p e r c e n t . , a c t s of J u l y
14, 1870, a n d J a n . 20, 1871
*..
F u n d e d l o a n of 1891, 4 | p e r c e n t . , a c t s of J u l y
14, 1870, a n d J a n . 20, 1871
F u n d e d loan of 1907, 4 p e r cent., a c t s of J u l y
14, 1870, a n d J a n . 20, 1871
C e r t i f i c a t e s of d e p o s i t , a c t of J u n e 8, 1872
3^ p e r c e n t , b o n d s , a c t s of J u l y 17 a u d A u g . 5,
1861.:
I'J p e r c e n t , b o n d s , a c t s of J u l y 14, 1870, a n d
J a n . 20, 1871 '.
3 p e r c e n t , b o n d s , a c t of J u l y 12, 1882
Received for
R e c e i v e d for
exchange
redemption.
and transfer.
Issued.
Total.
$250
:,000
,750
$10,052, 000
8,000
3,750
$10,052,000
350
55, 620
16, 000
20,104, 000
350
55, 620
16, 000
450
450
150
1,500
24, 900
46, 500
900
150
1,500
24, 900
46, 500
900
18,150
18,150
47, 575, 400
19, 455, 400
47, 575,400
114, 606, 200
101, 272, 500
5, 379, 250
21, 260, 000
101,322, 900
24, 675, 000
207, 974, 650
45, 935, 000
35, 050
3, 680, 650
'
38,450
95, 503, 250
3, 680, 650
38,450
102, 864, 550
162,580,550
141, 847, 920
187, 305, 950
491,734,420
APPENDIX TO J H E REPORT ON THE FINANCES.
6209 FI 87
1
APPENDIX.
REPORTS OF HEADS OF BUREAUS AND SUPERVISING SPECIAL AGENT.
'
_
• (No. 1.)
EEPOET. OE. THE TREAaUEEE,
'
, TREAS.URY OF THE U N I T E D STATES,
Washington^ B.C.yNoven2herl,18S7.
S I R : I have the honor to submit the following report on the condition of the Treasurer and its operations during the fiscal year ending
June 30, 1887:
R E C E I P T S AND EXPENDITURES.
The net receipts for the fiscal year were $371,403,277.06, and the net
expenditures $267,932,179.97. The receipts were $34,963,550.60 greater,
and the expenditures $25,449,041.47 greater, than the year before. The
excess of the revenues over, the expenditures was $103^471,097.6.9, an
increase of $9,514,509.13 over 1886. A comparison in detail between
the two periods is made in the following table : ^
1886.
Revenue from—
Customs
Internal revenue
Sale of public lands
Miscellaneous sources
. .-
Total
Expenditures on account of—-^
Civil and miscellanepus:
Customs, light-houses, public
Interior civil (lands,.patents,
etc )
Treasury proper (legislative,
executive,'=and other civil).
Diplomatic(foreign relations)
Jiidiciary and quarterly salaries
Navy Department
Interior Department (Indians
anduensions) . . . . . . . . . .
Interest on pubhc debt
.
Total
Surplus availahle for reduction of
deht..,
1887.
Increase.
Decrease.
$192, 905, 023. 44 $217, 286, 893.13 $24, 381,869.69
116, 805, 936.48 118, 823, 391. 22
2,.017,454.74
5, 630, 999.34
9,254,286.42
3, 623, 287. 08
21,097,767.80
26, 038, 706. 89
4, 940, 939.09
336, 439, 727. 06
371,403, 277. 66
24,165,246.36
4,113,319.90
23, 795, 933.12
4,070,126.59
34,903,550.60
,
$369,313.24
. 43,193. 31
7,306,224.44
7,821,225.31
515, 000.87
33,323,749.66
1, 332, 320.88
'38i 342, 337. 73
7,104} 490. 47
5, 018, 588. 07 .
5, 772,169. 59
4,130, 712.37
3, 926, 068. 61
38, 561, 025. 85
34,324,152.74
13, 907, 887. 74 • 15,141,126. 80
204, 643. 76
4, 236, 873.11
1, 233, 239. 06
8i, 223. 624.48
4-7, 741, 577.25
11, 719, 602. 28
242,483,138.50
267, 932,179. 97
28,700,116.7425,449,041.47
93,956,588.56
103,471,097.69
9,514,509.13
09, 504, 022. 20
50, 580,145. 97
2, 838. 568. 72
3, 251, 075. 27
4
REt*ORt ON TitE FINANCES.
The receipts on account of the Post-Office Department, not included
ih the above statement, were $54,752,347.42, which is an increase of
$1,7553212.16 over the receipts of last year. The expenditures increased
from $50,682,585.72 in 1886 to $53,583,835.03 in 1887, or $2,901,249.31.
Of the total receipts $28,031,949.72 was received and disbursed by postinasters without having been deposited in the Treasury.
SUMMARY OF OPERATIONS.
'
'
There were redeemed during the year bonds of the United States
amounting to $127,911,950, of which $47,894,200 were applied to the
sinking fund.
The payments of interest on the registered bonds of the United
States, including bonds issued to,the Pacific Eailway companies, were
made by 219,436 checks, amounting to $39,755,876.52. Coupons were
also paid at the Treasury and the various sub-treasury offices, amounting to $7,002,094.83,
The payment of the warrants pf the Secretary of the Treasury required the issue of 55,157 drafts; 7^,453 drafts on warrants o f t h e
Postmaster-General and 26,176 transfer checks on assistant treasurers
were issued, making a total of 379,222 drafts and checks issued b y t h e
office during the year.
Circulatingnotes of national batfks amounting to $87,689,687.15
were received for redemption.
United States notes unfit for circulation of the value of $74,068,000
were redeemed and destroyed, and new notes of a like amount were
issued.
Silver certificates to the amount of $51,852,000 were issued, $22,286,525 were redeemed, and the amount nominally outstanding at the
close of the fiscal year was $145,543,150.
There were redeemed during the year gold certificates amounting to
$9,687,428.
The national banks paid into the Treasury on account of semiannual duty on their circulation the sum gf $2,044,922.75, which ^was
$547,098.58 less than was paid on that account the preceding year.
Interest, amounting to $415,120,70, on registered bonds of the District
of Columbia, was paid by 973 checks, and coupons from such bonds,
amounting to $95,250.16, were examined and paid.
The national banks withdrew $126,188,750 in bonds held by the
Treasurer of the, CTnited States in trust to secure their circulating notes,
and $42,180,650 in bonds were deposited for that purpose.
There were also deposited by national banks designated as depositaries $15^251,500 in bonds to secure public funds, and $8,425,900 in bonds
so held were wdthdrawn.
The total movement of bonds held for national banks during the year
was $192,046,800, and the total decrease of such bonds held by the
Treasurer was $77,182,500.
Bonds of the State of Indiana amounting to $2,000, and belonging
to the Indian trust fund, became due and were paid by the State during
the year.
.
.
Past-due coupons from bonds of the I^ashville and Chattanooga Railroad Company, amounting to $153,540, were paid by the company.
The accounts of the disbursing officers of thei Government on the
books of the Treasury show that funds amounting to $22,565,001.19
stood to their credit at the close of the year, $4,162,363.80 of which was
oil deposit in the various nationai-bank depositaries.
TREASURER.
5
Trade dollars amounting to $7,254,363 were received in exchange for
standard silver dollars and fractional silver coin.
The unavailable funds of the Treasury, June 30, 1887, were
$29,521,579.35, and those of the Post-Office Department $37,277.06.
T H E STATE OF THE TREASURY.
.
The net changes in the assets and liabilities of the Treasiiry during
the year ending September 30, 1887, are exhibited below. I t will be
seen that the largest increase in the assets was in gold coin and bullion,
and that this increase was ^greater than the decrease in the aggregate
balance. The net silver in the Treasury, including fractional silver
coin, trade dollars, and trade-dollar bullion, fell off $20,965,395.17.
The largest increase in the liabilities was in the funds for the redemption of national-bank notes, and alone, was greater than the change in
the balance. The actual' total assets, including certificates on hand, increased from $582,738,300.20 to $634,391,862.78.
fi-old coin and bullion
..
.....
T)ftn6sits in national-banlc <ienositarie3 .
.^
Public deht and interest thereon
.......
. .,
Treasurer's transfer checks and drafts outstanding.
Treasurer United States, agent for paying interest
on Diatrict of Columhia honds
.... .....
Total
Assets.
Liabilities.
Increase.
.. $34, 705, 623.49
8,968,713.95
295, 533.00
6, 799, 503. 00
Decrease.
Silver dollars and hullion
United States notes
.
National-bank.notes
.
Disbursing officers' balances and small accounts
Funds for the redemption of national-bank notes .
11, 986, 075. 06
Decrease.
26,143,181.95
19, 304, 976.75
137, 241. 50
"
45, 585, 400.20
Total
Decrease in halance
Assets not available—
Fractional silver coin
Minorcoin
-
$9, 759, 929. 86
2, 020, 221. 88
205, 923. 32
50,769, 373.44
...
Total.
$62,755,448.50
Increase.
io, 525, 926.26
32,719,298.46
57, 348. 30
43, 302, 573. 02
88, 887, 973. 22
26,132, 524.72
•
.
.
.. . . . . . . . . . .
......
1, 917, 249. 22
187,177. 30
9 104 d.9^^ ^9,
•
Ag'^'^regate balance decreased
28,236, 951. 24
The assets and liabilities on September 30, 1886, and September 30,
1887, and the character of the assets at the latter date, are shown by
the following statements:
6
,
REPORT ON T H E
STATEMENT OF THE
FINANCES.
ASSETS AND L I A B I L I T I E S o r
THE TREASURY OF THE
UNITED
STATES, SEPTEMBER 30, ItiSG.
Assets.
Liabilities.
Balances.
t
GOLD.—Coin
. . .
Bullion......
. . . $189, 051, 398. 65
53, 509, 735. 67
$242, 561,134.32
125,346,127.00
Certificates
L e s s a m o u n t on h a n d . . 41, 036, 550. 00
$84, 309, 577. 00
]^et gold
SiLVEE.—standard d o l l a r s
Dullion
$158, 251, 557. 32
181.161,161. 00
3, 877, 541. 44
185, 038, 702. 44
Certificates.
117,943,102.00
L e s s a m o u n t on h a n d . , 22, 032, 850. 00
95, 910, 252. 00
Net silver... i
89,128, 450.44
45. 244,'640. 88
U N I T E D STATES NOTES
L e s s a m o u n t on h a n d . .
7, 895, 000. 00
280, 000. 00
7, 615, 000. 00
N e t United States notes
NATIONAL-BANK NOTES
DEPOSITS IN NATIONAL-BANK DEPOSITARIES
Totals.'.
Public deht and interest:
Interest due and unpaid
'Vccrued i n t e r e s t
. ...
Matured debt
I n t e r e s t on m a t u r e d d e b t
Debt bearing no interest
I n t e r e s t on Pacific E a i l r o a d h o n d s
A c c r u e d i n t e r e s t dn Pacific E a i l r o a d
364, 452. 50
37, 629, 640. 88
364, 452. 50
16,682,286.33
16, 682, 286. 33
489, 891, 216.47 187, 834, 829. 00 302, 056, 387.47
1,931,702.01
8, 998, 016. 50
7, 313, 0.35. 26
201, 061. 07
3, 524. 75
37, 739. 96
969, 352. 68
19, 454, 432. 23
Fractional currency redeemed...
One a n d t w o y e a r n o t e s r e d e e m e d .
Interest checks and coupons paid.
United States bonds and interest
paid
3, 524.75
10.50
. 107, 370. 95
315, 849.97
Totals
426, 756.17
490,317,972.64 207,'289,261.23
E e s e r v e for r e d e m p t i o n of U n i t e d S t a t e s
n o t e s , a c t s of 1875 'and 1882
F u n d h e l d for r e d e m p t i o n of n o t e s of N a t i o n a l b a n k s " f a i l e d , " " i n liquidation," and " reducing circulation"
F u n d h e l d for r e d e m p t i o n of nationalaold-baiik n o t e s
F i v e p e r cent, f n n d for r e d e m p t i o n of
national-banknotes . . . . . . . . . . . . ^ . . . . .
65, 515, 523. 35
National-hank notes in process
of r e d e m p t i o n
Post-Office D e p a r t m e n t a c c o u n t . . :
D i s b u r s i n g officers'balances
..
U n d i s t r i b u t e d a s s e t s of failed n a t i o n a l
banks
............
.*...
C u i r e n c y a n d m i n o r coin r e d e m p t i o n ac-
4, 929, 621. 29
22, 676, 967.45
100, 000, 000.00
97, 024. 00
10, 856,751.34
1, 917, 974. 89
70,469, 298.69
824, 411. 30
433, 080. 78
F r a c t i o n a l s i l v e r coin ^ r e d e m p t i o n ac57,118.00
Treasurer's transfer checks a n d drafts
outstanding
..
T r e a s u r e r TJ. S.^ a g e n t for p a y i n g intere s t on I ) C b o n d s
.
6, 307,180. 95
346,184. 73
I n t e r e s t on D . C. b o n d s p a i d
10, 318.15
Totals
492; 246, 265. 68 419, 333,124.42
35,.574, 564. 50
Balance
Assets not available:
Minorcoin..
F r a c t i o n a l silver coin
-
Affffresate
. . .
72, 913,141. 26
296, 021. 76
26, 846, 612.76
^27,142,634.52
27,142,634. 52
519, 388, 900. 20 419, 333,124.42 100, 055,775. 78
TREASURER.
STATEMENT O F T H E ASSETS AND L I A B I L I T I E S O F T H E T R E A S U R Y OF
STATES, S E P T E M B E R 30,
1887.
Assets.
GOLD.
Coin
1 Liabilities.
108,620,986.01
Certificates
127,138, 971.'00
Less amount on hand.. 28, 945, 338.00
Net gold..'...
SILVER.—Standard dollars
Bullion
Balances.
$291,150,813. 81
$98,193,633.00
$192,- 957,180.81
213, 069,257. 00
4,755, 319.49
217,824,576.49
Certificates
158, 274,667.00
Less amount on hand..
3,435,359. 00
154, 839, 308. 00
Net silver
24, 939, 664.13
UNITED STATES NOTES
Certificates'..
""'6,'765,'6o6.'o0
Less amount on hand..
150,-000.00
6, 615, 000.00
Net United States notes
295, 533.00
6,799,503.00
•227,2n.00
TRADE DOLLARS
1....
TRADE-DOLLAR BULLION
NATIONAL-BANK NOTES
DEPOSITS IN NATIONAL-BANK DEPOSITARIES - - -
Totals.
Public debt and interest: .
.:::.::::::::::
Fractional currency redeemed.
United States bonds and interest..
Interest checks and coupons paid..
Eegistered and coupon interest
prepaid .
.........
2,106,247.47
8, 323, 200. 86
3,739,935.26
184,432.22
1', 092, 988. 81
452.49
•
' 16,769.96
969, 352.68
16, 433, 379.75
452.49
1,094, 611.7.0
4,170,374.05
1, 900,195. 31
7^165,638.55
Totals
.:
574, 053, 935. 26 276, 081, 320. 75
Eeserve for redemption of United States
note s. Acts of 1875 and 1882.
, .....
100, 000, 000.00
Fund held for redemption of notes of
national, banks "failed," "in liquidation," and "reducing circulation".'...' ' 102, 265, 787. 60
Five per cent, fund for redemption of
national-bank notes
7,769,057.18
National-hank notes In process of
redemption
Post-Oifice Department account...
.
4,986,969.59
32,172, 375.47
Disbursing officers' balances
Undistributed assets of failed national
hanks.
1, 902,788.02
Currency and minor coin redemption
. account
_ 420. 00
Fractional silver coin redemption account- . . . . . . ^ . . . . . . . . .
•....'
6, 920.00
Eedemption and exchange a c c o u n t . . . . . . • 435,000.30
Treasurer's transfer checks and drafts
outstanding
4,286,959.07
Treasurer U. S.,-agent for paying interest on D. C. bonds
- 134,743.26
Interest on D. C. bonds paid
,
.
'
Balance
Assets not availahle:
Minorcoin..
Fractional silver coin
Aggregate
18, 324, 664.13
295,533.00
6,799,503.00
227,211.00
25, 651, 000. 28
.25, .651, 000.28
,
,
62,985,268.49
^566, 888,301. 71 259,647,94L00 307,240, 360. 71
Matured debt
Interest on matured d e h t . . . . . . . . . . .
Interest prepaid, not accrued, per
Departnient Circular No. 90 . . . . . . .
Debt bearing no interest
Interest on. Pacific Eailroad bonds
due and unpaid
Accrued iriterest on Pacific Eaiilroad
honds
Totals
UNITED
. . $182, 529, 827.80
.
Bullion
5
THE
2, 764, 222. 52
110, 034,844.78
4;'806."66
576,822, 957. 78 530,042,34L24
108,844.46!
24,929,363.54 25,038,208.00
1...
,
46,780,616.54
43,926,175.71
25,038,208.00
601,861,165. 78 530, 042, 341.24
71,818,824.54
REPORT ON T H E FINANCES.
STATEMENT SHOWING B Y O F F I C E S THE CHARACTER
Office.
Treasury and sub-treasuries :
Washington . . . .
Baltimore
New York
Philadelphia.
Boston
^ Cincinnati
Chicago
Saint Louis .•
New Orleans
San Francisco
Tlnited States mint :
Philadelphia
Coin
Bullion
NewOrleans
Coin
Bullion
San Francisco
Coin . . . I
Bullion .
... ...
Carson City
Coin
Bullion . . . . . . . . . . .
Denver
Bullion
United States assay ojffice :
New York
Coin
Bullion -.
Bois6 C i t y . . . ' ' .
Bullion .
Charlotte
Bullion
Helena..
Bullion
Saint Louis
Coin...
. ^.
Bullion
I n transit hetween offices...
United States Eedeemed
notes and frac- certificates National-bank
notes.
tional currency. of deposit.
$2,450,251.00
1, 498,134.00"
12, 9?^\ 429. 73
1, 867,728. 99
795, 393. 00
2,217,288.13
383, 506. 00
714, 680. 00
825,294.72
591, 990. 00
$60,000
40,000
. 50, 000
' '
Gold coin and
hullion.
Gold certificates.
$2, 764, 222. 52 $25,116, 389.30 $5, 211, 678
7, 680. 00
3, 870, 616. 50
249, 630
17, 423. 00 92, 249, 238. 00 15, 894, 610
14, 671. 00
2, 889, 301. 00 1, 293, 020
52, 642. 00
8, 680, 051.00
1, 240, 240
9,145. 00
7, 405, 000. 00
469, 250
15, 615. 00
580, 000. 00
1, 975, 000
4, 880. 00
6.430,400.00
609,100
1,155. 00
5,296, 786. 50
1, 385, 500
26, 610, 663. 50
8, 310
50, 000. 0;0
1,693, 242. 00
25,222,193.23
^
10, 920. 00
590, 959. 62
1,156, 705. 00
5, 430,768.07
.
~
33, 005.00
152,862.49
53.00
96, 366. 51
.
7, 470. 00
- 76, 916, 059.11
11, e n . 03
95, 975.34
8,158.50
178,494.93
10; 00
'
104,000: 00'
1,130, 282.16
40. 00
4, 444. 71
500, 000. 00
/
609,000
Total
^25,516, 651. 82
Less amount due depositors.
576, 535. 20
150, 000
2, 991,433.52 '291,226,110. 31
24, 940,116.62
150, 000
2, 991,433.52
291, 226,110. 31 28, 945, 338
75, 296.50
24, 940,116. 62
150, 000
2,991,433.52
291,150, 813. 81 28, 945, 338
*24, 940,116. 62 .
150, 000
12,991,433.52
Less hullion in remittance
Deposits held hy nationalbank depositaries. .>
Old depositary accounts
Total.
291,150, 813. 81
NOTE.—No hullion is held in the sub-treasuries.
*U. S.notes, $24,939,664.13; fractional currency, $452.49.
t ijiqcli^des $2j764,?22.63 nationa^b^^^ note^ in process of redeniptio^,
28, 945, 338
28, 945, 338
TREASURER.
OF THE
ASSETS OF ' I H E T R E A S U R Y , S E P T E M B E R 30,
1887.
•
United
States
Fractional J M i n o r c o i n . bonds, interr Unavailable
est checks,
funds.
silver com.
and coupons
' paid.
S t a n d a r d silver Silver cerdoUars a n d
tificates.
silver bullion.
$61,380,588.00
3,183, 910. 00
. 31, 367,178. 00
12,660,606.00
1,403, 893. 00
'
219,200.00
1,342,088. 00
9,813,393.00
4,293,883.00
18,056,172.00
$1,641,202.
97,047
, 211,213
$1,908,536.77
.323,457.75
9,802, 398.82
187, 927
55, 620
117, 046
288,869
2,086,493.88
739,778.30
88,200.00
1,266,648.00
170, 820
279,615
1,318,905.00
'268,457 01
7,058,992.00
$2, 009.42 $1,975,167.31
^ 66,616.62
1,214.64
2,568.50 3,-243,908.01
601.37
242,289.71
4,453.,87
493,374.56
. 509.72
59, 865.13
410.96
62,72L55
660.93
26, 954.99
2,369.35
15,1^2.00
2,686.49
•
Total.
$102,450,044.38
9,358,306.51
165,782,785.84
~ 21, 282,638.95
13,465,445.73
10,635,503.98
5,914,858.51
^ 19,089, 793. 92
680,89L53
' 13, 049, 214.11
52,328, 813. 99
$13,818.78
............
,
<
8,076.01,
87,652.60
• 145 728 61
37, 688, 291. 00
5, 516, 531. 37
-
.39,'381,533.00
30,738,724.60
•
>
43
8,151, 925.00
1, 293, 926. 03
,
8,162,845.43
L 884'885 65
413,557.96
45,992.69
-'
23,873,626.00
1,072,3.32.37
829.63
' 9,320.00
40, 540. 37
\
.01
.20
•
•
•
. ,
•
459, 550.65
25,030,33L 00
~ , 6, 503,100.44
829 63
42.325 00
193,402. 8C
;
,
'
'
20.53
82.60
' 53 21
96,366.51
103.13
2 895 00
10,365.00
80,550,099.46
11, 611.03
95,975.34
3, 634, 040. 35
8,158.50
•
2. 00
178,494.93
12.07
40.00'
4, 486. 20
3, 792,172.14
.07
,
41.49
382 00
411,000
50, 000. 80
3, 686. 00
225,004,761. 98
82, 560.00
3,460, 359
25,000
24, 966, 851.89
37,' 488. 35
108,844.46
7,169,981. 06
1,108, 268. 27
610, 648, 600.31
721, 583. 55
224, 922, 20L 98 ' 3,435,359
2, 589.49
24, 929, 363. 54
108,844.46
7,169, 981.06
1,108,268. 27
609, 927,016.76
77,'885.99
224, 919, 612.49
24,929,,363. 54
108,844.46
3,435, 359
^
983, 82L 18'
\
609,849,130.77
7,169,981.06
214,7,61.38 ' +25,865,761.66
63,652.20
63, 652. 20
§224,919,612. 49
3,435, 359
24, 929, 363. 54
108, 844.46
7,169, 981. 06
1, 386, 681. 85
t Includes unavailable $214,,761.38.
I Silver bullion, $11,554,8^2,
49; trade.dolli^rs, $?.95,533; standard dollars, $213,p69,?57t
635,778,544.63
10
REPORT ON THE FINANCES.
A comparison of the assets and liabilities, as here given, with the
published monthly statements for the same dates, will show many differences, which are due to the fact that the monthly statements are prepared on the day for which they are issued, from the latest data then
on hand^ while the statements here given are made up from reports exhibiting the condition of the several offices of the Treasury on the same
day. - The following is a table of the corrections that must be applied
to the monthly statement for September 30, 1887, in. order to reconcile
it with the actual assets and liabilities at that date:
Balances.
Decrease.
Gold coin and bullion increased.....P.
Gold certificates actually outstanding in-,
$448,184:11
Gold balance increased . . . . . . . . . . . . . . . .
Silver dollars and bullion decreased
Silver certificates actually outstanding increased . . . . . . . . . . . . . . . .
130, 092.15
Increase.
208, 950. 00
$239,234. i l
484, 482. 00
Silver halance decreased . . .
. '
United States notes iucreased ...
Currency certificates actually outstanding
794,451. 96
$614, 574.15
80, 000. 00
•
United States note halance increased..
Trade dollars
. ... .....
........
Trade-dollar hullion . . . . . . . . .
.......
National-bank notes
Deposits in depositary banks
2, 820. 00
2,820. 00
52,841.00
212, 369.83
Total
Net increase in h a l a n c e s . . . . . . . . . . . . . .
Public debt and interest:
Increase in liabilities
Increase in paid items . . . . . : . . . . . . . . .
Post-Office Department account increased...
Disbursing officers' halances increased
Eedemption and exchange account decreased
Treasurer's checks and drafts outstanding
decreased
.....
617, 394.15
1, 221, 716. 90
617, 394.15
604,322.75
$0. 50
io,5i7.42.
115, 651.98
367, 570, 74
6, 702. 00
"
658, 525. 80
126,169. 90 1, 032, 798. 54
Fractional silver coin decreased
Minor coin decreased
714,451.96
54, 855.63
1,766.37
9,06,-628; 64
.
1,510,95L39
56, 622. 00
1.454,329.39
il.
TREASIIRER.
The following is a comparative statement ofthe assets and liabilities
of the Treasury, exclusiye of certificate's and other obligations held as
cash,"on October 31> 1886, and October 3i, 1887^ compiled from the
latest returns received:
O c t o b e r 31,
1887.
Octoher»31,
1886. ^
Increase.
Decrease.
ASSETS.
Gold hnllion
'
-•
$187,168,509.40 $182,342,103.00
59, 663, 639. OO 120,202,502.45
/
Total.
. . ' ^ . . : . . . : . . . . . . . 246, 832,148.40" 302, 544, 6d5.;45
9'9,684, 773.00
L e s s c e r t i t i c a t e s a c t u a l l y o u t s t a n d i n g . •88- 294,969.00
158,537,179.40
^()2,859,-832.*45
-. 182,931,231.00
3, 807, 948.52
..
214,175,532.00
11,683,"032.19
Total-.
^ . . . . 186,739,-179. 52
L e s s c e r t i f i c a t e s a c t u a l l y o u t s t a n d i n g 100,306; 800. 00
225,:858,:564.;19
160, 713, 957.-00
86,432J379.52;
65,144,607.19
"
Gold halance
-
S t a n d a r d s i l v e r dollars./.
Silver hullion
............
S i l v e r b a l a n c e ...'
United States notes
-.
L e s s certiflcates actually outstanding
United States note halance
..
*National-hank notes
:..
Deposits in national-bank depositaries
. . . . : . . . . . . v . , . . - $21,287,772.33
38,107; 305. 27 ,'22,476,.06.6.,74
.7,140, 000. GO"' , .7,215,'Odo. 00
; 15,261,066. 74
3,192, 745. 73:
16,266,639.08
4,157,980.49
31,767,478.23
965,234. 76
15,500,839.15
319,190; 965. i d '
23, 794, 716.10
12,548,927.49 ,
3,641,570.73
M a t u r e d debt and interest
2,3'2'2,743:86
Tntftreat due»and u n n a i d
...
1,937,758.92
.5,126,268.25
Accrued interest
i.....
3,816,900.97
I n t e r e s t d u e a n d u n p a i d , Pacific E a i l 34,679.96
12,839. 96
road bonds
...
A c c r u e d i n t e r e s t . Pacific E a i l r o a d .
1, 292,470.24
1,292,470.24:
bonds
...
..........
E e s e r v e for r e d e m p t i o n of U n i t e d
States notes
'
. lOOi 000, OOO. 00 100,000, 000. 00
Disbursiuo" Officers' b a l a n c e s , &o.
. 22,639^296.37' 31,042,700. 27
Outstanding drafts and checks
5,'601,057.68
5,614,378.70
F i v e p e r c e n t , fund for r e d e m p t i o n of
10, 424, 631. 04
national-hank n o t e s . . . . . . . .
7,892,939.97
F u n d for r e d e m p t i o n of n o t e s of
banks ' f a i l e d , " " i n liquidation,"
a n d ' ' r e d u c i n g , c i r c u l a t i o n " . . . . . . . . 78, i:05,363. 60 102,781,559. 25
4,517,610.53
,4,399,141.-26
Post-OfficeDepartment a c c o u u t . . . . . .
242,613,049.02
T o t a l liahilities
262,'432, 260. 27
52, 7,83,199. §8 , )5'6,758,704.83 •
Available balance
A s s e t s n o t a v a i l a b l e :Minor coin...,
-.
'-
—
15, 706, 238. 53
. 235,421.45
26,300,335.88
51,4.00.6.1
24,468,135.17
79,318,957.31
81,27'8,24;0..61
8,907,^356.76
384, 984. 94
1,309,367.28
21,840. 00
• • • • • "
•
'
8,403,403.90
13,321:02
2, 531, 691. 07
24,676,195.65
'
il8,'4CJr27
19,819,211.25
3,975,504.85
184,020.84
1,832, 200. 71
1,959, 283.30
" Includes national-hank notes in process of redemption.
„
•
LIABILITIES.
Total balance
. . . . . . . . .
30,967,305.27
295,396,249.00
' Total net assets
$44,322, 653.05
STATEMENT SHOWING T H E ASSETS AND L I A B I L I T I E S OF U N I T E D
STATES M I N T S AND ASSAY O F F I C E S J U N E 30,
1887.
to
ASSETS.
GOLD BULLION.
Office.
Standard
weight.
SILVER BULLION.
Value.
Standard
weight.
G o l d coin.
S i l v e r coin.
V a l u e (cost).
United States m i n t :
Ounces.
Oivaces.
Philadelphia
1, 286, 515. 093 $23,935,164.35 4, 388, 641. 88 $4, 460, 276. 35 $3, 675, 083. 00 #36,
San Francisco
859,170.18; 3, 343, 255. 00 18,
94. 405.183 1,756.375.50 817, 092. 74
5. 020. 00 8,
31,43L680
584,775.40 1, 558, 213. 68 1, 367, 986. 851
N e w Orleans
Carson City
5, 638. 844 104,908.74
40, 627. 66
71, 007. 00
44, 643. 38
A s s a y office:
New York
3,175, 217. 401 59,073,811.75 3, 326, 462. 03 3, 726, 612. 35 4, 664, 229. 92
Denver
113, 933. 00
Helena
52,195. 00
1, 628.-421
30,296.22
265. 51
305.17
Bois6 C i t y
105, 225. 00
1, 385.368
674. 08
25,774.30
774. 80
Charlotte
22, 840. 00
Saint Louis
19, 326. 00
62.576
37. 33
1,164.17
. 42. 90
Chailottet
Dahlonogaf
Total
579,
843,
511,
10,
Minor
coin.
V a l u e of
Minor
bullion
coinage
s
h i p p e d for
metal.
coinage.
932. 89 $101,868.60 $14,899.19
975. 38
744. 30
692. 06
65, 338.44
.38
.67
.77
.06
.86
4, 596, 284.566 85,512,270.43 10,136,176.58 10, 455. 650. 31 12, 072,113. 92 64, Oil, 685. 81 101, 868. 60 14, 899.19
Old deficiencies
brought
forward.
Total.
Office.
U n i t e d States m i n t :
Philadelphia
San Francisco
N e w Orleans
Carson C i t y
A s s a y office:
New York
Denver
Helena:
^Bois6City
Charlotte
Charlotte t
Dahlonega t
Total
Bullion fund.
$08,552,812.87
25,146,175. 43
10, 455, 925. 07
226, OCO. 00
$26,301.32
Seignorage
on s i l v e r .
$95, 2_86.27
41, 831. 99
13, 527.69
o £^
67, 529, 992.46
113,933. 38
82 757. 40
143, 285.18
11, 611. 03
22,840. 06
20, 528. 36
32,000.00
32, 000. 00
27, 950. 03
27, 950. 03
5' 5 S'
485 119.02 i ? ^ fii^a fiOT. 5»fi
19, 085. 59
172, 333, 563.78-
46, 779.49
Unpaid
depositors.
$2, 357. 45
2, 025. 28
73.79
M i n o r coin
profits.
$66, 697. 79^.
M i n o r coin
metal fund.
Unpaid cent
depositors.
$50, 000.00
$70.00
13.48
* Incurred prior to the organization of the Mint Bureau.
5, 850. 27
Total.
$68, 767, 224. 38
25, 216, 334. 02
10, 469, 526. 55
227, 235.46
66, 697. 79
50,000.00-
t Old account.
70.00
172, 053, 607. 28
CQ
O
Pi
O
J2J
t-j c i - r i -
P
CD (J>
• ^
M s OJ
ti X:^< .
o 3. ^
67, 529. 992.46
113, 933. 38
82, 757.40
143, 285.18
22, 840. 06
20, 528. 36
32, Ooo. CO
27, 950. 03
1, 393. 75
74 89
68. 75
150, 645. 95
Sol: ^
P O CD
1, 235. 46
67, 509, 513.12
113, 933. 38
82,682.51,
"143, 216. 43
22, 840. 06
20, 514. 88
• 32, 000. 00
/ 27,950.03
Ul
$68,767. 224. 38
"••$413, 557. 96 25, 216, 334. 02
10, 469, 526. 55
227,235. 46
LIABILITIES.
Undeposited
earnings.
^
(T> CO ft)
&^ g.
o o ; 02
p - OJ-
si
pi. Ul
^ o
(>
m
m
W
O
o
o
Ul
Ul
: TEEABURfiR.
13
DEFICITS, UNAVAILABLE FUNDS.
The following table contains^ a detailed statemeot of unavailable
funds, deficits, and defaults, and sliows an in9riease over last year of
$200, arising from tlie repayment of money errroneously applied to reduce the amount of indebtedness caused by the^ failure of .the Yenango
National Bank of Frankliii5 P a . :
UNAVAILABLE FUNDS OF THE GENERAL TREASURY AND OP THE POST-OFFICE
DEPARTMENT.
GENERAL TEEASURY.
On deposit with the following States under the act of
June 23, 1836:
Maine
$955,838.25
NewHampshire..
.....
669,086,79
Vermont
669,086.79
Massachusetts
-....
\
1,338,173.58
Connecticut
.764,670.60
Rhodelsland
..
..
-382,335.30
NewYork-..,.
4,014,520.71
Pennsylvania^
2,867,514.78
NewJersey
764;670.60
Ohio
'.....
....:
2,007,260.34
Indiana
860,254.44
Illinois
....:.
477,919.14
Michigan.....
-286,751.49
Delaware
286,751.49
Maryland.
955,838.25
Virginia...
2,198,427.99
North Carolina...
1,433,757.39
.South Carolina
1,051,422.09
Georgia.....
1,051,425.09
Alabama........
...;
669,086.79
Louisiana.
1
477,919.14,
Mississippi..
382,335.30
Tennessee.
:
1,433,757.39
Kentucky:
.....1,433,757.39
Missouri.
...............'
382,335.30
'Arkansas........
'..-.'
'286,75L49
Total on deposit with the States
.:
,
Default, sub-treasury U. S.,New Orleans, La., 1867, May &
Whitaker....
675,325.22
Sub-treasury U. S., New Orleans, La.,^1867, May
property
-.
5,566.31
Deficit, sub-treasury U. S., New York, N. Y., 1867, counterfeit
7.30's ....*.
1.-...
4,392.91
Sub-treasury U.S., New York, N.Y., 1867 to 1880 . . .
9,425.87
' •
^
Deficits and defaults, hranch mint U. S., San Francisco, Cal.,
1857 to 1869.....'
-.-Failure, Venango National Bank of Franklin, Pa
181, 377. 51
First National Bank of Selma, Ala : . . . . . . . .
33,383.87
—
Default, hranch mint U. S., Dahlonega, Ga., 1 8 6 1 . . . . . . . . . . . . .
27, 950.03
Branch mint U.S., Chailotte, N . C , 1861
32,000.00
Depository U.S., Galveston, Tex., 1861 . . . . . ' .
778.66
- Depository U. S., Baltimore, Md., 1866
547.50
Depository U. S., Pittsburgh, Pa., 1867'.
2,126.11
Deficit, depository U. S., Santa F6,N. Mex., 1866, short in re^^
mittance
;
..............'
249.90
,. •
_.:__
:—_
/
*•
' .
'
Deficit, sub-treasury U.S.,New Orleans, La.,1885
21,64L56
Default, U. S. assay office, Bois6 City, Idaho, 1885 (N.H.
' Camp's account)
11,611.03
Total generalTreasury.
.
=
'
'
'
'
'
.
^
-
'
,.
'^
"
,
,
•
.$28,101,644.91
.
$694,710.31
413,557.96
214,761.38
- ,
"
^ 63, 652.20
1,386,681.85
-
33,252.59
,
1,419,934.44
29,521, ,579.35'
:
POST-OFFICE D E P A R T M E N T .
Default, suh-treasury U. S., New Orleans, La., 1861
......
Depository U. S., Savannah, Ga., 1861.......-.,
Depository U. S., Galveston, Tex., 1861
Depository U.S., Little Rock, Ark., 1 8 6 1 . . . i . . . . . . . .
- 31,164.44
205.76
83.36
-5,823.50
«-^
-
,
^ ^
-37,277.60
14
REPORT ON THE FINA^CilS.
UNITED STATES NOTES.
The following table is given in order that comparison may be made
of the amount of United States notes of each denomination outstanding at the end of each bf the last four fiscal years and on September
30, 1887:
•
1885.
1886.
1887.
One dollar
$26,660,184.80
24, 897, 886. 20
Twodollars
75,552, 915. 00
F i v e dollars
69, 527, 016. 00
T e n dollars
T w e n t y dollars
. . . 58, 054, 629. 00
23, 208, 895. 00
F i f t y dollars
O n e ' h u n d r e d d o l l a r s . . 33,640,990.00
F i v e h u n d r e d d o l l a r s . 16, 91.4,.O0O. 00
O u e t h o u s a n d d o l l a r s . 19, 034, 500. 00
130, 000.00
F i v e t h o u s a n d dollars.
>60,000.00
Ten thousand dollars.
$24, 952, 061.80
25, 295, 069. 20
75, 997, 805. 00
64, 539, 386. 00
55,126, 509. 00
23,459, 895. 00
32, 896, 790. 00
16, 557, 000. 00
28, 716, 500. 00
100, 000. 00
40, 000. 00
$17, 603, 922. 40
18, 204, 369. 60
85,629, 219. 00
66,658,661.00
55, 078, 379. 00
23, 291, 265. 00
31, 359, 700. 00
12. 424,^000. 00
37, 361, 500. 00
60, 000. 00
10, 000. 00
••?8, 797,'376. 50
<9, 008, 572. 00
95; 004, 850. 50
80,371,471.00
63,929,301.00
21,908,985.00
29.643,400.00
7, 704, 500. 00
31,197, 500. 00
45,000.00
10, 000. 00
$7,667,871.10
7, 746, 823.40
94, 224,182. 50
83, 269, 839. 00
68, 792, 345. 00
21, 295, 455. 00
29, 743, 000. 00
7,484, 000. 00
27,402,500.00
45, 000. 00
10, 000. 00
Total
347, 681,,016. 00
L e s s u n k n o w n denominations destroyed
in sub-treasury in
C h i c a g o fire
1,^000, 000. 00
347,681,016.00
347,681,016.00
347, 631, 016. 00
347, 681, 016. 00
Denomination.
Outstanding
1884.
346, 681, 016. 00
1, 000, 000. 00
1, 000, 000. 00
346, 681, 016. 00
346,681,016.00
S e p t . 30,1887.
1, 000, 000. 00
1,000,000.00
346,681,016.00
346, 681, 016.-00
The redemption of United States notes in gold coin daring the hscal
year by the assistant treasurer of the, United States in New York,
under the act of January 14, 1875, amounted to $.4,224,073. The act of
March 3, 1887, extends the authority to redeem these notes in gold coin
to SanFrancisco; but no notes were redeemed in that city to June 30.
The total redemptions to the latter date amount to $26,043,858,
There has been a constant demand upon the Treasury, which this
office has been unable to supply, for paper currency of the denominations of $20 and under. Several million dollars of small gold coins
have been drawn into circulation to meet this want.
The following table shows the paper carrency and silver coin shipped
during the fifteen months ending September 30, 1887:
United States notes:
Fivedollars
Ten dollars
Tweuty dollars
Fiftydollars
Ooe hundred dollars
Various denominations and kinds
Silver certificates:
'
OnedoUar
'
Twodollars
Fivedollars
Ten dollars
Twenty dollars
Fiftydollars
'.
...:
:
:
:
Standard silver dollars:
Payments during same period, $37,335,604.83; increase of outstanding
Fractional silver coin:
Payments daring same period, $10,411,503.14; increase of outsta,nding
Total
$27,571,460
25,095,280
16,003,820
1,320,900
774,300
• .'
,
$70,765,760.00
748,240; 00
16,313,886
9,956,503
11,602,540
16,198,610
10,637,440
700,000
•
, 65. 408, 979. 00
'
7, 826, 641. OO
4, 526, 075. 49
149, 275,695. <! 9
The following table shows the amount ofeach denomination of United
States notes issued .and redeemed, and the increase or decrease in circulation during the last three fiscal years, and July, August, and September ofthe present year, and is given in continuance of the information furnished last year, for the purpose of showing the changes which
have taken place in the various denominations:
CHANGES I N DENOMINATIONS OF U N I T E D STATES NOTES IN CIKCULATION.
-
1885.
Denomination.
One dollar
T w o dollars
F i v e dollars
.
.. . . . . .
T e n dollars
T w e n t y dollars
Fiftydollars.-'.-..:
^ O n e hundred dollars
F i v e h u n d i e d dollars
One thousaud dollars
F i v e t h o u s a n d dollars
T e n thousand dollars
Total
1886.
Increase
Decrease
' Issued.
in
iu
circulation. circulation.
Issued.
Redeemed.
$10,187,153
10, 856, 000
19, 300, 000
9, 640, OCO
9,760,000
4, 800, 000
5,000,000
2, 350, 000
12, 000, OOO
$11,895,270
10,458,817
18,855,110
14, 627, 030
12, 688,120
4,549, 000
6, 344, 200
2, 707, 000
2,318,000.
30, 000
20, 000
$1, 708.123
84, 493,153
10, 775, 073
84, 493,153
4, 987, 630
2, 928,120
744, 200
357, 000
$397,183
444, 890 $21, 320, 000
9, 900, 000
7,120,-000
2, 000, 000
251, 000
4, 700, 000
400, 000
9, 682, 000 17, 500,:OCO
30,'ooo'
20, 000
Redeeme'd.
1887.
Decrease
Increase
in
in
circulation. circulation.
Issued.
Redeemed.
Increase
Decrease
in
in
circulation. circulation.
$7, 348,139 $7, 348,139'
7, 090, 700
7, 090, 700
11,088,586
$9,631,41.4 $26, 740,000
2,119, 275 22, 640, 000
7, 840, 725
16, 240, 000
7,168,130
48,'i30'
2,168,630
2, 000, 000
108, 630
6, 237,-09,0
1, 537, 090
2,800,000
4,-.533, 000
4,133, 000
3; 648, 000
8, 645, 000
8, 855. 000
40, OCO
40,000
30, 000
30, 000
$8, 806, 546
9. m , 798
17, 304, 368
8,927,190
7. 389, 018
3, 382, 280
4,516,300
4, 719, 500
9, 812, 000
15, 000
63, 000, 000
74, COS, OCO 31,-999, 424
$8, 806, 546
9,195,798^
$9,435, 632
13, 712, 810
8, 850, 982
1, 382, 280
1,716,300"
4, 719, 500
6,164, 000
15, 000
H
Pi
.
63, 000, 000
10,'775, 073
20, 395, 689
20, 395, 689
74, 068, 000
31, 999, 424
m
Ul
J u l y , 1887.
Denomination.
Issued.
One dollar
. ..
Twodollars
„..
$1, 080, 000
F i v e dollars
1,0'4 0,000
T e u dollars
2, 800, 000
T w e n t y dollars
Fiftydollars
800, 000
One hundred dollars
F i v e h u n d r e d dollars
352,000
One thousand dollars
F i v e thousand dollars.
T e n thousand dollars .
Total
6, 072, 000
Eedeemed.
Decrease
Increase
in
in
c i r c u l a t i o n . circulation.
Issued.
$400,400
445, 250
270, 800
$400,400
445, 250
1, 350, 800
683, 500
.479, 000
154:250
173; 800
45,000
2, 340, 000
45, 000
1, 988, 000
6, 072, 000"
3, 303, 700
S e p t e m h e r , 1887.
A u g u s t , 1887.
$1,160,000
2, 040, 000
1,760,000
$356, 500
2, 321, 000
154, 250
626, 200
3, 303, 700
-
4, 900, 000
Redeenied.
Increase
Decrease
in
in
circulation. circulation.
$388,015
-^ 443,129
1, 460, 868
755, 922
550, 066
237, 900
275, 600
74, 500
774, 000
$388,015.
443,129
300,868
900
600
500
000
,
4, 960, 000
2, 494, 012
2, 494, 012
•
$1, 284, 078
1, 209, 934
237.
275,
74,
774,
Issued.
$1,100,000
1, 960, 000
1, 840, 000
4, 900, 000
Redeemed.
Increase
Decrease
in
in
circulation. circulaiion.
$341, 090
373,370
1,369,000
702,210
« 507,950
2JI,_a8.Q_
251,oocn
101, 000
1, 033, OCO
221,380
251, 000
101,000
1, 033, 000
4, 900. 000
2, 580, 840
.
s
$341, 090
373, 370
269, 000
$1, 257, 790
1, 332, 050
2, 589, 840
Cn
•
16
^
E E P O R T OK T H E FINANCES.
CEIITIFICATES OF DEPOSIT, ACT OF J U N E 8, 1872.
During the fiscal year there were issued, under the provisions of the
act of June 8,1872, upon deposits of United States notes received from
national banks, certificates amounting to $34^900,000. There were redeemed $43,990,000, leaving outstanding at the close of the year
$9,020,000, which is a much smaller amount than has been outstanding at the close of any year since the commencement of the issue!
Their limited use may'be attributed to the change in bank, reserves from notes to gold coin, and also to the great demand for notes
caused by the increased business activity. The amount outstanding
September 30,1887, was $6,615,000.
The total issues and redemptions each year, and the amount outstanding at the close of the years from the date of the first issue, are
shown in.the following table.. The amounts outstanding iliffer from
those shown by the public debt statements, for the reason that the re13orts of issues and redemptions of the last days of the fiscal year at
the several of&ces do not reach the Department until after the statements of the debt are made up.
Total issued.
Fiscal year.
1873
1874
1875
1876
1.S77
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887.
'
:
:
i
' ...:
Total redeemed.
Outstanding
at close of
fiscal year.
$57, ^40,000 $25, 430, 000
$31, 810, 000
137, 905,000
•58, 990, 000
78,915,000
219, 000, 000 159, 955, 000
59, 045, 000
301,400, 000 268, 260, 000
33,140, 000
378, 285, 000 324, 305, 000
53, 980, 000
464, 965, 000 418, 720, 000
46, 245, 000
554,730, 000 52.5, 400, 000
29 330 000
601, 785, 000 588, 660, 000
33,125,000
612, 850, 000 601, 235, 000
11, 615, 000
629,760, 000 616, 400, 000
3 3 360 000
649,"790,000. 636, 610, 000 ~ 13,180, 000
676, 660, 000 664, 430, 000
12,230,000
733,215, 000 703, 930. 000
29, 285, 000
780, 865, 000 , 762, 755; 000
IS 110 000
815, 765, 000 806, 745, 000
9, 020 000
GOLD CERTIFICATES.
Of the issue of gold certificates under the act of March 3,1863, there
were redeemed during the fiscal year $51,720, reducing the amount
outstanding to $2,375,700. The certificates authorized by the act of
July 12,1882, outstanding at the close of the year, amounted to $119,111,117. There were held in the cash of the Treasury offices $30,261,380
of both issues, leaving $91,225,437 actually in circulation, an increase
of $15,181,062 in the year. The amount held in the Treasury cash decreased $24,868,490 in the year.
The certificates actually in circulation on October ^31,1887, increased
to $99,684,773, and those held in the cash at the same time amounted
to $32,858,158.
17
TREASURER.
The following table shows the issues and redemptions by denominations and the amounts outstanding at the beginning and close of tlie
fiscal j^ear:
•
.
Redeemed.
Issued.
Outstanding J u n e
30,1886.
•
Denomination.
V -
"•
:
Duriug
fiscal . T o J a n e 30,1887.
year.
During
fiscal
year.
••
$16, 880,000. 00 $1,104, 828
13, 300, 000. 00 1,492, 600
32, 434, 300..,00 1, 0.56, 000
50,144,000.00 1,409,000
147, 881, 000. 00 1,120,000 480, 385, 000. 00 , 625,000
399, 330, 000. 00 2, 880, 000 .
T w e n t y d o l l a r s . . . . . . . $11,976,890
9, 717, 955
Fiftv dollars
One h u n d r e d d o l l a r s . . 9, 013,400
F i v e h u n d r e d d o l l a r s . . 13, 440, 000
O n e t h o u s a n d d o l l a r s . . 18,496.000
13, 820,000 •
54, 710, i^.O
Account
Geneva
33, 000, 580. 46
Total
T o J u n e 30,1887.
Outstanding J u n e
30,1887.
131,-174, 245
1,173, 354, 880.46
$0, 007, 938.00 $10,872,062
8,225,355
5, 074, 645. 00
7, 957,400
24,476.900.00
38,113,000.00 12,031,000
130, 505, 000. 00 17,376,000
467,190,000.00 13,195,000
347, 500,.000.>00 51, 830, 000
33, 000, 580.46
9, 687,428 1,051,868,063.46, 121, 486,817
\
The amount of gold certificates issued and redeemed during each fiscal year from 1866 to 1887, the total amount issued and redeemed, and
the amount outstanding at,the close of each year, will be found in the
following table:
Period.
Issued during
fiscal y e a r . ,
Total issued.
From Novemher
13,1865, t o J u n e
30, 1866
$98, 493, 660. 00
F i s c a l y e a r 1867.- 109,121, 620. 00
1868.. ,77, 960, 400; 00
1869.- 80, 663, KiO: 00
1870.. 76, 731, 000. 00
56, 577, 000.00
1871..
1872.. 63, 229. 500. 00
55,
570, 500.00
1873..
1874.. 81,117, 780.-46'
70,
250,
100.00
1875..
1876.. 90, 619, 100. 00
1877.. 58,141, 200. 00
1878.. 50, 342, 400. 00
1879.. 12, 317, 400. 00
' 1880..
• 1881..
1882 .'
1883.. 88, 710, 000. 00
1884.. 41,470,000.00
1885.. 63, 000,000. Ol5
1886..
1, 040,000. 00
1887..
$98. 493, 660. 00
207, 615,280.00
285, 575, 680. 00
306, 238, 840.00
442, 969, 900. 00
499, 546,900.00
562, 776,400. 00
618. 346, 900. 00
699, 464,680.46
769, 714,780.46
333,880.46
475, 080. 46
817, 480. 46
981, 134, 880.46
9,81, 134, 880. 46
.981, 134, 880. 46
981, 134, 880.46
1, 067,844, 880. 46
1,109, 314, 880. 46
1,172, 314, 880.46
1,173, 354,880.46
1,173, 354, 880.46
R e d e e m e d dur- T o t a l r e d e e m e d . l O u t s t a n d i n g a t
closeof
i n g fiscal y e a r .
fiscal y e a r .
$87, 545, 800. 00
101,295, 900. 00
79, 055, 340.00
65, 255, 620. 00
75,270, 120. 00
71,237, 820, 00
. 51, 029,500.00
48,196, 800.00
97, 752,680.46
. 71,278,900. 00
83, 734.000. 00
45, 250, 000. 00
47, 548, 000. 00
41, 270,700. 00
7,409, ioo:oo
2,221, 680. 00
745, 800. 00
9,368, 480. 00
25, 455, 980. 00
'21,069, 520. 00
10,188, 895.00
9, 687,42'8. 00
^ $8.7, 545,800. 00
188, 841,700. 00
267,897, 040. 00
333,152, 660. 00
408,422, 780. 00
•479,660, 600. 00
530, 690, 100. 00
578,-886, 900. 00
676, 639,580. 46
747, 918,480. 46
831, 652,480.46
876, 902,480. 40
924, 450,480.46
965, 721,180.46
973.130, 280. 46
975, 351,960. 46
976, 097, 760'. 46
985. 466, 240.46
1, 010, 922,220.46
1, 031, 991,740.46
1,042,180, 635. 46
1, 051, 868,063.46
$10, 947, 860. 00
18, 773,580.00
17, 678,640. 00
33, 086, 180. 00
34, 'Al, 120.00
• 19, 886,300. 00
32; 086, 300. 00
39, 460, 000. 00
22, 825, 100. 00
21,796, 300. 00
28, 681,400. 00
41, 572,600. 00
44, 367, 000. 00
15,413, 700. 00
8,001, 600. 00
^, 782,920. 00
5. 037,120. 00
82,378, 640. 00
98, 392,660. 00
140, 323, 140. 00
131,174, 245. 00
121, 486, .817.00
SILVER CERTIFICATES.
There was a large increase in silver certificates outstanding, the
amount at the close of the fiscal year being $145,543,150, as compared
with $115^977;675, June 30, 1886. The amount held in the Treasury
cash at the close,of the fiscal year was $3,425,133; th^ amount held at
the sametimein 1886 was $27,861,450; and the amount in actual circulation June 30,1887, was $142,118,017, against $88,116,225 last year. Tbe
increase of $54,001,792 in circulation was partly due to,the demand for
notes of small denominations caused by the discontinuance of the issue .
of $1 and $2 legal-tender notes. Under the requirements of the act of
August 4, 1886, which directs the issue of silver certificates in denominations of $1, $2, and $5, there were issued during the fiscal year
.6209 FI 87.
2
18
REPORT ON THE FINANCES.
$14,156,000 in ones, $8,976,000 in twos, and $7,760,000 in fives. Their
issae has, to a considerable extent, satisfied the want for a smallx>aper
currency, and has therefore proved of great public convenience.
The Treasurer has been only partially able to meet the demand for
these small certificates, for the reason that they liave not been furnished
to him. It is very desirable that a liberal supply should be printed
and available for the regular demands on the office at certain seasons.
It is the experience of the Department that paper money put into circulation freshly printed, as much of that lately'issued has been, will
not wear so well nor last so long as when seasoned by remaining a reasonable time in the vaults. I t bas been necessary to put the notes into
circulation as rapidly as they could be prepared, and many complaints
have been received in regard to their easy defacement, which is undoubtedly attributable to their being put into use fresh from the presses.
' The issues and redemptions of these certiflcates by denominations
during the last fiscal year are shown by the following table:
•
Issued.
Outstanding
J u n e 30,1886.
Denomination.
One dollar
Two dollars
Five dollars
Ten dollars
Twentv dollars . . .
Fifty dollars
One hundred dollars
Five hundred dollars
Oue thousand dollars
Total.......
$50, 269, 387
44, 957. 628
7, 384, 8-10
During
fiscal y e a r .
$14,156, 000
8, 976, 000
7, 760, 000
10, 440, 000
9,520,000
1,000,000
9, 610. 820
1, 835, 000
1, 920, 000
115,977,075
51, 852, 000
T o J u n e 30,
1887.
Eedeemed.
During
fiscal y e a r .
Outstanding
T o J u n e 30, June'30,1887.
1887.
$14,156,000 $176, 503. 90
$170, 503. 90 $13, 979,496.10
8, 976, 000
70, 003. 60 - 70, 003. 60 8, 90.5, 996. 40
31, 758. 50
7, 760, 000
31, 758. 50 7, 728, 241. 50
92, 274, 000 6, 508, 517. 00 38, 073,130. CO .54, 200, 870. 00
83, 506, 000 3, 848, 612. 00 32, 876, 984. 00 50, 629, 016. 00
3,188, 740. 00 6, 853, 900. 00 5,196,100. 00
12, 050, 000
5, 897, 390. 00 10, 426, 570. 00 3, 713, 430. 00
' 14,140,000
1,166,000.00 12, 981, 000. CO
609 000.00
13, 650, 000
521, 000. 00
1,399,000.00 22, 969, 000. 00
23, 490, 000
270, 002, 000 22. 280, 525. 00 124, 458, 850. 00 145, 543,150. 00
The amount of silver certificates issued and redeemed during each
fiscalyear from 1878 to 1887, the total amount issued and redeemed,
and the amount outstanding at the close of each year, are exhibited in
the following statement:
>
Fiscal year.
1878
1879
1880
1881
1882 ...•
1-883 .
1884
1885
1886
1887
1
'
:
:
I s s u e d duri n g fiscal
year.
$1,850,410
9,149, 590
10, 018, 000
40,912,000
24, 300. 000
• 35, 040, 000
' 52,280,000
40, 000, 000
4, 600, 000
51, 852,000
Kedeemed
T o t a l issued. d u r i n g fiscal
year.
$1,850,410
11,000,000
21,018,009
61, 930, 000
86, 230, 000
121,270,000
173, 550, 000
213, 550, 000
218,150, 000
270, 002, 000
$8,460,050
183, 680
2,119, 740
9, 369, 820
12, 519, 879
20, 005,140
20. 990. 045
28, 523, 971
22, 286, 525
T o t a l re-,
deemed.
$8,400, 050
8,643,730.
10, 763, 470
20,133,290
32,653,169
52, 658, 309
73, 648, 354
102,172, 325
124, 458, 850
Oatstanding
a t close of
fiscal y e a r .
$1,850,410
2 539 950
12, 374, 270
51 1G6, 530
66,090,710
•88,616,831
120 891, 691
139,901,646
115 977 675
145, 543,-150
TRADE DOLLARS.
Under authority of the actof March 3,1887, trade dollars amonnting
to $7,689,036 have been received in exchange for standard dollars and
fractional silver coin. The authority to exchange these coins under the
above law expired, September 3, 1887, since which date but few applications for redemption have been received. I t is believed that very
few remain in the country which are not held as specimen pieces by
collectors of coins.
19
TREASURER.
There were presented at the Treasury and sub-treasuries quite a
large number bf pieces which were defaced, mutilated, or stamped, and
therefore not exchangeable under the law. Holders of such coins were
advised to present them at the mints, where they were purchased at
their bullion value.
„
^
Of the total amount exchanged $6,961,036 was held by the mints,
October 31,1887,'as trade-dollar bullion, $728,000 having been recoined
into dimes.
The following statement shows the amount exchanged by the Treasury and by each of the sub-treasury offices;
Office.
Amount.
Treasurer United States, Washington
Assistant treasurer ITnited States:
Baltimore
---•
Boston
^.
-Chicago...
,...:..........
Cincinnati
New O r l e a n s . - i . . .
Hiew York
Philadelphia
--.
San li'raucisco
Saint Louis
..= . . . . . .......
Total
$52,298
446,100
39, 096
36; 080
241, 1.50
1, 871
!, 49.5, 5:;3
:, 595, 070
764, 263
17, 515
7,689,030
-
STANDARD SILVER DOLLARS.
The amount of standard silver dollars coined in the fiscal year was
$33,216^831, an increase of $3,377,926 over 1886. ' The amount held in
the Treasury June 30^1887, was $211,483^970, and the amouut in circulatiouj $55,456,147.
•' . '
The amount held by the Treasury October 31,1887, was $214,175,53'^,
and the amount in circulation, $62,540,625. The present storage vault
in this city was completed and turned over to the Treasurer in September, 1884. ' It now contains $56,000,000 in standard silverdollars
and $25,000,000 in gold coin, and is entirely filled. The new vault in
course of erection in the Treasury building is urgently needed to transfer
the accumulations from overcrowded vaults in Treasury offices at other
j)oints.
•
The amount of silver dollars coined^on hand, distributed, and outstanding at :the close of each fiscal year since the coinage was resume'd,
the percentage of the total coinage outstaiiding, and the percentage of
the annual coinage distributed each year, will be found in the following
table:
Fiscal year.
Annual
coinage.
Total
coinage.
1878
$8. 573, SCO $8, 573, 500
27.-227. 5Q0 35, 801, 000
1879
27, 933, 750 63,734,750
1880
27, 637, 955 91, 372, 705
1881 . .
1882..27, 772, 075" 119,144. 78t)
28,111,119. .147. 255. 899
1883
1884
; . . . 28, 099, 930 175. 355. 829
1885
28, 528, 552 203, 884, 381
1886
•
29, 838, 905 233, 723, 286
1887
33,216,831 266,940,117
Percentage Percentage
On h a n d a t l^et d i s t r i b u - O u t s t a n d of t o t a l
of a n n u a l
t i o n d u r i n g i n g a t close
close of
coinage dis- coinage o u t of y e a r .
year.
year.
standing.
trihuted.
$855,143
$7, 718, 357
6, 587, 268
28, 358, .589
45,108, 296 • ' 11,184,043
63,249, 300 •' 9,496,951
87, 524,182
3,497,193
112,362,510
3, 272, 791
135,'8] 0,368
4, 652, 072
165, 535, 854
—1,196,934
181,253,566
14,121,193
211,483.970
2,986,427
$855,143
7,442,411
18, 626, 454
28,123, 405
31,620.598
34, 893, 389
39, 545; 461
38, 348, .527
52, 469, 720
55. 456,147
'
9.9
, 24. 2
40
.35.8
12.6
11. 6
16. 5
47.3
8.9
9.9
- 20. 8
29. 2
30. 8
. 26. 5
23. 7
22.6
18.8
2^2.4
v.20.7
The following table'shows the amount of standard silver dollars and
of fractional silver coin in each office of the Treasury on September 30,
1887, and on that date last year:
20
REPORT ON THE
FINANCES.
S t a n d a r d s i l v e r dollars.
othce.
F r a c t i o n a l silver coin.
Sept. 30,1886. Sept. 30,1887. S e p t . 30,1886.
T r e a s u r e r U n i t e d States, Washington .
Assistant treasurer United States :
Baltimore
i.....
Boston
Chicago
Cincinnati
^N'ew Orleans
r
New Vork
Philadelphia...
San Francisco
SaintLouis
United States mint:
Denver
Carsou City. ^
-..'.
N e w Orleans
Philadelphia
SanFrancisco
,
U n i t e d S t a t e s a s s a y ofifice:
Boise C i t y . . . .*
Charlotte
'
Helena
,
New York
Saint Louis
-.
Denver
$51, 04.8, 674
$2, 089, 907. 84
403, 299. 25
82a, 004.10
1, 571, 771. 00
49, 740. 00
537, 023. 80
9, 283,490.13
2, 894, 909.13
7, 350,100. 59
1,801,418.00
Sept. 30,1887.
$1,908,'536. 77
3, 070, 791
251,358
2,139,412
50, 500
1,272,023
26, 704, 000
10, 436, 534
22, 941, 297
10, 076,192
3,183, 910
1.403,893
' 1,342,088
219, 200
4, 293, 883
31, 07,1, 645
12, 660, 606
18, 056,17*Q
9, 813, 393
4,100, 368
30, 771, 052
18, 397,167
9,320
8,151, 925
37, 688, 291
23, 873, 626
.78
18, 508. 27
4, 030. 87
4, 725
2,895
274. 20
20.50
82.60
2.00
.20
Total
A d d a m o a n t i n t r a n s i t hetweien ofiSces.
181,204,093
531
213,151,435
382
26, 826, 499. 36
55, 000. 80
24,916,851.09
50, 000. 80
Total
.Less a m o u n t d u e d e p o s i t o r s .
181,264,624
103,463,
213,151, 817
82, 560
26, 881, 500.16
34, 887.40
24, 966, 851. 89
37, 488. 35
181,161,161
213, 069, 257
26, 846, 612. 76
24, 929,363. 54
A m o u n t held a s a s s e t s .
323, 457. 75
739, 778. 30
1, 206, 648. 00
88, 200. OO
' 268,457.01 .
9, 802, 39.8. 82
2, 086, 4-93. 88
7, 058, 992* 00
1, 318, 905. 00
.90
829. 63
.43
8,076.01
45,992.69
FRACTIONAL SILVER COIN.
The Treasury held on June 30, 1887, $26,977,493.79 in fractional silver coin, a decrease of $1,927,187.87 from the amount held at the same
date in 1886. The amount was further reduced by October 31,1887, to
$24,468,135.17. In the appendix will be found tables showing the shipments from Treasury offices and mints, and also the amount held in the^
Treasury at the end of each month from May, 1879.
The following table shows the denominations and amounts of fractional silver coin held in each office of the Treasury on September 30,
1887:
Office.
Fifty cents.
TwentTjfc-five
cents.
Treasurer U n i t e d
States. Washiugton\ $1,543,395.00
$349, 926. 50
Assistant treasurer
UnitedStates:
Baltimore
303,000. 00
4, ooo"; 00
Boston
582,181.50
141, 560. 00
943, 000. 00
Chicago
. .'
300, 000. 00
Cincinnati
3.5, 567. 00
45, 300. 00
230,018.00
31,815.25
New Orleans
7,124, 660. 00 2,'636, 017. 00
NewYork
Philadelphia ...... 1, 237,123. 00
821, 030. 00
81, 338. 00
San Francisco.'... 6, 948,119. 00
SaintLouis
1, 202, 990. 00
104, 250. 00
UnitedStates raint:
Carson City
446.50,
, 249.50
New Orleans
..
Philadelphia
3, 922. 00
1, 940. 00
1,016.75
Sail Francisco .
United States assay
office:
NewYork
.-.
12.00
Saint Louis
In transit
offices
Twenty
cents.
Ten cents.
$6.80
$5,389,80
4.00
100.00
13. 000. 00
6. 576. 80
19, 000. 00
7, 090. 00
6,034.70
31, 2m 00
16, 895. 00
28, 673. 00
6, 090. 00
69.66
7.40
3.00
115. 00
28.60
Five^
cents.'
83.00
100.00
21.00
157. 00
10.00
17.00
2.16
336. 00
742. 50
171. 00
"'i'h'o'
3,349.75
9, 260. 00
4, 648.00
509.50
10,451. 82
11,106. 88
L20 "5,'374." 20
133. 63
.43
2, 214. 01
44, 911. 98
63 96
70. 60
.
2.00
.20
.80
50, 000. 00
20,154, 434. 00 4, 568, 443. 00
Unassorted. „
$102.05 $37. 77 $9, 678. 85
between
Total
Three
cents.
333. 80 187, 349. 52 1, 701. 55
83. 63 54, 506. 39
21
TREASURER.
.
, .
.'MINOR
COIN.^
From June 30, 1886, to October 31, 1887, the minor coins held by the
Treasury decreased from $377,814 to $51,400.61. The amount of one.
and five cent pieces on hand at the present time is not more than sufficient to supply the needs of the various offices in making payments o\5cr
their counters.
'
The following table shows the denominations and amounts held by
each office of the Treasury, September 30, 1887:
Office.
T r e a s u r e r U n i t e d States,
W^ashiuffton
. '.
Assistant treasurer United
States:
Baltimore..
'
C hicasfo
1
.
Cincinnati
N e w Orleans
.....:..
N e w York
. Philadelphia
S a n F r a n c i s c o ..,
SaintLouis
...
..
United States mint:
Philadelnhia
U n i t e d S t a t e s a s s a y office:
Saint Louis •
'
I n t r a n s i t b e t w e e n .offices...
$605. 00
500. 00
1,181.05
350. OO
346.00
1, 509. 65
1, 045. 00
221.00
1,115.00
156. 75
63, 448. 00
, 1,150. 00 .
71, 627.45
Total
V
Three
cents.
Five cents.
.
,
RECOINAaE
Two cents. . One cent. Unassorted.
$816. 00
,
180.00
$86.00
^$30.00
90.00
150. 00
8. 40
504. 64
3, 022. 82
60. 00
50.00
852. 41
510. 00
147.00
16L49
482.55
8,415.35,
3, 219. 00
, 6, 900. 25
.73.6.00
^ 1, 010, 00
93.'66.' '
3.75
570.00
V19. 00
1,260.00
13.23
12,216.33
26.'66"
3.54
4,530.94
OF U N C U R R E N T
Total.
$502.42
250. 00
' .96
. 72
-443.50
14.37
$2, 009.42
1 214 64
4.453. 87
410 96
509. 72
- 2,369.35
2 568 50
. 601.37
. 2, 686.49
660 93
'.01
5, 670. 00
01
87, 652. 60
•760.00
20. 53
.•...07
30. 00
20.53
07
3, 686. 00
13, 537.16
6,932.58
108 844.46
COINS.
Under the provisions of the acts of August 4, 1886, and December
22, 1886, there were triansferred to the mint, during the fiscal year,
•$757,630.41 in silver^ coins and $16,513.51) in gold coins to be recoined,
and $336,284.64 in minor coins to be recoined or cleaned. The net loss
on the gold and silver was $15,063.96. The following is a statement of
the deiiominations of the silver coins transferred:
Denomination.
Fifty c e n t s . . . . . . . .
Twenty-five cents
Twenty cents
Ten cents •.
Five, cents..'.
Three cents
Mixed . . \
Amount.
$445,727. 00
36, 592. 25
, 2,242.60
1, 344.10
13, 278.25
1, 956. 21
248,198.00
Total fractioual silver coin
One dollar
,
Total
1.
M U T I L A T E D , STOLEN, AND C O U N T E R F E I T CURRENCY. ,
749,338. 41
8, 292. 00
757; 630.41
'
There was deducted from the face value of United States notes redeemed during the fiscal year, on accdunt of mutilations, $7,266; from
iractional currency, $63.23; from silver certificates,. $943; froin gold
certificates, $32; a total of $8,304.23. There were also returned $245
in notes ofnational banks which had been stolen and put into circulation without the signatures of the batnk officers.
22
REPORT ON THE
FINANCES.
In counting and assorting remittances of money received-for redemption, the counters of this office detected $4,496 in counterfeit United ,
States,notes, $2,924 in counterfeit national-bank notes, and $214 in fractional currency, which, in compliance with law, were branded and returned to the parties from whom they were received.. The number of
counterfeit United States notes detected was 312, andof national-bank
notes 242. The following statement shows the denominations :
United States National-hank
notes.
notes.
Denomination.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
One h u n d r e d dollars
;
--
-
--
- '-
I
$20
76
420
880
. 1,000
1,100
1,000
$64
590
560
460
50
1, 200
4,496
2,924
The following statement shows the number of counterfeit silver coins
detected in the receipts of the several Treasury offices during the fiscal
year:
Description.
S t a n d a r d dollars
H a l f dollars
..
Q u a r t e r dollars
A m o u n t received.
'
.'
~
-
.-
.
.
,.
N u m h e r of
counter] eits.
$44,537,167
7,162, 723
5, 766, 520
. . .
, FRACTIONAL CURRENCY:
4,292
921
1, 236
' ^
The decrease in the amounts of fractional currency presented for redemption each year since 1877 is-very marked. I^ohe has been issued
since February i5,1876. The total issue to that date was $368,724,079.45.
The amount outstanding at the close of the fiscal year, as appears by
the Treasurer's books, was $15,322,902.70. The amount estimated to
have been lost or destroyed, as appears on the public debt statement, is
$8,375,934. It is manifest, from the evidence afforded by the yearly redemptions, that the loss or destruction of this currency is far greater
than the estimate above referred to.
. The following table gives the redeinptions for each fiscal year since
1877:
. .
t
1877
1878
3879
1880
1881
1882
Fiscal year.
:
.•
.\
.
Fiscal year.
Amount.
$14, 043,458. 05
3, 855, 368. 57
705,158. 66
251, 717. 41
109, OOL 05
58, 705. 55
1883..
1884
1885
1886
1887
.
Amount.
^
•-
$46 556.96'
20, 629. 50
15,885.43
• 10, 088. 36
7 123.15
The total amount of each issue, the date when the issue began and
wh3n it was discontinued, the amount outstanding June 30, 1887, and
23
TREASURER.
the percentage of the amount issued outstanding, are shown in the following statement:
P a t e when issue
hegan.
A u g u s t 21 1862
O c t o b e r 10,' 1863
D e c e m b e r 5, 1864
J u l y 14 1869
F e h r u a r y 26, 1 8 7 4 . . . .
Total
Date when
i s s u e ceased.
.May
Feb.
Apr.
Feh.
Feb.
27,1863
23,1867
16.1869
16,1875
15,1876
Total issued.
Outstanding
J u n e 30.1887.
Percentpge outstanding.
d a y s $20, 215, 635. 00
23,164, 483.65
days
d a y s . 86,115,028,80
d a y s 176, 567. 032.00
62.661,900.00
days
$4,281,024.13
3.106,080.56
2.. 982,497.03
3. 686,'961.07
1,266,339.91
21.18
13.41
3.46
2.09
2.02
368,724,079.45
15,322,902.70
4.16
D u r a t i o n of i s s u e .
3
4
5
1
9 mos., 6
y r s . , 4 mos., 13
y r s . , 4 mos., 11
y r s . , 7 mos., 2
y,r., 11 mos., 19
'
The following table is given ih order i h a t comx3arison may be made
of the percentage of fractional currency outstanding with the percentage of United States and national-bank notes of the early issues still
outstanding:
,
. '
Date
when issue
hegan
Description.
Date
w h e n issue
ceased.
Total issued.
Outstanding
J u n e 30. 1887.
Percentage
outstanding.
United States notes. •
ALL DENOMDfATIONS. ^
N e w issue
..
I s s u e of 1869
I s s u e of 1874
I s s u e of 1375
•
•
'
.
-
A p r . 2,1862 A p r .
dot.
9,1869 J u l y
J u l y 13,1874 Sept.
J
u
l
y
20,1875
Juno
...
.
$8,849,594.20
18,416,546.40
4, 610, 574.20
14, 660, 519. 80
1.32
3.73
^ • 5. 24
7.69
1,441,805,808
46, 537, 234. 60
. 3 . 23
28. 351, 348
42,456,812
18, 988, 000
- 26,212,000
783,604.35
422,822.75
• 158,126. 60
294,124. 20
116, 008,160
1,658,677.90
34, 071,128
50, 511, 920
16,520,000
23, 036, 000
600, 388. 60
410,576.40
122, 922160
290, 004. 60
124,139,048
1, 423, 892. 20
1.15
23,167, 677
15,495,038
395, 856. 00
205,062.00
1.71
1.32
$669, 321, 676
493, 828,132
• 87,968,000.
190, 688, 000
•
N e w issuB
......
I s s u e of 1869
I s s u e of 1874
New issue
I s s u e of 1869
I s s u e of 1874
I s s u e of 18T5
19,-186'9
25,1874
13,1875
20,1879
-
.Apr. 2,1862 A p r . ' l 9 , 1 8 6 9
Oct.
9,1869 J u l y 25,1874
. - J u l y 13,1874 Sept. 13,1875
J n l y 20,1875 J u u e 20,1879
A p r : 2,1862 A p r .
Oct.
9,1869 J u l y
J u l y 13,1874 Sept.
J u l y 20,1875 J u n e
,...'
l9,'1869
25,1874
13,1875
20,1879
,
2.76
1.00
0.83
1.12
1.43
1.76
0. 81
0.74
1. 26'
•
N a t i o n a l - b a n k notes.
Ones
Twos
.. . . . . . . . .
Apr.
. . . . . Apr.
1,1865 J a n .
1,1865 J a n .
1,1879
1,1879
D I S B U R S m a OFFICERS.
A large proportion of the money annually appropriated by Congress
for the various expenditures of the Government is disbursed by officers
and agents acting under the instructions of the heads of the Executive
Departments, by'whom such expenditures are bylaw required to be
made, and upon whose requisitions money is adyanced from the amounts
appropriated and placed to the credit of the disbursing officers in the
subtreasuries or depositary banks most convenient to the place of payment.
.
'
^
The magnitude and the importance of this branch of the public serv-*
ice, involving the care and custody of millions of dollars and the payment of vast numbers of checks and draftSj impose responsibilities and
24
REPORT ON THE FINANCES.
risks which can hardly be overestimated. During the past fiscal year
over $450,000,000 was advanced to disbursing officers by the Ti-easurer
of the United States upon the warrant of the Secretary of the Treasury.
There remained unexpended, and to the credit of such officers, in the
Treasury, the various sub-treasuries, and depositary banks, at the close
of business, June 30, 1887, upwards of $22,000,000.
The number of open accounts on the books of such offices and banks
was 11,000, statements of balances of which are rendered to the Treasurer weekly and monthly. The disbursing officers are also required to
render a. statement of account for corresponding periods, and it is the
duty of this office to compare the two statements, forwarding the officer^s
account, with proper information in regard to the examination and comparison, to- the head of the Department under which he is serving. The
number of statements of disbursing officers received, examined, indorsed,
and returned during the fiscal yeai: was 70,016.
'
POSTAL REVENUES.
I t will be seen by an examination of the statement of receipts and
expenditures of the Government on the first page of this report that
the moneys received and disbursed on account of the Post-Office Department are not included-therein. The total amdunt of such receipts
and expenditures exceeds $50,000,000, the greater* portion of which is
received and disbursed b}^ postmasters without going into the Treasury at all; the amount^ however, is carried into and out of the Treasurer's accounts with the Post-Office Department by postal warrants,
issued at the close of each quarter for the total amounts involved.
The expediency and the desirability of requiring all moneys received
by the Post-Office Department to be deposited in the Treasury, and all
payments to be inade by warrants of the Secretary of the Treasury,
issued upon the requisition of the Postmaster-General, have been frequently urged in the aunual reports emanating from this office, and it
is the opinion ofthe present Treasurer that, the system applied to all
other moneys received and paid out by Government officials should apply also to the Post-Office funds.
SPEAKER'S CERTIFICATES.
The money disbursed by this office during the last fiscal year in payment of Speaker's certificates for salary and mileage of Members and
Delegates of the-House of Eepresentatives amounted to $1,766,543.40.
The Treasurer desires to renew the recommendation made in former
annual reports, that the duty of making these payments be devolved
upon some regularly qualified, disbursing officer.
25
TR^ASUliER.
CLEARINO-HOUSE TRANSACTIONS.
The usual tables showing the transactions of the sub-treasury at
Kew York with the clearing-house in that city, are here presented:
Period.
F i s c a l y e a r 1884
F i s c a l y e a r 1885
F i s c a l y e a r 1886
Checka sent
to clearinghouse.
Checks received
from c l e a r i n g house.
Balances due
assistanttreasurer.
Balances due
clearinghouse.
$116,666,000.26
109, 420, 072. 25
125, 782, 520.53
$29.5, 541, 948. 32
278,830,720.11
276, 655, 487.30
$1,331; 880. 02
694, 284. 08
1,643, 279.86
$180, 207, 828. 08 '
170,104, 931. 94
152, 716, 246.63
1886.
July
August
Septemher
Octoher
November
Decemher.
1887.
^
January
February
March
April
May
June..
28, 722, 219:31
20,666, 782.11
40, 289. 060.00
38.427, 715.67
32, 355,120.89
41, 531, 713.83
8,548,894.43
8, 873, 688.51
9, 282, 306. 75
7, 880,116.57
9, 039, 955.26
9,126, 355.84
27,908,891.95
21,644,094.52
27, 862, 358.57
25,977. 634. 75
20,258,688.61
27,826,621.43
116,671,928.01
F i s c a l y e a r 1887
July
August —
Septemher
9,870,226.58
10. 728,210.72
11, 033, 624..36
10, 562, 348.44
10,570,^63.76
11,156,037.39
353, 470, ,901.64
...:..
3, 049.55
19, 359, 997.52
12,948,766.03
18, 580,051.82
18, 097. 518.18
11, 218. 733.35
18, 703, 315.14
,181,409.57
236, 980, 382.60
178,360.02
27, 212,414.30
26,433,997.75
42, 348, 851.15
8.015,851.62
9, 248, 858.76
9,167, 233.41
---
18, 851,992.73
9,93.8,571.39
29,'255, 435.64
27,865,367.23
21, 784, 957.13
30, 375, 676. 44 '
19,196, 562.68
17,185,138.99
33,181,617.74
RECEIPTS FROM CUSTOMS AT N E W YORK.
The kinds of money'received in payment of diuties on imports at the
port of 5^ew York for the past four fiscal years and for the first three
months in this year are shown in the following table:
Period.
United
States
notes.
Perl G o l d c o i n , Perl Gold cer- Perj S i l v e r cer- P e r
ct. tificates." ct. t i f i c a t e s . ct.
ct.
Fiscal , year
1884
|$3, 556, OOOJ
|$11,791,000
Fiscal
year
1885 . . .
36,161,000 29.9 1, 544, 000
Fiscal
year
1886
941, 000
59, 549, 000 144.9
Total duties
Silver P e r on i m p o r t s ,
p o r t of
coin. 0 ct.
New Tork.
.$88,750,000 66.4 $29, 482, 000 22.0 $134,000
.$133, 713, 000
42, 779, 000 34.1 44, 660, OOOJ|35. 6
158, OOOj
125, 302, 000
54, 343, 000,41. 0| ,17, 404, 000 13.1
390, 500
132, 627, 500
1886.
July
10, 686, 000 |84. 8i
August
10, 906, oool 73.
S e p t e m b e r . . . 2,915,000 |22.
October
1, 876, 000 16.2|
Novemher
1, 743, 000 17.1
1,
723, 000 16'. 3
Decemher
92„500
. 98,000
74. 500
83,500
115. 500
123. 500
^887.
January
February
March
April
May .
....
June
109, 500
49, 500
118, 250
126, 50C
110,500
•155,000|
1, 739, oool 14.. 7|
1, 984, 500, 15.1
1,848,000 13. 0|
1, 566, 000 13.6
1,322,000 12.1
1, 631, 000 13.8!
Fiscal
year
1887 . . . ' . . . . . 39, 939, 500 27. 3 1,256,750
July
August
September ...
1,471, 000 11.6
1, 598, 000 10.3
1,444,000 10.4
369,000 2.
1,418,000 11.3
2, 456, 000 16. 5| 1.314,000 8.9
8,716,000 67.3 1, 202, 000 9.3
8,192, 000 70. 8 '1,393,000 12.0
7,049,000 69.3 1,239,000 12. 2
7, 036, 000 66. - '1,6.32,000 15. 5|
8, 004,
9, 723,
10, 593,
8, 270,
7, 889,
8, 590,
000 67. 8
0001|74.2
000 74.5
000 |71. oj
000 72.4
000 172. 6|
86,887,000
li 909, oool 16.2
1,323,000110.1
1, 017, 000 11.4
1,554,000 13.4
1,537,000 14.1
1,426, oool 12.0
17, 564,000
177, 000 1. 4| 9. 689. 000 76. 2 1,330,000 10.4
126, 000 0.81 12,475.000 79. 9| 1, 377, 000|8:8
144, 500 1.1 11,051,000 79.9 1,160, 000 8.4
40, 500 0. 3
60,000 0.4
36,500, 0.3
38, 500 p. 3
28,500' 0.3
31, 500, .0. 2
12, 606, 000
14, 834, 000
12, 944, OOO
1], 583, 000
10,175, 000
10, 546, 000
46,500
32, 000
35, 750
39, 500
41,500
38,000
11, 808, 000
13,112, 000
14, 212, 000
11,556.000
10,900,000
11, 840, 000
468, 750 0.
47,000 0.4
36,000 0.2
33,500 0.2
146,116, 000
12, 714, 000
15, 612, 000 .
13, 833, 000
26
REPORT ON THE
FINANCES.
The following table shows the amount of silver certificates in actual
circulation ou' the dates mentioned therein, and also the percentage of
each kind of money received from customs sit E"ew York:
Silver certificates.
P e r c e n t a g e of e a c h k i n d of m o n e y r e c e i v e d from c u s t o m s
at New York.
Date.
*Outstanding
a t close pf
month.
Increase
during
month.
Total
United
G o l d cergold reStates
tificates.
ceipts.
uotes.
Increase.
Silver
certificates.
Increase.
1880.
$90, 733,141
A p r i l 30 . . . . . . .
89,184,129^ t $ l , 549, 012
M a y 2?)
- 88,116, 225 t l , 067, 904
J u n e 30
87, 564, 044 • 1552,181
J u l y 31
89, 021,760
1,457, 716
A u g u s t 31
95, 387,112
6, 365, 352
S e p t e m b e r 30 . .
100, 306,800
4, 919, 688
O c t o b e r 30
5,213,017
105, 519,817
N o v e m ber 3 0 . . .
D e c e m b e r 3 1 . . . , 117, 246, 670 11, 726, 853
66.2
71.4
81.7
•84.8
, 73.5
22.5
16.2
17.1
1*6.3
20.2
12.2
4.8
2.9
16.5
67.3
70.8
69.3
66.7
14.7
15.1
13.0
13.6
12.1
13.8
11.6
10.3
10.4
67.8
74.2
74.5
71.6
72.4
72.6
76.2
79.9
79.9
.
86.'4
83.6
86:5
87.7
90.0
89.8
87.0
86.4
83.0
t2.8
2.9
' 1.2
2.3
'10.2
12.8
to. 6
t3.4
12.3
15.3
12.6
11.3
8.9
. 9.3
12.0
12. 2
15.5
8-:. 5
89.3
87.5
85.2
84.5
86.4
87.8
90.2
90.3
to. 5,
6.8
tl.8
• t2.3
to. 7
1.9
1.4
2.4
0.1
16.2
10.1
11.4
13.4
14.1
12.0
10.4
8.8
8.4
3.0
12.7
tl.3
t2.4
0.4
2.7
0.2
3.3
1887.
January~31
Fehruary 28....
M a r c h 31
A p r i l 30
M a y 31
J u n e 30
J u l y 30 A u g u s t 31
.
S e p t e m b e r 30 . .
118. 315. 714
121.130, 755
131. 930.489
137. 740.430
139,143, 328
142,118, 017
144, 166,141
147. 876, 385
154, 354, 826
1, 069, 044
2,815,-041
10, 799, 734
5, 809, 941
1,402, 898
2, 974, 689
2, 048,124
.3, 710, 244
6, 478,441
* From latest returns received.
0.7
to.i
1.3
2.0
0.7
t2.1
tl.6
tl.6
to. 4
t Decrease.
DEPOSITARY BANKS.
At the close of the fiscal year there were"200 national banks which
were authorized by the Secretary of the Treasury to receive deposits of
Iiublic funds, in accordance with existing law. The balance of such
funds remaining to the credit of the Treasurer of the United States was
$19,190,076.79, and the amount held for the credit of United States disbursing officers was $4,162,363.80, makiog at the close of the year a total
of $23^,531,639.29. The par value of the United States bonds held by
the Treasurer to secure the safe keeping and prx>mpt paymentof money
held was $26,485,500, and their market value $31,820,538.
On October 31 the number of depositary baaks had increased to 220;
the balance of public funds held for the credit of the Treasurer of the
United States was then $27,011,436.28, and the-amount to the credit of
disbursing officers $'4,756,041.95, making a total of $31,767,478.23. The
par value of United States bonds held to secure such deposits was
$33,924,500,' and the market value on the same day $41,048,326. Tbe
following table contains the details :
J u n e 80, 1887.
Class of h o n d s .
S.I
o
OH.
B o n d s i s s u e d to Pacific r a i l r o a d s
F u n d e d loan of 1891
F u n d e d loan of 1007
F u n d e d loan of J u l y 12, 1882
Total
6
U
4
3
Market
Face value.
. value.
O c t o h e r 31, 1887.
Face value. ' M a r k e t
value.
$175, 000
9, 434, 000
15. 5G8, 500
1, 308, 000
$227, 500
10, 318, 437
19,906,601
1, 308, 000
$425. 000
10,015,500
22, 934, 000
• 550,000
$537, 62-5
10, 801, 856
29, 008, 845
550, 000
26,485, 500
31, 820, 538
33, 924, 500
41, 048, 320
27
TREASURER.
The public funds received during the year by national-bank depositaries amounted to $128,482,769.20, and the total of such moneys in-,
trusted to the banks since the commencement of the national-banking
system amounts to $4,458,928,344.05. The only losses suffered by the
Government on this account, since the present system was adopted,
occurred over twenty years ago. Under the present method of Treasury supervision it is liardly possible for any losses to occur.
The early losses to the Government were caused by the failure of two
banks, one in 1863 and one in 1864. These losses have been more than
counterbalanced by the benefit derived from the increased conveniences lor collecting and disbursing the revenues of the Government,
without incurring any expense for transportation to the Treasury and
sub-treasuries, and also relieving the Government, in many instances, of
the risk and expense of the transportation of funds to places where
money was needed for the payment of its creditors.
The receipts and disbursements of public funds by bank depositaries
during the fiscal years' since 1864 will be found in the following table:
•
Fiscal
year.
-
D r a f t s d r a w n on
depositary
banks.
F u n d s transferred F u n d s transferred
to d e p o s i t a r y
to T r e a s u r y b y
banks.
d e p o s i t a r y bank's.
Eeceipts.
B a l a n c e a t close
_of t h e y e a r .
A
1 8 6 4 . . . . $153, 395,108. 71
1 8 6 5 . . . . 987, 564, 639.14
1 8 6 6 . . . . 497, 566, 676.42,
651, 737. 083. 8"3
1887....
1 8 6 8 . . . . 225, 244,144. 75
1869 . . . . 105,160, 573. 67
1870 . . . . 120, 084, 041. 79
99, 299, 840. 85
1871....
1 8 7 2 . . . . 106,104, 855.16
1 8 7 3 . . . . 169, 602, 743. 98
.91,108, 846, 70
1874....
1875 . . . .
98, 228, 249. 53
1876....
97,402, 227. 57
1 8 7 7 . . . . ' 106, 470, 261. 22
1878 . . . .
99. 781, 053. 48
1 8 7 9 . . . . 109, 397, 525. 07
1 8 8 0 , . . . . 119,493,171.94
1881....
131, 820, 002. 20
1882....
143, 261, 541.41
1883....
145, 974, 250. 86
1884 . . . . 129,100, 449. 35
1885 . . . . 119, 056, 058. 9 i
1 8 8 6 . . . . 123, 592, 221. 6S
4887....
128,482, 769. 20
$816,000.00
8,110,294.70
13,523,972.62
8,405, 903. 63
9, 404,392. 00
' 10,052,199.44
2,466, 521. 06
2, 633,129.45
3,050,444.05
9, 004, 842. 49
2, 729, 958. 81
- 1,737,445:00
2, 445, 451. 49
2, 353,196. 29
2, 385, 920. 38
6, 890, 489. 06
6, 489, 634.17
5, 646, 092.46
5,256,574.29.
5, 292, 840. 22
, 5, 501,161.18
4, 798, 782. 35
8, 786, 546. 55
11, 476, 372. 92
$85, 507, 674.08
583, 697, 912. 72
363, 085, 565. 65
331, 039, 872; 57
215,311,460.69
114, 748, 877. 24 •
' 11.1,123,926.18
89,428,544.04
94, 9;i8, 603. 76
. 108, 089, 786. 76. 134,869,112.57
. 82,184, 304. 05
89, 981,146. 99
94, 276,400. 35
90,177, 963.35
100, 498,469. 29
109, 641, 232. 64
118,143,724.91
129,131. 305.07
132, 075, 358. 80
116, 227, 722.17
105,952, 609. 09
112, 862, 815. 24
118, 372, 954. 27
4,458, 928, 344. 05
139,258,165.21
3,631,367,342.48
Total
$28 726, 695. 88. ' $39,976,738.75
415,887,767.81
36, 065,992.06
149,772,756.11
* 31, 298, 319. 34
37, 218, 612. 76
26,182, 821.47
22, 218,187. 92
23, 301, 709. 61
. 14, 890,463. 75
^ 8, 875,141. 73
11, 818, 228. 61.
8,483,549.79
13, 790, 961. 01
7,197, 015. 04
13, 635, 837.49
7, 777, 873. 00
16,110, 519.07
02,185,153. 64
13, 364. 554:52
7,790,292.06
13, 657, 678. 25
11, 914, 004. 89
13,909,-616.83
• 7,870,920.13
14, 862, 200. 88
7, 555, 770.41
12,606,870.60,
6, 937, 910. 32
15, 544, 058. 34
7,183,403. 42
15, 525, 023. 03
7, 999, 953. 86
18.388,772.82
8,933,550.79
18. 709, 928. 56
9, 610,432. so18. 771,472. 81
lo, 030, 698. 33
17, 688, 442. 52
10, 716,144.17
17,633,235.03
10, 985,141. 34
16, 464,462.15
14,036,632.18
16,432,^43. 24
19,190,076. 79
947,629,089.99
PACIFIC RAILROAD SINKING- FUNDS.
United States bonds and first-mortgage railroad bonds were held in
this office for aecount of the Pacific Eailroad sinking funds (20 Statutes, 56), at the close o f t h e fij^cal year, as follows:
C l a s s of b o n d s .
\
United States honds issued to Pacific railroads, 6 per cents
U n i t e d S t a t e s f u n d e d loau of 1907, 4 p e r c e n t s
...
U n i o n a n d C e n t r a l Pacific E a i l r o a d C o m p a n y ,
first-mOrtgagethirtyy e a r 6 i)er c e n t s
^
Total
..,.....:
For Union
For Central
Pacific E a i l - ' P a c i f i c E a i l r o a d Conipany. r o a d C o m p a n y .
$1,043,000 ^ ^
4, 478, 650
300,000
5, 881, 650
$2, 548, 000
'
42,000
2, 590, 000<
28
REPORT ON T H E
FINANCES.
During the year all the 3 per cent, bonds held for the sinking funds,
amounting to $651,350, were withdrawn and paid by the Government,
and the proceeds placed to the credit of the respective funds.
Four per*cent, bonds held forthe Central Pacific Eailroad Company,
amounting tb $199,100, were withdrawn and sold, and the proceeds invested in Union and Central Pacific Eailroad first-mortgage bonds,
some of which were purchased after the close of the fiscal year, and
consequently do not appear in the above table. United States 6 per
cent, bonds, aniounting to $2,104,000, were added to the fund.
United States 6 per cent, bonds, amounting to $682,000, and Union
and Central Pacific Eailroad first-mqrtgage bonds, amounting to $360,000,
were added to the sinkingfund of theUnion Pacifi!c Eailroad Company.
The first-mortgage bonds ofthe above companies were purchased for
the sinking funds under authority of* ihe act of March 3,1887. They
were bought in the open market at the best rates obtainable by the assistant treasurer in New Yorl^, and the wisdom of-the investment is
shown by the fact that the interest yielded tothe funds therefrom averaged 4.15 per cent., while United States bonds pnrchased prior to the
passage of the act yielded under 3 per cent, and nearer 2^ per cent.
The bonds and cash to the credit of the respective funds June 30,
1887, were as follbws:
Eoad.
Bonds.
Cash.
$5, 881, 650 $77, 057.10
2, 590, 000 98, 545.13
Union Pacific ..
Central Pacific
Total.
$5, 958, 707.10
2,688,545.13
INDIAN TRUST FUNDS..
During the fiscal year the Indian trust funds held by the Treasurer
of theUnited States as custodian for the Secretary of the Interior,
trustee, were decreased in amount by the payment at maturity of $2,000
for bonds, of the State of Indiana, issued to the Wabash and Erie Canal
Company. The total amount of the bonds now held by the Treasurer
belonging to the fund is $1,798,016.83|. A description of them will be
found in the following table:
Class ofbonds.
Eegistered.
Coupon.
Total.
$168,000
132,000
37, 000
•$108, 000. 00
State and canal bonds.
A rkansas—Funded deht
:....!
Florida—State stocks
.
Louisiana—State stocks
1
•.
Maryland—State stocks...:
'.
North Carolina—State stocks
South Carolina—State stocks
Tennessee—State stocks
>Viiginia—State stocks
.'
Virgiaia—Chesapeake and Ohio Canal honds
.
^ $8,350.17
192,000
125, 000
191, 666. 66§ .123, 000
540, 000. 00
132 000 00
37 000 00
8 350 17
192,000 00
125 000 00
*" i,'66o
314, 666. 66§
540, 000. 00
1 000 00
1, 020, 016. 83f 778,000
1, 798, 016. 83§
United States bonds.
Bor»ds issued to Pacific railroads
Total-..'.
280, 000. 00
280, 000. 00
Many years' interest upon the State bonds, with the exception of
tbose of Marylaud and a portion of those of North Carolina, reraains in
default, amounting to a very large sum of money.
TREASURER.
29
I t will be seen by reference to the opinion of the honorable Secretary
of the Interior, printed in the Treasurer's repbrt for 1886, that proceed-^
ings for the collection ofthe defaulted principal and interest cannot be
cothmeneed until appropriate legislation shall have been enacted by
Congress.
'
Any moneys due by the Government to the States in default are retained from time to time, as such moneys accrue, under section 3481,
Eevised Statutes, and are credited to the States as an offset to the
amounts due.
,
'
Of the North Carolina bonds, $16,000 became due January 1, 1887,
and demand was made on the State authorities for payment. Eeply
.was received that there'was no provision for the payment ofthe bonds,
but that they would be received in exchange for new stock under the
terms of an act of the general assembly of the State, which reply, with
accompanying papers, was referred to the Secretary of the Interior.
The interest on $147,000 of, the North Carolina State bonds, which
are secured by lien oh the North Carolina Eailroad, is paid at irregular
intervals by the receiver o f t h e road. The last payment was made
January 25,1887, covering iriterest due to January 1,1881, on $26,000,
and interest due to October 1,1880, on $121,000 of the bonds. Interest
on the Maryland stock is paid (Quarterly as it becomes due.
'
By reference to the report of the Treasurer for the fiscal year ending
June 30,1883, it will be seen that in an action before the United States
circuit court at Nashville, Tenn., to obtain payment of detached coupons from bonds ofthe Nashville and Chattanooga Eailroad Company,
amounting to- $153/510, verdict' was rendered, by order of the court,
against the United States, April 25,1883, on the ground that the statute of limitations of the State of Tennessee barred the action. The
case was taken by the United States district attorney on a writ of
error to the Supreme Court o f t h e United States, where the verdict
was reversed. In December, 1886, a compromise was effected between
this Department and the Nashville and Chattanooga Eailroad Com-.
pany, by which the face value of the coupons was to be i^aid in full, in
six payments, beginning January 1, 1887. The agreement was carried
out as arranged and the payments were made. The amount so paid
went into the.general account of moneys deceived by the Government
as a miscellaneous receipt, the United States having paid to the Indian
trust fund the full amount of the interest when it became due, as provided for by annual appropriations for that purpose.
.
' MISCELLANEOUS TiaUSTS..
The following amounts in United States bonds are held for the trusts
named:
'
,
American Printiilg House for the Blind, 4 per cents . - . : . . . ® . . - .
Pennsylvania Company, 4^ per centos . . . '
./...-.^.
Manhattan Savings Institution, 4,per cents..
Alaska Commercial Company, 4 per cents...'.
.^
J
|250,000
200,000
75,000
55,000
The bonds held for the blind.are in the name of the Secretary of the
Treasury, trustee^ interest to, the Treasurer of the United' States for
credit of the appropriation to promote the education of the blind, act
of March 3, 1879.
*
The Pennsylvania Company bonds are for the security of merchandise
in transit.
'
^
The bonds of* the Manhattan Savings Institution are held as indemnity for certain stolen bonds; and the bonds for the Alaska Commer
30
JElEPOliT ON T H E I^INANCES.
cial Company are for security in a contract between that company and
the Government.
The following described bonds are held, in custody in this office for
the Secretary of the Treasury, all, with the exception of the Louisiana,
and tlie Chattanooga Eailroad bonds, having become the property of
the United States by regular appropriations made to the trustsfor
which the bonds-were originally purchased.
Arkansas State bonds
Chesapeake and Ohio Canal bonds
Louisiana State bonds
Nashville and Chattanooga Railroad bonds
North Carolina State bonds
Tennessee State bonds
Virginia State bonds
'.
- - -'.
....'
_.. |625,000
- •>12,000
^
'545, 480
. . . . . ' . .^.. 500,000
13, 000
21, 000
41, 800
Of the Arkansas bonds, $3,000 matured January 1,1887, and demand
was made for payment. Eeply was received from the State authorities
that no' moneys were on hand for the purpose, but that favorable legislative action was expected. Statements ofthe indebtedness of Arkansas
to the United States have been furnished to the State government for
consideration in the anticipated settlement.
^
Like the State bonds held for the Indian trust funds, the interest on
allof the above bonds, with the exception of the Nashville and Chattanooga Eailroad bonds, is.many years in default. Attention is again
called to the necessity fbr some legislation by Congress on the subject
of defaulted State bonds. In the Treasurer's report for the last fiscal
year will be found a memorandum on the debts of the States named in the
foregoing table, with the action had by the States in regard to funding.
UNITED STATES BONDS HELD FOK NATIONAL BANICS.
The United States bonds held in trust by the Treasurer at the close
of the fiscal year to secure circulating notes issued to national banks,
amounted to $191,966,700, a decrease of $84,008,100 from the amount
held on the same account last year.
The amounG of bonds held for security of deposits of public funds,
June 30,1887, was $26,485,500, an increase of $6,825,600 over the amount
held at the same time in 1886.
The amount ofbonds deposited during the year was.$57,432,150, and
of bonds withdrawn $134,614,650, a total movement of $192,046,800, and
a total decrease of $77,182,500 in bonds held in trust for uational banks.
The following table contains a description of the bonds on hand June
30,1887:
..
Per
cent.
C l a s s of'bonds'.
•
To secure
circulation.
<5>
Eonds issued to Paciiic railroads
J^'unded loan of 1891
Consols of 1907
L o a n of J u l y 12, 1882..Total
6
3
. . . . .
$.3,175,000
. 67,743:100
115, 842, 650 .
5, 205, 950
191, 966, 700
To secure
p u b l i c moneys.
Total".
$175, 000 ' $3, 350, 000
77 177 100
9, 434, 000
15, 568, 500 131,411,150
1, 308, 000
6,513,950
20,485,500
218 452, 200
The following table shows the amount of bonds held by the Treasurer .of the Uuited States to secure circulating notes issued-to national
31
TREASURER;
banks, the amount of notes outstanding thereo'Uj and also the ambunt
of bonds held to secure deposits of public funds with national-bank
depositaries, at the close of each fiscal year, from the commencement of
the present'national banking system, under the law approved February
25, 1863, and subsequent laws. I t i s given in order to show the changes
that have taken place in the amount of securities held, atid in the outstanding circulation, caused by business activity or depression, and
during the last few years by the'rapid decrease of the bonded indebtedness of the Government.
Bonds held
Kumber
Bonds held
of b a n k s t o s e c u r e cir- t o s e c u r e dep o s i t s of
J a n e 30.
culation.
p u b l i c funds.
Fiscalyear."
1863
1864
1865-.1866
1867.
1868 .-.
1869
1870
1871
1872
1873 .
1874...
]875
1876
1877
1878
J879
1880
1881 . . •
1882
1883
1884
1885
1886 . . .
1887
'
:.. -
'..
:.....
'..
'..
'.
'
...i...
:.
,
..r..
•--..
'
Totalof
b o n d s held.
ISTational b a n k notes outstandiho; as r e p o r t e d
by' Comptroller
oi" l h e C u r r e n c y .
•
26
.$1,185, 750
$1,185,750
467
44, 266, 900
$30, 009, 750
74, 276, 650
1,294
235, 989, 700
32, 707, 500
268, 697, 200
327,310,350'
1,634
38.177, 500
365, 487, 850
39,177, 950
1, 6 3 6 ' 340, 607, 500
379, 785,450
341,495, 900
38, 517, 950
- 1,640
380, 013, 850
342,851,600
25,423, 350
1,619
368,^274, 950
342, 278, 550
. 1,612
358, 351, 050.
16, 072, 500
375, 422, 050
15,536,500
1,723
359, 885, 550 •
15, 329, 000. 395, 769, 700
380,440,700:.
1,853
405,
620, 550
1.5, 210, 000
390,410, 550
1, 968
406,561,400,
15, 390, 200
391,171, 200
. 1,983
390,861,700
14,547,200
376,314,500
'
2, 076
341,394,750
2, 091
14, 578, 000 • , 355, 972, 750
338,-713,600
354, 090, 600
2, 078
15, 377, 000
363, 404, 400
2, 056 ^ 349,546,400
13, 858, 000
368, 676, 000
2,048
354, 254, 600
14,421,400
370.429, 050
2, 076
361,652,050
14,777,000
37'5,801,4OO'
2,115
360,505, 900 • ^ 15, 295, 500
876, 647, 700
2, 239
360, 722,700
15, 925, OCO
373, 712, .500
2,417
356, 596, 500 ^ 17,116,000
351, 207, 850
2, 625 "334,147, 850
17, 060, 000
329, 752, 200
2, 689
312,145, 200
17, 607, 000
295,634,700
2, 809
275, 974, 800 " 19, 659, 900
218,452,200
3,014
191, 966,700
26, 48.5, 500
$25, 825, 665
131,452,158
267, 798. 678
291, 769, 553
294, 908, 264
292 753 286
291,183, 614
307,793,880
327, 092,-752
338, 788, 504
338,538,743
" 318,148,406
294,444,678
290, 002, 057
299,-621, 059
.307, 328, 695
318,088,502
312,223,352
308,921,898
311,963, 302
295,175, 334
269,147, 090
244, 893, 097
106,625,658
SPECIAL DEPOSIT.
For a numberof years a box of jewels had been in the custody of this
office as a special deposit for the Department of the Interior. The jewels
consisted of diamonds and pearls; there were also other articles, such as
a bottle ofthe attar of roses and pieces of gold. The articles were presented to the Govefnment, it is stated, by the Imaum of Muscat, many
years ago. In pursuance of an application by the secretary of the
Smithsonian Institution,, indorsed by the Secretary of the Interior, }}he
articles were delivered to the Institutioh in March last, and placed on
exhibition in appropriate cases.
•-• SEMI-ANNUAL DUTY-.
.'
''
-
The amount of semi-annual duty assessed upon and collected from
the national banks, on account of circulation, for the fiscal year ending
June 30,1887, was $2,044,922.75, a falling off from the amount collected
for the preceding year of $547,098.58. This falling off is due principally to the redemption of 3 per ceht. bonds and a consequent retirement of circulation, there having been a net withdrawal of these bonds
held as securityJbr circulation, during the fiscal year, of $102,576,150,
and a total decrease of all bonds held to secure circulation of $84,008,100.
32
KEPOliT ON THE
MNANCES.
The national banks have paid into the Treasury, on account of semiannual duty, since the organize tion of the system, the following amounts :
On account of duty on circulation
On account of duty on deposits
On'acQunt of duty on capital
Total
,
$65,841,721. .30
60,940,067.16
> 7,855,887.74
.....;
134,637,676.20
T H E REDEMPTION OE NATIONAL-BANK NOTES.
The amount of national-bank notes presented for redemption during
thefiscal year, as claimed by the holders and taken up onthe books of
the redemption agency, was $87,689,687.15. The count in this office
showed that a total of $16,404\07 was presented without being claimed,
and that a total of $22,356 claimed was not xiresented. There was included $464,413.45 in United States and other cuirency, which was referred to other parts of the Treasurer's office or returned to the owners;
$2,554.23 was rejected or deducted'on account of mutilation, $573.58 was
deducted for express charges, $2,924 was counterfeit, and $87,213,269.96
was paid to the owners as net proceeds. The smallest receipts for any
month were $5,438,047, in September, and the largest were $11,513,904,
in January.
During the thirteen years that the redemption agency has been in
operation the amount presented has aggregated $1,772,626,148, an an-'
nual average of $136,355,857. ' The amount presented the past year
was less thari any other, except 1880, 1881, and 1882, and nearly
$50,000,000 less than the average. The falling off' from the fiscal year
1886 was $42,606,919, or 32.70 per cent. The excess over the least amount
for any year, which was $59,650,259, in 1881, w^s about $28,000,000.
The decrease in the demand for redemption during the last few years
has been due mainly to the contraction of the volume of circulation
outstanding, and in part to other causes.
Included in the suni rejected during the year were notes of the nominal value of $245, described as *' stolen,'' which had been fraudulently
put in circulation without the signatures of the bank officers. This is
a decrease of $175 as compared with the year before. The counterfeit
notes presented show an increase of ^$204 over the same period.
Of the receipts for redemption, $31,314,583, or 35.71 per cent., came
from New York; $13,219,269, or 15.08 per cent, from Boston, and
$6,972,856, or 7.95 per cent., from Philadelphia. The aggregate from
these three cities was $51,506,708, or 58.74 per cent, of the whole receipts, as against 66.65 per cent, for the fiscal year 1886.
O f t h e proceeds of redemptions for the year, $39,996,984.07, being
45.86 per cent, of the whole, was remitted by transfer checks on the.
assistant treasurers of the United States; $15,657,298.62, or 17.95 per
cent., by the shipment of currency; $346,641.33, or .4 per cent., by the
shipment of fractional silver coin and standard silver dollars ; and the
remainder was paid over the counter or credited in account. These
percentages show little variation from those for the previous year. The
shipments of currency increased and the transfer checks diminished
relatively about 11 per cent., which was due mainly to the demand for
silver certificates of the denominations of one, two, and five dollars.
The deposits made duriug the year in the 5 per cent, redemption
fund amounted to $52,522,359.27, of which $46,251,760.76, or 88.07 per
cent., was received by the assistant treasurers from the banks or their
correspondents, and $6,267,598.51, or 11.93 per cent., was received by
the Tieasurer over the counter or by express.
TREASURER.
. 3 3 "
The notes redeeined out of the 5 per cent, fund amounted to $51,292,670. ^ Of these, $20,786,640, or 40.53 per cent., were fit for circulation, and were returned by express, in.24,301 packages,to the banksof
issue; and the remainder were'delivered to the Comptroller of the Currency for destruction, either because they were unfit for circulation or
because they were to be retired under p>rovisions of law or at the request of the banks. The percentages of the two classes of notes, as
compared with thefiscal year 1886, show a decrease of 5.60-per cent, in
notes^fit for circulation and a corresponding increase in notes destroyed.
The deposits made in the Treasury during the year for the retirement
of national-bank notes, underthe various provisions of law, aggregated
$75,196,810.25. The redemptions under the same laws amounted to
$37,452,598; so that there was a net increase of $37,744,212.25 in this
fund. Both the deposits a n d t h e redeinptions largely exceed those of
any previous year. The increase i n t h e deposits was caused by the
forced withdrawal of 3 per cent, bonds held to secure circulation, the
banks affected ]3referring generally to reduce their deposits of bonds
to the minimum allowed by law and provide for the reduction of their
circulation proportionately, rather than to pay the prices asked for available securities. Theincrease in the redemptions from this fund is the
result of the increase in the number of the banks whose notes are
chargeable against it. The total deposits madQ.in the fund, to June 30,
1887, were $370,422,203.25, of which sum $272,429,285.15 had been paid
out for notes redeemed and $97 992,918.10 remained on deposit.
The amount of notes assorted that were subject under the law to
assessment for expenses of redemption was $87,596,890. The total
expenses incurred and paid out of the 5 per cent, fund were^ $138,967,
making the ratesof assessment $1.58jY/o P^^' $1,000. The expenditures
on all accounts were'$29,276.35 less than for the fiscal year 1886, the
decrease being mostly in charges for transportation, which fell off* from
$74,^90.52 to $48,020.53.' The amount paid for salaries was $1,614.64
less than the previous year, and $6,429.46 less than the amount appropriated by Congress.
On Deceniber 11, 1886, there was charged against the fund arising
from assessments under the provisions of section 8 of the act of July
12, 1882, on national banks making deposits for the retirement of their
circulation infull, the, sum of $9,348.86, for the proportionate share of
the expenses incurred during thefiscal year 1886 in redeeming the notes
of banks so assessed. The assessments made during the past year
under the same section amounted to $1,716.66; and the balance of the
fund in the Treasury on June 30, 1887, was $19,714.08.
THE "WORK OE THE OFFICE.
The operations of the year have not been marked by any incident
calling for special mention here. The Treasurer takes pleasure in giving this public utterance to the high commendation of the employes of
the office expressed to him by his immediate predecessor, Hon. 0. N.
Jordan, whose brilliant administration terminated on the 23d of May,
and therefore practically covered the work of the year. The transfer
of the duties of the office .to the presentincumbent involved an examination of all the moneys, securities, and other evidences of value that
eame into his direct charge, amounting to more than $500,000,000. The
examination, which required the labor of many experts for upwards of
two months, and the direct outlay of $1,530, was conducted in a very
. 6209 FI 87
3
'
34
REPORT ON THE FINANCES.
thorough manner, and ou its completion the Department had the most
sati'sfactory assurance that the funds transferred were absolutely correct. The only discrepancy found was in a bag of two-and-a-half dollar
gold coins. One piece was missing, but4t was immediately replaced by
the clerk who had last counted the contents of the bag. This result is
perhaps the best comment on the zeal and ability which the employes
of the office have exercised in the discharge of their responsible duties,
and by which they have merited the confidence ofthe present Treasurer
no less than that of his predecessors.
&
I have the honor to be, very respectfully, your obedient servant,
,
^
JAMES W . HYATT,
Treasurer of the United States.
Hon.
CHARLES S. FAIRCHILD,
Secretary of the Treasury.
•
.
STATEMENT SHOWING, BY OFFICES, THE CHARACTER OF THE ASSETS OF THE TREASURY, THE LIABILITIES, AND THE BALANCE IN GENERAL ACCOUNT J U N E 30, 1887,
"Washington.
ASSETS.
Gold coin
Gold bullion
Standard Bilver dollars
Fractional silver coin
Silver bullion
Gold certificates
Silver certificates
United States notes
•
National-bank notes
Fractional cunency
Minor coin
Eedeeraed certificates of deposit, act June 8, 3872
Quarterly interest checks suid coupons paid
Interest on District of Columbia bonds paid
Trade dollars redeemed
Balances in sub-treasuries to the credit of mints and assay-offices .
Unavailable balances
Total sub-treasuries, mints, and transit
Deposits in national-bank depositaries
,
Minor coinage metal fnnd, United States mint, Philadelphia.
liecoinage account, United States mints . v
Baltimore.
New York.
Philadelphia.
Boston.
Cincinnati.
Chicago.
Saint Louis.
New Orleans.
San Francisco.
;3, 732,405.00
$93,140, 502.00
$3,650,552.50
$9,746,742.50
$7,051,285.00
$845,000.00
$S, 152,200.00
$4,983,296.00
$29,141,423.00
61,510,551. CO
2, 094, 742.00
3,350,232.00
<394,673.50
~30, 952, G31." 66"
10,294,232.72
12,223,641.00
2,438,054.05
1,637,257.00
893,741.40
69,287.00
55,030.00
2,153,107*00
1,517,938.00
10,372,848.00
1,491,005.00
3,694, 663.00
411,442.21
22, 663, 333.00
7,241,031.50
2<i8,340.00
], 437, 363.30
2,358, U47 33
2,167, 858.41
1,044.49
4, 968.55'
544, 040.00
5U0, 592. 00
1,247,591.00
' 3, G17.00
19,522,730.00
261,270.00*
15, 375,236. 47
16, 894. 00
627,000.00
226,390.00
958.809.00
8,030.00
1,247,510.00
131,830.00
496,744.91
4,745.00
522,731.00
102.06
4,478.61
170,000. 00
63, 867. 00
32, 876.33
1,497.32
760,160.00
122, 29J. 00
394,358.0J
7,020.00
5.00
1,040.78
7,430.06
429.32
1, 845.47
i.73
*ii2,"i62."si
100,412.50
"19,"479." 46
"i2*064. 95
"209," 473." 66'
"29,"324.00
"i 2,"537." 00
1,606.00
90,047.10
6,360,426.68
6, 507,293. 46
413,557.96
59,816,460.97
172,262, 002.72
$25,086,247.85
106, 443. CO
""5*080.00
61.00
30, 393. CO
200. 00
4,444,726.92
2,195.35
131,945.00
1, 670,890. 00
253,0ri2. 00
4,193,951.00
12,403. 00
986. 58
45,737.75
120,COO. 0C
269,265.46
5,330, 520. 00
59,109.00
700,047.00
39,999. 00
15,167.02
20, 000.00
332,808. 77
62,075.00
28, 070.00
24,940,641.34
18,803,461.69
202,120.00
88,26 J. 00
1,959,000.00
27, 005. 00
10,041,950.11
174,189,258.57
9t 775,126.13
5,930,658.28
22,375,728.52
11,686,864.48
$7,068,973.00
85,381,026.76
62, 363, 536. 00
121, 993. 84
4,045,091.29
$438. £0
10, 000.00
135,000.00
1, 367,890.28
128,000. CO
9,472.82
702,533*69
13,818.78
95,101, 590.93
150,000.00
Total
Unavailable balances, general account: Mints and assay-offices
National-bank depositaries .
Other depositaries
Total assets
Treasurer's transfer account.,
Hints and assayMoneys in
offices, bullion transit between
fund.offices.
1,650,801.90
Balances.
Total.
$192,598,626. S5
85, 381,026.76
211,491,527.80
26,963,934.22
4,045,091.29
30,293,310. CO
3,215,200. SO
29,575,407.99
2,415,571.41
2,297.07
115,472.94
310,000.00
5, 560,703.69
2,195.35
C, 966,976.68
6, 507,293.46
1,129,909.83
606, 574,545.64
23,316,877.91
50, 000.00
63.96
629,941,487.51
71,561.06
214,761.38
3,702.17
71,561.06
630, 231,512.12
24,658,198.66
21,658,198.C6
$654,889,710.78
119,759,789.59
Total .
LIABILITIES.
Due depositors for silver coin, etc
Disbursing officers' balances and other small accounts..
Post-Office Department account
Interest account, District of Columbia bonds
Treasurer's transfer acconnt
Funds for redemption of national-bank notes
Treasurer's checks and drafts outstanding
2,589,294.22
205,931.07
305,426.14
106,106,253.43
549,376.33
109,756,281.19
332,316.33
126,554,07
16,898, 673.26
2,891,694.81
842,300.83
658,522. £0
.2,488,722.89
5,588, 846.08
965,194. 93
26, 344,409.08
ii,"661.73"
1,085, 836.88
545,723.82
732,893.17
368,463.06
503,377.44
289,778.59
977,721.20
311,938.64
1,017,295.32
282,573.61
4,289,207.42
4,324,115.80
3,060,267.10
37,998.34
"65,"853." 33
90,342.* 49
8i,*95i*49
* 145,812" 21
1,841,102.84
1,979,987.64
5,480,906.14
5,199,223.32
4^495,739.15
1,042,946.59
623,271.71
248,432.38
537, 376.80
1,119, 375.55
2.487,794.89
63,689." 39
'"'iio.'mis
2,683,888.57
4,264,352.93
350,062.52
350, 062.52
25,253,792.29
6,559,255.37
305,426.14
24,658,198.66
106,103,253.43
2,124, 559.99
Treasurer's drafts outstanding, national-bank depositaries .
Disburing officers' balances in national-bank depositaries...
165, 357, 548. 40
52,661.46
4,288,901.04
Total liabilities
Treasurer's general account
169,699,110.90
485,190,509.88
BALANCE AS SHOWS BY REGISTER'S BOOKS.
>
Balances: Sab-treasuries, bullion fund, and transit
National-bank depositaries
Minor coinage metal fund, United States mint, Philadelphia .
Kecoinage accounts, United States mints ...
-Unavailable balances: National*bank depositaries
Other depositaries
2,961,595.02
10,003,508.40
7,0£0, 355.09
147,844,849.49
22,256, 752.77
14,539,108.76
7,934,023.29
3,9o0,670.64
16,894,822.38
6,487,641.16
55,320,721.82
172,333,563. 78
1,300, 739.38
465,946, 756.96
18,975,315.41
50,000.00
63.96
214,761.38
3,702.17
Total
Less amount not covered by -warrants (see page 39)
485,190, 599.88
440,810.43
Balance, Treasurer's general acconnt
Unavailable amounts on deposit with the States
4S4, 749, 789.45
23,101,644.91
512,851,434.36
TREASURY BALANCE RECONCILED WITH REGISTER'S BOOKS .
STATEMENT SHOWING, B Y OFFICES, THE COMPOSITION OF THE BULLION F U N D ON J U N E
Denver.
Carson City.
New Orleans.
Philadelphia.
Bullion fund, Treasurer's general account
Standard silver dollars
Subsidiary silver coin
Silver bullion
Trade dollars converted into bars
TTnited States notes
$0.80
—
$58,825.00
104,302.49
9,821.00
870.55
39,998.45
$5, 020.00
572,834.10
8.179,239.00
.17
1,369,384.67
$3,672,643.00
23, 845,533.73
35,386,110.00
65,198.04
1,853,308.27
2,607,426.68
'TSriM.' in
-3^,447-19
-1,129, 603.1S-
226, COO. 00
10,455,925.07
firf?
.02
113, 933.;
Unavailable carried as assets
Bullion fund as reported by mints and assay-offices
Unavailable items not carried as assets by mints and assay-offices .
$3,330,515.00
1.740,622.12
18,788,015.00
55,901.68
264,563. 67
553,000.00
page 35
68,552,812.87
24,732,617.47
413,557.96
J"
113,933.38
Total bullion fund.
6209 Fi S7
San Francisco.
Bois6 City.
30,1887.
Charlotte.
Helena.
$28,464.80
$25,959.40
10.00
Balance in sub-treasuries and*national-bank depositaries
654, SS9, 7 1 0 . 7 8
512,851,434.36
226,000.00
10,455,925.07
68,552,812.87
25,146,175.43
New Tort.
$1,970.00
59, 0ti2r 145.86
350. 00
Saint Lonis.
Dahlonega.
068,9^3.00
85*361,026.76
62,363,53tf. 00
121,993.84
4,045,091.29
6,360,426.68
$1,164.17
1.00
10.00
12.60
517,798. 90
3,200,000.00
37.33
Total.
92.00 |
54,217.62
19,206.97
1.73
6,507,293.46
131,605.40
22,840.06
82,682.51
67,509,513.12
20,514.88
171,848,444.76
413, 557.96
11,611.03
32,000.00
143,216.43
54,840.06
67,509,513.12
20,514.88
$173,333, 563.78
102.00
$22,840.06
.90
4,727,237.46
.81
105,646.00
82,682.51
Balances.
$27,950.03
172,262,002.72
71,561.06
27,950.03
172,333,563.78
173, 3 3 3 , 5 6 3 . 7 8
CO
APPENDIX.
No. 1 . — R E C E I P T S AND E X P E N D I T U R E S F O R T H E FISCAL YEAR 1887,.AS SHOWN B Y W A R R A N T S ISSUED.
Receipts covered in t o t b e credit of-
i s s u e of n o t e s
aud bonds.
$217,286,893.13
118,823, 391. 22
9, 254,286. 42
26,038, 700. 89
Customs
Internal revenue
Lands
Miscellaneous sources .
Total n e t revenue
P u b l i c debt-—
F a n d e d loan of 1907
:
- Silver certificates
C e r t i f i c a t e s of d e p o s i t ( a c t of J u n e 8, 1872) .
United States notes
N e t receipts.
E e p a y m e n t s to Counter credits to
appropriations.
appropriations.
$1,769, 89.5. 51
26, 399. 36
$90, 860.15
378. 25
Total.
$219,147, 648. 79
118,850,168.83
9, 254,286. 42
26, 038,700. 89
Pi
371,403,277.66
ij
O
Pi
-$40,900.00
51,8.52,.000.00
28, 480, 000. 00
74, 068, 000. 00
154,440,900.00
I n t e r e s t on t b e p u b l i c d e b t
WiXT D e p a r t m e n t a p p r o p r i a t i o n s
N a v y Department appropriations
I n t e r i o r D e p a r t m e n t appropriations, I n d i a n s ..
Interior Department appropriations, pensions .
I n t e r i o r civil a p p r o p r i a t i o n s
'.
Treasury proper appropriations
D i p l o m a t i c axipropriations
•Quarterly s a l a r i e s ' a p p r o p r i a t i o n s '
Judiciary appropriations'
,
525,844,177.66
Total receipts
'
-..
B a l a u c e J u n e 30,1886, a s s b o w n b y w a r r a n t s i s s u e d .
14,372.58
1,097,727.01
376,400.34
208, 607. 65
2, 910, 227. 06
96, 840. 25
2, 294, 875. 42
- 12,193.89
121. 29
148, 637. 01
105. 00
87, 807. 76
6, 597, 469. 05
29, 727. 60
889,783. 89
. 9,108. 83
197,043. 02
52, 096.60
8,956,297.97
8, 044, 354. 61
89,974.46
154,440, 900. 00
14,477. 58
1,185, 534.77
6,973, 869. 39
238, 335.25
3, 800, Oil. 55
105, 949. 08
2,491,918.44
64,290.49
121.29
238, 611.47
•W
542, 844,830. 24
498,739,112.91
o
Ul
1,041,583,943.15
Total.
E x p e n d i t u r e s a u t b o r i z e d b y w a r r a n t s from a p p r o p r i a t i o n s o n a c c o u n t of—
Customs, ligbt-bouses, public buildings, e t c
I n t e r n a l r e v e n u e ._.
'...,
I n t e r i o r civil
Treasury proper
Diplomatic
Q u a r t e r l y salaries
%
J udiciary
O
$23,795, 933.12
4, 070,120. 59
7,821, 225. 31
38, 342, 337. 73
7,104,490. 47
603,417.47
3, 527, 294. 90
Net
expenditures.
E e p a y m e n t s of
A m o u n t s reamounts unex- credited to appro
pended.
priations.
$1,769,895.51
26,399. 36
96, 840. 25
2,294,875. 42
12,193. 89
121.29
148,637.01
$90, 860.15
378. 25
9,108. 83
197,043. 02
62,096. 60
89,974. 46
Total.
$25, 656, 688. 78
4,096,904.20
7,927,174. 39
40, 834,256.17
7,168,780. 96
603, 538. 76
3,765, 906. 37
^ e t civil a n d m i s c e l l a n e o u s e x p e n d i t u r e s . . . . . .
W a r Department
Navy Department
I n t e r i o r Departnuejit I n d i a n s
I n t e r e s t on t b e p u b l i c d e b t
.
$85, 264, 825. 59 \
38,561,025.85
15,141,120.80 1
0, 194,522.69
. 75,-029,101.79
47,741,5.7.25 i
-,---
,
.
- - -. '
-'
-
Totabnet expeuditures ...
.
.B e d e m p t i o n of t b e p u b l i c d e b t —
.
,
^
* Grold c e r t i i i c a t e s
.." ....
.
...^
T
Silver certificates
.,»
C e r t i f i c a t e s of d e p o s i t (act of J u i i e 8 1872)
..
. . -.
Eefundino" certificates . . . . . .
..............
United States notes
.
.
.
...........
^Fractional c u r r e n c y . . . . . .
.
Old d e u T a n d n o t e s
.
..
..„ = . .
..i......'
•. 7-30S of 1864 a n d 1865
....'
One y e a r n o t e s of 1863 . .
w....^
T w o y e a r n o t e s of 1863
Compound interest notes . . . .
.......
.....................
T r e a s u r y n o t e s of 1861
T r e a s u r y n o t e s of 1857
.............'
,
SLoan of J u l y a n d A u o"ust 1861 .
'.
i.-.
^ L o a n of 1863
.'!...'.
Oregou w a r debt
. .....
."
.
.:
L o a n (Of F e b r u a r y , 1861
5-20sof 1862
'.
5-20s of J u n e , 1864
.5-20s6f 1865.'.
'.....:.....
10-40sof 1864
.
Consols of 1865
"...
..r....
C o n s o l s of 1867
Consols of 1868
^ .
..
..
F u n d e d l o a n of 1881
'.
. L o a n of J u l y 12, 1882
......1
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t d^ p e r c e n t
L o a n of 1863 continu'ed a t 3|^per cenfc
. ... .
....
.
^.
F u n d e d loan (Of 1881, c o n t i n u e d a t 3 i p e r cent
.N
1,097,727.01
376,400.34
208,607.65
2, 910, 227. 06
14, 372. 58 1
267,932,179.97
---
1
1
1
...
9,687,428.00
22,286,525.00
37,900,000.00
3^2,550.00
74,- 068,000.00
7,123.15
315.00
700.00
.590.00
350.00
4, 290. 00
500.00 1
1,000.00
29,200.00
13,750.00
100.00
2,000.00
2, 300. 00
150.00
8,000.00
13, 650.00
32,750.00
. 68,400.00
• 1,150.00
19; 750.00
127,612,850. 00
35,650. 00
8,500. 00
63,750. 00
_
•
~
*
___
Ul
• PS•-•
-
'
'
•
•
539,833,501.12
Total.
.....
..
.
. . . . . . . . . . . . . . ..
.'
.;....
H3
• - • w - •-
27i, 901, 321. i s
B a l a n c e J u n e 30,18'87, a s s b o w n b y w a r r a n t s i s s u e d
39,746, 560.62
22,114, 996.19
6,432, 857. 94
78,829,113.34
47,756,054.83
87,807.76
6,-597,469.05
29, 727. 60
889,783.89
105.00
.'
8,956,297.97
8,.044,354.61
271, 901,321.15
. 556,834,153.70
484, 749,789.45
1 041 583 943 15
CO
38
REPORT
No. 2.—COMPARATIVE
Fiscal year.
1886
1887 . ^
ON T H E
FINANCES.
STATEMENT OF R E C E I P T S FOR T H E FISCAL YEARS 1886 AND
1887, AS SHOWN B Y WARRANTS ISSUED.
I n t e r n a l revenue.
Customs.
La,nds.
Miscellaneous
sources.
$192, 905, 023.44 $116, 805, 936. 48 $5, 630, 999. 34 $21, 097, 767. 80
217, 286, 893.13 118, 823, 391. 22 9, 254, 286. 42 26, 038, 706. 89
I n c r e a s e i n 1887
2, 017, 454. 74
24,381,869.69
3, 623, 287. 08
4,940,939.09
T o t a l n e t revenue.
$336, 439,727. 06
371, 403, 277. 66
34, 963, 550. 60
No. 3.—COMPARATIVE STATEMENT OF E X P E N D I T U R E S F O R THE FISCAL YEARS
AND 1887, AS S H O W N BY WARRANTS ISSUED.
Fiscal
year.
Interest
. Civil a n d
on t b e p u b l i c miscellaneous.
debt.
War
Department.
•Navy
Department.
Interior
Department.
1886
Total net
expenditures.
$50,580,145. 97 $74,166, 929. 85 $34, 324,152. 74 $13, 907, 887.74 $69, 504, 022. 20 $242,483,138. 50
47, 741, 577. 25 85,264,825. 59 38, 561, 025. 85 15,141,126. 80 81,223,624. 48 267,932,179. 9'7
1886
1887
Deer. 1887
I n c r . 1887.
2,838, 568. 72
11,097,895.74
4, 236, 873.11
1,233,239.06
11,719,602.28
25,449,04L47
No. 4.—COMPARATIVE STATEMENT OF BALANCES I N THE TREASURY AT T H E CLOSE
OF T H E FISCAL YEARS 1886 AND 1887.
Balances as sbown by last report, J u n e 30,1886.
Net revenue, 1887
Net expenditures, 1887
»
$371,403,277. 66
267, 932,179. 97
Excess of revenue over expenditures .
$498, 739,112. 91
103, 471, 097. 69
602,210, 210.60
Public debt.
Bonds and secnrities.
Funded loan of 1907 . .
Silver certificates . . . .
Gold certificates
Certificates of deposit
(act of June 8,1872).
United States notes . .
Loanof July 12,1882..
Eefiinding certificates
Fractional currency,
Issues during
fiscal year.
$40,900.00
51,852,000. 00
Eedemptions
during fiscal
year.
$306,845.00
22,286, 525. 00
9,687,428.00
28,480, 000. 00
74,068,000.00
37,900, 000. 00
74, 068,000. 00
127,612,850.00
32, 550. 00
7,123. 15
Total....^
154,440,900.00
Net excess of redemptions over issues
271,901,32L15
Balance June 30,1887.
Excess of issues over redemptions.
$40,900. 00
29, 565,475.00
Excess of redempti on s
over issues.
$306,845.00
9, 687,428. 00
9,420, 000. 00
127,612,850.00
32, 550. 00
7,123.15
29,606,375. 00
147,066,796.15
117,460,42L15
484,749,789.45
TREASURER.
39
No. 5.—EXPLANATORY STATEMENT O F T H E D I F F E R E N C E S B E T W E E N T H E BALANCE
IN T H E T R E A S U R Y J U N E 30, 1887, AS SHOWN B Y T H E PRECEDING STATEMENTS
AND THE B O O K S O F T H E R E G I S T E R , A N D T H E C A S H A S S H O W N B Y T H E P U B L I C
D E B T STATEMENT P U B L I S H E D J U N E 30, 1887.
•
T b e c a s b i n t b e T r e a s u r y , as s b o w n b y t b e P u b l i c D e b t S t a t e m e n t , i s m a d e u p from t b e r e t u r n s r e c e i v e d ou t h e d a y on w b i c b t b e s t a t e m e n t i s p u b l i s h e d .
.
r
T b e a m o u n t on J u n e 30, 1887, w a s . . . . . . . l
1 . . . . . . $482,433,917.21
T b e r e c e i p t s p r i o r to t h e close of t h e y e a r , r e p o r t e d s u b s e q u e n t l y , w e r e
/
as follows:
" .
B y National-bank depositaries
$1,310,000.82
C e r t i t i c a t e s of d e p o s i t (act of J u n e , 8, 1872) i s s u e d s u b s e q u e n t t o t h e
d a t e s of t h e r e t u r n s u s e d
60,000.00
• ^
U n a v a i l a b l e b a l a n c e s n o t i n c l u d e d i n t h e c a s h r e p o r t e d in t h e D e b t S t a t e ment
,.
1,386,68L85
Total
2,756,682.67
T h i s total is reduced b y t h e receipts n o t covered into t h e T r e a s u r y on
J u n e 30, 1887, v i z :
Assistant" T r e a s u r e r F n i t e d S t a t e s :
Baltimore, M d
----$10,198.50
NewYork,N.Y
-- 27, 250. 75
'
Pbiladelphia, P a
13,773.30
.Boston, M a s s
1,153.88
Cincinnati, O h i o . . . / .
-.
•---- 45,017.27
Chicago, I I I . . . . . .
:...
6,143.77
Saint Louis, Mo
...I
4,775.44
N e w Orleans, L a .
^
......
10,575.35
San F r a n c i s c o , Cal
163,659.40,
T r e a s u r e r U . S., W a s h i n g t o n , D . C .
....9,529.23
National-bank depositaries
.
148,733.54
. '
,
.
—
'•—- 440,810.43
Leaving
-
-
.:....................
Balance Treasurer's General A c c o u n t . .
A m o u n t on d e p o s i t w i t h t h e S t a t e s . . . . . . . . . . .
M a k i n g t h e total T r e a s u r y Balance :...•.
,
'-vr-
-••-
•---
,....
6.--BALANCES STANDING TO T H E C R E D I T O P D I S B U R S I N G
"
AGENTS O F T H E U N I T E D STATES J U N E 30, 1887.
Office i n w h i c h d e p o s i t e d .
T r e a s u r y TJnited S t a t e s , W a s b i n g t o n , D . C
Sub-treasury United States, Baltimore, M d
Sub-'treasury U n i t e d S t a t e s , B o s t o n , M a s s
S u b - t r e a s u r y United States, C h i c a g o , I I I .
...
S n b - t r e a s u r y U n i t e d S t a t e s , C i n c i n n a t i , Ohio —
Sub-treasury United States, N e w Orleans, L a . . . .
S n b - t r e a s u r y U n i t e d States,. N e w Y o r k , N . Y
Sub-treasury United States, Philadelphia, P a
S a b - t r e a s u r y U n i t e d States, S a i n t L o u i s ; M o
Sub-treasury United States, San Francisco, Cal.,
National-bank depositaries
Total...
,
, .
2,315,872.24
484,749,789.45
T r e a s u r y Balance, J u n e 30, 1887, a s r e p o r t e d b y t h e E e g i s t e r . . . . . .
No.
^
• ' 28,101,644. 91
512,N851,-434.36
512,851,434. 36
O F F I C E R S AND
Amount.
$2, 771, 027. 89
278, 691. 33
1, 015,753. 58
1, 059, 766. 88
131, 223. 38
'503,377.44
10, 215, 458. 48
748, 391. 83
713,408. 25
905,538.33
4,162,363.80
22, 565, OOL 19
N O T E . — B a l a n c e s t o t h e c r e d i t of M i n t s a n d A s s a y Ofiaces for t h e p u r c h a s e of b u l l i o n a r e n o t i n c l u d e d
in this statement.
'
No. 7.-
-STATEMENT SHOWING T H E T O T A L AMOUNT OF T H E C L A S S I F I E D R E C E I P T S AND DISBURSEMENTS ON ACCOUNT OF T R A N S F E R S , R E V E N U E S , R E D E M P T I O N S , AND E X C H A N G E S , B Y T R E A S U R Y O F F I C E S , FOR T H E FISCAL YEAR ENDING J U N E 30,
1887.
National bank United States
notes.
notes.
E e c e i p t s a t ofiice of—
T r e a s u r e r U . S., W a s h i n g t o n . . ,
A s s ' t T r e a s . U . S., B a l t i m o r e . . .
A s s ' t T r e a s . U . S., N e w Y o r k . .
A s s ' t T r e a s . U . S., P b i l a d e l p h i a
A s s ' t T r e a s . U . S., B o s t o n
,
A s s ' t T r e a s . U . S., C i n c i n n a t i . .
A s s ' t T r e a s . U . S., (Chicago
,
A s s ' t T r e a s . U . S., S a i n t L o u i s .
A s s ' t T r e a s . U . S., N e w O r l e a n s
A s s ' t T r e a s . U . S., S a n F r a n c i s c o
Total
,
D i s b u r s e r a e n t s a t office of—
T r e a s . U. S., W a s h i n g t o n
A s s ' t T r e a s . U . S., B a l t i m o r e : . . .
Ass'tTreas. U.S.,New York...
A s 3 ' t T r e a S ; . U . S., P h i l a d e l p h i a .
A s s ' t T r e a s r U . S., B o s t o n
A s s ' t Trea's. U . S . , - C i n c i n n a t i . . .
A s s ' t T r e a s . U . S., Chicago
A s s ' t T r e a s . U . S., S a i n t L o u i s . .
A s s ' t T r e a s . U. S., N e w O r l e a n s .
A s s ' t T r e a s . U . S., S a n F r a n c i s c o
p.ct.
661,324 13.0
988,312 7.7
238,782 L l
294,519 4,
030,192 9.0
147,005 7.6
837, 020 6.7
864,390 8.3
131,415 4 . 1
$90,127,
15, 366,
90,388,
33,896,
30,807,
12,304,
19,406,
16,007,
11, 874,
616,
Gold coin.
p.ct.
$278,
42.2
285,
59.7
23.3 19, 917,
48.8 6, 083,
45.9 2, 092,
43.6 1, 388,
45.9 2,417,
46.7
809,
43.0 1,^67,
3.0 16,429,
P. Ct.
0.1
1.1
5.1
8.8
3.1
4.9
5.7
2.4
6.0
78.4
G o l d certificates.
P.ct.
$9, 978, 928 4.7
1,054,070 4 . 1
211, 375,116 54.4
3,362, 880 4.8
11, 872, 740 17.8
• 446,770 1.6
1,033,035 2.4
694,400 2.0
2,796, 010 10.1
52,192,959 5.7 320,795,916 34.9 51, 370,705 .5.6 242, 613, S49
555,
875
218,
064,
955,
868,
189,
503,
866,
'749,
S i l v e r certificates.
S t a n d a r d s i l v e r F r a c t i o n a l silver Trade-doliars.
dollars.
and mixed.
P.ct.
$72,328,217 33.9 '$11, 906,
3, 820, 656 14.8
1, 819,
35,137, 584 9.0 17, 365,
11,441,164 16.5
6, 859,
9, 252,028 13.
5, 825,
7,896, 216 28.0 12, 881,
11,262,449 26.7
3, 813,
9, 670, 988 28.2
3, 403,
6, ,834,910 24.
2, 920,
2, 626,
167,644,212
-54,341,694 ,35.6
5,240,084 21.0
47, 888, 614 1 L 3
12, 887,702 20.9
13,877,029 22.2
7, 882, 950 32.4
11,390,156 26.1
9, 611, 628 30.8
6, 880,730 31.4
P.ct.
5.6
7.1
4.5
9.9
8.6
10.2
9.0
10.0
10.6
12.5
$1,104,9.5.5.80
974, 242. 78
6,656,268.
2, 006,660. 90
1,227,744.19
970, 971.66
1,459,477. 34
817, 590. 62
389,406.95
577, 205.00
59, 422, 284 0.5 16,184,524.16 1.8 7,254,363
917,478,912.16
§37,775
§400,000
i3,200, 000
»2,407,038
152,475, 064.48
27,389, 777.70
!431, 201,822. 20
67,272, 229.74
68,654, 313.26
26,431, 272. 62
46,511, 709.18
34,098, 693.27
23,045, 303. 23
17,405, 845. 50
530,470 0.3
547,560 2.2
241, 890, 030 57.1
2, 935, 540 4.
6, 869, 660 n.o
254, 650
948,880 L l
482, 800 2.2
1,683,240 1.6
7.7
Total
24, 597,002
E e d e m p t i o n s d u r i n g t h e y e a r . . 29,402,899
331,847,736
45,384,303
250,142, 830
9, 687, 428
170, GOO, 587
22,286,525
41,412,778 4.8 18,452,982.18 2.1 6, 647,813
Total
53,999,901
N e t i n c r e a s e of a m o u n t on b a n d .
N e t d e c r e a s e of a m o u n t on h a n d . "i," 806,'942
331,847,736
45,384,303
5,986,402
265,830, 258
192,287,112
41,412,778
18, 009, 506
23,'2i6,'309
24,'642,'900
ii,"6.51* 820
* I n c l u d i n g $10,500,000 t r a n s f e r r e d from m i n t s ,
t I n c l u d i n g $200,000 t r a n s f e r r e d f r o m m i n t s .
Total.
P.ct.
$42,855
$213,428,505.80
0.5
25,739,413.78
430,393
3.8
188,410,651.86
L 7 3,331, 945
69,413, 960.90
2.9 2,469,1I3
67,136,278.19
28,070
L8
28,245,180: 66
209,473
3.4
42,259,085. 34
29,324
3.5
34,280,728.62
12, 537
2.4
27, 616,188.95
1,606
1.4
699,047 3.3 20,948,918.06
2,
29,
124,
803,
564,
028,
95^
332,
844,
829,
12, 671,
998,000
250,000
294,000
090,002
125, 000
840,000
865, 000
135,000
710,893
045,030
971,727
151,774
401,470
201,521
955,782:
3,384,49010.
69,896
:, 517,195
1,268,767.48
1,158,666.70
5,919,608.20
2, 967,066. 74
1,431,483.26
1,000,508.62
1,854,924.18
1,407,089.27
580,168.23
•864,639.50
18,452,982.18
§603,000
6,647,813
606,550
2,268,458.02
t T r a n s f e r r e d t o W a s h i n g t o n for r e d e m p t i o n .
§ Transferred to mints.
O
O
pi
1^
O
894,486,03L18
61,376,852.00
955,862,883.18
a
Ul
41
TREASURER.
N o . 8 . — R E C E I P T S AND E X P E N D I T U R E S O N A C C O U N T O F T H E P O S T - O F F I C E D E P A R T M E N T FOR T H E F I S C A L YEAR 1887, AS SHOWN BY WARRANTS P A I D .
Receipts covered intp the Treasury
Eeceipts by postmasters....-
---.-
Total net receipts
'.
Balance due the United States J u n e 30,1886
- •.
-
'
-
$26,720,397.70
28, 031, 919. 72
-•
54,752,347.42
5,430,399.65
,.--
25,551, 885. 31
28, 031, 949. 72
Total
60,182.747.07
Expenditures by Treasurer on warrants
Expenditures by postmasters
Total expenditures
'-Balance due the United States J u n e 30, 1 8 8 7 . . . . . .
Total
'
53,583,835.03
6,598,912.04
..............^.
60,182,747.07
XoTE.—Of the receipts covered into the Treasury the sum of $6,969,138.98 was appropriated by acts
of Congress to make good deficiencies in tbe postal'revenues.
No. 9.—SEMI-ANNUAL D U T Y ASSESSED UPON AND COLLECTED FROM NATIONAL
BANKS B Y T H E T R E A S U R E R O F T H E U N I T E D STATES F O R T H E FISCAL Y E A R S V R O M
1864 TO 1887, I N C L U S I V E .
.
' . \.
Fiscal year.
1864
1865
1860
1867
1868
1869
1870...
1871
1872
1873
1374.
.1875
1876
1877
1878
1879
1880
1881
1882
•:
1883
1884
1885.J......
1886
1887,
Total
On circulation.
$53, 193. 32
733, 247. 59
2,106, 785. 30
2,868, 636.78
2,* 946, 343. 07
2, 957, 416. 73
2, 949, 744.13
2,987, 021. 69
3,193, 570. 03
3,353, 186.13
3,404, 483.11
3,283, 450. 89
3,.091, 795. 76
2; 900, 957. 53
2,948, 047.08
3, 009, 647.16
3,153, 635. 61
3,121, 374. 3f{
3,190, 981.98
3,132, 006. 73
3, 024, 668.24
2,794, 584. 01
2, 592, 02L33
2,044, 922. 75
65, 841,721. 30
On d e p o s i t s .
911. 87
1,087, 530. 86
2, 633, 102. 77
2,650, 180. 09
2, 564, 143.44
2,614, 553.58
2,614, 707. 61
2,802, 840. 85
3,120, 984. 37
3,196, 569. 29
3,209, 967. 72
3,514, 265. 39
3, 505, 129. 64
3, 451, 965.' 38
3,273, 111.74
3, 309, 668. 90
4, 058, 710. 61
4,940, 945.12
5, 521, .927.47
2,773, 790.46
60, 940, 067.16
On c a p i t a l .
Total;
$18,432. 07
133,251.15
406,947. 74
321,88L36
306,781.67
312, 918. 68
375,902. 26
385, 292.13
389, 356. .27
454, 891. 51
469,048. C2
507,417. 76
632, 296.16
660, 784. 90
560, 296. 83
401,'920.,61
.379,424.19
431,233.10
437,774. 90
269,976.43
. $167, .537. 26
• 1, 954,029. 60
5,146, 835. 81
5, 840, 698.23
5, 817, 208.18
5, 884, 888.99
5, 940, 474. 00
6,175, 154. 67
6, 703, 910. 67
7,004, 646. 93.
7, 083, 498. S5
7,305, 134.04
7,229, 221; 56
7,013, 707. 81
0,781, 455. 05
6,721, 236. 67
7, 591, 770. 43
8,493, 552. 55
9,150, 684. 35
6,175, 773. 62
3, 024, 668. 21
2, 794, 584. 01
2, 592, 021. 33
2,044 922. 75
, 855,887. 74
134, 637, 676. 20
No. 10.—STATEMENT, B Y LOxiNS, OF UNITISD STATES B O N D S H E L D I N T R U S T F O R NATION.AL BANKS J U N E 30, 1887, AND O F CHANGES D U R I N G
THE
FISCAL
YEAR
1887, IN
THE
0
CHARACTER
OF THE
BONDS
HELD.
•
D e p o s i t s a n d w i t h d r a w a l s d u r i n g fiscal y e a r .
T i t l e of loan.
F o r circulation.
F o r circulation.
F o r public
moneys.
$3, 565, 000
$120, OOO
$3, 685, 000
$220, 000
50, 484, 200
2, 787, 000
53, 271, 200
114,143, 500
8, 571, 000
122, 714, 500
Total.
Deposited.
Withdrawn.
to
F o r p u b l i c money.s.
Deposited.
Witbdrawn .
F o r circulation.
F o r public
moneys.
Total.
6 PEK CEJJT.
B o n d s i s s u e d t o Pacific r a i l r o a d s
4^ PER CENT.
F u n d e d loan of 1891
4 PER CENT.
F o u r T)er cent, consols of 1907
3 PER CENT.
L o a n of J u l y 12, 1882
Total
.'..
$010,000
$55, 000
25,283, 200
8, 024, 3G0
6, 784, 000
14, 722, 000
13, 022, 850
7, 655, 500
.
$3,175, 000
$175,000
$3, 350, 000
$137, 000
67,743,100
9, 434, 000
77,177,100
658, 000
115, 842, 050
15, 568, 500
131, 411,150
107, 782,100
8,181,900
115, 964, 000
1, 955, 450
104;531, 600
757, 000
7, 630, 900
5, 205, 950
1, 308,000
6, 513, 950
275, 974, 800
19, 659, 900
295, 634, 700
42,180, 650
126,188, 750
15, 251, 500
8,425,900
191, 906,700
26,485, 500
248,452, 200
No. 11.—REDEMPTIONS O F U N I T E D STATES C U R R E N C Y F O R T H E FISCAL YEAR 1887, AND TOTAL R E D E M P T I O N S TO J U N E 30. 1887.
o
pi
H
O
td
i25
o
E e d e m p t i o n s (net value).
D e d u c t i o n s on a c c o u n t of m u t i l a t i o n s .
Issue.
T o J u n e 30,1886.
Old d e m a n d n o t e s
United States notes
One a n d t w o y e a r n o t e s . .
Compound-interest notes
Fractional currency
S i l v e r certificates
Gold certificates of 1882 .
Total..
I n fiscal y e a r .
T o J u n e 30,1887,
T o J u n e 30,
1886.
426. 25
925. 50
853'. 00
300. 00
096.76
325.00
175. 00
$315.00
74, 068, 000. 00
1,110.00
6, 350. 00
7,123.15
22, 286, 525. 00
9, 635,708.00
$59, 970,741.25
1, 784,112, 925. 50
210, 933, 963.00
266,401,650.00
353, 276,219. 91
124,458, 850.00
73,108, 883.00
$2,131.25
184,152. 50
392. 00
4S0. 00
141,771.77
.. 765.00
35. 00
2,766, 258,101. 51
lOG, 005,131.15
2, 872, 263, 232.66
329, 727. 52
1, 710,
210,
. 2f)6,
353,
102,
I n fiscal
year.
$7, 266. 00
. 63.25
943. 00
32.00
T o t a l face v a l u e
of n o t e s reT o J u n e 30,
deemed.
1887,
$2,131.
191, 418.
392.
480.
141, 835.
1,708.
07.
338, 031.75
$59, 972, 872. 50
1, 784, 304,344.00
210, 934, 355. 00
266, 402,130.00
353, 418, 054. 91
124, 460, 558. 00
73, 108, 950. 00
872, 601, 564.41
43
TREASUKER.
No. 1 2 . — U N I T E D STATES C U R R E N C Y O F EACH ISSUE OUTSTANDING AT T H E CLOSE
OF EACH FISCAL YEAR FROM 1862 TO 1887.
Fiscal
year.
Old D e m a n d
notes.
United States
notes.
Compound
> interest
notes.
Fractional
currency.
Total.
$6, 060,000.00
191, 721,470. 00
172, 369,941. 00
134, 774,981. 00
54,608,230.00
3,063,410.00
2,191,670. 00
814, 280. 00
623, 010. 00
499,780. 00
429,080.00
371,470.00
331, 260. 00
300,260.00
, 274,780. 00
200, 650. 00
243, 310. 00
235,280.00
223, 560. 00
214,770.00
2n,790.00
204, 970. 00
199, 660. 00
193,310.00
$20,192,456. 00
22,324,283.10
25,033,128. 76
27,008,875. 36
28,474,623. 02
32,727,908.47
32,114, 637. 36
39,878, 684. 48
40,582,874. 56
40, 855, 835. 27
44,799,365.44
45,912, 003. 34
42,129,424.19
34,446, 595. 39
20,403,137. 34
16, 547,768. 77
15,842, 6 1 0 . 1 1 '
15, 590,892. 70
15,481,891.65
15,423,186.10
15,376,629.14
15, 355, 999. 64
15,340,114.21
15,330,025. 85
15,322,902.70
$147,725,235.00
411, 223,045. 00
649,094,073. 70
698,918, 800. 25
608,870,825. 46
536,567,523. 02
444,196,262.'47
391,649, 558. 61
398,430,562.48
397, 699, 652. 06
399, 245, 363. 52
401,527,267.94
428, 547, 693. 84
418,456, 756. 69
404,722,46L89
380,627, 976. 84
363,656,337. 27
362, 932, 591.11
362,659,008. 70
362, 539, 437. 65
362,464,582.10
362,403,315.14
362, 378, 580. 64
362,352, 635. 21
362, 334, OOL 85
302, 320, 003. 70
One and t w o
year notes.
1862
$51,105,235.00 $96,620, 000. 00
3, 384, 000. 00 387, 646, 589. 00
1863
789,037.50 447,300,203.10 $172,020, 550. 00
1864......
472,603. 50 431,066,427. 99
50,625,170. 00
1865
272,182. 75 400,780, 305. 85
8, 439, 540. 50
1866
208,432. 50 371,783,597.00'
1,325,889.50
1867
356,
ooo;
000.
00
143,
912;
00
716,212.00
1868
123,739. 25 356,000,000. 00
347,772.00
1869
106,256. 00 356, 000, 000. 00
253, 952. 00
1870
96,505. 50 356,000, 000. 00
205,992.00
1871
178, 222. 00
88.296. 25 357, 500, 000. 00
1872
148,155. 00
79,967. 50 356,000,000; 00
1873......
130, 805.00
76,732. 50 381,999, 073. 00
1874
114,175.00
70,107. 50 375.771, 580.00
1875
105,405.00
66, 917. 50 369.772, 284. 00
1876.
63,962. 50 359, 764, 332. OO
' 90,285.00
1877
.90,475. 00
62.297. 50 346,681, 016. 00
1878......
86, 845. 00
61,470. 00 346,681, 016. 00
18.79
82, 815.00
60, 975. 00 346,681,016.00
1880
80,'715. 00
60,535.00 346,68L016.00
1881
59, 695. 00 346,681,016.00
77,125.00
1882
58,985. 00 346, 681, 016. 00
71, 915. 00
1883
58, 440. 00 346,681,016.00
71, 335. 00
1884
57, 950. 00 346, 681, 016. 00
08, 585.00
1885
57,445. 00 346, 681, 016. 00
66, 755. 00
1886
57,130. 00 346, 681, 016. 00
. 65,645.00
1887
NOTE.—The difference between tbis and other statements of the Treasurer's reports and the publicdebt statements, in the amounts of one and two year notes and compound interest notes outstanding,
is due to the.fact that the T r e a s u r e r ' s statements are compiled from the reports of destructions, while
the debt statements are made u p from the reports of redemptions, and the method of settling the accounts of these interest-bearing notes does not permit their destruction uutil some time after tbe
redemption. T he following will explain tho diff'erences on June 30, 1887:
O n e a n d t w o C o m p o u n d inyear notes. terest notes.
On h a n d u n d e s t r o y e d a t b e g i n n i n o* of t h e fiscal y e a r . . . . . . . . .
E e d e m p t i o n s d u r i n g t h e fiscal y e a r . . . .
' Total
$220
940
........
!..
D e s t r o y e d d u r i n g t h e flscal y e a r :
' A c c o u n t of r e d e m p t i o n s d u r i n g t h e fiscal y e a r 1887 . . . ' .
A c c o u n t of r e d e m p t i o n s d u r i n g fiscal y e a r 1886
On b a n d u n d e s t r o y e d J u l y 1 1887
.
.
Total
No.
'....
.
'
$^ 390
4,290
1,160
6, 680
890
" 220
50
3, 960
2, 390
330
^ 1,160
6,680
13.—UNITED STATES C U R R E N C Y OF EACH ISSUE AND DENOMINATION I S S U E D ,
R E D E E MED, AND OUTSTANDING AT T H E CLOSE O F T H E FISCAL YEAR 1887.
OLD DEMAISTD NOTES.
[Issue began August 26, 1861, and ceased March 5, 1862.]
Denomination.
53
IDs
20s
Percentage
out-"
E
e
d
e
e
m
e
d
T o t a l i s s u e d . E e d e e n i e d t o d u r i n g fiscal E e d e e m e d t o O u t s t a n d i n g s t a n d J u n e 30,1886.
June.30,1887. J u n e 30,1887. i n g of
year.
amount
issued.
$21,800,000.00 $21,777,030.00
20,030,000.00 20,009,005.00
18,200,000.00 18,186,520.00
Total.
00,030,000.00
59,972,555.00
.
$135.00 $21,777,165.00
60.00 20,009,065.00
120.00 18,186,640.00
315. 00
59,972,870.00
$22,'835. 00
20, 935. 00
13, 300. 00
0.10
0.10
0.07
57,130. 00
0.10
44
REPORT ON T H E FINANCES.
Np. 13.—UNITED STATES C U R R E N C Y O F EACH ISSUE AND DENOMINATION I S S U E D ,
R E D E E M E D , AND O U T S T A N D I N G A T T H E C L O S E O F T H E F I S C A L Y E A R 1 8 8 7 — C o n t ' d .
UIsHTED STATES is"0TES, N E W ISSUE.
[Issue began April 2, 1862, and ceased April 19, 1869.]
Percentage
Eedeemed
outEedeemed to Outstanding
T o t a l issued. E e d e e m e d t o d u r i n g fiscal J u n e 30,1887. J u n e 30,1887. s t a n d J u n e 30,1886.
year.
i n g of
amount
issued.
Denomination.
Is
2s
5s
.
10s
203
503.
100s
5003
1,000s
Unknown
$28,351,348.00
34,07i;i28,00
101,000,000.00
118,010,000.00
102,920,000.00
30,055,200.00
40,000,000.00
58,988,000.00
155,928,000.00
$27,564,305.85
33,465,124.80
100,346,484.25
114,259.316.00
100,600,1.13.00
29,735,885.00
39,5^6,090.00
58,725,500.00
155,691,500.00
135,000.00
$3,437.80
5,614.60
.57,439.50
116,437.00
133.734.00
2O;0OO.OO
27,600.00
17,500.00
21,000.00
.$£-7,567,743.65
$783,604.35
33,470,739.40
600,383.60
100,403,923.75
596,076.25
114,375.753.00
3,634,247.00
100,733,847.00 • 2,186,153.00
29,755,885.00
299,315.00
39,573,090.00
420,310.00
58,743,000.00
243,000.00
155,712,500.00
215,500.00
135,000.00
2 70
1.70
0 59
3. 08
2.12
1.00
1.07
0 41
0.14
8,984,594.20
D e d u c t for u n l i u o w n
d e n o m i n a t i o n s destroyed i n Chicago
fire
135,000.00
;
Total
669,321,676.00 660,009,3.18.90
"
•
402,762.90 660,472,081.80
8,849,594.20
1.32
Eedeemed
Eedeemed to Outstanding
T o t a l i s s u e d . E e d e e m e d t o d u r i n g fiscal J u n e 30,1887. J u u e 30,1887.
J u n e 30,1886.
year.
Percentage
outstandi n g of
amount
issued.
U N I T E D STATES NOTES, ISSUE OF 1869.
[Issue began October 9, 1869, and ceased July 25, 1874.]
Denomination.
Is
2s '.
53
10s..
..-.
20s
50s
lOOs
500s
1,0003
CJnlvnowu
•
.$42,456,812.00 $42,012,239.05
50,511,920.00 50,070,692.40
50,581,760.00 49,000,199.25
, 85,221,240.00 78,616,239.00
73,162,400.00 05,364,322.00
30,200,000.00 28,727,460.00
37,104.000.00 33,899,250.00
44,89O;O0O.OO 44,612,000.00
79,700,000.00 77,717,000.00
865,000.00
$21,750.20 $42,033,989.25
30,651.20 50,101,343.60
299,817,50 49,300,016.75
1,421,306.00 80,037,545.00
1,496,544,00 66,800,866.00
226,865.00 28,954,325.00
494,250.00 34,393,500.00
15,000.00 44,627,000.00
521,000.00 78,238,000.00.
865,000.00
$422,822.75
410,576.40
1,281,743.25
5,183,695.00
6,301,.534.00
1,245,675.00
2,710,500.00
263,000.00
.1,462,000.00
LOO
0.81
2.53
6.08
8.61
4.12
7.31
0.59
L83
19,281,546.40
D e d u c t for u n k n o w n
d e n o m i n a t i o n s destroyed in Chicago
fire
865,000.00
-
18,410,546.40
3.73
Eedeemed
Eedeemed to Outstanding
T o t a l i s s u e d . E e d e e m e d t o d u r i n g fiscal J u n e 30,1887. J u n e 30,1887.
J u n e 30,1886.
year.
Percentage
out- •
standi n g of
amount
issued.
. . 493,828,132.00 470,884,401.70
Total
4,527,183.90 475,411,585.60
UNITED STATES NOTES, ISSUE OF 1874,
[Issue began July 13, 1874, and ceased September 13, 1875.]
Denomination.
Is ..
2s..
50s
500s
•
Total
$18,988,000.00 $18,816,77L10
16,520,000.00 16,382,803.80
24,460,000.00 19,949,830.00
28,000,000.00 26,835,500.00
87,068j COO.OO
81,984,404.90
$13,102.30 $18,829,873.40
14,773.60 16,397,077.40
814,145.00 20,763,975.00
531,000.00 27,366,500.00
1,373,020.90
83,357,425.80
$158,126.60
122,922.60
3,696,025.00
633,500,00
0.83
• 0.74
15.11
2.20
4,610,5.74,20
5.24
45
TREASURER.
No. 13.—UNITED STATES C U R R E N C Y O F EACH ISSUE AND DENOMINATION ISSUED,
> R E D E E M E D , AND OUTSTANDING AT T H E CLOSE OP THE FISCAL Y E A R 1887—Cont'd.
U N I T E D S T A T E S N O T E S , I S S U E O F 1875.
.. ,
[ I s s u e b e g a n J u l y 20, 1875, a n d c e a s e d J u n e 20, 1879.]
Percentage
Eedeemed
outEedeemed to Outstanding
Eedeemed to
T o t a l i s s u e d . J u n e 30,1886. d u r i n g fiscal J u n e 30,1887.
J u n e 30,1887. s t a n d year.
i n g of
aniount
issued.
Denomination.
Is
2s
5s
10s
20s
•.
50s
1008
500s
.
.
Total
- . . -
$26,212,000.00 $25,872,842.30
23,036,000.00 22,656,055.80
46,180,000.00 43,621,056.50
23,660,000.00 20,298,842.00
25,000,000.00 19,644,83^\00
1,484,980.00
2,000,000.00
16,200,000.00 11,806:850.00
28,400,000.00 26,095,000.00
$45,033 50 $25,917,875.80
89, 939 60 22,745,995.40
694, 467 50 44,316,124.00
930,086 00 21,228,928.00
1,182, 36? 00 20,827,192.00
113, 245 00
1,598,22.5.00
734, 290 00 12,601,140.00
697,000 00 26,792,000.00
$294,124.20
290,004.60
1,863,876.00
2,431,072.00
4,172,808.00
401,775.00
3,598,860.00
1,608,000.00
L12
L26
4,04
10.28
16.69
20. 09
22.22
5.66
190,688,000.00 171,541,056.60'
4,486,423 60 176,027,480.20
14,660,519.80
'7.69
U N I T E D S T A T E S N O T E S , I S S U E O F 1878.
[ I s s u e b e g a n F e b r u a r y 14, 1878, a n d c e a s e d M a y 12, 1884.]
Denoraination.
Is
2s...-.
5s
'lOs
20s
503.....
lOOs.....
500s......
1,000s
5,000s
10,000s
Total
Percentage
Eedeemed
outE e d e e m e d to d u r i n g fiscal E e d e e m e d t o O u t s t a n d i n g
T o t a l i s s u e d . J u n e 30,1886.
standJ u n e 30,1887. J u n e 30,1887. i n g o f
year.
amount
issued.
$12,230,,174.30
9,133, 145.80
27,561, 225.00
20,978, 117.00
24,807, 672.00
6,469, 280.00
12,535, 010.00
6,075, 000.00
14,944, 000.00
19,940, 000.00
39,990,,000.00
$64,900.00 $12,295,074.30
57,108.20
9,190.254.00
779,904.00 28,34i;i29.00
1,440,085.00 22.418,202.00
2,382,136.00 27,189,808.00
7,334,770.00
865,490.00
1.371,260.00 13,906,270.00
8,680,000.00
2; 605,000.00
4,677,000.00 19,621,000.00
19,955,000.00
15,000.00
39,990,000.00
$216,925.70
161,746.00
1,818,871.00
3,581,798.00
7,610,192.00
3,165,230.00
'6,293,730.00
3,320,000.00
4,379,000.00
45,000,00
10,000.00
L73
L73
6.03
13.78
21: 87
30.15
31.10
27.07
18.25
0.23
0.03
239,524,000.00 194,663.624,10
14,257,883.20 208,921,507.30
30,602,492.70
12.78
$12.512;.0OO.O0
9,352,000.00
30,160,000.00
20,000,000.00
34,800,000.00
1O,5O0,.OOO.OO
20.200,000.00
12; 000,000.00'
24,000,000.00
20,000,000.00
40,000,000.00
U N I T E D S T A T E S N O T E S , I S S U E O F 1880.
[ I s s u e b e g a n M a r c h , 16,1880, a n d still c o n t i n u e s . ]
Denomination.
Is
2s
5s
10s
20s
50s...:
100s
500s
1,000s
Total
•
Percentage
outEedeemed Eedeemed to Outstanding
T o t a l i s s u e d . E e d e e m e d t o d u r i n g fiscal J u n e 30,1887. J u n e 30,1887. s t a n d J u n e 30,1886.
i
n
g of
year.
amount
issued.
$55,168,000.00 $39,587,905.00 $8,658,322.10 $48,246,227.10 $6,921,772.90
7,422,933.80
48,000,000.00 31,579.355.80 . .8,997,710.40 40,577,066.20
140,040,000.00 35,002,976.00 15,472,740.00 50,535,716.00 89,504,284.00
84,480,000.00 13,920,06.5.00
5,019,276.00 18,939,341.00 65,540,659.00
6,021,326.00 ,43,6.58,674.00
49,680,000.00
2,194,242.00
3,827,084,00
15,600,000.00
2,499,035.00 13,100,965.00
1,342.535.00
1.156,500.00
20,700,000.00
4,086,000.00 16,614,000.00
1,888;900,00
2,197,100.00
1,637,000.00.
2,750,000.00
259,000.00
854,000.00 . 1,113,000.00
.33,148,000.00
8,007,000.00 25,141,000.00
3,414,000.00
4,593,000.00
449,566,000.00 131,003,985.80
49,020,725.50 180,024,71L30 269,541,288.70
12.55
15.46
63 91
77. 58
87. 88
83.98
80.26
59.53
75^4
59.96
46
R E P O R T ON T H E FINANCES.
No. 13.—UNITED, STATES C U R R E N C Y O F E A C H ISSUE AND DENOMINATION ISSUED,
R E D E E M E D , AND OUTSTANDING AT T H E CLOSE O F T H E FISCAL YEAR 1887—Cont^d.
ONE Y E A E NOTES OF 1863.
.
[Issue began February 4, 1864, and ceased June 1, 1864.]
Per.
centage
Eedeemed
outEedeemed to Outstanding
standT o t a l issued. E e d e e m e d t o d u r i n g fiscal
J u n e 30,1886.
J u n e 30,1887. J u n e 30,1887. i n g of
year.
amount
issued.
Denomination.
10s
"203
50s
100s
U n k n o wn
$6,200,000.00
16;440,000.00
8,240,000.00
13,640,000.00
.. . -.
$6,192,665.00
16,424,440,00
8,233,150.00
13,632,700,00
90.00
$190, 00
420. 00
50.00
100. 00
$6,192,855.00
16,424,860.00
8,233,200.00
13,632,800.00
90.00
D e d u c t for u n k n o w n
denominations destroyed . . . . . . . . . . . . .
Total
$7,145.00
15,140.00.
6, 800. 00
7, 200. 00
0.12
0 09
0.08
0.05
36, 285. 00
'
44,520,000.00
44,483,045.00
760. 00
44,483,805.00
90.00
36,195. 00
0.08
TWO Y E A E NOTES OF 1863.
. [Issue began March 16, 1864, and ceased May 30, 1864.]
Percentage
E
e
d
e
e
r
a
e
d
outT o t a l . i s s u e d . E e d e e m e d t o d u r i n g fiscal E e d e e m e d t o O u t s t a n d i n g standJ u n e 30,1887. J u n e 30,1887. i n g of
J u n e 30,1886.
year.
amount
issued.
Denomination.
50s
100s
Total
$6,800,000.00
9,680,000.00
$6,793,400,00
9,677,000,00
$100. 00
200. 00
$6,793,500.00
9,677,200.00
$0,500. 00
2, 800. 00
0.10
0. 03
16,480,000,00
16,470,400,00
300.00
16,470,700.00
9, 300. 00
0. 06
TWO Y E A E COUPON NOTES OF 1863.
[Issue began January 12, 1864, and ceased April 20, 1864.]
Percentage
E
e
d
e
e
m
e
d
outEedeemed to
Eedeemed to Outstanding
T o t a l issued. J u n e 30,1886. d u r i n g fiscal
J u n e 30,1887. J u n e 30,1887. s t a n d year.
i n g of .
amount
issued.
Denomination.
50s
100s
500s
1,000s
Unknown
$5,905,600.00
14,484,400.00
40,302,000.00
89,308,000.00
•.
-
$5,903,600.00
14,476,200.00
40,300,500.00
89,289,000.00
10,500.00
$50.00
$5,903,650.00
14,476,200.00
40,300,500.00
89,289,000.00
10,500.00
$1,950.00
0 8, 200. 00
1, 500. 00
19, 000. 00
0 03
0 06
0.02
30, 650. 00
D e d u c t for u n k n o w n
d e n o m i n a t i o n s d estroyed
Total
10, 500. 00
.150,000,000.00 149,979,800.00
50.00 149,979,850.00
•20,150. 00
0.01
47
TREASURER,
No. 13.—UisiiTED STATES C U R R E N C Y O P EACH ISSUE A N D DENOMINATION I S S U E D ,
R E D E E M E D , AND OUTSTANDING AT T H E CLOSE O F T H E FISCAL YEAR 18b7—Cont'd.
COMPOUND I N T E E E S T NOTES.
-
[Issue began J u n e 9,1864, and ceased J u l y 24,1866.]
Denomination.
10s
20s
50s
100s
500s
1 0003
.
•
Total
Percentage
E e d e e m e d to Outstanding . outEedeemed to Eedeemed
T o t a l issued. J u n e 30,1886. d u r i n g fiscal J u n e 30,1887.
standJ u n e 30,1887. i n g o t
year.
amount
issued'.
$23,285,200.00 $23,258,180,00
30,125,840.00 30,083,450.00
00,824,000.00 60,750,750.00
45,094,400.00 45,057,400.00
67,846,000.00 67,833,000.00
39,420,000.00 39,413,000,00
$1, 400.00 $23,259,-580.00
1,800.00 30,085,250.00
1, 950. 00 60,752,700.00
1,200.00 45,0.58,600.00
67,833,000.00
39,413,000.00
266,595,440.00 266,395,780.00
6,350.00 266,402,130.00
$2.5,620.00
0.11
40, 590. 00 , 0 . 1 3
71,300.00
0.12
35, 800. 00
0.08
13, 000. 00
0.02
7, 000. 00
0.02
193,310. 00
0.07
FEACTIONAL CUEEENCY, F I E S T ISSUE.
[Issue began August 21,1862, and ceased May 27,1863.]
Denomination.
5 cents.
10 cents.
25 cents..
50 cents..
Total.....
Percentage
Eedeemed
outEedeemed to during-fiscal Eedeemed to Outstanding
standTotal issued. J u n e 30,1886.
J u n e 30:1887. J u n e 30,1887. ing
year.
of
[amount
issued.
,$2,242, 889. 00 $1, 214, 644.05
4,115, 378. 00 .2,871,534.71
5,225, 696. 00 4,186, 689.48
'8,631,672.00 7, 661, 511. 59
$22.58 $1,214,666.63 ?1, 028,222.37
34. 58 2, 871, 569. 29 1,243,808.71
73.48 4,186,762. 96 1,038, 933.04
100.40 7, 661, 611. 99
970,060.01
45.84
30.22
19.88
11.24
20,2.15,635.00 15, 934, 379. 83
231. 04 15, 934, 610. 87
2L18
4,281,024.13
F E A C T I O N A L CUEEENCY, SECOND ISSUE. [Issue began October 10,1863, and" ceased February 23,1867.]
Denomination.
Percentage
outEedeemed to Eedeemed EedeemedHo Outstanding
Total issued.
d u r i n g fiscal
J u n e 30,1886.
J u n e 30,1887. J u n e 30,1887. s t a n d year..
i n g of
amount
issued.
\
•
. . . . . . . 12,794, 826.10 $2, 096,249.39
6.176,084.30 5, 263, 975.49
7; 648, 34 L 25 6,903,010.21
25 c e n t s . .
6,545,232.00 5, 794, 933. 25
50 c e n t s . . . . . . . . .
5 cents
Total.
23,164, 483. ,65 20,058,168.34
-
$25.57 $2, 096,274. 96
41.68 5,264, 017.17
70.20 6,903,080.41
97.30 5,795, 030. 55
$698,^55L14
912,067.13
7,45,260.84
750,201.45
24 99
14 77
9.74
i l 46
234.75 20,058,403.09
3,106,080.56
13.41
FEACTIONAL CUEEENCY, T H I E D ISSUE.
[Issue began December 5,1864, and ceased April 16,1869.]
Denomination.
3 cents
.
5 cents
10 c e n t s
.
^'^' c e n t s
25 c e n t s
oO c e n t s . . . - .
Total
Eedeemed
T o t a l issued. E e d e e m e d t o d u r i u g f i s c a l
J u n e 30,1886.
year.
$601,923.90' $511, 638. ,42
657, 002. 75
524,'590.29
. . 16, 976,134. 50 15, 924, 694.14
7.5.46
1, 352. 40
31,143,188.75 30, 241, 470. 27
36, 735, 426. 50 35, 929, 288.75
86,115, 028. 80 83,131,757.33
Percentage
outEedeemed to Outstanding
standJ u n e 30,1887. J u n e 30,1887. i n g of
amount
issued.
$511, 650. 54
$12.12
524, 603. 64
13.35
• 140, 7p 15, 924, 834. 93
. • ' 75.46
30, 241, 700. 30
378.15 ~35,9.29,666.90
$90,273.36
132,399.11
1, 051, 299. 57
1, 276. 94
- 901, 488,45
805, 759. 60
1.5.00
20.15
6,19
94.42
2.89
2.19
774.44 83,132, 531. 77
2, 982,497. 03
3. 46
'"'"""'mos
48
R E P O R T ON T H E FINANCES.
No. 13.—UNITED STATES C U R R E N C Y O F EACH ISSUE AND DENOMINATION ISSUED,
R E D E E M E D , AND OUTSTANDING AT T H E CLOSE OF THE FISCAL YEAR 1887—Cont'd.
FEACTIONAL CUEEENCY, FOUETH ISSUE.
[Issue begau.July 14, 1869, and ceased February 16, 1875.]
Percentage
E
e
d
e
e
m
e
d
outT o t a l issued. E e d e e m e d t o d u r i n g fiscal E e d e e m e d t o O u t s t a n d i n g standJ u n e 30,1886.
J u n e 30,1887. J u n e 30,1887.
year.
i n g of
amount
issued.
Denomination.
10 c e n t s
15 c e n t s
25 c e n t s
Unknown
D e d u c t for u n k n o w n
d e n o m i n a t i o n s destroyed i n Cbicago
Ure
$34,940,960.00 $33,564,268.76
5,304,216.00
5,064,046.32
58,922,256.00 57.893,223.63
77,399,600.00 76,324,061.15
32,000.00
3.94
4 53
1 75
1.39
3,718,96L07
32,000.00
176,567,032.00 172,877,599.86
Total
$423.48 $33,504,692.24 ' $1,376,267.76
110. 08
5.064,156.40
240,059.60
659. 91 57,893,883.54
1,028,372.46
1,277.60 76,325,338.75
1,074,261.25
32,000.00
2, 471. 07 172,880,070.93
3,686,961.07
2,00
FEACTIONAL CUEEENCY, F I F T H ISSUE.
[Issue began February 26, 1874, and ceased February 15, 1876.]
Denomination.
10 c e n t s . . .
50 c e n t s
Total
Percentage
E
e
d
e
e
m
e
d
outEedeemed to
Total issued.
d u r i n g fiscal E e d e e m e d t o O u t s t a u d i n g s t a n d J u n e 30,1886,
y e a r . - J u n o 30,1887. J u n e 30,1887.^ i n g of
amount
issued.
$19,989,900.00 $19,498,323.26
36,092,000.00 '35,503,445,48
6,390,379.50
6,580,000.00
62,661,900.00
61,392,148,24
$722, 91 $19,499,046.17
1, 658. 24 35,50.5,103.72
6,291,410.20
1, 030.70
•3,4n.85
61,395,560.09
$190,853.83
586,896.28
188,589.80
1,266,339,91 1
2.46
1.63
2.87
2.02
EECAPITULATION.
Issue.
T o t a l . Issued.
L e s s deductions
for m u t i F a c e v a l u e of
Eedeemed t o
lations
notes redeemed
s i n c e M a y J u n e 30,1887, a s O u t s t a n d i n g
t o J u n e 30,
s
b o w n b y c a s b J u n e 30,1887.
1887 (see s t a t e - 11,1875,
statement."
n o t coverm e n t 11).
ed i n t o
Treasury.
$2. 50
$59, 972, 872. 50
$59,972, 870. 00
$60, 030, 000. 00
$57,130.00
Old d e m a n d n o t e s
2,-130,895,808.00 1,784, 304, 344. 00 89, 552. 00 1,784,214,792.00 346, 681, 016. 00
United States notes
210,
934,
355.
00
210,934,355,00
211,000,000.00
65, 645, 00
One a n d t w o y e a r n o t e s . .
206,402,130. 00
193,310.00
2G6, 4.02,130. 00,
C o m p o u n d i n t e r e s t n o t e s 266, 595, 440. 00
353,
418,
054.
91
'
16,"
878.16
353,401,176.75
15,322,902.70
368,
724,
079.
45
Fractional currency
Tbtal
3,037,245,327.45 2, 075, 031,750. 41 106,432. 66 2, 674, 925,323, 75 202,320,003.70
49
TREASUBEE.
No. 14.—-ISSUES AND
R E D E M P T I O N S OF U N I T E D STATES N O T E S B Y DENOMINATIONS
AND BY FISCAL YEARS.
Denomination.
One dollar
Two dollars
Five dollars
......
Ten dollars
Twenty dollars
Fifty dollars
.
One bundred dollars .
Five bundred dollars.
One tbousaud dollars.
Issued.
$17,140, 000
15,440^000
15,040, 000
13, 000, 000
13, 000, 000
13, 000, 000
12,000, 000
\ 620,000
Total.
1863.
One dollar ..
Two dollars......
Five dollars
-. •
Ten dollars
Twenty dollars
:.
Fifty dollars
One' bundred dollars ..
Five bundred dollars..
One tbousaud dollars .
Total
16,000, 000
17, 000, 000
62,860,000
74, 560, 000
59, 960,000
10,080, 000
17, 800,000
13,500, 000
19,500, 000
291,26O;OO0
Eedeemed.
Increase in
circulation.
Decrease in
circulation.
$17,140,000. 00
15,440, 000. 00
15, 040, 000.00
13, 000, 000. 00
13,000,000.00
13, 000, 000.00
;, 000, 000. 00 10, 000, 000.00
2,000,000.00
13, 032. 00
5, 044. 00
59,735.00
46,140. 00
62,160. 00
44, 000. 00
1, 300. 00
1,000.00
1, 000. 00
233,41L00
9Q, 620,000. 00
15, 986,968. 00
16, 994, 956.00
62, 800,265.00
74, 513, 860.00
59,897,840.00
10,036, 000.00
17,798,700.00
13, 499, 000.00
19,499, 000.00
291, 026, 589.00
1864.
One dollar
Two dollars.
Five dollars
- -.
Ten dollars
Twenty dollars
Fifty aollars
'
..
Onebundred dollars . . .
Five hundred dollars ..
One tliousand dollars ..
Total.
96,759.35
946, 000
766,000
62,648.05
15,700, 000
175,290. 50.
18, 880, 000
156. 233. 50
11,919, 680
23i; 622.00
6, 975, 200
90,622.50
3,544, 000
181,400. 00
7,414, 000
8,467, 500. 00
17,904, OOO .10,304,000. 00'
84, 048, i
' •
1865.
One dollar
Two dollars...
.
Five dollars
Ten dollars
,
Twenty dollars
Fifty dollars..."..
:
One bundred dollars . . .
Five hundred dollars..
One thousand dollars ..
Total.
19,766,075,90
849,2-40. 65
703,3.51. 95
524,709. 50
723, 766. 50
688,058.00
884, 577.50
362,600.00
$1,053, 500.00
7, 600,000: OO
65, 336, 304,10
260, 954.40
260,574.20
394,275. 50
311,'263. 00
526, 033. 00
1&0,947.50
333,140. 00
• 632,475.00.
1, 344, 000.00
925, 045. 60
1, 869,425. 80
569,'544.50
813,777.00
5,404, 860
4,253, 662.60
4,1.77,792.90
714,000
664', 000
1,266, 495.15
1,421, 898. 50
.588,593. 50
473, 548. 00
969, 532. 00
406, 892. 50
552, 675. 00
387, 425. 00
672, 800. 00
10, 612, 575. 00
21, 327, 200. 00
6,739, 859. 65
31,939, 775, 00
1,186, 000
2,130, 000
963, 820
1,125, 040
1, 053, 500. 00
526,033.00
190, 947. 50
333,140. 00
632, 475. 00
, 1, 344,000. 00
1,026, 595. 50
1866.
OnedoUar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fiftydollars
One hundred dollars..
Five bundred dollars .
One thousand doilars .
Total.
11, 000, 000
22, 000, 000
'34,378,000
552,495.15
757-, 898. 50
588, 593.50
473, 548. 00
969, 532. 00
406, 892. 50
552, 673. 00
4,301,634.05
1867.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fiftydollars.
One bundred dollars . . .
Five hundred dollars . .
One tbousaud dollars . .
Total .
6209 FI 87— -4:
1,500, 000
2,000,000
2, 040, 000
56,412, 000
3, 220, 683, 25
3,691,717.10
29,837, 653. 75
21, 359,294. 75
7,218, 210.00
438.875.00
573, 050. 00
• 363, 325, 00
50, 559, 900. 00
61,952, 010 117,262, 708.85
1, 720, 683. 25
1,691,717.10
29, 837,653.75
21, 359; 284.75
7,218,210.00
438, 875. 00
573, 050. 00
1,676,675.00
5, 852,100, 00
7, 528,775. OO
62, 839,473.85
50
No.
REPORT ON T H E
FINANCES.
14.—ISSUES AND R E D E M P T I O N S OF U N I T E D STATES N O T E S B Y DENOMINATIONS
AND BY FISCAL YEARS—Continued.
Denomination.
Issued.
Eedeemed.
Increase iu
circulation.
D e c r e a s e iu
circulation. •
1868.
One dollar
T w o dollars
Five dollars......
T e n dollars
T w e n t y dollars
Fifty dollars
O u e h u n d r e d dollars
F i v e h u n d r e d dollars
One t b o u s a n d d o l l a r s
.
.
$2, 483, 348
3, 510,696
$4, 297, 683.25
4, 667, 751.70
2,210,801.25
3,500,372.50
2, 391,665. 00
841, 932. 50
974, 975. 00
2, 032, 000
1, 504, 975. 00
8,112, 000 • 5,459, 000. 00
...
«
.„.
^
i
T 01 al
$1, 814, 335. 25
1 157 055 70
2,2.10,801.25
3, 506, 372. 50
2, 391, 665. 00
841 9-^9 "SO
974, 975. 00
$.527, 025. 00
2,653,000.00
16,138, 044
25, 855,156, 20
3,180, 025. 00
5,522,000
8, 000,432
4,336,180
8, 004, 960
16, 000, 320
4,929,028,40
5, 287,765, 90
6, 641, 495. 50
6, 833, 888. 00
5, 816, 229. 00
7, 211, 355. 00
6, 01.0, 285. 00
7,548,475.00
7, 669, 000. 00
592, 971. 60
2,712, 666.10
10 ony 107 00
1869.
One dollar
T w o dollars
F i v e dollars
T e u dollars .,
T w e n t y dollars
F i f t y dollars
Ono b u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
^
-
5,656, 000
10,000,000
20, 000, 000
Total
2, 305, 315. 50
1,171,072.00
10,184, 091. 00
7 o n 355 00
354, 285. 00
2, 451, 525.00
12,331,000. eo
77, 519,892
57,947,521.80
29, 443, 325.70
8, 220, 000
14,032, 000
, 19,580,000
,..
37, 920, 000
23,760,000
20,600, 000
28,600,000
4,422, 884. 45
.5,209,611.30
10,0.53,996.25
19, 001, 072. 50
21,605,403.00
9, 223,6.17. 50
11,411,460.00
16,433, 475, 00
37, 812, 000. 00
3, 797,115. 55
8, 822, 388. 70
9, 526, 003.75
18, 918, 927. 50
2,154, 597. 00
.11,376,382.50
17,188, 540. 00
152,712, 000
135,173,520. 00
71, 783, 955. 00
17,480,000
16,992, 000
12, 560, 000
29,400, 000
26, 680,000
9,600, 000
120, 000
34, 800,000
54,800, 000
5,002,208.45
6, 821, 860. 80
14, 016, 532. 25
16,997, 841. 50
16, 607, 793. 00
5, 089,320. 00
8, 915, 880. 00
16, 069, 875. 00
31, 067,000. 00
12,477,791.55
10,170,139. 20
18,730,125.00
23, 733, 000. 00
202, 432, 000
120, 588, 311, 00
92, 096,101. 25
6, 284, 000
8, 216, 000
4, 560,000
5,160, 000
3, 080, 000
5, 724, 516. 60
7, 566, 791. 90
11, 658, 604.00
13, 584, 505. 50
13,264,976.50
., 2, 700, 294. 50
4, 722, 665. 00
4, 409, 450. 00
4, 468, 000. 00
559, 483.40
649, 208.10
27,300, 000
68, 099, 804. 00
1,.208,69L50
9,870,955.50
1870.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y doUars
F i f t v dollars
One b u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
.'
^
1
/ Total
10,433,475.00
37, 812, 000. 00
54,245,475.00
• 1871.
OnedoUar
T w o dollars
F i v e dollars
T e n dollars . .
T w e n t y dollars
F i i t y dollars
One h u n d r e d doUars
F i v e h u n d r e d dollars
One t h o u s a n d doUars
F i v e t h o u s a n d doUars
T e n t h o u s a n d doUars
•
i
1,456,532.25
12,402,158. 50
10,072,207:00
4, 510, 680. 00
8, 795, 880. 00
c.
Total
10, 252,412. 25
1872.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollara
F i f t v dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d doUars
Total
•
.
7, 098, 604. 00
8, 424,'505. 50
10,184, 976.50
2, 700, 294. 50
4, 722, 665. 00
4, 409,450.00
4,468, 000. 00
.'
42, 008,495. 50
51
TREASURER.
No. 14.- -IssuES AND
R E D E M P T I O N S O F U N I T E D STATES N O T E S B Y DENOMINATIONS
AND B Y FISCAL YEARS—Continued.
Denomination.
1873.
OnedoUar
-^
T w o - d o l l a r s . . . .^
Fivedollars
Ten dollars
T w e n t y dollars
Fiftydollars
Ono b u n d r e d d o l l a r s . .
F i v e b u n d r e d dollars .
One t h o u s a n d dollars .
l a v e thousand dollars.
T e n t h o u s a n d dollars .
Total
;U n k n o w n denominations destroyed in
t h o g r e a t fire a t C h i c a g o
Total.
1874.
One^ dollar
T wo d o l l a r s
Five dollars
Ten doUars...
T w e n t y dollars-F i f t y doUars
O n e ' h u n d r e d doUars . .
F i v e h u n d r e d dollars .
One t h o u s a n d d o i l a r s .
Five thousand dollars.
T e n t h o u s a n d dollars .
Total.
Issued.
Eedeemed.
Increase in
circulation.
Decrease in
circulation.
$4,328,000
3,608,000
5, 240, 000
1,000, 000
7, 360, 000
$6, 517, 793. 20
7, 712,608, 55
- 9,903,055,00
12,367, 770, 75
10, 732, 676. 50
1, 755,468. 00
2, 692, 370. 00
• 5, 529, 025. 00
6,808,300. 00
$2,189, 793.20
4,104,608. 55
4, 663, 055. 00
11,367, 770. 75
3, 372,676. 50
1,755,468.00
2, 692, 370. 00
5, 529, 025, 00
0, 808,300. 00
21, 536,000
64, 019,067. 00
42,483,067.00
1,000,000.00
65, 019, 067.00
6,143, 612
• 7,657,520
8,635, 760
11, 7P5,240
12, 258,400
8,384,000
10,090,000
20,100, 000
8, 571, 888.
9, 534, 938.
8,452, 272.
12,273, 385.
8,887, 230.
2, 030, 775.
2, 695, 400.
34,118, 000.
7,840, 000.
50
00
50
00
00
00
00
00
00
84,974,532
94, 403,889. 00 .21,503,257.50
14, 626,156
10, 934,400
6, 926,000
13, 560, 000
10,160, 000
8, 980, 700
3, 290,00027, 950, 000
7„5O0, 000
13, 690, 631. 50
16,923, 516. 00
19,657, 201.50
36, 689, 380. 00
30, 522, 828, 00
7,931, 850. 00
10, 111, 500. 00
5, 663, 000. 00
27, 879, 000. 00
2,428, 276. 50
1,877,418. 00
$183,487. 50
568,145. 00
3,'37i,"i70.'oo'
2, 030,'775.'00
5, 688, 600. 00
"i2,'266,"ooo.'6o
24i 028, bbo." 66
30,932,614.50
1875.
O n e doUar
T w o doUars
—
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
O n e ' h u n d r e d dollars . . .
F i v e b u n d r e d dollars ..
One t h o u s a n d dollars ..
F i v e t h o u s a n t l doUars .
Ten thousand dollars..
Total.
One doUar
T w o dollars
Five dollars
Ten dollars
T w e n t y dollars
FiftydoUars
One h u n d r e d d o l l a r s . . .
F i v e h u n d r e d doUars . .
Oue t h o u s a n d dollars . .
F i v e t h o u s a n d doUars .
T e n t h o u s a n d doUars . .
Total.
5, 989,1.10. 00
12, 731,20L 50
23,129,380.00
20, 302,828.00
1, 028,.850. 00
'22,'287,'66o.'bb'
6, 821, 500. 00
'^6,379," bbb.'66
169, 068,907. 00
24,251,374. 50
13,444, 758
12, 792, 000
13,120,000
11,156, 000
12,184,000,
10,151, 000
5,680, 000
12,450, 000
200, 000
12,855,120.60
11,655, 842.40
11, 654, 081, 00
14,905, 686. 00
13,187,379.00
5, 922,185, 00
9, 676, 760. 00
9, 379, 500. 00
7, 940, 500. 00'
589,637.40
1,136,157, 60
1,465,919.00
91,177,758
97,177, 054. 00
10,147,399
9,432,000
14,180, 000
7, 320, 000
8,160,000
5, 983, 300
6,985,200
5, 733, 000
4, 500, 000
12,994, 606.10
11, 542, 653.40
11,159,948. 50
12,229,152. 00
11,931,466. 00
5, 559,155. 00
4, 796,870. 00
5,617,000.00
6, 618,000. 00
72,440,899
82,448,85L00
103,907,256
1876.
•...
935, 524. 50
89,413,025.50
3, 749,686. 00
1, 003,379. CO
4, 228,815. 00
3, 990, 760. 00
'3,"o7b,'d6o.'66
'7,'746,'566.'66
10,491, 029. 00
16,490, 325. 00
1877.
One dollar
T w o dollars
Five dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
O n e ' h u n d r e d dollars . ; .
F i v e h u n d r e d dollars . .
One t h o u s a n d dollars . .
F i v e t h o u s a n d doUars .
T e n t h o u s a n d doUars . .
Total.
2,847,207.10
2,110,653.40
3,020, 051.50
4, 909,152. 09
3, 771,466.00
424,145. 00
2,188, 330. 00
116,000.00
2,118, 000. 00
5,748,526.50
15, 756,478. 50
52
REPORT ON T H E FINANCES.
No. 14."
- I S S U E S AND REDEMPTIONS OF U N I T E D STATES NOTES B Y DENOMINATIONS
AND BY FISCAL YEARS—Coutinved.
Denomination.
1878,
OnedoUar
Two dollars
Five dollars
Ten dollars
Twenty doUars
Fifty dollars
,
One hundred dollars ...
Five hundred dollars .
One thousand dollars .,
Five thousand dollars.
Tcn thousand dollars .
Total.
Issued.
Eedeeraed.
562, 351 $11, 792, 77.5, 00
288, 000
10, 740, 878. 00
820, 000 16, 111, 867. 00
380, 000 13, 763, 063. 00
200, 000
9, 086, 554. 00
200, 000
6, 267, 030. 00
408, 600
4,194,100. 00
817, 000
4, 424,000. 00
600, 000
3, 973, 000. 00
Increaae in
circulation.
Decrease in
circulation.
$-4, 230,424.00
4,458, 878. 00
291, 867. 00
2, 383,063. 00
$113,440, 00
" 3 , 067, 030.'00
2,214, 500, 00
393, 000. 00
"i,'373,'bbo.'60
2, 720, 946. Op
67, 275, 951
80,359,267.00
6, 503,133
5, 892,000
11, 060, 000
9, 280, OOO
7,400,000
2,400, 000
5, 007, 700
5, 650, OOO
3, 900, 000
4, 005, 000
3, 010, 000
9, 223,026. 50
8, 710,295. 00
11,622, 443. 50
10,193, 082. 00
9, 649,756. 00
4, 059,340. 00
4, 593,890. 00
3, 959,000. 00
2, 042,000. 00
5, 000. CO
50, 000.00
413,810; 00
1, 691, 000. 00
1, F58, 000. 00
4, 000, 000. 00
2, 960, 000, 00
64,107, 833
64,107, 833, 00
10,922, 810, 00
9, 057, 863
8, 232, 000
19, 680, 000
16, 520, ooo'
17, 360,000
'1,400, 000
3, 052, 700
2, 300, OUO
700, 000
1, 000, 000
2, 000, 000
0,.935,511. 80
,5, 971,840. 20
8, 354,565. 00
6, 241,811. 00
680. 00
i 5, 687,
2,114,345. 00
2,293,310. 00
15, 645,500. 00
19, 238,000. CO
4,320, 000. 00
4, 500,000, 00
2,122, 351. 20
2,260,159, 80
11, 325,435. 00
10, 278,189. 00
11,672, 320. 00
81, 302,563
81, 302,563. 00
38,417,845. 00
9, 889, 034
8, 752,000
14, 760, 000
9,160,000
6, 240, 000
1, 200, 000
2, 944, 300
700,000
900, 000
7, 575, 604. 40
0,860, 690. 60
10, 623,470. 00
7, 086, 364. 00
6,111,610.00
2, 306, 085.00
2, 794, 510. 00
5, 354.000. 00
5,408, 000. 00
225, 000, 00
200, 000, 00
54, 545, 334
54, 5-45, 334. 00
11, 445, 524
10,472, 000
14,280, 000
6,680,000
5, 680, 000
3, 200,000
4, 527,900
1, 750, 000
1, 500, 000
4, 995, 000
14, 990, 000
8, 370,332, 00
8, 093,497. 00
16, 506,538. 00
10,885, 621, 00
9, 294,126, 00
2, 711,140, 00
3, 006,170, 00
.1,444. 000. 00
1,189; 000. 00
5, 030,000-. 00
12, 990,000. 00
2, 000, 000. 00
79,520,424
79, 520,424. 00
10, 081,285, 00
15,804, 262. 00
1879.
One dollar
Two doUars
FivedoUars
Ten dollara .._
Tweuty dollars
Fiftydollars..
One hundred dollars . . .
Five hundred dollars . .
One thousand dollars ..
Five thousand dollars .
Ten thousand doUars ..
Total.
1880.
One dollar
Two dollars
Five doUars
Ten dollars
,
Twenty dollars
,
Fifty dollars
Ono'hunclred doUars...
Five ^1 und red dollars .
One thousand dollars •..
Five thousand doUars.
Tcn thousand doUars ..
Total.
2, 719, S93. 50
2,818,295. 00
562, 443. 50
913, 082. 00
2, 249, 756. 00
1,059, 340. 00
10, 922,810.00
714, 345. 00
759, 390. 00
13, 345, 500, 00
18,538,000,00
3, 320, 000, 00
2, 500, 000. 00
38, 417,845. 00
1881.
Oue dollar
Two dollars
.Fivedollars
Ten dollars
Twenty dollars
Fifty dollars
Oue bundred dollars ...
Five hundred d^ollais ..
One thousand dollars .,
Five thousand dollars Ten thousand doUars ..
Total.
2, 313,429. 60
1, 891, 309. 4.0
4,136, 530. 00
2, 073, 636. 00
128, 390. 00
1,106,085.00
149, 790. 00
4,654, 000. 00
4, 508, 000. 00
225, COO. 00
200, 000. 00
10, 693,085. 00
10, 693, 085. 00
1882.
One dollar
Two doUars
Five dollars
Tou dollars
Twenty dollars
Fifty doUars
One hundred dollars . .
Five hundred dollars .
One thousand dollars .
Five thousand dollars.
Ten tliousand dollars .
Total
.'....
3,075,192.00
2, 378, 503. 00
2, 226, 538. 00
4,205,62100
3, 614,126. 00
488,860. CO
1, 521, 730. 00
306, 000. 00
311, 000, 00
35, 000. 00
10, 081, 285. 00
53
TREASUEER.
No. 14.—ISSUES AND R E D E M P T I O N S OF UNITED STATES NOTES B Y DENOMINATIONS
AND BY FISCAL YEARS—Continued.
Denomination.
One dollar
Two dollars
Five dollars
Ten dbllars
Twenty dollars . . . . . . . .
Fifty dollars
One hundred dollars ...
Five hundred dollars .
One thousand dollars ..
Five thousand doUars .
Ten thousand dollars .
Issued.
$11, 986,114
9, 672, 000
22, 860, COO
14, 240, 000
0, 000, OCO
3, 900, 000
4, 356, GOO
2, 850, 000
4, 400, 000
. 10,000,000
20, 000, OuO
Eedeemed.
$9, 970,610. 80
8, 770,231.20
19, 052,455. 00
14, 29i;880. 00
12,210, 562. 00
4, 205,875, 00
4, 523,600. 00
2, •127,500. 00
2, 407,COO. 00
10,105, COO. 00
22,100, 000. 00
109, 764, 714' 109, 764, 714. 00
Total.
1884.
^..—
One dollar
Two doUars
Five dollars
Ten doUars
'..;.
Twenty dollars
Fifty dollars
Onehundred dollars . .
Five hundred dollars..
One thousand dollars..
Five thousand doUars..
Ten thousand dollars .
Total ,
' 8, 943, 236
7, 008, COO
23, 420, 000
12,100, 000
9, 280, 000
4, 200, COO
5, 237, 000
4,90O,-O00
10, 000,000
10, 019,508. 00
8, 434,508. 00
19, 017,170.CO
15, 3G.5,870. 00
13,672, 280.00
4, 877,000. 00
5, 898,400. 00
500. OO. 3, 084,
5, 294,OOO. 00
185, OOQ. 00
100, COO.OO
85, 948, 230
85, 948, 2CG. 00
10,187,153
10,856,000
19, 300, OuO
9, 640, 000
9, 760, 000
4, 800, 000
5, 600, 000
2, 350,000
12, 000, 000
11,.895, 276. 00
10,458, 817. 00
18,85.5, 110,00
14, 627,630. 00
12, 688,120. 00
4, 549,000. 00
6, 344,200. 00
2, 707,000. 00
2, 318,000.00
• 30,000. 00
20, 000. 00
Increase in
circulation.
Decrease iu
circulation.
$2,015,503.20
901, 768, 80
3, 807, 545. 00
$51, 880. 00
;, 210, 562. 00
30.'), 875. 00
167,000.00
222, 500. 00
1,993,000.00
105, 000. 00
2,100, 000; 00
,940,817.00
8,940,317.00
1, 076,272.00
626,508. 00
4, 402, 830. 00
3,20.5,870.00
4, 392,280. 00
677, 000. 00
661,400. 00
1, 815, 500. OO
4,706,000.00
185, COO. 00
100, 000. 00
10, 024, 330. CO
10, 924, 330. 00
1885,
One dollar
Two dollars
.".
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars . . .
Five hundred dollars ..
One thousand dollars ..
Five thousand doUars..
Ten thousand dollars ..
Total .
84,493,153
84, 493,153. 00
21, 320, 000
9,960,000
7,120, 000
2, 000, COO
4, 700, 000
400, 000
17, 500, 000
7, 348,139, 00
7, 090,700. 00
11, 688,586.00
7; 840,725. 00
7,168, 130. 00
2,168, 630. 00
6,237, 090. 00
4, 533,000. 00
8, 855,000. 00
40, 000. 00
30, 000. 00
1, 708,123. OO
397,183. 00
444, 800. 00
4, 987, 630. CO
2,928,120.00
251, 000. 00
' " 744,'2bb."bb
357,000.00
9, 682, 000. 00
30, 000.00
20,000. CO
10, 775, 073. 00
10,775, 073.00
1886.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty, dollars
FiftydoUars
..:...
One'hundred dollars . .
.Five hundred dollars .
One thousand dpllars .
Five thousand dollars.
Ten thousand dollars .
Total .
63, 000, COO
63, 000, 000. 00
7, 348,139. 00
7, 090, 700. 00
9, 631, 414.00
2,119, 275. 00
48,130. 00
168,630.00
1, 537,090. 00
4,133, 000.00
8, 645, 000.00
40, 000.00
80, 000. 00
20, 395, 689. 00
20, 395; 689. 0.0
• 1887.
One dollar
Two dollars
Five doUars
Ten doilars
Twenty dollars
Fifty dollars
One hundred dollars . . .
Five hundred dollars...
Ono thousand dollars ..
Five thousand dollars..
Ten thousand dollars,.
Total
26, 740, 000
• 22, 640, 000
16, 240, 000
2, 000, 000
2, 800, 000
3, 648, 000
74, 068, 000
8, 806,546.
9,195, 798.
17, 304,368.
8, 927,190.
7, 389,018.
3, 382,280.
' 4, 516,
300.
4, 719,500.
9, 812,000.
15, 000.
00
00
00
00
00
00
00
00
00
00
.74, 068, 000.00
8,806, 546. 00
9,195,798.00
9,435, 632. 00
13,712,810.00
8,850,982.00
1,382,280.00
1, 716, 300. 00
4, 719, 500. 00
6,164, 000. 00
15, 000. 00
31,999,424.00
31, 999,424,00
No.
15.—COMPARATIVE STATEMENT OF T H E I S S U E AND R E D E M P T I O N OF U N I T E D STATES N O T E S F O R THE LAST T H R E E FISCAL YEARS.
Small notes issued.
Is.
1884—July.......
August
September.
October.-..
November^
December..
1885—January . . .
February..
Marcb .....
April
May
June
Total.
$272, 000
1, 040, 000
1, 012, 000
1,176, 000
1,008,000
880,000
823,153
1,024,000
1,152, 000
1,120, 000
408, 000
272, 000
2s.
53.
10s,
Small notes redeemed.
20s.
$832,000 $2,800, 000 52,160, 000 $1,760,000
600,000
480,000
360, 000
1,400,000
240, 000
1,192, OCO 2,120, 000 1, 640, 000
80, 000
440, 000
1, 456,000 2, 940, 000
960, 000
1,130,000 1, 620, 000 1,000,000
800,000
320, 000
800,000 1,240,000
960, 000 1,120, 000
752,000 1, 260, 000
640, 000
880, 000
808, 000 1,140, 000
480, 000 1,040,000
1, 008, 000 1, 360, 000
960, 000
600,000
640, 000
992, 000
840, 000
880, 000
272,000 2,000, 000
200, 000
880, 000
208, 000 1, 260, 000
Total
issued.
T otal
redeemed.
?7, 824, 000
3, 880, 000
6,204,000
0, 092, 000
5, 724, OOO
4,040,000
4,915,153
4, 492, 000
5, 040, 000
4, 312, 000
4,400,000
2, 820, 000
^5, 413,617. 00
5, 316,750. 00
5,157, 067. 00
5, 966,094. 00
6, 046,184. 00
6, 282,396. 00
7,272, 785. 00
5, 618,179, 00
6,196, 507. 00
6,402, 968. 00
4,420, 256, 00
4,432, 150. 00
Is.
2s.
lOs.
20s.
$772, 510. 00 $691, 012. 00 $1,493, 535, 00 ^1,274, 540, 00 $1,182,020.00
673, 600, 00 1,509,250.00 1, 265,500. 00
756, 400. 00
1,112,000. 00
717,902 00 1,411,000.00 1,111, 010.00
832,155, 00
1,085, 000. 00
1, 035, 250. 00 910, 634. 00 1, 545, 080. CO 1,304, 030, 00 1,165,100. 00
1, 000, 898. 00 900,130. 00 1, 609, 060. 00 1,341, 290. 00 1,194, 800. 00
974,885. 00 1, 766,175. 00 1, 290,280. 00
1,129, 336. 00
1,122,220.00
1,382,967.00 1,214, 518. 00 2,141, 800. 00 1,409, 500. 00
1,124,000. 00
973,18.5. 00
861,064.00 1,591,000,00 1, 265,710. 00
927,220.00
1,220,152,00 1, 058,110. 00 1, 714,825, 00 1, 205,040. 00
998,380. 00
1,136, 077. 00
999, 296.00 1, 814,105, 00 1, 336,170, 00
1,117, 320. 00
808,150,00
925, 500.00
716, 356. 00 1,125, 250. 00
845, 000. 00
060. 00
848,196, 00
735,804. 00 1,134, 030. 00
815, 060, 00
10,187,153 10, 856, 000 19, 300,000 9, 640, 000 9, 760, COO 59,743,153 08, 524, 953, 00 11,895,276,00 10, 458, 817, 00 18,855,110. 00 14, 627, 630. 00 12, 688,120. 00
July
August
September.
October
jSTovember .
December .
1886—January . . .
February..
March
April
May
June
Total.
July
August
SeptemberOctober
November.
December .
1887—January . . .
February..
March . . . . .
April
„ May.
June
TotaL
520, 000
1,180, 000
80, 000
1, 460, 000 1,160, 000 1, 040,000
3, 88.0, 000 2,480, 000 1,440,000
4, 540, 000 4, 600, 000 1, 360,000
560, 000
680, 000
0,860,000
1, 680, 000
360, 000 1,680,000
160,000
1,520,000
300, 000
900, 000
1,780,000
3, 660, 000
7, 800,000
10,500,000
7, 460, 000
3, 360, 000
2,259,150. 00
3,161,550, 00
.3, 263,500. 00
3, 015,100. 50.
2, 895,140, 00
3,211, 819. 50
4, 218,750, 00
320, 000
480, 000 3, 787,550, 00
3,665, 750, 00
640,000 2,160, 000 3,693, 210. 00
300, 000 3, 933,310. 00
900, 000 4, 031,450. 00
451,023.00
590,694. 90
647,617. 00
559, 268. 50
550,176. 50
619, 262. 50
777,458. 00
619, 649. 00
633,121.00
652,746, 00
625, 015. 00
622,108. 00'
21,320, 000 9, 960, 000 7,120,000 38,400,000 41,136, 280. 00 7,348,139.40
1, 580, 000
2, 040, 000
6,000, 000
3, 600, 000
4, 000, 000
2,200, 000
2,740, 000
680, 000
540, 000
1, 520, 000
500,000
680, 000
640,
1,440,000 1, 360,
1,600,000
320,
4, 360, 000
800,
1,280,
5, 080, 000
2, 280, 000
2, 320, 000 2, 240,
680,000 1,280,
2, 880, 000 2, 080,
1,040,000 3, 040,
960, 000 3,200,
220, 000
440,000
920,000
760,000
280,000
340, 000
020, 000
240, 000
500, 000
480,000
580, 000
840, OUO
3, 675, 240. CO
3, 371, 960. 00
4, 407, 850. 00
3,461i 800. 00
2, 626, 450. 00
6, 738, 720. 00
5, 532, 600. 00
4,486, 815. 00
4,175, 610.00
4, 597, 750. 00
4, 353, 550. 00
4,194, 575, 00
396,412. 00'
528, 951. 60
607, 798. 00
526, 772, 00
524, 946, 00
574, 489, 00
772, 732, 00
611, 450. 00
647, 244. 00
627,451. 00
629, 892. 00
642, 562. 00
574, 035. CO
795, 945. 50
827, 035. 00
792, .510. 00
783, 477. 50
879, 852. 00
1,185, 980. 00
1,101, 761. 00
1, 078,835.00
1,110, 286. 00
1, 261,709. 00
1,297, 160.00
440, 600. 00
644,736. 00
634, 030.00
576, 630. 00
552, 520. 00
611,712.00
788, 280. 00
739, 090.00
681,170.00
680,727. 00
728, 410. 00
762, 220. 00
. 397, 080. 00
601, 222.00
547, 020. 00
559, 920. 00
484, 020, 00
526, 504. 00
694, 300. 00
715, 000. 00
625, 380. 00
622, 000. 00
688, 284. 00
707, 400. 00
7, 090, 699. 60 11, 688, 586. 00 7, 840, 725. 00 7,168,130. 00
551, 485. 80 0 587,582.20
539,165. 00
504, 901. 00
1,188, 300. CO 1, 035, 300. 00
027, 847. 00
635,157. 00
412, 150. 00
468, 850. 00
1,188, 808.80 1,316,310.20
1, 044,592. 60 1,105,750.40
706, 451. 80
755, 002. 20
820,942.40
784. 657. 60
709, 312. 00
073, 118. 00
641,967.00
590, 493. 50
533, 739. 80 , 580,459.20
695, 032. 00
602, 448.00
521, OCO. 00
544, 907.00
437, 350. 00
1,147, 241. 00
840, 844.00
928, 491. 00
620, 302. 00
894, 780. 00
854, 938, 00
839, 857. 00
638, 054. 00
616, 622. 00
560, 000. 00
589. 340. 00
328; 900. 00
, Oil,002. 00
671, 542. 00
673, 812. 00
412, 502. 00
750, 800. 00
582, 526. 00
553, 918. 00
26,740,000 22,640,000 16,240,000 05, 620, OCO 51, 022, 920. 00 8,806, 545. 90" 9,195, 797. 60 17, 304, 368. 50 8, 927,190. 00
7,389, 018. 00
1,203, 086. 00
1,108, 824. 00
1,103, 250. 00
1, 004,549. 00
979, 200. 00
2, 075,358. 00
1,869, 871. 00
1,423, 058. 00
1, 537,206. 00
1, 569;740. 00
1, 683,025, 50
1, 686,601.00
O
H
O
O
Ul
No.
15.—COMPARATIVE S T A T E M E N T O F T H E I S S U E A N D ' R E D E M P T I O N OF U N I T E D STATES N O T E S F O R T H E LAST T H R E E FISCAL YEARS^-Cont'd.
Large notes issued.
Month. .
503,
1884
100s.
5003.
$200, 000
200, 000
Julv
$2, 447, 000
- 226,000
600,
000
90, 200
October
. 509,800
jSTovember . . . 1. 400, 000
. 800,000
500, 000 $200,000
200,000
800,000
1885-TrJanuary
428, 000
300, OQO
600, 000
200, 000
February
300, 000'
600,000
March
87, 000
250,000
200,000
246, 000
200,000
400,000
1,100,000
200, 000
400,000
4, 800,000
Total
5, 600, 000 2, 350,000
300, 000
July
1,000,000
400, 000
1886—January
Februarv
March "
April
Mav ' "
Large notes redeemed.
Total
issued.
Total
redeemed.
503.
lOOs.
5003.
1,000s.
5,0003.
$2, 613, 500
1, 310,250
1, 272,950
2, 518, 200
1,600,800
1,440,700
1, 067, 450
933,850
1,031,150
1, 002, 200
583,300
587,850
$626, 600
393,350
346, 550
447, 200
465, 700
425, 800
378,750
350,350
325, 950
342,600
233, 500
212,650
$905, 900
492, 900
537, 900
823, 500
758,100
-637, 900
441, 200
403, 500
464, 700
404, 600
253, 300
220, 700
$588, 000
222, 000
195, 500
742, 500
192,000
179, 000
129,500
78, 000
132,500
133, 000
53, 500
81, 500
$503,000
197, 000
193, 000
495, 000
170, 000
204,000
118,000
102, 000
108,000
122, 000
33, 000
73,000
$10, 000
5,000
500,000
$200,000
2, 747, 000
226, COO
2, 396, 200
1, 909, 800
3,700,000
3,428, 000
2, 000, 000
2,187, 000
3, 096, 000
600,000
2, 200, 000
12, 000,000
24,750, 000
15, 968,200 4, 549, 000 6,344, 200 2, 707, 000 2, 318, 000
30,000
1,000s.
5,000s.
10,000s.
$100, 000
1,700,000
1, 000, 000
2,200,000'
2,000,000
900, 000
1,200,000
2, 400,000
'
400,000
3, 200, 000
400, 000
400, 000
700, 000
3, 200, 000
4, 600, 000
1,800,000
4,200,000
3,700, 000
400,000.
4, 800, 000
4, 000, 000
4,600,000
2, 200, 000
4,200,000
3, 700, 000
17,500,000
24, 000, 000
3, 648, 000
3,048,000
220,850
498,450
4, 536, 500
7,481,900
4,204,350
90S, 880
581,250
092,450
933, 5.50
667, 300
566, 690
568, 550
25, 000
26, 000
86, 550
73, 300
81, 500
51, 000
175, 950
185, 000
161,300
103, 700- 1,558,500 2, 653, 000
140,000 4, 076, 000
140,200 3,128,700
145,150 1,044,200 1, 940, 000 1, 070, 000
161, 990
269, 000
2.52,890
180, 000
216,350
209, 900
92, 000
63,000
238, 450
257,000
99, 000
93, 000
203, 250
268, 800
118, 500
343, 000
221, 200
238, 600
76, 000
131,500
217,990
215,200
77, 500
56, 000
200, 250
199,800
89, 500
79, 000
10,000
5,000
.
10,0003.
$10,000
ib, bbo
20,000
10,000
Hi
5,000
5, 000
25, 000
Ul
20,000
5, GOO
Pi
Pi '
" •
Total
2,000,000
4,700,000
Julv
Octobpr
N.ov.embe.r . ^ . . .
December .
1887—January . . .
--
March
April
May
Jnne
Total
400,000
400,000
""'2bb,''bo6"' ""'4()6,'6b'b' .z.-.Vr.': v^K?^^"?::
400, 000
800, 000
1,400,000
800, 000
400, 000
•
•
"*
2,000, 000
2, SOO, 000
3, 648, 000
:::>::::?:
21,863,720 2,168, 630 6, 237, 090 4, 533, 000 8, 855, 000
120, 000
2,192, 760
866, 570 1,124.190
98, 000
2, 068, 040
225,350
232, 690
3, 512,150
725, 000
178, 450
318, 700
400,000
5, 698, 200
219, 500
8,59, 200 1, 870, 500
2, 653, 550
102,450 •174,600
932, 500
'-'-'-'6bb,'bb6- --1,201,-280^ -354,-780- - - 4 0 3 ; 000- - -2237500253,600
100,000
687,400
245,
800
1, 200, 000
264,495
753,185
111,500
276,190
2, 200, 000
167, 340
524, 390
73,000
205, 050
297, 550
1, 882, 250
348,700
124, 000
218,650
400,000
626, 450
259, 300
82, 500
233,545
645, 425
251, 380
76, 500
8, 448, 000
40, 000
30, 000
82, 000
1, 512, 000
2, 290, 000
2,739, 000
10, 000
1,444, 000
- 220, 00083, 000 " " 5 , " bob"
101,000
79, 000
1,112, 000
69, 000
84, 000
22,445, OSO 3, 382, 280 4,G98„800 4, 537, 000 9, 812,000
15, 000
01
56
No.
E E P O R T ON T H E FINANCES.
16.—SILVER CERTIFICATES I S S U E D , R E D E E M E D , AND OUTSTANDING, B Y S E R I E S
AND D E N O M I N A T I O N S .
>
Eedeemed,
Issued.
Series and denomination.
D u r i n g fiscal ye.ar.
To J u u e 30.
1887.
T o J u n e 30,
1887.
D u r i n g fiscal
year.
Outstanding
J u n e 30,1887.
Scries of 1878.
103
20s
50s
100s
500s
1,000s
.-.'
766. 00
552.00
215. 00
590. 00
500. 00
000. 00
$2. 141, 344. 00
2, 416, 776. 00
2, 8.54, 975. 00
'3,173, 770. 00
. 4, 5.58, 000. 00
14, 354,000. 00
929, 623. 00
29, 498, 865.00
1,451,135.00
6, 326, .526. 00
3, 700, 060. 00
2, 910, .525. 00
5, 626, SOO. 00
1,11.5, .500. 00
1,301,000,00
35, 833, 561.00
30, 460, 208. 00
3, 998, 925.00
7, 252, 800, 00
8, 423, 000. 00
8,615,000.00
50,166, 439. 00
50,299, 792. 00
4, 801, 075. 00
3, 347, 200. 00
577, 000. 00
385, 000.00
204,160, 000 20,980,411,00
94, 583, 494. 00
109, 576, 506. 00
' 176,503.90
70, 003. 60
31,758, 50
98, 225. 00
13, 979,496.10
8, 905, 990.40
7,728,24150
3,901,775,00
$83,
148,
278.
270,
50,
98,
$2, 274, 000
2,746,000
3, 250, 000
3, ,540, 000
. 4,6,50,000
14, 400, 000
Total
30, 950, 000
$132,
329,
395
366,
92,
136,
656, 00
224,00
025.00
230.00
000.00
000. 00
Series of 1880.
10s...'.
20.3
.503.
100s
,5003
1 OOOs . .
,..
Total..
$6,440, 000
9, 520, 000
^1,000,000
16,960,000
86, 000,
80, 760,
8,800,
10, 600,
9, 000,
9, 000,
000
000
000
000
000
000
Series of 1886,
l3
2a
.53
lOs
..
14,156,
8, 976,
7, 760,
4, 000,
.
Total
000
000
000
000
34, 892, 000
Afforeo'ate
.:..
. .
51, 852, 000
14,156, 000
8, 976, 000
7,760,000
4, 000, 000
176, 503. 00
70, 003. 60
31,758.50
98, 225.00
34, 892, 000
376,491.00
376,491,00
34, 515, 509. 00
?."0 009. OOfi 22, 286, 525. 00
124,458, 850.00
*145, 543-, 150 00
* Including $3,425,133 in tbe Treasury cash.
No. 17.—GOLD C E R T I F I C A T E S
I S S U E D , R E D E E M E D , AND OUTSTANDING,' B Y
AND D E N O M I N A T I O N S .
Issued.
Redeemed.
Denomination.
D u r i n g fisD u r i n g fiscal y e a r . T o J u n e 30,1887. cal yeai-. T o J u n e 30,1887.
SERIES
Outstanding J u n e
30, 1887.
A c t MarcJi 3,1S63.
20s
,50s
1003
„
5003
1,0003
5,0003
10,0003
Account Geneva A w a r d
TC)t.T.l
...
.
$960,000.00
.$20
$959, 600. 00
$400
20, 234, 300. 00
32, 844,000. 00
121,881,000.00
457,885,000.00
314,330,000.00
3.3,000,580.46
14. 200
s; 500
14, 000
< .5,000
10,000
20,179, 000.00
32, 783, 000. 00
121,677,000.00
4.57, 500, 000. 00
312,660,000.00
38, 000, 580.46
55, 300
61, 000
204,000
385 000
1670,000
' 981,134,880.46
51,720
978, 759, ISO. 40
2 375 700
15, 920, 000. 00
13, 300, 000. 00
12, 200, 000. 00
17, 300, 000.00
26, 000, 000. 00
22, 500; 000. 00
85, 000, 000. 00
1,104,808
1,492,600
•1,041,800
1,400, .^00
1,106, 000
620, 000
2, 870, 000
.5,048, 338. 00
.5, 074, 645. 00
4. 297, 900. 00
5, 330, 000. 00
8, 828, 000. 00
9, OSO, 000. 00
34, 8.40, 000.00
10,871,602
8 225 355
7 902 100
11,970,000
.17,172,000
12,810,000
50,160, 000
192,220,000. 00
9, 635, 708
73,108, 883. 00 119,111,117
1,173, 354, 880.46
9, 687,428
1,051,868, 063.46 -••121,486,817
.Act J u l y 12, 1882.
20s.
,50s
100s..
,5003
1,000s
5,0003
10,OQOs
Total....
Agsfre^ate
"^Including $30,261,380 in t b e Treasury casb.
TREASURER.
No.
57
1 8 . — S E V E N - T H I R T Y N O T E S ISSUED, R E D E E M E D , AND OUTSTANDING.
Redeemed
Redeemed to
iRedeemed t o O u t s t a n d i n g
T o t a l i s s u e d . J u n e 30,1886. d u r i n g fiscal J u n e 30,1887. J u n e 30,1887.
year.
Issue.
J u l y 17 1881
A u g u s t 15,1864
J u n e 15, 1865
J u l y 15 1865
$140, 094, 750
299, 992, 500
331, 000, 000
199, 000, 000
$140, 078, 950
299, 941,150
330, 966, 700
198, 949, 350
$200
200
300
$140,078,950
299,941,350
330, 966, 900
198,949, 650
$15,800
51150
33,100
50, 350
970, 087,250
969, 936, i50
700
969,936,.;850
150,400
Total
NOTE.—The public debt statement shows $129,600 7-30s of 1864 and 1865 outstandiug on J u n e 30,1887,
or $5,000 less than the amount given in tbe above table, Tbe discrepancy arose iii deducting $5,000
redeemed in August, 1868, which was suspended in settlemeut and again deducted wheu suspension
was removed,
'
No.
19.—COUPONS F R O M U N I T E D STATES BONDS AND I N T E R E S T NOTES, P A I D D U R ING T H E FISCAL YEAR 1887, CLASSIFIED B Y L O A N S . I
T i t l e of l o a n .
,'
• Amount.
1
1
Bonds:
L o a n of J u l y a n d A u g u s t , 1801 ',
5-20sof 1862
10-403 of 1864
..
5 203 of J u n e 1864
5.20s of 1865 . . .
Consols of 1865
C o n s o l s of 1867
Consols of 1868
F u n d e d 'Loan of 1881.'.
F u n d e d L o a u of°1891
F u n d e d L o a n of 1907
Interest notes:
'
S e v e n - t h i r t i e s of 1864 a n d 1865
T w o - y e a r I n t e r e s t N o t e s of 1863
;
'.....
- -
-
»
'
•
;
-
--
-'-
-
.'
J
i
I
i
I
i
-
'-
Total
NO.
20.,-
$208.50
229. 50
74.47
12,00
75.00
114. 00
315.00
24. 00
89.37
2,106,204.90
4, 894, 502.50
239. 07
6,52
7, 002, 094.83
- N U M B E R AND AMOUNT OF CHECKS I S S U E D F O R I N T E R E S T , ON R E G I S T E R E D
BONDS OF T H E U N I T E D STATES DURING T H E FISCAL YEAR 1887.
T i t l e of loan.
Ivumber.
F u n d e d loan of 1891
F u n d e d loan of 1907
L o a n of J u l y 12, 1882
^
Total
B o n d s i s s u e d t o Pacific R a i l w a y s
Total
:
...:
Amount.
46; 708
162i878
5; 396
$9,159, 3 4 1 1 2
24,580 066.00
2,139, 058. 08
2141 982
4; 454
35, 878,465. 80
3, 877, 410, 72
219; 436
39, 755, 876. 52
No. 21.—INTEREST ON 3.65 P E R C E N T . BONDS OF T H E D I S T R I C T OF COLUMBIA P A I D
DURING T H E FISCAL YEAR 1887.
"Where i^aid.
Treasury Dnited States, Wasbington . . .
Sub-Treasury United States, New York
Total.....
Coupons.
Checks.
$24,126.26
71,123.90
$50, 503, 95
364, 616; 75
$74, 630, 21
435, 740, 65
95,250.16
415,120. 70
510, 370.86
Total.
58
REPORT ON THE FINANCES.
No.
2 2 . — R E F U N D I N G C E R T I F I C A T E S ISSUED UNDER T H E ACT O F F E B R U A R Y
1879, C O N V E R T E D INTO B O N D S OF T H E F U N D E D L O A N OF 1907.
26,
Converted.
Issued.
Outstanding.
T o June.30, D u r i n g t b e T o J u n e 30,
1886.
fiscal y e a r . ' 1887.
Payable to order
Payable to bearer
$58, 500
39, 954, 250
$58, 080
39, 746, 870
$32, 550
$58, 080
39, 779, 420
$420
174, 830
Total
40, 012, 750
39, 804, 950
32, 550
39, 837, 500
175, 250
No.
23.—TOTAL AMOUNT OF U N I T E D STATES BONDS R E T I R E D F O R
F U N D FROM MAY, 1869, TO J U N E 30, 1887.
T i t l e of loan.
L o a n of F e b r u a r y 1861
From May,
1869, t o "
J u n e 30,1886.
H o w retired.
D u r i n g fiscal y e a r .
10, 012, 000
..
$2,000
$10, 612, 000
2,000
2, 000
10, 614, 000
256, 800
. - 100
Purchased
Redeemed
SINKING
From May,
1869, t o
J u n e 30,1887.
$10, 612, 000
Purcbased
Redeemed
Total
Oregon W a r D e b t
THE
256, 800
100
Total
256, 900
256 900
L o a n of J u l y a n d A u g u s t , 1 8 6 1 . . . P u r c b a s e d
Redeemed
48, 776, 700
2,500
28, 700
48, 776, 700
31, 200
I
48,779, 200
28, 700
48, 807, 900
...
24, 029,150
30, 035, 750
650
24, 029,150
30, 036, 400
Total
54; 064, 900
650
54,065,5.50
Purchased
Redeemed
19, 854, 250
1,100
13, 400
19, 854, 250
14, 500
Total
5-'^0s of 186'^
Pui'chased
Redeemed
L o a n of 1803
.
Total
19, 855, 350
13, 400
19, 868, 750
10-403 of 1864
5-20s of M a r c h 1864
Redeemed
Purchased
690, 300
361,600
1,300
691, 600
361, 600
5-203 of J u n e , 1864
do . Redeemed
18, 356,100
11, 072,100
18, .356,100
11,072,100
Total
29, 428, 200
29, 428, 200
Redeemed
16, 866,150
1, 974, 450
8,000
5-203 o f l 8 6 5
Consols of 1865
•
Consols of 1867
Consols of 1808
Total
.18, 840, 600
8,000
18, 848, 600
Purchased
Redeemed
48,166,150
47, 250
18,200
48,166,150
65, 450
Total
48, 213, 400
18, 200
48, 231, 600
Purchased
Redeemed
32,115, 600
42, 700
34, 000
32,115, 600
76, 700
Total
32,158, 300
34, 000
32,192, 300
2, 213, 800
20.850
500
2, 213, 800
21,350
500
Purchased
Redeemed
,
F u n d e d L o a u of 1881
f
F u n d e d L o a n of 1907
L o a n of J u l y a n d A u g u s t , 1801,
continued
L o a n of 1863, c o n t i n u e d
F u n d e d L o a n of 1881, c o n t i n u e d . .
L o a n of J u l y 12, 1882
Aggregate
16,866,150
1,982,450
'
. .
0
Total
2,234,650
Purchased
Redeemed
1 .*
43, 599, 000
25, 067, 700
3,100
43,599,000
25, 070, 800
6.8, 666, 700
3,100
68, 609, 800
Total
•
1,500
8,500
25, 600
47,748,750-
do
do
do
56,
37,
43,
101,
Total purchased . . .
Total redeemed
266. 707, 300
308; 302, 350 '"47,"894,"2bb"
575, 009, 650
2,235,150 .
1, 500, 000
1, 500, 000
592, 850
210, 650
663,100
880, 950
"
47,894,200
56, 594, 350
37, 219,150
43, 688, 700
149, 629,700
266, 707, 300
356,196,550 /
622, 903,850
59
TREASURER.
No.
24.—TOTAL AMOUNT OF
H o w retired.
T i t l e of loan.
L o a n of F e b r u a r v ' 1861
U N I T E D STATES BONDS
TO J U N E 30, 1887.
^
. . P u r c h a s e d . ..
Redeemed
From May,
Rate
1869, t o
of interJ u n e 30,1886.
est.
P e r ct.
6
6
Total
Purchased
Redeemed
—
—
'
Purchased
Redeemed
Converted
—
100
256, 800
684, 350
941, 050
:ioo
941,150
0
6
48, 776. 700
12, 793, 700
29', 200
48,776,700
12,822, 900
61, 570, 400
29, 200
61, 599, 600
57,155, 850
430, 256,400
27,091,000
2,300
57,155,850
430, 258, 700
27, 091, 000
514, 503,250
2,300
514, 505,550
19, 854, 250
4, 656,150
13, 750
19,854,250
4, 669, 900
24, 510,400
13, 750
24, 524,150
0
6
"^
. . . . . . . Purchased
Redeemed
Converted
5-203 of 1865
1,119, 800
2, 382, 200
380, 500
3, 882, 500
3, 882, 500
6
0
6
43, 459, 750
69, 838, 650
12, 218, 650
, 150
43,459, 750
69,838,800
12,218,650
125, 517, 050
; 150
125, 517, 200
•36, 023, 350
157, 680,450
9, 586, 600
8,000
36,023, 350
157, 688, 450
9, 586, 600
203,290,400
8, 000
203, 298,400
118,950,550
205,132, 450
8, 703, 600
1
32, 750
118,950, 550
205,165,200
8, 703, 600
332, 786, 600
32, 750
332,819, 350
Total . . . . .
Purcbased
Redeemed
Converted
6
6
6
Total
Consols of 1865
Purchased —
Redeemed . . .
Converted . . . .
G
0
6
Total
Consols of 1867
Purchased —
Redeemed
Converted
Exchanged ...
62, 846, 950
309, 755, 300
5,807, 500 •
761,100
6
6
6
6
Total
Consols of 1868
P u r c h a s e d . ^..
Redeemed —
Converted
Exchanged—
379,170, 850
4, 794, 050
37,414,100
211,750
44, 900
G
6
6
6
Total
T o t a l of 6 u e r c e n t s
L o a u of 1858
1,119,800
2, 382, 200
380, 500
1"
6^, 400
68,400
i,"i5b'
J
62, 846, 950
309,823, 700
5,807,500
761,100
379, 239,250
4, 794, 050
37,415, 250
211,750
44,900
42,464,800
1,150,
42,465,950
1, 707,044,300
157,800
1, 707, 202,100
Redeemed
5
232, 000
232, 000
Redeemed
Converted
5
5
.6, 041, 000
13, 957,000
6, 041, 000
13, 957, 000
Total
10-403 of 1864
,
6
6
6
Total
5 - 2 0 s o f J u n o 1864
$10, 612, 000
7, 797, GOO
18,409,000
Total
Purcbased
Redeemed
Converted
5-?0=< of Ma^rcb 1^64
$2[bbb'
2,000
6
6
6
Purcbased ....
Redeemed
$10,612,000
7, 795, 000
256,800
684, 250
Total
L o a n of 1863
T o J u n e 30,
1887.
18,407, 000
Total
.5-203 of 1862
Duriugfiscal
year.
1869,
6
6
Total
L o a n of J u l y a n d A u g u s t , 1861.. P u r c h a s e d
Redeeraed
R E T I R E D FROM M A Y ,
'
•
Redeemed
Exchanged....
Total .
19,998,000
5
5
•
1
1
19, 998, 000
192, 392, 700
2, 089, 500
13, 6.50
192,406,3.50
2,089, 500
194,482, 200
33,650
194,495, 850
60
REPORT ON T H E FINANCES.
No. 24.—TOTAL AMOUNT O F U N I T E D STATES BONDS R E T I R E D FROM M A Y , 1869, TO
J U N E 30,1887-Continued.
From Mav,
Rate
Duriugfiscal
1869, to'
How retired. of interyear.
est.
J u n e 30, 1886.
' Title of loan.
Purchased
Redeemed
Funded loan of 1881
Per.ct.
5
5
Total
Total of 5 per cents
Funded loan of 1907
'
-. •.
,
Purchased
Redeemed
' 4 ,
4
Total.
Loan of July and August, 1861— Redeemed
continuecl.
Loan of 1863—continued
Redeemed
Exchanged . . .
Total
Total
Total
Total
nurchased
redeemed
converted . . . .
exchan ""ed
Aggregate
.$4.3,599,000
72,761,300
116, 340, 550
19, 750
116,360,300
331, 052, 750
33, 400
331,086,150
1,500,000
l,41i),850
1,500,000
1, 418, 850
2,918,850
2, 918, 850
35, 650
127, 527, 000
37, 210, 650
13, 231, 650
8,500
3i
37,219,150
13,231,050
50, 442, 300
8,500
50,450, SOO
31
3^
109, 043,350
292, 349, 600
63, 750
109,107,100
292, 349, 600
401,392, 950
63, 750
401,450,700
579, 326, 600
107,900
579, 434, 500
154,189, 250
127,612,850
281,802,100
127, 911,950
448, 949, 050
2,067,001,300
77, 956, 000
308, 470, 750
127,911,950
2, 902,443,700
Total.
Redeemed
$19,'756
127,491, 350
Total of 3w per cents
Loan of July 12 1882
$43, 599, 000
72,741,550
3§
1 Total
Funded loan of 1881—continued.. Redeemed
Exchanged . . .
T o J u n e 30,
1887.
3
448,^949,050
1, 939,149, 350
77,956,600
308,476,750
2,774,531,750
No. 25.—BONDS O F THE LOANS GIVEN I N STATEMENT N O . 24, R E T I R E D PRIOR TO
M A Y , 1869.
Title of loan.
Texan Indemnity Stock.
OrCsgon AVar Debt
10-403 of 1864
Total.
How retired.
Redeemed .
Redeemed.
Purchased.
Rate of
interest.
Per cent.
5
6
Amojunt.
$4, 748, 000
145,850
1,551,000
6, 444, 850
TREASURER.
No.
61
26.—MATURED CALLED BONDS R E D E E M E D AND OUTSTANDING J U N E 30,1887.
Redeemed.
Call.
Loan.
1
2
3
4
5
6
7
8
9
,10
. 11
12
13
14
15
16
17
• 18
19
20
21
22
23
5-208 of 1862
When
matured.
Dec.
Mar.
Mar.
June
Sept.
ISTov.
Feb,
Sept.
Sept.
Nov.
Dec.
Jan,
Feb.
May
June
June
July
Aug.
Aug.
Sept,
Sept.
Oct.
Oct.
Amount
called.
D.uring
t h e fiscal N T o J u n e 30,
1887.
year.
$250
1,1871 $09,959,600
7,1872
Ki, 222,250
20,1872
20,105, 500
1,1873
49,878,650
6,1873 . 20,042,100
16,1873
14, 335,350
1,1874
4,994, 650
3,1874
5,020,100
5,1874
1, 004, 9o0
1,1874
25,017,700
1,1874
14, 807, 700
1,1875
10,168, 300
2,1875
5, 091, 700
1,1875
15, 028, 350
1,1875
5,005, 600
11,1875
29,998, 700
20,1875
5,008,'300
1,1875 0 5,001, 850
15,1875
5, 003„550
1,1875
10, 000, 950
24,1875
5, 005, 200
14,1875
10, 004, 800
28,1875
14, 896, 750
900
50
600
•
2, 300
391,600,600
Total
5.20^ of M a r c b 1864
24
N o y . 13,1875
5-'^0s of J u n e 1864
24
25
26
27
28
29
30
31
Nov.
Dec.
Dec.
Dec.
Jan.
Feb.
Feb.
Feb.
13,1875
1,1875
1,1875
17,1875
1,1876
1,1876
15,1876
15,1876
31
32
33
34
35
36
37
38
39
40
41
42
43'
44
45
46
Fob.
Dec.
Dec.
Dec.
Dec.
•Jan.
Apr.
Apr.
May
May
June
June
June
June
July
Aug.
15,1876
1,1876
6,1876
12,1876
21,1876
6,1877
10,1877
24,1877 ,
12,1877 i
28,1877
3,1877
10,1877
15,1877
27,1877
5,1877
5,1877
p
I
Total.
'
:
5-20a of 1865
^
•
I
Total
946, 600
9,104, 500
8, 043,900
5,024, 750
5,012,900
5, 020,500
10,012,650
12, 802,950
3, 024, 050
100
58, 046,200
150
1,974, 70O
10, 032, 300
9, 996, 300
10,012, 250
10, 053, 750
Id, 008, 250
10,026,900
10,155,150
10,138,300
9,904,300.
10,041,050
10, 003, 250
10,048, 300
10,005, 500
10, 019,000
10,114, 550
1
Aug.
Aug.
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Mar.
July
Aug.
Aug.
Sept.
Sept.
Oct.
Oct.
63 I-Oct.
47
48
•49
50
51
52
53
54
55
56
57
58
59
00
61
62
21,1877
28,1877 L
11,1877
5,1877
16,1877
19,1877
27,1877
3,1877
6,1878
30,1878
6,1878
22,1878
5,1878
20,1878
n,1878
17,1878
23,1878 1
$99, 940, 350
16,218,750
20, 083,150
49, 812, 700
20,023, 650
14,327, 500
(4,988,300
;5, 016, 850
•1,003, OoO
24, 985,100
14, 799, 750
10,154,550
'5,085,650
1.5, 007, 700
'5,005, OoO
29,980,150
'5,005,600
5,001,450
'5,002,250
'9,995,350
5,003,050
lo, 001, 350
14, 891,850
$19,250
3,500
22, 350
65,950
18,450
7,850
6,350
3,250
1,000
32, 600
7 950
, 13, 750
6,050
20,650
550
18, 550
700
400
1 300
5,600
2,150
3,450
4,900
391-, 334, 050
266,550
'
•
50
8,000
........ ......
152,533,850
.
Consols of 1865
500
10,160,650
10,018,650
15, 000, 500
10, 003,300
10,014, 050
10,006,150
10,012,600
10,003,700
10, 032,250
5, 084,850
5,006,850 •
4,973,100
5,001,100 1
4, 793, 750
4,94.5, 000
4,989,850
5,081,800
8,000
50
10, 000
650
1,600
2,000
2,100
1,000
100
•
50
150
1,000
3, 500
i,6oo
2, 000
Outstanding.
946,600
,9,093,850
'8,043,900
i5, 020, 650
" ;4, 992,800
;,5,018,500
10,010, 600
12, 797, 750
;3, 024, 050
10,650
58,002,100
44,100
4 100
20,100
2,000
2,050
5,200
,1, 974,150
10, 032, 300
'9,092,100
10,000, 650
10, 051, 650
10, 005,150
10,026,100
10,153, 650
10,137, 800
9, 902, 800
10, 041, 050
io, 003, 250
io, 047, 300
10, 004, 500
10,018,000
10,114, 550
550
4,200
11, 600
2,100
3,100
800
1, 500
500
1,500
1,000
1,000
1,000
152,505,000
28,850
10,151,100
10, 012, 650
14,990, eoo
;9, 996, 350
'9,999,350
9,998,650
9, 998, 750
io, 053, 250
10,019,200
5,080,200
5,005,350
'4, 968, 350
4,999, 450
4, 780,600
:4, 919,050
4,984, 300
.5,080,350
9,550
6,000
9,900
6,950
14,700
7,500
13, 850
30,4.50
13,050
4, 650
1, 500
4, 7.50
1,6.50
7,150
25, 9.")0
5,550
1,450
'
62
R E P O R T ON T H E
No. 26.- -MATURED
FINANCES.
CALLED BONDS R E D E E M E D AND OUTSTANDING J U N E 30, 1887—
Continued.
<>
Redeemed.
Call.
Consols of 1865—continued..
Total
64
65
66
67
68
69
70
71
72
73
74
75
When
matured.
Oct. 30,1878
N o v . 5,1878
N o v . 7,1878
N o v . l 0,1878
N o v . 16,1878
Nov.26,1878
D e c . 4,1878
D e c . 16 1878
F e b , 16,1879
F e b , 27,1879
M a r . 9 1879
M a r . 18,1879
'.
Consols of 1867
Amount
called.
During
t h e fiscal
year.
$5,253,300
4.966, 500
5, 088, 850
4,991,200
5, 072, 200
4, 996, 300
4, 620, 650
5, 003, 200
5,059,650
5,010,400
5,006,400
12, 374, 950
•
$1, 000
3,000
50
1, 000
. 500
1,500
500
32,750 •
202,031,750
:
T o J u n e 30:
1887.
Outstanding.
$5,243, 200
4, 362, 950
5,085, 300
4, 991, 050
5,071,600
4, 994,100
4, 617, 400
5,001 600
5, 057,450
5, 009, 000
5, 003, 800
12, 371,150
$10,100
3,550
3, .550
150
600
2,200
3,250
1 600
2, 200
1,400
2,000
3,800
202,452,150
179,600
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
June
June
June
July
July
1,1879
4.1879
6,1.879
8,1879
11,1879
14,1879
18,1879
21,1879
24,1879
28,1879
1,1879
6,1879
12,1879
17,1879
24,1879
4,1879
12,1879
29,1879
3,1879
4,1879
309, 846,150
68,400
309,467,400
378 750
Consols of 1868
96
July
4,1879
37, 420, 300
1,350
37, 346, 900
73,400
10-40S of 1864
97
98
99
J u l y 9,1879
J u l y 18,1879
J u l y 21,1879
10, 294,150
157, 607, 600
24, 575, 050
300 • 10, 290, 500
13, 350
157, 539,800
24, 575, 050
3 650
67,800
192,476, 800
13, 650
71,450
L o a n of 1858
100
J u l y 23,1879
260,000
F u n d e d loan of 1881
101 M a y 21,1881
103 A u g . 12,1881
104 Oct. 1,1881
25, 030,100
10,121, 850
28,184, 500
Total
Total
Total
L o a n of J u l y a n d A u g u s t ,
1861
102
July
L o a n of 1863
102
July
L o a n of J u l y a n d A u g u s t ,
1861, c o n t i n u e d a t 3-^ p e r
cent.
105 D e c .
106 J a n .
107 M a r .
108 A p r .
109 M a y
110 MaV
111 M a y
112 J u n e
113 J u l y
Total
114
115
116
•
2,500
400
10, 950
250
300
5,700
1,200
1,350
2,700
•2,400
5, 350.
6,250
8,100.
4,750
5,400
2, 050
3,950
1,950
4,850
9, 903,150
9, 871, 650
10,307, 350
9, 995, 000
9, 364, 800
20,066,150
19, 572, 250
18,556, 7.50 '
21,604,650
20, 243,700
20,152, 500
20, 030, 600
19,807,100
20, 206, 950
19,389, 950
10, 660,200
10,459, 950
10, 056,150
9,961,900
19,190, 650
192,405, 350
20, 550
21 650
7,350
11,650
24,800
38, 550
32,550
22,750
18,300
10,200
8,750
13, 650
51, 500
12,250
17, 500
14^200
4,700
20, 550
10, 900
16, 400
260, 000
1 500
5, 250
13, 000
25, 024,100
10, 075,100
. 28,108,300
6, 000
46,750
76,200
63,336,450
19, 750
63, 207, 500 .
128 950
12, 947,450
29,200
12, 822, 900
124,550
1,1881
4, 687, 800
13, 750
24,1881
29,1882
13,1882
8,1882
3,1882
10,1882
17,1882
7,1882
1,1882
20, 031, .550
20,184,900
10, 504,100
20,546,700
5, 086. 200
5, 010, 200
5,096,550
15,109, 950
11,227,500
121,857,050
1,1881
Total
L o a n of. 1863, c o n t i n u e d a t
3^ p e r c e n t .
9, 983,700
9, 893, 300
10, 3.14,700
10, 006, 650
9, 389, 600
20,104, 700
19, 004, 800
18, 579, 500
21, 622, 950
20, 253, 900
20,161, 250
20, 044, 250
19,858, 600
20, 219, 200
19, 407,450
' 10, 074,400
10, 464, 650
10, 076, 700
9, 972, 800
19, 213, 050
A u g . 1,1882
Sept. 13,1882
Oct. 4,1882
4, 669, 900.
17, 900
1,000
2,050
3,400
29,300
15, 600
500
20, 030, 550
20,182,850
19, 500,700
20, 517,400
5, 086, 200
5, 005, 900
5 096 550
15| 083,300
11, 224,000
26, 650
3,500
.
550
5,000
14, 000
4,300
35, 050
121,787,450
70, 200
15,024,700
16,304,100
3, 269, 650
8,500
15,022,550
16, 302, 500
' 3,266,250
2,150
1,600
3,400
34, 598,450
8,500
34, 591, 300
7,150
63
TREASURER.
No.
26.—MATURED CALLED B O N D S R E D E E M E D AND OUTSTANDING J U N E 30, 1887—
Continuecl.
Redeemed.:
Call.
F u n d e d loan of 1881, cont i n u e d a t 3-a- p e r cent.
When
matured.
Amount
called.
117
118
119
120
121
Dec. 23,1882
J a u . 18,1883
F e b . 10,1883
M a y 1,1883
N o v . 1,1883
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
Dec.
Dec.
Feb.
Mar.
May
June
June
Aug.
Sept.
Nov.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Sept.
Oct.
Oct.
Nov.
Dec.
Feb.
Mar.
Apr.
May
Total
During
. t h e fiscal
year.
$25, 822,600
16,119, 850
15,221,800
15,215,350
30, 7.53, 350
303,132,950
Loan of J u l y 12,1882
1
1,1883
15,1883
1,1884
15,1884
1,1884
20,1884
30,1884
1,1884
30,1884
1,1884
1,1886
1,1886
1,1886
1,1886
1,1886
1,1886
1,1886
1,1&86
15, .1880
1,1886
16,1886
1,1886
1,1886
1,1887
1,1887
1,1887
1,1887
Total
T o J u n e 30,
1887.
Outstanding.
$8, 050
4,000
3, 000
15, 500
32,600
$25,815,400
36,111,750
15,214,000
15,214,450
30,729,150
$7, 200
8,100
7,800
900
24, 200
63, 750 '
103, 084,750
48, 200
15, 272,100
15,133,650
10, 208, 850
10,047,850
30,093,100
10, 010,250
.10,151,050
10, 040, 800
10, 050,100
10,330,750
10, 098,150
10,000,250
10,012, 750
10,009,850
10, 002, 900
4,001, 850
4, 007, 700
4,004,950
10,003, 650
15, 005, 000
15,122,400
15,008, 300
10, 005, 350
10, 010, 900
13, 887, 000
10, 007, 750
10,014,250
101,400
101,900
209,500
11,350
6, 600
16,800
42, 650
45, 200
32,200
2, 500
523, 000
65.5, 050
755,550
1,81.3,100
. 2, 763, 600
3, 885, 350
3, 927, 000
3,986,250
8,930,850
14, 863, 250
14, 855, 800
14, 704,150
9, 821, 300
9, 860,200
13, 358, 250
9,802,950
9, 266,100
15, 259, 300
• 15,124,200
10,202,150
10,027,800
10, ,091, 550
1O,;OO7,750
10,145,850
10,025,300
10,;049,000
10,328,450
10,'063,650
9,;974, 250
9,953,4.50
9,!9S2, 900
9„961,80O
3,905,350
3,927,000
3, ,980, 250
8, 930, 850
14,;8e3,250
34,855,800
14,(704,150
9,.821,'300
9,'860, 200
13,:358, 250
9, 802,950
9,.266,100
12,800
9, 450
6,700
20, 050
1,550
2,500
.5, 200
15, 500
1,100
2,300
34,500
26, 000
59, 30(r
26, 950
41,100
96, 500
80, 700
18,700
1, 072, 800
14t, 750
206,600
304,150
184,050
150,700
. 528,750
204, 800
748,150
282, 541, 500
124,341,850
278,478, 850
4,062, 650
R E C A P I T U L A T I O N BY LOANS.
Redeemed.
Loan.
Outstand-
A r a o u n t called.
During the
fiscal y e a r .
5-20sof 1862
:
5-20sof M a r c h , 1864
5-20S of J u n e , 1864
5-20S of 1865
Consols of 1865
Consols of 1867
Cousols of 1808
10-40sof 1804
L o a n of 1858
F u n d e d loan of 1881
c.
.Loan of J u l y a u d A u g u s t , 1861
L o a u of 1803
Loau of J u l y a n d A u g u s t , 1861, c o n t i n u e d
a t 3^ p e r c e n t
L o a n of 1863, c o n t i u u e d a t 3^^ p e r c e n t
F u u d e d l o a n of 1881, c o n t i n u e d a t 3 | p e r
cent
L 0 an 0 f J uly 12, 18 82
,
Total
,..
T o J u n e 30,
1887.
$266, 550
19,750
29,200
13, 750
$391, 334,050
946,600
58,002,100
152,505, 000
202, 452,150
309,467,400
37, 346,900
192, 405,350
260,000
63,207, 500
12, 822, 900
4, 669, 900
35,650
8, 500
63, 750
121,787,450
34, 591, 300
103, (i84,750
70, 200
7,150
48, 200
$391,600,600
940, 600
58, 046, 200
152, 533,850
202,631, 750
309, 846,150
37, 420,300
192,476, 800
260,000
63, 336, 450
12,947,450
4, 087,800
$2,300
121,85.7,650
34,598,450
103,132, 950
150
8,000
32, 750
68,400
1,150
13, 650
44,100
28, 850
179, 600
378,750
73, 400
71, 450
128, 950
124, 550
17,900
282, 541, 500
124, 341, 850
278, 478, 850
4, 062, 6.50
1,968,804,500
124,638,850
1, 963,362, 200
I, 502,300
64
REPORT ON T H E FINANCES.
No. 27,—BALANCED STATEMENT OF R E C E I P T S AND D E L I V E R I E S OF M O N E Y S B Y
THE NATIONAL BANK R E D E M P T I O N AGENCY FOR T H E FISCAL YEAR 1887.
Dr.
Amount.
To Cash.Balance June30,1886..
To National-Bank Notes received for redemption . . .
To ''Overs" reported in National-Bank Notes received
for redemption
Amount.
By National-Bank Notes, fit
for circulation, forwarded
to National Banks by express
.'
By National-Bank Notes, unfit for circulation, delivered
16, 404. 07
to the Comptroller of the
C urrency
By notes of failed and liquidating National Banks deposited in the Treasury of
the United States
By United States Notes deposited in the Treasury*of
the United States
By packages referred and
moneys returned
By express cbarges deducted.
I By contoterfeit notes,rejected
and returned
By National-Bank Notes—less
than three-fifths, lacking
signaturesi, and stolen—rejected ami returned, and
discount on United States
currency
By "Shorts" reported in National-Bank Notes received
for redemption
By Cash BalanceJune 30,1887
$3, 840, 402. 05
87, 689, 687.15
91, 540,493.27
Total.
Total
•:
$20, 786, 640.00
66, 841, 550. 00
1,133, 215. 50
126, 727.10
464, 413. 45
573. 58
2, 924. 00
2, 554.23
22, 356. 00
2,165, 539. 41
91, 546, 493. 27
^Q^ 28.—BALANCED STATEMENT OF, R E C E I P T S AND D E L I V E R I E S OF MONEYS B Y
THE NATIONAL BANK R E D E M P T I O N AGENCY, FROM J U L Y 1, 1874, TO JI^NE 30,
1887.
Amount.
Dr.
To National-Bank Notes received for redemption
To " O v e r s " reported in National-Bank Notes received
for redemntion
.
$1,772, 626,148.72
229, 996.78
/
/
/
/
/
,
,
/
/
/
Total
1, 772, 856,145. 50
Cr.
,
By National-Bank Notes.fitfor
circulation, deposited in the
Treasury, and forwarded to
National Banks by express..
By National-Bank Notes,unfit
for circulation, delivered to
the Comiitroller ofthe Currency
By notes of failed and liquidating National Banks, deposited in the Treasury of
the United States
By United States Notes deposited in the Treasury of
the United States "
By packages referred and
moneys returned
.. .
By express charges deducted.
By counterfeit notes rejected
and returned
By National-Bank Notes—less
"than* three-fifths, lacking
signatures, and stolen—rejected and returned, and discount on United States currency
By "Shorts " repQ,rted in National-Bank Notes received
for redemption
By Cash Balance June 30,1887.
Total
Amount.
$735, 060,131 00
893, 819, 455. 50
131, 025,125.50
1, 948, 559. 60
8, 479, 462, 75
43,239.85
51, 443. 25.
89, 955. 30
173,233.34
2,165, 539.41
1,772, 856,145. 50
No.
2 9 . — R E S U L T OF T H E COUNT OF NATIONAL-BANK NOTES R E C E I V E D F O R R E D E M P T I O N , B Y FISCAL YEARS, TO J U N E 30,
Fiscalyear.
Claimed b y owners.
o
CO 1876
1875
M
M 1877
QQ 1878
-;i 1879
j 1880
1881
,
"1
'.
.
,
1 1882
Ol 1883
1884
1885
1886
1887
Total.
',' O v e r s . "
"Shorts."
Keferred a n d
returned.
Rejected.
Counterfeit.
Express
charges.
1887.
N e t proceeds.
$154,526,760.16
210, 032, 975. 26
242,885,375.34
21.3,153,458.56
157,655,844.96
61, 586, 475, 68
59, 650, 259. 43
76, 089, 327. 48
302,582,656.73
126, 220, 8 8 1 34
150,257,840.01
130, 296, 606. 82
87, 689, 687.15
$24, 644. 85
16,49142
24, 996. 58
37, 649. 20
22,148, 42
6, 4 6 1 30
13, 2 3 1 38
11,222.13
8, 092. 09
6, 066. 30
17, 060. 07
25, 528. 97
16, 404. 07
$20, 2-23. 50
16,175. 26
29, 704. 43
16, 394. 60
9, 906. 35
9, 868. 97
6, 618. 25
'13,405.13
10,103. 35
3, 785. 60
6,445. .25
8,246.65
22, 356. 00
$1, 620, 557. 39
1, 065, 002.20
1, 278, 903. 80
384, 372.22
329,323.34
305, 432,14
569, 971, 06
672,427, 09
727, 282. 98
455,333.05
329,249.19
277,194. 78
464,413.45
$15,028.12
7, 709. 22
4, 755. 91
3, 997.13
6, 282. 58
7, 870. 23
22, 763.37
3, 832. 35
4, 337. 62
3, 36.5. 77 •
3, 636.49
3, 822. 28
2, 554, 23
$3,74100
5,188. 00
5, 634, 00
4, 008. 00
3, 016. 00
3, 846. 75
4, 324. 50
4 , 1 5 1 00
4, 559, 50
3,770.50
3, 560. 00
2, 720. 00
2, 9-24, 00
$25, 842.15
9,938.41
3, .345. 03
1,152. 09
725. 84
523. 54
. 612.25
526. 96
573. 58
$152, 891, 855, 00
208,955 392.00
241, 591,373. 52
212, 780, 335.81
157, 303, 622. P6
61, 2-55, 980. 48
59,056,468,00
75, 405, 581. 95
101, 843, 739. 53
125, 760,169.18
149,931,396.90
130, 029, 625.12
87, 213,-269. 96
1,772, 626,148.72
229, 996.78
173,233.34
8, 479, 462. 75
89, 955. 30
51, 443. 25
43, 239. 85
1,764,018,81101
>
Ul
w
Pi
No.
30.—NATIONAL-BANK
NOTES
RECEIVED
-
FOR
REDEMPTION,
•
DURING
CITIES
AND
EACH
oyHER
MONTH
OF
July.
August.
September.
FISCAL
YEAR
1887,
FROM THE
PRINCIPAL
1887.
1886.
W h e n c e received.,
THE
PLACES.
October.
November.
Total,
December. J a n u a r y .
February.
March.
April.
May.
P e r cent.
June,
NewYork
. $3, 827,000 $1,897, 502 $1,707,435 $1, 586, 877 ^1,766,396 $2, 526, 097 $5, 007, 991 $2, 975, 750 $1,809,430 i$2,498, 855 $2, 900,150 $2,811,300 $31, 314,583
590,750
401,315 13,219,209
1,703, 560 1,266, 940
811,410
853,340 1,908,930 2,495,332 3,16.5,172
568,330
483,980
Boston
970, 410
086, 630
513,096
725, 800
536, 000
686, 000
6,972,856
624,000
558,908
519,000
597, 000
431,094
540, 800
Philadelphia...
554, 528
599,
000
436,119
385,
600
47.5,
500
.5,31,5,319
348,000
377,500
374,000
546, 500
564,000
389, 500
381, 509
438,100
Chicago
373,300
110, 850
138,164
185, 800
2,244,310
126,522
170, 200'
183, 600
127, 000
173,444
286, 650
Cinciunati
151,000
217,780
316,500
232,
360
261,
716
273,
045
3,421,698
285, 960
330,137
249, 000
322, 000
241,500
290, 500
Saint Louis
300, 000
L'89, 000.
315, 000
261,000
254,000
24Q, 000
3,102; 500 .
205, 000
2^-2,000
213,000
301,000
271,500
304, 000
217,000
219,000
Baltimore
109, 000
71,421
133, 000
117,000
52, 000
125,000
321,500
169,100
110, 000
112,000
99,015 .1,.316,036
97, 000
N e w Orleans ..
88,000'
84,000
113,000
83, 901
1,015,131
67,000
89, 730
67,000 ^ 76,000
87,500
93,000
81,000
85,000
Providence . . . .
35, 000
34, 500
55, 000
52,500
5-27, 800
23, 500
40, 500
58,000
33,500
24, 500
53,800
Pittsburgb
53, 500
59, 500
O t h e r p l a c e s . . . 1, 560,511 - 1,388,553 1,252.312 1, 318, 950 1,434,228 1,439,186 2, 046, 835 1, 786, 216 1, 869, 217 1,865,435 1,823,581 1,4.55,161 19, 240,185
Total....
9, 261, 571
N o . of p a c k a g e s
1,385
No.
Month.
6,296,341
5, 438, 047
5, 918, 365
5,954,Oil
1,243.
1,213
1,333
1,382
7,940,493 13,513,904
1-663
1,765
7, 769, 082
5, 943, 971
1-479
'
1,558
6, 908, 850
7, 800,911
6,878,141
87, 689, 687
1,536
1,523
1,497
17,577
31.—MODE OF P A Y M E N T F O R NATIONAL-BANK NOTES R E D E E M E D DURING T H E FISCAL YEAR
Transfer
checks.
United States
currency.
Fractional
s i l v e r coin.
Standard
silver dollars.
Counter
redemptions.
35,71
15.08
7.95
6.06
2.56
3.90
3.54
1.50
116
.60
2194
100. 00
Pi
O
H
O
w.
1837.
C r e d i t s iu general account.
Credits in
r e d e m p t i o n accounts.
Total.
O
1886—July
August
September.
October
November.
- December .
1887—January . . .
February..
Marcb
April
May
June
$5,313, 674.35
2, 308, 851.58
1, 640, 05111
1, 976, 518.21
1,874, 195, 53
3,761, 156. 61
7,725, 522.20
3, 874, 734.15
2, 231, 179.95
2, 923, 040.55
• 3,260, 034.50
3, 108, 025. 33
$777, 554.20
828, 856. 84
1, 091, 6 4 1 59
1,163, 397. 82
1,434, 945.31
3,636, 699. 52
981, 838. 72
1,139, 4 9 1 47
1,547, 969. 82
1,673, 680.90
1, 824, 110.32
1, 557, 112.11
$13, 067.17
11, 500. 00
1 1 067.64
9: 069. 25
13! 777.10
0, 070. 00
640. 00
4, 500.
00
5, 500.00
130.00
7,
5. 640. 00
0, 709.25
$24,499.25
30, 989. 00
29,497. 55
19,997.12
24, 500. 00
23, 495. 25
8, 000. 00
18,494.25
17,000.00
18,999. 25
19, 999. 25
13,500.00
$260, 848.00
229,10100
278, 689.00
370,469.00
485,798. 00
399, 007.00
466,439.50
353,143.00
393, 070. 00
336, 669.00
337, 666. 00
289, 695.00
$2, 548, 334.05
2, 560, 720.00
2.186, 675. 00
2.187, 995. 00
1,954, 000. 00
1,824, 080. 00
2, 008, 96150
2,139, 000.00
1, 591, 985. 00
1,802, 999. 99
2, 2.53, 004. 25
1, 709, 990. 00
$303, 627.61
290,178.88
178,260.82
168, 602. 94
136, 332. 62
170, 079. 35
288, 953. 54
236, 877. 93
123,168.34
103,508.81
106,874.73
136,881.28
$9,241, 604.63
6, 260, 257. 30
5,415, 882.71
5,896, 049. 34
5,923, 548. 56
7,821, 387.73
11,484, 355.46
7,762, 240. 80
5, 909, 872, 91
6,866, 028.50
7,807, 329. 05
6, 824, 912. 97
Total
39,996, 984. 07
15, 657,298. 62
97, 670.41
248, 970.92
4,200, 654. 50
24, 768, 344.79
2,243,346.65
87, 213, 269. 96
4.82
28.40
2.57
100. 00
Percentage
45.86
17.95
.29
Ul
67
TKEASURER.
No. 32.—DEPOSITS MADE B Y NATIONAL BANKS I N T H E F I V E P E R C E N T . F U N D
F O R T H E REDEMPTION OF T H E I R N O T E S DURING T H E FISCAL YEAR 1887.
D e p o s i t s of
lawful m o n e y
witb assistant
treasuT-ers
Uiiited S t a t e s .
Month.
Deposits with Treasurer United States.
Counter
deposits.
R e m i t t a n c e s of P r o c e e d s of
lawful m o n e y n a t i o n a l - b a n k
notes
b y express."
redeemed.
Total.
1886.
July
August
September
October
Noveinber
Deceraber
$266, 539. 36
282,64149
214,169. 65
3.57, 250. GO
145,705.47
147, 663.05
$248,701 85
203, 669.27
146, 985. 93
160, 967. 04
108,710.97
157,413.09,
$303, 627.61
290,178. 88
178, 260. 82
168, 002. 94
136, 332. 62
166, 279.35
$6, 894, O i l 09
5, 964, 328, 62
4, 356, 557.18
3,543,469.60
3, 550, .578. 82
4,120,792.89
4,134, 708. 33
.5,376,256.08
. 3,169, 534. 64
2, 299, 215.42
3, 022, 887. .54
3, 568, 0 6 1 7 4
324, 479. 62
178,02158
349,008.50
108, 303. 80
344,133,30
159, SOl, 60
166,170.10
176, 429. 63
137, 419. 58
129, 822. 02
140, 7,50, 04
163,167. 32
23'8, 953. 54
236, 877. 03
123,168,14
103,508,81
100, 874, 73
136,88128
4, 664, 3 7 1 59
5, 767, 585.22
3, .579,190. 86
2, 640,010. 05
3,41.4,65141
4, 027, 9 1 1 94
46, 254, 760.76
2, 077, 837.82
2, 000, 214. 04
2,189, 546. 65
52, 522, 359,27
, 88.07
3.96
^3.80
$6, 075,142. 27
5,187, 838. 98
3, 817,140.78
3, 0,54, 648, 42
3, 099, 829, 76 ••
3, 649, 436, 80
,
. ......
1887.
January
February
Marcb
April
May
Juno
Total
Percentage—
4.17
100, 00
No. 33.—NOTES OF NATIONAL BANKS R E D E E M E D AND D E L I V E R E D ON T H E F I V E
P E R C E N T . ACCOUNT DURING T H E FISCAL YEAR 1887.
Month.
Forwarded
Delivered to
by express to the Comptroller
banks of isofthe Cursue.
Total.
1886.
July
August
September
October
November
December
'
-
: . .^.
$2, 889,160
2, 225, 840
1, 894, 810
1,319,930
1, 377, 890
1, 759,170
$3, 953, 760
.2, 775, 800
2, 404, 740
2, 088, 880
2,200,330
2, 304, 475
$6, 842, 920
5, 001, 640
4, 299, 550
3,408,830
3, 578,200
4, 063, 045
2, 485, 990
2,190, 770
987, 490
948, 270
1, 252, 090
3,455,230
3, 231,160
2,84.5,340
2, 096, 630
3,901,325
2, 203, 050
2, 440, 760
5,737,150
5, 036,110
3, 084,320
2, 849,'395
3, 515.140
3, 89.5, 990
1887.
January
February
March
April
May
Julio
Total
Percentage
20,'
1,640
30, 506, 030
68
R E P O R T ON T H E FINANCES.
No. 34.
- D E P O S I T S MADE B Y NATIONAL B.\NKS FOR THE R E T I R E M E N T
NOTES DURING THE FISCA^L YEAR 1887.
Month.
1886.
July
August . . .
September ,
"October . . . ,
Novejmber.
December..
January
February
March. .*.
April
May
June
Under section 5222,
Revised
Statutes.
On account
of failed
banks.
$44, 000. 00
113,870.00
30,740.00
59, 860. 00
33, 750.00
1,266,390.00
3,321275.00
3,374, 830. 00
1,804,650. 00
1800,385.00
164,940. 00
717, 520. 00
29, 914,655. 25
53,180. 00
281, 650. 00
THEIR
Total.
$1, 289, 030.00 $1, 553, 630. 00 $2, 843,260. 00
1,204,415.00
1,415,485.00 2, 675,150. 00
2, 7S3, 910. 00
3, 603,885. 00 6,523,765. OO
5,050,705.25
8, 662, 255.00 13,896,950.25
5, 261, 945. 00 • 0,566,425.00 11, 988,110. 00 •
2, 591,780. 00
4,007, 270. 00 6,709,610. 00
$.11,250.00
22,100. 00
173, 250. 00
99,880.00
110,560.00
29,250.00
122, 980. 00
114,500.00
Total.
Under section
4, act June
20, 1874,
modified by
act July
12, 1882.
Under sectiou
6, act July
12, 1882.
1887.
'2s
OF
3,469,555.00
.5,436,025.00
5, 223,135. 00
2, 70S, 900. 00
3, 281,100. 00
355, 320. 00
2,765,195. 00
8, 880, 280.00
8,712,465. 00
4, 600,480. 00
5,081,285.00
520,260. 00
44, 282, 985. 00 75,190,810.25
NOTE.—Deposits ou accountof failed banks are-made frora the proceeds, of the sale of the bonds
held as security ibr the circulation of such banks. Section 5222 of the Eevised Statntes requires lawful money to be deposited to redeem the outstanding circulation of banks iu voluntaiy liquidation.
Section Oof tho act of July 12,1882, requires lawful money to be deposited Avithin three yeara after
the extension of a bank's corporate existence to redeem the remainder of the circulation outstandiug
a t t h e date of such extension. Section 4 of thp actof June 20, 1874, as modified by tho actof July 32,
3882, contains the general provisions of law enabling banks to deposit lawful money for the purpose of
withdrawing circulation and taking up tbe bonds held as security therefor.
No. 3-5.—NOTES OF F A I L E D , LIQUIDATING, AND RE.DUCING NATIONAL BANKS R E D E E M E D AND D E L I V E R E D , TO J U N E 30,
MONTHS TO J U N E -30,
1887.
Failed.
Period.
To June 30,3877
Fiscal year 1878
1877,
B Y FISCAL YEARS TO 1886,
Liquidating.
Eeducing.
AND B Y
Total.
$6,098,281 80 $14,106, 006. 45
• 752,497. 50
3,810,752.00
636,613, 50
1, 554,086. 50
382,116, 50
1, 058,414.50
420, 888, 50
1,144,906.40
533, 504. 50 . 1,769, 756. 00
722, 808. 00
4, 595, 593. 00
625,212.00
5, 746,173. 50
703,785.50
7,066,226. 50
608,707.00
14,637,73L 00
.$50, 720, 719. 00
9,446, 626, 00
5,866,00100
4,961,385.00
30,77.3,004.00
34,505,346.00
18, 233, 878. 50
20,486, 304. 00
20,692,213.00
14,311,170.00
$70, 925, 007, 25
12, 009, 875, 50
8, 056,701 00
6, 401, 916.00
12, 344,798. 90
16,808,006.50
23, 552, 279. 50
26, 857,089. 50
28,462,225.00
.• 29, 557, 588. 00
11,490,414.80
53,489,625. 85
169, 996, 646. 50
234,970,687.35
40,355. 00
38, 250. 00
•27,795. 00
12,069. 00
. 44,337.00
36,129. 00
1, 367, 980. 00
1, 097,245. 50
988,438. 00
462,500. 00
1,784,476. 00
1,531,337.00
1, 302, 610. 00
986, 720. 00
828, 620.00
929, 885.00
1,153,343, 00
3,651,200.00
^2, 710, 945. 00
2,322,215.50
3,844, 853. 00
3,404,454.09
2,9S2,150. 00
3, 218, 6-46. 00'
42,584. 50
36,882. 00
32,844. 00
30, 066. 00
31,283. 00
34,179. 00
1,809,456.00
1,738,550.00
1,517,467.50
1,480,666.00
1,714,723.00
1,823,135. 00
2,375,342.00
2,394,068, 00
1, 759,603. 50
1,769,702,00
2,139,124.00
. 2,439,653.00
4, 227, 382. 50
4,169, 500. 00
3,309,915. 00
3, 280,434.00
3, 885,1.30. 00,
4,296,967. 00
Total fdr fiscal year 1887
*406,773. 50
tl7,315,954. 00
19,729,870.50
t37,452, 598. 00
Totalto June 30, 1887...
11, 897,188. 30
70,805,579.85
189,726, 517.00
272,429,285.15
1879
1880
1881
1882...
1883
1884
1885
1886^.
........'.,
Totalto June 30, 1886...
1886.
July
August
September
October
'November
December
'
1887.
January
February
March
Ap rii
May
June... I
* Delivered by Casb Division.
t $625,995.50 delivered by Cash Division.
I Includes repayment of $84,309.
69
TREASURER.
No^ 36.—DEPOSITS AND REDEMPTIONS ON ACCOUNT OF NATIONAL BANKS F A I L E D ,
IN LIQUIDATION, AND R E D U C I N G CIRCULATION, TO J U N E 30, 1877, B Y FISCAL
YEARS TO 1886, AND BY MONTHS TO OCTOBER 3 1 , 1 8 8 7 ; AND BALANCE OF T H E
D E P O S I T S AT T H E CLOSE OF EACH P E R I O D .
Period.
T o J u n e 30, 1877
F i s c a l y e a r 1878
1879
1880
1881
1882
1883
3884
1885
:
,
1886
Eedemptions.
$83,916, 368. 25
8,816, 027. 50
9,8.55, 249. 25
14,143, 476. 00
26,154, 036. 50
20,718, 477. 25
22, 653, 460. 50
30,067, 900. 00
27,690, 436.00
51,209, 9 6 1 75
$70, 925, 007. 25
12, 009, 875. 50
. 8,056, 7 0 1 0 0
6,401, 916. 00
12, 344, 798.90
16, 808, 606, 50
23,552, 279. 50
26, 857, 689. 50
28,462, 225. 00
29, 557, 588. 00
1886.
Jiii.y
August
September
October
November
December
1887.
$12,991, 3 6 1 00
9,797, 513.00
11,596, 061 25
19, 337, 6 2 1 25
33,146, 858. 85
37,056, 729. 60
36,157, 910. 60
. 39, 368, 121.30
38,596, 332.30
60, 248, 705. 85
,
2, 843, 260. 00
2, 675,150. 00
6, 523,7-65. 00
13, 896,950. 25
11,988, n o ; 00
6, 709,610. 00
2,710,945.00
2,122,215.50
1,845,173.00
1,404,134. 00
2,982,156.00
3,218,646.00
60, 381, 0!?0. 85
60, 933,955. 35
65, 612, 547. 35
78,105,303.60
87, H i , 317. 60
90, 602, 281 60
2,765,195.00
8, 880, 280. 00
8,712, 465. 00
4,547, 300. 00
5,134,465.00
520,260.00
4, 227, 382. 50
4,169. 500. 00
3, 309, 915, 00
3, 280,434. 00
3, 885,130. 00
4, 296, 967. 00
89,14O;094.10
93,850,874.10
99,253,424. 10
100,520,290. 10
101^769,62.5.10
97,992,918.10
T o t a l for fiscal y e a r 1887
75,196,810. 25
*37,452, 598. 00
Total to J u n e 30,1887....
370,422,203.25
272,429,285.15
July
August
September
October
Balances.
295,225, 393. 00 234, 976, 687.15
T o t a l t o J u n e 30, 1886 . . .
January
February'
March
April
May
June
Deposits.
11,071,470.00
1, 364, 015. 00
1, 316, 8.54. 50
2, 446, 276,15
,..
,
. 3,108,193. 50
3, 368, 704. 00
3, 00-2, 572. 50
1, 930, 504. 50
105,956,194.60
103,951,505.00
302,26.5,787.60
102, 781, 559. 25
* I n c l u d e s r e p a y m e n t s on l i q u i d a t i n g account, $2,409 ; on r e d u c i n g accouut, $81,900; t o t a l , $84,309.
No.
37.—PACKAGES OF
NATIONAL-BANK NOTES D E L I T E R E D
YEAR 1887.
DURING THE
FISCAL
P a c k a g e s of a s s o r t e d n a t i o n a l - b a n k n o t e s , fit for circuiatiou, f o r w a r d e d , b y e x p r e s s t o national b a n k s
.*
P a c k a g e s of a s s o r t e d n a t i o n a l - b a u k notes, unfit for circulation, d e l i v e r e d t o t h e C o m p t r o l l e r
of t h e C u r r e n c y
Total
No.
38.—EXPENSES
24, 301
86, 933
111,234
I N C U R R E D I N THE R E D E M P T I O N OF
DURING THE FISCAL YEAR 1887.
C b a r g e s for t r a n s p o r t a t i o n
C o s t s for a s s o r t i n g :
Salaries
Printing and binding
Stationery
Contingent expenses
NATIONAL-BANK
NOTES
$48, 020, 53
..-.
$87,450.54
1,430. 93
1,053.39
1, Oil. 61
90,946.47
Total.....
;
138,967.00
70
REPORT ON T H E
FINANCES.
No. 39.—STATEMENT S H O W I N G THE M O N T H L Y R E C E I P T S FROM CUSTOMS AT N E W
YORK FROM A P R I L , 1878, TO SEPTEMBER, 1887, AND THfi P E R C E N T A G E OF E A C H
K I N D OF M O N E Y R E C E I V E D .
Total
recipts.
Month.
Silver
Gold
G o l d coin. S i l v e r coin. certificates. certificates.
United
States
notes.
1878—April (18th t o 3 0 t h ) . . . $3, 054,364
6,617,137
May
6, 065, 828
June
0.
i
P e r cent.
0.6
6.2
,5.4
P e r cent
0.1
0.8
0.1
P e r cent.
95.4
75.7
60.1
Per cent
2.6
15.8
32.6
15, 737, 329
4.8
0.4
73.3
19.9
16
8,201, 698
10, 249,459
9,199, 455
8,387,976
6, 824, 556
6,264,674
4.6
4.3
4.7
.5.2
5.9
60.3
0.1
0.3
0.3
0.4
0.3
0.3
65.0
710
75.1
64.6
63.7
33.1
29.1
, 23. 5
18.6
28.6
28.6
24.9
1.2
0 9
1 3
1.2
1.5
1.4
49,127, 818
12.0
0.3
61.3
25.2
12
7, 6 5 9 , COO
8, 236, 000
9,339,ood
8,190,000
7,584,000
7,-208,. 000
6.1
2.2
0.0
3.3
0.9
0.0
0.1
0.3
0.2
0. 1
. 0.2
0.2
3.9
0.5
0.1
0.2
0.1
20.4
6.1
2.7
3.3
4.7
6.2
69 5
90 9
96 4
95 1
94.1
93 0
48, 216, 000
19
0.2
O.S
7.0
90.1
9, 335, 0-00
10,565,010
13,472,000
10, 979,000
8, 407, 000
8,17.5, 000
0.3
0.4
0.5
39.5
46.4
66.9
0.1
0.3
0.2
0.1
' 0.2
0.2
^
58, 993, 000
19.8
0.2
1880—January
February .
March
April
May
June
13,969,000
. . . . 12,258, 000
14, 477, 000
11,818,000
9, 852, 000
10, 701, 000
08.3
03. 2
69. 0
02.2
52.1
48.8
0.2
0.1
0,1
0.1
0.2
0.1
71, 075,000
61.4
13,301,000
14,403, 000
12, 859, 000
10, 575, 000
9,081,000
9, 234, 000
Au<''ust
Sentember
November
December
]879—-January
February
M arch
April
Mayo
June
.
July
August
September
October
November
December
...
'.
July
August
September
October
November
December
1881—January
February
March
April
May
J u n e ..'-
July
August
September
October
November
December
•
P e r cent
13
3.5
• 18
15.1
38.6
20. 8
21.8
27.4
23.4
84
80
78
58
24
9
23.0,
• 58.7
36.5
218
24.9
29.7
27.1
32. 9
35.0
14 9
6 0
8 0
20.6
18 2
0.1
25. 3
13 2
57.7
55. 9
49.9
42.4
45.0
. 46.2
0.1
0.1
0.1
0.1
0.1
0.2
314
37.8
44.6
519
50.0
47.8
10
6
5
5
4
5
69,453,000
50.4
O.I
42.9
10, 573, 000
11, 221, 000
13,196, 000
11,684, 000
13,051,000
11,013,000
47.5
44.5
47.6
44.5
45, 9
39.3
0.1
0.1
0.1
0.1
0.1
0.1
- 45. 1
44.1
47.1.
515
50.9
57. 0
68, 738, 000
45.0
0.1-
49.3
12,082,000
15, 206, 000
14,108, 000
13,019, 000
9, 718,, 000
10,973, 000
38.8
43.5
37.1
35.8
62.9
77.1
0.1
0.1
0.1
0.1
0.1
0.1
57.9.
52.8
60.7
62.1
-33.8
18.7
75, lO'o, 000
47.6
0.1
49.3
...... ...^
.0.3
•
'
5
8
5
6
1
5
8
2
4
6
9
8
6.6
7,3
113
5 2
3 9
3 1
' 3 6
5 6
3
3
2
2
3
4
/
2
6
1
0
2
1
3 0
71
TREASURER.
No.
39.—STATEMENT^ SHOWING THE
MONTHLY RECEIPTS
FROM
CUSTOMS,
ETC-
Continued.
Total
receipts.
Month.
1882—January
February
Marcb
April
Mav
June
.!..,
. ..
J
Jnly.
September
October
November . . . .
December
1883—.January
FebiTiary
March
April ..
July
August
September
October...
November
December
1884—January
February
Marcb
April
May
J u n e -.
July
Ausust
September
October.. .
November
December
1885—January
February
Ma,rch
April
May
:
June
J u l y ..'
August
September
October
November
December
'.
.•
$13,393,000
13,589, 000
14,000,000
10, .528,000
11,986,000
11,434,000
Goldcoin.
S i l v e r coin.
P e r cent
72.9
66.5
75; 6
73, 5
70,7
68.7
Per cent
0.1
0.1
0.1
0.2
•0.2
0.1
Gold
Silver
certificates. certificates.
Percent
20.3
24.8
19.8
22.2
, 23.4
23.4
P e r cent.
United
States
notes.
P e r cent
6.7
8.6
4.5
4.1
5.7
7.8
1 74,930,000 1
72.9- 1
0.1
'212
5.8
13,730,000
16,487,000
14, 695, 000
13,101,000
9,939,000
10, 381, 000
66,5
46,1
38, 8
18.2
10,3
5.3
0.1
0.1
0.1
0.1
0.1
0.1
42.2
63.9
69.1
'24.8
,48.2
55.5
32.1
16.2
18.7
8.6
5.6
5.6
7.4
9.5
6.8
[78,333,000
33.6
0.1
24.3
34.8
7.2
12,574,000
' 32,194,000
12,435,000
. . . . 9,199,000
8,155,000
.13,630,000
4.2
3,9
6.5
10.8
4.7
3.3
0.1
0.1
0.1
0.1
0.1
0.1
72,1
75.1
73.7
65.5
62,2
69,4
15.7
15.9
33.1
17.7
26.1
. 20. 2
7.9
5.0
6.6
5.9
6.9
7.0
68,187,000
5.3
0.1
70.5
17. 7-
6.4
14, 609, 000
13, 290, 000
12,050,000
31,616,000
8,928,-000
9,338,000.
2.3
2.7
3.2
2,9
3,1
2.8
0.1 >
0.1
O.I
0.1
0.1
0.1
79,1
73,2
77,8
• 75.'8
67.6
713
13.0
38.0
13.9
16.4
' • 22. 5
19.4
5.5
6.0
.5.0
4.8
6.7
6.4
69, 831, 000
2,8
0.1
74.7'
16.7
5.7
11, 768, 000
12,069, 000
11, 447,000
9, 850, 000
9, 289, 000
9,459, 000
2,4
2.1
18
2,5
3.3
3.1
0.1
0.1
0.1
0.1
0.1
0.1
66.2
67. 5
60.7
56.9
46.5
40. 0
23.7
: 22.0
26.4
26.8
35. 3
7.6
8.3
13.0
33.7
14.8
21.2
63,882,000
2.5
0.1
57.3
27. 8
13, 111, 000
12, 828,000
11, 992, 000
10, 369, 000
7,717,000
8, 087,000
16
13
16
18
19
17
0.1
0.1
0.1
0.1
0.1
0.1
48.1
44.4
32.4
23.6
18.3
17.9
32.4
32,3
31.4
32.3
42.2
44.0
17,8
21 9
34,5
42.4
37.5
36.3
64,104,000
16
0.1
33.1
34.8
30.4
10, 306, 000
10,461,000
11,281, 000
9, 983,000
9, 523, 000
9,644,000
11
0.8
0.7
0.9
0.7
0.7
0.1
0.1
0.1
0.1
0.1
0.2
26.6
314
39.7
38.1
43.0
32.5
40.5
32.3
34,5
413
" .37.4
; 33; 3
317
35.4
25.0
19.6
18.8
33.3
61,198, 000
0.8
•0.1
35.2
36.5
27.4
. . . \ 11,821,000
12, 700, 500
12,167,000
'
i . . 10, 771,000
8, 730, 000
9,93.5,000
0.7
0.6
0.7
0.8
0.9
0.7
0.2
0.3
• 0. 3
0.2
0.4
0.3
28.8
47.4
63.4
70.8
56,9
60, 5
23. 6
9.8
11.3
13,4
13. 8
46.7
88.2
25.8
T6. 9
28,4
24. 7
.0. 7 1
' 0.3 1
. • '
54.6
14.3
30,1
66,124,500 1
•
•
'
13. 5 1
1
1
•
>
12.3
72
REPORT ON T H E F*INANCES.
No. 3 9 . ~ S T A T E M E N T
SHOWING T H E MONTHLY
RECEIPTS
FROM
CUSTOMS,
ETC.—
Continued.
Total
receipts.
Month.
1886—January
February
March
April
May. .
June
• July
August'
September
October
November
December
.
..
1887—January
February .
March
April
May
June
July
August
September
Gold
Silver
Gold coin. S i l v e r coin.
certificates. certificates.
United
States
notes.
$10,929,000
11,704,000
12, 512, 000
10,442,000
9,059,000
11,887, 000
P e r cent
0,6
0.4
0.6
10
0.8
0,7
P e r cent
0.3
0.2
0.3
0.3
0.3
0.2
P e r eent
53.3
43.3
315
20.2
12. 2
4.8
P e r cent
34.8
8.8
9.2
12.3
15.3
12.6
P e r cent.
310
47.3
58 4
66.2
714
817
66, 503, 000
0,7
0.3
27.5
12.2
59.3
12, 606.000
14,834, 000
12, 944, OttO
11, 583,000
10,175, 000
10, 540,000
0.7
0.7
0.0
0.7
3,1
12
0.3
0.4
0.3
0.3
0.3
0.3
2.9
16.5
67.3
70.8
69.3
66,7
113
8.9
9.3
12.0
12.2
35. 5
84. 8
73.5
22.5
16.2
17.1
16.3
72, 688, 000
0.8
0.3
46. 5
113
411
11,808,000
13,112, 000
14, 212, 000
11,556, 000
10,900,000
13,840,000
0.9
0.4
• 0.8
11
10
1,3
0.4
0.2
0.3
0.3
0.4
0.3
67,8
74.2
74. 5
716
72.4
72,6
16.2
, 10.1
114
33.4
34.1
12.0
14 7
15 1
13.0
13.6
12.1
13.8
73,428,000
0.9
0.3
72.3
12.8.
13.7
12,714,000
15,012,000
13,833, 000
14
0.8
11
0.4
0.2
0.2
76.2
79.9
79.9
10.4
8.8
8.4
11.6
10.3
30.4
No. 40.—SHIPMENTS OF S I L V E R C O I N FROM T R E A S U R Y O F F I C E S AND M I N T S F R O M
J U L Y 1, 1885, TO S E P T E M B E R 30, 1887, INCLUSIVE, AS P E R T H E I R REPORTS TO T H I S
OFFICE.
From October 1,1886, to September 30,1887,
Office.
Standard
dollars.
"Washington.
Baltimore
New York
Philadelphia
Eoston
Cincinnati
Chicago
Saint Louis
New Orleans
Total
$700, 865. 99
303, 500. 00
3,121,295. 80
500. ao
3, 079,594. 00
2, 364,879. 93
3,823,207. 45
2, 625,752.48
S3, 240. 00
Fractional
silver.
$331, 442. 40. .$1,032,808. 39
257,999. 53
621, 499. 53
1,006,724.40 4,188,020.20
1, 015,996. 57 1, 016,i^Q. 57
765,708.18 3, 845,302.18
893, 580. 96 3, 258,460.89
1,442,416. 05 5,26.5,623. 50
1, 014,284. 07 3, 640,036. 55
667, 595. 00
634, 355. 00
2, 362, 600. 00
Mint, Philadelphia
Mint, New Orleans
2,322,458.44
l i s , 499.15
7, 255, 000. 00
40,000. 00
Total.....'.
' Total of shipments
$997,137. 99
625,494.40
6,880,877.19
1,140, 658. 59
4,269, 525. 44
3, 721, 950. 75
6, 384, 968. 90
3, 89,5, 945. 86
2,148,498.40
Total.
$2,029,446.38
1,246, 993. 93
11, 068,897. 39
2,157,155.16
8,114, 827. 62
6, 980, 411 64
11,650,592.40
7, 535, 982.41
2, 816, 093.40
16,112,835. 65 7,422,507.16 23, 535,342.81 30,065, 057. 52 53, 600,400.33
San Francisco
Mint, San F r a n c i s c o . . . . .
Total.
Silver coin
shipped from
J u l y 1,1885,
to September
30,1886.
9, 617,458.44
28,092,894.09
506, 670.00 2, 869, 270. 00 1,137, 540. 00
4,006,810.00
2, 440,- 957. 59 4, 513,106.44
7, 255, 090. 00 6,459, 495. 87
40,000. 00 3,418, 500. 00
118, 499.15 9,735, 957. 59 14,391,102.31
24,127, 059. 90
8, 047,676. 31 36,140, 570.40 45, 593, 699. 83 81,734,270. 23
No.
4 1 . — S H I P M E N T S O F S I L V E R C O I N SINCE J U N E - 3 0 , 1885,
FROM
T R E A S U R Y O F F I C E S AND M I N T S , T H E C H A R G E S T H E R E O N F O R TRANSPORTA-
TION, AND THE A V E R A G E COST P E R $1,000.
FKOM T R E A S U R Y O F F I C E S E-AST O F
T H E ROCKY MOUNTAINS.
Month.
..
FROM SUB-TREASURY AT
FRANCISCO.
FROM MINTS.
SAN
Average
charge
per
$1,000.
A m o u n t of
shipment
aa p e r bills
rendered.
Charges
thereon.
Average
charge
per
$1,000.
Amount
shipped.
Charges
thereon.
$8.24
$ 1 4 6 $1,411,986.00 $11,633.49
1, 057. 69 1 9 5
132
541,996. 30
2,458.11
1.85
1 4 5 1,330,498.82
4,409. 26
2.11
1 4 7 2,088,494.70
148
1, 765.18
2.66
663, 993.57
1 3 5 1274,988.10
2, 669. 62
2.09
$26,000.00
213,500. 00
2 ^ , 000. 00
7b, . m 00
25, 5OT. 00
30, 500.00
$160.10
1,179.45
1,487.70
43135
148.45
144.40
$6.16
5.52
5.97
6.12
5.82
4.73
$2,426, 962. 42
2,678,904.72
4,255,339.28
4,982,449.09
3,414,848. 29
3,560,405.00
$13, 236.89
4,780.80
7,814.46
8,998. 94
5,953. 32
5,849.14
9, 500. 00
26,000.00
42, 000. 00
26, 500. 00
31,000. 00
45, 000. 00
54, 000. 00
70,000.00
213, 500.00
242, 000. 00
248, 000. 00
189, 000. 00
54.75
144. 20
233. 30
13145
147.65
245. 85
299. 05
335.70
1,215.00
1, 418. 00
1,459. 90
1,187.65
5.76
5.54
5.55
4.96
4.76
5.46
5.54
4.79
5.69
5.86
5.89
6.28
1,161, 9 8 1 4 7
1,494,472.45
2,309,971 69
2,255,977.94
2,138, 974.74
2, 783,249.81
3,100,172. 25
3, 977,465. 94
5,027,46171
4,793,537.34
3,490,047.44
3,105,468.12
2,021.^37
2.646.17
4, 015. 09
3,944.13
3,685. 20
4, 866, 98
5, 818.45
6,449.78
8, 873.17
8, 490. 56
6, 510 36
5.149.18
174
1.77
174
1.75
1.82
1.75
1.88
1.62
176
177
186
166
132, 000. 00
115,500.00
189. 500. 00
188, 500. 00
186, 000. 00
273,500. 00
254,000.00
346,000. 00
376,750. 00
1,019. 05
723.45
1,184.10
1,074. 80
1, 033.70
1, 847.15
1,427.65
1, 995.75
2,166.02
7.72
6.26
6.24
5.70
5.55
6.75
5.62
5.76
5.75
1, 254, 750.59
1,459, 486.65
2, 243, 858. 60
1, 855, 595.93
2,150, 080. 92
2. 698, 977.62
2, 979, 434.19
3,771, 481 94
6, 016. 538. 33
2, 570. 32
2,457.96
3, 727. 38
3,408.17
3,483.44
5,307.26
6, 074.42
6, 538.14
10,890.54
2.04
168
166
1.84
162
197
2.04
173
181
3,873,250. 00 22,895. 62
5.91
Average
charge
per
$1,000.
Amount
s h i p p e d for
"Which
bills h a v e been
rendered.
Charges
thereon.
$988,976.42
1, 923, 408.42
2,675,840.46
2, 823,454.39
2,725, 354.-72
2,254, 916. 90
$1,443.30
2,543. 66
3, 868. 65
4,158. 33
.4, 039.69
3, 035.12
696,986.47
•1,044,975.15
1, 596, 478.64
1,487,48L49
1, 566, 480. 89
2, 020,755.86
2,332,976.30
2, 553, 975.84
3,229,473.21
2, 675, 0 4 1 04
2, 036, 553. 54
1,786, 970. 52
972. 00
1, 289.65
1,984.21
J,97120
2, 007.69
2,461.26
3 , 0 3 1 26
3,163.00
4, 566.07
4, 077.21
3,120.31
2,413.97
139
123
124
132
128
122
1.S0
124
141
152
153
135
45.5,495. 00
423,497. 30
671,493.05
741,996.45
541,493. 85
717,493.95
713,195. 95
1, 353, 490.10
1, 584,488. 50
3,876,496.30
1, 205,493.90
1,129,497. 60
994. 62
1, 212. 32
I, 798.18
3,84148
1, 529.86
2,159. 87
2,488.14
2, 95108
3,092.10
2, 995.35
1, 930.15
1, 547. 56
1,158.97
1,303.29
2, 048.80
1,875.27
1,92177
2, 734.27
3, 937. 30
3, 375.85
5, 606. 24
133
1.27
124
L41
123
1.34
168
130
162
255, 996. 05
320^ 497.25
406, 997.50
339, 996. 52
398, 497.15
388, 996.27
384, 998. 20
838,497.15
2,189, 493. 70-
392. 30
431 22
494.48
458.10
527. 97
725. 84
709.47
1,166. 54
3,118.28
74,108. 34
Amount
shipped.
Charges
thereon.
Average
charge
per
$1,000.
1885.
July
August
September
October....-^
November
December
...
$5.45
178
184
2.01
174
1.64
1886.
January
February
March
April
May
June
July
August
September
October
November....
December
1887.
January
February .
March
April
May
June....
July
August
September
,.
866, 754. 54
1,023,489.40
1,647,36110
1,327,099.41
1, 565, 583, 77
2,030,48135
2, 340,435. 99
.2, 586, 984. 79
3,450, 294. 63
Total
:.
53, 264, 585. 24
1.39 24, 250, 059.23
56, 558.26
2.18
2.86
2.68
2.48
2.82
3.01
3.49
2.18
1 OSISO
160
137
• 153
134
121
135
1.32
186
184
139
142
.2.33
81,387, 894.47
153, 562. 22
H
Pi
Ul
d
Pi
189
OO
74
REPORT ON THE
FINANCES.
No. 42.—STATEMENT SHOWING THE AMOUNT OF GOLD C O I N AND B U L L I O N I N THE
T R E A S U R Y , AND OF GOLD CERTIFICATES OUTSTANDING, AT THE END OF EACH
MONTH FROM MARCH, 1878 TO OCTOBER,
Date.
1887.
T o t a l gold
G o l d certificates
in T r e a s u r y , coin
in the Treasu r y cash.
and bullion.
1878.
M a r c h 31 .
A p r i l 30
M a y 31
J u n e 30
J u l y 31 . . .
A u g u s t 31
S e p t e m b e r 30 .
October 3 1 . . . .
N o v e m b e r 30 .
Deceinber 3 1 . .
$120,106, 317.17
120,012, 781. 64
. 122,917, 907.88
128,460, 202. 87
132, 014, 619.41
134, 548, 036. 53
136, 036, 302. 20
140, 872,' 354.79
142, 400, 135.29
135,382, 639.42
$7,179, 200
9,032, 660
31, 235,300
19,469,320
18,170,420
20,794,220
9, 392,920
9,901,520
9,845,120
391,420
1879.
J a n u a r y 31 .
F e b r u a ' r y 28 . .
M a r c h 31
A p r i l 30
M a y 31
J u n e 30
J u l y 31
""August 31
S e p t e m b e r 30 .
October 3 1 . . . .
N o v e m b e r 30 .
December 31..
133,756, 906.65
133,265, 559.43
133,416, 135.85
134,520, 140.48
136, 680, 260.14
135,236, 474. 62
135, 517, 483.25
141,546, 390.52
169,606, 995. 03
171,517, 713. 65
160,443, 436.80
157,790, 321.84
1880.
J a n u a r y 31
F e b r u a r y 29
M a r c h 31
A.pril 30
M a y 31
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
Gold certific a t e s in circulation.
N e t gold i n
T r e a s u r y , coiu
a n d bullion;
$50,704,200
45,948, 840
21,246, 300
24, 897, 680
23, 852, 980
17, 222,180
23,433, 680
22,906,480
24,117,780
21189, 280
$69, 402,117.17
74, 003:943.64
101, 071,607. 88
103, 562 522. 87
108,101, 639.41
117, 325,856. .53
112, 602,622. 20
317,965, 674.79
118, 282,355. 29.
114,193, 359. 42
544, 020
400,220
50,740
62,140
33,580
133,880
43,800
120,000
67,700
213,400
183,740
740,960
17, 082, 680
16,379,280
16,253,960
15; 710,460
15,380,320
15,279, 820
• 15,190, 900
15,008, 700
14,843, 200
14,377,600
33,195,400
11596,140
116,674, 226. 65
136,886, 279. 43
117,16-2, 105. 85
118,809, 680.48
121,300, 140.14
119, 956,654. 62
120, 320,583, 25
126, .537,690, 52
154,703, 795. 03
.157,140, 133,65
347, 247,976. 80
146,194, 181.84
153, 690, 026. 43
146,750, 758. 04
144,OIC, 551 50
138-, 783, 440. 08
128,709, 496. 51
126,145, 427. 20
123,126, 645. 54
127,679, 279.45
135,244, 833.65
140,725, 952.74
151,362, 519. 38
156,742, 095.77
61,100
327,300
611, 500
173,800
39,800
40,700
32, 600
36, 800
31,600
6,800
19,120
130,500
10,350,000
9,755,300
8, 244, 000
8, 056,800
8, 010,300
7„ 963, 900
7, 852, 000
7, 661, 300
•7,480,100
7,447,700
7,381,380
6, 528, 380
143,340, 026. 43
136, 995, 458. 04
335,766, 55150
130,726, 640, 08
120,699; 196. 51
118,181, 527. 20
115,274, 645. 54
320,018, 179.45
127,764, 733. 65
133, 278, 252.74
143,981, 139, 38
150, 213, 715. 77
1881.
J a n u a r y 81
F e b r u a r y 28
M a r c h 31
A p r i l 30
M a y 31
June.30
J u l y 31
:..
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30 . . . .
D e c e m b e r 31
154,544,209.35
173,038,253.01
173, 668,163. 08
170, 319,754. 53
103,770,158.17
103,171,661 25
154,911,475. 21
169,495,52194
174,361,344. 52
172,989,829.17
178,225,303\ 41
172, 617,467. 38
50,080
312,080
142,900
1,400
36,320
23,400
1,700
3,800
9,600
3,700
8,300
6,491,400
6, 229,400
6,028,900
5, 961, 200
5, 876,280
5,759, 520
5,748,120
•5, 397,120
5,239, 320
5,204,220
5,199, 620
5,188,120
148, 052, 809,15
166, 808, 853. 01
167, 639, 263. 08
164, 358, 554. 53
157, 893, 878.17
157, 412, 1 4 1 2 5
149,163, 355. 21
164, 098, 401.94
169,122, 024. 52
167,785, 609.17
173,025, 683.41
167,429, 347.38
1882.
J a n u a r y 31 .
F e b r u a r y 28 . .
M a r c h .3i
A p r i l 30
M a y 31 :
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30 .
O c t o b e r 31
N o v e m b e r 30 .
December 3 1 . .
365,152,788. 62
173,757,874. 07
166,457,356. 93
155,069,102.18
153,985,545. 28
148, 506, 389. 95
145,079,030.31
149,303,920. 69
152,739,106.43
159,805,743. 54
164,267,584. 64
171,504,568. 39
7,900
15,800
14,990,170
15,950,270
25,105, 030
5,180,220
5,172,320
5,166, 920
5,073,120
5, 052,920
5,029,020
5,016,440
4,992,040
4, 907,440
11,370,270
19,458,270
39,514, 810
150, 972,568. 62
168, 585,554. 07
161,290, 436. 93
• 149,997,
982, 18
148, 932,625,28
143,477, 369. 95
140,062, 590.31
144,311, 880. 69
147,831, 666.43
148,435, 473.54
144,809, 314. 64
131,989, 758. 39
1883.
J a n u a r y 31 .
F e b r u a r y 28 .
M a r c h 31
A p r i l 30
M a y 31
J u n o 30
J u l y 31
A u g u s t 31 . . .
173,317,834.35
177,661,630.86
184,752,713.90
187,837,44193
193,310,043. 00
198,078,567. 68
202,774,035.16
204,172,975.33
25,107, 300
32, 296,270
31,525,210
32, 935,420
23, 869, 000
22, 571,270
23, 383,440
28, 445,200
47,669, 640
42, 554,470
43,444, 510
48, 398,200
59, .593,940
59, 807,370
60,068, 000
54, 547, .540
1,000
2, 500
8,100
1,500
125,648,194. 35
135,107,160. 86
141, .308, 203. 90
139,439, 241 93
133,718,103. 00
138,271,197.68
142,705,435.16
149,625,43.^33
75
TEEAStmEE.
No.
42.—STATEMENT SHOWING T H E AMOUNT O F GOLD C O I N AND B U L L I O N I N T H E
T R E A S U R Y AND GOLD CERTIFICATES OUTSTANDING, ETC.^Continued.
Date.
T o t a l gold
in T r e a s u r y , coin
and bullion.
1883.
S e p t e m b e r 30 —
October 3 1 . . . 1..
N o v e m b e r 30
D e c e m b e r 31
$206,130, 543.10
209,429, 939.90
216,133, 327. 54
219, 014, 739.63
$27, 480, 300
31,252, 760
27, 035,300
27,446,780
.$55,034,940
52, 076,180
58,897,620
63, 585,140
$151,115,603.30
157, 353, 7.59.90
157, 235, 707.54
155,429, 599.63
1884.
January 31..
F e b r u a r y 29 . . . .
M a r c h 31
A p r i l 30
May31
J u n e 30
J u l y 31
A . u g u s t 31
S e p t e m b e r 30 . . .
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
221,813,356.49
221,881,633.11
211,071,506.97
196, 325, 625. 72
201,132,388.01
204, 876, 594.15
210, 539, 550.98
234;483,657.17
217,904,042.81
222, 536, 360.43
231, 389, 360.85
234, 975, 8.5195
23; 788, 000
30, 600, 070
35,424, 250
44,415, 395
39, 686, 780
27,246, 020
26, 525, 830
29, 701, 980
33, 546, 960
32,477, 750
26, 701,060
26, 343, 730
77,462, 620
.77, 843,430
68,812,150
56, 700,805
59,125,480
71,146,640
91,491,490
92, 017, 940
87, 389, 660
87, 865, 570
93, 374,290
93, 287,420
144,350, 736.49
144, 038, 203.11
142, 259, 356.97
139, 624, 820. 72
142, 006, 908.01
133,, 729, 954.15
119,048, 060.98
122, 465, 717.17
130, 514, 382.81
134, 670, 790.43
338,035, 070.85
141, 688, 4 3 1 9 5
1885.
J a n u a r y 31
F e b r u a r y 28
M a r c b 31
- A p r i l 30
May31
J u n e 30
,
J u l y 31
A u g u s t 31
S e p t e m b e r 30 . . .
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
• 237,167, 975.84
240,029, 843.24
241, 440, 796.37
243,162, 194.81
244, 363, 543.59
247, 028, 625.25
249, 367, 595.20
250,257, 417.89
251, 251, 114.54
251, 359, 349.29
251, 945, 578.13
253, 351 409.48
22, 299,150
40, 426, 930
37, 689,990
28, 625,290
14,371,350
13, 593,410
17, 322, 320
' 16, 606,230
22, 249,240
31,115, 850
34, 492, 968
34, 350,479
111, 980, 380
112,683,290
115, 967, 540
125,234i 800
128, 553j 010
126, 729, 730
123,289, 000
123,885, 490
118,137, 790
109, 020, 760
105,554, 092
105, 359, 601
325,187, 595.84
127, 346,553.24
125,473, 256.37
117, 927,394.81
115,810, 533.59
120, 298,895.25
126,078, 595.20
126, 371,927.89
133,113, 324.54
142, 338,589.29
146, 391,486.13
147,991, 1.48
1886.
J a n u a r y 31
F e b r u a r y 28
,
M a r c h 31
A p r i l 30
,
May31.....
J u n e 30
J u l y 31
A u g u s t 31
,
S e p t e m b e r 30 . . . .
O c t o b e r 31
N o v e m b e r 30
D e c e n i b e r 31
251, 371, 5 6 1 5 8
249,801,087.53
242,155,167.4 •
240, 580, 532.67
236,424, 734.21
232, 838,123.91
233,651, 522.45
235,430,635.24
242, 609, 018.37
246,832,148.40
254, 450, 853.57
268,128,018.47
24, 060, 709
33, 671, 010
46, 797, 927
.52,396,875
51, 735, 670
55,129, 870
52,258, 360
48, 693,980
40, 6.54, 320
36, 878,458
34,469, 694
27, 485,804
135,284,9.51
105,637,050
90, 775,643
84,715,225
80,120,'025
76, 044,:375
74,718,517
77, 698, 347
84,691,807
88, 294, 969
90,520,633
97,215, 605
136, 086,630. 58
144,164, 037.53
351,379, 524.40
155, 865,307.67
156, 304,709.21
156, 793,748.91
158, 933,005.45
157, 732,288.24
157, 917,2 1 1 3 7
158, 537,179.40
163,930, 220.57
170, 912,413.47
1887.
J a n u a r y 31
,
F e b r u a r y 28
M a r c h 31
A p r i l 30
,
May31
,
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
...
274,140, 468.85
275,088, 626.45
275,985,862.15
275, 336, 915.90
277, 628, 750.47
278,101106.26
281,296,417.45
282, 039, 533.67
290, 702, 629. 70
302, 544, 605.45
18,843, 632
24, 256,230
29, 757, 610
28, 905, 040
32,101,358
30, 261, 380
18, 098, 560
23, 008,207
29,154,288
32,858,158
105,665,107
99,958,365
94, 046, 015
94,434, 485
90, 960, 977
91, 225, 437
94, 990, 087
88, 765, 340
97, 984,683
99, 684,773
168,475, 3 6 1 8 5
175,130, 2 6 1 4 5
181, 939, 847.35
180,902, 430.90
186,667, 773.47
186, 875, 669.26
186, 306, 330.45
193, 274, 193.67
192, 717, 946.70
202, 859, 832.45
Gold certificates
in t h e Treasu r y cash.
Gold certificates in circulation.
N e t gold i n
T r e a s u r y , coin
a n d bullion.
76
REPORT ON T H E
FINANCES.
No. 43.—STATEMENT SHOWING THE AMOUNT OF STANDARD S I L V E R
DOLLARS
C O I N E D , I N THE T R E A S U R Y AND I N CIRCULATION, AND OF S I L V E R C E R T I F I C A T E S
OUTSTANDING, AT THE END OF EACH MONTH FROM MARCH, 1878, TO OCTOBER, 1887.
Date.
Silver
Standard
Standard
certiflcates
s i l v e r d o l l a r s silver d o l l a r s in t h e T r e a s i
n
t
h
e
coined.
Treasury.
u r y cash.
Silver
certificates
i n circulation.
Net
standard
silver dollars
Standard
i n T r e a s u r y s i l v e r dollars
after
i n circuladeducting
tion.
s i l v e r certificates in
circulation.
1878.
M a r c h 31
A p r i l 80 . . . . . . . .
M a y 31
J u n e 30
J u l y 31
A u g u s t 31
September 3 0 . . .
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
,
$1,001,500
3,471,500
6,486,500
8, 573, 500
10,42.0, 500
13,448,500
16,212, 500
18,282,500
20,438, 550
22,495,550
$810, 561
3,169,681
5,950,451
7, 718, 357
9, 550,236
11,292,849
12,155,205
13, 397, 571
14,843,219
16, 704, 829
$314,710
1,455, 520
2, 647, 940
4,424, 600
1, 316,470
2,639, 560
1,907,460
2, 082, 770
1879.
J a n u a r y 31
F e b r u a r y 28
M a r c h 31
April30,........
May31
J u n e 30
J u l y 31
A u g u s t 31 ,
S e p t e m b e r 30 . . .
October 31 . . . . . .
N o v e m b e r 30 . . .
D e c e m b e r 31
24, 555, 750
26, 687, ^750
28, 774, 950
31.155, 950
33,485, 950
35,801, 000
37,451, 000
40,238,050
42, 634,100
45,206, 200
47, 705, 200
50, 055,650
17,874,457
19, 505, 767
21, 558,894
23,694,563
26,181,045
28,147, 351
29,151, 801
30, 678,464
31, 559, 870
32, 322, 634
32,839,207
33,168,064
2,170, 840
3,976,320
2,074,830
1, 779, 340
1, 922, 820
2, 052,470
2,014, 680
1, 976, 960
3, 045,130
•4, 531,479
5,173,188
4, 888,658
1880.
J a n u a r y 31
F e b r u a r y 29
M a r c b 31
A n r i l 30
MaySl...'.
J u n e 30
J u l y 31 .
A u g u s t 31
S e p t e m b e r 30 . . .
O c t o b e r 31
N o v e m b e r 30 . . .
D e c e m b e r 31
52, 505,650
54,806,050
57.156, 250
59,456, 250
61,723,250
63,734,750
66, 014, 750
68,267,750
70, 568,750
72, 847,750
75,147, 750
77,453,005
34, 961,611
36, 972, 093
38,780,342.
,40,411,673
42,778,190
44,425, 315
46,192, 791
47, 495, 063
47,6.54,675
47,084,450
47, 397,453
48,190, 518
5, 063,456
4, 797, 314
5,611, 914
5,428, 354
6, 322, 731
.6, 584, 701
5, 758,331
5, 518, 821
6, 318, 769
7, 333, 719 '
8, 572, 294
9,454,419
3, 989,454
4,572,606
6,017,006
6, 615, 366
6, 051, 539
5, 789, 569
6, 930, 959
7, 619, 219
12, 203,191
19,780,241
26, 504, 986
36,127,711
30,972,157
, 32,399, 487
32, 763, 336
33, 796, 307
36, 726, 651
38, 635, 746
39, 261, 832
39, 875, 844
3.5, 451, 484
27, 304, 209
20, 892,467
12, 062, 807
17, 544, 039
17, 833, 9.57
18, 375, 908
39 044,577
18, 945, 060
19, 309,435
•19,821,959
20, 772,087
22, 914, 075
2.5,763/300
27, 750, 297
29, 262,487
1881
J a n u a r y 31
F e b r u a r y 28
M a r c h 31
A p r i l 30
May 31...
J u n e 30
J u l y 31 . . . :
A u g u s t 31
September30 ...
O c t o b e r 31
N o v e m b e r 30 . . .
D e c e m b e r 31
79, 753, 005
82,060, 005
84, 359, 505
86, 659, 505
88,959, 505
91, 372, 705
93,622,705
95, 922,705
98, 322,705
100, 672, 705
102, 972, 705
105, 380,980
50. 235,102
V 52,939,460
55,176,158
58, 044, 826
60, 518, 273
62, 544,722
64, 246, 302
65, 948, 344
66,092, 667
66,576, 378
68,017,452
69, 589, 937
9, 985, 583
10, 856, 463
10,733, 085
11, 522, 208
11, 988, 710
12, 055, 801
11,181, 088
11, 516,432
11, 559, 730 :
7,488, 900
7, 089,880
6,359, 910
36, 814, 637
37, 027, 797
39, 445, 815
39,157, 932
38, 784, 540
39,110, 729
40, 802, 892
46, 061, 878
52, 590,180
58, 838, 770
59, 573, 950
62, 315, 320
13,420, 465
15, 911, 603
15, 730, 343
18, 886, 894
21,733,733
23, 433, 993
23, 443, 410
19, 880,466
. 13, .502, 487
7, 737, 608
8, 443, 502
7, 274, 617
29, 517, 903
29,120, 545
29,183, 347
28,614, 679
28 441232
28,827; 983
29, 376, 403
29,974,361
32, 230, 038
34,096,327
34, 955, 253
35, 791, 043
1882.
J a n u a r y 31
107, 680, 980
F e b r u a r y 23 . . . . 109,981,180
112, 281,680
M a r c h 31
114, 581,680
A p r i l .30.
116, 843, 680
M a y 31
J u n e 30
119,144, 780
' 121, 304, 780
J u l y 31
123, 729, 780
A u g u s t 31
S e p t e m b e r 30 . . . 126, 029, 880
128. 329, 880
O c t o b e r 31
N o v e m b e r 30 . . . 130,629,880
132, 955, OSO
D e c e m b e r 31
72,421, 584
75,138, 957
78,178, 583
81, .595, 056
84,606,043
87,153, 816
88, 840, 899
91,166,249
92, 228,649
92,414, 977
92,940,582
94, 016, 842
7, 462,130
8,549,470
8, 931, 930
8, 872, 790
10, 509,160
1 1 590, 620
12, 361,490
11, 700, 330
8, 364,430
7, 987, 260
5, 752, 970
4,405, 000
61, 537, 540 .
60,125,010
59, 423, 440
58, 908, 570
57, 227, 060
54, 506, 090
54, 757, 720
57,739,880
63, 204,780
65, 620, 450
67, 342, 690
68,443, 660
10, 884, 044
15, 013, 947
18, 755,143
22, 686, 486
27, 378, 983
32, 647, 726
34, 083,179
33,426, 369
29, 023, 869
26, 794, 527
25, 597, 892
25,573,182
3.5, 259, 390
34, 842, 223
34,103, 097
32, 986, 624
32, 237, 637
31, 990, 964
32,463, 881
32, 563, 531
33, 801, 231
35, 914,903
37, 689, 298
38, 938, 238
$810, 561
3,106,681
5, 923,121
7, 711, 277
9, 550, 236
9, 583, 569
11,443, 605
13, 328, 781
14,477,159
16, 291,469
$190,939 •
301, 819
530, 049
855,143
870, 264
2,155, 651
4, 057, 295
' 4,884,929
5, 59.5, 331
5, 790, 721
400, 3i0
17,474,117
331, 860
' 19,173, 907
21, 307,194
251,700
23,496, 883
197, 680
444,140 . 25,736, 905
27,732, 871
414,480
771,170
28, 380, 631
1, 304, 890
29, 373, 574
1,176, 720
30, 383,150
1, 604,371
30, 718, 263
1, 894, 722
30, 944,485
3, 824, 252
29, 343, 812
6, 68i; 293
7,181, 983.
7, 216, 056
7,461,387
7 304 905
7, 653, 649
8,299,399
9, 559, 586
11, 074, 230
12, 883, 566
14, 865, 993
16, 887, 586
$63,000
27,330
7,080
-1,709,280
711, 600
68, 790
366, 060
413, 360
77
TEEASUREE.
No.
43.—STATEMENT
SHOWING T H E
AMOUNT
OF
STANDARD " S I L V E R
DOLLARS
COINED, ETC.—Continued.
•
Date.
Silver
Standard
Standard
silver dollars certificates
s i l v e r dollars
in t h e Treasin t h e
coined.
ury cash. •
- Treasury,
Silver
certificates
i n circulation.
Net
standard
silver dollars
Standard
in Treasury
s i l v e r dollars
after
in
circula- .
deducting
tion.
silver certificates in
circulation.
. 1883.
January 31..
$135,405,080
F e b r u a r y 28
137, 805,080
M a r c h 31
340,205,699
A p r i l 30
142, 555,699
M a y 31
144, 90.5, 699
J u n e 30
147, 255,899
149,680,899
July'31
152,020, 899
A u g u s t 31
S e p t e m b e r 30 . . . 354,370,899
156,720,949
O c t o b e r 31
N o v e m b e r 30 . . . 159,070,949
D e c e m b e r 31
161, 425,119
$97, 530,969
100,261,444
103,482,305
106,366,348
108, 898,977
111,914,019
113, 057,0.52
114,320,197
114,587,372
116,036,450
117,768,966
119,449,385
$4,306,650
5,208,550
6, 865, 340
8,887,200
8,305,940
15,996,145
15,542,730
17,276, 820
15, 568,280
14,244,760
13,806,610
13,180,890
$68, 438,820
68.027.420
70,759,991
71, 884, 071
71,727, 391
72, 620, 686
• 73,728, 681
75,375,161
78, 921,961
85,334,381
87,976,201
96,717, 721
$29^ 092,149
32i 234,024
32,722,314
34,482,277
37,171, 586
39,293,333
39, 328, 371
38, 945, 036
35, 665,411
30,702,069
29,792, 765
22,731,664
$37,874, 111
37, 543, 636
36,723,394
36,189,351
36,006, 722
35,341,880
36, 623, 847
37, 700,702
39,783, 527
40,684,499
41.301, 983
41, 975,734
1884.
J a n u a r y 31
F e b r u a r y 29
M a r c h 31
A p r i l 30
Ma^-^31
J u i i e 30.
J u l y 31
A u g u s t 31 .- —
S e p t e m b e r 30 . . .
O c t o b e r 31
N o v e m b e r 30 . . .
D e c e m b e r 31
363,775,119
166,325,339
168,425, 629
170,725,629
173,035,629
1-75,355,829
177, 680,829
3 80,030,829
182, 380, 829
184, 730,829
187,180,829
189,561,994
123,474,748
126,822,399
129,006,101
130,314,065
132,626,753
135,560,916
137, 692,119
140, 615,722
142,058, 787
142,926, 725
144,745,075
146, 502,865
13,179,020
13, 890,100
20,488, .585
20, 876,250
19,936, 620
23,384,680
25,265,980
26,903,230
26, 769,470
30,814,970
28,951, 590
23,302, 380
96,958,031'
96,247, 721
95,919,576
95, 497, 981
97,363,471
96,427, Oil
95,138,361
94,228,691
96,491,251
100, 741, 561
104, 988, 531
114, 865, 911
26, 516,717
30,574,678
33, 086,525
34, 816, 084
35,263,282
39,133,905
42, 553, 758
46, 387,031
45, 567, 536
42,185,164
39,750, 544
31, 636, 954
40, 800, 371
39.302, 720
39,419,528
40,411,564
40,408, 876
39,794 913
39, 988,710
39,415,107
40, 322, 042
41, 804,104
42, 435, 754
43,059,129
1885.
January 31......
F e b r u a r y 28 . . . .
M a r c h 31 . . . . . . .
A p r i l 30
M a y 31
J u i i e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30 . . .
O c t o b e r 31
N o v e m b e r 30 . . .
December 31.....
191,947,194
394,247,194
196,697,394
199,307,394
201,509,231
203, 884, 381
205, 784, 381
208, 259,381
210,759, 431
213,259,431
215,759,431
218,259,761
150, 632,154
153,561,007
156,698,482
159,441, 034
162,244,855
165,413,112
166,499, 948
166,854,215
165,483,721
163,817,342
165,568,018
3«5,718,190
27,337,890
29, 951, 880
30,861, 615
32,141,140
35, 575, 590
38,370, 700
40,340, 980
42,712,890
31, 722, 990
31, 906, 514
32, 034,464
31,164, 311
113,858,811
111,467,951
112, 820,226
109,443,946
105,085,186
101,530,946
98,872,106
96, 079,296
93, 656, 716
93,146,772
92; 702, 642
93,179,465
36,773, 343
^ 42,093,056
43,878,256
49,997,088
57,159, 669
63, 882,166
67,-627,842
-70, 774, 919
71,827,005
70,670, 570
72, 865, 376
72, 538, 725
41,315,040
40,686,187
39,998, 912
39, 666,300
39,264,376
38,471,269
39, 284,433
41,405,166
45, 275, 710
49,442, 089
50,191,413
52,541,571
1880.
J a n u a r y 31
F ' e b r u a r y 28
M a r c h 31 . . . . . . . .
A p r i l 30
M a y 31
J u n e 30
J u l y 31
. .
A u g u s t 31
S e p t e m b e r 30 . . .
O c t o b e r 31
N o v e m b e r 30 . . .
D e c e m b e r 31
220, 553, 761
223,145, 761
225, 959, 761
228,4.34,321
231,100,121
233, 723, 286
235,„644,286
238,462, 286
241,070,286
243,849, 386
246, 673,386
249,343,647
169,083, 385
171, 805, 906
174,700,985
175, 928, 502
178,252, 045
381,253,566
181,523, 924
381,769,457
181,262,593
382,931,231
184,911,938
188,506,238
33, 978, 767
34,837, 660
32,410, 5 7 5 '
31141,055
30,411,016
27, 861,450
27,728,858
25,571,492
22, 555, 990
17,562, 302 •
14,137,285
7,338,432
89, 761, 609
88,390,816
90.122.421
90, 733,141
89,184,129
88,116,225
87, 564, 044
89, 021, 760
95, 387,112
100, 300, 800
105,519,817
117, 246, 670
79, 321,776
83,415, 090
84,578,564
^5,195, 361
89,067,916
93,137, 341
93, 959,880
92,747,697
85,87.5,481
82,624,431
79,392,121
71,259,568
51, 470, 376
51,339, 855
51,258,776
52,505.619
52,908,076
52,469, 720
54,120, 362
56,692,829
. 59,807,693
60,918,155
61,761,448
60,837,409
1887.
J a n u a r y 31
F e b r u a r v 28 . . . .
M a r c h 31
A p r i l 30
M a y 31
.
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30 . . .
O c t o b e r 31
252,105, 647
255, 503, 647
258,474,027
261,524, 027
264,424,027
266, 940,117
267, 390,117
270,200,117
273,340,357
276,716,157
193, 963, 783
398,112,760
201,672, 372
205, 788, 822
209,052, 567
211,483, 970
211,528,891
213,212,448
213,043,796
214,175, 532
6,737, 388
5,466, 347
6,212,849
5,007,-700
5, 289,164
3,425,133
4,209, 659
5,996,743
3, 919, 841
3, 451,494
118,183,714
121,130,755
131,930,489
137, 740,430
139,143,328
142,118, 017
144,366,141
147, 876, 385
154,354, 826
160,713,957
75,780,069
76,982, 005
69,741, 883
68,048,392
69,909,239
69; 365, 953
67, 362, 750
65, 336,063
58. 688,970
53,461,575
58,141, 864
57,390,887
56, 801,655
55,735,205
55, 371,460
55,456,147
55,861,226
56, 987,669
60, 296, 361
62,540,625
No.
44.—COINAGE,
MOVEXMENT, AND E X P E N S E
Coinage
during the
quarter.
- Total
coinago t o
end of e a c h
quarter..
1878—March 31
J u n e 30
S e p t e m b e r 30
D e c e m b e r 31
1879—Marcb 31
J u n e 30
S e p t e m b e r 30
D e c e m b e r 31
1880—March 31
J u n e 30
,
S e p t e m b e r 30
D e c e m b e r 31 ,
1881-March31
J u n e 30
S e p t e m b e r 30,
D e c e m b e r 31 .
1 8 8 2 - M a r c h 31
^ J u n e 30
S e p t e m b e r 30.
December 3 1 .
1883—March 31
Juno 30..
S e p t e m b e r 30,
December 3 1 .
1884—March 31
J u n e 30
- S e p t e m b e r 30.
December 3 1 .
1885—March 31
J u n e 30
S e p t e m b e r 30.
D e c e m b e r 31 .
1886—March 31
J u n e 30
S e p t e m b e r 30.
D e c e m b e r 31 .
1887—March 31
J u n e 30'...
S e p t e m b e r 30.
$1,001,500
7, 572, 000
7, 639, 000
6,283, 050
6, 279,400
7, 026, 050
6, 833,100
7,423*, 550
7,100,600
6, 578, 500
6, 834,000
6, 884,255
6,-906, 500
7,013,200
•6,950,000
7, 058, 275
6, 900, 700
6,863,300
6,885,100
6, 925, 200
7, 250, 619
7, 050, 200
7,115, 000
7, 054, 220
7, 000, 510
6, 930, 200
7, 025, 000
7, 381,165
7,135,400
7,186, 987
6, 875, 050
7, 500, 330
7, 800, 360
7, 663,165
7, 347,000
8, 273, 361
9,130,380
8, 466, 090
' 6,400,040
$1,001,.500
8, 573, 500
10,212,500
22,49.5, 550
28,774, 950
35, 801, 000
42, 634,100
50, 055, 650
57,156, 250
63, 734,750
70, 568,750
77, 45:{, 005
84, 359, 505
91, 372, 705
98, 322, 705
10.5, 380, 980
112,281,680
119,144, 780
126,029,880
132,955,080
140, 205, 699
147, 255, 899
154, 370, 899
161,425,119
368,425,629
175, 355, 829
182, 380, 829
189,561,994
196,697,394'
203, 884, 381
210, 759,431
218, 259, 761
226, 060,121
233, 723, 286
241,070,286
249, 343, 647
258, 474, 027
266,940,117
273, 340,157
Total..^..
273, 340,157
Quarter ending—
O F MOVE.MENT
Amount
moved out
a t ex]jense
of t h e Government.
$570, 939
6,468,122
8, 642, 540
8, 269, 319
4, 829, 295
10, 878, 058
7, 639, 033
9, 927, 739
6, 230, 378
7, 775, 649
9, 993, 817
11, 094, 984
5, 086, 738
6, 612, 802
8, 233, 796
10,114, 981
5, 290,132
4, 332, 536
8, 884, 766
18, 491, 704
10, 909, 534
10,121, 889
14, 945, 567
13,711,358
10, 626, 842
14, 676, 051
12, 894, 001
15, 865, 361
12,100, 366
9, 869, 868
28, 932, 564
39,758,456
9, 912, 081
34,397,268
36,-822,783
14, 749, 483
15, 717, 441
13,777,983
19,953,100
457,121, 924
OF STANDARD
SILVER
Expense
Expense
Amount
of m o v e m e n t per $1,000| m o v e d i n t o
out.
moved.
Treasury.
-
$2,100. 70
15,625.23
18, 884. 37
70, 376. 43
23,216.84
• 5, 516.14
12i 543. 38
24, 633, 05
9, 99.5, 88
11,856.02
21,433.28
29, 062. 23
9, 415. 21
11,436.12
23,278.34
22, 727. 72
9, 304. 29
11,432.45
20, 7 8 1 51
20,031.60
13, 707. 87
11, 284.14
38,794.75
18, 784. 99
9, 200. 89
15, 768. 83
14, 0 6 1 98
20, 914. 33
11, 296. 50
,23, 922. 00
17,86159
167, 268. 87
23,136.16
18, 685. 33
18, .359, 90
19, 357. 93
30,929.27
14,196, 36
19,106. 94
2.42
2.18
8.51
4.81
5.08
3.64
2.48
160
152
2.15
2.62
185
173
2.58
2. 25
1.77
2.64
2.34
108
1.25
111
1.26
137
.87
1.07
109
132
.93
2,42
.62
4.21
2.23
1.29
109
131
108
120
.96
844, 349. 42
185
$380,000
5,803,938
5, 440, 388
6, 535, 893
3,403, 960
10, 440, 465
4, 218, 452
4, 114, 383
4, 7-48, 056
6, 842,122
6, 389,377
4, 746, 572
5, 305, 878
6,908,366
4,833,741
6, 553, 976
6, 984, 078
6, 444, 669
7, 074, 499
13, 354, 697
13,124, 378
11,503,403
10, 503, 920
31,539,151
33,183, 048
14, 300, 666
12, 366, 872
13,128, 274
15,160, 583
31, 397, 311
22,128,323
32, 492,- 595
11095,116
13, 286, 684
9,484,810
13, 719, 767
19, 753,195
13,123, 491
15,112, 888
396, 825, 565
DOLLARS, B Y QUARTERS, TO S E P T E M B E R
Net movement.
Out.
In.
$190, 939
664, 204
3, 202,152
1, 733, 426
1, 425. 335
437; 593
3, 420, 581
5,813,356
3,488,322
933, 527
3, 604, 640
6, 348, 412
$79,140
355,364
3,402,055
3, 561, 005
1, 687, 946
2,112,133
1, 810, 267
5,137, 007
2, 214, 844
•3,381,514
4, 441, 647
2,192, 207
2, 556, 200
375, 385
527,129
2, 737, 087
3, 060, 217
1, 527, 443
6, 804, 241
7, 205, 861
1,182, 435
1,110, 584
7,337,973
1, 029, 716
4, 035, 754
1, 345, 508
4, 840, 212
81, 834, 863
21, 538, 504
30,
1887.
GO
E x p e n s e of E x ppeern s e
Amount in
c i r c u l a t i o n a t m o v e m e n t t o $1,000 i n
e n d of e a c h e n d of e a c h circulaquarter.
quarter.
tion.
$190, 939
$2,100.70
855,143
17, 725. 93
36,610.30
4, 0.57, 295
106, 986.73
5, 790, 721
130, 203. 57
7, 216, 056
135, 719. 71
7, 653, 649
148,263.09
11,074,230
172,896.34
16,887,586
182, 892. 02
18,375,908
19, 309, 435 . 194, 748. 04
216,181 32
22, 914, 075
245, 243: 55
29, 262, 487
254, 658, 76
29,183, 347
266, 094, 88
28, 827, 983
287, 273. 22
32, 230, 038
310,100,94
35, 791, 043
319,465.23
34,103, 097
330,
897. 68
31,990,964
351, 679.19
33, 801, 231
371,710.79
38, 938, 238
385, 418. 66
36, 723, 394
396,702. 80
35, 341, 880
415, 497. 55
39, 783, 527
434,
282. 54
41,975,734
443, 483. 43
39,419,528
459,
252,
26
39, 794, 913.
473,314.24
40, 322, 042
494,
228.
57
43, 059,129
505, 525. 07
39, 998, 912
529, 447. 07
38, 471, 469
547, 308. 66
45, 275,710
714,
577. 53
52, 541, 571
737, 713. 69
51,359,136
756,
399. 02
52, 469, 720^
774,758. 92
59, 807, 693
794,116.
85
. 60, 837, 409
811, 046.12
56, 801, 655
825,
242.48
55, 456,147
. 844, 349.42
60, 296, 359
$11.02
20.73o
9.02
18.47
18.03
17.73
13,39
10.24
9.95
10, 09
9.43
8.38'
8.73
9.23
8.92
8.06
9.37
10,34
10,40
9,55
10.50
1 1 22
10.44
10.35
1 1 25
1154
11.74
11.48
12.64
13.76
12.09
'13.60
14.36
14.42
12.95 ^
13. 05
14.28
14.88
14. 00
.0
H
O
O
Ul
79
TEEASUEEE.
No.
45.—'STATEMENT
SHOWING
THE AMOUNT
OF
FRACTIONAL
T R E A S U R Y AT T H E E N D O F E A C H M O N T H F,ROM M A Y ,
Date.
Amount.
1879.
M a y 31
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30 .
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
:...
..
$6, 813, 589. 32
8, 903, 4 0 1 36
12,733, 765. 97
15, 230, 724.48
36,814, 308. 94
17, 755, 986. 76
38,432, 478.13
18, 881, 629.15
1880.
J a n u a r y 31
F e b r u a r y 29
M a r c h 31
A p r i l 30
May31
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
—
1881.
J a n u a r y 31
F e b r u a r y 28
M a r c h 31
A p r i l 30
May31
J u n e 30
J u l y 31
:
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
20,204, 809.83
21,179, 312. 32
21, 989, 814, 48
22, 767, 672. 95
23, 577, 091.99
24,350, 4 8 1 80
24, 97-5, 713. 52.
25,152, 9 7 1 8 9
24, 799, 925, 40
24,629, 489. 89
24, 653, ,530. 37
24, 769, 057. 32
25,490, 934,88
25, 813, 058. 08
26, 283, 891 96
26,493, 612. 56
26,841, 956. 74
27,247, 696. 93
27, 295, 486, 63
27, 042, 806. 63
26,313, 113. 63
25, 984, 687. 76
25,918, 252.00
25,963, 6 4 1 4 8
1882.
J a n u a r y 31
F e b r u a r y 28
M a r c h 31
„..:.
A p r i l 30
May33
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30 . . . . . . .
December 3 1 . . .
26, 567,873. 37
26,896, 906, 26
27,187, 680, 67
27,439, 183.93
27, 755,923. 33
28,048, 630. 58
28,153, 956.16
27, 990,387. 75
27, 426,139. 93
26, 749,432.45
26, 544,544.43
26, 521,692. 20
1883.
J a n u a r y 31
F e b r u a r y 28
M a r c h 31
A p r i l 30
M a y 31.
'
J u n e 30
J u l y 31
27,135,244,74
27,507,275,78'
27,865, 993, 79
28, 068, 628. 88
28,303,196.20
28,486,001 05
28,058,14167
1879,
SILVER
COIN
TO OCTOBER,
Date.
IN
THE
1887.
Amount.
1883—Continued.
A u g u s t 33
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
1^27,819, 711 70
26,750,1613.3
26, 712, 424,15
26, 969,614.40
27, 224,126. 33
1884.
J a n u a r y 31
I ' e b r u a r y 29
M a r c h 31
A p r i l 30
May31
June 30..
J u l y 31
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
28,014, 414. 76
28,490, 906.91
28, 866, 556. 33
29,158, 480. 47
29, 377, 206.41
29, 600, 720. 05
29, 797, 485. 76
29, 659, 003. 38
29,474, 160. 89
29, 346, 757. 24
29,143, 283.48
29,194, 355..52
,
,
1885.
J a n u a r y 31
F e b r u a r y 28
M a r c h 31
A p r i l 30
May31
J u n e 30
July31
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
-
-.-.
29,901, 104. 54
30,244, 836,12
30,632, 326,, 20
30, 944,048, 81
31,694, 364.80
31,236, 899. 49
25,355, 020. 23
24„724, 287.43
23, 641 893, 79
22, 965,535. 70
27,920, 309.44
27,796, 430. 88
1886.
J a n u a r y 31
F e b r u a r y 28
M a r c h 31
A p r i l 30
May'31-..
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
N o v e m b e r 30
D e c e m b e r 31
,
013,
811,
822,
804,
912,
904,
584,
956,
899,
300,
808,
660,
993. 71
037.49
637. 63
482. 89
277.14
6 8 1 66
624. 69
991 95
745. 20
335. 88
067.32
935.44
1887.
J a n u a r y 31
F e b r u a r y 28
M a r c h 31
A p r i l 30
May31
J u n e 30
J u l y 31
A u g u s t 31
S e p t e m b e r 30
O c t o b e r 31
,
26,323, 524. 61
26,482,472. 31
26, 601, 613. 74
26,891,076. 57
27,064, 742.87
26,977,49.3.79
26,691,305.74
26,148, 5 3 1 34
24,984,239.3 7
24, 468,135.17
80
REPORT ON T H E FINANCES.
No. 46.—CHANGES DURING T H E FISCAL YEAR 1887 I N THE F O R C E E M P L O Y E D IN
THE
TREASURER'S OFFICE.
Total force of the Treasurer's ofiice June 30,1886
Appointed
Transferred to the Treasurer's ofiice
.'
264
37
1
Died
\
...........:...
Resigned
Eemoved
Transferred fi-om the Treasurer's ofiice
3
11
3
4
38
21
17
Total force of the Treasurer's office Juno 30,1887
, . 281
No. 47.—APPROPRIATIONS M A D E FOR, AND SALARIES P A I D TO, T H E F O R C E E M PLOYED IN THE TREASURER'S O F F I C E DURING T H E FISCAL YEAR 1887.
Roll on which paid.
Appropriated.
Regular roll
Reimbursable: Force employed in redemption of national-bank notes
48.—LETTERS,
TELEGRAMS,
AND
MONEY
Balance unexpended.
$272,438.18
$268,153. 50
$4,284,68
77,442.19
72, 402. 57
5, 039. 62
349, 880. 37
340, 556. 07
9, 324. 30
Total...
No.
Expended.
PACKAGES,
RECEIVED
AND
TRANS-
M I T T E D DURING THE FISCAL YEAR 1887.
Eeceived by mail:
Letters containing money,registered
Letters containing money, not registered
,...;
•
16,906
4, 695
21,601
Letters not contaiuing money
'.
Total
Transmitted by mail:
Manuscript letters
Registered letters containing money
Printed forms filled in (inclosing checks)..
Printed forms filled in (inclosin.^ drafts)
Printed forms filled in (without"inclosures)
Printed notices inclosing interest checks
D rafts accompanied by notices
Certificates of deposit (without forms)
Printed forms, circulars, aud reports
Total
Telegrams received
Telegrams sent
Money packages received by express
.Money packages sent by express
Post-office warrants signed and registered
Transfer orders issued
128,933
150,534
,
i
.'
6,73 0
4,175
37,7.37
30,4.58
248, 863
213,983
55,3 57
44,786
77, 260
699,129
1,139
1, 088
53, 588
4.3,784
78,4.53
1,128
(No. 2.)
-
" EEPOET OF THE BIEECTOE OF THE' MIHT.
TREASURY D E P A R T M E N T ,
B U R E A U OF T H E M I N T ,
Washington, B . C, Novemher 1, 1887.
S I R : I have the lionor to submit the following report of the operations of the United States Mints and Assay Ofiices for the fiscal year
ended June 30, 1887, being the fifteenth annual report of the Birector
of the Mint, and the third of the same series by me submitted.
DEPOSITS AND PURCHASES OF GOLD AND SILVER.
The value of the gold deposited at the mints and assay offices of the
United States during the fiscal year 1887, not including re-deposits, was
$68,223,072.87 (3,666,990.170 standard ounces), against $44,909,749.23
ill the preceding year, an excess of $23,313,323.64 over the fiscal year
1886. In addition, there^ were re-deposits, that is. United States mint or
assay office bars returned, of the value df $15,193,706.53. Of the re-deposits of gold $3,517,523.15 represents the value of unparted bars, the
product of the minor assay offices of the United States sent in an unparted condition to the mint at Philadelphia for refining and coinage.
The remainder of the re-deposits of gold, $11,676,183.38, was fine bars
bearing the stamp of the United States assay office at New York. Of
these, $7,933,743.98 which had been exported were subsequently imported int o the United States and re-deposited during the j^ear.
The value of tbe total deposits of gold during the fiscal year 1887,
inclading all redeposits as above cited, was $83,416,779.40 against
$49,606,534.65 in 1886, an excess in the year 1887 of $33,810;244.75.
I t will be understood that the unparted bars from minor assay offices
deposited, or as stated re-deposited, for parting and refining at a coinage mint, and going to make up the total re-deposits at the mint at
Philadelphia, are also included along with original deposits at the my
uor assay offices.
The value of the silver deposited and purchased, not including re-deposits, was $47,756,918.75 (41,041,102.21 ounces), against $35,494,183.24
in the preceding year, an excess of $12,262,735.51.
In addition, there were re-depo,sits of silver amounting to $462,113.19.
Of these re-deposits $169*514.91 consisted of fine bars, all of the assay
office at New York, except $1,252.41 of the mint at Philadelphia; and
$292,598.28 of unparted bars, being the value of the silver contained in
gold bullion originally deposited at the minor assay offices. The latter
value, the same as in the case of gold redeposited from minor assay offices, is also a part of the total including (original) deposits and re-deposits.
^'
'
This total, calculated at coining rate in standard silver dollars, was
$48,219,031.94 against $37,917,036,36 in tbe pr^e§diag J m r , an excess of
$10,302,005.58,
'
.
§1
6809 n 87-^^6 .
82
REPORT ON T H E FINANCES.
The total value of both gold and silver deposited and purchased at
the mints of the United States during the fiscal year 1887, not including re-deposits, was $115,979,991.62, and including redeposits, $131,635,811.31,
:
The value of the gold and silver received at the .mints and assay offices
during the fiscal year 1887 was greater than in any previous year since
1881. A comparison for the past eight years is exhibited in the following table:
VAI.UE OF G O L D ' A N D S I L V E R (I^OT INCLUDING R E - D E P O S I T S ) R E C E I V E D AT
THE MINTS AND ASSAY O F F I C E S D U R I N G T H E FISCAL YEARS 1880-18B7.
Piscal years.
1880
1881
1882
1883
1884
1885
1886
1887 '.
Gold.
-
-...
$98, 835, 096
130,833,102
66,756,652
46,347,106
46, 326, 678
52, 894, 075
44, 909, 749
68, 223, 072
Silver.
Total.
$34,640,522 $133,475, 618
30, 791,146 161, 624,248
33, 720,491 100, 477,143
36, 869, 834
83,216, 940
36, 520, 290
82, 846, 968
89, 683, 849
36,789,774
80,403,932
35, 494,183
47, 756, 938 115, 979, 990
The value of the silver in the above table is computed at the coining
rate in standard silver dollars, equivalent to $1.16 -i\ per^standard ounce.
Of the gold deposited at the mints and assay offices during the year,
$32,973,027.41 was classified as of domestic production, against almost
the same amount in the fiscal year J 886.
The value of the foreign gold bullion deposited was $22,571,328.70,
against $4,317,068.27 in 1886.
The value of the foreign gold coin received and melted was
$9,896,512.28, against $5,673,565.^04 in the year preceding.
The value of the United States gold coin deposited for recoinage,
principally by the Treasurer of the United States, was $516,984.63,
against $393,545.28 in the preceding year.
In addition to-the gold bullion both of domestic and foreign production, and.the foreign and domestic gold coin deposited, old material in
the form of jewelry, bars, old plate, etc;., was received containing goldofthe value of $2,265,219.85.^
The marked increase in the deposits of gold was at the assay office at
New. York, the value ofthe foreign gold bullion and coin deposited at
that institution during the year being $30,621,006.95, exclusive of fine
bars of its own manufacture, of the value of $7,933,743.98, imported and
redeposited. •
»
Of the silver bullion deposited and purchased at the mints and assay
offices during the year, $37,874,259.61 (32,548,191.93 standard ounces)
was classified as of domestic production. But, as fully explained in
my Eeport on the Production of the Precious Metals in theUnited States,
1886, the classification of silver bullion as of domestic pro.duction at the
.mints is necessarily inexact, for the reason that fine silver bars purchased from private refineries in the United States and classified at.the
mints as of domestic production, are manufactured in part frorn ore and
bullion imported from Mexico and other neighboring countries.
The value of silver bullion of foreign extraction, classified as such,
deposited at the mints during the year 1887, was $1,457,406.01
DIRECTOR OF THE MINT.
83
(1,252,458.30 standard ounces). This-bullion corresponds only to foreign silver bullion distinctively known as such.
The value of foreign silver coin deposited during the year was
$350,598.86, against $812,664.50 in the preceding year.
The value of the United States silver coin deposited (calculated at.
the coining rate in silver dollars), not including trade-dollars, was
$768,739.32 (660^635.36 standard ounces), most of which consisted of
worn and uncurrent silver coins transferred from the Treasury of the
United States for recoinage.
Trade-dollars were received mostly by transfer from the Treasury of
the United States, and melted. The bullion contained 5,837,791.87
standard ounces, of the coinage value in standard silyer dollars of
$6,793,066.89. The transactions in trade-dollars will be more fully explained under a separate heading on the redemption of trade-dollars.
In addition to the foreign and domestic bullion and coin deposited at
the mints, silver, consisting of plate, jewelry, and old material generally,
of the value of ^$512,848.06, was deposited during the year, against
$467,156.36 in the preceding year.
COINAaE.
\
The coinage of the fiscal year 1887 consisted of 98,122,517 pieces, of
the value of $57,703,413,40. I t was executed at three coinage mints,
namely, the mints at Philadelphia, San Francisco, and New Orleans. '
The gold coinage consisted of 3,724,720 pieces, ofthe value of $22,393,279,
of which $22,280 was in double eagles, $7,560,670 in eagles, $14,800,375
in halfeagles, $3,501 in three-dollar pieces, $-60 in quarter eagles, and
$6,193 in dollars. The gold coinage ofthe year for depositors was confined to eagles and half-eagles in the proportion of about two of the
latter to one of the former. There was also executed the usual complemen tal coinage, consisting of all other coins ofthe series, in number sufficient to meet the public demand for proof sets and other cabinet purposes, and as many besides as were deemed enough to prevent overvaluation from immediate rarity. Of the gold coinage, $22,360,000 was
executed at the mint at San FranciscO', consisting of $7,560,000 in eagles
and $14,800,000 in half-eagles.
The silver coinage consisted of 44,231,288 pieces, of the coinage value
of $34,366,483.75, of which $33,266,831.00 was in silver dollars, executed principally at the mints at Philadelphia,and New Orleans, and
$1,095,279.50 in dimes. The remainder, being half-dollars and quarterdollars, constituted the usual complemental coinage for proof pieces, etc.
A very large minor coinage was executed during the year, consisting
of 50,166,509 pieces, of the nominal value of $943,650.65. Of this coinage, 11,047,523 pieces consisted of 5-cent nickels, 4,232 of 3-cent nickel
pieces, and 39,114,754 pieces of bronze cents.
While the value of the coinage executed during the fiscal year 1887
was not so great as that of tKe preceding year, the number of pieces
struck largely exceeded the coinage of that year, being 98,122,517
pieces, against 38,384,622 pieces in 1886. The number of gold pieces
was less, aud the number ofsilver pieces .greater, the latter being
44,231,288 in 1887, against 31,627,157 in 1886. . The number of minor
coins struck was 50,166,509 in 1887, against 1,706,651 in the preceding
year. The volume of business transacted at the coinage mints during
the past fiscal year can only be understood and appreciated with reference to the immense coinage executed at the three coinage institutionSj
namely, 98,122,517 pieces.
84
REPORT ON THE FINANCES,
The mint at Oarson was closed for coinage purposes during the year,
although open for the receipt of deposits, practically on the basis of an
assay office.
'
The coinage of the inints was as follows:
COINAGE, FISCAL YEAR
Description.
Gold
Silver
Minor coins
Total
1887.
,
Pieces.
..:
'......
•
Value.
3,724,720
44, 231, 288
5Q, 166, 509
$22, 393, 279. 00
34, 366, 483. 75
943, 650. 65
98,122, 517
57, 703, 413.40
In the Appendix will be found the usual tables exhibiting the coinage by mints and'by denomination of pijcces during the fiscal year 1887,
and also covering the calendar year 1886.
A table will likewise be found showing the coinage of the mints, by
institutions and by denomination of pieces, each calendar year siiiCe the
organization of the mint at Philadelphia in 1792. This valuable table,
.which has been compiled with no little care and research, from original sources of information, such as the work-books and delivery books
of the coinage mints, has never before appeared. Wherever it differs
in any respect from the figures heretofore presented for the same years
• recourse has been had to the original accounts on file in the office of
the Eegister of the Treasury. It is therefore believed that this table
exhibits, as, nearly as can be exhibited at this time, the coinage of the .
mints of the United States by calendar years since the organization of
the mint at Philadelphia. I t may at least be claimed with confidence
that it is as nearly perfect as can be made at present, under the circumstance that the early records of the mint service are neither complete
nor in conformity with modern detail of statement.
The principal difficulty in the. v/ay o f a compilation of coinage by
calendar years, arises from the change from calendar to fiscal years made
iu 1857 in official reports. The coinage, which previous to 1857 had
been reported for calendar years, was after that date reported by fiscal
years, until 1880, when statements were also made for calendar years.
The local records of the mint at.Dahlonega have not survived the disorganization of that institution in 1861. Monthly and'annual reports
made by the superintendent to the Director of the Mint have been found
at Philadelphia, and the original accounts of bullion and coin remain on
file in the Treasury Department.
The records of the mint at Oharlotte are not in as perfect order as
cpuld be wished.
.
The work-books of the mint at New Orleans show that a coinage was
executed at that institution in 1861, betweeh January 26 and May 31,
by the State of Louisiana, after the mint was closed against the United
States, amqunting to $195,000 in double eagles j and a coinage by the
Confederate States of $59,820 in double eagles :—a total gold coinage
during the sequestration of the mint of $254,820.
In the second and third months of the same year there was also executed by the State of Louisiana a t t h e United'States mint in the city of
New Orleans a silver coinage of $620,000 in half dollars ; and by the Confederate States in the following months of April and May, $481,316.50:—
atotal silver coiuage of half-dollars bythe State of Louisiana and the Cou^
DIRECTOR
OF THE MINT.
85
federate States of $1,101,316.50, from-regular dies of the United States
supplied late in 1860for the following year. For obvious reasons, neither
of the coinages executed at the United States mint at New Oiieans,
while outof the control ofthe Government, has ever been taken up in
statements of the coinage of the United States.
' Thirty-two pairs of dies of the date of 1861, more or less complete,
and of all denominations of United States coins, were found at the
mint by the agent of this Bureau in January, 1885, and by him destroyed
on the 15th of that-month.
It is presumed that the larger part, if not the whole, of-the gold coin
struck, as above described, from Uuited States coinage dies under other
than legal auspices, was applied to purchases abroad, and that accordingly it has long since been melted down without ever having appeared
in any form in domestic circulation.
'
The following, very interesting statement of the above incidents in
the history of the coinage from dies of 1861 is from the pen of Dr. M.
F. Bonzano, melter and refiner of the mint at New Orleans during the
period in question:
N E W ORLEANS, Noveniber 4, 1887.
S I R : In compliance with the request containeci iu your letter of the 27th ultimo, to
furnish such information as 1 might have in regard to the coinage at the United States
branch D)int at Nevv Orleans during its occupation by the State of Louisiana and the
Contederate States in the eaily part of 1861,1 beg leave to make the following statement :
\
,
.•
The officers of the United States branch mint at the time of the secession of t h e
State of Louisiana from the Union were: William A. Elmore, superintendent;' A. J. .
Guirot, treasurer and ex-officio assistant treasurer United States; Howard Millspaugh,
assayer; B. F. Taylor, coiner; M. F . Bonzano, melter and refiner.
The branch mint and its contents and all other property of t h e United-States were
" taken in t r u s t " by the secession convention in December, 1860, through a committee of the convention, at the head of which was the president o f t h e convention, ExGo v. A. Mouton. The committee called at t h e m i n t , ascertained the-amount of bullion in the hands ofthe treasurer, melter and refiner, and coiner, and required a special
bond forthe same from each of these officers. A rough settlement was made and all
<iies of 1^60 defaced in the presence of all t h e officers (except Mr. Guirot). By order
of the superintendent coinage was immediately resumed with the new dies of 1861,
•J nd continued until the 31st of May, 1861, when a final settlement was made and all
bullion transferred to Mr. A. J . Guirot, wlio had i n t h e mean time been appointed asustant treasurer of the Confederate States. At the same time all the United States
dies,'of every description—after careful examination and recognized agreement with
the coiner's die account—were, with the consent of the coiner, and in my presence, defaced by the late Mr. John F . Brown, the foreman of the department, with the assistance of a workman, the late Mr. Richard Stevenson.
' .
^ Underthe auspices of the superintendent, treasurer, and coiner, who probably believed in the possibility of a peaceful secession, designs for a Confederate coin were
made, and t h a t of a half dollar by the coiner, accepted and executed by an engraver,
of this city, who produced a half-dollar die of such high relief as rendered it impracticable for use in a coining press. From this die four pieces were struck, by successive blows of a screw-press. These four pieces differed from the United States standard
only in the legend. I never saw any of these pieces, nor the die, and only the preliminary sketch of it. My information was derived from Mr. John F . Brown, at the time.
With the exception of these four pieces no coins of any kind, difiering from t h e United
States standard, were ever made at the New Orleans branch mint during the interval
from May 31,1861, to the early p a r t of 1879.
On my return to this city, J u n e 7, 1862, after an absence, at t h e North, of eleven
months, I took charge of t h e m i n t as special: agent of the Treasury Department; found
the canceled or defaced dies undisturbed and intact in the coiner's vault and retained
them in my custody until the latter p a r t of December, 1878, when I delivered them,
as coiner, to my successor, Mr. M. V. Davis, in t h e same packages as they were on the
31st of May, 1861. Thenceforth my connection with, and knowledge of, these can
celed dies ceased.
.
I have the honor to be, yours, very respectfully,
M. F . BONZANO.
Hon.
J A S . P. KIMBALL,
Director of the Mint, Washington, D. C*
86
\
REPORT ON THE FINANCES.
MANUFACTURE OF GOLD AND SILVER BARS.
In addition to the coinage executed during the year, gold and silver
bars were manufactured as follows :
^
Gold
Silver
BARS MADE, 1887.
-•
J.
.,
:
\
Total
.•
$58,188,953.66
6,481,61L25
64,670,564.91
The corresponding values for the preceding year were:
BARS M A D E , 1886,
Gold
Silver
..."
Total
$19,031,809.21
8,236,223.77
27,268,032.98
Most of the bars were manufactured at the United States assay office
at New York, the value of the bars made at that institution during the
fiscal year 1887 being:
BARS MADE AT ASSAY O F F I C E AT N E W YORK, 1887.
Gold
Silver........:
..I
:
.'.....
Total....'.
'
$53,945,369.57
5,565,095.65
59,510,465.22
against $22,541,978.43 in the preceding year.
The bars manufactured at tlie minor assay offices were-" unparted
bars,'^ that is, deposits of gold and silver melted, and only partially refined by fluxing oif base metals. Most of these bars were transmitted
to the miut at Philadelphia for refining and coinage.
MEDALS AND DIES MANpFACTURED.
The number of medals made at the mint at Philadelphia during the
fiscal year ended June 30, 1887, was as follows :
Gold.....
Silver
Bronze
Total
;
-.
':.
56
436
157
649
The number of medals sold during the year was 590, valued at
$3,240.20. Proof sets of the coinage of the year were also sold to the,
number of 3,786, for which there was charged $4,060.40. The profit on
the sale of medals and proof sets was $1,916.28.
Of the coinage aud medal dies, numbering 1,198, manufactured a t t h e
mint at Philadelphia during the fiscal year 1887,120 were for gold coinage, 359 for silver coinage, 684 for minor coinage, 27 for proof coinage,
and 8 were medal dies.
The cost of engraving the dies for the coinage of the mints at San
Francisco and New Orleans was reimbursed the mint at Philadelphia
from the appropriations for the institutions for which the dies were prepared.
.
'.In the Appendix will be found a statement exhibiting in detail dies
manufactured for each of the coiuajxe mints.
87
DIRECTOR OF THE MINT.
EXCHANGE OF GOLD BARS FOR GOLD COIN.
Under the act of May 26,1882, the mints of the United States and
the assay office at New York are authorized to exchange gold bars for
deposits of United States gold coin when presented in sums of not less
than $5,000.
The value of the bars so exchanged for coin at the mint at Philadelphia and at the assay office at New York during the fiscal year 1887 was
$7,604,059.89, against $31,598,748.81 in 1886. This shows a large falling
oft' in the demand for gold bars, for export, which is the principal purpose of their excbange. The value of the bars exchanged for coin each
month of the fiscal year at each of the institutions named is exhibited in
the following table:
.
STATEMENT B Y MONTHS OF F I N E GOLD BARS E X C H A N G E D FOR GOLD C O I N
AT THE M I N T AT P H I L A D E L P H I A AND ASSAY O F F I C E AT N E W YORK FROM
J U L Y 1, 1886, TO J U L Y 1, 1887.
Philadelphia.
Date.
July
August
September
October
ISTovember
December
.,
New York.
Total.
$30,102.40
35,125. 96
50,177.19'
35,122.07
50,177, 82
30,109.20
$1, 068, 874.32
377, 804.86
600,972.21
545, 926. 47
528, 592. 65
328,762.41
$1, 098, 976. 72
412, 930. 82
651,149. 40
581, 048. 54
578, 770.47
358, 871. 61
40,137.19
35,121.03
60,212,61
40,140.69
40,153.11
25, 088.67
354, 764. 56
1, 289, 670, 54
621,34L33
522, 889. 94
478, 966. 99
413, 825. 67
394, 90L 75
1, 324, 791. 57
681,553.94
563.'030.'63
519,1'20.10
438, 914. 34
471,667.94
7,132,39L 95
7, 604, 059. 89
1887^
January
"February
March ...^.....
A pril
May June
'.
Total.......
REFINING BY ACID.
The acid refineries of the assay office at New York and of the coinage mints, including the mint at Carson, have received duriug the year
for refining, and for parting of the precious metals, 6,111,121 'gross
ounces, containing gold and. silver of the value of $30,397,422,
The value of the gold and silver product of the acid refineries Vluring
the year was as follows'.
Standard
ounces.
Bullion.
Gold
Silver
:
Total
Value.
1, 329,631
4,864,152
$24, 737, 320
5, 660,102
6,193,783
30, 397,422
This sum was against $27,786,006 in the preceding year, an increase
in the value of the bullion refined of $2,611,416.
88
REPORT ON THE FINANCES.
A considerable increase will be noticed in the value of the gold bullion
refined in 1887 as compared with the returns of the year preceding,
namely, $24,737,320'against $20,896,613. The value of the silver refined
was, on the other hand, less, namely, $5,660,102 In 1887 against $6,889,393
in 1886. As on several occasions I have taken occasion to indicate, a
smaller proportion of the silver product of the mines ofthe United States
is received each year at the Government institutions for refining, the
bulk of it going to the large private refineries. But the amount of gold
sent to the Government institutions is annuially increasing.
While nearly the whole production of gold in the United States eventually finds its way either directly or thro^agh th^ assay offices.of the
United States to the mints for coinage or manufacture into bars, only
so much of the silver product as may be required for coinage or deposited for bars, or about five-sixths of the whole, reaches the mints.
This is mainly in the form, of refined silver as turned out h j private
refineries. I t is in this form that all purchases of silver bullion are made,
except those in the form of partings from gold deposits at mints and
assay offices, occasional purchases of dor6 silver for the technical requirements of acid refineries, and deposits of silver in lots less than
10,000 ounces.
The following table exhibits the weight and value of the bullion
treated by the refineries of the mints and of the assay office at New
York, and the weight and value of the precious metals extract)ed during
the year 1887: .
Silver.
Gold.
M i n t or a s s a y office.
Philadelphia
Gross
ounces.
Standard
ounces.
721, 765
190, 539
1, 506, 217
365, 970
Carson
45, 447
3,606
N e w Orleans
New York.
15, 544
4,840
San Francisco
/
Total
. .
Value.
Standard
ounces.
^.3, 544, 912
Total
value.
Value.
553,437-
$643, 999
$4,188, 911
> % 808, 744 1,248,071
1, 452, 300
-8,261,044
67,088,
45, 665
53,137
120, 225
90, 046
. 11,167
12, 994
103,040
3, 822,148
764, 676 ^ 14, 226, 530
3, 005, 812
3, 497, 672
17, 724, 202
6, 111, 121
1, 329, tJ314 24, 737, 320
4, 864,152
5, 660,102. 30, 397, 422
SILVER PURCHASES.
Purchases of bullion for the standard silver dollar coinage were made
during the year in the manner explained in my last annual report.
Since the second of March, 1887, the ofiers of lots of over ten thousand
ounces, received on Tuesday and Friday of each week, have been
addressed to the Director of the Mint, as was the case previous to July
14, 1885, when, at his own request, this. Bureau was relieved from the
immediate receipt of proposals.
The amount ofsilver bullion delivered duringtheyear in lots of over
ten thousand ounces, upon purchases made by the Secretary of the
Treasury through the Bureau of the Mint, was 29,018,932.12 standard
ounces, at a cost of $25,624,487.37, or an average cost per standard
ounce of $0.883026, or of $0.98114 per ounce fine.
The average London price for the year, computed from daily quotations by cable to the Bureau of the Mint, was 44.843 pence per ounce
for silver .925, British standard. This, at the-average rate, $4.8590,
of sterling sight exchange, is equal to $0.98.148 per ounce fiue, or
$0.88333 per ounce .900 United States standard.
89
DIRECTOR OF THE MINT.
The j)urchases made by the superintendents of the mints at San
Francisco, Oarson, Philadelphia, and New Orleans of lots of less than
ten thousand ounces, at prices fixed from time to time by the Director
of the Mint, amounted to 282,626.95 standard ounces, at a cost of
$249,150.73. The amount of silver purchased in the form of bar fractions, together with the amount parted from gold deposits and received
in payment of charges on deposits of silver bullion for return in fine
bars, was 131,783.20 standard ounces, costing $114,982.36.
The total amount of silver purchased in the two ways above stated,
for the standard silver dollar coinage during the fiscal year ^ a s 29,433,342.27 standard ounces, at a cost of $25,988,620.46. The average cost
per standard ounce was $0.883965, equal to $0.981072 per fine ounce.
The number of ounces and cost of silver bullion delivered upon
purchases for the silver-dollar coinage during the year are shown in
the following table:
Mode of acquisition.
Standard
ounces.
Cost.
Purchases, Treasury Department, Bureau of the Mint
Purchased by mint officers
Partings, bar charges and fractions
29,018,932.12 $25, 624,487. 37
282, 626. 95
249 150 73
131,783'.'20
114, 982, 30
Total delivered on purchases
Balance on hand July 1, 1886
29, 433, 342. 27 25, 988, 620. 40
3, 258,495. 66 2. 960, 969. 02
Available for coinage of silver dollars during the fiscal year
1887
32, 691, 837. 93 28, 949, 589. 48
At the beginning of the fiscal year 1887 there was on hand a.t the
mints at Philadelphia, New Orleans, and San Francisco, as above stated,
silver bullion previously purchased for the silver dollar coinage amounting to 3,258,495.66 standard ounces, of the cost value of $2,960,969.02.
There was delivered at the mints on purchases of all kinds during the
year, as above, 29,433,342.27 standard ounces, at a cost of $25,988,620.46, making the total amount of silver available during the fiscal
year for the silver dollar coinage 32,691,837.93 standard ounces, costing
'$28,949,589.48.
The amount and cost,of silver bullion delivered on purchases at the
several mints are exhibited in the following table:
Mints.
Standard
ounces.
Cost.
Philadelphia..
NewOrleans..
San Francisco
Carson
18, 751, 084. 06$16, 546, 243. 71
10, 056, 089.92 8, 881, 509. 04
Total...
29, 433,342.27 25, 988, 620. 40
581, 524. 92
520, 240. 05
44, 643.37
40, 627. 66
There were manufactured during the year, by three mints, 33,266,831
silver dollars. The amount of silvenused in this coinage was 28,588,682.89 standard ounces, the cost of which was $25,343,272.39. In addition to this employment there was wasted by the operative officers
15,337.87 standard ounces, costing $13,473.13, and sold in sweeps
35,548.50 standard ounces, costing $31,994.86, making the total amount
90
*
REPORT ON T H £ FINANCES.
of silver used in the silver dollar coinage 28,639,569.26 standard ounces,
costing $25,388,740.51.
The seignorage on silver dollars coined during the year was $7,923.558.61.
" '
The amount and cost of silver bullion available for the silver dollar
coinage at the several mints, June 30, 1887, are set forth in the following table:
Standard
ounces.
Mints.
Philadelphia
New Orleans
San Francisco
Carson
„
Total
Cost.
2,116,768:08 $1,849, 874.10
1, 558, 213. 68 1,367,986.85
332, 643. 54
302, 860.36
• 44, 643. 38
40, 627.66
4, 052,268. 08
3, 560, 848.97
In the Appendix will be found tables exhibiting by months the amount
and cost of silver delivered on purchases, and the amount and cost of
silver employed, and also the number of silver dollars coined monthly
at the several mints.
P R I C E OF SILVER.
The average price of silver in London during the fiscal year 1887,
computed from daily dispatches by cable to the Bureau of the Mint, was
44.843 pence, British standard (.925 fine). At the average rate of exchange for the year ($4.8590) the equivalent of an ounce of fine silver
was, in United States money, $0.98148.
Commencing in April, 1886, a marked decline took place in the price
of silver, continuing until early in August it reached 42 pence. The
average price in April, 1886, was 46.386 pence, equivalent, at the rate
of exchange, to $1.02032 per ounce fine.
The average price for the month of August, 1886, was 42.310 pence,
equivalent to'$0:92333 per ounce fine, a decline of more than 9J cents
an ounce in the short period of four months. The decline was arrested
in August by liberal purchase of silver in the London market on
French account. The appointment about this time by the British Government of a royal commission to iniquire into the recent'changes in the
relative values of the precious metals probably had a tendency to steady
the price. The price commenced to advance in August, 1886, and continued to advance, with slight fluctuations, until January 2S, 1887,
when it reached its highest point, namely, 47^ pence, equivalent to
$1.03303. Th,e average price for the month of January, 1887, was
46.833 pence, equivalent to $1.02672 per ounce fine, a gain since August
of nearly 10 cents an ounce, and one-half cent higher than the average for April, 1886.
In January commenced ,another decline, which continued until June,
1887. The average price for the latter month was 43.968 pence, equivalent to $0.96383 per ounce fine. , The closing price for the month of June was 44-i^ pence, equivalent,
at par of exchange, to $0.9659 per ounce fine.
Since the first of July the price has varied but little, the lowest price
being 43J pence and the highest 45 pence. The price at the present
writing (November 1, 1887) is 43|f pence, equivalent, at the par of exchange, to $0.9632 per ounce fine, or, at the actual rate of sight exchange
to $0.9599 per ounce fine. .
The price paid by this Bureau on November 1, 1887, for silver purchases for the silver dollar coinage wn« $0.9580 per ounce fine.
DIRECTOR
91
OF THE^ MINT.
The following table shows the highest, lowest, and average price of
silver bullion in London each month during the calendar year 1886, _
computed from daily dispatches by cable to the Bureau of the Mint:
Highest. Lowest.
Months.
Pence.
47
46H.
46|
40H
46
45^
1886.
Janaary...
February . .
March
April
May
June
July
August
September.
October
November.
December..
Pence.
46/^
46^
4611
46
44£44H
• 42
42
42|
, 44^
' 45*
45i
44f .
42f
44|
457.
47
461
Average.
Value in
United States
money.
Pence.
^ 46.733
• 46.685
46.766
46. 386
45.425
44. 835
43.873
42.310
43. 841
45.089
46.4'66
46. 068
Average for the year .
Per oz. fine.
$1.02444
1.02339
1. 02517
1.01683
0. 99577
0.98283
0. 96175
0. 92748
0. 96105
0.98840
1. 01903
1.00986
0. 99467
45.375
The average price of silver each month during the fiscal year 1887,
and the equivalent with par of exchange and also at current rate, as
well as the average monthly price of fine bar silver in New York, are exhibited in the following table:
VERAGE M O N T H L Y P K I C E O F S I L V E R B U L L I O N , 925 T H O U S A N D T H S F I N E , I N
LONDON, AND T H E VALUE OF A F I N E OUNCE, DURING THE FISCAL YEAR
ENDED J U N E 30, 1887.
f Compiled from daily telegraphic cable dispatches to the Bureau ofthe Mint.l
o ^ •
g ^CO
c3 hC
O fl
O cS
ZJ i,-*^,
OrH
bDR a .
go ® ®
^ O^fl H
>iCS3
• P fl c3
flCfl P4
Date.
^ s =^
Sgo
--jflto
S ® p
fl cjjq
t^'S o<="^ S >(C^ ^fl
g^fl
, 0 0 " - M fl
go
1-2
(D>H fl
u ^-^
>A o
; ® 9n S
h:J o §.2 >
<
1886.
July
August
Septembier
October
November
December
Pence. ,
43. .873
42.310
43. 841
45. 089
46. 486
46.068
$0. 90175
$4. 8776
$0. 96395
$0.97304
0.92748
4.8450
0.92333
0.93000
0. 96105
4.8455
0. 95691
0. 95955
0. 98840
4.8415
0. 98333
0.98620
1.01903
4.8437
. L 01424
L 01703
1.00986
4.8375
1.00384
L00640
46.833
1.02663
4.8616
1.02560
1. 02620
46.660
1.02284
4.8848
1.02669
1.02792
45.440
0. 99610
4.8712
0.99706
1.00093
43.964
0. 96374
4.8724
0.96490
0. 96500
43. 580
43. 968
0.95532
4.8729
0.95658
0. 95845
0.96383
4.'8538
0. 96130
•0. 96207
44.843
0.98301
4.8590
0.98148^
0. 98439
1887.
January
February.
March
April
May
Jline
A.verage
92
REPORT
ON THE FINANCES.
DISTRIBUTION OF SILVER DOLLARS.
The silver dollars in tbe comage mints o n t h e 1st July, 1886; the
number coined during the year, and the distribution, of the same under
section 3527 of the Eevised Statutes, as well as the amount transferred
to the Treasury of the United States, are exhibited in the following
table:
FranPhiladelphia; . San
cisco.
Period.
On hand June 30, 1886
Coinage of iiscal year 1887
Total
Transferred
Treasury
Carson.
$50,482, 787
33, 268, 831
49, 264, 851 19, 995, 530 i4,489, 237
83, 749, 618
10, 500, 000
)
10, 500, 000
38, 764, 851 19, 995, 530 14, 489, 237
73 249, 618
25, 000
• $25,000
. 38,764,851 19, 970, 530 14,489, 237
35, 386,110 18,788, 015 8,163,744
Available for distribution
In minta June 30,1887
Distributed
Total.
$27, 974, 020 $19, 229, 530 $3, 279, 237
21,290, 831
766,000 11, 210, 000
to United States
Balance.. .
Transferred to the United States
mint at Carson
...
Transferred from TJnited States ,
mint at San Francisco . . . . . . .
New Orleans. .
3, 378, 741
1,182, 515
6, 325,493
25, 000 . 73, 249, 618
9,821 62, 347, 690
15,179
10, 901, 928
From this table it appears that 10^901,928 silverdollars were distributed from the mints, and 10,500,000 transferred to the Treasury, making
a total of 21,401,928 silver dollars paid out by the mints.
CIRCULATION OF SILVER DOLLARS.
The following table shows the total coinage of silver dollars, the
number held by the Tre asury for the redemption of certificates, the number held in excess of outstanding certificates, and the number in circulation at the end of each six months from July 1, 1885, to July 1, 1887;
alsQ ou October 1,1887:
'
•
'
In the Treasury.
Total coinage.. Held for pay- Held in excess In cii-culation.
ments of
certificates
certificates out- bf
outstanding.
standing.
Period.
July 1 1885 .
January 1,1886
J u l y l 1886...
January 1,1887
J u l y l 1887
October 1,1887
... . • -
$203,884,381 ^ $101, 530,946 -. $63,882,166
72, 538, 725
93„179,465
218, 259, 761
93,137, 341
88,116, 225
233,723,280
71,259, 568
117, 246, 670
249, 683, 647
69, 365, 953
142,118, 017.
'266,990,117
58, 688, 970
' 154, 354, 826
273, 660,157
$38, 471, 269
52, -541, 571
• 52,469,720
61,177, 409
55, 506,147
60, 616, 361
SUBSIDIARY SILVER COINAGE.
The silver bullion available for subsidiary silver coinage on hand July
1,1886, was 4,871.54 standard ounces, costing $5,868.53. All of this was
at the mint at Philadelphia^ and consisted of bullion resulting from the
melting of worn and uncurrent silver coin transferred for recoinage, and
of bullion transferred from the assay oflice at JSTew. York during the
preceding fiscal year.
To supply the silver bullion necessary for the coinage of dimes re
93
DIRECTOR OF THE MINT.
quired by the Treasury of, the United States and the general public,
uncurrent and A^orn silver coins, together with trade-dollars redeemed
under the act of March 3,1887, were transferred from time to time by
direction of the Secretary of the Treasury to the miuts at Philadelphia
and San Francisco (principally the former) for recoinage.
The weight of metal of standard fineness contained in the coins thus
transferred from the Treasury for recoinage, and costof the metal to the
several mints, are shown in the following table :
Total.
Trade-dollars.
Uncurrent coin.
•
Mint.
standard
ounces.
Cost.
standard
ounces.
Cost.
Standard
ounces.
• Cost.
San Francisco . ,31, 999.36
Philadelphia... 571,725,79
524, 636. 70 $603, ooo: 00 556, 636. 06 $642,812. 60
$39, 812. 60
711, 322. 91 2, 475, 462.00 2, 844, 813. 00 3,047,187.79 3,556,135.91
T o t a l . . . . 603, 725.15
751,135. 51 3, 000, 098.70 •3,447,813.00 3, 603, 823. 85 4,198,948.51
In addition to the transfer above stated there was transferred from
the assay office at New York to the mint at Philadelphia, for subsidiary
silver coinage, 31,473.49 ounces of standardsilver bullion, costing $31,473.49. These amounts, with the balance on hand July 1, 1886, make
the total silver bullion available a t the mints during the year' for subsidiary^ silver coinage 3,635,297.34 standard ounces, costing $4,230,45^2.
The amount and cost of the bullion so employed, and the nominal
value of the subsidiary coins manufactured by the mints at Philadelphia and San Francisco during the twelve months ended June 30,
1887, from silver bullion derived from the sources above enumerated,
are exhibited by the following statement:
•"
MINT AT PHILADELIPHIA.
Sources from which bullion was derived.
Trom worn and uncui-rent silver coins transferred
•.
Fl'om trade dollars transferred
From silver bullion transferred from assay
oflice at New .York
J
Total
..
standard ounces
employed.
574,689.05
206, 563. 75
Cost.
$715, 009. 70
237, 386. 32
Tale value of
coinage.
$715,009. 70
257, 000. 00
37, 830.45
30, 406. 22
30, 679. 66
811, 659. 02
983. 075. 68
1, 009, 840; 15
31, 999. 36
40,187. 50
$39,812.60
46,190.'18
$39, 812.60 '
50, 000. 00
72,186.86
86, 002. 78
89, 812. 60
MINT A T SAN FEANCISCO.
F,rom worn and uncurrent silver coins transferred
.".
From trade dollars transferred
From silver bullion transferred from assay
office at New York
.i-.
Total
TOTALS.
From worn and uncurrent silver coins transferred
-•
From trade dollars transferred
From silver bullion transferred from assay
ofiQ.oe at New York
Total
,
$754, 822. 30
307, 000. 00
606, 688.41
246, 751.25
'$754,822.30
283,576.50
30,406.22
30, 679. 66
37,830.45
883,845.88
1,069,078.46
1,099, 652,75
94
REPORT ON THE FINANCES.
The subsidiary silver coin manufactured during the fiscal year was of
the following denominations and values:
Denomination.
Value.
Half-dollars . . .
Quarter-dollars
Dimes
$2, 915.50
1, 457. 75
1, 095, 279.50
Total . . . .
1, 099,652.75
The seignorage upon the subsidiary silver coinage executed during the
year was as follows:
From recoinage of half and quarter-dollars coined prior to 1853, and of sUver
dollars coined prior to 1873 transferred, as uncurrent coin, for recoinage
From trade dollars transferred
From silver bullion purchased
Total
1
,
$1,130. 65
23,423.50
7,150.79
31,704.94
The amount and cost of silver bullion on.hand at the mints at Philadelphia and San Francisco available, June 30^ 1887, for subsidiary silver coinage, are shown in the following table:
Mints.
Character.
^
T o uua.
Philadelphia.
Standard
ounces.
Cost.
San Francisco.
standard
ounces.
Cost.
Standard
ounces.
Cost.
Of worn and uncurrent silver coins
.07
$0.09
.07
$0. 09
Trade-dollar bullion .• 2, 268, 898; 252,607,426.68 4S4, 449. 20 $556, 809. 82 2, 753, 347. 45 3,164, 236. 50
Bullion transferred ..
2, 975.48
2,975.48
2, 975.48
,2,975.48
Total
2, 271, 873. 802, 610, 402.25 484,449. 20 556,809.82 2, 756, 323. 00 3,167,212. 07
The demand for dimes during the last fiscal year was constant andurgent, and still continues. It is probable that there will be no abatement in the demand for coins of this denomination for some time to
come.' I t will therefore probably be desirable to recoin the greater
portion of trade-dollar bullion into dimes.
Notwithstanding the pressure ui)on it for dollars and minor coin, the
mint at Philadelphia was called upon to execute by lar the greater
amount of the dime coinage for the following reasous:
(i) It was the most convenient mint to which the uncurrent cpins in
the sub-treasuries outside of ISTew Orleans and San Francisco could b6
transferred for recoinage, as also the trade-dollars, the larger portion
of which were redeemed by the sub-treasuries at >Tew York, Philadelphia, and Baltimore.
,
(2) The demand for dimes coming almost exclusively from points
east of the Kocky Mountains, the coins could be more rapidly and economically distributed from that mint.
P I R E C T O R OF T H E MINT,
95
SEIGNORAGE ON SILVER COINAGE,
The seignorage, or immediate gross profit, on the coinage of silver
dollars, that is, the difference between the cost of the bullion and the
nominal value ofthe coins, during thefiscal year 1887, was ^$7,923,558.61.
The seignorage on subsidiary coin manufactured during the year
was $31,704.94, of which $1,130.65 was gained fromthe recoinage of old
subsidiary coins in the Treasury.
, '
The total seignorage on the silver coinage during the fiscal year was
$7,955,263.55.
_ .
As stated in my last fiscal report,* the balance of silver profits
remaining in the coinage mints on'^the 1st July, 1886, amounted to
$553,201.44.
Adding to this the seignorage Ofthe year, the total gross silver profits
to be accounted for by the mints is $8,508,464.99.
Of this there was paid for expenses of distributing silver coih
$35,059.03^ and reimbursed for wastage and loss on sale of sweeps
$20,294.88.
There was deposited inthe Treasury of the United States $8,302,465.13, leaving in the mints at Philadelphia, San Francisco, and ISTew
Orleans on June 30, 1887, the sum of $150,645.95.
This balance has since been covered into the Treasury.
The usual annual statement of the seignorage at each institution on
the manufacture of standard silver dollars and of subsidiary silver
coin separately, as well as the disposition of the profits, will be found in
the Appendix.
The seignorage on the coinage of silver at the mints of the United
States from July 1, 1878, to the close of the fiscal year ended June 30,
1887, has amounted to $39,057,566.90. ^
Adding the balance of silver profits in the mints on the 1st July,
1878 (the beginning of the fiscal year following the passage of the act
providing for tke coinage of the silver dollar), $424,725.47; and also the
sum of $9,237.54 refunded by Adams Express Oompany for overcharges
in bills for shipping silver dollars; and the further sum of $4,560.30,
profits from surplus silver bullion and from adjustments ofsilver values,
not strictly seignorage on silver coinage, but carried to the credit ot
the silver profit fund; makes a tbtal of $39,496,090.21 of silver profits
since that period to be accounted for.
Of this the sum of $686,600.68 has „been paid for expenses of distributing silver coins, including $9,237.54 afterwards refunded by.the express
compauy, as above explained.
The further sum of $208^,211..90 has been reimbursed for wastage incurred in the coinage of silver dollars and for loss on the sale of sweeps
attending that coinage. Thenet profit, including the balance in the mints o n t h e 1st July,
1878, on the manufacture of silver coins for the nine years ended June
30, 1887, amounted to $38,601,277.63.
Of this there has been deposited in the Treasury of the United States
by covering warrants prior to the close of the fiscal year ended June 30,
1887, the sum of $38,450,631.68. The balance, $150,645.95, in the
mints at Philadelphia, San Francisco, and l^ew Orleans, on the 30th
day of June, 1887, has since been covered into the Treasury, as shown
by certificates of deposit enuijierated in the statement of seignorage in
the Appendix.
* Vide pp. 18 and 98.
96
REPORT
"
ON T H E
FINANCES.
, COINAGE AND REDEMPTION OF T H E TRADE DOLLAR.
The act of February 12, 1873, which revised the laws relative to the
mints and coinage, provided, section 15, that the silver coins of the United
States should be a trade-dollar, a half-dollar or fifty-cent piece, a quarter-dollar or twenty-five cent piece, a dime or ten-cent piece; that the
weight of the trade dollar should be 420 grains Troy; and that said
coins should be a legal tender at their nominal value for any amount
not exceeding,$5 in any one payment.
Section 21 of the same act provided that any owner of silver bullion
might deposit the same at any mint to be formed into bars or into dollars ofthe weight of 420 grains Troy, designated in that.act as ^' tradedollars," and that no deposit of silver for other coinage should be received.
'^
The joint resolution of Congress of July 22,1876 (section li), provided
'that the trade-dollar should not thereafter be a legal tender, and the
Secretary of the Treasury was authorized to limit, from time to time,
the coinage thereof to such an amount as he might deem necessary to
meet the expoit demand.
. In October, 1877, the Secretary of the Treasury directed that the receipt of deposits of silver for coinage into trade-dollars be discontinued.
On account o f a supposed demand for export, this order, was so modi. ified as to admit of the receipt of depo.sits at the Avestern mints for
return in these coins. I t was afterwards discovered that instead of
being shipped abroad, many if not most of them were placed in domestic circulation. An order was therefore issued February 22, 1878,
finally discontinuing receipt of deposits for trade-dollars.
' By the act of March 3, 1887, Congress provided that for aperiodof six
months after the passage of that act, trade-dollars not defaced, mutilated, or stamped should be received at certain offices of the Treasury
Department in exchange for alike amount, dollar for dollar, of standard
silver dollars, or of subsidiary coins of the United States, and that the
trade-dollars so received should not bepaid out, but recoined into silver
dollars or subsidiary coin. By the same act the provision of law authorizing the coinage of trade-dollars was repealed.
,The number of trade-dollars coined at the miiits ofthe United States.
is exhibited by calendar years in the following table:
Calendar years.
1873
1874
1875
1876
•
1877
1878
1879 -. •
1880
'.
1881
1882
1883
Philadelphia. San Francisco
....
'
•.
Total
.-
,,..
397, 500
087, 800
218, 900
456, i:o
' 3, 039,710
*900 .
*1, 541
*1, 987
*9G0
*1, 097
*'979
5,107, 524
703, qoo
2, r49, 000
4, 487, 000
5,227, 000
9, 519, 000
4,162, 000
Carson.
124, 500
1, 373, 200
1, 573, 700
509, 000
. 534, 000
97, 000
Total.
1,225,000
4, 910, 000
6, 279, 600
6,192,150
13, 092, 710
4, 259, 900
1,541
1 987
960
1, 097
979
•?6, 64^7, 000
* Issued ^g' '• prpof pjecg^.'?.
4, 211,400
35, 965, 924
97
DIRECTOR OF TIIE MINT.
A table of coinage by months will be found in the Ai)pendix.
Of the total coinage of trade dollars there was coined prior t o t h e
passage of the joint resolution of July 22,1876, taking away the limited
tender quality, the value of $15,631,450; and from that date to the suspension ofthe coinage, $20,327,910. Proof pieces have since been coined
amounting to $6,564, making the total eoinage of trade-dollars as stated
$35,965,924.
,•
'
All possible efforts have been made by this Bureau, with the co-operation of the Bureau of Statistics, to ascertain the number of trade-dollars exported from the United States, and the number iniported. Statements of trade-dollars were not given in collectors' returns of exports
prior to 1877, nor in imports, except for theyears 1880 and 1881. After
1881 no trade-dollars were reported by collectors of customs as imported until after the passage of the act authorizing their redemption,.
when, at the request of this Bureau, subsequent importations were
kept separate.
In the following table, which exhibits, the imports and exports of
trade-dollars as fax as known, the exports lor the fiscal years 1874,1875,
and 1876 are partly estiraates based upon information obtained by the
Director of the Mint from the collectors of customs at the ports of San
Fraticisco and New York.
E X P O R T S AND IMPORTS OF TRADE-DOLLARS TO SEPTEMBER 4, 1887.
Fiscal years.
1874
:.
1875.
1876
1877
1878
:
1879.......
1880
1881......
1882
•.
1883...
1884
1885
1886....
1887
1888 (to September 4, 1887).
Exports.
*3, 000,000
*4, 500,000
*4,500,000
8, 672, 596
5,166,006
1, 238,749
43, 383
20
3,600
1,000
225, 500
1, 073,150
354, 848
10
28, 778, 862
1,706,020
Net Export.
Imports.
783,062
92, 397
766, 483
64, 078
U 706, 020
27,072, 842
* " Partly estimated." (Annual Report of the Director of the Mint, fiscal year 1879, p. 130.)
Total exports prior to November 1, 1878—exact period not stated— 25,703,950. (Annual Reiiort of tho Director of the Mint, fiscal year 1878, p. 12.)
Of the total imports of trade-dollars, 830,561 have been imported into
the United States since the passage of the act of March 3,1887, authorizing their redemption..
6209 FI 87-
98
REPORT ON T H E FINANCES,,
The amount imported each month from February 1 to September 4,
1887, is exhibited in the following table:
port
At the port At oftho
San
of New York. Francisco.
Months.-
February, 1887...
March, 1887.....
April, 1887
May, 1887
June, 1887
July, 1887
August, 1887....
September, 1887.
^202
« 131
153,627
579
Total.
$376, 800
139, 300
95, 844
63,139
376, 931
292,927
96, 423
63,139
939
155,-478
Total.
830, 561
Of'the trade-dollars coined at the mints of the United States it is
known that 919,459 have from time to time been deposited as bullion
and melted at the mints and at the assay office at ISTew York.
The approximate amount so melted at each institution is exhibited in
the following table:
Institutions.
Since.
Mint at Philadelphia
Mint at San Francisco . . .
Mint at Carson
Mint at New Orleans
Assay office at New York
2,423
4,113
919,459
Information as to the number of trade-dollars melted at the assay
office at I!N; ew York and at the coinage mints, though comparatively full
ibr the peried since the act of March 3, is incomplete as to any earlier
period, no specific record having been kept of the number of tradedollars contained in miscellaneous silver deposits.
The number of trade-dollars redeemed b y t h e Treasury ofthe Uuited
States under the provisions of the act of March 3, 1887, was 7,689,036,
asfollows:
Office.
U. S. Treasury, Washin o-ton
TJ. S. Sub-treasuries—
Baltimore.
..
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
NewYork . . . .
.... ........ ...................................
Philadelphia .
. . . . . ...... . . . . .
......
.......
Boston . . . . . . .
...... ..... . .........................
Cincinnati
Chicago
Saint Louis
i
;
NewOrleans . . . ;
Sail Francisco...'.
--Total
/
Number.
59 298
446,160
3, 495, 533
2, 595, 070
39 096
241 150
36, 080
17,515
1 8'^!
764, 263
7, 689, 036
99
DIRECTOR OF THE MINT,
When the measure for the redemption of trade-dollars was before Congress, the Bureau of the Mint was called upon for an estimate of the
number of trade-dollars which had passed into domestic circulation
and were presumed to be still in the hands of citizens of the United
States pending the action of Oongress upon the public question of their
redemption.
The approximate estimate of this Bureau was some $7,000,000. Tbis
estimate was remarkably borne out by the actual redemption, this having amounted to c$7,689,036, of which the value of $675,083 was imported
from China and Japan subsequent to the passage of the act authorizing
redemption. The total estimate by this Bureau was therefore within
$13,953 of the final redemption.
The close approximation of the estimate of this Bureau, as it has
finally pro ved,.is all the more noteworthy from the well-known circumstance that this was far from conceded when first ofiered, another estimate by high authority having been some three times greater.
R E V I S E D AND F I N A L STATEMENT OP ' TRADE-DOLLARS COINED, E X P O R T E D ,
IMPORTED, M E L T E D , AND R E D E E M E D ( A C T OF MARCH 3, 1887).
Coined:
Mint at Philadelphia
Mint at San Francisco
Mint at Carson..:
Exported
Imported
'.
$5,107,524
26,647,000
4,211,400
:
,
Netexport
Melted:
( Previous to redemption act ,
As bullion. < Excluded from redemption (mutilated
( pieces, etc.)
fMint atPhiladelphia
T?^/j^«,v,«,i I jMint at San Francisco
^*^^^^"^^^-i Mint at New Orleans
t Assay office at New York
-•
27,072,842
8,893,082
4,113
-
$35, 965, 924
'
$915,346
3,427,369
764.203
, 1,871
3,495,533
Total redeemed
Total melted.,
28,778,862
1,706,020
919,459
7,689,036
•..'
8,608,495
Not accounted for and not presented for redemption; employed in the arts ; specimen pieces in the hands of coin collectors, carried out by emigrants, and in'
miscellaueous deposits of coin remelted at mints, etc
284,587
The trade-dollars redeemed, 7,689,036 in number, as previously stated,
have all been transferred to the mints or to the assay office at IsTew
York, and melted into bars ready for coinage.
Of the trade-dollars redeemed, the actual weight, after melting, as
well as the legal weight and the loss in weight from abrasion and other
causes, is exhibited in the following table:
TRADE-DOLLARS R E D E E M E D UNDER THE ACT OF MARCH 3, 1887, TRANSFERRED
TO T H E M I N T S OF THE U N I T E D STATES AND TO THE ASSAY O F F I C E AT N E W
YORK AND M E L T E D : THEIR ACTUAL W E I G H T AND L O S S FROM STANDARD
COINING R A T E BY ABRASION.
Institutions.
Mint at Philadelphia
Mint at San Francisco
M i n t a t N e w Orleans
A s s a y office a t N e w Y o r k . . .
Total
L o s s in weight, N o m i n a l v a l u e
of t r a d e - d o l l a r s
standard
transierred.
ounces.
A c t u a l weight,
standard,
ounces.
Legal weight,
standard
ounces.
2, 982,164. 00
665, 020.20
1,626.90
3, 038, 879. 61
2, 998, 947. 88
668,730.12
1, 637.12
3, 058, 591. 38
16, 783.88
3, 709.92
10. 22
19, 711. 77
$3,427, 369. 00
764,263.00
],87L00
3, 495, 533.00
6,687,690.71
6, 727, 900. 50
40, 215.79
7, 689, 036. 00
100
REPORT ON THE FINANCES.
It will be seen that the loss was 40,215.79 standard ounces of silver,
equivalent to 45,961 trade-dollars, an average abrasion ofabout sixtenths of 1 per cent., or about 2^ grains per piece.
If all of the trade-dollars redeemed be coined into subsidiary silver
coins of the United States, as at present, in order to meet the current.
demand for dimes, the seignorage to the Government on such coinage
will be, exclusive of operative wastage, $631,574.50. If coined into
standard silver dollars the seignorage would have been $93,004.10,
MINOR COINAGE,
The token coins of the United States prior to 1857 consisted of the
1-cent and half-cent copper pieces originally authorized by the act
establishing a mint and regulating the coins of the United'States, approved April 2, 1792.
The weight of these coins was fixed by the act at 11 pennyweights,
or 264 grains for the 1-cent piece, and 5J pennyweights, or 132 grains
for the half-cent. .
The weight was reduced, by an act approved January 14,1793, to 208
grains for the 1-cent piece, and to 104 grains for the half-cent.
The weight was again reduced by proclamation of the President of
the United States, dated January 26, 17%, under authority conferred
upon him by the eighth section of an act approved March 3, 1795, to
168 grains for the 1-cent piece, and to 84 grains for the half-cent piece
at which rates these pieces were coined until their coinage was discontinued by the act of February 21, 1857.
,
The acts authorizing the coinage of the copper cents and half-cent&
did not specify that they should be a legaltenderfor any given amount.
An act to provide for a copper coinage, approved May 8, 1792, authorized the Director of the Mint, with the approbation of the President of the United States, to contractfor the purchase of a quantity of
copper not to exceed 150 tons, and to cause the copper to be coined at
the mint iiito cents and half-cents. The second section of this act provided as follows:
After the expiration of six calendar months,from the time when there sTiall have
been paid into the Treasury by the-said Director in cents and half-cents a sum not
l e s s t h a n $50,000,. which time shall forthwith be announced b y t h e Treasurer in atleast two gazettes or newspapers published a t the seat of Goverhment of the United
States for the time being, no "copper coins orpieces whatsoever, except the said cents
and half-cents, shall pass current as money, or shall be paid or offered to be paid or
received in payment fbr any debt, demand, claim, matter or thing whatsoever, and
all copper coins or pieces, except the said cents and half-cents, which shall be paid
or oftered to be paid or received in payment, contrary to t h e prohibition aforesaid
shall be forfeited, and every person by whom any of them shall have been so paid or
offered to be paid or received in payment shall also forfeit t h e sum of $10, a n d t h e
said forfeiture and penalty shall and may be recovered with cost of suit for the benefit of any person or persons by whom information of the incurring thereof shall have
been given. ,
From this it would appear that these coins would be alegal tender for
any sum.
'
The ninth section of an act approved March 3,1795, provided forthe
distribution ofthe copper coins as follows:
That it shall be t.he duty of t h e Treasurer of t h e United States, from time to time,
as often as he shall receive copper cents and half-cents fromthe treasurer of t h e mint,
to send them to the banh or branch bauks of the United States in each of the States
where such bank is estahlished, and where there is no bank established then to tbe
collector in the principal town in such State (in proportion to the number of inhabitants of such State) to be by said bank or collector paid out to the citizens of the
*
.
DIRECTOi^ OF THE MINT.
101
State for cash in sums of not less than $10 value, and t h a t the same be done at the
risk and expense of the United States under such regulations as shall be prescribed
by the Treasury Department.
By an act of Congress approved February 21, 1857, the coinage of
the copper cent and half-cent was discontinued; and the coinage of a
1-cent piece, of the weight of 72 grains, to' consist of 88 per cent, of
copper and 12 per cent, of nickel, authorized. This coin was to be paid
out at the niint in exchange for previous issues of copper coins, and it
was made lawful to transmit parcels of the new coin to the assistant
treasurers, depositaries, and other officers of theGovernment, under general regulations proposed by the Director of the Mint and approved bythe Secretary of the Treasury, for exchange, as aforesaid.
This act provided that the pieces commonly known as the quarter,
eighth, and sixteenth of the Spanish pillar-dollar, and of the Mexican
dollar, should be received at the Treasury of the United States, at its
several offices, and at the several post-offices and land-offices, at the
valuation following: The fourth of a dollar, or piece of two reals, at 20
cents 5 the eighth of a dollar, or piece of one real, at 10 cents; and the
sixteenth of a dollar, or piece of a half-real, at 5 cents. By this act it
was also made lawful for two years from its passage, to pay out at the
mint the cents authorized for fractional parts of the Spanish pillar and
Mexican dollars, at their nominal values of 25,12 J, and 6^ cents.
The coinage of the ] -cent piece authorized by the act of February 21,
1857, was discontinued by an act approved April 22, 1.864, authorizing the coinage of a 1-cent piece of the weight of 48 grains, aud a
2-cent piece of the weight of 96 grains, composed of 95 per cent, of
copper and 5 per cent, of tin and zinc. These coins were to be a legal
tender in sums of 10 and 20 cents respectively^, and were to be paid out in
exchange for lawful coins of the United States (except cents and halfcents issued under former acts of Oongress), by the Treasury of the
United States and by other depositories, as the Secretary of the Treasury might designate, under general regulatioiis prescribed by the
Director ofthe Mint and approved by the Secretary of the Treasury,
the expense of the exchange and distribution to be paid out of the profits on the coinage. The coinage o f t h e 2 cent piece was'discontinued
by the Coinage Act of 1873.
The coinage of the silver 3-cent piece was first authorized by the
eleventh section of the act of Congress approved March 3, 1851. The
weight of this piece was fixed at 1 2 | grains, to be composed of threefourths silver and one-fourth copper. This coin was made a legal tender
in payment of debts in sums of 30 cents or under. The object of the
coinage of this piece seems to have been to make a coin to correspond
in denomination with the 3-cent postage-stamp, first authorized by the
act above mentioned.
«
The weight of this piece was reduced by an act approved March 3,
1853, to 11.52 grains and the fineness increased to .900. The object of
this change was evidently to make the fineness of the 3-cent .piece correspond, and its weight proportional^ to the other subsidiary silver coius,
as authorized by the act of February 21, 1853.
The coinage of the silver 5 and 3-cent pieces was discontinued by the
act df February 12, 1873. Large amounts of these coins have in the
last few years been transferred to the mint and recoined into other
denominations, principally dimes..'
Owing to the suspension of specie payments in the United States from
1862 to 1876, and the premium on metallic money during this period,
the value ofthe silver contained in all subsidiary coins df the United
102
l^EPOfeT ON tfil!
MNANCJES.
f
States was greater than their nominal value. Hence an exportation of
silver coins of the United States, to replace which fractional notes were
issued by the Treasury of denominations the same as of coins previously
issued.
An act was passed March 3, 1865, providing for the coinage of a 3cent piece of the weight of 30 grains, composed of 75 per cent, of copper an'd 25 per cent, of nickel. This, act provided that no fractional
notesof less than 5 cents should be issued thereafter, and made the
3-cent nickel piece a legal tender for 60 cents, and it was to be paid
^~out in exchange for lawful money of the United States (except cents,
:half-cents or 2-cent pieces issued under former acts of Oongress) in
suitable sums by the treasurer of the mint and by such other depositaries as might be designated under general regulations approved by the
Secretary of the Treasury, and, under like regulations in exc^ange for
any lawful currency of the United States, the expense of such exchange,
distribution, and transmission to be paid outof the profits.
The sixth section of this act provided that the 1 and 2-cent coins of
the United States should not be a legal tender for any x^aj^ment exceeding 4 cents in amount, thus repealing the provision making these pieces
legal tender in sums of 10 and 20 cents, respectively.
On May 16,1866, an act was approved to authorize the coinage of tbe
5-cent piece of the weight of 77.16 grains, composed of 75 per cent, of
copper and 25 per cent, of nickel. This coin was made a legal tender
for $1, and was to be paid out in exchange for lawful currency of tbe
United States (excexit cents and half-cents or 2 cent xjieces issued under
former acts) in suitable sums by the mint and depositories designated
"under general regulations approved, by the Secretary of the Treasury," the expenses incidental to such exchange, distribution, and transmission to be paid out of the profits on coinage. The further issue
of fractional notes of a less denomination than 10 cents was forbidden
by this act.
This coin was to be redeemed by the Treasurer and the several
assistant treasurers of the United States in national curreucy, under
rules and regulations prescribed by the Secretary of theTreasury, when
presented in sums of not less than $100, and accordingly instructions
were issued under date of October 28,1869, for the redemption ot 5-cent
nickels.
ISTo provision seems to have been made previous to the passage of
this act for the redemption of any of the minor coins. An act was
passed March 3, 1871, authorizing the redemption of the copper and
token coins previously issued wlien presented in sums of not less than
$20. A circular issued by the Secretary of the Treasury April 10, 1871,
notified holders of all minor coins that these would be redeemed under
the provisions of the act by the mint at Philadelphia.
Section 16 ofthe act of February 12, 1873, provided that minor coins
should be redeemed by the Treasurer df the United States and by the
assistant' treasurers when presented in sums of $20 or any multiple
thereof, and also authorized the Secretary of the Treasury, when the
amount presented for redemption showed a redundancy, to intermit the
coinage.
^
On the 24th March, 1873, a circular was issued under this section by
the Secretary,announcing that minorcoins would be redeemied upon
being forwarded to the Treasurer or any assistant treasurer of the
United States, or to the mint at Philadelphia. Under this circular
most of the minor coins presented for redemption were sent to the
mint, especially from 'New York, Boston, Fhiladelphia, and Baltimore.
DIRECTOR OF THE MINT.
,
103
These coins continued to be redeemed a t t h e mint until February 24,
1881, when a circular was issued discontinuing the mint as a redemption agency and announcing that minor coins for redemption must
be presented to the Treasurer or an assistant treasurer of the United
States, but that the mint would still continue to> receive minor coins
of former issues in exchange for current issues, but not otherwise. Between 1871 and 1881, large amounts of minor coins were redeemed by
the mint, the uncurrent minor coins used in recoinage^ and the current
issues fit for circulation reissued.
By recoining the old cents the purchase of a considerable quantity of
metal was obviated as well as loss which would have resulted if these
co-ins had been melted and the metal sold.
Prior to the passage ofthe Cdinage Act of 1873 no provision of law
existed for the suspension of the minor coinage in case of a redundancy.
On several occasions since, when the amount presented for redemption
has indicated a redundancy, the coinage has been suspended for a time
by order of the Secretary of the Treasury.
The Treasury statement of assets and liabilities on the 28th February, 1885, showed the amount of minor coin in the Treasury to be
$834,078.25, and on the 30th June following to be $868,465.04. '
The last suspension of this coinage took effect on the 16th Marcb, 1885.
All requests for minor coin afterwards received at the mint were returned with the information that application must be made to the
Treasurer ofthe United States qr to the nearest assistant treasurer.*
MINOR COINAGE DURING FISCAL YEAR 1887.
On the 30th June, 1886, the ainount of minor coin in the Treasury, as
shown by the statement of assets and liabilities, had been reduced to
$377,814. Of this amount over $160,000 proved to be in 3-cent nickel
pieces, for which there was no demand, and over $60,000 in uncurrent
minor coins of former issues. Thus it appears that of the sum of these
coins held by the Treasury the value of over $220,000 was unavailable.
During the year ended June 30, 1886, large orders were constantly
received at the mint at Philadelphia for .minor coins, all of which were
returned, and the applicants informed that the coinage had been intermitted, and that application must be made to the nearest assistant treasurer of the United States.
'
Eesumption of minor coinage having been authorized by the Secretary of the Treasury, it was recommenced in September, 1886,
During the fiscal year erided June 30, 1887, the demand fbr minor
coins was by far the largest in the history of the mint. Themint at
Philadelphia, to which this class of coinage is limited by section 3528
of the Eevised Statutes, has since been taxed to its utmost capacitv to
meet the demand from all parts of the United States, including many
where minor coins had never before been in general use.
In order to avoid as far as practicable the purchasp- of new material,
and to relieve theTreasury of an accumulation of uncurrent minor coins
of former issues, together with pieces unfit for circulation, and nickel
3-cent pieces, the nominal value of $224,445.07 in these old coins was
transferred to the mint at Philadelphia. This material, together with
$3,754.94 worth of old minor coins exchanged for new, was used in the
coinage of 1-cent bronze and 5-cent nickel pieces.
In the bill approved August 4, 1886, an appropriation. of $4,000 was
made by Cougress to pay the loss on the above stated recoinage of uncurrent minor coins in the Treasury,
104
REPORT ON T H E FINANCES'.
The valueof the several denominations of minor coins transferred by
the Treasurer for recoinage, and received in exchange by the superintendent of the mint at Philadelphia, is shown in the accompanyiug
statement:
Denominations.
In
In
In
In
In
nickel I c e n t pieces.
bronze 1-cent pieces
bronze 2-cent pieces
nickel 3-cent pieces.
nickel 5-cent pieces.
Total
T r a n s f e r r e d Exchanged by
from Treas- the superinury of Unitecl t e n d e n t of
States.
tho mint.
Total..
$15,100.42
9,005.49
25,541.64
160, 306.77
14,490. 75
$585. 63
444..40
1, 059.94
239. 97
1, 425. 00
$15, 086. 05
9, 449. 89
26, 601. 58
160, 546. 74
15,915.75
224,445. 07
3, 754. 94
228,200.01
The 1 cent and 2-cent bronze pieces were recoined into 1-cent bronze
pieces, and the copper-nickel 1-cent, and the 3-cent, and 5-cent nickel
pieces were used in the coinage of new 5-cent nickel pieces.
The amount and. cost to the mint of minor coins available for recoiuage
was
«
-- 1228,200.01
In order to use the 1-cent nickel pieces it was necessary to add new
nickel, costing
' 606. 35
Total for recoinage.
Upon the recoinage of the 1-cent and 2-cent bronze pieces there v^
was a loss of
|2;216.24
And on the 1-cent, 3-cent, and 5-cent nickel pieces
728.60
228,806.36
2,944. 84
Net value of metal for recoinage
From which there was manufactured minor coin o f t h e nominal value of
Gain on recoinage
225,861.52
291,050.41
65,188.89
As there was no demand for the 3-cent nickel pieces, as proved by the
large accumulation in the Treasury, $160,306.77, transferred for recoinage, the minor coinage was confined to 1-cent bronze and 5-cent nickel
pieces. The demand for 1-cent bronze and 5-cent nickel pieces, at first
sudden, has since been urgent and continuous; at times largely beyond
the ability of the mint to promptly meet.
In addition to the amount, $291,050.41, in minor coins inanufactured
from the coins transferred by the Treasury and received in exchange by
the mint, there was manufactured from new material $652,600.24 of
minor coins.
The minor coinage during the fiscal year was composed ofthe following denominations:
Denomination.
Bronze 1-cent pieces
Nickel 5-cent pieces
Mckel 3-cent pieces (proof coins)
Total.
Pieces.
39,134,754
11, 047, 523
4, 232
50,166, 509
Value.
$391,147. 54
552, 376.15
126.96
943, 650. 05
The Secretary of the Treasury was authorized by the appropriation
act of August 4, 1886, also to transfer to the mint at Philadelphia any
minor coins of current issues fit for circulation, to be cleaned and reissued, and an appropriation of $5,000 was made to pay the expenses of
105
DIRECTOR OF THE MINT.
distribution of the coins after cleaning. The following table shows the
values and denominations of coins accordingly transferred to the mint
for cleaning and reissue :
Value.
Denomination.
$43, 601.13
Tn 1-cent b r o n z e p i e c e s
63, 212. 45
I n 5-cent n i c k e l p i e c e s
Total
;
106,813.58
All of these were cleaned and reissued, at a cost of $507;50 for labor
and $4,160.17 for transportation, a total expense of $4,667.67.
Duringthe year old copper 1-cent pieces, of the nominal value of
" $5,110.92, including $84.93 received in exchange, were transferred to the
mint and melted, and the old metal sold for $1,136.83. The loss of
$3,974.09 was reimbursed the Treasurer from the appropriation for loss
on recoinage of uncurrent and minor coins.
The accompanying table exhibits the denomination and nominal value
of rainor coins forwarded to each of the States and Territories during
the fiscal year ended June 30, 1887 :
,
1-cent
bronze.
S t a t e or T e r r i t o r y .
Arkansas
5-cent
nickel.
$25. 00
$5, 375.00
20. 00
890.00
20.00
Connecticut
Delaware .
.. . .
1,215.00
11, 585. 00
New Jersey,
105. 00
6, 090. 00
New Hampshire
6, 010. 00
385. 00
950.00
N ^ w Me'fi^o
Nebraska .
Ohio
200. 00
300.00
3,640.00
Florida
190. 00
840. 00
Greorgia
490.00
3, 020. 00
Indiana
10, 669. 37
.18,710.00
8, 330. 00 ^ 11, 970. 00
....
ITew Y o r k
6, 230. 00
1, 590. 00
Iowa
Missouri
• N o r t h Carolina
Dakota
D i s t r i c t of C o l u m b i a .
S t a t e or Territo^5^
08, 355. 00
Oregon
Pennsylvania...
800. 00
11,835 00
2 600.00
2, 710. 00
14 865.00
29, 015. 00
34, 990. 00
. 20. 00
3, 510. 00
25,500.00
45, 045. 00
2 865. 00
Texas
150. 00
7,320.00
1, 280. 00
15, 890. 00
o^iclii'^'an
Massachusetts
38, 815. 00
39,210.00
Washington
Minnesota
10, 405.00
13, 615. 00
1, 325. 00
1,215.00
tory.
Wyoming
Marylaud
1, 290. 00
12,965.00
3,100. 00
Tennessee
1,320.00
1, 775. 00
25. 00
73, 870. CO
1,035.00
800. 00
80.00
Utah
12, 950. 00 1 V i r g i u i a . . . . .
4, 440. 00 . 8,720.00 V e r m o n t . .
400. 00'
6,510.00
W e s t Virginia
17, 840. 00
11, 786. 00
W^isconsin
Mississippi
Montaua
$49, 490. 00
6, 950. 00
Idaho
Maine
$7, 65Q> 00
128,125.00
South Carolina
Ehodelsland
51, 831. 00 '
Louisiana
5-cent o
nickel.
4Q0. 00
Illinois
Kentncky
Kan s a s . . . . . .
Icent
bronze.
250. 00
. ..
3, 080. 00
900. 00
1, 235. 00
7,230.00
2 380.00
10 755.00
Terri300. 00
• 200. 00
Total....
400, 510. 37
2, 020. 00
14„270.00
5 540.00
.1,370.00
544, 666. 00
22,070.00
EECAPITULATION.
Denomiiiation.
One-cent p i e c e s ^
Five-cent pieces
Total
.....
-
---
--
Pieces.
Value. .
40, 051, 037
$400, 510. 37
10. 893, 720
544, 686. 00
50, 944,757
945,196. 37
106
REPORT ON THE FINANCES.
From the above table it will be seen that minor coins were shipped
from the mintto every State and Territory except Nevada, Alaska, and
the Indian Territory.
A large stock of 1-cent blanks, purchased prior to the suspension of
the coiuage in March, 1885,,was soon exhausted, when an additional
stock of blanks was procured under contract.
There was on hand at the mint at Philadelphia a quantity of English
and German nickel, some 2,000 pounds, which had been purchased in
1884 for the 5-cent nickel coinage. The price paid for this nickel was 84
cents per pound, the lowest rate at which it was offered at that time.
This nickel having proved so unmalleable as to delay and impede coinage operations very seriously, it was found expedient to have it cut into
blanks, as well as treated, outside the mint. A contract was accordingly
made with Mr. Joseph Wharton, of Philadelph«'a, to convert this nickel
into 5-cent blanks withiu the legal tolerance of 3 grains per piece and
o f l per cent, of pure nickel, at 25 cents per pound for each pound of
blanks accepted.
.
~
^
I t subsequently became necessary to procure additional planchets for
the 5-cent nickel coinage. Proposals were therefore invited by public
advertisement. A coni^act for the same was awarded to the Benedict
& Burnham Manufacturing Oompany, of Waterbury, Conn., for 20,000
pounds at the rate of 37-1% cents per pound.
Every precaution was observed by the mint, before accepting these
blanks as delivered to secure "their conformity to legal requirements.
Early in Doeember, 1886, orders for minor coins were so far beyond
the capacity of the mint to promptly supply that the superintendent
was instructed to scale one-half all orders in excess of $100, and to ofier
applicants the option of the balance of orders to be supplied as early as
practicable, with the alternative of a return of remittances for orders
not filled. This was necessary in order to supjily impartially, and as
early as practicable, applicants from all sections with at least a portion
of their requisitions.
There is here for the first time presented a table showing the value
of the different denominations of minor coins issued from the mint at
Philadelphia since its establishment, the amount melted down, and the
amount outstanding.
I t is proper to remark that of the minor coins shown in this table as
outstanding, many pieces of the older issues have doubtless either left
the country or been destroyed by individuals, or otherwise retired from
use as coin.
For instance, it'will be noticed that of the old copper half cents issued
from the mint, $39,926.11 in value, none are reported as having been
melted, yet it is doubtful whether any considerable number of them are
in existence, except as curiosities or in coin-collections. These have not
been included in the total minor coins outstanding. So, too, of the
older copper coins which have not since been remelted by the mint,
119,014,574 pieces, representing a value of $1,190,145.74. These are of ^
a kind rarely seen in circulation.
While this statement may not show with accuracy the previous stock
of token coins in the country, it is believed that so far as the current
issues are concerned—bronze 1-cent piece a^nd nickel 3-cent and 5-cent
pieces—it does not fail to exhibit approximately the stock of such coins
in circulation.
Section 3587 of the Eevised Statutes provides that '^ the minorcoins
of the United States shall be a legal tender at tbeir nominal value for
any amount not exceeding 25 cents in any one payment.'' The minor
MKEOTOK
Oi' TiiE
10!
MINT.
coins authorized by the act of Eebruary 12,1873, are the 1-cent bronze
aud the 3 and 5-cent nickel pieces.
STATEMENT S H O W I N G BY DENOMINATION THE S E V E R A L T Y P E S O F M I N O R
COINS STRUCK AND R E M E L T E D FROM T H E ORGANIZATION O F T H E M I N T , AND
THE AMOUNT OUTSTANDING J U N E 30, 1887.
Coined.
Denomination.
Copper cents
Copper half c e n t s . . .
Copper nickel cents.
Bronze cents
Bronze 2-cent pieces
Mckel 3-ceut pieces
Nickel 5-cent pieces.
Total
Eemelted.
Outstandin js^
June 30, 1887.
$1, 562,887.44
*39, 926.11
2, 007, 720. 00
4, 319, 275.48
912, 020. 00
903.705. 00
8, 691, 67L 75
172,741.70
$1,190,145. 74
735, 616. 30
24,517.11
292,128. 08
175, 541.44
61, 934. 00
1, 272,103. 70
4,294,758:37
619, 891. 92
728,163.-56
8:629,737.75
18, 437,205. 78
1,662,478.63
16, 734, 801.04
"There is no record of the meltinsj at the mint of any old copper half cents, hut it is believed that few, if any, are in circulation.
APPROPRIATIONS AND EXPENDITURES.
The amount specifically appropriated for the support of the mints
and assay offices of the United States for the fiscal year 1887 was
$1,146,739.20, including a special appropriation of $54,639.20 for the
renewal ofthe steam-power plant of the mint^at Philadelphia.
Ofthe above specific appropriation there was expended $988,399.31.
In addition, there was expended from the general appropriation for
the coinage of silver dollars* the sum of $201,110.02. Of this sum
$200,189.02 was expended by the mints, and $921 by this Bureau; the
latter for daily quotations by telegraph of the price of silver in London.
For tbe service of the mints and assay offices, including the cost of
the mandatory coinage of the silver dollar, the total expenditure during
the fiscal year ended June 30, 1887, was $1,189,509.33.
Tbe appropriations and expenditures are exhibited in the following
table:
APPPvOPEI ATIONS, 1817.
Institutions.
Coinage m i n t s .
Philadelphia
Carson
N e w Orleans
A s s a y offices.
Denver
TTelena
Bois6
Cliarlotte
Total
'
Salaries.
Coinage of
standard
R e n e w a l of silver dolC o n t i n g e n t . steam- pow- lars, a c t of
February
e r plant."
28, 1878 (indefinite) .
Wages.
$41, 550. 00 $293,000.00
41,900.00 170, 000. 00
29, 550. 00
60, 000. 00
31, 950. 00
74, 000. 00
39, 250. 00
10, 950. 00
7,700.00
3,000.00
2, 750. 00
3, 500. 00
25, 000. 00
14, OO'O. 00
12, 000.00
. 212,100. 00
648, 000.00
•
$100, 000. 00
40, 000.00
25, 000. 00
35, 000. 00
$54, 639.20
Total.
$489,189. 20
251,900.00
114, 550. 00
140, 950. 00
-.
10, 000. 00
6, 000. 00
6, 000. 00
5, 000. 00
2, 000. 00
3, 000. 00
. 232, 000. 00
^
54, 639. 20
' Act of February 28, 1878.
74, 250. 00
30,950.00
25, 700. 00
8, 000. 00
4,750. 00
6, 500. 00
1,146,739.20
108
iJEpOiiT on THE FmAKCES.
E X P E N D I T U R E S , 1887.
Coinage m i n t s .
Philadelphia
$40, 665. 69 $292, 379. 88
Sau Prancisco
.41, 856. 56
169, 079. 88
$80,115.47
30, 426. 23
$11,464. 27 $147, 360. 88
81.84
$577,986.19
247,444. 51
52, 746.30
32, 036. 76
186,895.77
Carson
11,783. 62
17,899.00
N o w Orleans
A s s a y offices.
31,841.29
73," 997. 58
2, 354.14
28, 310. 60
NewYork
39, 202.45
23, 361.00
9,581.12
72,144. 57
Denver
10,629.34
13,248.66
5,112. 81
28, 990; 81
7,700. 00 11,821.25
3, 000. 00 • - • V - 2,750. 00
5} 996. 70
25, 517. 95
4, 916. 62
7, 916. 02
1,565.85
4,315.85
Helena
*
Bois6
Charlotte
Saint Louis
3,478.18
Total
192, 907.13
.
»
1, 861.12
601,787.25.
182,240.06
^
5, 339. 30
11, 464. 27
200,189. 02 1,188. 588. 33
Ofthe amount appropriated for the support of the mints and assay
offices during the year there remained unexpended the sum of
$158,339.89, as exhibited in the following tabled
Institutions.
Salaries.
, Coinage m i n t s .
Philadelphia
San Francisco
Carson
N e w Orleans
Contingent
expenses.
Wages.
$884. 31
$620.12
$13, 884. 53
43.44
920.12
3, 573.77
17, 760. 38
42,101. 00
22,645.86
108.71
2.42
6, 689.40
47.55
1, 639. 00
418.88
' 320.66
751. 34
887.19
E e n e w a l of
steam-power plant.
$43,174. 93
V
A s s a y offices.
New York
Denver
H e l e n a .'
.•
83. 38.
Bois6
178. 75
3.30
434.15
Charlotte
S a i n t IiOuis
.;.......
21.82
19,192. 87
Total
1,138. 88
46, 212. 75'
49, 759. 34,
43,174. 93
The following coinparative table exhibits the expenditures on account
of the mint service during the years 1886 and 1887 :
Appropriations.
Salaries
Wages of workmen ..
Contingent expenses .
Standard silver dollar
Total
1886.
1887.
$189,331.48
593,865.07
164,183.47
119,976. 00
$192, 907.13
1, 067, 356. 02
1,188, 588. 33
601, 787. 25
*193, 704. 93
200,189. 02
* Includes $11,464.27 expended from appropriation for renewal of steam power plant at
Philadelphia.
•
The expenses of the Bureau of the Mint, consisting of salaries of the
Birector and the clerical force, expenditures for examination of mints
and for annual settlements, for books and incidental expenses, for the
collection of tlie statistics of the production of the precious metals, and
for the support of the laboratory in which the monthly coinage Of the
mints is tested, amounted to $33,091 97.
,
DIRECTOR
OF
THE
109
MINT,
The appropriation^ and expenditures for the above purpose, as well as
a.comparison with the fiscal year 1886, are exhibited in the following
table:
1886.
Appropriations.
Salaries of officers and clerks
Examinations of mints etc
Collecting mining statistics
Dahoratory
.
° .. . . . . .
Books namnhlets etc
Total
Appropriations.
,
1.87.
Expendi-,
Approtures.
priations.
$28, 940.00 $28, 500. 00 $28, 024. 93
2, 500. 00
2, 500.00
2,417.31
4. 000.00
4, 000. 00
2,153.77
1, 000. 00
. ...
337. 85
1, 000. 00
1,000.00
998. 53
500. 00
37, 440. 00
34, 407. 40
36, 024. 93
Expenditures.
$27,' 958. 27
1, 349. 31
2,290.01
. 999.70
494. 68
33, 091. 97
The appropriations for the support of the mints and assay offices for '
the current fiscalyear (1888) amount to $1,094,500, against $1,146,739.20
for the fiscal year 1887.
The appropriations for the fiscal year 1887-'88 are as follows:
Institutions.
Salaries.
Wages of Contingent Repairs
buildworkmen. expenses. ofings.
Total.
Coinage mints.
Philadelphia
San Francisco
Carson
New Orleans
$41, 550
$293,000
$100, 000
$434, 550
41,900
170,000
40, 000
251, 900
29, 550
60, 000
25, 000
114,550
•31,950
74, 000
35,000
140, 950
39, 250
25, 000
10, 000
10, 950
14, 000
6,000
7,700
12, 000
6,000
Assay offices.
New York ...
Denver
Helena
Bois6 City ...
Charlotte
Saint Louis.
Total . . .
3, 000
5,000
2,750
2, 000
3,500
. 2,400
212,100
231,400
74, 250
$2, 000
32, 950
25,700
1,000
9.000
4,750
5,900
3,000
1, 094, 500
E A R N I N a S AND E X P E N S E S OF T H E R E F I N E R I E S OF T H E COINAGE
MINTS AND OF T H E ASSAY OFFICE AT N E W YORK.
Under the provision of law (par. 8, chap. 327, vol. 1, Supplement to
Kevised Statutes) which requires that refining and parting of bullion shall be carried on at the mints of the United States and at the
assay office at Few York, and t h a t t h e charges collected from depositors
ibr these operations shall be used to pay the expenses thereof, the refineries of the mints at Philadelphia, San Francisco, Carson, and Few
Orleans and at the assay office at Few York have beeh in operation during the past year.
The charges collected from depositors during the year for this purpose
•amounted to $143,251.32 and the expenditures to $165,837.02.
The expenses exceeded the receipts by $22,585.70.
The amount received by the assay office at Few York from the sale
of blue vitriol and spent acid from its refinery during the fiscal year
1887 amounted to $12,760.74.
c This is properly an earning of the refinery. Prior to the fiscal year
1886 such Teceipts were used to offset the expense^ of the refinery.
no
REPORT
ON T H E
FINANCES.
As mentioned in'my last fiscal report,* t h e F i r s t Oomptroller ruled
that the proceeds of the sale of blue vitriol and spent acid from the
Government refineries could not be used, as had been the practice, in
offsetting the payments for acids, but should be covered into the Treasury as a miscellaneous receipt, as from the sale of old material, under:
construction of section 3618 Kevised Statutes.
Deducting the amount realized from these sales by the assay office
at Few York, the net expenditures of the refinery were $153,076.28.
It will be seen that the net expenses exceeded the earnings by
$9,824.96. It is impossible to forecast with accuracy the probable expenses of the year. They depend, as 'do the receipts, largely on the
amount and character of the deposits.
' The receipts from these sources, however, since the 1st July, 1876,
when the Government refineries were required to be self-supporting,
have exceeded the earnings by $185,965.86, the amount to thecredit of
the appropriation for parting and relining bullion on the 1st July, 1887.
Under a separate heading, among several measures for which new
legislation seems to be required,,,I have reprinted from Ex. Doc. 96,
H. K., Forty-ninth Oongress, second session, a proposed amendment of
the Kevised Statutes (Sup., 1, par. 8, chap. 327), drawn so as to provide
for the future crediting of all earnings of refineries against expenditures.
The only alternative from such an amendment is an eventual increase
of charges for parting and refining at^the several mints and at the assay
office at Few York. Frpm such an increase would follow an entire
change in the well-established practice of the Mint service.
The charges collected at each of the institutions tor i^arting and refining bullion, and the amount expended at each during the fiscal year, as
well as the net expenditures, after deducting the amount received for
blue vitriol and spent acid sold during the year, are exhibited in the following table:
Charges collected.
Institutions.
IVTint at Philadelnhia .
Mint at San Francisco
Mint at Carson
Mint at New Orleans
Assay office at New York
Total
. . .
;.
Gross expenditures.
Net expenditures.
$14, 980. 20
51, 288. 02
1, 270.77
548. 53
*75,163. 80
$6. 611, 27
58, 902. 60
3, 682. 99
48.14
96, 592. 02
$6,611. 27
58, 902. 60
3, 682. 99
48 14
83j 831, 28
143, 251. 32
165, 837. 02
153, 076. 28
.BNINGS AND E X P E N D I T U R E S OF T H E MINTS AND ASS.AY OFFICES.
The usual table, exhibiting in detail the earnings from all sources, and
the expenditures and losses of all kinds at the mints and assay offices
of the United States during the fiscal year 1887, will be found in the
Appendix.
The total earnings amounted to $8,842,819.70, and the total expenditures and losses of all kind's to $1,437,432:95. The profits from operations on bullion during the past year amounted to the large sum of
$7,405,38.6.75.
A large portion of these earnings consisted of seignorage on tbe
' manufacture of silver and minor coins.
CLASSIFIED STATEMENT OF E X P E N D I T U R E S OF T H E MINTS AND ASSAY
OFFICES OF T H E UNITED STATES, 1 8 8 7 .
For the first time there was presented in my fiscal report of last year
Ill
DIRECTOR OF THE MINT.
a statement exhibiting the expenditures of the coinage mints and of
the assay office at Few York, classified similar to the business of private manufacturing establishments.
The accounts are now so kept in all of the institutions under the
control of this Bureau that cost sheets can be prepared showing the
amount expended for each class of supplies and for each department
of the several institutious.
The following taWe is a consolidation of the tabular statements of the
various institutions. It exhibits the total expenditures for each class
of supplies as well as the other exx3enses of the mint service for the
fiscal year 1887 :
•
Articles.
Acids
Assayer's materials..
Belting
Charcoal
Chemicals
,
Coal....'.....-....
Coke
Copper
\
Crucihles
Dry goods
Fluxes
Freight and drayage..
Gloves and gauntlets .
Hardware
-.
Ice
Iron and steel
Labor and repairs
Loss on sale of sweeps
Lumber
—
Machinery and appliances .
Metal work and castings...
Oils
Salt...
Sewing
Stationery, printing, and binding,
Sundries
Telegraphing
Washing
Barrels aad cooperage
AVater...
:..
Wood
Zinc
Advertising
Boring artesian well, New York.
Adjusting weights
Lead
—
Electric lighting
Cutting silver disks
-.
.
Kenewal of steam-power plant, Philadelphia
Manufacture of 5-cent nickel blanks
Salaries
Wages of workmen
,
Ordinary.
$6, 060.
1,834.
520.
5, 560.
3, 624.
26, 541.
3, 741.
25,125.
8,956.
3,121.
3,647.
1,350.
9,475.
6,875.
2, 079.
2,228.
552.
15, 274.
786.
3, 250.
7, 027.
2, 911.
2, 349.
22.
2, 391.
2, 300.
13,122.
779.
940.
1,605.
11, 732.
2.
166.
3,130.
158.
Eefinery.
Total.
$35, Oil. 64
63.18
15. 64
1,317.89
^ 295.55
5,198. 28
$41,071. 77
1,897.30
530. 06
6,878.42
3, 919.98
31,739.65
3, 741.66
33, 650. 62
12, 413.19
3, 550. 92
4, 946. 62
2, 064. 36
. 10,191. 94
7, 596. 73
2, 545.10
2, 276.85
654. 67
21,732.48
1,323. 79
4,189.19
7, 226. 78
5,176. 00 ,
2, 394. 30
255. 05
2, 543.14
2, 300.14
14, 340. 57
779.78
940. 03
865. 50
2, 015.13
12,361.07
3,478.27
166.10
3,130.04
158. 50
6,434. 01
1,182.84
59.85
11, 464.27
19,498. 50
192, 907.13
867, 827.05
8, 524.80
3,456.90
428.98
1, 298. 76
714.14
716.19
' 721. 21
466. 00
48.23
101.99
6,457. 66
537. 37
938. 59
199. 38
2, 264. 65
45.00
232. 30
151. 70
1, 217.71
805. 50
410.10
628. 23
3,476.27
6, 434. 01
1,182.
59.
11,464.
19,498.
192, 907.
784, 227.
83,599.17
1,188, 588. 33
165,837.02
1,354,425.35
112
REPORT ON THE FINANCES.
Bars manufactured:
Gold
OPERATIONS.
:
'.
$58,188,953:66
Silver
6,481,611.25
Total
\
64,670,564.91
. Coinage executed:
Gold
Silver..J
Minor,
Total
$22,393,279.00
34,366,483.75
943,650.65
.., 57,703,413.40
.-
,..
Refinery eamings
$443, 258.52
SUMMARY OF T H E OPERATIONS OF THE MINTS AND ASSAY OFFICES.
The value of the gold and silver deposited at the mints andassay
offices of the United States during the fiscal year 1887 was $131,635,811.34. This aggregate, however, but partially measures the successive
operations upon the bullion.represented by this value. For example,
it may be interesting to show the operations by the melters and refiners
of the four mints ^nd of the assay office at Few York, as measured by'
the value o f t h e bullion successively operated upon. These, may be
stated as follows:
Standard
dunces.
Metal.
Gold..!...Silver
5, 919, 878
70, 764, 794
....'
Total value
Value.
$110,137,265
82, 344, 487
192,481,752
The operations of the coinage departments of the mints were as follows:
Standard
ounces. ^
Metal.
Gold
Silver
2, 632, 005
61,896,692
Total value
1
1
Yalue.
$48,967,440
72 025 241
120, 992, 6S1 .
The additional sum. of $3,828,635 represents the unparted product of
minor assay offices, and by them originally melted and assayed. The
total value of the gold thus successively operated upon by the five institutions mentioned and by the minor assay offices was $317,303,068,
the measure of the combined operations on bullion of all the institutions of the mint service.
The wastage of theprecious metals in the operations of both the
coiners' and the melter-and-refiners' departments during the year was
$13,473.26. All of this operative wastage was in 'silver, no wastage
of gold having been incurred at any of the coinage mints or at the
assay office at Few York during the fiscal year. That is, the diff'erence
between the amount of gold bullion charged and credited was in favor
of the operative officers. Such differences arise from several legitiuiate
sources, especially from the recovery of minute proportions of gold from
silver deposits^ and of silver frpm gold deposits;^ of a value insulftcieut
DIRECTOR OF THE MINT.
.
113
in individual deposits to pa^^ the charges for parting. When ultimately
recovered the value of such bullion inures to the benefit of the melterand-refiner's account to ofl'set unavoidable wastage.
Ofthe silver wastage, all, except $229.43 incurred at themint at San
Francisco, was at the mint at Few Orleans, and principally in the melter-.
and-refiner's department.
In addition to the operative wastage of silver there was a loss of
$16, 287.30 arising from the sale of sweeps, being the difference between
the assay valueof the gold and silver contained in them and the amount
realized from their sale, and a.loss at the assay office at Few York
from the sale of plumbic melts, amounting to $247.52, The total loss
on the operations of gold and silver bullion at the miuts and assay offices
of the United States for the year was $30,008.08.
Against this loss there was, on the other hand, an operative gain of
bullibn much larger than the entire loss. Surplus bullion was returned
by the operative officers ofthe coinage mints and of the assay office at
Few York aggregating $52,785.45. Gold and silver in granules and
sweepings were recovered from the deposit melting rooms ofthe value
of $9,020.66. There was also an operative gain arising from differences
in assays and charges, in favor of the small assay offices, on bullion
shipped to a mint for coinage during the year, amounting to $4,391.'41.'
The total gains from operations on bullion (not including, of course, any
of the seignorage or proceeds of sales of old material or by-products
or charges collected) was $66,197.52, against a total operative loss of
$30,008.08, a gain to the Governmeut in > melting, refining, and coining of bullion, aggregating over $300,000,000 as stated above, of
$36,189.44.
At the close of the fiscal year the bullion and coin in the mints at
Philadelphia, San Francisco, and Few Orleans, an 1 in the assay office
at Few York, were weighed by representatives of the Treasury Department and ofthe superinteodents. The superintendents were found to
have in their possession the values for which they were held. F o illegitimate loss, so far as this' Bureau is aware, has been incurred in the
mint service during the year.
<
The work of the individual mints and assay offices during the year
will now be briefly presented:
MINT AT PHILADELPHIA.
Impairment of the foundation of the old engine, together with the requirement of increased power, a t t h e mint at Philadelphia led to a special appropriation by actof Oongress of $54,639.20, in accordance with
specifications forthe renewal of the steam motive plant and for its transfer from the center of the building to space newly provided near the
northern outer wall. The work, undertaken in July, was by extraordinary exertions on the part of all engaged completed early in September,
with an interruption of less than two months to the: regular course of
complete operations. Two new 150-horse-power duplex steam-engines
and one of 50-horse-power have been erected in the north basement,
along with three tubular boilers, coal bunkers, etc.
By this important improvement in plant valuable space has been
secured in the center basement and ground floor for vaults and other
necessities.
The number of assays made during the yea^r was sonie ^6^000^ of wiich
48,000 were silver and 18j0i)0 gold,
.
' "6209 FI 87r--^S ' . ' '
114
REPORT ON THE FINANCES.
The melter and refiner of the mint operated upon a larger quantity of
bullion than in any previous year in the history of the institution. The
operations by this officer may be stated as follows:
Gold deposits
Silver deposits
Parted and refined
Ounces.
409,326
44,239,881
721,765
1
,...'
'
As this bullion is handled more than sixteen times in the processes of
melting and preparation for coinage or for manufacture of fine bars, the
combined operations represent a single handling of nearly 25,000 tons.
The operations of the coiner's department may be stated as follows :
'
Gold....
Silver
:
Minor coinage metal
• Total
'.
,.
i
Ou7ices.
13,574
42,924,4855,588,897
48,526^956
The total coinage was $23,277,600.80, the total number of pieces being 81,532,391.
While it is justifiable that equitable allowances for the benefit of the
melter;and-refiner's account should be made by the weigh-clerk to cover
sandage add moisture in deliveries or deposits- of silver bullion, such
allowances should not be suffered to exceed the probable operative loss
fromthe presence of mechanical impurities alone. The anomalous return'of a surplus by this offieer from his operations on silver during
the past year points to the practice of undue allowances of the kind referred to, or of wide allowances for operative losses of all kinds, and
therefore shbuld not be taken as a proper precedent for future practice,
or as an example for other mints.
The equally anomalous circumstance ofa surplus also on the part of
the coiner in his operations on silver at the same institution is less easily
explained. Fo satisfactory explanation having been found, it must be
assumed that one, or more than one, of the following contingencies has
happened, namely:
I. Thatthe clean-up, a very thorough one, at the annual settlement
covered residues of a previous period.
,
II. That greasy clippings were credited above clear weight.
III. That some mistake has occurred by way of credit for a heavier
delivery of clippings than some one receipted for—thus to the detriment
of the melter's account. , ' .
I have taken occasion, under a separate heading, to briefly sta;te the
serious disadvantage under which this mint labors, in common with the,
other mints of the Republic, from its contihued equipment with machinery and appliances inti'oduced nearly half a century ago, and far behind
the state of advancement which has since been reached in the mechanism
of many foreign mints and private metal works in the United States.
From the pressure under which this mint is constantly impelled in order
to meet the requirements of the bulk of the silver dollar, and the whole
of the minor, coinage, the inefficiency of its mechanical equipment can
not be counteracted, as in some degree at the collateral institutions, by
extra manipulations or deliberateness of work.
In co-operation with the superintendent and with the chief of the
mechanical department of the mint, I have undertaken to prepare the
way for such improvements as now seem to,be imperative. But it can
not be exi)ected that improvements of considerable magnitude can be
made without the aid of Oongress by special appropriations to defray
115
DIRECTOR OF THE MINT.
the cost. Suffice it on the present occasion to remark that in case expedients seem advisable beyond the scope of this Bureau, or of ordinary
axipropriations forthe support of the mints, such expedients will be commended to the attention of the Department in order that they may be
laid before Oongress for suitable action.
Resort is still had to temporary and inefficient expedients for want
of vault facilities, to which attention was called in my last two fiscal
reports. There are still at the post-office building 21,750,000 silver
dollars in charge of the superintendent of the mint, and for which this
officer is held responsible. Oompartment vaults in which the coin could
be sealed up are very much needed at 'this mint, as well as at the other
mints of the United States. Such a provision would avoid the constant re-weighing of the immense amount of coin now stored at these
institutions. It would especially do away^ with the important loss
which necessarily results from handling the precious metals in such
large quantities on occasions like the annual settlements or changes
in fiduciary officers. Ooin once weigted' and sealed up in compartments would not be disturbed except when needed by some other institution, or by some other branch of the Treasury Department. Exper;imeht has shown that the loss by abrasion in handling $1,000,000 in
gold coin is $5 for every handling, even when the utmost care is exercised, and t h a t t h e loss is absolutp. It is estimated that at the annual
settlement and other counts the weighing of the bullion and coin requires no less than eight .handlings.
The expenditures'during theyear for the different classes of supplies
and in the different departments are exhibited in the following table:
General department. Assayer's Coiner's
departdepartment.
ment.
Proper. Mech.an' ical.
$237. 92
A -d
Cliarcoal
Chemicals
Goal
...
..
$284.05
22.17
64. 37
13,132. 70
$14.40
47.01
11.82
27.50
Crucibles, c o v e r s ,
[ stiri'ers, and d ippers.
104. 01
252.12
117.45
3, 981.33
320.97
434.26
• 68.57
579. 52
152.24
3.98
28.05
2, 284.10 ,
Labor and repairs
Loss oil sale of sweeps. . 786.42
1, 723. 67
Lumber
Machinery a n d ap2,426.00
Metal work and cast735.88
. 343.63
inffs
Preight and drayage.
Gas
Gloves and gauntlets.
Hardware
109.43
. 17L99
154.00
36.75
3.67
Melter-and-refiner's department.
, Engraver's deProper. Eefinery. partment.
$3, 799. 53 $3, 111. 83
$16. 62
26.72 1, 556. 30
443. 04
42.00
84,21
3, 018.00
13, 585. 00
987. 25
3, 675.97
.62. 45
3, 560.91
6.54
17.86
3, 800. 93 1,711.96
268. 42
161.55
33.93
46.74
2.95
594. 60
43. 50
467. 57
$111.79
15.15
4L59
90.00
6.35
514.73
333.75
125.00
66.49
15.95
274. 69
52.32
293. 92
33.54
116
REPORT ON THE FINANCES.
General department.
Assayer's
department.
Mechanical. '
Items.
Proper:
Oils
$425. 62
$18.24
Coiner's
department.
$76
Salt
-.
Stationery, printing
$383. 71
Melter-and-refiner's department.
Proper.
.$217.37
andbindiug
755. 08
4,176.17
4.88
30. 55
674! 80
$L42
$116.91
65
Sundries
Telegraphing
Engrave r ' s deEefinery. partment.
10.31
3.15
765. 52
566.13
5,239.39
18.-93
17 44
28.87
W a s h i n g ..•
42. 67
Wood
156. 87
Zinc
; 17.43
935. 57
S t e a m - p o w e r p l a n t . . . 11, 464. 27
M a n u f a c t u r e of 5-cont
nickel blanks
Total
19, 498, 50
41, 703. 49
Salaries
3,985. 32
23, 258.13
W a g e s of w o r k m e u . . 111,949.40 12. 840.11
Aggregate
962. 40 13, 251.02 52, 332. 65
4, 934. 76 4, 472. 80 5, 000. 00
4,912.27
9, 385.86 212, 743. 32 69, 834. 70
1, 699. 00
176, 911. 02 10,825.43 15, 283. 02 230, 467.14 127,167. 35
185. 69
3, 000. 00
8,146. 54
6, 611.27 11, 332. 23
SUMMAEY.
Items.
Amount.
Acids
Belting'
Charcoal.
Chemicals
Coal
Copper
Crucibles, covers, stirrers, and
dippers
Dry goods
'.
Fluxes...'.
Freight and drayage
,Gas
Gloves and gauntlets
:Hardware
r
Ice
'.
Iron and steel
Labor and repairs
i
Loss on sale of sweeps
Lumber
$7,149. 28
315- 07
1,873.'42
832. 58
16, 332. 20
13, 585. 00
3, 712. 72
1,198. 97
3, 560. 91
252.12
4, 098. 78
5, 930:40
957. 01
013.45.
205.91
3, 417.82
1,30L15
^2,109.74
Items.
Machinery and appliances . . . . . ^.
Metal work and castiiigs
,
Oil
Salt.
Stationery, printing and binding..
Sundries...
Telegraphing
Washing
Wood
Zinc
:
Steam-power plant
Manufacture of 5-cent n i c k e l
blanks
.^
Total
Salaries
Wages of workmen
Aggregate..^...
Amount.
$2,617.49
1, 697. 61
.1,047.12
117. 56
773. 42
6, 230. 61
28.87
^42. 67
5,432. 62
935. 57
11, 464. 27
19, 498. 50
117, 332. 84
40, 665. 69
426, 598. 93
584, 597. 46
MINT AT SAN FRANCISCO.
The gold deppsits a t t h e mint at Sati Francisco durihg the fiscalyear
1887 numbered 8,365, and contained 1,217,356 standard ounces of gold
and 59,678 standard ounces of silver. The silver deposits Ibr fine bars
numbered 522 and contained 621,449 standard ounces of silver and
11.537 standard, ounces of gold. The. deliveries of silver on purchases
numbered 472 and contained 520,419 standard ounces of silver and 9^258
standard ounces of gold, Ttie total deposits were;
117
DIEECTOR OF THE MINT.
standard
ounces.
Metal.
Gold.
Silver
1,238, 229
1, 726,195
Total
2, 964,424
The total number of assays made during the year was 12,460.
During the year four Reichhelm gas cupel furnaces were placed in the
assay department, three of which are in constant use. The amount of
gas consumed is about 1,000 feet a day. The work is neatly and economically conducted with satisfactory results.
The melterand refiner operated on 2,569,593 standard ounces of gold
and 2,738,918 of silver. He made 958 melts of gold ingots and 1,086
inelts of silver ingots. Two of the gold melts only were condemned
during the year, and none of the silver melts. ,He also manufactured
458 fine silver bars, and one unparted bar. He returned in settlement
a surplus of 1,335.101 standard ounces of gold, and had a wastage in silver of 111.61 standard ounces.
The number of ounces of gold and silver operated upon by the refinery of this mint during the year was 1,506,217.
Thecoiner operated upon 2,618,431 standard ounces of gold during the
year, and struck $7,560,000 in eagles and" $14,800,000 ih halfeagles,
with a percentage of 47.5 of good coin produced from ingots operated
upon. There was an excess in his gold operations of 19.54 standard
ounces. The coiner operated upon 1,358,630 standard ounces of silver,
and delivered to the superintendent $766,000 in silver dollars and
$89,812.60 in dimes, having obtained a percentage of 53.9 of good coin
froin metal handled. He had a wastage of 140.80 standard ounces of
^silver. The business of the melting department of the mint at San
Francisco for a series of years is exhibited in the following table:
Gold ingot melts.
Fiscal year.
1874
.
1875
]876
1877
1878
1879
1880
1881
1882 ..
1883
1884:..:
1885
1886 . .
1887.....
.
!N"umber
made.
.
•
.
.-.......';...
^
.
Total
Condemned per cent
. . . . . .
...
813
925
942
1,141
1,393
981
931
1, 033
958
901
767
677
935
958
Silver ingot melts.
j^nmber
condemned.
5
13
6
s 3
19
4
3
8
8
5
4
' 1
0
2
13,355
.6i^^
'Nnmber
made.
2,648
' 4,378
9,4.54
13,^210
13,610
12, 789
8,104
12, 617
10, 719
7,509
5, 539
2,619
"Number
condemned.
10
15
n
8
14
14
14
38
20
12
1
0
1,086
0
104,282
^ 157
.1^
118
REPORT ON T H E FINANCES.
The operations of the coiner's department for a series of years will
appear from the following table :
GOLD COINAGE.
Fiscal years.
$26,760,000
23, 543, 500
20, 857, 500
27, 080, 000
22, 360, 000
1882-'83
1883 '84
1884 '85
1885 '86
1886 '87
Per cent.
Amount.
. . .
T o t a l aild m e a n
54.7
51.3
54.7
52
47. 5'
L e g a l allowance.
Actual
waste.
P e r cent.
. of allowance.
Gain,
S t a n d a r d ozs. Stand.ozs. Stand.ozs.
134. 715
1, 325. 685
120. 300
1,164.590
.70.337
1,041., 746
47. 018
1, 424. 406
19.540
1, 309. 205
6, 265. 632
120, 601, 000
372. 370
19.540
'
•
10.1
10.3
6.75
3.3
^
7.5
SILVEK COINAGE.
7, 350, 000. 00
5,850,000.00
1882-'83
1883 '84
1884 '85
1885 '80
1886-'87 •
2, 908, 799. 70
49, 066. 20
'
855, 812. 60
51.5
52.5
53.3
52.8
53.9
17, 013, 678. 50
•
638. 76
618.13
192.00
.58.
140.80
10. 39
28, 516. 044
1, 590. 27
5.38
Actual loss for five years last past:
Gold-..!
:
Silver
.r--.;-Deciuct foi- gain:
Gold..:
5.00
12, 628.130
9, 779. 060
4, 703. 610
50.154
1, 355. 090
6.30
4.08
1.15
,.-
$6,925.70
1,432.98
'
}
8,358.68
363. 53
:
I^et loss
.,
Deduct for metal recovered from old carpets : ..
Gold
Silver
Actual loss for the five years last past, coip value'
Legal allowance on gold operatied on
Legal allowau'ce on silver operated on
Tctal legal allowance for five years past
: . . . . . . . . $1,705.60
13.80
1, 719.40
6,275. 75
„... $111,901.85
26, 077. 58
137, 979.43
The value of foreign coins deposited at the mint at San Francisco
during the past fiscal year is exhibited in the following table :
STATEMENT OF APPKOXIMATE V A L U E O F F O R E I G N G O L D C O I N S D E P O S I T E D
AND M E L T E D A T M I N T A T S A N F R A N C I S C O , D U R I N G T H E F I S C A L Y E A R
ENDED J U N E 30, 1887.
Country.
England (sovereigns)
Do
Japan
Mexico -•
Mixed foreign coins
Central America
Sp ain
South America
,
Mixed foreign and rautilated United States coins
Total
Value.
$1,105,658.59.
8,813.77
133,112.45
78,083.41
^ 43, 505. 85
30L15
1, 379. 68
109. 69
1,12L55
I, 377, 086.14
119
DIRECTOR OF THE MINT.
.Frequently foreign coin represents only a part ofa deposit, therefore
the value of a deposit is not necessarily the actual value of the coin.
A record is kept of the denominations, but not of the values.
The expenditure of the mint at San Francisco during the year fox
the difierent classes of supplies and in the different departments is exhibited in the following table :
^'
General departmeiit.
Items.
Proper.
Acids
................
Assayer's materials
Belting
"
Charcoal
Chemicals
Coal
Colse-..
.
$86. 27
558! 65
^, 307. 61
Mechanical.
Ice
...
Iron a-nd steel.
Labor and repairs
... ..
Lumber
'.
-.
Machinery and appliances.. Metal work and castings
Oils-.-..
Salt
Sewing . .
Stationery, printing, and
biadin«Sundries. - . . :
Telegraphirio"
W^ashing . . . . . . . . . . . . . . . . .
Water
'
Wood
Zinc
1
Total . . .
.
Salaries
Wages of workmen.
Aggregate
506. 29
372. 22
1, 439. 60
77.00
195.48
624, 69
3,18L95
25.00
32.73
78.79
244. 58
Proper.
$54. 90
$805.43
473. 82 1,137. 66
20
1,200.20
3, 099. 59
1,937.50
1, 798.39
18L 52
157.29
75.75
27.75
347. 62
98 61
' 38. 50
9.40
•22.80
66.17
^
135.26
214.00
23. 87
-4.85,
25. 65 ,
25,124. 66
62,105. 50
105,222.43
81.72
211 34
487. 98
1
83.84
505.49
882. 72
32.00
7.50
2.25
528.99
6.50
141. 08
48.21
370. 55
732. 29
388.29
26L 46
596.91
283. 33
627,30
Refinery.
$16,778.40
10,28
450. 34
2L98
172:30
11.90
57^07
Soo
6.65
149. 27
73.29
5.60
1, 789. 84
3.00
17,992. 27
,.
Melter-andrefiner's
department.
$1,134. 00
220.33
$4. 50 •
548.20
160. 36
2.50
L28
Crucibles, covers, stirrers, and
dippers
Dry 'goods .
Frei'o'ht and drayage..
....
Gas
•Gloves and gauntlets
Assayer's Coiner's
depart- department.
ment.
4.25
96.74
6, 006.33
198.17
75.00
258. 51
9 00
115 39
4.00
338. 75
•
,
54.00
.
1, 609. 74
321 30
2, 540, 70
1, 653. 81 2, 894. 79 3, Oil. 07 10, 878. 37 29, 775.60
6, 600.00
5, 000. 00 5,131. 90
21, 627. 00 29,127.00
^20, 306. 50 65,118. 64
1, 653. 81 29,801.29 73,129. 71 37,637.27
58,902.60
120
REPORT ON THE FINANCES.
SUMMAEY.
Items.
Amount.
Acids
$17, 967.30
Assayer's materials
220. 33
Belting
113.57
Charcoal
1,435.35
Chemicals
2, 544. 33
Coal
7,795.59
Coke
,
1, 200. 20
Copper
5,038.57
Crucibles, covers, stirrers, and
1, 836. 89
dippers
,
920.67
Dry goods
" 372.22
Freight and drayage
Gas
1, 439. 60
Gloves and gauntlets
738. 24
Hardware
., 487. 60
Ice.......
, 624.69
Iron and steel
' 215.09
Labor and repairs
10,845.40
Items.
Lumber
.Machinery and appliances
Metal work and castings
Oils
Salt
:.......
Sewing .'
,
Stationery, printing, and binding,
Sundries
Telegraphing
Washing
Water
:
Wood
Zinc
Total
Salaries
!
Wages of workmen
Aggregate
Amount.
$1,112. 39
299.36
599.35
352.47
118. 39
2,165. 99
740. 54
781. 04
26L46'
596. 91
283.33
2, 558. 34
2,540.70
66,205. 91
41, 856.^56
198, 284. 64
306, 347.11
MINT AT NEW ORLEANS.
The operations of the mint at New Orleans during the last fiscalyear
have been limited to the manufacture of silver dollars. The monthly
allotments of coiiiage at this mint w,ere increased to 1,000,000 silver dollars in November, 1886. A monthly coinage of this number of pieces
was maintained throughout thp fiscal year except in the short month of
February last. The machinery and furnaces of the mint have been
thoroughly overhauled, and, from the appropriation of $15,000 by
Congress, the'mint building has been thoroughly repaired, under the
auspices o f t h e Supervising Architect.
The value ofthe gold and silver deposited at this institution during the '
year was $11,807,853, of which $11,701,304 was silver, chiefly fine silyer
. bars purchased for coinage into silver dollars.
The operations of the assayer's department consisted of 25,472 assays,
of which 918 were gold, 22^418 silver, and 2,136 silver ingot assays. This
department has been newly furnished with improved apparatus.
The melter and refiner operated during the year upon 30,784 standard
ounces of gold bullion, which he converted into ingots, and delivered in
settlement an excess of 7.735 ounces of standard gold. The same officer operated upon 18,901,167 standard ounces of silver with a wastage
of 13,709.49 ounces, over 48 per cent, of his legal allowance. The silver
wastage of the melter and refiner was larger than has been incurred
for many years at any of the mints. This wastage has been in part
attributed b y t h e assayer of this Bureau,, who, as its representative,
superintended the annual settlement at Kew Orleans, to the closeness of
weighing deposits by the superintendent's weigh clerk, and to the fact
that the deductions, allowed the melter and refiner for mephanical imj)urities and for unavoidable loss in removing base metals, have been
practically insignificant.
In another part of this report will be found a statenient showing the
number of ingot melts condemned at the several institutions for a series
of years.
121
BIRECTOR. 0.:^ THE MINT.
The coiner operated upon 17,613,577 standard ounces qf silver ingots
during the year, the coinage executed cpnsisting of 11,210,000 silver
dollars, against 9,300,000 in the preceding year. This is the largest
coinage ever executed in this mint. The percentage of good coin was
5()j wfth a wastage of 1,375.97 standard ounces.
The expenditure ofthe mint at New Orleans during the year for the
different classes of supplies and in the different departments is exhibited
in the following table:
,.
Melter-and-refiner's department.
General department.
Assayer s Coiner's
departdepartment.
ment.
MechanProper. .
ical.
Items.
$97.22
528.58
Acids
Bftltincr
$39.81
.........
Proper.
$3. 22
$299.38
17.08
•
613.20
85.57
104.37
Coal
(Joke
$2,519140
...
-•
1, 533.35
8,435.00
Crucibles, covers, stirrers
/
• 10.82
.63.76
120.06
1, 984.83
(3-as
rMovfis and orauntlets
Eefinery.
....
,727.80
2,118.44
247. 50
LOl
630.00
293.93
296.50
41.01
507.20
37.87
120.96
1,829.02
84.50
191. 62
296.50,
L50
64.95
544.05 1,409. 99
$22. 64
146.67
Machinery and appliances . . .
Oils . . .
Salt ...
....
Sewinc
, .. . , i . . . .
6.40
Stationery, printing, . and
binding
....
'282.48
Sundries
, 1,749.98
Telegraphing"
133.47
Washing
.
:"...
138.90
Water
........' • • •
Wood..
,
Total
'
Salaries
Wages of workmen
Aggregate
1, 288.75
182.63
430.93
214. 32
246.55
:.
25.90
3.00
81.05,
7L18
16.00
135.00
n.25
28.15
i,,647.89
282.77
, 29.25
'500.00
44.90
-..
14. 00
25.50
9, 316.83 15,456.41
48.14
3, 268. 36
'8,284.59
3,021.46.
17,150.00
» 36,403.37
926.74
5, 89L 29^ 4,400.00 4,400.00
2, 880. 94 57,955.19 20,007. 56
3,948.20
9,573.62 71, 672.02 39,863.97
'
61,837.96
80L39
r
48.14
122
REPORT ON THE FINANCES.
SUMMARY.
Items.
Amount.
A cids
•
Assayer's materials
Belting
Charcoal
Chemicals . ^
Coal
Coke
Copper . . . ^
Criiciblqs, covers, stirrers, and
dippers
,
Dry goods
,
Freight and drayage
Gas
,
Gloves and gauntlets
Hardware
•Ice
Iron and steel
Labor and repairs
$399.82
528.58
56.89
613.20
189.94
2, 519.40
1,533.35
8,435.00
2,118.44
1,049.88
121. 97
1, 98'4.83
630.00
293. 93
822.49
228.42
4, 374.76
Items.
Amount.
Loss on sale of sweeps
Lumber
Machinery and appliances
Metal work and castings
. —
Oils
Salt.
Sewing
1.1
Stationery, printing, and binding
Sundries
Telegraphing
Washing
—
Water
Wood
Total
;
$22. 64
' 146. 67
1, 288. 75
396. 95
748. 66
16. 00
225.45
293. 73
3,734. 09
133. 47
168.15
500. 00
3, 352.76
36, 928. 82
Salaries
Wages of workmen
31, 841. 20
118,173,80
Aggregate
186, 943. 91
ASSAY OFFICE AT NEW YORK.
The deposits of gold and silver bullion at the assay office at New
York during the year amounted to $61,839,162.05, against $22,559;,482.11
in the preceding year, an increase-of $39,279,679.04.
The ihcrease in gold was owing largely to deposits of bullion and
coin from foreign sources, and in silver to the transfer from the subtreasury of trade-dollars. The deposits of bullion of domestic production did not difier materially in amount from those of the preceding
year, but ofthe deposits of silver bullion the proportion of refined was
larger.
The melter and refiner operated upon 2,904,738 ounces of gold bullion
during the year, and delivered in settlement an excess of 914.061 ounces.
He operated upon .4,828,925 ounces ofsilver bullion during the year, and
delivered to the superintendent in'settlement an excess of 1,311.18. He
also melted and cast into bars trade-doliars to the amount of 2,787,165
gross ounces. This large volume of business was at an expense of about
one-half cent an ounce, or about one-tenth of 1 per cent, of the value of
the bullion. 3,822,148 ounces were parted and refined by acid, containing 764,676 ounces of gold'and 3,005,812 of silver. 27,253 gold, 22,547
silver, and 2,562 trade-dollar bars were manufactured, a total of 52,462
bars during the year. Changes in the apparatus of the acid refinery haye
been completed and the entire apparatus is in good order.
The business of this institution has, as usual, been conducted with
great economy and skill.
During the first half of the year an artesian well was bored in the"
court of the assay office to a depth of 465 feet from the level of the
basement floor. Iron pipes connect the surface with the solid rock 42
feet beneath. The well has been used since April 1, and yields water
at the rate of 50 gallons a minute. Its cost was $3,057.04. The supply
of, water from the city works had often been found insufficient. No
further apprehension is now felt There will be a saving in the cost of
water of about $600 a year.
123
DIRECTOR 'OF THE MINT.
During the latter part of the year the New York,Steam Company introduced a meter, three traps', and a drum, at a cost of $575. The
use ofsteam so supplied has proved satisfactory for all purposes, and
has dispensed with much labor and witii occupation of space incidental to a steam-plant on the premises. It is believed that a saving will
be effected by its introduction. An electric-light plant was also introduced during the year at a cost of $750, and at a saving for illumination of about $l;000 a year.
^
The values of foreign gold coins naelted at the assay office at New
York during the past fiscal year are exhibited in the following table:
Total of each
denomination
of coin.
Denominations
of coin.
Countries of coinage.
Mixed
20 francs
20 marks . . . . .
Sovereigns
Yens
20 pesos . . . . . .
10 i^esos'
Doubloons . . .
5 roubles
Eoubles
-.
I imperials
20 soles...'.-..
Doubloons....
Isabellines.....
25 pesetas
Mixed
....
Cinco pesos...
Costa Eica
France
Germany
...
Great Britain,..
Japan
Mexico
T>o........
Do...
Kussia
. Do
Do
X^eru
Spain.
Do
Dp.
Do..
IT. S. Colombia .
Total .
Total by
countriesof ,
coinage*
$257.56
1, 219, 351. 02
179,12L 67
1, 018, 036.21
18, "608.37
_ $257.56
1, 219,35L 02
179,121. 67
1,018,036.21
18, 608.37
388,668,88
1, 341.64
.1,178. 60
. 155, 237.39
.2, 596. 80
577,223.34
999.82
3,101,388.08
98,15L58
957, 276.17
179, 863. 62
709. 76
4,336,679.45
•709.76
7, 900, 010. 51
7, 900, 010. 51
391,189.12
735,057.53
999.°82
The expenditure of the assay office at New York during the year for
(he ilifferent'classes of supplies and iu the^ different departments, is
exhibited in the following table :
General department.
Melter and refiner's
department.
Assayer's
department.
Proper. MechanProper. Eefinery.
ical. )
Total.
•
Acids
Assayer's materials
Belting
Charcoal
Chemicals
Coal
Copper
Crucibles, covers, stirrers,
and dippers
\
Dry goods
.,
, $282.42
' 770.82
19.31
$15. 50
22. 64'
98.12
10.80
12.40
11. 75
$14,685.05
4, 710. 30
6, 587. 30
$14,967:47
770 82
34 95
1 230 17
•
22'64
4 821 92
6 587 30
3,456.90
22L 95
3 469 30
244.50
•
15. 64
1,236.17
.
124
REPORT ON THE FINANCES.
General department.
Items.
Proper.
Assayer's
department.
Mechanical.
Melter's and refiner's
department.
Total.
Proper.
Fluxes
Freight and draya'^e
Gas
Gloves and gauntlets
Hardware
$11. 37
458. 24
$526. 00
11.50
44. 12
«.
57. 20
Ice
Labor and repairs
Lumber
Machinery and appliances...
Metal work and casting's
Oil
1, 281. 08
65.88
31.70
148. 00
37. 30
45. 38
'
\
printing,
Sundries
.
Telegraphing...
710.19
658 62
1,700.43
283. 59
283. 59
339. 38
395 00
105.49
1, 798. 29
731. 64
731. 64'
124.38
304.08
2, 004. 52
36.00
2, 087. 20
36.00
3.00
151.70
151. 70
1,154.96
1, 918. 90
865. 50
" 865 50
410.10
436.10
264.00
204. CO
3.00
and
.
.
B a r r e l s a n d cooperao"o
Water
Wood
$1,298. 76
647. 25
451. 33
Sewinj^
Stationery,
$1,298.76
48. 23^^
-.
Salt
Eefinery.
130. ,88
130. 88
502. 37
15.98
171. 57
15 08
20. 00
;.--.
A d j u s t m e n t of w e i g h t s
Advertisement f o r annual
358.50
10.50
148. 00
150.50
150. 50
A r t e s i a n well, p u m p s , e t c — 3,130. 04
3", 130. 04
. 1,182. 84
1,182. 84
X
Lead sheet and pipe
Polling a n d c u t t i n g silver
W a s e a of w o r k m e n
Affffrecate
0,434.01
59.85
59. 85
/lislf s
Total
6,434.01
7, 290. 44
22, 502. 45
11,154. 00
2; 281. 68
11,200.00 $5, 500.00
12, 207.-00
40, 955. 89
25, 688. 68
5,500.00
46, 874. 85
49, 717.17
56,455. 97
39,202.45
73, 078.17
96, 592. 02' 168, 736. 59
M I N T A T CARSON.
Under the usual provision for the mint at Carson in the legislative
appropriation act for the year, that mint was opened for deposits as an
assay office with an acid refinery, in October, 1886. Joseph R. Ryan
was appointed assayer, and David K. Tuttle melter and refiner, October 5, 1886.
The business from that date to the close of the fiscal year was. practically insignificant. Deposits of gold were received ibr payment of
value in coin, or by draft on San Francisco.
Silver bullion was purchased at a cost of $38,629.12, in order toprovide a stock of fine silver bars for j)rompt return of bars for silver deposits. Other deposits of silver were limited to their return in unparted or fine bars.
The melter and refiner operated during theyear on 5,436 standard
ounces of gold and 55,903 standard ounces of silver, and delivered a
surplus in settlement of 2.2.492 ounces of gold and 421.71 ounces of
silver.
125
DIRECTOR OF THE MINT.
The business of the mint for the fiscal year is exhibited in the following t a b l e :
Value.
Gold: ,
Deposited..
-.
Contained in silver deposits
Contained in silver purchases
Total
$45, 512.59
21,346.51
40, 812.12
----
107, 671.22 ,
Silver:
•
Purchased (cost value)
Deposited (cost value)
Contained in gold deposits (cost value)
Total (cost)
--
88, 629.12
18, 823.47
983. 94
.-
58,436.53
Total gold and silver (cost v a l u e ) . . .
166,107.75
Mofle of payment:
Payment in coin — ......
fine silver bars
fine gold bars
unparted bars . . . .
...
•
143, 012. 76
12, 068.74
170.79 .
9, 567.28
164, 810.57
1,288.18
Total . . . . . . . . . . . . . .
•
-,---.'
Deducted in charges (value)
Total....
-
-
166,107. 75
The expenditure of the mint at Carson during the year for the different classes of supplies and in the different departments, is exhibited in
the following table:
' '
' "•
[ ^ .
•
» '
G e n e r a l de- A s s a y e r ' s
departpartment.
ment.
Items.
Melter-and-refiner's
department.
Total.
Proper.
Acids
A Reaver's m a t e r i a l s . . . . . . . . .
'
$436.36
•'
.
Eefinery.
-
....
$436.36
63.18
63.18
$46L34
461 34
82 79
$82.79
Crucibles, covers, stirrers, and dippers.
. $231.57
231 57
8.15
TTrpi fht and dravaffe
Qas
'
.....
••
28.95
'
66.89
370-20
-
28. 01
5.25
...
.
.,..^.....
..
.....
q
36.50
1.62
20.25
Sundries
8.75
43.57
Washing
Water
Total
,
Salaries
W a g e s of w o r k m e n
Aggregat©..-.
..........
..
• 8 78
1 62
401.16
43. 57
4L75
41.75
456.25
- 456.25
116.35
Wood
5 25
20. 25
392.41
Telegraphing
100.22
3§ 50
8.78
Oils...
8.15
96 84
370.20
72.21
Labor and repairs .
Lumber
. .
Metal work ancl castin•'"s
\ '
2, 039. 78
116.35
82.79
231. 57
626. 99
2,981.13
7,48L70-
2, 549. 20
1, 752. 72
11,783.62
12,127. 00'
1,942.00
3, 830. CO 3,056.00
20, 955.00
21, 648.48
4, 573. 99
5, 814.29
35, 719.75
Percentage of ^et expenses to deposits, 18,
3, 682. 99
ri6
REPORT ON T H E FINANCES.
I have, urider a separate headuig, taken occasion' to recommend for
the consideration of this Department the expediency of laying before
Oongress numerous reasons for abolishing the raint at Carson.
MINOR ASSAY OFFICES.
. ;
•
D E P O S I T S , EARNINGS, AND E X P E N D I T U R E S OF M I N O R ASSAY O F F I C E S ,
Institutions.
Denver
Heleniii
13ois6 C i t y
Charlotte
S a i n t Louis
Deposits!
.
. .
.
.
Total
. . . : . . . .
-
'. - -.
'Earnings.
1887.
Expenditures.
$1, 593,- 291. 66
1, 449, 609.15
448,499. 62
224, 226. 35
112, 948. 04
$4, 741.71
3, 687. 89
1, 359. 94
1, 931. 23
696. 28
$28, 990. 81
25, 517. 95
7, 916. 62
4,315.85
5 339.30
3, 828, 635. 72
12,417. 05
; 72, 080. 53
MINT AT DENVER.
The business of the mint of Denver as an assay office,, as well as of
the othpr assay oflices of the United States^ largely increased during the
past year.
The mint building has been for many years in a state of dilapidation. The furnaces aud appliances for melting and assaying were crude
and practically worn out from use. Duriug the past year, under a
special appropriation by Gongress of $2,000, the foun(lation;s ot* the
building have beeu replaced in part with new stone laid iii cement and
the brick walls repaired. The wooden sidewalk has been replaced with
flagging. Iron gratings have been added to all the windows of the
.building and iron gates at the main entrance. Gas-melting and reflning
furnaces have been adopted. An Otto gas-engine was.also introduced.
The deposits, earnings, and expenditures are exhibited in the foliowing table:
Items.
Deposits .
Earnings.
Expenses
Amount.
$1, 593,291. 66
4,741.71
28, 990. 81
Percentage of net expenses to deposits, 1§,
J27
DIRECTOR OF THE MINT.
The expenditure of the mint at Denver during the year for the different classes of supplies is.exhibited in the following table:
General department.
Items.
Proper.
Mechanical.
Assayer's
partment.
;
$108. 59
Melter's
departiuent.
Total. ^
$18. 05
$18.05
223.98
$635.61
72.35
32.05
859 59
104 40
'
108. 59
Crucibles, covers, stirrers, a n d dip7.50
274.93
282. 43
110.41
79. 08
79.08
110.41
55.39
55.39
107. 60„
107. 60
29. 05
Xce
'
.
'
. 50
29. 55
21.20'
---.
21. 20
. 476.52
37.21
'
Salt.i
.--.-.
-Sta,tioriery, p r i n t i n g , a n d b i n d i n g . .
37.31 $1,385.90
237.15
-
4.20
-74.62
470.83
41.96
41.90
19.80
19 8G
1,689.24
102.95
•
,
•
2.00
,
1, 385. 90
565.73
5,157. 25
• 122.46
•4,227.00
3,741.95
5,112. 81
10, 629.34
13, 248. 60
. . . . . . • 15; 225. 83
1, 508. 36
4,792:73
7,463. 89
28,990.81
5..
.. . . . . .
.10
'
1, 471. 94
8, 379. 34
Ap'ffrecate
50.24
2,035.45
.10
2. 00
W a g e s of w o r k m e n . . .
13. 03
375.09
102. 95
Total
538. 57
74.62
•466.63
Water
62. 05
2, 250. 00"
, ASSAY OFFICE AT HELENA, MONT.
*-
Gas has been introduced both into the assaying and^meltihg departments, and applied to the muffles and melting furnaces, and to a^four
horse-power gas-engine. It is estimated that the saving in the cost of
fuel will be 40 per cent.
^
,^
The deposits,? earnings, and expenditures for the year are exhibited
in the following table:
Items.
Deposits.
$1,449, 669.15
Earnings
'
Expenses
'Amount.'
3,687.89
25, 517. 95
Percentage of net expenses to deposits, 1|.
128
REPORT ON THE FINANCES.
The expenditure of the assay offlce at Helena during the year for the
different classes of supplies is exhibited in the following table :
Items.
Acids
Assayer's materials
,
Belting
Charcoal
Chemicals
,
--.
Coke
:
Crucibles, covers, stirrers, and dippers.
Dry goods
.'.
Freight and drayage
Gas
Gloves and gauntlets,
Hardware
Ice
Labor and repairs
Lumber
Machinery and appliances
Metal work and castings
Oils
Stationery, printing, and binding.
Sundries
Telegraphin g
Washing
Water
Wood
^Total
.,
Salaries
Wages of workmen.
Aggregate
Assayer's
Melter's
department. department.
$14.62
$18, 90
146.38
15. 58
2-9.23
1, 008.11
549.49
Total.
$33. 52
146.38
15. 58
29. 23
8.10
1, 008.11
549. 49
6.88
440. 84
311.75
6.50
122.85
344. 59
311. 75
6.50
98.85
3L36
656. 59
4.10
681. 65
83.19
82.00
178. 67
549.60
70.98
,33.50
125.00
439. 50
102.25
893.67
450.00
2,103.03
2,250.00
5, 996. 70
7, 700. 00
11,821.25
9,343.67
4,353.03
25, 517. 95
24.00
31.36
37.75
310. 08
27.50
694. 34
4.10
681. 65
393.27
82.00
• 178.07
577.10
70. 98
33. 50
125. 00
439. 50
ASSAY OFFICE AT BOISE CITY, IDAHO.
The value of the gold and silver deposited at the assay office at Boise
City during the fiscal year 1887 was $44:8,499,62 against $122,461.63 in
the year preceding.
Since the close of the fiscal year 1887 the business of this institution
has still further increased.
During the first two and a half months of the fiscal year 1888 the
number of deposits was 335, against 245 in the first three months of the
fiscal year 1887, and against 137 in the first three months of the fiscal
year 1886, showing an increase in the standard weight of the bullion
contained in these deposits of 857 per cent, in 1888 over 1886, and of
296 per cent, in 1887 over 1886.
A t the rate of business of the first quarter of the present fiscal year
it is estimated that deposits during the year 1888 will exceed the value of
$1,000,000. This institution is located at a very convenient point for producers
of bullion, in the immediate vicinity of a large and growing mining
country, where are found few, if any private facilities such as are provided by an assay office of the United States, for the conversion of
deposits of gold bullion into cash value. Shipments of bullion are now
received from eastern Idaho and central Oregon. Numerous mines in
the districts tributary to Boise City have been recently opened and mills
erected. The city has been but recently, reached ,by railway, ar}cl tlili^
opened to conimuniication witb several new wiping districtSs
129
DIRECTOR OF THE MINT.
I^ot only is new apparatus needed at this institution, but the building and. grounds are in need of immediate repair. The appropriations made by Congress for its support are inadequate. The total
amount appropriated for the service of the fiscal year 1887 was $8,000,
and for the fiscal year 1888 the appropriations are the same, with the
exception of an additional but inadequate appropriation of $1,000 for
repair of the building. Of the amount appropriated ($8,000) $3,000 are
for salaries, leaving only $5,000 for workmen, material, apparatus, and
expenses of all kinds.
A deficiency estimate for 1885 of $335 was submitted by the Departmeht to the last Congress, and, from the failure of a deflciency bill,
still stands. A deficiency estimate of $335 for 1887, as well as one for
the present year (1888), will be submitted to the Department for presentation to the next Congress.
If it is the desire of Congress that this institution, which was established for the beneiit of the mining interests of Idaho and the surrounding country, be maintained so as to meet the natural growth of its business, increased appropriations for labor, materials, and repairs should be
made, as to carry it on at its present rate of business wilLbe impracticable with appropriations no larger than were made by Congress for its
support during the currentfiscal year.
The value of the deposits and the earnings and expenses of this office
in 1887 were as follows :
^
Items.
Deposits..
Earnings .
Exjjenses .
Amount.
$448,499. 62
1, 359. 94
7,916.62
Percentage of net expenses to deposits, 1^.
The expenditure of the assay office at Bbise City during the year for
the different classes of supplies is exhibited in the following table :
Items,
Acids..:.....
Assayer's materials
Charcoal
Chemicals
Crucibles, covers, stirrers, and dippers
Freight and drayage
^
Gloves and gauntlets
i
Hardware
.^
Ice
Labor and repairs
Lumber
.-..
Oils
Silver,..:
;....
Stationery, printing, and binding
Sundries............;
Telegraphing and telephone
Washing
1
:...
Water
Wood
Total
Salaries
^
Wages of workmen -...';.. ^...'
Aggregate
6209 FI 8 7 - . ^ 9
^.....,
...;......
Arnount.
$75.30
111.85
183.00
23.65
62.93
5L68
8.00
88.82
40.00
8.00
20.89
104.80
4.75
46.99
154.79
115. 57
18.50
58.50
129.00
1,312.02
3, 000. 00
3, 604.60
7,916.62
•
130
REPORT ON THE FINANCES.
ASSAY OFFICE AT CHARLOTTE^ N. C.
The assay office at Charlotte may be said to be fulfilling the purpose
for which it was established, and to provide necessary facilities to a
mining region in relation to which it occupies a central position.
Its deposits, earnings, and expenditures are exhibited as follows:
Items.
Deposits..
Eamings .
Expenses -
Amount.
$224, 226. 35
1, 931. 23
4, 315.85
Percentage of net expenses to deposits, 1.6.
The expenditure of the assay office at Charlotte during the year for
the different classes of supplies is exhibited in the following table:
Items.
Acids
Charcoal
Chemicals
Coal...........
--Crucibles, covers, stirrers, and dippers
Dry goods
•
Fluxes
Freight and drayage
- —
Gas
H ard ware
Ice
:
• -'<>.•
Labor and repairs
Lumber.
Stationery, printing, and binding
Sundries
Telegraphing
Water
:
Wood
,
Total
:
Salaries
Wages of workmen
Amount.
$21.79
143.70
91.30
37.00
123. 92
2.46
7.87
2.68
85.90
51.47
13.27
18.80
4.74
52.10
43.25
64.60
53. 00
68. 50
,
886. 35
2, 750. 00
679.50
.-
Aggregate
4, 315. 85
ASSAY OFFICE AT SAINT LOUIS, MO.
The deposits, earnings, and expenditures at the assay office at Saint
Louis during the year were as follows:
Items.
Deposits.
Eamings
Expenses
Amount.
$112,948. 94
696.28
5, 339.30
Percfenttige of net expenditures to value of deposits, 3.9.
DIRECTOR OF THE MINT.
131
The expenditure of the assay office at Saint Louis during the year for
the different classes of supplies is exhibited in the following table :
Items.
Acids
Assayer's materials
Charcoal
Chemicals
Coal
Crucibles, covers, stirrers, and dippers
Dry goods
Drayage (hauling ashes)
Gas...
Hardware, including stove, $8.75...
Ice
Oils..
Stationery, printing, and binding . . . . : ,
Sundries
Telegraphing
Washing...^
Advertisement for supplies
Total
Salaries
Wages of workmen
Amount.
$20.93
38.11
38.42
20.25
124. 95
25.50
9.00
7.00
92. 85
18.65
4.Q0
3. 00
9.19
28.20
3.32
18.75
15. 60
478.62
, 478.18
, 382. 50
Aggregate
5, 339. 30
On the ground that its operations to the very narrow extent that they
are within the purpose of public institutions of this kind, are not of
sufficient importance to warrant the cost of the maintenance of this
assay office, T have taken occasion in another part of this report to
recommend that it be discontinued.
ANNUAL TRIAL OF COINS.
The following named persons were designated by the President, to
test and examine the weight and fineness of the coins reserved at the
several mints during the calendar year 1886, pursuant to the provisions
of section 3547 of the Eevised Statutes: Isham G. Harris, United States
Senate; E.. P. Bland, House of Eepresentatives,- E. E. Burlingame,
Denver, Colo.; P. E. Chazal, Charleston, S. C. ,• William L. Dudley,
IsTashville, Tenn.; George S. Eastwick, ]^ew Orleans, La.; Frederick
A. Genth, Philadelphia, P a . ; Arnold Hague, Washington, D. C ; F .
N. Holbrook, El Paso, Tex.; Henry M. Howe, Boston, Mass.; Louis
Janin, San Francisco, Oal.; W. P . Lawver, Washington, D. C.;
Spencer B. Newbury, Ithaca, K Y.; George S. Weed, Plattsburgh, :N".
Y.; K H. Winchell, Minneapolis, Minn.; Arthur W. Wright, I^ew
Haven, Conn.
The ex officio members present were William Butler, judge of the
United States district court forthe eastern district of Pennsylvania;
William L. Trenholm, the Comptroller of the Currency; and Herbert G.
Torrey, the assayer of the United States assay office at l^ew York.
The Commission met at the mint at Philadelphia, Wednesday, February 9,1887, and proceeded to examine and.test the fineness and weight
of the gold and silver coins reserved at the mints at Philadelphia, San
Francisco, and New Orleans during the year 1886.
132
REPORT
ON T H E
FINANCES.
The result of the trial by the Commission was stated in the following resolution:
Resolved, T h a t the Assay Commissiou, h a v i o g examined and tested t h e reserved
coins of the several mints for t h e year 1886, and. it appearing t h a t these coins do not
difier from the s t a n d a r d fineness and weight by a greater q u a n t i t y t h a n is allowed bylaw, t h e t r i a l is coosidered and reported as satisfactory.
The trial of the coins "by the Assay Commission showed that the
average fineness of 252 pieces of gold coined at the mints at Philadelphia
and San Francisco, melted in mass, was .89995, and of 37 pieces tested
singly .900046; and of 540 silver dollars of the coinage of the mints at
Philadelphia, San Francisco, and New Orleans, melted in mass, together with 25 dimes coined at San Francisco, .899933, and of 53 pieces
tested singly, .899789; the standard of each being .900.
The result of the tests made in the assay laboratory under my direction of the monthly coinage during the year showed the average fineness of 176 pieces of gold of the coinage of the mints at Philadelphia
and San Francisco, tested singly, to have been .899827, and of 304 silver
dollars tested singly, .899981. Tests were also made during the year
of 340 dimes of the year's coinage, the average fineness of which was
.899626.
, The results of both the annual and monthly tests show that the coinage of the year was close to the standard fixed by law.
In the Appendix will be found tables showing in detail the results of
the annual and monthly assays of coins of the United States.
VALUES OF F O R E I G N COINS.
In accordance with the ijrovisions of section 3564 of the Eevised
Statutes of the United States the values of the standard coins of the
various nations of the world were estimated by this Bureau and proclaimed by the Department on January 1,1887.
These estimates, to be followed at the custom-houses of the United
States on and after January 1,1887, in determining the values of invoices
expressed in terms of foreign units of account, are shown in the following table:
ESTIMATE O F VALUES OF F O R E I G N COINS.
Monetary unit.
Par of exchange or
equivalent value
in terms of U. S.
gold dollar.
NOTE.—The " s t a n d a r d " of a given country is indicated as follows, namely: Double^ where
its standard silver coins are unlimited legal tender, the same as its gold coins; single gold or
single silver, as its standard coins of one or the other metal are unlimited legal tender. The
par of exchange ofthe monetary unit of a country with a single gold, or a double, standard is
. fixed at the value of the gold unit as compared with the United States gold unit. In the case
of a country with a single silver standard, the par of excharngeds computed at the mean price
of silver in the London market for a period commencing October 1 and ending December 26,
1886, as per daily cable dispatches to the Bureau-of the Mint.
Peso
$0. 965
\
Country.
Standard.
Argentine Kepublic . Double
Austria
Single silver Florin
.359
Coins.
Gold: argentine ($4,824) and I
argentine. Silver: peso and divisions.
Gold: 4 florins ($1,929), 8 florins
(^3.858), ducat ($2,287), and 4
ducats ($9,158). ' Silver : 1 and
2 florins.
BIRECTOR 01^ THE, MINT.
13?
.
Standard.
County.
Monetary unit.
Double
Par of exch inge or
equivalent . value
iu terms o f U. S.
gokl dollar s.
ESTIMATE OF VALUES OF FOREIGN COINS—Continued.
Coins.
.193
Franc
G o l d : 10 a n d 20 f r a n c s .
Silver:
5 francs.
Bolivia
Single silver
Brazil
S i n g l e gold . M i l r e i s of 1,000
Boliviano
.727
.546
S i i v e r : B o l i v i a n o a n d divisions.
G o l d : 5,10, a n d 20 m i l r e i s .
reis.
British
Possessions
LOO
S i n g l e gold . D o l l a r
N".A.
([jljili
Double
Cuba
Double
Sil-
v e r : h , l , a n d 2 milreis.
Peso —
.912
G o l d : e s c u d o ($1,824), d o u b l o o n
($4,561), a n d c o n d o r ($9,123).
.932
G o l d : d o u b l o o n ($5,017).
-
Silver: peso a n d divisions.
Peso
...
Silver:
peso.
Single gold . C r o w n
Single s i l v e r S u c r e . -
.. -
.268
G o l d : 10 a n d 20 c r o w n s .
.727
G o l d : doubloon ($3,858), c o n d o r
($9,647), a n d d o u b l e
'
Single gold .' P o u n d
Egypt.
•
•
condor.
S i l v e r : s u c r e a n d divisions.
(100
4.943
G o l d : p o u n d (100 p i a s t e r s ) , . 50
piasters).
p i a s t e r s , 20 p i a s t e r s , 10 p i a s ~
ters, and 5 piasters.
S i l v e r : 1,
2, 5,10, a n d 20 p i a s t e r s .
T
$0.193
Franc
Double
Gold : 5, 10, 20, 50; and.lOO f r a n c s .
Silver: 5 francs.
G e r m a n E m p i r e . . . . . ^ S i n g l e gold . M a r k
Single gold . P o u n d
GreatBritain
ling.
J..
ster-
.238.
G o l d : 5,10, a n d 20 m a r k s .
4. 8661
G o l d : sovereign (pound sterling)
and ^ sovereign.
Greece
-- D o u b l e
Drachma . . . . .
.193
G o l d : 5, 10, 20,'50, a n d 100 d r a c h -
Hayti
-. D o u b l e
Gourde . . . . \ . .
.965,
Gold:
R u p e e of 16
.346
G o l d : m o h u r ($7,105).
mas.
Silver: 5 drachmas.
1, 2, 5, a n d 10 g o u r d e s .
Silver: gourde.
Single silver
Italy
Double
annas.
. Lira
xr^„ ^ G o l d . . :
*Double . . . . ^ ^ ^ I Silver .
Liberia
..
Mexico
. . . . . . . S i n g l e gold . D o l l a r
S i n g l e sil v e r D o l l a r . r . :
Silver:
r u p e e a n d divisions.
.193
.997
.784
1.00
.79
G o l d : 5,10, 20, 50, a n d 100 l i r e .
Silver: 5 lire.
G o l d : 1, 2, 5,10, a n d 20 y e n .
Silver: yen.
G o l d : dollar ($0,983), 2 ^ 5, 10,
a n d 20 d o l l a r s .
S i l v e r : dollar
(or peso) a n d d i v i s i o n s .
Netherlands
Double . . . .
Florin
.402
G o l d : 10
fiorins.
S i l v e r : | , 1,
a n d 2 | florins.
IS'orway
Peru
Portu'^al
. 1.
S i n g l e gold . C r o w n
.^,.... Single silver S o l . .
M i l r e i s of 1,000
reis.
E o u b l e of 100
. 268 '
G o i d : 10 a n d 20 c r o w n s .
.727
S i l v e r : sol a n d d i v i s i o n s .
G o l d : 1, 2, 5, a n d 10 m i l r e i s .
1.08
-.582
G o l d : i m p e r i a l ($7,718), a n d §
i m p e r i a l t ($3,859). S i l v e r : | ,
.193
G o l d : 5,10, a n d 25 p e s e t a s . SU-
copecks.
I, and 1 rouble.
Spain
o . ^ , ^ ^ . . . . Double
P e s e t a of 100
centimes.
v e r : 5 pesetas.
134
REPORT ON THE FINANCES.
ESTIMATE OF VALUES OF F O R E I G N COINS—Continued.
Par of exe
equivalei
in terms
ffold dolls
S§«5
Coins.
Sweden
Switzerland
Single gold . Crown
Franc
Double
.268
.193
Gold: 10 and 20 crowns.
Gold: 5,10,20, 50, and 100 francs.
Silver: 5 francs.
Tripoli
Single silver Mahbub of 20
piasters.
:
Single gold . Piaster
.656
Country.
Standard.
Turkey
Monetary unit.
United States Colom- Sin o"le silver Peso
bia.
Bolivar
V e n e z u e l a . . . . . . ...•. Double
.044
.727
.193
Gold: 25, 50, 100, 250, and 500
piasters.
Gold : condor ($9,647) and doublecondor. Silver: peso.
Gold : 5, 10, 20, 50, and 100 bolivars. Silver: 5 bolivars.
* Gold the nominal standard. Silver practically thstandae
tCoinedsince January 1, 1886. Old half-imperial = $3,986.
The average price of silver in London for the period embraced between October 1 and December 26, 1886, was 45.862 pence per ounce,
British standard, equivalent at the par of exchange to $1.00535 per ounce
fine.
'
,
The corresponding valueof silver for the three months ending December 24,1885, was $1.038141 per ounce fine, a decline of $0.03279, a
little over three cents a fine ounce.
The depression in the price of silver occasioned a change in the estimated values given the following coins:
Coins.
Florin of Austria
,
Boliviano of Bolivia
Sucre of Ecuador
Rupee of India
Yen of Japan
Dollar of Mexico
Sol of Peru
Rouble of Russia
Mahbub of Tripoli....
,
Peso of United States of Colombia
Value,
Value,
Jan. 1,1886. Jan. 1,1887.
$0. 371
.751
.751
.357
• .810
.816
.751
.601
.677
.751
$0.359
.727
.727
.346
..784
.790
.727
.582
.650
.727
The monetary unit of Egypt has been nominally changed from the
I)iaster to the pound containing one hundred piasters.
The monetary unit of Ecuador also has been nominally changed from
the peso to the sucre, but with no change as to weight or fineness.
In regard to Japan, in the table for 1887 the values of the gold and
silver yen were estimated separately, for the reason that while by law
the standard of Japan is gold, silver is practically the standard of
value, and invoices of merchandise from Japan are generally in terms
of the silver yen.
DIRECTOR OF THE MINT.
135
REGULATIONS GOVEHNINGr THE TRANSACTION OF BUSINESS AT T H E
MINTS AND ASSAY OFFICES OF THE UNITED STATES.
When the duties of the office of the Director of the Mint were entered upoh by me, the regulations governing the transaction of business at the mints and assay offices of the United States were contained
in a pamphlet, the edition of which, bearing date of the year 1881, was
exhausted, in supplementary printed circulars issued by the Bureau of
the Mint, and in manuscript letters.
For the purpose of embodying all of the regulations, and in order to
make some changes which I deemed of importance, a revision o f t h e
regulations was undertaken, and an edition bearing the approval ofthe
Department issued under date of January 17,1887, to take effect April
1, 1887.
The regulations of 1887 make some important changes in the method
of reporting the business of the institutions under the control of this
Bureau, in the schedule of charges on deposits of bullion, and in the
method of reporting on bullion at the mints and assay offices.
One of the more important changes contained in the new regulations
provides that—
Deposits of fine bars, of United States or foreign coin, of bars bearing the stamp
of a United States mint or assay office (except unparted bars), and all gold deposits
of standard fineness or over, not requiring parting or refining, shah be reported to
t h e quarter-thousandth.
I t had previously been the practice to report all deposits of gold and
silver to lhe half-thousandth.
With the modern methods of assaying, and with the technicail skill
employed in. the assay departments of the several institutions, it has
been found t h a t t h e class of deposits enumerated above could, without
loss to the Government and with benefit to, the depositor, be reported
as closely as the quarter-thousandth..
'
T o t h e same volume of regulations are appended the laws of the
United States—sectionsof the Eevised Statutes with marginal references
to the Statutes at Large^—governing the Mint service.
A new edition embodying still later amendments of the regulations
is in course of preparation. This will be submitted for the approval of
the Department during the present fiscal year, soon after certain proposed amendments of law, specially referred to in this report under a
separate heading, and already approved by the Departm ent, .shall again
have been laid before Congress, when, it is to be trusted, their immediate importance will lead them to be duly submitted to prompt legislation.
'
\
PRODUCTIONOF GOLD AND SILVER IN THE UNITED STATES.
The production of the mines of the United States in.gold and silver
was fully exhibited: in my special report on that subject for the calendar year 1886, being the seventh, of a series of reports prepared by
this Bureau under annual appropriations and printed under the same
title by order of Gongress.
/
The estimated product of the iqines of the United States for the
calendar year 1886 was there stated to have been:
Value.
Metal.
Gold
Silver
.>
Total
. . .
..............
$35, 000, 000
51,000,000
86, 000, 000
136
liEPORT 0^ THE FtNANCJSQ.
In the above estimate silver was reckoned at its coining rate in silver
dollars, the actual production estimated by the Bureau being 39,445,312
fine ounces of silver. The average price of silver for the calendar year
in question being about $1 per fine ounce, the market value of the
silver production of the United States for the calendar year 1886 may
be stated to have been about $39,500,000. This aggregate was approximately distributed, in round numbers, among the States and Territories as exhibited in the following table:
state or Territory.
Gold.
Alasta
Arizona...
California..
Colorado...
Dakota
Georgia
Idaho
Montana
Nevada
".,
New Mexico
North Carolina.
Oregon
South Carolina.
TJtah
,
Washington
Texas
Alabama, Tennessee, Virginia, Vermont, Michigan, and
Wyoming
Total
Silver.
$446,
1,110,
14, 725,
4, 450,
Total.
$2, 000
$448, 000
400, 000
4, 510, 000
400, 000
16,125, 000
000, 000
20, 450, 000
2, 700,
425, 000
3,125,000
152,
1,000
153, 500
1,800,
600, 000
5,400, 000.
4,425,
400,000
16, 825, 000
3, 090,
000, 000
8, 090, 000
400,
300, 000
2, 700, 000
175,
3,000
178,000
990,
5,000
995, 000
37,
500
38, 000
216,
500, Opo
6, 716, 000
80, 000
227, 000
200, 000
200, 000
147,
5,000
5,000
10. OCO
34,-869, 000
51, 321, 500
86,190, 500
The estimated production in the United States for a series of years
is presented in the following table :
Gold.
Calendar years.
1880.
1881
$36, 000, 000
1882
32, 500, 000
1883
1884
34, 700, 000
30, 000, 000
.
.
.
30, 800, 000
1885
31, 800, 000
1886
35, 000, 000
Silver.
$39,200, 000
43,000, 000
46, 800, 000
46, 200, 000
48, 800, 000
51, 600, 000
51, 000, 000
Total.
$75, 200, 000
77,700,000
79, 300, 000
76, 200, 000
79, 600, 000
83,400, 000
80,000,000
It will be noticed that the production of gold increased from
$31,800,000 in 1885 to $35,0.00,000 in 1886, while the production of silver was practically the same, being $51^600,000 in 1885 against
$51,000,000 in 1886.
In the Appendix will befound a table showingthe production of gold
and silver in the United States from the organization of the mint in
1792.
137
DIRECTOR OF THE MINT.
INBtTSl^lilAL EMPLOYMENT OF GOLD AND SILVER IN T H B UNITED
STATES.
In my preceding fiscal report the resiilts of the last inquiries by this
Bureau into the employment of gold and silver in the industries of the
United States were presented in tabular form. These covered the
calendar year 1885. The results of the other censuses taken by the
Bureau for the years 1880, 1881, and 1883 were recapitulated in the
same report.
Since the publication of that report some additions and corrections
have been made in the reported employment for 1885, as published in
my special report on the Production of Gold an,d Silver in the United
States for the calendar year 1886.
The result of the last inquiry as revised is presented in the following
table:
'
R E V I S E D T A B L E SHOWING T H E V A L U E AND CHARACTEII O F GOLD AND S I L V E R
UsED^ I N T B E A R T S A N D MANUFACTURES D U R I N G T H E CALENDAR Y E A R
1885, AS REPORTED B Y . P E R S O N S A N D F I R M S ADDRiEssED.
a
fcJO
Manufactures.
•g
Si
1
ti ,
ti
a
d
1
1
3
1
• 'a
<U QJ
0
« 0
'0
ZJ
^^ ' •p.
a
to
t> fcJ3
.1^ fcjj
+3 ti
P ^ J cS
0
c/2
aT
1..
•A
U
•
"A
1
GOLD.
Plating
Gold pens . . . . . . . .
Gold and silver leaf.
Dental and surgical instruments..
341
634
34
72
348
22
51
"39
226
11
46
$32,'040
257, 741
7,433
58,150
34, 886
527,453
154
98
47
3, 970
149,186
219
$13,903
218, 831
$6, 063
$29 $4, 341
$801 178, 510 24,295 15,537
2,867
990 3,*526 0,753
2,000 31, 050 19, 700 39, 001
100 14, 942
2,400
4,188
$56,376
695, 715
56, 455
677, 354
174. 786
Spectacles and op642 17,169
290, 743
62,420
314 2,291
80 207, 907
ticals
.-'- 384 218
106
73
190, 944
27 116, 604
44,168 8, 000 17, 337 1, 000 3,835
Miscellaneoas
Jewelry
and
•watches .
. . . 0,329 3, 351 2,231 2,143,533 5,183,187 164,503 581,654 451, 629 485,241 9, 009, 747
8:054 4,380 2,707 2, 827,378 6, 234, 034 178, 913 847,715 502, 893 561,187 11; 152,120
Total
SILVER.
Chemicals
Plating
91 305,105
73, 561
106 2,165
381, 088
32, 824 1", 990, 587 25,434 43,191 12, 798 157,922 2,262,756
249
558
5
55
4,058
3,191
20 23, 512
,.708
46,121
21,881
.
Gold pens
Gold and silver leaf.
Dental and surgical instruments..
Miscellaneons . .
Jewelry
and
•watches
Photography and
mirrors (silver nitrate), estimated.
Total
107, 717
1,401
7,057
4,450
8,587 . 48,424
5,330
838
155
4,250
20s
210
70.
4, 682
Spectacles and opticals
2,494
942
1,017 .
127, 801
56, 568
7,523
•
35, 7I8 116,129 85, 060 28, 716 1, 712,498
8(j, 507
1,354,308
:
600, 000
600, 000
133 6441'! 4afi co^ 62, 708 245,413 103,272 216, 773 5,198,413
'
138
REPORT
ON T H E
FINANCES.
R E V I S E D T A B L E SHOWING T H E CHARACTER AND V A L U E OF T H E P R E C I O U S
METALS REPORTED B Y MANUFACTURERS, J E W E L E R S , AND OTHERS, AS USED
B Y THEM DURING T H E CALENDAR YEAR 1 8 8 5 .
Character.
United States coin
,
Stamped United States or refined hars....
Foreign coin
..;...
Old jewelry, plate, and other old material
Native grains, nuggets, etc
Wire or rolled plate
Total
Gold.
Silver.
Total.
$2,827, 378
6, 234, 034
178, 913
847, 715
502, 893
501,187
$133, 644
4,436, 603
62, 708
245,413
103, 272
216, 773
$2, 961, 022
10, 670, 637
241, 621
1, 093,128
606,165
777, 960
11,152,120
5,198,413
16, 350, 533
The employment of gold in the United States is reported as $11,152,120,
and the employment of silver as $5,198,413, a total of $16,350,533.
Deducting the value of the United States and foreign gold coins used
by manufacturers and jewelers during the year ($3,006,291) and of old
material used over $847,715, a total of $3,854,006, leaves as the employment of new'gold $7,298,114.
Deducting from the total of silver reported ($5,198,413) corresponding items, amounting to $441,765, leaves as the employment of new
silver in the arts $4,756,648: a total of new gold and new silver used
during the year amounting to $12,054,762. .
Inquiries on the present subject by this Bureau can be undertaken
only at intervals of several years. For they involve not only excessive
clerical labor, but they tax unduly the patience and courtesy of valued
correspondents of the Bureau. It is not presumed, however, that the
conditions of the-industrial employment of the precious metals vary
so materially from year to year as to require the frequent repetition of
the same inquiries.
I have on the present occasion nothing further to offer on the same
subject for the fiscal year 1887 than a statement showing the value and
classification of the deposits at the assay office at E^ew York and at
themint at Philadelphia for bars of gold and silver, presumably for
use in the arts and manufactures.
Classification of deposits.
Gold.
Silver.
ASSAY OFFICE AT NEW YORK.
$1,104. 69
United States coin
,
172,342.48
Foreign coin
366, 793. 57
Foreign hullion
817, 265.74
Plate,etc...
, 1,517,749.59
Domestic bullion
>
^
Large gold bars exchanged for gold coin and re-deposited for
small bars, less the charges and fractions paid in gold coin.. 3, 727, 320. 85
$1, 528.58
70,202.91
572, 865. 72
203.037. 74
3,589,503.46
6, 602, 576. 92
Large gold bars exchanged for coin, ahd taken by manufacturers
:..
1, 707, 861. 61
8, 310,438.53
Total
4,437,138.41
MINT AT PHUADELPHIA.
Bars manufactured
Total..
585,272. 30
34,508.07
8, 895, 710.83
4, 471,646.48
BIRECTOR OF THE MINT.
139
According to this statement the value of the gold bars issued by the
two institutions for industrial employment amounted during t h e y e a r
to $8,895,710.83, against $6,581,457.67 during the fiscal year 1886.
The value of the silver bars furnished was $4,471,646.48 in 1887, against
$4,636,106.31 in 1886.
These figures apparently indicate an increased employment of gold in
the arts. But it may be stated that the indication is rather of a consumption of bars, of a probable falling off in the employment of United States
coin, and of a tendency to use bars for industrial purposes rather than
to melt coin.
IMPORTS AND EXPORTS OF GOLD AND SILVER.
In the Appendix will be found tables showing by months and by customs districts the imports of coin and bullion into the United States
during the fiscal year 1887, and the exports for the same period. Tables'
will also be found showing the imports of gold and silver ore. Also
special tables showing the imports and exports at the ports of San
Francisco, ISTew Orleans, and El Paso.
The value of the gold bullion imported during the fiscal year 1887, according to statements furnished from the custom-houses was $19,770,714.
Of this there was jafterwards exported $18,932. There was also exported gold bullion, principally stamped United States bars, of the
value of $2,154,534, leaving a net gain to the country by imports of gold
bullion of the value of $17,597,248.
•
In addition to the imports of gold bullion,* gold coin \^as imported of
the value of $23,139,887, of which $5,862,509 consisted of United States
coins and $17,277,378 of coins bearing stamps of foreign mints.
There were exported $3,550,770 of United States gold coin and $3,976,951
of foreign gold coin.. There were accordingly gained by imports during
the year $2,311,739 of our own gold coin and $13,300,427 of foreign gold
coin j a net gain to the country of foreign gold bullion and foreign gold
coin of the value of $30,897,675, in addition to a gain of domestic gold
coin amounting to $2,311,739; the total gain in gold bullion and gold
coin amounting to $33,209,414.
The value of the foreign gold bullion deposited at the mints and
assay offices of the United States during the year was $22,571,32.8.70,
and the value of the foreign gold coin deposited at the same institutions was $9,896,512.28; a total of $32,467,840.98, corresponding to the
value of the foreign gold coin and gold bullion which reached the
mints and assay offices of the United States. ^
The movement of gold bullion and gold coin to and from the United
States is exhibited in the following table:
BaUion
Foreign coin
IMPORTS.
..
Total
United States c o i n . . . . . .
.'
1
„
$19,770,714
17,277,378 .
.^...
..'
37,048,092
5, 862, 509
Total '.....
Foreign bullion
Domestic bullion
Foreign coin
42,910,601
EXPORTS.
.".
Total
•
United States coin
...
6,150,417
3,550,770
Total
Excess of imports
18, 932
2,154, 534
3,976, 951
9,701,187
'.
33,209,414
140
REPORT ON THE FINANCES.
The imports of silver bullion amounted to $4,932,697, and the exports
of silver bullion of native production amounted to ^16,941,713, showing a net export of silver bullion of $12,009,016. The value of the
silver coin imported into the United States was $12,327,494, of which
$1,239,605 was domestic and $11,087,889 foreign.
The exports ofsilver coin were $9,354,791, of which $63,323 was in
domestic coin and $9,291,468 in foreign coin.
The neb export of silver bullion and foreign silver coin, over and
above theimports of thesame, was $10,212,595, and the net import of
domestic silver coin was $1,176,282.
The movement ofsilver is exhibited in the following table:
IMPORTS.
Silver bullion
Foreign coin._
:
'.
$ 4, 932, 697
11,087,889
:
Total..
16,020,586,
United States coin
1,239,605
Total
17,260,191
EXPORTS.
Domestic bullion
Foreign coLQ
Total
United States coin
16,941,713
9,291,468
26,233,181
63,323
.'
Total
Excess of exports
'
,
.•
,
26,296,504
9,036,313
STOCE: OF COIN IN THE UNITED STATES.
A table is presented herewith showing the estimate of the Bureau of
the Mint of the stock of gold and silver .coin in the United States at
the close of the fiscal year 1887:
Items.
Silver.
Gold.
Estimated circulation J u l y 1 1886
Coinage for fiscal year 1887
^ e t imports . . . . . . . . . . .
Total
Less deposits of United States coin
Used i n t h e arts
Total '.
Estimated circalation July 1 1837
Total.
$548, 320, 031
22, 393, 279
2, 311, 739
$308, 784, 223
34, 366,483
409,151
$857,104, 254
56, 759, 762
2, 720, 890
573, 025, 049
343, 559, 857
916, 584, 906
• 516,984
3, 500, 000
821, 941
200, 000
1, 338, 925
3, 700, 000
4, 016, 984
1,021,941
5, 038, 925
569, 008, 005
342, 537, 916
911, 545, 981
In addition to the gold and silver coin estimated to have been in the
country on the 1st of -July, 1887, there was bullion belonging to the
Government and awaiting coinage, in the mints and assay oifices at that
date, as follows:
Cost.
. Metal.
• *
Gold
Silver
_:. .:
Total
.
$85, 512,270
10,455, 650
95,967,920
'
DIRECTOR OF THE MINT.
,
141
This, added to the stock of coin, gives as the total metallic stock in the
United States:
Metal.
Gold...
Silver.
Total .
Value.
$654, 520,335
352,993,566
1, 007, 513, 901
The method employed by this Bureau in arriving at the stock of
coined money in the United States has been so fully explained in. my
reports for the fiscal years 1885 and 1886, and also in my special reports
on the Production of the Precious Metals in the United States for the
corresponding calendar years, that it will not here be necessary to enter
into any extended explanation.
The starting point of the estimate of this Bureau is the stock of coin
in the United States on the 1st of July, 1873, estimated by Dr, Henry
E. Linderman, then Director of the Mint. As at that period there was
no gold coin in active circulation in the United States (except on the
Pacific coast), the estimate comprised only the metallic stock in the
~ Treasury and in national banks, with an estimate of $20,000,000 as the
minimum in use on the Pacific coast. .
The estimates from year to year have since been airrived at by adding to the stock of coin at that date the annual coinage, less the amount
of United, States coin withdrawn for recoinage. The annual gain or
loss by import or export of United St^btes coins has also been added or
"/
deducted each year, as the case may have been. There has also been an
i
annual deduction for consumption of United States coins in the arts ahd
[j
manufactures. The estimates for these deductions haye been based
)! '
lipon the four inquiries made by the Bureau of the Mint for the years
1
1880,1881,1883, and 1885 into the industrial employment of the precious
metals in the United States.
The efforts of this Bureau to ascertain the stock of metallic money
in the country have been solely directed to the total called for by official statistics. The estimate ^by this Bureau of the stock of coined
money in the United States corresponds to such official data, not without consideration of, but without estimate for, the indefinite values corresponding to coin withdrawn from the country on the persons of travelers and not registered at the custom-houses, to coin subversively used,
and to coin lost in vicissitudes both on sea and land.
These elements of uncertainty in estimates like thepresent have been
discussed in previous reports. In the above estimate for the 1st July,
1887, no allowance has been made for the import or export of tradedollars during the year, for the reason that the entire number supposed
to have been in the country was eliminated from the stock of coin in
the estimate of the Bureau for June 30, 1884.
The deduction for United States coin used in the arts during the year
is the same as for the previous fiscal year, and according to the latest
inquiry made by this Bureau—namely, for the calendar year 1885, for
which the consumption was estimated at $3,500,000 of gold and $200,000
of silver.
The ownership of the gold and silver coins, as distinguished from the
142
REPORT ON T H E FINANCES.
location of the coin,' estimated by this Bureau to have been in the country on July 1, 1887, is exhibited in the following table:
Silver coin.
Ownership.
Gold coin.
Fall legal
tender.
Subsidiary.
Total.
Total gold
and silver
coin.
'$101,143, 478 t$C9, 365, 953 $26, 977, 493 $96, 343, UQ $197, 486, 924
Treasury
+152, 412, 379
§9, 878, 692 2,813,138 12, 691, 830 165,104,209
National banks ..
'
Banks other than national
(values specifically re2,422,970
44, 121, 505
ported)
i 41, 698, 535
2, 422, 970
Banks other than national
(values not specifically
reported) and in private
hands
273, 753, 673 185, 322, 502 45,757,168 231, 079, 670 504, 833, 343
Total .
569, 008, 065
266,990,117
75,547,790 342,537,916
911, 545, 981
*Gold coin in the Treasury, exclusive of outstanding gold certificatos
($91,225, 437)
tSilver dollars in the Treasury, exclusive of outstanding silver certificates
(142,118, 017)
X Includes gold, Treasury, and clearing house certificates
- . . (78, 318,940)
§ Inciudes Treasury silver certificates
'
.-.(3, 535,479)
II As partially reported to Comptroller of the Currency at close of fiscal year 1887,
viz:
Goldcoin
$27,01.5,952
Gold certificates
937, 7 LO
Specie, miscellaneous
13,744,873
$41,698,535 (Total taken as gold.)
Silver coin
1, 824, 657
Silver certificates
598,3i3
2, 422,970 (Total taken as full legal tender silver.)
44,121,505 (Total taken as gold and silver.)
The amount of gold coin in the banks, other than national, is given
as $41,698,535, from information imparted by the office of the Comptroller of the Gurrency, and based upon partial returns to that office.
I t is not considered that these figures represent more than a fraction of
the value of gold coin held by all the private and State banks ancl trust
companies of the United States.
Of over fivethousand banks, other than national,.in the United States,
less than two thousand made reports to the Comptroller, and by many
of them the asset ^'cash items ^' is not given in detail. So far it has
proved practically impossible to ascertain with accuracy the stock of
coin held by banks not by law required to make official reports, but it
is believed to largely exceed the figures given in the above table.
The value ofthe gold and silver certificates in the hands of the public has, in the above table, been deducted from the value of the coin
held by the Treasury and carried to the stock of coin belonging to the
public, because coin in the Treasury, applicable only to the redemption
of the certificates, is practically held by the Treasury in trust for this
purpose. •
I t has been considered an improvement to separate as in the following
statement of the location of the moneys of the United States as well as
of the bullion in the Treasury on the 1st July, 1887, the metallic values
from the values of the representative money:
'
143
DIEECTOE OF THE MINT.
F O R M AXD LOCATION O F T H E M O N E Y S O F T H E U N I T E D STATES AND T H E B U L L I O N AWAITING C O I N A G E I N T H E M I N T S J U L Y 1, 1887.
[Exclusive of minor coin and minor-coinage metal.]
I n Treasury.
In
I n other
banks and
general circulation.
national
banks.**
Total.
METALLIC.
$85,512,270
Silvfir Inilliori
-
S i l v e r b u l l i o n (nielted
dollara)
$85, 512, 270
4, 091, 414
--
4, 091,414
trade
''•••
.......---.
O o l d coin
6,364,236
•l92,3C48,915
.-.
Silver dollars
-•
.
Subsidiary silver c o i n . . .
Total
•
6, 364, 236
t $98,137,439
$278,501,711
569,008,065
266, 990,117
211, 483, 970
6,343,213
49,162, 934
26,977,493
2, 813,138
45,757,168
75, 547, 799
526, 798, 298
107, 293,790
373,421,813
1,007,513,901
|28, 783, 796
74, 477, 342
243, 419, 878
346, 681, 016
>
. EEPRESE3fTATIVE.
Hiftfal-tender n o t e s
........
Old d e m a n d n o t e s
.........
7, 810, 000
310, 000 ,
C e r t i f i c a t e s of d e p o s i t . . . . . . .
30,261,380
54,274,940
3,425,133
3, 535,479
... ...
197, 046
Fractional paper currency . . .
2, 366
62,979, 721
G o l d certificates
Silver certificates
!National-bank n o t e s
Total
57,130
57,130
960,000
9, 080, 000
.
36,950,497
121,486, 817
138,582,538 '
.145,543,150
22,962,737
256,058, 005
279,217,788
564, 266
6, 380, 332
163,624,764
682,408,380
6,946,964
•
909.012.8fin
* Tbe statement of tbe amounts in national banks is of date August 1.
t Includes $24,044,000 clearing-liouse gold certificates.
tIncludes $8,770,000 beld for tbo redemption of certificates of. deposit for legal-tender notes
Iinder act J u n e 8,1872.
The following statement, based on net coinage, imports, and exports
of United States coin, with pro rata reduction for consumption in the
arts from the 1st July to the 1st November, approximately exhibits the
stock of gold and silver coin in the United States at the date of this
report:
S i l v e r coin.
Dale.
Last
oflacial
G o l d coin.
Total gold
and silver
coin.
Full legal
tender.
Subsidiary.
T o t a l silver.
$569,008,065
$266,990,117
$75,647,799
$342, 537, 916 $911,545,981
5, 919,808
10,120,040
210,387
\
10,330,427
16,250,235
574,927,873
277,110,157
75,758,186
352,808,343
927, 796, 216
statement
J u l y 1, 1887
Gain subsequent to above
statement (estimate)...
Estimate
for 'No-
v e m b e r 1, 1887 . . .
In the first report made by me—-namely, for thefiscalyear 1885—1
reduced the estimate of my predecessor of the stock of gold coin in the
United States on the 1st of July, 1884, by ISOjOOO^OOO, a reduction rep-
144
REPORT ON T H E FINANCES.
resenting the probable amount of United'States gold coin used in the
arts and manufactures from July 1, 1873, to June 30, 1880. ISTo allowance had been made for such employment in the estimates of the Bureau
for the seven years from 1874 to 1880. The first allowance o^* this kind
was made in the estimate of June 30, 1881. This w,as $3,300,000 for
the fiscal year 1881.
In the second fiscal report made by me—namely, for the year 1886
(see page 46)—a further deduction of $15,669,981 from the estimated
stock of gold coin in the country June 30,1885, was made for bullion in
the Treasury on the 1st of July, 1373, included in previous estimates of
gold coin. I also corrected an error of $4,654,714 in the statement of
gold exports of 1874. There was thus made a reduction of $20,324,695.
This, with the previous reduction of $30,^00,000 for employment of gold
coin in the arts, as explained above, made a total reduction in the estimated stock of gold coin in the United States of $50,324,6951
I now take occasion to present revised estimates of the stock of gold
coin in the. United States at the close of each fiscal year since 1873, as
well as of bullion in mints and in the assay office at New York and
in the subtreasury at Kew York at those dates :
R E V I S E D ESTIMATE O F STOCK O F METALLIC M O N E Y I N T H E U N I T E D STATES
AT THE CLOSE OF EACH FiSCAL Y E A R FROM 1873 TO 1887.
GOLD.
Date.
Eine bars in
sub-treasury, N e w
York.
T o t a l coin
a n d bullion.
Eemarks.
$15,669,981
$135, 000, 000
E s t i i n a t e of D i r p r t o r
Linderman.
137, 708, 051
9, 671, 442
147, 379, 493
E s t i m a t e of D i r e c t o r
C u r c b a r d , less d e d u c t i o n s for e m p l o y * m e n t i n a r t s a n d error.
1875
1876
111, 507, 562
120, 368i 683
6, 259, 631
6, 320, 511
1877
7, 677, 648
7,495,102
1880
156, 456,
205, 704,
240, 466,
308, 033,
1881
1882
389, 452, 058
450, 557, 490
1883
1884
• 18F5
486, 930, 099
501, 307 747
521, 849, 941
55,801,964
44,193,050
66, 847, 095
588, 697, 036
1886
1887
548, 320, 031
569, 008, 0G5
4"? 454 430
590, 774, 461
Do.
85, 512, 270
054, 520,335
Do.
Coin.
Bullion i n
mints.
.Trnip 30' 1F73
$119, 330, 019
1874
1878
1879
111
875
003
990
$3, 367, 713
121,134, 906
3, 367, 713
3, 367, 713
130, 056, 907
,
5, 275, 834
40, 723, 420
86, 548, 696
2, 483, 784
2, 483, 784
53, 700, 225
2, 500, 000
107,501,472
213,199, 977
245; 741, 837
351, 841, 206
Do.
Do.
Do.
Do.
Do.
Do.
Do.
478, 481, 538
506, 757, 715
Do.
542, 732, 063
Do.
545, 500, 797
Do.
E s t i m a t e of D i r e c t o r
Kimball.
DIRECTOR
145
OF T H E MINT.
R E V I S E D ESTIMATE O F STOCK O F METALLIC M O N E Y I N T H E U N I T E D STATES
> AT T H E C L O S E O F EACH FISCAL Y E A R FROM 1873 TO 1 8 7 7 — C o n t ' d .
SILVER
Date.
Coiii.
.TiiTift 30 1 8 7 3
1875
1876
1877.
1878
1879
1880
1881
1882
1883
1884
1885
1887
T o t a l coin
a n d bullion.
$1,149, 305
$1,149,305
$8, 573, 500
35,801,000
63,734,750
91, 372, 705
119,144,780
147, 255, 899
175,355,829
203, 884, 381
233, 723, 286
266, 990,117
* Includes trade-dollars,
Subsidiary
s i l v e r coin.
'
$5, 000, 000
Remarks.
E s t i m a t e of D i r e c t o r
Linderman.
E s t i m a t e of D i r e c t o r
Burcbard,less deduct i o n s ' for employm e n t i n a r t s a n d error.
2, 742, 548
2, 742, 548
Do.
16,625,447
3,997,258
3,997, 258
Do.
32, 418, 734
4,626,921
4, 626, 921 . *51, 837, 506
Do,
7, 695, 579
.16,269,079
Do.
*71, 778, 828
.5,475,356
41,276,356
Do.
*76, 249, 985
5,925,658
69, 660, 408 • *78, 862,270
Do.
3, 924, 378 \
95, 297, 083
*80, 087, 061
Do.
3, 643, 764
122,788, 544
*80,428,580
Do.
4, 791, 786
152, 047, 685
*80, 960, 300
Do.
4, 950, 785
180,306, 614
Do.
175,261,528'
4, 654, 586
208,538,967
74, 939, 820 E s t i m a t e of D i r e c t o r
Ximball.
3, 468, 620
237,191,906
75, 060, 937
Do.
]0,455,650>
277, 445, 767
75, 547, 799
Do.
1, 592, 261
1874
1886
DOLLAES.
BuHion i n
mints.
1, 592, 261
8,763,217
t Trade-dollars estimated to be in tbe country ($6,000,000) deducted.
PROPOSED
LEaiSLATION.
MINT AT CARSON.
The Mint at Oarson was established by act of Oongress approv<3d
March 3, 1863.
,
Two other niints were established about the same period, namely, a t
Denver, Oolo., in 1862, and at Dalles Oity, Oregon, in 1864. The former
.was by act of appropriation (March 3,1869) provided for as ah assay
office only, and has never been equipped for coinage. The site and edifice of the latter were donated to the State of Oregon by act of Oongress March 3, 1875, after an expenditure of $103,280 for building.
In order to determine the coinage needs of the United States at that
period it will be well to inquire what was the coinage of the United
States fdr the period of four years ending December 31,1865,-as well as
the product of the precious metals for the same period. This is exhibited by the following statement:
-
STATEMENT O F P R O D U C T I O N AND COINAGE O F G O L D AND S I L V E R I N T H E
U N I T E D STATES F R O M 1862-1865, I N C L U S I V E — C A L E N D A R YEARS.
Production.
Coinage.
Years.
Gold.
1862.....
1863
1864.....
1865.....
Silver.
Total.
Gold.
Silver.
Total.
$39,200, 000 $4, 500, 000
$43,700,000 .$20,875,997.50 $1, 252, 516. 50 $22,128, 514. 00
. 40, 000, 000 ^ 8, .500, 000
48, 500, 000
22,445, 482. 00
809, 287; 80 23, 254, 769.80
46,100, 000 11, 000, 000 - 57,100,.OCO
20,081,415.00
, 609,917.10 20, 691, 332.10
53, 225, 000 11,250,000
64, 475, 000
28, 295,107. 50
691, 005. 00 28,986,112. 50
T o t a l . . 178, 525, 000
6309 ^1 87
35, 250, 000
IQ
213,775,000
91,698,002.00
3, 362,726.40
95,060,728.40
146
REPORT ON T H E
FINANCES.
This coinage was all executed at the mints at Philadelphia and San
Francisco.
The mints .at ISTew Orleans, Oharlotte, E". 0., and Dahlonega were suspended in 1861 and throughout the entire period of the war of the rebellion. The site and building of the mint at Dahlonega were bestowed
by act of Oongress (April 20,1871) upon the trustees of an agricultural
college.
It was during the same period, when two mints in the Southern
States were suspended, that acts of Oongress were approved providing,
as above stated, for two mints on the Pacific coast in addition to the
mint at San Francisco, and a third at Denver, Oolo. Of the three
mints thus newly created by acts of Oongress, the mint at Oarson is
the only one that has been provided fbr by subsequent legislation in
conformity to the provisions of the original act.
i t becomes my duty to show that the mint at Oarson is at the present time, and that from the first it has been, an unnecessary extension
of the mint service of the United States.
•
I shall, accordingly, proceed tb exhibit, by reference to United States
documentary evidence, first, certaijn rep-resentations made to the House
of Kepresentatives in support of the original measure before Oongress
for the creation and establishment of this mint; second, its operative
history as a mint; and, third, its performance since 1885, while in operation as an assay ofi&ce with an acid refinery. In that year coinage
was suspended for reasons which, although stated in previous reports
of this series, I shall take occasion to repeat for the sake of completing
the record of this mint for the information of Oongress.
The original bill to establish an assay office at Dalles Oity, Oregon,
in 1864, included a similar provision for Oarson Oity, Nevada, notwithstanding the passage^ of an act by the previous Oongress establishing
a mint at the Jatter city. The bill before the Thirty-eighth Oongress to
establish additional assay offices gave rise to a protracted debate, in the
course of which appear the arguments and representations for and
against the extension of minting facilities beyond what were then afforded by the mints at Philadelphia and San Francisco.*
Both the Director of the Mint and the Secretary of the Treasury expressed their disapprobation of any such extension.t
By the former officer, under date of February 6, 1864, it was held
^' not to appear expedient to increase the number of our coinage establishments."
In communicating with his concurrence the views of the Director,
Secretary Ohase (February 20,1864) recommended that " s o much of
existing laws as authorizes coinage, except at great commercial centers,
be repealed.^f
'
.
.
The communications above referred to were presented to the Senate
by the chairman of the Oommittee on Finance with the following re-,
marks :§
*'At the last session of Congress, I think, we authorized the establishment of a mint
in Nevada. Nothing has been done with reference to the erection of a mint there,
and the Secretary recommends t h a t we repeal the law. * * * Wo formerly had
a mint in Georgia, and one in North Carolina; b u t they were found always to be expensive and useless, and repeatedly an attempt was made to repeal them,, but t h a t
could not be done, owing to certain causes. In connection with this subject is a petition requesting the enlargement o f t h e branch mint at San Francisco."
* See Congressional Globe, 1864, pp. 1383, 1772, 1946, 195>3.
i l b i d . , ^ ^ . 1773, 1947.
t IMd., p. 1946,
, DIRECTOR OF THE MINT.
,
147
Statements contained in a petition from the superintendent .of the
branch mint at San Francisco and others induced the Secretary of the
Treasury to recommend an appropriation to afibrd increased minting
facilities in San Francisco.
The chairman of the Oommittee on Finance, speaking for his committee, on the same occasion remarked that taking the recommendations
of the Secretary into consideration in connection with each other they
could come to no other conclusion than that the wise course would be
to enlarge the minting facilities at San Francisco as desired, and to establish an assay office at iPortland or sofbe other place in Oregon, as
recommended by the Secretary of the Treasury himself. There was no
difference of opinion in the committee, and it was thought unanimously
that this was the advisable and proper course to take.*
In the course of this debate the alternative was discussed of substi^
tuting for the mint at Oarson, provided for by act of the preceding Oongress, an assay office in that city. But the original bill before being
passed was finally amended so as to provide for a mint instead of an
assay office at Dalles Oity; thus, as expressed in debate, leaving '^IsTevada and Oregon upon precisely.the same tooting.'?
;
The act establishing a mint at Dalles Oity was virtually repealed by
Oongress some eleven years afterwards (March 3, 1875).
The bill to establish a branch mint in ISTevada, introduced into the
House of Eepresentatives and recommended for'consideration by the
Secretary of the Treasury, passed that House without debate after
being reported by the Oommittee on Ways and Means March 3,1863.
Gn the same day, and, it will be noticed, toward the close of the
session, the same bill was considered in the Senate, and there, without
being referred to any committee, and after a short debate, in which the
bill was opposed by the chairman of the Oommittee on Finance, was
passed.
Accompanying this bill was a report prepared by a member of the
Oommittee on Ways and Means of the House of Kepresentatives, and
apparently its chief advocate before the Oommittee of the Whole. The
substance of this report was also represented to the Senate in behalf of
the same measure.
" :
This report, as quoted in the Senate, stated that the estiinated yield
of gold and silver in Kevada at that time was $2,000,000 per month,
making $24,000,000 per annum. The yield of gold and silver, in the
opinion of a Senator, was nearer $3,000,000 than $2,000,000 per month.
According to the best statistics for that period at the present time
available, the mines of Ii^evada yielded in 1860 some $100,000t of gold
and silver; in 1861 less than $2,300,000; and in 1862 less than $6,500,000. I t was not till nine years later (1872) that the yield of the mines
of Nevada reached the estimate of the report, nor till ten years later
that the maximum estimate offered to the Senate was reached, while it
is a well-known fact that from about this period the gold and silver
production ofthe Territory has fallen to about $8,000,000.
The report [as stated in the Senate] further goes into the cost of transporting the
bullion from the mines of Nevada to the branch mint of San Fraucisco, which is, the
nearest point where the gold and silver can be deposited for coinage, and it sliows
t h a t it amounts to a t a x of from 5 to 6 per cent.; t h a t the returns are received in
about thirty days, with an additional cost of 2 per cent, in carrying back the coin,
making an actual tax of about 7 per cent, on the gold^production o f t h e Territory of
Nevada.
" Congressional Globe, 1864, p. 1947.
t Incorrectly cited firom U. S. Commissioner as $1,000,000, in Monograph of U, S.
e^ologicj^l purvey, 1883^ p , 416,
,
.
^ ..
- ^
148
REPORT ON THE FINANCES.
The report goes on to say:
The transportation ofsilver is still more expensive. The bullion used in commerce
can be shipped abroad in t h a t shape as well if not better than in coin. The coinage
of the amount t h a t would find its way out of the Territory in payment of supplies
and transportation it is belived will reach at least half a million peraunum.*
These statements were offered as the pith of the report made by the
Oommittee on Ways and Means.
I t was urged in the Senate that the heavy tax upon producers in
Nevada, the wonderful increase of gold and silver bullion, and the necessity of keeping it in our own country by coining it ourselves, were to
be considered sufficient inducements, as they had been before, for Oongress to order the establishment of a mint.
A reference to the following statement of the production of the mines
of Kevada from 1860 will show the exaggeration of the estimates of
the product of the Territory for the period when these estimates were
offered, and 'will also serve to indicate the steps by which the actual
production reached its maximum in 1878 and the steps by which it has
since declined.
According to Oommissioner J. Koss Browne all but 5 or 6 per cent, of
the product of Nevada was, during the eight years ending in 1866, from
the mines of the Oomstock Lode, the main part of whose product has
ever since been forwarded to San Francisco for refining and coinage.
For the years 1868 to 1875, inclusive, the production credited each
year is taken from the special reports of the Oommissioner of Mining
Statistics, and for the following years from the revised estimates of this.
Bureau.
As the estimate for 1876 to 1879 inclusive is for fisdal years, the product for the last half of 1875 is estimated a second time, and that of the
last half of 1879 not estimated at all.
It will thus appear that the production of gold and silver, beginning
about 1861, when it approximated $2,000,000, increased rapidly, owing
to the very rich deposits found in the Oomstock Lode, until it had
reached in the year 1863 some $12,500,000. In 1878 the State was
credited with a. production of nearly $48,000,000. But from this date
the production declined rapidly, having fallen off* in the following year
to some $21,500,000, in 1881 to some $9,300,000, and in 1886 to about
$8,000,000.
PRODUCTION OF THE M I N E S OE N E V A D A FROM 1860
Years.
I860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
Gold.
TO
Silver.
:
:
.'
1
^
.«.
.......i
* Cong. Globe, 37th Cong., Sd session, p. 1499.
1886.
Total.
$100, 000
2, 275,000
6,500,000
12, 500,000
16, 000, 000
16, 800, 000
16,500, 000
20, 000, 000
14,000, 000
14,000, 000
16, 000, 000
22, 500, OOQ
149
D I E E C T O E OE- T H E MINT.
PRODUCTION O F T H E M I N E S O F NEVADA FROM 1860 TO 1886—Continued.
*$8, 000, 000
*10, 000, 000
*10, 000, 000
12,140, 000
*13, 750, 934
• 18,000,000
19, 546, 514
1872.,
1873..
1874.,
1875.,
1876.,
1877.,
1878.
1879.,
1880.,
1881.,
1882.,
1883.,
1884.,
1885.-,
1886.,
Total.
2, 520, 000
3, 500, 000
3,100,000
- 3, 090, 000
*$17, 500, 000
*25, 250, 000
*25, 450, 000
28, 338, 000
*28,000,000
26, 000, 000
28,130, 350
12, 560, 000
10, 900, 000
7, 060, 000
6, 750, 000
5,430, 000
5,600,000
6, 000, 000
5, 000, 000
$25, 500, 000
35, 250, 000
85, 450, 000
40, 478, 000
41, 750, 934
44,000,000 .
47, 676, 864
21, 560, ooo'
15, 700, 000
9, 310, 000
8,750,000
7, 950, 000
9,100, 000
9,100, 000
8, 090, 000
•121, 697, 448
237, 968, 350
516, 840. 798
9, 000, 000
4,800,000
2,250,000
2, doo, 000
Total .
Silver.
Gold.
Years.
'!'Division between gold and silver based on estimated returns of following years.
The product of the Oomstock Lode for the same years was as follows:
P R O D U C T O F T H E COMSTOCK L O D E FROM 1S60 TO D E C E M B E R 31, 1886.
Autliority. . '
Year.
I860..
1861..
1862,.
1863..
1864..
1865..
1866..
1867..
1868..
1869,.
1870..
1871..
1872.,
1873.,
1874.'
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882.
1883.
1884.
1885.
1886.
United States Commissioner of Mining
Statistics
do
:
...do.
...do .
...do.
...do .
...do.
i..do.
...do.
...do.
...do.
United States Monetary Commission,
1877....
do
do
do
do
do
<.
Eeport of John A. Church
.....
......do
State tax list
.,.'
Director of the Mint
do
:
.do.
-do.
.do.
.do.
.do.
Total.
Gold.
Silver.
.Total.
1100,000
2,275,256
6, 247,047
, 12, 486, 238
15, 795, 5S5
15,184,877
14,167, 071
13, 738, 618
8,499,769
7, 528, 607
8,319,698
$4, 077, 027
6, 310, 035
10,'493,796
12, 579, 825
11, 739, 873
18, 002,906
$6, 230,587
6,611,943
11,037,023
11, 881,000
14; 492,350
20, 570, 078
3, 323, 840
1; 050, 000,
920, 000
1, 600, OOO
2,150, 000
"1, 915, 700
2,064^710
3, 084,142
660,000
860, 000'
900, 000
1,275, 000
2,131,400
2, 328,290
76, 227,712
82, 061, 813
, 10,307,614
12,921,978
21,-530,819 ^
24,460, 825
26, 232, 223^
38, 572, 984
34,793,488
19, 876, 034
7, 477, 591
6,407,982
.1,710,000
1,780,000
2,500, 000
3, 425, 000
4, 047,100
4,393,000
324, 779,404
Tbe production of gold and silver reported separately amounts to $158,289,525; adding to
this $166,489,879, not separated, gives a total production of $324,779,404.
150 °
REPORT ON THE FINAHCES.
In 1863 the cost of transportation from the mines and mills of Nevada, with which the producer of bullion was taxed before it could be
returned in coin, was represented as one of the most important reasons
for the establishment of a mint in that Territory.
The cost of transporting bullion from the mines to the mint at San
Francisco was stated in the report of the Oommittee on Ways and
Means, above referred to, as 5 to 6 per cent, of its value, and 2 per "
cent, additional for return of coin.
I t will be my duty to show that the conditions of transportation, as
well as the conditions ofthe production ofthe precious metals, have since
changed in Nevada, and especially that while in that State railway
facilities have been increased, the production of gold and silver has
greatly declined in importance.
It will also be shown that the mint at Oarson has at no period of its
history received considerable deposits from the mines of the Oomstock
Lode, their product having continued to be sent to San Francisco for
coinage, the same as before the establishment of that mint.
"It will appear, indeed, that very important considerations, now affected by the cost of transportation of bullion, specie, and currency to
and from Oarson, are most unfavorable to the operations of coinage at
the mint, and even to the minor operations of an assay office now carried
on at that institution.
.
The mint at Oarson was opened for business January 8, 1870.
Oarson is on the line of the Yirginia and Truckee Kailroad, 34 miles
from Keno, on the Oentral Pacific Kailroad, and 300 from San Fran.cisco, and some 14 miles from Virginia Oity—the location of the
great mines of the Oomstock Lode. Its population as given by census
for 1880 was then 4,229.
Substantially the whole product of these mines, instead of being transported south this short distance to Oarson for parting and refining and
coinage, or in the case of silver at present for conversion into bars,
has always been shipped directly to San Francisco for parting and refining, for coinage of all the gold, and for as much of the silver as required by considerable, and often large^ demands from the mint at that
city for coinage of dollars.
As the product of the Oomstock Lode down to the year 1881 has constituted some seven-tenths of the gold and silver product of the whole
State, it now remains to account for the disposition of the other threetenths, no small part of which has been reported from Storey Oounty,
exclusive of Yirginia Oity, and from the neighboring counties—Lyon,
Washoe, and Ormsby. From these four counties, and perhaps occasionally from the Bodie district, substantially the whole of the de' posits of the mint at Oarson have been derived.
The subjoined table of deposits and coinage at the mint at Oarson
from 1870, taken in connection with the following table of the production of the mines of Storey and Lyon Oounties from the same year to
the close of 1886, will serve to show how small has been the aggregate
of deposits at that mint in comparison with the volume of the precious
metals forwarded from the same section to San Francisco for refining
and further disposition.
DIRECTOR OF T H E MINT.
151
D E P O S I T S AND COINAGE AT T H E M I N T AT CARSON FROM ITS ORGANIZATION.
Coinage, b y calendar years.
D e p o s i t s , b y fiscal y e a r s .
Year.
Silver.
Gold,
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881.....^.
1882
1883
1884
1885.
1886
1887
Gold.
Total.
*$28,262.16
$124,154.44
1,003,809.60 n , 290, 684. 85
4, 371, 573. 55 H , 192, 863.14
5, 004, 536. 69 *4, 243, 320. 66
2,213,041.96 12,875,116.82
2, 540, 057. 59 13, 030, 910. 73
3,175, 046.92 |5, 049, 290.04
1, 738,298.28 +3, 653, 630. 89
' 737,719,85 2, 447, 279. 59
318, 852. 71 1, 020, 660. 24
622, 291. 88
368,174. 51
590, 805. 03
517, 571. 62
1, 016, 966.05 1, 003, 369. 24
1, 472, 802.16 1, 293, 398.77
958, 732.41
1, 451, 819. 72
1, 5.05, 665,c23 1,159,138:49
992.57
12, 938. 21
107, 671.28 ^ 70,930.43
$173,235
$152,416.60
2, 294,494. 45
469, 440
8, 564, 436. 69
732, 900
9, 247, 857. 35
530, 710
5, 088,158. 78
2, 575, 360
5,570,968,32
2, 359, 310
8, 224, 336. 96 - 2,850,215
5, 391, 929.17
928, 020
3,184, 999. 44
341, 310
1, 339, 512. 95
318,185
. 990,466.39
366. 985
1,108,376.65
309, 580
2, 020, 335.29
1, 264, 525
2, 766, 200. 93
1,384,030
2,410,552.13
1,804,040
2, 664, 803. 72
189,000
$41, 855. 50
76,083.50143, 825. 00
302, 564. 60
1,403,781.70
2, 603, 858. 00
3, 552, 000. 00
3, 062. 000. 00
2, 609, 000. 00
756, 000. 00
591, 000. 00
296, COO. 00
1,133, 000. 00
1, 204, 000. 00
1,136, 000. 00
228, OGO. 00
Total.
$215,090,50'
545, 523.50
876, 725. 00
833,274.60
3, 979,141. 70
4, 963,168. 00
6, 402, 215. 00
3, 990, 020.00
2, 950, 310. 0,0
1, 074,185. 00
; 957,985.00
605,580.00
2, 397, 525.00
2, 588, 030. 00
2,940,040.00
. .417, 000.00
13, 930L 78
178, 601. 71
T o t a l . 27, 680, 700.37 33, 531, 677. 94 61,212,378.31
* For unparted bars.
Silver.
16, 596, 845- L9,138, 968.30
t F o r Trade-dollars.
35,735,813.30
J For subsidiary coinage.
^PRODUCTION OF L Y O N AND STOREY COUNTIES, N E V A D A , FROM 1870 TO 1886,
INCLUSIVE.
Years.
1870
1871
1872.........
1873....
1874
1875
1876
1877
1878
1879....
1880
1881....
1882
1883
1884
1885.....
1886
Oold.
Silver.
Total.
$3,230,963
660,000
860, 000
970, 000
1, 450, 000
2,300,000
2,496,000
$8, 319,700
11,172,904
13, 569, 724
18,649^485
22, 400, 783
26 396 722
.34,217,794
34,900,635
36, 387, 981
9, 801, 249
6, 578, 576'
1, 710, 000
1, 780, 000
2, 615, 000
3, 350, 000
4, 300, 000
4,654,604
.
. . . J . . . . . . . . . . . .
...
.
..
\ ...
. .
„....
. .
.
:
:..
....'..
.
...
.
"... •
.
.
$3,347, 613
1,050,000
920,000
1, 645, 000
1,900,000
2,.000, 000
2,158,604
,
240,805, 217
Total
•
•
•
* Statement for 1870-1875 from Keports of Special Commissioner of Mining Statistics; for
1876-1886, Keports of Director of tbe Mint.
152
REPORT ON T H E FINANCES,
The above statements of production of gold and silver in the same
section of country in relation to which the city of Oarson is centrally located, taken in comparison with the returns from the mint at that city,
sufficiently indicate the small importance of this institution to the mining and milling industries of Nevada either during so much of the
period of their prosperity as this mint was open, or during the more
recent period of their decline.
The fact above indicated is in general terms due to the geographical
location of the mint, which, although near a great mining center, has
proved to be far from a bullion center in the strict or commercial sense
of that term. That it has never been able to divert from San Francisco, Oomstock and other bullion, reduced from the native product, to
the extent of its working capacity, is principally due to ordinary considerations of expediency on the part of the local producer, and to the
broad fact that an immediate disposition of large values of gold or silver
in coin or bars could at all times be made at San Francisco to greater
advantage than at Oarson.*
The expediency to the large producer of gold bullion in Nevada, as
between the alternative of depositing at the mint at San Francisco or
at the mint at Oarson, closer at hand, is determined, first, by the cost
of transportation, usually by express. Expediency is further in favor
of the mint at San Francisco from the circumstance that r,eturns by
draft are at once available for supplies and general use, and from the
circumstance that San Francisco has always offered superior facilities
for parting by private refineries as well as by the mint at that city.
One of the most important of such facilities is a ready market for silver
bars over and above the limited demand for coinage.
The depositor at Oarson is, on the other hand, called upon to transport his bullion to that point and to receive back, usually by express,
the value in coin, the excess of which over his local requirements has,
as a rule, by a separate transaction, to be forwarded to bank at San
Francisco for general use as capital. Or, again, silver bars in excess
of coinage requirements at Oarson,,and in such case not purchased by
that mint, are returned in kind to the depositor, when, as a rule, their
immediate disposition is transportation to market at San Francisco.
I t is here proper to remark that, as a matter of fact, during the period
of greatest activity at the mint at Oarson the purposes and wishes of
the depositor were regarded as far as practicable b}' payment in cafeh
at his option in draft on San Francisco or New York for silver bullion
purchased. Yaluable concessions of this kind to the depositor of bullion in Nevada have been made from time to time for the benefit of the
mint at Oarson.
On the part of the Government the expediency of coinage at the
mint at San Francisco as compared with the^ mint at Oarson is determined—
First, by the excess in cost of material laid down at Oarson corresponding to the cost of transportation over and above the cost at San
Francisco.
Second, by the greater cost of transfer of coin to the United States
Treasury or its branches, and by actual cost of transfer of other public
* "Notwithstanding t h e fact t h a t t h e mint at Carson City is located b u t B> short
distance from the productive mines of the Cpmstock lode, higher prices were demanded for bullion deliverable at Carson t h a n a t San Francisco, and, in addition, the
rates charged by the express company for transportation of silver dollars were higher
from Carson than from San Francisco."—Annual Report of t h e Director of the Mint,
fiscal year 1879, p . y.
•
DIRECTOR OF THE MINT.
153
moneys to the extent that United States Treasury drafts are drawn in
payment of deposits, for the reason that coin at the mint not returned
to the depositor is ultimately transferred at.the cost of the Government
to the United States Treasury, a sub-treasury, or public depository.
The requirements for silver coin on the part of regular depositors at
the mint at Oarson have been practically lipaited to local purposes, or
mainly to what was paid out in cash for labor—and in most cases much
less than the labor accounts of mines and mills, for. the reason that
large proportions of these accounts have as elsewhere been settled in
goods, bought in the East or San Francisco and paid^ for by draft
through San Francisco.
_
This is still the only regular local requirement for coin, and the practical limit of distribution of either gold or silver coin from the mint at
- Carson, Under the existing conditions of the tnining and milling indtf^tries of that section of couiitry, the local requirements for coin have
become so greatly diminished that but little gold can be expected for
deposit, inasmuch as the avails ofsilver partings from gold bullion, and
likewise purchased for coinage by all mints' and assay offices, tend
equally with payments for gold, to meet local requirements for disbursements of coin.
The express charges for transporting silver coin from the mint at
Oarson to points CBSt of the Kocky Mountains havebeenfrom$10to$14
per $1,000, 'except in the case of a special contract for the transfer of
some" 3,000,000 silver dollars to the United States Treasury at Washington in 1885.
'
;;
The following statement exhibits thevalue of silver dollars coined at
the mint at Oarson from 1878 to the suspension of coinage in 1885, together with the value of the silver dollars actually paid out, and so distributed.
Coined
\..
Transferred to T r e a s u r y . . . . . . . . . . .
Distributed........
Annual average distribution.
....I...
..
....-.
$7,575,288
3,118,072
4,457,216
... ...^..
636,745
..".
For the first three years of operations at the mint at Oarson, from
1870 to 1872 inclusive, a considerable volume of silvfer was deposited
for unparted bars. From 1873 to the middle of 1875 large deposits of
silver were made for trad^-dollars, many of which passed into local
eirculation. For the coinage of subsidiary silver coin at this mint in
1876 and the following year comparatively large purchases of silver were
made. Since that time all silver coinage has consisted of standard dollars, the monthly capacity of the mint for this kind of coin being some
200,000. All of the silver coined at this mint has been deposited in an
unparted state. The deposits of gold, therefore, "correspond in amount
to the relative proportion of this metal contained in unparted deposits
known as dor^ bullion.
If special purchases of unparted silver bullion be undertaken for
continued coinage of silver dollars at Oarson, it is extremely doubtful
whether it can as a rule be bought at curreht rates, as now the case at
San Francisco for the limited requirements of the mint at that city.
These rates are generally somewhat below the rates current in the
Eastern States. And it is also doubtf u r whether offerings of silver
bullion for delivery at Oarson would in the future be any more regular,
or purchases be attended with fewer difficulties than formerly when
required for a stated coinage of dpllars at the mint at that point.
If on the other hand proposals for the delivery of silver bullion at
Carson be accepted = according to the ruling ofthe Secretary of the
154
REPORT ON THE FINANCES.
Treasury on the recommendation of the Treasury Oommission in October, 1878, only at a rate of one cent an ounce below parity of London
rate, or at any rate less than current rates in San Francisco, it cannot
be exxiected that any regular supply of silver for the mint at Oarson
can be secured.
Ooinage of.'silver dollars at Oarson, from bnllion there delivered at
any reasonable or practicable rate, will, as already shown, be subject
to a much higher cost of manufacture at the mint at Oarson as compared with the cost at Philadelphia, New Orleans, and San Francisco;
and also to the ultimate additional cost of transfer to San Francisco or
Yi^'ashington, except to the very small extent that silver dollars may be
received in payment for silver purchased at the option of the seller or
depositor of unparted bullion.
It will thus be seen that the conditions of distribution of coin from
the mint at Oarson, which, even in the flourishing period of the mining
and milling industries of the neighboring section of Nevada, so operated as to,narrowly limit its output to the local requirements, are now
far less favorable, owing to the contraction of these local industries
during the last seven years.
>
The requirements of the coinage of standard silver dollars under mandatory provisions" of lalw are such, that regularity in purchases of silver
at any given mint occupied with its coinage is indispensable. At no
time since the mint at Oarson has been called upon to contribute a
stated monthly output of dollars by way of supplement to-the larger
production of the mints at Philadelphia and New Orleans has it been
practicable to depend on deposits of silver without additional purchases for this purpose.
Purchases for the mint at Oarson by the Oommission at this Department were seldom without difficulty in procuring the necessary
quantity at reasonable rates. So great had this difficulty become in
1879, that coinage was suspended at Oarson from March 1 of that year
to June 30, and from November 1 of the same year to May 1,1880, and
again from April to October in 1881. This period was about the beginning of the decline of production of the Oomstock Lode.
The cost per piece of coinage at the mint at Oarson when mainly occupied with double eagles and silver dollars was 7.28 cents in 1884 and
9.13 cents in 18§5, against 1.55 in 1884 and 1.49 in 1885 at the mint at
New Orleans—the two mints being occupied with about the same class,
of coinage.*
On February 26, 1879, the authority, which had been given to the
mint at Oarson, to purchase silver bullion in lots of less than ten thousand (10,000) ounces was revoked, on account, as stated, of the difficulty
of procuring silver bullion for delivery at that mint at reasonable rates,
and of the high rates demanded by the express companies for. transporting coin.
.
Instructions were at the same time given for the coining into silver dollars of the stock of silver bullion then on hand, and for reduction of the
force of workmen, assistants, and adjusters to such number as would
enable that mint to manipulate such gold bullion only as should be in
future deposited, and to refine'such silver bullion as should be deposited for return in fine bars.t
These instructions were communicated by the Acting Director of the
Mint with the written approval of the Secretary of the Treasury.
_
,
.
.
^
,
* See Report ofthe Director ofthe Mint, 1885, p. 13.
t See Report of the Director of the Mint, 1879, p. 8.
• -'
4
,
DIRECTOR OF THE MINT.
155
Assistant Secretary French, United States Treasurer Wyman, and
Director Burchard,constituting the Treasury Oommission for the weekly
purchase of silver, recommended acceptance of offers for the sale of silver to be delivered at Oarson only when the rates were such that the
cost of transferring the resulting coin, added to the price of bullion,
would not exceed the cost a t t h e mints at Philadelphia and New Orleans.
On March 8, 1885, the superintendent, Mr. James Crawford, died.
Business was suspended and the mint closed, pending appointment and
qualification of a successor, until April 1, when a new superintendent
and new coiner assumed office.
^
March 28, the balance of the regular appropriation for " wages of
workmen'^ being but $7,200for four months' operations, the Director of
the Mint, with the approval of the Secretary of the Treasury, ordered
the suspension of coinage (which had not been resumed) for theremainder of the fiscal year 1885; also, that the force of clerks, workmen,
etc., be reduced to the lowest possible limit. The receipt of bullion
for '^parting and refining,"' and local purchases of silver.for the standard dollar coinage, however, were allowed to continue.
May 8, by Department order, the superintendent at Oarson was instructed to discontinue the purchase of silver bullion .until further
notice.
May 30 the Secretary of the Treasury authorized the Treasurer of the
United States to instruct the superintendent of the mint at Carson, as
well as assayers in chargeof the United States assay offices other than
at New York, that thereafter funds to be used by them for the piurchase
of bullioh would be placed with, the assistant treasurers at New York
and San Francisco.
_^
•
June 11 the Secretary further directed that no silver be purchased,
except silver '\ parted " from gold and deposits of mutilated United
States coin, and also that a charge be imposed on deposits of gold bullion to cov^r transportation to the mint at San Francisco. '
August 14 the coiner, for want of occupation, was suspended by the
President.
November 6 it was ordered that the mint at Oarson be closed to receipt of deposits, and that clerks, assistants, and workmen be discharged.
November 16 the melter and refiner and the assayer were suspended
by the President.
The falling off* of the business bf the mint at Oarson, which led to the
closing of that institution, will, in connection with the above statement,
be exhibited by the fiict that during the first three months ofthe fiscal
year 1886 the deposits of gold at that institution had fallen to 518 standard ounces, from 23,333 standard ounces for the corresponding period
of 1885.
I t having been urged upon this Bureau that the prospects for business had become so greatly improved as to justify the reopening ofthe
mint, I undertook to solicit, through Superintendent Garrard, from parties most interested in such a measure, some guaranty which might
justify the Department in carrying out the recommendations looking to
that end on the footing, at least, of an assay office.
The estimate by the Department for the expenditures of the mint at
Oarson was for an amount sufficient alone for the proper custody of th^
building and its contents. But no such appropriation haying been reported in the legislative, executive, and judicial appropriation bill, I
took occasion, on 5th Juiie, to submit the proposition whether it would
not be well to suggest for the consideration of Oongress ah appropria
156
REPORT ON THE FINANCES.
tion the same as that for the previous fiscal year. This was in view of
the fact that representations hadbeen made to the Bureau of the Mint
of the readiness on the part of certain producers of bullion to deposit
the same at the mint at Oarson instead of sending it to private refineries, on condition that certain benefits, which it was claimed are conferred by the law, but which during theyear 1885 had been withdrawn
from that institution in common with some others by the action of the
Department, were restored.
The recommendation was made especially in view of the fact that the
omission of the 'usual appropriation for the mint at Oarson would deprive that institution of the means to r.eopen either for the receipt of
bullion or for coinage operations, if in the courseof the j'car, at the.
discretion ofthe Department, it should be deemed expedient.
I took occasion also to say that it was doubtless true that the cessation of deposits-at the mint at Oarson was largely due, first, to the payment of all depositors by draft instead of in cash; and, second, to the
collection of a transportation charge from depositors for the cost of
transportation of refined bullion to the mint at San Francisco by
express.
Up to the close of the fiscal year no guaranty could be obtained
which seemed to justify, in the opinion of the Bureau, the resumption
of operations at that mint even on a reduced scale.
Since the close of the fiscal year, however, representations have been
made to this Bureau to show the existence of such conditions as might
reasonably be expected to provide business for this mint conducted as
an assay office. And, claims have been urged on the Department of
the right of producers within reach of this mint to deposit their bullion
and to receive payment therefor in current funds.
In recognition of such claims it was decided to reopen this mint to depositors, and to provide for the payment of deposits in current funds.
(Extract from Annual Eeport of the Director of the Mint for 1886, p. 30.)
The only tangible proposition looking to a considerable or regular
supply of silver bullion at Carson for coinage up to a stated quota of
silver dollars has been on the part of a producer whose deposits were
the largest during the period of the more active coinage operations at
that mint. This proposition was for the delivery at Oarson of silver partings at San Francisco rates, on the further condition that payments for
both gold and silver be by remittance of United States Treasury draft
on San Francisco, or otherwise, at the cost of the mint.
Such an arrangement would be in favor of the depositor and against
the mint by at least the cost of transportation to San Francisco at
$3.80 per 1,000 ounces for silver bullion (or about $3 per $1,000), and
from $1.50 to $2 per $1,000 on gold coin. The further effect of an arrangement of this kind would be to stop even the least distribution of
silver dollars from the mint itself, thus throwing upon the mint the
whole burden of their transfer to San Francisco or Washington.
OPERATION OF THE MINT AT CARSON AS AN ASSAY OEFICE.
The mint at Carson has at the present date been in operation more
than a year as an assay office of the first class on the same footing as
the assay office at NeV York—that is, with the adjunct of an acid refinery.
,
'
The representations made to this Department, and on the strength
of which the mint was opened for deposits in October, 1886, have not
since been borne out, notwithstanding the exercise by the depositor of
gold bullion of every right which belonged to him before coinage oper
DIRECTOR OF THE MINT.
157
ations were suspended. Silver deposits only could not be i:eceived in
unlimited quantity except for parting and return of silver in bars.
During the last year, as before, unparted gold bullion has been deposited for coin, and the silver partings have been purchased for cash
to the extent of the supply of such bullion, which has, however, apparently kept within the requirements for local industrial disbursements.
These have become less with the prevailing decline in local mining and
milling industries.
Disbursements for deposits have" been largely made in cash, which
has been proyided at a cost to the Treasury of $3 per $1,000 for transfer
of coin from San Francisco.
The following statement exhibits the operations for the year ending
October 1,1887 r
/
Character.
Gold deposited and parted
Silver purcliased..:....
Silver parted (and purchased) .
Silver deposited..:
Standard
ounces.
$8,407. 782 ^
42,496. 29
1,520.34
34,983. 06
From the above statement it is obvious t h a t the convenience a t present afforded by this mint to a few local depositors is, on the basis of the
operations of the mint at Oarson for the past twelvemonth, at a cost to
the mint as high as 18 per cent, of the value of the deposits. Esteemed
as the convenience may be by the local depositor of small values of gold
bullion, it has been shown that this convenience is of comparatively
little importance to the regular producer, whose general business is
conducted at San Francisco, where a market is found at current rates
for silver partings, independent of only occasional requirements of the
mint at that cityThe facts above, stated in as brief a manner as warranted by the importance of the subject, tend to prove that the mint at Carson, although,
at the time of its establishment at least, not far from the most important mining center in the Eepublic, has never since proved to be a bullion center like San Francisco or New. York, either in the commercial or
technical sense of that term. Ooin,age operations at that mint, begun
in 1870, have been since attended with but little further advantage
t o t h e citizens of Nevada than what has sprung.from the increaseof
local business incidental to its operations, and from the employment
offered to labor. ,
,
»
The producer of bullion in Nevada, for whose supposed benefit this
institution was established, has as a rule found it for his own interest
to deposit his bullion at San Francisco rather than at home. The mint
service, which was also presumed to be benefited b y t h e establishment
of this mint, has gained nothing from its operations, all of which could
have been, as still they can be, conducted to greater advantage at other
mints.
While thecost of coinage is'some five times that of the same kind
at other mints, so as to have been found prohibitory, the net cost to the
mint of alone receiving and parting deposits of bullion under the same
provisions of law and regulation as in the case of all, other mints and
the assay office at New York, has proved not less than 18 per cent, of
the spot value of the deposits, a cost, as held by this Bureau, also pror
hibitory.
Under the circumstance that Congress made its usual annual appro^
158
REPORT ON THE FINANCES.
priations for the support of the mint at Oarson for the present year,
after the Oommittee on Appropriations of the House of Eepresentatives
had advisedly omitted to report any, except for care of building and
machinery, the authority pf Oongress was virtually given for the continued operation of that mint during the present year. The Bureau
therefore has found no reason to seek other authority, if such there be,
for suspending operations, so clearly proved to be against common expediency, public interests, and ordinary principles of administration.
No recommendation to Congress has been practicable by way of estimates on my part for another year, for the continuance of operations
at the mint at Carson.
Under the circumstances above set forth, the same at present as in
the past, and as likely to be in the future, it becomes my duty to recommend for the good of the mint service that the mint at Oarson be
finally closed, that its machinery and other equipment be distributed
among the several mints and assay-offices, and that the building be applied to some other public purpose.
ASSAY O F F I C E A T SAINT L O U I S .
Underthe requirements ofthe act of February 1, 1881, the Secretary
of the Treasury was authorized to establish an assay office at Saint
Louis and to set apart sufficient room for its business in the Government building used for a post-office and custom-house in that city.
Suitable rooms were set apart in the building referred to and fitted
up with the necessary fixtures and apparatus. During the repair of the
Government building the assayer has been authprized to rent suitable
accommodations in an adjoining building at an annual rental of $480.
Whatever may have been the purpose in establishing an assay office
in Saint Louis, this institution has failed to be of any considerable practical benefit to the mint service. Not being located in a mining section,
it has likewise proved of little practical advantage to the mining industry of the United States.
The following table shows the business of the United States assay
office at Saiht Louis since its establishment:
Deposits.
Q
New
bullion.
1882
1883
1884.J....
1885
1886
1887
Silver deposited for bars and contained in gold deposits.
Gold.
Piscal
year.
Jewelers'
b a r s , old
coin, etc.
Total.
Jewelers'
New
a r s , old
bullion. bcoin,
etc.
$185.23 $6, 000.69 $6,185. 92
$20.95
25, 735.48 4, 984. 02,
4, 483.18' 21,252.30
10, 698. 05. 42, 557.22 53, 255.27
117. 99
30,281.73 63, 415.79 93, 697. 52
361.33
67, 566. 64 51, 667. 32 119, 233. 96 2,192. 38
55,237.43 50,883.73 106,121.16 1, 699. 80
Total. 168,452.26 235, 777. 05 404, 229. 31 9, 376.47
-
$757. 92
2,067.17
5,106. 77
7, 349. 02
5,703.68
3,451.24
24, 435. 80
Total gold
and silver.
Total.
$778: 87
7, 051.19
5,224.76
7, 710. 35
7, 896. 06
5,151.04
33,812.27
$6, 964. 79
• 32,786.67
58,480. 03
101, 407. 87
127,130. 02
111, 272. 20
438,041.58
159
DIRECTOR OF THE. MINT.
Percentage of
Earnings. Expenditures. expenditures
to deposits.
/
Piscal year.
1882
1883
1884
1885
1886
1887 '
'
.
.
.
-:
'
".
~
-
-
.-
Total
-
....*....
'
* Includes $5,896.11 for fixtures.
$111.16
414. 32
676. 82
783. 65
703. 67
696. 28
3, 385. 90
*$11,880. 05
5,372.03
^ 5, 338. 51
6,500.01
5,381.43
5, 339. 30
39,811.93
to. 1
t Average.
I t will be noticed that the value of the deposits during the six years
ehded June 30, 1887, was $438,041.58, of which the sum of $260,212.85
consisted of deposits of old jewelry, old coin, and miscellaneous material, and only $177,828.73 of new bullion of domestic production.
About 60 per cent, of all the deposits consisted of old material of the class
mentioned, and only 40'per cent, of new bullion.
The expenses of this assay office during the six years in question
have been $39,811.93. Its maintenance has been at a cost of about 9
per cent, of the value of all the deposits, and over 20 per cent, of the
value of its deposits of new bullion of domestic production. Its present
annual expenditures are about 5 per cent, ofthe value of the total deposits, and about 10 per cent, of the value of its deposits of new bullion.
This does not include the coston the part of the Government of
shipping the deposits to the mint at Philadelphia for refining and coinage.
• ., '
In compliance with a Senate resolution of February 27,1875, requesting information in relation to the establishment of a branch mint ini the
Western States or the (upper) Mississippi Yalley, a message from the
President of the United States was communicated to the Senate January 6, 1876.*
On February 19,1880, the Committee on Coinage, Weights, and Measures, to whom had been referred the various bills fpr further mint
facilities, as well as for the establishment of new mints, made a report
(No. 267) to accompany bill H. E. 2946. The same committee, to whom
had been referred bill *H. E. 6025, reported May 18,1886,f in favor of the
establishment of an assay office a t Saint Louis, which was accordingly
established by act of Oongress approved February 1,1881.
Good and cogent as some of the reasons may have been when originally urged in favor of the establishment of a mint at Saint Louis, the
same reasons, as afterwards reported in favor of the establishment of
an assay office in that city, were based on assumed or hypothetical conditions which have never since.prevailed.
While Saint Louis is the seat of an extensive metallurgical industry,
of which the output of precious metals is large, the smelting works
are fully equipped for the production of fine metal without recourse to
such limited facilities as are offered by"the several assay offices of the
Government. " Thus it is that Saint Louis is not a bullion center in the
mint sense of that term. In any other sense it is a center of production
like numerous other points where works are located for the complete
reduction and parting of the precious metals.
* Ex. Doc. No. 11, Forty-fourtli Congress, first sessioii? ,
•| Forty-si^th Congress, Report No. 1462.
160
REPORT ON T H E FINANCES.
The product of large refineries at Saint Louis, the same as at other
points in the United States, finds its way to the mints of the United
States, or otherwise to market, without the intervention of an assay
office of the Government.
According to the mint practice of the United States it has never been
practicable for the assay office at Saint Louis to act as a medium for
the purchase of silver bullion for coinage at the mint at New Oiieans.
Contrary to what seems to have been proposed, but in conformity to
the long-established mint practice ofthe UnitedStates, the assay office
at Saint Xouis has taken no part as a special agency for the purchase
of silver bullion for coinage, the bulk of such purchases being subject
to delivery at cpinage mints, and mostly in the form of bars already
parted. In that form all but a small fraction ofthe whole silver product of the United States is placed in the market at the hands of private refiners, few of whom are also miners.
The small fraction of silver otherwise purchased for coinage in a
form already parted from gold, corresponds to what is contained in gold
deposits above a certain fineness.^ Silver bullion for coinage at the
mint at New Oiieans is purchased for delivery at that mint free of cost
to the Government, and at the same price as when delivered at the
mint at Philadelphia. It is indeed far from certain that silver could be
regularly purchased for delivery at SaintLouis at any lower price than
for delivery at New Orleans.
Besides the melting and assaying of silver deposits for return in bars,
the assay of gold deposits, and payment tlierefor, and their transmission
to a coinage mint, constitute the whole business of the assay office at
Saint Louis, the same as at all the other minor assay offices of the
United States.
The main benefit derived from it is on the part of local depositors of
old material, the avails of which are free of cost for expressage to one
of the mints or assay offices, or, in the lack of otlier local facilities, to
some other city nearer at hand where such facilities are found.
The business of the present assay office is mainly of a character which
pertains to private refineries, such as are found in all large cities.
The continuance of this assay office has long been considered by this
Bureau as an expenditure ofpublic money, if not contrary to the purpose for which similar institutions are maintained by the Government,
at least as an expenditure without corresponding benefit either to the
mining industry or to the mint service of the Eepublic.
I have therefore deemed it my duty to omit an estimate of appropriations for the fiscal year 1889 for the support of the assay office at Saint
Louis. And it seems to be my present duty to suggest that the Department take the regular course to recommend that this assay office be
abolished.
BILL FOR THE RELIEF OF JAMES C BOOTH, MELTER A N D REFINER OF THE MINT AT
PHILADELPHIA.
On April 26, 1886, a bill (H. E. 825,6) was introduced in the House of
Eepresentatives, read twice, referred to t h a Committee on Claims, and
ordered to be printed. This bill was as follows:
Be it enacted ly tlie Senate and House of Representatives of tlie United States of America
in Congress assemhled^ That the Secretary of the Treas.ury be, ancl he is hereby, authorized and required to pay James C. Booth, melter and refiner of the mint of the United
Sfcates at Philadelphia, out of any money in theTreasury not otherwise approj^riated,
the sum of one thousand eight hundred and forty-one dollars and eighty-seven cents,
in full for the cost value of one thousand nine hundred and eighty ounces and twelvehundredthg of an ounce ofsilver bullion of stand9,rd fineness deposited by him with tho
DIRECTOR OF THE MINT.
161
.superinteudent ofthe mint at Philadelphia to make good a deficiency of that amount
of bullion in 'the accounts of the mint forthe fiscal year eighteen hundred and eightyiive, the same being the number of ounces of standard silver bullion contained in three
bars missing from said mint, supposed to have been stolen while iu the charge o f t h e
melter and refiner, .but for which safe storage could pot be provided for want of vault
'Capacity in the mint.
On the 27th of April, 1886, the Director of the Mint addressed to the
chairman of the Oommittee on Claims, House of Eepresentatives, the
following c/^mmunication on the subject of the above bill:
T R E A S U R Y DEPARTMENT, B U R E A U OF THE MINT,
Washington, B . C.,J2n'il 27, 1886.
S I R : Referring to H.'R. bill 8'255, for the relief of James C. Booth, melter and re•finer of the mint of the Uuited States at Philadelphia, introduced in the House of
^Representatives yesterday by the Hon. Samuel J . Randall, and referred to the Committee on Clairas, I have the honor to invite the attention of j^our honorable committee to the following statement. Ou page 14'of my annual report for 1885, with refer-.
ence to the mint at Philadelphia, appears the following:
" T h e melter and refiner had received duriug the year 646,626.931 standard ounces of
gold bullion, with a ;wastage of 7.885 ounces; and 28,936,069.91 standard ounces of
;silver bullion, with an apparent, wastage of 3,541.93 ounces. I t appears, however,
that on January 3,1885, silver bars numbered 7087, 7093, and 7113, containing
1,980.12 ounces of sil\^er, not haviug been melted, were missed by the melter and rediner and the loss communicated by letter, on the next working day, to the superintendent. The wastage thus far actually allowed him was only l,56i.81 ounces."
This matter is again referred to on page.20 ofthe same report as follows:
^' From this mint (Philadelphia) were missing silver bars containing 1,930.12 ouuces
of silver, valued afc |1,936.62, the supposed theft of which, in the winter of 1884-'85, is
;uow under investigation. Though promptly reporfced to the general department h j
the operative officer to whose cjistody such bars are technically committed, neither
the theft of these bars nor the specific deficit equivalent to their value was duly reported to this-Bureau until so reported by the present superiutendent • The specific
deficit created by the loes of these bars is at present borne on the books in a ^suspense account,^ there seeming no justification for charging it as wastage, as, from
tho circumstance t h a t it was not duly reported, seems to have been proposed."
It was found necessary to hold the melter and refiner technically responsible, under
section 3508, Revised Statutes, for the 1,980.12 ounces of silver as above. Ux)on the
demand of the Bureau, the melter and refiner has promptly deposited with the superintendent of the mint a t Philadelphia this quantity of silver.
The ''suspense account" specially opened for the pnrpose in the books ofthe mint
at Philadelphia and to which was provisionally charged this amount of silver has
been credited with the same amount, and therefore closed. The facts as briefly recited by me in my annual report will, so far as the melter and refiner is concerned,
be seen to leave oohe but technical grounds fbr the responsibility of that officer in
this case, no question arising as to the faithful discharge of his duties," or as to the
•exercise of due vigilance in the matter of the custody of silver bullion.
Referring in my report to the unsatisfactory conditions of the storage of bulliou
and coin in mints and assay offices, under the exigency o f t h e accumulation of silver
coin which the Treasury has not found it expedient to remove, I instanced the
necessary exposure of bullion in the court of the ruint at Philadelphia, where t h e
thefts were committed.
Although responsible for all bullion delivered at the mint and obliged to receipt
for the same, the melter and refiner is without t h e power to provide extra nieans for
t h e safety of what is beyond the capacity of his own vaults. The melter and refiner
is thus to be exonerated from moral responsibility.
^
In my report, as above quoted, it is stated t h a t " the raelter and refiner had re.
ceived duiing the year * * * 28,936,069.91 standard ounces pf, silver bullion,
with an apparent wastage of 3,541.93 ounces," and t h a t " the wastage thus far allowed him was only 1.561.81 ounces."
Section 3542, Revised Statutes, precludes the loss corresponding to the quantity of
silver stolen being charged to *'wastage," as it clearly can n o t b e classified as " bona
fide waste." In. view, however, of the facts here presented, and of the exceedingly
small liroportion of wastage as compared with the large amount of silver operated
upon, I have the honor to recommend, as an act of simple justice to the melter and
refiner, t h a t the relief asked for iii bill 8256 be recommended by resolution of your
honorable committee for enactment by Congress.
Very respectfully,
'
J A S . P. KIMBALL,
Director of the Mini.
Hon.
WILLIAM M . SPRINGER,
Chairmmi Committee mi Claim^^,House of Representatives.
6209 Fi87—--11
162
REPORT
ON T H E
FINANCES.
On the 3d of February, 1887, the.following communication was addressed to the Secretary of the Treasury with reference to a letter of the
chairman ofthe Committee on Claims, House of Eepresentatives, ou the
same subject:
TREASURY DEPARTMENT, BUREAU OF THE M I N T ,
Washington, D . C , February''S, 1887.
S I R : In rej)ly to your reference of the inclosed letter of the chairman cf the Committee on Claims, House of Representatives, I have the honor to state t h a t the claim
of Dr. James 0. Booth, melter and refiner of the United States mint at Philadelphia,
for $1,841.87, is based on the iiayment by him of this amount, corresponding to the
value of 1,980.12 standard ounces of silver stolen in t h e winter of 1884-'85 while
technically in his custody from the fact of his having receipted for the same. His
responsibility, as a matter of fact, was thus only technical, owing to the circumstance
t h a t no provision was made by the superintendent for the safe custody of silver bullr
ion for want of vault room.
I t was therefore stored in the court of the mint and thus exposed to depredation, a
circumstance over which the melter and refiner had no control. W^hen called upon
by me to make good the deficiency charged to him this was done wifchout demur, and
the account closed oh the books of the mint.
All the circumstances in the case, with their technical beariug, were related by me
in my report for the fiscal year 1885, pages 14 and 20, and agaiu referred to iii my report for the fiscal year 1886, pages 13 and 23. A statement in detail was submitted
on April 27, 1886, to the honorable chairman of the Committee on Claims, House of
Representatives. Both in my two reports and in my letter to the chairman I have
urged the favorable consideration of Dr. Booth's claim, as an act of simple justice to
this efficient and venerable officer, who has grown old in the position which he has
held for nearly forty years.
Very respectfully,
,
J A S . P . KIMBALL,
Director of ihe Mint..
The
SECRETARY OF T H E TREASURY.
So far as this Bureau is informed no action on the above bill was
reached by the Committee on Claims.
MINOR NICKEL AND COPPER COIN.
The following letter, addressed to the Speaker of the House of Eepresentatives by the Acting Secretary of the Treasury, April 12, 1886,
' and referred on the following day to thCAOommittee on Ooinage, Weights, °
• and Measures, and ordered to be printed, having failed of action on the
])art of that committee, and theretbre not having been broughtforward
for further consideration of Congress, t h e attention ofthe Department
is again called to the importance of the proposed amendment, as contained in the communication aboye referred to.
[Ex. Poe. No. 174, House of Kepresentatives, Porty-iilMtli Congress, first session.]
TREASURY DEPARTMENT, Ajyril 12, 1836.
S I R : In order to avoid an accumulation of miuor coins in the sub-treasury offices,
where they are now redeemed under the law in multiples of |20, and from which
offices they can not be obtained free of cost for transportation tx) the persons desiring
them, I have t h e honor to recommend that section 3529, Revised Statutes of the United
States, be amended as follows, viz:
" S E C 3529. The minor coius authorized by this title may, at the discretion of t h e
Director ofthe Mint, be delivered in any of the principal cities and towns of the Unifced
States, at the cost of the mint for. transporfcaUon, aud shall be exchangeable at.par
at the mint in Philadelphia, afc the discretion of the superinfcendent, f o r a n y otber
coins of copper, bronze, or copper-nickel, heretofore authorized bylaw. Ifc shall be lawful for the Treasnrer and the several assistant treasurers and depositaries of the Unifced
States to redeem iu lawful money, under such rules as.may be prescribed by the Secre- •
tary of the Tieasury, all copper, bronze, and copper-inckel coins authorized iJy Uivv,
when presented in sums of not less than twenty dollars. Whenever, under t h i s
aiiiiiority, these coins are presented for redemption in such quan tity as to show the
' amount outstanding to be redundant, the Secretary of the Treasury is iiuthorized aud
DIRECTOR OF T H E MINT.
163
required to direct that such coinage shall cease unti lotherwise ordered by him," but
such coins as ma)i have been redeemed by the above-named officers may be transferred to the
mint of the JJnited States at Philadelphia, and reissued therefrom at the cost of the mint for
tra^isjior I ation, as provided in section 3028.
The proposed amendment consists of the words in italics.
' ,
The liiinor coins having been presented for redemption in such quantity as to show
the amount outstanding to be redundant, the Secretary has discontinued the coinage
thereof as required by law, and all " m i n o r coinage jirofits" have been deposited in
the Treasury; consequently t h e Department, in^ letter of 10th instant, asked for an
appropriation of |5,000 for the '* transportation of minor coins," to enable it to dispose
of the accuraulation in t h e sub-treasury before resuming coinage.
Respectfully, yours,
, '
C. S. F A I R C H I L D ,
Acting Secretary.
The S P E A K E R OF T H E H O U S E O F R E P R E S E N T A T I V E S ,
Washington, D. G. ,
S U B S I D I A R Y S I L V E R COIN.
On Becember 6, 1886, a letter of the Director of the Mint was com
municated by the Secretary of the Treasury to the United States Senate and to the Speaker bf the House of Eepresentatives, and referred
to the Committee on Coinage, Weights, and Measures, pointing out the
need of new legislation in the matter of the statutory limit of subsidiary silver coin outstanding in circulation, as follows:
[Ex. Doc. No. 16, House of Representatives, Porty-nintti Congress, secbnd session.]
T R E A S U R Y DEPARTMENT, BURIEAU OF THE M I N T ,
Washington, D. C , December 2, 1886.
SIR : I Kave the honor to invite your attention to the prevailing statutes relating
to the quantity of subsidiary.coin in circulation, and the effect of thesame mrestricti n g the issue of new coin to supply t h e public demand. The practice ofthe Treasury
Department seems to have been based upon the theory t h a t it is its duty to- supply
subsidiary coin uj) to the full requirements of this demand. Yet this practice seems
to be nofc in accord with t h e joint resolution of 1876—limiting the amount of subsidiary coin outstanding to $50,000,000.
B»3lieving that the action of the Department in meeting this demand, as well as t h e
theory upon which this practice is obviously based, will bfe sustained by special enactmentif the attention of Congress be invited to the necessity of specific legislation
•upon this important matter, I submit the following memorandum of the state of t h e
case as viewed by me, accompanied by a draught of what might be proposed in the forra
of a joint resolution for t h e issue of subsidiary silver coin, should this coincide with
your judgment and meet with your wishes.
Very respectfully,
' '
J A M E S P . KIMBALL,
Director of ihe Mini.
The
SECRETARY O F T H E T R E A S U R Y . ^
,
MEMORANDUM.
The act of February 21, 1853,.by which act the silver coins of the United States of
less denominations thau one dollar were made subsidiary, provided (section 3 ) :
'' That in order to procure bullion for the requisite coinage of the subdivisions of
the dollar authorized by this act, t h e Treasurer of t h e Mint, shall, with the approval
of the Director, purchase such bullion w.ith the bullion fund."
Section 4 provided, however—
.
" That the amount coined into quarter-dollars, dimes, and half dimes shall be regulated by the Secretary of t h e Treasury."
This was the first act which provided for the coinage of subsidiary silver, and by
it the amount to be issued, as well as the manner of procuring the bullion for its coinage, was placed by law under the control of the Secretary of the Treasury and the.
Director of the Mint.
The act of February 12,1873, known as the Coinage Act of 1873, which revises all
t h e laws on the subject of coinage, provides (section 27, now section 3526, R.S.) :
" In order to procure bullion for the silver coinage authorized by this title, the su
164
REPORT ON T H E FINANCES.
periutendeuts, with fche approval ot the Director of the Miut, asfcoprice, terms, and
quantity, shall purchase such bullion wifch t h e buUion fund."
There is no limitation contained iu the acfc as to t h e amount of subsidiary silver
ooin which should be issued; so thafc th^ act of 1873 left .the matter of the subsidiary
coiuage exactly as it was by the original acb of 1853.
The act to provide for t h e resumption of specie payments, approved J a n u a i y 14,
1875, provided—
.
,
'
^^That the Secretarj^ of the Treasury is hereby authorized and required, as rapidly
-as practicable, to cause to be coined, afc the mints ofthe UnitedStates, silver coins of
the deuominations often, tweniy-five, and fifty cents of standard value, and to issue
them in redemption of an equal number and amount of fracti^oua'l currency of similar
denominations, or, a t his discretion, he may issue such silver coins through the miuts,
sub-treasuries, public depositories, aud post-offices of the Uuited S t a t e s ; aud, upon
such issue, he is hereby authorized and required to redeem an equal amount of fractional currency, until the whole amount of such fractional currency outstanding shall
ibe redeemed."
The joint resolution of J u l y 22, 1876, for t h e issue of silver coins, provided (section 1 ) :
" T h a t t h e Secretary of the Treasury may issue the silver coin at any time in t h e
Treasury to an amount not exceeding ten million dollars in exchange for an equal
iimouut of legal-tender notes," etc.
" S E C 3. T h a t in addition t o t h e amount of subsidiary silver coin authorized by
law to be issued in rcdemjDtion o f t h e fractional currency, it shall be lawful to manufacture a t the several miuts, and issue through the Treasury aud i t s several offices,
«uch coin to an amount that, including t h e amount of subsidiary silver coin aud of
fracfcional currency outstandiug, shall in the aggregate, not exceed, afc auy time, lifty
million dollars."
%
.
• ' S E C 4. Thab the silver bulliou required for the purposes of this resolution shall
be xiurchased frorn time to time afc market rate, by t h e Secrefcary of the Treasury :' Provided, That the amount of money a t any one time iuvested in such silver bullion, exclusive of such resulting coin, shall not exceed two hundred thousaud dollars."
This joint resolution, while i t contained rio rej^ealing clause, not ouly liraited. the
amouut of subsidiary silver coin outstanding at any one time to $50,000,000., but prescribed a difi'erent mode for the purchase ot the bullion for such coinage, and, moreover, enacted t h a t t h e amouut of money afc auy one time invested in such bullion
should not exceed POO.OOO.
It has always been a question whether this joint resolution repealed t h e existing
statutes (sections 3526 and 3527, R. S.). I t appears to have been passed for the pur]>oseof authorizing t b e substitution of subsidiary s Iver coin ior the fractional currency outstanding, but its limitation of $50,000,.0u0 as the amountof subsidiary silver
which should be outstanding afc any one tirae is not in harmony with the provisions
of the Coinage Act of 1873 (sections 3526 and 3-">27, R. R.), aud the two laws can not
be construed so t h a t each shall stand.
,
The total coinage of subsidiary silver from 1853 to 1875, the date of the first resolution mentioned, was |64,H25,896 ; from February 1, 1875, to,July 31,18t6, under the
provisions ofthe resumption act of 1875, there were coined $15,962,880, and from August 1, 1876, to June 30, 188'6, $28,707,294. Total since 185.^, $109,496,070.
'^ Tho amount of subsidiary silver supposed to beiu circulation afc tbe present time
is about $75,000,000, notwithstanding the provisions in the joint resolution, of J u l y
22, 1876, t h a t t h e amount outstandiug at any time should not exceed $50,000,000.
There is, moreover, at the present time, a demand for certaiu denominations of subsi,diary silver coin, -and the raint is engaged in executing such coinage.
The purpose of this joint resolution is to reraoA^e the impracticable limitation in
the araount of subsiuiary coin outstandiug, and to provide necessary legislation for
such practice of the Governraent as has prevailed for a number of years.
PROPOSED J O I N T RESOLUTION F O R THE ISSUE O F SUBSIDIARY SILVEK COIN.*
Resolved by the Senate and House of Representatives of the United States of America in
Congress assembled. That so much of the joint resolution for t h e issue of. subsidiary
silver coiu approved July 22, 1876 (section 3, page 254, Volume I, Supplement to the
Revised Statutes), as limits the amount of subsidiary silver coin outstanding at any
• tirae to $50,000,000, is hereby repealed.
S E C 2. That in order to procure bullion for the subsidiary silver coinage authorized
by law, the Director ofthe Mint, witli the approval o f t h e Secretary o f t h e Treasury
^S. R. n o , February 14, 1887.
DIRECTOR OF T H E M I N T . '
'
165
as to price, terins, and quantity, shall purchase such bullion with fche bullion fund :
Provided, hotvever. That the amount coined into half-dollars,^ quarter-dollars, and dimes
shall be regulated by the Secretary of the Treasury.
'No action having been reached by Oongress on this joint resolution,
this important measure is again brought to the attention of theDepartment.
DISTRIBUTION OF MINOR COIN.
On the 22d of December, 1886, the Secretary of the Treasury addressed to the Speaker of the Ho^se of Eepresentatives copy of letter
dated December 14, from the Director of the Mint, concurred in by the
Treasurer of the United States, suggesting certain amendments of the
Eevised Statutes tending to obviate the difficulties arising from the
execution of the present laws governing the issue and redemption of
minor coin.* This letter, referred January 4,1887, to the Oommittee on
Ooinage, Weights, and Measures and ordered to be printed, was as follows :
T R E A S U R Y D E P A R T M E N T , , December 22,
1886.
SIR : I have the honor to subrait herewith, forthe consideration ofthe House of Representatives, copy of letter dated 14th instant, from t h e Director ofthe Mint, concurred
in by the Treasurer of the United States, suggesting dertain amendments to the R e - '
vised Statutes ofthe United States which will tend to obviate the difficulfcies arising
from the execution of the present laws governing* the issue and redemption of minor
coin, as pointed out in the Director's communication.
Respectfully, yours,
,
I D.
MANNING,
Secretary.
The
SPEAKER OF T H E H O U S E OF R E P R E S E N T A T I V E S ,
Washington, D. C.
TREASURY D E P A R T M E N T , B U R E A U OF THE
MINT,
Washington, D. C , December 14, 1886.
S I R : The following sections ofthe Revised Statutes bearing upon the issue and re-demption of minor coin are the authority for the present practice ofthe Treasury Department in its relations to the circulation of these coins :
/' S E C 3528. For the purchase of inetal for the rainor coinage authorized by this title
a sum not exceeding $50,000 in lawful money offcheUnited States shallbe transferred
by the Secretary of the Treasury to the credit of the superintendent of the mint at
Philadelphia, at which establishraent only, until otherwise provided b y l a w , such
coinage shall be carried on. The superintendent, with t h e approval of the Director
o f t h e Mint as to price, terms, and quantity, shall purchase the metal required for
such coinage by public advertisement, aud'thelowest and best bid shall be accepted,
the fineness of the metals to be determined on tlie mint assay. The gain arising from
t h e coinage of such metals into coin of a nominal ,value, exceediug the cost thereof,
shall be credited to the special fund denominated the minor-coinage profit fund ; an(l
this fund shall be charged with t h e V a s t a g e iucuri:ed in such coinage, and with the
cost of distributing said coins as hereinafter provided. The balance remaining to
the credit of this fund, and any balance of protits accrued frora minor coinage under
former acts, shall be, from time to time, and at least twice a year, covered into the
Treasury.
" S E C 3529. Therainorcoins authorized by this title may, at the discretion ofthe Director of the Mint, be delivered in auy of the priucipal cities and towns of the United
States, at thecost of the Mint fpr transportation, and shall be exchangeable at par
at the mint in Philadelphia, at the discretion of the superintendent, for alny other
coins of copper, bronze, or copper-nickel heretofore authorized by law. I t shall be
lawful for the Treasurer, and the several assistant treasurers and depositaries of the
United States to redeem, in lawful money, under such rules as may be prescribed by
the Secretary of the Treasury, all copper, brouze, and copper-nickel coins authorized
by law when presented in sums of notless than $20.' Whenever, under this,authority,
these coins are presented for redemption in such quantities as to show the araount
* E x . Doc. No. 50, House of Representatives, Forty-ninth Congress, second session,.
166
REPORT ON THE FINANCES.
outstauding to be redundant, the Secretary of theTreasury is authorized aud required
to direct that such coinage shall cease until otherwise ordered by him."
The experieuce of the last year has shown conclusively that minor coins may accuraulate in the Treasury and sub-treasuries of the United States, at present the only
agencies for the rederaption of minor coin, while at the same time there may exist a
pressing demand for the same class of coin from parts ofthe United States remote from
the Treasury and its branches.
Again, there may be accumulations afc the Treasury or at certain sub-treasuries of
the United States, while at the same time there may exist a demand at comraercial
centers, even where other sub-treasuries are located. Yet no specific appropriation
for this particular purpose is available for the transfer from one sub-treasury to auother
of minor coin found to be in excess of the demand at the locality where any such excess may happen.
A portion of the minor coin making up any accumulation in the Treasury or subtreasuries, and likely to be taken as tending to show redundancy, is unavailable for
reissue without cleansing or recoinage. Yet uncurrent coin of this description has
until recently been reported in the Treasury statements without discrimination as
such. All transfers of coin for cleansing and reissue or for recoinage can .be made only
by special appropriations. Such appropriations are estimated for b y t h e Secretary
of the Treasury to cover the cost of transportation to the mint at Philadelphia, and
also to cover the loss between the nominal value of old coin aud its final yield upon
recoinage. It seems t h a t a redundancy has been assumed to exist whenever notable
accumulations have been reported at the Treasury or sub-treasuries of the Uuited
States.
Under section 3528 the coinage of minor coin can be .carried on only at the mint at
Philadelphia. All operations in the way ofthe renewal of coin uusuitable for reissue
are likewise confined to this mint. Aspecial fund, denominated the ''minor-coinage
profit fund," is an account with the mint at Philadelphia alone, from which fund the
cost of distributing said coins is paid, as provided by section 3528.
At the discretiou of the superintendent, and at the cost of the mint at Philadelphiaj
namely, the minor-coinage profit fund, uuder section 3529, minor coins are redeemable,
in kind, by the issue of new coin to applicants anywhere within the Uuifcea States.
This transportation is by contract, at present with the Adams Express Company.
The provisions of law above briefly cited tend to the ultimate rederaption of miuor
.coin by the mint at Philadelphia. This is efi'ected, however, only through th6 Treasury and sub-treasuries of the United States frora time to time, but uot without delay
for want of available appropiiation for its movement. All other movement of minor
coin from the Treasury and sub-treasuries is, except in extraordinary cases, at fchd
hands of applicants in person. Hence redundaucy at sub-treasuries, independent of
the demaud o f t h e geueral public beyond couvenient reach of such depositories, while
it happens that the coin redeemed by the sub-treasuries readily passes again into circulation'other than local ouly through the mint at Philadelphia. This is due to several reasons, of which the following may be mentioned : First, the circumstance that
the cost of distribution from this miut alone is defrayed by the Government; second,
the popular preference of applicants for fresh coiu as compared with coin which has
been in use.
It may be proper to remark t h a t there is reason to believe that a p a r t ofthe demand
for minor coin, which has arisen to an unprecedented extent during the latter part of
the last twelve months, during the first part of which period the coinage of miiior
coin had»not been resumed since February 16, 18d5, is at least unreasonable, it having
appeared that, in the exercise of a preference for fresh coin, applications to. the mint
at Philadelphia for large sums of minorcoin have been made from the very cities
where au accumulation was reported in the sub-treasuries.
The Treasury and the nine sub-tyeasuries act as' rederaption agencies for miuor coiu.
As above intimated, there is reason to believe t h a t it has becorae a trade custom in
the case of raany persons, who in the course of their business receive the largest quantities of minor coin, and in whose hands it thus accumulates, to send their surplus to
the sub-treasuries for redemptiou, while the same persons are among the most frequent
applicants afc the mint at Philadelphia for fresh supplies of coin, mainly, it is presumed, for the sake of obtaining bright, new coin for daily use.
.
Such a practice must, in the measure of its adoptiou, tend to the ultimate redundancy of this class of coin through its coinage beyond the reasonable demands ofthe
public.
This redundancy might be'checked and the circulation of miuor coin properly controlled if, instead of so many redemption agencies, the mint at Philadelphia were
constituted the sole rederaption agency for rainor coin. But such a raeasure is regarded as undesirable, as it would result'in throwing upon this single institution the,
whole burden of accountiug for surx3lusage whenever it occurs, instead of this onerous work being divided, as a t preseut, between the Treasury and its several branches.
DIRECTOR OF T H E MINT.
167
The ends which inight be accomplished directly by a measure to, which the objections have already been stated may, it is believed, be indirectly accomplished by other
expedients, which I will proceed to formulate by vvay of an amendment of the* Revised Statutes for consideration of Congress, after reciting its objects, as follows:
(1) To facilitate t h e proper.discernment between redundancy of minor coiu on the
one hand and the public demand for the same class of coin on the other.
(2) To make available accumulations of minor coin i n t h e hands of the Governinent
for the-purpose of supplying the demand wherever it may occur.
(3) To prevent redundancy through recoinage, for w a n t of uniform action between
t h e Treasury and the Bureau of the Mint.
(4) To discriminate against unreasonable demands for new coin where current old
coin is available.
(5) To prevent undue redemption of minor coih and its withdrawal from circulation.
'
'
(6) To promote the equality of its circulation in different parts of the country. '
I t is beiieved t h a t the above ends can be attained by amendments of the Revised
Statutes as follows, namely, of section 3529, so as to read, after the last word in said
section:
.
"And in order to supply any demand upon the mint at Philadelphia for minor coins
during the suspension of such coinage from the redundancy in the Treasury of the
United States, the Secretary of'the Treasury is authorized and required to cause to
be transferred from the Treasury of the United States to t h e mint at Philadelphia, for
recoinage or for cleaning and reissue, minor coins of such denominations as may be^
necessary to enable the superintendeiit of the mint to supply demands upon him for
the same."
^
-^ ,
.
And of section 3328 of the Revised Statutes, so t h a t the last clause shall read, instead of—
,
" The balance remaining to the credit of this fund, and any balance of profits accrued from minor coinage under former acts, shall be, frora time to time, and at least
twice a year, covered into t h e Treasury,"
\
asfollows:,
, " The balance reraaining to the credit of this fund shall be at least once a year covered into the Treasury, except such suras, to iSe estimated by the superintendent of
the mint at Philadelphia and approved by the Director of the Mint, as may.be
deemed necessary to pay the expense of, and incidental to, the distribution of minof
coin during such periods as the coinage of minor coin sfiall be suspended by order or
t h e Secretary of the Treasury : Provided, 'That the sum so retained by the superintendent of the mint at Philadelphia from the balance before mentioned s h a l l n o t exceed $25,000."
•
, '
. . -•
• •
The above amendments contemplate the paymenfc of the cost of transfer of minor
coin from the Treasury and sub-treasuries to the minfc at Philadelphia for recoiuage
and cleaniug for reis^-ue,"as( heretofore, by special appropriations estimated for from
year to year by the Secretary of the Treasury. I t i s uot deemed desirable to pay the
cost of such transfer from t h e minor-coinage profit fund, fpr thp reason t h a t this fund
is expended by the mint at Philadelphia subject to the approval of the Director of
the Mint, while the trausfer of minor coin to t h e m i n t at Philadelphia is regulated by
the Treasury of the United States. It is regarded impracticable ibr the sam^ fund to
be used and accounted for by two distinct branches o f t h e Treasury Department.
The balance of profits accrued from minor coinage under former acts, provided for
in section 3528, w a s l o n g since covered in to'the Treasury.
The above facts are brought to your notice for consideration and the above measure
proposed, trusting that, should the latter meet with your concurrence, you m a y b e
pleased to lay t h e whole before Congress.
Very respectfully,
>
J A S . P . KIMBALL,
Director of the Mint.
The
SECRETARY O F T H E T R E A S U R Y .
I fully concur in the vvithin statetdent. The remedy proposed would, in. my opinion,
carry out the purpose for which it is devised.
C. N.
JORDAN,
Treasurer UnitedStates.
The Director of the Mint appeared before the Oommittee on Coinage,*
Weights, and Measures in February, 1887, on which occasion this bill
was ordered to be repo'rted'by that committee. Owing to the pressure
of business toward the close of the Forty-ninth Oongress such,actiou
failed to be reached.
168
REPORT ON THE FINANCES.
PARTING AND R E P I N I N G BULLION.
^
On the 20th of January, 1887, letters of the Director of the Mint, accompanied with another b y t h e First Comptroller, were communicated
by the Secretary of the Treasury to the Speaker of the House of Eepre-.
sentatives. These letters recommended legislation, in tbe matter of
parting and refining bullion, by which the sale of t h e by-products of
acid refineries can be applied to the reduction of* the expenses of such
refineries, as previous to the fiscal year 1886, as.follows:
[Ex. Doc. No. 96, Houseof Representatives, .Forty-ninth Congress, second session.]
T R E A S U R Y D E P A R T M E N T , Jamiary 20, 1887.
SIR : I have the honor to transmit herewith, for the consideration of Congress, copy
of letter of the Director of the Mint, of the 12tih instant, and inclosure, recommending certain legislation in 1;he matter of parting and refining bullion by which the sale
of the by-products of acid refineries can be applied t o t h e reduction of the expenses
of such refineries.
Respectfully yours,
D. MANNING,
Secretary.
The SPEAKER OF T H E H O U S E OF R E P R E S E N T A T I V E S .
. TREASURY D E P A R T M E N T ,
BUREAU OF THE MINT,
Washington, D. C , January 12, 1887.
SIR : Paragraph 8, page 379, of the Supplement to t h e Revised Statutes of the United
States, provides—
''And refining and parting of bullion shall be carried on at the mints of the United
States and a t the assay office a t New York.
^'And ifc shall bo lawful to apply the moneys arising from charges collected from de, positors for these operations pursuant to law so far as may be necessary to the defraying in full of the expenses thereof, including labor, materials, and wastage..
' ' B u t ho p a r t of the rnoneys otherwise appropriated for t h e support of the mints
a n d t h e assay ofiice a t New York shall be used to defray the eipenses of refining and
parting bullion."
' Under this provision of law. which was passed originally i n t h e appropriation act
approved August 15, 1876 (19'Stats.; 156, 157), the charges for parting and refining .
bulliou were so fixed at t h e several coiui^ge mints and the assay office, at New York
{hat the receipts should equal, as nearly as possible, the expenses o f t h e operations.
The spent acid and blue vitriol resulting fromthe processes of refining, prior to October 24, 1885, have been credited ou the bills for acid, thereby reducing the expenses
of the refinery a t tho New York assay office some $20,000 a year. On the 24th October,
1885, the-Firsfc Comptroller decided t h a t the receipts from spent acid and blue vitriol
must be considered as old material and, under section 3618, Revised Statutes, deposited in t h e Treasury. In the report of this Bureau for the last fiscal year, pages 6 and
7, 1 have referred to t h e effect of this ruling in the accounts of the assay office at New.
York. A similar effecfc will be produced upon t h e accouuts of tho whole mint service,
in t h a t the expenditure will not appear to have been diminished by regular iiianufacturing assets.
A still more iinportant effect of this ruling is to render the acid> refineries o f t h e
mint service, uuder the present schedule of charges, no longer able to be self-supporting, as tho law requires.
I t will be necessary, therefore, either to increasje the schedule of charges imposed
upon depositors of bullion, or modify the law so as to explicitly provide for the application of the proceeds of the sale of t h e by-products of the acid refineries of t h e
mints and assay offices of the United States'to the reduction ofthe expenses o f t h e
operations of such acid refineries.
I have the honor to recommend the latter alternative, and beg to suggest thafc
paragraph 8, page 379, of the Supplement to the Revised Statutes, be re-enacted in
the legislative appropriation bill for the fiscal year 1888, so as to read as follows :
" A n d refining and parting of (.bullion shall be carried on a t t h e mints of the
United States and at the assay office a t New York.
" A n d it shall belawfulto.apply, pursuant to law, the moneys arising from charges
collected from depositors and.from the pioceeds o f t h e sale of by-products, resulting
from the operations of the refinery, so. far as may bo necessary to the defraying in
full of the exi3enses thereof, includiug labor, materials, and wastage.
DIRECTOR
OF T H E MINT.
169
•'But no pa;rt of the moneys othev wise appropriated for the support of the mints and
the. assay bffice at New York shall be used to defray the expenses of refining and
parting bullion,"
Hoping that you will be j)leased to present this matter to the consideration of
Congress,
,
.'
I am, very respectfully, yours,
JAMES P. KIMBALL,
Director of the Mint.
The
SECRETARY OF T H E T R E A S U R Y .
T R E A S U R Y D E P A R T M E N T , Jammr?/14, 1887.
Respectfully referred to t h e First Coraptroller tor report.
.
H U G H S. THOMPSON^
J
Assistant Secretary.
T R E A S U R Y DEPARTMENT,
F I R S T COMPTROLLER'S O F F I C E ,
,
Washington, D. C , January 15, 1887.
Siii: I have exarained t h e letter of the Hon. James P . Kimball, Director of t h e
Mint, to you, of J a n u a r y 12, 1887, in regard t o appending a clause to t h e bill making
appropriations for the legislative, executive, and judicial departments of the Government, for the fiscal year ending J u n e 30, 1888, containing a provision similar to
t h a t which was in the liill for 1876, found in 19 Stat., 156-7^ which letter you have
referred to me for report.
,
'
In reply, I will say I see no good reason why such a clause should not be appended
to t h e bill in question.
, •
The letter of the Director of the Mint is herewith returned.
Very respectfuily,
M. .I. DURHAM,
• °
'
.
Comptroller.
The SECRETARY OF T H E T R E A S U R Y .
The above communication was referred to the Committee on Coinage,.
Weights, and Measures on January 21,1887, and ordered to be printed.
A hearing on the subject of this communication was accorded by t h e
Committee on Ooinage, Weights, and Measures ih F(3bruary, 1887, on
which occasion the amendment as proppsed by the Director of the Mint
was ordered to be reported. No further action became practicable
owing to the pressure of business during the closing days of the session. ^
••.•••'•.•
I take the present occasion to remark, in further elucidation of the
above technical matter, that the utilization of the by-products was a
leading factor in the saving effected by the change in the refinery practice of the mint service from the nitric-acid to the 'sulphuric-acid process of parting bullion, and that this saving as proposed was cpnsidered,
and has since proved, the only effective means of rendering the operations' of the refineries of the IJnited States self-supporting as provided
by Jaw, without increasing the cost of this operation to depositors.
In order that the object of the above proposal niay be definitely ac- ,
complished, and the mint service relieved from embarrassment from
P'i'evailiag rulings on the matter involved, I take the present occasion
to recommend that the same measure be presented to Oongress for special enactment.
A N N U A L ASSAY O F C O I N S .
On the 21st of February, 1887, the following letter* from the Acting
Secretary of the Treasury was addressed to the Speaker of the House
of Eepresentatives, inclosing communications from the Director of the
Mint and from a committee of the Annual Assay Oommission of 1887;
all of which, on February 22, was referred to the Committee on Coin-^
age. Weights, and Measures, and ordered to be printed.
The important matter which forms the subject of the following communications was presented to Oongress during the last days ofthe session j and thereforel ailed tobe considered by the Com mittee on Coinage,
Weights, and Measures, by which it accordingly failed to be reported.
* H. R. E x . Doc. No. 189, Forty-ninth Congress.
170
REPORT ON T H E FINANCES.
ANNUAL ASSAY COMMISSION.
'
TREASURY DEPARTMENT, O F F I C E OF THE SECRETARY,
Washington, D. C , February 21, 1887.
S I R : I have the houor to transmit herewith, for the consideration of Congress, a
letter from t h e Ditector of the Mint of the 19th instant, in relation to an amendment
of the laws governing t h e annual assay of coins.
The accompanying letter and recommendations on the part of the Director of the"
Mint are in response to the reference to him by this Department of resolutions passed
by the Annual Assay Commission of 1887, a copy of which is appended to that letter.
These resolutions were duly presented t o t h e President, and by the President referred
to this Departmenfc.
.
. With t h e reliommendations of the Director of the Mint, the Comptroller of the Currency, as chairman of the committee appointed by the Assay Commission to present
this matter to the President, has signified to me his concurrence.
Commending this matter to the attention of Congress, I beg to express the hope
that, notwithstanding.its approaching adjournment, this communication may receive
the attention of the House of. Representatives in time to be submitted in due course
to th(.'. Senate, as it is desirable t h a t the procedure for the next annual assay should
have t h e benefit of the legislation now proposed.
Very respectfully,
.
-
'
C. S. F A I R C H I L D ,
Acting Secretary.
The S P E A K E R OF T H E H O U S E O F R E P R E S E N T A T I V E S .
T R E A S U R Y DEPARTMENT, B U R E A U O F T H E M I N T ,
Washington, D. C , February 19, 1887.
S I R : Since assuming t h e duties of this office I have become aware ofthe failure of
the provisions of law governing the procedure of the annual trial of coins, and contained in the Coinage Act of 1873, to satisfy several o f t h e Commissions appointed by
the President under the same act, on the grounds t h a t the sections named are not
sufficient to accomplish the purpose for which they were intended.
Efforts have been repeatedly made by different Commissions to present this matter
to the attention of Congress. Such,efibrts have generally failed upon points of order
tending to exclude from the cognizance of the Commission any matter beyonrl its
specific duties, as prescribed by sections 3539 and 3547, Revised Statutes, cited in the
memorandum below.
On the occasion of t h e l a s t meeting of the Annual Assay Commission, at the mint a t
Philadelphia, February 9, 1887, resolutions to the same purpose were passed, as also
below cited. These resolutions were duly laid before the President of the United
States, and by the President referred to t h e Treasury Department for suitable action
in the premises.
.
'
.
•
I t becomes, therefore, my duty to address to you t h e present communication, with
t h e citations mentioned, along with amendments drafted by me to the sections of t h e
Revised Statutes relating to the annual trial of coins.
It will be noted that it is proposed to amend the present laws mainly (1) iu respect
to the mode of taking coin for assay from the several coinage mints of the United
States; (2) as to the place of meeting; of the Annual Assay Commission ; (3) as to the
constitution of t h e Commission, particularly iu respect to ex-officio members,; and (4)
as to the mode of providing for the reimbursement of personal traveling expenses of
the merabers of the Commission, other than officers o f t h e Treasury Dexjartment or of
the Mint service, and while in discharge o f t h e duties o f t h e Commission.
Under the first and second heads the accompanying resolutions of the last Assay
Commission are sufficiently explicit.
Under the third head, the changes proposed in ex-officio membership are such as ifc
would seem should follow from the proposed change in the place of meeting.
On the subject u n d e r t h e fourth head it remains for me to state t h a t the.expenses
of the Commission have heretofore entered into the estimate o f t h e contingent expenses o f t h e mint at Philadeliphia, ai)propri ated for in the legislative, execu bive, and
judicial appropriation bill.
•
It has hitherto been the custom to call upon members ofthe Comraission at t h e
close o f t h e meeting for stateraents of their personal expendifcures while absent from
home upon the duties'of this Commission, to be reimbursed from the contingent appro13riation ofthe mint at Philadelphia. Tliis raode of reimbursement of expenses often
proves unsatisfactory, afc least to other than ex-officio members, from the fact t h a t such
expenses on the part of private individuals have to bp estimated and distinguished •
DIRECTOR OF T H E MINT.
171
a s between those o f a necessary and an unnecessary kind. It is therefore proposed,
in this matter, to adopt a mode of reimbursement uniform'with t h a t in the case of
officers of tiie Army traveling on duty, and to substitute a per diem allowance by
way of compensation for hotel and other personal expenses during the bri^f session
of the Commission. ,
Appended hereto will bo found an exhibit of the estimates and expenditures for t h e
Annual Assay Commission each year since the passage of the Coinage Act of 1873.
Considering the other changes proposed, it is probable t h a t between the present and
proposed mode of reimbursement of expenditures there would be no material difference
in t h e tptal amount.
' .
•
It is to be hoped t h a t the present communication can be laid before Congress in
time to be concurrently acted u p o n by both Houses before adjournment. I . have
therefore the honor to suggest that, out of-respect for the resolution of the Assay
Commission of 1887, the substance of this letter bo transmitted to the Pre^dentj^ro
tempore of the Senate and to the Speaker of the House of Representatives, wifch your
own recommendation in the premises.
I t may not be improper for - me to add that, in concurrence with the Assay Commission of 1887, I consider t h a t the present statutes tend to a perf'unctory, instead of
a critical, trial of coins, from want of mdre precise laws on the subject, and that a
transfer of the annual trial of coius from one of the mints under inquiry to the executive office of t h e Mint service in The Treasury Department at Washiugton would
b e a highly desirable amendment of law.
Very respectfully,
JA.8. P . KIMBALL,
Director of the Mint,
T h e SECRETARY O F T H E T R E A S U R Y .
'
.
.
'
TREASURY DEPARTMENT,
O F F I C E O F COMPTROLLER O P T H E C U R R E N C Y ,
Washington, D. C , February lb, 1887.
Mr. P R E S I D E N T :
.
The undersigned, a committee appointed for the purpose, have the honorto present
the accompanying report and resolutions, and to bring to your attention the following reasons for the recommendations ofthe Commission as to a change in the law.'
These reasons rest upon the fact t h a t the Comraission found itself without sufficient
evidence t h a t the coins presented for the tests of weight and fineness were true aud
fair samples of the several deliveries fromthe different mints.
The Commission could accept these coins as such samples only upon the assumption
t h a t the various mint officers had performed accurately and conscientiously the duties
prescribed to them by the l a w s : b u t as the accuracy and fidelity of these officers is
the very matter to be ascertained by the Annual Assay, their assumption at the out^ set is obviously destructive of the effectiveness of t h e inquest for the purposes declared in the law..
.
' \
I t appeared, therefore, to be the duty of the Commission to direct attention to the
propriety of confiding to others t h a n the officers of the mints the drawing of sample
coins, and their custody until the meeting ofthe A n n u a l Assay Commission.
As the operations of the mint at Philadelphia are larger than the operations o f t h e
others, it seeras especially proper to secure indubitable evidence of the authenticity
and genuineness of samples representing each delivery from t h a t mint, and to this
end this Commission has suggested t h a t the sample coins from all the mints be transmitted to Washington, and there kept in custody until the meeting of the Annual
Assay Commission.
Very respectfully,
W. L. T R E N H O L M .
P H I L I P E . CHAZAL.
To the P R E S I D E N T O F T H E U N I T E D STATES.
{Extract from the mmutes of the annual meeting of the Assay Commission, Philadelphia, February
10, 1887.] .
'
On motion of Mr. Holbrook, it was—
.
Resolved, That ^he Assay Commission haviug examined and tested the reserved coins
o f t h e several mints fortlie year 1886, and it appearing t h a t these coins do not differ
froin the standard fineness and weight by a greater quantity than is allowed by law,
the trial is considered and reported as satisfactory,
'
172 ^
REPORT ON T H E FINANCES.
Thefollowing resolutions were also adopted :
Resolved, That in the judgment of the Annual Assay Commissiou of 1887 the value
o f t h e work o f t h e Commission will be greatly enhanced by holding the future meetings of t h e Assay Commission a t Washiugton, in t h e Bureau of the Mint; that the
coins reserved for examination should be from lots selected at random by an officer
ofthe Mint Bureau, under regulations to be. prescribed by ihe Director ofthe Mint.
Resolved, Thsit this resolution be transmitted to t h e President, as a part ofthe report of the Commission, with the recom mendation t h a t legislation in accordance with
this resolution be enacted.
Resolved, Thsit t h e Commission, in making these recommendations, disclaims any
reflection upon the offipers of this or any other mint.
Mr. Trenholm moved the appointment of a committee of three to deliver the report
of the Commission to the President, with instructions to accompany it with a leiter
of transmittal setting forth the reasons of the Commission for arriviug afc its conclusions.
The motion was adopted.
The chair appointed Messrs. Trenholm, Chazal, Winchell.
SEC. 3539. At every delivery of coins made by the coiner to a superintendent, it shall
be the duty of such'superintendent, in the presence of the assayer, to take indiscriminately a certain number of pieces of each variety for the annual trial of coins, t h e
number for gold coins being notless thau one piece for each one thousand pieces or
any fractional p a r t of one tliousand pieces delivered ; and for silver coins one piece,
for each two thousand pieces or any fractional part of two thousand pieces delivered.
The pieces so taken shall be carefully sealed up in au envelope, properly labeled,
stating the date ofthe delivery, rhe nuraber and denomination ofthe pieces inclosed,
and the amount of the d'ehvery from which they were takeu. These sealed parcels
containing the reserved pieces shall be deposited in a pyx, designated for the purpose
at each mint, which shall be kept under the joint care of the superintendent and assayer, and be so secure that neither can have access to its contents without the presence o f t h e other, and the reserved pieces in their seaJed envelopes from t h e coinage
of each mint shall be transmitted quarter]}^ to thei mint at Philadelphia. A record
shall also be kept a t the same time of tho number and denomination o f t h e pieces so
taken for the aunual trial of coins and of the number aud denoraination of the pieces
represented by them and so delivered, a copy of Which record shcJl be transmitted
quarterly to the Director of t h e Mint. Other, pieces may at any time be taken for
such tests as the Director ofthe Mint shall prescribe.
SEC. 3547. To secure a due conformity in the gold and silver'coins to their respective
standards of fineness and weight, the judge of the district court for the eastein district of Pennsylvania, the Comptroller of the Currency, the Assayer of the Assay Office
at New York, and such other persons as the President shall, from.time to time, designate, shall meet as Assay Commissioners a t the mint in Philadelphia, to examine and
test, in the presence of the Director of the Mint, t h e fineness and weight of the coins
reserved by the several mints for this purpose, on. the second Wednesday in February,
annually, and may continue their meetings by adjournment, if necessary. If a majority of the Commissioners fail to attend a t any time appointed for their meeting, .
the Director of the Mint shall call a meeting of the Commissioners at such other time
as he may deem convenient. If i t appears by such examination and test that these
coins do not difier from the standard fineness and weight by a greater quantity than
is allowed by law, the trial shall be considered and reported as satisfactory. If, however, any greater deviation froru the legal standard or weight appears, this fact shall
be certified to the President; and if, dn a view^ of the circurastances of the case, he
shall so decide, the officers implicated in the error shalLbe thenceforward disqualified
from holding their respective offices.
MEMORANDUM.
[ S E C T I O N 3539, R E V I S E D STATUTES, P R O P O S E D AME^^DMENT.]
Proposed changes and additions in small capital letters.
At every delivery of coins made by A toiuer to a Superinteudent, ifshall be the duty
of such superintendeut, I N PEKSON,' in t h e presence of the COENER AND assayer, to
t a k e indiscriminately, WITHOUT PREVIOUS W E I G H I N G OR OTHER SPECIAL TEST, a cer-
tain numberof pieces of each variety OF COINS, for the annual trial of coius, the num
DIRECTOR O F T H E MINT.
173
b e r for g o l d c o i u s b e i n g n o t less t h a n o n e p i e c e for e a c h o n e t h o u s a n d x^jcces o r a n y f r a c t i o u a l p a r t of o n e t h o u s a n d p i e c e s d e l i v e r e d ; a u d for s i i v e r c o i u s N O T L E S S T H A N one,
p i e c e for e a c h t w o t h o u s a n d p i e c e s o r a n y f r a c t i o n a l p a r t of t w o t h o u s | i n d pieces d e l i v ered. •
•
.
'
I
T h e p i e c e s so t a k e n s h a l l b e e n c l o s e d , E A C H B Y I T S E L F , IN^ A V E N V E L O P E , A N D T H E
V^HOLE N U M B E R O F P I E C E S F R O M E A C H D E L I V E R Y SO ENCLOSED, T O G E T H E R W I T H A
€ E R T I R I C A T E T H A T T H E R E Q U I R E M E N T S H E R E I N P R O V I D E D H A V E BPJEN C O M P L I E D W I T H ,
s h a l l bo c a r e f u l l y s e a l e d u p B Y T H E S U P E R I N T E N D E N T in a n e n v e l o p e O N W H I C H S H A L L
BE W R I T T E N t h e d a t e of t h e d e l i v e r y , t h e n u r a b e r a n d d e n o m i n a t i b n of t h e p i e c e s
THEREIN C O N T A I N E D a u d t h e a m o u n t of t h e d e l i v e r y frora w h i c h tho|y w e r e t a k e n .
T H E FORM O F THE CEKTIVICATE TO B E SIGNED B Y T H E SUPERIN IENDENT,
AND A S S A Y I : R S H A L L B E P R E S C R I B E D B Y THE D I R E C T O R O F T H E M I N T .
COINER
THE S E A L U S E D F O R THIS PURPOSE SHALL BE A SPECIAL SEAL ISStED BY TIIE D I RECTOR OF THE M I N T A N D , W H E N N O T I N U S E , K E P T I N T H E P Y X O F E A C H MINT.
T h e s e a l e d p a r c e l s c o n t a i n i n g t h e r e s e r v e d j)ieces s h a l l b e d e p o s i t e d in a p y x , d e s i g n a t e d for t h o p u r p o s e a t e a c h m i n t , w h i c h s h a l l b e k e p t u n d e r t h e j o i n t c a r e of t h e
s u p e r i n t e u d e n t a n d a s s a y e r , a u d b e so s e c u r e t h a t n e i t h e r c a n h a v e alccess t o i t s c o n t e n t s w i t h o u t t h e |)rcsence of t h o o t h e r ; a n d t h e p i e c e s r e s e r v e d froin t h e c o i n a g e of
e a c h m i n t s h a l l , in t h e i r s e a l e d e n v e l o p e s , b o t r a n s r a i t t e d q u a r t e r ! j ^ t o th'e U N I T E D
STATES
T R E A S U R E R AT W A S H I N G T O N , TO B E RETAINED-IN H I S CUSTODY,
UNOPENED
AND WITH U N B R O K E N SEALS, UNDER SUCH RULES AND REGULATIONS'AS MAY BE PREs c e i B E D BY THE S E C R E T A R Y OF THE T R E A S U R Y .
i
A r e c o r d s h a l l b e kepfc a t t h e s a m e t i m e of t h e n u m b e r a n d d e n o m i n a t i o n of t h e
p i e c e s so t a k e n for t h e a u n u a l t r i a l of c o i n s a u d of t h e n u m b e r a n d ; d e n o m i u a t i o n of
the'1')ieces r e p r e s e n t e d b y t h e m a n d so d e l i v e r e d , a c o p y of w h i c h ! r e c o r d s h a l l b e
t r a n s m i t t e d q u a r t e r l y t o t h e D i r e c t o r of t h e M i n t .
;
O t h e r i:)ieces m a y , a t a n y t i m e , b e t a k e u for s u c h t-ests a s t h e D i r e c t o r of t h e M i n t
shall prescribe.
.!
[ S E C T I O N 3547, R E V I S E D
STATUTES, PROPOSED
AMENDMENT.]
T o s e c u r e a d u e couformifcy in t h e gold a n d s i l v e r c o i n s to t h e i r r e s p e c t i v e s t a n d a r d s of fineness a n d w e i g h t , O N E O F T H E J U D G E S O F T H E . S U P R E M E C O U R T O F T H E
DISTRICT O F COLUMBIA, WHO MAY B E DESIGNATED FROM YEAR TO YEAR BY T H E P R E S I D E N T O F T H E U N I T E D S T A T E S , J h e C o m p t r o l l e r of t h e C u r r e n c y , ! T H E A S S I S T A N T
TREASURER O F T H E U N I T E D STATES AT WASHINGTON, THE ASSAYER O F T H E B U R E A U
OF THE M I N T , t h e a s s a y e r of t h e assay-office a t N e w York, a n d s u c h o t h e r p e r s o n s a s
t h e P r e s i d e n t s h a l l f r o n ^ t i m e t o t i m e d e s i g n a t e , s h a l l rneet a s a s s a y Oommissioners a t
t h e OFFICE OF THE BUREAU OF THE MiNT, TREASURY DEPARTMENT, WASHINGTON,
t o e x a m i n e a n d t e s t , i n t h e p r e s e n c e of t h e D i r e c t o r of t h e M i n t , i h e fineness a n d
w e i g h t of t h e c o i n s r e s e r v e d b y t h e s e v e r a l m i n t s f o r t h i s p u r p o s ^ , o n t h e s e c o n d
W e d n e s d a y i n F e b r u a r y , a n n u a l l y , a n d m a y c o n t i n u e t h e i r m e e t i n g s iby a d j o u r n m e n t ,
if n e c e s s a r y .
,
,
i
If a m a j o r i t y of t h e C o m r a i s s i o n e r s fail t o a t t e n d a t a n y t i m e apj^ointed for t h e i r
m e e t i n g , t h o D i r e c t o r of t h e M i n t s h a l l c a l l a m e e t i n g of t h e C o m m i s s i o n e r s a t s u c h
other time as h e may deem convenient.
;
I T SHALL B E T H E DUTY OF THIS COMMISSION TO COUNT T H E COIN CONTAINED I N
EACH SEALED ENVELOPE, AND TO V E R I F Y T H E CONTENTS OF T H E SAME W I T H THE ACCOMPANYING CERTIFICATE O F ITS CONTENTS, AND ALSO AVITII T H E RECORD TIIANSMITTKD FROM EACH COINAGE MINT TO THE DIKECTOR OF T H E M I N T .
|
SUCH A NUMBER OF COINS SHALL B E TAKEN FROM SUCH ENV^ELOPES AS MAY B E
DETERMINED BY THE COMMISSIONERS, FOR ASSAY, AND.THE REMAINDER RETURNED
TO THE T R E A S U R E R O F T H E U N I T E D S T A T E S , . T O AVHOM A C C O U N T J S H A L L B E R E N D E R E D BY THE C H A I R M A N O F T H E C O M M I T T E E O N A S S A Y I N G F O R , T H E N U M B E R O F
COINS T A K E N F O R A S S A Y , T O B E R E T U R N E D
ASSAY.
\
IF,
UPON COUNTING,
I N BULLION AT T H E ! CLOSE OF THE
;
ANY SEALED ENVELOPE
B E F O U N D TO CONjTAIN LESS THAN
THE NUMBER OF COINS AS CERTIFIED, THE CASE SHALL BE REPORTED TO THE D I RECTOR OF THE M I N T , A N D T H E S U P E R I N T E N D E N T
ACCOUNTABLE FOR SUCH DISCREPANCY.
D U R I N G T H E COUNT A N D VERIFICATION
O F T H E MINT O F COINAGE
•
O F T H E COINS
|
HELD
"
BY THE I ASSAY
COMMIS-
S I O N THE SEALED ENVELOPES AND THEIR CONTENTS SHALL BE CONSIDERED IN THE
CUSTODY OF THE TREASURER OE THE UNITED STATES, TO WHOM SHALL BE GIVEN
A RECEIPT BY THE CHAIRMAN OE THE ASSAY COMMISSION FOR THE NUMBER OF
'COINS TAKEN FOR ASSAY.
!
'
I T SHALL ALSO liE THE DUTY OF THIS-COMMISSION, BY SUCH EXAMINATIONS AND
TESTS AS MAY BE DEEMED NECESSARY, TO ASCERTAIN AVHETHER THESE COINS DO
NOT DIFFER FROM THE STANDARD FINENESS AND WEIGHT BY A GREATER'QUANTITY
THAN IS ALLOAVED BY LAAV; AND IF IT SO APPEARS t h e t r i a l s h a l l lie', c o u s i d e r c d a u d
174
REPORT ON T H E FINANCES.
reported as satisfactory. If, however, any greater deviation from the legal standard
or Avei ght appears, this fact shall be certified to tho President; and if, o^i a view of
the circurastances of the case, he sh'all so decide, the officers implicated iu the errorshall be thenceforward disqualified from holding their respective offices.
A N D F O R T H E P U R P O S E O F DEFRAY^ING T H E P E R S O N A L E X P E N S E S O F T H E M E M B E R S OF THE C O M M I S S I O N , O T H E R T H A N T H O S E I N T H E E M P L O Y O F T H E T R E A S U R Y
D E P A R T M K N T O F T H E U N I T E D . S T A T E S , T H E S A M E M I L E A G E S H A L L B E ALLOAVED T O
E A C H M E M B E R F O R T R A V E L T O A N D F R O M H I S H O M E A S I S A L L O W E D BA" THE REGULATIONS OF THE A R M Y " O F T H E U N I T E D S T A T E S I'O O F F I C E i ; s O F T H E A R M Y " AA^IILE
TRAVELING ON DUTY TO AND FROM THEIR STATIONS, AND TEN DOLLARS EACH DAY"
WHILE SERVING UPON THE COMAIISSION IN WASHINGTON, TO BE PAID OUT OF AN
APPROPRIATION TO BE ESTIMATED FOR BY" THE DIRECTOR OF THE MiNT FOR EXPENSES OF THE A N N U A L A S S A Y
COMMISSION.
E X P E N S E S ON ACCOUNT O F ASSAY COMAIISSION EACH YEAR FROJAI 1874 TO
1886, INCLUSIVE.
f
Year.
1874
1875...... 1
1876
1877
1878
1879 .
1880..
Carried forward
•
Amount.
$1, 329.92
1, 262. 50
881.18
1,356.92
1,444.82
1,233.01
1, 464. 22
8, 972. 57
Year.
Amount,
Brouglit forward
1881
1882
1883
1884
188.3
1886
'
Total
$8, 972. 57
• 1, 005.19>
607 15
1 111 01
1, 016. 77
1 170 67
1, 547. 89
15,431. 25
The estimates for this appropriation, so far as they have been traced at the iiresent
writing, have been $2,000 a year.
The expenditure has varied according to t h e personal expenditures of the Commission, increasing in t h e ratio of t h e distance traveled to and from the homes of t h e
soA^eral Comm.issioners.
The expenditure has in certain years, as in 1876 and 1882, been low as compared
with tho average, owing to the fact that members of the Commission were not selected,
as in other years, with the purpose of securiDg a uniform.geographical representatioii
from difierent parts of the whole country.
EXTENSION OF FACILITIES FOR COINAGE, MINT AT PHILADELPHIA.
ID the courseof remarks iiuder a previous beadiog it was incidentally
pointed out that the minting facilities afforded by the mint at Sai>
Francisco are regarded by this Bureau sufhcient to meet ail requirements. The most modern of the four coinage mints, including the mint
at Oarson, it is of such magnitude as to admit of considerable expansion beyond any present necessities.
ISfot so, however, with the mints at Philadelphia and New Orleans^
under the circumstance that both of these institutions are called upon
to execute the bulk of the mandatory coinage of silver dollars, besides,
at Philadelphiaj a large portion of the subsidiary coinage, and the whole
minor coinage. Public requireuients for the two latter coinages, from
time to tiDie, are less pressing than the coinageof silverdollars only sofar as this coinage is not mandatory. This^ at least, has been the case
during,the last fiiteen months.
Tbe recent limitation of the bulk of the silver dollar coinage to the
miJts at Philadelphia and IS'ew Orleans has grown out/of the expediency of providing for the storage of silver dollars in the immediate
custody of the United States Treasury.
N
Provision having been made by Congress for the ultimate storage of
DIRECTOR OF THE MINT.
175
silver dollars in the vaults now in the course of construction at the
Treasury Department itself, the expediency of coinage |at the abovementioned mints is determined by the measure of facilities for transport from the coinage mint to Washington, and the relative cost of
the same as compared with the cost from different mints. On such
grounds of expediency both of the eastern institutions have been called
upon to the full extent of their present capacity for thQ execution of
the whole mandatory coiuage of silver dollars, except what small prol)ortion of that coinage has from time to time been assigned to the minfe
at San Francisco when the other mints have been unable to fulfill the
whole statutory requirement, as during the last year, when operations
. were contracted at the mint at Philadelphia for the renewal of its steam
plant.
'
i
Tn the present report, as well as in previous fiscal reports, occasion
has been taken to indicate the fact that, under recent requirements of
coinage, the raint at Philadelphia has not only been overltaxed, but severely strained. And it has also been shown, in another part of this;
report, that the Avhole plant at that institution is not only antiquated,,
but lacking in efficiency for want of renewals of machinery and equipment. The new stea:m plant introduced into that mint'is but the accomplishment of a single one of a number of iinprovepients the necessity of which has been felt for several years. The-institution as a.
whole is in great need of enlargement and remodeling, preliminary to a
iurther and more modern equipment for the important sejrvice which it
is imperatively called upon to perform.
; ,
Upon a careful consideration of what is the duty of the Director of
the Mint under such circumstances, I am led to urgenily recommend
that immediate steps be taken toward an enlargement otj the edifice of
the mint at Philadelphia by the addition of a third story and perhaps,
the enlargement of the basement by extension to a line with Chestnut
street. A^ design has been voluntarily prepared by the skme engineers
and architects to whose firm was committed the supervision of the recent'change in the steam plant of the mint. This plan, \yith some modifications, has much to commend it. It is believed that;such enlargement cah be made, in conformity with the present order of architecture^,
to the improvement rather than to the injury of its presen!t appearance.
Tbe Avant of height in the proportions of the present ediiice—one of its
notable features—has now become all the more striking |from the erection in its vicinity of lofty buildings, the effect of which iis to darken itsinterior and to dwarf its architecture.
I
The recommendation is now made that the Supervising Architect be
requested to prepare plans for the extension of the edifice of the mint
at Philadelphia in the manner proposed, and to prepare estimates in accordance therewith, for the consideration of the Department, as a basis
for such recommendations on the part of the Department as may afterwards be found expedient to make to Oongress.
I
. From the fact that measures for the extension of the ground area of
the mint at Philadelphia have repeatedly been presented to Congress
without its concurrence, I am bound to assume that no similar proposal
would be sufficiently practicable to meet the present exigepcy in the case
of that mint—-now the most important mint of the whole iservice, as always it has beeh, and as constituted by numerous section^ of law which
h ave been perpetuated from theperiod previous to 1873, when it was alone
the Mint of the United States, and all other mints its branjches. Indeed
opportunities presented from time to time for the acquisition of ground
176
REPORT ON THE FINANCES.
space for an extension of this mint, at a moderate cost, can hardly be
expected to recur.
Nor Wcis it considered that such an expedient as ttie sale ofthe present very valuable site and the purchase of a larger one of less value
could receiA'e the approval of Congress in time to meet recent emergencies, such as the necessity for the new steam plant, erected by authority
of Congress during the past summer.
JSTot with Stan ding the recent renewal of steam plant, at a costof some
t955,000, and the present exigency for further renewals of a. more portable kind, it may not be held that fixed improvements of this description
really preclude thesubject of change of site from further consideration.
As alternatives therefore from the addition of a third story and the ex- •
tension of the front basement, it becomes my duty to make succinct mention of two other expedients which have previously been proposed,
namely, (1) the sale of the present A'ery A-aluable site and purchase of a
larger one of less relative value; or (2) the costly acquisition of new
ground adjoining the present site.
DEAT^ICES AND D E S I G N S O F C O I N S . *
The prcA^ailing laws in respect to the devices and designs of current
€oins of the United States are those of the Ooinage Act of 1873, namely,
sections 3517 and 3510 of the Eevised Statutes, as follows :
S E C 3510i The engraver shall prepare from the original dies alreadj^ authorized all .
the working-dies required for use i n t h e coinage of the severalmiuts, and, when new
<3oin8 or devices are authorized, shall, if required by the Director of the Mint, prepare
the devices, models, moulds, and matrices, or original dies, for t h e s a m e ; but the
Director of the Mint shall nevertheless have power, Avith the approval of the Secretary ofthe Treasury, to engage temporarily for this purpose the services of one or
more artists, distinguished in their respective departments of art, who.shall^,be paid
for such service from the contiugent appropriatiou for the mint at Philadelphia.
S E C 3517. Upon the coins thefe shall be the following devices and legends : Upon
one side there shall be an impression emblematic of liberty,! Avith an inscription ofthe
word ' ' L i b e r t y " and the year o f t h e coinage, and upou the reverse shall be tbe
figure or representation of an eagle, witH th^e inscriptions " United States of America"
and '' E Pluribus Unum,'' aud a designation of the value of the coiu ; but on the gold
dollar and three-dollar piece, the dime, five, three, and one cent xiiece, the figure of
the eagle shall be omitted.
*
*
*
# *
*
*
Section 3517 is a re-enactment of the thirteenth section of the act ot
January 18, 1837, except as to coins subsequently introduced into the
coinage.
The devices of coins of the United. States, including the subsidiary
coins, are prescribed by this section, 3517, and bythe provision in section
. 3510, which practically limits both designs and devices to such as were
employed at the time of the passage of the Coinage Act of 1873. The
joint effect of the two sections is to render mandatoiy the preservation
of present designs as well as present devices.
•
By the laAvs of February 21 and March 3, 1853, was prescribed the
Aveight of subsidiary coin then authorized. It was also by the latter
that the Director of th^ Mint was '' empowered, with the approval of the
Secretary of ttie Treasury, to engage temporarily," for the purpose of
* In the following text a distinction will be drawn between the terms device aud
design as applied to coius, and the former eraployed, as in the Revised Statutes, in
the sense of emblem ; the latter, as in its ordinary application to works of art. In
the coinage laws of tho Uuited States the term^ design does not appear, the term
mofZeHiaving been adopted to the same purpose. *
t According to precedent, the phrase '' Upon one side there shall be an impression em'blematic of libetHy " has been interpreted to provide either for a head of Liberty or for
a figure of Liberty.
,
DIRECTOR OF THE MINT.
177
procuring devices, ' ' t h e services of one or more artists, distinguished
in their respective departments," to be paid from the contingent appropriation for the mint at Philadelphia. The language of | section 3510
Eevised Statutes, as in the Coinage Act of 1873, was, in respect to this
provision, essentially the same as in the laws of 1853.
|
If any authority of law was found for ttie change of device of the
gold dollar in 1854 from that of 1849, for the complete change in design
of the silver dollar in 1878 from the design of 1866, or for the 5-cent
nickel piece in 1883 from the design of 1867, and ofthe latter from that
of 1866, such authority must have been found in provisions of law subsequently codified into section 3510, as above cited. So too with regard
to other minor changes.
;
Whatever the intention of this section may have been held to be by
Director Linderman, the same executive officer of the mijnt by whom,
in co-operation with Comptroller of the Currency John Jay Knox, the
Ooinage Act was mainly collated and draughted, ttie terms of this section
absolutely fail to provide for change of design in existing coins.
The authority which is given by section 3510 Eevised Statutes to the
Director of the Mint, Avith the approval of the Secretary ofl the Treasury
to hx designs of new coins in conformity with prescribed devices, is not
believed by me, nor by such laAV of&cers of the Government as have
been consulted, to admit of such a construction as also t!p provide for
changes in the designs of existing coins.
j
In a speech in the Senate by the present chairman ofj the Finance
Oommittee, December 5,1883, on Senate bill 226, the artisjtic execution,
as well as other characteristics of our coinage, was ably Criticised, and
the omission of the law pointed out to provide for its imp'rovement, especially in the designs adopted for regular coinage dies, j
^'The Director of the M i n t " [said Mr. Morrill], "^the coiner and engraver, do not
appear to have any discretion in regard to existing coins, which mu'st be made from
' the original dies already authorized,' and ' conformable in all resp|ects to the law,'
and mainly the law of eighty years' standing. ' I t is, even under the law of 1873,
only when new coins or devices are authorized that the Director of the Mint has power
to seek any improvement through the services of competent artists, j This law was in
the right direction, but wholly inoperative, as it has no apjDlicatioti except ' when
new coins or devices are authorized.' No new coins being authorized, no changes
can be made in the old matrices and dies; and the engraver, however expert and
skillful, has no possible opportunity to show any rare skill or advancement in the
perfection of his work."
i
.
'
Yet my of&cial attention has been called bynurnerous intelligent citizens to the inartistic quality of the designs upon several of our current
coins, in the hope that means may be found, if onlyin tjie> precedents
above cited, for the improvement of such coins ^of the series as may be
decided to stand most in need of it.
I
Under the circumstances above set forth, it becomes clear that the Director of the Mint is without official resources in this matter.
Having become aware of what I believe to be a popular jdesire for an
improvement of the coinage in respect to the present designs (distinguished from devices) as prescribed by law, I deem it my duty to here
invite attention to this matter, and to offer such suggestiojns as seem to
be proper to the office now held by me.
j
It is sometimes considered that Oongress has advisedly omitted to
provide for an execution of its coinage in keeping with the art of the
day, for the reason that any unnecessary change of design is contrary
to the interests of the public. Whether this is so can hardly be said.
It is open to question, hoAVCA^er, how far artistic merit inj coins should
be sacrificed to custom.
I
'6209 FI 8 7 T — 1 2
i
178
REPORT ON THE FINANCES.
It has also been urged that readiness of identification of coins is incompatible with changes in their designs. This can hardly be denied
in the case of frequent changes; but again the question arises whether
a coin for any reason unsatisfactory ought to be perpetuated.
The coins of a nation are for the sole use of the nation itself. A knowledge of the commercial status of coins shows that no nation has anything to expect in the way of consideration for its coins outside of its
own borders.
As shown in my report for 1885 on the Production of the Precious
Metals in the United States, the fbreign coins whicb come tu these
shores are hastened to the melting-pot at our several inints and assay
offices, while no more consideration is accorded to our own coins at foreign mints.*
In the eight years ended June 30, 1884, no less than 1,358,822 English sovereigns were melted at the IJnited States assay office at New
York, or an average of £169,853 a year. In three years ending June
30, 1887, English sovereigns of the value of $1,992,871.45 were melted
at thje same institution.
.
In the eleven years ended in 1885 the same institution melted foreign gold coins of a total valuesof $122,464,824. (See Annual Eeport,
Director of the Mint, 1886, p. 151.)
I haA^e also shown that it is fresti coin, and not worn coin, which, when
diA^erted from domestic circulation and turned into channels of ibreign
trade, is at foreign hands speedily consigned to the melting-pot.t
The coins of all commercial nations are in part produced from the
melting of coins of other nations. It is as bullion only that the nations
of the world treat each other's coins..
The consideration sometimes given to the commercial or foreign standing of our coins outside of the United States is, under the familiar circumstances above indicated, one which, from a technical or practical
point of view, does not apply at least to the form or execution of coins,
and one which in my opinion ought not to weigh against a domestic
interest in the. amelioration of the coinage itself.
No encouragement on the part of the Government of exportation of
United States gold coins can reasonably be asked, especially as facilities for exportation of gold are provided by law in the issue of gold
bars in exchange for gold coin. Nor should anything of domestic interest or importance be deferred to a foreign employment of United
States silver coins, as in the case of certain subsidiary coins. For it is
safe to assume that substantially all for which a limited temporary circulation is tound in several other conntries of the western continent,
eventually find their way back to the Uuited States in a worn condition
for redemption at a considerable loss to the Treasury for recoinage.
No sih^^er coin of the United States has longer any claim to recognition as an international coin, like the dollar of Mexico and the Levant
thaler of Austria, or such as the now historical trade-dollar was di^signed
to be, and had well-nigh become—as now shown by the absorption of
four-fifths of its Avhole coinage by foreign countries.
It is the public at home alone, therefore, that is concerned in the
means provided by the Government for the preservation of the types
of its coins by fixing their devices. As long as these laws stand it is
hardly possible that any changes of designs can so alter the type or
fades of our coins as to raise against such changes the objection referred to.
•^ Vide p . 97.
t Op. cit. sup.y p. 98.
DIRECTOR OF THE MINT.
|
179
It does not seem to me that wonted use of coins with unworthy or
insignificant designs of certain emblems or devices will ever weigh with
the public of the United States against a ($hange for the better in design, especially where any change of device is out of the question.
If objections as sometimes heard in this country against a change in
the designs of any of the coins of a nation are real and valid, how much
greater their force in the case of countries where neither devices nor
designs are prescribed by law, and where either or both may be changed
at the will of a personal government. In all monarchies both kinds of
changes may be made at the will of the sovereign. All know how frequent have been such changes in the coins of theseveijal nations ofthe
world in almost every period, of their history. To these very changes
coins owe alone their incomparable historical value, j
The designs impressed upon the coins of any na.ti onf ancient or modern, are accepted as an expression of the art of their time. But fCAi
citizens, who, with an artistic sense, have carefully scifutinized the current coins of this Eepubhc, would consent to accept jas a standard of
excellence for their own day and generation almost aiiy of the present
compositions of statutory devices. The inferiority of onr coinage to the
same kind of work by almost every other advanced nation ofthe earth,
as well as to the well known work of numerous able designers in relief
at home, seems to be perceived by all who have given attention to the
subject, and to be keenly felt by many as unworthy! of the development which the arts of sculpture and design have here attained.
The series of United States coins, past and present, taken as a whole,
is not without meritorious designs, even within the narrow limits of traditional, and later statutory, devices. But whatever art-value be attributed to any of the series seems to be in impressions fiiom certain longsuperseded dies.
i
It sometimes happens th^at the present subject is discussed wholly
from an artistic point of view, and that accordingly too j much is exacted
in the way of impro Atement. It does not, indeed, seem to be always
understood that, unlike medals, coins are no longer stxuck in high relief, on which so much of the beauty of design in the coinage of ancient
Greece is found to rest.
|
The last legislation by Congress in thamatter of devices, designs, and
legends af United States coins was a part of tho Coinage Act of 1873,
and by enactment of old laws—except as then proAided for the 3-dollar
piece, subsidiary and minor coins. This legislation did not go beyond
the perpetuation or adoption ofthe whole series of designs as then found,
and precisely as then employed. This was. atleast thelmost direct way
out ofa difficulty, such as would present itself to any legislative body,
called upon to decide a question of art, aesthetics, or jnumismatology.
And it seems not improbable that, as ttie most practicable alternative
' from any future difficulty of a similar kind, optimistic views would .
again prevail.
i
Whenever any measure for changes in the devices 0r designs of existing coins be adopted, it will be by act of Oongress. j And whenever
such a measure comes to be practically entertained by ,Oongress,one of
the first questions for decision will be whether its action shall be executive as well as legislative—that is, whether it shall jreserve to itself
final action as to the changes themselves; or, as an alternative; whether
it shall delegate the determination of their precise jcharacter to an
executive branch of the Government. In the former case, a measure of this kind would, in the ordinary course of legjislation, be first
committed to the Finance Oommittee of the Senate, or tb the Oommittee
180
REPORT ON THE FINANCES.
on Ooinage, Weights, and Measures of the House of Eepresentatives, or
to both, if introduced by joint resolution.
> In the latter case, under ordinary procedure upon such questions, the
action of Oongress would take the form of an amendment of prevailing
sections of law specific as to the scope and limitation of poAver delegated, and as to the way and means for its exercise. Power delegated
by Oongress to an executive branch of the Government to make any
external changes in coins would naturally be committed to the same administrative officer of the Treasury Department, namely, the Director
of the Mint, to At^hom is committed the ''power, with the approval of
the Secretary of the Treasury, to engage temporarily'' " fhe services of
one or more artists distinguished in their respectiv^e departments of art"
for the preparation of designs, or for the artistic execution of devices
when new coins or devices are atithorized.*
If new devices, or, indeed, only UCAV designs, be authorized by Con. gress by amendment of section 35!? Eevised Statutes, the executive provisions of section 3510 prescribe ready to hand a course which, if intelligently and earnestly followed, is i^erhaps as well devised as practicable
in a representative government to satisfy the public requirement of an
artistic execution of our coinage in keeping with contemporaneous art.
If new designs for present, or for new statutory, devices be invited,
the' question naturally arises, how far competition, shall be general or
public.
That a public competition for designs in relief would be productive
of satisfactory results does not appear likely, and is certainly contrary
to the experience of this Bureau in the way of suggestions from the
public in such matters. It is believed^ in agreement with section 3510,
Eevised Statutes, that desirable results are rather to be sought from the
special engagement ofthe services of artists ''distinguished in their respective departments of a r f
The question now arises who shall decide between'the claims of artists
more or less distinguished. This onerous responsibility falling, in the
terms of section 3510, upon the Director of the Mint, is vii tually shared
with the Secretary of the Treasury. Perhaps this is the only division
of responsibility practicable under an official limitation.
In the selection of designs, however, this responsiblity might be further divided, not necessarily by law, so as to admit also of the'services
of judges distinguished for their discernment in matters of art and
design, such judges, on the invitation of the Secretaiy of the Treasury, to act with the Director of the Mint in the acceptance or rejection
of designs submitted.
The above suggestions are made hot without full recognition of the
fact that the voice of every citizen of the United states is heard upon
a matter of art or aesthetics such as a design employed on a familiar
coin of the Kepublic; or of the fact that Avhile distinguished artists
stand.ready to offer designs, no public officer could reasonably be called
upon alone to pass upon the professional merit of artists or the art-value
of their productions.
IRREGULAR PRODUCTIONS OF THE UNITED STATES MINT: .CABINET
COINS, TRIAL P I E C E S , AND F/KPERIMENTAL COINS, POPULARLY
KNOWN AS PATTERN P I E C E S .
Section 5460, Eevised Statutes, proA-ides a severe penalty for debasing,
by officers of the Mint, any of the gold or silver coins, or for making them
worse as to the proportion of fine gold or fine silver, or of less weight
"
* Sec. 3510 R. S.
'•
DIRECTOR OF THE MINT.
'
181
or value than pursuant to law. This law was originally enacted March
3,1825. '
'
• '
: • .
The denominations, standards, and weights of coins ^re declared by
section 3516, Eevised Statutes; the devices and legends provided by
section 3517. The designs, as distinguished from devices, are fixed by
the Coinage Actof 1876j section 3510, Eevised Statutes, as those found
in the original dies already authorized at the time of its enactment (February 12,\873).* The same section provides for new designs A\hen new
coins or devices are authorized. No change in designs of devices of
existing coins is at present provided by law.
:
Coins cannot be issued under the coinage laws of the!United States
by any mint, except as specifically^ prescribed as tO'^weigiht and fineness
(and incidentally as to diameter and size);t and also asito devices, designs, and legends.
\
Yet it is'a well-knoAvn fact that, since the enactment'of the present
coinage laws, as before, numerous pieces known as cabinet coins haA^e
been in circulation among numismatists, coin collectors, and coin dealers, for even the permanent existence of which pieces no justification
can be found in mint practice, nor authority of law for their manufacture—much less for their issue or escape from the mint. Such pieces
may be generally described as follows, under the terms| by which they
are popularly known :
I
1. " Mule-pieces" or " hybrids "-^-pieces struckfrom a regular coinage
die or dies, of which the obverse or reverse, or both, is other than auttiorized by law for coinof the same denomination,orotherithan eraployed
in the regular coinage of the same denomination of the s|ame date.
2. False-metal pieces—or replicas or copies of coins in a metal or alloy
or of a weight and fineness other than prescribed by law.
3. Trial pieces—or impressions in soft metal to test a die or dies, and
not destroyed as required .by regulation.
i
4. Experimental pieces—struck for mint purposes froin regular coinage dies in experimental metal or alloy.
'^Restrikes," often a subject of question among coin-collectors in the case of rare
coins, possible only by a most flagrant violation of the coinage la-^s aiQd mint regulations, involving not only failure to deface obverse dies at the expiration of the year
of date, b u t in the act of reproduction falsification pf dates, are not here scheduled
among the well-recogE»ized unauthorized cabinet pieces, as iu no case of alleged reproduction of certain rare Anierican coins from perpetuated or restored dies, so far as I
am aware, has any such charge ever been proved against any of the mints of the
United States.
i
That the present isubject is not a new one is CAidenc^d by reference
to almost any important numismatical wprk published in the United
States, or to the tiles of such special publications as, notably, the American Journal of Numismatics, the Coin Collector's Journal, and even
trade lists and catalogues of private collections. Siich a reference
can not fail to show that the irregular productions jof the United
States mint have been recognized, not without graA^-p apprehension''
on the part ofthe public, as involving operations at least not'imparted
to the public, and under any circumstances open to setious objection.
This appears from criticisms and animadversions fouiid in numerous
*The adoption of new designs in the case of the silver dollar in 1878 and of the
five-cent nickel piece in 1883, was not in accor^dance with the original act (February
12, 1873, section ,8) from which section 3510 was codified.
!
t T h e li.mitation of diameter and size follows from section .3510, which provides t h a t
" a l l working dies required for use iu the coinage of the several mints" shall be prepared "from the original dies already authorized"—that is, from! such as were employed at the time o f t h e passage of ttie act (February 12, 1873). :
182
'
REPORT ON THE FINANCES
wr tings, from which It is unnecessary to furnish citations.* But it will
be here proper to remark that no little difficulty presents itself in a
review of popular references to the subject in hand for want of agreement with ,miot usage in the employment of technical terms.
And it may be considered that, whatever on the partof a few persons outside of the mint in a quest'of the " u n i q u e " has been the encouragement of the production of irregular compositions at the mint,
it is scarcely conceivable that any encouragement would have been
found but for the employment in mint regulations and circulars of an
undefined, if not an indefinite, terminology of a technical character in
respect to at least the issue of cabinet coins. But the same extenua-.
tion does not suggest itself in favor of persons in the mint service,
responsible for these compositions, especially in the failure of official
record, or of other official evidence to show that their production has
been regarded otherwise than of a personal,or privileged character.
The condition of "fraudulent i n t e n d has often been supposed to
qualify the first clause of section 5460, as well as the second which
refers alone to such acts as the defacement, iucrease, or diminution of
weights used at the mint. It is obvious that only under such a mistake
on the part of all who have been engaged in the production of so-called
false-metal pieces for cabinet purposes and for tokens, could immunity
from the severe provisions of this section have been found for its Adolation in such instances—as if in the extreme departure from the letter of
the law were to be found security against violation of the spirit and intent.
The attention of this Bureau having been directed to the production
in times past, and to the present circulation among coin collectors, coindealers, etc., of unauthorized and unlawful pieces, more or less in semblance of regular coins of the United States; or of irregular impressions
from coinage an<l experimental dies, alleged to have been struck since
the date of the Ooinage Act of 1873, and subsequent mint regulations
prohibiting their issue, the following circular was printed for the information of the public:
T R E A S U R Y D E P A R T M E N T , B U R E A U OF THE M I N T ,
Washington, D. C , July 1, 1887.
The ernission of impressions of experimental dies, whether in soft metal or in metal
ofthe same weight aod fineness proper to coius ofthe same denomination, is unlawful except in the case of pattern pieces of such deuominatious of coins as are coined
for general circulatioa. during the calendar year of their date.
All impressions taken in copper, bronze, or other soft metal from an experimental
die, to prove the die, are required to be destroyed, and the die itself t o b e defiiced at
the end of the year of its date.
Any experimental coin or impression, in soft metal, from a die prepared by the
* *^Ttie whole business of mint patterns," says a writer in The Nation in 1879
(using the term pattern in a popular sense), " h a s been very singularly managed,
and, to some extent, is so still. It has been estimated t h a t in 1859 and i860, $507000
worth of patterns were struck and disposed of at the mint, without any benefit to
, the Goverument at whose expense they were coined. During Mr. Lincoln's administration these abuses stopped, but of late years they have begun again. For example, numerous pattern dollars, struck betAveen 1869 and 1874, have since then turned
up audpassed into the hands of collectors, none of which appear in the Government
collection." (American Journal of Numismatics, XIII, 1879, p. 55.)
An estimate of the value of irregular pieces issued iri two years from the mint at
Philadelphia, as large as |50,000, must, in the absence of specific explanation, be
taken as nuniismatic or trade value apart from intrinsic value, of which it is no measure.
_
'
There is, indeed, no reason to believe t h a t the miut has at any period sustained
loss of precious raetals from irregtilar issues, their intrinsic value, as it is safe to assume, having in aU cases been made good to the special department of the mint from,
which they took source.
'
DIRECTOR OF THE MINT.
,
I
'
. 183
United States mint is required to be destroyed as socm as the purppse for which it
wns struck is subserved.
,,
The above provisions, prescribed by the " General Iristfuctions audi Regulations in
relation to the Transaction of Business at the Mints and Assay OffipQS of the United
States," approved bv the Secretary of the Treasury, have been in force since May 14,
1874.
•
• '
•
I
The striking bf a piece in the semblanceof a United States coinin ametal or alloy,
or of a weight and fineness, other than prescribed by law, is in violation of section
5460 of the Revised Statutes.
!
The emission or offer for sale or exchange of an impression from any die of a coin
of the United States, or of a proposed coin of the'United States, bearing a legend as
of a coin of the Uuited States, but with a device or devices uot authorized by law,
whether such die has been piepared at the mint of the United States.lor elsewhere, is
contrary to the provision's of sections 3517 aud 5461, Revised Statutes.
No impression from any coinage die of theUnited States struck in other metal than
that authorized by law, or of a weight and fineness other t h a n prescribed by law
(Revised Statutes, 3513, 3514, 3515), nor pattern piece bearing a lege;nd of a coin of
the United States, aud bearing a device or devices not authorized by law (Revised
Statutes, 3516, 3517, vide Mint Regailations), should be in existence |longer than required for the lawful purpose for which it was authorized to be struck.
Any emission, for private or personal use or possession, from the mints of the United
States of pieces of the character above specified has been in violation of the coinage
laws of the United States.
|
J A M E S P. KIMBALL,
Approved:
^
C. S. F A I R C H I L D ,
^ Director of the Mint.
|
Secretary of the Treasury.
j
Some question having been raised as to the technical Sjignificance of
certain terms, used as in the above circular according to their popular
acceptation, a supplementary circular has been printed, iii which these
mint ter.ms have been defined in accordance with their original technical
adoption:
'
:
T R E A S U R Y DEPARTMENT, B U R E A U OF T H E M I N T ,
Washington, D. C , October 3, 1887.
Definitions of-the following technical terms used in Mint regulations and circulars
are hereby communicated for the informatibn of numismatists, collectors' of coins,
coin-dealers, etc.:
'
•
1. Proof.—A coin specially struck by hand-press instead of by steam-press from a
Ijolished planchet. •
,
|
2. Proof-set.—A complete set of proofs of current coins.
j
3. Pattern-piece.—An/ early specimen or proof from a newly adopted coinage die or
dies.
'
{
,
4. Trial-piece.—An impression in soft metal to test an experimental die or dies.
' 5. Experimental piece.—Apiece struck from regular dies in experimental m e t a l or
alloy, or from experimental dies with experimental legends, devices, br designs.
Pieces 1, 2, 3, as aboA'-e described, are issued by the mint at Philadelphia on terms
and in the manner set forth in the following extract from Instructions and Regulations:
I
** Proof-coins and pattern-pieces may be struck aud sold subject to these regulations.
** The priceof medals, proof-coins, pattern-pieces, etc., shall be fixkl by the superintendent of the mint, with the approval of the Director.
I
" N o coins or pattern-pieces^shall be struck after the year of their date, or in any
other metal or alloy than that in Avhich the coin is issued or was intended to be issued,
except experimental pieces in copper or other soft metal, to prove the dies, under the
direction of the superintendent.
\
" The dies shall be defaced at the end of each year, and such impressions as the engraver may fiud necessary to take while preparing the dies shall be destroyed in the
presence of the superintendent when the dies are
tinished.
i
" When a pattern is adopted and used in the regular coinage in tlie same year, it
will then be issued, as a proof, at a price near its current value, or| if it comes out
early in t h e year, i t will be placed in the regular proof-set.
|
*'The superintendent will furnish, without charge, on application therefor, a pattern-piece to any incorporated numismatic society in the United f^tates. In such
cases, if the pattern is in gold or silver, the value of the metal will be required."
(Editionof 1874, p : 2 9 ; 1880, p. 1 5 ; 1887, p . 20.)
;
In the case of a pattern-piece (3), if it comes out early in the y^ar of its date it
takes its place in the regular proof-set of t h a t year. As none other t h a n a specimen
of the regular coinage of the current year can enter into a proof-set or be sold as a
184
'
REPORT ON T H E . FINANCES.
proof, the term ''pattern-piec^" is employed in all editions of Mint regulations and
in Mint circulars in no other than the limited sense above defined.
Trial and experimental pieces (4, '5), struck for mint purposesonly, as prescribed by
the above sections, cannot be issued, circulated, or sold.
Pieces popularly known as restrikes, fals6-metal pieces, mule-pieces, or hybrids, and
metallic replicas or copies are prohibited by the Revised Statutes.
J A M E S P. KIMBALL,
Approved:
Director of the Mint.
C. S. F A I R C H I L D ,
Secretary of the Treasury.
The first printed ^'Instructions and Eegulations in Eelation to the
Transaction of Business at the Mints and Assay Offices of the United
States,'' under the Coinage Act of 1873, were under date of May 14,1874.
The specific provisions aboA^e cited, inhibiting .the issue, and j)rescribing the narrow limits for the striking, of pieces from coinage and
experimental dies, contained in all subsequent editions of Instructions
and Eegulations, were in that edition first prescribed.
Whatever may havebeen the lack of specific regulations as to the irregular manufacture and use of coinage dies at the mint at Philadelphia
previous to the passage ofthe Ooinage Act in 1873, prohibitory proAdsions of law then passed into the statutes, and were promptly supplemented by specific Mint regulations in 1874. To the mint at Philadelphia, as the only mint in the United States in which the operations of
engraving and die-sinking have CA^er been carried oh, has alone been
attributed the irregular composition of dies or pieces, or the unauthorized employment of regular coinage dies—in a fcAv instances not without the sanction of this Bureau, though as it appears Avithout further
authority.
A list of trial-pieces and experimental coins struck in the Mint of the
United States at Philadelphia from 1792 to 1885 has been compiled by
the curator of the cabinet of that mint. This enumerates and describes
287 pieces, 81 of which are referred to dates subsequent to the passage
of the Coinage Act of February 12, 1873. Ninety-three pieces are as-"
cribed to dates subsequent to the publication—by way of safeguard
against their repetition or multiplication—of specific regulation's for
their production, and of the prohibition of their preservation and issue.
A published list from another Avell-known authority describes 513
pieces, including pieces in false metals from regular dies, so-called
'^ hybrids," '' whim-pieces," and other caprices.
The first 342 pieces of the latter list, brought down to the year 1870,
are described by a well-known authority in such matters as not being
really ''patterns," as this term is understood by him, but so-called
''falsities5" namely, false-metal pieces, "mule-pieces," and other unclassified vagaries; not inaptly, though mildly, described by the same authoriry as "eccentricities of the United States Mint."* The remaining
171 piieces are of the same general description.
It is to be observed, however, that the term " pattern " has during the
last twenty years passed into common use, so as to be applied mainly
to trial-pieces and experimental pieces technically and properly understood. The truth is, as indicated by the Mint circular of October 3,
1887, that there is nothing to distinguish a pattern, as. an authorized
issue from the United States Mint, from a "proof coin;" a pattern-piece
being simply an early specimen or proof from a newly adopted coinage
die or dies, as already defined.
Thus a pattern of a given date may, as prescribed, take its place in
the proof-set of coins for the same year.
* ^'United States Patterns versus Falsities.". American Journal of Numismatics,
XX, 1886, p . 87. Coin Collector's Journal^ XII, 1887, p. 6.
DIRECTOR OF THE MINT.
I
185.
The present subject is one on which the public has littlf or no information, probably from the circumstance that, in spite of law land regulation,
such pieces have been made at themint and suffered;to circulate as
cabinet pieces. It is not strange, therefore, that a confusion of terms
characterizes almost ever^^thing to befound in print oii the subject of
thes.e irregular productions. And I may here take occasion to remark
that this is one of the greatest difficulties which this Bureau has met
with in its efforts to aid the discrimination of the publib against their
circulation. Means, however, have been taken to render impossible in
the future the production, as well as the issue, of irregular and unlawful pieces in semblance of coin of the United States, ori of other unauthorized pieces stamped with legends and devices as coins ofthe United
States.
'
'
^
James Eoss Snowden, in his Description of Ancieiit and Modern
Coins, published in 1860, while he was Director of the Mint, heads a
chapter on Experimental Pieces of the United States Mint "Unauthorized Coins of the United States." "Since the establishment of the
United States Mint," says Director Snowden, " many coins haA^e made
their appearance therefrom which do not belong to thenational authorized series, being of an experimental character, and npt intended for
general circulation."
'
1
Subsequent to the period when Director SnoAvden's l^ook* was published the term "pattern-piece" seems to haA^e come intd popular usage,
not Avithout more or less official sanction, so as to include all the irregular or unauthorized productions of the mint. Previously applied in
the sense of the present term '^ proof," a distinction was' made between
the two terms in the printed mintr regulations of 1874; Thus in the
tabular statementt by Director Snowden of the "nuinber of pieces
coined at the mint of the United States in the several denominations of
coin from the commencement of its operations to the 31st December,
1859, inclusive (including 'pattern-pieces')," the term pattern piece has
the significance of ,proof, and the true distinction froin experimeiital
piece^ as here drawn, is further made in the text (see pi IIG). So, too,
in the books of the medal clerk, where the term was us0d in the same
sense doAvn to the year 1871. Yet the few irregular issues of the mint
now to be found in the cabinet of coins at the mint at Philadelphia'
have for many years been exhibited under the erroneous classification
of "patterns."
I
Of the great number of unauthorized impressions described in the list
above referred to, none are strictly patterns in the original technical
sense of the term, and as employed in mint regulations and circulars
issued in 1874 and subsequently. All that are not hybrids or other
vagaries o r " whim pieces," are either trial impression^ in soft metal,
from a die or j)air, or experimental pieces, of which there are several
varieties.
.
!
ISlumerous hybrid pieces are in false metal. The " false-metal pieces,"
or copies of regular gold and silver coin in base metal, especially ofthe
larger denominations, includingnot a few pieces produced by the " muling" of regular dies, number from the year 1792, to 1885 some 185 varieties, of which some 57 are of dates from 1873 to 1885, inclusiA^e. Many
ofthe so-called " whim-pieces," mostly in soft metal, differ from "falsemetal pieces" only in minor alterations of regular dies by slight changes
in legend, device, or design, or, again, by.muling of one or both of a pair
of dies. Almost every change and combination seems tp ha\^e been pro* Ancient and Modern Coins in the Cabinet Collection at the Mint of the United
States, Philadelphia, 1860, p. 116. „
;
186
REPORT ON THE FINANCES.
duced which fancy or caprice might suggest. Such nondescripts or
" whim pieces" fail of any identification as experimental pieces except
in coin ofthe smaller denominations, the larger being scarcely without
exception in false metal.
The same general description applies to the printed list of another
collection, many specimens of which are found in both collections. This
list comprises 232 pieces, of which some 126 are impressions in false
metal, 78 of this number being false-metal pieces bearing dates from
1873 to 1885. Of the 126 pieces in false metal, 29 are "false-metal
pieces" struck from regular coinage dies. Eleven of this number are of
date between 1873 and 1885[^ inclusive.
The extent to which the irregular T>i'oductions of the Mint, as described-in catalogues like those above referred to, have been repeated
is unknown to the writer. Some of them are described as unique^ and
probably have so circulated until discovered to be otherwise. Several
collect.ons ofthe same general description are known to connoisseurs.
I am led to believe that the Davis list can be used as a check-list for
them all, with the omission of few pieces in some collections still considered as unique. The temptation to multiply irregular productions,
the only value of which in the estimation of collectors rests u])on the
quality of being unique, is a temptation not likely to have been resisted
by those from whose hands they originally passed.
Probably the most objectionable, and certainly the most flagrant, examples in the lists above referred to are the numerous so-called falsemetal pieces. The production of such pieces is clearly in violation.of
specific coinage laws in force previous, as well as subsequent, to the
Ooinage Act of 1873.
'
(1) Under date of October 22, 1863, a set of experimental coins for
the years 1862 and 1863 was ordered by the Secretary of the Treasury
to be furnished to Hon. George Opdyke, mayor of New York, described
as follows: Half-dollars and quarter-dollars in silver, and the series ofgold coins struck in co])per, ail bearing the legend " I n G-od we trust";
this legend being in advance of its adoption in the year 1865. This was
some ten years previous to the Coinage Act of 1873.
(2) On the 28th of December, 1877, on the recommendation of the
Director of the Mint, the Acting Secretary of the Treasury authorized
the production, fdr the Committee on Coinage, Weights, and Measures
of the House of Eepresentatives, of sets of experimental pieces composed of Dr. W. W. Hubbell's compound of gold, silver, and copper,
patented by him as a new alloy under the name of "goloid," the value
of the pieces to be reimbursed to the Mint.
There is evidence that experimental coins of this description were informally sold at the mint at Philadelphia under limitations of a personal,
rather than of an official, character, but with Avhat authority or official
, sanction has not in my examination cf the present matter thus far appeared.
The first instance, so far as it affords examples of pieces in soft metal,
is an instance of trial pieces such a s a r e ordinarily struck to test the
dies. The other impressions in the same set are examples of experimental pieces properly defined—that is, they are in regular alloy and
from experimental dies, the whole set being from dies of which the
designs were the same as then adopted but with a new legend as subsequently adopted.
The second instance is not to be considered as an example bf so-called
false-metal pieces, the." goloid " sets having been of an intrinsic value
corresponding to their nominal value, and of the nature of experimental
DIRECTOR OF THE MINT.
;
187
pieces, the striking of which was justifiable for legislative; or mint purposes only. For the production of false-^inetal pieces from |regular coinage dies, the authority of the Secretary of the Treasury :has thus far
been traced in a single instance only.
;
.
(3) It appears from the files of the office of the Secretary Iof the Treas-.
ury of the date of May 13, 1868, that four sets of pieces;in aluminum .
were struck at the mint at Philadelphia from the whole s^eries of coinage dies of that year, for, and at the instance of, the Secretary of the
Treasury, and at his expense for material.
;
There is recent evidence that one set ofthe same description and date
passed into other hands. It therefore seems likely that at least one additional set was struck at the same time and for some other purpose, for
which, in that case^ no authority or explanation has been found upon
record.
'
Of the above instances, the only ones on record in the files of this
Department; as far as searched, where the authority of the Secretary
of the Treasury has been traced for permanent pieces oi" any kind in
base metal, the third instance is the only example of an authorized specific production of false-metal pieces, strictly defined.
;
No justification of any kind can be found for the great number of
such pieces now known to be in circulation as cabinet pieces among
numismatists, coin collectors, and coin dealers. Nor can it be learned
that pieces of such description, nor indeed trial or ex peri i^n en tal pieces
of any kind, have since 1873 been generally issued or publicly sold over
the counter at the mint at Philadelphia. Neither the o!fficial records
nor books of that institution, nor the personal statements of several of
the present officers whose services date back beyond the passage of the
Ooinage Act of 1873, affbrd at present any knoAvledge of the public sale
or general issue of other than patterns of adopted, and j|)roofs of current, coins.
'
I
In a communication to the superintendent of the mint at Philadelphia,
under date of February 26,1875, from the Director ot the Mint, the same
officer by whom was framed the technical portions of the C|Oinage Act of
.1873, as well as the Instructions and Eegulations of 1874,; it will be observed that although, the terms "'pattern dies " and " pattern i)ieces " are
obviously used in the popular or colloquial sense of trial ori experimental
dies and pieces respectiA^ely, indication is found, in the absence of anything to the same purpose of a more formal character, that, in agreement with the letterof the instructions and regulations'!then in force,
specimen pieces of any kind, except of coin authorized by |law, were not
understood by this officer to be then struck for sale.
;
The communication referred to is as follows:
i
* * * I desire to be informed A%'hat the custom of the mint i s respecting the-specimen or pattern dies in cases Avhere the coin for which they are intended are not issued.
According to my recollection, specimen pieces are not struck for sails unless the coin
is authorized by ISLW.
*
*
*
\
Under date of February 27,1875, the .superintendent pf the mint at
Philadelphia communicated, in answer to the above inquiry, the following reply:
'
Referring to your letter of the 26th instant, inclosing an inquiry * ,* * forpattern
pieces of the proposed 20-cent silver coin, I have to state t h a t our rule has been not to
strike for sale specimen pieces of coins not authorized by law, without the sanction
^ of the authorities at Washington. There have, therefore, been nb pattern pieces
*'struck" of the coins referred to, except those forwarded to you for the use of the
Finance Committee of Congress and the cabinet and officers of the mint. There have
been none for sale. ^ * *
•'
.
188
REPORT ON THE FINANCES.
Trial and experimental pieces which found their way into the coin collection of the mint at Philadelphia, have, as I am credibly informed,
occasionally been issued as cabinet pieces in exchange for specimens of
coin.
^
Within the experience of the present administration of the mint at
Philadelphia, and also of this Bureau, nothing had occurred previous
to the last half of the fiscal year 1887 to raise a question as to the
legality and propriety, of certain precedents and practice, so far as
these v/ere then believed to haA^e been duly authorized, in the matter
ofthe production and disposal for numismatical purposes of pieces to
which the term " jpatterns" has been colloquially, commonly, and, as it
has since proA^ed, indiscriminately and erroneously applied. One trial
dime of 1792, and one experimental 20 cent piece of 1874, found in duplicate in the coin-cabinet of the mint at Philadelphia, were therefore
suffered, as late as December, 1885, to pass beyond the Avails of that
mint, in exchange for a certain rare gold coin much coveted for its coincollection. This transaction, which was upon the formal recommenda^ tion of the curator for many years in charge of that cabinet, passed
unquestioned on grounds further than those of simple expediency. ,
Only since the present remarks were Avritten and in readiness for the
printer, has the above incident been rcA^iewed, not too late, it is believed,
to restore the unauthorized pieces to the custody of the curator. According to Instructions and Eegulations in force since 1874, such pieces
should not have been preserA^ed, and as they are duplicates, these, at
least, should how be des troy ed.
How far the sanction of this Bureau may be presumed to have been
found for the production and private issue of trial and experimental
pieces in soft metal and otherwise since 1873—in direct contravention
of the instructions and regulations prescribed by the Director of the
Mint and approved by the Secretary of the Treasury—the files and
records of this Bureau disclose. Not even this degree of sanction
can be found for the production of pieces in soft metal other than trial
or experimental pieces—properly so called. No false-metal pieces seem
ever to have been required by this Bureau since its organization in
1873, or to have been sanctioned, if at all, as a matter of record. Indeed,
it can hardly be believed that any useful or important purpose could
ever have been subserA^ed by the production of such extremely illegitimate pieces.
The sanction of this Bureau has been found in a number of cases
for the production and private issue of experimental pieces, some of
which were in false metal.
'
In one instance reported to this Bureau December 13, 1877, by the
superintendent of the mint at Philadelphia, it appears that nincexperimental pieces of silver dollars were struck in copper for officers ofthe
mint, on "general verbal authority" from the Director of the Mint.
Under date of the 17th of December, 1877, specitic authority of the
Director ofthe Mint was given for the production of twelve experimental
silver-dollar pieces in silver and two in copper for officers of the mint.
On the same date " the A^erbal authority to strike copper specimens
referred t o " in the superintendent's letter of December 13 Avas " r e voked " by the Director of the Mint and instructions given that " in
future such specimens will only be struck after application to this office."
The same communication concluded as follows:
I deem it necessary t h a t the.strictest regulations and care should be observed iu
reference to striking specimens in any other metals, than gold and sih-er, it being sure
to lead to criticism and complaint on the part of coin collectors.
DIRECTOR OF THE MINT.
189
In dealing with this important matter it is the opinion of the undersigned that, Avithout undertaking to fix the personal responsibility for
the breach of law and regulation Avhich it is his present duty to bring
to the knowledge of the Department, and of persons interested in the
subject, his duty will be exhausted in efforts to prevent ai further xiroduction of unauthorized material of any kind from Unitecl States coinage or experimental dies. Efforts ha\^e already been made, as will haA'e
appeared above, to aid the public in discriminating against the circulation of unauthorized pieces which hitherto have freely circulated among
coin collectors, coin dealers, etc., simply as unique cabinet pieces, without recognition of their unlawful character.
:
As the execution of the penal coinage laws of the United States is no
part of the duty of this Bureau, it I'alls to other officers of the Government, in their own judgment and discretion, to take cognizance, or not,
of any circulation of past unlawful productions from the United States
Mint. The following amendments of, and additions to, the general Instructions and Eegulations in Eelation to the Transaction of Business
at the Mints and Assay Offices of the United States, in force April 1,
1887, havebeen prescribed under date of October 10, 1887, with the approval of the Secretary of the Treasury, for the conduct ofthe Mint, spe' cific on all the points which have here been made the subject of remark.
AMENDMENT TO ARTICLE XV.
;
SEC. 11. All-experimental and trial dies shall be in the cus tody of the
engraver, who shall safely keep all models and hubs froni Avhich experimental dies have been prepared.
A D D I T I O N S TO A R T I C L E X V .
,
All experimental and trial pieces shall be struck by the ;engraver from
planchets furnished by fhe coiner upon requisition signed by the superintendent for a specific number of pieces.
:
'
Dated, or obverse, dies cannot lawfully remain in existence after the
year of their date.
SEC. 16.". I t will b.e a misdemeanor on the part of any officer or employe
of the United. States Mint, to be folloAVed by dismissal Ifrom the Mint
ser\7ice, and xjunishable under the coinage laws of the United States, to
commit one or any of the following acts:
|
1. To strike, either by hand or by machinery, a coin; of the United
States, or a dated pattern piece, or experimental piece, iafter the year
of its date.
;
' 2. To strike from a regular coinage die or dies of the jUnited Stages
a piece in any other metal or alloy, or of a Aveight and fineness, other
than prescribed by law for coin of the same denomination! except as provided by section 6 of these regulations.
"
;
3. To strike, except as provided by section 6 of these regulations, from
a coinage die or dies of the United States a piece of stated denomination
in which the obverse or reverse, or both, shall be other than as authorized by law for coin of the same denomination, or in the 'striking of which
dies are used other than employed in the regular coinage of coin of the
same denomination.
4. Experimental pieces of proposed designs or of new coins for the
official use of the Director of the Mint under section 3510, Eevised Statutes, and on his written requisition, shall be struck in such metal or alloy only, and of such weight and fineness as prescribed by law for coins
190
REPORT ON THE FINANCES.
of the same denomination. Such experimental pieces will be receipted
for by the Director, and if not adopted for regular coinage during the
same year shall be defaced by him as soon as the use is subserA^ed for
which they were struck, and forthwith returned to the superintendent,
Avho shall cause them to be melted in his presence and that of the melter
and refiner, when both of these officers shall join in a written statement
to that effect, which statement, to be sent to the Director ofthe Mint,
shall be a voucher to the Director of the Mint, and so put upon record
in the regular archiA^es ofthe Bureauof the Mint. Such pieces, if adopted
for coinage, will be returned by the Director and receipted for by the
superintendent.
TECHNICAL OPERATIONS OF MINTS.
The technical and mechanical operations of the several mints, while
differing in minor particulars, are essentially the same as for the last fifty
years. The points of difference are chiefly in practice, which necessarily changes with the personality of the head of the several operative
departments. Thus in the matter of melting, casting and cooling of
ingots, and annealing, the practice at each institution differs somewhat from that of the others. These points of difference are to some
degree more or less determined by differences in the plant and appointments of the several institutions, owing to variations in local
conditions, especially as to supplies of material. The general uni. formity referred to, in equipment as well as practice, is probably due
to the fact that under the organization of the mint service previous to
the Ooinage Act of 1873 the mint at Philadelphia, then known as the
Mint of the United" States, was the medium through which machinery
and regular supplies were distributed to the other institutions of the
Eepublic, then known as branch mints.
MECHANICAL OPERATIONS AT MINTS OF T H E UNITED STATES.
No notable renewal of plant or of machinery has taken place at any of
the mints exce|)t at Philadelphia, where during the present calendar year
a new steam-plant has beeh introduced, by special appropriation of
Congress.
The mint at Philadelphia still performs a large part of the annual
coinage, including about two-thirds of the silver-dollar coinage and a
large part of the coinage of subsidiary silver, together with the whole
coinageof minor coins; while itis also called upon to execute from
time to timeaportion ofthe annual ^old coinage, the principal proportion
of which for several years has been executed at San Francisco. Although meeting a constantly pressing and most urgent demu^nd for dimes
and minor coin, it has been called upon for two-thirds of the tixed requirement of law for silver dollars. The recent enormous output iu both
classes of coin from this mint is elsewhere exhibited in this report, and
in tbe precediug ones of the present series. Probably no single institution has ever been called upon for so great a number of pieces in a given
time. It ought not indeed to be surprising if it should appear that the
pressure under which the operationsof this mint have been conducted has
affected the economy of its results, in order to secure the uniform high
class of work required throughout the mint service.
B u t i t is in the coin adjusted by hand to legaKweight, namely, gold
and the larger silver pieces, rather than in small silver and minor
coin, that a standard can be found by which the mechanical efficiency of a mint can be readily gauged.
191
DIRECTOR OF T H E MINT.
From the subjoined statement of the percentage of planchets or blanks
of weight adjusted to, the whole number cutahd to good'coin produced—
itwill be discovered that the percentage of operative loss, or of blanks
rejected, at all the institutions is apparently excessive, while its maximum is tound to be reached in the mint at Philadelphia.
APPROXIMATE P E R C E N T A G E OF CONDEMNED BLANKS TO BLANKS CUT.
Coinage mint.
Fiscal
year.
Philadelphia.
Gold.
San Francisco.
Silver.'
Gold.
Carson.
Silver
Gokl.
1 ]!^ew Orleans.
Silver.
: Gold. '
Silver.
0
1885
1886
1887
18
24
23
9
12
21
8
•
7
9
8
5
S
9
11
1
9
8
' 6
1
1
1
Percentage of condemned blanks to good coia produced.—Gold coin arid silver dollars.
10
9
6 ,
1885.
1886.
1887.
STATEMENT OF OPERATIONS OF THE M I N T AT MELBOURNE.
Percentage of condemned
blanks to blanks cut.
Years.
1880.
1881.
1882.
,1883.
1884.
1885
1886
5L43
4L66
30.83
The above statement covers Avork on silver dollars exclusively at New
Oiieans, and principally on the same class of coin at Philadelphia and
almost exclusively the same at Carson. A t San Francisco the output
for the period cited was over one-half gold coins. Bofh classes of coin
may propeiiy ,be taken together for the present purpose of comparing
the mechanical efficiency of the several mints.
|
A statement like the above suggests the following inquiries: (1)
whether the average loss of ^'blanks" at all ofthe mints ofthe United
States is not far above what is essential to the manufacture of coins
of similar weight from the same alloy'? (2) Whether; the same loss is
found to occur at other public mints or at private mints lelsewhere? and,
if not, whether (3) a comparison unfavorable to the mints of the United
States follows from conditions Qf our mint practice, the quality of the
mechanical plants at the different institutions, or morje or less directly
192
REPORT
ON T H E
FINANCES.
from defective manipulation due to the instability of the personal organization of our mint service.
Unfortunately, however, these questions caunot be directly answered
as fully as could be wished for ^vant of ample exhibits of t h e same
points on the part of mints of other nations, and in the absence of
other specific information on the subject.
It will be understood that in the practice of the mints of the United
States the rejection of blanks is in part through the process of automatic weighing, and in part through the process of filing by hand, for
which latter process adjusters are employed. Blanks are therefore adA-anced products, which represent all kinds of labor and manipulation involved in the manufacture of coin, except the final act ofthe press, whose
ordinary performance is some 60 per minute. In the mints of the United
States, coins too heavy to be readily reduced by filing to a weight within
the prescribed tolerance, or too light to be within, are rejected, with the
aid of a force of adjusters, before coining, as in most mints of continental
Europe.
In the Eoyal Mint at London no adjusters are employed. Coins are
there advanced to the finished state before rejection of too light ahd
too heavy, no mechanical reduction of heavy coin thus being practicable.
Hence the rejection or condemnation o f a larger proportion of coin in
the Eoyal Mint than of blanks in the mints of the United States, but
at no expenditure for adjusting—by which this proportion might be
reduced. I t appears that the proportion of rejected coins in 1885 at the
Eoyal Mint a t London was only 17.10 per cent., and 14.09 per cent, in
1S86—the greater loss being in the coinage of gold.* The proportion of
rejected blanks at the mint at Philadelphia is thus seen to compare very
unfavorably with the results of the lioyal Mint of Great Britain as well
as of other mints in the United States.
The following statement of the proportion of coin produced from ingots operated upon at the several mints*, while it includes the loss by
condemnation of blanks, also exhibits antecedent losses entailed in the
operations of annealing, rolling, and cutting.
PERCENTAGE O F C O I N PRODUCED FROM INGOTS OPERATED ON.
Coinage mints.
Fiscal
years.
Philadelphia.
Gold.
1883
1884 .
1885
1886
1887
Silver.'
...
35.3
33.8
25.2
46.8
47.4
44.1
San Francisco.
Gold.
54.7
54.3
54.7
.52.0
47.5
Silver.
Carson.
Gold.
5L5
52.5
53.3
52.8
53.9
50.9
- IsTew Orleans.
Silver.
Gold.
46.5
^
* 17th An. Rep. Depnty Master of the Mint, 1886, p . 42.
Silver. »
51.6
53 2
56 0
193
DIRECTOR OF T H E MINT.
STATEMEXHT O F THE OPERATIONS OF THE M I N T AT MELBOURNE.
Percentage of coin produced.
Years.
\
1880
1881
1882
1883
1884
1885
1886
65.69
66.29
65.68;
65. 99;
62. 20'
60.89'
64.81
...,.-i
.
PERCENTAGE
-
Halfsoverejgns.
Sovereigns.
-
60.41
41.19
14.75
22.22
38.03
OF GOOD C O I N PRODUCED AT T H E M I N T S O F > INDIA FROM
M E T A L OPERATEDi O N .
Rupees.
' ' ' .
Mint Calcutta,
silver. '
Tear.,
Bombay.
•
1886
57
55.5
It will be observed that the better results are exhibited by the mints
at San Francisco and New Orleans, as compared with the mint at Philadelphia. But none of our mints are up to the standard of efficiency to
be found in the mint at Melbourne, where the average ipercentage of
cpins produced during-the last eight years has been as high as 64:62 in
the case of sovereigns.
.
;
At the mint at Calcutta in 1886 fifty-seven (57) per cent, of good coin
was produced from ingots operated on, and at Bombay 55.5 per cent.,
both mints being occupied in rupee coinage, and thus pra;ctically under
similar conditions as in the coinage of the United States silver dollar.
Such a comparison, as in the case of rejected blanks, is again very unfavorable to themint at Philadelphia.
Under such circumstances I am bound to inquire to what is due the
failure of our mints, particularly the mint at Philadelphia, to attain
their v/ell known exc-ellence of manufacture in coiu actually produced,
along with as high a degree of economy of production as is consistent
with public work of this kind. It is hardly necessary to remark that
no private contractor or manufacturer could be expected to tolerate such
operative losses as are to be found in some of the leading mints ol the
world besides those of the United States.
'
'
The only mint of which I have been able to make a personal inspection since entering upon the duties of this Bureau is the mint at Philadelphia. As the oldest mint of the United States, and the seat of the
Director of the Mint down to the year 1873, and still the leading institution ot the country in point of magnitude of operations and number of
departments, this institution must be presumed to fairly illustrate the
art of minting in the United States. Minor differences in it^ operatiousas
compared with those of the collateral mints have been above referred
to as such as may arise from the personal practice of the several heads
6209 PI 87
-13
:
194
REPORT ON THE FINANCES.
of the operative departments, and from differences in plant, appointments, and supplies.
Dnring the last two years thjs mint has not only been greatly taxed
but strained severely in order to meet the requirements of the coinage
laws, and the requirements of this Department, as determined in the
latter case by extraordinary demands for certain classes of coin, notably
minor coin, the use of which has of late become remarkably extended
throughout the country.
The other mints of the Eepublic, with whose performance in point of
economy the mint atPhiladelphia is found to suffer by comparison, have
not been so severely taxed, while their facilities in many respects are
superior, especially in point of space, light, and convenience—so important, along with deliberateness of work, to the nicer operations of a
mint.
Experiments have been instituted by me at the mint a t Philadelj)hia which tend to determine and locate some weak points in the plant
and practice of that institution. Without encumbering these pages with
technical details, it may be remarked that in several particulars the
inefficiency which these experiments tend to disclose is in different degrees shared by the several coinage mints.
Eeferring to the plant of the mint at Philadelphia more particularly, it
may be said that while the operations of coining, as at the other mints, is
believed to be conducted as effectively as practicable at this day by the
use of presses of excellent construction and durability, the preliminary
operations ofthe coiner's department will not compare favorably with
similar operations at European mints and private manufacturing or
minting establishments.
Improvements are sought in the annealing of fillets, especially in
the direction of indirect application of fire, so as to be performed in
retorts excluded from contact,with the gases of combustion.
The least efficiency in our whole mint practice is probably to befound
in the want of suitable machinery for finishing bands or fillets ready
for cutting, the desideratum of a fillet of uniform thickness not being
met by any of our present finishing rolls, supplemented as these are
with the use of the draw-bench. In fact, no finishing rolls worthy of
the name are employed at the mint at Philadelphia, and the same is
presumably the case at the other mints. The draw-bench is thus called
upon to supplement the work of so-called finishing rolls, as distinguished from break-down rolls, but with no other result than great lack
of uniformity in the thickness of fillets, whence arises the great loss of
blanks cut from them.
It is well known that rolls of precision are in use at mints on the
continent of Europe, as at Berlin, Brussels, Vienna, Milan, and Eome,
and it is believed, that rolls of equal precision are ai)plied in this'country to manufactures of different kinds. My inquiries on this subject
have not been exhaustive, but have gone so far as to show that rolls
claimed to be of precision are in use at several private establishments.
The qualities essential to rolls of this charact r have not yet been determined by me, especially in view of the results of my present inquiry
into the inatter tending to show that different views are entertained on
this subject by different persons of authority.
This question appears to turn less upon the physical properties of
the roll itself, as between those of chilled iron or diff'erent kinds of steel,
than upon questions of diameter, the revolution of one or both rolls,
length, bearings, and housings of the same, and mode of proi)ulsion,
whether by geailBg, belting, or friction. The one quality of rigidity,
DIRECTOR OF THE MINT.
195
along with the minimum of elasticity consistent with durability, and
freedom from liability to break under strain, are conceded to be points
desired in rolls of precision, while on the several other points referred to
no unanimity of opinion seems to prevail among such An;ierican metalworkers as have been consulted.
The defects in annealing make themselves felt in ordinary rolling, and
obviously increase the tendency to uneven rolling. Eolls, therefore, not
powerful enough not to yield to physical inequalities would fail as rolls
.of precision for the purpose required. The rolls at present at the mint
at Philadelphia, already referred to, are now some fifty years old. So
far from ever having been intended as rolls of precision, they have not
even been established on rigid foundations. No extra stability has been
given to their resting place except what is imparted by simiDle girders,
which are subject to the vibrations of the whole plant as well as to those
from the rolls themselves.
Enough has been said without an extended discussion of this matter
to point out the needs of improvement in the rolling operations of the
mint-at Philadelphia and to indicate at least one direction for improvement in the appliances of our mints for production of bands of strictly
uniform thickness, so as to render them effective enough to overcome
such irregularities as arise from inequalities of density in the metal
itself. It is not impossible, indeed, that an improved draw-bench to the
same end might be a still more desirable improvement, so as to obviate
the necessity of the use of finishing rolls of such a degree of precision
as to be perhaps incompatible with the hard usage to which machinery
of this kind is necessarily subje^cted in public mints.
Indeed it would be surprising if the inventive talent of our population
were not equal to the production of a draw-bench which should take
the place of the present imperfect machine of that name, or equal to
achieve the construction of an entirely new machine to perform niore
effectively the same operation for which the draw-bench has long been
in use in many mints ofthe world, where the operation of rolling as a
work of precision has not been attempted.
The art of adjusting blanks too heavy to be reduced to proper limits
of weight by gentle hand-filing, has never been practiced at any of our
mints. The operation of adjusting by gentle filing of heavy blanks is
in the mints ofthe United States at the hands of adjusters, for which
a large force of women is employed. At several mints of continental
Europe this operation is confided to men, and carried much farther
than is practicable under the present arrangement at our mints, and
with the use of small appliances of edged tools for more extensive reduction than can be accomplished by filing, withont loss of symmetry
in the blank.
Dr. Ansell in his work on " T h e Eoyal Mint" has^described a machine known as the "Pilcher filing machine," for which he claims
great efficiency in the reduction of the number of discarded blanks.
By the use of this machine the number is stated to be reduced to such
proportion only of defective blanks as are too light, the machine itself
being claimed to handle all blanks originally too heavy. VYhether the
machine referred to has been, or would be, found in practice to answer
the requirements for which i t i s contriVed, it is not at all unlikely that
a machine could be so^ constructed as to perform the work so desirable
at every mint where tbo heavy blanks are liable to be produced in large
I)roportion for want of uniformity in the thickness of fillets.
In order to render as practicable as possible underthe present or-^
ganization of the mint service the suggestions here briefly made, the
196
R E P O R T ON T H E FINANCES.
operative officers of the mint at Philadelphia have, in co-operation
with the superintendent, been charged with the study in detail of the
several points referred to. At all of the institutions the operations
which have formed the subject of these remarks are under the immediate
supervision of coiners to whose appointment, so far as I am aware,
familiarity with the mechanical arts or the art of coining has not been
required as a condition, the office having by long-established precedent
been considered an executive, rather than a technical or mechanical, one.
In this fact, and in the additional fact that our coinage operations are
not concentrated in a single mint, but conducted at points on three of
the extreme boundaries of the Eepublic, must besought the e:s:planation
of any failure of our mint practice as a unit, and any failure ofthe
technical operations of our mint service to be in accord with the best
practice of the day.
The following special statement has recently been received from the
mint at Philadelphia:
R E S U L T O P W O R K I N G O F 8,520 S I L V E R INGOTS AT T H E M I N T AT P H I L A D E L PHIA, OCTOBER 20-22, 1887. >
Character.
Fillets blistered
Clippings
Heavy planchets adjusted
Light planchets adjusted
Heavy planchets condemned .
Light planchets condemned..
Per cent.
O.i
41
32.1
. 10
OPERATIONS OF THE IMELTER AND REFINER.
The metallurgic processes employed at the several mints of the
United States are uniform and in general conformity with those of foreign mints. Notable differences of practice, however, are recognized
among the several institutions. The practice of each institution, so far
a s i t is individual, seems to have become more or less traditional from
the circumstance that each one seems to be mainly guided by established precedents of its own, perhaps handed down successively from
one operative officer to another, and in the same manner from one
set of operatives to their successors. From the further circumstance
that skilled operatives i n t h e mint service are not frequently ch.nged'
and never wholly at one time, precedents more or less personal in their
beginning have passed into practice, and become apparently so deeply
rooted, as to be almost unchangeable.
'
An effbrt on tlie part of a melter and refiner to introduce into the melting room a new plan of operations, or even to change the size of the
melting pots, the weight of the melt, or the mode of casting or cooling
ingots, has been found no easy matter, and has sometimes failed for
want of persistence against habit and opposition. An officer who has
found security for his accounts with the Governmeut in established
practice, must be possessed of strong convictions in favor of a^change
before he considers it safe to make one. Thus it happens that all tech.nical improvements in methods of melting and casting ingots must be
instituted by the officer immediately responsible for the melting department or not at all. While the superintendent of a.mint canuot
be asked to take upon himself such a responsibility as to insist upon
PIRECTOR OF THE MINT.
197
technical changes in the processes or practice of the melting room, nor
the officer incharge of that department to assume the responsibility of
adopting processes or a practice not of his own accord, it should not be
considered that the latter officer's responsibility ends with-his observance of statutory limits of fineness and wastage of precious metals. He
is none the less also bound to observe strict economy in labor and fuel,
and should not be allowed an unreasonable latitude in operative waste of
this kind any more than in destructive consumption of the precious
metals. The proportion of silver ingot-melts, good and bad, is one measure of the degree of efficiency in the work of the melting department. So
is the relative wastage of the precious metals. But neither measure is
absolute. First, in the ease of melts it must not fail to be considered
that, accordiug to the experiments of Level in Paris, and Eoberts in
London, unequal distribution of silver begins in the ingots, and that excessive inequality of fillets in fineness and density (whence blanks rejected), is not wholly chargeable to ineffective annealing and unequal
rolling in another department. ^
Second, as to the melter's wastage, under .the circumstance that onemint reports an operative net gain of silver, while another mint with
operations on the same class of silver bullion, but on a much smaller
scale, reports abotable wastage of a hona fide character, it is clear that
in the former case allowances on entries of bullion have been made for
the security of the melter-and-refiner's account, which have not to the
same extent been made in the latter case. Thus, singular as it may
seem, it happens that the operations of two different mints can not be
exactly compared on equal terms, owing to differences in jpersonal practice'.
In the course of comments in the present report on the same subject—that is, of gains in the operations of melting an(i refining, in
which an operative loss, provided for by law in the forifi of a legal allowance for wastage, is essential to the process employed-^occasion was
. taken to point out the prevalence, at more than one of the mints, of a
practice not sanctioned by law, namely, of including in allowances on
bullion (deposited or received on purchases) for mechanical impurities,
such as sandage and moisture, a margin sufficient also to cover metallurgical losses, especially such as unavoidably arise from volatilization
in the case of silver, and to a minor extent in the case of gold when
alloyed with certain volatile metals.
A similar tendency to find means for covering the actual wastage in
the operations of the coiner is observed in two.of the institutions during the past year—a practice likewise not sanctioned by law.
A comparison of the operations of both of the operative departments
of the several mints in the matter referred to will not, therefore, be
understood to be unfavorable to those mints where.jnechanical or metallurgical operative losses incurred have not been offset by allowances
of any kind not prescribed by law.
For the same reason that it is not the duty of the superintendent of
a mint to prescribe rules for technical xiractice in the department of the
melter and refiner, it can not be undertaken by the Director of the Mint
to require a uniform practice in the melting-rooms of the several institutions. But it will be the duty of this Bureau to carefully compare
the economical results of all the mints, not only in coining operations,
but in the antecedent operations of meltings which, unlike the former,
are almost independent of the means supplied in the way of fixtures and
plant.
It has been my effort to exhibit in such of the fiscal reports of this
Bureau as have fallen to m^^ hand the returns of practical operations
198
REPORT ON THE FINANCES.
at all of the mints in a way to afibrd operative officers whatever data
are necessar}^ for comparison of -working results from an economical
point of view, in order to set forth the relative merits of different modes
of xirocedure, so far as they are known to vary at the several institutions, and as, indeed, known to no persons so well as to the operative
otficers throughout the Mint service.
It is probable that, perhaps with one exception, none of our mints
affbrd sufficient space in the melting-ro-om for the introduction of traveling cranes for the handling of melting-pots. While, therelore, little improvement can be looked for in the direction of casting directly, without
ladling, into moulds, as at the Eoyal Mints at London and at Madrid, it is very desirable that close attention be given to the question of
the maximum weight of silver melts allowable by economy—not only
of waste of silver by volatilization, but of labor and fuel as gauged by
the proportion of blanks returned, when ascertained to be deiecti've
from physical or metallurgical properties, and not from unsuccessful
mechanical treatment, and as further gauged by the number of ingots
and fillets condemned. It is not presumed that a stated weightof the
silver melt can be fixed upon alike at all of the mints, where practical
differences are important, as in the size of the furnace, strength of
draught, and character of fuel.
It is also desirable that due attention be given to the mode of casting
. ingots, in order to settle upon something li'iie uniformity in this very important particular, especially in point of slow or rapid cooling; for it is
well known that the practice at the several mints varies by extremes,
the extreme of slow cooling being found at New Orleans, and the extreme of rapid cooling at San Francisco. The experiments of Mr. W.
0. Eoberts, chemist of the Eoyal Mint at London, on the homogeneity of
alloys of silver and copper and the.effects of slow and rapid cooling, are
especially pertinent to a study of this question. There appears much
reason, indeed, to believe that in the casting and cooling of ingots which
pass all practical tests previous to the cutting of fillets rolled from them,
begin the evils which result in an excessive rejection of blanks from inequalities of weight. For such physical inequalities in fillets, andjpan
passu inequalities of weight of blanks, imperfect annealing and defective
rolling seem to have been held too directly accountable in our mints.
It is noteworthy that the mint at present exhibiting the smallest ratio
of condemned silver blanks to the whole number of blanks cut is that
mint where ingots are slowly cooled. This fact is in agreement with
the experiments of Level at the mint at Paris.*
The exjperiments by the Wastage Commission at the mint at Phila;delphia in 1872 tend to show the inequalities of distribution of silver in
fillets to be a condition of the original ingots.t
'
Such facts point to the inquiry how far the segregation of silver in
the silver-copper ingot is affected: (1) By the weight or volume of the
melt; (2) by the mode of pouring; (3) by the size of the mould, and incidentally by the conductivity of the mould as a condition of its volume,
as well as (4) by the comparative rapid or slow further cooling of the
ingot. The inclination of the mould is another condition which I have
observed to be regarded as important in the casting bf brass at certain
metal works recently inspected by me.
It has sometimes been supposed that segregation of silver in silvercopper melts takes place in some ratio to the weight or volume of the
"* See Percy, Metallurgy of Gold and Silver, Part I, 156.
t Report npon the Wastage of Silver Bulhon, Mint of the United States. Washington, lb72, p. 54.
199
DIRECTOR OF THE MINT.
melt. Their weight at the several mints is individual to each, namely,
some 8,3U0 ounces at New Orleans against 3,600 at Philadelphia and
1,650 ounces at San Francisco. Except at New Orleans these are small,
the least exceedingly small in'Com])arison with the weights >of similar
melts at the mints of continental Europe, as exhibited by Mr. Eoberts.*
The ratio of condemned melts of silver alloy is in none of the mints
now large, though over lour times greater at the mints at Philadelphia
and New Orleans than at San> Francisco.
The proportion of silver melts condemned at the mint at Philadelphia for the last six years (1882-1887) has not exceeded sixty-five hundredths of 1 per cent., against 9.7 per cent, from 1868 to 1874—an improvement of L to 15.
While records of ingots condemned and blanks rejected are forwarded
to this Bureau, no record of condemned fillets after annealing has hitherto been communicated. Such further record of condemned material
will in future also be required.'
'
STATEMENT O F T H E NUMBER O F MELTS OP INGOTS MADE AND T H E NUMBER
CONDEMNED AT T^T-IE MiNTS OF THE UNITED STATES AT S A N F R A N C I S C O ,
P H I L A D E L P H I A , AND N E W ORLEANS DURING T H E FISCAL YEARS 1882-iy87..
SA]^ FRANCISCO.
,
Gold ingot melts.
Fiscal year.
1882
1883
1884
1885 .
1886 . . . .
1887
•
-
. . .
Number
made.
Number
condemned.
Nuraber
made.
958
901
767
077
935
958
8
5
4
1
0
2
10,719
7, 509
5,539
2,619
1,086
0
. 5,196
20
.4
27, 472
33
1,333
17g
109
65
208
7
17
3
6
5
9
0
6,502
'7,328
8,281
9,142
12, 867
14,146
32
46
64
29
80
122
1,900
40
2.1.
• 58, 266
373
4
922
1,565
1,619
, 2,059
1,838
2,146
•
.
----'
Total
Silver ingot melts.
per cent..
Number
condemned.
20
12
1
0
.1^
PHILADELPHIA.
1882
1883
1884
1885
1880
1887
-
*
-
Total
•Der cent
.61
NEW ORLEA:N-S.
11
1882
1883
1884
1885
188G '.
1887
2
-
Total
percent..
23
7
86
11
130. 5§
10, 349
* Report of tbe Deputy Master of tbe Mint on European mints. London, 1870.
t Largely dental gold, containing platinum.
6
22
10
10
7
10
65
.CJ
200
REPORT ON THE FINANCES.
<f
•
.
^ Eecent experiments at the mint at Philadelphia serve to show that
uniform results in weight and thickness are not attained in. silver fillets
finished by rolling, and to indicate the certainty that the rolls employed
are incapable of executing work of precision within the limit of onequarter- of a thousandth of an inch.
^
The adverse conditions presented by the rolls at present in use at the
mints of the United States may be stated as follows: elasticity of the
housings, imperfect rigidity of the rolls, and elasticity of the lubricant,
or cushion or film of oil on the journals. To such conditions is to be
ascribed the difficulty of obtaining two immovable true lines of contact
between surfaces of rolls, under the.circumstance that the metal of the
fillet, especially in the case of standard silver alloy, may possess unequal physical properties of hardness and density, whereby the unequal
effect of the rolls seems to be primarily determined.
I t has therefore been found at the mint at Philadelphia that fillets
finished on the draw-bench yield the higher proportion of good planchets,
notwithstanding the failure in principle of the draw-bench as a tool of
precision. This difference in favor of the draw bench arises from the
stability of the dies and the .draw-plate. Although a most effective
machine for many purposes, its failure in mint practice is both essential
and vicarious. Its essential defects arise from the appliance to the fillet
of tension as well as compression; its vicarious defects from unequal
malleability and tensile resistance in the fillet, in turn due to inequalities
in composition, and hence in physical properties. These inequalities are
precisely the same that determine the unequal effect of rolls, especially
in silver-copper fillets, wherein defects of both machines especially become most apparent. Such inequalities have here been ascribed primarily to lack of homogeneity in the fillet as a condition of segregation
of silver in the original ingot.
It does not seem impossible, indeed, that, as an alternative from the
difficulty of procuring and maintaining rolls of precision, and from the use
of the draw-bench, the principle of construction of which latter machine
is obviously incompatible'with perfect results in the manufacture of fillets,,
a shaving-machine, such as manufactured by the Pratt-Whitney Company, Hartford, Conn., may, as believed by the makers, with some slight
modifications, be made to serve the purpose of finishing fillets with less
deviation in thickness than is accomplished by any existing appliances
in the mint service of the United States.
An early opportunity will be sought to test its performance with silver-copper fillets.
Some of the weak points in the mechanism and pratjtice of the mints
ofthe United States are revealed by the working exhibits above briefly
presented. These exhibits have thus far been followed up by practical
inquiries into the causes of notable inefficiencies in the case of a single
institution, to the ^limited extent that opportunity has been found for
such inquiries on my own part, with the aid of its superintendent, and
operative officers. I t is hoped that the preceding remarks will serve to
indicate the line of inquiry which the officers of collateral institutions
will be requested to pursue, with the view of effecting in the mint service
such improvements in technical operations as may enable results to be
compared less unfavorably than heretofore with the performance of
other mints and private metal works.
How far the weak points of the mint practice of the United States
are to be ascribed to instability and want of skill in the operative force
is difficult to estimate. While, for reasons obvious enough, public
works of a technical character seldom if ever reach a given degree of
DIRECTOR
OF
THE
201
MINT.
efficiency with the same economy to be fouud under private auspices,
the mint service, corapared with other branches of the public service, is
practically free from legal restraints in the selection and employment of
clerks and operatives.
PRODUCTION
OF GOLD AND S I L V E R
IN T H E
W^ORLD F O R
18S6.
In the Appendix will be found a table showing the estimated production of gold and sdver in the world for the calendar years 1883,
1884,1885, and 1(S86. The estimate for the year 188G is new. This was
compiled principally from foreign state papers communicated through
the Department of State. Tbese will be found in full in the Appendix.
For countries from which statistics were not at hand, estimates made
have been based upon the latest reported production, or upon statistics
of export of the precious metals. Such items form an insignificant portion of the total production. The ultimate figures for the preceding
years 1883, 1884, and 1885 have been revised frbm later and what are
considered better data. The totals may be claimed to approximately
represent for the given periods the gold and silver producticm of the
world. The production is expressed in kilograms and in values, the
value of silver being taken, wherever the calculation has been made
upon the part of this Bureau, at its coining rate in standard silver dollars, corresponding to $1.16-^^1 per ounce standard (.900 fine) or $1.2929
per ounce fine.
The production of gold has varied but little from year to year, having somewhat fallen off' during the year 1886 as compared with 1885.
The" production of silver, however, notwithstanding the large depreciation in the market value of that metal, has steadilv increased from
$115,000,000 in T-83 to $130,000,000 in 1886. The production of the
world for the calendar years 1883, 1884, 1885, and 1886 is exhibited in
the following table:
Silver.
Gold.
1
Calendar years.
Kilograms.
1883
1884
1885
1886
'.
. . .
.'
-
143,
153,
154,
147,
* Kilogram of gold valued at $664.60.
533
017
942
097
Yalue.*
$95, 392, 000
101, 694, 000.
102, 975, 000•97,761,000
Kilograms.
• 2, 769,197
2, 804, 725
3, 062, 009
3,137,175
Value.t
$115,088,000
116,564,000
127 257 000
130, 383, 000
fKilogram of silver valued at $41.56.
The United States still maintains first rank among the'nations of the
world as the largest producer of the precious metals, having produced
during the calendar year 1886 gold and silver of the coining value of
$86,000,000. Mexico retains second rank, with a production of $33,614,000, of which $33,000,000 was silver. Australia has a production of
$27,647,000, of which $26,425,000 was gold. Eussia is credited with a
production of $21,046,000, of which $20,518,000 was gold.
I t may be said, however, that the production credited Eussia for 1886,
in the table, does not fully represent the'entire production of that Empire for the year. The official statement from the Eussian Government
purports to represent only the amount sent to the mints. < It is probable
that later and more complete statistics will tend to exhibit a lai ger
production in Eussia by perhaps several millions of dollars, and so bring
the production of gold in the world for the year 1886 nearer the amounts
of prior years.
202
THE
REPORT ON T H E FINANCES.
WORLD'S COINAGE AND USE OF
ARTS.
GOLD
AND
SILYER IN THE
In the Appendix will be found a table showing the value in United
States money of the coinage of gold and silver during the years 1884,
1885, and 1886 by each of the nations of the world, from the principal of
which reports have been received. The coinage reported is for calendar
years, except in the case of Mexico for each of the three years; India for
1884 and 1885; and of Brazil Ibr 1884, for which countries, for the years
named, the coinage was reported for fiscal years.
This table includes the coinage executed by substantially, if not quite,
all of-the nations of the world during the years mentioned.
The value of the coinage was as follows:
Calendar years.
Gold.
1884......
1885
1886
$99,432,795
94, 728, 008
92, 653,400
Silver.
$95,832,084
105 105,299
124 678,678
The coinage of silver has largely increased while the coinage of gold
has fallen off.
I t is an important fact that the value of the known silver coinage for
the calendar year 1886, over $124,000,000, closely approximated the
production of silver for that year, which was $130,000,000.
The principal silver coinage was executed by the United States, Mexico, India, Japan, Spain, Austria, and at the mint at Paris for the
French possessions in China.
A statement like the present is wanting in absolute significance only
to the degree of uncertainty as to the relative proportion of old material employed in coinage and also in the arts.
.
An incomplete statement of net coinage in relation to recoinage may
be presented, as drawn from recent official sources, as follows:
RECOINAGES R E P O R T E D B Y CERTAIN NATIONS,
188^.
GOLD.
—
i
Countries.
Kecoinage reported
of
domestic coins.
Value in
United
States
money:
Eecoinage
of
foreign coins.
Value in
United
States
money.
Total
recoinage
value.
.,
India
Belgium
Italy . . . .
Germany
Portugal
Janan
Colombia
...
UnitedStates.-..
Total. . . .
Part (not stated)
145 560 raarks
54, 000 milreis
294 yen
445, 743 dollars
$34, 643
54, 000
$34, 643
54, 000
294,
294
445,743
9,072,731 dollars. $9, 072,731
9,518, 474
534, 080
9,072,731
9,607,411
203
D I E E C T O E O F T H E MINT.
RECOINAGES R E P O R T E D B Y CERTAIN NATIONS, 1886—Continued.
SILVER.
Countries.
Great Britain
Kecoinage reported
of
• domestic coins.
£185 116
Value in
United
States
money.
$880, 867
7, 800, 090 rupees $3,723,324
Bel'^ium
921, 768
4,776, 000 fraucs
Italy
1, 795, 364
9,302,404 francs
Germany *
1,153, 963
Portugal
Effvntl . . .
459,362 Egn. pounds. 2, 270, 626
2, 304
Japan
2, 304 yen
Colombia . . .
806, 341 dollars
806, 341
United States + ..
764, 918
764, 918 dollars
Total
Total
recoinage
value.
$880,867
208, 932
India
Valuein
United
States
money.
Eecoinage
of
foreign coins.
3, 932, 256
•921, 768
1, 795, 364
1,153, 963
933, 525
495,310
3, 204,151
2,304
806, 341
1, 260, 228
5,152,159
13, 957,242
" " ' • " •
495, 310 dollars
8, 805, 083
•
* No recoinage of silver reported, but believed to be all from melted thalers.
t All the new coinage was made from old coin and German silver thalers.
I There was also deposited at the mints $03,679.89 in trade-dollars.
The large recoinage. value of foreign gold and silyer coins melted
down, exhibited in the case ofthe United States, as compared with other
nations, except perhaps in the case of India, is probably to be explained
by the circumstance that international exchange of gold and silver coins
is so readily accomplished between European states as to render this
item at foreign mints one of little moment. Indeed, no recoinage of foreign coins is reported in mint statements on the part of any E,uropean
nations, so far as I am. aware.
•
V
Using these partial amounts the results may be stated as follows:
RESUMIS.
GOLD.
Value of the product ofthe mines, 1886
Coinage executed in 1886
Eecoinage
,
^
$92,650, 000
9,' 600, 000
Net coinage 1886
$98,000,000
83, 050,009
Leaving new gold for 'employment in the arts
14, 950, 000
SILVER.
Value of the product of the mines, 1886
Coinage executed in 1886
'.
Eecoinage
Net coinage, 1886
:
$130, 000, 000
;.
$l24j 670, 000
13,950, 000
,.
Leaving new silver for employment in the arts
nO, 720, 000
.'.
19, 280,000
The information obtained from the principal nations of the world relative to the value of manufactured articles of gold and silver attested
and stamped during the year 1886, is presented in the following table.
This only partially represents the value of the industrial employment
of the precious metals. In order that the table may present, as nearly
as now practicable, the total industrial employment of gold and silver,
estimates have been added for three nations, namely: Austria-Hungary,
Germany, and Switzerland, from which no official information has been
204
REPORT ON T H E FINANCES.
received on this subject. These estimates have been taken from the last
edition of Dr. Adolf Soetbeer's Materialien (1886).
In the case of Belgium, while the value of gold and silver articles
stamped, so far as known, was reported for 1886, the figures here adopted
cover the value of goods stamped in 1865, the last year when stamping
wasobligatorv, and therefore, asit is assumed, only approximately stand
for 1886.
"
.
In the case of the United States the values given in the table are as
ascertained by the last census made by this Bureau ofthe employment
by goldsmiths, silversmiths, and others. \ The industrial use of gold and silver shown by this table is not entirely of new material. In the United States, where the inquiry specifically covered this point, it may be said that about $7,000,000 of the
$11,152,120 of gold used in 1885 and about $4,500,000 of the $5,198,413
of silver was new material. That is, about 35 per cent, of the gold
used consisted of melted coin and other old material, and about 12
per cent, of the silver. Whether such a percentage would hold good
in European countries is doubtful. Wherever, as in the United
States, gold and silver are largely produced and private refineries are
numerous, fine bars or new material would ordinarily be employed; but
in European countries generally, as it seems reasonable to> suppose,
most of the gold used in the arts would consist of melted coins. As
silver coins are at present generally overvalued (that is, their value as
coin exceeds their value as bullion) it follows that in the oase of silver for iudustrial purposes bars would be used to the practical exclusion of coin.
GOLD AND S I L V E R USED I N THE INDUSTRIAL ARTS,
1886.
[Kilogram of gold=$664.60; kilogram of silver=$41.56; coining rate of silver in standard silver
dollars.]
Silver.
Gold.
Countries.
Kilograms.
Austria-Hungary
Bel gium
Prance
Germany
Great Britain
Italy
.
Netherlands
Eussia
Sweden
Switzerland
United States
Total
=
'.
Value.
Kilograms.
Value.
*3,180 $2,113,428
1635
422, 021
8,548 5,681, 000
+15,000 9,969,000
6,799 4,518,615
769,640
1,143
693, 842
1,044
4, 915 3, 266, 509
200, 709
302
+15,000 9, 969, 000
° 16, 780 11,152,120
*31,793
14,654
75,803
+110, 000
62,895
5,191
10, 924
61,330
1,904
t32, 000
125,082
$1, 321,317
193, 420
3,150, 373
4, 571, 600
2, 613, 916
215, 738
454, 000
2, 548, 875
79,130
1, 329, 920
5,198,413
73, 346 48, 745,884
521, 576
21, 676,702
*For 1885—Goods stamped—Dr. A. Soetbeer's Materialien, 1886, seoond edition, p. 38.
\ Stamped in 1865, when official verification was'obligatory.
|Average for recent years—Dr. A. Soetbeer's Materialien, 1886, second edition, p. 38.
MONETARY STATISTICS OF FOREIGN COUNTRIES.
In order to continue the compilatiou of the monetary statistics of
foreign countries published annually by the Bureau of the Mint since
its organization, a list of interrogatories, prepared in this Bureau, was
DIRECTOR O F T H E
MINT.
205
transmitted by the Secretary of State to the diplomatic and'consular
representatives of this Kepublic in the following countries:
List of countries from ivhich information was requested.
Argentine Republic.
Egypt.
^
Austria-Hungary;
France.
Germany.
Australia.
jSreat Britain.
Algeria.
Belgium.
Greece;
Guadeloupe.
Bolivia.
^ Hawaiian Islands.
Brazil.
^ Hayti.
Bulgaria.
Honduras.
British Guiana.
Canada.
India.
Cape of Good Hope.
Italy.
Central American States. Japan.
Ceylon.
Luzon.
ChiU.
Mexico. ,
China.
Morocco.
Cuba.
Martinique.
Corea.
Madagascar.
Costa Rica.
Netherlands.
Denmark.
New Zealand. ,
Ecuador.
Paraguay.
*
Peru.
Persia.
Portugal.
Porto Rico.
Roumania.
Russia.
Ronmelia.
Santo Domingo.
Siam.
Spain.
Sweden and Norway.
Society Islands.
Servia.
Switzerland.
Turkey.
Tasmania.
Uuited States of Colombia.
Uruguay.
Venezuela.
Replies havebeen receivedfrom the following countiies.
Austria-Hungary.
Algeria.
Belgium.
Brazil.
' Canada.
Cape of Good Hope.
Ceylon.
ChiU.
China.
Denmark.
Egypt.
France.
Germany.
Great Britain.
Guadeloupe.
Hawaiian Islands.
Hayti.
India.
Italy.
Japan.
Mexico.
Netherlands.
New Zealand.
Paraguay.
Peru.
Portugal.
Russia.
Siam.'
Sweden and Norway.
Switzerland.
Turkey.
Tasmania.
United States of Colombia.
Uruguay.
The Department of State was also requested to call the attention of
the representatives of the United States in certain countries, from which
no replies had been received, to the circular of January 1,1886, and to the
desirability of procuring and forwarding the information called forin
at least the first four of the several interrogatories. As the replies in
this report from foreign countries contain, in some cases, answers;to
the circular of January 1, 1886,, covering the calendar year 1885, as
well te to the circular of January 1, 1887, covering the calendar year
1886, and as the questions are referred to by numbers only, the two sets
of interrogatories are here appended :
Interrogatories addressed to the representatives of the United States in foreign countries,
calendar year 1885.
(1) W h a t is the legal unit of accouut ?
(2) W h a t is the legal standard : Double, single gold, or single silver? If double,
at what ratio between the two metals?
(3) What is the weight in grams of each of the gold coins authorized by law to be
coined, and what is the fineness expressed in thousandths.
(4) Same for silver.,
(5) Is the raint open to deposits by individuals of gold and silver for coinage, or of
one metal to the exclusion of the other ?
(6) In case of deposits by individuals of gold and silver, what coinage charge if
any, is imposed on each metal,?
*
.
(7) For what amount are gold coins a legal tender in the payment of debts or Government dues?
,
(8) Same fpr silver,
206
R E P O R T ON T H E FINANCES.
(9) W h a t is'the ' t o l e r a n c e " or *^mint remedy" allowed by law in coinage on each
piece, both as to weight and fineness—that is, what deviation is allowed from the legal standard?
(10) What are the legal provisions as to the recoinage of worn gold and silver coins ?
(11) W h a t was the amount of gold coined d u r i n g t h e calendar yearpl885, by denominations and value?
(12) Same for silver.
(13> Wliat has been the total coinage of gold from the establishment of the mint?
Amount recoined ?
,
(14) W h a t has been the total coinage of full legal-tender silver from the establishment of the mint? Amount recoined?
(15) What has been the total coinage of subsidiary or limited-tender silver from
the organization df the mint? Amount recoined ?
(16) W h a t was the weight, expressed in kilograms, and the value of the gold produced from the mines during the calendar year 18b5 ?
(17) Same for'silver.
(18) The import and export of gold and silver coin and bullion, separately, during
the calendar year 1885 ?
'
(19) Estimated amount of gold coin in the country ? What proportion in active
circulation ?
(20) Same for full legal-tender silver.
(21) Same for limited-tender silver.
«
(22) Amount of paper currency outstanding December 31, 1885; Government and
bank notes separately ?
"(23) Copy of the coiuage laws and regulatibns of the mint as to coinage.
INTERROGATOKIES ADDRESSED TO THE REPRESENTATIVES OF THE-UNITED STATES IN
FOREIGN COUNTRIES, CALENDA YEAR 1886.
(1) What was the amount of gold coined during the calendar year
1886, by denominations and value i What amount was recoined during
the yearj
.
•
(2) Same for silver.
(3) What was the import and export of gold coin and of gold bullion
during the calendar year 1886?
(4) Same for silver.
'
(5) What was the weight, expressed in kilograms, and the value of
the gold produced from the mines during the calendar year 1886"?
(6) Same for silver.
(7) Were any laws passed during the year 1886 afiecting the coinage,
issue, or legal-teuder character of the metallic and paper circulation'?
If so, please transmit copies.
(8) Is the denomination of gold coin paid for deposits of bullion optional with the private dei)ositor at the mints or other receiving institutions'?
(9) Is there, in the case of gold coius, any restriction upon the^ssue
of difierent denominations; and, if so, in what branch of the Government is discretion in this matter reposed'?
(10) In case of the existence of bureaus of guaranty or departments
ofthe Government fbr the verification-and stamping of articles of gold
and silver, and a collection of a tax for the same, report the amount of
tax collected and the corresponding weight in kilograms and the value
of manufactured goods—gold and silver separately.
NoTE.-^Any iuformation in liue with the researches of the Bureau
of the iMiut of the ITnited States in the industrial consumption of the
precious metals vvill be very acceptable.
Coin and bullion should be given separately where practicable.
It will be noticed that iu the interrogatories of the Ist of January,
1887, two new fields of inquiry have been entered upon.
The first, comprised in questions 8 and 9, is in relation to the right
of private depositors of gold bullion to select the (JOftomiuation of coin
DIRECTOR OF THE MINT.
207
in which they should be paid and whether there be any restriction on
the issue of different denominations of coin.
These interrogatories were inserted for the reason that by certain
large depositors, notably at the mint at San Francisco, it is clairaed that
under section 3544 of the Eevised Statutes they are entitled to receive
double-eagles in payment of gold deposits, independent of any policy
on the part of the Treasury Department to coin small denominations in
the mints of the United States. I was therefore desirous of asc'ertain.ing the practice of foreign governments in this respect.
In the case of the mints of Great Britain and India there is no restriction on the issue of the difierent dehominatious of gold coins authorized
by law, and the denomination of the coins in payment is optional with
the depositor.
'
In Fr;^nee such a restrictioii exists. The coinage of pieces of gold of
the denomination of 5 francs is provisionally suspended in France and
the other states of the Latin Union by article 8 of the monetary convention of November 6, 1885. Twenty-franc pieces are generally demanded by depositors and so paid. In Belgium, also, 20 franc pieces
only are coined. In Switzerland no coinage has been executed for
private persons. Jn Italy the matter is optional with the depositor,
except as to the coinage of the 5-lire gold piece. In Germany private
individuals can have coined only 20-mark pieces. In the Netherlands
the matter is not optional with the depositor, and the 10 fiorin is the
only gold coin w^hich.is struck at the mints. In Portugal, while there is
little or no deposit of gold by private individuals, there is no restriction
as to the mode of payment. In Sweden, Norway, and Denmark 20 and
10 crown pieces only are coined for individuals; 5-crown pieces being
coined only on account of the State and the Eeichs-Bank. In Turkey
the denomination of coin is optional with the depositor, and no restriction is imposed as to the issue of difierent denominations of gold coin.
In Eussia no restriction exists as to the option of private depositors in
the kind of coin paid out. In Egypt, while no restriction regarding
the coinage of difierent gold coins exists, the whole matter is left to be
regulated by the minister of finance. In Japan depositors are allowed
to select the denomination of coin in which they will be paid. I n Mexico the mints are leased to private parties, who are bound by tbeir
contract to coin both large and sraall money, but the denominations
coined or paid out to depositors are practically left to the managers of
the several mints. In the United States of Colombia there is no restriction on the issue of. different denominations of. gold coin. In Peru,
where^gold has been demonetized, and where the gold coins provided
for by law are not legal tender, the whple matter of the denominations
of coin to be issued is left to the discretion of the chief of the mint. In
Chili the Government buys gold bullion and pays fQ,r 11 in the denomination of gold coin most convenient to the Government. At the mints
of Brazil depositors have the right to demand any kind of legal gold
coin.
It may, therefore, be said that there is no unitbrmity in the practice
of foreign mints in this matter, but that most of them, which are open
to deposits of gold bullion by individuals, exercise some restriction as
to the denomination of gold coin paid out to depositors.
Tha other line of inquiry referred to is in the industrial employment
of the precious metals^ the interrogatory being as to the existence of
bureaus of guaranty under the supervision of government for the verification and stamping of articles of gold and silver, and as to the value
of such manufactured goods stampeil during the year 1886.
208
REPORT ON THE FINANCES.
In ihany of the great nations of Europe, notably England, France,
Germany, Italy, etc., such bureaus exist, but the stamping of manufactured goods is not in all of them obligatory. The most that has.
been, obtained on this subject is as to the value of the precious metals
used in manufactured articles in such countries as have bureaus of
guaranty.
In addition tb the information contained in communications in answer
to these circulars the Bureau ofthe Mint has received official reports
and no little statistical material in the way of official publications.
Among the most valuable of these may be mentioned the Seventeenth
Annual Eeport of the Deputy Master of the Eoyal Mint, London, 1886;
Eeport of the Commissioner of the Imperial Mint of Japan, 1886 ; ditto,
1887; Noticias de las Acuuaciones 6 Introducciones de Metales Preciosos, Mexico, 1887; Direction General des Monnaies et i\i6dailles,
Compte Eendu pour PExercice, 1884, Paris; ditto, 1885; Administration Eeports of Calcutta and Bombay Mints for 1885-'86; Miscellaneous Statistics Eelating to the Finances of British India, published at
Calcutta, containing a chapter on the subject of mint and coinage; The
Mining and Mineral Statistics of the United Kingdom of Great Britain
and Ireland; La Eeforme Mon6taire en Egypte; La Crisis Monetaria,
Mexico, and the First Eeport of the Eoyal Commission Appointed to
Inquire into the Eecent Changes in the Eelative Values ofthe Precious
Metals, London.
The replies elicited by the above interrogatories, except so far as they
relate to subjects not properly appertaining to questions of standard,
to the subject of metallic money, or to the subject of the precious metals
generally, will be found in the Appendix,
A brief statement of the more important contents of these papers
and documents, so far as they relate to the production^ consumption,
and movement of the precious metals, is here inserted.
GREAT BRITAIN AND BRITISH COLONIES,
Great Britain and Ireland: Lord Salisbury transmits, through Min*
ister Phelps, under date of March-30, 1887, information concerning the
coinage and mo-vement of theprecious metals during the year 1886,
Items reported for 1886.
Gold coinage
Silver coinage . . . .
Amount recoined.
iTet silver coinage .
Imports:
Gold coin
Gold bullion
Amount in
poiiftds sterling
Equivalent in
Unitecl Statea
money.
417, 383
185,116
$2, 031,194
900,867.
232,267
1,130,327
6,897,305
6, 494, 951
33, 565, 735
31, 607. 679
Total.
13, 392, 256
05,173,414
Eiports:
Gold coin ....
Gold bullion .
7, 791, 260
5, 992, 446
37,916,167
29,162, 238
Total.......
13,783, 706
67, 078,405
Loss by export...
391,450
1, 904, 991
• 209
DIEECTOE OP THE MINT.
Equivalent in
Amount: in
pounds steriing. United States
money.
I t e m s r e p o r t e d for 1886.
Imports:
Silver c o i n . . .
2, 224, 599
Silver b u l l i o n
5, 247, 040
10,826, Oil
25, 534, 720
Total
7,471, 639
36, 360, 731
Exports:
Silver c o i n . . .
2, 054,206
9, 996, 703
5,169, 493
25,157, 338
Silver bullion
7, 223, 691
Total......
Manufactured gqods—stamped.
Gold
Kilograms.
i.
Silver
.o
.................
..
Equivalent in
United States
money.
6, 799
$4, 518, 615
62, 895
2, 613, 916
Lord Salisbury also transmits, under date of March 10,1887, a memorandum on the currency system of British India, which will be found
under the head of '^India.'^
Mention was made in the introduction to this chapter of the receipt
by this Bureau of the first report pf the Eoyal Commission appointed
in England to inquire into the recent changes in the relative values of
the precious metals. This document consists of minutes of evidence
taken before the commission from its first session, November 19, 1886,
to June 10,1887, with appendices of tabular matter by way of exhibits
by witnesses and relating to their testimony.
Itwill be remembered that a previous commission in Great Britain, appointed in August, 1885, to take under consideration the subject of the depression of trade and industry in that kingdom, after devoting some consideration to the question of the changes in the standard of value and the
^ rates of exchange as affecting the depression of trade, recommended
that a special inquiry \ ^ made into this subject. The present Eoyal Commission was accordingly constituted in September, 1880, to inquire into
recent changes in the relative values of the xirecious metals. The first
report of the present commission conveys no recommendation of remedial measures. 113 contains, however, valuable information in the way
of exhibits of coinage, of x)roduction of the precious metals and of prices
of commodities, and in a wide range of inquiry th6 testimony of men
eminent as financiers or as writers on subjects of political economy.
Conceded, as at present it seems to be, that initiatory action toward
international measures for the rehabilitation of silver as a standard of
value now rests with Great Britain, any hope still popularly enter^^tained of immediate action on this momentous question centers upon
this commission.
Australasia.—By Mr. George Anderson, deputy master of the Eoyal
Mint, was kindly transmitted, under date of August 2,1887, a statement
showing the production of the several provinces in Australia for the
calendar year 1886, as follows:
Metals.
Gold
Ounces.
:
Silver
6209 FI 87
1, 389, 607
1,027,541
14
210
REPORT ON T H E
FINANCES.
It is understood, as elsewhere explained,* that the ounces given in
this return, as in previous returns, are gross ounces. Making a deduction of 8 per cent., as heretofore, gives the production of Australia for
1886, asfollows:
Fine.
Oances.
Metals.
Gold..
Silver.
1,278,438
945,-338
The official reply from the Australian Government to the interrogatories for the year 1886 has n'ot been received, • From the official reports
of the Sydney and Melbourne mints, published with the annual report
ofthe Eoyal Mint in London, the coinage of the two mints in 1886 was
as follows:
Coinage, 1886.
Amoant.
Mint at Sydney—Gold
Mint at Melbourne—Gold.
Equivalent in
United States
money.
$8, 311, 982
14, 212, 613
£1,708,000
2, 920,500
Hilew Zealand.—Mr, Francis E. Webb, United States vice-consul at
Auckland, forwards, under date of March 22, 1887, replies to the interrogatories of the Bureau of the Mint relative to the colony of New
Zealand. .
There is no mint in the. colony. Information in regard to monetary
matters is unimportant.
^ Mr. Webb also transmits a report on the mining industry of New
Zealand for the fiscal year 1886.
a '
Tasmania.—Mr. A. G. Webster, United States .consul, replies from
Hobart, under date of May 4,1887, to the interrogatories of the Bureau.
Imports.
Items reported for 1886.
Amount.
£447,718
Gold coin .,
Gold bullion
4, 379
Silver coin
Gold:
Xilograms
Value
Equivalent in United
Sfcates money
Exports.
Equivalent
Equivalent
Amount.
in United
in United
States money.
States money.
$2,178, 820
£508, 072
$2, 472, 532
Produced
from mines.
'
21,310
964, 690
£566, 378
$2, 756, 279
India.—Yaluable information in the way of Government publications
and reports in.regard to the precious metals in India has been received.
Mr. Benjamin F. Bonham, consul-general of the United States at Cal-
* Report on Production, 188S, page 69.
211
DIRECTOR OF T H E MINT.
cutta, communicates, under date of June 18, 1887, replies from the secretary^ to the governor of India of the department of finance giving the
information called for in the circular of this Bureau in regard to the
year'1886, aud also in the first four questions of the circular for the
preceding year.
Equivalent in
United States
money.
Items reported for 1886.
Coinage ofthe Bombay mint:
Silver
Calcutta mint:
Silver
Gold imports
Gold exports —
Silver imports
Silver exports
'•42,177, 024
tl5, 076, 786
26, 518, 761
7,160, 077
88, 310,130
11, 040, 544
$19,979,540
7,141, 874
12, 561, 937
3, 391,728
41,832,509
2,456,642
*Incluuing recoinage of Indian coins, 217,004; including coinage of foreign coins, 7,860,092 tolas,
t Includes^'recoinage of 224,061.
'
Ceylon.—Mr. William Morey, United States consul, furnishes, under
date of March 11, 1887, the information desired respecting the calendar
year 1886, and also replies to the first four interrogatories of the Department relating to the calendar year 1885. The unit of a;CCOunt is 1 cent,
100th part of a rupee, the standard being silver. Indian rupees and
fractions of rupees constitute the currency.
Items reported for 1886.
Iraports ofsilver coin.
Exports of silver coiji.
Eupees.
5,.06q, 600
1, 260, 600
Equivalent, in
United States
monev.
$2, 397, 206
• 597,146
Under authority which took efiect on the 1st of January, 1885,
5,012,165 rupees of paper money were issued by the end of 1886. The
total amount of coined money in the island is about $5,000,000, the
number of inhabitants some 3,000,000.
Ganada.—Mr. Thomas W. Hotchkiss, United States commercial agent
at Ottawa, transmits a report under date of February 16,1887, in reply
to questions 1, 2, 3, and 4 ofthe circular of January 1,1886, and to the
interrogatories in the circular of Jannary 1, 1887.
The money of account in Canada is dollars and cents. The gold
coins of England and the United States are full legal tender.
Items reported for 1886.
Coinage of silver (in England)
Imports of coin and bullion...
Exports of coin and bullion...
Value.
$225,000
972,390
9,100
Cape Colony.—Mr. James W. Siler, United States consul at Cape
Town, transmits under date of March 14,1887, in reply to the interroga
212
REPORT ON T H E FINANCES.
tories of the Department, a report of the assistant treasurer-general of
Oape Colony.
Items.
Equivalent in
United States
money.
Amount.
I t e m s reported f o r 1885.
Imports:
G o l d coin
Gold b u l l i o n
£200, 438
......>
Total
$975 432
921
U, 482
201, 359
979, 914
371, 663
1, 808, 698
Exports:
Gold coin
Gold bullion
Gold b a r s , d u s t , a n d n u g g e t s
=
170
" 827
17,321
84, 293
Total
»
389,154
1,893,818
Loss by export
...^..
187, 795
913, 904
18, 346
10
89, 281
49
18, 356
89 330
41,127
200,145
Imports:
Silver coin
...-
Silver bullion
..........o
Total
,
Exports:
Silver coin
-
-
Silver bullion
Total
Loss by export
440
2,141
41, 567
202, 286
23, 211
112,-956
171,050
^ ' ' 83^, 415
I t e m s r e p o r t e d / o r iB8Q.
Imports:
Gold coin
Gold b u l l i o n
.-
Total
Exports:
Gold bullion
„
Gold b a r s , d u s t , a n d n u g g e t s
Total
Imports:
S i l v e r coin
Exports:.
S i l v e r coin
.'
:
.*
Total
Loss b y export
9 976
173,100
842, 391
155, 024
754, 424
/
Gold coin
Silver b u l l i o n
2, 050
••
240
1,168
23, 914
116, 377
179,178
871, 969
500
2,433
•26,028
126, 665
105
511
20,133
127,176
25, 633
124,743
213
DIEECTOE OF THE MINT.
FRANCE A N D F R E N C H COLONIES.
France.
I t e m s r e p o r t e d for 1886.
Kilograms.
Amouut.
Coinage: .
Gold
Silver for F r a n c e s u b s i d i a r y
Francs.
*25, 086, 700
,
Silver for I n d o - C h i n a
Silver for H a y t i
Imports:
Gold coin
$4, 841,733
154, 379
Piasters.
29,795
3, 215, 771
Gourdes.
150, 000
3, 215, 771
^
144,750
Francs.
Gold b u l l i o n
Total
Exports:
Gold coin
Gold b u l l i o n . . .
a.
Total
Gain by import
.........
Imports:
. Silver ooin
Silver bullion
Total
Exports:
Silver coiu
Silver bullion
Total
Equivalent in
Uuited States
money.
.
..
.
°
Gain by imports
-
^
•
P r o d u c t i o n of m i n e s 1885:
Silver
M a n u f a c t u r e d goods s t a m p e d , 1886:
Gold
Silver
51,000
l b \ 529, 600
29, 631, 213
107,121,545
20, 674,457
260, 651,145
50, 305, 670
121, 560, 925
23,461,259
76, 528, 731
14, 770, 045
198, 089, 656
38,231, 304
62, 561,489
12, 074,366
157, 797, 967
30, 455, 008.
24, 965,743
4, 818,388
182,763, 710
35, 273, 396
124,251,361
10, 687, 682
23, 980, 513
2, 062,723
134, 939, 043
. 26, 043,236
47,824,667
9. 230,160
8, 205, 092
1, 583, 583
8,548
„
75,803
* Includes 1,500,000 francs coined for Monaco.
The report of the Gommission de Gontrole., corresponding to the Assay
Commission of the Unitecl States or to the Goldsmiths' Jury of England,
on the monetary circulation of France, is published iu the Appendix, and
shows how closely the French coinage conforms to the legal standard
as to weight and fineness.
Guadeloupe,,—Mr. Charles Bartlett, United States consul at Guadeloupe, Westlndies, replies, under date ofMarch 1,1887, to the interrogatories for the calendar year 1886, and also to the first four interrogatories relative to the calendar year 1885.
The money of Guadeloupe, a French colony, is coiued in France.
The specie in bank at the end of the calendar year 1885 was 2,186,854
francs, and the bank-notes in circulation on the same date amounted to
5,293,050 francs.
'214
REPORT ON THE FINANCES.
Items reported for 1886.
Francs.
Equivalent in
United States
iQoney.
Iraports from France, Frencb gold
Exports, French gold
Imports, French silver
,
Exports :
French silver
Foreign silver
200, 000
30,000
441, 350
$38,600
5,790
85,181
573, 252
50, 000
110, 638
9,650
Algeria.—Mr. Charles T. Grellet, United States consul at Algiers,
transmits, under date of April 4, 1887, two communications, one containing information called for by the circular of January 1, 1887, and
the other, replies to the first four interrogatories of the circular of the
preceding year.
'
The legal unit of accouut is the franc; the standard, double. The
same coins are used as in France.
Items reported for 1880.
Equivalent in
United States
money.
Kilograms.
Francs.
15, 033, 995
Imports of silver coin
Exports of silver coin
/Exports of sflver bullion
Metals stamped, gold and silver:
Gold.-.
:
Silver
572, 289
701, 969
$2, 901, 561
1, 335, 064
38,514
110; 452
135, 480
BELGIUM.
Mr. Lambert Tree, minister resident of the United States at Brussels,
reports, under date of March 21, 1887', information from the Kingdom
of Belgium, requested by this Bureau:
Items reported for 1880.
Silver coinage (subsidiary), recoinage of 5-franc pieces
Francs.
4, 776, 000
Equivalent in
United States
money.
$921, 768
Since the law of June 5, 1878, the stamping of manufactured articles
•of gold and silver is optional, consequently the amount reported as
stamped is far from the total amount. The amount stamped in 1886
was:
Articles.
Gold
Silver
.
..
.-
Kilograms.
105
1 866.208
In 1865, under obligatory stamping, the amouut stamped was:
Articles.
Gold...
Silver.
Kilograms.
635
4,654
215
DIRECTOK OF THE MINT.
.
Amount.
I t e m s r e p o r t e d for 1886.
Kilos.
Imports:
Gold coin
1,145
2,126
Gold b a r s
Gold j e w e l r y
Exports:
Gold coin
...
..............'.............
781
..'.
31. 040
.,
Silverjewelry
5,991
65, 095
2,705,348
2,513
104,440
-
•
55, 826
•
Silver b a r s
Silver o r e
367, 311
519, 053
84
Imports:
Silver coin
Equivalent in
United States
> money.
$760,967
1,412, 940
1, 903,166
Gold b a r s
Gold j e w e l r y
Exports:
Francs.
412,818
„
1, 069, 712
206, 454
116, 786
13, 549
197, 992
22,540
*
Silver com
.'....
326
4,764
Silver b a r s
Silver j e w e l r y
SWITZERLAND
Mr. Boyd Winchester, minister resident and consul-general of the
United States at Berne, reports, under date of 17th February, information requested by the Department circular for the year 1886 5 and
under date of 2d July, 1887, a resolution of the Swiss Federal Assembly authorizing the receipt at public and private institutions of certain
foreign coins at fixed rates in francs.
\
Amount.
I t e m s r e p o r t e d for 1886.
1
Kilograms.
Coinage:
Gold.. . .
Silver
Francs.
5, 000, OCO
E x p o r t s of gold coin a n d bullion
I m p o r t s of s i l v e r coin a n d bullion
•..
E x p o r t s of s i l v e r coin a n d b u l l i o n
$905, 000
2, 600, 000
501,800
7, 600,000.
1,406, 800
3,796
13, 096, 200
$2, 527, 567
2,905
4, 412,880
851, 687
124, 564
24, 912, 800
4, 808,170
79, 906
10,387,810
3,162, 847
Total
I m p o r t s of gold coin a n d b u l l i o n
Equivalent, in
United States
money.
The resolution of the Swiss Federal Assembly referred to provides
that certain foreign gold coins shall be received at the following rates
in francs:
Pieces.
Sovereign
Half-sovereign
20-mark piece of Germany
10-mark, piece of Germany
5-dollar gold piece of the United States
Francs.
25.20
12. 60.
24.70
12.35
25.90 ,
216
REPORT ON T H E
FINANCESc
Mr. John B. Stallo, United States minister at Rome, reports, under
date of March 11, 1887, information for the calendar year 1886 so far as
relates to the Kingdom of Italy.'
.
.Items re-ported for 1886.
Kilograms.
Coinage:
, Gold
Silver, recoinage
Imports of gold coin
Exports of gold coin
Imports of silver coin
Exports of silver coin
Prod Liction of mines :
Gold
Silver
Manufactured goods stamped:
Gold
..-..
Silver
Lire.
180,160
550, 437
, $227,771
1, 795, 864
1, 058, 227
1, 724, 535
8,109, 9.54
7, 440, 234
486, 000
i, 300, 000
1, 215, 900'
302, 404
483, 039
935,413
020, 489
180
3,500
Equivalent in
United States
money.
93, 798.
1,143
5,191
AUSTRIA-HUNGARY.
Mr. James Fenner Lee, secretary of legation and charg6 d'affaires at
Yienna, communicates, under date of December 23,1886, replies tothe
interrogatories of this Bureau relating to the calendar year 1885. The
legal unit of account in Austria is the silver gulden (florin) of the weight
of 12.3456 grams, fineness of .900. The coinage of silver for private account has been discontinued sincel879, with the exception of the Levantthaler, a trade coin of the weight of 28.0644 grams, fineness .833.
Since 1876, custom-dues are required to be paid in gold coin, or in silver On a basis fixed for one month at the average price for the preceding
month.
A paper-money regime exists, and all payments of the Government
are made in notes, except whett gold is required by contract. Bank-,
notes may be issued to the extent of 200,000,000 gulden (florins) without metallic reserve.
The productionof Austria in 1885 was, approximately, 20 kilograms of
gold and 36,000 kilograms of silver.
Items reported.
1885.
Gold imports
-.
Gold exports
r
- —
Silver imports
Silver exports
Metallic reserves, December 31, 1885:
In the Treasury:
Gold
.....:
Silver.
Iu Austro-Hungarian Bank:
Gold
Silver
,
Amount.
. Equivalent
in United
States money.
Florins.
8, 302, 900
$4, 001, 998
3, 955, 500
•" 1,006,551
5, 250, 823
2, 530, 897
3, 369, 965
1, 024, 323
2, 421, 260
1,167, 047
3, 072, 415
6, 374, 304
69, 073, 000
129, 723, 000
33, 293,186
62, 526, 486
217
DIRECTOR OF T H E MINT.
Amount. ^
Items reported.
Equivalent
in U n i t e d
States money.
Florins.
1885.
Issne of paper money, December 31, 1885
338, 248, 952
$163, 035, 995
362,603,000
174, 774, 646
Gold
2, 422, 645
1,167,715
Silver
1,672,086
805, 945
. State-notes
Bank notes
•-
Coinage, Kremnitz mint, 1885 :
Coinage, Vienna mint, 1885:
Gold
3, 369, 799
Legal-tender silver coins
• Silver trade coins
3, 547, 740
2, 919,170
•
1, 624, 243
Subsidiary silver
466,106
1, 407, 040
224,663
Gold
2, 690, 366
1, 296, 756
Silver (standard coins)
1, 565, 967
754, 769
1, 710, Oil
1886.
Coinage, Kremnitz mint, 1886:
Coinage, Vienna mint, 1886:
Gold.......
Silver (standard coins)
2, 878, 388
1, 387, 383
6, 895, 510
3, 323, 636
634, 856
306, 000
Maria Theresa thalers (trade coins)..
GERMANY.
TsV'O reports have been received from the minister of foreign affairs
ofthe German Empire, Count H. Bismarck, containing replies to interrogatories for the year 1886.
Amount.
Items reported.
Kilograms.
Coinage:
(^ oid
Ilocoinage
1886.
,
'
X e t coinage
Imports:
Gold coin
(TOUI b u l l i o n
Total
.
Equivalent
in U n i t e d
States money.
•
Silver
Exports:
Marks.
.
.
35, 740, 380
145, 560
$8, 506, 210
34,643
35, 594, 820
4, 848, 582
8,471, 567
1,153, 963
5,507
11,897
3, 659, 952
7,906,746
17,404
11,566,698
4,936
2, 922
3, 280, 466
1,941,961
7, 858.
9,546
5, 222, 427
6. 344, 271
. ^
Gold bullion
Total
•
Imports:
Silver b u l l i o n
Total
-.
..
Exports:
1
Silver coin
Total
Loss bv exnort ^
P r o d u c t i o n of m i n e s :
Gold
..
..
Silver
•
50, 280
23; 864
2, 0S9, 637
991, 788-
74,144
3, 081, 425
98, 662
152,133
4,100,393
6, 322, 647
250, 795
176, 651
10,423, 0407,341,615
\
:.
1. 065
319,598
- 2,974,000
42, 708, 000
707.812
10,164, 504
218
REPORT ON T H E
FINANCES.
A considerable portion of this was doubtless from foreign ores
smelted.
A table will be found in the Appendix showing the total coinage of
the German mints to the close of the year 1886; also the coinage struck
in 1886 at the Eoyal Mint at Berlin for the Egyptian Government.
NETHERLANDS.
Mr. Isaac Bell, jr., minister resident of the United States at The
Hague, forwards, under date of March 4,1887, a memorandum prepared
a,t the ministry of finance in reply to interrogatories.
Amount.
/
Items reported for 1886.
Kilograms.
Gold coinage
Imports:
Gold coin
Gold bullion
T G t al
)
-..
Exports:
Gold coin
Gold bullion
14,185,191
13,137,211
5, 702, 447
5, 281,159
513, 950.
1, 372, 000
206, 608
551, 544
.'
. .
..............
1, 8^85, 950
25,436,452
758,152
' lo', 225, 454
824, 205
599, 623
331, 330
241,048
1, 423, 828
572 378
24, 802
4,100
9, 970
1,648
Total
:
•
•
.
Total
.. . . . .
$217, 647
t
Exports:
Silver coin
Silver bullion
.
541, 410
10,983,606
Imports:
Silver coin
Silver bullion
Gain by import
Equivalent in
United States
money.
27, 322, 402
„
Total 1
Net gain by i m p o r t . . . . . . . . . .
Florins.
....
Manufactured goods stamped:
Gold
Silver
1,044
10,924
28, 902
11 618
1, 394, 926
560 760
.V.
:
PORTUGAL.
Mr. B. P. 0. Lewis, minister resident and consul-general of the United
States at Lisbon, furnished, under date of IsToveinber 20, 1886, replies
to the interrogatories for the calendar year 1885, and under date, of
March 4,1887, information for the year 1886.
The money of account is the real.- The legal standard is gold and
silver, but, as a matter of fact, Portugal has a single gold standard.
The fineness of both the gold and silver coins is .916|. The weight of
DIRECTOR
219
OF T H E MINT.
10,000 reis pf gold coin is 17.735 grams, and the same proportion exists
for other gold coins.
Items reported for 1885.
•
.
.
Amount.
•
•G-old coiDci<^6 •
.--.-.
. . . . . . . . . . . . ' . ••
-•..
•Equivalent in
United States
money.
Milreis.
228, 000
$246, 240
4, 067, 000
4, 392, 360
109,716
118,493
819, 333
884, 880
26, 519
28,640
Imports:
Gold . . .
Silver
.
.'
.
'
ICxports:
Gold
-
:
^
Silver
The gold in circulation in Portugai consists principally of English
sovereigns. I t may be estimated at 6,000,000 milreis. The silver in
<jirculation (limited tender) is about 9,000,000 milreis. Bank-notes in
circulation at the close of 1885 amounted to 7,076,345 milreis.
I t e m s r e p o r t e d for 1886.
•Gold c o i n a g e
Milreis.
166,320
--
Recoinage
N e t coinage
.Silver c o i n a g e
Value in
United States'
money.
$179, 626
54, 000
58, 320
112, 320
121,306
277,560
299, 705'
I m p o r t s of gold c o i n . .
I, 448, 364
10, 204,.233
J E x p o r t s of gold c o i n . .
3,737
Gain b y imports
4, 036
10, 200,197
I m p o r t s of s i l v e r coin
637,189
i88,164
E x p o r t s of s i l v e r c o i n .
3, 886
4,196
Gain b y imports
633, 303
083, 967
. The minister incloses a copy of the decree of 1886 authorizing the
<?oinage of 200,000 milreis in silver. A decree was issued July 1,1886,
directing the withdrawal from circulation of all foreign silver coins in
the Oape Yerde Islands. Copies'of both decrees will be found in the
Appendix.
SCANDINAVIAN
UNION.
Sweden.—The United States minister resident at Stockholm fur-nishes, under date of August 25, 1887, information concerning the
coinage and mbneys of Sweden for 1886.
•220
REPORT
ON TflE
FINANCES.
Amount.
I t e m s r e p o r t e d for 1886.
Kilograms.
Crovns.
Equivalent i n
U n i t e d Statesmoney.
Coinage:
Gold
Imports:
G o l d coin
^ Gold b u l l i o n
,
. .4
3, 664, 880
$982 188
846, 307
226, 810'
534,130
143,147
171; 000
45, 828
167, 008
362, 397
128, 046-
.
.................... .....
1,602
Imports:
Silver coin
Silver bullion
.. . . . . . .
Exports:
Silver coin . . .
. . . . ..
Silver b u l l i o n .
... .......
......
321
.........................
....... .....................
^ 215
P r o d u c t i o n of m i n e s :
67. 341
Gold
Silver i
•
$3,080. 928
M a n u f a c t u r e d goods s t a m p e d :
Gold
Silver
44, 758
302.048
200, 741
1, 904. 008
79,130
Denmark.—Mr. Rasmus B. Anderson, minister resident and consulgeneral of the United States at Copenhagen, forwards, under date of
April 19, 1887^ information in regard to the coinage, production, etc., of
the Kingdom, of Denmark, furnished by the minister of foreign affairs.
Items reported for 1886.
Amount.
Crowns.
50, 836
Silver coinage
Goldimports.
Gold exports..
Equivalent in
United States
money.
..
$13, 624
4, 000, 000
1, 072, 000
1,000,000
268, 000
]^^ovember 27, 1886, was. signed a treaty between Denmark, N^orway,
and Sweden binding the mints of the respective countries to receive
gold for coinage, when the amount is, at least, half a million crowns.
I t was left optional, however, for each nation to fix a lower limit. In
consequence, individual^ do not make deposits of gold, but those having
small quantities dispose of it to banks and private exchanges.
jSforway.'r-An official reply from the ]^orwegian Government has not
yet been received. I t is known, however, that there was a gold coinage
executed at the Kongsberg mint during 1886 amouhting to 2,013,000
crowns.
TURKEY.
Mr. Pendleton King, charg6 d'affaires at Constantinople, reports^
under date of February 10,1887, replies to the interrogatories regarding
the calendar year 1886, and, under date of February 11,1887, replies to
the first four interrogatories of the circular of the preceding year. He
also transmits, under date of February 15, 1887, a copy pf a circular
prohibiting the entry and circulation of foreign silver money in the Turk-,
ish Empire.
221
DIRECTOR, OF T H E MINT.
The unit of^account is the piaster. Mr. King states that a double
standard prevails, but that, as a matter of fact, Turkey has adopted the
single gold standard.
Items reported for 1886.
Amouut.
Coinage:
Gold....
•Silver, recoinage into small coins
Production of mines:
Gold
Silver
1
^
@FedFRASER