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BEPORT SECRETARY OF THE TREASURY ON T H E STATE OF THE FINANCES THE Y"EA.R 1875. WASHINGTON GrOVEKNMENT PRINTING 1875. OFFICE. :)-: TABLE OF C O N T E N T S . I . — R E P O R T OF THE SECRETARY ©P THE TREASURY Tables accompanying the report iir ; ^ . . . . o. . 3 APPENDIX A. The life-saving service - , 46 APPENDIX B. Abstracts of returns of vrrecks and casualties to vessels which have occurred on" and nea? the coasts and on the rivers of the United States, and to American vessels at sea, and on the coasts of foreign countries during the fiscal yearending June 30, 1875 ..o „ 64 APPENDIX C. Statement of refunds made by the Treasury Department from Mauch 3 to November 20, 1875 Treasury Department decisions under which refunds have been made Liabilities of the United States to Indian tribes, &c 122 132 701 I I . — R E P O R T S O F TREASURY OFFICERS. Architect, Supervising Auditor, F i r s t . . Auditor, Second « Auditor, Third , Auditor, Fourth Auditor, Fifth Auditor, Sixth Bureau of Statistics, Chief of Coast Survey, Superintendent of... Commissioner of Customs Commissioner of Internal Revenue Comptroller, First Comptroller, Second,--. Comptroller of the Currency Director of the Mint Light-House Board Register of the Treasury Solicitor Treasurer - i^%^-QjJ „ ., - - '. , « •, *». 619 339 345 361 381 389 427 663 1.. 715 '..331 141 319 325 187 291 721 , 511 599 449 V EPORT I TREASURY DEPARTMENT, Washington, B, C, Becember 6, 1875. S I R : In obedienee to law, the Secretary of the Treasury respectfully submits to Congress the following report oh the subject of finance, embracing estimates 6f receipts and expenditures, and plans of revenue: RECEIPTS AND EXPENDITURES EOR THE FISCAL YEAR ENDING JUNE 30,1875. Beceipts, The inoneys received and covered into the treasury by warrants during the fiscal year ending June 30, 1875, were as follows: From customs i ' $157,167, 722 35 From internal revenue 110, 007,493 58 From sales of public lands ..,:.. 1, 413, 64Q 17 From tax on cir.^ulation and deposits of national banks I. - . 7,268,379 16 From repayment I of interest bv Pacific Eailway Companies i . . . l ..^. 882,274 91 From customs' fines, penalties, &c 228, 870 23 From labor, drayage, storage, &c 1,112, 500 53 From sales of Indian-trust lands 243, 671 6G From fees—consuljar, letters-patent, and land 1, 818, 884 29, From proceeds of ^ales of government property . . . . 1, 278, 693 87 From marine-hospital tax 338, 893 78 From steamboat fees 260, 944 75 From profits on colinage, &c 452, 657 40 From tax on seal-s|kins 31.7, 494 75 From miscellaneous sources 1,228, 649 98 ! l__Z Total ordinary receipts : 284, 020, 771 41 Premium on sales of coin 3, 979,279 69 Total net receipts, exclusive of loans , 288,000,051 10 Balance in treasury June 30, 1874, includmg deposits of coin and United States notes represented by certificates outstanding 150, 731, 694 63 Total available cash 438, 731, 745 73 IV REPORT OF T H E SECRETARY OF T H E TREASURY. Expenditures, The net expenditures by warrants during the same period were-^ For civil expenses $17,346, 929 53 For foreign intercourse 1,265,418 23 For Indians 8,384, 656 82 For pensions : 29, 456, 216 22 For military establishment, including fortifications, river and harbor improvements, and arsenals. 41,120, 645 98 For naval establishment, including vessels, and machinery and improvements at navy yards 21,497, 626 27 For miscellaneous civil, including public buildings, light-houses, and collecting the revenues 50, 528, 536 22 For interest on the public debt, including interest on bonds issued to Pacific Eailway C o m p a n i e s . . . . . . . 103,093,544 57 For payment of award to British claimants 1, 929, 819 00 Total net expenditures..... Eedemption of the public debt 274, 623,392 84 19, 405, 936 48 Total net disbursements Balance in treasury June 30, 1875 294, 029,329 32 144, 702,416 41 Total 438, 731, 745 73 This stateinent shows that the net revenues for the fiscal year were r $288, 000, 051 10 And the ordinary expenses, (including the award to British claimants, $1,929,819) 274, 623, 392 84 Leaving a surplus revenue, exclusive of provision for the sinking fund 13, 376, 658 26 By reference to the last annual report, page yi, it will be observed chat the estimate then made was that the revenues for this fiscal year would reach the sum of $284,318,285 99, and that the expenditures would amount to $275,315,489 42. RECEIPTS AND EXPENDITURES FOR THE FISCAL YEAR ENDING JUNE 30, 1876. The receipts during the first quarter were— From From From From From From From customs internal revenue sales of public lands tax on circulation, &c., of national banks repayment of interest by Pacific railways customs' fines, &c consular, patent, and other fees $44,233, 626 28,199, 723 308, 641 3 626, 033 ' 262,212 28, 521 510, 427 25 50 73 83 bl 75 19 REPORT OF T H E SECRETARY OF T H E TREASURY. From proceeds of sales of government property From miscellaneous sources IsTet ordinary receipts. Premiums on sales of coin Total net ordinary receipts Balauce in treasury June 30, 1875 Total available.. Y $104, 273 65 1, 722, 408 90' 78, 995, 869 67 2,'160, 275 47 81,156,145 14 144, 702, 416 41 225, 858, 561 55 The expenditures during the same period were— For civil and miscellaneous expeuses, including public . buildings, light-houses, and collecting ttie revenues. $18, 673^ 072 68 For Indian^s 2, 660, 474 38 For pensions 8, 345, 927 64 For military establishment, including fortifications, river and harbor improvements, and arsenals 11,391, 476 26 For naval establishment, including vessels and ma • chinery and improvements at navy yards 7, 959, 037 99 For interest on the public debt, including Pacific Eailway bonds 34, 517, 554 81 Total ordinarv expenditures 84, 047, 543 76 Eedemption of the public debt 6, 838, 999 66 Balance in treasury September 30,1875„ 134, 972, 018 13. Total 225, 858, 561 55 For the remaining three quarters it is estimated that the receipts will be— , From customs $112, 000, 000 00 From internal revenue 92, 000, 000 00 From sales of public lands 1,100, 000 00 From tax on national banks 3, 650, 000 00 From reimbursement by Pacific railways. 350, 000 00 From customs' fines, penalties, and forfeitures...... 100, 000 00 From consular, patent, and other fees 1, 300, 000 00 From proceeds of sales of public property 600, 000 00 From miscellaneous sources, including premium on . coin 5,200, 000 00 Total net receipts 216, 300, OOQ 00 For the same period it is estimated that the expenditures will be— For civil miscellaneous, including public buildings.. $49, 500, 000 00 For Indians 4, 400, 000 00 For pensions 21, 000, 000 00 For military establishment 30, 000, 000 00 For naval establishment : 12, 000, 000 00 For interest on the public debt 67, 500, 000 00 Total ordinary expenditures 184, 400, 000 00 VI REPORT OF T H E SECRETARY OF T H E TEEASURY, From the foregoing statement of actual receipts and expenditures for the first quarter of the current fiscal year, and the estimates of the same for the remaining three quarters, based upon appropriations already made, and also on the assumption that Congress will not increase the expenditures by deficiency or other appropriations, it will be seen that, in the judgment of the Department, the revenues will reach the sum of $297,456,145 14, and that the ordinary expenditures will amount to $268,447,543 76. This exhibit gives a surplus revenue of $29,008,601 38. Under existing laws it is estimated that $32,293,692 32 will be required to be provided for the sinking fund for this year. If the statement, as here submitted, shall prove to be approximately correct, the revenues will fall short by the amount of $3,285,090 94 of providing for the appropriations made by Congress. ESTIMATES FOR THE FISCAL YEAR ENDING J U N E 3 0 , 1877, It is estimated that the receipts for the fiscal year ending June 30, 1877, will be— From customs. $165, 000, 000 00 From internal revenue. 120, 000, 000 00 From, sales of public lands 1,500, 000 00 From tax on circulation of national banks 7, 200, 000 00 From reimbursement of interest by Paciiic Eailway Companies 500,000 00 From customs' fines, penalties, and forfeitures 100,000 00 From consular, letters-patent, and other fees 1, 900, 000 00 From proceeds of sales of government property 800, 000 00 From miscellaneous sources 7,000,000 00 Total ordinary receipts 304, 000, 000 00 It is estimated that the ordinary expenditures for the same period will be— For civil expenses $17,500, 000 00 For foreign intercourse 1, 353, 000 00 For Indians. 7, 000, 000 00 For pensions 29,534, 000 00 For military establishment, including fortifications, river and harbor improvements, and arsenals 40, 000 000 00 For naval establishment, including vessels and machinery and improvements at navy yards 21, 000, 000 00 For civil miscellaneous, including public buildings, and light-houses, collepting revenues, mail steamship service, deficiency in postal revenues, public printing, &c 52, 000, 000 00. For interest on public debt 97, 000, 000 00 For interest on Pacific Eailway bonds : 3, 878, 000 00 Total estimated expenditures, exclusive of the sinking-fund account and principal of the public debt 269,265, 000 00 REPORT OF T H E SECRETARY OF T H E TREASURY. VII I t is expected that for this^ fiscal year the surplus revenues of the government will amount to $34,735,000, The estimated amount to be provided for the sinking fund is $34,063,377 40. There is reason to hope, therefore, that the income of the government for this year will amply provide for all its obligations, including the sinking fund. The estimates received from the several Executive Departments are as follows: Legislative establishment , i.., . „ $2,865,378 50 Executive establishment 18, 717,045 40 Judicial establishment 3,403,450 00 Foreign intercourse 1,352, 485 00 Military establishment \... 33, 697,178 50 Naval establishment 20,871, 666 40 Indian affairs....: 1 5, 787, 795 64 Pensions . . . . : . . . . 29,533,500 00' Public works: Treasury Department -$6,152,846 86 War Department 19, 888,238 44 Navy Department 1, 725, 000 00 Interior Department 800,500 00 Department of Agriculture.. 21, 825 00 Department of Justice 3, 000 00 28,591,410 30'• Postal service 9,281, 602 19' Miscellaneous 13, 881,185 79 Permanent appropriations, (including $34, 063, 377 40 for sinking fund) » 146, 629, 910 76' Total ' 314, 612, 608 48- REDUCTION OF THE PUBLIC DEBT. By the monthly statementof the public debt issued June 30,1875, the reduction ofthe debt duringthe year was shown to be $14,399,514 84, viz:: Principal ol .the debt July 1, 1874 $2, 251, 690, 468 43' Interest due and unpaid, and accrued in terest to date, 38, 939,087 47' Total debt. 1 Cash in the treasury 2,290, 629,555. 90.... ... Debt, less cash in the treasury 147, 541,314 74 2,143, 088,241 16 Principal of the debt July 1, 1875 $2,232,284,531,95 In terest due and unpaid, and accrued interest to date, 38,647,556 19Total debt. ' 2,270,932, 088 14 Cash in the treasury Debt, less cash in.the treasury Showing a reduction, as above stated, of. 142,243, 361 82 , 2,128, 688, 726 32 $14,399^ 514 84 VIII REPORT OF THE SECRETARY OF T H E TREASURY. I t will be observed that "the surplus revenues, exclusive of provision for the sinking fund, as shown in the statement of receipts and expenditures for the fiscal year, were $13,376,658 26, or $1,022,856 5S less than the amount of the reduction of the debt as shown by the monthly statement of the same. The difference between these two statements arises from the difference of dates at which they are made up, as will be seen by a comparison of them as regards the cash in the treasury at the commencement and close of the fiscal year, and of the item of '^interest due and unpaid, and accrued interest to date," which, in the monthly debt statement, is treated as a liability of. the Government, precisely as is the principal of the debt, but which is not so Considered in the statement of receipts and expenditures. The cash in the treasury July 1, 1874, as shown by the monthly debt statement of that date, and which embraced only the moneys officially reported to the Department at the time of its issue, was.. $147, 541,314 74 The cash in the treasury July 1, 1874, as shown by the account of receipts and expenditures, (the books from which it is xirepared usually being kept open for a period of forty-five days, so as to include at the date of closing the account all the revenues deposited at the different places of deposit throughout the country within the period covered by the same, and which are unascertained at the time of the issue of the monthly statement,) was 150, 731, 694 63 Showing a difference of 3,190,379 89 The cash in the treasury July 1, 1875, as shown by the monthly debt statement of that date, was $142,243, 361 82 And as shown by the statement of the receipts and expenditures of same date 144, 702, 416 41 Showing a difference of The difference in these two statements of cash reported to the Treasury, as appears by the monthly statement, andasascertainecl by the statementof receipts and expenditures at the commencement and close of the fiscal year, it will be seen, is To which add the reduction in the item of " Interest due and unpaid, and accrued interest to date". Making the sum of. 2, 459, 054 59 $731, 325 30 291, 531 28 1,022,856 58 I t will, therefore, be perceived that no difference exists in these two accounts, other than that which grows out of the manner of their preparation. REPORT OF T H E SECRETARY OF T H E TREASURY. IX Frugality in administration is among the foremost and most important points of a sound financial policy. Fai thful collection of the revenue and reduction of expenditures to the lowest point demanded by the necessities of government, constitute the first duty of those intrusted with making and administering the law. The obligation to adhere strictly to this duty has peculiar force while the public indebtedness is large and the industries of the country are suffering from financial depression. Eigid economy at such a time must lead to two important results; first, advancement of the credit of the government throughout the financial world, and hence ability to refund the debt at a lower rate of interest; second, and by no means least in importance, greater willingness on the^part of the people to bear the burden of taxation, when they see that their government, like themselves, is reducing expenditures to the lowest practicable point, and applying the . revenue received from them fo its necessary and legitimate purposes. The general depression of business which followed the era of inflation and extravagance, through which we have just passed, has made it necessary that individuals, associations, and corporations should reduce their expenditures to the minimum; and, having done so, the taxpayers have a right to demand that the goverhment shall do likewise. While the interest on the public debt, and all other national obligations, must be promptly met, there are many points at which it is believed that considerable reduction.of appropriations can properly be made; and the Secretary invites critical examination of all the estimates submitted to Congress. Increase of public expenditures in time of great proslierity and extravagance is accomplished by an easy process; but a corresponding reduction when the reverse comes can be brought about only by the closest vigilance and most determined resistance to every appeal for appropriations not required by the existing necessities of government. No appropriation of money should be made without reference to the probable amount of revenue to accrue within the year in excess of existing obligations and liabilities. THE SINKING FUND. The fifth section of the act of Februairy 25, 1862, sets- apart as a special fund all duties on imported goods, and directs the application thereof— First, To the payment in coin of the interest on the bonds and notes of the United States. Second, To the purchase or payment of one per centum of the entire X REPORT OF T H E SECRETARY OF T H E TREASURY. debt of the United States, to be made within each fiscal year after the first day of July, 1862, which is to be set apart as a sinking fund, and the interest of which shall, in like manner, be applied to the purchase or payment of the public debt, as the Secretary of the Treasury shall from time to tirae direct. Third,. The residue thereof to be paid into the treasury of the United States, „ Section six of the act of July 14, 1870, directs that the bonds theretofore purchased and then held in the treasury in accordance with the provisions of the act aforesaid, and all othef bonds which had been purchased by the Secretary of the Treasury with surplus funds in the treasury, and any bouds thereafter applied to said sinking fund, with all others thereafter redeemed or paid, shall be recorded, cancelled, and destroyed, and that the amount of the bonds of each class so cancelled and destroyed shall be deducted, respectively, from the amount of each class of the outstanding debt of the United States. The lastnamed act also provides that, in a^ddition to other amounts to be applied to the redemption or payment of the public debt, an amount equal to the interest on all bonds belonging to the aforesaid sinking fund shall be applied, as the Secretary of the Treasury shall from time to time direct, to the payment of. the public debt, as provided for in section five of the act first above named, and appropriates from the receipts for duties on imports the amount so to be apjilied. These acts are regarded by the Secretary as imposing upon him the imperative duty to take care of the sinking fund, as therein directed, out of the coin received from duties on imports. This requirement is secondary only to the payment of interest on the public debt. It takes precedence of all other appropriations, as, by the very terms of the legislation, only the residue of receipts- from customs, after deducting interest on the public debt and providing for the sinking fund, goes into the treasury, . The statute imposes jipon the Secretary a duty to be performed annually, the requirement being that the purchase, or payment, for and on account of the sinking fund shall be made within each fiscal year. . During the past fiscal year it was not practicable to purchase the ^ amount of United States bonds required ibr the sinking fund, for the reason that such bonds could not be bought at par, and the Secretary was forbidden by law to pay more. But the eleventh section of the act of March 3, 1875, authorizes the Secretary, for the purpose of obtaining bonds for the sinkingfund, to give notice that he will redeem, in coin at par, any bonds of the United States, bearing interest at the REPORT OF T H E SECRETARY OF THE TREASURY. XI rii;te of six per centum, of the kind known as five-twenties; and further provides that interest on such bonds shall cease at three months from the date of notification. The amount required for the sinking fund for the fiscal year ending June 30, 1875, was $31,096,545. Of this amount $1,096,500 six per cent, five-twenty bonds were purchased at the rate of $99 87.J for each hundred dollars in bonds; and on the l l t h day of March, 1875, a call was made for $30,000,0.00 of the same class of bonds. This call matured on the l l t h day of June, 1875, which, being so near the end of the fiscal y^ar, a part of the bonds named in. the notice were not presented for redemption during that year. Of the amount so called only $24,073,900 were presented for payment before the .30th day of June. Therefore, the amount which appears upon the books of the treasury as actually applied to the sinking fund within the past fiscal year is $25,170,400. For the current fiscal year it is estimated that $32,140,914 must be applied to the fund. To meet this requirement a call was made on the 1st day of September for $8,000,000 six per cent, five-twenty bonds, and on the 15th day of November a further call for $5,000,000 bonds of the same class. The balance necessary to complete the total amount for this year will be called from time to time in such manner as to cause the least disturbance of the market, and it is hoped that the whole amount will be presented for payment within the year, REFUNDING THE NATIONAL DEBT, Since the Secretary's last report to Congress the refunding of the national debt authorized by the acts of July 14, 1870, and January 20, 1871, has been continued. The contract which was entered into July 2S, 1874, and which is fully set forth and explained in the, last annual report, Avas renewed January 29, 1875, the contracting parties being Messrs. August Belmont & Co., of New York, on behalf of Messrs. N. M.'. Eothschild & Sons, of London, England; Messrs.Drexel, Morgan & Co., of New York, on behalf of Messrs, J. S. Morgan & Co., of London, England ; and Messrs. J. & W, Seligman & Co., of New York, on behalf of Seligman Brothers, London, England. The conditions of the contract were slightly "modified, the contracting parties being allowed one-half of one per cent, commission, and binding themselves to defray all expenses incurred in transporting five per cent, bonds to London, and six per cent, bonds. United States coin coupons, aud gold coin, from Loudon to Washington, besides the expenses of preparing the new bonds. Under this agreement the contracting parties have subscribed for XII REPORT OF THE SECRETARY OF T H E TREASURY. $122,688,550, the balance of ^'New Fives" then remaining unnegotiated,;:and the Secretary now has the pleasure of announcing to Congress «that the fundiug of the five huudred million of six per cent, bonds into those bearing five per cent, interest has been accomplished, thereby saving an anhual interest to the government of five million dollars. The success which has attended the refunding of $178,548,300 of the national debt during thelast sixteen months, with the steady improvement of the national credit, induces the belief that the remainder of the six per ceut. bonds can be refunded, within a reasonable time, in accordance with the provisions of the acts before mentioned. The attention of Congress is, however, called to the fact that, by the terms of the authorizing act, the bonds to be issued at the rate of four and one-half per cent, are redeemable at any time after the expiration of fifteen years frpm the date of theip issue. Bonds most easily placed on the market, which are most sought for by investors, and considered in all respects the most valuable, are those having a long period to run. Taking into consideration the fact that but little inducement is offered in the amount allowed as commissions for placing the United States loans, compared with that paid by other governments, it is thought important to give these bonds all the elements Df'popularity that may be possible; and the Secretary, therefore, recommends that an amendment be made to the act of July 14, 1870, which shall extend the time of redemption of such bonds to thirt}^ years from the date of their issue. RESUMPTION OF SPECIE PAYMENT. The depression of busiuess and general contraction of values which followed the financial panic of 1873 have continued to a greater or less degree iu all parts of the country. Sirailar fiuaucial convulsions have occurred iu other countries, and their effects are now being felt to a degree as great, perhaps, as in this country. These disastrous disturbances have been brought about iu our own country by overtrading, over-credit, and excessive enterprise of a speculative character, stimulated by too great abundance of promises to pay, existing in the form of currenc}^ not based upon, or convertible into, the only actual money of the world and of the Constitution, gold and silver. Other commercial countries which have suffered and are now suffering from financial depression, have felt the influence of like causes, while in some of them the^temptation to carry prosperous times to excess has, as has often happened before, led to over-production, and that superfluity of trade and credit which must inevitably, sooner or later, be followed by a collapse, and a corresponding period of depression. Although there REPORT OF T H E SECRETARY OP T H E TREASURY. XIII are gratifying indications of increased activity in certain branches ot business in the United States, it must be admitted that confidence has not yet been restored to the extent necessary to bring about a. general revival, or to put the trade and industries of the country upon a basis of activity and permanent prosperity. Nor is it reasonable tb expect that this will be done until there shall be a nearer approach to resumption of specie payment, and consequent improvement in the character of the currency. The constant disturbance of exchange and fluctuation of values, the uncertainties of busiuess, the want of confidence between individuals, corporations, and communities, which all experience proves to be the inevitable result of the use of a medium of exchange possessing no intrinsic value, representing no considerable amount of labor in its production, and not convertible into that which is recognized as money throughout the commercial world, are considerations which should claim the attention of every thoughtful representative of the people. However rapid may be our increase in population, wealth, and material strength, we caiinot take the rank as a commercial or business people to which we are entitled by superior natural advantages, and the productive energies of our population, or attract to us the surplus capital of the world, so loug as we have fluctuating standards of value, and such uncertainty in our fiscal legislation as makes the assembling of Congress and our frequent elections occasions of anxiety and apprehension not only with the holders of our securities abroad, but with business men at home. Great Britain has kept the value of her pound sterling substantially unvarying for two hundred years, and, in consequence of this steadiness, it has become the basis of the transactions, not only of British commerce and trade, but of all the world. In all civilized countries government negotiations with foreign money-lenders are made upon this basis; and, as a general rule, the only foreign bills current all over the world are those which are expressed in i)ounds sterling payable in London, which city thus becomes the great centre where a true measure of property and debts can be found; and hence, the commerce of the world revolves around it, and pays tribute to its commercial standard. With an unsteady and varying currency, having no fixed relation to the money of the world, but always much below its par value, we can never attain that commercial independence to which our great resources and active population entitle us. Every branch of industry and all classes of people are alike interested in the restoration of a sound and stable circulating medium, the laborer and producer no less than the merchant, bondholder, and XIV REPORT OF T H E SECRETARY OF T H E TREASURY. banker. The present unequal and fluctuating currency oppresses and injures laborers and producers, who constitute a great majority of our people, far more than it affects injuriously dealers in money. The difference between gold and our paper currency is a margin upon which experienced money-dealers do business, and it is this that gives the opportunity for artificial combinations whereby values are increased or reduced at pleasure. The purchasing power of the currency is increased or diminished by the manipulations of large operators united for that purpose, and producers and laborers are often made to suffer, without effective power of resistance. Eestoration of a sound aiid unvarying currency must bring better relative wages with more constant employment, because the value of labor, aB of that which it produces, W'ill be measured by a more certain standard; and, with the return of confidence, there must come activity, iirosperit}^, larger markets, and greater demand, which, as both reason and experience prove, do not tend to lower wages, or make employment less certain. The claim that the large issue of inconvertible paper currency has been beneficial to producers is, perhaps, sufficiently disproved by reference to the reports of sales of leading articles of produce,, such as wheat, corn, and pork, before and since the issue of such currency* The most trustworthy statistics show that such articles were sold in New York during the five years from 1870 to 1874, inclusive, for about the same ijrice that they brought in the five years from 1856 to 1860, inclusive. On the other hand it is equally certain that the farmer has paid increased prices, during the period from 1870 to 1874, for articles iinported for consumption, upon all of which the difference between gold and currency must be paid by the consumer, who pays in the latter. Thus the producer of domestic articles is constantly subjected to loss in exchanging his products for such articles as coffee, tea, sugars, and other imported goods, w^hich enter into daily consumption. In this connection it should be borne in mind that a greater volume of currency is required for the transaction of business when it consists of inconvertible paper, which does not circulate abroad, than when the currency in general use is gold, which flows through every artery of commerce. The statistics of our foreign trade illustrate this proposition. For every imported article the consumer must pay to. the importer, besides the cost in gold, increased by his percentage of profit, as much more as the difference between gold and the currency with which paynient is made. This difference, commonly called the premium on gold, increases by many millions .the total amount which would otherwise be required to complete all such transactions. REPORT OF T H E SECRETARY OF T H E TREASURY. XV The proper office of currency, whether it be gold or paper, is to serve as a medium of exchange for the adjustment of transactions between buyers and sellers. When it is sound and stable, receivable in all parts of the commercial world, the amount which actually passes from hand to hand in business transactions is far below the volume of business. A small per cent, thereof is adjusted by the actual handling of money. Exchanges are, for the most part, made by transfers of credits through banks and other agencies. Wherever exchanges and business transactions are conducted on the basis of coiu, and paper convertible into it, the volume will be regulated by natural causes. Money, like merchandise, will go where there is demand for it, and where something of value can be obtained in exchange for it. When the financial panic of 1857 created a demand for gold in this country, a ready and continued supply came steadily from abroad to meet the necessities of our people, and brought speedy relief. Now, the enforced use of inconvertible paper 'currency not only obstructs the flow of gold from abroad, but drives from the country the precious metals yielded by our mines. Good and bad currency cannot be retained in anything like equal proportions in a country having commercial relations with other powers and peoples. The latter will drive away the former. Gold and silver will flow steadily to those parts of the commercial world where business is done on the basis of an unvarying standard of values, and where every issue of paper is convertible into the precious metals at the option of the holder, because they are needed there. Such is the inevitable operation of the law of supply and demand; and the present limited and inadequate supply of coin in this country is chiefly due to this cause. Gold has become a commodity of trade, the price of which from day to day depends largely upon the will of those who have combined to control the market. This presents a serious obstruction to all productive industries and commerce, and introduces into busiuess transactions an element of uncertainty, which often unsettles > the most intelligent calculations, and tands to destroy confidence, without which there can be no real or permanent prosperity. Apparent, but fictitious prosperity has often followed large issues of irredeemable paper currency, but no result is more certain to flow from a given cause, than disaster' and financial distress to follow a period of inflation of business and credit caused by excessive issues of paper currency. The philosophy which teaches by example, as well as the deductions of reason, establishes conclusively that there is no effective remedy for the evil but the removal of its cause. XVI REPORT OF T H E SECRETARY OF T H E TREASURY. The circumstances attending the issue of the United States notes now in circulation impose upon the Government a peculiar obligation to provide for their speedy and certain redemption in coin. They were issued in the exercise of a power which can be called iiito use only in a time of supreme necessity, and were paid out for the support of an army composed of brave and patriotic citizens who had responded to the call of their country in the hour of its extreme peril. To suffer a promise made at such a time and under such circumstances to be dishonored by subsequent indifference or non-performance, would be little better than open repudiation, and would affect injuriously our national name and credit. It is worthy of note that for the most part those who now oppose the redemption of legal-tender notes, and who ask for a further issue and continued4ind indefinite reissue of the notes now in eirculation, were most strenuous in their opposition to such issues during the civil war. The acts authorizing such issues were denounced as in violation of sound principles of finance, and not warranted by the Constitution. Their constitutional validity was resisted at every point, and subjected to the test of judicial decision in almost every court in. the country, both State and national. The supreme judicial tribunal of the nation upheld the acts as measures of necessity iu a time of great exigency, but it has neither decided nor intimated that such power may be exercised by Congress iu time of public tranquillit3^ Indeed it is fairly inferable, from air the court has said in the various cases in w^hich the question has been before it, that the issue of such notes in time of peace is not within the constitutional power of Congress. The language and argument of the court leave no reason to believe that it would sustain the claim of power to increase the volume of such issues or ,to reissue such as have been redeemed in obedience to law, when the public exigency no longer exists. Those who opposed such issues at a time of supreme necessity, and insist upon farther issues when the emergenc}^ has passed away, put themselves in the attitude of opposing war measures in the midst of war, and ^^dvocating them in a time of profound iieace. Congress carefully confined the operation of the act to the period of necessity by authorizing " the reissue from time to time, as the exigencies of the public interests shall require." . The government is bound, not only by economic considerations and proper regard for the interest of the people, but by express and repeated promises, to provide for the redemption in coin of all its issues of legal-tender notes. The original legal-tender act was regarded and REPORT OF THE SECRETARY OF THE TREASURY. XVII treated at the .time of its adoption as. a temporary ineasure, made necessary and justifiable only by the exigency of war, which taxed all the resources, and'energies of the nation. The first act authorizing such issues (February 25, 1862) is entitled ^'An act to authorize the issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States"—language that significantly expresses the views of the Congress by which it was passed. It authorized the issue of $150.^000.000 legal-tender notes, and made provision for funding them in bonds issued on the credit of the government, bearing interest in gold, and payable at a future day. This was the best the government could do in the midst of its struggle for existence and rightful supremacy. The state df the public credit did not admit the possibility of the immediate procurement-of a sufficient amount of coin, to redeem the notes absolutely. A well-settled principle of political economy forbade the issue of paper currency without iiroviding for its redemption,- and, in obedience thereto, Congress made the only practicable provision for the reclemption of the notes which it .authorized to be issued and stamped with: the quality of legal tender. The act of July 11,1862, which authorized a further issue of $150,000,000, contained a like provision, andi further provided that any notes issued thereunder might be paid iui coin, instead of being converted into bonds, at the discretion of the Secretary o f t h e Treasury. The notes thus authorized were issuedi and accepted by the people upou the assurance that they had the right to fund them in gold-bearing bonds of the United States, and. this consideration undoubtedly constituted an important, element of their value, and gave them a quality in aid of their circulation and free acceptance in all business transactions. I n t h e opinion of wise and; liatriotic men, who, as the representatives ofthe people, were charged, with maintaining the indissolubility and supremacy of our national^ Union, it was necessary to resort to this extfaordiifary measure for the^ purpose of carrying the war to a successful termination. I t w^as, in substance and effect, a natioual war loan, based upon the credit of the^ government, and coupled with a pledge for redemption, but the period' of payment was to be thereafter determined when the public exigency would permit. It was not in the minds of those who devised and" consummated the scheme, that the government w^as about to enter upon theissue of an irredeemable paper currency, which should permanently: take the place of the world's. measure of values. Nor was it elaimed! by the most earnest advocate of the measure, that the Oonstitutibn had given to Congress power to issue a i)ermanent paper currency as a> Ii F ' • - - XVIII REPORT OF T H E SECRETARY OF T H E TREASURY. substitute for, and stamped by la^v with, the qualities which, in the estimation of political economists, could exist only in the precious metals. In the light of the experience of the civilized world, such a purpose would have been regarded as little better than financial madness, and its avowal by the authors of the legal-tender acts would surely have caused the defeat of the plan for exerting the borrowing powder of the government by means of such issues. But the purpose and meaning of the acts in question are not left open lor forensic discussion, having been authoritatively^ settled by the unanimous opinion of the highest judicial tribunal known to our Constitution. As soon after the termination of the war as 1868, it was argued before the Supreme Court that the legal-tender notes of the United States were issued as nioney, a substitute for metallic currencj^, and that, having been made legal tender in payment of all debts, including (with certain exceptions) the government'^ own, of course,: when presented for payment, if similar notes, being legal tender, were offered in exchange for them, the debt would be discharged, by a delivery of new notes of the same kiud, and so on ad infinitum. To this argument the court replied: "Apartfrom the quality of legal tender impressed upon them by acts of Cougress, of which we now say nothing, their circulation as currency dex>ends upou the extent to which they are received in payment, on the quantity in circulation, and on the credit given to the ])roniises they bear. In other respect^ they resemble the bank notes fornierly issued as currency. ^'But, on the other hand, it is equally clear that the.se notes are obligations of the United States. Their name imports obligation. Every one of them expresses upon its face an engagement of the nation to pay the bearer a certain sum. The dollar note is an engagenient to pay a dollar, and the dollar intended is the coin dollar of the United States—a certain quantity in weight and fineness of gold or silver, authenticated as snch by the stamp of the Government." This authoritative declaration of the Supreme Court defines clearly and precisely the meaning and intent of Congress in the acts which authorized, the issue, and should be accepted as conclusive of the obligation and duty of the government to provide for the payment in specie of all such issues. Nor is this all. Subsequent to this decision, and for the purpose of .putting a quietus upon the mischievous discussion ofthe subject. Congress, on the 18th day of March, 1869, declared by public act that ^^ the United States solemnly pledges its faith to make provision at the earliest practicable period for the redem|)tion of the United States notes in coin." REPORT OF T H E SECRETARY OF T H E TREASURY. XIX These provisions of the various acts of Congress, which were passed with the approval of the Executive, the clear adjudication of the Supreme Court, as well as the plainest principles of political economy, and proper regard for the public welfare, commit the government to the redemption in coin of the notes issued under the circumstances before stated. National faith and honor could not be more distinctly or unequivocally pledged to the performance of a plain duty. In view of these solemn and repeated pledges, it seems idle to resort to the consideration of elementary principles of finance to prove the evils of an irredeemable paper, currency. In4he face of such pledges, disregard'of which would bring national dishonor, and serious, if not irreparable, injury to the public credit, it can hardly be necessary to discuss questions of ,jexpediency, or to point out the ills which the experience of the civilized world shows must follow a violation of wellknown laws of political economy. I t is among thefirst and most important functions of government to give to its people a sound and stable currency, having a fixed relation to the stiandard of values in general use among, nations. The true matter with which government has to do is not so much a question bf volume as of soundness and stability of the currency. When it has established a currency of fixed and stable value, having a known relation to that of other powders, and furnishing a uniform medium of exchange, the volume may and should be left to-be determined by the wants of trade and business. Natural causes, aided by individual effort and enterprise, will regulate the volume of currency far more , wisely and with greater safety to business than acts of Congress imposing artificial limits, subject to increase or diminution at every session. The existing provision of law making United States notes legal tender for all debts, both public and private, with certain exceptions relating to transaction^ with governnient, is an artificial barrier to the use of gold and silver, tending not only to prevent the flow of gold toward this country, but promoting the shipment abroad of our own production of the precious metals. For this reason Congress, should abolish the legal-tender quality of the notes, as to all" contracts made, and liabilities arising after a fixed day. The first day of January, 1879, being already fixed by law as the time when the redemption of United States notes then outstanding shall begin, it would be proper, and safe to provide that such notes shall not be legal tender for contracts made, or liabilities incurred after the first day of January, 1877. Such an act would not too suddenly change the value of the notes, aiid would not aflect injuriously either debtors or creditors, but would XX REPORT OF THE SECRETARY OF THE TREASURY. remove a present obstruction to the retention of our gold and silver production, and create a demand for the return of gold now abroad, thus promoting final resumption by preparing the country for it. ' In furtherance of the purpose of the act of the last Congress to provide for the resumption of specie payments, the Secretary recommends that authority be giv^en for funding legal-tender notes into bonds bearing a low rate of interest. Such bonds should run for a longer period of time than those now authorized for refunding the interest-bearing debt, and should be made available to national banks for deposit to secure their circulation and other liabilities to the government, and should bear a rate of interest so low as, not to cause too rapid absorption of the notes. I t seems probable that a bond bearing interest at the rate of four per cent., would invite the funding of a sufficient amount of legal-tender notes to lessen materially the sum of gold which, in the absence of such provision, must be accumulated in the treasury by the 1st of January, 1879, to carry out the imperative requirements of the act of January 14,1875. If It be apprehended that authority to the Secretary to fund an unlimited amount of notes might lead to too sudden contraction of the currency. Congress could limit the amount to be funded in any given period of time. The process being in no sense compulsory as to the holders of United States notes, and the rate of interest on the bonds being made low, it is not probable that currency which could find profitable employment would be presented for redemption in such bonds. Ouly the excess of notes above the needs of business would seek such conversion. Authority to the Secretary of the Treasury to redeem and cancel two million of legal-tender notes per month by this process would greatly facilitate redemption at the time now fixed bylaw, and besides would have the advantage of publicity as to the exact a.mount to be withdrawn in any giyen month. Bonds issued for this purpose should be of the denomination of fifty and one hundred dollars, and any multiple thereof, in order to meet the convenience of all classes of holders of United States notes. The faith of the government now stands pledged to resumption on and after January 1, 1879, and to the final redemption and removal from the currency of the country of the legal-tender notes as fast as they shall be presented for redemption, according to the provisions of the act of January 14, 1875. To resume oh the 1st of January, 1879, without further legislation, would require the accumulation of a large amount of gold in the treasury in order to avert the possibility of failure of the plan. Such an amount of gold can be procured with difficnltj^, and not without more or less embarrassing effect upou the REPORT OF T H E SECRETARY OF T H E TREASURY. XXI trade and commerce of our own and other countries. The present abundance and cheapness of both currency and capital presents a favorable opportunity for the. withdrawaT and redernption of a considerable part of the outstanding legal-tender notes, thereby making easy and effectual the redemption now pledged. Such withdrawal of legal-tender notes, thus dispensing with the necessity for accumulating gold in the treasury in jiroportion to the aniount withdrawn, would tend to appreciate those remaining outstanding and make it easier to protect and keep in circulation ttie silver coin now authorized t o b e issued. The act last referred to is an express recognition of the duty and obligation of the government to resume specie payment at the day therein named; and, however widely different may be the views of intelligent person^ upon ttfe means adopted by Congress, it is gratifying to know that the end sought to be reached has met the concurrence of the country, and that a majority of the people, wherever the matter has been jiublicly and fully discussed, have signified.their approval of the determination of Congress to be faithful to its pledges, and to relieve them of the ills of an irredeemable paper currency. The act.in question not only makes express provision for resumption at a fixed date, but commits the government to the use of all such means as may be ^ needful to that end. If experience shall show that the means provided by Congress need to be supplemented by further legislation for the easier and more certain accomplishmeiit of the end, it must be assumed that Congress will not suffer the great purpose to be imp.eded for want of such additional legislation. The act confers large powers on the Secretary of the Treasury, touching the issue of United States bonds for the purpose of procuring the supply of gold necessary to execute such of its provisions as go into immediate operation, and to provide for the redemption in gold of United States notes outstanding on and after the 1st of January, 1879. In this respect the power conferred on the Secretary is ample; but if, for any cause, it should be found impracticable to accumulate in the treasury a sufficient amount of gold to carry out the provisions of the act, the Secretary-is left without the choice of other means to accomplish the end. It may, perhaps, be doubted whether the process of accumulating a large amount of gold by a given time could go on ° without meeting opposition from the financial powers of the world. It is safe to say that so large an amount of gold as would be required to carry out the purpose and direction of the act cannot be suddenly acquired. It can, be done only by gradual processes, and by taking XXII REPORT OF T H E SECRETARY OF TIIE TREASURY. advantage of favorable conditions of the money market from tirae to time. The loss of interest on large sums hoarded in the treasury for a considerable period in advance of January, 1879, is a consideration not to be disregarded, although it should not be permitted to outweigh the benefits to result from full and complete execution of the act. The Secretary regrets that the condition of the treasury has been such as to render it necessary to make sales of gold coin from time to time to meet current expenditures payable in currency. Such sales have been made in New York city, upon public notice, in accordance with the plan previously adopted, and have been limited from month to month to the amount necessary to keep on hand a sufficiency of currency to meet xirobable demands upon the treasury imder existing appropriations. It is the desire of the Secretary to retain in the treasury, so far as practicable, the gold received from customs, and sales are discontinued whenever the balance of currency in the treasury is sufficient to meet currency payments. THE NATIONAL BANKS. The report of the Comptroller of the Currency contains a defence of the national-bank system. It also contains, in addition to the usual bank statistics, tables showing, by States, the ratio of national and State taxation imposed upon the national banks for three different years; tables showing the amount-and rate of dividends made seuii-annually by the national banks in the States and principal cities for the last seven years; a comparison, h j States^ of the amounts of deposits of institutions other than national banks, shown in returns obtained by the Comptroller, with those reported to the Commissioner of Internal Eevenue for purposes of taxation; a table of the transactions of the New York clearing-house for twenty-two years, exhibiting the percentage of currency required in the payment of its large daily balances; also a table exhibiting the percentage of lost or unredeemed circulating notes of closed banks; together with a summary of the decisions of the Supreme Court of the United States in reference to the national banks. The number of banks organized from the authorization Of the system to November 1, 1875, is 2,307, of which 2,087 were doing business on the 1st of October last. From their reports of the date last named, it appears that the aggregate capital of these banks was $504,829,769; surplus, $134,356,076; circulation outstanding, $318,350,370; indiyidual deposits, $664,579,619; loans, $980,222^951; specie, including coin cer- REPORT OF T I I E SECRETARY OF T H E TREASURY. XXIII tificates, $8,050,329; legal-tender notes, includiug United States certificates of deposit, $125,268,734; and on deposit with the United States Treasurer, $19,686,960. . The following table exhibits the capital stock and net deposits, and the classification of the loans of the New York City banks at corresponding dates for the last six years: . • New York City. Oct. 8,1870, Oct. 2,1871, Oct. 3,1872, |Sep.l2,1873, Oct. 2,1874, |Oct. 1,1875, 54 b a n k s . 54 b a n k s . 50 b a n k s . 48 b a n k s . 48 b a n k s . 48 b a n k s . Capital stock. IsTet d e p o s i t s . $73, 435, 000$73, 235, 000$71,285,000 $70, 235, 000 $68, 500, 000 $68,500,000 159, 751, 811191,304,511 158, 034,121 172, 010, 594 204,620,288 202,263,052 Loans— O n U . S. b o n d s on d e m a n d : $9, 012, 964 $5, 661, 499| $3,180, 738 $2, On o t b e r s t o c k s , b o n d s , &c., 53, 809, 603 70,185,331 53,409,625| 57. on d e m a n d 4, P a y a b l e in gold 3, 411, 738 On'single-name p a p e r , w i t b out other security. 1 8, All otber 125, 105,146, 590 122, 806, 969 Aggregate 167, 969,157 198, 653, .799 938, 876 $4,721,638J $4, 934, 674 916,130 51, 478, 691 50,179, 384 381, 5711 5,735,137j 3, 454, 276 830, 608 ° 19, 959, 609 10, 255,100 093, 703 119, 881, 979 127, 266, 299 • 199,100, 888 201, 777, 054 202, 089, 733 The aggregate amount of call loans of the New York City banks, October 1, 1875, was $55,114,058: a little more than one-fourth of the entire loan Of these banks, and a little more than one-fourth of their net deposits. The amount of single-name paper, without other security, was $16,255,100. The amount of business paper, time notes secured by collateral, and accommodation paper, combined, was $130,720,575. The amount of accommodation paper (the issue of which has been One of the leading causes of the disasters that have occurred during the last two years) is much less than heretofore; and the sharp discrimination now being exercised by the banks, supierinduced by severe losses through the purchase of this kind of paper, is rapidily bringing about a more honest ancl healthy use of credit by the commercial classes. A statement of the rates of interest in New York city, carefully prepared from daily reports, shows the following results: The average rate of interest for the year ending June 30,1875, was 3 per cent, on call loans, and 5.6 per cent, on'commercial paper, and for the six months ending October 31, 1875, the average rate was 2.6 per cent, on call loans, and 5.1 per cent, on commercial paper. The average rate for the preceding year was 3.8 per cent, on call loans, and 6.4 per cent, on commercial jiaper, and for the six months ending October 31,1874, it was 2.7 per cent, on call loans, and 5.6 per cent, on commercial paper; from which it will be seenthat the rates duringthe lieriods given above, for 1875, were somewhat less than for the corresponding periods for 1874. XXIV R E P O R T OF T H E SECRETARY OF T H E TREASURY. The act of June 20,1874, provides for the retirement of the circulation of national banks and the surrender of bonds held as security therefor, by the deposit of legal-tender notes in the treasury for the amount of circulation thus retired; and the act of January 14, 1875, provides for the unlimited issue of circulating notes to national banks, subject to the provisions of law, and the reduction of the legal-tender notes at the rate of eighty per cent, upon the amount thus issued to national banks, until the legal-tender notes shall be reduced to $300,000,000. Under the operation of these two acts $15,721,175 of national-bank notes have been issued; $4,734,500 from June 20,1874, to January 14, 1875, and $10,986,675 from January 14 to November 1, 1875, upon which latter amount $8,763,756 of legal-tender notes have been retired. Banking having been made free by the. act of the last Congress, without restriction as to the amount of circulating notes that may be issued to any part of the country, it is believed that such currency will distribute itself according to the demands and necessities of business. The privileges which attach to national banks, being open to individuals in all parts of the country, capital will not be slow to establish additional banks, or to increase the circulation of those already in existence, whenever and wherever the exigencies of business shall render it apparent that an increase of circulation is desirable. But it does not seem probable that such demand will arise to any considerable extent while the volume of legal-tender notes continues so great as to cause large sums to lie idle in commercial centres, for want of safe and profitable investment. ^ The whole amount of legal-tender notes deposited to retire nationalbank circulation since June 20, 1874, is $37,576,179, (including $3,813,675 deposited by banks in liquidation previous t o t h e passage of that act,) of which $17,337,537 has been paid out for the redemption of national-bank notes, leaving $20,238,642 thereof on deposit in the treasury on the first day of November last. The operation of the acts of June 20,1874, and January 14,1875, may be briefly stated in tatbular form as follows: National-bank notes outstanding June 20, 1874 .$349, 894,182 National-bank notes issued from June 20, 1874, to January 14,1875. $4, 734,500 National-bank notes retired from June 20, 1874, to January 14,1875 .' 2, 767,232 1,967,268 Amount outstanding January 14,1875 351, 861,450 REPORT OF T H E SECRETARY OF T H E TREASURY. National-bank notes retired from January 14, 18f5, to November 1, 1875 $17,261,223 National-bank notes issued from Jaiiuary 14, 1875, to November 1, 1875 10,986, 675 Amount'outstanding Noveraber 1, 1875 XXV $6,274, 548' 345, 586,902 Legal-tender notes retired, being 80 per cent, of circula. tion issued frora January 14, to October 28, 1 8 7 5 . . . . . . $8, 763, 756 Legal-tender notes deposited in the treasury under act of June 20, 1874, together with $3,813,67/5 deposited by banks in liquidation previous to the passage of that a c t . . $37,576,179 Amount paid out for redemptions 17,337, 537 * Amount remaining on deposit for redemption of nationalbank notes, November 1, 1875. $20, 238,642 The Comptroller/ recommends that no iiresent change be made in, these two acts, so far as they relate to the national banks. The amount of cash reserve held by the national banks, including their redemption fund on deposit with the Treasurer on October 1, 1875, the date of their last report, was $149,460,452, which is $25,365,379 more than they would have been required to hold upon circulation and deposits prior to the passage of the act of June 20, 1874, repealing the provision requiring reserve upon circulation; and the cash reserve held by New York City banks at the last-named date was $60,467,759, W'hich also exceeds by $5,324,667 the aniount that would have been required upon circulation and deposits previous to the passage of that act; irom which it is seen that, on account of the redundancy of money, the stagnation of business, and the consequent low rate of interest during the past year, the effect of the act repealing the reserve upon circulation cannot yet be definitely ascertained, COINAGE. The report of the Director of the Mint presents in detail the operations of the mints and assay offices. The amount of bullion received and operated upon during the last fiscal year was— Gold .$43,152, 584 50 Silver 18,304,406 07 Total. 61, 456, 990 57 XXVI REPORT OF T H E SECRETARY OF T H E TREASURY. Deducting redeposits, bars made and issued by one institution and deposited at another, the deposits were— Gold ' $38, 556,293 90 Silver 16,070, 626 54 Total \ • 54, 626, 920 44 The coinage for the fiscal year was as follows : No. of pieces. Gold Silver Minor Total ..,.. Value, 1, 739, 062 22, 823,216 14, 629, 500 $33, 553, 965 10, 070,368 230, 375 39,191,778 43,854,708 The sih^er coinage consisted of— '. No. of pieces. Trade-dollars Subsidiary silver coin :.......... 5, 697,500 ' 17,125, 716 Value. $5, 697, 500 4, 372, mS From the close of the fiscal year to October 31, 1875, the subsidiary silver coinage has amounted to $3,895,010, which, added to the coinage of the year, makes a total subsidiary silver coinage of $8,267,878. The bars manufactured were— Gold $16, 019, 879 93 Silver 7,029, 430 54 Total , 23, 049, 310 47 At the mint in San Francisco a large refineiy has been equipped and put in successful operation, and that institution is now in a condition to meet the large and increasing demand for refining and coinage at that point. The rooms formerly occupied by bankers in the assay office at New York have been altered and repaired, and will hereafter be devoted to the operations of that office. The additional capacity thus given is necessary to meet the increased demands for refining bullion in that city. Additional annealing furnaces have been erected at the mint in Philadelphia, and the coinage machinery at the Carson City mint has been duplicated, thfereby increasing the coining capacity of both institutions. . The change in the relative values of gold and silver is considered at some length by the Director, and the various causes producing the result are clearly set forth in his report, and are worthy of careful attention. REPORT OF T H E SECRETARY OF T H E TREASURY. XXVII The diminished use of silver coin ,in various European countries, and the increasing production of our silver mines, would appear to render the iiresent a very favorable time for procuring supplies of bullion for the manufacture of silver coin to be used in the redemption of the fractional currency. So much of the act of January 14, 1875, as relates to the purchase and coinage of silver for* redemption of fractional currency, has been put into partial opei'ation, and is now being executed as rapidly as the exigencies of the case will admit. Since the passage of the act, 8,243,642 ounces of silver bullion have.been purchased, at an average price of 111^% cents per standard ounce. The mints have been put into active operation, and the aggregate amount of silver coin now in the treasury is $10,000,000, The Secretary has been urged to begin the. work of resumption by issuing silver coin iu redemption of outstanding currency, and it has been insisted tlnxt, under the first section of the act, he has no discretion, but must issue the silver coin as fast as it can be turned out from the mints. While the act requires the coinage to proceed as rapidly as practicable, it does not, in terms, require the Secretary to issue it at once; nor does it fix the period of time when the issue must begin.. For obvious reasons, it has been, and yet is, impracticable to put or keep silver coin in circulation. The present depreciation of currency below gold precludes the probability that silver would remain in circulation, and,, therefore, it hasbeen deemed impracticable to issue it for the preseut, or until, by the nearer approach of, or greater preparation for, general resumption, there shall be such an appreciation of the circulating currency of the country as would give assurance that the silver coin to be issued would not be hoarded for shipment abroad, or converted into plate and jewelry, or reduced to bullion. The report of the Director gives valuable information in relation to the precious-metal mines of the United States, and of the extensive developments recently made in the Pacific States. The mining industry of the precious metals appears to be in a very prosperous condition, and affords every reason to believe ttiat the yield for the next four or five years will show a marked iucrease over the production of recent years. REVENUE FROM CUSTOMS. ; . • • • The receipts from customs for the year ending June 30, 1874, were $163,103,833 19, and at the corresponding date of 1875 they were $157,167,722 35, a decline of $5,936,111 34. . XXVIII REPORT OF T H E SECRETARY OF T H E TREASURY. The receipts for the first quarter of the current fiscal year w^ere $44,233,626 25, while for the corresponding period of last year they were $46,651,200 10, showing a decrease of $2,417,573 85, For the inonths of October and November, 1875, the receipts were $23,936,950 23,^^ and for the same-months of last year they were $22,755,811. The effect upon the customs receipts of the act of February 8, 1875, imposing duties on certain articles therein enumerated, and making additions to the free list, cannot yet be stated with certainty. Nor is it possible, at present, to determine with accuracy the effect of the act of March 3, 1875, restoring the ten per centum of duties repealed b}^ the act of June 6, 1872, The following statement of importations of the classes of merchandise chiefly concerned, is derived from the Bureau of Statistics, and, to some extent, serves to show the effect of the act of March 3, 1875, on the duties received: Value of importations of cotton, glass and glassware, India rubber and gutta-percha, iron and steel, leather, metals not otherwise provided for, pa.per, straw, wool, (including hair of alpaca, &c.,) and inanufactures thereof, for the nine months ending September 30,1874 $94,.91.7, 416 00 Value of importations of sarae articles for corresponding period of 1875, (including the seven raonths next succeeding the act of March 3, 1875) 81,223, 542 00 Decrease 13, 693, 874 00 This decrease was occasioned principally by the falling off in two classes of importations, viz: Iron and steel and manufactures thereof Wools and manufactures thereof $8,260, 066 00 3, 944,208 00 12,204,274 00 / " Eeturns for the four months ending June 30, 1875, show that of importations for that period amounting to $30,547,005, duties have been paid on $23,629,606 withdrawn for consumption, yielding $10,954,719 of revenue. In this amount is of course included the ten per centum restored by the act of March 3,1875, showing an apparent increase for four months of $1,095,471 90. But in this connection there is to be considiered the fact that, for the corresponding period of the year 1874, the importations of the same classes of merchandise amounted to $36,022,467, showing a decrease in importations for the four months REPORT OF THE SECRETARY OF THE TREASURY, XXIX ending June 30, 1875, of $5,475,462, of which $4,800,378 is due to the falling off' of importations of iron and steel and manufactures thereof. ^ It is, therefore, difficult to determine, in the light of returns now at hand, to what extent the apparent increase of revenue resulting from the repeal of the ten per cent, reduction is offset by the decrease in importations, and, consequently, ih the amount of entries for consumption on payment of duties. In relation to the twenty-five per cent, increase of duty on sugar and molasses, under th^ act of March 3, 1875, it is still more difficult to determine the effect on the revenue. Owing to the change of classification and of drawback on refined sugar exported, together with the fact that hardly sufficient time has elapsed to enable a comparative statement of much value to be prepared, the increase of revenue derived from the additional duty levied cannot .be given. The actual increase of duty collected from the time the act took effect, March 3, 1875, to June 30, 1875, was $2,445,017, but how far this increase is affected by the classification aud drawback cannot be determined with accuracy. Parsuant to the act of June 18, 1874, admitting free, of duty articles intended for the International Exposition of 1876, at Philadelphia, . under such regulations as the Secretary of the Treasury shall prescribe, collectors of customs at the various ports have been furnished with regulations designed to cover the subject in the spirit and intent of the act. It is hoped that, while these regulations will afford all reasonable facilities for the importation of such articles as may be consigned for exhibition from the various nationalities of the world, they are so guarded as to prevent frauds upon the revenue by persons who, under pretence of being exhibitors, ma^^ attempt abuses of the privileges accorded thera. The general views held and suggestions made in the report submitted to Congress in Deceraber, 1874, in the discussion of the tariff laws, regarded solely as revenue measures, are still entertaiiied, and are referred to now with the added suggestion, that experience has shown that when duties are iraposed upon any articles at rates so high as to be almost prohibitory, injury is done the revenue, by lessening the amount of the iniportation of such articles, besides inducing a tendency to augraent the evil of their clandestine introduction. In the collection of duties upon iraportations, two evils are chiefly operative to prevent the government frora realizing the full measure of revenue—first, smuggling, and secondly, undervaluation. The first of these evils is more generally prevalent, especially on the XXX REPORT OF T H E SECRETARY OF T H E TREASURY. northern frontier, than is comraonly supposed, the difficulties attending ^a proper surveillance of that frontier, uuder existing circumstances, beiug very great, if not. in some respects insurmountablec Without going into full details, it raay be said, by way of illustration, that in the four collection districts of Verraont, Champlain, Oswegatchie, and Cape Vincent, having a frontier line; of more than three hundred miles, with eight principal ports or stations and forty-one minor stations, after deducting the number permanently eraployed at such principal points and four for service in Canada in connection Avith the sealing of cars, there are but fifty-nine officers remaining for service at the minor stations and as a coast-guard to prevent smuggling. Deducting from this number one officer for permanent service at each minor station, there remain but fourteen as a preventive force, or less than one man for every ^wenty-one miles of frontier. .• These statistics apply to portions of the border which offer speedy and direct means of travel between Canada and the United States, and which, during several raonths of the year, are thronged by travellers of every condition and with every variety of object in view, from those bent merely on pleasure or legitimate business, to those whose chief occupation is to defraud the revenue. Inforraation obtained by the Departraent, frora trnstworthy sources, renders it quite certain that systeraatic frauds have been perpetrated by srauggling over the border wines, brandy, and other articles of merchandise. Sirailar observations might be raade as to other parts of our frontier. The second general cause which operates to prevent the government from receiving its full measure of dues is undervaluation, a source of perhaps greater loss than the direct offence of smuggling. This evil is attributable, in part, to the devices of dishonest importers, in.part to th^ fluctuations in market values, but more, probably", to the defects of the appraisement system itself. Without disparagement of the .class of officers known as local appraisers, many of thera of long experience and the most unquestioned integrity, it cannot be denied that there is often very great diversity at the different ports regarding the classification and valuation of merchandise. While this diversity sometimes arises from an honest difference of opinion, it'not unfrequently happens that there is collusive action betweeii assistants or other subordinates of the appraisers, aud the importers, which, when once begun, is a source of coustant loss to the revenue as well as of injury to honest merchants. To correct these evils the office of general appraiser was created; and to those officers, five in number, supervision over appraisers and REPORT OF THE SECRETARY OF T H E TREASURY. XXXI their assistants is coraraitted by law. But can satisfactory results be anticipated from their, labors when the large extent of their field of operations is considered in connection with their limited number"^ To the general appraiser at Boston are assigned ports and districts, tliirt}^^ve iu number. To the general appraiser at New York, the district of New York city. To the general appraiser at Philadelphia, twenty-two ports and districts. To the general appraiser at Baltimore, fifty-seven districts and ports. To the general appraiser at New Orleans, eighteen districts and ports. » The labors and duties of these officers have been greatly increased by the privilege of iraraediate transportation granted to importers in the interior by the act of 1870, whereby the number of ports requiring the attention of the general appraisers is enlarged and uniformity of valuation rendered much more difficult. The first general suggestion which presents itself by way of reraedy for some of the defects of the present system of appraisements is an increase in the number of general appraisers, to be drawn from the ranks of subordinate officers of requisite ability and experience; and, secondl}^, a consolidation of customs districts, by which minor districts would be merged in larger ones, thus reducing the sphere of action of this class of officers, and enabling thera to concentrate their efforts to better advantage. In connection with the general subject of a consolidation of customs districts, i t may be remarked that an examination of statistical returns from all the districts in the United States will show that in some of them the amount of business transacted is not sufficient to justify keeping up the corps of officers whose aggregate compeusation exceeds the amouut of revenue collected by them, and who can render adequate return only by acting as a preventive or detective force. That species of service requires a greater number of officers to guard exposed lines of coast and frontier than existing circumstances will permit. Consolidation of a number of districts would iacilitate the perform-, ance of such duties, besides-securing a reduction of the aggregate expenses. And, as auxiliary to this, it is recommended that fixed salaries be made applicable to all ports and districts, and that all officers be required to pay into the Treasury all fees, perquisites, and emolu ments, of whatever nature or character, received by thera. Another reraedy, and the raost effective which could be adopted for correcting the evils of the appraisement system, is the substitution, so far as practicable, of specific ibr ad-valorera duties. This change would work a great reduction in the amount of labor requiring XXXII R E P O R T OF T H E SECRETARY OF T H E TREASURY. the knowledge of experts. The entire process of ascertaining duties would be more simple, certain, and safe. Opportunities for collusive undervaluation would be greatly lessened, and if errors were committed they could not, as to specific rates and amounts, be accounted for except upon the supposition of culpable negligence or actual fraud; whereas, in respect to ad-valorem duties, an error of judgment may readily be assigned as a sufficient explanation. Such change, either with or without a decrease in the number of dutiable articles, would insure a very considerable reduction of the force at the chief ports, wdth a consequent diminution of expenses. The revised tariff contains thirteen schedules, embracing upwards of fifteen hundred dutiable articles which are either distinctly specified or included in general or special classifications. To these must be added nearly one thousand articles not enumerated, but which, under the general provisions of sections 2499 and 2510 of the Eevised Statutes, would be assigned a place as dutiable either by virtue of similitude to some enumerated article, or as articles, manufactured or unmanufactured, not otherwise provided for, making over twenty-five hundred in all. The free list contains an enumeration of over six hundred articles, thus constituting a total aggregate of more than three thousand articles embraced by the tariff either as dutiable or free. Of articles subject to duty, and either named in, or subject to specific classification by schedule, eight hundred and twenty-three pay ad-valorem rates varying frora ten to seventy-five per cent.; ^ve hundred°and forty-one pay specific duties according to quantity or weight; and one hundred and sixty pay corapound or both specific and advalorera rates. The articles to be dealt with under sections 2499 and 2516, which, as before stated, nuraber nearly one thousand, must necessarily be subject to either specific, ad-valorem, or corapound duties, but in what proportion it is irapracticable to state. From this general recapitulation of the features of the tariff with reference to the number of articles embraced in it, and the variety of rates applicable thereto, to say nothing of questions arising under the free list, it is evident that every step taken towards perfecting a more compact and simple systera of duties on imports must contribute not only to the ultimate safety of the customs revenue but to its raore prorapt and econoraical collection. But the only sure reraedy for the evils of srauggling, and collusive or other undervaluations, lies at last in the selection and retention of faithful and competent officers. Neither, laws nor regu- REPORT OF T H E SECRETARY OF T H E TREASURY. XXXIII lations, however stringent or minute, will accomplish the desired results without faithful officers to execute thera. Eeferring to the estimates of receipts and expenditures for the next fiscal year, and to the necessity now existing for the accumulation of gold in the Treasury, the Secretary again calls the attention of Congress to the effect of the act of 1872, repealing ttie duty on coflee and tea. In his last annual report the Secretary expressed the opinion that the act admitting these articles to free entry had been without advantage to consumers in this country, but that the duty repealed had been added to the cost abroad. The repeal of duty has been followed by increase of export duty in the countries of production, and this increase is paid by consumers. Subsequent consideration oi the sub-. ject has confirmed the views heretofore expressed, and the Secretary . recomraends restoration of the duty on the articles in question. Being imported in large bulk, the duty is easily collected, aud the opportunities for fraudulent introduction are comparatively slight. . Duriug the fiscal year 1875 the cost of collecting the revenue from customs was reduced more thau half a million dollars per annum, by dropping from the rolls iu the various customs districts a considerable nuraber of officers and employ 6s, and by reducing the salaries of others, which are not fixed by law, but are under the control of the Secretary. There has been a large falling off in the aggregate amount of fines, penalties, and forfeitures connected with the customs, which constitute a part of the appropriation for the expenses of collecting the rev' enue frora. custoras. The araount received from that source for the first quarter of the current fiscal year is only $28,521 75, and it is estimated that for the entire year the amount wiU fall about $900,000 below the sum received from the same source for the fiscal year 1873. In view of this decline, further reduction of expenses has recently been made at the rate of a little more than a million dollars per annum, which secures a decrease of nearly six hundred thousand dollars for the remainder of this fiscal year. Whether the reduction can be maintained witliout danger to the revenue remains to be determined. The power of the Secretary, however, does not extend beyond the appropriations made by Congress, and it is his purpose, as well as his duty, to keep the expenses within the amount authorized by law. A detailed stateraent of the various sums of money refunded under the provisions of the act of March 3, 1875, and other acts of Congress relating to the revenue, together with copies of the rulings uuder whicti repayments have been made, has been prepared, and may be found in the tables accompanying this report. Ill F XXXIV REPORT OF THE • S E C R E T A R Y OF INTERNAL THE TREASURY. REVENUE. The report of the Coraraissioner of Internal Eevenue, herewith transmitted to Congress, presents fully the condition of this branch of the revenue, with estiraated receipts for the reraainder of this fiscal year, and explains, as fully as can now be done, ttie effect of the act of the last Congress upon receipts frora the tax on distilled spirits and tobacco. The following tabular statement shows the comparative receipts, frora the various sources of internal revenue, for the fiscal years ending June 30,1874 and 1875, respectively: Sources. Spirits Tobacco Fermented liquors Banks and banlcers Penalties, &c Adhe.sive stamps Back taxes under repealed laws, Total Increase. $49,444,089 85 33,242,875 62 9,304,679 72 ' 3,387, IGO 67 364,21(5 34 6,130, 844 04 764, 880 14 S52,081,991 12 37,303,401 88 9,144,004 41 4, 097, 248 12 281,107 61 6, 557, 229-65 1,080,111 44 $2,037,901 27 4,060,680 26 102,044,746 < 110,545,154 23 8,144,191 29 Decrease. $100,675 31 710,087 45 S3,108 73 420,385 01 315,231 30 This table is made up from the reports of collections made to the Conimissioner of Internal Eevenue, which include cominissions on sales of staraps paid in kind, and therefore do not enter into the actual cash receipts of the treasury. They include, also, suras reported as collected but not actually paid into the treasury at that tirae. Hence there is abu apparent discrepancy between the totals here showii and the aggregate amount deposited on account of internal reveuue as shown by warrants covering the same into the treasury for the fiscal year. The receipts from internal revenue for the first quarters of the fiscal years ending, respectively, June 30, 1875 and 1876, were as follows: First quarter of 1875. First quarter of 1876 Increase $26,314, 615 33 28,199, 723 50 1, 885,108 17 The aggregate receipts for the months of October and November, of the current year, were $19, 638,907 19, while for the same nionths of last year they were $17, 476,202 99, showing an increase of $2,162, 704 20. Since the last annual report to Congress fifty-six collection districts have been abolished by consolidation with other districts, with au estimated annual saving to the government of about one hundred and seventy thousand dollars. During the past fiscal year frauds of unusual character and magnitude were discovered in this branch of the service, which appear to REPORT OF T H E SECRETARY OF THE TREASURY. XXXV have been carried on with more or less inj ury to the revenue for several years past. The report of the Comraissioner sets forth in detail the manner in which such frauds have been perpetrated, and gives the estiraate of that office of the araount of probable loss to the revenue, with suggestions of raodifications of the law deemed essential to more certain collection of the tax on distilled spirits. The attention of Congress is invited especially to that feature of the report. The reconiraendatious raade therein for modification of the law with a view to the prevention of like frauds in future, are concurred in by the Secretary, and commended to the consideration of Congress. So long as it is necessary to maintain a tax on distilled spirits amounting per gallon to three or four times the cost of production, it may be expected that the great temptation to avoid payment of the tax, on at least a part of the production, will excite the cupidity of producers, and that every possible dp vice for evasion will be used. Each gallon of spirits that escapes payment of tax increases by so much the profit to the producer. I t cannot be denied that a tax imposed for revenue purposes is regarded by many persons as a harsh exaction frora the citizen, to be thwarted if possible, or that violations of the punitive provisions of reveuue statutes are looked upon by raany as venial offences. But the necessities of governraent, including the raaintenance of national faith, imperatively deraand the closest collection of all the revenues levied by law; and, besides, due regard for the interest of those who raeet honestly and promptly the demands of government upon them, in this respect, requires that all others shall be raade to bear their proper share of such taxation. Every evasion of tax by dishonest persons raust eventually increase the burdens of honest taxpayers. These considerations should induce every citizen to render proper aid to the governraent in its efforts to collect the revenue, by giving inforraation of violations of law and of frauds on the revenue, which raay corae to his knowledge; but experience shows that few are willing to give such inforraation unless they.can receive direct pecuniary corapensation. When recently it becarae known that the government was losing a large part of the revenue due from distilled spirits, it was found extremely difficult to obtain exact or satisfactory information as to the method of perpetrating the frauds, or to ascertain, with reasonable certainty, who were the guilty parties. It was obvious that frauds on the revenue were being extensively practiced, and it was equally clear that this could not be successfully done, under existing provisions of law, without guilty connivance or participation by inferior officers, and at least culpable negligence on the part of others of higher grade. XXXVI, REPORT OF T H E SECRETARY OF T H E TREASURY. In the opinion of the Secretary, the circumstanced seemed nofc only to justify but require a resort to means other than those in ordinary use for detection by the Bureau of Internal Eevenue. Accordingly, the appropriation for detecting and bringing to trial and punishment persons engaged in counterfeiting, and for detecting other frauds upon the government, was drawn upon for this purpose. The Solicitor of the Treasury, who is charged with the proper use and disbursement of that fund, was directed to inquire into the alleged frauds on the revenue in the raatter of distilled spirits, and was instructed to spare no proper effort to detect the guilty parties, and furnish their naraes, with the evidence against thera, to the proper officers of the Department of Justice. This duty was entered upon with energy, and, after the existence o£ conspiracies and corabinations to defraud the government was developed, the investigation was continued, in co-operation Avith officers of internal revenue, and resulted in the certain detection of frauds on the revenue of more than ordinary significance. Under the direction of the Comraissioner of Internal Eevenue, the investigation has been pursued with commendable energy and zeal. A considerable number of officers of internal revenue have been found to be in guilty collusion with distillers and rectifiers in fraudulent practices, whereby large sums were lost to the revenue. The evidence thus acquired having been reported to the proper district attorneys, has resulted in a large nuraber of prosecutions for conspiracy, duplicate use of stamps, and other offences. So far as these prosecutions have been completed, they have, with few and comparatively unimportant exceptions, resulted in convictions. A large number of distillers, rectifiers, and subordinate officers of internal revenue, have pleaded guilty to indictments against them, thus confessing their offences, and thrown themselves upon the mercy of ttie court. Besides the institution of criminal proceedings, civil suits have been brought upon the bonds of officials and of distillers; distilleries and spirits have been seized as forfeited to the United States for violations of law; and, wherever the evidence warranted, assessments haye been made against distillers for delinquent taxes and placed in the hands of collectors, with instructions to collect by process of law. Urgent applications have been presented for the compromise of many of the cases, but it has been deemed better for the interest of the government to allow all of them to take the usual course in the courts; hence, all such applications have been denied. The Secretary considers it important to the future collection of the revenue, that all parties engaged in persistent and systematic frauds REPORT OF T H E SECRETARY OF THE TREASURY. XXXVH shall be visited with the severest penalties of the law. To this end instructions have been repeatedly given to officers of internal revenue, and others in the service of this Department, to render all proper assistance to the officers of the Department of Justice in the prosecution of the cases now pending, and in the detection and punishment of such guilty parties as have not yet been indicted. . It is deeraed of especial importance that officers of the government who have betrayed their trustj and eugaged in frauds on the revenue, shall b e brought, to speedy and condign punishment. Those who are intrusted with official duties and responsibilities should be given to know that the government will not deal lightly with thera when they prove to be guilty of corruption in office. Taxpayers cannot be expected to deal honestly with governraent when its own trusted officers are permitted to participate in frauds on the revenue, without incurring swift and certain punishment. The highest guaranty for the faithful collectiqn of revenue is in the vigilance and integrity of officials. This guaranty can be secured only by careful selection in the first instance, by retailing in office such as have proved their efficiency and honesty, and by prompt dismissal and vigorous prosecution of such as have been found faithless. EXPORTS AND IMPORTS. The comparative value of the exports and iraports o f t h e United States for the last fiscal year, in coin, appears, frora official returns to the Bureau of Statistics, to be as follows: Exports of domestic goods Exports of foreign goods Total exports Imports of goods Excess of iraports over exports $499,284,100 00 14,158, 611 00 513, 442, 711 00 533, 005, 436 00 19, 562, 725 00 For the fiscal year ended June 30, 1874, the excess of exports over iraports was $18,876,698. Exports of specie and bullion Imports of specie and bullion Excess of exports over i m p o r t s . - , . - . $92,132,142 00 - - - - . 20, 900, 717 00 71,231,425 00 Total excess of exports of goods, specie, and bullion, over imports of sarae $51, 66S, 700 00 XXXVIII REPORT OF T H E SECRETARY OF T H E TREASURY. While the returns of the values of exports by sea are substantially accurate, it has not been practicable to obtain complete statements of the exports to Canada in railway cars, owing to the fact that there is no law requiring persons exporting merchandise by land conveyance to file full manifests of the exported goods with collectors of customs. The Commissioner of Customs of the Dominion of Canada has, however, furnished*detailed statements from which it appears that the value of exports to Canada during the last fiscal year was $15,660,218 in excess of that returned by the customs officers of the United States, which would increase the total exports of the year by that araount, {i,'e., from $513,442,711 to $529,102,929,) and reduce the excess of imports of merchandise over exports to $3,902,507. There was withdrawn from bond for consumption, in excess of that entered for warehouse during the past fiscal year, merchandise of the value of $2,992,061. The total exportation of specie and bullion was greater than that for the preceding year by $25,501,737; while the exports of domestic goods have decreased in value $70,149,321, Importations have decreased to the araount of $34,400,906 as compared with those of the preceding fiscal year, and of $109,024,103 as compared with the fiscal year ended June 30, 1873. There was an increase in the value of the importation of the following articles: Tea, $1,561,469; fur-skins, undressed, $664,907; fur-skins, dressed, and furs, $486,558; argols, $374,108; drugs, chemicals, dyes, &c., $1,309,864; dye-woods in sticks, $405,891; gums, $526,364; hides and skins, $2,092,025; silk, raw, $650,298; silk, manufactures of, $384,141; fancy goods, $1,.104,962; fruits,'$4,255,002; jute, grasses, and manufactures of, $566,983; precious stones, $1,124,803; seeds, $2,033,766; wool and manufactures of, $547,469, There was a decrease in value of iraportations of articles brought back to the United States, $1,267,286; coffee, $4,457,479; India rubber, $1,521,239; breadstuffs, $1,557,840; pig iron, $1, 829, 354; bar iron, $1,294,174; iron rails, $917,977; steel rails, $6,908,148; machinery, $596,714; band, hoop, and scroll iron, $176,512; anchors, cables, and chains, $97,776; old and scrap iron, *$703,006; fire-arras, $218,226; steel bars, ingots, sheets, and wire, $420,149; cutlery and tools, $385,037; other raanufactures of iron, $1,770,533; barks, $532,625; cochineal, $353,134; indigo,$331,152; madder, $387,160; hitrateof soda, $369,526; soda and salts of, $506,137; tin, in bars, blocks, or pigs, $853,557; wood and manufactures of, $2,770,536; wood, unmanufactured, $366,856; live animals, $543,815; cotton raanufactures, $455,468; earthen, stone, REPORT OF T H E SECRETARY OF T H E TREASURY. XXXIX and chinaware, $617,145; flax and manufactures of, $699,146; glass and glassware, $452,849; hair and manufactures of, $343,986; hemp, raw, $566,664; lead, $714,812; opium and extract of, $502,435; provisions, $517,499; salt, $531,724; sugar and molasses, $7,816,686; tobacco and manufactures of, $1,844,021; .wines, spirits, and cordials, $866,942. There was an increase in certain articles exported, as follows, the values being stated in currency: Cotton manufactures, $9/6,042; lard, $3,592,503; cheese, $1,760,608; iron manufactures, $1,424,188; sewing machines, $203,633; drugs and cheraicals, $150,592; hides and skins, $2,169,343; furs and fur-skins, $1,062,059; leather aud leather goods, $2,538,278; brass, $497,098; clocks and parts of; $215,407; copper ore, $619,128; copper, in pigs, bars, sheets, and old, $919,079 ; fruits, $639,841; ginseng, $210,166; hops, $1,258,528; fire-arras, $3,162,182; lead and manufactures of, $127,265; manures, $332^500; oil cake, $1,038,940; quicksilver, $495,275; seeds, clover, timothy, and garden, $553,293, The exports of domestic gold and silver in excess of the iraports was $62,956,412, as against $31,244,780, for the previous year. There was a decrease in the value of the exportations of the following articles: Agricultural iraplements, $464,381; hogs, $886,622; bacon, and hams, $4,771,295; Indian corn, $313,014; Indian-corn meal, $238,866; rye, (1,357,384 bushels,) $1,363,772; wheat, (17,992,751 bushels,) $41,813,596; railroad cars, $641,037; bituminous coal, (158,301 tons,) $758,723; anthracite coal, (85,756 tons,) $444,458; cotton, raw, (98,183,400 lbs.,) $20,584,955; hemp and manufactures of, $243,898; illuminating oils, (25,668,571 gallons,) ,$10,530,594; spirits, distilled, (1,820,222 gallons,) $813,262; spirits of turpentine, $834,389; tallow, $2,443,117; tobacco, leaf, (94,195,891 pounds,) $5,157,632; sailing-vessels sold to foreigners, (14,745 tons,) $617,528; shooks, staves, and headings, $1,217,062; timber, sawed and hewed, $2,064,318; wood and other manufactures of, $332,256. COMJMERCE AND NAVIGATION. There is little change in the proportion of the foreign carrying trade transacted in foreign vessels, about 74 per cent, of imports and exports,. during the last fiscal year, having been carried in foreign vessels as against about 72 per cent, for the preceding year, and 76 per cent, for the fiscal year 1872. The Eegister of the Treasury reports the total tonnage of vessels of the United States to be 4,853,732 tons, an increase of 53,080 tons over XL REPORT OF T H E SECRETARY OF T H E TREASURY. that of the fiscal year ended June 30, 1874, exclusive of the canal-boat tonnage, amounting to about 48,000 tons, exempt frora enrolraent and license under the act of Congress approved April 18, 1874. The actual increase is believed to be about 141,878 tons, this amount being the excess of gains over losses during the year; but this aggregate has been reduced to 53,080 tons (the increase first above mentioned) by omitting the tonnage of the exempted canal-boats, and by corrections of tonnage returns, about 40,000 tons. The folioW'ing table exhibits the total tonnage for the last two years: 1875. 1874. Vessels. Rei^isterecl Enrolled, and licensed Total Tons. Vessels. Tons. 2,728 29,758 1,428, 923 3, 371, 729 2,981 29,304 1,553,828 3,299,904 32, 486 4, 800,652 . 32,285 4,853,732 The tonnage of vessels built, as given by the Eegister, is 297,639, being a decrease from that of the preceding year of 135,086 tons or over 31 per centum. The number of vessels built w-as 1,301. Official numbers have been awarded by the Bureau of Statistics since July 1 to November 10,1875, to 894 vessels; whose carrying capacity amounts to 146,115 tons. Of this number, sixty-three were new seagoing vessels of 100 tons and over; fortj^-five of 1,000 tons and over; three of 2,000, and two of 3,000 tons, each, with an aggregate tonnage of 100,226 tons. REVENUE MARINE. The past year is the first o f t h e administration of this branch of the public service with the advantage of the completion of the reorganization begun four years ago. The improvement resulting from this reorganization more than equals all that was anticipated. The report of the comraission which proposed the plan does not indicate that any other benefit was expected than a reduction of the expenses of the service. The result shows, however, not only a considerably larger reduction than was anticipated, but the attainraent of a much higher degree of efficiency than characterized the service in former years. The comraission estimated the annual cost of maintaining the service, when the reorganization should be accomplished, at $943,639 The expenditure of the last fiscal year was $897,899 56, an auiount REPORT OF T H E SECRETARY OF T H E TREASURY. XLI considerably lower than that of any previous year since separate accounts of expenditure for the maintenance of this service have been kept, and about $300,000 less than the average annual expenditure previous to the beginning of the reorganization. One of the chief means by which this reduction has been accomplished is the substitution of small' and swift light-draught steamers and small sloops for the larger stearaers and unserviceable schooners forraerly in use, a change which, through the greater speed of the new vessels, their ability to navigate bays, inlets, bayous, and other waters inaccessible to the old ones, and their especial adaptation for rendering assistance to distressed vessels, has greatly enhanced the usefulness of the service. The revenue vessels designated by the President for winter cruising, under the act of December 22,1837, were especially serviceable in the humane work of assisting vessels in distress during the last winter. Throughout the month of February the marine columns of the principal commercial newspapers contained daily accounts of such relief administered to suffering vessels. The general services performed by revenue vessels during the last fiscal year may be suraraarized as follows: * Number Number iSTumber Nuraber Number of of of of of vessels in distress assisted lives saved » vessels seized or reported for violation of law vessels boarded and examined miles sailed 195 81 1,245 22,225 198,117 Besides the above, various services of a special nature have been rendered, such as conveying outfits and supplies to life-saving stations, and assisting the operations of the Navy. , A comparison of the foregoing exhibit, with the following statement of services performed by the revenue vessels during the ten years preceding the reorganization, strikingly illustrates the relative advancement of the service in efficiency. Statement - of services performed hy revenue vessels during the period froon 1861 to 1870, inclusive. Vessels in distress as sisted. Total during ten years.. Average Lives saved. Vess'ls seized Vess'ls boardor reported ed and ex- Miles sailed. for violation " amined. of law. 1,218 187 1,163 132, 988 1,510,651 122 19 116 13,300 161,065 XLII REPORT OF T H E SECRETARY OF T H E TREASURY. There have been added to the fleet during the year one small propeller of about thirty-two tons, comraissioned for duty in the harborand bay of San Francisco, and two sloops which do duty as revenue cruisers on the Atlantic coast, and, at the same time, are specially used in connection with the life-saving service.. Plans and specifications have also been prepared, and proposals invited, for the construction of a small steamer for harbor duty at Philadelphia. The stearaer authorized tor be built for the Pacific coast is well advanced, and it is expected will be ready to go into comraission next season, LIFE-SAVINa SERVICE. The stations in operation during the past year are located in districts Nos. 1, 2, 3, 4, and 6, embracing the line of coast from the eastern extremity of Maine to Cape Hatteras, with the exception of that portion embraced between Cape Henlopen and Cape Charles. The cost of maintaining the service during the last fiscal year, exclusive of the expenditure for the estiablishment of new stations, was $163,204 52, It appears from the reports of the superintendents that during the season of 1874-'75, (from November 1, 1874, to Noveraber 1, 1875,) 82 vessels have been driven ashore within the liraits of the operation of these stations, having on board 975 souls, and valued, with their cargoes, at $2,607,722. The life-saving apparatus was used at 44 wrecks^ and 468 persons were actually brought ashore by it, while more or less assistance was rendered in most of the other cases. Of the property imperilled $1,756,475 in value was saved. Sixteen lives and $851,247 of property were lost. 726 days of shelter were afforded at the stations to 219 shipwrecked persons. Fourteen of the persons who perished were lost from the Italian bark ''Giovanni," wrecked at Peaked Hill bar, Cape Cod, in the severest gale known to that coast for many years. This disaster is the first resulting in great loss of life which has occurred since the present system of ^conducting the service was established. A thorough investigation ^was directed to be made into the circurastances of the catastrophe, which proved that no fault attached to the service, but that the loss of life was wholly due to the fact that the persons upon the wreck were beyond the reach of any, known raeans of assistance frora shore. To extend the range of the means of establishing effective communication between the shore and stranded vessels in cases where life-boats are not available, so as to protect the few points upon our coasts where vessels are liable to strand beyond the reach of the means now in use, has been and still is an object of special endeavor. REPORT OF T H E SECRETARY OF T H E TREASURY, XLIII Some of the raost experienced officers connected with the service, aided by skilful officers detailed from the ordnance corps of the Army, and the best manufacturers of ordnance, are engaged upon the problera, and it is gratifying to state that their experiraents give proraise of success. The following is a stateraent of disasters to vessels which have occurred within the field of the operations of the service since the adoption of the present system in 1871, and the results of these disasters. I t should be observed that during the season of 1871-'72, the service was limited to the coasts of Long Island and New. Jersey, and during the seasons of 1872-'74 to Cape Cod, Long Island, and New Jersey : Total number *of wrecks 185 Total number of lives imperilled v 2,583 Total nuniber of lives saved ^ 2,564 Total nuraber of lives lost 19 Total nuraber of shipwrecked persons sheltered at the stations 368 Total nuniber of days' shelter afforded 1,307 Total value of property iraperilled $6,293,658 Total value of property saved : $4,514,756 Total value of property lost $1,742,902 Six of the stations authorized to be established between Cape Henlopen and Cape Charles have been erected during the past year, and are now occupied by crews. The remaining two are nearly corapleted. The houses of refuge authorized for the Florida coast and the stations for the great lakes, except Lake Superior, are being built under contract, as are also those for Point Judith and Eaton's Neck, Long Island Sound. Sites for the stations provided for the Pacific coast and Lake Superior have been selected, and proposals for their construction will be invited at an early day. Upon the corapletion of these stations it is believed that our coasts will be as well protected in this manner as the interests of commerce and humanity require, and due regard for economy will justify. For more specific information relating to this service, reference is made to Appendix A of this report. The statistics of disasters to American shipping, required by the act of Congress of June 20, 1874, to be collected through officers of the customs, arranged in tables convenient for exaraination, with explanatory notes, together with wreck charts showing the localities of disas ters, will be found in Appendix B. XLIV REPORT OF T H E SECRETARY OF 'CHE TREASURY. LIG-HT-HOUSE SERVICE. The light-house establishraent, which is the largest in the world, and whose charge embraces ocean, lake, and river lines of unequalled extent, steadily increases in usefulness to comraercial and maritime interests. Duriug the past year it has established seventeen lighthouses and two hundred and eighty beacon lights on the Western rivers, together with twenty-one buoys. The present number of aids to navigation in the United States is 622 light-houses, 23 light-ships, 45 fog-signals, 358 day-beacons, 280 river lights, and 2,880 buoys. Since the date of the last report the Light-house Board, in view of the fact that mineral oil is coming into use in France and England for light-house illumination, has made, through its scientific members, extensive experiraents in the mineral oils of this country in order to ascertain Avhether a suitable material of home production can be had for this purpose. The experiments, so far as prosecuted, induce the belief that a proper mineral oil can probably be obtained from our own manufacturers, and perhaps at considerably reduced expense. Its introduction involves an entire change in tfie lamps now used, and if this can be effected at a reasonable cost, it is proposed to put the oil on trial in a number.of light-houses of the least importance, which is the course pursued in the European light-house establishments, when, if found satisfactory, it will be tried in the larger and more important ones. An elaborate and exten si v^e series of experiments has also been made in regard to sound, as applied to fog-signals, with results valuable to science and the promise of much practical utility to navigators. The most signal work of the Establishraent during the past year has been the coraraencement of the lighting and buoyage of the Mississippi, Missouri, and Ohio rivers, in conforraity with the act of Congress approved June 23, 1874. The rivers have been divided into two light-house districts, wdth proper officers assigned to each. The means employed for lighting have been substantial lens-lanterns, which are placed with regard to the tortuous character of the streara, at intervals of rarely more than two miles distance. Mineral oil is used, and a bright light shown in the stormiest weather. The lights are attended by men, procured at a small compensatioii from among the residents on the rivers, who have generally proved trustworthy. At specially dangerous points buoys have been placed as day-marks. The narrow and crooked channels of these rivers, and the presence of hidden obstructions, make their navigation at many points extremely perilous, and the best pilots cannot always avert disaster. The work of light REPORT OF THE SECRETARY OF THE TREASURY. XLV ing thera is reported to give satisfaction to the extensive shipping interests ofthe interior, passage now being practicable at all times where it was before attended with difficulty and danger. To complete the work an additional number of lights and buoys will be needed, and the appropriation for maintaining them must necessarily be increased. A light-ship for Winter Harbor Shoal, and one for general service, appropriated for by act of March 3, 1873, are nearly completed. They are noticeable as being the strongest and largest vessels ever built for the Establishment, aud as having steam fog-siguals, which will be of great service to mariuers. Estimates are presented by the Board for two new steam buoy-tenders for the Atlantic coast, to replace vessels which are worn out, too small and of too little power for the service required of them, and which are constantly in need of expensive repairs. An estimate is also presented for an additional steam-teuder for the Pacific coast, the single one in use being insufficient for the service of that seaboard, and the frequent chartering, at high rates, of private vessels being consequently necessitated. In its estimate for light-house supplies the Board includes a provision for the purchase of a small number of books for light-stations, especially those most remote, according to the usage of the French and English light-house establishments. A sraall quantity of reading matter at the light-stations, to be kept and accounted for as public property, might, it is suggested, form the nucleus for considerable donations from private sources; and the libraries so formed would conduce, as in other countries, toward making the light-keepers more contented with their isolated positions, and less disposed to absent themselves from the place of their duties, besides exerting a general good influence. COAST SURVEY. The report of the Superintendent of the Coast Survey shows that during the past year special activity was maintained in ttiat Avork. In each of the seaboard States of the Atlantic and Pacific satisfactory progress is reported in shore-line surveys and extensions of coast topography; in additional determinations.of latitude and longitude; and in researches relative to tides, currents, and the magnetic elements. The hydrography of the coast approaches has been advanced by means ofthe provision made by Congress for several steam-vessels. Among special records of the year are those brought by experienced astronomers in the service frora stations to which they had been assigned, by governraent authority, to observe the late transit of Venus. XLVI REPORT OF T H E SECRETARY OF T H E TREASURY. The inception of a systeraatic survey of the Atlantic, Gulf, and Pacific coasts of the United States, at a time when requirements for commerce and navigation were not as they now are, but largely prospective, has been fully justified by results which present striking proof of the forethought of those who projected the system. Within a single generation the results of the work are such that representative foreigners may compare, with their own, charts of all our chief and secondary harbors, unsurpassed in either precision or style. These local charts, however, represent only the most important areas in a geodetic survey, which has been prosecuted from the outset with the utmost care, and by the best methods. That the system for defining the approaches of our extensive coasts, wisely adopted originally, and sustained by Congress at the present time, is now recognized as yielding also a sure basis for the future action of States of the Union in regard to their final surveys and maps, afibrds additional evidence of the soundness ofthe policy that has marked successive administrations in our first century as a nation. At certain localities along the seaboard, particularly about the ports, light-house sites, and coast defences, maps of great precision are requisite in public works. For ground of less importance, details are generalized in the representation. But the invisible sea bottom of the coast holds dangers so widely distributed, and so great, that no generalization is admissible. The interests of commerce and the safety of navigation alike require the exact development of all the unseen ground over which vessels may pass, and precise knowledge of each separate danger. Danger-marks, as of hidden rocks for example, insignificant though they may be in pictorial effect on maritime charts, are often found to be anything but insignificant, in the relation which they bear to other developments, as means for the safety of life and the preservatioii of property. Information of much importance is obtained by the survey concerning features on land where of necessity stations are occupied. For the great undertaking now in progress, to increase the depth of water on one of the bars of the Mississippi, many details of the work rest on the accurac3^ of maps, charts, and computations resulting from a survey ordered by the last Congress. Tables, computed in the Coast Survey office, are now regularly issued in print, to show for a year in advance the hours of high and low water, and the height of, tide in each of our seaports. The variation of the compass at places in the interior—which variation for extended periods of time is known REPORT OF T H E SECRETARY OF T H E TREASURY. XLVII only by reference to observations recorded at points near the coast— is now a subject of frequent inquiry. Within the present year inforraation has been supplied frora the archives of the survey bearing on unsettled boundaries between sorae of the older States, on the action of legislative coramittees in regard to natural and artificial resources in navigation, on decisions concerning questions in admiralty, on projects for defence, pn sites for the construction of light-houses, and on plans for the preservation of harbor channels and anchorages. All of which sufficiently manifests alike the national character of the work and the interest and importance attaching to its progressive and its ultimate results. MARINE-HOSPITAL SERVICE, As provided by the act of March 3, 1875, "to proraote econoray and efficiency in the raarine-hospital service," a seamen's time-book has been issued, but it is yet too early to state definitely the effect of its introduction on the collection of hospital dues. Hospital relief is now extended to certain seamen, who, previous to the passage of said act, were excluded from the benefits of the service. This service now furnishes care and treatment to foreign seamen, sick and destitute American seamen returned to the United States from foreign ports by United States consular officers, sick and disabled seamen belonging to vessels of the Engineer Corps of the Army, and to vessels of the Navy where no other provision has been made for them, and to seamen of the vessels of the Coast Survey and Lighthouse Service, while insane patients of the Marine-hospital Service are admitted to the Government Hospital for the Insane. No considerable repairs have been made to the marine-hospital buildings for several years, and as none of the old hospitals can be so modified as to answer the requirements of the present state of knowledge concerning hospital construction, any large outlay on them is deemed unadvisable. Experience would seem to indicate that extensive and costly alterations and repairs require to be frequently renewed, and, therefore, the erection of coraparatively inexpensive pavilion wards, in accordance with the most approved plans of recognized authorities on this subject, is deemed desirable. The old marine-hospital building and grounds at Pittsburg, Pa., were sold during the year, under the act of June 22,1874, for $37,167 79, and a new site purchased for $30,000. The erection of the new hospital at that place has not been commenced, however, owing to the fact that XLVIII REPORT OF T H E SECRETARY OF T H E TREASURY^ the amount ($20,550 96) realized from the sale of a pprtion of the grounds in 1870, is not available for this purpose without the action of Congress. The unusual- araount of suffering and disease among seamen and sailors who w^ere exposed to the severe cold of the last winter, caused a marked increase in the demand for relief from the marine-hospital fund, and a larger number of persons enjoyed the benefits of the service than in any previous year. Fifteen thousand and nine sick and disabled seamen were treated during the year, and the aggregate number of days' relief furnished is four hundred and five thousand six hundred and sixty-five. The total expenditure for the year was $404,390 60, and the aniount of hospital dues collected $338,893 78. STEAMBOAT-INSPECTION SERVICE. The Supervising Inspector General of Steam-Yessels reports the follo^Ying matters of interest connected with this service for the fiscal year ending June 30,1875: Number of officers employed in the service Number of steam-vessels inspected during the year! Aggregate tonnage of steam-vessels inspected. Number of officers licensed 103 3,885 1,018,151^^^0 14,571 The number of lives lost by various accidents to steam-vessels is as follows: By explosion or accidental escape of steam By steamers burned By ^collisions By snagging, Avreck, and founder Total number of lives lost , 51 475 ^ 17 64 '. 607 Of this nuraber four hundred a^id one were Chinese passengers, lost by the burning of the Araerican steamship '' Japan " on the coast of China, Deceniber 17, 1874, leaving the total of other losses during the year but 206, which is an unusually sraall nuraber. The gross receipts from the inspection of steam-vessels and oificers licensed are > $260,944 75 Disbursements in payment of salaries, travelling and incidental expenses of inspectors 212,392 02. This service is generally in a highly efficient and satisfactory condition, and it is. believed that, under the operation of the law^s for this purpose, a degree of safety to life on steam-vessels has been secured equal to all reasonable anticipation. REPORT OF THE SECRETARY^ OF TIIE TREASURY. XLIX It is recommended that provision be made for the annual meeting of the Board of Supervising Inspectors in September of each year, at such place as the Secretary of the Treasury shall designate, instead of on the third Wednesday of January at the city of Washington, as now provided by section 4405, Eevised Statutes. THE REDEMPTION AGENCY FOR NATIONAL BANKS. There have been redeemed, under the act of June 20; 1874,. circulating notes of national banks amounting to $130,322,945. Of this araount, $15,213,500 were forwarded to the respective^ associations by which the notes were issued, and $115,109,445, unfit for use, delivered to the Comptroller of the Currency for destruction. The aggregate expense qf this redemption was $290,965 37, each bank paying its share thereof in proportion to its circulating notes so redeemed. At the coraraencement of the current fiscal year the division organized under the above act carae, in accordance with the 3d section of the act of March 3, 1875, under the direction of the Secretary, having been, prior to that tirae, attached to the Treasurer's office, and no specific authority given the Secretary over its operations, BUREAU OF ENGRAVING AND PRINTING. . In the report subraitted by the Chief of this Bureau will be found a sketch of the history of this important.branch of the service, with a. statement in detail of its operations for the past fiscal year. From this report it will be seen that the organization of the Bureau? is such, as respects both its mechanical appliances and its methods of administration, as to meet all the requirements of the government,^ This Bureau is charged with functions closely affecting the public credit and the integrity of the national currency, and its management for many years has been most satisfactory, whether reference be had to its-; usefulness and efficiency or to the faithfulness of the officers directly ia charge. With the use of a special and distinctive paper, manufactured under the supervision of the Department, and the system of checks and counter-checks, enforcing the accountability of each officer and employ6 connected with the business of engraving and printing the public securities, it is believed that the highest practicable measure of security has been attained, and that the government is fully protected against unauthorized issues. Discrepancies rarely occur, and when they do IV F L REPORT OF THE SECRETARY^ OF TIIE TREASURY^ are readily and easily corrected. The Bureau is thoroughly equipped with all requisite machinery of improved patterns, and has a corps of skilled artisaus whose engraved and mechanical work shows a high degree of excellence. Pursuant to the direction of the act of the last Congress, the work of preparing United States and national-banknotes has been divided between the Bureau of Engraving and Printing and such responsible, capable, and experienced bank-note companies and engravers as would contract for the work at the lowest cost to the government, and at prices not greater than those theretofore paid for the same class of AA^ork. PUBLIC BUILDINGS. The condition of the public buildings under the charge of the Supervising Architect may be said to be generally satisfactory. The large amount of Avork imposed upon that officer renders it impracticable to proceed Avith the construction of all buildings authorized bylaw as rapidly as demanded by local communities in which they are respectively situated, and necessarily- delays the beginning of some. The suggestion of the Supervising Architect, touching the desirability and expediency of causing plans for public buildiugs to be prepared by architects whose whole time is not required to be given to supervision of those already in process of construction, merits the attention and consideration of Congress. It is desirable that all buildings constructed for public use should be of the most durable material, and conveniently adapted to the purposes for which they are designed. This can be best accomplished by bringing into requisition, by competitive means, the best architectural talent of the country. It is, therefore, recommended that Congress make provision for carrying into effect the modification iudicate'd by the Supervising Architect in this regard. The Secretary repeats the suggestion of his last report, that the present is not a favorable time for making large appropriations for public buildings. CLAIMS FOR PROCEEDS OF COTTON. In the report of December last, reference was made to the action of the Department in the disposition of claims for the proceeds of cotton, under the provisions of the fifth section of the act of May 18, 1872. The rule of decision therein stated has beeu strictly adhered to, and REPORT OF THE SECRETARY" OF THE TREASURY. LI all claims have been rejected which did not appear, from satisfactory evidence, to come within the plain letter of the statute. The nuraber of claims filed under this act was 1,336, which have been acted on as follows: Allowed Eejected Dismissed for want of jurisdiction Under exaraination 1 39 1,181 96 20 The amount paid out on the clairas alloAved, as aforesaid., is $180,358 43. •' ' The claims now under examination Avill be disposed of in a short time. Upon their decision all proceedings under the act will be finally closed. The following table contains a sumraary statement of the proceeds of captured and abandoned property covered into the treasury, and the amounts that have been aAvarded and paid therefrom under the several acts qf Congress: * Proceeds of captured and abandoned property covered into the treasury . . . . . . : $20, 910, 656 44 Awarded to claimants by Court of Clairas under the act of March 12, 1863 $11,348,247 73 Paid to clairaants by the Secretary of ^ Treasury under the act of May 18, 1872 ...' 180, 358 43 Paid on judgments against treasury ageuts under the act of July 27,1868. 39,188 17 Paid under various relief acts of Congress , 228,250 81 Disbursed for expenses under joint resolution of March 30, 1868 75, 000 00 Total. 11, 871, 045 14 AThich, deducted from the total am^ount receiA^ed as above, leaves a balance of 9, 039, 611 30 CLAIMS AGAINST THE GOVERNMENT. The state of the law^ relating to the examination and payment of certain classes of claims against the Government should receive the attention of Congress. The Third Auditor aud Second Comptroller, accounting officers of the Treasury Department, are required by laAv to adjudicate and settle claims upon the UnitedStates for the value of propertj^ lost or destroyed while in possession of the Government, either by contract or ( XII R E P O R T OF T H E SECRETARY OF T H E TREASURY. impressment, and clainis for stores received or taken and used by the Army. The power conferred upon these officers is an anomalous one. Before the year 1816 claims of this nature Avere presented directly to Congress, and, when found to be just and proper, were provided for by special legislation. By the act approved April 9, 1816, provision was made for payraent to owners of property lost or destroyed in the war between the United States and GreatBritain. Pursuant to this act, a commissioner was appointed by the President, with the advice and consent of the Senate, whose duty it was to decide all cases arising under the act, and upon his adjudication the amount found due the claimant was paid out of theTreasury. By an amendment to this act, made the next year, the commissioner was required to report the facts in each case to Congress, to the end that provision might be made for the relief, of the claimant, and all cases in which the araount allowed exceeded Uvo hundred dollars were required to be revised by the Secretary of War, and confirmed by him before payment. By the act approved April 20, 1818, all claims under the act of 1816 and its amendment not acted on by the commissioner were transferred to the Third Auditor, who, in his adjudications, was to be governed by the rules prescribed for the commissioner. Again, in 1822 it was enacted that the accounting officer of the Treasury Department should audit and settle, without limitation, claims of officers, volunteers, and other persons in the campaign against the Seminole Indians, under rules to be prescribed by the President. - When, however, in 1833, Congress passed a similar act for the settlement of claims for property lost in expeditions against the Indians on the frontier of Illinois and Michigan, the Third Auditor of the Treasury was required to examine, allow, and pay them, whatever the amount, as similar claims were required to be allowed and paid under the acts of 1816 and 1817. But again, by the act of June 30, 1834, if a claim of this character exceeded two hundred dollars, instead of deciding the same, the Third Auditor was required to report the Avhole proof to Congress. By the subsequent acts of January 18,1837, March 2,1847, and March 3,1849, all of Avhich were enactments in relation to property lost or destroyed in the military service ofthe United States, the Third Auditor tiad the power to decide and pay, without revision, under rules prescribed by the Secretary of War, Avith the assent of the President, all claims, whatever the amount. By an amendraent to the act of 1849, made July 28, 1866, the Third Auditor was required to transmit his adjustment to the Second Comptroller for his decision. By the act of JulyH, 1864, as amended by the acts of February 21, REPORT OF THE SECRETARY OF TIIE TREASURY. LIII 1867, December 23, 1869, and March 3, 1871, and section 300 appendix to Eevised Statutes, the jurisdiction of the Court of Claims was declared not to include any claim against the United States growing out of the destruction or appropriation of, or damage to, property by the Array or Navy engaged in the suppression of the rebellion, but clairas of loyal citizens in States.not in rebellion for quarterraaster stores and subsistence received or taken for the use of the Army are to be reported to the Third Auditor by the Quar tenn aster General or Commissary General, with a recommendation ibr settlement. While no uniform rule has been adopted in the settlement of these claims, it is not easy to perceive the reasons which induced Congress to depart from that first established in the act of 1816. But, whatever may have been the reason, experience has shown that the accounting officers of the Treasury are not'^the proper persons to haA^e the duty of passing upon such claims. In almost every case these gettlements require an investigation which properly belongs to a court of law. In practice, this investigation is often not made either by the Third Auditor or-Second Comptroller, but is necessarily intrusted to subordinates not accustomed to consider and weigh CAadence. Thus great injustice is done the Government by the allowance of clairas upon evidence taken ex parte, which would not be admissible in a court of law organized for the ascertainment of truth. The act of March 30, 1868, reproduced in section 191, Eevised Statutes, makes it at least doubtful whether the Secretary of the Treasury has power to prcA^ent this evil, unless he should take upon himself the questionable responsibility of refusing to sign warrants for the payment of adjudicated clairas. Clairas against the Governraent have been permitted to sleep until the officers connected with the transactions out of which they arose have died, or gone out of service, and then been revived and supported by ex parte testimony of such character as to cause their allowance by the accounting officers. As a partial reraedy for the evil, it is recommended that all such clairas be barred if not presented within a specified tirae. There is, practically, no liraitation now. I t will be seen that the act of 1816 barred claims not presented within two years. Perhaps this period is too short. Six years is adopted in the legislation of most of the States as the time in which actions an simple contracts are barred. Claims against the Government should not be valid for a longer time than this, and there are strong reasons for requiring them to be presented in a shorter time. But a better and more effectual remedy for the LIV REPORT OF T H E SECRETxiRY OF TIIE TREASURY. evil would be the enactment of a law requiring all such claims to be presented in the United States circuit courts of the districts where they arise, by proceedings in the nature of suits against the United States, under such limitations and restrictions, both as to the right to institute the suit and as to the mode of procedure, as Congress may. see proper to impose. It m a y b e said that such, a course would be at variance with the idea that the sovereign should not be subject to suit. The United States, as a sovereign power, hoAvever, has practically subjected itself to suit by the legislation already cited, as Avell as by the establishment of the Court of Claims. The theory of exemption from suit has been long since abandoned in England bythe allowance of the petition of right in any one of the superior courts of comraon law or equity at Westminster. Besides, no just gOA^ernment can now afford to withhold from its citizens the right to present and prosecute their proper demands upon it in some form or other; and it is better both for the government and the honest claimant that the claim should be passed upon by a competent tribunal, armed with power to ascertain the truth and to prcA'ent fraud. The adA^antage to the government of such a course is manifest. Claims, instead of being paid on partial and ex parte testimony, would be subjected to thorough examination . by a court and jury, and the interests of the government would be protected by its attorneys. The highest test of the credibility of a witness consists in crossexamination by opposing counsel in the presence of the tribunal which is to weigh the evidence. Experience has shown that, as a rule, no claim subjected to the scrutiny of a court in the vicinity Avhere it arises is likely to be sustained if it is unfounded in fact, while, on the contrary, such claims are often carried through the Department Avithout attracting the attention of those who either know them to be false or have the means of proving them to be so, and not until they are made public, after payment, is the evidence of their fraudulent character produced. I t has happened that claims have been passed by the accounting officers, AA^hich were subsequently ascertained to be iraudulent and fictitious, and the governnient has felt called upon to proceed by civil action to recover the money, and to institute criminal prosecutions against parties engaged in the fraud. In England, by an act passed in 1860, to amend the petition of right against the government, it is provided that, so far as applicable, the course of procedure in the trial of suits between subject and subject should be extended thereto. . REPORT OF TIIE SECRETARY OF TIIE TREASURY^ LV Trial in the Adcinage is no less important to the gOA^ernment than to the honest claimant. Eequiring a citizen from a distant part of the Union to come to Washington and bring his proofs with him to trj^ his claim against the goA^ernment, often operates oppressively on hira, and is without corresponding benefit to the government. I t is difficult to perceive why such a case should not be tried in the vicinity where it arises, and where, as has been before said, if tried with the publicit^^ attending a jury trial, with the witnesses present to undergo cross-examination, the establishment of false and fraudulent clairas would certainl}^ be rendered more difficult. The government would be placed at no disadvantage by the remoteness of the place of trial from the departments where the public records are kept, for the statute already makes certified copies of such records competent evidence, and they could as well be sent to distant parts of the country as to the court sitting in Washington City. :In rare and exceptional cases,, the production of original records.may be required, but these could be sent in charge of a proper custodian. REPORTS. OF BUREAU OFFICERS. The reports of the heads of bureaus are herewith transmitted, and referred to as containing statements and information of the business of the Department more in detail than could properly be embodied in this report. The Secretary gratefully acknowledges his indebtedness to^the officers of the Department generally for the zeal and fidelity with which they have discharged their duties. B. H. BEISTOW, Secretary of the Treasury, To the Honorable T H E S P E A K E R OF THE H O U S E OF E E P R E S E N T A T I V E S . TABLES ACCOMPAMmG THE EEPOET. 1 F R E P O R T OF T H E SECRETARY OF T H E TREASURY. 3 TABLE A.—Statement of the mt receipts (hy warrants) during the fiscal year ended Jun 30, 1875. CUSTOMS. <^narter •Quarter Quarter 'Quarter ended September 30, 1S74 euded December 31, 1874 ended Marcb 31, 1875 euded June 30, 1875... Quarter 'Q.uartor Quarter Quarter euded euded euded euded $-lG, 651,200 10 32,187, 238 95 41, 910, G67 53 86,418,615 77 • 1157, 167, 722 35 SALES OF PUBLIC LANDS. September 30, 1874 Deceraber 31, 1874 March 31, 1875 Juue 30, 1875 : 391,465 88 413, 523 02 272, 433 94 336, 207 33 ' 1,413,640 17 INTERNAL REVENUE. Quarter Quarter Quarter Quarter euded ended ended ended September 30, 1874 December 31, 1874 March 31, 1875 Juue 30, 1875 26,314, 615 33 • 27, 248, 051 62 23, 739, 703 25 27, 705, 063 38 ' .' 110,007,493 58 TAX ON CIRCULATION, DEPOSITS, E T C . , OF NATIONAL BANKS. Quarter Quarter Quarter Quarter euded September 30, 1874 euded December 31, 1874 ended March 31, 1875 ended Juue 30, 1875 '. 3,596,148 21, 639 ' 3, 623, 614 26, 977 .." 23 04 69 20 7,268,379 16 RE-PAYMENT OF INTEREST BY PACIFIC RAILWAY COMPANIES. Quarter ended Quarter ended Quarterended Quarter" ended September 30, 1874 December 31, 1374 March 31, 1875 June 30,1875 .-. • : 217, 941 97 3 31, 859 77 341,909 92 190, .563 25 •. 882,274 91 CUSTOMS FINES, PENALTIES, AND F O R F E I T U R E S . Quarter Quarter Quarter Quarter ended euded ended euded September 30, 1874 December 31, 1874 March 31, 1875. June 30, 1875 : : 30,-540 31 45, 293 55 50, 098 61 102,937 76 FEES—CONSULAR, LETTERS-PATENT, AND LAND. Quarter Quarter Quarter Quarter ended ended ended euded September 30, 1874 December 31. 1874 March 31, 1875 Juue 30, 1875 223,370 23 . 451, 257 11 409, 698 97 4.33, 779 41 524,148 SO " 1,818,834 29 PROCEEDS OF SALES OF GOVERNMENT PROPERTY; Quarter ended Qaarter euded Quarterended Qaarter ended September 30, 1874 Deceraber 31, 1874 March 31, 1375 June 30, 1875 .- 522, 546 77 417, 140 65 226,603 45 112, 402 80. 1, 278, 693 87 PRE.MIUM ON SALES OF COIN. Quarter Quarter Quarter Quarter ended euded ended euded September 30, 1874 December 31, 1874 March 31, 1875 June 30, 1875 1, 453, 237 72 816,928 22 290, 119 12 1, 418, 994 63 3, 979, 279 69 MISCELLANEOUS SOURCES. Quarter Quarter Quarter Quarter ended September 30, 1874 euded December 31. 1874 ended March 31, 1875 euded June 30, 1875 " : ^ - 1, 255, 332 57 870. 338 13 709, 751 44 1,119,390 71 . Total net receipts Balauce in Treasury June 30, 1874 Total 3,954,812 85 : 288, 000, 051 10 150, 731, 694 63 :....... 438,731,745 73 4 REPORT OF THE SECRETARY OF THE TREASURY/ TABLE B.—Statement of the net dishursements (hy warrants) during the fiscal year ended! June 30, 1875. CIVIL. Cougress Executive Judiciary Grovernment of Territories Subtreasuries Public-land offices Inspection of steara-vessels Mints and assay-offices .' '. $5, 084, 612 47 6, 948, 217 74 3,713,184 67 247, 194 53 365, 220 20 611, 879 89 212, 392 02 164, 228 01 Total civil list $17, 346 929 53^ FOREIGN INTERCOURSE. Diplomatic salaries Consular salaries Contingencies of consulates Belief and protection of American seamen Rescuing American seamen from shipwreck American and Mexican claims commission American and Spauish claims commission American and British claims commission Return of consular receipts International Exposition at Vieuna Survey of boundary between the United States and British possessions. Alabama claims commission Awards to British claimants .' Contingent and miscellaueous .' 319, 379 68 462, 861 43 159, 518 98 35, 099 21 1, 896 56 20, 363 06 14, 021 51 2, 093 25 32,225 02 6,172 Gd 39, 865 00 84. 374 70 1, 929, 819 00 87, 547 17 Total foreign iu tercourse 3,195,237 23mSCELLANEOUS. Mint establishment 1, 244, 618 40 Branch mint building 145, 780 93 Coast Survey 780, 635 44 Light-House Establishraent : 1, 778, 841 52 Building and repairs of light-houses 1,165,198 72 Refunding excess of deposits for uuascertained duties 1, 863, 657 85 Payment for coins, nickels, &c., destroyed at Chicago 809 04 Revenue-cutter service 897, 985 85 Building revenue-cutters 88,107 81 Life-saving service, (including building new stations) 203,113 32 Custom-houses, court-houses, post-offices, &c 8, 055, 054 86 Eurniture, fuel, &c., for public buildings under Treasury Department. 448,169 78 Repairs and preservation of publicbuildingsunder theTreasury Dept. .382,289 21 Collecting customs-revenue ". 7, 028, 521 SO Debenture and. drawbacks under customs laws 1, 629, 328 02 Refunding duties erroneously or illegally collected 9, 810 93 Marine hospital at Sau Francisco ". 68, 087 74 Marine-Hospital Establishment 404, 390 60 Compensation in lieu of moieties 67,134 18 Assessing and collecting internal reveuue 4,289,442 71 Punishing violations of internal revenue laws 30, 095 00 Internal-revenue staraps, paper, and dies 627, 649 97 Refunding duties erroneously or illegally collected 169, 286 77 Internal-revenue allowances and drawbacks 32, 248 73 Redemption of internal-revenue stamps.31, 867 05 Mail-steamship service 650, 000 00 Deficiencies in revenue of Post-Office Departraent 6, 562, 216 30 Return of proceeds of captured and abandoned property 880, 619 34 Expenses national loan, including salaries 552, 397 97 Expenses refunding national debt 150, 255 51 Expenses national currency 330, 978 27 Suppressing counterfeiting and fraud : 120, 615 20 Contin^^ent expenses, independent treasury 95,159 57 Public buildinos arid grouuds in Washington 809,176 43" Capitol extension, repairs, cfcc 69, SOO 00 Extension and grading of Capitol grounds 220, 000 00 State, War, and Nav.>^Departraent building 1, 049, 059 54; Columbian Institute for Deaf and Dumb 77, 000 00 Governraent Hospital for the Insane 215, 107 00 Charitable institutions in AVashington 229, 308 33 Metropolitan police 208, 006 62Support and treatment of transient paupers • 15, 000 00 Survey of public lands '. 1, 253,187 13 Repayments for lands erroneously sold 35, 036 55Eive per cent, fund, &.C., to States 94, 436 52 Expenses of the eighth and ninth censuses 23, 569 40 Penitentiaries in Territories 14, 791 13. Payments under relief acts 157, 813 59' Expeuses of board of health of District of Columbia 41, 388 50 Inquiries into causes of steam-boiler explosions . 8, 474 01 Refunding proceeds of cotton seized 36, 938 72" Southern claims commission 51, 800 OO ^ REPORT OF THE SECRETARY OF THE TREASURY. 5 TABLE B.—Statement of the net dishursements, (hy ivarrants,) c^'-c—Continuecl. o MISCELLANEOUS—Continued. Re-issuing of national currency Postage Expenses of District of Columbia Interest on 3.65 bonds of District of Columbia Payment of indebtedness of District of Columbia Expeuses of Bureau of Engraving and Printing Purchase and manageraent^of Louisville and Portland Canal Vaults, safes, and locks for public buildings Smithsonian Institution Indemnity for swamp-lauds., International exhibition Indemnity to Dempsey & O'Toole .• Distribution of seeds, (grasshopper ravages) Agricultural reports Miscellaneous items ^64, 244 76 1, 022,165 13 ' 339,593 96 154, 554 64 1, 300, 000 00 1, 581, 669 41 107, 794 31 103, 487 95 69, 050 88 43, 386 94 26, 300 00 29, 433 89 30, 000 (>0 46, 7U0 00 215, 892 49 Total miscellaneous.... |50, 528, 536 22 INTERIOR Indians Pensions Total Interior Departmeut DEPARTMENT. ". " 8, 384, 656 82 29, 456, 216 22 37^ 840, 873 04 MILITARY ESTABLISHMENT. Pay Departmeut ; , . . 10, 944, 666 31 Commissary Department 2, 851, 334 74 Quartermaster's Department 13, 253, 571 74 Ordnance Departraent 1, 758, 965 26 Medical Department 344, 887 94 Military Academy ' 99, 401 79 Expen.ses of recruiting 50, 259 88 Contingeoicies 35, 557 59 Signal Service 422, 641 .58 Refugees, Freedmen and Abandoned Lands 31, 317 36 Bounties to soldiers 291, 480 00 lle-imbursiug States for raising volunteers J 39, 958 32 Claims of loyal citizens for supplies 1, 265,170 .40 Payments uuder relief acts 377, 831 46 Eoits and fortifications 1,128, 980 31 Improvements of rivers and harbors » ' 6,380,811 18 Re-imburaiug Kentucky for expenses in suppressing the rebellion 35, 490 65Suppressiug ludian hostilities in Montana aod Dakota Territories 88, 980 30 Pavment of stoppages due National Asylum for Disabled Volunteer Soldiers 911, 505 12 Washingtou aud Oregon volunteers in 1855 aud 1856 8, 574 00 Horses and other property lost in service ^ 83. 720 68 Supportof Soldiers' Hom'e 154,604 01 Miscellaneous 457, 935 36 Total Military Establishment 41,120, 645 98 NAVAL Pay and contingent of the Navy Marine Corps Navigation Ordnance Provisions and Clothing Medicine and Sui-gery , Eq^uipraent aud Recruiting Construction and Repaiis. Steam-Engineering Yards aud Docks Paymeuts under relief acts Observation of the transit of Venus Prize-money to captors Miscellaneous ESTAbLISIIMENT. 6, 542, .521 61 1,176, 325 43 231, 383 .52 . 508, 744 91 . 1, 736, 770 63 133, 175 52 1,175, 252 09 4, 339, 412 00 1, 812, 043 55 2, 519, 755 20 140, 278 97 70, 964 43 842, 582 22 218,416 19 : • Total Naval Establishment 21, 497, 626 27 nVTEREST ON THE PUBLIC DEBT Total net ordinary disbursements Redemption of the public debt Total net disbursements Balance in Treasury June 30, 1875 Total ' 103, 093, 544 57 '. - 274, 623, 392 84 19, 4U5, 936 48 -. 294, 029, 329 32 144,702,416 41 438,731,745 73 b REPORT OF THE SECRETARY OF THE TREASURY. TABLE C.—Statenient of the redemption and issue of loans and Treasury-notes (hy ivarrants} for the fiscal year ended June 30, 1875. C h a r a c t e r of loans. E x c e s s of redemptions. Issues. Redemptions. T e x a n i n d e m n i t y stock, a c t of September 9, 1850 $2, 000 00 T r e a s u r y - n o t e s of 1857, a c t of D e c e m b e r 23,1857....• 100 00 L o a n of 1H58, a c t of J u u e 14, 1858 117, 000 00 S e v e n - t h i r t i e s o f 1861, a c t of J u l y 17,1861 2,100 00 Old d e m a n d notes, a c t s of J u l y 17,1861, A u g u s t 5,1861, a n d F e b r u a r y 12, 1S62. 6, 625 00 L e g a l ' t e n d e r n o t e s , a c t s of F e b r u a r y 25, 1862, J u l y 11; 1862, J a n u a r y 17, 1863, a n d . M a r c h 3,1863 110,136, 376 00 •I 103, 907, 956 00 T e m p o r a r y loan, a c t of F e b r u a r y 25,1862 • 75, 500 00 F r a c t i o n a l c u r r e n c y , a c t s of J u l y 17, 1862, M a r c h 3,1863, a u d J u u e 30,'1864 . 36, 612, SOO 00 40, 364, 671 48 One-year n o t e s of 1863, act of M a r c h 3, 1863 8, 700 00 T w o - y e a r uotes of 1663, a c t of M a r c h 3, 1863 5, 550 00 Coin certificates, act of M a r c h 3,1863, section 5 70, 250,100 00 71, 278, 900 00 C o m p o u n d - i n t e r e s t notes, a c t s of M a r c h 3,1863, and. J u n e 30, 1864 47, 820 00 Ten-forties of 1864, act of M a r c h 3,1864 S e v e n - t h i r t i e s of 1864 a n d 1865, a c t s of 1, 000 00 J u n e 30, 1864, and M a r c h 3,1865 F i v e - t w e n t i e s of 1862, a c t of F e b r u a r y 31, 650 00 25, 1862....Consols of 1867, act of M a r c h 3 , 1 8 6 5 . . . F u n d e d loan of 1881, a c t s of J u l y 14, 104, 257, 850 00 1870, a u d J a n u a r y 20,1871 • 1,650 00 96, 505, 700 00 Certificates of deposit, a c t of J u n e 8, . 1872 81, 040, 000 00 80, 695, 000 00 Total . 387, 971, 556 00 407,377,492 ' E x c e s s of r e d e r a p t i o n s . E x c e s s of i s s u e s E x c e s s o f issues. 12, 000 00 100 00 117, OOQ 00 2, 100 00 6, 625 00 6, 228,420 00 75, 500 00 3,751,871 48 8,700 00 5,550 00 1, 028, 800 00 47, 820 00 1, 000 00 31, 650 00 104, 257, 850 00 1, 650 CO ^96, 505, 700 OO' 345, 000 00 115,911,636 48 96, 505, 700 00 115,911,636 48 96, 505, 700 00 N e t excess of r e d e m p t i o n s c h a r g e d iu r e c e i p t s a n d e x p e n d i t u r e s 19, 405, 936 48 TABLE D.—Statenient ofthe net receipt's and dishursements (hy warrants) for the quarterended September 30,1875. RECEIPTS. Custom's : Sales of p u b l i c l a n d s Internal revenue T a x on circulation, deposits, &c., of n a t i o n a l b a u k s R e p a y m e n t of i n t e r e s t by Pacific r a i l w a y c o m p a n i e s C u s t o m s fines, penalties." a n d forfeitures Consular, l e t t e r s - p a t e n t , homestead, a n d land fees P r o c e e d s of sales of G o v e r n m e n t p r o p e r t y Miscellaneous " P r e m i u m on sales of coin '. : • ' \. : Total net ordinary receipts B a l a n c e in T r e a s u r y J i i n e 30, 1875 Total -$44, 233, 626 308, 641 28,199, 723 3, 626,033 262, 212 28, 521 510, 427 . 104, 273 1, 722, 408 2,160, 275 25 73. 50 83 87 75 1965 90 47 81,150,145 14 144, 702, 416 41 • :..: •.'. 225, 858, 561 55. DJSBUKSEJIENTS. Customs I n t e r n a l reven ne Diplomatic service Judiciary I n t e r i o r , (civil) Treasury proper Q u a r t e r l y salaries T o t a l civil and miscellaneous : ,. : , , , ^6, 267, 985 1, 565, 409 437, 755 763, 567 1, 318, 467 8,175, .489 144, 396 95< 75 97 48 48 68 37 18, 673, 072 6&' REPORT OF THE SECRETARY OF THE TREASURY. 7 TABLE D.—Stdtement bf the net receipts and dishursements, S^^c.—Continued. DISBURSEMENTS—Continiued. Indians Pensions.--.; Militarv establishment. Naval establishment Interest on public d e b t . . . . . . ' '. .'..-: '. '......: .» -....-.... Total net ordinary disbursements Redemption of the public debt ...'. Balanee in the Treasury,Sep tember 30, 1875 Total . . - . : $2,660,474 38 8,845,927 64 11, 391, 476 26 7, 9.59, 037 99 34,517,554 81 • — - : :....... $65, 374, 471 08 84, 047, 543 76 6, 838, 999 66 134, 972, 018 13 225, 858, 561 55 TABLE E.—Statement of the redemption and issue of loans and Treasury-notes (hy ivarrants) for the quainter ended September 30, 1875. C h a r a c t e r of loans. Redemptions. Issues. $50 00 Spven-thirties of 1861 Old demand-notes ' 275 00 L e g a l - t e n d e r notes 22,717,020 00 •120, 886, 564 00 7, 786, SOO 0.0 Fractional currencv . 9,132,648 66 O n e - y e a r n o t e s of 1863 1,230 00 T w o - y e a r notes of 1863 . 550 00 Coin certificates ^ 48, 379, 000 00 '"38,'227,"90o'o6" Compound-interest notes 10, 990 00 S e v e n - t h i r t i e s of 1864 a n d 1865 4, 900 00 F i v e - t w e n t i e s of 1862 20, 605,150 00 F u n d e d loan of 1881 •^.. 25, 650, 000 00 Certificates of deposit^^. ' •... 19,195, 000 00 21,440,000 00 567, 000 00 Certificates of i n d e b t e d n e s s of 1870.. 216, 450 00 F i v e - t w e n t i e s of J u n e , 1864 . . Total 120fl30, 263 66 113, 991, 264 00 E x c e s s of r e d e m p t i o n s N e t excess of r e d e m p t i o n s E x c e s s of redemptions. . $50 00 275 00 1, 830, 456 00 1, 345, 848 66 1, 230 00 550 00 10,151,100 OO 10, 990 00 4,900 00 20, 605,150 00 $25, 650, 000 00 2,,245, 000 00 567. 000 00 216, 450 00 34, 733, 999 66 ^ 34, 733, 999 66 S7, 895, 000 00 . E x c e s s of . issues. . • '6, 838, 999 66 27, 895, 000 00 8 REPORT OF T H E SECRETARY OF T H E TREASURY. TABLE F.—Statement of outstanding principal of the puhlic deht of the United States on the 1st of January of each year from 1791 to 1843, inclusive, and on the 1st of July of each year from 184A to 1875, inclusive. Year. 1791 . 1792. 1793. 1794 . 1795 . 1796. 1797 . 1798. 1799. 1800. 1801 . 1802. 1803 . 1804. 1805. 1806 . 1807 . 1808. ] 809 . 1810. 1811 . • 1812 . 1813 . J814. 1815. 1816. 1817. 1818. 1819 . 1820. 1821.. 1822. 1823 . 1824 . 1825., 1826 .. 1827.. 1828.. 1829 .. Iti30 .. 1831 .. 1832.. 1833 .. 1834.. 1835 .. 1836 .. 1837.. 1838 .. 1839 .. 1840 .. 1841 .. 1842 .. 1843 .. 1844 .. 1845.. 1846 .. 1847 .. 1848 .. 1849 .. 18.50 .. 1851 .. 1852 .. 1853 .. 1854 .. 1855 .. 1856 .. 1857.. 1858.. 1859.. I860.. 1861 .. 1862 .. 1863 .. 1864.. 1865'.. 1866 .. 1867.. 1868 .. Amount. $75, 463, 476 52 77, 227, 924 66 80, 352, 634 04 78,427,404 77 80, 747, 587 39 83, 762,172 07 82, 064, 479 33 79, 228, 529 12 78, 408, 669 77 82, 976, 294.35 83, 038, 050 80 80, 712, 632 25 77, 054, 686 30 86, 427, 120 '88 82, 312,150 50 75, 723, 270 66 69, 218, 398 64 65,196, 317 97 57, 023, 192 09 53,173, 217 52 48, 005, 587 76 ,45, 209, 737 90 55, 962, 827 57 81,487,846 24 99, 833, 660 15 127, 334, 933 74 123,491,965 16 103, 466, 633 83 95, 529, 648 28 91, 015, 566 15 89, 987, 427 66 93, 546, 676 98 90, 875, 877 28 90, 269, 777 77 83, 788, 432 71 81,054,059 99 .73, 987, 35720 67, 475, 043 87 58, 421, 413 67 48, 56.5, 40650 39,123,191 6S 24, 322, 235 18 7,001,698 88 4, 760, 08203 37, 513 05 336, 957 83 3, 308,124 07 10, 434, 221 14 3, 573, 343 82 5, 250, 87554 13, 594, 480 73 20, 601, 226 28 32, 742, 922 00 23, 461, 652 50 15, 925, 303 01 15, 550, 202 97 38, 826, 534 77 47, 044, 862 23 63, 061, 858 69 63, 452, 773 55 68, 304. 796 02 66,199,'341 71 59, 803,117 70 42, 242, 222 42 35,586,956 56 31, 972, 537 90 28,699,831 85 •44,911,881 03 58, 496, 837 88 6'4, 842, 28788 90, 580, 873 72. 524,176, 412 13 119, 772,138 63 815, 784, 370 57 680, 647, 869 74 773,236,173 69 678,126,103 87 611,687,851 19 588, 452, 213 94 REPORT OF THE SECRETARY OF THE TREASURY. " 9 TABLE F.—Statement of outstanding principal of the puhlic deht, cfc.—Continuecl. Year. 1870 1871 1872 1873 1874 1375 Amount. .$2, 480, 672, 427 81 2. 3.53, 211. 332 32 2, 253, 25i; 328 73 *2, 234, 482, 993 20 *2, 2.51, 690, 468 43 *2, 232, 284, 531 95 / *In the amount here stated as the outstanding principal of the public debt are included the certificates of deposit outstanding on the 30th of June, issued under act of June 8,1872, amounting to -$31,730,000, in 1873 ; $.58,760,000 in 1874, and $58,415,000 in 1875, for which a like araount in United States notes was on special deposit in the Treasury for their redemption, and added to the cash-balance iu the Treasury. These certificates, as a raatter of accouuts, are treated as a part of the public debt, but, being offset by notes held on deposit for their redemption, should properly be deducted from the principal of the public debt in making comparison with former years. 10 - R E P O R T OF THE SECRETARY OF T H E TREASURY. TABLE G.—Statement ofthe receipts of the United States from March 4,1789, to June Balance in the Treasury at , .Customs. commen c e mentofyear. 1791 1792 ' $973, 905 75 1793 783, 444 51 1794 753,661 69 1795 1, 151,924 17 1796 516, 442 61 1797 888, 995 42 1798 1,021,899 04 1799 617,451 43 1800 2,161, S67 77 1801 2,623,311 99 1802 3, 295, 391 00 1803 5, 020. 697 64 1804 4, 82.5, 811 60 1805 4, 037, 005 26 1806 3, 999, 388 99 1807 • 4, 538,123 SO 1808 9, 643, 850 07 1809 9,941,809 96 1810 3, 848, 056 78 1811 2, 672, 276 57 1812 3, 502, 305 80 1813 3,862,217 41 1814 5,196, 542 00 1815 1, 727, 848 63 1816 13,106, 592 88 1817 22, 03.3, 519 19 1818 14, 989, 465 48 1819 1, 478, 526 74 1820 2, 07?, 992 38 1821 1, 198, 461 21 1822 1, 681, 592 24 1823 4, 237, 427 55 1824 9, 463, 922 81 1825 1, 946, 597 13 1826 5, 20i; 650 43 1827 6,358,686 18 1828 6, 668, 286 10 1829 5, 972, 435 81 1830 5, 755, 704 "79 1831 . 6, 014, 539 75 1832 4, 502, 914 45 1833 2, Oil, 777 55 1834 11, 702, 905 31 1835 8, 892, 858 42 1836 26, 749, 803 96 1837 46, 708, 436 00 1838 37, 327, 252 69 1839 36,891,196 94 1840 33,157,503 68 1841 29,963,163 46 1842 28. 685, 111 OS ld43* 30 521, 979 44 1844 39', 186', 284 74 1845 36, 742, 829 62 36,194. 274 81 1846 3847 38, 26i; 959 65 33, 079, 276 43 1848 1849. 29 416, 612 45 32. 827^ 082 69 1850 35, 871, 753 31 1851 1852 40,158, 353 25 1853 43, 338, 860 02 1854 50,261,961 09 1855 48, 591. 073 41 1856 47^ 777," 672 13 1857 49,108, 229 80 46, 802, 855 00 1858 3.5,113, 334 22 1859 33,193, 248 60 1860 32, 979, 530 78 1861 30, 963, 857 83 1862 1863 46, 96.5, 304 87 1864 36, 523, 046 13 134, 433, 738 44 1865 Internal revenue. Direct tax. Public lands. Miscellaneous. $10, 478 10 $268,'942'si 9.918 65 337, 705 70 21,410 88 4, 801, 065 28 274, 089 62 53, 277 97 337, 755 36 5, .588, 461 26 28, 317 97 6, 567,' 987 94 475,289 60 $4,'s36"i3' 1,169,415 98 7, 549, 649 65 575, 491 45 399,139 29 83, 540 60 7,106,061 93. 644, 357 95 11, 963 11 58,192 81 6,610,449 31 86.187 56 779,136 44 9, OSO, 932 73 809, 396 55 "$734," 223'97' 152, 712 10 443*75 10, 750, 778 93 1, 048, 033 43 534, 343 38 167, 726 06 345, 649 15 12, 438, 235 74 621,898 89 206, 565 44 188, 628 02 1, 500, 505 86 10,479,417 61 215,.179°69 71, 879 20 165, 675 69 131, 945 44 11, 098, 565 33 .50, 941 29 50,198 44 437, 526 79 139,075 53 12, 936, 487 04 • 21, 747 15 21, 882 91 540,193 SO 40, 382 30 14, 667, 698 17 20,101 45 55, 763 86 765, 245 73 51,121 86 •15,845,521 61 13, 051 40 34, 732 56 466,163 27 38, 550 42 16, 363, 550 58 S, 190 23 19,159 21 647, 939 06 21, 822 85 7, 257, 506 62 4,034 29 7, 517 31 442, 2.52 33 62,162 57 8, 583, 309 31 7, 430 63 12, 448 63 696, 548 82 84, 476 84 13,313,222 73 2, 295 95 7, 666 66 1, 040, 237 53 59, 211 22 8, 958, 777 53 4, 903 00 859 22 . 710,427 78 126,165 17 13. 224, 623 25 4, 755 04 3, 805 52 835, 655 14 271, 571 00 5; 998, 772 08 1, 662, 984 82 2, 219, 497 36 1,135, 971 09 164, 399 81 7, 282, 942 22 4, 678, 059 07 2,162, 673 41 1,287,959 28' 285,-232 84 36, 306, 874 88 5,124, 703 31 4, 253, 635 09 1, 717, 985 03 273, 782 35 26, 283, 348 49 2, 678,100 77 1, 834,187 04 1,991,226 06 109, 761 08 17,176, 385 00 . 955, 270 20 264, 333 36 2,606,564 77 57, 617 71 20, 283. 608 76 229, 593 63 S3, 6.50 78 3, 274, 422 78 . 57, 098 42 15,005,612 15 106, 260. 53 31, 586 82 1,635,871 61 61, 338 44 13, 004, 447 15 69, 027 63 ° 29, 349 05 1, 212, 966 46 152, 589 43 17,569,761 94 07, 665 71 20, 961 56 1, 803, 581 54 452, 957 19 19, 088, 433 44 34, 242 17 10. 337 71 916,523 10 141,129 84 17, 878, 325 71 34, 663 37 6,201 96 984, 418 15 127, 603 60 20, 098. 713 45 25,771 35 2, 330 85 1,216,090 56 130, 451 81 23, 341, 331 77 21, 589 93 6, 638 76 1, 393, 785 09 94, 538 66 19, 712, 283 29 19, 885 68 2, 626 90 1, 495, 845 26 1, 315, 722 83 23, 205, 523 64 17, 451 54 2, 218 81 1, 018, 308 75 65,126 49 • 22, 681, 965 91 14, 502 74 11, 335 05 1,517,175 13 112, 648 55 21,922,391 39 12,160 62 16, 980 59 2, 329, 356 14 73, 227 77 24, 224, 441 77 6, 933 51 10,506 01 3,210,815 48 584,124 05 28, 465, 237 24 11, 630 65 6,791 13 2, 623, 381 03 270, 410 61 29, 032, 508 91 2, 7.59 00 394 12 3, 967, 682 55 470, 096 67 16,214,957 15 4,196 09 19 80 4, 857, 600 69 480, 812 32 19,391,310 59 10,459 48 4, 263 33 14, 757, 600 75 759, 972 13 23, 409, 940 53 370 00 728 79 24, 877,179 86 2, 245, 902 23 11,169, 290 39 5, 493 84 1,687 70 • 6, 776, 236 52 7, 001, 444 59 16, 153, 800 36 . 2, 467 27 3, 730, 945 66 6, 410, 348 45 23,137, 924 81 2, 553 32 ""'"•" "755*22" 7, 361, 576 40 979, 939 86 . 3,411,818 63 2, 567,112 28 13, 499, 502 17 1,682 25 1, 365, 627 42 1, 004, 054 75 3,261 36 14, 437, 216 74 451, 995 97 1, 33.5, 797 52 495 00 18.187, 908 76 103 25 285, 895 92 7, 046, 843 91 898,1.58 18 1,777 34 2, 059, 939 80 1, 075, 419 70 26| 183, 570 94 361;453 68 3,517 12 2, 077, 022 30 27, .528,112 70 289, 950 13 2, 694, 4.52 48 2, 897 26 26', 712* 667 87 375 00 2, 498, 355 20 220, 808 30 . 23, 747, 864 66 612,610 69 375 00 3, 328, 642 56 31 757 070 96 aSo, 379 13 1, 688, 959 55 28! 346', 738 S2 1, 859, 894 25 2: 064, 308 21 39. 668, 686 42 2, 352, 305 30 1, 185,166 11 49, 017, 567 92 47, 339, .326 62 2, 043, 239 58 464,249 40 988,081 17 58, 931, 865 52 1, 667, 084 99 8, 470, 798 39 1,105, 352 74 64, 224,190 27 827,731 40 11, 497, 049 07 53, 025, 794 21 8, 917, 644 93 1,116,190 81 64, 022, 863 50 3. 829, 486 64 1, 259, 920 S8 63, 875, 905 05 3,513,715 87 •,.1,352,029 ]3 41, 789, 620 96 1, 756, 687 30 1, 454, 596 24 49, 565, 824 38 1,778,5.57 71 1, 088, 530 25 53. 187, 511 87 870, 658 54 1, 023, .515 31 39, .582,125 64 915,327 97 1.52,203 77 49, 056, 397 62 i, 795,331 73 167, 617 17 3, 741, 794 38 69, 0.59, 642 40 '""*37,'640,'787'95' 1,485,103 61 102,316,152 99 109, 741,134 10 •475, 648 96 588, 333 29 30, 291, 701 86 84, 928, 260 60 209, 464, 215 25 1,200,573 03 996, 553 31 25, 441, 550 OOo ^ For the half-year from Jan $4, 399, 473 09 3, 443^ 070 85 4, 25.5, .306 56 REPORT OF THE SECRETARY OF THE TREASURY. 11 30, 1875, hy calendar years to 1843, and hy fiscal years (ending Juiie 30) from that time. Dividends. Net ordinary receipts. Interest. Premiums. Receipts from loans and Treas-] G-ross receipts. ury-notes. $4. 409, 951 19 $8. 028 00 3, 669,960 31 4, 652, 923 14 38, 500 00 5,431,904 8' 303, 472 00 6,114, 534 59 $4, SOO' 00 160, 000 00 8, 377,529 65| 42, 800 00 160, 000 00 80, 960 OOl 8, 688,780 99 79, 920 00 7, 900,495 80| 78, 675 00 71,040 00 7, 546,813 31 71,040 ool 10, 848, 749 10 88, 800 00 12, 935, 330 951 "i6,'i25"6o 39, 960 00! 14, 99.5, 793 95 11, 064, 097 63 11,826, 307 38 13,560, 693 20j 15, 559, 931 O^i 16, 398, 019 26 17, 060, 661 93 7, 773,473 12 9, 384,214 2S| 14, 422, 634 09 9,801, 132 76| 300 00 14, 340, 409 951 11,181, 625 16 85 79 $32,107 61 15, 696, 916 821 11,541 74 985 661 47, 67B, 68. 665 16 686 09 202, 426 30 33, 099, 049 74 267,819 14 171 04 525, 000 00 21, 585, 412 62| 675, 000 OOl 24, 603, ^ 4 37| 1, 000,000 00 17, 840, 669 55 40, 000 00 105, 000 00 14, 573, 379 72 297, 500 00 20, 232, 427 94 350, 000 00 20, 540, 666 26 350, 000 00 19, 381, 212 79 367, 500 00 21,840, 853 02I 402, 500 00 25, 260, 434 21 420, 000 00 22, 966, 363 96 455, 000 00 24, 763, 629 23 490, 000 00 24, 827, 627 3&I 490, 000 00 34, 844, 116 51 490, 000 00 28, 526, 320 82| 490, 000 00 31,867, 450 ml 474, 985 00 33, 948, 426 25 234, 349 50 21,791, 9.35 55 506, 480 82| 35, 430, 087 10 292, 674 6" 50, 826, 796 081 153 04 24, 954, 561 74| 26, 302, 749 61 31, 482, 115 33| 19, 480, 160 2~ 16, 860, 197 25| 19, 976, 001 26 8, 231,707 78 71, 700 83 29, 320, 105 sol 666 60 29, 970, 967 74 29, 699, 403 16| 26, 467. 699 21 28, 365 91 35, 693, 077 50| 37, OSO oo! 30, 721, 888 88 487, 065 48 43, 592, 039 3.3 10, 550 00 52, 555,815 60 4, 264 92 49, 846, 031 68 61,587, 341 40 22 50 73, 800, 574 68l 65, 350, 699 24 74, 056, 312 57 68, 965, 365 96, 46, 65.5, 107 92 52, 777, 599 83 709, 357 72 56, 054, 299 10, 008 00 41,476, 33, 630 901 51, 919, 261 09 68, 400 00 112, 094, 945 51 602, 345 44 243, 412, 971 20 21,174,101 Olil 322, 031 153 19 11, 683, 446 89 1 uary 1, 1843, to J u n e 30, 1843. $361, 391 5,102, 498 1,797, 272 4, 007,950 3, 396,424 320, 000 70, 000 200, 000 5, 000,000 1,565, 229 34! 4; Oil 00 00 00 001 001 24 2, 750, 000 00 12, 837, 900 26,184, 135 23, 377, 826 35, 220, 671 9, 425,084 466, 723 8; 353 2, 291 3, 000,824 5, 000,324 00 oo' OU 40| 9 451 00 00 13 00 5,000,000 00 5, 000, 000 OOl 2, 992.989 12, 716; 820 3, 857,276 5, 589,547 13, 659, 317 14, 808, 735 12, 479, 708 1, 877,181 15 86| 21 51 3S! 64 361 35 28, 872, 399 45 21,256, 700 00 28, 588, 750 OOi 4, 045,950 00 203, 400 00 46, 300 00 16, 350 00 001 67 800 00 200 00 3, 900 00 23,717, 300 00 28, 287, 500 00 20, 776, 800 00.1 41,861, 709 74 529, 692, 460 50j 776, 682, 361 57 128, 873, 945 361 472, 224. 740 85 Unavailable. 4,771, 342 53 8, 772,458 76 6, 450, 195 15 9, 439, 855 65| 9, 515,758 59, 8, 740. 329 65 8, 758,780 99 8,179, 170 sol 12, 546, 813 31 12,413, 978 34 12, 945, 455 951 14,995, 793 95 11, 064, 097 63 11,826, 307 38 ' 13, .560,693 20 15, 559, 931 07| 16, 398, 019 26 17, 060, 661 93, 7, 773,473 12 12,134, 214 23l 14, 422, 634 09 22, 639, 032 76 40, 524, 844 95! 34, 559, 536 95! 50, 961, 237 60 57,171, 421 82 33, 833, 592 33| 21,593, 936 66 24, 605, 665 37 20,881, 493 68 19,573! 703 72, 20, 232, 427 94| 20, 540, 666 26 24, 381, 212 79 26, 840, 858 02l 25, 260, 434 21, 22, . _,363 96 24, 763, 639 23l 24, 827 •627 38 24, 844 116 51 28, 526, 820 82 31, 867, 4.50 66 $1, 889 50 33, 948, 426 25 21, 791, 935 55 35, 430, 087 10 50, 826, 796 08 27, 947, 142 19, 63, 288 35 39,019, 382 60] 3.5, 340, 025 82 1, 458, 782 93 37, 469 25 25, 069, 662 84 30, 519, 477 65 34, 784, 932 89, 11,188 OQ 20, 782, 410 451 31,198, 555 73, 29, 970, 105 SOj 28, 251 90 29, 699, 967 74 55, 368, 168 52 "36,'666" 00 56. 992, 479 21 59, 796, 892 98 47, 649, 388 ss! 52, 762, 704 25 49, 893, 115 60i 61, 603, 404 18 103, 301 37 73, 802, 343 07' 65,351, 374 68 74, 0.56, 899 24 68, 969, 212 57 70, 372, 665 96 51, 773, 965 64 15, 408 34 76,841.,407 83 83, 371.,640 13 11,110 81 581, 680, 121 59, 889, 379 6.52 52| 6,001 01 ,017 5" , 393, 461 9,210 40 ), 345 93 , 805,-939 6, 095 11 12 REPORT OF THE SECRETARY OF THE TREASURY. TABLE G.—Statement of the receipts of the United States ct >< B a l a n c e in t h e Treasury, at coram eia c e m e n t of y e a r . Customs. Internalrevenue. Direct tax. Public lands. Miscellaneous. $66.5, 031 03 $29, 036, 314 23 1, 163, 575 76 15, 037, 522 15 i 1366 1867 $33, 9.33, 6.57 89 160,817,099 73 $179, 046, 651 58 176,417,810 88 $.309,226,813 42 $1, 974, 7.54 12 266, 027, 537 43 4, 200, 233 70 1868 1869 1370 1871 3872 1873 1874 1875 198,076,537 09 1.58, 936, 082 87 183, 781, 985 76 177, 604, ] 16 51 138,019,122 15 134, 666, 001 85 1.59,293,673 41 178, 833, 339 54 164, 464, 599 56 180,043,426 63 194, 538, 374 44 206, 270, 408 05 216, 370, 286 77 188, 089, 522 70 163,103,833 69 157,167, 722 35 191,087,539 41 1,788,145 85 • 158, 356, 460 86 76.5, 685 61 184, 899, 7.56 49 229, 102 88 143, 098, 153 63 580, 355 37 130, 642,177 72 113,729,314 14 315, 254 51 102, 409, 784 90 •110,007,493 58 3, 705, 992,156 22 1,348,715.41 4, 020, 344 34 3,350,481 76 2, 388, 646 68 2, 575, 714.19 2, 832, 312 38 1, 852, 428 93 1, 413, 640 17 17,745,403 59 13, 997, 338 65 12, 942,118 30 22, 09.3, 541 21 1.5,106, 051 23 17,161, 270 05 32, 575, 043 32 15, 431, 915 31 2, 068, 609, 231 67 27, 554, 926 93 200, 437, 567 75 300, 741, 319 70 ^ Amounts heretofore credited to the Treasurer as una R E P O R T OF T H E SECRETARY OF T H E TREASURY. 13 from March 4, 1789, to June 30, 1875, tfc—Continued. u • 1R66 1867 Dividends. N e t ordinary receipts. Interest. $519, 949, 564 38 462, 846, 679 92 Premiums. R e c e i p t s frora loans and Treas- G-ross r e c e i p t s . ury-notes. Uuavailable. $38, 083, 055 68 $712,851,533 05 $1,270,884,173 11 $172, 094 2927, 787, 330, 35 , 640, 426, 910 29 1,131, 060, 920 56 721, 827 932, 675, 918 19- 1868 1869 1870 1871 1872 1873 1874 wn=^ 376, 434, 453 357,188, 256 395, 959, 833 374, 431, 104 364. 694, 229 322.177, 673 299,941,090 284, 020, 771 82 09 87 94 91 7b 84 41 29, 203, 629 13, 755, 491 15,29.5,643 8, 892, 839 9, 412, 637 11, 560, 530 5, 037, 665 3, 979, 279 50 12 76 95 65 89 22 69 62.5,111,433 233, 678, 081 285, 474, 496 268, 768, 523 30.5, 047, 054 214,931,017 439, 272, 535 387, 971, 556 20 1, 030, 749, 516 52 06 609, 621. 828 27 00 696 729 973 63 6.52, 092, 468 36 47 679,153,921 56 00 548,669,221 67 00 744,251,291 52 46 675,971,607 10 00 *2, 070 73 *3 396 '^18,228 ' 3 , 047 12, 691 1& 35 80 40' $9,720,136 29 6, 333, 055, 338 56 $485,224 45198,001,903 74 8, 441, 763, 203 84 14, 973, 305, 670 59 2, 661, 866 s a vailable, .and since recovered and charged to his account. 14 R E P O R T OF T H E SECRETARY OF T H E TREASURY. -TABLE H.—Statement of the expenditures of the United States from March 4, 1789, to June Year. 1791 1792 1793 3 794 1795 1796 1797 1798 1799 1800 1801 1802 1803 1804 1805 1806 1S07 1808. 1809 1810 1811 1812 1813 1814 1815 1816 1817 1818 1819 1820 1821 1822 • 1S23 1824 1825 1826 1827 1828 1829 1830 1831 1832 1833 1834 1S35 1836 1837 1838 1839 1840 1841 1842 1843* 1844 1845 1846 1847 1848 1849 • 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 War. $632,804 03 1,100 702 09 1,130 249 03 2, 639 097 59 2,480 910 13 1, 260 263 84 1,039 402 46 2,009 522 30 2,466 946 93 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 1,288 685 91 2,900 834 40 3, 345 772 17 2. 294 323 94 2; 032 823 "19 11, 817 798 24 . 19, 652013 02 . 20,350 806 86 14, 794 294 .i2 36,012 096 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 93'9 85 3, 659 914 18 3, 943 194 37 3, 948 977 SS 4,145 544 56 4, 724 291 07 4, 767 128 88 4,841 835 55 5,446 034 S3 6, 704 019 10 5,696 139 38 5,759 156 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 9,637 024 58 12, 161 965 11 8,521 506 19 9,910 493 49 11, 722 282 87 14, 648 074 07 16, 963 160 51 19,159 150 87 25, 679 121 63 23,154 720 53 16, 472 202 72 23, 001 530 67 389,173 562 29 003, 314 411 82 690, 391 048 66 'Navy. $6i,'463'97' 410, .562 03 274, 784 04 382, 631 89 1, 381, 347 76 2, 858, t.tSl 84 3, 448, 716 03 2,111,424 00 91.5,561 87 1,215,230 .53 1,189,832 75 1, 597, 500 00 1, 649, 641 44 !•, 722, 064 47 1, 884, 067 80 2, 427, 758 80 1, 654, 244 20 1, 965, 566 39 3, 959, 365 Lo 6, 446, 600 10 7,311,290 60 8, 660, 000 25 3, OOS, 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 S3 2, 904. 531 56 3, 049; 083 86 4, 218, 902 45 4,203,877 45 3,918,786 44 3, 308, 745 47 3, 239, 428 63 3, 856,183 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 25 6,113,896 89 6, 001, 076 97 8, 397, 242 95 3,727,711 53 6, 493,199 11 6, 297,177 89 6,455,013 92 7, 900, 635 76 9, 403, 476 02 9, 780, 705 92 7, 904, 724 66 . 8, 880, 581 38 S,918,.842 10 11, 067; 789 53 10, 790, 096 32 13, 327, 095 11 14, 074, 834 64 12, 651, 69.4 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, 903 74 Indians. $27, 000 00 13, 643 85 27, 282 83 13, 042 46 23, 475 68 113, .563 98 62„396 58 16, 470 09 20, 302 19 31 22 9, 000 00 94, 000 00 60, 000 00 116,500 00 196, 500 00 234, 200 00 205, 425 00 213,575 00 337, .503 84 177, 625 00 151, 875 00 277, 845 00 167, 353 23 167, 394 86 530,750 00 . 274, 512 16 319,463 71 505, 704 27 463,181 39 . 315, 750 01 477, 005 44 57.5,007 41 380, 781 82 429, 987 90 724,106 44 743, 447 83 750, 624 88 705. 084 24 576, 344 74 622, 262 47 930, 733 04 1, 352, 419 75 1, 802, 980 93 1, 003, 953 20 1, 706, 444 48 5, 037, 022 88 4, 343, 036 19 5, 504, 191 34 2, 523, 917 23 2,331,794 86 2, 514, 837 12 1,199, 099 63 .578, 371 00 1, 256, 532 39 1,539,351 35 1, 027, 693 64 1,430,411 30 1, 2.52, 296 81 • 1, 374,161 55 1,663.591 47 2, S2&i 801 77 3, 043, .576 04 3, SSO, 494 12 1, 550, 339 55 2, 772. 990 78 2, 644, 263 97 . 4, 354, 418 87 4,978,266 13 3, 490, 534 53 • 2,991,121 54 2,865,431 17 2, 327, 943 37 3,152, 032 70 2, 6.29, 975 97 Pensions. Miscellaneous. $1, 083, 971 61 $17.5,813 88 4 672 664 38 109, 243 15 511, 451 01 80, 087 81 750i 350 74 81, 399 24 1, 378, 920 66 6S, 673 22 . 301,847 58 100, 843 71 92, 256 97 1, 259, 422 62 1, 139, 524 94 104, 845 33 1,039,391 63 95, 444 03 1, 337, 613 22 64,130 73 1,114, 768 45 73, .533 37 1, 462, 929 40 85, 440 39 62, 902 10 1, 842, 635 76 80, 092 80 2, 191, 009 43 81,8.54 59 3, 768, 598 75 2, 890,137 01 81, 875 53 1,697,897 51 70, .500 00 82, 576 04 1,423,285 61 37, 833 54 1, 215, 803 79 S3, 744 16 1,101,144 98 1, 367, 291 40 75, 043 88 91. 402 10 1, 683, 083 21 86, 989 91 1,729,435 61 2, 208, 029 70 90,164 36 2, 898, 870 47 69, 656 06 188, 804 15 2. 989, 741 17 297,374 43 3, 518, 930 76 • 3, 835, 839 51 890,719 90 3,067,211 41 2, 41.5, 939 85 3,203,376 31 2, 592, 021 94 242, 817 25 2, 223, 121 54 1, 948,199 40 1, 967, 996 24 2, 022, 093 99 1, 730, 583 52 1, 499, .326 59 7, 155, 308 81 2, 748, 544 89 1, .303, 810 57 2, 600,177 79 1, 556, 593 S3 2, 713, 476 58 976, 138 86 3, 676, 052 64 350, 573 57 3. 082, 234 65 949, 594 47 1,363,297 31 3; 237, 416 04 3, 064, 646 10 1.170,665 14 1, 184, 422 40 4, .577, 141 45 5,716,245 93 4, 589, 152 40 3, 364, 285 30 • 4, 404, 723 95 1,954,711 32 4, 229, 698 53 2, 882, 797 96 • 5, 393, 279 72 9, 893, 370 27 2, 672,162 45 2,156, 057 29 7, 160, 664 76 5, 725, 990 89 3,142, 750 51 2, 603, 562 17 5, 995, 393 96 6, 490, 881 45 2, 388, 434 51 6, 775, 624 61 1,378,93133 839,041 12 3.202,713 00 5, 645,183 86 2, 032, 008 99 2,400,788 11 .5,911,760 93 1, Sll, 097 56 6,711,233 89 1, 744, 883 63 . 6, 885, 608 35 5, 650, 851 25 1,227,496 4S 1, 328, 867 64 12, 885, 334 24 16, 043, 763 36 1, 866, 886 02 17, 888, 992 13 2, 293, 377 22 2,401,858 78' 17, 504, 171 45 1, 756, 306 20 17, 463, 068 01 1, 232, 665 00 26, 672, 144 68 24, 090, 425 43 1, 477, 612 33 1,296,229 65 31,794,038 87 23, 565, 498 77 1, 310, 380 58 26,400,016 42 1,219,763 30 1,222,222 71 23, 797, 544 40 27,977,978 30 1,100, 802 32 1, 034, 599 73 23, 327, 237 69 1 852,170 47 21, 335, 862 59 23,198, 382 37 1.078,513 36 4, 935, 473 901 27,572,216 87 " For the half-year from Janu * REPORT OF T H E SECRETARY OF T H E TREASURY. 15 .30,1875, by calendar years to 1843 and hy fiscal years (ended June 30) from that time. ' Net ordinary expenditures. 919, .589 896, 258 749, 070 545, 299 362,541 551,303 836,110 651,710 480", 166 411,369 981, 669 737, 079 002, 824 452, 8.58 3.57, 234 080, 209 984, 572 504,3.38 414,672 , 311, 082 , 592, 604 , 829, 498 , 082, 390 , 127, 6S6 , 953, 571 373, 432 454, 609 808, 673 , 300, 273 134, 530 723, 479 827, 643 •784,154 330, 144 1.5,490, 4.59 11, 062, 316 1.3,653, 095 12, 296, 041 13, 641,210 12, 229, 533 13, 864, 067 13, 516, 388 16,713, 7.55 22 425, 417 is! 514,950 868,164 30, 243, 214 37, 849. 718 33, 496, 948 26, 139, 920 24, 196, 840 26, 361, 336 24, 256, 508 11, 650,108 20, 895, 369 21, 418, 459 26, 801, 569 53, 227, 454 45, 933, 542 39, 165, 990 37, 054, 717 44, 389, 954 4o; 078,156 44, 967, 528 51, 316,197 56, 772, 527 66, 041,143 66, 330, 437 72, 355, 950 66, 056, 754 60, 616, 055 62, 379, 896 456, 004, 575 694, 283, 679 Premiums. Interest. $!,177, 863 03 2, 373,611 2, 097, .859 17 2. 7.52, 523 04l 2, 947.059 06 3, 239.347 68 3. 172,516 7 2, 955,875 90 2.815, 651 4 3, 402,601 04 4.411, S30 06 4, 239,172 16 3, 949,462 36 4. 185,048 2, 6.57, 114 22 3, 368,968 26 3, 369,578 2, 557,074 23 2, 866,074 90 3,163, 671 09 2, .585,435 57 2,451 272 57 3, 599,455 22 4, .593,239 041 5, 990,090 24 7, 822,923 34 4, 536,282 55 6, 209,954 03 5,211, 730. 56| 5, 151,004 32 5,126, 073 79 5,172. 788 79 4, 922,475 40 4, 943,557 93 4, 366,7.57 40 3, 975,542 95 3, 486,071 51 3, 098,SOO 60 2, 542,843 23 1, 912,574 93 1. 373,748 74 561 50 772, •796 87 303, 1.52 98 202, 863 08 57, $18, 231 43 82, 865 81 69, 713 19 170, 063 42 420, 493 64| 2,877,818 "' 872, 047 39| 385,372 ~ 363, 572 39| 574, 443 08 811, ary 1, 1843, to J u n e 30, 1843. 1.4,996 48 399, 833 89 174, 598 OS 284, 977 55 773, .549 85| 523, 583 91 1, 833,452 13I 1, 040,4.53 181 842, 723 27 1,119, 214 72| 2, 390,765 88 3, 565,535 78 3, 732,393 03 3, 696,760 75 4, OGO, 3, 665,832 74, 3, 070,926 69l 2, 314,464 99 1,9.53, 822 37 1, 593.265 23| 1, 6.52,055 67 2, 637,649 .701 3,144, 120 94 4, 034,157 30 13,190, 344 84 24, 729,700 621 53, 085,421 691 297 sol Public debt. G-ross expenditures. Balance in Treasury at the end of the year. !, 905 75 $973, $699, 984 23 . $3,797, 436 78 783,,444 51 693, 050 25 B, 962, 920 00 7.53. 661 69 2, 633,048 07 6, 479, 977 97 1, 151,924 17 2, 74.3, 771 13 9, 041, .593 17 516, 442 61 2, 841,639 37| 10, 151, 240 15 888, 995 42 2, 577,126 01 8, 367, 776 84 2, 617,250 12| 8, 635, 877 37| 1, 021 899 04 8, 583, 618 41 617, 451 43 • 976,032 09 11, 002, 396 97 2,161, 867 77 1, 706,573 84l 11, 952, 534 12 2, 623,311 99 1,138, 563 11 273, 376 94 3, 295,391 00 12, 2, 879,876 981 13, 270, 437 31 5, 020,697 64 .5, 294,235 24 253, 983 67 11, 4, 825,811 60 3, 306,697 07 12, 615, 113 72l 4, 037,0)5 2H 3, 977,206 07 .598, 13, 309 47 3, 999,333 99 4, 583,960 63 15, 021, 196 261 4, 533,123 80 5, 572,018 64 11, 292, 292 99| 9. 643.850 67 2, 933,141 62 16, 762, 702 04 9, 941.809 96 7, 701,288 96 13, 867, 226 301 3, 848,0.56 73 3, 586,479 26 1.3,309, 994 49 2, 672,276 57 4, 835,241 12 13, 592, 604 86 3, 502,305 80 5, 414,564 43 22, 279, 121 1.5! 3, 862,217 41 1, 998,349 S3 190, 520 3( 39, 5, 196,542 00 7, 508,668 22 38, 028, 230 32| 1,727, 846 63 3, 307,304 90 39, 532, 493 35 13,106, .592 83 6, 638,832 11 48, 244, 495 51 22, 033,519 19" 17, 048,139 59 40, 877, 646 04 14, .989,465 43 20, 336,753 57 3.5, 104. 15, 086,247 59 875 40 1, 473,526 74 24, 004, 2, 492,195 73 199 73 2. 079,992 38 21, 763, 489 96 3, 477, 024 85 1, 198,461 21 19, 090, 3,241, 019 83 572 69 1, 631,592 24 17, 676, 2, 676,160 33l 592 63 4, 237,427 55 1.5,314, 171 UOl 9, 463,922 81 607, 541 01 31, 898, .538 47 1, 946,597 13 11, 624,835 83| 23, 585, 804 72] 5,201, 650 43 7, 723,587 33 24, 103, 398 46 7, 065,539 24 6, 358,686 13 22, 656, 764 04 6, 517,596 88 6, 668,236 10 25, 459, 479 .52 5, 972,435 81 9, 064,637 47 25, 044, 358 40 5, 7.5.5,704 79 9, 860,304 77 24, 535, 9, 443,173 29 6,014, 539 75 30, 038, 281 55 4, 502,914 45 14, 800,629 48 34, 356, 446 12 2,011, 777 55 17, 067,747 791 24, 257, 698 06 11, 702,905 31 1, 239,746 51 293 49 24, 601, 858 42 5, 974,412 21! I'J',573, 982 44 8, 892, 328 201 803 96 141 56 26, 749, 30, 868, 37, 26.5, 164 04 46, 708,436 00 252 69 037 15 37, 327, 21, 822 91 39, 455, 5, 590,723 79 37, 614, 438 35 36, 891,196 94 503 68 10, 718,153 53 28, 226, 936 15 33.157, 3, 912,015 62 31, 797, 533 81 29, 963,163 46 111 08 5, 315,712 19 32, 936, 530 03 28, 685, 7,801, 990 09 12, 118, 876 53 30, 521,979 44 338, 012 64 33, 642, 105 15 39, 186,284 74 11,158, 450 71 30, 490, 010 851 36, 742,829 62 7, 536,349 49 27, 632, 408 71 36,194, 274 81 371, 100 04 60, 520, 282 90| 33, 261,959 65 5, 600,067 65 60, 655, 851 74 33, 079,276 43 56,- 386, 143 191 29, 416,612 45 13, 036,922 54 44, 604, 422 74 32, 827,082 69 12, 804,478 54 48, 476, 718 26| 35, 871,753 31 3, 656,.335 14 46, 712, 104 31 40.158, 353 25 654, 912 71 577, 608 831 43, 338,860 02 54, 2,152, 293 05| 75, 473, 061 74l 50, 261,901 09 6, 412,574 01 164, 170 66, 48, 591,073 41 17, 556,896 95i 72. 726, 775 961 47, 777,672 13 6, 662,€65 274, 71, 3, 614,618 661 341 57 49,108, 229 SO . 82,062, 587 37|46, 802,855 00 3; 276,606 05 678, S3, 186 74 35,113, 334 22 7, 505,250 82 77, 055, 642 921 33,193, 248 60 14, 635,043 15 85, 387, 125 65] 32, 979. 530 78 13, 854,250 00 565, 667, 313 30, 963,3.57 83 18, 737,100 00 899, 815, 563 74| 46, 965,304 87 96, 097,.322 09 541, 911 25 36, 523,046 13 181,081, 635 07 ,295, 114 S6|134, 433,738 44 430, 572,014 031 16 R E P O R T OF T H E SECRETARY OF T H E TREASURY. TABLE H.—Statement of the expenditures of the United Tear. 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 War. Navy. Indians. Pensions. Miscellaneous. $1,030,690,400 06 283,154, 676 06 $122,617,434 07 43, 285, 662 00 $.5, 0.59, .360 71 3, 295, 729. 32 $16, 347, 621*34 15, 605, 549 88 .$42, 989, 383 10 40, 613, 114 17 3, 563, 638, 312 28 "3,621,780 07 717, 551, 816 39 *77, 992 17 103,369,211 42 ^53,236 01 119,607,6.56 01 .*9, 737 87 643, 604, 554 33 *718, 769 52 3, 572, 260, 092 35 95,224,415 63 12.3, 246, 648 62 78, 501, 990 61 57, 655, 675 40 35, 799, 991 82 35, 372,157 20 46,323,138 31 •42, 313, 927 22 41,120, 645 98 717, 629, 808- 56 31, 034, Oil 04 25, 77.5, 502 72 20, 000, 757 97 21, 780, 229 87 19,431,027 21 21, 249, 809 99 23, 526, 256 79 30, 932, 587 42 21, 497, 626 27 10.3,422,498 03 4, 642, 531 77 4,100,682 32 7, 042, 923 06 3,407,938 15 7, 426, 997 44 7, 061, 723 82 7, 951, 704 88 6, 692, 4; 2 09 8, 3S4, 656 82 119, 617, 393 88 20, 936, ,551 71 23," 782, 386 73 28,476,621 78 28, 340, 202 17 34, 443, 894 83 28, 533, 402 76 29, 359, 426 86 29,038,414 66 29, 456, 216 22 644, 323, 323 85 51,110,223 72 53, 009, 867 67 .56, 474, 061 53 53,237,461 56 60, 431, 916 23 60, 984, 757 42 73, .328,110 06 t35,141, .593 61 i 71, 070, 702 98 4,127, 818, 683 14 932, 857, 617 84 160,134,123 38 371,984,511 70 • 1, 209,162, 018 63 * Outstanding t i n this amount is included $15,500,000, NOTE.—This statement is made from warrants paid by the Treasurer up to June 30, 1866. The ontin -the Treasury June 30, 1875, by this statement, is $172,804,061.32, from which should be deducted $144 702,416.41. " REPORT OP TPIE SECRETARY OF T H E TREASURY. 17 States from March 4, 1789, to June 30,1875—Continned. Year. 1865 1866 Net Ordinary expenditures. Public debt. Gross e x p e n d i tures. Balance in Treasury at the end o f the year. $1,217,704,199 28 $1, 717, 900 11 58, 476 51 385, 954, 731 43 $77, 395, 090 30 $609, 616,141 68 $1,906,433,331 S" $33, 933, 657 80 133, 067, 624 91 620,263,249 10 1,139, 344, 081 95 165, 301, 654 76 7,611,003 56 502, 689, 519 27 2, 374, 677,103 12 8, 037, 749, 176 38 *2, 888 48 •*100 31 . *4, 484, 5.55 03 *4, 484 555 03 5,157, 253,116 6- 7,611,003 56 202, 947, 733 S*" 10, 813, 349 38 7,001,151 04 229, 915, 088 1 190, 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 .5,10.5,919 99 194,118,935 00 1, 395, 073 55 171, 529, 848 27 502, 692, 407 75 2, 374, 677, 203 43 8, 042, 233,'731 41 160, 817, 099 73 143,731,591 9 735,536,980 11 1, 093, 079, 655 2 ' 193, 076, 537 09 140. 424, 045 71 692, 549, 685 88 1, 069, 839, 970 7^ 158, 936, 082 87 130. 694, 242 80 261,912,718 3 5S4, 777, 996 11 183, 781, 985 76 129, 23.5, 498 00 393, 254, 232 13 702, 907, 842 88 177,604,116 51 125, 576, 565 93 399, 503, 670 65 691,630,858 90 138,019,122 15 117,3.57,8.39 72 405, 007, 307 54 632,525,270 21 134, 666, 001 85 104, 750, 688 44 233, 699, 352 58 524,044,597 91 159, 293, 673 41 107,119,815 21 422, 065, 060 23 724, 698, 933 99 178, 833, 339 54 103, 093, 544 57 407, 377, 492 48 682, 000, 885 3^ 172, 804, 061 32 5,152, 771, 550 43 *4, 481, 566 24 1867 1863 1869 1870 1871 1872 1873 1874 1875 Interest. Premiums. 6, 801, 956, 954 69 65, 572, 794 67 1, 604, 726, 240 04 6, 325, 533, 753 3414, 797, 839, 742 74 warrants. expended under Geneva award. standing warrants are then added, and the statement is by warrants issued from i,hat date. The balance the amount depo-sited with the States, $28,101,644.91, leaving the net available balauce June 30, 1875 . 2 F • . • 18 REPORT OF THE SECRETARY OF THE TREASURY. 'TABLE I.—Statement of the differences hetween t.he several accounts showing the outstandin pfrincipal of the puhlic debt, with an explanation thereof, so f a r as the examination of th accounts has progrt The statement of receipts (T.able G) shows the araount which has been covered iuto the Treasury, as derived fVo;n loans and Treasury notes, from the organization of the Goverumeut to and includiug Juue 30, 1374,'to have been $8,441,763,203 i "The statements of expenditures (Table H) shows the payments from the Treasury for the redemption and purchase of loaus and Treasury'notes for the same period to have been '. 6, 325, 583, 753 '. Showing the principal outstanding by these tables June 30,1874 2,116,179, 450 ; The actual outstandiug priucipal at that date, as shown by Tables F and 0 and by the debt-statement of July 1,1874, was '. 2, 232,284, 531 ! Showing ; 116,105, 031 - more outstandinir and unpaid principal by the debt-statement and by Tables F and 0 than by the r ceipts and expenditures. Tables G and H. This difference; of $116,105,081.45 is thus explained : The following stocks were issued in payment various debts and claims, buc in the transaction no raoney ever came into the Treasury. Wheu tl stock matured, it was paid out of the general funds then i n t h e Treasury. This showed an expenditu where there had been no corresponding receipt, and, of course, a statement of the debt made from t' receipts and expenditures on account of loaus and Treasury notes would uot be correct, unless the items were added to the receipt side of the account. French farm ers-gen eral loan French loan of eisihteen million livres Spanish loan of 1781 . . : French loan of ten million livres French loan of six million livres Balance of supplies due France D utch loan of 1782 Dutch loan of 1784 Debt due foreign officers Dutch loan of 1787 Dutch loan of 1783 Interest due on the foreign debt Domestic debt of the Revolution, estimated $153, 688 3, 267, 000 174, 017 1, 815, 000 1, 089, 000 24, 332 2, 000, 000 800, 000 186, 988 400,000 400, 000 1, 771, 496 63, 918, 475 The above are the details (so far as the progress of the examination has developed thera) ofthe item in ithe finance report of 1871, (page 20,) " Kevolutionary debt, estimated, $76,000,000." . • Mississippi-purchase stock • Louisiana-purchase stock Washiugton and Georgetown debt assumed by the United States Uuited States Bank subscription stock ." Six per ceut. Navy stock Texas-purchase stock 1 Mexican indemnity stock Bounty-laud scrip" Tompidns fraud in loan of 1798 .,. : 4,282,151 11, 250, 000 1, 500, 000 7, 000, 000 711. 700 5, 000, 000 303, 573 233, 075 1, 000 The following amounts represent the discounts suffered in -Dlacing the loans named. Only the money actually received was covered iuto the Treasury. The difference between this and the face-value ofthe stock issued was the discount. To make the receipts and expenditures ou the loan-accounts correct, these discounts should be credited to the loans as receipts and charged to a discount account. Loan pf 1796 Loan of February, 1813 : Loan of August,"l813...: Ten-million loan of 1814 Six-million loan of 1814 UndesiLmated stock of 1814 Loan of March, 1815 Loan of February, 1861 • .Unenumerated items, consisting of preraiums and discount, interest, commissions, brokerage, &c., the full details of which can only be given when the examination ..of the accounts of the domestic debt of the Eevolution is completed Total 1 10, 00( 2,109, .37' 998,'58: 1, 983, 89; 1, 076, S2( 93, 86i 588, 82i 2, 019, 77i 942, 43 116,105,1 TABLE K.—Statement showing the condition of the sinlcing-fund from its institution in May, 1869, to and including June 30,1875. THE SECRETARY OF T H E TREASURY I N ACCOUNT W I T H SINKING-FUND. DR. July 1,1868 June 30,1869 To ^ of 1 per cent, on the principal of the public debt, being for the three months from April 1 to June 30, 1868. To iuterest on $8,691,000, being araount of principal of public debt purchased during fiscal year 1869 on this account Balance to new account $6, 529, 219 63 June 30,1869 By amountof principal purchased. $8,691,000, including $1,000 donation, estimated in gold .By accrued interest on the amountof purchases in 1869 July 1,1869 To 1 per cent, on the principal of the public debt on • June 30, 1869, $2,588,452,213.94 To interest on $8,691,000, amount of redemption in 1869 To interest on $28,151,900, amountof principal of public debt purchased during fiscal year 1870 on this account $7, 261, 437 30 136, 392 56 >-n O w H 196, 590 00 672, 020 23 7, 397, 829 86 ', 397, 829 86 June 30,1870 CR. July 1,1869 By balance frora last year 25, 884, 522 14 June 30, 1870 By amount of priucipal purchased $28,151,900, esti mated 521, 460 00 in gold By accrued iuterest on account of purchases in 1870 . - 1, 254, 897 00 J3y balance to new accouut 25, 893,143 57 351, 003 54 744,711 80 27, 660, 879 14 27, 660, 879 14 672, 020 23 • H CO n H July 1,1870 Juue 30,1871 To balance from last year To 1 per cent, on the principal of the public debt on June 30,1870, $2,480,672,427.31 ". , To interest on redemption of 1869, $8,691,000 To interest on redemption of 1870, $28,151,900 To interest on $29,936,250, amount of principal of public debt purchased during fiscal year 1871 ou this account. June 30,1871 By amonnt of priucipal purchased, $29,930,250, esUmated in gold 24, 806, 724 28 .By accrued interest on account of purchases in 1871... 521, 460 00 By balauce to nevv accouut 1, 689,114 00 To balance from last year To 1 per cent, on the principal of the public debt ou June 30, 1871, $2,.353,211,3.32.32 June 30,1872 To interest on redemption of 1869, $8,691.000 To interest on redemption of 1870, $28,151,900 To interest on redemption of 1871, $29,936,250 To intereston redemption of $32,618,450, amount of principal of public debt purchased duriug fiscal year 1872 on this account To balauce to new account -1,1871 257, 474 32 23, 532,113 32 521, 460 00 1,639,114 00 1. 796,175 00 O H 29, 319, 274 53 June 30, 1872 By amouut of principal purchased, $32,618,450, estimated iu gold By accrued iuterest on accouut of purchases in 1872... 32,248,645 22 430, 908 38 W H H W W >- cn. a{:0 ^ 2, 059, 325 50 2, 823, 891 46 32, 679, 553 60 W ^ ^ 1, 557, 264 50 29, 319, 274 58 July fJ> 28, 694, 017 73 367, 782 53 257, 474 32 32, 679, 553 60 DR. TABLE K.—Statement shoiving the condition of the sinlcing-fund, ^^c.—Continned. CK, IN3 o .July 1,1872 By balance frora last year J u l y 1,1872 To 1 per cent, on the principal of the public debt on $22, 532, 513 29 June 30,1873 By amount of principal purchased, $28,678,000, estiJuue 30,1872, $2,253,251,328.78 mated in gold 521, 460 00 June 30,1873 To interest on redemption of 1869, $8,691,000 1,689, 114 00 By accrued iuterest on account of purchases in 1873. -. To interest on redemption of 1870, $28,151,900 ; -.. 1, 796,175 00 To iuterest on redemption of 1871, $29,936,250 1,957,107 00 To interest on rederaption of 1872, $32,618,450 To interest on redemption of $28,678,000, amouut of principal of public debt purchased during fiscal year 1,72.5,881 50 1873 on this account 1, 451, 588 95 To balance to new account 22, 344, 829 93 July 1,1873 521,460 00 June 30,1874 1,689,114. 00 1, 796,175 00 1, 957,107 00 1, 720, 680 00 By balaiice frora last year 'By amount of principal purchased, $12,936,450, estirnated in gold By accrued interest on account of purchases in 1874... By balance - J u n e 30,1875 To 1 per cent, on the principal of the public debt on June 30,1874, $2,251,690,468.43 To interest on redemption of 1869, $3,691,000 To interest on redemption of 1870, $28,151,900 To interest on rederaption of 1871, $29,936,250 To interest on rederaption of 1S72, $32,618,450. To interest on redemption of 1873, $28,678,000 To interest on rederaption of 1874, $12,936,450 To interest on redemption of $25,170,400, amount of principal of public debt " p a i d " during fiscalyear 1875 on this account O ^. 1, 451, 588 95 12, 872, 850 74 222, 586 28 16, 305, 421 96 823, 082 00 30, 852, 447 93 30, 852, 447 93 July 1,1874 28, 457, 562 S3 392,385 45 31, 673, 839 74 31, 673, 839 74 July 1,1873 To 1 per cent, on the principal of the public debt on June 30,1873, $2,234,482,993.20 June 20,1874 To interest"on redemption of 1869, $8,691,000 To interest on rederaption of 1870, $28,151,900 To interest on redemption of 1871, $29, 936,250 To interest on redemptiori of "1872, $32,618,450 To interest on redemption of 1873, $28,678,000 To interest on rederaption of $12,936,450, amount of principal of public debt purchased during fiscal year 1874 ou this account $2, 823, 891 46 22, 516, 904 68 June 30,1875 521,460 00 1,689,114 00 1, 796,175 00 1, 957,107 00 1, 720, 680 00 776, 087 00 By amount of principal redeemed, estimated in gold .. By accrued interest on account of redemption in 1875. By balance ?d Hi 25,170, 400 00 3.53, 061 .56 5, 996, 039 62 H 541, 973 50 31, 519, .501 18 m o to 31, 519, 501 18 NOTE.—Under the act of March 3,1875, authorizing the Secretary of the Treasury to call bonds for the sinking-fund, the whole amount required was called and provided • for.' The balance of $5,996,039.62 not having been presented for paynient within the year, will be accounted for in the next statement. June 30, 1875. Year e n d e d ^ Principal redeemed. I n t e r e s t due a t Accrued interP r e m i u m paid. N e t c o s t in cur- N e t cost esticlose of fiscal e s t p a i d i n coin. rency. raated in gold. year. B a l a n c e of interest due a t close of fiscal year. O w J U N E 30,1869. Five-twenties F i v C ' t w e n ties Five-twenties Five-twenties Consols, 1865 Con.sols, 1867 Consols, 1868 of 1862 of M a r c h , 1864 of J u n e , 1864 of 1865 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, 969 00 73, 736 80 749, 208 08 49, 442 50 $1, 874, 81, 1, 212, 539, 534, 5, 467, 354, 822 84 725 00 946 45 969 00 736 80 208 08 442 50 $1,349,970 02 57, 552 82 873, 205 61 387, 566 28 387, 903 26 3,948,586 11 256, 653 20 8, 691, 000 00 1, 374, 850 67 10, 065, 850 67 7, 261, 437 30 $16, 210 700 10, 510 4. 6.50 13, 830 141, .540 9,150 00 00 00 00 00 00 00 196, 590 00 $7, 384 218 1,470 2, 683 429 116,032 8,173 60 63 42 54 04 35 98 $8, 825 40 481 37 9, 039 58 1, 966 46 13, 400 96 25, .507 65 976 02 136, 392 56 60,197 44 H O W m Q Juis^E 30,1870, Five-twenties Five-twenties Five-twenties Five-twenties Consols, 1865 Consols, 1867 Consols, 1868 of 1862 of M a r c h , 1864 of J u u e , 1364 of 1865 Total 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, 4.54, 778. 37 861, 763 73 53, 363 95 4, 035, .529 42 100,742 87 4,477,589 91 3,151, 985 43 12, 986, 928 37 6, 744, 313 73 401, 803 95 . 3, 263, 099 51 75, 658 54 3, 647, 628 29 2, 606, 636- 20 10, 681. 736 97 5, 309, 810 90 308,573 16 160, 919 50 5,350 00 165, 834 00 105, 257 50 49.5, 421 50 302, 734 .50 19, 380 00 .28,151, 900 00 3,.747, 053 63 31, 898, 953 68 25, 893,143 57 1, 254, 897 00 45, 994 1,080 49, 946 37,113 14.5,518 66, 111 5,238 49 99 00 53 29 51 73 114, 925 01 4, 269 01 115, 888 00 68,143 97 349, 903 21 236, 622 99 14,141 27 351,003 54 903, 893 46 109, 317 20 851 65 149, 671 54 239, 673 92 412,661 72 274, 782 07 2, 523 87 of 1862 of M a r c h , 1864 of J u n e , 1864 of 1865 Total > Pi O H J U N E 30,1871 Five-twenties Five-twenties Five-twenties Five-twenties Consols, 1865 Consols, 1867 Consols, 1868 H 2, 792, 29, 3; 967, 6. 768, lO; 222, 6,103, 52, 950 500 350 600 200 050 600 00 00 00 00 00 00 00 29, 936, 2.50 00 227, 2, 340, 574, 850, 541, 4, 607 277 529 923 949 559 784 56 20 63 00 79 41 61 2, 542, 631 20 3, 020, 557 31, 777 4,307, 879 7, 343, 523 11,07,3,149 6,644, 609 57, 384 56 20 63 00 79 41 61 32, 478, 881 20 2, 680, 209 05 28, 590 88 3, 847, 182 42 6, .525, 231 42 9, 762, 387 78 5,800,018 37 49, 797 81 145, 975 00 1,240 00 201,375 00 331, 933 50 522,117 00 351, 528 00 3, 090 00 36, 657 80 388 35 51,703 46 92, 2.59 58 109, 455 28 76, 745 93 572 13 23, 694, 017 73 1, 557, 264 .50 367, 782 53 C/J rH Ki 1,189,481 97 IN:^ to to TABLE L.—Statement showing the purchases of honds on account ofthe sinking-fund during each fiscal year from its institution, ^-c.—Continned. P r i n c i p a l re, deemed. Year endedX J U N E 30, Five-twenUes Five-twenties Five-twenties Five-twenties Consols, 1865 Consols, U67 Consols, 1868 of of of of Total , - of of of of . , - J U N E 30, $6,417,8.50 127,100 3, 604, 650 3, 635, 200 11, 788, 900 0, 9.58, 900 • 85, 850 00 00 00 00 00 00 00 32, 618, 450 00 3, 935, 050 34 36, 553, 500 34 7,137,100 00 .50 000 00 3,741,150 00 1, 959, 850 00 10, 768, 250 00 4, 402,100 00 619,550 00 925, 783 87 7, 372 50 480, 684 37 250, 635 93 1, 371,187 17 553, 610 89 81, 983 44 8, 062, 883 87 7, 089, 542 58 57, 372 50 49,780 91 4, 221, 834 37 3,715,211 22 2, 210, 485 93 1, 943, 438 93 12, 139, 437 17 10, 668, 617 09 4, 9.55, 710 89 4, 373, 781 76 617,140 34 701, .533 44 28, 678, 000 00 3,671,258 17 32, 349, 258 17 28, 457, 562 83 32, 248, 645 22 $427, 849 8, 894 246,001 246, ,562 707, 334 417; 534 5,151 00 00 50 00 (30 00 00 $75,179 1,338 57, 449 37, 817 149, 248 108, 487 1,386 2, 059, 325 50 43 70 80 37 21 92 95 430, 908 38 $352, 669 7, 555 188, 551 208, 744 558, 085 309, 046 3, 764 57 30 70 63 79 08 05 1, 421, 700 00 2, 020, 550 00 1, 247, 250 00 3, 393, 650 00 4, 051, 000 00 802, 300 00 Total 12, 936, 450 00 H O 1,628,417 12 101,960 813 42, 216 23, 744 145, 069 69, 632 8, 948 431,4.50 50 3, 500 00 223,270 50 120, 266 50 646, 095 00 264.126 00 37,173 00 1, 725, 881 50 .57 70 46 47 34 51 40 392, 385 45 329, 489 2, 686 181, 054 96, 522 501, 025 194, 493 28, 224 93 30 04 03 66 49 60 1, 333, 496 05 o H W Kl = O 161,219 79 218, 4.57 39 135, 577 95 360, 964 62 432, 348 18 86, 505 62 1,395,073 55 1, 582, 919 79 2, 239, 007 39 1, 382, 827 95 3, 754, 014 62 4, 483, 348 18 888, 805 62 14, 331, 523 55 41.5,391 012, 051 241,571 374, 934 029,975 798, 926 05 32 69 42 86 40 12,872,850 74 99, 519 141, 438 87, 307 203, 619 243, 000 48,138 00 .50 50 00 00 00 31. 743 43, 013 29, 348 46, 489 55, 976 11,014 823, 082 00 95 46 19 33 97 38 222, 586 28 67, 775 93, 425 57, 959 157,129 187, 083 37,123 05 04 31 67 03 62 w 000,.495 72 H > Ul n 1875. Kl F i v e - t w e n t i e s of 1862. *25,170, 400 00 25,170, 400 00 541,973 50 353,061 56 188, 911 94 Grand total 166,182, 450 00 16, 665, 917 61 157, 677, 967 61 160, 598, 057 39 8,159, 014 00 2, 254,120 30 5, 904, 893 70 hj O 1874. F i v e - t w e n t i e s of 1802 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 ties of 1865 Consols, 1865 Consols, 1867 Consols, 1868 J U N E 30, $764, 055 21 $7,181, 905 21 $6,345,391 98 14,959 03 142, 059 03 126,123 46 438,656 16 4,043,306 16 3, 573, 223 63 436, 838 70 4, 072, 033 70 3, 594, 747 85 1, 436, 989 46 13, 225, 889 46 11, 660, 785 89 833, 600 15 7,792,500 15 6, 863, 777 39 9,951 63 95,801 63 84, 595 02 1873. 1862 M a r c h , 1864 J u n e , 1864 1865 Total B a l a n c e of interest due at close of fiscal year; 1872 1862 M a r c h , 1864 J une, 1864 1865 J U N E 30, Five-twenties F i v e - t w e n ties Five-twenties Five-twenties Consols, 1865 Consols, 1867 Consols, 1868 Interest due at A c c r u e d interPremium paid. Net cost in cur Not cost estimated in gold. close of fiscal est p a i d i n coin rency. year. * T b e s e b o n d s w e r e r e d e e m e d on t h e call of M a r c h 11, 1875, m a d e in xjursuance of s e c t i o n 11 of t h e a c t of- ISJarch 3, 1875. Length loan. of When redeem- Rates of in- atPrice Amount outauthor which Amount Amount issued. able. terest. standing. ized. sold. OLD DEJJT. Unclaimed dividends upon debt created prior to 1800, and the principal and interest ofthe outstanding debt created during the war of 1812, and up to 1837. TREASURY NOTES PRIOR TO On demand . 5 and 6 per ceut. $.57, 665 00 H O 1846. The acts of October 12, 1837, (5 Statutes, 201;) May 21, 1838, (5 Stat- 1 and 2 years 1 and 2 years utes, 228;) March 31,1840, (5 Statutes, 370:) February 15, 1841, (5 from date. Stfitutes, 411;) January 31, 1842, (5 Statutes, 469;) August 31, 1842, (5 Statutes, 581;) and March 3, 1843, (5 Statutes, 614 ;) authorized the issue of Treasui'y notes in A^arious amouuts, and with interest at rates named therein, from 1 mill to 6 per centum per annum. 1 raill to 6 P a r . per cent. W U2 o TItEASURY N O T E S OF 1 8 4 6 . The act of July 22,1846, (9 Statutes, 39,) authorized the issue of Treasui-y notes in such sums as the exigencies of the Governmeut might require; the araount outstandiug at any oue time not to exceed $10,000,000 to bear interest at not exceeding 6 per centum per annum, redeemable oue year from date. These notes were receivable in xiayment of all debts due the Uuited States, includiug customs-duties. •n o 1 ye.ar 1 year ' date. from 6 xier cent . Par... $10, 000, 000 00 6,000 00 H X o MEXICAN ES'DEMNITY. A proviso in the civil and diplomatic appropriation act of August 10, 1846, (9 Statutes, 94,) authorized the payment of the priucipal and interest of the fourth and fifth installraents of the Mexican indemnities due April and July, 1844, by the issue of stock, with interest at 5 yov centum, payable in five years. D years. Aftril aud July 5 x>3r ceut .. P a r . 1849. 350, 000 00 $303, 573 92 1,104 91 H &d > TREASURY NOTES OE 1 8 4 7 . The act of January 28, 1847, (9 Statutes, 118,) authorized the issue of $23,000,000 Treasury notes, with interest a t n o t exceeding 6 per centum per annum, or the issue of stock for auy portion of the amouut, with interest at 6 per ceutum per annuni. The Treasury notes under this act were redeemable at the expiration of one or two years ; and the iuterest was to cease at the expiration of sixty days' notice. These notes were receivable in xjayment of all debts clue the United States, including customs-duties. I and 2 years After 60 days' notice. 6 per cent. 23, 000, 000, 00 950 00 Ul d K; IN:) 09 TABLE M.—Statement of the outstanding principal of thejmhlic debt, ^"c.—Continued. Length of loan. INS) author- Aniount issued. When redeem- Rate of in- at Price which Amount ized. terest. able. sold. Araount putstanding. LOAN OF 1 8 4 7 . hj The act of January 28, 1847, (9 Statutes, 118,) authorized the issue of 20 years $23,000,000 Treasury notes, with interest at not exceeding 6 per centuni per annum, or the issue of stock for any jiortion of the araount, with iuterest at 6 per centum per aunum, re-imbursable after Deceraber 31, 1867. Section 14 authorized the conversion of Treasnry notes under this or any preceding act into like stock, which accounts for the axiparent overissue. January 1,1868 6 per c e u t . . . Par $23; 000, 000 00 $28, 207, OOP 00 $1, 250 00 O H BOUNTY-LAND SCRIP. The 9th"section of the act of February 11, 1847, (9 Statutes, 125,) authorized the issue of land-warrants to soldiers of the Mexican war, or scrip, at the option of the soldiers, to bear 6 per centum interest Xier annuni, redeemable at the.pleasure of the Government, by notice from the Treasury Dexiartment. Interest ceases Jnly 1,1849. Indefiuite... July 1,1849.... 6 per c e n t . . . Par 3, 400 00 Indefinite m te c te TEXA.N INDEJtNITY STOCK. The act of Septeraber 9,1850, (9 Statutes, 447,) authorized the issue of 14 years . .. Jau'uary 1, 1865 5 per c e u t . . . Par $10,000,000 stock, with interest at 5 per centum per annura, to the State of Texas, in satisfaction of .all clairas against theUnited States arising out of the annexation of the said State. This stock was to be redeemable at the end of fourteen years. 10, 000, 000 00 5, 000, 000 00 172, 000 00 o te TREASURY NOTES O F 1 8 5 7 . The act of Deceraber 23, 1857, (11 Statutes, 2.57,) authorized the issue of $20,000,000 in Treasury notes, $6,000,000 with iuterest at not exceeding 6 per centum per annum, and the reraainder Avith interest at the lowest rates offered by bidders, but not exceeding 6 per centum per annum. These notes were redeemable at the expiration of oue year, and interest was to cease at the expiration of sixty days' notice after maturity. They were receivable in payment of all debts due the United States, including customs-duties." 1 year 60 days' notice. 5 and 5 | per Par cent. 20, 000, 000 00 20, 000, 000 00 1, 900 00 te Ul d PD LOAN OP 18.58. The act of Juno 14, 1858, (11 Statutes, 365,) authorized a loan of $20,000,000, with interest at not exceeding 5 per centum xier annum, and redeemable any time after January 1, 1874. te 15 years January 1,1874 5 per c e n t . . . Par 20, 000, 000 00 20, 000, 000 00 277, 000 00 LOAN OF 1S60.T h e a c t of J u n e 22, 1860, (12 S t a t u t e s , 79,) a u t h o r i z e d a loan of $21,000,000, (to be u s e d in r e d e m p t i o n of T r e a s u r y notes,) w i t h i n t e r e s t a t n o t e x c e e d i n g 6 p e r c e n t u m p e r a n n u n i , r e d e e r a a b l e in n o t less than ten nor more than twenty years. 10 y e a r s J a n u a r y ] , 1871 5 p e r c e n t . . Par 21, 000, 000 00 7, 022, 000 00 10, 000 00 te LOAN OF FEBRUARY, 1861, (1881S.) T h e a c t of F e b r u a r y 8, 1861, (12 S t a t u t e s , 129,) a u t h o r i z e d a loan of $25,000,000, w i t h i n t e r e s t at not e x c e e d i n g 6 xier c e n t u m p e r a n n u n i , r e i n i b u r s a b l e in n o t less t h a n t e n n o r m o r e t h a n t w e n t y y e a r s frora t h e d a t e of t h e act. 10 or 20 y r s . Jan. 1,1881 6 per cent. Par. 25, 000, 000 00 18,415,000 00 18, 415, 000 00 O TREASURY NOTES OF 1861. T h e a c t of M a r c h 2,1861,(12 S t a t u tes, 178,) a u t h o r i z e d a loan of $10,000,000, w i t h i n t e r e s t a t n o t exceedingO p e r c e n t u n i p e r a n n u n i , r e d e e m a b l e o n t h r e e m o n t h s ' n o t i c e a f t e r J u l y 1, 1871, a n d x^ayable J u l y 1, 18S1. I f p r o p o s a l s fbr t h e loan veere n o t s a t i s f a c t o r y , a u t h o r i t y w a s g i v e n t o i s s u e t h o Avhole a n i o u n t in T r e a s u r y n o t e s , w i t h i n t e r e s t a t n o t exc e e d i n g 6 xier c e n t u m x^er a n n u m . T h e s a m e a c t g a v e a u t h o r i t y t o s u b s t i t u t e T r e a s u r y n o t e s for t h e whole or a n y p a r t of loans a u t h o r ized a t t h e t i m e of t h e p a s s a g e of t h i s a c t . T h e s e n o t e s w e r e t o be r e c e i v e d i n p a y n i e n t of all d e b t s d u e t h e U n i t e d S t a t e s , i n c l u d i n g c u s t o m s - d u t i e s , a n d w e r e r e d e e m a b l e a t any t i m e w i t h i n t w o y e a r s from t h e d a t e of t h e a c t . hj O &d H te 1 I 2 years . f 60 d a y s . 2 years after date. 60-days after date. 1 [ ', J 6 per cent... Par - C 22, 468,100 00 \ 12, 896, 350 00 35, 364, 450 00 3,150 00 te o te H > Pi J K; OREGON "WAR D E B T . T h e a c t of M a r c h 2,1861, (12 S t a t u t e s , 198,) axipropriated $2,800,000 foi 20 y e a r s . t h e p a y r a e n t of e x p e n s e s i n c u r r e d b y t h e T e r r i t o i i e s of W a s h i n g t o u a n d Oregon i n t h e s u p p r e s s i o n of I n d i a n h o s t i l i t i e s i n t h e y e a r s 1855 a n d 1856. Section 4 of t h e a c t a u t h o r i z e d t h e p a y m e n t of t h e s e clainis i n b o n d s r e d e e m a b l e in t w e n t y y e a r s , w i t h i n t e r e s t a t 6 pei ] centum per annuni. July 1, 1881 6 per c e n t . . Par 2, 800, 000 00 1, 090, 850 00 945, 000 00 o te H W .te ^ LOAN OF JULY AND AUGUST, 1861, (ISSlS.) T h e a c t of J u l y 17, 1861, (12 S t a t u t e s , 259,) a u t h o r i z e d t h e i s s u e of $250,000,000 b o n d s , w i t h i n t e r e s t a t n o t e x c e e d i n g 7 p e r c e n t u m p e r a n n u m , r e d e e m a b l e a f t e r t w e n t y y e a r s . T h e a c t of A u g u s t 5, 1861 (12 S t a t u t e s , 313,) a u t h o r i z e d t h e i s s u e of bonds,, w i t h i n t e r e s t a t 6 p e r c e n t u m p e r a n n u m , p a y a b l e after t w e n t y y e a r s from d a t e , in exc h a n g e for 7.30 n o t e s i s s u e d u n d e r t h e a c t of J u l y 17, 1861. N o n e of s u c h b o u d s w e r e t o b e i s s u e d for a s u m less t h a n $50(), a n d t h e w h o l e a m o u n t of t h e m w a s n o t t p e x c e e d t h e Avhole a r a o u n t of 7.30 n o t e s i s s u e d n n d e r t h e a b o v e a c t of J u l y 17. T h e a m o u u t issued i n exc h a n g e for 7.30s w a s $139,321,200. 20 y e a r s . July 1,1881 6 xier c e n t . Par . 250, 000, 000 00 ; 50,000,000 00 ^ 189, 321, 350 00 • 139,321,200 00 • te P> m a Kl rs3 Or to TABLE M.—Statement of the outstanding principal of the public deht, ^"C—Continued. Length of loan. When redeemable. authorRate of in- atPrice which Amount Amount issued. terest. ized. sold. Aniount outstanding. te te OLD DEMAND-NOTES. The act of July 17, 1861, (12 Statutes, 259,) authorized the issue of $50,000,000 Treasury notes, not beariug interestof a less denomiuatiou than fifty dollars and not less than ten dollars, and payable ou demand by the assistant treasurers at Philadelphia, New York, or Boston. The act of August 5,1861, (12 Statutes, 313,) authorized the issue of these notes in denomination of five dollars; it also added the assistant treasurer at Saint Louis and the designated depositary at Cincinnati to the places where these notes Avere made payable." The act of February 12,1862, (12 Statutes, 338,) increased the amount of demand-notes authorized, $10,000,000. On demand . - - None . Par. $60, 000, 000 00 , 000, 000 00 $70,107 50 o te H W te Ul SEVEN-TfnRTlES OF 1861. The act of July 17, 1861, (12 Statutes, 259,) authorized a loan of $250,000,000, part of Avhich Avas to be in Treasury notes, with iuterest at 7 3-10 per centum per annum, payable three years after date. 3 years. August 19 and October 1, 1864. 7 3-10 per ct. P a r . 140, 094, 750 00 140, 094, 750 00 17,100 00 Pi 6 per ceut. Par . 515, 000,000 00 514,771,600 00 65, 258, 300 00 >< O te H te te LEGAL-TENDER NOTES. te o te FIVE-TWENTIES OF 1802. The actof February 2.5,1862, (12 Statutes, 345,) authorized a loan of 5 or 20 years. May 1,1867.$.500,000,000, for the purpose of funding the Treasury notes aud tloating-debt of the United States, and the issue of bonds therefor, with interest at 6 per centuni per a;unura. These bonds Avere redeemable after tive and xiayable tAventy years from date. The act of March 3, 1864, (13 Statutes, 13,) authorized an additional issue of $11,000,000 of bonds to xiersons Avho subscribed for the loan on or before January 21,1864. The act of January 28,1865, (13 Statutes, 425,) authorized au additional issue of $4,000,000 of these bonds aud their sale in the United States or Europe.The act of Febru.ary 25,1862, (12 Statutes, 345,) authorized the issue of $150,000,000 United States notes, not bearing interest, payable to bearer, at the Treasury of the 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 in lieu of demand-note's authorized by the act of July 17,1861; these notes to be a legal tender. The act of July 11, 1862, (12 Statutes, 532,) authorized an additional issue of $150,000,000 United States Treasury notes, of such denominations as the Secretary of the Treasury might deem expedient, but no such note should be fbr a fractional part of a dollar, and not more than O On demand. 450, 000, 000 00 915,420,031 00 375, 771, 580 00 p> a: d Kl $35,000,000 of a lower denomination than five dollars; these notes to be a legal tender. The act of March 3.1863, (12 Statutes, 710,) authorized an additional issue of $150,000,000 United States notes, xiayable to bearer, of such denominations, not less than one dollar, as the Secretary of the Treasury might prescribe; Avhich notes Avere made a legal tender. The same act limited the time at which Treasury notes niight be exchanged for United States bonds to July 1, 1863. The amountof notes authorized by this actAvere to be in lieu of $100,000,000 authorized by the resolutionof January 17,1863, (12 Statutes, 822.) Pi te te o pi H TEMPORARY LOAN. The act of February 25, 1862, (12 Statutes, 346,) authorized temporaryloan deposits of $25,000,000, for not less than thirty days, with interest at 5 xier centum per annum, xiayable after ten days' notice. Tlie act of March 17, 1862, (12 Statutes. 370,) authorized the increase of temporary-loan deposits to $50,000,000. The act of July 11, 1862, (12 Statutes, 532,) authorized a further iucrease of temxiorary-loan deposits to $100,000,000. The act of June 30, 1864, (13 Statutes, 218,) anthorized afurther increase of temporary-loan dex)osits to not exceeding $150,000,000, aud an increase of the rate of interest to not exceeding 6 per centum per annum, or a decrease of the rate of iuterest on ten days' notice, as the public interest might rec|uire. Notlessthan After ten days' 4, .5, and 6 Xier cont. notice. 30 days; Par . 3, 060 00 150, 000, 000 00 O te te cc te o te H CERTIFICATES O F INDEBTEDNESS. The act of March 1, 1862, (12 Statutes, 352,) authorized the issue of certificates of indebtedness to xiublic creditors who niight elect to receive them, to bear interest at the rate of 6 per centum per annum, and payable one year frora date, or earlier, at the option of the G-overnnient. The act of May 17, 1862, (12 Statutes, 370,) authorized the issue of these certificaties in payraent of disbursing ofhcers' checks. The act of March 3,1863, (12 Statutes, 710,) made the interest payable in lawful money. 1 year 1 year after date. 6 per cent.. Par. No limit. 561, 7.53, 241 65 5. 000 00 pi Kl o te m te FRACTIONAL CURRENCY. The act of July 17,1862, (12 Statutes, 592,) authorized the use of postal and other stamiis as currency, and made them receiA^able in payment of all dues to the United States less than five dollars. The 4th section of the act of March 3,1863, (12 Statutes, 711,) authorized the issue of fractional notes in lieu of xiostal .and other stamps and xiostal currency; made them exchangeable in sums not less than three dollars for United States notes,'and receivable for postage and rcA'^enue stanips, and in payment of dues to the United States, except duties on imports, less "than five dollars; and liraited the amount to $50,000,000. The 5th section of the act of June 30, 1864, (13 Statutes, 220,) authorized an issue of $50,000,000 in fractional currency, and provided that the Avhole amount of these notes outstandiug at any one time should not exceed this sum. On presentation. None . 50, 000, 000 00 223, 625, 663 4o 42,129, 424 19 te Ul d Pi K; to TABLE M.—Statement of the outstanding principal of the public deht, ^"C.—Continued. L e n g t h of loan. W h e n redeemable. R a t e of interest. OO I Price A m o u n t outa t w h i c h A m o u n t author IA n i o u n t issued. standing. ized. sold. Pi te te LOAN OF 1863. T h e a c t 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, lo.an of $900,000,000, a n d t h e i s s u e of b o n d s , Avith i n t e r e s t a t n o t e x c e e d i n g 6 p e r centium p e r a n n u m , a n d r e d e e m a b l e i n n o t less t h a n t e n n o r m o r e t h a n forty.years, p r i n c i p a l . a n d i n t e r e s t p a y a b l e in coin. T h e a c t of J u n e 30, 1864, (13 S t a t u t e s , 219,) rexieals so "much o f t h e p r e c e d i n g act as liraits t h e a u t h o r i t y t h e r e u n d e r to t h e c u r r e n t fiscal y e a r , a n d also r e p e a l s t h e a u t h o r i t y a l t o g e t h e r e x c e p t a s r e l a t e s to $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 for. 17 y e a r s . . J u l y l , 1881. 6 per cent. Average Xiremiu m of 4.13. 75, 000, 000 00 $7.5, 000, 000 00 , 000, 000 00 H te ONE-YEAR NOTES OF 1803. T h e a c t of M a r c h ' 3 , 1863, (12 S t a t u t e s , 710,) a u t h o r i z e d t h e issue of $400,000,000 T r e a s u r y n o t e s , w i t h i n t e r e s t a t n o t e x c e e d i n g 6 x>er c e n t u m p e r a n n u m , r e d e e m a b l e in n o t m o r e t h a n t h r e e y e a r s , xirincipal and i n t e r e s t p a y a b l e i n lawful m o n e y , to b e a legal t e n d e r for t h e i r face v a l u e . y e a r after date. 1 year . 1 2 years... 2 years date. 5 per ceut. Par. 400, 000, OCO 00 4, 520, 000 00 66, 075 00 166, 480, 000 00 47, 300 00 TWO-YEAR NOTES OF 1863. T h e a c t o f M a r c h 3, 1863, (12 S t a t u t e s , 710,) a u t h o r i z e d t h e issue of $400,000,000 T r e a s u r y n o t e s , w i t h i n t e r e s t a t n o t e x c e e d i n g 6 p e r c e n t u m p e r a n n u m , r e d e e m a b l e in n o t m o r e t h a n t h r e e y e a r s , p r i n c i p a l a n d i n t e r e s t p a y a b l e in lawful money, t o be a legal t e n d e r for t h e i r face A^alue. after 400, 000, 000 00 5 per cent. te o te te H te Kl K On d e m a n d . Par. Indefiuite. 562, 770, 400 00 21,796,300 00 te te d te Kl COMPOUND-INTEREST NOTES. Ul o te COIN-CERTIFICATES. T h e fifth section of t h e a c t of M a r c h 3, 1863, (12 S t a t u t e s , 711,) authorized t h e deposit of gold coin a n d bullion Avith t h e T r e a s u r e r or a u y a s s i s t a u t t r e a s u r e r , in s u m s n o t less t h a n $20, a n d t h e i s s u e of certificates t h e r e f o r in d e n o m i n a t i o n s t h e s a m e a s U n i t e d S t a t e s n o t e s ; also a u t h o r i z e d t h e i s s u e of t h e s e certificates in p a y n i e n t of i n t e r e s t on t h e p u b l i c d e b t . I t liraits tlie a r a o u n t of t h e r a "to n o t m o r e t h a n 20 p e r c e u t u m of t h e a m o u n t of coin a n d bullion i n t h e T r e a s u r y , a n d d i r e c t s t h e i r r e c e i p t in xiayment for d u t i e s on iraports. T h e a c t 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 t h e i s s u e of $400,000,000 T r e a s u r y notes, w i t h i n t e r e s t a t n o t e x c e e d i n g 6 p e r c e n t u m p e r a n n u m , in lawful m o n e y , xiayable n o t m o r e t h a u t h r e e oPi 3 years. J u n e 10, 1867, a n d M a y 15, 6 p e r cent, corapound. Par. 400, 000, 000 00 266, 595, 440 00 367,390 00 years from date, and to be a legal tender for tbeir face value. The act of June 30, 1864, (13 Statutes, 218,) authorized the issue of $200,000,000 Treasury notes, of any denomination not less than $10, payable not more than three years from date, or redeeraable at any time after three years, with interest at not exceeding 7 3 10 per centum, payable in laAvful money at maturity, and made them a legal tender for their face value to the same extent as United States notes; $177,045,770 of the amount issued was in redemption of 5 per cent, uotes. TEN-FORTIES OF 1864. te te te O The act of March 3, 1864, (13 Statutes, 13,) authorized tho issue of 10 or 40 years March 1, 1874. 5 x^er cent.. $200,000,000 bonds, at not exceeding 6 per centum xier annura, redeemable after five and payable not more than forty years from date, in coin. Par to 7 per c't. XI rem. 200, 000, 000 00 196,117, 300 00 194, 566, 300 00 3, 882, 500 00 940, 600 00 te •H FIVE-T-WENTIES OF MARCH, 1864. The act of March 3, 1864, (13 Statutes, 13,) authorized the issue of 5 or 20 years. Nov. 1,1869.$200,000,000 bonds, at not exceeding 6 per centuni per annum, redeemable after five and payable notmore than forty years fiom date in coin. 6 per cent... FIVE-TAVENTIES OP JUNE, 1864. The act of June 30, 1864, (13 Statutes, 218.) authorized a loan of $400,000,000, and the issue therefor of bonds redeemable not less than five nor more than thirty (or forty, if deemed expedient) years from dato, with interest at not exceeding 6 x)er centuni x^er annum, payable semi-annually in coin. 5 or 20 years. Nov. 1,1809.. 6 xier cent. Par . 400, 000, 000 00 125, 561, 300 00 58, 046, 200 00 3 years •i H > te 7 3-10 per ct. Par o te I, 000, 000 00 829, 992, 500 00 te H te te >l U d NAVY PENSION-FUND. The act of July 1, 1864, (13 Statutes, 414,) authorized the Secretary of Indefinite. the NaA'y to "inA^est 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 uot be required for the paynient of navalpensions. Section 2 of the act of July 23, 1868, (15 Statutes, 170.) makes the interest on this fund 3 per centum per annum in lawful raoney, and confines its use to the payment of naval-pensions exelu• sively. te o te te Kl SEAMEN-THIRTIES OF 1864 AND 1865. The actof June 30, 1864, (13 Statutes, 218,) authorized the issue of $200,000,000 Treasury notes of not less than $10 each, payable at not more than three years from date, or redeemable at any time after three yeais, with interest at not exceeding 7 3-10 per centuni per annum". The act of March 3, 186.5, (13 Statutes, 408,) authorized a loan of $600,000,000, and the issue therefor of bonds or Treasury notes; the notes to be of denominations of not less than $50, with interest in laAvful money at not more thau 7 3-10 per centum per annum. te CO 3 per cent.. Indefinite. 14, 000, 000 00 14, 000, 000 00 te X to Oo TABLE M.—Statement of the outstanding principal of thep>uhlic deht, cf-c.—Continu'ed. Length of loan. When redeemable. Rate of interest. Price author at which Amount Amount issued. ized. sold. Amount outstanding. FIVE-TAVENTIES OP 1865. The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of 5 or 20 years Nov. 1,1870. $600,000,000 of bonds or Treasury notes in addition to amounts preAdously authorized; the bonds to be for not less than $50, payable not more than forty years from date of issue, or after any period not less than five years; interest payable semi-annually at not exceeding 6 Xier Centura per annum when in coin, or 7 3-10 per centum per annum Avhen in currency. In addition to the amount of bonds authorized by this act authority was also given to convert Treasury notes or other interest-bearing obligations into bonds authorized by it. The act of April 12, 1866, (14 Statutes 31,) construed the above act to authorize the. Secretary ofthe Treasury to receive any obligations of the United States, wheti'her bearing interest or not, in exchange for any bonds authorized by it, or to sell any of such bonds, provided the public debt is not increased thereby. 6 x^er cent.. Par. $203, 327, 250 00 $203, 327,250 00 $152, 534, 350 00 te cc. te o te te H The act of March' 3, 1865, fl3 Statutes, 468,) authorized the issue of 5 or 20 years. July 1,1870 . $600,000,000 of bonds or Treasury notes in addition to amounts previously authorized; the bonds to be for not less than $50, payable not more than forty years from date of issue or after any period not less than five years, interest payable semi-annually, at not exceeding 6 per centum xier annum when in coin, or 7 3-10 per centum per annum Avhen in currency. I n addition to the amount of bonds authorized by this act authority Avas also given to convert Treasury notes or other interest-bearing obligations into bonds authorized by it. The act of April 1'^, 1866, (14 Statutes, 31,) construed the above act to authorize the Secretary of the Treasury to receive any obligations of the United States, whether bearing interest or not, in exchange for any bonds authorized by it, or to sell any of such bonds, provided' the public debt is not increased thereby. te H CONSOLS OF 1865. 6 per cent. Par. 332, 998, 950 00 332, 998, 950 00 202, 663,100 00 5 or 20 years. July 1,1872 ... 6 per cent.-- P a r . > Pi O te H te H te te CONSOLS OF 1867. The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of $600,000,000 of bonds or Treasury notes in addition to amounts xireviously authorized; the bonds to be for not less than $50, payable not more than forty years from date, of issue or after any period not less than five yeara; interest x:>ayable senii-annually, at not exceeding 6 per centum per annum when in coin, or 7 3-10 per centum per annura Avhen in currency. In addition to the araount of bonds au thorized by this act authority Avas also given to convert Treasury te te te O 379, 602, 350 00 379, 616, 050 00 310, 622, 750 00 Ul d te Kl notes or otber interest-tiearing obligations into bonds authorized by it. The act of April 12, 1866, (14 Statutes, 31,) construed the" above act to authorize the Secretary ofthe Treasury to receive any obligations of the United States, Avhether bearing interest or not, in exchange for any bonds authorized by it, or to sell auy of such bonds, provided the public debt is not increased thereby. CONSOLS OF 1868. The actof March 3,^1865, (13 Statutes, 468,) authorized the issue of $600,000,000 of bonds or Treasury notes in addition to aniounts x^reAdously authorized; the bonds to be for not less than $50, payable not more than forty years frora the date of issue or after any period not less than five years;- interest payable semi-annually, at not exceeding 6 per centum xier annuni when in coin, or 7 3-10 per centum per annum when in currency. In addition to the aniount of bonds authorized by this act authority Avas also giA^en to convert Treasury notes- or other interest-bearing obligations into bonds authorized by it. The act of April 12,1866, (14 Statutes, 31,) construed the above" act to authorize the Secretary of the Treasury to receive any obligations of the United States, whether beariug interest or not, in exchange for any bouds authorized by it, or to sell any of such bonds, provided the public debt is not increased thereby. 5 or 20 years July 1,1873 . . . 6 per cent... Par. 42, 539, 350 00 42, 539, 350 00 37, 474, 000 00 H O te te cc te o te te H THREE PER CENT. CERTIFICATES. The act of March 3, 1867, (14 Statutes, 558,) authorized the issue of Indefinite.. $50,000,000 in temporary-loan certificates of dexiosit, Avith interest at 3 xier centuni xier annuin, payable in laAA'ful money, on demaud, to be u.s^ed inredemption of coinpound-interest uotes. The act of July 25, 1868, (15 Statutes, 183,) authorized $25,000,000 additional of these certificates, fbr the sole purpose of redeeming coinxiound-interest notes. Ou demand , 3 xier cent. Par, 75, 000, 000 00 te 85, 150, 000 00 O te H W te CERTIFICATES O F INDEBTEDNESS O F 1 8 7 0 . The act of July 8, 1870, (16 Statutes, 197,) authorized the issue of certificates of indebtedness, payable five years after date, Avitli interest at 4 per Centura per aiinuin, paya,ble semi-annually, principal and iuterest, in laAvful money, tobe hereafter appropriated and proAdded for by Cougress. These certificates Avere issued, one-third to the State'of Maine and two-thirds to the State of Massachusetts, both for the use and benefit of the European and North American RailAvay Company, and were in full adjustment and payment of any and all claims of" said States or raihvay company for moneys expended (or interest thereon) by the State of Massachusetts on accouut of the Avar of 1812-'15. te te te o te 5 years . Sept. 1,1875 . 4 per cent... Par 678, 362 41 673, 000 00 H te te Ul d te Kl CO TiVBLE M,—Statement of the outstanding principal of the public deht, ^-c.—Continued. Length of loan. to Amount "outauthor When redeem- Rate of in- atPrice wnich Amount Amount issued. standing. ized. able. terest. sold. te te te FUNDED LOAN OF 1881. The act of July 14, 1870, (16 Statutes, 272,) authorizes the issue of 10 years . $200,000,000 at 5 per centum, $300,000,000 at 4^ per centum, and $1,000,000,000 at 4 per centum, principal aud interest xiayable in coin of the present standard value, at the pleasure of the United States Government, after ten years for the 5 per cents; after fifteen years lor the 4^ per cents; and after thirty years for the 4 per cents; these bonds to' be exempt from the paynient of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority. Bonds and coupons payable at the Treasury of the Uuited States, This act not to authorize an increase of the bonded debt of the United States. Bonds to be sold at not less than par in coin, and the proceeds tobe applied to the redemption of outstanding 5-20s, pr to be exchanged for said 5-20s, par for par. Payment of these bonds, when dne, to be made in order of dates and numbers,.beginning Avith each class last dated and nurabered. Interest to cease at the end of three months from notice of intention.to redeem. The act df January 20,1871, (16 Statutes, 399,) increases the amount of 5 per cents to $500,000,000, provided the total amount of bonds issued shall not exceed the amount originally authorized, and authorizes the interest on any of these bouds to be paid quarterly. May 1,1881 . 5 per cent. Par . $500, OCO, 000 00 $412, 306, 450 00 $412, 306, 450 00 O te H te cc te o te te H Pi Kl o te CERTIFICATES OF DEPOSIT. The act of June 8, 1872, (17 Statutes, 336,) authorizes the deposit of Indefinite... United States notes Avithout interest by banking associations in sums uot less than $10,000, and the issue of certificates therefor in denominations of .not less than $5,000; which certificates shall be payable ou demand in United States notes at the place where the dexiosits Avere made. I t provides that the notes So dexiosited in the Treasury shall not be counted as a x^art of the legal reserve, but that the certificates issued therefor may be held and counted by the national banks.as part of their legal reser\=-e. and may be accepted in the settlement of clearing-house balances at the places where the de])Osits therefor Avere made, and that the United States notes for which such certificates were issued, or other United States notes of like amount, shall be held as special deposits in the Treasury, and used only for the redemption of such certificates.- O te H On demand . Par . No limit . 137, 675, 000 00 58, 41.5, 000 00 w te H te te ^ cc d te Kj 2, 232, 284, 531 95 TABLE N . - -Statement of 30-year 6 per cent, bonds (interest payable January and July) issued to the several Facific railway companies under the acts of July n Railway companies. -1^ CD it a < On J u l y 1, 1865 : W e s t e r n Pacific . Simiv Git.v fl.nd Pacific ^ 2 if. . < Total amount of interest due the United States from Pacific railway companies. • ^ Balance of accrued interest due the . United States on interest account. • 1 Balance due the United States, on interest acconnt, deducting repayments. CO Repayment of interest by transportation of mails, troops, &c. Amount of interest accrued and paid to date, as per pre-ceding statement. 1, 1862, (12 Statutes, 492,) and July 2, 1864, (13 Statutes, 359.) to $1,258,000 00 s$37, 740 00 • $37, 740 00 $37, 740 00 1, 258, 000 00 37, 740 00 37, 740 00 37, 740 00 55, 056 S3 6, 417 53 92, 796 83 6, 417 53 92, 796 83 6, 417 53 . o pi O Ul On J a n u a r y 1,1866:. n p n t n l Pacific 2, 362, 000 00 640, 000 00 $37, 740 00 o pi Pi n p n t r a l Bra,uch U n i o n Pacific 3, 002, 000 00 37,740 00 61, 474 .36 99, 214 36 99 214 36 3, 002, 000 00 1, 360, 000 00 1, 680, 000 GO 92, 796 .83 6, 417 53 83,169 03 33, 026 56 19, 917 09 175,965 86 39, 444 09 19, 917 09 175, 965 86 39 444 09 19, 917 09 6, 042, 000 00 99^ 214 36 136,112 68 235, 327 04 235, 327 04 175, 965 86 39, 444 09 19,917 09 111,837 51 • 55,180 84 97, 755 65 10, 099 74 287, 803 37 94, 630 93 117,672 74 10, 099. 74 287 94, 117, 10, 235, 327 04 274, 879 74 510, 206 78 510 206 78 On J u l y 1, 1866 : TTnion Pacific P p n t r n l B r a n c h U n i o n Pa(dfic . On J a n u a r y 1, 1867 : G e n t r a l Pacific T\ausas Pacific . . Geiit.ral B r a n c h U n i o n Pacific . . . . 3, 962, 000 00 2, OSO, 000 00 4, 320, 000 00 640,000 00 803'37 630 93 672 74 099 74 Ul a SiniTS" Gitv a n d Pacific 11, 002, 000 00 — -aLayjir. - — - : =r-^ CO OO TABLE N.—Statement of 30-year 6 jjer cent, "bonds (interest payable January and July) issued to the several Pacific railway companies, <^-c.—Continuedo fl ^ o o ill %r=iUl Total araount of interest due the United States from Pacific • raihyay companies. ^1 Bal an ce of accru ed interest due the United States on iuterest account. O fl Railway companies. Balance due the United States on interest account, deducting repayments. § fcJO. ^ CrH'S Repayment of interest' by transportation of mails, troops, &c. • Amount of interest accrued and paid to date, as per preceding statement. n^ CO o pi O •a On July 1, 1867: Central Pacific .$4,602,000 3, 360, 000 5, 520, 000 960r000 320, 000 VV estern Pacific 00 00 00 00 00 $287, 803 94, 630 117, 672 10, 099 37 93 74 74 $136, 534 78, 654 147, 826 22,408 8, 206 50 29 87 75 03- $424, 337 173,285 265,499 32, 508 8, 206 87 22 61 49 03 $22, 849 07 27, 414 40 50, 293 47 $401, 488 14.5,840 265,499 32, 508 8, 206 SO 82 61 49 03 $401, 488 145, 840 265, 499 32, 508 8, 206 80 82 61 49 03 Ul ' 14, 762, 000 00 On Jauuary 1, 1868: Central Pacific 6, 074, 000 4, 880. 000 8,160i 000 1, 280, 000 320, 000 Central Branch Union Pacific Western Pacific 00 00 00 00 00 510,206 78 393, 630 44 903,837 22 424, 337 17.3,285 265, 499 32, 508 8, 206 145,613 122, 580 210,562 30, 325 9, 600 .569, 951 295, 865 476, 061 62, 833 17, 806 87 22 61 49 03 853, 543 75 853,.543 75 540, 052 146, 930 226, 869 62 833 17, 806 63 22 91 . 99 03 63 22 91 99 03 70 48 89 99 03 29, 899 07 148, 935 26 249,191 98 .540, 052 146, 930 226, 869 62, 833 17, 806 1, 422, 519 09 428, 026 31 994,492 78 994 492 78 7.55, 592 461,123 764, 655 109,808 27, 406 19,603 86 64 75 26 03 76 36, 949 07 266, 367 71 524, 853 03 718, 643 194, 755 243,802 109, 808 27, 406 19, 603 718, 643 194,755 243, 802 109, 808 27, 406 19, 603 715, 671 21 2,138, 190 30 828,169 81 1,314,020 49 1,314,020 49 347,193 184,599 549, 109 48, 000 9, 600 33, 360 1,102, 786 645, 723 1,313,765 157. 808 37, 006 52, 963 59 09 52 26 03 76 46,1.58 10 368, 406 97 719, 214 87 1, 056, 628 277,316 5.94, 550 157,808 37, 006 52, 947 1, 056, 623 277, 316 594, 550 1.57, 808 37, 006 52, 947 3, 310, 053 25' ,1,133, 796 21 83 26 28 50 00 o pi H. > Pi X O ^ On July 1, 1868 : (Central Pacific 903, 837 22 518, 6S1 87 7, 020, 000 6, 080, 000 12, 957, 000 1, 600, 000 .320, 000 1,112,000 569,951 29.5, 865 476, 061 . 62, 833 17, 806 18.5,641 16.5, 258 288, 593 46,974 9, 600 19,603 00 00 00 00 00 00 29,089,000 00 On January 1, 1869 : Central Pacific Central Branch Union Pacific 20, 714, 000 00 ... 16, 684, 000 6, 303, 000 24, 078, 000 1,600,000 . 320, 000 1,112,000 00 00 00 00 00 00 50, 097, 000 00 70 48 89 99 03 1,422,519 09 755, 592 461,123 764,655 109, 808 27, 406 19, 603 86 64 75 26 03 76 2,138,190 30 16 16 86 27 00 76 73 45 77 00 00 00 1,171, 862 95 16 27 79 93 72 26 03 76 49 12 65 26 03 49 2,176, 257 04 79 93 72 26 03 76 49 12 65 26 03 49 2,176, 257 04 H Ul a Pi On July 1, 1869 : Central Pacific Kansas Pacific Union Pacific , Central Branch Union Pacific Western Pacific Sioux City and Pacific . . . . . . : On January 1, 1870: Central Pacific Kansas Pacific , Union Pacific Central Branch Union Pacific Western Pacific Sioux City and Pacific 22, 789, 000 00 6, 303, 000 00 25, 998, 000 00 1, 600, 000 00 320, 000 00 1, 628, 320 00 1,102,786 59 645, 723 09 1, 313, 765 52 157, 808 26 37, 006 03 52, 963 76 58, 638, 320 00 3, 310, 053 25 25, 881, 000 00 6, 303, 000 00 27, 075, 000 00 1, 600, 000 00 1, 648, 000 00 1, 628, 320 00 1, 719, 216 18 834, 813 09 2, 081, 869 89 205, 808 26 46, 606 03 96, 508 69 64,135, 320 00 616, 429 59 189, 090 00 768,104 37 48,000 00 9, 600 00 43, 514 93 1. 674, 768 89 1,719,216 18 834, 813 09 2, 081, 869 89 205, 808 26 46, 606 03 96, 508 69 4,984,822 14 72, 666 99 546, 569 10 906,446 11 3, 490 79 1, 646, 549 19 288, 243 99 1, 175, 423 78 202, 317 47 46, 606 03 96, 492 42 1, 646, 549 19 288, 243 99 • 1 175 423 78 202, 317 47 46. 606 03 96, 492 42 1,529,189 26 3, 455, 632 88 3, 455, 632 88 116, 765 86 • 631,224 99 1,107, 427 54 5,301 92 2, 374, 978 40 392, 678 10 1, 784, 302 31 248 506 34 73,288 76 144, 988 89 5, 018, 742 80 , 16 27 528 08 090 00 859 96 000 00 682 73 849 60 2,491,744 26 1, 023, 903 09 2, 891, 729 85 253, 808 26 73,288 76 145, 358 29 369 40 2, 374, 978 40 392, 678 10 1,784,302 31 248, 506 34 73, 288 76 144, 988 89 4, 984, 822 14 1, 895, 010 37 6, 879, 832 51 1,861>89 71 5, 018, 742 SO 25, 881, 000 00 6, 303, 000 00 27, 075, 000 00 1, 600, 000 00 1, 970. 000 00 1,628,320 00 2, 491, 744 26 1, 023, 903 09 2, 891, 729 85 253, 808 26 73, 288 76 14.5, 358 29 770, 023 58 . 189, 090 00 821, 641 20 48, 000 00 57, SOS 60 48, 849 60 3, 261, 767 84 1, 212, 993 09 3,713,371 05 301, 808 26 131,197 36 194, 207 89 164, 054 17 684,359 12 1, 289, 576 87 7,401 92 3, 097, 713 67 528, 633 97 2, 423, 794 18 294, 406 34 131, 197 36 193, 811 81 155, 730 40 28, 717 58 67, 767 69 17, 857 43 4,274 71 5,154 20 3, 2.53, 444 07 557,351 55 2,491,561 87 312,263 77 135, 472 07 198, 966 01 64, 457, 320 00 6, 879, 832 51 1, 935, 512 98 8, 815, 345 49 2,145, 788 16 6, 669, 557 33 279, 502 01 6, 949, 059 34 25, 881, 000 00 6, 303, 000 00 27, 236, 512 00 1, 600, 000 00 1, 970, 000 00 1, 628, 320 00 3, 261, 767 84 1, 212, 993 09 3,713,371 05 301, 808 26 131,197 36 194, 207 89 776, 430 00 4, 038,197 84 189, 090 00 1, 402, 083 09 817, 095 36 . 4, 530, 466 41 349, 808 26 48, 000 00 190, 297 36 59,100 00 48, 849 60 243, 057 49 241, 638 70 768.148 66 1, 434, 952 33 3, 796, 559 14 633, 934 43 3, 095, 514 08 342, 406 34 182,016 11 242,661 41 326, 56, 194, 35, 10, 15, 81 25 56 83 09 43 4,123, 554 95 690, 813 68 3,289,903 64 377. 817 17 192; 614 20 258, 423 84 64, 618, 832 00 8, 815, 345 49 1, 938, 564 96 10, 753, 910 45 8, 293, 091 51 640, 0.35 97 8, 933,127 48 25, 881, 000 00 • 6, 303, 000 00 27,236,512 00 1,600,000 00 1, 970, 000 00 1, 628, 320 00 4, 038,197 84 1,402,083 09 4, 530, 466 41 349, 808 26 190, 297 .36 243, 057 49 776, 430 00 189, 090 00 817, 095 36 48, 000 00 59,100 00 48, 849 60 4, 814, 627 84 1, 591,173 09 5, 347, 561 77 397, 808 26 249, 397 36 291,907 09 343, 266 90 857, 330 93 1, 755, 303 15 9, 276 92 8, 281 25 401 88 4, 471, 360 94 733, 842 16 3, 592, 258 62 388, .53134 241,116 11 291, 505 21 449, 76, 289, 46, 16, 23, 4, 921,114 51 810, 774 98 3,' 882, 132 89 435, 256 66 257, 492 63 315, 020 34 10, 753, 910 45 1, 938, 564 90 12, 692, 475 41 2, 973, 861 03 9. 718, 614 38 903,177 63 772, 189, 809. 48, 26, 48, O Pi H • On July 1, 1870 : Central Pacific Kansas Pacific. Union Pacific Central Branch Union Pacific Western Pacific Sioux City and Pacific On January 1, 1871: Central Pacific Kansas Pacific Union Pacific Central Branch Union Pacific Western Pacific Sioux City and Pacific On July 1. 1871: Central Pacific Kansas Pacific Union Pacific Central Branch Union Pacific Western Pacific Sioux City and Pacific 396 OS 7, 4tn 92 8, 281 25 396 08 2,460,818 94 995 879 389 410 598 762 Ul W Q H > Pi Ki o W Ul 64, 618, 832 00 753 57 9.32 82 874 27 725 32 376 52 515 13 10, 621, 792 01 a pi oo OO oo • fl On January 1, 1872 : $2.5. 881, 000 00 Central Pacific ^ 6, 303, COO 00Kansas Pacific .. 27, 236, 512 00 Union Pacific . . 1,600, 000 00 Central Branch Union Pacific 1, 970, 000 00 Western Pacific 1, 628, 320 00 Sioux City and Pacific • . . . 64, 618, 832 00 ^3c^ 12, 692, 475 41 O" pi H o 00 00 36 00 00 60 $5, 591, 057 84 1, 780. 263 09 6,164, 6.57 13 445, 808 26 308, 497 36 340, 756 69 $422, .556 33 927, 829 30 1, 964, 850 08 9, 270 92 9, 350 25 401 88 $5,168, 501 51 8.52, 433 79 4,199, 807 05 436, .531 34 299,147 11 340, 354 81 1, 938, 564 96 14, 631, 040 37 3, 334, 264 76 11,296,775 61 $776, 430 189, 090 817, 095 48, 000 59,100 48, 849 pi . • $4, 814, 627 84 1, 591,173 09 5, 347, 561 77 397, 808 26 249, 397 36 291, 907 09 Total araount of interest due the U u i t e d States frora Pacific railway companies. fl fl ^•fl Balance of accrued interest due the United States on interest account. Railway companies.. m Balance d u e t h e United States on interest account, deducting repayments. fl Repayment of interest by transportationof mails, troops, &c. • OT Amount of interest accrued and paid to date, as per preceding statement. 1 TABLE N.—Statement of 30-year Q per cent, bonds (interest payable-January and July) issued to the several Pacific railway conqmnies, ^c—Continued. $595, 968 100,272 402, 429 59, 783 24, 078 32, 965 12 17 22 02 92 74 1,215,497 19 $5, 764, 469 952, 705 4, 602, 236 496, 314 323, 226 373, 320 63 96 27 36 03 55 12, 512, 272 80 Ul o pi On July 1, 1872: Central Pacific Kansas Pacific Union Pacific Central Branch Union Pacific Western Pacific Sioux City and Pacific On January 1, 1873: Central Pacific ..• Kansas Pacific Central Branch Union Pacific AVestern Pacific -. 2.5, 885,120 00 6, 303, 000 00 27,236,512 00 1, 600, 000 00 1, 970, 560 00 1, 628, 320 00 5, 591, 057 84 1, 780, 263 09 6, 164,657 13 445,808 26 308, 497 36 340, 756 69 777, 318 23 189, 090 00 817, 095 36 48, 000 00 59,181, 98 - 48, 849 60 6, 368, 376 07 ], 969, 353 09 6,.981, 752 49 493,808 26 367, 679 34 389, 606 29 64, 623, 512 00 14, 631, 040 37 1,939,535 17 6, 368, 376 07 1, 969, 353 09 6, 981, 752 49 493, 808, 26 367, 679 34 389, 606 29 776. 553 189, 090 817, 095 48, 000 59,116 48, 849 64, 623, 512 00 25, 885,120 00 6, 303, 000 00 27, 236, 512 00 25, 885,120 00 6, 303, 000 00 • 27, 236, 512 00 1,600,000 00 1, 970, 560 00 1, 628, 320 00 39 69 43 42 25 60 5, 841,.3.50 68 995, 448 40 4, 799, 763 06 477, 968 84 358, 329 09 • 388, 780 69 16, 570, 575 54 3, 708, 934 78 60 00 36 00 80 60 7,144, 929 67 2,158, 443 09 7, 798, 847 85 541. 808 26 426, 796 14 438, 455 89 16, 570, 575 54 1,938,705 36 .7,144, 929 67 2,158, 443 09 7,-798,847 85 776, 553 60 189, 090 00 817,095 36 On July 1, 1873 : Kansas Pacific Union Pacific 527, 025 973, 904 2,181, 989 15, 839 9, 350 825 766, 898 128, 262 537, 973 74, 538 33, 775 44,165 68 25 22 53 70 12 6, 608, 249 36 1,123, 710 65 5, .337, 736 28 552, 507 37 392,104 79 432, 945 81 12, 861, 640 76 1, 58.5, 613 50 14, 447, 254 26 614,057 06 1,067 179 03 2, 296, 875 90 17, 714 42 9, 350 25 825 69 6, 530, 872 61 1,091,264 06 5,501,971 95 524, 093 84 417,445 89 . 437, 630 20 963, 723 26 160,631 78 696, 737 82 91, 093 42 4.5, 538 84 57,153 49 7, 494, .595 87 1 251 895 84 6,198, 709 77 615,187 26 462,984 73 494 783 69 18, 509, 280 90 4, 006, 002 35 14, 503, 278 55 2, 014, 878 61 16,518,157 16 7,921,483 27 2, 347, 533 09 8, 61.5, 943 21 725, 037 15 1,082,195 36 2, 383, 019 67 7,196, 446 12 1, 265, 337 73 6, 232, 923 54 1, 186.138 37 197, 874 38 881, 268 16 8, 382, 584 49 1, 463, 212 11 7, 114,191 70 H Pi H Ul a pi 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 n Pacific On J a n u a r y 1, 1874 : C e n t r a l Pacific K a n s a s Pacific 1, 600, 000. 00 1, 970, 560 00 1, 628, 320 00 541, 808 26 426, 796 14 438, 455 89 48, 000 00 .59,116 SO 48, 849 60 589, 808 20 485, 912 94 487 305 49 18,651 92 9, 367 00 4, 869 72 571,1.56 34 476, 545 94 482, 435 77 64, 623, 512 00 18, 509, 280 90 1, 938, 705 36 20, 447, 986 26 4,223,140 82 16, 224, 845 44 776, 553 189, 090 817, 095 48, 000 59,116 48, 849 60 00 36 00 SO 60 8, 698, 036 87 2, 536, 623 09 9, 433, 038 .57 637, 808 26 545, 029 74 536,1.55 09 20, 447, 986 26 1, 938, 705 36 22, 386, 691 62 4, 666, 054 73 8, 693, 036 87 2, 536, 623 09 9, 433, 038 57 637, SOS 26 545, 029 74 536,155 09 776. 553 189, 090 817,095 48, 000 .59, 116 48, 849 9, 474, 590 2, 725, 713 10, 250,133 685, 808 604,146 585, 004 1,099,542 1, 291, 592 2, 816,174 27, 549 9, 367 7,811 25, 885,120 6, 303, 000 27, 236, 512 1, 600, 000 1, 970, 560 1, 628, 320 C e u t r a l B r a n c h U n i o n Pacific AVestern Pacific . S i o u x City a n d Pacific 00 00 00 00 00 00 64,623, ,512 00 7, 921, 483 2, 347, 533 8,615,943 589, 808 485, 912 487, 305 27 09 21 26 94 49 808, 671 1.206, 033 2, 613, 354 21, 893 9, 367 6, 735 7, 889, 365 1,330,589 6. 819, 684 615, 914 535, 662 529, 419 30 28 34 27 00 54 57 81 23 99 74 55 17, 720, 636 89 . 109, 529 94 59, 428 02 71, 947 61 680, 686 28 535, 973 96 554, 383 38 2, 506,186 48 18, 731, 031 92 1,437, 486 240, 274 1, 090, 997 129, 863 75, 507 88, 557 68 81 23 46 24 31 . 9, 326, 852 25 1,570,864 62 7, 910, 681 46 745, 778 45 611j 169 98 617, 976 .86 3, 062, 686 73 20, 783, 323 62 1, 712,114 286, 568 1,325,779 152,132 93, 842 107, 084 10, 087,162 • 1, 720, 689 8, 759, 739 810,391 688, 621 684, 278 O H W On J u l y l , 1874: 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 n Pacific S i o u x C i t y a u d Pacific 25, 885,120 6, 303, 000 27, 236, 512 1, 600, 000 1, 970, 560 1, 628, 320 00 00 00 00 00 00 64, 623, 512 00 22,386,691 62 60 00 36 00 SO 60 1, 938, 705 36 47 09 93 26 54 69 24, 325, 396 98 23 26 10 50 00 29 8, 375, 048 24 1, 434, 120 83 7, 433, 959 83 658, 258 76 594, 779 54 577,193 40 19, 073, 360 60 5, 2.52, 036 38 30 96 64 79 34 60 54 79 47 55 88 00 Ul o pi 3, 677, 522 63 22, 750, 883 23 2, 013, 565 337, 269 1, 585, 863 176, .395 114, 501 127, 612 89 08 94 13 00 51 11,099,894 98 1, 924, 349 91 9, 592, 937' 75 87S, 278 89 768, 397 34 753, 612 90 o 25,017,471 77 H 12.207, .573 2, 093, 886 10, 247, 691 945, 033 850, 566 • 822, 762 Ul pi • On J a n u a r y 1, 1875: 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 esteiii Pacific Sioiix City a n d Pacific On J u l y l , 1875: 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 AVestern Pacific Sioux C i t y a n d Pacific . 25, 885,120 6, 303, 000 27, 236, 512 1, 600, 000 1, 970, 560 1,628,320 . 00 00 00 00 00 00 9, 474, 590 2, 725, 713 10, 250,133 685, 808 . 604, 146 585, 004 47 09 93 26 54 69 64, 623, 512 00 24, 325, 396 98 25. 8S5,120 6, 303, 000 27,236,512 1, 600, 000 1, 970, 560 1, 628, 320 10,251,144 2, 914, 803 11, 067, 229 733, 808 663, 263 . 633, 854 00 00 00 00 00 00 64, 623, 512 00 07 09 29 26 34 29 26,264,102 34 776, 553 189, 090 817, 095 48, OOC; 59,116 48, 849 60 00 36 00 80 60 1, 938, 705 36 776, 5.53 189, 090 817, 095 48, 000 59,116 48, 849 60 00 36 00 80 60 1, 938, 705 36 98 26 48 50 00 90 9, 086, 329 09 1, 587, 080 S3 8, 007, 073 81 701, 883 76 653, 896 34 626, 000 39 26, 264,102 34 5, 601, 838 12 20, 662, 264 22 4, 355, 207 55 11.027,697 3, 103, 893 11, 884, 324 781, 808 722,380 682, 703 1,166, 667 1, 403, 884 3, 504, 826 39, 424 9, 367 10,141 9, 861, 030 1, 700, 008 8,-379,498 742, 383 . 713,013 672, 561 2, 346, 542 393, 877 1, 868.193 202, 655 137, 552 150,200 10,251,144 2, 914, 803 11, 067, 229 733, 808 663, 263 633, 854 07 09 29 . 26 34 29 67 09 65 26 14 89 28, 202, 807 70 1,164, 814 1, 327, 722 3, 060,155 31,924 9, 367 .7, 853 51 21 14 50 00 93 6,134, 311 29 • 16 88 51 76 14 96 22, 068, 496 41 93 82 03 14 91 39 5, 099, 022 22 . 09 70 54 90 05 35 a a pi 27,167, 518 63 oo 38 REPORT OF THE SECRETARY OF THE TREASURY. TABLE O.—Returns, by award of the United States Court of Claims, of proceeds of xoroxjerti; seized as captured or abandoned, under the act of March 12, 1853, paid from July 1, 1874, ^Oc/ime 30, 1875. Date. To whom xiaid. July 1,1874 John H. IN'elson July 8,1874 Hawkins F. Price July 8, lf?74 John D. Grissett July 25, 1874 Searing Taylor, executor of Miles Taylor , Aug. 3,1874 Alzenath liaporte, widow of Jeau Laporte Aug. 5, 1874 Austin R. .Hawkins Aug. 11,1874 Elbert Gantt Aug. 11,1874 Janies N. BroAvn Aug. 18,1874 Simon AVitkowski Aug. 20,1874 Lizzie Hamilton, administratrix of C. D. Hamilton Aug. 20,1874 Benjatnin C. Williams Aug. 20,1874 George Watts Aug. 20,1874 Thomas W. AA''atts, jr., and wife Aug. 2.5.1874 Benjamin R. Thonias aud Thoraas AA''. Mason Aug. 25,1874 Catharine Carson, executrix of Jaraes G. Carson Aug. 27,1874 P. W. Boyd, executor of Jaraes Railey Aug. 27,1874 Allen Joiies Sept. 1, 1874 Henry Peychaud, assignee of Bellocque, jSToblom & Co. Sept. 5.1874 Louise C. JPurdy, administratrix of Rice C. Ballard Sept. 9, 1874 0. T. Morgan, executor of Oliver J. Morgan Sexit. 19.1874 Jolinson et al., representatives of Q. J. Morgan ^.. Peb. 25.1875 John Quinlan, executor of D. 0. Grady , Mar. 4.1875 James Moulton .: : ." Mar. 9,1875 Lorenzo T. and Eliza Potter Mar. 10,1875 Asher Ayers Mar. 10,1875 Alexander Abrams Mar. 10,1875 William B. Adams '. Mar. 10,1875 George W. Auderson Mar. 10,1875 Abraham Backer Mar. 10,1875 Daniel H. Baldwin Mar. 10.1875 Tobias Brown Mar. 10,1875 Esadore Cohen Mar. 10,1875 Luke Christie Mar. 10,1875 Philixi Dzialynski and Davis Greenfield Mar.' 10,1875 Max A. Daupliiue Mar. 10, 1875 AVilliara Duggan Mat. 10,1875 Lawrence DVGive Mar. 10,1875 Levi De Witt and Richard Morgan Mar. 10,1875 George C. Freeman Mar. 10,1875 Lewis Fried Mar. 10,1875 James Foley Mar. 10,1875 Michael Gordon Mar. 10, 1875 Charlotte M. E. Gallie Mar. 10,1875 Thomasine B. Hoyt, use of J. M. Latta , Mar. 10, 1875 David aud Theodore Harrison Mar. 10,1S75 John F. Hamilton Mar. 10,1875 Harry Hay ra Mar. 10,1875 ]S'"elson Anderson 10,1875 Mar. 10,1875 Charles R. Geilfuss Mar. 10, 1875 Diedrich Muller Mar. 10,1875 Alexander Stoddart Mar. 11,1875 Frederick M. Scharfer Mar. 11,1875 Miua Berg Mar. 12,1875 AVilliara Pollard '. Mar. 13,1875 Samuel Worthington Mar. 13,1875 Alfred Abrams Mar. 13,1875 Louis De Bebian Mar. 13,1875 Herman Bulwinkle ,.. Mar. 13,1875 Nicholas Culliton '. Mar. 13,1875 Job 11 Fitzgerald Mar. 13,1875 Edward Fordham Mar. 13, 1875 John Spain •. Mar. 13,1875 Jaraes A. Seddon Mar. 13,1875 Moses A-^anderhorst Mar. 13, lh75 AVilliam T. Porter , Mar. 13,1875 Ellen Higsfins Mar. 13,1875 AVilliam Hunter Mar. 13,1875 Ellen M. Kennedy Mar. 13,1875 AVilliain Lattimore . Mar. 13,1875 'James AV. and Harvey AV. Lathrop Mar. 13.1875 AVilliam Lindou '. .",.' , Mar. 13,1875 Hugh Logan : Mar. 13,1875 Andrew Low Mar, 13.1875 Edward Lovell Mar. 1.3,1875 Lovell & Lattimore Mar. 13,1875 Mix & Co Mar. James McDonald Mar. 1.3.1875 Margaret Mangen Mar. 13,1875 Theodore B. and George S. Marshall Amount. |$ll,041 49 16, 263 36 11,746 02 12, 736 91 7, 296 00 8, 064 00 14, 016 00 13. 862 8445, 578 50 7, 064 66 7, 000 95 21, 307 94 3, 076 54 25,184 50 843 00 37, 350 92 , 4, 899 68 |296, 064 00 42, 513 48 21, 870 68 11.964 35 4,181 40 , 171 70 224 00 2, 039 84 87 84 1, 043 18 162 76 1, 958 .54 722 24 195 20 269 50 263 .52 1, 868 74 2, 204 20 9 76 62 60 .521 86 3, 2.50 08 299 06 78 08 58 56 1,132 16 29 54 3, 015 84 867 16 3, 776 52 • 173 20 . 53 SO 244 66 1,343 30 134 88 663 68 85 80 1, 819 '29 7'38 1,179 80' 323 28 59 18 18 78 52 56 50- 00 1, 509 78 36 90 213 52: 448 96 195 20 6 27 39 04 244 14 73 84 531 08 24,105 70 297 51 260 63 60 00 39 04 78 08 819 84 REPORT OF T H E SECRETARY OF T H E TREASURY. 3'9. TABLE 0.—Peiurns, hy award of tlie United States Court of Claims, ^-c.—Continned. Date. Mar. 13,1875 Mar. 13,1875 ]\Iar. 13,1875 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar, Mar. Mar. Mar. Mar. 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13, 1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1375 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13,1875 13, 1875 13,1875 13,1875 1.3,1875 13,1875 13,1875 13,1875 13, 1875 13,1875 13,1875 13,1875 13,1875 15,1875 1.5,1875 1.5,1875 1.5,1875 15,1875 1.5,1875 15,18^5 15,1875 1.5,1875 15,1875 1.5,1875 1.5,1875 1.5, 1875 15,1875 15,1875 1.5,1875 15,1875 15, 1875 1.5, 1875 15,1«75 1.5,1875 15, 1875 15, 1875 1.5,1875 1.5,1875 15,1875 To w h o m x)aid. Ramon Molina AVilliara J. Myers, Son & Co Terence Nueent. ir Samuel F. O'Neill George Ott Antonio Ponce Thoraas Price James K. Reilly Samuel AViluiot Louis Robider :... Jacob Rosenfield Jacob Rosenband Frederick Schuster , Charles Schwarz...' Lazarus Strauss John Stevenson Horace B. Tebbetts George Taylor and William Tipxier The Hebrew Congregation Gustave A. Wirth James J. AVaring , Stephen Watson , John R. Wilder Robert AVillianis Aaron Wilbur Henry Wurzburg aud S. AA^itkowski; Ephraim Zacharias Christian Aiiiin6 AVolfe Barnett Christian L. Blaize Henry Behrens .'. •. Ferd. Brown Jaraes T. Carroll Mary A. Cherrill Johu Chaves , H. W. Dorre and A. Seckendorf George T. Drew : Anthony Fernandez '... Erastus Foster .Heur.y Fields Johu L. Fenwick Simon Fass and Jaraes Mintz AVilliara Grant August Geilfuss Wiiliaiii H. Greene Erastu^ Henry Robert H. Harney..: Daniel Haas AA^ilUani Hunt Richard Harrison George S. Holmes John C. Schreiner Jean Sauvestre Jacob Cohen Jane Parke-r, administratrix of Hermon Parker Frederick Jager James H. Johnson Benjamin Mantoue Jaraes Melvin Catharine Martin AVilliara and Robert Mclntire Ralph Meldrim Jacob Mills '. David Mathews Mary McManus D. McSwiney Sa.niuel S. Miller William D. aud Ellen M. Oliveira James 0. Keiffe Catharine Peterson AVilliara A. Rook Henry Schaben . Henry Steitz Charles and Margaret Schubert Tobias Scott Joseph Sasportas Daniel Sinclair , John Thonipson aud William Robb Eide F. Torek Melvin B. Wilbur Leonard W a g n e r , $234 24 2, 947 52 106 62 175 68 107 36 315 08 58 56 . 585 60 513 32 117 12 195 20 303 10 2, 638 11 29 28 322 08' J 07 36 . 197 64 488 00 68 32 242 40 146 40 4, 099 20 742 84 390 40 995 52' 3, 347 68 283 04 51 66 • 179 72 70 92 31 52 120 25 14 80 63 04 107 OS 51 66 1, 952 00 1,151 68 718 10 48 SO 22 64 48 18 29 52 140 00 336 52 183 76 20 14 709 20 313 88 47 28 15 76 419 68 31 30 156 16 323 20 287 82 1, 293 52 326 66 10 76 19 52 242 52 408 88 59 04 7 38 29 52 14 70 58 56 39 04 97 60 24 78 118 08 439 20 150 49 48 SO 14 76 105 17 63 04 .50 22 61 32 74 44 63 80 40 REPORT OF T H E SECRETARY OF T H E TREASURY. TABLE 0.—Returns, by award of the United States Court of Claims, ^-c.—Continued. To whom paid. Date. Mar. 15,1875 Mar. 15,1875 Mar. 15,1875 Mar. 15, 1875 Mar. 15.1875 Mar. 15, 1875 Mar. 15,1875 Mar. 15,1875 Mar. 15,1875 Mar. 1.5, 1875 Mar. 15.1875 Mar. 15,1875 Mar. 15,1875 Mar. 15,1875 Mar. 15,1875 Mar. 15, 1875 Mar. 15,1875 Mar. 15,1^75 Mar. 15,1875 Mar. 15,1875 Mar. 15,1875. Mar. 15,1875 Mar. 15,1875 Mar. 15,1875 Mar. 1.5,1875 Mar. 1.5, 1875 Mar. 15,1875 Mar. 15,1875 Mar. 15,1875 Mar. 15,1875 Mar. 15,1875 Mar. 16,1875 Mar. 16,1875 Mar. 16,1875 Mar. 16,1875 Mar. 17,1875 Mar. 17, 1875 Mar. 17, 1875 Mar. 17,1875 Mar. 17,1875 Mar. 18,1875 Mar. 18,1875 Mar. 18.1885 Mar. 18,1875 Mar. 18,1875 Mar. •18,1875 Mar. 18,1875 Mar. 18,1875 Mar. 18, 1875 Mar. 18,1875 Mar. 18,1875 Mar. 18,1875 Mar. 18,1875 Mar. 29,1875 April 3,1875 April 3,1875 May 5,1875 May S, 1875 May 17,1875 May 25,1875 Joseph White Henry West Adolph B. Wesslow Albert Van Dohlen Henry A. Ealer ^ Charles J . Quinby Dolway B. Walkington Nathaii Blun Martin 0 Donald Jaraes Arrastrong : .'. John Burns Jaraes Cantwell „ Martin Caulfield Mary Dallas Philip Hayes Louis F. Koester > : Henry H. Knee Kate and Thoraas Kenney Rudolph Lobsiger Francis Perry James Rudolph Calvin L. .Gilbert Henry and Isaac Meinhard Willi'am Lightfoot and D. Flanders Delancy Jenks Michael Boley John Habersham Henry AA''ayno Lewis Ross's estate Frederick Chastanet Simon Witkowski .' E. H. Martin AVarren M. Benton '. Lazarus Kohn . . ^ Francis J. Ruekh Sheldon AV. Wight James Heagney : C. B. Miller and J. B. Fellows Robert Cattel : Richard Kelley, administrator of F. M. Keau. Eli Cot6, use (if J. C. Martin , Alexander and Hugh C. Leckey James G. Mills Thomas R., J. G., and C. T. Mills , Edward Padelford's estate — Edwin Parsons George Parsons J.AV. Morrell S. Alexander Sniith ^. Chandler H. S m i t h . . . . , Benjamin O. Tayloe Francis T. Willis W. AV. Worthington Jaraes Kilduff .^ Home Insurance Company '. .* Southern Insurance Company : Jaraes H. Houston I.....: , Jaraes Cross and Edward Cross Julia R. Peterson, administratrix of Batt Peterson Samuel G. Cabell 1., Total $276 74 14 SO 322 OS 22 14 1, 054 08 3. 524 30 • 989 80 219 50 36 90 399 60 7 38 685 58 28 92 55 16 17 60 922 34 39 42 14 74 55 10 15 76 29 60 234 24 281 70 790 56 29 28 68 32 97 60 156 16 40 00 125 40 1,151 68, 69 12 371 07 164 24 21 52 • 390 40 136 64 1,010 00 23 64 47 28 611 80 . 60 69 439 20 7, 300 48 7, 932 54 909, 56 606 35 250 40 800 00 1,483 52 943 88 1, 307 84 496 17 1, 545 30 35, 529 58 27,176 15 10, 560 00. 9,818 48 16. 493 78 15, 619 75 868, 460 5,4 E E P O E T OP T H E SECEETAEY O P T H E TEEASUEY. 41 •TABLE P.—Awards of the United States Court of Claims, of proceeds of property seized as captured or abandoned, under the act of March 12, 1863, decreed hut not paid during the fiscal year ended June 30, 1875. Date of decree. Feb. Mar. Apr. Apr. Apr. Apr. May May jSIay Ma'y .May Ma'y May May May May May Ma.y May May May May May May May May May May May May May May May MayMay May May Ma;y May May May May May May May May May May May May May , 1875 1,1875 S1875 ', 1375 ,1875 ,1875 . 1875 , 1875 , 1875 :, 1875 :, 1875 :, 1875 •, 1875 , 1875 ^, 1875 , 1875 , 1875 , 1875 , 1875 , 1875 , 1875 :, 1875 \, 1875 ', 1875 :, 1875 •, 1875 \, 1875 \, 1875 r, •, :, •, , :, 1875 1875 1875 1875 1875 1875 \, 1875 :, , •, :, •, ;, :, :, , 1875 1875 1875 1875 1875 1875 1875 1875 1875 ; 1875 :, 1875 L, 1875 , 1875 , 1875 , 1875 ,1875 Name of claimant. William Dean &Co .• Mary J. Davie Sophia G. Moore George AV. Ross , John L. Villalonga ^ John D. Swain Fred. Gros Claude John K. Elgee's administrator, Edward Thomas Parker .. Armistead Burwell AVilliam E. Hall Benjamin Harwood Jaraes A. Hutchinson Alexander Hutchinson i... B. G. Humphrey, adrainistrator of Ann Maria Ragsdale... Thoraas Y. Berry, administrator of Thomas Y. Berry John R. McAlpine : Em ma J. Jones John Taylor, administrator of Mary P. Marye Ann Eliza Routh .' Isaac R. AVade Fred. A. Metcalf, admiuistrator of E. M. Hararaett Jobn H. Newman • Nannette Switzer, (late Abell) E. K. McLean Juliet Glass '. Charlotte Sjtear Hiram Harris DU E.B. AVillis John Willis Jane Jett and.Thonias Jett, jr., executors of Thomas J e t t George HaAvkins James J. Cowan, adrainistrator of John Cowan Clarissa Young J. Reese Cook .: Thomas A. Marshall Richard Taylor '. James Stewart Thoraas Kidd Duff Green J. B. Brabston Jesse J. Cowan, administrator of Sarah Cowan Alfred AV. Brien Robert M. and Stephen A. Douglas John B. Raymond, assignee of John L. Hebron John B. Raymond, assignee of J. AV. Maybin Ellen .D. Batchelor , James Meagher Hannah Bodenheim, executrix of H. Bodenheim Robert G. Johnson Thomas Kidd, adrainistrator of Thomas Bolls William F.,Smith. " Total '. Amount awarded. $53, 475 65 1, 29^5 23 13,497 50 15, 356 78 45, 207 45 2, 326 45 463 58 366,170 83 20, 950 90 53, 265 00 13, 316 25 7. 457 10 23,081 50 17, 755 00 26, 454 95 17, 755 00 17, 755 00 7. 989 75 13,316 25 3, 728 55 6,158 35 8,-877 50 8,173 81 3. 728 55 3,195 90 12, 428 50 3.5, 510 00 7,102 00 22,193 75 4, 438 75 2, 663 25 21, 306 00 20, 595 80 7,102 00 3, 906 10 1, 065 30 12, 428 50 85, 224 00 3, 373 45 5, 680 60 8, 522 40 7,102 00 163,140 29 5, 326 50 71, 020 00 9, 055 05 27, 010 85 1.5, 979 50 26, 454 95 11, 363 20 1, 679 55 1, 342, 425 12 42 REPORT OF THE SECRETARY OF THE TREASURY. TABLE Q.—Receipts and Dishursements ofthe UnitedStates Assistant Treasurers for theyearended June 30, 1875. NEW YORK. Balance Juue 30, 1874 ': $ioi, 583, 438 36 KECEIPTS. On accountof custonis , $111,130, 844 44 . On account of internal revenue 2, 221, 692 50 Oh account of gold-notes 70, 250,100 00 On account of certificates, act June 8,1872 52, 760, 000 00 On account of Post-Office Department 10,155, 900 95 On account of transfers 103,43.5,634 46 On account of patent-fees 11, 234 10 Ou account of disbursing officers 233,675, 292 90 On account of assay-office, ordinary expense accouut 76, 364 40 On' account of bullion-account. Superintendent Assay-Office, New York 5, 051, 593 69 On account of interestin coin ' 62,343,947 89 On account of iuterest in currency 2, 926, 690 66 On account of miscellaneous '. ' 54, 835, 955 00 708, 875, 2.50 99 810, 4.58, 739 35 DISBURSEMENTS. On account of Treasury drafts 399, 488, 866 46 Onaccountof Post-Ofiice drafts : 9,4.56,296 77 On account of disbursing accounts 229, 594,162 15 On account of assay-office, ordinary expense account . 91, 614 13 On account of bullion account. Superintendent Assay-Office, New York 7, 699, 477 97 On account of interest in coin ' 62, 364, 572 89 On account of iuterest in currency 2, 926, 420 66 Balance June 30, ] 875 711,621,411 03 98, 837, 328 32 BOSTON. Balauce June 30, 1874 $10, 246, 247 OS RECEIPTS. On account of customs Ou account of internal reveuue. On account of certificates, act Juue 8, 1872 On account of Post-Office Department On accoimt of transfers On account of patentfees On account of disbursiug officers On account of4nterest iu coin On account of interest iu curreucy On accouut of raiscellaneous $15, 769, 348 22 607, 803 05 6,680,000 00 660. 809 32 32, 207, 485 04 20, 769 50 27,185, 901 70 9,198, 484 97 616, 340 72 5, 018, 347 35 97,965,289 87 lOS, 211,.536 90 DISBURSEMENTS. On account of Treasury drafts On account of Post-Otfice drafts On account of disbursing accounts On account of interest in coin On account of interest in curreucy On account of transfers On accouut of certificates of deposit, act June 8,1872 . . . .• On account of fractional currency redeemed • Balance June 30, 1875 . . . : '. $18,125 813 43 611, 982 95 26, 883, 416 72 10, 258, 059 86 616, 340 72 22, 938, 619 93 8, 830, 000 00 2, 916, 368 89 _ — ' 91,180, 602 50 17, 030, 934 40' PHILADELPHIA. .Balance June 30, 1874 ; $9,644,715 81 RECEIPTS. On account of customs On account of internal revenue On account of gold-notes On account of certificates, act Juue 8. 1872 On account of Post-Office Dexiartinent On account of transfers On account of patent-fees On account of disbursing officers On account of interest in coin On accouut of interest in currency On account of miscellaneous .' On account of fractional currency for redemption $8,200,9.54 28 991,228 92 1,600,000 00 13, 715, 000 00 557, 672 35 25, 095, 720 08 11, 835 10 19,136,904 08 2, 448,194 75 193, 710 00 1. 355,205 76 4, 636, 873 24 77, 943, 298 D6 87,583,014 3T REPORT OF THE SECRETARY OF THE TREASURY. . • DISBURSEMENTS. On account of Treasury drafts : On account of Post-Office drafts „ On account of disbursing accounts ' On account of interestin coin On account of interest in currency On accountof transfers On account of certificates of deposit, act June 8,1872 On account of fractional currency redeemed '. $14, 5.55, 648 05 504,148 25 19, 433, 402 97 4,9.57,077 91 193, 710 00 18, 472, 417 23 14, 840, 000 00 4, 633, 854 24 $77,590,258,65 Balance June30,1875 Balance June 30, 1874 43 9,997,755 72 BALTIMORE. : •. $3, 830, 569 09' RECEIPTS. Onaccountof customs On account of internal reveuue On account of currency rederaption On account of gold-sales On account of premium On account of certificates, Set June 8, 1872 On account of Post Office Department On account of transfers On account of patent-fees On account of disbursiug officers On.account of interest iii coin.'. On account of interest in currency . On account of miscellaneous • $5,705 280 13 521, 859 72 844, 366 99 3, 553, 421 00 469,770 38 4, 515, 000 00 302, 439 00 5,927,740 14 155 00 2, 401, 341 94 756, 615 00 96,150 00 27, 083 62 : •. • 25,121,222 92-. 28, 951, 792 01 DISBURSEMENTS. On account On account On account On account On account On account On account On account On account On account of of of of of of of of of of Treasury drafts Post-Ofiice drafts disbursing accounts miscellaneous : gold-sales interest in coin interest in currency transfers '.. certificates of deposit, act June S, 1872 fractional-currency redemption 4, 599, 7.54 33 292, 564 29 2,471,705 69 179 75 3, 553, 421 00 1, 407, 313 67 92,190 00 7, 286, 7.58 22 5, 575, 000 00 846, 020 12 26,125, 407 07" Balance June 30, 1875 2,826,384 94 CINCINNATL Balance June 30. 1874 $2,167, 915 25. RECEIPTS. ' On account of custoras On account of internal revenue On account of gold-notes On account of certificates, act June 8, 1872 On account of Post-Office Dexiartment On account of transfers.. On account of patent-fees On account of disbursing officers On account of interest in coin On account of interest in currency On account of miscellaneous ' . • $469,169 .59 369, 095 31 1,175, 000 00 1, 045, 000 00 470, 855 41 13, 316, 294 75 1, 989 25 3, 822, 401 61 \ 1, 442, 537 53 2, 490 00 980,138 25 .• . 23,094,971 70- . 2 5 , 2 6 2 , 8 8 6 95 DISBURSEMENTS. On account of Treasury drafts On account of Post-Oflice drafts On account of disbursing accounts i On account of miscellaneous On account of interest in coin On accouut of interest in currency On accountof transfers '. On account of certificates of deposit, act J u n e s , 1872 On account of fractional currency redeemed : " .- 3,321,164 76 ^ 390, 714 05 3, 794, 698 82 3,136 30 1, 528, 552 64 2, 490 00 11,091,136 41 1,205,000 00 863, 360 89 22, 200, 253 87 Balauce Juue 30, 1875 , 3,062,633 0& CHICAGO. . $2,180,779 2& Balance June 30,1874 RECEIPTS. On account of On account of On account of On account of On account of On account of custonis internal revenue sale of lands certificates, act June 8, 1872 Post-Office Department ; transfers $1, 854, 730 39 11, 453, 253 77 82, 207 17 1,245, 000 00 1, 236, 061 08 , '. 9,710,330 55" 44 REPORT OF THE SECRETARY OF THE TREASURY. On account' of On accouut of On accouut of On account of Ou account of On account of On account of patent-fees disbursing officers bullion-account fbr coin-sales, interest in coin interest in curreucy miscellaneous fractional currency for redemption $10. 591 45 6, 809, 201 08 1, 259, 856 35 214, 532 50 14, 820 00 ' 183, 9S0 40 381,109 00 :. " • 4, 455, 673 74 36, 636, 453 02 DISBURSEMENTS. On accountof Treasury drafts On account of Post-Oflice drafts On account of disbursing accounts On account of bullion-account, coin sold On account of interest in coin • On account of interest in currency Onaccount of transfers. ;...' On account of certificates of deposit, act June 8, 1872 On account of fractional currency redeeraed 10,626,790 75 1, 281, 987 78 6, 778, 981 79 1,118, 699 69 265, 556 50 41,400 00 11,816, S76 71 ' 770, 000 00 ' 384, 225 46 _ ^^__ Balance June 30, 1875 ., 3, 5.52,134 34 SAINT LOUIS. Balance June 30,1874 $1,816,367 89 RECEIPTS. On account of On account of On account of On account of On account of On account of On accouut of Oh account of On account of On account of On account of custoins internal revenue sale of lands certificates, act June 8, 1872 Post-Office Departraent transfers patent-fees .• disbursing officers interest in coin interest iu currency raiscellaneous On account On account Ou account On account On account On accouut On account On account On account Treasury drafts Post-Office drafts disbursiug accounts sales of coin interest iu coin interest in currency transfers '. certificates of deposit, act June 8, 1872 fractional currency redeemed .33, 084, 318 68 . • ^.. . $1,483,944 65 600, 556 76 17,863 15 1, 875,' 000 00 961,529 36 8,350,456 64 3,249 70 6, 629,147 09 176,257 50 7, 380 00 458,169 48 20, 563, 554 33 22, 379, 922 22 DISBURSEMENTS. of of of of of of of of of 8, 750, 505 23 1,013,633 18 6, 534, 946 28 1,142, 922 82 252, 044 75 7, 380 00 1,138, 000 00 1, 275, 000 00 . 441, 400 00 ,- Balance June 30, 1875 " 1,774,089 96 SAN FRANCISCO. Balance June 30,1874 account account account account account account acconnt accouut ' ; • • On On On On On Oh On On ' - • 20,605,832 26- $8,278,532 29 RECEIPTS. of of of of of of of of custonis internal revenue sale of lands Post-Office Department transfers patent-fees ^ disbursing officers miscellaneous .' .! $8,430,758 69 3, 282,182 51 661, 555 17 384,961 68 8, 500, 000 00 8, 405 50 19, 637, 014 50 880, 919 30 :.... 41, "785, 707 35 50, 064, 329 64 DISBURSEMENTS. On account On account On account On account On account On account On account * of of of of of of of Treasury drafts Post-Oflice drafts disbursing accounts bullion-account interest in coin interest in currency transfers : ' ." Balance Juue 30,1375 Balance June 30, 1874... 10, 386, 826 13 368, 750 24 19, 988, 811 10 4,000,000 00 96, 739 25 780 00 6, 940 629 87 CHARLESTON. - : .8,281,793 05 ." $286,715 5 RECEIPTS. On account of customs On account of internal revenue .On account of sale of lands 41,782,536 59 50,941 04 299, 996 84 16,128 25 REPORT OF THE SECRETARY OF THE TREASURY.On accountof gold-notes On account of Post-Office Department On account of transfers On account of disbursing officers On accountof interest in,coin On account of interest in currency. On account of miscellaneous .., •. 45 $11,100 00 337, 548 98 1, 058, 200 00 1, 038, 826 32 7, 980 00 750 00 129,152 73 2, 950, 624 16 3, 237, 339 75 DISBURSEMENTS. On account of Treasury drafts On accountof Post-Office drafts...; On account of disbursiug accounts On accouut of iuterest in coin On account of iuterest in currency On accouut of transfers Oh account of fractional currency redeemed 1, 048, 092 57 330,779 81 1. 025, 934 53 7, 950 00 . 750 00 396,171 53 133, 772 02 " 2, 943, 4.50 51 Balance June 30, 1375 ' 293, 389 24 N E W ORLEANS. Balance June 30, 1874 $2, 561, 507 96 RECEIPTS. On account Onaccount On account On account On account On account On account On account .On account On account of customs of internal revenue : of sale of lands of Post-Office Department of transfers of patent-fees of disbursing officers of interest in coin of interest in currency of miscellaneous .' $2, 671, 303 43 774,233 94 23198 513. 366 34 6, 516, 000 00 600 00 7,119, 035 66 61, 855 00 2, 070 00 1, 443, 888 24 19,103, 085 09 21, 664, 593 05 DISBURSEMENTS. On On On On On On On account account account account account account account of Treasury drafts of Post-Oflice drafts of disbursing accounts ; of interest in coin of interestin currency of transfers of fractional currency redeemed Balance Juue 30, 1375 ' 7, 433, 992 07 487.140 92 7, 394, 920 26 187, 217 00 2, 070 00 3, 013, 493 0.0 676,200 .00 19,195, 033 25 - 2, 469, 559 30 TABLE R.—Receipts and Disbursements of Designated Depositaries ofthe United^ States for the year ended June 30, 1875. Balance June 30, 1874 Receipts PITTSBURGH. : : $275,940 90 2, 914, 434 10 Total Disbursements 3,190,375 00 .'. 2, 864, 647 14 Balance June 30, 1875 , 325,727 86 Total... 3,190,375 00 BUFFALO. : Balance June 30, 1874 . : ^ $184,241 26 Receipts 2, 528, 913 22 Total 2,713,154 48 Disbursements.'. : 2, 518, 749 74 Balauce June 30, 1875 194,404 74 Total 2,713,154 48 SANTA F35. Balance June 30, 1874 : Receipts , Total ~" $249,773 24 3,792,4.58 52 4,042,231.76 Disbursements 3, 625, 640 88 Balance June 30, 1875 Total "" , .". .• TUCSON. . http://fraser.stlouisfed.org/ *Balance June 30, 1874 * Nq report has been received from this office. Federal Reserve Bank of St. Louis 416, 590 88 4,042,231 76 ,, $180,634 75 46 REPORT OF THE SECRETARY OF T H E TREASURY. APPENDIX A. THE LIFE-SAVING- SERVICE. The sea and lake coasts upon which the establishment of life-saving stations is authorized by law are divided into districts, as follows: District Ko. 1 embraces the coasts of Maine and New Hampshire; district No. 2, the coast of Massachusetts 5 district No. 3, the coasts of Ehode Island and NewYork, (Long Island;) district No. 4, the coast of New Jersey-; district No. 5, the coasts of Delaware, Maryland, and Virginia, from Oape Henlopen to Capo Gharles; district No. 6, the coasts of Virginia and North Carolina, from Cape Henry to Cape Hatteras ; district No. 7, the coast of Florida; district No. 8, the coasts of Lakes Ontario and Erie; district No. 9, the coasts of Lakes Huron and Superior; district No. 10, the coast of Lake Michigan ; and district No. 11, the Pacific coast. The stations in operation during the past year are located in districts Nos. 1, 2, 3, 4, and 6, and are 104 in number. The reports of the superintendents show that during the past season (from November 1,1874, to November 1, 1875) 82 vessels were driven ashore upon the line of coast protected by these stations, having on board 975 persons, and valued, with their cargoes, at $2,607,722. Twelve of the disasters occurred in district No. 1, 20 in district No. 2, 17 in district No. 3, 25 in district No. 4j and 8 in district No. 6. At 44 wrecks the life-saving apparatus was used, and 468 persons were rescued by it, and in most of the other instances assistance of some kind in succoring the shipwrecked and in saving property was rendered by the.service. Of the lives imperiled, 959 were saved; $1,756,475 of property was saved, and $851,247 was lost, the number of vessels and cargoes totally lost being 14, and the number of lives lost 16. The number of shipwrecked persons sheltered at the stations was 219, and the number of days' shelter afforded 726. A tabular statement of the foregoing disasters, giving the name and character of the vessel in each case, the exact locality of the disaster, the loss attending it, and all other desirable particulars, is appended. The cost of maintaining the service during the year, exclusive of the expenditure for establishing new stations, was $163,204.52. Of the persons lost, as noted above, one of a badly frost-bitten crew, rescued from the schooner John Eommell, Jr., wrecked on the coast of Cape Cod, perished from cold after reaching the shore, the rest of the crew being restored with much difficulty. Another was lost from the steainer Vicksburg, which was driven ashore near station No. 21, on the Long Island coast, ou the night of February 25, 1875. The crews of stations 21 and 22 landed the passengers and crew of the steamer, except the cook, who was drowned in an attempt to get ashore before assista-nce arrived. I t must be confessed that it is probable this life would have been saved had the keeper and crew of the station within whose precinct the disaster occurred not been remiss in the exercise of the vigilance required of them. The occurrence was fully investigated, and it was found that the keeper had neglected to send out his patrols after 10 o'clock on the night in question, because, as he alleged, the wind REPORT OF THE SECRETARY OF THE TREASURY. 47 blowing off shore, he thought there was no danger, and his men were Avearied with the unusual watching which the tAvo preceding days and nights of dense fog had exacted. The vessel stranded soon after the liatrol was withdrawn, and the people on board remained without assistance, exposed to imminent peril, until near 4 o'clock in the morning. The excuse of the keeper could not be accepted as satisfactory, nor could the praiseworthy conduct of the crew, after the accident became known to them, atone for their recreancy to the humane interests.intrusted to them, in having availed themselves of the permission of the keeper to omit an indispensable duty. Both keeper and crew were therefore summarily dismissed, and, as an admonition to all others in the service, the order of dismissal was read to the crews of all the stations. The other fourteen were lost from the ill-fated Italian bark Giovanni, at Peaked Hill Bar, Gape God, in the terrible storm that prevailed on that coast during the 3d and 4th of March, 1875. One only of those on board was saved. The wreck of the Giovanni is the first disaster resulting in marked loss of life which has occurred within the limits of the operation of the life-saving service since the organization of the present system in 1871. It excited much interest at the time, and some erroneous statements regarding the management and effectiveness of the life-saving apparatus on that occasion became current. It is gratifying to learn, however, from the report of the investigation which was ordered and made into all the circumstances of the sad occurrence, that the men of the service conducted themselves wdth great fidelity and heroism, and that the loss of life was solely due to the fact that the vessel had stranded so far from shore that the unfortunate people on board were beyond the reach of any human aid. No boat could live in the sea then raging, and the wreck lay beyond the range of shot and line. The testimony shows that no effort was omitted which offered a ray of hope, and that the mortar and ammunition employed were in perfect condition and as effective as any in use. The report of the investigation is appended. There are two or three points upon the Atlantic and lake coasts where large vessels are liable, as in the case of the Giovanni, to ground outside of the reach of any mortar or rocket apparatus invented. During the past summer a series of experiments, under the direction of Gaptain Ottinger, of the revenue-marine service, Avho has heretofore invented some valuable life-saving apparatus, has been conducted with the view of securing, if possible, a greater range with the shot-line. Captain Merryman, inspector of life-saving stations, has been also similarly engaged, assisted by the board of experimental gunnery of the Ordnance Corps of the' Army. Captain Ottinger has succeeded in -obtaining a considerable increase of range with a somewhat heavier mortar and a smaller line than those now in use. No opportunity has yet occurred for testing in actual service the practicability of his improvement. The points yet to be settled are whether the mortar is sufficiently light to admit of its ready transportation along the beach, and wliefher the line with which the greater range has been obtained is large enough to be eadly handled by the people on a wreck, and strong enough to draw the hauling-lines of the life-car through the water against the force of swift currents and heavy surf. In view of the difficulty experienced in transporting the apparatus from the nearest station to the scene of the wreck of the Giovanni, and to further provide for future disasters in that dangerous locality, the inspector recommended the erection of a relief boat-house there, to contain a boat, mortar, life-car, and some • other of the heavier portions of the life-saving apparatus. This recom 48 REPORT OF THE SECRETARY OF THE TREASURY. mendatio.n has been acted upon, and the buildiug will soon be completed. ^ It is the intention to place there for trial during this winter the new mortar of Captain Ottinger; so that in case of another disaster at that point it can be made available on the spot, while if a wreck should occur within a reasonable distance of the place the practicability of its ready transportation along the beach may be tested. Captain Merryman and the officers of the Ordnance Corps have not yet completed their labors, but they have good hopes of succeeding in producing means of effecting practicable communication with vessels which may be driven ashore at any point on our coast in any weather. That no means might be omitted to avert a repetition of the catastrophe at Peaked Hill Bar, a recent German invention for extending the range of the shot-line, which is highly commended, has also been liurchased, and is now on its way here. To illustrate the efficiency of the present system of administering this service, the following statement of disasters to vessels w^hich have occurred within the scope of its operations since its adoption in 1871,* ' and of the results of these disasters, is subjoined: Totalnumber of disasters = Total number of lives imperiled Total nnmber of lives saved Total number of lives lost Total number of shipwrecked persons sheltered at the stations Total number of days' shelter afforded Total value of j)roperty imperiled Total value of property saved Total value of property lost 185 2,583 2, 564 19 = 368 1, 307 $6.293,658 $4, 514,756 !ll,742,902 This is a record unsurpassed by that of any life-saving establishment in the world. The efficiency of the present system will be better realized, however, Avhen a contrast is instituted with the service as it existed prior to the date of its re-organization in 1871. The earliest life-saving stations on our shores were established in 1850 on the coasts of New Jersey and Long Island. Small houses were erected at selected points, and furnished with surf-boats, mortars, shotlines, and other apparatus, among which was the life-car invented by Captain Ottinger. There appears to have been no organization, nor was there any systematic record of the operations of the service at this time. Upon the occasion of wrecks, the only aid rendered was by the extemporized efforts of such people as could be hastily mustered from the scant and dispersed population in the vicinity of the stations, and as this was not always available, fatal disasters w^ere sadly frequent. The wreck of the steamship Powhatan, on the New Jersey coast, in 1854, in which over three hundred lives were lost, led to some improvement in th'e service. Twenty-six stations on the coast of Long Island, and fourteen on the New Jersey coast, were established, and a superintendent was appointed for each coast, and a keeper for each station, but no provision was made for crews; a serious omission, since experienced and courageous surfmen are of prime necessity, especially upon those wastes of marginal sand which are almost destitute of inhabitants, and upon which, consequently, crews cannot be improvised. The service continued in this inchoate and unorganized "* It should here be observed that, during the four years embraced, the operations of the service have been limited as follows: Season of 1871-'72, to the coasts of Long Island and New Jersey ; seasons of 1872-'74, to the coasts of Cape. Cod, Long Island, and New Jersey; season of 1874-75, to the. coasts of Maine, New Hampshire,.Massachusetts, Rhode Island, Long Island, New Jersey, and a portion of Virginia and North. Carolina. REPORT OF THE SECRETARY OF THE TREASURY. 49* condition until 1871, except that in 1870 a partial improvement was made by employing six surfmen ^t alternate stations for three months in the year, but only on the coast of New Jersey. = One of the marked advantages of thepresent system is in the complete and accurate statistics of the service, resulting from the keeping of careful and'systematic records. Nothing of the kind was attempted prior to 1871, and the account of results is consequently meager and incomplete in comparison. The figures accessible, however, establish a striking proof of the superiority of the present service. For example, during the twenty years from 1850 to 1870, the numberof vessels known to have been wrecked on the shores of Long Lsland and New Jersey is 272, an average of 13 per annum; while thefour years, from 1871 to 1875, give a record of 118 w^recks, an average of 29 per annum. The Dumber pf lives lost from the wrecks known to have occurred during the first-named period is 512, an average of over 25 per annum, while from the wrecks of the last four years only 4 lives were lost, an average of 1 per annum. Here, it will be seen, the average of life lost during the period covered by certain knowledge is strikingly less than for the contrasted term, whose average as given would certainly be increased if we were in possession of fuller information.* But the thorough and comprehensive organization of the service constitutes its chief advantage and involves the secret of its efficiency. Before 1871, although many lives were saved through its instrumentality, it could hardly be termed a service, being almost destitute of organization. It is now under the governnient of a code of rules and regulations, carefully framed with reference to all its requirements and exigencies. The stations, wherever practicable, are located within con- . venient signaling distance of each other, and the beach between them is regularly patrolled, day and night, by surfmen provided, fbr nocturnal use, with beach-lanterns and also with red Coston hand-lights, (a species ,of Bengal light,) which they kindle immediately when .a wreck o r . a vessel in distress is descried in the darkness, and with flags for use in the day-time. A code of signals with these flags and lights has been devised, so effectual that all necessary communication for initiating aid for a wrecked or endangered vessel can at once be exchanged, and so simple that the rudest intelligence can find no difficulty in mastering ito At a number of the stations, also, the signal-service of the Array has established its semaphores and telegraphs, thus facilitating aud extending intercommunication. During the severe portion of the year, for a period of four to six months, crews of surfmen, selected for their hardiness and' skill, are now regularly employed, the term of their employment being by law capable of such extension, in the discretion of the Secretary of the Treasury, as the severity of the season raay require. In the summer time, when wrecks more rarely occur, and the surfmen, generally fishermen, are away at sea, provision for casualty is made by the employment of substitutes, who receive a stipend for each occasion upon which they render assistance. Another valuable feature is the institution of strict examinations for all its employes. The superintendents wiio are in charge of the respective districts are required to be of exemplary character, in the vigor of health and manhood, able to read, write, and keep accounts, familiar with the coast to which their duties appertain, and conversant with the management of life-boats and life'^ In the 512 lives stated as known to have been lost during the 20 years from 1850 to 1870, from the 272 wrecks of which information has beeu obtained, the crews of two vessels, from which all on board were reported lost, are nofc included. . 4 F, 50 REPORT OF, THE SECRETARY OF THE TREASURY. saving apparatus. The keepers, who are charged wnth the special government and care of the stations, must be of good character, able to read, write, and have a raore thorough .and practical knowledge of the management of the boats and apparatus than the superintendents, being • captains of their respective crews. The surfmen are examined in regard to their physical capacity and their skill in handling boats iu dangerous seas. , : • , . At all the stations aq.iple provision is now made for affording shelter and succor to such victims of marine disaster as may require them. The scientific means for resuscitating persons apparently drowned are reduced to a formula, and made part.of the practice of the keepers of the stations. A thorough system of inspections, presided.over by bfficers .of nautical experience, is established, whereby the stations are maintained in the highest stateof effectiveness, the boats and apparatus being rigorously examined, aiijd the men periodically drilled in all the maneuvers practiced in effecting communication with wrecks and rescuing imperiled persons therefrom. Careful records are required to be keptof all noteworthy occurrences at each station, and forwarded, in the form of reports, to the Department; all public property, and the receipts and expenditures, both of funds and materials, are subjected to rigid accountability ; and especial attention is given to the collection of accurate, statistics of all wrecks and marine disasters on our coasts, with the view of making our knowledge of this subject as complete as possible. Itis unnecessary to extend thecompaiison betweien the past aud preseut efficiency of this service. Under its later operation the shores of CapeCod, New Jersey, and Cape Hatteras, formerly the dismay of mariners and shipowners^ have been almost wholly shorn of their terrors. It is believed that its usefulness may still be enhanced b}^ extending th.e scope of its work in another direction, and by adding to its present functions those of a coast guard for the protection of the revenue against smuggling. The present life-saving stations and those in process of construction, when completed, will occupy, at brief intervals, alarge portion of the* line of the Atlantic coast, upon which, as previously stated, a constant patrol is kept from four to six months in the year, while a degree of watchfulness is exercised from the stations during the remaining time It is thought that considerable smuggling aud picarooning might be prevented along the coast if the keepers of the stations were vested Wrth the powers of inspectors of customs. Instances have recently O-Curred in which, to protect the interests of the Government, it has been necessary to send inspectors, on the occasion of wrecks, great distances at considerable expense. During the past year six new stations have been erected in district No. 5, and the two others authorized by law are in process of construction, to be completed by January 1, 1876. The district has' been organized^ and the six stations completed are occupied by their respective crews. Contracts for the construction of all the stations authorized to be established by act of June 20, 1874, upon Lakes Ontario, Erie, Huron, and Michigan, except at Butfalo and Grosse Point, have been entered into, and the .building of them is rapidly progressing, as also the houses of refuge authorized for the coast of Florida. The stations to be established at Point Judith and Eaton's Neck, Long Island Sound, for which appropriation was made by act of March 3, 1875, have also been contracted for, and are to be completed before the first of June next. Sites have been selected for the stations provided for oh the Pacific coast and Lake Superior. Some difficulty has been experienced in REPORT OF THE SECRETARY OF THE TREASURY. 51 .obtaining the proper titles to these sites, which has caused some delay in prosecuting the work of construction. The plans and specifications for the buildings are prepared, and proposals for the erection of those for the Pacific coast have been invited. Those for Lake Superior will be erected next season. The following statement shows the localities of the several life-saving stations and houses of refuge now authorized by law: DISTEICT No. 1. "1 ^-1 r-' Locality. ' 1 2 3 Locality. ^1 West Quofldy Head, (Carrying Point Cove, Me. Cross Island, Me. Browney's Island, Me. . 4 Whitehead Island, Me. 5 Biddeford Pool, Me. 6 Straw's Point, (Kye Beach.) K. H. DISTRICT No. 2. '^1 Locality. 1 2 3 4 5 .6 7 Phim Island, Mass. Davis's Neck, (Ipswich Bay,) Mass. • Guniett Point, Mass. Manoraet Point, Mass. Race Point, Cape Cod. Peaked Hill Bar, Cape Cod. Highlands, Cape Cod. 8 9 10 11 12 13 14 Locality. Parmet River, Cape Cod. Cahoon's Hollow, Cape Cod. Nausett, Cape Cod. • Orleans, Cape Cod. Chaihara, Cape Cod. Monomoy, Cape Cod". Surf Side, (Nantucket,) Mass. DISTRICT No. 3. •Sg, oi ^1 • fe^ o ta Locality. . • •, 1 2 , 3 4 5 6 7 8 9 10 11 12 Locality. |<^ <a ! Narragansett Pier, R. I. Block Island, (east side.) R. I. i Block Island, (southwest point,) R. I. ! Montauk Point, Long Island.' 1 Ditch Plain, Loug Island. Hither Plain, Long Island. Napeague, Long Island. Amagansett, Long Island. Georgica, Long Island. Bridgehainptou, Long Islaud. Southampton, .Long Lsland. Shinnecock, Long Island". • 3 3 Tyana, Long Island-. 14 Quogue,. Long Island. 1.5 Tanner's Point, Long Island. It) Moriches, Long Islaud. 17 Fargo River, Long Island. 18 Smith's Point, Long Island. 19 i>0 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Bellport, Long Island. Blue Point, Long Island. Lone Hill, Long .Island. Point of Woods, Long Island. Fire Island, Long Island. Oak Islaud, (east end,) Long Island. Oak Island, (west end,) Loug Island. Jones's Beach, (east end,) Long Island. Jones's Beach, (west end,) Long Island. Meadow Islaud, Long Island. Loug Beach, (east end,) Long Island. Long Beach, (west end,)-Long Island. Hog Island, Long Island. Rockaway Beach, (east end,) Long Island. Rockaway Beacli, (west end,) Loug Island. Sheep's Head Bay, Long Island. Point Judith, R. I. Eaton's Neck, R. I. DISTRICT No. 4. Locality. eg Locality. ^5 CO 1 2 3 4 Sandy Hook, N. J . "^ Spermaceti Cove, N. J. Seabright, N. J. Monmouth. Beach, N. J. 5 6 •7 8 Long Branch, N. J. Deal, N. J. Shark River, N . J . Wreck Poud, N. J. 52 REPORT OF THE SECRETARY OF THE TREASURY. . DISTRICT No. 4-Coutinued. «5 '•t! a '..2 Locality. ^.^ 9 .10 11 12 13 14 15 1617 18 19 20 21 22 23 24 Locality. "-AB (K 0- ^ CO Squan Beach, N. J. Point Pleasant, N. J. Swan Point, N. J. Green Island, N. J. Tom's River, N. J. Island Beach, N. J. Forked River, N. J. Squan Beach, (soutli end,) N . J . Barnegat, N. J. Loveladies Island, N . J . Harvey Cedars, N. J. Ship Bottom, N. J. Long Beach, N . J . Bond's. N. J. Little Egg, N. J . Little Beach, N. J. 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Brigantine, N . J . South Brigantine, N . J . Atlantic City, N . J . Absecom. N. J. Great Egg, N . J . Beazelev's, N. J. Peck's Beacb, N . J . Corson's Inlet, N . J . Ludlam's Beach, N. J. Towusend's Inlet, N. J . Stone Harbor, N. J. Hereford Inlet, N . J . Turtle Gut, N . J . Two-Mile Beach, N. J. Cape May, N. J . Bay Shore, N. J. , DISTRICT No. 5. eg Locality. 1 2 3 4 Locality. 1^1 CO 5 6 7 8 Cape Henlopen, Del. Indian River Inlet, Del. Green Run Inlet, Md. Assateague Beacb, Va. Cedar Island, Va. Hog Island, Va. (Jobb's Island, Va. Smith's Island, Va. DISTRICT No. 6. o O o 3 Locality. ll CD 1 O 3 4 5 Locality. CD 6 Kitty Hawk Beach, N. C. 7 Nag's Head, N. C. 8 Bodie's Island, N. C. 9 Chicamicomico, N. C. 10 Little Ivinnakeet, N. C. Cape Henry, Va. Dam Neck Mills, Va. False Cape, Va. Jones's Hill, N. C. Caffrey's Inlet, N.C. DISTRICT No. 7. * ^g Locality. ll . a. 1 2 Locality. CO Thirteen miles north of Indian River Inlet, Fla. Gilbert's Bar, (Saint Lucie Rocks,) Fla. 3 Orange Grove, Fla. 4 Fort "Lauderdale, Fla. 5 Biscayne Bay, Fla. DISTRICT No. 8. "=§' ^ Locality. CD 1 Big Sandy Creek, (Mexico Bay,) N. Y. 2 Salmon Creek, (Mexico Bay,) N.Y. 3 Oi«wpgo, N. Y., (life-boat station.) 4 Charlotte, N. Y.', (life-boat station.) 5 Buffiilo, N. Y., (life-boat statiou.) oo ^^1 Locality. 6 Presque Isle, Pa, , 7 Fail-port, Ohio, (life-boat station.) , 8 Clevelaud, Ohio, (life-boat station.) 9 Marblehead Point, Ohio, (life-boat station.) * All iu District No. 7 are houses of refuge. • REPORT OF THE SECRETARY OF 'J^HE TREASURY. 53 DISTRICT No. 9. O O 1 2 3 4 5 o c Locality. ll Locality. 6 Vermillion Point, Micb. 7 Seven miles west of Vermillion Point, Micb. 8 Two Heart River, Micb. 9 Sucker River, Mich. Point aux Barques, Mich. Ottawa Point, (Tawas,) Micb. Sturgeon Point, Mich. Thunder Bay Island, Mich., (life-boat station.) Forty-Mile Point, (Hammond's Bay,) Mich. DISTRICT No. 10. CM ri P o ^'1 o Locality. «t-i o ori 0 f-^ Locality. CO 7 Chicago, 111., (life-boat station.) 1 Beaver Island, Mich., (life-boat station.) 2 NortbManitou Islaud, Mich., (life-boat station) 8 Grosse Point, (Evanston,) III. 9 Racine, Wis., (life-boat station.) 3 Point aux Beos Scies, Mich. 10 Milwaukee, Wis., (life-boat station ) 4 Graude Pointe au Sauble, Mich. 11 Sheboygan, Wis., (lite-boat station.) 5 Grand Haven, Mich., (life-boat statiou.) 12 Two Rivers, Wis., (life-boat station.) 6 Saint Joseph's, Mich., (life-boat station.) DISTRICT No. 11. •si |2 *^ «+-! ri ' Locality. o o Locality. CD 1 2 3 4 Neah Bay, Wash. Ter. Shoal water Bay, Wash. Ter. Cape Disappoiiitment, Wash. Ter. Cape Arago, (Coos Bay,) Oreg. 5 Humboldt Bay, Cal. 6 Point Reyes, Cal. 7 Golden Gate Park, Cal. 8 Point Concepcion, (Coxo Harbor.) Cal. With all the foregoing stations completed, and in operation, it is believed the dangerous portions of our coasts will be well protected, and the limits of the service as extended as the demands of humanity and the needs of commerce require. The medals authorized by act of February 24,1873, to be presented to the men who rescued lives on the occasion of the Metis disaster, have been presented to the persons named in the act, with the exception of one whc) has deceased. A medal has also been presented, in accordance with the joint resolution of Congress of June 20, 1874, to John Horn, jr., of Detroit, Mich., for rescuing men, women, and children from drowning in Detroit Eiver. Dies have, also been made for the two classes of life-saving medals authorized by act of June 24,1874. There have been applications received on behalf of thirty-two persons for these medals, but the investigations into the merits of the several claims have not been completed, and iio medals have yet been awarded. 54 REPORT OF THE SECRETARY OF THE.TREASURY. LIFE-SAVING SERVICE.—TABLE D i s t r i c t N o . 1, c o a s t s o f Place. Date. - 1874. . Dec. 18 S o u t h w e s t p o i n t D u c k L o d g e 1875. J a n . 14 T e n miles s o u t h e a s t of station M a r . 25 T h r e e - f o u r t h s m i l e n o r t h of station. J u n e 13 B r o w n ' s L e d g e . N a m e of vessel. Scbr. A l c o r a W h e r e owned. Master. East Machias, Me Robinson. A n g r o v e .. Str. Gn^orgia Quebec Schr. B e r t h a A . Cur- St. A n d r e w ' s , N . B~ F{»ster . . -. rier. • Schr. E l i z a b e t h Ellsworth, Me Whitraore J u n e 19 W h e e l e r ' s B a y Y a c h t Mary Burnam Portland, Me Wiley June23 Aug. 8 Sept. 27 Oct. 12 Oct. 22 Oct. 27 Schr.- H i r a m T u c k e r Schr. L a d y S u i f o l k . . Schr. M o n t e z u m a Schr, L n e l l a Scbr. P e r f e c t Schr. E . J . S h a n k s * . . Denneysville, M e . Hampden, Me Tremont, Me E l l s w o r t h , Me Castine, M e St. J o h u , N . B . . . . Knowlton Armstrono Murphy..' Curtis (irindle ... M u n r o e .. Ellsworth, M e . Remick ... Liberty Point Brown'a L e d g e L o n g L e d g e , Seal H a r b o r Near Whitehead Long Ledge ; Ouelind o u o h a l f miles w e s t of Little River. Oct. 31 S o u t b side of S t a g e I s l a n d — Schr. Marcellus 4421 11 132 100 251 (•)7i 26| 134i Total. D i s t r i c t N o . 2, coast 1874. N o v . 15 1875. J a n . 16 Feb. 5 Feb. 8 F e b . 12 F e b . 22 Mar. 4 Mar. 4 Ma..r. 9 T w o and one-half m i l e s s o u t h of station. N e a r station One mile e a s t of R a c e P o i n t . . T w o miles n o r t h of station One a n d one-half miles e a s t of Race Point. One-half m i l e from I p s w i c h Light. Plymouth Harbor. T h r e e miles n o r t h of s t a t i o n . . Dix F l a t Apr. 3 One a n d . o n e - h a l f m i l e s f r o n station. A p r . 14 N e a r s t a t i o n ..., M a y 3 T w o miles s o u t h e a s t of N a u sett Harbor. M a y 4 One a n d one-haif m i l e s e a s t from station. M a y 10 Shovelful Shoal S e p t . 26 OujB a n d one-half miles e a s t of station. Sept. 28 B a r t w o miles n o r t h e a s t of statiou. Sept. 28 . . . . . d o . . . . , -..-.... Oct. 5 One-fourth mile east of station Oct. 24 T w o miles n o r t h e a s t of statiou Oct. 28 Common F l a t s 10 Schr. A u r o r a Borealis.' 12' Schr. H a r r i e t B a k e r t ' Schr. H e n r y A. Paulll 12| Schr. Biiivo 5| Schr. J o h u Rommell, Brig I d a C St. J o h n , N . B . Ham . Thoraaston, M e . . . Taunton, Mass ... Berinndas N e w H a v e n , Conn Young . . . Strange .. Connor... Browii . . . Boston, M a s s Stevens . Schr.Heleu C.Youug. . . . d o B a r k Giovanni § Palermo, I t a l y . Schr. H e n r y M e a n s . . P o r t l a n d , M e . . McDougall Parono Smith BaiTi M a r y E v a n s . . . E n g l a n d . . . . .- Jenkins.. Belfast, M e Schr. M e l a k a . Schr. M a g g i e A . F i s k Deuui.«, M a s s . . . Perkins.. Baker.... Schr. D r u i d . Lunenburg 20| 450 1301 422) 7001 McNeal.. Schr. A r e q u i p a Gloucester, M a s s . Schr. Geo. H . Squires, C a m d e n , N . J . . . . . Wemberg Hayley... Schr. L. A . W a t s o n . . Sedgwick, M e Sargent..', Schr, F l o r i d a Schr. D. W . C l a r k . . Schr. M a r y Cobb . . . Schr. M. A . C o o m b s , Mann Peck:.... Huraphiy Coombs *. Surrey, Me St. J o b u , N . B Boston, M a s s ....do 1261 410 , 56 194 71 275| 124 1 6 334 190 Total., * A b a n d o n e d w h e n b o a r d e d ; r e p a i r e d sails, g o t vessel i u t o s m o o t h water, a n d d e l i v e r e d h e r to m a s t e r . 55 REPORT OF THE SECRETARY OF THE TREASURY. OF WRECKS.—SEASON OF 1874-'75. Maine and New Hampshire. o Where from. Where bound. Cargo. -Si o 1% li 3 1 1 S Machiasport, M e . None Halifax, N . S . . . . . Portland, Me Eastport, Me Grand Menan Ellsworth, Me Newburyport, Mass. Herring Gut Muscle Ridge Island. Denneysville, Me Boston, Mass Bangor, Me ....do Baltimore, Md — Ellsworth, M e . - . . Bangor, Me Herring Gut Philadelphia, P a . . St. Johu, N . B . . - . Bangor, Me H 18, 000 i> a s q P 0 •g 1 0 li .3 1.' %8, 000 $7, 900 Assorted .. 100, 000 115,000 115,000 Lumber, &c 300 300 600 """476 i,. |S a CO $100 II 6 115, 000 5-2 4 130 None 3,000 3,000 2,900 100 4 2,000 2,000 1', 850 150 2 ....do ...do Laths N<me Boards Coal 6, 000 • 6, 000 4,000 4, 000 3,000 "'1,250 4, 250 3, 500 3,500 700 ' " 3 6 0 1,000 6, 0,1(} 1 , 4 0 0 7,400 5,000 1,000 3, 800 3,100 990 6, 900 1,000 3, 000 .4.50 400 10 500 4 4 4 3 3 4, 500 3, 500 1,000 4 4, .500 11it IS •.-.do None 0 0 • 0 <o d 5 0 c •a. 0 CD ^ n cn 0 6 4 "4 141, 000 18, 250 159, 250 .37, 410 121, 840 90 14 6 12 .... 96 of Massachusetts. St, John, N . B - . Providence, R. I . . Lumber... Thomaston, Me. Bostou, M a s s . . . Bermudas Florida New York, N . Y . . Bajtimoie, Md Boston, Mass ...do San Domingo Boston, Mass Palermo, Italy provincetown, Mass. Messina .do . %4, 000 $1,800 %5, 800 %5, 300 Lime 1, 450 None .-• 40, 000 Irou & fish, 2, 500' 1, 000 Timber 18, OOOl 20, 000 400 6, 0.50 6, 4.50 40, 000 36, 000 4, 000 3, 500 3, 150 350| 38, 000 10, 000 28, OOUi Mahogany, 20, OOo| 30, 000 30, 000 20 .18 200 .1, 7001 1, 700 Fishing.grounds . Fish'g-gear 1, 500 Sumac, &c 40, 000 •70, 000 n o , OOOl •3, OOOl107, 000 Boston, Mass Charleston, S. C . Hay 10, 000 800 10,800 10, 800| Bostou, Mass Fruit 30, 000 50, OOOl 48, .500 500 25, 500 20, 500 5, 00') Granite ... 25, 000 Cape Ann, Mass.. Florida 500 Charleston, S! 0 . . Weymouth, Mass, Phosphate, 33, 00"0 4, 50J 42, 500 4Z, 000 (fee. 10, 800 6,000 5, OOOl 11, 000 Molasses.. Boston, M a s s . . . . Pouce, W. I Gloucester, Mass George's Bank . Philadelphia, Pa. Boston, Mass... ..-.do. .do . Port Johnson, N. J New York, N". Y. Baltimore, M d . . . Bjstou, Mass Fish . Coal. .do. ...do St, John,N, B . . . Portsmouth, N. H, New York, N . Y . . ....do. ....do . ...do . None.. 5, 000 10, 000 5, 000 5, 000 3, 000 16, 000 5, 000 289, 000 t Vessel burued. X C r e w badly frostbitten 200 ,5, 200 2, 500 12, 500 12, 000 5, 200 500 400 6,136 1, 536 6, .536 1, 7.36 6, 736 1, 280 5, 456 1, 400 4, 400 350 4, 050 2, 500 18, 500 .50 18, 4=^0 5, 000 4, 450 • 550 434,122 ,238, 980 195, 142 128 ) Bodies recovered a h d cared for. 26 56 R E P O R T OF T H E SECRETARY OF T H E TREASURY. District No. 3, coasts of . Place. Date. 1874. • Nov, 1 Near station N o v . 23 One-half mile w e s t of s t a t i o n . Dec. 6 D e c . 20 D e c . 29 1875, J a u , 12 Feb. 1 Feb. 5 F e b . 13 F e b . 25 Feb. Feb. Mar. Mar, Mar. May „ Oct. 26 28 2 12 26 23 27 N a m e of vessel. W h e r e owned. vSchr, W e s t W i n d . - . . P h i l a d e l p h i a , P a . Schr. M a b e l L e n t Digby, N . S . . . - - - Master. Tracy Beeler . . . 188 Opposite s t a t i o n Near station...., One-fourth m i l e eftst of station Schr.Webster Kelley Philadelphia, P a . M a r s h a l l . Schr N a t h , F . Dixon* N e w p o i t , R. I . - - R o s e Saint John, N. B . Lock Brig Caroline 27 60 164 S a n d y P o i n t , Block I s l a n d T w o "miles Avest of s t a t i o n N o r t h eud B l o c k I s l a n d Near station do - Schr, L a u r a E . Messer R o c k l a n d , M e Pilot-b'tG.^V. Blunt. New York, N. Y . Schr. L a u r a M e s s e r t R o c k l a n d , M e Scbr. P a t h f i n d e r N e w p o r t , R. I Schr. H e n r y B . A n do thony,]: Str. V i c k s b u r g h .' N e w Y o r k , N . Y . R o c k a w a y , L. I . . Sloop Clarissa Sailboat^ Saint John, N. B . Schr. A m e l i a Y a c h t Blackbird "New Y o r k , N . Y . . Schr. A n n a K . E a t o n . Calais, M e Schr. E m i l y H . N a y lor P h i l a d e l p h i a , P a . . Gregory-. R o b e r t s .. Gregory.. A l m y . -•., Rose 426 50 426 Rudolph . Pearsall.". 782 16 Betts...Tuck . . . Stanley . F i s h e r .- 185 280 One mile w e s t of s t a t i o n Near Lucy's Inlet Narragansett Bay East Rockaway Bar T w o miles n o r t h w e s t of station S o u t h ond Block I s l a n d One-half mile w e s t of s t a t i o n •. Total. District No. 4, coati 1874, Nov 18 Dec. 11 Dec. 14 Dec. 22 Dec. 27 Dec. 30 1875. Jan. 15 Jan, 15 Jan. 22 Feb. 3 Feb. 4 Feb. 25 Feb. 28 Mar 15 Mar 26 Mar 26 May .8 June 6 Sept 0 Sept 17 Sept .19 Sept. 29 Oct, 2 Oct, 4 Oct. 27 Nuton 160 Mills 87 Smith ' 240 B e c k e t t . . . 1,900 Grey 93 Goodall . . . 30 H e r e f o r d Shoals Bar, Cold S p r i n g I n l e t Bar, T o w u s e n d ' s I n l e t B a r n e g a t Shoals L i t t l e E g g Harbor Shoals... B a r n e g a t Shoals, n o r t h side . Schr. R i c a r d o B a r r o s . S c h r G. M. P a r t r i d g e ScliT'. Sarah J . B r i g h t . Str. South Cai-oliuajl Scbr. H e l e n A . L o c k e Sloop G o r d o n N e w Y o r k , N. Y . . Rockland, Me Caraden, N. J . . " . . . . N e w Y o r k , N . Y .. Boston, M a s s Patchogue, N. Y .. Bar, T o w n s e n d ' s I n l e t Hereford B a r B a r n e g a t Bar, n o r t h s i d e . . . Opposite statiou One-half mile n o r t h of s t a t i o n Rock, one-half mile from b e a c h L i t t l e E g g H a r b o r Shoals SoutJi Bar, T o w u s e n d ' s I n l e t . . North Bar, T o w u s e n d ' s I n l e t . . Close to b a r buoy n e a r N o r t h Bar, T o w n s e n d ' s I n l e t . . Deal Beach Sloop M a r y H a y w o o d Schr. L i g h t S h i p Str. M e d i a t o r Schr. B r a n d y w i n e . . . Bk. T h o s . F l e t c h e r . . Bk. F r a n c e IT Schr. J a s o n Sloop E v e l i n e Schr. E a r l y Bird Sloop J a m e s N e l s o n . Schr. L . & A. Babcock Schr. Lizzie M a u l . . . New Y o r k , N . Y . . - Strong 40 Wood 113 New York, N . Y . . . M a r t i n 1,022 Wilmiugton, D e l . . Adams 168 Pendleton. 645 Havre, France . Sawyer ... Machias, M e 122 Sayville, L, I . . . Newton ... 24 New Yoik, N. Y Reed 151 NCAV Bedford, M a s s S a v e r y 50 Absecom, N . J Smith 400 G r e e n w i c h , N . Y . . Scull 298 Brigantine Inlet One-fourth mile sonth ofstation Opposite H i g h l a n d L i g h t Off B r i g a n t i n e I n l e t N o r t h Bar, T o w n s e n d I n l e t . . . Ludlam's Beach South B r e a k , G r e a t E g g H a r b o r Schr. R. S. Corson Sloop M . J . F o r s h a . . Schr, M a b e l T h o m a s Yacht Bartlett Schr. D a v i d C o l l i n s . . Schr. Chimo Schr. C . F . Y o u n g . . . Cape May, N. J . . . N e w York, N . Y . . . New H a v e n , Conn. AtlanticCity, N. J . Philadelphia, P a .. Bangor, Me Portland; Me Total. * B r o k e from m o o r i n g s ; no c r e w on board, t Got off b y Block I s l a n d W r e c k i n g C o m p a n y . I U n i t e d States, mail on board. Corson Seaman . . . Stevens ... Snee . . . . . . Townsend. Laosill Hume 262 28 600 4 375 400 214 57 EEPORT OF THE SECRETARY OF THE TKEASURY. Rhode Island and Long Island. o © W h e r e from. W h e r e bound. Cargo: ll o © 0 fl 0 0 i.- i^ ii '^> 6. i 1 ^ § 1% s !3 cc cn'.^ > a3 0 a o g S CO 3 1 % ^^ 0 0 <p 6 c 6 S- 6 0 $300 P h i l a d e l p b i a , P a . F a l l River, M a s s . Coal ^3, ooo' $1, .500 %4, 500 %4, 200 S u g a r a n d 10, 000 30, 000 40, 000 14, 000 26, 000 Boston, M a s s Demerara molasses. Coal 5,600 do 4,000 1,600 .5, 600 Philadelphia, Pa-. None 4, 500 "4," 500 I n harbor 4,500' 250 1,000 6,000 5,750 P. E. Island P o t a t o e s . . Philadelphia, P a . 5,000 6 9 9 18 6 6 36 7 2 10 Boston, M a s s N e w Y o r k , N, Y Boston, M a s s N e w p o r t , R. I do 8 6 8 3 8 Baltimore, Md Cruising Baltimore, Md Block I s l a n d do A p p l e s — 20, 000 800 20, 800 19, 800 10, 000 1,500 None. 10, 000 30,000! R50 30, 850 26, 675 Apples 900 Noue 900 890 A s s o r t e d . . 4,500 """"256 4,750 4, 7.50 1,000 8,500 4,175 10 6 6 3 9 F e r n a n d i n a , F l a . . N e w Y o r k , N . Y . . C o t t o n , &c. 75, 000 45,0/30 120, 000 20, 000 100, 000 32 1, 2'1)0 50 1,250 1,250 2 N e w York, N . Y . . E a s t Rockaway . Fertilizers. 3 Matanzas N e w Y o r k , N . Y - . Melada, &c 10,000, 18,000 28, 000 4,500 23, 500 8 250 300 50 2 Noue 300 N e w York, N . Y . . Cruising 150 22, 050 6 B a l t i m o r e , Md Portland, M e Coal 20,000^ 2,200 22, 200 12, 000 11,000 1,000 6 Boston. M a s s Philadelphia, P a . None 12, ooo; 1 32 192 5 2 3 15 8 12 6 2 210 400 101 2.50 311, 650 117, 965 193, 685 120 1 73 309 of New Jersey. P o r t o Rico Baltimore, Md Bostou, M a s s Charlcjston, S. C . . P o r t o Rico Patchogue, N. Y N e w York, N . Y . . .Belfast, M e Philadelphia, P a . . New York, N . Y . . do V i r g i n i a .' O r a n g e s . : . ^7. 000 $5, 000 $12, 000 112,000 7 Corn 5,000 3,650 8, 650 8,650 4 None 6,000 6,000 'is,'600 1,000 5 Cotton 250, 000 '96,'606 340, 000 335, 300 4,700 45 13,000 6 O r a n g e s . . . 10, 000 3,000 13, 000 3 P o t a t o e s . . 2,000 200 2,200 "*2,'26o N e w York, N . Y . . do do Baltiraore, M d Hamburg Havre Fernandina, Fla.. Ghincoteague, V a . New York,N. Y . . Barnegat, N . J . . . Boston, Mass N e w York. N . Y : . Y o r k River, V a . . Delaware Fernandina, Fla.. N e w H a v e n , Conn N e w York, N . Y . do Philadelnhia. P a . NewYork, N . Y . . St. A u g u s t i n e , F l a N , Bedford, M a s s . Philadelphia, P a . Richmoud, V a None ...do ... Assorted-. Coal Assorted.. General Lumber... Oysters . . . Assorted.. None ..-.do Iron and hay. None Potatoes .. None ...do Stone Hav, & c . . . Coal Philadelphia, P a . . N e w York, N . Y . . Baltimore, Md Fishing New York, N . Y . Washington, D.C. Bangor, M e Charleston, S . C . Philadelphia, P a . Portland, M e . . . . . . Boston, Mass Maryland Providence, R . I - 4 4,000 4,000 4,000 5 6,000 6,000 6, 000 150, 000 ".50," 606200, 000 37, 500 i62,"500 23 12, 000 10, 000 22, 000 22, 000 6 20, 000 15, 000 35, 000 '31," 800 3,200 17 150 2, 500 2,400 4,900 4,900 5 2, 800 400 3,200 "2,'300 900 3 5, 500 9,000 14, 500 13, 200 1,300 6 1,000 1.000 1,000 7 15, OUO 15, 000 15, 000 6 16, 000 "8," 900 24, 900 '24,'900 9 16, 000 • 4, 000 "i,"666 30, 000 800 10, 000 "5," 006 10, 000 5,500 10, 000 1,500 16, 000 16, 000 7 5,000 3,800 "1,200 3 30, OOU 28, 000 2,000 10 80) 800 6 15, 000 15,606 7 15, 500 'i6,"070 5, 430 10 11,500 1.50 11,3.50 6 595, 600 210, .550 806,150 512, 120 294, 030 360 § Man, woman, and child frost-bitten and helpless. I) Surfmen from stations 15, 16, 17, and 18 in attendance, but no assistance required. If Value of vessel and cargo could not be ascertained; assistance offered but. not required. 4 12 • 6 6 23 6 69 12 7 14 9 54 "3 24 10 10 68 201^ 58 REPORT OF THE SECRETARY OF THE TREASURY. District No. 6, coasts of a" o •s, Date. Place. 1 ;_ M Name of vessel. Where owned. Master. B c 1875. Jan. • 8 Four miles south of station... Jan. 21 One and a half miles south of Currituck Inlet. Jan. 22 Tliree miles north of station.. Jau 25 Oregou Inlet Feb. 14 Feb. 17 Feb. 25 Feb. 25 1 •1 3 Str. San Marcos 4 Brier Sa.hrfi Liverpool, England Burrage... 2, 238 Windsor, N . S . , . . HartuVau.. 554 .3 Schr.C.E.Scammell. St. John, N . B 81 Schr-. Marv H. We.^jt- Bridgeton, N. J . . . cott. Charlottetown, P . . One-fourth mile from station. . 1 Brig Kewadin* E.L 1 St. bge. Aurora Mills Philadelphia, Pa . . Near station 10 Str. Queen . . - . NearDey's Hotel.Liverpool, England Near statiou 8 Canoe • Smith...,-. Clark . . . . . 254 138 Peterkin . . 269! Brown Briggs . . . . 4, 400 Total... ' D i s t r i c t No. 1. T o t a l n u r a b e r of vessels driven ashore. T o t a l value of vessels . . Total v a l u e of cargoes . . T o t a l a n u ) u n t of prop. e r t y saved. T o t a l a r a o u n t of prope r t y lost. T o t a l n u m b e r ot lives saved. T o t a l n u r a b e r of lives lost. ' T o t a l n u m b e r of shipw r e c k e d per.sions sheltered a t t h e stations. T o t a l n u m b e r of d a y s ' s h e l t e r afforded. D i s t r i c t N o . 2. D i s t r i c t N o . 3. 12 T o t a l n u m b e r of vessels driven ashore. SUI, 000 T o t a l v a l u e of v e s s e l s . . . $18,2.50 T o t a l v a l u e of cargoes . ^37,410 T o t a l a m o u n t of prope r t y saved. •$12l, 840 T o t a l a.m<mut of prope r t y lost. 90 T o t a l n u m b e r of lives saved. T o t a l n u m b e r of lives lost. . 14 T o t a l n u m b e r of shipw r e c k e d p e r s o n s sheltered a t t h e stations. 26 T o t a l n u m b e r of d a y s ' s h e l t e r aff'orded. 20 T o t a l n u r a b e r of vessels d l i v e n ashore. $289, 000 T o t a l v a l u e of v e s s e l s . . . $14.5, 122 T o t a l v a l u e of cargoes . . ^238, 980 T o t a l a r a o u n t of prope r t y saved; -$195,142 T o t a l a m o u u t of prope r t y lost. 128 T o t a l u u m b e r of l i v e s saved. 15 T o t a l n u m b e r of l i v e s lost. 26 T o t a l n u m b e r of shipw r e c k e d p e r s o n s sheltered a t t h e stations. 50 T o t a l n u r a b e r of d a y s ' sheltei- afforded. • • 1 7 S210, 400 $101,250 $117,965 $193,685 120 'L| 73 309 * Value of vessel aud oargo cot ascertaiued; REPORT,OF'THE SECRETARY OF THE TREASCRY. 59 Virginia and North Carolina. a . W h e r e from. W h e r e bound. Cargo. ^ rt CJ o 3 G a l v e s t o n , T e x Liverpool, E n g A s s o r t e d . $200, 000 $150, 000 $350, 000 $350, 000 20,000 18, 000 $2, 000 Cornwallis, N . Sl B a l t i m o r e , M d . . N o u e 20, 000 Bahia, S . A . . . Mary's River. ....do Sugar. N e w B e r n e , N . Cj I c e — Havana . Baltimore, M d . . S u g a r . Norfolk.Va.... Liverpool, B u g ' Roanoke Islaud 12 ,000 6, 000 Cape H e n r y , V a . . do N e w York," N. Y A s s o r t e d . Oregou I n l e t 35,000 550 47, 000 6, 550 27, 000 6, 550 44 7 36 50 8, 000 23, 000 12, 000 11, 000 15, 000 200, 000 250, 000 450, 000 450, 000 453, 000 443, 550 896, 550 850, 000 D i s t r i c t N o . 6. D i s t r i c t N o . 4. T y t a l riumber of vessels . d r i v e n ashore. T o t a l v a l u e of v e s s e l s . . . T o t a l v a l u e of cargoes . . T o t a l a m o u u t of prope r t y saved. Total amount of'prope r t y lost. T o t a l u u m b e r of l i v e s saved. T o t a l n u m b e r of lives lost. T o t a l n u m b e r of shipw r e c k e d persons shelt e r e d at t h e s t a t i o n s . T o t a l n u m b e r of d a y s ' s h e l t e r afforded. 25 T o t a l n u m b e r of vessels 8 driven ashore. -$.595, 600 T o t a l v a l u e of v e s s e l s . . $4.53, 000 -$210,550 T'otal v a l u e of cargoes $443, 550 $512,120 T o t a l a m o u n t of prop- $850, 000 e r t y saved. $294, 030 T o t a l a m o u n t of prop- $46,550 e r t y lost. 360 T o t a l n u m b e r of lives 361 saved. T o t a l n u m b e r of lives lost. 68 T o t a l n u r a b e r of ship38 . w r e c k e d persons sheltered at the stations. 201 T o t a l n u r a b e r of d a y s ' 140 s h e l t e r afforded. a s s i s t a n ue offered, b u t n o t r e q u i r e d . Sum m a r J^ T o t a l n u m b e r of vessels 82 driven ashore. T o t a l v a l u e of v e s s e l s . . . | 1 , 689, 000 T o t a l v a l u e of cargoes .. $918,722 T o t a l a m o u n t of prop- $1,756,475 e r t y saved. T o t a l a r a o u n t of prop$851, 247 e r t y lost. T o t a l n u r a b e r of lives .959 saved. T o t a l n u m b e r of lives 16 lost. T o t a l n u m b e r of ship219 w r e c k e d ptii'sons sheitei-ed a t t h e st:ations. T o t a l n u m b e r of d a y s ' 726 s h e l t e r afforded. 60 REPORT OF THE SECRETARY OF THE TREASURY. O F F I C E OF THE INSPECTOR OF UNITED STATES LIFE-SAVING STATIONS, 'No. 16 Broadway, New Tork, March 20, 1875. S I R : In obedience to yonr instrnctions of the 9th instant, (^S. I. K.,) directing me to •proceed to Caj^e Cod and investigate the circumstances connected with the wreck of tlie Italian bark Giovanni, on the 4th instant, and to transmit to the Department, in waiting, the result of my investigation, I have the honor to submit the followingreport : I reached Provincetown, Mass., on the afternoon of the 12th instant, and proceeded at once to Life-saving Station No. 6, "Peaked Hill Bar," three miles distant, accompanied by Superintendent Sparrow. I examined, under oath, Keeper Atkins and the six surfmen belonging to the station. On the following day I visited Station .No. 7, and examined Keeper Worthen and bis crew. The depositions of the keepers and two of the surfmen, the former verified nnder oath-by all the surfmen of each station, are herewith transmitted. I met several of t.he citizens of Provincetown on the evening of the 12th, and was informed that no blame attached to the men belonging to the two stations. It was generally agreed tbat they were promptly at hand when the vessel struck, aud had nsed ev^ry exertion within their power to rescue the crew ofthe Giovanni. I did not, therefore, consider it necessary to obtain the sworn testimony of citizens, but confined my iuquiry to the particulars of the disaster by an examinatiou of the keepers and surf- • men, by personal observation of the locality, and by xiractical tests of the mortar apparatus, regarding the efficiency of which I had heard doubt freely expressed. In questioning the men belonging to the stations separately, I was unable to discover any serious discrepancies iu their testimony, and accordingly reduced to writing only t h e depositions of the keepers and two surfmen, which were afterward read respectively to all the surfmen aud substantiated by them. There is no material difference in the depositions,.except as to points of time and distance, which, uuder the circumstances, could not be expected to be accurately noted by the men. From the evidence herewith submitted and the verbal statements of several eyewitnesses, the circumstances attending the disaster appear to have been substantially as follows: During the night of the 3d of March, and continuing through the 4th and morning of the 5th, Cape Cod was swept by a violent, northeast gale, accompanied by a thick snow-storm, which, on the morning of the 4th, broke np into violent squalls, the intervals between which were infrequent and of short duration, until the afternoon. Many of the oldest inhabitants of the cape, nearly all of whom are or have been sea-fariug men, declare this to have been the severest gale that has occurred there for tweutyfive years. The severity of the storm during the night of the 3d and morning of the 4th w^as "such that the keepers of the stations had caused the patrols to be doubled, in view of the dangers which would surround a solitary person exposed to such weather. The patrols of Nos. 6 and 7, before meeting, traverse a distance of about two and a half miles each. The distance along the beach between the two stations, roughly surveyed by • Superintendent Sparrow, is four miles and 1,300 yards. One of the patrols belonging to No. 7 becoming exhausted from exposure to thefury of the storm, Keeper Worthen himself was compelled to take his place at 4 a. m. on the 4th. About 1 p. m. the blinding snow-storm that had x^revailed duiing the morning aud the j^revious night began to moderate, and soon exposed the ill-fated Giovanni tothe view of the two patrols, Paine and Rich, who were then about one mile north and w^est from Station No. 7. She was about half a mile outside.of the outer bar, under a close-reefed main topsail, with the fore-topsail blowing in ribbons from the yard and bolt ropes. The sea vras tremendous, breaking in seven fathoms, as it appeared to the me,n of the stations, who are familiar "with the soundings off the caj)e. The bark was on the starboard tack, or heading to the westward; aod at the moment she Avas discovered by the patrols, Paine and Rich> her foresail was seen to fall, and she swung off before the wind, heading for the beach, as if her ninster had at the same instant discovered the land, and, as a last and desperate resort, had determined to beach her. Doubtless the unfortunate commander saw the patrol, and believing help was at hand, steered more trustfully toward certain destruction. She soon came upon the outer bar, over half a mile from the shore, where the breakers were of such extraordinary height that as she surged over their crests her stern was uplifted high in the air, Avhile her bow was submerged, the vessel appearing to the patrol about to *'pitch-jiole," or tumble over headfirst. Apparently crossing the outer line of breakers withont damage, the bark now came upon the second or middle bar, as it is termed by the surfmen. For a moment she was enveloped in the breakers aud spray,.aud on-again appearing to the view her rudder was seen to be .broken, and swinging useless across the stern-post. Thus disabled and unmanageable, she broached to, and went pounding along the outer edge of the inner bar until she brought up on shoaler ground, about a mile and a half to the northward and westward of the place where she first struck. When she came over the second line of breakers she was plainly visible to the keeper of Station No. 7, who was on REPORT OF THE SECRETARY OF THE TREASURY. ^ 61 patrol near the Highland Light, about a mile away. Com^Drehending the situation at once, he hastened to the light-house and vainly endeavored to procure horses to haul the boat-carriage and apparatus up the coast. Then hurrying to his station, he per- . ceived the bark drifting to the northward and westward, and concluded that she would eventually come on shore nearer to No. 6 than to his own station. Accordingly he assembled his crew and proceeded up the coast to the assistance of No. 6. From that station, in the mean time, the bark had already been descried by the patrols, and also by Keeper Atkins, who made signal for the return of his patrols from the eastward and westward, and pt^epared his mortar apparatus for transportation in the hand-cart. His loug experience with wrecks in that vicinity suggested at once the impossibility of using a boat in such a sea, and the beach, which was thickly strewn with huge cakes of ice, together with the deep snow-drifts that covered the rugged sand-hills, made its trausportation without, horses utterly impracticable. The surfmen speedily assembled, and the loaded hand-cart was soon being dragged by eager hands toward the approaching wreck. At first they made fair progress along the beach below the ice, but the rising tide drove them to the first range of sand-hills, which present to the sea steep faces or bluffs whose heights vary from fifteen to thirty feet. The route of the hand-cart was now impeded b y t h e soft, yieldingnature of the coarse sand and frequent snow-drifts. Within half a mile of the point' nearest the wreck, they were met by a portion of the crew of station No. 7, and with their assistance finally arrived abreast of the bark, which appeared to be hard and fast about six huudred yards distant. The seas were making a clean breach over her, and, driving onward with resistless fury, finally broke up in a tremendous surf upon the beach. At this time two persons were discovered in the breakers, clinging to a plank. They were drifting rapidly to the westward in the strong current, whjich invariably runs in that direction during easterly gales. Their course was followed along the beach by the surfmen, with lines ready to assist them. Occasionally they appeared to becoming directly in, but the under-tow would sweep them seaward again. > After drifting nearly a mile, one of them was swept from the plank and disappeared. The other, who proved to be the steward of the bark, finally came within reach of a surfman, who, with a line around his body, rushed into the surf and brought the exhausted man safely on the beach. He was iramediately conveyed to statiou No. 6, and properlj^ cared for. Knowing their utter helplessness to render the hapless crew of the bark any preseut aid, the life-savincj men for a moment stood appalled at the awful scene. But the keepers were soon in consultation, and determining that the chances were in favor of the bark driving closer iu on the rising tide, and coming within reach of the mortar apparatus, oue man was .left upon the beach and the remainder proceeded to station No. 7 for the life-car. With the life-car, hawsers, shotlines, shovels, axes, sand-anchors, crotch, &c., on the boat-carriage, the two crews started again for the wreck about 5.30 p. m. Their route lay behind the outer ridge of the sand-hills, the beach being impassable, as the sea was breaking in many places sheer agaiust the bluffs. Frequent snow-drifts four or five feet deep opposed their progress in the hollows between the hills, and a pa^ssage forthe carriage had to be forced by shoveling away or beating down the snow. The darkness of the night was such t h a t the two lanterns they carried but dimly lighted their path. About midway they "were met by a party of teu or twelve persons from Truro on foot, and bound to t h e wa-eck. These willingly lent their assistance, and at 10 o'clock the carriage was abreast the bark. This toilsome journey, over a distance of about two and a half miles, occupied four hours and a half. From the foregoing it will be seen that the crews of the stations had zealously kept the required watchfulness, and were indefatigable in their efforts tb get the necessary apparatus upon the ground. The darkness ofthe night and the continued violence of the gale prevented any further efforts at that time to save the crew of the bark. Fires were lighted, around which the surfmen gathered shivering in their wet clothing, while they burued signal-lights to encourage the shipwrecked people. By the glare of the burning signals the wreck could be occasionally faintly discerned rolling helplessly in tbe breakers. About midnight, portions of the wreck and cargo began to come ashore, and gave token to the watchers that the vessel was breaking up. Daybreak was anxiously awaited, and when at last it came, the bark's foremast alone was standing, and in its top were gath- ered the survivors. The wa^eck had now beaten in to within perhaps 400 yards of the shore and lay rolling heavily. The distance between the wreck and the beach was variously estimated by the life-saving men and by the bystanders. No estimate was less than 300 yards, while the greater number judged her at 400 aud upward. That she must have been at least 400 yardsoff is evident from the.fact that the unfortunate peoxile in the foretop of the bark were so indistinctly seen from the shore that opin- • ions varied as to their number, some placing them at five and others at seven or eight. The tide was nearly full. The mortar apparatus was placed in position directly ox3posite tbe wreck, and as near the water as possible, and the first shot fired. Its aim was directly at the wreck and right in the wind's eye, (northeas't.) The shot fell short. 62 . REPORT OF THE SECRETARY OF THE TREASURY.', ' ,The gale had slightly abated,, but s|;ill offered very great resistance, as was indieated by the bowing of the line upward far above the trajectory of the ball. A second shot' • -w^as fired, carrying out, according to the statement of Keeper Atkins, 275 yards of line, aud a third with no better success. Duriug the firingjthe foremast was swaying fiightfully to aud' fro, aud the unfortunate mariners, no Idngerable to .maintain their grasp, w-ere flung, oue by one, from the foretox^ into the sea; and just after the third shot the last.man disappeared. The foremast reinained standing until.about 10 a. m.,* when it fell, and the remainder of the vessel broke up. The mortar used on the occasion belonged to Station No. 6. It was manufactured in 1873, at the West Point Foundry, at Cold Spring, N. Y., and is exactly siniilar in weight and caliber to those in use at all the stations, except an improvement in the bed-piece, which gives additional strength to that part. . The-firing was superintended by Keeper Atkins, who is familiar with the use of the apparatus, from frequent practice and an exxierience of many years in the service of the Massachusetts Humane Society. On the 12th arid 13th instant I carefully inspected the mortar ax')paratus at stations . . 6 and 7. I fouud the apx:)aratus at both stations in excellent condition, and had,several shots fired in my presence, with as good effect as mortars used for this purpose usually give. The powder used at the stations is " Dupont's best exporting H F." The charge is four ounces of powder, which is the capacity ofthe chamber. More than t h a t quantity has not.been fouud to materially iucrease the distance ; the combuvstion of the x^owder in the chamber driving the outside grains, "without their ignition, as was shown by firing over clean suo.w. In view of the fact that the loss of life at this disaster hasbeen somewhat extensively and erroneously attributed to the failure of the mortar ax3paratus to. accomplish what might be expected of it, I deem it proper, in this connection, to give a brief description ofthe apparatus, and to refer to what has been heretofore accomplished with it by experiment and in actual service. . ' . The mortar is ofthe ordinary form with a caliber of 5-^ inches, |ind chambered for'a charge of 4 ounces of po-vvder, weighing with the bed about 300 pounds. The iron balls' are solid aud weigh 24 pounds each. They are cast with a score 2 inches long by f of . an inch wide, the central depth of which is 1 inch. Across the center of the score -an iron-bar is inserted flush with the surface of the ball, to which in service a line is * attached. Each station is furnished with two shot-lines, one of Manila and the other of Italian hemp. The first is about three-eighths and the latter seven-sixteenths of an inch in diameter. The weights are, respectively, ten and twelve yard's to the pound. The character of these lines was determined after a long series of experiments, as also by actual service in this country, and particularly in England, -where this method of assisting the shipwrecked originated. The use of the mortar for the purpose of throwing a line was first suggested in 1791, and in, 1809 six persons were rescued from a "^^•eck by means of Captain Manby's mortar apparatus, t h a t furnished the model upon which our own, with some improvement, is constructed. The esseutial requirements of an efficient ax')paratushave been found to be as follows: 1st. Portability, which was very early acknowledged to be the very essence of the service, as it was apparent that the whole apparatus must be light enough to be readily transported along the coast by a few x>ersons. 2d. A x^iece of ordnance answering the first requirement that will at the same time project a shot, the greatest distance without such, impetus as to impair the safety of the line. 3d. A line whose size w^ill encounter the least resistance in its xiassage through the air, light enough to avoid too great an augmentation of the weight to be carried by the ball, and withal of sufficient strength to withstand the jerk of the initial velocity •of the shot, and bear the heavy strain of dragging the hauling lines of the apparatus by the shipwrecked people across strong currents aud through heavy breakers. For use at shipwreck, in addition to .the mortar, balls, and shot-lines, there must be hauling-lines, a hawser, life~car, and various implements transported. It will thus be seen that the first requirement (portability) governs the others and limits the size aud range of the mortar. Our mortars conform to the foregoing, and their most effective range in heavy Aveather is from 250 to 275 yards, while uuder A^ery favorable circumstances they have carried the line 400 yards. The ball alone has been thrown 1,000 yards. No better, if as good, results have been obtained in any other country. The latest account within my reach of experiraents that have been made in England, where for sixty years these mortars have been used, furnishes the following t a b l e : Mean of extreme range obtained with shot 30 pounds weight, attached to line of equal size • of Russian and Manila hemp, ivith a brass b^-inch mortar, at an elevation of 33°, charge 10 ounces of potvder. M^ean of 20 rounds. Yards.. Fine weather and light winds, Russian 248 Fine weather and light winds, Manila ».o.o o-285 REPORT OF THE SECRETARY OF THE TREASURY. ' Iti, . . . ' - - . . - .• .• .^ Moderate Moderate Elevation Elevation ; ' . weather, fresh breeze,'Russian Aveather, fresh breeze, Manila . . . .. 28°, strong gale and heavy squalls, Russian 28°j strong^gale and.heavy squalls,,Manila r '. ' •• . •• " .' 63 . ' ' " Yards. i . . = „ . . . . , -. - = •-.. 2.37' »- . - = .... ' 279 . . • . . „ . . ...o . » » - . . . . . 211 ..' ^ .•... 243 It„,Avill be observed that 10 ounces of powder was used in the above exxieriments. Equally as good, and. even better results haA^e beisn obtained with our mortars of the . same caliber, charged with only four ounces. " ' Respectfully referring you tq my report dated September 1, 1873, pf experiments with the Boxer rocket-ax^paratus. used extensively in England, it will be seen t h a t the greatest range obtained with them under the most favorable circumstances, was 400 yards. Their flight either against or across a strong breeze of wind is very uncertain, much more so than that of the 24-ppuud ball. A recent in"vcntiou in Germany for projecting lines for life-saving purposes .was some time since brought to my notice. But, Avhile this apparatus appeared ingenious and somewhat more x^ortable than our own, the, range of the shot is no greater. From all the information 1 could obtain, as to the state of the sea', it seems scarcely possible that any boat whatever could have^ reached the wreck. But it is to be regretted that the surf-boat was not at hand, that an attempt might have been made. The imxjracticability of transporting it from either station, without the aid of at least two horses, was apparent to me, after"surveying" the ground eight days after the disaster. In this connection it is suggested that a few of the stations may be supplied with one or two horses during the Avinter months, or authority giA^en by law to, impress teams for hauling, the boat-carriages, when the safety of human life is involved, as is the case in England. . In view of the difficulty experienced on the above occasion in transporting the apparatus, and to provide for similar emergencies in that quarter, 1 recommend the" estabr lishment of a relief boat-house midwaly between stations 6 and 7'. The house need be only large enough to contain a boat a.ad a life-car, with perhaps a ha wiser and a few niinor articles. , . ' _ , > In case of auy disaster within half a niile dn either side of the relief-house, the meii belonging to the stations .could at once assemble, there arid find the heaviest portioiis of the apxiaratus already at hand, and perhaps but a comparatively short distance "from the wreck. / ; ' Dn;the!14th, I personally examined the scene bf the disaster. The spot where the mortar was placed was easily identified and pointed out. The shoals in the direction of and neighborhodd of the line'oPfiring (at right angles with the line of the beach) .w^e're examined in a boat, 400 yards out, and* no vestige of the wreck was/ound, so that the exact spot where she broke up could not be accurately defined. Two hundred and tAveut'y-six measured yairds westerly from the line Of firing, and 440 feet from lowwat^er mark on the beach, I found a portion of the wreck, apparently all that remains i n t h e water of the ill-fated GioA^anni. • It is evident that during the whole time the vessel was beyond the reach of any life-saving axiparatus yet invented. If she had been provided with any one of thevarious life-rafts, it is more than possible that all hands might have reached the shore in safety. Her boats were soon destroyed by the huge seas that were seen to SA^^eep her decks. ; No portion of Cape Cod is so dangerous as that lying between the Highland!Light and the Race. Its outlying shoals exterfd seaward in' some places nearly a mile from the beach, and upon them numerous melancholy disasters haA^e occurred. A light-Khip . and fog-horn on Stellwagen's Bank would be an important aid to navigation, and largely divest the shoals off the. bend of the cape'of their terrors,; I am, very respectfully, . > • • . J., H. MERRYMAN, • • . ' Capiain United States Revenue Marine and Inspectoro Hon. B. H. BRISTOW, Secretary of the Treasury, Washingtpn, D.C, . ' ., 64 '••,;'-;•" :REPORT OF THE SECRETARY OF THE TREASURY. '• . APPENDIX B. . -^ " ' • ' ; ^..,^ Ahstracts of returns ofivreeJcs and casualties to vessels which have occurred^ on and near the coasts and onthe rivers of the United States j and to 'American vessels at sea., and 07i the coasts of foreign countries, during the fiscal year endiiig June 30J 1S75, The following statistics relating to disasters to shipping daring tlie fiscal year ending June 30, 1875, are compiled from returns collected and transmitted by ofScers of the custonis in compliance with the pro-visious of the act of Congress api)roved June 20,1874, and with instructions issued from the Department. In order to secure uniformity in the returns, the several collectors of customs were supplied with blank ^ forms containing a list of questions, the answers to which would - afford; the requisite data, with instructions to distribute the same to their subordinate officers and to the managing owners, agents, and masters of vessels suffering disaster in their respective districts. Charts showing the coasts of the Uuited States were also furnished officers of the customs, who were required to note upon them by certain symbols the exact localities of all disasters, reports of which they had transmitted to theDepartment. These charts were returned with the disasters noted at the end of each quarter. By their aid the localities of disasters have been fixed upon the wreck-charts which follow the tables. Where several casualties occurred at or near the same point during the year, and it has consequently been impracticable to insert the symbol of each disaster in. the exact locality of its occurrence, the symbols have been grouped and lines exteuded from the groups to the localities. In cases of collision, one symbol is used to denote a disaster, although two or raore vessels were involved. The returns above named, which give the name of each vessel and various ©ther particulars not included in the tables, are carefully filed in the Department so as to be readily referred to for such particulars. > In the preparation of the tables it has been found advisable, in order . to facilitate reference, to make the following general divisions : 1. Disasters occurring on the Atlantic and Gulf coasts of the United. States, embracing— , ' 1. All casualties outside of, but in proximity to, the cpast line. 2. All casualties occurring in the bays and liarbors adjacent to thecoasts named. 3. All casualties occurring in or near the mouths of rivers emptying into the ocean or gulf. II. Disasters occurring upon the Pacific coast of the United States, including those occurring in adjacent waters, as in the first division. III. Disasters occurring on the Great Lakes, embracing— 1. All casualties occurring on Lakes Superior, Michigan, Huron, St. Clair, Erie, or Ontario, reported by officers of the customs, whether in waters under the jurisdiction of the United States or of Great Britain. 2. All casualties occurring in the rivers, straits, &c., connecting the several lakes named. \ 3. All casualties occurring in the harbors of any of said lakes, or in or near the mouths of rivers emptying into them within the United States. One disaster wliich occurred on Lake Champlain is included in this division. . . ' IV. Disasters occurring in rivers within the United States, embracing all rivers except those referred to in the foregoing division. Y. Disasters occurring to American shipping at sea or in foreign waters. '/ REPORT OF THE SECRETARY OF THE TREASURY. 66 The disasters embraced in the foregoing divisions are classified as follows, viz: . 1. Founderings—ambracing founderings which resulted from the leaking or capsizing of vessels, but not those which resulted frorii collision, stranding, or striking any sunken wreck, or against piers, snags, or ice. . 2. Strandings—embracing disasters resulting from running aground, striking a rock, reef, bar, or other natural object, although the vessel may have foundered as a result of sucb casualty. 3. Collisions—embracing all collisions between vessels only. 4. Other causes—embracing disasters resulting from various causes as follows, viz: .Fire, irrespective of result. Scuttling, or any intentional damage to vessel. Collisions with fields or quantities of ice, although vessel may be ,sunk thereby. Striking on sunken w^recks, anchors, buoys, pier^s, or bridges. Leakage, (except when vessel foundered or went ashore for safety.) Loss of masts, sails, boats, or any portion of vessel's equipments. Capsizing, when vessel did not sink. • Damage to machinery. Fouling of anchors. , Striking of lightning. Explosion of boilers. Breakage of wheels. Also water-logged, missing, and abandoned vessels. Four hundred and seventy-seveii vessels are reported as having met with collision, but it should be ren^embered that as two vessels were engaged ip each collision, (though in a few instances three or more collided with each other in gales,) the actual casualties of this nature are about one-half that number. Besides the disasters to vessels and cargoes which are embraced in the tables, 73 lives were lost by drowning out of the crews employed on 54 different vessels. In these cases neither vessels nor cargoes suffered damage, the persons drowned having been lost overboard, or. having perished by the capsizing of small boats in which they had left their vessels to attend fishing-trawls, or for some other purpose. While the information contained in the following statements is undoubtedly generally accurate, it should be borne in mind that the reports upon which the tables are based are those of the owners, agents, or masters of the vessels concerned, who are interested parties. The tables distinguishing the causes of disasters, therefore, may not be entirely reliable, and the actual number of disasters arising from defects of vessels, or their equipments, or from carelessness^, inattention, ignorance, &C.5 may be more numerous than appears.. The number of disasters to foreign vessels in American waters during the year was 83, copies of the returnsof which have been forwarded through the Department of State to the respective governments to which the vessels belonged. In return, wreck reports giving the particulars of disasters to American vessels on foreign coasts have generally been received from the governments of the countries in which they occurred, copies of which have, in all cases, been promptly forwarded to the owners or agents of the vessels concerned. The tables include all disasters involving losses as low as $50, for the purpose of exhibiting the nature, causes, and localities of casualties, the character of vessels, loss of life, and other information of importance. 5F 66 REPOR;T OF THE SECRETARY OF THE TREASURY. A'S, however, any damage less than $500 to vessels or cargoes may be considered unimportant, the following table is presented which shows the number of casualties resulting in damage of that amount and exceeding it. A m o u n t of losses. •<=> o o o . . m' m= ^^/^ B ^ 5 o o o o o o o • o o rri m^ o O' o o o o o lO n o m= m= o o o• o ^oo ^R § (7* ^f^ in 82 fi 40 12 41 47 7 20 11 34 30 fi 18 8 9A 11 1 7 5 14 5 1 5 1 8 3 1 3 2 4 3 3 5 4 5 1 3 4 1 7 . . 160 134 181 119 86 •38 20 13 17 11 14 80 9 5 50 .24 10 11 ^9, 15 85 Total o o o o o ^m ^ Pacific Coast . ' . O r e a t Lakps Hi vers A t sea or iri foreign Avaters o ^ o o o o o o" <N o o ro m= rft kO m^ r- ^' o o- cS o fl t fl § CO fl • .^ t:^" 4 9, . '^ H 1 1 65 fi 61 13 15 418 37 '>34 81 185 1 1 160 Q55 Prior to the act of June 20, 1874, there was no provision of law requiring the collection and preservation of statistics of marine disasters. Such statistics, however, becanie a year or two since incidentally needful to the Department. Instructions were therefore issued to officers of thecustoms, requiring them to collect and forward all essential particulars of disasters which might thenceforth occur within their districts, or to vessels owned therein, together with all obtainable information respecting disasters of the ten preceding years. All available sources were resorted to for the desired data, such as the records of underwriters, wreck commissioners, superintendents of life-saving stations, light-house keepers, &c. From the careful rcvsearch made and the extent and completeness of the various records which were consulted, it is believed that the information obtained is substantially correct. These statistics, properly tabulated and arranged by years, were published in a;n appendix to the last annual report, and are available for comparison with the following tables of last year's disasters. 67 REPORT OF THE SECRETARY OP THE TREASURY. ATLANTIC AND G P L F COASTS. TABUE 1.—Abstract of returns of disasters to vessels on the Atlantic and Gulf coasts during the year ending June 30, 1875, showing the numher and value of vessels and cargoes, and amount of loss to same, where known. ' T o t a l v a l u e fl of vessels. o T o t a l v a l u e fl of c a r g o e s . ® L o s s t o vessels. fl 02 'v ^ Month. o fl © o • 02 ^;> ^ © rQ 9fl ^ (July -. August September Okober Noveraber December January February March April May .. .. June '. 1^ .2 Q . : . Total ^.^ o u. © ^fl .^2 a "A fl o o ;^ rQ 9 afl <i A 'o =f-l •fl \A 6 4 8 12 5 3 ?, 5 3 6 4 7 47 $315, 550 44 708, 450 817, 300 59 454, 950 54 65 1, 016, 500 41 884, 800 54 1, 025 483 71 1, 872, 908 63 680, 434 44 890, inn 48 956, 160 47 806, 695 . o P M • +3 'c-^ fl fl rQ ' • .9 fl a' <a^ ^ 34 $140, 555 31 226 545 622, 826 38 36 101, 899 54 503, 470 33 436, 774 39 461 765 46 1,115, 227 43 110, 252 31 386, 320 r^i) 546' 118 806, 695 31 66 448 5, 458, 446 637 10, 429, 3.30 ^ 8 •7 7 13 9 4 6 '1 7 9 8 11 « cc ^> ^ afl ^ U ^" ^' l« f>'^ n' ifl ©jsj ©. 02 fl Orid 0 l§ © P ^ ag C3 CS fl 0 ^§ ^ ad <f g a <i rQ rQ 0 P. a © cS rQ 96 572 2,192, 935 i 1 .... 1^ ^ 9fl ^- 11 8 12 15 8 11 11 13 9 10 9 12 '^ a fl •^'i ^ ' O 0 © rQ afl afl ^, i^:; 42 $95,975 40 82 214 245, 960 55 50 ' 83,755 62 239, 440 33 107, 055 46 441, 776 63 394, 873 56 175, 666 40 53, 712 43 123, 370 42 i 149,139 52 .!t^ fl f> 0 . 0 0 © -S • ^ fl r^r^ ©43 4J L o s s t o car- 0 goes. P^ 13 fl " R PM ^. fl g a <i p ^ rQ-r rQ fl afl a^, ^ ^^fl 21 $17, 472 17 8, 055 18 42,425 15 20, 605 31 78,524 21 47, 789 25 34, 919 '^l 173 235 9=> 24, 350 10 7,465 17 83, 665 16 46, 393 2 '^129 237 584, 897 ^tj 21 19 27 34 32 16 20 32 24 30 22 26 9 1 1 4 303 *In this column are included the casualties in which no damage was sustained by the vessels ; for the ntimber of whicli, see appropriate column iu Table 2. Total ', 11 9 11 JO 17 11 13 16 17 6 7 7 37 35 51 52 49 26 38 49 .42 39 40 44 5 4 5 4 .4 7 6 11 7 5 4 3 502 135 • i 1 65 • 1 . Total tons burden of vessels totally lost. Number of casualties resulting in no damage to vessel. , July August "September October November December January.. February March April Mav June Number of. disasters resulting in partial damage to vessel. Month, Number of disasters resulting iu total loss to vessel. TABLE 2.—Abstract of returns of disasters to vessels on the Atlantic and Gulf coasts during the year ending June 30,1875, showing the number of vessels totally lost, the number damaged, aggregate tonnage of vessels totally lost, number of passengers and crew, and number of lives losi. " "0 ^ ^ 0 fl ro • III 1, 516. 24 .938. 28 • 921.02 1, 368. 05 1, 862. 70 1,025.37 2, 614. 58 5, 775. 57 2,741.01 222. 85 1,147.73 1, 289. 79 248 369 418 305 481 321 514 857 451 37e 429 420 703 21, 423.19 5,189 53 48 67 66 70 .44 57 76. 66 50 52 54 rQ © 9fl ^© 3 ft • 0 663 594 385 3 163 170 35 315 221 140 6 4 35 1 12 m Jl 83 2,868 129 7 16 28 68 REPORT OF THE SECRETARY OF THE TREASURY. TABLE 3.—Abst7'act of returns of disasters to vessels on the Atlantic and Gulf coasts duriiig the year ending June 30, 1875, showing the number of vessels and cargoes insured and unwisured, and the amount of insurance where known. i N u m b e r of v e s s e l s a n d cargoes r e p o r t e d t o b e N u m b e r of i n s u r e d , a n d a n i o u n t of i n s u r a n c e . vessels a n d c a r g o e s rep o r t e d not| Vessels. Cargoes. insured. o fl Month. N u r a b e r of vessels and cargo w h e t h er| insured o not, nn known. as eS p a Jnly August September. October November . December . January ... February.. March . . . . . April.. May June ... a $157, 578 • 426, 800 270, 2p0 90, 455 132, 550 64,700 334, 400 356, 200 164, 500 155, 204 162,100 259, 275 179 Total 2,573,962 |12, 300 40, 750 26, 740 46, 600 243, 425 235, 510 50, 627 323, 745 248, 400 42, 500 40, 800 14, 500 113 1, 325, 897 11 10 22 17 7 7 12 23 16 10 12 12 467, 296, 137, 375, 300, 385, 679, 412, 197, 202, 273, 3, 899, 859 391 216 133 215 TABLE 4.—Ahstract of returns of disasters to vessels on the Atlantic and Gulf coasts during the year ending June 30, 1875, distinguishing the nature of each casualty. a' 0 02" © rQ 0 1 Month. July . August.. . September October November D e c e m b e r '. January February March April May. June ... - c fl. fl c3 s xn •..-„... •... 1. . Total ' © 17 d ffl 'o 30 14 26 29 • 28 23 31 40 30 19 15 14 16 20 20 . 26 24 12 10 14 11 15 20 24 299 212 S '^ S • PH e3 O 1 02 0 ^ fl T5 0 CS 2 2 2 1 2 1 rS a a fl p - ch fl § fl . cS. CS 1 2 4 4 3 4 5 1 1 1 I1 5 1 1 2 1 2 2 3 2 3 2 2 4 2 24 14 29 12 30 1 2 1 © U rfl © -i. > Si ^ % % S 2 1 2 2 1 6 1 0 1 • .... 3 6 2 3 2 613 10 85 3 60 1 1 1 3 53 48 67 66 70 44 57 76 66 50 52 54 703 69 EEPOET OF. THE SECEETAEY 01;' THE TEEASURY. TABLE 5.—Abstracts of returns of disaster's (excluding collisions) to vessels and cargoes on the Atlantic and Gulf coasts during the year ending June 30, 1875, distinguishing the cause of each disaster. +3 Class a u d c a u s e of d i s a s t e r . rS CO' C L A S S I.—Arising f r o m stress of w e a t h e r : Stranded 3 1 1 © rQ 'oi; fl • M a © a fl s 15 3 8 3 "2 • 3 1 2 1 15 7 1 .... T*^»rr.ed cables &c ' 2 Sprung a leak C a n si zed H u l l , r u d d e r , r i g g i n g , c h a i n s , &c., damaged, or m a s t s i y a r d s , &c., lost .„ Total rfl 1 2 10 "2" 1 1 1 7 1 1 1 3 3 2 1' 4 2 3 5 6 4 9 4 28 5 23 9 20 15 21 16 2 3 2 1 1 2 2 '3 1 1 4 2 3 1 4 2 5 2 1 1 1 3 5 2 4 7 6 . 7 9 5 1. 1 "i' H 69 8 7 3 1 5 2 17 12 1 1 1 1 1 1 30 6 fl 2 2 2 5 10 2 40 4 164 1 7 .GhASS,2.—rArising from carelessness, i n a t t e n 'tion, ignorance, c&c.: 1 E r r o r , neglect, or i n c o m p e t e n c y of m a s t e r 1 E r r o r in i u d g r a e n t Total . ... ... . .... 1 1 D e f e c t i v e iustruraenns, u n s o u n d gear, & c . Tinnei'fect chai'ts Sprun<^ a l e a k B e c a l m e d sea runnings h i g h High winds Fire ' H e a v y sea D a m a g e to m a c h i n e r y Misstayed S t r o n g c u r r e n t s or t i d e s , a n d v e r y d a r k . . P a r t e d and fouled h a w s e r s , c h a i n s , &c . Exnlosion w. Cansized .S u n k s t r a n d e d , or damao'ed b y i c e .N e v e r h e a r d from 1 1 1 Total A b s e n c e or m i s p l a c i n g of buoys, l i g h t s , &c Strou"" c u r r e n t s and li^J'ht w i n d s ... 12 1 5 3 2, 1 1 2 2- 1 2 1 8 1 2 2 5 1 2 . 1. ' 2' I 2 1 ^ 3 9 3 1 4 3 1 2 1 . 2 1 •2. 1 6 2 1 5 1 J -- 23 ^ AffjiTef^'ate 3 1 1 1 1 8 28 9 52 1 • 2 • 17 9 2 6 . . . 37 ~28~ 47 4 3 3 2 1 4 1 1 1 1, 2 1 3 1 1 2 . 2 18 7 4 1 1 "2 1 "i' 4 54 3 4 2 1 1 2 7 22 9 2 9.5 3 5 21 6 6 • 6 8 11 1 1' 34 1 3 2 5 2 1 1 1 1 1 12 19 37 23 16 22 5 1 1 7 2 ~3~ 3 "32" ~4l''- 62 55 35 ~32' 14 3 3 1 7 1 24 ,14' 5 ' 3 1 Unknown 2 2- 1 2 1 2 3 4 .: . Total 3 3 C L A S B 3 . — A r i s i n g f r o m defects of vessels or equipments _: C L A S S 4.—Arising f r o m other causes •' T h i c k a n d foggy w e a t h e r . 2 230 38 491 70 REPORT OF THE SECRETARY OF THE TREASURY. TABLE 6.—Abstract of returns of disasters to vessels on the Atlantic and Gulf coasts during the year ending June 30,1875, showing the number of vessels, collided] and distinguishing the cause of each disaster. t > j Month. a a 0 CO fl 1 w- if fl 0 a rfl Ofi fl c3 bS) •fl CD 1P P July.... August . September October .. . November December January February March A p r i l . . . Mav June ^fl fl 6 0 i 2 2 2 2 2 2 2 2 » 3 fl ^ 11 fee 4 ,2 7 7 c 2 6 4 10 40 § w GQ ;.; 0 rfl 0 fl CJ 0 p 0 2 6 2 2 '"2" 2 .... fl •8 1^ 2 2 0 .4 2 2 fl 2 4 6 16 fl c« 02 • ^ 1<1 H 0 fl 0 fl © riii • 0 © E © 'C- II fl '©• 0 2 2 2 0 0 Total fl "^ 0 fl0 i 1 ,fl © rfl PH© 2 4 4 8 2 4 2 10 2 P 4 6 6 10 12 4 2 6 4 2 18 6 2 6 0 16 00 '?() '>6 04 19 4 58 212 2 2 'ce 10 14 11 15 '^0 24- 4 0 32 fl § TABLE 7.—Abstract of returns of disasters to vessels on the Atlantic and Gulf coasts during the year ending June 30, 1875, showing the nuniber of vessels, and distinguishing their de- • ' )tion. © rQ D e s c r i p t i o n of v e s s e l s . fl bJO fl a s PH <1 Barges .. Barks '. Brigs Canal-boats Ferry-boats . .. Ligbt-ships Schooners Scows Ships . ... Sloops . Steamers Steam-barges Steam-lighters . Steam-schooners . Steam-yachts.... Yachts Unknown Total.. ... . '. ...... ..'. 2 2 1 2 37 4 3 2 1 2 1 2 1 4 1 © rQ rQ 1 i > 0 u Oi rQ a % © p fl. fl 1 © 3 4 5 6 'A 2 5 i 1 5 11 1 29 40 1 i .1 " 5 8 10 1 54 51 25 37 2 6 10 37 2 2 4 17 1 41 1 5 P^ & ^ CD fl fl 30 H ^ • 2 1 2 3 1 1 "34 35 1 2 • 8 3 . 8 3 2 31 50 4 6 34" 454 5 '"i' 2 10 <> 9« 9,i 1 9 .... : 53 2 1 1 5 12 54 703 1 2 2 4 48 67 2 2 66 70 1 44 57 76 66 50 52 TABLES.—Abstract of returns of disasters to vessels on the Atlantic and Gulf coasts during the yea/r eliding June 20, IQlb, showing tlie tonnage, and ( tinguishing the numher of those totally lost and those partially damaged. July. August. Novem- DecemSeptemOctober. January ber. ber. ber. 1 02 B u r d e n of v e s s e l s . r2' Is 03 O H N o t e x c e e d i n g .50 t o n s O v e r 50 a n d n o t e x c e e d i n g 100 t o n s O v e r lUO a n d n o t e x c e e d i n g 200 t o n s O v e r 200 a n d n o t e x c e e d i n g 300 t o n s . . . . O v e r 300 a n d n o t e x c e e d i n g 400 t o n s 1 5 3 1 1 O v e r 500 a n d n o t e x c e e d i n g 600 t o u s O v e r 600 a n d n o t exceedino" 700 t o n s O v e r 700 a n d n o t e x c e e d i n g 800 t o n s O v e r 900 a n d n o t e x c e e d i n g 1,000 t o n s O v e r 1 000 a n d n o t exceedino" 1 100 t o n s Over 1,100 a n d n o t e x c e e d i n g 1,200 t o n s O v e r 1,200 a n d n o t e x c e e d i n g 1,400 t o n s O v e r 1,400 t o n s Unknown .. P PH 10 4 13 2 2 1 3 i 5 2 6 10 8 1 6 1 1 1 6 "3' 2 4 3 1 1 .2 03 H • P 13 12 12 3 6 ca 9 10 18 6 2 2 4 5 6 2 5 . 8 21 6 1 I- Is •3 a P '•H cS P 4 5 11 3 1 1 1 2 7 1 1 1 March. r2 li 3, •"0 H P 3 3 . 5 3 4 10 4 3 9 7 3 "2 3 2 2 3 H 12 12 5 4 5 6 1 2 2 3 1 1 6 2 3 1 1 1 2 2 2 1 1 . 1 02 0 • H P 12 3 12 p 6 5 'cS •P 5 "i' ~ 4 7 12 4 5 3 1 3 • 0 H T 1 3 1 1 1 Is 1 P 8 9 2 10 2 3 1 .Total. June. 3 i 1 2 2 9 39 48 1 7 5 11 56 67 56 10 66 17 53 70 11 33 44 13 44 57 16 60 76 1 1 5 "i i ,5 14 9 6 1 1 1 1 4 41 33 29 10 9 3 • 2 1 1 1 6 1 93 104 132 6l 40 27 15 6 10 . 5 2 •7 .4 4 11 .47 47 135 568 -'3' 17 • 49 66 44 6 50 2 • : - 7 45 52 O p: H © Is "3 " " 2 1 2 4 1 1 2 2^ '5 .2^ 1' 1 p :::. .""i 1 • 02 02, 1 5 53 May. 1 • 42 3 April. .... 1 , 11 Total 3 ,1 Is 2c3 30 February. •7 54 134 137 101 71 49 30 17 7 11 6 2 9 4 703 o ^H CO O H () 11 48 t-3 703 NOTE.—In the columns of " partial loss " i n t h i s table are included the casualties in which the vessels^sustained no damage ; for the number of which see appropriate column in Table 2. CO 72 REPORT OF THE SECRETARY OF THE TREASURY. TABLE 9.—Ahstract of returns of disasters to vessels on the Atlantic and Gulf coasts during, the year ending, June'^0, 'iS7b, distinguishing age. Age. Not exceeding 3 years Over 3 and not exceeding 7 yeara.. Over 7 and not exceeding 10 years.. Over 10 and not exceeding 14 years.. Over 14 and not exceeding 20 y e a r s . . Over 20 and not exceeding 25 years .. Over 25 and not exceeding 30 years.. Over 30 and not exceeding 35 years .. Over 35 and not exceeding 40 years t. Over 40 and not exceeding 45 years.. Over 45 and not exceeding 50 y e a r s . . Unknown .* 89 145 118 72 76 54 25 4 12 6 97 703 Total. TABLE 10.—Ahstract of returns of disasters to vessels on ihe Atlantic and Gulf coasts durin the year ending June 30,1875, showing the numher of vessels and distinguishing tlieir cargoes. © rQ Cargoes. fl 'QC < A ssorted 4' Ballast ..».. Bone-black Brandy Goal Cocoanuts and peanuts Coffee sugar, molasses, a n d h o n e y Cooperage Cotton *. Cotton, rice, a n d r o s i n Dye-wood Fertilizers Fish F r u i t s and vegetables Furniture G r a i n a n d provisions H a y a n d hay-presses Horses Ice I r o n a n d lead L a t h s , shingles, a n d s t a v e s I i i m e a n d calcined p l a s t e r , &c Locomotives and vehicles L u m b e r a n d wood Merchandise Miscellaneous Naphtha Oil, s p e r m , &,G Old j u n k Outfit for fishing, & c Oysters, &c P h o s p h a t e r o c k a n d soda-ash , P i p e s , iron a n d lead , Salt Sand and gravel Soap...:....... : Sponges Stone, bricif, a n d g r i n d s t o n e s Sulphur Unknown Total a © ' rQ 1 © rQ © g 1 3 10 2 22 4 17 12 ^^ 5 ,9 13 2 11 rQ 2 4 7 1 11 1 3 • i 1 ..... • 1 3 1 1 1 1 1 2. 1 1 1 1 1- 1 1 7 1 ; 1 2 1 1 1 1 1 '2 1 1 •2 1 2 "4" 10 3 ] 8 1 5 2 7- 12 11 23 2 16 3 10 1 1 3 2 1 4 4 6 2 3 11 12 3 1 1 2 1 i' ^ 3 3 15 1 5 1 "i 2 1 1 "2 2 1 2 1 6 4 53 48 7 1 21 1 PH 1 6 ^2 8 12 1 3 7 4 3 1 2 2 "i' 1 1 1 1 1 "i "i 1 8 Si 1 2 i 1 • 2 7 2 1 j 1 3 ' 1 9 1 1 1 2 .1 1 1 1 1 • 1 2 7 1 "4 1 2 1 1 i 1 ) 1 1 1 ... i\ 1 1 1 1 1 7 1 1 1 1 1 .... 3 1 '1 1 2 'c^ P fi 1 2 3 6 3 1 2 rfl* © "1 1 1 ....:... c3 fl >-t rQ P 1 .... 1 2 3 3 2 44 57 76 2 2 11 4 1 5 67 66 70 1 *6 1 20 2 55 54 703 1 1 1 • 1 06 5 1 '"5' " 4 ' 50 52 52 159 1 1 7J 4 41 5 11 2 4 4 15 10 2 19 ' 6 1 7 8 10 14 2 99 15 8 1 3 5 12 11 . 5 3 4 5 EEPOET OP T H E SECEETAEY OF T H E 73 TEEASURY. TABLE 11.—Abstract of returns of disasters to foreign vessels on the Atlantic and Gulf. coasts during the year ending June 30, 1875, showing number of vessels and distinguislmig their description. u © 1i rQ Nationality and rig. 02 fl O O © Austrian barks . •© 1 a. , Q©a © • .© o "A cS p 1 rP c 2 fl © fl fl t-5 o • H cS- .... 1 1 6 17 2 2L 2 5 1 i 1 .1 British barks British brigs Britisb brigantines B r i t i s h schooners Britisb ships . Britisb steamers Dutch barks 1 1 .; 1 3 1 2 2 1 3 1 21 . * 3 3 2" 2 . 2 2 2 G-erraan b a r k s German brigs G e r m an s t e a m e r s I t a l i a n b a r k s .. . Norwegian barks Portu«"uese b a r k s •Spanish b a r k s 4 .... • ' 1 , 1 1 9 4 1 2 1 1 1 1 Total 1 1 1 2 .- 6. 4 9 6 6 9 11 5 11 —~ 71 2 TABLE 12.—Summary—Atlantic and Gulf coasts. t • s rQ •4-1 . rQ afl •• Total ' . ^ P.2.. ^ "A . ^ . Ifl N a t u r e of c a s u a l t i e s . Founderings . . Strandings... ... V e s s e l s collided Other causes fl ^ . > C3 • 1 0? ' ^t H y O 4i 3 o J5 g O H • <© ch p •^ „ 17 299 212 175 3, 096. 56 67, 307. 28 58,396.15 34,203.77 10 81 10 34 218 202 141 27 26 19 57 703 163,003.76 135 568 129 74 R E P O R T OF T H E SECRETARY OF T H E TREASURY. PACIFIC COAST. TABLE 13.—Abstract of returns of disasters to vessels on the Facific coast during the year ending June 30, 1875, showing the numher and value of vessels and cargoes and amount of • loss to same where known. Total value • of v e s s e l s . • fl Total yalue of c a r g o e s . fl L o s s t o vessels. s © • fl P d > ' • >-. Month. ^ a fl ^ fl fl July August September October November . December January February March .. . April May June 9 1 1 1 4 ,. 8 9 5 9 4 5 Total^ o • u© o rQ 9 • <1 p ^ofl rQ 3fl 9 o ^ "A < fl ^ ^s^• 9 o "A <5 © © .o rQ afl 9 'fl "A fl •P ^ <l o 570, 450 16 181,050 8 c« c-^ afl | ? a A ^ 34 9 ©a rQ'Tj rQ 4 4 3 1 2 03 O ^.. H ^ a O ci © ^ fl fl 4,500 2 5 A • J^ 55, 250 8,000 12, 700 200, OUO 36, 000 135, 500 1 2,000 9 (2^ ^^ P-^ ^ . 3 'o-B ^• © rQ 9 1 5 15, 100 15, 000 34, 000 2,000 3,500 95, 000 1 o o OS ^ H ^ P ® « .© ^ Q $14, 000 450 84, .500 144, 000 74, 300 240,000 45 000 371, 000 35 1, 098, 300 c.fl btfl $43, 000 2,500 2,000 50, 000 25 500 $14, 000 450 9 cn ^ ©rii CS "*"" rQ a i p ll 2 1 1 1 4 $43, 000 2,500 2,000 50, 000 42, 000 3 1 c« P .©4.= •'' P •+^ fl o ^u ^ j © rQ 02 9 • cr, P rS P ^ P fh P © P Sfl "© »- Loss t o cargoes. I • 1 2, 000 1 1 3 2 3- 325 500 1 5 10 3 21,775 11 July .... September October November January Feburary March April Mav June '. Total. Numberof casualties resulting in no damage to vessel. Number of disasters resulting in partial loss to vessel. , Month. Number of disasters resulting in total loss to vessel. TABLE 14.—Abstract of returns of disasters to vessels on the Pacific coast during ihe year ending June 30, 1875, showing ihe number of vessels totally lost, the number damaged, aggregate tonnage of vessels totally lost, numher ^of passengers and crew, and number of lives lost. ' ' p p-i ©^ .Q ^ caJ^ fl o III cS H 2 2 1 2 1 4 1, 052. 59 32. 88 35.41 139. 09 131. 56 5 2 2 3 1 3 10 2 5 4 4 5 1, 050. 81 3 1 3 2 21 19 40 2 1 1 1 2 5 o li fl "o p p • - PrS IS "^ III 3PH H p 33 4 5 5 27 .QS P bC • o • 3^ o H 1 4 5 1 14 302. 56 724. 63 451. 26 1, 717. 74 71 76 44 103 17 18l3 68 32 " " ' . 5 06' 123 1 2 5, 638. 53 434 876 18 75 EEPOET OF THE SECEETAEY OF'THE TEEASUEY. TABLE 15.—Ahstract of returns of disasters to vessels on the Pacific coast during the yearending June 30, 1875, showing the number of vessels and cargoes insured and uninsured, and the amount of insurance, where known. N u m b e r of v e s s e l s a n d c a r g o e s reported to be insured, and a m o u n t of i n s u r a n c e . N u m b e r of ves- N u m b e r of vessels a n d carsels a n d cargoes w h e t h e r goes r e p o r t e d i n s u r e d or a s n o t innot unknown. sured. •• Vessels. Month. o Cargoes. ."fl © fl « •• u .p fl o rQ 9 July August September . . . = „ = October November December January February March April May June Total ... _P ^ .i r-J 02 a •g < P ]A o o p g fl © rQ J P H .:4 fl •'© 1' o > cS 1 1 1 1 1 1, 000 2, 000 1,000 2, 000 3 11, 500 11, 500 1 1 19, 400 • 10, 000 6 4 3 1 2 13, 700 10, 000 5,700 OS rQ 3 -4 58, 000 18, 000 114, 300 1 40, 000 58, 000 18, 000 154, 300 . . . . 18 228,500 2 45, 700 274, 200 CD SO t 1 1 © > 1 1 1 1 1 2 2 1 1 1 1 4 2 3 9 12 I 1 3 1 i 13 10 5. 1 2-. 1 1 16> TABLE 16.—AMtract of returns of disasters to vessels on.the Pacific coast during the year ending June 30,1875, distinguishing the nature of each casualty. p* o * Month. j •© S-i ( TS © Total . 1 .... ' ... - © rfl P . o p p o p P > 3 P : o 1 '2 1 6 1 2 2 4 4 3 23 2 2 1 1 1 10. 2 5 4 4 5 1 40 2 2 . 8 1 2 oH 21 2 1 4 1 1 2 i . - 1 'o 1 July..! August September... October November December January February March April May . - i 'i ca P • 02 1 • 2 76 REPORT OF THE SECRETARY OF THE TREASURY, TABLE 17.—Abstract of returns of disasters (excludmg collisions) to vessels on the Pacific coast during the year ending June 30, 1875, shoiving ihe number of vessels, and disiinguishing the cause of each disasier. © g Class and cause of disaster. p fc/3 fl rb 'fl CLASS 1.—Arising from stress of weather: Foundered . . .Driven on shore, bar, rock, reef, &c Sprung a leak . Hull, rudder, sails, masts, &c.. damaged. Parted moorings i Total © (V rQ rQ 9 © rQ C -1 a o .p a. fl I 1 3 I . — —~ 1 CLASS 2.—Arising from carelessness, inattention, ignorance, d c . : Negliiyence Error in judgment... P P^ 3 © p fl CS <1 .... 1 1 2 5 1 1 1 1 2 10 1 5 1 .... 1 1 1 1 • — — = •• - • Total CLASS "i.—Arising from defects in vessels or 1 fl rQ .-= = = 2 • CLASS 4.—Arising from other causes : Tliick and foggy weather . Calm Parted chains or moorings Capsized by parting of wheel-ropes Ont of channel Dragged anchors Accident Never heard from Miscellaneous Total := = : = 1 = 1 4 1 9 1 1 1 1 2 1 2 1 .. 1 "i 1 ..... 1 1 ~T AgoTCffate .'. 3 1 ~ Unknown . . . i . . 9 . 3 '.111 1 1 1 1 4 1 1 2 1 = 8 2 2 3 2 16 ~T 4 5 32 4 TxVBLE 18.—Abstract of returns of disasters to vessels on the. Pacific coast during the year ending June 30, 1875, showing tlie numher of vessels collided, and distinguishing the cause of each disa.hter. O rSd . Month. 1 bJOP 'cS 0 o m • H P • July August September October November December January February Mai'ch . : April May June 1 Total ' . .. . .. .... . . 2 . . . . . 2 2 , '""2" 2 2 4 8 2 ^. . . . 2 • 2 2 77 EEPORT OF THE SECRETAEY OF THE TEEASUEY. TABLE 19.—Abstract of returns of disasters to vessels on the Pacific coast during the year ending June 30, 1875, showing the number of vessels and distinguishing their description. • u o i rQ Description of vessels. Ships ..o. - . . 1 .... 1 1 2 1 1 1 4 1 1 1 2 1 10 2 3 1 - Total 2 — 4 3 . © p •r>5 Pu CS o H <1 P .... 1 1 rQ O cS fl- p ® Barks Brio-s '. Schooners >-t a rS a 3 o i fl bX! fl 2 .... 1 2 1 1 2 1 6 2' 18 1 4 1 8 5 40^ 1 2 1 1 1 2 4 5 4 TABLE 20.—Ahstract of returns of disasters to vessels on ih.e Pacific coast during the yearending June 30, 1875, showing the number of vessels and distinguishing their tonnage. © 3 fl 3 i' a © Q a x> i § c i i 3 3-1i o Not exceeding 50 tons Over 50 to 100 tons. Over 100 to 200 tons Over 200 to 300 tons.. Over 300 to 400 tons Over 400 to 500 tons Over 500 to 600 tons Over 600 to 700 tons Over 700 to 800 tons Over 800 to 900 tons Over 900 to 1,000 tons Over 1,000 to 1,100 tons Over 1,100 to 1,200 tons Over 1,200 to 1,400 tons Over 1,400 and up ward Unknown o P. H 1 1i i i i o 3 11 P Ho o c3 o H p H P 'i 2 1 1 1 1 02 3 3 13 3 3 1 111 1 cn 1 rl o 'cS 'cS •43 i 0 ;; :. ii 1 c 1 1 1 2 2 - 5 5 - 2 2 3 1 •i i \ 4 1 1 3 i "1 2 '2 1 "1 1 1 2 3 21 19 1 •- "1 " 1 10 3 P 7 2 9 5 3 R 1 2 3 5 3 3 '2 2 2 9 "2 2 cS bC: P o 1 -"" ;; i' 3 <1 H p 'i -1' rl 1 i' 11i 3 1 'cS i _ 'i E V •5 "2 - d 1 2 Total 02 n R 1- 53 a •J Q :^ Burden of vessels. p 3 fl O 4 0 m 78 REPORT OF THE SECRETARY OF THE TREASURY, T A B L E 21.—Ahstract of returns of disasters to vessels on the Pacific coast d u r i n g the year ending J u n e 30, 1875, distinguishing age. Age. bf r^ Si Not exceeding 3 years Over 3 a n d n o t e x c e e d i n g 7 y e a r s ..'. O v e r 7 a n d n o t e x c e e d i n g 10 y e a r s . .1 Over 10 a n d n o t e x c e e d i n g 14 y e a r s O v e r 14 a n d n o t e x c e e d i n g 20 years* •Over 20 a n d n o t e x c e e d i n g 25 y e a r s Over 25 a n d n o t e x c e e d i n g 30 y e a r s O v e r 30 a n d n o t e x c e e d i n g 35 y e a r s O v e r 35 a n d n o t e x c e e d i n g 40 y e a r s . . . . . . O v e r 40 a n d n o t e x c e e d i n g 45 y e a r s . . . Over 45 a n d n o t e x c e e d i n g 50 v e a r s Unknown Total •.. sa ft © © rQ a 1 o o O 1 1 p p M & p 1 1 p fl PJ <1 2 6 3 7 8 5 1 3 1 1 1 • 1 *5H ' - 1 2 I 1 .. 1 2 2 1 5 1 1 10 4 ' 5 2 4 40 5 T A B L E 22.—Abstract of returns of disasters to vessels on the Pacific coast during the year ending J u n e 30,1875, showing the number of Vessels and distbiguishing their cargoes. o © rQ S Cargoes. fl fl Assorted B a l l a s t ,. Coal G r a i n , flour, and p r o v i s i o n s Lumber Merchandise Miscellaneous Wood . . . . . U^^known . . . . < 1 P< © 1 1 o rQ ,Q o © •p M 1 a o 1 fl fl rfl .Q o P. 3 © fl cS H 3 1 5 1 3 1 .... .... 9 16 1 1 5 9 1 "2 1 1 2 2 1 9 1 1 Total J.. 1 2 2 3 2 — 4 1 10 2 4 5 40 5 4 T A B L E 23.—Abstract of returns of disasters to foreign vessels on the Pacific coast during the year ending J u n e 30, 1875, showing the. numher of vessels and distinguishing their description. © rQ Nationality and rig. fl b£ fl "fl a p< © <1 British barks British ship Nicaraguan ship © rQ © rQ s .- . . = • >-. a >-. ^ 1 'fl ft c3 <1 •a rQ 1 fl fl p 0 © 1 p c3 1 '^ © s H 1 1 3 1 1 1 1 5 1 . 1 Total . — 1 1 1 T A B L E 24.—Summary—Pacific coast. 0 n TO p 02 . -S'S N a t u r e of casu.alties. ^ ca %'i • 3S 0 ® A Founderings Strandings Y e s s e l s collided Other causes Total :.... , . .. ... ;^ 0 3 H II 0 a?^ fl"2 !^ . 3 23 8 6 249. 82 9,165. 74 3.261.32 939.64 3 12 1 5 11 7 1 14 40 13,616.52 21 19 18 4 REPORT OF T H E SECRETARY OF T H E 79 TREASURY. OEEAT LAKES. TABLE 25.—Ahstract of returns of disasters to vessels on the great lakes during thie year ending June 30, 1875, shoiving the number and value of vessels and cargoes and amount of loss to same where known. , ' fl Total value of vessels. . fl Total value of c a r g o e s . L o s s t o vessels. © 'ct M Month. 15 c o _^i fl ^ a" > o-a ^ '<d © ,Q fl • 52 9 41 76 10 9 6 9 1 $950, 800 630, 350 2, 583, 950 73 1, 705, 800 104 2, 439, 000 • H 98, 6O0 ^ 9 51 46 70,000 80, 000 848, 700 917, 200 - 465 10, 324, 400 Total O ^ ^ a afl ^ ^ © rQ- 35 26 51 54 81 1 3 30 31 5 1=; ^ aj- CD-^ O 5R p fl. f.< © rQ . a A -M o r. iri 4^ O ct P 0'- rQ <a A o a 'A ^ 9 2r«00 O i' M 9' §og ntp ^ ^ a. © 03 rQ !L4 a "A. afl a ^ fl i^^ . ® CS fl o fl a -<i rQ •• a a^. 11 12 18 12 16 1 8 ' $62, 540 8 15, 0,40 13 . 20,069 26 .241,6,17 42 195, 261 9 18, 200 4 8 41 45 315 1,710 29, 560 28,189 1 1 15 6 11 3 61 425 947, 284 22, 000 2,993 149, 455 219,185 8 6 1 ^^ il o 2 p y © '-' -8^" fl p y^ ;zi ^ © rQ 50 $102, 074 38 43, 019 . 1 67 79, 827 67 228, 784 97 429, 056 H 4,750 $312, 084 10 8 207, 534 9 658, 630 670,297 • 9 903, 082 10 45, 805 54 317 3,191, 065 ig rSP. ®rW • r ^ - '-+-( p f-l © rQ ap <i fl 1 a• r ^ ©+= > fl - fl- o ^ o ip pi o 3.3 > ^ s Cf-I o © rQ September....... October r November December. January February March April Mav J une ' f? S® S p >' July 5? h^ cn CS ^fl cn n P bC^ 2 o 02 L o s s to cargoes. ©. bij o 36 26 47 37 50 800 38 6,925 4,550 27 34 1 *93 116 565, 040 962 9 "^ In this coluran are included the casualties in which no damage was sustained by the vessels ; for the number of which, see appropriate column in Table 26. TABLE 26.—Ahstract of returns of disasters to vessels on the great lakes during the year ending June 30,1875, showing the numher of vessels totally lost, the numher damaged, aggregate tonnage of vessels totally lost,number of passengers and crew, and numher of lives lost. ©.2 cS cn n:3 So ! Month. - -§3 • 0 ,02 1- P3 S p-S © 3 9 - OJ • fl 02 ;> "A Total. O o © ss ^-P © P Julv August September 4Ictober November "December .January February.. March April May June cS . ftfl • alb' fl § cS "A - 4 5 3 9 \6 1 54 42 72 64 90 8 3 4 10 6 7 2 .3 2 5 6 44 48- 45 433. Ho ?•; © rH 11 1^ a p p ^ H il'© ^H.-5" 3"0 •'3 "A \i 61 51 85 79 113 9 •1 581.72 377. 34 855.12 2; 477. 61 5, 667. 19 31. 62 1 9 1 5 9 56 51 14.26 13, 725. 92 243.75 41 519 ^ 24, 974. 53 &JL p ^ fl 481 319 625 720 956 20 40 402 4183,981 p . > 4) % ft' . 0 0 . II P P P fl fl - 30 30 -p H 52 143 73 32 48 27 21 3 15 50 6 3 413 61 i 80 R E P O R T OF T H E SECRETARY OF T H E TREASURY. TABLE 27.—Abstract of returns of disasters to'vessels on the great lakes during the year ending June 30, 1875, showing the number of vessels and cargoes insu7'ed and uninsured, and the amount of insurance ivhere known. N u m b e r of v e s s e l s a n d c a r g o e s r e p o r t e d t o b e i n s u r e d , a n d a m o u n t of i n s u r ance. N u m b e r of ves- N u m b e r of v e s sels a n d carsels a n d car-goes, w h e t h e r ' goes r e p o r t e d i n s u r e d or not, as nofc i n s u r e d . ivnknown. Month. Yessels. Cargoes. Total a m o i n t of i n s u r a n c e . Vessels. Cargoes. Vessels. C a r g o e s . N o . A m o u n t . Xo. A m o u n t . July Aut^ust September ^.. October . ". November December . January February Marcb April Mav . J une 33 1553, 830 23 272,100 735, 000 46 846,130 44 67 1,127, 030, 36,000 2 1 3 20 17 12, 14, 323, 202, 1185, 254 50, 994 200,130 310,867 527,152 21, 000 $739, 084 323, 094 935,130 1,156, 997 1, 654,182 57, 000 19 18 28 28 35 6 20 16 20 26 36 3 9 10 11 rS © 1(5. 13 12 24 21 26 1 11 17 25 16 22 3, 1 22, 000 3 9 25, 543 124,500 34, 000 14, 300 349, 243 327,100 , 3 5 28 • 28 3 20 14 8 6 15 14 4 6 18 14 94 1,467,440 5,590,130. 198 158 65 126 141 000 300 700 600 256 4,122, 690 Total 12 6 16 16 29 . 2 "cs rQ •P TABLE 28.—Abstract of returns of disasters to vessels on the great laJces during tlie year ending June 30, 1875, showing the numher of vessels, and distinguishing the nature of each casualty. ^ cT, • • 1 Month. p . fl o P July September October November . .. . - ^ © .1 2 4 3 5 Januarv •T o t a l . '. • 16 o 5 4 2 18 30 146 207 \ '"ie" ' 'o m 13 26 12 25 15 46 35 • 22 49 32 1 2 .. May - ... 1 fl . 1 1 1 1 1 2 "" i' 1 . 1 2 10 0 © • 1 '© © 03 s 0 P p , ...... 3 % ce a .§ P • © bC 1| p cn fl ^ a © cn • 7 2 2 1 13 2 1 1 4 1 2 1 5 4 ""2 37 11 4 6 6 6 12 12 3 61 51 •85 79 113 9 3 1 3 10 8 5 9 56 51 5 66 . 519 7 1 3 1 1 11 . IS- 81 EEPORT OF THE SECRETAEY OF THE TREASURY. TABLE 29.—Ahstracts of returns of disasters (excluding collisions) to vessels on the great lakes during the year, ending June 30,1875, showing the number.of vessels, and i~ ing the cause of each disaster. • © Class a n d c a u s e of d i s a s t e r . fl 'fl < Pl © i .. 1 2 2 3 . 1 8 3 1 1 1 1 5 6 1 14 1 7 1 7 16 '. C L A S S 2.—Carelessness, ignorance, c&c. ; E r r o r s in s t e e r i n g , n a v i g a t i o n , &c 3 1 Overloadin o* Foo'-whistle n o t b l o w i n g lo^norance. . A'bsence or c h a n g e s of buoys, l i g h t s , &c. • . . 4 4 Unknown Aggregate 6F fl p i rfl* O fl 1p 5 1-< 3Q •fl fl H 11 2 17 1 1 2 23. 3 2 5 1 1 8 — — -'=^ 4 32 3 6 3 5 2 1 2 38 14 56 2 5 2 6 1 1 5 "6 — = == 10 = = • 13 8 119 2 2 20 5 1 1 1 7 4 35 • 1 1 1 3 1 1 6 1 1 3 . C L A S S 4.—Other causes : Dragged anchor Explosion Fire Struck by lightning T h i c k a n d foggy w e a t h e r F a r t i n g or fouliDci' of tow-line Mi.«sstayp(l, . , , ......... S u n k b y ice M a c h i n e r y disabled , C u r r e n t s , tides, &c Sprung a leak .. F a u l t of t u g t o w i n g H e a v y sea C a p s i z e d 1. S t r u c k b r i d g e , pier, pile, crib, w r e c k Water-logged W i n d failed S h i f t i n g of cargo, deck-load, &c Miscellaneous Total 13 1 1 C L A S S 3.—Defects i n vessels or e q u i p m e n t s : Defective stern W h e e l - r o p e s o u t of order V a r i a t i o n of compass . . . Total 1 ai- M 1 1 Loss or s h i f t i n f of deck-load Total a >o o . Total rQ o C L A S S 1.—Arising f r o m stress of weather : Strnnded SnrunsT a l e a k ^4 = 1 1 3 3 1 1 1 3 1 — 2 3 "i 1 I 1 2 3 2 22 2 3 1 2 5 1 1 1 1 1 3 2 = = -= 1 1 1 1 2 1 4 "i" 2 1 3 • 3 1 1 1 2 1 2 5 1 1 1 2 1 1 1 1 2 2 . 13 11 17 21 35 2 4 2 2 4 "ie" 39 57 IF- ~35~ • 3 1 1 1 1 3 1 "i' 4 20 12 137 1 3 7 — — ^= =— = - 1 1 2 9 3 10 18 3 2 3 8 2 1 1 4 10 8 42 6 2 3 12 1 15 7 "3^ 312 82 R E P O R T OF T H E SECRETARY OF T H E TREASURY. TABLE 30.—Abstract of returns of disasters to vessels on the great lakes during ihe year ending JuneZO, 1875, showing the number of vessels collided, and distinguishing the cause of each disasier. ' ••s . • bfi bb CD Month. - O c3 p 1 • Jnlv © M 2 2 8 2 2 ' M av •^"'•y June 2 2 • 2 fl . P 4 p ^ 2 2 8 •2 4 6 .4 2- ^ © bcS '"'"2" 2 4 10 fl 0 fl •fl- P 3H 14 17 24 14 18 .2 26 25 46 22 32 . 2 4 2 .18 12 18 •30 125 207 4 • 2 2 It P 2 2 4 Total • bB , © £| o • i 2 November December January February • ' . fl "^ bC fl o o o © •S- 6 " 14 2 2 16 4 30 TABLE 31.—Abstract of returns of disasters to, vessels on the great lakes during the year ending June 30, 1875, showing the number of vessels and distinguishing their description. © rQ D e s c r i p t i o n of vessels. • B a r O'es 1a 1 a fl 0 'fl • 0 -^ © rQ a % © p 3 5 4 3 2' 7 1 'I 49 3 51 4 74 7 6 1 14 1 3 11 2 1 20 '"'is' 1 23 1 1 61 '51 85 79 113 9 2 3 3 Caiial-boats 2 2 "i P fl 1 . rQ • ft cS 3 a5 0 fl 0 H 1 5 ,2 3 3 7 29 2 30 1 4 13 1 "13' 2 .27 17 8 1 1 315 20 1 • 9 114 6 9 56 51 519 r 1 39 Unknown Totai 5 ...... 5 83 EEPOET OF THE SECEETAEY* OF THE TREASURY. TABLE 32.—Abstract of returns of disasters to vessels on the great lakes during the year ending June 30, 1875, shoiving the tonnage, and distinguishing the number of those totally lost and those partially danmged. 1 © © . cn fl bil r ^ ft © 'in' 'fl 0 B u r d e n of v e s s e l s . 3 "Ti () i i 5 46 1 61 3 82 3 rt ft <1 P 6 5 1 1 1 1 9 70 16 5 7 19 16 15 6 5 2 3 1 1 2 1 2 3 9 97 6 fl 1 0 H 6 cc 3 C3 c P H c3 ~ i i 4 57 ' i "i Ha .a •h 0 0^ i "i p fl rQ ch 6^ 3 1 5 7 4 6 2 3 6 6 2 9 17 3 10 16 10 1 14 14 7 7 17 7 4 1 2 2 5 1 3 2 3 2 4 4 1 3 3 "2 1 1 1 1 2 1 1 1 3 7 '6 8 6 i ci P 6^ 0 •it "0 c3 c H P H P H p Total cn -$ 2 1 'rt o N o t e x c e e d i n g 50 t o n s O v e r 50 t o 100 t o n s O v e r 100 t o 2 0 0 t o n s O v e r 2 0 0 t o 300 t o n s O v e r 300. t o 4 0 0 t o u s O v e r 400 t o 500 t o n s O v e r 500 t o 600 t o u s O v e r 600 t o 700 t o n s O v e r 700 t o ^ O O t o n s O v e r 800 t o 900 t o n s O v e r 9 0 0 t o 1 000 t o n s . O v e r 1 0 0 0 t o 1 100 t o n s O v e r 1 100 t o 1 2 0 0 t o n s O v e r 1 200 t o 1 400 t o n s O v e r 1 400 t o u s Unknown 1 6 a © 0. © S 0 "A rQ ;-rt>5 © .Q P © 0 3 3 3 rt s rt 0 H 0 13 0 'rt 'rt 0 P rt 0 0 p H p P H P c 1 "3 1 -- 5 1 4 7 4 3 5 8 8 1 17 8 14 8 3 4 6 2 2 5 1 2 3 3 5 2 1 1 2 '2 2 1 2 2 ".- '2 2 3 i 4 5 5 2 •7 3 53 2 49 4 5 1 8 1 bt .P 34 41 37 42 08 90 99 107 62 68 22 27 19 16 23 21 9 10 12 12 6 6 5 5 4 4 4 4 6 6 47 47 474 519 1 51 85 113 .79 9 =1 56 9 5 519 NOTE.—In the columns of "partial loss" in this table are included the casualties in which no dama.ge was sustained by the vessels; i'or the nuniber of which, sou appropriate culurau iu Table '20. TABLE 33.—Abstract of returns of disasters to vessels on the great lakes during the year euding June 30, 18/5, showing thenumber of vessels and distinguishing age. © rQ cn P bJO P Age. ^ < Over 3 and not exceeding 7 years O v e r 7 a n d n o t e x c e e d i n g 10 y e a r s O v c ' r 10 a n d n o t e x c e e d i n g 14 y e a r s O v e r 14 a n d n o t e x c e e d i n g 20 y e a r s O v e r 20 a n d n o t e x c e e d i n g 2 5 y e a r s O v e r 2 5 a n d n o t e x c e e d i n g 30 y e a r s O v e r 30 a n d n o t e x c e e d i n g 3 5 y e a r s O v e r 3 5 a n d n o t e x c e e d i n g 40 y e a r s O v e r 40 a n d u o t e x c e e d i n g 4 5 y e a r s O v e r 4 5 a n d n o t e x c e e d i n g 50 y e a r s Unknown '. Total 7 10 8 8 13 2 3 2 11 10 6 9 a ft © CO 6 23 10 10 13 6 2 1 p . O © © rQ P 9 o A s © « fl p 1P .P ft >5 p P 1^ 10 6 8 7 7 4 3 <\ 'ci o H p 13 22 12 12 9 5 1 22 25 17 15 17 3 2 2 \ 1 i 1 2 1 1 2 3 3 1 7 12 13 6 9 3 1 5 6 65 5 9 56 51 519 1 10 13 15 5 10 1 61 51 85 79 113 9 72 116 83 67 78 23 14 1 84 REPORT OF THE SECRETARY OF THE TREASURY. TABLE 34.—Abstract of retiir^ns of disasters to vessels on the great lakes during the year ending June 30,1875, showing the number of vessels and distinguishing their cargoes. Cargoes. r^ 3 16 8 Ballast Fish O r a i n flour a n d p r o v i s i o n s 10 2 2 9 I r o n (railroad) Lumber . Miscellaneous Salt .. Total <1 rQ 9 HI © rQ ft © CO s 17 3 1 6 2 25 8 17 2 o O 16 8 1 15 6 7 1 2 10 ? 3 2 3 6 6 79 5 8 2 3 7 8 4 1 1 5 5 9 61 51 85 I W o o d , b a r k , &.c Unknown 4^ cn D bX) fl 1> © o "A © rQ g © 1 22 6 1 23 5 1 15 14 i fl % rt fl rt rQ ft 4 3 2 2 1 rt 6 c fl 6 1 18 3 14 4 i' 5 2 6 2 12 1 12 2 4 6 5 '5 4 141 41 3 85 22 3 76 96 6 9 22 36 49 56 51 519 1 2 4 7 6 9 1 113 9 9 5 0 H TABLE 3t).—Abstract of returns of disasters to vessels on the great lakes during the year ending June 30, 1875, shoiving the numher of foreign vessels and distinguisliing iheir description. © rQ rQ N a t i o n a l i t y and rig. 'fl Britisli British British British selloonei^ sloop steamer steam-bar^'^e 1 1 T 01 al 2 cn fl bo fl 0 "I S m i> 0 rQ 9 u a G ci Ha p "A i 1 rP' 1 1 1 1 1 — 4 rt <5 05 fl fl 3 H 2 4 1 2 1 2 g TABLE 36.—Ahstract of returns of disasters to vessels on the great lakes during ihe year ending June 30, 1875, showing the numher of vessels and distinguishing the lakes and adjacent waters on which they occurred. Locality. 1 43 © rQ 0 bt) fl © "ft a m 0 2 32 5 4 18 rQ © ,Q a © > 0 a Total : >. 30 7 2 10 29 3 3 8 2 1 44 3 2 18 4 3 3 7 6 5 1 i 4 1 1 2 1 4 1 5 1 2 61 51 85 3 53 6 34 4 1 7 1 rt fl rt i fl 0 fl fl ^-3 ft rQ P p L a k e Superior L a k e Michigan Lake Huron L a k e St. Clair Lake Erie L a k e Ontario Lake Champlain Detroit River Saginaw Hiver St. Clair R i v e r St. L a w r e n c e R i v e r St. M a r y ' s R i v e r S t r a i t s bf M a c k i n a w W e l l a n d Canal Unknown t>s 4 4 23 3 1 32 3 2 2 1 2 14 11 10 2 1 2 3 1 1 'i' 2 1 2 1 79 113 • 5 7 "51 30 11 115 31 1 35 2 15 4 1 7 2 • 9 cz 0 p 9 56 51 519 85 E E P O E T OF T H E SECEETARY OF T H E TEEASUEY. o 89 fl ""^ )A Founderings Strandino"S T^essels collided Other causes .. . • Total . fl oJ ii ll N a t u r e of c a s u a l t i e s . Total number of lives lost. TABLE 37.—Summary—Grreat lakes. o 1o ll H 16 146 207 150 2, 666. 21 54, 686. 96 51,106.68 42,186. 82 9 22 4 10 7 124 203 140 28 519 150, 646. 67 45 474 61 14 19 RIVERS. TABLE 38.—Abstract of returns of disasters to vessels^ on the rivers of ihe United States during the year ending June 30,1875, showing the number and value of vessels and cargoes, and amountof loss to same where known. Total value of vessels. > o OT © fl O fl Month. ?OT fl A July 10 9 August. September .. 8 8 October, Noveitiber . . 8 December .. 9 . 6 January February ... 8 9 Mai'ch April 6 7 May 7 June • ll Total value of cargoes. t o %l | & a "A T o t a l . . - 95 2, 281, 650 :«r^ O fl o ^ fl fl fl 5 > o a "A a fl A 2 $42, 600 1 142, 525 1 2, 650 1 82, 150 135, 700 2 291, 487 616, 400 112, 600 72, 700 187, 250 1,125 " 2 1 69, 500 5 6 4 5 6 8 6 5 5 6 4 *2 Loss to vessels. • ll %% fl fl A $227,150 159, 000 46, 700 115,300 99, 700 158, 800 674, 400 137, 500 178, 000 252, 000 65, 600 167, 500 bXfl "\ 62 1, 756, 687 9 9 7 8 5 8 5 7 9 5 5 7 li Si Loss to car- ©cn +=q goes. §.§ ii- i Cf-i-*^" Jli il fl a < fl fl 0 $37, 615 123, 650 6,470 6,902 20 800 64, 700 28, 425 27, 300 159, 650 247, 500 43, 450 31, 275 2 *15 40 418, 392 2 1 . iX'fl fl l-rt^ -fl-^ ^3fl 2 $25, 067 4 65, 525 1,250 3 2,500 1 6 19, 800 6 21, 0.50 4 95, 400 3 29, 500 5 22, 700 4 135, 000 2 600 1 cn - , o3fl III a < 1 84 797,737 11 OT*= 11 5 3 2 5 2 2 2 3 :::::: ...... 2 3 3 1 32 *In this column are iucluded the casualties in which no damage was sustained by the vessel; for the number of which see apiDropriate column in Table 39. TABLE 39.—Ahstract of returns of disasters to vessels on the rivers of the United States during the year ending June 30, 1875, shoiving the number of vessels totally lost, the number damaged, aggregate tonnage of vessels totally lost, numher of xjassengers and crew, and number of lives lost. t - <A ©•43 ^"^ m-*-> l^o2 "^^ m ft . —' 0 13+^ '^ fl g fl Month. q_|.rH Q b t ^ |S5 "A July A u f i i s t -. September October Noveniber December January . February March April May June - .. 4 3 4 1 2 2 . ..• Total " V 0 .2 9 SSi o|4 ' ? ffl;:::^ , Q rt 05 fl^' rt ^ © oif II- flg^ "A . gs OT"© fl += 0 ^ 10 • H ^ 1 1 1 1 5 5 1 3 6 7 3 8 6 6 4 7 4 1 .5 4 32 61 7 1 1 -•.' 5^ ft <+- 0 0 -^^ o- 5 SH" a bx) fl fl 3 © 7 100 -'^ J_, 0 3 9^ 0 Mi 3,2 •fl fl 0 .H 10 10 8 9 9 9 6 9 9 7 7 1 -fe 0 0 . H H • 553. 21 2, 006. 05 235. 12 284. 47 116. 81 408. 21 600. 51 90.79 1, 597. 59 5, 912. 58 648. 24 683. 62 204 217 40 54 147 154 214 92 181 203 93 108 261 88 3 SG 4 93 195 91 28 45 85 . 45 100 2 24 13,137. 20 1,707 1, 035 5 19 .16 125 <S6 REPORT OF THE SECRETARY OF THE TREASURY. TABLE 40.—Abstract of reiurns of disasters to vessels on the rivers of the Uniied States during the year ending June 30, 1875, showing the nnmber of vessels and cargoes insured and uninsured, and the amount of insurance ivhere known. N u m b e r of vessels and cargoes r e p o r t e d to b e i n s u r e d a n d a m o u n t of i n s u r a n c e . Cargoes. , Vessels. Month. c © fl. o O P N u m b e r of vessels a n d cargoes reported not insured. N u r a b e r of vessels and c argoes, whether i n s u r e d or not, u n k ' n . < 36 Total 21,150 .5, 000 190,000 655, 000 51,000 65, 000 187, 000 $113, 500 70, 800 4,000 69. 650 58, .500 235, OCO 688, 000 122, 600 146, 000 297, 000 25, 000 15. 000 1,203,150 1, 845, 050 $21,.500 7, 500 $92, 63, 4, 48. 53, 45, 33, 71, 81, 110, 25, 15, .July August September . October November . December . January ... February .. March April May June.- 641, 900 TABLE 41.—Ahstract of returns of disasters fo vessels on the rivers of the Uniied States during the year ending June 30, 1875, showing the numher of vessels, and distinguishing the nature of each casualty. C31 . flo rS © © Month. fl ao f=^ July August. _ September October November December January February M a r c h '. April M a v'^ T June Total . . . © TS i --J . 1 ... .. * • 3 3 1 1 ..... 1 1 3 2 1 J 1 o O m 2 1 2 7 16 fl m 4 2 4 4 4 2 2 22 © "5 ft O t PH 3 4 1 ^ 2 2 1 2 1 1 1 3 2 1 2 1 3 2 22 13 20 3 4 1 2 4 3o H 10 10 8 9 9 9 6 9 9 7 7 7 100 EEPOET OF T H E SECEETAEY OF T H E 87 TEEASUEY. TABLE 42.—Ahstract of returns of disasters (excluding collisions) to vessels on the rivers of the United States during the year ending June 30, 1875, showing the number of vessels and distinguishing the cause of each casualty. © rQ Class a n d cause of disaster. p b£ fl < C L A S S 1.—Arising f r o m stress of weather : Foundeied Stranded Decks swept Blown against pickets at landing, aud sunk ., D i s m a s t e d l e s t sails &c 9 S © ft © © rQ rQ 9 s o "A > . 1g rQ fl fl <i3 fl fl ft I 1 1 1 — 1 ~ • 1 2 ;== " • ^^ 1 1 — " Total Class 'i.—Arising from, defects i n vessels or equipments: 0 verloading C L A S S 4.—Arising f r o m other causes : Fire S t r u c k b y li<'"htnino' Boi ler exploded Struck snag Sprung a leak . H i g h tides Misstayed Scuttled . .. Fog C u t t h r o u g h b y ice C a r r i e d a s h o r e b y drift-ice T o w e d acrainst d r a w R i s e in r i v e r a n d c h a n g e in c u r r e n t Br'oke shafts Miscellaneous . . 1 1 1 1 3 — ^ 1 1 1 4 2 4 1 4 1 3 1 1 1 1 1 1 1 2 1 1 2 ... 1 1 1 "2 1 1 1 Total 7 6 4 5 Unknown 3 9 5 "e" "s" 4 5 5 7 5 5 66 "T 7 •7 78 3 ~9~ 9 13 3 4 22 4 1 1 1 3 5 1 1 1 1 5 5 ~2~ 1 2 1 2 2 ; • - • 1 1 1 1 1 6 1 = 1 1 4 1 11 1 — = Total 1 2 1 1 1 1 C L A S S 2.—Arising f r o m carelessness, inattention, ignorance, c6c. ; E r r o r in bearing's I g n o r a n c e of p i l o t rt '0 § 1 Total Aggregate i TABLE 43.—Abstract of returns of disasters to vessels on the rivers of the United States during the year ending June 30,1875, showing the number of vessels collided, and distinguishing tlie cause of each collision. 4^ Cause. 9 cn fl bfl fl ^ E r r o r in s t e e r i n g . Not stated 2 2 2 Total 4 2 9 ft xn 1 % % a © > i cA fl 1 g rQ rfl 4 4 4 4 4 — o5 fl fl 3- ft 2 2 4 18 2 2 22 0 4 % ^ © 88 REPORT OF THE SECRETARY OF THE TREASURY. TABLE 44.—Abstract of returns of disasters to vessels on the rivers of the United Staies during the year ending June 30,1875, sliowing the number of vessels and distinguisliing iheir description. © D e s c r i p t i o n of vessels. 9 fl bn fl 3 1-3 1 1 < o 1 1 Barges Barks Brigs Canal-boats Canoes Schooners Sloops Ships . . . Stearaers Unknown © ,Q 9 a © > u 1 8 o "A fi rfl* i rQ ra ft © fl fl Ha 1 O 2 2 1 1 1 2 2 2 1 1 3 1 23 7 8 4 5 5 1 65 9 9 7 7 7 100 1 3 Total 1 1 1 1 2 4 rt 1 1 1 7 8 3 2 1 6 1 7 1 3 10 10 8 9 9 9 6 ^ TABLE 45.—Ahstract of returns of disasters to vessels on the rivers ofthe United States during the year endingrJune 30, 1875, showing the tonnage and distinguishing tlie number of > totally lost and those partially damaged. *5 © rQ 3 bC s p.; ,Q a a rQ 0 .2 fi i1 i '^ OT O I i fl i 1 a AH o PH 1 2 1— 1 1 "2 2 1 1 3 i 1 'i 1 i 2 1 1 1 rt >. ^ ft OT 0^ 1H 1 1 1 1 1 1 rt 0 2 1 2 i [rt rt rt H 1 2 1 1 i 1 1 1 2 2 i i 1 1 1 .. 1 1 .. - • .. '2 i "' 1 10 10 8 9 9 9 6 9 9 7 0 9 5 4 1 1 2 1 3 1 1 11 13 12 9 6 1 3 1 bX) bX) 20 IS 16 10 7 3 4 3 4 2 1 1 2 4 4 1 32 68 100 3 7 7 1 6 3 .2 1 1 i 1 1 3 3 1 1 1 ' 4 6 3 7 4 4 1 8 2 7 2 7 1 5 1 8 5 4 5 2 1 Total •© H P3 i '2 1 .. ii OT 3 rt 3 i 1 •J i rt H '5 1 o5 fl fl OT 1 i i o itSTot exceeding 50 t o n s Over 50 to 100 t o n s . . . . O v e r 100 to 200 t o n s O v e r 200 to 300 t o n s O v e r 300 t o 400 t o n s Over 400 to 500 t o n s Over 500 to 600'tons O v e r 600 to 700 t o n s 0%^er 700 to 800 t o n s Over 800 to 900 t o n s O v e r 900 t o 1,000 t o n s O v e r 1,000 to 1,100 t o n s O v e r 1,100 to 1,200 t o n s O v e r 1 200 t o 1 400 t o n s Over 1400 t o n s Unknown fl ^•0 B u r d e n of vessels. OT rt rt © 100 NOTE.—In the columns of "partial loss" in this table are included the casualties in which the vessels sustained no damage ; for the number of which see the appropriate column in Table 39. 6 89 EEPOET OF THE SECEETARY OF THE TEEASURY. TABLE 46.—Abstract of returns of disasters to vessels on the rivers of the United States during the year ending June 30, 1875, showing the numher of vessels and distinguishing age. Ma Age. "fl Not exceeding 3 years . Over 3 and not exceeding 7 years Over 7 and not exceeding 10 years Over 10 and not exceeding 14 years Over 14 and not exceeding 20 years Over 20 and not exceeding 25 years Over 25 and not exceeding 30 years Over 30 and not exceeding 35 years Over 35 and not exceeding 40 years Over 40 and not exceedino' 45 years Over 45 and not exceeding 50 years Unknown 2 1 2 3 1 1 be fl < © ft © CO 1 1 s o> oa o © o o2 2 1 3 3 rQ 2 3 3 2 2 4 1 pa © 4 rQ fi 3 3 1 rfl* 1- ft 3 2 2 1 1 1 1 <A "2 1 1 © fl 3 yo> H 2 3 19 30 18 11 1 1 1 fl © 1 .• 4 5 2 1 2 1 1 1 Total 10 10 1 9 9 8 9 6 9 ~9~ 7 3 T 1 8 7 100 TABLE 47.—Abstract of returns of disasters to vessels on the rivers of the United States during the year ending June 30, 1875, showing the number of vessels and distinguishing their cargoes. • 4i OT Cargoes. 'fl fl bJO fl S-l © rQ © rQ rQ ft © s 0 Ballast Brick Building-material Cement Coal Cotton Fish G-eneral cargo Grain, flour, provisions, &c Hay Iron, railway Lira e Lumber Manure Merchandise . . . ^ Miscellaneous ...~. Oysters Salt Sugar and molasses Unknown 3 3 1 3 1 1 3 1 2 1 fl S 1 © ,Q i0 © 11 1 'S fl fi 2 3 2 3 "2" 1 ^ ^ «5 fl fl 1 4 1 1 1 1 .... 1 1 1 2 1 1 2 2 1 1 1 1 1 1 2 1 "i' 1 1 1 2 1 Total ' 10 10 ^ "s" 1 1 1 1 9 9 9 1 1 6 9 9 7 7 27 1 1 1 9 9 1 1 14 2 1 1 3 1 s 7 1 4 3 5 1 1 "0 H 7' 100 TABLE 48.—Abstract of returns of disasters to vessels on the rivers of the United States during the year ending June 30, 1875, showing the numher of foreign vessels, and distinguishing^ their descrixHion. © rQ Nationality and rig. r ^ 'fl Norwegian bark , Total fco fl a u 0 0 11 1 1 © rQ a> 0 [2; c ^ rQ © fi cA S fl fl (A ^ ci PH. ft <1 ^ ^ fl 1 1 -— 1 90 R E P O R T OF T H E SECRETARY OF T H E TREASURY. TABLIC 49.—Abstract of returns of disasters to vessels on the rivers of the United States during the year ending June 30,1875, distinguishing the rivers on which they occurred. © rQ rQ Rivers. "OT 'a Bari'en, (TCentucky) Champlain Canal Chattahoochee Colorado, (Arizona) Columbia Del a w a r e ." Elizabeth Escambia Green Hudson James Mississippi Missouri Nansemond Ohio Oswegatchie Pascagoula . Patapsco Penobscot Piankitank Pohick Creek Potomac Rapnahannock • Red,'(Arkansas) S a i n t M a r y ' s , (Florida) Sassafras Sheepscott Suwanee Tensas Thames . . . . Wabash Willamette : X o r k (Maine) **. Unknown Total a© © <5- a a 3 rQ © fl 9 © o © (n 9 a s fl fi o rfl o M rt >, ft i < PH 3 © § o H 1 1 1 1 2 2 8 o 1 1 9 3 95 3 1 8 1 1 1 1 2 1 1 2 2 3 1 1 2 2- 1 1 1 3 1 1 1 2 2 4 1 4 3 1 — 1 1 1 '1 2 2 1 1 1 1 1 \ . . 1 1 1 1 1 10 . . 10 6 9 9 8 9 9 7 7 7 100 TABLE 50.—Summary—Eivers. S k © ,Q C4-I O OT N a t u r e of c a s u a l t i e s . a OT §a p 3 ©'^ r Q "^ afl o ^ Founderings S t r a n d i n g s '. Vessels collided Other causes • Total ... .... .... . . . . • H n^ O OT OT © > '- •sg o.^: ^ o <^r2 rQ o H fk ts fl \A <A fl a 856. 55 6, 764. 47 6, 742. 74 22, 233. OS 4 3 4 21 3 13 18 34 24 22 55 100 36, 596. 84 32 68 125 7 16 . . fl P OT o 2 99 91 RKPORT OF THE SECRETARY OF THE TREASURY. AT SEA AND IN FOREIGN AVATERS. TA])1.]C 51.—Abstract of returns of disasters to American vessels at sea or in foreign waters during the year ending June 30, 1875, showing the numher and value of vessels and cargoes, and amount of loss to sam.e ivhere known. T o t a l v a l u e flfl of A»essels. T o t a l v a l u e fl of cargoes. fl ofl _fl L o s s to ves- _o sels a . > jn II "© Mouth. / k © rQ fl o 9 fl July Au*^ust September October Noveniber Deceniber January l.t'ebruary M a r c h .'. April May June Unknown a 207 bO si a 6, 362, 350 fl A "A < 12 9 13 12 16 19 10 10 13 15 6 7 $420, 000 224, 700 100, 900 160,875 227, 700 667, 350 656, 302 498, 647 942, 300 826, 602 52,100 57, 700 18 142 4, 835,176 flfl 0 a 17 12 19 15 19 23 18 18 17 16 13 14 1 $4.36, 9.50 406, 920 163,550 118,150 256, 400 607, 235 167, 993 299, 650 115,450 74, 820 122, 494 119, 930 25, 000 49 202 2,914,542 1 3 "4 1 3 9 5 6 "e" 9 2 biUfl © f= 0 Cw 0 © « "A A © fl © k"fl afl fl 3 Oriil d d 0 © rQ o 3 a 3 4 G3 > a 2 2 2 l| r2 '© o © rQ rS 18 ^644, 000 371, 700 10 19 959, 050 15 269, 700 20 469, 800 22 775, 800 23 1, 236, 000 18 429, 300 19 312, 500 16 314,000 11 321, 300 14 231, 700 2 27, 500 Total © +? fl Bfl a fl OT.§ d o L o s s t o cargoes. © bO a afl A A © rQ 2 2 1 "5' 1 3 1 4 1 1 *22 sl rQ 0 a 2 ® •sl fl fl a 7 8 7 6 12 17 9 7 10 5 5 5 $147, 800 174, 700 10, 575 12, 650 66, 050 214, 250 74, 327 211,397 47, 967 , 80, 8U0 19, 900 33, 200 fl 1 98 1, 093, 616 2^ 5bc 6 4 6 9 5 5 9 5 8 10 7 10 1 85 8 * In this column are included the casualties in which no damage was sustained by the vessels; fo the uumber of which see appropriate column in Table 52. TABLE 52.—Ahstract of returns of disasters to Anierican vessels at sea or in foreign waters during ihe year ending June 30, 1875, showing the number of vessels totally lost, the numher damaged, aggregate tonnage of vessels totally lost, number of passengers and. crew, and.number of lives lost. fcn cn 'r. 0 November December Januarv February March April May June' . . - .... .' .... Total fl CH '^fl ^0 II § fl g.a 0 rS-5f a fl 0 a 3; 0 % "A H ' 12 1 1? "i 6 10 3 4 8 11 4 12 . 6 2 4 8 • 1 12 11 12 20 7 13 14 9 9 1 79 139 is 2g. OT a ^.Sr.^ "A July August September © ll 0 " © fl © •^'^% k ?^ fl f- -—1 1; .is Month. 0 OT'"' 1 1 1 1 1 7 cz 19 12 21 17 20 23 24 19 20 16 14 18 2 225 ll 0 BH 4,052. 15 6, 609. 95 139. 27 1, .591. 02 3, 535. 36 8, 435. 95 1, 805. 89 4, 803. 35 1, 430. 55 985. 80 1, 250.15 2, 206. 76 492. 56 ' 37,338.76 k fl k •J ^1 ft CM 0 1 afl ,Q a bo ^ 9 ^ fl fl fl fl ^1 0.2 H " 0 0 H • 271 231 369 178 250 373 389 242 194 189 153 160 28 3 27 4 9 10 432 52 28 3,027 686 2.3 91 1 H 1 9 2 10 465 1 40 3 1 13 10 555 92 REPORT OF THE SECRETARY OF THE TREASURY. TABLE 53.—Abstract of returns of disasters to American vessels at sea or in foreign waters during the year ending June 30,1875, showing the numher of vessels and cargoes insured and umnsured, and the amount of insurance where known. Number of vessels and cargoes reported to be insured aud amount of insurance. * bJO^ Month. a © fl o O fl Cargoes. Vessels. ci fl o ^ 3rtftOT a A'S f "A No. No, July August September . October November . Deceraber . January . . . February . . March April May Juiie Unknown.. $428, 000 294, 000 354, .525 Total 2, 751,136 Car- Ves- Carsels. goes. sels. soes. Amount. $54. 68, •71, 99, 74, 208, 243, 431, 432. 62, 250 273, 150 319, 575 343, 000 224, 698 119,600 128, 000 58, 575 125, 763 20, 000 $482,100 362, 500 425, 725 161, 6.50 347, 950 528, 475 586, 008 656, 495 551, 600 238, 652 72, 475 133, 663 20, 000 no; 13, 7, 1, 816,157 4, 567, 293 66 32 25 85 TABLE 54.—Ahstract of returns of disasters to American vessels at sea o r i n foreign wa'.ers during the year ending June 30, 1875, distinguishing the nature of each casualty. i Nature of casualties. 'fl Foundered Stranded 13 1 Collided Fire Capsized Lost sails, rigging, anchor, cables, rudder. 2 Dismasted AVater-logged Spi"ung a leak . . . . 3 Miscellaneous Never heard from Abandoned Unknown Total 19 cn fl bC fl sfta S3 1 © 1 3 2 3 6 4 2 2 5 rQ rQ a a <o © o fi 3 5 3 3 1 3 1 k ^ 1- ki 1 A fl 2 7 3 6 1 fl i 21 17 20 23 ft 1 fl r« 0 2 . 1 4 ""3' 3 2 I 1 8 7 4 2 .8 1 1 4 2 1 1 20 16 1 1 1 24 19 3 fl < 2 i2 © fl fl 14 18 2 14 64 28 7 2 35 11 I 31 21 5 2 4 225 93 EEPOET OF THE SECEETAEY OP THE TEEASUEY. TABLE 55.—Ahstract of returns of disasters (excluding collisions) to American vessels at sea or in foreign waters during-the year ending June 30, 1875, shoiving the numher of vessels and distinguishing the cause of each casualty. OT 3 bfl 3 'fl C L A S S 1.—Arising f r o m stress ofiveather: Sti'anded . . . . Foundered Decks swept Struck a wreck . ... A b a n d o n e d in s i n k i n g c o n d i t i o n L o s s of cargo a n d life Capsized P u m p s o u t of o r d e r S p r u n g a leak D a m a g e d h u l l or r i g g i n g , r u d d e r . Total C L . \ S S 2.—Arising f r o m carelessness, inattention, ignorance, (Gc. •: Carelessness E r r o r of j u d g m e n t E r r o r , neglect, or i n c o m p e t e n c y of pilot E r r o r , neglect, or i n c o m p e t e n c y of master Total < 1 Total C L A S S 4.—Arising f r o m other causee: T h i c k a n d foggy w e a t h e r Strong currents and light winds C a r r i e d ashore by ice Accidental Dragged anchor Shifted cargo Spontaneous combustion Misstayed S t r u c k ' by l i g h t n i n g Fire Sprung a leak D i s p l a c e m e n t of b u o y N e v e r h e a r d from after s a i l i n g Total . . ... o O 1 k O 'A fl' ki a u 03 s fl fl rfl' fl ^ ^ ;H rQ ft 0 fl 0 .fl risi fl fi 2 1 2 "2 1 2 "1 1 1 1 2 1 1 1 1 5 1 1 1 2 3 7 3 4 5 4 2 6 9 5 1 5 4 12 10 12 10 12 7 11 11 9 4 2 1 1 1 4 3 5 1 1 , 2 .--.. == =;=; 3 3 1 3 2 3 .... 1 1 2 10 1 r 1 1 1 4 2 1 9 1 15 5 1 1 1 2 3 3 2 3 5 1 5 1 1 3 1 1 4 —— "= 2 1 1 2 1 2 1 1 — 1 1 3 2 1 1 4 1 1 1 1 1 3 1 1 1 1 3 18 10 1 "".\ — 1 3 1 1 1 1 1 1 1 3 1 1 2 6 3 9 2 1 1 4 2 3 1 2 17 "le" ~22" 19 IF 17 14 3 5 51 107 3 2 i 12 7 5 1 2 1 2 2 24 2 1 1 4 Affffreeate 4 B 53 ,Q 1 4 Unknown I © rO © rQ 1 1 C L A S S 3.—Arising f r o m defects i n vessels or equipments : C h r o n o m e t e r o u t of o r d e r Leaky ... E r r o r iu compass Defective charts Hull worm-eaten .. .. "i . PH © Class a n d c a u s e of d i s a s t e r . 12 5 1 47 2 24 11 197 94 REPORT OF THE SECRETARY OF THE TREASURY, TABLE 56.—Ahstract of returns of disasters to American vessels at sea or in foreign waters during ihe year ending June 30, 1875, shoiving the number of vessels collided and distinguishing the cause of each collision. « rfl § o 'ft li H P^ ks .. September October November December Januarv February. March April May <^ane " bX) O a '-^ n bJC B.3 Mon th. July k. be ^ Its, 1 ^ fl 3 U • '© 'Ci O p © P=; 2H a o rfl .bfl k: k "fl w fi '3 fl riiJ • fl rt H P 1 . . . 1 2 , 1 1 1 1 2 4 1 1 1 1 5' 1 2 3 3 2 2 7 10 28- 1 ^ 2 1 1 2 2 ' Total 2 2 4 3 1 5 2 2 1 TABLE 57.—Abstract of returns of disasters to American- vessels at sea or in foreign watersduring the year ending June 30, 1875, showing the iiumber of vessels and distinguishing their description. y D e s c r i p t i o n of vessel. OT 'fl 3 bC 3 < 4 3 7 4 1 1 1 Schooners Ships Steamers . . . . . . Total 19 12 Barks 5 fl © 1 o o O >-. 'J* © rQ © rQ 9 o "A ,Q © ' fi ci, 3 fl ct ci fl rQ © fl* o i. ft k. •<1 PR 3 3 9 5 1 4 4 7 2 4 4 6 6 4 5 10 3 1 6 3 7 f) 2 5 2 7 5 6 4 7 2 21 17 20 23 24 19 © fl fl fl r ^ 3' fl P 1 5 2 6 2 1 2 2 8 4 1 13 1 1 20 16 14 18 3 1 1 48 34 qo 40 (j 2 2^5- 95 EEPOET OF TllE SECEETAEY OF THE TEEASUEY. TABLE 58.—Abstract of returns of disasters to American vessels at sea or in foreign waters during theyear ending June 30,1875, showing the tonnage and distinguishing the numher. of those totally lost and those partially damaged. ' B u r d e n of vessels. 1i _o 3 o H a OT % i '+3 6^ 0 3 Ik 0 a 9 H 0 0 t i 1 i 2 1 1 2 '2 1 1 2 1 19 ~ ^'> 1 2 2 2 3 -- 1 6 •- fl 13 31 i 1 0 H 2 OT OT H I H 1 1 '2 '2 '5 3 1 1 2 1 3 i H H 5 20 13 5 6 7 2 1 3 2 3 2 3 3 4 -- • • i i 1 3 i rt i 4 20 1 23 04 19 c5 "i bJ3 1 2 3 11 18 23 21 17 5 5 1 5 6 6 6 3 13 3 1 bO < 8 31 31 28 07 24 7 6 4 7 98 9 6 17 3 5 9 8 10 1 1 79 146 225 14 16 00 OT a i rS a _2 30 3 2 1 17 r^ 3 OT '2 18 4 13! 8 12:11 12 4 20 12 7 6 14 2 91 •<© P 1 2 2 1 'i "i i 1 1 .6 13 9 3 Total .. i 1 11 1 1 i 1 rt 0 0 rt H P. H 0 H rH i ft <1 cn OT 1 "^ .2 13 3 "rt 3 H 2 rt 0 H '1 ..11 2 "2 2 "3 1 1' 1 1 5 3i.. 1 1 1 .3 3 '2 2 2 1 2 1 "2 2 2 i rQ OT 0 fl rQ ft ••—I N o t e x c e e d i n g 50 t o u s O v e r 50 t o 100 t o u s Over 100 t o 200 t o n s Over 200 to 300 t o n s '. Ovei- 300 t o 400 t o n s Over 400 to 500 t o n s Over 500 to 600 t o n s Over 600 to 700 tons Over .rOO t o 800 t o n s Over 800 t o 900 t o n s Over 900 t o 1,000 t o n s Over 1,000 t o 1,100 t o n s Over 1,100 t o 1,200 t o n s Over 1,200 to 1,400 t o n s Over 1,400 t o n s Unknown . . . . . g fl fl rt 0 A 1 rt rQ fl ' S 0 © 6^ fl" © © rQ © bi) s <1 »-3 OT 1a 18 225 0 NOTE.—In the columns <'f "partial loss " iu this table are included the casualties in which the vessels sustained no damage, for the nuuiber of which see appropriate column iu Table 52. TABLE o^.—AJ)stract of reiurns of disasters io American vessels at sea or in foreign waters during the year ending^ June 30, 1875, distinguishing age. 14 1 Age. ^^ 3 6 1 5 2 Over 10 a n d n o t e x c e e d i n g 14 y e a r s Over 14 a n d n o t e x c e e d i n g 20 y e a r s Over 20 a n d n o t e x c e e d i n g 25 y e a r s 2 5 1 3 Over 30 a n d n o t e x c e e d i n g 35 y e a r s ... N o t exceediug 3 years Over 3 a n d u o t e x c e e d i n g 7 y e a r s Total .- 19 rQ 3 i 0 © .Q "ft m 0 11 0 3 3 3 0 3 2 rQ i r 3 5 2 2 5 2 1 © rQ © fi 2 6 5 3 2 1 2 fl 1 1 '1 fl ci Ha 4 6 6 4 3 .... rQ r^ PR 4 3 2 4 4 1 1 1 1 1 2 1 12 21 17 4 4 3 3 3 1 23 kl © fl 24 19 20 fl P 4 2 5 6 5 3 3 1 2 "2 1 1 "l 3 2 2 1 2 1 1 20 ft. 0 fl 1 • rt "o H 36 59 31 25 31 . 18 9 5 3 1 2 16 1 14 18 7 2 ^ 96 REPORT OF TI-IE SECRETARY OF THE TREASURY. TABLE 60.—Ahstract oj returns of disasters to American vessels at sea or in foreign waters during the year ending June 30, 1875, showing tht number of vessels, and distinguishing cargoes. fl •i Cargoes. ks 'fl Ha Ballast Cattle Coal, &c • Cocoa coffee a n d s u ^ a r Cooperage . Cotton Fish.. F r u i t &c . .. . ... fl < rQ k. a fl 3 rS 3 fi 1 5 4 1 2 1 .... 2 .... 4 2 4 1 1 3 1 3 4 1 1 2 rQ rQ a© 11 i k O O 6 .... 8 2 1 4 1 1 1 3 rt fl rfl 1 1 1 1 0 fl fl 0 fl rti! 2 2 34 1 22 3 1 8 15 11 25 5 1 • 1 1 21 1 1 8 7 7 1 1 1 10 1 2 o| 1 1 6 2 5 2 1 1 .. 1 2 1 2 1 . G-uano, Ice Lead . L i n s e e d g u n n y - b a g s , &c Lumber Machinery. M a r b l e &.c Oil Outfit for fishing Petroleum .. . i 1 1 2 1 1 3 4 1 2 1 1 3 1 3 1 1 1 2 1 .... 1 2 1 1 1 2 1 2 2 1 2 1 "2 3 ""2" 2 3 2 1 1 R a i Iroad-iron Rubber aud peanuts Salt . . Soda Soda a s h a n d c e m e n t Sugar and molasses 1 - 1 . . . . 1 2 1 1 .... 1 1 1 1 "i 1 2 3 1 1 5 1 T r e a s u r e , U n i t e d S t a t e s m a i l , &c Unknown Vegetables W h e a t a n d flour . 1 2 3 1 3 19 Total 5 12 21 17 20 23 24 19 1 1 1 20 16 14 18 2 225 TABLE 61.—Summary—At sea and in foreign waters S k CM N a t u r e of c a s u a l t i e s . ® OT ^ a 1 P S'S afl fl-2 ^ O T ^ F o u u derin ' ' " s . . O t h e r causes Total 14 64 28 119 225 0^ "0 0 H H ^ 2" OT 1^ %S PH k Sri ,Q a ,C3 ^25 522. 63 505.1 074. 88 881. 27 14 37 6 22 27 22 97 42 6 9 498 121, 983. 94 79 146 555 5, 33, 18, 64, 97 EEPOET OF THE SECEETAEY OF THE TEEASUEY. T.VBLE 62.—General summary. r^a O ci ©4^ N a t u r e of c a s u a l t i e s . 3^*?n' Founderings: A t l a n t i c a n d Grulf coasts . . . Pacific coast Great lakes Rivers A t s e a or in foreign w a t e r s . 27 3, 096. 56 249. 82 2,666.21 856. 55 5, 522. 63 Total. 14 24 42 12,391.77 Strandings: A t l a n t i c a n d Gulf c o a s t s . . . Pacific coast Great lakes Rivers A t sea or in foreign w a t e r s . 299 23 146 16 64 Total. Vessels collided: A t l a n t i c a n d Gulf coasts . . . Pacific coast G r e a t lakes Rivers A t s e a or in foreign w a t e r s . 67, 307. 28 9,165.74 54, 686. 96 6, 764. 47 33, 505.16 218 11 124 J3 27 26 4 19 548 171,429.61 393 55 212 8 207 22 28 202 7 203 18 22 Total. 58, 396.15 3, 261. 32 51, 106.68 6, 742. 74 18, 074. 88 Total. 9 30 137, 581. 77 Other causes: A t l a n t i c and Gulf coasts . . . Pacific coast Great lakes Riveis A t sea or i u foreign w a t e r s . 0 175 6 150 55 119 34, 20p. 77 939. 64 42, 186. 82 22, 233. 08 64, 881. 27 141 1 140 34 97 •57 14 28 99 498 .505 164, 444. 58 413 696 568 19 474 68 146 129 18 61 125 555 Griind total. RECAPITULATION. 703 40 519 100 225 163, 003. 76 13.616.52 1.50. 646. 67 36, 596. 84 121,983.94 1,587 485, 847. 73 A t l a n t i c a n d Gulf c o a s t s . . . Pacific coast G r e a t lakes Rivers A t sea or iu foreign w a t e r s . Total. Atlantic a n d Gulf coasts. T o t a l v a l u e v e s s e l s involved $10, 429, 330 T o t a l v a l u e cargoes i n v o l v e d 5, 458, 446 Pacific coast. Great lakes. | 1 , 098, 300 $10, 324, 400 181, 050 3,191, 065 Aggregate 135 21 45 32 79 Rivers. A t sea or in foreign waters. Aggregate. $2, 281, 650 1, 756, 687 $6, 362, 350 4, 835,176 $30, 496, 030 15,422,424 4, 038, 337 11,197, 526 45, 918, 454 T o t a l i n s u r a n c e on v e s s e l s . . T o t a l i n s u r a n c e on c a r g o e s . 2. 573, 962 1, 325, 897 228, 500 45,700 4,122, 690 1, 467, 440 • 641,900 1, 203,150 2, 751,136 1, 816, 157 10,318,188 5, 858, 344 3, 899, 859 274, 200 5, 590,130 1, 845, 050 T o t a l losses to v e s s e l s . T o t a l losses to c a r g o e s . 2,192, 935 584, 897 570,450 21, 775 947, 284 565,040 797, 737 418, 392 2,914,542 1, 09.3, 616 7, 422, 948 2, 683, 720 4, U08,158 10,106, 668 2, 777, 832 592, 225 1,512,324 1,216,129 T o t a l t o n n a g e v e s ' l s involv'd 163, 003. 76 T o t a l t o n n a g e vessels l o s t . . . 21, 423.19 13,616.52 5, 638. 53 150, 646. 67 24, 974. 53 3(^, 596. 84 13,137. 20 Aggregate T2T, 983. 94 ~485, 847. 73 37, 338. 76 102, 512. 21 * I n a d d i t i o n to t h e n u m b e r of l i v e s lost h e r e r e p o r t e d , 73 lives w e r e lost in cases w h e r e n o o t h e r c a s u a l t y o c c u r r e d to t h e v e s s e l , m a k i n g t h o t o t a l n u m b e r of l i v e s lost 961. 7F • TABLE 63.— Wrecks and casualties on and near the coasts and on ihe rivers of ihe United States, involving loss of life, during the year ending June 30,1875, in four divisions, viz: (1.) Founderings; (2.) Strandings; (3.) Collisions; and (i.) Casualties from other causes; showing in each case, when known, the description of the vessel and /^e?' cargo, the nuniber of lives lost, and the date and place of disaster, ^"c. CO CX) (1.) FOUNDERINGS t — •• i i k O ,Q N a m e of vessel. Cw O a fl D e s c r i p t i o n of vessel. Tens. I ' o r t sailed from. P o r t b o u n d to. ^.a3 P l a c e of d i s a s t e r . N a t u r e of cargo. rQ"^ 3 •© fi • o A 1874. S e p t . 28 Oct. 29 Amanda Winnants . Lotta Bernard 808 15635 Araerican steamer. do . 163. 93 147. 00 New Tork Canada 29 31 N o v . 17 D e c . 13 General Sherman ... Wanderer Empire Amity 10630 6262 8881 186 American American American American barge... schooner steamer. bark 16a 87 262. 39 203. 66 922. 73 Bay City .. .: Clevelaud Bellin ville, O n t a r i o B u r a s s e t t l e m e n t . . N e w Orieaus Philadelphia Antwerp, Belgium Robert Pettis G. G. K i d d e r 21954 10295 A m e r i c a n schooner do 65.58 66.32 Little John 15498 Consuello M a r y and Eliza Lelia M. Long 4572 17110 14598 14 1875. Mar. 1 May June 1 16 do do do American bark ia40 132. 65 183. 28 610. 30 Rappahannock Grand Banks, Newfoundland. Smith's Island, Virginia. Cleveland Savannah N e w Castle, S o u t h Wales. K e y AVest Du Luth Total.. ..do .. W r e c k i n g outfit. 15 F l o u r a n d fish . . 3 . do ..do ... Partial Total.. L u m b e r a n d salt 1 5 Stone 24 Sugar 16 Petroleum Oysters Fish 5 13 . . d o . . . 03'sters 3 . . d o . . . Stone Toledo Damariscotta, Me . ..do . . . L u m b e r H o n g - K o n g , C h i n a . . d o . . . Coal 5 4 13 P r o v i d e n c e , R. I . . P a r t i a l Gloucester, M a s s . - T o t a L . Baltiraore Total: Vessels, 12 ; tons, 2,945.11; total losses, 10 ; partial losses, 2 ; lives lost, 107. Ofi" G e o r g e t o w n , S. C. Abreast E n c a m p m e n t Island, L a k e Superior. Fairport, Lake Erie. Ofi" L o n g P o i n t , L a k e E r i e . N e w Orieaus. L a t i t u d e 50° 24' n o r t h , l o n g i t u d e 10° 10' w e s t ; a t sea. Dutch Island. Rhode Island. N e v e r lieajd from. O Between Barn Island and J a r a e s Point, Chesapeake Bay. Near Kellev's Island. N e a r Cape Hatteras. A t sea. H PO d po TABLE 63.— Wrecks and casualties on and near the coasts and on the rivers of the United States, cfc.—Continuecl. • (2.) S T R A N D I N G S . ;S o g - ^ OT D e s c r i p t i o n of v e s sel. N a m e of vessel. 2^r§ Tons. P o r t sailed from. P o r t b o u n d to. rfl.S-2 N a t u r e of cargo. P l a c e of d i s a s t e r . o 1 bD"g -^ 9 ft 1874. J u l v 28 A u g . 20 27 Sept. 7 Sophia H a n s o n . Asa Bigelow... Swampscot May Bride Oct. Rescue 3 115007 A m e r i c a n sobooner 1938 . - . . d o 22191 A m e r i c a n scow A m e r i c a n schoonerl 21645 A m e r i c a n steamtug. A m e r i c a n schooner] 152. 95 8 a 68 22, 88 7.00 Baltiraore T u r k ' s Island N e w Haven, Conn. Maiden, N. Y Portsmouth, N . H. Newburyp't, Mass Fishing Cape Porpoise 139. 09 SanFrancisco Cruising 96.75 Muskegon Chicago. Antwerp . Detroit St. J o h n ' s Chicago Cardiff, E n g l a n d . Oswego Boston Oswego Port Huron Port Townsend, AVash. T e r . Fairport ..do .. Adelaide, South . . d o . . Australia. PartialI No d r a g Partial] Total .do . po Guano S t o n e a n d cement] Sand Ballast ....do S o u t h w e s t reef, n o r t h e a s t Caicos. C h a r l e s I s l a n d , Milford, C o n n . N e w b u r y p o r t Bar. N e a r F l e t c h e r ' s N e c k , Biddeford, Me. Boy iu c h a r g e supposed to bave beeu knocked overboard. V e s s e l b e i n g left alone, drifted ashore. „ N o r t h h e a d San F r a n c i s c o b a r . 18 Lizzie T h r o o t . 14678 1 23 23 24 Pacific Augustus Ford W a t e r Lily William Sanderson 20.305 1084 25562 1, 813. 00 American ship do '. 183. 99 90.00 British schooner... A m e r i c a n schoouei 307. 38 Dec. Pearl.. Edwin. 54225 7222 A m e r i c a n scow . . . American bark 1875. Feb. 1 4 H . D . Stover. Emilie 11433 8916 Havana.. Norfolk. P a r t i a l P e t r o l e u m ... Total Merchandise Moselle Shoals, B a h a m a s . M a c h a p i s o q u e Shoal, 7 a. J o h n Rommel, J r . Vicksburg 75311 2565 381.28 N e w Y o r k ...do 25 01 . . . . d o Anierican steam yacht. A i u e r i c a n schooner] 184. 82 M u s q u i t o I n l e t , F l a ] A m e r i c a n steara 782. 53 P o r t Royal, S. C ship. A m e r i c a n schooner] 23.46 P o r t l a n d Boston New York. .do . .do . Fishing-cruise . .do. Live-oak Cotton, n a v a l stores, a n d fruit. Fish Italian bark 575. 00 B r i t i s h schooner 101.00 A m e r i c a n schoonerj 82.00 American ship . I, 472. 94 Boston ...do Russian River . San F r a n c i s c o . . -do. -do. -do . .do. Sulphur Logwood Lumber Geueral cargo . . . N e a r R a c e P o i n t , C a p e Cod. Off Saville, L o n g I s l a n d Sound, Fire Island Rock. F l a t P o i n t , n o r t h of T r u n d y ' s Reef, P o r t l a n d H a r b o r . P e a k e d H i l l Bar, C a p e Cod. D u c k Island, Mass. D u n c a n ' s L a n d i n g , Cal. N o r t h F a r a l o n e I s l a n d , off San Francisco Harbor. Nov. 12 25 Macch 1 Little Fannie . 4 24 May 8 J u i i e 17 Giovanni .. Birkmeyer. Gleuarm... Champlain. 10733 125213 31.62 404. 86 P a l e r m o , Sicily . Shelburne, N . ' S . SanFrancisco... New York -do . Partial . d o -. ..do .. Total Slate Ballast AVheat Lumber Wheat Luraber ....do T o t a l : V e s s e l s , 2 1 ; tons, 6,966.24 ; t o t a l losses, 14; p a r t i a l losses, 6 ; n o d a m a g e , 1 ; l i v e s lost, 56. E i g h t miles n o r t h of S o u t h H a ven, L a k e Michigan. Near ^tackpole, England. P o r t Maitland, L a k e Erie. S c a r b o r o u g h Beach, M e . Sleeping B e a r Blufi', L a k e M i c h i gan. Off Geneva, Ohio, L a k e E r i e . E n t r a n c e to Haso[uarSouud, V a n couver's Island. H W ft O PO H > PO O H PO ft P^ CO a po CD CO TABLE 63.— Wrecks and casualties on and near the coasts and oh the rivers ofthe UnitedStates, cfc.—Continued. O O (3.) COLLISIONS. OT © 1 Pi rQ rt OT N a m e of vessel. • afl fl O D e s c r i p t i o n of vos.sel. Tons. P o r t sailed from. PO © tX)!3 © a fi o 1874. J u l y 21 I d a Miller 12066 Aug. George and William. 10956 8 A m e r i c a n steamtug. A m e r i c a n schoouei 42.24 26. 94 11 Daniel Friel 6335 . . . . d o 62. 77 22 Fleetwing 9235 . . . . d o 52.72 10 N o v . 29 D e c . 28 Para^^on May Flower Alaska 1875. Jan. 5 Hibernia A p r . 23 May 3 10 Canoe ' No. 5 ... H . B . Blaisdell 20 . 197.-^2. • .do 16053 . . . d o 105162 A m e r i c a n s t e a m e r . ... Chesapeake 26.33 23. 45 720. 06 11105 A m e r i c a n schooner 52230 95203 A m e r i c a n scow 60 53 A m e r i c a n schooner . 302.54 5318 . . . - d o 24. 76 4 a 50 J e r s e y City Brooklyn^ N . Y . - . . P a r t i a l B a l l a s t Maffothy River, -Baltimore . . d o . . . W a t e r m e l o n s - -. Md. W e s t e r l y , R. I . . . . S o u t h p o r t , Conn . . T o t a l . . Stone ...-. . . d o . . . Codfish fl A po 1 1 1 9 do General m'd'se.. Deer Isle M e . . C h e s a p e a k e B a y .: . - d o . . O y s t e r s Brooklyn Partial Ballast 1 6 Boston Fishing 1 Philadelphia -do A t dock. N e w Y o r k P a r t i a l S t o n e Havana T o t a l . - Coal a n d locomotives. Seaford, D e l P a r t i a l Ballast Total., Fishing-tackle .. Total: Vessels, 12 ; tons, 1,390.84; total losses, 7 ; partial losses, 5; lives lost, 30. o rQ B a u k s of N e w foundland. Portland Baltimoie New York Baltimore Lamoine, Me P l a c e of d i s a s t e r . N a t u r e of cargo. P o r t bound to. N o r t h River, opposite L i b e r t y street. N e w Y o r k . F o r t Carroll, n e a r Patapsco River. F o u r miles w e s t o f Cornfield P o i n t Light-ship, Long Islaud Sound. G r a n d B a n k s , oft^'Newfoundland. N e a r Lsland of Seguin. Kent Island. E a s t River, between piers a n d 44. W w o PO- 43 ft H > PO' T w e l v e miles from Thacher's L i g h t , Cape A n n , M a s s . 1 .Piankatank River, Va. 4 E a s t River, p i e r 3. 2 N e a r Capo H a t t e r a s . 1 Patapsco River, Chesapeake Bay. w H PO. Ul a P3 TABLE 63.— Wrecks and casualties on anct near the coasts and on the rivers of the Vnited States, cjc.—Continued. (4.) CASUALTIES FROM OTHER CAUSES. PO © i « OT Name of vessel. Tons. t o r t sailed from. Nature of cargo, Port bound to. Place of disaster. Nature of casualty. •© bUjH • 1874. July 6 Auc Belle . 29.81 Jeffet-son C i t y , M o . Osage R i v e r . A. B . T h o m p s o n . Gladiola Am. yacht 85046 A m . s t r . Lizzie 15862 A m . s c h 63.93 H o n o l u l u . Pat. Rogers. 20426 A m . s t r . 066.19 L o u i s v i l l e . Sam. R o b e r t s . Henry Ames.. 23315 . . . d o . . . 11350 . . . d o . . . 406.15 S a i n t L o u i s . I, 219. 86 . . . . d p Advance. 365 A m . s c h . . Monitor . 90409 A m . s t r . . . B. F . D e v o l . Sept. 2890 A m . s t r . ....do..... Atlantic City. 435. 06 N e w O r l e a n s . 179. 92 M u s k e g o n 10.89 B e a v e r I s l a n d . PO H T o t a l . . - F l o u r , (fcc. Ballast Merchandise. For short sail. Shreveport Partial Total.., Unknown Cincinnati. N o damage. • Total.. General. Middleport, Ohio. N e w Orleans Partial. Total .. Ballast--. Produce . Chicago... N o damage. ..do ... Escanaba. 58. 60 B o w l i n g Green, K y L e w i s b u r g , K y . . . P a r t i a l . . .Ballast. N o damage. Galveston, T e x . . . T o t a l . . . Sugar.. .do... .do . . . Brick.. L b Bath, M e Koret 14090 A m . s c h . . 4 Sarah Cole. 22947 . . . . d o 34.91 T u x p a n , M e x . . 4 5 Odelia , Texas Ranger. 19267 . . . . d o 24975 . . . . d o 22.61 P o r t I s a b e l , T e x . 132. 46 P a s c a g o u l a ...do Indianola. 5 M a r y Caroline 16961 . . . . d o . 19.13 Calcasieu, L a . . . Brazos de Santiago . . d o . ....do..., 6 AUie B i c k m o r e 10.529 ' . . . . d o 390.21 N e w Y o r k Savannah ..do . General. 3 13a 98 S o u t h A m b o y . . hj O N e a r m o u t h of M o r e a u R i v e r , t h r e e miles below Jefferson City, Mo. A b s e c o m Bar, N . J R e d R i v e r , t h r e e miles below C a m p t i . Kurile Island, J a p a n coast. B a r below L o u g h e r y Creek, I n d . G u y a n d o t t e Shoals Waterproof, La., Mississippi River, t h r e e m i l e s from B o w l i n g Green. Twenty-five miles e a s t of M i l w a u k e e , AVis. E i g h t e e n miles northe a s t of M a n i s t i q u e , L a k e Michigan. T h r e e miles from Bowl i n g G r e e n , off B o a t Island, Green River. Off S h i n n e c o c k L i g h t , Long Island. Unknown Boiler e x p l o d e d . w Capsized. Snagged and sunk. Boat capsized.. O PO Fire. Boiler e x p l o d e d . Struck snag and sunk. PO o M a n lost overboard w h i l e reefiuiT. M a n lost o v e r b o a r d b y j i b i n g of m a i n boom. F l u e s collapsed. Knocked overboard w h i l e g e t t i n g in sail. Supposed t o h a v e b e e n lost i n s t o r r a . N e v e r h e a r d from. Capsized. ...do One m i l e n o r t h of s o u t h end of P a d o r a Island, T e x . Near Point Isabel . Probably capsized a n d w e n t t o pieces. 8 Unknown. N e v e r h e a r d from. - ft ft > Kj T A B L E 63.— Wrecks and casualties on and near the coasts and on the rivers ofthe Uniied States, f c . — C o n t i n u e d . O (4.) CASUALTIES FROM OTHER CAUSES—Continued. Xa ^ Name of vessel. Tons. Port sailed from. Nature of cargo, Port bound to. Place of disaster. Nature of casualty. •ft »TJ .o ^..ft 1874. Sept. 10 Exeter 8597 Am. sch.. 74.73 Portsmouth, N. H. Rockland, M e . . 14 Clai a B . Chapman. 5826 ...do . . . . 6a 19 Grand Banks . . No damage. .- do . . . . 20 Emma Thornton.. 7954 . . . . d o . . . . 5a 21 Calcasieu, L a . Galveston, Tex. ..do . . . 26 Guiding Star 85006 ....do 324. 03 Cleveland Marquette ...do - 28 L.F. Munson 15756 Am. brig.. 412. 31 Malaga New York ^.. ..-do . 28 F.A.Pike 124. 70 Calais, Me Port Morris, N . Y . ...do . 29 Oct. 2 Georgiana Jesse Murdock Elbe 9466 Am. scb .. 10951 75272 ..do . . . . . . do 7519 . . . . d o . . . . 16.87 Onancock, Va Baltimore , 360. 29 Georgetown, D. C. Wareham, Mass . 67. 95 Lndington. Chicago The Douglas 24986 Am. s t r . . 37.13 Detroit Lake Erie Popham 19564 . . . . d o . . . . 9910 Am. sch-. 42. 85 Bath, Me .. 85.37 Wiscasset, Me. Frederick P. Frye. Brook\3'n J. Sargant Favorite... Wm. V. Hutchings Lucy Ann Digitized forNov. FRASER 6 Garnock" 2151 Am. str . . 14104 Am. bark 466. 33 Cleveland 727.14 Rio Jau eiro Chicago N York 5L06 Detroit Lake Erie 26309 Am. sch-. 62.68 Gloucester Grand Banks 14767 . . . . d o . . . . 46.54 Grand Banks Gloucester, Mass. 85076 . . . . d o . . . . 47.45 Pearlington, Miss, Indianola, T e x . . . 9850 Am. s t r . . Total. : Partial. Ballast . Coal . . . . No damage. Partial. ...do . . . . Ballast. No damage. T o t a l . . . Merchandise. No damage. Partial., No' damage. .-. do . . . .do. Off Monhegan, coast Knocked overboardby of Maine. jibing of main-booni. Grand Banks Dory swamped and two men drowned. Seaman drowned Calcasieu Bar, La. .while attempting to run line ashore. One and a half miles Fell from davit. NNW. of Cleveland. Latitude 72° 10', longi- Knocked overboard bj-tude 40° 20'. main-boom. Pollock Rip Light- Knocked overboard by ship. by fore-boom. Near Watt's Island, Va Capsized. Twelve miles south- LOST, main-gaff, sail, west of Block Island. and rigging, and man lost overboard in squall. Five miles from Chi- Knocked overboard. cago. Lower end Gras.sy Is- Burned. laud. Sheepscott River, Me. Explosion of boiler. Knocked overboard Gloucester Harbor by main-boom. Detroit River, near Boiler exploded. Fighting Island. Lost overboard. Off Sandy Hook Bar Point, Lake Erie. Grand Banks do Pass Cavallo Bar. Capsized by getting tow-line fouled. Boat capsized while hauling trawls. Went out in dory; not seen again. Mate knocked overboard by fore-boom. po H O ft H w ft CQ ft o po ft H > PO Kl O ft ft H PO ft > CQ d Kl Topsy 24578| . . . d o . . . Geo. B . L o r i n g 10283 . . . d o . . . Shiloh Wilmington 115235 . . . d o . . . . 26530 A m . ship. 14949 A m . st. tuc Lillie H e l e n 0 . P h i n n e y . 11703 A m . b r i g . . Hope Rosie W e l t J. W. B r a d l e y . . . . Jennie Stout Atlanta Romp Emily K. F a r n u m . Dec. 8 E v e r e t t Steele Chas. P. Thompson I David Crocket... Horatio. Japan... 149. 00| L n d i n g t o n 85. 98 . . . d o 895.12 K e y W e s t . 24. 54 N e w Y o r k 443. 21 Cadiz ,. 11390 A m . pilot59. 62 N e w Y o r k boat. A m . s h i p . 1,435.81 W a l d o b o r o u g h , M t A m . sch . port, M a s s - . . 4 a 30| ...do . . . . annah 379. 00 ...do .... 307. 42 C h i c a g o , III ...do .... 50. 42 San F i a n c i s c o . . . ...do ..-8L 14 . . . d o 110180 75309 75634 1052691 21243 8905 7403 . . do . . . . 447. 2" . . . d o 4, 351. 73 Y o k o h a m a , J a p a n 5427 A m . s h i p . 1,173. 31 H a v a n a 120044 A m . s c h . . 230. 78] B o n n e B a y , N e w foundland. 6690 - . . . d o David Burnham . 64. 87 G r a n d B a n k s Crescent City. Flora Condon. 1875. J a n . 16 J a s . Chandler 752701 - . . - d o . 69. 94 . . . d o . W m . P a r s o n s 2d. 80139 . . . . d o . ...do . Knight Templar . C. S. M a l t b y 142261 . . . . d o . . . 5575 . . . : d o . . . W a r Eagle ...do . 73. 26 . . . d o 21. 99 H o g Lsland, P o t o mac River. .do . P o r t AVasliington .do . Grand Banks Chesapeake Bay, one h u n d r e d miles below Baltimore. ...do. Total... Towing Gloucester, M a s s . . P a r t i a l . . Cruising . New York Portsmouth, N. H. New York Oswego, N . Y Coastwise , C r e s c e n t City, Cal, ...do San F r a n c i s c o . do do . .do . . Ba tim-.) 70. 54 G l o u c e s t e r , M a s s . . G r a n d B a n k s 44991 . . . d o . . . 73. 53 G l o u c e s t e r . 626t A m . s h i p . 1, 545. 95 N e w Y o r k . 11750 . . . d o . . . 13899 A m . s t r . Chicago s a 50 G l o u c e s t e r , M a s l . . G r a n d B a n k s . N o damage. .do .do . - \ . . T o t a l . -. .do .do .do Bal l a s t Salt.... Lumber AVheat Ballast (General raerchandise. ....do .do . ...do , Bal t i m o r e .do- L a t i t u d e 40° 3.5', longit u d e 09° 20'. A t sea Off" S u l l i v a n ' s I s l a n d . , A t sea Unknown , do , do Grand Banks . . N o damage. N e a r Gloucester . Unknown .do . -do . S h a n g h a i , C h i n a . . T o t a l . . . Pet'111 a n d coal, H o n g - K o n g , C h i n a .do . . T r e a s u r e , U . S. mail, assortm e n t m'dise. New York . No dmge| Fishing Partial.. Fish . Gloucester. Hell-Gate, E a s t River, L a t i t u d e 39°, longit u d e 59°.' Total. .do . .do... .do. B o a t capsized w h i l e attending trawls; b o a t found, b u t m e n missing. Washed overboard. F e l l from main-topsail y a r d . Burned. Do. Shanghai Nea.rSwatow; latitude 22° 54' n o r t h , longit u d e 116° 56' e a s t . Unknown Lost overboard. OffSt. P a u l ' s I s l a u d . . . AVashed o v e r b o a r d i n hurricane. S u p p o s e d on G r a u d M i s s e d since D e c e m b e r 15, 1874. Banks, N e v e r h e a r d from. .do N o damage, .do -do - I c e on d e c k ; m a n l o s t overboard. Sea swept decks and washed master a n d one m a n overboard. Seaman fell overboard. Schooner i n t o w s u n k , carrying down two m e n of t h e W i l m i n g ton who had been p l a c e d on b o a r d . Boiler exploded. L e a k i n g , loss of r u d d e r a n d s a i l s ; one man swept overb'd. H e a v y s e a ; one m a n swept overboard. F e l l from m a i n - t o p s ' l . B o a t capsized. N e v e r h e a r d from. Do. Do. Do. H o g I s l a n d R o c k , Potomac River. Baltimore Pi ft ft O PO H O ft ft O PO ft PO Kl o ft ft ft w. Dory capsized while attending trawls. Do. Fell overboard. B o a t capsized r e t u r n i n g to vessel,iu harbor. o TABLE 63.— Wrecks and casualties on and near the coasts and on the rivers of the United States, fc.—Continued. (4.) C A S U A L T I E S F R O M O T H E R C A U S E S — C o n t i n u e d . Tons. N a m e of vessel. P o r t sailed from. P o r t b o u n d to. ill ei rj cj PO N a t u r e of cargo. P l a c e of d i s a s t e r . N a t u r e of c a s u a l t y . -fl •^ Q ft 1875. J a n . J 31 Feb. Geo. S. B e r r y . . , Am. brig.. Onalaska Henrietta 19305 - - . d o . . - . . 11790 A m . s c h . . - 1 L i z z i e K e l l u m ., 15634 . . . d o . . 1 Richmond •Cardenas . New York. N o damage. H o u s t o n Bay, T e x -do.... New York Potomac River N o damage, .do . . . . 292. 34 Cienfuegos. NewYork'. .do . . . Edwin H. Kin man. 8975 A m . b a r k - 1,11L49 H o n o l u l u . . Liverpool.. Total - E l Dorado 7429 A m . sell .- 47.18 N e w f o u n d l a n d . Gloucester. N o damage. New Light 18448 A m . b a r k . 474. 25 R i o d e J a n e i r o . Baltimore. ..do.... 110086 A m . s t . s h i p 1, 437. 96 R i c h m o n d , V a . . . J e s s e J . P a r k s ., 1391 Hattie 11696 A m . b r i g . . AVm. T a p s c o t t . AY A . P e w . . . . Right Away ... Margaret Crockard Am. sch... 29.62 B a l t i m o r e 26463 A m . s h i p . . I, 030. 30 L i v e r p o o l New York •26316 A m . s c h . . . 70.19 G l o u c e s t e r Grand Banks . 21973 . . . d o 140. 40 M o n t e g o Bay,AV. I, N e w Y o r k ...do po H A t sea . . . 475. 94 Boston Glasgow, Scotland. P a r t i a l -. G r a i n . . . 190. 28 W i l m i n g t o n , N . C. P o r t l a n d , M e Lumber. -do 4 a 22 B r a s h ear. L a 169. 05 P a p a r a , T a h i t i I s land'. SanFrancisco. .do . Guano. -.do . ..do . .-dOr Total. ft o "© bX'b Cabinet-wood, f r u i t , <fec. A t sea . . . Unknown F e l l o v e r b o a r d from fore-topsail y a r d i u storra. Swept overboard. V e s s e l found d i s m a s t ed, w a t e r - logged, and abandoned. W a s h e d overboard. T e n miles s o u t h of Galveston. Off H o g I s l a n d , M d . . . F e l l o v e r b o a r d . N e a r Seven-Foot K n o l l K n o c k e d overboard. L i g h t , P a t a p s c o River. F e l l from m a i n - t o p A t sea sail y a r d . by. L a t i t u d e 50° 15' s o u t h , A^essei s t r u c k w h i r l w i n d disraastlongitude 44° ^30' ' ed, a n d a b a n d o n e d west. in a s i n k i n g condition; crew, except one, s u b s e q u e n t l y p i c k e d u p b y ano t h e r vessel. E i g h t miles s o u t h of F e l l o v e r b o a r d . Matinicus Rock, Me. Do. L a t i t n d e 25° 09' soutb, l o n g i t u d e 38° 44' west. F e l l from jib-boom". A t sea • Fell overboard. Grand Banks overbocrl Off Charleston, S . C , W a s h e d from jib-boora. Ono h u n d r e d a n d Capsized. t h i r t y miles N . b y E. Matahiua Island. Ul ft o po ft Kl PO ft Ul a Mar. 24 H. B. Stanwood . . . 11256 . . . . d o 03. 83 GloucestciV Fishing 28 Williani 20014 . . . . d o 24T 43 Baltimore J . C . Call 75729 . . . . d o 75.59 Gloucester Chesapeake Bay .. No damage. Total... Grand Banks Rock C'eek, Patapsco River. Unknown 61. 20 305. 07 Georges Banks... Norfolk Gloucester. Barbadoes . At sea . ...do .. Palraero, Sicily .. 1 W . H . E n d i c o t t . . . 8004F . . . . d o M a i T D . H a s k i l l . . 16292 . . . . d o 1 Mathew Baird 90477 A m . b a r k . .335. 54 3 M a r y E . D a n i e l s . . •90007 A m . s c h . . - 67.63 6 Clyde 7 W a r d well 8 Apr. May 5860 A m . s h i p . . 1,182. 23 80500 A m . s c h . . . Uncas 25111 ...do R. A . B a b b a g e . . . . 110022 A m . s t r , . . 16 24 AVm. J . L e w i s Jesse J. P a r k s 80381 A m . s i r . . . 13917 A m . s c h . . . 20 V i l l a g e Belle 25549 ...do 27 Lizzie Rea 48459 --.do T e m p l a r . . 14226 ...clo Knight 6 G r a c e Darvis Fish ... -do Partial.. Staves . No dam Philadelphia age. At Georges Bauks. .do ..... 85137 . . . d o . ! . . . At sea Fortune Island, Bahamas. ...do Partial.. General merchandise. Lost cargo latitude 36°, longitude 75°; lost seaman latitude 24, longitude 75, February 28, 1875. Latitude 38°; longitude 74°. Missouri side of Liberty Island, Mississippi River. Chester, 111 Love Point, Chesapeake Bay. ...do Baltimore. .do . . . . Cotton, &c ... No damage. 20.29 Newport Block Island Partial. 8L53 Shreveport. Little River, Ark. Total .. 73.26 Western banks -.. Gloucester. Matanzas 8283 A m . s t r . . . 1,13L50 Cincinnati Chas. R o d m a n 5998 ...do 26 David Mitchell . . . 29 Clara Bell 6287 A m . p i l o t boat. 125049 A m . s c h . . . 2 St. L u k e 23449 A m . s t r . . . 3 Wachusett 80395 A m . s c h . . - Portland... Ballast. Groceries aud provisions. No dama.ge. ..do Total ... Cotton, oil, and gen'l m'dse. . d o . . . . Assorted produce. 35.59 New York: No damCruising. age. 7.05 Kelly's Island, Point au Pelee Isl- Total. -. Ballast aud, Lake Erie. Lake Erie. 64a 24 Leavenworth City. Saint Louis -.do . . . . AVheat, &C-.-. Exporter 23 ...do I, 401. 72 79.14 Georges Bank, .do..... Vicksburg.. Kent Island. 395.58 Off Bermuda.. NCAV York". Arroyo and Yabuc- NorAvich, Conn . . . No damva, Porto Rico. ase. 163. 59 Grand Tower, III.. Saint Louis,.Mo.-- T o t a l . . . Ballast. • 467. 86 29.62 12 Unknown.. Galveston 23 Ballast. 290. 99 12 6 77 00 .do . Gloucester New Orleans. At Western Banks No damage. Between Newport and Block Island. Thirty miles above S h r e v e p o r t , Red River, Louisiana. Western banks Sailed Feb. 25, 1875 ; never heard from. Fell overboard. Sailed Feb. 4; never heard from. Never heard from. Swept overboard in heavy sea. Lost overboard while furling jib. Knocked overboard by fore boom. Passenger jumped overboard. Swept overboard; heavy wind and sea. H a Ul ft o po Burned. Struck on head with c r a n k - p i n aud knocked overboard. Man killed by falling of mast. Snagged and sunk. ft po O ft Dory capsized. Do. Fell overboard while boarding from yawl. Lemington, Ontario ... Capsized. Pier No."3, St. Charles Struck pier; rise in river; ten persons Bridge, Missouri drowned. River. Fell overboard from, AVestern banks dory while fishing. At sea PO ft Washed overboard b^^ heavy sea. Snagged. Forty miles southeast Fell overboard from jib-boom. Cape Cod. New Orleans, at wharf. Burned. ao ft ft. O ft ft Ul a po Kl o TABLE 63.—:Wrecks and casualties on and near the coasts and on the rivers of the United States, cfc.—Continued. O (4.) CASUALTIES FROM OTHER CAUSES-Continued. 1a o "OT 'B N a m e of vessel. o p cz fl n 1'3 m o o • l l Tons. P o r t sailed from. P o r t bound to. Sfl-^' rfl-"*43 © fcA^i OT P l a c e of d i s a s t e r . N a t u r e of cargo. PO ft ft O PO H N a t u r e of c a s u a l t y . 3 fl A P O ft 1875. May June 15883 A m . s c h . . . 5 Lizzie Belle 6 M a i d of t h e M i s t . 90215 . . . . d o 6 Senator .... 4L36 Galveston N o damage. Total... 134. 36 Baracoa, C u b a New York 23148 A m . s t r . . . 297. 99 P o r t l a n d , O r e g Oregon City, O r e g . P a r t i a l . . 22359 A m . s c h . . . 292. 30 Oswego In harbor 19 Southwest 23 F a l l i n g AVaters . . . 120183 A m . s t r . . . 75482 A m . b a r k . Jewess 37. 79 492. 56 N e w Castle, N e w South Wales. 7.12 A p a l a c h i c o l a 3 Minnie Grey 16666 A m . sloop. 5 Mantauee 50962 A m . b a r g e . . 647. 88 C h i c a g o 10 R.R.Hefford...... 21829 A m . s t r . . . 25 Oneonta 18887 A m . b a r k . Tampico, Mex 13.16 Buffalo 424. 44 . . . . d o 1 A t sea Fruit 1 L a t i t u d e 31° N . ; long i t u d e 74° W . G e n e r a l merchandise. 6 AVillamette R i v e r , opposite Portland. 1 Oswego N o damage. Total . . . Ballast Hong-Kong,China. ..do Coal R o c k I s l a n d , Partial.. (sponge reef,) F l a . Peshtigo, W i s N o damage. Sponges U p p e r Buffalo River. Chicago, 111 Ballast - Total... N o damage. Knocked overboard by fore boom. V e s s e l capsized i n w h i r l w i n d ; r e s t of crew rescued. Boiler exploded. F e l l o v e r b o a r d from square-sail yard. 1 M o u t h Genesee R i v e r . B u r n e d . B e t w e e n N e w Castle 10 N e v e r h e a r d from. and Hong-Kong. Struck by lightning. 2 Near Rock Island 1 T h r e e miles off J a c k sonport, W i s . 3 F o o t of L l o y d s t r e e t , Buffalo R i v e r , N . Y . 1 T e n miles w^est of Buffalo. H ft m ft o po ft • > po Kl F e l l from b o a t s w a i n ' s c h a i r w h i l e fixing^ scupper. Boiler exploded. Fell overboard. ft H Total: Vessels, 107; tons, 34,953.25 ; total losses, 36 ; partial losses, 17; uo daraage, 54 ; lives lost, 768. ft Ul c: PO' K; 107 EEPORT OF THE SECRETARY OF THE TREASURY. TABLE 64.— Wrecks and casualties on or near the coasts and on the rivers of the United States, f c , during the year ending June 30, 1875. involving loss of life. ' SUMMARY. . ^ OT '© o . "^ o> Nature of casualty. OT Ma fl o H "A T 01 al OT ^ <D «*.0, 4i ^V^ a^g 1 Ul Founderings Strandings Collisions Other causes OT © d © •-3 o H ci PH r^ fl o "A ^ 12 21 12 107> 2, 945.11 6, 966. 24 1, 390. 84 34, 953. 25 10 14 7 36 2 6 5 17 "54' 107 56 30 768 152 46, 255. 44 67 30 55 961 1 NOTE.—In this table are included a number of cases in which loss of life was sustained without any injury occuriing to the vessel meeting with sucb casualty; for example, fishermen drowned by the upsetting of their dory while attending their trawls; knocked overboard by boom, &c. In these cases the nature of the cargo is not stated. TABLE 65.—List of xilaces on the coasts of the United States where vessels have stranded during the last ten years. ATLANTIC COAST. Fiscal year ending June 30— Name of place. Absecom N. J Addison Me Aiax Reef Fla Allen Island; Penobscot Bay Amazeen Island N H Araerican Shoal Reef Fla Atlantic City N. J Aransas, Tex Assaworaan Inlet Va CO CO CO cx5 1 1-1 05 1 1 i S 1 i 00 g 3 1 1 10 2 i" 1 . Avery's Rock Mass Back Beach, Me Bailey's Island Me . Bangs Island Me Barnegat, N. J Barter 1 sland. Southeast Bay, Me Bartlett Reef Conn Bass River Breakwater Cape Cod Bateraan Point R . I Bavou Reef, South Pass Bay Shore N J Bay View, Cape\Ann Mass Beach Island Me 1 Bearse's Shoal, Cape Codi Beaufort Bar N C Beaufort, S.C . Beaver Tail Rock R I Biddeford Pool, Me Bishop aud Clark's Shoals, Me Black Island Me . Black Rock, Block Island, R. I Black Rock, Lono" Island Sound Blackwell's Island, N . Y Block Island R I . Blue Hill Bay Me Blue Rock ;6,' I . . .Bodkin Bar, Chesapeake Bay Body Island l i g h t N C Bolivar Point Tex Boon Island, Me t-' . -~- . 2 5 1 2 0 "i 1 2 7 2 2 1 2 1 1 1 ^ 1 1 1 1 "'2' 2 .... 6 4 1 1 1 1 9 1 • 0 H .... . 1.. 1 1 1 "4" 1 1 1 1 1 1 1 93 1 1 1 1 1 1 1 1 1 9 1 8 2 1 1 1 1 1 7 1 1 1 1 1 2 108 REPORT OF THE SECRETARY OF THE TREASURY. U s t of places on ihe coastsof the Uniied Staies where vessels have stranded, cfc.—Continued. ATLANTIC COAST-Continued. Fiscal year ending. June 30— Name of place. CO CO 5 CO Booth Bay Me Boisbabei t Island Me . Boston Neck R. I Brandvwine Shoals Delaware Bav Brazos Bar Tex Brazos de Santia""o Tex Breaking Ledge Me Brenton Reef, R. I Brewster's Beach, Mass Brewster's Reef Fla Brigantine Shoals, N. J Brown Led ""es Penobscot Bay. Bunker's Ledge, Me Buckarce Shoals Va J3ullock's Point R . I Bull Rock Boston Bav Calcasieu River, La Canev Creek Tex Cape Ann Mass Cape Arundel Me Cane Carnaveral Fla 00 CO si g 1 . . i i 1 . 3 4 '... 3 1 1 •. . 2 2 2 : — '... " • 1 Cape Cod Mass., (precise locality not stated) Cape Elizabeth, Me Cape Fear N C Cape Fear River, N. C, (raouth of) Cape Hatteras, N. C Ciipe Henlopen Del Cape Lookout, N . C Cape JVl ay N J .... Cape Neddock Me Cape Poge, Mass •. Cape Porpoise, Me . Cape Sraall Point Me Captain's Islaud, Long Island Sound Caroline Shoal, N. C Carson's Inlet, N. J Carter's Bar . . . Carysfort Reef Fla . Castle Hill, R. I Cedar Bayou, Tex Cedar Islaud Va Cedar Tree Neck A^ineyard Sound Cedar Keys Fla . . . . Ciiarleston Bar S C Charles Island, Conn Chatham Bar Cape Cod . . Chatham Mass Chandeleur Island Ligiit, La Chestitotic Shoal Chicamacomico N . C Cilley Ledge, Saint George, Me Cincinnati Bar N . J ..... Clear Water Fla Clement's Cove, Me Cliff Shore Mass Clinton Point, Long Island Sound Coaster's Harbor Island, R. I Cobb's Island Va Cold Spring Inlet, N. J Comnion Flats Cape Cod, Mass Conanicut, R. I Coney Island,.N. Y Coiip's Island Coral Reef Fla Cornfield Point Shoals, Long Island Sound Core Sound, N. C Cox's Shoal, N . J . Crab Meadow Louo" Island Sound Cranberry Inlet • Crocker's Reefi Fla i 1 1 •. 3 1 1 4 1 1 1 1 2 1 2 1 1 1 1 3 ^ 3 1 1 5 1 4 1 7 1 1 17 1 1 1 1 I 1 1 1 1 2 1 5 2 1 .2 11 8 5 14 8 o 4 1 1 1 1 3 3 2 •1 1 2 1 3 2 2 4S 1 1 — . . 2 1 2 6 1 "i' 1 1 1 2 1 1 1 1 1 1 14 109 REPORT OF THE SEORETARY OF THE TREASURY. Inst of places on the coasts ofthe United States ivhere vessels have stranded, fc.—Continued. ATLANTIC COAST—Continued. Fiscal year endiug June 30— Name of place. Cross Island Me Cuckolds Me . . Cumberland Island, Ga . Currituck Inlet, N. C Cutler, Me 1 d i t t y hunk Island Mass Davis Neck. Mass . . . . . . Davis Shoal, Florida Reef Dawson Shoal, Va Deal Beach N. J Deer Island, Me . . . . Delaware Breakwater, Del Dickens Point, Block Island, R. I Dighton Mass Dix Flats, Mass Dread Ledge, Mass Duck Island, Mass Duck Ledge, Me Dutch Island, R. I . . East Chop, Vineyard Haven East Rockaway. Bar, L. I ; Eaton's Neck, Long Island N Y Elbow Reef, Fla '.. Emery's Point, Me False Cape, Va Fargo River, Long Island N. Y Fawn Bar, Boston Bay.. Fernandina Bar, Fla Fire Island, Long Island, N. Y Fisher's Island, Long Island Sound . Fisherman's Island, Me Fishing Island, N . H Flander's Bay, L. I Fletcher's Neck, Me Flogger's Shoal, Delaware Bay Florida Reef, Fla Fort Adams, R. I 1 Fort Carroll, Md . . .. Fort Caswell, N. C Fort Macon, N. C Fort Pond Bav, Long Island, N. Y . . : Fort Taylor, F l a . . . . : Fort Island, Me .'' Franklin Light, Me French Reef, Fla Fresh Water Cove, Mass Frisbee Ledge, Me Frying-Pan Shoals, N. C Gallop's Island, Boston Harbor Galveston, Tex G-ardiner's Bay, N. Y G-ay Head, Martha's Vineyard George's Island, Boston Harbor 'George's Island, Me Georgetown Bay, S. C •Gilbert's Bar, Fla Oloucester, Mass •Goat Island, R. I •Good Harbor Beach, Mass Goshen Reef, Conn •Governor's Island, N. Y Grace Point, Block Island 'Grand Islaud, Me Grand Menan, Me •Gray's Ledge, Me 'Graves, Boston Harbor Great Bay Light, N, J Great Egg Harbor, N. J Great Ledge, Mass Great Point, Nantucket : Great Pond, N . J Green Island Ledge, Me Green Island, Boston Harbor i Green Point, Long Island Sound Green Run Inlet, Md. Grecian Shoals, Fla o 11i 1g g rt 00 1 2 2 4 1 1 1 1 2 00 2 2 1 2 1 2 1 •. 2 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 3 1 .... 2 1 CO 0 H 2 1 1 00 1 2 "2 2 2 4 2 1 9 12 6 2 2 1 2 10 i .... 1 "i 1 '2 1 "2 1 2 1 i 1 1 1 1 1 1 , 1, 1. r i 1 1 1 1 3 2 2 1 2 3 1 .... 1 1 1 i 1 1 ... 1 1 1 1 2 2 .... 1 1 3 1 1 1 1 1 1 1 '3" "i 1 1 .... 1 1 19; 110 REPORT.OF THE SECRETARY OP THE TREASURY. List of places on the coasts of the United States ivhere vessels have stranded, fc.—Continued. ATLANTIC COAST-Continued. Fiscal year ending June 30— Name of place. Gross Island Guilford, Conn Gull Rock, Long Island Sound Gull Rock, Newport Harbor Guy.'s Ledge, Me • Hallett's Point, Hell-Gate, N. Y Halibut Point Hampton Beach, N. H Handkerchief Shoal, Mass Hart Island, Long Island Sound Hatteras Inlet, N. C l Ha,wes's Shoal, Mass Hawkin's Point, Chesapeake' Bay ,. Head Harbor Island, Me '.. Hedge Fence, Mass Hell-Gate, N . Y Hempstead, Long Island, N. Y Hen and Chickens Reef, Del Hereford Inlet, N. J Herring Bay, Chesapeake Bay Herring-Gut, Me ' Hewett's Point Highland Light, Cape Cod Highlands, N. J Hillsborough River, Fla Hill's Point, Chesapeake Bay Hog Island, Va. Holmes's Hole, Mass Hope Island, R. I Horses Race, Boston Bay Horseshoe Shoal. Nantucket Sound Horton's Point, N. Y Hunting Island, S. C Huntingdon Neck, Long Island Sound Inlet Shoals, N. J •.... Island Bank, N. J Island Ledge, Mass Indianola, Tex Indian River Inlet, Fla Ingrahain, Point, Me Inman Bar, Nantucket Ipswich Bar, Mass Islesborough, Me . Isle of Shoals, Me Jameson Point, Me Jerry's Point, N. H , Jones's Beach, Long Island, N. Y Jones's Inlet, Long Island, N. Y .Jonesport, Me , Jupiter Light, Fla , Kettle-Bottora Rocks, R. I Killpond Shoal, Mass Kinnekeet; N. C King Fish Shoal, Fla , Lattimer's Reef, Long Island Sound , Lane's Island, Me , Lewes, Del L'Homme k Dieu Shoal, Vineyard Sound Libby Island, Me , Little Beach.N. J Li ttie. Cranberry Islaud • , Little Curaberland Island, Ga ; LittleEgg Harbor.N.J .Little Island, Vineyard Haven Little Moriches Beach, Long Island Little Round Shoal, Mass , Lloyd'.« Neck, Long Island Lock wood's Folly Bar, N. C Long Beach Shoals, N. J." Long Branch, N. J Long Lsland coast, (precise locality not stated) .. Loug Island Sound, (precise locality not stated) . Lovell's Isla.nd, Boston Harbor ' Lowell's Point, Me Lower HeU-Gate, Me REPORT OF T H E SECRETARY OF T H E TREASURY. Ill List of xilaces on the coasts of the United States where vessels have stranded, ^-c—Continued. ATLANTIC COAST—Continued. Fiscal year ending June 30— Name of place. Lynn Haven Bay M'achiasport, Me Madi«on Point, Conn Marblehead, Mass Mark Island Reef, Me Marquesas, Fla.'. Matagorda Bay, Tex Menunketesuck Point, Conn Micomit Rip, Mass Middle Ground, Chesapeake Bay Milk Island, Mass '. Mishaura Point, Mass Mispillion Creek, Del Mobile Bay Monomoy Point, Cape Cod Montauk Point, Long Island Moose Island, Booth Bay Harbor, Me Mooseabeck Light, Mistake Island, Me Morris Cove, New Haven Harbor Moshegan Harbor, Me Mount Desert, Me Muscle Ridges, Me , Muskeget Shoal, Nantucket Sound Musquito Inlet, Fla Musquito Island, Me , Mustang Island, Tex Mystic, Mass Nag's Head, N. C •. Nantucket, Mass Nappertrice Point, Martha's Vineyard Narragansett Bay, R. I Narragansett Pier, R. I Nashawan, Vineyard Sound Nash's Island, Me Nassau Inlet, Fla Nausett, Cape Cod Navy Cove and Mobile Point, Miss., (between) . New Bedford Harbor, Mass Nev7 Berne Reef, N. C Newburyport, Mass .. New Hiiven, Conn New Inlet, N. C New Inlet, N . J New Jersey coast, (precise locality not stated) . New London, Conn Newport, R. I New York Harbor Nigger Island, Me ^ No Man's Land, Martha's Vineyard Norainesset Island, Vineyard Sound Norman's Woe, Cape Ann, Mass North Brother, N. Y North Inlet., S. C Norton's Shoals, Mass , Norwalk Island, Long Island Sound Oak's Ledge, Mass , Ocean Grov^, N. J Ocracoke, N. C Oldfield Point Light, Long Island Old Man Ledge; Me Old Newton Rock, Mass Oregon Inlet, N. C Orr's Island, Me •. Owl's Head, Me Oyster Bed Reef, N . Y Oyster Island, N. Y Pan Quogue, Long Island Pascagoula Bar, Miss Pasque Isle, Vineyard Sound Pass k I'Outre, mouth of Mississippi River Pass Cavallo, Tex Pass (Jhristian, Miss Patience Island, R. I ' Pavilion Beach, Mass Peaked Hill Bar Cape Cod 1 1. 1 2 1 2 11 1 22 2 1 1 1 1 2 1 1 1 1 1 1 3 3 1 1 1 1 19 1 2 2 2 1 1 15 1 1 1 2 3 6 1 10 2 2 1 1 1 1 1 1 1 21 1 1 2 2 1 1 33 1 2 1 1 1 1 5 2 3 1 1 1 3 112 REPORT OF THE SECRETARY OF THE TREASURY. List of places on the coasts of the United States where vessels have stranded, fc.—Continued. ATLANTIC COAST-Continued. Fiscal year ending June 30—. Name of place. 1 i i Li i Peak's Beach, N. J Pelican Shoals Fla CO CO 1 1 1. 'i 0 1 1 1 1 Pembroke, Me V. Pensacola Fla . . Perdido Inlet Fla Perkin's Ledo"e, mouth of Kennebec River, Me Petit Menan, Me Pioard's Point Penobscot Bay . - - . . ... Plum Island Lone Island Sound Plymouth Mass Point Allerton Boston Harbor, Mass Point Au Fer Fla : Point Elizabeth, (precise locality not stated) Point Gammon Mass Point Isabel Tex Point Judith, R. I Point No Point, Chesapeake Bay Pollock.Rip Mass . . . . Poplar Point Light, R . I Powder-Horn Bavou Tex Provincetown Cape Cod 1 1 1 2 1 . 2 1 2 1 1 1 1 1 1 1 1 1 '3 2 1 1 1 .... 3 2 1 1 1 1 1 4 1 1 1 • 1 1 1. 2 1 1 1 1 1 1 .... .... "i' 1 1 1 1 1 1 1 "3 i i 1 1 1 1 1 6 4 1 1 2 2 1 1 4 1 2 1 1 1 2 1 2 1 "3" 2 ""4' •1 1. 1 1 1 1 2 .... 1 1 3 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 2 1 ^1 1 1 1 I I !;;!i.:i.i 1 3 1 1 .4 2 1 Race Point, Mass • Ragged Island Me 1 Ram Island Me 1 Ram's Head Ledge, Boston Harbor Revenue Point Shoal, Ala Richmond Island Me . . . '. Rock Island Beach, Long Island, N. Y Rockaway, Long Island, N. Y Rockport Mass •- . Rocky Point. Mass : Romer Shoals, N. Y .' Rose Landino" Long Island . Rye Beach, N ! H 1 Sachem's Head, Conn Sail Rock, Lubec, Me Saint Andrew's Bar Fla . . . Saint Augustine Light Fla Saint Catharine's Sound, Ga Saint George's Island, Fla Saint John's Bar Fla .. . . . . Saint Joseph's Island, F l a . . ... . . Saint Mark's Fla .... Saint Simon's Bar, Ga Salt Island Ledge, Mass '..... Sandy Hook N. J ... . . . . . 2 San Luis Pass, Tex Santa Rosa Island, Tex Sapelo Shoals Ga Satilla River' Ga . . . . ...... Saugatuck, Conn Saybrook 13ar, Conn Scituate Mass . . . . . . Sculpin's Rock, Me Seven-Mile Beacb N J ... Shabbit Island Me Shark River, N. J 1 Sheep's Head Bav Bar, Long Island Ship Island, Conii ..' Ship Shoals Va Shippen's Reef Long Island Sound... Shovelful Liffht Nantucket Sound Shovelful Shoals, Cape God Sinepuxent, Md . . . Smith's Island Chesapeake Bay Smitb's Island, Nantucket Shoals Smith's Ledge Conn Smith's Point Chesapeake Bay Smith's Reef, Long Island .Sound . . . Smithville, N . C ' 1 1 1 1 1 1 1 1 1 I 1 1 2 1 1 1 2, 1 1 3 3 6 1 1 1 1 4 0 9 1 2 1 1 1 1 4 1 1 2 1 1 1 1 1 4 1 1 fi 1 1 3 1 21 4 9, fi 1 l' 7 13 1 1 1 4 1 1 2 3 1 1 3 3 1 9, 1 1 1 113 REPORT OF THE SECRETARY OF THE TREASUKY. List of fjlctces on the coasts of the Uniied Staies where vessels have stranded, cJ-o.^Continued. ATLANTIC COAST-Continued. F i s c a l y e a r e n d i n g J u n e 30— N a m e of p l a c e . 1 1 CO Sniutty-Nose Island Me Snow's Flats Me Sniithamptou, Loii"" I s l a n d S o u t h Dennis M e i^out'u H a r b o r M e . S o u t h Majshiield, B e a t t e s I s l a u d , M e ^ S o u t h p o r t B a r Conu S o u t h poi't M e S o u t h River, C h e s a p e a k e B a y Southwest Harbor . South Yaruiouth, Mass S o w a u d Pile's, M a s s S p o u t i n g Rock, R. I Spruce Head Me . ' . . Spruce Poin t Ledges, M e S q u a n Beach, N . J S q u a n I n l e t Shoals N J - * S q u a s h M e a d o w Shoals A^ineyard S o u n d Stage Island Me i S t a m f o r d Coun . . . . . ' Staten Islaud, N . Y Stepping-stones N Y . . Steuben M e . . S t r a t f o r d Shoalp, Conn .•Succonnessett L i g h t , M a s s Sullivan's Falls, M e ' • Tampa, Fla T a r p a u l i n Cove, V i n e y a r d Sound Tenpound Island, Mass •Thames R i v e r Conn., (near C o m s t o c k P o i n t ) Thimble Island, Long Island Sound Thomaston, Me Three-Tree Island Me Thumb-Cap Island, Mass Toos Point, V a Townsend's Inlet N . J .. Truro, Mass . .. T u b b Inlet, N . C Tucker's Beach Light-House. N, J T u c k e r ' s Beach, N . J " T u c k e r n u c k Shoals N a n t u c k e t T u p p ' s I n l e t , S. C • Turner's Lump, Va Turtle Inlet liar N. J . . T w o B r o t h e r s AVick ford, R. I T w o Bush Island, Me Tybee Island, Ga V a n c o c k Shoals T e x Vin eyard Haven Mass W a l l o p ' s B e a c h , A'a ' AVard's I s l a n d , N . Y AVarren H a r b o r R. I ... AVarwick N e c k R I W a t c h a p r e a g u e Inlet,.Va AVatchapreaiivie Shoal, V a W a t c h Hill, R. I AVellfleet, C a p e Cod AVells B e a c h M e W e s t Chop, Mass., Vineyard H a v e n AA^est D e n n i s , Cape Cod AVest H a r b o r , M e W e s t Quoddy Head, M e AVhale's H e a d AVhale Rock, R. I . . . . W h a l e R o c k Lio-ht, M e AVhite H e a d , M e AVilkes Ledge, B u z z a r d ' s B a y W i l l o u g h b y Shoals, C h e s a p e a k e B a y AVilmington B a r , N . C AVinter-Quarter Shoals M d W i u t h r o p Beach, M a s s W i n y a h Bay, S. C-..•Wiscasset Ledge Me Wood E n d , Ca.pe Cod Wood Islaud, M e . . : 8F CO i 1g CN CO g CO. 1 g. 1 1 "i 1 1 N 3 1 1 1 3 . 1 1 1 1 1 1 2 3 i 2 4 2 5 2 1 1 1 2 1 "i" 2 1 1 1 . 1 . 1 1 .... 1 1 3 1 1 1 1 3 1 1 ••{• 2 1 1 1 1 - 1 "i' "i 1 1 4 1 1 1 1 1 1 2 2 1 1 -..: 2 1 1 2 1 5 1 " 2 1 1 i.. .... 1 1 2 "2 1 1 1 1 "i' "3' 1 1 1 1 1 1 1 . '2 "1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 ....|.... 1 1 1 2 1 .... 1 5 0 1 1 3 3 1 1 1 3 1 1 1 1 1 1 2 21 3 2 . 1 2 2 1 1 1 1 1 6 5 1 1 2 1 1 1 2 6 2 1 1 3 5 1 1 1 1 1 2 1 7 2 1 1 1 3 2 3 6 2 3 114 R E P O R T OF T H E SECRETARY OF THE'TREASURY. List of places on the coasts of the United States where vessels have stranded, fc.—Continued. •ATLANTIC COAST-Continued. Fiscal year ending June 30-Name of place. OD York York York York C3 1 1 1 1 Beach Me -. Ledge, Me NarroAvs, Me...'. .' River Me . . . . " . . o CO oo CO i . g 00 1 1 1 i o 1 9; 1 1 PACIFIC COAST. Albion River, Cal Ai'ch Rock Oreo"ou 1 1 3 1 1 Baker's Bay, Colvunbia River Baker's Island San Francisco Bay Cape Blanco, Oreg Cape Clialkeue, Alaska 1 : 1 2 1 i 1 1 1 1 1 Cape Flal,tery, Wash Ter Cape Mendocino, Cal • Cape Pinos, Cal • Casper Creek Cal Clarence Straits Alaska Clark's Island Reef, Wasbington Sound Clatsop's Spit, Columbia River Columbia River . . Cook's Inlet Alaska Coos Bay Oreg Coos Bay Bar, (9 miles north of,) Oreg CoQiiilla Cape Arago Oreg 1 1 1 1 : 1 1 3 1 3 1 1 1 2 1 2 2 1 '2 :. Cuffey's Cove, Cal •. Davenport's Landing Cal. Discovery Island, Straits of Juan de Fuca Drake's Bav Cal Duncan's Lauding Cal Duno'cness Spit, AVash. Ter ' DuxSiirv Reef Cal Farallones Cal Fish Rock' near Bluff, Cal Fort Point San Francisco Bav Fort Ross Cal Foi't Stepheos Oreo* Four Fathom iSanif Cal Half Moon Bay, Cal -. Humboldt Bar Cal Kake Island Alaska (north side of it) Kalwack Alaska * Kodiac Harbor, Alaska, (21 miles S. E.) Little Alcatraz Rock San Francisco Bav Little River Cal - ... 1 i 1 1 1 1 1 1 1 1 1 1 1 1 2 i 1 1 1 . 1 1 1 1 1 1 1 1 2 1 2 1 — 1 1 . 1 2 Middle B.ink San Francisco Bav Mile Rock entrance to Sau Francisco Bay^ Newport Cal . North Farallone Island, Cal North Head San Francisco Bay No vara River'Cal . i 1 . .... 1 . 1 1 Ocean Side House Cal Orcus Islands AVash . Piedras Blancas, Cal Pigeon Point Cal Point Arenas Cal Point Point Point Point Point Bonita (^al Diablo Cal Fermin Cal Gorda Cal Grenville, AVash 1 . ... 1 2 *.. . 1 1 1 .... 1 1 1 1 'i 1 1 1 115 REPORT OF•THE SECRETARY OF THE TREASURY. List of places on the coasts of the United States wherevessels have stranded, cfc.—Continued. PACIFIC COAST-Continued. Fiscal year ending June 30— Name of place. Point Hueneme, Cal PoiVit Lobos, Cal Point New Year, Cal . Point Pedro, Cal Point Reyes Cal Point Sur Cal Point Vincent, Cal Rincon Rock, San Francisco Bay Rocky Point, Cal . . . Ro'^'ue River Oreg Salmon Creek, Cal Sand Island, Oreg Sand Spit, Oreg San Francisco Bay.. . . Sau Juan Harbor, Straits of Fuca San Pedro, Cal Santa Barbara, Cal Seal Rock Point Lobos . . . Sequel, Cal South Beach, Sau Francisco Bay Stewart's Point Cal Stillwater Cove, Cal Straits of Fuca Tennessee Cove, Cal Timber Cove, Cal ' Tomales Bar, Cal Umpqua Bar Ore<^ Umpqua RiA'cr, (uiouth of ) Oreg .. AVater Bay Bar, AVash ..! Yaquima Bay, -Oreg o ci CO OD '00 rH . 1 g 00 12 CO CO I-H CO 1 1 1 O- 1 2 2 1 1 .... 2 1 1 1 1 1 1 1 1 1 .-.; 6 1 1 1 1 2 2 ..... ... 1 1 "i 1 . LAKE COASTS. Ahnapee Harbor Lake Michigan Alabaster Reef, Lake Huron Alcona, Lake Huron Alexander Bay Saint Lawrence River Alpena Lake Hui'ou . . . .. . 1 1 1 1 1 1 1 2 2 2 Amsterdam, Lake Michigan Apostle Island, Lake Superior. Ashtabula Lake Erie . .. Avon Point, Lake Erie Bailey's Harbor, Lake Michigan Bar Point Lake Erie Bay Point Lake Erie Bay CJuinte, Lake Ontario Beaver Island Lake Michigan Belle Island Detroit River Big aud Little Sturgeon Point, Green Bay Bif^ Point au Sable Lake Michigan Big Sodus Lake Ontario . . . .. Black Creek, Lake Michigan Black River, Lake Erie Bois Blanc Islaud Lake Erie . . . Bois Blanc Island, Lake Huron Brant Pier, Lake Michigan Brockville Saint Lawrence River Brown's Pier Lake Michigan . . Buffalo Harbor, Lake Erie Burlington Beach, Lake Ontario !6ury Inlet Lake Hurcra Calumet Reef Lake Michigan (Jann a Island Lake Michigan Cape Hurd, Lake Huron Cape Vincent Lake Ontario Carlson's Pier and Ellison's Bay (between) 1 1 1 1 1 1 2 3 1 2 1 1 .... 3 1 1 1 3 1 4 4 1 3 .... 2 4 .... 1 2 1 1 2 1 1 1 1 1 1 .. 1 2 } 1 1 1 1 "i 2 2 "2 1 1 1 2 1 1 . . 1 1 1 6 1 1 1 1 1 2 3 1 1 1 .. „ 1 1 1 1 Carlton, Lake Michi ""an . Carp River, Lake Michigan 1 1 : 1 3 2 1 1 4 2 1 9; 4 1 <> 18 1 1 9. 8 6 1 1 4 1 a 2 7 1 1 1 IR 4 1 3 1 1 1 1 1 1 1- 1 116 REPORT OF THE SECRETARY OF THE TREASURY. List of places onthe coastsof the United States where vessels have stranded, il'-c.^Continued. LAKE COASTS-Continued. Fiscal year eu Lliug June 30— Name of place. 1 (Jassidy's Reef, Lake E'ie Catarat't Rock Lake Ontario Cathead Point, Lake Michigan Cedar Point. Sann'visky Bay^ Lake Erie Cedar Kapids. Saint Lawrence River Chamber's Island, Lake Michigan Chanlry Island, Lake Huron.. Charitv Island L;Lk(i Hurcn Charlotte Harbor Lake Ontario Oheboviian. Straits of Mackinac Ch<-''Ste.r's Reel Lake Erie Chicago Harbor, Lake Michigan Chickanore Reef, Lake Erie Chuckaluna Reef, Lake Erie Clay Banks Lake Eiie Clay Banks, Lake Michitran Cleveland Harbor, Lake Erie Cobur"' Lake Ontario Cockburn Island Lake Huron Colchester Reef, Lake Erie . ('oilingwood Lake Huron Conneaut, Lake Erie Cove Island, Lake Huron Crow Island Sa""inaw River Death's Door, Lake Michio"an Detour, Lake Huron, (Saint Mary's River) Detroit, Detroit River * Detroit Island, Lake Michigan Detroit River •Devil's Nose Lake Ontario * Devil River, Lake" Huron Donn River, Lake Ontario Dorney's Reef Point, Lake Michigan 1 Dover Bay, Lake Erie Drummond Island, Lake Huron Duck Islands, Lake Ontario Duluth Lake Superior Dunkirk Harbor Lake Erie Dykesville, Lake Michi<Tan Eagle Harbor, Lake Superior East Sister Island, Lake Erie Eleven-Foot Shoals Greeu Bay Elk Island, Saint Clair River Ellsworth's River, T^ake MiQhigan Elm Creek, Lake Huron . Elm Reef 1 ake Michi'^an Erie Harbor, Lake Erie Escanaba, Lake Michio'an Euclid, Lake Erie Evanston, Lake Michigan Fairport Harbor, Lake Erie False Ducks, Lake Ontario False PresQue Isle Lake Huron Featherbed Shoals, Lake Ontario Ferrer's Point, Lake Ontario . Fighting Lsland, Detroit River . Fitzgerald Island Lake Huron Forest Bay, Lake Huron . Forest Bay Reef, Lake Huron , • Forrester Lake Huroii Forrestville, Lake Huron Fort Niagara, Lake Ontario . . . . Fort Shoals, Lake Ontario.Forty-Mile Point Lake Huron Frankfort, Lake Michigan Frankfort, Lake Ontario . Gallop Rapids, Saint Lawrence River Gallop Isle, Lake Ontario Garden Island, Lake Ontario Genesee'River, Lake Ontario Genesee, Lake Huron . . . Geneva, (off,) Lake Erie . Gibraltar Lake Erie Goodrich, Lake Huron tH 11 00 g g. s g '^ .-. i 1 ''2' vo 0 00 1 1 1 1 1 1 1 5 1 1 • 1 .' 1 . 1 2 "i 1 .... .... 'i 9 1 4 1 2 1 32 1 3 5 1 9() 1 1 1 4 8 3 4 10 3 2 2 2 2 2 1 5 1 1 3 1 "2 I 1 1 1 3 1 "i 1 1 . 3 1 1 1 (» 1 1 'S 4 1 fi fi 1 9 17 q 1 1 1 1 1 9 1 fi 1 fi 7 2 1 3 1 4 1 1 1 5 4 1 6 1 3 1 X 1 1 1 1 2 1 1 1 1 .; 1 1 1 1 3 22 1 2 2 1 1 1 1 1 1 1 0 2 ... 1 2 1 . ... . 2 2 0 1 3 1 2 3 1 1 2 3 2 1 1 2 1 1 1 18 '9 9 fi 10 1 9 1 1 9 1 1 1 1 1 1 "2 1 1 1 . . 1 1 1 1 1 1 1 o 1 1 1 2 1 "i 1 1 2 4 >,3 1 1 1 1 1 1 1 1 - 1 1 1 1 1 1 3 117 REPORT OF THE SECRETARY OF THE TREASURY. List of places on the coasts ofthe United Staies ivhere vessels have stranded, cfc.—Contiaued . LAKE COASTS-Continued. F i s c a l y e a r e n d i n g J u n e 30— N a m e of place. i 5 Grable's Point L a k e Erie G r a h a m ' s Shoals, L a k e M i c h i g a n 6 G r a n d I s l a n d L a k e Superior G r a n d River, L a k e E r i e ". G r a n d River, L a k e Mi chigan G r a y ' s Reef, S t r a i t s of M a c k i n a c ' Green Point, L a k e O n t a r i o G r e e n ' s Reef, L a k e E r i e . . : : ' Griffith's I s l a n d , L a k e H u r o n ' G r i m e s Reef L a k e M i c h i g a n .... , .. Grosse I s l a n d D e t r o i t R i v e r G r o s s e P o i n t L a k e Michi""an Gull Island, L a k e Ontario. Gull I s l a n d Reef L a k e E r i e . Gull P o i n t L a k e O n t a r i o . . . i H a m m o n d ' s Bay, L a k e H u r o n .Harrisville, L a k e H u r o n H a t I s l a n d , L a k e Michigaii '.... H a t I s l a n d Reef, Green B a y H e r s o u ' s Island, S a i n t Clair R i v e r H i g h l a n d Reef Lake Michigan . . Hoo" I s l a n d , L a k e S a i n t C l a i r H o g I s l a n d Reef, L a k e Micliig'an Holland Detroit River ..'. Holland, L a k e M i c b i o a n ".. .Horn's P i e r , (locality u n k n o w n ) : H o r s e s h o e I s l a n d , L a k e S u p e r i o r , (supposed) H o u g h t o n Center, L a k e E r i e .. . . H o w Island, L a k e Ontario H u r o n City,- L a k e H u r o n Inverhuron Harbor Lake H u r o n . .. Isle Royal L a k e Superior Johnson's Islaud, Saint L a w r e n c e R i v e r Kalamazoo River, L a k e Michigan Keldei'house P i e r L a k e M i c h i g a n . Kelley's Island Lake Erie . Kenosha, Lake Michigan Kettle Point, L a k e Huron K e w a u n e e L a k e Micbip'an . .... Kincardine. Lake Huron . L a k e Geoige Flats, Sault River , L a k e View, L a k e M i c h i g a n Langley's Pier Lake Michigan L a t m a n P o i n t , L a k e Ontario L a u g h i n g AVhite-Fish Reef, L a k e S u p e r i o r Leiand, L a k e Michigan Lexington Lake Huron L i r a e K i l n liaef, D e t r o i t R i v e r L i t t l e B a v d e N o o u e t L a k e Michio'an L i t t l e G r a l i a m Shoals S t r a i t s of M a c k i n a c Little Manitou Island L a k e Michigan Little Point, Lake Huron L i t t l e P o i n t A u Sable L a k e Michi<^an L i t t l e S i s t e r Reef, L a k e M i c h i g a n ? L o n g I s l a n d , Laike O n t a r i o Long Point Lake Eiie Lono-Point, Lake Ontario . .. Louse Island, L a k e Michigan Lndington, Lake Michigan M a c k i n a c S t r a i t s of Madison, L a k e E r i e Maiden, Detroit River M a m m y J u d y Ligiit, Deti'oit R i v e r Manistee Harbor, L a k e Michigan M a n i t o u L a k e Michi'^'an M a n i t o w o c L a k e Michiijan Marble Head, Lake Erie Marquette, L a k e Superior Maumee Bav Lake Eiie Menominee, L a k e Michigan Michapecoten, L a k e Superior M i c h i g a n Citv, L a k e Michigan M i d d l e B a s s IslajOd L a k e E r i e Middle Island, Lake Huron ou ci 1 1 6 1 1 5 "3' 1 g g CO CO 1 I ] 2 1 1 1 6 1 1 i 0 H 1 7 20'' 1 1 \ "i24 "2 1 1 1 1 1 4 2 1 3 4 1 1 1 1 1 1 1 1 1 3 1 1 1 2 1 3 1 1 1 3 1 1 4 1 1 3 1 3 1 1 1 2 1 2 1 1 4 1 6 6 1 2 "i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 2 1 1 1 1 11 1 1 2 1 1 2 1 1 4 1 2 1 1 1 • 2 1 1 1 1 2 3 2 1 .1 2 4 3 1 1 1 2 'i 1 1 2 1 3 1 3 7 2 2 4 2 3 2 0 '5 1 •2 5 16 "i 1 1 1 1 3 1 5 "2 "2 1 1 1 2 1 2 1 1 1 2 1 2 1 3 5 1 1 2 1 1 1 2 1 2 6 7 1 1 1 2 1 4 3 9 1 1 1 1 2 1 1 ^9 1 1 5 31 1 2 1 16 4 1 2 7 1 2 1 'S 3 12 118 REPORT OF THE SECRETARY OF THE TREASURY. Ijist of places onthe coasts of the United States where vessels have stranded, c^^c.—Continued . LAKE COASTS-Continued. Fiscal year ending June 30— Name of place. CO CO CO Middle Sister Island Lake Erie Milwaukee, Lake Michigan '.. . Minerva, Lake Erie " M.iS3ion Reef, Lake Michigan Mohawk Island, Lake Michigan Morgan's Point Lake Erie .. • . Morrisburfh, Lake Ontario . . . . . . Mu d Lake, (near Bridwell, Chicago) Muskegon, Lake Michigan Napanee, Lake Ontario ... Neebish Rapids, Saint Mary's River New Buffalo, Lake Michigan New Castle, Lake Ontario . .. New River, Lake Huron Niagara River, Lake Erie INicholsou Island, Lake Ontario . Nine-Mile Creek, Lake Ontario '. Noon Point, Lake Huron N^ortli Bass Island, Lake Erie . . North Bay, Lake Michigan North Harbor Reef, Lake Erie North Manitou, Lake Michigan . NTorth Point, Lake Michigan INorthport, Lake Michigan •Oak Point, Lake Ontario 'Ole Antrim, Lake Michigan .. 'Ontario, Lake Ontario 'Orchard Creek, Lake On tario fOswego, Lake Outario 'Owen Sound, Georgian Bay Lake Huron IPancake Shoal, Lake Michigan Pajioose Island, Lake Huron IPeclie Island, Lake Saint Clair Peninsula Reef, Lake Michigan . . . Pentwater, Lake Michigan iPeshtigo Reef, Lake Michigan Pere Marquette Straits of Mackinac Picton,Lake Outario ; IPigeou Bay, Lake Erie Pigeon Bay, Lake Huron Pigeon Island Lake Huron Figeon Island, Lake Outario . .Pillar Point, Lake Ontario Pilot and Detroit Isle Lake Michif^an Pilot Island, Lake Michigan Pine River, Lake Huroii Pine River, Lake Michigaii Pinnepog, Lake Huron .Pipe Island, Lake Michigan Plum Island, Lake Huron Pluiii Island, Lake Michigan Point Albino, Lake Erie Point Au Pelee, Lake Erie Point Au Sable Lake Huron Point Au Sable, Lake Michigaii Point Au Sable, Xake Superior Point Aux Barques, Lake Huron Point Aux Pins, Lake Erie Point Betsy, Lake Michigan . . Point Edwards, Lake Huron " Point Elgin, Lake Huroii Point Frederick Lake Ontario Point Moullift.r, Lake Erie Point Peninsula, Lake Michigan Point Peninsula, Lake Outario Point Permit, Lake Erie Point Peter, Lake Ontario Point Sanilac, Lake Huron = Portage Canal, Lake Michigan '. Portage Canal, Lake Superior Portage River, Lake Superior Port Austin, Lake Huron Port Austin Reef, Lake Huron Port Anstin Reef. Lake Michigan Fort Bruce, Lake Erie . . . . 2 1^ CO 1 o-J CO 00 4 CO 00 1 2 1 10 CO :o 1 4 00 2 1 2 00 CO 2 1 1 1 1 2 3 1 1 1 1 ^1 1 4 4 1 1 2 1 1 . . • 4 1 1 3 3 1 1 1 1 ^ 1 2 "i \ 1 1 1 ... 1 1 1 1 1 1 1 1 1 3 1 1 . 3 '{' 1 1 .... "2 1 '2 1 4 1 1 1 1 3 2 1 2 1 1 5 "l 3 1 2 1 "\ 1 1 1 1 1 1 1 . .. 1 1 2 i 2 1 "1 1 1 1 1 2 2 1 1 -1 1 1 1 2 1 1 1 1 1 1 1 1 2 . 1 1 1 2 1 2 1 i 2 2 1 6 "6 1 1 1 2 3 2 11 3 1 2 2 2 1 "2 2 2 2 2 5 3 4 1 3 3 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 [ 1 .... 1 1 1 --. 1 1 1 1 1 .... 1 2 ........1 4 19 1 1 1 4 1 1 19 2 11 4 1 1 2 1 3 1 3 3 7 12 5 6 1 1 1 i 17 2 1 1 4 1 fi 3 1 2 5 1 1 4 1 1 5 1 2 2 1 1 .5 8 41 72 2 13 1 3 4 3 4 1 1 1 1 1 1 1 1 2 .5 1 9 1 REPORT OF THE SECRETARY OF THE TREASURY. 119 List of places on the coasts ofthe United States where vessels have stranded, cfc.—Continued. LAKE COASTS-Continued. . F i s c a l y e a r e n d i n g J u n e 30— ^ N a m e of place. CO CO GO P o r t Bruce, L a k e H u r o n P o r t Burwell L a k e Erie P o r t Colborne L ^ k e E r i e P o r t Crescent, L a k e E r i e P o r t Hope L a k e H u r o n P o r t H u r o n , S a i n t Clair R i v e r P o r t Maitland, L a k e Erie Port Rvers Lake Erie P o r t Stanley, L a k e Ei'ie P o r t AA''ashington, L a k e M i c h i g a n P o v e r t y Island Lake Michigan P r e s q u e I s l e Bay, L a k e H u r o n P r e s q u e Tsle, L a k e E r i e P r e s q u e Isle, L a k e H u r o n Put-ill-Bay L a k e E r i e Putney vile Lake Erie R a c i n e Reef, L a k e M i c h i g a n R o c k Falls, L a k e H u r o n Rock Island, L a k e Michigan Rondeau Lake Erie J i o n k ' s Pier, L a k e M i c h i g a n Round Island, L a k e Michigan R o u n d Reef, L a k e H ui'on "Saginaw R i v e r S a g i u a w B a y •Sailor's E n c a m p m e n t , S a i u t M a r y ' s R i v e r S a i n t Clair F l a t s , L a k e S a i n t Clair S a i n t Clair R i v e r S a i n t Helena, S t r a i t s of M a c k i n a c . Saint Joseph, Lake Michigan !. §aint Lawrence River .... Saint Martin's Islaud, Lake. Michigan Saint Mary's River Salmon's Point L a k e Ontario S a n d Beach, L a k e H u r o n ' S a n d u s k v Bar, L a k e E r i e S a n d y Creek, L a k e Michio"an S a u g e e n , L a k e Micbip'an Saugatuck, Lake Michigan S a u l t Ste. M a r i e C a n a l Scare C r o w Reef, L a k e H u r o n S c h o l i e ' s Point, L a k e E r i e S h e b o y g a n , L a k e M i c b i g a n . . . .• . Siloii Creek, L a k e E r i e Skillagalee, L a k e M i c h iga.n . . . . S l e e p i n g Bear P o i n t , L a k e M i c h i g a n Snake Island, L a k e Ontario South Bass Island, L a k e E r i e S o u t h Bav, L a k e Ontario South F o x Island, L a k e Michigan South Hampton, L a k e H u r o n South Haven, Lake Michigan South Manitou, Lake Michigan S o u t h P o i n t I s l a n d , L a k e Michi ""an South Reef, L a k e M i c h i g a n S o u t h River, L a k e H u r o i i . . S p e c t a c l e Reef, L a k e H u r o i i •Spider Islaud, L a k e M i c h i g a n Starve Island, L a k e H u r o n S t a r v e I s l a n d Reef", L a k e E r i e S t o n y Creek, L a k e M i c h i g a n S t o n y Islaud, D e t r o i t R i v e r Strawberry Island, Green Bay S t u r g e o n Bay, L a k e M i c h i g a n Sturgeon Point, Lake E r i e Sturgeon Point, L a k e Huron S t u r g e o n P o i n t Reef, L a k e E r i e Sugar Island, L a k e Huroii „ S u m n e r a n d S q u a w I s l a n d , (between,) L a k e M i c h i g a n . Taintor Island, L a k e Outario T a w a s Bay, L a k e Huron T a w a s Point, L a k e Huron Tecumseh, Lake Erie Thames River " T h u n d e r Bay, L a k e Huron Timber Island, L a k e Huron 4 2- 1-: CO 00 00 Ci CO OJ CO CO 00 r-l 1 1 4 2 2 0 00 •3' 2 3 6. 1 2 2 2 1 1 1 00 1 1 1 2 1 1 1 1 2 1 1 ,4 1 1 1 1 1 1 1 3 2 1 1 6 1 1 1 2 2 2 1 3 3 2 1 6 I 1 1 .1 1 1 1 4 1 1 1 i 2 1 1 1 2 "3' 2 2 1 1 1 2 2 1 '3 1 2 2 1 2 i 1 1 1 2 1 1 1 1 1 2 1 1 1 2 3 2 1 1 1 2 1 1 2 1 1 2 1 1 2 2 1 2 "i 1 1 1 1 1 3 2 1 2 1 1 1 2 1 1 2 2 1 1 "i — 1 "1 "i 1 2 1 1 1 2 3 6 5 1 1 1 3 2 1 2 4 6 3 2 2 2 1 0 1 1 3 13 26 1 8 3 7 1 5 4 3 8 2 2 3 1 25 2 1 17 1 2 1 2 1 7 3 10 11 7 2 9 1 2 1 1 1 1 3 1 1 14 1 • 1 2 5 1 -0 1 1 0 2 1 1 1 1 1 "i 1 1 7 1 2 1 3 1 120 REPORT OF THE SECRETARY OF THE TREASURY. List of places on the coasts of the Uniied States where vessels have stranded, fc.—Continued, LAKE COASTS-Continued. Fiscal year ending Juue 30— Name of place. i 1 i 3 Turtle Islaud Lake Erie .. Two Rivers Lake Michigan Hnion Piei' Lake Michigan •^ Vail's Reef "Lake Huroii 1 1 J. i.. Av ashin o'tou Island Lake Miclii'^^an AVaukegan Pier, Lake Michigan AYellana (3anal A'V^hale's Back Shoal Lake Michio^an AV^hite Hall Lake Michigan AVhite Lake Pier, Lake Michigan AVhite River- Lake Micbip'an AVhite Rock Sa^'inaw Bay • AVhite Shoals Straits of Mackinac AVillard's Bay, Lake Ontario AVilson Harbor Lake Ontario AVindmill Point Lake Erie . AVolf Island Lake Ontario Woodward's Bay, Lake Michigan Yate's Pier, Lake Ontario . . . 1 1 ... 3 . • 1 1 1 CO ?2 00 00 00 1 1 1 1 2 .^. g 2 1 1 1 1 1 1 1 1 1 — 1 1 • 1 1 1 7 1 1 6 1 1 2 3 3 ,5 9 1 9 fi 1 1 5 1 2 3 1 1 1 121 EEPOET OF THE SECEETAEY OF THE TEEASUEY. TABLE 6{\-^List of places ivhere American vesselshave stranded in foreign waters during the , fiscal yearending June 30, I'S)! b : t... 03 4^* cn ti Name of place. a. bC C3 Abaco Islands Reef AVest Indies Altalta, (on sand-beach 20 miles north,) Mexico Amherst Island Harbor, G-ulf of St. Lawrence Andrews Island, Cape Canso, Nova Scotia... Anguillalsland, Salt Key Bank, Gulf of Mex- ico ' . . . Boiling Reef Gulf of Georgia Bolton Island, Molucca Group, East Indies.. Bonacca Harbor, Honduras, Central America. Black Point and Seven Hills, Honduras, Cen- & 1 S3 a a 'ti 1 1 A ^ 1 1 .... 1 ..... 1 1 1 1 . 1 1 1 1 1 Carimata Straits East ludies Colonia Harbor Rocks South America Colorado Reef Cuba Coral Reef, between Kembia and Simbarre Islands . . . . . ' . Corn Island Central Araisrica Crooked Island Bahamas Doiia Maria Inlet Cuba East Caicos Reef, British AVest Indies Ensrlish Bank '^nrobablv^ Bristol Channel Grand Bahamas Reef off Wood Bay .... 1 1 1 1 1 .... ...- 1 1 .... / Gull Island, Nova Scotia HesQiiot Sound Vancouver's Island Hind Island Nova Scotia .1 Hong-Kong China Hoogly River, Diamond Harbor, British liidia JaSner Straits Coral Reefs 1 Jei'eraie Harbor Hayti 1 Liberty Point, Campobello Island, New Brunswick ... 1 1 1 1 2 1 1 1 Metak Island, near Anjir, East Indies ....... Mindoro Straits Philinniue Islands Moselle Shoals, Bahamas ' Nuevitas Harbor, Cuba. Para River, (mouth of,) South America.. Port Maria, Jamaica Pubnico Nova Scotia Rocas Reef, 125 miles northeast of Cape St. 1 1 • 1 : 1 ... 1 .1 1 1 1 1 1 1 Saint Andrew's Chaune, Cape Canso, Noya 1 Saint Marv's Bav Nova Scotia . . . 1 1 1 • Soldier's'Ledge, Tusket Island, Nova Scotia. South Bemini Shoals, Bahamas.... :. Turk's Islands Middlo Reef Bab9ma^ Turk's Islanda "N^orthwpMt T?f^ftf "RahaiDas TusDan Siver ^month of ^ MBXICO Valdes Peninsula, Patagonia Watling's Island Reef, Bahamas Wood's Island,Bay of Islands,British America Woody Island, Cape Breton,.British America • 1 Buekos Reef, Tobao'o British AVest Indies . . Cane Canso • Nova Scotia Cape Neo'ro Islands Nova Scotia Macassar StraitSi East Indies .: Malnec Bar Gnlf of St Law^rence Marfa Drychon Beach, Cardigan Bay, Wales Mayo Island Cape Verde Group .. 3- ti .1-5 < .-.. "l 1 1 1 ...-. . 1 1 .-.. .... .... .... ' 1 • 1 122 REPORT OF THE SECRETARY OF T H E TREASURY. APPEN Statement of refunds made by the Treasury Date. 1875. .Mar. 3 Apr. To uhora refunded. Thwing, William W.heeler, Daniel, & C o . . . . Pembroke Iron Company . Brown, Elijah T .. Stewart, A. T., &. Co Donnell, G. & J. T Description of merchandise, &c. Dutv. ,$372 85 Pl 02 255 OU 213 00 35 40 186 00 Tonnage-duty on British ship Alhambra . Charcoal, tin, and terne Coal Brown grease Silk and cotton ribbons Manila hemp, ship Continental DeRosset & Co Cotton ties Plumb, Burdick <fc Barnard . Bolt-cutting machine . Munro, D. M .. Tonnage-duty on British bark Fisher Kl opper, A . . . Tonnage-duty on German ship Astronom Siemens Bros . Tonnage-duty on stearaships Faraday and Ambassador. Owners Haytian brig Mar- Tonnage-duty on Haj'-tian brig Marguretta guretta. Loud, Claridge & Co .. Tonnage-duty on British brigs Clara and Agnes .. Hatch, D. W Tonnage-duty on schooner Laura A. Webb Adam, A., Master, &c Tonnage-duty ou Araerican schooner B. L. Eaton .. Baker & Humphrey... Tonnage-duty on Araerican schooner Sadie F. Cutter. AVheeler, Dan'l,&Co.,agents Tonnage-duty ou British ship Friga Thompson Sc Walter Tonnage-duty on British brig Euroclydon Fundi, Edge &; Co Tonnage-duty ou British brig Northumbrian Albreitsiu Andrew Tonnage-duty on Norwegian bark Aniykos Brown, George W Tonnage-duty on brig Uncle Sam Haa^ensen, A....• Two cases of books Wedcligen, Louis, et al Silk and cotton bindings Spooner, Charles W Manila hemp Milliraan, C.W One silk cape, (regalia) Shepard, Samuel Wheat and pease , Haac, Herman Eighty-two boxes clay pipes Rareshide <fc Maes Forty-four gallons of ale Pickering, AA'in slow & Co. Wool , Tanner, N. M Iron Pliiramer, L. A., treasurer . Manila cordage Ackermann, W., e t a l Silk aud cotton velvet ribbons Walls Sons, AVilliam Manila hemp Clark &, Meador Champagne, (short-shipped) Sibson, William S Scrap-iron Mayr, Robert, & Co Bronze-powder Skidmore, E. M., jr Ivory •... Noel, Aug., survivor Charges aud commissions, (judgment) Spies, Frederick A., et al . Voltz, Frederick Bailey, E . H Lamarche, E., et al ... do Peas e Refund ol tonnage-tax on Italian bark Nuero Mattes Charges aud commissions, (judgment) Babcock, Benj., et al do Hutton, Benj. H., survivor.. do Slocomb, Thonias, et al do Cleveland Rubber Compauy Rubber rings -. Bradley, Jaraes H , Fisher, Jos., et al .. Old iron Charges and commissions, (judgment) Mitchell, Moncrief, et al .do , Witthaus, Rudolph A., etal. .do . Bigelow, E. D., & Co Tonnage-duty ou Norwegian bark Thor Stewart, AVilliara Tonnage duty on schooner Theo. Perry , Saget. Jul ieu Net proceeds sale threecases gems as unclaimed Cornibe, J Refund of duty on a sewing-machine Doane & Crowell Leman, Gardiner & Co. :May Perkins & Stern Shaw, AVilliara Walen, Leonard Keppelmann, A Rocche, Johu Strauss, Bianchi fcCo . Macdonald & Co Howard, Sanger & Co.. Schweitering, H. H Berger, A., & Co Richards-, S. P Refund of tonnage-duty on schooner Chas. E. Gibson. Refund of tonnage-duty on British brig Glenwood. Refund of duty ou brandy Refund of duty on salt..". Refund of tonnage-duty ou schooner Sarah E. Snow. Refund of duty on dry carmine Refund of duty on walnuts, daraaged Refund of duty on extract of saffron Refund of duty on one case of laces, (short-shipped) Refund of duty on Rubber pouches Refund of duty on silk aud cotton bindings ,. Refund of net proceeds sale one case merchandise, (unclaimed.) Refund of duties on argols, (short-weight) 24 73 138 60 89 40 250 20 2, 057 70 1, 378 75 73 31 51 124 50 20 41 20 340 79 171 137 42 30 230 176 24 1,216 32 15 146 113 99 295 828 415 625 322 659 3, 373 .50 60 10 60 50 30 61 60 68 55 40 30 40 39 40 1' 92 98 88 70 77 4,619 35 178 1, 864 50 30 80 55 1,998 1, 974 2, 202 98 30 50 24 78 4 00 2, 521 50 1,1.56 361 163 78 304 15 83 35 80 57 98 44 152 10 32 40 5 54 14 46 38 39 11 11 11 344 0 73 40 00 10 20 79 02 50 59 65 82 REPORT OF T H E SECRETARY OF THE TREASURY. 123 DIX G. Dexiartment from March 3 to Novemher 20, 1875. Interest a u d costs. $372 81 255 213 35 186 85 02 00 00 40 00 24 73 138 00| • '^9 40 2.50 201 2, 057 70 1,378 75 73 31 51 124 $30 44 33 80 151 66 4,124 32 R e a s o n s for r e f u n d . Totals. 50 20| 41 201 Sec. 30121 R e v . S t a t . D o u b l e p a y m e n t of t o n n a g e - t a x Sec. 3012^ Rev. Stat., a n d a c t M a r . 3, 1875. E r r o r in l i q u i d a t i o n Do."' E r r o r in liquidation, (daiuage) Do. E r r o r in l i q u i d a t i o n Do. See E x h i b i t A , H e m p u s e d in e q u i p m e n t of s h i p Con- Sees. 2513 aud 3013, R e v . S t a t . tinental. Sec. 3012i Rev. Stat., a u d a c t M a r . 3,1875. • E r r o r in l i q u i d a t i o n Do. Doraestic m a n u f a c t u r e s e x p o r t e d a u d returned. Do. D o u b l e p a y m e n t of t o n n a g e - t a x Do. do ..'. T e l e g r a p h vessels ; t o n n a g e - d u t y did Sec. 3013 Rev. Stat., and a c t M a r . 3, 1875. n o t accrue. Do. F e e s exacted c o n t r a r y to decison of Departraent. Sec. 3012i Rev. Stat., a n d a c t M a r . 3,1875. D o u b l e p a y m e n t of t o n n a g e - t a x Do.' .do..: Do. do Do. do • .do . 5o| -do . 91 60| .do . 10 .do . 60 -do . .50] E r r o r in l i q u i d a t i o n 74 See E x h i b i t B . 61 H e m p used i n . e q u i p m e n t of ship 24 ool E r r o r in l i q u i d a t i o n — 1,216 68 See E x h i b i t C 32 55 E r r o r iu l i q u i d a t i o n , (short s h i p m e n t ) 15 40 do 180 10 S e e E x h i b i t D 113 40 E r r o r iu l i q u i d a t i o n , (damage) 99 39 H e m p u.-^ed in c o n s t r u c t i o n of s h i p s . . . 447 06 See E x h i b i t A 828 12 H e m p used iu e q u i p m e n t of v e s s e l — 415 92 E r r o r in liquidation, (short s h i p m e n t ) 025 98 E r r o r in l i q u i d a t i o n 322 88 do , 659 70 See E x h i b i t E 7, 498 09 See E x h i b i t F 340 79 171 137 42 30 260 176 .do . 6,771 19 11, 390 69 35 30 E r r o r iu l i q u i d a t i o n 178 801 D o u b l e p a y m e n t of t o n n a g e - t a x . 2,640 18 4, 504 73 See E x h i b i t F 2, 954 66 3, 203 72 3,262 91 3,853 25 .do 4, 952 961 .do . .5,183 22 .do . .5,465 15 98 781 D o m e s t i c m a n u f a c t u r e e x p o r t e d a n d returned. , 4 ool E r r o r iu liquidation 6. 374 75 See E x h i b i t F .do . 1, 464 43! 2,621,26 582 31 -do . 943 66 Double j)ayiiient of t o n n a g e - t a x . . . 163 80 do - — 78 57 304 98 S u r p l u s on sale of u n c l a i m e d goods . . . 15 44 D o m e s t i c m a n u f a c t u r e e x p o r t e d a n d returned. 152 10 D o u b l e p a y m e n t of t o n n a g e - t a x 32 4ol .do . 5 01 E r r o r i u l i q u i d a t i o n , (breakage) ' 54 73 E r r o r iu weigh t 14 40 Double p a v m e n t of t o n n a g e - t a x 53 57 See E x h i b i t G 38 10|E r r o r in liquidation, (damage) 39 20 E r r o r iu l i q u i d a t i o n .11 79 E r r o r in l i q u i d a t i o n , ( s h o r t s h i p m e n t ) 11 02|E r r o r in l i q u i d a t i o n 11 50|See E x h i b i t B 344 59 S u r p l u s on £al6 of u n c l a i m e d goods . . i L a w u n d e r w h i c h refund w a s m a d e . 65 SSf E r r o r in w e i g h t . Do. Do. Do. • Do. Do. Do. Do. Sees. 2.313 and 3013 Rev. Stat. Sec. 3012A R e v . Stat., a n d a c t Mar. 3,1875. Do." Do. Do. Do. Do.. Sees. 2513 and 3013 Rev. Stat. Sec. .3012* Rev. Stat., aud act Mar. 3,1875. . Sees. 2513 and 3013 Rev. Stat. , Sec. 3012^ Rev. Stat., aud act Mar. 3,1875. Do." Do. Do. Sees. 989 a n d 3012.} R e r . Stat., a n d a c t M a r c h 3,1875. Do. Sec. 3012:V Rev. Stat., a n d a c t M a r . 3,1875. Do." Sees. 989 and 3012* R e v . St;at., a u d a c t M a r c h 3, 1875. " Do. Do. Do. Sec. 3012i R e v . Sl;at., a u d act M a r . 3,1875. • Do. Sees. 989 a u d 3012* Rev. Stat., a n d a c t M a r c h 3, 1875. Do. Do. Sec. 3012* Rev. Stat., and aet Mar. 3,1875. Do." Sec. 2973 Rev. Stat. Sec. 3012^ Rev. Stat., aud act Mar. 3,1875. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Sec. 2973 Rev. Stat. Sec. 3012* Rev. Stat., and act Mar. 3,1875. 124 REPORT OF THE SECRETARY OF THE TREASURY. Statement of refunds made by theT o w h o m refunded. "Date. : 1875, May 4 4 D e s c r i p t i o n of m e r c h a n d i s e , &c. A d a m &, M e l d r u u i . R e f u n d of d u t i e s on c l a p b o a r d s a n d s h i n g l e s R e f u n d of d u t i e s on s i l k a n d c o t t o n a n d s i l k a n d cotton v e l v e t r i b b o n s . R e f u n d of d uties on five cases of s h a w l s Thornton, E . L . Refund of d u t i e s on t i m b e r . George, C h a r l e s H . , & Co. I s e l i n , R i c h a r d , & Co R e f u n d of d u t i e s on l i q u o r s . (10 cases gin) R e f u n d of d u t i e s ou c h a r g e s a a d commissions, (judgment.) L a d e w i g , A., et a l . . do Stokes, H., et a l . . . do... do . do . . : do Siegman, J a c o b , e t a l . . Nicol, R(Mert do. S t e i n b e r g <fc F r i e d b e r o R e f u n d of n e t p r o c e e d s u u c l a i m e d m e r c h a n d i s e . . . A c k e r , J . , e t al R e f u n d of d u t y on c h a r g e s a n d . commissions, (judgraent.) Donald, P e t e r do R a s s a v o u t , T., e t al do F i e l d i n g , T h o m a s , et al do L a Chaise, A., e t al , do Gill & Lootz Refundof t o n n a g e - d u t y on N o r w e g i a n b a r k F r e d n o e s Goggan, T h o m a s , & B r o R e f u n d of d u t y on Sax-horns, (clerical error) R e f u n d of d u t y on cigars, (clerical error) Park &Tilford R e f u n d of d u t y on linen-drills GillilaU; J a m e s M Auffmoodt, C. A., e t al Refund of d u t y on silk-crape Schmidt, A., & Co R e f u n d of d u t y on I t a l i a n cloth, (clerical error) . . AVoodruff, AVilliam T., & Co, Refund of d u t y on e m p t y p e t r o l e u m - b a r r e l s B r o w n , C. J Goodband, J o h u . 31 31 June 1 3 3 7 7 7 7 7 9 10 111 75 87 90 60 28 06 53 88 988 1,157 75 76 123 117 • 122 • 170 1, 465 21 115 70 60 09 16 00 86 50 49 70 60 80 R e f u n d of d u t y on p l u m b a g o pencil-points Refund of d u t y on percussion -caps Refund of d u t y on r u b b e r - p o u c h e s . . , , E x c e s s of t o n n a g e - d u t y on A n i e r i c a n schooner M. C. Moseley. E x c e s s of t o n n a g e - d u t y on A m e f i c a n schooner A^'icksburg. E x c e s s of d u t i e s on c u t l e r y E x c e s s of d u t i e s on silk a n d cotton b i n d i n g s E x c e s s of d u t i e s on merchandif3e, (error) E x c e s s of d u t i e s on c u t l e r y 82 15 21 59 80 45 52 70 61 32 6 5 11 10 84 49 E x c e s s of d u t i e s on eight horses, ( d u t y t w i c e paid) E x c e s s of t o u n a g e on N o r w e g i a n b a r k L i d s k j a l p . . . E x c e s s of d u t y ou G e r m a n s a u s a g e s E x c e s s of d u t y on 118 bales of wool R e f u n d of dutiy on M a n i l a h e m p R e f u n d of d u t y on forest-tree seed .'. R e f u n d of d u t y on 275 b a r r e l s flour, (domestic production.) Hills, T u r n e r & Co R e f u n d of d u t y on plate-glass, (damaged) Battell, R o b b i n s , e x e c u t o r - . . R e f u n d of d u t y on c h a r g e s a n d commissions, (judgment.) " do do R e f u n d of d u t y ou d o m e s t i c i n a c h i n e r y Furto, E. C 165 87 1,130 1,038 98 35 220 20 60 15 00 94 60 00 Snow, W i l l i a m E . 25 27 27 27 27 28 31 S51 46 3, 761 00 302 527 268 1,431 134 1, 028 839 B a c h e , L e m o n & Co I-^atrick, R., & Co S t r a s b u r c e r , Pleiffer & Co . BigeloAv, E . D., & Co ^^ 21 21 25 25 Duty. J a c k s o n , R. D Seidseick, Noramer & Co.. K a t l e r , L u c k e r a e y e r & Co . Laiiison Goodnow M a n u f a c turing Company. Nye, Freeman .. 1 Giipderseii, P H a r t w i g , AVilliam E Moore, (George F . . & Co . . . . . N i c k e r s o n , J o s . , &. Co . . . . . . Knauth, Nachod & K u h n e . Vroom Sc A r n o l d Donnell, G . & J . T Ruhe, Louis .... B r i g h a m , J . B. & C o . . 1. - Chapon, J L e n n i g , C. F . & G. G S t u a r t , D a v i d , e t al H u n t , G e o r g e S., & Co M e a r s , H a r r y . . . •. Gill & Lootz, c o n s i g n e e s . Gray, George H., & D a n f o r t h Chapon, J AVolfer s, G., e t a l . L a d e w i g , A., et a l . . Claflin, H . B., e t al . Miller, A . K., & Co. Wiser, B . F . , Siegman, J., e t a l . H o m e r Sc S p r a g u e R e c k m a g e l , C. L., et al K a u s c h e , J o h n , e t al •. 45 90 255 76 1, 446 00 1, 064 85 164 75 d u t y on M a n i l a h e m p d u t y on anatouiical w a x - m o d e l s d u t y on 76 b a n e l s salmon from Pictou . . d u t y on silk a u d c o t t o n v e l v e t r i b b o n s . . d u t y on J a p a n e s e w a x d u t y on l i n e n - d r i l l s toniiage •duty on b a r k e n t i n e M o r e n a t o n u a g e d u t y on b a r k N o r t h e r n Q u e e n . , t o n n a g e d u t y ou G e r m a n b a r k G e r m a n ia. d u t y on m o w i n g - m a c h i n e s , ( d o m e s t i c ) . . . 109 22 40 20 228 00 959' 70 448 80 22 45 • 131 70 233 10 82 20 107 42 R e f u n d of d u t y on silk a n d cotton v e l v e t r i b b o n s . . R e f u u d of diity ou c h a r g e s a n d commissions, (judgment.) do do •R e f u n d of t o n n a g e - d u t y on B r i t i s h b a r k J . L. Dimmock. R e f u n d of d u t y ou t w o s t a l l i o n s -.. R e f u n d of d u t y on c h a r g e s a n d commissions, (judgment.) j N e t proceeds 27 q u a r t e r - c a s k s of w i n e R e f u u d of d u t i e s ou J a p a n e s e w a x do 1,765 60 118 40 Refund Refund Refund Refund Refund Refund Refund Refund Refund Refund of of of of of of of of of of 107 80 2.981 75 314 10 178 40 941 30 364 75= 222 40 162 60 REPORT OF THE SECRETARY OF THE TREASURY, 125 Treasury Departmenr, fc.—Continned. Interest ;aud costs. Totals. L a w uuder which refund w a s made. Reasous for refuud. Sec. 3012* Rev. Stat.. i;ind act Mar. 3,1875. Do." $51 46 Error in liquidation 3,761 00 See Exhibit A 171 81 Error in liquidation, (goods on ship- board Februa i-y 10, 1875.) . 10 74 Error in liquidation, (duties twice $220 84 paid.) 9 10 See Exhibit H 332 59 See Exhibit F 731 24 428 37 .do. 816 31 1,344 21 .do . . 396 67 665 27 1,760 95 3, 192 23 .do . 241 56 375 62 . do . 1,028 53 Surplus saleof uuclaimed goods . 1,140 75 1, 980 63 See Exhibit F a, 222 78 2,211 48 .do . 1, 285 4' 2, 443 0' .do . 223 00 148 5 . do . 193 55 117 39 .do . • 123 00 Double payment of tonnage-tax , 117 86 Error iu liquidation ' 122 50 do 10 69 181 18 do 638 83 2,104 53 See Exhibit I 21 60 Error in liquidation 115 80 Domestic manufactures, exported and returned. 82 Error ih liquidation 15 45 do 21 52 -----do 59 70 Double payment of tonnage-tax 45 90 - .do. 165 20 Error in liquidation, (duties twice paid) 87 60 Double payment of tonnage-tax : 247 90 1,378 05 See Exhibi b K 1, 038 00 SeeExhibitD 98 94 Hemp used iu equipment of vessel... 1 35 60 Error in liquidation 220 00 Doraestic production, exported and returned. 255 76 Damage; casualty in warehouse 3, 610 49 See Exhibit F . . . : 1, 306 01 2, 370 86 -do . 164 75 Doraestic manufacture, exported and leturned. 109 22 Hemp used in equipment of vessel — 40 20 Tools of trade of imniigrant 2^8 00 Fish ; free under AVashington treaty.. 959 70 See Exhibit A 143 18 591 98 See Exhibit L 12 10 34 55 Error in liquidation..: 131 70 Double payment of tonnage-tax do 233 10 . do 82 20 107 42 Domestic manufacture, exported and returned. 492 0 2, 2.57 61 See Exhibit A 155 83 274 23 See Exhibit F 207 33 • 315 13 4, 396 71 7, 378 46 314 10 1,399 22 i 45 05 23 46 .do . .do . -do . 178 40 Free; for breeding purposes . 2, 340 52 See Exhibit F 364 78 Surplus sale of unclaimed goods . 267 45 See Exhibit L 186 16 do Sec. 3013 Rev. Stat., and act Mar. 3, 1875. Sec. 3012* Rev. Stat., and act Mar. 3,187.5. Sers. 989" and 3012.^ Rev. Stat., and act March 3, 1875. Do. Do. Do. Do. Do. Sec. 2973 Rev. Stat. Sees. 989 and 3012* Rev. Stat., aud act Mar. 3, 1875. Do. Do. Do. Do. Sec. 3012* Rev. Stat., and act M a r . 3,1875. Do." Do. Do. Do. Do. Do. Do. Do. Do. 61 11 Eri-or in liquidation. 32 10 See Exhibit B 6 84 Error in liquidation. 5 49 do 2,164 49 Sec. 5 act March 3, 1875. Sec. 3012^ Rev. Stat. Do. Sec. 3012^- Rev. Stat., and act Mar. 3,1875. Do." Do. • Do. Do. Sec. 3012* Rev. Stat. Sec. 3012* Rev. Stat., and act M a r . 3,1875. Do." Sees. 2513 and 3013 Rev. Stat. Sec. 3012* Rev. Stat., and act M a r . 3,1875. Do." Sec. 2984 Rev. Stat. Sees. 989 and 3012^ Rev. Stat.,, and act Mar. 3,1875. Do. Sec. 30121 Rev. Stat., and act M a r . 3,1875. Sees. 2513 and 3013 Rev. Stat. Sec. 3012i Rev. Stat.; and act Mar. 3,1875. Do. Do.. Do. Do. . . Sec. 3012* Rev. Stat. Do."* Do. Sec. 3012i Rev. Stat., and act Mar. 3,1875.. Do. Sees. 989 and 3012-:^ Rev. Stat., and act Mar.3,1875. Do. Do. Sec. 30121 Rev. Stat. Sec. 3013 Rev. Stat., and act Mar.-3,1875. Sees. 989 and 3012* Rev. Stat., and act Mar. 3,1875. Sec. 2973 Rev. Stat. Sec. 3012* Rev. Stat., and act Mar. 3,1875. Do. 126 REPORT OF THE SECRETARY OF THE TREASURY. Statement of refunds made hy the Date. 1875. June 14 15 15 15 July To whom refunded. Description of merchandise, &c. Duty. Refund of duties on books, (American manufacture) . $13 75 Refuud of duties on Japanese Ava.x Refund of duties on dry cariuiue Refund of excess of duties on manufactures of marble. Refund of excess of duties on merchandise shortNewman, Henry. shipped. Refund of excess of duties on commissions ou merCramer, G chandise. Refund of excess bf duties ou merchandise, damaged Coffin, B.L of excess of duties by overrating SoutihOttenheimer, Rothschild & Co Refund German florins. Ros.sbock, Joseph H do Refund of excess of duties on books Benziger Brothers Refuud of excess of duties on Manila hemp Donnell, G.& J. T American Meter Companj'-. Refund of excess of duties on dials, (manufactures of glas.s.) Refund of excess of duties on silk and worsted FarAA-ell,J.V., & C o . . . . • shawls. Sewall, Day & Co Refund of excess of duties on Manila hemp Sinn, Samuel, & Co Refund of excess of duties by overrating thalers .. Refund of tonnage-duty ou canal-boat Jno. Murray. Snyder, H . R Refund of tounage-duty on British bark Francis Boyd & Hinckeu Hi! yard. Refund of duty on German sausages Kausche, John do Dieckman, Steffen do Rosensteiu, Louis, et al do Stern, Moritz Sudhaus, Herman .do . Tode, Adolph .do , .do . Schwanenfluegal, L do . Witte, J o h u H .do . Boehni, Henry Mayer, Robert Refund of excess of duties ou dry carmine , Wiiker, Andrew Refund of excess of duties on 2 horses , Luddiugton, E '... do Pluinmer,- L. A., treasurer, Refund of excess of duties ou Manila and Russia ScG. hemp. Refund of tonnage-tax on British brig Robin Bailey, E . H •. Refund of excess of duties ou Brussels carpets . . . Hunt:, S.B.,&Co Refuud of excess of duties ou wearing apparel . . . Morris, L. AA'' Kutter, Luckmeyer & Co .. Refund of excess of duties on dress goods Isaacs Sc Vought.: Refund net proceeds 3 cases unclaimed merchandise Refund of duty on gut-strings Baur, Julius, & Co Stern, Moritz Refund of duty ou German sausages do AVitte; John H Petersen, Herman, et al .do . .do . Rosensteiu, J.AV., et al Hansen, Peter F .do . .do . AVagner, Franz .do . Hartwig, AVilliam E Refund of excess of duty on gas-coal Benedict, H.'AV., & Co Dunbar, T . J Refuud of excess of payi.neut of steamboat-inspection fees. Refund of excess of duty on Manila hemp Donnell, G. & J. T Refuud of excess of duty on cotton goods Edson, Moore & Co Gay & Quimby Refuud of excess of duty on oats, (twice paid) Refund of excess of duty ou ale Osborn, Charles R., & Co. Refuud of tounage duty on Italian bark Aurora... Massey Sc Tucker Refund of tonuage duty ou Amer. bark Chas. Miller Brown", George AV Refuud of duty o'li white aud colored tarletans Katz &, Barnett Refund of duty on Manila herap '... Sewall, Day & Co Refund of toniiage-tax on Italian bark Antonio G.. Colobretta, T Refund of excess of duty on merchandise Cainors, J. B .\ Refund of excess of duty on white and colored tarHolmes, D. H letans. Refuud of excess of duty on 1 boy performing horse. Shields, George T. 526 00 94 40 41 oa Roberts Brothers Lennig, G. G. Sc C F . Meier, George, et al .. Cardom, Flav 30 12 50 40 5 60 13 50 7 00 87 68 13 23 154 58 145 69 19 292 25 26 50 80 67 55 93 45 728 00 582 75 29 40 589 40 45 50 101 15 412 65 12 40 41 00 37 00 342 71 85 50 81 25 15 52 11 74 457 67 58 20 772 10 180 95 91 35 1, 342 60 803 25 •705 90 4, 263 70 3 60 5 00 22 138 6.55 10 10 41 14 80 00 50 72 242 225 145 30 10 00 80 17 91 158 31 41 00 Warren, Messrs., & Co. Tode Brothers Hartwig, AV. E Kausche, Johu Muir, David Refund of excess of duty on pine lumber do .' Refund of excess of duty ou ale and non-allowance for breakage. Refund of adraeasureraent-fee, brig Maria Romano Refund of duty on German sausages do '. do Refund of duty ou hominy, (exported aud returned) 18 99 336 73 16 Hunt, George S., Sc Co , Refuud of duty on molasses 268 90 Brett Sc Bascom Cooke, W. AV., & Son . Broulatour, P. E 19 49 6 44 60 90 00 75 70 .50 60 . R E P O R T QF T H E SECRETARY OF THE TREASURY. 127 Treasury Department, fc.—Continued.. Interest and costs Totals. Reasons for refund. Law under which refund was made. $13 75i Domestic manufacture, exported and Sec. 3012* Rev. Stat, and act Mar. 3,1875. returned. $87 61 29 271 Do. Do. Dcrt 613 61 See Exhibit L 123 6' See Exhibit G 41 60| Error in liquidation Do. 31 82 Error in liquidation, (short shipraent) 30 12| Error in liquidation , 50 40 Error in liquidation, (damage) . 5 60 Error in liquidation 13 7 87 13 .50 .do . 00 .do . 68 Hemp used in equipment of vessel 23 Error in liquidation 154 58 13 17 125 99 15 107 17 36 84 11 93 40 25 195 110 131 532 02 721 0*66| 24 66| 78 13 22 43 Do. Do. Do. Do. Do. Sees. 2513 and .3013 Rev. Stat. Sec. 3012^ Rev. Stat., and act Mar. 3,1875. Do. .do. 145 25 Hemp used in equipment of vessel. .'.. 69 26 Error in liquidation 19 50| Double payment of tonnage-tax 292 do . . ^ - Sees. 2513 and 3013 Kev. Stat. Sec. 3012.^ Rev. Stat., and act Mar. 3,1875. Do." Sec. 3012^ Rev. Stat. 80 57 See Exhibit K 111 17 do . . . . - - . 853 0*do :..682 41 . . . . . d o 44 64 do 697 06| do • 63 do • 137 28| do 496 87 ..--.do 23 83| See Exhibit G 41 00 Emigrant, effects of, free 37 00| do 342 71 Hemp used iu equipment of vessel. Sec. 3012^ Rev. Stat., and act Mar. 3,1875. Do. Do. Do. Do. Do. Do. Do. ' Do. Do. Sec. 3013 Rev. Stat., and act M a r . 3,1875. Do. Sees. 2513 and 3013 Rev. Stat. Sec. 3012^ Rev. Stat., and act M a r . 3,1875. 85 501 Double payment of tonnage-tax 81 25 Goods on shipboard, February 10, 1875. Sec. 5 act M a r . 3,187.5. Sec. 3013 Rev. Stat;, and act Mar. 3,1875. 15 .521 Personal effects, free Sec. 3012* Rev. Stat., and act Malr. 3,1875. 11 74 Error iu liquidation Sec. 2973 Rev. Stat. 457 67| Surplus sale of unclaimed goods Sec. 3013 Rev. Stat., and act Mar. 3,187.5. .58 20 Error in liquidation Sec. 3012^ Rev. Stat., and act Mar. 3,1875. 75 865 85 See Exhibit K Do. 93 221 88 do Do. 85 117 20 :do Do. 78 1, 538 -38 do Do. 24 913 49 do Do. 30 837 20 , do Do. 89 4, 796 .59 do Sec. 3013 Rev. Stat., and act Mar. 3,1875. 3 60 Excess of deposit. 5 00| 22 41 Hemp used in construction of vessel.. 138 14 Error in liquidation Error in liquidation, (duties twice iiaid) 655 .'...-.. 10 00| Error in liquidation 10 50 Double payment of tonnage-tax 72 .30 do ..1 242 10 Error in liquidation 225 00 Hemp used iu equipment of vessel • 145 80 Double payment of tonnage-tax 17 91 Error in liquidation, (duties twice paid) 1.58 31 Error iu liquidation Sees. 2513 and 3013 Rev. Stat. Sec. 3012* Rev. Stat., and act Mar. 3, 1875. Do." Do. Do. Do. Do. Sees. 2513 and 3013 Rev. Stat. Sec. 3012* Rev. Stat., and act Mar. 3, 1875. Do." Do. • 41 00]Doraestic production, exported and re Sec. 3013 Rev. Stat., and act M a r . 3,1875. 19 491 Excess of deposit do 6 44 60 90| See Exhibit H Sec. 3012^ Rev. Stat., and act M a r . 3,1875. turned, free. 18 99 336 73 16 : Do. Do. Do. 00 Adraeasurement-fee, illegal exaction.. Do. 751 See Exhibit K Do. do 70 Do. 50] do 60 Domestic production, exported and re- Sec. 3013 Rev. Stat., and act M a r . 3,1875. turned. 268 9o| Goods on shipboard, February 10,1875. Sec. 5 act M a r . 3,1875. 128 REPORT OF THE SECEETARY OF THE TREASURY. Statement of refunds made by the T o w h o m refunded. Date. 1875. J u l y 23 26 26 26 26 Gillespie, J . D. C . . . . . . . . Hall, J o h n G . , & Co F u n c h , E d g e &.Co Roloff.E... P h e l p s B r o t h e r s & Co . . 26 27 W r i g h t , P e t e r , Sc Sons . Brown, Frederick 27 27 27 29 29 29 29 Aug. 5 5 5 5 5 5 5 K i e b l , Cornelius, e t a l . . . , . , Waeldiu, Henry C Kausche, John Burt, Austin Smith, George 0 :, H a n s e n , P e t e r F . , et al do Wagner, Franz Rosensteiu Brothers •Waeldiu, Henry C Elliott, J . M . . . " P l u m m e r , L. A., t r e a s u r e r . K n i g h t , A . M., & Co K i p l i n g , R., & Sons 7 10 10 10 11 16 16 16 16 Dohnien, S c h m i t t & Co Spooner, C h a r l e s AV., t r e a s urer. R o s e n s t e i n , J . W., e t al H a n s e n , P e t e r F . , et al i G r e e n e b a u m , H e n r y , Sc Co . Osborn, C h a r l e s R.,'& C b . . . H a r t w i g , AVilliara E H a n s e n , J o h n , e t al Witte,JohnH Wagner, Franz Benoit, Pelletier 19 19 Evans, Edwin T Balfour, G u t e r i e Sc Co. 5 7 •20 20 20 21 24 24 25 Sept. 4 6 6 D e s c r i p t i o n of m e r c h a n d i s e . Sec. R e f u n d of d u t y on h a r d w a r e R e f u n d of t o n n a g e - d u t y on B r i t i s h b a r k J n o . G. Hall R e f u u d of t o n n a g e - d u t y on b a r k s A l s o i d a n d G e n i t o r e R e f u n d of d u t y "on Gei-man s a u s a g e s R e f u n d of excess of d u t y on o r a n g e - b o x e s , A m e r i can manufacture. R e f u n d of excess of d u t y on e a r t h e n w a r e R e f u n d n e t p r o c e e d s 10 cases o r a n g e - s i r u p unclaimed. R e f u n d of excess of d u t y on G e r m a n s a u s a g e s do ! do Refund of excess of d u t y on iron-ore R e f u n d of excess of d u t y on 10,000 c i g a r s . R e f u n d of excess of d u t y on G e r m a n s a u s a g e s . . . . . do '. do ..:..do do Refund of excess of s t e a m b o a t - i n s p e c t i o n fees R e f u n d of excess of d u t y on M a n i l a h e m p R e f u n d of excess of d u t y on b r o w n - g r e a s e Refund of excess of d u t y on i m i t a t i o n of p r e c i o u s stoues. R e f u n d of excess of d u t y on olive oil, (leakage) . . . . R e f u n d of excess of d u t y on M a n i l a h e m p R e f u u d of excess of d u t y on G e r m a n s a u s a g e s . . do Refund of excess of d u t y on c i g a r s . ' . . . . R e f u u d of excess of d u t y on ale a n d p o r t e r in b o t t l e s R e f u n d of excess of d u t i e s on G e r m a n s a u s a g e s . do do do , A b a t e m e n t on s e i z u r e of 23 gilded w a t c h e s E x c e s s of a d m e a s u r e r a e n t - f e e s ou s t e a r a e r AVinslow E x c e s s of fees of i n s p e c t o r on B r i t i s h b a r k L o c h Dee. H e r n s h e i m , S., Sc B r o t h e r . E x c e s s of d u t y , c o n s e q u e n c e of o v e r r a t i n g C u b a n • dollars. M e i n e c k e & Co E x c e s s of d u t y , c o n s e q u e n c e of o v e r r a t i n g A u s t r i a n florins." P l u m m e r , L.A., t r e a s u r e r , & c E x c e s s of d u t y on R u s s i a h e r a p AVelds's Sons, A . D E x c e s s of d u t y on M a n i l a h e r a p L u n t Bros. &; Co E x c e s s of toniiage-tax ou A m e r i c a n . s c h o o n e r A . J . Fabius. K l e l n e , D e t m e r & Co E x c e s s of d u t y on woolen cloths Shillito, J o h u , & Co E x c e s s of d u t y on \yool dress-goods N i c k e r s o n , J., & Co E x c e s s of d u t y on M a n i l a h e m p C P . R.R.CO..... E x c e s s of h o s p i t a l - d u t y on s t e a m e r E l C a p i t a u P l u m m e r , L.A., t r e a s u r e r , &c E x c e s s of d u t y on M a n i l a h e m p Adam & Meldrum E x c e s s of d u t y ou d r e s s goods Miller, A . K., & Co E x c e s s of d u t y on roofing-slates Spooner, C h a r l e s AV., t r e a s - E x c e s s of d u t y oii R u s s i a h e m p urer. N i c k e r s o n , J o s e p b , & C o . . . E x c e s s of d u t y on M a n i l a h e m p P u n c h , E d g e & Co . . . : !Ii]xcess of t o n n a g e - d u t y on S w e d i s h b a r k G u s t a f v a Slocovich Sc Co '. Excess"of t o n n a g e - d u t y on A u s t r i a n b a r k .Luize . . . T h u r b e r , H . K., & Co : E x c e s s of d u t y on bottiles . . : . . . . : Osborn, C.R., Sc C o . . . : . ' . . , . E x c e s s of d u t y on porter, (35 casks) Harvey, James E x c e s s of d u t y on r e p a i r s to schooner E a g l e AVing. Ferguson, Thoraas B r o w n s o n , S. K . . . . . . . Kittoe,^Edraund F G e s t Sc A t k i n s o n Mohl^nhoff; J . A S t r o b e l (fcAVilkin W u i i i t z e r , R., Sc B r o . . Sousie, S t e p h e n E x c e s s of E x c e s s of E x c e s s of E x c e s s of E x c e s s of do E x c e s s of E x c e s s of duty duty duty duty duty " duty duty H a x a l l , C r e n s h a w Sc Co H a n n a & Co :.. H a g u e , F . AV Greene.wald, L o u i s Donnell, G.'& J . T . . . . . . . F a r w e l l , J . v . , & Co A t w o o d , ' J . S., & C o Excess Excess Excess Excess Excess Excess E.xcess t o n n a g e - d u t y on G e r m a n b a r k E m i l y . d u t y on c a u s t i c soda , d u t y on B a s s ale , d u t y on silk a n d m e t a l g u i t a r s t r i n g s . d u t y on M a n i l a h e m p d u t y on- m o h a i r goods toniiage-duty ou B r i t i s h b a r k Salia — of of of of of of of ou on on on on t w o horses, h a r n e s s , a n d r o b e s . . two sets horses : sardines and sherry wine one s t a t u e a u d p e d e s t a l earthenware ; ou b r a s s a n d m u s i c a l i n s t r u m e n t s . on r e p a i r s to b a r g e L e s t e r REPORT OF THE SECRETARY OF THE TREASURY. 129 Treasury Dexiartment, cfc.—Continued. Interest and costs. Totals. Reasons for refund. Error in liquidation Double payment of tonnage-tax do See Exhibit K Domestic production, exported and re turned. 309 60 Error in liquidation 272 84 Surplus sale of unclaimed goods $5 99 234 248 54 60 90 60 85 60 159 78 144 61 180 10 11 80 46 59 265 69 1, 972 99 809 63 126 08 127 94 15 94 202 65 68 95 36 65 176 11 99 00 719 68 $30 98 29 11 40 80 24 93 31 21 47 66 29 55 12 68 Sec. 3013 Rev. Stat., and act Mar. 3,1875. Sec. 3012* Rev. Stat., and act Mar. 3,1875. Do." Do. Sec. 3013 Rev. Stat, and act Mar. 3,1875. Sec. 3012* Rev. Stat., and act Mar. 3,1875. Sec. 2973 Rev. Stat. See Exhibit K .....do do Excess of deposit... Error in liquidation. See Exhibit K , do . . : do do , do Sec. 3012* Rev. Stat, and act Mar. 3,1875. Do." Do. Do. Do. Do. Do. Do. Do. Do. Hemp used in equipment of vessel. Error in liquidation See Exhibit M , Sees. 2513 and 3013 RCA^ Stat. Sec. 3012^ Rev. Stat., and act Mar. 3,1875. Do. 4 54 Error in liquidation 127 00 Hemj) used in equipment of vessel... 342 03 See Exhibit K 529 26 . : . . . d o 34 38 Error in w^eight 22 75 See Exhibit H 860 36 See Exhibit K do 426 80 do , 63 78 do 248 50 Excess proceeds of sale over amount 22 74 due IJnited States. 4 40 Admeasurement-fees, illegal exaction. 17 32 Overpayment of fees of inspector Error in liquidation. .do . 34 84 Herap used in equipment of vessel. do 91 56 60 30 Tonnage-dues, double payment . ... Sec. 3013 Rev. Stat, and act Mar. 3, J 875. Sees. 2513 and 3013 Rev. Stat. Sec. 3012^ Rev. Stat., and act Mar. 3,1875. Do." Sec. 3013 Revi Stat., and act Mar. 3,1875. Sec. 3012* Rev. Stat., and act Mar. 3,1875. Do. Do. Do. Do. Sec. 5293 Rev. Stat Sec. 3012* Rev. Stat. Do. Sec. 3012* Rev. Stat, and act Mar. 3,1875. Do. Sees. 2513 and 3013 Rev. Stat Do. Sec. 3012J Rev. Stat 20 91 196 42 191 25 32 00 140 71 65 67 49 70 223 43 Goods on shipboard February 10, 1875 do Hemp used in equipment of vessel— Hospital-tax, illegally exacted Hemp used in equip'ment of v e s s e l — Goods on shipboard February 10, 1875 Error in liquidation Hemp used in equipment of vessel — Sec. 5 act Mar. 3,1875. Do. Sees. 2513 and 3013 Rev. Stat. Sec. 3012* Rev. Stat. Sec. 2513"and 3013 Rev. Stat. Sec. 5 act Mar. 3, 1875. Sec. 3012^ Rev..Stat, and act Mar. 3,1875. Sees. 2513 and 3013 Rev. Stat 125 133 123 90 13 68 5 51 11 50 .do . Double paynient of tonnage-tax. do Error iu liquidation See Exhibit H Necessary repairs to vessel Do. Sec. 3012* Rev. Stat. Do. Sec. 3012^ Rev. Stat., and act Mar. 3,1875. Do. Sees. 30l2i and 3115 Rev. Stat, and act Mar. 3.1875. Sec. 3012* Rev. Stat., and act Mar. 3,1875. Do. Sec. 3013 Rev. Stat., and act Mar. 3, 1875. Sec. 3012* Rev. Stat., and acfMar. 3,1875. Do." Do. Do. Sees. 30121 and 3115 Rev. S t a t , and act Mar. 3, 1875. Sec. 3012§ Rev. Stat. Sec. 3012^ Rev. Stat, and act Mar. 3,1875. Do. Do. Sees. 2513 and 3013 Rev. Stat. Sec. 3012i Rev. Stat, and act Mar. 3,1875. Sec. 3012* Rev. S t a t 36 70 Personal effects of immigrant, free. do 10 85 35 29 Error in liquidation do -112 02 do 38 50 do 13 30 do 293 09 49 00 Necessary repairs to vessel 110 40 11 14 2 36 27 30 30 23 57 25 117 30 Double paynient of tonnage-tax Error in li'qiiidation, (short shipment) See Exhibit H Error in liquidation Hemp used in equipment of ship Error in liquidation Double payment of tonnage-tax 9 F I Law under which refund Avas made. 130 REPORT OF THE SECRETARY OF THE TREASURY. Statement of refunds made by the Date. 1875. Sept. 25 Oct Nov To whom refunded. Description of merchandise, &c. Lobatie, A.E., & Co..-. Hen, A.,&Co Howard, Sanger & Co. Faber, (lustavus W . . . Excess of inspection-fees exacted on cigars Excess of duty on match-safes Excess of duty on rubber pouches , Excess of duty on cigars througb overrating Havana currency. Excess of duty on German sausages Brandos, Julius Excess of duty on cigars damaged by Are iu public Faber, Gustavus AV. store. Henry, John F '. do Excess of duty ou caustic soda Fowl'er, F. R. & W. C do Fowler, Frederick R., et al.. Perschon, E., Sc Westermann Excess damage allowauce on 250 demijohns and 19 casks glue.' Excess of admeasurement-fees on schoouer Our Son Kelley, Henry Excess of tonnage-tax on Austrian bark E m m a . . . Michael Magness &. Co... Plummer, LIA., treasurer, &cj Excess of duty on Manila hemp 0vendono Brothers Excess of duty on molasses . Grimball, John , Excess of duty ou merchandise daraaged by fire in public store. Schulhoff, Ph., & C o - - - . - . . do do Pustet, Frederick Sc Co .do Packard, E., Sc Co Meyer, Isaac T., & Co do do Meuss Sc Hesslein Nickerson, Joseph, Sc Co... E.xcess of .duty on Manila hemp Donnell, G. & J. T do ' . Samuels, David Excess of duty on manufactured flax AVorkraan & Co Excess of toniiage-duty ou British bark Athlete... Mayer, Leo D E-xcess of duty on four cases of cigars Excess of duty on caustic soda : Fowler, F. R. & AV. C Jonanique, Theodore Excess of duty ou silk crape , E.Kcess of duty on one gold watch Fiske, D.B., Sc Co Excess of duty on pine lumber Thomson, L., <fc Co Schultz, South wick & C o . . . Excess of duty ou brown grease Excess of duty on Manila and Russia hemp Donnell, G. & J . T . . . : do do *. Hansen Sc Dieckmann Excess of duty on German sausages Bluemeuthal, J . & A Refund of excess of duty on musical-strings Foote, J . H do Myers, E. N Refund of excess of duty ou overcoat Forsyth, Jos., &- Co Refund of excess of duty ou Rangoon rice New' Bedford Cordage Com- Refuud .of excess of duty on Manila and Russia pany. hemp.' Milburn AVagon Company . Refund of excess of duty on hickory lumber , AVhitney, D.,jr •'... Refund of excess of duty on repairs to brigs India and Jno. Mark. Gentry, R . T Refund of excess of duty on one suit of clothes Refund of tonnage-tax bn American schooner EmBurton, Henry L , ma D. Endicott. Refund of duty on grain-bags Shepard, C. J., & Co . Isaac Herman Refund of duty on six cases china pipe-bowls . Duty. $13 45 11 31 00 36 05 25 60 55 75 75 15 174 171 18 90 68 16 71 22 164 288 172 17 20 70 60 03 10 155 05 16 29 29 18 5 98 6 30 185 00 93 62 102 89 234 00 9 00 572 44 123 20 3 75 29 76 19 40 408 22 277 97 115 15 3 65 10 35 12 51 5 70 231 65 9 05 81 50 17 40 100 80 29 12 Totals The amount refunded, as herein mentioned, is iucluded in the appropriations designated " Refunding excess of deposits for unascertained duties ;" "collecting customs revenue," (iuterest on REPORT OF THE SECRETARY OF THE TREASURY. 131 Treasury Department, cfc.—Continued. Interest and costs. $262 08 250 90 Totals. Law uiider which refund was made. $13 00 Refund under decision of court . 45 36 Error iu liquidation do 11 05 do 31 25 Sec. 3012* Rev. Stat, and act Mar. 3, 1875. Do." Do. • Do. .,... 60 55 See Exhibit K 75 75 Goods damaged while iu warehouse, (casualty.) do ..". 15 90 436 76 See Exhibit N. 422 06 do .• 18 71 Error in liquidation Do. Sec. 2984 Rev. Stat. Do. . Sec. 3012* Rev. Stat, and act Mar. 3,1875. Do. Sec. 3013 Rev. Stat, and act Mar. 3, 1875. 20 70 60 03 10 Fees illegally exacted , Double paynient of touiiage-tax Hemp used in equipment of vessels. . Goods on shipboard February 10, 1875 Casualty, goods damaged in warehouse Sec. 3012^ Rev. Stat Do. Sees. 2513 and 3013 Rev. Stat. Sec. 5 act of Mar. 3, 1875. Sec. 2984 Rev. Stat. 155 05 16 29 29 18 5 98 6 30 185 00 93 62 102 89 234 00 9 00 1,217 58 123 20 3 75 29 76 19 40 408 22 277 97 • 115 15 3 65 10 35 12 51 5 70 231 65 .do .do -do .do .do . Hemp used in equipment of vessel — , do Error in liquidation , Double payment of tonnage-tax Error in liquidation See Exhibit N See Exhibit I Personal effects, free Error in liquidation , do , Hemp used in equipment of vessel-. do See Exhibit K Error in liquidation do Personal effects, free Error in liquidation, (short shipment) Hemp used in equipment of vessel... Do. Do. Do. Do. Do. Sees. 2D13 aud 3013 Rev. Stat " Do. Sec. 3012^ Rev. Stat., and act Mar. 3,1875. Sec. 3012* Rev. Stat Sec. 3012* Rev. Stat., aud act Mar. 3,1875. Do." Do. Sec. 3013 Rev. Stat, and act Mar. 3, 1875. Do. Sec. 3012* Rev. Stat., and act Mar. 3,1875. Sees. 2513 aud 3013 Rev. Stat. Do. . Sec. 3012.V Rev. Stat, and act Mar. 3,1875. Do." Do. Do. Do. Sec. 2513 and 3013 Rev. Stat 22 164 288 172 17 645 14 Reasons for refund. 9 05 Error in liquidation 81 50 Necessary repairs to vessel . 17 40 Personal eft^ects, free 100 80 Double payment of tonnage-tax Sec. 3012* Rev. Stat and act Mar. 3, 1875. Sec. 3115 Rev. Stat, and act Mar. 3,1875. Sec. 3012* Rev. Stat, and act Mar. 3,1875. Sec. 3012* Rev. Stat. 137 60 Domestic productions, exported and Sec. 3012J .Rev. S t a t and act Mar. 3,1875. returned. ^ Do. , 29 12 Error in liquidation, (damage) 51, 690 15 144, 524 44 as follows, referred to on page 4 of the tables accompanying the Sesrctary's report, viz : judgments;) "refunding duties erroneously or illegally" exacted ;" "marine-hospital establishment." i 132 REPORT OF THE SECRETARY OF THE TREASURY. Exhibit A. TREASURY- DEPARTMENT, April 5, 1873. S I R : I am in receipt of your letter of tbe 1st instant, requesting instructions relative to the rate of duty to be exacted^ under the Department's ruling of the 18th of December last, ou a class of ribbons composed in part of cotton and in part of silk, and claimed by the importers to be known to the trade as cotton edge or Boyeaux ribbons, and cord-edge or round-edge ribbons. I haA^e carefully examined the evidence submitted on behalf of the importers, and forwarded by you to prove their claim, which comprises the certificates of nearly one hundred persons and firms in the dry-goods business, both importers and jobbers, at New York, Boston, and other large cities, all of which are to the effect that those goods are not know^n, bought, or sold in the trade as silk-ribbons, but by other designations, and it seems thereby to be AA'CU established that dealers are fully aware of the fact that these goods are composed of silk and cotton when making purchases or sales thereof under such designations. It is presumed from the foregoing that this class of ribbons Avas known in the trade as-aforesaid at the time the act of June 30, 1864, was passed; but upon this point no evidence is afforded, and no one has affirmed, to my knowledge, that any change in their commercial designation has occurred since that time. In rebuttal of this testimony on the part of. the importers, no evidence AvhateA^er is offered beyond the statement of the appraiser that "so .far as these ribbons have had or can have any commercial designation based on the materials of which they are composed, that commercial designation must be silk-ribbons," and the further statement that they bave been heretofore classified in that department as silk-ribbons. Upon this point, therefore, the testimony offered by the importers must be accepted as conclusive. The instructions of the Department of the 18tb of December last were that all ribbons which, at the time of tbe passage of tbe act of June 30, 1864, or at the date of importation, w^ere known as silk-ribbons, and bought and sold as such in tbe trade, will be classified as silk-ribbons, and subjected to a duty of 60 per cent, ad valorem. To the same effect was the ruling of the Department of April 21, 1870, on tbe appeal (8021a) of Henry Barbey & Co., of IsTew York, \vhere the decision of tbe collector^ charging 60 per cent, duty on certain Faille ribbons, was affirmed upon the ground that the goods were ^' universally known to the trade as silk-ribbons, and were bought and sold as a pure silk article of a superior quality," tbe factthat they contained a modicum of cotton being generally unknown. Upon the foregoing state of facts tbe Department holds tbat the class of ribbons forming the subject of your letter should be classified, not as silk-ribbons, but as manufactures of whicb silk is tbe component of chief value not otherwise provided for, and be subjected to duty at tbe rate of 50 per cent, ad valorem, under the last clause of section 8 of tbe act of June 30, 1864. You will therefore be i^overned accordinoly. I am, very respectfully, COLLECTOR OF CUSTOMS, rSTOMS, Neio Yorlc. WM. A. EIGHAEDSON, Secretary. REPORT OF THE SECRETARY OF THE TREASURY. 133 TREASURY DEPARTMENT, June 17,1873. SIR : I inclose herewith a copy of a letter from Hon. George H. Williams, Attorney-General, dated the 13th instant, advising an acquiescence in the decision of the court in tbe case of Chapon vs. Smythe, re: cently tried in tbe United States circuit court at ISTew York, before Judge Smalley and a jury, involving tbe proper rate of duty on silk and cotton-A^elvet ribbons, and have to say that tbe Department bas carried out the recommendation of tbe Attorney-General in tbe premises. I have, therefore, to direct tbat from and after tbe receipt hereof you conform your practice thereto, by charging 50 per cent, ad valorem duty on all silk and cotton ribbons, whether velvet or otlierwis(3, not commercially recognized as silk-ribbons. I am, A^ery respectfullv, WM. A. RICHARDSON, Secretary, COLLECTORS OF CUSTOMS, . Various Forts. ExUUt B. TREASURY DEPARTMENT, July 2,1874. S I R : On the 27th ultimo the Department decided, on the appeal (2307&) of Dieckerhoff', Eaffloer & Co., that certain silk and cotton bindings, whicb had been classified by you as silk trimmings, at a duty of 60 per cent, ad A^alorem, were only liable to duty at the rate of 50 per cent, ad valorem, under the concluding clause of the 8th section of the act of June 30, 1864. The same question is involved in the following-described appeals, (the goods being similar,) heretofore transmitted by you to tbe Department, and tberefore you are authorized to adjust the entries covered thereby in accordance with such decision, and, if necessary, to forward certifieci statements for a refund to the importers of the excessive duties exacted. I am, very respectfully, B. H. BEISTOA¥, Secretary. Exhibit C. October 31, 1874. S I R : Your communication of September 21, last, transmitting application of Samuel Shipley, owner of a cargo of wheat and pease imported at your port for transportation to New York, and exportation thence to a foreign port, having been mislaid, has not received the immediate attention to which it was entitled. The Department sees no objection to the change of entry retjuested by the shipper, tbe application appearing to have been made in good faith, aud the mistake of entry for cousumption on tbe part of tbe agent baving been without the knowledge of the owner. On sucb correction being made, with proper certificate of actual export at New York, you are authorized to prepare a certificate of refund of tbe duties paid, and forward the same to this Department. I ara, verv respectfully, CHAS. F. CONANT, Acting Secretary. COLLECTOR OF CUSTOMS, Erie, Fa. TREASURY DEPARTMENT, 134 REPORT OF THE SECRETARY OF TIIE TREASURY.. Exhibit B, October 21,1873. SIR : I inclose beirewith, for your information, a copy of a communication from tbe Solicitor of tbe Treasury, dated the 18tb instant, recommending that the Department acquiesce in the judgment for plaintiffs rendered by tbe United States circuit court for tbe district of Massacbusetts, in the case of the Washington Mills Company vs. Thomas Russell, collector, &c., recently tried in said court, the question at issue being as to tbe rate of duty to be assessed on certain Australian AVOOI imported by plaintiffs from London and Liverpool per Batavia and Partbia, in the montbs of January and February, 1871, and have to inform you that tbe Departnient has, by letter of this date, to the Solicitor, acquiesced in bis views, and requested him to instruct the United States attorney at Boston accordingly. You Avill tberefore prepare aud forward to the Department certified, statements for refund of the excess of duties exacted in this and all similar cases where tbe requirements of the law as regards protest and appeal and time of commencement of suit have been complied witb. I am. A'ery reppectfully, WM. A. RICHARDSON, Secretary. . TREASURY DEPARTMENT, COLLECTOR OF CUSTOMS, Boston., Mass. Exhibit E. TREASURY DEPARTMENT, March 1, 1875. S I R : Y'^our letter of tbe 3d instant is received, reporting upon the appeal (1346Jc) of Mr. B. M. Skidmore, from your decision assessing discriminating duty of 10 per cent, ad A^alorem on certain ivory imported by him per the Russia, from Liverpool, September 3, 1874. You also inclose affida.A^it of Mr. Skidmore, together Avith bill of lading and invoice. These papers clearly show that the ivory in question was originally shipped at Bombay, and destined for the port of New York. Such destination is definitely stated in tbe invoice and declaration before the United States consul at that port and certified by him. Tbe affidavits of tbe apiiellant state that it was ^' ordered from Bombay to be shipped Aia Liverpool, and for account of Messrs. Green & Arnold of New York Oity, and not purchased in LiA^erpool, but in Bombay, and intended, at tbe time of purchase, to be sent direct to New York City, and was not off'ered, or intended to be offered, in theUnited Kingdom for sale;" and further, ^' that there was no vessel bound direct to New York froni Bombay, and that tbe goods could notbe forwarded to New York that way." The transshipment at Liverpool being only an incident in the \^oyage of importation, tbe Department, in accordance with its ruling of October 21, 1871, (synopsis 940,) holds that the discriminating duty does not apply, and your decision is, therefore, hereby'reversed. You will please forward to the Department, the usual certified statement for refund of the duty collected. I am, very respectfully, B. H. BRISTOW, Secretary. COLLECTOR OF CUSTOMS', ' Neio Yorlc. REPORT OF THE SECRETARY OF THE TREASURY. 135 Exhibit F . TREASURY D E P A R T M E N T , Ajpril 17,1875. S I R : Referring to a class of cases known as ''charges and commissions" cases, in wbicb judgments baA^e been recoA^ered against collectors of customs, but which the Department has hitherto declined to pay, for the reason that no certificate of probable cause, as required by the twelfth section of tbe act of Marcb 3, 1863, (Revised Statutes, section 989,) had been granted therein, I baA^e to state that application has been made in behalf of the parties, botb plaintiff and defendant, for payment of such judgments, and I bave, after due consideration, concluded to refer the certified statements in such cases to the accounting-officers for examination and settlement, and for tbe issuance of a warrant in the usual manner, payable out of the proper appropriation, if any, upon the express condition that, before final payment by the collector of any sucb judgment, be shall require to be presented, and filed wdth him, a certiticate from tbe clerk of the court, showing that a certificate of probable cause has been duly granted and entered of record in sucb case. You will please instruct tbe collector accordingly. I am, A'ery respectfully, ^ ° B. H. BRISTOW, Secretary. Hon. H. C. JOHNSON, Commissioner of Customs, Treasury Department. Exhibit G. TREASURY DEPARTMENT, Becember 1, 1874. SIR : Referring to Department's letter of the 16tb instant, addtessed to the Solicitor of the Treasury, (a copy of w^hich is herewith inclosed,) acquiescing in the decision of the court in the case of Kuttroff* vs. Murphy, late collector, involving tbe rate of duty on dry carmine, I transmit herewith a letter from Hartley & Coleman, of the 23d instant, in wbicb they request that you be instructed to consent to the discontinuance of certain cases wherein duty hasbeen exacted upon dry carmine at the rate of 35 per cent., and to make up certified statements for the refund of the duties exacted in excess of 25 per cent., Avhere tbe proAisions of law relative to protest, appeal, aud suit have been complied witb. The Department agrees to such proposition, and you are hereby directed, in forwarding such certified statements, to give tbe Department's number of the appeal, return, and the letter of Hartley & Coleman. I am, verv respectfully, B. H. BRISTOW, • ' Secretary. COLLECTOR OF CUSTOMS, Neio Yorlc. TREASURY DEPARTMENT, Becember 15j 1874. SIR : In reply to your letter of December 10, and referring to Department's letter of Deceraber 1, the directions therein contained are hereby .136 REPORT OF 'JHE SECRETARY OF THE TREASURY. modified so as to limit the release or refund to cases technically covered "bythe terms embraced in the letter, viz: "Nakarat carmine," "Oriental carmine," " Carmine No. 40,'^ &c. Such was tbe intention of the letter of December 1. I am, very respectfullv, B> H. BRISTOW, Secretary. COLLECTOR OF CUSTOMS, Neio Yorlc. Exhibit II. TREASURY DEPARTMENT, June 23, 1875. S I R : Your letter of the 12tb of April last is received, transmitting tbe appeal (1829(?) of P. E. Brulatour from your decision assessing duty, without an allowance of 5 per centum for breakfige, on certain ale in bottles, imported per "Mempbis," April 1, 1875. Tbe question as to whether the allowance of 5 per cent, in lieu of breakage, under tbe provision in Section 2 of the act of February 8, 1875, should aiiply to malt-liquors in bottles, bas been duly considered, and the Department has arrived at the conclusion, after receiving reports from the collector and appraiser at tbe ports of New York, Philadelpbia, and Boston, and from the appraiser at Baltimore, all tending to sustain this Aiew, that Congress, by inserting the word "liquors," in addition to the words "distilled spirits," in such proAdso, intended to include maltliquors, which comprise ale, beer, and porter. This result was evident Irom iircAdons legislation, (see Schedule D ofthe Revised Statutes,) ale, beer, and porter being classified under the general provision for liquors. Tbe Department, therefore, sustains the said appeal, and authorizes you to adjust the entry by allowing the 5 per centum iu lieu of breakage, and, if necessary, to forward a certified statement for a refund of tbe duties exacted in excess. I am, very respectfullv, CHAS. F. CONANT, Acting Secretary. COLLECTOR OF CUSTOMS, New Orleans, La. Exhibit I. TREASURY DEPARTMENT, July 31, 1872. S I R : Application has been made to this Department for a reversal of its decision whereby silk crapes are classified as silks in the piece, and charged with 60 per cent, duty, and for a refund of tbe difference in duty between tbat rate and the rate claimed by the parties, viz, 50 per cent, ad A^alorem. A suit involving this question has been twice tried. On one trial the jury disagreed, and on the other trial a A^erdict was bad against the Goverriment. The application of the parties has been subniitted to tbe Solicitor of the Treasury nnd to the United States dist.rict attorney at REPORT OF THE SECRETARY OF THE TREASURY. 137 York, both of whom state substantially that, in their opinion, the question iuA^olved is mainly, if not entirely, one of commercial designation, and in view of tbe trials already bad, and of the conflict of evi* dence likely to be presented on auy further trial of the case, they do not recommend tbat a further trial be had. As it is the desire of tbe Department to avoid undue litigation in doubtful cases, I am disposed to join in the view taken by the law-officers before-mentioned, and have tberefore to direct that your practice in this respect be changed, and tbat sucb goods hereafter .be classified at 50 per cent., as "manufactures of silk not otherwise provided for;" and you are authorized to prepare the necessary certified statements for the refund to the importers of the amounts found due them, upon certificates of discontinuance of the various suits being filed, and also in cases where protests and appeals have been duly filed, and no suits instituted where time for commencement of suit bas not expired. I am, very respectful 13', WM. A. RICHARDSON, Acting Secretary. NCAV COLLECTOR OF CUSTOMS, New Yorlc. Exhibit K. TREASURY DEPARTAIENT, May 5, 1875. S I R : Tbe Department is in receipt of a letter from the United States Attorney-General, dated tbe 28tb ultimo, in w^hich be expresses tbe opinion that there is no ground for bringing the case of W. E. Hartwig vs. Q. A. Arthur, collector, lately tried at your port, to the Supreme Court, and recommends that this Department acquiesce in the decision, w^hicli was in favor of the plaintiff, and which held that German sausages were exempt from duty, under tbe special provision for "Bologna sausages," contained in section 5 of tbe act of June 6, 1872, since reenacted in section 2505 of the Revised Statutes. Tbe Department, therefore, acquiesces in tbe decision of tbe court so rendered, and directs you, upon tbe plaintiff duly satisfying the judgment in the case, to prepare and forward a certified statement for tbe payment of the same. With regard to the other cases still pendiug on the same question, Avhere the requirements of law as to protest, appeal, and the bringing of suit have been duly observed, you are directed, for the purpose of facilitating tbe final disposition thereof, to refer each case to the appraiser for bis special return as to whether the article whicb is the subject-matter thereof is entitled to exemption from duty under tbe principle established by said decision of the court; but if such report shall be in the affirmatiA^e, you will delay, until further advised, the preparation and forwarding of the us+ial certified statements for refund. The same course may also be pursued in regard to the entries of sucb goods, where tbe time to bring suit has not expired, but where protest and appeal were duly made. The Department having recently submitted, for a formal opinion from tbe Attorney-General, under the refund act of March 3, 1875, the question whether a judgment against the Government in one of a class of cases will be sufficient to justify refunds in otber cases of tbe same class without a separate and distinct adjudication of each case, suitable 138 REPORT OF THE SECRETARY OF TIIE TREASURY. further instructions will, on receipt of sucb opinion, be given you as to the final disposition of the cases covered, by the present instructions. I am, very respectfully, CHAS. F. CONANT, Acting Secretary. COLLECTOR OF CUSTOMS, New Yorlc. TREASURY DEPARTMENT, May 20, 1875. S I R : Referringto Department's letter to you of the ^5tb instant, in w^bich you w^ere informed that the United States Attorney-General baving concurred, the Department had acquiesced in tbe decision of the United States circuit court of your district, in tbe case of W. E. Hartwig vs. Chester A. Arthur, whicb was to the effect that German and all other sausages commercially known as " Bologna sausages " were exempt from duty, I have to say that tbe United States attorney baving, since the 6th instant, given the opinion that a decision of tbe court, acquiesced in by himself and this Department, in one of a class of cases, governs in the wbole of sucb class, you are now directed to carry out the instructions contained in such letter, whicb are to adjust all entries of such sausages in accordance with such decision, where the requirements of law as to protest, appeal, and bringing of suit baA^e been duly observed, and upon tbe discontinuance of tbe suits to forward the usual certified otatements for tbe riefund to the importers of tbe amounts found due, and also to pursue tbe same course in the cases where protest and appeal have been made, and where the time to bring suit has not expired. In this connection, and referring to your letter of the 18th instant, you are directed to cause the practice at your port to conform to sucb decision. * # . * # # • '^'' * I am, very respectfully. COLLECTOR OF CUSTOMS, Ne-io Yorlc. B. H. BRISTOW, Secretary. Exhibit IJ. TREASURY DEPARTMENT, May 7, 1875. S I R : h\ the case of C. F. & G. G. Lenning vs. Chester A. Arthur, collector, lately tried at your port, which resulted in a verdict for tbe plaintiffs, thus sustaining tbe position taken by them tbat certain Japanese wax is exempt from duty under the provisions for " wax, * ^ .^ Chinese," contained in the fifth section of tbe act of June 6, 1872, (section 2505 of the Revised Statutes,) the Department is in receipt of a letter from the United States Attorney-General, dated the 28th instant, in wbicb be is of tbe opinion that as the wax in question was proA^ed on the trial to be identical with the so-called Chinese wax of commerce, and as tbere is no grouad for a writ of error, that such decision of the court should be acquiesced in. The opinion of the United States attorney who tried the case, dated February 8, 1875, is to the same effect. , The Department therefore acquiesces in such judgment, and upon the REPORT OF THE SECRETARY OF THE TREASURY. 139 plaintiffs duly satisfying the judgment, you are hereby authorized to forward a certified statement for the payment tbereof. I ara, A^eiy respectfully, B. H. BRISTOW, Secretary, CoLLEOTOii OF CUSTOMS, Neio Yorlc, Exhibit M. . . T R E A S U R Y DEPARTMENT,'J^Hie 19,1875. S I R : Your letter of the 8tb of April last is received, further reporting upon the appeal (5426c) of R. Kepling & Son from your decision assessing duty at tbe rate of 40 per cent, ad valorem, less 10 per cent, on certain imitation precious stones, imported per Pommerania, September 25,1874, which the importers claim to be only liable to duty at the rate of 10 per cent, ad valorem. I t appears from tbe special report of the appraiser and an examination of samples that the merchandise in question consists of imitations of brilliants, garnets, cameos, &;c., composed of glass or past^^ not set; tbat they were erroneously classified as " manufactures of glass," and that they are specially provided for in Schedule M of the Revised Statutes for ^^composition of glass or paste * '* * when not set" at a duty of 10 per cent, ad valorem, (without any reduction,) as claimed by tbe importers'. You are therefore authorized to adjust the entry accordingly, and, if necessary, to take the usuaV steps for refunding the duties erroneously exacted. This decision will also apply to the appeal (1621^) of the same importers, on tbe entries of similar goods per Hammonia, September 2, and Holsatia, October 8,1874, whicli was transmitted by you on the 8tb of April last. I am, very respectfully, . ~ B. Hi. BRISTOW, r ' Secretary. COLLECTOR OF CUSTOMS, New Yorlc. Exhibit N, • TREASURY DEPART^I^IENT^ July 15,1875. S I R : The Department has been informed by tbe United States attorney of your district that two cases of Frederick R. Fowler et al. vs, Augustus Schell, former collector, ^ c , (O. S. 289 and 369,) which involved the question as to the proper rate of duty on caustic soda imported prior to 1861, were recently tried before tbe United States circuit court for the southern district of New York, and resulted in judgments against the defendant—the effect thereof being to decide tbat such merchandise w^as only dutiable, at tbe time of importation, at the rate of 4 per cent, ad valorem, instead of 15 i)er cent, ad valorem, as collected. Upon submitting tbe matter to the United States Attorney-General, in -accordance with the requirements of the act of March 3,1875, that 140 REPORT OF THE SECRETARY OF THE TREASURY. officer has expressed tbe opinion that no writ of error or appeal should be taken in these cases to the United States Supreme Court, and that tbis Department should acquiesce in tbe decision of tbe court. The United States attorney of your district is also of tbe same opinion. Under these circumstances the Department acquiesces in the decision of tbe court so rendered, and tberefore directs, upon said judgments being duly satisfied on the records of the court, that a certified statement be prepared and forwarded to tbe Department for the payment tbereof. The Department also directs that tbe same course be taken with refer ence to three other cases, involving the same question, which tbe United States attorney reports to be still pending undecided at your port, provided tbe plaintiffs duly enter a discontinuance of sucb suits upon the terms usually granted by the Department. I am, A^erv respectfully, B. H. BRISTOW, Secretary. COLLECTOR OF CUSTOMS, New Yorlc. REPORT OF COMMISSMER OF INTERNAL REVENUE. EEPORT OF THE COMMISSIONER Of INTERNAL REVENUE. TREASURY DEPARTMENT, O F F I C E OF INTERNAL R E V E N U E , November 8, 1875. S I R : I have the bonor to transmit herewith certain tabular statements, made up from tbe accounts of this Office, to enable you, as required by law, to lay the same before Congress, to wit: Table A, showing the receipts from each specific source of revenue, and the amounts refunded in each collection-district. State, and Territory of the United States, for the fiscal year ended June 30, 1875. Table B, showing the number and A^alue of internal-revenue stamps ordered monthly b y t h e Commissiouer, the receipts from the sale of stamps, and tbe commissions allowed thereon; also, tbe number and A^alue of stamps for special taxes, tobacco, cigars, snuff, distilled spirits, and fermented liquors, issued monthly to collectors, during tbe fiscal year ended June 30, 1875. Table C, showing the territorial distribution of internal revenue from A^arious sources in the United States for the fiscal years ended June 30, 1864, 1865, 1866, 1867, 1868,1869,1870, 1871,1872,1873,1874, and 1875. Table D, showing the aggregate receipts from eacb collection-district. State, and Territoiy, for the fiscal years ended June 30,1863,1864,1865, 1866, 1867, 1868, 1869, 1870, 1871, 1872, 1873, 1874, and 1875, Table E, sbowing tbe total collections from each specific source of revenue for the fiscal years ended June 30, 1863, 1864, 1865, 1866, 1867, 1868, 1869, 1870, 1871, 1872, 1873, 1874, and 1875. , Table F, showing the ratio of receipts from specific sources to tbe aggregate of all collections for tbe fiscal years ended June 30, 1864, 1865, 1866, 1867, 1868, 1869, 1870, 1871, 1872, 1873, 1874, and 1875. Table G, sbowing the receipts from special taxes under act of June 6, 1872, in each collection-district, State, and Territory, for the special-tax year ended April 30, 1875. o . Table H, an abstract of reports of district attorneys, concerning suits and prosecutions under the internal-revenue laws during the fiscal year ended June 30, 1875. Table I, an abstract of seizures of property for violation of internalrevenue laws during tbe fiscal year ended June 30, 1875. OUR I N T E R N A L - R E V E N U E Sl^STEM. Tbe two principal sources of income to the United States are customsduties and internal-revenue taxes. Tbe former are levied upon articles tbe growth or manufacture of foreign countries imported into tbe United States; the latter are laid, at tbe present time, principally upon certain commodities manufactured in this countiy entering largely into coc 144 REPORT ON THE FINANCES. sumption, though not to be classed among the necessaries of life, such as distilled spirits, fermented liquors, tobacco, snuff*, cigars, &c. These latter taxes, so far as they are confined to consumable articles, constitute strictly excise duties, a term wbicb is sometimes, though not Avith strict accuracy, applied to our entire internal-revenue system. An excise is properly tbat branch of the public rcA^enue arising from duties paid upon the manufacture or sale of certain commodities made or sold within the country where this system of taxation prevails. It applies solely to consumable comraodities made or produced at home, in contradistinction both to customs, which are duties payable on conimodities imported from abroad, and to those duties imposed upon tbe use of certain commodities not immediately consumable, sucb as taxes upon carriages, gold and. silver plate, pianos, Avatcbes, &c. Our system of internal-revenue taxes is broader, therefore, than the excise system, and has embraced, since its origin in 1862, taxation upon occupations and trades; upon sales, gross receipts, and dividends; upon incomes of individuals, firms, and corporations; taxes ujion specific articles not consumed in tbe use; stamp-duties, taxes upon A'arious classes of manufactures, as Avell as taxation upon legacies, distributive shares, and successions. Excise duties are not of modern origin by any means. They existed upon tbe continent of Europe before their introduction into England in 1643, during tbe sitting of tbe Long Parliament, in the reign of Charles the First. At first they were imposed witb great caution and moderation, and chiefly upon commodities where the burden would be least felt, such as beer and ale, cider, perry, and the like. With this explanation the terms "excise duties" and "internal-revenue taxes" will be used indiscriminately, as our present system is but an enlargement of the excise law. A better and more general classification of all taxation (under national authority) would be " external" and "internal" taxes ; the one derived wholly from merchandise imported from abroad, the other wholly from taxes laid upon home manufactures, occupations, incomes, licenses, &c. Direct taxes on lands and excise taxes bave followed the three principal Avars of the United States: the re\^olutionary war, that of 1812, and tbe Avar of tbe rebellion. These forms of taxation haA^e never met witb popular favor, and w^ith the exception of the present revenue law have never maintained tbeir footing upon the statute-book for any considerable time. Tbe taxgatherer from earliest history bas been an unwelcome presence, and bis business an ungracious one. His office is inquisitorial in its very nature, leading to inquiries into people's affairs, the condition of tbeir business, their, losses and gains, matters wbicb most people prefer keeping secret from the public. The process of assessment and collection is summary, involving, in case of delinquency, penalties and sacrifice of property. The tax is a palpable thing to be paid, or some cherished possession is to be sold to meet it. No circumstances of poverty, misfortune, sickness, or death stay the distraint. Injustice in the assessment itself is relievable only by a circuitous process, involving first an application for abatement, next an application for a refund after the tax is paid or collected, and, these being overruled, an appeal to the courts against the collector. Here at last the claimant, who has insisted that be either owed no tax at all, or a tax less than that demanded, collects from tbe Government w^hat he has compulsorily paid, but frequently at tbe expense of ruinous delay and sacrifice. Such a law could not well be popular, and has ncA^er been allowed in COMMISSIONER OF INTERNA.L REVENUE. 145 our previous history to remain upon the statute-book beyond the exigency whicb called it into existence. The imposition of an unaccustomed tax upon any article entering largely into the consumption of the people, has always encountered opposition. The reason Is plain, as its effect is immediately seen in tbe increased price, of tbe article, whatever it is. People do not stop to reason upon tbe necessity ofthe tax, but selfishly see only a peremptory interference by Government in tbe price of the commodity taxed, to that extent impairing their ability to gratify their wants. This opposition is not tbe less vehement, though the article, like whisky or tobacco, is not to be numbered among tbe necessaries of life. It is manifested by various devices to evade the odious law, and these failing, by opposing violence to its execution. The officers who are so unhappy as to be the instruments for the collection of the obnoxious tax, are the immediate victims of the people's vengeance. The earliest law laying duties upon spirits distilled within the United States, went into operation in 1791, and was approved by tbe first President. Though mild in comparison with the present law, and highly necessary in the then financial condition of the country, it provoked great opposition and resistance. The western counties of Pennsylvania rose in insurrection against its enforcement in .1794. The proclamation of President Wasbington produced no effect to deter tbe insurgents. They were organized and drilled, and bade open defiance to the Govern; ment, nor did the refractory submit until an army drawn from tbe militia of different States bad marched into the very center of the disturbed district and seized the ringleaders of tbe insurrection. Tbe cost of tbis insurrection to tbe Government was one and a half millions of dollars. - The national debt at that time was seventy-six millions, and the whole amount of tbe Treasury receipts six millions and a half. Yet the law which led to this insurrection was so framed as to give least cause for opposition. Tbe articles taxed were few, the taxes themselves low, the officers few in number, and the machinery for executing the law as simple as it was possible to make it, consistently with efficiency. Tbe taxes upon spirits varied according as they were distilled (from sugar, molasses, or other foreign materials, or from articles of the growth or product ofthe United States. The tax in the latter case varied according to the proof of the spirits—from nine to twenty-five cen|ts on the gallon. They were collected, at the distillery in money, subject to an abatement of two cents a gallon for present payment, or tbe distiller, at bis election, was permitted to allow them to go into cousumption upon bond being given for the payment of the duty. , It is curious to observe how many careful provisions against fraud in the existing law are found in this earliest legislation,upon tbe subject. . In J 792 the law was modified, reducing tbe duties on spirits distilled from materials tbe product of the United States, and prohibiting the importation of spirits from foreign ports, except in casks of the capacity of ninety gallons and upward, the obvious intent being to encourage tbeir manufacture in tbe United States, and thus to increase the reve-, nues of tbe Government. From this beginning, and under the encouragement of Hamilton, the scope of the law w^as enlarged, and, by sue-, cessive enactments, was extended to carriages, snuff, refined s.ugars, auction-sales, licenses for retailing wine and spirits^ and to stamp-duties' on bills of exchange, bills of lading, and numerous other instruments. Upon Jefferson's accession to tbe presidency, and upon his recommendation, the whole system of internal taxes was abolished. When the war witb Great Britain occurred in 1812, it again became 10 F 146 REPORT ON THE FINANCES. necessary to resort to the collection of internal-revenue duties. On tbe assembling of Congress in May, 1813, in extra session. President Madison, after stating the receipts and expenditures during the preceding six months, advised Congress to adopt a well-defined system of internal reveuue in aid of existing sources. Mr. Gallatin's plan Avas adopted by Congress, and acts were passed imposing duties on refined sugar, salt, carriages, auction-sales, licenses for distilleries and for retailing wine, spirits, and foreign goods, witb stamp-duties on bank-notes, bills of exchange and other notes, whicb were expected to produce two millions yearly, and a direct-tax on houses, lands, and slaves, at tbeir assessed value, amounting to three millions. Mr. Monroe, in his first message to CongreSvS, in December, 1817, recommended tbe repeal ofthe internal taxes, and early in the session all were abolished except the duty on salt. Tbe present system of internal taxes originated in the necessities of the Government growing out of the rebellion, when it became necessary to resort to every available source of income to defray the expenses of the war, and to establish the national credit. Accordingly, beginning with the first act of July 1,1862, an elaborate system of internal taxation was set on foot, w^bich reached nearly every species of manufacture, trade, profession, and occupation, and embraced many articles which Avere specifically taxed, tbe incomes of individuals, firms, associations, and corporations, documents of A^arious kinds, thirty-one in number, subjected to a stamp-tax, and laying a heavy hand upon legacies, successions, and the gross receipts of those operating steauaboats, ships, barges, canal-boats, stage coaches, toll-roads, ferries, and bridges, and the gross receipts of railroads, express, insurance, and telegraph companies ; upon lotteries, tbeaters, operas, museums ; upon banks and bankers ; upon trust-companies, and saving-institutions, and upon occupatious, fifty-one in nuniber, requiring licenses from those who carried them on varying from teu dollars ($10) to two hundred dollars ($200.) It may be doubted whether there ever existed in any countr^^ a system of taxation so comprehensive and minute in its details, reaching every man's daily subsistence, and greatly increasing the cost of nearly all the necessaries of life. From the multiplied sources of revenue opened by this law, the Government Avas enabled to realize in a single year three hundred and ten million nine hundred and six thousand nine hundred and eighty-four dollars and seventeen cents, ($310,906,984.17,) against five million dollars ($5,000,000) which Madison and Gallatin expected to derive from the internal taxes of 1813. Tbe customs-revenue for the same year, which yielded the enormous tax just stated, was less than one hundred and eigbty million dollars, ($180,000,000.) We may search in vain in our own history, or tbat of other nations, for sucb an example of patience ,and patriotism as was exhibit'ed by the people of this country in the payment of these extraordinary burdens. Since the existing system Avent into operation, and counting from the fiscal year ending the 30tb of June, 1863, to the 30th of June, 1875, the close of the last fiscal year, the amount collected under this system has been two billion eighty-six million five hundred and, ninety thousaud seven hundred and three dollars and eighty-eight cents, ($2,086,590,703.88.) • When to this are added the sums collected from tbe direct-tax on lands laid in 1861, and tbe amount derived from customs-duties, AYC may well feel astonished that the country was not only able to survive such extraordinary burdens of taxation, but even to attain a high degree of prosperity. COMMISSIONER OF INTERNAL REVENUE. 147 The actual amountof receipts into tbe Treasury from all sources from and after June 30,1861, to June 30, 1874, inclusi\^e, exclusive of loans and Treasur}^ uotes, was as follows: Customs Internal r e v e n u e . . . . Direct-tax : Publiciands Miscellaneous • Premium on loans ancl sales of gold coin 1 Total $1,973,710,367 1,956,323,725 14,810,189 22,151,958 236,084,982 192,557,117 91 30 37 02 94 46 4, :.^95,638, 341 00 Commencing witb the year 1866, tbere has been a continuous repeal going on year by year of such internal taxes as were most oppressive, or at least of such as gave rise to most complaint, until at present but few^ subjects of taxation remain. Tbe taxes are now levied upon distilled spirits, fermented liquors, manufactured tobacco, snuff', and cigars; upon articles embraced n schedule A; upon certain occupations; upon bank-checks and the deposits, circulation, and capital of banks. The following table exhibits tbe sums collected during the several fiscal years below given ending on June 30, 1875: Year. Internal-revenue taxes.. 1863.1864 1865 1866 1867 1868 1869 1870 $41,003,192 93 117,145, 748 52 211,129,529 17 310, 906, 984 17 265, 920, 474 65 1.91,180, 564.28 160, 039, 344 29 185, 235, 867 97 Year. 1871 1872 1873...: 1874 1875 S u p p l e m e n t a l collections* Total Internal-revenue taxes. $144, o n , 176 131 770 946 114, 075, 456 102, 644, 746 110, 545,154 981, 517 24 73 08 98 23 64 t2, 086, 590, 703 88 * These collections are mostly balances found due the Government from year to year iu the settlement of the accouuts of such collectors as have retired from office. They are now presented in aggregate for the first time, and are given in detail iu the appendix to table D of this report. t The aggregate amount of internal revenue collected duriug the several fiscal years from 1863 to 1875, as shown'by the figures iu the above table, is considerably more than the aggregate amount of internal revenue deposited during the same time, as appears from the books iii the oftice of the Secretary. The following explanation, it is believed, will satisfactorily account for the discrepancy between the collections and deposits: Prior to July 1,1865, collectors of internal revenue were authorized to act as disbursing agents, and to retain in their possession such part of the collections made by them as was necessaryto pay the expenses of assessing and collecting. They, therefore, reported to this Oftide the entire amount collected, and deposited only so much as was not required to defray the aforesaid expenses. Cominissions allowed for the sale of adhesive stamps have always been regarded by this Office as part of its receipts. Soon after the close of the war, and before the appointment of collectors of internal revenue in the late insurrectionary districts, large collections were made by special Treasury ageuts on articles produced in those districts and suljject to tax under internal-revenue laws, and reported to this Ottice. Collections thus made by officers other than regularly appointed collectprs of internal revenue were probably not regarded as receipts from internal revenue when covered iuto the Treasury, and were therefore charged to some other account. From this exhibit it will appear t h a t t h e amount of revenue collected in 1874 from internal taxes was, in consequence of the duties repealed from year to year, less than during any single year since the system Avent into operation except the first. Tbe increase during tbe last fiscal year is owing in part to the increase of duties laid by the act of Marcb 3, 1875, upon distilled spirits, manufactured tobacco, cigars and cigarettes, and in part to the taxes collected under laws repealed, extraordinary efforts haAdng been put forth by this Office to collect the delinquent taxes due from banks and bankers, railroad and otber corporations, and taxes due on incomes, legacies, and successions. It is with pardonable pride that I present the following table, in order to show with what accuracy this Office estimated, one year since, the ' probable receipts for the fiscal year ending June 30, 1875. It could not be known at tbat time tbat Gongress would make any increase upon 148 REPORT ON T H E FINANCES. the objects of taxation, sucb as was in fact done by the act of March 3, 1875, and omitting tbe three million two hundred and three thousand eight hundred and eighteen dollars and eighty-five cents ($3,203,818.85) realized between tbat date and the30tb June, 1875, in consequence of this increase, and two hundred and sixteen thousand and twenty-seven dollar's and thirty^lbur cents ($216,027.34) receipts under tbe act of May 8, 1872, (which led to the formation of the Sanborn contract,) thereceipts into the Treasury exceeded tbe estimate only one huudred and twentv-five thousand three hundred aud eigbt dollars and four cents, ($125,308.04.) The aggregate receipts from all sources, exclusive of the tax on the capital, circulation, and deposits of national banks, but including amounts refunded aud allowed on drawback and collectious made by contract under act of May 8, 1872, were, for the fiscal year ended June 30, 1875 .$110,545,154 23 Receiptsunder actof March 3, 1875... $3,203,818 85 Receipts under act of May 8 , 1 8 7 2 . . . . ; 216,027 34 3, 419^ 846 19 Receipts under laws in force prior to March 3, 1875, exclusive of collections made under act of May 8,1872, all pf which collections here reported were made and covered into the Treasury prior to June 30, ' 1874 : 107,125,308.04 Estimated receipts iu the last aunual report 107,000, OCO 00 125,308 04 Receipts in excess of estimate. In this connection, and to illustratethe table just given, the following statement is furnished sbowing the receipts under tbe act of March 3, 1875, up to and" inclusive of June 30, 1875, from the different articles subjected to an increased tax : Statement shoiving the receipts under act of March 3, 1875, x^^'ior to July 1, 1875. Articles. Distilled spirits Cigars ^ Cigarettes Manufactured tobacco Total. •...: Quantities. g a l l o n s . . 8, 898, 999 4-15 M.. 507, 075. 212 13, 986. 383 M.. p o u n d s . . 22, 836,180 Increased Tax returned. rate. $0 20 1 00 25 • 04 $1, 779, 507, 3, 913, 799 075 496 447 85. 21 59 20 3, 203, 818 85 It Will doubtless be matter of surprise that the increased amount realized from distilled spirits during that period (March 3, 1875, to June 30, 1875) was ,S0 small. The explanation, however, is found in tbe fact that it became generally known, through the proceedings in Congress, that an increase in tbe rate of the tax would probably be made, aud distillers, in order to realize the benefit of tbe increase, withdrew from bonded warehouses, upon payment of the taxes at seventy cents a gallon, 5,430,021 gallons in the month of January, 1874, and the enormous quantity of 11,504,356 gallons in February following, an excess over the lirevious month of 6,074,335 gallons, and leaving stiU in the bonded warehouses over seven million gallons of spirits on Marcb 3, 1875, the day when the increase of tax from seventy to ninety cents per gallon was made by Congress. By law these spirits were allowed, after bond given, to remain in tbe distillery warehouse one year before withdrawal, and these spirits ha-ve been and still continue to be placed on tbe niarket subject only to the former duty of seventy cents per gallon. Had these spirits been subjected, like those manufactured after March 3,1875, to a tax of ninety cents per gallon, tbe difference in the two rates would bave yielded to tbe Treasury, after their entire withdrawal from bond, at least one COMMISSIONER OF INTERNAL 149 REVENUE. million four hundred thousand dollars, ($1,400,000.) To be sure this difference would not probably all be shown during tbe last fiscal year, since parties might, under the law, defer tbe withdrawal from .warebouse for one entire year after entry. An examination into the practical workings of internal-revenue legislation shows that tbe imposition of an increased tax is uot usiially followed by an immediate corresponding increase in the amount of revenue collected. While legislation is pending, extraordinary efforts are made by tbe distiller and manufacturer to secure the benefit of the existing low rate to as large a quantity of their distilled and* manufactured product as possible. After tbe law increasing the rate has gone into operation tbe market is supplied for a time with the surplus taxed at the low rate, and several months usually elapse before this surplus is exhausted, and tbe revenue flows again naturally in its accustomed channels. • The case of distilled spirits has already been alluded to. The truth of tbe preceding observations is also confirmed by a comparison of the receipts from manufactured tobacco for periods imraediately prior and subsequent to March 3, 1875;, when tbe rate was raised from tweuty to twenty-four cents per pound, witb the receipts for tbe corresponding periods in the preceding fiscal yeaii' During January and February the receipts were as follows: _.. .. ._ ^ 1874. 1875.' Months. January February . .^ .. . - -: $i, 990, 535 1,824,610 : 3, 815,145 Total • , $1, 378, 828 3, 548, 877 4, 927, 705 The following are the receipts from tbe same source fbr the four suc; ceeding months of tbe two fiscal years : 1874.' Months. April May June -- _ - . Total 1875. $1, 819, 202 1, 926, 423 1, 865, 374 1,821,722 11,241,149 1, 278, 201 1, 693, 382 1, 806, 329 7, 432, 721 6, 019, 061 Thus at the same rate of tax, but under the stimulus of its prospective increase, one million one hundred and twelve thousand five buu: dred and sixty dollars ($1,112,560) more were received in January and February, 1875, than during tbe corresponding period iu 1874, while the receipts for the next four months, after the tax had been increased four cents per pound, were one million four hundred and thirteen thousand six hundred and sixty dollars ($1,413,660) less than tbe receipts for tbe last four months of the preceding fiscal year. BRITISH EXCISE SYSTEM. Having spoken of the origin in Great Britain of tbe excise system in 1643, it raay be interesting to know tbe sources of her present income under the excise laws, w^bich, however, are undergoiug frequent modifications from year to year, and to note the identity ot tbe subjects of taxation with those in this country before our internal-revenue system had been reduced to its present limits. The following two tables, save the last column in each, showing tbe reduction of pounds sterlimg to money ofthe tJnited States, are taken from the statistical abstract of 150 REPORT ON T H E FINANCES. the United Kingdom presented to both Houses of Parliament by command of Her Majesty, and show the product of the excise laws for tbe fiscal year of that government ending March 31, 1875. Statement showing the amount of revenue collected from excise in the United Kingdom during the year ended March 31, 1875, exxiressed in xiounds sterling and in Uniied States money, the value of the pound sterling being ,$4.866-A-, as estimated by the Director of the Mint and Xiroclaimed by the Secretary of the Treasury January 1,1875. P o u n d s sterling. Articles. Spirits Malt Licenses Other receipts . - Total £14, 7, 3, 1, M o n e y of t h e United States. P 2 , 490, 254 895, 768 37, 699, 510 746, 740 17, 031, .562 499, 756 5, 410, 905 111, 868 ^ 27, 254,132 97 21 .58 62 132,632,233 38 Statement showing the amount of revenue coUected from stamxis in the United Kingdom during the year ended March 31, 1875, exxiressed as in the xireceding table. Denominations. Deeds and other instruments Probates of wills Legacies and successions ' Insurance, marine ' Bills of exchange, bankers' notes, and composition for duty on bills and notes. Beceipts and drafts : Other receipts Total Pounds ster- Money of the ling. TJnited States. £1, 995, 792 2,153, 797 3, 400, 375 124, 734 1, 044,°496 712, 521 77 481,453 10 547, 924 94 607, 018 01 083, 039 78 747, 301. 1, 081, 234 636, 740 32 261,825 26 10, 547, 729 51, 330, 523 18 It may be some consolation to know that, grievous as are our burdens laid upon such of our population of forty-two millions or more as consume tbe articles taxed by our internal-revenue laws, the Britisb public, nurabering less by one-fourth than our people, paid, under their excise law^s, during the year ending March 31, 1875, taxes, measured by gold of tbe IJnited States, to the amount of one hundred and eightythree million nine hundred and sixty-two thousand seven hundred and fifty-six dollars and fifty-six cents, ($183,962,756.56,) against one hundred and ten million five hundred and forty five thousand one hundred and fifty-four dollars and twenty-three cents, ($110,545,154.23,) paid in currenc}" by tbe people of this country duriug the fiscal year which ended June 30, 1875. This comparison, if it does not reconcile sucb as find fault with our system as oppressive and vexatious, should modify their complaints, since it is apparent that a given amount of taxes from some source must, under all circumstances, be raised to defray the necessary expenses of Government, to discharge its obligations, and maintain the public credit. At best, it is but a choice of means, and all reasonable men will agree that, in laying taxation, articles of luxury should be preferred to articles of necessity, and that tbe tax should be placed upon tbe product in the hands of the manufacturer or producer, so tbat, as in case of customs-duties, it is left matter' of choice who shall re-iraburse tbe manufacturer or importer tbe taxes he has paid. NET AMOUNTS OF RECEIPTS FROM ALL SOURCES OF INTERNAL REYENUE DURING THE LAST FISCAL YEAR IN THE SEYERAL STATES AND TERRITORIES. Your attention is invited to the interesting recapitulation of receipts from all sources of internal revenue during the last fiscal year in the dif COMMISSIONER OF INTERNAL REYENUE. 151 ferent States and Territories, found in Exhibit A, on page 95. From tbis it appears that, deducting amounts refunded, the net total of receipts was as follows: In Alabama Arizona: Arkansas California Colorado...1 Connecticut Dakota Delaware District of Columbia Florida Georgia Idaho .'. Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan .Minnesota Mississippi , Missouri Montana Nebraska Nevada New Hampshire • New J e r s e y . . . . New Mexico NewYork ' North Carolina ....T Ohio Oregon Pennsylvania Rhodelsland South Carolina..: Tennessee Texas...... Utah : Yermont Yirginia Washington Wesf Yirginia .' Wisconsin , Wyoming '. : 1 .'. ^111,816 41 10,263 06 71,823 39 . , . . . . : 2,983,595 19 70,531 82 622,225 53 10,040 18 360,331 03 111,0.27 97 184,547 31 387,154 12 19,136 00 17,627,668 55 4,650,883 13 1,040,064 15 L33, 535 94 .9, jV2,636 66 5 S3,151 85 .1Q> 261 90 2,755,845 40 2,670,491 15 1,930,506 05 228,362 45 . 96,t)H5 38 4,591,856 77 23,666 10 292,472 30 53,147 3 ' •298, 812 ^iJ 2,362,478 29 21,965 52 15,200,898 34 1,629,994 37 .14,656,295 30 47, 939 64 6,149,954 40 231,767 50 120,818 OD 858,910 50 257,448 37 31,545 51 58,251 85 7,659,639 97 21,146 60 508,684 38 2,720,868 14 :. 11,942 11 The results thus shown do not indicate that the States paying tbe largest amounts of internal revenue pay in proportion to their relative population or wealth ; nor that the consumption of their tax-paid commodities within their limits is in proportion to the amount produced; nor that they excel in general manufacturing enterprise. Oa the contrary, they rather show that whisky is distilled in largest degree in the great corn-growing districts, brandies in tbe fruit districts, and tbat fermented liquors are brewed in sections of the country where barley most abounds, or in centers where tbat portion of our foreign population wbo prefer them as a beverage are found in largest numbers; and that tobacco, cigars, &c., are raanufactured principally in or near tbe tobaccogrowing regions. Large cities, fortunate in their location as accessible from all parts of the country by water and rail, constitute an exception 152 REPORT ON THE FINANCES. to the general rule, since the manufacture of the raw raaterials is carried on largely there, without much reference to the localities where those raaterials are produced, unless, indeed, tbe cost of transportation on bulky articles entering into tbe manufacture prove a hinderance to successful competition with the rural districts. New York is a notable example, yielding last year fifteen millions of revenue. It is neither a great corn nor tobacco groAving State. The city of New York is the point where most of the excisable commodities are produced, except whisky. This is not made to any extent, on account of the cost of bringing corn from the West, and the difficulty of successful competition with Gincinnati, Saint Louis, Ghicago, and Milwaukee in tbe bianufacture of that article. Statement showing the number of distilleries registered and operated during the fiscal year ending June 30, 1875. Grain. 1 States and Territories. t fc t 1u. o o • g ti g • 1 1 1' o ati Dakota Delaware . . Kansas Kentuckv Nebraska New Jersey N e w Mexico N e w Yorlv . ' N o r t h Caroliua Ohio Oregon Pennsylvania Rliode I s l a n d South Carolina Tennessee Texas Utah V e r m o u t '. Virginia Washington W e s t Virginia Wisconsin Total . a ti a s 5 70 0 13 189 67 0 8 185. 4 78 71 82 75 39 401 39 398 61 109 14 7 600 0 58 100 12 7 593 0 39 423 1 104 132 20 7 812 5 39 419 1 101 122 17 7 803 2 38 26 0 0 36. 26 0 0 5 113 0 • 0 0 45 34 1 0 5 134 0 1 0 1 163 3 89 640 120 3 153 2 0 2 5 2 0 4 22 I 43 23 6 0 212 ;5 21 1 43 22 5 0 210 2 9 2 1 0 0 22 0 1 0 0 •0 0 7 91 45 0 75 9 2 1 0 0 21 0 1 0 0 0 0 7 79 45 0 73 2 55 5 0 o 53 2 0 38 0 1 10 33 0 1 10 689 65G • Maryland Massachusetts Michigan Minnesota Mississippi Missouri ti a ,1 o ' H 72* 0 15 194 . -• Illinois a. a "-A Arkansas California Colorado . . . . fd fcJC 1 •M ati ti i Fruit. Molasses. 6 6 165 4 82 570 77 4 82 163 3 82 561 75 '3 80 47 34 1 - 0 6 139 0 1 0 1 165 4 89661 122 4 157 84 362 38 0 5 658 1 139 1 83 359 34 0 4 649 1 129 1 86 417 43 0 5 696 1 140 11 85 412 36 0 4 682 1 130 11 4,040 3, 945 4,736 4,608 n? 1 1 7 7 • 69 0 10 190 0 0 0 COMMISSIONER OF INTERNAL 153 REYENUE. The following statement sbows the number of grain and molasses distilleries in operation at tbe beginning of each month during the fiscal year ending June 30, 1875 : C a p a c i t y of graindistilleries. N u m b e r of distilleries. Months. Grain. July .. August— September October . . . November, December January.., Pebruary. March April May.... June Molasses. 250 151 151 171 219 248 318 349 400 417 380 269 Bushels. 44, .729 39, 333 43, 718 54,139 60, 915 69, 858 73, 300 72, 951 82, 062 67, 475 67, 348 39, 213 C a p a c i t y of molasses-distilleries. T o t a l spiritpi-oducing capacity. Spirits. Gallons. Gallons. 158, 137, 159, 192, 218, 248, 271, 252; 288, 242, 227, 139, 7,679 9,038 10, 426 7,706 8,698 8,563 9, 934 9,935 8, 4.53 8,126 9,868 7,822 6,550 7,683 8,862 6,551 7,393 7,277 8,443 8,444 7,185 7,076 8,386 6,650 164, 946 145, 667 168,180 198, 561 225, 539 256, 054 279, 591 260, 779 295, 817 249,158 236, 356 146, 335 Statement shoiving the receipts from the several sources relating to distilled sxiirits for ihe fiscal years ended June 30,1874 and lS7b, together with theincrease or decrease from each source. Sources. S p i r i t s distilled from apples, p e a c h e s , or grapes S p i r i t s distilled from m a t e r i a l s o t h e r t h a n apples, peaches, or g r a p e s W i n e m a d e i n i m i t a t i o n of c h a m p a g n e Bectifiers D e a l e r s , retail-liq nor D e a l e r s , wholesale-liquor M a n u f a c t u r e r s of stills Stills or w o r m s m a n u f a c t u r e d S t a m p s for distilled s p i r i t s i n t e n d e d for. export Stamps,. distillery-Avarehouse S t a m p s , rectifiers' ; S t a m p s , wholesale-liquor-dealers' A r t i c l e s a n d o c c u p a t i o n s r e l a t i n g to s p i r i t s formerly t a x e d b u t noAV e x e m p t . ' . Total . l|s-> $536, 681 41 43,270,412 151 . 287, 825 4, 321,505 596, 555 945 2, 500 29 00 92 35 45 OL 00 12, 795 116, 909 156,730 61, 327 50 30 80 65 ^1, 265, 896 46 45,612,041 18 249.591 4,086,393 534,839 1, 837 2, 890 • 1729,215 05 64 2, 341, 629 35 00 11 77 20, 892 91 92 390 00 00 782 60 102, 483 30 148, 283 80 61, 605 50 79,750 17 15, 327 82 49, 444, 089 85 52,081,991 12 ^^133 38, 234 235,111 61, 716 00 81 58 25 12, 012 90 14, 426 00 8, 447 00 64, 422 35 3,072,405 16 N e t a g g r e g a t e i u c r e a s e , 12,637,901.27. Since tbe institution of our excise system spirits have been the largest source of revenue derived from any species* of manufacture. It is so in other countries. In all, where the systera prevails, spirits head the column as tbe first commodity thought to be a proper subject of taxation and as yielding the largest revenue. Tbe receipts from tbis and kindred sources, such as special taxes paid by rectifiers, wholesale and retail liquor-dealers, manufacturers of stills, &c., have greatly varied during the thirteen years the law has been in force, according as the tax was high or low, or fixed at tbat medium rate wbicb did not prohibit general consumption or offer too much temptation to illicit distilling, and according as tbe law was vigorously or loosely administered. The amount off spirits actually consumed bas not greatly varied during these years, notwithslanding tbe changes in tbe law fixing the amount of the t a x ; and this fact has been one of 154 REPORT ON T H E FINANCES. the standing arguments in favor of taxing distilled spirits not only here, but in other countries, viz, tbat tbe araount consumed does not depend to any considerable extent upon the rate of tax imposed. The demand is as steady as the appetite to be fed is fixed and exacting. Excessive taxation may be tbe cause of general and systeraatic fraud, leading to ' great loss of revenue, but production and consuraption go. on as before, whatever the taxes. This is well illustrated in the years while tbe tax was $2 on tbe gallon. Take for illustration the year 1868. The taxes derived from this source during tbat year were less than $19,000,000, while in 1869, when the rate was reduced to 50 cents, they ran up to $45,000,000, and the year following to $55,000,000. Yet no one can doubt that the actual production in gallons did uot essentially differ in the years named. Looking over the entire period since duty upon spirits was first imposed by the act of July 1, 1862, when Congress moved with tbe same timidity and moderation in taxing this article that characterized its action in 1791, when tbe experiment was first made, we are struck witb surprise at the great difference in tbe receipts from the sources named. Thus— The collections duripg the fiscal j^ear ending June 30,1863, were. 1864, " . 1865, " . . 1866, ^' • 1867, '' . 1868, '' . 1869, '' . • 1870, '' . 1871, '' . 1872, '' . 1873, " •. 1874, '' . • 1875, '^ . Showing a sum-total of receipts from spirits of $5,176, 530 -50 . 30,329,149 53 . 18,731,422 45 . 33,268,171 82 . 33.542, 951 72 . • 18,655, 630 90 . 45,071, 230 86 . 55,606, 094 15 . 46,281,848 10 . 49,475,516 36 . 52, 099, 371 78 . 49,444,089 85 . 52,081,991 12 $489,763, 999 14 It will be seen from this table that the receipts duriug the last fiscal year were essentially tbe same as in 1873, and greater than during any other year except 1870, when the^^ reached $55,606,094.15. At the present rate of tax, fixed by Gongress on the 3d of March last, it is estimated that the receipts during tbe present fiscal year will exceed those of any year which has gone before. It is proper to state in this connection that the rate of tax on distilled spirits has been fixed by Gongress, frora tirae to time, as follows: By act of July 1,1862, at twenty cents per gallon -, by act of March 7,1864, at sixty cents; by act of June 30,1864, at.one dollar and fifty cents; by act of December 22,1864, at two dollars; by act of July 20,1868, at fifty cents; by act of June 6, 1872, at seventy cents; by act of Marcb 3, 1875, at ninety cents. So far as we may judge by the increased receipts over corresponding months of 1874, the present tax may be enforced witb great profit to the revenue, notwithstanding tbe large amount of whisky on the market when the last rate was fixed, which had paid but seventy cents, and tbe large amount in bond on March 3, which is subject to the old rate, and which has not yet been exhausted. WHISKY FRAUDS—HOW THEY HAYE BEEN COMMITTED—PRECAUTIONS TAKEN AGAINST THEIR RECURRENCE—THEIR EXTENT—ADDITIONAL LEaiSLATION RECOMMENDED. Public attention has been often called, within the past few raonths, to extensive frauds coraraitted in certain localities upon the revenue COMMISSIONER OF INTERNAL REYENUE. 155 by distillers and rectifiers of distilled spirits. I propose, briefiy as I can, to give an account, first, of tbe checks^ guards, and protections against frauds established by law; second, of tbe raanner in which " w^bisky frauds," so called, lately exposed, were perpetrated upon tbe Governraent; third, of the extent of these frauds ; fourth, of the checks recently established to prevent a recurrence of tbe sarae; and, fifth, to suggest the legislation which, in ray opinion, is necessary to insure a fuller collection in tbe future of taxes upon distilled spirits. I. The systera of surveillance now in force at all distilleries, to insure that none of tbe product raay escape taxation, is based upon the presumption that all local officers are bonest. Where such is the case it works admirably, and insures tbe collection of tax upon every gallon of spirits produced by the distiller. It could hardly be expected, however, that among over twenty-three hundred store-keepers and gaugers some would not prove dishonest, especially since tbere is always near them, in tbe person of tbe distiller, if he happen to be an unscrupulous man, a tempter to move thera by bribes. In order, tberefore, to effectually prevent fraudj it is necessary to establish a systera that shall surely detect it, and that shall be followed by certain and severe penalties. With the distiller il is a matter of dollars and cents, so that, if the risk in committing fraud is made so great that it does not pay., be will not only be bonest himself, but will inform on others as a matter of self-protection. The present system may be described briefly as follows: A storekeeper is assigned to every distillery, whose duty it is to record the time of filling and emptying every mash-tub, to weigh every pound of grain tbat is used in the mash, and to see that the law is strictly complied with. The cistern room, where the spirits are received, is placed in charge of a gauger, wbo deterraines tbe exact quantity produced, and the gauge of eacb barrel into which tbe spirits are drawn. The pipes from the still to the cistern-room are continuous, so that tbe distiller has no access to tbe spirits until after they are gauged and the quantities determined. Eacb barrel filled in the cistern-room must be serially numbered, beginning with No. 1, and running consecutively without duplication. A warehouse-stamp must tben be affixed to the barrel, wbicb stamp bas also a serial number, never duplicated, and shows tbe'number of barrel, contents in proof and. wine gallons, name of gauger, and date of affixing. The barrel so marked is tben placed in a warehouse on the distillery premises, where it can remain not to exceed one month without a w^arehousing-bond, or not to exceed one year when such a bond is given. When the package is to be withdrawn, the collector furnishes, on application and after payment of the tax, a tax-paid stamp, which is filled in witb tbe same nuraber of package, proof and wine gallons, as appears on the warebouse-starap, aud has itself another distinctive serial nuraber, which is never duplicated. Tbe package of spirits is how ready for market, and is so fully raarked aud branded as to enable any revenue-officer to identify it wherever found, since no other package can exist legally witb tbe sarae nurabers, raarks, and brands. The distiller is required to keep a book, in wbicb be records a full description of each package, specifying all the raarks and brands above specified, and the name of the party to whom each package is sold. The purchaser is required to keep a book, which records a like description of the package, and states both from whom it was purchased and to whom he sells it. A complete record is thus kept of tbe whereabouts 156 N REPORT ON THE FINANCES. of each package of spirits until it is duraped for rectification or reaches the consumer. • The system of checks, as.applied to rectifiers, is as follows: A rectifier is permitted to rectify spirits bought by him, and place the sarae upon the market under a rectifier's stamp. When be purchases the spirits, and is. ready to dump for rectification, he makes out a full description of the packages, giving all serial numbers, date of original gauge, and name of distiller producing the spirits, and sends a notice of intention to rectify the same to the collector, who at once details a gauger to examine and regauge tbe spirits. It is this ganger's duty, also, to see the packages emptied and the stamps destroyed; and to certify the fact on the face of the rectifier's notice. An account is opened witb each rectifier, in whicb be is credited with the total proof gallous of spirits so dumped, and charged with the total proof gallons covered by rectifiers' stamps placed on. spirits gauged out of bis establishment. The collector is not allowed to issue rectifiers' staraps for a nuraber of proof gallons in excess of the nuraber reported as duraiied by the rectifier and gauger, as above indicated. It is thus apparent that, if all officers Avere bonest, the above-described checks would effectually prevent any spirits being sold in the raarket that bad not paid the proper tax. II. To perpetrate fraud, the distiller must first obtain tbe consent of the store-keeper tp use more grain than his survey calls for.- It has been proven by experience that a fermentation that will produce the largest yield of spirits from grain cannot be made in less than forty-eight hours. The regulations, tberefore, allow tbis time for fermentation, and forbid more than one filling of tbe tubs in seventy-two hours, thus requiring the tub to remain erapty for twenty-four hours. If, however,* the distiller will prepare what is known as ''quick-yeast," he is enabled to complete a fermentation in twenty-four hours, or less time, though witb a loss of yield in spirits. This he can well afford, if he can sell half his product without tax. Having gained the consent of the storekeeper, wbo keeps his* books as if the law^ were being complied with, tbe distiller makes two ferraentations where one is allowed,.and then bas nearly double tbe quantity of spirits tbat the books show produced. The distiller who has tbis illicit product on hand does not dare place it upon the raarket in the only way possible,"tbat is, by the re-use of stamps, since tbe detection of a single package so duplicated would subject him to the severe penalties of the law. He must, therefore, call to his assistance tbe rectifier, who, even if detected, is dealt with much more leniently by the law, while tbe difficulties in detecting him are much greater than with tbe distiller. To make tbe transfer of the illicit spirits from the distillery to the rectifyiug-house, ^the gauger iu charge of the cistern-room must either permit barrels to be filled and surreptitiously removed without stamps, 01" he must affix staraps whicb have been once used. If the spirits were removed to the rectifying-bouse without stamps, no notice of rectification describing tbe same could be sent to the collector, and, therefore, no credit could be had by which to obtain rectifiers' staraps. Two raetbods of placing illicit spirits upon the market have been in vogue : . . 1st. The first was made possible by the fact that rectifiers' stamps have heretofore been so prepared that each stamp could protect any number of gallons which the gauger chose to fill in. This character of fraud will be best indicated by an illustration. A certain rectifier buys frora a distiller, say, one hundred packages of tax-paid spirits, contain COMMISSIONER OF INTERNAL REYENUE. 157 ing, say, forty proof-gallons each. He files with the collector the descriptive notice above-mentioned, and asks for tbe issue of rectifiers' stamps to cover four thousand (4,000) gallons of spirits after rectification. A gauger is detailed to gauge these spirits out of the rectifying;tubs, carrying witb him a book of blank stamps, to be filled up according to the contents of each package. The gauger reports, on a prescribed form, that the rectifier bas placed the four thousand gallons.in, say, four hundred packages, containing ten gallons each, and returns the stubs of the stamps filled up in accordance with this statement. The packages so represented are afterward found to contain, say, eigbty gallons each, and tbe staraps thereon are filled up in accordance therewith, so that, in fact, only fifty of the stamps were used to cover the " straight spirits," and, under cover of the remaining three hundred and fifty, twenty-eight thousand (28,000) gallous of illicit spirits are placed upon the market. Tbis case is by no means an extreme one, but is a fair example of what was the constant practice in the districts herein specified. 2d. The otber favorite method may be illustrated as follows: The distiller sends to tbe rectifying-house a number of barrels of spirits upon which tbe tax bas been regularly paid. ''The descriptive notice afbresaid is filed and a gauger detailed, who reports the stamps destroyed, whereas the fact is that the staraps are not actually destroyed. Either tbe packages with the stamps uncanceled are returned to the distiller and refilled with illicit spirit, or the stamps are removed and placed by the distiller or rectifier on other barrels of spirits upon which no tax has been paid. These barrels are sent to tbe rectifier, and by him shipped to sonie distant market without making any record of the transaction on his Government books. A modification of tbis form of fraud consists in the rectifier's filing a purely fictitious notice, containing a description of spirits whicb be has never received, and emptying in place thereof an equal quantity of illicit spirits. In one of the two ways above described all the frauds recently discovered have been committed, and*the Government has lost thereby at least four million dollars in the last two years. The frauds have mainly been carried on at four places, naraely: Saint Louis, Milwaukee, Ghicago, and Evansville, and all at distilleries producing what is known as " high-wines." This* class of spirits does not require ageing, as does tbe fine sour-mash whisky made for drinking purposes. It consequently does not excite suspicion to find high-wines on the market to-day that were produced yesterday. This rapid transfer from distillery to the market affords facilities for re-use of stamps, which are scarcely feasible with the whiskies that require a year's warehousing before being ready for market, since it would h(d prima-facie evidence of fraud if a distiller of fine whiskies would not take advantage of the year whicb the Government allows his spirits to remain in warehouse without payment of tax. If once in warehouse, the Governraent is sure of its t a x ; hence the coraparatively sraall araount of fraud discovered in places producing fine whiskies.. As a further reason why fraud in these whiskies 'cannot be perpetrated; it raay be stated tbat as a rule they do not require rectification, and the frauds above indicated cannot be coraraitted without the aid of a rectifier. III. As an indication ofthe extentof the frauds above described, I have the honor to report that docuraentary evidence is in possession of this Office which bas warranted the seizure of twenty-four distilleries and thirtyTseven rectifying-houses, and implicated over fifty United States gaugers and store-keepers. This evidence also shows tbe issue between 158 REPORT ON THE FINANCES. July 1, 1874, and May 1, 1875, of fraudulent spirits by tbe duplication of tAventy thousand (20,000) packages, containing probably one million two "hundred thousand (1,200,000) proof-gallons, and, by the aid of false gauging, to tbe additional amount of one million proof-gallons. This, of course, is but a portion of the fraud actually committed, but in itself indicates the loss of tax to the Government in ten months to an amount not less than sixteen hundred and fifty thousand dollars, ($1,650,000.) i v . The checks which have lately been established to prevent tbe recurrence of sucb frauds as I have described are as follows: 1st. As before stated,^ every barrel of spirits produced at a distillery has a serial number, which is never duplicated. An account bas been opened witb eacb distiller, in wbicb is entered the serial nuraber of every package of spirits produced by him. As fast as reports of rectifiers are received ^showing the dumping of these packages, the serial numbers are checked off' and an entry made showing the date of emptying and the name of the rectifier. Transcripts bave been required montbly from tbe books of every distiller, rectifier, and wholesale liquor-dealer in the United States, containing full descriptions of the spirits purchased and sold by them. Gomplete abstracts are made from the transcripts, so tbat all the spirits of each distiller, as found in the.several markets of the country, are condensed into one accouut raontbl^^ These abstracts are then compared with the records showing spirits duraped by rectifiers, so that if spirits are placed upon tbe raarket after they are reported dumped, tbe fraud will be discovered at once. So perfect and unerring is this system that, although the spirits may have passed througb several hands, there is no trouble in fixing the guilt w^here it belongs.- Tbis prevents the reuse of stamps, which I have heretofore described as tbe secoud method of comniitting frauds. 2d. To aid still further in preventing this character of fraud, this Office has lately adopted new regulations in regard to the use of taxpaid stamps, by whicb a portion of the stamp is cut out at the time of dumping and returned with tbe ganger's report. This effectually destroys the stamp and prevents its re-use, wbile at the same time a sufficient amount of the engraving is shown upon tbe slip to determine Avhether the stamp is genuine. 3d. To prcA^ent what I have described as the first class of frauds, narael3^, remoAing spirits to the rectifying-house Avithout stamps, and disposing of tbe same by filling stubs of rectifiers' stamps with a small number of gallons and the stamp with a much greater number, the folloAving check has lately been adopted : A new series of rectifiers' stamps has been* issued, in which each stamp has printed upon its face tbe number of gallons tbe package contains, so that tbe stub raust necessarily show the same thing. Every gallon of spirits for whicb a rectifier's stamp is issued must of necessity be returned by tbe gauger and charged to the rectifier. ' It is, therefore, impossible for him to get rid of illicit spirits, even if be succeed in removing them from tbe distillery t o t h e rectifying-house. 4th. As a further check upon frauds such as I haA^e described, tbe vigorous prosecution of the bondsmen of raore than forty store-keepers aud gaugers for the forfeiture of the full penalty of the bond, which has been set on foot, will do ranch to make such officers honest. Y. With regard to additional legislation, required to enforce tbe bonest collection of tax on distilled spirits, I give it as my opinion tbat the only law necessary is one that shall make the requirements as stringent and the penalties for defrauding the GoA^ernment as severe in the case of the rectifier as they now are in tbe case of tbe distiller.' The 159 COMMISSIONER OF INTERNAL REYENUE. rectifier should be required to giA^e a bond in an araount equal to the tax represented by all the spirits he can possibly rectify each month. The house and tract of land upon Avbich the establishment is located should be forfeited to the United States in case of fraud. He should not be allowed to handle any spirits at his rectifying-house except those he purchases for rectification and sells under rectifiers' stamps. Under the present system of detecting frauds, at least thirty days must elapse before the discover}^ could be niade and the guilt fixed. As tbe apparatus in a rectifying-house capable of refining a quantity of spirits upon which tbe tax Avould arapunt to one hundred thousand dollars a montb may not be worth raore than ten thousand dollars, it will readily be seen that under the present law% which only forfeits tbe apparatus and spirits owned by him at the time of seizure,.a rectifier may aid in defrauding tbe Government of one hundred thousand and forfeit only ten thousand dollars. By absconding to a foreign country he also escapes the criminal punishment. I have also to suggest tbat the law now in force in regard to returns to be made by rectifiers is so indefinite, that some legislation is needed to enforce the regulations of the Coraraissioner. I also think it would be better if rectifiers, distillers, and wholesale liquor-dealers w^ere required to raake transcripts of their books monthly; instead of this labor being performed by local officers, as it is at present. It Avould also relieve officials of an immense amount of labor, and would accomplish tbe raore iraportant result of preventing the destruction of books by parties about to be detected in fraud. There would then be a sworn copy in this Office, tbat would always be admissible evidence in courts against tbe guilty parties. I am firmly of the opinion that the present large tax upon distilled spirits can be collected with but small loss. Tbis opinion is based upon the fact tbat every store-keeper, gauger, and employ^ Avbo is connected with the distillery where fraud is perpetrated becomes a pensioner upon the distiller. If, tberefore, distillers be kept under such strict surveillance that the amount of money gained by fraud is not sufficient to pay a large corps of officers and workmen in necessary collusion witb them to consummate tbe fraud, they Avill, as a matter of policy, be honest. Statement showing the receixits from all sources relating to fermented liquors duiing ihe fiscal years ended June 30, 1874 and 1875, with the deci'ease from each source. Sources. ITerineiited liouors tax of f 1 per barrel on Brewers'SDecial tax . . . . . Dealers iu malt-liquors' special tax Total . . i a lis 1 P $8, 880, 829 68 $8, 743, 74^ 62 226, 423 44 245, 2lS 47 173, 836 -35 178, 637 57 $137, 085 06 18, 789 03 4, 801 22 9,144, 004 41 160, 675 31 9, 304, 679 72 The number of brewers engaged in the manufacture of fermented liquors during the fiscal year ended June 30,1875, was tAv^o thousand seven hundred and eighty-three, (2,783,) distributed as follows: Alabama Alaska Arizona , Arkansas California Colorado Connecticut ^ - 4 1 6 1 202 27 27 160 REPORT ON THE Dakota — Delaware .' District of Columbia Florida Georgia Idaho.. Illinois • Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan ^ Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New .lersey New. Mejcico New York North Carolina .1 Ohio Oregon Pennsylvania.. „ Rhode Island South Carolina Tennessee Texas Utah Yermont Yirginia Washington Territory West Yirginia Wisconsin , Wyoming Total FINANCES. : 1 : = A ' .• i... : :.. •. , , ..\ ^ .... ^. - :. .• J 7 2 15 — 2 9 165 109 .141 47 36 15 10 76 47 199 105 — 113 25 27 41 6 92 9 393 — 210 26 235 6 2 2 44 18 2 9 14 15 232 9 2,783 STAMPS . ISSUED—THEIR EFFICIENCY AS A, MEANS OF COLLECTINa REYENUE. Discoveries of extensive frauds upon tbe Government in tbe manu" facture and sale of distilled spirits which have been made during the past year have not weakened the confidence of this Office in the stamp system, by which most of tbe internal revenues of the country are now collected, but, on the contrary, have clearly demonstrated the fact that frauds of any magnitude cannot be perpetrated without tbe collusion of revenue officials. During the fiscal year ending June 30, 1875, as will appear from detailed statements beret i annexed, there were issued by tbis Office— Beer-stamps Tobacco, cigar, and cigarette stamps Stamps for distilled spirits Special-tax stamps Documentary and proprietary stamps Representing an aggregate value of - ' 30,770,640 231,554,517 >. 4,563,620 689,416 452, 350, 688 "... $125, 699,619 ^4 The work of preparing, counting, and issuing these stamps, and keeping the accounts appertaining thereto, is one of great magnitude, but has been attended without the loss of a stamp. COMMISSIONER OF INTERNAL REYENUE. 161 Since I assumed the duties of the Office, I have, with your approval, terminated contracts for printing certain kinds of staraps, and after due advertisement for proposals new contracts haYe been entered into, which will result in saving to the United States several thousand dollars per annum; and it is believed that the interests of the GoA^ernment are afforded equal protection under the new as under the old contracts. The act of July 20, 1868, erapowered the Secretary of tbe Treasury and the Gommissioner of Internal Revenue to alter, renew, or cbange tbe form, style, and device of any stamp, mark, or label used under any pro Adsion of the laws relating to distilled spirits, tobacco, snuff, and cigars, when, in their judgment, necessary for the collection of revenuetax or tbe prevention or detection of frauds therein, and to publisb regulations for tbe use of tbe same. , • But it Avas provided tbat in no case should sucb renewal or change extend to an abandonment of the general character of the stamps, nor. to tbe dispensing with any'provisions requiring that the stamps should be kept in book^form and have thereon the signatures of revenue officers. Tbis laAV obviously contemplated that no change should be made in the material of the stamps, and excluded the adoption of metallic stamps. But on tbe 6th of.June, 1872, Gongress authorized the Goramissioner to make such change in staraps and to prescribe such instruments or other means for attaching, protecting, and canceling staraps for tbe articles aboAje. enumerated, or any of them, as he and the Secretary might approVe. Under this act it. was claimed, and probably with iustice, that said officers possessed the power to substitute metallic for adhesive stamps, in their discretion. In other words, it was insisted tbat the act of 1872 repealed so much of the act of 1868 as liraited the. discretion of the officers naraed, in the changes they should adopt, to paper or adhesive staraps, and that this intent of Gongress Avas disregarded in the RcAased Statutes, which went into force,on the 1st day of Deceraber, 1873, since both acts were carried into the revision, and now constitute sections 3445 and 3446. It is apparent in reading these sections tbat the power conferred by the act of 1872 is completely neutralized by the re-enactment of the law of 1868, now found in said 3446th section, and no discretion is left as to the material to be employed in tbe stamps. I think tbe attention of Con gress.should be. called to this apparent €rror in the revision, and that if it be the sense of tbe law-making power either that the material of any class or classes of the stamps should be changed, or that tbe discretion to cbange,the material should be lodged, as before, in the .Secretary and Gomraissioner, it will be necessary to restore the law as it was before tbe adoption of the Revised Statutes. ABSTRACT OF CASES COMPROMISED. "The whole number of cases compromised, as provided under section . 102, act of July 20^ 1868, during the fiscal year ended June 30, 1875, Avas 744. Amount of tax accepted . . . . '. Assessed penalty tixed by law iSpecific penalty, in lieu of hues, penalties, and f o r f e i t u r e s . . . : . . . . Total amount received by compromise 11 F * $84,303 18 688 34 71,585 34 156,576 B6 162 ' REPORT ON T H E FINANCPlS. - • . ABSTRACT OF REPORTS OF DISTRICT ATTORNEYS FOR THE FISCAL YEAR 1 8 7 5 . Suits commenced. Number of criminal actions ^ Number ot civil actions inpersonam. Number of actions in rem ; : - 4, 959 998 376 , Whole number commenced • 6, 333 Suits decided in favor ofthe United States. Number of criminal actions Number of civil actions in personam Number of actions in rem 1, 970 450 207 .' AYhole number of suits decided in favor ofthe United States 2,627 Suits decided against the United States. Number of criminal actions Number of civil actions inxiersonam Number of actions in rem ' .- - - Whole number of suits decided against the United States - , 657 41 . 27 725 Suits settled or dismissed. Number of criminal actions Number of civil actions in x i e r s o n a m . . . . . . . . : . . . Number of actions in rem AYhole number of suits settled or dismissed ..1 1, 428 311 1.. 68 1, 807 Suits pending July 1, 1875. Number pf criminal actions Number of civil actions in personam Number of actions in rem ^ 5,592 ]-, 841. 343 Whole number of suits pending July 1/1875 7,776 Amount of judgments recovered by the United States in criminal actions. $291,901 03 Amount of judgments recovered i)y the United States in civil actions in Xiersonam :•. : 650, 579 33 Amount collected on judgments and paid into court in criminal actions 44, 325 20 Amount collected on judgments and paid into court in civil actions m ^ ' x^'ersonam 139,739 27 Amount collected on judgments and paid into court in actions m rem or proceeds of forfeiture ^ 31, 461 09 Abstract of seizures. Seizures of property for violation of internal-revenue law during tbe fiscal year ended June 30, 1875, were as follows: 662,210 gallons of distilled spirits, valued at 1, 289 barrels of fermented liquors, valued at 2,211i pounds of snuff, valued at ' 26,870 pounds of tobacco, valued at 1,229, 389 cigars, valued at Miscellaueous property, valued at Total value of seizures... , .. $521,351 7, 098 1,103 9,237 14,897 930,959 46 75 12 37 63 80- 1,484,648 13 COMMISSIONER OF INTERNAL REYENUE. 165 COLLECTORS—SCALE OF SALARIES. • The maxirauni corapensation allowed by law to collectors is fixed at four thousand five hundred dollars ($4,500) per annura. By an act of Gongress passed at the last session you are authorized, on the recommendation of tbis Office, to raake allowances to collectors, frora tirae to time, such as you shall deem just and reasonable, to be goYerned, however, by two principles, the territorial extent bf their districts and. the amount of duties collected by them0 These allowances extend to clerk-hire, stationery, advertising, postage, furniture, fuel, and light, as well as to allowances to deputy collectors. Under the power conferred, the following schedule bas been formed, and constitutes, during the present fiscal year, tbe compensation allov¥ed to collectors for their personal services and responsibilities: For collection of— $25, 000 or less 25,000 to $37,500—$12,500 37,500 to 50,000— 12,500 50,000 to 75,000— 25,500 75,000 to 100,000— 25,000....... 100,000 to 125,000—25,000 125,000 to 175,000—50,000 175,000 to 225,000— 5Q, 000 225,000. to 275,000— 50,000 275,000 to 325,000—50,000 325,000 to 375,000— 50,000 375.000 to 425,000— 50,000 425,000 tO' 475,000— 50,000 475,000 to 550,000— 75,000 555,000 to 625,000— 75,000 625,000 to 700,000— 75,000 700,000 to 775,000— 75,000 775,000 to 850,000— 75,000 - 850,000 to 9.25,000-75,000 925,000 to 1,000,000— 75,000 1,000, 000 and upward 1 .• : ' : '.... .-... $2, OOO 2,-125 '2, 250' .... 2,375-, 2,500^ 2,625 2,750 2,875 3,0003,125 3,250" 3,375 3,500 3,625 3,7503,875 4,000. . . 4,125 4,250 4,375 4,500.- GAUGING AND GAUGERS' F E E S . I desire to call your attention to the subject of gauging, and to suggest some changes which I deem of great importance. I have been constrained lately to modify the scale of fees regulating tbe pay of gangers,, with a view to economy, as the expense connected with this branch of the service has seemed to me too great. The difficulty in making a scale of fees which shall be uniform and apply equitably to all these officers, whose duties and compensation vary according to their localities and the amount of work to be done, and the time spent in reaching distant distilleries, is very great. Under the scale of fees established by my predecessor, the first five hundred gallons of spirits gauged in any month was paid for at the rate of ten cents per gallon, provided the limit of six dollars per day was not exceeded. Experience has proved that a gauger can easily gauge from fifteen hundred to two thousand gallons in one day, so that it frequently happened in districts having only a small quantity to be gauged that the large fees prescribed for the first five hundred gallons were earned in one day, and, in order to come Avitbin tbe six dollars limit, tbe gauger AA-ould secure five-gallon packages to be gauged on a sufficient number of subsequent days to entitle him to receive fifty^ dollars, ($50,) alloAved by tbe schedule. In order to prevent tbis abuse •164. REPORT ON THE FINANCES, ' ' • of the regulation, I baA^e prescribed a scale of fees wbicb applies to each ' day's work, so that this is prevented, and a gauger can only receive pay not to exceed six dollars for Avork performed in any one day. In a number of cases this rule works barsblj'^, but being forced to choose between two evils, I baA^e selected tbe lesser. • I am of opinion that many gaugers who at tbe present receive only six dollars per day justly earn a larger sum, and I should be glad to see such receive at least scA^en per day. The aggregate amount, hoAvever, paid for gauging is, in round Uuiiibers, one million of dollars, and this, in my judgment, is excessive. I believe this expense may be reduced one-fourth or more, after paying tbe deserving gaugers seven dollars per day. If Gongress see fit to confer power upon the Gorntnissioner to consolidate the offices of gauger ahd store-keeper, whenever, in bis judgment, it can be done wdthout detriment to tbe service, this power; in my opinion, could be profitably and wisely exercised at every distillery Avhose producing capacity does not exceed forty gallons per day. In this way I estimate that at least one hundred thousand dollars would be saved in expenses. If gauging at wholesale liquor-dealers is tiboUshed, as Isbjall hereinafter suggest, an additional sum of two hundred thousand dollars may be saved. Let tbe limit of salary be tben fixed at seven dollars per day, and I feel satisfied that a scale of fees could be established tbat would pay the deserving ones this limit without increasing the expenses beyond three-quarters of a million per annum. TOBACCO. The total receipts from tobacco forthe fiscal year ended June 30, 1875, were thirty-seven million three hundred and three thousand four hundred and. sixty-one dollars and eighty-eight cents, ($37,303,461.88.) Gomparing the receipts frora tbe several sources of manufactured tobacco, snuff, and cigars, special taxes upon the manufacture and sale of tbe same, special taxes upon the sale of raw or leaf tobacco, and from the sale of export-stamps, witb the receipts from corresponding sources for the fiscal year euded June 30, 1874, tbe following results are shown: Manufactured tobacco taxed at 20 cents por pound. Manufactured tobacco taxed at 24 cents per pound , Snuff, taxed at 32 cents per pound Total for the year ended June 30, 1875 Year ended June 30, 1 8 7 4 . . . . ' $18, 653, 043 29 5, 480, 683 19 1, 067, 033 03 -. Increase of collections on tobacco and s n u f f . . . . . . . ' Cigars, cigarettes, &c., taxed at $5'per thousaud Cigars, cigarettes, &c., taxed at $6 per thousand Cigarettes taxed at $1.50 per thousand Cigarettes taxed at $1.75 per thousand Total on cigars, &c., for the year ended June 30, 1875 Year ended June 30,1874....' Increase on cigars, cigarettes, &c 25,200,759 51 , 21,938,955 59 3,261,803 92. 7, 097,932 3, 042,451 40, 967 .24,476 84 27 25 17 10,205, 827 53 9,333,592 24 872,235 29 Per cent, of increase on tobacco and snuff for the last fiscal year over the preceding year, 1 4 | ; and on cigars, cheroots, and cigarettes, 9f percent. COMMISSIONER OF INTERNAL REA-ENUE. Year ended J u n e 30, 1875, received from f^ale of export-stamps Year ended June 30, 1874, received from sale of export-stamps. 165 • $6,981 SO6,735 40' Increase from sale of export-stamps .. i 245 80' Year ended June 30, 1875, collected from dealers in leaf-tobacco Year ended June 30, 1874, collected from dealers in leaf-tobacco Decreased collections frcm dealers in leaf-tobacco 92,228 33 115, 991 88 : 23,763 55 Year ended June 30, 1875, collected from dealers in manufactured tobacco, & c . - . . 1,590,460 95 Year ended June 30, 1874, collected from dealers iu manufactured tobacco, &c ..' 1,641,937 79 Decreased collections from dealers in manufactured tobapco, &c . 45,476 84 Year ended June 30, ,1875, collected from special taxes of tobacco and cigar manufacturers : •. Year ended June 30, 1874, collected from special taxes of tobacco and . cigar manufacturers 160,554 45 Decreased collections from tobacco and cigar manufacturers Year ended Jurie 30, 1875, collected from special taxes of peddlers of tobacco -.:.'. Year ended June 30, 1874, collected from special taxes of peddlers of tobacco Decreased collections from pedd]ers of tobacco . Year ended June 30,1875, collected from sources under tobacco formerly taxed but now.exempt Year ended June 30,1874, collected from sources under tobacco formerly taxed but now exempt Decreased collections from these sources 160,615 34 60 89 40,627 91 44,671 30 4,043 39 22 00 376 08 354 08 The total araount of collections from the foregoing, sources aggregates the sum of thirty-seven million three hundred and three thousand four hundred and sixty-one dollars and eighty-eight cents, ($37,303,461.88j) and sbows an increase as compared with the previous fiscal year of four million sixty thousand five hundred and eighty-six dollars and twentysix cents, ($4,060,586.26,) and an increase OA^er any previous fiscal year of two million nine hundred and seventeen thousand one hundred and fifty-eight dollars and seventy-nine cents, ($2,917,158.79.) Under the present internal-revenue law, all taxes imposed upon tobacco, snuff, and cigars, and upon the business of manufacturing and selling the same, are collected by special and denominational stamps. Hence, from the amount of receipts from any given .source, it is easy to deduce the quantity and number of tobacco and cigars, respectively, manufactured and sold, and also thenumber of persons engaged in the business of manufacturing and selling tbe same. From the foregoing figures it will be seen that while the araount of business done for the last fiscal year, as indicated by the increased collections on the goods raade and sold, Avas largely in excess of any previous year, the nuraber of persons and firms engaged in tbe business, par- 166 , REPORT ON THE FINANCES. ticularly in the selling of the goods. Was diminished by several thousand. Number Number Number Number Number of of of of of tobacco and snuff manufacturers cigar manufacturers dealers in leaf-tobacco dealers in manufactured tobacco peddlers of tobacco .' 983 15, 073 3, 438 319, 293 2,210 Allowing that there are -four cigar-makers eraployed on an average for each cigar-factory, a number closely approximating to tbe actual number reported in the manufacturer's bonds, and it gives a total of •cigar-makers employed during the last fiscal year of 60,292 persons. There are no data given in the reports rendered to this Office from which it is possible to ascertain, even approximately, the number of employes engaged in tbe manufacture of tobacco; but allowing an average of fifty persons to each factory, which will probably be found not to vary materially from the actual number, aud we bave a total of 49,150 persons thus employed. Thus it will be seen that there were engaged in the manufacture of tobacco, snuff', and cigars during tbe last fiscal year 125,498 persons, and in tbe sale and distribution of the same 324,941 persons or firms, making an aggregate of 450,439 persons or firms directly engaged in this brancb of national industry. Froduction of manufactured tobacco and cigars. , Goraputing tbe nuraber of pounds of tobacco and snuff and tbe nuraber of cigars, cigarettes, &c., produced from tbe amouuts of taxes collected on the same^ and we have the following exhibit as the result: Pounds. Tobacco taxed at 20 cents per pound Tobacco taxed at 24 cents per pound Snuff, taxed at 32.cents per pound 93,265,216. 45 22,836,179. 95 3, 334, 478.22 •. Total quantity on which tax was paid Adding tobacco, &c., shipped in bond for export 119, 435, 874. 62 9,179, 315. 88 Gives a total production of 128,615,190. 50 This shows an increase over the production of the preceding fiscal year o f . . . . : : 10,066,572.50 The number of cigars, cigarettes, &c., on Avbich taxes were collected during the fiscal year ended June 30, 1875, including the imported cigars, wbicb paid an internal-revenue tax in addition to the iniportdut}^, was as follows: . Cigars, cheroots, &c., taxed at $5 per thousand - Cigars, cheroots, &c., taxed at $6 per thousaud Cigarettes taxed at $1.50 per thousand Cigarettes taxed at $1.75 per thousand 1, 419, 586, 568 507, 075,211 27,311,500 13, 986, 383 Total production.' Year ended June 30, 1874 1,967,959,662 .1,886,697,498 Increase over preceding year °. 81,262,164 REYIEAV. Prior to tbe act of July 20, 1868, the legislation of Congress with regard to tbeinode of collecting taxes on raanufactured tobacco, snuff, and COMMISSIONER OF INTERNAL REYENUE. 167 cigars seeras to have been, and necessarily so, experimental in its character. In a country producing the raw material, and where no such taxes had ever before been levied, and therefore without any practical experience to serve as a guide, it Avas no easy matter to determine in advance what rates of tax, or what modes of collecting the same, or w^hat restrictions it might be necessary to iinpose upon the producer, tbe manufacturer, or the dealer in tobacco, in order to yield to the Government tbe greatest amount of revenue, Avith a just and equitable distribution of the burdens of such taxation, and. at the same time preserve as much as possible the interest of each of the different classes of persons before mentioned. • Bifferent rates and different modes of assessing and collecting. The rates of taxation have varied under different enactments, on different grades of inanufactured tobacco, from two cents per pound to forty cents per pcmnd; on snuffl, from twenty ceuts to forty cents per pound; and on cigars, from one dollar aud fifty cents per thousand to forty dollars per thousand. Under some of the earlier laws, tbe tax was made partly specific and partly ad valorem^ witb a view of bringing tbe quality and price of the goods in as eleraents in deterraining the amount of tax which should be paid on a giA^en quantity. But, however just and equitable sucb a mode of levying a tax on these articles might have appeared in theory, in practice it was found to be irapracticable, and failed to produce satisfactory results. STAMP-SYSTEM OF COLLECTING. By. the act of July 20, 1868, the present systera of collecting all taxes on raanufactured tobacco, suuft', and cigars by raeans of suitable stamps was adopted. Tbis system necessarily involved prescribed modes of packing, with certain restrictions and limitations. It involved also certain modes of marking, branding, stamping, and canceling stamps, which were either specifically prescribed in the statute or authorized to be so prescribed by regulations. It made the tax specific in all cases, and uniform upon all cigars, offiA'cdollars ($5) per thousand; on cigarettes weighing not exceeding three pounds per thousand, one dollar and fifty cents, ($1.50;) on snuff, thirty-two ceuts per pound; and on all smoking and chewing tobacco two' rates, one of sixteen cents, tbe other of thirty-two cents per pound, respectively. The more important provisions of tbe act of July 20, 1868, were thoroughly discussed duriug a long session of Gongress, running far into tbe sumraer of tbat year. Tbe coraraittees in charge of the bill, in addition to sucb inforraation as the Revenue Department could furnish them, availed themselves of the knowledge and experience of manufacturers themselves. In fact, many of the raost iraportant provisions of the law and most stringent restrictions of the same Avere adopted, if not upon the suggestion and recommendation of men representing the trade in its various brancbes, at least with tbeir approval. CHANGES MADE BY THE ACT OF JUNE 6, 1872. The bonded-warehouse system authorized by the act of July 20,1868, for the storage of tobacco intended for export, Avas repealed by the act of. Juue 6,1872. By the sarae act the tax ou all manufactured tobacco^ 16.8 REPORT.ON THE FINANCES., excepting snuff, Avas made uniform at 20 cents per pound; and by the same law more stringent provisions w^ere enacted to enable the Government to control the movement of raw or leaf tobacco, and to prevent its sale'for direct consumption, either by dealers or the growers or producers thereof. These amendments, opposed at the time by a portion of tbe -trade, have, since their enactnient into law and since time has been 'given to test their practical operations, received the general approval of the trade, and are now regarded, especially the two last named, as of paramount importance to raanufacturers of and dealers in raanufactured tobacco. INCREASED RATE OF TAX UNDER THE ACT OF MARCH 3 , 1875. By tbe act of Marcb 3, 1875, the rate of tax on all grades of manufactured tobacco was increased twenty per cent., and a corresponding increase raade updn cigars, the tax now" being twenty-four cents per pound on tobacco, and six dollars ($6) per thousand on cigars; cigarettes weighing not exceeding three pounds per thousand, being taxed at one dollar and seventy-five cents ($1.75). per thousand, instead of one dollar and fifty cents, ($1.50) as under previous law. THE TAX ULTIMATELY PAID BY CONSUMERS. The tax on tobacco, suuft*, and cigars, being levied upon tbe manufactured goods, and made payable by means of stamps attached to the same when sold, or reraoved from tbe place of manufacture for sale or consuraption, is an indirect tax upon the purchaser or consuraer. Primarily, indeed, the manufacturer pays the tax, but cbarges tbe same over to, and collects it from, tbe purchaser, so that, ultimately, the tax is paid by tbe consumer, each consumer paying now in exact jiroportion to the quantity consumed. Tbe burden of this tax being thus distributed among the millions of voluntary consumers,: its weigbt can ncA^er be seriously felt so long as it is not excessive in amount and is uniformly and thoroughly collected. ^Estimated member of consumers of manufactured tobacco and cigars in the country^ and the average consumption of each. Supposing the population of the entire connfr}^ at the present time to be forty-four million, and tbat two-thirds of the adult male population are in tbe daily habit of using tobacco in one or more of the forms in whicb tobacco is used, we have eight million eight hundred thousand consumers. Of tbis number probably eigbt hundred thousand, consisting of the growers or producers of tobacco and'the laborers employed in raising tbe same, the'manufacturers of tobacco and fheir employes, consurae tobacco, raw or manufactured, from which tbe Government receives no revenue. Dividing the 119,435,874 pounds of manufactured tobacco and tbe .1,967,959,662 cigars, &c., on which taxes were collected during the last fiscal year, equally among eight million consumers, and they will receive a small fraction (about an ounce) less than fifteen pounds of tobacco per capita, and Avith it two hundred and forty-six cigars or cigarettes. The following schedule shows the aggregate amount of taxes collected on manufactured tobacco and snuff', Avith the different rates of tax and' COMMISSIONER OF INTERNAL 169 REYENUE. the average rate per pound for eacb fiscnl year, for the period beginning September,1, 1862, and ending June 30, 1875 : Ago;rpo:ate collections. P i s c a l y e a r s e n d e d J u n e 30— 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1-173 1374 1375 ... : : . . . S2, 613, 438 7, 327, 618 8,300,372 13, 038, 095 16, 043, 842 15, 692, 415 17, 371, 063 24, 300, 483 2.5, .560, 539 24, 570, 775 23, 397, 8^^8 21,938,955 25, 200, 759 61 98 55 73 50 77 64 42 67 59 22 59 51 Different r a t e s a t wliicb t a x e s A v e r a g e r a t e of t a x p e r w e r e collected! pound. 10. 96 11. 35 • 22 08 34.77 33. 68 33. 56 27.01 26. 91 26.87 25. 81 20. 38 20. 36 21.10 2,5,10,15,20 cents 5 15 20 c e n t s 15, 25, 30, 35, 40, 40 c e n t s 15, 30, 35, 4a, 40 c e n t s 15 30 40, 40 c e n t s 15, 30, 40, 40 c e u t s 15,16, 30, 32, 40, 32, 40 c e n t s 16 32 32 c e n t s 16, 32 32 c e n t s . 16, 32, 32 c e n t s 20, 32 c e n t s 20, 32 c e n t s 20,24, 32 c e n t s cents. cents. cents. ceuts. ceuts. cents. cents. cents. ceuts. ceuts. cents.' cents. cents. Schedule shoiving the aggregate amount of taxes collected on cigars, cheroots^ and cigarettes, wiih the different rates of tax for each fiscal year, for ihe xieriod beginning September 1,1862; and ending June 30, 1875. F i s c a l y e a r s ended^ A g g r e g a t e colJ u u e 30— lectious. Different r a t e s a t w h i c h .taxes were collected on cigars,-ciga r e t t e s , &c. • 1863 1864 1865 ". 1866..-.-.: 1867... $1.50, $2, $2.50, $3.50, as p e r v a l u a t i o n . Sl.50, $2, $2, 50, $3.50, as per v a l u a t i o n . $3, $8, $10, $15, $25, $40, as p e r v a l u a t i o n . $10, c i g a r e t t e s 5 p e r cent, ad v a l o r e m . $2, $4, $5, $4 + 20 p e r cent, ad valorem ;• $10, c i g a r e t t e s 5 p e r cent, ad v a l o r e m . $5. $5, c i g a r e t t e s , $1.50. Do. Do. ' Do. Do. J 1868 1869 1870 1871 1872 1873 1874 1875 $476, 589 1, 255, 424 3, 087, 421 3, 476, 236 3, 661, 984 29 79 51 S6 39 2,951.675 4, 960, 952 5, 718, 780 6, 598,173 7,-566,156 8,940.391 9, 333, 592 10, 205, 827 26 67 04 24 86 48 24 53 Do. ^ $5,- $6, c i g a r e t t e s , $1.50, $1, 75. Schedule showing tlie aggregate taxes collected on tobacco, snuff, and cigars, collected from special taxes on ihe manufacture and sale of the same, and the aggregate ainount of collections from all of these sources, for each fiscal year, since the adoxition of the xiresent mode of . collecting by stamps. ' • il. §1' F i s c a l y e a r s e n d e d J a n e 30 - 6 ft a •o r t i <» , . . . . : $22,332,016 30,019,263 32,158, 712 32,136, 932 32, 338, 249 31,272,547 35, 406,587 It S. -^ • o 1869 1870 1871 1872 1873 1874 1875 sis ^ 31 46 91 45 70 83 04 $1,098,691 1, 331, 444 1,420,194 1, 599, 238 2, 048, 053 1,970,327 .1,:896, 874 26 42 27 07 39 79 84 $23, 430, 707 57 31 350 707 88 33, 578, 907 18 33, 736, 170 52 34, 386, 303 09 33, 242, 875.62 37, 303, 461 88 The total a.mount of taxes collected on tobacco and snuff from September 1, 1862, to June 30, 1875, is two hundred and twenty-five million three hundred and fifty-six thousand two hundred ahd nineteen dollars and seA^enty-eight cents, ($225,356,219.78.) These collections were made 170 ' REPORT ON THE FINANCES. - on 944,827,866 pounds, being at an average rate of 23J^Q^Q- cents per •pound. The total collections on cigars, cheroots, and cigarettes for the same period Avere $68,233,206.16. Of this sum there was collected .during the first five years, under the graded and partly ad valorem rates, $11,957,656.84, while during tbe remaining eight years, Avben the rate of tax was specific and uniform on all cigars and cigarettes of Hve dollars ($5) and one dollar and fifty cents ($1.50) per thousand, respectively, ,the collections were $56,275,549.32.. The foregoing tables and figures seem to establish fully the following propositions: First, that the true mode of levying taxes upon raanufactured tobacco, snuff', and cigars is by means of specific and'uniform rates 5 secondly, that the collections are tbe raost easily and thoroughly made by means of suitable reA^enue-stamps attached to, each, package after the goods are properly packed; thirdly, that tbe rate of tax which will produce the greatest araount of revenue lies betvreen the extrerae rates which bave been successiA^ely tried under different revenue-laws; and, fourthly, that tbe best results thus far, otber things being equal, bave been obtained duriug those years when tbe rates haA'e been raost nearly uniform and constant. - While it is doubtful whether the removal of the tax altogether on tobacco, snuff*, and cigars Avould have tbe effect of greatly increasing tbe consumption of the same, it is certain that any material reduction of tbe present rates, save, perhaps, the reduction of the rate of tax oh snuff*, from tbirty-tAvp to twenty-four cents per pound, would cause a corresponding reduction in tbe aggregate collections. It is to be observed that the present rate of twenty-four cents per pound on all descriptions of manufactured tobacco, save snuff, is Avitbin a A^ery small fraction the same as tbe aA^erage rate (23^^-5. cents) for tbe thirteen years during which such taxes baA^e been collected, and it is fair to presume that tbis rate of tAventy-four cents per pound is the true revenue-rate, or the rate Avhicli, under thepresent systera, will produce tbe greatest araount of revenue to the GoA^ernraent. While a lower rate, as the foregoing figures show, would give diraiuished collections on the quantity actually reported for taxation, a higher rate AA-ould not only tend to incite to fraudulent productions and sales, but would encourage the growth of tbe plant, and its use by consumers iu its raw or unmanufactured state. Tweuty-fiA':e pounds of leaf-tobacco is about the aA^rage quantity used in making one thousand cigars. This quantity of leaf-tobacco, if cut or granulated.and put up as smoking-tobacco, would be liable, when sold, to a tax in the aggregate of six dollars, ($6.) When, tberefore, tbe rate of tax on tobacco is twenty-four cents per pound, the rate of tax on cigars should be, as it is, six dollars ($6) per thousand, in order tbat tbe burden of taxation may be equally distributed between the two •classes of manufacturers and consumers. ASSESSMENTS. ; The ascertainment of liability to taxes on tbe part of persons, firms, associations, and corporations, and the assessment of those taxes, formerly belonged to assessors. The office of assessor was abolished by act of 24th December, 1872, and now^ the Commissioner of Internal Kevenue is required tp make tbe inquiries, determinations, and assessments of all taxes and penalties imposed by tbe internal-revenue law, Avbere such taxes bave not been duly paid by stainps at the time and in the manner provided by law. He is required to certify a list of sucb COMMISSIONER OF INTERNAL 171 REYENUE assessments, when made, tothe proper collectors, respectively, who pro-ceed to collect and account for the taxes and penalties so certified. The power thus conferred has been exerted, within tbe past fiscal year, in making assessments exceeding eigbt million dollars. No power more arbitrary iu respect to rights of property can be conceiA^ed, sin'ce it is expressly provided that no suit for the purpose of restraining the assessment or collection of any tax shall be maintained in any court. Is it asked, How, then, are the rights of tbe citizen protected against injustice'? I answer. First, in the justice of tbe Comraissioner in raaking tbe original assessment; next, in the opportunity given him to review bis action, when an appeal is made for the abateinent of tbe t a x ; and, finally, when tbe illegal tax has been paid or collected, in tbe reraedy wbicb tbe citizen bas against the United States, in suing the collector and recovering back money and interest. Though this process seem circuitous, and the redress tardy, yet no efficient tax-law could afibrd to relax these seeming rigors, and allow tbe Comrhissioner and collectors to be thwarted at every step by injunctions and restraining orders. Tbis power of assessraent extends to all distilled spirits remoA^ed from tbe place where they were distilled, and not deposited in a bonded warehouse; to deficiencies in the distiller's monthly returns, where he does not report all tbe spirits that should baA^e been produced by him, haAing reference to the quantity of material that bas gone into his distillery and its spirit-producing capacity; to manufacturers of tobacco, snuff, and cigars, where these products have been sold, or remoA^ed for sale or consuraption, Avithout tbe use of tbe proper staraps, tbe power of assessment within the period of two years being given in such cases; to fermented liquors remoA^ed from breweries unstamped ; to proprietary articles reraoved unstamped from the factories; to legacies and successions; to special taxes on trades and occupations; to incoraes and dividends; and to the deposits, capital, and circulation of banks and bankers. Thepresent system of assessment, under the actof December 24, 1872, having gone into force in May, 1873, the first assessment-year ended-April 30, 1874, and the second April 30, 1875. Accordingly, tbe following table shows the assessraents made by tbe Comraissioner and receipted for by collectors duriug these two assessraent-years, with tbe increase or decrease on each article assessed. A r t i c l e or o c c u p a t i o n . Increase. T a x on deficiency and t a x on excess of niaterial used in t h e p r o d u c t i o n of distilled s p i r i t s . . $163,065 30 T a x ou deposits, capital, a u d circulation of b a n k s and b a n k e r s '... 3,427,011 78 Distilled s p i r i t s seized or f r a u d u l e n t l y r e m o v e d . . 168, 978 53 F e r m e n t e d l i q u o r s r e m o v e d from b r e w e r y unstamped 16, 768 38 T o b a c c o , suuff, a n d c i g a r s r e m o v e d from factory unstamped '.. 14, 968 48 P r o p r i e t a r y a r t i c l e s r e m o v e d Ji-om m a n u f a c t o r y unstau7ped 7, 534 53 168, 290 09 A s s e s s e d penalties 103,025 55 L e g a c i e s a u d successions 38, 304 38 O t h e r t a x e s o m i t t e d to b e assessed b y a s s e s s o r s . . U n a s s e s s e d and uuas.sessable penal ties, i n t e r e s t t a x e s p r e v i o u s l y abated, conscience-money a n d deficiencies in bunded a c c o u u t s w b i c b h a v e been collected; also lines, p e n a l t i e s , and f o r f e i t u r e s p a i d to collectors by o r d e r of c o u r t or b y o r d e r of S e c r e t a r y , a n d a m o u n t of p e n a l t i e s a n d iut e r e s t received for v a l i d a t i n g u n s t a m p e d i n s t r u 352, 963 84 m e n t s , (Form 58) 324, 756 59 Special t a x e s , (licenses) T a x on i n c o m e a n d d i v i d e n d s Total ', 4,785,667 45 $93,124 15 3, 983, 951 00 2, 385, 520 41 $09, 941 15 $556, 939 22 2,216,541 88 24, 345 85 7,577 47 120, 766 20 105,797 72 5, 228 92 331,993 02 . 161, 145 38 163,702 93 58,119 83 2, 305 61 38,'304'-38 320, 408 71 214,711 48 588, 808 10 8, 230, 003 22 Decrease. 32, 555 13 110,045 11 3, 444, 335 77 172 ' REPORT ON THE FINANCES. , ' The increase of $556,939.22 in the tax assessed this year on deposits, capital, and circulation of banks, &c., over the araount assessed last year, includes assessraents amounting to $227,715.80, made in December last against certain raanufacturing,and other corporations on notes paid out and used for circulation. These assessments, which had heretofore escaped the vigilance of the local officers, were made by this O.ffice in strict accordance with existing laws, but they w^ere not collected, as Congress, by act approved M.arcb 3, 1875, relieved those companies against whom assessraents had been made, together Avith all other parties against Avliom similar large .assessments Avere contemplated, from the payment of the tax and penalty. But, CA^en ,after deducting this item .of $227,715.80 from the total increase of $556,939.22, there remains a clear gain of $329,223.42 over the assessments made duriug the year ended April 30, 1874, and an increase over the collections from these sources during tbe fiscal year ended June 30, 1873, of $1,158,514,24. ' Tbe large amount of $2,385,520.41 assessed on distilled spirits is mostly owing to the recent discovery of stupendous frauds committed by distillers in A^arious parts of the country. Tbis amount will be largely increased during the current assessment-year, additional assessraents haAing already been made as follows : $142,137.22 in May, $24,153.71 in June, $68,958.34 in July, $413,874.18 in August, and. $136,468.45 in September; amounting in all to $785,591.90. The advantage Avbich tbe present mode of assessment aff'ords, of creating a lien on tbe, property of the distiller as sooi-.as the fraudulent reraoval of spirits is discovered, has proA'cd of great benefit to the Office, and, taken in connection Avith the measures recently adopted througb the newly-created Division of Revenue Agents, Avill, it is.confidently expected, result in securing,a much more thorougb collection of tbe tax on distilled spirits. Observation and experience haAing demonstrated that, as a general rule, brew^ers produce one barrel of beer Irom every 2J bushelsof malt, or its equivalent, this Ofiice announced its adoption of that quantity as a.basis for estimating tbe quantity of iermented liquors produced by the brewer, in a letter dated July 15,1874, and published in the Internal Eevenue Record. Assessraents bave been made from that tirae on the reported deficiency of sucb production, except when satisfactorily explained. This action secured an increase of $7,577.47 in .the tax assessed on fermented liquors. A standard of production in the case of cigars having been determined in a similar manner, and reports required of collectors sbowing the quantity of raaterials used and number of cigars made by manufacturers in tbeir respective districts, a very large increase of assessments of tax on cigars removed from the factory unstamped resulted. The increase, $105,797.72, is, in fact, about scA^en times tbe amount assessed during theprevious year on tobacco, snuff',,and cigars. I t i s expected that during the current year tbe assessraents of tax on tobacco will also largely increase, as steps bave been taken, by prescribing a forra of report to be made by collectors to this Ofiice, to secure a more efficient collection of. tbe tax on this article. ' The araount of penalties assessed tbis year is $331,993.02, an increase of $163,702.93 OA^er last year. This amount, however, inciudes assessments, amounting to $113,914.56, agaiust certain manufacturing and other corporations, wiiicb, as in tbe case of the tax on deposits, capital, and circulation of banks, &c., were not collected by reason of the act of Congress aboA^e referred to. Deducting tbis amouut, we haA^e still an increase of $49,788.37, which will appear quite large w^hen it is considered that the most of these assessments are penalties against delinquent spe- COMMISSIONER OF INTERNAL REYENUE. 173 cial tax-payers, and that, therefore, each single assessment must of necessity be v^ery small, ranging from $2.50 to $15. B y t h e revised form of assessment-lists, collectors are required to state tbe date on wiiich the tax-payer made the prescribed return, and, as by this date bis liability to a penalty is determined, it is believed tbat by this precaution few, if any, escape tbe penalty justly due. Particular attention has been paid to tbe assessment and collection of the tax on legacies and successions, and on incomes and dividends. The increase of $58,119.83 in the tax on legacies and successions, and of $588,808.10, tbe Avbole amount assessed on incomes and dividends, is attributable to special investigations made by internal-revenue officers and to favorable judicial action. Tbe decrease of tbe assessments for deficiencies and excess of material used in the prodiiction of distilled spirits, amounting to $69,941.15, indicates that tbe majoritj^ of distillers.bave learned to adapt tbe manageraent of tbeir business to the surveyed capacity of their distilleries. The amount assessed as " other taxes'' last year was fbr taxes omitted to be assessed by the former assessors while they were still in office. These assessments baving all been completed before the expiration of the first assessment-year, no assessments under tbis bead could be made iu tbe second year. The bulk of taxes reported on Form 5S is composed of amounts paid to collectors by order of court in suits wbicb bave been finally decided. The decrease of $32,555.13 in the assessments under this bead may therefore be taken as evidence that suits iuA^olving a less araount of tax Avere decided in tbe last year than in the preyious one. It is observed that Avhen revenue-officers have discovered taxes t(i be due ahd not assessable under the statute of liraitation relativ^e to assessraents, the parties liable have preferred to waive tbe benefit of tbe statute and make returns as the basis for assessments rather than, be sued for tbe taxes and penalties. For tbe purpose of relieving tbe accounts of collectors from duplicate charges, it was determined, in the beginning of the past assessment-year, to exclude special taxes which bad been paid by stamps, from tbe receipt w^hich is given by the collector fbr the amount of the assessment-list. Taking this iilto consideration, the apparent decrease in the amount assessed last year for special taxes, from tbe assessments of the previous year, amounting to $110,045.11, is easily explained. If such special taxes bad been included during the year ended April 30, 1875, the amount assessed would have been largely in excess of that assessed during tbe previous 3'ear. The wbole amount of taxes assessed during the year ended April 30, 1875, was $8,230,003.22, an increase.over tbe amount assessed during the previous year of $3,444,335.77. OPERATIONS AT DISTILLERY-WAREHOUSES. The following table shows tbe quantity of distilled spirits in taxable gallons, at 70 cents and at 90 cents tax, placed in distillery-warehouses, Avithdrawn therefrora, and reraaining therein at tbe beginning and close of tbe fiscal year ended June 30, 1875 : 174 . R E P O R T ON T H E ^FINANCES. (jrallons. Q u a n t i t y of distilled s p i r i t s r e r a a i n i n g in bond J u l y 1, 1874 D i s t i l l e d s p i r i t s p r o d u c e d from. J u l y 1, 1874, t o M a r c h 3,1875... p r o d u c e d frora M a r c h 3, 1875, to J u n e 30, 1875. Gallons. 17, 755, 969* 42, 606, 320 18, 324,1U5 60, 930, 425 T o t a l p r o d u c e d to J u n e 30, 1875 78, 686, 394 D i s t i l l e d si^irits w i t b d r a w n t a x - p a i d u n d e r a c t of J u u e 6, 1872, a t 70 c e n t s . e x p o r t e d u n d e r a c t of J u n e 6, 1872,. a t 70 c e n t s e x p o r t e d a n d u n a c c o u n t e d for allowed for loss b y c a s u a l t y Avithdrawn for scientific p u r p o s e s 53, 751, 351 1,980,510 473;035 15, 352 153 T o t a l Avithdrawn u n d e r a c t of J u n e 6, 1872 D i s t i l l e d s p i r i t s AvithdraAvu as tax-i)aid u u d e r a c t o f M a r c h 3, 1875, at 90 c e n t s ..°. e x p o r t e d u n d e r act of M a r c h 3, 1875, a t 90 c e u t s . . . e x p o r t e d a n d u n a c c o u n t e d for, a t 90 c e n t s AA^ithdraAvn for scientific p u r p o s e s , a t 90 c e n t s 56, 220, 406 8,829,647 24, 448 244, 482 158 9, 098, 735 T o t a l withdraAvn u n d e r a c t of M a r c h 3,1875 65,319,141 T o t a l AvithdraAvu u n d e r b o t h a c t s D i s t i l l e d s p i r i t s reraaining in bond, a t 70 c e n t s . r e m a i n i n g iu bond, a t 90 c e n t s . 4,141,883 9, 225, 370 13, 367, 253 T o t a l r e m a i n i n g in bond J u n e 30,1875. 78, 686, 394 * I n c l u d i n g 2,145,010 gallons o u t on export-bonds, a n d e x c l u d i n g 204,716 gallons, a t 50 cents, d e s t r o y e d . b y fire, aud 2,034 gallous.assessed as n o t a c t u a l l y in w a r e h o u s e . EXPORTATION OF DISTILLED SPIRITS. The quantity of distilled spirits reraoved frora distillery-warehouses for export during the year ended June 30, 1874, was 4,060,106 gallons; tbe quantity so reraoA^ed during tbe year ended June 30, 1875, was only , 587,413 gallons ; a decrease of 3,472,693 gallons. No change bas been raade in the laws or regulations go Accruing such exportations, except tbat the regulation requiring sureties on bonds filed with collectors of custoras to justify on the basis of tbeir real estate was revoked by you in an order dated February 28, 1875. There has been no increase in the rate of exportation of alcohol during tbe first quarter of tbe present fiscal year, but tbe quantity ,of rura removed for exportation bas largely increased; tbe quantity reported removed up to the time this report is made (Noveraber 5, 1875) being 404,503 taxable gallons. EXPORTATION OF MANUFACTURED TOBACCO AND SNUFF IN BOND. The records of tbe Office show that tobacco and snuff' whicb bad been reraoved in bond for exportation prior to July 1, 1874, reraained unaccounted for by landing-certificates on that day, as follows : Tobacco at 20 cents tax Snull at 32 cents tax ; Total 5, 476,115. 50 pounds. 5, 033. 63 pounds. , : 5, 481,149.13 pounds. During tbe fiscal year ended June 30, 1875, the quantities of tobacco removed for exportation iu bond without payment of tax were as follows : Tobacco under expo.rtation-bonds, at 20 cents Tobacco uuder exportation-bonds, at 24 cents Tobacco under transportation-bonds, at 24 cents Snuff, at 32 cents per pound, tax , 6, 691,190. 63 pounds. 2, 204, 695. 00 pounds. 244,674-00 pounds. 38,756. 25 pounds. . Total renioved from manufactories for e x p o r t a t i o n . . . . . . . . 9,179, 315. 88 pounds. COMMISSIONER O F INTERNAL 175 REYENUE. A decrease of 1,621,611.12 pounds from tbe amount so removed during the fiscal year ended June 30, 1874. Tbis decrease may be partly explained by the fact tbat under the act of June 6, 1872, the manufacturer alone could execute the export-botid as priucipal, and thereby was.held responsible for tbe acts of his customers to whom he sold tbe tobacco and who were tbe real exporters. If it should .proA^e true that this fact has tended to discourage to some extent the exportation of tobacco, it is hoped and believed that the evil will b,e remedied by tbe act of February 8, 1875, by which the raanufacturer is allowed to remove tobacco under a transportation-bond, whicb is canceled upon the production of a clearance-certificate by the collector of customs a t t h e port of export, showing tbat tbe goods have been laden on board the outward-bound vessel, and upon tbe execution of an export-bond by tbe OAvner or shipper of the tobacco to the collector of customs. While tbe amount bonded for exportation has decreased, tbe amount actually accounted for as exported by landing-certificates bas increased. Tbe amount thus accounted for duriug the year is 10,994,808.13 pounds, lj955,784.24 pounds more than during the previous year. The aniount of tobacco remoAcd and remainihg unaccounted for by landing-certificates at tbe end of tbe year is as follows: Pounds. Amount removed frora bonded Avarehouses, at 20 cents t a x 77,830.50 Amount removed under export-bonds, at 20 cents tax .1,679, 893. 50 Amount removed under export-bonds, at 24 cents tax 1, 604, 852. 50 Snuff removed under export-bonds, at 32 cents t a x .. 7,284.00 Tobacco remoA^ed under transportation-bonds, of which 78, 067 pounds have been accounted, for by clearance-certificates 244,674.00 Total.-.! 3,614,53,4.50 Showing a reduction from tbe balance reported at tbe beginning of tbe year, of 1,866,614.63 pounds. DRAAYBACK. The following table sbows the amount of draw^back of internal taxes allowed on difierent articles exported during the fiscal year ended June 30, 1875. (T a cj Port of export. .2 f.1 fl rt '.^O o ft a t25 3 NCAV Orleans NCAV York Philadelphia San Francisco Suspension Bridge Troy Total ' .... fl • a^ o ^ Baltimore Boston ri- TS ^ § • .2 5tt g c o H O H H ^ ^ $fl> |.: t s• . _; . ^' H O H 14 $1,322 60 56 $5, 254 94 70 40 3 $353 28 311 16, 078 63 3 535 20 $161 87 19 1,535 12 46 24 4 503 20 1 15 55 2 64 80 $1,322 60 5, 325 34 353 28 19 775 70 1, 581 36 • 503 20 15 55 64 80 410 22, 949 04 28,-941 83 5, 431 40 353 28 208 11 Total amount of drawback allowed duringthe fiscal year ended June 30, 1874, was $35,495.31, showing a decrease of $6,553.48, in the claims allowed during the past year. . . . 176 iREPORT ON T H E FINANCES. ' \ TAXATION UPON THE CAPITAL, DEPOSITS, AND CIRCULATION OF BANKS' AND BANKERS. National banks pay taxes to the Treasurer of the United States ih the months of Januarj^ and July, of one-half of orie per cent, each halfyear, upon the average amount of tbeir notes in circulation; of onequarter of one per cent, each half-year, upon the average.amount of their deposits, and the same rate each.half-year on the average amount of their capital stock beyond the amount invested in United States bonds. These taxes are collected by the Treasurer, and constitute no ])art of the internal revenue. Since tbe orgainization of national banks, the araount realized from these sources up to the close of the last fiscal year has been sixty-four million nine hundred and ei gh ty-nine thousand three hundred and seventy-four dollars and forty-six cents, ($64,989,374.46;) tbe amount realized during the last fiscal year having been seven million two hundred and seventy thousand seven hundred aind fifty-eight dollars and forty cents, ($7,270,758;40.) The amount paid by tbe national baiiks on deposits alone, during the period of their existence up to June 30, 1875, is thirty million eighteen thousand and twenty-eight dollars and twelve cents, ($30,018,028,12,) wbile the amount paid during tbe last fiscal year is three million four hundred and twentyseven thousand five hundred and seventy-six dollars and thirty-one cents, ($3,427,576.31.) Other taxes on banksand bankers, not national, are collected under tbe internal-revenue laws. Tbe persons, firms, and institutions thus taxed embrace every incorporated or otber bank, and every person, firm, or company baving a place of business where credits are opened by the deposit or collection of money or currency, subject to be paid or remitted upon draft, check, or order, or where money is advanced or loaned on stocks, bouds, bullion, bills of exchange, or promissory notes, or promissory notes are received for discount or for sale. These taxes consist, Jirst^ of a tax of one-tAventy-fourth of one per cent, each montb upon the aA^erage amount of tbe deposits of money subject to payment by check or draft or represented by certificates of deposit; second^ of a tax of onetwenty-fourth of one per cent, each montb bn the capital eraployed by these banks and bankers beyond the average amount invested in United States bonds; third, of a tax of one-twelfth of one per cent, each nionth upon the average amount of circulation issued by thera, and an additional tax of one-sixth of one per cent, eacb month upon the average amount of sucb circulation issued beyond tbe amount of 90 per cent, of th!e capital of tbe bank, association, corporation, compauy, or person. I have been thus particular in calling your attention to tbe laws regulating taxes upon national banks, and upon banks not national, and bankers, for the purpose of presenting forcibly tbe exemptions on deposits in savings-banks. It is provided that the deposits iu associations or companies known as provident institutions, savings-banks, savings-'^ funds, or savings-institutions, baving no capital stock and doing no other business than receiving deposits to be loaned or invested for tbe sole benefit of tbe parties depositing, without profit or corapensation to .the association or company, shallbe exempt from tax on so much of their deposits as they bave invested in securities of the United States, and on all deposits not exceeding two thousand dollars, ($2,000,) made in the name of any one person. . ' Congress, by act of 18tb of June, 1874, extendedthis exemption from taxation to deposits in such institutions as were then existing, doing business only as savings-banks, and recognized as such by tbe laws of COMMISSIONER OF INTERNAL REYENUE. 177 their respective States or by Gongress. Tbe exemption from taxation was to be the same as witb deposits in savings-institutions baving nocapital, although, in fact, they bad a capital stock or bond for the additional secuiit}^ of their depositors. In fact, the law authorized a di\idend of 8 per cent, on tbe stock in providing tbat the excess.of profits above this dividend should be divided among the depositors, and besides provided that interest at the rate of not less than 4^ per cent, be paid in all cases to the depositors, to be made good, if necessary, from tbe capital stock. This is tbe present condition of tbe law. The internal-revenue act of June 30, 1864, exempted savings-banks from all taxation Avbere they bad no capital stock and confined tbeir business to receiving and loaning deposits for the benefit of depositors only, doing no otber business of banking. The act of March 3, 1865, struck out this exemption, and, of course, left savings-banks liable to taxation upon tbeir deposits. But Congress, on the 13th of July, 1866, again baving the subject under consideration, subjected to taxation all deposits in provident institutions, savings-banks, and saAingsinstitutions where tbe deposits made by any one person araouutcd to five hundred dollars, ($500,) or upward. By tbe existing law, as seen, the deposits raade by any one person are not liable to tax unless they exceed two thousand dollars, ($2,000,) and this exeraption instead of being confined to savings-banks haAing no capital stock and doing no bankiug business is now, by recent legislation, extended to classes of institutions bearing kindred naraes baving a-capital stock and raaking dividends. The fruits of tbis legislation are seen in the appended table, which exhibits the capital and deposits held by banks and bankers, other'^tban national, in May, 1875, and tbe aggregate average araount of tbe same during the six months previous, in tbe several States and Territories, taxable under tbe internal-revenue laws, and the percentage ofthe taxable amounts reported for said six months as compared with the total amounts held during May last. It will be observed from the footings of tbis table— That lhe average amouut of capital held by these banks and bankers (not national) in May, 1875, was , $200,316,098 Tbat tbe average aniount of their deposits in tbe sarae month was 1, 346, 014, 813 That the total of capital and deposits in the same month was 1, 546,330, 911 While the amount of tbe taxable capital and deposits of these banks and bankers during said six months was only 780, 494, 076 or a little more than three-fourths of a million of dollars, while tbe amount of the actual capital and deposits of these same institutions was, in round numbers, $1,546,000,000. It will also be apparent from the table how unequally tbis taxation is distributed among tbe States. Thus, upon a given amount of capital and ^deposits, tbe tax on California, as compared with Massacbusetts, is as ten to one; on Michigan, as compared Avith tbe same State, as sixteen to one; on Yirginia, as compared Avith Yermont, as five to one. The city of New York, possessing taxable capital and deposits $50,000,000 less than Maine, New Hampshire, Yermont, Massachusetts, and Connecticut combined, pays a tax three times as great as these States, while these same States, having capital and deposits three times 12 F 178 R E P O R T ON T H E FINANCES. as great as California, pay about one-half tbe tax thereon tbat is paid by California. 1 present these figures for your consideration, and for such use as^^ou deem proper to make in your report to Congress, and Avith tbis single remark, tbat if deposits in these so-called savings-institutions are thought a proper subject for exemption from taxation where they are employed with such profitable results, it were better to return to the rule adopted by CongresiS in 1866, when deposits made by any one jierson in excess of $500 were subjected to taxation. The following is the table referred to: P-IO state or Territory. Alabama Arkansas California Colorado Connecticut Dakota Delaware District of Columhia . Florida..........: G-eorgia .. Idaho Illinois Indiana -. loAva Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montaua Nebraska Nevada NeAV Hampshire NeAV Jersey NeA^^ Mexico New York New York City North Carolina Ohio Oregon Pennsylvauia Ehode Island South Carolina, Tenuesseie Texas \ Utah....: Vermont ' Virginia Washington West Virginia ... Wiscousiu . . . . . . . . . . . Wyoming Total. ^955, 000 175, 275 941, 282 165,145 399, 010 11,1)00 470, 562 495, 456 42, 000 104, 257 102, 000 163, 398 402, 258 330. 976 344,131 .709, 965 039, 720 140,138 447, 838 -974, 342 159, 048 091, 111 808, 919 226, 683 76, 750 321,719 195,980. 749, 014 827,170 750, 006 073, 353 621,408 687, 538 490, 455 537, 699 939, 263 069, 550 875,147 947,182 60, 000 90, 000 869, 524 114,946 745, 783 563, 597 10, 500 200, 316, 098 $1, 800, 847 184,804 99,640,319 914, 054 77, 467, 290 96, 650 1, 385,129 3, 814, 703 237, 265 3,965,978 56, 853 35, 629, 942 12,161, 278 11, 957, 458 2,253,757 12, 200, 901 7, 723, 296 29, 697, 569 24, 260, 491 238, 238, 794 10, 547, 674 1, 872, 648 1, 261, 665 35, 723, 844 80, 201 1, 060, 736 2, 086, 974 23, 558, 567 34, 408, 873 16, 841 158, 063, 996 282, 711, 406 1, 552, 466 39,988,035 1, 236, 848 96, 717, 293 53,127, 962 1, 224,.076 2, 916, 792 4,153, 263 517,819 10, 007, 254 7, 248, 461 157, 612 3,113,178 8, 929 797 43,154 %2, 755, 847 360, 079 119, 581, 601 1, 079,199 79, 866. 300 107, 650 1, 855, 691 4, 310, 159 279, 265 8, 070, 235 158, 853 45, 793, 340 17, 563, 536 15,288,434 3, 597, 888 21,910,866 11, 763, 016 31, 837, 707 28. 708, 329 242, 213,136 13, 706, 722 2, 963, 759 •2,.070, 584 44,950,527 156, 951 1, 382, 455 2, 282, 954 24, 307, 581 36, 236, 043 16,841 170, 814, 002 334, 784, 759 2,173, 874 47, 675, 573 1, 727, 303 118, 254, 992 57, 067, 225 2, 293, 626 3, 791, 939 7,100,445 577, 819 10. 097, 254 10,117,985 272, 558 3, 858, 961 10, 493, 394 -53,654 1, 346, 014, 813 1,546,330,911 %2, 864, 640 389, 408 80, 500, 652 1,210,992 22, 321, 012 129,152 1, 274, 000 2,992,000 254, 400 9,170, 928 148, 000 36,125, 944 14, 671, 704 11, 501, 548 3,853,484 25, 720, 252 10, 028, 648 4, 327, 220 12,155, 636 15, 077, 532 13, 874, 364 2, 819,160 2, 285, 364 48,192, 328 174, 800 1, 316, 888 2, 587, 480 4, 883,144 15,274,688 23, 752 60,997,208 158, 556, 888 2, 246, 020 40, 053, 768 1, 874, 000 105, 322,116 21, 818, 528 2, 494, 776 3,869,016 7, 235, 372 677, 020 2, 197, 792 10, 247, 228 334, 000 4, 062, 876 12, 259, 940 98, 408 780, 494, 076 MISCELLANEOUS. On the loth day of May last I assumed tbe duties of the office of Commissioner of Internal Revenue, made vacant by tbe resignation of Hon. John W. Douglass. COMMISSIONER OF INTERNAL REYENUE. 179 The office force consisted of— One CommissioEer, at a salary of One dexDuty commissioner One deputy commissioner Seven heads of division One stenographer Thirty clerks class four Forty-:five clerks class three Fifty-t Nvo clerks class tAVO Eighteen clerks class one .„ Seventy-five clerks (ladies) Fi\^e messengers Three assistant messengers Fourt€)en laborers : .-. „ -. , , $6, 000 3, 500 3,000 2, 500 2,000 1,.800 1, 600 1, 400 1,200 900 840 720 720 B j act of Congress approved March 3, 1875, it became necessary, on tbe first of July, for me to recommend the dropping of three clerks of the tbird class, two clerks of tbe second class,fiA^elady clerks, and two laborers. I accordingly called upon my several heads of division to inform me in writing relative to the efficiency of the individuals employed in tbeir respective divisions, that I might be enabled Avith justice to. dispense witb the services of those Avho were least efficient. These reports, in my judgment, warranted a greater reduction than was contemplated by tbe act referred to ; and consequently I recommended the dropping of tbe names of twenty persons from the rolls of the Office, and the appointment of eigbt persons vice those dropped in excess of the requireraents of the law. The entire nuraber of persons now eraployed in tbe Bureau is tAvo hundred and forty-one, including officers. Tbis force is divided under tbe law into seven divisions, as follows, to wit: 1. DIYISION OF LAW, in charge of Cbarles Chesley, esq., solicitor of internal revenue, assisted by William H. Armstrong. Tbis division is subdivided into four sections, to wit: Section 1.—O. F. Dana, chief; in charge of frauds, seizures, suits, &c. Section 2.—E. H. Breckenridge, chief; in charge of abatement and refunding claims.Section 3.—Henry A. Blood, chief; in charge (excepting as hereinafter stated) of questions relating to special taxes, documentary stamp-taxes, taxes on incomes, legacies, and successions, and on dividends, &c., lands purchased for the United States on distraint, and the extension of time on distraints. Section 4.—Israel Kimball, chief; iu cbarge df matters (including special taxes) relating to tobacco, snufi, and cigars, not in suit or in bond, and stamp-taxes on medicines and preparations under Schedule A of Revised Statutes. 2. DIYISION OF ACCOUNTS, in charge of H. C. Rogers, esq., first deputy commissioner, assisted by EdAvard Tompkins. This division is subdivided into the following sections: Section 1.—Edward Tompkins, chief; in cbarge of the examination and reference of the revenue and disbursiug accounts, and estimates of collectors, and of their applications for special allowances, and of all matters relative to advertising and tbe purchase of blank-books, newspapers, and stationery for supervisors, collectors, revenue-agents, &c. Section 2.—Samuel H. Goodman, chief; in charge of the examination and reference, of the monthly bills of supervisors, revenue-agents, gaugers, and distillery-surA^eyors, and of all raiscellaneous claims presented to this Bureau arising under any appropriation made for carrying into efi'ect tbe various internal-revenue laAVS, (excepting claims for abatement, refunding, and drawback,) and tbe preparation of estimates for appropriations by Congress. 180 REPORT ON THE FINANCES. 3. DIYISION OF STATISTICS AND DIRECT TAXES, in charge of James M. Ray, esq., second deputy commissioner. Tbis diAdsion is subdiAdded into the following sections, to wit: Section 1.—J. B. Taylor, chief; in cbarge of statistics. Section 2,—C. W. Eldridge, chief; in charge of direct taxes. 4. DIYISION OF DISTILLED SPIRITS, in charge of T. A. Cusbingo Tbis division is charged Avith tbe supervision of all matters pertaining to distilleries, distilled spirits, fermented liquors, wines, rectification, gangers' fees and instruments, approval of bonded warehouses, and tbe assignment of store-keepers. This division is subdi\nded into two sections, as follows: Section 1.—E. S. Holmes, chief; in cbarge of fermented liquors, rectifiers' returns, gaugers, gangers' instruments, and locks and seals. Section 2.—Samuel L. Stephenson, chief; in charge of registering of stills, notices and returns of distillers' reports of surveys, plans of distilleries, approvals of warehouses, assignments of store-keepers, storekeepers' monthly reports of materials used and spirits produced, and gangers' reports of gauging done at fruit distilleries. 5. STAMP DIYISION, in charge of E. R. Chapman. Tbis division is charged witb tbe supervision of .ibe preparation, safe-keeping, issue, and redemption of stamps for distilled spirits, tobacco and cigars, fermented liquors, special taxes, documentary and proprietary stamps, and the keeping of all accounts pertaining thereto. This division also has supervision of all business with Adams Express Compauy, the preparation, custody, and issue of steel dies for canceling stani])s; also the custody of official postage staraps, and tbe stamping and dispatch of tbe mails. 6. DIYISION OF ASSESSMENTS, in cbarge of C. A. Bates. This division is charged witb the preparation of tbe assessment-lists, and witb tbe consideration of all reports and returns, except those received from distillers, rectifiers, and brewers, afibrding data from whicb assessraents may be made; also, Avith keeping tbe bonded account, and Avith the consideration of clairas for the alloAvance of drawback. 7. DIYISION OF APPOINTMENTS, ETC., Alexander H. Holt, chief clerk, in cbarge, assisted by Samuel J. Butterfield. Tbis division is charged with all matters pertaining to appointments, commissions, leaves of absence, office-discipline, assorting and disposition of the mail, registry aud keeping of all letters, with the care of tbe general files; and all matters relatiug to messengers, laborers, office-stationery, printing, advertising, and the preparation of blanks and blanks-books for the Bureau. This divisiou is subdivided intofiA^esections: Section 1.—Miss J. M. Seavey, chief; in cbarge of copying,preparation and cbarge of press-copies, and recording tbe same. Section 2.—Miss Annie E. Adams, chief; in cbarge of tbe registry of letters. Section 3.—R. D. Swingle, chief; in cbarge of printing, circulars, specials, regulations, and blank forms. Section 4.—George C. Kirby, chief; in charge of messengers and laborers, opening and disposition of the mail, and stationery for tbe Bureau. Section 5.—Richard A. Charles, chief; in charge of the general files. The foregoing constitute tbe internal Avorking-force of tbe Bureau. The external machinery for tbe collection of tbe revenue, including an enumeration of leading classes of manufacturers, from whom largest amount of revenue is derived, is as follows: At present there are two hundred and nine collection-districts in tbe COMMISSIONER O F INTERNAL REYENUE. 181 United States, with a corresponding number of collectors ; these collectors employ to assist them twelve hundred and five deputies. Within tbeir districts Avere six hundred and eighty-nine grain-distilleries registered, six hundred and fifty-six of which were operated duringthe fiscal year ended June 30, 1875, and four thousand and forty fruit-distilleries registered, three thousand nine hundred and forty-five of which were operated during tbe same fiscal year; also, tAvelve hundred and fortyseven rectifiers, five thousand three hundred and forty-eight wholesale, and one hundred and sixty-three thousand four hundred and fifty-five retail, liquor-dealers. During tbe fiscal year ended June 30, 1875, there were two thousand scA^en hundred and eighty-three brewers engaged in tbe manufacture of fermented liquors. Tbere are employed ten hundred and seA^enty-eight gaugers, and twelve hundred and thirty-three storekeepers. There are nine hundred aud eighty-three manufacturers of toba,cco and snufi', and fifteen thousand and seventytbree cigar manufacturers ; and tbere are employed thirty-two inspectors of tobacco, snuff, aud cigars. There are also employed ten supervisors and twenty-fiA-e revenue agents. At tbe time of my taking cbarge of tbe Bureau the latter Avere assigned to duty under the direction of tbe supervisors. Tbere Avere also employed special clerks to supervisors, who acted under tbeir direction, and performed substantially the same duty as revenue agents. The frauds which Avere developed just previous to my assuming tbe office of Commissioner led to a cbange iu the organization and direction of tbis force of agents, and on tbe 18th day of May I issued an order organizing a diAnsion of revenue agents, witb Homer T. Yaryan, esq., as chief in cbarge, relieving superA^sors of all responsibility in relation to directing tbe moveraents of said agents, transferring the same to Mr. Yaryan under my direction. Subsequently, upon a careful examination of tbe law, I became conYinc<3d tbat there was no authority conferred therein for tbe employment of tbe special clerks to supervisors above referred to, and, in conformity theniwith, an order Avas issued on tbe 31st day of August, informing supe.cYisors that from and after tbat date the services of special clerks would be discontinued. This action necessitated the assigning to duty, under the direction of eacb supervisor, two rcA^enue agents, thereby leaving but iive revenue agents, including tbe chief, to act under the immediate direction of this Office. There bave been employed in tbe diAnsion of revenue agents, under tbe direction of Mr. Yaryan, twenty-five persons, in examining tbe returns of distillers and rectifiers, and comparing the same with transcripts of tbe books of wholesale liquor-dealers, covering tbe period from July 1, 1874, to tbe present tirae. These examinations have resulted in furnishing evidence by Avbich tbe Goverument Avill be able to recoA^er large amounts of tax upou spirits fraudulently mannfactured by distillers, and. bave developed fraud in places not heretofore suspected, resulting in important seizures of distilleries and rectifyingbous(iS. It may be safely stated that at least $1,000,000 in taxes and condemned property will be recovered through tbe agency of tbis division, Avhicb otherwise would probably bave been lost to the Government. The force of revenue agents is entirely inadequate to perform the duties contemplated by law, and I therefore earnestly recomniend that Congress, at its approaching session, be requested to authorize by law the employment and payment of fifteen agents in addition to tbe present number. W^ith sucb a force, I am confident that the country can be so thoroughly policed as to prevent tbe perpetration of fraud and greatly increase the revenue. i-5 © j= 8 H © cn o Months. ft=3 fcJO 3 ^ s^ g ft' .= s r ^ !>= s§- 0 • si o© p gS ti i^.^ er ot pages ol lettei-, leap, aud foolscap paper ten aud compared each th. Report of worh done in section 1, division 7, from July 1, 1874, to June 30, 1875. © 0> m .0 !3 © HI 1• C O ti II © 0 © UiB a © 0 % © © sS-^p ^ft ^ ."5. 303 4, 279 3, 653* 4,847 3,783 4,686 6,286 5, 282 3,963 3, 783 4,847 6,210 2, 333 792 2,566 2,125 2,049 2,594 1,111 389 1 266 973 1,024 1 220 3,953 4,490 1,397 1,658 2,798 3 616 1,059 ],270 820 1,914 1,624 1 612 2,811 2, 837 2,765 2,034 1, 697 2,546 642 323 726 611 326 523 894 1,177 1 435 1,341 1, 103 1 453 4,812 4, 398 7 587 5,988 6,030 7.347 6,448 5,860 9 130 6, 738 8,158 8,961 2, 738 1,420 3.312 3; 992 2,630 2,838 1 367 628 1 580 1 943 1,150 1,393 3,710 4, 440 5,818 2,746 5,528 6,123. 1,778 1,712 2,509 1,925 2, 237 3, 420 1,135 2,713 2,483 2,251 2, 963 3, 288 141 552 811 689 666 1,018 1 110 3, 318 2 408 1' 199 5,630 .888 62, 713 75, 666 29, 389 14, 044 46, 277 21,880 29, 523 7,028 21, 956 ^ ^ ^ ^ It 'tti 0 © c c j? S.8 l^i'' {2i © c3 ^> -o| rO 0 g ^^ro ft 10" a ii .3 -^^'d 2 r=5 S5l . 03 © © © ii GO 'ti © rO r^^-g BS'i 'sa H4 ^ 1% r© Q sp ^ JSc^'o -S '^•§ S.S ^ ^ Iioi CO Sft © •- n , 0 j:;>c3 s« p ^ 3 o"S^ . ^ 0^ p o d 5^ 1^ a ^ O 1874. July Septefober October IsTovember December .... .. 296 90 1 144 135 34 614 29 58 3,117 1 269 405 1 509 1,460 1 524 327 321 305 342 328 399 9, 871 34 977 733 824 498 374 329 332 326 342 321 23 336 3 127 11 458 10 003 8, 491 7,373 368 4,046 111, 753 4,799 1 165 O H 1875. February March . ^pril May tluiie . . . . - Total 2, 119 500 40 110 1 636 1 462 1 513 1 359 1 850 1,657 14, 149 1,027 15,165 10, 000 7 NOTE.—IlTumber of pa^es of press-copy unrecorded July 1,1874 53, 723 Average uumber of pages of press-copies of letters received each month 6, 305 Average number of pages of press-copy recorded each mouth 2, 449 Average increase each month of pages of press-copy unrecorded 3, 856 l!^umber of pages of press-copy letters unrecorded for the fiscal year ended June 30,1875 46, 277 Total number of pages of press-copy unrecorded July 1,1875 100, OOO- equal to 100 record-books. 78 298 326 !25 COMMISSIONER OF INTERNAL REYENUE. 183 It must be borne in mind tbat out of tbe seventy lady clerks employed in tbis Bureau only twenty are employed in tbis section,.and tbat tbis number are engaged not only in recording press-copies, but ou much miscell an eous work for other divisions, as will appear from tbe above statement. It will also be observed that there are one hundred thousand pages ol" press-copies unrecorded at the beginning of the present fiscal year. These are constantly fading, and should at once be recorded, and for the purpose of accomplishing this work 1 would recommend tbat Gongress be requested to authorize the employment and payment, at tbe rate of nine hundred dollars ($900) per annum, of twenty-five additional lady clerks, for tbe period of six montbs from the 1st of Jauuary, 1876, at the end of wbicb time, I trust, their services can be dispensed witb. Tbere are now employed in this Bureau five messengers and fifteen laborer;^. The former receive a salary of eigbt hundred and forty dollars ($840) and the latter seven hundred and twenty dollars ($720) per annum. I would recommend tbat Congress be requested to authorize tbe employment and payment, at the rate of eigbt hundred and forty dollars ($840) per annum, of twenty-five messengers, instead of tbe fiv(^ messengers and fifteen laborers at present authorized. I do this foi' tbe reason that they all perform similar labor, and the present force is inadequate. Since the report of my predecessor, thirteen collection-districts have been abolished—tbat is, consolidated witb those at present existing— thereby saving to tbe Government an annual expense of about $40,000. I am convinced that further consolidations can be made, thereby greatly reducing expenses without injuriously affecting the collection of tbe revenue. ^ ' AMENDMENTS OF THE L A W RECOMMENDED. Experience has developed tbe necessity of sorae changes in tbe internal-re\'enue laws, wbicb I proceed to state. 1. A.s to the forfeitures of distilleries.—Tlie present law (section 3332 B.evised Statutes) provides that wdien a judgment of forfeiture in auy case of seizure is recovered against any distillery having a registered producing capacity of less than one hundred and fifty gallons a day because no bond has been given, every still, doubler, worm, &c., therein shall be so destroyed as to prevent the use of the same, or any part thereof, for the purpose of distilling; and tbe material shall be sold as in case of otber forfeited property. Tbis contemplates a judgment of forfeiture. In the mountainous districts of several of the Soutbern States a great deal of iUicit distilling of spirits, in remote and out-of-the-way localities, is ca.cried on, to the great detriment of the revenue. The distillingappaiatus is of a simple aud inexpensive nature, easily removed, and, when broken up, of little or no value. A proceeding in rem against sucb property is a mere farce, or would be so but for tbe costs whicb the United States must pay, wbicb is a very serious matter, since nothing can be realized from tbe sale of the broken materials. Tbe practice has been in sucb cases for the revenue official making tbe seizure to destroy the property at once, taking tbe responsibility of being sued for tbe damages. No suit of tbe kind bas been brougbt so far as tbis Office is advised, and fbr tbe reason, I suppose, that no one is willing to avow himself tbe owner or operator of the illicit still. But the proceeding is irregular, and authority should be conferred by law 184 REPORT ON THE FINANCES npon the revenue ofiicer to destroy tbe still where its guilt is evident, and provision be made for a just compensation to the owner making claim for the value of tbe property so destroyed and establishing its innocence. 2. Special taxes.—A special tax of twenty-five dollars is imposed upon the retail dealer in spirituous liquors, and be is defined to be one wbo sells, or ofiers for sale, fbreign or domestic distilled spirits or wines in less quantities than five wine-gallons at the sarae tirae. The Avholesale liquor-dealer pays a special tax of one hundred dollars ($100) fbr tbe privilege of selling like spirits in quantities of uot less than five wine-gallons at tbe sarae time. The following questions bave arisen in the construction of tbis law, and should be solved by legislation : A is a retail liquor-dealer 5 B is his creditor and takes tbe entire stock of distilled spirits, belonging to A, in payraent of his debt, either by negotiation or by purcbase under execution. How shall B dispose of tbe goods'? If in bulk, he becomes a wholesale liquor-dealer and must pay a special tax of oue hundred dollars ($100) as a means of realizing bis debt. If by retail, he cannot, under existing law, operate under A's license, and must pay a special tax of twenty-five dollars ($25) for the privilege. He might probably, consistently witb law, get rid of the stock by sending the difierent kinds of liquor, in packages of not less than five gallons at a time, to a wholesale liquor-dealer to sell for him on commission ; but this would be a tedious and costly process. Again, can A, tbe retail liquor-dealer, sell his entire stock, even to a creditor, without becoming a wholesale dealer, and, tberefore, liable to the tax of one hundred dollars ($100) ? It is obvious tbat additional legislation is needed to meet cases of the above character. 3. Branding cigar-boxes.—By the act of July 20, 1868, all cigars, w^ere required to be packed in boxies not before used for that purpose, containing certain quantities each, without any specification as "to tbe material from whicb such boxes should be made. . In section 89 of tbe act, it was provided that all cigars w^bich should be removed from any manufactory or place where cigars were made without the same being packed in boxes as required by said act, or without burning into each box witb a brandingAion the number of cigars contained therein, tbe name of tbe manufacturer, and the nuinber of the district and State, should be forfeited to tbe United States. Tbe nature of tbe branding bere prescribed seems to contemplate tbat wood should be the material used in boxing the cigars. But Gongress by the actof June 6, 1872, section 31, provided that not only wood, but metal, paper, or otber materials might be used, separately or in combination, for packing tobacco, snufi', and cigars, under sucb regulations as tbe Gommissioiaer of Internal Eevenue might establish. In tbe Eevised Statutes (sections 3302 and 3397) both of these provisions are retained, to wit, that w^bich allows boxes of wood, metal, paper, or other raaterials to be used in the packing of cigars, and tbat whicb requires the burning into eacb box, with a burning-iron, tbe name ofthe manufacturer, tbe number of cigars, and the number ofthe district and State. Gigars are packed largely in tin and paper boxes, and the manufacturers assert that it is wholly impracticable to burn into the boxes with a buraing-iron tbe prescribed set of words. Tbe construction of tbe statutes in question was submitted, on the COMMISSIONER OF INTERNAL REYENUE. 185 recomraen dation of this Ofiice, by you to tbe Attorney-General, who delivered his opinion on the l l t h of October last, to tlie effect that there are such metals and paper as will admit of being branded with a hot iron, and that therefore the requirements ofthe statutes as to burning into each box the prescribed formula cannot be dispensed witb. Without expressing any opinion upon this issue of fact between tbe manufacturers and the Department of Justice, I am of opinion tbat Gongress should be advised to so amend the law as to allow the Gommissioner of Internal Eevenue to prescribe other forms of marking tbe boxes than by burning with a hot iron where otber materials for boxes are employed than w^ood. 4. Gauging at ivholesale liquor-dealers.—I have given much consideration to the question whether tbe present plan of gauging of wholesale liquor-dealers' packages by United States gaugers could not be dispensed with, and am of tbe opinion tbat it is not only feasible and economical, but will be a better check upon fraud than obtains under the present system. It is estimated tbat tbe expense heretofore incurred by the Government for gauging at wholesale liquor-dealers' establishments amounts to about one-fourth the entire sum paid for gauging, or more than $250,000 per annum. It is believed that, if Gongress will empower collectors to fill stamf)S upon application of wholesale liquor-dealers, giving full description of tbe packages they desire to draw from, a very simple systera of checks can be adopted that will prevent tbe overissue of wholesale liquor-dealers' stamps to cover more spirits than was originally contained in the package drawn from. Tbis system is based upon tbe fact that every package of spirits purchased by a wholesale liquor-dealer has been once gauged and stamped by a United States gauger, and tbat a complete record of its contents in proof and wine gallons is to be found in this Ofiice. 5. Matches.—An amendment in thelaw in relation to friction-matches is needed. The present remedy in case of violation of the law is only a civil one. It should be made a criminal ofi'ense pnnisbable by fine or imprisonraent. The seizure of the raatcbes and a suit for tbe statutory penalty are insufiicient remedies where the violator of tbe law is without property. 6. Revenue agents.—I recommend that internal-revenue agents be clothed by law witb power to make seizures of property when directed b y t h e Gommissioner of Internal Eevenue; also to administer oaths, and, under the direction of this OfSce, to demand and obtain inspection of tbe books and papers of distillers, rectifiers, brewers, wholesale liquordealers, and manufacturers of tobacco, snuif, and cigars, wbicb relate to their occupations. 7. I recommend that Gongress invest the Gomraissioner witb power to designate tbe points where collectors and supervisors shall establish and raaintain their offices within tbeir respective districts. For changes in the law suggested in relation to tbe collection of taxes on distilled spirits, I refer to my recommendations under tbe head '•'• VVbisky frauds," and for otber changes, to what is said under tbe head '^ Miscellaneous." . Jbinally, I estimate tbat tbe collections from all sources of internal revenue, during tbe current fiscal year, will amount to $122,000,000. Eespectfully, D. D. PEATT, Commissioner. Hon, B. H. BRISTOW, Secretary of the Treasury» 186 REPORT ON THE FINANCES. MEMOEANDUM. Since the foregoing report was prepared, the number of collectiondistricts has been still further reduced by consolidation, tbe present number being one hundred and sixty-one, (161;) and consequently the number of collectors dismissed tbe service as no longer necessary is forty-eight, (48.) REPORT OF THE COMPTROLLER OF THE CURRENCY. REPOET THE COMPTROLLER OF THE CURRENCY. TREASURY DEPARTMENT, O F F I C E OF T H E GOMPTROLLER OF THE GURRENCY, Washington, JSTovember 29, 1875. S I R : I have tbe honor to submit forthe consideration of Gongress,in compliance with section three hundred and thirty-three of the Eevised Statutes of tbe United States, tbe thirteenth annual report of tbe Gomptroller of tbe Gurrency. Duringthe past year one hundred and §,even banks bave been organized, witb an authorized capital of $12,104,000, and $4,794,180 of circulation ; of which number two were gold banks, with $200,000 capital and $120,000 of circulation. Five banks have failed, with an aggregate capital of $1,000,000; and thirty-eight banks, witb a total capital of $3,920,000, have gone into Voluntary liquidation by votes of shareholders owning two-thirds of tbeir capital stock. The total nuraber of national banks organized since the establishment of the national-banking system is 2,307. Of these j forty have failed, and one hundred and seventy-five have gone into voluntary liquidation, leaving 2,092 in existence on November 1 of tbis year. Three of these banks, located in the city of ISTew York, have no circulation, and two hundred and forty-one have reduced tbeir circulation and witbdrawn a portion of their bonds, under tbe act of June 20,1874, one hundred and seventeen of them baving deposited legal-tender notes and reduced tbe amount of tbeir bonds on deposit as security for circulation to the minimum amount allowed by law. Included in this aggregate are nine national gold banks, located in Galifornia, with a capital of $4,700,000, and circulation of $2,630,000. 190 REPORT, ON T H E FINANCES. The following table exhibits the resources and liabilities of tbe banks at tbe close of business on tbe first day of October, 1875—tbe date ot their last report—tbe returns from New York, Boston, Philadelpbia, and Baltimore, from the otber redemption cities, and from the remaining banks of tbe country, being tabulated separately. ^ New York City. 48 b a n k s . Boston, P h i l adelphia, a n d O t h e r r e s e r v e cities.* Baltimore. 97 b a n k s . 91 b a n k s . Country banks. Aggregate. 1,851 b a n k s . 2,087 b a n k s . RESOURCES. ^499, 419, 352 1980, 222, 951 3, 570, 039 263, 671, 250 10, 320, 200 3, .596, 400 15, 893, 090 53,322,152 17, 827, 374 4, 468, 484 370, 321, 700 14 097 200 13, 989, 950 33, 505, 045 85-, 701, 259 47, 028, 769 2, 329, 229 6, 410, 938 11, 963, 769 5,185,108 907, 926 814, 684 859, 429 4, 952, 342 2, 044, 741 217, 875 932, 706 12,928,635 2, 705^ 000 1, 266, 741 325, 198 21, 826, 023 4, 339, 259 5, 849,184 8, 724, 725 852, 720 509, 714 555, 034 797, 028 900, 000 11, 568, 219 2, 003, 359 42,366, 648 7, 841,213 8, 670, 091 12, 758, 873 75,142, 864 18, 528, 837 2, 595, 631 8, 050, 330 76, 458, 734 48, 810, 000 16, 233,192 3, 453, 768 316,696,344 199, 798, 820 975, 956. 060 1, 882, 209, 308 68, 500, 000 22, 515, 490 11, 943, 200 80, 326, 985 23,158, 578 5, 371, 320 48, 455, 905 13, 773, 320 4, 661, 877 307, 546, 879 74, 908, 688 30, 988, 557 504, 829, 769 134, 356, 076 52, 964, 954 18, 309, 317 90, .590 228, 460 173, 494, 399 297, 411 43, 900,147 138, 344 1, 709, 621 123,153,126 246, 344 25, 476, 540 33,605 132, 562 74, 699, 409 1,121, 543 230, 664, 375 509, 809 1, 932, 892 293, 234, 685 4, 842, 233 318, 350, 379 772, 348 4, 003, 535 664 579 619 6, 507, 531 38, 366 69, 039, 515 15, 603 29, 508, 205 879, 346 17, 034, 010 3, 337, 881 14, 228, 953 4, 271,196 129, 810, 683 25,176, 336 125, 000 7, 265,173 175, 747 1, 729,151 10, 903, 958 817. 623 1, 809,122 6, 573, 064 4,261,083 2, 926, 961 49, 918, .531 5,254,453 6, 590, 234 389, 758, 084 316, 696, 344 199, 798, 820 975, 956, 060 1, 882, 209, 308 L o a u s a n d cliscounts $4, 934, 674 On U. S. b o n d s on d e m a n d . . . On o t h e r stocks, bouds, &c., 50,179, 384 ou d e m a n d 3, 454, 276 P a y a b l e in s o l d On sino-le-naiue p a p e r , Avith16, 255,100 out other security 127, 266, 299 A l l o t h e r loans 352, 388 Overdrafts 24, 806,100 IBonds for circulation 650, 000 B o n d s for d e p o s i t s 7, 856, 550 U . S. b o n d s on h a n d . 10, 319, 933 Other s t o c k s a n d b o n d s l ) u e from r e s e r v e a g e n t s . 13, 693, 007 l ) u e from o t h e r n a t i o u a l b a n k s . D a e from o t h e r b a n k s a n d 1, 850, 630 bankers -- ... R e a l e s t a t e , f u r n i t u r e , and fix9, 455, 469 tures 1, 770, 932 C u t r e u t expenses 1, 404, 044 Premiums 2, 207, 649 C h e c k s a u d o t h e r c a s h i t e m s .50, 467, 798 1, 800, 970 Bills of o t h e r n a t i o n a l b a n k s . . 282, 821 Practional currency .. J 4, 955, 625 Specie . 17, 040, 091 Lep;al-tender n o t e s 37, 400, 000 U . S. certificates of d e p o s i t — 1, 072, 044 P i v e p e r c e n t , r e d e m p t i o n fund 282, 300 D u e fromU. S. T r e a s u r e r Totals $722,109 $310, 860 14. 784, 940 22, 000 9, 595, 886 26, 590 9,222,315 149, 633, 581 95, 747 52, 220, 700' 550, 000 593, 700 3,481,071 17, 410,199 8, 882, 222 8, 694, 494 85, 701, 091 450, 310 29, 623, 650 2, 577, 000 1, 943, 300 3, 810, 951 14, 968, 908 6, 626,166 1, 372, 972 5, 900, 048 823, 096 602,179 967, 070 19, 722, 724 3, 830, 406 585, 221 606, 965 13, 692, 980 7, 805, 000 2, 326,188 842, 911 389, 758, 084 10, 1, 1, 32, LIA13I.LITIES. Capital stock S u r p l u s fund Undivided proiits N a t i o n a l b a n k n o t e s outstatidiui^ State b a n k notes outstanding-. Dividends unpaid Individual deposits U . S. deposits D e p o s i t s of IT. S. d i s b u r s i u g officers D u e to national b a n k s D u e to o t h e r b a n k s a u d b a n k ers N o t e s and bills r e - d i s c o u n t e d . . Bills p a y a b l e Totals * The reserve cities, in addition to New York, Boston, Philadelphia, and Baltimore, are Albany Pittsburgh, Washington, New Orleans, Louisville, Cincinnati, Cleveland, Chicago, Detroit, Milwaukee Saint Louis, and San Prancisco. 191 COMPTROLLER OF THE CURRENCY. The following table exhibits tbe resources and liabilities of the national banks in operation, at corresponding periods for tbe last five years. OCTOIiER 2, 1871. O C T O B E R 3, S E P T E M B'R 12, O C T O B E R 2, OCTOBER 1, 1872. 1873. 1874. 1875. 1,767 b a n k s . 1,919 b a n k s . 1,976 b a n k s . 2,004 b a n k s . 2,087 banks. RESOURCES. 1827, 689, 625 $872, 520,104 $940, 233, 304 $949, 870, 628 Loans and discounts 4, 677, 819 3, 986, 812 3, 862, .585 4, 524,164 Overdrafts; 382, 046, 4U0 388, 330, 400 364, 475, 800 383, 254, 800 IJ. S. b o n d s l o r c i r c u l a t i o n . . . 15, 479, 750 14, 805, 000 28, 087, 500 14, 691, 700 U . S. b o n d s for d e p o s i t s . . . . . . 12,142, 550 8,819,850 17, 753, 650 13, 313, 550 TJ. S. b o n d s on h a n d . 23, 533,152 23,714,035 24,51.7,059 27, 807, 827 Other stocks and bonds 80,717,071 90,134, 121 86, 878, 009 83, 885,127 D u e from r e s e r v e a g e n t s 34, 486, 594 41,413,680 43, 525, 362 39, 695, 309 D u e from n a t i o n a l b a n k s 12, 976, 878 12, 022, 873 11,196, 612 12, 772, 670 D u e from S t a t e b a n k s P e a l e s t a t e , f u r n i t u r e a n d fix32, 276, 498 34, 661, 823 30, 089, 784 38,112, 926 tures 6,310,429 6, 985, 437 6,153, 370 7, 658, 739 Current expenses •.. 6. 546, 849 7, 752, 844 5, 500, 890 8, 376, 659 P r e m i u m s paid 14, 916, 784 11,433,913 12, 296, 417 13, 984, 971 Cash items 97, 383, 687 110,086,315 88, 926, 004 101,165, 855 Clearing-house exchanges 18, 450, 013 16,103, 842 14, 270, 951 1.5, 787, 296 National-bank notes 2, 302, 775 2, 095, 485 2,151, 748 2, 224, 943 .Fractional c u r r e n c y 19, 868, 469 21, 240, 945 33,252,998 10, 229, 7.57 Specie 80, 016, 946 92, 347, 663 106, 987, 666 102, 074,104 Legal4ender notes 7,180, 000 1, 555, 000 T h r e e p e r cent, c e r t i f i c a t e s . . . 6,710,000 20, 610, 000 42, 830; 000 TJ. S. certificates of d e p o s i t . . ), 322, 069 8, 632, 000 175, 000 Cleariug-house certificates... 20, 349, 950 P i v e - p e r - c e n t . r e d e m p t i o n fund D u e from U. S. T r e a s u r e r . . I, 730, 566, 899 1, 755, 857, 098 1, 830, 627, 845 1,877,180,942 Totals . $980, 222, 951 4, 468, 484 370, 321, 700 14, 097, 200 13, 989, 950 33, 505, 045 85, 701, 259 47, 028, 769 11,963,769 42, 366, 648 7, 841, 213 8, 670, 091 12, 758, 873 75, 142, 864 18, .528, 837 2, 59.5, 631 8, 050, 330 76, 458, 734 48,810,000 16, 233,192 3, 453, 768 1, 882, 209, 308 LIABILITIES. Capital stock Surplus fund U n d i v i d e d i)rofits National bank circulation State bank circulation . . . . — Dividends u n p a i d . . . . '. Individual deposits U . S. d e p o s i t s D e p o s i t s of U . S. d i s b u r s i n g officers D u e to national b a n k s D u e to S t a t e b a n k s a n d b a n k e r s N o t e s a n d bills r e - d i s c o u n t e d Bills p a y a b l e ,.... Totals . 458, 255, 696 101,112, 672 42, 008, 714 315, 519,117 1, 921, 056 4, 540,195 600, 868, 486 20,511,936 479, 629,144 110,257,516 46, 623, 784 333, 495, 027 1, 567,143 3,149, 750 613, 290, 701 7, 8.53, 772 491, 072, 616 120, 314, 499 54, 515,132 339, 081, 799 1,188,853 1, 402, .548 622, 685, 563 7, 829, 328 493, 76.5,121 128, 958,107 51,484,437 333, 225, 298 964, 997 3, 515, 847 669, 068, 996 7, 302,154 504, 829, 769 134,356,076 52, 964, 954 318. 350, 379 772, 348 4, 003, 535 664, 579, 619 6, 507, 531 5, 393, 599 131, 730, 713 40, 211, 972 3, 964, 552 4,528.191 4, 563, 834 110,047,348 33, 789, 084 5, 549, 432 6, 040, 563 8, 133, 39, 5, 5, 3, 927, 828 125,102, 050 50, 718, 008 4,197, 372 4, 950, 727 4, 271,196 129,810,683 49, 918 531 5, 254, 453 6, 590, 234 098, 560 672, 733 298,148 987, 512 480, 554 1, 730, 566, 899 1, 755, 857, 098 1, 830, 627, 8451, 877,180, 942 1, 882, 209, 308 THE NATIONAL BANKING- SYSTEM. The proposition to substitute Treasury notes in place of national bank notes has been frequently advanced since the establishment of tbe national banking system, and its discussion bas been general througbout the country during the past year. During the war of 1812 a large amount of various kinds of Treasurynotes was issued. The policy of the State banks at tbat time seemed to be antagonistic to the government, and to correct tbis antagonism various propositions were made, with a view to identify the interests of tbe various monetary institutions in some degree, at least, with those of tbe United States. Fifty years later, in 1863, this was accomplished by the establishment of the national banking system. A passing allusion to the legislation and tbe discussions upon this subject during botb periods will, perhaps, be useful at the preseut time. A reference to the first period will exhibit tbe difi'erent kinds of Treasury-notes whicb were temporarily issued^ and withdrawn at tbe 192 REPORT ON THE FINANCES. close of the w^ar, and tbe efforts wbicb were made to conciliate tbe State banks. A like reference to tbe later period will show tbat tbe national banking system was authorized^ as a permanent system, and that the issue of Treasury-uotes was an expedient devised to meet a great national emergency; and that it was tbe intention of Congress in tbis, as in the former instance, to withdraw sucb issues as speedily as possible after the close of the war. War was declared with Great Britain on June 11, 1812. Specie payments were suspended, except in l^ew England, August 31, 1814. Peace was restored February 11, 1815. Specie payments were nominally resumed February 2, 1817. Tbe charter of the first Bank of tbe United States expired March 4,1811, and the second Bank of the United States was not authorized until April 3,1816. Mr, Crawford, tben Secretary of tbe Treasury, estimated tbat, during tbe four years ending in 1815, tbe bank circulation was increased in volume from $29,000,000 to $99,000,000.* Many of tbe notes of city banks were taken at a discount of twenty per cent. 5 those of tbe country banks at twenty to fifty per cent.t Specie almost entirely disappeared from circulation, and,;n addition to tbe notes issued by State banks, large amounts of unauthorized currency were circulated by other corporations and by individuals in notes of denominations from six cents to ten 'dollars. Credit-money was plenty, rates of interest low, and borrowers were solicited by terapting ofiers to use tbe idle funds in tbe banks. The Treasury department added largely to tbe already abundant circulation, issuing large amounts of Treasury-uotes. Many ot these notes were deposited with sucb banks as consented to receive them, the government meanwhile refusing the notes of those banks whicb declined to accept the Treasury-notes—usually tbe stronger banks. The whole amouut of Treasury-notes, absolute and contingent, wbicb was authorized between June 30, 1812, and February 24, 1815, was $60,500,000, ot wbicb amount $36,680,71)4 was issued.f Tbe notes authorized prior to February 24, 1815, bore* interest at tbe rate of five and two-fifths per centum § a year, and were receivable in payment of all duties and taxes laid by tbe authority of the United States, and of all public lands sold by said authority; and when so received interest was to be computed at tbe rate of ^'one cent and onehalf a cent per day'' on every one hundred dollars of principal, each *His estimate of the circuiatiou, made iu 1820, was as follows: 1813, $6.2,000,000; 1815, $99,000,000; 1819, $45,000,000 to $53,000,000. (Elliot's Fuuding System, p. 735.) t i n 1812. Bauk of Englaud. notes vvere at a discount of tweuty ancl tiiree-foiirthsper cent., in 1813, of twentj-three per cent., and in 1814, of twenty-fi.ve per cent. In 1812, as mnch wheat could be purchased for ninety shillings of gold as for one hundred, aud fifteen shillings of paper; and in 1813 as mucli for seventy-four shillings of gold as for oue huudred aud eleven shillings of paper.—^' Banhs and Bankers,'^ by D. Rardcastle, jr.; London, 1842, j9. 126. t Uuder actof June 20, 1812 $5,000,000 U n d e r a c t of February 25. 1813 5,000,000 Under actof March 4, 1814 10.000,000. Under act of Deceinber 26, 1814 ...• 8,318,400 Under act of February 24, 1815—$100 notes $4,969, 400 clo. do. small Treasury-notes 3,392,994 8,362,394 Total amount issued 36, 680,794 (Report of Secretary Crawford, 1820, i^. 165.) § The substitute proposed for the legal-tender act which passed the House of Rej^reseutatives February 6, 1862, coutained a section providing for the issue of transferable certificates, bearing interest at the rate of 5 | per cent, per annum.—Spaiilding^s History of the Legal Tender Paper Money, p. 94. COMPTROLLER OF THE CURRENCY. 193 mouth being reckoned as thirty days. These notes were depreciated from eight to ten per cent, below bank notes, which bore no interest but were redeemable in specie. Tbe act of February 24, 1815, authorized the issue and re-issue of Treasury-notes to an amount not exceeding$25,000,000, upon principles essentially difi'erent from those governing prior issues.*' These notes might be of any denomination. If of a denomination less than one hundred dollars, they were designated as '' small Treasury-notes,'' were payable to bearer, and bore no interest. If of a denomination of one hundred dollars or upward, they were payable to order, transferable by indorsement, and bore interest at. tbe same rate as the notes of $100 and upward previously authorized. The principal aud interest were not payable at any specified time, but tlie notes were everywhere receivable in all payments tothe UnitedStates. Tbebolders of tbe small Treasurynotes, could excbange them at pleasure, in sums of not less than one hundred dollars, for certificates of funded stock bearinginterest at seven per cent. Tbe notes of tbe denomination of oue hundred dollars and over were exchangeable for certificates of tuuded stock, bearing interest at six per cent.; and by tbat act the holders of all Treasury-notes previously issued were likewise authorized to convert the same into certificates of funded debt bearing interest at six. per cent. '" Tbe Treasury-notes which were issued under acts passed prior to February 24, 1815, were, for the most part, of a denoraination too high to serve as a current medium of excbange; and it was soon ascertained tbat the small Treasury-notes, fundable at an interest of seven per cent., though of a convenient denomination for comnion use, would be converted into stock almost as soon as they were issued."! The issue of tbe first description of notes was not restrained, but that of tbe small Treasury-notes was limited to cases of peculiar urgency ; and the wbole amount of tbe latter notes which bad been issued and re-issued on Septeniber 30, 1815, was $4,142,850. The Secretary of the Treasury,-in bis report for 1813, refers to some of the plans which w^ere proposed for remedying the monetary evils of tbe day, and for tbe resumption of specie payments. He endeavored to associate tbe banks, with a view to furnisb ^' a uniform currency," and also, thrpugh tbeir agency ^'in circulating Treasury-notes, to overcome the inequalities of tbe exchange." These attempts were, he acknowledges, not successfuL Anotber plan was proposed, witb thedesign ' ' t o curtail the issues of bank-notes, to fix the public confidence in the administration of the afiairs of tbe banks, and to give to each bank a legitimate share in tbe circulation.'^f The establishment of a national bank with large capital and circulation was regarded as tbe best and perhaps the onl^' adequate resource to relieve the country and the government; and on April 30, 1815, Congress by resolution declared that ''from and after tbe 20tb of February next (1817) no duties, taxes, debts, or sums of money accruing or becoming payable to the United States ought to be collected or received otherwise than in tbe legal currency of the United States, or Treasury-notes, or notes of tbe Bank of tbe United States, or any notes of banks which are payable and paid on demand in tbe said legal currency of tbe United States." A bill was brought before the legislature of New York in 1815 ''impos* Report of the Secretary of the Treasury, 1815, p. 13. ' IReport of the Secretary of the Treasury, 1815, p. 26. f The acts of July 12,1870,.and June 20, 1874, contained provisions for the redistribution aud ecjualization of the national-bank currency, which provi.sions were repealed by the act of Jauuary 14, 1S75. 13 F 194 REPORT ON T H E FINANCES. ing a penalty of twelve per cent, on any bank within that comraonw^ealtb wbicb would not pay its notes on deraand ;"* but its passage in that year was prevented by tbe exertions of tbe banks and their agents. It subsequently, however, became a law,t and specie payments were at least nominally resumed on tbat day. If places of rederaption bad been required at one or raore of the commercial centers, tbe rederaption would have been complete; and tbe banks whicb could not comply with sucb a provision would have been forced into liquidation. A similar system proposed in 1815 and 1831. A magazine writer, in 1815,| proposed a plan wbicb is the first conception, so far as I am aware, of the principles whicb distinguish the thepresent national-bank system, and wbicb was that the public funds should serve, in tbe absence of specie, as tbe basis and support and limit of a paper currency. Tbe proposition Avas ^'that tbe banks be obliged, until they can resume specie payments, to pay tbeir notes, in sums of not less than one hundred dollars, in United States six per cent, stock at par; or, if the stock bore a less rate of interest, at the price of that stock in tbe niarket." It was claimed tbat tbis would be a certain check against tbe immoderate issue of paper money. Most of the banks, it was urged, held considerable amounts of sucb funds, purchased at a low price, and could realize a profit by using it in payment of tbeir debts. If tbe proposed convertibility w^ere authorized, their notes, then so much depreciated, would at once appreciate in value. The six per cent, stock, at par, was proposed as a standard by w^bich to f^\ tbe minimum value of bank-notes, such notes being convertible, at tbe option of tbe holders, into the stock at its market-price; so tbat one hundred dollars of tbe notes might be better, but not worse, than one hundred dollars of six per cent, stock. It was also proposed tbat a national bank should be established, witb the obligation, uuder a heavy specific penalty, of paying its notes and debts of every kind in cash or iu funded stock. Tbe State banks would be compelled to adopt a similar system, or, what would araount to the sarae thing, to pay their notes witb the notes of tbis national institution. " The success of the plan would not be doubtful if Congress could be persuaded to provide for tbe pay-, ment of the interest of tbe national debt in specie. Nothing but necessity can excuse the payment of the national creditors witb depreciated money. During tbe war that necessity existed, but it exists no longer." '' To provide the means for the payment of the interest on the public debt,"it was proposed^' thatthe dutiesupon imports be receivable in cash only." " The payment of theinterestof thepublicdebtin specie, combined with the assurance of the national good-Avill, security, and resources, •^On January 14, 1875, Cougress fixed a date (January 1, 1879) for the resumption of specie payments, and on'March 22,1875, the New York legislature j)assed the following act: ^'SECTION 1. All taxes levied and confirmed in this State on and after Jauuary 1, 1879, shall be collected in gold, Unitecl States gold-certificates, or national-bank notes which are redeemable in gold on demand. " S E C . 2. Every contract or obligation, made or implied, after January 1,1879, and payable in dollars, but not in a specified kind of dollars, shall be payable in United States coin of the standard of weight aud fineness established by the laws of the United States at the time the contract or obligation shall have been made or implied." t " A Short History of Paper Money and Banking in the United States," &c., by William M. Gouge, Philadelphia, 1833, p. 85. X From the Analectic Magazine (Philadelphia) for December, 1815, p. 489.—This article, signed. " W.," is entitled '' On banks and paper currency," and is a sprightly review of an essay published in Philadelphia, entitled " The History of a Little Frenchman ancl his Bank-notes. Raas! Ra^s! Rags!" COMPTROLLER OF THE CURRENCY. 195 would soon irapart to the wdiole capital a specie value; that capital would tben become a solid fouudation for a paper currency—a standard to measure it and keep it steady—inferior only to specie itself. With such a support w^e know not whether such a currency might not be permanently adopted as an improvement in political economy." '' Tbere w^ould be no danger of an over-issue, for no man of ordinary prudence will retain in his possession paper inoney for which he has not good use, when he can iramediately convert that raoney in to well-secured, readilysalable stock, yielding an annual interest paid in specie." Such a plan, it was contended, would be likely to result in establishing a uniform currency. It would create an additional demand for the pubhc funds, and increase their value. The banks w^ould be obliged to invest their capital in national stock to answer the demands of their creditors, and it would of course be for their interest to keep up its price; by which means private and public credit w^ould be indissolubly linked together, and a new moral bond acquired to strengthen tbe Union. " The various currencies, as they now exist, are not congenial, but rather adverse, to the union of tbe States. Were Ibey separated, each bank niight, nevertheless, preserve a certain credit, but on the xiroposed plan a separation would ruin them all; and this fact affords an additional argument for the issue of a currency w^hich would habituate the people to regard the faith of tbeir federal government as tbe standard of value; whicb would facilitate loans, should a w^ar for the maintenance of our rights become unavoidable; whicb would identify every man's fortune, as well as bis freedom, with the general security, preate a deep and universal interest in the conservation of good order, government, and law^ and thus enlist every motive, selfish and generous, and every principle, sordid as w^ell as liberal, into tbe service of this free, confederated republic." A sum usually somewhat exceeding tbe capital ofthe Bank of England is permanently loaned by that institution to tbe government, and these funds are held, in tbe language of Albert Gallatin, " as tbe best security to the holders of its notes and to depositors." In discussing the propriety and practicability of incorporating a similar provision into the banking systeii:i of tbe United States, Mr. Gallatin found the only objection to lie in the fact that while in England the large amount of the public debt, as compared with the capital of tbe banks, enabled the latter to use such debt as a security for tbeir circulating notes, in tbe United States the banking capital of tbe country w^as necessarily so much larger than the entire ampunt of all other public stocks, that sucb a measure was impracticable. At the date of Mr. Gallatin's essay (1831) tbe debt of tbe Government was in process of rapid reduction, and within the next four years was entirely extinguished, while the banking capital was largely above two hundred millions, and rapidly growing witb tbe increasing commerce of tbe country. Under these circumstances he suggested a resort to mortgages on real estate, for want of public stocks, which plan, however, be found liable to the objection that the accomraodations which the banks could, in tbat case, afibrd to individuals, might be too much curtailed; and be concludes tbat ''if these objections can be removed, tbe plan proposed would give to the bankiug system of the United States a solidity, and inspire a confidence, which it cannot otherwise possess." The same high authority also refers to the proposed issue of Treasury notes at that time as follows: 196 ^ REPORT ON THE FINANCES. The proposition has not been suKgesfced to resort to a third, though the most simple, mode—that of issuing, without the aid or machinery of any bank whatever, a Goverument paper payable on demand in specie. The general objections to a paper issned by governraent have already been stated at laige. Yet it must be admitted that there may be times when every other consideration must yield to the superior necessity of saving or defending the country. If there ever was a time, or a cause, which justified a resort to that measure, it was the War of the Independence. It would be doing gross injustice to the authors of the Revolution and founders of that independence, to confound them with those governments which, from ambitious views, have, without necessity, inflicted ihat calamity on iheir subjects. The old Cougress, as the name purports, were only an assembly of plenipotentiaries, delegated by the several colonies or States. They could only recommend, and had not the power to lay, taxes. The country was comparatively ]3oor; extraordinary exertions were necessary to resist the formidable powers of Great Britain. Those exertions were made, aud absorbed all the local resources; the paper money carried the United States through the most arduous and perilous stages of the war, and, though operating as a most unequal tax, it cannot be denied that.it saved the country. I t is to be hoped that a similar state of things will not a.gain occur ; b u t at all events the issue of a government pa^er ought to he kept in reserve for extraordinary exigencies. Many of tbe propositions for raising the necessary means for conducting the war of 1812, and for the resumption of specie payments at the close of tbe war, were identical witb those proposed during tbe recent civil war, and with tbe present plans for tbe resumption of specie payments. The war of 1812 was prosecuted, as bas been seen, by means of loans and bank credits, and by tbe issue of Treasury-notes.' Just prior to tbe late civil war, in tbe year 1860, temporary loans were made by the government at tw^elve per cent, interest; and during tbe year 1861 a large amount of governmeut obligations was issued, of which $100,000,000 were time, seven and tbree-tfenths per cent. Treasury-notes, and $50,000,000 were demand-notes. Discussion and passage of the national bank act. In Deceraber, 1861, tbe Secretary of tbe Treasury proposed two methods for obtaining the necessary raeans for carrying on the war. His first xii'oposition was to substitute demand-notes, payable in coin, in place of the notes of private corporations. The second was the gradual issue of national-bank notes, secured by the pledge of United States bouds, to replace the existing bank-notes authorized bythe laws of tbe several States. Tbe first plan bad already been partially adopted by the issue of fifty millions of dollars in demand-notes ; but tbe possible disasters which niight result from a continuation of the expedient outweighed, in theppinion of tbe Secretary, any advantages which could be derived from it, and his second proposition was tberefore urgently recommended by him. The advantages claimed by tbe latter plan were, a currency of uniform security and value, protection from losses in discounts and exchanges, increased facilities to tbe government in obtaining loans, a diminution of tbe rate of interest, or a participation by tbe people in the profits of circulation, an avoidance o f t h e perils of a great nioney monopoly, and a distribution of tbe bonds of tbe nation to the leading monetary associations of the country, thus identifying their interests with those of tbe government. The report of the Secretary was prepared witb the expectation, tben prevalent, that the war would be of short duration. Soon, bowever, tbe magnitude of the struggle becaine evident, and the large drafts upon the Treasury, caused by the expenditure of more than a million of dollars daily, made it plain tbat tbe urgent necessities of tbe COMPTROLLER OF THE CURRENCY. 197 government could uot be supplied through tbe associated action of-tbe existing banks, nor depend wholly upon tbe sale of its bonds. A general suspension of specie payments took place ou December 28, 1861, and on February 25 and July 11, 1862, Congress passed two acts authorizing the issue, in the aggregate, of three hundred millions of dollars of Treasury-notes—tbe later act, however, reserving fifty millions for the redemption of temporary loans, to be issued and used w^hen necessary for tbat purpose. These notes were, by the terms of tbe law, made a legal tender, and fundable into a bond bearing interest at six per cent, in gold; and tbe demand-notes, amounting to sixty millions of dollars, which had been previously issued,,were also, upon the request of the Secretary of the Treasury, and at tbe solicitation of banks in New York City, made a legal tender by tbe act of March 17,1862. The immediate necessities of the government compelled tbe partial adoption at tbat time of tbe first plan of the Secretar}^ and further consideration of the second was, for the time being, deferred. Large amounts of government notes were issued; but the notes of private corporations still continued in circulation, tbe amount of the latter increasing during the year ending November 1, 1862, from $130,000,000 to $167,000,000. ' • A national-bank bill was prepared in December, 1861, by Mr, Spaulding, of New York, in accordance with tbe second plan of the Secretary, and printed for tbe use of tbe Committee of Ways and Means; but, after some discussion in opposition to the bill, it was laid aside. In December, 1862, the Secretary-, in bis annual report, called the attention of Cougress to bis second recommendation of tbe year previous, and again urged bis objections to the issue of United States notes. The principal objections to tbe latter circulation, as a permanent system, were thus stated by him : " (1) The facility of excessive expansion when expenditures exceed revenue; .(2) The danger of lavish and corrupt expenditure, stimulated by facility of expansion; (3) The danger of fraud in management and supervision; (4) The impossibility of providing it in sufficient amounts for the wants of tbe people whenever expenditures are reduced to equality with revenue, or below it." In discussing tbe fourth objection, he says: Whenever the countiy shall be restored tb a healthy, normal condition, and receipts exceed expenditures, the supply of United States notes w i l l b e arrested aud niust progressively diminish. Whatever demaud may be made for their redemption in coin must hasten this diminution, and there can be no re-issue ; for reissue, uuder the con- . ditions, necessarily implies disbursement, aud the revenue, upon the supposition, supj)lies more than is needed for that purpose. There is then no mode iu which a currency in United States notes cau be permanently maintained except by loans of them, when not required for disbursement, on deposits of coin or pledge of securities, or iu some other way. This would convert the Treasury into a government bank with all its hazards and mischiefs. If these reasonings be sound, little room can remain for doubt that the evils certain to arise from such a scheme of currency, if adopted as a permanent system, greatly overbalance the temporary though not inconsiderable advautages offered by it. Among the advantages which would arise from the second plan the following were urged:—Tbat tbe United States bonds w^ould be required for banking purposes ; a steady market would be established and their negotiation greatly facilitated; a uniformity of price for the bonds would be maintained at a rate above funds of equal credit but not available to banking associations. " It is not easy to appreciate tbe full benefits of sucb conditions to a government Obliged to borrow;" it will "reconcile as far as practicable the interests of existing institutions witb those of 198 REPORT ON THE FINANCES, the whole people," and will supply '^ a firm anchorage to the Union of the States." On February 2, 1863, tbe banking bill previously introduced in tbe House was reported from the Finance Committee of the Senate witb amendments, and ten days later passed that body by a vote of 23 to 21. It passed the House of Kepresentatives on tbe 20tb of the same montb by a vote of 78 to 64, aud was approved by tbe President February 25, 1863. Senator Sherman, wbo reported the bill from tbe Finance Committee, in a speech delivered at that time, said: " W e are about to choose between a permanent system, designed to establish a uniform national currency based upon tbe public credit, limited in amount, and guarded by all the restraints wbicb tbe experience of men bas proved necessary, and a system of paper money without limit as to amount except for the growing necessities of war. In the consideration of sucb a question we surely should scrifice all local interests, all pride of opinion ; and while acting promptly under the pressure of events, we should bring to our aid all the wisdom of united.counsels, and all the light which tbe experience of former generations of men can give us. '^ '^ Another practical objection to these [Jnited States notes is, that there is no mode of rederaption. They are safe; they are of uniform value; but there is no mode pointed out by which they are to be redeemed. No one is bound to redeem them. They are receivable, but not convertible. They are debts of tbe United States, but they cannot be presented anywhere for redemption. No man can present them, except for the purpose of funding them into tbe bonds of the United States. They are not convertible; they lack that essential element of any currency. * ^ "Another objection is, that they can only be used during tbe w^ar. The very moment that peace comes, all tbis circulation tbat now tills the channels of comraercial operations will be at once banished; they will be converted into bonds; and then the contraction of prices will be as rapid as the infiation has been. Tbe issue of government notes can onl}^ be a temporary measure, and is only intended as a temporary measure to provide for a national exigency. * * But it is asked, why look at all to tbe interests of tbe banks ; wdiy not directly issue the notes of tbe government, and thus save to the people the interest in the debt represented by the notes in circulation ^ Tbe only answer to this question is that history teaches us tbat tbe public faith of a nation alone is not sufiicient to maintain a paper-currency. Tbere must be a combination between tbe interests of private individuals and the government." Mr. Spaulding, tbe author of tbe legal-tender act, in reporting the same to the House, said: " T b e bill before us is a w^ar-measure^ a measure of necessity and not of choice, presented by the Comraittee of Ways and Means to meet the most pressing deniands upon theTreasury to sustain the Army and Navy." This was the view taken throughout tbe wbole discussion of tbe legal-tender act. On the day of tbe passage of the national-bank bill, be said he "should vote for it, not that it would afford any considerable relief to tbe Treasury in tbe next two or three years, but because be regarded it as the commencement of a permanent system for providing a national currency that, would, if wisely administered, be of great benefit to tbe people and a reliable support to tbe government in the future." Ahd more recently, in a letter addressed to tbis Ofiice, be says tbat " all tbe advocates of the legal-tender act, wbile it was pending in Congress, based tbeir arguments upon the necessity of its passage as a temporary relief to the Treasury during tbe war, and not as a permanent policy of the government; on the contra COMPTROLLER OF THE CURRENCY. 199 ry, the national banking law was advocated as a permanent system of national currency and bankiug for the whole country. The act of March 3,1863, authorized an additional issue of $ 150,000,000 of United States Treasury-notes, and the right to excbange legal-tender notes for six per cent, bonds w^as limited to July 1, 1853. The act of June 30, 1864, provided tbat tbe total amount of United States notes^ issued, or to be issued, should not exceed $400,000,000, and such additional sum, not exceeding $50,000,000, as might be lawfully required for tbe rederaption of teraporary loans. Tbe Secretary of tbe Treasury in his report for Deceniber, 1865, expressed tbe opinion tbat tbe legal-tender acts were war-measures, and ought not to remain in force one day longer than should be necessary to enable the people to prepare for a return to the gold standard. He also urged as a serious objection to the issue of United States notes as a permanent currency, tbat "^the paper-circulation of the country should be fiexible, increasing and decreasing according to the requirements of legitimate business; wbile, if furnished by tbe government, it w^ould be , quite likel}^ to be governed by the necessities of tbe Treasury or tbe interests of parties, rathei than the demands of coraraerce and trade; besides, a perraanent government currency would be greatly in the way of public economy, and would give to the party in possession of tbe governraent a power wbicb it raight be under strong temptations to use for other purposes than tbe public good—keeping tbe question of the currency constantly before tbe people as a political question, than which few things would be more injurious to business." Tlie House of Representatives during tbe same month passed a resolution, by a vote of 144 yeas to 6 nays, " cordially concurring in tbe views of tbe Secretary of tbe Treasury in relation to the necessity of tbe contraction of the currency, with a view to as early a resumption of specie payments as tbe business interests of the country will permit." In order to carry into efi'ect tbis resolution Congress, by an act approved March 12, 1866, authorized the funding of tbe legal-tender notes, and under the operation of tbat act more than $72,000,000 were retired. In January, 1868, any further reduction of tbe volume of legal-tender notes was prohibited, tbe amount then remaining outstanding being $356,000,000. On March 18, 1869, an act was passed, in which tbe United States " solemnly pledges its faith to make provision at the earliest practicable period for tbe redemption of United States notes in coiii." Section six of the act of June 20, 1874, provides tbat " the araount of United States notes outstanding and to be used as a part of tbe circulating inedium shall not exceed the sum of $382,000,000, wbicb said sum shall appear in each montbly statement of tbe public debt, and no part thereof shall be held or used as a reserve;" and the act of January 14, 1875, authorizes tbe increase of the circulation of national banks, without respect to the limit theretofore existing, and provides that wbenever, and so often, as circulating-notes shall be issued to banking associations, it shall be the duty of the Secretary of the Treasury to redeem the legal-tender United States notes to tbe amount of eighty per centum of the sum of national-bank notes so issued, and to continue sucb redemption as sucb circulating-notes shall be issued until there shall be outstanding the sura of $300,000,000 of sucb legal-tender United States notes, and no raore; and tbat, on and after January 1, 1879, he shall redeem in coin the United States legal-tender notes tben outstanding, on their presentation for redemption at the olfice of tbe 200 REPORT ON T H E FINANCES, assistant-treasurer of the Unit(*d States in the city of New York, in sums of not less than fifty dollars. A banking systeni similar to tbat now existing was suggested, as has been seen, in iS.15, and, later, in 1831; and it is said that a similar policy was proposed by Alexander Hamilton, before his appointraent to tbe Secretaryship of tbe Treasury, when, on being askecl by Washington, " W h a t is to be done with our terrible d e b t f be answered, "Bank on it; it is our only available capital, and tbe best in the world." During tbe war of 1812 a large amount and a variety of kinds of Treasury note's were issued. The policy of tbe State banks, aided by tbe State-sovereignty sentiment, opposed any system of separate or indeliendent fiscal agency of tbe government. The desire tben was to conciliate the banks by liarmouizihg tbe interests of the difi'erent raonetary institutions with those of tbe national administration. At a later period the system which would bave giveu to the banks of tbe United States " a solidity and inspire a confidence in them which they cannot otherwise possess," could not be carried into effect, because the biink capital of tbe country far exceeded tbe amount of tbe national debt. Fifty years later (1863) a clear harmony of interests w^as efi'ected between the banks and the government by tbe establishment of tbe present national banking system, and at tbe same time tbe public was supplied with a stable circulating medium; tbe cbange producing none of the inconveniences or disturbances which usually accompany radical modifications in the monetary systeni of a country. Tbe governraent currency won its honors and secured tbe confidence of the. people at a time w'ben no other form of currency then existing could command general circulation. It borrowed the war debt from the people, and at the same time supplied them witb tbe indispensable medium of exchange in all business transactions. Its necessity in tbe time of our war overrode all tbe prejudices against the use of a papercurrency, whether those prejudices arose from principles of constitutional construction or from doctrines of political economy. It was felt to be equally as good as the government. It rested upon its solvency ; and the friends of the Union accepted it as tbe representative of the nation's faitb and credit. The government was tben contracting debt day by day, and tbe people cheerfully received its promises to pay in excbange for their comraodities and services. It purchased largely, and its creditors were content to wait until it should regain tbe ability to redeera its pro raises. Tbe war was well over before the national banking systeni carae fully into operation,* at wbicb tirae tbe Treasury and its depovsitories in tbe principal cities found themselves unequal to tbe task of disposing of its bonds, funding its miscellaneous issues, and receiving and disbursing its internal revenue. Just in season for this service the national banking system became w^ell matured and established in every center of business throughout the country; and these institutions at once invested their capital in government bonds, and assisted in disposing of its securities. Secretary Chase says tbat the organization of tbe system at once inspired faith in the securities of tbe government, and more than any other one cause enabled him to provide for the prompt payment of the soldiers and the public creditors; and adds, tbat he "risks nothing in saying that, within the present year, the benefits of * The Treasury-notes issued by the goverument, including the 7-30 and compoundinterest notes, were, iu 18G5, much greater in amount than at any other time. The amouut of national-bank uotes in circulation on January 1, 1864, was $280,000; on July 1, 1864, it was only S3I,234,420; and on July 1, 1865,\xbout three mouths after the close of the war, it was but $146,336,030. ^ COMPTROLLER OF THE CURRENCY. 201 the system will bave so proved themselves to tbe sense and patriotism of the people that it will be beyond tbe reach of successful assault." Tbe second plan of Secretary Chase was carried into efi'ect by tbe passage of the national banking act, and its success has raore than fulfilled every expectation. Tbe interest-bearing, convertible, and interchangeable Treasury-notes, issued in the eariy days of the government, were withdrawn frora circulation two years after the close of the war of 1812 ; and it is evident, from tbe reports of finance ministers, from tbe debates in Congress at tbe time of the passage of the legaltender act, from the uniform legislation since that time, including the measures adopted by the last Congress, and, finally, by the decision of the Supreme Court of tbe United States,* tbat it was intended t h a t t h e national banking system should be permanent; tbe institutions organized uuder it being by the express terms of tbe law authorized to continue for a period of twenty years ; and that the issue of Treasury notes should notbe increased in araount, but were to be witbdrawn from circulation as rapidly as possible. Tbe United States notes bave performed every service expected of them ; and the national-bank issues bave tbe sarae security, while their parent institutions supply to the public all the conveniences and utilities that any conceivable banking system can possess, and their issues will be redeemed in gold just so soon as the Treasury resumes payment of its debts in specie. Finally, reason and experience alike teach us that w^e must either continue to adhere to the national banking-system, or yield control of tbe issue aod manageraent of bank-currency to the varying and conflicting legislation of forty or fifty difi'erent States and Territories, accompanied, as it surely will be, by all those evils and disasters whicb are the natural attendants upon the organization and perpetuation of State banking institutions. Monopoly. One of tbe principal objections urged against tbe national banking systera is that it is a monopoly ; moreover, tbat it is a monopoly authorized and continued at tbe expense of tbe government. Tbe reverse of this is true; 'for tbe national system, so far from being a monopoly, has, in fact, uprooted the real banking monopoly, wbicb has existed in this country from the foundation of tbe government down to a late day. Should the national system be unfortunately overthrown, tbat monopoly would be again and at once revived, by the repeal of the provision imposing a tax of ten per ceut. upon tbe issues of State banks, wbicb provision is acknowledged to be one of tbe compensations of the war. Prior to the passage of the first national-bank act. State banks were organized in most of the States of the Union in the interest of individuals, under authority of special charters obtained from their several legislatures. Tbe national banking system was intended to be a free system, and from the beginning the organization of banks was open to all; but tbe amount of circulation originally authorized baving subsequently become exhausted, tbe establishment of banks witb circulation was, of necessity, for a time suspended. The act of January 14, 1875, how^ever, reraoved all restrictions in-this respect; and since that date every application wbicb bas conformed to tbe requirements of tbe law bas been granted. A t t h e time of tbe organization ofthe national banking system, it had few friends araong the shareholders o f t h e tben existing State * See 12 Wallace, pp. 510 and 567. 202 REPORT ON THE FINANCES. banks. These were, as a rule, in the possession of a raonopoly granted thera by the State legislatures; and the bitter opposition to the national system on the part of the officers and shareholders of State banks may be directly traced to that fact. Mr. McCulloch, tbe late Secretary of the Trea.sury, to whom this Office is indebted for its excellent organization, bas stated in a recent letter that he was originally strenuously opposed to the system, because he was tben at the head of a large and'profitable banking institution, which he "foresaw must go into liquidation or surrender its privilege of issuing two dollars for one dollar of banking capital, if tbe new banking systera w^ent into operation." He was subsequently induced to accept the position of Coraptroller of tbe Currency, and in tbe letter above mentioned says: "Tbe systein grew into favor with me day by day, and 1 bave now no hesitation in saying that, for tbe United States, it is not only vastly superior to tbe system which it superseded, but tbat it is the best system whicb has been, or is likely to be, devised," Our national banking system is tbe only national system not a monopoly in operation in any country. Eleven, only, of tbe joint-stock bauks in Scotland, aud but one hundred and sixty-seven of the joint-stock and private banks in England, in addition to the Bank of England, have tbe privilege of issuing circulation; and these bauks are not even required by law to publish balance-sheets for tbe information of the public. The Bank of France is tbe fiscal agent of tbat government, and it alone issues tbe paper-circulation of tbat country. The State banks and savings-banks of many of lhe leading States ot theUnion are today chartered institutions, and by the terms of tbeir charters are often so entirely without restrictions, that they are not required to publish statements prepared by themselves informing tbeir creditors and the public of their condition. A raonopoly is a privilege; something so valuable that it comraands a preraiura, and whicb its owner does not willingly surrender without a struggle. But tbe national banks have, since tbe passage of tbe act of Juue 20, 1874, voluntarily surrendered more than $33,000,000 of tbeir circulation; and forty-three banks, with a total capital of $5,040,000, have since that date gone into liquidation, chiefly for the reason that tbe privilege of circulation is not a profitable one, and because the -restrictions ofthe sj^stem are onerous in comparison with those imposed by State legislatures. If the national-bank act contained no restrictions upon the banks, or imposed no taxes upon their circulation, and if currency were issued to them equal in amount to the value of the bonds deposited, tben the interest received by them upon the bonds would, it is granted, be in tbe nature of a gratuity. This condition of things was truein someof the States previoustothe organization of the national banking system ; but it bas not at any time been true of the national bank^. Profit on circulation. A very erroneous idea prevails as to the amount of profit derived by tbe national banks from tbeir circulation; but to show that the profit from tbis source is not nearly so great as is supposed by many persons, it is only necessary to take into consideration the amount of capital tbe banks necessarily invest in tbe United States bonds required to secure tbeir circulation,.with the legal restrictions tbat govern their business, and then to compare the combined income received by them on tbeir bonds and circulation witb tbat whicb would be received on tbe sarae capital loaned on bond and mortgage security, but free from tbe restrictions governing national banks. ^ On November 1, 1875, tbere was on deposit witb tbe Treasurer, as siecurity for the circulation of the national 203 COMPTROLLER OF THE CURRENCY. banks, $307,549,412 in the various classes of bonds of tbe United States, as will be seen by reference to a subsequent page of this report. If from tbis sum be deducted tbe amount held as security for tbe notes of the national gold-banks, and also the amount deposited in excess of that required by law to secure tbe circulation issued upon them, tbere will remain $361,498,112 of bonds, worth, in currency, on tbe day named, $425,840,533. The table below exhibits tbe various classes and amounts of these boiids, tbeir currency-value at the date mentioned, the amount of circulation issued thereon, and the araount of interest derived from thera, both in gold and in currency value, gold beiug quoted on tbat day at 110: C l a s s of bonds. Sixes of 1881 F i v e - t w e n t i e s of 1865 F i v e - t w e n t i e s of 1865, (new) F i v e - t w e n t i e s of 1867 F i v e - t w e n t i e s of 1868 Ten-forties of 1864 F i v e s of 1881 Pacific R a i l r o a d bonds.•. Totals P a r value. $82, 781, 050 7, 056, 600 6, 536, 650 10, 282,100 2,981,000 97, 974,150 141, 072, 050 12,814,512 361, 498,112 Cnrrencyvalue. Circulation issued. Gold interest. Currency v a l u e of interest. 578, 976 256,169 811, 297 467, 046 629, 367 772, 482 467, 238 857, 958 $74, 502, 945 6, 350, 899 5, 882, 985 9, 253, 890 2, 682, 900 88,176, 735 126, 964. 845 11, 533, 061 $4, 966, 863 423, 396 -392,199 616, 926 178,'860 4, 898, 708 7, 053, 602 | 5 , 76i, 561 491,139 454, 951 •715, 634 207, 478 5, 682, 501 8,182,178 766, 870 425, 840, 533 325, 348, 260 18, 530, 554 22, 264, 312 #100, 8, 7, 12, 3, 113, 163, 15, If tbere be deducted frora the amountof capital i:equired to purcbase these bonds ($425,840,533), the amount of premium wbicb they bore on November 1, 1875, ($64,342,421,) as well as tbe ten percent, margin for wbicb no circulation is issued ($36,149,811), the available means ot tbe banks will be reduced from $425,840,533 to $325,348,260. The bonds representing tbis amount of capital consisted, as appears by the table, of $239,046,200 of five per cent., and $109,637,400 of six per cent, gold-bearing bonds, together with $12,814,512 of Pacific Eailroad bonds issued by the government, and bearing interest at tbe rate of six per cent, per annura in currency. The annual interest on these bonds amounts to $18,530,554 in gold and $768,870 in currency, tbe total currency-value of tbe interest at tbe date named, with gold at 116, being $22,264,312. As tbe banks are required to pay iuto the Treasury of the United States one per cent, of their circulation (or $3,253,482) as a tax thereon, they have left ^19,010,830 in currency as tbe net araount of interest received by them on tbeir bonds. On receiving their circuiatiou, they are required by the act of June 30, 1874, to place an aniount equal to five per cent, thereof (or $16,267,413) Ydth the Treasurer ofthe United States as a redemption-fund, leaving,, of tbe $325,348,260 that their bonds secure, $309,080,847, only, available for use; which amount, if loaned at eigbt per cent, per annum, (estimated as tbe average rate throughout tbe country,) will produce an income of $24,726,467; and tbis, added .to tbe net interest received on the bonds ($19,010,830) gives $43,737,297 as the whole income derived by tbe national banks from their circulation and frora the bonds deposited to secure it. Tbe capital used to purcbase the bonds ($425,840,533)^ if loaned at eight per cent, annual interest, would produce an annual income of $34,067,042, and the difi'erence, wbicb is $9,670,055, or two and one-quarter per cent, on tbe capital, represents the profit that the banks receive over and above what could be obtained from tbe loan of tbe same amount of capital at the rate of interest named. This is concisely shown as follows: 204 REPORT ON THE FINANCES. Intereston$369,080,847of circulation,loaned at8 per cent... $24, 726, 467 Interest on U. S. bonds ($768,870 currency, $18,530,554 gold) 19, 299, 424 Premium, at 16 per cent., on $18,530,554 gold interest 2, 964, 888 Total Less tax on circulation 46, 990, 779 3,253, 482 Total profit on capital employed ! The total capital, loaned directly at 8 per cent., would earn.. 43,737,297 34, 067,242 Difierence, which represents profit on circulation.. 9,670,055 Two and one-fourth per cent, of the capital employed ($425,840,533) is $9,581,412, which, as shown above, is about the value of circulation to tbe national banks of the country. In localities where the rate of interest is seven per cent., tbe value of circulation is somewhat less than two and three-fourths percent.; and where the rate is ten per cent, tbe profit is less than one and three-fourths percent. The large margin—exceeding $100,000,000—between the value of the bonds owned by tbe banks and the circulation issued thereon, would, in case of disaster, be available as a reserve for the payment of the depositors or otber creditors; and tbis is an additional argument in favor of issuing circulation under tbe restrictions of tbe law, as now provided. If specie payments should be reached within a few years, tbe premium paid by tbe national banks upon their bonds would be nearly if not entirely lost, while investments by private bankers and State banks of an equal amount of capital in loans on bond and mortgage would not sufi'er from any such depreciation. This loss has not been taken into consideration in the foregoing estimate. Another important consideration is that tbe average ratio of State taxation upon national banks during the year 1874 was somewhat more than two per cent, upon capital. If the national banks should go into liquidation, and the owners of tbe bonds should continue to hold the same, the amount of State taxation saved to them w^ould uearly equal tbe benefit which they how realize from circulation. Dividends. It is urged, as a further objection to the national banking system, that the dividends paid to stockholders are greater than the earnings of other corporations. It is true tbat some national banks wbicb bave accumulated a large surplus, or are organized in localities where tbe proportion of deposits to capital is large or tbe rate of interest high, as in the Western and Southern States, do declare large.dividends; but it is well known that, as a rule, tbe rates of interest charged on comraercial paper by the national banks in tbeir respective localities are less than those charged by State banks, private bankers, and individuals. But tbe dividends and earnings of the national banks do not, as a rule, exceed by more than two per cent, the current rates of interest authorized by law in the respective States; and tbis additional aniount of profit is surely not too great a compeusation for the risks and expenses incident to the business of banking, and to whicb capital loaned directly on mortgage security is not subjec't. On a subsequent page of tbis report will be found tables showing for a series of years the aniount and ratios of dividends to capital, to capital and surplus, and of earnings to capital and surplus, ofthe national banks in every State and principal city in tbe Union. But in order to further aid in correcting the prevalent error that exorbitant or extravagant 205 COMPTROLLER OF THE CURRENCY. profits are annually divided by tbera upon the amount of means invested, a tabular statement is subjoined sbowing corresponding ratios, for the last six and a half years, in tbe several geographical sections of the country, and tbe average ratio for the whole period. E a t i o of d i v i d e n d s to capital, for six m o n t h s e n d i n g — Oeograpbical divisions. 1869. 1870. 1871. 1872. 1873. 1874. 1875. ^n Sept. M a r . Sept. M a r . Sept. M a r . Sept. M a r . Sept. M a r . Sept. Mar. Sept. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 5.2 5r3 5.8 5.1 5.1 6.3 5.0 4.9 5.6 5.1 5.0 6.1 4.9 4.9 5.2 5.0 .5.1 5.0 4.9 4.9 5.3 5.1 5.1 5.2 P'r ct. 5.1 5.0 4.6 6.1 5 4 5.4 5.2 5.0 5.0 5.7 5.2 5.2 5.0 5.3 5.1 5.9 5.1 5.5 5.2 5. 5 5.1 P ' r ct, P ' r ct. P V ct. P ' r ct. P ' r ct. P ' r ct. P ' r ct. P ' r ct. N e w E n jrlaud S t a t e s Middle States Sonthern States W e s t e r n States and Territories • Uuited States > 4.9 4.8 4.3 4.9 .5.0 4.8 4.9 5.0 4.3 4.8 4.8 4.4 P'.rct 5.0 5 0 5^0 5.0 4.8 5.6 5.1 .5.4 5.0 .5.3 4.9 5.4 5 1 P ' r ct. P ' r ct. P ' r ct. P ' r ct. R a t i o of d i v i d e n d s to c a p i t a l a n d s u r p l u s , IsTew En.£+laud S t a t e s Middle States Southern States . W e s t e r n States and Territories United States 4.4 4.3 5.3 4.3 4.1 5.6 4.2 4.0 5.0 4.2 4.0 5. 5 4.1 3.9 4.8 4.1 4.0 4.7 4.0 3.9 4.9 4.1 4.0 4.7 4.1 3.9 4.2 3.8 3.7 3.9 3.9 3.8 4.3 3.8 3.9 3.8 3.8 3.7 3.9 4.1 3.9 4. 5 5.1 4.5 4.4 4.3 4.0 4.1 4.7 4.2 4.3 4.1 4.4 4.2 4.9 4.2 4.5 4.2 4.5 4.1 4.1 3.8 4.5 4.0 4.4 4.0 4.2 3.9 4.4 4.1 Proposed 3.65 treasury notes. It has been proposed to withdraw tbe national-bank notes from circulation, and to authorize an additional issue of $400,000,000 of greenbacks, tbe latter to be interchangeable, in suras of fifty dollars for Treasury-notes bearing interest at the rate of 3.65 per cent, per annum, or one cent per day on eacb one hundred dollars, and to repeal all acts tending to a resumption of payments in specie. The greenbacks received by tbe Treasury in excbange for 3.65 notes.are to be used for the purchase of six per cent. 5-20 bonds, for the purpose of saving interest to tbe government. The act of JFebruary 24, 1815, as bas been seen, authorized the issue of Treasury-notes of tbe denomination of one hundred dollars, bearing interest ''to be computed at the rate of one cent and one-half a cent per day ;^' and it also authorized tbe issue of small Treasury-notes, whicb were exchangeable, in sums of one hundred dollars, for certificates of funded stock, bearing interest at seven per cent. But Secretary Dallas, as before stated, says '^it was soon ascertained tbat the small Treasury-notes fundable at an interest of seven per cent., though of a convenient denomination for common use, w^ould be converted into stock almost as soon as issued." Tbe experience of 1815 will be repeated witb tbe issue of additional greenbacks, interchangeable for 3.65 notes. The law authorizing tbe issue of four and one-half and also of four per cent., bonds is still in force. These interest-bearing notes are not, tberefore, at present of a standard sufficiently high for funding purposes, and are, in this respect, unlike the notes which were issued in 1815; but the principle of interchangeability will cause the non-interest-bearing notes to be exchanged for them ''alraost as soon as issued." The non-interest-bearing certificates of deposit, now held by the banks, and amounting to $50,880,000, will at once be converted 206 - REPORT ON THE FINANCES. into greenbacks, and these, together witb $150,000,000 of casb reserve also held by the difierent banks and bankers of tbe country, will be speedily exchanged for 3.65 notes. These latter iiotes will be used by every clearing-house in the country for tbe payment of balances, and a large proportion of tbe circulation will then consist of the new interconvertible interest-bearing notes; so tbat the whole authorized issue of these notes will soon be in demand. If the aniount of interest-bearing notes be limited to $400,000,000, and a reserve of twenty-five per cent, in legal-tender notes be held in theTreasury, the amount of the latter wbicb may be invested in United. States six per cent, bonds wdll be $300,000,000. Tbis sum will purchase $250,000,000 of six per cent, bonds, assuming tbat the average premium is no greater than at present—twenty per cent. The amount of interest saved upon tbe $250,000,000 of 5 20 bonds retired will 'be $15,000,000, while tbe interest paid by tbe governraent on the $400,000,000 of 3.65 notes outstanding will be $14,600,000, tbe net saving to tbe governraent being $400,000. But through this process the present tax on bank circulation, araounting to $3,250,000, will be lost; so that, instead of saving $400,000, tbe governraent will by this experiment be actually the loser of $2,850,000, If, however, the issue of 3.65 notes shall be increased to an amount equal to that of the legaltender aud national-banknotes combined, the loss.in interest to the government would be somewhat less thau before stated, but equal to at least $2,500,000. It, therefore, seems evident that the substitution ofthe proposed expedient in place of a system whicb bas been in successful operation for the last thirteen years will result in a loss to tbe government instead of a gain. The national banks, as bas been seen, are disposed to retire tbeir circulation, and it is probable that during the next year a very large proportion of it-will be voluntarily surrendered. But, if the proposition now under consideration should be adopted, many of the banks would go into liquidation, and tbeir loans, to a very great extent, be called in, for tbe purpose of distributing their present capital and surplus among tbeir stockholders, who would, without doubt, generally organize under State systems and as private bankers. By this course a large proportion of the State taxes, now amounting to an average of about two per cent, upon capital, would be saved to the banks, as a result bf tbe conversion of their capital or deposits into interest-bearing notes, which, like other issues of the governraent, would be subject to taxation neither by national nor State authorities. Restrictions. Mr. Woodbury, in his report as Secretary of tbe Treasury in 1836, says: , If all the States would nuite in aclcling a few judicious limitations on the amount, of discounts as compared with capital aud deposits, and on the safe kiud of security to be taken fpr them, with the requirement of frequent publicity of their condition in detail, and of rigid accountability to x>eriodical examinations by legislative authority, the time is not distant when our currency would become stable; indeed, it deserves consideration whether, under such circumstances, the whole monopolies of bankiug might not with public advantage be entirely abolished, and the thanking privilege, under the above restrictions, securities, limitations, and requirements, (particularly if the personal liability of the stockholders is superadded,) might uot safely be thrown open to all. The tw^enty-seven years succeeding the report referred to, and preceding the passage of the national-back act, were full of disasters COMPTROLLER OF THE CURRENCY, 207 arising from the failures of banks and bankers, and of consequent losses to their creditors and bill-holders. During tbat period the bank legislation was directed chiefiy toward reforming the currency and securing tbe bill-bolder from loss, and but little attention was given to legislation concerning the necessar}^ '' restrictions, securities, limitations, and requirements" which should surround any general system of banking authorized by law. Indeed, under tbe dilferent State systems, it was and is impossible for "all tbe States to unite" injudicious restrictions upon banking, as suggested by Mr. Woodbury. Good bankers really require few or uo restrictions; and the system of banking in Scotland is frequently adduced as one which bas been successful witbouij restrictions. The eleven joint-stock banks of Scotland, witb tbeir nunierous branches, have long enjoyed a monopoly of banking ih tbat country. They are managed by men wbo have established a high character for integrity, skill, and judgment in tbe conduct of business, and are located in communities which are accustomed to the strict usages and precedents peculiar to a correct system of banking; and these methods of business are more potential than statutory provisions. Tbe Scotch banks do not fear competition, for they enjoy a monopoly of circulation, worth four per cent, per annum ; and they know that no loose or bad system of banking woulcl be countenanced or even tolerated by their dealers. The Scotch system is " a law unto itself," and needs few legal restrictions. But in tbis country, w^here auy association of persons, witb or without experience, may organize a bank, it is of great importance that they should be under sucb judicious limitations as are known to characterize good banking. The national banks have earned a good character, because, as a rule, they bave conformed to such needful rsstrictions as bave been fixed by legislation, and as are required fbr tbe safety of their creditors or dealers. For this reason many existing associations bave preferred to re-organize under the national-bank act, because by so doing they could attain a character and credit wbicb, as private bankers or under §tate systems, not so securely guarded, they could not so readily acquire. That these restrictions have been generally observed by tbe national banks may be seen by reference to tables of rcvserve, and to tbe sumraaries of reports of various kinds frequently published by this Office. Tbis may also be inferred from tbe few failures and tbe comparatively small losses to creditors whicb have occurred during the thirteen years\continuance of the vsystera. Eailures of national banlcs. The losses to creditors from tbe failures of banks prior to 1863 cannot be even approximately estimated, the only accessible data baving reference solely^ to losses upon circulation. Mr. MacGulloch says that '' the destruction of country banks in England bas upon three difi'erent occasions, in 1792, in 1814-'15-'16, and in 1825-'26, produced an extent of bankruptcy and misery that has never perhaps been equaled except by the Mississippi scheme in France. In 1826, forty-three commissions of bankruptcy w^ere issued against country bankers, and from 1809 to 1830 no less than 311." . ElUot's Funding Systera* gives a list of fifty-five banks in tbe United States, with an aggregate capital of $67,036,265, whicb failed in 1841. Tbe total bank capital in tbat year, as stated by Elliott, was $317,642,692, and the failures therefore represented more than one-fifth ' Page 1176^ 208 REPORT OF THE FINANCES. of the entire bank capital of the country. It is further mentioned that, in nearly every instance the capital invested in such fiiilures was wholly lost. Of these fifty-five banks, twenty-five bad been organized under the free-banking system of Kew York, wbicb was adopted in 1838, and represented a capital of $3,327,965; and eleven were organized under the safety-fund system, with a capital of $3,000,000. The failures in Pennsylvania represented $45,711,000 of capital, including the United States Bank of Penusyivania, witb a capital of $35,000,000. The failures in Ohio represented $2,377,^169^ in Illinois $3,446,125, and in the city of New Orleans $4,708,652 ol^capital. . Corresponding facts respecting the State banks of this country in subsequent years, and especially in connection witb the panic of 1857, will be remembered. Since the organization of tbe national banking systeni in 1863, and down to October 1, 1875, thirty-eight national banks have failed, with a total capital of $9,011,100, and witb circulation amounting to $5,874,893. The experience of tbis country, previous to tbe organization of the national banking system, has shown that in twenty years an amount equal to its whole banking circulation was lost in the hands of the people-7-tbe loss by bills of broken banks alone being computed to bave been at the rate of five per cent, per annum. Tbere bas been no loss whatever upon the circulation of the national bauks, and no loss to the bill-holder can arise so long as the present laws shall remain in force^ The total amount of claims proved against all of tbe insolvent national banks is $14,672,106. Dividends amounting to $8,292,877 have been paid upon these claims; and it is estimated that the total loss to their creditors since the organization of the system in 1863 will not exceed $3,985,000. This total loss is less than tbat realized, in more than one instance, from the failure of a single banking-house during the period first mentioned. There bas already been paid upon the total amount of proved claims an average of fifty-six and one-half per cent., and it is estimated that tbe proportion paid and to be paid upon such claims will be about seventy-three per cent. Six banks in New York City and one in Brooklyn have failed, witb an aggregate capital of $3,000,000 ; and three of those in New York, witb a capital of $1,200,000, have paid their depositors in full, the amount so paid being $1,332,031. Thebankin Brooklyn, which failed with $1,191,380 due to depositors, bas paid to tbat class of its creditors 96 per cent, in dividends, amounting to $1,143,725. The wbole amount of clairas of tbe depositors of the seven banks mentioned is $4,482,568, upon which $3j878,755 have been paid, being an average dividend of eighty-six and one-half per cent. Tho total amount of losses of depositor of natioual banks in iSFew York and Brooklyn is estimated at $246,130, or five and two-fifths per ceut. upon the amount of claims proved. There bave been no losses by failures of national banks in any of the other principal cities, except in Cbicago, New Oiieans, and Washington. One bank only has failed in tbe New England States, and the total loss to creditors of that institution is but $1,379. Tbe loss to all creditors of national bauks in the Middle States is estimated at $701,401, and in the Western States at $841,729. Tbe largest proportion of loss hasbeen in the Soutbern States, where business has continued unsettled throughout tbe entire period since the organization of the system; tbe losses in those States being estimated at $2,439,994 upon $6,638,074 of liabilities. Tbe whole number of banks which have failed, with tbeir location and 209 COMPTROLLER OF THE CURRENCY. capital, claims proved and dividends paid, together witb the estimated loss, is as follows : N o . of banks. states. Connecticut NewYork Pennsylvania Illinois Ohio Indiana Iowa 1 Kansas Utali Nevada D i s t r i c t of C o l n m b i a Virginia Tennessee Alabama Mississippi Arkansas Louisiana 38 Totals Capital. Clainis proved. Dividends. $60, 000 3, 501,100 550, 000 800, 000 100, 000 100, 000 100, 000 100, 000 150, 000 250, 000 700, 000 700, 000 100, 000 100,000' 50, 000 50, 000 1, 600, 000 5, 049, 430 1, 05.5, 264 1, 001, 816 144, 775 206, 998 205, 256 55, 329 76, 366 169, 812 2, 254, 458 1, 342, 252 376, 932 . 288,932 33,110 15,142 2, 327, 248 $67, 606 4, 251, 207 669, 660 128, 922 50, 671 46, 611 140, 258 24, 898 • 11,455 135, 850 1, 022, 487 501,618 65, 335 101,126 11, 588 15, 142 1, 048, 443 9, Oil, 100 14, 672,106 8, 292, 877 Estimated loss. $1,379 432, 684 268, 717 593, 310 43, 432 84, 825 64, 998 38,183 16, 981 687, 707 754, 852 311,597 158,913 18,210 508,715 3, 984, 503 In eacb of ten States in the above table there was a failure of one bank only, the aggregate capital of these ten banks being one million dollars. In twenty-two States and Territories, including all the New England States except Connecticut, with New Jersey, Delaware, Maryland, Kentucky, Missouri, Micbigan, Wisconsin and Minnesota, tbere have been no failures. Tbe numberof mercantile failures in the United States since 1869* is estimated at 26,880, witb liabilities amounting to $809,460,000. Of this number there were 2,974, witb liabilities to tbe extent of $218,908,350, in New York City alone. Tbe number of failures of national banks which have occurred in the United States during tbe same period is twenty-two, witb liabilities amounting to $8,952,878. Upon this sum, dividends amounting to $5,492,029 have already been paid, and it is thought that a large proportion of the remaining indebtedness will yet be liquidated; the total loss to depositors and other creditors being estiraated at $1,810,040, or an average of about twenty and one-fifth per cent, of tbeir claims. I n New York City, the number of failures of national banks during tbe same time was five; liabilities, $3,120,436; estimated amount of loss, $178,839. Tbe total remaining indebtedness of all the insolvent national banks does not equal the loss wbicb has occurred during tbe present year from the failure of the single house of the Messrs. Collie, in England; nor does the unpaid indebtedness whicb bas accrued since 1869 exceed the * Daiin, Barlow & Co. give the mercantile failures for the yearrf 1870 to 1875 for the Unitecl Sta es and for New York City as follows : U n i t e d Sta.tcs. N e w York City., Year. Nnmber 1870 1871 1872' i 1873 1874 . - Totals ...' 14 F -• • Liabilities. Number. Liabilities. $88, 242, 000 .3, 551' 85, 252, 000 2, 9l5 121,0.56,000 4, 067 .5,183 • 228,499,000 155, 239, 000 5, 830 131,172,000 5, 331 430 321 385 644 645 546 j $20, .573, 000' 20, 740, 000 20. 684, 000 92, 635, 000 32, 580, 000 31,696,350 809, 460, 000 2, 974 1 218,908,3.30 26, 880 210 REPORT ON T H E FINANCES. losses lesulting during tbe past year from tbe operations of Dr. Strousburg alone, a Berlin speculator of notoriety, in Russia, German^^ and. Austria. Surplus* Tbe few failures of national banks, and tbe comparatively small proportion of loss wbicb bas resulted to tbeir creditors from this cause, may, in great measure, be attributed to tbe beneficial restrictions of the act, under Avbich a large amount of surplus has accumulated since tbe organization of tbe system, and.whicb surplus is a perpetual and increasing fund to which losses and bad debts may be charged. The following table exhibits theamouut and increase of tlie surplus fund, semi-annually, from 1863 to the present time: Date. July, Jan., July, Jan'., July, Jan., Julv, Jan., Jnly, Jan., June, Jan., Juue, Dec, June, Dec, June, Dec, June, Dec, June, Dec, June, 1S64 1865 1865 1866 1866 1867, 1867 ]868 1868 1869 1869, 1870 1870 1870. 1871 lb71, 1872. 1872 1873 1873, 1874 1874. 1875 Number of b a n k s . 467 638 1294 1582 1634 1648 1636 1642 1640 1628 1619 1615 1612 1648 1723 1790 1853 1940 1908 1976 1983 2027 2076 A m o u n t of snrplus. 129, 910 663, 311 31, 303, 566 43, 000, 371 50, 151, 992 59, 992, 875 63, •232, 811 70, 586,126 75, 840,119 81, 169, 937 82; 218, .576 90, 174; 281 91, 689, 834 94, 705, 740 98, 322, 204 101, 573,154 105, 181, 943 111,•410,249 116, 847, 455 120, 961, 268 126, 239, 308 130, 485, 641 133, 169, 095 Semi-annual increase. $7, 533, 401 22, 640, 255 11,696,805 7,151, 621 9, 840, 883 . 3, 239, 936 7,353,315 5, 253, 993 5,329,818 1, 048, 639 7, 955, 705 1,51.5,5.53 3, 01.5, 906 3,616,464 3, 250, 950 3, 608, 789 6, 228, 306 5,437,206 4,113, 813 5,278,040 4, 246, 333 2, 683, 454 The. great increase in this fund during the years 1865 and 1866 was largely owing to the conversion, in those years, of State institutions into national banks; but prior to tbe organization of this system tbere was not, that I am aware, any provision of law requiring banks to carry any portion of tbeir net earnings to a surplus fund. Tbe act provides not only that a national bank shall, before tbe declaration of a dividend, carry one-tenth part of its net profits of tbe preceding half year to its surplus fund, until tbe same shall araount to twenty per centum of its capital, but tbat losses and bad debts shall be deducted frora its net profits before any dividend shall be declared. It further provides that all debts due to an association on which interest is due and unpaid for a period of six months, unless tbe same are well secured and in process of collection, shall be considered bad debts within, tbe meaning of tbe law. And this provision is construed to include stocks and bouds upon which interest is past due, as well as promissory notes. The London and Westminster Bank, in view ofthe exceptional losses and frauds during the past year, has transferred the sum of five hundred thousand pounds sterling from the '^rest" (surplus) to a special suspense account, whicb sum is considered more than sufiicient to meet all contingencies. The London Economist, in coramenting upon tbis course, says: '^Nothing can be better than that the greatest joint-stock bank in COMPTROLLER OF THE CJJRRENCY. 211 the country, the Bank of England alone ex(pepted, which belongs to a difierent order of things, should take tbis, decided and wise course. There are two policies in such a case possible, and only two. One is, at once to estimate tbe whole loss, to largely reduce the present dividend, and to write the necessary sum off the reserjve fund; tbe otber, to estimate tbe possible loss low, to write off but little, and, above all things, to declare as high a dividend as possible. In all companies, the rules of morality prescribe the former. It is wrouilg' not to provide for plain losses,, and wrong to pay unreal dividends. [But in tbe case of a bank, it is not only wrong, but dangerous. Perfecjt explicitness in sucb cases is tbe only means of safety. Tbe credit ofj a bank is its life, and tbat credit cau only be maintained by deserving the confidence of the public, "by telling the whole truth, though it is not favorable, and by acting consistently upon real facts, though they are not pleasant. ^'- If tiie largest of our joint-stock banks—the bank of which it used to be said that it never was known to lose laifgely, or to be concerned in any but good business—writes so large a sum off its reserve fund, and lessens its dividend by one-half, no otber bank need fear to tell the whole truth and nothing but the truth. Credit wjll never be good as long as people believe tbat anything is kept back. No doubt it needs raanliness and fortitude to tell the truth, when tbe trujtb is not pleasant; but it is only by manliness and fortitude that confidence can be obtained in common life, or that credit can be preserved in tjhe difficult and trying transactions of business." A bank which is conducted upon correct principles v^ill always refuse to declare a dividend until it is absolutely certain that the necessary amount of earnings is in hand. Legislation;is not needed to prevent the payment by such a bank of fictitious dividends; but badly-managed corporations often declare unreal dividends, the officers persuading them:selves that debts wbicb are doubtful, and whicb should be at least placed in a suspense account, will be eventually collected. Dividends in such •cases are made, not from the earnings of tbjC bank, but from its capital, or from otber funds whicb do not belong.to it. If bad debts can be •charged to a surplus fund already accumullated, the dividend may,not necessarily be passed, wbile the failure to make a dividend or a diminution of tbe surplus discloses in either case to shareholders tbe true condition of tbe bank, and tends to prevent tbe further payment of un.real dividends; the latter being too often ibe first acts of fraud o n t h e part of unscrupulous ofiicers and directors, j The rigid enforcement of this restriction |by tbis Office has frequently resulted in an entire cbange in tbe officers knd inanageinent of national banks, thus averting otherwise inevitable losses and failures. Publicity. , Tbe statistics hitherto compiled from the reports of the national banks have been fouud of great value, and are in constant request by those who are interested in or are seeking ini^brmation upon, questions of finance. Under no previous.system has it been possible to procure complete returns from which to present to the i|)ublic, periodically, full information of the condition ofthe banks of tbis country. As bas been already said, not even the joint-stock banks of England are required to make reports to any constituted authority, and but a very few of tbe banks of the Kingdom of Great Britain ever pretend to publisb statements of tbeir condition. Prior to the year 1834 no systematic effort bad been made to obtain full 212 REPORT ON THE FINANCES. 6 statistics concerning tbe banks in the various States; but. Congress baving by resolution directed tbe Secretary of the Treasury to procure andpublisb sucb statistics, an efibrt was made to do so; tbe result of which; may be inferred from a report to Congress, made in 1855 by the then Secretary of the'^Treasury, wherein it is said that tbe returns of the banks were so imperfect as to indicate extraordinary incapacity on the part of those raaking them, and tbat great difficulty was experienced in arranging in any intelligible or satisfactoiy manner those that were made. In many States no reports whatever were required from banks chartered iinder tbeir law^s; in others infrequent ones only were required; and in tbe few in w^bich tbe banks made quarterly reports there was an entire absence of uniformity as to tbe dates upon wbicb tbeir condition was required to be shown. It followed tbat no reliable information ofthe amount, at any given date, ofthe paper-circulation of the country, of the specie held by the banks, or, indeed, of their resources or liabilities generally, was obtainable, and the statistics, furnished by the Secretary were tberefore, through necessity, in a great degree based upon estimates, which were made trom reports that iu themselves were unsatisfactory and unreliable. In 1873 it was by law made the duty of the Comptroller of tbe Currency to present annually to Congress, from tbe best sources attainable,, a statemeiit of tbe condition of tbe banks, banking companies, and savings-banks organized under State and Territorial laws; but by reference to bis report it will be seen how difficult, for tbe reasons stated, bas been tbe task of obtaining tbe desired information, aud bow incomplete and meager the result of bis labors in this directiou. Efforts have been made to induce the State legislatures to remedy the difficulty by appropriate legislation, but thus far without success; and it is not probable tbat, under tbe ever-changing statutes of forty-three difierent States and Territories, any reliable statistics as to the affViirs of banking corporations chartered by them can ever be obta^ined. Thorough publicity as to the condition of banking institutions, whether organized by authority of Congress or by that of the State legislatures, is desirable, both for statistical purposes and as a check upon illegitimate operations. An eminent financier and political economist, in an essay published in 1831, says : " Anotber great guarantee against improper management is the obligation to make public annual statements ofthe situation ofthe banks. The mystery witb Avbich it was formerly thought necessary to conceal tbe operations of those institutions has been one of the most prolific causes of erroneous opinions upon that subject andof misraanageraent on their part. * * * Publicity is in raost cases one of the best checks tbat can be devised; it inspires confidence and strengthens credit; while concealinent begets distrust, and often engenders unjust suspicions." Tbe originators of the national bankiug systera, recognizing the importance of publicity, wisely provided for securing it to tbe fullest possible extent, by requiring the national banks to furnish to the Comptroller ofthe Currency reports of their eondition—at first quarterly, and at a later period five times in each year—and to publish such reports iu the local newspapers in tbe places w^bere tbe banks are severally established. From these reports full statements are made up and published annually in the report of the Comptroller to Congress, showing tbe amount and kinds of tbe loans made by the banks; tbe amount of specie, legaltender inoney, an(J other cash raeans held by them ; tbe character and amountof their o'fiher resources, and of tbeir liabilities to tbe public; the state of tbeir reserves; their earnings, dividends aud surplus ; to COMPTROLLER OF THE CURRENCY. 213 getber witb all such otber information tending to throw light upon tbeir condition and manageraent as can be given in general stateiTients. The national banks are also exarained eacb yenv by competent persons, whose reports are made in tbe same general form as are those made by the bank-officers; thereby afibrding a m e a n s of instituting comparisons by.which to ascertain the correcrness of tbe returns inade by tbe banks. The-reports of tbe examiners also give, in addition, detailed information, which can be obtained in no otber way, relative to tbe condition and management of the banks; thus enabling tbe Comptroller frequently to detect, and to inform directors and stockholders of, the existence of irregularities and mismanagement on the part of bank-officers which are dangerous to tbe stabibt}^ of the banks. Disasters are by these means in many cases averted, and valuable experience gained by tbe banks. Statistics so complete and accurate as those deduced from tbe reports of tbe national banks have never been made in any country under any previous system. They are of great value, whether viewed as a means of imparting to tbe public iiecessary information in regard to tbe banks, or of supplying to the statist and political economist or to Congress important and reliable data upon which to base such further legislation as may be found necessary for improving the administration ofthe banking systera of the country. Experience has shown that sucb statistics cannot be obtained except under a general law of Congress, requiring frequent and detailed reports from the banks to be made to one officer, and by him compiled for tbe use of the public. Consolidation of the national debt. Tbe Comptroller has endeavored to answer as concisely as possible tbe chief objections urged against the national banking system, and to present some reasons why tbe system should be continued. The monetary problems to be solved duiing the next few years are the consolidation of the national debt into bonds beaiing a low rate of interest and the resumption of specie payment. The conversion of thepresent national debt into a bond bearing four and one-half per cent, iuterest would save to the governraent nearly nineteen millions of dollars annually, wbile the reduction of interest resulting from tbe fundiug.of tbe debt into a four percent, bond would araount to twenty-seven and one-half millions annually ; and tbere appears no good reason w^hy, during tbe next ten years, tbe public debt should uot.be consolidated into a bond bearing interest at no greater rate than four per cent. In order to accomplish tbis most desirable end, it will be necessary to enlist in its support all the leading monetary institutions of tbe country. This assistauce, as we bave seen, was needed during the war of 1812, and bas been needed from tbe time of tbe organization of tbe Bank of North America until tbe present. A system of economy in expenditure, together witb an increased amount of revenue, will soon give to tbe country a credit not excelled by that of other countries, w^bich readily obtain loans at less than four per cent, per annum. But tbere are those who, seeing evils which are largely imaginary, desire the entire overthrow ofthe national bauking system, for thepur-. pose of substituting therefor anotber system which has been often tried without success, and which will inevitably lead to a loss of credit and partial or complete repudiation, not unlike tbat whicb bas recently overtaken the Turkish government. The natioual banking system should notbe repealed, but should be so moulded as to become and 214 REPORT ON T H E FINANCES. continue both profitable to tbe people and advantageous to the government. ' The interests of tbe national banks will be promoted by the reductionto a low rate of the interest upon the public debt; for such a reduction will carry witb it. a reduction o f t h e present onerous taxation upon bank capital, circulation and deposits. The banks and bankers of England have at all times a fund at tbeir command in which their surplus and reserves can be invested without danger of loss, namely, the English consols, beaiing interest at three per cent. The national banks derive but a small profit (about two and one-half per cent.) from their circulation; but if the public debt were consolidated into a security resembling the Eng, lish consols,^^' always salable in the market at a nearly uniform rate, it would furnisb a fund in wbicb the reserves of the banks could at all times be placed, and thus enhance not only the profits but tbe security, and safety of every monetary institution in the country. Tbe funding of tbe national debt at a low rate of interest will also aid materially in bringing about the resumption of specie payments; for the return to specie payments depends to a great extent upon the credit of the government. It is very generally acknowledged tbat the national banking systein is supeiior to tbe systems which preceded it in this country, and equal, if not superior, to any other system of banking yet devised; and the principal reason adduced for desiring its overthrow is that money canbe saved to tbe government by authorizing it to furnish the circulation of the country. Sucb a course will not result in true economy; for it will immediately and indubitably injure our credit abroad, and have tbe eff'ect of preventing tbe sale in foreign markets of United States bonds beaiing a low rate of interest. " The experience of the last thirteen years bas shown that the present is a safe and good system; but even were it ranch less perfect than it is, the common prudence of ordinary business men would dictate tbe postponement of tbe discussion of the repeal and liquidation of a banking system w^hose resources amount to nineteen hundred millions of dollars, among w^hich are iucluded onethousand millions of loans, to the people, witb more than four hundred millions to the government, until the debt of the country shall be funded at a satisfactory rate of interest, and permanent arrangeraentsbe efiected for the redemxition of its demand obligations. When the purchasing power of tbe legal-tender notes shall be made equal to gold, it will then be in order to discuss the policy of tbe establishment of a difi'erent banking system, and the issue of additional paper raoney by the governraent. NATIONAL-BANK CIRCULATION. Section 5177 o f t h e Eevised Statutes limited the issue of nationalbank notes to $354,000,000; of whicb amount $150,000,000 was required by the act of March 3, 1865, to be apportioned among tbe associations organized in tbe States and Territories aud in tbe District of Columbia, according to representative population, and $150,000,000 to associations organized in the several States and Territories and in the District of Columbia, having due regard to the existing banking capital, resources, and business of such State, District, and Territory. Tbe remaining $54,000,000 was, by tbe act of July 12, 1870, authorized to be * Since the year 1850 the Euglish consols (three per cents) have ranged in price from 99-^ (in 1851) to 8 7 | (in 1866.) The average price has, however, cluring that period, heen above 9.2; a rate which indicates the borrowing power of the government to be abont three and one-fourth per cent, per annum. • COMPTROLLER OF THE CURRENCY. _ 215 issued to associations in States and Territories having less than their proportion of circulation under tbe apportionment above described. The sarae act authorized the withdrawal of $25,000,000 from banks organized in those States wiiicb had received more than tbeir proportion, and its redistribution to banks located in States whicb bad received less than tbeir proportion of circulation. The redistribution of circulation, as contemplated by this act, was fouud to be impracticable, for reasons given in previous reports of the Coraptroller; and a subsequent act, approved June 20, 1874, provided for a system of redemption of national-bank notes at the Treasury Departraent, and a redistribution of $55,000,000 of circulation, under an apportionment made on tbe basis of population and wealth as shown by the returns of the census of 1870. The same act authorized tbe deposit by any national bank of lawful money with the Treasurer, in suras of not less than $9,000, for the purpose of retiring circulatingnotes, and tbe withdrawal by tbera of bonds held as security for sucb notes. Under this provision a greater araount of circulation has been voluntarily surrendered than w^as needed to sujiply applications therefor; and hence the withdrawal of circulation frora one portion of tbe country for tbe purpose of re-issue in another has proved to be unnecessary. The greatest amount of circulation outstanding at any time prior; to January 14 last was on December 1,1874, when it reached $352,394,346; and tbis amount is $1,605,654 less than that tben authorized by law. During the peiiod intervening between the passage of the act of June 20, 1874, and tbat of January 14, 1875, sixty banks were organized, with an aggregate capital of $5,369,000, and to which circulation was issued amounting to $3,753,580. Additional circulation, to tbe aniount of $980,920, was also issued to national banks previously organized, raaking a total issue of $4,734,500 during that tirae. Within the same period circulation to the amount of $2,767,232 was redeemed and destroyed, without re-issue; the actual increase being, therefore,ibut $1,967,268.. ' The following table exhibits, by States, tbe nuraber of national banks organized, with their capital and circulation, together with tbe circulation issued to banks previously organized, and the circulation vbluntarily returned and destroyed, from June 20, 1874, to January 14, 1875. .216 E E P O R T ON T H E FINANCES. Circnlation i s s u e d . No of States anclTcrritories. banks. Cai^ital. To new banks. Massaclmsetts 1 1 $.50, 000 1,00, 000 Pennsylvania 1 .200,000 Virginia • 45, 000 45, 000 $138, 000 74, 300 18, 000 58, 500 .^ Minnesota Kansas Nevada . • '.. Utah Montana Totals 74, 300 1^, 000 58, 500 $1, 000 $1,000 165, 463 21, 040 1,165 6.5, 700 73, 055 9,595 82, 000 27, 000 895, 213 47,140 1,105 6.5, 700 73, 055 "9, 595 1,380 62, 200 13, 780 . 41,900 120, 500 162, 400 500 • .5,700 51, 500 30,194 72, 245 17,170 87, 313 5, 500 13,152 26, 940 3, 430 7, 600 3,165 500 5,700 . 56, 499 479, 054 113, 245 132, 670 319, 623 69, 200 37, 952 35, 040 12, 4.30 9,700 3,165 43, 600 4,606 4,000 48, 206 4, 000 980,920 4, 734, 500 1, 975, 319 791,913 2, 767, 232 2 200, 000 61,500 . 61,500 10 1, 691, 000 1,319,400 4 250, 000 189, 000 121, 700 1,441,100 189, 000 4 300, 000 12 1, 075, 000 8 450, 000 4 200,000 1 50, 000 6 350,000 1 50, 000 1 100, 000 211, 500 895. 500 364, 480 120, 600 27, 000 261, 000 36, 000 30,600 113, 710 48,570 104, 320 83, 320 22, 500 63, 000 90, 000 200,666 72, 000 60 5, 369, 000 3, 753, 580 Total. 62, 200 12,400 45, 000 2 $82. 000 27, 000 729, 750 26,100 Liquidatingbanks. 4.5, 000 45, 000 100, 000 Arkansas Under a c t of J u n e 20,1874. iss, 666 2 45, 000 Tennessee . Mi ssoiiri Obio Indiana Illinois . Michigan W^isconsiu Total. $45, 000 30, 000 ^4.5, 000 30, 000 . Plorida T o old banks. Circulation retired. , 32.5,210 944,070 468, 800 203, 920 49, 500 324, 000 126, 000 30, 600 4, 999 448, 860 41,000 11.5, 500 232, 310 63, 700 24, 800 '8,100 9,000 2,100 72, 000 The act of elanuary 14, 1875, approved since the date of my last report, repealed all laws which limited tbe aggregate amotint of nationaL bank circulation, and also the laws (above referred to) which provided for its withdrawal and redistribution. I t further authorized the unlimited issue of circulation to banks organized, or to be organized, under existing laws, but made it the duty of tbe Secretary of the Treasury fo retire legal-tender notes to tbe extent of eighty per cent, of tbe additional national-bank notes issued, until tbeir amount should be reduced to $300,000,000. Section 3 of this act is as follows: T h a t section five thousand one hundred and seventy-seven of the Revised Statutes, limiting the aggregate amount of circulating-noces of national banking-associations be, and is hereby, repealed; and each existing banking-association may increase its circulating-notes in accordance with existing law without respect to said aggregate limit; and new banking-associations may be organized in accordance with existing law, without respect to said aggregate limit; and the provisions of law for the withdrawal and redistribution of national-bank currency among the several States and Territories are hereby repealed. And whenever, and so often, as circulating-notes shall be issued to any such banking-association, so increasing its capital or circulating-notes, or so newly organized as aforesaid, it shall be the duty of the Secretary of the Treasury to redeem the legal-tender United States notes in excess only of three hundred million of dollars, to the amount of eighty per centum ofthe sum of national-bank notes so issued to any such banking-association as aforesaid, and to continue such redemption as such circulating-notes are issued until there shall be outstanding the sum of three huudred million dollars of such legal-tender United States notes, and no more. And on and after the first day of January, anno Domini eighteen hundred and seventy-nine, the Secretary of the Treasury shall redeem, in coin, the United States legal-tender notes then outstanding on their presentation for redemption, at the office of the assistant treasurer of the United States in the city of New York, in sums of not less than fifty dollars. And to enable the Secretary of the 217 COMPTEOLLEE OF TUE CUEEENCY. Treasury to prepare and provide for the redemption in this act authorized or required,^ he is authorized to use any surplus revenues, from time to time, in the Treasury not otherwise appropriated, and to issue, sell, or dispose of, at not less than par, in coin, either of the descriptions of bonds of the United States described in the act of Congn-ss approved July fourteenth, eighteen hundred and seventy, entitled "An act to authorize the refunding of the national debt," with like qualities, privileges, and exemptions, to the extent necessary to carry this act into fall efiect, and to use the proceeds thereof ior the i^urposes aforesaid. And all provisions of law inconsistent with the provisions of this act are hereby repealed. Between the date of this act and J^ovember 1, following, eightynine banks were organized, with an aggregate capital of $10,654,100 and $ 0,750,680 of circulation. Additional circulation, amounting to $7,235,995, was also issued to national banks organized previous to the date of tbe act last mentioned, making a total issue, since January 14', of $10,986,675. Legahtender notes amounting to $8,763,756, have, under the provisions of the law^, been witbdrawn from circulation and destroyed, leaving tbe aniount of sucb notes outstanding on ii^ovember 1, 1875, $373,236,244. During the same peiiod $14,570,305 of nationalbank notes were redeemed by the Treasurer, and $2,690,918 surrendered to this Office, none of whicb bas been reissued. The actual decrease, therefore, in national-bank circulation has, since January 14,1875, been $6,774,548. The total circulation issued to national banks under tbe acts of June 20, 1874, and Januaiy 14, 1875, was, on November 1 of this year, $15,721,175, duiing wbicb time $20,028,455 of their notes were redeeraed or surrendered and destroyed ; the decrease in total circulation duiing tbis peiiod being $4,307,280. The wbole amount of legal-tender notes deposited with the Treasurer under tbe act of June 20, 1874, by banks now in operation, for tbe purpose of retiring circulation, was $27,552,329, wbicb amount was deposited by two hundred and forty-one' banks. There was also deposited by banks in liquidation, $6,210,175, to which must be added a balauce of $3,813,675 remaining from deposits made by liquidating banks prior to that date; making a total of $37,576,179 thus deposited. Deducting from this sum tbe amountof circuiatingnot.es which, during tbat period, was redeemed and destroyed and for which no re-issue was made, there remained on ]N"ovember 1, of legal-tender notes on deposit witb tbe Treasurer for the purpose mentioned, $20,238,642, which amount will doubtless be increased from mouth to month; so that tbe extent of withdrawals of national-bank notes during tbe current year will probably exceed that of their issuCo The following table exhibits, by States, tbe issue and retirement of circulation from June 20, 1874, to ISlovember 1, 1875 : Circulation retired., s t a t e s and T e r r i t o r i e s . Maine N e w Hamxishire Vermout Massach nsetts Rliode I s l a n d Connecticut New York New Jersey Penns:ylvauia Delaware Maryland D i s t r i c t of C o l u m b i a Yirginia Circulation issued. $479,140 201, 860 434, 870 3, 791, 485 108,100 525, 850 1,166, 080 360, 050 2, 153, 930 1,000 73, 310 144, 200 191, 850 Under act of J u n e 20, Of liquidating banks. 1874. $409,107 153, 900 • 158,212 4, 610, 294 143, 088 165, 396 23, 735 95,135 Total. 12, 485 778,641 8, 962 194, 823 $20, 469 11, 815 11, 329 454,237153,900' 170,697 5, 388, 935 152,0.50 360,219 69, 093 323,406 408, 120 92, 828 323, 406 503, 255 $20, 469 11, 815 11, 329 45,130 218 REPORT ON THE FINANCES. Circulation retired. Circulation Under act issued. Of liquidatof J u n e 20, ing banks. 1874. States and Territories. VTest Vii'0"inia N o r t h Carolina South Carolina Georgia . . . $29, 080 148, 500 . 154, 75, 318, 86, 695 795 585 906 45, 000 63, 000 32,130 Alabama Mississi])pi .l/Ouisiana . . . . . . Texas Arkansas Kentuckv Tennessee ...... Missouri Ohio Indiana Illinois Michigan W^isconsin •. ... loAva .' Minnesota . . Kansas Nebraska Nevada Colorado Utah Montana S u r r e n d e r e d t o t h i s Oflice a n d r e t i r e d 61, 500 :. 1,810,500 234, 000 42, 600 589, 730 1, 275, 670 628, 000 277, 420 50, 400 472, 500 226, 820 30, 600 190, 392 39, 023 14, 789 174, 289 141,168 1, 565, 346 133,282 839, 072 1,709,255 341, 996 . 250,817 381, 711 365, 092 84, 043 40, 480 1273, 823 $328, 518 50, 965 318, 585 137 871 670 2,750 411,990 2,705 13, 812 204, 879 135, 883 274, 363 149, 835 652, 072 28, 475 13.5, 210 166, 147 6,908 132, 545 72, 000 1,800 139,512 22, 899 4,840 6,475 58, 333 10, 770 1.5, 721,175 12, 729, 814 4, 607, 723 y. Totals Total. 670 2,750 602, 382 39 023 17,494 188,101 346, 047 1,701,229 407, 645 988, 907 2, 361, 327 370, 471 386, 027 547, 858 372 000 216, .588 40, 480 4,840 8, 275 197,845 33, 669 2, 690, 918 20, 028, 455 . The following table exhibits the total issue and retirement of nationalbank circulation, and the deposit and retirement of legal-tender notes, monthly, from June 20, 1874, to November 1,1875, tbe amounts issued and retired under each of tbe acts named being stated separately: N a t i o n a l b£ink circulation. Legal-tender notes. Months. Issued. J u n e , 1874, (last 10 d a y s ) . July, " :.-.. Aug., " Sept., " Oct,, " .Nov., " Dec, " J a n y . , 1875 (iirst 14 days) , T o t a l s from J u n e 20, 1874, to J a n y . 14, 1875. Jany , Feb., Mar., April, May, June, July, Avg., Sept., Oct., 1875 ( l a s t l 7 d a y s ) " " '. " " : " " " " '' , Retired. $72, 820 715, 260 564, 450 1, 232, 570 780, 650 781, 500 397, 0.50 190,200 |120, 800 100, 000 4, 734, 500 2, 767, 232 537, 580 062, 440 956, 580 390, 200 .237, 500 735, 525 151,140 626, 960 520, 650 768,100 509, 269 796, 550 130, 500 •950,413 159, 700 255, 600 1,139, 204 583,200 1, 614, 400 1, 532, 530 1, 734, 900 2,1.56, 500 1, 847, 596 1, 803, 020 1, 903, 355 Issued. $1,105,337 3, 169, 043 3,190, 425 1,153, 400 988,143 2.58,167. 728, 587 449, 795 11, 042, 897 1, 323, 214 3, 283,100 2, 875, 448 2, 261, 463 1, 637, 309 3,099,626 1, 886, 910 943, 246 2,167, 406 3, 241, 885 T o t a l s from J a n . 14 t o N o v . 1, 1875. , 10, 986, 675 14, 570, 305 22, 719, 607 N a t i o n a l - b a n k n o t e s s u r r e n d e r e d t o t h i s Office a n d retired 2, 690, 918 B a l a n c e of legal-tenders deposited b y l i q u i d a t i n g b a n k s p r e v i o u s t o J u n e 20,1874 3, 813, 675 Grand totals . 15, 721,175 Eetired. 37, 576,179 $2, 773,100 1, 175,140 987, 760 1, 292, 420 1, 016, 472 509, 400 304, 584 • 704, c80 8, 763, 756 8, 763, 756 COMPTROLLER OF THE CUKRENCY. 219 The following sumraary exhibits, .concisely, tbe operation of the acts of June 20, 1874, and of Januarj^ 14, 1875, down to November 1, of the present year: National-bank circulation oiitstauding June 20, 1874 Issued from June 20, 1874, to January 14, 1875 Redeemed aud retired between same d a t e s . . . . . . . ^ $349,894, l-'2 $4, 734, 500 2,767,232 Increase from June 20, 1874, to January 14,1875 Amount outstanding January 14, 1875 1,967,268 ^, 351,861,450 Redeemed and retired from Jan. 14 to Nov. 1, 1875 Surrendered between same dates Total redeemed and surrendered Issued between same d a t e s . . . 14, 570, 305 2,690,918 17,261,223 —..... 10,986, 675 Decrease from January 14 to November 1, 1875 Amount outstanding November 1, 1875 6,274,548 345,586,902 Balance of legal-tender notes on deposit in the Treasury J a n e 20, 1874, to redeem circulating-notes of insolvent and liquidating b a n k s . . . . . . . . . . . Deposited from June 20, 1874, to November 1, 1875, to redeem nationalbank circulation $3, 813, 675 Total .; Circulation redeemed by Treasurer between same dates, without re-issue. .37,576,170 17,337,537 Legal-tender notes remaining on deposit November 1, 1875 Legal-tender notes retired under act of January 14, 1875 Decrease of national bank-notes from June 20, 1874, to Nov. 1, 1875 33,762,504 20,238,642 $8,763,756 4, 307,230 National gold-bdnlcs. The national gold-banks of tbe United States are nine in number, and are all located in the State of California. Tbeir total capital, which on November 1, 1874, was $3,650,000, has been increased during tbe present year to $4,700,000. Tbeir aggregate circulation bas also, during the same period, been increased from $2il50,000 to $2,630,000. The National Gold Bank and Trust Company of San Francisco has deposited in tbe Treasury of the United States $740,000 in gold for the purpose of retiring its circulating-notes, $340,000 of wbicb was deposited during the present month. Two other gold-banks, one at Stockton and the other at Petaluma, have deposited $160,000 and $40,000, respectively, for the same purpose, the total amount of specie so deposited being $940,000; and tbeir notes to tbat amount are now redeemable in gold botb at the office of tbe assistant treasurer in San Francisco and at the Treasury in Washington. Prior to tbe late financial crisis in California the gold-notes bad an extensive circulation in the mining-regions of tbe Pacific coast, the expense of transportation being considerably less than upon gold coin; but owing to tbe deranged condition of business and the suspension of labor in many of the mining-districts, the demand for these notes has largely diminished. The already-existing prejudice of the people of the Pacific coast against the use, as money, of any description of paper-currency, is said to have been increased by the recent 220 REPORT ON THE FINANCES. refusal of the other banks and bankers of San Francisco to either receive or pay out the gold notes; and as the total capital of the two national gold-banks in San Francisco was but $3,000,000, wbile tbat of the State and foreign banks and private bankers in that city is estimated to be not less than $25,000,000, tbe effect of such refusal can be readily appreciated. The recent prompt and simultaneous redemption of these notes in gold, in San Francisco and Washington, together with a restoration of tbe industries of tbe State to their former prosperity, will without doubt restore their credit. By the act of June'20, 1874, the requirement of a reserve upon circulation was repealed; but tbis provision did not apply to the gold-banks. The circulation of such banks is by law limited to eighty per cent, of the par valu^ of the United States bonds deposited by them ; and as the estimated profit on circulation in California is only from one to two per .cent., (the legal rate of interest being ten per cent, per annum,) tbere can be little inducement for the organization of national gold-banks in that State. It bas been suggested tbat an increase to ninety per cent., in tbe ratio of tbe notes issued to tbe bonds deposited, shallbe authorized. This increase will, it is thought, be'necessary, if additional goldbanks are to be hereafter organized, and it is therefore recommended. REDEMPTION. It may be said that a bank is in good condition just in proportion as its business is conducted upon short credits, with its assets so held as to be available on brief notice. If banks loan upon real estate, upon long time, or npon inconvertible collaterals, the necessity of redemp' tion will certainly compel them to call in sucb loans so far as possible, and to re-loan their available means upon short credits w^bich are easily convertible. If banks are obliged to redeem tbeir notes in specie, they must so regulate their business tbat their resources can be readily converted into specie. .An anomalous characteristic of tbe present system of redemption is that the legal-tender note, in which tbe national-bank note is redeemable, is of no more value in tbe market than tbe issues of the banks themselves 5 but the exchanging of one kind of paper for another has, no doubt, had the effect of reminding the weaker class of banks th^t tbe notes which they issue are not really money, but are simply promises to pay, and which are really to be paid in money to the holder on demand, in proportion as the value of the legal-tender note is increased, the demand for such notes in exchange for the issues of national banks will, be increased. If, under the act of January 14,1875, a sufficient amount of legal-tender notes shall be wdthdrawn to reduce tbe aggregate amount to three hundred millions of dollars, as contemplated by tbe act, a system of redemption approximating to that of redemption in specie will take place, and tbe banks will be obliged to retire tbeir issues, or submit to frequent redemptions. The real benefits of such a system will then become apparent. It will give elasticity to the currency, and prevent the issue of bank-notes beyond the requirements of business. The following table exhibits the amount of national-bank notes received montbly by the Comptroller of the Currency, from June 20, 1874, to November 1,1875, and the amount received for the same period at the redemption agency of the Treasury: 221 COMPTEOLLER OF THE CURRENCY. Eeceived b y Comptroller. Month. Krora b a n k s F r o m refor re-issne d e m p t i o n or s u r r e n - a g e n c y fojder. re-issue. J u n e , 1874, (Last 10 clays). $1, 017, 358 Juiy, " 2,703,361 .592, 215 An'J" 526,641 Sept.', " 323, 834 Oct., " 167, 491 Nov., •' 98, 578 Dec, " . : 327,185 J a n . , 1875, (first 14 d a y s ) . $1,117,600 8, 827, 750 9, 827, 870 10, 687, 090 10, 865, 995 6,134,100 5, 761, 663 47, 460, 405 254, 655 38, 025 79, 861 54, 880 33, 837 293, 280 134, 540 2.54, 680 45, 345 406, 000 6, 872, 600 12, 265, 690 11,775,850 11,634,500 10, 885, 600 14,214,800 7,128, 500 7, 670, 300 6, 628, 955 5, 424, 900 Totals J a n . , 1875, (last 17 ilay-s).. F e b . " " . ..• .".... Mar., " April, " May " June, " July, " Ang., " Sept. " • Oct., " Of closed bauks. Under act of June 20,1874. Total. Eeceived a t redemption > agency.- $60, 409 360,010 444, 200 489, 400 479, 400 225, 700 $1,017,358 2,803,361 1, 770, 224 9,870,101 10, 896, 704 11,343,981 11,568,419 6, 686, 985 $10, .538,171 9, 993, 366 7, 823, 976 5, 608, 481 10, 686, 907 11 301 804 6, 338, 805 2, 059,119 55, 957,133 62 291 511 223,100 .591, 830 349, 800 583, 400 250, 500 655, 900 640, 376 254,100 545, 600 938, 200 918, 700 1, 309, 800 1, 796,100 908, 600 1, 685, 996 1, 384, 720 1, 328, 529 9, 5.52", 093 7, 381, 3.55 13,169,743 13, 365, 386 15, 250, 942 12, 793, 911 17, 295,133 12. 831,180 19, 630, 452 12, 821, 067 18,231,007 16, 6.53, 980 8, 755, 040 • 19, 257, 094 15, 774, 037 9, 861, 476 8, 714, 920 13, 348, 395 7, 799, 805 .15, 5.36, 038 $100, 000 155, 700 295, 800 124, 446 675, 946 516,071 Totals 1, 595,103 94,501,695 3, 810, 977 11,070,345 110, 978,120 157, 044, 934 Grand totals 7,356,766 141, 962,100 4, 486, 923 13,129, 464 166, 935, 253 219,.336, 445 From the above table it will be seen that there was received at the redemption-agency of the Treasury, from June 20, 1874, to November 1, 1875, $219,336,445. Of this amount,'$92,000,000, or about forty-two per cent., was received from the banks in New York City. The total amoun breceived by the Comptroller for destruction, from tbe redemptionagency and from the national banks direct, was $166,935,253; of which amount $15,094,354 were issues of the banks of the city of New York : $12,549,877, of those of the city of Boston; $5,650,667, of Pbiladerphia; $3,366,735, of Baltimore; $3,141,600, of Pittsburgh ; $2,796,945, of Chicago; $1,841,749, of Saint Louis; $1,288,570, of Cincinnati; $1,386,692, of New Orleans; $1,110,780, of Albany; and of those of the other rederaption-cities, $3,307,795. The amount of national-bank notes now outstanding upon which the' charter-number has been printed, is $156,256,347, leaving $101,960,555 of notes in circulation without such numbers. If the preseut system shall be continued until these notes are replaced by new notes bearing their charter-numbers, economy will result to the banks, for tbe expense of assorting will always thereafter be greatly reduced; aud when this shall have been done the machinery now in operation wdll be ready and adequate for the redemption of nationabbank notes in specie. The objection to the present systeni, on tbe part of the banks, is tbe expense, and there is no doubt that their complaints are entitled to consideration; for, under any true sy'stem of redemption, the correct principle is that the bolder shall, at his own expense, present thp note at tbe,place of redemption, while, under tbe act of June 20, the expense of siich presen^tation is borne by the association which issued the note. Bu't there are good -reasons for the continuance of the systein as it is. If tbe transmitting bank is to bear the expense of presentation, in many instances the filthy and mutilated notes which should be retired will be paid out in order to avoid tbat expense, and at the same time banks in the chief commercial cities will be subject to charges whicb shouUl be 222 REPORT ON THE FINANCES. borne by those who bave tbe benefit of the circulation. The expense to which the issuing banks are subject is in some degree counterbalanced by the privilege which they have of sending unassorted bank-notes to the Treasury for redemption, and by the repeal of the provision requiring reserve upon circulation. Letters upon this subject have been received by the Comptroller from the officeis of many leading banks, and it is tbeir almost universal opinion that the redemption of bank-notes should, at least for the present, be performed by the government and not by private corporations. Section 5173 of the Eevised Statutes provides that the expenses of this Office shall be paid out of the proceeds of the taxes or duties assessed and collected on the circulation of tbe national banks. This tax, from tbe organization of the system to July 1, 1875, amounts to $30,836,937, w^hile the expenses of the Bureau and of tbe printing and preparation of the notes have been but $3,689,617.64. The tax on deposits was imposed as a war-tax; and as other similar war-taxes have been repealed, the national banks claira that this tax also should be repealed. Tbe. araount of taxation to which the national banks are subject (the average rate, including Stateand national, being about four per cent, lier annura) is much greater than that imposed upon any other capital in tbe country; and it seenis but just that the tax on deposits should be remitted. Under existing law, the assorting, redemption, and destruction ofthe notes of banks in liquidation, or whicb are retiring their circulation, is required to be done at the expense of the government. This expense has, during the past year, been borne chiefly by the banks; and the amount of this class of currency to be redeemed during the next year is estimated to be about one-eighth of the whole issue, for which purpose there will probably be on deposit with the government not less than an average of $20,000,000, in addition to tbe redemption fund of about $16,000,000. If the tax on deposits be not repealed, the Comptroller recoraraends that Congress authorize an appropriation of an araount sufficient to defray the expenses of redemption, to be paid from the taxes collected from.the national bauks, now amounting, annually, to more than seven millions of dollars. The banks will then still contribute the greater portion of the expense, through the permanent" deposit by them of legaltenders in tbe Treasury as a rederaption fund; while the trifling cost of redemption will be more than counterbalanced by the constant purification of tbe currency and the pernianent reduction of exchange througbout the country to a rainiraum rate. Under tbe present systeni of rederaption the Treasurer transraits by express legal-tender notes in payraent of unassorted nationalbank notes received by hira. Many of the banks prefer that such returns should be placed to their credit Avith their correspondents in the <ioraraercial cities; and if such transfers can be made at the ojition of the transmitting bank, a large amount of expense will be saved to them, and one of the principal objections to the present system obviated. The following table exhibits the number and amount of national-bank notes, of each denomination, whicb have been issued and redeemed since the organization of the systeni, and the number and amount outstanding on November 1, 1875 : v 223 COMPTEOLLER ON THE CURKENOY. IsTnmber. Amoant. Denominations. Issued. 1 18, 046,176 2 6, 039, 752 47, 0.55,184 5 10 17, 410, 507 5, 296, 064 20 884,165 50 100 . .... 64.5, 838 500 18, 476 5, 530 1,000 A d d lor f r a g m e n t s of n o t e s lost or d e s t r o y e d . 95, 401, 692 Redeemed. Oatstand- Issued. Redeemed. Outstanding. . 14, 4, 24, 7, 2, 092,126 3; 9.54. 050 816, 623 1, 223i 129 926, 771 22,128, 413 608,.532 9, 801, 975 004, 464 3, 291, 600 503,128 381, 037 299, 428 346, 410 14,471 4, 005 • 5, 048 482 $18,046,176 $14, 092,126 $3, 954, 050 00 12, 079, 504 9, 633, 246 . 2, 446, 258 00 23.5,275,920' 124, 633, 855 110, 642, 065 00 174,105, 070 76, 085, 320 98,019,750 00 105,921,280 40, 089, 280 65, 832, 000 00 44, 208, 250 19, 051, 850 25,1.56,400 00 64, 583. 800 29, 942, 800 34 641 000 00 9, 238, 000 2! 002; 500.00 7, 235, 500 5, 530, 000 . 5,048,000 482,i000 00 7, 205 30 54,148, 500 41, 253,192 668, 988, 000 *32.5, 811, 977 343,183, 228 30 * Deduct frora. the araount redeemed $7,205.30, for payments of notes lost or destroyed. The following table exhibits tbe increase and decrease, by number and amount, ofeach denomination of nationabbank notes issued during the year ending November 1,1875; from which it will be seen that while tbe notes of tbe denominations of ones, twos, and fives have largely decreased during tbe past year, there has been a considerable increase in the notes of higher denominations, particularly ofthe tens and twenties : . • ; Ainount.: Number, • Increase. 1 o Decrease. Increase. Decrease. 1,4.50,603 560, 965 4, 073,118 tr 10 20 50 100 500 1,000 377, 301, 67, 50, . Totals • -. 606 099 734 500 ..-.. * . . $1,4.50,603 ] 121 930 20; 365, 590 $3, 776, 060 6, 021, 980 3, 386, 700 5, 050, 000 1,663 796, 939 6, 086, 424 831, 500 75, 000 18, 234, 740 23, 844, 623 The following table sbows the amount of national-bank notes received at tbis Office and destroyed yearly, since the organization ofthe system : Prior to November 1,1865 D u r i n g t b e y e a r ending October 31,1866 During tbe year ending October 31,1867 ,. During tbe vear ending October 31,1868 During tbe year ending October 31,1869 : During tbe year ending October 31,1870 During tbe year ending October 31,1871 : During tbe year ending October 31,1872 • During tbe year ending October 31,1873 D u r i n g t b e vear ending October 31,1874 During tbe year ending October 31,1875 Additional amount destroyed of notes of banks in liquidation Total $175,490 1,050,382 3, 401,423 4, 602,825 8,603,729 14, 305, 689 24,344,047 ,30^ 211,720 36,433,171 49,939,741 137,697,696 : . . 15, 038, 858 325,804,771 TAXATION. The Comptroller in September last issued a circular addressed to the national banks, requesting returns of State taxation for the years 224 REPORT ON THE FINANCES. 1874 and 1875. The assessment for 1875 bad not generally been made at tbat time, and the returus for tbat year were tberefore meager. The number of banks in operation during the year 1874 was nineteen hundred and seventy-seven, Ibrty-one of which paid no State taxes because they were organized after the assessment for the year had been raade, and thirty-six failed to reply. Eeturns were, however, received from nineteen hundred banks, baving a capital of $476,836,031. The thirtysix banks which made no returns bad a capital of $16,800,000. The returns made to the Treasurer for 1874 were classified by States in this Office, and tbe following table prepared, giving the amount of United States and State taxes and the rate of taxation in every State in tbe Union for that year. Araount of taxes. s t a t e s and Territories. Maine jTSTew H a m p s h i r e . A'^ermont Massachusetts... Ilhode Island Connecticut...:.. New York I^Tew J e r s e y Pennsylvania Delaware Maryland.'. D i s t . of C o l u r a b i a Virginia W e s t Virgioia . . . jNortli C a r o l i n a . . South Carolina... Georgia Alabama Louisiana Texas Arkansas.... '. Iventucky Tennessee Ohio Indiana Illinois ., Michigan Wisconsin, Iowa Minnesota . . . . . . . . Missouri Kansas :. ISTebraska Oregon California Colorado Utah jSTew M e x i c o Wyoming Idaho Dakota Montana Total R a t i o s to c a p i t a l . Capital. United States. state. Total. $111, 403 $9,6.54,019 5, 317, 037 60, 002 7,862,712. 88,152 91. 754, 078 1,163,858 201, 317 20, 504, 800 271, 801 25, 424, 620 106,599,708 2, 026, 960 13, 830, 466 205, 451 53,178, 261 871, 220 20, 798 1, 52.3,185 181,249 13, 720, 997 1,309,512 19, 747 54, 957 3, .580, 913 2,37,5,216 33, 484 2,173, 338 30, 837 3,1.56, 250 34, 421 2, 843, 962 31, 656 1, 634, 883 18, 746 61, 642 4, 000, 000 14, 384 1, 054, 897 205, 000 2,488 9, 076,127 103, 635 3, 457, F97 50, 290 29,112, 642 403, 697 17, 936, 404 214, 977 20, 507, 963 • 367,718 10, 098,162 134, 052 3, 704, 032 67, 485 6, 048, 562 98, 421 4. 268, 026 63, 224 9, 308,198 112,525 1, 783, 235 26,182 1, 025, 000 20, 883 5,808 250,000 3, 358, 594 '46, 044 16, 983 748, .581 5, 387 439, 402 3, 718 300, 000 1,697 * 125,000 •1,393 100, 000 . 614 .50, 000 6,777 350, 000 $192,290 106, 587139, 297 1,878, .368 224, 540 439,402 3, 044, 565 282, 645 377, 546 6,630 194, 697 5,288 52, 207 34, 507 38, 601 111,6.54 53, 872 25, 289 52, 270 22,863 8, 030 47, 655 70, 844 642, 054 429, 585 420, 461 149, 720 76, 330 117,115 76, 876 190,140 41,867 . 34,232 3,483 10, 750 4,137 3,150 1,180 129 1, 225 8,190 $303, 693 166, 589 227, 449 3, 042, 226 425, 857 711,203 5, 071, 525 488, 096 1, 248, 766 27, 428 375, 946 25, 035 107,164 67, 991 69, 438 146,075 85, 528 44, 035 113,912 37, 247 10, 518 151, 290 121,1.34 1, 04,5, 751 644, 562 788,179 283, 772 14.3,815 21,5, 536 140,100 302, 665 68, 049 55,165 9,296 46, 044 27, 733 9,524 6, 868 2,877 1, 522 1,839 14,967 7, 256, 083 9, 620, 326 16, 876, 409 *493, 751, 679 United States. P e r cent. 1.2 1.1 1.1 1.3 1.0 1. 1.9 1.5 4 4 1 1 1.2 1.5 1.4 1.2 1.1 1.5 1.4 1.2 1.8 .1.3 1.8 1.6 1.5 1.2 1.5 2.0 2.3 1.4 2.3 1.2 1.2 1.4 1.4 1.2 1.9 State. P e r cent. 2.0 2.1 1.8 2.1 1.1 1.8 2.9 2.1 0.70.4 1.5 0.4 1.6 1.8' 1.9 3.6 1.9 1.7 1.4 2.3 3.9 • 0.5 2.2 2.2 2.6 2.2 1.5 2.3 2.1 2.0 2.1 3.3 .3.3 1.4 2.1 1.4 1.1 2.5 0.1 2.0 Total. P e r cent. 3.2 3.2 2.9 3.4 2.1 2.9 4.8 3.6 2.3 1.8 2.8 1.9 3.1 3.2 3.3 4. T 3.0' 2.9 2.9 3. 7 ' . 5.1 1.6 3.7 3.6. 3.8 4.0' 2.8 4. T 3.7 3.5 3.3 4.8. 5.3 3.7 1.4 4.4 3.6 2.3 3.9 1.5 3.7 4.2 3.5 * I n c l u d i n g t h e c a p i t a l of b a n k s from w h i c h r e t u r n s of t h e a m o u n t of S t a t e t a x a t i o n w e r e n o t r e c e i v e d . Similar tables will be found in tbe appendix, giving returns by States for 1867 and 1869. An examination of these three tables will show that the State of New York paid tbe highest bank-taxes of any of the Eastern or Middle States, the United States taxes for tbat State in the years named being respectively 2.6, 2.6,and 1.9 per cent., ^nd tbe State taxation 3.5, 2.7, and 2.9 per 225. COMPTROLLER OF THE CURRENCY. cent.; totals, in 1867,6.1, in 1869, 5.3, and in 1874,4.8.per cent. The corresponding totals for New Jersey were, in 1867, 4.2; in 1869, 4.2, and in 1874, 3.6 per cent.; for Pennsylvania, in 1867, 3.; in 1869, 3.2; and in 1874, 2.3 ; for Massacbusetts, in 1867, 4.0 ; in 1869, 3.7, and in 1874, 3.4 ;. for Maine, 3.5, 3.9, and 3.2 ; New Hampshire, 3.8, 4.1, and 3.2 ; Connecticut, 3.3, 3.4, and 2.9; and in the remainder of the Eastern and Middle States more than 2 per cent, in 1874, with the exception of Delaware, Avhich paid but 1.8 per cent. Of the Western States, the national banks in Ohio paid tbe following, percentage of taxation : in the year 1867, 4.6; in theyear 1869, 5.5j and in the year 1874, 3.6. In tbe State of Indiana for tbe same years thepercentage was 3.7, 4.1, and 3.8. In Illinois it was 4.8, 4.8, and 4.0; in Michigan, 3.5, 3.2, and 2,8-, in Missouri, 3.4, 3.7, and 3.3; in Wiscor^sin,.. 4.7, 4.9, and 4.1; Minnesota, 3.3, 4.2, and 3.5; Kansas, 4.5, 8.4, and 4.8 ;,; Nebraska, 7.1, 6.4, and 5.3. Of the Southern States, South Carolina paid the following percentages : 3.4 in 1869, and 4.7 in 1874; Tennessee, 4.1,2.7, and 3.7, in the three years named; and the remainder of tbe Southern States paid in 1874 more than 3 per cent., with the exception of Louisiana and Alabama,, which paid 2.9, and of Kentucky, which paid but 1.6 per cent. Eeturns were also received from tbe national banks in 1866, which.^ were not tabulated by States. TheUnited States taxes for that year were $8,069,938; State taxes, $7,949,451; total, $16,019,389. An estimate of the total taxation of the national banks for the ten. years ending in 1875 has been made, by assuming the rate of State taxation in the years in whicb no returns were made to this Office to haY.ebeen the same as the known rate in tbe y^ars which immediately preceded them. For the years 1872 and 1873 the necessary allowance has. been made in tbe estimate for the amount of the income and license tax and the stamp-tax on promissory notes, wbicb taxes had then been repealed. Sucb estimate is shown in tbe following table: A m o u n t of t a x e s . Years. United States. 1866 1867 1868 1869......... 1870 1871 1872 1873 1874 1875 .*.. Eatios to capital. C a p i t a l stock. $410, 593, 435 422, 804, 666 420,143, 491 419,619,860 429, 314, 041 451,994,133 472, 956, 958 488,778,418 493, 751, 679 499, 438,171 $7, 949, 451 9, 525, 607 9, 465, 652 10,081,344 10,190, 682 10, 649, 895 6,703,910 7, 004, 646 7, 256, 083 7, 305,134 State. 18, 069, 938 8, 813,127 8, 757, 656 7, 297, 096 7, 465, 675 7, 860, 078 8, 343, 772 8, 499, 748 9, 620, 326* 10, 076, 332 Total. $16,019,389 18,338,734 18,223,308 17, 378, 340 17, 656, 357 18, 509, 973 15, 047, 682 15, 504, 394 16,876,409 17, 381, 466 United States. ^tate. Total. P e r ct. 1.9 2.2 2.2 2.4 2.4 2.4 1.4 1.4 1.5 1.5 P e r ct. 2,0 2.1 2.1 1.7 1.7 1.7 1.8 1.8 2.0 .2.0 P e r ct. 3.9 4.3 ; 4.3 4.1 4.1 4.1 3.2 3.2 .3.5 3.5 * Capital of banks reporting State taxes, ^476,836,031. The Comptroller lias heretofore, in his reports, called the atteution of Congress to the fact tbat while the national banks are subject to a tax npon their entire capital (which can be easily ascertained from their books and reports,) and not unfrequently npon the raarket value of their shares, the capital and shares of otber corporations, the amount and value of whicb can be as readily ascertained by appropriate legislation, are assessed at not one-half of their value; while private firms and individuals are almost wholly exempted from bearing tbeir share of the burden. Letters recently received by the Comptroller from the presidents of two.principal banks—one in the East and the other in the West—^refer 15 P r 226 REPORT ON THE FINANCES. to this greatest of all economical subjects in sucb plain terms, tbat he cannot forbear calling the.attention of Congress to their suggestions. Many of the shareholders of the national banks depend for their income chiefly upon the earnings of these institutions ; and it does not seem just that these thousands of shareholders shall, by any construction of law, be compelled to pay an undue proportion of tbe taxes of the country. It is submitted that the law, as now interpreted by different State courts and by assessors and collectors, is neitbeir equitable nor honest. A national bank iu one of the eastern cities recently refused to pay its taxes, ou the ground tbat the shares of a neighboring State bank were assessed at no greater value than its own, though worth several times as much. The court is understood to have held tbat the bank had no right to complain, since its shares were not taxed above tbeir value; and that it was not for it to consider whether the shares of otber banks of much greater value were taxed at the same rate. The tax commissioners of New York city propose to tax the banks of tbat city, national and State,, not only upon tbe full par value of their shares but ou the total amount of their surplus, without any allowance or abatement. In consequence of this purpose a committee, composed of officers of five principal banks in that city, was appointed to confer witb the commissioners. Tbe law of New York provides, in substance, tbat so much of the property of individual stockholders as is held by them in bank-stock is liabl<^ to be taxed for the value of the shares; and a penalty is prescribed if any bank allows tbe transfer of shares after the tax has become due audi before it is paid. The banks in New York City, in order to avoid annoyance and vexatious suits, have for several years paid the tax (about three per cent, annually) to the city direct, instead of leaving it for tbe stockholders to pay; and the chairman of the committee, in bis cominunication, writes as follows: The tax commissioners refuse to allow time either for a decisiou by the State conrt of last resort or for appeal to the legislature for redress. They take the gronnd that, as they ninst be governed by what the courts say is the law, and as the courts have spoken, they must act, and act before the 1st of January, 1876. We reply, substantially as follows: 1st. We speak for national banks, aud say they owe their existence to the laws of Congress, and not to the legislature of New York.*^ Cougress expressly exempts the surplus of national banks from taxation for wise and obvious reasons. It desires to build up stroiig instead of weak banks, for the safety and benefifc of the public, no less than for the profit and advantage of the stockholders. . On the other hand, if local taxation is to be exercised without any restriction on the part of the United States, then national bauks may be taxed out of existence, and State banks substituted, with all the concomitant evils that may arise. For it is certain that, if existing profits of banks now. held as a surplus fund are to be subject to an additional tax of three per cent., that fund will be divided among the shareholders, for the simple reason that no bauk could afford to carry it. 2d. The construction of the State law by the tax com uiission ers seems to the committee unsound; for the law says the tax is to be levied on the value of the shares; not the market value, or intrinsic value, but "value." And the i^ractice heretofore has been in accordance with law, on the supposition that, without any qualifying word, jxtr was understood. The tax has been laid accordingly. Again, the rule of taxation, as adopted by the tax commissioners, has been a practical violation of theUnited States law, which says the capital of banks shall not be taxed at a higher rate than is assessed on other personal property. Whereas the city (not the country) has taxed the shares, at $100 each, if that were the par ; while other real and personal property was taxed at only sixty dollars on every hundred dollars. A bank, for instance, of $200,000 . capital, is taxed on that sum; while an individual worth that would be taxed on $120,000. This is unjust, oppressive, and ought to be illegal. 3d. But we claim t h a t t h e State has no right whatever to tax nationalbanks, excepting to the extent that such right is explicitly granted by the United States law. This principle is made quite emphatic by the United States Supreme Court in the recent COMPTEOLLKR OF THE CUEEENCY. 227 -decision of cane No. 502, the Farmers and Mechanics' National Bank, Buff'alo, against Peter C. Bearing, iu relation to usury. In that case, under the third head, the court >says: " The national banks were brought into existence by the government for its own good. The National government lias exclusive control over them. No State has .Siuj. Against the national will, in regard to the banks, as in regard to aU other institutions of national creation, the States have no power, by taxation or otherwise, to retard, impede, burden, or in any manner control. This is clear, and, as we think, con'Clusive." The president of the Western bank, in his letter, says: ''The greatest wrong now existing under our national-currency act is that of taxation—the great lack of uniformity in assessing values, varjdng from less than twenty-five per cent, of actual value to full value and surplus. "Section 95 (section 5219 Revised Statutes) clearly intendedhjOBQ of its restrictions to provide against excessive tax on national-bank shares, but it practically fails to protect us, because ' other moneyed capital/ is not assessed at one-half value, v^hile in many instances (our own as one) the full value is assessed. We are powerless to raise the assessments of others, though unequal; and ours, being actual value, cannot be ' sworn •down.' It is now sui)ject to the caprice of local assessors, who gain i)Opularity by the inequality they make, as against all corporate capital—national banks in. ]3articular. If this section could be so amended as to read (10th line of section 5219), 'assessed upon other j;e?-so??aZ and real property m the hands of individual citizens of such State,' the evil would be remedied. I n t h i s State, our principal'other moneyed capital' is in railroads, the shares of which are not taxed. They pay a small percentage on their earnings ; not one-half of one per cent, on their capital, actual or nominal." The section referred to provides that the real property of the national banks shall be subject to taxation to the sarae extent, for State, county, ov municipal purposes, as is other real property ; and it is therefore not probable that it was intended to impose upon the shares of the national banks a tax greater than that imposed npon the shares of other corporations. Section 5214 of the Eevised Statutes provides that tbe national banks shall pay to the Treasurer the following taxes: One per cent, annually upon the average amount of notes in circulation, and one-half of one per cent, annually upon the average amount of deposits, and the average a/iiiount of capital stock not invested in United States bonds. The following table exhibits the araount of United States taxes* collected, annually, from the organization of the system (1863) to July 1, 1875; which auiount has been collected without any expense whatever to tbe governraent except tbe compiling of the returns in the Treasury:: Year. 1864 1865 1866 1867 1868 1869 1870 1371 1872 .... 1873 1874 1875 On circulation. •... . . .... Totals ^53, 096 97 733, 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, 405 89 O n deposits. $95, 811 25 1, 087, 530 86 2, 633,102 77 2, 650,180 07 2, 564,143 44 2, 614, 553 58 2, 614, 767 61 2, 802, 840 85 3,120, 984 37 3,196, 569 29 3, 209, 967 72 3, 514, 310 39 30, 836, 937 42 30,104, 762 20 On capital. Aggregate. S18,402 23 133,251 15 406, 947 74 321, 881 36 306,781 67 312, 918 68 375, 962 26 385, 292 13 389, 356 27 454,891. 51 469, 048 02 507, 417 76 Sl67,'3i0 45 1, 954, 029 60 5,146, 835 81 5 840 698 21 5, 817, 268 18 5, 884, 888 99 5, 940, 474 00 6,175,154 67 6, 703, 910 67 7 004 646 93 7, 083, 498 85 7, 305,134 04 4, 082,150 78 65, 023, 850 40 • ^ The amount collected by the Commissioner of Internal Revenue from State banks, savings-banks, and private banks and bankers, during the fiscal year ended June 30, 1875, was as follows: . ' On deposits ,. $2,972,260 27 Oncapital .• 1,102,241 58 On circulation . . . . , .; *22,746 27 Total 4,097,248 12 ^Of this amount, ^11,627.92 was derived from the tax often per cent, upon unauthorized circulation. 228 R E P O R T ON T H E FINANCES. Tico cent stamp-tax on banlc-checlis. Tbe Secretary of the Treasury, upon tbe appeal of tbe Comptroller in April last, decided tbat examinations of national banks, made for the purpose of ascertaining whether the law requiring the affixing of the two-cent stamp upon bank-checks was observed by them, could be conducted only by bank examiners appointed by tbis Office; and this opinion has been since confirmed by the United States court for the district of Pennsylvania. Since that time, in compliance with tbe request of the tben Commissiouer of Internal Eevenue, copies of tbe reports of the examiners upon this siibject have been regularly trans-' mitted to that Office. The officers of internal revenue have considered it tbeir duty to impose a penalty for any neglect to comply witb tbis provision, the amount of the penalty being dependent upon the number of checks found unstamped. No penalty can be collected under tbe law unless the intent to defraud the government shall be made apparent. The national banks of Baltimore, and associations in many other localities, insisted that there was no intention to defraud; but that the few checks found unstamped were the result either of inadvertence or of the poor sticking quality of the stamps. They have, however, paid under protest the penalties demanded, preferring this course rather thant o be forced into litigation with the government. Of the wbole number of banks examined since the decision of the Secretary, not more than five have been reported by the examiners as guilty of intentional fraud. Tbe revenue derived in the fiscal year ending June 30, 1874, from tbe sale of the two-cent stamps affixed to sight-drafts and checks, was $1,502,549; the total face value of stamps manufactured during tbe fiscal year ending Juue 30, 1875, was $1,944,166. Tbe amount of income arising from the actual use of these stamps during any fiscal year cannot be accurately deterrained. The annoyance to the banks and to this O ffice growing out of the strict enforceraent of tbis provision of the law, bas been greater than that in reference to all the other restrictions of tbe national banking laws corabined; aud the Comptroller, believing that the amonnt of revenue derived from this source does not counterbalance the evils arising from the surveillance to which all banks and bankers are necessarily subjected thereby, and being satisfied that, in almost every instance, the failure to comply strictly witb this requirement is: chargeable to the carlessness of transient depositors or to the insufficiency of the mucilage upon governnient stamps, urgently recomraends the repeal of the provision requiring the affixing of the two-cent stamp npon bank-checks. DIYIDENDS AND EARNINGS. Section 5212 ofthe Eevised Statutes provides that thenatlonal banks shall report to. the Comptroller, within ten days after declaring any dividend, the amount of such dividend, and the amount of net earnings in excessof such dividend. From these returns the following table has been prepared, exhibiting the aggregate capital and surplus, total dividends, and total net earnings of tbe national banks, with the ratio of dividends to capital, dividends to capital and surplus, and earnings to capital and surplus, for each half year, comraeneing March 1, 1869, and ending September 1, 1875; from which it will be seen tbat the average dividends upon capital during the last year were less than ten per cent., while the ratio of dividends to capital and surplus was less than eigbt percent: 229 COMPTROLLER OF THE CURRENCY. RATIOS. P e r i o d of six n i o n t h s end- 1^0. of banks. ing- Sept. Mar. Sept. Mar. Sept. Mar. Sept. Mar. Sept. Mar. -Sept. Mar. •Sept. 1,1869. 1,1870. 1,1870. 1,1871. 1,1871. 1,1872. 1,1872. 1,1873. 1,1873. 1,1874. 1,1874. 1,1875. 1,1875. 1,481 1,571 1, 601 1,605 1, 693 1,750 1,852 1,912 1, 955 1,967 1,971 2,007 2,047 Capital. ^401, 650, 802 416,366,991 42.5, 317,104 428, 699,165 445, 999, 264 450, 693, 706 465, 676, 023 475, 918. 683 488,100, 951 489,510,323 489, 938, 284 493, 568, 831 497, 864, 833 Surplus. T o t a l dividends. Total net earniDgs. $82,105, 848 $21,767,831 $29, 221,184 86,118, 210 21, 479, 095 28, 996, 934 91, 630, 620 .21,080,343 26, 813, 885 94, 672, 401 22, 205,150 27, 243,162 98, 286, 591 22,125, 279 27, 315, 311 99, 431, 243 22, 859, 826 27, 502, 539 105,181, 942 23, 827, 289 30, 572, 891 114,257,288 24, 826, 061 31, 926, -478 118,11.3, 848 24, 823, 029 .33,122, 000 123, 469, 859 23, 529, 998 29, 544,120 128, 364, 039 24, 929, 307 30, 036, 811 131, 560, 637 24, 750, 816 29,136, 007 134,123, 649 24, 317, 785 28, 800, 217 Divi- D i v i d ' n d s E a r n i n g s d e n d s to to c a p i t a l to c a p i t a , capital. pa lnuds . sur- a n d surplus. Perct. 5.42 5.16 4.96 5.18 4.96 5.07 5.12 5.22 5.09 4.81 5.09 5.01 4.88 Perct. 4.50 4.27 4.08 4.24 4.07. 4.16 - 4.17 ' 4.21 4.09 3.84 4.03 3.96 3.85 Perct. 6.04 5. 77 5.19 5.21 5.02 5.00 5.36 5.41 5.46 4.82 4.S6 4.66 4.56 The following table exhibits, in a concise form, the ratio of dividends to capital, of dividends to caj)ital and surplus, and of net earnings to 'Capital and surplus, of the national banks in every State of the Union, and in the principal cities, semi-annually from March 1, 1871, to September 1,1875. 230 REPORT ON THE FINANCES. Table exhibiting, hy States and reserve-cities, the ratios of dividen'ds io caxjital^ and I l a t i o s of d i v i d e n d s t o c a p i t a l for s i x m o n t h s ending— I l a t i o s of d i v i d e n d s t o States, Territories, a n d cities. 1871. 1872. 1873. 1874. 1875. 1871. 1872. M a r . Sept- M a r Sept, Mar. Sept, M a r . Sept. M a r . Sept, Mar, Sept. M a r , 1. 1. 1. 1. I 1 1. 1. 1. 1. 1. 1. I1 Maine New Hampshire Vermout Massachusetts Boston Ehode Island Connecticut INew Y o r k N e w York City . . . Albany ISTew J e r s e y Pennsylvania Philadelphia Pittsburgh Delaware Maryland Baltimore D i s t r i c t of C o l u m b i a . WashiDgton Virginia W e s t Virginia North Carolina... ^.. South Carolina Georgia Florida Alabama N e w Orleans Texas Arkansas .'... Kentucky Louisville Tennessee Ohio Cincinnati Clevelaud Indiana Illinois . Chicago Michigan Detroit Wisconsin Milwaukee Iowa Minnesota Missouri Saint Louis Kansas LeaveuAVorth . . . . . . Nebraska Oregon...: California San Francisco New Mexico Colorado Dtah Wyoming Idaho Montana Dakota Averages Perct. 5.1 •4.7 4.8 5.3 4.8 4.3 5.2 4.4 4.7 4.9 .5.1 .5.2 5.7 5.4 5.1 5.2 4.8 4.7 Perct, 5.1 4.8 4.8 5.4 4.7 4.4 5.2 4.7 4.9 4.1 5.7 5.4 5.7 5.4 5.1 5.1 5.1 Perct. 5.2 4.6 4.6 5.4 4.5 4.4 5.3 4.4 4.7 5.7 5.4 5.2 5.8 5.3 5.1 5.3 5.3 4.0 4.6 4.7 5.3 5.0 5.1 5.3 Perct Perct. Per ct. 5.5 6.1 .5.4 4.3 4.8 4.9 .5.3 4.7 4.6 5.4 5.1 5.2 4.9 4.4 4.7 4.5 4.2 4 . 3 5.2 5.1 5.2 4.6 4.7 4.5 4.7 4.6 4.8 4.9 5.2 5.0 5.4 4.9 5.1 5.2 4.8 5.1 5.8 5.7 5.7 5.6 5.1 5.4 5.1 5.1 .5.1 5.0 5.1 5.2 5.0 4.9 5.7 4.0 4.0 4.0 4.6 2.4 8.0 4 . 1 4.7 4.3 5.4 4.5 4.3 5.5 4.6 4.7 4.8 4.1 4.3 5.2 5.4 5.3 4.3 5.3 11.2 4.6 4.2 11.0 5.4 5.6 5.8 5.6 5.8 5.4 4.9 3.9 4.2 5.6 .5.4 6.1 5.7 5.0 5.1 6." 5" 5.0 5.3 4.1 4.9 4.6 4.9 5.1 4.8 6.9 5.2 5.3 5.2 3.3 3.2 5.6 4.6 5.0 10.0 6.2 7.1 4.0 6.0 4.8 .5.0 6.0 6.0 5.4 5.1 5.9 5.5 6.2 6.1 .5.0 4.9 19.0 14.1 5.9 4.7 3.2 5.5 5.1 5.1 5.2 17.2 5.1 6.0 6.0 6.6 6.5 6.6 6.6 6.5 6.5 17.9 13.1 2.7 1.0 5.1 5.0 Perct. 4.4 4.0 4.2 4.2 3.9 3.9 4.2 3.7 3.7 3.6 4.2 4.2 4.1 Perct, 4.3 4.1 4.2 4.3 3.9 3.9 4.3 3.9 3.9 3.0 4.6 4.3 4.1 4.2 4.1 4.4 4.3 5.0 4.4 7.7 4.7 4.2 2.7 4.8 5.0 3.6 4.7 4.1 8.0 4.2 4.8 6.9 14.2 2.9 .5.6 6.2 5.4 6.3 2.1 21.8 15.0 12.0 |23. 0 20. 0 20. 0 120.0 3. 4 11. 8 12. 5 3.6 3.9 6.0 4 . 5 15.0 14.0 12.0 5. 2 • 5. 0 Perct. 4.4 4.2 4.1 4.3 4.1 5.0 3.4 3.9 3.3 4.7 4.5 5.7 5.6 5.5 4.7 5.2 6.2 5.1 5.5 5.5 5.3 5.9 5.6 6.5 5.9 4.0 4.9 9.8 6.0 3.0 5.0 6.5 2.8 15.0 0.8 7.0 2.5 50.0 Per ct. 5.3 5.0 4.7 5.2 4.4 4.6 5.2 5.0 4.8 5.6 4.9 4.9 5.8 5.2 .5.2 5.5 .5.1 4.0 4.7 4.6 5.0 4.3 4.8 5.1 4.9 12.7 10.9 4.2 COMPTROLLER OF THE CURRENCY. 231 of dividends and of earnings to capital and surxilus, March 1, 1871, to Septeniber 1, 1875. capii'al and surplus for sLx months 1 ** endiug— 1874. 1873. Ratios of earnings to capital and surplus for six months | ending— 1871. 1875. 1872. 1874. 1873. 1875. ' Mar. Sept. Mar. Sept. J^Iar. Sept. Mar. Sept. Mar. Sept. M a r . Sept. Mar. Sept. Mar: Sept. 1. Perct. 4.6 4.0 4.0 4.2 4.0 3.9 4.3 4.2 3.7 3.7 4.2 4.0 4.1 4.3 4.0 4.4 4.2 3.6 3.9 4.2 4.7 .5.0 3.8 4.6 1. 1. 1. 1. 1. 1. '1 1. Perct, Perct. Per ct. Perct. Perct. Perct. Per ct. Pei-ct.' Per ct. 4.6 5.1 4.4 4.3 4.4 .5.7 6.0 5.2 5.6 3.7 4.1 4.1 4.1 4. 1 5.3 4.6 4.9 4.8 4.4 3.9 3.8 3.8 3.7 5.3 4.8 4.9 5.3 4.1 3.9 4.0 4.0 4.0 5.5 5.2 5.0 5.'5 3.9 3.5 3.7 3.5 .3.3 4.9 4.6 4.6 4.5 3.8 3.6 3.6 3.8 3.7 4.8 4.7 4.6 .5.3 4 . 1 4.0 4.1 4.0 4.1 5.3 5.2 .5.1 .5.5 3.8 3.8 3.7 4.1 3.7 5.0 4.5 4.5 5.1 3.7 3. 5 3.6 .3.6 3.4 4.4 4.5 4.0 4.8 3.3 3.5 3.3 3.5 2.7 3.7 3.6 ,5.6 .5.2 4.3 3.9 4.0 3.9 3.8 5.8 5.9 5.6 .5.4 4. 1 3.8 4.0 3.9 3. 9 4.8 5.2 .5.2 .5.0 4.1 4.0 4.0 4. 1 3.8 4.4 4.4 4.6 4.6 4.2 3.8 4.1 3 . 9 . 3.7 5.0 4.8 4.9 5.0 4.0 4.0 4.0 4.0 4.0 4.5 4.6 4.4 4.9 4.1 4.2 4.2 4.4 4.3 5.3 4.8 4.5 .5.5 4.1 4.1 4.7 4.2 4.3 .5.3 4.9 5.4 .5.6 3.6 3.6 3.5 3.5 4.8 3.5 3.9 " 5 . 2 " 7 . 6 '"3.'6' 5.3 3.7 1.9 6.2 3.9 3.6 4.0 3.7 3.8 3.9 6.8 6.6 5.3 6.0 4.7 3.9 3.7 4.2 4.2 5.3 3.5 5.8 5,9 5.1 4.3 4.3 3.9 3.9 5.9 6.2 7.3 3.7 4.3 3.1 3.8 4.2 3.8 7.5 5.9 6.7 6.5 4.5 4.7 4.6 5. 1 3.0 6.7 5.8 5.9 6.7 "4.6 '4.'6 '4."3 5.0 3 2 2.3 9.6 3.1 4.8 3.0 3.3 "4.5 4.3 4.2 4.7 4.1 3.4 5.0 5.1 4.1 4.7 4.6 4.1 4 . 1 4.5 4.0 4.3 4.1 3.3 5.2 4.2 3.8 4.5 .5.0 4.6 3.2 3.9 .3.0 .5.1 4.5 4.5 4.3 4 . 1 4.3 4.5 4.2 .5.7 4.5 4.4 3.3 4.4 4.6 4.S 4.0 5.6 5.5 . 5 . 2 .5.0 3.2 3.2 3.5 2.9 6.1 4.3 2.8 '5.'9 *8."2' '4.1 5.0 5.0 .5.0 4. 9 3.0 5.4 .5.6 5.1 .5.9 6.6 6.2 6.1 3.9 2.2 2.1 ..... 13.7 4.0 .5.'3 " 3 . ' 8 ' "3."6' 'ii.'s' '5.'7' " 4 . ' 3 " 3.4 2.7 3.8 7.5 3.3 6.3 7.6 2.8 2.1 6.8 6.4 9.1 3.0 6.3 4.3 "s.'e 4.0 " e . i ' ".5.'4" "4."8' 4.5 4.6 4.3 4.5 5.7 5. 5 4.8 4.3 4.7 8.3 7.1 7.8 4.3 4.3 4.4 6.0 .5.9 6.1 C4.5 4.0 4.5 6.7 4.4 4.8 4.3 4.3 4.3 3.1 4.0 5.7 4.4 4.7 4.2 6.3 5.4 5.4 .5.6 4.6 4.7 6.8 6.6 6.1 2.7 2.5 2.9 7.5 6.9 3.9 4.6 4.4 7.1 6.3 "6." 6' 4.0 4.2 4.0 6. 1 6.6 6.9 4.0 5.5 4.8 9.0 5.3 6.7 3.5 3.4 3.5 6.6 6.3 4.9 5.7 4.5 4.8 6.3 5.5 5.9 5.0 5.2 3.2 8.5 7.1 7. 1 3.3 3.8 3.8 8.6 7.0 8.0 3.3 3.4 3.2 2.9 4.4 4.1 10.2 10.8 9.0 4.9 3.5 3.8 6.8 7.4 6.7 12.7 3.6 6.5 "is." 2 " 4 . ' 5 " 6 . 6 5.0 5.0 7.7 n.9 15. j> .5.0 6.3 6.3 6.1 5.9 "2.'i' '5.7 6.1 5.8 6.0 5.9 5.8 5.0 7.7 13.2 9.7 5.5 6.4 "o.'i' 2.8 2.3 3.2 3.0 1.4 5. 5 , 47.8 13." 2 io.'s i9.'7' "ie.'s 3.6 2.9 9.9 5.8 4.3 4.2 1. 4.1 .3.8 4.0 16.5 10.2 3.9 16.3 ' 1 6 . 4 ' 3.0 2.8 3.8 .5.2 13.'9 18.9 5.0 1. 1. 1. Perct. Per ct. Perct. .5.8 ,5.7 5.9 5.4 2.7 6.3 5.8 .5.2 .5.3 .5.7 5.6 4.7 4.9 4.4 4.8 5.4 ,5.3 5.5 .5.3 5.2 4.9 .5.1 4.5 5.0 4.3 5.1 4.1 5.7 4.7 5.3 5.4 5.1 4.4 5.3 5.2 5.0 4.6 4.7 4.3 4.4 .5. 5 4.4 4.7 4.2 4.9 4.9 .5.6 5.2 4.3 .5.0 5.4 5.7 5.8 5.9 6.2 6.4 4.9 6.9 6.4 5.0 5.4 5.2 4.7 6.5 6.7 5.8 6.1 5.6 4.9 6.6 7.9 4.2 "9." 4' "5." 2" ""a 6 ",3." 9' 6.9 3.3 6.3 4.2 12.1 10.7 11.2 6.9 4.3 3.4 0.3 2.9 5.8 .5.7 5. 5 5.7 .5.2 5.8 5.3 5.0 .5.8 6.5 6.4 4.7 6.0 5.9 5.7' 5.4' 5.3 .5.8 6.0 5.-5 5.3 6.6 4.6 5.5 5.2 4.7 5.9 5.2 6.5 6.7 6.7 5.9 8.3 5.7 6.8 8.0 7.1 6.6 6.7 5.5 6.7 6.2 6.5 6.8 5.5 6.8 6.8 6.1 1.3.0 6.3 7.4 5.1 6.4 6.2 6.1 11.8 7.3 7.7 6.2 6.5 10.2 8.6 8.9 4.0 3.9 4.5 "s.'e' 6.9 8.5 8.0 5.2 " h ' . h ' "io.'?' '"as' 13.4 ""6.'4" 11.7 10.0 7.1 7.8 13.2 4.5 .5.6 15.'2' "23." 6' "ie.'s" " 9 . ' 5 ' 21.5 16.7 7.6 13.5 11.7 11.6 2.0 7.6 1 5.4 5.4 .5.5 5.0 4.8 20.9 17.4 7.7 "'s.'s' 9.9 9.5 8.7 4.7 14.5 1.5 2.2 4.8 6.7 7.8 11.1 10.7 1. 1. 1. Per ct. Perct. Per ct. 5.4 ' .5.7 5.3 1 0 4.5 4.8: 4.2 5.1 4.8 5.1 3 5.1 4.5 4 4.7 4.4 4.1 5 3.8 4.7 4.3: 4.4 6 4.7 V.3' 7 4.6 4.3 4.3 4.4 8 4.8 3.8: 3.6 9 3.9 3.4 3.3 10 3.5 5.1 4.8 11 4.6 4.3 4.1 12 4.5 4.2 3.9 13 5.0 4.4 4.3 14 4.5 4.3 4.0 15 5.4 4.7 5.1 16 4.7 4.8 4.2 17 5.8 2.4 18 .5.1 6.2 .5.0 19 4.7 4.6 4.6 5.8 20 4.2 5.5 ,5.8 21 .5.5 5.5 5.2 22 2.9 6.2 4.3 23 4.0 4.7 3.0 24 0.1 5.9 25 4.6 26 "'s.l' 4.4 4.8 2.6 3.7 27 6.0 28 a 8 5.7 5.2 3.8 1.2 29 5.3 5.1 5.6 30 5.2 .5.8 ,5.2 31 5.8 5.3 .5.2 32 4.8 .5.1 5.0 33 5.2 5.7 5.9 34 4.9 4.7 4.9 35 5.4 6.0 4.9 36 6.4 6.4 6.5 37 4.5 6.0 9.4 38 5.4 5.3 6.3 39 6.8 6.2 6.5 ^0 6.1 6.1 5.6 41 4.5 6.6 4.2 42 5.9 6.6 43 .5.8 .7.2 .5.2 44 ao 5.4 .5.2 45 2.8 3.9 4.6 1.8 46 5.1 5.3 ; 4.2 47 48 " 9 . ' 6 ' ""e.'s' " 7 . ' 4 ' 49 10.1 13.5 14.9 50 a 7 6.1 . a 2 51 9.2 6.6 a 7 52 7.4 7.9 6.8 53 10.3 11.9 . 9.2 54 5.7 11.2 6.3 55 6.8 4.1 a 6 56 i a 3 i a 6 l a i 57 0.9 a 4 7.1 58 6.6 .5.1 59 5.1 4.9 4.7 4.6 232 REPORT ON T H E FINANCES. SPECIE, P A P E R CURRENCY, AND BANK-CHECKS. The table below exhibits tbe amount of specie held by the national banks at the dates mentioned—tbe coin, coin-cerbi&cates, and checks payable in coin held by the national banks in the city of New York being stated separately—^^for tbe last seven years. H e l d b y n a t i b n a l b a n k s in N e w Y o r k City. Dates. Coin. Oct. Jan. Apr. June Oct. Jan. Mar. June Oct. Dec. Mar. Apr. June Oct. Dec. Peb. Apr. June Oct. Dec. Peb. Apr. June Sept. Dec. Feb. May June Oct. Dec. Mar. May June Oct. 5,1868 4,1869 17,1869 12,1869 9,1869 22,1870 24,1870 9,1870 8,1870 28,1870 18,1871 29,1871 10,1871 2,1871 16,1871 27,1872 19,1872 10,1872 3,1872 27,1872 28,1873. 25,1873. 13,1873. 12,1873. 26,1873. 27,1874. 1,1874 26,1874 2,1874 31,1874 1,1875. 1,1875. 30,1875. 1,1875 623 24 1, 902,769 48 1,6.52, 575 21 2, 542,533 96 1, 792,740 73 6, 196,036 29 2, 647,908 39 2, 942,400 24 1, 607,742 91 2, 268,.581 96 2, 982,1.55 61 2, 047,930 71 2, 249,408 06 1,121, 869 40 1, 454,930 73 1, 490,417 70 1, 828,659 74 3, 782,909 64 920, 767 37 1, 306,001 05 1, 958,769 86 1, 344,950 93 1, 442,097 71 1, 063,210 55 1, 376,170 ,50 1,167, 820 09 ];530, 282 10 1, 842,525 00 1,291, 786 56 1, 443,2 I D 42 1, 084,555 54 930, 105 76 1, 023,015 86 753, 904 90 XJ. S. coincertificates. C h e c k s payable i n coin. $6, 390,140 ^1, ,536,353 18, 038, 520 2, 348,140 3, 720, 040 1, 469,826 11, 95.3, 680 975, 015 16, 897, 900 1,013, 948 28, 501, 460 2, 190,644 21, 872, 480 1, 069,094 18, 660, 920 1, 163,905 7, 533, 900 3, 994,006 14, 063, 540 3, 74a 126 13, 099, 720 3, 829,881 9, 845, 080 4, 382,107 9,161,160 3, 680,854 7, 590', 260 1,163, 628 17, 354, 740 4, 255,631 12,341,060 3,117, 100 10,102, 400 4,715, 364 4, 219,419 11, 412,160 5, 454, 580 12, 471, 940 11, 539, 780 11,743,320 22,139, 080 13, 522, 600 18, 325, 760 23, 518, 640 23, 454, 660 13, 671, 660 13,114, 480 14, 410, 940 10, 622,160 5, 753, 220 12, 642,180 4, 201, 720 66 49 64 82 72 74 30 88 42 87 64 24 92 44 39 90 25 52 Total. $9, 625,116 90 22, 289,429 97 6, 842,441 85 15, 471,229 78 19, 704,589 45 36, 888, 141 03 25, 589, 482 69 22, 767,226 12 13, 135,649 33 20, 080, 248 83 19,911, 757 25 16, 275, 117 95 15,091, 422 98 9, 875,757 84 23, 065,302 12 16, 948,578 60 16, 646,423 99 19, 414,489 16 6, 375,347 37 13, 778,031 05 13, 498,549 86 13, 088,2.50 93 23, 581, 177 71 14, .585,810 55 19, 701,930 50 24, 6H6,460 09 24, 984,942 10 15,514, 185 00 14, 406,266 56 1.5, 854,1,55 42 11,706, 715 54 6, 683,325 76 13, 665, 195 86 4, 955,624 90 Held by other national bauks. Aggreg $3, 378, 596 49 $13, 003,713 39 7, 337, 320 29 29, 626,750 26 9, 944,532 15 3,11)2, 090 30 2, 983, 860 70 la 455, 090 48 3, 297, 816 38 23, 002,405 83 11, 457, 242 69 4a 345, 383 72 11, 507, 060 75. 37, 096,543 44 8, 332, 211 66 31,099, 437 78 5, 324, 362 14 18, 460,Oil 47 6, 227, 002 76 26, 307, 251 59 5, 857, 409 39 25, 769, 166 64 6, 456, 909 07 22, 732, 027 02 4, 833, 532 18 19, 924,955 16 3, 377, 240 33 13, 252, 998 17 6, 529, 997 44 29, 595,299 56 a 559, 246 72 2.5, 507,825 32 7, 787, 475 47 24, 433,899 46 4, 842, 154 98 24, 256,644 14 3, 854, 409 42 10, 229,756 79 5, 269, 305 40 19, 047,3.36 45 4, 279, 123 67 17,777, 673 53 16,86a 808 74 3, 780, 557 81 4, 368, 909 01 27. 950, 086 72 5.282, 658 90 19, 86a 469 45 7, 20.5, 107 08 26,907, 037 .58 8, 679, 403 49 33, 365,863 58 32, 569,969 26 7, 585, 027 16 6, 812, 022 27 22, 326,207 27 67^,. 67 6, 834, 21, 240. 945 23 . 6, 582, 605 62 22. 436,761 04 390 63 4, 960, 16,667, 106 17 3, 937, 035 88 10, 620,361 64 386 44 l a 959, 582 30 5, 294, 3, 094, 704 83 8, 050,329 73 The specie, as returned by the national banks on October 1st of tbis year.* is classified as follows: Coin, $3,364,569.74; United States coincertificates, $4,485,760—total, $8,050,329,73. It will be observed that the amount of coin then held is less than at any time during tbe last six years—the amounts held by the banks of I^ew York City and by all the banks of, the country being, respectively, $9,450,641.66, and $13,190,615.48 less than thearaounts held by them in October of last year. Tbis marked decrease in the amount of specie is believed to arise from the increa.sed demand for commercial balances abroad, and from the special demand during the late monetary excitement iu San Francisco. Authoritative statistics show that sixty-four millions of specie were exported during the first nine montbs of the present year, as against forty-four millions for the same period last year. The demand from San Francisco is believed to have been about five millions. Tbe Director of the Mint gives the following estimate of tbe move*The average amount of specie held by tbe national banks of the city of New York during tbe Aveek ending Noveniber'27, was §14,425,000. 233 COMPTROLLER OF THE CURRENCYo ment of specie for the last three years, and of the araount in the country on June 30, 1874, and June 30, 1875: Specie held by the Treasury and the national banks J a n e 30, 1872 Estimated amount in Paciiic coast States and Territories at that d a t e . . . Estimated amount held by bankers and others elsewhere Estimated-product of United States mines for two years Imports of coin and bullion for same period.. $98, 389, 864 20, 000, 000 10, 000, 000 140, 000, 000 49, 695, 343 Total. Deduct exports of coin and bullion daring same period 318,i0S5,207 151,238,979 Total estimated amouut of specie on hand June 30, 1874 Estimated product of United States mines for the year endiug June 30, 1H75 \. Imports of coin and bullion for the year - 166, 846, 228 Total Deduct exports of coin and bullion daring the year 259,746,945 92,132,142 Total estima-ted amount of coin and bullion in the country June 30, 1875'. 167, 614, 803 72,000,000 20, 900,717 The Director says that in this estimate no account has been taken of the amount of gold and silver consumed in the arts and manufactures from June 30, 1872, to June 30, 1875. It is diificult to obtain any reliable data upon this point. Whatever the amount may have been, it was reduced to a considerable extent by tbe plate, and otber manufactured articles of gold and silver, w^bich found their way to the melting-pot from the accumulated stock of the country. Making due allowance for the latter, the amount to be.deducted from tbe estimated total may be stated at, say $15,000,000; and, allowing $10,000,000 for possible overestimates, this would leave the amount of coin and bullion in the country on the 30th of June, 1875, about $142,000,000. Of this total, from $12,000,000 to $15,000,000 consists of silver coin and bullion. Tbe following table exhibits the auiount and kinds of outstanding paper currency of the goverment and of the national banks on the 1st day of November in eacb year, from 1865 to 1875, inclusive: U n i t e d S t a t e s issues: National-bank notes. Date. " ; Fractional currency. $417, 783, 795 387,871,478 389, 435, 058 393,14a 700 39.5, 392, 025 . 397, 080, 964 402, 969, 603 41.5,043,0.35 429, 460, 965 413, 987, 581 76, 777 382, 000, 000 427, 848, 787 72, 317 382, 000, 000 427, 432, 815 $250. 357 20a 392 137, 555 11.3,2.58 102,231 92,821 86, 0.53 79, 667 75, 267 69, 707 45, 772, 010 J a n u a r y ; 4 , 1 8 7 5 . . . 45, 360, 498 J u n e 20, 1874 $389, 356, 355, 356, 356, 357, 360, 366, 382, 373, Aggregate. Total. 945, 428 956, 453 883, 518 000, 000 000. 000 500, 000 566, 764 922, 018 000, 000 236, 244 588, 010 706, 633 413, 985 035, 442 289, 794 488,143 316, 786 041, 350 385, 698 681, 629 N o v e m b e r 1,1868 . N o T e n i b e r l , 1867.. N o v e m b e r 1,1868.. N o v e r a b e r 1,1869.. N o v e r a b e r 1,1870.. N o v e r a b e r 1,1871.. N o v e m b e r 1,1872.. N o v e m b e r 1,1873.. N o v e m b e r 1,1874.. N o v e m b e r 1,1875.. |27, 30, 33, 37, 39, 39, 42, 48, 47, 40, Old demand- L e g a l - t e n d e r notes. notes. $i92, 964, 532 |710, 74a327 299,153, 296 687, 024, 774 299, 887, 675 689, 322, 733 299,910,419 693, 059,119 302, 607, 942 697, 999, 967 324, 773, 260 721, 854, 224 340, 993, 470 743, 963, 073 348, 350, 949 763, 393, 984 351, 927, 246 781, 38a 211 . 34a 216, 902 762, 204, 483 - 349, 894,182 777, 742, 969 351, 861, 450 779, 294, 265 The table below, compiled from information furnished through the courtesy of W. A. Camp, esq., manager of the New York clearingbouse association, exhibits the transactions of the clearing-house of that city, and the amount and ratio of currency required for the pay 234 REPORT ON THE FINANCES. ment of daily balances, for the years ending in October, from 1854 to 1875, inclusive. N o . of banks. Years. * Capital. Exchanges. AverageBalances, p a i d A v e r a g e daily daily balin m o n e y . exclianges. ances, p a i d in m o u e y . 1 0 1854 1855 1856 1857 1858 1859 I860 1861 1862 1S63 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 .- .". 50 48 50 50 46 47 50 50 50 50 49 55 58 58 59 59 61 62 61 59 59 59 $297,411,494 289, 694,137 334, 714, 489 365,313,902 314, 23a 911 363, 984, 683 380, 693, 438 353, 383, 944 415, .530, 331 677, 626, 483 885, 719, 205 1, 035, 765,108 1,066,13.5,106 1. 144,963,451 i; 125, 455, 237 1, 120, 3 i a 3 0 S 1, 036, 484, 822 1, 209, 721, 029 1, 213, 293, 827 1,1.52, 372,108 971,231,231 1,104, 346, 845 $19,104, 505 17, 412, 052 22, 27a 108 26, 96a 371 1,5, .393, 736 20, 867, 333 23, 401, 7.57 19, 269, 520 22, 237, 682 4 a 428, 658 77, 984, 455 84, 796, 040 93, .541,195 93, 101,167 92,182,164 121, 451, .393 90, 274, 479 95,133, 074 105,964,277 111,022,137 o a 139, 484 75, 301, 558 $988, 078 940. 565 1, 079, 724 1,182, 246 1, 016, 954 1,177, 944 1,232,018 1,151,088 1,344,758 2, 207, 252 2, 866, 4U5 3, 373, 828 3, 472, 753 3, 717, 414 3, 642, 250 3, 637, 397 3,36.5,210 3, 927, 666 3, 939, 266 3, 76.5, 922 3,173, 958 3, 608, 977 P r . cf. 5 2 .5.4 4.8 4 4 6.6 5.6 5 3 6.0 6 0 4.6 3.7 • 4 0 3.7 4.0 4.0 3.0 3.7 4.1 3.7 3. 4 4 7 4.8 |72, 747, 221 §413, 464, 866, 992 §16, 858, 398,139 J61,102, 416 +2, 491, 440 4.1 $47, 044, 900 4 a 884,180 52, 883, 700 64, 420, 200 67,146, 018 . 67,921,714 69, 907, 435 oa 900 605 68, 375; 820 68, 972, 508 68, 586, 763 80, 363, 013 82, 370, 200 81, 770, 200 82, 270, 200 82, 720, 200 83, 620, 200 84, 420, 200 84, 420, 200 83, 370, 200 81,635,200 80, 435, 200 15, 750, 455, 987 5,362,912,098 6, 906, 213, 328 a 333, 226, 718 4, 756, 664, 386 6, 44a 005, 956 7, 231,143, 057 5,91.5,742,758 6, 871, 44.3, .591 14, 867, 597, 849 24, 097,196, 656 26, 032, 384, 342 28,717,146,914 28, 675,159, 472 28, 484, 288, 637 37, 407, 028, 987 27, 804, 539, 406 29, 300, 986, 682 32, 636, 997, 404 33, 972, 773, 943 20, 8.50, 681, 963 23, 042, 276, 858 * The capital stock is stated at various dates, the amounts at a uniform date iu each year not beiug attainable. X Yearly averages for twenty-two years. 6 Totals'for twenty-two years. The amount of the coin and paper currency of a great nation is small in comparison with that of bank checks, certificates, and bills of exchange which are used as credit circulation. I t bas been said that they are simply the ''small change;" and by an examination of this table it will be perceived how inconsiderable is the aggregate of currency used in comparison with that of bank-checks, and how small an amount is actually needed to settle the large daily transactions of business at the New York clearing-bouse. A table will be found in the appendix, prepared by Mr. E. B. Elliott, of this Department, showing, for the period of thirteen years and nine months, from the close of the year 1861 to the 30th day of September, 1875, tbe average greenback-price of gold and the average gold-price of greenbacks, by months, quarter-years, half-years, and fiscal and calendar years, as derived from dail}'' quotations of sales in open market in I^ew York City. The chart accompanying tbe table exhibits the average currency-prices of gold and the average gold-prices of currency, by quarter-years, for the same period. LOST OR UNREDEEMED BANK-NOTES. Many exaggerated estimates have been made of the proportion of loss upon Treasnry and bank notes which have been in actual circulation for a series of years. The amount of demand Treasury-notes issued from July 17, 1861, to December 31,1862, was $60,000,000, in denominations of five, ten, and twenty dollars. The araount of these notes remaining outstanding on the 1st of I^overaber last was $69,707, the portion unredeemed being between one-eighth and one-ninth of one per cent, of the amount issued. 235 COMPTROLLER OF THE CURRENCY. In the absence of sufficient data no reliable statement of similar losses arising from the circulation of bank-notes has ever been made. In order^ to ascertain as nearly as possible the proportion of loss upon such notes, the Comptroller applied to tbe superintendent of the bank-department of the State of JMew York for a statement of the araount of outstanding circulation of the banks of that State, at a period when it was greatest, and the araount reraaining outstanding at the expiration of the six years^ notice required to be given by tbe banks before they were by law relieved from the obligation to redeem them. Through the courtesy of the superintendent in transmitting a series of reports to the Comptroller, tbis Office bas been enabled to prepare tables exhibiting the amount of notes which had been issued to the banks, and the amount remaining unredeemed at the expiration of the legal notice. Returns were in this way obtained frora two hundred and eighty-six banks, either incorporated, or organized under the safety-fund or the freerbanking systems of the State of New York. It was fouud that the maximum amount of circulation issued to them was $50,754,515, and that the total circulation still outstanding was $1,336,337, showing tbat the proportion of unredeemed circulation was 2.63 per cent, only of the amount issued. Thirty of these banks still remain in operation in tbe city of New York, either as State or national institutions; and letters of inquiry from this Office, addressed to them during tbe montb of October last, have elicited the following information : The raaxiraum araount of circulation issued to them was $7,763,010; remaining unredeemed in October, 1875, $142,365 ; amount unredeemed in proportion to that issued, 1.83 per cent., as will be seen from the following table : Greatest circulation. Name of bank. Now outstanding. Percentage. Amount. American Exchange : Bank of America Bank of l::iew York Bank of North America Bank of the Eepublic Butchers aud Drovers' •... Chatham Chemical Citizens' East Kiver Grocers' Importers and Traders' Irving Marine Market Mechanics' Mechanics' Banking Association. Mechanics and Traders' Mercantile Merchants' Merchants' Exchange Metropolitan New York County New York Exchange Park Phcenix : St. Nicholas Shoe and Leather Tradesmen's Dnion Totals.. 1853 1861 1860 1860 1859 1854 1858 1861 1860 1864 1854 1863 1862 1863 1862 1855 1860 1864 1854 1863 1863 1863 1862 1863 1862 1861 1862 1862 1854 1862 $400, 000 121, 570 450, 000 98, 712 293, 139 375, 000 133, 400 432,113 185, 841 120, 830 220, 000 100, 000 300, 000 281,456 435, 000 121, 590 227, 513 lia 050 337, 097 149, 964 570, 000 123, 974 160, 000 375, 941 147, 230 200, 000 645, 300 300, 000 241, 174 $8, 299 1, 200 3, 759 3,838 3. 500 3,226 3, 863 11, 082 5,218 5, 045 1,878 5,979 2,000 3,600 6,996 6,494 1,300 4,042 2,691 2, 349 2, 798 19,170 5,968 2,600 6,060 1,659 4,300 7,051 5,000 1,400 2.07 .98 .83 3.88 1.19 .86 2.89 2.56 2.80 4.17 1.91 2.71 2.00 1.20 2.48 1.49 1.06 1.77 2.27 .696 1.86 3.36 4.81 1.62 1.61 1.12 2.15 1.09 1.66 .58 7, 763, 010 142, 365 1.83 oaiio The statutes of tbe State of Wisconsin provide that a bank df issue, after eighty per cent, of its notes shall have been retired, may give notice for two years, in some newspaper of the county where it is established, that its circulating notes must be presented for redemption at the office 236 REPORT ON T H E FINANCES. of the State comptroller within three years from the date of such first notice. After the expiration of that tirae the comptroller is authorized to surrender to the order of the bank any securities be may hold for the redemption of its notes. ' From an examination of the official reports of the State superintendent, transmitted through the courtesy of the State comptroller, it is found that tbe greatest amount of circuiatiou issued to two hundred and forty Wisconsin State banks was $7,565,409, and that the amount remaining unredeemed is $134,747; the proportion of outstanding or unredeemed notes being 1.78 per cent, only, of the amount issued. The following table gives similar information as to the nationalbanks which failed prior to the year 1870, from which it will be seen that the amount of circulation issued to them was $1,554,400, the amount outstanding on November 1,1875, $21,653, and that the proportion of notes remaining unredeemed is ouly 1.39 per cent, of tbe total issue. R e c e i v e r ap- Circulation Circulation outstaud pointed— issued. ing. N a m e a n d location of b a n k . F i r s t N a t i o n a l B a n k , A t t i c a , N . Y '. VenanO'O N a t i o n a l B a n k F r a n k l i n P a M e r c h a n t s ' N a t i o n a l B a n k , AVashington, D. C , F i r s t N a t i o n a l Bank, M e d i n a , N . Y '. Tennessee National Bank, Memphis Tenn F i r s t N a t i o n a l B a n k , Selma A l a F i r s t N a t i o n a l B a n k , N e w Orleans, L a N a t i o n a l U n a d i l l a B a n k , Unadilla, N . Y . . : Farmer.? a n d C i t i z e n s ' N a t i o n a l B a n k , B r o o k l y n , N. Y . Croton N a t i o n a l B a n k , N e w York, N . Y F i r s t N a t i o n a l B a n k , B e t h e l , Conn National Bank, Vicksburg, Miss F i r s t N a t i o n a l B a n k , Rockford, 111 F i r s t N a t i o n a l B a n k of N e v a d a A u s t i n N e v ... Apr. May May Mar. Mar; Apr. May Aug. Sept. Oct. Feb. Mar. Apr. Mar. Oct. 14,1865 1,1866 a 1866 13,1867 21,1867 30,1867 20,1867 29,1867 6,1867 1,1867 2 a 1868 3,1865 24,1868 15,1869 14,1869 $44, 000 85, 000 180, 000 40, 000 90, 000 85, 000 180,000 100, 000 253, 900 180, 000 26, 300 90, 000 25, 500 • . 45,000 129, 700 1, 554, 400 INSOLYENT $484. 621 2, 316 468 896 1,013 2, 804 940 2, 67.9 1, 476 520 1,086 481 1, 042 4, 823 00 50 00 25 25 25 50 50 75 25 50 00 25 00 50 21, 653 50 Percentage unredeemed. . 1.10 .73 1.28 1. 17 .99 1.19 1. 55 .94 1.05 .82 1.97 1.20 . 1.88 2.31 3.71 1.39 BANKS. Since my last annual report receivers bave been appointed for five national banks, as follows: Gibson County National Bank, Princeton, Indiana. First National Bank of Utali, Salt Lake City, Utah.' Cook County National Bank, Chicago, 111. . First National Bank of Tiffin, Ohio. Charlottesville National Bank, Ya. During the year dividends have beeuodeclared as follows .Merchants' National Bank, Washino^ton, D. C , 10 per cent. NationalUnadilJa Bank, Uuadilla, N. Y., IS-nr p e r c e n t ; total, 45-i^o'P6r ceut. Scandinavian National Bank, Chicago, 15 per cent; total, 40 per ceut. Atlantic National Bank, New York, 15 per cent: total, 70 per cent. First National Bank, Washington,D. C , 10 per cent; total, 60 per cent. Merchants' National Bank, Petersburg, Ya., 9 per cent; total, 24 per cent. First National Bank, Mansfield, Ohio, iO per cent; total, 35 per cent. First National Bank, Norfolk, Ya., 15 per cent; total, 35 per cent. First National Bank of Rockford, 111., 16{^ per cent; total, 41^% per cent. First National Bank of Carlisle, Pa., 15 per cent; total, 40 per cent. First National Bank of Topeka, Kans., 15 per cent;.total, 45 percent. Gibson County National Bank of Princeton, Ind., 40 per ceut. First National Bank of Utah, Salt Lake City, Utah, 15 per cent. National Bank of the Commonv^^ealth, City of New York, 20 per cent, to shareholders. First National Bank of Fort Smith, Ark., 13 per cent, to shareholders. The affairs of the National Unadilla Bank, l^ew York, of the First National Bank of Eort Smith, Ark., and of the First National Bank of COMPTROLLER OF THE CURRENCY. 237 Bockford, III., have been finally closed; and it is expected tbat during the next year those of the Ocean National Bank of New York City, the First National Bank of New Orleans, the First and Merchants'National Banks of Petersburgh, Ya., the First National Bank of Wasbington, Do C , the Gibson County National Bank of Princeton, Ind., and of the Walikill National Bank of Middletown, N. Y., will be finally closed. Many of the claims against the Eighth National Bank of New York Gity have, during the past year, been assumed and liquidated by the stockholders of the bank in their individual capacity; and these liquidated claims have by them been turned over to this Office, iu lieu of the payment o:^,assessments, amounting to fifty-five per cent., made upon them as stockholders on account of such claims. The uncollected assets of the bank have also been sold by the receiver to the representative of the stockholders, under the order of the United States district court. On other claims against tbe association, for small amounts remaining outstanding, dividends have been declared in full. The creditors of the National Bank of the Commonwealth of New York City have been paid in full, and dividends amounting to twenty per ceut. have, during the last year, been declared in favor of its shareholders. Dividends amounting to thirteen per cent, have also been declared in favor ofthe shareholders of the First National Bank of Fort Smitb, Ark. On account of a deficiency of assets, assessments have been directed to be made, under section 5151 of the Eevised Statutes, upon the shareholders of the following-named bauks: Eirst National Bank, New Orleans; Crescent City National Bank, New Orleans; New Orleans National Banking Association; Atlantic National Bank, of New York City; Walikill National Bank, Middletown, N. Y.: First National Bank, Washington, D. C.; First National Bank, Norfolk, Ya.; First National Bank, Anderson, Ind., and the Scandinavian National Bank of Chicago, 111.; and suits have been directed to be brought against their delinquent shareholders for the enforcement of their liability under the section named. It is impossible to prevent delays in liquidating the affairs of insolvent banks when the stockholders of such institutions resist by litigation the enforcement of the personal-liability clause of the nationalbank act. Every effbrt will in such cases be made to close np the affairs of the banks with the least possible expense to creditors and shareholders, SECURITY OF CIR ULATING NOTES. The following table exhibits the kinds and amounts of United States bonds held by the Treasurer on the 1st day of November, 1875, to secure tbe redemption of tbe circulating notes of national-banks: Class of b o n d s . A u t l i o r i z i n g act. L o a n of F e b r u a r y , 1861, (81's) L o a n of J u l y a n d A u g u s t , 1861, (81'8) . . . L o a n of 1863, (81's) F i v e - t w e n t i e s o±" M a r c b 1864 F i v e - t w e n t ies of J u n e , 1864 : F i v e - t w e n t i e s of 1865 Consols of 1865 Consols of 1867 Consols of 1868 Ten-forties of 1864 F u n d e d loan of 1881 Pacific K a i l w a y b o n d s F e b r u a r v 8 1861 J u l y 17 a n d A u g u s t 5,1861 Mai-ch 3,1863 M a r c h 3 1864 J u n e 30 1864 M a r c h 3, 1865 do .do . ..do M a r c h 3 1864 J u l y 14,1870, a n d J a n u a r y 20,1871 J u l y 1,1862, a n d J u l y 2,1864 . . . . Total E a t e of i n t e r e s t . Amount. 6 per cent do ....do ....do ....do ....do do do ....do 5 per ceut do 6 per cent $3,675,000 51,059,350 28, 046, 700 179, 000 4, 656, 200 8, 272, 700 6,536 650 10, 282,100 2, 981, 000 97, 974,150 141, 072, 050 12, 814, 512 367, 549, 412 238 REPORT ON THE FINANCES. These securities consist of $128,503,212 of six per cent., and $239,046,200 of five per cent, bonds. The amount of six per cent, bonds now held is $17,478,438 less than on November 1, 1874, and the five percent, bonds have also been reduced $393,900 during the same period. Since October 1,1870, there bas been an increase of five per cent, bonds, amounting to $143,103,050, and a decrease of six per cent, bonds of $118,388,088. Since October, 1865, the increase in five per cent, bonds has been $162,193,600, and the decrease of six per cent, bonds $147,747,338. CLASSIFICATION OF STOCKS AND BONDS. Below is a statement of the aggregate amounts of the various kinds of bonds, stocks, and mortgages, and the amount of real estate owned by the national banks of the United States on the 30th day of June, 1875: United States bonds, par value Stocks aud bonds of States Stocks and bonds of cities Stocks "and bonds of corporations Bouds of counties and towns Bonds and mortgapjes, on real estate $402,028,100 00 |!3,105,143 8, 074,630 15, 067, 623 2,848, 595 2, 914, 322 -. 56 77 29 84 72 ' 32, 010, 316 18 37,956,241 37 Real estate owned, including banking-house property Total ..., 471,994,657 55 RESERYE. The following table exhibits, for October 1, of this year, the amount of reserve required to be held by tbe national banks under the act of June 20, 1874, (which repealed the requirement of reserve upon circulation ;) the amount which would, atthe same date, have been required by the previous law; the amount tben actually held, classified so as to show the proportions in bank and with reserve and redeeming agents ; and the amount of legal-tender reserve released under the operation of the act named. Total reserve r e q i ired. L o c a t i o n of b a n k s . A c t of N a t i o n J u n e al-bank 20,1874. act. Reserve held. Legal-tender reserve required. Legal Classification of reseive held. tender r e s e r v e A c t o f J u n e 20, 1874. released JSTation- b y a c t Other Due In the al-bank of J u n e In Specie lawful from T r e a s - Total. act. 20,1874: money. a g e n t s . bank. ury. MiUions. Millions. Millions. Millions. Millions Millions States and Territories.. |4.5. 9 ISTew Y o r k C i t y . . . 50.6 Other r e s e r v e ties .55.1 • Totals 151. 6 $80.3 55.1 $99. 7 60.5 $13.7 49.5 72.2 73.8 207.6 234.0 Millions. Millions. Millions Millions Millions. $11.6 1.1 $25. 3 50.6 25.7 3.6 29.3 36.1 6.8 0.8 40.7 32.3 88.9 16.3 105.2 123.5 • 18. 3 7.0 141.5 85.5 $32.3 55.1 $7.0 . $1.2 4.5 5.0 $45.3 $53.2 55.5 An examination of the table shows that the national banks held on October 1, 1875, $26,400,000 more of reserve than would have been required prior to the act of June 20, 1874, and $82,400,000 more than is required under that act. The amount of cash-reserve held was $148,500,000, which siim exceeds by $25,000,000 the amount required prior to June 20, 1874, and is $43,300,000 greater than that required under the present act. The following tables exhibit tbe amount of circulation and of net deposits, together with the reserve held by the national banks, at three periods in each year, from 1870 to the present time : COMPTROLLER OF THE CURRENCY. 239 S T A T E S A>TD T E R R I T O R I E S , E X C L U S I V E O F R E S E R V E C I T I E S . Dates. M a r c h 24, 1870 J u n e 9, 1870 O c t o b e r s , 1870 A p r i l 25,1871 J u n e 10, 1871. O c t o b e r 2, 1871 A p r i l 19,1872 J u n o 10, 1872 O c t o b e r 3,1872 Liabilities. Classification of r e s e r v e . NumR e s e r v e Reserve R a t i o of ber of req'red. held. r e s e r v e . Other Due baiiks. Cii'cula- N e t de- T o t a l . Specie. lawful from tion. posits. raoney. a g e n t s . 1,397 1, 396 1,400 1, 482 1, 497 1, 537 1,616 1,626 1,689 A p r i l 25, 1873 1,732 J u u e 13, 1873 1,737 S e p t e m b e r 12,1873 . 1,747 M a y l , 1874 J u n e 26, 1874 October 2, 1874 1, 751 1,7.55 1,774 M a y 1, 1875 J u u e 30, 1875 O c t o b e r 1, 1875 1,815 1,845 1,851 Millions Millions Millions Millions Millions Percent. Millions Millions Millions $60.8 1189. 0 §216.1 1405.1 m. 4 $22. 8 .|3.3 $39. 0 $50.1 61.2 2.9 219.1 407.8 22.6 188.7 49.0 92.0 40, r 2.4 2L6.-2 60.9 84.8 189.8 406.0 20.9 44.1 37.3: 98.7 235. 8 438.6 6.5.8 22.6 202.8 2.5 55.7 40.5' 241,1 66.8 101.7 445.3 22.8 204.2 2.0 40.4' 59.3 257.4 70.1 98.9 467.6 21.2 210.2 1.8 41.5 .55.6 267.3 487.4 73.1 98.0 220.1 20.2 2.6 43.2 52.2 222.0 268.8 490.8 73.6 101. 8 20.7 1.9 42.1 57.8 227. 3 282.1 509.4 76.4 97.8 19.2 2.0 43.3 52.5 290.7 522.6 78.4 105.7 231.9 20.2 1.6 45.1 59.0 294.9 527.7 79.2 108.9 232.8 20.6 1.7 44.9 62.3 536. 9 80.6 110.5 233.1 303.8 20.6 2.1 44.5 63.9 522. 0 • 78.4 286.2 112. 6 21. 6 2.4 235. 8 60.1 50.1 522.8 . 78. 5 235. 4 287.4 111.5 21. 3 2.2 62.0 47.3 234.1 527.5 79.2 293. 4 100.6 19.1 2.4 52.7 45.5 536.7 100.7 80.5 30.5. 2 18.8 1.5 47.1 231 5 52.1 .541. 3 81.2 105. 2 311.5. 19.4 1.6 45.2 229. 8 58. 4 80.7 306.7 537.4 100.1 18.6 1.6 4.5.2 230. 7 53. 3 N E W YORH CITY. M a r c h 24,1870 . . . . J u n e 9,1870 October 8,1870.... A p r i l 29,1871 J u n e 10,1871 October 2 , 1 8 7 1 . . . . 54 54 54 A p r i l 19,1872 J u n e 10,1872 October 3,1872.... A p r i l 25,1873 J u n e 13,1873 S e p t e m b e r 12,1873 M a y 1,1874 J u n e 26,1874 October 2 , 1 8 7 4 . . . . 51 51 50 54 54 54 49 49 48 48 48 48 48 43 48 M a y 1,1875 J u n e 30,1875 October 1,1875.... MilUons Millions Millions Millions Millions P e r c e n t . Millions Millions Millions 34.2 186.1 220.3 55.1 72.3 32.8 24:5 47.8 33.5 189. 9 223. 4 55.9 72.4 32.4 18.8 53.6 32.9 159.8 192.7 48.2 54.9 28.5 9.1 45.8 56.7 226.9 65.7 29.0 195.1 31.8 11.9 .53.8 31.0 2J1. 0 242. 0 60.5 76.6 31.7 11.4 65.2 30.6 191.3 221.9 55.5 26.7 59.2 8.7 50.5 28.6 53.4 372.0 200.6 50.1 • 26. 6 11.9 41.5 28.3 196. 9' 225. 2 .56.3 65.6 29. 1 1.5.2 50.4 28.1 158.0 186.1 46.5 45.4 24.4 6.4 39.0 24.7 163.6 28.0 191.6 47.9 47.3 13.1 31.2 27.7 186. 5 214.2 5.3.6 64.4 30.1 23.6 40.8 28.2 172. 0 200.2 50.0 46.9 23.4 14.6 32.3 27.2 58.7 207.6 71.3 234.8 25.0 46.3 30.4 26.2 206.4 232. 6 58.1 71.8 .15.5 56.3 30.9 25.3 204.6 229.9 57.5 68.3 29. 7 14.4 . 53.9 . 21.0 197. 5 218.5 54.6 57.8 6.7 51.1 26.6 19.2 218.4 237. 6 .59.4 76.6 13.7 62. 9 32.2 18.3 202.3 220. 6 55.1 60.5 5.0 55.5 27. 4' OTHER RESERVE CITIES. M a r c h 24, 1 8 7 0 . . . . J u n e 9, 1870 O c t o b e r s , 1870 A p r i l 29,1871 J u n e 10, 1871 O c t o b e r 2, 1 8 7 1 . . . . A p r i l 19, 1872 J u n e 10, 1872 October 3, 1872 . . . A p r i l 25, 1873 J u n e 13, 1873 S e p t e m b e r 12,1873 M a y 1, 1874 J u n e 26, 1874 October 2, 1 8 7 4 . . . . M a y l , 187.5, J u i i e 30, 1875 October 1, 1 8 7 5 . . . . •• Millions Millions Millions Millions Millions Percent. Millions Millions Millions 164 69.3 156.4 22.5.. 7 56.4 70.9 31.4 8.2 39.4 23.3 69.0 168.1 237.1 59.3 162 75.3 31.8 5.4 44.3 25.6 69.1 147.6 216.7 54.2 63.7 161 29.4 3.0 38.5 22.2 71.6 179.6 171 251.2 62.8 79.1 31.5 3.9 45.8 29.4 72.5 189.9 6.5.6 262.4 83.1 172 31.7 2.8 47.2 33.1 74.6 65.7 188.1 262. 7 75.3 176 28.7 1.5 42.6 31.2 183.9 76.6 71.4 260.5 65.1 27.4 176 5.1 36.4 29.9 198.1 76.8 274.9 68.7 79.1 28.8 176 2.8 42.6 33.7 179.6 78.1 257.7 64.4 66.8 25.9 1.9 180 36.7 28.2 78.2 196.0 274.2 68.6 . 72,4 26.4 2.2 181 40.4 29.8 78.2 210.5 288.7 72.2 80.8 28.0 182 2.7 43.2 34.9 77.8 197.5 275.3 68.8 71.8 26.1 181 3.2 36.3 32.3 77.3 72.1 210.9 238.2 84.2 29.2 179 5.1 45.4 33.7 76.9 74.0 219.1 296.0 87.429.5 4.5 47.4 180 35.5 73.1 73.3 218.5 293.1 76.0 4.5 25.9 40.4 182 31.1 217.9 70.8 288.7 72.2 72.0 2.5.0 2.4 41.1 183 28.5 69.1 225. 5 294.6 73.7 78.0 26.4 3.7 43.0 133 31.3 69.4 222.9 292.3 73.1 74.5 25.5 1.5 40.7 188 32.3 240 REPORT ON THE FINANCES. SUMMARY. Classification of r e s e r v e . Liabilities. NumR e s e r v e Reserve R a t i o of berof Due Other r e q ' r e d . held. r e s c r x e . b a n k s . Classifi- N e t defrom Specie. lawful Total. tion posits. money. agents. Dates. MilUons Millions 1,615 $292. 5 $.558. 6 291-2 1, 612 577.2 1,615 291.8 523.5 1,707 306.1 610.5 1,723 307. 8 • 641.9 636.7 1, 767 315.5 1,84.3- 325.3 A p r i l 19,1872 623.2 1, 8.53 J u n e 10,1872 327.1 663. 8 October 3,1872 1, 919 333.5 619. 8 A p r i l 25,1873 1,962 338.1 650. 3 J u n e 13,1873 1,968 338.8 691.9 339.1 S e p t e m b e r 12,1873-. 1,976 673. 3 M a r c h 24,1870 J u n e 9,1870 October 8 , 1 8 7 0 . . . . . A p r i l 29, 1871 J u n e 10,1871 October 2,1871 Millions Millions Millions Per cent. Bfillions Millions Millions $36.0 $126.1 $73.4 $851.1 $172. 3 $235. 5 27.7 27.1 868.4 13S. 1 74.6 239.8 27.6 176. i 14.5 122.6 66.3 815.3 203.4 24.9 163. 8 18.3 8.5.1 140.1 916.6 243. 5 26.6 185.3 - 92.4 949.7 16. 2 152. 8 261.4 27.5 192.9 952. 2 134. 5 86.9 12.0 233. 4 24.5 191.3 82.1 121.2 19.6 948. 5 188.4 222.9 23.5 91.6 134.9 20.0 990.9 198.6 246.5 24.9 119.0 80.7 22.1. 10.2 9.53. 3 187.4 209.9 119.7 • • 88. 8 225.4 16.9 988.4 194.9 22.8 129.0 28.0 97.1 1, 030. 7 254.1 24.7 204.9 113.1 96.1 22.6 19.9 1, 012. 4 199.5 229.1 M a y 1,1874 J u n e 26,1874 O c t o b e r 2,1874 . . 1,978 1.983 2,004 340.3 338.5 332.5 .704. 7 1, 045'. 0 713.0 1, 051. 5 716.5 1, 050. 5 209.1 210.6 210. 0 268.' 1 270.7 244.9 25.7 25.7 23.3 32.5 22.3 21.3 141.8 150.9 139.8 M a y 1,1875 J u n e 30,1875 October 1,1875 2,046 2,076 2,087 323.3 318.1 318.4 720.6 1, 043. 9 755. 4 1, 073. 5 731.9 1, 050. 3 207.3 214. 3 208.9 230. 5 259. 8 235.1 22.1 24.2 22. 4 10.6 19.0 8.1 139.3 151.1 141.4 9.3.8 97.5 83.8 80.6 89.7 85. 6 USURY. An important decision bas recently been made by the Snpreme Court of the United States in the case of The Farmers and Mechanics' National Banli of Buffalo vs. Bearing, upon the subject of usury, in which the following points bave been determined: . 1. That when a national bank malies a loan at a usurious rate of interest it can recover only the amount actually loaned, all interest being forfeited. 2. That when a national bank has received payment of a usurious loan, the party paying such nsury may, if he bring his action within two years from the date of the loan, recover from the bank twice the amount of all interest paid on such transaction. 3. That the penalties for usurious transactions or agreements made by national banks are restricted to those imposed by the Eevised Statutes of the United States, which are paramount to tbe penalties prescribed for similar oflten ses by the laws ofthe several States and Territories. The Gomptroller is frequently solicited to bring suits, under tbe authority of section 5239 of the Eevised Statutes, for the forfeiture of the rights, privileges and franchises of national banks, on account of usurious transactions. In a previous report this subject w^s referred .to as follows: Charges have been made against several national banks during the past year for receiving nsnrions rates of interest. These complaints have l^een made not only against b a n k s i n the Sonth and West, where high rates of interest prevail, bnt also against banks organized in other States, where the nsnrions rate charged was but slightly in excess of the rate of six per cent, allowed by law. Section 30 of the act provides that when the amount of interest charged is greater than the rate anthorized by State law, twice the interest paid may be recovered by the person paying the same ; while section 53 provides that the franchises of an association may be forfeited if the directors of a bank knowingly violate the provisions of the act. The original nationalcurrency act of February 11, 1863, provided as a penalty for usury the forfeiture of the debt, and section 50 of tJae same act also subjected the rights, privileges, and franchises of an association to forfeiture for willful violations of the act. It may be doubted, therefore, whether Congress intended to impose a specific penalty involving the loss of COMPTROLLER OF THE CURRENCY. ' 241 the wholie debt, and then, iu addition, subject the same bank to a forfeiture of charter in a subsequent section, which is applicable to other violations of law. I am informed by gentlemen who participated in the framing of the present national-currency act t h a t t h e forfeiture of twice the amount of interest was regarded as a sufiicient penalty for such violations of law, and, at the same time, a sufficient protection to borrowers. These statements are confirmed b y t h e act of April 22, 1870, "An act to amend the usury laws of the District of Columbia," which .provides *Hhat if any person or corporation in this District shall contract to receive a greater rate of interest than ten per cent, upon any contract iu writing, or six per cent, upon any verbal contract, such person or corporation, shall forfeit tlie whole of said interest so contracted to be received, and shall be entitled only to recover the principal sum due to such person or corporation." I t will be observed that the forfeiture of the interest is. the only penalty prescribed by Congress, nearly six years after the passage of the national-currency act, for corporations and individuals in the District of Columbia. The rates of interest fixed by State laws are not governed by any sound economical or business principles. In three of the New England States usury laws are abolished, while in the remainder the rate has remained for half a century at a uniform standard, . which is less than the present rate of the Bank of England. In Minnesota and Yirginia the rate is limited to twelve per cent.; in Illinois, Wisconsin, and Missouri, to ten per cent.; in Alabama and Ohio, to eight per cent.; wiiile in Pennsylvania, Maryland, and Kentucky the rate is fixed at six per cent. In New York, the taking of an excess beyond the'limit of seven per cent, forfeits the whole debt, and subjects the creditor to tine and imprisonment. It would be difficult to give any good reason why the rate of interest should be limited to ten per cent, in the city of Washington, to six per cent, in the neighboring cities of Philadelphia, Baltimore, Wilmington, and Raleigh, and to tvA^elve per ceut. across the Potomac, in Alexandria, and in the capital of Yirginia. Many qf the States have practically repealed their usury laws, w^hile other neighboring States retain upon their statute-books laws which are so continually evaded that they have become obsolete. Savings-banks chartered by Congress, savings-banks, trust-companies, and safe-deposit comxianies authorized by the legislatures of almost every State of the Union, as w^ell as private bankers, offer for interes,t on deposits rates nearly equal, and sometimes exceeding, the ruling rates allowed by law; and under such circumstances it is difficult to control by legislation the rates o f t h e national banks. Self-protection stimulates even the most conservative banks to control their own business and retain the accouuts of dealers of long standing. The rates of interest charged must correspond in some degree to the supply of'money and to the deraand. If high rates are paid for deposits, it is with the expectation that the borrower will pay a rate correspondingly high. Hence loans are made to those dealers w'ho will leave the largest proportion of the amount borrowed with the bank for the longest period in the guise of deposits. Banks in New York charge seven per cent., in Philadelphia and Baltimore six per cent.; but their loans are made chiefly to dealers whose average accounts show balances continually on hand equal to one-eighth or one-fourth of the amount borrowed ; while the banks in the South and the West not unfrequently cliarge the ruling rate without regard to the account of the customer. Tbe expedients for violating the usury laws are so numerous, that it may well be doubted whether it would not be better for all parties to allow the rate charged to be regulated by the state of the money-market. Under existing laws, in an easy money-market, the rate not nnfrequeutly falls below that prescribed by law. If money is scarce, the rate i s . nominally within the limit, but really regulated iu accordance with a previous understanding between borrower and lender. There are no usury laws in Great Britain or in the other commercial European states; and the commonwealth of Massachusetts, one o f t h e luost prosperous and enlightened States of the Union, has recently abolished such laws; and it will be found, by reference to the table ou a preceding page, that the earnings of tlie banks iu that State for the four years since the passage of the act have been even less than in many of the Eastern, Middle, and Southern States, where the rate is fixed at six I^QP cent. Mr. McCulloch, late Secretary of the Treasury, in his first report as Comptroller of the Currency, recommended a uniform rate of interest, and expressed the opinion that Congress possessed the power to enact such a law under the constitutional ];)rovision ''of regulating commerce among.Ihy several States. Congress alone has the power to coin money and regulate the value thereof; and if it alone has authority tp issue and authenticate the paper-currency of the countr^^, there would seem to be no good reason why it should not also provide for its free circulation, which is now impeued by the ever-changing statutes of forty diflferent legislatures. The penalty for usury should at least be defined, and until this is.done the Comptroller will not feel himself called upon to institute proceedings for forfeiture of the charter of a bauk for usurious transactions, wlien it is evident that the business of t i e association is conducted legitimately and safely in other respects. I G F 242 REPORT ON T H E FINANCES. COUNTERFEITS. Since the passage of tbe act of June 20,1874, $219,336,440 of nationalbank notes have been received, assorted, and counted in the Office of the Treasurer, a large proportion of which has also passed through the hands of experts in tbis Othce. This amount nearly equals two-thirds of the present total national-bank circnlation. The Treasurer informs me that in counting and assorting this large amount of cnrrency only live hundred and twenty counterfeit notes of all denominations have been discovered; of which two hundred and five were twos, one hundred and thirty-eight fives, one hundred and twenty tens, fifty-two twenties, and five one-hundreds; amounting, in all, to $3,840.* The only welbexecuted counterfeits ot national-bank notes of the denomination of five dollars, that have been discovered, are upon five of the national ba.nks in Illinois, namely: The Firstand TradervS' National Banks of Obicago, Tbe First National Bank of Paxton, The First National Baiik of Canton, and The First National- Bank of Aurora. The araount of notes of this denomination which has been "issued to the four banks first named is $433,700, about three-fourths of which has been withdrawn from circulation.. Circulars have recently been addressed to all of the national banks, and to the postmasters of the country, requesting the return to the' Treasury of all genuine five-dollar notes of these banks coming into their possession ; and it is expected tha during-the present year very nearly tbe wbole of such issues will be retired. 4 Experience has shown t h a t t h e prompt-retirement of the genuine notes of any denomination which has been successfully imitated is the most effectual means of preventing the circulation of their counterfeits. The Coraptroller has also the satisfaction of stating that the reasury detective force has recently captured the plate from which all the counterfeit five-dollar notes before referred to have been xninted, nd no fui'ther issue of these spurious notes is apprehended. It is believed, as stated in my fbrmer reports, that the large amount of engraver's work, both upon tbe faces and the backs of the nationalbank notes, together with the similitude of the designs, has tended to prevent their benig successfully counterfeited; and it seems certain that . Total number and amount. A v e r a g e for e a c h y e a r . Period. Notes. Trom From From From From From From From From 1806 to 1811 t o 1821 t o 1831 to 1840 t o 1844 to 1851 to 1861 to 1871 t o 1810 1820 1830 1839 1843 1850 1860 1870 1874 Totals Amounts. Notes. Amounts. 23,561 200,149 32,127 2,841 1,032 1, 734 4,194 1, 585 300 £38,903 260, 949 49, 496 10, .528 2, 754 7, 632 21, 082 5,697 2, 032 iii89, 321 1, 269, 908 240, 872 51,235 13,402 37,141 102, 596 27, 724 9,889 4,712 20, 015 3,213 316 2.58 248 419 1.58 75 &1, 781 26, 095 4, 950 1,170 668 1,090 2,108 570 508 S37, 866 126, 991 24, 087 5,694 3, 348 5,304 10, 259 2,772 2,472 267, 523 399, 073 1, 942. 088 3,877 5,784 28,148' The amount of circulation of the Bank of England on November 3, 1875, was £37,905,215, or $184,465,728.80. (London Eccuomist, November 6, 1875.) COMPTROLLER OF THE CURRENCY. 243 a new issue of national-bank notes, differing in design from that now in use, will have the effect to increase the number of connterfeits. The objection urged against the present design is that it prevents the fiber in the paper now used from being readily seen ; and to meet this objection the Comptroller suggests that a more simple design be substituted for the large central vignette upon the backs of the notes, which can be done with but little expense, thus leaving the fiber of the paper more clearly visible. BANK-NOTE PLATES. The sundry civil appropriation bill, approved March 3, 1875, after making appropriations for paper and the expenses of printing the national-bank notes, and for expenses of engraving and printing the notes, bonds, and other securities o f t h e United States, provides that: ^'the above-named notes, currency, and other securities of the United States shall be executed with not less than three plate printings; and thatthe Secretary of the Treasury shall have executed one or two of such printings by such responsible, capable, and experienced bank-note companies or bank-note engravers as may contract for the same at the low^est cost to the government, and at prices not greater than those heretofore paid for the same class of work; no company or establishment executing more than one printing upon tbe same note or obligation, and the final printing and finishing to be executed in the Treasury Department.'^ Under this provision the Secretary of the Treasury, in the month of ^August last, decided to have the final printing of the national-bank notes (the printing of their faces) executed at the Bureau of Engraving and Printing ofthe Treasury Department; and, in order to accomplish this purpose, the material used in printing this portion of the notes, consisting of 6,168 face-plates, 4,565 rolls, and 4,730 dies, has been transferred from the custody of the Comptroller of the Currency, by whom they were held, as provided in section 5113 of the Eevised Statutes, to that of the Secretary of the Treasury. In addition to the material mentioned, 831 back-plates, 172 rolls, and 98 dies were similarly transierred. Since then ajl notes issued have been printed upon the distinctive or special paper heretofore UvSed in printing the legahtender notes, and the words *' Series of 1875," as also the signature of the present Treasurer of the United States, have been imprinted upon their face. An examination of the plates, dies, bed-pieces and otber material from which the nationabbank circulation is printed, has been completed, in whole or in part, and a schedule of the same has been filed in this Office as required by section 5174 of the Eevised Statues. A large amount of material, also, which had been used in printing the notes of associations which are in liquidation, has been destroyed in the presence of three witnesses, appointed, respectively, by the Secretary of tbe Treasury, the Comptroller ofthe Currency, and by the bank-note companies who were at the time in possession of such material. Other sitnilar material, recently transferred to the custody of the Secretary, has also been destroyed in the presence of witnesses appointed by the Secretary and the Comptroller. The exaniination of this large amount of material ahd its transfer to Washington has occupied two months' time; and this, together with the alterations in the plates referred to, has caused considerable delay in furnishing to this Office unsigned circulating-notes for issue to the banks. It is expected that these alterations will be so far completed by the month of January next that circulating-notes will thereafter be delivered with .the usual promptness. 244- . REPORT ON T H E . FI.NxVNCES. STATE AND SAYINGS BANKS, AND TRUST AND LOAN COMPANIES. As required by section three hundred and thirty-three of the Eevised Statutes, the Comptroller presents herewith tbe condition of these monetary institutions, so far as obtained, for tbe year 1874-75. Savings-]) anlcs. The returns received from the six New England States, and from New York and New Jersey, are, apparently, as complete and correct as tbe State authorities eould make them. Those from California, compiled by the San Francisco Herald, also bear evidence of accuracy and completeness. From Pennsylvania only five savings-banks (four in Philadelpbia and one in Pittsburgh) have furnished reports. Tbe four Philadelphia banks report their aggregate assets at $15,374,775 ; tbe Dollar SavingsBank of Pittsburgh at $4,140,137. Maryland returns six savings-banksfive in Baltimore, having assets of $18,933,448, and one in Frederick, witb assets of $113,570. Minnesota returns three; aggregate assets, $119,163. ' Indiana, which reported six savings-banks on January 1, 1874, will not furnish returns for tbe present year until January next. In the tabular statements of several of the States it will be observed, that^certain amounts havebeen addedfor the purpose of balancing.. These forced balances, made in this Office, will be found in tbe item of '' other investments" when the total resources fall short, and in " otber liabilities" when the deficit is on the credit side of tbe account. An instance of this kind ccurs in the savings-bank statement for Massachusetts, and the missing sum of $593,285 in the aggregate resources has been added to ''other investmeiits." Last year it was found necessary to add $902,790 to ''otherliabilities" in order to balance the statement. The State commissioner of savings-banks furnishes no correction or explanation of these apparent errors in the "aggregates" which he supplies; and it has been found utterly impossible to derive any satisfactory explanation from the reports of the individual banks embraced in his last annual report. His suggestion, in tbis last report, that " t h e banks be required to furnish a statement of their condition, in the form of a trialdalance of their accounts," intimates plainly that the primary fault is in the law of the State, which does not require sufficiently explicit returns to be made by tbe banks. The item of " expenses" in the tables is extremely defective, many of tbe returns giving none whatever; and in a considerable.number of the reports, United States bonds are not distinguished from other bonds and stocks, nor is tbe separation of tbe amountof "loans on real estate" from that of "loans on personal and collateral security" always observed. The present, year furnishes savings-banks reports (complete and partial) from twelve States, ten of which appeared in my last annual report. Eeturns from three other States are now given for the first time, w^hile from one that was reported by ine last year no.returns have been received. A comparison of the aggregates for the purpose of exhibiting their differences would therefore be useless; but the six New England States, together with New^ York, New Jersey, and California, admit of instructive comparison. COMPTROLLER OF THE 245 CURRENCY. Their principal items'stand thus :* A g g r e g a t e deposits. N t i m b e r of depositors. ZSTew Ell crlancl New York ]N^ew J e r s e y California A v e r a g e t o each. - states. 1873-'74. 1874-'.75. 1873-74. 1874-'75. $381, 207, 058 285,520,085 29, 629, 588 67, 691, 097 $405, 838, 925 303, 935, 649 .30, 954, 877 72, 569,103 1,179, 484 839, 472 89,715 77, 910 1, 223, 441 872, 498 93, 800 91,993 1873-'74. $323 340 330 807 19 12 23 76 1874-'75. $331 72 348 35 ; 330*00 789 36 State hanlcs. In tbe tables of the appendix, banking institutions having capital stock, though calling themselves savings-banks, are included with State banks; and in several cases where but one true savings-bank is found in the report of a State, it, also, has been combined with the bank's of discount and deposit of that State, to avoid the necessity of additional tables. ^ The tables representing this class of banks are compiled from the re' turns of 551 institutions, situated in twenty-four States and the District of Columbia; none having been received from the Territories. Their aggregate loans and discounts are $176,308,949, and tbeir investments in bonds and stocks amount to $24,012,934. Of tbis last amount the item of " investments in United States bonds" is, for the reasons stated, inaccurate, and considerably below the true figures. The items of "other investments," " undivided profits," and "surplus," though correct in the aggregate cannot be relied upon individually. The total resources are stated to be $272,338,996. In a few unimportant instances ohly has it been necessary to force a balance in the tables. ' The statement of the banks of Ohio, here given, was furnished by its Secretar}^ of State. The amounts are apparently averages, returned to the auditors of eighty-eight counties for purposes of State taxation. They are without dates, but were collected in the months of September and October of this year. The number of banks assigned to Ohio is therefore an estimate only, and it has been found necessary to add the sum of $720,651 to. "liabilities" in the statement, in order to balance it. The report of the niue banks in Chicago is taken fromthe Inter-Ocean. There were no others obtainable from the State of Illinois.. West Virginia making returns of ten banks; Maryland, sixteen; Ohio, one hundred -and five (estimated); New Orleans, five; Arkansas, one; and Texas, five; are now given for the first time. Missouri, whicli vras returned last year, could not be obtained for the present report. ' Trust and loan comimnies. Eeports from thirty-five of these institutions, situated in Newl^ork, Massachusetts, Connecticut, Ehode Island, and Philadelphia, have been obtained, and are separately tabulated in the appendix. The aggregate capital of these is $21,854,020; their deposits, $85,025,371; loans, $65,900,174; investments in bonds, stocks, and mort* From official reports made to Parliament it is found that tlie amount due to depositors (including accrued interest) by the old savings-banks, and the po.st-office savings-banks of the United Kingdom of Great Britain and Ireland, was, at the close of the year 1874, $314,495,807. The number of open accounts was 3,132,293^ rnaking an average of |100.40 per captita. This shows a vast difference in the average of each depositor as compared with those of this country; but there is probably a great difference, also, in the character of the deposits. Those of Great Britain are, in the . main, actual savings, while great numbers of the American savings-banks do a considerable amount of commercial business. 246 REPORT ON THE FINANCES gages, of all kinds, $39,409,904; casb and cash items, $9,019,016; and their total resources are $122,890,175. Several of these companies state that they hold very large values, aniounting to many millions, in trust, which are not the property of the companies, and are not, tberefore, returned by them as deposits proper. The reports of the trust companies for New York, Massachusetts, Connecticut, and Ehode Island are furnished by their respective State superintendents of banking institutions. Those of Philadelphia were obtained by direct applications made to their proper officers, who cordially and promptly responded to the requests of this Office, although they expressed doubt whether they could be properly classed as banking institutions. Explanatory. Early in this year, at the time thought most appropriate for obtaining the latest reports, the Comptroller addressed letters to the governors^ and to the bank superintendents of all the States having sucb an officer, asking for returns of the banking institutions of their respective States. The only available reports whicb have been received in answer to these applications will be found in the appendix. During the sunimer and . autumn he again applied for the required information to the officers of nearly one hundred and fifty banking companies in the States from which no authentic reports had been, received. The Comptroller takes pleasure in acknowledging the courtesy of a large number of these gentlemen; but when the results of alb these inquiries are examined, it.will be seen bow neglectful are the constituted ^ authorities in respect to the monetary institutions of their respective States. The returns of 1,260 of the State banks, trust companies, and savings-banks in the United States show more than eleven hundred millions of dollars of deposits; seven hundred and seventy-five millions of loans and discounts; ninety-one millions of capital stock; sixty-nine millions of surplus funds and undivided profits, and a grand total of nearly thirteen hundred millions of resources, balanced by an equal amount of liabilities. How much beyond these sums remains unreported to this Office must be left to the estimates or conjectures of. experts" in finance. To understand the difficulties encountered by the Comptroller in collecting the statistics of the banks under consideration, it is sufficient only to instance the fact that many of. the States do not, bylaw, require these institutions to report their condition to any of the State authorities. To his inquiries, several of the governors replied, " W e have no such information ; " and others added, " and we don't: know where i t i s to be had." Some of the States require returns of those items only which they subject to taxation for State purposes, which are generally tbe capital stock and deposits of the banks; and even wliere full returns are required, they are usually averages for periods tbat vary in length and terminal dates. Among the States from which either no reports were received, or such^ only, as could not be utilized, are the great States of lUinois, Ohio, Yirginia, Louisiana, Missouri, and many others. Of the thirty-seven States in the Union, the Comxitroller has been able to obtain reports of banks of discount and deposit from twenty-four only, and of the ten Territories, returns have been received from the District of Columbia alone. Many of these reports are manifestly defective. He has also obtained reports of savings-banks from but twelve States and parts of States, and of trust and loan companies from four States and one city^ 247 COMPTROLLER OF THE CURRENCY. One otber source of information, which supplies some of tbe deficient cies mentioned, is found in the returns made to the Commissionerof Internal Eevenue for purposes of taxation. From the reports obtained by the Comptioiler and from these returns the following table has been prepared, sho^^ing the number of State and savings banks and of trust companies, and the amount of their deposits at various dates in 1874-'75, together with the number of banks and private bankers, and their average deposits for June, 1873, and May, 1875, as returned to the Commissioner. The table also shows the average amount of capital in May, 1875, and the taxable capital and deposits for the six nionths ending May 31,1875, as reported to him. The total average deposits for November, 1873, is also given in a note. s t a t e s and Territories. F r o m r e p o r t s obt a i n e d by t h e Comptroller at v a r i o u s d a t e s iu 1875. Deposits. Alabama Arkansas California Colorado Connecticut Dakota Delaware D i s t . of C o l u m b i a . Plorida Georgia Idaho Illinois Indiana Iowa Kansas , Kentucky Louisiana Maine Maryland Massachusetts . . . Michigaii Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire.. New Jersey NCAV M e x i c o . New York North Carolina... Ohio Oregon Penusyivania.... ilhede Island Soutli C a r o l i n a . . . Teunessee Texas Utah Vermont Virginia Washington W e s t Virginia AVisconsin Wyoming Totals. A v e r a g e deIDosits. Average de- Average capposits. ital. Six months endiug M a y 31, 1875. T a Xab 1 e capital and deposits. 1,100,042,436 1,229, 094, 594 1, 346, 014, 813 200, 316, 098 4,375 780, 494, 076 78, 519, 318 9, 602, 165 751,324 3, 757, 338 • 966, 119 ' 6,149.202 29, 718, 430 22, 567, 308 - 224, 376, 429 7, 408, 055 944, 264 30, 227, 492 35, 077, 089 253 416,106,226 'ios' ""2i,'535,'202" 133 53 66, 222, 831 52, 244, 723 436, 632 7, 594, 732 3, 057, 798 1. 946, 715 6, 909, 215 1,260 M a y , 1875. %2, 864, 640 , 389,408 80, 500,.652 1, 210, 992 22,321,012 129,152 1,274, 000 2, 992, 000 , ' 254,400 9,170, 928 148,000 •36,125, 944 14, 671, 704 11,.501, 548 3, 8.53, 484 25, 720, 252 10, 028, 648 4, 327, 220 12,155, 636 15, 077, 532 13, 874, 364 2, 819,160 2,285,364 48,192, 328 174,800 1, 316, 888 2, 587, 48U 4, 883,144 15, 274, 688 23, 752 219, 554, 096 2, 246, 020 40, 053, 768 1, 874, 000 105, 322,116 21, 818, 528 2, 494, 776 3, 869, 016 7, 235, 372 677,020 2,197, 792 10, 247, 228 334, 000 4, 062, 876 12, 259, 940 98, 408 252, 479 1, 0;24, 001 .5 61 23 184 26 11 J u n e , 1873. 22 15 112 28 106 8 9 16 9 69 4 329 143 210 93 93 27 66 58 243 151 57 22 210 4 32 12 67 70 3 848 19 300 8 485 60 17 26 95 7 20 80 4 22 93 3 ^78, 246 72, 569,103 100 T r o m r e t u r n s m a d e t o t h e Comniission er of I n t e r n a l R e v e n u e . $1, 667,219 316, 338 66,186, 456 305, 922 66,124, 918 67, 628 1, 543, 785 8, 666, 579 154, 277 3, 204, 509 16, 854 33, 544, 797 10, 968, 885 6, 446,114 2, 935, 323 12, 688, 659 7, 370, 620 27, 253, 684 21, 567, 758 200, 663, 465 11, 004, 407 1, 675,182 1,47.3,019 35, 720, 025 68, 835 946, 368 1,178,148 29, 037, 827 35, 203, 844 425, 847, 438 1, 505, 944 36, 623,163 784, 356 102, 957, 949 41,904,489 1,171, 628 3, 127, 673 2,869,8.37. 493, 224 4, 865, 998 8, 088,175 123, 956 2, 290, 556 8, 396, 392 42, 371 $1, 800, 847 1955, 000 184, 804 . 175,275 99, 640, 319 19, 941, 282 914, 054 165,145 77, 467, 290 2, 399, 010 96, 650 11,000 1, 385,129 470, 562 3, 814; 703 495, 456 237, 265 42, 000 3, 96.5, 978 - 4,104,257 56, 853 102, 000 35, 629, 942 10,163, 398 12,161, 278 5, 402,258 11, 957, 458 3, 330, 976 2, 253, 757 1, 344,131 .9, 709. 965 12, 200, 901 7, 723, 296 4, 039,720 29, 697, 569 2,140,138 24, 260, 491 4, 447, 838 238, 238, 794 3, 974, 342 3,159,046 10, 547, 674 1,091,111 1, 872, 648 1,261,665 808, 9i9 35, 723, 844 9, 226, 683 80, 201 76, 750 1, 060, 736 321, 719 2, 086, 974 195, 980 23, 558, 567 749,014 34, 408, 873 1, 827,170 16, 841 440, 77.5, 402 64, 823, 3.59 1, 552, 466 621, 408 39, 988, 035 7, 687, 538 1,236,848 490, 455 96,717,293 21,537,699 53,127, 962 • 3, 939, 263 1, 224, 076 1, 069, 550 2,916,792 875,147 4,153, 263 2, 947,182 517, 819 60, 000 10, 007, 254 90, 000 7, 248, 461 2, 869, 524 157, 612 114,946 3,113,178 745, 783 8, 929, 797 1, 563, .597 43,154 10, 500 N O T E . — T h e a m o u n t of t h e a v e r a g e d e p o s i t s for t h e m o n t h of N o v e m b e r , 1873, a s r e p o r t e d t o t h e C o m m i s s i o n e r of I n t e r n a l E e v e n u e , w a s $1,160,861,826. 248. ' REPORT ON THE FINANCES. This table affords all tbe additional information at tbe command of this Ofiice in reference to tbe number, deposits, and capital ot State banks and private bankers ofthe country. Three hundred and twenty-nine banks and bankers in Illinois return t o t h e Conimissioner $35,629,942 of deposits, two hundred and ten in Missouri, $35,723,844, and ninety.three in Kentucky, $12,200,901; from none of which could returns be obtained from any State officials. The savings-banks of California, twenty-five in number, bold $72,509,103 of deposits, while these, w^ith eighty-seven other institutions and priYate bankers, return to the Conimissioner $99,640,319; indicating that the total amount of deposits in California, outside of the national banks and the savings-banks, is but $27,131,206. By a similar comparison it will be found tbat five hundred and ninety-five private bankers in the State of New York held but $24,669,176 of deposits, while two hundred and fiftythree State and savings-banks and trust companies held $416,106,226. ;Other comparative results of corresponding character may be deduced from the table. Unfortunately for a useful comparison of summaries, the Commissioner's report embraces the returns of private bankers and brokers, and does not distinguish them, in numbers or amounts, from the incorporated or legally-authorized banks to which the Comptroller's inquiries are restricted. The total numberof banks and private bankers reporting to his Office is 4,375, while the banks represented in the reports obtained by this Office number but 1,260; tbe Commissioner's summary of the d'eposits held in May, 1875, is put at $1,346,000,000, wbile the aggregate reportecl to the Comptroller for various dates in 1874-75 is $1,100,000,000—the number of tbe banks and bankers in one statement exceeding by 3,115 that of the banks, trust companies, and savingsbanks in the other, while their deposits are but $246,000,000 greater in amount. Information in regard to these institutions, approximating to acaccuracy and completeness, can be obtained only through improved State legislatiou. Much that is promising of good results has already been done by exciting attention and endeavor in this direction. Appropriate bills were reported last winter in the legislatures of Illinois and Virginia, but were not passed. In these States, and elsewhere, the subject is undergoing what may be regarded as preliminary consideration. In several of the States, laws more or less effective are now in operation ; and it is deserving of notice that New York has enacted a law with respect to her savings-banks far more'exacting and restrictive than are the legal restrictions imposed upon the national banks; thus conforming to a provision in the State constitution which was recently ratified by popular vote. It is a truth, not universally recognized, that concealment is not among the vested rights of chartered money corporations ; but it is safe to say that tbe soundest of them regard publicity of their afiairs to be a measure of safety to themselves and a duty to the public. AMENDMENTS. The following amendments of the national-bank act are recommended. 1. An amendment authorizing the Comptroller to appoint receivers of national banks, whether transacting business or iu liquidation, when insolvency shall beconie evident from the protest of drafts or of checks drawn upon such associations, or otherwise, if, after due examination, COMPTROLLER OF THE CURRENCY. 249 it shall appear tbat the assets are insufficient for tbe liquidation of ex-. isting indebtedness. > 2. Authorizing the appointment of a receiver when the charter of a bank shall be determined and adjudged forfeited by a United States court before which suit is brought, as provided in section 5239 of the Eevised Statutes. 3. Providing that after full paynient shall have been made of all the debts of an association, an agent may be appointed by the shareholders of the bank, for the purpose of liquidating its affairs; and thereupon discharging the Comptroller and receiver, by virtue of sucb legislation, froni all further responsibilities. 4. For the investment of the funds of insolvent banks, on deposit with the Treasurer, in interest-bearing securities of the j n i t e d States,: w^hen dividends are delayed by reason of protracted litigation. 5. Providing that if any shareholder or shareholders of banks, whose capital stock is impaired, shall refuse, after three months' notice, to pay bis or their assessmentsj as provided in section 5205 of the Eevised Statutes, a sufficient amount of the capital stock of such delinquent shareholder or shareholders shall be sold to make good the deficiency. 6. An amendment of section 5200 of the Eevised Statutes extending thelimit of liability of any association, person, company, or firm, for money borrowed, from one-tenth of the capital paid in, to-fifteen per cent, of capital and surplus for banks located in the reserve cities, and to one-tenth of capital and surplus for otber banks. 7. Prohibiting the deposit of more than ten per cent, ofthe capital of a national bank with any private banker, or with any person or association other than a national banking association. 8. That no national bank shallbe liable to make good any deficiency which may hereafter arise in any special deposit made witb such bank, unless there shall be produced by tbe owner of such deposit a receipt in whicb the liability of the bank shall be distinctly stated. 9. The repeal ofthe two-cent stamp-tax upon bank-checks. 10. Eequiring the word "counterfeit," or "altered," or "illegal," to be stamped on all counterfeit or unauthorized issues. 11. The repeal of that portion of section 4 of the act of June 17, 1870, which provides for the organization of savings-banks in the District of Columbia. . ^ Many of these proposed amendments were incorpoi?ated into a bill reported from tbe Committee on Banking and Currency during tbe last session of Congress, but no final action w^as reached upon them. SYNOPSIS OF SUPREME COURT DECISIONS. The following synopsis of the decisions of the Supreme Court ofthe United States relative to national banks (3d to 21st Wallace, inclusive) has been prepared at tbe request of the Comptroller by Hon. Charles Case, late receiver of the First National Bank of New Orleans, now of this cit}^ ABATEMENT. An action brought by a creditor of a national bank is abated by a decree of a district or circuit conrt dissolvinoj the corporation and forfeiting its franchises. {National Banh of Selma vs. Colby, 21 Wallace, 609.) ACTIONS. '' I. A national bank m a y b e sued in proper State court. (Bank of Bethel vs. Pahquioque Bank, 14 Wall, 383, p. 395.) II. Such banks may sue in Federal courts. The word '^ by " was omitted in section 57 of act of 1864 by mistake. (Kennedy vs. Gibson, 8 Wall, pp. 506-7.) Receivers may also sue in United States courts. (Ibid.,,pp. 506-7.) . 250 REPORT ON T H E FINANCES. ACTIONS—Continued. ^ . III. When the full personal liability of shareholders is to be eufbrced the action M2(.s^ be at law. (Kennedy \ 8 . Gibson, S Wall,p. ^0^.) IY. But if contribution only is sought the proceedings should be in equity joining all the shareholders within the jurisdiction of the court. (Ibid., px^- 505-6.) Y. In such equity suit a decree interlocutory may be entered for the per centum ordered, and the case may stand over for the further action of the court if necessary until the whole personal liability is exhausted. (IMd.,p. 505.) YI. In such equity suit it is no defense that shareholders not within the jurisdiction are not joined. ( i M . , p . 506.) ^ YII. Suits tp enforce personal liability o^ shareholders may properly be brought before other assets are exhausted.' (Ibid., x^p. 505-^6. See also ''COMPTROLLER/^ III, " D E B T O R S , " I.) YIII. YV'hen a creditor attaches the property of an insolvent national bank he caunot hold such property against the claim of a receiver appointed after the attachment-suit was commenced. Such creditor must shuve pi'o rata with all others. (National Bank of Selma vs. Colby, 21 Wall, 609.) A'lTORNEYS. Section 56 of currency act is' directory only, and it cannot be objected by defense that a suit is brouglit by private attorney instead of the United States district attprney. (Kennedy vs. Gibson, S Wall,p.bOi.) BY-LAWS. A national bapk cannot by its by-laws create a lien on the shares of a stockholder who is a debtor of the association. (Bullard vs. National Bank, cfc, 18 Wall, .589>.) See also case of Bank vs. Lanier, 11 Wall, 369, cited under **' LOANS ON SHARES,'^ post. CHECKS. I. Holder of check on a natioual bank cannot sue the bank for refusing payment in the absence of proof that it was accepted by the bank. (National Bank of RepuUic vs. Millard, 10 Wall, p . 152.) ^ II. The relation of banker and customer is that of debtor and creditor. Receiving deposits is an important part of the business of banking, but the moment they are received they become the moneys of. the bank, may be loaned as a part of its general fund, and the check of the depositor gives no lien upon them. (Ibid., x^er Davis, J., xy-1^^>') III. Perhaps, on proof that check had been charged to the drawer, and that the bank had settled with him on that basis, the holder or payee could recover on a count for " money had and received." (Ibid.,xyp' 155-6.) IY. The facts that the bank was a Uuited States depository and the check was drawn by a United States officer to a United States creditor, do not vary the rule. (li)id.,p>P' 155-6.) COMPTROLLER. I. Comptroller must decide when and for what amount the personal liability of the shareholders of an insolvent natioual bank shall be enforced. (Kennedy vs. Gibson, 8 Wall, p . 505.) II. His decision as to this is conclusive. Shareholders cannot controvert it. (Ibid., 7^.505.) . III. In any suit brought to enforce such personal liability, such decision of the Comptroller must be averred by the plaintiff, and, il put in issue, must be. prpved. (Ibid.,p. 505.) Y. Comptroller appoints the receiver, and therefore can remove him. (Ibid., p . 505.) YI. Comptroller cannot subject the United States Government to the jurisdiction of a court, though he appears and answers to the suit. (Case vs. Terrill, 11 Wall, p . 199.) CURRENCY ACT. I. " T h e purpose of the currency act was, iu part, to provide a currency for the whole country, and, in part, to create a market for the Government loans.''^ (Per Strong, Justice, in Tiffany YS.. Missouri, 18 Wall, p . 413.) DEBTORS OF NATIONAL BANKS. • , I. Debtors of au insolvent national bank, when sned b y t h e receiver, cannot object that pleadings do not show a compliance with all the steps prescribed by statutes as preliminary to the appointment of such receiver. (Cadle, Receiver, cfc, vs. Baker cf Co., 20 Wall, p . 650.) II. Sucli ordinary debtors may be sued by receiver without previous order of Comptroller. (Bank vs. Kennedy, 17 Wall, p . 19.) COMPTROLLER OF T H E CURRENCY. 251 INTEREST. L.Under section 30 act of 1864, a national bank in any State may take as high rate of interest as by the laws of such State a natural person may stii3ulate for, althongh State banks of issue are restricted to a lesser rate. (Tiffany vs. National Bank of Missouri, 18 Wall, p . 409.) [NOTE.—In Missouri, natural persons may take ten per cent., but State banks are restricted to eight per cent. In this case the national bank had taken nine . per cent. Held, legal.] II. Seld, also, that as the action was virtually brought to recover the penalty for usury, the statute (section 30) raust receive a strict construction. (Ibid.,p. 409.) JUDGMENTS. I. A judgment against a national bank in the hands of a receiver upon a claim only establishes the validity of such claim; the plaintiff can have no execution on such judgment, but must await jpro rata distribution. {Bank of Bethel vs. Pahquioque Bank, I'l Wall, p . ZSZ. Clifford, J., p . A02.) LOANS ON, SHARES. I. National banks are governed by the act of 1864, which repealed the-act pf 1863 and cannot, therefore, make loans on the security of their own shares, uijless to secure a pre-existing debt, contracted in good faith. Bank, cfc, vs. Lanier, 11 Wall,p. 369.) II. The placing of funds by one bank on perraanent deposit with another bank is a loan within the spirit of section 35 of act of 1864. (Ibid., p . 369.) III. Loans by such banks to their shareholders do not create a lien on the shares of such iDorrowers. (Ibid., p . 369. See also Bullard YS. Bank, 18 Wall, p>- 580; and " B Y - L A W S , " SMj^ra.) RECEIVERS. I. Receiver of a national bank is the instrument of the Comptroller and may be removed by him. (Kennedy vs. Gibson, 8 iraZL,^. 505.) II. Such receiver is the statutory assignee of the assets of the bank, and may sue to collect the same in his own name, or in the narae of the bank,/or his use. . 0 (Ibid., p . ^06.) H I . In such suit it is not necessary to make the bank or creditors parties. (Ibid:, p . 506.) IY. Receiver of a national b.ank represents such bank and its creditors, but he in no sense represents the United States Government, and cannot subject the Government to the jurisdiction of any court. (Case vs. Terrill, 11 Wall, p . 199.) Y. Decision of a receiver rejecting a claim against his bank is not final. Claimant may still sue. (Bank of Bethel vs. Pahquioque Bank, 14 Wall, p . 383.) YI. The clause of section 50, actof 1864, which prescribes that the receiver shall be ^^ under the direction ofthe Comptroller" nieans only that he shall be subject to his direction, not that he shall not act TAithout orders. He may and must collect the assets. That is what he is appointed for. (Bradley, J., in Bank YS. Kennedy, 17 Wall,pP' 22-3.) SPIARES OF STOCK. ' I. A nationaibank whose certificates of stock specify that the shares are transferable on the books of the bank on surrender of the certificates, and not otherwise, and which suffers a shareholder to transfer without such surrender, is liable t a a bona fide transferee for value of same stock, who produces such certificate with usual power of attorney to transfer; and this is so though no notice had been given to the bank ofthe transfer. (Bank vs. Lanier, 11 Wall, p . 369.) II. Shares, quasi, negotiable. (Ibid., p. 369.) SHARES, TAXATION OF. I. The act of 1864, rightly construed, subjects the shares of the association in the hands of shareholders to taxation by the States under certain limitations set forth in section 41, without regard to the fact that part or the whole of the capital of such association is invested in national securities, which are declared by law exempt frorn State taxation. (Fan Allen YS. Assessors, 3 Wall, p . 573.) (Chase, Chief-Justice, and other judges dissentetl.) II. Act thus construed is constitutional. (Ibid.,p. 573.) III. A certain statute of New York which taxed shares of national-bank stock declared void, because shares of State banks were not taxed, although their capital w a s ; the act of Congress prescribing that shares of national-banks shall be taxed only as shares of State banks are. (Ibid., p . 573.) The ruling as to taxing shares of stock re-affirmed in Bradley vs. People, 4 Wall, and National Bank vs. Commomvealth, Wall, p . 353.* . * See also 4 Wall., 244, ancl 19 Wall., 490. 252 REPORT ON T H E FINANCES. SHARES, TAXATION OF—Continued. In last case, held that a State law requiring the cashier to pay the t a x was valid. Held, also, that a certain State tax-law virtually taxed -"shares of moneyed corporations," &c. , IY. Shares of stock in national bauks are personal property, and, though in one sense incorporeal, the law whicli created them could sepairate them fro'm t h e person of £heir owner for taxation, and give them a situs of their own.—(Tappan, Collector, vs. Bank, 19 Wall, p. 490.) Y. Sec. 41 did thus separate them, and give them a situs of their own. (Ibid., p. 490.) YI. This provision ofthe national-currency act became a law of the property (in shares), and every State in which a liank was located acquired jurisdiction, for taxation, of all the shares, whether owned.by residents or non-residents, and power to legislate accordingly. (Ibid.'p. 490.) • . . ' APPENDIX. Special attention is called to the carefully-prepared tables contained in the report and the appendix, showing the number of banks organized and. closed, with tbeir capital, bonds deposited and circulation, the resources and liabilities of the banks from their organization to the present time, their resources, dividends and earnings, the amount of proved claims and of dividends made to creditors of insolvent banks, banks which have gone into liquidation, the amounts and different kinds of United States bonds and other stocks and bonds held by the banks, the amount of specie and paper-money of the banks and in the United States, the unredeemed notes of State and national banks which have ceased to do business, the capital and deposits of State and savings banks, and the amount of national and State taxes. A list of these tables will be found' on the following page, and an index to the last report of each of tbe two thousand and eighty-seven national banks at the end of the volume. h \ concluding, this report the Comptroller takes great pleasure in acknowledging the uniform courtesy of the honorable Secretary of the Treasury, and desires also to tender his thanks to the officers and clerks associated with him, for the faithfulness and industry with whicb they have performed tbeir respective duties. • JOHN J A Y KNOX, Gomptroller of the Currency. 253 COMPTROLLER OF THE CURREKCY, TaMe sliowinrj for each State and Territory, on ihe Isi day of Novemher, 1875, the total number of banks organized, closed ana closing, a)id in operation, with iheir caxntal, bonds on deposit, and circulaiion issued, redeemed, and outstanding. Circulation. I n op S t a t e s a n d T e r r i t o r i e s . Orgnn Closed elaized. tion. . Maine N e w Harapshire Vermout Massachnsetts l\hode Island Counecticut Totals,'Middle S t a t e s . 282 107, 794, 891 57, 430, 200129, 288, 330 74, 877, 488 54, 410, 842 66 14, 345, 350 12,476,650 21,261,650 10, 032, 797 11,228,853 231 57,145, 367 43, 479, 350 81, 902, 995 38, 338, 527 43, 564, 468 11 1. .523,185 1, 453, 200 2, 464, 465 1,174, 740 1,289,725 31 13, 773, 685 9, 898, 550 17, 762,100 8, 557, 701 9, 204, 399 (m 621 194, 582, 478129, 737, 950252, 679, 5401-32, 981, 253119,698,287 370, 615, 945, 244, 579, 974, |9, 5, 8, 70, 14, 20, 000 000 390 600 800 814 388, 623, 092, 366, 775, 266, 250 $15,125,180 012 8, 903, 780 000 13, 702, 250 550 120,155,330 4O0 25, 835, 945 900 35, 319, 270 16, 690, 593 3, ,942, 253 6, 523, 669 57, 7S6, 453 12, 606, 445 17,067,411 | 8 , 434,.587 4, 961, 527 7,178, 581 62, 368, 877 13, 229, 500 18, 251, 859 538 167, 729, 604 128, 512,112 219, 041, 755 104, 616, 824 114, 424, 931 2, 032, 000 3, 594, 200 1, 846, 000 .2, 200, 000 3,135, 000 2, 685, 000 50, 000 1, 625, 000 1, 628, 000 2, 994, 750 1,531,050 1,670,100 1, 760, 000 2, 026, 400 50, 000 1, 580, 000 1,535,615 2,607,078 2, 090, 851 912, 520 917, 250 1, 496,186 1,000 6.55, 617 63, 874 2,421,407 643, 283 114, 529 4, 406, 605 2, 04.5, 050 5, 356, 431 4, 250, 000 2,.008;000 739, 000 1,200,000 205, 000 105, 000 10,295,120 8, 755, 850 3, 380, 300 2, 726, .500 9, 095, 300 • 2,763,400 1, 318,135 3, 286, 602 2, 065, 769 1,811,400 1, 865, 150 2,118, 9.54 : 44, 000 1, 420, 083 2,126 2, 947, 213 711,167 238, 471 8, 767, 080 2, 908, 270 4, 372,104 45, .592, 920,30, 338, 050 59,143,880 25, 267, 296 33, 876, 584 191 111 159 86 55 95 36 27 11 Totals, W e s t e r n States Nevada Oregon Colorado Utah Idabo Montana Wyoming N e w Mexico Dakota : Oiitstanding. 330 67 245 11 33 T o t a l s , S o n t h e r n and Southwestern States. ;. Redeemed 70 110, 45 o, 46 8, 234 96, 20, 81 25, Disti'ict of C o l n m b i a Virginia W e s t Virginia :... N o r t h Carolina S o u t h Carolina Georgia Plorida Alabama Mississippi Louisiana: Texas .• Arkansas Kentucky. T e n n e s s e e -. Missouri Ohio : Indiana Illinois Michigan Wisconsin Iowa M i n n e s o t a '. Kansas Nebraska Issued. 72 46 49 237 ()2 84 Totals, Eastern States. Xew York N e w Jei'sey Pennsylvania Delaware M^aryland B o n d s on dexjosit. Capital paid iu. 173 103 144 80 42 32 33 19 10 29, 841, 000 26, 059, 450 43,241,110 19, 577, 639 ^ 6 6 3 ^ 7 1 18, 563, 400 15,-206, 500 26, 933, 315 12,197, 991 11, 735, 324 27, 787, 335 13, 358, 306 14, 429, 029 19, 556, 000 13, 017,! 10, 458, 500 7, 373,150 12, 472, 000 5, 382, 508 7, 089, 492 3, 550, 000 2, 492, 000 5, 815, 500 2, 901,171 2, 914, 329 6, 372, 000 5,031,000 9, 813, 255 4, 511, 861 5, 301, 394 4, 527, 30n 3, 075, 400 5, 362, 680 2, 266, 339 3, 096, 341 886, 242 1, 339, 578 1; 420, 000 1, 220, 000 2, 225,^20 523, 070 1, 000, 000 1, 010, 000 1, 358, 600 835,530 686 95,288,200 74„485, 300 135, 009, 615 61, 605,12: 73, 404, 488 2.50, 000 925, 000 450, 000 100, 000 350, 000 125, 000 300, 000 50, 000 ,... T o t a l s , Pacific S t a t e s aud Territories 250, 000 560, 000 100, 000 100. 000 256, 000 60, 000 300, OOlt 50, 000 1,676,000 131,700 341?800 993, 940 584, 430 150,140 3.59, 500 71, 600 412, 670 67, 430 125, 512 131,700 350, 490 365, 416 61,339 116, 815 17,760 142.810 22, 430 .3,113, 210 6,188 210,100 :643, 450 219,01^ , 88,801 242, 685 .53, 640 269, 860 45, 000 1,773,938 D n e t o b a n k s for m u t i l ated uotes returned .. Grand" t o t a l s , 2,297 364, 749, 412 2,083 325, 804, 772 345, 586, 902 GOLD-liANKS. Mas<^acbu8ett8. California Totals, g o l d - b a n k s . . 4, 700, 000 2, 800, 000 120,000 2, 745, 900 120, 000 115, 900 2, 630, 000 2, 800, 000 2,865,900 235, 90C 2, 630, OOO 254 REPORT ON T H E FINANCES. Table shoioing the amount and rate of taxation (United States and State) of the national banks for ihe year 1867. R a t e of t a x a t i o n . A m o u n t of t a x e s . States and Territories. C a p i t a l stock. UnitedStates. Maiue New Harapshire Vermont Massachusetts Rhode Island Connecticut , New York New Jersey Pennsylvania Delaware Maryland D i s t r i c t of C o l u m b i a Virginia West Virginia N o r t h Carolina ... Georgia Alabama , Louisiana Texas Arkansas Kentucky Tennessee Ohio , Indiana Illinois Michigan , Wisconsin Iowa Minnesota Missouri , Kansas Nebraska Oregon Colorado Utah Idaho Montana , Totals State. Total. $9, 085, 000 4,735, 000 C,510, 012 79, 932, 000 20, 364, 800 24, 584, 220 116, 494, 941 11, 333, 350 50, 277, 795 1,428,185 12, 590, 203 1,350, 000 2,500, 000 2,216, 400 583, 300 1,700, 000 500, 000 1,300,000' 576, 450 200, 000 885, 000 100, 000 404, 700 867, 000 620, 000 070, 010 935, 000 992, 000 660, 000 559, 300 400, 000 250, 000 100, 000 3.50, 000 150, 000 100, 000 100, 000 f 180,119 88, 773 122, 214 1, 616, 825 324, 844 434, 440 3, 022, 662 253, 359 1, 212, 037 32, 621 260, 261 15, 330 48, 345. 46, 966 9,049 40, 845 8,763 35, 894 6, 865 5, 745 59, 816 52, 460 514, 681 278, 798 321, 406 111, 790 76, 583 106, 349 39,132 133,142 10, 229 . 10, 735 1,624 9,702 1,887 479 837 $141, 220 93,179 144,164 1, 562,128 195, 355 387,146 4, 058, 706 223,106 278, 268 1,261 166, 054 3,286 13, 926 51, 4.57 5,144 6,050 3,830 20, 042 2,149 1, 351 17, 467 27, 975 .520, 951 200, 372 231, 917 68, 061 62, 012 88,281 29,522 189, 248 7,801 7,014 1,615 i;097 1, 405 560 $321, 345 181, 9.52 266, 377 3,178, 953 .520, 200 821, 587 7, 081, 368 476, 465 1, 520, 305 33, 881 426, 315 18, 615 62, 270 98, 424 14,193 46, 895 12, 592 55, 936 9,015 7,096 77, 283 80, 4.35 1, 035, 633 479,170 553, 323 179, 851 138, 595 194, 631 68, 655 322, 389 18, 030 17, 749 1, 624 11, 317 2,984 1,884 1,397 422, 804, 666 9, 525, 6Q7 8, 813,126 18, 338, 734 United States. State. Total. P e r ct. Perct. P e r c t . . 2.0 1.5 3.5 1.9 1.9 3.8 1.9 2.2 4.1 2 0 2.0 4.0 1.5 1.0 2.5 1.7 1.6 3.3 2.6 3.5 6.1 2.2 2.0 4.2 2.5 0.5 3.0 2.3 0.1 2.42.1 1.3 .3.4 1.3 0.3 L6 1.9 0.6 2.5 2.1 2.3 4.4 1.5 0.9 2.4 2.5 0.4 2.9 1.7 1.0 2.7 2.8 1.5 4.3 1.2 0.4 1 6 2.9. 0.7 3.6 2.1 0.6 2.7 2.7 1.4 4.1 2.3 2.3 4.C 2.2 1.5 3.7 2.8 2.0 4.8 2.2 1.3 3.5 2.6 2.1 4.7 2.7 2.2 4.9 2.0 L3 3.3 1.4 2.0 3.4 2.5 2.0 4.5 4.3 2.8 7.1 2.4 2.4 2.8 3.2 0.4 1.3 2.0 0.7 0.5 1.9 1.4 0.8 1.4 0.6 2.2 4.3 255 COMPTROLLER OF THE CURRENCY. laMe sliowing the amount and rate of taxation (United States and State) of the'national banks for the year 18(^9. R a t e of t a x a t i o n . Araount of taxes. States aud Territories. C a p i t a l stock. UnitedStates. Maine l^ew H a m p s h i r e Vermont Massachusetts Rhode Island. •Connecticut New York New Jersey Pennsylvania Delaware Maryland D i s t r i c t of C o l u m b i a . Virginia W e s t Virginia N o r t h Carolina S o u t h Carolina Oeorgia Alabama Louisiana Texas Arkansas Kentucky Tennessee Ohio Indiana '.... Illinois Michigan Wisconsin Iowa Minnesota Missouri Kansas Nebraska Oregon Colorado Idaho Montana 185, 000 4,835, 000 6,385, 012 81,282, 000 20, 164, 800 24, 606, 820 112,267, 841 11, 465, 350 49,560, 390 1,428,185 790, 203 12, 050, 000 1.221, 860 2,116, 400 2,683, 400 823, 500 500, 000 400, 000 300, 000 525, 000 200, 000 835, 000 987, 400 917, 399 7.52, 000 370,000 510, 000 710, 000 717, 000 770, 000 810, 300 400, 000 400, 000 100, 000 350, 000 100, 000 100, 000 $191,779 97, 245 129. 0.59 1, 691, 620 344, 687 476,244 2, 958, 089 279, 410 1, 312, 419 30, 907 277, 590 23, 814 59, 281 51, 979 1.5, 712 19, 763 45,824 5. 926 27, 455 1.1,184 = 4,284 62, 836 47,164 635, 935 298, 336 369, 742 143, 649 80, 963 122,162 45, 223 171,198 17, 443 14, 593 2, 917 11, 902 1,179 1,731 Totals. 419, 619, 860 10, 081, 244 State. $164,150 102, 812 117,107 1, 329, 018 175, 466 366, 4.57 2, 980,104 200,121 266,186 3,265 147, 8.=i4 1,850 8,882 37, 053 2,455 7, 9.52 8, 2.54 490 7, 107 4,375 6,998 10, 236 6,570 573, 576 218, 888 217, 6.52 34, 384 50, 663 53, 621 29, 873 120, 720 16, 009 10, 838 11,286 2; 541 2,283 Total. $355, 929 200, 057 246,166 3, 020, 638 520,153 842, 701 ,5, 938,193 479, 531 1, 578, 605 34,172 425, 444 25, 664 68,163 89, 032 18,167 27, 715 54, 078 6,416 34, 562 1.5, 5.59 11, 282 73, 072 53, 734 1, 209, 511 517, 224 587, 394 178, 033 131, 626 175, 783 75, 096 291, 918 33, 452 25. 431 2,917 23,188 3,720 4,014 17, 378, 340 Uuited S t a t e , iTotal. States. P e r ct. P e r c t . P e r ct. 1.8 3.9 2.1 2.1 4.1 2.0 1.8 3.8 2.0 1.6 3.7 2.1 0.9 2.6 1.7 1.5 3.4 1.9 2.7 5.3 2.6 1.8 4.2 2.4 0.5 3.2 2.7 0.2 2.4 2.2 Ll 3.3 2.2 0.2 2.4 2.2 0.4 3.1 2.7 1.7 4.0 2.3 0.4 2.7 J 2.3 LO 3.4 2.4 0.6 3.6 3.0 0.1 1.6 1.5 0.6 2.7 2.1 0.8 3.0 2.2 3.5 .5.6 2.1 0.4 2.6 2.2 0.3 2.7 . 2.4 2.6 5.5 2.9 1.7 4.1 2.4 1.8 4.8 3.0 0.6 3.2 2.6 L9 4.9 3.0 1.4 4.7 3.3 L7 4.2 2.5 1.5 3.7 . 2.2 4.0 8.4 4.4 2.7 6.4 3.7 2.9 2.9 6.6 3.4 3.2 3.7 1.2 2.5 4.0 1.7 2.3 2. 4 1. 7 4.1 256 REPORT ON T H E FINANCES. CURRENCY YALUE OF GOLD. Tahle sliowing currency xirice in dollars of one hundred dollars in gold in the Neio York market, by months, quarter-years, half-years, calendar years, and fiscal years, from January 1, 1862, to August 31, 1875, both inclusive. 1862. 1863. 1864 1865 1866. 1867. 1868. 1869, 1870, 1871 1872. 1873 1874, 1875. Periods.. January Eebruary Marcli April May June J u l y ...H August September October Noveraber December 102.5 145. 103. 5 160. 101.8 154. 101.5 151. 103. 3 148. 106. 144. 115.5 130. 114. 5 12.5. 118.5 134. 128.5 147. 131.1 148. 132. 3 151. Pirst quarter-year Second q u a r t e r - y e a r T h i r d quai'ter-year Eourth quarter-year 140. 134.6 138. 137.4 130. 135 127. 13.5.6 131. 137 148. 137.5 151. 139.4 148. 140.8 145. 143.4 148. 143.5 143. 139. 6 136. 134. 8 155.5 158.6 162. 9 172.7 176.3 210.7 258.1 254.1 222.5 207. 2 23:}. 5 227. 5 121.3 110. 119.5 111. 112.6 I l l 113. 1 110. 114.7 111. 112. 9 112. 116.8 112. 117. 9 112. 114.3 114. 112.8 113. 111.4 111. 110.7 109. i.2 112. 7 111. 114.1 112. 11.5. 5 112. 117.8 113. 117. 7 112. 116.5 111. 3[115. 7 110 411.5.4 109.' .51112. 7 109.' 2108.9 110 9il08. 6 110.1 2110 111. 112. 5 114.5 115.5 114.8 115.8 117 114.8 113. 5 115.8 102. 6 153. 103.8 148. 116.2 130. .. 130. (i 148. 159 198.5 136.3 13.5. 7 186. "6 141. 4 135. 9 136.7 244.9 143. 2 148. 6 141.2 222.7 146.2 142.9 139.3 133.8 117. 8 111. 136. 7 113. 6 111. 135. 7 116.5 113. 126 111:6 111. 109.8114.1 111.1 114.2 112. 9 117. 3 112.. 115.9 114,. l!ll4. 6 109.1 114.7 112. 8 109. 2 no.l 103.2 150. 123.4 139. 172. 169.9 136.1 136. 2 233.8 144.7 145.8 140. 3 135.3 11.5. •< 111. 130.8 1 1 4 121. . 4 11.5. 7112.! 115.1 . 4 1 1 1 . 9 110.: E i r s t half-year Second half-year I 145. 2 203. 3 157. 3 140. 9 138.2 139. 7 133 114. 9 111.7112.4113.8111.2 137.1 156. 2,201. 9 140.4 141 139.9 137. 5 123.3 112.7,111.8114.6112 Calendar year Eiscal y e a r e n d e d J u u e 30. I I I G O L D V A L U E OE C U R R E N C Y . Table showing ihe gold-xyrice in dollars of one hundi^ed dollars in currericy in ihe Nerv York market, by months, quarter-years, half-years, calendar years, and fiscal years, from Januarij 1, 1862, to August 31, 1875, both inclusive. Periods. ' Jauuary Eebruary March A p r i l ...,;, May June July August SeiJteraber October November December 1865 1863, 1864. 1865. 1866, 1867. 1868. 1869, 1870. '. Eirst quarter-year Second q u a r t e r - y e a r Tbird quarter-year E o u r t b quarter-year E i r s t half-year Second half-year 97.6 96.6 98.2 98.5 96, 93. 9 86. 6 87.3 84.4 77. 76.3 75.6 68.9 62.3 64.7 66 67.2 69.2 76.6 79.5 74.5 67.7 67.6 66.2 64.3 63.1 61.4 57.9 56.7 47.5 38.7 39.4 44.9 48.3 42.8 44 46.3 48.7 57.5 67.3 7.3.7 71.4 70.4 69.7 69.5 '68.7 68 68.4 71.4 72.3 76.6 78.6 75.9 67.2 66 67.2 68.7 67.4 69.5 73.2 74.3 72. 74.1 73. 73 72.7 71.7 71 69.7 69.7 71.6 74.2 72.2 70.7 71.7 72.1 71.6 71.4 70.1 68.7 69; 6 72.9 74.^4 74 7.3.7 74.4 76.2 75.2 71.8 72.4 73.5 74.5 73.1 76.8 79.2 82.3 82.4 83.7 88. 88.4 87.2 88.6 85.6 84.8 87.1 88.7 89. 90.3 90.3 91.7 88.7 90.7 87.6 90. 86.6 90 84.9 88 85 89 87.8 85.8 89 87.5 86.4 89 87.4 86.7 87.3 88.1 88.7 88.3 88.3 91.8 89.9 88.6 92.1 91.5 89.1 90.9 97.5 96.3 86.1 76.6 65.2 67.4 76.8 67.2 62.9 53. 6 40.8 44.9 50.4 70.7 69.8 68.4 73.3 73.6 67.2 70 73.7 73.2 70.8 71.8 71.5 71 69.5 73.7 74.7 73.2 73.7 79.4 84.9 88.85.8 89.6 90 89.7 88.4 90 91 88.6 87.6 88.7 71.6 7.3.9 86.4 89.8 89. 96.9 66.3 57.9 58.9 73.5 73. 71.6 69.1 68.6 71.3 7 L 5 76.5 87.7 89.2 , 81 Calendar year E i s c a l y e a r ended J u n e 30. 89.5 89 68.9 49.2 63.6 71 72.4 71.6 7.5.2 87 64 49.5 71.2 70.9 71.5 72.7 81.1 88.7 89.7 89il 89:2 88! 2 89.9 90 91 91.2 91.2 91 90.2 89.6 88.9 87.3 86.6 87.1 86.3 85.4 87.2 88.1 86.4 87.6 8.5.3 87.3 91.6 89.3 87.6 89 86.3 91.1 87.2 90.2 86. 89.2 86.9 SO. 7 87.9 89.9 87.3 89.3 88.8 NOTE.—MAXIMUM GURHEXCY PRICE OF GOLD. A c c o r d i n g t o t h e officially-published q u o t a t i o n s of t h e g n l d - m a r k e t in N e w Y o r k , t h e c u r r e n c y p r i c e of SlOO gold r e a c h e d i t s maxirnura ou t h e l l t h day of J u l y , 1864, t h e q u o t a t i o n s for t h a t d a y r a n g i n g from $276 to $285. T h e a v e r a g e p r i c e of $100 gold for t h e . montli of J u l y , 1864, w a s $255.10, a u d t h e a v e r a g e p r i c e of $100 gold for t h e q u a r t e r - y e a r ended S e p t e m b e r 30, 1864, w a s $244.90. '^ 257 COMPTROLLER OF THE CURRENCY. Table shoiving the average weekly deposits, circulation, and reserve ofthe national banksin New York City, for the months of Sexitember and Octoher in each year, from 1870 to 1875, inchisive, as rexiorted to ilie New York clearing-house. Liabilities. Reserve. R a t i o of Week endingCirculation. N e t deposits. Total. reserve. Specie. Legal-tenders. Total. .Dollars. 32, 672, 815 • 32, 833, 3-23 32, 686, b84 32, 669, 207 32, 654, 378 32, .529, 395 32. 458, 049 32, 453, 226 32, 356, 866 Dollars. 172, 315, 962 168, 343,150 166,312,076 16.3,691,615 163, 874, 962 159, 205, 353 1.59, 194, 742 160, 794,105 164, 653, 818 Dollars. Percent. Dollars. 204, 988, 777 29.67 26, 070, 522 201,176, 473 29.43 16, 260, 859 198, 998, 960 29.39 14, 444, 365 196, 360, 822 29. 31 12. 770, 922 196, 529, 340 29. 23 11, 427, 962 191, 734, 748 29.11 10,658,402 191, 652, 791 29.05 10, 064, 025 193,247,331 29. 75 10, 296, 819 197, 010. 684 30.05 11, 367, 009 Dollars. Dollars. 34, 760, 841 60, 831, ,363 42, 938, 351 59,199,210 44, 040, 077 57, 544, 680 44, 773, 758 . 58, 4^4, 442 46, 321, 566 , 57,749,528 45.149, 713 5.5, 808,115 4.5,618,563 55, 682, 588 47, 193, 012 57, 489, 831 48, 732, 435 60, 099, 444 2,1871.. 9,1871.. 16,1871.. • 2.3, 1871.. 30,1871.. 7,1871.. 14,1871.. 21,1871.. 28,1871.. 29, 835, 300 30, 087, 200 30, 071, 600 29, 944,100 29, 992, 800 30,199,100 30, 273, 000 30, 233, 400 30, 431, 800 212, 534, 300 213, 442.100 211, 537, 700 203," 043, 400 193, 691, 500 189, 277, 300 183,192, 100 172, 343, 800 171, 737, 300 242, 369, 600 243, 529, 300 241, 609, 300 232, 992, 500 223, 684, 300 219,476,400 213, 465,100 2!'2, 577, 200 202,169,100 29. 36 ^.21 27.27 26.42 27. 49 26.76 25.23 26.03 26.19 10,196, 600 9,193, 400 9,0.50,100 8, 291, 700 11, 554, 000 9,153, 400 8, 025, 300 8, 647, 600 9,249,/700 60, 957, 800 60,106, 800 56, 847, 200 53, 275, 600 49, 933, 900 49,589,300 45, 83.5, 200 44,079,000 43, 694, 700 71,154, 400 69, 300, 200 65, 897, 300 61, 567, 300 61, 487, 900 58, 742, 700 53, 860, 500 52, 726, 600 .52, 944, 400 7,1872.. 14,1872.. 21,1872.. 28,1872.. 5,1672.. 12,1872.. 19,1872.. 26,1872.. 27, 27, 27, 27, 27, 27, 27, 27, 487, 200 580, 600 622, 300 689, 400 551,100 692, 900 661, 300 641, 000 183, 510,100 179, 765, 800 171, 742, 500 165, 721, 900 158,840,300 161, 816, 200 171,115, 000 174, 086, 400 210,997,300 207, 346, 400 199, 364, 800 193,411,300 186, 399, 400 189, 509,100 198, 776, 300 201, 727, 400 26. 30 26. 10 28.22 25.18 24.93 26. 77 28. 63 27.82 11, 619, 600 11,130, 700 16,851,600 10, 045, 900 8, 469, 700 10, 070, 200 10, 657, 400 9, 234, 300 43, 42, 39, 39, 37, 40, 46, 46, 866, 500 993, 300 419, 300 651, 700 998, .500 675,100 260,100 885, 000 55, 486,100 54,124, 000 56, ^70, 900 49, 697, 600 46, 468, 200 50, 745, 300 56, 917, 500 56,119, 300 Sept. 6,1873.. Sept. 13,1873.. Sept. 20,1873.. Sept. 27,1873.. Oct. 4,1873.. Oct. 11,1873.. Oct. 18,1873.. Oct. 25,^1373.. 27, 323, 300 26,351,200 27, 382, 000 27, 295, 400 27, 393, 700 27, 419, 400 27, 421, 200 27,'.390,100 182, 775, 700 177, 850, 500 168, 877,100 150,171,300 131, 855, 500 131, 958, 900 129, 575, 800 125, 671, 300 210, 099, boo 204, 201, 700 196, 2.59,100 177, 366, 700 159, 249, 200 159,378,300 156, 997, 000 153, 061, 400 25.66 24.56 23.55 16.54 11.61 n.64 10.72 12.16 19, 935, 900 17, 655, 500 16,135, 200 11,448,100 • 9, 240, 300 10, 506, 900 11,650,100 11,433,500 33, 993, 600 32, 500, 800 30, 083, 800 17, 883, 300 9,251,900 8, 049, 300 5,179, 800 7,187, 300 53, 929, 500 50,156, 300 46, 219, 000 29; 331, 400 18, 492, 200 18, 556, 200 16, 829, 900 18, 620, 800 Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Oct. 5,° 1874.. 12,1874.. 19,1874.. 26,1874.. 3,1874.. 10,1874.. 17,1874.. 24,1874.. 31,1874.. 2,5, 630, 500 27,701,700 25, 595, 700 25, 593, 900 25, 387, 700 25, 083, 900 25, 028, 600 24, 981, 600 25, 025,100 202, 918,100 20.5,166. 500 204, 285, 600 187,139,700 202, 605, 300 200, 054, .^.00 197, 261, 900 193, 514, 600 193, 611, 700 228, 548, 600 232, 868, 200 229, 881, 300 212, 733, 600 227, 993, 000 225,138, 400 222, 290, 500 218, 496, 200 218, 636, 800 31.41 31.05 31. .52. 33. 27 30.01 29.61 29.04 28. 82 27.94 16, 807, 500 17, 589, 200 17, 4.5.3, 200 16, 799, 500 15,373,400. 14, 517, 700 12, 691, 400 11, 457, 900 10, 324, 900 54, 878,100 54,71.5,700 55, 017, 300 53, 977, 900 53, 297, 600 52,152,000 51, 855,100 49, 893, 900 50, 773, 000 71, 785, 600 72, .304, 900 72, 470, 500 70, 777, 400 68, 671, 000 66, 669, 700 64, 546, 500 61,351,800 61, 097, 900 Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct: Oct. 4,1875.11,1875.. 18,1875.. 25,1875.. 2,1875.. 9,1875.. 16,1875.. 23,1875.. 30,1875.. 18,093.700 17,725,000 17, 723, 200. 17, 902, 600 17, 894,100 17, 820, 700 17, 781, 200 17, 844, 600 17, 900,100 210, 397, 200 209,802,100 206, 916, 800 205, 483, 200 201, 409, 700 197, 5.55, 800 195,192, 400 191, 468, 500 189, 063, 800 • 228, 490, 900 227, 527,100 224, 640, 000 223, 385, 800 219, 30.3, 800 21.5, 376, .500 212, 973, 600 209, 313,100 206, 968, 900 29.75 29.15 28.67 28.10 28.10 26.49 2.5. 41 25.34 26. 45 9,155, 700 8. 494, 500 6; 538, 200 6, 432, 400 5, 438, 900 5, 716, 200 5, 528, 500 .5,73.5,000 8, 975, 600 58, 810, 600 57, 828, 300 57, 856, 600 56,348,400 56,181, 500 51, 342, 300 48, .582, 700 47, 300, 900 45, 762, 800 67, 966, 300 66, 322, 80064,394,800 62,780,800 61, 620, 40057, 058, 500 54,111,200 53,03.5,90054,738,40a Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Oct. 3,1870.. 10,1870.. 17,1870.. 24,1870.. .1,1870.. 8,1870... 15,1870.. 22,1870.. 29,1870.. Sept. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. 17 F 258 REPORT ON TIIE FINANCES. Tahle of dividends and earnings ofthe national banks in the United States, ao'ranged hy g graphical divisions, for semi-annual x^eriods from March 1, 1869, to Sex^temb^r 1, 1875. ro Ratios. fl .2 Cf-I G e o g r a p h i c a l divisions. M a r c h , 1869, to Sept., 1869: New England States Middle States Southern States AVestern S t a t e s •... Totals Sept., 1869, to M a r c h , 1870: ]>Iew E n g l a n d S t a t e s Middle States Southern States W e s t e r n States Totals M a r c h , 1870, to Sept., 1870: N e w England States Middle States Southern States W estern States Totals Sept., 1870, to M a r c h , 1871: . New England States Middle States .'. . . S o u t h e r n S t a t es Western States Totals M a r c h , 1871, t o Sept., 1871: New England States Middle States Southern States Western States Totals Sept., 1871, to M a r c h , 1872 : N e w England States Middle States Southern States W^estern S t a t e s Totals M a r c h , 1872, to Sept., 1872: N e w England States Middle States Southern States Western States Totals Sept., 1872, to M a r c h , 1873: New England States Middle States Southern States Western States Totals M'arch, 1873, t o Sept., 1873: New England States Middle States..'. Southern States Western States Totals O Cai)ital. Sui'plus. N e t earniugs. Dividends 3 ro • 2 I'l 525 P 476 $142,062,062 $25, 567, 269 543 179, 846, 540 42, 031, 900 70 12, 498, 200 1, 264, 045 392 67, 244, 000 ^ 13,242,634 $7, 350, 939 9, 571, 428 727, 841 4,117,623 $9, 880,104 12, 612, 834 969, 037 5, 759, 209 Ill Perct. P e r c t . P e r c t . 5.9 4.4 5.2 5.7 4.3 5.3 5.3 7.3 5.8 5.1 • 7.2 6.1 1,481 401, 650, 802 82,105, 848 21,767,831 29, 221,184 b.4 4.5 6.0 488 148, 466, 032 577 187,741,859 76 12, 850,100 430 67, 309, 000 27, 335, 824 43, 043, 795 1,419,995 14, 318, 596 7, 503, 307 9, 5.50, 034 804, 972 3, 620, 782 10,148,574 12, 3.52, 534 1, 035, 938 5, 459, 888 .5.0 .5.1 6.3 5.4 4.3 4.1 5.6 4.4 5.8 5.3 7.3 6.7 1,571 416,^366,991 86,118, 210 21, 479, 095 28, 996, 934 5.2 4.3 5.8 491 1.52,700,033 29, 268, 791 584 188,131, 868 45, 455, 429 81 14,441r203 1, 586, 312 444 70, 044, OCO 15, 320, 088 7, 554, 081 9, 250, 780 809, 439 3, 466, 043 9, 609, 814 4.9 11,244,110 4.Q 1,153, 852 . 5.6 4, 806,109 4.9 4.1 4.0 5.0 4.1 5.3 4.8 7.2 5.6 1,600 425, 317,104 91, 630, 620 21, 080, 343 26, 813, 885 5.0 4.1 5.2 492 153,419,032 585 189, 066, 5.59 83 15, 221, .574 445 70, 992, 000 30, 647, 742 46,418,681 1,733,167 15, 872, 811 7, 747, 077 9, 494, 432 924, 477 4, 039,164 9, 547, 922 11,146, 367 .1,1.38,066 5, 410, 807 .5.0 5.0 6.1 5.7 4.2 4.0 5.4 4.6 5.2 4.7 6.7 6.2 1, 605 428, 699,165 94, 672, 401 22, 205,150 27, 243,162 5.2 4.2 5.2 493 154,151, 032 . .591 190, 676, 869 113 22, 1.53, 463 496 79,017,900 31, 938, 761 47, 776, 315 1, 885, 311 16, 686, 204 7, fll9, 422 9, 274, 773 1,148, 638 4, 082, 446 9, 2.59,127 11,207,080 1,317,419 5, 531, 685 4.9 4.9 5.2 5.2 4.1 3.9 4.8 4.3 .5.0 4.7 5.5 5.8 1, 693 445, 999, 264 98, 286, 591 22,125, 279 27, 315, 311 5.0 4. 1 5.0 494 154, 869, 032 589 190, 985, 969 129 26,182.281 538 78, 656; 424 33,163, 949 48, 754, 5.56 2,118,475 15, 394, 263 7, 713, 428 9, 674, 512 1, 317, 525 4,154, 361 9,1,52, 7.34 10, 988, 549 1, 700. 643 5, 660; 613 5.0 5.1 5.0 5.3 4.1 4.0 4.7 4.4 4.9 4.6 6.0 6.0 1, 7:50 450, 693, 706 99,431,243 22, 859, 826 27, 502, 539 5.1 4.2 5.0 497 15.5, 220, .568 594 191,776,118 141 29, 513, 235 620 89,166,102 34,113, 635 50, 3-.'8, 781 .2,353,213 18, 386, 313 9, 721, 12; 099, 1, 967, 6, 784, 465 457 089 880 4.9 4.9 5.3 5.8 4.0 3.9 4.9 4.8 5.1 5.0 6.2 6.3 23, 827, 289 30, 672, 891 5.1 4.2 5. 4 7, 938, 341 9, 766, 087 1,612,680 5, 508, 953 10,324,340 11, 642, 716 2,170,179 7, 789, 243 5.1 5.1 5.1 5.5 4.1 4.0 4.7 4.5 5.4 4.7 6.3 6.4 1, 912 480, 518, 683 114,257,288 . 24, 826, 061 31, 926, 478 5.2 4.2 5.4 941, 687 575,193 544, 046 762,103 10,103,736 12, 565, 331 2,246,024 8,206,909 5.1 5.0 4.6 5.5 4.1 3.9 4.2 4.5 5.2 5.1 6.1 6.4 24, 823, 029 33,122, 000 5.1 4.1 5.5 1,852 465, 676, 023 10.5,181,942 495 155, 659, 232 594 192, 845, 669 147 31, 328, 787 676 100, 684, 995 493 157, 014, 8,32 . 591 192, 234, 009 161 33, 259, 530 707 105, 592, 580 36, 53, 3, 20, 858, 303, 207, 837, 324 .503 788 673 38, 303, 887 53, 431, 089 3,600,607 22, 778, 265 1, 953 488,100, 951 118,113,848 7, 9, I, 5, 62.5, 432, 552, 216, 549 709 664 367 / 7, 9, 1, .5, COMPTROLLER OF THE CURRENCY. 259 Table of dividends and earnings of the national hanks in the United States, fc—Continued. ro Ratios. a M o G e o g r a p h i c a l divisions. Capital. Surplus. Dividends. pi Sept., 1873, t o M a r c h , 1874: N e w England States Middle States . Southern States Western States Totals M a r c h , 1874, t o Sept., 1874 : N e w England Slates Middle States Southern States Western States Totals . . . . . M a r c h , 1875, t o Sept., 1875: N e w England States Middle States Southern States Western States • a P-fH > eg p fH c3 ?3 .H o ro c3 CJ ro S • 041, 832 $39, 714. 859 368, 669 55, 931, 654 605, 522 3, 864, 491 494, 300 23, 957, 855 $7, 627, 811 9,164, 682 1, 415, 933 5, 321, 571 P e r c t . P e r c t Perct. 3.8 4.9 $9, 682, 704 4.8 4.5 3.7 10, 983, 048 4.8 I, 750, 914 4.3 .3.9 4.8 4.9 5.4 1,127, 454 4.0 1,967 489, 510, 323 123, 469, 859 23, 529, 997 29, 544,120 4.8 3.-8 4.8 9, 603, 512 007 707 ll- 214, 753 1, 871, 562 208 384 • 7,346,984 4.9 5.0 4.8 5.6 3.9 3.8 4.3 4.5 4.8 4.5 5.0 5.5 30,036,811 5.1 .4.0 4.9 9, 031, 409 4.8 10,361,652 - 5.0 4.3 1,861,758 5.4 7, 881,188 3.8 3.9 3.8 4.4 4.4 4.2 4 9 5. 8 29,136, 007 5.0 4.0 4 7 4.8 4.8 4.4 5.3 3.8 3.7 3.9 4.2 4.3 4 0 4 9 5.8 503 $159, 588 190, 159 32, 717 107, 506 159, 531, 832 586 189, 38.5, 019 1.59 33,138, 800 720 107, 882, 633 41, 978,153 57,176, 298 4,121, 405 25, 088,183 1,971 489, 938, 284 128, 364, 039 Totals Sept., 1874, t o M a r c h , 1875 : New England States Middle States S o u t h e r n State.s Western States....... roi! ro II a ^ °1 N e t earnings. 510 160, 461, 832 589 189, 639, 519 169 3.3,681,310 739 109, 786,170 43, 020, 505 57. 749, 497 4, 646, 468 26,144,167 2,007 493, 568, 831 131, 560, 637 512 161, 928, 732 603 190, 775, .569 175 34, 640,100 757 110, 520, 432 43, 57, 4, 27, 563, 385 826, 444 965,170 768, 650 7, 9, 1, 6, 838, 463, 594, 033, 27, 929, 306 7, 9 1, 5, 785,166 537,118 46.3,170 965, 362 24, 750, 816 7, 758, 460 9,151, 653 1, 539, 234 5, 868, 438 8, 767, 9, 985, 1, 956, 8, 090, 978 736 203 300 Totals 2,047 497, 864, 833 134,123, 649 24, 317, 785 28, 800, 217 4.9 3.8 4 6 General averages 1,801 459, 531,151 108, 255, 090 23, 501, 677 29, 248, 580 5.1 4.1 5.2 260 REPORT ON T H E FINANCES. Table of the dividends and earnings of the national hanks, with iheir ratios to capital, and to capital and surplus-fund, for the six months from Sex)temher 1, 1874, to March 1, 1875. Ratios. S t a t e s , T e r r i t o r i e s , a n d res e r v e cities. Capital. Surplus. Dividends. N e t earnings. g!>oCJr oP P Maine NeAV H a m p s h i r e Vermont Massachusetts Boston.. i Rhode Island Connecticut New York N e w Y o r k City . . Albany New Jersey ' Peunsylvania Philadelphia Pittsburgh Delaware Maryland Baltimore D i s t r i c t of C o l u m b i a . Washington Yirginia W e s t Yirginia N o r t h Carolina S o u t h Carolina.'. Georgia Elorida Alabama N e w Orleans Texas Arkansas Kentucky^ Louisville Tennessee Ohio Cincinnati Cleveland Indiana Illinois'. 1 Chicago Michigan Detroit Wisconsin M i l w a u k e e .• Iowa Minnesota Missouri Saint Louis Kansas Nebraska Oregon California San E r a n c i s c o Colorado Utah N e w Mexico Wyoming Idaho Dakota Montaua Totals . $2,190, 712 1, 070, 380 1, 829, 288 13, 218, 243 13,100, 362 4, 183, 354 7, 428,166 8, 225, 734 22, 761, 834 1,450,000 3, 731, .56;i 7, 577,135 7,189, 641 3, 093, 586 439, 300 551, 630 2, 417, 074 35, 000 277, 000 783, 049 383,216 200, 292 443, 712 470, 881 $518,'580 261, 450 367,419 2,163, 365 2,221,105 936, 522 1, 316, 725 1,765,144 3, 303, 0.57 137,000 681, 588 1,340,510 982,572 471, 000 79,159 123,219 587,093 10, 080 56,696 162,635 107,;010 94, 000 151,750 147, 547 179,222 288, 262 230, 526 23, 750 907, 534 267, 636 463, 388 4,619,433 950. 000 666,257 4, 761, 8.5-i 3,168, 065 3, 399, 500 1,862,919 725, 000 775,179 311,698 1, 429, 719 809, 693 516, 323 866, 253 294, 547 135, 422 50, 000 39,134 275, 000 272, 850 70, 000 29,116 13, 457 21,000 6, 000 75, 750 68, 300 112,500 38,000 277,228 14.5, 075 159,il25 1, 096, 237 198,000 226, 500 1,07.3,105 687,105 296,500 470,050 110,000 209.'.541 36,500 347, 307 270, 560 124, 750 246, 861 65,700 52,: 000 15,: 000 78,000 . 165,'000 101,500 12, 000 • 19,500 493, 568, 831 131, 560, 637 24, 750, 816 64 $9, 740,000 5, 265, 000 43 7, 862. 713 42 168 41, 462. 000 51 50, 200; 000 62 20, 504, 800 80 25, 427, 320 221 35,199, 441 48 68, 500, 000 7 2, 450, 000 62 13, 808, 350 159 27, 075, 240 29 16, 935, 000 • 9, 000, 000 16 1,.523,185 11 17 2, 243, 217 14 11, 455, 685 252, 000 1 1,192, 400 4 3, 546, .500 20 2,146, 000 17 2, 200, 000 11 3,135, 000 12 2, 882, 500 13 1 50, 000 9 1, 635, 000 7 3, 850, 000 1,125, 000 9 2 205, 000 37 6, 752, 300 7 2,901,000 24 3, 253, 010 159 20, 758, 000 5 4,000,000' 4, 550, 000 6 93 17, 923, 800 124 11,738,670 17 8, 400, 000 8, 437, 200 77 3 1, 900, 000 3,015,000 43 750, 000 4 6, 317, 000 •79 4, 341, 200 32 2, 735, 000 28 6, 360, 300 7 23 . 1, 605, 000 10 1, 025, 000 1 250, Odo 4 1, 200, 000 2, 500, 000 2 775, 000 9 300, 000 2 300, 000 2 12.5, 000 2 100, 000 1 50, 000 1 3.50, 000 5 20,000 * 43,^ 646 Perct. Perct. Per c t 4.3 5.7 $680, 302 5.3 4.1 4.8 306, 877 5.0 5.1 3.8 499, 561 4.7 4.5 4.0 2, 461, 987 5.2 4.1 3.5 2, 585, 564 4.4 4.3 3.8 1, 072, 514 4.6 4.3 4.0 1, 424, 604 5.2 4.3 4.1 1,'853, 089 5.0 4.8 3.8 3.6 3,457,671 3.4 3.5 132, 590 5.6 4.9 5.1 3.9 897, 578 4.3 3.9 1, 495, 391 4.9 .5.8 4.2 4.1 1, 004, 393 5.2 4.4 3.9 530, 426 5.2 4.3 4.0 85, 275 4.7 4.4 130, 898 .5.5 4.8 4.2 666, 241 5.1 4.0 5.8 3:5 16, 721 4.7 6.2 3.9 91, 379 4.6 199, 929 4.6 3:8 5.0 5.5 l'40, 001 4.2 4.3 5.5 132,185 3.9 4.8 6.2 222, 471 4.2 4.0 134, 367 5.1 4.4 0.1 60 4.4 79, 613 4.2 3.8 2.6 2.9 109,476 2.7 5.7 3.4 2.8 ,76,869 5.2 11,955 5.1 3.6 . 394,533 4.1 5.2 163, 650 5.0 4.6 5.3 196, 6^19 4.9 4.3 4.8 4.3 1, 225, 929 5.3 5.7 4.9 281,189 4.0 4.7 245, 974 4.9 4.3 6.0 4.7 1, 362, 978 5.0 6.4 95.5, 677 5.8 4.6 6.0 708, 235 3.5 2.5 5.3 546, 737 5.6 4.6 6.2 161, 747 5.8 4.2 6.1 231, 914 6.9 5.5 6.6 69, 912 4.9 3.4 5.8 450, 686 5! 5 4.5 8.0 410, 538 6.2 5.2 2.8 4.6 3.8 92, 088 4.6 3.9 3.4 329, 699 5.3 4.1 99, 976 3.5 6.5 5.1 4.5 75, 000 13.5 6.0 40, 457 5.0 6.1 6.5 .75, 384 6.3 9.2 6.6 256, 780 5.9 11.9 125, 049 13.1 9.7 11.2 41,489 4.0 3.2 7.9 26,102 6.5 5.9 4.1 5,747 18.6 22, 460 20.0 3,674 35, 767 12. 5 10. 2 29,136, 007 5.0 3.9 4.7 261 COMPTROLLER OF THE CURRENCY. Table ofthe dividends and earnings of the national hanks, ivith their ratios to caxntal, and to caxntal and surplus-fund, for the six months from March 1, 1875, to September 1,1875. • Ratios. S t a t e s , T e r r i t o r i e s , a n d re• s e r v e cities. Capital. Surplus. Dividends. N e t earnings. 2& >« Maine New Harapshire Vermont Massachusetts Boston Rhode Islaud Co'nnecticut . . . . . New York N e w York City . . Albany New Jersey Pennsylvania Philadelphia Pittsburgh DelaAvare Maryland Baltimore D i s t r i c t of C o l u m b i a . Washingtou Virginia ; West Virginia N o r t h Carolina South Caroliua Georgia Elorida '.. Alabama N e w Orleans Texas Arkansas Kentucky Louisville . . . . . . . Tennessee Ohio Cincinnati Cleveland Indiana Illinois Chicago Michigan Detroit Wisconsin MilAA:aukee Iowa Minnesota Missouri Saiut Louis Kausas Nebraska Oregon California San E r a n c i s c o . . . Colorado Utah N e w Mexico Wyoming Idaho Dakota Montaua Totals 65 44 40 169 51 62 81 226 48 7 63 164 29 19 11 17 14 1 4 19 16 11 12 12 1 9 7 10 2 41 9 26 162 5 6 103 128 16 78 3 41 3 ,80 32 29 7 23 10 1 "5. 2 10 2 2 o 1 1 5 $9, 860, ,800 1,000 5, 385, 7, 637, ,713 !,100 41. 893, 1,000 50, 900, ,800 20, 544, ,320 25, 707, 1,091 35, 413, 1,000 68, 500, ',800 1, 999, 1,350 13, 913, ,240 27, 625, ,000 16, 935, ,000 9, 710, , 185 1, 523, !,217 2, 243, ', 6 8 5 11, 455, 252,, 0 0 0 ,000 1, 200, ,100 3, 547, i, 000 1,896, 1,000 2, 300, 3,135,1,000 ,300 2, 677, $2, 216, 1, 053, 1, 880, 13, 300. 13,240, 4, 323, 7, 548, 8, 447 22, 427, 1, 470, 3, 821 7, 643, 7, 335, 2, 898, 437, 582, 2, 451 38, 272, 729, 384, 219, 474, 572, $533, 261, 347, 2,211 2, 096, 927, 1, 380, i, COO 1, 635, ,000 3, 850, 1,000 1, 200, 205,1,000 ,800 7, 281, i,500 3, 445, ,400 3, 417, ,932 21,038,1,000 4, 000, \ 000 4, 550, :, 500 18. 574, :,000 11,816,1,000 7, 600, ',700 8, 527, 1,000 1, 900, ',000 2, 960, I, 000 6.50, i, 700 6, 293, :,800 4, 358, ,000 2, 735, ',300 6, 360, 1,500 1, 630, 1,000 97.5, 1,000 250,1,000 1, 400, >,000 2, 750, i.OOO 925.I, 000 300,1,000 300,. , 0 0 0 125,1,000 100,1,000 .50, 1,000 350, 179, 302, 247, 26, 023, 299, 506, 941, 980, 722, 636, 380, 097, 989, 725, 787, 326, 457, 838, ,537: 886, 296, 143, .50, 48, 337, 284, 95, 33, 1.5, 23, 64, 156, 31, 14 331. 162, 182, 1,148, 222, 226, 978, 714, 337, 463, 105, 180, 34 369, 165, 125, 233, 73, 74, 15, 88, 180, 67, 12, 19, 50,, 0 0 0 1, 4, 4, 3, 4. 1, 1, 2, 047 497, 864, 833 134,123, 649 p. ci"'S a 5-2fl r-( cc C5i O ro P e r c t . Per ct. P e r ct. 4.4 $6.39, 240 5.4 5.3 4.1 269, 814 4.9 4.2 3.7 458, 006 4.6 4.8 4i0 5.3 4.7 2, 609, 535 3.3 4.1 3.8 • 2,151, 1.33 3.7 4.5 4.4 1, 099, 781 4.1 5.4 4.6 1,540,469 3.7 4.6 4.4 1, 945, 756 .3.4 4.5 3.6 3,259,063 2.7 4.7 3.3 115,187 3.6 4.8 4.8 844, 462 3.9 5.0 4.1 1, 433,186 3.8 5.5 3.9 9.53, 886 3.7 4.8 4.3 540, 669 4.0 5.2 4.0 77, 796 4.3 5.4 5.1 143, 570 4.3 4.2 591, 472 • 5.1 3.5 • 2.4. 6, 947 4.0 3.9 5.0 73, 742 4.7 3.9 5.8 4.6 249, 090 4.^ 5.8 5. I 131, 408 3.9 5.2 4.2 132, 226 3.8 4.3 4.4 154,123 3.0 3.0 3.7 98, 8445.9 2,992 4.6 3.6 82, 694 3.9 3.7 3.8 153, 742 4.1 6.0 2.1 87, 043 2.6 L2 6.3 7.1 2,729 5.6 4.0 4.5 462, 881 5.2 4:;3 4.7 195, 294 5.2 4.7 5.3 203,137 5.0 4.4 .5.5 1,310,895 4.5 5.5 293, 255 5^ 4.3 5.0 260, 758 4.9 4.2 5.3 1,142, 916 4.9. 4.7 6.0 990, 707 6.5 2.9 4.4 1, 096, 639 9.4 4.4 5.4 661, 951 6.3 4.0 5.5 170, 602 6.5 4.8 6.1 210, 805 .5.6 5.3 ^3.5 41,114 4.2 4.8 5.9 508, 420 6.6 3.2 3.8 272, 433 5.2. 3.8 4.6 175, 785 5.4"^ 3.2 3.7 131, 490 1.8 3.8 4.5 80, 772 4.2 6.6 7.6 7.4 82, 588 .5.0 6.0 44, 745 14.9 6.1 6.3 8.2 119, 045 5.8 6.5 8.7 268, 248 .5.5 7.2 9.2 111, 812 3.0 4.0 6.3 24, 788 5.8 6.5 6..8 22, 806 8.6 12, 067 18.1 22, 240 20.0 16.3 5.1 3, 023 7.1 30, 396 '3.6 '3." 6' 785 28, 800, 217 4. 9 4.6 262 R E P O R T ON T H E FINANCES. Table of the state of the lawful-money reserve of the national banks of ihe STATES Dates. Octobers, 1870.-.. D e c e m b e r 28,1870. M a r c h 18,1871 . . . . A p r i l 29,1871 J u n e 10,1871 October 2 , 1 8 7 1 . . . . D e c e m b e r 16,1871. E e b r u a r y 27,1872 . April 19,1872..... J u u e 10,1872 October 3,1872.... D e c e m b e r 27,1872 E e b r u a r y 28,1873. A p r i l 25,1873 J u u e 13,1873 S e p t e m b e r 12,1873 D e c e i n b e r 26,1873 E e b r u a r y 27,1874. M a y 1,1874 J u i i e 26,1874 October 2,1874 D e c e m b e r 31,1874 M a r c h I,. 1875 May 1,1875....... J u n e 30,1875.. October 1,1875.... N o . of banks. Circulation and deposits. 1,400 1,430 1, 465 1,482 1,497 1,537 1,564 1,586 1,616 1,626 1,689 • 1, 707 1,717 1.732 li737 1,747 1,749 1,748 1,751 1,755 1,774 1, 797 1, 801 1,815 1,845 1, 851 $405, 984, 755 407, 721, 473 426, .501, 897 438, 555, 545 445, 275, 395 467, 619, 031 465, 947, 077 484,197, 695 487, 394, 283 490, 841, 566 509, 415, 295 503, 568, 806 521, 394, 885 522, 649, 052 527, 741, 608 536, 925, 203 486,180, 869 510, 946, 6.55 521, 953, 283 522, 874, 575 527, 506, 306 535, 679, 077 536, 289,193 536, 716, 262 541, 385, 844 537, 418, 449 R e s e r v e required. $60, 897, 713 61, 158,221 63, 975, 285 65, 783, 333 66,791,309 70,142, 855 69, 892, 062 72, 629, 654 73,109,142 73, 626, 235 76, 435, 968 75, 535, 321 78, 209, 233 78, 428, 804 79, 204, 426 80, 593, 659 72, 985, 967 76, 700, 872 78, 351, 858 43,173, 243 44, 077, 914 45, 487, 042 46, 018, 207 46, 020, 096 46, 996, 069 46, 304, 791 AND R a t i o of reserve. R e s e r v e held. $84, 777, 956 85, 723, 389 , 95, 615, 960 : 98, 698, 874 101, 706, 605 98, 946,184 91, 728, 626 102, 275, 001 98, 012, 845 101, 821, 660 97, 765, 876 102, 069, 282' 108, 246, 881 105, 693, 322 108, 935, 374 110, 456, 096 101,120, 726 115, 577, 200 112, 637, 640 111, 464, 693 IOO, 641, 694 103, 592,165 106,826,053 :i00,691,135 105,154,553 100,128, 907 P e r cent. 20.9 21.0 22.4 22. 6 22.8 21.2 19.7 21..1 20.2 20.7 19.2 20.3 20.6 20.2 20.6 20.6 20.8 22.6 21.6 .38.8 34.3 34.2 34.9 32.9 33.6 32.5 N O T E . — P r i o r t o J u n e 20,1874, t h e r e q u i r e d r e s e r v e in S t a t e s a n d T e r r i t o r i e s w a s 15 per- Table of the state of the lawful-money reserve of the RESERVE Dates. October 8,1870 . . . . D e c e m b e r 28,1870.. M a r c h 18,1871 X p r i l 2 9 , 1871 June 10,1871....... October 2,1871 . . . . Decemb.er 16,1871 . E e b r u a r y 27,1872.. A p r i l 19', 1872 , 10 J u n e 10,1872 11 O c t o b e r 3,1872 . . . . 12 D e c e m b e r 27,1872. 13 E e b r u a r y 28,1873'.. 14 Ap,rir2^, 1873 15 J u h e l 3 , 1 8 7 3 16 S e p t e m b e r 12,1873: 17 D e c e m b e r 26,1873. >,».3^-JKebEuarv 52.7,1874... 19 M a y 1,1874 20 J u n e 26,1374 21 October 2,1874 . . . . 22 D e c e m b e r 31,1874. 23 M a r c h 1,1875 •24 M a y 1,1875 25 J n n e 30,1875 26 October 1, 1875 N o . of banks. Circulation a n d deposits. 215 218 •223 225 226 230 226 228 227 227 230 233 230 230 231 229 227 227 227 223 230 230 228 231 231 236 $409, 354, 636 423,129, 636 469, 716, 268 478, 079, 967 504, 449, 317 484, 634,132 456, 721, 899 475, 032, 357 461,111,331 500, 037, 031 443, 845, 782 462, 035, 037 478, 040, 388 465, 796, 482 502, 959, 230 475, 521, 916 453, 081. 026 518, 570, 014 523, 075, 980 528, 619,121 521, 561, 727 509,411,623 514, 896, 921 507, 208,290 532,175, 922 512, 848, 868 Reserve required. $102, 338. 658 105,782,421 117, 429, 067 119, 519, 991 126, 112, 328 121,158, 5.32 114,180,474 118,758,089 115, 277, 832 125, 009, 257 110,961,445 115,508,759 119,510,097 116, 449,120 125, 739, 807 118,880,480 113, 270, 257 129,642,504 130, 768, 995 106, 380, 827 106,136,122 103, 317, 529 105, 569,158 104,199, 595 111,317,4.35 106, 542, 005 R e s e r v e held. R a t i o of Per $118, 633, 295 124, 066, 544 138, 670, 665 144, 809, 918 159, 704, 311 134, 463, 829 , 126, 916, 204 126, 440, 065 124, 840, 245 144, 6721289 112,152,056 123,136, 887 122, 710, 780 119,676,3.30 145, 209, 534 ' 118,679,153 127,402,586 : 158,940,175 155,563,677 : 159,275,638 144, 307, 997 ' 132,3^8,803 132, 217, 368 129,803,941 154,560,093 134,976,509 cent. 29.0 29.3 29.5 30.3 31.6 27.8 27.8 26.6 27.1 28.9 2.5.3 26.7 25.3 25.7 28.9 25.0 28.1 30.6 29.5 37.4 34.0 32.0 31.3 3L1 34.7 3L7 N O T E . — P r i o r t o J u n e 20, 1874, t h e r e q u i r e d r e s e r v e in r e s e r v e cities w a s 25 p e r 2fi3 COMPTROLLER OF THE CURRENCY. Uriited States, as shoivn hy their rexiorts, from October 8, 1870, to October 1, 1875. TERRITORIES. • Classification of r e s e r v e h e l d . Specie. CompoundL e g a l ten- U. S. certifiinterest cates of deders. posit. notes. $2, 357, 856 $35, 465, 915 2 359,126 36, 842, 257 2, 420, 987 35, 589, 817 2, 504, 655 38, 506, 524 2, 032, 371 38, 481, 550 1,814,927 40,139, 433 2,043,411 39, 380, 993 2, 816, 771 39, 792,119 2, 600, 614 42, 485, 632 1, 890, 232 41,495,581 1, 950,142 42,717,294 1, 978, 383 43, 228, 892 1, 779, 651 41,605,799 1,567,149 43, 202, 852 1,715,293 42, 800, 960 2, 071, 686 42, 279, 728 2, 286, 734 45, 904, 389 2, 475, 202 44, 017, 327 2,431,605 47, 603, 80.52, 256, 951 44,633,155 2, 375, 290 32, 885,197 1, 992, 383 34,952,061 1, 652, 694 33, 493, 083" 1, 511, 483 34,414,616 1, 600, 028 32,610,241 1, 555, 034 32, 783, 502 Clearinghouse certificates. _ $220, 000 350, 000 1, 485, 000 1,895,000 2,125, 000 2, 250, 000 2, 01.5, 000 2, 270, 000 2, 490, 000 2. 58,5, 000 • 775, 000 820, 000 845, 000 790, 000 890, 000 900,000 Three per cent, certificates. D u e from R e d e m p t i o n fund Avith . reserve Treasurer.. agents. $2, 890, 000 $44, 064,185 2, 545, 000 43, 977, 006 2, 245, 000 5.5, 360,156 2, 040, 000 55, 647, 695 1, 885, 000 59, 307, 684 1, 355, 000 55, 636, 824 1, OfiO, 000 49, 244, 222 810, 000 58,856,111 690, 000 52, 236, 599 605, 000 57, 830, 847 335, 000 52, .543, 440 185, 000 56,327,007 90, 000 63, 286, 431 10, 000 59,018,321 10, 000 62,284,121 63, 854, 682 50,914,603 66, 814, 671 60,112, 230 61, 978, 337 ' 52, 714, 793 53, 935, 013 59, 021, 623 52, 061, 059 58, 439, 613 53, 322,152 "f «> •"•f 4 5r f; 7 8 9 10 ^1^^ 13 14 15 16 17 18 ^<i $11, 250 11,891,414 11, 892, 708 11, 813, 6.53 11, 913, 977 11,614,671 11, 568, 219 oa 91 99. 93 94 95 96 centum of circulation and deposits ; since that date, 15 per centum of deposits ouly. national banks of the United States, ^-c—Continued. CITIES. Classification of r e s e r v e held. * Specie. certifi- CompoundL e g a l - t e n - Uc a. tS. e s of deinterest ders. posit. notes. $12,108,149 $41, 737, 662 20,199,998 41,680,488 19 416 341 53, 251, 289 15 788 997 65, 006, 031 14,181, 640 81,923,110 10, 226, 741 66, 848, 233 23 273 114 52, 633, 689 0 19, 504, 567 ,55,118, 281 17,035,006 60. 822, 823 18 040, 032 78, 001, 259 8, 279, 613 59, 356. 810 $6, 490, 000 17, 068, 954 57, 358, 477 12, 300, 000 15, 998, 022 54,816,110 16, 975, 000 15 301 659 56, 732, 435 16, 475, 000 26, 234, 795 63, 205, 531 20, 525, 000 17, 796, 781 50, 067, 935 18, 360, 000 24, 620, 304 58, 943, 716 21,995,000 30 890 661 58, 620, 696 34, 965, 000 30,138,364 54, 062, 598 37, 645, 000 20, 069, 256 58, 423, 307 45,19.5, 000 18, 865, 654 47, 082, 343 42, 055, 000 20, 444, 378 c 47, 458,251 38, 850, 000 15,014,411 44, 952, 897 36, 555, 000 9,108, 878 49, 462, 643 37, 82.5, 000 17 359, 554 54, 756, 683 46, 420, 000 6, 495, 294 43, 583, 429 47, 910, 00.0 ' Clearingh o u s e certificates. Three per cent, certificates. D u e from Rederaption fund w i t h reserve Treasurer. agents. $19,136, 000 $23, 440, 000 $22, 211, 484 20, 498, 000 20, 860, 000 20, 828, 058 20, 599, 000 16, 955, 000 28, 449, 035 21,581,572 13, 020, 000 29, 413, 318 19, 248, 000 11,290,000 33, 061, 561 5, 825, 000 31,241,785 20, 322, 070 16,633,026 5, 635, 000 28, 741, 375 16.195, 000 4, 930, 000 30, 692, 217 13, 909, 000 3,190, 000 29, 883, 416 12, 092, 577 2, 805, 000 33, 733, 421 8, 632, 000 1, 220, 000 28,173, 633 5, 600, 000 775, 000 30, 074, 456 2,115, 000 320, 000 32, 486, 648 1, 370, 000 29, 797, 236 385, 000 34, 8.59, 208 175, 000 32, 279, 437 21, 843, 566 34, 463, 818 33,717,715 35, 508, 075 31,142, 306 26, 553, 818 30, 967, 551 28, 559, 818 31,291,415 32, 322, 812 centum of circulation and deposits ; since that date, 25 per centum of deposits only. 1 9 3 4 ^ a 7 R q 10 11 i«? $80.. 000 5,162,694 5, 042, 356 4,927,509 4, 347, 602 4,732,441 4,664,974 13 14 15 16 17 18 iq 90 ''I 99 93 94 95 96 264. REPORT ON T H E FINANCES. Tahle showing for twenty-four different dates during tlie \ 1871 to 1875, inclusive, tlie reserve cities 1S71, 1S72. States and Territories. 18. Apr. 29. Juue 10. Oct. 2. Perct. 21.8 25.0 20.6 22.6 18.3 24.2 24.0 23.6 21.8 20.7 26.0 Perct. 22.3 22.8 20.6 23.0 19.1 25.8 22.3 22. 8 22.1 20.6 24.1 Perct. 22.6 25.5 21.3 22.1 20.5 2.5.1 22.1 24.3 22.0 20.4 26.4 Perct. 21.5 23.3 20.8 20.4 13.3 19.6 19.7 22.2 19.2 22.1 29.3 17.5 16.2 22.2 24.5 25.5 16.4 16.9 20.7 31.9 30.4 17.6 17.3 21.9 23.1 28.5 16.8 20.1 18.0 18.9 19.4 Mar Maine NeAV H a m p s h i r e . . . . . Vermont Massacbusetts Rhode Island Connecticut New York NCAV J e r s e y Peunsylvania Delaware Maryland D i s t r i c t of C o l u m b i a . Virginia W e s t Virginia :.. N o r t h Carolina S o u t h Carolina Georgia Elorida Alabama Texas Arkansas Kentucky Tennessee Ohio Indiana Illinois Michigan Wisconsin loAva Minnesota. Missouri ,.... Kansas Nebraska Oregon California Colorado Utah N e w Mexico Wyoming •. Idaho Dakota Montana Averages 40.0 41.4 14.4 20.0 21.9 2L1 20.0 22.1 24.6 22. .8 21.9 17.1 20.1 21.2 25.0 34.1 31.1 34.7 50.1 40.0 9.7 10.5 19.4 20.3 21.0 23.2 21.4 22.4 22.3 23.9 21.4 24.8 24.6 24.1 22.7 24.5 22.5 24.6 19.4 21.6 20.8 20.9 22. 3 15.8 28.8 28.1 35.0 33.1 27.7 10.4 23.4 15.9 18.6 27.3 17.2 15.8 30.* 6' 1 3 . 2 22.4 Dec. 16. Eeb. 27. Apr. 19. P e r c t . Perct. Perct. 18.2 I 21.5 18.4 22.2 20.2 2L0 18.7 16.9 13.4 20.6 19.4 18.6 17.7. 17.0 16.5 24.0 20.7 21.6 21.0 19.9 18.2 22.2 22. 1 21.2 21.4 21.2 18.4 21.6 16.8 17.9 24.6 21.7 24.5 30.8 18.9 18.6 18.4 20.0 19.7 15.9 21.4 22.0 20.9 17.3 23.2 20.4 19.3 25.9 24.4 J u n e •Oct. LO. 3. Dec. 27. Perct. 22.0 20.2 17.9 19.9 17.4 22.7 19.4 22.7 19.4 21.0 24.0 38.5 18.4 16.5 19.6 22.5 21.2 Perct. 19.8 21.5 17.7 20.4 17.7 24.5 20.0 21.4 18.7 18.0 23.4 28.1 17.7 19.1 21.4 19.0 31.0 Perct. 19.4 21.6 17.6 20.2 17.6 20.3 18.5 20.8 18.9 20.3 24.2 32.7 14.2 16.9 13.7 17.8 21.5 15.8 27.2 38.0 31. I 20.6 1 1 . 4 22.8 18.7 19.2 21.7 21.5 21.0 22.7 19.6 22.0 22.1 24.2 22.4 22.3 23.0 23. 9 21.6 21.4 19.1 18.4 19.3 21.2 20.4 24.9 24.0 27.4 20.9 28.9 23.0 3,5.7 39.7 29.4 1 1 . 6 18.6 18.1 21.1 21.3 20.8 19.4 19.0 20.6 22. 8 20.5 21.2 19.5 22.4 20.0 22.0 22.6 17.0 16.5 19.9 19.6 18.0 21.9 16.9 21.0 24.3 23.7 27.1 28.2 23.5 15.0 1 2 . 6 16.3 9 . 9 28.4 1 3 . 2 39.5 40.0 35.7 17.9 20.3 16.0 21.6 24.6 11.6 9.3 21.5 7.S 2.5.3 1 4 . 9 1 3 . 6 2L1 22.2 18.2 14.0 14.2 13.7 16.0 19.7 20.1 19.2 15.1 22.5 28.9 16.5 33.8 26.6 19. 6 1 4 . 6 17.9 18..1 21.6 16.5 20.5 18.1 22.2 19.4 23.9 19.3 19.0 18.8 21. 1 22.1 23.8 18.6 21.7 19.7 22.9 16.8 23.7 22.2 27.0 22.5 28.4 27.6 20. 5 24.7 26.1 6.9 7.4 1 2 . 1 17.2 1 0 . 7 16.9 48.1 16.6 23.2 34.7 17.3 19.5 19.3 19.1 18.7 20.2 19.8 22.0 19.8 19.5 19.3 18.7 19.5 32.5 32. 7 29.1 17.3 16.3 31.1 18.6 24.9 Eeserve cities. NewYork Boston Philadelphia .. Albany Pittsburgh Baltiraore Washington... New Orieaus . . LouisviUe Cinciunati Cleveland Chicago Detroit Mihvaukee* Saint Louis Leavenworth.San E r a n c i s c o . Averages. 28.1 29.0 31.7 32.7 31.0 29.9 29.9 31.3 30.6 39.6 41.8 48.7 27.3 27.2- 27.6 28.1 29.0 .30.1 28.6 34.0 34.4 32.3 33.5 30.9 27.0 30.0 27.8 28.9 32.6 .34.2 31.0 28.3 29.3 29.4 32.0 35.0 36.7 32. 0 36.2 2 3 . 3 34.6 40.5 25.0 28.8 32.3 2 2 . 2 26.8 1 9 . 2 219. 0 109. 5 74.1 29.5 30.3 31.7 26.7 27.6 2,5.3 27.1 26.6 26.1 25.0 26.9 27.0 36.6 34.0 32.1 28.3 24.3 28.0 26.0 27.2 2,5.8 3.5.0 24.3 24J0 31.1 22.0 14.9 25.8 29.5 24.S 35.7 27.5 26. 0 28.8 28.7 27.8 31.3 38.5 30.5 33.6 29.5 28.2 31.0 2.5.3 26.9 30.8 26. 4 31.4 1S.7 22.6 20.3 1 7 . 1 57. S 48.1 27.4 27.8 26.6 26.6 29.1 2 4 . 4 25.7 26.2 27.4 2 4 . 5 2.5.9 27.7 31. 4 26.7 27.3 30.8 34.7 32.0 35.7 2 3 . 5 2.5.9 2 4 . 8 25.3 26.8 27.1 . 6 27.5 34.4 34.9 2 2 . 4 1 7 . 0 28.9 26.4 2 1 . 1 2 4 . S 2 4 . 2 25.9 26.5 2 4 . 1 25.1 28.1 28.8 30.6 39:9 2 4 . 3 27.8 27.3 29.2 29.4 27.7 30.9 25. 0 27.3 .27.0 30.0 2 2 . 4 26.7 29.6 29.3 2 4 . S 30.8 2 3 . 5 28.6 35.1 39.2 1 6 . 4 27.1 28.! 25. 3 21.1 26. 7 265 COMPTROLLER OF THE CURRENCY. percentage of reserve to circulation and deposits in each of the States, Teiriiories, and of the tfnion. ' 1S73. Eeb. 28. Apr. 25. 1874. J u n e Sept. 13. 12. Dec. 26. 1 Eeb. M a y 27. 1. [ P e r c t . \Perct \ p e r c t \ P e r c t \Perct. \Perct. 23.1 19.5 19.9 21.4 20.0 24.6 21.3 19.3 21.2 20.3 22.6 23*. 1 19.4 18.2 18.6 18.7 18.8 20.2 21.3 20.0 20.2 20.0 20.3 22.5 17.6 18.2 18.6 18.6 18.0 19.1 22.7 23.2 23.5 21.9 22: 9 24.7 20.8 19.6 19.0 20.2 2 L 0 24.4 22.3 2 L 9 22.0 21.6 23.8 26. 5 19.5 20.3 19.3 20.3 20.7 22. 0 17.7 17.1 18.1 20.2 19.8 18.4 23.4 23.6 22:6 24.6 22. 6 25.9 33.4 34.2 30.7 38.0 34.1 35.5 1 16.4 16.4 18.3 17.0 13.7 17.4 19.1 18.2 18.4 17.8 18.0 19.9 19.8 17.2 22.2 16.4 • 2 1 . 2 • 21.3 21.9 1 4 . 5 17.1 1 2 . 4 16.1 26.7 21.9 17.2 19.7 1 4 . 4 23. 3 20.8 Perct. 22. 9 22.3 18.4 22.4 18.2. 21.8 20.2 22. 4 20.0 17.5 23. S 38.1 17.1 17.0 20.7 26.3 20.2 '29.'6' r36.'i" 35.4 34.5 42.8 17.2 20.8 26.2 20.9 18. 5 19.9 18.4 23.3 22.7 20.4 19.2 20.5 18.2 18.5 19.8 23.9 22.9 24.2 18.0 19.5 20.0 23.2 23.1 22. 9 22.2 21.2 21.8 25.9 19.1 18.5 19.1 18.1 19.6 21.0 16.7 17.4 25.5 17.0 21.7 30.5 34.6 27.8 22.9 27.1 15.6 20.3 30. 7 1 31.5 1 3 . 4 14.8 1 2 . 4 17.0 1 1 . 3 21.0 17.7 30.3 22.2 15.5 29.9 21.2 25.3 26.1 1 4 . 2 29.8 29. 5 21.9 'Se.'s' .'24.'6" '22.'7' 3 L 6 33.0 13.5 13.2 20.8 17.9 20.7 20.8 •20.7 19.6 19.3 21.4 23.1 22.1 19.9 18.6 20.8 ' 19. 7 20.2 20.7 17.1 16.9 20.2 21.8 19.3 22.1 22.3 19.0 29.3 30.8 28.4 21.0 24.7 27.1 1 2 . 6 16.9 21.8 19.9 22.3 25.7 17.5 1 3 . 4 25.8 21.0 23.4 19.8 20.8 22.5 24.2 28.8 26. 9 25.4 27.1 27.6 ,25.1 26.2 21.1 is.o 25.7 'ias' 20. 2 1 20. 6 20.5 2 4 . S 24.7 2 4 . 9 25.6 26.3 26.5 32.1 31.6 25.2 26.0 2 4 . 6 26.2 1 6 . 4 26.7 27.3 26.2 30.9 31.5 28.7 2.5.5 25.9 '24.6' 40.1 27.4 18.5 22.9 19.8 20.0 24.0 18.2 20.1 24.5 21.2 20.1 21.9 30.0 39.5 22.8 31.3 19.9 22.6 27.0 19.4 16.1 19.6 25.7 25. 2 26.8 26.1 33.5 28.1 27.9 ' 23.3 23.2 25. 8 1 35.5 27.3 24.7 18.8 1 7 . 5 Dec. 31. 'Perct. \Perct. P e r ct. 47.9 41.1 40.4 52.7 48-. 4 49.1 48.6 39.8 41.7 42.3 38.0 38.2 43.7 38.7 32.1 54.0 45.5 46.1 31.9 30.7 27.9 39.6 36.0 39.5 36.0 .29.8 29.9 31.6 29.1 34.5 46.2 39.3 36.8 50.5 46.5 42.8 28.1 23.9 22.6 34.0 31.4 34.1 35. 0 23.0 35.7 38.7 33.8 36.7 47.1 35.4 37.0 65.6 76.'2" '.52.'8" 75.9 55.8 46.5 46.9 28.8 26.1 36.4 54.7 43.4 42.8 35.5 30.6 32.0 35.8 ,32.9 33.5 41.7 37.9 38.0 42.8 37. J 34.4 34.0 32.5 32.4 3.5.1 32.8 33.3 40.7 28.8 32.0' 32.9 25.7 26.1 3.5.2 31.4 33.5 26.2 30.8 27.1 30.2 30.8 26.2 37.9 33.2 37.2 21.9 19.0 .21.6 40.9 34.5 34.7 28.0 35.7 55.5 41.1 22.6 57.6 24.2 21.7 . 28. 0 41.7 26.9 35.9 44.6 25.6 3 3.8 25.9 19.9 19.6 Mar. 1. May. 1. P e r ct. P e r ct. 47.9 37.8 .55. 8 46.2 39. 3 37.4 . 45.1 38.0 31. 5 33.9 40.5 37.7 29. 9 27.4 37.9 33.6 29.9 30.9 30.5 28.0 m.Q 36.1 48.3 49.8 25.5 22; 3 29. 0 30.2 .37.1 29.5 47.4 40.6 46.454.9 48.3 34.3 55.0 59.0 46.6 50.5 28.3 36.9 37. 7 4L6 31.4 33.1 32. 8 31.7 37.6 37.8 36.1 32.4 29.0 27.4 3L6 28.6 33. 7 35.0 26.8 24.0^ 3L7 32.7 25.1 26.1 27.2 3.3.7 ,31.5 32.3 15.0 24.4 34.0 35.,4 . 59.6 38.4 34. 0 • 24.6 35.2 22.5 26.9 21.8 30.3 17.7 17.2 17.0 June 30. Oct. 1. P e r ct. P e r c t . 39.5 47.7 1 47.8 '46.1 2 40.7 38.8 3 39.2 4 39.2 33.1 34.8 5 '39.1 40.7 6 29.7 29.0 7 36.9 36.9 8 31.6 28.5 9 29.2 36.2 10 35.7 40.7 IL 48.2 . 39.9 12 2 L 4 13 22.8 32.6 34.9 14 24.9 25.9 15 29.6 30.5 16 45.7 37.9 17 63.1 40.8 18 49.5 52.6 19 43.5 44.0 20 36.5 44.1 21 44.2 37.3 22 29.4 28.9 23 28.8 29.2 24 37.3 34.7 25 33.6 29.8 26 27.0 29.0 27 29.8 29.7 28 37.2 23.4 29 26.9 28.6 30 34.5 29.3 31 28.4 26.5 32 36.9 34.6 33 29.8 29. S 34 22.1 20.7 35 39.0 36.2 36 41.7 47.0 37 35.3 22.6 38 27.0 21.4 39 30.7 22.3 40 27.9 27.9 41 16.6 21.8 42 22.6 21.6 38.8 34.3 34.2 34.9 32.9 33.6 32.5 29.7 31.7 27.8 32.1 42.3 28.9 30.5 .30.4 27.6 29.4 35.7 27.1 30.0 29.7 33.9 26.2 30.8 28.5 32.8 26.7 30.9 26.9 34. 8 33.9 35.8 51.8 46.9 46.8 34.5 50.1 53.2 37.3 43.8 46.0 42.1 6L8 40.0 3.3.4 29.8 32.8 46.4 36.7 37.9 34.7 31.6 28.2 35.2 40.7 43.4 40.7 34.9 31.7 30.3 29.9 34.2 41.7 35.2 39.8 38.6 41.9 31.4 36.1 36.9 34.5 38.9 32.9 33.0 28.4 30.1 36.6 39. r 40.3 37.3 34.5 45.5 33.6 33.0 38.7 33.7 38.9 30.5 32.8 29.2 29.1 34.7 49.8 36.5 3L8 39.9 47.6 26.9 31.6 34.8 31.0 32.3 30.8 .36.2 3.5.1 31.0 .32.2 40.7 31.2 .37.6 34.4 47.3 33.0 36.2 36.3 38.3 37.5 37.9 43.2 29.9 30.4 31.5 43.2 34.7 39.0 37.7 30.8 29.4 33.8 34.2 37.7 37.2 36.9, 34.1' 19.5 17.7 3L3 31.1 22.8 29.2 36.3 27.9 23.7 2.5.1 'si's' 2 1 .'9' 28.9 j 2 4 . 9 Oct. 2. 20.8 26.3 2 3 . 2 2 3 . 9 ' 2 3 . 9 1 26.2 2 4 . 8 1 29. 7 129.3 29.2 2 4 . 9 !2 2 . 5 29.3 31.6 29.4 30.8 29.6 27.4 31.2 3.5.3 32.7 29:4 25.2 25.4 25.2 '31.'4' 43.8 16.2 19.7 23.2 23.1 21.5 24.7 18.8 23.3 23.7 19.0 22.0 19.7 23.5 31.6 21.3 31.6 17.713.2 27.9 22.8 19.1 19.6 June 26. 1875. 28.1 23.6 26.6 27.4 27.3 28.2 32.0 .30.2 29.9 26.4 2 4 . ' 2 ' 2 2 . 3 '.3i.'l' 1 9 . 6 30.6 29.7 37.4 33.9 "26."4' 32.0 io.'e 26^9 34.7 31.7 1 2 3 4 5 6 7 8 9 10 H 12 13 14 15 16 17 266 REPORT ON T H E FINANCES. Lawful money reserve, of the national hanks, as shown hy the reports States and Territories. R e s e r v e required, 15 per cent. R e s e r v e held. 1 1 5 $6, 762, 771 3, 042, 723 4,185, 090 26,898,145 9, 489, 815 16, 905, 239 5l,2H6,983 19, 650, 223 30, 868,194 1,675,084 2, 241,197 •454,114 5, 813, 506 2, 30H, 199 2, 807, 264 2,159, 237 2, 330, 917 62. 277 1,141, 025 1, 403, 703 218, 844 4, 326, 771 5,116, 606 23, 603, 375 14, 462, 045 18, 951, 513 8, 427, 558 5, 118, 740 9, 879, 573 5, 372, 899 3, 649, 029 2, 562, 034 2, 707, 327 751, 717 * 1 , 704, 014 2, 51.5, 395 319,516 261, 331 192, 437 137, 701 74,108 937, 535 $1,014,416 356, 409 627, 764 4, 034, 722 1, 423, 472 2, 535, 786 7, 793, 048 2, 947, 534 4,63,0,229251, 263 336.179 68,117 872, 026 345, 930 421, 0'.)0 323, 886 349, 638 9, 342 171,154 210, 555 32, 827 649,016 767, 491 3, 540, 506 2, 169, 307 2, 842, 727 1, 264,134 767, 811 1,48i,9.36 805, 934 547, 354 384, 305 • 406, 099 112, 757 1326, 577 377, 309 47, 927 39,199 28, 865 20, 655 11,116 140, 630 $2, 732, 354 1, 494, 971 1. 745, 750 .10,278,265 3, 048, 654 7, 790, 728 14, 324, 389 7,760,641 9, 231, 206 578,561 823, 728 194, 359 1,311,0.59 786, 945 1, 001, 559 791, 775 861, 989 40, 824 865, 822 657, 770 79, 651 1, 853, 032 1, 635, 909 7, 916, 360 5, 501, 377 6, 517, 360 2, J 2 7 , 659 1, 704, 326 3,163, 767 1,403,283 1, 220, 620 693, 950 708, 765 • 279,557 368, 363 871, 610 177, 428 150,575 53, 955 49, 493 10,190 183, 586 1,797 302, 773, 784 45, 487, 042 103, 592,165 Nuraber of b a n k s . 64 43 42 169 62 80 221 62 159 11 17 1 20 17 11 12 13 1 9 10 2 39 26 159 100 125 77 43 80 32 28 • 24 10 1 4 10 2 2 Maine New Hampshire Yermont M a s s a c h u s e t t s ...Rhode Island Connecticut New York , New Jersey Pennsylvania DelaAvare Marylaud , D i s t r i c t of C o l u m b i a Vii-ginia , West Virginia N o r t h Carolina S o u t h Carolina , Georgia. Elorida Alabama Texas Arkansas Kentucky Tennessee , Ohio Indiana Illinois Michigan Wisconsin Iowa , Minnesota , Missouri , Kansas , Nebraska , Oregon California Colorado Utah , , N e w Mexico Wyoming Idaho Dakota Montana IT Totals * Includes circulation. Deposits. R a t i o of reserve. P e r cent. 40.4 49.1 41.7 38.2 32.1 46.1 27.9 39.5 29.9 34.5 36.8 42.8 22.6 34.1 3.5.7 36.7 37.0 65.6 75.9 46.9 36.4 42.8 32. 0 33.5 38.0 34.4 32.4 33.3 32.0 26.1 33.5 27.1 26.2 37.2 2L6 34.7 ,55.5 57.6 28.0 35.9 13.8 19.6 34.2 t R e s e r v e r e q u i r e d ih California gold b a n k s , o u t s i d e of Lawful money reserve of the national hanks—Continued. Rejserve-cities. 1 9 3 4 5 6 7 8 9 10 11 19 13 14 Boston Albany Philadelphia Pittsburgh Baltimore. Washington ' N e w Orleans Louisville . . . . Cincinnati Cleveland Chicago Detroit Milwaukee Saint Louis 15 New York 16 San E r a n c i s c o Number of b a n k s . Totals • Deposits. R e s e r v e required, 25 p e r cent. R e s e r v e held. R a t i o of reserve. 570, 799 060; 564 953, 843 946, 968 562, 032 393, 609 1,685,842. 740, 404 2,178,352 1,123, 840 6, 271, 293 863, 698 625, 719 1,812,543 $19, 850, 722 , 3,434,976 14,999,183 • 4,149, 834 5, 671, 574 607, 369 , 2,826,126 930,641 3,145, 996 1, 656. 822 8, 665, 633 1,342,772 823, 772 2,391,951 P e r cent. 29.9 41.7 34.2 35.2 • 39.8 38.6 41.9 3L4 36.1 36.9 34.5 38.9 32.9 33.0 207,158, 024 51, 789;.506 70,497,421 34.0 199,933,765 49,933,441 60,593,617 30.3 *6,178, 328 1,544,582 1,257,765 20.4 51 7 29 17 14 4 7 9 5 6 17 3 4 7 • $66,283,198 8, 242, 255 43, 815, 372 11, 787, 873 14, 248,128 1,574,436 6, 743, 367 2,961,614 8, 713, 409 4, 495, 359 25, 085,174 3, 454, 791 2, 502, 875 7, 250,173 180 4S 2 $16, 2, 10, 2, 3, * Includes circulation. 267 COMPTROLLER OF THE CURRENCY. of their condition at the close of business on Decemher 31, 1874. Classification of reserve held. Specie. $25,231 11, 530 22, 249 141, 610 29, 391 74, 587 252,146 45, 965 53,180 378 17,840 3,189 16, 301 18, 609 37, 299 17, 078 40, 705 164 25, 976 180, 656 ^ 1,156 19, 504 26, 368 65, 782 63, 640 65, 785 19, 495 24, 969 27, 701 15, 971 16,694 9,728 6,896 114, 352 304, 363 161, 007 11, 912 232 1,406 16, 520 115 4,703 1, 992, 383 Legal-tenders. $440, 430 244, 279 385, 053 1, 920, 613 663, 730 1, 539, 606 3, 683, 323 1, 886,193 3, 747, 084 177, 530 321, 324 122,000 703, 987 364, 092 512, 710 445, 407 620, 357 7,534 320, 958 350, 412 32, 900 610,767 954, 619 3, 687, 706 2, 522, 639 2,542,689 1, 202, 419 779, 410 1, 605, 652 606, 048 536. 012 231, 813 311, 278 35, 920 U. S. certifi- Due from re- Redemptioncates of de- serve ageuts. • fund with posit. Treasurer. $5, 000 230, 000 "'5,'ooo' 415, 40, 35, 20, 10, 000 000 000 000 000 10, 000 10, 000 10,000 5i000 20, 000 5,000 424, 400 137,185 33, 223 39, 361 28, 473 7, 825 115,100 34, 952, 061 820, 000 $1, 864, 870 1, 002, 416 990, 929 6, 308, 284 1, 693, 048 5, 265, 924 8, 562, 776 5, 239, 809 4, 212, 349 315, 062 379, 708 57, 920 441; 908 311, 315 360, 200 • 238,-840 89, 552 30, 876 449, 318 85, 592 36, 345 922, 071 521,947 3, 270, 760 2,172,178 3, 402, 690 1, 211, 847 755, 447 1,258,519 602,211 557, 502 339, 609 345, 591 118,035 64, 000 256, 503 33, 831 103,620 ' 10,488 $396,823 236, 746 347, 519 1, 677, 758 662, 485 905, 611 1,411,144 548, 674 1,183, 593 65, 591 94, 856 11, 250 148,863 92, 929 91, 350 90, 450 111, 375 2,250 69, 570 41, 200 9,250 290, 690 132, 975 892,112 732, 920 496,, 196 288, 898 124, 500 271, 595 169, 053 105, 412 62, 800 45, 000 11,250 29, 700 4,500 13, 500 2,700 4,500 2,250 50, 913 12, 870 53, 935, 013 11, 892, 708 States and Territories. Maine New Hampshire Vermont , Massachusetts. Rhode Island Connecticut New York New Jersey . . . . . . . . . Pennsylvania , Delaware Maryland , District of Columbia Yirginia .... West Virginia North Carolina , South Carolina .. Georgia. Elorida Alabaina. Texas .--.Arkansas Kentucky .., Tennessee ^. Ohio. Indiana , Illinois Michigan Wisconsin lOwa Minnesota Missouri.... ., Kansas Nebraska , Oregon California ...... Colorado Utah New Mexico,......,., Wyoming Ida,ho Dakota Montana loll 12 13 14 15 16 17 1819 20 21 22. 23 24 25 26 2728-' 29 30' .31 32 33= 34 35' 36 37 38 39 40 41 42* San Erancisco, is 25 per cent, on circulation and 15 per cent, on deposits. RESERVE-CITIES, as shown by the reports of Deceniher 31, 1874. Classification of r e s e r v e held. Specie. $2,193, 641 11 822 510, 771 33,187 339 170 3,653 58, 859 14,230 39, 502 7, 563 55, 948 32, 562 12, 034 19, 516 Legal-tenders. $5,284,363 522, 233 5, 381,136 2, 209,155 1, 556, 460 230,101 1,758,042 461, Oil 730, 000 935, 000 5, .370, 265 637, 798 378, 668 1,109,620 U . S. certifiRedemptionc a t e s of de- D u e from refund w i t h serve agents. posit. Treasurer. $3, 605,000 645, 000 3, 610, 000 . 100,000 965,000 35, 000 -270, 000 $7, 451, 846 2,165, 006 4,891,141 1, 481,142 2, 451, 249 326, 365 889, 325 312, 539 1, 701, 744 575, 759 2, 401,1.55 604, 762 375, 570 926,215 $1, 315, 872 90, 915 606,1'35 326, 350 359, 695 47, 250 119, 900 142, 861 159, 7.50 113, 500 248, 315 67,650 22, 500 66, 600 26,553,818 3, 687, 293 515, 000 25, 000 590, 000 3, 332, 458 26,563,852 10, 360, 000 15, 854,1.55 20, 894, 399 22, 490, 000 1,257,765 1, 355, 063 Reserve-cities. 1 0. Albany . ... Philadelphia .. Pittsburgh . . . . . . . . . . . . . . . . Baltimore Washington. N e w Orleans Louisville . Cincinnati . . . . . ....... Cleveland, .:...... Chicago • Detroit Milwaukee .. Saint Louis :.,.....,.. 1913 14 NewYork................. 1f> San Fraiicisco .. 3 4 5.. 6 7 8 9 10 11 . . . . . * . 16 268 REPORT ON T H E FINANCES. Lawful money reserve of tlie national 6a?jA;s—Continued. Number of banks. States and Territories. Maine New Haojpshire Vermont Massachusetts Rhodelsland Connecticut . . . : New York New Jersey . Pennsylvania Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Elorida Alabama Texas Arkansas' Kentucky , Tennessee , Ohio Indiana; Illinois , Michigan Wisconsin Iowa Minnesota , Missouri Kansas , Nebraska Oregon .. California Colorado , Utah , NeAV Mexico Wyoming... Idaho Dakota Montana Deposits. 64 43 42 169 62 80 221 62 159 11 17 1 19 17 11 12 13 1 9 10 2 39 26 160 101 127 79 41 81 32 28 23 10 1 5 10 2 2 o 1 1 5 Totals R e s e r V e reof required, 15 per Reserve held. Ratio serve. cent. $6,105, 019 2, 995, 637 4,184, 371 26. 914, 676 9,469,312 16, 061, 743 50, 947, 380 18,223,313 30, 848, 568 1, 743, 720 2,187, 072 407, 476 5, 597, 534 2, 231, 870 2, 951, 587 2, 947, 066 2, 710,166 94, 259 $915,753 449,'346 627, 656 4, 037, 201 1,420,397 2, 409, 261 7, 642,107 2, 733, '497 4, 627, 285 261, 558 328, 061 61,121 839, 630 334, 780 442, 733 442, 060 406, 525 14,139 166, 828 249, 654 27, 890 629, 473 80'1,082 3, 653, 922 2, 304, 697 3, 220, 434 1, 243, 938 722, 972 1, 722, 499 808, 953 547, 007 362, 381 416, 931 120, 883 1361,215 37.5, 701 43,129 47, 315 30, 404 16, 998 10, 955 136,831 1,112, \ m 1, 664, 358 185, 936 4,196, 486 5, 360, 549 24, 359, 480 15,364,649 21, 469, 560 8,292,917 4, 819, 811 11,483,329 5, 393, 020 3, 646, 715 2, 415, 871 2, 779, 543 805, 889 *1, 804, 938 2, 504, 677 287, 524 315, 430 202, 691 113, 322 73, 031 912, 204 306,184, 888 1,801 * Includes circulation. 46, 018, 207 $2, 926, 836 ' 1, 671, 921 : 1, 645, 850 12; 146, 3.59 '2,984,711 . 6, 499, 895 l5, 229, 079 6,915,391 9, 233, 430 532,112 800, 429 196, 838 1, 426, 626 : 647,862 1, 094, 795 1, 396, 442 1, 487, 635 32, 295 656,128 775, 325 52, 550 1, 582, 811 1.685,060 7, 984, 267 5,774,459 i7, 757, 684 2,404,077 1,524,003 3", 86.5, 631 1, 446,141 1,155,821 , 606,827 , 755,543 253, 945 271, 498 851,923 171, 228 107,312 71,393 24, 720 22,1.53 157, 138 106, 826, 053 Per cent. 47.9 55.8 39.3 45.1 31.5 40.5 29.9 37.9 29.9 30. 5 36.6 . 48.3 2.5.5 29.0 37.1 47.4 54.9 , 34.3 59.0 46.6 28.3 37.7 31.4 32.8 37.6 36.1 29.0 31.6 33.7 26.8 31.7 > 25.1 27. 2 31.5 15.0 34.0 59.634.0 35.2 21.8 30.3 17.2 34.9 f Reserve required in California gold-banks outside of. Lawful money reserve of the national, banks—Continued. Number of b a n k s . R e s e r v e cities. 1 5 6 7 8 9 10 11 1^ 13 •14 Boston Albany Philadelphia Pittsburgh ; Baltimore... Washington N e w Orleans Louisville Cincinnati Cleveland Chicago Detroit . ... Milwaukee Saint Louis 15 N e w Y o r k City * • ) ^4 Totals '. ... ., : San Francisco .51 7 29 17 14 4 7 I 6 16 3 3 7 Deposits. $67, 868, 673 8, 395, 271 44, 426, 272 11,866,122 13, 749, 605 1, 362. 067 6. 8.52, 450 3, 756, 266 11, 522, 599 4, 364, 251 25, 284, 568 3, 683, 327 2, 410, 375 7,179, 510 R e s e r v e required, 25 p e r cent. R e s e r v e held. R a t i o of reserve. $16, 967,168 2, 098, 818 11,106, 568 2, 966, 530 3, 437, 401 340, 517 1,713,112 939. 067 2, 880, 650 1,091,063 6, 321,142 920, 832 602, 594 1,794,877 $20, 4.58,116 3, .335,189 16, 254, 587 4, 781, 406 5,129, 507 469, 334 3,11.5, 883 1,262,348 3, 806, 353 1, 690,146 8, 520, 905 1,434,291 735, 860 2, 355, 688 P e r cent. 30.1 39.7 36.6 40.3 37.3 34.5 45.5 33.6 33. 0 38.7 33.7 38.9 30.5 32.8 178 212, 721, 356 53,180, 339 73, 349, 613 34.5 48 202, 733, 420 50, 683, 355 57, 537, 364 28.4 *6, 821, 856 1, 705, 464 1, 3.30, 391 19.5 2 " Includes circulation. J 26&. COMPTROLLER OF THE CURRENCY. STATES, as shown by the reports of March 1, 1875. Classification of r e s e r v e held. Specie. $22, 039 6,966 20, 264 90, 511 30, 050 62,819 246, 902 44, 086 51, 598 378 14, 642 3, 099 16, 621 13, 475 .37, 501 16, 473 43,184 194 22, 056 142, 954 611 9,913 23, 785 48, 515 69, 577 64,861 17, 626 13, 956 29, 974 13,152 17, 441 8,447 7,149 111, 251 156, 045 149, 677 9,050 628 421 5,550 10 9,238 1, 652, 694 Legal-tenders. U. S. certifi- D u e from re- Redemptionfund Avith c a t e s of deserve agents, Treasurer. posit. $5, 000 $418, 209, 330, 1, 871, 639, 1, 422, 3,610, 1, 637, 3, 400, 164, 342, 114, 611, 325, 568, 610, 659, 27 278^ 356, 25, 561, . 844, 3, 672, 2, 682, 2, 545. 1, 090, 631, 1, 579, 594, 448, 252, 243, 33, 22.5, 000 5,000 420, 000 60, 000 45, 000 20, 000 10, 000 10, 000 10, 000 5,000 5,000 20, 000 5,000 339, 222 132, 006 54, 450 39, 287 14, 670 9, 512 98, 400 33, 493, 083 845, 000 $2, 081, 891 1, 217, 081 947, 231 8, 274, 527 1, 679, 527 4,106, 628 . 9.545,721 4, 621,170 4, 547, 832 283, 843 337, 861 68, 488 649, 651 212, 817 397, 318 678,957 679, 964 2,535 285, 733 235,188 17, 313 706, 745 677, 233 3, 373, 752 2, 288, 852 4, 655, 632 1, 006, 568 744, 036 1, 987, 556 693, 522 584, 060 ' 285,695 461, 990 93,144 115, 453 330, 799 25, 672 38, 734 23, 895 $398, 978 238, 510 347, 582 1, 684, 392 635,176 903,128 1,406,0.58 552, 804 1,188, 831 63, 591 95, 541 11,250 148, 612 95, 587 91,350 90, 450 104, 625 2,250 69, 570 41,100 9,250 295,120 139, 825 889,124 723, 614 487, 050 284, 397 114-, 420 269,065 144, 625 100, 753 60, 430 42, 750 11,250 10, 381 36, 629 32, 225 4,500 13, 500 2,700 4,500 2, 250 12, 870 59,021,623 11, 813,-653 States and Territories. Maine NeAV H a m p s h i r e Vermont Massachusetts Rhode Island Connecticut New York , New Jersey Pennsylvania , Delaware , Maryland , D i s t r i c t of C o l u m b i a . , Virginia West Virginia N o r t h Carolina South Carolina Georgia , Elorida Alabama , Texas Arkansas Kentucky Tennessee Ohio Indiana , Illinois Michigan W'^isconsin loAva Minnesota Missouri Kansas Nebraska Oregon California , Colorado Utah' NeAV Mexico Wyoming Idaho Dakota Montana 1 2 3 4 5 6 7 • 8 9 10 11 12. 13 14 15 1617 18 10 20-. 21 22. 23 242526. 27 28 2^ 30 31 32 33 34 35 3G 37 3& 39. 40.. 41 42 S a n F r a n c i s c o , is 25 p e r cent, on c i r c u l a t i o n a n d 15 p e r cent, on deposits. RESERVE CITIES, as shown by the rex)orts of March 1, 1875. Classification of r e s e r v e held. Specie. Legal-tenders. U. S. certifi- D u e from re- R e d e m p t i o n cates of de- s e r v e a g e n t s . fund w i t h Treasurer. posit. 35, 000 140, 000 $9, 247, 948 2,189, 422 5. 698, 616 2,056,818 1, 9.57, 925 223, 982 781, 062 502, 813 2,131,693 812. 334 3, 212, 662 674, 720 323, 251 1, 060, 407 $1, 317, 252 91,015 603.155 328; 500 354, 695 48,1.50 119, 7.54 143,312 159, 750 113, 500 212,125 67, 650 20, 250 67, 000 25, 648, 649 11,110,000 30, 673, 652 3, 646,108 19,304.248 25. 245, 000 $1, 270,114 7 561 252, 550 34, 202 184, 425« 3 221 125, 977 10 072 19 911 l i i 313 108, 478 11 963 9;885 21, 532 $5, 062, 801 587,191 5, 235, 265 2, 261, 886 1, 497, 462 193, 981 2, 039, 090 606,151 865, 000 728, 000 4, 427, 640 679, 958 347, 474 1, 066, 750 $3, 560, 000 460, 000 4, 465, 000 100, 000 1,135, 000 2, 071, 204 11,706,715 630, 000 25, 000 560, 000 1 236 492 1,281,401 93, 899 ReserA^e cities. Boston Albany Philadelphia Pittsburgh Baltimore Washington N e w Orleans LouiSA'ille Cinciunati Qleveland Chicago Detroit Milwaukee Saint Louis ... . . .;.. 7 9^ 3 4 5 (> • 7 8 q i . . 10' 11 1«> 13 14 New York City I'S San F r a n c i s c o If? 270- REPORT ON T H E FINANCES. Lawful money reserve of tlie national hanks—Continuecl. States and Territories. 1 2 3 4 5 •6 7 8 9 30 11 12 13 14 15 16 17 18 19 •20 "21 22 23 24 •25 26 27 28 •29 30 31 32 33 34 35 36 37 -38 39 40 41 42 Maine...' New Hampshire Vermont Massachusetts Rhodelsland.... Connecticut '. NeAV Y o r k New Jersey Pennsylvania DelaAvare Maryland D i s t r i c t of C o l u m b i a Virginia West Yirginia North Carolina...... S o u t h Carolina Georgia Elorida Alabama Texas Arkansas Kentucky Tennessee Ohio Indiana Illinois Michigan Wisconsin Iowa Miunesota Missouri Kansas Nebraska Oregon California Colorado Utah N e w Mexico Wyoming Idaho Dakota Montana Number of b a n k s . Deposits. 64 43 41 170 62 80 226 64 164 11 17 1 19 16. 11 12 12 1 9 10 2 40 26 162 103 126 79 41 80 32 29 23 10 1 5 10 2 2 2 1 1 5 $6, 068, 645 2, 863,153 3, 960, 475 28,145, 662 9,121, 288 16, 408, 812 49, 792, 793 18, 888,124 33, 299, 772 1, 797, 633 2,269, 059 428, 938 5, 473, 799 1, 517, 066 2, 776, 455 2, 896, 3.59 2,197, 271 102, 645 1,1.55, 278 1. 710. 873 178; 148 4,101,011 4, 825, 706 23, 582, 990 16, 470, 263 20, 549, 021 8,142, .327 4, 682, 795 11,5.54,130 5, 366,173 3, 461, 397 2, 353, 769 2, 832, 279 744, 600 *1, 968, 571 2, 543, 741 323, 022 266, 850 205, 439 119, 369 60, 603 956, 297 1,815 Totals 306,167, 606 * I n c l u d e s ciiipnlation. R e s e r v e req u i r e d , 15 p e r cent. $910, 297 429, 473 594, 072 4, 221, 849 1,368 193 2, 46i, 322 7, 468, 919 2,8.33,219 4, 994, 966 269, 646 340, 359 64,341 821, 070 227, 560 416, 468 434, 454 329, 591 15, 397 173, 292 256, 631 26, 722 615,152 723, 856 3, 537, 443 2, 470, 539 3, 082, 3.53 1,221,349 702, 419 1, 733,119 804,926 519,210 353, 815 424, 842 111,690 1390, 241 381, 561 48, 453 40, 027 30, 816 17, 905 9,090 143, 444 46, 020, 096 R e s e r v e held. R a t i o of reserve. 32, 092 10, 722 162, 369 P e r cent. . 37.8 46.2 37.4 38.0 33.9 37.7 27.4 33.6 30.9 28.0 36.1 49.8 22.3 30.2 29.5 40.6 46.4 48.3 .55.0 50.5 36.9 41.6 33.1 31.7 37.8 32.4 27.4 28.6 35.0 24.0 32.7 26.1 33.7 32.3 24.4 35.4 38.4 24.6 22.5 26.9 17.7 17.0 100, 691,135 32.9 $2, 292, 666 1,322,511 1,482,504 10, 781, 740 3,191, 518 6,186, 682 13, 622,177 6, 347, 677 10, 299, 448 502, 645 819, 985 213, 446 1,221,110 457, 927 820, 251 1,175, 516 1, 020, 249 49, 625 635, 951 863, 407 65, 798 1, 705, 914 1, 597, 844 7, 468, 932 6, 225, 269 6, 655. 086 2,231,971 1,338,504 4, 040,184 1,286,539 1,131,260 616, 279 955, 055 240, 850 482, 382 901,099 123, 949 65, 716 4Q, 286 f R e s e r v e r e q u i r e d iu California gold b a n k s o u t s i d e of Lawful money reserve ofthe national banks—Continned. R e s e r v e cities. 1 ^ •^ 4 5 fi 7 R 9 10 1] T^ 13 14 Boston Albany Philadelphia Pittsburgh Baltimore Washington N e w Orleans • Number of b a u k s . Saint Louis 51 7 29 20 14 4 7 9 5 6 16 3 3 7 Cincinnati Cleveland Chicago. Detroit . ... Totals 181 15 N e w York City 48 16 San Erancisco 2 R e s e r v e required, 25 p e r cent. R e s e r v e held. R a t i o of reserve. $63, 645, 815 8, 401, 926 48, 596, 262 12, 867, 955 13, 532, 650 1, 473, 052 6, 571, 877 3, 512, 301 11, 2<J2, 848 4,15.5, 403 26, 523, 429 3, 514, 220 2, 436, 621 7, 603, 839 $15, 911; 454 2,100, 481 12,149, 065 3,216,989 3, 383,163 368,263 1, 642, 969 878, 075 2,805,1712 1,038,851 6, 630,: 857 878,'5.55 609;155 1,900,960 $18, 540, 479 ' 4,187,4.59 16, 848, 895 4,690,976 : 4,309,272 587, 768 3,126, 356 ; 945,674 .3, .544, 7^4 1,445,625 1 8,229,263 1,151,084 751, 254 ' 2, 752-, 635 P e r cent. 29.1 49.8 34.7 36.5 31.8 39.9 47.6 26.9 31.634.8 31.0 32.8 30.8 36.2 214, 0.58,198 53,514,;549 71, 111, 524 33.2 197,505,735 49,376,434 57, 764, 653 29.2 *5, 234, 448 1,308,612 927, 764 •. 17:7 Deposits. • * I n c l u d e s circuiatiou. 271 COMPTROLLER OF THE CURRENCY. STATES, as shoivn by the reports of May 1, 1875. Classification of reserve held. Specie. $26, 435 2, 573 20, 774 83, 765 25, 453 51, 907 118, 953 49, 095 46, 905 378 10,164 2,880 12, 044 9,282 37, 095 17, 851 35, 534 37 23, 830 132, 351 1,021 11,134 24, 614 33, 801 46, 258 64, 036 15, 953 6, 592 30, 882 11,936 17, 618 3,129 5,948 42, 615 294, 225 161,193 5,879 156 1.57 7,092 84 19, 854 1, 511, 483 Legal-tenders. U. S. certifi- Due from re- Redemptioncates of de- serve agents. fund with posit. Treasurer. $5, 000 $380,195 195, 771 315. 870 1, 899, 625 629, 637 1,413,912 3, 771, 770 709, 601 4,149, 207 223, 535 363, 444 100,500 .597, 602 218, 486 472, 575 578, 637 492, 668 36, 700 249, 290 508, 836 29, 300 588, 826 867,185 3, 675, 266 2, 791, 426 2, 527, 436 1, 0.50, 396 620, 456 1, 720, 567 546, 217 433,180 277, 412 246. 593 52. 520 250, 000 5,000 380, 000 20, 000 35, 000 20, 000 10, 000 20, 000 5, 000 ^,000 20, 000 5,000 411,493 94,156 20, 816 39,578 20, 500 6, .572 86, 860 $1, 481, 838 88.5, 307 797, 028 6, "840, 250 1, 874, 027 3, 798, 719 7, 945. 650 4,017,845 4,870,217 194, 641 342,142 98, 316 467,101 149, 053 218, 947 493, 428 389, 672 10, 638 292, 811 181,120 26, 227 812,214 564, 580 2, 765, 991 2, 642, 021 3, 537, 295 87.3, 890 574, 536 2, 046, 045 586,911 575, 832 276, 9.58 659, 764 134, 465 188,157 296, 463 • 19,414 31, 244 3,651 $399,198 238, 860 348, 832 1,708,100 662, 401 917,144 1, 405, 804 551,136 1,198,119 64, 091 94, 235 11, 250 144, 363 81,106 91, 634 85, 600 102, 375 2, 2.50 70, 020 ^ 41,100 9,250 283, 740 141, 465 993, 874 725, 564 471, 319 286, 732 116, 920 242, 690 141, 475 99, 630 58, 780 42, 750 11, 250 31, 950 4, 500 13, 500 2, 700 4,500 2, 250 1,816 44,135 34,414,616 790, 000 52, 061, 059 11, 520 States and.Territories. Maine .New Hampshire Vermont.. Massachusetts Rhode Island Connecticut New York New Jersey Pennsylvania Delaware Marylaud District of Columbia. Virginia West Virgiuia North Carolina South Carolina Georgia Florida Alabama Texas Arkansas Kentucky Tennessee Ohio Indiana ..• Illinois Michigan Wisconsin Iowa Miunesota Missouri Kansas Nebraska. Oregon California Colorado Utah New Mexico Wyoming Idaho , ... Dakota Montana 11. 913, 977 San Francisco, is 25 per cent, on circulation and 15 per cent, on deposits. R E S E R V E CITIES, as shown by the reports of May 1,1875. Classification of r e s e r v e held. -Specie. Legal-tenders. $843, 457 7, 378 228, 656 30, 284 101,116 5,508 155, 496 1,788 12, 478 5, 095 78, 986 7,445 1,483 18, 618 $4, 288, 789 421, 690 5,196,818 2, 432, 293 1, 585, 604 200, 847 1, 874, 645 547, 004 920, 569 900, 000 4, 667, 285 • 589,977 335, 369 1, 522, 650 1, 497, 788 6, 683, 326 U . S. certific a t e s of de- ^ posit. $3,175, 000 625, 000 ,5,190, 000 100, 000 885, 000 D u e from reserve a g e n t s . 35, 000 140, 000 886, 071 041, 126 629, 586 79.5, 299 377, 857 333, 263 976, 463 253, 570 1, 471, 987 402, 030 2, 536, 317 486, 630 360, 502 1, 009,117 $1, 3^7,162 92, 265 603, 835 333,100 359, 695 48,1.50 119, 752 143, 312 159,750 113,500 166, 675 67, 032 18, 900 62, 250 25, 483, 540 11, 935, 000 28, 559, 818 3, 635, 378 23, 979,103 25, 890, 000 .. 980, 000 25, 000 780, 000 927, 764 $8, 3, 5, 1, 1, Redemptionfund w i t h Treasurer. 1, 212, 224 R e s e r v e cities. Boston AlbanA^ Philadelphia Pittsburgh Baltimore W^ashino"ton N e w Orleans 1 9 . 3 4 5 Milwaukee Saint L o u i s 7 R 9 10 1! 1'^ 13 14 New York City 15 San E r a n c i s c o 16 Gincinnati Cleveland Chicago 272 REPORT ON T H E FINANCES. Lawful money reserve of the national banks—Continued. S t a t e s and T e r r i t o r i e s . Number of b a n k s . Deposits. 69 44 43 175 62 81 227 65 173 11 17 1 20 16 IL 12 12 1 9 10 2 41 27 162 103 128 78 41 81 32 28 23 10 1 1 Maine 2 New Hampshire 3 Vermont 4 Massachusetts 5 Rhode Island 6 Connecticut 7 NewYork 8 New Jersey 9 Pennsylvania , 10 D e l a w a r e 11 M a r y l a n d 12 D i s t r i c t of C o l u m b i a 13 V i r g i n i a . . . - . 14 W e s t V i r g i n i a 15 N o r t h Carolina 16 S o u t h C a r o l i n a 17 G e o r g i a 18 Eloricla 19 A l a b a m a 20 T e x a s '. , 21 A r k a n s a s 22 K e n t u c k y , 23 T e n n e s s e e , 24 25 Ohio 26 I n d i a n a 27 Illinois 28 M i c h i g a n , 29 W i s c o n s i n 30 I o w a M i n n e s o t a 31 32 M i s s o u r i 33 K a n s a s 34 N e b r a s k a 35 Oregon 36 California 37 Colorado 38 U t a h 39 N e w M e x i c o 40 W y o m i n g 41 d a b 0 42 a k O t a . . Montana Totals R e s e r v e required, 15 p e r cent. $6, 361, 834 2, 954, .309 4, 283, 891 28, 327, 529 9, 929, 056 17, 910, 653 51, 020, 288 20,012,926 33, 960, 209 1, 768, 718 2,-318. 574 486, 567 6, 003, 285 1, .572, 682 2, 777, 323 2, 604,150 1, 808, 345 .73, 439 1, 021, 749 1, 521, 099 204,141 4, 212, 630 4, 463, 901 23, 503, 073 15, 653, 964 19, 881, 430 8, 218, 009 4,916,714 12, 035,150 6,192, 718 3, 353, 071 2, 470, 554 2, 934, 984 829, 337 *2,102, 954 2, 745, 038 355, 767 336, 663 242, 702 141, 983 74, 399 961, 287 1,845 312,602,095 " Includes circulatian. R e s e r v e held. $954, 275 443,146 642, 584 4, 249,129 1, 489, 358 2, 686, 598 7, 653, 043 3, 001, 939 5,094,031 265, 308 347, 786 '72,985 900, 493 235,902 416, 598 390, 622 S71, 252 11,016 l53, 262 228,165 30,621 631, 895 670, 335 3, 525, 461 2, 348, 095 2,982,215 1, 232, 701 737, 507 1, 812, 773 928, 903 .502,961 370, 583 ^ 440,248 124, 401 t421,193 411,756 '53, 365 50, 499 36. 405 21, 297 11,160 144,193 $2, 515, 997 1, 410, 880 1, 662, 557 11,103,118 3, 291, 325 7, 284, 353 15,169, .208 7, 385, 703 10, 714, 849 518, 213 826, 772 234, 449 • 1,367,228 512, 732 690, 873 770, 536 827,192 46, 996, 069 105,154, 553 4{5, 3 6 0 505, 391 662, 310 « 74.438 1,859,998 1, 313, 886 6,771,073 5, 833, 071 6, 680, 244 2, 221, 016 1, 463,127 4, 491, 274 1,669,149. 1,156, 434 701, 910 1, 082, 221 246, 796 463, 910 1, 069, 567 148, 331 118, 7.38 65, 482 43, 650 20, 771 159, 421 R a t i o of reserve. P e r cent. 39.5 47.8 38.8 .39.2 33.1 40.7 29.7 36.9 31.6 29.2 3.5.7 48.2 22.8 32.6 24.9 29.6 45.7 63.1 49.5 43.5 36.5 44.2 29.4 28.8 37.3 3.3.6 27.0 29.8 37.2 26.9 34.5 28.4 36.9 29.8 22.1 39.0 41.7 35.3 27.0 30.7 27.9 16.6 33.6 t R e s e r v e recLuired in California gold b a n k s o u t s i d e Lawful money reserve of the national banks—Continned. 1 o 3 4 5 6 7 8 q 10 11 ^9 13 14 Boston Albany Philadelphia Pittsburgh Baltimore .... Washington.... N e w Orleans Louisville Cincinnati Cleveland Chicago Detroit Milwaukee Saint Louis 15 New York in Sah Francisco Totals R e s e r v e required, 25 p e r cent. R e s e r v e held. $65,699,363 7, 919, 484 48, 210, 669 12,519,105^ 15, 562, 221 1, 525, 250 7,1.32, 054 3, 563, 723 11, 415, 936 4,107, 335 28, 297, 006 3, 229. 876 2, 693, 467 9,629,462 $16, 424, 841 1, 979, 871 12, 052, 667 3,129, 776 3, 890, 555 381, 312 1, 783, 014 890,931 2, 85'3, "984 1, 026, 334 7, 074, 251 807, 469 673, 367 2, 407, 365 . $20, ,361, 346 3, 223, 982 15, .544, 354 . 3, 901, 832 5, 857, 789 524, 689 3, 373, 248 1,177,378 4,138, 276 1, 491, 948 10, 847, 435 1, 210, 321 1,018,684 4,160, 544 P e r cent. 31.0 40. 7 32.2 3L2 37. 6 , 34:4 47.3 33. 0 36. 2 36.3 38.3 37. 5 37. 9 43.2 181 221, 504, 951 55, 376, 237 76, 831, 826 34.7 1 48 218, 382, 090 54, 595, 522 76, 621, 776 35.1 1 2 *5, 382, 704 1, 345, 676 1,106, 491 20. 6 1 Number of b a n k s . R e s e r v e cities. .. 51 7 29 20 14 4 7 9 5 6 16 3 3 7 Deposits. • * Includes circulation. R a t i o of reserve. 273 COMPTROLLER OF THE CURRENCY. STATES, as shown hy the rcxoorts of June 30, 1875. 1 Classification of r e s e r v e held. Specie. Legal-tenders. $34, 611 2 985 16 500 84 782 25 139 43, 070 198,414 46, 903 52, 324 401 ' 9, 834 2,929 9 113 8, 709 37 771 13 202 36, 695 97 15 080 117 090 209 8, 275 20 108 34, 736 50, 384 51 194 16,820 10,727 25 512 18, 184 10, 443 3 165 4, 479 45, 894 298 255 199, 660 12, 121 361 528 10 5.59 77 22, 688 $429, 369 199, 391 337, .308 1. 869, 653 584,352 1, 439, 507 3,747, 480 1,714,436 3,753,097 186, 047 310,998 96, 500 602, 426 252, 114 406, 300 371,791 458, 255 27, 000 •' 234,3.54 275, 034 26, 675 531, 991 690, 233 3,143, 946 2, 547, 489 2,402,910 975,194 646, 255 1, 879, 342 632, 988 472, 293 251,392 289, 395 61, 6U0 U. S. certific a t e s of deposit. D u e from reserve agents. $5, 000 $1, 644, 016 978, 209 962, 207 7,193, 883 2,021,148 4,891,482 9, 45.5, 549 . 245,000 335, 000 130, 000 40, 000 20, 000 10,000 4, 94.5, 664 5, 676, 490 247, 174 393, 915 123, 770 620,816 17.5,766 1.53, 652 306, 093 234, 367 17,013 185, 487 231,336 38, 304 1, 028. 468 476,068 2,719,004 2, 523, 514 3, 769, 766 961, 443 672, 225 2,351,870 882, 002 579, 274 3:^9, 764 74,5, 597 127, 8.52 105, 655 409, 406 21,313 39, 946 20, 298 ^ 10, 000 20, 000 20,"666" 5," obb' 423, 551 110,-397 64, 9:U 41, 9.56 28,591 3, 790 84, 710 Maine New Hampshire Vermont .. Massachusetts R h o d e I s l a n d .." Connecticat New York . . . New Jersey P e n n.sy I v a n i a Delaware ' Marvland D i s t r i c t of Colunibia Virginia W e s t Virginia North Caroliua S )uth Caroliua.. Georgia Florida Alabama Texas Ai'kansas ; Kentucky Tennessee Ohio Indiana.. Illinois Michigan Wisconsin Iowa Minnesota M issouri Kansas Nebraska Oregou ' California 31*9.^0' Colorado 4, 5 )0 U t a h 13, .500 N e w Mexico 2, 700 W y o n i i n g 4,500 I d a h o 2, 250 D a k o t a 11,870. M o n t a n a $403, 001 230, 295 346, 542 1, 709, 800 660, 686 910, 294 1, 382, 765 548, 700 1, 192, 938 64, 591 97, 025 11,250 134, 873 76,143 93, 150 79, 450 97, 875 2, 250 70, 470 33, 850 i», 2.50 281,264 127,477 873, 337 691,634 456, 374 267, 559 113,920 234, 550 13.5, 975 39, 424 57, .589 42,. 750 11,250 14,654 40,153 32,610 241 1, 600, 028 890, 000 • S t a t e s and T e r r i t o r i e s . Redemptionfi.ind w i t h Treasurer. . . 1 0 3 ^5 6 7 8 q 10 11 1"^ 13 14 15 16 17 18 19 '>0 ''I 00 ^53 04 25 07 '.>8 0() 30 31 •p 33 34 35 36 37 3R 39 40 41 /|0 11,614,671 •58, 439, 613 of San Francisco, is 25 per cent, ou circuiatiou, and 15 per cent, on depo-sits. RESERVE CITIES, as shown by the reports of June 30 1S75. Classification of r e s e r v e held. Specie. Legal-tenders. U. S. certific a t e s of deposit. D u o from r e serve ageuts. $3, OSO, 000 360, 000 3, 740, 000 100,000 1,225,000 $9, 362, 600 2. 014,, 120 .5,216,880 1.172,1.54 2, 362,173 287, 628 864, 648 433.813 $1, 758, 386 7. 245 252, 546 31 40 L 194 073 4 693 118 188 992 25, 804 18, 290 1.53, 206 5, 725 2 038 15, 275 $4, 785, 239 758, 970 .5,751,419 2 263, 670 1,716,848 18.5,613 2; 272, 458 601,496784, 300 782, 000 6, 061, 982 608, 081 310, 526 •2,117,650 2, 587, 867 29, 000, 252 10, 350, 000 13, 665,196 25, 756, 431 36, 070, 000 790,"bbb" 1,106, 491 18 F $1, .375, 121 83, 647 583, 509 334, 607 359, 695 4Q. 750 117,9.54 141,077 158,860 110,097 150, 925 67, 650 12,150 60, 250 2, .379, 3 1 2 .5.56, 561 25, 000 865,000 35, 000 130, 000 Redemptionfan d with Treasurer. • 3, 616, 322 528. 865 658,970 1, 837, 369 R e s e r v e cities. Boston Albauy Philadelphia Pittsbur>'h Baltimore; Washington N e w Orieaus Louisville Cincinnati Cleveland Chicago Detroit Milwaukee Saint Louis 1 0 . .... ' 3 6 7 .H q 10 11 1'> 13 14 3, 602, 292 31, 291, 415 . 1,130,149 1 New York . . . .' :" i1 San Francisco 15 Ifi 274 REPORT ON T H E FINANCES. Lawful money reserve of the national hanks—Continued. Number of b a n k s . States aud T e r r i t o r i e s . Deposits. . 69 44 45 179 62 81 226 66 175 11 17 1 20 16 11 12 12 1 9 10 Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut New York New Jersey P e n n s y l v a n i a .'. Delaware Maryland D i s t r i c t of C o l u m b i a . Virginia W e s t Virginia North Carolina....... South C a r o l i n a Georgia Eloiida Alabama Texas Arkansas — . . . . Tennessee Ken tucky Ohio ..-.* ludiana Illinois Michigan Wisconsin Minnesota Iowa Missouri Kansas Nebraska Oregon California N e w Mexico Colorado , Utah Idaho Montana Wyoniing Dakota $6,^814,877 3,274,101 4, 626, 841 31,171,197 8, 968, 707 15, 955, 762 49, 790, 344 19, 579, 861 34, 473, 654 2, 069, 468 2, 761, .538 464, 850 5, 780, 2.56 1, 572, 332 2, 408,139 1, 947, 900 1, 690, 394 70, 88:3 9.59, 745 1. 332, 936 133, 927 3, 872, ,334 4, 059 343 22, 972 255 14, 885, 341 18, 885, 240 8,1.54, 483 5, 054, 727 6, 516, 966 11,080,344 3, 335, 781 2, 392, 648 2, 945, 492 • 891,522 *2, 227, 292 339, 463 2, 593, 644 301, 334 152, 428 1, 014, 278 297, 223 94, 939 27 42 162 103 130 78 39 33 81 28 19 10 1 7 1,851 Totals R e s e r v e! required, 15 p e r ceut. $1, 022, 232 491, 115 694, 026 4, 675, 680 1, 34.5, 306 2, 393, 364 7, 468; 552 2, 936, 979 5,17i; 048 310, 420 414j 231 69, 728 867, 938 235. 850 361, 2-21 292,185 2.53, .559 10, 632 143; 962 199, 940 20, 089 580, 850 608, 902 3, 445, 838 2, 232, 801 2, 832, 786 1, 223,172 758, 209 977, 545 1, 662, 052 500, 367 3581 897 441; 824 133; 728 1450,766 50, 919 389, 047 45; 200 22, 864 1.52,142 44, 584 14, 241 $2,911,068 1, 507, 854 1,882,541 12,238,570 3,116,437 : 6,235,894 14,417,624 7, 228, 635 9,829,802 749, 797 1,122, 587 185, 608 1, 237, 991 548,199 623, 547 594, 905 640, 958 28, 977 505, 046 ; 586,772 59, 078 1,117, 892 1,513,237 6, 715, 503 5,171, 737 5. 628, 099 2, 361, 782 1,499,7.50 1, 861, 387 3,146, 946 978, 963 633, 427 1, 020, 380 265, 574 460,224 76, 821 938, 418 141, 603 33, 935 221, 308 63, 519 26, 512 46, 304, 79^ 100,128, 907 307, 920, 794 * Includes circulation. R e s e r v e held. R a t i o of reserve. P e r cent. 42 7 46.1 40.7 39.2 .34.8 39.1 29.0 .36.9 28.5 36.2 40.7 So. 9 2L4 34.9 25. 9 30.5 37.9 40.8 52.6 44.0 44.1 28.9 37.3 29.2 34.7 29.8 29.0 29.7 28.6 28.4 29.3 26.5 34.6 29.8 20.7 22. 6 36.2 47.0 22 3 21. 8 21.4 27. 9 32 5 t R e s e r v e r e q u i r e d in California g o l d - b a n k s o u t s i d e of L awful nioney reserve of the national hanks—(Z! ontin ued. Number of b a u k s . R e s e r v e cities. 1 o •^ 4 5 6 7 8 9 10 11 13 14 Boston Philadelpbia . . . Pittsbursih Baltimore'. Washington N e w Orieaus LouisviUe Cincinnati Cleveland Chicago Detroit Milwaukee Saint L o u i s . . . Totals 15 New York 16 San Erancisco : ~ Deposits. ' R e s e r v e req u i r e d , 25 p e r ceut. R e s e r v e held. R a t i o of reserve. $17, 421, 689 2, 428, 318 11,890,794 3, 294, 077 3, 667, 056 350, 669 1, 549, 983 709, 324 2, 679, 577 1,144, 317 6, 541, 447 910, 024 650, 306 1, 837, 793 $21,157, 637 ; 4,195,262 14, 968,139 4,575,520 5,715,558 528, 863 1, 910, 262 834, 074 3, 620, 936 1, 563, 756 9, 865,106 1, 352, 381 960, 053 • 2,509,836 P e r cent. 30.4 43.2 31.5 34.7 39.0 37.7 30.8 29. 4 33.8 34.2 37.7 37.2 36.9 34.1 53 7 30 23 14 4 7 8 5 6 16 3 3 7 $69, 636, 756 9, 713, 273 47, 563,174 13,176, 309 14, 668, 224 1, 402, 676 6,199, 932 2, 837, 296 10, 718, 307 4, 577, 268 26,165, 787 3, 640, 097 2, 601, 224 7,351,173 186 220, 301, 496 55, 075, 374 : 73, 7.57, 383 48 202, 263, 052 50, 565, 763 60, 467, 759 29.9 *3, 603, 473 900, 868 751, 367 20. 9 2 '' I n c l u d e s circuiatiou. 33. 5.j 275 COMPTROLLER OF THE CURRENCY. STATES, as shoivn hy the rexiorts of Octoher 1, 1875. Classification of r e s e r v e held. Specie. $24, 563 1,799 5, 784 69, 077 24, 762 41, 539 138, 360 41, 657 49, 441 434 8,407 3, 312 9, 357 6,737 36,132 11, .507 38, 503 10, 517 96, 096 337 25,165 8, 036 25, 273 23, 655 49, 883 11, 375 9, 7.55 10, 235 24, 380 12, 883 2, 865 6,030 77, 025 309, 350 781 253,740 8,701 7,544 69,161 778 92 1, 555, 034 Legal-tenders. U . S. certifi- D u e from recates of de- serve a g e n t s . posit. $5, 000 $4.57, 920 220, 622 410, 728 1, 924,174 642, 667 1, 560,128 3, 807,124 1, 852, 239 3, 856, 835 218, 564 336, 712 113, .500 610, 497 253, 537 30.5, 940' 365, 518 442, 853 22, 500 242,218 228, 573 23, 875 595, 061 526, 455 3, .354, 801 2, 376, 905 2, 367, 883 965,116 666, 751 768, 338 1, 668, 774 404, 470 242,844 231, 874 73, 686 270, 000 385, 130, 15, 20, 10, 000 000 000 000 000 10, 000 '20," bob 10, 000 5,000 28, 448 306, 740 116, 903 21,891 72, 400 39, 903 7,535 32, 783, 502 900, 000 Redemptionfund w i t h Treasurer. $413, 817 243, 539 343, 656 1, 734, 231 660,101 894,934 1. 372, 419 561. 781 1, 242, 673 65, 091 95,150 11, 250 125, 300 74, 798 72, 413 77, 274 88, 332 2,250 67, 916 34, 475 4,750 116, .319 280,565. 883, 757 669, 379 438, 976 262, 715 105,155 135, 333 224, .575 90, 625 51,100 42, 750 11, 250 $2, 009, 768 1, 041, 894 1,122, .373 8, 241, 088 1, 788, 907 3, 739, 293 8, 714, 715 4, 642, 958 4, 665, 853 445, 708 672,318 57, 546 492, 837 213,127 209, 062 140, 606 71, 270 4,227 184, 395 227, 628 30,116 381, 347 688,181 2, 451, 672 2. 081, 798 2, 771, 357 1,122, 576 698, 089 947, 481 1, 219, 217 , 465,985 336, 618 089, 726 103, 613 150, 874 34, 092 347, 338 11, 499 68, 227 20,138 16, 635 13, 500 .30,600 4, .500 4,500 11, 520 2,700 2,250 53, 322, 152 11, 568, 219 States and Territories. Maine New Hampshire . . . . . Vermont '. Massachusetts Rhode Island Connecticut J. New York New Jersey Pennsylvauia Delaware M.a;'yland D i s t r i c t of C o l u m b i a . Virginia West Virginia N o r t h Caroliua South Carolina Georgia Elorida Alabama Texas Arkansas'. Tennessee ...... Kentucky Ohio....' ludiana Illinois Michigan" Wisconsin Minnesota Iowa Missouri Kansas Nebraska Oregon Calitbrnia •...., N e w Mexico Colorado Utah Idaho...; Montana '. Wyoming Dakota : San E r a n c i s c o , is 25 p e r ceut. on circuiatiou a n d 15 p e r c e n t , on deposits. RESERVE CITIES, as shown by the reports of October 1, 1875. Classification of r e s e r v e held. Specie. Legal-tenders. U . S. certifi- D u e i r o m recates of de- serA'e a g e n t s . posit. Redemptionfund w i t b Treasurer. 3.5, 000 100, 000 $9, 436, 653 3, 053, 609 •5,412,902 1, 850, .528 2, 560, 645 238, 605 486, 471 248, 850 1, 855, 837 .591, 800 4,318,527 714, 710 483, 828 1, 069, 847 $1, 381, 936 «3, 647 596,258 337, 963 347, 995 48,150 114, 000 128, 081 1.59, 750 113,500 146,100 67, 650 7, 650 60, 250 32, 322, 812 $6,099,2.52 ,. $384, 796 . 9 175 688, 831 168, 810 5,450,169 32, 358 2,254,671 53, 359 1, 543, 5.59 6,057 196,051 52, 504 1, 2.57, 287 985 4.56, 158 11, 649 743, 700 956 8.32, 500 38, 609 • 4,166, 870 14, 039 555, 982 1,317 432, 253 13, 689 1, 266, 050 $3,255,000 360, 000 3, 340, 000 100, 000 1,210,000 40, 000 850, 000 25, 000 1,195, 000 788, 303 26, 543, 338 10, 510, 000 4, 955, 624 17, 040, 091 37, 400, 000 751 367 1 • R e s e r v e cities. , Boston Albany Philadelphia Pittsburgh B a l t i m o r e .%. Washington New Orleans Louisville Cincinnati Cleveland Chicago Detroit Milvvaukee Saint Louis 1 0 '.. ... • . •4^ (6=) 7 H q 10 11 1^ 13 14 3, 592, 930 1, 072, 044 New York San E r a n c i s c o '. 15 16 276 REPORT ON T H E FINANCES. Table showing the resources and liabilities of State banks. New HampM a i n e , Octo- shire, E e l n u ber, 1874. a r y , 1875. IIESO URGES. 3 banks. 1 bank. $57. 763 $292, 596 Loans and discounts United States bonds O t h e r stocks, b o n d s , &c Duefrom banks Real estate Other investments Exnenses Cash items Specie Cash — legal - t e n d e r s , b a n k n o t e s &c Totals • 4,000 4,875 9, 237 1, 995 ^ 700 46,474 4,000 Vermont, J u l y , 1375. 5 bauks. Rhode Island, Connecticut, • Deceniber, A p r i l , 1875. 1874. 15 b a u k s . $1, 524, 978 $4, 651, 634 4,500 254. 860 • 42, 508 500 300 9 . 123,327 184,709 40,194 7,258 5, 675 13, 048 1 2, 883 4 banks. $2, 628, 405. 3,967 230, 719 708, 844 92, 400 16 3 312 61, 794 7,736 11, 543 39 58, 883 213, 573 368, 367 77, 909 1, 880, 538 i5, 229, 253 3, 787,193 3,210,200 21, 719 1, 450, 000 28, 831 333, 794 : LIABILITIES. C a p i t a l stock Cii'culation 225, 000 3, 609 6, 500 50, 000 252, 500 13, 325 Dividends unpaid Deposits D u e to b a n k s O t h e r liabilities 1, 106, 1, 24, .507 12, 907 • i, 356 27, 322 2, 347 1, 590, 038 457 209 008. 584 363,307 Totals ' 1,170 12, 975 266,106 26, 243 1, 537, 701 112,992 54, 292 77,909 1, 88(5, 538 5, 229, 2.53 3,288 1, 666,185 303, 563 1,532 3, 787,. 193 NOTK.—All r e t u r n s of b a n k i n g i n s t i t u t i o n s s t y l i n g t h e m s e l v e s s a v i n g s - b a n k s , b u t h a v i n g ca^^ital stock, a r e i u c l u d e d in t h e s e stateVnents of t h e cou'ditiou of t h e s e v e r a l S t a t e b a n k s , a n d iu t h e " A g g r e g a t e r e s o u r c e s .and liabilities of S t a t e b a u k s . " I Resources and liabilities of Statehanks—Cuutioued. N e w York, September, IIKSOUKCES. Lo.ans a n d d i s c o u n t s Overdrafts United States bonds O t h e r stocks, bonds, &c D u e from b a u k s Real estate Other investments Expenses Cash i t e m s Specie C a s h — legal - t e n d e r s , notes, (fee Totals. ;.. bank- New York Peunsylvania Ciry, Septem- N o w .lersey N o v e m b e r , .Delaware, October, 1875. ber, 1875. I j a n u a r y , 1375.1 1874. 50 b a n k s . 27 b a n k s . 16 b a n k s . $26, 233, 003 95, 873 $44, 088, 740 27, 483 $25, 539, 024 $453,143 1, 602 *2, 481, 225 4, 335,206 562, 399 49, 471 202, 510 515,413 27, 131 2, 300, 037 3, 985, 663 1,M6, 019 .58, 758 542, 829 7, 094, 402 783,125 $4, 074, 778 6, 747 104, 603 865, 576 785,147 179, 981 39, 275 16, 033 81, 247 7, 893 16,392,600 3,241,541 2, 242, .510 2A101 340, 228 21, 974 174, 448 7, 350 84, 746 26, 501 2, 506 5, 767 13, 791 218 323, 900 2,216,452 930, 268 10,90.5,904 35, 532, 504 71, 407, 960 2 banks. 14, 3.32 609, 956 LIAIULTTIFS. Capital stock .: Circulation S u r p l u s fund ; U n d i v i d e d profits . Dividends unpaid Deposits D n e to b a n k s O t h e r liabilities . . . 9, 229, 890 39, 668 1,107,520 2,146, 348 15, 58.5, 200 38, 227 1, 988, 574 4, 261, 797 18, 249, 669 1, 939, 608 2,8.19,801 Totals. 35, 532, 504 11, 022, 906 10, ,565 ' 1,388,200 752, 489 5. 391 .7,026 43, .555, 339 5,614,200 364, 623 1, 967, 120 6, 564. 267, 417 7, 626 7,384 4,122, 212 74, 077 37, 780 25, 666, 376 1,296,119 255, 223 2.52, 479 46, 839 13, 021 71, 407, 960 0, 490,180 40, 391, 878 609, 956 * U n i t e d S t a t e s b o n d s i u c l u d e d i n t h i s a m o u n t , iu all t h e s t a t e m e n t s from N e w Y o r k r e c e i v e d b y t h i s Office. t T h i s a m o u n t i n c l u d e s U n i t e d S t a t e s b o u d s — t h e form of t h e r e p o r t n o t p e r m i t t i n g t h e m t o b e distinguish»?d. 277 COMPTEOLLER OF TIIE CURRENCY. Resources and liabilities of State banks—CoDtinuecl. D i s t r i c t CoVirgiuia, Marvland, Octo- October, 1875. October, 1875. lurabia, ber, 1875. 11ES0UIICE.S. * 17 b a n k s . \ Loaus and discounts Overdrafts United States bonds O t h e r s t o c k s , bonds, &c D u e from b a n k s ....*. Real estate Other investments Expenses Cash i t e m s . Specie C a s h — legal - t e n d e r s , b a n k n o t e s &c $6, 338, 502 912 86,282 892, 923 405, 459 604, 018 79,911 29, 209 210,022 20, 212 15 b a u k s . • 19 b a n k s . $654,808 $3, 993, 274 1, 767 3, 9.53 81, 847 22,675 170, 510 6H7, 409 . 249,200 31, 038 146, 083 .51, 061 37, 026 . 388,784 17, 412 . 42,611 ..5,047 100, 565 1, 269 • 982 W e s t Vir- N e w Orleans, giuia, OctoJ u l y , 1875. ber, 1875. 10 b a n k s . 5 banks. $2,160, 952 3,295 $4, 499, 312 100, 450 266, 253 71,902 21, 016 8,238 23, 883 1, 036 1, 796, 961 1, 365, 582 1 00.5,314 47, 981 76, 797 641,154 90, 886 191, 854 141,308 2,437,316 9, 308, 609 1, 237, 693 5, 732, 363 2, 798, 383 11,229,263 3, 697, 852 17, 619 352, 106 237, 052 36, 466 4, 665, 211 241,099 61, 204 183,.600 2,197, 805 659, 611 1, 024, 001 4, 954 5, 359 195, 429 141, 213 1,637 3, 057, 798 92,613 4.5, 873 85, 395 35, 310 2, 924. 1, 946, 715 64, 653 3, 775 • 9,308,609 1, 237, 693 5, 732, 368 2, 798, 383 Totals LIABILITIES. . Capital stock Circulation Surplus fund Dividends unpaid Deposits D u e to b a n k s O t h e r liabilities Totals 19, 779 ' 3,792,300 9,447 X 323, 808 6,149, 202 622, 769 326, 737 11, 229, 263 * Twelve of th6se bauks are in Baltimore, with aggregate deposits of $4,121,628, and aggregate resources of $8,135,722. t Eour of these, calling themselves savings-banks, have capital stock. The Natioual Savings Bank having none, is included in this table to avoid the necessity for an additional statement. X An app.arent excess of assets added to balance. The report taken from the New Orleans Dai.y Re publican, of July 15, 1875. Resources and liahilities of State banks—Continued. EESOUECES. Texas, June, Arkansas, 1875. A u g u s t , 1875. 5 banks. Loans and discounts Overdrafts U n i t e d S t a t e s bonds O t h e r s t o c k s , bonds, &c D u e frora b a n k s Real estate Other investments . Expenses Cash i t e m s Specie . . . . ... Cash—legal - t e n d e r s , b a n k n o t e s , &c .' $421, 745 361 1 bank. $67, 895 4, 217 Ohio. Octob e r , 1875.* I n d i a n a , ! October, 1874. Chicago, J u n e , 1875. . 105 b a n k s . t 9 banks. 9 banks. § $21, 356, 648 • $1,077,754 43, 369 927 166,910 83, 381 9,467 24,103 9,774 8,163 103 $6, 989, 536 2, 706, 668 60, 248 108, 627 52, 296 11,072 3,201 192 11,369 16, 055 1,982 1, 757 ,502, 676 3, 788, 041 600 2,184, 225 1, 079, 879 141,265 39, 348 3, 839, 645 104, .594 1, 890, 804 810, 376 131,854 32,193, 678 1, 528, 545 12,144, 444 Capital stock Circulation S u r p l u s fun d U n d i v i d e d profits Dividends unpaid Deposits D u e to b a n k s O t h e r liabilities - . 306, 443 50, 000 5, 838, 492 652, 000 1 925 000 8.935 8,399 373,179 Totals Totals LIABILITIES. 17, 539 11,612 3,142 11720,651 436, 632 19, 990 18,160 78, 246 439 27 • 21,535,202 751,324 30,181 77, 706 9, 602,165 4, 099, 333 810, 376 131,854 32,193, 678 1, 528, 545 12,144, 444 11244,100 . NOTE.—All the items in the statements for Ohio are '' averages " returned as s.ubject to State taxation. * No dates given. They were collected from auditors of 88 counties during August and Septeraber. t Estimated. The secretary of state styles them " banking institutions, other than national banks." X Received July 21,1875. The auditor of state says: " No report for the present year can be furnished." § The financial editor of the Inter-Ocean furnishes this statement, and adds: " Eight of these bauks hold, probably, five-sixths of the savings deposits in tbe city." II Difference between reported resources aud liabilities added to balance. T[ Added to balance. 278 REPORT ON T H E FINANCES. , Resources and liabilities of State hanks—Continuecl. Micbigan, J u l y , 1875. "Wisconsin, J u l y , 1875. Minnesota December. 1874. Iowa, J u l y , 1875. Kansas, Jann a r y , 1875. 26 b a n k s . ' ' 23 b a n k s . 8 banks. 40.banks. 19 b a n k s . $6, 840, 998. 35,108 $6, 019, 348 90, 243 $1,130,103 24, 318 ; $4,146,032 6, 442 40,150 939,147 943,136 182, 977 1, 153,228 1, 737, 761 128, 097 44, 896 10, 471 186, 262 28, 322 , 51,819 115, 277 • 24, 289 19, 562 29, 506 • 26, 368 4,085 918,875 270, 241 31, 050 10,1.56 29, 716 3,245 KESOURCES. Loans and discounts Overdrafts United States bonds O t b e r stocks, bonds, &c D u e from b a n k s Real estate Other investments Expenses . . Cash items Specie C a s h — legal - t e n d e r s , b a u k n o t e s , &.C . . . Totals $1,117,978 27, 635 46,178 186, 427 110,858 77, 977 29, 423 132,199 1, 017, 445 636, 4.56 123, 341 503, 799 211,101 10, 003, 707 9, 990,188 1, 548, 668 5, 959, 706 1,639,776 2,182, 826 1, 113, 231 1,404 599, 550 1, 831, 285 776,969 50, 000 276, 760 1,469 3, 757, 338 42, 854 58, 026 48, 907 LIABILITIES. Capital stock S u r p l u s fund U n d i v i d e d profits Dividends unpaid Deposits D u e to b a u k s O t h e r liabilities 215, 673 30, 594 Totals 17,408,055 6, 909, 215 197,153 1, 966, 338 825,101 • 15, 770 77, 653 10, 003, 707 9, 990,188 1, 548, 668 ^ 5, 959, 706- 966,119 7,116 82, 639 1, 939, 776 *• E l e v e n of these b a n k s a r e s t y l e d s a v i n g s - b a n k s , b u t all of t h e m h a v e c a p i t a l s t o c k , t D u e to b a n k s a n d d e p o s i t o r s . Aggregate resources and liahilities of State banks. 1874-75. RESOURCES. - banks. p 119, .332, 341 237, 104 1,544,296 9, 617, 667 12, 605,100 3, 269, 233 944, 079 886, 348 18. 977.'324 3, 020,139 8, 347, 776 — banks. 551 b a n k s . $154, 377, 672 212, 772 1, 961, 447 16,437,815 19,050,046 5, 372,186 1,164,999 1, 284, 344 10,434,018 1, 930, 083 25,126, 706 $176,308,949 377, 297 344, 984 23, 667, 950 19, 851,146 9, 005, 657 4, 909,190 1, 353, 066 8, 624, 086 1,156, 456 26, 740, 215 178, 881, 407 237, 402, C 272, 338, 996 C a p i t a l ftock Circulation S u r p l u s fund . ^ U n d i v i d e d profits Dividends unpaid Deposits ^ D u e to b a n k s O t h e r liabilities 42, 705, 834 174,714 2,1(19, 732 10, 027, 668 33, 492 110, 754, 034 8, 838, 355 4, 237, 578 59, 305, 532 1.53,432 2, 942, 707 12,363,205 337, 290 137, 594, 961 14,241,604 10,463,357 09, 084, 980 177, 653 6, 797,167 9, 002,133 83, 722 165, 871, 439 10. 530, 844 10, 791, 058 Totals.. 178, 881, 407 237, 402, 088 272, 338, 996 Loans and discounts Overdratts . . : United States bonds O t h e r stocks, bonds, &c D u e from b a n k s Real estate Other investments Expenses Cash i t e m s Specie Cash, legal-tenders, bauk-notes, &c Totals LIABILITIES. 279 COMPTROLLER OP THE CURRENCY. Tahle shoiving the resources and liabilities of savings-hanks organized under State laws. <0 ?H Si > rr" is ,»o RESOURCES. o " pa <D QZ li cz > 58 b a n k s . $7, 853, 259 L o a n s on r e a l e s t a t e L o a n s on p e r s o n a l and collateral security 6, 058, 246 820, 712 Uuited States bonds State, municipal, and other 9, 353, 671 bonds and stocks R a i l r o a d b o n d s a n d s t o c k s . . 4, 326, 494 Bauk stock 636, 038 Real estate 288,126 Othet" i n v e s t m e n t s . .• 779, 992 31,211 Expenses D u e from b a n k s . Cash 854,164 68 b a n k s . 13 b a n k s . $7, 732, 419 $3, 005, 591 179 b a n k s . 37 b a n k s . .$109,254,540 $26, 617, 490 9, 426, 320 1, 507, 930 1, 673, 561 494, 750 54, 607,174 8, 453, 759 5,731,075 4, 450, 249 1, 044, 248 471, 002 391, 664 95, 613 10, 389, 307 6, 486, 882 22, 377, 009 2, 798, 971 .593, 285 644, 683 .3,294,486 2, 042, 959 6, 688, 424 1, 916, 442" 2, 563, 976 225, 952 51, 329 11, 247, 384 § 86 b a n k s . $.51,552,294 7. 042, 492 4,141, 646 6, 481,170 1,168, 420 3, 546, 777 581, 946 263,394 884, 792 535, 598 49, 050 67, 648 36, 348 68, 394 2,295 14, 504 333,811 1,229, 706 2, 096, 910 31, 051, 963 31, 735, 312 6, 281, 550 220, 943, 055 50, 540, 703 76, 875, 049 Deposits S u r p l u s fund U n d i v i d e d profiis O t h e r liabilities 29. 612, 221 460, 829 978, 913 30, 214, 585 6, 004, 694 97, 943 123, 808 55,105 217, 452,121 3, 490, 934 48, 771, 502 73,783,802 2,992,219 Totals 31, 051, 963 31, 735, 312 6, 281, 550 220, 943, 055 Totals LIABILITIES. 1, 520, 727 1, 665, 902 103, 299 99, 028 50, 540, 703 76,875,049 • ^ lO ^vo > CO'"I • SI- RESOURCES. CDO |2i 158 b a n k s . L o a n s on p e r s o n a l a n d collateral securitv 36 b a n k s . 5 banks. . % '6..fl s 1^ 6.banks. $116,639,852 $14, 597, 066 $10, 703, 676 $3, 303,169 5, 739, 076 57, 481, 672 3, 380, 029 4, 352, 421 1,363,350 2, 394, 000 4, 547, .524 3, 559, 382 107, 066, 984 8, 225. 253 16, 632 8, 598, 861 8, 594, 790 418, 029 335, 033 2, 565 2, 628, 057 666, 705 71, 634 499, 886 49, 739 5,330 4, 234, 898 1, 610, 027 151, 372 217, 627 127, 623^ 110,146 769, 862 415, 388 % fl o © 3 banks. (-alifornia, July, 1875. Resources and liabilities of savings-banks, ^"C—Continued. 25 b a n k s . $77,195 $76, 053, 051 State, municipal, and other Real estate Other investments Expeuses D u e from b a n k s Cash 19, 300, 085 5,153, 252 i, 38i, 659 1,127, 535 41, 968 2, 296; 038 Totals 328, 574, 572 32, 708, 687 19,514,912 19,047,018 119,163 78, 805, 470 303, 935, 649 30, 954, 877 1, 319, 489 18, 338,104 326,136 367,111 15,667 119,163 72, 569,103 6, 236, 367 19, 047, 018 119,163 78, 805, 470 99, 539 356, 842 LIABILITIES. Deposits Sui'plus funds O t h e r liabilities Totals 24, 310, 246 328, 677 434, 321 17, 825, 812 1, 575, 648 105, 786 7,666 328, 574, 572 32, 708, 687 19, 514, 912 280 REPORT ON TIIE FINANCES. Ag(j?egaie resources and liahilities of savings-banks. 187.3-^74. RESOURCES. - banks. — banks. 674 b a n k s . $237, 357, 698 $315,283,088 168, 308, 332 107, 391, 457 66,414,629 8Cf, 576, 088 148,4.56,231 143, 543, 487 17,981,807 16, 793, 388 29,54.5,071 24, 360, 653 11,378.364 10, 3.50, 716 519, 359 8, 780, 263 6, 634, 492 931,959 18,431,846 1.5, 46.5, 474 ^36, 580 15, 715,134 $351, 336, 551 181.14.3,206 83,206, 272 161,334,436 20, 690, 901 30, 508, 752 14,136, 748 11, 354, 781 1, 248, 688 23, 378, 937 17, 858,182 701, 229, 392 : 801, 231, 724 896,197, 454 Deposits Surplus fund U n d i v i d e d profits O t h e r liabilities 669,329,917 10, 468, 764 20, 879, 425 551, 286 759, 946, 632 12, .590, 196 26, 623, 850 2,071,046 849, 581. 6.33 16,499,565 29, 072, 493 1, 043, 763 Totals 701, 229, 392 01, 231, 724 896,197, 454 Loans on real estate L o a n s on p e r s o n a l a n d c o l l a t e r a l s e c u r i t y . . . United States bonds ." State, municipal, a n d other bonds and stocks Railroad bonds and stocks B a n k stock Real estate Other investments Expenses D u e from b a n k s Cash T o t a l s . -• LIABILITIES. Table, shoiving, by States, the aggregate dexposits of savings-banks, with the number of their depositors and the average amount due to each depositor. States. Maine New Hampshire Vermont Massachusetts . Rhode Island Connecticut New Tork New Jersey . — Penusyivania . . . Maryland Minnesota California Totals Amount of deposits. Number . of Average to each dedepositors. positor. $29, 612, 221 30,214,585 •6,004,694 217, 4.52,121 48, 771, 502 73, 783 802 303, 935, 649 30, 954, 877 17, 82.5, 812 18, 338,104 119,163 72, 569,103 96, 96, 22, 702, 98, 206, 872, 93, 64, 49, $305 91 311 69 261 39 322 87 495 85 357 52 348 35 330 00 276 57 370 46 260 18 789 36 849, 581, 633 2,396,182 354 56 799 938 972 099 3.59 374 498 800 4.52 500 458 9