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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, O Q 00
O

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

Value,

1, 739, 062
22, 823,216
14, 629, 500

Total

39,191,778

..,..

$33, 553, 965
10, 070,368
230, 375
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

Decrease.

8,144,191 29

$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
for violation " amined. ex- Miles sailed.
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 S
O

"

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 G
d
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, S O 00
O
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 O
O




^

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 O
O
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, 908 74
216 76
451, 995 97
1, 33.5, 797 52
495 00
18.187,
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 68. 665 16
47, 67B,
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
),
, 805,-939 345 93
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 t l 84
.S
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
239 041
4, .593,
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.

!
,
$973, 905 75
$699, 984 23 . $3,797, 436 78
,444 51
783,
693, 050 25
B, 962, 920 00
7.53. 661 69
2, 633,048 07
6, 479, 977 97
924 17
1, 151,
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
573 84l
11, 002, 396 97 2,161, 867 77
1, 706,
11, 952, 534 12 2, 623,311 99
1,138, 563 11
12, 273, 376 94 3, 295,391 00
2, 879,876 981
13, 270, 437 31
5, 020,697 64
.5, 294,235 24
11, 253, 983 67
4, 825,811 60
3, 306,697 07
12, 615, 113 72l 4, 037,0)5 2H
3, 977,206 07
13, .598, 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
39, 190, 520 3(
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,
461 21
489 96
3, 477,
024 85 1, 198,
19, 090,
3,241, 019 83
572 69
1, 631,592 24
17, 676,
427 55
2, 676,160 33l
592 63
4, 237,
1 5 314,
.,
922 81
171 UOl 9, 463,
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,
686 13
398 46
7, 065,539 24
6, 358,
22, 656,
236 10
764 04
6, 517,596 88
6, 668,
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
1, 239,746 51
293 49 11, 702,905 31
24, 601,
858 42
5, 974,412 21!
I J ,573, 982 44 8, 892,
''
328 201
803 96
30, 868, 141 56 26, 749,
37, 26.5, 164 04 46, 708,436 00
037 15 37, 327,252 69
21, 822 91
39, 455,
5, 590,723 79
37, 614, 438 35 36, 891,196 94
10, 718,153 53
28, 226, 936 15 33.157, 503 68
3, 912,015 62
31, 797, 533 81 29, 963,163 46
5, 315,712 19
32, 936, 530 03 28, 685,111 08
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
3
54, 577, 608 8 1 43, 338,860 02
2,152, 293 05|
75, 473, 061 74l 50, 261,901 09
6, 412,574 01
66, 164, 170
48, 591,073 41
17, 556,896 95i
72. 726, 775 961 47, 777,672 13
€65
6, 662,
71, 274, 341 57 49,108, 229 SO
3, 614,618 661
062, 587 37|46, 802,855 00
. 82,
3; 276,606 05
S3, 678, 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.

War.

Navy.

Indians.

Pensions.

Miscellaneous.

$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

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

1867
1868
1869
1870
1871
1872
1873
1874
1875

$1,030,690,400 06
283,154, 676 06
3, 563, 638, 312 28
"3,621,780 07

1865
1866

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

CR.

$7, 261, 437 30
136, 392 56

w
H

196, 590 00
672, 020 23
7, 397, 829 86

', 397, 829 86
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

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

July

June 30,1870

>n
-

O

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.

a0
{
:
^

2, 059, 325 50
2, 823, 891 46
32, 679, 553 60

W
^

^

1, 557, 264 50
29, 319, 274 58

July

f>
J
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

. $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

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

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

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

of 1862
of M a r c h , 1864
of J u u e , 1364
of 1865

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

of 1862
of M a r c h , 1864
of J u n e , 1864
of 1865

109, 317 20
851 65
149, 671 54
239, 673 92
412,661 72
274, 782 07
2, 523 87

Total




>

903, 893 46

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

,

$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

$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

32, 618, 450 00

.
,
-

J U N E 30,

7,137,100 00
. 0 000 00
5
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 5 , 710 89 4, 373, 781 76
.5
617,140 34
701, .533 44

3,671,258 17

32, 349, 258 17 28, 457, 562 83

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
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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

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=

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161,219 79
218, 4 5 39
.7
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

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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




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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,

32, 248, 645 22

$427, 849
8, 894
246,001
246, ,562
707, 334
417; 534
5,151

1873.

1862
M a r c h , 1864
J u n e , 1864
1865

Total

3, 935, 050 34 36, 553, 500 34

28, 678, 000 00

-

of
of
of
of

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

Price
When redeem- Rates of in- at which Amount author
Amount outAmount 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

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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.

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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

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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

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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

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TABLE M.—Statement of the outstanding principal of thejmhlic debt, ^"c.—Continued.
Length of
loan.

INS)

When redeem- Rate of in- at Price Amount author- Aniount issued.
which
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, O P 00
O

$1, 250 00

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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

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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

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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

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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

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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 .

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1
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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

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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

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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

•

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TABLE M.—Statement of the outstanding principal of the public deht, ^"C—Continued.
Length of
loan.

When redeemable.

Rate of in- atPrice Amount authorwhich
Amount issued.
terest.
ized.
sold.

Aniount outstanding.
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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

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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

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LEGAL-TENDER NOTES.




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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

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$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

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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

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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

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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

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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.

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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

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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, O O 00
C

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.

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On d e m a n d .

Par.

Indefiuite.

562, 770, 400 00

21,796,300 00

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COMPOUND-INTEREST NOTES.




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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

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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.

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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.
X rem.
I

200, 000, 000 00 196,117, 300 00

194, 566, 300 00

3, 882, 500 00

940, 600 00

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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

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7 3-10 per ct. Par

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I, 000, 000 00 829, 992, 500 00

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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.




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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.

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3 per cent..

Indefinite.

14, 000, 000 00

14, 000, 000 00

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TABLE M.—Statement of the outstanding principal of thep>uhlic deht, cf-c.—Continu'ed.
Length of
loan.

When redeemable.

Rate of interest.

Price
at which Amount author 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

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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.



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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 .

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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 authorized by this act authority Avas also given to convert Treasury

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379, 602, 350 00 379, 616, 050 00

310, 622, 750 00

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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

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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

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85, 150, 000 00

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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.




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5 years .

Sept. 1,1875 .

4 per cent... Par

678, 362 41

673, 000 00

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TiVBLE M,—Statement of the outstanding principal of the public deht, ^-c.—Continued.
Length of
loan.

to

When redeem- Rate of in- atPrice Amount author Amount issued. Amount "outwnich
standing.
ized.
able.
terest.
sold.
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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, O O 000 00 $412, 306, 450 00 $412, 306, 450 00
C,

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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.-




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On demand .

Par .

No limit .

137, 675, 000 00

58, 41.5, 000 00

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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

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On J u l y 1, 1865 :

^ 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

• $37, 740 00

$37, 740 00

1, 258, 000 00

W e s t e r n Pacific
.
Simiv Git.v fl.nd Pacific

s$37, 740 00

37, 740 00

37, 740 00

37, 740 00

55, 056 S3
6, 417 53

92, 796 83
6, 417 53

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92, 796 83
6, 417 53

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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

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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 G
O

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

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SiniTS" Gitv a n d Pacific




11, 002, 000 00
—

-aLayjir. - — - :

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TABLE N.—Statement of 30-year 6 jjer cent, "bonds (interest payable January and July) issued to the several Pacific railway companies, <^-c.—Continuedo

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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
.

^

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Repayment of interest' by transportation of mails,
troops, &c. •

Amount of interest
accrued and paid
to date, as per preceding statement.

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On July 1, 1867:
Central Pacific

.$4,602,000
3, 360, 000
5, 520, 000
960r000
320, 000

V estern Pacific
V

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

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

63
22
91 .
99
03

63
22
91
99
03

70
48
89
99
03

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20, 714, 000 00




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

518, 6S1 87

7, 020, 000
6, 080, 000
12, 957, 000
1, 600, 000
.320, 000
1,112,000

On July 1, 1868 :
(Central Pacific

903, 837 22

...

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

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On July 1, 1869 :
Central Pacific
Kansas Pacific
Union Pacific
,
Central Branch Union Pacific
Western Pacific
Sioux City and Pacific . . . . . . :

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

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

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

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

1,529,189 26

4,984,822 14

1, 646, 549 19
288, 243 99
1, 175, 423 78
202, 317 47
46, 606 03
96, 492 42
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

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

O
Pi
H

8, 933,127 48

772,
189,
809.
48,
26,
48,

•

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

Central Branch Union Pacific
AVestern Pacific

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

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

On January 1, 1873:
Central Pacific ..•
Kansas 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
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

1, 600, 000. 00
1, 970, 560 00
1, 628, 320 00

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

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

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

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

10, 087,162
• 1, 720, 689
8, 759, 739
810,391
688, 621
684, 278

H

20, 783, 323 62

1, 712,114
286, 568
1,325,779
152,132
93, 842
107, 084

O

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

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
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 .




.

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, O C
O;
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 1 Fitzgerald
1
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 . 4
5
722 24
195 20
269 50
263 . 2
5
1, 868 74
2, 204 20
9 76
62 60
. 2 86
51
3, 2 5 08
.0
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 S
O
322 O
S
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

.33, 084, 318 68

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

•

^.. .

$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
Federal Reserve Bank of St. Louis report has been received from this office.

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 ' ^ E TREASURY.
JH

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.
C ri
M
P o

^'1

o

Locality.

«t-i o
o ri

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 .

4421
11

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

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

1261
410
, 56
194

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

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

0

11it

II

0 • 0 <o
d
5

0
c

•a.

0 C
D

^ n
cn 0

IS

6

115, 000 5-2
4
130

None

3,000

3,000

2,900

100

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

6
12

4

•.-.do

6
4

4

None

4, .500

"4

141, 000 18, 250 159, 250 .37, 410 121, 840 90

14

....

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

%4, 000

$1,800 %5, 800 %5, 300
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|

.do .

Lime
1, 450
None .-•
40, 000
Irou & fish, 2, 500' 1, 000
Timber
18, OOOl 20, 000

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
(e.
fe
Boston, M a s s . . . - . Molasses.. 6,000 5, OOOl 11, 000 10, 800
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
6,000 5,750
P. E. Island
P o t a t o e s . . 5,000 1,000
Philadelphia, P a .

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, O U 28, 000 2,000 10
O
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 .

35,000
550

47, 000
6, 550

44
7
36
50

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

27, 000
6, 550

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
o

.

.

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

^ ^
R
o
o

§

(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

m'

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

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

a
fl

<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

ifl

L o s s t o car- 0
goes.
P^
13 fl " R

-S

52

• ^ fl
r^r^

«
cc
>
^
^
a
fl
^

.!t^ fl
©jsj

©.

02 fl
Orid

0

l§

.

'v ^

U

^" ^'
l«
f>'^ n'
©

P

^

ag

C3 CS

fl

0

©43

f> 0 .
0 0

^§

4J

©

^a
d
<f

g
a
<i

rQ

rQ

0

P. a

© cS
rQ

96 572 2,192, 935

i
1

....

^
9
fl

^-

11
8
12
15
8
11
11
13
9
10
9
12

a fl
•^'i ^ ' O

0
©
rQ

a a
fl
fl
^, 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

1
^

'^

PM

^.
fl
g
a
<i

p

^

rQ-r

rQ

fl

a a^,
fl
^ ^^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

',

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,

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 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 ©

9^
fl ©

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.

' ©

c
fl.

s
July .
August..
.
September
October
November
D e c e m b e r '.
January
February
March
April
May.
June ...

-

fl
c3

xn

.




ffl

'o

30
14
26
29
• 28
23
31
40
30
19
15
14

•..-„...
•...

1.

Total

d

17

16
20
20
. 26
24
12
10
14
11
15
20
24

299

212

S

'^
S

•

PH

e3
O

1

1
02 0
^
fl
T5 CS
0

2
2
2
1
2

§

rS

a

- ch
fl

a
fl

p

fl
. cS.

CS

1

2
4
4
3
4

5
1
1
1

I
1
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 0 ; THE TEEASURY.
1'

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

1

15

7

1

2

....

T*^»rr.ed cables &c

rfl

' 2
1
2

10
"2"
1
1

1
7

1
1

1
1

1

3

3

2

1'

4

2

3

5

6

4

4

28

5

23

9

20

15

21

16

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

1.

1

"i'

69
8
7
3
1
5
2
17
12

1

2

3

1
2
2

2

1

Total

H

1

9

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 .„

3
0

6
fl

2

2

10

2

40

4

164

1

5

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

1
1

2
12
1

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

5

3
2,
1

2-

2
1

8
1

2

2
5
1
2
. 1. ' 2'
I
2

3

9

3

1

1

^

•2.
1

3

2

1

4

1
1
1
1,

2
1

1

J

3

3
1

6

5
1

^

AffjiTef^'ate




• 2

17
•

9

2

6

. . . 37 ~28~

47

4

3

2

. 2

18

7

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

4

1

"i'

5
2
1

1
1
1

1

24 ,14'
5

4

1

"2

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

1

4
3
1
2
1 . 2

2
1

-- 23

'

2-

1
2
1

2
3

4

1

1

Unknown

52

1

1

1

1

1

.:

. Total

3

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
...

2

8
28
9

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

CO

fl

w
-

a
Ofi

fl
c3
bS)
•fl

CD

1
P

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

'©•

,2

7

7

c

§

w

GQ

;.;

0
rfl
0
fl
CJ
0

p

0

2

6
2
2 '"2"
2

....

.4
2

fl

•8

1
^
2
2

0

2
6
4

0

2
2

2
4
4
8

10

2

10
40

2

fl

§
P
4
6
6
10
12
4
2
6

'ce
0

16
00
'?()

'>6
04
19

4

2

0

2
4

16

fl

2
4

6

2
4

fl
c«
02

• ^

1
<1

H

0

fl
0

fl
©

riii •
0

©
E ©

'C-

II

fl

i

0

Total

fl

"^ fl
0 0

fl

0

rfl

0

1

if

1

,fl

©
rfl

PH©

58

212

4

0

4

2

18

32

10
14
11
15
'^0
24-

6

2
2

2

6

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

u
Oi
rQ

a
%

fl.

fl

0

p

1

©

3
4

>

©

5
6

'A
2
5

i
1
5
11

1

29 40
1
i
.1 " 5
8 10

1
54

25

37

2
6

51

10

37
2
2
4
17
1

41
1
5

P^

&
^

CD
fl
fl

3
0
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

....
:

2
53

2

1
1
5
12

54

703

1

2

67

2

4

48

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
c
S
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.

1 •

02
02,

3

i

1
2

2

9

39
48

1
7

,5
14
9
6
1

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

1
1
1
4

135

568

-'3'

"3 " " 2

5
11

56
67

56

10
66

17

53
70

11

33
44

1
2
4

1
1

2
2^

'5

13

44
57

16

60
76

1
1
5

"i i
17
•

49
66

44

6
50

2
•

:

-

7

45
52

O
p:
H

©

1' 1

p

:::.

.""i

.2^

Is

1

5

53

May.

1

•

42

3

April.

....

1

,

11
Total

3

,1
Is
2 3
0
c3

February.

•7
54

134
137
101
71
49
30
17
7
11
6
2
9
4

o
^-

703

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
' rQ

1

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

1
1

1-

1

.....

1

3

1
1
1

1

2.
1

1

1
2

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'
^

5
1

"i

2
1

1

"2
2
1
2
1

PH

1
6
^2

8
12

1

3

7

4

3

1

2

2

"i'

1
1
1

1

1

"i "i
1

1

1
2
3
7
1

;
1
2
1
1
1

1
1

'2

1 •2
1
2 "4"
10
3
]

8

3
3
15
1

6

1

i

1
1
1

• 1

1
7
•

2

7
2
1

j

1

9
1
1
1
2

2
7

1

"4
1
2

1
1 i
1 )

1

3
' 1

1
1

1

...

....

1

i\

1
1

3
1

'1
1

....

1
2
3

3

2

44

57

76

2

2
11

4
1
5

67

66

70

4
48

8
Si
1

2

.1

1

53

7

1
21
1

1
1

1

1

1

1

2

'c^

P

fi

1

6
3

rfl*

©

"1
1

1
....:...

c3
fl
>-t
rQ

P

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
1
2

. *
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

a ••
fl

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
rQ

3
fl

9
"A

<

fl

^
9

"A

a
fl

9

o
<5

rQ

'fl

"A

c« c-^

A •

•P

^

<l

fl
fl

rQ'Tj

rQ

o

a |?a
fl
A
^

4,500

4
4
34

570, 450

3
1
2

9

2
16

181,050

8

5

©a

^.. H ^ a
O ci © ^

J^

55, 250
8,000
12, 700
200, O O
U
36, 000
135, 500

1

2,000

03 O

^ . 3 'o-B

^
•

©
rQ

9
1
5

15, 100
15, 000
34, 000
2,000
3,500
95, 000

1

9

(2^

^^
P-^

$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

2
1
1
1
4

$43, 000
2,500
2,000
50, 000
42, 000

3
1

ll

fl

® « .© ^
Q

rQ

a

i p

CS "*""

o o OS
^ H ^ P

^•
^
s

©

©

.o

o

^

9 •
<1

p

^
o
fl

©

o

rQ

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




o

li

fl "o
.Q

^

caJ^
fl o

III

cS

H

2

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

5

Total.

p p-i
©^

2
1
2
1
4

1

2

'.

Numberof casualties resulting in
no damage to
vessel.

'

2
1
1

....

September
October
November
January
Feburary
March
April
Mav
June

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 • -

.QS

PrS

P bC

IS
"^

III

3PH

H

p
33
4
5
5
27

•

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
""'.506'
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

OS
rQ

CD

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

1

1

©

>

1

1

4

3
1

SO

t

•'©

2

13, 700
10, 000

5,700

3
-4

58, 000
18, 000
114, 300

1

40, 000

58, 000
18, 000
154, 300

. . . . 18

228,500

2

45, 700

1

274, 200

1
2
2
1
1

1
1
4
2
3

9

I
1
3

1

12

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

....
'

...




p

o
p
P

>

3

P :

1

23

1
1

1

6
1
2
2
4
4

3

2
2

oH
21
2
1
4

1

1
2

1

-

©
rfl

P .

o
p

o

'2
i

. -

1

'o

1
July..!
August
September...
October
November
December
January
February
March
April
May
. -

i

'i
ca

P

• 02

1

10.
2
5
4
4
5

1

40

2
2

.

8

1

2

• 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

=

8

2

2

3

2

16

~T

1

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.

..o.

-

.

.

Total

2

2

1

—

4

10

2

2

1

1

1

-

CS

....

1

1

2

....

1

Ships

2

1
1
4
1
1

3

3

. ©
p

•r>5

Pu

o
H

<1

P

....

1
1

1

rQ
O

cS
fl-

p

®

Barks
Brio-s '.
Schooners

>-t

a rS a i
3 o

fl
bX!
fl

1

6
2'
18
1
4
1
8

5

1
1
2

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

o
P H

o c3
o
H p H P

'i

2
1
1

1
1

02

3 3 13 3 3

1 11
1

1

cn

1

rl o
'cS
'cS •43

i

0

;;

:.

ii

1

c

1

1

1

2 2

-

5 5

-

2

2

3

•i

1

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-

5
3
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
. . . .

<

P<
©

o

rQ

,Q

o

©
•p

M 1 a
o

1

fl

1

3

1

o

P.

3

©
fl

cS

H

....

....

1
5

1

1

rfl

.Q

fl

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

'^

©

s

H

1

1

3
1
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

O

^ ^
fl
a a
^ ^

©
rQ-

©
,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

35
26
51
54
81

1
3
30
31

5

1=; ^

aj-

CD-^

O

5
R

p
fl.

f.<
© rQ .

a

A

-M

o

a

r. iri

4^

O ct

P
0'-

rQ

a
<

^ 9 2r«00 O

i'

M 9'

§og

ntp

^

a

^ a.
© 03

!L4

rQ

o

fl
a "A. a
a
^
fl

i^^
. ® CS

fl

rQ

fl

a
-<i

^^

il

o 2 p y
© '-'
-8^"
fl
p y^
;zi

^

©

A

o

'A

rQ

•• a a^.

50 $102, 074
38
43, 019 . 1
67
79, 827
67
228, 784
97
429, 056
H
4,750

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

$312, 084 10
8
207, 534
9
658, 630
670,297 • 9
903, 082 10
45, 805
22, 000
2,993
149, 455
219,185

54 317 3,191, 065

ig
rSP.
®rW

•

r ^ -

'-+-( p

f-l
©
rQ

p

<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

8
6

1

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

3 9 - OJ •
fl 02 ;>

alb'
fl
"A § cS

-

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.




?•;
© rH

a
p
p
^

H

il'©
^ .-5
H "

3
"0

•'3
"A

\i

11
1^

S p-S

©

"A

Total.

O o

©

ss

^-P
© P

Julv
August
September
4Ictober
November
"December
.January
February..
March
April
May
June

cS .
ftfl
•

o
H
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

-3
0

3
0

-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

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.
.

.

13

23.

3
2

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

•

i1 a

M

fl

p

i

5

1
1
4

4

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 . . .

11
2
17

rfl*
O

fl

1 5 1
p
-<

1
1
2

3
Q

•fl
fl

H

8

2
38
14
56
2
5
2

6
1
1
5 "6
1
1

—
— -'=^

4

32

3

13

8

119

2
2

—
= ==

10

=

=

•

20
5
1
1
1
7

4

6

3
5

2
1

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

35

•

1
Total

Unknown
Aggregate

6F




1

6

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

1
1
3
1

1
1

=
1
1
3
3
1

—

2

1
1
3
1

3

"i

1
I
1

2

3
2

22
2
3
1
2

5

1

1

1

3

2

=

-=
1
1

1

2
1
4

•

"i"

2
1

1

3

3

1
1

1
2
1

•

2

5

3
1

1
1

2

1

3
1

"i'

4

20

12

137

1

1

1

1

2

2

. 13

11

17

21

35

2

4

2

2

4

"ie"

39

57

IF-

1

1

1
1

~35~

2

9
3
10
18
3
2
3
8

2
1
1

4

10
8
42
6
2
3
12

1

1

=

3

7

—
— ^=
=— = -

1

1
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" a• v
•^ ' y
June

2

2

•

2

fl

. P
4

p

^

2

2
8

•2

4
6
.4

2-

^ ©

bcS

•fl-

P

3H

4

14
17
24
14
18
.2

26
25
46
22
32
. 2

4
2
.18
12

'"'"2"

2

10

fl
0
fl

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.
•

1
a

1

a

fl

0

'fl

•

0

-^

©
rQ

a
%
©

p

3
5
4

3
2'

7

'I

49
3

51
4

74
7

6
1

1
3
11
2

1
20

'"'is'

1
23
1

1

61

'51

85

79

113

9

1

.

rQ

• ft

2
3
3

Caiial-boats

2
2

"i

cS

3

a5
0
fl

0

H

1

1

14

B a r O'es

P
fl

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

•h 0

0^

i

"i

p

.a

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

fl

rQ

a
©
0.
©

S
0
"A

rQ

>5
;rt

©
.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

1
P

.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
.

4^
cn
D
bX)
fl

<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

Miscellaneous
Salt

51

85

I

W o o d , b a r k , &.c
Unknown

..

Total

1
>
©

o
"A

©
rQ

g

©

1

22
6
1
23
5
1
15
14

i
fl

%

rt
fl

rt

rQ

ft

4

rt

6
c

fl

6
1

2
1

14
4

5
2

6
2

12
1

12
2

4
6
5

2

18
3

i'

3

'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

0

H

9

9

5

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

rt

<5

05
fl
fl

3
H

2

—

4

4
1
2
1

2

1
1
1
1

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.

43

Locality.

1

©
rQ

0
bt)
fl

©
"ft

rQ

m

0
2
32
5
4
18

©
,Q

a
©
>
0

a

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

o

1
o

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

..
.

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.

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.

ll

> o

OT
©

fl
O fl

Month.
?OT

Total value
of cargoes.

t

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
•

a

"A

T o t a l . . - 95 2, 281, 650

ll %%
"A

fl
fl

fl

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
5

>

o

%l | &

$227,150
159, 000
46, 700
115,300
99, 700
158, 800
674, 400
137, 500
178, 000
252, 000
65, 600
167, 500

Loss to vessels. •

a

o
fl

:«r^
O fl

o ^

fl
fl

A

bXfl

"\

62 1, 756, 687

9
9
7
8
5
8
5
7
9
5
5
7

li

Si

© q
Loss to car- cn +=
goes.
§.§

a
<

Cf-i-*^"

fl
fl
0

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

.

o3fl

III

a
<

1

$37, 615
123, 650
6,470
6,902
20 800
64, 700
28, 425
27, 300
159, 650
247, 500
43, 450
31, 275

cn - ,

ii-

i

Jli il

fl

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

SSi

©•43

^"^

m ft .

"^^

l^o2

m-*->

—' 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

.

V
0

.2 9

..•

Total "




o|4

'? f
fl;:::^
, Q rt

05 fl^'
rt ^ ©

oif

II-

flg^
"A

.

gs
OT"©

fl +=
0 ^

1
0

•

H

^

32

61

7

1

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
1
1
1

5
5
1
3

6
7
3
8
6
6
4
7
4
1
.5
4

-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

<6
S

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 .

<
21,150
.5, 000
190,000
655, 000
51,000
65, 000
187, 000

36

Total

$113, 500
70, 800
4,000
69. 650
58, .500
235, O O
C
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

. fl
o

rS

©

©

©

fl
a
o
f^
=
July
August. _
September
October
November
December
January
February
M a r c h '.
April
Mav
T
'^
June
Total

.

.

.

TS

i

Month.

--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

3
o
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

©

©
rQ

rQ

9

s

ft
©

.

1g

rQ

o
"A

>

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

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

1

6

1
1

11

1

2

1

=
1

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

1

4

2

4

4
1

1

1
4

3
1
1
1
1
1

1
1

2

1

1

—

^

—
=

Total

1

2

...

1
1

1
"2

1
1
1
1

1

Total

7

6

2

2

; • - •

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

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
4

2

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

%
^

©

2

Total

9

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
1

1

1

1

3

2

4

1
1

7

8

3

2
1

6
1

7

1
3

10

Total

rt

1

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
3
bC

p.;

©
rQ

s

,Q

a

a

rQ

0

.2

fl

1

^•0

B u r d e n of vessels.

i1

i
'^

OT

O

I i

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

i

fi
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.

M
a

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

<

©

1 1
> a
s o o
o

©

rQ

fl

©

pa

©

4

rQ

rfl*

o

o2

2
1
3
3

2
3

3
2

2
4
1

1

1

<A

"2
1
1

3
H

2
3

19
30

18
11

1

1

1

3
2
2
1

fi
3
3
1

ft

©
fl
yo>

1-

1

ft
©
CO

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

1

3
1
1

3

1

3

fl

S

1

2
1

©
,Q

i
0

©

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

Total

'

10

10

^

"s"

1
1

9

9

9

1
1

1

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 "^

a
fl

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

< fl
A

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 fl
fl
of A»essels.

T o t a l v a l u e fl
of cargoes. fl
o
fl

_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

49 202

a
fl
A

$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
2,914,542

"e"
9
2

0
Cw
0

A

17
12
19
15
19
23
18
18
17
16
13
14
1

"4
1
3
9
5
6

© f=

© «

a

1
3

biUfl

a

"A

A

© fl

©

k"fl

a
fl

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

©
rQ

fl

fl

2
2
1
"5'
1
3
1
4
1
1 *22

sl

rQ

0

a
2

®

•sl

a

7
8
7
6
12
17
9
7
10
5
5
5

fl

$147, 800
174, 700
10, 575
12, 650
66, 050
214, 250
74, 327
211,397
47, 967
, 80, 8U0
19, 900
33, 200

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

©

fl

CH

'^ ^
fl 0

ll

II

§ fl

July
August
September
November
December
Januarv
February
March
April
May
June'

.

.

-

....

.'
....

Total




g.a 0

rS-5f

a fl 0

a 3;

0

%

"A

"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.^

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

B
H
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

a-1
fl

,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

a
s
ft

S3

1

6
4

2

rQ

a

a

<o

©

o

©

1
3
2
3

rQ

fi

3
5

3
3
1
3
1

k

2
5

^

1
-

ki

1
A
fl

fl

i

17

20

23

1
fl
r«

0

I

1
8
7

.8

1

1
4

2
1

1

20

16

1
1

1
24

19

3

fl

2 . 1
4
""3'
3
2

2
21

ft

<

4
2

2
7

3
6
1

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 .

<
1

"i

.

PH

©

Class a n d c a u s e of d i s a s t e r .

I
4

©
rO

©
rQ

B

o
O

1
k
O

'A

53

fl'

,Q

ki

a

u

03

s

fl
fl

rfl'

fl

^
^

;H

rQ

ft

0
fl

fi

2

1
2 "2
1

2
"1
1
1

1
1

2
1
1
1

1
1

Total

1

1
1

3

7

3

4

5

4

2

6

9

5

1

5

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

1

5

4

12

10

12

10

12

7

11

11

9

4

2

1

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

. .

...




.--..

51
107

3
3

1

3

2

=;=;

2

3

....

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

——
"=

2
1

1
2

1

1

1

—

2

1

1

3

2
1

1

4
1

1
1
1

1
3
1
1

1

1

18

1

"".\ —

1
3
1

1
1
1

1

1

1

3

10

1

1

2

6

3

9

2

1

1

3

4
Affffreeate

1
1

2

1

4

Unknown

5

,

4

Total

3

3

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
..
..

1
1

4

i
12
7
5
1
2
1
2
2
24

2
1

2
Total

0
.fl
risi
fl

4

2

3

1

2

17 "le"

~22"

19

IF

17

14

3

5

5

1

47

2
12

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

k.

§
o
'ft

P^

ks

..

September
October
November
December
Januarv
February.
March
April
May
<^ane

a '-^

n

bJC

1

li

H

"

bX)
O

B.3

Mon th.

July

be

^
Its,

^

fl

3
U

p

O

w

2
H

"fl

fi

©

P=;

•

'©
'Ci

a
o

rfl
.bfl
k:
k

'3

fl

riiJ

• fl

rt

H

P

1

. . .

1
1

1
5'

1
2
3

3
2
2
7

10

1

1
2
4
1

1
1

1

2

,

28-

1
^
2

1

1
2
2

'

3

Total

2

2

1

5

4

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

1
2
2
2
3

--

i

1

i

2
1

•-

19

~

^'>

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

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
33
0

2

1

17

fl

1
13 3 i
1

'2
18 4 13! 8 12:11 12 4 20 12 7 6 14 2

91

r^

3

OT

1
3

1
2 '2

1 1
2
1

1

6

•<©

P

1

2
2
1

'i "i
i

1
1

.6 13 9 3
Total

..

i

1 1
1
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

1
a

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.

rQ
3

i

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

0

3

Over 30 a n d n o t e x c e e d i n g 35 y e a r s

0

"ft
m

^
^

©
.Q
0

3
3
3

...

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

.-

11

0

3
2




19

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

Total

rQ

2
21

17

1
20

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

12

4
4
3
3
3
1

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 T - E SECRETARY OF THE TREASURY.
II

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

<

...

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

a
©

11

i
k
O

O

6
.

rQ

rQ

....

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

.. .

1
1
2

1
3

"2
3 ""2"
2

1

1

3
1
1

1

2

1

....

1

2

1

1
1
2

1

2

i

2
1

2
1

4
1
2

1
1
3

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
1

1
2

....

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
1

3
19

Total

5

12

21

17

20

23

24

19

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

a
fl

fl-2

^ O T

"0

O t h e r causes
Total




14
64
28
119
225

0

H

^
F o u u derin ' ' " s . .

0^

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

67, 307. 28
9,165.74
54, 686. 96
6, 764. 47
33, 505.16

393

55

212
8
207
22
28

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 .

26
4
19

548 171,429.61

Total.

218
11
124
J3
27

202
7
203
18
22

Total.

58, 396.15
3, 261. 32
51, 106.68
6, 742. 74
18, 074. 88

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

141
1
140
34
97

•57
14
28
99
498

.505

Total.

34, 20p. 77
939. 64
42, 186. 82
22, 233. 08
64, 881. 27
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. •

a
fl
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

o

rQ

fl
A

po

1
1
1
9

B a u k s of N e w foundland.
Portland
Baltimoie
New York

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

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

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.

W
w

1

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.

Total., Fishing-tackle ..

Total: Vessels, 12 ; tons, 1,390.84; total losses, 7 ; partial losses, 5; lives lost, 30.

N e a r Lsland of Seguin.
Kent Island.
E a s t River, between piers
a n d 44.

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

Belle .

2890 A m . s t r .

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
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..

Auc

Am. yacht
85046 A m . s t r .

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.

....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


Nov. 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.

J a s . Chandler
1875.
J a n . 16

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.

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 .

.do .

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 •^ ft
Q
1875.
J a n . J 31

Geo. S. B e r r y . . ,

Am. brig..

Onalaska
Henrietta
Feb.

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.

po
H

N o damage.

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

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

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

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
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

Mar.

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

W a r d well

8

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

6

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

Portland...

8283 A m . s t r . . . 1,13L50

Cincinnati

Chas. R o d m a n

5998

26

David Mitchell . . .

29

Clara Bell

2

St. L u k e

23449 A m . s t r . . .

3

Wachusett

80395 A m . s c h . . -




Groceries aud
provisions.

No dama.ge.
..do

...do

6287 A m . p i l o t
boat.
125049 A m . s c h . . .

Ballast.

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

May

Ballast.

290. 99

12

Apr.

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.

1
a

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

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

....

N o damage.
Total...

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

1 A t sea

In harbor

19

Southwest

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

134. 36 Baracoa, C u b a

23
June

4L36 Galveston

13.16 Buffalo
424. 44 . . . . d o

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 N e v e r h e a r d from.
10
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

M
a
fl

o
H

"A

OT

^

<
D

«*., 4i
0

^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>

10
14
7
36

2
6
5
17

"54'

107
56
30
768

152

T 01 al

2, 945.11
6, 966. 24
1, 390. 84
34, 953. 25
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-'

0
H
6
4
1
1
1
1
9

1
. 2

.

-~-

5
1

2

0

"i
1

•

2

7

2

2
1

2
1
1

1

^
1
1
1

"'2'

2

....

1

....

. 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 J l ay N J
V
....
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

2

....
1

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

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.
2

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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

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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



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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 . . . . " .

.

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CO

oo

CO

i

.

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00

1
1

1

i

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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

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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

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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

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.

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00

12

CO

CO
I-H

CO

1

1
1

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1

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

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....

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Carlton, Lake Michi ""an .
Carp River, Lake Michigan




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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




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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

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20''

1
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1
1
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1
1
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1
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1
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1
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1
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1
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6

1
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1
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1
1

1

1

1
2

1
2
1
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1

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11

1

1
1
2

1
1

2
1
1
4

1

2
1

1
1
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2
1

1
1
1
2
3
2

1

.1
2

4

3

1
1
1
2

'i

1
1
2
1

3

7

2

2
4

2

3

2

3

1

0

'5

1

•
2

5

16

"i
1

1
1

1

3
1

5
"2

"2
1
1

1
2
1

1

1
2
1

2

1
1
2

2
1

3

5

1

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




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6 "6
1 1

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11

3

1

2

2

1
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1
2

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1 "2
2
2

2
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5
3

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1
3
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1
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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
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.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




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1

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1
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3

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3

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1

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1
2

1
1

2

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1
2

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1
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2
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1

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1

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2
3
6
5
1
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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
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14
1
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1
1

0

2
1
1
1

1
1

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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

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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 O
U
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 <c Barnard . Bolt-cutting machine .
f
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 <c Maes
f
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 7 =
5
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
Ottenheimer, Rothschild & Co Refund of excess of duties by overrating SoutihGerman 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

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 . . ^
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

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

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

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

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

Law under which refund Avas made.

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

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., <c Co
f
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.

Totals.

Reasons for refund.

Law uiider which refund was made.

$13 00 Refund under decision of court .
45 36 Error iu liquidation
do
11 05
do
31 25

$262 08
250 90

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.

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

Do.
.
Sec. 3012* Rev. Stat, and act Mar. 3,1875.
Do.
Sec. 3013 Rev. Stat, and act Mar. 3, 1875.

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, O O 00
C
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.

1875.

--

_ -

.

Total

$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

April
May
June

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 O
D
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

1
u.

o

o
•

g
ti

g

•

1

1
1'

o

a
ti

5
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

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

Kansas
Kentuckv

33
0
1
10

689

65G

•

Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
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




.

s

67
0
8
185.

2
0

. -•

Illinois

a

ti
a

70
0
13
189

2
0
2
5

. .

ti

a

,1

o '
H
72*
0
15
194

4
Dakota
Delaware

a.

a

"A
-

Arkansas
California
Colorado . . . .

fd

fcJC

1
•M

a
ti

ti

i

Fruit.

Molasses.

•

69
0
10
190

165
4
82
570
77
4
82

6

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

6

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

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

52,081,991 12

00
81
58
25

12, 012 90
14, 426 00
8, 447 00

15, 327 82

49, 444, 089 85

^^133
38, 234
235,111
61, 716

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

$476, 589
1, 255, 424
3, 087, 421
3, 476, 236
3, 661, 984
2,951.675
4, 960, 952
5, 718, 780
6, 598,173
7,-566,156
8,940.391
9, 333, 592
10, 205, 827

1868
1869
1870
1871
1872
1873
1874
1875

29
79
51
S6
39
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

Decrease.

$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

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

ri-

TS

fl •
a^

o
f.1

Port of export.

.2
fl rt
'.^O
o ft

^

a

t25
3

Baltimore
Boston
NCAV Orleans
NCAV York

Philadelphia
San Francisco
Suspension Bridge
Troy
Total

'
....

^

§

• .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

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Months.

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3
^

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.= s

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s§-

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• si

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ten aud compared each
th.

Report of worh done in section 1, division 7, from July 1, 1874, to June 30, 1875.

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0

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."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

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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, 098 830, 627, 8451, 877,180, 942 1, 882, 209, 308
1,

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



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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



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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




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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

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
38

Totals

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

-

...'

14 F



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

.

Totals

Liabilities.

•

•

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

•

T o old
banks.

45, 000

45, 000
$138, 000
74, 300
18, 000
58, 500

.^

Under
a c t of
J u n e
20,1874.

$82. 000
27, 000
729, 750
26,100

iss, 666
74, 300
1^, 000
58, 500

Liquidatingbanks.

Total.

$1, 000

$45, 000
30, 000

^4.5, 000
30, 000

.

Total.

Circulation retired.

$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

62, 200
12,400

1,380

62, 200
13, 780

. 41,900

Plorida

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

4.5, 000
45, 000

2

100, 000

45, 000

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

45, 000

Arkansas
Tennessee .
Mi ssoiiri
Obio
Indiana
Illinois .
Michigan
W^isconsiu
Minnesota
Kansas
Nevada

.

•
'..

Utah
Montana
Totals

2

60 5, 369, 000 3, 753, 580

,

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)

$72, 820
715, 260
564, 450
1, 232, 570
780, 650
781, 500
397, 0.50
190,200

,

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.

,

|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 ,
and
capital. p l u s . 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
10.8 10.2
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
ao 5.4 44
.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
1,55 42
1.5, 854,
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 21, 240. 945 23
6, 834,
. 6, 582, 605 62 22. 436,761 04
4, 960, 390 63
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.

76, 777

382, 000, 000

427, 848, 787

72, 317

382, 000, 000

427, 432, 815

45, 772, 010

J a n u a r y ; 4 , 1 8 7 5 . . . 45, 360, 498

J u n e 20, 1874

$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

$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

$250. 357
20a 392
137, 555
11.3,2.58
102,231
92,821
86, 0.53
79, 667
75, 267
69, 707

$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.

-

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

.-

.".

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

1854
1855
1856
1857
1858
1859
I860
1861
1862
1S63
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875

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
reserve
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.

1873-'74.
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.
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.

Six months endiug
M a y 31, 1875.

Average de- Average capposits.
ital.

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.

Redeemed

Oiitstanding.

70 110,
45 o,
46 8,
234 96,
20,
81 25,

330
67
245
11
33

282 107, 794, 891 57, 430, 200
129, 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

Totals,'Middle S t a t e s .

(m

252, 679, 5401-32, 981, 253
119,698,287
621 194, 582, 478129, 737, 950

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

|9,
5,
8,
70,
14,
20,

000
000
390
600
800
814

2, 032, 000
3, 594, 200
1, 846, 000
.2, 200, 000
3,135, 000
2, 685, 000
50, 000
1, 625, 000

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

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

T o t a l s , S o n t h e r n and
Southwestern States.

;.

370,
615,
945,
244,
579,
974,

| 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

Totals, Eastern States.
Xew York
N e w Jei'sey
Pennsylvania
Delaware
M^aryland

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 :

Issued.

72
46
49
237
()2
84

. Maine
N e w Harapshire
Vermout
Massachnsetts
l\hode Island
Counecticut

Ohio
:
Indiana
Illinois
Michigan
Wisconsin
Iowa
M i n n e s o t a '.
Kansas
Nebraska

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 5 , 000
.0
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 5 , 000
.2
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.

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.

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

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.
97.6
96.6
98.2
98.5
96,
93. 9
86. 6
87.3
84.4
77.
76.3
75.6

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

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

'.

68.9
62.3
64.7
66
67.2
69.2
76.6
79.5
74.5
67.7
67.6
66.2
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.

O

Cai)ital.

Sui'plus.

N e t earniugs.

Dividends

3
ro •

2

525

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




Ill

I'l
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

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, O O 15, 320, 088
C

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

a P-fH
> eg p fH c3 ?3
.H o ro c3 CJ ro

S

•

Totals
M a r c h , 1874, t o Sept., 1874 :
N e w England Slates
Middle States
Southern States
Western States

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

Sept., 1873, t o M a r c h , 1874:
N e w England States
Middle States
.
Southern States
Western States

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.......
Totals

roi! ro

II

a
^

°1

N e t earnings.

. . . . .

M a r c h , 1875, t o Sept., 1875:
N e w England States
Middle States
Southern States
Western States
•

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 oCJ o
rP

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, 1 3
,7
!,100
41. 893,
1,000
50, 900,
,8
20, 544, 0 0
,
25, 707,3 2 0
1,091
35, 413,
1,000
68, 500,
',8
1, 999, 0 0
1,350
13, 913,
,2
27, 625, 4 0
,0
16, 935, 0 0
,0
9, 710, 0 0
,
1, 523,185
!,217
2, 243,
',
11, 455,6 8 5
,
252,0 0 0
,0
1, 200, 0 0
,1
3, 547, 0 0
i,
1,896, 000
1,000
2, 300,
1,000
3,135,
,3
2, 677, 0 0

$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,
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




a 5-2
fl
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'

$533,
261,
347,
2,211
2, 096,
927,
1, 380,

i,
1, 635,COO
,0
3, 850, 0 0
1,000
1, 200,
1,000
205,
,8
7, 281, 0 0
i,500
3, 445, 0 0
,4
3, 417, 3 2
,9
21,038,
1,000
4, 000,000
\
4, 550,500
:,
18. 574,
:,000
11,816,
1,000
7, 600,7 0 0
',
8, 527,
1,000
1, 900, 0 0
',0
2, 960,000
I,
6.50, 700
i,
6, 293,
:,800
4, 358,0 0 0
,
2, 735,3 0 0
',
6, 360,
1,500
1, 630,
1,000
97.5,
1,000
250,
1,000
1, 400,
>,000
2, 750,
i.OOO
925. 000
I,
300,
1,000
300,, 0 0 0
.
125,
1,000
100,
1,000
.50,
1,000
350,

p. ci"'S

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 5
2.7,1874...
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.

Compound.
L e g a l - t e n - U a tS.s certific e 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

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

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

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 2 4 . S
29.5
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 1
29.3 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
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

States and Territories.

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 .

R e s e r v e held.

R a t i o of reserve.

$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

• $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
•

R e s e r v e required, 25 p e r
cent.

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

51
7
29
17
14
4
7
9
5
6
17
3
4
7

Totals




Deposits.

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

$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
820, 000

12, 870

53, 935, 013

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*

11, 892, 708

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, 332, 458

26,563,852

10, 360, 000

20, 894, 399

22, 490, 000




1

3, 687, 293

515, 000
25, 000
590, 000

15, 854,1.55
1,257,765

Reserve-cities.

1, 355, 063

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 required, 15 per Reserve held. Ratio of reserve.
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

$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

339, 222
132, 006
54, 450
39, 287
14, 670
9, 512
98, 400
33, 493, 083

845, 000

32, 225
4,500
13, 500
2,700
4,500
2, 250
12, 870

59,021,623

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

11, 813,-653

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

25. 245, 000

7
9^
3
4
5

3, 646,108

19,304.248

ReserA^e cities.

$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

Boston
Albany
Philadelphia
Pittsburgh
Baltimore
Washington
N e w Orleans
LouiSA'ille
Cinciunati
Qleveland
Chicago
Detroit
Milwaukee
Saint Louis

...
. .
.;..

(
>

•

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

•

Saint Louis

.

...

Totals
N e w York City

48

16

San Erancisco




2

R a t i o of
reserve.

$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

181

15

R e s e r v e held.

1,308,612

927, 764

•. 17:7

Deposits.

51
7
29
20
14
4
7
9
5
6
16
3
3
7

Cincinnati
Cleveland
Chicago.
Detroit

R e s e r v e required, 25 p e r
cent.

$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

Number
of b a u k s .

•

* 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

25, 890, 000

R e s e r v e cities.

1

3, 635, 378

23, 979,103

.. 980, 000
25, 000
780, 000

927, 764




$8,
3,
5,
1,
1,

Redemptionfund w i t h
Treasurer.

1, 212, 224

Boston
AlbanA^
Philadelphia
Pittsburgh
Baltimore
W^ashino"ton
N e w Orleans

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
Minnesota
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

$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

312,602,095

" Includes circulatian.

R e s e r v e held.

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.
$3, OSO, 000
360, 000
3, 740, 000
100,000
1,225,000

Redemptionfan d with
Treasurer.

D u o from r e serve ageuts.

$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

$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

36, 070, 000

790,"bbb"

2, .379, 3 1 2
.5.56, 561

25, 000
865,000
35, 000
130, 000

1,106, 491

18 F



•

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

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

28, 448
306, 740
116, 903
21,891
72, 400
39, 903
7,535
32, 783, 502

900, 000

13, 500
.30,600
4, .500
4,500
11, 520
2,700
2,250

53, 322, 152

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
:

11, 568, 219

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.

U . S. certifi- D u e i r o m recates of de- serA'e a g e n t s .
posit.

Legal-tenders.

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

•

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

39

58, 883

213, 573

368, 367

Totals

11, 543

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

363,307

Totals

1,170

457
209
008.
584
'

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.

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 .
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.

16 b a n k s .

$26, 233, 003
95, 873

;..
bank-

27 b a n k s .
$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

2 banks.

71, 407, 960

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,
October, 1875. lurabia, Octo- October, 1875.
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 . . .

$1,117,978
27, 635
46,178
186, 427
110,858
77, 977
29, 423
132,199

636, 4.56

123, 341

503, 799

211,101

9, 990,188

1, 548, 668

5, 959, 706

1,639,776

2,182, 826

Totals

1, 017, 445
10, 003, 707

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
17,408,055

1, 966, 338

825,101
• 15, 770
77, 653

10, 003, 707

Totals

6, 909, 215

197,153

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 "

p
a

<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 .

36 b a n k s .

5 banks. .

%

'6..fl s

1^
6.banks.

$116,639,852 $14, 597, 066 $10, 703, 676
L o a n s on p e r s o n a l a n d collateral securitv

$3, 303,169

5, 739, 076
57, 481, 672

3, 380, 029
4, 352, 421

1,363,350
2, 394, 000

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.

25 b a n k s .

$77,195
$76, 053, 051

4, 547, .524
3, 559, 382

107, 066, 984

%

(-alifornia, July,
1875.

Resources and liabilities of savings-banks, ^"C—Continued.

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