The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ANNUAL REPOET
SECRETARY OF THE TREASURY
ON THE
STATE OF THE FINANCES
FOR
"THE
Y E A.11
1877.
WASHmGTON:
GOYERNMENT P R I N T I N a OFFICE.
1877.
TABLE OF CONTENTS.
I . — R E P O R T OF THE SECRETARY OF THE TREASURY
Tables accompanying the report
-
-
Ill
,,
3
APPENDIX A.
Statement showing the condition of the bonded debt and amount of saving by interest thereon if converted into four per cent, bonds
44
APPENDIX B.
Report of the transactions of the division of special agents
44
APPENDIX C.
Statement of refunds made by the Treasury Department from November
21, 1876, to Junfe 30, 1877
Treasury Department decisions under which refunds have been made
46
74
M.—REPORTS OF TREASURY O F F I C E R S :
Auditor, First
Auditor, Second
Auditor, Third
Auditor, Fonrth
,
Auditor, Fifch
Auditor, Sixth
Coast Survey, Superintendent of
Commissioner of Customs
Commissioner of Indian Aifairs
Commissioner of Internal Revenue
Comptroller, First
Comptroller, Second
Comptroller of the Currency.
Director of the Mint
Register of the Treasury
Treasurer..
-
^
—
,
-
•...
273
279
293
314
321
325
561
251
547
93
253
257
139
231
407
331
http://fraser.stlouisfed.org/
k
Federal
Reserve Bank of St. Louis
'4 6^0
REPORT,
TREASURY DEPARTMENT,
WasMngton, D. (7., Decemher 3, 1877.
3iR: In obedience to law, I respectfully submit the following report:
The ordinary reveniieSj from all sources, for the fiscal year ending
June 30, 1877, were—
From customs
$130, 956, 493 07
Erom internal revenue
•...
118, 630, 407 83
From sales of public lands
976,253 68.
From tax on circulation and deposits of national
banks
7, 078, 550 96
From repayment of interest by Pacific Eailway Companies..
1, 661, 998 64
From customs' fees, fines, penalties, &c
1, 044, 712 84
From fees—consular, letters-patent, and lands
1, 727, 611 97
From proceeds of sales of Goyernment property
333, 954 96
From xiremium on sales of coin
249, 580 78
From profits on coinage, &c
3, 273,239" 08
From miscellaneous sources
3, 067, 782 81
Total ordinary r e c e i p t s . . . . . . .
269, 000, 586 62
The ordinary expenditures for the same period were—
For civil expenses
For foreign intercourse
For Indians
For pensions
:
,....
For the military establishment, including river and
harbor improvements, and arsenals
For the naval establishment, including vessels, machinery, and improvements at na^^ yards
For miscellaneous expenditures, including public
buildings, light-houses, and collecting the revenue.
For interest on the public debt
Total ordinary expenditures.
Leaving a surplus revenue of
.\
15, 794,188
1,229, 758
5,277, 007
27, 963, 752
34
79
22
27
37, 082, 735 90
14,959, 935 36
39,228,119 47
97,124,511 58
238, 660, 008 93
$30, 340, 577 69
IV
REPORT OF THE SECRETARY OF THE TREASURY.
Which was applied as follows:
To the redemption of United States notes, &c
$10, 071, 617 00
To the redemption of fractional currency
14, 043,458 05
To the redemption of six per cent, bonds for the sinking-fund
447, 500 00
To increase of cash-balance in the Treasury
5, 778, 002 64
30,340,577 69
The amount due the sinking-fund for the year was $33,729,833 20,
leaving a deficiency on this account of $3,389,255 51.
Compared with the previous fiscal year, the receipts for 1877 have
decreased as follows: In customs revenue, $17,115,491 54; in proceeds
of sales of public lands, $153,213 27; in sales of coin, $3,473,965 02;
in semi-annual tax on banks, $250,022 33; in prize-money, $321,370 92;
in sales of public property, $1,288,212 73; and in miscellaneous items,
$934,512 81. There was an increase in the following items: In internal
revenue, $1,929,675 80; in ^profits on coinage, $1,532,121 27; and in
miscellaneous items, $1,593,539 01—making a net decrease in the
receipts from all sources, for the year, of $18,481,452 54.
The expenditures show a decrease a;s follows: In the War Department, $988,152 74; in the ISTavy Department, $4,003,374 46; in the Interior Department, $983,194 37; in civil and miscellaneous, $10,706,307 18;
and in the interest on the pubhc debt, $3,118,759 65—due to the funding
of six per cent, bonds ih new fives and four-and-a-half per cent, bonds—
making a total reduction in all ofthe Departments of $19,799,788 40.
The large apparent reduction in the expenses of the IsTavy Department, however, is not real; for, by reason of insufficient appropriations to pay the current liabilities of that Department, Congress has,
by deficiency bill, during the recent session, appropriated the sum of
$2,003,861 27, which is properly chargeable to the expenditures of the
last year; but, including such deficiency, the reduction in receipts has
been nearly met by the reduction of expenditures.
I t will also be noticed that more than one-half of this reduction has
been made in the civil and miscellaneous ex]3enditures, and is in part
due to the reduction of the salaries and office-expenses of the civil
officers and employ6s of the Government.
REPORT
OF T H E SECRETARY OF T H E TREASURY.
V
FISCAL YEAR 1 8 7 8 .
For the present fiscal year the revenues, actual and estimated, will
be as follows:
Receipts.
.
From customs.
From internal revenne
From sales of public lands
From tax on circulation and deposits of national banks
From repayments of interest by Pacific Railway Companies
From customs' fees, fines, penalties, &c
From fees—consular, letters-patent, andlands.
From proceeds of sales of Gov ernment property .
From premium on sales of coin
/
From profits on coinage, &.c
From miscellaneous sources
Total receipts
For the qnarter
ending September 30, 1877.
For the remaining
o three quarters of
the year.
Actual.
Estimated.
136,983,531 56
28,393,382 58
218,791 19
$92,516,468 44
89,606, 617 42
781 208 81
3,449,936 84
3,550,063 16
236,162
295,340
441,604
65,588
130,432
. 427,777
895,022
863,837
704,659
1,308,395
284,411
369,567
1,272,222
2,704,977
18
32
35
36
67
10
67
• .71,537,569 82
82
68
65
64
33
90
33
193,962,430 18
The expenditures for the same period, actual and estimated, will be:
Expenditures.
For civil aud miscellaneous expenses, including public buildings, light-houses, and collecting the revenue
For Indians
For pensions
For military establishment, including fortifications, and river and harbor improvements
and arsenals
For naval establishment, including vessels and
machinery, and improvements at navy yards
For interest on the public debt
Total ordinary expenditures
For the qnarter
ending Septem30, 1877.
For the remaining
three quarters of
the year.
Actual.
Estimated.
$15,221,376 05
1,658,572 96
7,416,783 59
$36,198,623-95
3,191.427 04
21,083,216 41
2, 072,037 48
35,927,962 52
3,895,545 51
40,466,589 96
12,604,454 49
52,694,053 76
.70,730,905 55
161,699,738 17
From the actual receipts for the first quarter of the fiscal year and the
estimates for the remaining three quarters, based upon existing laws, the
total revenues for the current year will amount to $265,500,000, and
the expenditures to $232,430,643 72, which will leave a surplus revenue
of $33,069,356 28; and as the amount required for the sinking fund is
$35,424,804 80, there will be a deficit on this account of $2,355,448 52.
VI
REPORT OF THE SECRETARY OF THE TREASURY.
FISCAL YEAR 1879.
The revenues for the fiscal year ending June 30,1879, estimated upon
existing laws, will be:
From customs.
$133, 000, 000
From internal revenue
120, 000, 000
From sales of° public lands
1, 000, 000
From tax on circulation and deposits of national'
banks
7, 100, 000
From repayment of interest by Pacific Eailway Companies.
1,100, 000
From customs' fees, fines, penalties, &c
...
1, 000,000
From fees—consular, letters-patent, and lands .
1, 750, 000
From proceeds of sales of Government property . . . .
500, 000
From premium on sales of coin.. 1
50,000
From profits on coinage, &c
1, 000,000
From miscellaneous sources
2, 750,000
Total ordinary receipts
00
00
00
00
00
00
00
00
00
00
00
269,250,000 00
The estimates of expenditures, for the same period, received from
the several Executive Deparments, are as follows:
Legislative
I
$2, 843,256 16
Executive
:
13,288,462 25
Judicial
' 391, 900 00
Foreign intercourse
. 1,214, 397 50
Military establishment
31, 597,270 68
Naval establishment.
16,233, 234 40
Indian affairs
5,415, 891 20
Pensions
28, 000, 000 00
Public works:
Treasury Department
\
5, 076, 675 90
War Department.
7, 953, 077 76
ISTavy Department
2,314,231 00
Interior Department
.......,.:.
526,244 00
Department of Agriculture
...
15, 750 00
Postal service
8, 093, 672 72
Miscellaneous
:..............
15,143,585 22
Permanent annual appropriations:
Interest on the public debt
92, 680, 802 51
Sinkingfund
,
37,196,045 04
Eefunding acts—customs, internal-revenue, lands,
&c
^ 5, 043,000 00
Collecting revenue from customs......,
- , 6? 500, 000 00
Miscellaneous
:
1,161,300 04
Total estimated expenditures...
.
280, 688, 796 38
I t will appear that if Congress shall make appropriations based upon
the foregoing estimates, includiug $37,196,045 04 for the sinking-fund;
REPORT OF THE SECRETARY OF THE TREASURY.
VII
there wlU be a deficiency^t the close of the year of $11,438,796 38.
The following estimates are in excess of the expenditures, for the same
purposes, for the last fiscal year:
Judicial
Military establishment
Naval establishment..,.
Indian affairs
Pensions
Public works:
War Department
ISTavy Department
Interior Department
Department of Agriculture
Postal service
:
'....
'
$8, 654
4,030, 790
. 2,246,783
138, 883
36,247
39
21
61
98
73
2,941,417
1, 526,228
221, 744
8, 910
2, 059,112
53
65
00
00
28
Assuming that Congress will not increase the aggregate national
taxation at a time when aU industries are oppressed by the weight of
local taxation, the Secretary recommends that the aggregate appropriations for the fiscal year ending June 30,1879, exclusive of interest
and sinking-fund, should not exceed $140,000,000. This will require the
appropriations to be reduced at least $11,000,000 below the estimates
submitted above—a reduction that, in the opinion of the Secretary, can
be made without crippling any branch of the public service.
Eeduction in public expenditures cannot be secured merely by a reduction of appropriations. I t must be accompanied by a careful revision
of tlie laws which fix the salary and number of employes; by a reduction of the amount expended on public works now in progress; by
postponement of all new works not indispensable for the public ser^dce;
."and by judicious scrutiny of disbursements.
The rapid appreciation of our current money to the coin standard
should be accompanied by diminished expenses in the pubhc service.
The revenue from duties on imports having largely diminished, the
expenses of its collection should be reduced. Old claims should be
closely scrutinized; and any increase in any branch of public expenditure should be arrested.
The Secretary will not undertake, in this report, to revise the estimates of the different Departments—many items of which are submitted without recommendation—but urges that the apprppriations
based upon them, including the amount estimated for the sinking-fund,
should not, in any event, exceed in the aggregate the estimated revenues of the Government.
SINKING-FUND.
In the last annual report, (page x,) my predecessor stated that, had
the resources of the Treasury during each fiscal year, coinmencing with
VIII
REPORT OF THE SECRETARY OF THE TREASURY.
1862, been sufficient to make a literal comphance with the conditions of the sinking-fund law practicable, a total of $433,848,215 37
would have been applied to that fund July 1, 1876, whereas the actual
reduction of the debt, including accrued interest," less cash.in the
Treasury at that date, amounted to $658,992,226 44. On the same
basis the amount in the sijiking-fund would have reached $475,318,888 78
on the 1st of July, 1877, on which datethe reduction of'the debt, includ"
ing accrued mterest, less cash in the Treasury, since its highest point
in 1865, amounted to $696,273,348 17, or $220,954,459 39 in excess of
the amount required by law to be proAdded for that fund.
FUNDING, ETC.
The contract of August 24, 1876, made by the Secretary^of the
Treasury with certain parties, for the negotiation of $300,000,000 four
-and one-half per cent, bonds, had so far been executed on the 1st of
March, 1877, that $90,000,000 had been sold to the associated contractors, and calls had been made for the redemption of a like amount
of five-twenty bonds.
While the contract expired in terms on the 30th day of June, 1877
it contained a stipulation that it might be terminated by the Secretary
of the Treasury, upon ten days' notice, after the 4th of March, 1877.
In May last it became apparent to the Secretary that, by a favorable
change in the money market, four per cent, bonds could be sold at par?
in coin, with great advantage to the Government; and, availing him"
self of the privilege secured by the contract, he gave notice that he
would limit the sale of four and one-half per cent, bonds to $200,000,000.
On the l l t h day of May it was agreed that a portion of the latter
should be sold under the authority of the resumption act for resump.
tion purposes, and subscriptions were rapidly made until the aggregate reached $200,000,000, of which $185,000,000 were applied to the
redemption of an equal amount of six per cent, bonds.
On the Oth day of June, 1877, the Secretary entered into a contract
with a portion of the previously-associated parties for the sale at par, in
coin, of the four per cent, bonds of the United States,' authorized to
be issued by the refunding act. This contract was, in substance, similar to previous contracts, but was to terminate on the 30th day of
June, 1878, with the right reserved to the Unite'd States to terminate
it at any time after the 31st of December, 1877, by giving ten days
notice thereof to the contracting parties. This contract also contained
a stipulation, as follows:
^^It is also agreed that the parties of the second part.shall offer to
REPORT OF THE SECRETARY OF THE TREASURY.
IX
the people of the United States at par and accrued interest in coin,
the four per cent, registered consols and four per cent, coupon consols
of the denominations of $50 and $100 embraced in this contract, for a
period of thirty days from the public notice of such subscriptions, and
in such cities and upon such notice as the Secretary of the Treasury
may prescribe prior to the opening of the lists; and further, to offer to
the subscribers the option of paying in instalments extending through
three months."
Under this contract, invitations having been published, subscriptions to this loan were opened on the 16th of June, 1877. Within the
period of thirty days thereafter the subscriptions had reached the sum
of $75,496,550, which were payable within ninety days from the date of
subscription, or on or before the 16th of October. Every subscription
to these bonds has been paid, and of the proceeds $50,000,000 have
been applied to the redemption of an equal amount of six per cent^
bonds. The residue has been applied to resumption, purposes, as hereafter stated. The annual reduction of interest on the public debt
thus made is as follows:
By the sale of $185,000,000 four and one-half per cent.
bonds . $2, 775, 000
By the sale of $50,000,000 four per cent, bonds
1,.000, 000
, Aggregating
3, 775, 000
In October last, after the payment of the popular subscriptions, arrangements were perfected to open further subscriptions to the four
per cent, loan, and a call was about to issue for ten millions of six per
cent, bonds, but it was temporarily postponed by reason of the agitation of the repeal of the resumption act and the remonetization of silver, which the associates believed would prevent further sales of these
bonds. For this reason they declined to offer them, and no further
call of six per cent, bonds was therefore made.
O n t h e 19th of June, pending the subscriptions, the Secretary informed the associates, in an official letter, that, as the Government
exacts in payment for these bonds their face value in gold coin, it was
not anticipated that any future legislation of Congress, or any action
of any Department of the Government, would sanction or tolerate the
redemption of the principal of these bonds, or the payment of the
interest thereon, in coin of less value than the coin authorized by law
at the time of their issue—being gold coin. The general confidence of
the pubhc that so just a principle of good faith would be observed by
the Government, no doubt, largely contributed to the success of the
loan. Whatever policy the Government may adopt, at any time, in its-
X
REPORT OF THE SECRETARY OF THE TREASURY.
system of coinage, it should not reduce the value of the coin in which
it pays its obligations below that it demanded and received. The Secretary earnestly urges Congress to give its sanction to this assurance.
The high credit of the United States, the faithful observance of its
pubhc obligations, the abundance of its wealth and resources, the
rapid reduction of its debt, the great accumulation of savings among
the people, the favorable state of foreign trade—all contribute to
enable the United States to borrow both from its own people and in
foreign markets on the most favorable terms.
The Secretary does not doubt that, if no questions had arisen disturbing the pubhc credit, the six per cent, bonds would be rapidly paid
off by the proceeds of the four per cent, bonds, sold at par in coin or
its equivalent.
The highest pubhc credit can be secured only by a constant observance
of every public engagement, construed according to its letter and spirit.
Thus far this course has been faithfully pursued by the United States.
Without it, our ample resources and abihty to pay are of no avail. At
a time when we are enjo^dng such credit, and rapidly securing the
benefit of it by the reduction of the rate of interest from six to four per
cent., it Avould seem to be a grievous error to raise a question about the
coin in which the interest is payable. Self-interest alone, without
respect to pride in public credit, would lead us to secure so great a
benefit as would be the sa\i.ng of one-thkd of the interest of the
pubhc debt.
Of the six per cent, loans about $660,000,000 are now redeemable at
the pleasure of the United States, and of the whole debt $1,452,000,000
^re redeemable before, or on the 1st of May, 1881. By the reduction
of the interest, from six to four per cent., on the public debt now redeemable, there would be a saving of $13,200,000 annually, and bythe reduction to four per cent, of the interest on the total debt, redeemable by
the 1st of May, 1881, there would be a saving of $22,006,205 50 per
annum.
Any measure that creates distrust or doubt will arrest this process,
and, by disabling the United States from borrowing, will compel the
continued payment of the high rate of six per cent.
If, therefore, the public interests demand the issue .of silver dollars—
a subject hereafter discussed—it is respectfully submitfeid to Congress
that an express exception be made requiring that gold coin alone shall
be paid for principal or interest on bonds issued to pubhc creditors,
^since February 12, 1873, the amount of Avhich is $592,990,700. These
bonds have entered into the markets of the world. If the market
REPORT OF THE SECRETARY OF THE TREASURY.
XI
value of the silver in the new coin is less than the gold dollar, a forced
payment in the new coin is a repudiation of a part of this debt. The
saving that would thus be made is utterly insignificant compared with
the injury done to the public credit.
And even as to bonds issued prior to February 12,1873, public policy
and enlightened self-interest require us to pay them in the coin then in
circulation and contemplated by both parties as the medium of payment. Silver dollars have not been in circulation in the United States
since 1837, and since 1853 fractional silver coins have been in circulation and a legal tender only for limited sums, and have not been contemplated as the medium of payment since any considerable portion of
the outstanding bonds were issued. The silver dollar was. In fact, more
valuable than the gold dollar. I t does not become a nation like ours to
avail itself of the market depreciation of silver to gain a smaU saving by
the payment of silver dollars instead of the coin contemplated when the
bonds were issued. A far greater saving and higher public honor can
be secured by the sale of four per cent, bonds under the refunding act
and the payment of outstanding bonds in gold coin. An assurance
given by Congress of such payment would at once secure the complete
success of the refunding process and greatly advance the present high
credit of the United States.
Another practical impediment in the sale of bonds was, that, under
. the law, the Secretary could receive coin alone in payment for them,
and the only existing coin that could be received, under the law, was
gold coin. As this was not in general circulation, it was impracticable for^ the people to pay it into the Treasury for these bonds.
Therefore, it became necessary to conduct all sales through third parties, who could receive bank-bills. United States notes, drafts, certificates, and other forms of commercial paper, and convert them into
coin. The Secretary, therefore, recommends that he be authorized to
sell such bonds either for coin or for its equivalent in United States
notes.
. . :
RESUMPTION OF SPECIE PAYMENTS.
By the resumption act approved January 14, 1875, the Secretary of
the Treasury is required to redeem legal-tender notes to the amount
of eighty per centum of the sum of natioiial-bank notes issued, and to
continue such redemption, as circulating-notes are issued, until there
shall be outstanding the sum of $300,000,000 of such legal-tender
United States notes, and no more.
In obedience to this act, there.have been issued, since March 1,1877,
to national banks, $16,123,995 of circulating-notes, and there have
XII
REPORT OF THE SECRETARY OF THE TREASURY.
been redeemed, retired, and cancelled, $12,899,196 of United States
notes, leaving outstanding, on the 1st instant, the sum of $351,3.40,288.
By the same act it is provided that, on and after the first day of
January, 1879, the Secretary of the Treasury shall redeem, in coin, the
United States legal-tendernotes then outstanding, on their presentation
for redemption atthe office ofthe 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 Treasury to prepare and provide for the
redemption in this act authorized or required, he is authorized to use
any surplus revenues, from timeto time, in the Treasury not otherwise
appropriated, and to issue, sell, and dispose of, at not less than par, in
. coin, either of the descriptions of bonds of the United States described
in the act of Congress, approved July 14, 1870, 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 full
effect, and to use the proceeds thereof for the purposes aforesaid."
In obedience to this provision, the Secretary has sold at par, for
coin, $15,000,000 four and one-half per cent, bonds, or $5,000,000 during
each of the months of May, June, and July last, and has sold
$25,000,000 at par, in coin, of four per cent, bonds, or $5,000,000 for
each of the months of August, September, October, November, and
December. Of the coin thus received, $4,000,000 have been sold for the
redemption of United States notes, and the residue is in the Treasury.
The surplus revenue has also, under the same authority, been applied
to the redemption of the residue of United States noteSj.not redeemed
by the sale of coin as above stated, and the balance is held in the
Treasury in preparation for resumption.
These operations, aided greatly, no doubt, by the favorable condition
of our foreign commerce, have advanced the market value of United
States notes to 97f per cent., or within nearly two and a half per cent,
of coin. They have also conclusively demonstrated the practicabihty of
restoring United States notes to par, in coin, by the time fixed by law, and
that without disturbing either domestic or foreign trade or commerce.
Every step has been accompanied m t h growing business, with the
advance of public credit, and the steady appreciation of United States
notes. The export of bullion has been arrested, and our domestic supply has accumulated in the Treasury. The exportation of other domestic products has been largely increased, with great advantage to
all industries. The course adopted under the resumption act, as herein
set forth, if i3ursued, will probably be followed with like favorable results, ahd a sufficient fund for the maintenance of resumption will
REPORT OF THE SECRETARY OP THE TREASURY.
XIII
doubtless accumulate in the Treasury at or before the-date fixed by
law. The provision for free banking has aided this process by allaying imaginary fears that would otherwise have been aroused by the
withdrawal of United States notes.
. The Secretary cannot too strongly urge the firm maintenance of a
policy that wiU make good the promise contained in the United States
notes when issued—a promise repeated in the act "to strengthen the
public credit," approved March 18, 1869, and made definite and effective by the resumption act.
Dishonored notes, less valuable than the coin they promise, though
justified by the necessity which led to their issue, should be made good
as soon as practicable. The public credit is injured by failure to redeem
them. Every holder who was compelled by law to receive them has been
deprived of a part of his just due. Now, when our national resources
are ample, when the process of appreciation is almost complete, when
the wisdom of the existing law has been demonstrated, it is the dictate of good policy and good faith to continue this process of preparation, so that at or before the time fixed by law every United States
i;Lofe will have equal purchasing power with coin. To reverse this
policy in the face of assured success will greatly impair the public
credit, arrest the process of reducing the interest on the public debt,
and cause anew the financial distress our country has recently suffered.
The resumption act contemplates the reduction by the first day of
January, 1879, of the amount of United States notes to $300,000,000,
by the cancellation of such notes to the extent of 80 per cent, of the
circulation issued to national banks.
The amount of circulation so issued may not be sufficient to accomphsh the reduction contemplated; the Secretary, therefore, recommends that authority be given to gradually fund into four per cent,
bonds all United States notes in excess of $300,000,000, the bonds
to be issued at par for coin or its market equivalent in United States
notes. This will be in harmony with the declared object of existing
law, and will open an easy way by which the people may invest
their sa^dngs in a public security. Or the reduction of United States
notes to the maximum of $300,000,000 may be accomplished if Congress will authorize the coinage of the silver dollar, to be exchanged
for United States notes on the demand of the holder, such notes to be
retired and cancelled.
^
'
Existing laws do not clearly define whether United States notes, when
redeemed after January 1,1879, may be reissued. The first section of the
resumption act plainly provides for the permanent substitution of silver
XIV
REPORT O F ' T H E
SECRETARY OF T H E
TREASURY.
coin for the whole amount of fractional currency outstanding. Section 3 plainly provides for the permanent reduction of United States
notes to an amount not exceeding $300,000,000. No distinct legislative
declaration is made in the resumption act that notes redeemed after
that limit is reached' shall not be reissued; but section 3579 of the
Eevised Statutes of the United States provides that "when any United
States notes are returned to the Treasury they may be reissued, from
time to time, as the exigencies of the public interest may require."
The Secretary is of the opinion that, under this section, notes, when
redeemed after the 1st of January, 1879, if the amount outstanding is
not in excess of $300,000,000, may be reissued as the exigencief of the
public service may require. A note redeemed with coin is in the Treasury and subject to the same law as if received for taxes, or as a banknote when redeemed by the corporation issuing it. The authority to.
reissue it does not depend upon the mode in which it is returned to
the Treasury. But this construction is controverted, and should be
settled by distinct provisions of law. It should not be open to doubt
or dispute. The decision of this question by Congress involves not
merely the construction of existing law, but the pubhc policy of maintaining in circulation United States notes, either Avith or without the
legal-tender clause. These notes are of great public convenience—they.
circulate readil^^; are of universal credit; are a debt of the people
without interest; are protected by every possible safeguard against
counterfeiting; and, Avhen redeemable in coin at the demand of the
holder, form a paper currency as good as has yet been devised. I t is
conceded that a certain amount can, with the aid of an amiDle reserve
in coin, be ahvays maintained in circulation. Should not the benefit of
this circulation inui'e to the people, rather than to corporations, either
State or national^ The Government has ample facility for the collection, custody, and care of the coin reserves of the countrj^ I t is a
safer custodian bf such reserves than a multitude of scattered banks
can be. The authority to issue circulating-notes by banks is not given
to them for their benefit, but for the public convenience, and to enable
them to meet the ebb and flow of cuixency caused by varying crops,
productions, and seasons. I t is indispensable that a power should
exist somewhere to issue and loan credit-money at certain times, and
to redeem it at others. This function can be performed better by corporations than by the GoA^ernment. The Government cannot loan
money, deal in bills of exchange, or make advances on property.
The Secretary ventures to express the opinion, that the best currency for the people of the United States Avould be a carefully-hmited
REPORT OF THE SECRETARY OF THE TREASURY.
XV.
amount of United States notes, promptly redeemable on presentation
in coin, and supported by ample reserves of coin, and supplemented by
a system of national banks, organized under general laws, free and
open to all, 'with power to issue circulating-notes secured by United
States bonds deposited with the Government, and redeemable on demand in United States notes or coin. Such a system will secure to the
people a safe currency of equal value in all parts of the country, receivable for. all dues, and easily convertible into coin. Interest can thus
be saved on so much of the public debt as can be conAT-eniently maintained in permanent circulation, leaving to national banks the proper
business of such corporations, of proAdding currency for the varying
changes, the ebb and flow of trade.
The legal-tender quahty given to United States notes was intended
to maintain them in forced circulation, at a time when their depreciation
was inevitable. When they are redeemable in coin this quality may
either be withdrawn or retained, without affecting their use as currency '
in ordinary times. But aU experience has shown that there are periods
when, under any system of paper money, however carefully guarded, i t ;
is impracticable to maintain actual coin redemption. Usually contracts will be based upon current pai^er money, and it is just that, during a sudden panic, or an unreasonable demand for coin, the creditor
should not be allowed to demand payment in other than the currency
upon which the debt was contracted.^ To meet this contingency, it
would seem to be right to maintain the legal-tender quality of the
United States notes. If they are not at par with coin it is the fault of
the Government and not of the debtor, or, rather, it is the result of
unforeseen stringency not contemplated by the contracting parties.
In estabhshing a system of paper money designed to be permanent,,
it must be remembered that heretofore no expedient has been dcAdsed,
either in this or other countries, that in times of panic or adA^erse trade,,
has prevented the drain and exhaustion of coin reserves, however large
or carefully guarded. Every such system must provide for a suspension of specie payment. Laws may forbid or ignore such a contingency^
but it will come; and when it comes it cannot be resisted, but should b e
acknowledged and declared, to prevent unnecessary sacrifice and ruin
In our free Government the power to make this declaration will not b e
willingly intrusted to individuals, but should be determined by events
and conditions known to all. It is far better to fix the maximum of
legal-tender notes at $300,000,000, supported by a minimum reserve of
$100,000,000 of coin, only to be used for the redemption of notes not t a
be reissued until the reserve is restored. A demand for coin to exhaust
XVI
REPORT OF THE SECRETARY OF THE TREASURY.
such a reserve may not occur, but, if events force it, its existence would
be known and could be declared, and would justify a temporary suspension of specie payments. Some such expedient could no doubt be proAdded by Congress for an exceptional emergency. In other times the
general confidence in these notes would maintain them at par in coin,
smd justify their use as reserves of banks and for the redemption of
bank-notes.
NATIONAL BANKS.
In this connection, the Secretary calls the attention of Congress to
the report of the Comptroller of the Currency.
The number of national banks in existence on the first day of November last was 2,080. The amount of their circulating-notes retired within
the year prior to NoA^ember 1, 1877, is $20,681,637. The amount of
circulating-notes issued, to national banks during the same period is
$16,306,030. The aggregate amount of their circulation outstanding
is $316,775,111. Their loans and discounts amount to $888,243,290 17.
The general solvency of the national banks, as now organized, and
their benefit to the people, have been demonstrated during a period of
fourteen years. No one has lost a dollar by receiving their notes. They
have been less subject to reAoilsion and failure than any other corporations or firms. Their organization under a general law containing
•every safeguard which experience has suggested—the superAdsion OA^^er
them by the Comptroller of the Currency, the frequent and unforeseen
examinations to which they are subject, the sworn statements required
«of them of every detail necessary to disclose their condition, the absolute security of their issues—makes this system of banking as safe
.and efficient as any yet devised. The remaining condition to perfect
this system is, that their notes should be readily convertible into coin.
While United States notes were irredeemable and depreciated, it was
not possible that bank-notes should rise above the par of United States
notes. The true test of this systein of banking Avill come when the
United States notes are maintained at par with coin; then the banks
must redeem their notes in coin or United States notes equal to coin.
The ample statistics given by the Comptroller, and his comparison of
the reserves and condition of the national banks with the reserves
and condition of other systems of banking in specie-paying times, give
assurance that the national banks are able to"redeem their circulatingnotes in coin at any date fixed upon by the Government. They certainly should not enjoy the franchise of circulating as money ctheir
non-interest-bearing notes, unless they are prepared to redeem them.
REPORT
OF T H E SECRETARY OF T H E TREASURY.
XVII
The present system of redemption of bank-notes at the Treasury of the
United States can be continued after United States notes are at par with
<coin as well as now. If experience should show that additional reserves
are necessary they can be required. Then, as now, their notes wiU be.
amply secured by the deposit of bonds, and confidence in this security
will dispel the fear of failure, which, under former systems, has been.
the cause of sudden runs or demands on banks for payment of their
notes. If the policy of the Government should be to maintain in circulation at par with coin, a maxunumfof three hundred millions of
United States notes, and to support them with a reserA^e of not less
than one hundred milhons in coin, these notes will be the natural
reserves of the banks, and more convenient for that purpose than a
deposit of coin in their vaults.
The real danger that in former systems threatened a bank was its
liability for deposits. If these were suddenly withdrawn, or greatly
diminished, the note-holder was the chief sufferer. The first rumor of
weakness about a bank brought a demand from depositors and noteholders alike, but under the national-banking system the note-holder
is secure and indifferent whether the bank breaks or not, and tho
depositor, who is a voluntary creditor of the bank, is not likely to
hasten its fall. He is usually paid by a transfer of credits, and in most
cases is a debtor as well as a creditor of the bank. Scarcely ^ve per
•cent, of deposits are paid by currency.
The capital stock of national banks paid in is now $479,467,771, and
the surplus fund andother undivided profits is now $166,348,799 96. The
banks are exceptionally strong in their cash reserA^es. Their condition
is as faA^orable to maintain redemption in coin as in United States notes,
and the Secretar}^ concurs in the opinion of the ComptroUer that they
ought to be, can be, and will be prepared for redemption of their circulating-notes in coin or in United States notes equal to coin by the time
fixed by law, without interfering with their ability or disposition to
render their aid, as now, by loans and discounts, in conducting the
business and exchanges of the country. The market A'-alue of their circulating-note is 97f per cent. The difference is not equal to six
months' interest on the bonds deposited for the security of the notes,
and not five per cent, of their surj3lus on hand. It is scarcely to be
credited that the payment of thi3 Avill disturb in any way the even
course of their business.
Complaint is made by the banks and bankers of tjie country of the
tax on their dei)Osits, and attention is called to what is said by the
Comptroller of the Currency as to the repeal of this tax. While the
II F
XVIII
REPORT OF THE SECRETARY OF THE TREASURY.
necessity exists for collecting the amount of revenue now required, the
Secretary is not prepared to recommend such repeal, but whencA'-er a
sufficient amount of revenue for the support of the Government can be
derived from the other articles now subject to taxation, a reduction ol
bank taxation will then be advisable.
The cost of the redemption of bank-notes in United States notes at
the Treasury, under the present system, does not exceed one-sixth of
one per cent, on the amount redeemed, and is refunded to the GOA^ernment h j the banks, The redemption is a great convenience to them
and to the public, and should be continued.
The act creating the national-banking system recognizes the character
of these banks as Government agents or depositaries. They could
greatly assist in the process of refunding; they are conveniently distributed so as to be Avithin easy reach of the people of the United
States. The Secretary is of the opinion that they can be, under exist. ing law, and ought to be, made the ag.ents of the Government in the
sale of bonds, upon conditions that will make it for their interest to
promote such sales, and will be safe and advantageous to the Government. Various plans have been submitted to secure their co-operation,
and the best \Adll be adopted.
SAVINGS-BANKS.
The attention of Congress is called to the ^great value to our fellowcitizens of the organization of some plan for the coUection, safe-keeping,
and profitable employment of small deposits by the people. How far this
can be done without trenching upon the proper functions of the State
governments is a question of difficulty; yet it is important to secure, if
possible, a general system throughout the United States. This can
hardly be effected by the organization of a multitude of savings-banks^
depending upon the fidelity, integrity, and skiU of their officers, but
the beneficial object of such banks might be secured by authorizing
the deposit of small sums with any postal money-order office in the
United States, and the issue of GoA^ernment certificates, convertible on
demand of the holder into four per cent, bonds of the United States of
such character, description, and amount as AVLU enable and induce prudent persons to convert their earnings into a public security of stable
value. The money thus received could be employed in the redemption
of outstanding bonds bearing a higher rate of interest. By some such
system it is behoved that the great body of our public debt, reduced to
its smallest possible burden, could be distributed among our OAvn people.
With a slight modification of existing law this beneficial result would
REPORT OF T H E SECRETARY OF T H E TREASURY.
XIX
be secured. The deposits now held by savings-banks throughout the
country amount to $843,154,804, deposited by 2,300,000 persons, and
mostly by deserving citizens, who thus wisely seek to preserve small
savings for future need. No object could more strongly appeal to
the considerate judgment of Congress. The heavy losses that have
been sustained through savings-banks, whose funds haA^e been improAddently loaned upon insufficient security, have inflicted far greater injury
upon the depositors than would a similar loss suffered by persons engaged in banking or commercial pursuits. The Secretary, therefore,
recommends that authority be granted to issue certificates for small
deposits, convertible into four per cent, bonds noAv. authorized by law,
the proceeds to be used solely for the redemption of bonds bearing a
higher rate of interest, and now redeemable at par.
COINS AND COINAGE.
The Secretary calls the attention of Congress to the reportof the
Director of the Mint. The general management of the mints and
assay offices, and the amount, accuracy, and perfection of their work,
are highly satisfactory. The coinage of gold and silver, their relative
value to each other, and their legal-tender qualities, are now the subjects of discussion and legislation in aU civilized countries. These
questions are especially important to the United States, now in transition from an irredeemable paper currency to a mixed currency, redeemable in coin, and wiU justify the Secretary in a fuUer presentation of
these toi)ics than is usual in his annual report.
The resumption act of Januarj^ 14, 1875, provided for the exchange
and substitution of silver coin for fractional currency. To facUitate this
exchange, the joint resolution approved July 22, 1876, provided that
such coin should be issued to an amount not exceeding $10,000,000,
for an equal amount of legal-tender notes. It also provided that the
aggregate amount of such coin and fractional currency outstanding
should not exceed, at any time, $50,000,000. That limit would haA^e
been reached sometime since, if the whole amount of fractional
currency issued and not redeemed, had been held to be "outstanding."
I t was well known, however, that a very large amount of fractional
currency issued had been destroyed, and could not be presented for
redemption, and could hardly be held to be "outstanding." The
Treasurer of the United States, the ComptroUer of the Currency, and
the Director of the Mint concurred in estimating the amount, so lost
and destroyed, to be not less than $8,083,513.
A 8 it was evident that Congress intended to provide an aggregate
XX
REPORT OF T H E 'SECRETARY OF T H E
TREASURY.
issue of $50,000,000 of such coin and currency in circulation, the
Secretary directed the further issue of sih^er coin equal in amount to
the currency estimated to haA'-e been lost and destroyed.
I t is submitted that the hmitation uiDon the amount of such fractional coin to be issued tn exchange for United States notes should be
repealed. This coin is readily taken, is in great faAT'or with the people,
its issue is profitable to the GoA^ernment, and experience has sliown
that there'is no difficulty in maintaining it at par with United States
notes. The estimated amount of such coin in circulation in the United
States in 1860, at par Avith gold, was $43,000,000. Great Britain, with a
Ijopulation of 32,000,000, maintains an inferior fractional coin to the
amount of $92,463,500,* at par AAdth gold, and other nations maintain a
much l^TgeTper-ca2nta amount. The true hmit of such coin is the demand
that may be made for its issue, and if only issued in exchange for
United States notes there is no danger of an excess being issued.
By the coinage act of 1873 any person may deposit silver bullion
at the mint to be coined into. trade-dollars of the weight of 420
grains troy, upon the pajnnent of the cost of coinage. This proAdsion was made at a time when, such a dollar was Avorth in the market $1 0 2 ^ ^ in gold, and was designed for the use of trade in China,
where silver was the only standard. By the joint resolution of July
22, 1876, passed Avhen the trade-dollar in market value had fallen
greatly below one doUar in gold, it was provided that it should not be
thereafter a legal tender, and the Secretary of the Treasury was
authorized " t o limit the coinage thereof to such an amount as he may
deem sufficient to meet the export demand for the same." Under
these laws the amount of trade-doUars issued, mainly for exportation,
Avas $30,710,400. In October last it became apparent that there
was no further export demand for trade-dollars, but deposits of silver
bullion were made, and such doUars were demanded of the mint for
circulation in the United States, that the owner might secure the
difference between the value of such buUion in the market and
tJnited States notes. At the time, the mints were fully occupied
by the issue of fractional and other coins on account of the Government. Therefore, under the authority of the law referred to, the Secretary directed that no further issues of trade-doUars should be made
untU necessary again to meet an export demand. In case another
silver dollar is authorized, the Secretary recommends that the tradedollar be discontinued.
*|As estimated by Mr. Freeman tie, deputy master of the Royal Mint, December,
1875. •
REPORT OF THE SECRETARY OF THE TREASURY.
XXI
The question of the issue of a sih^er dollar for circulation as money
has been much discussed and carefully examined by a commission organized by Congress, which has recommended the coinage of the old
silver doUar. With such legislative provision as A^U maintain, its
current value at par Avith gold, its issue is respectfully recommended,
A gold coin of the denomination of one doUar is too small for couA^enient circulation, while such a coin in silver would be couA^enient for a
multitude of daily transactions, and is in a form to satisfy the natural
instinct of hoarding.
Of the metals, silver is of most general use for coinage. It is a part
of CA^ery sj^stem of coinage CA^en in countries where gold is the sole
legal standard. I t best measures the common wants of life, but, from
its weight and bulk, is not a couA^enient medium in the larger exchanges
of commerce. Its production is reasonably steady in amount. The
relative market value of silver and gold is far more stable than that
of any other tAA^o commodities—still, it does vary. It is not in the
poAyer of human laAV to prevent the variation. This inherent difficulty has compelled all nations to adopt one or the other as the sole
standard of A^aliie, or to authorize an alternative standard of either, or
to coin both metals at an arbitrary standard, and to maintain one at
par Avith the other by limiting its amount and legal-tender quality, and
receiAdng or redeeming it at par Adth the other.
It has been the careful study of statesmen for many years to secure
a bi-metaUic currency not subject to the changes of market value,
and so adjusted that both kinds can be kept in circulation together,
not alternating Avith each other. The growing tendency has been
to adopt, for coins, the principle of "redeemabihty" applied to different
forms of paper money. By limiting tokens, silver, and paper money to
the amount needed for business, and promptly receiving or redeeming
all that may at an}^ time be in excess, all these forms of money can be
kept ih circulation, in large amounts, at par Avith gold. In this Av^ay,
tokens of inferior intrinsic value are readily ckculated, but do not depreciate beloAv the paper money into which they are couA^ertible. The
fractional silver coin UOAV in circulation, though the sih^er of Avhich it is
composed is of less market value than the paper money, passes readily
among aU classes of people and answers all the puri)oses for which it
was designed. And so the sih^er dollar, if restored to our coinage,
would greatly add to the convenience of the people. But this coin
should be subject to the same rule, as to issue and conA^ertibility, as
other forms of money. If the market value of the sUver in it were
less than that of gold coin of the same denomination, and it were issued
XXII
R E P O R T OF T H E SECRETARY OF T H E
TREASURY.
in unlimited quantities, and made a legal tender for all debts, it would
demonetize gold and depreciate our paper money.
The iinportance of gold as the standard of A^alue is conceded by all.
Since 1834, it has been practically the sole coin standard of the United
States, ahd since 1815, has been the sole standard of Great Britain.
Germany has recently adopted the same standard. France and other
Latin nations have suspended the coinage of silA^er, and, it is supposed, will gradually either adopt the sole standard of gold or provide
. for the convertibility of sih^er coin, on the demand of the holder, into
gold coin.
.
In the United States, scA^eral experiments have been made with the
view of retaining both gold and silver in circulation. The Second Congress undertook to estabUsh the ratio of fifteen of silver to one of
gold, with free coinage of both metals. By this ratio gold was underA^alued, as one ounce of gold was worth more in the markets of the
world than fifteien ounces of silver, and gold, therefore, was exported.
To correct this, in 1837 the ratio was fixed at sixteen to one, but sixteen
ounces of silver were worth in the market more than one ounce of gold,
so that silA^er was demonetized.
These difficulties in the adjustment of gold and sih^er coinage were
fuUy considered by Congress prior to the passage of the act approved
February 21,1853. By that act a new, and it was believed a permanent
policy, Avas adopted to secure the simultaneous circulation of both sih^er
and gold coins in the United States. Silver fractional coins were proAdded for at a ratio of 14.88 in sih^er to one in gold, and were only
issued in exchange for gold coin. The right of priA^ate parties to deposit
silver bullion for such coinage was repealed, and these coins were issued
from bullion purchased by the treasui'er of the mint,' and only upon
the account and for the profit of the United States. The coin was a
' legal tender only in payment of debts for all sums not exceeding five
dollars. Though the silver in this coin was worth in the market 3.13
cents on the dollar less than gold coin, yet its couA^enience for use as
change, its issue bythe GoA^ernment only in exchange for, and its practical convertibility iiito, gold coin maintained it in circulation at par
with gold coin. If the slight error in the ratio of 1792 prevented gold
from entering into circulation for fort^^-five years, and the slight error
in 1837 brought gold into circulation and banished sih^er until 1853,
hoAv much more certainly will an error now of nine per cent, cause gold
to be exported and silver to become the sole standard of A^alue *? Is it
worth while to travel again the round of errors, when experience has
demonstrated that both metals can only be maintained in circulation
together by adhering to the policy of 1853 '^
REPORT OF THE SECRETARY OF THE TREASURY.
XXIII
The silver dollar was not mentioned in the act of 1853, but from
1792 until 1874 it was worth more in the market than the gold dollar
proAdded for in, the act of 1837. It was not a current coin contemi)lated
as being in circulation at the passage of the act of February 12, 1873.
The Avhole amount of such doUars, issued prior to 1853, was $2,553,000.
Subsequent to 1853, and until it was dropped from our coinage in 1873,
the total amount issued was $5,492,838, or an aggregate of $8,045,838,
and this was almost exclusively for exportation.
By the coinage act, approA^ed February 12, 1873, fractional silver
coins were authorized, simUar in general character to the coins of 1853,
but with a slight increase of silver in them, to make them conform
exactly to the French coinage, and the old dollar was replaced by the
trade-dollar of 420 grains of standard silver.
Much complaint has been made that this was done with the design
of depriving the people of the privilege of paying their debts in £i
cheaper money than gold, but it is manifest that this is an error. No
one then did or could foresee the subsequent fall in the market value
of silA^er. The sih^er dollar AA^' as an unknown coin to the people, and
was not in circulation even on the Pacific slope, where coin was in
common use. The trade-dollar of 420 grains was substituted for the
silA^er dollar of 412J grains because it was believed that it. was better
adaxDted to supersede the Mexican dollar in the Chinese trade, and
experiment proA^ed this to be true. Since the trade-dollar was authorized
$30,710,400 have been issued, or nearly four time.s the entke issue of
old silA^er dollars since the foundation of the Government. Had not
tlie coinage act of 1873 passed, the United States would now be compelled to suspend the free coinage of silA^^er doUars, as the Latin nations
did, or to has^e sUver as the sole coin standard of value.
Since February, 1873, great changes have occurred in the market
value of sUA^er. Prior to that time the sih^er in the old dollar Avas worth
more than a gold dollar, while at present it is worth about 92 cents.
If by laAV any holder of silver bullion might deposit it in the mint and
demand a full legal-tender dollar for every 412J grains of standard.
silA^er deposited, the result AA'ould be incAdtable that as soon as the
inints could supply the demand the silver dollar would, by a financial
laAV as fixed and invariable as the law of graAdtation, become the only
standard of value. All forms of paper money would fall to that standard or below it, and gold would be demonetized and quoted, at a premium equal to its A^aliie in the markets of the world. For a time the
run to deposit bulhon at the mint would give to silver an artificial
value, of which the holders and producers of sih^er bullion would have
XXIV
REPORT OF THE SECRETARY OF THE TREASURY.
the sole benefit. The utmost capacity of the mints would be employecl
for years to supply this demand at the cost of and Avithout profit tothe people. The silA^er dollar would take the place of gold as rapidly
as coined, and be used in the payment of customs duties, causing an
accumulation of such coins in the Treasury. If used in paying the
interest on the public debt, the grave questions already i)resented
would arise with public creditors, seriousl}^ affecting the public credit.
I t is urged that the free coinage of silver in the United States Adll
restore its market value to that of gold. Market value is fixed by the
world, and not by the United States alone, and is affected by the whole
mass of silver in the Avorld. As the enormous and continuous demand
for silver in Asia has not prcA^ented the fall in silver, it is not likely
that the limited demand for sUA^er coin in this country, where paper
money is now and AviU be the chief medium of exchange, AVUI cause
any considerable advance in its A^alue. This adA^ance, if anj^, wiU be
secured by the demand for silver bullion for coin to be issued by and
for the United States, as Avell as if it were issued for the benefit of the
holder of the bullion. If the financial condition of our country js so
groAdous that we must at CA^ery hazard haA^e a cheaper dollar, in order t a
lessen the burden of debts already contracted, it is far better, rather
than to adopt the single standard of sih^er, to boldly reduce the number
of grains in the gold dollar, or to abandon and retrace all efforts to make
United States notes equal to coin. Either expedient AVUI do greater
harm to the public at large than £bjxj possible benefit to debtors.
The free coinage of silver wUl also impair the pledge made of the
customs duties, b^^ the act of February, 1862, for the payment of the
interest of the pubhc debt. The policy thus far adhered to, of collecting these duties in gold coin, has been the chief cause of upholding and
advancing the public credit, and making it possible to lessen t h e
burden of interest by the process of re-funding.
In view of these considerations, the Secretary has felt it to be his
duty to earnestly urge upon Congress the serious objections to the free
coinage of sUA'-er on such conditions as will demonetize gold, greatly
disturb all the financial operations of the Government, suddenly rcA^olutionize the basis of our currency, throw upon the GoA^ernment theincreased cost of coinage, arrest the re-funding of the public debt, and
impair the public credit, with no apparent advantage to the people
at large.
The Secretary belicA^es that all the beneficial results hoped for from
a liberal issue of silver coin can be secured by issuing this coin, in
pursuance of the general pohcy of the act of 1853, in exchange for
United States notes, coined from bullion purchased in the open market
REPORT OF THE SECRETARY OF THE TREASURY.
XXV
by the United States, and maintaining it by redemption, or otherAvise,
at par A\dth gold coin. I t could be made a legal tender for such sums
and on such contracts as would secure to it the most general ckctilation. It could be easily redeemed in United States notes and gold
coin, and only reissued when demanded for public convenience. If the
essential quality of redeemabihty given to United States notes, bankbills, tokens, fractional coins, and currency maintains them at par,
how much easier it Avould be to maintain the silver doUar, of intrinsic
market A^aliie, nearty equal to gold, at par with gold coin, by giving to
it the like quality of redeemabUity. To still further secure a fixed
relative A^alue of silver and gold, the United States mighl^ iuAdte an
international convention of commercial nations. Even such a convention, while it might check the fall of sih^er, could not prevent the
operation of that higher law which places the market value of sUver
above human control. Issued upon the conditions here stated, the
Secretary is of opinion that the silver dollar wUl be a great public
adA^antage, but that if issued Avithout limit, upon the demand of the
owners of sih^er bullion, it wiU be a great public injury.
EXPORTS AND IMPORTS,
The receipts from customs for the year ended June 30, 1876, were
$148,071,984 61, and at the corresponding date of 1877 they were
$130,956,493 07—a decrease of $17,115,491 54. The receipts for the
first quarter of the last fiscal year were $37,554,728 53, while, for the
corresponding period of this year, they were $36,983,531 56—a decrease of $571,196 97.
The embarrassments attendant upon the collection of the rcA^enue at
the port of New York—alluded to in the report of my immediate predecessor—growing out of the large number of suits brought to recoA^er
alleged excess of duties, have not ceased; but a considerable number
of such suits have been pressed to trial, with results in favor of the
Government in the majority of cases. Owing to the multiplicity of
such suits, a considerable delay necessarily occurs before they can be
brought to trial; which delay is adA^erse to the interests both of the
Government and the imi)orters. The recommendation of my predecessor, that a special tribunal be created by law for the trial of customsrevenue cases at the port of New York, is renewed.
In compliance vdth the fourth section of the act approved August
15, 1876, and since the 4th of March last, commissions haA^e been organized, under direction, of the President, to iuA^estigate generally the
manner in which the customs business has been conducted at many of
the iDrincipal ports. They were also directed to inquire into the manner
XXVI
REPORT OF THE SECRETARY OF THE TREASURY.
in which appointments in the customs service have been heretofore
made, and to suggest such changes in existing laws as would more
fully meet the necessities of commerce at the present time, and promote
economy in the coUection of the customs revenue. The action taken
by this Department, in pm^suance of the recommendation of these
commissions, has worked a marked improA^ement in the conduct of the
customs serAdce.
A copy of the sixth report of the commission, appointed to iuA^estigate
the NCAV York custom-house, is herewith transmitted, and the changes,
recommended in existing laws, are commencled to the consideration of
Congress. Other changes, recommended by the A^arious commissions,
Avill be presented to Congress, in due tune, for such action as may be
deemed necessary.
Embarrassment has occurred during the past year in the collection
of duties on sugar, under schedule G, title 33, of the EcAdsed Statutes.
These duties are assessed by the. Dutch standard, according to color;
and it has been alleged that sugars haA'-e been artificially colored in
the country of export, to secure their passage at the custom-house at
a. less rate of duty than would be charged according to the color acquired in the ordinary process of manufacture.
While the truth of such allegation has not been established in any
positive manner, notAAdthstanding the thorough examination AAdiich has
been made by the officers of this Department, it has been ascertained
that the suspected sugars, Avhich pay the loAvest rate of duty at the
<3ustom-house, were of a higher intrinsic grade in many cases than
those paying higher rates of duty. Statistics show that, from some
'Cause, a marked increase has occurred in the importation of sugar subject to the lowest rate of duty, and a corresponding decrease in the
importation of unrefined sugars paying the higher rates. This is
doubtless due in part to the act of March 3, 1875, (Stat, at Large, vol.
18, page 339,) which mposed an additional duty of 25 per cent, ofthe
duties prescribed in schedule G, and thus increased the discrimination
in favor of the lower grades of sugar.
The Dutch standard is an unsatisfactory basis for the assessment of
duty, founded as it is on color alone, which bears no definite relation
to the A^aliie of the sugar. If, however, the Dutch standard is to be
retained, it is recominended that the grades be reduced in number, so
that there shall be but three rates of duty, one for sugars not above No.
13, one for sugars aboA^e 13 and not above 20, and another for all sugars
above No. 20, including all refined sugars. Based upon the quantities
of the various grades imported during the past two j^ears, the following
rates Avoiild yield about the same amount of rcAT^enue as was collected
REPORT OF THE SECRETARY OF THE TREASURY. XXVII
during that time: Sugars not above No. 13, perpound, 2^-^^', above No.
13 and not above 20, 3^^%; above 20,.and all refined sugars, 5 cents.
This is incliisiAT^e of the 25 per cent, additional duty imposed by the
act of March 3, 1875.
Extensive iinderA^aluations in the entries of silk goods haA^e occurred
during the past j^ear, and the persistent efforts of the officers of the
Department at the principal ports to prevent and break up such frauds
on the revenue haA^e not been attended Avith entire success. This is
due in part to the practice of shipping goods to agents in the United
States on consignment for sale on the manufacturers' account, for which
goods, it is claimed, there is consequently no market value abroad. I t
has been suggested, as a preventiA'-e for such CAdls in the future, that
the duty on silks be changed to one per pound, instead of the present
ad-valorem duty. The subject is commended to the careful consideration of Congress.
For the reasons already stated the aggregate rcA^enue from imports
cannot be decreased Avith due regard to the wants of the Government.
A rcAdsion of the tariff seems desirable, and the Secretary recommends that a duty of two cents per pound on coffee and ten cents per
pound on tea be adopted, which Avould yield a revenue, based on the
aA^erage annual consumption of the last five years, of over twelve
million dollars. By the adoption of such a measure opportunity will be ^
giA'en for a moderate enlargement of the free list, and for the reduction
of some internal taxes. A large number of isolated articles are now
included in the dutiable list which ^deld less than ten thousand dollars a
year each, and the cost of collecting the duty on these articles is proportionally greater than on the staple articles. The addition of inany
such articles to the free list, in the event of the duty being placed on
tea and coffee, would be beneficial.
The coin values of the exports and imi)orts of the United States for
the last fiscaFyear, as ai:)pears from returns made to and compUed by
the Bureau of Statistics, are as follows:
Exports of domestic merchandise
$589, 670,224
Exx3orts of foreign merchandise
12, 804, 996
Total
Imports
,
:
Excess of exports OA^er imports
For the fiscal year 1876 there was an excess of exports
over imports amountiiig to
Showing an excess for the last fiscal year oA^er the
preceding year of
602, 475, 220
451, 323,126
151,152,094
79, 643,481
71, 508, 613
XXVIII REPORT OF THE SECRETARY OF THE TREASURY.
Exports of specie and buUion
Imports of specie and buUion.
$56,162,237
40, 774, 414
Excess of exports over imports
15, 387, 823
Total excess of exports of inerchandise and the precious
metals OA^er imports
$166, 539, 917
J T h e r e was AvithdraA\ai from bond for consumption, in excess of that
catered for warehouse, dining the past fiscal year, merchandise of the
A^alue of $7,629,861. The total exportation of specie and bulUon was
less than that for the preceding year by $344,165, while the exports
of domestic goods increased in A^alue $64,087,977. Importations of
merchandise decreased to the ainount of $9,418,064, as compared
Avith those of the preceding fiscal year; and of $81,682,310, as compared Avith the year ended June 30, 1875. There was an increase in
the A^alue of imports of the following articles, Avhich are free of duty:
Hides and skins, $1,927,994; crude India-rubber and gutta-percha,
$1,478,507; raw silk, $1,368,529. The largest increase in the value of
dutiable goods was in broAvn sugar, chiefly for refining purposes,
$25,484,601.
OAving to the fact that there is no law requiring persons exporting
merchandise by land-couAi^eyance to Canada to file manifests containing
the quantities and values thereof, the A^alue of our exports of domestic
merchandise to the ProAdnces of Quebec, Ontario, and Manitoba is not
fully exi)ressed in the returns made to the statistical bureau. From
the detailed statements prepared by the Commissioner of Customs for
the Dominion of Canada it appears that the Canadian value of our
exports to those ProAdnces during the last fiscal year amounts to
$13,051,798 in excess of that returned by the customs officers of the
United States. Assuming that the Canadian value is identical with
the A^-alue taken as a basis for returns by the Bureau of Statistics j. the
A^alue of the total exports of the year, with this addition, amounts to
$615,527,018.
The attention of Congress is called to the defects of law which prevent the collection of accurate returns of our exports to Canada, and
the recommendation of my predecessor that, remedial legislation may
be enacted is renewed.
The effect of the act of June 22, 1874, (Statutes at Large, volume 18,
page 186,) entitled an act to amend the customs-revenue laws and to
repeal moieties, has not been salutary. The proceeds of fines, penalties, and forfeitures recovered for the violation of customs laws and
paid into the Treasury from June 30, 1870, haA^e been as folloAvs:
R E P O R T OF THE SECRETARY OF T H E TREASURY.
Year ended June 30, 1871
Do
1872
Do
1873
Do
1874
Do
1875
Do
1876
Do
1877
'
XXIX
$952, 579
674, 232
1,169, 515
651, 271
228, 870
183, 797
146, 413
86
77
38
76
23
86
21
I t is beUcA^cid that the decrease of receipts from this source has not
occurred in consequence of an increased observance of the law in the
entries of goods, but rather to the fact that violations of law haA^e
not been detected in as great a number of cases as" before the passage
of that act. The commission which examined the custom-house at
San Francisco, makes the following recommendation in regard to a
modification of the law:
1st. That from the gross proceeds of any sale of goods seized in the
act of being smuggled, there should be paid all legal and other costs of
seizure and sale.
2d. That the Government should receive the amount of duty properly chargeable upon the goods so seized in full satisfaction for its
claims.
3d. That the remainder be equally divided between the informer
and seizing-officer, and where there is no informer, the whole of
the remainder, after deducting expenses and duty, shaU go to the
seizing-officer: ProAdded, That neither seizing-officer nor informer shall
be entitled to receive exceeding five thousand dollars for any one
seizure: And provided further. That no officer of the customs in receipt
of a salary or fixed compensation exceeding twenty-five hundred dollars
per annum, shall be entitled to a j^^ro rata of a seizure for acting as
informer.
The collector of customs at New York submitted to the commission
which examined that custom-house, a table which shows that in 1873
seizures at that port amounted to $773,310 09, and that in 1877, the
total amount was $120,131 09.
The collector, in submitting that table, remarks that, without any
desire to argue in behalf of informers or detective officers, he is yet
strongly of the opinion that the above figures represent a loss of many
miUions to the Government, caused by a comparative safety to those
who are undertaking and accomplishing great frauds upon the Gov
ernment.
I t is recommended that such a change be made in existing laws
as Anil offer increased inducements to parties who may be able to
secure a knowledge of such frauds to bring the same to the attention
of the customs officers. The greatest loss to the revenue from cutoms
xxx
REPORT OF THE SECRETARY OF , THE TREASURY.
arises, not from smuggling, but from undervaluation of goods subject
to an ad-valorem duty. It is, therefore, also recommended, for the purpose of securing simplicity and uniformity in the collection o f t h e
reA-'cnue from customs, that specific duties be adopted as far as practicable.
ALASKA.
Since the withdraAval of the troops from Alaska last spring, the
management of the territory has practically dcA^olved upon the Treasury Department. The only officers Avho could exercise any authority
were the collector of customs at Sitka and his deputies stationed at
other i)oints within the territory, the duties of the officers at the seal
islands being confined exclusiA^ely to the protection of the seal interests.
I t was feared that the sudden withdrawal of the troops might result in
a conflict betAveen the whites and Indians; but thus far little disturbance has occurred. The white population at Sitka is very limited, and
the expense of maintaining customs officers there, and at other points
within the territory, has aggregated, in the past two years, $17,418 32,
while the receipts from customs haA^e, duringthe same period, been
A^eiy much less. It is, therefore, recommended that the port of Sitka
be abolished.
The receipts from the tax on seal-skins taken on the islands of St,
Paul and St. George, including the rent paid by the Alaska Commercial
Company, have been as folio AVS :
1876
$317, 584 00
1877
291,-155 50
The decrease of receipts from that source is consequent upon the
fact that a less number of seals Avere taken the past year than the
maximum alloAved by laAv.
INTERNAL REVENUE.
The following tabular statement exhibits the receipts from the several sources of taxation under the internal-revenue laws, for the fiscal
years ended, respectively, June 30, 1876, and June 30, 1877:
Statement'showing ihe receipts from the several ohjects of taxation under the internal-revenue
laws, for ihe fiscal years ended June 30, 1876, and June 30, 1877, respectively.
Sources.
Spirits
Tobacco
.
r'ermentecl l i q n o r s
Bauks and bauiiers
T e n allies &c
Adhesive stainps .
Back-taxes u n d e r repealed laws.
1876.
• $56, 426, 365 13
39, 795, 339 91
9,57J,280 66
4, 006, 698, 03
409, 284 48
6, 518, 487 51
509, 631 09
1877.
lucrease.
$57,469,429-72
41,106, 546 92
9, 480. 789 17
3, 829, 729 33
419.999 41
6, 450, 429 15
238,260 55
$1, 043, 064 59
1, 311, 207 01
$90, 491 49
176, 968 7a
10, 714 93
68,058 36
271,370 54
»
Total
,
117, 237, 086 81
118, 995,184 25
Decrease.
•
2. 364, 986 53
606, 889 09-
REPORT OF THE SECRETARY OF THE TREASURY.
XXXI
The tabular statement of amounts received includes cominissions on
sales of stamps paid in kind, which do not appear as cash receipts of the
Treasury, and certain suins reported as collected, but not deposited,
during their respective fiscal years. Hence there AAdll be an ai)i)arent
variation between the amounts of collections tabulated, and those
shown by the covering-warrants of the Treasury.
The increase in the aggregate receipts from the sources specified,,
during the past fiscal year, amounts to a little more than one and
three-quarter millions of doUars, and is chiefly derived from spudts and
tobacco. The increase in the receipts from spirits is due in part to the
greater quantity of whiskey withdrawn from Avarehouse at ninety cents
per gallon during the current year than was withdrawn in 1876, and in
part to the greater quantit}^ of brandy distilled from fruit the past year.
The aggregate quantity of tax-paid spirits withdrawn at seventy cents
per gaUon under the act of June 6, 1872, and at ninety cents per gallon under the act of March 3, 1875, Avas nearly the same; whereas the
number ^of gaUons withdrawn pajdng ninety cents was greater by
3,795,369 gaUons during 1877 than in 1876.
The quantity of manufactured tobacco on which a tax of twentyfaur cents per pound was paid in 1876, was 107,040,234 pounds; in 1877
the quantity amounted to 112,716,534 pounds, the increase being
5,676,300 pounds.
The number of collection districts on July 1, 1876, was one hundred
and sixty-five; on June 30, 1877, one hundred and thirty. By consolidation, the number of districts has been further reduced to one hundred
and twenty-six.. The number of collectors was, on July 1, 1876, one
hundred and sixty-five, and is now one hundred and twenty-six.
For further particulars relating to the operatious of the bureau, attention is respectfuUy iuAdted to the report of the Coinmissioner ot
Internal Eevenue, herewith transmitted.
ACCOUNTING- OFFICES.
The present system of accounting has been the result of many
years' experience, and thus far, it is beUeved, has proven sufficient to
protect the Government in all its ordinary and current disbursements.
Your attention is iuAdted to the statements of several officers concerning the crowded condition of the files of their respective offices.
These files include the vouchers upon which the disbursements of
the GoA^ernment tn all branches have been made, and the importance of
securing them from destruction and providin'g for them such room as
wUl make them readily accessible can hardly be over-estimated. Such
XXXII . REPORT OF THE SECRETARY OF THE TREASURY.
action for this purpose as you may deem necessary should be taken as
soon as practicable.
CLAIMS AaAlNST THE aOVERNMENT.
The attention of Congress is called to the laws imposing upon this
Department the adjudication of a multitude of claims. Its organization
is admirably adapted for the investigation and statement of accounts
accruing in the ordinary course of cuiTcnt business, but it is not
adapted to the investigation of claims long since accrued, and supported
in most cases by ex-parte affidaAdts. The Department ha^ no authority
to cross-examine Avitnesses, no agents to send to examine into alleged
facts, and no facUities, such as are in common use by courts, to ascertain truth and expose falsehood. It is respectfully suggested that this
class of claims, not already acted upon, be transferred from the Treasury
Department, and its business of accounting be confined to cu.rrent
accounts, payable from appropriations made within a short period of
time.
Most of these claims are paid out of what are classed as "permanent
annual appropriations," contained in section 3689, Eevised Statutes,
which do not come under the annual supervision of Congress. These
appropriations, though declared to be annual, have been used for the
payment of claims, however old, including nearly CA^ery case of fraudulent or exaggerated claims paid by this Department. I t is respectfully
urged that this important section be carefully revised; that the appropriations contained therein be made annually; and that only such
claims as accrue Avithin a brief period be paid by the Department,
unless proper evidence in thek faA^or appears upon the public records,
as in the case of the principal or interest of the funded debt.
By the act approved June 20, 1874, (18 Stats., 110, sec. 5,) it was
provided: "That from and after the first day of July, eighteen hundred and seventy-four, and of each year thereafter, the Secretary of
the Treasury shall cause all unexpended balances of appropriations
which shaU haA^e remained upon the books of the. Treasury for two
fiscal years to be carried to the surplus fund and covered into the
Treasury," &c.
,
Under a construction of this act, placed upon it after a full examination by the Department, it was held that most of the appropriations
made by this section, and which accrued prior to July 1, 1874, are not
within the exceptions stated in the act, and they were accordingly
coA^ered into the Treasury, and are not available except for current
purposes and for claims accruing within th'e time fixed by that act. I t
REPORT OF THE SECRETARY OF THE TREASURY.
XXXIII
seems to be the clear purpose of this act to include permanent annual
appropriations within its operation, and to thus include them is a AVISO
public poUcy.
Among the permanent annual appropriations made in the section
referred to, is that to repay to unporters the excess of deposits for
unascertained duties, or duties or other moneys paid under protest,
from which the greater part of the refunds of customs duties are
made. These include a class of claims commonly knoAvn as the
" charges and commissions cases," which arose under the act of March 3,
1851. About fourteen hundred suits were brought by importers against
the collector of customs at the port of New York, to recover alleged
excessive duties coUected by him in obedience to the decision of the
Secretary of the Treasury that, to ascertain the dutiable value of
imported goods at the port of entry, there should be added to the
actual market value of the goods at the port of exportation, a commission of two and one-half per cent., and certain costs and charges. This
act was repealed June 30, 1864, so that aU these claims accrued prior
to that date.
Over tAVO million doUars have ,been.paid on these claims, the items
of interest and costs forming a very large proportion of that amount.
The remaining cases are still pending tn various stages of progress,
and, to satisfy these, two miUion doUars more AVLU probably be required.
Upon fuU consideration, the Secretary is of the opinion that no money
should be appropriated for the payment of these claims until after a
thorough investigation has been made into the nature, character, and
justice, not only of those stUl pending, but also of those paid. Full
details of these claims, as fa^r as it is possible for the Department to
ascertain them, wiU be submitted to Congress.
Under the same section claims for"refund of taxes, iUegally imposed
under internal-revenue-tax laws, are paid. Claims under these laws
are very numerous and varied in character, and some are stUl pending
for refund of taxes wrongfully imposed under statutes which have been
repealed and are no longer in force.
In internal-revenue cases, the law now in force in regard to informers'
rewards (Section 3463, Eevised Statutes) authorizes the Commissioner
of Internal Eevenue, vdth the approval of the Secretary, to pay such
sums as he may deem necessary for detecting and bringing to trial
persons guilty of violating the laws. I t is respectfuUy submitted that
aU such discretionary powers be more carefully limited by law.
Questions are constantly arising as to the allowance to be made to
district attorneys for their compensation. The statutes have been so
in F
'
.
XXXIV
REPORT OF THE SECRETARY OF THE TREASURY.
often amended and so variously construed that it is almost impossible
to determme what allowances should be made.
In the southern district of New York the allowances haA^e been such
that in some years the compensation of the district attorney has exceeded $30,000, while in some meritorious cases there has hardly been
sufficient authority for making a fair aUowance.
To avoid excessiA^e compensation, the Secretary has limited the aggregate amount of allowances to any district attorney within one year^
including salary, to ten thousand dollars; but the better way is to
estabUsh by law the salary of each district attorney, and to forbid all
allowances.
Under the act of July 4,1864, and acts amendatory thereof, and Section 300, Appendix to EcAdsed Statutes, claims of loyal citizens, in
States not tn rebeUion, for quartermaster's stores and subsistence supplies received or taken for the use of the Army, are to be reported by
the quartermaster general or commissary general, if satisfied that they
are just, to the Third Auditor for settlement. The action of the accounting officers ofthe Treasury Department upon this class of claims
is required, by the act of June 16,1874, to be reported by the Secretary
to Congress, at the commencement of each session, for consideration,
before payment by appropriation. The number of claims of this character is A^ery large, and the amount aUowed thereon and reported tn the
Digest of Appropriations for 1877 is $270,357 22. ,
Other classes of claims under the jurisdiction of the same accounting
officers, but not required by statute to be reported for speciffc appropriation, include those for compensation for horses and equipments lost
in the military service, and for use and loss of steamboats and other
vessels, railroad engines, &c., under the act of March 3,1849, amended
and construed by the acts of March 3,1863, and June' 22, 1874, and
sections 3482 to 3489, Eevised Statutes. These claims are numerous
and involve a large amount in the aggregate.
By the act of May 18, 1872, section 5, the Secretary of the Treasury was authorized and directed to pay to the lawful owners, or their
legal representatives, the net proceeds actually paid into the Treasury
of all cotton seized after the 30th day of June, 1865, by agents of the
Government unlaAvfuIly and in Adolation of their instructions. The Secretary was tuA^ested Avith sole jurisdiction as to the construction of the
act, and the methods by which the facts should be ascertained.
' Under certain regulations of the Department, thirteen hundred and
thirty-six claims were filed, claiming the proceeds of one hundred and
thirty-six thousand bales of cotton, the estimated value of Avhich is
$13,600,000.
REPORT OF THE SECRETARY OF THE TREASURY.
XXXV
These claims have been acted, on as follows:
Number of claims rejected
Number of claims dismissed
Number of claims.aUowed
Number of claims pending
The amount paid on allowed claims is
:
:....:
1,189
96
49
2
$194, 801 77
The act is strictly limited in its scope, and was apparently intended
to afford relief in a comparatively small number of cases, not disposed
of by the Secretary before the proceeds of captured property were covered into the Treasury under the joint resolution of March 30,1868,. and
in which wrongful or erroneous seizures were made by the agents of the
GoA^ernment engaged, after the close of active hostUities, in coUecting
and securing the many thousand bales of cotton scattered through the
Southern States, which had been sold by its former owners to the Confederate States.
The amount of cotton taken was known to be greatly in excess of
that which came uito the hands of authorized agents of the GoA'-ernment subsequent, to June 30, 1865; and, tn Adew of the facts, that
almost aU of the fifty thousand bales of cotton , collected after, that
date, the proceeds of which reached the Treasury, had been sold to the
Confederate States during the war, or was unlawfully acquired by
companies formed for the purpose of running the blockade, and that
the restrictions of the act whereby the power of the Secretary to grant
relief was confined Avithin very narrow limits-, the reason for the payment of so small an amount, as contrasted with the vast sum demanded,
is apparent.
'
Upon the summary statement thus made, the Secretary respectfully
recommends that all authority or power in this Department to pass
upon claims that do not accrue Avithin a brief period before they are
presented, and which are not steadily prosecuted by the claimants, be
taken away; that no claim once passed upon by the Department shall
be reopened, and that the decisions heretofore rendered shall be final.
I t is possible that, in acting upon the multitude of claims growing out
of a great war, injustice has tn some cases been done, and that honest
claims have not been paid, whUe some fraudulent claims have been
paid. But greater injustice would be done by reopening claims growing out of the war. I t is the best policy to consider all such claims not
heretofore paid as closed, unless Congress, by special acts in particular
cases, shall extend appropriate relief.
There should be a limitation of time within which a claim should be
presented, and a like limitation Avithin which a suit in behalf of the
United States should be commenced. Such a limitation is especially
XXXVI
REPORT OF THE SECRETARY OF THE TREASURY.
needed as to suits brought by the United States against sureties on official bonds. In some cases, claims against the principal debtor, long
delayed by the neglect of the Government, are unjustly pressed against
.the surety. Nearly all the fraudulent and exaggerated claims that
have been presented to this Department are alleged to have accrued
long since, and the evidence of the facts that would be a complete defence is lost by time. Such claims are supported by plausible affidaAdts,
and, in some cases, by forgery and perjury. A statute of Umitations in
all cases would be a proper measure, not only as to claims between citi-.
zens, but as to claims for or against the Government.
The Secretary recommends this subject to the attention of Congress.
BUREAU OF ENGRAVINa AND PRINTING.
Of the appropriation of $800,000 for the payment of labor and expenses in this bureau for the present fiscal year, $600,000 AVUI remain
unexpended at the close of the year. The internal-revenue stamps for
cigars, hquors, snuff, and tobacco, printed under contract by the New
York bank-note companies last year, wUl be printed in the bureau the
current year, at a reduction in cost to the Government of $68,841 89.
The printing of the backs of legal-tender notes and of the five-doUar
national-currency notes, last year done by the Columbian Bank-Note
Company, of this city, wiU also be executed in the bureau, and at a reduction in cost, as compared with the rates paid last year, of $40,254 30.
The act making appropriations for the legislatiA^e, executive, and judi<}ial expenses of the Government for the present fiscal year, (19 Statutes
.at Large, p. 152,) appropriates for dies, paper, and stamps for the
internal revenue, $466,000, the engraving ahd printing to be done in
the Bureau of Engraving and Printing of the Treasury Department,
provided the cost does not exceed the prices paid tinder existing contracts. The contracts referred to were made in 1874 with the American,
National, and Continental Bank-Note Companies, and were terminable
*on ninety days' notice. On the 20th day of June last, the Secretary
xequested the Chief of the Bureau to make such observations as he
desired upon the comparative cost of printing internal-revenue stamps
by private companies and by the bureau, and in T&plj received, on the
23d of June, a statement that the stamps referred to could be done by
the bureau for $227,590, as against $296,431 89 paid to the bank-note
companies last year, all of the printing to be done by plate and
surface-printing from steel-plates. Being satisfied that this saving
could be effected, and the law preferring that the work be done
in the Treasury Department, the Secretary, on the 25th of June,
gave the required ninety days' notice, and on the 1st of October
REPORT OF THE SECRETARY OF THE TREASURY.
XXXVII
authorized the work to be done in the bureau. The adhesive and proprietary stamps used by the Commissioner of Internal Eevenue are stiU
printed by the National Bank-Note Company, under a contract made
August 15, 1875, which took effect September 1, 1875, and is stUl in •
force. As these classes of stamps have ncA^er been executed by the
bureau, and may not have been intended to be included by Congress in
the pro Adsion referred to, no disturbance has been made of the preAdously existing arrangements.
On the accession of the present Secretary to the Department, all the
printing upon the notes, bonds, and securities ofthe United States and
the notes of the national banks Avas done in the bureau and department
except the green backs ofthe legal-tenders and the. black backs of the
national-bank fives. These were executed by the Columbian Bank-Note
Company of this city under a contract made February 20, 1877, and
terminable on ninety days' notice. Inasmuch as the prices named in
this contract were fixed in the original contract dated June, 1874, when
the cost of labor and material was much higher than now, the Secretary deemed it for the interest of the GoA^ernment to terminate it, so
that the whole subject of engraving and printing by private companies would be within the power of the Government at the meeting
of Congress.
The act providing for the expenses of the bureau for the current
fiscal year requires that the work shaU be performed at the Treasury
Department if it can be done as cheaply, as perfectly, and as safely as
elsewhere. (19 Statutes at Large, p. 353.) To determine the question
of the cost of'executing work in the bureau and elsewhere, the Secretary issued an adA^ertisement, September 6, iuAdting proposals, on
the 25th of t h a t month, for printing the green backs on legal-tender
notes and the black backs on national-currency notes, for the period
of one year from the 1st of October. The estimate of the bureau on
both classes of work, being an average of $8 71 per thousand perfect
sheets, as against $18 per thousand paid the bank-note company last
year, and less than the bid of any of the companies, the Secretary
deemed it to be his duty, under the law, to bring this work vdthin
the bureau, at least for the present. After careful examination the
Secretary is satisfied that the work, as done in the bureau, is more
perfectly done than that heretofore done in private establishments,
even at the high rates paid. Upon the question of safety, the Secretary
cannot see how it is possible for the GoA^ernment to be better protected
from fraud or mistake than it now is.
But the question of safety
being one of public poUcy, the consideration of which properly belongs
to Congress, the Secretary respectfully submits it to that bod}^, Avith
XXXVIII
R E P O R T OF T H E SECRETARY OF T H E TREASURY.
the remark that, as the Government has been able with absolute safety
by its OAvn agents, to "make and issue its gold and silver coin, analogy
would indicate a similar course as to its paiDer circulation, and experience shows its practicability.
On the 20th of March last, the Secretary appointed a committee consisting of three experienced officers of the Department, to make a
thorough examination of the bureau as then organized and conducted.
Upon the report of that committee, there v^ere discharged, April 18
and April 30, five hundred and thu-ty-eight persons, whose annual pay
was about $390,000. On the first day of May, the bureau was put in
charge of new officers, who have re-organized it in every branch, and
have transformed it into an admirable workshop, as it was the purpose
of the law it should be—where the public work can be done vdth cheapness, safety, and excellence;. All the i3apers relating to the various
transactions referred to are transmitted hercAvith.
The Secretary respectfully recommends that Congress appropriate
a sum sufficient to erect a substantial fire-proof building for. the work
performed by this bureau, and for such other serAdce of a mechanical
nature as may from time to time be required. For considerations which
justify this recommendation, and for details, the Secretary refers to the
accompanjdng report of the Chief of the bureau.
, PUBLIC
MONEYS
In the report of the Treasurer of the United States, herewith submitted, there is set forth a detaUed statement of the monetary trans-'
actions of the GoA^ernment during the past year. I t Avill be seen that
the coin resources of the Treasury on all accounts from September 30,
1876, to September 30, 1877, had increased from $67,586,7,05 95 to
$133,585,072 24, and the currency resources from $100,437,766 44 to
$110,096,039 01.
'
Since the issue of sih^er coin commenced there has been returned to
the Treasury for redemption a largely-increased amount of minor coins
for which there is no demand. On September 29, 1877, there was on
hand of these coins an amount of $870,140 54, constituting a portion
of the currency balance of the Treasury practically unaA^ailable for
current use, and occupying the Treasury vaults to an inconvenient
extent. The necessary legislation for their proper disposition is
recominended.
SPECIAL AGENTS.
The Secretary calls attention to the accompanying report, showing
the transactions in the DiAdsion of Special Agents of Customs. Only
REPORT OF THE SECRETARY OF THE TREASURY.
XXXIX
twenty agents are now authorized to be employed. Until recently the
number was fifty-three, and, in view of the extent and character of the
duties devolAdng upon them, it is recomm'ended that the number be
increased to at least thirty.
COMMERCE AND NAVIGATION.
The Eegister of the Treasury reports the total tonnage of vessels of
the United States to be 4,242,600 tons, a decrease of 36,858 tons from
that of the fiscal year ended June 30, 1876.
The actual decrease is beUeved to be about 13,563 tons, this amount
being the excess of the losses over the gains during the last fiscal year,
the balance being accounted for by dropping canal-boats, exempt under
the act of Congress approved AprU 18, 1874.
The foUoAving table exhibits the total tonnage for the last two years:
1877.
1876.
'Vessels.
Registered, engaged in foreign t r a d e .
Enrolled and licensed, engaged in
domestic commerce
Total
Tons.
Vessels.
Tons.
3,009
1,592,821
22,925
2,686,637
22,398
2,631,407
25,934
4,279,458
25,386
4,242,600
2,988 .
1,611,193
The tonnage of vessels built, as given by the Eegister, is 176,592
tons, being a decrease from that of the previous year of 26,994 tons,
or over 15 per centum.
The number of vessels built is 1,029.
Official numbers have been aAvarded by the Bureau of Statistics during the fiscal year to 1,291 vessels, whose carrying capacity amounts to
217,541 tons, and since July 1, 1877, to 563 vessels, of the aggregate
tonnage of 119,639, as the follovdng statement more fully shows:
Statement. showing the numher, class, and tonnage of vessels officially numbered during the
fiscal year ended June 30, 1877.
Class and character of vessels.
Tonnage.
SaiUng-vessels...
Steam-vessels . . .
Unrigged vessels
114,236. 33
66,676.76
37,415.26
Total
218,328. 35
XL
R E P O R T OF T H E SECRETARY OF T H E TREASURY.
Vessels nuniber ed and registered from July 1 to Noveniber 16, 1877.
Glass and character of vessels.
Vessels.
Tonnage.
Sailing-vessels...
Steam-vessels . . .
Unrigged vessels
264
154
192
66,849.29
34,136.58
19,494.52
Total
610
120,480.39
In this connection, I would caU attention to the fact that a large
number of vessels, as defined by section 3 of the EcAdsed Statutes,
propelled neither by steam nor saUs, go to make up the tonnage of
enrolled and licensed vessels, while a large class of vessels Avith no
internal appliances for propulsion is exempt from enrolment and
license under the act of April 18, 1874^ These vessels consist, mainly,
of barges and open flats engaged in the transportation of coal and
lumber on the large navigable rivers of the country. For many years
this class of vessels has been increasing, and the water-transportation
of merchandise upon such rivers has been graduaUy passing from steamvessels to barges and other craft of temporary structure, which are
towed or propelled by steam or sail-vessels. The act of 1874 exempted
canal-boats and boats employed on the internal waters of States from
enrolment, so that a discrimination now practically exists between vessels propelled neither by steam nor saUs, as regards their UabUity to
enrolment, dependent simply upon the question whether they are or are
not iisuaUy employed on the internal waters of a State, in connection
Avith their employment on naAdgable waters of the United States. The
purely temporary character of many of these vessels renders it difficult
to apply to them the proAdsions for enrolment that are applicable to
Aressels propeUed by steam or sails, especiaUy as they are so constructed
as to admit neither of a permanent crew nor of a master who remains
on board.
The discrimination as regards enrolment is, besides, a gratuitouscause of dissatisfaction among that portion ofthe mercantile community
wiiich makes use of craft not propelled directly by steam or sails. All
these vessels should be subjected to a system of hcense and enrolment
different from that now in force, or all should be exempted firom enrolment. I t is belicA^ed t h a t the mercantile community- would prefer
enrolment, if the, fees for the preliminary admeasurement were moderate, and the system of enrolling now tn force were less complex. An
entire abandonment of enrolment deprives the GoA^ernment to a large
REPORT OF THE SECRETARY OF THE TREASURY.
XLl
extent of the means of ascertaining the statistics of the trade carried
on in this class of vessels.
i
The number of entries of American vessels into ports of the United
States from foreign ports for the fiscal year ending June 30,1877, was
10,660; the number of clearances of American vessels, foreign, for the
same period was 10,790. The number of entries of foreign vessels into
ports of the United States from foreign ports during the same period
was 18,379; the number of clearances of foreign vessels, foreign, for the
same time was 18,174.
The preponderance of foreign tonnage over domestic, tn carrying on
the foreign commerce of the country, is certainly not in accordance
Avith. the national desire. Such an Increase tn our shipping as Avill
restore this commerce to American citizens should, as far as possible,
Avithout burdening other industries, be encouraged by legislation. The
increase of the means and appUances for transportation, whether by
shipping or land-carriage, is a tax upon the industries that produce
the commodities to be conveyed. Subsidies draAvn from the revenue
in support of the transit industries are charges upon the productive
industries, and can be discreetly granted only tn the sure prospect of
a large expansion in the market demand for the commodities to be
transporfed by shipping or railroads, or where the Adtal necessities of
the country require free and speedy communication between its different
sections.
The high, price in our depreciated paper money of the chief materials
for ship-buUding has rendered us unable, since the war, to compete
with other nations in this great industry. The demand for iron in
buUding railroads, and the diversion of capital and labor from other
industries to that, has, howcA'^er, at present largely ceased. The ap13reciation of our currency to, nearly the coin standard, the rapid development of the coal and iron industries, and the falling off in the
demand for railroads, AviU tend to direct capital and labor to shipbuUding. Every encouragement may, at least, be given to the increase
of commerce in vessels of American OAvnership that can be prudently
afforded by modifying existing law in those respects in which it is a
burden upon such commerce.
REVTENUE-MARINE SERVICE.
The fleet of vessels einployed in this branch of the public serAdce consists of thirty-one steaniers and five sailing-vessels. Nearly aU of them
are specially adapted for cruising in the waters where they are respectively stationed.
XLII
REPORT OF THE SECRETARY OF THE TREASURY.
The following is a statement of the general serAdces performed by them
during the fiscal year ending June 30, 1877:
Number of vessels seized or reported for Adolation of l a w . . .
1,260
Number of vessels boarded and examined
, 25,396
Number of miles cruised.
196, 036
Number of vessels in distress assisted
.
204
Number of Uves saA^ed.
•
60
Estimated value of property rescued, consisting of vessels
and their cargoes imperiUed at sea
$3,901,362
In accordance with the proAdsions of the act of March 3, 1877, the
revenue-steamer "Eichard Eush" was properly fitted out and despatched from San Francisco, on the 1st of May last, for the protection of the seal-fisheries and sea-otter hunting-grounds in the Adcinity
of the seal islands and among the islands of the Aleutian archipelago,
and has successfully accomplished her mission.
The cadet system for the Eevenue Marine, provided for in the act of
July 31,1876, has been entered upon with the promise of great advantage to the service. Seven appointments haA^e been made during the
past year, from those applicants exhibiting the highest degree of proficiency, upon examination. These cadets haAdng been assigned to
duty on the schooner " J . C. Dobbin" for the purpose of affording
them uniform and satisfactory instruction, a cruise was taken for
practical training at sea. Upon its completion, the vessel was stationed at NCAV Bedford, Mass., where the young men have entered
upon a course of instruction, both theoretical and practical, arranged
Avith a special.Adew to the acquirements requisite for officers of the
Eevenue Marine.
The revenue steamer authorized to be built for service on the Pacific
coast has been completed and placed on duty, with headquarters at
the mouth of Columbia river. A new bark, of about 154 tons burden,
is under construction, to be stationed, when completed, upon the Atlantic coast, and used as a training-ship for cadets, in conjunction Avith
the performance of her regular work.
The expense of maintaining the Eevenue Marine for the fiscal year
ended June 30, 1877, is $841,176 31, the lowest reached stnce the
expenses of this service have been kept separately.
The waters upon the Gulf coast between MobUe bay and Lake Pontchartrain are too shoal to admit of being properly patroUed by any
of the vessels now in the serAdce. This is, consequently, a favorite
region for iUicit traffic, which is greatly facUitated by the proximity
of the railway running from Mobile to New Orleans. A smaU Ughtdraught steam revenue cutter, not exceeding 100 tons burden, properly
REPORT OF THE SECRETARY OF THE TREASURY.
XLIII
manned and stationed in those waters, would, it is believed, afford
important protection against smuggling. Such a vessel, it is estimated,
can be buUt for the sum of $25,000. Eecommendation is accordingly
made that legislative action be had with a Adew of meeting this demand.
LIFE-SAVING SERVICE.
The report of the operations of this serAdce affords a gratif^dng
exhibit.
^
During the past year four new life-saAdng districts., one upon the
coast of Florida, and three embracing the line of our coast upon the
Lakes, have been organized. Thirty new Ufe-saving and life-boat stations on the Atlantic and Lake coasts have been opened for service, together Avith the five houses of refuge authorized by law at different points
upon the Florida coast. On the Pacific coast three life-boat stations
haA^e been completed, and are now receiAdng their equipments, and
another is in process of construction.
The report makes several important recommendations, to which
carefid consideration is iuAdted. Special attention is caUed to the recommendation for increasing the compensation of the keepers of the
stations, a measure the necessity for which has been strongly impressed
upon the Secretary by a personal examination of the serAdce during the
past year. The recent resignation of several of the best keepers, owing
to the continued insufficiency of the pay, and the fact that other resignations are pending, and that most of these valuable men are retained Avith
difficulty, upon the hope of adequate remuneration, presage serious
consequences, which can only be averted by timely action. Under the
charge of these officers the record of the serAdce has this year surpassed that of any year preceding, the ratio of lives lost to the number
imperilled haAdng been reduced to about two and a half per cent. To
allow the serAdce, with this unexcelled record of usefulness, to lapse
into incapable hands, would be a grave error, involving serious results
to ma^ritime interests and to human life.
The vast area embraced by the operations of the serAdce, the multipUcity and importance of the detaUs involA^^ed in its proper conduct,
and the worth and graAdty of its guardianship of Adtal concerns, now
require that it be placed under an administration defined by law. Little, if any, increase of expense would attend this measure, which would
^carry with it all the benefits of completed organization essential to its
proper management.
A noteworthy incident in the reported improvement of life-savdng
apparatus during the year is the extension, with an accompanying
XLIV
R E P O R T OF T H E SECRETARY OF T H E TREAS.URY.
diminution in the weight of the gun employed, of the range of the shotline for establishing the means of safe transit from vrrecks, to what is
probably its utmost point of utility. This gratifying result narrows the
problem of gun or mortar service at wrecks to the simple consideration,
of further lessening the weight of the ordnance used, Avith a view of
facilitating rapid transportation.
The appaUing disaster to the United States steamer Huron, on the
coast of North Carolina, which has so recently occurred, would seem
to demand that provision should be made for the opening of the UfesaAdng stations tn that vicinity at an earUer date than the appropriations haA'-e hitherto allowed.
LIGHT-HOUSE ESTABLISHMENT.
The light-house establishment is in a satisfactory condition. During
the year, nineteen new Ught-houses, one new light-ship, one hundred and
ninety-six river-lights, and one steam fog-signal have been put into
operation.
"^
Light-ship No. 41, referred to in the last report of the Secretary of
the Treasury, was completed early in the fiscal year, and at once placed
on an exposed station. Her fog-signal, which was of a noA^el design,
has given great satisfaction.
Light-ship No. 42, for which appropriation was made by the last
Congress, is also nearly completed, and AviU have a similar fog-signal
She has been built Avith great care, at a time when material and labor
were to be had at low rates, and is expected to be the best light-ship
ever buUt by the Government.
Attention is called to the estimates of the Light-House Board for new
Ught-houses at American Shoal and Eebeccai Shoal on the Florida reefs.
These Ughts are essential for the completion of the system for the
Florida reefs, and would be aids of the greatest importance to the
navigation of the difficult and dangerous waters of that locality.
The suggestion is made that considerable expense tn the conduct of
the hght-house establishment might be saved by vesting the Ughthouse inspectors Avith authority to make, upon their periodical Adsits to
the stations, the^ disbursements which are now made by the coUectors
of customs acting as superintendents of Ughts. This step would also
relieve many of the keepers from the trouble and cost incident to the
journeys they are now compeUed to make to obtain their salaries,
besides prcA^enting the detriment to the serAdce invoh^ed in their
absence, on such occasions, from their posts of duty.
REPORT OF THE SECRETARY OF THE TREASURY.
COAST SURVEY.
XLV
p
The report of the Superintendent of the Coast SurA^ey shows that good
progress has been made in the general work of triangiUation, topography, and hydrography, with commensurate results in the issue of
charts for naAdgation.
In the prosecution of the work some notable facts have been
dcA^eloped. One of the investigations proves that information regarding the approximate velocity and direction of sea-currents, at any
hour of the day, may be compiled for the use of naAdgators,^ so as
to make these currents, which now so often baffle the mariner, aA^ailable in approaching or leaving the coast.
As of equal importance with a knowledge of the currents and tides
along the seaboard, but of even greater interest to the public, the A^ariations of the magnetic needle have been noted in the work of the Coast
Survey; and, by elaborate discussion and collation with older observations, it has become possible to predict variations ofthe compass, as in
the case of the tides.
THE MARINE-HOSPITAL SERVICE.
The amount received as hospital-dues from seamen during the last
fiscal year was $372,465 70, and the expenditures for the Marine-Hospital Service for the same period were $368,395 28—leaAdng a surplus of
$4,070 12.
^
'^ .^ ..
The number of sick and disabled seamen treated during the year was
15,175. The average cost per patient was $24 28—the least cost ever
attained—a reduction to this amount having been made since 1870,
when the average was $38 41. No deficiency appropriation has been
required for this service since 1873.
No proAdsion of law exists for the care and treatment of such destitute .American seamen (employed in the fisheries) returned to the United
States under section 4577 of the Eevised Statutes as may not be entitled to the benefits of the Marine-Hospital SerAdce, and whose condition
on arrival requires admission to a hospital. No reasons exist for the
abandonment of this class of seamen, when sick, upon their arrival in a,
port of this country. I would, therefore, recommend that the law be
so amended as to authorize the continuation of the relief furnished
them out of the fund appropriated for that purpose, untU hospitaltreatment shaU be no longer required.
The appointment of medical officers to the grade of assistant surgeon only, and the promotion of assistant surgeons when vacancies
occur in a higher grade,^ haA^e produced satisfactory results. This sys-
XLVI
REPORT OF THE SECRETARY OF THE TREASURY.
tem is^at present carried out under the regulations of the Department;
it would seem adAdsable, howcA^er, that it should be regulated by
statute.
Such proAdsions as may be needed for the improved administration
of this serAdce vdll be made the subject of further special communication to Congress.
STEAMBOAT INSPECTION.
During the past year there haA^e been inspected 4,061 vessels, involving an aggregate tonnage of 1,014,912.36 tons, and licenses have been
issued to 14,293 officers.
During that period there have been receiA^ed, on account of fees for inspection of steam-vessels
On account of officers' licenses..,
Total
$140, 312 56
121, 345 00
261, 657 56
There haA^e been expended, during the same period, amounts as follows:
For inspectors and clerks
$176, 692 00
For traveUing and' miscellaneous exjjenses
Total
31, 077^ 94
207, 769 94
Excess of receipts OA^er expenditures
53, 887 62
To avoid the expense uicurred by the annual meeting of the board
of superAdsing inspectors, as required by section 4405, Eevised Statutes, it is recommended that authority be given to couA^ene the board
at such time and place as the Secretary ofthe Treasury shall designate.
The SuperAdsing Inspector-General of Steam-Yessels recommends
that section 4419, EcAdsed Statutes of the United States, relating to
lock-up safety-valves, be repealed, or so amended as to compel uniformity
tn its application; that authority be conferred upon the Secretary of
the Treasury to appoint clerks to superAdsing inspectors in districts
where their services are actually required; also, that a reduction be
made in the fees for inspection of vessels of fifty tons and under; and
also for Ucensing officers—to which recommendations your attention is
respectfully invited.
PUBLIC BUILDINGS.
Attention is respectfuUy iuAdted to that portion of the Supervising
Architect's report, in which recommendation is miide for the construction of buildings for the accommodation of the Bureau of. Engraving.
REPORT OF THE SECRETARY OF THE TREASURY. XLVII
and Printing, and for such of the archives and files of the Department
as are not required for current use.
WhUe I have to recommend that appropriations be made for the
continuation of work upon the public buildings now m progress under
the supervision of this Department, tn accordance with the estimates
submitted therefor, the condition of the revenues is such as to make it
unwise, in my judgment, to authorize the construction of new buildings, except in those cases where the demands of the public service
seem to make them an absolute necessity.
REPORTS OF OFFICERS.
The reports of heads of bureaus and divisions, and the A^arious tables
referred to, are herewith transmitted as a part of this report.
The Secretary takes pleasure in commending to Congress the
industry and abiUty of the heads of bureaus and other officers of this
Department,> many of Avhom by long experience in the discharge of
difficult duties have made their serAdces of the greatest value to the
Government. The manner tn which their compUcated duties have
been performed, the faithful observance of the trust reposed in them
in the receipt and disbursement of large sums of money, and the accuracy and skill with which it is accounted for, entitle them to his
grateful acknowledgments.
JOHN SHEEMAN,
Secretary,
The Honorable
T H E S P E A K E R OF THE H O U S E OF EEPRESENTATIVES.
TABLES ACCOMPANYING THE REPORT.
1
F
REPO;RT OF THE SECRETARY OF THE TREASURY.
3
T.\BLE A.—Statement of the net receipts (hy ivirrants) during the fiscal year ended June 30,
1877. •
CUSTOMS.
Quarter
Qaarter
Quarter
Quarter
ended
ended
ended
ended
September 30, 1876
December 31, 1876
March 31, 1877
June 30, 1877
$37, 554, 7-28 53
27,793,128 95
34, 000, 920 47
31, 607, 715 12
$K0, 956, 493 07
SALES O F P U B L I C
Quarter
Quarter
Quarter
Qaarter
ended
euded
ended
ended
LANDS.
September 30, 1876
December 31, 1876
March 31. 1877
June 30, 1877
$252. 005 63
253,186 77
212,600 10
258. 461 18
INTERNAL
976,253 68
RliVENUK.
Quarter ended September 30.1876
Quarter euded Deceraber 31. 1876
Quarterended March 31, 1877
Quarter euded June 30, 1877
$28,813,336 37
29,242.831 76
27.446.264 69
33,127, 925 01
118,630,407 83
TAX ON CIRCULATION, DEPOSITS, E T C . , O F NATIONAL
Quarter euded
Quarterended
Quarterended
Quarterended
September 30, 1876
December 31. 1876
March 31. 1877
June 30, 1877
REPAYMENT
BANKS.
$3, 534, 707 87
21,232 40
3,451,871 55
70, 739 M
OF INTEREST BY PACIFIC RAILROAD
7,078,550 96
COMPANIES.
Quarter euded September 30, 1876
Quarter ended December 31, 1876
Qaarter ended March 31, 1877
Quarter ended June 30, 1877
|97, 902 59
54, 113 62
1, 039, 586 80
470,395 63
1,661,998 64 •
CUSTOMS F E E S , FINES, PENALTIES, AND F O R F E I T U R E S .
Quarterended Septeraber 30, 1876
Quarter ended December 31, 1876
Quarter ended March 31, 1877
Quarter ended June 30, 1877
$257,433 62
28!, 146 19
262, 831 57
243, 301 46
FEES—CONSULAR, LETTERS-PATENT,
Quarter ended
Quarter ended
Quarterended
Qaarter ended
September 30, 1876
December 31, 1876
March 31, 1877
June 30, 1877
•
Quarter
Quarter
Quarter
Quarter
1,044,712 84
AND LAND.
$425, 684 75
317, 587 08
424,366 42
559,973 72
:
:.
PROCEEDS OF SALES OF GOVERNMENT
ended September 30, 1876
ended December 31, 1876
ended March 31, 1877
ended June 30, 1877
1,727,611 97
PROPERTY.
$87, 416 17
56,142 75
61,409 47
128,986 57
333, 954 96
PREMIUM ON SALES OF COIN.
Quarter ended
Quarter ended
Quarterended
Quarter ended
September 30, 1876
December 31, 1876
March 31, 1877
June 30, 1877
$119, 518 96
61,597 14
39,377 82
29,086 86
^
,
249,530 78
P R O F I T S ON COINAGE.
Quarter ended
Quarter ended
Quarterended
Q aarter ended
September 30,1876
December 31. 1876
March 31, 1877.....
Juue 30, 1877
".
MISCELLANEOUS
Quarterended
Quarterended
Quarterended
Quarter ended
$481, 954 00
522,142 32
1,62.5,760 41
643, 382 35
September 30, 1876
December 31, 1876
March 31, 1877
June 30, 1877
$1,485,836 00
399,737 29
603,705 89
578,503 63
3, 067, 782 81
269, 000, 586 62
2,728,726 07
;..
9,677,105 89
24, 906, 324 95
Total ordinary receipts, exclusive of loanM
Proceeds of 5 per ceut. bonds of 1881. (Geneva award)....
Bunds canceled, aud accrued iuterest, (O-eneva award fund)
Excess of net receipts from loans over redemptions
Total net receipts
Balancein Treasury June 30, 1876
Grandtotal
3, 273, 239 08
SOURCES.
:
306,31^,743 53
121,807,732 30
428,120,475 83
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE B . - -Statement of the net disbursements (by warrants) during the fiscal year ended
June 30, 1877.
CIVIL.
Congress
Executive
Judiciary
Governraent of Territories
Sub-treasuries
Public land-offices...
Inspection of steam-vessels
Mint and assay-offices
'.
1
$4,865,193 96 .
6,054,048 51
3,391,094 41
22;^, 922 43
353,383 26
540,213 51
207,769 94
153,562 32
1
•.
"
*.-
Total c i v i l . . . . .
777.7....
$15, 794,188 34
FOREIGN INTERCOURSE.
Diplomatic salaries
Consular salaries
Contingencies of consulates
Kelief and protection of A.meritfan seamen
E,9scuing American seamen from shipwreck
A.merican and Mexican Claims Commission
....
American and Spanish Claims Comraission
Alabama Claims Commission
Tribunal of Arbitration at Geneva
Survey of boundary between United States and British possessions
Prisons for American convicts
Contingent and miscellaneous...
Total foreign intercourse
$362,866 80
478,169 99
142, 627 71
68, 620 46
3, 353 39
7,950 00
7,452 65
55, 435 99
12, 075 94
1, 042 64
14,202 77
75, 960 45
...
MISCELLANEOUS.
Mint establishment
Branch-mint buildings
CoastSurvey
.*...
Litiht-hoaseestablishment
Building and repairs of light-houses.
Eefunding excess of deposits for unascertained duties
llevenue-cutter service
Building revenue-cutters
Life-saving service
Custora-houses, court-houses post-offices, &c
'Furniture, fuel, &c., for public buildings under Treasury Departraent.
Kepairs and preservation of buildings under Treasury Department
Collecting customs-revenue
Debenture and drawbacks under customs laws
Marine-hospital establishment
Compensation in lieu of moieties
Assessing and collecting internal revenue
Punishing violations of internalrevenue laws
*
Internal-revenue stamps, paper, and dies
Kefunding duties erroneously or illegally collected
Internal-revenue allowances and drawbacks
Kedemption of internal-revenue stamps
Mail-steamship service
•.
Dteficiencies of revenue of Post-Office Departraent
Eetiirn of proceeds of captured and abandoned property
Expenses national loan, salaries
Expenses refunding national debt :
Expenses national currency
Suppressing counterfeiting and.fraud
Contingent expenses Independent Treasury
Public buildings and grounds in Washington
Annual repairs of the Capitol
Extension and grading of Capitol gronnds
State. War, and Navv Department building
Columbian Institute for Deaf and Dumb
Government Hospital for the Insane
Charitable institutions in Washingtou
Metropolitan police
Support and treatment of transient paupers
Survey of public lands
Repayments for lands erroneously sold
Five per ceut. fund. <fec., to States
Expenses ofthe eighth aud ninth census
Penitentiaries in Territories
Payments under relief acta
Expenses of board of health of District of Columbia
Kefunding proceeds of cotton seized
Southern Clairas Commission
R°'issaing of natioual currency
iPostage
'
<
'
Expenses of District of Columbia
.'
Intereston 3.65 honds of Oistrict of Columbia.......
Expenses for Bureau of Engraving and Printing
Piirchase and management of Louisville and Portland Canal
$1,172,431 17
62, 793 21
626,168 38
1,442, 277 51
924, 734 07
2, 098, 805 31
841,176 31
35,681 68
372,087 30
4, 6.57, 416 25
428, 646 28
227,128 94
' 6, 501, 037 57
3,127,964 69
367,509 97
32, 392 13
3. 556, 943 85
91, 658 75
415, 555 64
323, 390 04
55,168 92
16,121 33
375, 000 00
5, 733, 038 94
5, 284 17
439, 027 03
489, 740 86
128, 654 82
I l l , 722 08
55,648 60
252, 210 41
78, 00 > 00
155, 000 00
370,300 00
88,000 00
159, 996 21
94, 604 86 •
149, 754 76
14, 972 14
• 368,986 69
30,176 27
17, 283 64
2, 920 96
1, 498 00
85,485 48
16.670 00
9, 811 30
41, 800 00
151,109 15
708,640 69
258,562 44
501,649 61
966, 205 68
48,120 00
1,229,758 79
REPORT OF THE SECRETARY OF THE TREASURY.
5
TABLE B.—Statement of the net disbursements, (by.warrants,) 4'C.—Continued.
V a u l t s , safes, and locks for p u b l i c b u i l d i n g s
Smithsonian Institution
:
I n d e m n i t y for s w a m p - l a n d s
International Exhibition
Departmentof Agriculture
..
F e e s of s u p e r v i s o r s of elections
P r o p a g a t i o n , &c., of food-tishes
CollectinG: m i n i n g a n d o t h e r s t a t i s t i c s
Patent-Office
Miscellaueous items
R e n t a n d occupation of b a y a n d p e n i n s u l a of S a m a n a
.^
•Geological s u r v e y of the- T e r r i t o r i e s
D e p o s i t s b y i n d i v i d u a l s for s u r v e y s of p a b l i c l a n d s
M a n u f a c t u r e of p o s t a l c a r d s
Comraission to r e g u l a t e t r a n s p o r t a t i o n of
raails
D e f e n d i n g s u i t s a n d c l a i m s for s e i z u r e of c o n t r a b a n d a n d a b a n d o n e d
property
Total miscellaneous
L e s s excess of r e p a v m e n t s
$49, 580
81, 56 I
.20, 022
107, 929
119. 949
170,272
53, 879
12, 972
149, 998
77,097
65,000
182, 000
59, 022
62, 300
10, 000
88
00
15
75
64
07
45
15
91
85
00
00
39
00
00
41,664 27
$40, .5.50, 213 60
1, 322, 094 13
-•
$39,228,119 47
INTERIOR
DEPARTMENT.
Indians
$5,277,007 2?
Pensions
.'..
27,963,752 27
Total Interior Department
33, 240, 759 49
MILITARY
ESTABLISHMENT.
Pay Department
'.
Commissary Department
Quartermaster's Department
Oidnance Department
, . .•
,
Medical Department
Military Acaderay
E x p e n s e s of r e c r u i t i n g
Contingencies
Signal-service
^.
Bounties to soldiers.
'.
R e i m b u r s i n g S t a t e s for r a i s i n g v o l u n t e e r s
C l a i m s of loyal c i t i z e n s for s u p p l i e s
P a y m e n t s u n d e r relief a c t s
F o i ' t s a n d fortifications
I m p r o v e m e n t s of r i v e r s and h a r b o r s
R e i m b u r s i n g K e n t u c k y for e x p e n s e s in s u p p r e s s i n g the rebellion
B u i l d i n g roads, bridges, &c
'
W a s h i n g t o n a n d Or egon v o l u n t e e r s in 1855 a n d 1856
H o r s e s and o t h e r p r o p e r t y lost in s e r v i c e
S u p p o r t of Soldiers' H o m e
Miscellaneous
:
S u p p o r t of N a t i o u a l H o m e for D i s a b l e d V o l u n t e e r s
•.
C l a i m s for q u a r t e r m a s t e r ' s a n d c o m m i s s a r y s t o r e s
.
$12,702,607
2, 448, 872
11,879,787
1, 305, 627
592, 9i)2
60, 954
98, 576
27, 306
310,297
390,677
217, 722
942,818
248,614
304.415
4,108,155
4, .504
204, 433
9, 093
47, 675
33. 208
202. 650
668,7.33
173,100
76
64
58
42
38
45
45
97
07
08
22
32
91
33
54
80
65
92
56
15
24
44
02
Total miltary establishment
37, 082, 735 90
NAVAL
P a y a n d c o n t i n g e n c i e s of t h e N a v y
M a r i n e Corps
.'
Navigation
Ordnance
P r o v i s i o n s and c l o t h i n g
Medicine and surgery
•
Equipment and recrniting
Construction and repairs
Steam-engineering
•
Y a r d s and docks
P a y m e n t s u n d e r relief a c t s
Ob'servationsof t h e t r a n s i t of V e n u s
Miscellaneous
Totalnaval establishment
L e s s e x c e s s of r e p a y m e n t s
ESTABLISHMENT.
$7, 093, 667
891, 2':4
396, 934
339, 014
1, 07.3, 984
80, 687
80.5, .335
1, 977, 331
942, 223
1, 295, 447
78, 782
4, .550
19,064
14,998,278
38,342
:
'.
^
—
INTEREST ON THE PUBLIC DEBT. .
Total
14, 959, 935 36
97, 124, 511 53
Total n e t o r d i n a r y e x p e n d i t u r e s
P a y m e n t of j u d g r a e n t s C o u r t of A l a b a m a C l a i m s
B a l a n c e i n T r e a s u r y J u n e 30, 1877
31
95
11
38
02
90
75
34
57
99
46
39
06
23
87
238, 660, 008 ^Ki
2, 674, 465 93
i
241,-334,474 86
186, 786, OUO 97
428,120, 475 83
b
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE. C.—Statement of the issue and redemption of loans and Treasury notes (by wan-ants)
for the fiscal year ended June 30, 1877.
C h a r a c t e r of loaus.
Issues.
T r e a s u r y n o t e s p r i o r t o 1846, a c t s of
O c t o b e r 12,1837, M a y 21.1838, M a r c h
31, 1840, F e b r u a r y 15,1841, J a n u a r y
31,1842, A u g u s t 31, 1842, a n d M a r c h
3,1843
T r e a s u r y n o t e s of 1861, a c t o f M a r c h
2,1861'.
S e v e n - t h i r t i e s of 1861, a c t of J u l y 17,
1861
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 J u l y 12,
1862 . . . . . '
F i v e - t w e n t i e s of 1862, a c t of F e b r u ary 25,1862
L e g a l - t e u d e r notes, a c t s of F e b r u a r y
25, 1862. J u l y 11, 1P62, J a n u a r y 7,
1863, and M a r c h 3,1863
' . . . . . $72,440,899 00
F r a c t i o n a l c u r r e u c y , a c t s of J u l y 17,
1862, M a r c h S , 186.3, a n d June30,"l864
One-year n o t e s of 1863, a c t of M a r c h
3, 1863
T w o - y e a r n o t e s of 1863, a c t of M a r c h
3 . 1 8 6 3 . . . -:
Coin-certificates, act of M a r c h 3,1863
58,141,200 00.
C o m p o u n d - i n t e r e s t uotes, a c t s of
M a r c h 3, 1863, a n d J u u e 30,1864 . . .
S e v e n - t h i r t i e s of 1864 and 1865, a c t s
of 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 March,.1Q64, act of
M a r c h 3, 1864
F i v e - t w e n t i e s of J u n e , , 1864, a c t of
J u n e 30,1864
F i v e - t w e n t i e s of 1865, a c t of M a r c h 3,
1865
Cousols of 186.5, act of M a r c h 3,1865.,
Consols of 1867, a c t of March 3,1865..
F u n d e d loan of 1881. a c t s of J u l y 14,
1870, and J a n u a r y 20,1871 . . . . . '
1,134, 650 00
F u n d e d loan of 1891, a c t s of J u l y 14,
1870, a n d J a n u a r y 20,1871 ....."
140, 000, OOQ 00
Certificates of deposit, a c t o f J u u e 8,
1872
77,155, 000 00
Total.
E x c e s s of issues
E x c e s s of redemptions.
N e t excess, of issues, 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 .
Redemptions.
E x c e s s of issues.
• $50 00.
E x c e s s of redemptions.
$50 00
100 00
100 00
200 00
200 00
2, 955 00
2, 955 00
449 100 00
449,100 00
!, 448,851 00
10,007,952 00
;, 043,458 05
14, 043, 458 05
5, 630 00
5, 630 00
3, 350 CO
000 00 $12, 8.91, 200 00
i, 250,
130 00
"32,
250 00
19,
000 00
3, 350 00
32,130 00
19, 250 00
6, 000 00
150 00
1, 644,150 00
350 00
050 00
000 00
115,464,350 00
6, 050 00
1, 000 00
9, 553, 800 00
8, 419,150 00
140, 000, 000 00
55, 035, 000 00
22,120, 000 00
348, 871, 749 00 323, 965, 424 05 175,011,200.00'
175,011,200 00
150,104, 875 05
24, 906, 324 95
150,104, 875 05
. R E P O R T OF T H E SECRETARY OF T H E TREASURY.
7
TABLE D.—Statenient of the net receipts and disbursements (by warrants) for the quarter
ended September 30,1877.
RECEIPTS.
Customs
Sales of public lands
Internal revenue.
•Tax on circulation, deposits, &o.,of national banks
Repayment of interest by Pacific Railway Companies
Customs fees, fines, penalties, and forfeitures
Consular, letters-patent, homestead and land fees
Proceeds of sales of Government property
Premium on sales of coin
Profits ou coinage
Miscellaneous
$36,983,531 56
,218,791 19
o 28,393.382 58
3, 449„936 84
236,162 18
295, 340 32
441, 604 35
65, 588 36
130, 432 67
427, 777 10
895,022 67
-.
Total net ordinary receipts
71, 537, 569 82
Balance in the Treasury June 30,1877
186,786,000 97
Total
258,323,570 79
DISBURSEMENTS.
Customs
Internalrevenue
Diplomatic service
Judiciary
Interior, (civil)
Treasury proper
Quarterly salaries
Total civil and miscellaneous
ludians
Pensions...
Military establishment
Naval establishment....
Interest ou the public debt
,
^
:
• Total net ordinary disbursements
Redemption of the public debt
Balance iu the Treasury September 30,1877
Total
•..
5,075,834 33
861,646 07
281,213 16
791, 098 37
965,257 ,27
7,122, 265 14
124, 061 71
1.5,221,376 05
1,658,-572 96
7,416,783 59
2, 072, 037 48
3, 895, 545 51
40,466,589 96
70,7.30, 905 55
2, 534,025 07
185,058,640 17
,
258; 323, 570 79
8
R E P O R T O F T H E SECRETARY O F T H E
TREASURY^
TABLE E.-^Staiement of outstanding principal of the public debt of ihe 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 1844 to 1877, inclusive.
$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 7T
82, 976,294 35
83,038, 050 80"
PO, 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, 4!)1,965 10
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, 987,357 20
67, 475,043 87
• 58,421,413 67
48, 565,406 50
39,123, 191 68
24, 322,235 18
7,001, 698 88
4, 760,08.2 03 •
37, 733 05
37, 513 05
336, 957 83
3, 308,124 07
10, 434,221 14
3, 573 343 82
5, 250,875 54
13, 594,480 73
20, 601,226 28
32, 742,922 00
23, 461,652 50
15, 925,303 01
1.5, 550,202 97
38, 826,534 77
4i7, 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
64, 842,287 88
90, 580,873 72
,524,176, 412 13
1,119, 772.138 63
1, 815, 784.370 57
2, 660, 647,869 74
2, 773, 236,173 69
2,678,126, 103 87
2, 611, 687,851 19
REPORT
OF T H E
SECRETARY
OF T H E
TREASURY.
'
9
TABLE E.—Statement of outstanding principal of the public debt, 4'C.—Continued.
Year.
July 1, 1869
1870
1871
1872
Amount.
$2, 588, 452, 213 94
2, 480, 672, 427 81
2,353.211,332 32
2 253 251, 328 78
*2, 234, 482, 993 20
*2, 251, 690, 468 43
*2, 232. 284, 531 95
*2,180, 395, 067 15
*2, 205, 301, 392 10
..
1873
'.
1874
1875
1876
1877
:
:
.
*In the amount here stated as the outstanding principal of the public debt are included the certificates of deposit outatandiuEr on the 30th of June, issued under act of J u n e 8, 1872, amounting to
$31,730,000, in 1873 ; $58,760,000. in 1874; $58,415,000, in 1875 ; $32,840,000, in 1876. and $54,960,000, in 1877,
for which a like amount in TJnited States notes was on special deposit in the Treasury for their redemption, and added to the cash balance in the Treasury. These certifi-cates, as a matter of accounts, are
treated as a part of the public debt, but, being offset by notes held on depcsit for their redemption,
should properly be deducted from the principal of the public debt in making comparison with former
years.
Statement of. the xirincipal of ihe public debt, including accrued interest thereon, less cash in
the Treasury, on the 1st day of July of each year, from July 1, 1869, io July 1, 1877,
compiled Jrom the published monthly debt-statements of those dates.
Year.
July 1, 1869.
1870
1871.
1872.
1873
1874
1875
1876
1877,
Outstanding prin- Accrued inter- Cash ' in the Debt less cash in
Treasury.
cipal.
the Treasury.
^$2, 597, 722,983 37 $47, 447,310
*2, 601, 67.5,127 83 50, 607,556
2, 3.53, 211.332 32 45, 036,766
2,2.53,251, 328 78 41, 705,813
2, 234, 482,993 20 42, 356,,652
2,251,690, 468 43 38, 939,087
2. 232, 284,531 95 38, 647,556
2,180, 395,067 15 38, 514,004
2,205,301, .392 10 40, 882,791
79
52
23
27
82
47
19
54
89
$156,167, 813
265, 924,084
106,217, 263
103,470, 798
129, 020,932
147, 541,314
142, 243,361
119, 469,726
186, 025,960
58
61
65
43
45
74
82
70
73
$2, 489, 002,480
2, 386. 358,599
2, 292, 030,834
2,191, 486,343
2,147, 818,713
2,143, 088,241
2,128, 688,726
2, 099, 439,344
2, 060,158,223
58
74
90
62
57
16
32
99
26
* I t will be noticed that there is a difference in the amounts represented by these two statements as
the principal of the debt July„l, 1869, and July 1, 1870. This difference is explained thus: In the principal of the debt as shown by the monthly debt-statements of those dates the bpnds purchased for the
siuking-fnnd and paid for from money in the Treasury were included as a part of the outstanding
debt, and were also treated in the cash'as a cash item, or asset, for the reason that at that time there
was uo authority of law for deducting'them from the outstanding debt. • Congress, bythe sixth section
of the act of July 14, 1870, directed that these bonds should be canceled and destroyed and deducted
from the amount of eaiih class of the outstanding debt to which they respectively belonged, and such
deductions were accordingly made on the books of the Department and in the table of the debt in the
annual report.
10
REPORT OF T H E SECRETARY OF T H E
TREASURY.
TABLE F.—Statement ofthe receipts ofthe United Staies from March 4, 1789, to June
Balance in the
Treasury at
com m e n c ementofyear.
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
2,161,867 77
1801
2, 623, 311 99
1802
3, 295,391 00
1803
5, 020,697 64
1804
4, 825,811 60
1805
4, 037,005 26
lc06
3, 999,388 99
1807
4, 538,123 80
1808
9, 643,850 07
1809
9,941, 809 96
1810
3, 848,056 78
1811
2, 672,276 57
1812
305 80
• 3, 502,
1813 . 3,862,217 41
1814
5, 196,542 00
1815
1, 727,848 63
1816 n 3 , 106, 592 88
1817
22, 033, 519 19
1818
14, 989, 465 48
1819
.526 74
1, 478,992 38
1820
2, 079,461 21
1821
1,198, 592 24
1822
1,681, 427 55
lo23
4, 237,922 81
1824
9, 463,597 13
1825
• 1, 946,650 43
1826
5, 201,686 18
1C27
6; 358.286 10
1828
6,
668,
1&29
5, 972,435 81
1830
704 79
5,
755,
1831
6,014, 539 75
1832
914 45
4,
502,
1833
2,011, 777 .55
1834
905
31
11,702,
1835
8, 892,858 42
1836
803
96
26,
749,
1837
46, 708, 436 00
1838
252
69
37,
327,
lti39
1840 , 36,891, 196 94
503
68
33,157,
1841
29, 963, 163 46
1842
111
08
1843- 28, 685,
30, .521,979 44
1844
2^-4
74
39, 186,
1845
36, 742, 829 62
1846
274
81
36, 194,
1847
38, 261, 959 65
1848
33, 079,276 43
1849
29,416, 612 45
1850
32, 827, 082 69
1851
35,871, 753 31
1852
1853
40, 158,353 25
1854
43, 338, 860 02
1855
50,261, !iOl 09
1856
48,591, 073 41
1857
47, 777,'672 13
1858
49, 108,229 80
1859
46, 802.855 00
1860
3.5, 113,334 22
1861
33,193, 248 60
1862
32, 979,530 78
1863
30, 963,857 83
1664
40, 965,304 87
1865
36, 523,0-16 13
738 44
134, 433,
Customs.
Internal reven ue.
$4, 399,473 U9
942 81
3, 4431,070-85
705 70
4, 255,
S 306 56 • .337,
089 62
4, 801,065 28 •• 274,
755- 36
5,588!, 461 26 • 337,
289 .60
6,567,987 94 • • • 475;
7, 519I, 649 65
57.5, 491 45
7,1061, 061 93
644, 357 95
6,610I, 449 31
779, 136 44
9, 080I, 932 73
809, 396 55
1, 048,033- 43
10, 750\ 778 93
12, 4381, 235 74
• 621,898 89
,417 61
• 10, 479
21.5, 179 69
1, .565 33
11, 098,
50. 941 29
12, 936i, 487 0 1
21, 747 15
14, 667•, 698 1720, 101-45
15, 845., 521 61
13, U.51 40
16, 363I, 550 58
8, 190 23
7, 257,,506 62
4, 034 29
8, 58:1,309 31
7, 430 63
13.313i, 222 73
2,'29.5' 95
!, 777 53
8, 958
4, 903 06
13, 224.623 25
4, 7.55 04
1. 772 03 1, 662,984 82
5, 998.
4, 678,059 07
7, 282,, 942 32
5,124, 708 31
36, 306', 874 88
26, 283;, 348 49 2, 678,100 77
17, 176;, 385 00
955, 270 20
20, 283!, 608 76
229, 593 63
1.5, 005,612 15
106, 260 53
13. 004:, 447 15
69, 027 63
17, 589 761 94
67, 665 71
19i
34, 242 17
,, 433 44
34, 663 37
17, 878,
!, 325 71
771 35
25,
20, 098,
!, 713 45
21, 589 93
23,341 ,331 77
885 68
19,
19, 712,283 29
17, 451 54
23, 205.. 523 64
502 74
14,
22, 681,965 9!
12, 160 62
21,922,:, 391 39
933
51
t>,
24, 224,441 77
11, 630 65
28, 465>, 237 24
759
00
2,
29, 032:, 508 91
4, 196 09
16, 214,957 15
459
48
10,
19,391 , 310 59
370 00
23, 409I, 940 .53
493
84
11, 169\ 290 39
5,
16,158!, 800 36
2,,467 27
23, 137•, 924 81
2, 553 32
13, 499I, 502 17
1, 682 25
14, 487,216 74
3, 261 36
495 00
18, 187', 908 76
103 25
7,0461,843 91
777 34
26, 1831. 570 94
517 1,2
27, ,528,,112 70
897 26
26, 712,
!, 667 87
375 00
23, 747'. 864 66
375 00
31, 757,070 96
28, 346,738 82
39, 668,
., 686 42
49,017,,567 92
47, 339I, 326 62
58, 931., 865 52
64. 224!, 190 27
53, 025,
», 794 21
64, 022,
1, 863 50
63, 875i, 905 05
41,789\ 620 96
49, 565I, 824 38
53,187,511 87
39, 5821,125 64
49, 0561. 397 62
69, 059\ <)42 40 37, 640, 787 95
102, 3161,152 99 109,741, 134 10
84, 928I, 260 60 209, 464, 215 25
Direct tax.
$734, 223 97
534, 343 38
206, 565 44
71, 879 21)
50, 198 44
21, 882 91
55, '763 86
34, 732 56
19, 159 21
7, 517 31
12, 448 68
666 66
7, 859 22
3, 805 52
2, 219,497 36
2,162, 673 41
4, 253,635 09
1, 834,187 04
264, 333 36
83, 650 78
31, 5H6 82
. 29,349 05
20, 961 56
10, 337 71
201 96
6, 330 85
2, 638 76
6, 626 90
2, 218.81
2, 335 05
11, 980 59
16, 506-01
- 10,
.791 13
6, 394 12
19 80
263 33
728 79
687 70
755 22
1,795,331 73
1,485,103 61
475, 648 96
1, 200, 573 03
Public lands. Miscellaneous.
$10, 478 10
9, 918 65
21, 410 m
53, 277 97
28, 317 97
$4, 836 13
1,169, 415 98
83, 540 60
399, 139. 29
11,963 11
53, 192 81
86, 187 56
443 75
152, 712 10
167, 726 06
34.5, 649 15
188, 628 02
1, 500,51)5 86
165,675 69
131, 945 44
487, 526 79
139, 075 53
540, 193 80
40, 382 30
76.5, ^45 73
51, 121 86
466, 163 27
38,,'550 42
647,939 06.
21, 822 85
442, 252 33
62, 162 57
696, 548 82
84. 476 84
040, 237 53
59, 211 22
710, 427 78
126, 165 17
835,655 14
271, 571 00
135,971 09
164, 399 81
287, 9.39 28
285, 282 84
717,985 03
273. 782 35
991,220 06
109, 761 08
606, 564 77
57, 617 71
274, 422 78
57, 098 42
63.5,871 61
61, 338 44
212, 966 46
152, 589 43
803,581 54
452, 957 19
916,523 10
141, 129 84
984,418 15
127, 603 60
216,090 56
130, 451 81
393,785 09
94, 538 m495. 845 26
1, 31.5,722 83
018,308 75
65, 1^6 49
517,175 13
329, 356 14 • 112,648 .55
73, 227 77
210, 815 48
584. 124 05
623,381 03
270,
410 61
967, 682 55
470, 096 67
857, 600 69
430,
812 32
757, 600 75
759, 972 13
877, 179 86
2,
245,
902 23
776, 236 52
7,001, 444 59
730, 945 66
6,410,
348 45
361, 576 40
979, 939 86
411,818 63
2, ,567,112 28
365, 627 42
1, 004,0.54 75
335, 797 52
451, 995 97
,898,158 18
285, 895 92
059,939 80
1, 07.5,419 70
077, 022 30
361, 453 68
694,452 48
289, 950 13
498, 355 20
220, 808 30
328, 642 56
612, 610 69
688, 959 55
6.S5, 379 13
859, 894 25
2, 064.308 21
352. 305 30
1,185, 166 11
043, 239 58
464, 249 40
667, 084 99
470, 798 39
988, 081 17
497,049 07
1,10.5, 352 74
917, 644 93
827, 731 40
829, 4.:6 64
1, 116,190 81
513,715 87
1, 259,920 88
756, 687 30
1, 352,029 13
778,5.57 71
1, 454,596 24
870, 658 54
1, 083,530 id5
152, 203 77
1, 023,515 31
167, 617 17
91.5, 327 97
588, 333 29
3,741, 794 .38
996,; 53 31
30, 2 tl,701 86
25,441, 536 oo'
" For the half-year from Jan-
REPORT
OF
THE
SECRETARY
OF
THE
TREASURY.
11
30, 1877, by c a l e n d a r years to 1843 a n d by fiscal years (ended J u n e 30) f r o m t h a t time.
Dividends.
$8, 028 00
38.500 on
303, 472 00
160, 0;)0 00
160, 000 00
80, 960 00
79, 920 00
71, 040 00
71,040 Ou
88, 800 00
39, 960 OU
202, 426 30
525, 000 Oil
675, 000 00
1,000, ono
105, 000
297, 500
350. 000
350, 000
367, 500
402, 500
420, 000
4.55, 000
490, 000
490, 000
490. 000
490, 000
474, 985
234. 349
506, 480
292, 674
00
00
00
OO
00
00
00
00
00
00
90
00
00
00
50
82
6".
N e t ordinary
receipts.
Interest.
$4. 409, 951 19
3. 669, 960 31
4; 652. 923 14
5, 431. 904 87
6,114, .531 59 $4, 800 00
8, 377,.529 65 42, 8U0 OU
18, 6«8,780 99
7, 900,495 80 78, 675 00
7, .546,813 3!
10, 84-i, 749 10
12, 935, 331) 95 '16,'12.5" 00
14, 99.5, 793 95
11, 064, 097 63
11,826, 307 38
13,560, 693 21)
15, 559, 931 07
16, 398, 019 2H
17, 060, 661 93
7, 77.3, 473 12
9, 384,214 28
14, 422,634 09
9,801, 132 76
300 00
14, 340, 409 95
85 79
11, 181,625 16
15, 696, 916 82 11, .541 74
47, 676, 985 66 68,665 16
33. 099, 049 74 267, 819 14
412 62
21, ,58.5, 171 04
24, 603, 374 37
17, 840, 669 55
14, 573,379 72
20, 232, 427 94
20. 540, 666 26
19,381. 212 79
21,840,.858 02
25, 260, 434 21
22, 966, 363 96
24, 763, 629 23
24. 827, 627 38
24. 844, 116 51
28, 526, 820 82
31, 867, 450 66
33, 943, 426 25
21,791, 935 55
35, 430,087 10
50, 826,796 Or
24, 954, 153 04
26, 302,561 74
31,482, 749 61
19, - ~ ' 115 33
16, 860, 160 27
19, 976, 197 25
8, 231,OOl 26
29, 320 707 78
29, 970,105 80
29, 699, 967 74
26,. 467, 403 Hi
35, 698,699 21
30,721, 077 5U
43, .592,888 8f.
52, 555,039 33
49, 846,815 60
61, 587,031 6:
73, 800,.341 40
6.5, 350,.574 6r
74, 0.56, 699 24
68, 965,312 5<
46, 6.55,.365 96
52, 777, 107 92
56, 054, 599 83
41, 476, 299 49
51,919, 261 09
112, 094, 945 51
243,412, 971 20
322,031, 158 19
u a r y 1, 1843, t o J u n e 30, 1843.
Premiums.
R e c e i p t s from
loans a n d T r e a s Gross receipts.
ury notes.
$.361,,391 .34
45
01
4, 007,950 Ih
3, 396,424 00
320, 000 OC
70, 000 Of
200, 000 00
5, 000,000 00
1, 565,229 24
5. 102, 498
1, 797, 272
$32, 107 64
686 09
40, 000 00
71, 700 83
666 60
28,365
37, 080
487, 065
10, 550
4, 264
91
00
48
00
92
22 50
709, 3.57 72
10,008 00
33, 630 90
m, 400 00
602, 345 44
21,174,101 01
li, 68,i, 446 89
$4, 771, 342
8, 772,458
6, 450,195
9, 439,855
9,51.5, 758
8, 740,329
8, 7.58,780
8, 179, 170
12, 546, 813
12, 413, 978
12, 94.5, 4.55
14, 995, 793
11, 064, 097
11, 826, 307
13, 560, 693
Unavailable.
53
7(
1.^
6.^
5!
6;
9!
8(
31
34
95
9.^
6:3r
2(
15, 559. 931 (r,
16, 398, 019 2(
17, 060, 661 91;
7, 773,473 1-:
2, 750, 000 01
12, 134,214 2r
14, 422, 634 or
12, 837, 900 00
22, 639,032 71
26,184, 1.35 00
40, .524,844 9:
23, 377, 826 00
34, 5.59, 536 or35, 220, 671 40
50, 961, 237 6(
9, 425, 084 91
57, 171, 421 8
466, 723 4.^
33, 833, 592 33
8, 353 00
21, 593,936 6t
24, 60.5,665 3'/
2, 291 0
•20,831, 493 6.3, 000, 824 13
324
00
19, 573, 703 7i
5, 000,
20, 232,427 9^
20, 540,666 2<
.5, 000, 000 0(1
24,381, 212 71'
5, 000, 000 OC
26, 840..«58 0-.
25, 260, 434 21
22, 966, 363 9(.
24, 763. 629 2:24, 827,627 3r
24, 844, 116 51
28, 526, 820 831, 867,450 61
33, 948, 426 2f
21, 791,935 5.n
35, 430,087 U)
50, 826, 796 0)
2, 992, 989 15 27, 947, 142 IP
12,716,820 8»i
39,019, 382 61
3, 8.57, 276 21 35, 340,025 8'. I,
5, 589, 547 51 2.5, 069.662 84
13,659.317 3e
30,519, 477 6.^
14, 808, 735 64 34, 784. 932 8:'
12, 479. 708 36 20, 782, 410 4.1, 877,181 35
31, 198, 555 r.'
29, 970, 105 H(
29, 699, 967 74
28, 872,399 45
55, 368. 168 5:
21,2.56, 700 00
56. 992;479 21
28, 588.750 00
59, 796,892 9)
4, 045,950 00
47, 649, 388 8:
203, 400 00
52, 762,704 25
46, .300 00 49, 8:»3, 115 60
16, 3i0 00
61, 60.3, 404 I
73, 802,343 07
2, OOl 67
800 00
65,351, 374 6r
200 00
74, 056, 899 2
68, 969,212 5'
3, 9,00 00
70, 372,665 96
23, 717,300 00
81. 773,965 64
28, 287,500 OO
76, 841,407 820, 776, 800 00
41.861, 709 74
83,371, 640 i:
5-i9, 692,460 .50 581,680, 121 .59
776. 682. ,361 57 889, 379,652 5'
123. 873, 945 3(1 , 393, 461,017 5
1,472, 224, 740 85 , 80.5, 939,345 93
$1, 889 50
63, 288 35
458, 782 93
37, 469 25
11, 188 00
28, 251 90
'36,'ooo'00
103,301 37
15, 408 34
11,110
6,001
9,210
6,095
81
01
40
11
12
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE F;—Statement of the receipts of ihe United Staies
1
B a l a n c e in t h e
Treasury at
comm e n cementofyear.
1866
1867
$33, 933, 657 89
160, 817, 099 73
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
198, 076, 537 09
158, 936, 082 87
183, 781, 985 76
177,604, 116 51
138, 019,122 15
134, 666, 001 85
159,293,673 41
178,833,339 54
172,804,061 32
149, 909, 377 21
Customs.
$179, 046, 651 58
176, 417, 810 88
164, 464, 599 56
180, 048, 426 63
194, .538, .374 44
206, 270, 408 05
216, 370, 286 77
188, 089, 522 70
163,103, 833 09
157,167, 722 35
148,071,984 61
130, 956, 493 07
3. 985, 020, 633 90
Internal revenue.
Direct tax.
$309, 226, 813 42 $1,974,7.54 12
266, 027, 537 43 4, 200, 233 70
191, 087, 589 41
1.58, 356, 460 86
184, 899, 756 49
143, 098,153 63
130, 642, 177 72
113,729,314 14
102, 409, 784 90
110,007, 493 58
116, 700, 732 03
118,630,407 83
1, 788, 445 85
765, 685 61
229,1(12 88
580, 355 37
315, 254 51
93, 798 80
P u b l i c l a n d s . Miscellaneous.
$665, 031 03 $29, 036, 314 23
1,163, 575 76 15,037,522 15
1,348,715 41
4, 020, 344 34
.3, 350, 481 76
2, 383, 646 68
2, 57.5, 714 19
2,882,312 38
1, 852, 428 93
1,413,640 17
1, 129,466 95
976, 253 68
17, 745, 403 59
13, 997, 333 65
12,942, 118 30
22, 093, 541 21
1.5, 106,051 23
17,161,270 05
32. 575, 043 32
15,431,915 31
24,070,602 31
30, 437, 487 42
2, 323, 940, 371 53 27, 648, 725 73 202, 543, 288 38 355, 249, 409 43
*Amouiits heretofore credited to the Treasurer as uua
NOTE.—The ordinary receipts for the year 1876 include
REPORT OF T H E SECRETARY
OF T H E TREASURY.
13
from March 4, 1789, to June 30, 1877, cJc.—Continued.
a
Dividends.
Net ordinary
receipts.
1866
1867
$519, 949, 564 38
462, 846, 679 92
1868
1869
1870
1871
187-^
1873
1874
1875
1876
1877
376, 434, 453 82
357,188,256 09
395, 959, 833 87
374, 431,104 94
364, 394, 229 91
322,177, 673 78
299, 941, 090 84
284,020,771 41
290, 066, 584 70
281, 000, 642 00
Interest.
Premiums.
R e c e i p t s from
loaus and
Tre as u r y
notes.
Gross receipts.
Unavailable.
$38, 083, 055 68 $712, 851, 533 05 $1,270,884,173 11 $172, 094 29
27, 787, 330 35 640, 426, 910 29 1,131, 060, 920 56 721 827 93
2, 675, 918 19
29, 203, 629 50 625,111,433 20 1, 030, 749, 516 52
13,75.5,491 12 • 938, 678, 081 06
609,621,828 27
15, 295, 643 76 285, 474, 496 00
696. 729. 973 63
.8,892,839 95 268, 768, 523 47
652, 092, 468 36
9, 412, 637 65 305, 047, 054 00
679,153, 921 56
11, 560, 530 89 214,931,017 00
548,669,221 67
5, 037, 665 22 439, 272, .535 46 744,251,291 52
3, 979, 279 69 387, 971, 556 00
675, 971, 607 10
4, 029, 280 58 397, 455, 803 00
691,551,673 28
405, 776 58 348, 871; 749 00
630,278,167 58
*2, 070 73
*3, 396 18
*18, 223 35
*3 047 80
12, 691 40
.... 9, 720,136 29 6, 904,122, 565 26 485, 224 45 202, 436, 960 90 9,188, 090, 760 84 16, 295,135, 511 45 2, 661, 866 53
vailable, and since recovered and charged to his account.
$6,613,826.12, and for 1877 $12,405,831.96, proceeds of Geneva award bonds.
14
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE G.- -Statement of the expendiiures of the United States from March 4, 1789, to June
Year.
1791
1792
1793
-1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
18.32
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843*
1844
1845
1846
1847
1848
1849
1850
18.51
18.52
1853
1854
1855
1856
1857
1858
18.59
1860
1861
1862
1863
1864
War.
$632, 804 03
1,100, 702 09
1,130, 249 08
2, 639, 097 59
2, 480, 910 13
1, 260, 263 84
1, 039, 402 46
2, 009, 522 30
2, 466, 946 98
2, 560, 878 77
1, 672, 944 08
1, 179, 14 S 25
822, 055 85
875, 423 93
712, 781 28
1, 224, 355 38
1, 288, 685 91
2, 900, 834 40
3, 34.5, 772 17
2, 294, 323 94
2,032,828 19
11,817,798 24
19,652,013 02
20, 3.50, 806 86
14, 794, 294 22
16,012.096 80
8, 004, 236 53 .
5, 622, 715 10
6, 506, 300 37
2, 630, 392 31
4,461,291 78
3,111,981 48
3, 096, 924 43
3, 340, 939 85
3, 659, 914 18
3, 943, 194 37
3, 948, 977 88
4,14.5, 544 56
4,724,291 07
4, 767,128 88
4, 841, 835 55
5, 446, 034 88
6, 704. 019 10
5, 696,189 38
5, 759,156 89
11, 747, 345 2'o
13, 682, 730 80
12, 897, 224 16
6, 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, 6rt7, 024 58
12,161,965 11
, 8,521,506 19
9, 910, 498 49
11, 722, 282 87
14, 648, 074 07
16,96-3, 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
60.3,314,411 82
690, 391, 048 66
Navy.
$ei,"408'97*
410,562 03
274, 784 04
382, 631 89
1, 331, 347 76
2, 858, 081 84
3, 448, 716 03
2,111,424 00
915, .561 87
1, 215, 230 53
1,189, 832 75
1,597,500 on:
1,649,641 44
1, 722, 064 47
1, 884, 067 80
2, 427, 758 80
1, 6.54, 244 20
1, 965, 566 39
3, 959, 365 15
6, 446, 600 10
7,311,290 60
8, 660, 000 25
3, 908, 278 30
3, 314. 598 49
2, 953, 695 00
3,i347.640 42
4, 387, 990 00
3,319,243 06
2, 224, 458 98
2, 503, 765 83
2, 904, 581 56
3, 049, 083 86
4, 218, 902 45
4, 263, 877 45
3, 918, 786 44
3, 308, 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, 498,199 11
6, 297,177 89
6,45.5,013 92
7, 900, 635 76
9, 408, 476 02
9, 786, 705 92
7, 904, 724 66
8, 880, 581 38
8,918,842 10
11,067,739 53
10, 790, 096 32
13,327,095 11
14, 074, 834 64
12, 651, 694 61
14,0.53.264 64
14, 690, 927 90
11, 514, 649 83
12, 337,156 52
42, 640, 353 09
63.261,235 31
85, 704, 963 74
Indians.
Pensions.
$27 000 00
13, 648 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
21.3, .575 00
337, 503 84
177, 625 00
• 151,875 00
277,845 00
167, 358 28
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, 034 24
576, 344 74
622, 262 47
930,738 04
1,352,419 75
1, 802, 980 93
1,003,953 20
1, 706, 444 48
5, 037, 022 88
4, 348, 036 19
5,504,191 34
2, .528, 917 28
2,331,794 86
2,514,837 12
1,199,099 68
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, 829, 801 77
3, 043, 576 04
3, 880, 494 12
1, 550, 339 .55
2, 772, 990 78
2, 644, 263 97
4,354,418 87
4, 978, 266 18
3, 490, 534 .53
2, 991, 121 54
2. 86.5, 481 17
2, 327, 948 37
3,1,52, 032 70
2, 629, 975 97
$175,813 88
109,243 15
80, 087 81
81, 399 24
68, 673 22
100, 843 71
92, 256 97
104, 845 33
9,5, 444 03
64, 130 73
73, 533 37
85, 440 39
62, 902 io
80, 092 80
81, 8.54 59
81, 875 ,53
70. 500 00
82, 576 04
87, 833 54
83, 744 16
75, 043 88
91,402 10
86,939 91
90,164 36
69, 656 06
188,804 15
297, 374 43
890,719 90
2, 415, 9.39 85
3,208,376 31
242, 817 25
1, 948,199 40
1, 780, 588 52
1,499,326 59
1, 308, 810 57
1, 556, 593 83
976,138 86
850, 573 57
949,594 47
1,363,297 31
1,170, 6()5 14
1,184, 422 40
4, 589,152 40
3, 364, 285 30
1,9.54,711 32
2, 882, 797 96
2, 672, 162 45
2,156, 057 29
3,142,750 51
2, 603, .562 17
2, 388, 434 51
1,378,931 33
839,041 12
. 2, 032, 008 99
2, 400, 783 11
1,811,097 56
1, 744, 8:^i 63
1, 227, 496 48
1,328,867 64
1,866,886 02
2, 293, 377 22
2, 401, 858 73
1, 756, 306 20
1, 232, 665 00
1,477,612 .33
1,296,229 65
1, 310. 330 58
1,219,768 30
1,222,222 71
1, 100, 802 32
1, 034, 599 73
852, 170 47
1, 078, 513 36
4, 985, 473 90
Miscellaneous.
$1,08.3,971 61
4, 672, 664 38
511, 451 01
750i 350 74
1, 378. 920 66
801, 847 58
1,259,422 62
1, 139. 524 94
1, 039. 391 68
1, 337, 613 22
1,114, 768 45
1,462,929 40
1, 842, 635 76
2,191,009 43
3, 768, 598 75
2, 8911,137 01
1,697,897 51
1, 42.3, 285 61
1,21.5,803 79
1,101,144 98
1,367,291 40
1, 683, 088 21
1, 729, 435 61
2, 208, 029 70
2,898,870 47
2,989,741 17
3, 518. 936 76
3, 835, 839 51
3,067,211 41
2, 592, 021 94
2,223.121 54
1, 967. 996 24
2, 022, 093 99
7, 1.55, 308 81
2, 748, 544 89
2. 600, 177 79
2, 713, 476 58
3, 676, 052 64 <
3, 082, 234 65
3,237,416 04
3,064,646 10
4, 577, 141 45
5. 716, 245 93
4, 404, 728 95
4, 229, 698 .53
5, 393, 279 72
9, 893, 370 27
7, 160, 664 76
5, 725, 990 89
.5, 995, 398 96
6, 490, 881 45
6,77.5,624 61
3, 202, 713 00
5, 645, 183 86
5,911,760 93
6,711,283 89
6, 885, 608 35
.5, 650, 851 25
12,885,334 21
16, 043, 763 36
17,888,992 18
17, 504, 171 45
17, 463, 068 01
26, 672. ] 44 68
• 24, 090, 425 43
31,794,038 87
28, 565, 498 77
26,400,016 42
23, 797, 544 40
27, 977, .978 30
23, 327, 287 69
21,38.5,862 59
23,193, 382 37
27, 572, 216 87
* For the half-year from Jan
REPORT
OF
THE
SECRETARY
OF T H E
TREASURY.
15
30, 1877, by calendar years to 1843 and by fiscal years (ended June 30) from that time.
Net ordinary
expenditures.
$1,, 919, 589
5,. 896, 258
1,,749,070
299
3, 545,
4, 362,541
551,303
2, 83(3,110
2,,651,710
4,, 480,166
411, 369
fi,
669
7, 981,
737, 079
4, 002, 824
3, 4.52, 858
234
4, .357,
209
4, 080,
572
6,,984,
504,
6,, 414, 338
672
4,,311,082
6,, 592, 604
7, 829, 498
5, 082, 396
5, 127, 686
17, 953, 571
28, 373, 432
30, 454, 609
26, 808, 673
23, 300, 273
15, 134, 530
13, 723, 479
16, 827, 643
13, 784,154
10, 330,144
9, 490, 459
9, 062, 316
15, 653, 095
11, 296, 041
13, 641,210
12, 229, 533
13, 864, 067
12, 516, 388
13, 713, 755
13, 425, 417
16, 514, 950
22, 868,164
18, 243, 214
17, 849, 718
30, 496, 948
37. 139, 920
33; 196, 840
26, 361, 336
24, 256, 508
26, 650, 108
24, 895, 369
11, 418, 459
801,569
20, 227, 454
21, 933, 542
26, 165, 990
53, 054, 717
45, 389, 954
39, 078,156
37, 967. 528
44. 316,197
40, 7^2, 527
44, 041, 143
51, 330. 437
56, 3)5, 950
66, 056, 754
m, 616, 0.55
Premiums.
Interest.
$1,177, 863 03
2,373, 611 28
2, 097,859 17
2, 752,523 04
2, 947.059 06
3, 239,347 68
3,172, 516 73
2, 955,875 90
2, 815,651 41
3, 402,601 04
4,411, 830 06
4, 239, 172 16
3, 949, 462 36
4,185, 048 74
2, 657, 114 22
3, 368,968 26
3, 369,578 48
2, 557,074 23
2, 866,074 90
,3,163, 671 09
2, 585,435 ,57
2,451, 272 57
3, 599,455 22
04
4, 593,239
24
5, 990,090
923
7, 822,282 34
55
4, 536,954 03
6, 209, 730 56
5,211, 004 .32
5,151, 073 79
5,126, 788 79
5,172, 475 40
4, 922, 557 93
4, 943, 757 40
4, 366, 542 95
3, 975, 071 51
3, 486, 800 60
3, 098, 843 23
2, 542, 574 93
1,912. 748 74
1, 373, 561 50
772, 796 87
303, 152 98
202, 863 08
57,
82, 865 81
, 69, 713 19
170, 063 42
420, 498 64
2, 877, 818 69
872, 047 39
385, 372 90
363. 572 39
574,443 08
72, 379, 896
66, 004, 575
60, 283, 679
62,
456,
uary 1,1843,
694, to J u n e 30, 1843.
811,
$699, 984
693, 0.50
2, 633, 043
2,743, 771
2. 841, 639
2, 577, 126
23
25
07
13
37
01
2, 617, 250 12
976, 032 09
1, 706,578 84
1,138, 563 11
2, 879,876 98
5, 294,235 2A
3,306, 697 07
3, 977,206 07
4, 583,960 63
5, 572,018 64
2, 938,141 62
7, 701,288 96
3, 586,479 26
4, 835,241 12
.5,414, 564 43
1, 998,349 88
7, 508,668 22
3, 307,304 90
6, 638,832 11
17, 048,139 59
20, 886,753 57
1.5, 086,247 59
2, 492,195 73
3, 477,489 96
3,241, 019 83
2, 676,160 33
607, .541 01
11, 624,835 83
7, 728,587 38
7, 06.5,539 24
6, .517,596 88
9, 064,637 47
9, 860,304 77
9, 443,173 29
14, 800,629 48
17, 067, 747 79
1, 239,746 51
5, 974,412 21
328 20
21, 822 91
48
5, 590, 723 79
89 10, 718, 153 53
08
3, 912, 015 62
55
5, 315, 712 19
85
7, 801. 990 09
91
338. 012 64
13 11,1.58, 450 71
1, 040,458 18
7, 536, 349 49
842, 723 27
371, 100 04
1,119, 214 72
5, 600,067 65
2, 390,765 88 13, 036,922 54
3, 565,535 78 12, 804, 478 54
3, 782,393 03
3, 656, 335 14
3, 696,760 75
654, 912 71
4, 000,297 80
2,152, 293 05
3, 665,832 74
6, 412,574 01
3, 070.926 69
17, 556,896 95
2, 314,464 99
6, 662,065 86
1, 953,822 37
3,614, 618 66
1, 593,265 23
,3. 276,606 05
1, 652,055 67
7, 505,2.50 82
2, 637, 649 70 14, 685, 043 15
3,144, 120 94 13, 854,250 00
4, 034,1,57 30 18,737, 100 00
13,190, 344 84 96, 097,322 09
24, 729,700 62 181,081, 635 07
53, 685,421 69 430, 572,014 03
14, 996
399, 833
174, 598
284, 977
773, 549
523, 583
1, 833, 452
$18, 231 43
Public debt.
Gross expenditures.
B a l a n c e in
Treasury at
the end of
the year.
$3, 797,436 78 $97.3, 905 75
8, 962,920 00
783, 444 51
6, 479,977 97
753, 661 69
9,041, 593 17 1,151, 924 17
10,151, 240 15
516, 442 61
8, 367,776 84
888, 995 42
8, 625,877 37 1,021, 899 04
8, 583,618 41
617, 451 43
11, 002,396 97 2,161,867 77
11, 952,.534 12 2, 623,311 99
12, 273, 376 94 3, 295,391 00
13, 270,487 31 5, 020,697 64
11, 258,983 67 4, 825,811 60
12, 61.5,113 72 4, 037,005 26
1.3, 598,309 47 3, 999,388 99
15, 021,196 26 4, 538, 123 80
11, 292,292 99 9, 643,850 07
16, 762,702 04 9,941, 809 96
13, 867,226 30 3, 848,056 78
13, 309,994 49 2, 672,276 57
13, 592,604 86 3,502, 305 SO
22, 279, 121 15 3, 862,217 41
39,190, 520 36 5,196, 542 00
63
38, 028,230 32 1, 727,848
88
39, 582,493 35 13, 106,592
519
19
495
51
48, 244,
22, 033,
48
40, 877,646 04 14, 989,465
74
35,104, 875 40 1,478, 526
992 38
24, 004, 199 73 2, 079,461
21
21, 763, 024 85 1,198, 592 24
19, 090,572 69 • • 1, 681, 55
17, 676,592 63 4, 237,427
922 81
15, 314, 171 00 9, 463,597
13
31, 898,538 47 1, 946,650 43
804
72
.5,201,
23, 585,
686
18
24,10.3, 398 46 6. 358,286 10
22, 656,764 04 6, 668,
25, 459, 479 52 5, 972,435 81
2.5, 044,358 40 5, 75.5,704 79
24, 585,281 55 6, 014,539 75
30, 038,446 12 4, 502,914 45
34, 356,698 06 2,011, 777 55
24, 257,298 49 11, 702,905 31
24, 601,982 44 8, 892,858 42
17, 573, 141 56 26,719, 803 96
30, 868, 164 04 46, 708,436 00 •
37, 265, 037 15 37, 327,252 69
39,455, 438 35 36, 891,196 94
37,614, 936 15 33.157, 503 68
28, 226,533 81 29, 963, 163 46
31, 797, 530 03 28, 685, 111 08
32, 936,876 53 30, 521,979 44
12,118, 105 15 39,186, 284 74
33, 642,010 85 36, 742.829 62
30, 490, 408 71 36, 194,274 81
27, 632, 282 90 38,261, 959 65
60, 520, 8.51 74 33, 079,,276 43
60, 655, 143 19 29, 416. 612 45
56, 386,422 74 32, 827, 082 69
44, 604, 718 26 35, 871,753 31
48, 476,104 31 40.158. 3.53 25
46, 712,608 83 43, 338,860 02
54, 577, 061 74 50, 261, 901 0975, 473,170 75 48,591. 073 41
66,164, 775 96 47, 777,672 13
72, 726,341 57 49,108, 229 80
71.274, 587 37 46, 802,855 00
22
82, 062, 186 74 3,5,113, 334
60
83, 678,642 92 33,19.3, 248
530
78
77, 055, 125 6; 32, 979, 857 83
313
08
85, 387,
30, 963,304 87
56.5, 667,563 74 46, 965,046 13
899, 815,911 25 36, 523, 738 44
1,295, 541,114 86 134, 433,
16
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE G.—Statement of the expenditures of the United
Year
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
War.
Navy.
Indians.
Pensions.
Miscellaneous.
$16, 347, 621 34
15, 605, 549. 83
$42, 989, 383 10
40,613,114 17
103,369,211 42
*53, 286 61
119, 607, 656 01
*9,737 87
643, 604, 554 33
*718, 769 52
717, 629, 808 56
31,034,011 04
25, 775, 502 72
20, 000, 757 97
21, 730, 229 87
19, 431, 027 21
21, 249, 809 99
23, 526, 256 79
30, 932, 587 42
21, 497, 626 27
18,963, 309 82
14,959,935 36
103, 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, 728 82
7, 951, 704 88
6, 692, 462 09
8, 384, 656 82
5, 966, 558 17
5, 277, 007 22
119,617,393 88
20,936,551 71
23, 782, 386 78
28,476,621 78
28, 340, 202 17
34, 443, 894 88
28, 533, 402 76
29, 359, 426 86
29,038,414 66
29, 456, 216 22
28, 257, 395 69
27, 963, 752 27
644, 323, 323 85
51,110, 223 72
53, 009, 867 67
56.474,061 53
53,2.37, 461 56
60, 481, 916 23
60, 984, 757 42
73, 323,110 06
85,141,593 61
71, 070, 702 98
73,599,661 04
58, 926, 532 53
966, 780, 863 02
171, 377, 688 77
428, 205, 659 66 1, 341, 688, 212 20
$1, 0.30, 690, 400 06
283,1-54, 676 06
$122,617,434 07
43, 285, 662 00
3, 568, 638, 312 28
*3, 621, 780 07
717, ,551, 816 39
*77, 992 17
3, ,572, 260, 092 35
95,224,415 63
123, 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
38, 070, 888 64
37, 082, 735 90
4, 202, 972, 307 68
$5. 059, 360 71
3, 295, 729 32
* Outstanding
NOTE.—This statement is made from warrants paid by lhe Treasurer up to June 30, 1866. The out
in the Treasury J u n e 30, 1877, by this statement is $214,887,645.88, from which should be deducted
$186,786,000.97. ' The ordinary expenditures for the year 1876 include $6,641,287.26, and for 1877
REPORT OF THE SECRETARY OF THE TREASURY.
17
States from March 4, 1789, to June 30, 1877—Continued.
Year. Net ordinary
expenditures.
Premiums.
Interest.
Public debt.
Gross expenditures.
B a l a n c e in
Treasury at
the end of
the year.
1865 $1, 217, 704,199 28 $1, 717, 900 11 $77, 395, 090 30$609, 616,141 68$1, 906, 433, 331 37
$33, 933, 657 89
385, 954, 731 43
58, 476 51 133, 067, 624 91 620, 263, 249 101,139, 344, 081 95105, 301, 654 76
1866
5,152, 771, 550 43 7, 611. 003 56 502, 689, 519 27
2, 374, 677,103 128, 037, 749,176 38
*4, 484, 555 03*4, 484, 555 03
*4, 481, 566 24
*2, 888 48
*100 31
1867
1868
1869
1870
•1871
1872
1873
1874
1875
1876
1877-
5,157, 253,116 67 7, 611, 003 56
202, 947, 733 8710, 813. 349 38
229, 915, 088 11 7, OOi; 151 04
190, 496, 354 95 1, 674, 680 05
164, 421, 507 1515, 996, 555 60
157, 583, 827 58 9, 016, 794 74
153, 201, 856 19 6, 958, 266 76
180, 488, 636 90 5.105, 919 99
194,118, 985 00 1, 395, 073 55
171, 529, 848 27
164, 857, 813 36
144, 209, 963 28
502, 692, 407 75
8, 042, 233, 731 41
2, 374, 677, 203 43
160, 817, 099 73
143, 781, 591 91 735, 536, 980 111, 093, 079, 655 27
198, 076, 537 09
140, 424, 045 71 692, 549, 685 881,069, 889, 970.74
158, 936, 082 87
130, 694, 242 80 261,912,718 31
584, 777, 996 11
183, 781, 985 76
129, 235, 498 00 393, 254, 282 13 702, 907, 842 88
177,604,116 51
125, 576, 565 93 399, 503, 670 65 691, 680, 858 90
138, 019,122 15
117, 357, 839 72 405, 007, 307 54 682, 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 ,3172,
2 804, 061 32
100,243, 271 23 449, 345, 272 80 714, 446, 357 39
149, 909, 377 21
97,124, 511 58 323, 965, 424 05 565,299,898 91 214, 887, 645 88
7, 098, 894, 450 19
16, 077, 585, 999 04
7, 111, 024, 731 33
65, 572, 794 671, 802, 094, 022 85
warrants.
standing warrants are then added, and the statement is by warrants issued from that date. The balance
the amonnt deposited with the States, $28,101,644.91, leaving the uet available balance June 30, 1877,
$2,674,465.93, payments of jugments ofthe Conrt of Alabania Claims.
2 F
TABLE H.—Siaiement showing the condition of the sinking-fund from its institution in May, lS69,io amd including June 30, 1677.
T H E SECRETARY OF T H E T R E A S U R Y I N ACCOUNT W I T H
DR.
July
1 1868
J u n e 30, 1869
T o ^ of 1 p e r cent, on t h e p r i n c i p a l of t h e p u b l i c debt, bei n g for t h e t h r e e m o n t l i s from A p r i l 1 t o J u n e 30, 1868..
T o i n t e r e s t on $8,691,000, b e i n g a m o u n t of p r i n c i p a l of
p u b l i c d e b t p u r c h a s e d d u r i n g fiscal y e a r 1869 on t h i s
account
Balance to n e w account
J u n e 30,1869
$6, 529, 219 63
SINKING-FUND.
B y a m o u n t o f p r i n c i p a l p u r c h a s e d . $8,691,0,00,-including
$1,000 donation, estinbated in gold . . . . . '
.^'.
B y a c c r u e d i n t e r e s t oh t h e a m p u n t of p u r c h a s e s i n 1869;
QO
CR.
$7,261, 437 30
136, 392 56
•n
o
196, 590 00
672, 020 23
7, 397, 829 86
7, 397, 829 86
H
O
July
1,1869
J u n e 30, 1870
T o 1 p e r cent, on t h e p r i n c i p a l of t h e p u b l i c d e b t on
J u n e 30,1869, $2,588,452,213.94
T o i n t e r e s t on $8,691,000, a m o u n t of r e d e m p t i o n i n 1869.
T o i n t e r e s t on $28,151,900, a m o u n t o f p r i n c i p a l of p u b l i c
d e b t p u r c h a s e d d u r i n g fiscal y e a r 1870 on t h i s a c c o u n t .
25, 884, 522 14
521, 460 00
J u l y 1,1869
J u n e 30,1870
1,254, 897 00
B y b a l a n c e from l a s t y e a r
B y a m o u n t of p r i n c i p a l p u r c h a s e d , $28,151,900, estimated in gold . . . . . . . . . . . .
B y a c c r u e d i n t e f r e s t on a c c o n n t of p u r c h a s e s i n 1 8 7 0 . . .
By balance to new account
-
27, 660, 879 14
July
1, 1870
J u n e 30, 1871
T o b a l a n c e from l a s t y e a r
T o 1 p e r c e n t , on t h e p r i n c i p a l of t h e p u b l i c d e b t on
J u u e 30, 1870, $2,480,672,427.81
T o i n t e r e s t on r e d e m p t i o n of 1869, $8,691,000
,
T o i n t e r e s t on r e d e m p t i o u of 1870, $28,151,900
T o i n t e r e s t on $29,936,250, a m o u n t of p r i n c i p a l of p u b l i c
d e b t p u r c h a s e d d u r i n g fiscal y e a r 1871 on t h i s a c c o u n t
744, 711 80
25,893,143 57
351,003 54
744, 711 80
27, 660, 879 14
J u n e 30,1871
24, 806, 724 28
521, 460 00
1, 689,114 00
By a m o n n t of p r i n c i p a l p u r c h a s e d , $29,93.6,250, estinaated in gold
."
B y a c c r u e d i n t e r e s t pn a c c o u n t of p u r c h a s e s i n 1 8 7 1 . . .
By. b a l a n c e t o n e w a c c o u n t . . . . . . . . . .
..
CO
o
w
f>
28, 694, 017 73
367, 782 53
257, 474 32
1, 557, 264 50
29, 319, 274 58
w
29, 319, 274 58
o
^^
H
H
July
1, 1871
J u n e 30. 1872
T o b a l a n c e from l a s t y e a r
T o 1 p e r cent, on t h e p r i n c i p a l of t h e p u b l i c d e b t on
J u n e 30,1871, $2,353,211,332.32
T o i n t e r e s t on r e d e m p t i o n of 1869, $8,691,000
T o i n t e r e s t on r e d e m p t i o u of 1870, $28,151,900
T o i n t e r e s t on r e d e m p t i o n of 1871, $29, 936,250
T o i n t e r e s t on r e d e m p t i o n of $32,618,450, a m o u n t of
p r i n c i p a l of p u b l i c d e b t p u r c h a s e d d u r i n g fiscal y e a r
1872 on t h i s a c c o u n t
T o balance to new account
257, 474 32
23, 532,113
521, 460
1,689,114
1,796,175
32
00
00
00
J u n e 30,1872
B y a m o u n t of p r i n c i p a l p u r c h a s e d , $32,618,450, e s t i m a t ed in gold
B y a c c r u e d i n t e r e s t on a c c o u n t of p u r c h a s e s in 1 8 7 2 . . .
32, 248, 645 22
430, 908 38
Ul
Kj
2, 059, 325 50
2,823,891 46
32, 679, 553 60
>
32, 679, 553 60
July
1,1872
June 30,1873
To 1 per cent, on the principal of the public debt on June
30,1872, $2,253,251,328.78
To interest on redemption of 1869, $8,691,000
To interest ou redemption of 1870, $28,151,900
To interest on redemption of 1871, $29,936,250
To interest on redemption of 1872, $32,618,450
To interest on redemption of $28,678,000, amount of
. priucipal of public debt purchased during fiscal year
1873 on this account
To balance to new account
July
1.1872 By balance from last year
By amount of principal purchased, $28,678,000, estimated in gold
By accrued interest on account of purchases in 1873 ..
22, 532, 513 29 June 30,1873
521, 460 00
1,689,114 00
1, 796,175 00
1, 957,107 00
2, 823, 891 46
28, 457, 562 83
392, 385 45
fi
1, 725. 881 50
1, 451, 588 95
31, 673, 839 74
31, 673, 839 74
o
o
H
July
1,1873
June 30,1874
To 1 per cen t. on the prin cipal of the public debt on June
30,1873, $2,234,482,993.20
,
To interest on redemption of 1869, $8,691,000
To iuterest on redemption of 1870, $28,151,900
To interest on rederaption of 1871, $29,936,250
,
To interest on redemption of 1872, $32,618,450
,
To iuterest on rederaption of 1873, $28,678,000
To interest on redemption of $12,936,450, amountof principal of public debt purchased during fiscal year
1874 on this account
July 1,1873 By balance from last year
June 30,1874 By amount of principal purchased, $12,936,450, esti22, 344, 829 93
mated in gold
521, 460 00
By accrued interest on account of purchases in 1874...
1, 689,114 00
By balance
1, 451, 588 95
12, 872, 850 74
222, 586 28
16,305,421 96
1,1874
T o i per cent, on theprincipalof the public debt on June
30,1874, $2,251,690,468.43
To interest on rederaption of 1869, $8,691,000
To interest on redemption of 1870, $28,151,900
To interest on redemption of 1871, $29.936,250
,
To interest on redemption of 1872, $32,618,45Q
To interest on redemption of 1873, $28,678,000
'.
To interest on redemption of 1874, $12,936,450
To interest on redemption of $25,170,400, amount of
principal of public debt " paid " during fiscal year
1875 on this account
,
823, 082 00
22, 516, 904 68
521, 460 00
1, 689, 114 00
1, 796,175 00
1, 957,107 00
1, 720, 680 00
776, 087 00
fi
o
fi
H
Kj
30, 852, 447 93
\
July
fi
QQ
w
1, 796,175 00
1, 957,107 00
1, 720, 680 00
.30, 852, 447 93
J u n e 30,1875
w
O
fi
H
W
fi
J u n e 30,1875 By amount of principal redeemed, estimated infgold...
By accrued interest on account of redemption in 1875.
|By balance
25,170, 400 00
353, 061 56
5, 996, 039 62
H
W
fi
^
QQ
d
w
Kl
.541, 973 50
31,.519, 501 18
31,519,501 18
^—'
CO
TABLE H.—Statemeni showing the condition of ihe sinking-fund, ^c—Continued.
THE SECRETARY OF THE TREASURY IN ACCOUNT WITH SINKINGFUND.
DR.
July
1,1875
J u n e 30,1376
T o 1 p e r cent, on t h e p r i n c i p a l of t h e p u b l i c d e b t on J u n e
J u n e 30,1876
$22, 322, 845 32
30,1875, $2,232,284,531.95
521, 460 00
T o i n t e r e s t ou r e d e m p t i o n of 1869, $8,691,000
1,689,114 00
T o i n t e r e s t on r e d e m p t i o n of 1870, $28,151,900
1, 796,175 00
T o i n t e r e s t on r e d e m p t i o n of 1871, $29,936,2,50
1, 957,107 00
T o i n t e r e s t on r e d e m p t i o n of 1872, $32,618,450
• 1, 720, 680 00
T o i n t e r e s t on r e d e m p t i o n of 1873, $28,678,000
776, 087 00
To i n t e r e s t on r e d e m p t i o n of 1874. $12 936.450
,
1,510,224 00
T o i n t e r e s t on r e d e m p t i o n of 1875, $25,170.400
T o i n t e r e s t on r e d e m p t i o n of $32,183,488.09, a m o u u t of
p r i u c i p a l of p u b l i c debt " p a i d " d u r i u g
fiscalyear
1876 on t h i s a c c o u n t
1, 291, 083 50
By
By
By
By
By
By
amount
accrued
amount
amount
amount
balance
of p r i n c i p a l r e d e e m e d , e s t i m a t e d in g o l d . .
i n t e r e s t on a c c o u n t of r e d e m p t i o n in 1876
of fractional c u r r e n c y r e d e e m e d
of legal-tenders r e d e e m e d
of certificates ot i n d e b t e d n e s s r e d e e m e d .
to
CR.
$18,444,0,50
257, 517
7, 062,142
5, 999, 296
678, 000
1,143,769
00
91
09
00
00
82
fi
O
O
fi
H .
33, 584, 775 82
33, 584, 775 82
W
fi
Ul
fi
July
1, 1876
J u n e 30, 1877
T o 1 p e r c e n t , on t h e p r i n c i p a l of t h e p u b l i c d e b t on J u n e
30,1876,12,180,395,067.15
T o i n t e r e s t on r e d e m p t i o n of 1869, $8,691,000
T o i n t e r e s t on r e d e m p t i o n of 1870, $28,151,900
T o i n t e r e s t on r e d e m p t i o n of 1871, $29,936,250
T o i n t e r e s t on r e d e m p t i o n of 1872, $32,618,450
T o i n t e r e s t on r e d e m p t i o n of 1873, $28,678,000
T o i n t e r e s t on r e d e m p t i o n of 1874, $12,936, 450
T o i n t e r e s t on r e d e m p t i o n of 1875, $25 170,400
T o i n t e r e s t on r e d e m p t i o n of 1876, $32,183,488.09
T o i n t e r e s t on r e d e m p t i o n of $24,498,910.05, a m o u n t of
p r i n c i p a l of p u b l i c d e b t " p a i d " d u r i n g fiscal y e a r
1877 on t h i s a c c o u n t
J u n e 30,1877
21, 803, 950
521, 460
1, 689,114
1, 796,175
1, 957,107
1, 720, 680
776, 087
1, 510, 224
1, 931, 009
67
00
00
00
00
00
00
00
28
By
By
By
By
By
amount
accraed
amount
amount
balance
of p r i u c i p a l r e d e e m e d , e s t i m a t e d in g o l d .
i n t e r e s t on a c c o u n t of r e d e m p t i o n i n 1877
of f r a c t i o n a l c u r r e n c y r e d e e m e d
of legal-tenders r e d e e m e d
447, 500
5, 776
14, 043, 458
10, 007, 952
9, 225,146
00
52
05
00
63
fi
H
^
O
fi
24, 026 25
33, 729, 833 20
o
fi
33, 729, 833 20
H
fi
>
Ul
Kl
T A B L E I.—Statement showing the purchases of bonds on account of the sinking-fund during each fiscal year from its institution in May, 1869, to and including
June 30, 1877.
Year ended-
Principal redeemed.
P r e m i u m paid. N e t cost in currency.
t e r e s t d u e a t Accrued inter- Balance of inN e t cost esti- I nclose
terest d u e at
est paid in
m a t e d in gold. y e a r . of fiscal
close of fiscal
coin.
year.
JUNE 30,1869,
Five-twenties
Fiye-twenties
Five-twenties
F i v e - t w e n ties
Consols, 1865
Consols, 1867
Consols, 1868
of 1862
of M a r c h , 1864
of J u u e , 1864
of 1865
H
$1,621,000 00
70, 000 00
1, 051, 000 00
465, 000 00
461, 000 00
4, 718, 000 00
305, 000 00
Total
8, 691, 000 00
$253, 822 84
11, 725 00
161, 946 45
• 74,969 00
73, 736 80
749, 208 08
49, 442 50
1, 374, 850 67
$1, 874, 822 84 $1,349,970 02
81, 725 00
57, 552 82
1, 212, 946 45
873, 205 61
539, 969 00
387, 566 28
534, 736 80
387, 903 26
3, 948, 586 11
5, 467, 208 08
256, 653 20
354, 442 50
$16,210 00
700 00
10, 510 00
4, 650 00
13, 8,30 00
141, 540 00
9,150 00
$7, 384 60
218 63
1, 470 42
2, 683 54
429 04
116, 032 35
8,173 98
$8, 825 40
481 37
9,039 58
1, 966 46
13, 400 96
25, 507 65
976 02
10, 065, 850 67
7, 261, 437 30
196, 590 00
130, 392 50
60,197 44
4, 035, 529 42
493, 479 42
100. 742 87
15, 742 87
4, 477, 589 91
506; 189 91
3,151, 985 43
361, 735 43
,454,778 37- ^ 2 , 986, 928 37
6,744,313 73
861, 763 73
401, 863 95
53, 363 95
3, 263, 099 51
75, 658 54
3, 647, 628 29
2, 606, 636 20
10,681,736 9'7
5,309,810 90
308, 573 16
160, 919 50
5, 350 00
165, 834 00
105, 257 50
495, 421 50
302, 734 50
19, 380 00
45, 994 49
1, 080 99
49, 946 00
37,113 53
145, 518 29
66, 111 51
5, 238 73
114,925 01
4,269 01
115, 888 00
68, 143 97
349,903 21
236, 622 99
14,141 27
351, 003 54
903,893 46
J U N E 30,1870.
Five-twenties
Five-twenties
F i v e - t w e n ties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868
of 1862
of M a r c h . 1864
of J u n e , 1864
of.. 1865
:
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
28,151, 900 00
Total
W
fi
hd
O
3, 747, 053 68
31, 898, 953 68
25, 893,143 57
1,254,897 00
O
fi
H
fi
QQ.
fi
o
fi
H
P>
P3
Kl
O
fi
tn
fi
J U N E 30, 1871
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
Cousols, 1868
of 1862
of M a r c h , 1864
of J u n e , 1864
of 1865
Total
2, 792,
29,
3, 967,
. 6, 768,
10, 222,
6, 103,
52,
950
500
350
600
200
050
600
00
00
00
00
00
00
00
227, 607 56
2, 277 20
340, 529 63
574, 923 00
850, 949 79
541, 559 41
4, 784 61
3, 020, 557 56
31,777 20
4, 307, 879 63
7, 343, 523 00
11, 073,149 79
6,644,609 41
57,384 61
29, 936. 250 00
2, 542, 631 20
32, 478, 881 20
2, 680, 209 05
28, 590 88
3, 847,182 42
6, .525, 231 42
9, 762, 387 78
5,800,618 37
49, 797 81
28, 694, 017 73
145, 975 00
1,240 00
201, 375 00
331,933 50
522, 117 00
351, 528 00
3. 0i.'6 00
36, 657 80
388 35
51, 703 46
92, 259 58
109, 455 28
76, 745 93
572 13
1, 557, 264 50
367, 782 53
109, 317 20
851 65
149, 671 ,54
239, 673 92
412,661 72
274,782 07
2, 523 87
1,189, 481 97
pi
fi
Ul
a
to
to
TABLE I.—Statement showing the purchases oj bonds on. account of the sinking-fund, 4'c.—Continued.
Year ended—
due at
Principal re- Premium paid. Net cost in cur- Net cost esti- Interest
interclose of fiscal Accrued
mated in gold.
deemed.
rency.
est paid in
year.
coin.
Balance of interest due at
close of fiscal
year.
JUNE 30, 1872.
iFive^tweuties of
Five-twenties of
Five-twenti es of
Five-tweuties of
Consols, 1865
Consols, 1867
Consols, 1868
1862
March, 1864
June, 1864
1865
Total
$6, 417, 850 00
127,100 00
3, 604, 650 00
3, 635, 200 00
11, 738, 900 00
6, 958, 900 00
85, 850 00
$764, 055 21 $7,181, 905 21
14, 959 03
142,059 03
4,043,306 16
438, 656 16
4, 072, 038 70
436, 838 70
,, 436. 989 46 13,225,889 46
7,792,500 15
833,600 15
95, 801 63
9, 951 63
$6, 345, 391 98
126,123 46
3, 573, 223 63
3, 594, 747 85
11,660,785 89
6, 863, 777 39
'84, 595 02
$427, 849 00
8, 894 00
246, 001 50
246, .562 00
707, 334 00
417, 534 00
5,151 00
$75,179 43
1, 338 70
57, 449 80
37, 817 37
149, 248 21
108, 437 92
1, 386 95
$352, 669 57
7, 555 30
188, 551 70
208, 744 63
558, 085 79
309, 046 08
3, 764 05
32, 618, 450 00
3, 935, 050 34
36, 553, 500 34
32, 248, 645 22
2, 059. 325 50
430, 908 38
1, 628, 417 12
7,137,100 00
,50, 000 00
3, 741,150 00
1, 959, 850 00
10, 768, 250 00
4, 402,100 00
619, 550 00
925, 783 87
7, 372 50
480, 684 37
250,635-93
., 371,187 17
553,-610 89
81, 983 44
8, 062, 883 87
* 57, 372 50
4. 221, 834 37
2,210,485 93
12,139, 437 17
4, 955, 710 89
701, 533 44
7, 089, 542 58
49, 780 9i
3, 715, 211 22
1, 943, 488 93
10, 668, 617 09
4, 373, 781 76
617,140 34
431, 450 50
3, 500 00
223, 270 50
120,266 50
646,095 00
264,126 00
37,173 00
101, 960 57
813 70
42, 216 46
23, 744 47
145, 069 34
69, 632 51
8, 948 40
329, 489 93
2, 686 30
181, 054 04
96, 522 03
501, 025 66
194, 493 49
28, 224 60
28, 678, 000 00
3, 671, 258 17
32, 349, 258 17
28, 457, 562 83
1, 725, 881 50
392, 385 45
1,333,496 05
1, 582, 919 79
2, 239, 007 39
1, 382, 827 95
3, 754, 614 62
4, 483, 348 18
888, 805 62
1, 415, 391 05
2,012,051 32
1, 241, 571 69
3, 374, 934 42
4, 029, 975 86
798, 926 40
99, 519 00
141, 438 50
87, 307 50
203, 619 00
243, 060 00
48,138 00
12, 872, 850 74
25,170, 400 00
o
JUNE 30,1873.
Five-twenties of 1862
Five-twenties of March, 1864
Five-twenties of June, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867
Consols, 1868
Total
fi
O
H
O
fi
H
fi
m
fi
fi
H
P>
Kj
J U N E 30,1874.
Five-twenties of 1862
Five-twenties of June, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867
1, 421, 700 00
2, 020, 550 00
1, 247, 250 00
3, 393, 650 00
4, 051, 000 00
802, 300 00
161,
218.
135,
360,
432,
86,
219
457
577
964
348
505
79
39
95
62
18
62
67, 775 05
93, 425 04
57, 959 31
157,129 67
187, 083 03
37,123 62
QQ
823, 032 00
222, 586 28
600, 495 72
a
541, 973 50
353, 061 56
188,911 94
743
013
348
489
976
014
Consols, 1868
12, 936, 450 00
1, 335, 073 55
14, 331, 523 55
Total
J U N E 30,1875.
25,170, 400 00
Five-twenties of 1862
fi
H
fi
95
46
19
33
97
38
31,
48,
29,
46,
55,
11,
J U N E 30,
F i v e - : t w e n t i e s of 1862 . . . . . .
F i v e - t w e n t i e s of J u n e , 1864
F i v e - t w e n t i e s of 1865
1876.
.-
•.•
.
..-
. .-.•
-
. •
Total.
J U N E 30,
F i v e - t w e n t i e s of 1862
.
F i v e - t w e n t i e s of J u n e , 1864
F i v e - t w e n t i e s of 1865
Consols 1865
Consols, 1867
...^..
Total
Grand total
'
..
5, 785, 200 00
10, 869, 600 00
1, 789, 250 00
5, 785, 200 00
10, 869, 600 00
1, 789,250 00
404, 964 00
760, 872 00
125, 247 50
54, 745 72
171, 966 33
30, 805 86
350, 218 28
588, 905 67
94 441 64
18, 444, 050 00
18, 444, 050 00
1, 291, 083 50
257, 517 91
1,033,565 59
1 181
1. 323
3,141
108
21
3,170
8, 619
6, 377
72
8
1877.
. .
•
^....i..
.
...i....................
81,
178,
180,
6,
1,
200
900
350
050
000
81,
178,
180,
6,
1,
00
00
00
00
00
447, 500 00
185, 074, 000 00
16, 665, 917 61
157, 677, 967 61
200
900
350
050
000
00
00
00
00
00
4, 352 25
9, 943 .50
9, 519 00
181 50
30 00
447, 500 00
24, 026 25
5, 776 52
18,249 73
179, 489, 607 39
9, 474,123 75
2, 517, 414 73
6, 956, 709 02
67
60
08
97
20
58
90
92
53
80
fi
hi
O
O
fi
fi
Ul
o
po
fi
H
P>
o
fi
tt
fi
H
fi
?>
CQ
TABLE K.—Statement of the outstanding principal of the public debt of ihe United States, June 30, 1877.
to
Length of When redeem- Rates of in- atPrice
author- Amount issued. Amount outwhich Amount
loan.
able. "
tterest.
standing.
ized.
sold.
fi
fi
OLD D E B T .
Unclaimed dividends upon debt created prior to 1800, and theprincipal
and interest ofthe outstanding debt created during the war of 1812,
and up to 1837. (For detailed information in regard to earlier loans
see Finance Report for 1876.)
TREASURY NOTES PRIOR TO
On demand . . . 5 and 6 per
cent.
' 82, 575 35
O
fi
H
1846.
The acts of October 12, 1837, (5 Statutes, 201;) May 21, 1838, (5 Stat- 1 and 2 years 1 and 2 ears 1 mill to 6 Par
utes, 228;) March 31,1840, (5 Statutes, 370;) February.l5, 1841, (5
per cent.
from date.
Statutes, 411;) January 31, 1842, (5 Statutes, 469;) August 31, 1842,
(5 Statutes, 581;) and March 3,1843, (5 Statutes, 614,) authorized the
issue of Treasury notes in various amounts, and with interest at
rates named therein, from 1 mill to 6 per centum per annum.
TREASURY NOTES OF
$57,665 00
o
1
One year from 1 mill and Par
5 2-5 per
date.
cent.
a
$10, 000, 000 00 $7, 687, 800 00
6, 000 00
>
Pi
Kl
fi
H
•
5 years..
April and July, 5 per cent... Par
1849.
350, 000 00
303, 573 92
1,104 91
The act of January 28,1847, (9 Statutes, 118,) authorized the issue of land 2 years. After 60 days
$23,000,000 Treasury notes, with interest at not exceeding 6 percent,
notice.
per annum, or the issue of stock for any portion of the amount, with
interest at 6 per cent, per annum. The Treasury notes under this
act were redeemable at the expiration of one or two years ; and the
interest was to cease at the expiration of sixty days' notice. These
were receivable in payment of all debts due the United States,
including customs-duties.
w
fi
f>
TREASURY NOTES O F 1 8 4 7 .
Pi
fi
H
o
MEXICAN INDEMNITY.
A proviso in the civil and diplomatic appropriation act of August 10.
1846, (9 Statutes, 94,) authorized the payment of the principal and
interest of the fourth and fifth installments of the Mexican indemnities due April and July, 1844, by the issue of stock, with interest at
5 per cent., payable in five years.
W
fi
QQ
1846.
The act of July 22,1846, (9 Statutes, 39,) anthorized the issue of Treasury
notes in such sums as the exigencies of the Government might require,
the amonnt outstanding at any one time not to exceed $10,000,000, to
bear interest at not exceeding 6 per cent, per annum, redeemable
one year from date. These notes were receivable in payment of all
debts due the United States, including customs-duties.
pi
H
QC
5 2-5 and 6 Par
per cent.
23, 000, 000 00
26,122,100 00
950 00
Kl
LOAN OF 1847.
The act of January 28, 1847, (9 Statutes, 118,) authorized the issue of
$23,000,000 Treasury notes, with interest ni, not exceeding 6 per cent,
per annum, or the issue of stock for any portion of the amount, with
interest at 6 per eent. per annum, reimbursable after December 31,
1867. Section 14 authorized the conversion of Treasury notes under
this or any preceding act into like stock, which accbunts for the
apparent overissue.
20 years . .
January 1,1868. 6 .per cent .
.0125 to
. 02 per
cent,
premium.
23, 000, 000 00
28, 207, 000 00
1. 250 00
w
fi
fi
o
C 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 cent, interest per
annum, redeemable at the pleasure of the Government, by notice
from the Treasury Department. Interest ceases July 1,1849.
Indefinite... July 1, 1849 . . . 6 per cent.
Par.
Indefinite.
233, 075 00
3, 400 00
fi
w
T E X A N INDEMNITY STOCK.
The act of September 9, 1850. (9 Statutes, 447,) authorized the issue of
$10,000,000 stock, with interest at 5 per cent, per annum, to theState
of Texas, in satisfaction of all clairas against the United States arising out of the annexation of the said State. The stock was to be redeemable at the.end of fourteen years.
H
o
fi
14 years.
January 1,1865, 5 per cent.
Par.
10, 000, 000 00
5, 000,000 00
21, OCO 00
QQ
fi
o
fi
>
TREASURY NOTES O F 1 8 5 7 .
The act of December 23,1857, (11 Statutes, 257.) authorized the issue of 1 year.
$20,000,000 in Treasury notes, $6,000,000 with interest at not exceeding 6 per cent, per annum, and the remainder with interest at the
lowest rates offered by bidders, but not exceeding 6 per cent, per
annum. These notes were redeemable at the expiration of pne 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.
60 days'notice. 5 and 5 | per P a r . . . .
cent.
20, 000, 000 00
20, 000, 000 00
1,900 00
Pi
Kl
O
fi
H
w
fi
LOAN OF 1858.
The act of June: 14, 1858, (11 Statutes, 365,) authorized a loan of
$20,000,000, with interest at not exceeding 5 per cent, per annum,
and redeemable any time after January 1, 1874.
15 years ,
January 1,1874 5 per cent..
.0205 to
.0703 premium.
20, 000, 000 00
Par to
.0145 premium.
21, 000, 000 00
20, OQO, 000 00
268, 000 00
P>
w
LOAN OF 1860.
The 'act of June 22, 1860, (12 Statutes, 79,) authorized a loan of
$21,000,000, (to be used in redemption of Treasury notes,) with interest at not exceeding 6 per cent, per annum, redeemable in not less
than ten nor more than twenty years.
fi
QQ
10 years . .
January 1,1871 5 per cent..
7, 022, 000. 00
Kj
10, 000 00
to
TABLE K.—Statenient of loans made by the United States, 4'C.—Continned.
Length
loan.
of W h e n redeemable.
to
Price
R a t e of in- a t w h i c h A m o u n t authorA m o u n t outA m o u n t issued,
standing.
ized.
terest.
sold.
^
TREASURY NOTES OF 1860.
T h e first section of t h e a c t of D e c e m b e r 17, 1860, (12 S t a t u t e s , 121,)
a u t h o r i z e d t h e i s s u e of T r e a s u r y n o t e s for an a m o u n t n o t e x c e e d i n g
810,000,000 ac 6 p e r ceut. p e r a u n u m i n t e r e s t / r e d e e m a b l e a t t h e expir a t i o n of one y e a r from t h e d a t e of t h e n o t e s . T h e f o u r t h section
of t h e s a m e a c t a u t h o r i z e d t h e i s s u e of such p o r t i o n of t h e n o t e s as
m i g h t be d e e m e d e x p e d i e n t t o p u b l i c c r e d i t o r s w h o w o u l d r e c e i v e
t h e m a t such r a t e of i n t e r e s t a s m i g h t b e off'ered b y t h e l o w e s t
responsible bidders; after due a d v e r t i s e m e n t ; no bid to be received
for- less t h a n ^ p e r cent, p e r a n n u m .
1 year .
1 year after date 6 to 12 per
ceut.
Par.
fi
O
Pi
H
$10, 000, 000 00 $10,010,900 00
O
fi
H
w
fi
LOAN OF FEBRUARY, 1861, (1881s.)
Ul
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 10 or20yrs.. January 1,1881 6 per cent-. Par.
$25,000,000, 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 i m 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 from
t h e d a t e of t h e act.
^
25, 000, 000 00
18, 415, 000 00 $18, 415, 000 00
Pi
fi
H
>
TREASURY NOTES OF 1861.
T h e a c t of M a r c h 2, 1861, (12 S t a t u t e s , 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 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 on t h r e e m o n t h s ' n o t i c e after J u l y 1, 1871^ a n d p a y a b l e
J u l y 1,1881. I f proposals for t h e loan w e r e 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 e w h o l e a m o u n t in T r e a s u r y n o t e s , w i t h
interest'at not exceeding 6 p e r c e n t u m per annum. The same act
g a v e a u t h o r i t y to 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 w h o l e or a n y
p a r t of loans a u t h o r i z e d a t t h e t i m 6 of t h e p a s s a g e of t h i s act.
T h e s e n o t e s w e r e t o be received in p a y m e n t ' o f all d e b t s d u e t h e
United States, including customs-duties, and were redeemable 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 .
Pi
Kl
2 years..
60 days .
2 years after "j
date.
1
60 days after j 6 per cent..
date.
J
C 22, 468,100 00 > 35, 364, 450 00
X 12, 896, 350 00
O
fi
H
3, 000 00
fi
hi
pi
fi
;>
^ OREGON WAR DEBT.
T h e a c t of M a r c h 2,1861, (12 S t a t u t e s , 198,) a p p r o p r i a t e d $2,800,000 for
t h e p a y m 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 r i e s of W a s h i n g t o n
a n d Oregon in 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 in t h e y e a r s 1855
arid 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 - o f t h e s e
cla.ims in b o n d s redeemable' in t w e n t y y e a r s , w i t h i n t e r e s t at^e p e r
centum per annum.
"
fi
o
QQ
20 years.
July
1,1881
6 per cent.
Par.
2, 800, 000 00
1, 090, 850 00
945, 000 00
a
Kl
LOAN O F J U L Y AND AUGUST, 1 8 6 1 , ( 1 8 8 1 s . )
The act of July 17, 1861, (12 Statutes, 2,59,) authorized the issue of 20 years.
$250,000,000 bonds, with interest at not exceeding 7 per centum per
annum, redeemable after twenty years. The act of August 5, 1861,
(12 Statutes, 313,) authorized the issue of bonds, with interest at 6
per centum per annum, payable after twenty years from date, in
exchange for 7.30 notes issued under the act of July 17, 1861. None
of such bonds were to be issued for a sum less thau $500, and the
whole amount of theni was not to exceed the whole amount of 7.30
notes issued under the above act of July 17. The amount issued in.
exchange for 7.303 was $139,321,200.
July
1,1881
6 per cent..
Par*
C 50, 000, 000 00
250,000,000 00 U39,321,200 00 1189, 321, 350 00
w
fi
*v
O
Pi
O
fi
OLD DEMAND-NOTES.
The act of July 17, 1861, (12 Statutes, 2.59,) authorized the issue of
$50,000,000 Treasury notes, not bearing interest, of a less denomination than fifty dollars arid not less than ten dollars, and payable on
demand by the .assistant treasurers at Philadelphia, New York, or
Boston. The act of August 5,1861, (12 Statutes, 313,) authorized the
issueof these notes in denoraination of fivedollars; it also added
the assistant treasurer at Saint Louis, and the designated depositary
at Cincinnati to the places where these notes were 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
60, 000, 000 00
63, 962 50
fi
CQ
fi
o
fi
H
(>
Pi
^
SEVEN-THIRTIES O F 1 8 6 1 .
The act of July 17,1861, (12 Statutes, 259,) authorized a loan of
$250,000,000, part of which was to be in Treasury notes, with iuterest
at l^js P6i" ceutum per annum, payable three years after date.
August 19 and 7/jj per cent. P a r .
October I,
1864.
140, 094, 750 00 140, 094, 750 00
16, 850 00
H
fi
H
fi
FIVE-TWENTIES OF 1862.
The act of February 25, 1862, (12 Statutes, 345,) authorized a loan of 5 or 20 years. May
515, 000, 000 00 514, 771, 600 00
1,1867 6 per cent.
Par.
$500,000,000 for ttie purpose of funding the Treasury notes and
floating debt of the Uuited States, and the issue of bonds therefor,
with iuterest at 6 per centum per annum. These bonds were redeemable after five and payable twenty years from dale. The act
of March 3,1864, (13 Statutes, 13,) authorized an additional issue of
$11,000,000 of bonds to persons who subscribed for the loap on or before January 21,1864. The act of January 28,1865, (13 Statutes, 425,)
authorized an additional issue of $4,000,000 of these bonds and their
sale in the United States or Europe.
* $50,000,000 6 per cent, stock issued at a discount of $5,338,768.09, being equivalent to 7 per cent.
O
fi
562, 450 00
fi
t>
CQ
C
Kj
to
to
TABLE K.—Statement of loans made by the United States, 4'C.—Continued.
Length of
loan.
Amount outauthor
When redeem- Rate of in- atPrice
which Amount
Amount issued.
standing.
ized.
able.
terest.
sold.
fi
fi
LEGAL-TENDER NOTES.
The act of February 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 iu lieu ofdemand-notes 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 for a fractional partof a dollar, and not more
than $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, payable to bearer, of such denominations, not less thau one
dollar, as the Secretary of the Treasury might prescribe; which
notes were made a legal tender. The same act limited the time at
which Treasury notes might be exchanged for United States bonds,
to July 1,1863. The amount of notes aiuthorized by this act were to
be in lieu of $100,000,000 authorized by the resolution of January 17,
1863, (12 Statutes, 822.)
On demand...
$450, 000,000 00 $447, 300,203 10 $359, 764, 332 00
None .
pi
W
fi
OQ
fi
o
fi
fi
H
>
Pi
Kl
The act of February 25,1862, (12 Statutes, 346,) authorized temporary- Not less than After ten days' 4, 5, and 6
loan deposits of $25,000,000, for not leas than thirty days, with inter30 days.
notice.
per cent.
est at 5 per ceutum por annum, payable after teu days' notice.
The act of March 17,1862, (12 Statutes, 370,) authorized trie increase
of temporary-loan deposits to $50,000,000. The act of July 11, 1862,
(12 Statutes, 532,) authorized a further increase of temporary-loan
deposits to $100,000,000. The act of June 30,1864, (13 Statutes, 218,)
authorized a further increase of temporary-loan deposits to not exceeding $150,000,OJO, and an increase of the rate of interest to not
exceeding 6 per centum per annum, or a decrease of the rate of interest, on ten -lays' notice, as the public interest might require.
Par.
150,000, 000 00
3,060 00
o
fi
fi
H
fi
fi
t>
Ul
a
CERTIFICATES O F INDEBTEDNESS.
o
O
fi
TEMPORARY LOAN.
The act of March 1,1862, (12 Statutes, 352,) authorized the issue of cer- 1 year.
tificates of indebtedness to public creditors who might elect to receive them, to bear interest at the rate of 6 per centum per annum,
and payable one year from date, or earlier, at the option of the Government. The act of May 17,1862, (12 Statutes, 370,) authorized the
issue of these certificates in payment of disbursing officers' checks.
The act of March 3,1863, (12 Statutes, 710,) made the interest payable in lawful money.
00
1 year after 6 per cent..
date.
No i m i t . .J,.
561,753,241 65
5, 000 00
fi
Kl
FRACTIONAL
CURRENCY.
The act of July 17,1862, (12 Statutes, 592,) authorized the use of postal
and other stamps as currency, and made them receivable in payment
of all dues to the United States less than five dollars. The fourth
section of the act of March 3,1863, (12 Statutes, 711.) authorized the
issue of fractional notes in lieu of postal and other stamps and postal
currency ; made them exchangeable in sums not less than three dollars for United States notes, and receivable for postage and revenue
stamps, and in payment of dues to the United States, except duties
on imports, less than five dollars; and limited the amount to
$50,000,000. The fifth 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 whole amount of these notes outstanding at any
one time should not exceed tbis sum.
LOAN OF 1863. .
The act of March 3, 1863, (12 Statutes, 709,) authorized a loan of
$900,000,000, and the issue of bonds, with interest at not exceeding 6
per centum per annum, and redeemable in not less than ten nor more
than forty years, principal and interest payable in coin. The act of
June 30,1864, (13 Statutes, 219,) repeals^so inuch of the preceding act
as limits the authority thereunder to the current fiscal year, and
also repeals the authority altogether except as relates to $75,000,000
of bonds already advertised for.
On presentation.
None .
Par-
50, 000, 000 00
49,102, 660 27
20, 403,137 34
fi
fi
fi
O
w
July 1,1881 . . . 6 p e r c e n t . . . Average
premium of
4.13.
75, 000, 000 00
75, 000, 000 00
75, 000, 000 00
w
fi
CQ
fi
o
fi
fi
H
ONE-YEAR NOTES OF' 1 8 6 3 .
The act of March 3, 1863, (12 Statutes, 710,) authorized the issue of
$400,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, redeemable in not more than three years, principal and interest payable in lawful money, to be a legal tender for
their face value.
1 year
date.
after 5 per cent... P a r .
400, 000, 000 00
44, 520, 000 00
55, 425 00
Kj
2 years after
date.
5 per cent.
Par.
400, 000, 000 00
166, 480, 000 00
40, 300 00
w
fi
H
Pi
fi
P>
QQ
COIN-CERTIFICATES.
The fifth section ofthe act of March 3, 1863, (12 Statutes, 711,) authorized the deposit of gold coin and bullion with the Treasurer or any
assistant treasurer, in sums not less than $20, and the issue of certificates therefor in denominations the same as United States notes;
also authorized the issue of these certificates in payraeut of interest
on the public debt. I t limits the amount of them to not more than
20 per centum of the amount of coin and bullion in the Treasury,
and directs their receipt in payment for duties on imports.
Pi
O
fi
H
TWO-YEAR NOTES OF 1 8 6 3 .
The act of March 3, 1863, (12 Statutes, 710,) authorized the issue of
$400,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, redeemable iu not more than three years, principal and interest payable in lawful money, to be a legal tender for
their face value.
H
O
fi
H
On demand ..
Indefinite.
53, 313, 700 00
41, 572, 600 00
fi
K;
to
CO
O
TABLE K.—Siaiement of loans made by the United States, ^"C—Continued.
Length of
loan.
When redeemable.
Amount outauthorRates of in- atPrice
which Amount
Amount issued.
standing.
ized.
terest.
sold.
June 10, 1867,
and May 15,
1868.
6 per cent, P a r .
compound.
COMPOUND-INTEREST NOTES.
The act of March 3, 1863, (12 Statutes, 709,) authorized the issue of 3 years.
$100,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, in lawful money, payable not more than three
years from date, and to be a legal tender for their 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 redeemable at any
time after three years, with interest at riot exceeding 7 ^ per centum,
payable in lawful 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,
notes.
$400, 000, 000 00 $266,595,440 00
$296, 630 00
O
fi
H
K
Ul
TEN-FORTIES OF 1864.
The act of March 3, 18.64, (13 Statutes, 13,) authorized the issue of
$200,000,000 bonds, at not exceeding 6 per centum per annum, redeemable after five and payable not more than forty years from date,
in coin.
10 or 40 years March 1,1874.
5 per cent... Par to 7 200, opo, 000 00 196,117, 300 00
per c't.
prem.
5 or 20 years Nov. 1,1869 .
6 per cent.
194, 566, 300 00
fi
O
fi
fi
H
^
FIVE-TWENTIES OF MARCH, 1864.
The act of March 3, 1864, (13 Statutes, 13.) authorized the issue of
$200,000,000 bonds, at not exceeding 6-per centum per annuni, redeemable after five and payable not more than forty j'^ears from date,
in coin.
O
Pi
Par.
fi
3, 882, 500 00
K;
O
fi
FIVE-TWENTIES OF JUNE, 1864.
The act of June 30, 1864, (13 Statutes, 218,) authorized a loan of 5 or 20 years. Nov. 1,1869 .
$400,000,000, and the issue therefor of bonds redeemable not less than
five nor more than thirty (or forty, if deeraed expedient) years from
date, with interest at not exceeding 6 per ceutum per annum, payable semi-annually in coin.
SEVEN-THIRTIES OF 1864 AND 1865.
The act of June 30, 1864, (13 Statutes, 218,) authorized the issue of 3 years.
$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 years, with interest at not exceeding 7^^ per ceutum per
annum. The act of March 3,1865, (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
interestin lawful money at not more than 7^% per centum per annum.
6 per cent.
Par.
400, 000,000 00
125, 561, 300 00
209, 950 00
fi
fi
fi
f>
QQ
Aug. 15,1867)
June 15,1868 } 7j'V per cent. P a r .
July 15,1868)
800, 000, 000 00 829, 992, 500 00
164, 550 00
a
fi
NAVY PENSION-FUND. '
The act of July 1, 1864, (13 Statutes, 414,) authorized the Secretary of Indefinite...
the Navy to invest in registered securities of the Uuited States so
much of the Navy pension-fund in the Treasury January 1 and July
1 in each year as would not be required for the payment of naval
pensions. Section 2 pf the act of July 23, 1868, (15 Statutes, 170,)
makes the interest on this fund 3 per centuni per arinutn in lawful
raoney, and confines its use to the paymerit pf naval pensions exclu. siveiy. '
.
•
3 per c e n t . . . Par
Indefinite
14, 000, 000 00
14, 000, 000 00
fi
fi
fi
O
Pi
FIVE-TWENTIES OF 1865,
The act of March 3, 1865, (13 Statutes, 468.) anthorized the issue of
$600,000,000 of bonds or Treasurynotes, in addition to amouuts 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 per annum when in coin, or 7^^^ per centum per
annum when 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,) cphstrued'the above
act to authorize the Secretary ofthe Treasury to receive any obligations of the United States, whether beariug" interest or nPt, in exchange.for any bonds authorized by it, or to sell any of such bpnds,
provide(| the public debt is npt increased thereby.
5 or 20 years. Nov. 1,1870... 6 per c e r t . . . Par
203, 327,250 00
203, 327, 250 00
35, 280,'750 00
O
fi
fi
Ul
afi
Pi
fi
CONSOLS OF 1865.
The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of 5 or 20 years. July 1,1870... 6 per c e n t . . . Par
$600,000,000 of bonds or Treasury notes, in addition to amounts previously authorized; the bonds to be for not less than $50, payable
npt mbre than forty years from date of issue pr after any period npt
le^s than five years, interest payable semi-annually, at not exceeding
6 per centum" per annum when in coin, or 7-i% per centum per annum when ih 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,) coni3trued the above act tp
authorize the Secretary of the Treasury to receive any obligations
bf the United States, whether beariug interest or not, in exchange
for any bonds authorized by it, or to sell any df such bonds, provided
the public debt is not increased thereby.
332, 998, 950 00 332, 998, 950 00
202, 657; 050 00
W
fi
fi
fiUl
Pi
Kl
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 previously authorized; the bonds tb be for not less than $50, payable
not mbre thau forty years from date of issue pr after any period not
5 or 20 years. July 1,1872... 6 per c e n t , . . Par
O
fi
379, 602, 350 00 379,617,750 00
310, 621, 750 00
OO
OS
TABLE K.—Statement of loans made by the United States, 4'0.—Continued.
to
Length of When redeem- Rate of in- atPrice
Amount outauthor
which Amount
Amount issned.
standing.
loan.
ized.
able.
terest.
sold.
Pi
fi
CONSOLS OF 1867—Continued.
less than five years; interest payable semi-annually, at not exceeding 6 per centnm per annura when in coin, or 7^^ per centum per
annum when in currency. In addition to the amount of bonds authorized by this act, authority was also given to convert Treasury
uotes 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 bearing' interest or not, in exchange for any bonds authorized by it, or to sell any of such bonds,
pro Added the public debt is not in creased, thereby.
o^pi
H
O
fi
H
w
:^
CONSOLS O F 1 8 6 8 .
Ul
The act of March 3, 1865, (13 Statutes, 468,) authorized the issue of 5 or 20 years. July 1,1873... 6 per cent... P a r .
$600,000,000 of bonds or Treasury notes, in addition to amounts previously authorized; the bonds to be for uot less than $50, payable
not more than forty years from the date of issue or after any period
not less than five years; interest payable semi-annually, at not exceeding 6 per centum per annura when in coin, or 7-j^ per centum
per annum when 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 iuto 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, 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.
THREE-PER-CENT.
$42, 539, 350 00 $42, 539, 350 00
On demand .
3 per cent.
Par-
H
Kl
O.
fi
H
w
75, 000, 000 00
85,150,000 00
5 years.
5, 000 00
fi
H
fi
fi
fc>
QQ
fi'
Kl
CERTIFICATES O F INDEBTEDNESS OF 1 8 7 0 .
The act of July 8, 1870, (16 Statutes, 197.) authorized the issue of certificates of iridebtedness, payable five years after date, with interest
at 4 per centum per annuni, payable semi-annually, principal and
nterest, in lawful money, to be hereafter appropriated and provided
fi
fi
fi
o
Pi
CERTIFICATES.
The act of March 3, 1867, (14 Statutes, 558,) authorized the issue of Indefinite..
$50,000,000 in temporary-loan certificates of deposit, with interest at
3 per centum per annum, payable in lawful ,money, on demand, to
be used in redemption of compound-interest notes. The act of July
25, 1868. (15 Statutes, 183,) authorized $25,000,000 additional of these
certificates, for the sole purpose of redeeming compound-interest
notes.
$37, 473, 800 00
Sept. 1, 1875.
4 per cent... P a r .
678, 362 41
678, 362 41
CO
fi
for by Congress. The certificates were 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 Railway Company, and were in full adjustment and payment of any and
all claims of said States or railway company for moneys expended
(or interest thereon) by the State of Massachusetts ori account of
the war of 1812-'I5.
Pi
fi
FIVE-PER-CENT FUNDED LOAN OF 1881.
The act of -July 14, 1870, (16 Statutes, 272.) authorizes the issue of )
$200,000,000 at 5 per centum, principal and interest payable in coin
of the present standard value, at the pleasure of the United States
Goverument, after ten years; these bonds to be exempt from the
payment 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 aud coupons payable at the Treasury of the United
States. This act not to authorize an increase of the bouded debt
of the United States. Bonds to be sold at not less tban par iu coin,
and the proceeds to be applied to the redemption of outstandiug
5-208. or to be exchanged for said 5-20s, par for par. Payment of
these bonds, when due, to be made in order of dates and numbers,
beginning witli each class last dated and numbered. Interest to
cease at the end of three months from notice of intention to redeera.
The act of January 20, 1871, (16 Statutes, 399,) increases the araount
of 5 per cents to $500,000,000, provided the total araount of bonds
issued shall not exceed the amount originally authorized, aud authorizes the interest on any of these bonds to be paid quaiterly.
>10 years
The act of December 17, 1873, (18 Statutes, 1,) authorized the issue of
an equal amount of bonds of the loan of 1858, which the holders
thereof may, on or before February 1,1874, elect to exchange for the
bonds of this loan.
The act of January 14,1875, (18 Statutes, 296,) authorizes the Secretary
of the Treasury to use any surplus revenues from time to time iri
the Treasury not otherwise appropriated, and to issue, sell, dispose
of, at not less than par, in coin, bonds of this loan, to the extent
necessary for the redemption of fractional currency in silver coins
of the denominations of ten, twenty-five, and fifty cents, of standard
value.
The act of March 3, 1875, (18 Statutes, 466,) directs the Secretary of
the Treasury to issue bonds of this loan to James B. Eads or his
legal representatives in payment at par of the warrants of the Secretary of War for the construction of jetties and auxiliary works to
maintain a wideaud deep channel between the South Pass of the
Mississippi River and the Gulf of Mexico, unless Congress shall
have previously provided for the payment of the same by the necessary appropriation of money.
J
o
486, 043, 000 00
pi
H
O
fi
H
m
fi
QQ
M a y l , 1881 ... 5 per cent .. Par
.
)> $508,440,350 00
$13, 957, 000 00
. fi
O
Pi
fi
H
?>
fi
Kl
O
Indefiuite.
17, 494,150 00
W
H
Indefiuite.
500, 000 00
Pi
fi
P>-.
CQ
-
Cl
Pi
Kl
oo
oo
OO
TABLE K.—Statement of loans made by ihe United States, 4"C.—Continued.
Length of
loan.
Price
When redeem- Rate of in- at which Amount author-] Aniount issued. Amount outstanding.
ized.able.
terest.
sold.
Pi
fi
FOUR-AND-ONE-HALF-PER-CENT. FUNDED LOAN O F 1 8 9 1 .
The act of July 14, 1870, (16 Statutes, 272,) authorizes the issue of
$300,000,000 at 4^ per centum, payable iu cpiii of the present standard value, at the pleasure of theUnited States Government, after
fifteen years; these bonds to be exempt from the payment 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. Bouds and
coupon's payable at the Treasury of the United 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 to be
applied to the redemptiou of outstanding 5-203, or to be exchanged
for said 5-20s, par for par. Payment of these bonds, when due, to
be made in order of dates and' numbers, beginning with each class
last dated and numbered. Iuterest to cease at the end of three ')• 15 years... Sept. 1, 1891.
months from notice of intention to redeem. Under tbe act of June
20, 1871, (16 Statutes, 399,) which authorized the increase of 5 per
cent, bonds to $500,000,000, the amount of the 4^ per cents were re. duced to $200,000,000.
he act.of January 14, 1875, (18 Statutes, 296,) authorizes the Secretary of the Treasury to use any surplus revenues from time to time
in the Treasury not otherwise appropriated, and to issue, sell, dispose of, at not less than par, in coin, bonds of this loan, for the purpose of redeeming, on aind after January 1,1879, in coin, at the oflice
of the assistant treasurer of the United States in New York, the
outstanding United States legal-teuder notes w^hen presented iu
sums of not less than fifty dollars.
"^
o
130, 000, 000 00
Pi
H
O
fi
t-5
fi
4^ per cent.
Par.
> 140, 000, 000 00
200, 000, 000 00
CQ
fi
o
pi
fi
H
10, 000, 000 00
>
PiK;
O
fi
CERTIFICATES O F D E P O S I T .
The act of June 8, 1872, (17 Statutes, 336.) authorizes the deposit of Indefiuite.
Uuited States notes without interest by banking associations in
sums not less than $10,000, and the issue of certificates therefor in
denominations of not less than $5,000; which certificates shall be
payable on deraand in United States notes at the place where the
deposits were ihade. I t provides that the notes so .deposited in the
Treasury shall not be counted as a part of the legal reserve, but
that the certificates issued therefor raay be held and counted by
the national banks as part of their legal reserve, and raay be accepted
in the settleraentof clearing-house balauces at the places where the
deposits therefor were made, and that the United States notes for
which such certificate.s were issued, or other United States notes of
like amonnt, shall be held as special deposits in the Treasury, and
used only for the redernption of such certificates.
On demand .
None .
Par.
No limit .
64, 780, 000 00
54, 960, 000 00
H
fi
fi
a
Pi
2, 205, 301, 392 10
On January 1, 1876 :
Central Pacific..'
Kansas Pacific
Uuion Pacific
Central Branch Uuion Pacific
Westeru Pacific
Sioux City and Pacific ...
On .July 1, 1876:
Central Pacific
-^^
Kansas Pacific
Uuiou Pacific
,
Ceutral Branch Union Pacific
Western Pacific
Sioux City and Pacific
«^!
H
Pi
W
T)
O
Pi
H
<
$25, 885,120 00 $11, 027, 697 67
6, 303, 000 00
3,103, 893 09
27, 236, 512 00
11,884, 3-<i4 65
1, 600, 000 00
781, 808 26
1, 970, 560 00
722, 380 14
1, 628, 320 00
682, 703 89
64, 623, 512 00
28, 202, 807 70
25, 88.5,120 00
6, 303, 000 00
27,236,512 00
, 1, 600, 000 00
1, 970, 560 00
1, 628, 320 00
11, 804, 251 27
3, 292, 983 09
12,701,420 01
829, 808 26
781,496 94
731,553 49
64, 623, 512 00
On January 1,1877 :
Central Pacific..'
Kansas Paicific
Union Pacific
Central Branch Uuion Pacific
AVestern Pacific
Sioux City and Pacific
t
- o ft^
Total amount of interest due the United States from Pacific railway companies.
oa
II
Balance of accrued
interest due the
United States on
interest account.
Railway companies.
li.
Balance . due the
United States on
interest account,
deducting repayments.
.
o .
Repayment of interest by transportation of mails,
troops, &c.
•xs
fi
Amount of interest
accrued and paid
to date, as per preceding statement.
TABLE L.—Statement of 30'year 6 per cent, bonds (interest payable January and July) issued io the sevei*al Pacific railway companies undo' the acts of July
•.
,
1, 1862, (12 Statutes, 492,) and July 2, IS64, (13 Statutes, 3^9.)
30,141, 513 06
2.5, 885,120 00 • 12, 580, 804 87
6, 303, 000 00
3, 482, 073 09
27, 236, 512 00
13, 518, 515 37
1, 600, 000 00
877, 808 26
1, 970, 560 00
840, 613 74
1,628,320 00
780, 403 09 :
64, 623, 512 00
32, 080, 218 42
$776, 553
1«9, 090
817,095
48, 000
59,116
48, 349
60 $11,804,251 27
3, 29-2, 983 09
00
36 * 12,701,420 01
00
829, 808 26
80
781,496 94
60
731, 553 49
1, 938, 705 30
776, 553
189,090
817, 095
48, 000
59,116
AB, 849
,30,141, 513 06
60 , 12,580,804 87
00
3, 482, 073 09
36
13, 518, 515 37
00
877, 808 26
80
840,613 74
60
780, 403 09
1, 938, 705 36
776, 553 60
189, 090 00
817,095 36
48, 000 00
59,116 80
48, 849 60
; 1, 938,705 36
32,080,218 42
92
99
23
19
89
65
$13, 325, 013 33
2, 308,165 24
10,928,119 59
1,016,355 40
935,199 83
867, 421 18
23, 472, 585 70
5, 907, 688 87
29, 380, 274 57
11,349,591 11
2, 033, 745 70
9, 438, 810 60
833, 400 21
831,2-46 74
740, 932 81
3,112, 076
.525,021
2, 496,152
261, 445
191,125
.200, 893
14, 461, 667 49
2, 558, 767 49
11,9.34,963 27
1, 094, 846 05
1,022,372 63
941,826 33
$1,191, 765 86 $10,612,435 41
1, 440, 664 84
1, 852, 318 25
,3, 943, 715 65
8, 757, 704 36
44, 408 05
785, 400 21
772,129 94
9, 367 00
39, 005 96
692, 547 53
668, 927 36
1, 231, 213 76
1, 448, 327 39
4, 079, 704 77
44, 408 05
-9,367 00
39, 470 28
• 6, 852, 491 25. 25, 227, 727 17
13, 357, 358 47 . 1, 268, 672 12 12, 088, 686 35
1, 515, 718 49 • 2,155, 444 60
3, 671,163 09
10, 208, 739 21
4,126, 871 52
14, 33,5, 610 73
881,400 21
44,408 05
925, 808 26
890, 363 54
9, 367 00
899,730 54
789,782 41
39, 470 28
829, 252 69
34, 018, 923 78
7, 004, 507 46
27, 014, 416 32
$2, 712, 527
455, 846
2,170, 415
230, 955
163, 069
' 174, 873
38
79
67 '
84
89
52-
H
R
Ul.
a
Pi
Pi
KJ
6, 736, 716 09
32, 014, 443 26
3, 544, 981 77
601,026 62
2, 853, 345 13
294, 291 22
221,797 08
229,148 30 '
15, 633, 668 12
2, 756, 471 22
13, 062, 084 34
1,175, 691 43
.1,112,160 62
1,018,930 71
a
7,744,590 12
34, 759, 006 44
K
H
Pi
W
m
pi
CO
S
On J u l y 1, 1877:
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 n d Pacific
...
".
$25, 88.5,120
6, 303, 000
2-7, 236, 512
1, 600, 000
1,970,560
1,628,320
'...
00
00
00
00
00
00
64, 623, 512 00
$13,357,358
3, 671,163
14, 335, 610
925, 808
899, 730
829, 252
- 1
• ^ ^ ' j i
<
47
09
73
26
54
69
34,018,923 78
$776, 553
189, 090
817, 095
48, 000
59,116
48, •849
60
00
36
00
80
60
1, 938, 705 36
$14,133, 912
3, 860, 253
15,152, 706
973, 808
9.58. 847
878i 102
07
09
09
26
34
29
35,957,629 14
$-2, 065, 324
. 1,.531, 680
4,787,041
58, 498
9,367
02, 578
01
06
67
35
00
80
8,514,489 89
$12, 068, 588 06
2, 328, 573 03
10, 36.5, 664 42
915,309 91
949, 480 34
815, 523 49
27, 443,139 25
$4, 004, 003 32
683, 507 94
3. 237, 456 77
• 329, 369 47
2.55,161 91
259, 414 61
8, 768, 914 02
C>0
05
Total amount of interest due the United States from Pacific railway companies.
O fi
?'SD
m
Balance of accrued
interest due the
• United States on
interest account.
.9
Repayment of interest by transportation' of mails,
troops, &o.
Amount of interest
accrued and paid
to dale, as per preceding statemeut.
fi
itJD
Railway companies.
Tins
Balance due the
United States on
interest account,
deducting repayments.
TABLE L.—Statemeni of 30-year 6 percent, bonds (inierest payable January and July) issued to the several Facific railway companies, 4'C.—Continued.
$16, 072, .591
3, 012, 080
13,603,121
1, 244, 679
1 204 642
1, 074, 938
•pi
K
O
Pi
H
38
97
19
38
25
10
36, 212, 053 27
pa
Ul
O
H
Pi
H
to
>'
Ul
a
Hi
EEPORT OF THE SECEETARY OF THE TREASUEY.
3T
TABLE M.—Returns, hy judgment of the United Staies Court of Claims, of proceeds of
property seized as captured or abandoned, under the act of March 12, 1863, paid from
.. July 1,1876, to June 30, 1877. »
Date.
To whom paid.
Amount.
Sept. 1, 1876 Caroline E. Zacharie executrix of James W^. Zacharie..... . . . . . . . . . . . . . .
Feb: 2 1877 Pred G-ros Claude
.. .
Total .-
$4 820 59
463 58
5, 284 17
TABLE N.—Judgments of the United States Court of Claims for proceeds of property seized
as captured or abandoned, under the act of March 12, 1863, rendered but not paid during
the fiscal year ended June 30, 1877.
Date of judgment.
Amount
awarded.
Name of claimant.
Mar. 26, 1877 Catharine J. Gillis, administratrix of Thomas H. Gillis
Apr. 9, 1877 Wylly Woodbridge
May
1877 Daniel Henry
i ..
1877 Stephen H. Cubism
May
1877 John N. Burcham
May
1877 Sarah A. Pieman
May
1877 Jaraes R. Nelson
:•.
May
1877 EthelbertB. Bright
May
1877 Cynthia H. Brown
;
Juiie
1877 Ficke Wehman
. u a e J 1877 George W . Ross
$14, 582 04
22, 941 39
981 44
3, 067 00
.5, 581 94
-9,201 00
3, 067 00
20, 351 58
8, 585 00
781 96
4,331 88
Total
93, 472 23
TABLE O.—Eeceipts and disbursements of ^United States assistant treasurers during the
fiscalyear ended June'30, 1877.
NEW YORK.
Balance June 30, 1876
:
|78, 9-15,715 88
RECEIPTS.
On account of customs
On account of internal revenue
On accountof gold-notes
On account of certificates, act J u n e 8,1872
'
On account of Post-Office Department
On account of transfers
On account of patent-fees
OQ account of disbursing-officers....
O n a c c o u n t o f bullionaccount, superintendent assayoffice, New York .
1
On account of interest in coin
On account of interest in currency
On account of miscellaneous
-.
$93,788,645
1,933,587
58,141,200
40, 355, 000
8,373,503
88,687,314
7,603
273,876,268
11,128,788
62,021,708
3,240,728
65, 073,137
63
39
00
00
35
69
85
65
53
95
43
76
-_ 706,627,487 23
785,573,203 11
DISBURSEMENTS.
On account of Treasury drafts
259,126,301
On account of Post-Office drafts
8,158,630
O n a c c o u n t o f disbursing accounts
272,881,143
On account of bullion account, superintendent assayoffice, NCAV Y o r k . . .
11,676,653
On account of interest in coin
62, 021,708
On account of iiiterest in currency
3, 240, 758
On account of certificates of deposit, act June 8,1872.
25,150, 000
On account of fractional currency redeemed in silver.
1,710, 500
On account of fractional currency redeemed in currency
295,500
—
Balance J u u e 30,1877
07
96
42
57
.95
43
00
00
00
644,261,196 40
141,312,006 71
38
REPORT OF T H E
SECRETARY
OF
TREASURY.
BOSTON.
Balance June 30,1876
-.
$16, 464,-38^ 68^
RECEIPTS.
On
On
On
On
On
On
On
On
On
On
On
account
account
account
account
account
account
account
account
account
account
account
of
of
of
of
of
of
of
of
of
of
of
customs
semi-annual duty
certificates, act j u o e 8, 1872 .
Post-Office Department
transfers
patent-fees
disbursing-officers
silver account
interest in coin
interest in currency -.
misceUaneous...
.
-.
$13; 581,136 11
778, 217 35 •
IT, 005, 000 00
557, 485 80
18,176, 571 06
11,003,40.
39, 431,2.35 87
1,336,700 00
8,248,739 20
583,500 72
2,637,49154
—:
96, 347, 081 05^
112,811,468 73-
DISBURSEMENTS.
On accountof Treasury drafts
21,502,047 29
On account of Post-Office drafts
493,611 67
On account of disbursing accounts
39.429,375 78
On accountof silver account
1,336,700 00
On account of interest in coin
. 10,026,352 54
On account of interest in currency
;
583,770 72
On account of transfers
16,688,442 97
On acconnt of certificates of deposit, act June 8,
1872
:.;
10,915,000 00
On account of fractional currency and minor coius
redeemed
. 939,699 03
101,915,000 00^
Balance June 3 0 , 1 8 7 7 . . . . . . . . . . . . . . . . . . . . . . . . .
10,896,468 73-
PHILADELPHIA.
Balance June 30,187B.
$11,640,652 72:
RECEIPTS.
On account of
On account of
On account of
Onaccountof
On account of
On account of
On account of
On account of
On account of
On account of
On account of
On account of
customs
.,...,...
internal revenue
gold-notes
certificates, act June 8,1872
Post-Office D e p a r t m e n t . . . . . . . . .
>
transfers
patent-fees.
....
disbursing-officers
interest in coin
interest in currency
miscellaneous
fractional currency for redemption...
$6,287,504 84.
349,068 01
1,800,000 00
16,6.35,000 00
560,162 82
24,682,456 39
6,684 95
23,143,757 49
2,05.9,62325
157,110 00
3,121,260 10
1,238, 557 83
80,041,185 68
91,681,838 40'
DISBURSEMENTS.
On account.of Treasury drafts
On account of Post-Office drafts
.....'
On acconnt of disbursing accounts
On account of interest in coin
On account bf interest in currency
. . . *.
On account of transfers
On accountof certificates of deposit, act June 8,1872.
On account of fractional currency redeemed..
19, 388,267 04
646,698 23
23,044,603 93
4,624,262 43
157,110 00
18,179,36131
10, 505, 000 00
1,236,394 83
77,781,697 77
Balance J u n e 3 0 , 1 8 7 7 . . . . . .
13,900,^140 63
REPORT OF THE SECRETARY OF T H E
TREASURY.
39
BALTIMORE.
Balance Jiine 30, 1876...
$5,044,400 23
RECEIPTS.
On
On
On
On
On
On
On
On
On
On
On
On
On
account of customs
account of internal revenue
account of subscriptions to 4 per cent, consols...
account of certificates, act J u n e 8, 1872
account of Post-Office Department
„
account of transfers
account of patent-fees
account of disbursing-officers
,
account of currency redemption
account of currency withheld in lieu of silver paid
account of interest in coin
account of intere.st in currency
account of miscellaneous
$3,311,21151
498,073 33
7, 302 00
4,570,000 00
242,521 58
7,585,579 78
200 00
2, 303; 302 39
170, 847 62
405, 635 00
739,809 50
100,470 00
189,007 40
20,123,960 11
25,168,360 34.
DISBURSEMENTS.
On account of Treasnry drafts and transfers
On account of Post-Office drafts
On account of disbursing accounts..
On account of currency redemption.
Onaccountof silvercoin disbursed in lieu of currency:.
On account of interest in coin
.".:.:
On account of interest in currency...
On account of transfers
On accountof certificates of deposit, act June 8,1872.
On account of fractional carrency redeemed
4,171, 053 73
221,314 22
2,309,85098
169,770 47
405,635 00
1,376,331 47
102,780 00
7,745, 948 70
4,760,000 00
358,400 00
Balance Jnne.30, 1877
'
21,621,084 57
3,547,275 77
CINCINNATL
Balance June 30, 1876
$4,132,250 68
RECEIPTS.
On
On
On
On
On
On
On
On
On
On
On
On
account of customs.
,..
account of internal revenue
..
account of gold-notes-.
account of certificates, act June 8, 1872..
account of Post-Office Department
account of transfers
account of patent-f§es.
account of disbursing-officers
.
accountof bullion account, transfer account silver.
account of interest in coin..
acconnt of interest in currency
accojint of miscellaneous
$341,655
355,965
785,000
1,550, 000
298, 023
14,605,214
3,824
2, 372,580
703,215
1,326,431
420
370,852
81 ^
57
00
00 '
76
04
60
15
81
61
00
18
22,713,183 53
26, 845,434 21
DISBURSEMENTS.
On account of Treasury drafts
O n a c c o u n t o f Post-Office drafts
On accountof disbursing accounts
...,
On account of bullion account, transfer account silver.
On account of interest in coin
On aiccount of interest in cnrrency
On account of transfers
On account of certificates of deposit, act June 8,1872.
On account of fractional currency redeemed . . . . . . ^.
3, 082, 946
310,455
2,370,835
740,424
1, 325,351
570
15,162, 916
1,400,000
336,404
42
42
91
47
61
00
63
00
43
24,729,904 89
Balance June 3 0 , 1 8 7 7 . . . . .
2,115,529 32
40
REPORT OF THE SECRETARY OF THE TREASURY.
CHICAGO.
Balance June 30,1876...
$5,402,453 79
RECEIPTS.
On account
On acconnt
On account
On account
Onaccount
On acconnt
On account
On account
On account
On account
On account
On account
On account
of customs
of internal revenue
of sale of lands
of certificates, act June 8, 1872
of Post-Office D e p a r t m e n t . . .
of transfers
of patent-fees....
of disbursing-officers
of coin sales
of 4 per cent, consols
of interest in coin
of interest in currency
of miscelianeous
$1,83,5,659
10,940,925
28,262
2,190, 000
1,030,847
14,608,033
10,361
12,051,336
1,139,758
42,080
148,185
27,690
81,580
11
41
27
00
29
67
89
16
29
00 '
00
00
19
44,134,719 28
49,537,173 07 *
DISBURSEMENTS.
Onaccount
On account
On account
On account
On account
On account
On account
On account
of Treasury drafts
of Post-Office drafts
of disbursing accounts
of coin sales
^..
of interest in coin
of iuterest in currency
of transfers
of certificates of deposit, act June 8,1872.
12,243,377
1,131, 212
11,910,030
J, 060, 054
186,548
27,695
16,804,360
1,525, 000
•
55
65
88
90
69
00
33.
00
44,888,280 00
Balance Juno 30, 1877
4,648,893 07
SAINT LOUIS.
Balance June 30, 1876
$3,841,956 03
RECEIPTS.
On account of
On account of
On accouut of
Onaccountof
On account of
On account of
On account of
On accountof
On account of
On account of
On account of
On account of
On account of
customs-.
internal revenue
sale of lands
certificates, act June 8, 1872..
Post Office Department
transfers
patent-fees
disbursing-officers
loan of 4 per cent
coin sales
.:
interest in coin
interest in currency
miscelianeous
^
...
^
$1,428,152 03
529,891 55
51,39069
510,000 00
912, 046 16
8,687,533 73
4,447 65
5,852,804 31
19,.331 00
1, 392,225 03
23,349 25
6,690 00
903, 840 58
20,321,701 38
24,163,657 41
DISBURSEMENTS.
On account} of
Onaccountof
On account of
On account of
On account of
On account of
On account of
On acconnt of
On account of
Oh account of
On account of
checks
Treasury drafts
•_
Post Office d r a f t s . . . .
disbursing accounts..
silver
coin sales
interest in coin
interest in c u r r e n c y . . .
transfers
certificates of deposit, act Jnne 8,1872
fractional currency redeemed
miscellaneous, i n c l u s i v e of s i l v e r
6, 278,5$0
1,076,474
5,804,211
687,697
1, 286, 398
393,926
744
4, 952, 000
560,000
309, 000
*
422,232
07
33
73 .
66
75
77
50
00
00
00
^
30
21,791,236 11
Balance June 30, 1877
2,372,421 30
REPORT OF THE SECRETARY OP THE TREASURY.
Balance June.30, 1876.....
SAN FRANCISCO.
.-
41
-....$6,894,649 57
RECEIPTS.
On account of
On account of
On account of
Onaccountof
On account of
On account of
On accountof
On account of
custoins
internal revenue
sale of lands
Post Office Department
transfers
patent-fees
disbursing-officers
miscellaneous
$7,538,992
3, 048, 044
506,809
365,308
3, 425, OIO
9,018
16,262,058
1,147, 608
\
72
09
25.
47
00
12
95
83
32, 302, 850 43
39,197,500 00
DISBURSEMENTS.
On account of
On accountof
On account of
On^account of
On account of
On account of
On account of
On account of
Treasury dra.fts
Post Office drafts
disbursing accounts
bullion account
interest in coin
interest in currency
transfers
fractional currency redeemed
6, 401,725
381,551
16, 232,173
5, 550, 000
104,917
720
5, 235, 495
112, 020
73
70
84
00
00
00
00
00
• . 34,018,603 27
Balance June 30, 1877
5,178, 896 73
NEW ORLEANS.
Balance June 30, 1876
$2,710,240 02
RECEIPTS.
On
Ou
On
On
On
On
Ou
On
On
On
account of customs
account of internal revenue
account of sale of lands
account of Post-Office Department
account of transfers
account of patent-fees
accountof disbursing-officers
account of interest in coin
account of interest in currency
account of miscellaneous
»
"l...
$2, 001, 596
759, 036
8,592
437,274
4. 580,000
I, 015
7,573,450
37, 478
2,760
1, 808, 298
70
98
51'
48
00
00
67
00
00
25
17,209,502 59
19,919,742 61
DISBURSEMENTS.
On
On
On
On
On
On
On
account
account
account
account
account
account
account
of Treasury drafts
of post-office drafts
of disbursing accounts
of interest in coin
of interest in currency
of transfers
of fractional currency redeemed
5, 362,108
449,859
7,155,645
37, 478
2,760
3,845, 478
201, 700
13
41
83
00
00
00
00
. 17,055,029 37
Balance,.June 30,1877
.'
2,864,713 24
APPEJ^TDIXES
44
REPORT OF THE SECRETARY OF THE TREASURY.
APPENDIX A .
Statement showing the condition of the bonded debt and amount of saving by interest thereon
if converted into four per cent, bonds.
D a t e of loan.
W h e n redeemable.
R a t e of
interest.
A m o u n t of
« priucipal.
1858
Feb.
8,1861
M a r . 2 1861
J u l y 17,1861
1863
Ten-forties...
Consols, 1865.
Consols, 1876.
Consols, 1868.
A f t e r J a n u a r y 1,1874
December 31,1880...
J u l y 1 1881
A f t e r J u u e 30,1881.....do
A f t e r M a r c h 1,1874 .
A f t e r J u l y 1,1870 . . .
A f t e r J u l y 1,1872 . . .
A f t e r « J u l y 1, 1 8 7 3 . . .
P e r cent.
5
6
6
'
6
6
5
6
6
6
$260, 000
18,415,000
945, 000
189, 321, 350
75, 000, 000
194, 566, 300
116, 911, 900
310, 618, 400
37, 465, 300
Total . . .
00
$13, 000
00 1,104,900
56, 700
00
00 11, 359, 281
00 4, 500, 000
00 9, 728, 315
00 7, 014, 714
00 18, 637,104
00 2, 247, 918
Y e a r l y intere s t a t 4 per
cent.
$10, 400
00
736, 600
00
00
37, 800
00 7, 572, 854
00 3, 000, 000
00 7, 782, 652
00 4, 676. 476
00 12, 424, 736
00 1, 498, 612
00
00
00
00
00
00
00
00
00
Yearly
i n g if
verted
4 per
bonds.
savconinto
cent
$2, 600
368, 300
18 900
3, 786, 427
1, 500, 000
1, 945, 663
2, 338, 238
6, 212, 368
749, 306
00
00
00
00
00
00
00
00
00
943, 503, 250 00 54, 661, 932 00 37, 740,130 00 15, 921, 802 00
T o t a l , excl u s i v e W f u n d e d l o a n s .
F u n d e d , 1881. A f t e r M a y 1,1881 . . .
F u n d e d , 1891. A f t e r Sept. 1,1891...
Y e a r l y interest. .
5
508, 440, 350 00 25, 42-2, 017 50 20, 337, 614 00 5, 084, 403 50
200, 000, 000 00 9, 000, 000 00 8, 000, 000 00 1, 000, 000 00
1, 651, 943, 600 00 89, 083, 949 50 66, 077, 744 00 23 006 205 50
APPENDIX B .
REPORT OF THE TRANSACTIONS OF THE DIVISION OF SPECIAL AGENTS
TREASURY D E P A R T M E N T ,
Office of the Secretary^ Washington^ D. 0., Novemher 19, 1877.
SIR : I have the honor to submit the following report of the transactions of the Division of Special Agents during the past year:
Number of custom-houses inspected, 118.
Eeduction in expense of collecting revenue from customs—
In rentals
$59, 344 00
I n compensation of 261 employ6s
285, 594 39
Total reduction
344, 938 39
Amountof defalcations of customs-officers ascertained and
reported
$30, 700 01
Of this amount there has been paid into the Treasury
4, 064 00
Leaving a balance of
»
26, 636 01
which, it is expected, will be recovered by suit on official bonds.
Yalue of seizures reported by special agents
$129, 071 23
Fines collected
2, 800 00
Amount recovered on suits
«56, 649 59
Amount recovered without suit
12, 010 38
Increased duties.collected
147,482 85
Total
348,014 05
REPORT OF, THE SECRETARY OF THE TREASURY.
Number of agents employed, 20.
Perdiem compensation
Traveling expenses -
..,
45
$57,422 00
19,447 81
Total cost of the special-agents' service
..
76,869 81
Number of arrests made on information of special agents, 14.
Two steamships have been libeled at the port of New York for
smuggling.
It has been found impossible, with the number of special agents now
allowed by law, to perform all the varied duties devolving upon this
branch of the service, and it has been necessary to use as auxiliaries a
number of inspectors of customs in several districts in which investigations have been made. These officers, being subordinate to the collectors and surveyors of customs in the districts to which they belong,
cannot be expected to act with the same independence and effectiveness
as special agents appointed by and employed under the direction of the
Secretary of the Treasury. An increase in the number of special agents
is therefore respectfully recommended.
« Yery respectfully,
.
, I A. K. TINGLE,..
Supervising Special Agent.
Hon.
J O H N SHERMAN,
Secretary of the Treaswy.
|
!
' "^
46
REPORT OF THE SECRETARY
OF THE TREASURY.
A P P E N D I X C.
Statement of customs-refunds made by the Treasury Departnient during the fiscal
Date.
1876.
July 3
To whom refunded.
Duty.
James P. Cummings et al.
Fifty per cent, additional duty under joint resolution of April 29, 1864.
Duty ou burlaps, (suit discontinued) .. ^
Asa A. Parker
French, Edye & Co
H.R. Shultz
Cragin Bros.<fe Chandler.
Hunter Stedman.
,
Syberg Peterson
,
Rupert Rains
William Lamb & Co
P. H. Sraith &Co . . . . . . . V
James W. Hann um
.;..
Sewall, Day & Co
Miller & Coates
Steiuer, Kahn & Co
D. A. Lindsay
,
Hibbard, Spencer & Co ..
Tonnage-dues on schooner Tom Boy
Tonnage-dues on steamship Nelson
Tonnage-dues on bark Maria
Duty on tin-plate
Duty pn damage-allowance on merchaudise .
Tonnage-dues 6n bark Velocity
Fees paid by propeller Saint M a r i e s . . . . . . . . . .
Tonnage-dues on bark Nereo 0
^.
Tonnage-dues on schooner Nellie Treat
.
Tonnage-dues on schooner Commerce . . . . . . . .
Duty on Manila hemp '.
IDuty on
files
-...
Duty ou cigar-stands
---.---.
Duty on Swiss mulls
Duty on tin-plates and sheet-iron
..,
101 35
423 00
95 40
195 83
8 40
7 38
15 30
130 20
57 90
32 10
100 31
32 80
44 10
51 73
184 69
John Dawson
Heyck •& Helferick ...
Messinger & Wright .
Net proceeds of sale of unclaimed merchandise.
Fees for cording and sealing merchandise
,
Duty on merchandise
22 73
30 26
150 72
E.H.Bailey
D. Stalker
Sewall, Day & Co
G. & J. T. Donnell
Lee, Tweedy & Co
Veit & Nelson
Klein, Fleet & Co
Martin, Pollmann & Co
A. T. Stewart & Co
B. AVesterraann & Co
Calhoun, Robbins & Co
L. & H. Neuburger
Ridgely & Co
S. M & B. Cohen & Co
Bay State Paper Company.
P. Donald & Co
S;mderson &. Burger
H. Herrman & Co
Tonnage-dues on schooner Sarah Potter
..
Tonnage-dues on schooner William Ray nor .•.!.....
Duty ou herap
'.do
,
Duty on cotton goods
:
Duty on imitation jewelry
-.
,
Duty on Carlsbaden salts
Duty on musical instruments
,
Duty on hosiery aud woolens
,
Duty on models, chemicals, &c
Duty on pearl battens, &c
,
Duty on embroideries
Duty ou lace curtains
,
Duty ou worsteds
Duty on ruling-machine
,
Duty on napkins
Duty ou seal-skin gloves
Duty on manufactures of cotton, hair, and vegetable fiber.
Duty on cigars
,
Duty on personal effects
,
Duty on shawls, silk, &c
Duty on pimento
Tonna,ge-dues on bark Carlota
Tonnage-dues ou schooner Cuba
Tonnage-dues on bark Lucille
Tonnage-dues ou schooner J. & H. Crowley
Pay for extra night-service of officers....\
50 per cent, additional duty under joint resolution
of April 29, 1864.
do
.do .
.do .
.do .
.do .
.do .
.do ,
.do .
Duty on hemmed cotton handkerchiefs .
A. Bergoden
....
W . H . Thomas & Brother .
Wells, rarg;o & Co
,
L. W. Morris
,
Weikle & Smith Spice Co.
D. B. Dearborn
Henry K. White, j r
28 William Ingalls
28 A. L. Cotton
28 Peter Wright & Sons
Aug. 5 J. W. Schmidt & Co
5
5
5
5
5
5
5
5
5
Nature of refund.
H. Lamarch
,
Adolphus Oechs
J o h u D . Weltz
L. Somborn
J. Sattig
Dingelstedt & Co
Strasburgher &. Nuhu..
Bruguiere <fe Thebaud
Stewart, AVilson et a l . ,
William T. Moore et al
Duty on cotton grenadines
Charles M. Field et al
Duty on cotton handkerchiefs
A. D. Napier et al
Duty on colored cottons
Frederick Butterfield et al.. Duty on cotton grenadines .
Herman Passavant et al —
".do
do
do
John C. Kohlsaat
Duty on velvet ribbons
Duty on Manila hemp .
J. Nickerson &Co
George H. Gray Sc Danforth. Duty on nickel-ore
$238 50
30 90
108 00
68 30
166 10
137 73
114 12
17 70
24 40
13 40
58 90
40 60
75 09
1.56 65
. 81 80
69 70
69 65
28 70
21 00
3, 348 25
I, 498 00
112 25
28 95
2 20
• 92 70
48 00
149 40
58 20
48 00
3, 317 59
1,108 82
1, 0.52 75
573 20
439 00
333 05
117 75
69 30
24 23
87 13
182 66
45 89
140 47
1, 244 67
564 08
180 16
909 76
158 12
29 20
EEPOET OF THE SECEETAEY OF THE TEEASUEY.
47
^ear ending June 30,1877.—(Beport required by section A, act March 3, 1875.)
Interest
and C' StS. Total.
f 12 81
R e a s o n s for r e f u n d .
• $238 50 See E x h i b i t P , p a g e 85, F i n a n c e Report, 1876.
43 71 See E x h i b i t K, p a g e 82, F i n a n c e R e port, 1876.
101 35 Alien t o n n a g e - d u e s
423 oof D o u b l e p a y m e n t
;
95 40|
do .1
195 83 C a s u a l t y — d a m a g e
8 40 E r r o r i n l i q u i d a t i o n
'.
7 38 E x a c t e d in e x c e s s
15 30
do
....--..
130 20 D o u b l e p a y m e n t
57 90
. . do
32 10
..do
,,...
100 31 H e r a p u s e d in c o n s t r u c t i o n of v e s s e l . .
'32 80 E r r o r i n l i q u i d a t i o n
^
44 10
do
51 73
do.....
184 69 Goods d a m a g e d w h i l e u n d e r t r a n s p o r t a t i o n iu bond.
22 73
30 26 I l l e g a l l y e x a c t e d
• 150 72 See E x h i b i t F , p a g e 85, F i n a n c e R e
port, 1876.
108 00 Double p a y m e n t
68 30
do
:
166 10 H e m p u s e d in c o n s t r u c t i o n of v e s s e l . .
137 73
do
114 12 E r r o r i n l i q u i d a t i o n
• 17 70
do
24 40
do
13 40 , . : . . . d o
.58 90 E r r o n e o u s v a l u a t i o n of German-.thaler
40 60 E r r o r in l i q u i d a t i o n
75 09 E r r o n e o u s v a l u a t i o n of c u r r e n c y
156 65 E r r o r i n l i q u i d a t i o n
81 80
do
• 69 70
do
69 65 F r e e , ( d o m e s t i c m a n u f a c t u r e s r e t u r n e d
28 70 S h o r t s h i p m e n t
21 00 F r e e , (doraestic man u f a c t u r e s r e t u r n e d
3,348 25 See E x h i b i t B
1, 498 00 E r r o n e o u s v a l u a t i o n of c u r r e n c y
112 25 F r e e , (personal effects)
28 95 E r r o r in invoice
2 20 E r r o r i n l i q u i d a t i o n
•.
92 70 D o u b l e p a y m e n t
48 00
do
149 401 . . . -do
58 20
do •..
• 48 00
do
;3,3i7 59 See E.Khibit P, p a g e 85, F i n a n c e Rep o r t 1876.
•1,108 82
do
1, 0.52 75
.do .
• 573 20
.do .
439 00
.do .
333 05
.do .
117 75
-do .
, 69 30
.do .
•24 23
.do .
17 54
104 67 See E x h i b i t I, p a g e 81, F i n a n c e Rep o r t 1876.
29 09
211 75 See E x h i b i t H , p a g e 81, F i n a n c e R e p o r t 1876.
13 891
59 78 See E x h i b i t I , p a g e 81, F i n a n c e Rep o r t 1876.
20 99
161 46 See E x h i b i t H , p a g e 81, F i n a n c e Rep o r t 1876.
•107 32 1, 351 99
..do
46 97|
611 05| :
do
...:.....
21 11
201 27 ;
do;-..:.
•..
413 031 1, 322 79 See E x h i b i t A , p a g e 132, F i n a n c e Rep o r t 1875.
158 12 H e m p u s e d in c o n s t r u c t i o n of v e s s e l .
. 29 20 E r r o r ih liquidation-. . . i
iLaw u n d e r w h i c h r e f u n d w a s m a d e .
Sec. 3013 R e v . S t a t .
Sec. 3012^ R e v . S t a t .
Do'.
Do.
Do,
Sec. 2984 a n d 3013 Rev. S t a t .
Sec. 3013 R e v . Stat.
Do.
Do.
-Sec. 3012^ R e v . S t a t .
Do.
Do.
'Sec. 2513 a n d 3013"Rev. S t a t .
-Sec. 3012^ Rev. Stat.
Do.
Do.
Sec. 2984 a n d 3013 R e v . Sta,t.
Sec. 2974 Rev. Stat.
Sec. 3012^ Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Sec. 2513 and 3013 Rev. Stat.
Do.
Sec. 3012i Rev. Stat.
Do.
Do.
Do.
Do.
Do.
• Do.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Sec. 3012^ Rev. Stat.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Sec. 3012^ Rev. Stat.
Do."
Do.
Do.
Sec. 3013 Re^. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do..
Do.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
.Do.
Do.
Do.
Do.
Sees. 2513 and 3013 Rev. Stat.
Sec. 3013 Rev. Stat. '
48
REPORT OF THE SECRETARY OF THE TREASURY,.
Statement of customs-refunds made by the
Date.
1876.
Aug. 10
14
14
14
15
17
17
17
17
17
17
17
17
39
19
19
19
To whom refunded.
New Bedford Cordage Co .
J. v . Hickman
Plymouth Cordage Co
Warren Thread Co
L. Westergaard & Co
J. Nickerson & Co
Abbott & Howard
Sprague, Soule & Co
L. AVestergaard & Co
E.H. Bailev
A. S. and Jl'Brown & Co . .
C. B. Richard & Boas
G. W. Faber
F.AV. Juuge &Co
Hart,. Taylor & Co
N. Siraoni
Tice- & Lynch
Samuel McLean et al
Duty on Manila hemp
Tonnage-dues on brig John H. Kennedy
Duty on hemp
Duty.on cotton yarn
Tonnage-tax on'bark Pietro Accame
Duty on hemp
Duty on steel gun-block...:
Tonnage-tax on schooner Mary Eleanor
Tonnage-tax on bark Santa Margherit a Ligure .
Tonnage-tax on hark Isaac
Duty ou figs
Duty ou books and diamond pin
Duty ou cigars
Duty on cotton curtains and spreads
•
Duty on straw goods
Duty on merchandise
Duty on books
Dut}'- on cotton grenadines
'
R. H. & B. C. Reeve
Duty on burlaps.
Charles G. Phillips & Co.
John G. Hall & Co
George W. Blabon & Co..
Duty on gum anime
:
Touhage-dues on schooner John.
Duty on burlaps and canvas
Peter AYrigbt & Sons
Archer cfc Bull
Duty on potato farina
Fifty per cent, additional duty, under joint resolution of April 29, 1864.
do
do ...^
'.
.....do
:
do
do
Tonnage-dues on bark Thoraas A. Goddard
Tonnage-dues on brig Emily T. Sheldon
Duty on fire-crackers ......"
J
Duty on worsteds, &c
Duty on calf-hair goods
Duty on Malacca sticks
Duty on cigars
Duty on merchandise
do — :
do
Duty on cotton damask
Duty on lace
Duty on merchaudise
,
Duty on earthenware
Duty on. commissions..:
,
Duty on calf-hair goods...'.
Tonnage-dues on brig T. H, A. Pitt
Tonnage-duea on bark Vittore Pisani
,
Duty on boxes containing lace
Duty on cijiaT'S
Duty on bass
;
Dutilh &Co
T. Richardson & Co
M. C. G. AVitte
Hadden & Co
.Recknagel & Co
Laforme & Frothingham...
Parsons & Loud
Church &, Co
C. A. Auffmordt & Co
Lesher, Whitman &. Co
E. Marcus
Howard Ives
Leoboldti & Mayer
J. Meyer & Co
Hart, Taylor & Co
Nicol, Cowlishaw &, Co
Robert Macdonald
Rosenfeld Brothers & C o . . .
William A. Shaw
Sussfield, Lorsch & Co
Pendle <fe AVoodharas
Matthias. Rich & Co
E.H.Bailey
Thomas Drew &. Co
G W. Faber
William Quinlan .t
29
29
29
29
29
31
31
Sept. 1
Duty.
Nature of refund.
Merchants' Dispatch Transportation Company.
Hartley Bi others
Lanman &. I.Cemp
A. S. Hallidie
Magalie & Burnham
Charles 0. Foster & Co
,
Fowle & Carroll
E. H.B:<yley
James W ood
J . B . Scott
Thomas Drew &. Co
Dickerson, Van Dusen & Co
H.R.Kelly &Co
K. Jiillier's Sons & Co
John G. Dale
Duty on personal effects
$170 50
97 80
83 75
48 50
159 00
177 50
453 60
30 90
106 20
314 40
37 45
19 50
23 50
133 33
66 00
35 40
9 50
310 42
48 20
197. 60
23 40
74 00
.-
11,440 08
932 35
766 10
520 83
139 6.3
r
87 30
31 65
204 60
127 50
7 50
14 70
1, 398 06
36 75
155 00
34 80
5 60
117 90
66 20
18 00
• 53 30
6 90
4 20
3, 635 13
49 80
193 20
4 UO
75 50
23 70
19 25
AVoodruff Sc Robinson.
Rev. Jo:jeph Gnerde^ .
Workman & Co
F. W.Von Stade.......
14 10
Duty ou unbleached cotton towels
6 25
Duty on old newspapers
63 20
Duty on wire rope
19 60
Duty on malt liquors
Ditty on sugar
, . 95 73
53 10
Tonnage-dues on schr oner Spring Bird
127 80
Tonnage-dues ou brig Daphne
—
71 90
Tonnage-dues on schooner Conneaut
326 40
Tonnage-dues on ship Forest Belle
95
Duty on silk and cotton goods •
115 84
Duty On tin
113
50
Dut.y on cigars
11 55
Duty on chillies
414 62
Fiftv per cent, additioual duty, under joint resolution of April 29, 1864.
763 47
do
:
123 00
Duty on silk banner
147 30
Tonnage-dues on bark Trnjednica
.
.90 50
Duty on cocoa-fiber and bass
John Brightman...
Henry C. Cooke
Augustus F. Ernst.
Doty on sugar, naolasses, and oranges.
Duty on fancy goods
Duty OQ "books
209 39
1 50
13 00
REPORT OF THE SECRETARY OF THE TREASURY.
49
2reasury Department, ^^c—Continued.
Interest
and costs.
R e a s o n s for r e f u n d .
Total.
:|39 64
$170 50
97 80
83 75
48 50
159 00
177 50
4.53 60
30 90
106 20
314 40
37 45
19 50
23 50
133 33
66 00
35 40
9 50
350 06
48.20
197 60
23 40
74 00
H e m p u s e d in c o n s t r u c t i o n of v e s s e l . ' .
Double p a y m e n t
,
H e m p used in c o n s t r u c t i o n of v e s s e l . .
E r r o r in l i q u i d a t i o n
•..,
Double p a y m e n t
,
H e m p used in c o n s t r u c t i o n of v e s s e l . .
F r e e , ( i m p o r t e d for U n i t e d States)
Double payment
do
...do
E r r o r in w e i g h t
F r e e , (personal effects)
E r r o n e o u s v a l u a t i o n of c u r r e n c y
F r e e , (personal effects)
E r r o n e o u s A'^aluation of currenc.y
E r r o n e o u s v a l u a t i o n of c u r r e n c y
F r e e , (books p u b l i s h e d o v e r 20 y e a r s ) .
See E x h i b i t H , p a g e 81, F i n a n c e Rep o r t , 1876.
See E x h i b i t K , p a g e 82, F i n a n c e Rep o r t , 1876.
E r r o r in l i q u i d a t i o n
Double payraent
See E x h i b i t K, p a g e 82, F i n a n c e R e .
p o r t , 1876.
L a w under which refund was made.
Sees. 2513 a n d 3013 Rev. S t a t .
Sec. 3012^ Rev. Stat.
Sees. 2513 and 3013 Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 30121 Rev. Stat.
Sees. 2513 and 3013 Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Sec. 3012A Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Sec. 3012^ Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 30121 Rev. Stat.
Do.
Do. .
Do.
Do.
P r i v a t e act, J u n e 12, 1876.
11,440 08
932 35 See E x h i b i t P , p a g e 85, F i n a n c e Re- Sec. 3013 R e v . S t a t .
port, 1876. .
Do.
766 10
do
Do.
502 83
do
Do.
139 65
do
Do.
87 30
do
Do.
31 65
do
Sec. 3012^ Rev. Stat.
204 60 D o u b l e p a y m e n t
Sec.
3013
Kev. Stat.
127 50
do
Sec. 3012^ Rev. Stat.
7 50 E r r o r in l i q u i d a t i o n
Do.
14 70
do
Do.
1,398 06 See E x h i b i t B
Do.
36 75 E r r o r i n l i q u i d a t i o n
Do.
155 00 E r r o n e o u s v a l u a t i o n of c u r r e n c y
Do.
do
34 80
Do.
5 60 E r r o r in l i q u i d a t i o n
Do.
117 90 E r r o n e o u s v a l u a t i o n of c u r r e n c y
Sec. 3013 Rev. Stat.
66 20 E r r o r in a p p r a i s e r s ' r e t u r n
Do.
18 00 E r r o r i n invoice
Sec. 3012ARev. S t a t .
53 30 E r r o n e o u s v a l u a t i o n of c u r r e n c y
Sec. 3013"Rev, S t a t .
6 90 E r r o r in l i q u i d a t i o n
do
^ - Sec. 30l2i R e v . S t a t .
, 4 20 ,
,
Do.
3, 635 13 See E x h i b i t B . .
Do.
D
o
u
b
l
e
p
a
y
m
e
n
t
49 80
Do. .
do ..'.
193 20
DO.
1
4 00 E r r o r in l i q u i d a t i o n
Do.
75 50 E r r o n e o u s v a l u a t i o n of c u r r e n c y
Do.
23 70 See E x h i b i t Q, p a g e 86, F i n a n c e Re. p o r t , 1876. •
Do.
19 25 F r e e . ( P e r s o n a l effects)
14
6
63
19
95
53
127
71
326
115
113
11
414
10
25
20
60
73
10
80
90
40
95
84
50
55
62
763 47
123.00
147 30
90.50
209 39
1 50
13 00
E r r o r in l i q u i d a t i o n
do
do
Erroneous g a u g e . . . . . .
,
E r r o r in l i q u i d a t i o n
Double p a y m e n t
do ..."
do
do
Error in liquidation
E r r o r in w e i g h t
E r r o n e o u s v a l u a t i o n of c u r r e n c y
E r r o r in w e i g h t
-,
See E x h i b i t P , p a g e 85, F i n a n c e R e p o r t , 1876.
do
F r e e , (regalia for c h u r c h ) . . . ;
D o u b l e pa.ymeut
See E x h i b i t Q, p a g e 86, F i n a n c e Re. port, 1876.
E r r o r in q u a n t i t y
E r r o r in invoice
F r e e , (books for u n i v e r s i t y )
4 F
Sec.
Sec.
Sec.
Sec.
Sec.
Do.
Do.
Do.
3013 R e v . S t a t .
Do.
3012^ R e v . S t a t .
Do.
Do.
Do.
Do.
3013 R e v . S t a t .
3012^ R e v . S t a t .
Do.
3013 R e v . S t a t .
Do.
Sec. 3012^ R e v . S t a t .
Do.
Do.
Do.
Sec. 3013 R e v . Stat.
.
Sec. 3 0 m R e v . S t a t .
50
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of customs-refunds made by the
Date.
1876.
Sept. 7
To whom refunded.
S. M c L e a n & Co
D u t y on cotton g r e n a d i n e s
14
14
14
15
16
16
16
Whiton Brothers & Co.
P u r d y Sc N i c h o l a s
P a r k " & Tilford
J o s e p h H. Bird
Thomas Burley
E . D . Bigelow" & Co
A. Saujer, executor
D u t y on M a n i l a h e m p .
D u t y on c i g a r s
do .
T o n n a g e - d u e s on schooner A d d i e M . C h a d w i c k . . .
T o n n a g e - d u e s on s t e a m s h i p F i r e Q u e e n
T o n n a g e - d u e s on ship B e e t h o v e n
F i f t y p e r cent, a d d i t i o n a l d u t y , u n d e r j o i n t resolution of A p r i l 29, 1864.
16
16
16
19
28
28
29
29
K o o p , S a t t l e r & Co
H i t c h c o c k , D a r l i n g Sc Co .
Daniel Brubacher
K u r t z , S t u b o e c k & Co
T o b i n , D a v i s o n & Co
H e r m a n n & Co
Erail M a g n u s
M a r k l e & Co
McCullogh &, Co
d o ...f
do
do
D u t y on c h i n a g o o d s .
D u t y on m e r c h a n d i s e
D u t y on i s i n g l a s s
D u t y on dolls" h e a d s
,
D u t y on raerchandise
D u t y on b r e a k a g e a l l o w a n c e on b e e r i u b o t t l e s
W . B. Gallagher
M. E c h e v e r r i a & Co
J o h n C. S e a g e r
C h a r l e s L e a v i t t & Co . . .
L o u d , C l a r i d g e & Co
W i l l i a m L o t t i m e r Sc Co.
D u t y on d a r a a g e allowance on f r n i t '.
D u t y on r e p a i r s t o schooner J . B i g l e r
D u t y on violin-cases
D u t y on iron k e n t l e d g e
F i f t y p e r cent, a d d i t i o u a l d u t y , u n d e r j o i n t resolution of A p r i l 29, 1864.
I n s p e c t i o n fees, s t e a r a e r L a n c a s t e r
:
T o n n a g e - d u e s on b r i g D o s H e r m a n o s
T o n n a g e - d u e s on b a r k Zronirair
T o n n a g e - d u e s on schooner V o l a n t
T o n n a g e - d u e s ou schooner G l a a T i d i n g s
D u t y ou h e m m e d cotton h a u d k e r c h i e f a
W i l l i a m W i l k e n s & Co .
Dut.v ou b a s s a n d v e g e t a b l e fiber
F.H.Brahe
H . H . T u t t l e & Co
J. B. B a b c o c k & Co
Clark Thread Company.
J u l i u s Steglich
'. .
Charles Hauselt
J . ScGr. F o w l e r
P o t t , Y o u n g & Co
F a i r c h i l d Sc F a n s h a w e . .
D u t y on silk a n d c o t t o n gloves
..:
D u t y on boots a u d shoes
D u t y on cotton v e l v e t
D u t y on cotton t h r e a d
D u t y on b r a n d y
D u t y on calf-skins
D u t y on s u g a r
D u t y on b o o k s . . . . '
F i f t y p e r c e n t , a d d i t i o n a l d u t y u n d e r j o i n t resolution of A p r i l 29, 1864.
D u t y ou m a t e r i a l s used in b u i l d i n g ships for foreign
trade.
D u t y on cotton g r e n a d i n e s
Toel, R o s e & Co
AV. A . Sirles
C. A . Zoebisch Sc S o u s .
E. Pilsbury
H. L. Parmele
Oct.
N a t u r e of refund.
N e w Bedford C o r d a g e Company.
S a m u e l M c L e a n & Co
D u t y on c a r b o n a t e of b a r y t e s
Dut.v ou shell-lime ,
D u t y on show-cards
D u t y on h a i r
D u t y on lace
D u t y ou b o o k s
-,
D u t y on h e m p used i u b u i l d i u g s h i p s for f o r e i g n
trade.
D u t y on figs
E . K. J e a n e s
D u t y on j e w e l r y
L. W . M o r r i s
D u t y on b r a n d y
E . L a Monta«2;ue
Dickerson, V a n D u s e n & Co. D u t y on t i n
T o n n a g e - d u e s on b a r k s H a v e l o c k , $121.80, a n d Ogir,
F r e n c h , E d g e & Co
$1.55.70.
T o n n a g e - d u e s on b r i g A n a
i
J . M. Ceballos Sc Co .
D u t y on s u g a r
J
Chaffraix & A g a r
D u t y ou refuse m a h o g a n y
B e c k e r & Sons
D u t y ou w o r s t e d t r i m i u i n g s
S a c h s Sc H e r z b e r g . .
D u t y on p r u n e s
H. N o r d l i n g e r Sc Co .
-do
D u t i l h & Co
D u t y on t o y m a t c h e s
B. Sondheira S c C o . . .
F i f t y p e r cent, a d d i t i o n a l d u t y u n d e r j o i n t resoluN . L. Sc G. G r i s w o l d .
tion of A p r i l 29, 1864.
D u t y on live-stock for b r e e d i n g p u r p o s e s
R.Hox
Dut.y ou colored c o t t o n s
Opdycke,- T e r r y &. S t e e l e .
D u t y on tin c a n s of d o m e s t i c m a n u f a c t u r e
Grillet, M a n u & T i l l e y . . . .
Tou"nage-dues on b r i g Fairfield
J . F . W h i t n e y & Co
D u t y ou b o o k s
H . J . Gunn.."
D u t y on h o r s e , c a r r i a g e , &.C
Alexander Vezina
N e t p r o c e e d s of sale of u n c l a i m e d m e r c h a n d i s e . . .
A. Lancel
T o n n a g e - d u e s on b a r k V a s c o d e G a m a — t
B o c k m a n n , Oerlin & C o . .
T a f t L e e & Co
E.Gillet
A v e r y Sc L o c k w o o d . .
E . A."Snow
N . D . AVhitney'& Co .
C. P . B o w d i t c h
J . N i c k e r s o n & Co . . .
Duty.
$196.66
.
66
232
1, 948
100
351
301
61
251
75
75'
50
60|
20
75|
REPORT OF THE SECRETARY OF THE TREASURY.
51
Treasui-y Dejpartment, 4"'C.—Con binned.
Interest
and costs.
Total.
Reasons for refund.
$196 66 See Exhibit H, page 81, Finance Report, 1876.
66 25 Hemp for construction vessel
,
232 75 Erroneous valuation of currency
do
1,948 75
100 50 Double payment
351 60
do
30r20
do
61 75 See Exhibit P, page 85, Finance Report, 1876.
140 25 . . . . . d o .
273 74
do
255 45
do . . . .
1, 508 60 Erroneous valuation of currency, &c.
97 39 Error in liquidation
146 65
do
6 45
do
27 65
do
38 85 See Exhibit H, page 136, Finance Report. 1875.
16 00 Error in liquidation.
7 50 Repairs to vessel
15 05 Error in liquidation
do
307 50
412 94 See Exhibit P, page 85, Finance Report, 1876.
84 35 Double payment
82 80
do
162 30
do
52 80
do
:.
15 90
do
112 31 See Exhibit I, page 81, Finance Report, 1876.
. 40 60 See Exhibit Q, page 86, Finance Report, 1876.
46
Error in liquidation
1
Error in invoice
25 55 Error in entr.y
14 80 Error in liquidation
39 00 Error in quantity
40 50
do..:
:
291 76 Error in weight
81 00 Error iu liquidation
154 73 See Exhibit P, page 85, Finance Report, 1876.
475 94 Hemp used iu construction of vessel.
510 29 See Exhibit H, page 81, Finance Report, 1876.
76 14 Error in liquidation
do
37 10
24 95 Error iu appraiser's return
8 40 Error in invoice
10 15 Double payment of duty.,
16 45 Free, (personal effects)
394 38 Hemp used in construction of vessel.
31
23
20
95
277
72 Error in weight
00 Free, (personal effects).
51 Damage
43 Error in weight
50 Double payment
66 30
.do10 75 Double payment of duty
64 40 Error in liquidation
20 00 Error in weight
12 80 Short shipraent
15 47 Error iu weig:ht
21 00 Error in invoice
42 00 See Exhibit P, page 85, Finance Report, 1876. .
153 80 Free, (animals for breeding purposes).
84 62 Error in liquidation
221 20 Free: (domesticmanufactures returned)
SO 10 Double payraent
46 25 Free, (books published over 20 j'-ears)
74 50 Free, (domestic productions)
84 35
.150 90 Double payment.
Law under which refund was made.
Sec. 3012^ Rev. Stat.
Sees. 2513 and 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Do.
Sec. 3012^ Rev. Stat.
Do."
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sees. 3013 and 3115 Rev. Stat,
Sec. 3012=^- Rev. Stat.
Do.""
Sec. 3013 Rev. Stat.
Sec. 3012* Rev. Stat.
Do."
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
>/
Sees. 2513 and 3013 Rev. Stat.
Sec. 3012J Rev. Stat.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Sees. 2513 and 3013 Rev. Stat.
Sec. 3013 Rev. Stat.
Do.
Do.
Do.
Sec. 3012^ Rev. Stat.
Do.
Sec. 3013 Rev. Stat.
Sec. 3012* Rev. Stat.
Do."
Sec. 3013 Rev. Stat.
Sec. 3012* Rev. Stat.
Sec. 3013 Rev. Stat.
Do.
Sec. 3012* Rev. Stat.
Do."
Sec. 3013 Rev. Stat.
Sec. 3012* Rev. Stat.
Sec. 3013 Rev. Stat.
Do.
Sec. 2974 Rev. Stat.
Sec. 3012^ Rev. Stat.
52
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of customs-refunds made by the
Pate.
To whom refunded.
Duty.
Nature of refund.
/1876.
Oct. 20 Laforme Sc Frotliingham
20 Wells, Fargo & Co
20 Miller Sc Houghton
20 Leoboldti Sc Mayer
20 Baldwin Bros. & Co
20
do
.20 John H. Syme
20 R. C.Hays
24 Saxonviile Mills
27 B. H. Campbell
27 New Bedford Cordage Com-
Duty on emery-stone
Duty on jewelry
Tonnage-dues on schoouer Altooua
-.
Duty ou'merchandise
Dut.y on model
Duty on electrotypes
Duty on repairs to schoouer America
Tonnage-dues on brig Johu Boyd
:
Duty ou wool
Duty ou a carriage
Diity ou hemp used in building vessel for foreign
pany.
trade.
27 G. & j . T. Donnell
do
27 Powers Sc Weightman
Duty on white stone or kieserite
'..
27 E.D. Bigelow & Co
Tonnage-dues on bark Eliza M. Lauchlan
27 L. Westergaard & Co
Tonnage-dues on bark Slavia
27 W. A. Randlette
T\onnage-dues on schooner Manantico . . .
27 Leonard & Co
Tonnage-dues on schooner Jeddo
27 Tobias & Co
Tonnage-dues on bark Skjerkholt
'
27 0. M. Vesper & Co
Tonnage-dues on bark Etta Stewart
28 Johu Thompson <fe Co
Duty on silk fans
28 Leoboldti Sc Mayer
Duty ou merchandise
31 C. B. Richard Sc Boas
Duty on plaster of paris figures
31 AVells, Fargo & Co
Duty on personal effects
31 J. Rosenthal & Co
uty on merchandise
31 E.^Lossee & Co.
uty ou books
31 C.Mailer & Co...
Duty on lithographs
31 Sussfeld, Lersuch & Co
Duty on iron spectacles
31 Bartlett, Reed & Co
Duty on woolen shawls
31 Maitland, Phelps & Co
Duty on sugar
31 Goddard Sc Bro
Duty on calf-hair goods
31 New Bedford Cordage Com- Duty on hemp used in building ship for foreign
pany.
trade.
31 Naylor & Co
Duty on iron
31 Sclveitzt^r Sc Beer
Duty on mauufactures of metal not steel
31 King Sc Savage
Duty on seed
31 J. D. McBurnie & Co
Duty on linens
31 Funch, Edye & Co
Tonnage-dues on bark Havelock
Nov. 3 C. Marti &'Co
Tonnage-dues on Spanish brig San Miguel
3 P. Schiaffine & Co
Tonnage-dues on Italian bark Sei Fratelli
6 Frederick Butterfield Sc Co Fifty percent, additional duty underjoint resolution
of April 29, 1864.
6 John M. Davies & Co
do
6 Phelps, Dodge & Co
.do ,
6 Beam Sc Murray
.do .
6 Howard, Sanger Sc Co
.do .
6 H. Herrraan Sc Co
.do .
6 A.cker, Merrall Sc Condit..
Duty ou merchandise —
6 ,
do
".do
:..
6 W. H. Thomas Sc Brother .
do
Fisk, Clark & Flagg
Duty on colored cottons .
g
J. Lowenthal & Co
:.
M. Knoedler & Co
Neuss Sc Hesslein
Cary & Co
Arnold Sc McNary
G. & J. T. Donnell
Sewall, Day & Co
J. Nickerson «fe Co
do.
Lewis, Philip, and John
Frank.
L. Bluragart & Co
C. F. Raynolds & Co
Arnold Sc McNary
G. Amsinck & Co
J. H. Pierce Sc Robertson...
Henry C. Cooke
Cornett Sc Nightingale
William Boyd
Rufus Story & C o . . . .
Samuel McLean et al.
14 John Auchincloss et al..
14
do
15 Thomas Drew & Co
15 Arnold, Constable Sc Co .
15 G. W..Faber & Co
15 I G. W. Faber & Co
Duty on trimmings
\
Duty ou painting
Duty on worsted braids.
Duty on personal effects
Dut.y on night lights
Duty on hemp used in buildiug ship for foreign trade
-do
do
do
,
Duty on cigars
$11 85
22 75
52 80
18 85
17 50
12 75
19 50
.57 90
1, 306 36
190 05
150 61
237 39
152 40
213 30
138 90
53 10
30 90
138 00
243 90
142 50
19 80
13 20
8 30
14 70
15 50
30 45
42 10
44 50
250 47
406 50
96 94
28 42
3 55
7 80
47 55
21 30
31 50
149 10
1, 268 08
731 87
658 75
540 76
354 20
50 05
1, 015 00
380 00
792 75
267 78
15 00
14 90
9 00
5 25
2 00
651 51
156 87
193 75
213 44
75 75
31 50
Duty on woolen ^oods
90 00
Duty on oxide of iron
186
Duty on perfumery
230 00
Duty on brandy
16 00
Duty on earthenware
/
13 00
Duty on millinery goods
193 40
Fifty per cent, additional duty underjoint resolution
of"April 29, 1864.
970 55
do
1, 423 50
do
1, 812 87
Duty on colored cottons
Duty on terne tin
.do
Duty on cotton
Duty on woolen shawls
Duty on cigars
Duty on»cigars
...
2, 292 90
1,703 37
1 75
3 70
9 00
496 50
REPORT OF THE SECRETARY OF THE TREASURY.
53
Treasury Department, 4'0.—Continued.
Interest
and costs.
Total.
R e a s o n s for r e f u n d .
$11 85
22 75
52
18 85
17 50
12 75
19 50
57 90
1,306 36
190 05
150 61
E r r o r iu w e i g h t . . . .
.,
F r e e , (domestic m a n u f a c t u r e s ) . . . . . . .
Double p a y m e n t
E r r o n e o u s v a l u a t i o n of c u r r e n c y ,
F r e e , (model of i n v e n t i o n )
...
Free,- (domestic m a n u f a c t u r e s )
R e p a i r s t o vessel
Double p a y m e n t . . .
See E x h i b i t A
F r e e , (personal e f f e c t s ) . . . ; . . . .
H e m p used in c o n s t r u c t i o n of v e s s e l .
237 39
152 40
213 30
138 90
53 10
30 90
138 00
. 243 90
142 50
19 80
13 20
8 30
14 70
15 50
30 45
42 10
44 50
250 47
406 50
96 94
do.:-...:.-.
E r r o r in i n v o i c e .
Double p a y m e n t .
.....do ..........
do
TXlo
do
....:do ....-.:.....
Error in liquidation
E r r o n e o u s v a l u a t i o n of c u r r e n c y
F r e e , ( s t a t u e for college)
.*
F r e e , (personal effects)
E r r o r in i n v o i c e
F r e e , (books for college)
E r r o r in liquidation
. - . . . do
E r r o r in w e i g h t
do
See E x h i b i t B . . . . .........
H e m p used in c o n s t r u c t i o n of vessel-
. 28 42 E r r o r in w e i g h t
3 55 E r r o r in l i q u i d a t i o n
7
E r r o r in i n v o i c e .
T.
47 55
do
21 30 D o u b l e p a y m e n t
.
31 50 ..
do
149 10 . . . . . . d o
1,268 08 See E x h i b i t P , p a g e 85, F i n a n c e R e p o r t , 1876.
731 87
do
658 75
.do .
540 76
-do .
.do .
-- 354 20
.do .
50 05
1, 015 00 E r r o n e o u s v a l u a t i o n of c u r r e n c y . . . . .
380 00
do
792 75 . . . . . d o
267 78 See E x h i b i t H , p a g e 81, F i n a n c e Report, 1876.
•
15 00 E r r o r in l i q u i d a t i o n
do
.
...
14 90
do
9 00
F r e e , (personal effects)
5
2 00 E r r o r in l i q u i d a t i o n
651 51 H e m p u s e d in c o n s t r u c t i o n of v e s s e l .
156 87
do
193 75 . . . . . d o
213 44
do - . . . .
75 75
31
90
186
230
16
' 13
193
50
00
75
00
00
00
40
970 55
1, 423 50
) $182 -16 1,995 03
560 15
275 16
2, 853
1,978
1
. 3
9
496
05
53
75
70
00
50
E r r o r in invoice . .
E r r o r in l i q u i d a t i o n . (See E x h i b i t C).
D o u b l e p a y m e n t of d u t i e s
'..
E r r o r in g a u g e
E r r o r in invoice.
.....do.
See E x h i b i t P , p a g e 85, F i n a n c e Rep o r t , 1876.
do
.....do
See E x h i b i t H , p a g e 81, F i n a n c e Report, 1876.
See E x h i b i t E
.....do
....::..
E r r o r i n invoice
.....do
........
E r r o n e o u s v a l u a t i o n of c u r r e n c y . .
do
...
.,
L a w under which refund was made.
Sec. 3013 Rev. Stat.
Do.
Sec. 30121-Rev. Stat. ,
Do.
Sec. 3013 Rev. Stat.
Do.
Sees. 3013 and 3115 Rev. Stat.
Sec. 3012i Rev.' Stat.
Do.
Sec. 3013 Rev. Stat.
Sees. 3013 and 2513 Rev. Stat.
Do.
Sec. 3012|- Rev. Stat.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Sec. 30121 Rev. Stat.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3012i Rev. Stat.
Sees. 2513 and 3013 Rev. Stat.
Sec. 30121 Rev. Stat.
Do.
"
Sec. 3013 Rev. Stat.
Do.
Sec. 30121 Rev. Stat.
Do. .Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Do. .
.
Do.
X
Do.
Sec. 30121 Rev. Stat.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sec. 3012i Rev. Stat.
Do.
Sec. 3013 Rev. Stat.
Sec. 30124 Rev. Stat.
Sees. 2513 and 3013 Rev. Stat.
Do. .
Do.
Do.
.
Sec. 3013 Rev. Stat.
Do. „
Sec. 3012* R e v . S t a t .
Sec. 3013"Rev. S t a t .
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3012i R e v . S t a t .
Do.
.
Do.
Sec. 3013 R e v . S t a t .
Do
.
Sec. 3012i R e v . S t a t .
Do.
5,4
^
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of customs refunds made hy the
Date.
To whom refunded.
1876.
Nov. 15 Spelmann Brothers . . .
15 AVilliam Cohen
15 William Gribbon
15 D. F. Tiemann & C o . . .
15 Edward Hill
,
18 Thomas N. Dale Sc Co.
\ 20
20
20
20
20
20
Deo.
G. & J. T. Donnell . . . .
Nature of refund.
Duty on worsted yarns
Duty on metal ornaments
Duty on hemmed cotton handkerchiefs.
Duty on oxide of iron
.....do :..
Duty on commissions and,charges..
: Duty.
$10 ool
20 40
. 79,76|
101 25
. 142 .251
. .560 35
.148 46
F.Bing & Co
Rodiger & Co
Peter Schneider & Co
William Finkler •& Sons ',
J. Klamp ..,
......
Oelrichs Sc Go
Snow & Burgess
A. B.Theriott..:.....
Duty on hemp used in building vessels for foreign
trade.
do
.....do..
do
Duty on repairs to steam-barge Wm. Cowie
Duty on hemp used in building vessel for foreign
trade.
Duty on jute goods
Duty on wearing apparel
-..
Duty on vulcanized rubber
Duty on furniture cashmere
;..
Tonnage-dues on German bark Gerhard
...
Tonnage-dues on.German steamship Koln
'.-..
Tonnage dues on British ship Lizzie Ross
Duty on commissions and charges
..
.5 50|
7 .20
9 00
6 65
281 10
766 66
360 90|
1, 428 .25
Horajce J.Fairchild.....
J. Auchincloss et al
.'-...do
Frederick Victor et al .
.....do..
Duty on terne tin
do . . .
Duty on commissions and charge
. 304 20|
904 90
908 46
3.152 15
Dieckerhoff, Roeflaer & Co
Jacob Strouse & C o . .
Henry Kroehl
William Pickhardt &Knltroff |
S. de Cordova
George Hughes &' Co
..
Paine, Sobering & Glatz
Simes Sc F a r l e y . . . .
Howard Ives
Pendle Sc Woodhams .:
Brigg, Entz & Co
John A. Ubsdell et a l . . . '
Duty on French chalk
."
Duty on white con tils
Duty on a stuffed boar
Duty on oxide of iron
Duty on asphalt
Duty on cotton towels
Duty on merchandise
........,
Dutv on straw hats
...:do
Duty on calf-hair goods
do
Duty on commissions and chargei
14 70
19 65
38 75
49 00
63 35
66 20
136 00
350 75
1, 352 15
2, 353 50
935.10
B. Andreae et al
,
Charles Peirson et al
John H. Hardt et al.
G. H. Ellery et al
Alexander D. Napier et al.,
.do.
.do .
.do.
-do.
Duty on-hemmed cotton handkerchiefs .
1,'759 05
• 72" 35
3,117 90
1, 555 79
369 43
C. B. Richard Sc Boas.,
A. Blum, j r
W.H.Perot
Lewis Coleman & Co .
Duty
Duty
Duty
Duty
Haviland & Co
Gossler & Co
...
J. Nickerson Sc Co .
Duty on chinaware
Duty on raisins
.Duty on hemp used in building vessel lor foreign
trade.
M.F. Whiton & Co
J.B. Brigham ScCo . . . . .
A. M. Burnham
Ross, Turner & Co
..
Erichson Sc Solberg.
.
Julius Runge
Lennox & Burgess
Gatchell & H y a t t . . . . - . .
J. L. H a y d e n . . . . . . . . . . . .
Duty on c o a l . . . . . . :
:..
Duty on
fish-hooks
.
Duty on linen thread
..
Tonnage-dues on bark Wilkelm
Tonnage-dues on barkentine Messina
Tonnage-dues on schooner Chas. E. Moody.
Duty on photographic trays
Duty on sewing-machines
.do .
G. F. Holmes, agent.
do
Robert Leitch
Sewall, Day & Co . . .
on
on
on
on
books
wine
.
sugar
merchandise.
Gideon F. Holmes, agent of
Plymouth Cordage Company.
Benedict Bros
Peter Donald
Duty on dunnage-mats
H.R. Shultz
......do
S. Housman Sc Co .
Tonnage-dues on bark Hewatska
...'..'....... ...
Tonnage-dues on schooner Altooua
.;.
—.
Fifty per cent, additional duty under joint resolution of April 29,1864.
do
do
do
...
Lowderback, Gilber & Co.
Springer and Co
D. H. Sc M. Arnold.
Duty on jewelr.y
Duty on commissions and charges .
183 .22
•180 18
116 56
28 50
163 44
4 30
12
18
26
27
25
50]
91
90|
40.95
522 30
142 19
164 69
73 61
63 00
23 20
23 70
115 18
37 80|
4 951
•. 9 80
10 50i
28 53
.553^40
272 40
52 80
129 50
157 5ol
163 34
1179 20|
REPORT OF THE SECRETARY OF THE TREASURY.
55
Treasury Departnient, 4"C.—Continued.
Interest
and costs.
. $891 29
Total.
Reasons for refund.
Law under which refund was made.
Sec. 3013 Rev. Stat.
$10 00 Error in weight
Sec. 3012* Rev. Stat.
20 4( Error iu liquidation
Do.'
79 76
do
Do.
101 25| Error in liquidation. (See Exhibit C).
Do.
do
142 251
Do.
1, 451 64 See Exhibit F, page 135, Finance Report, 1875.
148 46| Hemp used in construction of vessel.. Sees. 2513 and 3013 Rev. Stat.
183 22
do
180 18
do
116 561
do
28 50^ Repairs to vessel
163 4' Hemp used iu construction of
Do.
Do.
Do.
Sees. 3115 and 3013 Rev. Stat.
Sees. 2513 aud 3013 Rev. Stat.
2,279 15
5 50] Error in liquidation
7 20 Free, (personal effects)
9 00 Error in liquidation
6 65 Error in entry
281 10 Double paynient
766 60
do .. ^
360 90
do
:
3, 707 40 See Exhibit F, page 135, Finance Re-
325 96
181 96
375 99
5,189 59
do
i
630 161
1,086 86 (See Exhibit E.) Error in liquidation •
do
1, 284 45
8,341 74 See Exhibit F, page 135, Finance Re-
Do.
Do.
Do.
Do.
4 30 Error in liquidation
14 70
do
19 65!
do
38 75 Error in liquidation. (See Exhibit C)
49 00] Error in weight.
•
63 351 Error in liquidation
66 20
do
. 136 OOl Erroneous valuation of Shanghai tael
350 75 Erroneous valuation of Cuban peso ..
1,.352 15 (See Exhibit B.) Error in liquidation
2, 253 50
do
,
2, 543 97! See Exhibit F, page 135, Finance Re-
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
port, 1875.
port, 1875.
°
1,608 87
port, 187.5.
2, 834 311 4, 593 361
do
150 25|
222
do
5,154 44 8, 272 341
do
2, 038 70 3, 594 49 . . . . . d o
45 26
414 69 See Exhibit H, page 81, Finance Report. 1876.
12 25 Free, imported for university
-.
18 50 Daraage—casualt.y
26 91 Double payraent bf duties
27 90 Erroneous valuation Austrian paper
florin.
40 95 Error in invoice
Reduction
under act of June, 1872
522 30
142 19 Hemp used iu construction of vessel .
164 691
-do .
73 61 Damage—casualt.y
63 ool Error in invoice '.
23 20
do
23 70 Double payment
115 18|
do ..J
37
do
4 951 Daraage
9
Free, (doraestic manufactures
ported and returned.)
10 501 Error—damage
28 53 Clerical error in invoice
1, 485 35 See Exhibit F, page 135, Finance Re-
port, 1875.
272 40 Double payment
do
52 80
129 50 See Exhibit P, page 85, Finance Report, 1876.
157 50
do
163 34!
do
179 20 ......do .
Sec. 3013 Rev. Stat.
Do.
Sec. 30121 Rev. Stat.'
Sec. 3013 Rev. Stat.
Sec. 3012* R e v . Stat.
Do."
Sec. 3013 Rev. Stat.
Sec, 3012| Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sees. 3013 and 2984 Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 30121 Rev. Stat.
Sec. 3013 Rev. Stat.
Actof June 10,1872.
Sees. 2513 and 3013 Rev. Stat.
Do.
Sees. 2984 a n d 3013 R e v . Stat.
Sec. 3013 R e v . Stat.
Do.
Sec. 30121 R e v . Stat.
Do.
Do.
Sees. 2984 and 3013 Rev. Stat
Sec. 3013 Rev. Stat.
Do.
Sees. 3012* Rev. Stat.
Do. "
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Do.
56
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of customs-refunds made by the
Date.
1876.
Dec. I
To whom refunded.
Nature of refund.
Duty.
De Groot &Peck
Nathaniel Hilly er
Sullivan, Randolph Sc Budd
Crook & Scott
Frothingham Sc Baylis
Fowler & Chapin .'.
S. Guiterman et al
Fifty per cent, additional duty under joint resolution of April 29,1864.
do
-do .
.do .
.do .
-do.
.do .
Duty on commissions and charges .
William Chamberlain et al.
Paschal S. Hughes et al
Ernst Bredt
J. H. Murray
.do .
.do .
.do .
Duty on extract of beef
729 37
. 299 86
296 87
400 00
A. B.Parker .
$192 50i
219 30.
258, 45
436 99
474 56
612 30.
707 50
676 37
L. E. Schmeider.
Duty on colored cottons
3, 885 37
16
ColUns Sc Co.
1,130 27
16
16
16
16
16
16
16
Renauld, Francois Sc Co
Guiterman Bros
Edward J. Kin^ Sc Sons.
A. Stephani & Co
Wells, Fargo & Co
John C. Kohlsaat's Sons.
James F. White & Co...,
Fift.y per cent, additional dutj- under joint resolution of April 29, 1864.
Duty on champagne
Duty on gold pencils
16
16
Frederick G. Eldridge .
Noyes, White & Co
16
16
16
Wells, Fargo & Co
George Pearce & Co
William D. Cromwell & Co.
Duty on jute butts
Duty ou merchandise .
Duty on old personal effects
Duty on silk and cotton goods
Duty on charges and commissions .
19
20
20
21
22
26
26
26
T.Naef etal
William S. Wilson et a l . . .
B. Andrea
Henry Vyse et al
Louis Heidenheiraer et al.
E. S. Sherman et a l . . . .
Peter Dufrane
.1
Jacob Siegman et al
.do .
.do .
.do .
.do.
-do .
-do Tonnage-dues on schooner E. P. Dorr .
Duty on charges and commissions
29
29
E. S. Sherman et a l .
James Tinker
1877.
Jan. 2
2
2
3
3
3
3
3
3
3
3
3
,4
4
4
» 5
5
5
L. Rosenfeldt et al
Lawrence, Giles & Co.
E.H.Bailey
,
Sewall, Day & Co
,
Charles A. Hastings .
T.D. Quincy & Co ...
G. Sc J. T. Donnell . . .
do
do
Mary E. Kelley —
Van Bibber Sc Co .
Arnold & Co
H. Stursberg et al.
Hoist, Fullarton Sc Co.
D. McPherson
Peter AVright Sc Sons .
S. M. Luckett
E. Jaccard & Co
W. A. McCarthy
,
New Bedford Cordage Co.
Wm. Horstmann et al
,
C. F. Dambmannet al
Simon Levy
,
Einstein, Hirsch & Co
Isaacs Sc Vought
Field, Morris, Tenner. & Co.
William Brunner & Co
Duty
Dut.v
Duty
Duty
Duty
on merchandise
on greeu peas
on old wearing-apparel.
on sample cards
on burlap canvas
-do .
.do .
Duty on charges and comraissions
Touiiage-dues on brig Selina Stanford
Tonnage-dues on bark Mar.y Stewart
Duty on hemp used in building vessel for foreign
trade.
Duty on aTtificial flowers
Duty on brimstone
i
Duty on hemp used in building vessel for foreign
trade.
do
do
Duty on two horses, one wagon and saddle
Duty on gelatine
Duty on lumber
Duty on commissions aud charges
Tonnage-dues on bark Cameo
Tonnage-dues on bark George Pea.ke
Corapensation for night-service of officers
Duty on wearing-apparel in use
Duty on manufactures of glass and damaged terraco'tta statuettes.
Duty on repairs to schooner Hartford
Duty on hemp used in building vessels for foreign
trade.
Duty on comraissions and charges
do
Duty on silks
,
Dut.y on embroideries
:
,
Duty on straw hats
Duty on colored cotton handkerchiefs
Fifty per cent, additional duty, uuder joint resolution of April 29,1864.
73 28
16 40
10
9
1
9
10
00
80
75
30
60
17 00
26 40
29 80
109 90
8, 082 70
1, 448 50
993 00
143 10
1, 082 51
740 35
13, 868 25
64 80
348 87
15,121 62
383 56
1,145
111
144
179
05
90
60
69
10 50
33 12
170 05
108
160
57
8
11
4,115
78
06
10
75
32
90
289
174
48
30
6
20
60
00
40
85
15 00
82 61
722 45
1,007 93
11 40
. 23 80
36 80
39 49
819 68
REPORT OF THE SECRETARY OF THE TREASURY.
57
Treasury Department, ^^c—Continued.
Interest
and costs.
Total.
Law under which refund was made.
Reasons for refund.
$192 50 See Exhibit P, page 85. Finance Re- Sec. 3013 Rev. Stat.
port, 1876.
do
Do.
219 30
Do.
253 54
-do .
Do.
436 99
.do .
Do.
474 56
.do .
Do.
612 30
-do .
Do.
707 50
.do .
$756 20 . 1; 432 59See Exhibit F, page 135, Finance Re- Sec. 30121 Kev. Stat.
port, 1875.
1,167
490
460
124
36
22
88
15
do
1, 896 73
790 08
do
757 75
do
,
.524 15 Error in exaction peualty, (see Exhibit F.)
•
411 77 4, 297 14 See Exhibit H, page 81, Finance Re-
port. 1876.
1,130 27 See Exhibit P, page 85,'Finance Report
73 28 Damage allowance, (error in liquidation)
Free,
16
10
9
1
9
10
(domestic inanufactures
40
turned.)
00 Short shipment
Error in invoice
re-
,
75 Free, (personal effects)
30 Error in liquidation
60 See Exhibit K, page 82, Finance Re-
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Sec. 3012^ Rev. Stat,
Do.
port, 1876.
17 00 Error in liquidation
^
26 40 Erroneous valuation Austrian paper
florin.
29 80 Free, (personal effects)
109 90 Error in liquidation
12 129 25 20,211 95 See Exhibit F, page 135, Finance Report, 1875.
2, 384 11 3, 832 61
do
1, 665 46 2, 658 46 . . . . . d o
275 22
418 32 . . . . . d o
1, 636 30 2, 718 81
do
1,120 30 1, 860 65
do
20, 544 62 34,421 87
do
64 80 Double payment
455 83
804 70 See Exhibit F, page 135, Finance Report, 1875.
18, 976 95 34, 098 57
do
:....
634 16 1, 017 72
do
1, 812 51 2, 9.57 56
do
111 90 Double payment
144 60
do ..^
179 69 Hemp used in construction of
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
'Sec. 3012^ Rev. Stat.
Sec. 2513 and 3013 Rev. Stat.
10 50 Error in invoice
33 12 See Exhibit G
170 05 Hemp used in construction oi vessel.
Sec. 3013 Rev. Stat.
Sec. 3012* Rev.'Stat.
Sees. 2513 aud 3013 Rev. Stat.
.do .
.do .
Free, (personal effects)
Free, (domestic goods returned)
Short shipraent
See Exhibit F, page 135, Finance Report, 1875.
289 20 Double payment
174 60
do
do
48 00
30 40 Free, (personal effects)
6 85 Error in liquidation, (damage)
Do.
Do.
Sec. 3012* Rev. Stat.
Do."
Do.
Do.
108 78
160 06
57 10
8 75
n 32
10, 760 58
15 00 Necessary repairs to^vessel
82 61 Hemp used in construction of vessel934 01
Do.
1, 656 46 See Exhibit F, page 135, Finance Re-
1, 050 52 2, 058
11
23
36
39
819
45
40
80
80
49
68
port, 1875.
do
Error in liquidation
do
Error in invoice
Error in liquidation
See Exhibit P, page 85, Finance Report, 1876.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Sees. 3013 and 3115 Rev. Stat
Sees. 2513 and 3013 Rev. Stat.
Sec. 3012^ R e v . Stat.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sec. 3012* Rev. Stat.
Sec. 3013 Rev. Stat.
58
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of customs-refunds made by the
Date.
1877.
Jan.
8
To whom refunded.
W a t t Sc S h e r m a n .
N a t u r e of r e f u n d .
Duty.
$294 26
S t e t t h e i m e r Sc A l t m a n
S m i t h Sc H a l l
S. S t r a h l h e i m & Co
E l g i n N a t i o n a l AVatch C o . .
A . P e r s o n , H a r r i m a n Sc C o .
James Walthew
P . Schiaffino & Co
A . S t e p h a n i &, Co
Conway Bros
A . Bediros
W i l l i a m L o e s c h i g k et al . . .
F i f t y p e r cent, a d d i t i o n a l d u t y , u n d e r j o i n t resolut i o n of A p r i l 29,1864.
do
do
do
D u t y on steel in s h e e t s
D u t y on Avorsted dress goods
T o n n a g e - d u e s on b a r k Omoa
T o n n a g e - d u e s on b a r k M a r t i n o
D u t y on olive-oil
D u t y on h a i r - p i n s
,
D u t y on c i g a r s a n d p l a y i n g - c a r d s
D u t y on c o m m i s s i o n s a n d c h a r g e s
196
138
87
135
95
116
233
64
10
83
9,170
William Sulzbacher et a l . . .
H e n r y H e r r m a n et al
E d w a r d Sully e t al
D u t y on I t a l i a n cloths
. . . . . do
D u t y on c h a r g e s a n d c o m m i s s i o n s
239 60
1,098
142 49
W . H . K i n s m a n & Co
AVilliam S u l z b a c h e r e t a l .
E. A. Yorke
J . AV. A^alentine
,
H e n r y H e r r m k n et al
L a m s o n , G o o d n o w & Co .
299
170
17
8
947
135
70
OOi
50
00
36
80
157
168
189
220
317
434
528
594
188
68
70
90
80
48
31
26
45
12
25
3
9
525
610
G e o r g e M a r c u s Sc C o .
T o n n a g e - d u e s on b a r k B e n g a l
D u t y on I t a l i a n c l o t h s
D u t y . o n oil-barrels
D u t y on v e g e t a b l e fibre...'.
Dut.y on I t a l i a n cloths
F i f t y p e r cent, a d d i t i o n a l d u t y , u n d e r j o i n t resolution of A p r i l 29,1864.
do
.do .
.do .
.do .
.do .
.do .
-do .
.do .
D u t y on h e m p u s e d i n b u i l d i n g vessels for foreign
trade.
D u t y on a r g o l s
1%
18
18
20
22
F . W . M y e r s &Co
Burle.y Sc T.yrrell
G e o r g e H . O'Neal
C.A.Hubbard
C. F . V a n B l a n k e n s t e y n e t a l
Duty
Duty
Duty
Dut.y
Duty
23
23
23
23
23
23
23
Louis Amson
J . A . G r i f f i t h & Co
Louis Weddigen et a l . . . . . . . .
C h a r l e s S t i r l i n g e t al . . . . . . .
S. C a r e y
AVilliam S. L i v i n g s t o n e t al.
P l y m o u t h C o r d a g e Co
27
27
29
29
29
29
30
30
H e n r y H e r r m a n et al.
Samuel Carey
do
'.
R i c h a r d B. C h a r l e s
Louis Weddigen et al.
H e n r y H e r r m a n et al.
N e u s s Sc H e s s l e i n
D . L a m b & Co
.do .
D u t y on I t a l i a n cloths
,.
^do
D u t y on s p i r i t u o u s l i q u o r s
Dut.y on b u h r - s t o n e s
do
D u t y on h e m p u s e d i n b u i l d i n g vessels for foreign
trade.
D u t y on I t a l i a n c l o t h s
D u t y on b u r r - s t o n e s
do '.
do
,
c...
D u t y ou I t a l i a n cloths
do
;
, . .D u t y on t a b l e - c l o t h s
D u t y on b u r l a p s
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
J. W . Cochrane
AVells, F a r g o & Co
H o r s t m a n n , V o n H e i n Sc Co
F . B r e d t & Co
R u n k Sc U n g e r
,
B a l d w i n B r o s . & Co
M a r t i n Gillet & Co
Robert Shaw
L . D e j o n g e & Co
,
Knoblauch & Lichenstein..,
G.& J.Ballin..
G.W.Faber
M . C. W a r r e n
W . H . T h o m a s Sc B r o
Edward Hill.
,.
J. Llera
H e r m a n B o k e r & Co
H. E. Sprague
F . B u t t e r f i e l d & Co
,
Duty
Dut.y
Dut.y
Duty
Duty
Duty
Duty
Duty
Duty
Duty
Duty
Duty
Dut.y
Duty
Duty
Duty
Duty
Duty
Duty
S p r i n g a r Sc Co
V a n W a r t Sc M c C o y
P a t o n & Co
D o l p h i n M a n u f a c t u r i n g Co
C r o n i n , H u r x t h a l Sc C o f l . . .
S. H o u s m a n n
^.
Reid, V a n d e r h o r s t & Co . . .
I J l m a n n Sc F l e g e n h e i m
W i l l i a m AVall's Sons
30
do
,
30 I P u r d y & N i c h o l a s .
on b o o k s
on e a r t h e n w a r e
on d o g s a n d c h a i n s
on s p i r i t u o u s l i q u o r s
on c o m m i s s i o n s a n d c h a r g e s .
on t i d i e s
on coat
on b u t t o n s
on felt
on brand.y
on c a r d s a n d books
ou J a p a n e s e fans
on calf-hair g o o d s . . . .
on a l b u m s
on d a t e s
on woolen goods
on c i g a r s
on woolen goods
on c i g a r s
on c o l c o t h a r
on c i g a r s
on rifles
on b r i m s t o n e
on cotton goods
».-...-.
D u t y ou colored c o t t o n s
D u t y on c i g a r s
52
SOj
83
80
09
70
701
69!
80
62
10
242 56
25!
20
38
44|
39!
321 30
105 64
36 16
225 02
1,138 40
2, 957 00
172 76
192 36
1, 275 20
627 20
368 60
43 17
987 82|
2
4 451
6 65
6 80
13 50]
21 40i
22 00
31 80
172 50
397 .50
12 95
16 40[
24 501
-27 50
28 05
54 75
62 75
72 25
122 15
200 00
518 77
,..
:
--•...
,
599 36
25 50|
REPORT OF THE SECRETARY OF THE TREASURY.
59
Treasury Departmenl, 4''C.—Continued.
Interest
.and costs.
.p . ,
-^°^^^-
$294 26 See Exhibit P, page .85, Finance R e port, 1876.
196 521
.do
138 50
do
87 83]
do
135
Error in liquidation
95 091
do
116 70 Double payment
233 70
do
64 69! Error in gauge
10 80 Error in liquidation
83 62 Short shipraent
$14, 428 83 23, 598 93i See Exhibit F, page 135, Finance Re-
port, 1875.
28 73
113 44
184 09
16 96
"79'7i
268 33 See Exhibit H
1,212 32|
do
326 58 See Exhibit F, page 135, Finance Re299 70
186 96
17 50
8 00
1, 027 07
135 80
157
168
189
220
317
434
528
594
Law under which refund was made.
Reasons for refund.
68
70
90
8o:
48i
31
26
45l
188 i:
Sec. 3013 Rev. Stat.
Sec.
'
Sec.
Sec.
Sec.
Sec.
Do.'
Do.
Do.
3012* Rev. Stat.
Do."
Do.
Do.
3013 Rev. Stat.
3012^ Rev. fetat.
3013 Rev. Stat.
30l2i Rev. Stat.
Do.
Do.
Do.
port, 1875.
Do.
Double payment
Do.
Se Exhibit" H
Do.
Free. (Domestic goods returned.) —
Do.
See Exhibit I
Do.
See Exhibit H
See Exhibit P, page 85, Finance Re- Sec. 3013 Rev. Stat;
port. 1876.
Do.
do
Do.
•
.
.do.
Do.
.do .
Do.
.do .
Do.
-do .
Do.
.do .
Do.
.do.
Do.
.do .
Hemp used in construction of vessel. Sees. 2513 and 3013 Rev. Stat.
See Exhibit L, page 82, Finance Report, 1876.
Free. (Books for university.)
,
25 25 Error in liquidation. (Damage.)
i
3 20 Free. (Domestic goods returned.)...
9 38 See sees. 2504 and 2921, R. S
71 78
597 22 See Exhibit F, page 135, Finance Re€89 53
1,299 92
port, 1875.
539 56
860 86
do
105 64 See Exhibit H
16 09
do ..'52 25|
34 60|
259 62 See sees. 2504 and 2921, R. S
82 19 1,220 59 See Exhibit D
.:.
202 40 3,159 40
do
_ 172 76 Hemp used in construction of vessel.
Sec. 3012^ Rev. Stat.
See Exhibit H
See Exhibit D
do
.
do
See Exhibit H
do
Short shipment
See Exhibit K, page 82, Finance Report, 1876.
Error in addition .>
Free. (Personal effects.)
Short shipment
Error in appraiser's return
Error in gauge
Free. (Books for university, &c.)...
Error in liquidation
See Exhibit B
i
Error in C[uantity
Error in liquidation
Error in weight
Excessive valuation of Cuban peso . .
Error iii liquidation
Excessive valuation of Cuban peso ..
See Exhibit C
Excessive valuation of Cuban Peso. .
Free. (Doniestic productions ret'd) See Exhibit G
See Exhibit H, page 81, Finance Report, 1876.
do
Erroneous valuation of Cubau peso...
Sec. 3012* Rev. Stat.
242 56,
22
145
268
39
17
168
21
Oil
70
09
80
56
214
1,420
895
407
60
1,156
2
4
57
21
90
69
97
38
80
45
6 65
6 80
13 50
21 40
22 00
31 80
172 50
397 50
12 95
16 40
24 50
27 50
28 05
54 75
62 75
72 25
122 15
$200 00
518 77
599 36
25 50l
Sec. 3013 Rev. Stat.
Do.
Sec. 30121 Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
.Do.
Sees. 2513 and 3013 Rev. Stat.
Do."
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sec. 3012* Rev. Stat.
Sec. 3013 Rev. Stat,
Do.
Do.
Do.
Do.
Sec. 30121 Rev.Stat.
Do.
Do.
Sec. 3013 R e v . Stat.
Sec. 30121 Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sec. 30121 Rev. Stat.
Do.
Do.
Do.
60
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of customs refunds niade by the
Date.
1877.
Jan. 30
Feb.
To whom refunded.
Duty.
Nature of refund.
P. Donald Sc Co .
Duty on colored cottons..
$37 12
L. Bluragart & Co..
F. Butterfield & Co.
Duty on Italian cloths...
Duty ou colored cottons.
J. F. Whitney & Co
Mayer Brothers Sc Co
Wiiliara Sulzbacher et a l . . .
John H. Hardt et al
Samuel Carey
Louis Tetens
J. F. Whitney & Co
Alvah Mudgett
T. B. Marshall Sc Brother...
J. H. Graybill
Decan, Zerega Sc Co
Street Brothers
John Harper
P. O. Westfeldt
G. Sc J. T. Donnell
do
H.S.Hoeller
Richard B. Irwin & Co . . .
Jos. Nickerson & Co
Isaac Jeanes & Co
Richard P. Charles
William Sulzbacher et al.
Jacob Siegman et al
A. Schmidt et al
E.D. Bigelow &Co
Samuel Carey
AVilliam Brandt et al
Duty on merchandise
Duty on maccaroni
Duty on Italian cloths
.do
Duty on burr-stones
Tonnage-dues on bark Byron
Tonnage-dues on bark Ocean
Tonnage-dues on schooner A. P. Emerson
Tonnage-dues on ship E u r e k a . . .
Tonnage-dues on bark H.ypatia .'
Tonnage-dues on ship Hercules
,Tonnage-dues on bark Wave King
Tonnage-dues on bark Patriot Queen
Tonnage-dues on brigantine Moltke
Duty on hemp used in bnilding vessel for foreign
trade.
do
,
Duty on piano-cover, jackets, &c
,
Duty ou marble statuary
Duty on hemp
."
Duty on marble table-tops
Dut.y on burr-stones
Duty on Italian cloths
.'
^ do
do
Tonnage-dues on bark Felix
Duty on burr-stones
Duty on commissions and charges
54 45
151 15
378 05
43 32
1, 294 65
480 80
1,311 40
108 60
204 00
73 20
630 43
219 00
346 50
219 00
152 94
75 90
65 10
H. Herrman & Co
W. H. Horstraann's Sons...
Baldwin Brothers Sc Co
Thomas Irwin Sc Sons
George A. Clark Sc Brother.
D.H.Arnold & Co
Wm. Pickhardt Sc Kuttroff.
Duty
Duty
Duty
Duty
Duty
Dut.y
Duty
on Italian cloths
on sword-blades and scabbards
on statuary
'
ou cigars.'.
on linen thread
on Italian cloths
on colors
H. Herrman & Co
Lawrence, Giles & Co . . .
Baldwin, Brothers Sc Co.
Gomez, Rionda & Co
C. Brewer & Co
.....
i..
Duty on Italian cloths
Duty on crude brimstone
Duty on wooden ware
Duty on sugar
Fifty per cent, additional duty under joint resolution of April 29,1864.
Wray Sc Gillilan
do
H. A". Stursberg & Co
do
AVilliam Watson & Co
do
Henry Herrman et al
Dut.y on Italian cloths
Sarauel Carey
Duty ou burr-stones
^
do
.do
..:...do
i
do
William Sulzbacher
Dut.y on Italian cloths
do
Ido
William S. Livingston et al . Duty on burr-stones
do
.do
do
do
do
do
E. K. Butler Sc Brother
Net proceeds of uuclaimed merchand.ise
E.K.Butler
do
H.B. Claflin & Co
do
Bernard, Hecht & Co
Duty on burr-stones
William Lottimer et al
Duty on colored cotton handkerchiefs
J. Durand
Duty on cigars
Hardt Sc Lindgens
:. Duty on Italian cloths
•.
George Bliss
Duty recovered on bonds
Martin, Gillet & Co
Sgobel Sc Dav
Hardt & Co ."^
Belcher's Sugar Refining Co.
W. G. Conrad
W. H. Perot
Rockford Watch Company..
J . J . Story.;
C.AV.Tuck
Boston Atheneum
Simons, Hatch & AVhitten ..
Duty
Duty
Duty
Duty
Duty
Duty
Duty
Duty
Duty
Duty
Duty
on Japanese fans
on crude brimstone
on Italian cloths
ou sugar
•.
on fur cloak and two silk bonnets .
on sugar
on watch-jewels
on wool.-;
on pickled sheep-skins
on books
on dry goods
232 22
19 76
107 90
99 37
27 00
3, 072 20
61 97
27 77
40 92
280 80
275 40
3, 043 65
1,158
10
21
25
36
64
79
85
80
40
00
40
98
10
91 38
1, 999 00
11 55
122 88
47 32
275 45
494 69
725 20
878 82
1, 732 60
1, 492 00
419 60
539 16
495 88
2, 398 00
1,582
1, 448 80
1,117 20
590 60
377 21
209 10
158 00
120 29
13 75
60 44
78 78
139 75
250 00
481 60
39 80
- 19 45
85-75
54 00
44 11
23 40
12 00
16 10
REPORT OF THE SECRETARY OF THE TREASURY.
61
Treasury Department, 4"C.—Continued.
Interest
and costs.
Reasons for refund.
Total.
$37 12 See Exhibit H, page 81, Finance Re-
port, 1876.
54 45 See Exhibit H
151 15 See Exhibit H, page 81, Finance Re-
port, 1876.
378 05 Short shipment
48 32 Error in weight
$102 03 1,396
See Exhibit H
49 07
do
:
529 87
185 12 1, 496 52 See Exhibit D
108 60 Double payment
do
204 60
-do .
73 20
-do .
630 43
-do .
219 00
-do .
346 50
.do .
219 00
.do .
152 94
.do .
75 90
65 10 Hemp used iu construction of vessel .
232 22
.do .
19 76 Free, (doraestic productions, returned)
107 90 Erroneous valuation of Italian lira —
99 37 Herap used in construction of vessel..
27 00 Error in invoice
368 05 3, 440 25 SeeExhibitD
18 03
80 00 See Exhibit H
14 03
41 80
do
13 01
53 93
do
Double payment
280
67 90
,
343 30 See Exhibit D
4, 746 07 7, 789 72 See Exhibit F, page 135, Finance Re-
port, 1875.
See Exhibit H
Error in liquidation
Free, (work of an American a r t i s t ) . . .
Error in weight
Error in appraiser's return
See Exhibit H
Erroneous valuation South German
florin.
91 38 See Exhibit H
1,999 00 See Exhibit G
11 55 Error in entr.y
122 88 Error iu weight
47 32 See Exhibit P, page 85, Finance Report, 1876.
do
275 45
494 69
do
do
725 20
1,019 41 See Exhibit H
:2, 075 39 See Exhibit D
do . . ,
:...•
1,760 76
526 04 . . . . d o
1
613 11 See Exhibit H
572 59
do
2, 795 64 See Exhibit D
do
1, 809 44
1, 787 33
do
1, 245 64
do
1,1.58 85
10
21 40
25 00
36 40
64 98
79 10
140 59
342 79
268 76
106 44
73 95
•76 71
397 64
226 64
338 53
128 44
590
377
209
207
136
13
60
78
49 68
16 69
1
1
60
21
10
68
98
75
44
78
See Exhibit D
-.
.
do - . .
:-..Error in entry
See Schedule H
Error in collection of duty by United
States attorney.
139 75 Error in liquidation
2.50 00 See Schedule G
481 60 See Schedule H
39 80 Error iu liquidation, (casualty)
19 45 Free, (pei-sonal effects)
85 75 Error in weight
54 00 Error in liquidation
44 11 Error in entry
23 40 Error in liquidation
-.
12 00 Error in entr.y
16 10 Error in invoice
Law. under which refund was made.'
Sec. 30121 Rev. Stat.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Sec. 3012| Rev. Stat.
Do.
Do.
Do.
Do.
Do,
Do.
Do.
Do.
Do.
Do.
Do.
Sees. 2513 and 3013 Rev. Stat.
Do.
Sec. 3013 Rev. Stat.
Do.
Sees. 3013 and 2513 Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
•
Do.
Do.
Do.
Sec. 3013 Rev, Stat.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 2974 Rev. Stat.
Do.
Do.
Sec. 3012^ Rev. Stat.
Do.
-
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 30121 Rev. Stat.
Do.
Do.
Sees. 2984 and 3013, Rev. Stat.
Sec. 3013 Rev. Stat.
Do.
Do.
Do.
Sec. 3012^ Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
62
REPORT OF THE SECRETARY OF THE TREASURY.
Stdtement of customs-refunds made by ihe
Date.
1877.
Feb. 13
13
13
13
13
13
13
14
To whom refunded.
Viti Brothers
do
M. Thomas Sc Sons
John Alburger & Co..
Stuart & Brother
A. C. Treraoulet
Anderson Sc Sirapson .
William M. Bliss et al.
15 J. Stuart et al
15 F.H.Shallus
15 C. Morton Stewart Sc Co .
16 A. Gihon e t a l . . .
16
16
16
17
17
Mar.
S. M. Peyser et a l . .
A. Ricard
A. Ayraar et al
Chenery & Co
Williani Sturgis, jr., et al.
Nature of refund.
Duty on
do
Duty on
Duty on
do
Duty on
Duty on
Duty on
Duty.
alabaster statuary
,
".
speciraens of minerals —
Italian cloths
$33
35
929
8
31
133
74
1,669
sardines
mosquito-nets
commissions and charges .
80
40
40
07
38
32
90
10
.do .
Tonnage-dues on brig G. M. Jones . . .
Tonnage-dues on brig Sarah Crowell.
Duty on commissions aud charges
1, 601 35
6 60
44 40
5, 796 85
.do.
.do .
.do .
N e t p r o c e e d s of sale of u n c l a i m e d m e r c h a n d i s e .
D u t y on c o m m i s s i o n s a n d c h a r g e s
62
9.52
871
178
3, 954
10
17
15
76
35
554 76
Frederick de Bary et al.
D u t y on c h a m p a g n e
Henry Herrman et al.
Richard Bell
D u t y on I t a l i a n c l o t h s
Dut.y on c o m m i s s i o n s a n d c h a r g e s .
Thomas Drew et al —
William D. Cromwell et al.
H. Heuschen et al
Jaraes Houldsworth et al . .
Wiiliara Lamb & Co 1
J . H . Graybill
H. H. Schwietering
do
F. A. Reichard
A. Keppelmann
do
Hu Kwang Yung
D. McPherson
H. Ackermann et al
.do .
.do .
-do .
.do
T o n n a g e - d u e s on b a r k V i c t o r i a
T o n n a g e - d u e s on b a r k W a r r i o r
D u t y on I t a l i a n cloths . . -.
do
D u t y on o r a n g e m i n e r a l
.do
do . : - . . . .
D u t y ou C h i n e s e a n t i q u i t i e s
T o i m a g e - d u e s on b a r k R. AV. M e r r i a i n .
D u t y on c h a r g e s a n d commissions
F. DuBary
J. H. Dullus, jr., et al
E. Hnkart et al
De Coursey, La Fourcade
&Co.
F . B u t t e r f i e l d & Co
N . B. F a l c o n e r & Co
J o s e p h S. F i s h e r
Rose, B a l d w i n Sc R o s e
A d o l p h u s Oechs
T i c e Sc L y n c h
:..
D . L a m b & Co
-do .
-do .
-do .
F i f t y p e r cent, a d d i t i o n a l d u t y , u n d e r j o i n t r e s o l u t i o n
of A p r i l 29, 1864.
. '
„do
do
do
.....do
do
D u t y on b o o k s
•
D u t y on b u r l a p s
H . H e r r m a n Sc Co
do
Dieckerhoff, Rafflojr & C o . . .
F. A. Reichard . R.P.Charles
Samuel C a r e y . . . :
Sulzbacher, ' G i t t e m a n &
Wedeles.
W . Sc F . L i v i n g s t o n
Balfour, G u t h r i e Sc Co
J. A c k e r et al
D u t y on I t a l i a n c l o t h s . .
-do
D u t y on b u t t o n - s t o c k s . . .
D u t y on o r a n g e m i n e r a l .
D u t v on b u r r - s t o n e s . . . . .
.---:do
D u t y on I t a l i a n c l o t h s . -.
40 52
342 10
118 00
195 87
413 80
746 20
1, 097 81
D u t y on b u r r - s t o n e s
Dut.y on coal
D u t y ou c h a r g e s a n d comraissions .
1,175 00
23 40
3, 490 45
W i l l i a m H . L e e e t al
H . E . AVood h o u s e & C o .
H e n r y H e r r m a n et al . .
do
do
G e o r g e Bliss e t a l
-do.
Special a c t of M a r c h 3,1877
D u t y on I t a l i a n c l o t h s
- do
do
D u t y on charges, a n d c o m m i s s i o n s .
2, 834 81
952 00
43 23
24 09
323 68
5, 446 3
H e n r y H e r r m a n e t al .
do
do
,
do
do
Clifton A n g r a v e
D u t y on w o r s t e d dress-goods
'.do
do
.
do
do
D u t y on commissions a n d c h a r g e s -
479 62
1,015 97
1,658 45
1,239 76
215 23
624 50
Jos. Strauss et a l .
do
D u t y on w o r s t e d dress-goods
D u t y on w o r s t e d dress-goods a n d I t a l i a n cloths .
,.
751 52
621 35
428 30
444 58
950 74
270 30
• 155 10
185 10
89 02
22 89
389 89
272 29
384 01
2,451 15
179 70
500 58
183
81
557
105
60
72
40
52
112
121
152
164
958
4
18
18
80
95
65
80
50
80
329 .5.0
235 55
REPORT OF THE SECRETARY OF THE TREASURY.
63
Treasury Department, 4^0.—Cbntinued.
Interest
a n d costs.
Total.
R e a s o n s for refund.
$33
35
929
8
31
133
74
4, 345
80
40
40
07
38
32
90
23
4, 228
6
44
9,104 29 14, 901
29
60
40
14
144 34
1, 046 98
1,421 44
44
15
59
76
19 See E x h i b i t F , p a g e 135, F i n a n c e
p o r t , 1875.
60 See E x h i b i t H , p a g e 136, F i n a n c e
p o r t , 1875.
73 See E x h i b i t H
26 See E x h i b i t F , p a g e 135, F i n a n c e
p o r t , 1875.
10
do
49
do
10 ;
do
89
do
10 D o u b l e p a y m e n t '
do
- .
10
oa See E x h i b i t H
do
79
98 See E x h i b i t K
do
83
55
do
15 F r e e
D
o
u
b
le payment
70
58 See E x h i b i t F , p a g e 135, F i n a n c e
p o r t , 1875.
52 . i
do
14 . . . . . . d o
42 . . .; do . . •
.
52 See E x h i b i t P , p a g e 85, F i n a n c e
p o r t , 1876.
18 . . . . do
80
do
95
do
65
do
80
do
50 F r e e (books for colleo'e)
80 See E x h i b i t K, p a g e "^82, F i n a n c e
port, 1876.
52 See E x h i b i t H
do
10
00 See E x h i b i t L
87 See E x h i b i t K
80 See E x h i b i t D
20
do . . . .
81 S e e E x h i b i t H
$2, 676 13
2, 626 94.
206
1,999
2, '292
178
6,117-84 10, 072
86 84
641
53 21
986 91
804
1, 608
766
680
1, 286
401
80
91
36
59
20
13
33
54
47
04
90
09
54
54
576 00
320 92
159 42
639 02
1.195
1,125
2, 237
671
155
185
109
36
422
326
431
2, 451
179
1,076
504
241
1.196
• 105
112
121
152
164
958
4
18
40
342
118
195
413
746
1,097
5, 366 78
3, 702 46
17
2
30
7,124
95
54
52
26
57
88
111
162
98
1,017
39
56
64
00
44
07
63 58
32 47
L a w uuder which refund was made.
F r e e , (work of an A m e r i c a n a r t i s t )
do
Free. See E x h i b i t H
,. . . . d o
E r r o r in liquidation, (damage). - - . . ..
E r r o r in e n t r y
See E x h i b i t F , p a g e 135, F i n a n c e R e p d r t , 1875.
do
Collected in excess
Double payment
See E x h i b i t F , p a g e 135, F i n a n c e R e p o r t , 1875.
do . . . ,
do
do
:
Re-
Sec. 30121 R e v . S t a . t
Do.
Sec. 3013 R e v . S t a t . .
Sec. 3012^ R e v . S t a t .
Do.
Sec. 3013 R e v . S t a t .
Sec. 3012^ R e v . Stat.
Do.
;
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 2974 Rev. S t a t .
Sec. 30121 Rev. S t a t .
Re-
Do.
Re-
Do.
Do.
Re-
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 R e v . Stat.
Sec. 3012^ R e v . S t a t .
Do.
Re-
Do.
Do.
Do.
Sec. 3013 R e v . S t a t .
Re-
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3012i R e v . S t a t .
Do.
Do.
Do.
Do.
Do.
Do.
Do.
1,175 00 See E x h i b i t D
Do.
23 40 E x c e s s of d e p o s i t
Do.
8, 857 23 See E x h i b i t F , p a g e 135, F i n a n c e R e - '
Do.
p o r t , 1875.
6, 537 27 . . . :v . . do
Do.
952 00
P r i v a t e act, M a r c h 3,1877.
61 18 S e e E x h i b i t H
Sec. 3012| R e v . S t a t .
26 63
do
Do.
354 20
do
Do.
12, 570 63 See E x h i b i t F , p a g e 135, F i n a n c e R e Do.
p o r t , 1875.
537 01 S e e E x h i b i t H
•
Do.
1,104 53
do
Do.
1,770 09 :
do
Do:
1, 401 76
do
Do.
313 67
do
:.
Do.
1, 641 57 See E x h i b i t F , p a g e 135, F i n a n c e R e Do.
poT't, 1875.
393 08 See E x h i b i t H
Do.
do
„
Do.
268 02
64
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of customs-refunds made by the
Duty.
Date.
To whom refunded.
1877.
Mar. 10
10
13
13
14
14
14
14
14
14
15
15
15
15
15
15
15
16
16
16
16
16
16
16
Herman Bernheimer et a l . . .
Adolphus Keppelmann
R, A. Wills et al
Edward B. Makin
C. Tobias Sc Co
do
Erichson Sc Solberg
Hiltons Sc Foster
Hoist, Fullarton & Co
A. Lindstrom
Henrv Newman
do
do
do
do
do
do . . - .
Saxonville Mills
,
do
Wells, Fargo & Co
Heidsieck,Moramer & Co...
H. Hermann <fc Co
do
Rhind, Grierson Sc Emslie...
Duty on worsted dress goods and Italian cloths .
Duty on orange mineral
Duty on guun.y-cloth
Fees on canned salmon
Tonnage-dues on bark Skjerkholt
Tonnage-dues on bark Louise Gehm
Tonnage-dues on bark Kepha
Tonnage-dues on bark Sara . . . :
Tonnage-dues on bark Hilda
Tonnage-dues on bark Agir
Duty on Italian cloths
..
do
do
do
do
do
do.
Dutv oil wool
.....do
Duty on an old dress
Duty on manufactures of worsted
Duty on Italian cloths
do
Duty on burlap canvas
$456 46
387 98
615 92
18 40
133 00
129 00
27 00
179 19
92 40
137 10
1, 015 85
461 14
415 61
154 85
55 83
34 02
30 40
4, 269 98
8, 996 53
15 00
. 38 00
125 29
40 18
14 40
16
16
16
16
16
17
17
17
17
17
21
21
21
Homer, Colladay Sc Co ....
Harrington Sc Goodman..
Lonis AViudmuller& Roelker
L. H. Newberger
Henry E. Sprague
David D. Acker et al
Joseph Park et al
W. H. Thomas et al
Joseph Strauss et al
H. Bernheimer et a l . .
George Willing
,
Ammon, Caspari & Co —
G. Sc J. T. Donnell
30 25
56 32
74 87
77 11
2, 872 00
3,106 25
3, 613 10
1, 034 00
7 07
349 69
60 95
42 03
196 77
22
22
23
23
23
24
24
24
24
26
27
27
28
29
29
29
31•31
31
31
Apr. 2
2
2
2
Sewall, Day & Co
Jacob Wirth
Kearney Sc Swartchilc^ —
B. H. Rothwell
C. W. Ganthier
,
Alfred Winsor Sc Sons . . .
Joseph B. Reedy
H. AV. Dernier
L. Westergaard & Co
B. J. AVenberg & Co
P. Schiaffino & Co
Hoist, Fullarton Sc Co
Adams Bailey et al
Brior Sc Von Collen
Michael, Cutino Sc Co
Walthew & Co
H. R. Shultz
Thomas O.Bell
J. Tostrup
J . Stiff &Sons
Hellmann Bros. & Co
Dow, Hunt &Co
E. A. Snow
Charles R. Fowler et a l . . .
Martiu Kattenhorn, assignee
do
do
Charles R. Fowler et al
,
do . . . . \
do
Duty on fur cloaks
Duty on Italian cloths
Duty ou orange mineral
Duty on cotton goods
Duty on crude brimstone
Duty on cigars
do
do
:
Dut.y on Italian cloths
Duty on Italian cloths and worsted dress-goods
Duty on furs and underclothing
Duty on coal
,
Duty on hemp used in building ship for foreign
trade.
do
Duty on empty bottles
Dut.y on watch materials
Dut.y on books
Duty on fish
Tonnage-dues on schooner Devon
Tonnage-dues on schooner Portland
Tonnage-dues on bark Charlie Hickman
Tonnage-dues on schooner Mocking-Bird
Tonnage-dues on schooner Baracoa
Tonnage-dues on bark Buoefalo
Tonnage-dues on bark Vidsjaen
Duty on rice
,
Tonnage-dues on ship Ida
,
Tonnage-dues on bark Eroe
Tonnage-dues on schoouer Peter H. Crowell
Tonnage-dues ou brig Barns
Tonnage-dues ou schooner Lizzie Dakers
,
Duty on Centennial exhibits, ($16.35, $24.40)
do
Net proceeds of sale of unclaimed merchandise...
do
,
Duty on wearing-apparel.
Duty on uncleaned rice
do
.do .
.do .
.do.
.do .
.do .
.do.
-do .
.do .
Tonnage-dues on bark Emile
,
Tonnage-dues on bark Louise De Geer
Duty on hemp used in building vessel for foreign
trade.
-do
Duty on jewsharps
Duty on wearing-apparel
do
Duty on bronzes
•2
do
•
do
,
do
E.H.Bailey
L. Westergaard & Co
....
New Bedford Cordage Company.
do
W. W. Whitney
Mary McConnell
May" Viley
Nye Sc Acheson
*.,
Nature of refund.
97 19
9 20
4 30
3 75
41 97
21 00
21 90
278 70
38 40
185 90
215 40
162 90
2, 738 88
403 20
110 70
133 50
94 80
38 10
40 75
18 20
185 11
12 85
13 65
3, 023 69
2, 232 85
2, 282 15
277 49
1,182 19
1, 006 46
1, 006 99
685 47
400 98
1,140 10
103 80
201 30
163 84
165 12
11 31
2 10
50 40
7 00
REPORT OF THE SECRETARY OF THE TREASURY.
65
Treasury Department, 4'C.—Continued.
Interest
and costs,
Reasons for refund.
Total.
$542 66 S e e E x h i b i t H
413 21 See Exhibit K
749 28 SeeExtiibit Q
18 40 Illegull.y exacted
138 00 Double"payment
do t . ^
129 00
, 27 00
do
' 179 19
do
92 40
do
137 10
do
101 47 1,117 32 See Exhibit H
63 19
524 33
do
85 70
501 31
do
35 62
190 47
do'.
18 78
74 61
do
15 00
49 02
do
11 32
41 72
do
-.-.
323 16 4, 593 14 See Exhibit M
675 67 9, 672 20
do
15 00 Free, (personal effects)
38 00 Short shipment .. 125 29 See Exhibit H
40 18
do
:
14 40 See Exhibit K, page 82, Finance Re-
$86 20
25 23
133 36
port, 1876.
30 25 Error in liquidation
56 32 See Exhibit H
74 87 See Exhibit K
77 11 Error in quantity
2, 872 00 See Exhibit G
-,609 81 ,3,716 06 Erroneous valuation Cuban peso
690 27 4, 303 37
do
187 17 1,221 17
do
10 98
18 05 S e e E x h i b i t H
412 50
do
62 81
60 95 Free, (personal effects)
42 03 Excess of deposit
196 77 Hemp used in construction of vessel.
97 19
-do .
9 20 Free, (domestic production returned)
4 30 Error in liquidation
-.
3 75 Free, (domestic production returned)..
41 97 Free, (fresh fish for daily consumption)
21 00 Donble payment
21 90 . . . . . d o
...^
278 70
do
38 40
do
185 90 Penal, tonn age-tax illegally exacted...
215 40 Double payment
162 90
do ..r
3, 045 51 5, 784 39 See Exhibit N
403 20 Double payment
110 70
do
133 50
do
94 80
do
38 10
do
40- 75 Centennial goods exported
18 20
do
185 11
12 85
13 65 Free, (personal effects)
3, 023 09 See Exhibit N
do
2,232 85
2, 282 15
do
277 49
do
1,182 19
do
1, 006 46
do
1, 006 99
do
....:
.do
685 47
do
400-98
do
1,140 10
103 80 Double payment
do
20J. 30
163 84 Henjp used in constrn.(M;ion of vessel.
165 12
.do.
11 31 Error in liquida?tion
2 10 Free, (personal effects).
do
\...
50 40
....
7 00 Erpor in invoice
5F
Law under which refu;nd was made.
Sec. 3012* Rev. Stat.
Do."
Do.
Sec. 3013 Rev. Stat.
Sec. 3012* Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sec. 30121 Rev. Stat.
-
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sees. 2513 and 3013 Rev. Stat.
Do.
Sec. 3012^ Rev. Stat.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do,
Do.
Do.
Do.
Do.
Do.
Sec. 3013-Rev. Stat.
Sec. 3012^ Rev. Stat.
Do.
Sec. 3013 Rev. Stat
Do.
Sec. 2974 Rev. Stat.
Do.
Sec. 3ai2| Rev. S t a t
Do,
Do.
Do.
- Do.
DO.
Do.
Do.
Do.
Do.
Do.
Do. '
Do.
Sees. 2313 and 3013 Rev. Stat
Do.Se«p. 3013 Rev. Stat
Do.
Do.
Do.
\
66
REPORT OF THE SEORETARY OF THE TREASURY.
Statement of customs-refunds made by ihe
T o w h o m refuncled.
Date,
1877.
Apr. 9
10
18
18
18
18
N a t u r e of •ref\ind.
D u t y on s u g a r
T o n n a g e - d u e s on
T o n n a g e - d u e s on
T o n n a g e - d u e s on
T o n n a g e - d u e s on
T o n n a g e - d u e s ou
-:.
schooner Earl.y B i r d .
bark Alberto.
bark Pei;severante . .
b a r k Speedwell
b a r k Sofia
21
21
21
21
21
21
21
21
21.
21
21
21
21
21
21
24
. 26
26
26
May
1
T u c k , C h o n g & Co
R. M u r r a y , j r
H . R . Shultz
P . Schiaffino & Co
F . A. Drisko
M i c h a e l , C u t i n o , Scopinich
&Co.
W e l l s , F a r g o & Co
..do
do
do
C. B . R i c h a r d Sc Boas
do
do
M. C. W a r r e n
Benziger Bros
Diecherhoff, Raffloer & Co ..
R u n k Sc U n g e r
M a y e r , B r o s . & Co
Leon R h e i m s
M a x J a c o b y Sc Zeller
R i c h a r d Iselin & Co
D i c k s o n , DeAVoK & Co
Spence, M o n t a g u e & Co
S. H e r n s h e i m Sc B r o . F i e l d , L e i t e r & Co
A n g e l o S. M y e r s e t al
D u t y on p a i n t i n g s
D u t y on b o o k s
D u t y on p e r s o n a l effects .
"ido.
D u t y Ou a l b u m
D u t y on old w a t c h a n d c h a i n
--.•D u t y ou a d r a w i n g
Dut.y on m e r c h a n d i s e
-•-.
D u t y on b o o k s
D u t y on b i n d i n g s . . ^
D u t y on m i n e r a l - w a t e r
D u t y on cherry-j nice
D u t y on b u c k r a m cotton goods
D u t y on c h r o m o s
D u t y on m a n u f a c t u r e s of silk a n d c o t t o n .
D u t y on u n c l e a n e d r i c e . . - . .
D u t y on s u g a r
D u t y on c i g a r s
D u t y on, a c o s t u m e .
'.
D u t v on c h a m p a g n e
1
2
3
3
3
3
4
4
4
4
4
4
4
4
4
4
. 5
. 5
5
5
5
J o s e p h S t r a u s s et al
E r i c h s o n & Solberg
A . H . H a r t & Co
J . B . Li p p i n c o t t & Co
J a c o b R e c h . : - -'
J o h n C. P r a t t
A. Lindstrom
K n o p p , H a n era a n n & Co —
C o n a n t Sc AVilbur
E r i c h s o n Sc "Solberg
do
do
,
E . D . Bigelow Sc Co
do
Andrew Gray
J . W . P a r k e r & Co
G. D u h a i m e
Leopold B. M. M o e z y g e m b a .
AVilson & Bradbury".
H f u r y S c h m e i d e r Sc Sons . -.
W i l l i a m L o t t i m e r & Co
D u t y on w o r s t e d dress-goods
T o n n a g e - d u e s on b a r k C a r l o t t a
N e t p r o c e e d s of sale of u u c l a i m e d m e r c h a n d i s e .
D u t y on old books
D u t y oil a x l e s . . . - - .
D u t y on a c a r r i a g e
'.
T o n n a g e - d u e s on b a r k Svea
T o n n a g e - d u e s on s t e a m s h i p Ohio
T o n n a g e - d u e s on schoouer R i v e r s i d e . 1'.....
T o n n a g e - d u e s on b a r k C a r p i o n e '
T o n n a g e - d u e s ou b a r k F r a n c e s c h i n o
T o n n a g e - d u e s on b a r k San F r a n c e s c o
T o n n a g e - d u e s on b r i g a n t i n e A c a d i a
T o n n a g e - d u e s ou b r i g O k e n b u r y
T o n n a g e - d u e s on schooner F r a n c i s R. B a i r d . . .
T o n n a g e - d u e s on b a r k L. H . De V e b e r
D u t y on horses
Dut.y on s i l k s
D u t y on l i n e n s
D u t y on cotton a n d s i l k goods . . . '
Dut.y ou h e m m e d cotton h a n d k e r c h i e f s
D . H . A r n o l d & Co
A c k e r , M e r r a l l &,''Condit. do
C. B . R i c h a r d Sc Boas
Hen ry Newman
H . H e r r m a n & Co
do
do
do
do
Fi^ld, L e i t e r & Co
J o h n V. FarWell & Co
C. C a v a r o c Sc Son
Q u o n g C h u n g L u n g Sc Co.
Q u o n g C h u n g S h i n g & Co.
H i p W o & Co
Kwong Tong Tai & C o
K i n N a m & Co
K w o n g Yek Chong & C o . .
T o n g T i e & Co
T s u e C h o n g AVing & C o . . .
J o h n D. W o o d et al
R o s s CampbeU e t al
do
do ..•
C h a r l e s T. R a y n o l d s e t a l .
do
A. & S.E. Spring
H e n r y M. P e y s e r & Co
C. W."Tuck .".
AVilliam A . H a r d t e t al
D u t y on I t a l i a n cloths
D u t y on m e r c h a n d i s e
".do
D u t y on p e r s o n a l effects
Dut.y on I t a l i a n cloths
D u t y on I t a l i a n cloths a n d w o r s t e d goods
D u t y onSItalian c l o t h s
'do
do
.do .
D u t y ou wool s h a w l s
..•
.....do
,
D u t y on yrine
D u t y ou dried fruit
do
1
do
do
do
1
do
do
do
D u t y on wool
D u t y on w o r s t e d dress-goods
do
do
D u t y on o r a n g e m i n e r a l
-do
.-.
D u t y on wool
D u t y on gloves
D u t y on fire-place h e n t e r
D u t y on I t a l i a n cloths a n d w o r s t e d ilress-goods.
5
5
5
5
5
7
7
7
7
7
7
7
7
1
«
7
7
7
7
7
' 7
7
7
Duty.
$25
196
115
132
125
149
88
30|
001
70
40
12
7
21
13
4
3
6
3
7
21
25
30
53
111
213
2, 558
65
31
8
92
40
75
85
30
20
00
00
1.5
251
45
75
25
77
30
00
32
25
00
62
73
125 32i
160
29 321
26 50
73 85
17 50
126 60
718 13
34 20|
142 20
148 201
3 60
81 301
4 50
102 90
191 40
199 80
140 13
57 75
107 08
28 00
45 35
1.56 25
113 50
23 80
52 73
344 06|
37 24
* 62 461
88 20
107 4.5
67 30
33 30!
32 OOl
12 40
8 50
17 90
52 72
16 74
4 30
8 42
12 68
. 821 62|
346 81,
375 94'
272 66|
131 16
125 52
187 50
2 00
11 90
467 95
REPORT OF THE SECRETARY OF THE TREASURY.
67
Treasury Department, 4"C.—Continued.
-liiterfest
and coste.
Total.
196
115
132
125
149
Reasons for refund.
Error in weight..
30 Ilie.gall.y exacted.
80 Dou'ble payment.
do
00
do
70
40 -..-.do
12 40 Free, (personal effects)
7 75
do .,
21 85
do:
13 30
do
4 20 Free, (models)
3 00 Free, (personal effects)
6 00
do
3 15 Short shipment
,
7 25 Free, (books for college)
21 45 Error in liquidation
25 75 See Exhibit 0
30 25 Error in gauee
53 77 See Exhibit P
111 30 Error in liquidation
213 00
do
2, 558 32 See Exhibit N
,
,
65 25 Error in weight
31 00 Error in invoice
8 62 Error in liquidation
92 73 See Exhibit H, page 136, Finance Report, 1875.
125 32 See Exhibit H
° 160
Double pa.yment
'
29 32
26 .50 Free, (books published over 20 years)
73 85 Error iu liquidation. (See Exhibit R)
17 50 Free, (doraestic production returned)
126 60 Double payment
do
718 13
34 20
--do .
..do .
142 20.
..do.
148 20
..do .
3 60
..do .
81 30
..do.
4 50
..do.
102 90
.do .
191 40
199 80 Free, (horses of immigrants)
140 13 Free, (for ch urch).:
57 75 Error in liquidation
do
107 08 (i
28 00 See Exhibit I, page 81, Finance Report, 1876.
45 35 See Exhibit H
156 25 Erroneous valuation of Cuban peso . .
113 50 . . . d o
23 80 Free, (personal effects)
:..
52 73 See Exhibit H
344 06
do
.do.
37 24
.do .
62 46
.do.
88 20
.do.
107 45
67 30 Error in liquidation
do
33 30
32 00 Shoit shipment
12 40 See Exhibit S
do
8 50
do
:
17 90
do
52 72
do
16 74
do
4 30
do
8 42
do
:
12 68
821 62 See Exhibit M
346 81 See Exhibit H
do
375 94
272 66 . . . . . d o
131 16 See Exhibit K
do
125 .52
187 50 See Exhibit M
2 00 Error in invoice
11 90 Free, (doraeptic production returned)
467 95 See Exhibit H
Law under which refund was made.
Sec. 3013 Rev. Stat
Sec. 3012i Rev. Stat
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3012i Rev. Stat
Sec. 3013 Rev. Stat
Sec. 3012* Rev. Stat
Do.^
Do.
Do.
Sec. 3013 Rev. Stat
Do.
Do.
Sec. 30121 Rev. Stat
Do.
Do.
Sec. 2974 Rev. Stat.
Sec. 30121 Rev. Stat.
Do.
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Do.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat.
Sec. 30l2i Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat
Do.
Sec. 3012^ Rev. Stat
68
REPORT OF THE SECRETARY OF TPIE TREASURY.
Statement of customs refunds made by the
Date.
1877.
]^ay 9
9
9
10
10
10
10
10
11
11
11
11
11
11
11
11
11
11
11
12
12
12
12
12
12
12
12
14
14
14
14
14
14
14
14
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
.15
17
•17
To whom refunded.
Nature of refun'd.
William H. Hardt et al
Duty on Italian cloths and worsted dress-goods.
do
do
do
do
William Sulzbacher et al . . . Duty on worsted dress-goods
do
do
do
do
do...
do
do
do .:
Louis Blumgart et al
Duty on Italian cloths and worsted dress-goods.
do
•
'.do
do
do
.'.....'
do
do
John Lee Smith et al
Duty on orange mineral
do
do
do
-do .
Edward Hill
.do .
Henry Meyer et al
.do .
Adolphus KepjDelmann
.do .
AVilliam R. Peters et al
.do .
Edward H i l l . . . .
.do .
Stephen R. Lesher et al
Duty on Italian cloths and worsted dress-goods..
do
-do
Henry Newmaii
do
Max Stadler et al
do
George H. Stuart et al
Duty on worsted dress-goods
,
Jacob Siegman et al
do
Henry Burlew
do
H. Bernheimer et al
Duty on Italian cloths and worsted dress-goods.
F. Butterfield et al
do
A. Schmidt et al
do...
Lee Fat
Dut,y on dried fruit
,
Shun, \ u e n Sc Co
.do
do
do
Yuen, Wo & Co
do
Sing Kee
do
A. & E . Wallach
Dut.y dn photograph-frames
Baldwin Bros & Co
Duty on plajted chains
T
do
Duty on a book
Alex. Douglass Sc Son
Duty on pine-apples
;
AVertheimber & Co
Duty on ultramarine
J. Lee Smith & Co
Duty on orange mineral
..:
do
'do
1
Edward HUl
do
Goldenberg Bros & Co
Duty on silk
.-...i
A. Heller & Co
Duty on a wine-cask.
Samuel Thomson's Nephews Duty on burlaps
&Co.
Duty on bullion
L. W. Morris
Duty On clothing
E. W. Stevens
A. T. Stewart & Co
Duty on silk and cotton
Max Jacoby Sc Z.eller
Duty ou chromos
do .-.'.
Duty on photolithograph
M. Arnold & Rothfeld
Duty on worsted dress-goods
do
Duty on Italian cloths
.-.
Funch, Edye & Co
Tonnage-dues on bark Margherita Galatola..
William Larab
Tonnage-dues on bark Elise
Alexander Melanson
Tonnage-dues on schooner Ariel. .
,
Loud, Claridge & Co
Tonnage-dues on brig Annie W. Goddard
Chapin Sc Gore
^.. Dut.y on ale- and porter
,.
George Crorapton
Duty on wool
AVilliam Read Sc Sons
Duty on fish-hooks
E. A. Snow
Duty on endless belts for pi-inting-machines .
C. Dord Sc Co
•... Dut.y on straw braids
Rhind, Grierson Sc Emslie .. Duty.on burlaps
*..
17
17
-.17
Duty.
$277 25
1, 284 99
397 25
172 51
490 08
965 27
1, 076 12
1,695 64
814 36
288 12
392 95
72 30
1, 383 33
417 28
483 86
118 33
107 24
808 52
360 24
830 32
32 16
1,165 81
622 49
266 90
192 06
124 46
43 84
822 14
383 03
66 98|
10 60
7 94
10 40|
4 10
9 40
30 oot
31 25
2 75
79 60
14 88
197 37
537 54
125 37
3 00
12 80
27 70
9 30
5 20
349 80
12 60
7
69 43
122 09
132 60
91 20
28 80
107 70
11 16
1, 024 61
51 30
10 40
• 92 88
16 10
L. Blumsart & Co
E. S. Jaffray & Co
Sulzbacher, Hyman, Wolff
&Co.
17 S. Zickel
17 R. Kipling's Sons
}17 AVilliam Lotti^ier et al
Duty on Italian cloths and worsted dress-goods
Duty on silk and cotton gloves
D uty on steel
»... ^
75 34
38 10
13 22
Duty On pritited music
Duty on glfiss plates
Duty on cotton handkerchiefs .
1 45
84 30
14 25
17
17
17
17
18
18
18
.do .
.do .
Duty on Italian cloths
Duty on Italian cloths and worsted dressdo
do
,
D u t y on worsted dress-goods
.•
do
do
:
William Marx.et al
do
D. H. Arnold e t a l
Frederick Butterfield et al.
do
42 76
26 15
900 95
909 02
1, 317 30
305 92
610 88
REPORT OF THE SECRETARY
OF THE TREASURY.
69
Treasury Department, 4'G.—Continued.
Literest'
and costs.
Total.
, Reasons for refund.
$277 25
1, 284 99
397 25
172 51
490 08
965 27
1, 076 12
1,695 64
814 36
288 12
392 95
72 30
1, 383 33
417 28
483 86
118 33
107 24
808 52
360 24
830 .32
32 1(=
1,165 81
622 49
266 90
192 06
124
43
822
383
66
10
1
10
4
9
30
SeeExhibitH
do
do
do
do . . . . :
do
do
do
do
do
do
do
See Exhibit K
do
do
do
..>... d o
.:
do
do
do
SeeExhibitH
do
do
.....do
do
do.....
do
do
do
46
84
14
03
98
dio
60 See Exhibit S
94 . . . . . d o
40
do
10
do
40
do
60 Error in liquidation
Law under which refuaid was made.
Sec. 30121 Rev. Stat
Do.
Do.
Do.
Do.
Do.
il:
...
:.
-
-
31 25 Free. (Domestic goods returned) —
2 75 Error in value
79 60 Error in liquidation. (Damage)
14 88 ..-.-.do
197 37 See Exhibit K
537 54
do
125 37
do
-3.00 Error in liquidation
12 80 Short shipmenc
27 70 See Exhibit K, page 82 Finance Report, 1876.
9 30 Error in liquidation
,
5 20
do
349 80
do
12 60
do
7 80
do
69 43 See Exhibit H
122 09
do
132 60 Double payment
91 20
do .-.'
28 80
do
107 70
do
.....
11 16 Error in liquidation
1, 024 61 See Exhibit M
51 30 Error iu invoice
10 40 See Exhibit T
92 88 Erroneous valuation of Italian lira . .
16 10 See Exhibit K, page 82 Finance Report, 1876.
' 75 34 See Exhibit, H
38 10 Error in liquidation
13 22
do
1 45
.do.
84 30
.do .
14 25 See Exhibit I, page 81 Finance Report, 1876.
do
42 76
26 15
do
900 95 See Exhibit H
909 02
do
1, 317 30
do
305 92
do
610 88
do
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat
Sec. 3012* Rev. Stat
Sec. 3013 Rev. Stat
Do.
Sec. 3012^ Rev. Stat.
Do.
Do.
Do..
Sec. 3013 Rev. S t a t Sec. 3012^ Rev. Stat.
Sec. 3013 Rev. S t a t
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. S t a t
Sec. 30121 Rev. Stat
Do.
Do.
Sec. 3013 Rev. Stat
Sec. 3012^ Rev. Stat
Sec. 3013 Rev.Stat
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat
Sec. 3012* Rev. Stat
Do."
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
X
70
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of cusioms-refunds made by the
Date.
To whom refunded.
1877.
May 18
18
19
21
21
21
Williani A. Hardt et a l . . . .
Stephen R. Lesher et al
Fuller Sc Fuller... G. W. Faber
Strasburger, Pfeiffer &, Co.
D. Lamb Sc Co
Duty on Italian cloths and worsted dress-goods.
do
Duty ou croton oil
Duty on cigars
'.
Duty on bone necklaces '.
Duty on military cauvas
$231 17
83 59
18 62
9-75
5 85|
76 85
Lewisohn Bros
Foerster & Co
H. K. & F.B. Thurber Sc Co.
David H. Arnold et al
Morris Arnold et al
do
Joseph AV. Goddard et al ...
Louis Weddigen et al
do
H. Herrman & Co
Sulzbacher, Gitterman Sc
Wedeles.
Thomas Merrylees. - Sevill Schofield
Witthoff, Marsiby & Co..-..
do
John Sc Jaraes Dobson
do
H. Herrman et al
,
..-..do
Frederick Butterfield et al..
Lr)uis Bluragart et al
Stephen R. Lesher et al
AVilliam Sulzbacher et al ...
Louife Blumgart ett ££l
-...
do
W. H. Thomas & Bro
H. Herrman &. Co
do
M. Arnold & Rothfeld.:
R. D. Jackson
Halsted, Haines & Co
J. G. Adams
Michael, Cutino, Scopinich
&Co.
Workman & Co
James S. Hoyland
John V Farwell & Co
AV.C. Colwell
Duty on horse-hair
Duty on photolithogr.aphs
Dut.y on prepared ve.getables
Duty on Italian olotlis aud worsted dress-goods,
do
.do .
.do .
.do .
-do .
Dut.y on worsted dress-goods .
.do
25 96
36 00
25 20
2, 085 88
2, 297 09
491 75
127 28
93 93
215 48!
876 53
802 631
Duty on pamphlets ..L
Duty on wool
^do
do
do
do
Duty on worsted dress-goods
Duty on Italian cloths
Duty ou Italian cloths and worsted dress-goods.
"do
do
Duty on worsted dress-goods
...:•
Ido
:
..;
:,.....:
do
Duty ou cigars
Dutv ou Italian cloths,
.....do
do
Duty on rugs
Duty on silk and cotton goods
Toniiage-dues on schooner Mary Slusmon
Tonnage-dues on bark Cecilia
13 10
392 07
283 7
667 56
665 821
376 19
47.70|
32 33
140 66|
322 35
845 49|
562 891
.70 69"^
^57-58.
131 .50
30 92!
35 64
70 31
5 05i
26 40;
130 20
124 80]
Tonnage-dues on ship Lawrence Brown
Net proceeds of sale of unclaimed raerchandise.
Duty on dress-goods aud cotton triiniuings
Duty on split herring
283 50
268 27i
41 61
Joseph Strauss et al
William S. Livingston et al
R. Sc C. Degener
Duty on worsted goods
Duty on burr-stones
Duty on straw hats
160 52
650 60
17 60
Hardt Sc Lindgens
Louis Weddigen Sc Co .
do
H. Herrman & Co
D.H. Arnold Sc Co
Ross Campbell & C o . . .
Davies, Turner Sc Co...
Baron Albert Blanc
Ja-mes Reid & Co
Duty on Itialian cloths and worsted dress-goods . .
----.do
Duty on worsted dress-goods
Duty on Italian shawls and worsted dress-goods.
Dut.y on worsted dress-goods
-do
Duty on statuary
Dut.y ou wine
^do -
William Wilkins & Co.
Duty on rice-root :
21
21
21
22
22
22
22
22
22
24
24
24
28
28
28
28
June
D. H. Arnold Sc Co .
AVilliam Lottimer..
Naiture of refund.
Dut.y on Italian cloths
Duty on cotton handkerchiefs
Duty on Italian clotbsand worsted dress-goods. -.
Morris Arnold et al
,
Duty on herap used in building vessel for foreign
Joseph Nickerson Sc Co.
trade.
Jos. Warren Goddard et al.. Duty on Italian cloths and worsted dress-goods...
do
Duty on worsted dress-goods
1
^
do
'.do
Pacific Oil and Lead Works Duty on linseed
Tong, Young <fe Co
Duty on dried fruit
Tong, Tie & Co
do
Kwong, Tong, Tai & Co
do
Sutter Bros
Duty on tobacco
John Dobson et al
Duty on carpet-wool
A. Schmidt & Co
, Duty on Italian cloths
Goddard Sc Bro
Duty ou Italian cloths and worsted dress-goods...
Duty on photolithographs
Wittemann Bros
• Daty.
'
21 ool
357 05j
28 40
67 12
338 43
95 601
146 06
79 201
. 658 85
280 89
33 80
^281 42
74 82
2, 995 40
107 93
383 901
214 781
116 94
142 00|
23 74
5 34
38 36|
3 151
3,514
284 371
279 07
86 601
REPORT OF T H E SECRETARY OF T H E
TREASURY.
71
Ti'easury Department, 4'c.—Continued.
lutereat
ancl costs.
Total.
Reasons for refund.
$231
83
18
9
5
76
See Exhibit H
do
Error in weight
Erroneous.valuation of Cuban peso...
Error in liq nidation
See Exhibit K, page 82, Finance Report, 1876.
Error in liquidation
do
:
Error in invoice
SeeExhibitH
do
..do
-.do .
-.do .,
-.do .
..do.
.-do .
25
36
25
2,085
2,297
491
127
93
215
876
802
Error in liquidation
See Exhibit M
do
do
do
do
See Exhibit H
do . . ;
See Exhibit H
do
,
do
^....do
13
392
283
667
665
376
47
32
140
322
845
562
70
257
131
30
35
70
5
26
130
124
283
268
41
21
r.dO . .(
do '."
'Erroneous valuation of Cuban peso .
See Exhibit H
.-.
do
do
Error in liquidation
do
Double payment
do ..'.
50
.do .
27
61 Short shipment
00 Free. (Fresh fish for daily consump-
tion.)
Law under whioh refund was made.
Sec. 3012* R,ev. Stat.
Do."
Sec. 3013 Rev.Stat
Sec. 3012^ Rev. Stat.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. S t a t
Sec. 3012^ Rev. Stat
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
• Do.
Do.
Dq-.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 2974 Rev. Stat
Sec. 3013 Rev. Stat.
Do.
160 .52 See E x h i b i t H
-.
650 60 See Exhibit D
17 60 Erroneous valuation of Ecuador cur-
Sec. 30121 itev. Stat.
Do.
Sec. -3013 Rev. Stat
3.57
28
67
338
95
146
79
658
280
Sec. 3012^ Rev. Stat
Do.
Do.
Do.
Do.
Do.
Sec. 3013 R e v . S t a t
Do.
Do.
rency.
See Exhibit H
do
'.
do
.do .
.do .
.do .
Free. (Work -of an Araerican artist)..
Free. (Goods for Italian war vessel)..
Free. (AVine for Medical Department
IJnited States Array.)
See Exhibit Q, page 86, Finance Re33 i
port 1876.
281 42 See Exhibit H
74 82 See Exhibit I, page 81, Finance Report, 1876.
See Exhibit H
2,995
107 93 Heinp used in construction of vessel.
05
40
12
43
60
06
20
85
89
SeeExhibitH
do
do
Free. (Doniestic goods returned).
See Exhibit S
do
do
Error in liquidation
See Exhibit M
284 3' S e e E x h i b i t H
279 07
do
86 60 Error in liquidation
383
214
116
142
23
5
38
3
3, 514
90
78
94
00
74
34
36
15
86
I
Sec. 3012^ Rev. S t a t
Do.
Do.
Do.
Sees. 2513 and 3013 Rev. Stat
Sec. 3012i Rev. Stat
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. S t a t
Sec. 30121 Rev. S t a t
Do.
•
Do.
Do:
72
REPORT OF THE SECRETARY OF THE TREASURY.
Statement of customs-refunds made by the
Date.
T o w h o m refuihded.
1877.
11 Wittemann Bros
11 . . . . . d o
11 Merchant's Dispatch Trans-
Nature of refund.
Duty on photolithographs
-do
Duty on kindergarten articles .
Duties.
$6 80
7 40
24 85
portation Co.
J . H . Seed..
J. G. Whitney & Co
James McCreery & Co
James F. White & Co
DiEty on
Duty ou
Dnty on
Duty on
12
12
12
12
12
12
13
13
18
18
18
18
Rosenfeld Bros. & Co
U.H.Dudley & Co
Arnold & McNary
Wertheimber ScCo
Cottier & Co
L. E: Schmeider
William Sulzbacher et a l . . .
do
P. Schiaffino Sc Co
John B. Hamel, jr., & Co . . .
I. L. Lyons
Emil Schultze et al
Duty on harmonicas
Duty on tin-cans containing salmon,
Duty on essential oils aud extracts .
Duty on imitation pearls
Duty on a chair
Duty on cotton goods
Duty dn Italian cloths
".do .
Duty on bark Paolo Revello
Duty ou schooner Busiris
Duty ou medicinal preparations,
Duty on champagne
71 40
180 45
17 50
22 68
13 25
257 45
70 42
25 67
171 90
74 70
12 80
123 60
18
18
18
18
19
19
21
21
Joseph F. Boll
Albin Rocherau et al.. .-^....
do
,
Herrraan Fleibmann et al...
Henry Herrman et al
do
Kessler & Co
F. A. Springman Sc Gebhard.
-do .
.do .
do .
Duty on on Italian cloths
Duty on worsted dress-goods.
do
Dut.y on silk goods
Duty on champagne
28 45
66 48
96 44
352 40
91 08
95 80
61 80
15 81
Duty ou carpet-wool
Tonnage dues on brig Araericus
Tonnage dues on brig Concezione Immacolata.
Tonnage dues on brig Gluckauf
Duty on champagne
2.52 40
306 00
131 10
66 40
104 02
-
11
11
^ 12
12
21 E. Cay Ins, Bechet & Co.
.22 Swan Sc Son
22 Benham Sc Boyesen
,.
22 C.Tobias & Co
22 Charles Graef
L. E. Schmieder .
23 Oebrichs & Co
23 L. Blumgart & Co
,
23 Fleitmann & Co
23 Rice Bros
23 AVells, Fargo & Co
23 L. Kramer
23 Celia Bros
,
23 Ricardo Acosta
26 Decan, Berega & Co . . .
,
26 Tate, Muller & Co
,
26 Ping, Corrall & Co
26 L. Blumgart et al
26 Adolph Schmidt et a l . . .
27 New York Bagging Co.
27 L. Waterbury & Co
27 H. Herrraan ScCo
27 Nelson Sc Phillips
27 S. de Cordova
carpet-wool ..
gunny cloth..
merchandise .
burlaps
50
116
17
22
08
68
10
55
Duty on cotton goods
1,472 23
Duty on carpet-wool
Duty on worsted dress-goods
Duty on Italian cloths
Duty ou manufactures of India rubber
Duty on wearing-apparel
Duty on harmonicas
Duty on macaroni
Duty on cigars
Tonnage-dues ou steamship Vanguard
Tonnage-dues on bark Manitou
Tonnage-dues on bark Olympia
Duty on Italian cloths
Duty on Italian cloths and worsted dress-goods..
Duty on machinery
'.do
Duty on worsted dress-goods
Duty on books
Duty on orange-barrels
• 28 72
28 44
106 17
23 40
11 40
4 20
16 30
20 50
421 50
273 00
144 30
16 16
203 17
387 00
3,179 45
39 50
459 25
28 00
27 Fabbri & Chauncey
27 A. & C. Kaufmann
do
27 ,
do
27
do
27
27 William J. Burgess
27 H. Schweitering
27 Brigg, Entz & Co
27 H. Herrman & Co
do
27 ;
do
27
27 William A. Hardt et a l .
28 Phelps, Bros. & Co
28 A. AVeihenmayer
72 40
2 40
16 80
51 60
88 80
154 35
66 66
388 63
1,52 59
158 41
37.38
439 26
41 66
372 62
28
36
12
20
153
28
Duty on marble
Duty on engravinsa
Duty on chromolithographs
do
do
Duty on potatoes
Duty on Italian cloths
Duty ou worsted dress-goods
".do
do
do
:..
Duty on Italian cloths and worsted dress-goods . . .
Net proceeds of sale of unclaimed raerchandise...
Duty on bead slipper-cases and worsted and silk
slipper-patterns.
Pacific Oil and Lead Works. Duty on bags containing linseed
Alexander McDonell
Duty ou a horse
John Reeve, consignee
Duty on steel pens
G. and J . T. DonneU
Duty on hemp used in building ship for foreign
trade.
Duty on ground hemlock-bark
John Main.
Total .
80
40
00
87
9 00
REPORT OF THE SECRETARY OF THE TREASURY.
73
Treasury Department, ^-c —Continued.
Interest
amd costs
Total
Reasons for refund.
Law under which refund was made.
6 80 Error in liquidation
7 40
do
24 85 -Free. (Books for school) .
50 081 See Exhibit M
' 116
See Exhibit Q
Sec. 30121 Rev. Stat
Do.
Do.
.
17 U\ Error in liquidatinn
,
22 55 See Exhibit K, page 82, Finance Report 1876.
71 40 Error in liquidation
180 45 Free. (Domestic goods returned)
:
17 50 Error in appraisement
22 68 Short shipment
13 25 Error in liquidation
257 45 Error in appraisement
70 42 See Exhibit H
25 671
do
171 90i Double payment
74 70|
do
12 80 Error in invoice
123 60 See Exhibit H, page 136, Finance Report 1875.
28 45|
do
66 48|
do
96 44
do
3.52 40| See Exhibit H
91 08
do
..
95 80
do
61 80| Error in entry
15 81 See Exhibit H, page 136, Finance Report 1875.
252 40| See Exhibit M
396 00 Penal tonnage duty not due
131 10 Double payment
66 90
do
-°
104 02 See Exhibit H, page 136, Finance Report 1875.
1, 472 23 See Exhibit H, page 81, Finance Report, 1876.
28 72 See Exhibit M
;
28 44 S e e E x h i b i t H
106 17
..do
23- 40] Error in liquidation
11 40 Free. (Personal effects)
4 20 Error iu liquidation
,
16 .30 Error in weight
20 50 Error in invoice
421 50 Double payment
273 00 Penal tonnage-duea illegally exacted.
. 144 30 Double payment
16 16 S e e E x h i b i t H
,
203 17
do
^
387 00 SeeExhibitH
'.
3,179 45
do .
39 .50 S e e E x h i b i t H
429 25 Error in entry
28 00 Free.
(Dom'estic manufactures returned.)
72 40 Error in quantity
2 40| Error in liquidation
16
do
51 60]
do
' 88 80
do
154 35 Error in liquidation. (Damage)
66 66 See Exhibit H
388 63
do
152 59
-do .
158 41
.do .
37 38|
.do .
439 26
.do .
41 661
372 62 See Exhibit V .
36
12
20
153
80
40
00
87
Error in liquidation
Double payment of duty
,
Error in invoice
"
Hemj) used in construction of ve;
9 00 Error in liquidation
175, 672 98 572, 014 40
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat
Sec. 3012i Rev. Stat
Sec. 3013 Rev. Stat
Sec. 3012* Rev. Stat
Do.
Do.
Do.
Do.
Sec. 3013 Rev. S t a t
Sec. 3013 Rev. Stat.
Sec. 3012^ Rev. Stat
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat
Sec. 3012^ Rev. Stat
Do.
Do.
Sec. 3013 Rev. Stat
Sec. 3012| Rev. Stat
Do.
,
,
Do.
.Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat
Do.
"
Do.
Do.
^
Sec. 3012^ R e v . Stat
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 3013 Rev. Stat
Sec. 3012^ R e v . Stat
Sec. 3013 R e v . Stat
Sec. 30121 R e v . Stat
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Sec. 2974 Rev. Stat
Sec. 3012^ R e v . Stat.
Do.
Sec. 3013 Rev. Stat
Do.
Sec. 2513 and 3013 Rev. Stat
Sec. 3012^ Rev. S t a f
74
REPORT OF T H E SECRETARY QF T H E
TREASURY.
RECAPITHLAXfON.
Principal.
Class sefunds.
Miscellaneous refunds
T.
F i f t y p e r c e n t , a d d i t i o n a l d ^ t y . ( J o i n t r e s o l u t i o n A p r i l 29, 1864)
Charges aud commissions
.x.
i......
M a t e r i a l s w i t h d r a w n for s h i p - b u i l d i n g p u r p o s e s
Burlaps
Liquors
Tin plates'
*
Brimstone
-.
1
Calf-hair goods
( J u r r e n c y , C u b a u peso
Cotton goods
W o r s t e d s and Italian cloths
AA^ool
Burr-stones
Orange mineral
Dried fruit
Rice
O F F I C E O F C O M M I S S I O N E R O F C U S T O M S , Sejytemher 19,
758
566
274
354
333
772
190
354
791
980
227
425
750
084
345
243
535
37
42
07
11
95
49
15
12
09
85
86
14
30
80
87
54
57
Ib-terest
a,nd costs.
Tortal.
$546 39
$39, 304
30, 566
270, 571
7, 354
346
i6i,'297"63"
12 81
193 22
1,394 26
1, 487 25
333 24
2,338 23
998.83
3, 071 37
160 40
3, 045 51
76
42
70
11
76
2,96D
71
7, 584
5, 354
12, 791
16, 468
14, 561
66, 763
17,749
26,156
7, 506
243
21,581
41
12
09
10
10
37
13
17
27
54
08
1877.
I certify t h a t t h e foregoing s t a t e m e n t is correct.
H . C. J O H N S O N ,
, Gommissioner of Customs.
EXHIBIT A .
TREASURY DEPARTMENT,
Washington^ B , (7., October 4, 1876.
SiR: The department is iu receipt of your report of the 29*th ultimo,
further iu regard to certain 125 bales of wool, embraced iu Schedule
O, previously submitted by you, from which it appears that the merchaudise in question is the same as that covered by appeal No. 88e, upou
which you reported on the 27th of April last, and as to which the department, &u the 17th of August last, affirmed your assessment of duty
at the rate of 4 cents per pouud.
^The actiou of the department, in affirming your decision, was based
upon your report that the rate of duty on said merchandise would be
the same, whether the assessment was made under department's instructions of October 21, 1875, or those of March 25, 1876, the addition of
the export duty being sufficient to raise the price of the wool above 12
cents per pound.
It now appears, however, that this statement was erroneous, and that
the value of the AVOOI is not carried above 12 cents per pound b3^ the
addition of the export duty.
It further appearing that the withdrawal of the wool in question was
made subsequently to said instructions of March 25, 1876, the department hereby revokes its former action based upon an erroneous statement of facts, and sustains the appeal in question.
Tou are therefore instructed to prepare and forward to the departmeut a certified statement for refuud of the excess of duties exacted.
Eespectfully,
CHAS. F. CO:^ANT,
Acting Secretary.
COLLECTOR OF CUSTOMS, Boston, Mass.
REPORT
O F THE SECRETARY OF THE TRErASURY.
76
EXHIBIT B .
TREASURY DEPAHTMETS^T,
Washington, B . C, June 30, 1876,.
S I R : The departm.ent is in receipt of your report dated the 26th
instant, with inclosures, relating to the classification for duty of an importation (or a portion thereof) of calf-hair goods, per '^Baltic,'' May 2,
1876, consigned to H. Herrman & Co., being cases marked ^'H. H. & Co.,
19097 / 8,'^ covered by appeal YOTTIn view of the reports of the respective experts, Messrs. Piffard and
Torrey, and of the explanatory letter, under date of 10th instant, from
Professor Barnard, the latter relating to the circumstauces or differences in the reports of the experts, which should be regarded as constituting a substantial agreement or disagreement in the results of their
respective examinations, the department is of opinion that there is
a substantial agreement between said experts upon the samples representing the cases above mentioned.
,
You are therefore hereby authorized and instructed, it appearing that
such samples do not contain any appreciable quantity of wool, to regard
the importations which they represent as embraced Avithin the instructions under date.of the 26th ult. relating to imp6rtations per the " Republic'' and '' Celtic," and to reliquidate the entry accordingly, forwarding
also the. necessary certificate lor refund.
Respectfully,
By order:
C. F. BURNAM,
A s-sistan} Becrbtar y.
COLLECTOR OF CUSTOMS, I^^ew Yorlc,
EXHIBIT C.
TREASURY DEPARTMENT,
Washington, B . 0., Septemher 11, 1876.
S I R : The Department is in receipt of your letter of the 19th ultimo,
reporting on the appeal (1025') of J. Lee Smith & Co., from your decisiou
assessing duty at the rate of 35 per cent, ad valorem (as a painter's
color) on certain oxide of iron imported per '' Somerset" June 1, 1876,
which the importers claim to be exempt from duty uuder the provision
in the "free-list'' for ^' colcothar, dry, or oxide of iron."
It appears from your report and an examination of a sample that the
merchandise, although finely levigated and prepared for use as a pigment or polishing powder, is not the " Indian " red nor any other preparation of oxide of iron which is specially enumerated in the tariff, but
is in fact the colcothar, dry, or oxide of iron, which is specified in the
free-list.
Under these circumstances, the department is of opinion that the
article, being thus specially provided for, canuot by reason of its capability for use as a '^ painter's color," or otherwise, be diverted from such
classification or made liable to duty under the general provision referred
to by the appraiser for >*' painters' colors * * * not othenvise providedfor.^^
You arCj therefore, hereby authorized to acjjust the entry accordingly.
This ruling will also apply to the appeals (1381' and 1382') of the
same importers on their entries of such merchandise per '* Columbo,"
76
REPORT O F T H E SECRETARY O F T H E
TREASURY.
July 10, and '* Hindoo," Juue 24,1876, which were reported upou by you
on the 26th ultiifio.
l^espectfully,
CHAS. F. CONANT,
AMng Secretary,
COLLECTOR OF CUSTOMS, Neio Yorlc.
EXHIBIT D .
TREASURY D E P A R T M E N T ,
Washington, B . C, Becember 15, 1876.
,SiR: The department is in receipt of a letter, dated the 9th instant,
from the United States Solicitor-General, in which he expresses the
opinion that no writ of error should be taken to the Supreme Court of
the United States in the case of Samuel Cary 'y^.^Arthur, (N. S., 2613.)
0 This opinion is concurred iu by the Attorney-General. The suit in
question was tried at the October term for 1875, in the United States,
circuit court of the southern district of New York, aud resulted in a
judgment for the plaintiff'.
The case in question involves the dutiable character of certain descriptions of burr-stones.
^ '
The plaintiff* claimed that burr-stones of two classes were, under the
law, exempt from duty, as follows: First, solid burr-stones, circular iu
form, faced on one side aud on the edge, and with a hole cut through
the center 5 and, second, sections of burr-stones imported in casks,
sized and cut, so as to be put together for the purpose of being manufactured or bound up into millstones.
This claim was based upon the 23d section of the act of March 2,
1861, which exempted from duty burr-stones, wrought or unwrought^
but unmanufactured, not bound up iuto millstone^. This provision is
re-enacted substantially in the free list of the Revised Statutes, which
reads, '^'burr-stones in blocks, rough or unmanufactured, and not bound
up into millstones;" and the two provisions are regarded as identical
in their effect. The judgment sustains the position taken by the
plaintiff, and in view of the opinion of the Solicitor-General and Attorney-General, the department decides to acquiesce in the judgment so
obtained, and you are, therefore, directed to take the proper steps for
its payment, and to hereafter cause the practice at your port to conform
thereto, as regards the dutiable classification of such merchandise.
In cases of like character, upon which the requirements of the law
have been observed as to protest, appeal, and suit, proceedings will be
taken for reliquidation of entries, and certified statements will be prepared and forwarded to this department.
Respectfully,
L. M. MORRILL,
Secretary.
COLLECTOR OF CUSTOMS, New Yorlc.
EXHIBIT E .
TREASURY D E P A R T M E N T ,
Washington, B. G., September 26, 1876.
SIR . The department is iu receipt of your report of the 21st instant?
with accompanying schedules, embracing, as you allege, all cases at
your port, whether in suit or not, involving the question of the duty on
REPORT OF THE SECRETARY OF THE TREASURY.
77
SO called terne tin, and asking further instructions as to the disposition
thereaf.
For reply, 5^ou are infotmed that the clepartment, Avith the condurrence ofthe Attorney-General, aquiesrces ij^ the judgment recently recovered against the defendant in the case of Auchincloss against Arthur, (N. S., 2936,) in which it was judicially determined that the merchandise in question is subject to duty at the rate of 15 per cent, ad
valorem, under section 4 of the act of June 6,1872, reproduced in schedule E of the consolidated tariff.
Referring to section 1 of the act of March 3, 1875, you are authorized
to prepare and forward certified statements for refund of duties upon
all entries embraced iu Schedule A accompanying your report, except
the last three, as to which it appears suit was not commenced in proper
time.
With reference to the first entry in Schedule B, consisting of thirty-nine
packages imported, per.''City of Montreal," by J. & H. Auchincloss, you
will report whether the parties have duly complied with the law relating to protest, appeal, and commencement of suit.
The schedules referred to, which are herewith returned as requested,
you will retransmit with your further report.
Respectfully,
L. M. MORRILL,
Secretary.
COLLECTOR OF CUSTOMS, New York.
EXHIBIT F .
TREASURY D E P A R T M E N T ,
Washingt07i, B . C, August 15, 1876.
SIR : The department is in receipt of a communication from the
United States district attorney at New York, reporting that during the
last circuit Judge Wallace decided the case of J. H. Murray vs. 0. A.
Arthur iu favor of the plaintiff", and recommending that the amount for
which the verdict was given should be paid, for the reason that the
sum is not large, and that the case is so peculiar in its facts that it is
not likely to serve as a precedent for any other.
These facts were substantially as follows: certain extract of beef, entered at a value less than the market-rate, was seized, and proceedings
were commenced in the district court for its forfeiture.
The claimant admitted the forfeiture, which was subsequently remitted by the Secretary of the Treasury, on condition that duties should
be paid or the beef exported.
A portion of the beef was exported, and the plaintiff paid to the collector of customs the penal duty of 20 per cent, which accrued by reason
of the undervaluation of the merchandise on entry.
The action was to recover from the collector this penal duty, namely,
The department does not agree with the decision of the court, but, for
the reasons expressed by the district attorney, deems it expedient to
pay the judgment from which the Attorney-General, in his letter dated
the 25th instant [ultimo] certifies that no writ of error will be taken.
On the entry of satisfaction of said judgment, you will take the necessary steps for refunding the penal duties exacted as aforesaid.
Respectfully,
L. M. MORRILL,
Secretary.
GOLI^ECTOR om CUSSTOMS. New Ymlc.
78
:^jEPORT OF T H E SECRETARY OJ? T H E
TlgjEASURY.
EXHIBIT G.
TREASURY DEPARTMENT,
Wasliington, B . G. Novmnber 28, 1876.
S I R : In view of the special report of'the appraiser, transmitted by
yea under date of the 26th ultimo, after the special examination authorized by the departmeut on the 16th ultimo, and of the evidence accompanying the same, all relatiug to the classification of brimstone,
whether crude or refined, the department, having carefully examiued
and considered such evidence and report, adopts the followiug conclusions as stated by the appraiser, to wit:
(1.) The article known in commerce as crude brimstone is brimstone i)rocnred from
sulphurous ore by the process ^f roasting, fusing, or smelting, by whicb i t i s separated
from rock and earthy matter, bat w^hich leaves it in a state of impurity, the pure native sulphur found in the ore beiug mingled with the impure portions thereof.
(2.) The only article known in. commerce a=s refined brimstone is that which is obtained from tbe crude brimstone by the process of vaporization and sublimation, which
releases the sulphur from all foreign matter, and leaves it chemically pure. It is found
in commer(?e under tbe designation of virgin rock brimstone, roll brimstone, and
flowers of sulphur. Crude brimstone is always shipped in bulk, wheveas the refined
article cannot be so shif)ped, without destroying or greatly impairing its commercial
value.
(8.) The brimstone embraced in the appeals of Messrs. Battelle & Renwick, and
other importers, all of whom are represented by Mr. Greuelie, as their attorney, was
imported in bulk from Sicily, and had been there obtained from the sulphurous ore by
the rude process of roasting, or smelting, which is the only process there applied—aud
had been thiis separated from the rock and earthy matter, but was not entirely freed
from impurities. This brimstone was therefore, in view of the evidence t%at has been
produced by Mr. Grenelle, commercially known and regarded as crude brimstone ; and,
as the evidence produced would appear to conclusively establish that fact, I am constrained to believe that the merchandise was erroneously classified in this department
as " refined brinistone,^^ subject to duty at the rate of $10, per ton, and that it shouid have
been classified as crude brimstone, exempt from duty under section 2505 of the Revised Statutes.
The evidence supporting these conclusions, consisting of the testimony of foreign producers and dealers in the article, aud of domestic
importers, refiners, and other experts, is. so abundant, direct, and clear,
that there would seem to be no room for doubt on the subject.
You are therefore hereby authorized and instructed to return to the
appraiser for reconsideration the invoices of such importations of brimstone alleged to be crude as have not been withdrawn under protest.
With reference to importations withdrawn on payment of duties under protest and appeal, further specific instructions will be given.
Respectfully, *
LOT M. MORRILL,
Secretary.
COLLECTOR OF CUSTOMS^ New Yorlc.
^
EXHIBIT H .
TREASURY DEPARTMENT,
Washington., B. (7., November 21, 1876.
S I R : Referring to instructions addressed to you under date of the
19th of July last, informing you of my determination to adhere to the
position theretofore taken by the department in tlie matter of the assessment of duty on ''striped and fancy Italians," so called, until after a
trial of one of the suits then pending in court, which involved the question, I now have to state that the department is in receipt of a communication, dated the ^'"^ nistant, from the U. S. attorney at New York,,
REPORT Q]^ THE. SECRETARY OF TUE. TREASURY.
79
by which it appears that the suit of Louis Blumgart et al. vs. C. A. Arthur, fN. p., .4468,) invoLvin-g the question referred to, waa duly tried oan
the 27th ultimo, in the U. S. circuit court for the southern district .of
New York, and 'rdsuked in a- vet-diet for the plaintiffs, sustaining the
p@si.fc)ion feaken by the importers that said goods are dutiable according
to their value per square yard, under the provision for " real or imitation Italian cloths," in Schedule L.
The result of said trial was, in accordance with the provisious of section 1 ofthe ^ct of March 3, 1875, subniitted to the Attorney-General,
who, under date of the 18th instant, certifies that as the question involved is one of fact, the judgment must be deemed conclusive, and
recommends that the principle thereby established be ''recognized, in
similar importations and cases, any prior contrary ruling of your [this]
department notwithstanding."
Under these circumstances, and in accordance with such recommendation, the department acquiesce^ in the conclusions aforesaid, aud you
are therefore hereby directed to take the necessary steps for refunding
any duties exacted on the merchandise covered by the above-mentioned
suit, which, according to the principle established by the judgment
therein, were exacted iu excess of the proper amount.
The same course will be taken by you with regard to the entries of
similar goods where the requirements of law as to protest, appeal, and
bringing of suit have been duly complied with by the importers, and
you will also cause the practice at your port, in assessing duty on future importations of such goods, to conform to the said decision, which
is to the effect that the so-called striped and fancy Italians are dutiable,
wheu valued atnot exceeding twenty cents per square yard, at six cents
per square yard and 35 per cent, ad valorem, and when valued at over
twenty cents per square yard at eight cents per square yard and 40
per cent, ad valorem.
Respectfully,
LOT M. MORRILL,
Secretary.
COLLECTOR OF CUSTOMS, New Yorlc.
TREASURY DEPARTMENT,
Washington, B . G., February 3, 1877.,
SIR : In department's letter of the 10th ultimo you were authorized to
take the necessary steps tppay the judgment recovered by the plaintiffs iu
the case of Herrman vs. Arthur, involving the proper rate of duty on certain descriptions of goods claimed to be women's and children's dress goods.
I have now to state that from the reports of the United States attorney for the southern district of New York, it appears that the goods involved in that case were black in color, and of the class known as
figured and fancy alpacas and diagonals. They appear to be of the description of goods which, when not black, are accepted as liable to duty
under the provision in Schedule L for women's and children's dress
goods when weighing under four ounces per square yard.
In view of the fact that the department has directed steps to be taken
for payment of the judgment iu the case mentioned, you are hereby instructed that goods identical in character with, those embraced in that
case will hereafter be admitted to entry at the rate of duty decided by
the court in that case to be correct.
In cases where protest, appeal, and suit have been duly instituted,
(where such suit was necessary,) you will refer invoices of the class of
I
80
REPORT OF THE SECRETARY OF THE TREASURY.
goods named to the appraiser for an amended return of classification,
and upon receiving sach return, you will readjust the entries embraced
in such appeals and suits, and forward certified statements to the department for a refund of the duty exacted in excess.
Very respectfully,
^
CHAS. F. CONANT,
Acting Secretary.
COLLECTOR OF CUSTOMS, New Yorlc.
TREASURY DEPARTMENT,
Washington, B . G., May 14, 1877. •
S I R : Referring to the letter of this department dated the 3d of
February last, relating to the decision in the case of Herrman vs. Arthur,
in which the question as to the proper classification of goods known as
figured and fancy alpacas, diagonals, &c., black in'^jolor, and composed
wholly or in part of wool, worsted, the hair pf the alpaca, goat, or other
like animals, was involved, I have to state that the department deems
it proper to more clearly define the goods Vhich, in its opinion, such
decision should be held to cover.
The evidence adduced at the trial of the case mentioned show^s that
dealers in dress-goods regard fabrics of the kind above alluded to as
dress-goods, and sell them as such for the use of women and children,
while tailors and dealers in cloths for men's wear use them for linings
and similar purposes.
It appears, also, that they are sometimes used in the manufacture of
upholstery.
Similar goods, colored, have been classified as dress-goods,- and the
color, and in some instances the figure, appears to have been the only
tangible difference between the goods first above mentioned and others
heretofore classified as dress-goods.
It seems to be impracticable to determine with certainty, at the time
of the examination by the appraisers, the uses to which such goods are
ultimately to be applied 5 and it is the opinion of the experts of the
customs service generally, who have been consulted, that the articles
should be classified as dress-goods when they are of such a character
as to reasonably fit them for use as such goods.
It is therefore directed tha*t all such fabrics, composed wholly or in
part of wool, worsted, the hair of the alpaca, goat, or other like aniraals,
weighing le^s than four ounces to the square yatd, and known as figured
and fancy alpacas, diagonals, mohair serges, fancy mohair, or London
twills, shall be classified hereafter as women's afud children's dress-goods,
or as assimilating thereto, under the decision aforesaid and Schedule
L of the tariff*.
When, however, such fabrics are obviously designed fot use in the
manufacture of upholstery or other articles, and are uot of the character
sold as dress-goods for women or children, they will be excluded from
classification as dress-gOods.
RespectfuUy,
'
JOHN SHERMAN, Secretary.
COLLECTOR OF OtrsTOMs, New Yorlc.
E X H I B I T I.
TREASURY DEPARTMENT,
Washington, B . C , NovemMr 1, 1876.
S I R : The department.is in receipt of your letter of the 3d ultimo, transmitting the appeal (1876 JE/) of J. W. Valentine from your decision assfess
REPORT OF THE SECRETARY OF. THE TREASURY. *
81
ing duty at the rate of 30 per ceutum ad valorem on certain vegetable
fiber imported per "Bolivar," from Aspinwall, September 16,1876, which
the importer claims to be dutiable at the rate of 10 per centum ad valorem
as a raw material not otherwise provided for.
After due consideration of the question involved, and an inspection of
samples, the department has arrived at the conclusion that the claim of
the importer is correct. The merchandise iu question is clearly a raw
vegetable fiber, wholly unmanufactured, and, although intended for use
in the manufacture of hats, cannot be considered as coming within the
Iirovision for "braids, plaits, flats, laces, willow sheets and squares"
for hats, in Schedule M, which, by the terms used, must be articles
manufactured, in whole or in part, from some vegetable or animal substance.
The department, therefore, decides in accordance with its ruling in a
somewhat similar case, dated April 22, 1876, (S. S. 2764,) thatthe merchandise is dutiable at the rate of 10 per centum ad valorem, under the
provision in section 2516 of the Revised Statutes, for "all raw or unmanofactured articles not hereiu enumerated or provided for."
You are hereby directed to reliquidate the entry accordingly, and to
forward a certified statement for a refund of duties erroneously exacted.
Respectfully,
L. M. MORRILL,
Secretary.
COLLECTOR OF CUSTOMS, New Orleans, La,
EXHIBIT
i:
K.
TREASURY
DEPARTMENT,
Washington, B . G., January 18, 1877.
SIR : On the 16th ultimo the United States attorney for the southern
district of New York reported that the case of Hill vs. Arthur, collector,
(&c., (N. S. 4373,) had been brought to trial in the United States circuit.
clourt at New York, and that judgment had beeu recovered by the
plaintiff*.
The case involved the question of the rate of duty ou an iraportation
of " orange mineral," on which the collector had exacted a duty of three
cents per pound, as coming under the provision in Schedule M for "red
lead," or as assimilating thereto, in pursuance of department's instructions of September 3, 1874, the claim of the importer (/plaintiff) being
that said article should be classified under the provision' of said schedule for "paints or painters'colors," at a duty of 25 per Qentvim^ ad valorem.
The claim of the importer having been sustained by the said judgment, and the Attorney-General, to whom, the qjuestion was referred,
having certified tha^t no appeal or writ of error should, m his opinion,
be sued out, iu which view this department concurs, you are hereby
instructed to forward a certified statement, in the usual form, with a
view to the payment of s^id judgment, (priucipal in coin and interest
and costs in currency,) on receipt of notice from the United States attorney at your port that the same has been satisfied of record.
You are further instructed to classify for duty all future importations
of " orange mineral" in accordance with the views hereiu expressed, to
liquidate all entries of such articles upon the same basis, provided the
law as to protest, appeal, aud time of coraraencement of suit has, in each
case, been duly observed, and to- forward certified statements in each
6 F
82
REPORT OF T H E SECRETARY OF THE TREASURY.
case for anyicxcess of duty paid, said instructions of August 19,1876,
being hereby reversed.
Respectfully,
\
L. M. MORRILL,
Secretary of the Treasury,
COLLECTOR OF CUSTOMS, New Yorlc.
EXHIBIT L .
TREASURY DEPARTMENT,
Wasliington, B. G., January 20, 1877,
S I R : Your letter of the 22d ultimo was duly received, submitting the
appeal (|Hf^) ^^ Messrs. Dieckerhoff*, RajQBioer & Co. from your decision
assessing duty at the rate of 60 per cent, ad valorem on certain " buttonstock," so called, imported by them per the steamer City of Berlin, November 13, 1876.
The report of the appraiser, transmitted by you, contains the following: " T h e article is for top or face of buttons, and is composed of a
silken thread, knit with a crochet-needle upon a wire or metal frame, to
give shape, form, and consistency to the button, already more than half
completed, and is something more than a manufacture of cloth woven or
made in jiatterns of such size, shape, or form, or cut in such manner, as
to be fit for buttons exclusively, and is, therefore, a;ssessable for duty as
a manufacture of silk and metal 60 per cent, uot otherwise provided for,
under the act of February 8, 1875."
This reference to the act in question does uot quote its provisions
in full. That act imposes a duty of 10 per cent. " on lastings, mohair
cloth, silk tio^ist, or other manufactures of cloth w^oveu or made in patterns of such size, shape, or form, or cut iu such manner, as to be fit for
buttons exclusively."
An examination of the samples accompanying the appraiser's report
shows that the article in question is simply a cover for a button, the open
work in the center being worked on a small iron frame, and is evidently
intended for, and adapted exclusively to, the manufacture of buttons.
The samples, with the papers in the case, have been submitted to the
collectors and appraisers at Bostou and Philadelphia, who each express
the opinion that the article in question is subject only to a duty of 10
per cent, ad valorem under the act referred to.
The department concurs iu this opinion, and you are directed to readjust tbe entry at the.rate of 10 per cent, ad valorera.
The invoice subraitted is herewith returned.
Respectfully,
LOT M. MORRILL,
Secretary of the Treasury,
COLLECTOR OF CUSTOMS, New York.
EXHIBIT M,
^
TREASURY DEPARTMENT,
Washington, B . G., February 24, 1877.
SIR;: The department is iu receipt of a letter dated Boston, the 6th
ultimo, from J. W. Blake, esq., treasurer of the Saxonville mills, requesting, iu behalf of said mills, the payment of judgments in two suits, Nos.
1021 and 1024, recovered by said mills as plaintiff's agaiust yourself as
REPORT OF THE SECRETARY OF THE TREASURY.
83
collector for the repayment of a duty of one ceut per pound paid in excess
on certain importations of wool made into your port from Rosario and
Montevideo in 1875.
The araouuts recovered in these two judgraents appear to be $9,542i29,
principal and interest, and $19.13 costs iu the one case, aud $4,521.42,
principal and interest and $19.13 costs in the other case.
The additioual duty of one cent per pound on this wool was, it is
understood, exacted iu pursuance of a decisiou of this department, dated
October 21, 1875, (No. 2474,) and section 2908 of the Revised Statutes,
and it is understood that the value of the wool was iraised above twelve
cents per pound by adding to the actual market value of the wool at the
ports of shipment export duty and charges which accrued at those ports.
The papers in the case were referred to the Attorney-General, aud
that ofiicer reports, under date of fhe22d instant, that there is no course
left but to acquiesce in said judgments, and advises that no appeal be
taken therefrora.
You are, therefore, instructed to forward the usual certified statements
for payment of said judgraents, to which will be attached the certificates
of the clerk of the court.
The following is a statement of the entries covered by the two suits,
taken frora the copy of the bill of particulars, which your letter of the
17th of Noveraber last certified was correct:
Vessel.
Date of entry.
Alice Campbell, May 24,1875
Sam'l B . Hale, July 10, 1875
Rebecca Crowell, July 15,1875
»
„„....,...
Excess of duty claimed.
$2,355 24
3, 646 54
2, 994 75
8, 996 53
Salve,
Salve,
Nonpariel,
Nonpariel,
May 25, 1875
May25, 1875
July 17, 1875
July 17, 1875
J
......:..
,
,
1,509
1,005
1,500
„
255
98
00
00
00
4,269 98
Respectfully,
By order:
COLLECTOR OF CUSTOMS,
H. F. FRENCH,
Assistant Secretary.
Boston, Mass,
EXHIBIT N .
TREASURY DEPARTMENT,
Washington, B . G., March 1, 1877.
Siil: I inclose herewith a letter, dated the 3d of May last, frora George
Bliss, esq., then district attorney of the United States for the Southern
District of New York, reporting the trial of the case of Fowler against
Arthur, which involved the rate of duty upon rice iraported by the
plaintiff, in 1873, from India.
Duty was assessed upon this article at the rate of 2^ cents per pound,
upon the decision of the departraent that this character of rice was to
be regarded as cleaned rice. The importer claimed that the rice was subject to duty at 2 cents per pound as uncleaned rice 5 and in the district
attorney's report it appears that the rice was known as table-rice of
India, imported in a partially cleaned condition, and that the result of the
trial was in favor of the plaintiff.
84
REPORT OF THE SECRETARY OF THE TREASURY.,
In that report the district attorney states as follows:
In conclusion I have only to express the opinion that the government has nothing to
gain by trying any rnore of these cases in this district upon the merits, although I ana
satisfied that the table-rice of India; as the rice in question was invoiced, was, in fact,
designed to be covered by the term " cleaned rice," as used in the tarijST of 1864.
The case of Bailey against Goodrich, iuvolving the same question^ has
beeu tried at Boston, and with the same result as that attained at New
York, viz, a verdict in favor of the importer.
The district attorney at Boston took some exceptions during the trial,
with the view of carrying the case to the Supreme Court, but they did
not relate to the real merits of the case, and were upon other questions.
It may be also stated that the case of Low against Shannon, which
involved the same question, was tried at San Francisco, and a verdict
in that case was also obtained iu favor of the importer.
In view of these facts, the bill of exceptions in the case of Bailey
against Goodrich was referred to the Attorney-General for an opinion
as to whether, upon the points presented, the interests of the government deraanded a review of the case by the Supreme Court of the
United States.
. The Attorney-General's opinion has since been received, dated the 23d
ultimo, in which he states that, inasrauch as the verdicts in this class of
cases have heretofore been adverse to the government, and, as it is believed by the United States attorneys at Boston and New York, always
will be so, upou the issue of fact presented, he does not deera the legal
questions raised by the exceptions in the case of Baile}^ against Goodrich to be of such a nature or iraportance as to justify taking the case
to the Supreme Court with small prospect of a favorable verdict upou
a second trial 5 and he recomraends an acquiescence in the judgraent of
the circuit court in that case.
In accordance with this recoramendation, the department addressed
a letter to the collector of customs at Boston, under date of the 26th
ultimo, advising him that the department had decided to acquiesce in
the judgment in that case, and authorized him to prepare and forward
the necessary papers for jpayment of the sarae.
In view of these facts, you are hereby authorized to forward the necessary certified statement for payraent of the judgment iu the case of
Fowler agaiust Arthur.
Circular instructions will shortly be issjued defining the practice which
shall obtain in regard to the assessment of duty on rice imported into
the United States.
You will please return the inclosure when you shall have availed
yourself of its contents.
Respectfully,
CHAS. F. CONANT,
Acting Secretary,
(One inclosure.)
COLLECTOR OF CUSTOMS, Neiv York,
TREASURY DEPARTMENT,
Washington, B . G., March 8, 1877.
S I R : B y t h e decision of the department, dated June 14, 1865, addressed to the collector of custoras at San Francisco, published in the
printed decisions of that year, it was held that Patna rice, of which the
hull and inner cuticle or skin had been removed, was subject to classifi
REPORT O F T H E SECRETARY OF THE TREASURY.
85
cation as cleaned rice, and was liable to the rate of duty appertaining
to that description of merchandise.
This ruling was affirmed by the further decision of October 15, 1866;
also printed in the decisions for that year.
The decision of December 3, 1874, (2026,) held that Siam rice which
had been hulled, and which was of the same general character as t a
before mentioned, was also subject to classification as cleaned rice.
Protests and a;ppeals from assessments of duty under these decisions
were duly made, and trials of different cases, involving the question,
bave been bad at San Francisco, Boston, aud New York, in which judgments were rendered in favor of the plaintiffs, upon the ground that
the rice in question was not the cleaned rice of comqaerce, and was,
therefore, subject only to duty as uncleaned rice.
In the case of Bailey Brothers against Goodrich, which was- tried at
Boston, the judgment was in favor of pMntiffs upon the questions of
fact presented; and in a letter of this department to the collector of
customs at Boston, dated the 26th ultimo, instructions were given to
pay that judgment, the Attorney-General of the United States having
certified that, iu his opinion, th6 case was not one demanding review by
the Supreme Court. Department's letter to you of the 1st instant
directed payraent of the judgment in the case of Fowler against Arthur,
which involved the classification of simila;r rice, iu which judgment was
ireud^>red for the plaintiff!
In view of these facts the department reverses its previous rulings,
and holds that rice of the character mentioned iu the decisions before
cited is subject to classification as uncleaned rice, aud is chargeable
with the duty appropriate thereto.
You will^ therefore^ be governed accordingly. Any duties which may
laave beeu exacted and received contrary to the ruling hereiu laid down,
which may have been paid uuder protest and appeal and suit duly instituted, will be refunded by this department upon the forwarding of certified statements for repayment thereof, aud you are directed to forward
statements in such cases for the consideration of the department
Eespectfully.^
CHAS. F. CONANT,
Acting Secretary,
COLLECTOR OF CUSTOMS, New York,
E X H I B I T 0<.
TREASURY DEPARTMENT,
Washington, B , G., January 18, 1877.
S I R : The department is in receipt of your letter of the 22d ultimo,
transmitting the appeals (|Jf f', ¥ T H % ^^^ ITTI'?) ^^ Henry W. Mor^
gan from your decision assessing duty on certain mineral water imported per " Maas," July 17; '^ W. A. Scholten," August 22; and '^ Rotterdam," September 5., 1876; which the importer claims to be natural
spring water, and exempt frora duty.
It appears frora the special report of the appraiser that the merchandise was originally returned by him as artificial water, and as such liable to duty, but that he is now satisfied, after a careful examination
thereof, and from the proofs subraitted by the iraporter, (which conform
to department's instructions of September 18, 1876, S. S. 2973,) that
86
REPORT OF THE SECRETARY OF THE TREASURY.
such return was. erroneous, and that the water (Seltzer) is, the natural
product ofthe Tannus Spring, in Gross Karben, Holland.
" Mineral waters, all not artificial," are specified in the "free list,"
and you are hereby authorized to remit the duties on the said merchandise, and, if necessary, to forward a certified statement for refuud.
This ruling will also apply tothe entry per "Aeolus," September 12,
1876, of similar mineral water from the same spring, embraced in t h e ,
appeal (f Jff") of Runk & Unger, which was transmitted by you on the
23d ultimo.
Respectfiilly,
By order:
*
H. F. FRENCH,
Assistant Secretary.
COLLECTOR OF CUSTOMS, New YorJc^
EXHIBIT
'
P.
TREASURY DEPARTMENT,
Washington, B. Gi, February 2, 1877.
SIR : The department is in receipt of your letter of the 17th ultimo
submitting the appeal ( | | f | ' ) of Mr. Leon Rheims from your assessment of duty at the rates of 5^ cents per square yard, and 5J cents per
square yard and 20 per cent^ ad valorem, respectively, on certain so-called
buckram, iraported by him iDcr Rhein, Noveraber 6, 1876, and claimed
to be entitled to entry at the rate of 35 per cent, ad valorem, as "manufactures of cotton not otherwise provided for."
The importer also claims that the measurement-of the goods was incorrect.
I t appearsffi"om the special report of the appraiser that the goods iu
question consist of manufactures of cotton, bleached and colored, of two
different qualities, woven separately and joined together by a starching,
process, and intended for use forladies'bonnet-frames; that the number
of threads in each quality, when counted separately, does not exceed one
hundred threads to the square inch, but wheu counted together exceeds
that uumber, and that the goods do not exceed five ounces to the square
yard iu weight.
From an examinatiou of the samples submitted, and in view of the
report of the appraiser, that the number of threads in each component
partof the goods] does not exceed one hundred threads to the square
inch, and that they w^eigh less than five ounces to the square yard, the
department is of the opiuion that they are not embraced in the first two
clauses of schedule A, Revised Statutes, and that they should be classified for duty at the rate of 35 per cent, ad valorera under the provision
iu said schedule for "all other manufactures of cotton not otherwise
provided for."
You will, therefore, adjust the entry accordingly, and forward a certified stateraent for the refund of the excess of duties.
The appellant also clairas that the raeasurement ofthe goods was returned by the appraiser in yards, and that the amendraent clerk in your
departraent claims that it r e a d s " metres."
The appraiser reports that his original return was that each piece
contains "20 yards iu the width of 47 inches," aud the entry should
therefore bqliquidated accordingly.
Respectfully,
I
CHAS. F. CONANT,
Acting Secretary.
COLLECTOR OF GVBTOMS, New York.
ItEPORT OF
T H E SECRETARY
EXHIBIT
OF THE TREASURY.
87
Q.
TREASURY DEPARTMENT,
Washi7igton, B. G.., March 1, 1877.
. S I R : In stating customs account No. 1728, on July 30, 1873, for the
payment of a judgment in favor of Messrs. Wills, Edmands & Co,
against the collector of customs at Boston, for excessive duties exacted
on gunny-cloth, there was withheld and deducted from the amount thereof
the sura of $615.92, on account of certain duties which the U. S. claimed
to be due from said parties on other merchandise before that time imported at Boston.
This claim which has since been the subject of two suits brought by
the United States agaiust the said parties, has been decided b y t h e
court, in one of the suits, iu favor of the parties, (the other suit being
suspended to abide the result.) and now the parties raake application
for the payraent of the sura so withheld as aforesaid.
The matter having been referred to the Solicitor of the Treasury, that
officer, by letter dated the 23d ultirao^ expresses the opinion that there
are no legal objections to the payraent of the said sum, and that the request ofthe parties should be granted.
You are therefore requested to state an account forthe sum of $615.92
and interest, in favor of Wills, Edmands & Co.
Respectfully,
By order :
H. F. FRENCH,
Assistaut Secretary.
D. Wo MAHON, Esq., First Auditor.
EXHIBFJ' R .
TREASURY DEPARTMENT,
WashingtonyB. G.,.April IS, ISl7,
S I R : The departm<^nt is in receipt of your letter dated the 3d instant,
transmitting the appeal (3175 E) of Jacob Rech^ from your decisiou assessing duty at the rate of 35 per cent, ad valorem, upon certain iron
axle^ imported by hira per " Switzerland," January 12, 1877.
It appears from your report that the axles were accompanied by iron
wagon or carriage boxes fitted and attached to them, aud by wrenches
for each set, all being covered by one price in the invoice.
The axles are similar to those mentioned in the appeals of Messrs.
Brewster & Co., of New York, in regard to which the department decided
January 20, 1874, that in view of the small value of the accessories to
the axles, the whole should be classified under the provision for " axles
or parts thereof" in Schedule E of section 2504 R. S., and assessed at
the rate of 2J cents per pound.
As there has been no change in the law governing the dutiable classification of the articles in question, and as the facts are similar ip each
case, the department decides that the appeal of Mr. Rech is well taken.
This decision is intended to apply only to the axles, and to the nuts,
bolts, boxes, &c., actually fitted and attached thereto at the time of importation. Boxes, wrenches, or other articles not so fitted and attached
do not form a part of the axles, and should not be classified under the
provision for axles.
88
REPORT OF T H E SECRETARY OF THE TREASURY.
You will readjust the entry accordingly, and take measures for the
refund of any duties erroneously assessed on the merchaudise covered
by the appeal above specified.
Respectfully,
H. F. FRENCH,
Assistant Secretary^
COLLECTOR OF CVSTOMS, Philadelphia, Pa.
EXHIBIT S.
'
TREASURY D E P A R T M E N T ,
Washington, B . G., March 23, 1877.
S I R : The department is in receipt of your letter of the 2d instant,
Bubmitting the following appeals from your assessmeiit of duty at the
rate of two cents per pound on certain dried-lichee fruit which was classified for duty under the provision in Schedule M, section 2504 Revised
Statutes, for " n u t s of all kinds not otherwise provided for," the appellants claiming that the article is entitled to entry at the rate of 10 per
cent, ad valorera, under the provision in said schedule for " green, ripe,
or dried fruits not otherwise provided for," viz:
3537^. Kwong, Hang, On & Co., "Alice Buck," December 22, 1876,
3538e. Lee Fat,
do.
do.
35S9e. Shun Yuen & Co.,
do.
do.
3540e,
do.
do.
do.
3541e. Sing Kee & Co.,
do.
do. .
3542e. Yuen Wo & Co.,
do.
do.
It appears, upon investigation, that the article in question is a fruit
which grows in clusters on a small bush, the skin or outer covering of
which is of a bright red color, soft and pliable when ripe; that, on bein^g sun-dried for exportation, the skin becomes hard and brittle, somewhat resembling the shell of a nut, and that the article is known commercially as fruit, both in the green and dried state.
The department is therefore of opinion that the claim of the importers
is well founded, and you are hereby authorized to readjust the entries
accordingly, and to forward certified statements for the refund of the
excess of duties exacted thereoh.
Respectfully,
JOHN SHERMAN,
Secretary,
COLLECTOR OF CUSTOMS, San Francisco, Gal
EXHIBIT T.
TREASURY DEPARTMENT,
Washington, B . G., April 19, 1877,
SIR : The department duly received your letter of February 15th last,
transmitting the appeal (3276e) of E. A. Snow, frora your assessraent of
duty at 20 cents per pound and 35 per cent, ad valorera, on certain
"printers' blankets," so called, iraported per Algeria, February 1, 1877.
Duty at the rates before raentioned was assessed underthe provision
in Schedule L, for "endless belts or felts for paper or printing raachines," while the appellant clairas that the article is not erabraced
within Schedule L, but is dutiable at the rate of 35 per ceut. ad val
REPORT OF THE SECRETARY OF THE TREASURY,
89
orem as a manufacture of India rubber and cotton, and it is conceded
that the article is manufactured of India rubber and cotton.
The provision in Schedule L for endless belts or felts for paper or
printing machines is reproduced frora the act of March 2,1867, and the
iraporter clairas that the provision for endless belts or felts in that acfc
and in Schedule L relates only to those articles when made of wool.
He alleges that at the time of the passage of the act of 1867, there were
no endless belts or felts for paper or printing machines manufactured of
India rubber and cotton, and that consequently the article wbich forras
the subject of thepresent appeal cannot be considered as coraing within
the provisions of Schedule L. This statement is not contradicted by
either yourself, the appraiser at your port, or th,e customs officers at
New York, to whom the papers were submitted.
Upon due consideration of the subject the department is of opinion
that the provision in Schedule L, for endless belts or felts relates only
to such articles as are manufactured wholly or in part of wool, worsted,
the hair of the alpaca, goat, or other like animals, and does not include
articles made of India rubber and cotton, like those under consideration.
It is therefore held that the appeal is well taken, and you will reliquidate the entry at the rate of 35 per cent, ad valorem, and forward a
certified stateraent for refund, of the duties exacted iu excess.
Respectfully,
JOHN SHERMAN,
Secretart^o
COLLECTOR OF CUSTOMS,
Boston, Mass,
EXHIBIT U ,
TREASURY" D E P A R T M E N T ,
March 23, 1317,
SIR : The department is in receipt of your letter, dated the 27th
ultirao, relating to certain raachinery for the manufacture of jute, imported by Messrs. Buchanan & Lyall, per "Queen," October 21 and December 8,1875; per " Egypt," December 30,1875; and per " Caledonia,'*
November 24, 1875.
It appears that this machinery was entered free of duty, but that
the entries were subsequently liquidated as liable to duty, such duty
amounting in the aggregate to $21,154.95, none of which has been yet
paid.
In the report of the appraiser, dated June 10, 1876, he states that the
machinery in question is not an "asserabling of several machines previously in use, but a complete systera, exclusively adapted to the manufacture of yarn or twine frora the jute fiber, to be woven into burlaps
for the forraation of oil-cloths, &c., and that the drawings, plans, and
patterns for this machinery are of English origin, and essentially different from any heretofore in use in the United States."
He states, further, that an attempt to work herap in corabiuation with
jute in this machinery resulted in the destruction of the cards an,d other
damage to the machinery; and in his letter of June 28,1876, he reports
<?that he is entirely satisfied, after an examination of other machinery,
and conference with manufacturejs of machinery in this country^ that
the machinery in question is entitled to free entry underthe act of February 8, 1875.
This opinion is reiterated in his report upon the subject, dated August
25, 1876,
90
REPORT OF THE SECRETARY OF THE TREASURY.
A report has also been received from the United States appraiser at
Philadelphia, who states that his examiner of machinery saw the machinery in operation at the international exhibition, and is of opinion
that it could not be adapted to the manufacture of any material other
than jute.
In the department's letter, dated the 5th of April, 1876, relating to
these cases, you are inforraed that it was deemed proper that no measures should be taken for the collection of the liquidated duties until
the question involved could be more fully considered.
You are now informed that, upon the facts stated, the department:
has concluded that the machinery is entitled to exeraption from duty
under the act of February 8, 1875.
You will therefore reliquidate the entries accordingly.
It is obvious that only raachinery of a very peculiar, construction
would, be entitled to free entry under the provisions ofthe statute cited,
for "all machinery not now manufactured in the United States, adapted
exclusively to manufactures from the fiber of the ramie, jute, or flax."
This decision will not, therefore, be treated as a precedent fbr any other
cases not specially considered by the department.
Respectfully,
H. F. FRENCH,
Assistant Secretary,
COLLECTOR OF CUSTOMS, New York,
EXHIBIT
Y.
TREASURY
DEPARTMENT,
Washington, B . G., March 23, 1877.
S I R : In the matter of the suit of Weihenmeyer vs. Arthur, (N. S,
4164,) recently tried iu the United States circuit court at New York, the
district attorney, in a letter dated the 28th ultirao, advises the payment
of the judgraent in such casp so far as it relates to the embroidered articles, so called," viz: First, the bead slipper cases ; second, worsted and
silk slipper-patterns; third, worsted and silk slipper-patterns, upou all
of which the excess of duties complained of amounted to $373.iS2.
Upou entry, on the record, of satisfaction of the judgment to the extent
mentioned, you will take measures, according to the usual course of procedure, for the repayment of the araount due under these instructions.
This action is taken fbr the reason that the district attorney and the
Attorney-General are of opinion that the bill of exceptions in the above
case, as certified by the court, does not present the questions involved
in the suit in such a manner as to render advisable the presentation to
the Supreme Court of that part of the record which relates to the articles naraed.
^
This action will, however, not be construed as a precedent for any
other case.
The residue of the record will be presented to the Suprerae Court, and
the questions relating to embroideries will be tried when practicable iu
some other suit.
Respectfully, • .
H'. F. FRENCH,
Assistant Secretary,
COLLECTOR OF CUSTOMS, JV^-^M? York,
REPORT OF COMMISSIONER 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 ,
Washington, November 28, 1877.
S I R : I have the honor to present the annual report of the Bureau of
Internal Revenue for the fiscal year ended June 30, 1877, accorapanied
by additional tables and stateraents bringing down the operations ot
this branch of the service as nearly as possible to the present date.
DISTILLERIES.
The following statement shows the nuraber of distilleries registered
and operated during the fiscal year ended June 30, 1877:
Molasses.
Grain.
.2
*3)
states and Territories.
o .
a"
s
ll
-
.
....
03
1
§3
3
m
0
0
H
H
4
3
85
73
89
76
15
3
14
3
12
398
7
231
27
401
21
234
4
4
185
128
189
132
73
73
73
73
300
1
75
120
24
4
754
1
250
1
73
119
21
3
707
1
32
39
1
32
38
1
2
64
2
62
2
158
5
111
1,025
106
3
140
2
157
5
104
993
95
3
136
--.
California
.
. •
...
. . . .
Colorado
.
. . -. .
..
Connecticut
Dakota
Delaware
.
.
..
D i s t r i c t of Coluraibia
-- .
riorida
Greorgia
Idalio
. . . . . . .
.
Illinois
'
Iowa
Kansas
Kentucky
Louisiana...
Maine
Maryland .
Massachusetts.
Michigan
Minnesota.'.
Mississippi
Missouri
Mon t a n a •.
N^ebraska
Nevada
l^ew H a m p s h i r e
New Jersey
N e w Mexico
New Tork
N o r t h Carolina
Ohio
Oregon
Pennsylvania
Ilhode Island
South Carolina
it
.2
"-A
^25
Arizona
1
1
ll
Fruit.
. . . . .
..
. . . .
.
23
1
34
17
2
. 1
221
1
12
2
1
19
...
..
...
22
1
33
16
1
"'ioo'
19
......
.,
103
22
3
533
103
20
3
517
20
31
20
30
2
45
2
43
i
.....
1
2
1
8
78
41
8
63
36
67
63
1
156
5
103
947
65
3
73
5
3
16
\
....:...........
228
""'46
1
12
2 '""6
1
1
„
277
"n
156
5
96
930
59
3
73
i
2i
1
4
94
REPORT
ON T H E
FINANCES.
Grain.
'^
ob
States and Territories.
03
• bfl
® .
o .
^
-^"rt
<D
B*^
s
;zi
Tennessee
Texas
Utah
V*^i"mont . - .
Virerinia
Washington
West Virginia.:
Wisconsin
Wyoming
Fruit.
Molasses.
a^
ao
^
0
"-A
i.)
P<
^1
'^Is
acs
A
.
«
d
^ S
-o-^
.2
©
bfl
•
^
•
il
a-^ ap
3
"A^
"A
?^-
^o
o
H
H
65
10
65
8
410
2
402
2
475
12
467
10
31
30
8
485
8
483
8
516
8
513
164
158
9
8
164
9
158
8
677
608
7 4,268 3.895 4,952
4,510
...
.
Total
7
The following statement shows the nuraber of graiu and raolasses
distilleries in operation at the beginning of each month during the fiscal
year ended June 30, 1877:
,;,
N u m b e r of distilleries.
C a p a c i t y of g r a i n - Capacity of molassesdistilleries.
distilleries.
' ' u B >.
Months.
Grain.
July...
August.;.
September
October . . .
November,
December.
JTan a ary...
•February...
March
April
.May.......
June.
Molasses
Bushels.
17
'7
'7
7
40, 025
42, 335
45, 298
48, 967
58, 315
55, 209
63, 243
•61, 925
62, 993
66, 567
57,910
45, 068
246
199
177.
170
211
241
269
288
337
358
385
319
<
7.
7
7
7:
•6
7
Gallons.
151,
160,
173,
189,
225,
212,
244,
233,
240,
250,
219,
171,
Gallons.
525
050
078
631
744
029
658
882
860
033
039
389
Spirits.
9,707
8,378
10, 483
8,913
11,179
9, 502
7,674
6,525
8,177
6,951
7,481
6,352
6,816
. 5,795
6,809
. 5,788
6,681
5; 679
6,510
5,534
6,033
4,929
8, 789 •
7,470
H
159, 903
168. 963
182, 580
196,156
232, 695
218,381
250, 453
244, 670
246, 539
255, 567
223, 968
178, 859
R E C E I P T S FROM D I S T I L L E R I E S .
The receipts from the several sources relating to distilled spirits for
the fiscal years ended June 30, 1876 and 1877, were as follows:
Sources.
S p i r i t s distilled from a p p l e s , p e a c h e s , o r
grapes.
•Spirits distilled from m a t e r i a l s o t h e r t h a n
apples, peaches, or grapes.
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
llectifiers . . . . . . . . :
Dealers retail lionor
.
. . ..........
D e a l e r s wholesale liouor .
..;..
M a n u f a c t u r e r s of stills
Stills' or w o r m s m a u 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 w a r e h o u s e . . . i
S t a m p s , rectifiers'
.-.
Stamps, wholesale liquor dealers'
Total
^
R e c e i p t s for fis- R e c e i p t s for fiscal y e a r 1876.
cal y e a r 1877.
$592,166 59
f 1, 373, 255 73
1781, 089 14
50, 798, 323 84
51,298,035 61
499,711 77
252,241
3, 991, 945
504, 029
1, 183
•2, 500
1, 805
96
06
93
35
00
10
219,291 79
. 3, 840, 469 09
449, 729 .03
1, 277 18
2, 209 29
4, 598 60
96,411 10
131,703 80
54, 054 40
106, 263 40
130, 903 50
43, 396 50
9, 852 30
56, 426, 365 13
57, 469, 429 72
1, 293, 540 54
Showing a net aggregate increase of $1,043,064.59,
Increase.
Decrease.
$32,950 17
151 475 97
.54 300 90
93 83
290 71
2," 793 "56'
800 30
10, 657 90
250,475 95
COMMISSIONER OF INTERNAL
95
REVENUE.
OPERATIONS AT DISTILLERY WAREHOUSES.
The following table shows the quantity of distilled spirits, in taxable
gallons, at seventy and ninety cents tax, placed in distillery warehouses,
withdrawn therefrora, and reraaining therein, at the beginning and close
of the fiscal year ended June 30, 1877 : .
Gallons.
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 b o n d J u l y 1,1876, a t 70 c e n t s . .
Q n a n t i t y of d i s t i l l e d s p i r i t s r e m a i n i n g i n b o n d J u l y 1, 1876, a t 90 c e n t s . .
184, 512
12, 800, 384
T o t a l r e m a i n i n g in b o n d J u l y 1, 1876.,
D i s t i l l e d s p i r i t s e x p o r t e d a u d u n a c c o u n t e d for J u n e 30, 1876, a t {70 c e n t s .
D i s t i l l e d s p i r i t s exxjorted a n d u n a c c o u n t e d t o r J u n e 30, 1876, a t 90 c e u t s .
279.281
966, 943
. Gallons.
12,984,896
1,246,224
59, 912, 268
T o t a l e x p o r t e d a n d u n a c c o u n t e d for J u n e 30, 1876
D i s t i l l e d s p i i i t s p r o d u c e d from J u l y 1, 1876, t o J u n e 30, 1877, a t 90 c e n t s .
74,143,388
D i s t i l l e d s p i r i t s w i t h d r a w n , t a x - p a i d u n d e r a c t of J u n e 6, 1872, a t 70 c e n t s
D i s t i l l e d s p i r i t s w i t h d r a w n , t a x - p a i d u n d e r a c t of M a r c h 3, 1875, a t 90 c e n t s
Total withdrawn, tax-paid
D i s t i l l e d s p i r i t s e x p o r t e d u u d e r a c t of J u n e 6, 3872, a t 70 c e n t s
Distilled s p i r i t s e x p o r t e d u n d e r a c t of M a r c h 3, 1875, a t 90 c e u t s
Distilled s p i r i 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 70 c e n t s . :
D i s t i l l e d s p i r i t s e x p o r t e d a u d u n a c c o u n t e d for, a t 90 c e n t s
D i s t i l l e d s p i r i t s allowed for loss b y c a s u a l t y , a t 70 c e n t s
D i s t i l l e d s p i r i t s allowed for loss b y c a s u a l t y , a t 90 c e n t s
D i s t i l l e d s p i r i t s w i t h d r a w n for scientific p u r p o s e s , a t 90 c e n t s
T o t a l w i t h d r a w n for all p u r p o s e s n a m e d a b o v e
D i s t i l l e d s p i r i t s r e m a i n i n g in bond J u n e 30, 1877, a t 70 c e n t s
D i s t i l l e d s p i r i t s r e m a i n i n g i n b o n d J u n e 30, 1877, a t 90 c e n t s
10, 041
56,-838, 484
1..
60, 826,192
58, 402
13, 258, 794
13, 317,196
T o t a l r e m a i n i n g i n b o n d J u n e 30, 1877.
74,143, 388
None of the spirits at seventy cents reported above as reraaining in
bond June 30, 1877, were actually in warehouse. The Ibllowing statement shows the balance unaccounted for by districts, actiou taken to
secure tax, &c.:
•
Districts.
Second Georgia.... .
.......
Fifth Kentucky
Sixth Kentucky
First Missouri
Fourth Ohio
Eighteenth Ohio
Twenty-third Pennsylvania
Fifth Tennessee, (old fourth)
Total
Gallons.
668'
2,758
250
11,417
25, 350
3,496
549
13, 914
58, 402
Remarks.
Bonds in suit.
Seized and sold for violation of internal revenue laws.
Spirits forfeited and sold by marshal. Bonds in suit.
Claimed to have been destroyed by fire. Bonds in suit.
Bonds in suit.
Seized by IJnited States marshal. Bonds in suit.
Bonds in suit. P a r t stolen and part destroyed'by
casualty.
96
REPORT ON THE FINANCES.
Of the spirits at 90 ceuts reported as reraaining in bond June 30,
1877, 167,021 gallons were not actually in warehouse, portions having
been destroyed by fire, seized, ^ c , as shown in the following table:
Districts.
Gallons.
Second Alabama
Second Georgia
Firist Illinois
Second Kentucky
Eighth Kentucky
First Missouri
. . . . ..
Twelfth New Tork
Sixth North Carolina
...
First Ohio
Twenty-third Pennsylvania
Fifth Teunessee
Third Texas
Fifth Vir<Ti'nia
Sixth Virginia
......
...
. ......
....................
Total
Remarks.
25 Bonds in suit. Case disposed of since June 30,1877.
1,887 Bonds in suit.
36, 930 Forfeited and sold by United States marshal. Bonds
in suit.
30, 877 Bonds in suit.
103 Destroyed by fire. Claira for abatement pending.
74, 806 Seized, forfeited, and sold by United States marshal,
for fraud.
1,577 Destroyed by fire. Claim for abatement pending.
-1,154 Judgment on bonds obtained.
244 Claimed to have been destroyed by fire.
17,284 Bonds in suit.
948 Part seissed for violation of law ahd part destroyed by
fire.
238 Bonds in suit.
669 Bonds in suit
279 Destroyed by fire.
167,021
statement of the quantity of spirits produced ami withdrawn, and the aniount of tax paid, during the months of July, August, September, and October, 1877.
JULY,
1877.
AUGUST,
1877.
SEPTEMBER,
OCTOBER,
1877.
1877.
DISTRICT.
Produced. Withdrawn
2
3
1
1
2
Qallons.
402
1, 974
3,736
7, 7.33
5, 0-26
2,977
Alabama...:
Arkansas ...California
Conuecticut
Connecticut
573, 242
L Illinois
3 Illinois
. . . .
5 Illiuois
7 Tllinois
8 Illinois
:
..
6 Indiana
3 Iowa
2
5
6
7
8
9
1
3
4
3
5
10
Kentucky
K e n t u c k y ...;
Kentucky
Kentucky
Kentucky
Kentucky
Louisiana
Marylaud
Maryland
Massachusetts
Massachusetts.-.
Ma.ssacbusetts
1 Missouri
2 Missoui'i
Nebraska
1 New Hampshire..
41,723
568, 626
1,457
38, 5-25
13, 234
855
144, 982
20, 4.59
175, 131
5,333
26,
21,
155,
56,
28,
829
244
847
030
922
21
18, 342
65, 235
1,858
39, 197
62, 066
6,483
143, 008
272
45,101
T a x paid.
T a x paid.
Produced.
Withdrawn.
Gallons.
89
880
3, 350
4,546
5,528
2, 672
Gallons.
422
3,174
2, 734
9,064
4, 251
4, 732
852
745, 785
743
35,175
60, 408
770, 950
333
171, 904
. 1,435
990
229, 292
41,782
217,801
1,253
5,063
1379
2, 856
2, 4G0
8,157
3, 825
4,258
766
671, 206
668
31, 657
54, 367
693, 855
299
154, 713
1,291
891
206, 362
37, 603
196, 020
1,127
4, 556
80
60
60
60
90
80
80
50
70
50
20
00
70
60
50
00
80
80
90
70
70
37, 467
113, 982
178, 495
56, 275
28,5*5
3,934
12, 326
64. 347
2, 732
39, 440
42,441
7, 725
33, 720
102, 583
160, 645
,50, 647
25, 654
3, 540
11, 093
57, 912
2, 458
35, 496
38, 196
6. 952
30
80
50
50
50
60
40
30
80
00
90
50
173, 104
385
1,315
5,974
61, 463
4, 064
155, 793
346
1,183
5, 376
55, 316
3. 657
60
50
50
60
70
60
Gallons.
567
3,102
4,417
8,943
3, 558
3,208
1, 124
519, 670
1, 390
2,177
25, 465
447, 500
$510
2, 791
3, 975
8, 048
3, 202
2, 887
1,011
467, 703
1,251
1, 959
22,918
402, 750
30
80
30
70
20
20
60
00
00
30
50
00
63,216
461
1,976
199,164
21,494
133 669
291
6,606
56, 894
414
1,778
.179, 247
19, 344
120, 302
261
5, 945
40
90
40
60
60
10
90
40
88, 656
176, 442
112, 473
7«, 223
19, 574
2, 105
13,286
. 64.378
4, 975
27, 494
26, 661
5, 748
2, 100
130, 294
79, 790
158, 797
101, 225
70, 400
17,616
1,894
11. 957
57, 940
4, 477
24, 744
23, 994
5, 173
1, 890
117, 264
40
19, 963
80
70 ' "141," 935
70
10, 505
60
6,649
.50
40 " " 1 5 , 8 3 0
20
76, 237
.50
60
35, 867
90
10, 488
20
5, 2 2 1 .
00
60
159,879
1, POU
3,607
5« 189
4,646
1, 710
3, 246
52,370
4, 181
00
30
10 ' " " 4 6 , " 870'
40
22, 828
575,162
39, 082
38, 199
584, 788
83,116
1.430
940
169, 933
28,951
163, 372
4,758
Produced. Withdrawn.
Gallons.
915
910
3,786
3,348
4, 958
4,008
590, 265
105, 418
49, 898
788, 468
114, 838
575
286, 519
69, 386
216, 502
4,510
15,590
3, 975
152, 340
11,504
79, 582
51,757
39, 677
4,857
173, 421
1, 675 00
'""34,078
4,208
Gallons.
382
3,247
2,809
12, 406
5,834
5,166
1,080
831, 599
963
89, 932
67, 315
837, 548
T a x paid.
$343
2, 922
2, 528
11,165
5, 250
4, 649
972
748,4.39
866
80, 938
60, 583
753, 793
4,123
12, 080
22, 640
44, 790
202, 382
56, 713
15,484
2, 281
9, 024
38, 791
1,132
43, 824
34, 367
4,812
1, 233
158, 934
103
477
1, 980
49,221
5, 367
Withdrawn.
Qallons.
772
2,589
4, 087
4,017
5, 259
4,638
Qallons.
961
2,702
4,216
10, 890
6. 325 «
T a x paid,
1,096
718, 342
1,565
106, 039
54, 379
839, 743
$864
2,431
3, 794
9,801
5, 692
4, 373
986
646 507
1, 408
95,435
48,941
755, 768
90
80
40
00
50
10
40
80
50
10
10
70
286, 493
67, 772
216, 258
202, 617
4,063
172
282, 584
70, 182
237, 070
182, 355
3, 656
154
254, 325
63,163
213, 363
30
70
80
60
80
00
5,300
80
38, 641
70
40
1,871
30
10
166, 578
50
50
43
50
2, 711
30
66, 274
80
20
60 " " "57,268
40
105, 949
5, 226
30
90
199,
331
60
50
1,628
90
00
2, 321
90
45, 695
60
5,239
5,300
38, 654
31, 287
62,038
209,666
25, 112
7, 655
7,654
25, 388
50, 021
1,115
54, 889
46, 764
6,643
436
197, 674
178
701
938
43, 973
4,155
4, 770
34, 788
28,158
55, 834
188, 699
22, 600
6, 889
6,888
22, 849
45, 018
i,003
49, 400
42, 087
5, 978
392
177, 906
160
630
844
39, 575
3, 739
'00
60
30
20
40
80
50
60
20
90
50
10
60
70
40
60
20
90
20
70
50
80
30
10
40
60
40
00
10
70
80
50
20
105, 748
95,173 20
1,173
1,055 70
2,059 N 1,8.53 10
315,642
284, 077 80
66, 229
59, 606 10
213, 418
192, 076 20
4,582
13, 423
25, 156
49, 767
224, 869
63,015
17, 205
2, 535
10,027
43, 102
1,258
48, 694
38, 186
5,347
1,371
176, 594
115
531
2,200
54, 6P1
5,964
Produced.
41859
696,120
137, 567
51, 727
934, 686
196,191
.
o
o
)—I
Ul
CQ
o
I—(
a
CD
Statement of tlie quantity of spirits produced and withdrawn, and ihe aniount of tax paid, ^-c—Continued.
JULY,
AUGUST,
1877.
SEPTESIBER,
1877.
1877.
00
OCTOBER,
1877.
DISTRICT.
Produced. W thdrawn.
3 New Jersey
1 NewYork
12 N e w Y o r k .
24 N e w Y o r k
30. N e w Y o r k
2 North Carolina . . .
4 N o r t h Carolina
5 North Carolina
6 N o r t h Carblina . . .
1 Ohio
3 Ohio
4 Ohio
6 Ohio
7 Ohio
10 Ohio . . .
11 Ohio
15 Ohio
18' Ohio
1 Pennsylvania
8 Pennsylvania
9 Pennsylvania
14
16
20
22
23
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Peunsylvania
South Carolina
,
2 Tennessee
1 5 Tennessee
.'.. :
';
3 Texas
• 5 Virginia
6 Virginia
1 Wisconsin
Total..
Qallons.
19, 202
113, 899
4, 460
Gallons.
9,155
131, 037
•3, 010
6,014
46, 815
54, 365
80
3,176
330,130
41,175
31, 095
7,470
461
4,316
196
7,540
4,153
2, 334
34, 371
19, 156
;
2.54
48,419
627
11,042
33,145
3, 046, 936
323
2,238
3, 979
573, 692
50,175
22, 055
9, 930
294
387
6, 353
1,766
774
46
2,107
6, 460
26J
2,321
5, 477
310
32,817
19,136
380
1,.539
49,043
835
115
222
7,520
55,948
T a x paid.
8, 239
117, 933
2, 709
5, 412
42,-133
Produced.
Withdrawn.
Qallons.
9, 486.
127,561
4,337
Gallons.
18, 979
146, 774
5,200
2, 383
65,249
143
270
2, 321
6,481
774, 020
74, 706
39, 375
12, 314
50
30 •
00 1
60
50
290 70
2, 014 20
3, 581 10
516,322 80
45,157 50
19, 849 50
8, 937 00
264 60
348 30
5, 717 70
1, 589 40
696 60
4140
1, 896 30
5, 814 00
242 10
2, 088 90
4, 929 30
279 00
29, 535 30
17, 222 40
342 00
1,385 10
44,138 70 ;
751 50
103 50
199 80
6, 768
50, 353 20
3; 321, 291 2, 989,161 90
69, 267
2,835
428, 299
37, 535
32, 219
8,242
820
3,935
812
19,468 •
1,246
2,155
2,315
1,286
9,905
4, 069
1,447
3,193
3, 693
26, 111
40, 285
6,141
627 .
• 2, 477
37, 468
253 '
44
918
10,081
59,594
206
44,989
102
8, 549
44, 435
3,113, 512
T a x paid!
17.081
132, 096
4, 680
2, 144
58,724
128
243
2, 088
5, 832
696,618
67, 235
35, 437
11.082
10
60
00
70
10
70
00
90
90
00
40
50
60
730
17, 521
1,121
1,939
2, 083
1,157
8,. 914
80
20
40
50
50
40
50
2, 873 70
3, 323 70
36,256
.5, 526'
564
2, 229
33,721
. 227
39
826
9, 072
53, 634
Produced. Withdrawn.
Gallons.
10, 728
124, 688.
12, 347
62, 881
142
2, 559
802, 879
37, 732
31,738
27, 575
33, 078
888
791
6,332
4,231
2,104
32, 006
50
90
30
30
ao
70
60
20
90
60
1,017
39, 450
222
' 4, 492; 293 4, 043, 063 70
4, 108, 894
7, 810
50,728
T a x paid.
Produced. Withdravm.
T a x paid.
Gallons.
17, 248
146, 809
Gallons.
20,168
146, 357
18,151 20
131, 721 30
36, 854
72, 461
29,120
72, 543
121
26, 208 00
65, 268 70
108 90
820
4, 055
871,215
54, 633
33, 496
34, 535
2,982
8, 156
862, 029
74, 683
32, 672
40, 306
2, 683
7, 340
775,826
67,214
29, 404
36, 275
80
40
10
70
SO
40
104, 474
573
1,000
7,090
4, 970
8,035
303
5,660
. 3, 625
245
107, 528
1,020
1,427
20, 490
3, 034
8,009
425
3,235
3,750
220
96, 775
918
1. 284
18,44!
2,730
7,208
382
2, 911
3, 375
50
20
00
30
00
60
10
50
50
00
10, 386
64, 968
78, 615
6, 479
1,122
2,382
47, 948
825
54
872
9,162
67, 646
70, 753
5,831
1, 009
2,143
43,153
742
48
784
8,245
60, 881
50
10
80
80
20
50
60
80
80
40
4, 876,102
. 5,021,451
Gallons.
7,391
121,244
587
8,028
72, 782
159
153
1,814
4, 000
818, 745
62,196
29. 798
32,162
6,651
109,119
528
7, 225
65, 503
143
137
1, 632
3, 600
736,870
55, 976
26, 818
28, 945
90
60
30
20
80
10
70
60
00
.^0
40
20
80
774
67,416
2,019
1, 234
14, 448
693
8, 569
344
1, 861
2,574
696
60, 674
1,817
1,110
13, 003
623
7, 712
309
1, 674
2, 316
60
40
10
60
20
70
10
60
90
60
56, 610
5,614
352
2, 534
43, 296
141
241
718
8,831
54, 515
50, 949 00
5, 052 60
316 80
2, 280 60
38, 966 40
126 90
216 90
646 20
7, 947 90
49, 063 50
27, 403
3,706
269
1,242
48, 041
4, 783, 025 4, 304, 722 50
4,519,305 90
o
H
O
Q
02
COMMISSIONER OF INTERNAL REVENUE.
99
OPERATIONS AT SPECIAL BONDED WAREHOUSES FOR THE STORAaE
OF BRANDY M A D E FROM GRAPES.
After the act of Coogress providing for the establishment of special
bonded warehouses for the storage of brandy made from grapes, approved March 3, 1877, becaoae a law, considerable time was required to
prepare suitable regulations, printed forms, and engraved stamps, so
that no spirits were deposited in any special bonded warehouse prior
to June 30, 1877.
The number of warehouses established under said act up to this date
is six, as follows:
In the first district of California:
Date of approval.
No. 1, Bode & Danforth
No. 2, Juan Bernard
No. 3, George 0. Carlon
June 21, 1877
August 2, 1877
.August 24, 1877
In the fourth district of California :
No. 1, George Lichthardt
No. 2, John F. Boyce
No. 3, Koyal A. Haskin _
August 1, 1877
.August 22, 1877
, . ..-.November 8, 1877
The following statement shows the quantity, in taxable gallons, of
grape brandy received into and withdrawn from these warehouses during
the first quarter {ended September 30, 1877) of the present fiscal year,
viz:
Gallons.
Quantity received
Quantity withdrawn, tax-paid..
Quantity for export
In warehouse September 30, 1877
32,394
.
. . . . . . . 3, 499
93
~
3,592
28,802
32, 394
Of the quantity in warehouse September 30,1877,12,991 gallons were
in the following-named warehouses located in the first district of California, viz: No. 1, Bode & Danforth, 9,658 gallons; No. 2, Juan Bernard,
3,333 gallons; and 15,811 gallons were in the following-named warehouses in the fourth district of California, viz: No. 1, George Lichthardt, 15,403 gallons; No. 2, John F. Boyce, 408 gallons.
In its practical oi;!)eration, the act under consideration appears to have
been thus far sufficient to secure the safety of the taxable articles stored
in warehouse in accordance with its provisions. It is suggested, however, that if the act were so amended as to avoid the necessity of employing a storekeeper and a gauger at each of these warehouses by providing for the employment of the officer known to the law as a storekeeper and gauger, a considerable saving of expense to the goverument would, in many cases, be effected.
100
REPORT
ON T H E
FINANCES.
R E C E I P T S PROM P E R M E N T E D L I Q U O R S .
The following is a statement showing the receipts from each source
relating to fermented liquors during the fiscal years ended June 30,1876
and 1877:
,
CO f=^
Sources.
(D S t^
«
Fermented liquors, tax of $1 per barrel on .
Brewers' special tax
Dealers in malt liquors' special tax
Total.
$85, 370 02
9,159, 675 95 9, 074, 305 93
222, 553 68 216,681 10
5, 872 58
189, 051 03 189, 802 14 $751 11
9, 571, 280 66 9, 480, 789 17
751 11 91, 242 60
The net aggregate decrease being $90,491.49.
TOBACCO.
The total collections from tobacco for the fiscal year euded June 30,
1877, were $41,106,546.92.
In addition to the collections ofthe specific taxes from manuf^ictured
tobacco, snuff, and cigars iu their various forms, there are included in
the above total the collections from special taxes upon the manufacture
and sale of tobacco, special taxes upon the raw or leaf tobacco^ and from
the sale of export stamps.
Below is given a comparative stateraent of the receipts for the last
fiscal year from the several sources above enumerated, with the recipts
from the same sources for the fiscal year ended June 30, 1876; also, a
statement of the increase or decrease of revenue from each of these
sources during the last fiscal year :
Manufactured tobacco, at 24 cents per pound
Manufactured tobacco, at 20 cents per pound
Snuff', taxed at 32 cents per pound
Total for the year ended June 30, 1877
Total for the year ended June 30, 1876.
Increase of collections on tobacco and snuff
$27, 051, 9fe8 37
1,104 01
1, 095, 695 52
28,148, 767 90
26, 755, 780 20
1, 392, 987 70
This exhibit shows an increase of more than five and one-fifth per
centum over the collections forthe previous fiscal year; and it is an
increase over the collections for the fiscal year ended June 30, 1874—
when the tax on manafactured tobacco, except snuff', was collected at
twenty cents a pound—of $6,209,812.31, or an increase of more than
twenty-eight and three-tenths per cent.
'
The collections frora snuff", taxed at the rate of 32 cents per pound, are
about the sarae from year to year, being—
For
For
For
For
the fiscal year
the fiscal year
the fiscal year
the fiscal year
ended
ended
ended
ended
June
June
June
June
30, 1874
30, 1875
30, 1876
30, 1877
$1, 038, 445 92
1, 067, 033 03
, . . . 1, 061, 467 64
1, 095, 695 52
COMMISSIONER OF INTERNAL REVENUE.
101
CIGARS AND CIGARETTES. '
Cigars taxed at $6 per thousand
Cigars taxed at $5 per thousand
Cigarettes taxed at $1.75 per thousand
Cigarettes taxed at $6 per thousand
,..
$10, 796, 477
2, 981
260, 480
,
1, 338
52
68
95
00
Total collections for year ended June 30, 1877..
Total collections for year ended June 30, 1876..
11, 061, 278 15
11,105, 272 45
Decrease in collections from cigars and cigarettes
43, 994 30
These results, as compared with the previous fiscal year, show that,
while there has been a decrease in collections from cigars of $170,328.08,
or a fraction over one and one-half per cent., there has been an increase
in collections from cigarettes of $126,333:78, or nearly ninety-three and
a quarter per cent. Tlie difference in the rate of tax between cigars of
$6, and cigarettes of $1.75 per thousand, being in the ratio of three and
three-sevenths to one, or nearly four times greater on the cigars than
on the cigarettes, may, in part, account for the small decrease in the
collections from these sources.
OTHER COLLECTIONS.
Export stamps, year ended June 30,1877
Export stamps, year ended June 30,1876..
$8, 009 60
6, 694 30
Increase from sale of export staraps in 1877..
or nearly twenty per cent, of increase.
Dealers in leaf tobacco, year ended June 30, 1877
Dealers in leaf tobacco, year ended June 30,1876 . . , , . .
1, 315 30
$97, 422 49
. 112, 962 96
Decrease in collections from dealers in leaf tobacco.
15, 540 47
Dealers in manufactured tobacco,. year ended June 30,
1877$1, 595, 225 40
Dealers in manufactured tobacco, year ended June 30,
1876
1,616,318 85
Decrease in collections from dealers in manufactured tobacco
Special taxes, raanufacturers of tobacco and cigars, 1877.
Special taxes, manufacturers of tobacco and cigars, 1876.
Increased collections,
cigars
Special taxes, peddlers of
1877
Special taxes, peddlers of
1876
21, 093 45
$163, 371 45
163, 244 65
manufacturers of tobacco and
,
tobacco, year ended June 30,
,. . / . ^ .
...
tobacco, year ended June 30,
„
126 80
$32,471 93
35, 066 50
Decreased collections, peddlers of tobacco
2, 594 57
From all the sources herein compared there is shown to be an increase
in the sum total from collections of $1,311,207.01. This is the largest
•collection made during any one year from tobacco since the present
internal revenue law has been in operation, or since July, 1862.
102
REPORT ON THE FINANCES.
PRODUCTION OF MANUFACTURED TOBACCO AND CIGARS.
Taking the collections for tke fiscal year as the basis for computing
the production of tobacco, snuff, and cigars for the same period, the following results are obtained, which probably approximate closely to the
actual x)roduction:
Pounds.
Tobacco taxed at 24 cents a pound
Tobacco taxed at 20 cents a pound, (old stock,)
112,716,535
5,520
Total quantity tobacco removed for consumption
Snuff; at 32 cents a pound :
112, 722, 055
3, 424, 048
Total tobacco and snuff for consumption
Tobacco, taxed at 24 cents, removed for export . . o
Snuff, taxtd at 32 cents, removed for export
.
116,146,103
11, 299, 784
35,262
Total production for year ended June 30,1877
Total production for year ended June 30, 1876
127, 481,149
119, 796, 727
Increase of production during fiscal year 1877
^ 7,684, 422
The number of cigars,, cigarettes, &c., on which tax was collected
during the fiscal year ended June 30, 1877, including the imported
cigars which paid an internal revenue tax in addition to the import duty
was as follows:
Cigars, cheroots, &c., taxed at $6 per thousand, - . . . . . . 1, 799,412,920
Cigars, cheroots, &c., taxed at $5 per thousand, (old
stock)
o
596, 336
Cigarettes taxed at $1.75 per thousand
148,846, 257
Cigarettes taxed at $6.00 per thousand
,
223,000
Cigars exported
»
1,916,975
Cigarettes exported
7, 396, 000
Total production for year ended June 30, 1877..
1,958,391,488
Total production for year ended June 30, 1876.
1,908,141,057
Increase during year 1877, of - •
50,250,431
IMPORTED CIGARS.
The cigars imported during the fisgal year ended June 30, 1877, as
given by the Bureau of Statistics:
Pounds.
Aggregated in weight
Of this quantity, there were e x p o r t e d . . . . ,
Leaving as quantity withdrawn for consumption
. . 536,524
61,319
475,205
Allowing these cigars to weigh on an average thirteen and one:half
pounds per thousand, will give the number of imported cigars withdrawn for consumption as 35,200,000, which is believed to be a close approximation to the number of imported cigars included in the entire
number from which a.n internalrevenue tax was collected duringthe
fiscal year ended June 30, 1877, said tax, at $6 per thousand, being
$211,200.
COMMISSIONER OF INTERNAL REVENUE.
103
There are three facts in connection with this subject which I deem especially worthy of note. The first is that the production of manufactured
tobacco for the last fiscal year was greater than for. any other fiscal year
embraced within the reports of this office, with the single exception of
the year ended June 30, 1875. The second fact is that a larger amount
of money was collected from manufactured tobacco put upon the market .
for consumption than during any previous fiscal year. And the third
fact is that a greater quantity of manufactured tobacco and more cigars
and cigarettes were removed directly from the manufactories, for exportation to foreign countries, during the last year, than during any previous year of which an account has been kept by the Office of Internal
Eevenue.
These results are believed to be largely due to those provisious of law
which were intended to give to the government a general control over the
movements of raw or leaf tobacco, regulating its sale, transfer, and shipment, and preventing its being sold for direct consumption without the
payment of any tax, and in competition with manufactured and tax-paid
tobacco, and in my opinion a continuance of those features of said law
is necessary to maintain the present aniount of receipts from said
source.
I have also to renew, in this connection, the recomraendation which.
I had the honor to subrait to the Secretary in my last annual report
relative to the passage by Congress of the several amendments and
additions to the law now in force, heretofore recominended by this office
and incorporated into House bill No. 3926, reported b y t h e honorable
chairman ofthe Committee of Ways and Means during thelast Congress.
EXPORTATION CF MANUFACTURED TOBACCO AND SNUFF IN BOND.
The subjoined table shows as "removed and unaccounted for'^ J u l y l ,
1876, and July 1, 1877, the quantity, in pounds, of manufactured tobacco
and snuff' which had beeu removed for exportation in bond, and concerning which the proofs of landing at a foreign port had not been
furnished prior to the dates named.
1.—Eemoved and unaccounted for July 1, 1876.
Pounds.
Tobacco
Tobacco
Tobacco
Snuff at
at 20 cents tax
at 24 cents tax on exportation bonds
at 24 cents tax on transportation bonds
32 cents tax on exportation bonds
Tobacco
Tobacco
Tobacco
Snuffat
at
at
at
32
Pounds.
618,971.00
3,286, 446. 38
636, 827. 00
4,995. 00
: — 4,547,239. .38
2.—Eemoved during theyear ended June 30,1877.
20 cents tax, (excess)
24 cents tax
24 ceuts tax, (excess)
cents t a x . . . .
'.
159. 00
11,297,310.50
1..
2,314.12.
35,262.00
11,335,045.62
15,882,285.00
3.—Exportsd and during the year accounted for.
Tobaccp at 20 cents tax
...
.....
239,221.00
Tax paid on deficiencies at 20 cents
299.00
Amount settled by snit at law at 20 cents
,
6i,996. Op
Tobo^cco at 24 cents tax
9,707,255.25
Tobacco at 24 cents tax, paid on deficiencies
2,208. 0.0
Snuff at 32 cents tax
. 30,071,50
•
.
— 10,041; 050.75
104
REPORT ON T H E FINANCES.
4.—Eemaining unaccounted for June 30, 1877.
Tobacco at 20 cents tax..'
Bonds remaining in hands of district attorney
1'obacco at 24 cents, removed under exportation b o n d s . . .
Tobacco at 24 cents, removed under transportation bonds
Snuff at 32. cents, removed under exportation bonds
Pounds.
300,520.00
17, 094. 00
4, 581, 905. 25
931, .529. 50
10,185.50
Pounds.
5,841,234.25
15, 882,285. 00
Of- the 5,841,234J pounds of tobacco bonded for exportation and remaining unaccounted for by landing certificates June 30, 1877—16,808 pounds were
38, 559 pounds were
492 pounds were
2, 542 pounds were
5,9U4 pounds were
68,132 pounds were
,188, .599 pounds were
041,410 pounds were
547,259i pounds were
134,614 pounds were
385,854 pounds were
411,061 pounds were
5,84I,234i
bonded n
bonded n
bonded in
bonded * n
bouded n
bonded iu
bonded in
bonded n
bonded n
bonded n
bonded n
bonded in
tbej^ear 1869.^
the year 1870.
the year 1871.
the year 1872.
. year
^ __ 1873. J> Under exportation bonds.
the
the year 1874.
the year 1875.
the year 1876.
the year 1877.^
the year 187"
'5.)
the year 18"
Under transportation bonds.
the year 1877
'7-S
.
STATEMENT SHOWING THE QUANTITIES OF DISTILLED SPIRITS AND
TOBACCO REMOVED IN BOND FOR EXPORT DURING THE FISCAL YEARS
ENDED J U N E 30, 1 8 7 5 , 1876, AND 1 8 7 7 .
Tear.
1875
1876
1877
..
:
Spirits.
Tobacco.
Qallons.
587, 413
1, 308, 900
2. 529, 528
Pounds.
9,179, 316
9 434 485
11, 335, 046
STATEMENT OF DRAWBACK OF INTERNAL REVENUE TAXES ALLOWED
DURING THE FISCAL YEAR 1877 ON EXPORTED MERCHANDISE.
, .
^
No. of P r o p r i e t a r y F e r m e n t e d
liquors.
claims. a r t i c l e s .
Port.
Boston
New. Y o r k
Philadelpbia
..
Ricbmond
R o c h e s t e r -.
San Francisco
Suspension B r i d g e
Trov
Total
;
•
.
.
. ..
.1
668
15
1
1
6
2
1
751
S207
6, 673
39, 811
1,454
36
56
18
97
Tobacco.
Cotton.
$858 36
$760 12
2,361 44
$277 11
1,915 20
27 87
684 32
28 51
32 40
48, 235 85
760 12
5, 819 32
277 11
Total.
$1, 065
6 673
43, 209
1, 454
1 915
27
684
28
32
72
56
85
97
20
87
32
51
40
55, 092 40
Total araount of drawback allowed during the fiscal year ended June
30, 1876, $30,546.88, showing an intjrease of $24,545.52*in tbe claims allowed during the past year. The increase in the amount of drawback
shown in the foregoing table clearly indicates a growing demand for
export of proprietary articles.
COMMISSIONER OP INTERNAL
105
REVENUE.
NUMBER OF SPECIAL-TAX PAYERS.
On pages 198, 199 of the tables accompanying this report will be
found a statement of the araount of special taxes paid in each State
and Territory during the special-tax year ended April 30, 1877. The
following table represents the number of persons who paid those taxes,
as ascertained by dividing the aggregate tax paid by the rate of tax.
The result thus obtained is sufficiently accurate to answer all practical
purposes.
s
1
STATES
AND
TERRITORIES.
o
. B
o
a
2
1
o
3
Arizona
Arkansas
Califoruia
Colorado
Connecticut
Dakota
Delaware
D i s t r i c t of Columbia
Florida
Georgia
Idaho...'
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Marylaud
Massachusetts
Micbigan
Minnesota
Mississippi
Missonri
Montana
Nebraska
Nevada.
New Hampshire ...
New Jersey
N e w Mexico
N e w York
North Carolina
Ohio
Oregon
Peunsyh-^ania
Rhode Island
South Carolina . .
Tennessee
Texas
..
Utah
Vermont
Virginia
Washington
West Virginia...
AVisconsin
Wyoming
Total
90
13
7
9
1
88
11
10
3
54
24
74
40
8
13
2
51
. 8
2
1
'"'i2"
203
5
120
2
215
6
7
3
1
12
7
25
1,130
1, 438
254
1, 364
8,408
985
2,490
302
432
1,105
485
2,028
204
10, 548
5,006
3, 691
1,131
4, 284
3,280
402
4, 320
6, 386
4, 696
'2, 044
1,610
6,369
341
743
1,098
930
5, 513
461
23, 854
1,884
14,248
752
16,105
1,2*9
1,150
2, 853
2,960
357
433
2, 578
226
826
4,477
304
'o
.a
48
20
30
269
45
58
13
10
37
7
80
9
247
104
70
24
240
144
6
176
251
80
34
42
226
24
25
33
12
40
20
741
37
397
19
483
42
30
127
118
10
1
49
12
20
81
13
156, 634 4,604
0
0
0
1
03
•
o
0
05
CO
CM
1
.2
ii
0
1
P
1
0
Ci
•""3'
2
""'4
"""2'
......
•""'4'
--•-j
•""3'
......
1
23
30
2
12
235
16
316
2
55
78
34
30
i
1
3
35
4
154
547
45
22
15,135 4,164
;H
8
B
c
p
a
^p
0
•p
Q?
P4
R
%
%
Q
3
3
3,444
14
299 '"'16'
6
3,162
8
3 " " 3
9,852
36 " 1 8 2 '
174
10
1,623
4
.26
31
4,591 " " " 5
29
29
181
4
13
539
4
2
1,377 • " " 2 '
1
15
1,817
19
1
1,251
5
1
5,243
3
36
5
12
265
22, 678
22
99
148
255
10 ^ 30
97
12, 071
110
4
134
10, 307
46
315
1
37
3
46
3,229
37
7,210
52
29
161
12
6
4,194
16
52
4
52
36
4,007
17
77
65
8, 372 " 1 7 '
11
534
119
36
13,134
16
153
80
583
11,143
117
98
9
4,462
34
3
4, 609
84
21 " ' 9 4 '
12, 168 " " 8 3 '
20
6
437
33
22
1, 906
3
10
32
1, 249
6
100
2,146
31
59 • 645
11,272 " 1 3
81
2
6
527
1
1
379 2,524
60
388
42, 874
18
220
191
5,531
310
53
194 "218"
25, 574
30
2
28
1,403
670
229
361
36, 858
34
272
22
3
2, 903
17
1
3
3,970 " ' 3 '
45
34
9
2
5, 061
197
9
7
42
7,430
25
22
713
64
27
2
1,929
18
5
6
5,170
53
15
516
1
24
17
2,637
13
97
266
8, 520
13 " ' 4 5 '
1
3
9
468
"ii
1
1
"i
......
'
1
8
377
145
326
2
212
3
2
276
60
2
2
03
6
......
......
3
4
1
127
962
97
436
7
251
2
55
271 1,215
31
116
0
41
692
128
524
62
411
24
84
1
1
238
537
1
34
33
761
1
. 3, 705
9
1,330
3
3, 254
77
20
23
.37
2
13
134
1
102
404
as
1
......
'"2
. .-
"iss'
7 320,141
.950 1,847 2,758
7,964
106
REPORT ON T H E
FINANCES.
BANKS AND BANKERS OTHER
Statement of the average capital and deposits of banks
Average capital aud deposits of banks and bankers.—Form 67.
+3 (£)
P fO 00
STATES AND TERRITORIES.
So
<x>-c5
S P
"A
Alabama..
,
Arkansas
,
California
,
Colorado
...
Connecticut
Dakota
Delaware
District of Columbia
Florida
Georgia
:...
Idaho
,
Illinois
,
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Minnesota
,
Mississippi .'.
Missouri
Michigan
J
Montana
Nebraska
,
Nevada
New Hampshire
New Jersey
,
New Mexico
New York
North Carolina
Ohio
Oregon
Pennsylvania
Rhode Island
South Carolina
..
Tennessee
Texas
1
Utah
Vermont
'.
Virginia
Washington
West Virginia ..
Wiscon sinWyoming
...
Total
. 23
14
107
29
26
8
7
15
4
70
4
344
127
240
102
PS
"A
<
U , 166, 095
239,138
23, 329 219
470, 387
3,134, 225
27, 378
680, 563
560, 556
44, 500
4, 903, 400
114,111
8, 954, 467
5, 774, 731
4, 427,159
1, 614, 045
13, 369, 802
3, 714, 747
245, 629
4, 791, 796
3, 831, 579
1, 134,196
1,110,640
11, 951,180
3, 679, 442
90,016
372, 840
274, 031
153, 655
2, 527, 260
$1, 094, 961
237, 471
22, 936, 383
470, 387
2, 522,136
27, 378
640, 237
139, 613
44, 500
4,901,044
114,111
7, 918, 663
4, 874, 551
4, 264, 971
1, 550,120
12, 925, 791
3, 709,163
240, 107
4, 375, 647
2, 576, 040
1, 072, 429
887,143
11, 224, 664
3, 420, 585
• 90, 016
365, 666
^
274,031
134, 434
2, 335, 314
477
22
18
29
100
6
6
78
4
23
97
3
21
14
107
25
26
7
7
12
4
68
4
354
128
260
108
87
25
7
45
62
63
30
221
155
6
33
17
12
29
3
700
19
291
7
463
22
18
27
101
5
6
78
4
24
95
2
60, 353, 834
812, 749
9, 036, 445
611, 503
21, 096, 326
4, 008, 608
1, 040, 740
1, 612, 557
3, 295, 828
120, 317
267,916
3,133, 206
191,718
1, 385, 098
1,961,817
19, 077
45,115,356
810, 049
7, 993, 905
571, 232
19, 902, 533
3, 771, 701
1, 040, 740
1, 538, 683
3,122, 200
120, 317
249, 724
3, 087, 725
191,718
1, 377, 498
1, 780, 569
19, 077
$1,746,036
251,513
47, 090, 533
954, 644
5, 308, 775
114, 348
684, 424
3, 313, 759
24.5,016
3, 492, 906
44, 735
25,271,290
9, 559, 423
9, 072, 298
2, 542, 715
12, 055, 633
5,064,216
202, 931
6, 082,189
10,"'406,194
2, 251, 434
1, 343, 410
35, 533, 980
11,134,713
73, 363
1,005,235
1, 865, 627
1, 702, 639
4, 849, 036
37, 092
133, 022, 289
1, 250,150
29, 524,, 670
1, 224,120
79, 973; 962
4, 565, 914
910, 658
2, 524, 645
4, 351, 003
600, 860
1, 611, 570
6, 609, 800
198, 728
3, 885, 942
9,883,719
20,105
3,767
3,802
211, 634, 586
186, 060, 583
483, 458, 242
7
46
61
62
24
215
155
6
33
16
4
32
3
693
20
COMMISSIONER OF INTERNAL
107
REVENUE.
THAN NATIONAL BANKS.
and bankers for the twelve months ended May 31, 1876.
A v e i •age deposits of s a v i n g s b a n k s h a v in/ ; no c a p i t a l s t o c k . — F o r m 106a.
53 lo
P i^
2
§g
a"-
A v e r a g e c a p i t a l a n d d e p o s i t s of s a v i n g s b a n k s h a v i n g a capit a l s t o c k . — F o r m 106&.
03
6
^o
li ll
op
p'"„
%
It
o
•fa
o •
2
Sp
i
gp
>
<
10
9
$34, 412, 968
$12, 905, 006
81
83
75, 441, 343
15,187, 277
2
1
2
1
583, 944
410, 092
8,233
4
15
i
43, 584
4
15
712,117
1, 742,131
1.
45, 479
239, 704
1
62
13
180
2
1, 826, 573
30, 920, 007
18,881,920
223, 895, 737
29, 843
419, 785
3,163, 546
2,181, 293
1, 824, 019
1
1
606, 583
182, 422
60
41 -
i
1
|3
1
CO
1^
>
<
1»
03
o
&^
t
<
2
03
>
<
%2, 215, 454
$2, 017, 321
$22,931,407
$11, 661, 067
1, 682, 247
1, 387, 745
8, 315,137
1, 228, 754
9,791
9,791
82, 766
11, 441
10, 716
1
60
13
179
1
65
42
p<
es
O
11
1
. '
•
205,200'
205, 200
4, 575, 353
711
28,859,394
31,580,701
s i i , 588, 657
3,-234,574
7, 350, 498
50,000
10, 000
36, 750
7,000
243, 686
132, 081
90, 790
17, 536
30, 990, 908
100, 000
100, 000
550,302
280, 382
154
149
7
7
8, 464, 957
2, 597, 434
178, 709
102, 459
471, 611
105, 406
6
36
1
6
36
1
1
19,608,949
49,102,195
66, 333
35, 449
1, 284, 061
14, 069, 780
1,957
35, 449
100, 000
95, 000
316, 935
92, 193
15
15
6, 277, 216
25, 000
25,000
13, 802
388
440, 258
440, 258
574, sii
176, 083
5, 016, 659
4, 426, 524
38, 207, 891
13, 664, 751
549, 072.
1
1
18, 524
1,844
695
691
845,109, 217
96, 283, 057
27
26
108
REPORT ON THE FINANCES.
Statement of the average capital and deposits of banks, &c.—Continued.
Total average and taxable average of capital and deposits.—Forms 67 and 106.
pgj
STATES AND TERRITORIES.
SI!-
goo
+3 4 ^
I'S
<
Alabama
A)'kausas
California
Colorado
Conneciicut
Dakota
Delaware .
District of Columbia
Florida
Georgia
Idabo
Illinois
ludiana
Iowa
Kansas
Kentucky
Loaisiana
Maiue
Maryland
Massach usetts
Minnesota
Mississippi...
Missouri
Michigan
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
Ohio
Oregon
Pennsylvania
Rhode Island
•South Caroliua
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
.Wyoming
Total
23
14
122
29
107
8
9
16
4
70
4
359
142
241
102
89
27
67
59
241
63
24
216
155
6
33
16
70
75
4
847
20
293
8
484
58
19
29
100
0
21
81
4
23
98
3
21
14
121
25
109
7
9
13
4
69
4
368
143
261
108
87
26
69
58
243
65
30
222
155
6
33
17
72
71
3
850
19
300
7
470
58
19
28
101
6
21
81
4
24
96
2
<1
<l
$1, 746, 036
251,513
104, 434, 908
954, 644
80,750,118
114.348
1, 268; 368
3,723,851
. 245,016
3, 536, 490
44, 735
34, 298, 544
11,301,554
9,155, 064
2, 542, 715
12, 055, 633
6, 890, 789
31, 122,93d
24,964,109
238, 877, 234
2, 281, 277
1,343,410
36,140, 563
11,134,713
• 73,363
1, 005, 235
1, 865, 627
30, 805, 719
36, 561, 818
37, 092
445,161, 248
1,250,150
38, 461, 238
1, 224,120
99, 899, 846
53, 668,109
976, 991
2, 560, 094
4,351,003
614,662
7, 888, 7R6
7,184,611
198,728
3, 865, 942
9, 902, 243
20,105
$1, 746,036
251, 513
71, 656,606
954, 644
20, 496,052
114, 348
692, 657
3, 313,759
24.5, 016
3, 503,622
44, 735
26, 545,523
9, 799,127
9, 083,739
2, 542,715
12, 055,633
5, 484.001
3, 366,477
8, 263,482
12, 230,924
2, 251,434
•1, 343,410
35,716, 402
11,134, 713
73, 363
1, 005,235
1,865, 627
5, 028,003
12,217, 070
37, 092
. 164, 2t)3,
579
1,250, 150
32, 227,510
1, 224,120
81, 3.50,216
18, 635,694
912, 615
2, 560,094
4, 351,003
601, 248
2,160, 642
6, 765,883
198, 728
3, 885,942
9, 885,563
20, 105
190, 487,107 I, 366, 775, 350
593, 406, 050
$1,166,095
239,138
25, 544, 673
470, 387
3,134,225
27, 378
680, 563
560, 556
, 44,500
4, 903, 460
114,111
10, 636, 714
5, 774, 731
4, 436, 950
1,614,045
13, 369, 802
3, 714, 747
245, 629
4, 791, 796
4, 036, 779
1,134, 196
- 1,110,640
11,951, 180
3, 679, 442
90, 016
372, 840
274,031
203, 655
2, 537, 260
$1, 094, 961
237, 471
24, 953, 704
470, 387
2,522,136
27, 378
640, 237
139, 613
44, 500
4,901,044
114, 111
9, 306, 408
4, 874, 551
4, 274, 762
1,550,120
12, 925, 791
3, 709,163
240, 107
4, 375, 647
2,781,240
1,072,429
887, 143
11,224,664
3, 420, 585
90,016
365, 666
. 274,031
171,184
2, 342, 314
60, 453, 834
812,749
9, 215,154
611,503
21,196, 326
4, 008, 608
1, 040, 740
1, 612, 557
3, 295, 828
145,317
267, 916
3, 573, 464
191,718
. 1,385,098
1, 961, 817
19, 077
45, 215, 356
810, 049
8, 096, 364
571, 232
19, 997, 533.
.3, 771, 701
1,040,740
1, 538, 683
3, 122, 200
145,317
249, 724
3, 527, 983
191,718
1, 377, 498
1, 780, 569
19, 077
216, 651, 245
<
loa
COMMISSIONER OF INTERNAL REVENUE.
Statement of the average capital and deposits of banks and bankers for the
tioelve months ended May 31, 1877.
A v e r a g e c a p i t a l a n d d e p o s i t s of b a n k s a n d
b a n k e r s . — F o r m 67.
A v e r a g e d e p o s i t s of s a v i n g s
b a n k s h a v i n g no c a p i t a l
s t o c k . - F o r m 106 a.
STATES AND
TERRITORIES.
Alabama
Arizona
"
.
Arkansas
California
Colorado
Connecticut
Dakota'
.Delaware
Dist. of C o l u m b i a
Florida
Georgia
Idaho
Illinois
ludiana
Iowa
Kausas
Kentucky
Louisiana
Maine
Maryland
Massachusetts . . .
Michigan
Minnesota
:.
Mississippi
Missouri
Montana
Nebraska..
Nevada
New Hampshire .
New J e r s e y
New Mexico
New York
North Carolina . .
Ohio
Oregon
Penusyivania
Rhode Island
South C a r o l i n a . . .
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W e s t Virgiuia . . .
Wisconsin
Wyoming
Total
A v e r a g e c'apital.
A v e r a g e taxable capital.
A v e r a g e deposits.
$1,110, 316 66
9, 166 66
991, 466 66
34,118, 435 73
509, 199 05
2, 948.766 66
29, 083 33
. 713,003 60
608, 189 00
43, 000 00
4, 607,871 73
56, 961 63
8, 580,695 28
5, 830,258 97
5, 000,419 72
1,681, 683 70
12, 882,486 09
3, 638,887 83
175, 781 33
4, 405,OOd 24
3, 250,054 06
3, 806,627 02
1,173, 699 47
1,257, 986 95
11, 366.352 14
100, 234 27
438 175 28
358, 238 70
101, 666 66
2, 284,478 97
3, 833 33
58,716. 408 26
575, 556 51
8, 964,979 93
578, 854 57
19,571. 067 74
3,931, 447 55
984, 778 29
1, 745,718 72
3, 447,021 74
115, 260 74
318, 750 00
3, 052,099 93
222, 629 19
1, 441,379 33
2, 058,484 45
40, 930 03
$1,022, 066 61
9, 166 66
223, 800 66
32, 486, 910 30
509, 199 05
2, 281,586 71
29, 083 33
679, 153 60
167, 671 25
38, 000 00
4, 607,871 73
56, 961 63
7,163, 778 79
5, 679,617 64
4, 842,452 93
1, 583,370 49
12, 564,367 08
3, 537,767 83
159, 116 58
3, 865,393 62
1, 994,805 58
3, 459,913 24
1, 097,743 35
939, 341 70
10, 297, 492 98
100, 234 27
425, 009 92
358, 238 70
87, 558 33
1, 938,069 88
3, 833 33
38, 961, 026 73
575, 556 51
7, 643,144 63
536, 644 00
18,228, 219 42
3, 364,566 64
984, 778 29
1, 630,943 55
3,158, 734 56
115, 260 74
272, 723 00
2, 952,533 49
222, 629 19
1, 437,029 33
1. 787,653 93
46, 930 03
$1, 624,168 00
4, 583 00
320, 508 79
54, 956,764 85
989, 755 72
480, 890 42
139, 115 89
802, 694 92
3, 232.036 97
255, 948 25
3, 771,15d 39
21, 086 15
23, 391, 948 40
8, 800,892 94
8, 690,585 96
2, 9.i8.578 49
12, 36.5, 114 90
4, 935,107 20
153, 961 15
9,411, 656 79
9, 013,044 72
10, 934, 692 75
2, 487, 127 73
1,304, 892 82
33, 882. 013 12
81, 831 59
1, 217,636 55
1,617, 882 73
019 06
1, 835,102 13
4, 357,042 52
35, 451 11
129, 375,041 35
879, 734 33
28, 061, 471 05
1, 279,4.58 84
77,351, 665 58
4, 0.52,310 13
978, 406 72
2, 897,856 74
4, 596,089 12
588, 946 65
940, 491 27
6, 427,073 16
295, 639 02
3, 928,908 29
9, 987,677 69
76,
217, 215, 387 70
184,187,951 81
475, 790, 063 95
AverajEce deposits.
Average
t a x a b l o deposits.
$41, 818, 694 33 $23,224,560 13^
77, 974, 601 75
14, 754, 595 43
930,158 01
423,811 04
19, 872 5S
9, 058 08
25, 253 16.
603, 377 34
2, 030, 409 90
1,910,251
26, 604, 623
19,704,321
236, 597, 348
12
10
74
38
33, 420 10'
323, 963 41
329,984
1, 89.5, 819
1,592,666
1, 043, 349
41
80'
17
88-
37, 033 19
1,007 41
397, 808 00
107, 010 83
29, 081, 776 74
31,239,178 93
2, 096, 436 39
6, 495, 427 51
308, 996, 064 48
24,137, 832 8(>.
"4,'720,'602'io
'2,'639, 9 2 7 ' i ?
16, 239, 677 56
48, 906, .581 90
. 61,796 63
1,745,083 00^
14,134,169 98
1,212 42.:
6, 674, 767 53
1, 559 63
268, 242 00<
1,559 63-
855, 057, 026 73
94, i ;0, 672 37
110
REPORT ON THE FINANCES.
Statement ofthe average capital and deposits of banks o^nd bankers for the
twelve months ended May 31, 1877^—Gontinued.
A v e r a g e c a p i t a l a n d d e p o s i t s of s a v i n g s b a n k s b a v i n g a c a p i t a l
s t o c k . — F o r m 106 h.
STATES AND TERRITORIES.
A v e r a g e c a p i - A v e r a g e t a x a - A v e r a g e depos- A v e r a g e t a x a ble deposits.
ble capital.
its.
tal.
1
o
3
4
5
6
7
R
q
10
Alabama
Arkansas
California
...
.......
Colorado
Connecticut
Dakota . . . . . . . . . ..
..
..
Delaware
D i s t r i c t of C o l u m b i a
Florida
n Georgia
12 I d a h o
13 11 linois
'.
14 I n d i a n a
15 I o w a
16 K a n s a s
17 K e n t u c k y
18 L o u i s i a n a
19 M a i n e
•.. . . . .
9,0 M a r y l a n d :
91 M a s s a c h u s e t t s
99, M i c h i g a n
93 M i n n e s o t a
94 M i s s i s s i p p i
95 M i s s o u r i
96 M o n t a n a
97 N e b r a s k a
Op- N e v a d a
99 N e w H a m p s h i r e
30 N e w J e r s e y
31 N e w Mexico
32 N e w Y o r k
33 N o r t h C a r o l i n a
,1...
34 Ohio
35 Oregon
36 P e n n s y l v a n i a .
....
37 Rliode I s l a n d . -.
38 S o u t h C a r o l i n a
39 T e n n e s s e e
40 T e x a s
41 U t a h . 42 V e r m o u t
43 V i r g i n i a
44 W a s h i n g t o n
45 W e s t V i r g i n i a
46 W i s c o n s i n
47 W y o m i n g
,
Total
$2,211,239 60
$2,170, 983 63
$23, 749, 214 33
$12,192,104 61
1, 764, 500 00
1, 552, 536 45
8, 438, 720 98
1 921 496 23
5, 000 00
5, 000 00
43, 833 33
11, 000 00
205, 200 00
205, 200 00
4, 047, 697 25
10,000 00
7, 000 00
187, 700 00
171,166 66 .
84, 333 00
372,133 12
56,371 16
150, 000 00
129, 958 33
634; 309 82
205, 593 94
20, 000 00
20, 000 00
11,840 00
8 045 00
428, 393 33
428, 393 33
570,091 24
183, 089 80
4,965,499 59
4, 603, 404 74
38,055,540 07
14,615,175 74
37, 475 00
COMMISSIONER QF INTERNAL
REVENUE.
Ill
Statement of the average capital and deposits of banks and bankers, for
the ticelve months ended May 31, 1877—Continued.
Total average and taxable average of capital and deposits.—Forms
67 and 106.
STATES AND TERRITORIES.
Alabama
Arizona
A^;kansas
Caiifornia
Colorado
Counecticut
Dakota
Delaware
District of Columbia .
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kausas
•.
Kentucky
Louisiana
Maiue.
Maryland
Massachusetts ..,
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampsbire.
New Jersey
New Mexico
New York
North Carolina..
Ohio
Oregon
Pennsylvania . . .
Rhode Island
South Carolina ..
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia...
Wisconsin
Wyoming
Total
Average capital.
110,316 66
9,166 66.
291, 466 66
329, 675 33
569,199 05
948, 766 66
29, 083 33
713,003 60
608,189 00
43, 000 00
607, 871 73
56, 961 63
345,195 28
830, 258- 97
005, 419 72
681, 683 70
882, 486 09
638,887 83
175, 781 33
405,^000 24
455, 254 06
808, 627 02
173, 699 47
257, 986 95
366, 352 14
100, 234 27
438,175 28
3.58, 238 70
101,666 66
294, 478 97
3, 833 33
716, 408 26
575,556 51
136,146 59
578, 854 57
721, 067 74
931,447 55
004, 778 29
, 745, 718 72
,447,021 74
115.260 74
318, 750 00
, 480, 493 26
222, 629 19
,441,379 33
,058,484 45
. 46, 930 03
222,180,887 29
Average tax- 4.erageclepo«its.
able capital.
$1, 022,066 61
9, 166 66
223, 800 66
34, 657,893 93
569, 199 05
2, 281, 586 71
29, 083 33
679, 153 60
167, 671 25
38, 000 00
4, 607,871 73
56, 961 63
8; 716,315 24
5, 679,617 64
4, 847,452 93
1,583, 370 49
12, 564,367 08
3, 537,767 83
159, 116 .58
3, 865, 393 62
2, 200,005 58
3, 459,913 24
1, 097,743 35
939, 341 70
10, 297,492 98
100, 234 27
425, 009 92
358, 238 70
87, 558 33
1, 945,069 88
3, 833 33
38, 961,026 73
575, 556 51
477 63
• 7, 727,
536, 644 00
18, 358,177 75
3, 364,566 64
1,004, 778 29
1, 630,943 55
3, 158,734 56
115,.260 74
272, 723 00
3, 380,926 82
222, 629 19
1, 437,029 33
1, 787,,653 93
46,,930 03
$1, 624,168 00
4, 583 00
320, 508 79
120, 524,673 51
989, 755 72
78, 455,492 17
139, 115 89
1, 732,852 93
3, 655,848 01
2.55, 948 25
3,873, 741 72
21, 066 15
32, 434,046 72
10, 831,302 84
8, 734,419 29
2,.958, 578 49
12, 365, 114 90
6, 845,358 32
26, 758, 564 25
29,11.5, 976 53
249, 658, 090 35
10, 934, 692 75
2, 524, 160 92
1, 304,892 82
34, 279,821 12
81, 831 59
1, 217,636 55
1, 617,882 73
30, 916,795 80
35, 763,981 06
35. 042 52
438, 371,515 59
879, 041 35
33, 154, 469 55
1, 279,471 05
94, 225,446 22
52, 959,247 48
1,051, 946 76
2, 897, 406 72
4, 596,856 74
586, 089 12
7, 615,714 18
6, 999,142 14
295, 073 16
3, 926,639 02
9, 987,908 29
76, 677 69
,^J-fp«„t--.
$1, 624,168 00
4, 583 00
320, 508 79
90, 373,429. 59
989, 755 72
15, 235,485 84
139, 115 89
822, 567 47
3,241, 095 05
255, 948 25
3, 796,411 55
21, 086 15
25, 346,864 73
9,124, 856 35
8, 7ul,585 96
2, 958,578 49
12, 365,114 90
5,265, 091 61
2, 049,760 95
11,004, 522 96
10, 056,394 60
10, 934,692 75
2, 488, 135 14
,1, 304,892 62
33, 989, 023 95
81, 831 59
1, 217,636 55
1, 617,882 73
3, 931,455 45
10, 890,004 64
35, 042 52
153, 513,283 97
879, 041 35
30, 7.58,032 66
1, 279.471 05
79, 302,135 78
18,166, 855 56
987, 567 55
2, 697, 406 72
4, .596,856 74
568, 089 12
1, 209, 188 71
6, 612,140
295, 073
3,928,'639
9, 987,908
76, 677
70
16
02
29
69
188, 791, 356 55 1, 366, 902, 630 75 585, 285, 912 06
112
R E P O R T ON T H E ^FINANCES.
Statement of the amount of taxes collected on the capital and deposits of
ba.nks and bamkers during the fiscal year ended June 30, 1877.
T a x e s collected d u r i n g y e a r e n d e d J u n e 30,1877,
on—
C a p i t a l of—
STATES AND
Deposits of—
TERRITORIES.
P 03
P a.
-^ P
rO P
Alabama
."
Arizona
Aikausas
California
Colorado
ConuectiC'ut
Dakota
,
Delaware
D i s t r i c t of C o l u m b i a .
Florida
Georgia
Idaho
Illinois
ludiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Marylaud
Massachusetts
Michigau
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
N e w Mexico
New York
North Caroliua
Ohio
Oregon
,
Peunsylvania
R h o d e Lsland
South Carolina
Tennessee
Texas
Utah
Vermont..
Virginia
Washifigton
West' V i r g i n i a
Wiscousiu
Wyoming
Total .
$10, 746 29
6, 994 76
" " 2 5 00
1,026 00
537 92
'687"50
125 00
'2,"i90'97
22, 383 44
$5, 096 76
83 34
1,226 14
143, 100 07
2,717 35
9,200 79
144 84
3, 370 75
372 55
300 00
17, 742 51
502 66
31, 310 73
26. 556 22
19, 492 11
7, 763 24
67, 634 90
10, 645 45
1,273 38
20, 402 55
10, 270 92
17,913 94
5, 191 84
4, 964 02
52, 963 66
470 36
1, 753 79
1,654 14
622 40
9,041 12
$4 29
60,127 24
71, 788 11
""iis'so
439 22
1, 124 72
1, 649 93
14,105 77
7, 630 04
6,029 61
937 23
40, 342 86
205,681 47 130," 224'29'
3, 155 13
38, 868 40 12, 023 88
2, 656 31
7, 843 04
89.'857 90
17, 398 99 63, 504 25
6, 681 56
8, 860 25
14,658 18
377 50
2, 506 74
1,901 81
17, 874 98
1,076 99
6, 934 06
8, 877 09
05
234 65
905, 277 I
$7, 493 09
30 42
1,512 25
328, 028 61
4, 673 86
28, 387 29
668 88
4, 268 4c>
7,136 60
2, 096 50
13, 679 62
122 45
113, 149 66
48, 620 04
34,253 43
14,911 45
61,547 83
20, 944 66
1, 074 24
46,019 06
43, 537 93
64, 294 87
' 10, 863 80
7,041 64
176, 496 86
342 69
5, 227 84
8,915 17
12, 577 94
13, 945 84
193 85
674, 082 47
4, 472 92
138, 897^ 19
5, 928 26
390, 359 85
20, 064 07
5,132 93
14, 506 0:i
21,2r)2 41
1,592 63
9, 395 57'
42, 939 30
1,267 39
19,522 13• 43, 986 66383 37
2, 476, 240 24
The following stateraents are compiled from the foregoing tables and
frora assessment returns:
1.—statement of the gross amount of average capital and deposits of savings banlcs, bankers,,
and banlcs otlier than nalionat banlcs, for the years ended May .Sl, 1876 and 1877.
1877.
C a p i t a l of s a v i n g s b a n k s
._
C a p i t a l of b a n k s aud b a n k e r s
Deposit.^ of s a v i u g s b a n k s h a v i n g c a p i t a l . . .
D e p o s ' t s of s a v i n g s b a u k s h a v i n g n o c a p i t a l
D e p o s i t s of b a n k s a u d b a n k e r s
Total
$5,016,659
211,634,586
38,207,891
845,109,217
483, 456, 242
1, 583, 426, 595
$4, 96.5, 500'
217.21.5,388
.38, 055, 540
855, 057, 027
475, 790, 064
1,591,083,519
COMMISSIONER OF INTERNAL
113
REVENUE.
'2.—Statement of the taxable capital and deposits of savings banks, bankers, and banks other
than national banks, and the taxes accrued and paid thereon, for the years ended May 31,
1876 and 1877.
,
1877r'
1876.
A m o u n t taxable.
Capital savings b a n k s
C a p i t a l of b a n k s a n d b a n k e r s
D e p o s i t s of s a v i n g s b a n k s h a v i n g c a p i t a l
D e p o s i t s of s a v i n g s b a n k s h a v i n g no c a p i t a l
D e p o s i t s of b a n k s a n d b a n k e r s
Total
T a x collected.
A m o u n t taxable.
T a x collected.'
524
583
751
057
242
$24, 024
965,196
52, 904
374, 462
2, 572,165
$4, 603, 405
184,187, 952
14, 615,176
94. 880, 672
.475,790,064 .
$22, 383
905,278
.56, 064
364, 334
2, 476, 240
783, 893,157
3,988,751
774, 077, 269
3,824,299
$4,
186,
13,
96,
483,
426,
060,
664,
283,
458,
3.—Statement of average capital and deposits of savings banlcs, and ihe capital of bankers,
and banks other than national banks, invested in United States-bonds, compiled from .returns^
of said banks and bankers, for the years ended May 31,1876'and 1877.
1876.
C a p i t a l of s a v i n g s b a n k s
C a p i t a l of b a n k s a n d b a n k e r s
l)epo'sits of s a v i n g s b a n k s . . .
' $590,135
$362,095
25, 574, 003 33, 027, 436
95, 245, 863 102, 859, 674
Total ...1...^!'
ABSTRACT
'
' •
• •
1877.
.121, 410, 001 136, 249, 205
OF REPORTS OF DISTRICT ATTORNEYS FOR THE FISCAL
"^ '
•"
•
'
YEAR
1877."
'• '
•'• •
SUITS C O M M E N C E D .
Number of criminal actions
Nnmber of civil actions in j)ersonani
Nnmber of actions in. rem
:
....... —
Whole nnmber comraenced
4,948
680
200
5, 828
SUITS D E C I D E D I N FAVOR O F T H E U N I T E D STATES.
Nnmber of criminal actions
-Nnmber of civil actions inp)ersonam
Namber of actions in rem i . . .
'., ,
Whole number of suits decided in favor of the United States
2,630
. 562
135
3,327
SUITS D E C I D E D AGAINST T H E U N I T E D STATES.
Number of criminal actions
Nnmber of civil SiCtions in personam .
Number of actions in rem
Whole number of snits decided against the United States
543
34
28
605
SUITS SETTLED OR D I S M I S S E D .
Number of criminal actions
Number of civil actions in personam. .
Number of actions in rem.
.-.....
Whole number of suits settled or dismissed
2,711
258
77
. 3, 046
SUITS P E N D I N G J U L Y 1, 1 8 7 7 .
Number of criminal actions.
Number of civil actions in personam
Number of actions in rem
Whole number of suits pending July 1, 1877.
8 F
4,637
1,134
314
6,085
114
REPORT ON T H E
FINANCES.
Amount of judgments recovered by theUnited States in criminal actions.
Amount of judgments recovered by the United States in civil actions in
personam
:
j
Amount collected on judgments and paid into court in criminal actions..
Amonnt collected on judgments aud paid into court in civil actions in
personam
w
Amount collected on judgments and paid into court in actions in rem or
proceeds of forfeiture
REWARDS.
Number of claims for rewards offered by the Commissioner of Internal
Revenue allowed aud recommended for payment during the fiscal year
ended June 30,1877
".
,..'....
Amount allow^ed npon same
Amount of collections upon which said claims weie based
ABSTRACT OF SEIZURES.
*
$227,411 11
890,562 00
77,885 09
200,976 18
141,608 63
'
237
$49, 524 84
529, 830 30
-
Seizures of property for violatiou of internal revenue law during the
fiscal year ended June 30, 1877, were as follows:
312,647 gallons of distilled spirits, valued at
54 l)arrels of fermented liquors, valued at
86,690^ pounds of tobacco, valued at
1,014,817 cigars, valued at
Miscellaneous property, valued at
Total value of s e i z u r e s . . . . . . .
'.
|314,251
202
28, 394
13,347
665,924
08
50
53
89
50
1,022,120 50
STATEMENT OF REAL ESTATE ACQUIRED BY THE UNITED STATES
UNDER THE INTERNAL REVENUE LAWS REMAINING UNSOLD NOVEMBER 1, 1 8 7 7 . .
Alabania.—One lot and two-story brick house; ''Deposit Saving Association;" one
lot and house. Hickory Flat, Chambers County; two distilleries, with their appurte.• nances; one copper still and fixtures, Brookville, Coosa County; one mill, Talladega
County ; cotton and other machinery. The appurtenances are 1,000 acres of land. Fayette County, 2,47If acres of land.
Arkansas.—Two hundred acres of land.
Calijornia.—Three lots with improvements in Marysville, Cal.; bonded, awaiting result of trial of cause in United States district court, San Francisco.
Georgia.—Twelve lots; two brick store-houses ; one frame house; one-third interest
in tobacco factory, including machinery, Atlanta; Rockland distillery; 1,514 acres of
land.
Illinois.—^vick alcohol warehouse; building and appurtenances; distillery. No. 80
Pearson street, Chicago ? building and tw^o boilers; Loda distillery premises; elevator,
fixtures, and adjoining buildings; buildings and appurtenances; ninety-seven lots;
3,862^ acres of land; the residence and other buildings on the " W. M. Springer tract."
Kentucky.—Three distilleries and other buildings; two mills; five lots; 1,630 acres
of land.
Louisiana.—Dw^elling-house and improvements; four lots; 2,770 acres of land.
Michigan.—One hundred and ninety-seven acres of land.
Mississippi.—Eleven lots; 148-^ acres of land.
Missouri.—Two-story brick building and outhouses; all of the houses on seventeen
lots in Saint Louis ; seventy-five lots ; 1;480 acres of land.
Nebraska.—Distillery, buildings, all stills, vessels, fixtures, and tools; 6 lots; 12f
acres of land.
\
New Yorlc.—Lot 507 West Twenty-ninth street; house and lot northeast corner Third
avenue and One hundred aud sixth street; distillery 533 West Forty-first street; lot
504 AVCvSt Forty-third street; distillery, Spring.Valley, N. Y.
Oregon.—Three hundred and thirty acres of land.
Nor I h Carolina.—One dwelling-house ; one mill; one storehouse; seven lots ; 11,0.47
acres of laud.
South Carolina.—Five hundred and five acres of land.
Tennessee.—One lot in city of Memphis ; one frame house; distillery ; distillery complete; two dwellings ; one brick store ; two houses; one livery-stable and house; tw^o
houses ; thirty-five lots ; 5,705^ acres of -land.
Texas.—Two lots ; 374| acres of land.
Utah.—Twenty-five acres of land.
Vermont.—Five acres of land.
Virginia.—Mansion-house, barn, tannery, tobacco-factory -and distillery, all on on©
plantation ; three distilleries ; two w^arehouses ; 1,389-^ acres of land.
West Virginia.—Yifteeii hundred acres of land.
COMMISSIONER OF INTERNAL
REVENUE.
115-
Approximate value of all of said property, $500,000. The custody of
this property is by law entrusted to this office, and its sale at public
vendue may be authorized by the Goramissioner of Internal Eevenue,
with the approval of the Secretary of the Treasury. In my opinion it
is desirable that this property should be disposed of at the earliest day
piacticable. With, a view of securing that end, I sometime since caused
a l a r g e portion of said lands to be examined, and offers of purchase
solicited. These services cost about $600, which I proposed shpuld be
paid out of the miscellaneous appropriation for this bureau, but the
honorable First Comptroller of the Treasury decided that the account
could not be paid out of that appropriation, or out of any other appropriation for the internal revenue service. .As expenses must necessarily be
incurred, from time to time, in the management and sale of property acquired by the United States under the internal revenue laws, I respectfully recommend tliat an appropriation of $6,000 be made to cover such
expenses, and to defray the expenses already incurred, the payirent of
which has been suspended for'want of funds applicable to that purpose
STATEMENT OF TAXES COLLECTED FROM RAILROAD CORPORATIONS,
AND OF TAXES REPORTED FOR COLLECTION OR SUIT.
Taxes collected during fiscal year ended June 30, 1877 :
Number of corporations
Amount collected
,
.,
Taxes collected since June 30, 1877 :
Nuraber of corporations
Amount collected
Amonnt of taxes reported to collectors during fiscal year ended June
30, 1877, for collection or suit, not yet paid:
Number of corporations
J.
Amount reported
Amount of taxes reported to qollectors since June 30, 1877, for collection or suitj not yet paid :
Number of corporations
Amount reported
.".
12
$57,538 71
lO
$56,374 42
23
$611, 663 26
21
$320,248 06
COMPROMISES.
The following table shows the number of offers in compromise, fhe
number of cases compromised, the amount of tax accepted, and the
amount of penalties imposed under section 3229, Eevised Statutes, for
e r c i month during the fiscal year ended June 30, 1877:
Months.
Jnly
August —
Septerober
October . . .
November
December
January..
February.
March . . . .
April
May
Juue
746
586
Tax.
Assessed
penalty.
Specific
penalty.
, $366 66
458 36
799 55
15, 997 89
510 70
109 90
11,327 50
. 5, 096 60
11,553 67
1, 3.57 29
13, 796 37
457 72
$168 95
• 68.74
197 50
37 50
77 92
37 50
125 CO
8 75
457 93
16 67
14 58
$1,599 50
2, 584 25
2, 025 75
363 75
1,349 17
2, 905 00
902 50
18, 572 83
1,981 77
2, 529 50
.5, 643 44
3, 457. 32
61,832 21
1, 211 04
43, 914 78
Total amounts
for each m o n t l i .
$2,135
8, 111
3, 022
16,399
1, 937
3, 052
12, 355
23, 678
13, 993
3, 903
19, 439
3, 929
11
35
80
14
79
40
00
18
37
46
81
62
106, 953 03
116
REPORT ON T H E
FINANCES.
Through the courtesy of the honorable Solicitor of the Treasury, I
am enabled to make the following statement of the action taken in his
office during the last fiscal year upon cases there considered relating to
internal revenue:
Offers in c o m p r o m i s e
Offers i n c o m p r o m i s e
Offers i n c o m p r o m i s e
J u d g m e n t s recovered
Action taken.
Amount..
accepted
rejected
p e n d i n g J u l y 1, 1877 .
.
:
a g a i n s t collectors .and t h e i r s u r e t i e s
$58, ,00.6
120, 581
25, 453
52,860
GO
95 •
80
84
ASSESSMENTS.
The following table gives the assessments made by the Gommissioner
of Internal Eevenue during the fiscal years ended June 30, 1876, and
June 30, 1877, respectively, showing the increase or decrease on each
article or occupation:
F i s c a l y e a r ended—
A«i'ticle or o c c u p a t i o n .
Increase.
Decrease.
J u r i e 30,1876. J u n e 30,1877,
T a x on deficiencies i n tbie p r o d u c t i o n of distilled
spirits
•
$71, 577 75
T a x on e x c e s s of m a t e r i a l s u s e d i n t b e p r o d u c tion of d i s t i l l e d s p i r i t s
'..•..
22, 203 73
T a x on deposits, c a p i t a l , a n d c i r c u l a t i o n of b a n k s
and bankers
3, 970, 683 23
D i s t i l l e d 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 . . 1, 963, 231 51
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
.'
96, 329 93
T o b a c c o , snuff, a n d c i g a r s r e m o v e d from f a c t o r y
unstamped
..'..
104, 802 98
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 fi.'ora m a n u f a c t o r y
u n s t a m p e d . .7
9, 8 l i 07
Assessed penalties
116,387 12
L e g a c i e s a n d successions
—
110, 927 52
Unassessed and unassessable penalties, interest,
t a x e s p r e v i o u s l y a b a t e d , conscience-money, and
deficiencies in b o n d e d a c c o u n t s w b i c b h a v e l3een
c o l l e c t e d ; also,-fines, p e n a l t i e s , a n d forfeitures
p a i d to collector b y o r d e r of c o n r t or b y o r d e r of
S e c r e t a r y , and am'ount of p e n a l t i e s a n d i n t e r e s t
r e c e i v e d 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 m e n t s ,
421,475 21
( F i r m 58)
85, 804 31
Special t a x e s , (licenses)
217, 524 98
T a x on i n c o m e a n d d i v i d e n d s
Total
7,190, 759 34
•
$77, 867 55
$6, 289 80
58, 473 86
36, 270 13
3, 877, 246 23
255,931 71
$93, 437 00
, 707, 299 80
2, 577 50
419, 308 77
93, 752 43
314, 505 79
916 73
109, 259 35
49, 747 61
478, 653 03
104,133 89
52, 318 50
5, 486, 434 73
8, 894 34
7,127 77
61,179 91
57,177 82
18, 329 58
165, 206 48
1,704,324 61
The above statement shows a falling off in the total amounts assessed
in the year 1877of $1,704,324.61 from the amount assessed in the previous year, an amount almost equal to the decrease of assessments on the
single article of distilled spirits seized or fraudulently removed, on which
there was assessed in 1877 $1,707,299.80 less than in 1876; in which
year very large assessments were made on account of the stupendous
frauds committed by distillers in various parts of the country and discovered in the latter part of the year 1875.
The tax on deposits, capital, and circulation of banks, &c., in the fiscal year ended June 30, 1877, was $93,437 less than in the previous
year, a decrease which must be accounted for by the general depression
of business prevailing in the past year, and to which many banks, and
particularly savings institutions, were compelled to succumb. It should,
however, be remembered that theamouut reported in 1876 showed an
COMMISSIONER OF INTERNAL REVENUE.
117
unusual increase—$211,852.41—of the t^x ou the current banking business of that year over previous years.
By the act approved May 13,1876, section 3337 of the Eevised Statutes
of the United States was so construed that nothing contained therein
should authorize an^ assessment upon the quantity of materials used in
producing, or purchased for the purpose of producing, fermented or malt
liquors. Most of the amounts reported in 1876 as assessed on fermented
liquors removed from brewery unstamped were made under the rule
adopted July 15, 1874, that one barrel of beer should be produced from
every two and oue-half bushels of malt, or its equivalent, which rule
was abolished by the act above cited. The deficiency of $93,752.43 in
the assessment on said article at the close of the fiscal year ended June
30, 1877, is therefore explained.
The tax assessed on proprietary articles removed from manufactory
unstamped will probably always remain small; but the apparent decrease of $8,894.34 reported this year from the araount assessed in the
previous year is partly accounted for by the fact that the amount assessed ou proprietary articles in 1876 included items araounting to
$7,196.97 which were assessed for gas manufactured in 1862 and subsequently, and should have been assessed in previous years,
As the taxes ou legacies and successions and on income and dividends
were abolished, and as assessments thereon are only made for transactions which had their origin prior to.the 1st day of October, 1870, and
under the saving clause of the repealing acts, the amount so assessed
must of necessity grow less every year; hence the decrease on legacies
and successions of $61,179.91, and bu income and dividends of
$165,206.48.
' The ainount assessed on tobacco, snuff, and cigars, removed from
factory unstamped, shows the large increase of $314,505.79 over the
amount assessed iu the previous year, the araount so assessed in 1877
being about four times the amount assessed in 1876, to wit,$419,308.77.
It is true that assessments equaling in amount this excess were
made against certain manufacturers in Virginia and North Carolina on
tobacco alleged to have been fraudulently removed nearly fifteen
months prior to the date of assessments, and that additional evidence
Avas subsequently filed, upon which au abatement of a large part of the
assessments was made. Nevertheless, even after making these deductions, the value of the safeguards provided l)y law, other than that of
affixing the stamp, is demonstrated by the figures above given.
The system of examination into the accounts of every manufacturer
in the United States, resulting in these assessments, is adopted not so
much for the purpose of creating a new source of revenue, as for the
purpose of securing the payment of the tax by compelling the manufacturer to affix the stamp.
The iucrease of $57,177.82 in the ainount assessed on Form 58 is oc"casioned by large amounts which were paid to collectors by order of
court, as fines and penalties recovered in suits brought in consequence
of the whisky frauds of 1875.
The ainount of penalties incurred by delay or neglect iu rendering
returns required of tax payers and assessed duriug the year was
$109,259.35. These assessraents were raade principally against specialtax payers. When it is considered that the number of persons and firras
who paid special tax during the last special-tax year was 515,357, and
that the amount of special taxes paid was $6,901,933.08, it is evident
that collectors of internal revenue and their assistants have generally
exercised due diligence in securing returns, and that the tax-payers have
118
REPORT ON THE FINANCES.
been quite uniformly prompt in rendering them. The amount of penalties assessed during the past year was less by $7,127.77 than that assessed during the year 1876. This fact, taken in connection with the
fact that the amount of special taxes collected in 1877 was greater by
$18,329.58 thau that collected in 1876, indicates a slight iucrease in the
promptness with which the returns are rendered.
COURTESIES TO FOREICN WAR VESSELS.
Under the provisions of section 2982 of the Eevised Statutes of the
United States, the privilege of purchasing supplies from the public warehouses, duty free, is extended, under such regulations as the Secretary
of the Treasury shall prescribe, to the vessels of war of any nation iu
ports of the United States which may reciprocate such privilege toward
vessels of war of the United States iu its ports. I recommend that the
above privilege be extended so as to.include all articles liable to tax
uuder internai revenue laws.
EXPORTATION OF M4LT LIQUORS.
During the past few months a considerable foreign demand has sprung
up for bottled malt liquors. A regulation has been issued, with your
approval, providing for a drawback of the tax on malt liquors exported
in bottles.
MATCHES.
It has been found that in some portions of the country match manufacturers have put up matches in boxes containing so great a number
as to facilitate frauds upon the revenue by the reuse of stamped boxes.
I respectfully recommend that a law be passed limiting the nuinber of
matches to be contained in a single box to five hundred.
PERFUMERY.
The manufacture of perfumery for exportation is a large and growing
interest. About tweoty-five hundred barrels of alcohol are annually used
in this business, all of which are imported and withdrawn without the payment of the duty, and used in the manufacture of perfumeries in bonded
manufactories, and finally exported free of tax or duty. Under existing
laws American alcohol cannot be used in this business without the payment of the tax, and there is no provision of law authorizing a drawback upon the exportation of goods so manufactured. I see no reason
for this discrimination agaiust American distillers. I therefore respectfully recommend that au act be passed authorizing the withdrawal of
alcohol without the payment of the tax to be used by manufacturing
perfumers in the production of goods for export, under such restrictions
as to prevent fraud aud protect the rights of the government.
PROPOSED RELIEF FROM TAXATION.
The subjects of relieving banks and bankers from the paymentof the
taxes now imposed by law upon their capital and-deposits, of relieving
bank checks from the impost of two cents each now placed upon them,
and also of taking off the tax fron^ matches have received a considerable
COMMISSIONER OF INTERNAL REVENUE.
119
share of public attention. These taxes realized $8,695,908 for the past
fiscal year, apportioned as follows :
Amouiit of tax dbllected from capital atid deposits of banks for year ehded
• M a y 31,1877...:.............
• . . . . . - . : . . $3,824,299
Value of stamps im pri ntied on checks--... . . : . . . . . . . ..-...•. . . . . $1,277,776
Value of adhesive stamps sold for checks
'
611,558
1,889,334
Amount of tax collected from matches
........:
2,982,275
If the financial interests of the governraent would wairrant so great a
reduction in its revenues, it seems to me thait in selecting objects to be
relieved from taxation these would commend themselves strotigly to the
law-making power. If, however, in view of the fallihg off' of the receipts
from customs it is deemed inexpedient to reduce the revenues by so large
an amount, it occurs to me that if any reduction be made from the above
sources, the law taxing matches, could with very great propriety be
repealed. This tax is levied upon an article that enters into universal
consuraption, ahd more than doubles the cost of the article taxed in the
hands of the manufacturers. It will be seen by the tables heretofore,
given, that the taxable capital and deposits of banks and bankers are
$774,077,269, and that the tax is one-half of one per cent, on that amduiit.
I apprehend thait no object could be selected for taxation that could inore
easily bear the burdens, imposed upon it than the capital and deposits
6f banks and bankers. The tax of $1,889^334 realized from stamps upon
checks is collected at very inconsiderable cost to the government, and
as it is realized from nearly ninety-four and a half inillions of transactions
it is hot burdensome to those who pay it.
RATE OF TAXATION ON SPIRITS AND TOBACCO.
I have, given consideraible atteution to the question of changing the
rate of taxation on spirits and tobacco, and have come to the conclusion that the interests ofthe governraent and ofthe manufacturers and
dealers will be subserved by allowing the rates of taxaition to remaiii
undisturbed. Any proposition in Congress to change the rate of taxation operates as a disturbing element in the due course of business of
distillers and mahufacturers, and I think I am stating the seutiments
of the great majority of persons Avho are interested in the production of
such taxable articles when I. say that they prefer that the rate of taxation shall not be disturbed. The business of the country has adjusted
itself to the changes made by the act of March 3, 1875, and I think it
woiild be a serious embarrassraent to the interests involved to either
change the rate of taxation or even to make a serious effbrt to do so iri
Congress. In this connection I will state, in my opiuion it would be a great
mistake to relieve from taxation brandy produced froni apples,|peaches, dr
grapes. From the 1st of January to the 30th September of this year the
sura of $854^10.95 has been collected from these sources, and it is probable '
that by the tiine the fruit-brandy season is over this sum will be augmented to $1,250,000. The fact that so large a sum wouldt be subtracted
from the current receipts by such legislatiou would seera to be sufficient
reason why an act of the kind should not be passed, but I ana satisfied
that this sura does not represent the true amount that w^ould be lost to
the governraent by such an act. If fruit-brandies could legally be
placed upon the market free of tax, the pi?oductioii of such spirits would,
in my opinion, be increased from 1,390,000 gallons to 20,000,000 gallons
120
REPORT ON THE FINANCES.
per annura, and at great advantage be brought into competition with
spirits produced from grain, w^hich would very seriously impair the production of such spirits, and necessarily reduce the amount of taxes derived from that source. AYith such a crop of fruit as has been produced
during the present season, iu the absence of a tax upon fruit-brandies,
I should expect to see the tax upon distilled spirits fall off' at least leu or
twelve millions of dollars. Besides, wherever illicit spirits could be
produced frora grain, large quantities would be thrown upon the market
in the shape of a spurious article of fruit-brandy, with the expectation
of avoiding the tax.
The law and regulations now in force in respect to the production of
fruit-brandy and the payment of the tax thereon are sufficiently liberal
to enable persons who \vish honestly to pursue the business of producing the same to do so without serious embarrassment. I would, therefore, recoraraend that no change be made in the law in respect to the
tax upon fruit-brandy.
SUPPRESSION OF FRAUDS UPON THE REVENUE.
1 desire to call your special attention to the fact that for a number of
years the illicit manufacture and sale of spirits and tobacco have been
carried on very extensively in portions of the following-named districts:
First and second Alabama; third Arkansas; second'and third Georgia;
second, fifth, eighth, and ninth Kentucky; fourth Maryland; second
Missouri; twenty-third Pennsylvania; fourth, fifth, and sixth North
Carolina; second, fifth, and eighth Tennessee; third Texas; secoud,
fourth, fifth, aud sixth Yirginia; and first and second West Virginia.
The extent of these frauds would startle belief. I can safely say that
during the past year not less than three thousand illicit stills have been
operated in the districts named. These stills are of a producing capacity
of from ten to fifty gallons per day. They are usually located at inaccessible points in the mountains, away from the ordinary lines of travel,
and are generally owned by unlettered men of desperate character,
armed and ready to resist the officers of the law. When occasion
requires, they come together in companies of from ten to fifty persons,
gun in hand, to drive the officers out of the country. They resist as
long as resistance is possible, and when their stills are seized and they
themselves are arrested, they plead ignorance and poverty, and at once
crave the pardon of the government.
The illicit tobacco manufacturers are of a different class. They are
usually educated and intelligent men of property. The most extensive
frauds brought tp light in this branch of business were perpetrated in
the fifth district of North Carolina, where, in the spring of 1877, four-'
teen factories were seized and twenty-three persons arrested. Careful
estiraates place the araount of tax out of which the government is
annually defrauded by the illicit manufacture and sale of spirits and
tobacco at not less than $2,000,000. These frauds had become so
open and notorious, and were of such an extensive character, that I
became satisfied extraordinary measures would be required to break
them up. Collectors were enjoined to observe increased vigilance and
were each authorized to employ from five to ten additional deputies, and
were directed to thoroughly police their respective districts and seize all'
illicit distilleries and tobacco factories. Experienced reveuue agents of
perseverance and courage were assigned to duty to co-operate with the
collectors. United States marshalsAA^ere called upon.to cooperate with
the collectors and to arrest all persons known to have violated the laws,
COMMISSIONER OF INTERNAL REVENUE.
121
and district attorneys were enjoined to prosecute all offenders. In certaia
portions of the country many citizens, not guilty of violating thelaw themselves, were in strong sympathy with those who did violate it, and the
officers in many instances found themselves unsupported in the execution of the laws by a healthy state of public opinion. The distillers—
ever ready to forcibly resist the officers—were, I have no doubt, at times
treated with considerable harshness. This occasioned much indignation
on the part of those who sympathized with the law-breakers, and the
officers were repeatedly threatened with prosecution under State laws.
In North Carolina, after the arrest of a number of illicit distillers and
tobacco manufacturers, some fifty or more warrants were issued by trialjustices for the arrest of internal revenue officers and revenue ag€intsfor
xilieged violations of State laws, and a numberof indictments were preferred against them in the State courts. These proceedings were designed to intimidate the United States officers from further operations
against violators of the law, and from appearing as witnesses against
those charged with the illicit manufacture and sale of spirits and
tobacco, and if they had proved successful, would have eff'ectually
prevented the prosecution of the violators of the internalrevenue laws.
The offenses charged against the government officials having been
committed,, if at all, under color of their offices, applications were
made for the transfer of the cases to the United States courts. Oue of
the State judges held that such cases could be so transferred, while another judge held that they could uot be so transferred, from which latter decision an appeal was taken to the supreme court of the State.
Upon an able presentation of the case by the assistant United States
district attorne}^, the supreme court held that such cases were properly
transferable to the United States circuit court.
The rendition of this decision greatly discouraged those who had
leagued together for the prosecution of the officers of internal revenue,
and virtually ended this determined effort to prevent the enforcement
of the internal revenue laws in the State of North Carolina. At the
October term of the United States court held at Greensboro', fourteen
of the illicit manufacturers of tobacco entered pleas of guilty to indictments preferred against them, and proceedings for the forfeiture of their
factories are still pending in the courts.
**
I understand that the principal grounds upon which prosecutions of
internal revenue officers under State laws were based were that some
persons caught in the act of running illicit stills had been arrested without warrant. That there may be no misunderstanding in future of the
right of a marshal to make such arrests, I respectfully recommend that
a law be passed expressly providing that where a person is caught in
the act of operating an illicit still, he may be arrested without warrant
and forthwith taken before a proper tribunal for examination.
The following table will show the seizures of stills and tobacco factories and the arrests of persons accused of violating the internal revenue laws for the period therein stated, together with the number of
officers killed and wounded in the perforraance of their duties :
122
REPORT ON THE FINANCES,
DISTRICTS.
Arkansas
. . . . ..
F i r s t California
Second C o n n e c t i c n t
Second G e o r g i a
'.
Third Georgia
F i r s t Illinois
T b i r d Illinois
T b i r t e e n t h Illinois
First Indiana
,
Fourth Indiana
Tenth Indiana .
Second K e n t u c k y
Fiftb Kentucicy
Eigbth Kentucky?.
!Ninth Kentucky'^
Louisiana
MairiA.
.
Third Maryland
. .
Third Massachusetts
Mississippi
F i r s t Missouri
Second M i s s o u r i .
Fourth Missouri
Fiftb M i s s o u r i
First New Jersey .
Third New Jersey
Fifth N e w J e r s e y
First New York
Second N e w Y o r k
Third New York
Fourth New York
Twelfth N e w York
Thirty-second New York.
F o u r t h N o r t b Carolina
Fifth N o r t h Carolina
Tobacco
factories
seized during fiscal
year.
Statement of illicit distiUeries seized, arrests made, and officers killed or
loounded in the execution of their duty.
Total
•
CO
fl
(O
P
.s ^
1
fl
P
75
6
1
ii'
i
'l
1
1
4
4
i
7
5
5
2
10
6
r
1
1
1
2
1
1
1
14
Sixth N o r t h Carolina
F i r s t Ohio
T e n t h Obio
F i f t e e n t h Obio
First Pennsylvania
Twelfth Pennsylvania . . .
Twenty-second
Pennsylvania
Soutb Carolina
...
Second T e n n e s s e e .
.
Fifth Tennessee
Eighth Tennessee
Tbird Texas
Fourth Texas
Second V e r m o n t
Tbird Virginia
Fifth Virginia
Sixth Virginia
F i r s t W e s t Virginia
Second W^est V i r g i n i a
Sixth Wisconsin
d
•
52
8
2
1
• 92
5
2
1
15
1
31
3
4
2
6
1
3
13
2 '"""3'
9
•p
70
1
1
1
15
1
31
3
4
3
7
3
16
2
2
1
5
1
1
6
49
2
15
122
4
126
7
1
1
2
1
43
2
61
27
14
50
5
1
1
2
36
1
32
8
1
5
66
10
14
1
2
•
2
58
15
11
6
3
1
1
16
1
20
' 2
598
'3"
12
13
44
2
i
1'
20
12'
6.
I
146
744
2
6
1
1
1
1
33'
27
. 5
12
3
7
33
34
8
12
1
2
2
1
2
2
10
23
I
1
1,174
4
i
2
1
72
7
800
3
7
7'
3
fl
fl
0
800
io
\
t
1
CO
i
i
2
21
127
14
3
1
103
5
3
1
1
1
4
5
7
15 '
11
2
1
s
1
53
3
•4
1
1
5
8
3
3
7
1
3
1
Officers killed .
and wounded.
Persons arrested.
Stills seized.
*i
1
57
3
4
2
1
5
10
3
3
1
I
2
15
1
43
11
2
2
........
{
12
2
3
1
5
2
.69
22 1 g u i d e
16 1 g u i d e
4
3
34
57 1 g u i d e
3'
1
1
4
1
161
1,335
I
1
6
6
744
1,335
T o t a l stills seized or d esfcroyed
Total persons arrestee
* Lieut. Mclntyre, XT. S. A.
Two serious obstacles to the enforcement of the internal revenue laws
have been: First, the insufficiency of the appropriation for the employment of an adequate nuinber of deputy collectors in the districts where
frauds in the manufacture and sale of spirits and tobacco have mostly
COMMISSIONER OF INTERNAL REVENUE.
123
prevailed ; and, secondly, the want of funds in the Departmeut of Justice to pay the necessary expenses in the prosecution of violators of the
law.
. The spirit of forcible resistance to law seera.^ to accompany the illicit
manufacture of whisky at all times and in all coantries, and can only
be broken and overborne by the earnest and courageous endeavor of
the officers of thelaw, strongly supported by the courts. At this time
not only are the United States defrauded of its revenues and its officers
openly resisted, but wheu arrests are madeit often occurs that prisoners
are rescued by mob violence,and officers and witnesses are often at night
dragged from their homes and cruelly beaten, or waylaid and assassinated. In my judgment this great evil, naraely, the illicit manufacture
of whisky, should be extirpated, and its accompanying lawless spirit
subdued. To that end I earnestly recoraraend that, suitable appropriations be made to strengthen the hands of collectors and marshals
throughout the infected districts, to enable thera to make seizures and
arrests. Then, if the courts WMU inflict upon the ringleaders punishment commensurate wdth their offenses, the time is not distant when
officers of the law will be safe in their persons in all parts of the country, and well raeaning citizens will rejoice at the suppression of ah occupation that demoralizes all who have any connection with it, and which
fills the country with outlawry and crime.
I am glad to be able to rei)ort that I perceive a better state of public
opinion in respect to the enforcement of the internal revenue laws
throughout sorae of the districts enumerated. I take pleasure in recording the fact that in Lee County, Yirginia, Henry County, Tennessee, and Cleburne County, Alabama, public meetings of prominent citizens have been held in the interest of law and order, w^here violations
of the revenue laws of the United States were condemned, and a determined spirit was manifested to aid the constituted authorities in the suppression of frauds and the enforcement of the laws. It is to be hoped
that good citizens everywhere will recognize the fact that it is essential
to good government that all laws, both State and national, shall be
strictly observed"and enforced, and that respect for laws in.general is
weakened whenever any law can be disregarded or resisted with impunity. .
I t is proper to state that with the great majority of large distillers,
brewers, and manufacturers of tobacco throughout the country, a commendable disposition to observe the laws and regulations thrown around
their respective occupations has beeu manifested, and in the main they
have conducted their operations with a degree of integrity and fairness
that merits acknowledgement. I am satisfied that at this time there are
no extensive combinations among these classes of raanufacturers to defraud the government of its revenues.
.REVENUE AOENTS.
I had the honor some tirae since of recoraraeuding an appropriation
for the employment of ten additional revenue agents for the balance of
the present fiscal year, and I now renew said recommendation. I also
. earnestly recoraraend that a suitable appropriation be raade for thirtyfive revenue agents for the fiscal year ending June 30, 1879. The present corps of revenue agents is, in the main, composed of men of ability,
who have had great experience in the internal revenue service. Twentyfive revenue agents have been eniployed during the past .fiscal year
at an aggregate cost for salaries of $58,683, and for expenses, $27,304.
124
.
REPORT ON T H E
FINANCES.
One agent has been assigned to duty in this office as chief of the Division of Eevenue Agents. Seventeen agents have beeu iu charge ot districts, and seven assigned to general duty. Of the latter nuraber, three
havebeen employed in the examination of collectors'^ffices and accounts,
two in making special investigations for discovering frauds, one has been
engaged most of the time assisting United States attorneys in looking up
evidence iu cases now pending in the courts and in preparing them for
trial, and one w^iolly occupied in the examination of the books of railroad
companies for the purpose of ascertaining the amount of taxes due from
corporations. On several occasions agents permanently assigned have
been detailed to coake special exaraination of distilleries out of their districts. I desire to bear testimony to the faithful and efficient manner in
which the agents have generally performed their duties, and to the valuable services rendered by them. The following is a suramary of the
result of their work for the last fiscal year :
NuD.iber of persons arrested for violation of internal revenne laws upon their
information
89(S
Value of property seized upon their inforraation
$196,792
Number of illicit stills seized upon their information
336
Amount of nnpaid taxes reporfced for assessment by reveuue agents, (exclusive
of taxes from railroad corporations)
$97, 087
Number of persons arrested for violation of law upon their information since
the commencement ofthe present fi.scal year
106
Value of property seized upon their information
$26, 460
Number of illicit stills seized npon their information
9
Amount of unpaid taxes assessed
$16,569
In addition to this they have made frequent examinations of distilleries, breweries, tobacco and cigar factories, and exercised a general
surveillance in their respective districts for the prevention of fraud and
the enforcement of internal revenue laws and the collection of taxes.
In several of the Southern States the agents have been very active and
successful in their eff'orts to suppress the illicit manufacture and sale of
spirits and tobacco, and in this work they have been exposed to much
danger and hardships.
The appropriation for detecting and bringing to punishment persons
guilty of violations of internal revenue law, as provided in section 3463,
for the last fiscal year w^as $60,000. Of this appropriation, $36,682
was expended by revenue agents in discovering frauds and securing the
arrest of offenders. Much the larger proportion of this amount was
used for the suppression of the illicit raanufacture and sale of spirits
and tobacco in the Southern States.
Of lhe above-named appropriation, $3,108 has been allowed to collectors for the purpose of obtaining inforraation as to the locality of illicit
distilleries and the employraent of guides to the sarae.
I have found that the nuraber of revenue agents as now fixed by
law is inadequate to the proper performance of the duties that naturally devolve upou them, aud, in my opinion, the interests of the
public service will be raaterially subserved by perraanently increasing
the force of revenue ageuts to tliirt^^-five.
COLLECTION DISTRICTS.
In accordance with the provisious of seetion 1 of the legislative appropriation act, approved March 3, 1877, the number of collection districts was reduced by cousolidatiou to 126. It is proper to remark that
the rule.generally observed in making consolidations was th maintain
intact the districts with the largest collections, and so it will appear that
COMMISSIONER OF INTERNAL
125-
REVENUE.
in the States where the least amount of revenue is collected the smallest
number of districts is found. Said collectiou districts are distributed as
follows : .
.
Alabama
Arizona
Arkansas
California
-.,
Colorado
Connecticut
Dakota
Delaware
Florida
Georgia
Idaho
Illinois .
..
Indiana
Io wa
-^-•
Kansas
Kentucky . . . w
Louisiana
Maine ..
Maryland:
Massachusetts
Michigan
Minnesota
Mississippi
•
.*.
..„
......
^.
„..-..
:.
.
...
...
•
Missouri
Montana . . . . . . . . ^ . . .
Nebraska..
Nevada
^
New Hampshire
New Jersey
New Mexico
New York
North Carolina .
Ohio
Oregon
Pennsylvania . .
Rhode Island...
South Carolina..
Tennessee
Texas
Utah
Vermont . . . . . .
Virginia
Washington . . .
West Virginia .
4
2 Wisconsin .'
1 Wyoming
2
1
1
2
1
2
1
1
1
2
1
8
6
4
1
6
1
1
2
3
.....
-
5
I
1
1
1
31
12
4
9
1
0
1
1
3
3
1
1
.5
1
2:
4
1
SALARIES OF COLLECTORS.
The recommendations made for the salaries of collectors for the fiscal
year ended June 30, 1877, were based upon an estiraate of their probable collections according to the following scale, with the qualification
that if the actual collections vary from thearaounts estiraated, the salaries will be readjusted at the end of the fiscal year:
F o ' collection of—
$25,000 or less>..
25,000 to
$37,500—$12,500'
37,500 to
50,000— 12,500
60,000 to » 75,000— 25,000
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— 50,000
225,000 to
275,000— 50,000
27.5, 000 to
325,000— 50,000
3>5,000to
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
550,000 to 625,000— 75,000
625.000tO
700,000— 75,000
700, 000 to
775,000— 75,000
" 775,000 to
850,000— 75,000
850,000 to
925,000— 75,000
925, 000 to 1,000,000— 75,000
1,000, 000 and upward
."....
....,
$2, COO
2,125
2,250
2,375
2,500
2,625
2,750
2,875
3,000
3,125
3,350'.
3,375
3,500
3,625
3,750
3,875
4,000
4,125
4,250
4, 37.fS
4,500
F U R N I S H I N a COLLECTORS' OFFICES.
Attention is called to the factthat allowances made to collectors have
never included pay for furnishing their offices. With very few exceptions the furniture used by collectors in rented buildings has been paid
for by theraselves. It would seem probable that the interests of the
government for a number of years will require the continuance of in
126
REPORT
ON T H E
FINANCES.
ternal revenue taxes; and I see no reason why collectors of internal
revenue should not be put upon as favorable a footing in regard to
furniture in their offices as collectors of custoras. I respectfully recoramend that a suitable appropriation be made for furnishing collectors^
offices.
< ' '
ENGRAVING AND ISSUE OF STAMPS.
IE compliance with instructions received from you, in conformity with
the provisions of the legislative appropriation act, approved March 3,
1877, the printing of all internal revenue staraps, except adhesive and
proprietary staraps, stamps on checks, and the stamps on tin-foil tobaccowrappers, has been transferred to the Bureau of Engraving and Printing of the Treasury Department. The stock of stamps printed and in
the hands of the bank note companies of New York was, during the
months of September and October last, brought from the city of New
York to the Treasury Departraent in Washington, from which place they
are now issued to collectors. Advertisement has recently been made fer
proposals for paper to be used in printing internal revenue stamps, and
It is believed a large saving will be effected in the cost of paper. I estimate that, with the reduced cost of printing stamps by the Bureau of
Engraving and Printing apd the probable reduction in the price of paper,
a saving of over sixty-eight thousand dollars per annum will be effected
in the cost of internal revenue stamps.
The following stateraent shows the nuraber, description, and value of
stamps issued for use for the fiscal year ended June 30, 1877:
Description.
stamps for distilled spirits
Stamps for tobacco
Stamps for fermented liquors
Stamps for special taxes '.
Stamps for documents and proprietary articles
Total
ISTumber.
Value.
5,107, 050
226, 507,160
32, 076, 280
659, 840
473, 256, 956
$60, 623, 535
39, 950, 804
9, 750, 812
9, 676, 450
6, 497, 717
737, 607, 286
126, 501, 319 47
00
59
50
00
3&
Since the passage of the act approved August 15,1876, revenue stamps
have been transmitted to collectors by registered mail. The service has
been performed with entire satisfaction, and up to this time without
loss, and I know of no reason why it should not be continued. Under
the act of March 3, 1877, the use of postage stamps for prepaying this
character of mail matter was abolished. The act, however, by the construction of the Post Office Departmeut, has been limited to the transmission of internal revenue stamps to collectors; the registered mailstamp often cents on all packages, and postage stamps to i)repay packages passing between collectors and their deputies being still required,
I respectfully recommend the enlargement of said act so as to abolish
the use of postage stamps altogether for the perforraance of this service..
REORGANIZATION AND INCREASE OF FORCE.
In consequence of the transfer of the business of handling stampsfrom New York to this bureau, it has become necessary to increase the
force so as to properly transact the business incident to receiving, caring
for, and distributing stamps to collectors. I call attention to the statement in my last annual report, at page xxiii, in regard to the employraent
of persons iu this capacity, and their payment out of the appropriation
"' for dies, paper, and stamps.*' The force now employed in this office^
COMMISSIONER. OF INTERNAL REVENUE.
127
and paid out of the appropriation for /'dies, paper, and stamps," is as,
follows:
'
One chief, in charge of receipt and issue of internal revenue stamps, at
One bookkeeper, at
'
Ten counters, at
Five persons engaged on stub-books
One chief packer aud shipping clerk, at
One assistant packer and shipping clerk, at
Five, laborers, at
.:.....
$1, 800
1,200
900
900
900
720
720
The above force includes the nine persons shown in my last report to
have been eraployed, and five of said persons are still engaged upon
the work of examining the stub-books returned by collectors, so as to
verify their accounts. The business of the office is such that the services of these persons cannot be dispensed with, but in my opinion they
should be provided for by increasing the regular force of the office. At
this time there are six persons engaged in the city of New York upon
the work of superintending the manufacture, and distribution of the
stamps still produced in that city. These persons are also paid from
the appropriation for '^ dies, paper, and staraps," but the Graphic Company, wdiich has the contract for imprinting check stamps, reimburses
monthly under its agreement the salary of three of these persons.
In compliance with an act of Oongress approved August 15, 1876, the
number of officers, clerks, and employes in this bureau was reduced fiftyfour, leaving the office force and salaries as follows :
One Commissioner, at ^
One deputy commissioner, at
Two heads of division, at
Five heads of division, at
One stenographer, at
Twenty-five clerks, class four
Thirty elerks, class three
Forty clerks, class two
Eighteen clerks, class one
Fifty clerks, at
Four messengers
Ten laborers .."...
$6,000
3,200
2,500
2,250
1,800
.'
900
,
An aggregate of one hundred and eighty-seven persons.
I have estimated for the next fiscal year for one hundred and eightyseven persons, as in the above table, but in a letter addressed to you ot
date, October 22, 1877, I had the honor of recommending that Congress
should iucrease the appropriations of last year so as to conform to the
following table:
One Commissioner, at
One deputy commissioner, at
Seven heads of division, at
One stenographer, at
"Twenty-five clerks, class four
Thirty clerks, class three
Forty clerks, class two
Twenty-eight clerks, class one
Fif ty clerks at
Five messengers
,
Fifteen laborers
$6, 000
3,500
2,500
1,800
900
--
An aggregate of 203, being an increase numerically of 16 persons, as
well as an increase of the salaries of the deputy commissioner and five
heads of division. An increase in the salary ofthe deputy commissioner
and of the five heads of division is recommended for the following, reasons : The law creating the office of deputy commissioner fixed his salary at $3,500. The duties of the office are of great importance, and
128
RFiPORT ON THE FINANCES.
their faithful performance fully entitles the officer to that pay. The law
creating the office of head of divisiou states that there shall be seven
heads of division in this bureau, who shall receive each a salary of $2,500.
The appropiiation for the year ending June 30,1878, allowed two heads
of division at a salary of $2,500 each, and five heads of division at a
salary of $2,250 each. There is no just ground for this discrimination;
the officers fully earn $2,500 each, aud, iu my judgment, should receive
that amount. My reason for recomraending an increase in the number
of first-class clerks is that the force of this office has been found inadequate to the interests of the public service, it having become necessary
from time to time during the past year to employ persons on special work
connected with the detection of frauds upon the revenue, and to pay
thera out of the appropriation for the detection of frauds. Should this
increase be authorized it will afford an opportunity of promoting a number of deserving persons now in the $900 class, aud of transferring five
persons to the regular roll who are now paid out of the appropriatiou
for ''dies, paper, and stamps."
I acknowledge with pleasure the efficiency and conscientious attention
to duty manifested by the officers, clerks and employes of the bureau
during the past year, and the valuable aid they have rendered me in
endeavoring to carry out a just, vigorous, and economical administration
of the internal revenue laws.
^
AMOUNTS COLLECTED AND COST OF COLLECTION.
It will be observed that the collections for the past fiscal year were
$118,995,184. The accounts for inaking said collections have not yet
been closed, but I am able to state that the expenses will not exceed ,the
following amounts:
For salaries and expeuses of collectors, which includes the pay of deputy
collectors.and clerks, house-rent, fuel, lights, and advertising
For salaries and expenses of agents, surveyors, gaugers, storekeepers, and
miscellaneons expenses
For dies, paper, and stamps
For detecting and bringing to trial and punishment persons guilty of violating th6 internal revenue laws
For salaries of Internal Revenue Bureau
Total
:
$1,865,523
1,570,000
402,600
61,000
272,372
4,171,495
Being scarcely more than three and a half per cent, upon the whole
amount collected.
When we consider the vast territorj^ over which the internal revenue
system extends, the large number of persons engaged in the manufacture and sale of taxable articles, and the amount of watchful care and
surveillance uece^^^ivy to be maintained for the purpose of collecting the
taxes and preventing frauds, this exhibit must be regarded as exceedingly gratifying in respect to the small percentage the expenses bear to
the amount collected. The collections for the months of July, August,
September, and October of the present fiscal year amount to $38,520,551,
making a grand total of $157,515,735 collected since the beginning of
the last fiscal year ; every item of this large arnount has been properly
accounted for. I had hoped to be able to report that no part of the
public funds had been withheld from the Treasury during the period
named. Two sums, however, have been misappropriated, to wit,
$1,007.66 and $5,912.64, but for these amounts the sureties of the
derelict officers are fully responsible; consequently the government will
COMMISSIONER OF INTERNAL REVENUE.
129
sustain no loss. These figures attest the faithfulness aud honesty of
the officers to whoai the collection of the internal revenues of the government has been intrusted, and I take pleasure in adding my testimony to the comraendable esp>rit de corps which has generally raarked
their official conduct, and the willing disposition theye^have largely manifested to aid in the improveraent of the public service.
TERM OF OFFICE.
I call your attention to the fact that the law creating the office of collector of internal revenue fixes no teuure to the office. In ray opinion
it is altogether desirable that the terra of this office should be fixed at
four years. It often occurs that when a collector has served for a longer
period than four years, constant efforts are being made for his reraoval;
and raany officers, however well they may have discharged their duties,
feel, after a four years service, uncertain as to the length of tirae they
v^ill be retained in office. Where an officer is appointed for a term of^
four years he has a right to expect that if he performs his duty diligently and faithfully he will not be'disturbed until his term expires, and
this feeling of security I regard as an important element in maintaining
a good public service. Erom my limited observation in public life, I
have come to the conclusion that when it can reasonably be done there
shpuld be a fixed tenure of all offices of the government. I have the
honor to recommend that a law be passed fixing the tenure of office of
all collectors of internal reveuue hereafter appointed, at a terra of four
years.
CHANGES IN ADMINISTRATION.
Since ray last report the followiug changes in administration have
been made, to which I desire to call your attention :
1. By requiring gaugers to report the length and mean diameter of
all packages of spirits gauged, errors in gauging can be more readily
detected and corrected, and gaugers are induced to observe greater care
in performing their work.
2. In the allowance of claims for abatement, refuhding, drawback, or
rewards for information, and in the consideration of applications for
compromise, and of all contested questions as to claims of the government for taxes not assessed, and generally of all matters wherein testimony is required to be taken, a rule bias been established th^t ex parte
affidavits or depositions shall not be considered except in very special
cases. Before testimony is taken, the party desiring to use the same is
required to give reasonable notice to this office, so as to enable theCommissioner to arrange for the. cross exaraination of the witnesses.
3. A circular has beeu issued, placing prohibitory restrictions upon the
employraent of officers in the sarae collection districts who are related
to each other by blood or marriage. I am well convinced that the efficiency of the public service will be promoted by interesting a larger
nuraber of families throughout the country in the business of enforcing
the internal revenue laws.
4. Provision has been raade for a quarterly exaraination of the offices
of collectors and of deputy collectors with a monetary responsibility,
with a view of securing efficiency in all collectors' offices, aud a strict
accountability for all public funds. Four revenue agents, who are skillful accountants, have been assigned to this duty.
5. Provision has been made for a quarterly inspection of all the internal revenue officers throughout the country by districts. The scope of
9 F
^
130
'
REPORT ON THE FINANCES.
the inspection is sufficiently broad to ascertain the character, capacity,
and fidelity of all officers, and the condition of distilleries, breweries, rectifying establishments, tobacco and cigar factories, and all other establishments producing or dealing in taxable articles. Seventeen revenue
agents are constantly employed upou this work. By a quarterly exaraination of collectors' offices and the inspection of the officers of,each district, a more strict accountability of the public funds will be maintained,
and the efficiency of the force greatly proraoted. By this systera such
full inforraation will be obtained of the standing and capacity of collectors and their subordinates as will readily enable the appointing
power to w^eed out the incapable and inefficient, and tb recognize, tothe
fullest extent, honest, capable, and faithful officers.
'
UNEXPENDED BALANCES.
Of the appropriations for the past fiscal year the following suras remain unexpended :
Salaries and expeuses of collectors, say
:
$15, 000
Dies, paper, a nd stamps, say
,
63,000
Total
78,000
DEFICIENCY ESTIMATES.
The allowances for the current fiscal year on account of salaries of
collectors, &c., have been made with a view bf not creating a deficiency.
The appropriation, however, is inadequate for a proper enforcement of
the internal revenue laws. I therefore recoraraend a deficiency appropriation of $40,000 on this account. The appropriation for salaries and
expenses of agents and surveyors, for fees and expenses of gaugers, for
salaries of storekeepers, and for raiscellaneous expenses, I ara satisfied
is entirely inadequate to the necessities of the service. The amount to
be paid to gaugers and storekeepers is dependent upon the operations
of the distilleries of the country; and the experience of past years warrants me in saying that the deficiency on this account for the current fiscal year will be $150,000. I recommend an appropriation of that araount.
Eor salaries and expenses of ten additional revenue agents for the six
months of the present fiscal year after Deceraber 31, 1877, I recoraraend
.an appropriation of $20,000.
ESTIMATES FOR THE FISCAL YEAR ENDING JUNE 3 0 , 1 8 7 9 .
For salaries and expenses of collectors
^
$1,900, 000
For salaries and expenses of thirty-five revenue agenis, for surveyors, for
fees and expanses of gaugers, for salaries of storekeepers, and for miscellaneous expenses
1, 640, 000
For dies, paper, and stamps
410,000
For detecting and bringing to trial and punishment persons guilty of violating the internal revenue laws, including payment for information and
detection
100,000
For expenses of the custody, and sale of real estj^te obtained under the
internal revenue laws, including expenses already incurred on that account
..1.
6,000
SPECIAL RECOMMENDATIONS.
I recommend legislation upon the following points :
1. That a retail liiqubr dealer be authorized to close out his stock without incurring a wholesale liquor dealer's tax.
COMMISSIONER OF INTERNAL REVENUE.
.
131
2. That a bona fide mortgagee of spirits should be authorized to sell
and deliver the same under the mortgage to any person qualified to buy
them without incurring a wholesale liquor dealer's tax, and the persdii
so receiving the spirits, without reference to the araount, should not be
liable to any penalty therefor.
3. Where the members of a firm who have paid a special tax for pursuing any business are changed by the withdrawal or admission of a
partner, the new firm thus created should be allowed to pursue business
upon giving notice of such change to the collector of their district
without the payment of a new tax.
4. That a person caught in the act of manufacturing or selling illicit
spirits may be arrested on view without warrant by a marshal or deputy
marshal, and forthwith taken before a proper tribunal for examination.
5. That the existing law be so changed as to authorize the employment of thirty-five revenue ageuts.
ASSESSMENTS FOR EXCESSIVE USE OF MATERIAL BY DISTILLERS.
On the 6th of September, 1875, after much careful consideration, Hon.
D. D. Pratt, then Commissioner, issued circular No. 165, concerning the
method of determining the quantity of grain actually used by a distiller.
The matter under consideration was the proper construction to be given
to the word " used" in section 3309 ofthe IJnited States Revised Statutes,
and said circular was based upon the idea that the proper construction
of that word was that the material, was to be considered used, not when
it was mashed, but when alcoholic spirits, having been properly developed, were separated therefrora by distillation; and for the purpose of
giving force to this construction, distillers were required to make return
of the quantity of grain or molasses, in bushels and pounds or gallons,
on hand in mash at the beginning of the month, to which was to be
added that put into mash during the month, and frora this total was to
be deducted the quantity on hand in mash at the end of the month, the
remainder being the quantity shown to be used during the month. After this regulation went into effect a number of distillers throughout
the country, in due course of operating their distilleries, found it necessary to reduce the capacity of their distilleries, and, in doing so,
omitted to maintain a sufiicient araount of daily fermenting capacity to
equal the quantity of beer to be distilled that was fermented on the
days imraediately prior to the date of the change of capacity, so that
at the end of the month, when the Commissioner of Internal Kevenue,
under section 3309, proceeded to inquire and determine whether the distiller had accounted for. all the grain or molasses used, it was discovered
that the sum of the different dail}^ capacities of the distillery for the
several working "days of the month was not equal to the sum of the
various quantities distilled on the several working days of the month,
so that a quantity of material had been used in excess of the total capacity of ttie distillery. In such cases assessments were made for an
excessive use of material underthe provisions of said section 3309.
Abatement claims have been filed in these cases, and I have endeavored to give the subject very careful consideration. The distillers
might have avoided the assessments by simply omitting to mash a
quantity of grain equal to the proposed reduction of capacity from day
to day during a fermenting period, retaining their surveyed capacity so
that they might lawfully distill the full amount of material previously
fermented by them, and then, at the end of said ferraenting period,
132
REPORT ON T H E
FINANCES.
they might have reduced the capacity of their distilleries to the araount
-of the reduced quantity of grain daily raashed by them, but, instead of
doing this, an immediate reduction of capacity was made, with the result naraed.
I regard the payraent of these assessments as a great hardship upon
the distillers, and, i f l had found warrant of law for doing so, I would
have abated them; but I have felt constrained to hold^ and have held,
that where a tax is legally assessed I could not, under the provisions of
section 3220, take equitable jurisdiction of the case and remit it. I have
authorized collectors to delay the collection of these assessraents until
the matter conld be presented fairly to the consideration of Congress.
At the last session of Congress a bill was introduced in" the House of
Eepresentatives, numbered 4630, the second section of which made provision to remit and refund assessments of this character. I have the
honor to respectfully recoraraend that an act sirailar in terms to said
section be passed by the present Congress.
RECEIPTS FROM ALL SOURCES.
The followiug table shows the araount of taxes returned frora all
sources during the first quarter of the current fiscal year. The returns
for the coiresponding period in the last fiscal year, and a comparison of
the receipts for the two periods, are also given.
R e c e i p t s from—
Sources of revenue.
Increase.
J u l y 1,1876, to
Oct. 31, 1876.
Decrease.
J u l y 1,1877, to
Oct-. 31, 1877.
spiiirrs.
Brandy "distilled from apples, peaches, or
rrrapes
Spirits distilled frora niaterials other than
apples peaches or grapes
Rectifiers (special tax)
Dealers, retail liquor (special tax)
Dealers, v?holesale liquor (special tax)
Mannfacturers of stills, and stills and worms
raanufactvu'ed (special tax)
Stamps for distilled spiritsiiitended for export
Stamps—warehouse, rectifiers, aud dealers...
Total
$310,-577 76
16,974,979 17
17,191 75
360,569 66
• 30, 605 82
$390, 036 32 . |79, 458 56
15, 851,.474
23, 363
381, 582
39, 760
04
39
36
82
11,123,505 13
6,171 64
21,012 70
3,155 00
118 61
351 98
1, 552 24
414 40
89, 185 20
1, 670 85
766 30
82, 064 00
17,791,076 00
16, 770, 718 08
110,268 41 1,130,626 33
4,136, 689
11, 224
39.5, 684
10, 055, 976
2, 607
7, 669
1,437
166, 904
770
5, 640
44
49
2-2
4ld
20
20
50
29
09
82
262, 264 10
14, 784, 603 65
546, 445 30
7,121 20
TOBACCO.
Cigars, cheroot?, and cigarettes
Mannfacturers of cigars (special tax)
Snnff.. „ .
.
Tobacco of all desciiptions
Stamps for tobacco or snnff intended for export
Dealers in leaf tobacco (special tax)
Retail dealers in leaf tobacco (special tax) ...
Dealers in manufactured tobacco (special tax)
Manufacturers of tobacco (special t a x ) . . . . . . .
\ Peddlers of tobacco (special tax)
Total
3, 874, 425
11,856
368, 561
9, 821, 301
2, 535
8, 645
5U0
146,177
566
5, 197
34
05
02
16
10
03
00
33
74
97
14, 239, 765 74
631 56
27,123 20
234, 675 24
72 10
975 83
937
20, 726
203
442
50
96
35
85
1, 607 39
FEUMENTED L1QU01?S.
F e r m e n t e d l i q n o r s , t a x of ^ 1 p e r b a r r e l o u . . .
B r e w e r s (special t a x )
D e a l e r s in m a l t l i q u o r s (spe(5ial t a x )
Total
3, 499, 677 46
9,173 04
26,142 75
3, 619, 258 67 119,581 21
• 9, .564 63
391 59
44,190 48
18, 047 73
3, 534, 993 25
3, 673, 013 78
138, 020 53
•
COMMISSIONER
OF INTERNAL
Receipts
133
REVENUE.
from—
Increase.
S o u r c e s of r e v e n u e .
J u l y l , 1876, to
Oct. 31,1876.
Decrease.
J u l y l , 1877. t o
Oct. 31,1877.
BANKS AND BANKEKS.
$551,732
97, 753
248, 789
1,618
B a n k deposits
Savings b a n k s deposits
B a n k capital '.
Bank circulation
Total
Adhesive stamps
Penalties
Taxes under repealed laws
.
. . .
A g g r e g a t e i eceipts
24
36
63
46
$558, 577 82
89, 022 82
262, 800 10
534 34
$6, 845 58
899, 893 69
910, 935 08
20, 856 05
2,106, 248 46
243,925 12
' 81,755 32
2,100,267 42
150, 444. 97
130,568 23
48, 812 91
38, 897, 657 58
38, 520, 551 21
$8, 730 54
14, 010 47
1 084 12
9,814 66
5, 981 04
93, 480 15
864, 403 20 1,241,509 57
NOTE.—[A few discrepancies will be observed between some ofthe amounts in the statements of
receipts for the first quarter of the fiscal year 1877 as given above and as stated in the report for 1876,
which are thus explained:
(1.) I t sometimes happens that suras are reported as having been collected from one source, when in
reality they were collected frora another, but the error is not discovered until some time after the report
has been rendered. Thus, $80,000 were returned during the period named as collected on brandy, which,
it was subsequently ascertained, were collected onAvbisky. All returns are subject to revision atany time
during the fiscal year in which they were made, and all errors of this nature discovered are corrected.
(2.) At the beginning and during the month of October, 1876, twenty collection districts were abolished. As soon thereafter as practicable, the accounts of the collectors of those districts were finally
adjusted, .and the correction of the difierence, if any, between their actual and reported collections was
made in one of the returus rendered during the first quarter of the fiscal year 1877, after the report for
1876 was printed.)
From the above table it will be seen that the increase in the receipts
from tobacco has been $544,837.91; frora terra en ted liquors, $138,020.53 ;
from banks and bankers, $11,041.39; and frora taxes under repealed
laws, $48,812.91. There has been a decrease iu the receipts from spirits
of $1,020,357.92; frora adhesive stamps, $5,981.04; and from penalties,
$93,480.15; making a net decrease, iu the aggregate receipts, of
$377,106.37.
CAPACITY
AND PRODUCTS OF D I S T I L L E R I E S AND WITHDRAWAL
SPIRITS TAX-PAID.
OF
The following table shows the daily spirit-producing capacity of the
distilleries in operation for the months of July, August, September, and
October of the fiscal years 1874,1875, 1876, "and 1877:
1874.
1875.
Gallons. Qallons. Qallons. Qallons.
120,-294
145, 667 108,411 168, 963
126, 917
171, 009 182, 580
168.180
198, 603
198; 561 189, 883 196.156
225, 539. 217, 458 232, 659 ' 217,464
August 1 .-September 1
October 1 . . .
November 1.
Statement of ihe quantity of spirits, in taxable gallons, produced and withdrawn, tax-paid,
and for export, from distillery warehouses, with the amount of tax paid on the spirits with drawn, during ihe months of July, August, Septeniber, and October, 1875, 1876, and 1877.
Tears.
1875
1875
1876
1877
^
R a t e of
tax.
$0 90
70
90
. 90
Produced.
Qallons.
14, 439, 566
16, 818,126
15,145, 444
Withdrawn,
tax-paid.
Gallons.
17, 012, 087
1, 399, 902
18, 793, 515
17, 618, 060
Withdrawn
for e x p o r t .
Qallons.
396, 622
104,119
787,471
A m o i i n t of
tax paid.
$15,310,878
979,913
16, 914,163
15,856,254
30
40
50
00
Remaining i n
w a r e h o u se
N o v e m b e r 1st
of each y e a r .
Qallons.
6, 256,
2, 741,
10, 720,
9, 998,
227
981
776
707
134
REPORT ON T H E
FINANCES.
Statement of the quantity qf spirits, in taxable gallons., loithdrawn far ex-port during thefour months ended November 1,1877, by districts.
First Hlinois
Third Hlinois
Fifth Illinois
Fourtli Indiana
Third Massachusetts
Fifth Massachusetts
Third Maryland
Sixth Kentucky
Nebraska
First Ohio
Sixth Ohio
Gallons.
165,376
43,088
218,411
6,327
26,233
289,365
7,687
1,022
5,986
21,497
2,479
..'
-
.'
:
!
Statement ofthe quantity of spirits, in taxable gallons, produced and withdrawn, tax-paid, and
ihe aniount of tax xjo/id, by nionths, for July, August, Septeniber, and October, 1877. "
Months.
Produced.
Withdrawn.
A m o u n t of t a x
paid.
July
August —
September.
October —
Gallons.
3, 046, 938
3,113, 512
4,108, 894
4, 876,102
Gallons.
3, 321, 291
4, 492,'293
4, 783, 025
5,021,451
$2, 989,161
4, 043, 063
4, 304, 722
4, 519, 305
Total
15,145, 444
17,618,060
15, 856, 254 00
90
70
50
90
The following table shows the stock on hand, production, and movement of spirits for the fiscal years 1875,1876, and 1877:
1875.
Gallons.
Q u a n t i t y of s p i r i t s a c t u a l l y
in w a r e h o u s e b e g i n n i n g
of fiscdl yeai^
Q n a n t i t v of s p i r i t s p r o d u c e d
d u r i n g t h e fiscal 3 ' e a r . . . . .
Totaf
Q u a n t i t y of s p i r i t s wnthdraAvn", tax-paid, d u r i n g
fiscal y e a r
Q u a n t i t y of s p i r i t s w i t h d r a w n for e x p o r t a t i o n d u r i n g fiscal y e a r
W i t h d r a w n for s c i e n t i f i c
p u r p o s e s , d e s t r o y e d b y fire,
&c
Gallons.
1876.
Qallons.
1877'
Gallons.
Qallons.
15, 575, 224
13,179, .596
12,595,850
60, 930, 425
57, 959, 647
59, 912, 268
76, 505, 649
71,139,243
72, 508,118
62, 580, 998
56, 989, 389
56, 848, 525
587, 413
1, 308, 900
2, 529, 528
157,642
Total
R e m a i n i n g in w a r e h o n s e a t
t h e end of t h e fiscal y e a r
Qallons.
245,104
38, 292
63, 326, 053
58, 543, 393
59, 416, 345
13,179, 596
12, 595, 850
13, 091, 775
.
GENERAL DEDUCTIONS.
It will be observed upon examination of the foregoing tables that
there was a great reduction in the daily producing capacity of distilleries
.for the months of July, August, aud October of the current fiscal
year, when compared with the same months last year; but the average daily producing capacity for the past four mouths has been about
equal to that of the sarae months of the year 1875; the interference
with the moveraent of freights in July last by the strike, the dull market
during the past few months, and the prospect for low prices for grain,
COMMISSIONER OF INTERNAL REVENUE.
135
have all contributed, in my opinion, to reduce the production and withdrawal of spirits during the period in question. It will also be observed
that the araount of spirits in bonded warehouse, at the close of the years
1875,1876, and 1877, averaged about 13,000,000^allons; and on the 1st
of JSTovember in each of said years nearly 10,000,000 gallons. It will be
noted that the increase in the production of spirits in the past fiscal year
over the preceding fiscal year, viz, 2,000,000 gallons, is substantially
represented by the increase in the exportation of spirits during the
same period, so that the amount withdrawn tax-paid in each of those
years was very nearly 57^000,000 gallons per annum. It would seem,
therefore, thatthe spirits required for home consumption and for export
at this timeamount to nearly 60,000,000 gallons; and though the production aud withdrawal of spirits during the i)ast four months have
decreased over a million gallons as compared with the corresponding
period of last year, I am satisfied that, with the large crop of corn on
hand, the production of spirits during the present fiscal year will equal,
if it does not exceed, the amount produced last year. It will further be
observed that duriug the first quarter of the present fiscal year the
increase in the receipts from tobacco and cigars has been about $545,000,
from ferraented liquors about $138,000, from banks $11,000, and in the
amount of taxes collected under repealed laws over $48,000, making a total
increase from these sources of over $864,000. It raay be too sanguine a
view to assume that this rate of iucrease from the above sources will be
maintained throughout the year, but I ara strongly inclined to the opinion
that the large crop of tobacco raised throughout the country will have
the effect of increasing the production of the manufactured article,
thereby adding considerably to the revenue from this source. As shown
in this report, there is a steady?" increase in the amount of tobacco used,
the increase last year being 5,658,539 pounds over the year previous.
I think it is safe to estiraate that the receipts for the current fiscal
year will reach $120,000,000.
TABULAR STATEMENTS.
•« ''
The accompanying tabular statements are made up from the accounts
of this office, to enable you, as required by law, to lay them before
Oongress, to wit :
Table A, showing the receipts from each specific source of revenue,
and the amounts refunded in each collection district, State, and Terri
tory of theUnited States, for the fiscal year ended June 30, 1877.
Table B, showing the number and value of internal revenue stamps
ordered monthly by the Oommissioner; the receipts from the sale of
stamps, and the commissions allowed thereon ; also, the number and
value of stamps for special taxes, tobacco, cigars, cigarettes, suuff, distilled spirits, and ferraented liquors, issued mouthly to collectors, during
the fiscal year ended June 30, 1877.
Table 0, showing the territorial distribution of internal reveuue from
various sources in the United States, for the fiscal years ended June 30,
1864,1865,1866,1867, 1868, 1869, 1870, 1871, 1872, 1873,1874,1875,
1876, and 1877.
Table D, showing the aggregate receipts from each collection district.
State, and Territory, for the fiscal years ended June 30,1863,1864,1865,
1866, 1867,1868,1869, 1870, 1871, 1872, 1873, 1874, 1875, 1876, aud 1877.
Table E, showing the 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, 1875, 1876, and 1877.
136
,
REPORT ON THE FINANCES.
Table F, showing the ratio of receipts from specific sources to the aggregate of all collections for the fiscal years ended June 30, 1864, 1865,
1866,1867, 1868, 1869, 1870, 1871, 1872,1873,1874,1875,1876, and 1877.
Table G, showing thereceipts from special taxes iu each collection district, State, and Territory, for the special-tax year ended April 30,1877.
Table H, an abstract of reports of district attorneys concerning suits
and prosecutions under the internal revenue laws during the fiscal year
ended June 30,1877.
Table I, an abstract of seizures of property fo.r violation of internal
revenue laws during the fiscal year ended Juue 30, 1877.
Yery respectfully,
GEEEN B. EAUM,
Commissioner.
Hon.
J O H N SHERMAN,
Secretary of the Treasury.
f
REPORT OF THE COMPTROLLER OF THE CURRENCY.
^
REPORT
OF
THE COMPTEOLLER OF THE CURREiNCY.
. TREASURY DEPARTMENT,
O F F I C E OF THE OOMPTROLLER OF THE OURRENCY,
Washington, December 3, .1877.
I have the honor to submit for the consideration of Oongress, m compliance with section three hundred and thirty-three of the Eevised Statutes of the United States, the fifteenth annual report of the Oomptroller
of the Ourrency.
Oarefully prepared tables accompany this report, araong which are
those showing the average araount of capital aud deposits of natioual
banks, State banks, savings banks, and private banks of the country, by
States and geographical divisions, for two different periods in.each of
the years-1876 and 1877; the items of the public debt of the United
States at the date of its maximum, August 31, 1865; the amounts and
kinds of circulating-notes of the United States and of the national banks,
yearly, from 1865 to 1877; the specie held by the banks, and the estimated amount in the country, ou June 30,1877; the issue and retirement
of bank circulation, by States, under the operation of the acts of Juue 20,
1874, and January 14, 1875; the amounts and kinds of United States
bonds held as security for national-bank notes on November 1, 1877;
the number.and denominations of legal-tender notes and national-bank
notes outstanding on the same date; a classification of the loans of
the national banks in New York Oity, in October, for the last three
years; together with the average rate of interest in New York ^nd
London for those years; the number and amount of national-bank
notes issued, redeemed and destroyed, from 1863 to 1877; the araount
of circuhition and deposits of the banks, and a classification of the
reserve required and held, at five diff'erent dates in each year, frora 1871
to 1877; of the weekly movement of legal tender reserve in the New
York Oity national banks, in the month of October, from 1872 to 1877;
the operations of the clearing-house in New York Oity, for the last
twenty-four years; the capital, and amount and rate of taxation, of the
national banks. State banks and private bankers, for a series of years'^
the amount of losses charged off by national banks in the several
States and Territories during the years 1876 and 1877; the capital, surplus, dividends and earnings of the national banks, by States and geographical divisions, semi-annually, from 1869 to 1877; the national
banks in voluntary liquidation, and insolvent national bauks, with their
capital stock, claims proved and dividends paid, since the establishment
of the national system. The report also contains statements of the State
140
REPORT ON T H E FINANCES.
banks and savings banks organized under the laws of the different States,
so far as they could be obtained from official sources.
Tables are also given showing the aggregate resources and liabilities
of all the national banks at all the dates for which reports have been
made during the past fifteen years, and by States and reserve cities at
hve different dates for the present year ; together with separate statements of the condition of every natioual bank in the Uuion, on the first
day of October of the present year.
The total number of national banks organized since the establishment
of the national banking system, on February 25,1863, is 2,372; of these,
two hundred and thirty-three have gone into voluutary liquidation, by
vote of shareholders owning two-thirds of theiy respective capitals, and
fifty-nine have been placed in the hands of receivers for the purpose^of
closing up their affairs, leaving 2,080 in existence on Noveraber 1 of this
year. Included in the aggregate nuraber organized are nine national
gold bauks, located in the State of Oalifbrnia, which redeera their circulating-notes at their places of issue, and in the city of San Francisco,
in gold coin. These have au aggregate capital of $4,300,000, and an
aggregate circulation of $1,432,120.
During the past year twenty-nine banks have been organized, with
an authorized capital of $2,589,000, to which $1,244,520 in circulatingnotes has been issued. Ten banks have failed within this period, having
an a ggregate-capital of $3,344,000; and twenty-six banks, with a total
capital of $2,589,500, have voluntarily discontinued busiuess.
The followiug table exhibits the resources and liabilities of the national banks in operation at corresponding dates for the last eight years:
Oct. 9,
1869.
Oct. 8,
1870.
Oct. 2, Oct. 3, Sept. 12, Oct. 2,
1874.
1871.
1873.
1872.
1,617
banks.
1,615
banks.
1,767
banks.
1,919
banks:
1,976
banks.
2,004
banks.
Oct. 1, Oct. 2,
1875.
1876.
Oct. 1,
1877.
2,087
banks.
2,080
banks.
2,089
banks.
RESOURCES.
Millions MilUons Millions Millions MilUons MilUons Millions MilUons Millions
891.9
682. 9
954.4
984. 7
716.0
877. 2
931.3
831. 6
944.2
B o n d s for c i r c u l a t i o n
383.3
370.3
337. 2
339. 5
340.6
3i>4. 5
382. 0
388.3
336.8
O t h e r TJ. S. bonds
37.7
28.0
28.1
45.0
44.6
27.6
23.6
47.8
45.8
34.5
O t h e r stocks, b o n d s , &c . . .
.22.2
23.7
27.8
33.5
34.4
23.6
24.5
23.5
149.5
144.7
129.9
D u e from o t h e r b a n k s
. 100.9
143. 2
128.2
134.8
146.9
109. 5
34.7
42.4
45.2
Real estate
30.1
32. 3
38.1
43.1
2.5.2
27.5
22.7
13.2
21.2
21.4
Specie
•
23. 0
18. 5
10.2
19.9
8.1
Legal-tender notes
'.
83.7
77.2
92.4
80.0
66.9
107.0
102.1
76.5 • 84.2
Nation al-bank notes
18.5
18.5
15.6
10.9
12.6
14.3
16.1
15.9
15.8
109.7
C l e a r i n g - h o u s e e x c h a n g e s . 108.7
100.3
87.9
74.5
91.6
115. 2
125.0
100.0
TJ. S. certificates of d e p o s i t
42.8
33.4
6.7
20.6
48.8
29.2
20.3
D u e from XJ. S. T r e a s u r e r . .
19.6
16.0
16.7
Other resources
18.3
55.6
55.9
41.2
17.3
19.1
28.7
25.2
19U
XioariH
Totals
1, 497. 2 1, 510. 7 I, 730. 6 1, 755. 8 I, 830. 6 L, 877. 2 1,882.2 I, 827. 2
Caxiital stock
S u r p l u s fund
U n d i v i d e d profits
•Circulation
D u e to d e p o s i t o r s
D u e to o t h e r b a n k s
O t h e r liabilities
Totals
1, 741.1
-.
LIABILITIES.
426. 4
86.2
40.7
296.1
,523. 0
118.9
.5.9
430.4
94.1
38.6
293.9
515. 3
130.0
8.4
458. 3
101.1
42.0
317.4
631.4
171.9
8.5
479. 6
110.3
46.6
335.1
628.9
143. 8
11.5
491. 0
120.3
54.5
340.3
640.0
173.0
11.5
493.8
129.0
51.5
334.2
683.8
175.8
9.1
504.8
134.4
.53.0
319.1
679.4
179.7
11.8
499.8
132.2
46.4
292.2
666.2
179.8
10.6
479.5
122.8
44.5
291.9
630. 4
161.6
10.4
1,497.2 1, 510. 7 1, 730. 6 I, 755. 8 I, 830. 6 1,877.2 1, 882.2 1, 827. 2
1,741.1
The following table exhibits the resources and liabilities ofthe banks
a t the close of business on the first day of October, 1877—the date of their
last report; the returns from New York, frora Boston, Philadelphia, and
141
COMPTROLLER OF THE CURRENCY.
Baltimore, from the other reserve cities, and frora the reraaining banks
of the country, being tabulated separately.
ISTew York
City.
Boston, Philad e 1 ph i a, Other reand Balti- serve cities,
more.
47 banks.
99 banks.
89 banks.
$4, 763, 448
^1,213,512
ii377, 400
48, 376, 633
4, 319, 014
18,056,413
661
8, 680, 788
2, 958, 481
Country
banks.
Aggregate.
1,845 banks.
2,080 banks.
RESOURCES.
Loans and discounts
On U. S. bonds on demand ..
On other stocks, bonds, &c,,
on demand
Payable in gold
On single-name paper, without other security
All other loans
Overdrafts
Bonds for circulation
Bonds for deposits
TJ. S.^ondson hand
,
Other stocks and bonds
Due from reserve agents
Due from other national banks .
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses
Premiums
;
Checks and other cash items . . .
Exchan.i>es for clearing-house ..
Bills of other national banks . . .
Fractional currency
Specie
r.
Legal-tender notes
.'.
TJ. S. certificates of deposit
Five-per-cent. redemption-fund .
Dae from TJ. S. Treasury
Totals.
$465, 250,106
15, 800, 540
95, 902, 756
108, 894
19, 058, 500
780, 000
11, 388, 050
9, 218, 526
14,900,901
2, 421, 509
10, .588, 072 7, 054, 807
134, 750, 212 70,148, 447
483, 758
39, 899
47, 719, 200 22, 587, 800
3, 250, 500
600, 000
4, 272, 900 3, 223, 550
3, 776, 317 2, 636, 484
13,19.5, 086 11, 203, 8.52
8, 850, 609 5, 468, 992
1888, 243, 290
3, 044, 752
247, 445, 450
10,272,500
11, 204, 200
18, 804, 668
48,88.5,195
15, 996, 745
3, 677, 303
336,810,950
14, 903, 000
30, 088, 700
34, 435, 995
73, 284,133
45, 217, 247
2, 060, 452
5, 963, 964
11, 41.5, 761
9, 389, 268
1,048,806
1, 722, 001
1,947,341
53, 844, 891
• 1, 469, 304
75, 933
12, 948, 406
15, 236, 845
19, 075, 000
797, 278
187, 807
6, 746, 895 4, 993,129
884, 391
695, 346
906, 283
1,138,738
720, 2.59
880, 331
15, 838, 971 4,841,354
1, 973,132
2, 361,129
80, 026
80, 059
3, 984, 687 1,570,097
8, 476, 998 12, 877, 483
10, 015, 000 3, 00.5, 000
944, 670
2, 045, 718
134, 789
250,195
24,100, 691
4, 087, 249
5, 452,153
8,126, 657
45, 229, 983
6,915,792
9,219,175
11,674,588
74,525,216
15,531,467
900, 806
22, 658, 820
66, 920, 684
33, 410, 000
14, 494, 634
1,527,119
344, 781, 651
296, 737, 829 173, 076, 879
926, 488, 304 1, 741, 084, 663
.57, 400, 000
16, 566, 887
9, 241, 772
15, 395, 257
77, 279
221,241
162, 400, 317
302, 986
80„034, .985
21, 625, 952
4,176,195
40, 445, 791
91,513
1, 344, .090
112,321,118
303, 080
43, ,625, 500
11,504,514
3,941,766
19, 560, 060
13, 536
179, 702
63,826,186
1,856,615
298, 407, 286
73, 078, 768
27, 212, 946
216,473,128
299,410
1, 878, 671
277, 856, 366
5, 510, 034-
479, 467, 771
122, 776,121
44, 572, 679
291, 874, 236
481,738
3, 623, 704
616, 403, 987
7, 972, 715
129, 775
61,459,374
21, 586, 763
11,186
777, 921
27, 634, 739 14,126,715
7,563,677 11, 3.56, 835
440, 679
1,185,503
1,866,850
1, 458,101
11, 808,126
6. 070,164
3. 350, 540
3, 084, 764
2, 376, 983
11.5, 028, 954
46, 577, 439
3, 791, 219
6,137,117
344, 781, 651
296, 737, 829 173, 076, 879
969, 836
9, 727, 902
664, 788
4,155, 630
30, 329, 358
1, 315, 000
10, 706, 968
954, 328
LIABILITIES.
Capital stock
,
Surplus fund
trndivided profits
National-bank notes outstanding
State-bank notes outstanding...,
Dividends unpaid
Individual deposits
U. S. deposits
,.
Deposits of TJ. S. disbursing-officers
,
Due to national banks
. Due to other banks and bankers
Notes and bills rediscounted
Bills payable
,
Totals.
926,488,304
1, 741, 084, 663
Section 333 of the Eevised Statutes of the United States requires
the Ooraptroller to present annually to Oongress a stateraent of the condition of the banks and savings banks organized under State laws,
Eeturns of capital and deposits are made by these institutions andby
private bankers, semi-annually, to the Oomraissioner of Internal Eevenue,
for purposes of taxation. The following statement, compiled in this
Office from these returns, exhibits in a concise forra, by geographical
divisions, the total average bank capital and deposits of the whole
* The reserve cities, in addition to New York, Boston, Philadelphia, and Baltimore, are Albany,
Pittsburgh, Washington, New Orleans, Louisville, Cincinnati, Cleveland, Chicago, Detroit, Milwaukee,
Saiut Louis, and San Francisco.
142
REPORT ON THE FINANCES.
country, exclusive of the national banks, for the six months ending May
31,1877;
S t a t e b a n k s a n d pri.^ v a t e b a u k e r s .
G e o g r a p h i c a l divisions.
No. Capital
N e w E n g l a n d S t a t e s 117
Middle States
1,202
517
Southern States
W e s t e r n States and
Territories..
1,963
U n i t e d S t a t e s . . 3,799
vings-banks
S a v i n g s - b a n k s w i t h S 'aw
i t h o u t capcapital.
ital.
Depos- N o . C a p i t a l . Deposits.
its.
No.
Millions Millions
0.20
3.94
0.88
0.16
2
0.52
0.42
3
439
.00
Millions Millions
11.07
19. 99
84.87 215. 87
46.17
34.58
i
Deposits.
Total.
No. Capital.
Deposits.
Millions Millions
Millions
452. 6-4
11.27
557
428. 69
85. 03
585. 56
368. 81 1,404
2.12
524
35.00
48.81
88.11
188. 51
20
4.09
32. 83
33
43.54 2,016
218. 63
470. 54
26
4.87
38.17
676
843.16 4,501
92.20
264. 88
223. 50 1, 351. 87
The capital of the 2,078 national banks in operation on June 22,1877,
was $481,044,771, and the average capital of 3,825 State banks, private
bauks, and savings-banks having capital stock, was, for the six months
ending May 31, ]877, less than half that amount, being $223,503,172.
The net deposits ofthe national banks were $768,245,746, and the average
deposits of the other banks above designated were $508,712,845. The
deposits of 676 savings-banks having no capital stock were, for the same
period, $843,154,804.
The table below, arranged in sirailar forra, gives the average capital
and deposits of the same class of banks and bankers for the six mouths
ending November 30, 1876:
^
S t a t e b a n k s a n d private bankers.
[Geographical
ions.
Savings-banks with
capital.
divisN o . Capital. Depos- No. Capital. Deposits.
its.
N e w E n g l a n d S t a t e s . 131
Middle States
1,213
Southern States
505
Western States and
Territories..
1,915
U n i t e d S t a t e s . . 3,764
Millioiis MiUions
11.34
22. 76
88.34 226. 40
35. 40
42.40
1
2
4
Millions Millions
4.15
0.20
0.77
0.16
0.64
0.48
Savings-banks
w i t h o u t capital.
No.
438
211
3
Deposits.
Total.
N o . Capital.
Deposits.
Millions Millions
Millions
11.54
449. 90
422. 99
570
88.50
612. 99
385. 82 1,426
2.04
35.88
45.08
512
82.14
192. 49
17
4.21
32. 38
35
/ 44. 68 1,967
217. 22
484. 05
24
5.05
37.94
687
855. 53 4,475
86. 35
. 269. 55
222. 27 I, 377. 52
If the nuraber, capital aud deposits of the national banks on June 22,
1877, be combined with the number, average capital and average deposits
of the State banks, private banks, savings-banks, and trust and loan
companies, as shown by the foregoing table, for the six months ending May
31, 1877, it will give a total number of 6,579, a total banking capital of
$704,547,943, and total deposits of $2,120,113,396. A sirailar combination of the national banks for October 2, 1876, with the State banks,
savings-banks, &c., for the six months ending November 30, 1876, will
give for the latter date a total number of 6,564, a total banking capital
of $722,079,176, and total deposits of $2,082,735,984.
Tables similar to the above, for the two periods of six months each,
ending respectively on November 30, 1875, and May 31, 1876, together
with other tables giving the assets and liabilities of State institutions,
so far as they could be obtained from the official reports of the several
States, will be found in the Appendix.
COMPTROLLER OF THE CURRENCY.
143
A table, arranged by States and principal cities, giving the number,
capital and deposits, and the tax on capital and deposits, of banking
institutions other than national, for the six months ending May 31,1877,
will be found on page 48 of this report. A similar table for the six
months ending November 30, 1876, is priuted in the Appendix.
THE BANKS AND RESUMPTION.
Section 3 of the act of January 14,1875, provides that ^' 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." This legislation is not without precedent, for Oongress, on April 30,1816, by resolution declared t h a t ' ' from and after the 20th day of February next, 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
the legal currency of the United States, or in Treasury-notes or notes of
the Bank of the United States, or in notes of banks which are payable
and paid, on demand, in the said legal currency of the United States.'^
The New York legislature took similar action at about the same time ;
and again on March 22, 1875, it passed an act providing that ^'all taxes
levied and confirmed in this State on and after January 1,1879, shall be
collected ih gold. United States gold-certificates, or national-bank notes
which are redeemable in gold on demand,'' and that *^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
coins of the standard of weight and fineness established by the laws
of the United States at the tirae the contract or obligation shall have
been made or implied."
^ The banks in this country, with the exception of those in the New
England States, suspended specie payraent in Septeraber, 1814. The
New York banks resumed specie payraeut on February 20, 1817, but resumption was not general throughout the country until about the close
of the year 1819. There was also a geueral suspension in May, 1837;
but in May of the next year the New York and New England banks
a-gain resuraed specie payraent. The banks in Pennsylvania finally
resumed, under the coercion of the State legislature, in March, 1842.
Banks in other portions of the country resumed at about the sarae date.
A general suspensioaagain occurred in October, 1857, the banks resuraing
specie payraent in the following year.
It would be instructive to compare the condition of the banks during
previous periods of suspension and resumption with that at the present
time, but detailed statements of the assets and liabilities of the banks
during tbe first period of suspension, which continued for five years,
cannot be obtained. The published statistics of the State banks during
the later periods mentioned are not wholly satisfactory for the purpose
desired, for the reason that the bank reports were'not of uniform date
in the several States, while the items of specie, circulation, and deposits
vary greatly in amouut throughout the country at different dates in the
same year. The specie, as reported, was not separated frora checks payable in coin, and it is known that, in sorae instances, the same specie was
more than once returned.
From such data as are now obtainable, the following table has been
144
REPORT ON THE FINANCES.
prepared, giving the items of circulation, deposits and bank balances
of all the State banks, and of the specie held by them, for a series of
eight years, covering both of the periods of suspension and resumption:
,
'
E a t i o s of £' p e c i e to—
Years.
.
Circulation.
$103, 692,495
140,301,038
149,185,890
116,138,910
135,170,995
106, 968, 572
107,290,214
83,734,011
1835
.*
1836
1837 ..
1838.....
1839
1840
1841
1842
Averages
1850
1851
1853
1854
1855
1856..•
1857
1858. . Averages
D e p o s i t s anfl
b a n k balances.
Total.
Specie.
Circulation.
$83,081,365 $186,773,860
115, 104 440
255,40.5, 478
130,148, 393
279, 334,283
87, 511, 723
203,650,633
90, 477, 297
225, 648, 292
78, 716,288 • 185,684,860
64,890,101 - 172,180,315
62,408,870
1^6,142,881
$43. 937,625
40,019,594
37, 915, 340
35,184,112
45,132, 673
33,105,155
34, 813, 958
28,440,423
Circulation
a n d deposits.
F e r c e n t , P e r cent.
23. 5
42.4
15.7
28.5
13.6
25. 4
17.3
30. 3 .
33.4
20.0
30.9
17.8
20.2
32.4
19.5
34.0
117,810,265
89^ 042, 310
206, 852, 575
37,318,610
31,7
18.0
131, 366, 526
155,165,2.51
146,072,780
204, 689,207
186, 952, 223
195, 747,950
214,778,822
155,20d, 344
109,586,595
128, 956, 712
146, 258, 880
188,188, 744
190, 400, 342
212, 705, 662
230, 351, 352
185, 932, 049
240, 953,121
284,121, 963
292, 331, 660
392, 877, 9.51
377, 352, f 65
408, 453, 612
445,130,174
341,140, 393
45, 379, 345
48,671,048
47,138, 592
59,410, 253
53, 944, 546
59,314,063
58, 349, 838
74,412,832
34.5
.31. 4
32.3
29.0
28.9.
30.3
27.2
47.9
18.8
17.1
16.1
15.1
14.3
14.5
13.1
21.8
173, 747, 638
174, 047, ,542
347, 795,180
55,827,565
32. i
16.1
The subjoined table gives similar information in reference to the
national banks for the last eight years:
Circulation.
Years.
1870
1871
1872
1873
1874
1875
1876
1877
D e p o s i t s and
b a n k balances.
R a t i o s of l e g a l - t e n d e r
f u n d s to—
Total.
'Circulation.
$296, 205, 446 $4.56, 58'6, 096
318, 265, 481
505, 847, 694
527,221,571
• . . . . . ' . 336, 289, 285
341, 320, 256
50.5,871,420
331,193,159
616,513,162
314, 979, 451 • 580,685,391
292, Oil, 575
583, 430, 276
291,874,236
577,191, 727
$7.52, 791, 542
824,113,175
863, 510, 856
847,191,676
947, 706, 321
895, 664, 842
875, 441, 851
869, 065, 963
544,168, 417
859, 435, 778
Averages
315,267,361
Legal-ten d e r
funds.
Circulation
and
deposits.
984, 869
659, 233
804, 706
765,143
452,137
684, 380
920, 354
484,137
P e r cent.
48.9
44.2
41.3
45.6
46.9
42.8
47.9
47.1
F e r cent.
19.3
17. I
16.1
18.4
16.4
15.0
16.0
15.8
143, 469, 370
45.5
16.7
$144,
140,
138,
1.55,
155,
134,
139,
137,
By reference to these tables it will be seen that from 1835 to 1842 the
average ratio of specie to circulation held by the State banks was 31.7
per cent., and to circulation and deposits 18 per cent. ] and that from 1850
to 1858 it was 32.1 and 16.1 per cent., respectively^ The ratio of specie
and legal-tenders to circulation of the national banks, for the eight years
named, was 45.5, and to circulation and deposits 16.7 per cent.
The returns of the State banks in the New England States and in
the State of New York were more regular and reliable than those of the
banks in any other portion of the Union. A comparison between
these banks, for the periods named, with the national banks for the last
eight years, is given in the following tables, which, together with those
145
COMPTROLLER OF THE CURRENCY.
preceding, are tabulated from reports of the condition of the banks at the
date nearest January 1 of each year given:
New England Staies—State banks.
R a t i o s of specie to—
Circulation.
Years.
$18,916,960
21, 936.140
20, 622, 755
17, 808, 061
19.135, 845
17, 480, 893
18, 443; 269
15,734,189
1835 . .
1836.1837
1838 .
1839
1840
1841
1842
Averages
1850
1851
1853
1854
1855
1856
1857
1858
Averages
Deposits and
b a n k balances.
Total.
Specie.
$17,897,5.54
14, 780, 304
20,289,687
13,415,054
11,327,155
10, 737, 493
11, 300, 814
9, 267, 044
$36, 814, 514
36, 716, 444
40, 912, 442
. 31, 223,115
30, 403, 000
•28,218,386
29, 744, 083
25, 001, 233
$2, 599, 545
3, 021, 577
3, 315, 654
3, 982,156
3, 361, 685
4, 538.104
4, 451. 889
3, 901, 595
Circulation.
Circulation
a n d deposits.
F e r cent.
13.7
13.8
16.1
22.4
17.6
26.0
24.1
24.8
F e r cent.
7.1
8.2
8.1
12. 8
11.0
16.1
15.0
15.6
18, 759, 764
13, 626, 888
32, 386, 652
3, 646, 526
19.4
11.3
31, 709, 053
39, 147, .532
5.3,844,21.0
52, 748. 560
47, 742, 351
53, 989, 643
43,095,011
37,967,991
17, 140, 321
22,119,392
28,937,6^8
31, .364,806
32, 629, 679
35, 573,158
28, 569, 013
42, 270, 053
48, 849, 374
61,266,924
82, 781, 898
84,113,366
80. 372, 030
89, 562, 801
71, 664, 024
80, 238, 044
4, 627,165
4, 558, 460
6, 738, 343
6, 885, 026
6, 920, ,395
7, 308, 378
6, 479, 319
13, 849, 602
14.6
11.6
12.5
13.1
14.5
13.5
15.0
36.5
9.5
7.4
8.1
8.2
8.6
8.2
9.0
17.3
45, 030, 544
29,825,514
74, 856, 058
7,170, 836
15!' 9
9.6
. 17.7
11.4
11.6
13.6
16.9
21.2
16.7
16.7
New Yorlc State—State banks.
1835
1836
1837
1838
1839....
1840.:
1841
1842
:
Averages
1850
18.51
18.53
1854
18.55
1856
18571858
..
Averages
16,199, 505
21,127,927
24,198, 000
12,4,32,478
19,373,149
10, 629, 514
15, 235, 056
14, 559, 993
24, 398, 621
33, 324, 930
32, 513, 748
17, 920, 976
19,591,202
16, 98.5, 694
17, 366, 959
18, 213, 436
40, 598,126
54, 452, 857
.56, 711, 748
30, 353, 454
38, 964, 351
27,615,208
32, 602, 015
32, 773, 429
7,169, 949
6, 224, 646
6, 557, 020
4,139, 732
6, 602, 708
5, 864, 634
5, 429, 622
5, 471, 694
44.3
29.5
27.1
33.3
34.1
55.2
35.6
37.6
16, 719, 453
22, 539, 445
39, 258, 898
5, 932, 501
35.5
24, 634, 385
27, 926, 263
. 29, 9.34, 657
32, 573,189
31, 507. 780
31, 340i 003
34, 019, 633
. 23, 899, 964
47, 950, 665
62, 026, 937
86, 976, 885
84, 2.52, 509
93, 577, 004
102, 232, 317
113.742,926
92, 584, 942
72, 585, 050
89, 953. 200
116,911,542
116, 825, 698
125, 084, 784
133, 572, 320
147, 762, 559
116, 484, 906
7, 259, 681
11, 937, 798
9, 993, 815
14,169,905
13, 661, 565
10, 910, 330
12, 898, 771
29,313,421
29.5
42. 7 .
33.4
43. .5
43.4
34.8
37.9
122.7
29,' 479j 484
85, 418, 023
114, 897, 507
13, 768,161
46.7
15.1
10.0
- 13.3
8.5
12.1
10.9
8.2
8.7
25.2
12.0
New England States—National banks.
Years.
1870
1871
1872
1873
1874
1875
1876
. . . . .
1877 . „•
Averages
Circulation.
Deposits and
b a n k balances.
R a t i o s of l e g a l - t e n d e r
f u u d s to—
Total.
Legal-tender
funds.
Circulation.
Circulation
a n d deposits.
$103, 222,178
106, 328, 032
107, 722, 925
109,169.658
107,046,659
110, 021, 818
105,428,500
107, 308, 787
$89, 956, 442
92,051,017
101, 222, 432
94, 337, 888
111, 444, 678
113,981,981
110,643,741
109,713,729
$193,178. 620
198, 379. 049
208, 945, 357
203, 507, 546
218, 491, 337
224, 003, 799
216, 072, 241
217, 022, 516
$26,182, 858
23. 509, .033
24,230,160
24. 681,106
22, 364,129
20, 364, 269
20, 399, 045
18, 920, 350
P e r cent.
25.4
22.1
22.5
22.6
20.9
18.5
19.4
17.6
P e r cent.
13.6
11.9
11.6
12.1
10.2
9.1
9.4
8.7
107,031,070
102, 918, 988
209, 950, 058
.22,581,406
21.1
10.8
IOF
146
REPORT ON T H E
FINANCES.
N&io York State—Naiional J)anks.
Total.
$63,229,183
60, 325, 737
, 58,582,804
56, 891, 945
54, 036, 597
48, 224, 259
42, 676,116
42,784, 527
$206, 414, 395
222, 372, 993
21.5, 606,178
206,149, 219
247, 301, 840
222, 894,161
226, 265, 901
219,047,103
$269, 643, 578
282, 698, 730
274,188, 982
263, 041,164
301, 338, 437
271,118, 420
268, 942, 017
261, 831, 630
53, 343, 896
220, 756, 474
274,100, 370
Circulation.
Years.
1870:
1871 .
1872
1873
1874
1875
1876
1877
R a t i o s of l e g a l - t e n d e r
f u n d s to—
Deposits and
b a n k balances.
Averages
Legal-tender
funds.
Circulation.
Circulation
a n d deposits.
$65,257, 663
64, 680, 473
58, 494, 502
65, 603, 326
67, 625,192
56, 582, 891
59, 748, 810
54, 579, 813
P e r cent.
103. 2
107.2
99.9.
115.3
125.1
117. 3
140. 0
127.6
P e r cent.
^24.2
22.9
21.3
24.9
22.4
20.9
22.2
20.9
61 571, 584
115.4
22.5
In the above tables the five per cent, redemption-fund required by tbe
act of June 20, 1874, and which consists of deposits with the Treasurer
for the purpose of redeeming circulation, is included in the legal-tender
fund.
The yearly average circulation of the banks of the State of New York
for the ten years from 1851 to 1860 was $29,698,094, and of deposits
$82,364,349. The average amount of specie held by those banks yearly
during the same period was $16,287,377, of which about one-eighth only
was held by the banks outside of the city of New York, and the remaining seven-eighths by the banks in that city. The average ratio of specie
to circulation for the ten years named was 54.8 per cent., while to circulation and deposits the ratio was only 14.5 per cent.
The following tables, the first of which has been prepared from infor-*
ination furnished by the manager of the New York cleaiing-house, show
the strength of the State banks of New York Oity for the six years from
1855 to 1860, as compared with that of the national banks of the same city,
at nearly corresponding dates, for the last six years:
State banks of New York City.
R a t i o s of—
Dates.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1,18.55
1,1856
1,1857
1,1858
1,1859
1,1860
Averages..
Numb e r of CirciilaUon.
banks.
48
50
50
46
47
50
48"
is^et.
deposits.
$7, 724, 970 $56, 736, 775
8, 66.5,194 63, 661,171
7, 838, 308 56, 918, 863
7, 864, 373 86, 081, 897
8,337,702 70, 812,105
9, 487, 637 76, 383, 393.
8, 319, 697
68, 432, 367
T o t a l liabil- L e g a l - t e n d e r
ities. .
funds.*
Legal-tender
f u n d s t o circulation.
Legal - tender
f u n d s t o circulation and
deposits;
$64, 461,745
72, 326, 365
64, 757,171
93, 946, 270
79,149, 807
85, 871, 030
$9, 919,124
10, 873, 320
13, 327, 095
28, 625, 331
19, 259,126
20,177, 086
128.4
125.5
170. 0
364. 0
231.0
212.7
15.4
15.0
20.6
30.5
24.3
23.5
76, 752, 064
17, 030,164
204.7
22.2
161.7
170.5
264.3
324.4
403.5
307.0
24.4
23.3
29.1
26.9
28.1
24.8
251.7
26.3
National banks of Neiv York Ciiy.
Oct.
3,1872
Sept. 12,1873
Oct.
2,1874
Oct.
1,1875
Oct
2,1876
Oct.
1,1877
50
48
48
48
47
47
Averages..
48
$28, 070, 951 $158, 034,121 $186,105, 072 $45, 394, 832
27,482,342 172, 710, 844 200,193,186 46, 864,341
25, 291, 781 204, 620, 288 229, 912, 069 66, 835, 862
18, 309, 317 202, 263, 052 220, .572, 369 ,59,395,715
14, 832, 784 197,911,656 212, 744, 440 59, 843, 958
15, 395, 257 174, 933,155 190, 328, 412 47, 260, 251
21, 563, 739
185,078,852
206, 642, 591
54, 26.5, 827
' Legal-tender funds," in the case of the State banks, represents specie.
147
COMPTROLLER OF THE GURRENCY.
The national banks are required by section 5172 of the Eevised Statates ofthe United States to pay their circulating notes on demand, and
by section 3 of the act of June 20, 1874, to " keep and have on deposit
in the Treasury of the United States, in lawful money of the United
States, a sum equal to five per centum of their circulatio.n, to be held
and used for the redemption of such circulation.'? When the legaltender notes shall be redeemed in coin, the banks will also be required
to redeem in coin or in such notes. These notes will then become coincertificates, and will be more convenient aud desirable for geueral use
than coin, for the reason that the cost of their transportation will be
less than that of specie.
The banks of New York City, during the month of December in the,
last eight years, have held in lawful money an average of 224.4 per
cent, upon their circulation, and of 2Q.^ per cent, upon their circulation
and deposits combined. The average amountof lawful money held by the
banks in the other principal cities during the same periods has equaled
5.9.2 per cent, of their circulation, and, including the amount due from
their reserve agents, it has equaled 2Q.b per cent, of both circulation
and deposits. The national banks of the whole country have held during the same periods an average of 43 per cent, of their circulatiop,
and iDcluding, as before, the amouuts due from their agents, an average
of 23.2 per cent, upon deposits and circulation.
The ratios stated above are shown by the following table, which gives
theaverage circulation, deposits aud reserve funds ofthe national bsnks
in New York City, in the other principal cities, and in the remainder of
the country, separately, and the average of the whole for the last eight
vears:
C i t i e s and S t a t e s .
LegalNo. of CirculaNet
tender
banks tion.
deposits.
funds.
49
N e w Y o r k Cit.y
o t h e r r e s e r v e "cities . 181
S t a t e s a n d T e r r i t o r i e s 1,724
Averages.'.
D u e from
R a t i o s of iegal-tenreserve
cier f u n d s to—
Total
agents
a n d re- r e s e r v e
Circulad e m p t i o n funds. Circula- tion a n d
tion. ,
fund.
deposits.
Millions Millions. MilUons Millions. MilUons Per cent P e r c e n t .
$50. 00 $54. 43
224. 4
26.8
$24. 03 $176. 86 $53. 92
27.94
41.34
1.5.8
69. 81
191. 43
69.28 . 59.2
8.2
221. 42
56. 92
97. 36
1.8. 3
270.62
40.43
1, 954
315. 26
638. 93
135. 70
85.37
221. 08
43.0
14.2
R a t i o of
reserve
funds to
cir. a n d
deposits.
F e r cent.
27.1
26.5
19. 8
23.2
I t will be seen frora the various tables given, that the average strength
ofthe national banks for the last eight years is fully equal to that of
the State banks during periods of suspension and resumption in former times5 and, if resuraption is to take place.upon any fixed date, the
national banks will be certain, as a matter of precaution, to strengthen
their reserves beyond the averages here given. It cannot be doubted,
therefore, that the national banks will be prepared to redeem their circulating notes at any date of resumption Which may be fixed upon.
But, while it is admitted that the banks ma.y easily pay their circulating notes, it is said that.it will be impossible for them to provide for th.eir deposits. Those who take this view proceed on the
assumption that the banks will be called upon to pay their deposits
in specie. This was not true duriug any former period of specie
payment, and is less likely to be true under the national banking
system than it was under any previous system of banking. The banks
in this country, from their first organization, have, in times of resumption as well as of suspension, received from their dealers current banknotes and have paid out thesame. This is true to-day in En^^'nnd, Scot
148
REPORT ON THE FINANCES.
land, Germany and France, in all of which countries the bank-note is
preferred, as a rule, to either gold or silver. Only a small portion of
the bank circulation of the country, at any period prior to 1863, was
either safe or convertible, and the losses to the holders of bank-notes during such period is estimated to have been not less than five per cent, annually upon the whole amount of circulation outstanding. Yet even this circulation, poor and defective as it was, was freely received by the banks,
and was paid out by them to their depositors, so closely identified were
the interests of the one with the other. The notes which were returned
from the comraercial centers for rederaption were readily paid out and
circulated at home, and the demand for specie, wherever it exi^^ted, was
almost entirely owing either to an excess of currency or to a want ot confidence in the institutions which issued it.
The people tlaroughout the country now know what, prior to 1863,
they could not know—for it was not then true—that every bank-note is
safe beyond jDcradventure, and that if these notes are not paid at the
counters of the banks which issued them they will be paid at the Treasury Department, in lawful money, and that the securities held for their redemption are amply suificient for that purpose. No reason, therefore,
exists why the people—who, in the last fourteen years, have not lost one
dollar through the use of l3ank-notes—should decline to receive such
notes in payment of their deposits. These notes are not only guaranteed
by the government, but they are received by it in payment of all taxes
and other dues except duties on imports, and are disbursed by it in payment of all demands except interest on the public debt, and i n t h e redemption of national-bank notes.
The national banks hold eight hundred and eighty millions of loans
made to the people, and each bank is required, by,section 5196 of the
Eevised Statutes, *'to take and receive at par, for any debt or liability
to it, any and all notes or bills issued by any lawfully organized national
banking association.'^ There are, therefore, eight hundred and eighty
millions of liabilities of the people due to the national banks—a sum
largely exceeding the whole amount of deposits—which may be paid in
the notes of any or all of the national banks in the country. The national-bank notes are therefore very different in character from the heterogeneous bank-notes formerly issued by authority of the several States.
Moreover, the deposits of the banks are largely owned by their own shareholders and by their borrowers; and surely business men, who look to
the banks for. accommodations, and stockholders*, whose profits depend
upon their successful management, will be the last to conspire to injure
their credit.
Deposits consist chiefly of bank-credits, are derived largely from
the discount of coramercial paper, and are paid mainly by transfers
upon the books—not with either coin or currency. Throughout the
country all large payments are made, not with money, but with checks.
In the principal cities these payments are accomplished through the operations of clearing-houses. During the last twenty-four years the exchanges ofthe New York clearing-house were 454 thousand millions,
while the balances paid in money were less than 19 thousand millions. The average daily exchanges during this whole period were more
than sixty-one millions, while the average daily balances paid in money
were but two and one-half millions, or but four and one-fitth cents upon
fhe dollar, as will be seen by a table on another page.
Immediately after resumption in England, in 1821, there was but
little demand for gold, and the.same was true in JFrance after resumption by the Bank of France in 1850, and in this country in 1838
and 1858. The Bank of France is at present in a state pf suspension.
149
COMPTROLLER OF THE CURRENCY.
but its notes are preferred by the public to specie, and the bank has
found it difficult to reduce the volume of its circulating notes in exchange for coin. All thought of demanding actual payment in specie
will vanish as soon as resumption is assured, and those timid bankers
who fear that their de^^lers will demand coin for every dollar of their
deposits can reassure themselves by an agreement with their dealers
that their deposits shall be payable, as at the present tirae, ^'in current
funds," which will then consist of legal-tender notes and the note's bf
specie-paying banks. There is no greater bugbear than the oft-repeated cry, that the Treasury and the banks must provide specie for the
payment of two thousand millions of deposits, before resumption can
take place.
The coinage'act of 1873 provides for the issue of a gold dollar, which
shall be the unit of value; but, since the suspension of specie payments,
the business transactions of the country have been based upon a false
and fluctuating measure of value. This will be seen from the following
table, which gives the value of the legal-tender paper dollar on July 1
of each year, frora 1863 to 1877, the last column of the table showing,
also, its value on November 1 of the present year:
1863. 1864. 1865. 1866. 1867. 1868. 1869. 1870. 1871. 1872. 1873. 1874. 1875. 1876. 1877. 1877.*
Cts.
76.6
Cts.
38.7
Cts.
70.4
Cts.
66.0
Cts.
71.7
Cts.
70.1
Cts.
73.5
Cts.
85.6
Cts.
89.0
Cts.
87,5
Cts.
86.4
Cts.
91.0
Cts.
87.2
Cts.
89.2
Cts.
94.5
Cts.
97.3
The coinage act also provides that the standard weight of this gold
dollar, which is the unit of value, shall be tNventy-five and eight-tenths
grains; but the paper dollar in use siuce 18^63 has represented a gold
coiu fluctuating in weight, from less than ten grains to about twentyfive grains, as follows:
1863. 1364. 1865. 1866. 1867. 1868. 1869. 1870. 1871. 1872. 1873. 1874.. 1875. 1876. 1877. 1877-*
•Grs.
19.8
Crrs.
9.9
Grs.
18.1
Grs.
17.0
Grs.
18.4
Grs.
18.0
Grs.
18.9
Grs.
22.0
Grs.
22.9
Grs.
22.5
Grs.
22.2
Grs.
23.4
Grs.
22.4
Grs.
23.0
Grs.
24.3
Grs.
25.1
These tables by no means fully represent the fluctuations in the legal
standard of value during the last sixteen years. The variations cannot
be counted by the number of years, nor even by the number of days.
They have been numerous on each day since the date of suspension, and
can only be nurabered by tens of thousands. The iraportersj and other
wholesale dealers, have often found, during the last sixteen years, that
they could have realized more profit from the purchase and sale of gold
than of the'commodities belonging to their legitimate trade. The tendency of such fluctuations is either to bankrupt or to deraoralize all persons engaged in ordinary traffic; for, under such circurastances, business
of every kind becoraes siraply a game of chance, based upon the everchanging value or weight of a false but legalized standard, and persons
in every portion of the country abandon their legitimate business and
embark in speculations, bringing failure and disgrace upon themselves
and losses upon those who confide in them.
* November 1 of this year.
150
REPORT ON THE FINANCES.
If theweight of allthe produce which has been purchased i n t h e
last sixteen years had been determined by a standard pouud which
varied in weight from six to sixteen ounces, or if the measure of all
fabrics had been ascertained by a yard-stick, the length of which at
differeiit times ranged all the way from fourteen to thirty-six inches, the
evil resulting from the use of such false and varying standards of weight
and measure could not have been greater than that which has followed
the use, during the same period, of so false a standard of value as the
paper dollar has been.
Not many years ago it required one hundred large ahd heavy weights
to balance one hundred bushels of wheat. To day, by the advance in
mechanical science, a five-pound weight will balance a much larger
amount of produce, while the actual use of the pound weight is confined
to the small transactions of the retail trade. I t would now be impracticable to weigh the products of the country with the old-fashioned balances ; but, by the aid of the modern platform-scales, the weight of carloads of coal and of canal-boats of grain are quickly and accurately
determined in pounds, every one of which is exactly sixteen ounces
avoirdupois. There is not sufiicient gold or silver coin in the country
with which to pay for the one-twentieth part of the products of the
present year; but the machinery of the bank, with its system of checks,
and bills of exchange, and clearing-houses, can pay for it all in dollars,,
every one of which will be an equivalent of the true standard dollar of
twenty-five and eight-tenths grains of gold, nine-teu ths tine.
Eesumption does not mean the actual use and handling of the gold
dollar in every transaction. Coin and currency are but the sraall change
used in trade. Bank-checks and bills of exchange are the instruraents
employed in all large transactions. A single check pays for a whole
invoice of goods, for car-loads of coal, and for houses and lands. Eesumption means only that the dollar represented by the check shall
be equivalent to twenty-five and eight-tenths grains of gold, as the
pound represented upon the beam of the platforra-scale shall be equivalent to sixteen ounces avoirdupois. It means that the millions and
billions of business transadtions of a single year shall each be measured
by a fixed ahd true, and not by a fluctuating and false, standard of
value.
Congress, on March 18,1869, passed an act iu which ' ' t h e United
States pledges its faith to make provision at the earliest practicable
period for the redemption of United States notes in coin;" and on January 14,1875, a day was fixed for that purpose. The paper dollar is now
worth 97f cents, in gold, and represents a weight of about twenty-fivo'
grains of that metal. It has increased in its representative value and
weight forty per cent, during the last ten years, more than ten pei? cent,
during the past two years, and nearly five per cent, within the last six
months; and there is no apparent good reason why it should not soon
become of the full standard value, when both the paper and the gold
dollar will be an equal raeasure of value, for the rich and poor alike.
The government, and the banks of the country also, suspended specie
payment on December 28, 1861; and it is believed that the nationaL^
banks will cordially unite with the government in irestoring the true^
standard of value whenever the acts of Congress referred to shall be
carried into efi:ect.
NATIONAL-BANK
CIRCULATION.
The following table exhibits, by States and geographical divisions,
the number of banks organized and in operation, with their capital,.
151
COMPTROLLER OF THE CURRENCY.
bonds on deposit, and circulation issued, redeemed and outstanding, on
the 1st day of November^ 1877:
s t a t e s and Territories.
Maine
New Hampshire
Vermont
Massachusetts
Rhodelsland
Connecticut
Capital.
Bonds.
Organ- In liqui- I n operized.
dation. ation.
Capital
p a i d in.
B o n d s on
deposit.
741
47'
49
240
62
85
Totals, Eastern
States
New York
New Jersey
Pennsylvania
Delaware
.
Maryland
Banks.
.....
Totals, Middle
States
2
1
3
3
1|
4
557
14
335
70
253
13
34
53
1
21
.......^
705
77
10
29
2U
15
4
10
5
17
5
1
1
2
4
72
46
46
237
61
81
$10, 660, 000
5, 740, 000
8, 768, 700
97,147, oool
20, 079, 800
25,.548,120
Circulation.
Issued.
R e d e e m e d . O uitns gt a. n d -
$9, 459, 250 $19,239, 520 |10, 569, 631
. 5, 769, 000 11, 401, 455 6, 198, 638
7, 635, 500 17,350,960 10,150, 370
69, 556, 850 153, 671, .580 92,252,113
14, 053, 900 32, 447, 825 19, 629, 985
19, 731, 200 43, 95.5,140 26, 587, 407
$8, 669, 889
5,202,817
7, 200, 590
61, 419, 467
12, 817, 840
17, 367, 733
543 167, 943, 620 126, 205, 700 278, 066, 480 165, 388,144 112, 678, 336
•
282
69
232
13
32
95,199, 691 54, 619, 950 156, 836, 355 107,103, 027 49, 733, 328
14,178, 3.50 12, 549, 3.50 27, 288, 720 16, 061, 668 11, 227, 052
56, 014, 340 44, 954, 300 101,154,415 59, 664, 955 41, 489, 460
1, 663, 985 1, 484, 200 .3,149, 315 1,784,115 1, 365, 200
13, 298, 685 8,145, 000 21,118,700 13,161,270 7, 957, 430
628 180. 355, 051 121, 7.52, 800 309, 547, 505 197, 775, 035 111, 772, 470
D i s t r i c t of C o l u m b i a
Virgiuia
W e s t Virginia
N o r t h Carolina
South Caroliua
Oeorgia
Florida
Alabam a
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennes.see
Missouri
. '
.53
• 32
43
Totals, Sonthern
ancl S o u t h w e s t ern States
272
60
212 42,115,500 26, 705, 950 69, 917, 545 42,629,482 27, 2^8, 063
195
114
163
89'
56
99
38
27
12
31
15
19
8
16
21
7
12
2
164 28, 471, 900 23,627,250 53,122, 830 30, 939, 539 22,183, 291
99 16,180, 500 13,281,700 32, 253, 385 19,695,761 12, 557, 624
144 18, 461, 000 10, 413, 000 31, 895, 265 21,233,462 10, 661, 803
81 9, 844, 500 6, 267,100 14, 990, 120 9,117,897 5, 872, 223
40 3, 500, 000 2, 295, 500 6, 777,140 4, 382, 428 2, 394, 712
78 6,137, 000 4, 475, 500 11, 447, 880 7,148,096 4, 299, 784
31 4, 628, 700 2, 694, 400 6, 638, 580 3, 960, 462 2, 678,118
15 1, 065, 000
940, 000 2, 676, 260 1, 637, 988 1, 038, 272
10 1, 000, 000
824, 000 1,746,860 • 955,900
790, 960
793
131
662 89, 288, 600 64, 818, 450 161, 548, 320 99, 071, .533 62, 476, 787
1
1
17
1
Ohio
Indiana
Illiuois ..
Michigan
Wisconsin'
•Iowa
Minnesota
Kansas
Nebraska
:
i.
'.-.
11
IH
12
Totals, W e s t e r n
States
Nevada
Colorado
Utah
Idalio
Montana
W y o m i n g . ..^
N e w Mexico
Dakota
T o t a l s , Pacific
States
and
Territories
•
i
7
7
13
4
3
1
6
2
2
1
35
1
•
9
D u e b a n k s for m u t i lated notes retired.
6 1, 432, 000 1, 038, 000
19 3, 485, 000 2, 719, 850
15 1, 846, 000 1, .548, 250
15 2, 601, 000 1, 399, 000
12 2, 870, 700 . 1, 470, 000
12 2,141,000 1, 899, 000
1
50, 000
50. 000
10 .1, 65§, 000 1,521,000
7'
12
2
46
25
30
3, 900, 000
1,125, 000
205, 000
9, 986, 500
3, 080, 300
7, 735, 000
1 • 250.000
13 1, 235, 000
1
200, 000
100, 000
1
5 . 350,000
2
12.5, 000
2
300, 000
1
50, 000
26
2, 610, 000
920, 000
684, 000
205, 000
8, 357, 3.50
2, 624, 500
2, 270, 000
250,
732,
50,
100,
236,
60,
300,
50,
3, 298, 300 2, 258, 857 1,039,443
6, 889,990 4, 373, 967 2, 516, 023
4, 743. 240 3,115, 568 1, 627, 672
3; 409, 550 1, 914, 760 1, 494, 790
3, 367, 185 1, 968, 835 1, 398, 350
4, 451, 260 2, 611,125 1, 840,135
44, 400
52, 400
8,000
2, 736, 750 1, 271, 267 1, 465, 483
1,521
64, 479
66, 000
5, 664, 760 4,120, 098 1,544,062
568 943
1,608,430 1, 039, 487
220,765
473, 700
252, 935
16, 618, 055 8, 341, 797 8, 276, 258
.5, 930, 520 . 3, 430, 0')6 2, 500, 454
10,607,405 7, 889, 811 2^.717,594
131,700
000
460, 400
000 1, 417, 620
602, 230
000
000
186, 040
000
464, 420
000 1
103,200
000
543, 26(
000
90, 930
1,778,000
3, 999, 800
127, 877
235, 400
729,137
519,162
103, 339
249, 351
47, 060
275, 210
46, 930
3,823
225, 000
688, 483
83, 068
82, 701
215, 069
56,140
268, 050
44, 000
2, 333, 461)
1,666,334
893,121
Grand totals
A d d for gold b a n k s
2, 362
10
291
1
2, 071 482,312,771 341,260,900 823, 079, 650 507,197, 660 316, 775, 111
9 4, 300, 000 1, 788, OOC 2, 961, 000 1, .528, 880 1,432,120
T o t a l s of c u r r e n c y
a n d gold b a n k s . . . .
2, 372
292
2, 080 486, 612, 771 343, 048, 90C 826, 040, 650 508, 726, 540 318, 207, 231
The act of February 25, 1863, and the subsequent act ot* June 3,
1864, authorized the issue of three hundred millions of dollars of national
152
REPORT ON T H E
FINANCES.
bank circulation, which was increased by the act of July 12, 1870,
to three hundred and fifty-four millions. The act of June 20, 1874,
authoiized any national-bank desiring to withdraw its circulating notes,
in whole or iu part, to deposit lawful money with the Treasurer of
the Unitecl States, in sums not less than $9,000, and to withdraw a
proportionate araount of the bonds held as security for such notes;
and the act of January 14, 1875, repealed all provisions restricting
the aggregate amount of national-bank circulation, aud required the
Secretary of the Treasury to retire legal-tender notes to an araouut
equal to eighty per cent, of the national-bank notes thereafter issued,
until the amount of such legal-tender notes outstanding should be $300,000,000, and no more.
Nearly all gf the $300,000,000 of national-bank circulation originally
authorized was issued during the first six years subsequent to the establishraent of the system, the amount outstanding on November 1, 1868,
having been $299,887,675—or within $112,325 of the authorized limit.
The adaitional fifty-four millious authorized by the act of July 12,1870,
T^as never wholly issued—the greatest amount of circulation outstanding
at any time having been ou December 1,1874, when it was $352,394,346,
or $1,605,654 less than then authorized by law.
Since the passage of the acts of June 20, 1874, and of January 14,
1875, authorizing the retirement and reissue of national-bank notes at
the pleasure of the banks, the circulation has been steadily de(5reasing
in amount. This will be seen from the following table, which exhibits the
total outstanding circulation, not jncluding mutilated notes in transit,
upon the 1st day of January for the last ten years, and also upon November .1 of the present year:
•Jan. 1, 1868
Jau. 1,1869
Jan. 1, 1870
Jan. 1, 1871
Jan. 1, 1872
Jan. 1, 1873
$209,
299,
299.
304,
327,
342,
846,
747,
629,
956,
727,
541,
206
.569
322
849
306
452
Jan. 1, 1874
Jau. ], 1875 .
Jan. 1, 1876 .
Jau. 1, 1877
N o v . 1, 1877"
$348, 516, 478
347, 9.59, 471
341, 653, 672
318,356,754
315, 881, 990
The araount of legal-tender notes on deposit for the purpose of retir.'
ing national-bank circulation vvas, on November 1, 1875, $20,238,642'
on November 1, 1876, $20,910,946,- and ou November 1, 1877, $13,111,371; and deducting these amounts respectively from the aniount of
circulation outstanding at the dates naraed, the reraainder, on November 1, 1875, was $322,944,586; on November 1, 1876, $298,965,250; and
on November 1, 1877, $302,770,619—or only $2,770,619 more than the
three hundred millions originally authorized.
Since the passage of the act of June 20, 1874, $72,407,545 of legaltender notes have been deposited in the Treasury for the purpose^ of
re til iug circulation, and $63,109,849 of bank-notes have been redeemed,
destro.Ncd and retired, Since the passage of the act of January 14,
1875, $34,386,385 of additional circulation has been issued, aud legaltendci- notes equal to eighty per cent, thereof, or $27,509,108, have been
ret.ired, leaving $354,490,892 of the latter notes outstanding November 1,
1877. The amount of additional circulation issued for the year ending
November 1, 1877, was $16,306,030, of which $1,244,520 was issued to
twenty-nine banks organized during the year, having capital amounting
to $2,589,000; and within the same period $20,681,637 of circulation
was retired, without reissue; the actual decrease for the year being
$4,375,607, and the total decrease since Jauuary 14, 1875, $35,086,339.
During the year ending November 1, 1877, lawful inoney to the amount
153
COMPTROLLER OF THE CURRENCY.
of $10,465,756 was deposited with the Treasurer.to redeem circulation,
of which amount $2,291,266 was deposited by banks in liquidation.
The amount previously deposited, under the act of June 20, 1874, was
$52,853,560, and by banks in liquidation $9,088,229; to which is to be
added a balance of $3,813,675 remaining from deposits made by liquidating banks prior to the passage of that act. Deducting from the total of
the suras naraed ($76,221,220) the amouut of circulating notes redeemed
and destroyed, and for which no reissue has been made, ($63^109,849,)
there reraained in the hands of the Treasurer on Noveraber 1,1877,
$13,111,371 of lawful raoney for the redemption and retirement of circulation.
The following table exhibits by States the issue and retirement of
circuiatiou during the year endi.ug November 1, 1877, and the total
amount issued and retired since June 20, 1874:
Circulation retired.
St."tes a n d T e r r i t o r i e s .
Maine
New Hampsbire
Verraont
•Massachuaet^-s
Rhode Island
Conn(-.cticu t
New York
New Jersey
Peuns.ylvania
Delaware ..:
Maryland
D i s t r i c t of C o l u m b i a .
Virginia
W e s t Virgiuia
N o r t h Carolina
South Caroliua
Georgia
:
Florida
Alabauia
Mississippi
Lo'uisiana.
Texas.
^Arkausas .
'Kentuck.y .
Tennessee .
Missouri...
Ohio
Indiana . . .
Illiuois ...'.
Michigan ..
Wisconsin .
Iowa.
Minnesota
Kansas
Nebra.ska
Nevada
:
'.
Oregon
. Colorado
Utah
Idaho
Montan a
S u r r e n d e r e d to t h i s office a n d r e t i r e d .
Circulation
issued.
U n d e r a c t of
June20,1874.
Of l i q u i d a t ing banks.
$361, 940
125, 205
21.5,990
3, 660, 370
139, 300
372,200
6,214, 140
484, 300
1,543,120
075
84, 200
69, 700
201, 000
9,000
4S, 600
• 21,000
59, 520
$170, 800
9,800
250,219
1, 328,162
204,145
370, 665
3, 5:i0, 258
387, 891
1,952,655
427, 890
136,375
297, 005
40, 700
272, 750
211,280
94, 930
24. 050
33,150
133,9.53
108, 950
18, 000
16,100
90, 000
54, 000
90, 000
344, 500
54, 000
45, 200
414, 860
454, 400
270, 970
96, 800
111,000
175, 940
292, 200
547, 860
60, 427
33,118
345, 958
96, 038
517, 135
665,000
820, .527
1, 363, 984
462, 822
158,745
295, 769
360, 914
37, 350
55, 550
100
300
85, 300
27, 000
157, 500
4.5, 500
10, 525
$4,
3,
29,
10,
658
303
050
350
11, 457
335, 472
4,600
208, 070
63, 080
Total.
$175, 4.53
13, 103
279, 269
1,338,512
204,145
382,122
3, 865, 730
392, 491
2,160, 725
451, 940
169, 525
430, 958
149,650
272, 750
211,280
158, 010
200
148, 812
68, 350
134,809
281, 257
1.53, 563
305, 368
36, 550
89, 652
153, 673
70, 550
11.3,007
12, 350
800
16, 200
300
633,160
60, 427
33,318
494, 770
164, 388 •
651, 944
946, 257
974, 090
,669, 352
499, 372
248, 397
449, 442
431, 464
150, 357
67, 900
800
29, 100
30, 850
74, 600
41, 375
1,750
1, 7.50
2, 416, .300
T o t a l s for t h e y e a r e n d i n g N o v e i n b e r
1,1877
'.....
A d d t o t a l s frora J u n e 20, 1874, to N o v e m b e r 1,1876
S u r r e n d e r e d to t h i s office b e t w e e n s a m e
dates
:
16, 306, 030
15, 578, 847
2, 686, 484
20, 681, 637
22, 814, 855
37,122, .069
7, 722, 449
44, 844, 518
T o t a l i s s u e s a n d r e t i r e m e n t from J u n e
20,1874, to N o v e m b e r 1,1877
39,120, 885
6, 713, 801
52, 700, 916
10, 408, 933
72, 239, 956
154
RETORT ON T H E
FINANCES.
The following table exhibits the issue and retirement of national-bank
notes, and the deposit and retirement of legal-tender notes, monthly, from
the passage of the act of January 14, 1875, to December 1 of this year:
National-bank circulation.
Legal-tender notes.
Months.
Issued.
J a n . , 1875, (last 17 days)
Feb., "
Mar., "
,
Apr., "
May, "
June, "
July, "
Aug., "
Sept., "
Oct., "
Nov., "
—
Dec,
"
J a n . , 1876
Feb., "
Mar., "
Apr., "
May, "
June, "
•.
July, "
Aug., "
Sept., "
Oct., "
Nov., "
Dec, "
J a n . , 1877
Feb., "
Mar., "
Apr., "
May, "
June, "
July, "
Aug., "
Sept', "
Oct., "
Nov., "
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 to t h i s office
and retired
Totals .
Retired.
$.537,-.580
1, 062, 440
1, 956, 580
1, 390,^200
1,237, .500
1. 735, 525
i; 151,140
626, 960
520, 650
768,100
981, 010
821, 220
702, 370
329, 385
322, 380
225, 815
476, .560
485, 670
144, 880
360,100
1, 045, 510
1,198, 780
780, 895
1, 069, 895
1, 337, 840
931, 660
1, 979,100
1, 4.52, 2,50
1, 3.52, 280
810.310
837, 640
1, 397, 570
1, 326, 540
3, 030, 050
3, 938, 255
$255, 600
1,139, 204
583,200
1, 614, 400
1, 532, 530
1, 734, 900
2,156,500
1, 847, .596
1, 803, 020
1, 903, 3.55
967, 969
898, 039.
1,986,723
1,949,873
1, 853, 549
1, 622,117
2, 087, 421
4, 744, 747
2. 8''1, 816
4,032,953
2, 330,168
2, 201, 606
1,900,862
1,410,285
1, 447, 868
2, 250, 377
1, 319, 728
1, 435, 491
1, 739,105
2,121, 440
1,123, 854
1, 444,141
595, 599
1, 476, 581
1, 385, 767
38, 324, 640
70, 966, 491
Deposited.
Retired.
$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
. 1, 284, 079
2, 006, 950
2, 629, 900
3, 856, 237
5, 304, 027
3, 001, 600
2, 085, 692
2,612,645
1, 232, 831
. 1,137, 630
1, 776, 085
1, 251, 609
432, 600
870, 975
703, 240
818,247
737. 7.55
675, 265
682, 240
1, 732. 690
1, 610, 079
1,263,940
787, 325
151, 400
261,600
s$2,773, IOO
1, 175,140
987, 760
1, 292, 420
1, 016, 472
509, 400
304, 584
704, 880
764, 472
644, 552
554, 080
329, 748
188,144
227, 372
404, 208
351, 384
1.53, 056
. 284,624
839, 864
959, 024
624,716
855, 916
1, 070, 272
745, 328
1, 583, 280
1, 161, 800
1, 081, 824
648, 248
670,112
1,118,056
1,061,232
. 2,424,040
3,150, 604
62, 626, 248
30, 659, 712
9, 238,107
. The table below gives similar information by fiscal years :
The amouDt of legal-teDcler notes, deposited to retire nanational-bank notes, under act of June 20, 1874, is as
follows:
From June 20, 1874, to June 30, 1875..
$25,523. 059
For the fiscal year ending, June 30, 1876
31, 020, 576
For the fiscal year ending, June 30, 1877
12,051,167
From June 30, 1877, to December 1, 18"7
4, 074, 343
72,669,145
^
3, 813, 675
•— $76,482,820
The amount of national-hank notes retired was as follows:
From June 20, 1874, to January 14, 1875
2,767,232
From January 14, 1875, to June 30,1875
15,193,181
For the fiscal year ending June 30, 1876
7
23,820,909
For the fiscal year ending June 30, 1877
25, 021, 698
From June 30, 1877, to December 1, 1877
" 6, 930,703
On deposit June 20, 1874, to retire notes of closed h a n k s . . .
Total national-bank notes retired
Less amount surrendered to this office and retired.
Amount redeemed by Treasurer United States
Total Itegal-tender notes on deposit at date
73,733,723
9, 238,107
64, 495,616
11, 987,204
COMPTROLLER OF THE CURRENCY.
155
Additional national-bank notes have been issued, as follows :
From January 14, 1875, to June 30, 1875
...r
$7,919, 825
For the fiscal year ending June 30, 1876
7,411 260
For the fiscal year ending June 30, 1877
12,463,500
From June 30, 1877, to December 1, 1877
10,530, 055
$38, 324, 640>
Of which amount 80 per cent, in legal-tender notes has been
retired, as follows :
From January 14,1875, to June 30,1875
$6,228,420
For the fiscal year ending June 30,1876
5,999,296
For the fiscal year ending June 30,1877
."
10, 007, 952
From June 30,1877, to December 1,1877
8,424,044
—
30,659,712'
The followiug summany exhibits concisely the operations of the acts
of June 20, 1874, and of January 14, 1875, down to December 1, 1877:
National-bank notes outstandiug, June 20,1874
$349,894,182:
Amount of same issued from June 20,1874, to January 14,1875. $4,734, 500
Amount redeemed and retired between same dates
2,767, 232
Increase from June 20,1874, to January 14,1875
".1,967,268
Total amount outstanding January 14,1875
351,861, 450^
Amount redeemed and retired from January 14,1875, to date.$61,728, 384
Amount surrendered between same dates
9,238,107
Total redeemed and surrendered
70, 966, 491
Amount issued between same dates
38,324,640
Decrease from January 14,1875, to date.
'
National-bank notes outstanding at date
319,219, 599^
Greenbacks on deposit June 20,1874, to retire notes of closed banks . . . . . .
Deposited from June 20, 1874, to date, to retire national-bank notes
Total deposits
$3, 813, 67572, 669,145
76,482,820
Circulation redeemed by Treasurer between same dates without reissue..
Greenbacks on deposit at d a t e . . .
Greenbacks retired under act of January 14, 1875..
•
Greenbacks outstanding at date
NATIONAL GOLD BANKS.
32.641, 851
64,495, 616$11,937,204
-
$30,659,712
351,340,288-
National gold banks were authorized to be organized under the act
of July 12, 1870. The largest amount of outstauding circulation of
these banks was on August 19, 1875, when it fimounted to $2,640,000,
upon a capital of $4,630,000. Nine national gold banks were in operation on November 1, 1877, all located in the State of California, with a
capital of $4,300,000, and with circulation amounting to .$l,432,120o.
These banks are subject to the same restrictions as other national
banking associations. The araount of circulation issued upon bonds deposited is, however, but eighty per cent., and they are required to keep
on hand twenty-five per cent, of their circulation in gold and silver coin,
the notes of thevbank beiug redeeraed in gold coin alone. A bill passed
the EEouse of Eepresentatives during the last session, authorizing the
issueof ninety per cent, of circulation upon the aniount of bonds deposited
with the Treasurer, aud also requiring such banks to keep on deposit
with the assistant treasurer in San Francisco five per cent, of their cir-'
cuiation in gold coin, in lieu of the twenty-five per cent, now required to^
be kept ou hand, and to redeem their circulating notes at their own
156
REPORT ON T H E
FINANCES.
counter and at the office of the assistant treasurer. This bill was
passed too late in the session to be acted upon by the Senate, and its
passage is now recommended.
SECURITY OF CIRCULATING-NOTES.
The following table exhibits the kinds and amounts of United States
bonds held by the Treasurer on the Ist day of Noveniber, 1877, to secure
the redemption of the circulating-notes of national banks: .
Class of b o n d s .
A u t h o r i z i n g act.
L o a n of F e b r u a r y 1861, (81s)
L o a n of J u l y and A u g u s t , 1861, (81s) . . . . .
L o a n of 1863, (81s)
!Five-twenties of 1865
Consols of' 1865
Consols of 1867
Consols of 1868
Teii-forties of 1864
.
F u n d e d loan of 1831
F e b r u a r y 8 1861 .
J u l y 17 a n d A u g u s t 5,1861.
M a r c h 3, 1863
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.
do
. . do
J u l y l , 1862, and J u l y 2,1864
F u n d e d loan of 1P91
F u n d e d loan of 1907
Pacific R a i h y a y b o n d s
Total
R a t e of i n t e r e s t .
Amount.
6 per cent..'.
....do
....do
$2 581 000
36,145, 800
20, 835, 700
7, 000
4, 792,150
7, 824, 900
1, 962, 000
76, 071, 950
124, 018, 550
(10
..do
....do
do
5 per cent
. do
4.^ p e r c e n t
4 per cent
6 percent
45, 089, 700
15, 884,150
7, 836, 000
343, 048, 900
On October 1, 1865, the total amount of bonds held for this purpose
was $276,250,550, of which $199,397,950 was in six per cents., and
$76,852,600 in five per cents. On October 1,1870, the araount held was
$342,833,850, of which only $95,942,550 were five per ceuts.; frora which
it appears that there has been, during the last seven years, an increase
of $104,147,950 in the five per cents., and a decrease of $164,906,750 in
the six per cent, bonds. During the two years ending Noveniber 1,
instant, there has been a decrease of $46,518,662 in six per cents., and
of $38,955,700 in five per cent, bonds; while in the same period
$45,089,700 of four and one-half per cents., and within the last six
inonths $15,884,150 of four per ceut. bonds, have been deposited.
From the above table it will be seen that the amouut of bonds pledged
by the national banks as security for their circulating-notes is $343,048,900. This araount consists of $81,984,550 of six per cent, bonds, including $7,836,000 issued to Pacific Eailroads, $200,090,500 of five per
cent., $45,089,700 of four and one half per cent., and $15,884,150 of four
per cent, bonds. If that portion of these securities bearing a higher rate
of interest were exchanged for the latest issues of United States bonds,
bearing interest at the rate of four per cent, per annura, the incorae of
the banks from this source would thereby bie reduced $3,865,194.50.. The
tax upon circulation paid to the government for the last fiscal 3^ear was
about $2,900,000, which is $965,194.50 less thau the loss of incorae to the
banks, if the bonds held as security for circulation were all exchanged for
the four per ceuts. That is to say, if circulating notes, free frora tax, were
authorized to be issued upon four per cent, bonds deposited as security
therefor, and such bouds should be substituted for the others now on
deposit, the income of the uational banks would thus be reduced
$965,194.50. The goverument would, however, be largely the gainer;
for the purchase by the banks of $327,004,750 of four per cent, bonds
•would place the Treasury Department in funds with which to purchase
and retire the same amount of six per cents which have now matured.
The government would thereby save $6,540,095 annually in interest,
COMPTROLLER OF THE CURRENCY.
157
while it would lo^e the present tax upon circulation, ($2,900,000,) thus
leaving a net annual gain of $3,640,095.
The government has now outstanding more than nine hundred millions of six per cent, bonds, which are to be retired before the.five per
cents can be called in. When the six per cents shall have been retired, the
banks may still hold the five per cents, of which more than $700,000,000
are now outstanding. If the six per cents held by them shouUrbe exchanged for fives, the income to the banks would then be $3,015,000—or
$115,000 more than the amountof taxes paid upon circulation during the
last fiscal year. When the banks shall becomethe owners of $300,000,000
of the four per cents, it may be fairly presumed that the borrowing-power
ofthe government will be tixed at not above that rate; so thatthe funding
of the remaining five and six per cent, bonds of the government will be
promoted and hastened. It is also to be presumed that, under the stimulus of renewed prosperity in trade and commerce, and the gradual reduction of the greenbacks, an additional araount of bank currency will be
issued, which will furnish renewed demands from the banks for the four
per cent, issues. It is not probable that during the next ten years the
governraent debt will all be reduced to a rate of interest below five per
cent.; and it is clearly for the interest of the governraent, until this can
be accomplished, to receive the four per cents from the banks, free of any
tax upon circulation.
The proposition for the repeal of the tax upon circulation has not
been urged by the national-bank interest; but, if the four per cento
bonds were authorized to be received as a basis for circulation which
shall be free from tax, it would seem that all of the six per cent, bonds
now outstanding could soon be exchanged for what would then be
rightfully designated the four per cent, consols of the United States.
RESERVE.
I t is estimated by the best authorities t h a t t h e Scotch banks, which
have long enjoyed the reputation of being well managed, and the Jointstock and other incorporated banks of England (not including the Bauk
of England) hold not exceeding five per cent, of their liabilities in ready
money. The remainder of their reserves are largely invested in the
English consols, bearing interest at the rate of three per cent, per annum, the average price of which, siuce 1850, has been about ninety-two
cents to the dollar.
The French Government issues sraall coupon-bonds, or rentes, in
denominations as low as one hundred francs, or about tweuty dollars, for
the convenience of those who desire to invest their savings in the public
fundSi The recent failures of savings-banks throughout this country,
having on deposit large amounts of the people's earnings, have suggested
the propriety and policy of the issue by the Government of four per cent,
bonds of a denomination less than fifty dollars. There is but little doubt
that the savings ofthe people would be largely invested in such bonds,
provided they could be readily negotiated by the holders, when desired,
without material loss.
The national banks in the reserve cities are required to keep a reserve
of twenty-five per cent, upon deposits,one-half of which maybe on deposit
with their reserve agents in the city of New York, The country
banks are required to hold a reserve of fifteen per cent, upon deposits,
three-fifths of which may consist of balances with their correspondents
in the reserve cities. An amount equal to more than one-sixth of
the capital of the national banks, or about $87,000,000, is thus con
158
REPORT ON THE FINANCES.
tinually kept on deposit with the banks in the reserve cities. A considerable portion, probably one-half of this amount, is sent by the
banks.to their correspondents, not.for the purpose of legitimate business, but in order to obtain interest upon idle funds which cannot be
invested by them in available loans. It authority were given to the
national banks to hold, in four per cent, bonds of a denomination less than
fifty dollars, such portion of their reserve on deposit with their agents as
they might think proper, it would result in a large investment by them in
these securities ; and the savings-bank depositor, if he should so desire,
would then find no difficulty in disposing of these small bonds among
the twenty-one hundred national banks, one, at least, of which is located
in almost every village in the country. This policy would also have the
effect of strengthening the available resources of the banks, and of retaining in their hands a considerable portion of those idle funds which are
now sent to their correspondents in the central cities, and are loaned
by the latter,- upon call, to dealers in speculative securities.
I t is estimated that an amount, varying from .20.0 to 600 millions of
dollars, is held in English consols, as a reserve fund, by the banks
of the United Kingdom; and there does not seem to be any good
reason why. the four per cent, consols of the United States should not be
emi)loyed for a similar purpose in this country; and the Oomptroller
recommends that the banks outside of the city of New York be allowed
to hold that portion of their reserves, not required to be kept on hand
in cash, in the sraall four per cent, bonds which may be issued for the use
of that class of persons now depositing in savings-banks.
The following tables exhibit the amount of circulation, net4eposits
and reserve held by the national banks in the States and Territories,
(exclusiye of reserve cities,) in New York City, and in the other principal cities, together with the total amount held by all the banks, at
three periods in each year, from 1872 to the present time.
STATES AND TERRITORIES, EXCLUSIVE OF RESERVE CITIES.
Dates.
A p r i l 19,1872
J u n e 10,1872
Octobers, 1872....
R e s e r v e held. Classification of r e s e r v e .
Liabilities.
NumR
e
s
e
r
v
e
b e r of
Other
Due
Ratio
req'red.
b a n k s . Circula- N e t defrom
Total.
A m o u n t t o liabil- Specie. lawful
tion.
posits.
money. agents.
ities.
A p r i l 25,1873
J u n e 13,1873
S e p t e m b e r 12,1873.
1,616
1,6261 689
1,732
1,737
1,747
M a y 1,1874
J u n e 26,1874
October 2, 1 8 7 4 . . . .
1,751
1,755
1,774
M a y 1.1875
J u n e 30,1875
October 1,1875....
1,815
1, 845
1,851
M a y 12,1876
J u n e 30,1876
October 2 , 1 8 7 6 . . . .
1,853
1,855
1,853
A p r i l 14, 1877
J u n e 22,1877
Octoberl, 1877....
1,839
1,844
1,845
Millions Millions Millions Millions Millions P e r cent Millions MilUons Millions
52.2
20.2
2.6
43.2
220.1
73.1
487.4
98.0
267. 3
57.8
L9
42.1
222. 0
73.6
20.7
490.8
101.8
268.8
52.5
2.0
43.3
227. 3
76.4
509.4
97.8
19.2
282.1
59.0
20.2
45.1
231.9
78.4
1.6
522.6
105.7
290.7
62.3
20.6
44.9
232. 8
1.7
527.7
79.2
108.9
294.9
63.9
20.6
44.5
233.1
.2.1
536. 9
110.5
303.8
80.6
60.1
78.4
21.6
2.4
50.1
23.5.8
286.2
522.0
112.6
62.0
235.4
21.3
2:2
47.3 .
78.5
287.4
522.8
111. 5
234.1
52.7
19.1
2.4
45.5,
293.4
527.5
79.2
100.6
47.1
52.1
231.5
100.7
18.8
1.5
536.7
80.5
305.2
58.4
229. 8
45.2
19.4
1.6
311.5
54L3
81.2
105.2
230.7
53.3
306.7
1.6
45.2
537.4
80.7
^18.6.
100.1
56.7
222.4
45.9
104. 5
1.9
298.7
521.1
78.2
20.1
57.2
20.1
2.5
44.1
'218. 8
298.7
517.5
77.6
103.8
19.6
55.4
218.6
291.2
509.8
76.5
2.8
41.8
100.0
217.7
4.2
55.9
293.4
20.3
43.8
511.1 • 76.7
103. 9
214.5
20.2
4.2
42.7
55.0
290. 9
75. 9
505.4
101.9
18.9
42. 3
216.5
4.2
48.9
289. 4
76.0
95.4
505.9
COMPTROLLER OF THE CURRENCY.
159
NEW YORK CITY.
Dates.
R e s e r v e held. Classification of r e s e r v e .
Liabilities.
NumReserve
b e r of
Other
reci'red.
Ratio
Due
b a n k s . Circula- N e t de- Toiial.Amount to liabil- Specie. laAvful
from
tion.
posits.
ities.
money. agents.
•
A p r i l 19,1872
J u n e 10,1872
O c t o b e r 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 2,1874....
M a y 1,1875
J u n e 30, 1875
O c t o b e r 1,1875
M a y 12,1876 . . . . . .
J u n e 30,1876
O c t o b e r 2, 1 8 7 6 . . . .
A p r i l 14,1877
J u n e 22,1877
October 1,1877..-.
.
Millions Millions Millions Bullions Millions F e r cent Millions Millions MilUons
50. .1
53.4
26.6
11.9
51
172.0
41.5
28.6
200.6
56.3
65.6
29.1
15.2
50. 4
51
196.9
225.2
28.3
46.5
45.4
24.4
6.4
39.0
186.1
50
158.0
28.1
163.6
24.7
34.2
49
191.
6
47.9
47.3
13.1
28.0
30.1
186.5
214. 2
53.6
64.4
23.6
40.8
49
27,7
23.4
200.2
50.0
46.9
14.6
172. 7
32.3
48
27.5
30.4
207.6
234. 8
58.7
71.3
25.0
46.3
-27.2
48
206. 4
58.1
30.9
15.5
232. 6
26.2
56.3
48
71.8
14.4
204.6
57.5
29.7
25.3
229. 9
53.9
48
68.3
26.4
6.7
51.1
197. 5
218.5
54.6
57.8
21.0
48
32.2
59.4
13.7
218.4
237. 6
76.6
62.9
48 . 19.2
55.1
27.4
202.3 . 220.6
60.5
5.0
18.3
55.5
48
53.4
49.2
27.2
16.0
37.4
180.5
196.6
47 • 16.1
52.8
6.5.1
18.1
47.0
15.6
195. 8
211.4
47
30.8
53.2
14.6
46.1
47
197.9
212.7
60.7'
14.8
28.5
54.9
26.4
47
16.2
191.9
.52.0
1.5.8
208.1
39.1
243.7
64.9
61.3
23.6
11.7
47
15.9
259. 6
49.6
174.9
47.6
13.0
190.3
25.2
55.1
47
15.4
48.1
OTHER RESERVE CITIES.
April 19, 1872....
June 10, 1872. . . . .
October 3, 1872...
April 25, 1873....
June 13, 1873
September 12,1873
M a y l , 1874
J u n e 26,1874
October 2,1874 . . .
May 1,1875
J u n e 30, 1875.....
October 1, 1875...
May 12. 1876 . . . . .
J u n e 30, 1876
October?,, 1876...
April 14, 1877
J u n e 22, 1877
Octoberl, 1877...
176
176
180
181
182
181
179
180
182
183
183
188
189
189
189
187
187
188
Millions M l l i o n s Millions Millions Millions P e r cent MilUons Millions MilUons
65.1
27. 4
183.9
260.5
71.4
5.1
36.4
76.6
29.9
68.7
198.1
274.9
79.1
2.8
42.6
76.8
28.8
33.7
64.4
179.6
257.7
66.8
1.9
36.7
78.1
25.-9
28.2
196.0
274.2
68.6
72.4
26.4
78.2
2.2
40.4
29.8
210.5
288.7
72.2
28.0
78.2
80.8
^2.7
43.2
34.9
197.5
275.3
68.8
26.1
77.8
3.2
36.3
32.3
71.8
72.1
77. 3
210.9
288.2
84.2
29.2
5.1
45.4
33.7
74.0
219.1
296.0
87.4
29.5
76.9
4.5
47.4
35.5
73.3
219. 9
293.0
76.0
25.9
40.4
4.5
31.1
73.1
2.4"
217.9
72.2
41.1
70.8
288.7
72.0
25.0
28.5
3.7
69.1
225.5
73.7
294. 6
78.0
26.4
43.0
31.3
L5
69.4
222. 9
73.1
292.3
74.5
25.5
40.7
32.3
61.7
213. 9
68.9
72.7
275. 6
30.0
3.8
30.1
38.8
60.0
69.8
27.9
219.0
279.0
77.8
4.7
42.4
30.7
58.4
68.7
27.7
216.3
274.7
76.1
4.0
40.1
32.0
72.3
26.7
7.1
209.5
67.6
60.8
270.3
36.1
29.1
73.3
77.2
5.4
.233.7
293.3
26.3
59.6
44.7
27.1
65.9
263.4
67.3
5.6
203.4
24.4
60.0
25.5
37. 3
SUMMARY.
A p r i l 19, 1872
1,843
1, 8.53
J u n e 10, 1872
O c t o b e r 3, 1 8 7 2 . . . . 1,919
A p r i l 25, 1873
1,962
1,968
J u n e 13, 1873
S e p t e m b e r 12,1873. 1,976
M a y l , 1874
1,978
J u n e 26, 1874
. 1, 983
O c t o b e r 2 , 1 8 7 4 . . . . 2,004
2,046
M a y 1,1875.
2,076
J u n e 30, 1875
O c t o b e r l , 1 8 7 5 . . . . 2,087
M a y 12,1876
2,089
J u n e 30,1876
2, 091
O c t o b e r 2, 1 8 7 6 . . . . 2,089
A p r i l 14, 1877
2,073
J u n e 22, 1877
. 2, 078
O c t o b e r l , 1 8 7 7 . . . . 2,080
Millions Millions
623. 2
325.3
327.1
663. 8
333.5
619.8
650.3
338.1
691.9
338. 8
338.4
674.0
704.7
340.3
713.0
338.5
717. 9
332.5
323. 3
318.1
318.4
720.6
755.4
731.9
300.2
294.4
291. 8
693.1
713. 5
705.4
294.7
290. 0
291.9
694.8
768. 3
667.7
MilUons MilUons Millions F e r cent Millions MilUons Millions
23.5
948. 5
188.4
19.6
222.9
121. 2
82.1
24.9
990. 9
198. 6
20.0
246.5
134.-9
91.6
22.1
953.3 • 187. 4 209.9
10.2
119.0
80.7
194. 9
988.4
225.4
22.8
16.9
119.7
88.8
204.9
I, 030. 7
254.1
24.7
28.0
129.0
97.1
199.5
229.1
22.6
19.9
113.1
1, 012. 4
96.1
209.1
2.5.7
32.5
1, 045. 0
268.1
141.8
9.3.8
210. 6
25.7
22.3
1, 051. 5
270.7
150. 9
97.5
210. 0
23.3
21.3
139. 8
1, 050. 4
244.9
83.8
22.1
207.3
10.6
1, 043. 9
230.5
139.3
80.6
214.3
24.2
1,073.5
,259. 8
19.0
151.1
89.7
208.9
1, 050. 3
235.1
22.3
8.1
141. 4
85.6
196.3
23.2
21.7
230.6
993.3
122.1
86.8
200.2
24.5
25.3
1,007.9
246.7
133. 5
87.9
198.4 • 236. 8
23.7
21.4
997. 2
128.0
87.4
23.4
196.3
27.1
231.1
989.5
119.0
85.0
22. 7
214.1
2L3
1, 058. 3
240.4
137. 0
82.1
22.0
189.5
22.8
114.7
959.6
210.8
73.3
160
REPORT ON THE FINANCES.
Previous to the passage of the act of Juue 20,1874, the national banks
were rquired to hold a reserve upou circulation and deposits. By that
act the provisions requiring a reserve to be kept upon circuiatiou were
repealed; but the bauks were required to deposit with the Treasurer of
the United States lawful money, equal'iu amo.unt to five per centum of
their circuiatiou, as a redemptiou fund, which,fund was authorized to be
counted as a part of the reserve upon deposits. In the table above given
this redemption fund, on and after Juue 20, 1874, is iucluded iu the.
item of ''.other lawful money," and the ratio of reserve, as given, is upon
both circulation and deposiis.
The following tableexhibits the amount of net deposits, aud the reserve
required thereon by the act of June 20, 1874, together with the amount
and classification of reserve held, at teu different dates, from October 2,
1874, to October 1, 1877, the date of the latest returns from the banks.
STATES A N D TERRITORIES, EXCLUSIVE OF RESERVE CITIES.
R e s e r v e held.
Dates.
NumReserve
b e r of N e t de- req'red,
posits.
banks.
Octobe'r 2,1874
Classification of r e s e r v e .
RedempOther
Due
Ratio.to
tion
Specie. lawful frora
deposits
m o n e y . a g e n t s . fund.
Millions Millions Millions Percent. Millions Millions Millions Millions
44.1
2.4
52.7
1L9
293. 4
34.3
100.6
33.6
11.9
35.2
52.1
306.2
100.7
.32.-9
L5
46.0
11.6
33.5
58.4
312.6
47.0
105.1
. 33.6
1.6
11.5
46.3
32.5
33.7
53.3
307. 9
100.1
1.6
May 1,1875...
J u n e 30,1875...
October 1,1875
1,774
1,815
1,845
1,851
M a y 12,1876..,
J u n e 30,1876..!
October 2,1876
1,853
1, 8,55
1,853
299.4
299.5
291.7
A p r i l 14,1877.,
J u n e 22,1877...
October 1,1877
1,839
1,844
1,845
294.2
291. 6
290.1
45.0
4.5.0
43.8
44.2
43.8
43.6
104.5
103.8
99.9
103.9
101.9
95.4
34.9
34.7
34.3
3.5.3
35.0
32.9
1.9
2.5
2.7
4.2
4.2
4.2
34.9
33.2
31.0
56.7
57.2
55.4
11.0
10.9
10.8
33.1
32.1
31.6
55.9
55.0
48.9
10.7
10.6
10.7
N E W YORK CITY.
Millions Millions Millions Percent. Millions Millions Millions Millions
51.2
33.4
14.4
52.4
1.5
204.6
G8.3
29.2
6.7
49.4
49.9
1.2
197.5
.57.8
3.5.1
61.8
54.6
13.7
1.1.
218.4
76.6
54.4
29.9
50.6
1.1
202.3
60.5
5.0.
29.6
53.4
16.0
36.5
0.9
45.1
180. 5
33.2
65.1
18.1
46.2
195.8
49.0
0.8
30.7
197.9
60.7
14.6
45.3
.0.8
38.2
54.9
28.6
1.5.8
191.9
48.0
0.9
25.1
48,7
60.9
61.3
11.7
243.7
0.9
27.5
43.7
34.3
48.1
13.0
174.9
0.8
October 2,1874
M a y 1, 1 8 7 5 . . . .
J u i i e 30,1875...
October 1,1875
M a y 12, 1876..,
J u n e 30,1876.October 2,1876
A p r i l 14, 1877.
J u n e 22,1877..
O c t o b e r 1,1877
OTHER RESERVE CITIES.
October 2,1874,
May 1,1875..J u n e 30,1875 .,
O c t o b e r l , 1875,
M a y 12,187.6..,
J u u e 30,1876 ..
October 2,1876
A p r i l 14,1877.
J u n e 22,1877 .,
October 1,1877
.
MilUons MilUons Millions F e r cent. MilUons MilUons Millions Millions
34.3
36.7
4.5
221. 4
55.3
76.0
3L1
3.7.
2.4
37.4
183
72.1
32.9
28.6
219. 3
.54.8
3.6
3.7
39.3
183
77.9
34.4
226.9
56.7
31.3
3.6
37.1
188
74.5
33.3
1.5
32.3
223.9
56.0
3.6
35.7
.33.9
189
214.6
53.6
72.8
3.8
.3.2
30.1
35.4
39.4
189
219.6
54.9
77.8
4.7
30.7
3.0
35.1
37.1
189
217.0
54.2
76.1
32.0 •^ 3. a
4.0
187
.34.4
7.1
33.1
72.3
210.2
52.5
29.1
3.0
5.4
187
77.2
32.9
41.6
234. 3
58.6
27.1
3.1
67.3
5.6
188
204.1
51.0
33.0
34.3
24.4
3. a
182
161
COMPTROLLER OF THE CURRENCY.
SUMMARY.
Dates.
Classification of r e s e r v e .
R e s e r v e held.
NumN
e
t
deReservel
b e r of
Other
D u e Redempposits. req'red.
R a t i o t o Specie. lawful
bahts.
from
tion
Amount
[deposits
money. agents. fund.
O c t o b e r 2,1874,
2,004
M a y 1,1875...,
J u n e 30,1875..
O c t o b e r 1,1875
M a y 12,1876. .,
J u n e 30,1876 -,
O c t o b e r 2,1876,
2,046
2; 076
2,087
A p r i l 14,1877.,
J u n e 22,1877..,
O c t o b e r 1,1877
2, 073
2,078
2, 080
2,089
2, 091
2,089
Millions\ Millionsl Millionsl [Percent. \Millidns\ Millions] Millions] Millions
17.1
122.7
719.4
34.0
21.3
150. 6
83.8
244.9 }
80.7
122.5
16.7
31.9
10.6
723.0
150.2
230.6
'89. 7
134.6
16.3
19.0
757. 9
158. 3
259. 6 1 3 4 . 3
85.6
125.2
16.2
32.0
8.1
734.1
152. 9
235.1
15.1
107.1
86.8
21.7
694. 5
33.2
143.7
230.7
14.7
118.8"
87.9
25.3
714.9
148.9
34.5
246.7
14.6
113. 4
87.4
147.5
21.3
706.6
33.5
236.7
85.0
104.4
14.6
27.1
33. 2
696. 3
231.1
144.7
82.1
14:6
122.4
21.3
31.2
770. 6
163.3
240. 4
14.5
73.3
100.2
3L5
22.8
669.1
138.3
210.8
In the above table, as will be seen, the.redemption fund is given separate from the rawful money reserve on hand, and from the amount due
from reserve agents.
The following table, compiled from weekly returns to the Eew York
clearing-house, exhibits the average liabilities, (consisting of circulation
and net deposits,) and the reserve held, together with the average
amount of legal-tender notes and specie, and the ratio of each to liabilities, of the New York Gity national banks, in October-of each yearj
from 1870 to 1877.
•
'
Ratio to liabilities.
Reserve held.
Dates.
Liabilities.
Legal-tenders.
Specie.
TotaL
Legaltenders. .Specie.
Total.
Per cent. Per cent. Per cent.
October,
October,
October,
October,
October,
October,
October,
October,
1870
1871
1872
1873
1874
1875
1876
1877
$194, 034, 979
209,421,950
194,103, 050
157,171, 475
222, 510, 980
212,787,180
204, 033, 625
186, .508, 750
11 F
$46, 603, 058
45, 799, 550
42, 954, 675
7,417,075
51, 594, 320
49, 834, 040
42, 901, 875
35, 204,175
$10,762,843 ' $57,365,.901
54,568,550
8, 769, 000
52, 562, 575
(, 9, 607, 900
18,124, 775
10,707, 700
64, 467, 380
12,873,060
56,112, 880
6, 278, 840
r)8, 778, 200
15, 876, 325
49, 876, 300
14,672,125
24.0
21.9
22.2
4.7
23.2
23.4
21.0
^ 18.9
5.6
4.2
4.9
6.8
5.8
3.0
7.8.
7.8
29.6
26,1
27.1
11.5
29.0
26.4
28.8
26. 7
162
REPORT ON THE FINANCES,
The following table exhibits the raovements of lawful-money reserve,
consisting of specie and legal-tender notes, of the Kew York Oity national banks, weekly, during the month of October, for the last six years:
Week
October
October
October
October
October
October
October
October
October
October
-October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
5,1872
12,1872
19,1872
26,1872
4,1873
11,1873
18,1873
25,1873
3,1874
10,1874
17,1874
24,1874
31,1874
2,1875
9,1875
16,1875
23,1875
30,1875
7,1876
14,1876
21,1876
28,1876
6,1877
13,1877
20,1877
27,1877
ending-
Specie.
18, 469, 700
10, 070, 200
10, 657, 400
9,234,300
9, 240, 300
10, .506, 900
11, 6.50,100
11,-433,500
15, 373, 400
14,517,700
12, 691, 400
11, 457, 900
10,324,900
5, 438, 900
5, 716, 200
5, 528, 500
5, 735, 000
8, 975, 600
17, 682, 600
16, 233, 600
15, 577, 500
14, Oil, 600
14, 665, 600
14, 726, 500
14,087,400
15, 209, 000
Legal-tenders.
$37, 998, 500
• 40, 675,100
' 46, 260,100
46,885,000
9,251,900
8, 049, 300
5,179, 800
7,187, 300
. 53, 297,600
52,152, 000
51,8.55,100
49,893,900
50, 773, 000
56,181, 500
51,342,300
48, 582, 700
47, 300, 900
45, 762, 800
45, 535, 600
43,004,600
41, 421, 700
41,645,600
36,168, 300
35,178,900
3.5,101, 700
34,367,800
Total.
$46, 468, 200
50, 745, 300
56, 917, 500
56,119,300
18, 492,200
18, 556, 200
16, 829, 900
. 18, 620, 800
68, 671, 000
66, 669, 700
64, 546, 500
61,351,800
60,097,900
61, 620, 400
57, 058, 500
54, 111, 200
53,035,900
54, 738, 400
63, 21'8, 200
59,238,200
56, 999,200
55,657,200
50, 833, 900
49, 905, 400
49,189,100
49, 576, 800
Ratio to
liabilities.
24,9
26.8
28.6
27.8
11.6
11.6
10. V
12.2
30.0
29. 6
29. 0 '
•^28', 8 •
• 27.9
28.1
26.5
25.4
25.3
26.5
30,5
28.8
27.8
28.0
27.0
26.7
26.5
26.8
A table showing the average weekly deposits, circulation and reserve
of these banks, for the months of September and October, since 1870,
will be found in the Appendix. Tables will also be found in the Appendix, showing the state of the lawful money reserve of the national banks,
as shown by their reports, from October 8, 1870, to October 1, 1877,
together with a similar table showing the reserves, by States aud principal cities, for October 1, 1877.
163
COMPTROLLER OF THE CURRENCY.
SPECIE IN BANK, AND ESTIMATED SPECIE IN T H E COIJNTRY.
The table below exhibits the amountof specie held by the national
banks at the dates of their reports, for the last nine years—the coin,
coin-certificates, and checks payable in coin, held by the Kew York
City banks, being stated separately.
Held by national banks in New York City.
Dates?
Coin.
Oct. 5,
J a n . 4; 1869Apr. 17, 1869.
J u n e 12, 1869.
Oct. 9, 1869.
J a n . 22, 1870.
. Mar. 24, 1870.
June 9, 1870.
Oct. 8, 1870.
Dec. 28, 1870.
Mar. 18, 1871.
Apr. 29, 1871.
J u n e 10, 1871.
Oct. 2, 1871.
Dec. 16, 1871.
Feb. 27, 1872Apr. 19, 1872.
J u n e 10, 1872Oct. 3, 1872.
Dec. 27, 1872.
Feb. 28, 1873.
Apr. 25, 1873J u n e 13, 1873Sept. 12, 1873.
Dec. 26, 1873Eeb. 27, 1874May 1, 1874.
June26, 1874Oct. 2, 1874.
Dec. 31, 1874.
Mar. 1, 1875.
May 1, 1875.
June 30, 1875.
Oct. 1, 1875Dec. 17, 1875.
Mar. 10, 1876.
May 12, 1876.
J u n e 30, 1876.
Oct. 2, 1876.
Dec. 22, 1876.
J a n . 20, 1877.
Apr. 14, 1877.
J u l 6 22. 1877.
Oct. 1, 1877.
$1, 698,623 24
1, 902,769 48
1, 652,575 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, 982,155 61
2, 047,930 71
2, 249,408 06
1,121, 869 40
1, 454,930 73
1, 490,417 70
1, 828,6.59 74
3, 782,909 64
920, 767 37
1, 306,091 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
1, 530,282 10
1,842, .525 00
1, 291,786 56
1, 443,215 42
1, 084,555 54
930, 105 76
1,023, 015 86
753, 904 90
869, 436 72
3, 261,131 36
832, 313 70
1, 214,522 92
1,129, 814 34
1, 434,701 83
1, 669,284 94
1, 930,725 59
1, 423,258 17
1,538, 486 47
U. S. coin- Checks payacertificates. ble in colli.
$6,390,140 $1, 536,353
18, 038, 520 2, 348,140
3, 720, 040' 1, 469,826
975, 015
11,953,680
16, 897, 900 1, 013,948
2,190, 644
28,501,460
1,069, 094
21, 872, 480
18, 660, 920 1,163, 905
7, 533, 900 3, 994,006
14, 063, 540 3, 748,126
13, 099, 7-20 3,829, 881
9, 845, .080 4, 382, 107
9,161,160
3, 680.854
7, 590, 260 1,163, 628
4, 255,631
17, 354, 740
3,117, 100
12,341,060
4, 715,364
10,102, 400
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
14,410,910
10, 622, 160
5, 753, 220
12, 642,180
4, 201, 720
12,532,810
19, 086, 920
15,183, 760
16, 872,780
13, 446, 760
21,602,900
33,629,660
13, 899,180
10, 324, 320
11, 409, 920
66
49
64
82
72
74
30
88
42
87
64
24
92
44
39
90
25
52
Total.
Held by other
n ational
banks.
Aggregate.
$9, 625,116 90 $3, 378,596 49 $13, 003,713 39
22, 2W9,429 97
7, 337,320 29 29,626, 750 26
6, 842,441 85
3,102,090 30
9, 944,532 15'
15, 471,229 78
2, 983,860 70 18, 455,090 48.
19, 704,589 45
3, 297,816 37 23,002, 405 83
36, 888,141 03 11,457, 242 69 48, 345,383 72'.
25, 589,482 69 11, .507,060 75 37, 096,543 44
22, 767,226 12
8, 332,211 66 31, 099,437 78
13,135, 649 33
5, 324,362 14 18, 460,011.47
6,227, 002 76 26, 307,251 59
20, 080,248 83
19,911, 757 25
5, 857,409 39 25, 769,166 64
6, 456,909 07 22, 732,027 02
16, 275,117 95
4, 833,532 18 19, 924,955 16
15, 091,422 98
3, 377,240 33 13,252,
17 ^
9, 875,757 84
23, 065,302 12,
6, 529,997 44 29, 595,299 56
16, 948,578 60
8,559, 246 72 25, 507,825 32
16, 646,423 99
7,787, 475 47 24, 433,899 46
154 98 24, 256, 644 14
19, 414,489 16
. 4, 842,
6, 375,347 37
3, 854,409 42 10,229, 756 79
13, 778,031 05
5, 269,305 40 19,047, 336 45
13,498, 549 86
4, 279,123 67 17, 777, 673 53
13,088, 250 93
3, 780,5.57 81 16, 868,808 74.
23, 581,177 71
4,368, 909 01 27, 950,086 72
14, 585,810 55
5, 282,658 90 19,868, 469 45
19, 701,930 50
7, 205, 107 08 26, 907,037 58
24, 686,460 09
8, 679,403 49 •33, 36.5,863 58
24, 984,942 10
7, 585,027 16 32, 569,969 26
15, 514,185 00
6, 812,022.27 22, 326,207 27
14, 406,266 ,56
6, 834,6-8 67 21,240, 945 23
6, 582,605 62 22, 436,761 04
15, 854,155 42
11,706, 715 54
4, 960,390 63 1.6, 667,106 17.
6, 683,325 76
3,937, 035 88 10,620, 361 64
13, 665,195 86
5, 294,386 44 18,959, 582 30
4, 955,624 90
3, 094, 704 83
8, 050,329 73
13, 402,246 72
3, 668,659 18 17,070, 905 90
22, 348,0.51 36
6, 729,294 49 29, 077,345 85;
16, 016,073 70
5, 698,520 66 21, 714, 594 36
18, 087, 302 92
7,131,167 00 25,218, 469 92
14, 576,574 34
6, 785,079 69 21, 361,654 03
23, 037,601 83
9, 962,046 06 32, 999,647 89
35, 298,944 94 14, 410,322 61 49, 709,267 55
15, 829,905 59 11, 240,132 19 27, 070,037- 78 .
11, 747, .578 17
9, 588,417 89 21, 335,996 06
12, 948,406 47
9, 710,413 84 22, 658,820 31
The amount of silver coin held by the national banks on June 30 and
October 2, 1876, was $1,627,566 and $2,557,599, respectively. The
amount held on October 1, 1877, was $3,700,703. The araount of specie
held by the State banks in the Kew England States, in Kew York, Kew
Jersey, Pennsylvania, Maryland, Ohio and Wiscbnsin, as shown by
their official reports for 1877, was $2,213,978, of which the banks in Kew
York City held $2,029,160. In the returns from California the amount:
of coin is not giveu separately. The amount of ^'coin and bank-notes''
returned July 1, 1877, was $20,081,300.
In my last annual report a stateraent was given, from estimates made '
by the Director of the Miut, showing that the probable amount of coin
and bullion in the country on June 30, 1876, was $181,678,000, of which
$30,113,000 was silver. Assuming this estimate to have been substantially correct, the movement of coin aud bullion for the year ending
June 30, 1877, and the amount in the country at the latter date, is
shown from further estimates of the Director of the Mint tohavebeen as
follows:
164
R E P O R T ON T H E FINANCES.
Estimated ajnoiint of coin and bullion iu the country J u n e 30, 1876
Estimated product of the mines for the y e a r . . . . . !
.,
..."
Importations for the y e a r . . . . . .
-...
Total.....
Deduct e x p o r t a t i o n s . . . . . .
Amount used in the arts and manufactures
1
.
. |181, 678, OOO
82,000,000
40,732,595^
304,410,595
$56,054,737
5,500,000
.
^61,554,737
Total estiraated amount of coin and bulliou in the country on June
30,1877....-.-..
242,«8.55, 858-
Of this amount, $192,720,230 was in gold coin and bullion, and
[),135,6'^8 in silver coin and bullion. The increase for the fiscal yearwas $61,177,858, of which $41,155,230 was in gold coin and bullion, and
$20,022,628 I R silver coin and bullion. The Director estimates the
amount of gold coin and bullion in the country on October 31, 1877, at
about $185,000,000, and of silver coin and bullion at about $50,000,000..
PUBLIC DEBT AT TS MAXIMUM—CURRENCY AND> ITS COIN VAETJE.
The public debt reached its maximnm on August 31, 1865, when; it^
amounted to $2,845,907,626j composed as follows :
Funded d e b t . . . . .
-.
Matured d e b t . .
.,
Temporary loans
..-Certificates of d e b t . . .
Five per cenl. legal-tender notes
C!ompound-interest legal-tender notes
.. , . - . . . .
Seven-thirty notes . . .
UnitedStates notes, (legal-tenders)
.'.
Fractional currency
.Suspended requisitions uncalled for
.... ....
.
..
,. .
.....
$1,109, 568,192^
1,503; 020
107.148,7IS
_ 85, 093; 000
' 33; 954,230
217,024; 160
830,000,000
433,160,569
26, 344, 742
2,111,000
Of these obligations, $684,138,959 were a legal tender in the payment
of air debts, public aud private, except customs duties and interest on
the public debt,
The amounts of legal-tender notes, demand^notes^ fractional curreucy
and national-bank notes, outstanding on August 31, 1865, and annually
thereafter, from January 1, 1866, to January 1, 1877, and the amounts^
outstanding December J, 1877, are shown by the following table,.together with the currency price of gold and the gold price of currency at
each d a t e :
F n i t e d S t a t e s issuea.
Date.
Legal-tender
notes.
Old deman d
notes.
Fractional
curreucy.
A u g . 31,1865. $432, 757, 604 $402, 965 $26, 344, 742
425,839,319
392, 070 26, 000, 420
Jan.
1,1866
221, 682 28, 732, 812
J a n . 1,1867. 380,276,160
356. 000, 000
159, 127 31,597,583
Jan.
1,1868
128, .098 34,215,715
Jan.
1,1869. 355, 892, 975
Jan.
1,1870. 356,000,000^ 113, 098 39, 762, 664
101, 086 39, 99.5, 089
Jan.
1,1871. 356, 000, 000
357,500,000
92, 801 40, 767, 877
Jan.
1,1872
84, 387 45,722,061
Jan.
1,1873. 358, 557, 907
79, 637 48, 544, 792
Jan.
1,1874. 378, 401, 702
382, 000, 000
72,317 46, 390, .598.
Jan.
1,1875
371, 827, 220
Jan.
1,1876
69,642 44,147, 072
Jan.
1, 1877. 366,055,084
65, 462 26, 348, 206
D e c . 1,1877. 351, 340, 288
63,702 18, 04.3, 020
N o t e s of national b a u k s ,
includ ing
gold n o t e s .
Aggregate.
Currencv- Gold-price
p r i c e bf of $ 1 0 0
| 1 0 0 gold. c u r r e n c y .
$176, 213, 955 $635, 719. 266
$144 25
298, 588, 419. 750, 820, 228
144 50
299, 846, 206
709, 076, 860
133 00
299, 747, 569
687, 504, 279
133 25
299.629,322
689,866,110
135 00
299, 904, 029
695, 779, 791
120 00
306, 307. 672
702, 403, 847
110 75
328, 465, 431
726,826,109
109 50
344,582.812
748, 947,167 . 112 00
350, 848, 236
777, 874, 367
110 25
3.54,128,250
782,591,165
112 50
.346,479,7.56
762, 523, 690
112 75
321,59.5,606
714, 064, 358
107 00
320,631,719 .' 690,078,729
102 87
•
$^^9 32
69 20
75 ] 8
75 04
74 OT
83 33
90 •29'
91 32
89 28'
90 70
88-89
88 69
93 46
97 &1
165
COMPTROLLER OF THE CURRENCY.
TRANSACTIONS OE THE NEAV YORK CLEARINa-HOUSE.
The exchanges at the clearing-house in l^ew York Gity for the year
ending October 1, 1877, were nearly twenty-one thousand millions, aud
t h e balances paidin money were about one thousand miUions. The
average daily exchanges were about sixty-eight and a half millions, and
the average daily balances paid in money were but about three and onethird millions, or only 4.9 per cent, of the amount of othe settlements.
The New York clearing-house was organized in 1853, and the following
table exhibits its transactions, and the amount and ratio of currency re-quired for the payment of daily balances, yearly, for the last twenty-four
years:
No. of
bauks.
Years.
1854
1855
1856
.1857.,...
18.58
1859
1560
d861
1862
1863 .
3864
1865
1866
1867
1868
.3.869
1870 .
1371
1872
1873 .'
1874
1875
1876
11877
...
.^
•Capital.
Exclianges.
Average
B a l a n c e s p a i d A v e r a g e daily d a l l y balin money.
exchanges. ances paid
in money.
50
$47,044,900
$297, 411, 494
$5, 750,455, 987
48, 884,180
.5. 36-2, 912, 098
289, 694,1.37
48
6, 906, 213, 328
50 . 52, 883, 700
334, 714, 489
64, 420, 200
8,333,226,718
50
365i3l3,902
67,146,018
4, 756, 664, 386
46
314,238,911
47
V 67, 921, 7l4
363, 984, 683
6, 448, 005, 956
69,907,435
7, 231,143, 057
50
380, 693, 438
50 ' 68, 900, 605 • 5,915,742,758
3.53, 383, 944
68, 37.5, 820
•6, 871, 443, 59150
415, 530, 331
68, 972, 508
14, 867, 597, 849
50
077, 626, 483
68, 586, 763
24, 097,196, 656
49
885,719,205
80,363,013
20, 032, 384, 342
55
1,035,76.5.108
82, 370, 200
28, 717,146, P14
58,
1, 066,135,106
81,770,200
28, 675,159, 472
58
1,144,963,451
82, 270, 200
28, 484, 288, 637
59
1,125, 455, 237
82; 720, .200
37, 407, 028, 987
59
1,120. 318, 308
27, 804, 539, 406
83, 620, 200
61
1,036,484,822
84, 420, 200
29, 300, 986, 682
62
1, 209,721, 029
84, 420, 200
32. 636, 997, 404
61
1,21.3,293,827
83, 370, 200
33, 972, 773, 943
59
1,152. 372,108
81,
635,200
20,
850,
681,
963
59
971,231,281
80, 435, 200
23,'042, 276, 858
59
1,104, 346, 845
81,731,200
19, 874, 815, 361 . 1,009,532,037
59
.71,085,200
20, 676, 555, 937
58
1, 01.5, 256, 483
$19,104, .505
17,412,0.52
22, 278,108
26, 968, 371
15,393,736
20, 867, 333
23, 401, 757
19, 269, 520
22, 237, 682
48, 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
68,139, 484
75, .301, 558
64, 738, 812
68, 447, 724
173, 052, 302 +454, 216, 238, 290 tl8, 883,186, 659
161, 559, 987
$988, 078 '
940,565
i, 079, 724
1, 182, 246
1,016,954
1,177, 944
1,232,018
1,151, 08S
1, 344, 758
2, 207, 252
2, 866, 405 •
3, 373, 828
3, 472, 753
3, 717, 414
3, 642, 250
3, 637, 397
3,365,210
3,927,666
3, 939, 266
3, 765, 922
3,173, 958
3, 608, 977
3, 288, 381
3, 328, 710
12, 559, 532
Ratios.
P r . ct.
5 2
5 4
4 8
4.4
•6.6
5. e
5 3
6&
6.0
4 S
3 7
4.0
3.Y
4 0
4 0
3 0
3 7
4.1
'3' 7
3 4
4 7
4 S
5 1
4 9
4.2
LOANS AND RATES OF INTEREST OF NEW YORK CITY NATIONAL BANKS.
The following table contains a classification ofthe loans ofthe national
banksin New York City, at the dates of their reports in October, tor the
last tour years:
O c t o b e r 2,
1874.
O c t o b e r 1,
1875.
O c t o b e r 2,
1870.
O c t o b e r 1,
1877.
48 b a n k s .
48 b a n k s .
47 b a n k s .
47 b a n k s .
$116, 719, 349
19, 959, 609
4, 721, 638
51, 453, 682
278. 081
5, 735,138
2, 9.09, 557
$120,189, 537
18,555,100
4, 934, 674
50,179, 384
868, 160
3, 454, 276
3, 908, 602
$95, 510, 311
16,634,532
6,277, 492
58, 749, 574
536, 802
4, 681, 570
1,852,944
$92, 618, 776
15,800, 540
4, 763,448
48, 376, 633
497, 524
4, 319, 014
2, 786, 456
2U1. 777, 054
202, 089, 733
184,243,225
169,162, 391
Loans and discounts.
On siugle-name p a p e r , w i t h o u t o t h e r s e c u r i t y .
On U n i t e d S t a t e s b o n d s on d e m a n d
On o t h e r stocks, b o n d s , &c., on d e m a n d
On r e a l - e s t a t e s e c u r i t y . . .
..... ....
...
P a y a b l e in gold.
All other loans...o
Totals...a...
* The capital stock is stated at various dates, the amount at a uniform date in each year not being
attainable.
Yearly averages for twenty-four years.
J Totals for twenty-four vears.
166
REPORT ON T H E
FINANCES.
By reference to this table it will be seen that the total amount of loans
ofthe national banks in the city of NewYork on October 1, 1877, was
$169,162,391,which is much less than at the date of any report for the last
seven years. On January 22, 1870, the loans were $168,314,034, and on
October 8, of the same year, $168,082,085.
The average rate of interest in New York City for each of the fiscal
years from 1874 to 1877, as ascertaiued from data derived from the
Journal of Commerce and the Financial Chronicle of that cit}^ was as
follows:
'
I874j
1875,
1876,
1877,
call loans, 3.8
call loa^ns, 3.0
call loans, 3.3
call loans, 3.0
per
per
per
per
cent.:
cent.;
cent.;
cent.;
commercial paper, 6.4 per
commercial paper, 5.6 per
commercial paper, 5.3 per
commercial paper, 5.2 per
ceut.
cent.
cent.
cent.
The average rate of interest of the Bank of England for the same years
was as follows:
During
During
During
During
tbe
tbe
tbe
tbe
calendar year ending December 31, 1874, 3.69 per cent.
calendar year ending December 31, 1875, 3.23 per cent.
calendar year ending December 31, 1876, 2.61 per cent.
iiscal year ending June 30, 1877, 2.16 per cent.
The rate of interest in the city of New York, on November 30 of the
present year, as quoted in the Daily Bulletin, was, on calMoans, from fiv.e
to seven per cent., and on commercial paper ofthe best grade, from five
and one-half to seven per cent. The rate of interest of the Bank of England was increased to five per cent, on October 11, anfl was reduced to
4 per cent, on November 29.
j
i
TAXATION,
The following table exhibits the amouut of taxes jpaid by the national banks to the United States, yearly, from the establishment of the
system to July 1, 1877, the rate of taxation being one per cent, annually
upon the average amount of notes in circulation, one-half of one per
cento annually upon the average amount of deposits,: and a like rate
upon the average amount ot capital stock not invested in United States
bonds:
O n circulation.
Years.
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
$.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
3,091,795 76
2, 899, 037 09
..
Aggregates
,
36, 827, 770 27
O n deposits.
$95, 811 25
1, 087, 5?0 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
3, 50,5,129 64
3, 445, 252 74
37, 055,144 58
On capital.
$18, 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
632, 396 16654, 636 96
5, 369,183 90
Totals.
$167, 310 45
1, 954, 029 eo
5,146, 835 81
5, 840, 698 21
5,817,268 18
5, 884,-888 99
5 940 474 CO
6,175,1.54 67
6,703,910 67
7, 004, 646 93
7 083 498 85
7, 305,134 04
7, 229, 321 50
6, 998, 926 ^^
79, 252,- 098 75.
167
COMPTROLLER OF THE CURRENCY.
The amounts collected bythe Commissioner of Internal Eevenue from
State banks and private bankers, during the saaie period, were as follows :
On circulation.
Years.
1864
1865
18C6
1867
3868
] 869
1870
1871
3 872
]873
1874
1875 . . . .
1876
1877
.
,
•.
. . .
$2, 056, 996
1, 993, 661
990,278
214, 298
28,669
16, 565
15, 419
.22, 781
8, 919
24, 778
16, 738
22, 746
17, 947
5, 430
30
84
1!
75
88
05
94
92
82
62
26
27
67
16
5, 435, 232 59
A ggregates
On c a p i t a l .
On d e p o s i t s .
$780, •:23
2, 043, 841
2. 099, 635
1, 355, 395
1, 438, 512
1,734,417
2,177, 576
2, 702,196
3,643,251
3, 009, 302
2, 453, 544
2,972,260
2, 999, 530
2, 896, 637
52
08
83
98
77
63
46
84
71
79
26
27
75
93
32, 306, 827 82
$903, 367
374, 074
476, 867
399, 562
445,071
827, 087
919, 262
'
976, 057
736, 950
916,878
1,102,241
989, 219
927, 661
98
11
73
90
49
21
77
61
05
15
58
61
24
9, 994, 302 43
Totals.
'$2, 837, 719
4, 940, 870.
3 463,988
2, 046, 562
1, 866, 745
2,196,0.54
3, 020, 083
• .3, 644, 241
4, 628, 229
3 771 031
3, 387,160
4,097,248
4, 006, 698
3, 829, 729
82
90
05
46
55
17
61
53
14
46
67
12
03
33
47, 736, 362 84
The number and valueof two-cent check stamps sold by the Commissioner of Internal Eevenue, yearly, cannot be ascertained. The value of
such stamps ordered from contractors during the fiscal years designated
Avas as follows: In 1874, $1,502,549 ; 1875, $1,949,166 ^ 1876, $1,882,941;
and in 1877, $1,889,334.
From the above tables it will be seen that the total amount collected
from the national banks. State banks and private bankers, duriug the last
year, was $10,82|8,656.12,^ and from the date of the imposition of the
tax to the present time, not including the tax on bank-checks, it was
$126,988,461.59. The total araount of tax paid upon circulation by the
national banks to July 1, 1877, was $36,827,770.27; while the whole expense of this office from its organization to the same date, ha;S been
$4,298,270.34, which, under section 5173 of the Eevised Statutes, is
payable out of the proceeds of this tax. The tax upon the national
banks has been, from the beginning, collected without expense to the
governraent.
The Comptroller, in August last, issued a circular requesting the national banks to report the amouut of State taxes paid by them for the
year 1876, and in reply received returns from air the banks continuously in operation throughout the year, 2,046 in number, having an aggregate capital of $488,272,782. From these reports, and the returns made
to the Treasurer, the following table has been prepared, giving the
amount of United States and State taxes paid by the national banks in
each ofthe States, Territories and priucipal cities, together with the rates
of taxation upon capital, for the year 1876:
R a t i o s to c a p i t a l .
A m o u n t of ta.xes.
states and Tenitories.
Maine
jN^ew H a m p s h i r e
Yermont
Massachusetts
Boston
Ilhode Island
Connecticut
Ifew York
N e w York City
Albany
New J ersey
Pennsylvania
Philadelphia
Pittsburgh
Capital.*
$10, 635, 819
5, 615, 000
8, 722, 369
44, 299, 557
52, 200, 000
20, 579, 800
26, 015, 834
3.5, 326, 077
66, 607, 325
2, 000, 000
14,238, 634
29,354,981
17,189, 489
10, 531, 592
United
States.
$115, 272
62, 627
91, 777
497,228
704, 655
200, 420
275, 991
512, 233
1, 27:!, 956
63, 650
204,512
417, 324
356, 204
142,232
State.
$237, 792
97, 2.55
179, 876
825, 685
855, 446
279, 765
438, 989
826, 929
2,197,681
67, 972
292, 024
182, 003
119,6.55
56, 620
Total.
tr.s.
State.
Total.
$353, 064
159, 882
271,6.53
1, 322, 913
1,560,101
480,185
714, 980
1, 339,162
3, 476, 637
131, 622
496, 536
599, 327
475, 859
198, 852
P e r ct.
1.1
1.1
1.1
1.1
1.4
1.0
1.0
1.5
1.9
3.2
1.4
1.4
2.1
1.4
P e r ct.
2.2
1-7 ,
2.1
1.9
1.6
1.3
1.7
2.4
3.5
3.4
2.1.
0.6
0.7
0.5
P e r ct.
3.3
2.8
3.2
3.0
3.0
2.3
2.7
3.9
5.4
6.6
3.5
2.0
2.8
1.9
*The capital of the banks that paid State, countv and'mimiclpal taxes on stock and real estate
is $488,272,782.
168
R E P O E T ON T H E
FINANCES.
l^aUe of naiional and State taxes—Contmued.
Ratios to capital.
A m o u n t of t a x e s .
Capital.
States aud Territories.
United
States.
$1, 571,730
2, 299, 960
11, 491, 985
252, 000
1, 300, 000
3, 339, 307
1, 746, 000
2, 499, 499
3,172, 500
2,504,317
5,6, 000
1, 690, 412
3,436, 786
1, 038, 782
205, 000
7,259,641
3, 0.95, 500
3,401,449
20, 757, 903
4, 373, 080
4, 550, 000
17, 781, 910
11,728,823
6,9.50,123
8, 238, 899
1,900,000
2, 827, 322
650, GOO
'6, 430, 308
4, 455, 478
2, 574, 000
5, 742, 596
1,369,167
975, 000
237, 500
1, 700, 000
2, 875, 000
300, 000
824, 025
2.50,000
100, 000
350, 000
125, 000
50, 000
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
South Carolina
Georgia
Plorida
Alabarna
N e w Orleans
T.exas
Arkansas
Kentucky
Louisville
Tennessee.-.Ohio
Cinciunati
Cley e l a n d
I n d i a n a ..'.
Illinois
Chicago
Michigan
Detroit...
Wisconsin
Milwaukee
Iowa
.i.
Miunesota
Missouri
r
SaintLouis
Kansas
Nebraska
Oregon
Calilprnia*
San F r a n c i s c o * - .
N e w Mexico
Colorado
Utah
Idaho
Montaua
Wyoming
Dakota
501, 788, 079
Totals
State..
Total.
$6, 900
28, 046
229, 484
3,906
14, 096
71. 827
28, 878
39, 933,
84, 863
41,764
. 948
16, 888
6,534
19, 057
2,830
32. .587
14, 576
7(', 479
.559, 498.
128, 087
114, 072
424, 904
231,693
200, 866
128, 446
28,633
53,499.
18,606
122,519
8€, 923
53, 580
76,071
34,518
23, 274
2,550
3,463
705
3,513
16, 4,65
2, 625
2, 370
9,561
3, 367
636
$22,030
31,280
142,102
4,478
15, 246
51,297
21, 783
31,021
. 31,793
26, 265
941
19,184
53, 388
14, 518
2, 055
79, 609
42, 676
49, 251
274,814
74, 720
,49, 454
210, 769
173, 495
154, 246
100, 414
'31, 078
43, 783
14,207
91,667
60, 336
35,824
73, 344
20, 722
21, 839
6, 319
17,484
23, 526
3, 970
18, 276
2, 840
1,278
6, $11
1,976
891
9, 701, 732
$28, 930
59, 326
371, 586
8,384
29, 342
123, 124
50, 661.
70, 954
116,656
68,029
1,889
36, 072
59, 922
33,575
4,885
112,196
57, 252
119, 730
834, 312
.202, 807
163, 526
635, 673
405,188
3.55,112
228, 860
59, 711
97, 282
32, 813
214,186
147, 259
89, 404
149, 415
55, 240
4.5.113
S, 869
20, 947
24, 231
. 7,489
34, 741
5,465
3,648
16, 372
5, 343
1, ,527
U . S.
State.
TotaL
P e r ct.
1.4
.1.4
1.2
1.8
1.2
1.5
1.2
1.2
1.0
1.0
1.9
1.1
1.6
1.4
1.0
1.1
1.4
1.4
1.3
1.7
1.1
1.2
1.5
2.2
1.2
1.6
1.5
2.2
1.4
Per ct
0.4
1.3
2.0
1.2
Ll
2.1
1.7
L6
2.7
2.0
L9
LO
0.2
1.9
L4
0.5
0.5
2.1
2.8
2.9
2.5
2.5
2.0
3.0
L6
1.5
L9
2.9
2.0
. 2.0
2.2
2.6
3.0
2 5
i.d
0.2
"1.2'
2.2
L3
2.4
2.7
2.7
L3
P e r ct.
L8
2.7
3.2
3.0
2.3
3.6
2,9
2.8
3.7
3..0
3.8
2.1
L8
3.3
2.4
1.6
L9
3.5
4.1
4.6
3.6
3.7
3,5
5.2
2.8
3.1
3.4
5.1
3.4
3.4
3.6
3.9
4.5
4.7
Xl
L2
0.8
2.5
4.4
2.4
3.7
4,6
4.3
3.1
2.2
2.7
1.0
0.8
1.3
2.2
1.1
1.3
1.9
1.6
1.8
2.0 '
16,777,819
Similar tables for the years 1867, 1869, 1874 aud 1875 will be fouud
in the Appendix. Statements of the auiount of State and. municipal
taxes paid by the national banks for the year 1866 were also received,
but were not tabulated by States. From the data for the years named,
estimates have been raade for 18CS, 1870, 1871, 1872 and 1873, and a
table has been prepared, showing the ainount of national and State taxes
paid yearly by the national banks, for the last eleven years, as follows:
A m o u n t of t a x e s .
Years..
Capital st
R a t i o of t a x to c a p i t a l .
c
United States.
State.
.
Tot^l.
:
1866 . . . . . . . .
1867
1868
1869
1870
1871
]a72
.•-.
1873
1874
1875
1876.... ...
$410, 593, 435
422, 804, 666
420,143,491
419,619,860
429,314,041
451,994,133
472, 956, 958
488, 778, 4.18
493, 751, 679
503, 687, 911
501, 788, 079
$7, 949, 451
9, 525, 607
9, 465, 652
10, 081, 244
10,190, 682
10,649,895
6,703,910
7.004,646
7, 256, 083-.
7, 317, .531
7, 076, 087
$8,069,938
8,813,127
; 8, 757, 656
7, 297. 096
7, 465, 675
7, 800, 078
8, 343, 772
8, 499. 748
9, 620, 3-.^6
10,058,122
9,701,732
$16, 019, 389
18, 338, 734
18, 223, 308
17, 378, 340
17, 656, 3.57
18, 509, 973
15, 047, 682
!'
15,504,394
• -16, 876, 409
17, 37.5, 6.53
16, 777, 819
U . S.
State.
Total.
P e r ct.
1.9
2.2
2.2
2.4
2.4
2.4
1.4
L4
1.5
1.5
L4
F e r ct.
2.0
2.1
2.1
1.7
L7
L7
L8
1.8
2.0
2.0
2.0
Perct.
3.9
4.3
4.3
4.1
4.1
4.1
3. 2 •
3.2
3 5
3.5
3.4
j^* California b a n k s p a y no S t a t e t a x e s on c a p i t a l , e x c e p t s u c h a s i s i n v e s t e d iu real e s t a t e .
169
COMPTROLLER OF THE CURRENCY.
The rates of taxation—national, State and total, upon nationaibank
capital, in those States in which the rate of taxation has been highest
for the last three years, are as follows:
1874.
1876.
1875.
states.
New York
New Jersey
Ohio .
..
iludiana
mUnois
Wisconsin
Kansas
Nebraska
South Carolina
Tennessee
. . . .
^
U . S.
State.
Total.
U. S.
State.
Total.
1.9
L5
L4
L2
L8
1.8
L5
2.0
Ll
L5
2.9
2.1
2 2
2.6
2.2
2.3
3.3
,3.3
3.6
2.2
• 4.8
3.6
3.6
3.8
4.0
4.1
4.8
5.3
4.7
3.7
L8
L5
L4
L2
L8
L7
L4
2.2
1.1
L4
2.9
2.1
2.4
2.6
2.4
2.1
3.2
2.3
3.4
2.3
4.7
3.6
3.8
3.8
4.2
3.8
4.6
4.5
4.5
3.7
State.
U . S.
L8
L4
L3
1 2
1.8
L7
L5
2.2
LO
L4
Total.
4.9
3.5
4.0
3.7
4.2
3.8
4.5
4.7
3.7
3.5
3.1
2.1
2.7
2.5
2.4
2.1
3.0
2.5
2.7
2.1
The unequal taxation imposed upon national-bank capital in the
principal cities of the country is shown in the following table, which
gives the rates of national and State taxation in the cities named, for
the years 1875 and 1876 :
Rates of taxation.
Cities.
1875.
United
states.
Boston
New Y o r k . .
Albany
Philadelphia
Pittsburgh..
Baltimore—
Washington .
New Orleans
liOuisvillel..
^Cincinnati . .
Cleveland
Chicago
.
Detroit
Milwaukee .,
Saint Louis .
Saint P a u l . .
United
State. . TotaL States.
L4
2.0
3.0
2.0
1.4
1.3
1.4
L6
1.3
2.0
Ll
2.3
1.8
2.3
1.2
L3
L9
3.1
3.6
0.8
0.5
2.0
0.3
0.3
0.5
2.6
2.3
2.5
1.3
3.0
2.8
2.2
3.3
5.1
6.6
2.8
L9
3.3
1.7
L9
L8
4.6
3.4
4.8
,3.1
5.3
4.0
3.5
L4
1.9
3.2
2.1
l.A
1.2
L2
1.6
L4
L7
1.1
2.2
L6
2.2
1.3
L2
State.
Total.
L6
3.5
3.4
0.7
0.5
2.0
Ll
0.2
0.5
2.9
2.5
3-0
L5
2.9
3,0
5.4
6.6
2.8
L9
3.2
2.3
L8
1.9*
4.«
3.6
.5.2
3.1
5.1
3.9
3.0
; 2.6
L8
The following table gives, by geographical divisions, the amount, with
the ratio to capital, of State and national taxation, for the years 1874,
1875 and 1876:
^
'
1874.
R a t i o s t o capital.
A m o u n t of t a x e s .
G-eographical divisions.
Capital.*
State.
Total.
U.S.
$1, 896, 533
3, 325, 425
436, 540
1, 597, 585
$2, 980, 484
3,911,371
517, 792
2, 210, 679
$4, 877, 017
7, 236, 796
954, 332
3, 808, 264
P e r ct.
L2
L7
1.3
1.5
7, 256, 083
9, 620, 326
16, 876, 409
L5
^ U.S.
N e w E n g l a n d S t a t e s . — $160,517,266
Middle States
190,162,129
Southern States
33, 558, 483
W e s t e r n S t a t e s a n d T e r r ' s 109,513,801
UnitedStates
493,751,679
State.
Total.
P e r ct. P e r
L8
2.1
L5
2.0
2.0
ct.
3.0
3.8
2.8
3.5
3.5
* The capital of the banks which reported State taxes in 1874 was $476,836,031, in 1875 $493,738,408,
and in 1876 $488,272,782.
170
REPORT ON THE FINANCES.
1875.
A r a o u n t of t a x e s .
G e o g r a p h i c a l divisions.
Ratios to capital.
Capital.
U.S.
State.
Total.
U.S.
State.
Total.
$1, 937, 016
3, 300, 498
445, 048
1, 634, 969
$3, 016, 537
4, 062, 459
476, 236
2, 502, 890
$4, 953, 553
7, 362, 957
921,284
4,137, 859
P e r ct.
1.2
L7
L3
L5
F e r ct.
L8
2.1
L4
2.4
P e r ct.
$164, 316, 333
N e w England States
193, 5S5, 507
Middle States
34, 485, 483
Southern States
W e s t e r n S t a t e s a n d T e r r ' s 111,300,588
503,687,911
7, 317, 531
10, 058,122
17, 375, 653
L5
2.0
3.5
United States
3. a
3.8
2.7
3.9
1876.
N e w England States
$168,068,379
192,163, 773
Middle States
3.3, 439,193
Southern States
W e s t e r n S t a t e s a n d T e r r ' s 108,116,734
$1, 947, 970
3,190, 247
423,781
1, 514, 089
$2, 914, 808
4,025,316
431,164
2, 330, 444
$4,862,778
7,215,563
854, 945
3, 844, 533
1.2
1.7
1.3
1.4
1.7
2.2
L3
2.3
2.8
3 9'
2 6
,3.7
501, 788, 079
7, 076, 087
9, 701, 732
16,777,819
L4
2.0
.3.4
United States
In my report for 1876, a table, arranged by States and principal
cities, was giveu, exhibiting the losses charged oil' by the national banks
during the two dividend periods, of six months each, ending respectively on March 1 and September 1,1876, the information having been
derived from the dividend reports made to this office under section
5212 of the Eevised Statutes. A similar table is herewith presented,
showing the losses charged off, as above stated, during the vears 1876 and
1877:
March 1,1877.
Septeraber 1,1877.
states and cities.
Total.
No. of
banks.
.Maine
New Hampshire...
Yermont
'...
Massachusetts
Boston
Rhode Island
Connecticut
New York
New York City
Albany
New Jersey
Pennsylvania
Philadelphia ..
Pittsburgh
Delaware
Maryland
IBaltimore
Washington...
Yirginia
West Virginia
North Caroliua
South Carolina . . . .
Georgia
Elorida
Alabama
:
New Orleans . .
Texas
Arkansas
Kentucky
Louisville
Tennessee
Ohio
Cincinnati
Clevelaud
Indiana
•...
31
16
17
106
41
25
53
110
37
6
32
81
17
10
1
6
11
3
10
4
A.mount.
$136, 172 95
14, 735 54
19, 649 47
637, 645 28
1, 09.5,448 97
172, 213 75
389, 461 67
375. 829 87
2, 058,072 29
25, 754 30
171, 714 29
331, 696 65
127, 791 09
133, 036 18
2, 264 28
14, 431 90
183, 704 94
38, 388 29
46, 035 83
5, 915 71
7, 931 64
465 90
31, 379 36
28, 239 99
6, 143 35
14
205, 174
123 17
21, 399
65
2 355 02
60,' 111 38
11, 976 50
51, 509 92
255, 231 68
71, 835 26
32, 774 34
99,
No. of
banks.
25
23
21
109
48
36
50
133
41
4
33
83
22
14
3
8
9
3
14
5
5
6
6
Amount.
$158, 844
53, 780
54, 646
716, 831
1, 096,604
1, 374,813
1, 369,519
707, 660
2,189, 869
34, 990
166, 944
438, 809
205, 457
156, 430
6, 587
17, 447
36, 892
4, 717
49, 914
373
2 552
33| 597
42, 551
138,
01
83
25
23
84
91
49
09
37
49
03
22
38
41
20
45
80
15
89
02
11
73
68
$295, 016 96
68, 516 37
74, 295 72
1, 354,476 512, 192,
,053 81
1, 547,027 C6
1, 7.58,981 16
1, 083,489 96
4, 247,941 66
60, 744 79
338, 658 32
770, 505 87
3.3;3,248 47
289, 466 59
8, 851 48
31, 879 35
200, 597 74
43,,105 44
95,,950 72
8, 288 7.3
4J,, 483 75
74,.063 63
166,,931 04
239 99
P,,218 39
3, 075 04
286, 259 47
81, 085 33
27, 266 85
. 48,,390 02
9, 400 10
11,,799 75
37, 859 40
98, 214 42
24, 731 68
35, 843 06
61, 433 66
113,,410 16
657, 242 34
912,r752 26
135, .595 64
206,,827 32
8, 253 60
41,,088 86
272,132 51
. 371,906 S5
171
COMPTROLLER OF THE CURRENCY.
TaUe of losses charged ojj^—Continuecl.
M a r c h 1,1877.
S e p t e r a b e r 1,1877.
S t a t e s a n d cities.
Total.
N o . of
banks.
Illinois
Chicago
Micbigan
Detroit
Wisconsin
Milwaukee'
Iowa
Minnesota
,
Missouri
gaint Louis
Kansas-i
Nebraska
Oregon
California
San Erancisco ..
Colorado
N e w Mexico
Utah
:
Wyoming
I d a h o ..."
,
Montana
Amount.
$105,791
413,591
166, 494
8,604
15, 645
18, 313
90, 962
101, 875
31, 860
35, 216
18, 738
4, 008
13,197
3. 520
197; 781
34, 729
1, 060
811
41,100
1, 915
5,127
Totals
806
T o t a l s for 1876
N o . of
banks.
Amount.
12
78
57
54
29
.59
65
32
41
70
81
99
16
00
34
10
06
77
30
33
18
$228, 669 81
250, 005 31
271, 488 55
14, 988 63
26, 904 73
4, 816 00
89, 461 14
100, 643 16
19, 494 17
261, 734 61
8, 636 43
6, 807 93
5, 387 32
8, 728 83
21,128 79
66, 429 50
13, 890 75
1, 305 98
1,194 06
$334,460 93'
663, 597 09
437, 983 12
23, 593 17
42, 550 02
23,129 59
180, 423 79'
202, 518 48,51, 354 58
296, 951 31
27, 375 24
10, 816 92'
• 18, 584 4812,248.83
218, 910 13
101,158 60'
14, 950 81
2,117 75
41,100 301,915 33
6,321 24
8,175, 960 56
L 1 0 8 11, 757, 627 43 19, 933, 587 99'
6, 501,169 82
1, 034 13, 217, 856 60 19, 719, 026 42'
The table shows that the losses for the first six months of the year
were $8,175,960.56, and for the last six months $11,757,627.43; total,
$19,933,587.99. The losses for the preceding year were, for the first six
months, $6,501,169.82, and for the last six months $13,217,856.60;:
total, $19,719,026.42, showing an increase in the total losses for the current year over those of the preceding year of $214,561.57. The amount
of losses charged off by the banks in the principal cities was as follows:
1877.
1876.
Cities.
New York
Boston
Philadelphia
Pittsburgh .. .. ..
Baltimore
N e w Orleans
..
$6, 873, 759
1, ,598, 722
152, 976
333, 851
876, 207
519, 701
$4, 247, 941
2,192, 053
333,248
289, 466
200, 597
286, 259
97
68
14
56
32
41
66
81
47
59
74
47
The number of banks which made no dividends in the last four periods
of six months each, together with the amount of their capital, is shown
n the following table, by geographical divisions:
Six m o n t h s e n d i n g —
G e o g r a p h i c a l diAdsions.
M a r c h 1, 1876
No.
N e w England States
M i d d l e Statess
Southern States
Western States
Pacific S t a t e s a n d T e r r i tories
Totals
26
56
29
113
Capital.
$3, 777, 000
10, 700, 020
4.135, 000
14, 778, 300
S e p t e m b e r 1,1876.
No.
32
64
34
129
Capital.
$7, 700, 000
16,13.5, 725
4, 399, 000
13, 873, 000
M a r c h 1, 1877.
No.
25
73
27
106
S e p t e m b e r 1,1877.
Capital.
No.
$8,150, 000
12, 742, 000
3, 720, 000
14, 090, 000
35
92
30
118
Capital.
$9,
15,
4
10,
085,
573,
236,
737,
000
200
000
000
11
900, 000
14
1, 950, 000
14
1, 750, 000
13
1, 535, 000
235
34, 290, 320
273
44, 057, 725
245
40, 452, 000
288
41,166, 200-
172
REPORT ON THE FINANCES.
The internal-revenue law of July 1.1862, imposed taxes upou almost
t h e entire iDroperty and products of the country. The amount of internal revenue collected during the fiscal year ending Juue 30, 1866,
was nearly $310,000,000. The act of July 13 of that year largely reduced this amountj and a still further reduction was effected by the
legislation of the two following years, which exempted from taxation
-all manufactures and products except gas, spirits, tobacco and fermented liquors. The entire internal revenue is now derived from taxes
upon the three last-mentioned articles, upon such articles as require
the use of proprietary stamps, and upon bank deposits, capital, circulation and checks. I t is difficult to understand why the tax upon bank
"deposits, which tax, like the others, was essentially a war-tax, was
not repealed at thesame time, unless because of an unjust prejudice
against banks which is peculiar to this couutry, and which is traceable
to the large losses heretofore sustained by the people upon bank currency issued under the authority of injudicious laws of many of the
•States.
The London Banlcers^ Magazine, for April, 1877, in commentiug upon
this subject says: " I t is easy to understand how, in the midst of that
terrible struggle for existence which racked for a time every joint and
sinew of national life almost past endurance, the Government of the
United States felt compelled to seize hold of every and any available
basis for taxation, and hence fixed on the easily-reached resources of
the banks as a most valuable source of supply. But now that those
dangers are happily passed, no adequate reason can be given for such
an iinpost. There is nothing which conduces more to the prosperity of
a country than a sound system of banking, and besides good management, which is of course understood, nothing is more essential to sound
banking than sufficient and ample capital—capital large enough to
enable depositors to feel they may rest on it in safety; and any measure
which imperils the growth of banking capital for the sake of the taxes
which may be levied on it is indeed short-sighted."
The deposits of the banks, which at present amount to more than
$2,000,000,000, as may be seen by reference to another page, are considerably more than twice the whole amount bf the paper currency and
coiu in the country. They are not money, but merely represent commodities which, to a great extent, are not subjected to national taxation. The wheat and flour which are shipped from St. Paul to Ghicago
are taxed in the banks at St. Paul, if their avails are represented by a
bill of exchange.! If the same commodities are reshipped from Chicago
to the East, a tax is again imposed in Ghicago upon their representative bill of exchange, and again in the seaboard city when they are
exported to a foreign market. The same is true of the avails of cotton
shipped from the South, and of manufactures sent from the New England and other States.
According to the Treasury regulations, deductions of amounts redeposited are not allowable in estimating the taxable deposits. The total
individual and bank deposits of each bank must therefore be returned
without allowance of such moneys as are deposited by it with its correspondents. A temporary resident iu Florida draws his check against
his deposit in Boston, which is already subjected to taxation in that city.
The bank at Jacksonville transmits the check to its correspondent at
Savannah, the Savannah bank transmits it to Philadelphia, the Philadelphia banker to ISTew York, and the New York banker to Boston, where
the check is collected. •] Accordiug to the regulations of the Department,
COMPTROLLER OF THE CURRENCY.
175
this check,which is not money, but which represents the amount on
deposit in Boston, is subject to tax five different times while in transit.
The State laws generally authorize the indebtedness of individuals t a
be deducted from personal property returned for the purposes of taxation ; but the tax on deposits is, on the contrary, a tax upon the indebtedness of the banks, and not only upon their indebtedness to private individuals and corporations, but, in the case of disbursing-officers of the
United States, to the government itself. The law requires that the
banks shall keep on hand, as a permanent reserve fund, from fifteen totwenty-five per cent, of their deposits; and these reserves, which are
held without profit to the banks, and solely for the security of their billholders and depositors, are also subjected to a tax. The injustice of all
this would seem to be apparent.
The losses ot the banks have been unprecedentedly large since the.
panic of 1873. Many banks have paid no dividends, and others have
frequently been paid from surplus, which fund the law contemplates,
shall be held as a reserve fund for the protection of depositors and.
dealers.
The banks are not a monopoly, nor is their stock very largely held by
the rich men of the country. It is distributed quite generally among
people of moderate means, who need for their support regular dividends upon the small amounts of stock which represent their accumulated earnings. This fact will be seeu by reference to the carefully-prepared tables on this subject given in my last annual report, where it
appears that the number of shareholders of the national banks was •
then 208,486,'and that the average amount of stock held by each shareholder was but about $3,100. More than one-ha/lf of these shareholders ^
held but ten shares or less, each, (not to exceed $1,000,) while the entire
number holding more than one hundred shares each was but 10,851, or
only about one-twentieth part of the whole number, and, of these, but
767 held more than five hundred shares each.
The resources of the banks are reported regularly to the Comptrbller
in sworn statements, and are published in the newspapers of nearly
every village in the country. They are also presented annually in the
reports of the Comptroller, andare^ theretbre, accessible to the assessors
of every town ; so that the banks cannot evade taxation, or deceive the
authorities, or resort to any of the devices which other corporations
aud many private individuals practice with great success. The banks
thus pay a large percentage of the taxation which should, in justice, be
imposed upon other capital, but which they cannot evade unless they
diminish their capital or surrender their business. The State taxes have
increased to such an extent in recent years, that,.in many of the cities,
they alone are equal to two and sometimes even three per cent, of the
capital of the banks; and instances are known where these institutions
pay four-fifths of the personal taxes of the communities in which they
are located.
*
.
.
The only plausible reason given for continuing the tax upon the banks
is that they enjoy special privileges. But the only real privilege which
they possess is that of issuiug circulation, and even that is not a restricted privilege, but is one open to all who see fit to engage in the
business of bauking. Moreover, the profit upon circulation does not,
under the most favorable circumstances, exceed two and one-half per
cent., and, if issued upon four percent, bonds, does not exceed one and
one-half per cent, of its amount. That it is not a great source of income
is evidenced by the fact tiiat the. banks have, since the passage of
174
REPORT ON THE FINANCES.
the act of January 14, 1875, voluntarily reduced their circulation more
than forty-four.millions of dollars.
The State taxation upon national banks, as will be seen by reference
to the tables accompanying this report, is also oppressive because of
the unjust system of valuation which prevails in almost every State.
For instance, the State assessors of New York, in their report for 1873,
say:—''We are satisfied that less than fifteen per cent, ofthe personal
property of the State, liable to taxation, finds a place on the rolls of the
assessor, and of mortgages not even five per cent. * * * The amount
of personal property assessed, in some of the counties, is less than the
banking capital, and the same is true of thirty towns and cities, among
which are some of the most prosperous in the State."
In the report of the assessors fbr 1876, the total personal estate in the=
State of NewYork was returned at $379,488,140, and of the city of New
York at $218,626,178. The bank assessment in that city for the same
year was $85,145,116. The banks of the city, therefore, paid nearly onefourth of the whole personal tax of the State, and nearly forty per cent,
of the personal tax of the city. The Supreme Court of the United States,'
in the case of the Gallatin National Banlc vs. The Commissioners of Taxes,
decided that the shares of national banks should be assessed at their full
and true value, without regard to their par value. The New York
assessors had said that shares of bank stock in that State were then
assessed to a greater extent than any other kind of personal property;
but, under the Supreme Court decision, the assessment for 1876 of the
banks in NewYork City was increased $11,754,127. The assessment for
that year of the personal property in the whole State was also subsequently increased, but the entire increase, exclusive of the more than
eleven millions added to the assessment of New York City bank stock,
was but $9,758,758; and it is probable that even this amount was very
largely composed of increased assessments on the stock of the banks
outside of New York City.
•
The commissioners of taxes and assessments for the city of New York,
in their report of June 30,1877, say:—•" It is unnecessary to reassert at
any length the fact, so often stated in previous reports, that the personal
property actually assessed in the city and State of New York is small,
compared with the actual possessions of their citizens, and that the assessments represent rather the meager provisions of the law-than the
wealth of the State. * * * The practical effect of the present law is
to exempt foreign banking capital used here, and to tax domestic banking capital." They report the total assessments on personal property in
the city of New York for the year 1875 at $217,300,154, of which'
$73,390,989 was upon bauk stock. Total assessments for 1876.
$218,626,179, of which $85,145,117 was upon bank stock. Total assessments for 1877, $206,028,160, of which $73,614,274 was upon bank
stock. The number of persons assessed in 1875, other than bank shareholders, was 8,920; in 1876,9,233; in 1877,10,519. The number of shareholders of banks assessed upon their stock was, in 1875, 25,236; in 1876,
25,698; in 1877, 24,649. The reduction of the number of shareholders
and of the assessment upon banks in 1877 was due to the reduction of
capital and surplus, caused by excessive taxation.
The actual capital and surplus of fire and marine insurance companies
in New York was, in 1874, $58,670,000, but they were assessed at less than
$7,000,000. The total capital of incorporated companies and associations was estimated in 1871, by a commission appointed by the governor, at $856,500,000, exclusive of surplus and undivided profits. The
total assessment of these associations in 1874, was only $130,000,000,
COMPTROLLER OF THE CURRENCY.
175
of which the banks in New York City alone paid seventy-three per cent.
If the capital of other associations were assessed like bank stock, at its
true value, the proportional assessment of the banks would be but eleven
per cent, of the whole, instead of seventy-three per cent., as at present.
By a decision of the Court of Appeals of the State of New York, foreign capital transmitted to that State, to be loaned and employed in
business, is exempt from taxation. A national bank with a capital of
$4,000,000 paid taxes in 1876, amounting to $200,000—or at the rate of
five per cent, on its capital, while a foreign agency, employing an equal
amount of capital, paid nothing. Ten banks in one of the cities in the
State of New York having a population of 46,000 persons, pay taxes
upon $2,750,000, which is^more than their aggregate capital; while the
aggregate personal property of all other corporations and individuals in
the same city, the true value of which is estimated at $15,000,000, is
assessed at but $990,000. The bank shareholders of that city, numbering 924, of whom more than one third are women, hold, each, an average
of $3,000 of stock. It is estimated that at least 3,000 other persons in
that city possess personal property amounting to $3,000 each. These
persons either escape taxation altogether, or are taxed upon a valuation
not exceeding $300 each. The holders of bank stock in that city, therefore, pay a tax at least ten times as great as that paid by the holders of
stock in other corporations. The banks in other cities and States are
subjected to similar injustice. Even were the United States taxes to be
repealed, the banks would still be subject to a tax at least twice as
great as that imposed previous to the year 1862. The elaborate tables
which are herewith presented furnish convincing evidence in favor of
the repeal of the law imposing the tax upon capital and deposits.
The prayer for the repeal of bank-taxes proceeds not alone from officers and shareholders of the banks. The most urgent appeals to Congress are from chambers of cominerce aud boards of trade in the principal cities of the Union. The following extract from the petition of the
Ghana ber of Commerce of the city of New York, which represents not
only the commercial and bnsiness iuterests of that city, but also to a
large extent the public sentiment of the business men of the country,
declares ''that war-taxes, both heavy and unequal in their burden, are
imposed on the national banks, State banks, savings-banks and private
bankers of this country, which taxes have been for several years productive of great commercial injury ; that in no other country are such
taxes incurred by the business of banking; that, the exigency having
passed away, the war-taxes cau be taken off' without any sacrifice to the
Treasury at all commensurate with the benefits which will result to the
agricultural, financial, commercial and industrial pursuits of the country; t h a t t h e continuance of this onerous and discriminating taxation
on iDanking capital is rapidly withdrawing it from that business, leaving
the commerce and iudustries of the country illy prepared to meet a longhoped for returning tide of prosperity; and that a persistence in this
unequal and special tax can lead to but oue result, and that is to prolong
the present period of depression and inactivity."
The London Economist.^ a high and impartial authority, in discussing
the last report of the Comptroller, says :—" Now there may be some difference of opinion among economists as to the expediency and equity of
a tax upon the circulation of the banks, the right of note-issue being a
privilege conferred by the State, from which the banks derive a profit;
but there can be no question whatever as to the injustice and injurious
nature of the other forms of government taxation. The Comptroller
points out that the amount of tax to which the national banks are sub
176
REPORT ON THE FINANCES.
ject is much greater than that imposed on any other capital in th§ country; and it is precisely in such a case as this, where taxes are imposed
upon the accumulated savings of the country, gathered together intO'
stores available and necessary for the conduct and development of its«
commerce, that the taxing of capital engaged in trade assumes its most
XDcrnicious aspect."
DIVIDENDS.
The law provides, not only that each national bank shall, before the
declaration of every dividend, carry one-tenth part of its net profits of the
preceding half year to its surplus fund, until the same shall amount to
twenty per cent, of its capital, but that no association or any member
thereofshall,duringthetimeitshallcontinue its banking operations, withdraw, or permit to be withdrawn, either in the form of dividends or otherwise, any portion of its capital, and that losses and bad debts shall be deducted troni its net profits before any dividend shall be declared. The
Comptroller has endeavored to carry out the provisions of this law, and
the correspondence of the Office shows that in many instances he has
IDrevented the declaration of illegal dividends. If a bank suffers a loss
greater than its accumulated learnings, there are but two courses open
to it, so far as dividends are concerned : one is, to pass the dividend,,
and the other, to pay an illegal dividend from the capital stock.
The London Lconomist, in commenting upon the proper policy to be
pursued in the case, of a bank, which has suff'ered loss, says:—"One
(course) is at once to estimate the whole loss, to largely reduce the present dividend, and to write the necessary sum off the reserve fund; the
other, to estimate the possible loss low, to writeoff 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 wrong not to provide
for plain losses, and wrong to pay unreal dividends. But iu the case
of a bank, it is.not only wrong but dangerous. Perfect explicitness in
such cases is the only means of safety. The credit of a bauk is its life^
and that credit can only be maintained by deserving the confidence of
the public, by telling the ivhole truth, though it is not favorable, and by
acting consistently upon real facts, though they are not pleasant. If
the largest of our joint-stock banks—the bank of which it used to be
said that it never was known to lose largely, 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 other bank need fear to tell the
whole truth and nothing but the truth. Credit will never be good as long
as people believe that anything is kept back. No doubt it needs manliness and fortitude to tell the truth, when the truth 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 the difficult and trying,
transactions of business."
During the past six months, 288 banks, with a capital of $41,166,200^
have paid no dividends, and many others have largely reduced the
amount of their usual dividends. Associations of high character and
standing always refuse to impair their capital stock under such circumstances; and the attention of those banks which are conducted
upon the theory that a dividend is always necessary for the maintenance
of the credit of their associatious is called to the excellent advice of
the leading financial journal of England, above quoted.
The subjoined table exhibits the aggregate capital aud surplus, total
dividends and total net earnings of the national banks, with the rates
177
COMPTROLLER OF THE CURRENCY.
of dividends to capital, and to capital and surplus, for each half year
from March 1, 1869, to September 1, 1877 :
KATIOS.
P e r i o d of six
m o n t h s end- N o . of
banks.
ijjg^
Sept.
Mar.
Sept.
Mar.
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.
1,1876
1,1876
1,1877
1,1877
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
2, 076
2,081
2, 080
2.072
Capital.
$401, 650, 802,
416,366,991
425,317,104
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
504, 209, 491
500, 482, 271
496, 651, 580
486, 324, 860
Surplus.
T o t a l divi- T o t a l n e t
dends.
earnings.
$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
118,113,848 24, 823, 029 33,122, 000
123,469,8.59 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
134, 467, 595 24, 811, 581 23, 097, 921
132, 251, 078 22,563,829 20, 540, 231
130, 872,165 21, 803, 969 19, 592, 962
124, 349, 254 22,117,116 15, 274, 028
Divi- D i v i d ' n d s
to c a p i t a l
d e n d s to
c a p i t a l . 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
4.92
4.50
4.39
4.54
P e r ct.
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
3.88
3.57
3.47
3.62
Earnings
to c a p i t a l
a n d surplus.
P e r ct.
6.04
5.77
5.19
5.21
5,02
5.00
5.36
5.41
5.46
4.82
4.86
4.66
4.56
3.62
3.25
3.12
2.50
•
From the above table it will be seen that the average annual dividends upon capital during the past year were 8.93 per cent., while the
ratio of dividends to capital and surplus in the same period was but
7.09 per cent. The ratio of earnings to capital and surplus during the
six months ending March 1, 1877, was 3.12 per cent.; during the six
months ending September 1,1877, it was but 2.5 per cent.' The ratio of
earnings to capital and surplus for the year was but 5.62 per cent., from
which it is evident that a large portion of the dividends for such year
has been made from surplus, or from the earnings of former years.
The following table exhibits similar ratios, by geographical divisions,
for the years 1875, 1876 and 1877:
Geographical
divisions.
DiviDiviDiviEarnings
Earnings
E a r n i n g s Divid e n d s to
D i v i - d e n d s CO t o capital D i v i - d e n d s to
c a p i t a l to c a p i t a l d e n d s to c a p i t a l to c a p i t a l
d
e
n
d
s
t
o
d e n d s to c a p i t a l
a h d sura n d sura
n
d
surc a p i t a l . a n d surcapital. a n d surcapital. a n d surplus.
plus.
plus.
plus.
plus.
plus.
P e r ct.
New England
States
Middle States .
Southern States
Western States
and Territories
United States .
1877.
1876.
1875.
P e r ct.
P e r ct.
P e r ct.
P e r ct.
P e r ct.
P e r ct.
4.T
5.4v
7.1
7.2:
5.6
9.6
9.8
8.7
7.6
7.6
7.7
8.7
8.2
9.8
8.4
9.8
8.8
6.7
7.7
7.6
6.5
5.5
9.6
7.6
8.5
8.3
6.0
6.6
7.1
10.7
9.9
8.6
7.8
11.6
9.3
10.3
9.4
8.1
7.5
9.9
6.9
12.2
8.9
.9.6
7.1
12 F
F e r ct.
P e r ct.
178
REPORT ON THE
FINANCES.
A tabular stateinent is subjoined, showing, by geographical divisions,
the ratios of dividends to capital, and to capital and surplus, for the last
six years, and the average ratios for the whole period :
Katio 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 e n d i r' g Geographical
divisions.
1873.
1872.
Mar.
1.
Sept. M a r .
1.
1875.
1874.
Sept. M a r .
1.
Sept. M a r .
1.
1877^
1876.
Sept. M a r .
1.
Sept. M a r .
1.
Sept
•<
F e r c t Perct. Perct. P e r c t . P e r c t . P e r c t . P e r c t . P e r c t . P e r c t P e r c t . F e r c t . P e r c t . P e r c t .
New
England
States
.
Middle States
Southern States . . .
Western
States
and Territories!United States
5.0
5.1
5.0
4.9
4.9
5.3
5.1
5.1
5.2
5.1
5.0
4.6
.4.9
4.8
4.3
4.9
5.0
4.8
4.9
5.0
4.3
4.8
4.8
4.4
4.4
5.2
4.5
4.0
4.6
4.3
3.9
4.4
4.3
3.7
4.1
4.0
4.6
4.8
4.6
5.3
5.1
5.9
5.1
5.5
5.2
5.5
5.1
5.0
4.8
5.6
5.1
5.4
5.0
5.3
4.9
5.2
4.9
5.1
4.5
5.3
4.4
6.9
4.5
.5.5
4.9
E 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 .
New
England
States
Middle States
Southern States . . .
Western
States
and Territories..
United States
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
3.5
4.1
3.9
3.2
3.6
3.7
3.1
3.4
3.7
2.9
3.2
3.4
3.7
3.8
4.0
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
4.1
3.9
4.0
3.6
4.1
3.5
5.5
3.6
4.4
3.9
A table, exhibiting in a concise form the ratios of dividends to cajjital, and to capital and surplus, and of net earnings to capital and surplus, of the national banks in every State in the Union and in the
principal cities, semi-annually, from March 1, 1873, to September 1,
1877, will be found in the Appendix.
REDEMPTION.
The following table exhibits the amount of national-bank notes received monthly by the Comptroller, for the year ending November 1,
1877, and the amounts received for the same period at the redemptionagency of the Treasury, together with the total amount received since
the passage of the act of June 20,1874 :
Received b y t h e Comptroller.
Months.
:Nrov., 1876
"Dec,
"
- J a n . , 1877
Feb.,
"
-Mar.,
•'
-Apr.,
*'
May,
"
June,
"
July,
"
A u g . , ;;
Sept., "
Oct.,
"
From
naFrora
N o t e s of nat i o n a l b a n k s redemption- tional b a n k s U n d e r a c t
for r e i s s u e a g e n c y for in liquida- of J u n e 20,
1874.
or s u r r e n d e r . r e i s s u e .
tion.
1..
Total
R e c e i v e d f r o m June20,1874,
t o N o v e m b e r 1,1876
Grand total
$63, 715
317, 785
85, 630
29,419
13, 320
29, 962
574,110
213, 645
84, 765
10,165
29,100
113, 000
$5, 231, 900
4, 027, 400
4, 732, 800
4, 534, 700
4, 505,100
5, 239, 800
6, 721, 700
6, 427, 300
7, 498, 800
3, 726,100
2. 942. 400
3, 486; 600
$265, 550
185, 380
167, 900
234, 450
235, 644
230,167
318, 650
337,164
178; 2.50
186, 420
17.5, 908
97, 450
1, .564, 616
Total.
Eeceived
at r e d e m p *
tionagency.
577,172
52.5, 715
534,154
629,811
046, 273
218,986
718, 938
803, 821
049, 949
711,382
745, 479
649,167
$7,138, 337
6, 056, 280
6, 520, 484
6, 428, 380
5, 800, 337
6, 718, 915
9, 333, 398
8, 781, 930
8,811,764
4, 634, 067
3, 892, 887
4, 346, 217
$16, 684, 853
14, 942, 997
19,979,045,
16, 534, 732
17, 369,189
20, 976, 029
26,129,055
27, 829,179
17,905,054
19, 127,285
15, 438, 232
16, 392, 857
78, 462, 996
229, 308, 507
59, 074, 600
2,612,933
15, 210, 847
9, 409, 672 214, 596, 255
7, 671, 008
37, 594, 369 269, 271, 304
435, 486, 046
10, 974, 288 273, 670, 855
10, 283, 941
52, 805, 216 147, 734, 300
664, 794, 553
During the year ending Noveinber 1, 1877, there was received at the
redemption-agency of the Treasury $229,308,507 of national-bank notes.
COMPTROLLER OF THE CURRENCY.
179
of which amount $71,025,000, or about thirty-one per cent., was received
from the banks in New York City, and $82,659,000, or about thirty-six
per cent., from Boston. The amount received from Philadelphia was
$14,859,000; from Baltimore, $1,461,000; Pittsburgh, $1,146,000; Cincinnati, $1,603,000; Chicago, $3,492,000; SaintLouis, $1,024,000; Providence, $5,496,000. The amount of circulating notes, fit for circulation,
returned by the agency to the banks during the year, was $158,626,000.
The total amount recei ved by the Co mp troller from the redemption agency,
for destruction, and from the natioual banks, direct, was $75,850,063. Of
this amouut, $6,811,790 were issues of the banks in the city of New York,
$6,176,437 of Boston, $2,469,455 of Philadelphia, $1,592,920 of Baltimore,
$1,462,517 of Pittsburgh, $603,900 of Cincinnati, $814,252 of Chicago,
$446,280 of Saiht Louis, $575,167 of New Orleans, $494,050 of Albany,
and $494,600 of Cleveland.
• There were, on November 1,$255,580,790 of national-bank notes
outstanding upon which the charter-number had been priuted, and
$60,301,200 not having that imprint.
The following table exhibits the number and amount of national-bank
notes ofeach denomination which have been issued and redeemed since
the organization of the system, and the number and amount outstanding on November 1,1877 :
Number.
Amount.
D en om ill a t 10 n s
Issued.
Ones
Twos
Fives
Tens
Twenties
Fifties
One h u n d r e d s . . .
Five hundreds ..
Thousands
20, 616, 024
6,896.968
56, 816, 848
22, 266, 064
6, 776, 253
1, 079, 781
767, 317
20, 022
5, 668
115, 244, 945
Eedeemed.
Outstanding.
Issued.
Eedeemed.
Outstanding.
568
526
868
779
528
679
317
615
411
3, 800, 456
1,141, 442
18, 700, 980
9,831,235
3, 272, 725
445,102
288, 000
2,407
257
$20, 616, 024
13, 793, 936
284, 084, 240
222, 660, 640
135, 525, 060
53, 989, 050
76, 731, 700
10, Oil, 000
5, 668, 000
$16, 815, 568
11, 511, 052
190, 579, 340124, 347, 790
70,070,560
31, =533, 950
47,931, 700
8, 807, 500
5, 411, 000
*-10,800
$3 800,4.56
'2,282,884
93, 504, 900
98, 312, 850
65, 454, 500
22, 255,100
28, 800, 000
1,203,500
257, 000
*+10, 800
77, 762, 291
37, 482, 654
823, 079, 650
507,197, 660
315, 881, 990
16, 815,
5, 755,
38,115,
12, 434,
3, 503,
634,
479,
17,
5,
A table showing the number and denominations of national-bank
notes issued and redeemed, and the number of each denomination outstanding, on November 1 for the last ten years, will be found in the
Appendix.
The following table shows the amount of national-bank notes received
at this Office and destroyed, yearly, since the establishment of the
system:
Prior to November 1,1865.
During the year ending October
During the year ending October
During tbe year ending October
During tbe year ending October
During tbe year endiug October
During tbe year ending October
During tbe year ending October
During tbe year ending October
During the year ending October
During the year ending October
During tbe year ending October
During tbe year ending October
Additional amount destroyed of
Total . . . . :
31,1866
31, 1867
31, 1868
31,1869
31,1870
31,1871
31,1872.
31, 1873
31, 1874
3i, 1875
„
31,1876
31, 1877
notes of banks in liquidation
:.
*Add and subtract for portions of notes lost or destroyed.
$17.5,490
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
98,672,716
76, 918, 963
20, 840, 068
507,197,660
180
REPORT ON THE FINANCES.
NATIONAL-BANK
AND L E a A L - T E N D E R
NOTES, BY DENOMINATIONS.
The subjoined table exhibits, by denominations, the amountof nationalbank and legal-tender notes outstanding on November 1, 1877.
A^mount of
national-bank
notes.
Denominations.
Ones
Twos
Fives
Tens
Twenties
Fifties One h u n d r e d s
Five hundreds
One t h o u s a n d s
:
A m o u n t of
legal-tenders.
Total.
$3, 800, 456
2, 282, 884
93, 504, 900
98, 312, 8.50
65, 454, 500
22, 255,100
28, 800, 000
1,203,500
257, 000
*10, 800
$24,806, 459
24, 600, 544
52, 932,148
63,146, 861
60, 836, 495
30,108, 715
3^, 176, 670
34, 752, 500
34, 123, 500
t l , 000, 000
$28, 606, 915
26, 883, 428
146 437 048
161, 459, 711
126, 290, 995
52, 363, 815
58, 976, 670
35, 956, 000
34, 380, 500
1,010,800
315,881,990
356; 483, 892
672, 365, 882
Section 5175 ofthe Eevised Statutes provides '^ that not morethan onesixth partof the notes furnished to any association shall beof a less
denomination than &ve dollars, and that after specie payments are resumed, no association shall be furnished with notes of a less denomination than five dollars;" and section 5185 prohibits the issue to gold-banks
of circulating notes of a less denomination than five dollars. The amount
of such notes issued to national banking associations has always been
greatly below this limitation. The whole amount of one and two dollar
notes in circulation at the present time is but $6,083j340, \Yhich is less
than one-eighth o f t h e prbportion to which they are legally entitled.
The small amount of these issues is attributable in part to the legal limitation ; but more especially to the time and labor involved in signing them,
as well as to the further factthat legal-tender notes of these denominations
can be readily obtained a t t h e Treasury. The amount of siich legaltender notes now outstanding is $49,407,003. The amount of tens and
twenties of national-bank notes outstanding is $191,817,750, and the
amount of outstanding legal-tender notes of the latter denominations is
$123,983,356. The amount of national-bank notes of the denomination
of fifty dollars, and over, is $52,515,600, and of legal-tender notes,
$129,161,385. '
Of the entire amount of legal-tender and national-bank notes outstanding more than eight per cent, are of the denominations of ones and
twos, nearly twenty-two per cent, of fives, twenty-four per cent, of tenSj
and nineteen per cent, of twenties. Of these entire issues, less than
twenty-five per cent, in amount are of the denomination of fifty dollars
and upward.
Section 5182 ol the Revised Statutes requires that the circulating notes
bf national banks shall be ''signed by the president or vice-president
and cashier thereof.'' The signature of at least one bank officer is necessary, as a check between this Office and the issuing bank; for, if the
question of an overissue of notes should arise, the signature of such officer would determine the genuineness of the note. A number of banks,
however, issue their notes with printed signatures, and, in some cases,
with lithographic ones, which are frequently so badly executed as to
excite suspicion as to the genuineness of the notes. The Gomptroller
recommends an amendment of section 5182 of the Revised Statutes,
* Fractions of notes not presented or destroyed.
tLegal-tender notes destroyed in Chicago fire; denominations unknown.
COMPTROLLER OF THE CURRENCY.
181
imposing a penalty of twenty dollars for every note issued without the
written signature of at least one of the officers of the bank.
INSOLVENT BANKS.
Since my last report receiy.ers hay.e been appointed for ten banks, as
follows:
Capital.
First National B a n k o f Greenfield, Obio
National Bank of Fisbkill, N. Y
First National Bankof Franklin, I n d .
....1
Northumberland County National Bank, Shamokin, Pa
First National Bank of Winchester, I H . .
National Excbange Bank of Minneapolis, Minn
National Bank of tbe State of Missouri, Saint Louis, Mo
First N.ational Bank of Delphi, Ind
First National Bank of Georgetown, Colo
Lock Haven National Bank, Lock Haven, Pa
$50,000
2Q0,,00'0
....."_...
132,000
67, 000
50,000
100, 000
2,500, 000
50,000
,.
75,000
120,000
3,344,000
Dividends have been paid to the creditors of seven of these banks, as
follows:
National Bank of Fisbkill, N. Y
First National Bank of Franklin, Ind
3!^[ortbumberland County National Bank Shamokin, Pa
First National Bank of Winchester, 111
National Exqbange Bank of Minneapolis, Minn
National Bank of the State of Missouri, Saint Louis, Mo
First National Bank of Delpbi, Ind
..I...
,
45 per
25 per
25 per
20 per
50 per
25 per
25 per
cent.
cent,
cent.
cent.
cent.
cent.
cent.
The aggregate amount of these dividends is $759,799.09, the average
rate being 27.6 per cent. Dividends have also been paid during the
year to creditors of banks which failed previous to November 1,1876, as
follows:
First National Bank of Nevada, Austin, Nev.
10 per cent.;
Ocean National Bank, New York, N. Y
20 per cent.;
New Orleans Natioual Banking Association, Lo- . . . . . 1 5 per cent.;
Cook County National Bank, Cbicago, 111
8 per cent.;
First National Bank of TifiQn, Obio
7 per cent.;
Charlottesville N*ational Bank, Va
10 per cent.;
Miners' National Bank, Georgetown, Colo
10 per cent.;
Fourtb National Bank of Chicago, 111
40 per cent.;
First National Bank of Duluth, Minn
.,
20 per cent.;
City National Bank of Chicago, 111
10 per cent.;
Watkins National Bank of Watkins, N. Y
37-^ per cent.;
First National Bank of Wichita^ Kans
35 per cent.;
total, 90 per cent.
total, ^0 per cent.
total, 30 p e r c e n t .
total, 8 per cent.
total, 27 per cent.
total, 20 per cent.
total, 10 per cent.
total, 40 per cent.
total, 45 per cent.
total, 35 per cent.
total, 87^ per cent.
total, 35 per cent.
A dividend of seven and five-tenths percent, has also been paid to the
shareholders of the Waverly National Bank, Waverly, N. Y., making, in
all, one hundred per cent, to depositors and32.5 per cent, to stockholders,
and finally closing the bank. Also a dividend of fifteen per cent, to the
shareholders of the National Bank of the Commonwealth, in New York
City, making, in all, one hundred per cent, to depositors and thirty-five
per cent, to stockholders.
The total amount of dividends disbursed by the Gomptroller to creditors and shareholders dnring the year ending November 1, 1877, was
$1,631,867. The total amount^of dividends paidfsince the organization
of the system is $11,153,462.
182
REPORT ON THE FINANCES.
Dividends have also been declared since November 1, 1877, in favor
of the creditors of the following banks, viz:
Crescent City National Bank, New Orleans, La
First National Bank of Wichita, Kans
Lock Haven National Bank, Lock Haven, Pa
Miners' National.Bank of Georgetown, Colo
First National Bank of Norfolk, Va
City Natibnal Bank of Cbicago, 111
15 per
10 per
10 per
25 per
10 per
10 per
cent.;
cent.;
cent.;
cent.;
cent.;
cent.;
total, 75 per cent.
total, 45 per cent.
first dividend.
total, 35 per cent.
total, 45 per cent.
total, 45 per cent.
Assessments have been made upon the shareholders of twenty-six
insolvent national banks, for the purpose of enforcing their individual
liability, the amount of such assessments being $5,108,500, of which
$824,032,89 has been collected. The amount of assessments made during
the past year was $1,502,400.
From the date of the establishment of the national banking system
to June 1,1877, fifty-five banks had failed, with an aggregate capital of
$10,875,100. The amount of creditors' claims proved was $17,899,886,
and that of dividends paid was $10,029,045. The total loss to the creditors of these banks is estimated at $5,525,000. There has been no loss
whatever upon their circulation.
The most fruitful cause of the failure of national banks has been the
unlawful use of the funds or credits of these associations by their officers
and directors. In most instances these persons have accomplished this
malfeasance or crime by obtaining, in their official capacity, the discount of notes in which the bank had no interest. The receiv^ers of
six different banks, which have recently failed, have declined to allow
claims for discounted paper beaiing the indorsement of the bank,
upon the ground that the claimant had good and sufficient notice that
such paper was discounted for the benefit of individuals and not of
the bank. The passage of an act prohibiting a bank from borrowing
money upon its own obligation, or from loaning its credit, is recommended ; and it is also suggested that an act prohibiting any bank from
obtaining rediscounts upon its own bills receivable, unless authorized by
its board of directors, uuder the seal of the bank, would have the effect
to put other banks upon their guard, when applied to for such favors.
A table showing the national banks which have been placed in the
hands of receivers, the date of appointment of such receivers, the amount
of capital and of claims proved, and the rates of dividends paid to
creditors, and also one showing the_ amount of circulation of such
banks, issued, redeemed and outstanding on November 1, 1877, will be
found in the Appendix.
STATE BANKS AND SAVINGS-BANKS.
Section 333 of the Revised Statutes requires the Comptroller to'report
to Congress " a statement exhibiting, under appropriate heads, the
resources and liabilities and condition of the banks, banking companies
and savings-banks organized under the laws of the several States and
Territories; such information to be obtained from the reports made by
such banks, banking companies and savings-banks to the legislatures
or officers of the different States and Territories, and where such reports
cannot be obtained, the deficiency to be supplied from such other
authentic sources as may be available."
The laws of the United States require returns of capital and deposits
to be made to the Gommissioner of Internal Revenue, for purposes of
taxation, by all State banks, savings-banks and private bankers. These
returns have been procured from the Commissioner, and the following
table compiled therefrom in this Office, which exhibits the number of
State banks, savings-banks, trust companies and private bankers, and
183
COMPTROLLER OF THE CURRENCY.
their average capital and deposits, and the taxes thereon, by States, for
the six months ending May 31, 1877 :
states and Territories.
Maine
!N"ew Hampshire .
Vermont
Massachusetts . . .
Boston
Ilhode Island
Connecticut
No. of
hanks.
66
72
21
167
64
58
109
New England States.
New York
•...
New York City
Alhany
New Jersey
Pennsylvania
Philadelphia
Pittsburg
Delaware
Maryland
Baltimore
District of Columbia.
Washington.
Middle States.
Virginia
West Virginia .
North Carolina.
South Carolina.
Georgia....
Florida
Alabama
Mississippi
Louisiana
:
New Orleans Texas...
Arkansas
Kentucky
Louisville
Tennessee
Totals .
$4, 805
7,024
4,912
7,987
22, 006
53, 553
53, 545
11, 272, 273
452, 620, 717
20,153
133, 679
153, 832
22, 840
69,121
713
4,482
28, 753
4,798
11, 405
1,709
1,196
8,709
15
362
106, 653
258, 215
9,362
26, 330
97, 282
68,671
24, 481
2,116
899
18, 051
18
8,144
129, 493
327, 336
10, 075
30, 812
126, 035
73, 469
35, 886
3,825
2,095
26, 760
33
8,506
154,103
620, 222
774, 325
3, 407,110
1, 455, 900
574, 451
1, 003,105
4, 392,147
47, 000
1, 034, 733
1, 264, 396
54, 000
3, 558,192
3, 494, 002
258,333
7, 279, 957
.5, 404, 361
1, 768,147
226
4,501
585, 566,186
6, 809, 858
3, 917, 534
872, 287
1, 095, 859
4, 363, 519
271,057
1, 747, 031
1,413,033
49, 915
7, 310, 099
4, 891, 428
3-; 6, 619
6, 626, 535
6, 041, 033
3, 019, 790
8, 182
3,632
1, 436
2,508
10, 980
2,458
2, 274
135
8, 640
8,235
558
17, 478
13, 373
3,983
16,138
9,794
2,181
2,597
10, 718
678
4,368
3,532
125
14, 303
12, 228
942
16, 566
15,103
7,549
24, 320
13, 426
3,617
5,105
21, 698
770
6,826
5,806
260 .
22, 943
20, 463
1, .500
-34, 044
28, 476
11, 532
200,-786
48, 805, 597
83, 964
116, 822
6, 334, 477
2, 008, 549
836, 290
5, 626 955
5, 483, 644
4, 836,153
2, 605, 763
1,240, 932
1, 389, 348
672, 065
5,178,-643
1,168, 965
3, 806, 229
7, 530, 583
1, 725, 224
465, 664
16, 640, 560
9,016,478
12,767,959
11,128, 830
17, 299, 692
15,136, 791
4, 914, 596
5, 870, 285
3, 765, 813
6, 328, 969
8, 730, 477
2, 508, 685
11, 223, 423
22, 691, 281
3,116,289
1,184, 932
14, 051
3, 436
1,653
13, 051
12, 270
9, 568
6,367
2,250
3,190
1, 406
12, 545
2, 757
8,448
16, 947
4,039
1,114
4.0, 293
20, 231
17, 940
23, 336
41, 303
23, 426
12, 286
14, 676
9, 414
15, 822
21,661
6,135
28, 058
56, 281
7, 791
2, 962
50, 909, 484
152, 325, 060
113, 092
341,615
454, 707
610,724
12,110, 922
26, 902, 567
588, 858
417, 039
179, 521
5,667
55, 489
• 56,507
34,167
103, 037
222, 312
10, 000
1, 349,112
41, 522, 335
65. 865, 076
971, 9.36
1, 545, 409
587, 894
36, 342
98, 987
16,182
140, 321
93, 800
317, 696
5,000
1,418
30,113
61, 308
1,472
1,043
449
14
139
141
85
258
556
25
3, .373
68, 587
123, 034
2,430
3,864
1,470
91
247
40
351
234
794
13
4,791
98, 700
184, 342
3,902
4,907
1, 919
105
386
•181
436
492
1, 350
38
41,296, 810
112, 550, 090
34, 995, 834
Western States .
Pacific States and Territories
$4, 412
6,900
4,198
6,514
18, 490
45, 213
47, 952
85, 028, 770
Oregon
California
San Francisco.
Colorado
Nevada
Utah
New Mexico
Wyoming
Idaho
Dakota
..
Montana
Washington
Arizona
Total.
$393
124
714
1,473
3,516
8,340
5,593
1,404
257
23
9
146
319
42
145
18
90
12
279
71
180
46
114
39
On capital. On deposits.
$26, 499, 218
30, 896, 234
8,107, 445
162,477,183
88,716,005
53, 031, 370
82, 893, 262
11, 061, 720
45, 785, 796
637, 000
2,170, 838
12,216, 780
2,091,742
'5,018,826
717,411
623, 378
4,104, 003
5,917
595,359
• 78
24
14
19
66
5
20
28
2
23
107
15
73
17
33
Tax.
Deposits.
$173, 905
52, 333
335, 000
819,333
3,127, 387
3, 894, 673
2, 869, 642
336
466
14
65
346
60
41.
10
15
40
1
10
Southern States.
Ohio
Cincinnati . .
Cleveland...
Indiana
Illinois
i...
Chicago
Michigan .
Detroit
Wisconsin
Milwaukee .
Iowa
Minnesota
'Missouri.
Saint Louis .
Kansas
Nebraska
Capital.
223, 503, 171 1, 351, 867, 650
97, 021
468, 333
204, 528
1, 416, 866
54, 344
23, 667
19, 593
36, 387
53, 573
32, 994
18, 653
16, 926
12, 604
17,228
34, 206
. 8, 892
36, 506
73, 228
11, 830
4,076
301, 549
1, 885,199
184
REPORT ON THE
FINANCES.
A table, giving the number of State banks, savings-banks, trust companies and private bankers in the United States, with their average
capital and deposits, and the taxes thereon for the six months ending
November 30, 1876, will be found in the Appendix.
The returns tabulated above refer only to capital and deposits. The
Comptroller is required by law, as before stated, to report to Congress
the resources and liabilities of banks other than national banks, so
far as such information can be obtained by him. This requirement
was first made by act of February 19, 1873, and in compliance therewith the Comptroller has endeavored for the past four years tpfurnish
as complete statistics of the condition of these institutions as could
be obtained. Statements relative to the condition of the State and
savings-banks of New York, and of the New England States, are
readily obtaiued from their State authorities. A summary of these
statements, and of returns showing the condition of the State banks of
Pennsylvania, Maryland, Kentucky, Ohio, Indiana, Michigan, Wisconsin,
iowa and Minnesota, are given in the Appendix. Complete returns are
also given, showing the condition of the savings-banks of New Jersey,
Ohio and Indiana, and partial returns of such banks are given for the
States of Pennsylvania and Maryland.
The Comptroller is indebted to the San Francisco Evening Bulletin for
returnsfrom the State banksand savings-banksin California, which, bythe
act of the legislature of April 1,1876, are required to be filed for record in
the office of the recorder of the county, and to be published by all banks
and private bankers in a newspaper published in the county where their
banking-offices are located. In the returns made bythe California banks,
specie is not separated from Uuited States and nation al-bank notes. In
compiling these returns from the several States, all banks having capital
stock are included under the head of State banks, while banks having
no capital stock are placed under the head of savings-banks.'
It will be seen that complete returns of State banks have been received
from seventeen States only, of savings-banks from but ten, andof trust
and loan companies from only four States. The legislature of Missouri
xecently passed a law requiring all banks in the State to make reports
in the month of Becember. There are ten States and eight Territories in
which no reports are required. With a view of rendering this system of
reports more complete and effective than at present, the Gomptroller has
prepared the form of a bill, which is herewith presented.; and it is respect-,
fiilly suggested to members of Congress and State officers that, if approved by them, they shall lend the weight of their influence to procure
the enactment of a law, similar in form, by the legislatures of their respective States. It may be mentioned that a bill, substantially the same
as that here presented, was passed by the legislature of Ohio last year.
A BILL to provide for obtaining and publishing reports of banks, savings institutions
and trust companies organized under State laws.
Be it enacted, That eacb and every banking institution, organized under tbe laws of
this State, shall make a report to the auditor of state, sbowing tbe condition thereof
before the commencement of business on tbe first Monday in the montbs of January,
April, July, and October, of eacb year.
SEC. 2. Tbat the auditor of state shall issue bis requisition upon all banking institutions, for tbe reports required to be made by section 1 of tbis act, a convenient number of
days prior to the first day of January, April, July and October, in eacb year, and each
...banking institution shall, upon receipt thereof, immediately forward to tbe a u d i W a
balanced report of its condition, verified by the oath or afiQrmation of one or more of
the officers of such institution, and shall also publisb sucb report in full at its own expense, in ,a newspaper issued at tbe place wbere tbe institution is located, or, if tbere
be no newspaper in t b a t place, tben in the one nearest thereto ; and any banking insti-
185
COMPTROLLER OF THE GURRENCY.
tution neglecting to make and transmit to the auditor of state, and publisb, sucb reports, shall, after the expiration of five days from tbe receipt of tbe requisition therefor, be subject to a penalty of thirty dollars for eacb day's delay, which penalty may
be collected by suit to be brought b y t h e auditor of state, or by any creditor of the association, before any court of competent jurisdiction in the district wherein sucb banking institution is located ; and all sums of money collected for penalties under tbis
section shall be paid into tbe treasury of tbe State.
S E C 3, That bankSj trust companies, savings-banks and other bankiug institutions,
having capital stock, shall report tbeir resources and liabilities in tbe following form :
-, hefore the
, in the State of •
Beport of the condition of The
—
ai
commencement of husiness on the first Monday of
-, 187CE.
DR.
Resources.
1.
2.
3.
4.
5.
6.
7.
8.
9.
iO.
11.
^2
13.
Dollars.-
Cts.
Liabilities.
1.
2.
3.
4.
5.
6.
7!
8.
9.
Doans on real estate '
Al] other loans and discounts
Overdrafts
United States bonds on hand.
State bonds
Other stocks, bonds, and mortgages
Due from other hanks and
bankers
Real estate
Furniture and fixtures
Current expenses
Premium on bonds
Cash items
Gold coin, $
; silver coin,
Dollars.
.Cts.
Capital stock paid in
Surplus fund
Undivided profits
State-bank notes outstanding.
Dividends unpaid .. . . . . . .
Individual deposits
Due to hanks aud bankers
iNotes and bills rediscounted,,
Bills payable
...
|i
14. National-hank notes
15. United States notes
Total
of
Total
Sworn to and subscribed before ine this —- d a y
, 187—.
I,
,
of The —, do
solemnly swear that the above st atenaent is •true,
to the best of my knowledge and belief.
, Cashier.
S E C 4. Savings banks and other banking institutions baving no capital stock sball
report tbeir resources and liabilities in tbe foliowing form:
at —
, in the State of
, before the
-Eeport of the condition of The
—
commencement of husiness on the first Monday of
187—.
GR.
DR.
•Resources.
Dollars.
1 Loans on real estate
2. Loans on United States and •
State stocks
3. Lo.ans on other stocks and
bonds
4. All other loans
•5. United States bonds bn hand..
€. State bonds onhand
7. Other stocks and h o n d s . . . . . . .
8. Real estate
9. Furniture and fixtures
10. Expenses
11. Due from banks and hankers..
12. Specie
13. National-hank and United
States currency
14. All other assets.'..
Total
STATE of
, County of
.
Sworn to and subscribed before me this —- day
of
, 187—.
Dollars.
Liahilities.
Cts.
1.
2.
3.
4.
Individual deposits
Due to banks and hankers
Undivided profits
Other liabilities
Cts.
•
Total..
I,
,
of The —, do
solemnly swear that the above.statement i 3 true,
to the best of my knowledge and belief.
——, Oas hier.
And such banks sball also furnish, witb tbeir reports, the following information : Tbe
number of open accounts, and the rate per centum of dividends or interest on deposits
for the past year.
S E C 5. That tbe auditor of state shall compile the reports received by him under
tbis act, and the tables so :Compiled shall be printed quarterly for distribution when
prepared, and sball be transmitted by him to the legislature at tbe beginning of each
J3ession thereof.
186
REPORT ON THE FINANCES,
INDIVIDUAL LIABILITY OF SHAREHOLDERS.
Previous to the year 1858 banking companies could not be organized
in England with limited liability, except b y w a y of privilege under
special acts of Parliament, royal charters or letters patent. The Bank
of England, and three banks in Scotland, were thus privileged. In the
year 1858 an act was passed authorizing the formation and registration
of banking companies with limited liability—that is, limited to the total
amount of each share, whatever might be the amount actually paid up at
the time. In the Scotch banks, with the exception of the Bank of Scotland and two chartered banks with large capitals, the private fortune of
every stockholder is answerable for the diebts of the bank.
The elaborate banking law of Sweden, (act of 1864,) which contains
severe restrictions, together with many excellent features, requires the
transfer of shares to be registered in court, aud also advertised in the
newspapers at the time the transfer is consummated. The partners in
such banking companies must be Swedish subjects, in number at least
thirty, and '' they are responsible, one for all and all for one, forthe fulfillment of all the engagements of the banking company." These are
called " partners with joint responsibility." These partners may unite
with themselves shareholders whose responsibility for the engagements
of the company is limited to the full amount pf tlieir shares. These are
called '' shareholders with limited liability," and such may not be received into the company for more than, at most, one-half of the amount
which the partners with joint responsibility put into the capital. The
board of directors is formed from those partners, only, who have a joint
responsibility. Similar provisions in reference to the liability of shareholders are in existence in other countries.
The safety-fund system of the State of New York, authorized in 1829,
contained no provision in reference to the individual liability of shareholders, nor did the free-banking act of 1838. An attempt was made
in the year 1828, and many times subsequently, to enact such a provision, but it was always bitterly contested in the legislature, and defeated. The principle was, however, considered of so great iaiportance
that a section was incorporated in the constitution of the State, in 1846,
providing that after the 1st day of January, 1850, the stockholders of all
banks issuing circulating notes " shall be individually responsible to
the amount of their respective share or shares of stock in any such corporation or association for all its debts and liabilities of every kind contracted after the said 1st day of January, 1850," and the constitution,
as amended in 1874, contains substantially the same provision. The
same principle was subsequently incorporated into the bank legislation
of Ohio and other States.
, Section 5151 of the Eevised Statutes of the United States provides
that the shareholders of every national banking association shall be held
individually responsible, equally and ratably, and not one for another,
for all contracts, debts and engagements of such association, to the
extent of the ainount of their stock therein, at the par value thereof, in
addition to the amount invested in such shares. Suits have been brought
against the shareholders of twenty-six banks for the enforcement of this
individual liability. Assessments have been made to the amount of
$5,108,500, of which $824,032.89 has been collected. The first suit
under this section was that of Kennedy vs. Gibson, brought to' enforce
the individual liability of the shareholders of the Merchants' National
Bank of Washington, which bank failed on May 8, 1866. This suit was
appealed to the Supreme Court of the United States, and in December,
COMPTROLLER OP THE CURRENCY.
187
1869, an elaborate opinion was given by that court, from which the following quotation is made:
The receiver is the instrument of the Comptroller. He is appointed by tbe Comptroller, and the power of appointment carries witb it tbe power of removal. It is for
tbe Comptroller to decide wben it is necessary to institute proceedings against tbe
stockholders to enforce tbeir personal liability, and whether tbe whole or a part, and,
if only a part, bow much sball be collected. These questions are referred to bis judgment and discretion, and bis determination is conclusive. Tbe stockholders cannot
controvert it. I t is not to be questioned in the litigation that may ensue. He may
make it at sucb time as be may deem proper, and upon sucb data as shall be satisfactory to him. This action ou his part is indispensable wheneyer the personal liability
of the stockholders is sought to be enforced, and must precede tbe institution of suit by
the receiver. The fact must be distinctly averred in all such cases, and if put in issue
must be proved.
The liability of the stockholders is several and not joint. The limit of their liability is the par of the stock held by each one. Where the whole amount is sought to
be recovered, tbe proceedings must be at law. Where less is required, the proceedings
may be in equity, and in sucb case an interlocutory decree may be taken»for contribution, and tbe case may et aud over for tbe further action of tbe court—^if sucb action
should subsequently prove to be necessary—until tbe full amount of the liability is
exhausted. I t would be attended with injurious consequences to forbid action against
t h e stockholders until the precise amount necessary to be collected sball be formally
ascertained. This would greatly protract tbe final settlement, and might be attended
with large losses by insolvency and otherwise in the interyening time. The amount
must depend in part upon tbe solvency of the debtors and the validity of the claims.
Time will be consumed in the application of these tests, and the results in many cases
cannot be foreseen. The same remarks apply to the enforced collections from the stock;
holders. A speedy, adjustment is necessaryto the efficiency and utility of the l a w the interest of the creditors requires it, and it Avas the obvious policy and purpose of
Congress to give it. If too,much be collected, it is provided by the statute that any
surplus which may remain after satisfying all demands against the association shall be
paid over to the stockholders. It is better they should pay more than may prove to be
needed tban that the evils of delay should be encountered. When contribution only
is sought, all the stockholders who can be reached by the process of the court may be
joined in the suit. It is no objection that there are others beyond tbe jurisdiction of
the court who cannot for that reason be made codefendants.
At the last term of the Supreme Court it reaifirmed this decision
in the case of Casey, receiver, vs. Galli, Italian vice-consul. In this
case the order was to collect the par value of the stock, and therefore
the suit was at law. The declaration on the part of the receiver demanded judgment for the par value of defendant's stock, as debt, and
interest from the date of said order, as damages. To this defendant
demurred specially, for four reasous, viz: First, that defendant was
bound to contribute ratably, and that the proper amount could be ascertained only in equity; second, that defendant was bound to contribute
ratably to pay a large sum, that this sumwas not stated in the declaration, and hence what would be ratable and proper did not appear; third,
that the obligation of defendant was to pay into the hands of the Comptroller a ratable portion of the debts of the association proved before
him, but the declaration did not show that any debt had been so proved;
fourth, that the declaration demanded a larger sum than defendant was
bound to pay, in that it claimed interest by way of damages.
The court in passiug upon this demurrer said:—''In regard to the first
three of these objections, it is sufficient to say that Kennedy vs. Gibson
is conclusive against them. I t is there said that the amount to be paid
rests in the judgment and discretion of the Comptroller, that his determination cannot be controverted b y t h e stockholders in suits against
them, and that when the order is to collect the full amount of the par
of the stock, the suit must be at law. I t is unnecessary to reproduce
the reasoning of the court in support of these propositions."
After the iudgment of the court the counsel for the defendant filed
3 88
REPORT ON THE FINANCES.
two " special pleas in bar." 1. That the Comptroller had determined
to collect from the defendant, and other shareholders who were solvent,
money sufficient to pay the debts of the bank, without collecting from
those who were insolvent. 2. That the receiver or the Comptroller had
allowed, and determined to pay, a large amount of clainis which the
bank was not liable for, because of the prohibitions contained in section
5202 of the Eevised Statutes, and that, without these, the assets of the
bank were sufficient to pay all its debts. The court held that the first
plea was bad^ not only for special reasons, but because the Comptroller
had ordered collections from all stockholders, which order was conclusive upon the defendant, as already decided in the case of Kennedy vs.
Gibson. The second plea was also held bad, the court saying that '^the
same objection lies to this plea as to the preceding one, and the same
authority applies." So, also, in the same case, a plea in abatement,
alleging that there was no such corporation as the New Orleans National
Banking Association, because the owners of two-thirds of the capital
stock of said Bank of New Orleans did not authorize the bank to be
converted into a national association under the laws of the United
States, nor to accept an organization certificate as such banking association, was held bad on general demurrer. The court decided that the
Comptroller was clothed with jurisdiction to decide as to the completeness of the organization, and that, forthe purposes of this litigation, his
certificate is conclusive upon the subject. ' ' I t has the same effect, and
for the same reasons, as his determinatipn and order with regard to the
amount to be collected from each shareholder in the event of the failure of an association." " No question can be raised in this collateral
way as to either." Upon this point the case of Thacher vs. West Eiver
Naiional Bank (19 Mich., 199) is cited and concurred in.
Subsequently, in the case of the Crescent City National Banlc, Case, receiver, vs. Germania National Banh, et al.., the Supreme Court recognized
the power of the Comptroller to make and repeat assessments, until the
limit of the par value of stock is reached.
Section 5151 of the Eevised Statutes is in the nature of a contract
between the shareholders and the depositors of a national bank, and
section 5210 of the Eevised Statutes provides that "every national
banking association shall cause to be kept at all times a full and correct
list of the names and residences of all the shareholders in the association, and the number of shares held by each, in the office where its business is transacted, which list shall be subject to the inspection of all the
shareholders and creditors of the association; and that a copy of such
list, on the first Monday of July of each year, verified by the oath of the
president or cashier, shall be transmitted to the Comptroller of the Currency." The law thus provides that the depositors shall at all times
have the means of ascertaining the names of the shareholders of the
bank to whom they intrust their money, and it is right that these stockholders shall be held individually responsible for its prompt return; and
it has been held in a number of cases that, until there is a transfer of
shares on the books of the bank, the shareholder whose name there
appears is liable for the debts of the bank, and that an actual sale and
the signing of an ordinary power of attorney on the back of the certificate of stock will not relieve the seller from liability.
I t has also been held by the Supreme Court that shareholders mjist pay
interest upon their assessments, from the date thereof. It is the duty
of the Comptroller speedily to collect and promptly to distribute these
assessments. The chief points in reference to the liability of shareholders have been presented and determined by the highest court. Nothing.
COMPTROLLER OF THE CURRENCY.
189
therefore, but delay and expense can result from the refusal of stocks
holders to pay their individual liability, when called upon for that purpose by the Comptroller.
Section lOlO of the Revised Statutes provides that "where, lipon a
writ of error, judgment is affirmed in the Supreme Court or a circuit
court, the court shall adjudge to the respondents in error just darnages
fbr his delay, and single or double costs, at its discretion." Yet parties
of high standing and well-known responsibility postpone the payment
of legal assessments by appeal to the courts, notwithstanding these
decisions. The Comptroller will endeavor to collect from such parties,
not only the principal aiid intierest, but the penalty bf such delay, as
provided by law.
SYNOPSIS OF SUPREME COURT DECISIONS.
A synopsis of the decisions of the Supreme Court of the United
States, relative to the national banks, was prepared for my last annual
report by the Hon. Charles Case, late receiver of two national banks in the
city of New Orleans, now practicing his profession ih this city. Mr. Case,
at my request, has revised that synopsis, adding hot only the recent decisions of the Supreme Court, but many adjudications of other Federal
courts, and, in some instances, the rulings of State tribunals upon
points pertaining or applicable to national banks.
ABATEMENT.
I. An action brougbt by a creditor of a national bank is abated by a decree of a district or circuit court dissolving tbe corporation and forfeiting its franchises.
(Naiional Bank of Selma vs. Colby, 21 Wallace, p . 609.)
IL Suit by tbe receiver ofthe New Orleans National Banking Association (formerly a
State organization called the Bank of New Orleans) against a shareholder to
enforce his personal liability. Plea in abatement that *' at the date of tbe
appointment of said receiver tbere was not, nor has there since been, nor is
there now, any such cbrporation as said New OHeans National Association,
because said Bank of New Orleans had no power by its charter, nor authority
otherwise frbm t h e State of Louisiana, to change its organization to that of a
national association under the laws of the United States."
On general demurrer this plea was held bad, because no authority from the
State was necessary to enable tbe bank to make such change. The option to
do so was given by the forty-fourth section of the banking act of Congress, 15
Statutes, 112. " The power there conferred was ample, and its validity cannot be doubted." {Casey, receiver, ^ c , vs. G^alli, 4 Otto,p. 673.)
This plea was also held bad upon the additional ground that *' where a sharebolder of a corx3oration is called upon to respond to a liability as such, and where
a party has contracted with a corporation, and is sued on his contract, neither
is permitted to deny the existence and legal validity of such corporation."'
(Ibid.)
''To bold otherwise," says Mi*. Justice Swayne, (p. 680,) ''would be contrary
to the plainest principles of reason and good faith, and involve a mockery of
justice. Parties must take the consequences of t h e positions they assume.'^
"They are estopped to deny the reality ofthe state of things which they have
made to appear to exist^ and upon which others bave been led to rely. Sound
ethics require that the ^pparecit, in its effects and consequences, should be a&
if it were real, and the law properly so regards it."
ACCOMMODATION INDORSEMENTS.
I. Where bills, indorsed by a national bank for accommodation only, had been
negotiated by tbe bank through its usual channels of communication with its
correspondents as its own bills, and the proceeds thereof had been placed to
tbe credit of the bank, which thereupon gave the same credit to the parties
for whom it had thus indorsed, and received no benefit therefrom:
i
Held, That although an accommodation indorsement by a national bank, in
such cases, was void in the hands of holders against whom notice of the character of the indorsement could be concluded, yet t h a t the bank was liable
ifor the eame to holders, for value, without notice. (Blair vs. First National
190
REPORT ON T H E FINANCES.
ACCOMMODATION INDORSEMENTS—Continued.
Banh, Mansfield, Ohio. .United Staies circuit court for Ohio, at Cleveland, Noveniber
term, 1S76, Emmons, J.)
Query, whether, under the provisions of section 5202 of the Revised Statutes of
the United States, any indorsement by a natioual bank is not ultra vires.
ACTIONS.
I. A national bank may be sued in proper State court. (Bank of Bethel vs. Pahquioque Bank, 14 WalL, 383, j?. 395.)
II. Such banks raay sue in Federal courts. The word '^ b y " 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.)
III. When the full personal liability of shareholders is to.be enforced the action must
be at law. (Kennedy vs. Gibson, 8 Wall,p. 505; see, also, Casey, ^-c, vs. GalU,
supra.)
IV. But if contribution only is sought, tbe proceedings may be in equity, joining
all the shareholders within the jurisdiction of the court. (Ibid., pp. 505-6.)
See, also, title " SHAREHOLDERS, INDIVIDUAL LIABILITIES OF," VI, post. Judge
Swayne says " may," and Nelson, J., says tbat " we may sue at Zaiy."
ATTACHMENT O F ASSETS.
1. When a creditor attaches the property of an insolvent national bank, he cannot bold sucb property against the claim of a receiver, appointed after tbe
attachment suit was commenced. Such creditor must share pro rata with all
others. (National Bank of Selma vs. Colby, 21 Tfall, p . 609.)
See also title "JURISDICTION," Il,jpost.
ATTORNEYS.
I. Section 56 of currency act is directory only, and it cannot be objected by-defense
that a suit is brouglit by private attorney instead ofthe United States district
attorney. (Kennedy vs. Gibson, 8 Wall; p . 504.)
BYLAWS.
I. A national bank 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, ^"C,
18 Wall, p . 589.)
See also case of Bank vs. Lanier, 11 Wall, p . 369, cited under " L O A N S ON
SHARES," pos*.
[NOTE.^-In Young vs. Vaugh, 23 N. J. Equity B . , p . 325, it was held tbat a
national bank could by its by-laws prohibit the transfer of shares by a shareholder while indebted to the bank, and tbat transfers in violation of sucb bylaws were void. As it is held by the Supreme Court of the United States t b a t
sucb by-laws can create no lien for indebtedness, it would seem that a regulation prohibiting such transfers can be of little practical use, even if tbe
powerexists.]
CHECKS.
'
I. The bolder of a check on a national bank cannot sue tbe bank for refusing
payment, in tbe absence of proof tbat it was accepted by the bank. (National
Bank of the Bepitblic 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 ofthe business of banking, but the moment
they are received tbey 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., per Davis, J., p . 15b.)
III. Perhaps, on proof that check had been charged to the drawer, and that tbe
bank had settled with him on that basis, the bolder or payee could recover on
a count for ''money had and received.^' (Ibid.,2:)p. 155-6.)
IV. The facts that the bank was a United States depository and the check was
drawn by a United States officer to a United States creditor do not vary the
rule. (Ibid., pp. 155-6.)
V. Wbere a bank pays a check drawn on it, in favor of a party whose indorsement
thereon is forged, and tbe same has passed through several hands, only
reasonable diligence is required to be exercised in giving notice to prior
holders of the forgery, after its discovery, in order to hold them liable.
(Schroeder vs. Harvey, 75 I I I , p . 638.)
VL A clerk of plaintiffs' received from tbeir debtors checks, payable to their (plaintiffs') order, in payment of sums due. The clerk, wrongfully and without
authority, indorsed the names of the plaintiffs on these checks and transferred
COMPTROLLER OF THE CURRENCY.
191
CHECKS—Continued.
them to other persons, appropriating the proceeds to bis own use. Subsequently these checks were deposited with a bank which in good faith collected them and paid over the proceeds to the depositors. In a suit by
plaintiffs against the bank, to recover the amount so collected by i t : Held
That the.bank was liable. (Johnson vs. First National Bank, 13 N Y. SUD
Court, 2). 121.)
VII. Tbe act of Congress of March 3, 1869, raaking it unlawful for a national bank
to certify checks unless the drawer has at the time funds on deposit to an
amount equal to the amount specified in the check, does not invalidate a
conditional acceptance of a check by sucb bank, having no funds of the
drawer in its hands at the time, but engaging to pay the same when a draft
left with it for collection by the drawer shall have been paid. (National
Bank vs. National Bank, West Va. SL,p. 544.)
CITIZENSHIP.
I. National banks Sbre citizens of the State in wbich they are organized and located, and when sued by national banks of other .States have a right to demand a removal ofthe suit from a State to the proper Federal court. (Chatham National Bank vs. Merchants^. National Bank, 4 Thomp. cj- C, (Thompson ^^
Cook,) N. Y. .Sup. C, p . 196, and 1 Hunter, N. Y., p . 702 )
COLLECTIONS.
I. A collection agent.who receives from his principal a bill of lading of merchandise, deliverable to order, and attached to it a time draft, may, iu the absence
of special instructions, deliver tbe bill of lading to the drawee of the draft,
upoii the latter's acceptance of the draft. I t is not the duty of the agent t o
hold the bill after such acceptance. (National Bank of Commerce vs. Merchants' Naiional Bank, 1 Otto, p . 92.)
II. Woolen ^ Co., bankers at Indianapolis, sent to defendant, a bank at Buffalo, a
draft on one Bugbee, also bills of lading for sundry car-loads of lumber. The
remittance was by letter, which merely stated tliat the draft and bills were
sent to defendant for collection and remittance of proceeds to plaintiffs,
Woolen 4" Co. The draft was drawn by, and to the order ot. Coder <^ Co., indorsed by them, by Mayhew, and the plaintiffs. By the terms of draft the
drawer, indorsers, and acceptor waived presentment for payment and notice
of protest and non-payment. I t was payable fifteen days after its date, and
it was admitted that by ordinary course of transit the lumber would reach its
destination eight days prior to the maturity of the draft. There had been
no business transactions between plaintiffs and defendants save one collection similar to this. Defendants presented the draft to Bugbee for acceptance, and, upon such acceptance, delivered to him the bills of lading. Bagbee
failed before the draft matured, and plaintiffs sued defendants for delivering
the bills of lading to Bugbee before payment of the draft. I t was conceded
that the draft was drawn for tbe price or value of the lumber.
Held, per Wallace, J., that, the draft being on time, it must be presumed that it
was the intent of parties that Bugbee should realize froni sale of the lumber
the fuuds to meet the draft at maturity. Therefore, upon his acceptance of
the draft, he was entitled to the bills of lading, and defendants were not liable
for thus delivering them, but if the draft had not been upon time, a different
rule might have prevailed. (Woolen 4" Webb vs. N. Y. and Erie Bankj 12
Blatchf, p.':^59.)
III. The Corn Exchange National Bank of Chicago sent defendant, the Dawson Bank
at Wilmington, N. C , a draft drawn upon one Wiswall, living at Wasbing. ton, N. C , for collection. Defendant by letter acknowledged tbe receipt of
the draft, stating that it had been credited to the Corn Exchange Bank, and
entered for collection. Thereupon defendant sent draft to Burbank ^ Gallagher, baiikers at Wasbington, N. C , for collection. The latter house collected the draftj but failed and passed into bankruptcy before remitting.
In a suit brought by the assignee of the Corn Exchange National Bank
against the Dawson Bank to recover the proceeds of the draft. Held, per
Wallace, J., that the latter bank was liable for the amount. (Kent, Assignee,
4"c., vs. The Daioson Bank, 13 Blatchf, jp. 237. j
[NOTE.—The court concedes that tbe authorities are conflicting upon the
. point involved in this case. In New York, Ohio, and in England, the decisions sustain the conclusion of Judge Wallace, while in Connecticut, Massachusetts, Illinois and Pennsylvaiiia, precisely the contrary rule prevails. " The
point was made in this case that the law of Illinois should control the rights
of parties, but it was held otherwise.]
192
REPORT ON T H E FINANCES.
COLLECTIONS—Continued.
IV. In an action by G against a bank it appeared t h a t a note was made to G's
order, indorsed by him and sent through the house of B, a banker, for collection, and by B indorsed to the defendant bank, " for collection and credit."
Held that B, by the indorsement, did not become tbe owner of the note, and
. bad no right to pledge it, or direct its proceeds to be credited to him iu payment of his indebtedness to tbe defendant bank. (First National Bank vs.
Gregg, 79 Fa. St, p. 384.;
V. In such case.if tbe defendant bank hlad made advances, or given new credit to
B on tbe faith of the note, it would bave been entitled to retain the amount
out of the proceeds. (Ibid.)
VI. A bank holding a customer's demand-note bas a lien upon the proceeds of
drafts delivered to it for collection, after tbe giving of the note, though collected after the filing of a petition in bankruptcy, and can apply such proceeds upon tbe notes. (Be Farnsworth, 5 Biss., p . 223.;
COMPROMISES.
I. In adjusting and compromising contested claims against it, growing out of a
legitimate banking transaction, a national bank may pay a larger sum than
would have been exacted in satisfaction of them, so as to tbereby obtain a
transfer of stocks of railroad and other corporations, in the honest belief that
by turning them into money under more favorable circumstances than then
existed, a loss, whicb it would otherwise suffer from the transaction, might
be averted or diminished. (First National Bank vs. National Exchange Bank, 2
Otto, p . 122.)
II. So, also, it may accept stocks in satisfaction of a doubtful debt, with a view to
their subsequent conversion into money, in order to make good or reduce an
atiticipated loss. (Ibid.)
See also ESTATE, REAL, I,post.
COMPTROLLER.
I. The Comptroller appoints the receiver, and can therefore remove him. (Kennedy
YS. Gibson, & Walt,p. 49S.)
II. The Comptroller's certificate, reciting the existence of the facts of which he is
required to be satisfied, to justify the appointment of a receiver, under section
50 of tbe national-bank act, is sufficient evidence of the validity of. such appointment, in an action brought by such receiver. (Piatt vs. Bebee, 57 N. Y.,
i).339.)
III. The Comptroller must authorize any increase of the capital stock of a national
bank; and sucb increase must be certified by him as prescribed by sec. 13 of
the act of Congress providing for the organization of national banks. (R. S.,
sec. 5142. Charleston vs. People^s Nafl Bank, 5 S. C.,p. 103.)
IV. The Comptroller cannot subject the United States Government to thejurisdiction
of a court, though he appears and answers to tbe suit. (Case vs. Terrill, 11
Wall, p . 199.)
CURRENCY ACT.
I. The purpose of the currency act, was, in part, to provide a currency for t h e .
wbole country, and, in part, to create a inarket for the government loans. (Per
Strong, J., in Tiffany vs. Missouri, 18 Walt., p . 413.)
II. National banks organized under the act of Congress of June 3, 1864, are the instruments designed to be used to aid the government in the administration of
, an important branch of tbe public service; and Congress, wbich is the sole
judge ofthe necessity for their creation, having brought them into existence,
tbe States can exercise no control over them, nor in any wise affect tbeir operation, except so far'as Congress may see proper to permit. (Per Sioayne, J., in
Farmers and Mechanics' National Bank vs. Dearing, 1st Otto, p . 29.)
III. The constitutionality of the act of June 3, 1864, is unquestioned. I t rests on
the same principle as the act creating tbe second Bank of the United States.
The reasoning of Secretary Hamilton, and of this court in McCulloch vs. Mary-'
land, 4 Wheal, p . 316, and in Osborne vs. Bank TJ. S., 7 Wheat., p . 7(38, therefore^
applies.
IV. Tbe plower to create carries with it the power to preserve, The latter is a
corollary of the former. (Ibid., per Swayne, J., pp. 33-34.)
DEBTORS O F NATIONAL BANKS.
I. Debtors of an insolvent national bank, wben sued by the receiver, cannot object
that pleadings do not show a compliance Avith all the steps prescribed by statutes as preliminary to the appointment of such receiver. ( Cadle, Receiver, 4"c.,
vs. Baker 4" Co., 20 Wall, p. 650.)
.11. Such ordinary debtors may be sued by receiver without previous order of
tbe Comptroller. (Bank vs. Kennedy, 17 Wall, p . 19.)
COMPTROLLER OF T H E CURRENCY.
193
DEPOSITS, GENERAL.
'
I. The relation between a bank and its depositors is that of debtor and creditor
only, and is not fiduciary. Thus, a note deposited for collection, if passed to
t h e credit o f t h e depositor, in his general account, theii overdrawn, becomes
the property of the bank, which becomes indebted to him for the proceeds.
Upon the bankruptcy of the bank, the proceeds are assets available to the general creditors. And the tact that the account was made good by otber deposits, before collection of the note, makes no difference. (In re Banlc of Madison, 5
Bissell, p . b.iS.)
.
- .
'
II, A deposit is general, unless the depositor makes it special, or deposits it expressly in some particular capacity. Audi in case of a general deposit of
money wifch a banker, a previous demand by the depositor, or some other person by his order, is indispensable to t h e maintenance of an action for the deposit, unless circumstances are shown whicb amount to a legal excuse. (Brahm
., YS. Adkins, 77 I I I , p . 263.)
DEPOSITS, CERTIFICATES OF.
I. A certificate of deposit was issued by a bank for a certain sum, subject to the
order of the depositor at a certain date, payable on the return of the certificate :
Held, in an action on said certificate agaiust the bank, brought by an assignee,
that tbere could be no recovery without proof of an actual demand and refusal of payment. (Broivn YS. McElroy, ^2 Ind., p . 40i.) ,
II. In a suit against the bank, upon a stolen certificate of deposit given b y t h e defendant to the plaintiff, reciting that he had deposited in the bank a certain
number of dollars, payable to his ordei' in current funds, on the return of the '
certificate properly indorsed :
.Held, first, that the instrument should be regarded as tbe promissory note of
the bank, assignable under the statute, (of Indiana,) but that it was not negotiable as an inland bill of exchange, being made payable, n o t in money, b u t
" i n current funds;" second, that the payee could recover on said stolen
certificate without giving a bond against a subsequent claim thereunder by
anotber person. (National State Bank vs. Eingel, 51 Ind., p . 393.)
III. Where a bank issues a certificate of deposit, payable on its return properly
indorsed, it is liable thereon to a bona-fide holder, to whom it was transferred
seven years after it was issued, notwithstanding the payment thereof to the
original holder. Sucb certificate is not dishonored until presented. (National
Bank Fort Edward vs. Washington Co. National Bank, 5 Hun., N. Y. Siqy. Court,
p . 60^.)
.
. .
^VOSITS, SPECIAL.
>iThe taking of special deposits to keep, merely for the accommodation of tbe
\depositor, is not within the authorized business of national banks; and the
cashiers of such banks have no, power to bind them on any express contract
riccona pany ing, or any implied contract arising out of, such taking. ( Wiley vs.
\irst National Bank, 47 Vt.,p.646.)
\banking association, under the national-currency act, has power to assume
je duties and obligations of a naked bailee of property, either gratuitously or
r hire, (as to which point the court does not decide, though apparently inIned to deny such power,) it is clearly outside its ordinary business; and it is
Jt within the scope of the general powers or general authority of its execu•ve or ministerial offices to bind such corporation by a contract for such bail-.
lent. Therefbre, in the absence of proof of special authority for that purfose, delegated by the board of directors, or evidence that such powers bave
^oeen exercised by their knowledge and sanction, or that such has been the
^babit and custom of the bank, it is not responsible for property thus received
/ b y its cashier. (First National Bank Lyons va. Ocean National Bank, 60 N. Y.,
/
p-m--)
.. •••. •
.-.
•. •
,..'
•
.
.
/ A circular issued by such corporation, inviting t h e correspondence of other
/
banks, and offerijig to buy and sell securities for them, is no evidence of a con/
sent, on its part, to become a general bailee and depository of such securities
for its correspondence. (Ibid.)
iV: The corporations formed under the natioual-currency act are banks of deposit,
as well as circulation. They are authorized to issue their own notes, and receive from others their money and circulate it. Money so received is termed a
deposit, although it has none of the qualifications of a bailment, thus named.
.. There is no trust or promise to redeliver the same money. By the deposit the
money becomes the property of t h e bank, and only the relation of debtor and
creditor is created. (Ibid., per Allen, J., p. 2S^.)
[NOTE.—In the last cited case the cashier of the Ocean NationalBankhad, at
13 F
194
R E P O R T ON T H E
FINANCES.
D I P O S I T S , SPECIAL—Continued.
sundry times, received United States bonds belonging to tbe Lyons bank. Some
of these bonds bad been purchased by said cashier and the assistant cashier for the
Lyons bank. Two or three times, by the order of the latter bank, the coupons
of these bonds had been cut off by said cashier, and proceeds credited to the
Lyons bank. But there was no proof t h a t these transactions were done, or
t h a t said bonds were kept in the vault of said Ocean Bank, with tbe knowledge
of the directors. While said bonds were thus kept, burglars broke iu and stole
them. The court held, and the opinion was unanimous, that there was no difference under tbe currency act between such a deposit of United States bonds
and a deposit of other valuable property, such as plate, diamonds, or jewelry,
for safe-keeping, gratuitously. I t was a naked bailment of deposit, without rereward, and snch an act of the cashier as did not bind the bank.]
For definition of the bailment called " deposit," and the liabilities of such
a bailee, see Story on Bailments, section 4, and sections 61 to 135,
As to special deposits of money with a bank, see Story on Bailments, section
88; also. Smith vs. First National Bank, 99 Mass., p . 605. In this last case there
bad been a special deposit of gold coin, to be returned when called for. The
cashier embezizled the funds: Held, that tbe bank was not liable, as there was
•no gross negligence on the part of the corporation.
DIRECTORS OF NATIONAL BANKS.
-
I. Directors pf a national bank may remove tbe president, both uuder the.law of
Congress and t h e articles of association,.wbere the latter so provide. The
.
power exists if the bank bas adopted no by-laws. (Taylor vs. Hutton, 43 Barb.'
N . Y . Slip. Court, p. 195; S . C , 18 Ab]). Pr. E., p . 16.)
ESTATE, REAL.
I. The want of power of a bank, or of its trustee (receiver) in insolvency, to purchase and hold real estate, does not Tender void an arrangement whereby land
subject to a lien in favor of the bank, and to otber liens, is discharged of those
other liens by funds from the assets of the bank, tbe land being then sold, and
the entire proceeds of such sale realized to the bank assets, provided the title
does n o t pass througb the bank or its trustee. (Zantzingers vs. Gunton, 19
Wall,p.32.)
• .INTEREST.
,,'
,
I. Under section 30, act of 1864, a national b a n k i n any State may take as nipp^
rate of interest as by the laws of such State a'naturaPperson may stipi?>^
for, although State banks of issue are restricted to a less rate. (Tiffof
National Bank of Missouri, 18 Wall, p . 409.) '
r
[NOTE.—In Missouri, natural persons may take ten per cent.^.but Sta/
are restricted to eight per cent. In this case the national bank 1]
nine per cent: Held legal.]
,
/
IL Held, also, that as tbe action was virtually brought to recover the f
usury, the statute (section 30) must receive a strict constructior'
409.)
.
•
(
I
See also Title " U S U R Y , " ^ o s i .
•• \
•
•
'
I N T E R E S T ON CLAIMS O F CREDITORS.
•
\
i
I. Where a national bank is put in charge of a receiver, under secti^
original Currency act, (R. S., sec. 5234,) and a sufficient sum is rt^
its assets to pay g^ll claims against it and leave a surplus, the U
ought to allow interest on the claims during the period of admi
before appropriating the surplus to the stockholders of the bank. \
of assumpsit by tbe bolder of such a claim will not lie against the Coiix
nor against, the receiver, but will lie against the bank. (Chemical i
Bank YS. Bailey, 12 Blatchf, 2). 480.)
V
II. In such action interest is recoverable on all demands originating i n c o ;
conditioned for the payment of interest, and on all demands for money \
and unpaid, by way of damages for non-payment after such demands becarl
due. And interest is recoverable on a balance due a depositor in such bank,
although be bas made no formal demand of payment. (Ibid.) But, as to tbis
last point, see the ruling of the Supreme Court.
H I . In the case o^ National Bank ofthe CommomvealtJiYS. Mechanics^ National Bank, 4
Otto, p . 437, the Supreme Court United States, at its last term, decided that a depositor in a national bank, when it suspends payment a^nd a receiver is appointed, is entitled fromthe date of his demand to interest upon the deposit;
that the claims of depositors in such bank at date of suspension for tbe amount
COMPTROLLER OF THE CURRENCY.
195
I N T E R E S T ON CLAIMS OF CREDITORS—Continued.
of their deposits are,-when proved to the satisfaction of the Comptroller of t h e
Currency, placed upon the same footing as if reduced to judgments; t h a t is t o
say, they draw interest from the time of such proof and allowance.
I t was also decided that,,such interest being a liquidated sum at the time of
the payment of the deposit, an action lies to recover it, and interest thereon.
•JUDG-MENTS.
••
•
•
.
"
•
•
'
•
;
.
.
.
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 ou such judgnient, but must await pro m^6i distribution. (Bank of Bethel
YS. Pahquioque Bank,,14 Wall, p . 363. Clifford, J., p . 402.)
JTURISDICTION.
-
*
'• .
I. A United States district court has jurisdiction to authorize a receiver of an insolvent national bank to compromise a debt. (Matter of Plait, 1 Ben., p . 534.)
II. A resident (citizen)-of Kentucky was a creditor of a national bank located in
Alabama, and commenced a suit on his claim against said bank in the supreme
court of the State of New York, at the same tim^ attaching certain moneys
belonging to. said bank, in the bands of the National Park Bank, in New York.
Subsequently the receiver of the Alabama bank (which had failed) was, on
bis own motion, made party defendant to the action pending in the New York
supreme court, and pleaded '' loant of jurisdiction,'^ and other defenses. The
supreme court overruled his plea to the jurisdiction, rendered judgment
against the receiver on the merits, and ordered satisfaction to be made from
the moneys attached. Thereupon the receiver filed his bill in chancery in t h e
United Staies circuit court for the proper circuit, praying an injunction to restrain the collection of t h e judgment rendered by said supreme court, and
t h a t the moneys attached be paid: to him as receiver.
Held that, by the provisions of t h e currency act, the State court was deprived of
jurisdiction of the attachment proceedings; that the receiver was not estopped
by the proceedings in said State court ftom asserting his rights in Said circuit
court, and that be was entitled to the relief prayed for in his bill. (Cadle,
receiver, 4'C., vs. Tracy, 11 Blatchf., p. 101.)
( nrfe Title " R E C E I V E R S , VII,"i?os^)
.
/
L O A N S . O N SHARES.
• •
'
.
,•
'
'
I. National banks are governed by the act of 1864, which repealed the act of 1863,
and cannot, therefore, make loans on t h e security of their own shares^ unless
to secure a pre-existing debt, contracted in good faith. Bank, 4'C., YS. Lanierj
\ 11 Wall, p . 369.)
The placing of funds by one bank on permanent deposit with another bank is
a. loan within the spirit of sect-ion 35 of act of 1864. (Ibid., p . 369.)
Hans by such banks to tbeir shareholders do not create a lien on the shares
f such borrowers. (Ibid., p. 369. See also Bullard vs. Bank, 18 Wall, p . 580 ;
u d " BY-LA v^s," swj?m.)
E X C E S S .
•
•
,
•
.;
'
.
•
. •
•
'
.
.
.
'
.
^an by a national bank in excess of the restriction of section 29 of the act of
i4,,(Revised Statutes, section 5200,) which provides t h a t the* total liabilities
'|any person (borrower) shall not exceed ten per centum ofthe capital stock,
| . , is npt void on that account. The loan may be enforced, though the bank
/ay be liable t o proceedings for forfeiture of its privileges, &c.,. for making
J. (Stewart YS. National Union Bank of Maryland^ 2 Abb., United Staies, p . 424.
^eesiiso 0'Hare YS. Second National Bank, 77 P a . St., p . 96.)
/ In Samuel M. Shoemaker YS: The National Mechanics^ Bank, and T/ie Same YS. The
,^National Union Bank, application for injunction, &:c., United States circuit
^f court, Baltimore, Md., Judge Giles held ^
^
^* <£^g to the first'charge in
y:--" this bill against t h e defendant, in reference to the ambunt loaned to Bayne &
X
Co., in violation ofthe twenty-ninth section of the act of June 3, 1864, I would
,,r^
only say that t h e b a n made under such circumstances is not void ; it can be
/
enforced as any other loan made by the bank." *
# ^ ;
LOCATION.
I. Under sections 6, 8, 10, 15, 18, and 44 of the original currency act, (13 Stat, a t
Large, 101,) respecting the location of banking associations, a national bank is
to be regarded as "located at tbe place specified in i t s organization certificate.
If such place is in a State, the association is located in that State. (Manufacturers' National Bank YS. Baack, 8 Blatchf, p. 1^7.)
196
E E P O R T ON T H E
OFFICERS.
FINANCES.
_
I. I t is the duty of directors of a bank to use ordinaTy.diligence in acquiring knowledge of its business. They cannot be heard, when sued, to say t h a t they Were
not apprised of facts, tbe existence of which is shown by the books, accounts
and eorrespondence of the bank. They should control the subordinate officers
of the bank in all important transactions. Therefore, under the circumstances
proved in this particular case, they were held liable for the abstraction and
sale of special deposit by the latter. (United Society, 4'-c., vs. Underwood, 9 Bush^
Ky., p. 609.)
II. The eashier of a national bank, who had executed no bond, embezzled its funds,
discovery whereof niight have been effected by use of slight diligence on t b e
part of tbe directory.' Tbey, however, published, according t o law, a statement of the condition of ttie bank, which showed that its affairs were being
prudently and honestly administered, and from which the public had a right
to believe t h a t he was trustworthy. Afterward, persons who bad seen t h i s
report became sureties on t h e offieial bond of the cashier, and for his subsequent embezzlements were sought t o be held liable thereon. Held,.thsit sucb
sureties, being misled by t h e .statement, w^ere released. They had a right to
believe t h a t the directors, before publishing, it, investigated the eondition of
tke hnnk. (Graves YS. Lebanon National Bank, 10 Bush, Ky., p . 23.)
I H . A 'guaranty against loss for signing as sureties, given by a bank president, without authority from the directors, t o those whom he had solicited thus to sigo
a note, given to the bank to retire a prior note held by it against their princi•'
pal, is 'held to be the individual contract of the president, and not binding
upon the bank. (First National Bank YS. Be7inett, 33 Michi, p.'^20..)
^ TV. -A eashier, who has made sale of corporate property, and holds a balance in his
'
bands, ds tbe agent of the-board of directors, and not of the respective stockholders, and cannot be charged by an individual stockholder as holding such
- . . . balance for his benefit. (Brcwn YS. Adams,^ Biss.,p..Wi.)
V. A cashier, without special authority, eannot bind bis bank by an official indorsement of his individual note, and the oims is on the payee to show such authority. (West Saint Louis Savings Bank YS. Shawnee Co. Bank, 3 Dill,p.403.
VI. Although the cashier of a bank may, in. the ordinary course of business, witbout
• the action of the directors, dispose of the negotiable securities of the bank,
he bas not tbe power to pledge its assets for the payment of an antecedent
'
debt. (State of Tennessee YS. Davis, bO How. .(N. Y.), p . 447.)
."RECEIVERS.
•
.• •.
•
•
,-
..i.-The receiver of a national bank is the instrument of the Com.iitrolier, iand ma'
be removed by him. (Kennedy YS. Gibson, 8 Wall, p . ^OD.)
II. Such receiver is tbe statutory assignee of t b e assets of the bank, and
to collect the same in his own name, or in the name of the bank, /o?
(Ibid., p.o06.) .
.
V'
III. In such suit it is not necessary t o make the bank or creditors partie
'
;|).506,) .
:, , .
. i"
IV. The receiver of a national bank represents such bank and its credf
in no sense repiresents the United States Government, and cannot subj"
ernment to the jurisdiction-of'any court. (Case ys. Terrill, 11 ^^
V. The decision of a receiver, rejecting a claim against his bank, is not f;
3int mskjstiR sue. (Bank of Bethel YS. Pahquioque Bank, 14 Wall
VI. The clauselif .section 50, act of, 1864, which prescribes that the i^
be " under the direction of the Comptroller," means.only thatthe sl;
to bis direction, not that be shall not act witbout orders. He mt,
collect the assets. That is what he is appointed for. (Bradley, J. \
Kennedy, 17 Wall., pp. 22-3.)
.
.
\
VII. Receivers of national banks are officers of the United States, witbin
ing of the act of Congress of March 3,1815, giving United States co.
diction ;of. actions by United States officers, and may sue in sue
•(Plait, receiver, 4c.y YS. Beach, 2 Ben., p. 303.)
•
f:
[NoTE.^The judge places stress upon the provision of section 31 of u
of 1864, which requires (in that particular instance) that the Secretary oi;.,^
Treasury shall concur in the appointment of the receiver.],
.
v.
SET-OFF.
I. I n a n action Tbrought to enforce the individual liability of a shareholder of an
' i n s o l v e n t bank, such shareholder cannot set off against such liability t h e
ampunt due to him as a ci'editbr of the bank. (Garrison, YS. Howe, 17 N . Y.J
-. p : 4 ^ 8 ; Ii%re EmjjireVity Bank, 18 N. Y., p . }99.)
. •
[NOTE.—Though these cases were decided by a State tribunal, (New York
COMPTROLLER OF THE CURRENCY.
197
SET-OFF—Continued.
• court of appeals,) and therulings were based upon provisions of a State constitution and a State statute, yet the principle they enunciate is recognized and
fully affirmed in Sawyer YS. Hoag, 17 Wall, 2>' 610, and Scammon YS. Kimball^
2 Otto, p . 362.-]
SHAREHOLDERS, INDIVIDUAL LiABiLriY OF.
I. Comptroller must decide lohen and for ivhat aniount the'personal liability of the
shareholders of an insolvent national bank shall be enforced. (Kennedy vs.
Gibson, 8 Wall,p.hOb.)
II. His decision as to this is conclusive. Shareholders cannot controvert it. (Ibid.^
p . 505.)
III. ID any suit brougbt to enforce such personal liability, such decision of tbe
Comptroller raust be averred by the plaintiff', and, if put in issue, must be
proved. (Ibid., p . 505.)
IV. Tbe liability of shareholders is eeveral,land not joint. (Ibid., p . 505.)
V. The limit of such liabilities is the par value of the stock held by each one.
(Ibid.,p. ^Oo.)
VI. Where the wbole amount is sought to be recovered, tbe proceeding must be at
l a w ; wbere less is required the proceeding may be in equity, and, in such
case, au interlocutory decree may be"taken for contribution,, and the case may
stand over for the further action of tbe court, if such action should subsequentlj^ prove to be necessary, until tbe ful] amount of the liability is e x hausted. (/Mff., j?. 505.)
But in Bailey, llec'vr, cfc, vs. First Naiional Bank Duluth, U. S. circuit court
for Minnesota, Nelson, J., held that even where less tban the par value was
assessed the suit might be at law ; and this would seem to be the true theory.
Vide Bankers' Magazine, April, 1877, p. 793.
VII. In such equity sjjit, all shareholders within the jurisdiction o f t h e court should
be made parties defendants; b u t it is no defense tl^'^^t those not within the
jurisdiction are not joined. (IMd^.,^^. 506.)
VIII. Suits to enforce personal liability of shareholders may properly be brought
before other assets are exhausted. (Ibid., pp. 505-6.)
SHAREHOLDER, LIABILITY OF TRANSFEREE.
1. Tbe transferee of shares, wben sucb transfer is absolute on the books of the
bank, is liable to creditors to the amount of such shares, although in fact be
holds them as collateral security for a loan to the shareholder wbo transferred them. (Hale vs. Walker, 31 Iowa, p. 344.)
[NOTE.—This also is a State court adjudication, but'it is believed to be in
harmony with the rulings of other high and eminent State, tribunals upon the
same question.] (Adderly vs. Storm, 6 Hill, p . 624, and Worrall YS. Johnson, 5
Barb., p . 210.)
°
[In the Bankers' Magazine for January, 1875, is a notice of the case oi Mann,
receiver, YS. Dr. Cheeseman, decided by Blatchford, J., in the United States circuit
court, in New York, in which tbe judge held t h a t until there was a transfer of
shares on the books of the bank the shareholder whose name tbere appeared
was liable for the debts of the bank ; tbat an actual sale and the signing tbe
ordinary power of attorney on tbe back of the certificate will not relieve the
seller. The learned judge also held that such shareholder could not question
the action o f t h e Comptroller as to the necessity of suing the shareholder.]
(See also SET-OFF," supra.)
In the case of Bowden vs. Farmers and Merchants' National Bank of Baltimore,
decided by Judge Giles in the Uuited States circuit court, Marylaud district,
April, 1877, it was held that the defendant was liable, though ttie shares bad
originally been transferred to it as security for a loa.n, which loan bad been
paid, and though, upon sucb payment, defendant delivered the certificate of
stock to the original owner, with a power of attorney autborizing him to retransfer the stock to himself.
•
SHARES OF STOCK.
I. A national.bank whose certificates of stock specify that the shares are transferable on tbe books of the bank on surrender of tbe certificates, and not oiherunse,
and which suffers a shareholder to transfer without such surrender, is liable to a
bona fide transferee, for value, of same stock, who produces such certificate with
usual power of attornej?- 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.gzmsi negotiable, (Ibid.-?' .369.)
198
REPORT ON T H E
FINANCES.
TAXATION OF SHARES.
I . The act of 1864, rightly construed, subjects the shares of the association in the
hands of shareholders to taxation by the Sfcates, under certain limitations set
forth in section 41, without regard to the fact that part or the whole of t b e
capital of such association is invested in national securities which are declared by law exempt from State taxation. ( Van Allen vs. Assessoi'S,3 Wall,
p . 673.) (Chase, C. J., and other judges, dissented.)
. .
II. Act thus construed is constitutional. (Ibid., j). 673.)
. H I . A certain statute of New York, whicb taxed shares of national-bank stock, declared void, because shares of State banks were not tax'^d, although tbeir capital was; the act of Cougress prescribing that shares of national banks shall
be taxed ouly as shares of State banks are. (Ibid., p . 573.)
."
The ruling as to taxing shares of stock reaffirmed in Bradley vs. People, 4
Wall.,xo. 459, and National Banlc vs. Commonwealth, 9 Wall, p. 353..
In last case, held that a Sfcate 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. (Ibid., p . 363.)
IV. Shares of stock iu naitional banks are personal property, and though in one
sense incorporeal, the law which created them could separate them from the
person of their owner, for taxation, and give them a situs of their own. (Tappan, collector, YS. Bank, 19 Wall, p . 490.)
\
V. Sec. 41 did.thus separate them, and give them a situs of their own. (Ibid.,p. ^
490.)
VI. This provision of tbe national-currency act became a law of the property, (in
shares,) and every Sta^e in which a bank w^xs located acquired jurisdiction,
. for taxation, of a l l t h e shares, whether owned by residents or non-residents,
and power to legislate accordingly. (Ibid., p . 490.)
Vii. Under tbe act of Cong'ress of l^bruary 10, 1868, enacting that each State
legislature may direct the manner of taxing all shares of stock of national
bauks^ocated witbin the State, subject to the restric°tion tbat the taxation
shall, not be greater than the rate assessed upon otlier moneyed capital in tlie
bands of individual citizens of such State, and of a certain act of the legislature
of Pennsylvania which provided that such shares shall be assessed for school,
municipal, and local purposes at the same rate as is now or may hereafter be
assessed and imposed upon other moneyed capital in the hands of individual .
citizens of the State; held, that shares of national-bank stock may be valued
for taxation, for county, school, municipal and local purposes, at an amount
above iheir xjar value. (^Hepburn YS. School Directors of the Borough of Carlisle,
23 Wall, p . 480.)
[NOTE.—In tliis case it appeared that Hepburn owned several thousand dollars of national-bank stock, the iDar value of which was $100 per share, and that
it was valued for taxation, for a school tax, at $150 per share. This assessment was held valid, notwithstanding t h a t by a certain act of t h e S t a t e legislature, applicable to the county of Cumberland, in which tbe borough of Carlisle was situated, certain specified kinds of moneyed obligations were exempt from taxation, except for State purposes.]
See also Saint Louis National. Bank, National Banlc of Missouri, Third National
Bank, Valley National J5a9?/c, and Merchants' National Bank of Saint Louis YS..
Papin, in United States circuit court, eastern district of Missouri, September
term, 1876. Also, Gallatin Nalional Bank of New York vs. Conimissioners of
Taxes, supreme court of New York, first department, general term, November,
1876. These latter cases are published in the Bankers' Magazine for Decem. ber, 1876.
. .
TAXATION OF INTEREST AND DIVIDENDS.
I. Under the. internal-revenue act of July, 1870, interest paid and dividends declared during tbe last five months of ib70 are taxable, as wellas those declared
during the year 1871. (Blake YS. National Banks, 23 Wall, ^.307.)
L I C E N S E TAX.
I. The District of Columbia imposed a license tax on all tbe national-banks in the
District, the rate being 50 cents annually on each $1,000 of the capital invested.
The Citizens' National Bank refused to pay this assessment, and a test case was
made in the district criminal court, Mr. Justice 3IacArthur presiding. This
court, after full argument, held the tax illegal and void, as beitig contrray to
the mode of taxation prescribed by Congress, which mode was held to be exclusive.
•
TRANSFERS OF ASSETS.
B^hen binding. The receiver of a national bank cannot repudiate a pledge of its
assets made by the bank for advances to it, either ou the ground that the pledge
COMPTROLLER OF THE CURRENCY.
TRANSFERS OF ASSETS—CoRtinued.
199
,
was not formally executed, or tbat the transfer was void because not authorized.by the charter of tbe bank, so long as he retains, as assets, the advances, to
secure repayment of which the pledge was given. (Casey vs. Le Societe de Credit
Mobilier, 2 Woods, p. 77.)
A preference of one creditor to another, within the meaning of section 5242, Revised Statutes, is a preference given by the bank to secure or pay a pre-existing
debt. Where a person, knowing t h a t a national bank is embarrassed, makes t o
it a loan, taking as security therefor a pledge of part of the assets of the bank,
this transfer does not give him the preference prohibited by the statute. (Ibid.)
II. When not binding. Under said section 5242, whicb declares void transfers of its
property by a national bank, made in contemplation of insolvency, and with a
view to give a preference to one creditor over another, or witb a view to prevent tbe application of tbe assets of the bank in the manner prescribed by law,
sucb a transfer is void if tbe insolvency is in the contemplation of the bank
making the transfer, although the party to whom it is made does not know or
contemplate tbe insolvency of the bank. (Case, receiver, vs. Citizens' Bank, 2
Woods, p . 23.)
.
,
ULTRA VIRES, WHAT I S .
I. National banks cannot sell railroad bonds for third parties dn commission, or
engage in business of tbat character. (Susan Welcker YS. First National Ba7ik
of Hagerstown, Court of Appeals of Maryland, 43 Md., p : 581.)
II. In an action of deceit against a national bank, for alleged false representations
of its teller in the sale to plaintiff of certain railroad bonds :
Held, That the selling of such bonds on commission was not within t h e authorized business of a national bank, and being thus beyond the scope of its corXDorate powers, the defense of ultra vires was open to it, and it was not responsible for the deceit of its teller. (Ibid.)
IIP. Tbe national-bauk act confers no j)ower on a national bauk to take a deed of
trust of real estate as security fora contemporaneous loan ; and such bank has
no power not conferred by Congress. A sale under such a deed enjoined.
(Matthews vs. Skinner, 62 Mo.,p.. 329. See also DEPOSITS, SPECIAL, I, II,.lil, IV.)
ULTRA VIRES, WHAT I S NOT.
• IV. A national bank took a lien upon real estate to secure a pre-existing debt. Afterw^ard, the bank paid $500 to discharge a prior lien upon tbe land, taking a note
and mortgage on land in Kansas to secure this advance. Lien and mortgage
held valid, and warranted by law. (Orum vs. National Bank, 16 Kans., p. 341.)
V. A chattel mortgage taken by a national bank to secure a pre-existing debt is valid,
and will be enforced. (Spofford vs. First JS ational Bank, 37 Iowa, p . 181.)
USURY.
I. State laws relative to usury do not apply to national banks. (Farmers and Mechanics' National Bank vs. Dearing, 1 Otto, 2^- 29.)
II. The only forfeiture declared by the 30th section of the act of J u n e 3, 1864, (Revised Statutes, section 5198,) is ofthe entire interest whicb tbe note or bill carries
witb it, or wbich bas been agreed to be paid thereon, wben the rate knowingly
received, reserved or charged by a uational bank is in excess of that allowed by
t h a t section; and no loss of the entire debt is incurred by such bank, as a penalty
or otherwise, by reason of tbe provision of the usury law of a State. (Ibid.)
To same effect are National Exchange Bank vs. Moore, 2 Bond, p. 170, and several
State decisions.
(The New York court of appeals had decided the other way.)
APPENDIX.
Special attention is called to the carefully prepared tables contained
in the report and appendix, a full list of which will be fonnd on the
following page. An index to the detailed report of each of the 2,089
banks in operation on October 1 of this year appears at the end of the
volume.
"rtr^
In concluding this report the Comptroller takes pleasure in bearing
testimony to the industry and efficiency of the officers and clerks
associated with him in the discharge of official duties,
^
JOHK J A Y KKOX,
Comptroller of the Currency,
. Hon. SAMUEL J. RANDALL,
Spealcer ofthe House of EepresentativeSo
TABLES CONTAINED IN EEPORT AND APPENDIX.
REPORT.
I. Table of tbe resources and liabilities of the natioual banks in October of each
year, from 1869 to 1877
II. Table of the resources and liabilities of the nationalbanks on October 1, 1877,
classified by reserve cities, &c
III. Table, by geographical divisions, of the number, capital, and deposits of the
State banks and private bankers, &c., for the six months ending May 31,
1877
IV. Table, similar to the one preceding, for the six months ending November 30,
1876
V. Table ofthe circulation, depos'ts aud bank-balances, and specie of the banks
of the country, with the ratios of specie to circulation and to circulation and
deposits, from 1835 to 1842, and from 1850 to 1858
.•
.
VI. Table of circulation, deposits and bank-balances, and legal-teuder funds ofthe
national banks, with the ratios of legal-tender funds to circulation, and to
circulation and deposits, from 1870 to 1877
y i l . Table showing the circulation, deposits and bank-balances, and specie of the
State banks in New England and New York, with the ratios of specie to circulation, and to circulation and deposits, from 1835 to 1842, and from 1850 to
1858, and also the circulation, deposits and bank-balances, and legal-tender
funds of the national banks in New England and New York, with the ratios
of legal-tender funds to circulation and to' circulation and deposits, from
1870 to 1877
VIII. Table showing the number, circulation, deposits, and specie ofthe State banks
in New York City, with the ratios of specie to circulation and to circulation
and deposits, from-1855 to 1860, and also the number, circulation, deposits and
legal-tender funds of the national banks in New York City, with the ratios
of legal-tender funds to circulation and to circulation and deposits, from 1872
to 1877
IX. Table showing the average number, circulation, deposits, and reserve-funds
of the national banks in New York City, other reserve cities, and the remainder of the country, with the ratios of legal-tender funds to circulation
and to circulation and deposits, and of reserve funds to circulation and deposits, 1870tol877
X. Table showing the value of the legal-tender paper dollar in each year, from
1863 to 1877.
XI.' Table -.showing the weight of the gold coin represented by the legal-tender paper dollar in each year, from 1863 to 1877
X I I . Table, by States and geographical divisions, of tho nnmber of national banks
organized, closed, and closing, and in operation, with their capital, bonds,
and circulation, November 1,1877
X I I I . Table ofthe outstanding circulation of the national banks on O'anuary 1 of each
year from 1868 to 1877, and on November 1, 1877
XIV. Table showing, by States, the issue and retirement of circulation for the year
ending November Ij 1877, and the total amount issued and retired since June
20, 1874
XV. Table showing the issue and retirement of national-bank notes and "the deposit
and retirement of legal-tender notes, monthly, since the passage ofthe act of
January 14, 1875
Page.
140
141
142
142
144
144
145
146
147
149
149
151
152
153
154
202
REPORT ON THE FINANCES.
XVI. Statement giving sirailar information by fiscal years
XVII. -Statement showing concisely the operations of the acts of Juue 20, 1874, and of
January 14,1875, to December 1, 1877
X V I I I . Table of the amounts and kinds of United S ates bonds held as security for
national-bank circulation
XIX. Table of the liabilities of the national banks, and of the reserve required and
held, at three dates in each year from 1872 to 1877
'
-XX. Table showing the liabilities and reserve of the bational banks since June 20,
1874, at the dates given
X X I . Table showing the Aveekly movement of the legal-tender reserve of the New .
York City national banks in the month of October, from 1870 to 1877
XXII. Tabla of the liabilities and reserve of the New York City uational banks in
October of each year frora 1872 to 1 8 7 7 . . . . . . . . :
X X I I I . Table of the amouuts of specie held by the national banks at the dates of their
reports, from October, 1868, to October, 1877
,
XXIV. Statement showing the moveraent of coin and bullion in the Uniied States for
the fiscal year 1876-'77, and the estimated amount in the country at the end
of that year
XXV. Statemeut of the public debt at its maximum
XXVI. Table of the amouuts and kinds of outstanding United States and national-bank
Issues, from 1865 to 1877, at the dates given
X X V I I . Table showing, the transactions of the New York clearing-house, yearly, from
1854 to 1877
X X V i n . Table showing the classes of loans of the national banks in New York City in
October of each year from 1874 to 1877
\
XXIX. Statement of the rates of interest in New York and Londou, 1874 to 1877
XXX. Table showing tho United States taxation of national bauks, yearly, from 1864
to 1877
XXXI. statement of the amount of United States taxes collected frora banks, other than
national, yearly, from 1864 to 1877
XXXII. Table, by States and reserve cities, of the capital and the amouut and rate of taxation of the national banks for the year 1876
X X X I I I . Table of the taxation of national banks, yearly, from 1866 to 1876
XXXIV.-Table of the rates of taxation of the national banks in certain States for the
years 1874, 1875, and 1876
XXXV. Table of the rates of taxation of the national banks in certain cities for theyears
1875and 1876;
,
,
XXXVI. Table, by geographical divisions, of the capital, and theamouut and ratesof
taxation, of the natioual banks, for the years 1874, 1875, and 1876
X X X V I I . Table, by States and reserve cities, of the amdunt of the losses charged off by
national banks during the year ending September 1, 1877
X X X V I I I . Table of the amount of losses^ charged off by the national banks iu the principal
cities in the years 1876 and 1877
XXXIX. Table, by geographical divisions, of the number and capital of the national banks
which made no dividends in 1816 and 1877
XL. Table showing the capital, surplus, dividends, and earnings of the national
banks, semi-annually, from 1869 to 1877
.•
XLI. Table, by. geographical divisions, ofthe ratios to capital and to capital and surplus of the dividends and earnings of the natioual banks for the years 1875,
. 1876,andl877
XLII. Table, by geographical divisions, of the ratios to capital and to capital and surplus of the dividends of the national banks, semi-annually, from 1872 to 1877.
X L I I I . Table of the amounts of national-bank notes received by the Comptroller and at
the redemption agency of the Treasury, from June 20, 1874, to November 1,
1877
X L i y . Table, by denominations, of the number and amount'of national-bank notes
- . issued and redeemed from 1863 to 1877, and the number and amount outstanding November 1, 1877
t
-.
.
XLV. Statement ofthe amount of national-bank notes destroyed, yearly, from 1863 to
1877
*...
XLVI. Table showing, by denominations, the amount of national-bank notes, and of
legal-tender notes, and the total outstanding on November 1,1877
XLVII. Table, by States and reserve cities, and geographical divisions, of the number
of State banks,, savings-banks, &.C., with their average capital and deposits,
and the tax thereon, for the six months ending May 31,1877
XLVIII. Synopsis of judicial decisions relative to national banks
Page.
154
155
156
158 .
160
161
162
163
164
164
164
165
165
166
166
167
167
-168
169
169
169
17p
171
171
177
177
178
178
179
179
180
183
189
COMPTROLLER OF THE CURRENCY,
203
APPENDIX.
I. Names and compensation of officers and clerks in the office of Comptroller
of the Currency, and expenses of the office for fiscal year ending June 30,
1877
I I . Table showing, by States, the issue of circulation and the deposit of legaltender notes to retire circulation, from June 20,1874, to December 1,1877, and
the amount remaining on deposit at the latter date
I I I . Table, by States and reserve cities, of the ratios to capital, and to capital and
surplus, of the dividends and earnings of the national banks, from March 1; .
1873, to September 1,1877
IV. Table showing the liabilities and reserve of the national banks at the dates of
their reports, from October, 1871, to October, 1877
V. Table showing, by States and reserve cities, the liabilities and' reserve of the
national banks on October 1,1877
VI. Table showing the weekly liabilities and reserve of the national banks in New
York City, as reported to the clearing-house, in September and October of
each year from 1870 to 1877
VII. Table showing by States, reserve cities and geographical divisions, the number
of State ban'ks, savings-banks, &c., with their average capital and deposits,
and the tax thereon, for the six months ending November 30, 1876
VIII, Table showing the aggregate resources and liabilities of trust companies, 1875,
1876 and 1877
IX. Table showing the aggregate resources aud liabilities of savings-banks from
1874tol877
X. Table, by States, of the aggregate deposits of savings-banks, the number of
their depositors, and the average amount due to each, in 1876 and 1877
XI. Aggregate resources and liabilities of the national banks at the dates of
their reports, from 1833 to 1877
Page.
205
207
208
210
212
214
215
216
216
216
217
APPENDIX.
Names and compensation of officers and clerks in ihe office of the Comptroller of ilie Currency.
Name.
Grade.
Salary.
John Jay Knox
Comptroller
John S. Langworthy.
Deputy comptroller.
2,800
J.Pranklin B a t e s . . .
John W. Magruder .
John D. Patten, j r . . .
Edward Wolcotti
Chief of division .
do
do
.....do
2, 200
2, 200
2,200
2,200
E d w a r d s . Peck
Watson W. Eldridge.
Prank A. Miller
,
Theodore 0. Ebaugh.
P. A. Simkins
Superintendent
Teller
Principal book-keeper.
Assistant book-keeper.
Stenographer
2, 000
2,000
2,000
2,000
1,800
Pernando C. Gate
Nathaniel 0. Chapman .
William Elder
William B. Greene
John W. Griffin
George W. Martin
Charles H. Norton
William Sinclair
George H. Wood
Fourth class.
do
do
do
do
do
do
do
db
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
CharlesE. Brayton
James C. Brown
Charles H. Cherry
William H. Glascott....
John A. Hebrew
Johu A. Kayser
George T. May
Washington K. McCoy .
Edward Myers
Charles Scott
William D. Swan
Third class .
do
do
do
do
do
do
do
do
do
do
1,600
1,600
1,600
1,600
1,600
1,600
1,600
1,600
1,600
1,600
1,600
Edgar C. Beaman
David B. Brenner
Isaac C. Miller
Edward W. Moore
Edmund E. Schreiner..
Charles I. Stoddard . . .
Walter Taylor
AVilliam H . W a l t o n . . .
Frederick Widdows ..
Second class .
do
do
do . . . . . .
do
.do
do
,
do
do
1,400
1,400
1,400
1,400
1,400
1,400
1,400
1,400
1,400
Noah Hayes
Edward McCauley
John J. Patton...'
Artliur M. Wheeler.,.
Julia H. Donoho
,
Sarah P. Eitzgerald..
Mary L. McCormick .
Margaret L. Simpson.
First class .
do....
do . . . .
,
do . . . .
.....do ....
do....
do....
do....
1,200
-1,200
1,200
1,200
1,200
1,200
1,200
1,200
Jaraes D. Burke
Philo Burr
J. Eddie De Saules...
Charles McC. Taylor.
Messenger.
.......do
,
do....
do....
840
840
840
. 840
Silas Holmes..
William H. Romaine..
Charles B. Hinckley ..
Thoraas Jackson
E. Le Roy Livingston.
Watchman .
do.....
720
720
Laborer .
do ..
do ..
720
720
';20
$5,000
206
R E P O R T ON T H E
FINANCES.
Names and compensation of officers and clerks, 4^c.—Continued.
Name.
Eliza M. Barker
Eva C. Bates
Harriet M. Black . . . . . .
Margaret L. Browne . . .
Mary L. Conrad
May Crosby
Louisa Campbell
Virginia Clarke.
Cornelia M. Davidson..
Margaret F. Dewar —
Jane A. Dorr 1
Flora M. Fleming
,
Eliza R. Hyde
Elizabeth Hutchinson.
Alice M.Kennedy
Louisa W. Knowlton ..
Mary E. Kammerer
Em ma Lafayette
Julia R. Marvin
Maggie B.Miller
Lillian D. Massey
,
Emma F. Morrili
Mary E. Oliver
Carrie L. Pennock
E t h a E . Poole
:
Eliza Peters
.Annie E. Raney
Emily H. Reed'.
,
Maria Richardson . . . . .
.Fayette C: Snead
Amelia P. Stockdale ...
Marie L. Sturgus
Sarah A. W. Tiffey.....
Julia C. Townsend
Eliza A. Saunders
,
Maria A. Summers
Martha A. Walker
Grade,
Female clerk .
,
do
,
do
do
,
do
do
,
do
......do
,
do
,
do
do
.do
do
do
,..-...do
,
.......do
do
,
do
do
do
,
do
do
,
do
do
,
do
,
do
do
do
.do
.do
do
.do
do
do
,
do . . . . . .
do
do...'...
Salary.
$900
900
900
900
900
900
900
900
900
900
900
900
. 900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
Expenses of ilie office of Compjtroller of the Currency for thefisoal year ending June 30,1877.
For special dies, plates, printing, &c
•$128, 654 82
For salaries
109, 391 93
Total
238,046 75
The contingent expenses of the office are not paid by the Comptroller, but from the general appropriation for contingent expenses of the Treasury Department; aud, as separate accounts are not kept
for the different bureaus, the amount cannot be stated.
207
COMPTKOLLEK OF THE CURRENCY.
Table shoicing, by States, the aniount of national-bank circulation issued, the amount of lecraltender notes de2:>osited in the United States Treasury to retire national-bank circulation, from
June 20, 1874, to December 1, 1877, and amount remaining on dejuosit at latter date.
L e g a l t e n d e r n o t e s deposited to r e t i r e nationalb a n k c i r c u l a t i o n s i n c e J u n e 20,1874.
States and Territories.
Maine
New Hampshire
Vermont
Massachusetts . . . . . .
Rhode Island
Connecticut
New York
New Jersey
Pennsylvauia
Delaware
Maryland
D i s t r i c t of C o l u m b i a
Virginia
AVest V i r g i n i a
N o r t h Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Missouri
Ohio
Indiana
Illinois
Michigan
Wisconsin
Iowa
Minnesota
..
Kansas
N ebravska
Nevada
Colorado
Utah
Montana
Legal-tender
notes
deposited prior to
J u n e 20, 1874, a n d
remaining at that
date
Totals
....
A d d i t i o n a l circulation issued
since
June20,1874.
$1,269,880
494, 465
995, 970
9, 754, 855
308,100
1,193,610
11,229,685
1,124, 935
4,951,630
84,175
195,010
315.900
408,100
44, 370
371, 660
27, 700
239, .520
45,000
198, 000
122,1.36
116,100
90,000
2, 336,140
313,200
160, 470
1, 211, 380
1, 919, 050
1,170,325
428, 620
184,100
783, 440
630, 520
^ 30,600
27, 000
F o r redemption of n o t e s
of l i q u i d a t ing banks.
$41,
27,
134,
96,
200
400
807
400
65, 350
972,891
30, 060
808, 491
166, 600
393,164
706, 864
731,060
287, 725
635. 7.50
.575, 867
235, 901
512,145
1, 222, 356
749, 859
930,474
204. 900
364, 999
,508, 012
219,676
558, 571
4.5, 000
Legal tenders
on
deposit
with the U.
S. T r e a s u r e r
D e c . 1,1877.
T o r e t i r e circ u l a t i o n und e r a c t of
June20,1874.
T o t a l deposits.
$600, 000
10, 800
458, 340
5, 444, 200
617, 385
1, 249, 490
16,391,900
973, 940
5, 398, 606
$641,200
38, 200
.593, 147
5 540, 600
617, 385
1, 314, 840
17,364,791
1, 004, 000
6, 207, 097
35, 208
1, 944, 236
88, 244
1,312,042
1,210, 580
427,500
778,915
204, 300
809,185
953, 380
347,675
1, 377,180
820, 664
1, 4d.5, 779
935, 360
809, 185
953, 380
635, 400
222, 640
156,244
210,132
166. 7.57
193, 780
119,150
125,315
94, 500
94.500
. 2, 099, 2.50
229, 340
90, 000
1,198, 633
488, 959
3. 493, 575
2,138, 625 .
3, 557, 080
5, 986, 426
1, 698, 490
786, 400
1, 4.56, 450
1,218,545
207, 900
188, 080
283, 500
82, 783
161, 191
149, 400
196, 800
45, 000
43,059,140
11,469,496
61,199, 649
i 735, 606
.
229,340
90, 000
1, 774, 500
724, 860
4, 005, 720
3,360,981
4, 306, 939
6,916,900
1,903,390
1,151, 399
1, 964, 462
1,438,221
766, 471
233, 080
232,183
357,991
45, 000
$91, 799
3, 620
35,150
181,682
'
74 813
1,421
688, 804
18, 313
1, 665
569, 008
. 13.5, 666
771,999
1, 221, 556
753, 258
1, 337, 934
241,473
240, 287
358, 825
233,198
257, 467
103,920
3,159
44,161
42,- 068
2,210
3, 813, 675
76, 482, 820 •
11,987,204
208
REPORT ON THE FINANCES
Table, hy'Staies a n d reserve cities, of the ratios to capital, and to cajnial and surplus, of
R a t i o of d i v i d e n d s to c a p i t a l for ^ x m o n t h s e n d i n g —
States, Territories and reserve
cities.
1873.
1874.
1876.
-1875.
R a t i o s of
1877.
1873.
Mar. S e p t Mar. Sept. Mar, Sept. M a r Sept. M a r . Sept. M a r . S e p t .
1.
1.
1.
1.
1.
1.
1.
1.
1.
1.
1.
1
Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct Pr. ct. Pr. ct Pr. ct. Pr. ct. Pr. ct.
1
2
3
4
5
6
7
8
•9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
20
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
Maine
New Hampshire
Vermont
Massachusetts
Boston
,
Rhode Island
Connecticut
New York
New York City
.Albany
New Jersey
.,
Pennsylvania
Pliiladelphia
Pittsburgh
Delaware
Maryland
Baltimore
D i s t r i c t of C o l u r a b i a
Washington
Virginia
West Virginia
N o r t h Carolina
S o u t h Carolina
Georgia
Fiorina
Alabama...:
New Orleans
Texas
A r k a n sas
Kentucky
Louisville
Tennessee
Ohio
Ciuciunati
Cleveland
Indiana..
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee .
Iowa
Minnesota
Missouri
SaiuL L o u i s
Kansas
Nebr aska
Oregou
California
San F r a n cisco
Colorado
N e w Mexico
Utah
W
vomin Sf
¥ . ^ \ J I . n 1. jLi ^ . . . . . . . . . . . . .
Idaho
Montaua
D
akota . . . . . . . . . . . . . .
MJi\XX\,> l/CU
Averages
•
5.5
4.7
4.7
5.5
4.4
4.4
5.4
.5.1
.4.8
5.4
5.3
5.0
5.8
5.5
,5.1
5.2
5.1
4.0
5.0
4.8
5.3
5.3
4.2
5.3
.'
"4."3
5.3
11. 2
'4."9'
5.1
5.6
.5.74.9
4.9
6.5
5.6
4.1
6.2
5.9
.5.5
5.9
5.3
4.7
6.0
3.6
6.7
6.8
6.0
: . . 5. 0
5.8
4.5
7.0
. . . . . . . . . .
.5.5 6.1
4.3 4.. 8
5.3 4.7
5.4- 5.1
4.9 1 4 . 4
4.5 4.2
5.2 5.1
4.6 4.7
4.7 4.6
4.9 .5. 2
5.4 4.9
,5.2 4.8
5.8 5.7
5.6 .5.1
5.1 5.1
5.0 5.1
5.0 4.9
4.0 4.0
4.6 2.4
4.1 4.7
5.4 4 . 5
5.5 4.6
4.8 4. 1
5.2 5.4
"s.'o"
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
2.8
6.5
15.0
i.5.'o1 i2.'6'
. . 3.9
. . . . . . . . . . .
5.2
5.1
.5.4
4.9
4.0
.5.2
4.7
4.3
5.2
4.5
4.8
5.0
.5.1
5.1
5.7
5.4
5.1
5.2
5.7
4.0
8.0
4.3
4.3
4.7
4.3
5.3
.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 . 7 ' 's.'s'
2.5 ,3.6
.5.8 9.3
3.7 3.3
4.6 4.8
3.7 5.0
4.7 5.4
,5.0 .5.3
4.9 5.5
3.7 4.9
4.8 ,5.6
5.7 7.0
4.0 3.7
5.5 4.8
5.8 5.5
7.1 ,5.0
4.6 4.9
5.3 6.9
6.4 . 5 . 8
3.7 .3.9
3.3 3.7
3.2 5.7
4.8 17.2
6.0 6.0
5.6 1 6.6
6.4 6.6
2.8 17.9
6.5 6. 5
4.4 2.7
"4.'2'
2.9
3.4
"4'l
5.0
4.9
5.3
4.9
4.9
5.0
5.83.5
.5.6
5.8
6.9
4.9
.5.5
6.2
4.6
3.9
4.1
.5.1
6.0
6.5
6.6
13.1
6.5
4.0
23." 0" 26.6 26.'0
3.4 11.8 1 12.5
6.0 4.5
4.8
5.1
5.0
5.4
4.9
4.6
5. 3
4.1
4.5
5.4
4.6
4.5
4.7
4.S
5.0
.5.5
4.8
5.2
5.4
5.1
4.0
4.7
4.6
5.1
4.2
4.4
3.7
5.0
4.6
3.9
4.6
3.9
4.2
5.1
4.8
6.0
,5.6
4.7
4.7
5.4
4.4
5.2
,5.4
4.8
4.0
4.8
4.1
5.3
4.0
4.4
.4.7
10.0
3.'9' 2.9
4.1 3.7
2.6 8.5
7.1
4.5 '4.'7'
4.7 4.9
5.3 4.5
. 5. 5 ,5.1
5. 5 4.9
.5.0 ,5.0
5.3 5.3
6.0 5.9
4.4 4.0
5.4 ,5.2
5.5 .5.86.1 6.0
5.3 ,5.6
• 5 . 9 5.8
3.8 .5.6
4.6 5.5
•3.7 1.6
4.5 7.6
7.6 7.6
6.0 12.0
6.3 6.7
6.5 4.8
7.2 12.2
6.5 6.5
4.0 4.0
4.8
4.3
4.0
4. 3
3.1
4.1
5.0
5.1
4.2
5.1
4.7
4.7
5.4
4.2
5.2
5.4
4.2
4.0
4.8
4.0
4.7
3.7
4.2
3.5
5.0
3.5
4.0
4.7
9. 3
4.3
4.7
4.9
5.4
4.9
,5.4
5.1
5.3
2.9
0.0
5.5
,5.1
20.7
.5.6
5.2
4.3
3.5
1.7
.5.5
12.0
5.7
3.3
6.7
3.5
6.0.
ao.'o'
26.'0' 25.'0' 1.5."6" 3.'2l 16.'5'
3.6
4.9
L2.'2' Ll. 4
5.0 5.0
4.9
4.5
4.8 .5.1 4.6 .4.6
4.3 4.1 4.0 3.7
4.0 4.0 4.0 4.44.1 4.0 4.2 4.1
3.1 3.0 4.0 3.9
3.5 3.3 3.9 3.8
4.7 4.0 4.3 4 . 1
4.4 4.3 4.2 3.8
4 . 1 3.7 3.7 3.7
5.4 5.0 3.7 3.3
4.4 4.3 4.2 4.3
4.4 4.1 4.0 4 . 1
5.4 1 5.0 4 . 1 4 . 1
4.0 4.0 4 . 3 4.2
4.9 4.9 4.0 4.0
.5.4 4.8 4.4 4.1
4.4 4 . 1 4.2 4 . 1
4.0' 4.0 3.6 3.6
4.1 8.0 . 3 . 9 3.7
3.9 3.6 4.2 3.6
4.4 4 . 6 4 . 7 4.7
4.3 2.7 5.0 ,5.1
4.0 3.8 3.8 4.3
3.2 4.8 .4.6 4.5
5.0 4.0
3.4 2.9 "4.0 '4."61
3.5 4.6 5.0 3.2
9.0 3.2 9.6 3.1
1.3
3.0
"4."3' 4.1 "4'5 4.3
4.5 .3. 8 4.7 4.1
.5.5 5.2 5.0 5.1
4.9 5.5 4.7 4.6
4.5 5.9 4.1 4.5
4.0 •5.3 4.3 4 . 1
5.5 4.9 5.2 4.2 •
5.7 .5.8 4,5 5.0
9.4 31. 0 3.2 3.9
5.4 4. .5. 5.1 4.5
•5.5 5. 5 4.3 4.1
6.9 .5.1 4.5 4.2
5.6 5.6 4.5 4.4
5.1 ,5.2 4.4 4.6
5.2 4.6 4.0 .5.6
4.5 4.0 5.2 5.0
1.1 3.9 3.2 3.5
5.3 4.4 6.1 4.3
6.2 7.6 5.9 8.2
12.0 37.0 5.0 5.0
5.6 5.1 4.9 3.0
3.6 3.6 5.6 5.1
4.8 3.8 3.9 2 . 2
6.5 6.5 6.6 6.2
6.0 6.0
13.7
4.1
5.0
5.7
5.0
3.6
4.4
4.5
4.2
4. 1
COMPTROLLER OF THE CURRENCY.
209^
the dividends.and earnings of n a t i o n a l J)anks, f r o m March 1, 1873, i o Septembei' 1, 1877.
d i v i d e n d s t o c a p i t a l a n d s u r p l u s for s i x
months e n d i n g 1875.
1874.
1876.
1877.
.Ratio of e a r n i n g s t o c a p i t a l a n d s u r p l u s for s i x
months ending—
1873.
, 1874. : .
1875..
. . 1876.
1877.
M a r . S e p t . Mar. Sept.. M a r . Sept. Mar. Sept. M a r . SeT)t. M a r . Sept. M a r . Sept. M a r . Sept. M a r . Sept.
'1.;
1.
1.
1.
1.
1.
1.
1.
1.1. . • i .
1.
1.
1;
1.
1.
^•^
Pr. ct.
Pr. ct. Pr. -t-. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr..ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr! ct.
5.1
4.4 4 . 3
4 . 1 . 4 . 1 4.1
3.9
3.8 3.8
4.0 4.0
3.9
3. 7 3.5
3.5
3.6 3.8
3.6
4 . 1 4.0
4. 0
3.7 ' 4 . 1
•3. .8
3.6 3.6
'3.5
3 . 3 3.5
,3.5
4.0 3.9
3.9
4.0 3 . 9
.3.8
4.0 4.1
4.0
4 . 1 3.9
•3.8
4.0 4.0
4.0
4:2 4.4
4.2
4.1
4.7. 4.2
3.6 . ,3.5 3.5
6.2 3.9
1.9
3.7 3.8
,4.0
3.7 4.2
3.9
4 . 3 3. 9
4:3
3.1
3.8 4.2
4.6 5.1
•4.7
"5.'3'
3.4
7.6
3.0
4.3
4.5
4.8
4.3
4.5
4.3
4.4
5.6
10 • 2 . 7
3.9
4.0
f3
4.0
/3
3.5
5.7
5.0
„5.5
3.3
|3.2
3.3
^2.9
4.9
2.8
1.5. 2
U.i
15.0 .5.0
/.5.4
6.3
/ 5.9.. 6.1
2 . 1 13.2
.6.1
6.0
.4.0
2.3
3
2.3
; 4. 8
• 3.3
4.2
3.4
4.1
4.1
\ 4.0
^ 3.3
3.8
'..6
"A.
U
i.s
'ig.'?'
2. 9
5.8
3.8
4.4
4.1
3.7
4.0
3.3
3.7
4.1
3.7
3.4
2.7
3.8
3.9
3.8
3.7
4.0
4. 3
4.3
3:5
,3.9
3.9
4.2
3.9
3.8
3.0
•3." 8' 3.1"
2.7 3.8
2.8 2.1
6.3
s.'e' 4.0
4.6 4. 3
4.3 4.7
4.3 4.4
4.0 4.5
4.3 4.3
4.7 4.2
4.6 4.7
2.5 2.9
4.6 4.4
4.2 4.0
5.5 4.8
3.4 3.5
4.5 4.8
5.2 3.2
3.8 3.8
3.4 3.2
3.5 3.8
4.5 6.6
5.0 ,5.0
6.3 6.1
,5.9 5.8
9.7 5.5
5.9 5.8
3.2 3.0
4.2 3.9 3.9 4 . 1 , = 5.8' 5.7
3.9 3.6 3.7 3 . 5 . 5. 4 2.7
3.2 3.3 3.2 3; 2 . 5 . 8 5.3
3.6 3.3 3.2 3.1 . 5 . 7 . 5 . 6
3.1 2.5 2.5 2.4 4.9 4.8
3.5 3.4 2.9 ;2.7 5.4 5.3
3.9 3.9 3.7 .3.2 . 5 . 3 5.2
3.9 4 . 1 3.5 3 . 5 . 5 . 1 5.0
4.6 3.2 3; 2 .2.9 . 4 . 3 L 5 . I
3.2 2.-9 3.1 2.9 j.5.7 '4.7
3.7 3.7 3.5 3.4 1 5. 4 5.1
3.7 3.7 3.4 3 . 2 .5. 3 5.2
3.7 3.7 3.7 3 . 5 [ 4. 6 4.7
3.4 3.3 3.1 3 . 1 4.4 : 5 . 5
4.0 4.0 3.9 3.9
4.9 -.4.7
4.2 4.2 4.2 3.7 4.9 5.6
3.9 . 3 . 5 3 . 7
3.4 4 . 3 5.0
3.4 3.4 3.4 3.3 ,5.8 5.9
3.9 3.9 3.4 6.3 6.2 6.4
.3.3 3.2 3.1 2.9 6.9 6.4
4.3 3.8 .3.5 3.6 5.4 5.2
3.6 3.4 3.9 2.4 6.5 6.7
3.8 3.6 3.3 3.3 6.1 .5.6
4.0 2.9 2.7 4 . 1 G.6 .7.9
9.9 •4.9 4.8 3.9
2.6 .3.2 3.1 2.7 '5.'2' a e '
.3.2 3.4 3.1 ,3.9 6.3 4.2
6.9 3.7 7.2 2.5 10.7 1 L 2
8.1
1.2 4.3 2.9
'4."l" 3.7 3.7 3.5 5 . 8 ' 5.7
4.5 . 4 . 0 4.1 3.4 5.8 5.3
.3.9 4.5 4.7 4.4 6.5 6.4
4.2 4.4 4.0 4.6 5.9 5.7
4.0 4.0 3.7 4.9 5.8 6.0
4.3 4.6 3.4 4.5 6.6 5 5
4.2 4.0 4 . 3 3.9 4.7 5.9
4.5 4.4 4.3 4.3 6.7 6.7
2.5 1.8 5.5 21.8 8.3 8.0
4.1 4.7 4.3 ,3.5 6.6 6.7
3.9 3.7 3.7 3.7 6.2 6.8
4.7 4.0 5.4 4 . 1 6.8 6.8
3.7 1,5.1 4 . 1 4 . 1 6.3 7.4
4.8 4.6 . 4 . 1 4.2 6.4 6.2
4.4 4.1 4.3 3.9 7.7 6.2
4.6 3.5 3.8 3.3 8.6 8.9
1.4 3,0 LO 3.3 3.9 4.5
6.2 1.5 4.4 3.5 8.5 8.0
6.5 4.6 5.2 6.3 10.7 8.5
10. 0 10.0 10.0 3 0 . 8 , 17.4 13.4
6.5 5.4 5.3 4.7 7.7 4.8
4 . 3 . 3.1 3.5 3.5 9.9 6.7
9.4 5.5 3.6 3.3 14.5 11.1
5 . 8 . . 3 . 1 5.7 5.9 ' 8.7 7.8"
3.0 5.1 5.0 5.0 .2.2 10.7
5.9
6.3
5.2
4.7
4.4
5.5
4.9
4.5
4.1
5.3
4.4
5.0
4.3
4.4
4.2
5.2
5.4
5.7
4.. 9
5.0
4.75.8
4.9
4.2
'3."9"
3.3
6.9
3.4
5.5
5.0
4.7
5.4
5.5
4.6
5.2
5.9
5.7
5.5
6.5
6.1
5.1
6.1
6.5
'3.6
5.2
6.4
11.7
10.0
7.1
13. 2
7.8
4.5
5.6
16.'6* 26. f 12."4' ro. 8 '9.'5 2 L 5
i a s le.'s 16. 3 '
9.9 10.2 3.0 lo.'o' 9.4 3.4 4.6 13.5 1L7 11.6
4.3
4.2 4.2 4; 2 4.2
2.0 7.'6
4.0
3.9
3.8
3.9
14F
3.6
.3.5
,3.6
5.4
5.5
.5.4
4.5
.5.1
. 5.1
4.4
4.7
.4.7
4.3
4.8
3.9
,3.5
.4.6
4.5
5.0
4.5
5.4
4.7
5.1
4.7
4.6
4.2
5.5
2.9
4.7.
.5.7
4.8
.5.1
4.5
.4.1
4.3
4.3
4.3
3.8
.3.4
5.1
4.3
4.2
4.4
4.3
4.7
.4.8
5.8
.6.2
4.6
5.5
5.5
.6.2
4.0
0.1
's.'s 4.4
4.8 2.6
8.8 5.7
3.8 ' 5 . 2
5.3 5.1
5.8 5.2
5.8 5.3
5.1 4.8
5.2 5.7
4.9 4.7
5.4 6.0
6.4 6.4
4.5 6.0
5.4 5.3
6.8 6.2
6.1 6.1
4.5 6.6
5.9 5.8
7.2 8-.0
5.2 2.8
3.9 4.6
5.1 5.3
9.6 i 6.5
10.1 13.5
8.7 6.1
6.6 9.2
10.3 I L 9
7.4 7.9
5.7 1 L 2
•6.8 4.1
18.3 18.6
0.9 8.4
5.1 6.6
' 4 . 8 . 4.9
4.7
5.3 3.8.
.4. 2 ,3.7
•4.8 ..4.7
.4.7 ' 3.7
3.8 . 3 . 2
,4.4 3.1
4.6 : 4 . 2
4.4 . 3 . 7
3.6
3.3 3: 3
4.8 3.7
4 . 1 4.3
3.9 4.2
4.3 3.9
' 4 . 0 4.6
5.1 5.3
4 . 2 3.0
2.4 4.8
5.0 5.6
5.8 5.5
5.8 5:8
5.2 5.6
4 . 3 5.0
3.0 4.8
5.9 7.2
4.6 2.9
3.7 8.0
6.0 6.6
1.2 3.6
5.6 6.0
5.2 5.4
5.2 5.9
5.0 4.9
5.9 4.9
4.9 4.7
•4.9 4. 8
6.5 6.5
9.4 6.6
6.3 5.7
6.5 5.3
5.6 5.6
4.2 6.4
6.6 6.6
5.2 6.5
5.4 4.3
1. 8.. 3.2
4.2 5.6
7.4 6.4
14.9 18.1
8.2 6. 2
8.7 1.5
9.2 7.8
6.8 7.3
6.3 5.9
8.6 12.2
18.1 I I . 7
7.1- 13.1
5:1 5.7
•4.6
3.6
4.6: 4.0 3.1
1
2.4 4.7 3.7
2
3.1 :4. 6 4 . 3
3
.3.1 3.1 2.9
4
1.7 1. 9. 1.4
5
3.6 2.8 . 0 . 3
6
3.6 3.2 0.1
7
2.8 3.5 • 2 . 9
8
1.7 1.4 1.5
9
'3.0 3.9 . 2. 5 10
4.1 : 3 . 2 . 3 . 6 1 11
'3.5 3.8 '2.8 ' 12
4.2 3.6 3.2 13
3.4 . 3 . 0 3. 2 14
4.7 4.3 4 0 15
4.2 4.4 4; 4 16
1.2 3. 2 4.2 17
4.6 4.7 4:8 : 18
4.0 1.9 4.5 1 19
3.1 3; 3 3. 2 20
4.8 3.7 2.3 21
"4.7 4.2 : 4 . 0 ; 22
'2.7 5.2 2. 9 23
0.9 3.2 ' i . 8 24
7.0 4.0 . 3. 2 25
2.1 ,3.5 3. 4 26
^3.6 2.2 3.8 27
5.6 5.5 3.7 28
2.3 3.6 1.0
29
4.4 4.0 3.9 30
4.9 4.6 3.8 31
4.6 4.3 3.5 32
3.9 4.2 2.1 33
4.2 3.6 '1.0 34
3.2 4.6 - 3.9 35
4.3 4.0 3.5 36
5.1 5.2 4.0 37
6.4 1.5 2.2 38
.4.8 3.2- 3.9 39
4 . 5 . 4.7 5.4 40
5.9. 5.3 5.3 41
6.1 2.8 4.2 42
5.3 5.5 3.7 43
3 . 6 . 5.1 2.9 44
5.3 3.5 4.4 45
L 5 0.5 1.0 46
3.4 3.9 4.5 47
•4.4 7.4 ' 5 . 7 48
15. 7. U.O 11.1 49
6.4 7.1 5.9 50
6.0 1.8 3.9 51
2.9 1.2 0.9 52
6.4 6.3
53
6.4 I 6; 9 '5.'5 54
7.4 17. 2 io. 1 55
6.1 18.3- 13.1 56
4.5 7.3 4.0 •57
5.9 3.4 6.8 .58
3.2
3.1
2.5
210
R E P O R T ON T H E FINANCES.
Table of ihe state of ihe lauful-money reserve of the national bank^^
STATES
AND
Reserve held.
Dates.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
, 26
27
28
29
30
31
Oct.
Dec.
Feb.
Apr.
June
Oct.
Dec.
Feb.
Apr.
June
Sept.
Dec.
Feb.
May
June
Oct.
Dec,
Mar.
May
June
Oct.
Dec.
Mar.
May
June
Oct.
Dec.
Jan.
Apr.
June
Oct.
2,1671,
16,1871,
27,1872
19,1872.
10,1872.
3,1H72.
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.
17,1875.
10,1876.
12,1876.
30,1876.
2,1876.
22,1876.
20,1877.
14,1877.
22,1877.
1,1877.
N o . of C i r c u l a t i o n a n d R e s e r v e r e banks.
deposits.
quired.
537
564
586
616
626
689
707
717
732
737
747
749
748
751
755
774
797
801
815
845
851
850
853
853
855
853
848
849
839
844
845
$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, 655
521, 953, 283
522, 874, 575
527, 506, 306
535,679,077
536, 289,193
536, 716, 262
541,385,844
537,418,449
525, 303, 754
527, 361, 413
521,137,335
517, 605, 821
509, 793, 743
506,146, 248
516,509,339
511,110,-102
505,411.087
505, 863, 456
|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
44, 647, 985
45,535,811
44, 990, 757
44, 996, 205
43, 862, 907
43, 416, 361
44, 978, 935
44, 203, 308
43, 814, 051
43, 594, 978
Ratio to
. liabilities.^
$698,946,1^4
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, 93,5, 374
110,456,096
101,120, 726
115,577,200
112,637,640
111,464,693
100,641,694
103, 592,165
106, 826, 053
100,691,135
105,-154,553
100,128, 907
97, 855, 940
108, 547, 092
104,514,789
103, 8,32, 286
99, 985, 627
101,429,533
.108. 706, 493
103, 945, 584
101, 962, 783
95,379,331
P e r cent.
2L2
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
32.9
35.8
34.9
34. 7
34.3
35.1
36. 3
35.3
35. 0
32.9
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 p e r
RESERVE
Oct. 2, 1871..
D e c . 16, 1871.
F e b . 27, 1872.,
A p r . 19, 1872.,
J u n e 10, 1872.,
Oct. 3, 1872..
Dec. 27, 1872..
F e b . 28, 1873..
A p r . 25, 1873..
J u n e 13, 1873.,
Sept. 12, 1«73.,
D e c . 26, 1873..
F e b . 27, 1874.,
M a y 1, 1874..
J u n e 26, 1874..
Oct. 2, 1874..
Dec. 31, 1874..
M a r . 1, 1875..
M a y . 1, 1875..
J u n e 30, 1875..
Oct. 1, 1875..
D e c . 17, 1875..
M a r . 10, 1876..
M a y 12, 1876..
J u n e 30, 1876..
Oct. 2i 1876..
Dec. 22, 1876-.
J a n . 20, 1877..
A p r . 14, 1877..
J u n e 22, 1877..
Oct. 1, 1877..
230
226
228
227
227
230
233
230
230
231
229
227
227
227
228
230
230
228
231
231
236
236
238
236
236
236
234
234
234
234
235
1484,634,132 1121,158,532
456,721,899
114,180,474
475, 032. 357 118,758,089
461,111,331
115,277,832
500,037,031
125,009,257
443, 845, 782 110,961,445
462, 035, 037 115,508,759
478, 040, 388 119,510,097
465, 796, 482 116, 449,120
502, 959, 230 125,739,807
475, 521, 916 118, 880, 480
45.3, 081, 026 113,270,257
518, 570, 014 129, 642, 504
523, 075, 9d0 130, 768, 995
528, 619,.121
106, 380, 827
521,561,727
106,136,122
509, 411, 623 103, 317, .529
514, 896, 921 105, 569,158
507, 208, 290 104,199, 595
532,175, 922 111,317,435
512, 848, 868 106, 542, 005
468, 689, 930
95,863,466
499,853,392
104, 535, 425
472, 260, 505
98, 776, .747
490, 357, 058 103, 860, 841
487, 415, 795 103, 721, 942
470, 362, 089
99, 237, 733
495,143,120
105,461,297
478, 473,129
100, 522, 583
552,836,716
119,511,586
453, 740, 223
94,748,175
1134, 463; 829
126, 916, 204
126,440,065
124, 840, 245
144,672,289
112,152,0,56
123,136, 887
122,710,780
119, 676, 330
145. 209, 534
118,679,153
. 127,402,586
158,940,175
155, 563, 677
1.59, 275, 638
144, 307, 997
132, 348, 803
132, 217, 368
129,803,941
154, 560. 093
134. 976, 509
118,291,125
142, 753,190
126,179, 248
142, 906, 797
136, 821, 941
122, 279, 996
142.409,114
. 127, 205, 252
133, 499,197
115, 329, 428
P e r C£^
21
2t
2£\
25!^
25.';,
28. f25.(1
28. i
30.6^
29.5
37.4
34.0
32.0
31.3
3L1
34.7
3L7
30.8
34.1
31.9
34.4
34. 2
30.8
3,3.8
29.0
31.6
30.5
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 i n r e s e r v e c i t i e s w a s 25 p e r .
COMPTROLLER OP THE CURRENCY.
211
as shown by their reports from October 2, 1871, to October 1, 1877..
TERRITORIES.
Classification of r e s e r v e h e l d .
Specie.
$1,814,927
2.04.3,411
2,816,771
2, 600, 614
1, 89 •, 232
1, 9,50, 142
1, 978, 383
1, 779, 651
1, 567,149
1, 715. 293
2,071.686
2, 286, 734
2, 475, 202
2, 431, 605
2, 256, 951
2, 375, 290
1,992,383
1, 652, 694
1,511,483
1, 600, 028
1,555,034
1, 452, 639
1,800,017
1, 9.12,171
2 469 391
2,763,198
3, 427 133
3.941,358
4 166 989
4 208 317
4,155, 631
L e g a l tenders.
$40 139 433
39, 380, 993
39, 792, 119
42. 485. 632
41.49.5,581
42.717,294
43, 228, 892
41,60.5,799
43, 202, 852
42, 800, 960
42, 279, 728
.45,904,389
44, 017, 327
47, 603, 805
44, 633.155
32, 885,197
34, 952, 061
33,493,083
34,414,616
34.610,241
32, 783, 5U2
32, 073, 246
32,141, 468
33,630,711
,31,920,120
29, 723.138
30, 714, 772
32, 707, .525
31, 948. 207
30,879, 163
30,316,538
U . S. certifiThree per
c a t e s of de- Clearing-house c e n t , certifcertificates.
posit.
icates.
D u e i'r o m
reserve
agent.s.
$55, 636, 824
$1,355,000
49, 244, 222
1,060,000
58,'8.56, 111
810, 000
52, 236, 599
690, 000
605, 000 • 57,830,847
52, 543, 440
335, 000
56, 327, 007
185,000
90, 000 • 63,286,431
10.000
59, 018, 321
10,1)00
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
52,061,0.59
.58,439,613
,53, 322,1.52
52, 073, 208
62,102, 613
56, 654, 668
57, 268, 334
• 56. ,362, 468
5,5, 244, 747
60,110. 762
5.5, 904, 422
55,012.171
48, 885,195
$220. 000
350, 000
1, 485, 000
1, 895, 000
2, 125. 000
2, 250, 000
2, 015. 000
2, 270, 000
2, 490, 000
2, 585, 000
775, 000
820, noo
845. 000
790,000
890. 000
900. 000
805. 000
1,180.000
1,285,000
1, 280, 000
1, 280. 000
1, 280, 000
1, 245, 000
1.180, 000
1, 2.50, 000
1,315.000
Redemption
fund w i t h
Treasurer.
1
2
'^4
5
6
7
8
9
10
11
|0
$11, 250
11,891,414
11,892,708
11,813.653
11,913,977
11,614,671
11,568,219
11,451,847
11, 322, 994
11,032,239
10, 894. 441
10, 856, 823
10, 762, 881
10,701,848.
10,74.5,584
10,613.1.32
10, 706, 697
centum of circulation and deposits; since that date, 15 per centum of deposits only.
CITIES.
$10,226,741
23,273,114
19, 5(T4, 567
17, 035, 006
18, 040, 032
8,279,613
17, 068, 954
1.5,998,022
1.5,301,6.59
26, 234. 795
17, 796, 781
24,620,304
'30,^90, 661
30,1.38.364
20, 069, 256
18,86.5,654
20, 444, 378
1.5,014,411
9,108. 878
17, 359, 554
6, 495, 294
15,618,267
27, 277, 329
19, 802, 423
22, 749, 078
18, .598, 456
29, ,572, 511
45, 7o7, 9U9
22, 903, 049
17, 127, 679
18, 503,189
$60, 848, 233
52, 633, 689
5.5,118,281
60, 822, 823
78, 001, 259
59, 356, 810
57, 358, 477
54,816,110
56, 732, 435
03,205,531
50, 067, 935
,58,943, 716
58, 620, 696
54, 062, 598
58, 423, 307
47, 082, 343
47, 458, 251
44, 9,52, 897
49,462,643
54, 756, 683
43, 583, 429
38, 563, ,571
44, 603, 718
46,171, 398
58, 852, 046
54, 488, 445
35, 466, 510
39, 908, 797
40, 330. 831
47, 072 388
36, 544, 635
$6,
12.
16,
16,
20,
18,
21,
34,
37,
45,
42,
38,
36,
37,
46,
47,
30,
29,
26,
26,
27,
24,
24,
30,
43,
32,
$20, 322, 070
16, 633, 026
16,195, 000
13,909,000
12, 092, 577
8,632,000
5,600,000
2,115, 000
1, 370, 000
385, 000
175, 000
$5, 825, 000
5, 635, 000
4, 930, 000
,3.190, 000
2, 805, 000
1, 220, 000
775, 000
320,000
$.31,241,785
28., 741, 375
30,, 692, 217
29, 883, 416
33, 733, 421
28,173, 633
30,074,456
32, 486, 648
29, 797, 236
34, 859, 208
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
29, 3S9, 472
36, 96.5, 578
30,114,214
30, 719, 768
31,981,995
28, 544, 429
28, 587, 547
29, 038, 296
27,119, 929
24,398,938
centum of circuiatiou and deposits; since that date, 25 per centum of deposits only.
$80, 000
5,102, 694
5, 042, 356
4, 927, 509
4, 347, 602
4, 7.32, 441
4,664,974
4, 519, 815
4, 301, 565
3, 996, 213
3, 910, 905
3, 863, 045
3, 881, 546
3.919,861
4,013,076
3, 999, 201
3, 787, 666
13
14
15
16
17
18
19
^0
^1
o.-)
'">3
04
^5
^6
•^7
''R
Of)
30
31
212
REPORT ON T H E FINANCES.
Lawfal money rcsei've of ihe national banks, as shoivn by the reports
STATES
States and Terrritories.
Maine
Ne\f Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
N e w .Jersey
Pennsylvauia
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 C a r o l i n a ..-.
South Carolina
Georgia
Florida
,Alabama
Texas
Arkansas
Kentucky
Tennessee
Ohio
Indiana
Illiuois
Michigan
Wisconsin.
Iowa.
Minnesota . . .
Missouri
Kansas
Nebraska....
Oregon
,
Colorado
N e w Mexico.
Utah
,
Idaho
Montana.....
Wyoming....
Dakota"
Totals .
,
,
,
r.,
."
N o . of
banks.
R e s e r v e re. quired.
71
46
46
183
62
81
227
69
179
13
18
1
19
15
15
12
12
1
10
12
2
38
25
153
99
131
76
38
78
31
24
15
10
1
13
2
1
1
5
2
1
$6, 400, 097
3, 277, 858
3, 874, 928
29, 783,142
8, 358. 539
14, 974, 374
46, 239, 705
18, 259, 606
33,138,120
2, 233, 817
2, 922, 702
438, 098
5, 802, 223
1, 309, 569
2, 390. 644
1. 827, 329
1, 877, 060
69, 014
770, 346
1, 673, 672
265, 649
3, 709, 742
4, 973, 253
21,456,244
13, 772, 079
16, 130, 804
7,108, 375
4, 634, 033
8, 025, 028
6, 465, 325
3, 639, 605
2, 362, 915
2, 988, 496
1,190,684
2, 996, 915
476, 266
359, 574
127,179
936,126
310, 523
182,166
. $960, 015
491, 679
581,239
. 4, 467, 471
1, 253, 781
2,246,^156
6, 935, 956
2, 738, 941
4, 970, 718
335, 073
•
438,405
65, 715
870, 333
196, 435
3,58, 597
•'274, 099
281, 559
10, 352
115, 552
251, 051
39, 847
. • ,556, 461
745, 988
3, 218, 437
2, 065, 812
2, 419, 621
1, 066, 256
695,105
1, 203, 754
969,799
545, 941
354,437
448, 274
178, 603
• 449, 537
71, 440
53, 936
19, 077
140,419
46, 578
27, 325
1,838
287, 731, 824
43,159, 774
California
Totals .
Deposits.
AND
1, 845
*2, 404, 224
1435, 205
.290,136, 048
43, 594, 979
N O T E . — P r i o r to J u n e 20, 1874, t h e r e q u i r e d r e s e r v e i n S t a t e s a n d T e r r i t o r i e s w a s 15 p e r c e n t u m of
gold-banks, o u t s i d e of San F r a n c i s c o , is 25 p e r
RESERVE
Boston
Albany
Philadelphia .
Pittsburgh ...
Baltimore
W a s h i n g t o n ..
N e w Orleans .
Louisville . - - .
Cincinnati
Cleveland
Chicaeo
,
Detroit
Milwaukee . . .
SaintLouis ...
N e w YoTk
San Francisco
6
6
13
4
3
6
$62, 290, 643
9, 372, 827
46,158,870
12, 884, 329
15, 068, 962
1, 480, 361
5, 369, 095
3,189,191
8, 038,1.52
3, 868, 672
22,170, 946
3, 770, 615
2, 844, 607
5, 643, 711
186
202,150, 981
,50, 537, 745
174, 933,1.55
43, 733, 289
*1, 908, 564
$15, 572, 661
2, 343, 207
11, 539, 717
3,221, 082
767, 241
•3,
370, 090
1, 342, 274
797, 298
2, 009, 538
967,168
5, 542, 736
942, 653
711,152
410, 928
477,141
* Includes
N O T E . — P r i o r to 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 c i t i e s w a s 25 p e r
213
COMPTROLLER OF THE CURRENCY.
of their conditioh at the close of business on October 1, 1877.
TERRITORIES.
Classification of r e s e r v e h e l d .
R e s e r v e held.
Ratio, of
reserve.
Specie.
$2, 5r0, 039
1, 553, 722
1, 695, 508
10, 724, 638
2, 940, 407
5, 461, 390
13, 921, 294
7, 459, 745
9,651,686
783, 432
1, 057, 816
293, 670
1,462,772
462, 297
525, 825
3.53, 909
599, 0.52
12,218
328. 364
645. 5,52
66,211
1, 335,106
1, 360, 209
6, 846, 245
5,136, 800
5, 481, 479
2, 300,122
1, 494, 829
2, 5.53, 279
1,715,074
874, 304
540, 931
678, 268
286, 010
929, 803
120, 487
197, 453
31,961
163, 347
88, 018
46, 288
P e r cent.
40.5
47. 4
43.8
36.0
35.2
,36.5
30.1
40. 8
29.1
35.1
36.2
67.0
25.2
35.3
22.0
19.4
31.9
17.7
42.6
.38.6
24.9
36.0
27.4
31.9
37.3
34.0
.32.4
32.3
31.8
26.5
24.0
. 22.9
22.7
24.0
31.0
25.3
54.9
2.5.1
17.5
28.3
25.4
L e g a l tenders.
$56, 619
29, 691
26, 883
352, 297
111,311
163, 441
370, 239
213, 092
361, 377
15,461
51,155
5,532
67, 892
21,912
57, 963
44,173
77,052
968
31,3.50
127, 653
760
51, 833
117,899
231,317
196, 551
209,410
154, 2.56
64,179
114,884
36,029
39, 505
15, 435
38, 098
144, 558
58, 262
14,201
19, 700
3,407
17, 684
15,031
1,274
$463,902
17.5, 640,
332,109^
1,661,305
449,191
1,284,928
,3,301,689
1 704,115
3, 733.191
167, 3.54
326, 643
75, 000
690, 766
209,131
275, 420
187,145
392, 854
9,000
165, 891
342, 064
26, 325
432, 362
732, 628
3,156,806
2,135,375
2, 367, 695
946, 279
661, 078
1, 325, 883
726, 493
425, 929
2.57, 725
289, 8.^6
112,8.50
3f 1,173
59, 522
168,184
24,108
77, 400
48,011
13, 488
30, 316, 538
94, 769, 560
32.9
3,730,334
609, 771
25.4
425, 297
IJnited S t a t e s
certificates of D u e from reserve agents.
deposit.
$5,000
315, 000
95,000
405, 000
110, 000
140, 000
40, 000
10; 000
50, 000
15,000
10, 000
90, 000
20, 000
10,000
1, 315, 000
.57, 643
22, 276
29, 276
$40.5, 39*
249,175336, 9851, 769, 893
557, 591.
8.56, 397'
1,303,184
556, 525
1,123, 012:
67, 5249.5, 272:
11,250
109, 70668, 482
61, 725.
58, 475
87,163.
2, 25065,125
29, 56^
9,224
2.59, 045
113. 732
740, 596
564, 967
374, 450
213, 621
91, 675
192, 735
114,641
,
74,600
36, 985
31,630
11,250
27, 360
13, 500
. 2,2.50
4,446
10, 620
2,700
2, 250
48, 700, 721
10, 706, 967
65, 998
146, 273
29, 902
576, 866
395, 950
2, 707, 526
2,149, 907
2, 509, 924
985, 966
677, 897
919, 777
837, 911
324, 270
230, 786
318, 654
17, 352
463, 008
33, 264
7,319
184, 474
4,155, 631
95, 379, 331
$1, 6.59,124
. 1,099,216
999, 531
6, 626,143
1, 822, 314
3, 061, 624
8,541,182
4, 876, 013
4, 294,106
493, 093
574, 746
151, 888
594, 408
162, 772
• 130, 717
64,116
41,983
Redemption
fund w i t h
Treasurer.
1, 31,5, OOd
c i r c u l a t i o n a n d d e p o s i t s ; since t h a t d a t e , 15 p e r c e n t u m of deposits only,
c e n t , on c i r c u l a t i o n a n d 15 p e r cent, on deposits.
10, 706, 967
48,885,195
R e s e r v e r e q u i r e d in California
CITIES.
$17, 278, 435
3, 012, 962
15, 266.120
4, 661, 070
5,172, 932
457, 023
1, 832, 933
775, 027
2,977,104
1, 439, 059
9, 394, 608
1 515 635
1,146, 229
1, 694, 035
27.7
32.2
33.1
36.2
34.3
30. 9
34.1
24 3
37.0
.37.2
42.4
40 2
40.3
30.0
$2, 423, 021
40, 418
1, 408, 708
95, 513
152, 957
13, 310
185, 973
14 409
49, 680
26, 047
403, 210
34 262
24', 720
45, 828
$2,950,561
368, 093
4, 331, 275
2, .590, 782
1,195,162
212, 233
1, 207, 091
411 116
-651,317
699, 000.
4, 584, 000
539 191
578, 603
989, 366
66, 623,172
48, 057, 529
33.0
4. 918, 056
21, 307, 790
13, 020, 000
27. 5
12, 948, 406
15, 236, 845
19, 075, 000.
648 727
34.0
636, 727
.
$2, 660, 000
055, 000
4, 625, 000
100, 000
2,730,000
35, 000
915, 000
35, 000
1,050,000
35, 000
180, 000
$8. 055, 835
1, 870, 791
4, 334, 354
1, 616, 095
804, 896
162, 730
403, 869
239 343
1,194, 607
585, 590
3,279,248
884 783
496, 656
458,141
2,990, 388
24, 386, 938
-
•
-
12, 000
circulation.
Centura of circulation and d e p o s i t s ; since t h a t dato, 25 p e r c e n t u m of d e p o s i t s only.
$1,189, 018
78, 660
566, 783
258, 680
289, 917
33, 750
36, 000
110,159
166, 500
93,422
78,150
57, 399
11,250
20, 700
•
797,278
•
214
REPORT ON THE FINANCES.
Average weekly deposits, circulation, and reserve of the national banks in New York City, as
reported to the New York clearing-house, for ihe months of September and October in each
year from 1870 to 1877.
Reserve.
Liabilities.
W e e k ending
S e p t . 3,1870.
. S e p t . 10,1870.
Sept. 17,1870Sept.24,1870.
Oct. 1,1870.
Oct. 8,1870.
Oct. 15,1870.
Oct. 22,1870.
Oct. 29,1870.
Specie.
Legal-tend
ers.
Dollars.
26, 070, 522
16, 260, 859
14, 444, 365
12, 770; 922
11, 427, 962
10. 658, 402
10, 064, 025
10, 296, 819
11, 367, 009
Dollars.
34, 760, 841
42, 938, 3.51
44, 040, 077
44. 773, 758
46, 321, 566
45,149, 713
45, 618, 563
47,193, 012
48, 732, 435
Dollars.
60. 831, 363
,59,199, 210
57, 544, 680
58,484, 442
57, 749, 528
55, 808,115
,55, 682, 588
57, 489, 831
60, 099, 444
242, 369, 600 10,196, 600
243, .529, 300 9,193, 400
241, 609, 300 9,0.50, 100
232, 992, 500 8, 291, 7!^0
223, 684, 300 11, .554, 000
219, 476, 400 9,1.53, 400
213, 465,100
8, 025," 300
202, 577. 200 8, 647, 600
202,169,100
9, 249, 700
60, 957, 800
60,106, 800
56, 847, 200
53, 275, 600
49, 933, SOO
49, 589, 300
45, 835, 200
44, 079, 000
43, 694, 700
71,154,400
69, 300, 2C0
65, 897, 300
61, 567, 300
61, 487, 900
58, 742, 700
53, 860, 500
52, 726, 600
52, 944, 400
Circulation.
N e t deposits.
Total.
Dollars.
32, 672, 815
32, 833, 323
32, 686, 884
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
163, 691, 615
163, 874, 962
1.59, 205, 353
159, 194, 742
160, 794,105
164, 653,818
Dollars.
204, 988, 777
201,176, 473
19%, 998, 960
196, 360, 822
196, 529, 340
191, 734, 748
191, 6.52, 791
193, 247, 331
197, 010, 684
Total.
Sept.
Sept.
Sept.
Sept.
Sent.
Oct.
Oct.
Oct.
Oct.
2,1871.
9,1871.
16,1871.
23,1871.
30.1871.
7,1871.
14, 1871.
21,1871.
28,1871.
29. 835, 300
30,037,200
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; 048, 400
193, 691, .500
277. 300
1
183, 192,100
172, 343, 800
171 737, 300
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
7,1872.
14,1872.
21,1872.
28, 1872.
5,1872.
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
11,619,600
11,130, 700
16, 851, 600
10, 045, 900
8, 469, 700
10, 070. 200
10,657,400
9, 234, 300
43,866,500
42, 993, 300
39, 419, 300
39, 651, 700
37, 998, 500
40, 675,100
46, 260,100
46,885,000
.55, 486,100
54,124, 000
56, 270, 900
49, 697, 600
46, 468, 200
50, 745; 300
56,917,500
56,119,310
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
6,1873.
13,1873.
20,1873.
27,1873.
4, 1873.
11.1873.
18,1873.
25, 1873.
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 8.55. 500
131 958, 900
129, 575, SCO
125, 671, 300
210, 099, 000
204, 201, 700
196, 259,100
177,366, 700
159, 249, 200
159, 37S, 300
1.56, 997, 000
153,061,400
19, 935, 900
17, 655, 500
16,135, 200.
11, 448,100
9, 240, 300
10, 506, 900
11, 6.50,100
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, SOO
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.
25, 030, .500
27,701,700
25, 595, 700
25, 593, 900
. 25, 387, 700
25, 083, 900
2.5, 028, 600
24,981,600
25, 025,100
202, 918,100
205, 106,500
204, 285, 600
187, 139, 700
202, 605, 300
200, 0.54, 500
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
16, 807, 500
17, 589, 200
17, 453, 200
16, 799, 500
15, 373, 400
14, 517, 700
12,691.400
11, 457, 900
10, 324, 900
54, 878,100
54, 715, 700
^5, 017, 300
53. 977, 900
53, 297, 600
52,1.52, OOO
51,8.5.5,100
49, 893. 900
50, 773, 000
71,
72,
72,
70,
68,
66,
64,
61,
61,
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.
30,18'75.
18, 093, 700
17, 725, 000
17, 223, 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, 55.5; 800
19.5, 192,400
191, 46S, 500
189, 068, 800
228, 490, 900
227, ,527,100
224, 640, 000
223, 385, 800
219. 303. 800
215, 376, 500
212, 973, 600
209,313,100
206, 968, 900
9,155,700
8, 494, 500
6, 538, 200
6, 432, 400
5, 438, 900
5, 716, 200
5, 528, 500
•5, 735, 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, 800
64,394,800
62, 780, 800
61, 620, 400
57, 058, 500
.54,111,200
53, 035, 900
54, 738, 400
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
2,1876.
9,1876.
16,1876.
23,1876.
30, 1.876.
7,1876.
14,1876.
21,187.6.
28,1876.
14, 577, 300
9, 409, 700
14, 403, 500
14, 400, 800
14, 61.5, 700
11. 897, 000
14,69.3,300
14, 809, 200
15, 059, 600
197, 992,
200, 754,
202, 734,
200, 794,
196, 590,
195, 145,
190, 699,
190, 019,
183, 810,
212,569,700
210,164,400
217,138, 000
215,19.5,600
211, 206,100
207, 042, 700
20.5, 392, .900
204, 829,100
198. 869, 800
19, 617, 600
20. 202, 700
20, 068, 900
16,907,800
14, 751. 200
17, 682, 600
16, 233. 600
15, 577, 500
14,011,600
48, 233, 000
48,-699, 700
49, .338, 200
48, 625, 500
47, ,538, 900
45, .53,5, 600
43, 004, 600
41,421,700
41,645,600
67, 8.55, 600
68, 902, 400
69, 407,100
65, 533, 300
62, 290, 100
63, 2'8, 200
59, 238, 200
.56, 999,. 200
5.5,057,200
Sept.
Sept.
Sent.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
1,1877.
8,1877.
1.5,1877.
22,1877.
29, .1.877.
6,1877.
13, 1877.
20,1.-77.
27. I f 7 7 .
15, 357, 900
15, 543, 000
1.5,551,700
1.5, 570, 700
15, 699, 000
1.5, 964, 900
16,0.5.5,600
16,20.5,000
10, 6o;\7ro
181 741,500
182, 949, 400
181 584,100
180, 633, 700
17.5, 036, 800
172. 106, 000
171 058, 500
169, 670, 500
168, 373. HOn
197, 099, 400
198,492,400
197,13.5,800
196, 204, 400
190, 735, 800
188, 070, 900
187, 114,100
1.95, 875, 51)0
184,974, rOO
13, 993, 800
17,811,000
17, 451", 000
16,945,100
14,682,100
14, 665, 600
14, 726, .500
11,087,400
1.5, 209, 000
41, 460, 400
39,019,800
38. 429, 900
37.113, 200
36, 978, 900
.36, 168,300
3.5, 178, 900
35, 101, 700
34, 3'i7, 800
55, 454, 200
56, 830, 800
55, 880, 900
54, 0.58, 300
51,661,0(0
50, 833, 900
49, 9(';5, 4f 0
49, 189,. 100
49, 576, 800
400
700
500
800
400
700
600
900
200
785,
304,
470,
777.
671,
669,
546,
351,
097,
600
900
500
400
000
700
500
800
900
215
COMPTEOLLER OF THE CURRENCY.
Table shoiving the number of State hanks, savings-banks, trust compames, and private bankers, their average capital and deposits, and the tax thereon, for the six monihs ending Novemher 30, 1876.
Number.
S t a t e s , &c.
Maine
New Hampshire
"Vermont
Massachusetts
Bostou
Rhode Island
Connecticut
66
78
21
168
67
58
112
21, 675 1
144,172
165, 847
66
43
10
17
40
1
11
23, 044
78, 635
452
5,243
29,125
• 5, 845
11, 863
1,687
1,293
8,591
50
412
111, 326
271, 833
10,177
28,120
102, 767
78, 369
24.939
2, 000
875
18, 217
71
7,973
134, 370
350, 468
10,629
33, 363
131, 892
^ 84,214
36 802
. 3,687
. 2,168
. 26, 808
121
8,385
1,426
88, 503, 627
612, 983, 558
656, 667
822, 907
77
25
15
18
• 69
3
18
29
2
24
98
13
. 72
18
31
3, 563, 878
1, 426, 858
576, 662
1,006,452
4, 823, 597
39,000
1, 095, 900
1,251,.577
54, 000
3, 611, 584
3, 400, 041
225,167
7, 488, 271
5, 592, 382
1,723,291
512
35, 878, 660
45, 079, 815
86, 889
107, 348 '
194, 237
262
21
10
149
- 315
41
140
14
• 87
12
266
6S
165
54
109
35
6, 327, 007
1, 963,150
802,819
6, 033, 563
5, 452, 244
4, 918, 3.50
2, .597, 6.57
1,172,902
1, 328, 035
677, 522
4, 8.32, 196
1,158, 438
3, 467, 093
7, 928, 799
1, 638,143
407, 354
16,069,106
8,955,100
11, 859, 737
10,533, "76
17, .518, 220
14,913,591
4, 935, 755
6,148,749
3,6-45,026
6,236,008
8, 738, 362
2, 539, h37
9,921,009
24,723,031
2, 800, 868
1,2.50,342
14,181
3, 4.54
1,863
12,847
12, 205
9,538
6,391
2, 292
2, 927
1, 415
11, 691
2, -32
7,597
18, 496
. 3, 887
•
1,011
38,794
20, 312
16,446
22,287
41, 8.32
20,172
12, 339
15,372
9,112
15, 590
21, 846 J
6, 306
24,805
60,801
7, 002
3,126
52, 975
23, 766
18, 309
3.5,134
54, 037
29, 710
18, 730
17, 664
12, 039
17, 005
33, 537
9,038
32, 402
79, 297
10, 889
4,137
1, 748
50, 705, 272
1.50,7.89,217
112, 527
336,142 1
448, 669'
546,985
7
8 4 ] 9, 917, 377
49 23, 728, 485
549, .540
29
299, 438
17
151,000
6
2, 000
3
3^, 372
•
3
.57, 417
' 3
24, 000
7
97, 431
•6
4
222, 947
1
8, 333
1,209,830
16,928,318
96,733,616
1,007, .-576
1, 690, 357
588,283
33.743
,54,368
25, 990
137,911
69,863
272,' 50
4,167
1,266
24, ".39
57,129
1,374
^49
377
5
96
143
60
244
557
21
3,024
35, 258
166, 926
2, 019
4, 226
1,471
84
136
65
345
175
681.
10
4, 290
59, 997
224, 055
3, 893
4,975
1,848
89
232
208
405
419
1, 238
31
118, 756, 472
86, 760
214,920
301, 680
4, 475 1222, 276, 944 | 1,377, 518, S'Jl 1 474, 091
1,459,249
1, 933, 340
•
...
.
W e s t e r n States
'
•. .
Pacific S t a t e s a n d Territories . . .
.
Totals
$6, 240
13, 071
4,998
8,115
23 174
. 54,206
56 043
151, 986, .519
278, 634,125
12, 7.54, 533
36,110, 777
41. 393, 026
47, 415, 908
13, 937,144
1, 684, 846
543,171
24,876,590
28, 452
3, 618, 467
Southern States
Oregon
.'
Call fornia
SanFrancisco
Colorado
Nevada
Utah
N e w Mexico
Wyoming
Idaho
Dakota
Montana
Washingtou
Arizona
Total.
449, 909, 289
.
,
$403
314
.650
1, 569
4, 442
8, 482
• 5, 815
$5, 837
12, 757
4, 348
6, .546
18,732
45, 724
50, 228
11, 546, 060
_..
. . ..•
^177, 658
^27, 017, 950
151,000
30, 937, 358
302, 500 1
8,123, 983
8.55, 000
163,436,726
3,108, 788
84, 686, 258
3, 923, 222
52, 888,125
3, 027, 892
82, 818, 889
10, 850, 325
48, .518, 475
579, 500
" 2,418,120
12, 475, 573
2, 502, 021
5,137,193
708, 596
631, 885
4, 066, 837
20, 000
595,102
..
O^io
Cincinnati
Cleveland
.
Indiana
Illinois
Chicago
Michigan
Detroit
.;
Wisconsin
Mihvaukee
Iowa
Minnesota
Missouri
SaintLouis
Kansas.
Nebraska . . . . .
On c a p i t a On deposits.
570
Middle States
Virginia
W e s t Virginia
N o r t h Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
NewOrleans
Te.tas
Arkansas
Iventucky
Louisville
Tennessee
Deposits.
340
472
15
67
Nev?- E n g l a n d S t a t e s
New York
N e w Y o r k City
Albany
New Jersey ..
Pennsylvania . . . . . . . .
Philadelphia
Pittsburgh
Delaware
Ma.ryland
Baltimore
. D i s t r i c t of C o l u m b i a
Washington
Tax.
Capital.
219
35, 643, 325 |
7,188, 428 •
3, 939, 744
885, 795
1, 008, 0.34
3, 383, ^ 64
240, 821
1, 501, 305
1,196, 752
40, 508
6, 290,194
4, 302, 285
264, 300
6, 086, 657
5, 976, 005
2,775,023
166, 240
8,723
3,553
1,442
2, .516
12, 059
97
2, 650
2, 423
135
9,029
7, 559
561
18,132
13, 838
4,172
16,
9,
2,
2,
8,
925
849
214
.341
264
602
3, 753
2,992
101
11, 796
10,756
601
• 1.5,216
, 14,940
6,938
25, 648
13 402
3,656
4, 857
20 323
699
6,403
5,415
236
20, 825
18,315
1,222
33, 348
28, 778
11,110
216
REPORT ON T H E
FINANCES.
Aggregate resources and liabilities of trust and loan companies, 1876, 1876, and 1877.
1874-'75.
1875-'76.
1876-'77.
35 b a n k s .
38 b a n k s .
39 b a n k s .
165, 900,174
16, 883
2. 086, 842
37, 323. 062
1, 837, 605
.3, 733, 357
2, 880, 342
92. 894
5,186, 004
3, 833, 012
P 6 , 608. 647
24,886
16,491,646
18,847,238
5, 672, 637
4, 733, 647
2, 090, 265
178,231
54, 833
234, 321
2, 709, 828
167, 946. 390
13.948
19. 805, 685
17, 960, 260
8, 028, 415
3, 544, 221
3,410,232
105,157
59, 393
22. 952
2, 715, 846
122, 890,175
127, 646,179
123,. 612, 499
Capital s t o c k ' . . . ^..
Circulation
S u r p l u s fund . . . . . .
U n d i v i d e d profit'*.
Dividends unpaid .
Deposits
D u e to b a n k s
Other liabilities . . .
21,854,020
21, 535, 490
22, 347, 440
6. 967. 693
582. 867
18,921
85, 025, 371
121.441
8, 319. 862
8, 288, 825
534. 375
254, 522
87,817,992
151,766
9,063, 209
7,164, 673
1,239,539
387, 764
84, 215, 849
333.189
7,924,045
Totals.
122, 890,175
127, 646,179
123,612,499
RESOURCES.
Loans and discounts
Overdrafts
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 items
i
Specie
L e g a l - t e n d e r s , b a n k - n o t e s , &.c .
Totals.
LIABILITIES.'
Aggregate resources and liabilities of savings-hanks from 1874 to 1877.
1873-'74.
Resources.
• banks.
1315,
168,
66,
148,
17,
29,
11,
L o a n s on real e s t a t e
•.
L o a n s on p e r s o n a l a n d collateral s e c u r i t y . , .
U n i t e d States bonds
1.:...
State, municipal, and other stocks and bonds
Railroad bonds and stocks
... .
B a n k stock
•.
Real estate
Other investments
Expenses
^. -•
D u e from b a n k s
Cash
Totals . . . . . . . - i
1874-'75.
1875-'76.
1876-'77.
674 b a n k s .
686 b a n k s .
675 banks".
288, 088 1351,3.36 551 1373, 501, 243 $369, 770. 878
308, 3.32 181,143, 206 164, 024, 477 114,474, 163414, 629 83, 206, 272 108,162,624 115, 389, 880
4.56,231 161, 334, 436 169, 801, 399 184,116, 602
981, 807 20, 690, 901
23, 992, 313 24, 586, 503
54.5, 071 30, 508,. 7.52
33, 267, 494 34, .571, 531
378, 364 14,136, 748
15, 540, 384 21,037,426
780, 263
20, 730. 050 18,135,673
11; 354, 781
931, 959
866, 013
1, 029, 238
1,248,688
431,846
23, Oil, 142 23, 522, 572
23, 378, 937
715,134
18, 456, 405 16,160, 096.
17, 858,182
801, 231; 724
896, 197,454
951, 353, ,544 922, 794, 562.
759.
12,
26,
2,
849,
16,
29,
1,
633
565
493
763
891, 459, 890 866, 498, 452
51, 321, 033 43, 835, 885
9, 200, 778
5, 497, 503
3, 259, 447
3, 075,118
896,197, 454
951. 353, 544 922. 794. 562
Liahilities.
Dexiosits
S u r p l n s fund
U n d i v i d e d profits
O t h e r liabilities
,
Totals
946, 632
590,196
623, 850
071, 046
801,231,724
581,
499,
072,
043,
Table, by Sluies, of the aggregate deposits of savings-banks, ivith ihe number of their dejjositors and the average amount due to each, in 1876 and 1877.
1876-'77.
1875-'76.
States.
Maine
New Hampshire
Vermont
:.
M a s s a c h u s e t t s '.
Rhode Island
Connecticut
N e w York
. . ...
New Jersey
Pennsylvania
Maryland
Ohio . .
• - . ..
Indiana
California.
Totals
N n m b e r of
depositors.
A.mount
of deposits.
101, 376
100,191
25, 060
720, 639
101, 635
208, 030
859, 738
*93, 000
*64, 000
*49, 000
^32, 083, 314
31,198, 064
6, 653, 540
234, 974, 691
51,311,331
76,489,310
319, 260, 202
32,450,313
16, 627, 820
19, 077, 026
Average
to e a c h de- N u m b e r o f
depiositors.
positor.
1316
326
265
326
504
367
371
348
259
389
00
01
50
0(
85
69
00
92
79
34
91, 933
72, 569,103
789 36
90, 621
98. 683
*25, 671
739, 289
99, 865
203, 514
861,603
*84, 026
*67. 660
*50,197
26, 037
*5, 548
*42, 600
2, 414, 602
892, 694, 714
369 69
2, 395, 314
" Estiraated.
Amount
of deposits.
^26,662,150
30,963,047
6, 815, 829
243, 340, 643
50, 542, 272
78, 524,172
319,716,864
29, 318, 543
17. 577, 468
19, 543, 967
10,041,726
, 1, 986, 025
31,185, 600
866, 218, 306
Average
to e a c h depositor.
0294
313
265
329
.506
385
371
348
259
389
385
358
732
21
76.
50
15
10
84
07
92
.7J>
34
67
00
05
361 63
AGGREGATE RESOURCES AND LIABILITIES
OF
T H E N A T I O N A L .BANKS
OCTOBER, 18G3, TO OOTOBER, 1877.
218
REPORT ON THE FINANCES.
Aggregate resources'and, liaUlities of the National
1863.
JANUARY.
1
OCTOBER 5.
JULY.
APRIL.
Resources.
66 banks.
Other items
...
$5,466, 088 33
5, 662, 600 00
106, 009 12
...........
2, 625, 597
177, 565
53,808
2,503
D u e from nat'l and other b a n k s .
Current exnenses
....
Checks ond other cash i t e m s . . .
Bills ofnational and other banks
Snecie and other lawful m o n e v .
05
69
92
09
492,138 58
764,725 00
1,446, 607 62
o
. 16, 797, 644 00
Total..
18G4.
JANUARY 4.
139 banks.
Loans and discounts
•
U. S. bonds and s e c u r i t i e s . . . . . .
Other items
..-•
D u e from national b a n k s
Duo from other b'k s and bankers
Real estate, furniture; &c
Checks and other cash i t e m s : . .
Bills ofnational and other banks.
Specie and other lawful m o n e y .
Total
APRIL 4.
. JULY 4.
OCTOBER 3.
307 b a n k s .
467 banks.
508 banks.
$10, 666, 095 60
15,112, 250 00
74, 571 48
$31, 593, 943 43
41,175,150 00
432, 059 95
. $70,740,513 33
92, 530, 500 00
842, 017 73
*4, 786,1-24 .58
381,144 00
118,854 43
4, 699,479
8, 537, 908
. 755,696
352, 720
15, 93.5, 730
17, 337, 558
1, 694, 049
502,341
56
94
41
77
13
66
46
31
.
$93,238, 657 92
108, 064, 400 00
1, 434, 739 76
19, 965, 720
14.051,396
2,202,3i8
1, 021, 569
47
31
20
02
577, 507 92
895,521 00
5, 018,622 57
2, 651, 916 96
1, 660, 000 00
22, 961, 411 64
5. 057,122 90
5, 344,172 00
42, 283, 798 23
37, 630,691 58
114,820, 287 66
252, 273,803 75
297,108,195 30
JULY 3.
OCTOBER 2.
7, 640,169 14
4, 687, 727 00 I
44, 801, 497 48
18 6 5 .
JANUARY 2.
638 bauks.
APRIL 3.
907 banks.
1,294 banks.
1,513 banks.
$362, 442,743 08
391, 744, 850 00
12, 569,120 38
$487,170,136 29
427,731, 300 00
19, 048,513 15
L o a n s and d i s c o u n t s . . . . . . . . . . .
U. S. bonds ond securities..
Other items
^
$166,448,718 00
176, 578,750 00
3,294,883 27
D u e from national b a n k s
Du*e from other b ' k s i n d b a n k e r s
Real estate, furniture, &c
C u r r e n t expenses
Prfimiums pnid - r . . T - . . . r . . . .
30,820,175
19,836, 072
4,083,226
1, 053, 725
1, .323,023
44
83
12
34
56
40, 963,243
22,554, 636
6, 525,118
. 2,298,025
1,823,291
47
57
80
05
84
76,977, 539
26, 078, 028
11,231,257
2, 338, 775
2, 243,210
59
01
28
56
31
89, 978, 980
17,393, 232
14, 703,281
4, 539, 525
2, 585, 501
55
25
77
11
06
Checks and other cash i t e m s . . .
Bills ofnational and other banks.
Specie
Legal fender and fract'l cur'ncy.
17, 837,496
] 4,275,153
4,481,937
72,535, 504
77
00
68
67
29, 681,394
13, 710, 370
6, 659,660
112,999,320
13
00
47
59
41,314, 904
21,651,826
9, 437, 060
168, 426,166
50
00
40
55
72,309,854
16, 247,241
18, 072, 012
189, 988, 496
44
00
59
28
Total
512,568,666 68
$252, 404,208 07
277, 619. 900 00
4, 275, 769 51
771,514,939 10
' Including national banks.
1,126,455,481 66
1,359,768,074 49
219
COMPTROLLER CF THE CURRENCY.
Banlcs from October, 18C3, to Octoher, 1877.
18 6 3.
JANUARY.
APRIL.
JULY.
OCTOBER 5 .
Linbilitios.
66 bp.nks.
Capital stock
$7,188, 393 00
128, 030
8, 497, 681
981,178
2, 300
Undivided profits
Individual and other deposits . .
D u e to nat'l nnd other b a n k s * . .
Other items
06
84
59
51
16,797, 644 00
Total
1864.
JANUARY 4 .
139 banks.
Capital stock
.. .
Surplus fund
Undivided profits
Notional b a n k notes outstanding
Individual and other d e p o s i t s . . .
D u e to nat'l and other b a n k s * . . .
Other items
Total
A P R I L 4.
J U L Y 4.
307 b a n k s .
467 banks.
OCTOBER .3.
508 banks.
$14, 740,522 00
$42, 204, 474 00
$75,213, 945 00
$80, 782, 802 GO
432,827 81
1, 625,656 87
1,129, 910 22
3,094,330 11
2 010 285 10
5, 982,392 22
30,155
19, 450, 492
2,153, 779
822,914
00
53
38
86
37, 630, 691 58
9, .797, 975
51, 274, 914
6,814, 930
3,102,337
00
01
40
38
114, 820,287 66
25, 825, 665
119,414,239
27, 382, 006
213,708
00
03
37
02
.252,273,803 75
45, 260, 504
122,160,536
34, 862, 384
43,289
OO
40
81
7?
297,108,195 30
1865.
JANUARY 2 .
Capitol stock
Surplus fund
Undivided profits
APRIL 3.
JULY 3.
OCTOBER 2 .
638 banks.
907 banks.
1,294 b a n k s .
$135, 618,874 00
$215,326, 023 00
$325,834, 558 00
$393,157,206 00
8, 66.3, 311 22
12,283,812 65
17, 318, 942 65
17,809, 307 14
31, 303, 565 64
23,159, 408 17
38, 713,380 72
32,350, 278 19
1,513 banks.
National b a n k notes outstanding
66, 769, 375 00
98, 896,488 00
131,452,158 00
171-321,903 00
Individual and other d e p o s i t s . . .
United States deposits
183, 479, 636 98
37, 764, 729 77
262, 961,473 13
57,630,141 01
398,357,559 59
58,032,720 07
500,910, 873 22
48,170, .381 31
D u e to national b a n k s
D u o to other b a n k s and bank'rs*."
30, 619,175 57
37,104,130 62
41, 301, 031 16
59, 092, 581 64
78, 261, 045 64
79,591,594 93
90,044,837 08
84,155,161 27
Other iteras
-.
Total
265, 620 87
578, 951 37
462,871 02
944,053 70
512, 568, 666 68
771,514, 939 10
1,126,455,481 66
1,359,708,074 40
* Including State bank circulation outstanding.
220
REPORT ON T H E
FINANCES.
Aggregate resources and liabilities of the National
& § 6 0 .
1
Resources.
JANUARY 1.
1,582 banks. .
U. S. bonds dep'd to secure circ'n.
Other U. S. bonds and securities.
Oth'r stocks, bonds, and mortg's.
D u e from national b a n k s
D u e from other b'ks and bank'rs.
R e a l estate, furniture, &c
Current expenses
P r e m i u m s paid
Checks and other cash i t e m s . . .
Bills ofnational and other banks.
Specie
Legal tenders aud fract'l cur'ncy
Total
APRIL 2.
JULY 2.
OCTOBER 1.
1,612 bauks.
1,634 banks.
1,644 b a n k s .
1
$500, 650,1.09
298. 376,850
142, 003, 500
17,483, 753
93,254, 551
14, 658, 229
1.5, 436, 296
3,193, 717
2, 423,918
19
00
00
18
02
87
10
78
02
89,837, 684
20, 406, 442
19,205,018
187,846, 548
50
00
75
82
1, 404,776, 619 29
$528,
315,
125.
17,
080, 526
850, .300
625, 750
379, 738
70
00
00
92
87, 564. 329
13. 682,345
15. 895, 564
4, 927, 599
2,233,516
71
12
46
79
31
105, 490, 619
18, 279, 816
17, 529. 778
189, 867, 852
36
00
42
.52
1,442, 407, 737 31
$550. 3.53, 094
326, 483, 3.50
- 121,152,950
17,565,911
96, 696, 482
13,982,613
16,730,923
3,032,716
2, 398, 872
96, 077,134
17,866, 742
12, 629,370
201,425, 041
17
00
00
46
66
23
62
27
26
53
00
30
63
1,476,395,208 13
$603, 314, 704
331,843, 200
94,974, 650
15, 887,490
83
00
00
06
107, 650,174
15,211,117
17,134,002
5,311,253
2,493,773
18
16 '
58
35
47 1
103, 684,249
17,437,779
9,226, 831
. 205,793, 578
21
00
82
76 ]
1, 526, 962, 804 42
1
1 § 6 ^ .
•
Loans and discounts
U.S. bonds dep'd to secure circ'n.
U. S. bouds dep'd to sec're dep'ts.
U.S.bonds and sec'ties on h a n d .
Oth'r stocks, bonds, and mortg's.
D u e from national b a n k s ^ . ^ . . .
Duefrom other b'ks a n d b a n k ' r s .
Real estate, furniture, &c
Current e x p e n s e s . . . . . . . . . . . .
P r e m i u m s paid
Checks and other cash i t e r a s . . .
Bills of naWonal banks
Bills of other banks . . . . . . . . . .
Specie
Legal tenders and fract'l cur'ncy
Compound interest uotes
Total
JANUARY 7.
APRIL 1.
JULY 1.
OCTOBER 7.
1,648 bauks.
1,642 bpjiks.
1,636 b a n k s .
1,642 banks.
$608, 771, 799 61
339, 570, 700 00
36,185,950 00
52, 949, 300 00
15, 073,737 <iD
92, 552,206
12, 996,157
18, 925,315
2, 822, 675
2, 860, 398
101, 430, 220
19,263, 718
1,176,142
19, 726, 043
104,872,371
82, 047, 250
29
49
51
18
85
18
00
00
20
64
00
1, 511,222,985 40
$588, 450,396 12
$.597, 648,286 .53
337, 684, 250 00
338,863,650 00
38, 465, 800 00
38, 368, 9.50 00
46, 639, 400 00 .
45, 633. 700 00
20,194,875 21
21,452, 615 43
94,121,186
10, 737, 392
19,625,893
5,693,784
3,411,325
21
90
81
17
56
87,951, 405
12,873, 785
825,748
11,444, 529
92,861,254
84,065,790
13
00
00
15
17
00
•
1, 465, 451,105 84
92,308,911 87
9, 663, 322 82
19,800,905.86
3,249,153 31
3,338,600 37
128, 312,177
16,138,769
531, 267
11,128, 672
102,534, 613
75, 488,. 220
79
00
CO
98
46
00
$609, 675, 214
338, 640,150
37, 862,100
42,460,800
21,507,881
95,217,610
8, 389,226
20,639,708
5,297,494
2, 704,180
61
OO
00
00
42
14.
47
23
13
35
134, 603,231
11,841,104
333,209
12, 798,044
100, 550. 849
56,888,250
51
00
00
40
91
00
1, 494,084, 526 01
1,499, 469, 060 17
1 § 6 @.
0
JANUARY 6.
APRIL 6.
JULY 6.
OCTOBER 5.
1,642 bahks.
1,643 b a n k s .
1,640 banks.
1,643 b a n k s .
$616, 603, 479 89
339, 064,200 00
U. S. bonds dep'd to secure circ'n.
37,315,750 00
U.S.bonds dep'd to sec're dep'ts.
U.S.bonds and sec'ties o n h a n d . • 44,164,500 00
19, 365, 864 77
Oth'r stocks, bonds, and raoitg's.
99,311, 446 60
D u e from national b a n k s
8, 480,199 74
D u e from other b'ks and bank'rs.
21,125, 665 68
Real estate, furniture, &,c . . . . .
2, 986, 893 86
Current expenses
2,464,530 96
Premiums paid
109, 390, 266 37
Checks and other cash i t e m s . . .
16, 655, 572 00
Bills of national b a n k s
361,269 00
Bills of other banks . . . .
1, 927, 876 78
Fractional c u r r e n c y . . . . . . .
20, 981, 601 45
Specie
Legaltender notes. . . . .
. . . . 114,306,491 00
39,997,030 00
Compound interest notes
• 8,245,000 00
T h r e e per cent, certificates
Total
I, 502,647, 644 10.
$655, 729, 546
339, 569,100
37,853,150
43,068, 350
20, 007,327
42
00
00
00
42
$628, 029, 347
339, 686, 650
37, 446, 000
45, 958, 550
19,874,384
65
00
00
00
33
95,900, 606
7; 074, 297
22, 082, 570
5,428,460
2, 660,'106
35
44
25
25
09
114,993,036
12,573,514
196,106
1,825, 640
18, 373, 943
84,390,219
38, 917,490
24, 255, 000
23
00
00
16
22
00
00
00
114,434,097 93
8, 642, 456 72
22, 699, 829 70
2, 938, 519 04
2,432, 074 37
124, 076, 097 71
13,210,179 00
342, 550 00
1, 863,358 91
20, 755, 919 04
100,166,100 00
19,473,420 00
44,905,000*00
1, 499,668,920 97
1,572,167,076 26
$657,668,847
340,487, 050
37-, 360,150
36, 817, 600
20, 693,406
102,278, 547
7, 848, 822
22, 747,875
5,278,911
1, 819,815
83
00
00
00
40
77
24
18
2250
143,241, 394
11,842,974
222, 668
2,262, 791
13, 003, 713
92,453,475
4, 513,730
59, 080,000
99
00
00
97
39
00
00
00
1,559,621,773 49
221
COMPTROLLER OF THE CURRENCY.
Ban'ksfrom October,lS63j to Oc^o&er,* 1877—Continued.
1 86 6•
JANUARY 1.
APRIL 2.
JULY 2.
OCTOBER 1.
1,582 banks.
1,612 banks.
1,634 banks.
1,644 banks.
$403,357,346 00
$409,273, 534 00
$414,270,^193 00
$415,472,369 00
43, 000, 370 78
28, 972,493 70
44, 687, 810 54
30, 964, 422 73
50,151, 991 77
29,286,175 45
53, 359,277 04
32,59.3,486 69
213, 239,530 00
4.5, 449,155 00 .
248. 886, 282 00
33, 800.865 00
267,798, 678 00
19,996,163 CO
280,253,818 00
9,748, 025 00
522, 507, 829 27
29, 747,236 15
534, 734,950 33
29,1.50,729 82
533,338,174 25
36, 038,185 03
3, 066, 892 22
564,616,777 64
. 30,420, 819 80
2,979,955 77
94,709,074 15
23, 79.3, 584 24
89, 067, 501 54
21,841,641 35
1,404,776,019 29
•1,442,407,737 31
Liabilities.
Capital stock.
Undivided profits
Natioiial bank notes outstanding.
S t a t e b a n k notes o u t s t a n d i n g . . .
U. S. deposit."
Dep'tsof U S disbursing officers
D u e to national b a n k s
D u o to other banks a n d bankers.
Total
:
96, 496,726 42 .
25, 951-, 728 99
110 531 957 31
• 26,986,317 57
1,476,395,208 13
1, 526,962, 804 42
t-§'
JANUARY 7.
APRIL 1.
JULY 1.
1,048 b a n k s .
1,642 banks.
1,636 bfmks.
$420,229, 739 00
$419,399, 484 00
$418,558,, 148 00
$420,073,415 00
59,992,874 57
26, 961, 382 60
60,206,013 .58
31,131,034 39
63,232.811 12
30, 656,222 84
06, 695, 587 01
33,751,446 21
N a t i o n a i b a n k notesoutstanding.
State b a n k notes o u t s t a n d i n g . . .
291, 436, 749 00
6,961,499 00
292, 788, 572 00
5, 460, 312 00
291,769,553 00
4,484,112 00
293, 887, 941 00
4, 092,153 06
Individual denosits
D e p ' t s of U. S.disbursiug officers.
558,699, 768 06
27, 284, 876 93
2, 477, 509 48
512,046,182 47
27,473, 005 66
2, 650,981 39
539, 599, 076 10
29, 838,391 53
3,474,192 74
540. 797, 837 51
23. 062,119 93
4, 352,379 43
Duo to other banks and bankers.
92,761,998 43
24; 416, 588 33
91,156,890 89
23,138, 629 46
89,821,751 60
22, 659, 267 08
93,111,240 89
19,644,940 20
1,511,222,985 40
1, 465, 451,105 84
1,494,084,526 01
1,499,469 060 17
Surplus fund . .
Undivided profits
Total
OCTOBER 7.
.
1,642 banks.
a. § 6 §.
JANUARY 6.
APRIL 6.
JULY 6.
OCTOBER 5.
1,642 b a n k s .
1,643 banks.
1,640 b a n k s .
1,643 banks.
. $420,260, 790 00
$420, 676,210 00
$420,105,011 00
$420,634,511 00
70,586,125 "lO
31, 399, 877 57
72,349,119 60
32,861,597 08
75, 840,118 94
33, 543, 223 35
77,995,761 40
36 095,883 98
.National b a n k notesoutstanding.,
•State b a n k notes o u t s t a n d i n g . . .
294, 377, 390 00
3,792, 013 00
295,336,044 00
3,310,177 00
294, 908, 264 00
3,163, 771 00
295, 769, 489 00
2, 906,352 00
'U S deposits
'Dep'ts of U.S.disbursingofficers.
534, 704, 709 00
24, 305, 638 02
3,208, 783 03
532, Oil, 480 36
22, 750, 342 77
4, 976, 682 3i
575, 842,070 12
24, 603, 676 96
. 3, 499, 389 99
580, 940,820" 85
17, 573,250 64
4,570,478 16
.Due to national b a n k s
•;Due to other banks and b a n k e r s .
98,144, 669 61
21,867,648 17
94, 073, 631 25
21, 323, 636 60
113,306,346 34
27,355,204 56
99, 414, 397 28
23, 720,829 18
1,502, 647, 644 10
i, 499, 668, 920 97
1,572,167,076 26
1,559,621,773 49
"Capital stock
Undivided nrofits
Total
..
..
222
REPORT ON THE FINANCES.
Aggregate resources and Uabilities of the National
1 8459.
OCTOBER 9.
JUNE 12.
APRIL 17.
JANUARY 4.
Resources.
U. S. bonds to secure circulat'n.
U. S. bonds to secure deposits . .
U . S . bonds and sec'ties on hand.
Oth'r stocks, bonds, and mortg's
D u e from redeeming agents . . .
D u e from other national b a n k s .
D u e from State b'ks and b a n k ' r s
Real estjite, furniture, aud fixt's.
Current expenses
P r e m i u m s paid ..'
Checks and other cash i t e r a s . . .
Bills of other national b a n k s . .
Fractional currency
Specie
Legal tender notes
T h r e e per cont. certificates . . . .
Total
1,617 banks.
1,619 b a n k s .
1,620 banks.
1,628 banks.
$644,945, 039
338. 539, 950
34, 538. 350
35, 010,600
20,127, 732
53
00
00
00
96
$662,084,813
338, 379,250
29,721,350
30. 226, 550
20, 074,435
47
00
00
00
69
$686,347,755
338, 699,750
27, 625, 350
27, 476, 650
20,777, 560
81
00
00
00
53
$682, 883,106
339,480,100
18,704,000
25. 903, 950
22, 250, 697
97
00
00
00
14
65.727, 070
36,067,316
7,715,719
23.289.838
3,265,990
1, 654, 352
80
84
34
28
81
70
57, 554, 382
30, 520, 527
8, 075, 595
23, 798,188
5,641,195
1, 716, eiO
154,137,191
11,725, 239
2, 088,545
9, 944, 532
80,875,161
51,190, 000
55
89
60
13
01
13
23
00
18
15
00
00
62,912,636
35, 556, 504
9,140,919
23,859,271
5, 820, 577
1,809, 070
82
53
24
17
87
01
56, 669, 502
35, 393, 563
8, 790, 418
25,169,188
5, 646,382
2, 092,364
84
47
57
95
96
85
161, 614,852
11, 524,447
1,804, 855
18,455, 090
80. 934,119
49,815,000
66
00
53
48
00
00
108, 809,817
10, 776,023
2. 090, 727
23, 002,405
83,719,295
45,845,000
37
00
38
83
00
00
142, 605,984 9 2 R
14, 684, 799 00 ~
2,280,471 06
29, 626, 750. 26
88, 239,300 00
52, 075, 000 00
1, 540, 394, 266 50
1, 517,753,167 03
1,564,174,410 65
1, 497, 226, 604 33
1 § 70.
-^
JANUARY 22.
MARCH 24.
JUNE 9.
OCTOBER 8.
DECEMBER 28.
1,615 banks.
1,615 banks.
1,612 b a n k s .
1,615 banks.
1,648 b a n k s .
Loans and discounts . . $688,875, 203 70 $710, 848, 609 39 .$719. .341.186 06 $71^,928.079 8i $725, 515, 538 49
Bonds for circulation . 339, 350,750 00 339,251,350 00 338. 845. 200 00 340, 857, 450 00 344. 104, 200 00
Bonds for deposits . . . 17, 592, 000 00
15,189,500 00
1.5, 704, 000 00
15, 381, 500 00
16, 102, 000 00
U. S. bonds on h a n d : . . . 24, 677,100 00
2o,.893,300 00
22, 323,800 CO
28, 276, 600 00
27, 292,150 00
Other stocks end b'ds. 21,082,412 00
22, 686, 358 59
23, 614, 721 25
23, 300, 681 87
20, 524,294 55
D u e from red'g agents. 71, 641, 486 05
64, 805, 062 88
74,635,405 6L
66, 275, 668 92
73,435,117 98
D u e from nat'l banks - 31, 994, 609 26
37, 478,166 49
33. 948, 805 05
29,510,688 11 .36,128,750 66
Duefrom S t a t e . b a n k s .
9, 824,144 18
10,430,781 32
9,202,496 71
9,319,560 54
10,238,219 85
R e a l estate, &c
28,021,637 44
26, 002, 713 01
26.330,701 24 • 26. 593, 357 00 27, 470, 746 97
6, 905, 073 32
Current expenses
.
6, 324, 955 47
5, 871, 750 02
3, 469, 588 00
6. 683.189 54
3,251,648 72
Premiums p a i d . . . : . . .
3, 076, 456 74
2,491,222 11
2,439,-591 41
2, 680, 882 39
Cash items
13, 229, 403 34
12. 536, 613 57
11, 497, 534 13
111, 624, 822 00
11,267,703 12
Clearing-house exch'gs
76, 208, 707 00
79, 089. 688 39
83, 936, 515 64
75,317,992 22
17, 001, 846 00
National b a n k n o t e s . . 15, 840, 669 00
12, 512. 927 00
16. 342, 582 00
14, 226, 817 00
2,150, 522 89
Fractional currency , .
2, 078, 178 05
2,184, 714 39
2. 476, 966 75
2, 285, 499 02
26,307,251 59
Specie
18,460,011 47
31, 099, 437 78
48, 345, 383 72
37, 096, 543 44
80,580,715 00
79. 324, 577 00
Legal tender notes
94,573,751 00
87, 708,502 00
82, 485, 978 00
41, 845. 000 00
43, 345, 000 00
43, 465. 000 00
T h r e e per cent, cert'fs. 43, 820, 000 00
43, 570, 000 00
Total
1.546,261,357 44 1,529,147,735 85 1,565,756.909 07 1,510,713,236 92 1,538,998,105 93
1 § 7 1.
MARCH 18.
APRIL 29.
JUNE 10.
OCTOBER 2.
DECEMBER 16.
1,688 banks.
1,707 banks.
1,723 bauks.
1,767 banks.
1,790 banks.
Loans and discounts . . $767,858,490
Bonds for circulation . 351,556, 700
Bonds for deposits
15,231,500
U. S. bonds ou h a n d . . . 23,911,350
Other stocks and b'ds. 22, 763,809
D u e from red'g agents - 83,809,188
D u e ft-om nat'l b a n k s . 30,201,119
D u e from State b a n k s . 10,271, 605
R e a l estate, &c
28, 805,814
6,694,014
Current expenses
3, 939, 995
Premiums p a i d . . -•
Cash items
11, 642, 644
Clearing-house exch'gs 100, 093, 917
National b a n k n o t e s . . 13,137, 006
Fractional c u r r e n c y . .
2,103,298
Specie
25, 769,166
91,072,349
Legal tender notes
T h r e e per cent, cert'fs. 37, 570, 000
Total
59 $779,321,828 11 $789,416,568 13 $831, 552, 210 00 $818, 996,311 74 .
00 354, 427, 200 00 357, 388, 950 00 364, 475, 800 00 366,840,200 00
23,155,150 00
28, 087, 500 00
15, 250, 500 00
00
15, 236, 500 00
17, 675, 500 00
17, 753, 650 00
24, 200, 300 00
00
22, 487, 950 00
23, 061,184 20
24, 517,059 35
23,132,871 05
20
22, 414, 659 05
77, 985, 600 53
86, 878, 608 84
92,369,246 71
92
85, 061, 016 31
43,313,344 78"
43. 525, 362 05
39, 636, 579 35
99
38,332,679 74
13, 069, 301 40
12, 772, 669 83
11,478,174 71
11,853,308 60
34
30, 070, 330 57
30, 089, 783 85
29, 242. 762 79
29, 637, 999 30
79
7,330.424 12
6,153, 370 29
6, 764,159 73
6,295, 099 46
17
5, 956, 073 74
5, 500,890 17
4, 414, 755 40
5, 026, 385 97
20
13, 784, 424 76
13,101,497 95
14, 058, 268 86
74
12, 749, 289 84
54 130. 855. 698 15 102,091,311 75 101,165,854 52 114, 538. 539 93
13, 085, 904 00
14,197, 653 00
00
19,101,389 00
16, 6.32, 323 00
2, 095, 485 79
2, 061, 600 89
16
2.100,713 22
2,135, 763 09
64
13,252, 998 17 • 29, 595, 299 56
19, 924, 955 16
22, 732, 027 02
93, 942, 707 00
00 106.219,126 00 122,137, 660 00 109,414,735 00
00
21, 400, 000 00
25, 075, 000 00
30, 090, 000 00
33, 935, 000 00
1,627,032,030 28 1.694,440,912 94 1,703,415,335 65 1,730,560,899 72 1,715,861,897 22
COMPTROLLER OF THE CURRENCY.
223
Banlcs from October, 1863, to October, 1877—Continued.
B. 8 6 9 .
Liabilities.
JANUARY 4,
APRIL 17.
JUNE 12.
1,628 b a n k s . '
1,620 bank«.
1,619 bunks.
OCTOBER 9.
.
Capital stock . . . . . .
.........
Surnlus fund
Undivided profits
......
1.G17 banks.
$419,040,931 00
$420, 818, 721 00
$422, 659, 260 00
$426, 399, 151 00
.
....
81,169. 936 52
35, 318. 273 71
82, 653, 989 19
. 37,489,3.14 82
82, 218, 576 47
43,812,898 70
86,165,334 32
40, 687. 300 92
National bank notes outstanding
State b a n k notes o u t s t a n d i n g . . .
294, 476, 702 00
2, 734. 669 00
292, 457, 098 00
2, 615, 387 00
292, 753,286 00
2,558,874 00
293, 593, 645 00
2, 454, 697 00
II S denosits
D e p ' t s of U. S. disbursing oflSc'rs
. 568, 530, 934 11
13,211,850 19
3,472,884 90
547, 922,174 91
10,114,328 32
3,665,131.61
574, 307, 382 77
10. 301, 907 71
2, 454, 048 99
511,400.196 e a
7 112 640 67
4,516,648 12
D u e to national b a n k s . . . . . . . . .
D u e to State b a n k s and bankers.
95,45.3,139 33
26, 984, 945 74
92, 662, 648 49
23, 018, 610 62
100,933,910 03
28, 046, 771 30
9.5. 067, 892 83
23,849,37163
2, 464, 849 Sl
1,870,913-26
2, 392,205 61
1, 735, 289 07
3, 839, 357 10
2,140, 363 12
1, 517, 753,167 03
1,564,174,410 65
1, 497, 226, 604 33
.
Notes and bills re-discounted
BUls p a y a b l e
1, 540, 394,266 50
. Total .
t § 'J' 0 .
riftuital stock
. . . .
JANUARY 22.
MARCH 24.
JUNE 9.
OCTOBER 8.
DECEMBER 28.
1,615 b a n k s .
1,615 banks.
1,612 banks.
1,615 bajiks.
1,648 b a n k s .
$426, 074, 954 00 $427, 504, 247 00 $427, 235, 701 00 $430, 399, 301 00
$435, 356, 004 00
90,174,281 14
34, 300, 430 80
90, 229, 954 59
43,109,471 62
91,689,834 12
42, 861, 712 59
94, 061, 438 95
38, 608, 618 91
94,705, 740 34
46, 056, 428 55
iNat'l b a n k circulation. 292, 838,935 00
S t a t e b a n k circulation.
2, 351, 993 00
292, 509,149 00
2,279, 469 00
291,183, 614 00
2, 222, 793 00
291,798,640 00
2,138, 548 00
296, 205, 446 00
2, 091, 799 00
Undivided profits . . . . .
Dividends unpaid
2,299, 296 27
1,483,416 15
1, 517, 595 18
2,462,591 31
2, 242, 556 49
Individual deposits
546. 236,881 57
6, 750,139 19
U S deposits
2, 592, 001 21
D e p ' t s U . S. dis. ofQc'rs
516, 058, 085 26
6.424.421 25
4, 778, 225 93
542, 261, 563 18
10, 677, 873 92
2, 592, 967 54
501, 407, 586 90
6, 807, 978 49
4, 550,142 "68
507, 368, 618 67
6, 074,407 90
4,155, 304 25
D u e to national b a n k s . 108, 351, 300 33
D u e to S t a t e b a n k s —
28.904, 849 14
109, 667, 715 95
29,767, 575 21
115, 456, 491 84
33,012,162 78
100, 348,292 45
29,693, 910 80
106,090,414 53
29, 200, 587 29'
2, 462, 647 49
2, 873, 357 40
2,741,843 53
2,302,756 99
3, 843, 577 67
4,592,609 76
4, 612,131 09
4, £38, 667 83
Notes re-discounted . . .
Total
3, 842, 542 30
1, 543, 753 49
1,546,261,357 44 1,529,147,735 85 1,565,756,909 67 1,510,713,236 92 1,538, 998,105 93
1 §^ 1 .
Capital stock
MARCH 18.
APRIL 29.
JUNE 10.
OCTOBER 2.
1,688 banks.
1,707 banks.
1,723 banks.
1,767 banks.
$444, 232, 771 00 $446, 925,493 00 $450,330,841 00 $458,255, 696 00
DECEMBER 16.
1,790 banks.
$460,225,866 00
96, 862, 081 66
43,883,857 64
97, 620, 099 28
44, 776, 030 71
98, 322, 203 80
45, .535,227 79
101,112. 671 91
42, 008,714 38
101,573,153 62
48,630,925 81
Nat'l b a n k circulation. 301, 713, 469 00
2, 035, 800 00
S t a t e b a n k circulation.
306,131, 393 00
1, 982, 580 00
307, 793, 880 00
1, 908, 058 00
315, 519,117 00
1,921, 056 00
318,265,481 00
1, 886, 538 00'
Surplus fund
Undivided profits
1,263, 767 70
2,235,248 46
1,408, 628 25
4, 540,194 61
1,393,427 98
561,190,830 41
Individual deposits
6,314,957 81
XT S. denosits .
4, 813, 016 66
Dep'ts U. S. dis. oflQc'rs
611,025,174 10
6, 521, 572 92
3,757,873 84
602.110,758 16
6,265,167 94
4, 893,907 25
600, 868, 4^6 55
20,511,935 98
5, 393,598 89
596, 586, 487 54
14, 829, 525 65
5, 399,108 34
D u e to national b a n k s . 118, 904, 865 84
37,311,519 13
D u e to State b a n k s
128, 037,469 17
36,113,290 67
135,167, 847 69
41,219, 802 96
131, 730, 713 04
40,211,971 67
118, 657. 614 16
38,116,950 67
3,256, 896 42
5, 248,206 01
3,573,723 02
•5, 740, 964 77
3,120, 039 09
5, 278,973 72
3, 964, 552 57
4,528,191 12
4, 922, 455 78
5, 374,362 07
Dividends unpaid
Notes re-discounted . . .
Bills payable
"
Total
1,627,032,030 2.8 1,694,440,912 94 . 1,703,415,335 65 1,730,566,899 72 1,715,861,897 22
224
REPORT ON THE FINANCES.
Aggregate resources and liabilities of the National
1^7 2.
FEBRUARY 27.
APRIL 19.
JUNE 10.
OCTOBER 3.
DECEMBER 27.
1,814 b a n k s .
1,843 b a n k s .
1,853 b a n k s .
1,919 b a n k s .
1,940 b a n k s .
Resources.
L o a n s and d i s c o u n t s . . $839, 665, 077
Bonds for circulation . 370, 924,700
Bonds for deposits . . . 15, 870, 000
U . S. bouds on hand . . 21, 323,150
O t h e r stocks and b ds. 22, 838,338
D u e from red'g agents 89, 548. 329
D u e from nat'l b a n k s . 38.282,905
D u e from S t a t e h a n k s 12, 269, 822
30,-637, 676
Real estate, &c
6,265. 655
C u r r e n t expenses
6,.308, 821
Premiums paid
Cash items . '
. . - 12,143, 403
Clearing-house exch'gs 93,154, 319
National b a n k n o t e s . . 15, 552,087
2,278,143
Fractional currency . .
25, 507,825
Specie
97,86.5,400
Legal tender notes
U . S . cert'fs of deposit.
T h r e e per cent, cert'fs. 18,980,000
Total
91 .$844,902,253 49 $871,531,448 67
00 374, 428,450 00 377, 029, 700 00
15,409, 950 00
15,169, 000 00
00
16, 458, 250 00
19, 292,100 00
00
22,270,610 47
21,538,914 06
80
91,564,269 53
82,120, 017 24
93
39, 468, 323 39
36, 697, 592 81
86
13, 014, 265 26
12,299,716 94
68
31,12,3,843 21
30, 809,274 98
75
6,719,794 90
7,026,041 23
13
6,616,174 75
6,544,279 29
86
13. 458,753 80
12.461,171 40
12
88, 592, 800 16
74 114,195, 966 36
16,253,560 00
00
18, 492, 832 00
2.069,464 12
24
2,143,249 29
24, 256, 644 14
32
24, 433, 899 46
00 105, 732,455 00 122, 994, 417 00
00
15, 365, 000 00
12, 005, 000 00
$877,197, 923 47 $885, 653,449 62 1
382, 046, 400 00 384,458, 500 00;,
16,304,750 00'
15,479,750 00
10. 306,100 00
12,142, 550 00
23,160, 557 29
23, 533,151 73
86. 401, 459. 44
80,717,071 30
34,486, 593 87 •42,-707.6]3 54
12,976,878 01
12,008,843 54
32,276,498 17
33, 014, 796 83
6, 310, 428 79
8.454,803 97
6, 546, 848 52
7, 097, 847 86'
14, 916,784 34
13, 696, 723 85
110.086,315 37
90.145, 482 72
1.5, 787,296 .00
19, 07U, 322 00
2,151. 747 88
2,270. 576 32
10,229, 756 79
19,047,336 45
105,121,104 00 102,922,369 00
6,710,000 00
12, 6.50,000 00 1
7,140,000 00
4,185, 000 00
1,719,415.657 34 1,743,652,213 55 1,770,837.269 40 1,755,857.098 24 1,773,556,532 43
ISTS.
FEBRUARY 28.
1,947 banks.
APRIL 25.
JUNE 13.
SEPTEMBER 12.
DECEMBER 26.
l,96p banks.
1,968 banks.
1,976 banks.
1,976 banks.
Loftos a n d discounts.. $913, 265,189 67 $912,064,267 31 $925, 557, 682 42 $944,220,116 34 $856,816,555 05
Bonds for circulation . 384, 675, 050 00 386, 763, 800 00 388,080,300 00 388, 330,400 00 389, 384, 400 00
Bonds for deposits
15. 035, 000 00
16,235. 000 00
15, 935, 000 00
14, 805, 000 00
14,815,200 00
9,613,550 00
9, 789, 400 00
8, 824, 850 00
8,630,850 00.
U . S. bonds on hand . . 10,436, 950 00
22,449,146 04
23, 709, 034 53
24, 358, 125 06
O t h e r stocks and b'ds. 22, 063,306 20
22,912,415 63
9.5, 773, 077 10
88, 815, 557 80
96,134,120 66
73, 032,046 87
D u e from red'g agents
97. 143. 326 94
41,413,680 06
40, 404,7.57 97
D u e from uat'l b a n k s . 39, 483, 700 09
38,671,088 63
43,328, 792 29
13, 595, 679 17'
12,022,873 41
11,185,253 08
D u e from State b a n k s
12,883,353 37
14,073,287 77
34,661,823 21
35, 556, 746 48
34,023, 057 77
Real estate, &c
M, 216, 878 07
34, 820, 562 77
6,
977,
831
35
8,678,170 39
7,
410,
045
87
7,
154,
211
69
C u r r e n t expenses
6,985.436. 99
7,205, 259 67
7, 559, 987 67
7,890,962 14
7, 987,707 14
P r e m i u m s paid
7, 752,843 87
11,761,711
50
13,036,482
.58
12. 321, 972 80 1
11, 425, 209 00
11,433.913 22
Cash items
62,881,342 16 '
91,918,526 59
88,926,003 53
Clearing-house exch'gs 131,38.3, 860 95
94,1.32,125 24
21,403,179 00
16.103, 842 00
National b a n k notes . . 15, 998,779 00
19,310,202 00
20, 394, 772 00
Fractional currency . .
2,289,680 21
2,197,559 84
2.287, 454 03
2,198,973 37
2, 302,775 26
Specie
17, 777, 673 53
26.907, 037 58
16, 868, 808 74
27, 950, 086 72
19, 868, 469 45
97,141,909 00 100, 605,287 00 106,381,491 00
Legal tender notes
92. 522. 663 00 108,719,506 00
24,010,000 00
18, 370, 000 00
U . S. cert'fs of deposit. 18, 460, 000 00
22, 365, 000 00
20, 610, 000 00
1, 80.5, 000 00
T h r e e per-cent. cert'fs.
710, 000 00
305, 000 00
Total
1,839,152,715 21 1,800,303.280 11 1,851,234,860 38 1,830,627,845 53 1,729,380,303 61
•'3'4.
FEBRUARY 27.
MAY 1.
UNE 26.
OCTOBER 2.
DECEMBER 31.
1,975 batiks.
1,978 banks.
1,983 b a n k s .
2,004 banks.
2,027 banks.
L o a n s and discounts.. $897, 859, 600
Bonds for circulation . 389,614,700
Bonds for deposits . . . 14. 600,200
U . S. bonds on hand . . 11,043,400
O t h e r stocks and b ' d s . 25, 305, 736
D u e from res've ag'ts• 101,502,861
D u e from nat'l banks . 36. 624, OOl
D u e from State b a n k s . 11,496,711
36,043,741
R e a l estate, &c
6,998^875
C u r r e n t expenses
8,741,^28
P r e m i u m s pnid
10,269, 955
Cash items
Clearing-house exch'gs 62,768,119
National b a n k notes . . 20,003,251
2,309,919
Fractional currency . .
33, 365. 863
Specie
102. 717, 563
Legaltendernot.es
U . S . cert'fs of deposit. 37, 235, 000
Dep. w i t h U. S. T r e a s .
Total
46 .$923, 347. 030 79 $926,19.5,071 70 $954,394, 791 59 $955, 862, 580 51
00 389,24bf, 100 OO 390,281,700 00 383.254. 800 00 382,976,200 00
00
14, 890, 20O 00
14, 890, 200 00
14.691,700 00
14, 7 L4, 000 00
00
10.456.900 00
10.152, 000 00
13,313,550 00
15,290,300 00
24
27,010.727 48
25, 460, 460 20
27, 807. 826 92
28,313,473 12
58
97.871,517 06
94,017,603 31
83, 885,126 94
80,488,831 45
45.770,715 59
41,291,015 24
39, 695. 309. 47
39
48,100, 842 62
12,469, 592 33
1.2, .374, 391 23
11,196,611 73
47
11,6.55,573 07
37,270,876 51
36. 708, 066 39
38,112,926 52
50
39,190,683 04
75
7, 547, 203 05
7, 550,125 20
7, 658, 738 82
5, 510. 566 47,
77
8, 680, 370 84
8, 563. 262 27
8, 376, 659 07
8,626.1,12 16
11,949,020 71
50
10, 496,257 00
12,296,416 77
14, 00.5. 517 33
94, 877, 796 52
63.896,271 31
19
97, .383, 687 11 112.995,317 55
20, 673, 452 00
23,527,991 00
00
18, 4.50, 013 00
22.532,336 00 1
73
2,187,186 69
2,283, 898 92
2,224,943 12
2, 392, 668 74
58
32, 569,969 26
22. 326,207 27
21,240,945 23
22, 436, 761 04
00 101,692,930 00 103,108,350 00
80,021, 946 00
82, 604, 791 00
00
42, 825, 000 00
40,135, OOU 00
47, 780,000 00
33, 670, 000 00
20,349,950 15
91,250 00
21,043,084 36
1,808,500,529 16 1.867,802,796 28 1,851,840,913 64 1,877 180,942 44 1,902,409,638 46
COMPTROLLER OF THE CURRENCY.
225
Banlcs from October, 1863, to October, 1877—Continued.
1^7
2.
FEBRUARY 27.
APRIL 19. .
JUNE 10.
OCTOBER 3.
1,814 banks.
1.843 b a n k s .
l.,853 banks.
1,919 b a n k s .
DECEMBER 27.
Liabilities.
$464,081,744 CO $467, 924,318 00 $470,543. 301 00 $479, 629,174 00
Capital s t o c k .
1,940 b a n k s .
$482, 606, 252 00
103, 787. 082 62
43, 310, 344 46
104, 312, 525 81
46,428,590 90
105,181, 943 28
50,234, 298 32
110,257,516 45
46, 623, 784 50
111,410,248 93
56,762,411 89'
Nat'l b a n k circulation. 321,634,675 00
S t a t e b a n k circulation.
1, 830,563 00
325, 305, 752 00
1,763, 885 00
327, 092, 752 00
1, 700, 935 00
333, 495, 027 00
1, 567,143 00
336, 289, 285 00'
1, 511, 396' 00-
Surplus fund
Undivided profits
1, 451, 746 29
1, 561, 914 45
1, 454, 044 06
3,149, 749 61
1, 356, 934 48
59.3,64.5,666 16
liidividual deposits
7,114, 893 47
U. S. deposits
1
5, 024, 699 44
Dep'ts U . S. dis. officers
620, 775, 265 78
6. 355, 722 95
3,416,371 16
618,801,619 49
6,993,014 77
5, 463, 953 48
613,290,671 45
7, 853, 772 41
4,563,833 79
593,114,679 267, 863,894 93
. 5,136,597 74
D u e to national b a n k s 128, 627, 494 44
D u e to State b a n k s . . . 39, 025,165 44
120, 755, 565 86
35, 005,127 84
132, 804, 924 02
39, 878, 826 42
110,047,347 67
33, 789,083 82
124,218,392 83
34, 794, 963 37
4, 225, 622 04
.5,821,551 76
4, 745,178 22
5,942, 479 34
5, 549, 431 88
6, 040, 562 66
6, 545, 059 78
6,946,416 17
Dividends unpaid
Notes r e - d i s c o u n t e d . . .
Bills p a y a b l e
Total
3,818, 686 91
6, 062, 896 11
1,719,415,657 34 1,743,652,213 55 1,770,837,269 40 1,755,857,098 24 1,773, 556, 532 4'^
1 §73.
Capital stock
FEBRUARY 28.
APRIL 25.
JUNE 13.
SEPTEMBER 12.
DECEMBER 26.
1,947 b a n k s .
1,962 banks.
1,968 b a n k s .
1,976 b a n k s .
1,976 banks.
$484, 551, 811 00 $487, 891, 251 00 $490,109,801 00 $491, 072, 616 00
Surplus fund
Undivided profits
$490,266, 611 OO
114, 681, 048 73
48, 578, 045 28
115, 805, 574 57
52, 415, 348 46.
116, 847, 454 62
55, 306,154 69
120, 314, 499 20
54, 515,131 76
120, 961, 267 91
58, 375,169 43
N a t ' l b a n k circulation. 336,292, 459 00
State b a n k circuiatiou.
1, 368, 271 00
338,163. 864 00
1,280, 208 00
338, 788,504 00
1, 224,470 00
339, 081, 799 00
1,188, 853 00
341,320,256 00
1,130,585 00
Dividends unpaid
1,465, 993 60
1, 462, 336 77
1, 400, 491 90
1,402,547 89
1,269,474. 74
Individual deposits
656,187, .551 61
7, 044,848 34
U. S. deposits
5, 835, 696 60
Dep'ts U. S. dij. officers
616,848,358 25
7, 880, 057 73
4,425, 750 14
641,121,775 27
8, 691, 001 95
6,416,275 lO
622, 68.5,563 29
7,829,327 73
8,098,560 13
540, 510, 602 78
7, 680,375 26
4, 705, 593 36
D u e to national b a n k s . 134, 231,842 95
D u e to S t a t e b a n k s . . . 38,124, 803 85
126,631,926 24
35, 036, 433 18
137,856,085 67
40,741,788 47
133, 672, 732 94
39, 298,148 14
114, 996, 666 54
36, 598, 076 2&
5,117,810 50
5, 672, 532 75
5, 403, 043 38
7, 059,128 39
5, 515, 900 67
7,215,157 04
5, 987,512 3G
5, 480, 554 09
3.811.487 89
7, 754,137 41
1,839,152,715 21 1,800,303,280 11 1,851,234,860 38 1,830,627,845 53
1,729,380,303 61
Notes re-diacounted...
Bills payable
Total
1 §74.
FEBRUARY 27.
MAY 1.
JUNE 26.
OCTOBER 2.
1,975 banks.
1,978 banks.
1,983 banks.
2,004 banks.
$490,859,901 00 $490, 077,101 00 $491,003,711 00 $493, 765,121 00
Capital stock
DECEMBER 31.
2,027 b a n k s . .
$495, 802, 4bl oa
Surplus fund . . . . . . . . 123,497,347 20
Other undivided profits 50, 236, 919 88
125,561,081 23
54,331,713 13
126,239,308 41
58,332, 965 71
128, 958,106 84
51, 484, 437 32
130,485,641 3751, 477, 629 33
Nat'l b a n k circulation. 339,602,955 00
State bank circulation.
1, 078, 988 00
340,267, 649 00 338,538, 743 00
1, 049, 286 00 • 1. 009,021 00
333, 225, 298 00
964, 567 00
331,193,159 00'
860,417 00'
Dividends unpaid
.
1,291, 055 63
2, 259,129 91
1,242, 474 81
3, 516,276 99
6.088,845 01
Iudividual deposits
595, 350, 334 90
7,276, 959 87
United States deposits.
5, 034, 624 46
D e p ' t s U . S . dis. officers
649, 286,298 95
7, 994, 422 27
3,297, 689 24
622, 86.3,154 44
7, 322,830 85
3,238, 639 20
669, 068, 995 88
7,302,153 58
3, 927,828 27
682, 846, 607 45
7, 492, 307 78
- 3, 579, 722 90
D u e to national banks- 138,435, 388 39
D u e to State b a n k s . . . 48,112, 223 40
135,640,418 24 143, 033, 822 25
48, 683, 924 3 4 ' 50, 227, 426 18
125,102, 049 93
50, 718, 007 87
129,188. 671 42
51, 629, 602 36
4, 197, 372 25
4, 950,727 51
6. 365, 652 97
5, 398, 900 SS*
Notes re-discounted...
Bills p a y a b l e . . . . . . . . . .
Total
3, 448,828 92
4,275, 002 51
4, 581, 420 38
4, 772, 662 59
4. 436, 256 22
4, 352, 560 57
1,808,500,529 16 1,867,802,796 28 1,851,840,913 64 1,877,180,942 44 1, 902, 409, 638 46
15 F
226
REPORT ON THE FINANCES.
Aggregate resources and liabilities of the National
1 §7 5.
MARCH 1.
MAYl.
2,029 b a n k s .
2,046 b a n k s .
•
JUNE 30.
OCTOBER 1.
DECEMBER 17.
2,076 b a n k s .
2,088 b a n k s .
2,086 banks.
Resources.
ILoans and discounts.. $956, 485, 939
Bouds for circulation . 380, 682, 650
Bonds for deposits
14, 492,200
U. S. bonds on h a n d . . 18, 062,150
Other stocks and b ' d s . 28,268,841
D u e from res've ag'ts. 89, 991,175
D u e from nat'l banks . 44,720,394
D u e from State b a n k s . 12, 724, 243
R e a l estate, &c
39, 430, 952
Current expenses
7,790,581
P r e m i u m s paid
9, 006,880
Cash items
11, 734, 762
Clearing-house exch'gs 81,127,796
Bills of other b a n k s . . - 18, "909, 397
F r a c t i o n a l currency . .
3, 008, 592
Specie
16,667,106
L e g a l tender notes
78, .508,170
U. S. cert'fs of deposit. 37, 200, 000
D u e from U. S. T r e a s . 21, 007, 919
Total
35 $971,835,298 74 $972, 926, 532 14 $984, 691, 434 40 $962, 571,807 70
00 378, 026.900 00 375,127, 900 00 370, 321. 700 00 363, 618,100 00 j
14, 097, 200 00
14,147, 200 00
14, 372,200 00
13, 981, 500 00
00
13,-989, 950 00
12, 753, 000 00
14,297,650 00
00
16.009.550 00
33, 505, 045 15
32, 010, 316 18
29,102,197.10
69
31,657,960 52
85, 701, 259 82
89, 788, 903 73
80, 620, 878 75
81,462,682 27
34
48,513,388 86
46, 039, 597 57
47, 028, 769 18 •44, 831, 891 48
11
11, 625, 647 15
12, 094, 086 39
11,963,768 90
97
11.895.551 08 !
40, 969, 020 49
40,312,285 99
42, 366, 647 65
12
41,583,311 94
7. 706, 700 42
4,992,044 34.
7,841,213 05
9,218, 455 47
86
8, 670. 091 18
9,442,801 54
92
8, 434, 453 14
8, 742, 393 83
12, 758, 872 03
11, 238, 720 72
42
13,122,145 88
12,433,100 43
75,142.863-45
67, 886, 967 04
88,024, 025 93
39 116,970,819 05
17,166,190 00
24,261,961 00
00
19, 504, 640 00
18, 528, 837 00
2,901,023 10
2, 702, 326 44
2,59.5,631 78
12
2,620,504 26
17, 070, 905 90
10, 620, 361 64
8, 050, 329 73
18, 959, .582 30
17
70,725,077 00
84, 015, 928 00
87, 492, 895 00
76,458,734 00
00
31,005, 000 00
38,615,000 00
47, 310. 000 00
48, 810, 000 00
00
19, 202, 256 68
21, 454, 422 29
-19, 640, 785 52
19, 686, 960 30
76
1,869,819,753 22 1,909,847,891 40 1,913,239,201 16 1,882,209,307 62 1,823.469,752 44
1 §7 6 .
Resources.
MARCH 10.
MAY 12.
JUNfc-; 30.
OCTOBER 2.
DECEMBER 22.
2,091 b a n k s .
2,089'banks.
2091 banks.
2,069 b a n k s .
2,082 b a n k s .
Loans and discounts.. $950, 205. 555
Bonds for circulation . 354. 547, 750
Bonds for deposits
14,246, 500
U. S. bouds on hand . . 25, 910, 650
Other stocks and b ' d s . 30, 425, 430
D u e from res've ag'ts. 99, 068, 360
D u e from n a t ' l b a n k s . 42, 341, 542
D u e from State b a n k s . 11,180,562
41,937,617
R e a l estate, &c
Current expenses
8, 296, 207
P r e m i u m s paid
10, 946, 713
Cash items
9, 517, 868
Clearing-house exch'gs 58, 863,182
Billsof other b a n k s . . . 18, 536, 502
Fractional currency . .
•3,215,594
Specie
29, 077, 345
76, 768, 446
Legal tender notes
30, 805, 000
U. S. cert'fs of deposit
Due from U . S. T r e a s . 18,479,112
Total
62 $939. 895, 085 34 $933, 686, 530 45 $931,304,714 06 $929, 066. 408 42 j
00 •344, 537, 350 00 339,141,750 00 337,170, 400 00 336. 705. 300 00
14, 328, 000 00
14,698,000 00
14,757,000 00
00
14,128, 000 00
30, 842, 300 00
33,142,150 00
31,937,950 00
00
26, 577, 000 00
32, 482, 805 75
34, 445,157 16
31,565,914 50
43
30. 905,195 82
87,989,900 90
87, 326, 9.50 48
83, 789, 174 65
35
86, 769, 083 97
47,417,029 03
47, 525, 089 98
44, Oil, 664 97
67
44, 328, 609 46
10, 989, 507 95
12,061,283 08
12,415,841 97
15
11,262,193.96
42, 722, 415 27
43,121, 942 01
43, 498,445 49
25
42,183, 958 78
5,
025,549
38
6.
987.
644
46
9.818,422 88
6, 820, 573 35
85
10, 621, 634 03
10,715,251 16
10,811,300 66
10, 414, 347 28
15
11,724,592 67
12, 043,139 68
10.658,709 26
86
9, 693,186 37
75, 328, 878 84
87, 870, 817 06
68,027,016-40
43
56, 806, 632 63
20, 398, 422 00
15,910,315 00
17, 521, 663 00
00
20, 347, 964 00
1, 987, 897 44
1,417.203 66
1,146. 741 94 1
2,771,886 26
30
25, 218, 469 92
21, 360, 767 42
32, 999, 647 89
21, 714, 594 36
85
90. 836. 876 00
84,250, 847 00
66,221,400 00
79, 858, 661 00
00
27, 955, 000 00
29, 170, 000 00
26. 095, 000 00 j
00 ' 27, 380, 000 00
17, 063, 407 65
16,743,695 40
16, 359. 491 73
79
16,911,680 20
1.834,369,941 70 1,793,306,002 78 1.825,760,967 28 1,827,265,367 61 1,787,407,093 7 6 |
.1 S 7 7 .
APRIL 14.
JANUARY 20.
JUNE 22.
OCTOBER 1.
2,078 banks.
2,080 b a n k s .
Resources.
. 2,073 b a n k s .
2,083 banks.
Bonds for circulation
Bonds for deposit
U. S.bonds on hand
Other stocks and bonds
D u e from reserve a g e n t s .
D u e from national bauks
D u e from State banks
- .
R e a l estate, &c . . . . . . . . . . . . . . .
P r e m i u m s paid
C a s h items
...
Clearing-house exchanges
Bills of other b a n k s
F r a c t i o n a l currency
Specie . . . , .
U. S. certificates of deposit
D u e from U. S. Treasurer
Total
$920. 561, 018
337, 590, 700
14,782,000
31,988,650
31,819,930
88, 698, 308
44, 844, 616
13, 680. 990
43 704, 335
4,131,516
10, 991, 714
10,295,404
81,117, 889
18,418,727
1,.238, 228
49, 709, 267
72, 689, 710
25, 470, 000
16, 441, 509
65
00
00
00
20
85
88
81
47
48
50
19
04
00
08
55
00
00
98
1, 818,174, 517 68
$911,946, 833
339,658,100
15, 084, 000
32. 964, 250
32, 554, 594
84,942,718
42,027,778
11,911,437
44, 736, 549
7, 842, 296
10. 494, 505
10. 410, 623
85,159 422
17, 942, 693
1,114,820
27. 070, 037
72, 351, 573
32,100, 000
16,291,040
88
00
00
00
44
41
81
36
09
86
12
87
74
00
09
78
00
00
84
1, 796, 603, 275 29
03
00
00
00
29.
96
63
79
07
84
34
46
13
00
61
06
00
00
60
$891,920,593 54 1
336,810,950 00
14, 903, 000 00
30, 088, 700 00
34, 435, 995 21
73, 284,133 12
45,217,246 82
11,415,761 60
45, 229, 983 25
6,915,792 50
9,219,174 62
11,674,587 50
74,525,215 89
.15,531,467.00
900, 805 47
22, 658, 820 31
66. 920, 684 00
33. 410, 000 00.
• 16, 021, 753 01
1, 774, 352, 832 81
1,741,084,663 84,'
$901,731,416
337, 754,100
14, 971, 000
32, 344, 050
35, 653, 755
82,132, 099
44, 567, 303
11,246,349
44,818,722
7,910,864
10,320,674
10,099,988
57,861,481
20,182, 948
1, 055,123
21.335,996
78, 004, 386
44, 430. 000
17, 932, 574
COMPTROLLER OF THE CURRENCY..
227
Banks frqm October, 1863, to October, 1877—Continued.
1 § y 5.
MARCH 1.
MAY 1.
JUNE 30.
OCTOBER 1.
2,029 banks.
2,046 b a n k s .
2,076 banks.
2,088 banks.
DECEMBER 17.
Liabilities.
Capital stock . . . . . . . $496,272,901 00 $498,717,143 00 $501,568, 563 50 $504,829, 769 00
2,086 b a n k s .
$505,485,865 00
131, 249, 079 47
51, 650, 243 62
131, 604, 608 66
55, 907, 619 95
133,169,094 79
52,160,104 68
134, 356, 076 41
52, 964, 953 50
133.085, 422 30
59, 204, 957 81
Nat'l b a n k circulation. 324, 525, 349 00
824, 876 00
S t a t e b a n k circulation.
323, 321, 230 00
815,229 00
318,148,406 00
786, 844 00
316, 350, 379 00
772,348 00
314, 979, 451 00
752, 722 00
Surplus fund
Undivided profits
1, 601, 255 48
2, 501, 742 39
6,105, 519 34
4. 003, 534 90
1.353,396 80
647,735,879,69
Individual deposits
7, 971, 932 75
United States deposits.
5, 330, 414 16
D e p ' t s U. S. dis. officers
695, 347, 677 70
6, 797, 972 00
2, 766, 387 41
686, 478, 630 48
6, 714, 328 70
3, 459, 061 80
664, 579, 619 3
6, 507, 531 59
4,271,195 19
618, 517,245 74
6, 652, 556 67
4, 232,550 87
D u e to national b a n k s . 137, 735,121 44
D u e to S t a t e h a n k s . . . 55, 294, 663 84
127, 280, 034 02
53, 037, 582 89
138, 914, 828 39
55, 714, 055 18
129, 810, 681 60
49, 918, 530 95
119, 843, 665 44
47, 048,174 56
4, 841, 600 20
4, 786, 436 57
5, 671, 031 44
6, 079, 632 94
4, 261, 464 45
5, 758, 299 85
5. 254, 453 66
6. 590, 234 43
5, 257,160 61
7 056,583 64
Dividends unpaid
Notes r e - d i s c o u n t e d . . .
Bills payable
Total
1,869,819,753 22 1,909,847,891 40 1,913,239.201 16 1,882,209,307 62 1, 823,469, 752 44
1 § '76.
MARCH 10.
MAY 12.
JUNE 30.
OCTOBER 2.
2,091 b a n k s .
2,089 b a n k s .
2.091 b a n k s .
2,089 b a n k s .
DECEMBER 22.
Liabilities.
Capital stock
Surplus fund
Undivided profits
.$504,818, 666 00 $500, 982, 006 00 $500, 393, 796 00 $499, 802,232 00
2,082 banks.
$497, 482,016 00
133,091,7.39 50
51,177, 031 26
131, 795,199 94
49, 039, 278 75
131, 897,197 21
46, 609, 341 51
132,202,282 00
46, 445, 215 59
131,390,664 67
52, ,327, 715 08
N a t ' l b a n k circulation. 307, 476,155 00
. 714, 539 00
S t a t e b a n k circulation.
300, 2.52, 085 00
667, 060 00
294, 444, 67§ 00
658, 938 00
291, 544, 020 00
628, 847 00
292, Oil, 575 00
608, 548 00
Dividends unpaid
1, 405, 829 06
2, 325, 523 51
6,116, 679 30
3, 848, 705 64
1,286,540 28
620, 674, 211 05
Individual deposits
6, 606, 394 90
United States deposits.
4,313, 915 45
Dep'ts U. S. dis. officers
612, 355,096 59
8, 493. 878 18
2, 505, 273 30
641, 432, 886 08
7, 667, 722 97
3. 392, 939 48
651, 38.5, 210 19
7, 256, 801 42
3,746,781 58
619, 350, 223 06
6,727,155 14
4, 749, 615 39
D u e to national b a n k s . 139,407,880 06
D u e to State b a n k s . . . 54, 002,131 54
127, 880, 045 04
46, 706, 969 52
1.31,702,164 87
51, 403, 995 59
131, 535, 969 04
48,250, 111 63
122,351,818 09
48, 685, 392 14
4,631,882 57
6, 049, 566 31
4, 653, 460 08
5, 650,126 87
3, 867, 622 24
6,173, 006 03
• 4, 464, 407 31
6,154, 784 21
4, 553,1.58 76
5, 882, 672 15
Notes r e - d i s c o u n t e d . . .
Bills p a y a b l e . . .
Total
1,834,369.941 70 1,793,306,002 78 1,825,760,967 28 1,827„265.367 61 1, 787, 407, 093 76
1 § 7 -y.
JANUARY 20.
APRIL 14.
JUNE 22.
OCTOBER 1.
2,083 banks.
2,073 banks.
2,078 b a n k s .
2,080 b a n k s .
$493,634,611 00
$489, 684, 645 00
$461,044, 771 00
$479,467, 771 00
130,224,169 02
37, 456, 530 32
127, 793, 320 52
45,609,418 27
124, 714, 072 93
50, 508, 351 70
122, 776,121 24
44,572,678 72
National b a n k circulation
State bank c i r c u l a t i o n . . . . . . . .
292, 851, 351 00
581, 242 00
294, 710, 313 00
535, 963 00
290, 002, 057 00
521, 611 00
291, 874, 236 00
481,738 00
2,448,909 70
1,853,974 79
1, 398,101 52
3, 623,703 43
Individual deposits . . . . . . . . . . . .
Deposits U. S. disbursing officers
659,891,969 76
7, 234, 696 96
3,108, 316 55
641,772,528 08
7,584,267 72
3, 076, 878 70
636, 267, 529 20
7,187,431 67
3, 710,167 20
616,403,987 12
7, 972, 714 75
2, 376,983 02
D u e to national b a n k s • . . . . . . . .
D u e to State b a n k s
130,293, 566 36
49, 965, 770 27
125,422, 444 43
48, 604,820 09
121, 443,601 23
48, 352, 583 90
115,028,954 38
46, 577, 439 88
4, 000, 063 82
6, 483, 320 92
3,985,459 75
5, 969, 241 94
2, 953,128- 58
6,249, 426 88
3. 791,219 47
6,137,116 83
1, 818,174, 517 68
1, 796, 603,275 29
1,774,352,833 81
1, 741, 084, 663 84
Capital stock
S u r p l u s fund
Undivided profits . .
.........
Notes re-discounted
Bills p a y a b l e
Total
REPORT OF THE DIRECTOR OF THE MINT.
• REPORT
OF
THE DIREGT0R QF THE MINT.
TREASURY DEPARTMENT,
O F F I C E D I R E C T O R OF THE M I N T ,
November 13, 1877.
S I R : In compliance with section 345,Title YII,Eevised Statutes United'
States, I have the honor to sabmit the following report ofthe operations^
of the mints and assay-offices for the fiscal year ended June 30, 1877.
The amounts of gold and silver deposits and purchases, coins struck,
and bars.manufactured, were as follows:
\
DEPOSITS AND PURCHASES.
Gold deposits
Sih^er deposits and purchases
$60,382,502 76'
37,429, 329 93
Total amount received and operated upon.
97,811,832 69'
Deducting redeposits—bars made and issued by one institution and
deposited at another—the deposits were:
Gold
Silver
$48,787,778 71.
31,745,285 71
Total
.^.
80,533,064 42:
COINAGE.
Pieces.
Gold
Silver, (trade-dollars)-...--.'
Silver, (fractional coin).....-.-.
Minor coin
Value.
2,2^2,292
9,162,900
70,387,300
4,196,500
$44,078,199'
9,162,900
19,387,035
62,165
85,968,992
72,690,299'
BARS.
Fine gold
Unparted gold
Fine silver
Standard
Sterling
Unparted silver
$4,109,837 94
3,053,653 15
8,886,201
113,978
53,359
512,438
$7,163,491 09'
34
32
88
46
,
__ 9,565,978 00
16,729,469 09'
232
REPORT ON THE FINANCES.
The distribution of the gold and silver bullion deposited and purchased, including redeposits, was as follows:,
Silver deposits
Gold d e p o s i t s . a n d p u r c h a s e s .
Mint at Pbiladelpbia
M i n t a t San F r a n c i s c o
M i n t a t Carson
Mint at Denver
M i n t a t N e w Orleans*
,
Assay-office a t N e w Y o r k .
Assay-office a t Boise
A ssay-office a t H e l e n a t . . .
Assay-office a t C h a r l o t t e . .
Total.
* O p e n e d a s a n assay-office O c t o b e r 23, 1876.
$9, 555, 402 00
36, 424, 088 73
1, 738, 298 28
565, 288 28
5, 076 56
11, 863,146 21
80, 040 54
140, 800 23
10, 361 33
953, 943
071, 633
653, 630
11,218
16,280
660, 268
/ 170
. 62,163
21
80
22
89
50
18
14
95
11
14
60, 382, 502 76
37, 429, 329 93
Total.
$20, 509, 346
51, 495, 721
391, 929
576, 506
21, 356
523, 414
80,211
202, 963
10,382
40
95
17
78
74
35
49
34
47
97, 811, 832 69
1 C o m m e n c e d o p e r a t i o n s J a n u a r y 15, 1877.
The coinage at the different mints duriug the fiscal year was as follows:
Pieces.
Description.
Mint at Philadelpbia:
'Gold coinage
S i l v e r coinage, ( t r a d e - d o l l a r s ) ; . .
Silver coiuage, (fractional coin) .
M i n o r coinage
Total.
M i n t a t San F r a n c i s c o :
Gold c o i n a g e
Silver coinage, ( t r a d e - d o l l a r s ) . . .
.Silver coinage, ( I r a c t i o n a l coin) .
Total.
Value.
494, 020
899, 900
35, 245, 300
4,196, 500
19, 803, 564 00
899. 900 00
10, 545, 035 00
62,165 00
40, 835, 720
21, 310, 664 00
1, 637, 000
8, 042, 000
18, 850, 000
32, 552, 500 00
8, 042, 000 00
5, 507, 000 00
28, 529, 000
Mint at Carson:
Gold coinage
Silver coinage, ( t r a d e - d o l l a r s ) . . .
"Silver coinage, (fractional coin) .
•46,101,500 00
91, 272
221, 000
16, 292, 000
1, 722,135 00
221, 000 00
3, 335, 000 00
Total
16, 604, 272
5, 278,135 00
Total coinage.
85, 968, 992
72, 690, 299 00
The bars made and issued at the mints and assay-offices were as follows:.
Gold.
Silver.
Total.
Fine.
Unparted.
Mint at Philadelphia
$04, 265 85
M i n t a t San F r a n cisco
72, 705 .13 $2,
Mint/ a t C a r s o n
Miiit at Denver
M i n t a t N e w Orleans
Assay-office atNeAV
York
3, 972, 866 96
Assay-officeatBoise
Assay-office a t H e l ena
Assay-office at
Charlotte
•
Total
Fine.
Standard. Sterling.
Unparted.
$74, 441 96 $11,957 11
249, 668 50
387, 885 92
659, 609 28
567, 703 99
5, 076 56
16, 280 18
7, 764,264 18 102, 021 19 $53, 359 8S
80, 040 54
$150, 664 94
$426, 917 06 3 137,176 61
659 609 28
6, 886 02
574, 592 01
21, 356 74
11, 892, 512 21
170 95
80, 211 49
140, 800 23
62,163 11
202, 963 34
10, 361 33
21 14
10 382 47
4,109, 837 94 3, 053, 653 15 8, 886, 201 34 113, 978 32 53, 359 88 512, 438 46 16, 729, 469 09
DIRECTOR OF THE MINT.
233
Compared with the previous year, there was an increase of $2,902,232.26
in the amount of gold operated upon; $8,913,627.14 in the amount of
silver operated upon; $5,899,236.50 in gold coinage ; $3,030,850 in tradedollar, and $6,392,582.50 in fractional-silver coinage.
When it is considered that a given value of silver in our fractional
coins is nearly fifteen times the weight of the same value in gold coins,
and in trade-dollars more than sixteen times the weight of gold, and that
the sii ver coins comprised 79^550,200 pieces, amounting to'$28,549,935 in
nominal value, the magnitude of the work executed at the mints will at
once be understood.
The following table exhibits in detail the earnings,, gains, and expenditures of the mint establishment daring the fiscal year :
Statement of earnings and expenditures of the minis and assay-offices of ihe TJnited States for the fiscal year ended June SO, 1877.
Assay-offices.
Mints.
6
o
«
03
p
1
IN9
>
i
5
1
.2
o
M
"o
o
1
d
o
'
Total.
cf
1
.a
O
EARNINGS.
C o i n a g e cha7'<TA (tirade-dollars)
S w e e p s a u d g r a i n s from d e p o s i t melting-room
G a i n on m i n o r c o i n a g e
A s s a y of ores, & 0
Allnv a.iifl tonfhp.niiip- r.hn.roA
P r e m i u m ou d r a l t s
$13, 607
5, 276
1, 630, 578
1, 478
38, 376
6,100
368
163
89
79
28
42
01
96
43
50
$120,
172,
920,
2,
370
394
346
077
23
32
81
21
$3, 202
33, 391
484,251
1,462
37
35
11
14
$99,137 66
$211 02
$426 15
339 00
3,"332'87
15 27
198 48
463 00
3, 431 73
720 63
G a i n b v r e c o i n a c e old silver coin
A m o u n t r e c e i v e d for s t r i k i n g V e n e z u e l a n c o i u s . . .
Total
$57 00
$7 50
$90 44
21 00
145 00
275 35
97 50
27 06
196 87
332 35
105 00
138 50
552 89
4, 879 45
258 98
1,840 00
1, 698, 049 26
1, 223, 416 16
522, 505 45
1,485 78
103, 032 37
$137 180 49
310,200 12
^ 3, 035, 176 20
5, 654 94
38, 376 01
6,100 96
5, 338 32
1,196 00
,6, 963 08
15 27
1, 317 41
258 98
1,840 00
3, 549, 617 78
E x p e n s e s d i s t r i b u t i n g f r a c t i o n a l s i l v e r coin
E x p e n s e s d i s t r i b u t i n g min<-jr coins
E x p e n s e s m a n u f a c t u r e f r a c t i o n a l s i l v e r coin
W a s t a g e of o p e r a t i v e officers
l i o s s on sale of s w e e n s
Total
. ..^
H
O
W
l>
o
EXPENDITURES.
vSalaries
W^a^-es of w o r k m e n
Contingent expenses
o
35, 762
302, 899
81, 668
4, 349
43, 214
5, 003
21, 480
13, 111
10, 393
33
34
28
70
02
72
36
22
72
517,882 69
24,
274,
74,
168,
77,
893
9.59
999
371
296
23
65
92
60
37
23, 423
80, 214
34, 998
27.198
46, 646
80
39
03
33
97
1,31, 910 53
15, 094 12
9,188 75
36, 999 40
8, 936 65
2. 602 37
776, 714 17
261, 019 94
8, 255 98
9, 999 40
2, 965 84
33, 236
29, 200
13, 889
61,861
31
05
83
77
2, 366 87
1,104 50
500 00
3. 834 18
2. 999 60
4, 999 28
4,001 36
1, 306 97
4, 607 36
136, 878
701,579
219,192
261,781
167,157
5, 003
190, 390
37,141
33, 798
564 04
2. 930 91
1, 604 50
11, 833 06
9, 915 69
1,752,923 62
11, 613 48
21, 221 22
149. 801 44
56
40
58
40
36
72
29
99
32
Ul
DIRECTOR OF THE MINT.
235
COINAGE EXECUTED FOR THE GOYERNMENT OF VENEZUELA.
Early in the last fiscal year the following coins, composed of an alloy^
of copper, nickel, and zinc, were struck at the mint in Philadelphia: for
the Government: of Venezuela, viz:
10,000,000 pieces of ^' un centavo," of the nominal value of $100,000..
2,000,000 pieces of '^ dos y medio centavos," of the nominal value of
$50,000.
The planchets for these coins were prepared by private enterprise at the expense of the agent of the above-named government, and
the coins were simply stamped a t t h e mint, the expense of'which operation was paid to the mint,-and afterward into the Treasury of the
United States. The stamping of these pieces did not in any way interfere with the regular coinage operations,
ASSAY OF FOREIGN COINS.
During the year various goldandsilver foreign coins have been assayed
at the mints of Philadelphia and San Francisco and assay-office at New
York. The results furnished exhibit the actual weight and fineness of
the several coins, as determined by our trials, and not, the standard
weight and fineness prescribed by the laws of the respective countries.
Samples ofthe annual pyx coins ofthe imperial mint at Osaka were
assayed at the mint in Philadelphia by request of the Japanese minister,
and the results confirmed the assays made at the Japan mint, and also
showed the closeness to which the coins of that empire conform to the
legal standard for fineness.
INTRODUCTION OF AUTOMATIC WEIGHING-MACHINES.
Gold, coins and trade-dollars are the only pieces singly adjusted and
weighed by hand, dependence being placed upon the draw-bench to
insure a uniformity in the thickness of the rolled strips from which the
blanks for the fractional coins are cut.
The legal deviation from standard weight on these fractioual coins is
three times as great as that on the gold coin, the evident intention
of the law being that the adjustment should be made by machinery, aud
the delay and expense attending adjustment of single pieces by hand
avoided. Experience has demonstrated that this method cannot always
be relied upon to secure a uniform adjustment of these pieces within the
limit of deviation allowed by law. Atthe first session ofthe Forty-fourth
Oongress an appropriation was made for procuring automatic weighing
and assorting machines, and two were accordingly ordered from Seyss &
Oo., Atzgersdorf, near Vienna, for the use of the mint at Philadelphia,
and one manufactured by Napier & Son, of London, for the mint at San
Francisco. The machines imported from Austria have been in constant
use and with very satisfactory results. They have been employed mainly
on the half dollar planchets, and their combined capacity is about one
hundred and sixty blanks per minute. Those outside of the legal tolerance are invariably detected and automatically separated from the
others.
^
Owing to delay in the receipt of the Napier machine, it has only lately
been erected at the mint at San Francisco, and has been partially tested
upon the small gold coins. The rate of adjustment is about 40 blanks
per minute, but the results are equally as satisfactory as those from the
Seyss machine.
236
REPORT ON THE FINANCES.
The use of these machines has demonstrated the fact that without the
employment of some such safeguard, a small percentage of fractional
coins, slightly beyond the legal tolerance for weight, may escape obser^
vation and pass into circulation.
An appropriatiou should be procured to supply the mints with a
sufficient uumber bf these machines to test all the blanks for fractional
coins.
DENVER MINT.
The building occupied as an assay-oiSce in Denver, Oolo., was orignally
purchased from private parties and enlarged by the government. From
settling of the foundations it has become dilapidated to an extent rendering it unsafe and unsuitable to occupy much longer for melting and assaying purposes. The propriety of procuring an appropriation sufficient
to construct a new assay-office at Denver, after the plan of the one
recently constructed at Helena, Mont., is presented for your consideration.
ASSAY OFFICE AT HELENA AND MINT AT NEW ORLEANS.
Soon after the close of the fiscal year ended June 30, 1876, the building erected for an assay-office at Helena, Mont., was completed, and it
was formally opened for the reception of deposits for melt and assay
October 23, 18X6, since when the amountof business transacted has
steadily been on the increase.
An appropriation having been made forthe purpose of reopening the
mint at New Oiieans as an assay-office, the necessary repairs and preparations were made and operations commenced January 15, 1877. The
number and amount of deposits received have been inconsiderable, being principally contined to old plate and jewelry.
The square of ground upon which the mint building was erected was,
by a resolution of the city council of New Orleans, approved May 11,1835,
ceded to the United States for the "x^xpress and only purpose of erecting thereon a branch of the Mint of the United States, together with
the necessary appendages;" and that "should it hereafter be deemed
necessaiy by the Government of the United States to remove the mint
contemplated to be established, as aforesaid, or to cease to occupy it for
such purposes, then the said act to be null and void."
Measures have been taken having for their object the reversion of this
square of ground to the city of New Orleans, and it is understood have
been held iu abeyance ou\j by a prospect of the mint being reopened as
a coinage mint. In the event of a silver dollar being authorized by Congress to be coined, and additional coining facilities be required, the facts
in connection with this subject should be considered.
WITHDRAWAL
OF CERTAIN THREE-CENT SILVER
CULATION RECOMMENDED.
COINS FROM
CIR-
There are in circulation some of the three-cent silver pieces coined
prior to March 3, 1853, which aie ou y seven hundied and fifty thousandths fine. These coins were issued under the provisions of the act
of March 3, 1851, for postal-currency purposes, and which fixed their
fineness as above stated. The standard for this denomination was increased to nine hundred thousandths fine by the act of March 3, 1853.
The standard for the gold and silver coins being nine hundred thousandths, those of the fineness of seven hundred and fifty thousandths
DIRECTOR OF THE MINT.
2.37
should be called in, especially as they are much worn. The propriety
of procuring legislation for the withdrawal of these coins from circulation is submitted for your consideration.
SILVER PURCHASES.
The purchases of silver bullion/for the fractional coinage from January, 1875 to June 30,1877, amounted to 25,619,212.23 fine ounces, at a
cost of $30,456,599.35, or an average cost per ounce fine of 118^^^^ cents.
The average London rate during that period was 54.77083 pence per
ounce, British standard, equivalent to $1.20,06 per ounce fine.
o From July 1 to October 31, 1877, the government purchased 3,088,422.34 fine ounces, at a cost of $3,662,373.91, or an average cost per
ounce fine of 118 j ^ cents. The average London rate during that period
was 54f pence, or 119^^^ cents per ounce fine.
The total purchases of silver bullion made by the government froni
January, 1875, to October 31, 1877,i nclusive, were 28,707,634.57 fine
ounces, at a total cost of $34,118,973.26, or an average cost of 118j^ cents
per ounce fiue. During that period the London rate averaged 54.7656
pence, or $1.20,05 per ounce fine. The purchases were therefore obtained by the government at Ij^^^ cents lower than the equivalent of
the average London rate.
The total bullion purchased, 28,707,634.57 fine, or 31,897,371.73 standard ounces, costing $34,118,973.26, will produce, at the coining rate of
$1,24.4168 per standard ounce, fractional silver coins to the amount of
$39,685,688, and give a seigniorage or gain of $5,566,714.74.
In procuring this silver, the rule as to price has always been to purchase as much below the equivalent of the London rate as possible,
and not above it if it could be avoided.
The largest purchases have been made either after a heavy decline in
price or on a declining market. After oui* heavy purchases in July,
1876, at the equivalents of 47, 47J, and 48 pence, the price advanced
within thirty days to 53f pence; and again in October and Noveinber
of the same year, when large purchases were made at about 53J, o3f,
and 54J pence, the price soon after rapidly advanced, reaching by December 14, 58J pence. In only a single instance did the price decline after a
considerable purchase. That was toward the close of February, 1877,
when purchases were made at about oQ pence. The price afterward
gradually declined to 53^ pence. Purchases were continued as the
market declined and an average price of about 54 pence secured. The
decline in this instance was caused by free sales by the German Government and a simultaneous intermission of the demand for export to
China and the Indies, and of which we had no information. It should
be noted that for some time in the autumn of the year 1876 the demand
at San Francisco for export to China was so great as to carry the price
of silver in that city nearly two cents an ounce above the equivalent of
the London rate, and rendered necessary a resort indirectly to the London market tor a moderate supply to meet our coinage requirements.
An examination made by the Treasury commission in San Francisco
in relation to the purchases of silver for the fractional coinage brought,
out some valuable information in relation to the exports of silver to India
and China, the effect upon the price in that city as compared with London and New York, andthe cross-exchanges connected therewith. This
information is contained in the appendix.
REFINING AND PARTING OF BULLION.
The act making appropriations for the legislative, executive, and judi
238
, ^ REPORT ON THE FINANCES.
cial expenses of the government for^ the year ended June 30, 1877, and
for other purposes, contained the following:
'^And refining and parting of bullion shall be carried on.at the mints
in the United States and the assay-office, New York; and it shall be
lawful to apply the moneys arising from charges collected from depositors for these operations, pursuant to law, to the defraying in full of the
expenses thereof, including labor, materials, and wastage; but no part
of moneys otherwise appropriated for the support of the mints and
assay-office at New York shall be used to defray the expenses of refining
and parting bullion."
This law was re-enacted in the.general appropriation act for the fiscal
year ending June 30, 1878. Under its provisions the expenses of parting and refining at the different mints and assay-office. New York, have
to be defrayed out of the funds arising from the charges made, and deducted from deposits requiring these operations, which charges are
required to be fixed from time to time by the Director ot the Mint, with
the approval of the Secretary of the Treasury, so as to equal, but not
exceed, in their judgment, the cost of these operations respectively, including wastage, materials, and labor. The money arising from this
source is paid into the Treasury of the United States to the credit of the
refining account, and afterward drawn out by requisitions, the same as
the regular appropriations, and expended under the laws and regulations
governing the mints.
The result of the first year's operations has been to show that the
schedule of. charges in force at the time the new law took effect have
been sufficient to defray the expenses of the several refineries, including
necessary repairs. This result has been due, however, in some degree
to the government having been able to control, to some extent, the distribution of what is usually termed dor6 bullion, i. e., silver bullion containing gold in partable quantity, through its purchases, from time to
time, for the fractional silver coinage.
Without the necessary supply of this class of bullion there will be
difficulty in future in executing this law at the San Francisco and Carson
mints, for the'reason that gold deposits containing small percentages of
silver cannot be parted at the present rate of charges unless dor6 silver, containing from 5 to 45 per cent, of gold, be added, sufficient to give
a mixture suitable for economical parting. Without this the charge for
parting gold bullion would have to be increased, which would practically exclude it from the mint.
The experience of the last few months shows that when there is but
a limited demand for trade-dollars for export, and the government is not
buying dor6 bullion, very small quantities of the latter are deposited
at the mints; meanwhile, it becomes necessary to either reduce the
working force employed in the refineries or suspend the pay of the
workmen. Should this continue for any length of time, it may be difficult to retain skilled workmen.
The practicability of executing the law in future will depend very
much-upon the character of the legislation which may be enacted in relation to silver coinage.
EARNINGS, EXPENSES, AND OPERATIONS OF THE MINTS, FROM J U L Y ,
1849, TO JUNE 30, 1877.
For comparison as to the cost of coinage in different years and for
other useful purposes in connection with the various operations and
processes employed in the coinage, statements have been prepared
DIRECTOR OF THE MINT.
«
'239
.'Under my instructions by Mr. M. V. Davis, of this office, exhibiting in
detail and under appropriate heads the cost, including wastage and loss on
sale of sweeps, of conducting the mint at Philadelphia, from July 1, 1849,
the year iu which gold deposits of any magnitude from the then newlydiscovered mines of California commenced to be made, and the mints at
San Francisco and Carson, and assay-office. New York, from the date of
their organization to the d o s e of the last fiscal year; also statements
for the same period, showing the amounts realized from charges, seigniorage, gain on minor coinage, and income from every other source.
These statements are believed to present substantially a correct history of the extensive bullion and coinage operations of the mints in
Philadelphia, San Francisco, an d^ Carson, and assayroffice, NewYork,
for the x)eriods referred to, compared with which the coinage previously
executed was quite insignificant.
The most important features shown by the statistics a r e First. That, placing the earnings and seigniorage agaiust the total expenses, the metallic-money system has been nearly self-sustaining.
Second. That the total wastage incurred has been only 16 per centum
of the legal allowance.
Third. A marked reduction in the cost of coinage under the coinage
act of 1873 as compared with several precediug years.
The total coinage executed at the three coinage mints from the fiscal
year ended Jiihe^O, 1850, to the fiscal year ended June 30, 1877, has
been:
Gold
SUver
Minor . . . : . . "
$861,965,700 50
113,181,141 50
11,620,638 81
Totalcoinage
„
986,767,480 81
Fine gold bars manufactured, stamped, and issued
32, 808, 424 33
Fine silver bars manufactured, stamped, and issued
7, 030,562 90
Total bars
39,838,987 23
•Total expenditures, (including assay-office at NewYork)
Total income...
».
25,177,251 37
24,754,589 09
Excess of expenditures
Total wastage, included in above expenditures..
Loss on sale of-sweeps, included in above expenditures
422,662 28
762,453 00
215,526 75
The loss on sale of sweeps is the difference between their assay value,
with which the operative officers returning them are credited, and the
amount realized from their sale to private smelters, previous to which
disposition they are subjected to such processes for the recovery of bullion as are practicable to use in the mints, and in their sale care is taken
to insure competition..
IMPROVED DESIGN OF COINAGE.
The interesting report of Mr. Freemantle, deputy master of the royal
mint, for the calendar year 1876, calls attention to the fact that designs
of modern coins are in almost all respects, decidedly inferior to those of
•coinages in former times, and that in no respect has this inferiority been
more apparent than in the manner in which the important question of
portraiture has from time to time been treated. There is much force in
Mr. Freemantle's remarks upon this subject, and it is proper to add
.that a close examination of ;SO.me foreign gold coins of comparatively
240
'"
REPORT ON THE FINANCES.
recent issue shows the principal device to have been brought out in suck
high relief as to leave it unprotected by the outer rim which is intended
to prevent the devices from coming in contact when piled face to face,
as the coins are liable to be when in circulation, and also to prevent the
coins from rocking when piled together. These defects cause a greater
loss by abrasion than would otherwise be the case.
In this connection it is proper to observe that for nearly a year past
devices and new dies for the improvement of our coinage have been in
IDreparation by skilled artists. Specimen coins from some of these dies
will at an early day be submitted for your inspection, and should a silver
dollar for circulation be authorized by Congress, the designs for the same
can be selected from those above referred to, and considerable time saved
in commencing its coinage.
/
All our coins are mechanically well executed, but the devices can no
doubt be improved. Such improvement is important, for the reason,
that the finer the engraving and finish of the devices and inscriptions
are, the more difficult the coins are to counterfeit. No changes in devices will be recoramended, however, until specimen coins showing a decided superiority over those now iu use shall have been produced, but
everything will be in readiness to make any changes which after due deliberation may be decided upon as soon as Congress finally acts upon
the various coinage propositions now before it.
The excellent finish of the trade-dollar has attracted, attention and
been commended in other countries. So far as is known, it has not
been successfully counterfeited either in this country or China.
THE TRADE-DOLLAR.
The trade-dollar continues to grow in favor in China, and the deraand
at San Francisco for the past fiscal year for export to that empire averaged over $687,000 per month, and in some months more than, twice
that amount was exported.
On account of its superior mintage, it is difficult to counterfeit, and its
close conformity to standard fineness and weight gives it some advantages over its principal competitor, the Mexican dollar, which it is likely
to supplant to a still greater extent, notwithstanding the prestige the
latter has long enjoyed as the successor of the Spanish dollar, and also
some favoritism in its behalf by local customs authorities at certain
Chinese ports.
On the first of October last there were several hundred thousand
Mexican dollars held by bankers in San Francisco. One of these bankers telegraphed to London asking the price at which Mexican dollars
could be sold in that city, and received an answer that there was no
demand for that coin for export, and it was being used for melting purposes. At the same time the Chinese residents in San Francisco were
paying for trade-dollars 2 per cent, above the price of Mexican dollars
in London, both coins being very nearly equal in intrinsic value. This
shows a decided preference for the trade-dollar.
The testimony of intelligent bankers, thoroughly familiar with the
Chinese exchanges, (recently given before the United States Treasury
commission in San Francisco,) shows couclusively that the coinage of
trade-dollars has been attended with decided advantages both as respects our commercial and mining interests, and there can be no doubt
but that it should be continued on a scale equal to the requirements for
export to China. It may be added here, that the Japanese Government,
desiring to reap the benefits of a coinage manufactured exclusively for
DIRECTOR OF T H E
241
MINT.
trade purposes, have followed the example of the United States, and
are now coining a trade-dollar of the same weight and fineness as our
own, with the evident intention of exporting it to China, where it has
been made a legal tender at one or two ports. Its general appearance
is similar to the "yen," substituting, however, tlie English inscription
*'420 trade-dollar 900," instead of "416 one yen 900."
The trade-dollar has of late entered to some extent into domestic cir<3ulation, and this for the reason that, from time to time since United States
notes have appreciated nearly to par with gold, holders of silver bulHon have been able to have tlie same manufactured into these coins,
and exchange them at par for United States notes with a small profit.
This fact, on becoming known, was regarded as indicating that the
trade-dollar coiuage was, for the time being (October last) in excess of
the export demand, and led to the issuing of au order by the Secretary
of the Treasury to temporarily intermit the receipt of deposits at the
mints for these coins.
There are weighty reasons why the trade-dollar should not be coined
for domestic circulation, but it is hardly worth while to state them,
since the law provides very clearly that they shall be coined only to
raeet the export demand, and leaves no discretion as to their coinage
for any other purpose.
T H E PRESENT
AVERAGE PRODUCTION OF GC;LD AKD SILVER FROM
THE MINES OF THE UNITED STATES.
I have availed myself of every facility to procure full information in
relation to the product of the gold and silver mines of the United
States, for the purpose of estimating approximately the present aunual
yield, with the following results based upon the production for the first
six months of the year and the average monthly out-turn since, so far
as it was possible to ascertain the same:
Gold.
s t a t e or T e r r i t o r y . .
California
Nevada
Montana
Idaho
Utah
.
.
Colorado
Arizona
:
N e w Mexi co
Oi'effou
.
Washington
Dakota
L a k e Superior
Vii'rjin ia
.
Georgia
Other sonrces
Total
...
^
'
$15, 000, 000
lb, 000, 000
3. 200, 000
1,500,000
350. 000
3, 000, 000
300, 000
175, 000
1, 000, 000
300. 000
2, 000, 000
Silver.
$\, ono, 000
Total.
50, 000
100, 000
'100,000
25, 000
25, 000
$10,000, oro
44, 000, ooo
3, 9.50, 000
1 750 000
5, 425, 000
7 500 000
800. 000
675 000
] 100 000
350. 000
2, 000, 000
200, 000
50 000
100, 000
100 000
50, 000
45,100, 000
38, 950, 000
84, 0.5*0, 000
26, 000, 000
750, 000
250, 000
.5. 07.5, 000
4,500,0(10
500, 000
500, 000
100, 000
50, 000
200, 000
I t is impossible to state with any degree of accuracy how long this
large rate of production will be maintained. A gradual increase may
be expected in Montana and Arizona, aud there is nothing to indicate
a decrease in any bullion-producing State or Territory, except in the
State of Nevada, and that depends upon contingencies which to. a
great extent must be a matter of conjecture only. Several mines in
different localities in that State have within the last year or two been
opened and are producing considerable bullion, but whether they, and
Others which in the mean time may be discovered, will yield sufficient
16 F
242
REPORT ON THE FINANCES.
to make up the decrease, which, unless other ore-bodies on the Com-,
stock shall be found, must sooner or later take place, is somewhat
doubtful.
The superintendent of the mint at San Francisco has furnished, at
my request, a statement, embraced in the appendix, of the yield of about
thirty different mines, the bullion from which finds a market in Sau
Francisco.
The yield of bullion from the two mines which embrace the great orechimney discovered in 1874 in the Comstock lode has, according to the
official statement ofthe managers, amounted, up to October 31, 1877, to
$78,852,918.48, of which $36,736,347.91 was gold. These mines are now
producing at the rate of nearly three million dollars per month.
MONEY STATISTICS.
An estimate of the stock of gold and silver coin and bullion in the
United States June 30, 1876, based upon the estimate of the previous
year, domestic production, and difference between importation and exportation during the fiscal year ended that date, fixed the amount at
$181,678,000, of which $30,113,000 were silver.
Taking the above amount as a basis for au estimate of the stock in
this couutry—June 30, 1877, we have:
Amount of gold coin and bullion on band June30,1876...
Add tbe product of tbe mines duiing tbe past fiscal year, about
Importations
Total
Deciuct exportations
$26,590,374
And probable amount used in tbe arts and manufactures...
2,500, 000
$151,565,000
44, 000, 000
26, 245, 604
2.21,810,604
29,090,374
Leaves a net balance of
192,720,230
aS the amount of gold coin and bullion in the country June 30, 1877.
Tbe estimated amount of silver coin and bullion June 30, 1876, was
Adding tbe production of tbe past fiscal year
Importations
Gives
Deduct exportations
*
$29,464,363
Aud probable amount used in tbe arts and manufactures...
3, 000, 000
$30,113, 000
38, 000, 000
14, 486,991
82,599,991
32,464,363
Leaves a net balance of
50,135, 628
as the stock of silver coin and bullion in the country Juiie 30, 1877, of
a total of gold and silver of $242,855,858, and an increase for the year
of $61,177,858.
During tbe quarter of tbe current fiscal year ended September 30, 1877,
tbe addition to tbe amount of gold coin and bullion is estimated a t . .
Silver coin and bullion
Total
Adding tbese items to tbe amouuts estimated to bave been in tbe country J u n e 30, 1877, gives as tbe total amount of gold coin and bullion
October 31, 1877
J.
Total silver coin and bullion October 31,1877
Total coin and bullion
$14,738,865
3, 357, 028
18,095,893
$207,459,095
53, 492, 656
260,951,751
DIRECTOR OF THE MINT.
243
An estimate of the amount of coin in the country is always a matter
of uncertainty. One of the obstacles iu the way is the impossibility of
determining with auy degree of accuracy the amount of gold and silver
consumed in arts aud manufactures, especially as both coin and bars
are used for that purpose. It is also quite as difficult to ascertain the
amount of coin in private.hands.
At the time the issue of silver coins in redemption of fractional currency commenced it was supposed t h a t t h e amount of silver coins iu
this country was very inconsiderable, but as soon as it became apparent
that the new issue would remain permanently in circulation silver coins
of the old standard made their appearance after being hoarded for many
years. This circumstance tends to show that the amount of coins in
private hands is larger than is generally estimated,. I think it is not
far out of the way to state the amount of gold coin and bullion now iu
this country at about $185,000,000, and silver coin and bullion at about
$50,000,000.
CHANGES IN THE RELATIVE VALUE OF GOLD AND SILVER.
In my reports for the fiscal years 1872, 1873, and 1874, the causes
operating to produce an important change in the relative value of gold
and silver were fully stated and discussed. Chief among them was the
change from the silver to the gold standard by the Grerman Empire, the
limitation placed upon the coinage of legal-tender silver money by the
countries of the double standard, diminished demand for export to the
Indies, and increased production of silver from the mines of the United
States. Attention was also called to the opportunity which the change
in relative value would afford for substituting on advantageous terms,
and in advance of specie resumption, fractional silver coins for the
fractional notes then in circulation, and the practicability of such a
measure demonstrated.
The substitution has since been substantially accomplished on terms
not only as favorable as were expected, but more so than could be probably done hereafter.
Since the change in the relative value of the metals occurred and
assumed a somewhat stable character, the causes which produced the
same have been tbe subject of careful, intelligent, and exhaustive examination and report by two commissions—one in Great Britain, appointed
by Parliament, and the^ otber in the United States, constituted by an
act of Congress. Both of these commissions substantially agreed in
assigning the change in the German money system and limitation
placed on the legal-tender silver coinage in France and some other
countries of the double standard as the principal causes of the change
in relative value referred to. The British commission regarded the
change as due to depreciation of silver, while the majority report of
the American commission appears to hold t h a t the change is due as
much to an appreciation of gold as it is to a depreciation of silver, as
the following extract will show :
Cbanges in tbe relative value of tbe. two metals are entirely different from cbauges
. in tbeir absolute value, or, in otber words, t b e i r value as compared witb all other
tbings. Thus, one metal may bave fallen greatly, as compared witb tbe otber, and at
tbe same time not ojily may not bave lost, b u t may even bave increased in purcbasing power. In describing a divergence in tbe relative value of tbe metals, without
reference to tbe purcbasing power of either, it is as correct to say tbat one lias risen
in value as to s«.y that the otber has fallen. In fact, looking only to tbe relation of
the metals, botb tbings bave occurred; one bas fallen and one has risen, eacb relatively
to tbe otber to the full extent of tbe divergence. In order to ascertain wlietber silver
j^as fallen or gold risen since 1873, not relatively to eacb otber but relatively to all
244
R E P O R T ON T H E FINANCES.
^
other tbings, a comparison must be made betweeen general prices in gold and silver
respectively, tben and now. Sucb a comparison would show that the purchasing
power of gold has increased since then in all countries, and t h a t t h e purcbasing power
of silver has decreased in none.
The concluding paragraph is an expression of opinion that the purchasing power of gold has increased since 1873 in all countries, and that
the purchasing power of silver has decreased in none, and not a fact,
ascertained and established according to t\ie rule that the commissiou
lays down for the correct determination of the question. To determine
with any degree of accuracy such a question according to the rule prescribed by the commission has always been'one of the most difficult
within the range of political economy, and much more so iu recent years,
on acconnt of changes iu money systems of unusual importance, which
largely influence the supply and demand in respect to the precious metals for coinage. The operation that, according to the concurrent testimony of all intelligent investigators, has had more eff'ect in producing
the change in relative value ofthe precious metals than all others, has
been the gradual converting of the silver coins of Germany into commercial bullion bars, and the transfer of these bars principally to the
oriental nations, aud replacing the silver coins thus withdrawn by gold
drawn from other countries and from the annual production of the mines
of the world.
A circumstance which would appear to prove beyond reasonable doubt
that the change in lelative value of gold and silver is due chiefly to a
depreciation or fall in the value of silver, is that within the last twentytwo months the export of silver t o t h e eastern nations from Londou
and San Francisco has amounted to about $143,500,000, and that under
this unprecedented demand, including the consumption during thesame
period of about $28,300,000 for the fractional currency in the United
States, making together over $171,800,000,* the average price of that
metal has not risen above 54 pence against 60/^ pence, the average of
1872.
If silver had not really depreciated, this demand, which probably exceeded the entire gold coinage of the world for the same period, would
have carried the price to or abovethe point at which it ruled before the
German money system was changed. In the face of these facts, the
assumption that gold has appreciated in value does not appear to be
well founded.
If it be answered that the known ability of Germany to freely supply
the niarket with silver has kept down the value of that metal, it only
shows the more conclusively that silver has depreciated, and that the
chief cause of the depreciatiou has been, as before stated, the change in
the German money system.
The exti'aordinary demand for silver for export to eastern nations,
referred to above, which commenced in August, 1876, and continued
. witb but slight intermission until Noveinber of this year, has generally
'* Exports during calendar year 1876:
From Southampton
• From San Francisco
...."
Exports during ten montbs, October 31, 1877 :
From Soutbampton
,
From Venice
From Marseilles
From San Francisco
Consumption in theUnited States for fractional coinage
$45,846, 240
9,597,906
66, 726, 604
I, .500, 829
3,541,765
16, 326, 950
28, 317,662
Total consumption in twenty-two raonths, exclusive of European coinages
and amounts used in arts and manufactures iu America and Europe
171,857, 956
:
DIRECTOR OF THE MINT.
245
been considered as having been caused by the famine prevailing in certain districts in India, which had to be supplied with food procured from
Siam and paid for with silver, but the depreciation of silver, which
reached, the lowest point on record iu July, 1876, has been a more potent,
cause.
.
That metal being the sole money standard of the great populations of
Asia, and having depreciated in value, an addition to the stock ordinarily performing the functions of money, corresponding with the percentage of depreciation, has been necessary, aud this in accordance
with a general law governing depreciated money, which requires an
increase in volume proportionate to decrease in purchasing power. The
indications at present are that the Oriental demand has already been
met,,and if so, the exports of silver to the East may^ and probably will,
be comparatively light for some years to come. Eeliable statistics from .
1833 to the present time show that unusually heavy demands for silver,
from the East, have rarely contiuued more than two consecutive years.
But however this may prove, it is certain that the Asiatic demand for
silver in the future will have an important influence in deranging double,
standards. If it be light, silver will depreciate further, and become
the actual money standard wherever the law has fixed a double or
alternate standard, and per contra, if, after the German stock should
have been exhausted, such a demand as that of the last twenty-two
months should at any time arise, gold would become the actual stand-,
ard.
A double standard, beingsubject to important variations fromcausesof
this character, cannot be regarded as having advantages over a single
standard.
In connection with this subject it may be stated that in 1864 there
was an extraordinary demand for silver for export to India, under which
the price rose from about 6 0 | pence to 62J pence, and caused the exI)ortation duriug that year, from France alone, of about $65,000,000,
and that afterward the exports to the East steadily declined, until
they fell in 1868 to about $8,000,000, and afterward did not reach as
high as $35,000,000 until 1876.
It should here be added that if the United States restore the double
standard on the ratio or relative value of 1 to 15.98 and an extraordinary demand for export to India should at some future time arise, the
legal-tender silver coins would be drawn upon to meet the same, while
the coins of other countries representing silver in the ratio of 1 to 15J,
would remain undisturbed, at least until our stock should first be exhausted.
In closing their mints against silver, France, Belgium, and the Netherlands clearly showed a determination not to depart from the gold
valuation, nor allow their gold coins to be exported in exchange for
silver. The average price of silver for the last few months may be
fairly stated at 54 pence per ounce 925 thousandths fine, which makes
au ounce of pure gold equal in value to 17j%% ounces of pure silver.
The ratio or relative valuation in the legal teuder coins of the countries
last referred to being 1 to 15J, silver must advance 12j5^ per cent, in
gold value to reach tbe same. The ratio proposed in the United States
is 1 to 15j-Yo^, which would value silver 9^% per cent, above the average market rate, (54 pence.)
If the change in the relative value of gold and silver is in fact due to
a fall in the value or purchasing power of silver, as appears to be pretty
clearly established, any proposition to make it an unlimited legal teuder at its former valuation, or say 8 to 10 per cent, above its present
gold value, involves most important considerations iu respect to uuex
246
REPORT ON THE FINANCES.
pired money obligations which cannot be too carefully considered before
final action shall be taken.
These facts are presented for your consideration in view of the proposition now pending to're-establish the double standard in this country,
the demand for which appears to have arisen chiefly from a belief pretty
widely entertained in some sections of this country that gold has within
the last few years appreciated in value sufficient to cause injury to debtors, and which does not appear to be sustained by any facts or evidence
that have yet been presented.
MONEY STANDARD AND SILVER COINAGE.
In ray report for the fiscal year ended June 30,1876, the metallic-money
standard of the United States and various propositions for changing the
same were carefully reviewed. The adherence to gold as the standard
of value and raoney of large payments was recommended, and that the
free use of silver coin in small payments should be encouraged and provided for; also the furnishing of all trade silver coins that might be
required for export. Upon a careful review I can see no sufficient reasons for changing my views upon the subject, except that there should be
a silver dollar authorized by law as an auxiliary to the money of large
payments, which should be coined and issued exclusively on government
account, for the reason that the government as representing the people,
and not individuals, should realize the gain, which would arise from its
coinage, until the price of silver advances tp 59 pence, in consequence
of its having ahigher nominal or legal-tender value than its value as bullion ; also in order to insure the general distribution of the new coin to all
X)arts of the country, and which can only be accomplished by the government paying the expenses of transportation out ofthe gain or seigniorage.
Tbe iraportance of this last point will be better understood when itis
considered that raore than half of our minting capacity is in the States
on ^be Pacitic coast, and where but a small araouut of silver dollars will
be required for circulation. Tbe silver dollars which may be coined at
these mints will have to be transported iu bulk to the States eastof the
Rocky Mountains.
The legal tender of the silver dollar, it is suggested, should be liraited
to an amount" sufficient to prevent it from expelling gold from the country.
For tbe purpose of restricting the issue of silver coins to the requireraents of the public for sucb moiiey, as well as to keep them at par with
the full legal-tender money, they should be issued only in excbange for
United States notes and gold coin. If such a restriction be placed ou
the issue, no limitation as to the amount to be coined will be necessary.
These coins should also by law be made receivable by the Uuited States
for all dues except duties on imports.
Witb our present minting capacity we could, with a full working
force, coin silver-dollar pieces at the rate of $2,000,000 per montb, and
at the sarae time manufacture the necessary gold, trade, and fractional
silver coinage. The issue of silver dollars for circulation to the ainount
above stated, ($2,000,000 per month,) would uo doubt prove of much
benefit to the public, and aid in stimulating the revival of business. It
would also serve to steady the value of silver aud protect our important
silver-mining interests.
'
Under sucb a system the required coinage could probably be executed
witb tbe present minting capacity, and with but a small increase of
apiu'opriations; but if a double standard should be established, addi
DIRECTOR OF THE MINT.
247
tional vault-room, both for the mints and the Treasury offices, will
become necessary and should be promptly provided. A given value in
silver coin or bullion would, under the proposed ratio, be nearly sixteen
times tbe weight of the same value in gold, and about twenty-seven
times its bulk. The cost of coining a silver dollar will be about, the
same as that of a twenty, ten, or five dollar gold piece, aud the execution
of a large silver coinage will involve about four times the expense of a
corresponding value in gold coins of different denominations.
Under existing law^s, bullion deposited at the assay office in the city
of New Yoi?k, is paid for there and traifisferred to the mint at Pbiladelphia, and the resulting coins returned to the assay office, the transfer
each way being at the expense of tbe government.
The foregoing suggestions and facts in relation to the coinage of silver
are submitted for your consideration in order that, should tbe coinage
for depositors of unlimited legal-tender silver dollars be authorized, the
mints, as to appropriations, raay be promptly placed in condition to
execute tbe large silver coinage which would beyond doubt devolve
upon them.
REGULATIONS FOR
THE
TRANSACTION OF BUSINESS AT THE MINTS
AND ASSAY-OFFICES.
Immediately after entering upon my duties as Director uuder the
coinage act of 1873, my attention was given to the preparation of
instructions and regulations, having for their object the careful, skillful,
and economical conducting of the various processes and operations
appertaining to the coinage, and to insure safety to the government and
correct returns to depositors of bullion.
Tbe regulations then in force were adopted with such modifications
as were required to make them conform to the new law, and have since
been araended froin time to time by the addition of such checks as careful observation and experience have shown to be advisable or necessary.
Among these amendments is a regulation requiring a raore perfect system of receiving, distributing, and accounting for the various articles
ordinarily consumed iu the mints, and uuder which each article delivered to auy officer is charged and receipted for, and a record kept in
such manner as to show at any time tbe supplies purchased and consumed. At the eud of each fiscal year the books are required, to be
balanced as to each article of supply, an inventory of the number and
quantity ou hand taken, and, after verification with the books, transmitted
to the Director.
It is believed that the regulations are now as complete as they can be
made, and with a view to put them in form for ready reference and more
convenient use, they will be compiled, aud a new edition printed at an
early day.
My obligations are due to the clerks of this office, and to the officers,
clerks, and workmen of the diff'erent miuts and assay-offices, for the
faithful and intelligent discbarge of their respective duties.
Statements contaiuing full inforraation in detail, respecting the coinage and collateral subjects, are presented iu the Appeudix.
I have the honor to be, very respectfully,
H. E. LINDEEMAN,
Birector of the Mint.
Hon.
J O H N SHERMA^N,
Secretary of the Treasury,
Deposits andpurchases of bullion at the mints and assay-offices during thefiscalyear ended June 30, 1877,
oo
Assay-ofl5ces.
Mints.
Description.
Total.
Philadelphia.
San Francisco.
Carson.
Denver.
N e w Orleans. N e w T o r k .
Boise.
Helena.
Charlotte.
GOLD.
ForeigD bullion
'..
T o t a l ffOld
| 8 , 637,132
525, 026
74, 269
265, 093
38,184
15, 695
91
60
56
46
76
31
9, 555, 402 60
| 2 , 249, 668 51
33, 735, 335 77
99 91
| 1 , 738, 298 28 $562, 429 22
2, 859 06
362, 902 16
76, 082 3d
36, 424, 088 73
97 80
233, .500 00
3,420,130 89
•
17
13
79
11
73
87
319,115 13
1.3,181, 033 12
1, 020, 000 00
T o t a l silver
10, 953, 943 80
15, 071, 633 22
3, 653, 630 89
11,218 50
Total a m o u n t received a n d .
operated upou
20, 509, 346 40
51, 495, 721 95
5, 391, 929 17
576, 506 78
•Tpvxrplprts' Vin.ru
Foreign bullion
4, 770, 934
4,123,709
S, 232
41, 991
1, 954, 026
55, 049
11, 218 50
7, 623 39
246 59
8, 410 20
427, 200 46
124,284 51
$707, 922
6, 685, 821
372, 578
565,361
1, 530, 076
2,001,385
63
98
25
91
20
24
5, 076 56 11, 863,146 21
1, 738, 298 28 ^ 565, 288 28
SILVER.
ITnited S t a t e s b n l l i o n
.$303 01
391 96
4, 223 79
360, 494
6,311,137
130
358,111
572, 523
57, 869
92
61
28
95
48
90
$80, 040 54 $140, 800 23
80, 040 54
170 95
140, 800 .23
62,163 11
$11, 594, 724
43, 478, 103
447, 339
373 03
837,911
1 931 163
2, 093, 260
$9, 988 30
10,361 33
17 53
3 61
05
93
68
25
12
73
60, 382, 502 76
5, 684, 044
27,109, 580
1, 028, 363
407, 730
2, 953, 997
245 614
22
84
07
06
26
48
7,660,268 14
.170 95
62,163 11
21 14
37, 429, 329 93
• 21, 356 74 19,523,414 35
80, 211 49
202, 963 34
10, 382 47
97,811,832 69
16,280 18
o
H
O
H
W
l-H
o
LESS R E D E P O S I T S .
QQ
Gold
Silver
T o t a l redenosit"=j
Total deposits and purchases
8, 637,132 91 '
4,770,934 17
2,219,668 51
319,115 13
707, 922 63
360,494 92
233, 500 00
13, 408, 067 08
2, 568, 783 64
233, 500 00
7,101, 279 32
48, 926, 938 31
5,158, 429 17
11, 594, 724 05
5, 684, 044 22
1,068,417 55
576, 506 78
21, 356 74 18, 454, 996 80
17, 278, 768 27
80,211 49
202, 963 34 ~ 1 0 , 382 47
80, 533, 064 42
Coinage executed at the mints of the United States during thefisoal year ended June 30, 1877.
M i n t of t h e U n i t e d S t a t e s ,
Philadelphia.
.
M i n t of t h e U n i t e d S t a t e s ,
San Francisco.
M i n t of t h e U n i t e d S t a t e s ,
Carson.
Total.
Denomination.
Pieces.
Value.
Pieces.
Yalue.
Pieces.
Value. '
Pieces.
Value.
2,197, 085
5,620
13, 567
1, 488
2. 312
2,220
$43, 941, 700
56 200
67 835
4,464
5,780
2 220
GOLD.
Double-eagles
Fagles
Half-eagles
Three-dollars
Quarter-easles
Dollars .^.
t'.
T o t a l gold
489, 700
120
180
1,488
312
2,220
$9, 794, 000
1,200
900
4,464
780
2,220
1, 623, 000
5, 500
6,500
$32, 460, 000
55, 000
32, 500
2,000
5,000
494, 020
9, 803, 564
1, 637, 000
32,552,500
91, 272
1, 722,135-
2, 222, 292
44, 078, 199
899,900
11,298,700
16, 668, 700
7,200
7, 270. 700
899, 900
5, 649, 350
4,107,175
1,440
727, 070
8, 042, 000
5, 650, 000
9, 080, 000
8, 042, 000
2, 825, 000
2, 270, poo
221, 000
2, 544, 000
4, 588, 000
221, 000
1, 272, 000
1,147, 000
4,120,. 000
412, 000
9,160,666
916, 000
9,162, 900
19,492,700
30, 336. 700
7,200
20, 550, 700
9,162, 900
9, 746, 350
7, 584,175
1,440
2, 055, 070
36,145, 200
11,444,935
26, 892, 000
13, 549, 000
16, 513, 000
3, 556, 000
79, 550, 200
28,549,935
505, 000
25, 250
3, 691, 500
36, 915
4,196, 500
62,165
40, 835, 720
21, 310, 664
84,385
$1, 687, 700
6," 887' '
34,'435'
SILVER.
Trade-dollars
Half-dollars
Quarter-dollars
Twenty-cents
Dimes
.
.
.
..
.
. .
T o t a l silver
>
.
Total minor
T o t a l coinage
H
O
o
^
MINOR.
Five-cent
Three-cent
One-cent
o
.
.
.
•
28, 529, poo
46,101, 500
16, 604, 272
5, 278,135
505, 000
25, 250
3, 691, 500
36, 915
4,196, ."SOO
62,165
85, 968, 992
72, 690, 299
to
to
Bars manufactured at the mints amd assay-offices during thefisoal year ended June 30, 187t.
Mints.
o
Assay-offices.
•
Description.
Philadelphia.
San Francisco.
Carson.
Denver.
N e w Orleans.
New York.
Boise.
Helena.
Total.
Charlotte.
GOLD.
$84, 265 85
Fine bars
Unparted bars
Totalgold
64, 265 85
$72, 705 13
2, 249, 668 50
$567, 705 99
$5, 076 56
2, 322, 373 63
567, 705 99
5,076 56
$16, 36i 33
$4,109, 837 94
3, 0.53, 653 15
10,361 33
7,163, 491 09
$3, 972, 866 96
$80,040 54 $140, 600 23
3, 972, 866 96
80, 040 54
140, 800 23
SILVER.
Fine bars
Standard bars
Sterlin"' bars
74,441 96
11,957 13
426, 917 06
Total silver
170 95
62,163 11
21 14
8 886 201 34
113,978 32
53,359 88
512, 438 46
7, 9 9, 645 25
170 95
62,163 11
21 14
9, 565, 978 00
21, 356 74 11, 892, 512 21
80, 211 49
202, 963 34
10, 382 47
16, 729, 469 09
387, 885 92 $659, 609 28
7, 764, 264 18
102,021 19
53, 359 88
6, 886 02
16, 280 18
16, 230 18
86, 399 09
814, 802 98
659, 609 28
6, 886 02
150, 664 94
3,137,176 61
659, 609 28
574, 592 01
o
w
H
O
t2j
H
Total gold and silver
w
!z;
o
Ul
Gold and silver of domestic production {including United States bullion purchased) deposited at the mints and assay-offices during the fiscal year ended
June 30, 1877.
Assay-offices.
Mints.
Locality.
Total.
Philadelphia
San Francisco.
Carson.
Denver.
N e w Orleans.
New York.
Boise.
Helena.
Charlotte.
GOLD.
Alabama
Alaska
Arizona
California
Colorado
=
Dakota
Georgia
Idaho
Kansas
Montana
Nebraska
Nevada
New Hampshire
New Mexico
North Carolina
Oregon
South Carolina
Tennesbee
Utah....
Yermont
Yirginia
Washiugton
AV voming
Keuued gold
Parted from silver
Contained in silver
Other sources
Total gold
$2,168 93
191 25
3, 068 86
57, 524 16
221, 016 63
45,187 08
10, 992 94
804 01
23, 945 16
719 68
247 50
65 32
358 20
69, 640 25
7, 380 02
$302 44
$12,552
221, 521
8, 943, 859
1, 320
10, 029
90
28
61
88
60
$363 01
$487, 953 45
64, 087 .38
53.5, 760 21
29, 626 20
$38, 496 99
419, 408 74
2, 637 39
1,'464, 722 25
2, 757, 004 54
548, 265 81
88 96
1, 954 62
4,713 55
63, 420 40
525, 026 60
679 i 2
684 62
22, 933 85
440 73
20, 464, 997 79
11,081 44
-.
$9,139 34
258 49
208 69
27,300 14
3,266 17
43
14
93
69
$140, 800 23
5, 956 03
678, 755 60
117 58
113
2, 066
503
4, 413
$72,253 18
69, 027 67
1,246 61
4,718 14
1, 355 15
67
03
88
81
67
36
1,995,361 68
7, 424 58
57, 726 09
1,078 24
•
51,911 26
18, 937
943, 348
1, 880, 622
163,321
27, 312
525, 063
33, 735, 335 77
1,553,219 24
562, 429 22
5, 076 56
542 87
6, 685, 821 98
78,298 17
140, 800 23
$2, 471 37
12, 552 90
240, 650 20
9, 890, 639 51
2,427,421 37
458, 455 42
72 499 75
1,144, 069 69
804 01
2,190,811 51
8,144 26
198,381 84
65 32
75,459 16
80, 026 20
692, 091 65
937 61
326 27
30, 566 31
113 43
2, 750 76
23 437 78
426, 900 .55
20, 464, 997 79
2 024 069 50
2, 759, 048 12
68, 676 82
o
H
o
o
H
w
g
10, .361 33 43,296,369 10
SILVER.
Arizona
Califoruia
Colorado
Idaho
L a k e Superior
Montana
8,
138,
4,
2,
145
377
521
035
702
395
70
14
21
45
03
56
256, 669 68
140, 2L9 62
4, 949 00
11,241 72
1,617 48
2, 930, 303 43
8199
38, 473 27
167,833 00
467, 038 24
62,163 i i
268,
150,
3, 073,
42,
170,
529,
057
204
773
590
535
59G
10
24
64
7103
91
to
Gold and silver of domestic production (including Uniied States bullion purchased) deposited at the mints aud assay-offices, ^c.—Continued.
Assay-offices.
Mints.
Locality.
T8tal.
Philadelphia. San Francisco.
SILVER
Carson.
Denver.
N e w Orleans.
New York.
Boise.
Helena.
Charlotte.
Continued.
N e w Mexico
Utah
'Wyoming
$7, 818
2,863,901
889
4, 078
36
68
61
37
$5, 325, 537 96 $3, 257, 690 81
65, 003 82
$1,037,326
370, 239
1,239,241
5, 037
_
6, 799, 065 33
P a r t e d from gold
C o n t a i n e d in gold
Other sources
1, 279, 646 38
83, 239 99
472, 833 45
T o t a l silver
4, 323, 309 13
13, 181, 033 12
3, 259, 570 32
11, 218 50
16, 280 18
6, 3M, 137 61
1, 913 32
T o t a l gold a n d s i l v e r . 4, 848, 335 73
46, 916, 368 89
4, 812, 789 56
573, 647 72
21, 356 74
12, 996, 959 59
80,211 49
12, 797 64
1, 879 51
$21 14
$7,818.36
12, 484, 456 93
371, 128 89
1,308,323 64
5, 037 11
6, 799, 065 33
95, 936 57
91,340 82
1,768,781 15
$62,163 11
21 14
27,166, 646 43
202,963 34
10, 382 47
70,463,015 53
48
28
45
11
81, 259 42
$6, 269 50
$1, 831 33
$16,280 18
hj
O
H
O
W
>
o
Ul
REPORT OF THE FIRST COMPTROLLER.
REPOET
OP
THE FIRST COMPTROLLER OF THE TREASURY,
TREASURY DEPARTMENT,
FIRST COMPTROLLER'S OFFICE,
October 10, 1877.
SIR : The following report, wbich embraces the operation of this office
daring the fiscal year ending June 30, 1877, is respectfally submitted.
The nuinber of warrants examined, countersigned, entered upon blotters, and posted into ledgers was as follows :
Treasury proper
2,631
Public debt
.,
...,
219
Quarterly salaries
1,159
Diplomatic ancl consular
3,477
Customs
5, 095
Internal revenue
4, 883
.Jndiciary
'
2,518
War pay
6,263
War repay
•.
1,098
Navy pay
2,261
Navy repay
*.. . . ^
220
Interior civil
1, 984
Interior pay
^
2, 894
Interior repay
715
Appropriation
146
Customs, (covering)
•.
1,416
Land, (covering)
819
Internal revenue, (covering)
1,839
Miscellaneous, (covering)......
6,750
Miscellaneous repay, (covering)
1,924
Tbe following accounts were received from tbe First and Fiftb Auditors of tbe Treasury and tbe Commissioner of tbe General Land Office, and revised and certified, viz :
Judiciary, embracing tbe accounts of tbe United States marsbals for tbeir fees
and for tbe expenses of tbe United States courts, of tbe United States district
attorneys, andof tbe commissioners and clerks of tbe Uuited States courts.
2, 356
Diplomatic and consular, embracing tbe accouuts arising from our intercourse
witb foreign nations, expenses of consuls for sick and disabled seamen, of our
commercial agents in foreign countries
2, 212
Awards h j tbe conrt of Alabama claims
,...
1, 003
Public lands, embracing tbe accounts of tbe registers and receivers of landotbcee, and surveyors-general and tbeir deputies, and of lands erroneously
sold
2,567
Steamboats, embracing accounts for tbe expenses of tbe inspection of steamvessels and salaries of inspectors
:
316
Mint and assay-offices, embracing tbe accounts of gold; silver, and cent coinage,
of bullion, of salaries of tbe officers, and general expenses..,
221
Public debt, embracing tbe account of tbe Treasurer of tbe United States,
aiul tbe accounts of tbe assistant treasurers for tbe redemption of United
States stocks and notes, and for tbe payment of tbe interest on tbe public
debt
655
Public printing, embracing accounts for printing, for paper and for binding.
73
Territorial, embracing accouuts for tbe legislative expenses of tbe several Territories and all tbe expenses incident to tbeir government
327
256
R E P O R T ON T H E
FINANCES.
Congressional, embracing accounts for salaries, for contingent expenses, aud
for otber expenses of tbe United States Senate and House of Representatives
o
,
127
Internal-revenue collectors' accounts of tbe revenue collected, tbe expenses
of collecting tbe same, compensation of collectors, and tbe expenses of tbeir
• offices
„...=
1,950
Internal-revenue-stamp agents' accounts for tbe sale of stamps
,
572
Miscellaneous internal reveuue, embracing accounts of supervisors, surveyors,
agents, accounts for redemption of stamps, for drawback, &c
2,483
Internal-revenue assessors' accounts for tbe expenses of levying tbe taxes and
for their own compensation
10
Miscellaneous, embracing: accounts for the contingent expenses of all tbe Executive Departments at Wasbington, salaries of judges, district attorneys, and
marsbals, expenses of tbe Coast Survey, of p.ublic buildings and grounds, & c .
2,609
Number of letters written from tbis offiice on official business
10, 445
Number of receipts for tax-lists, given by collectors, examined, registered, and
filed
:...-.
1,732
Number of books of tax-paid spirits, tobacco, and special stamps counted and
certified
16,564
Number of requisitions examined, entered, and reported, viz :
Diplomatic and consular
1,154
Collectors of internal revenue
'.
1,691
United States marsbals
383
Mints....
121
^ The above detail exhibits bat a portion of the daties pertaining to this
office. There should be added the examination, registering, and filing
of official bonds; the examination, filing, and registering of powers of
attorney for the collection of money due to public creditors from the
governaient; the examination and decision of applications for the issue
of securities in place of those lost or destroyed, and a variety of miscellaneons business occurring daily, which need not be mentioned in detail.
I commend the persons employed in the office for their faithfal and
efficient service.
Eespectfully submitted.
J. TARBBLL,
Acting Comptroller.
Hon. J O H N SHERMAN,
Secretary of the Treasury.
REPORT OF THE SECOND COMPTROLLER.
17 P
k
i
REPORT
THE SECOiND COMPTROLLER OF THE TREASURY.
TREASURY D E P A R T M E N T ,
SECOND COMPTROLLER'S O F F I C E ,
^
October 15, 1877.
S I R : In compliance with your request, I submit herewith a summary
statement of business done in this office during thefisoal year which
ended on the 30th day of June, 1877.
The following table shows the total number of accounts and claims
received and adjusted and the amounts allowed thereon, including miscellaneous cases under special acts of Congress :
•
From—
Received. Eevised.
Second Auditor
Third Auditor
Fourth Auditor
Miscellaneous
8,962
4,962
2,281
764
Total
16, 969
Amount.
8,907 $24,035 996
63, 558, 043
5, 049
2, 302 20, 001,103
238, 431
490
16, 748
107, 833, 573
These have been duly revised and entered, and the balances due
thereon certified for allowance and payment.
The following tables furnish a more detailed statement of the same
accounts and claims, showing the number received, the number revised,
the character of the same, the amounts allowed, and the source from
which they were received :
Accounts received and revised during the year.
Character of accounts.
Received. Revised.
From the Second Auditor:
1. Of Array recruiting-officers for the regular recruiting-service
2. Of Army paymasters for pay of the Army, includiug mileage to
officers and geueral expenses
3. Special accounts settled by the paymasters' division
4. Of disbursing-officers of the Ordnance Department for the expenses of the ordnance-service, and for ordnance, ordnance-stores
and supplies armories, and arsenals
5. Of agents of'lndian affairs for the current and contingent expenses of the Indian service, including annuities and instalments under treaties
6. Of disbursing-officers ofthe Medical Department for medical and
hospital supplies and medical services
....
7. Of disbursements for contingent expeuses of the War Departmeut . . . . . .
.
.'
8. Of disbursing-officers of the Freedmen's Bureau
9 Of Freedmen's pay and bounty to colored soldiers
10 Of money received and disbursed for the Soldiers' Home
...
Total
http://fraser.stlouisfed.org/
^
Federal
Reserve Bank of St. Louis
r.
Amount.
160
150
$127, 892
405
835
481
835
10, 861, 246
791, 917
441
449
2,123, 725
2,122
2,104
8, 907, 961
527
527
349,172
103
1
5
3
100
1
5
3
167,355
16,4.56
127, 772
5,890
4,602
4, 655
23, 479, 386
260
REPORT
ON T H E
FINANCES.
Accounts received and revised during ihe year—Continued.
Received. Revised.
Character of accounts.
From the Third Auditor:
1. Of disbursing-officers of the Quartermaster's Department for the
re<'"ular supplies and incidental expenses
.. . . . i . . . . . . . . . . . .
2. Of disbursing-officers of the Subsistence Department
3. Of disbursing-officers of the Engineer Department for miUtary
surveys, the construction of fortifications, river and harbor surveys and improvements . . . . . . . . . .
........................
4. Of pension-agents for the payment of pensions, &c
Total...
1.
2.
3.
4.
5.
From the Fourth Auditor :
Of the disbursing-officers of the Marine Corps
Of the pavmasters of the Navy proner
Of paymasters of the Navy Department at the navy-yards
Of paymasters of the Navy, acting as navy-agents and disbursing,officers
,
Of Navy pension-agents for the payment of pensions to the invalids
of the Navy and Marine Corps
Amount.
851
627
972 $11,493,951
4, 273,199
620
76
447
88
438
2,001
2,118
60, 462,105
8
200
7
206
81
485, 766
5,133, 982
8,141,161
12
5,159, 244
78
"
16
63
Total
365
7,106, 728
37, 588, 22T
63
597,639
369
19, 517, 792
Claims received and revised during the year.
Receivesd. Revised.
Character of claims.
From the Second Auditor:
1. Soldiers' x^^-y ^'Od bounty
1.
2.
3.
4.
5.
6.
$556, 610
374
389
1,726
388
43
11
50," 708
153, 499
958, 329
1, 821, 554
13, 963
197, 885
2,961
2,931
3,195,938
1; 496
420
1,513
420
417,110
66, 201
1,916
1, 933
483, 311
3.50
414
76
414
217,114
21, 317
764
490
238,431
393
389
• . 1, 726
388
54
11
Total
From the Fourth Auditor:
1. Sailors' pay and bounty
2. Prize-money'
.
4,252
4,360
From the Third Auditor:
Lost property, under act of March 3, 1849
Quartermaster and commissary stores, act of July 4, 1864
Awards of Southern Claims Commission
..
Miscellaneous
Oregon and Washington Territory Indian vrar claims
State claims
.....
. . .
Total
Referred cases involving" disbursements
..
.
Duplicate checlvs approved uuder act of February 2 1872
. . .
Total
Number of single voucbers examined
Settlements recorded during tbe fiscal year
Requisitions recorded during tbe fiscal year
Differences recorded, (pages)
Letters written on official business, (pages)
Referred cases, not involving claims
Bonds filed
Contracts
filed
,
Accounts on band at tbe commencement of tbe fisc^^l year
Accounts on band at tbe close of tbe fiscal year
Clerks at beginning of tbe fiscal y e a r . . .
Clerks at end of tbe fiscal year
Temporary clerks, p a r t of tbe y e a r . . . .
Amount.
'
1, 344,319
8,321
13,366
3, 926
1,229
4,322
122
1,091
-.
871
808
70
52
4
The business of the office, during the whole of the fiscal year reported,
was conducted underthe direction of my immediate predecessor, and
this repdrt is prepared from his records and files.
Kespectfully,
W. W. UPTOK,
Comptroller,
Hon.
S E C R E T A R Y OF T H E
TREASURY.
i
REPORT OF THE COMMISSIONER OF CUSTOMS.
Ik
A
REPORT
THE COMMISSIONER OF CUSTOMS.
TREASURY DEPARTMENT,
O F F I C E OF COMMISSIONER OF CUSTOMS,
Washington City, D\ C, October 31, 1877.
SIR : I have the honor to submit herewith, for your information, a
statement of the work performed in this office during the fiscal year ending June 30, 1877.
Tbe number of accounts on band Jnly 1, 1876
Tbe number of accounts received from tbe First Auditor during tbe y e a r . . .
n
209 .
6, 529
6,738
Number of accounts adjusted during tbe year .:
Number of accounts returned to tbe First Auditor
6, 435
10
6,445
Number of accounts on band July 1, 1877
293
There was paid into the Treasury of the United States, from sources
the accounts relating to which are settled in this office—
On
On
On
On
On
On
On
accountof
account of
account of
account of
account of
account of
account of
customs.
marine-bospital tax
steamboat-inspections
fines, penalties, and forfeitures
storage, services of officers, &c
customs-officers and emolument fees
deceased passengers
-•
•
$130,956,493
372,465
261,657
146,413
386,519
511,780
110
07
70
56
21
48
15
00
132,635,439 17
And there was paid out of the Treasury—
On
On
On
On
On
On
On
On
On
On
On
On
Ou
On
account
account
account
account
account
account
account
account
acconnt
account
account
account
account
account
of
of
of
of
of
of
of
of
of
of
of
of
of
of
expenses of collecting tbe revenue from customs
refunding excess of deposits
debentures
,
public buildings
construction and maintenance of ligbts
construction and maintenance of revenue-cutters
marine-bospital service
,
life-saving stations
compensation in lieu of m o i e t i e s . . . ,
relief acts
«
admission of foreign goods to Centennial
,
seal-fisberies in Alaska
metric standard weigbts and measures
:.,-.-...
miscellaneous
,.».„
«
6,501, 037
2, 098 805
3,130,374
3,232,330
2,367, Oil
876, 857
367,509
372, 087
32,392
12,512
11,150
8, 080
9,700
1, 849
57
31
06
98
58
99
97
30
13
08
25
49
00
19
19,021,698 90
264
REPORT ON T H E
Tbe
Tbe
Tbe
Tbe
Tbe
Tbe
Tbe
Tbe
Tbe
Tbe
Tbe
Tbe
number of estimates received
number of requisitions issued
amount involved in requisitions... number of letters received. numberof letters written
number of letters recorded
value of postage-stamps used
number of returns received and examined
number of oatbs .examined and registered
number of appointments registered
average number of clerks employed
amount involved in tbis statement
FINANCES.
«
!
2,938
2,908
$11,684,180 64
9,556
10,790
8,966
$357 45
9,263
3, 838
3,591
27
$163,341,676 16
Since my last annual report several irregularities have been detected
among subordinate customs-officials, who have collected moneys belonging to the government and neglected to carry the proper credits in their
accounts. Such delinquencies seem to indicate the necessity of some
improvement upon the old methods of accounting which will effectually
prevent the recurrence of like offenses. With this view, I addressed
you the following letter, suggesting a system of checks and receipts,
which, it is confidently expected, will accomplish the desired purpose,
unless there should be collusion between the person paying and the
officer receiving the money:
TREASURY DEPARTMENT,
O F F I C E OF COMMISSIONER OF CUSTOMS,
Washington City, D. C, September 7, 1877.
SIR : In view of tbe result of tbe recent investigations at Norfolk and Ricbmond,Va.,
and Pensacola, Fla., it is evident tbat customs-officers, ihtriisted witb tbe collection
of moneys belonging tb tbe United States, bave at times made collections wbich tbey
bave omitted to mention in any manner, eitber in tbeir accounts or in tbe records tbey
are required to keep in tbeir offices.
Tbis manner of defrauding tbe United States of its just dues is probably tbe one
most practiced and tbe one most difficult of detection, especially at tbe smaller ports,
as instanced in tbe cases mentioned above.
On full consideration of tbe matter, I deem it my duty to call your attention to tbe
fact, and to submit tbe following suggestions a;S indicative df a plan by wbicb this
manner of defrauding tbe government can be to a great extent, if not entirely, stopped,
and if attempted, tbe guilty parties immediately detected.
All persons receiving money, oh government account should be instructed to. give
receipts therefor, stating specifically tbe kind and amount of the money received and
on what account.
Notice to be posted in all public places where money is received, requesting persons
paying to demand receipts.
These receipts are to be printed in books with stubs, nurnbered and issued by tbe
department to the collecting-officers, who are to be held to a strict acCobntUbility for
each of the receipts issued.
Tbis system would require some months to perfect, and a considerable increasein the
clerical force' of tbis office ; but I am fully convinced that much more than the sum
expended in clerk-hire would be saved to the.United States in the increase of collections, botb by detection and prevention, and that it would add greatly to the genieral
efficiency, of the service.
Very respectfully, your obedient seirvant,
H. C. JO&NSON,
Commissioner of Cusidms.
Hon. Joi-ix SHERMAN,
Secretary of the Treasury.
In pursuance of the recotnmendatibns of this letter iand the aiiith ori ty
of the department, the following blank has been •prepared for use
throughout the customs-service:
Ko.-
Cat. Ko. 399.
C DEPARTMENT CIRCULAR Ko. 126,
I
• SERIES OF 1877;
S^^Send the stubs to.the Commissioner of Customs, Wasliington, by mail, when
the receipts in the book are all usedi
See that this stub is countersigned by the person receiving, the receipt.
CUSTOM-HOUSE, PORT, OF •
Ko.-
C DEPARTifENT CIRCULAR KO. 126,
\
S E R I E S O F 1877.
l^ECEIPT FOR DUTIES AKD FEES.
"Receipfcs may be demanded, and, when demanded, must be given as a matter of
right, for any payments of money on account of customs or other dues to the United
States."
*
*
*
*
(Qeneral Gusiom8B.egulation8of \%14, Art.\^^5.)
i ^ ^ A receipt in this form must be given in every instance when moneys (other
thantonnage-duty) are paid at the custom-house.'=®9L
ii^P^The person to'whom this receipt is given, is requested to countersign the
stub, and to inform the Commissioner of Customs in the event of his not doing so.
CusTOM-HousE, PORT OF •
-, 1 8 - .
Yessel: —
Arrived: .
Cat. Ko. 399.
• —, 18—.
Yes selArrive':
,18-.
Dollars. Cents,
O
Dollars. Cents,
I—(
For duties: Coin
Gold certificates
Storage, .&c
Hospital-dues
Fines,- penalties, and forfeitures
Inspection of steamboats
Licenses to masters, mates, engineers, and pilots .
Miscellaneous customs-receipts
Official fees, viz : Admeasurement
Surveys
Registry, &c
Enrollment, &c
License, &c
Recording
Entry of- vessels
Clearance of vessels
Permits. .- = = = = .
Bonds
Entry of merchandise
:
Official certificates and oath's
."...
Miscellaneous fees.
Received from —
Countersigned:
- dollars -
• cents, in full of above.
I Collector.
For duties: Coin
..^.
.......
Gold, certificates
.°.
Storage, &c
Hospital-dues
Fines, penalties, and forfeitures
Inspection of steamboats
Licenses to masters, mates, engineers, and pilots
Miscellaneous customs-receipts
Official fees, viz: Admeasurement
Surveys
Registry, &c
.'.
Enrollineut, &o
License, &c
Recording
Entry of vessels
1
Clearance of vessels
Permits
gonds
-==
Entry of merchandise.. ^
Official certificates and oaths
Miscellaneous fees
Received from -
-, Fayor.
(This form of .receipt must not be used for tonnage-duty.)
- dollars -
Ul
Ul
l—l
O
hrj
W
o
hcj
Q
a
Ul
H
O.
- cents, in full of above.
-, Collector.
to
266
REPORT ON THE FINANCES.
The formulas and suggestions of this receipt make tbe holder a detective on the official, which will not be objected to by honest men when
it is remembered that they are made necessary by fraudulent practices, •
aud are only intended to restrain the dishonest.
The adoption of this receipt will so increase the business of this office
as to require the services of three clerks of the second class in addition
to those now employed.
I therefore recommend tbis clerical increase, and that an appropriation be made accordingly.
In this connection, it may be suggested whether it is practicable and
expedient to put in operation the system of paying all customs-dues by
means of stamps. It is the teaching of observation that, in proportion
as the number of persons who handle the. money of others in business
processes is limited, the amount of loss to the principal is diminished,
and that the responsibility of the agents is more certain aud direct. This
fact is abundantly recognized by most private corporations, and the
government should proht by the teachings of their examples and the
safeguards tbey have successfully employed.
A railroad compau}', a steamship line, or a great exhibition deposits
with its agents a given number of tickets of various values representing
a certain amount of money. These tickets form tbe basis of an account,
and they must be returned or balanced in cash. The payment of duties
by means of stamps is about as direct as this. It is proposed that
stamps of suitable denominations, convertible only in the payment of
customs-dues, shall be issued by the Treasury Department for sale,
through its authorized representatives, under such regulations as may
be prescribed. As the sequent to this, officials making collections should
be prohibited from receiving payments otherwise than by these stamps,
which should be canceled and sent to this office in connection with the
accounts to wiiich they belong, thus forming in their issue, sale, cancellation, and return to the department the circuit of a complete transaction. A system like this, compelling the use of stamps, which are
easily understood and direct in effect and can be used for but one purpose, will allay suspicion, protect the public from improper exaction,
and the government from the fraudulent practices of unfaithful agents.
By section 305, Kevised Statues, it is necessary, before any credit cau
be given in accounts for money paid into the Treasury, that a proper
paper, technically called a covering-warrant, shall be issued. By^^-this
warrant credit is given to the person paying tbe money into the Treasury, and a corresponding charge is made against the Treas.urer.
Thepresent practice is to file the warrant with the account of the
person who makes the deposit when credit is given, thus separating
it from the accounts of the Treasurer. Six weeks are allowed after the
termination of each (iiuarter within which to close its transactions on
the books of the Secretary of the Treasury, and to issue warrants for
deposits made during that period.
After this, it is necessary that the warrants be countersigned by fhe
Comptroller and registered by the Eegister, and the receipt of the
Treasurer placed thereon. As the Treasurer is also obliged to make
his account include these warrants before they can be delivered for use
iu the settlement made with the depositors, it frequently happens that
a loug time elapses between the deposit of the money and the production of tbe legal evidences of .the deposit to the proper accountingofficer.
The result of this is either.the accounts of the depositing-officers are
settled without giving them credit for deposits made, of wbich they
COMMISSIONER OF CUSTOMS.
267
justly complain, or that these adjustments are greatly delayed, and the
business of the accounting-officer, instead of progressing regularly, is
at times extremely heavy and at other times correspondingly light.
With the view of remedying these troubles, the following suggestions
are offered:
While section 305, Eevised Statutes, compels tbe issue of a warrant,
I do not understand that it is necessary that the warrant itself be filed
Avith the account in vrhich credit is given. Would it not be proper for
the Eegister of the Treasury, when warrants pass through his office, to
post them on his ledger to the individual accounts of the depositors iu
the same manner as repay-warrants are now treated,, and let the collection accounts be settled on the certificate of the Eegister, as is now the
case with disbursement accounts f The warrants themselves could
then be retained by the Treasurer of tbe United State.?, and filed with
his accounts.
Should this course be adopted, I think it would expedite the settlement of collectors' accounts that pass through this office; and, as the
Eegister posts these warrants in the manner suggested after the settlement, I do not see that there would be any material increase of clerical
labor required bj^ this change.
There are now many iniscellaneous warrants issued covering money
into the Treasury for wbich there are no corresponding accounts. The
true theory of warrants appears to require an account to be stated by
the accounting-officer on each, giving a history of the money, from
what source derived, from whom collected, and by whom paid into the
Treasury, with the circumstances of the collection.
The change proposed would, I think, meet this requirement and cause
every covering-warrant to appear in an account.
The duties due on goods remaining in a. bonded warehouse being the
check to prove the correctness of the warehouse bond account, it is
necessary that the fact of the goods as represented being actually in the
warehouse should be ascertained from time to time by inspection.
This is occasionally done inthe smaller ports 5 but in the larger, I am not
aware of any such examinations having been made. I would, therefore,
suggest that measures be at once instituted to take inventories of all
goods in warehouses at the larger j)orts, that the result be compared
with the bouds and entries, and tbat, should any discrepancies exist, a
rigid explanation be required. As the bond-accounts are settled in this
office, and their correctness has not been ascertained for many years
by the tests of an examination of the goods themselves, I have felt it
to be an exacting duty to call the attention of the department to tbe
existing condition of affairs.
In my letters to the Secretary of the Treasury of May 15, 1876, and
March 20, 1877, I invoked tbe assistance of the department 5 but as yet
this office bas not received any report whatever of examinations in the
great ports, nor bas it been furnished the desired means of verifying for
itself the correctness of these accounts, involving many millions of dollars annually. If there is no other way of performing this most important work, I would ask for such legislation as will authorize the appointment of at least four experts, to be placed under the direction of the
Commissioner of Customs for its accomplishment.
It is a serious defect in our customs system which permits the importation of wines and spiiits for consumption without preserving their
identity in such a way that the packages may not be used time and
again, to the predjudice of the internal revenue, after they have been
emptied of their imported contents. Under existing regulations the
268
REPORT ON THE FINANCES.
customs brand on a package protects the contents, but there is no adequate protection against abuse in its use after it performs the offices
for which it was legally intended -, and there is every reason to believe
that packages of this description are in daily requisition for marketing
illicit spirits without the payment of internal-revenue taxes. This evil
has risen to such magnitude as to demand repressive action, and stringent legislation may be required for its complete correction.
One remedy which presents itself is in the use of a stamp with suitable penalties for its non-destruction when the package has been emptied, or for reusing in case the package is refilled.
Should additional legislation be advisable in this behalf, I suggest
that the Gommissioner of Internal Eevenue and the Commissioner of
Customs be consulted and joined in the preparation of the bill.
A statement of the bonded-warehouse transactions for the last fiscal
year will be prepared and transmitted as soon.as all the necessary returns shall have been received.
I have the honor to be, very respectfully,
. HENEY C. JOHISTSON,
Commissioner of Customs.
Hon. J O H N SHERMAN,
Secretary of the Treasury.
Districts.
Albanv . . . . i . . . . .
.......
Baltimore
Buffalo Creek
Bel last
Ban ""or
Bath
Barnstable
..
Burlington Towa
Boston and Chailestown *
Ghaniplain
.•
Cnvahoo'a
. ••
Charleston
Castine
Cincinnati
Cape Yincent
Corpus Christi
Delaware
Dubuque
Duluth
Evansville
Erie
Frenchman's Bay
Fall River .
Genesee
Georgetown, D. C
Galveston . .
Huron
.
Key West
ICenuebunk .
Louisville
Ea Crosse
'Milwaukee
421
143
749
734
718
92
55
24
43
66
2,645,154 35
57, 602 91
148,975 95
• :.-
fH
fl
JOTS
-
£|
23
52
54
04
$17, 674 33
4,411 59
9,907 87
107,601 51
249,616 82
64, 509 40
9, 303 00
4, 863 23
551 62
18, 858 38
5, 706
890
360
15, 781
64
28
93
89
232 90
1,254 28
1,059 14
19,995.20
70,241 92
19, 418 61
104, 909 41
63, 377 92
8,216 71
30, 391 90
238 28
.1.
2, 956
20, 375
3,103
16,-985
45,520
1,234
5, 699
488
20
72
21
82
77
36
88
35
545 38
264 29
7, 642 46
35, 796 88
73, 014 49
151, 852 05
5," 735 81*
1, 277 70
$102,236 91
203, 419 31
459, 842 92
$33,721 99
45 44
930 82
20, 661 72
....
S ® a
O S .
fl ^
o
O
7, 414, 475 25
116, 781 23
542, 397 17
^ =.
•sl-S
p <o
.9, 282
2, 081
3,141
2, 499
O
• s
$208,821 03 12, 738, 377 82
2,
7,
1,
3,
Balance on bonds
to secure duties
on goods remaining in warebouse
JuLC 30, 1877.
Balance on bonds
to secure duties
on goods remaining in warehouse
July 1,1876.
Statement of ivarehouse transactions at ihe several districts and ports of the United States for thefisoal year ending June 30, 1877.
4,090
3, 278
1,997
2, 433
70
63
48
63
2, 767 45
780 62
5, 346 02
73 12
231 16
10, 798 29
•2,995 20
201 62
669, 211 49
58, 278 25
122, 899 02
166, 767 76
16, 668 84
749 08
43 68
42, 923 21
4, 436 20
269 10
785, 023 88
115 63
50, 712 88
6 18
10,826 93
278 24
576, 029 25
223 96
7, 779 98
1, 007 50
651 15
7, 063 66
30 40
286 53
2, 890 48
400, 668 41
28,904 18
354 47
7,221 53
539 60
9,595 97
* To May 31.
66
127
3
404
09
47
41
99
102 80
40 40
13 36
580- 70
87 09
537 73
2, 485 35
95 33
4 75
la
•
11
fl
^§
IS
•
il
it
$102,236 91
2, 258, 668 74
13, 758 21
6, 520 08
5,121 94
14, 660 96
303 65
201 62
6,486,123 29
702 29
735, 208 37
26,505 01
5,244 62
82 30
• 80,969 68
307 95
• 120,124 40
6, 658 62
278 24
279 30
223 96
30,391 90.
6 78
651 15
8, 839 90
780 48
3, 376 71
34, 775 87
156, 862 6 i
1, 234 36
20, 991 23
539 60
10, 874 79
.S§
<
o
o
$193,806 52
141, 096 55
$59, 763 92
314, 885 98
1, 765 47
$ .79, 444 43
.354 13
$410,330 87
1 497 64
1,870 34
464 91
503 43
11, 350 11
2, 875 50
3, 054 18
1 967 97
89
91
92
51
72
711, 919 87
119 00
10,797 90
2, 607, 557 23
5, 528 43
127, 263 46
o
60 35
1, 502 .94
02
3, 202 6.9
2, 606 92
433 52
16, 774 54
o
137,607 11
70 20
. 104, 870 56
661, 474 68
7 20
18, 951 74
1 558 09
283 00
575, 746 25
165 10
26, 2S7 '72
174,013 20
29. 221 76
4,348 82:
360,994 25
967 70
32 80
219 45
4,366 00
907,541
446, 713
12, 089
5, 773
1,241
Ul
Ul
l-H
tz:
a
a
Ul
H
O
7, 779 98
1, 506 56
•264 29
5, 979 53
1,131 92
i, 303 25
109,337 15
39, 408 66
291 92
47,251 91
50, 612 16
291, 331 26
374 22
354 47
277 82
982 74
268 52
967 36
6,
9,
1
8,
655 03
915 28
829 08
203 51
128 05
34 745 55
780 62
2, 979 29
33 65
531 45
139 36
to
OS
CD
Mobile
.
MidfilfttnwTl. „
Memphis
, ..
Montana and. Idaho
Marblehead
Niagara
New Haven
New London
..
New Bedford
Norfolk aud Portsmouth
Nashville . . .
NewOrleans
New York *
Oswego
Oswegatchie
Omaha
Providence
Passamaquoddy .
Philadelphia..
Portland and Falmouth
Pensacola
Petersburg
Ply moutli
Pittsburgh . . . .
Puget's Sound.
Richmond!
San Francisco J
Salem ancl Beverly
Savannah
.'
Stonington
Saint Louis
Yermont
Wheeling
$11,318 52
2, .323 07
1, 209 52
13,532 41
>i
fl
© <D
a, cs
fl i^
o
o ?^ fl
1, 479 74
366, 532 CO
52, 079 83
101. 030 23
757 95
66
712, 4.35 43
34 28, 924, 452 16
51
443, 555 70
96
10, 359 34
10, 579 89
11, 971 54
2, 224 94
5,621 91
732, 743 55 1, 740, 481 92
12.183 49
951 27
28, 755 76
187, 756 60
537 65
48 41
4, .531 87
18, 337 03
317 00
125 76
1, 451, 564 06 4, 221, 527 08
3, 048 70
1, 215 87
• . 9 7 1 86
612 80,
16, 764 31
651 81
$7, 293 06
503 00
603 03
102 32
440 78
$1,622
1,404
6, 908
7, 907
15
13
86
41
$2
23
55
1,138
00
99
31
35
18,197 09
656, 228 44
57, 727
922
29, 589
1,698
28, 526
69
80
11
64
87
12, 057 75
15, 540 35
3,
75,
4,
1,
669
355
746
249
55
90
01
52
451, 516 15
175
787
14, 324
746
909
509, 299
20
28
97
64
53
55
11, 735 22
42 72
774, 700 40
2,125, 806 47
3, 443 94
$8, 610
3, 683
1, 045
29
$378 00
21
46
44
72
6, 853 69
47,353 05
1, 575, 844 42
7, 630 12
163 90
5, 558 58
841 88
2, 884 54
1,178, 214 01
5, 282, 984 98
.59, 740 72
11, 933 35
813 95
7, 477 12
• 33,310 07
103, 880 20
7, 650 35
5,122, 341 58
1
ce 5-1
$12,419 19
03
29 64
22, 543 36
539, 249 98
10, 773 70
26 36
174 64
25, 456 67
588 20
324 03
4 8-1
1 99
1, 493 80
„
34, 995 01
130 88
254 25
170 64
322, 826 48
53, 407 43
86, 736 08
6,203 73
1, 044 74
2,154 54
578, 839 62
30, 787, 635 71
181,612 09
10, 455 57
813 95
3i, 190 61
47 57
1, 712, 625 01
14, 327 36
91,803 75
68 85
228 45
16, 381 69
33, 524 59
746 64
2, 830 24
3, 570, 856 36
5, 390 15
2,043 31
1,134, 642 19
2, 293 41
3, 443 94
368
1,069,391
16,275
4, 723
05
91
61
63
1,315,411
451,138
324. 713
J1, 933
65
01
64
35
4S, 462 10
28, 342 87
70,908 91
89, 735 98
102
41, 490
506, 452
1, 809
2, 496
.529
6, 302
123
32
85
51
21
50
13
30
20
121, 795 81
6, 432, 917 21
1,879 80
12, 053
70, 545
2, 403
5, 068, 231
'44
28
95
68
o
470 25
H
492
856
895
592
58
30
95
25
o
250.109
10, 838, 226
9,800
1,448
61
75
10
09
7,231
1, 466
665, 789
. 6,340
112,807
468
51
24
91
64
03
80
52,
3,
39,
3,
15 00
730 00
48,611 86
1, 017, 089 22
w
46 66
169 60
112, 222 34
5,126 40
. 997 20
16,488 61
01
142, 584 41
5, 789 93
955 12
600, 560 01
633,125
1, 695
5, 945
42
91
87
29
72
1,874
1, 737,123
1,924
882
209, 051 07
39 04
21 00
1, 525, 249 70
to
o
48
81
26
74
$7, 907 41
5, 866 38
112 00
9, 549 75
.fl
$22, 246
7, 578
3, 606
9, 733
si
ll
la
o fl
o
21, 020 50
4, 773 91
25, 855 00
232 00
296 42
91,888 62
2,149 48
o
fl
fl
$19, 914 17
212 75
378
091
935
517
eon3
| 2
fl d
<=> o
1,176 26
383,
14,124,
3,
1,
•
•fr6
Balance ou bonds
to secure duties
on goods remainingin warehouse
June 30, 1877.
•
Districts.
Balance on bonds
to secure duties'
on goods remaining in warehouse
July 1, 1876.
Statement of ivarehouse transactions at the several districts and ports of the United States, ^^c—Continued".
•
60
85
56
71
199, 505 42
675 28
>
O
Ul
Wiscasset.
Waldoborough
Willamette
Total
...
344 05
2, 073 21
1, 878 71
17,467 19
66, 757 17
6,148 59
. . . . 20, 275, 567 89 48, 066, 681 52
^ To April 30, 1877.
13 60
807 61
29, 694 32
2, 064, 534 42 20, 629, 474 05
349 55
328 80
91,163 45
2,117 97
478 81
1, 080 23
01
1 842 04
02
• 27, 959 05
737, 551 73 48, 930, §39 30
5, 201, 789 44 17,937,261 88
2, 413, 804 60
17, 290, 414 39
135 48
+ To May 31.
t To November 30, 1876.
RECAPITULATION.
Balance July 1, 1876
Warehoused and bonded
Rewarehoused and bonded
Constructively warehoused
Increase of duties ascertained on liquidation
$20, 275, .567 89
48,066,681 52
2, 064, 534 42
20, 629, 474 05
737,551 73
Total.-...
Withdrawal duty paid
Withdrawal for trausportation
Withdrawal for exportation
Allowances and deficiencies
Balance June 30,1877
91,773,809 61
,
Total
91,773,809 61
a.
O
H-l
Ul
Ul
H. C. JOHNSON,
Commissioner of Customs.
OFFICE OF COMMSSIONER OF CUSTOMS, November 6, 1877.
$48, 930, 539 30
5, 201, 789 44
17, 937, 261 88
2, 413, 804 60
17, 290, 414 39
O
Balance taken up in this statement
Balance reported by last statement
|20,275, 567 89
19,240,848 16
Difference
1,034,719 73
Arising from:
Increase in balance Boston, from April 1 to J a n e 30
$164,402 81
Increase in Brazos, from May 1 to -June 30 . = = .= = = ==,= = = =
5., 198 92
Increase in New York, from April 1 to June 30
874,084 94
O
o
a
Ul
H
O
^
Ul
1,043,686 67
Less:
•
Decrease in Pittsburgh, from April 1 to J u n e 30
8,966 94
1,034,719 73
to
REPORT OF THE FIRST AUDITOR.
18 P
REPORT
THE FIRST AUDITOR OF THE TREASURY.
TREASURY DEPARTMENT,
F I R S T AUDITOR'S O F F I C E ,
October 24, 1877.
SIR : I have the honor to submit the following exhibit of the business
transacted in tbis office during the iiscal year ending June 30,1877.
Accounts adjusted.
O ra
^ -u
<B a
rO a
sS
Amount.}
>pr,Ci
RECEIPTS. •
Collectors of customs, for duties on merchandise and tonnage received
Collectors of customs, for fees received under the provisions of section 4458
of the Revised Statutes, (S. B.)
Fines, peualties, and forfeiturev««
Marine-hospital money collected . . . ^
Official emoluments of collectors, naval officers, and surveyors received
Moneys received from sale of old material
Moneys received frora wages of seamen forfeited
Moneys received on account of deceased passengers
Moneys received from Pacific Railroad Companies for accrued interest on
bonds
'...
Treasurer of the United States, for raoneys received.
Miuts and assay-offices '.
Miscellaneous receipts
;
Total
1,376
1144,777,543 15
1,072
601
1,510
1, 242
93
1
38
261, 005
148, 649
376, 284
889,173
46,214
5
260
27
98
35
02
16
16
00
12
3
232
836
335, 580
421,845,745
127,216, .542
596, 655
10
92
67
83
7, 016
696, 493, 659 61
^DISBURSEMENTS.
Expenses of collectin;^ the revenue frora customs
Olficial emoluments of collectors, naval officers, and surveyors
Excess of deposits for unascertained duties
Debentures, drawbacks, bounties, and allowances
Light house establishment..
Marine-hospital service
Revenue-cutter disbursements
Coaapensation in lieu of moieties
Duties illegally exacted, fines remitted, judgments satisfied, and net proceeds
of unclaimed merchandise paid
Judiciary expenses, embracing accounts of TJnited States marshals, district
attorneys, commissioners and clerks, rent of court-houses, support of prisoners, &c
Mints and assay-offices
Territorial accdunts, embracing contingent expenses of executive offices and
expenses of the legislative assemblies
Salaries of the civil list, paid directly from the Treasury
Defense of suits and collection and examination of vouchers and records in
relation to captured and abandoned property
,
Refunding proceeds of cotton unlawfully seized
Refunding proceeds of cotton seized by IJnited States military
' Treasurer of the United States, for general expenditures '.
Salaries and mileage of Senators
Salaries of officers and employ6s of the Senate
Contingent expenses of the Senate
Salaries and mileage of Members aud Delegates of the House of Representatives
r
Salaries of officers of the House of Representatives
:
Contingent expenses of the House of Representatives
1,706
1,24^
343
170
625
1, 023
540
123
6, 778,
557,
1, 662,
4, 030,
2, 346,
369,
771,
4.5,
251
362
623
547
393
230
729
648
96
92
35
83
74
43
16
05
1,046
554, 574 20'
2,621
232
4,672,076 11
124,714,552 2L
48
1,290
144,389 27
559,281 28
31
^
2
3
4
5
26
2
7
58 I
40, 794
16, 469
15, 822
436, 889, 004
396,705
140, 938
175, 990
57
80
71
83
16
99
41
2, 904, 575 37
196,220 41
366, 469 78
276
REPORT ON THE FINANCES.
°i •
Accounts adjusted.
Amount.
ss
^
^
•
DiSBUHSEMENTS—Continued.
Salaries, Congressional Library
Salaries, Public Printer
Salaries of employes. Executive Mansion
Salariep, metropolitan police
Salaries of officers and employ6s, Independent Treasury
Contingent expenses of Independent Treasury.
Disbursing-clerks, for salaries of the several departments of the government
at Washington
Contingent expenses of said departments ...•
Standard weights and measures
Survey of the coasts of the United States
Public printing and binding
.'
Lithographing and engraving
Construction of court-nouses and post-offices
Constructiou of custom-houses
Constructiou of appraisers' stores
Construction of marine hospitals
Construction of branch mints
Construction of light-houses
Construction of subtreasury
'.
Construction of State Department
Construction of jail. District of Columbia
Furniture for State Department
Fuel, lights, and water for public buildings
Heating apparatus for public buildings
Furniture and repairs of furniture for public buildings
Repairs and preservation of public buildings
.•
Annual repairs of the Treasury building...
Purchase of lands for public buildings
"Vaults, safes, and locks for public buildings
Traveling and incidental expenses of steamboat inspectors
Salaries, steamboat-inspection service
r
Government Hospital for Insane, current expenses
Government Hospital for Insane, erection of buildings
Columbia Hospital for Women, current expenses
Expenses board of health. District of Columbia
Maryland Institution for Instruction of Blind
,
Inquiries into the causes of steam-boiler explosions
Establishment of life saviug stations
Life-saving service, salaries of employ63
Life-saving service, contingent expen'ses
Transfer by warrant and counter-warrant
..
Public buildings aud grounds
Washington aqueduct
;
^
Pay of custodians and janitors
Suppressing counterfeiting and fraud
Geological survey of Territories
.,
Collecting mining statistics
Propagation of food-fishes
•
Salaries and contingent expenses, Southern Claims Commission
International Exhibition of 1876
Improving Capitol grounds
Freedman's Hospital and Asylum
Department of Agriculture
Reform-School
"War and JsTavy Departnient buildings
-.
Judgments of the Court of Claims
Outstanding liabilities
Cotton-claims
Construction, equipment, and repairs of revenue-vessels
Expenses of trausportation of United States nc^tes, national currency, &o
Redemption of the public debt, including principal and interest
Payment of interest on outstanding public debt
Reimbursement of the Treasurer of the United States for legal-tender notes
and fractioual currency destroyed
Interest on 3.65 District of Columbia bonds, registered and coupon
,
Interest on Louisville and Portland Canal Company's bonds
<L
Interest on ^N'avy pension fund
Expenses of buoyage
;
Expenses of fog-signals
Salaries of designated depositaries
,
National Association for Relief of Colored Women '.
Assay-office, Helena, Mont
Columbia Institution for Deaf aud Dumb, current expenses
:
Columbia Institution for Deaf and Dumb, erection of buildings
Printing reports of Commissiouer of Agriculture
Publication of report of trial of. W. W. Belknap .^.°
;
Investigating Federal oificers
Annual repairs, Capitol
3
6
4
5
* 43
60
316
266
5
26
80
4
262
246
8
9
30
401
9
3
0
3
1,219
64
110
191
12
9
8
326
4
5
5
5
1
4
6
157
64
56
42
57
10
7
15
19
1
30
4
153
6
6
49
3
4
6
135,
1
120
.223
137
213
19
5.
3
2
29
15
4
6
18
6
4
11
.5
3
4
$22, 005 00
15, 993 97
12, 081 ! 6
162,516 10
338, 032 96
18, 629 44
5, 631, 960 65
1,511,235 72
7,989 12
.566, 712 36
1, 747, 948 99
5, 088 22
2, 822.199 50
4,601,500 51
108,255 10
1,128 25
106,083 68
871; 942 64
37, 260 29
15, 567 35
11, 708 39
8, 808 99
528,716 98
131, 521 85
129,125 OR
182,033 34
18, 293 57
797, 717 37
33,144 85
26, 561 15
177, 436 06
201,265 81
14, 628 59
i9, 596 46
26,117 50
2, 837 50
6, 205 08
145, 693 37
.231, 655 20
24, 164 99
24, 632 44
270, 321 53
24, 512 11
128, 260 52
121,016 49
178, 318 79
14, 025 24
49, 873 29
20, 952 45
1, 920, 601 12
108, 894 21
16,318 60
171, 032 75
12, 075 28
332, 040 05
6, 659 48
.12, 805 63
463 38
103, 669 55
480,890 43
190,141,655 99
99, 445,175 50
73, 232, 359 26
876,640 57
48, 430 00
420, 000 00
99, 152 52
12, 002 70
5, 250 00
8, 998 80
41, 286 62
60,412 64
49, 764 03
59, 399 18
3, 457 22
70, 028 75
55, 728 29
FIESr
AUDITOR.
277
Accounts adjusted.
. DISBURSEMENTS—Continued.
Pedestal equestrian statue of General McPherson
Washington monument
.
Ooramission repaving Pennsylvania avenue
Conveying votes of electors
.....:.......
BuvSts of late Chief Justices Taney and Chase
...
Library of Congress, purchase of books, &c
National Soldiers' and Sailors' Orphan Home
Extra pay to discharged employes ofthe Bureau of Eagraving and Printing.
Plans of public buildings
Silariesof special agents
Miscellaneous accounts ....Total .
$24, 972
2, 380
5, 333
. 8, 857
9, 250
47,497
36,286
28, 568
4,671
8,747
7, 926, 504
14
56
74
00
00
S3
69
40
69
68"
46
986,401,191 96
Number.»
Reports and certificates recorded
i
i 13, 059
Letters written . . . . . .
. . . . .^^. . . . .
2,0.55
Letters recorded.
.... .... ..._,
.-.-.
-- . . . . . . . .
2,055
Acknowledgments of accoutits w r i t t e n . . .
. . . . 14, 227
Powers of attorney for collecting interest on the public debt registered and
filed
4,505
747
Requisitions answered
...
..r^.. . . . . . . . . . .
439
Judiciary emolument accounts registered and referred.
Statement exhibiting transactions in bonded merchandise as shoivn by warehouse and bond,
accounts examined and adjusted during the fiscal year commencing July 1, 1S76, and ending
June'dO, 1877.
.
^
Number of accounts . . . . . .
^..
1,634
DEBIT.
Balance of mercliandise in warehouse per last report
Duties°on merchandise warehoused .
' >
Duties on merchandise rewarehoused,. . . . ^ . . . . . . . . . . . . . . . . . . . . .
Duties on merchandise constructively warehoused
Increased and additional duties, and duties collected in excess
$17,331,403
63,190,774
..
2, 351,255
23, 249, 594
1,596,109
64
12
52
90
37
107,719,137 55
CREDIT.
Duties on merchandise withdrawn for consumption
^
$63,812,668 33
Duties on merchandise withdrawn for t^ransportation
5, 971,227 20
Duties on merchandise withdrawn for ex,portation
. . . . ; . . . . 20, 470,762 04
Allowances for deficiencies and damage, & c . - . .
2,986,280 66
Materials withdrawn for the construction and repair of vessels
•..
29,846 48
Merchandise withdrawn free of duty
.,.....—.
8,480 95
Merchandise transferred to manufacturing warehouse ^ . . . . . . . . ^ . . . . . .
- 38, 919 22
Bonds delivered to district attorneys forprosecution
...^.. /
16, 987 53
Balance of merchandise in w-arehouse
14,383,985 14
107,719.137 55
In submitting this report; I beg leave to acknowledge the able assistance I have received from the deputy auditor and the several chiefs of
divisions in conducting the affairs o f t h e office, and to comiiiend the
clerks and other employes generally for fidelity and efficiency in the discharge of their official duties.
Very respectfully,
D, W.;MAH0ISI,
Auditor.
Hon.
J O H N SHEKBIAN,
Secretary of the Treasury.
REPORT OF THE SECOND AUDITOR.
R E POR T
THE SEOOND AUDITOR OF THE TREASURY.
TREASURY DEPARTMENT,
SECOND AUDITOR'S O F F I C E ,
November 1, 1S17.
S I R : I have the honor to submit the following report of the operations of this bureau during the fiscal year'ending Juue 30, 1877.
BOOKKEEPERS' DIVISION.
Eequisitions registered, journalized, andposted.'^
On what account drawn.
Pay Department..
Ordnance Departmeut
:
Medical Department
Qnartermaster's Department
Acljutant-General's Department
Appropriations under control of Secretary of War
Expenses of Commanding General's Office
Soldiers' Home —
.*
National Home for Disabled Volunteer Soldiers
Special acts of relief by Congress
Indian Departnient
•
Transfer and counter requisitions, issued for the purpose of adjusting
appropriations, carrying amounts to and from the^books of the Third
A uditor's Office, &c'
Total
Net amount drawn from tbe Treasury bv requisitions registered in tbis
office from July 1,1876, to June 30,1877
Debit requisi- Credit requitions, 3,294.
sitions, 663.
113, 613, 456 84
1, 343, 928 56
503,598 61
55 48
147, 368 73
75,090 45
3, 000 00
133, 399 65
670, S44 26
8, 596 90
5, 477, 833 73
$671,539 24
26, 499 37
10,681 14
178, 584 14
10, 709 15
2, 462 93
701 29
191 50
2,110 82
201, 485 44
484, 761 53
398, 064 76
22, 461, 934 74
1, 503, 029 78
1, 503, 029 7d
20, 958, 904 96
Appropriation warrants.
Credits, 42.
In favor of appropriations of the—
Pay Department
Orduance Department
Medical Department
Adjutant-General's Department
Quartermaster's Department
'
War Department, (under control of Secretary of War)
$13,571,252 85
1,549,488 07
492,215 56
222,060*61
606, 000 00
108,066 10
282
REPORT ON T H E
FINANCES.
Soldiers'Home
Speciai acts of relief by Congress
National Home for Disabled Volunteer Soldiers
Indian Department
Commanding General's Office
$133,208
4, 727
670, 733
5, 947, 362
3, 000
Total credits
15
36
44
14
00
23,308,114 28
Debits, 10.
(Transfer and surplus-fund warrants.)
War Department
ludian Department
1,205,768 42
1,247,521 05
Total debits
2,453,289 47
Condensed balance-sheets qf appropriations.
W a r Department.
Indian Department.
$3, 364, 524 70
14,507,619 08--
17, 360, 752 14
1, 267, 822 12
.^ 947, 362 14f
235,207 16
CREDIT.
Balance to tbe credit of all appropriations July 1, 1876
Amount credited by appropriation-warrants during tbe fiscal year ending June .30, 1877!
•
Amonnt credited by requisitions during tbe sarae period
Ainount credited tiirough Third Auditor's Office to appropriations used
in common by botb oifices
*.
Total
•
77, 070 67
I 22, 070,169 63
10, 690, lJ-'8 98
DEBIT.
Amnunt debited to appropriations by transfer and surplus-fund warrants
during tiie fiscal year ending June 30. 1877
1, 205, 768
Amouut drawn frbm appropriations by requisition during the same
period
'
16, 951, 136
Amonnt drawn through Uye Third Auditor's Office frora appropriations |
690, 243
used in common by botb offices
Balance remaining "to tbe credit of all appropriatious on tbe books of
tbis office June 30, 1877
, 3, 223, 021
Total .
42
1,247,521 0 5
03
5, 510, 798 71)
75
43
3,931,869 22
22, 070,169 63
10, 690,183 98
Settlements made, chiefly for the purpose of adjusting appropriations,.
10: amount involved, $765,299.47.
Settlements entered.
Arrears of pay
19^
Charges on account of overpayments,
•
181
Charges and credits on account of ordnance property sold or lost by emjploy^s..
59
Charges to officers for overpayments made on erroneous musters
25Ctedits for refundments
248.
Contingencies of tbe Army, disbursing accounts
36
Claims, war, $206,782.58....
344
CJaims, Iridian, $3,580,925.17
1,732
Freedmen's branch, Adjurant-General's Office, disbursing accounts
7
Indian agents' disbursijig acconnts
214
Medical purveyors' and storekeepers' disbursing accounts
,
3'
Natioual Home for Disabled Volunteer Soldiers difsbursiug accounts
2
Ordance officers' and storekeepers' disbursing accounts
"30^
Paymasters' disbujsing accounts
197
Proceeds of government property
6
Recruiting-officers' disbursing accounts
49
Removing suspensions, closing accounts, &c
-..
87
Removing charges against officers for supposed overpayments, &c ,
82
Special acts of relief by Congress
4
Soldiers' Home
i
15
Transfers to Third Auditor
• 81
Transfers to Fourth Auditor
'
3
Miscellaneous
74
Total.....
„
3 408
SECOND AUDITOR.
283
During the year the sum of $2,354.45 has been recovered from 24 exIndian agents, aud $228.37 from 10 recruiting-officers, to close their
accounts on the books of this office. Six transcripts of charges for
double payments have been prepared for suit, 72 bonds of disbursingofficers have been registered, 855 certificates of deposit havebeen listed,
537 certificates of non-indebtedness have been issued, and 1,222 letters
written.
. The work of this division shows a marked increase compared with last
year, as the followiug items indicate:
Increase.
Requisitions registered, (fee
Warrants recorded and posted
Settlements entered, journalized, and posted.
Bonds of disbursing-ifficers recordefl
Certificates of non-i'udehtedncss issued
3,386
44
2, 905
54
.309
3,957
52
3,498
72
537
.593
18
228
PAYMASTERS' DIVISION.
Fivehundred and eighteen paymasters' accounts havebeen audited
and reported to the Second Comptroller since June 30, 1876, and 787
miscellaneous settlements made. Seventeen paymasters' accounts have
been finally closed, as follow^s: In thirteen cases the balances due the
United States aggregated $7,618.20, and that amount was recovered by
suit and deposited in the Treasury. In four cases the paymasters were
fouud to be creditors to the extent of $4,789.17, and that amount was
paid them. The accounts of eight paymasters have been prepared for
suit, the amount at issue being $36,979.56, chiefly on account of balances
due theUnited States by paymasters who left the service in 1861.
The amount involved in the above-mentioned accounts and settlements
is $12,939,155.21, as follows :
Disbursements, as per paymasters'accounts
$12,604,998 41
Payment of stoppages and fines to the Soldiero' Home
...
120, 563 12
Amount stopped from the pay of enlisted men for tobacco furnished •
by the Subsistence Department, and transferred to the credit of that
department on the Third Auditoi's books
148, 354 84
Amount charged to regular and volunteer officers for double.payments.
29,834 22
Amount charged to officers and ujen lor over-payments
6, 060 3^1
Amount of over-payments and double payments refunded
11, 087 06Amount stopped from the pay of officers and men for subsistence and
quartermaster's stores, transportation, &c., and transferred to the
credit of the proper appropriations on the Third Auditor's books
11, 810 07'
Miscellaneous charges, credits, aud transfers
" 6, 446 55Total
12,9.39,155 21'
There were 144 paymasters' accounts on hand July 1, 1876, 529 were:
received and 518 settled duringthe year, leaving 155 on hand Juue ^O,.1877. 'One thousand one hundred and sixteen letters were received^
briefed, and entered, and 1,318 written.
MISCELLANEOUS DIVISION.
Two thousand two hundred and seven accounts and claims pertaining
to the Ordnance and Medical Departments, contingencies of the Army,
Commanding General's Office, contingencies of the Adjutant-General's
Department, regular and volunteer recruiting, local bounty, National
284
REPORT ON THE
FINANCES.
Home for Disabled Yolunteer Soldiers, Freedmen's Branch of the Adju.
tant-Generai's Office, special acts of relief by Congress, &c., were adjusted
in this division, and represented an expenditure of $2,622,792.33, as
follows:
•
Ordnance Department
"
-.
Medical Department
Recruiting—regular,. $105,894.73; volunteer, $26,804.43..
Freedmen's Branch j Adjutant-General's Office
,
Appropriations under control of the Secretary of War
Special acts of relief by Congress
Miscellaneous
$1,456,737
341,517
132,699
296,100
377,931
4,758
13,048
Total
29
29
16
15
21
93
30
2,622,792 33
The compilation of a complete record of payments to regular and volunteer officers is being proceeded withas rapidly as possible. An examination of 319 paymasters' accounts during the past year resulted in the
detection o f 72 cases of double payment to officers no longer in the
service, against whom charges have been raised and measures taken to
recover the amounts overpaid.
On July 1, 1876, there were 593 unsettled recruiting and other accounts on hand 5 2,062 were received during the year, 2,207 were adJusted, and 448 remain on hand 5 1,398 letters were written.
INDIAN DIVISION.
<6
0
0
be
n
b£ •0
t>3
ra
i •
a
0
C a s b - a c c o u n t s of India.n Rgents
..
I ' r o p e r t y - a c c o u n t s of I n d i a n a g e n t s
Total disbursements
..'.
.'
2.56
1,004
33
ra
q
C3
00
f-l
s
.
p
>
ra Si
0
f^
^<
728
448
2, 241
726
630
2,248
'd
0
„ t-
>
§^
0
"iB
a
li
p
0
<D
p^
a
<
258
822
28
%4, 932, 839 51
3,575,641.22
8, 508, 480 73
The time of one clerk was occupied two months in compiling the customary statement of expenditures of the ludian Department required
by law to be submitted to Congress annually.
A new set of books has been opened in which a record is kept of all
articles purchased for the Indian service and paid for through this office,
showing the date of purchase, the description and price of goods, the
amount paid for transportation from the place of purchase to the place
of delivery, the agency for which the articles are intended, and the name
of the agent who receipts for them. This record answ^ers a double purpose. It enables this office to prevent any overpayment on account of
the transportation of Indian goods and supplies, and it shows exactly
what articles each agent must account for in his property returns.
The Second Comptroller, in following up delinquent agents, has had
fco make frequent calls upon this office for transcripts of accouuts for
suit, and a great portion of the time of several clerks has been occupied
in preparing such transcripts, and in making the supplementary settleoients which transcripts for suit usually involve. In many cases, in
SECOND
285
AUDITOR.
order to ^x the responsibility of ex-agents for property not accounted for,
it has been found necessaryto re-examine, not only their individual
property-accounts, but also the property-accounts of other agents from
whom they received, or to whom they claimed to have transferred, the
property in dispute. This description of work is more tedious than the
ordinary adjustment of accounts, but the amount of labor bestowed upou
it canuot very well be represented by figures.
In comparing this year's report with the oue rendered last year, it will
be seen th|it there has been a very large increase in the uumber of Indian claims referred to this office for payment, while the.increase in fhe
amount of said claims has been comparatively insignificant. In the fiscal
year 1876 the claims numbered 1,236 and amounted to $3,556,298.38,
iu 1877 the number settled was 2,248, amounting to $3,575,641.21—an
increase of nearly 82 per cent, in numbej, but only a little more than
one-half of one per cent, in amount.
Letters written, 2,920; letters recorded, 2,552; pages of legal cap
used in copying, 1,137, aud 298 pages of folio post.
PAY AND BOUNTY DIVISION.
The work .performed in the two branches of this division is set forth
in the following statements:
I
Examining branch.
Suspended claims
Original claims.
S
I
Class of clainis.
a
0
ll
^1
<U
rO
<a fl
^ c3
s
ra
'A
<o
.^a
c.
l?q
ISw^
a afl
s "^
"^
i'i
i
1
f-l
<a
ra a
ra
ft
03
o
3^
.2 fl
P.--S
u o
O - H
^a '2'^
afl
fl
^ :?^
<^ .
ra
fl
a
ceM
<
u©
<D
•,Q
ra fl
II
u o
©•43
'^s
afl • a^
fl
^
^
•
ra
<v,.rH
ii
9 ®
'f-l^ 2s 2s
© 43'o
a ^ fl
P cs (B
12;
•a
•,
• "a
'i
ri
' .1
f-l
S7
d)
r^
a
. fl
t2i
1
fl
n
30 •
H
1
03
©
•^
wnrrE SOLDIERS.
Arrears of pay and
original bounty...
Additional bounty.
act July 28, 1866..
Bounty, act April22,
1872
1, 934 20, 938
3,613
32, 865
37, 260
1,020
' 7, 024
1,398
12,997
15, 242
1,260
206
1, 002
52
1^432
1,237
6,422
763
4,873
• 786
8, 005
9, 468
33,837
5, 849
55, 299
63,216
1, 730 26, 485
6,380
5
4,645
3,555
4
2,833
11
707
9, 442
172
1
90
1
80
1.583
36
847
57
643
COLORED SOLDIERS.
Arrears of pay and
all bounties ,.
Total
11,690
46
8,415
69 3,160
43, 609 ~ 9 2 3
286
REPORT ON T H E
FINANCES.
Settling branch.
N u m b e r of claims.
L e t t e r s Certificates
written.
issued.
Class of c l a i m s .
deceived. Allowed. Eejected.
Araount
involved.
Total.
WHITE S O L D I E R S .
A r r e a r s of p a y a n d origiAdditional bounty, act
J u l y 28, 1866
B o u n t y , a c t A p r i l 2? 1872
6, 632
2,11.7
158
2,275
2, 668
251
1,117
17
123
10
1,240
27
2.102
979
200
' 1,1^9
11,653
4. 230
491
4,721
.
$297, 019 69
0
11.5,939 35
1 900 00
COLORED SOLDIERS.
A r r e a r s of p a y a n d all
bounties
Total
•
162 481 75
5, 336
4, 233
577,340 79
In addition to the foregoing, tliree settlements were made in this
division on account of unclaimed amounts due deceased soldiers, upon
which the sum of $6,160.30 was paid to the Soldiers' Home, under section
4818, Eevised Statutes, making the aggregate disbursements $583,501.09.
The number of claims remaining on hand June 30, 1877, by actual
count, is 15,446, classified as follows: Arrears of pay and original bounty,
6,641; additional bountv, act July 28, 1866, 1,765; bounty under act of
April 22, 1872, 272; claims of colored soldiers, 6,768.
DIVISION FOR THE INVESTIGATION OF FRAUD.
During the last fiscal year 6,749 cases have been before this division
for examination and investigation, of which 4,680 have been examined
and 423 finally disposed of, leaving 6,326 now on hand for further investigation and final disposition. Briefs have been prepared in-410 cases ;
56 cases have been arranged for the Department of Justice for suit and
criminal prosecution, and 4,223 letters have been written.
The cases under investigation involve questions of alleged fraud in
the preparation and prosecution of claims, forgery, unlawful withholding
of money, overpayments to officers and enlisted men of the Kegular
Army and volunteer force, and are as follows : 1,286 cases of white and
1,674 cases of colored soldiers, in which notice of fraud was not presented to the office until after payment; 785 unpaid claims of white and
1,470 of colored soldiers, involving fraud, forgery, disputes, and contests
as to identity and heiiship, &c.; 699 miscellaneous settled claims of
colored soldiers, involving (Questions of lawful inheritance of bounty,
&c., and 412 cases in which -officers are charged with pay overdrawn.
The amounts recovered by suit and otherwise, aggregate $159,513.99,
of which $6,882.87 was returned to the Treasury in cases of white soldiers; $147,072.41 recovered by the Freedmen's branch of the AdjutantGeneraTs Office and covered into the Treasury through this office;
$2,543.89 recovered by judgments not yet satisfied ; $1,928.66 deposited
in the Treasury, beiug the proceeds of canceled certificates, (Second
Auditor's ;) $936.16 recovered from agents aud paid to claimants direct;
$100 recovered by reclamation through the assistant treasurer at New
York, and $50 by
fine.
•
In my report for the fiscal year endiug June 30, 1875, the following
remarks occur:
111 my last aoimal report I said that the increase in the number of cases requiring
investigation by tbis branch of the office was accounted for by the fact that since the
SECOND
287
AUDITOE.
transfer of the Freedmen's Bureau to the V^^'ar Department frauds and malfeasance
. had been discovered in the payment of claims by the subagents of the late Commissioner of the Bureau, and it y^as then presumed that the number would continue to
increase until some definite action should be taken by superior authority, with a view
of determining the civil liability of the bonded agents of the bureau. Many cases
then in the hands of the law-officers of the. government are yet in statu quo as regards
.action on the bonds, and it is perhaps advisable that they should remain so until the
iillegations of non-payment, false vouchers, &c., shall have been fnlly inquired into by
the different United States attorneys, and some definite conclusion arrived at as to the
facts and the liability of the bonds.
These remarks yet apply to this division; and I have only to add that,
owing manifestly to the migratory character of the colored people and
the uncertainty of their declarations when found, the [Jnited States
attorneys have since returned a majority of the cases with reports of
their inability to successfully investigate them. In some instances the
fact that the colored soldiers or their heirs have been defrauded of their
money has been fully established. Charges have- accordingly been
raised against the late Commissioner of the Freedmen's Bureau, and
the matter placed in the hands of the Solicitor of the Treasury for appropriate action. Those people who have not receiv^ed their money are
clamorous for a resettlement of their claims, but under the resolution of
Congress approved March 29, 1867, directing payment to the Commissioner of the Freedmen's Bureau, and charging him with the faithful
disbursement of the funds, the accounting-officers hold that they have
fulfilled their duty and discharged their trust so far as relates to the
settlement of the claims, and that no claim can be resettled and pa d
without specific authority from Congress, and the reappropriation of
the necessary funds.
PROPERTY DIVISION.
The number of returns of clothing, camp and garrison equipage, &c.,
left unsettled on July 1, 1876, was 9,714. Since that date 3,213 have
been received, and 4,983 examined, leaving 7,944 on hand June .30,1877.
In the settlement of these returns, charges amounting to $9,257.21 have
been raised against officers for property not accounted for. Three thousand four hundred and thirty-one returns have been examined preliminary to settlement, and 2,779 letters have been written.
DIVISION OF INQUIRIES AND R E P L I E S .
ra
ra
p
(1) «s
C ^J
o *^
Office m a k i n g i n q u i r y .
A d j utan t- G e n e r a l
Paymaster-G-eneral
Quartermaster-G-eneral
Commissarv'-General
T h i r d Auctitor
Fourth Auditor
C o m m i s s i o n e r of P e n s i o n s
Miscellaneous
648
2
31
.
Total
23
4
17
725
1?
p |
•
1
^
.ss •
.S.3
.s.°
M
M
6, 423
522
562
49
720
18
867
309
5, 477
524
562
49
697
19
874
307
1 594
9,470
8,509
1 686
lis
M
31
46
:^
10
2
Of the 1,594 unanswered Adjutant-General's inquiries, all but about 75
are case« in which no issue is pending in that office, the object of the
288
REPORT ON TIIE FINANCES
inquiries being to correct or complete soldiers'records. Several hundred
of these (/ases are suspended, awaiting information from the PaymasterGeneral.
The large amount of miscellaneous copying done in this division is '
indicated by the following items: Kolls and vouchers copied for the
Adjutant-General, 285; for the Third Auditor, 4; for preservation in this
office, 26; final statements copied, 586; affidavits, 507; applications for
back pay, 135; letters,112; miscellaneous documents,238; pages of foolscap usedin copying, 1,872. Three thousand six hundred and twenty-three
letters were written, and 2,978 signatures compared. During the year
127 overpayments and double-payments,were discovered, amounting to
$5,495.95. Charges to.the extent of $1,628.25 have been raised against
enlisted men of volunteers for improper payments for the use and risk
of private horses. Some of these improper payments were made during
the war with Mexico, and one or two during the Florida war. The
amounts overpaid are stopped by the Third Auditor from the claims of
the soldiers for horses lost, and are transferred to the books of this
office. The amount so transferred since June last was $1,678.59.
In December last the descriptive lists of soldiers, a large number of
w^hich accumulated iu this office during the late war, were turned over
to this division for appropriate disposition. Twelve thousand two hundred and nineteen of these lists have been properly brieted and filed
away for futufe reference, and 3,459 have been filed with the soldiers^
applications for arrears of pay and bounty. The record books of applications were examined in 37,269 cases to ascertain whether the soldiers^
whose descriptive lists were received, had applied for bounty or back
pay.
'
'
.
DIVISION OF CORRESPONDENCE AND RECORDS.
Letters received, 18,854: letters written, 16,696; letters referred to
other offices, 1,354 ; dead-letters received, briefed, and registered, 1,604;
letters recorded and indexed, 1,273 ; letters with additioual evidence re
ceived, briefed, and indexed, 15,108 ; claims received, briefed, and registered: War, 13,719; Indian, 2,022; miscellaneous vouchers received^
stamped, and distributed, 59,124 ; pay and bounty certificates examined,
registered, and mailed, 4,233; sent to the Paymaster-General, 13,170; reports calling for requisitions sent to the War Department, 375.
ARCHIVES DIVISION.
Confirmed settlements received from the Second Comptroller, entered,
arranged, and placed in permanent files: paymasters', 172; Indian, 1,893;
miscellaneous, 1,355; total 3,420. Paymasters' accounts received from
the pay department and temporarily filed, awaiting settlement, 529; paymasters' accounts rearranged for greater convenience of reference, 714;
paymasters' accounts unexamined, 155; miscellaneous accounts withdrawn for reference and returned to files 2,458; vouchers withdrawn for
he use of settling clerks, 38,948; vouchers previously withdrawn, returned to files, 100,213; mutilated rolls repaired, 66,321; vouchers briefed«
352,272; letters written, 915.
SECOND
289
AUDITOR.
ElSSUMlt;.
r a C«
A m o u n t involved.
Accounts and settlements.
CD C O
Paymasters' accounts
A r r e a r s of p a y a n d b o u n t y
Ordnance accounts
:
]
Medical accounts
Recruitina; accoun ts
I
F r e e d i n e n ' s B r a n c l i , Adj utan t - G e n e r a l ' s Office )
jSTational H o m e for D i s a b l e d V o l u n t e e r Soldiers.
I
M i s c e l l a n e o u s a c c o u n t s a n d clairas
j
P a y m e n t s to t b e Soldiers' H o m e
Indian disbursing accounts...
.
Indian claims
:
Indian property accounts
W a r property accouuts
Miscellaneous settlements
Total-
144
17, 890
256
33
1,004
9,714
529
11, 653
518
1.55
13, 799 n5,446
2, 062
2,207
728
2,243
448
3, 213
15
•726
2, 248
630
4, 983
797
25, 923
29, 634
1,318 $12, 604, 998 41
577, 340 79
68, 552
2, 622, 792 33
1,398
258
28
822
7, 944
126, 723 42
4, 932, 839 51
3, 575, 641 22
2, 779
I, 222
1.105,616 57
78,189
25, 545, 952 25
* A c t u a l count.
In addition to the number of letters written, as stated above, 27,857
were written iu the various "divisions of the office, making a total of
106,046.
The average number of clerks employed during the year was 140. ^
The usiial monthly and Annual reports and statements have been prepared.
The following figures exhibit, as well as figures may do, what has
been the work of this office since its organization in 1817, and furnish
interesting statistical information. The first table, shows thenumber
of settlements of money-accounts and claims during the forty-four years
from 1817 to 1861, divided into two periods, prior and subsequent to the
Mexican waro The second table is a condensed statement of the mouey
accounts and claims settled by the diiferent divisions of the office from
June 30, 1861, to June 30, 1877; and the third table shows the number
of property-accounts adjusted, claims rejected, certiticates furnished the
Pay master-General and Commissioner of Pensions duriug the same
period.
Number of accounts settled from March 4, I8I7, to June 30, I86I.
Accounts.
O r d n a n c e , medical, a n d m i s c e l l a n e o u s
K e c r u i t i n ^ a n d disbursing- officers...
A r r e a r s of pay, &c . : . . . :
Paymasters
Indian agents
Total
19 F
F r o m Marcli 4, F r o r a J u n e 30,
1847, t o J u n e
1817, to J u n e
30,1861.
30,1847.
Total.
13,232
12. 880
6, 283
1,759
3, 254
6, 695
6,097
21,361
1, 427
5,562
19, 927
18, 977
27, 644
3,186
8,816
37, 408
41,142
78, 550
Stateinent of accounts settled andamounts involved from June 30,1861, to JitfieSi), 1877.
Paymasters' accounts.
F o r t h e year
ending—
No.
June
June
June
June
June
Juue
June
June
June
June
June
June
Juue
June
June
Juue
.30,1862.
30,1863.
30,1864.
30,1865.
30 1866
30,1867:
30, 1868
30,1869.
30,1870
30,1871.
30,1872.
30, 1373
30,1874
30,1875
30,1876.
30,1877.
Amount.
141
$4,181, 276 33
47, 875, 231 36
645
88,944,415 39
773
90, 094, 847 46
738
981 . 110, 209. 718 62
183, 041, 476 09
1,451
146, 305. .528 14
1,038
133,052,989 46
1,216
1,083
141,438,680 99
124, 063, 6.52 23
843
2,350
131, 057, 413 02
27,116,621 39
1,033
17, 257, 093 25
1,008
14, 837, 714 29
506
565
15, 563, 739 75
12, 604, 998 41
518
Ordnance, medical,and
miscelLaneous.
No.4,017
11,802
15, 988
22, 059
7,228
3,206
J, 897
1,990
1,708
2, 394.
1,805
2, 567
.2, 708
2, 264
2,177
2,207
. T o t a l . . . . 14, 889.. 1, 337, 645, 396 18 86, 017
Amount.
$29,128, .526
38, H7, 899
55, 539, 537
42, 647, 077
26. 902, 784
23; 050,181
20, 484, 802
B, 598, 706
3, .571,107
2, 023, 703
1, 566, 924
1,968,183
6, 125, 429
3,164, 634
2i 346, 339
2,193, 993
I n d i a n a g e n t s ' disbursing: a c c o u n t s
and Indian claims.
. No.
30
616
20
590
501
64
866
68
448
54
821
18
962
13
1,1 i9
04
1,172
13
26 • 1, 432
96 • 1, 649
1,871
01
1,648
70
2,107
07
2, 242
07
2,974
02
268,159,828 93
Amount.
$3,335,885
2, 099, 257
2, 242,154
3, 231, 449
2, 881, 256
4, 273. 208
.5,301,722
4, 715. 039
3, 033; 827
8,194, 634
5, 351, 816
8, 329,188
4, 974, 866
6, 033, 207
7, 081, 603
8, 508, 480
Bounty, arrears
p a y , &c.
No;
of
Araount.
23
3,328
$249,180 64
87 19, i!U 2, 443, 293 39
74 80, 756 10, 970, 528 91
00 84. 517 14, 047, 599 3533 73, 335 16,189, 247 .17
91 .59,121 10, 638, 782 78
39 203. 980 19, 598, 445 88
43 85, 279 8, 355, 618 22
41 53, 826 4, 160,776 31
63 40, 078 . 2, 348, 164 42
32 22, 170 1, 278, 160 29
21 32, 42-J 1, 664, 985 64
43 27,315 1, 230, 827 94
981,407 74
25 19 476
48.5. 084 65
57 11,4 33
577, 340 79
73 13, 799
21,118 79, 587, 598 95 83.^024 9.5,219,444 12
K e g u l a r a n d volunt e e r r e c r u i t i n g acco.unts.
No.
Amount.
1,504
$217, 083 97
1, 356
398.785 94
1,880 2,220,744 15
2, 594 8,019,331 56
4,317 21,353,127 68
3, 765 19,891,437 .59
2, 416 5, 262,140 63
1,478 2,841,079 24
946 2, 443, 906 48
957, 010 35
657, 266 02
405, 060 44
220, 489 75
223, 962 79
224, 877 89
132, 699 16
20, 256 65, 469, 008 64
1^
CD
O
F r e e d m e n ' s Bureau accounts.
No
Amount.
18," 541,'725
778, 003
853, 668
210, 874
296, 100
08'
28
13
07
15'
Total.
No;
Araount.
9,606
33, 584
99, 898
110, 774
91,309
68, 364
210, 293
91, 132
58, 735
,44, 797
27, 974
37, 891
32, 679
24, 353
16, 417
19,498
$37. 111,9.57
91, 664, 467
159, 917, 380
1.58.040,305
177,536 134
240. 895, 086
196, 952, 639
207 563 432
154 643, 293
137,537, 164
139,911,580
43, 025, 763
30, 586, 710
26, 094, 594
25,912,519
24,313,612
47
76
83
05
34
55
67
.39
32
89
61
77
35
27
00
26
o
H
O
w
10,080,370 71 977, 304 1,856,761,647 53
O
Ul
SECOND
291
AUDITOR.
Statement of prop erty-accounts adjusted and miscellaneous ivork performed in connection with
the settlement of accounts.
Qj J2 a (JJ
o
5.2
^ . • 2
^iS.
•
For the year endingo o<l d
o-'o"!
^r3
0 (A
June
June
Juue
June
June
Jaoe
June
J'uno
June
June
June
June
June
June
June
June
30,1862:
30,1863.
30, l c 6 4 ; .
30,1865.,
30,1866.
30,1867..:
30,1868.
30,1869..
30,1S70..
30,1871.
30,1872.
30,1873..
30,1874.
30,1875..
30,1876,
30,1877.,
Total . . . . . :
7,
29,
163,
176,
141,
129,
91,
43,
39,
237,
41,
31,
4,
4,
5,
1,153,048
^
03..jH
d o tao
go
822
1,470
2,374
2,210
19,099
. 27, 236
,41,217
26, 526
. 22, 865
22, 955
13,873
18, 346
17, 618
11,981
7, 8.56
9, 56 I
14, 584
• 40, 651
108, 373
126, 569
370, 020
478, 477
603, 698
405, 745
363, 556
233,129
202, 658
265, 544
237, 435
131,321
101,140
106,046
246, 017
3, 788, 996
37, 473
134, 316
254, 690
170, 340
245, 903
486, 305
220, 209
171, 931
173, 487
237, 754
133, 957
194, 574
186, 584
113; 602
94, 464
116,563
2, 977, 652
s^.
5,539
5,144
5,410
5,995
2,698
2, 401
1,868
2, 709
2,842
2, 519
2, 606
2, 679
3,261
3,440
3, 'dQ6
3,957
56, 504
38, 904
•74, 041
134, 328
320, 408
125, 315
16, 435
18,138
29, 309
42, 309
35, 647
53, 849
22, 874
9, 046
920, 603
In 1861 the files.of this ofifice were conveniently accommodated in two
rooms. At the present time they consist of more than twen ty-two
thousand cubic feet, and weigh about three hundred tons. That portion
of them which consists of officers' property-returns, that have been examined and adjusted, is in two rented buildings, outside of Winder's
building, where, the examinations were made. The larger portion,
which embraces the settlements of claims and accounts forthe disbursement of money, occupies the entire attic story of Winder's building and
cases in the corridors of that part of the building assigned to this office. .
Neither pf the buildings containing the officers' returns is fire-proof,
nor is the upper portion of Winder's building, where the most valuable
files of the office are necessarily deposited. It is earnestly hoped that
•steps will be taken at an early day to render Winder's building fireproof. The value of the files thus exposed will be appreciated, when.it
is understood that the money vouchers alone show the disbursement
of over nineteen hundred millions of dollars, covering the pay of the
Army; expenses of recruitiug; collecting, drilling, and organizing volunteers ; ordnance and ordnance stores, medical and hospital department, and the Indian service, with other miscellaneous matters since
J u l y l , 1815.
The pay-rolls of the Army in the accounts of paymasters, besides
furnishing the only evidence which the governmeut has of the proper
disbursement ot some fifteen hundred millions of dollars, are, and will
be in the future, of great value to the people of the country, especially
to officers and soldiers, or their friends, as furnishing interesting and
important incidents of personal history. There would seem to be no
argument needed to demonstrate the importance of properly i)reserving
tliem.
,
In consequence of the poor quality of paper employed in making these
rolls, and their frequent handling in the office of the Paymaster-General
and this office, while settling the accounts of paymasters and the various
claims of soldiers and their heirs, they became so badly worn upon the
292
REPORT ON THE FINANCES.
folds that most of them would fall into pieces upon being opened, often
requiring great care to prevent the loss or displacement of some portiouo
This was especially true of those so frequently used in settling the
various claims for bounty, since eighteen hundred and sixty-two, and I
became satisfied that if what was called the *'equalization of bounty
bill" should become a law before the rolls could be repaired, they would
be virtually destroyed before settlement of the claims uuder it could be
made. It was not practicable to have photographic copies of them made
untij after they had been repaired, and an attempt to have them copied
in any other way, besides involving an expense of twenty-five or thirty
dollars apiece, would fail to secure the signatures, or facsimiles of them, •
of the officers and men who had been paid. Au investigation showed
that there must be over six hundred thousand mutilated rolls and
vouchers in the office needing repairs to properly preserve them. Having satisfied myself thatthe best method would be to repair them with
vellum, and that the work could be done cheaper and neater by women
than men, I brought the subject to the attention of the ^Secretary in
the summer of 1875, informing him orally of the whole matter, and in
view ofthe magnitude and importance of the work, and that there was
no appropriation for this office out of which it could be executed, it was
determined to detail female clerks for the purpose of making the needed
repairs. Work was commenced under this arrangement on the 17th of
August, 1875, and has been done in a most satisfactory manner. On
the 30th of September last, three hundred and eighty-five thousand
eight hundred and seventy-five mutilated vouchers had been repaired,
which are really stronger and better fitted to bear future handling, than
they were when first made, and there now remain about two hundred
and ninety thousand, according to the best estimate that can be made,
which need similar repairs. It is earnestly hoped that means will be
furnished to complete this valuable and important work.
The condition of the work in the office is very satisfactory, and it
afibrds me great pleasure to bear testimony to the ability, faithfulness,
and efficiency of the gentlemen composing its clerical force. In fact all
persons who are at present connected with it, are entitled to my special
commendation.
I am, sir, very respectfully,
.
E. B. .FEENCH,
Auditor.
Hon.
J O H N SHERMAN,
Secretary of the Treasury.
REPORT OF THE THIRD AUDITOR.
REPORT
THIRD AUDITOR OF THE TREASURY.
TREA.SU.RY D E P A R T M E N T ,
T H I R D AUDITOR'S O F F I C E , Oc^o&er 31, 1877.
S I R : I have the honor to subinit herewith reportof the business
transacted in this office duriug the fiscal year ended June 30, 1877.
The .following statement shows in tabular form the uumber and
amount of accounts and claims on hand, receiyed, and settled, and the
number unsettled at that date, viz :
pra
0 d
q «!
D e s c r i p t i o n of a c c o u n t s arid
claims.
"S^
o bc
9. 5c»
ago
d
N'uraber of a c c o u n t s
s e t t l e d in fiscal y e a r
e n d e d J u n e 30,1877.
i Sd
d CO
^
525
Monthly Monthly Monthly
and
and
and
quarterly. quarterly. quarterl3^
Quartermaster's money
Quartermaster's property
Commissary's money
' Commissary's provision-returns.
P e n s i o n - a g e n t ' s raoney
Engineer's money.
Signal-officer's m o n e y
Signal-officer's p r o p e r t y
C l a i m s for h o r s e s l o s t .
Claims for s t e a m b o a t s d e s t r o y e d
O r e g o n war-claims
—
Miscellaneons claims
^.
State warrclaims
M o n t a n a war-claims
D a k o t a war-claims
Total.
N u r a b e r of a c c o u n t s un^
s e t t l e d J u n e 30,1877.
296
134
610
506
409
36
5
37
6,237
73
743
10, 868
19, 960
A m o u n t involved.
Monthly
and
quarterly
1,858
3,780
1,913
1,913
834
189
149
1, 534
. 162
2
49
4,016
9
9
23
1, 974 $8,135, 493 59
3,734
1, 863 3,'252,'85i'40'
1,863
952 34, 067, 985 43
166 5,818,052 58
137
659, 316 51
1,402
65, 986 86
. 504
2
60, 000.00
29, 415 92
115
3,645
i, 884,639 81
249, 465 44
3, 485 19
23
1,138 00
180
180
660
556
291
59
17
169
5,895
73
677
*11, 239
16, 440
56,231,830 73
.20,002
•
6
A m o u n t involved.
%1, 994, 989 70
'i,'i28;228'92
2, 857, 304 71 '
2,132,649 69
130, 816 87
1, 033, 654
703, 028
25, 605
7, 111, 356
2, 932, 585
68
87
86
10
54 '
20, 050, 220 94
* T h i s is t h e a m o u n t s t a t e d i n 9,424 cases, t h e a m o u n t s i n t h e o t h e r (1,444) c a s e s n o t b e i n g s t a t e d i n .
t h e claim p a p e r s .
A comparison of the above table with that of the previous fiscal year
shows an increase of 42 unsettled accounts and claims, involving
$5,609,499.55 less in amount than on June 30, 1877.
BOOKKEEPERS'
D I V I S I O N 5 Jo F .
JONES, CHIEF.
' '
The duty devolving upon this division is to keep the appropriatioa
and money accounts of disbursing-officers, which are settled in this
office. ^The annexed statement shows the amount drawn out of certain
of its ai)propriation accounts, and also the repayments made through
this office into the Treasury, and is a full exhibit of its financial operations duriug the fiscal year.
296
REPORT ON T H E
FINANCES.
Statement showing the financial operations of the Third Auditor^s Office during, the fiscal year
. ended June 30, 1877.
2'^ •
p %
ro O
2 t^ <D
iNTumber of r e q u i s i t i o n s dra^yn b y t h e
S e c r e t a r i e s of W a r a n d of t h e I n t e r i o r upou t h e S e c r e t a r y of t h e T r e a s u r y in favor of s u n d r y p e r s o n s ,
5,684, a m o u n t i n g to ^50,610,808.20,
p a i d in t h e m a n n e r h e r e i n s e t forth,
a u d o u t of t h e following a p p r o p r i a tions, v i z :
R e g u l a r s u p p l i e s of t h e Q u a r t e r m a s .$3, 967, 019 79
ter's Department
I n c i d e n t a l e x p e n s e s of t h e Quarter-'
. master's Department
849, 663 94
1,151, 847 79'
B a r r a c k s and q u a r t e r s
T r a n s p o r t a t i o n of t h e A r m y a u d i t s
supplies
3, 670, 426 43
C l o t h i n g of t h e A r m y
686, 496 77
137, 617 05
National cemeteries...'.
O b s e r v a t i o n a n d r e p o r t of s t o r m s . . .
300, 039 87
M i l i t a r y p o s t s on Yellow^stone a n d
Muscie.shell R i v e r s
190, 000 00
323, noo 00
H e a d - s t o n e s for n a t i o n a l c e r a e t e r i e s . .
583,- 763 10
H o r s e s f o r cavalry and artillery
C o n s t r u c t i o n a n d r e p a i r of h o s p i t a l s .
113,
497 18
P a y of s u p e r i n t e n d e n t s of n a t i o n a l
57,
cemeteries
820 00
Military prison at F o r t Leavenworth, K a n s
61,
688 15
C o n s t r u c t i o n , m a i n t e n a n c e , a n d rep a i r of m i l i t a r y t e l e g r a p h l i n e s
45,
000 00
R e n t of b u i l d i n g c o r n e r o f P e n n s y l v a nia avenue and Fifteenth s t r e e t . . .
17,
800 00
E r e c t i o n of head-stones in n a t i o u a l
cemeteries
25,
000 00
T r a n s p o r t a t i o n of officers a n d t h e i r
$25, 027 59
$48 10
$3, 992, 095 48
16. 805 26
87,737 98
33 70
48 92
502 90
1, 239,684 69
735, 650 41
4, 354 73
175 00
29, 203 58
50 UO
66
50
05
87
190, 000
323, 000
617, 966
113, 547
00
00
68
18
57, 820 00
61, 688 15
45, 000 OO22, OOO 00
25, 000 00
326 64
214 70
M i l i t a r y road from Sioux City, Iowa,
t o F o r t R a n d a l l , Dale
2, 500 00
C l a i m s for q u a r t e r m a s t e r ' s s t o r e s a n d
c o m m i s s a r y s u p p l i e s , a c t J u l y 4,
1804......
:
:....
P a y , t r a n s p o r t a t i o n , services, a n d
s u p p l i e s , Oregon a n d W a s h i n g t o n
v o l u n t e e r s 1855-'56
:
R e f u n d i n g to S t a t e s e x p e n s e s inc u r r e d , &c
,
:
'.^.
Signal-service
10; 500 00
C l a i m s of l o y a l c i t i z e n s for supplies,
&c., f u r n i s h e d d u r i n g t h e rebellion
R e i m b u r s i n g t h e S t a t e of Kentuc^^y
. for e x p e n s e s i n c u r r e d , &c
C o n s t r u c t i o n of j e t t i e s a n d o t h e r
works a t South Pass, Mississippi
River
C o m m u t a t i o n of r a t i o n s of p r i s o n e r s
of w a r in r e b e l Sbates
S u p p o r t of B u r e a u Refugees. F r e e d • men, a n d A b a n d o n e d L a n d s
iHorses and o t h e r p r o p e r t y lost i n t h e
military service
S u n d r y e n g i n e e r a p p r o p r i a t i o u s . , . . . 3, 794, 242 87
M i l i t a r y A c a d e m y , W^est Point, N . Y .
64, 6.50 29
S u b s i s t e n c e of t h e A r m y
2,628,250 93
A r m y pensions.-.
28, 326,170 00
C o m p e n s a t i o n to a g e n t s
203,175 00
. F e e s fo'r prepairing v o u c h e r s
218, 045 00
F e e s for examining-sm:geons
67, 610 00
R e l i e f of p e r s o n s suffering frora t h e
r a v a g e s of g r a s s h o p p e r s
R e l i e f of J o s e p h W i l s o n
Relief of D a n i e l W o r m e r
Relief of R a n d a l l B r o w n
4,415, 469
690, 851
1.37, 792
300, 039
500 00
166, 098'90
166, 098 90
9, 093 92
217, 722 22
217, 722 22
10, 500 t)0
942, 818 32
942, 818 -32
4, 504 80
•4,504 80
500, 000 00
•500,000 00
2, 000 00
138 10
1,232 35
1, 094 25
48, 809 30
3, 797, 873 07
64, 650 29
2, 654, 682 41
28, 354, 315 80
203,175 00
218, 045 00
67, 610 00
47, 701 54 1,107 76
3, 630 20
24, 458 03
27, 884 47
1, 973 45
761 .33
288 40
15, 300 00
2, 000 -OO
1, 500 00
288 40
15, 300 00
2, 000 00
1, 500 00
THIRD AUDITOR.
297
Advances to officer^^
and agents durint;
the fiscal year.
Stateinent shoiving 'the financial operations of the Third Auditor^s Office, ^"C.—Continned.
ra 0)
SIS
• II
(A ^ .
o
li
H
•
Relief of Mr.s Jaraes K Polk
Relief of Louis Rosenbaura
Relief of Thomas Day
Relief, of R. J. Hendei?son
Relief of certain officers of the Third
Artillery, Dnited States Army
Relief of C. C. Campbell
Relief of A. M. Garoutte
Relief of Almont Barnes
Relief of Joseph AV. Parrish
Relief of Edwin Ebert.
Relief of W. H. Woodward
Relief of J. B McCullough
Relief of W. S. McComb'.
Relief of AVestern and Atlanta Railroad Company of Georgia . •.
Relief of W. W. Van Antwerp
o
1
'o
o
c
m
$1,500
1, 424
640
7, 253
o
00
37
75
90
.
3, 600 00
6, 000 00
1, 544 15
150 00
4, 280 00
. 110 00
588 00
328 87
195 00
$1, 500
1 424
'640
7, 253
00
.37
75
90
3, 600 00
6,- 000 00
1 544 15
150 00
4, 280 00
110 00
588 00
328 87
195 00
199,038 58
150 00
199, 038 58
150 00
$47,497,024 16 i!2, 854, 324 75 $13,855 67. 245, 603 62
50,610,808 20
PER COis^TRA.
Deposits.
Thenumber of credit and counter requisitions dr.awn by
the Secretaries of AVar and the Interior-on sun dry persons iu favor of the Treasurer of the United States, is
1,120, on wliich repayments into the Treasury have been
made through the Third Auditor's,Office, dariug the fiscal year ended June 30,1877, as follows
$1,635,124 55
Transfer accoun is.
Total.
$294, 029 04 $1, 929, l53 59
Q U A R T E R M A S T E R ' S D I V I S I O N , I. S. TICHENOR, CHIEF.
The accounts of quartermasters embrace disbursements for barracks
and quarters, hospitals, store-houses, offices, stables, and transportation
of Army suppliies ; the purchase of Army clothing, camp and garrison
equipage, cavalry and artillery horses, fuel, forage, straw, material for
bedding, and s ationery; payment of hired men, and of per diem to extraduty men 5 expenses incurred in the pursuit and apprehension of deserters; for the burial of officers and soldiers; for hired escorts, expresses, interpreters, spies, and guides; for veterinary surgeons and
medicines for horses; for supxilying posts with water.; and for all other
proper and authorized outlays connected with the movt^ments and operations of the Army not expressly assigned to any other department.
Property purchased with the funds of the Quartermaster's Departiment is accounted for upon returns transmitted through the Quartermaster-General to this office (with the exception of "•'returns ot clothing, camp andgarrison equipage," which come under the supervision of
the Second Auditor), showing that the disposition made of it is in accordance with law and Army regulations.
Statement showing ihe oj)orations of ihe quartermaster's division, Third Auditor's Office, for thefisoal year ending June 30, 1877.
M o n e y raccounts.
.'
.
03
Supplemental settlements.
f>5
©
0 0
0
Total
:
,
.
.....
s
p
. §.
a
R e p o r t e d d a r i n g t h e fiscal y e a r
Remaining unsettled.
Total.
Signal-accounts.
1
•
a
On h a n d p e r l a s t r e p o r t
R e c e i v e d d u r i n g t h e fiscal y e a r
.
CD
00
0
0
0
296
1,858
$1, 774, 686 07
8,3.5.5,797 22
134
3, 780
65
238
$129,391 29
37
1,534
5
149
$26,998 41
472
763,134 .97 . 7, 624
$1,801,684 48
9,248,323 48
2,154
10,130, 483 29
3, 914
65
238
129, 391 29
. 1, 571
154
790, 133 38
8,096
11,050,007 96
1, 974
• 180
8,135, 493 59
1, 994, 989 70
3,734
180
65
233
129, 391 29
1,402
169
137- .
17
659, 316 51
130, 816 87
7, .':50
546
8,924,201 .39
2, 125, 806 57
2,154
10,130, 483 29
3, 914
65
238
129,391 29 =
1, 571
154
790,133 38
8, 096
11,050,007 96
-
o
•
Total
'.
o
w
?21
o
w
Ul
299
THIRD A U D I T O R .
Number of letters written in the quartermasters's division, 6,438;
average number of clerks employed, 27-^72-7 uiDnber of pages written,
4,143; uumber of vouchers examined, 228,879. •
The. report exhibits the total number of money accoimts and property
returus on hand June 30, 1876; the number of each class of accounts
received and examiued, and the number remaining on hand at the close
of the year.
A comparison with the last report shows a reduction in the average
numberof clerks employed in this division of twelve and a fraction;
thus, average number employed during the fiscal year ending June 30,
1876, 39§, and the average number employed during the year just
closed, 27j^2^; notwithstanding such a large reduction, the cuirent work
has been kept well in hand, and there has been a steady closing up of
the old unsettled accounts that accumulated during the war. The entire
force employed in this divisioa at the close of the fiscal year Avas 20,
which number it is hoped will be sufficient to keep up the work.
No claims have been allowed uuder the second section of the act of
May 18, 1872, commonly known as the eight-hour law.
Oongress having failed to make appropriation for the support of the
Army at its last session, some time must necessarily elapse before
accounts for the next fiscal year will be received, which will enable the
division to devote their entire time to closing up the accounts rendered
prior to the close of the last fiscal year, and in which Avork the division
is now engaged.
S U B S I S T E N C E DIVISION, ANDREW CAULDWELL, CHIEF.
The subsistence division examines the accounts of all commissaries
and acting commissaries in theArmy, whose duties are to purchase the
provisions and stores necessary for its subsistence, and to see to their
proper distribution. These commissaries render monthly money ac-'
counts, with proper vouchers for disbursements of the funds intrusted
to them, together with a provision-return, showing the disposition of
Xirovisions and stores purchased or derived from other sources. These
accounts are received through the Commissary-General of Subsistence,
and are examined and audited in this division.
The money accounts and vouchers, together with a certified statement of the result of said examinations, are then referred to the Second
Comptroller of the Treasury for revision. Upon their return from the
Comptroller, with the settlement approved, the officers are notified of
the result, and called upon to adjust or explain any omissions or errors
that may have been discovered. The money and provision accouuts,
together with^the vouchers and papers belonging thereto, .are then
placed in the settled files for future reference, and remain permanently
in the custody of this office.
SUBSISTENCE ACCOUNTS.
Money accounts.
Provisionreturns.
Nambe,-.|Am™»t,;"On h a n d p e r l a s t r e p o r t , j n n e 30,1876
R e c e i v e d d u r i n g t h e fiscal y e a r .
610
1, 913
$857, 269 33
3,p23,810 99
506
1, 913
Total
A u d i t e d d u r i n g t h e fiscal y e a r
2, 523
1, 863
4,381,080 32
3,252,851 40
2, 419
1,863
R e m a i n i h g on h a n d J u n e 30,1877
1,128, 228 92
500
REPORT
ON T H E
FINANCES.
E N G I N E E R ACCOUINTS.
The engineer branch is engaged in the examination of the accounts of
officers and agents of the Engineer .Department, who, under direction
o f the Chief of Engineers of the Army (except the Superintendent of the
Military Academy at West Point, whose disbursements are directed by
the Inspector-General), disburse moueys out of the various appropriations-—uow 248 in number—rnade from time to time by Congress for
works of a public nature, which may be classed under the following
heads, viz:
The purchase of sites and materials for, and construction and repairs
of, the various fortifications throughout the United States.
Construction and repairs of roads, bridges, bridge-trains, &c., for
. armies in the field.
Surveys on the Atlantic and Pacific coasts.
Examination and surveys of the northern and western lakes and riv-ers.
.
Construction and repairs of breakwaters.
Eepairs and improvement of harbors, both on sea and lake coasts.
'^' Improvement of rivers and purchase of snag and dredge boats for the
-same; and
The expenses of the Military Academy at West Point.
„ The transactions of the engineer branch for the fiscal year are shown
(by the following statement, viz:
On liand per last report, June 30,1876
Received during the fiscal year
Total......
:.:
Audited during the fiscal year
Remaining on hand June 30,1877.,
59
2,132, 649 69
Number of vouchers examined in subsistence and engineer division,
111,254; number of letters Written, 1,610; number of ''differences"
written, 729; number of queries answered, 560; average number of
€lerks employed, 9^.
CLAIMS DIVISION, W. S. STETSON, C H I E F .
This division has the settlement of claims of a miscellaneous character, arising in the various branches of service in the War Department
and growing out of the purchase or ayipropriafion of supplies and stores
for the Army ; the purchase, hire, or appropriation of water-craft, railroad stock, horses, w^agons, and other means of transportation; the
transportation contracts of the Army ; the occupation of real estate for
camps, barracks, hospitals, fortifications, &c.; the hire, of employes,
mileage, courts-martial, fees, traveling expenses, commutations, &G. ;
claims for compensation, for vessels, railroad-cars, engines, &c., lost ih
the military service; claims growing out of the Oregon and Washington war of 1855 and 1856 and other Indian wars, claims of various
descriptions under special acts of Congress, and claims not otherwise
assigned for adjudication.
.
THIRD
301
AUDITOR.
MISCELLANEOUS CLAIMS, E T C .
N u m b e r . A m o u n t claimed. A m o u u t allowed.
On h a n d J u l y 1 1876
;
Total
Ou h a n d J u l y 1, 1877
i.
10, 868
4,016
*$6, 283, 203 62
t4, 712, 792 29
14, 884
3, 645
10,995,995 91
+3, 884, 639 81
. $2, 697, 914 06
11,239
§7,111,356 10
2, 697, 914 06
* This is the amouut clainied iu 9,424 cases, the amouuts in the other (1,444) cases not being stated
in the claim papers.
t This is the amouut claimed in 3,923 cases, the amounts iu tho other (93) cas33 nofc beiug stated.
1 This is the amouut chximed in 3,549 cases,'the amo.unts in the other (96) cases nob beiu.i;; .stated.
§ This is the amouut claimed in 9,798 cases, the amouuts iu the other (1,441) cases nob being stated .
Number of letters written, 2,791.
•
Oregon and Washington Indian War-Claims, 1855-'56.
jS^umber. Amouoit claiined. A m o u n t allowed.
On h a n d J u l y 1, 1876
Received during the year
743
49
*%m, 109 03
t4, 912 85
Total
D i s p o s e d of d u r i n g t h e y e a r
792
115
55, 021 88
^29, 415 92
$18, 699 37
On h a n d J u l y 1, 1877
677
§25, 605 96
18, 699 37
* This is the amount claimed in 401 cases, the amouuts in the other (342) cases nofc being stated.
tThis is the amouufc claimed in 17 cases, bhe amouuts iu the other (32) cases nob being stated.
1 This is the amouut claimed in 64 cases, the amouuts iu the other (54) cases not being stated.
§ This is the amount claimed in 354 cases, the amounts iu the other (323) cases not being stated.
Number of letters written, 61.
Lost vessels, tfc, act March 3, 1849.
No.
On hand July 1, 1876
Received during the y e a r . .
Total.
.Disposed of dut ing the year
O n h a n d J u l y 1, 1877
* This is the araount claimed iu 73 cases.
Ainount.
claimed.
Amount
allowed.
2, 396 37
1632 50
763, 028 87
too, 000 00
31,^82 72-
*703, 028 87
31,882.72.
t This is the amount claimed in 2 cases.
STATE AND HORSE CLAIMS DIVISION-
The duties of this division embrace the. settlement, under the various
acts and resolutions of Congress relating thereto, of all claims of the
several States and Territories for the costs, charges, and expenses properly incurred by them for enrolling, subsisting, clothing, supplying,
arming, equipping, paying, and transporting their troops employed in
aiding to suppress the recent insurrection against the United States;.
and all claims arising out of ludian and other border invasions.
Also the settlement of claims for compensation for loss of horses and
equipage sustained by officers or enlisted men, while in the military
service of the United States; and for the loss of horses, mules, oxeuj.
wagons, sleighs, and harnesses, while in said service, by impressment orcontract.
D
302
REPORT ON T H E
FINANCES.
State claims.
Original a c c o u n t s . S u s p e n d e d a c c o u n t s .
1^0.
O n h a n d J u n e 30 1876
R e c e i v e d duriuo" t h e fiscal y e a r e n d i n g J u n e 30,1877
Oil h a n d J u n e 30 1877
. . .
.
.
,.
Amount.
6 ^3, 02'^, 089 65
9
157,961 33
38
$4, 708, 428 61
15
9
3,182', 050 98
249, 465 44
33
8
4,708,428 61
167, 109 57
6
2, 932, 585 54
30.
4 541 319 04
:...
Total
.
R e p o r t e d d u r i n g t h e fi.scal y e a r e n d i n g J u n e 30, 1877.'
No.
Amount.'
........
TeiTitorial claims.
-
M o n t a n a war-claims.
•
Dakota war-claims.
0
Amount.
/NO.
„
Total
.
.
.
R e p o r t e d d u r i n g t h e fiscal y e a r e n d i n g J u n e 30, 1 8 7 7 . . . . .
On h.ind J u n e 3 0 , 1877
Araount.
9
$3, 485 19
23
^1,138 00
OiOi
On h a n d J u n e 30 1876
R e c e i v e d d u r i n g t h e fiscal y e a r e n d i n g J u n e 30, 1877
No.
3, 485 193, 435 19
23
23
1 138 00
1,133- 00
:...
•i
/
.
Horse-claims.
No.
C l a i m s on h a n d J u l y 1 1876
Clairas r e c e i v e d d u r i n g t h e year.
Claims reconsidered during the year
Total.
Clairas allowed d u r i n g t h e y e a r
Disallowed on s a m e
Claims rejected
..
Amount.
..:
-;
'
r
398
106,
No. •
6, 237
126
36
| 1 , 064, 556. 74
.33, 049 05
6, 035 75
6, 399
1,103, 641 54
$ii2, 260 13
. 7, 267 10
10, 459 63
D e d u c t as finally disposed of d u r i u g t h e y e a r .
C l a i m s on h a n d J u l v 1, 1877
.:
•
Amount.
504
69, 986 86
5, 895
1, 033, 654 68
Number of briefs made, 806; number of claiins examined and suspended, 1,754; number of letters received and docketed, 3,942; number
of letters written, 5,129; number of clerks employed, 7.
PENSION DIVISION, W. H. WHITNEY, CHIEF.
Th(^ duties of this division embrace the settlement of a i r accounts
which pertain to the payment of Army pensions throughout the United
States. The Commissioner of Pensions is charged with the allowance
and issue of all certificates for pensions under existing laws. . The certificate issued in favor of the pensioner is sent directly to the agent for
paying pensions, and at the same time a copy of the certificate is forwarded to this office for record. This certificate is recorded in a rollbook prepared for each agency, on which is given the name in full, rate,
date of commencement, ending,, or other data, to assist in the proper
adjustment of payments when made by the several agents.
THIRD AUDITOR.
- 3 0 3
An account is kept with each pension-agent, charging him with all
moneys advanced for payment to pensioners under his proper bond and
fiscal year. At the end of each month the agent forwards his vouchers,
abstract of payments, and money statenient direct to this office, where
a preliminary examination is made to see if the inoney advanced is properly accounted for; the receipt of the account is then acknowledged, and
the account filed for audit. Each voucher is subsequently examined and
the payment entered on the roll-book opposite fhe pensioner's name.
Care has to be exercised to see that the rate, whether reduced or increased, to which the pensioner is entitled is properly paid.
Every odd year each invalid pensioner, whose disability does not exempt him, is subject to examination by duly appointed surgeons, and if
the rate named in his certificate is less than the rate heretofore paid the
agent can pay only at the reduced rate. The agent's account, when
audited, is reported to the Second Comptroller for his revision, and a
copy of the statement of errors, if any, sent to the agent for his information and explanation. The account, when returned from the Second
Comptroller, is placed in the settled files, where it permanently remains.
In cases of defalcation certified copies of all papers or.transcripts of the
account are prepared and forwarded to the Second Comptroller, who files
therewith a certified copy of the bond, and forwards the same to the
Solicitor of the Treasury for suit.
By the act of July 8, 1870, pensioners are paid quarterly instead of
semi-annually as before; consequently double the amount of labor, has
to be performed in auditing accounts.
The act of July 12,1870, requires all accounts to be audited by fiscal
years, and tbe unexpended balances to be covered into the Treasury to
the credit of the appropriation to which they properly belong.
As applied to pensions the law works well.
The act of February 14, 1871, granted pensions to survivors of the
war of 1812, who served at least sixty days, and to the widows of those
who were married prior to the treaty of peace, and shall not have
remarried. This class of cases is gradually decreasing, $237,949.12 less
in amount having been paid this year than last.
The act of June 8,1872, increased the pensions of invalids for specific
disabilities tb $18, $24, and $31.25 per month, which act was further
amended March 3, 1873, by allowing the $18 to be divided pro rata for
proportionate disability. The act of June 8, 1874, increased the pensions of soldiers who lost an arm at or above the elbow, or a leg at
or above the knee to $24, provided they could not use an artificial
limb, or to receive pay therefor if used. This proviso was repealed by
act of August 15, 1876. The act of February 28, 1877, increases the
allowance to pensioners who have lost oue hand and one loot, &c.,'to
$36 per month.
The numerous changes in the laws relating to pensioners increases the
amountof labor to be performed.in this office, and requires constant
watchfulness to prevent erroneous payments.
By act of March 23, 1876, payment for artificial limbs, heretofore paid
out of invalid pensions, was transferred to the control and direction of
the Surgeon-General of the Army.
At the end of each fiscal year all unexpended balances are deposited
to the credit of the Treasurer of the United States, and the certificates
are forwarded to the Secretary of the Treasury, who refers the same to
this office forproper credits to be given, which is done, and the amounts
are designated for credit under the appropriations to W'hich they belong.
304
REPORT ON T H E
FINANCES.
Each pension agent at the end of each year is directed to forward a
complete list of all outstanding unpaid checks issued by him ; and the"
funds represented by all checks which remain unpaid over three years
are covered into theTreasury to the credit of outstanding liabilities, as
provided for by law.
Amounts refunded to the credit of the foUowing appropriations dicring the
fiscalyear ending June 30, 1877.
Invalids, 1871
Widows, 1871
Invalids, 1872
Widows, 1872 . . . . . .
Army pensions, 1873..
Army pensions, 1874.
..'...
^
...:
'.
Balance on hand Jnne 30, 1876, appropriatiou 1875
Amount refunded and deposited
$1,449 39'
11,882 30
147 87
. 2,418.90'
16,517 71
4, 017 00
329,997 95
5, 965 59
•,
Amount paid on settlement of a c c o u n t s . . . .
335,963 54
1,706 86
Balance to the credit of appropriatiou, June 30, 1877
334, 256 68
The above amounts were all carried to the surplus fund.
Balance on hand June 30, 1876, appropriation 1876
Amouut refunded and deposited..»
,
-.
. „..
$966, 019 30'
650, 890 07
Amount paid on settlement of accounts
1,616,909 37
21,724 66-
Balance to the credit of appropriation, June 30, 1877
1,595,184 71
Amount approxiriated io pay Army pensions for the fiscal year ending June 30, 1877.
Army pensions.
Compeusation
Fees on vouchers. ..
Fees for surgeons
•.
Total
Amount u n d r a w n :
Army pensious....
Compensation
Fees on vouchers
Fees for surgeons
Total
/....
$28,400,000
200,000
250,000
100, 000
00
00
00
00-
28,950,000 00^
..\.
425,409
168
36, 875
33,756
1517
25
00'
496,208 57.
28,453,791 43
Amount to be accounted for as follows :
Amount paid Army pensions
^
Amount paid compeusation and expenses..
Amount paid fees on vouchers
Amounl paid fees for surgeons
Amount of unexpended balance in agents^ hands to be deposited
Amount i)aid on audited accouuts (miscellaneous)
$27,593,404
236,994
215, 317
66,057
337,812
4, 204
SO30
75
42
92
74
28,453,791.43
THIRD
305
AUDITOR.
The following tabular statement shows the number of accounts received and audited during the fiiscal year ending June 30, 1877 :
A m o u n t in- .
. volved.
Number.
A c c o i i n t s on h a n d J u n e 30,1876
Accounts received during the year
.
Total
...
..
.
.
.
:
A c c o u n t s r e p o r t e d to t h e Second C o m p t r o l l e r
A c c o u n t s on h a n d u n s e t t l e d
Total
409
834
$9,02.^,930 84
27, 899, 359 30
1,243
36, 925, 290 14
9,52
*291
34, 067, 985 43
2, 857, 304 71
1,243
. 36, 925. 290 14
'' The unsettled accounts on file belong to the fiscal year ending June 30, 1877.
Peu si on ers recorded
.
—
Pensioners transferred.
Eensioners increased...
,.'
i
Pensioners restored
Certiticates reissued
.•
Changes noted
Artificial limbs issued 1876.
..-.
'
Pension vouchers examined
;
Payments entered
Pages of abstract added
Pages of miscellaneous copied
Payments Corrected
Copies of surgeon's certificates furnished commissioner
Letters received and entered
Letters written.:
..^
Letters copied and indexed
One hundred and eighty-nine pension checks verified before payment,
amountingto
;
Pension checks reported for cover to outstandiug liabilities prior to this
year, not before reported. 258 in uumber, amounting to
Pension checks reported this year for cover to outstanding liabilities, 546
in number, amounting to
^
10, 526
21,162
10,362
1,001
. 873
12,449
123
1,121.910
1,011,585
36, 609
2,140
1,257
327
4,089
4,298
3, 639
$5,398 69
$7,416 08
$12,879 88
One hundred and eighty-eight special settlements were made, the
number not being included in the statement above. Mostly old accounts which have been closed.
Thirty one settlements for lost or destroyed checks were made, involving the sum of $2,037.73.
The following statement exhibits the number ahd amount of accounts
on hand and unsettled July 1, 1869, together with those received and
audited each fiscal year since:
Number.
On h a n d J u l y 1 1869 .
Received
Received
Received
Received
Received
Received
Received
during
during
duriug
during
during
c uring
during
the
the
the
the
the
the
the
fiscal
fiscal
fiscal
fiscal
fiscal
fiscal
fiscal
y e a r . 1871
y e a r 1872
v e a r 1873
.year 1874
y e a r 1875
y e a r 1876
y e a r 1877 .
. . .1
".
637
714
930
684
711
864
798
741
834
A m o u n t involved.
$34, 811, 593
27,743,819
28,513,262
28, 661, 597
28,756,702
29, 708, 332
29, 572, 855
28,348,161
27, 899, 359
83
29'
44
26
92
26
54
99
30
.
6, 913
.6, 622
264,015,684 83
261,1.58,380 12
B a l a n c e on h a n d J u n e 30 1877
291
2, 857, 304 71
On h a n d a n d r e c e i v e d
.
Number.
'
631
789
900
795
786
619
1,150
952
A m o u n t involved a u d i t e d .
125, 596, 876
32, 813, 334
40, 000, 205
33,926,556
26,43l,t,.56
19,888,428
48, 433, 036
34, 067, 985
39
28
68
19
71
52
92
43
6, 622 . 261,158,380.12
The appropriation for t h e l a s t fiscal year was divided under four
heads (instead of one as before, viz, ''Army pensions''), which very
much retards business without being of any benefit.
20 F
306
R E P O R T ON T H E
FINANCES.
By executive order dated May 7, 1877, the number of pension agencies was reduced from 58 to 18, from and after July 1, 1877. This reduction, it is estiraated, will save the government about $142,000 per
annum.
The force employed in this division numbered 41 clerks and 2 copyists.
The following tabular statements exhibit the amount disbursed by
fhe several agents, and the unexpended balance in hand to be covered
into theTreasury:
;
Unexpended halances in hands of pension-agents June 30,1877.
f3 ®
States.
Arkansas
Connecticut
California
District of Columbia.
Delaware
Indiana
Do
Do
Illinois
' Do
Do
Do
Iowa
.'..
Do
Do
Kentucky
Do...
Louisiana
Maine
Do
Do...Massachusetts;..
Do
Maryland...
Missouri
Do
Michigan
Do:,
Minnesota.
Mississippi
New Hampshire .
Do..
New York...
Do
Do
Do
New Jersey
North Carblina .
Nebraska
Ohio
Do...
;..
Do
Oregon — '
Pennsylvania
Do
Do
Rhode islarid . . . .
Tennessee..
Do
Vermont
D(...
Virginia
West Virginia.'..
Wisconsin
:'..
Do
Do
Total..
........
'Deduct balances due ag'ts
A gencies.
Little Rock
Hartford
San Francisco
Washington City .
Wilmiugton . . . . . .
Fort Wayne
Indianapolis
Madison
Cliicago
Quincy
Springfield
Salem
Dubuque
Des M nines
Fairfield....
Louisville ,
Lexington . . . . . . . .
Topeka
—
New Orleans
Augusta
Bangor
Portland
Boston
Fitchburg,
,
Baltimore
Saint Joseph
Saiut Louis
Detroit
Grand Rapids
Saint Paul
Vicksburg
Concord
Portsmouth
Albany . . . . . . . . . .
Brooklyn
Canandaigua
New York City..
Trenton
Raleieh
Omaha
Columbus
....
Cincinnati.......
Cleveland
Portland
I..
PittHburgh
Philadelphia
. . . do
Providence
Kuoxville
Nashville
Burlington
Montpelier
Norfolk
Wheeling
La Crosse
Madison
Milwaukee
Agents.
John Gr. Price
D. C. Rodman
'..
Thomas R. Moseley..
David C. Cox
JDaniel Burton
Hiram Iddings
W. H. H. T e r r e l l . . . . .
Mark Tilton...
Ada C. Sweet -.!
B. M. Prentiss
Jesse H. Moore
Isaac Clements '
Jacob Rich.
B.F. Gue
D.B.Wilson
R.M.Kelly ;
John A.Prall
John M. Allen
R.H. Isabelle
F. M. Drew
B. E. Small
George L. Beal
D. W. Gooch
J.W.Kimball........
Harrison Adreon
W. T. Jackson
A. R. Easton
Samuel Post
Thad. Foote
Eph. McMurtrie
John T. Rankin
E.L. Whitford..
D. J. Vaughau . . .
S. H. H. Parsons
James McLeer
L. M. Drury
Frank E. Howe .
James F. Rusiing
A. W. Tourgee
C. L. Bristol
A. T. Wikofif
Charles E. B r o w u . . . .
Seth M.Barber
S. J. McCormick
James McGregOr
A.D. W o o d . . . :
:..
H.G.Sickel
W. H. Reynolds
D. T. Boynton
William Y.Elliott
J. L. Barstow
Stephen Thomas
S. L. Anable,
' T. M. Harris
, B. F. Bryant
Thomas Reynolds
Ed. Ferguson
o ®
O bfl
#748 26
1, 679 96
15,
20 97
966 08
1, 781 24
341,401 86
• 3, 58o' 94
337, 812 92
3, 588 94
Aniounts disbursed hy pension-agents during thefisoal year ended June 30, 1877, as shown hy their accounts-current.
States.
Arkansas
Little Rock
Connecticut
Hartford
California
SanFrancisco
District of Columbia. Wawhington City . .
Wilmington
Delaware
Indiana
Fort Wayne
Do
Indianapolis
Do
Madison
Illinois
Chicago
Do
Quiuc.\
Do
-. Springlield
Salem
Do..-.;.:
Do
....do
Iowa
Dubuque
Do
Des Moines .;
Do
Fairfield ...... . : . .
Kentucky.
Louisville
Do....:.:...
Lexington ..:
Kansas .:
Topeka
Louisiana
New Orleans
Maine
;....
Augusta
D o . . : . . . . : . . . - . . Bangor
-P o . . . . . . . . . . . . . . . Portland
Massachusetts..-./.. Boston
D o . . - . : . . . . . ; . - - Fitchburg
Maryland
Baltimore. . - - . . . ..
M i s s o u r i . . . . . . . . . . . . Saiut Joseph
Do..-...do
Dp
Saint Louis
Micliigan
Detroit
Do
Grand Rapids . . . . .
Minnesota
. . Saint Paul
Mississippi
Vick.sburg
V.
New Hampshire .-..
Concord . . . : . . . - . . .
. Do
.- do
Do
Portsmouth
:..
Ne'w York
Albany
Do...:
-- Brooklyn".
Do
Canandaigua
..
Do . - : . . - . . . . . . New York Oity . -.
New Jersey
Trenton
North Carolina
Raleigh
Nebraska
Omaha
Agents.
John G. Price
D. C. Rodman . .
Ihomas R. Moseley
David C. Cox . . .
Daniel Burton
Hiram Iddings
W. H. H. Terrell ...
Mark Tilton
Ada C. Sweet
B. M. Prentiss
J. H. Moore
W/E. McMackin ..
Isaac Clements . .. Jacob Rich
Benjamin F. G u e - .
D. B. Wilson
R. M. Kelly
John A. Prall
John M. Allen
R.H. Isabella. ...-F. M. Drew
E.E. Small . . . . . . .
George L. Beal
D. W. Gooch
J. W^ Kimball
Harrison Adreon ..
j . T. Clements
W. T. Jackson
A. R. Easton
Samuel Pose ..Thad. Foote...
E. McMurtrie
J.T.Rankin
Alvah Smith
E. L. Whitford
D.J. Vaughan . . - . .
S. H. H. Parsons ...
James McLeer
L. M. Drury
Frank E. Howe ...
James F. Rushing .
A. W. Tourgee
C. L. Bristol
Invalids.
$42, 474
161, 127
66, 411
641, 795
45
67
22
70
33, 137 23
233, 270 79
5.54,109 54
147,590 68
441,771 72
198, 953 22
249,716 28
168,004 81
143,344 78
176, 519 37
201, 965 32
197, 783 16
153, 8.55 04
89,610 31
357,064 42
53, 323 37
167, 111 27
145, 455 22
191, 855 49
481, 023 69
165, 920 33
147,109 86
6, 403 46
189, 744 40
260, 953 64
495, 973 90
156, 967 05
200, 260 08
6, 465 70
1,476 68
173, 703 90
37,771 19
571,271 56
105, 770 90
588,166' 03
413, 346 75
288, 245 76
18, 671 86
145, 763 37
Widows.
$106, 797 75
223, 546 07
33, 981 28
248, 260 50
38, 644 03
206, 485 56
588, 930 14
196, 733 20
316,477 38
191,055 12
243, 774 15
249, 742 83
187, 998 72
160, 956 60
161, 489 58
171, 064 49
296, 009 92
227, 255 81
197, 943 24
64, 572 52
179, 305 01
166,109 44
188,377 18
513, 008 19
182, 244 56
161, 050 28 •
15, 566 02
183,055 38
368, 897 35
466,085 21
112, 742 72
164, 260 03
42, 979 31
3, 020 60
172, 708 92
44,127 98
.622,780 31
139, 930 37
5.58, 054 58
471,139 53
266, 711 53
46, 680.27
54,260 87
Surgeons.
$14, 487 58
16,377 39
3, 552 00
102, 460 52
1, ^24 00
9,921 60
33, 033 10
13, 103 41
17, 311 20
13, 293 93
13,833 86
6, 959 73
6, 076 80
10, 727 71
8,077 60
8, 730 14
30, 686 28
27, 378 89
5, 953 61
32, 935 44
18, 594 33
7, 572 28
16, 358 95
20,756 54
6, 441 60
24, 298 84
904 00
20, 989 .33
26,526 93
37, 544 14
7,204 40
5, 698 40
18,189 25
13, 517 08
4, 493 60
72,148 31
23, 495 21
70, 314 44
49, 092 23
26, 535 17
25,241 87
2, 014 66
Voucher-
Compensa- Expeuses.
tion.
$4,000 00
$170 00
$915 50
4, 000 00
881 60
3, 338 00
2, 593 67
508 00
705 75
4, 000 00
555 00
6, 482 50
1,961 53
72 00
.539 50
4, 000 00
1, 362 00
3, 415 00
4,000 00
3, 734 95
9, 274 00
4, 000 00
1,137 35
2, 797 50
5, 981 50 ^ 4, 000 00
1, 459 00
4, 000 00
833 40
2, 802 75
4, 000 00
1,271 00
3, 978 00
1,266 00
2, 666 66
2, 785 00
694 00.
1,333 33
2,550 50
4, 000 00
2, 826 25
1,006 50
4, 000 00
2, 984 25
1, 214 45
.4, 000 00
1,067 00
2, 676 50
4, 000 00
1, 046 00
3, 558 25
6.59 00
2, 268 75 • 4, 000 00
4, 000 00
1, 986 00
4,183 25
184 UO
899 75
3, 936 81
4, (;00 00
1,116 00
3, 083 00
4, 000 00
596 25
2,861 75
4, 000 00
581 00
3, 324 25
4, 000 00
1, 683 10
8, 390 75
4,000 00
618 00
3, 033 25
4,000 00
. 443 24
2, 613 25
139 00
77 25
555 55
894 "50
2, 910 00
3, 444 44
4,417 25
I,394 50
4, 000 00
2, 863 90
7, 847 75
4, 000 00
1, 095 00
2, 398 25
4, 000 00
2,
687
75
4,000 00
1, 376 50
1,852 78
8 00
383 00
67 00
222 22
20 50
6U5 90
3, 777 78
2, 959 25
116 00
809 50
2, 230 18
2, 605 63 . 10,128 50
4,000 00
494 (:6
3, 250 00
2,016 50
4, 000 00
'2, 682 92
9, 855 50
7, 476 50 . 4, 000 00
1, 928 52
4, 000 00
941 80
4, 631 75
2, 312 65
40 00
-: 680 50
4, 000 00
1, 272 50
1, 460 00
$354 17
162 12
551 61
455 17
41 51
.577 05
990 29
386 12
510 69
312 77
317 77
378 96
316 92
376 75
391 92
272 94
645 80
569 58
560 52
314 99
356 38
330 28
458 70
657 81
417 36
251 79
129 89
268 19
511 47
412 42
272 54
296 .94
121 96
35 31
251 12
81 17
1, 399 45
186 38
957 45
700 13
522 08
112 95
187 83
Total.
$169, 199 45
409, 43
@FedFRASER