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ANNUAL
REPORT
OF THE
SECEETARY OF THE TREASURY
ON THE
STATE OF THE FINANCES
FOR
THE
YEA.II
1879,
WASniISrGTON:
GOVERNMENT PRINTING OFFICEo
1879«
It/
TABLE OF CONTENTS.
Page.
in
I . — R E P O R T OF THE SECRETARY OF THE TREASURY
Tables accompanying the report
."
3
I I . — R E P O R T S OF TREASURY OFFICERS :
Auditor, First
Auditor, Second
Auditor, Third . . . . . . ^
.
Auditor, Fourth
Auditor, Fifth
Auditor, Sixth
Coast Survey, Superintendent of
Commissioner of Customs
Commissioner of Indian Affairs
Commissioner of Internal Revenue
Comptroller, First
Comptroller, Second..•.
Comj)troller of the Currency
Director of the Mint
:
Register of the Treasury
Treasurer ..„
-...
'.
.-.
•-
-
3^S
270
279
285
303
311
315
547
263
537
47
247
259
101
177
385
331
REIPORT.
^.
.
TREASURY DEPARTMENT,
Washington^ B . 0., December 1^ 1879.
S I R : I have the honor to submit the following annual report:
The ordinary revenues,.from all sources, for the fiscal year ended
June 30, 1879, were—^
From customs....*...™
$137,250,047 70
From internal revenue
113,561, GIO ^8.
From sales of public lands
^
924, 781 06
From tax on circulation and deposits of national banks
6, 747, 500 32
From repayment of interest by Pacific Eailway companies . . . .
..„:.....2, 707, 201 03
From customs' fees, fines, penalties, &c
1,100,871 (jQ
From fees—consular, letters-patent, and l a n d s . . . . . •
2,136, 051 79
From proceeds of sales of Government property..,,
181,128 81
From premium on sales of coin
8,104 38
From premium on loans
1, 496, 943 25
From profits on coinage, &c
2,924,938 07
From revenues of the District of Columbia
1, 741,461 16
From miscellaneous sources
3, 046,544 05
. Total ordinary receipts
273,827,184 46
The ordinary expenditures for the same period were—"
For civU expenses
..,....,.
$16,430,997 17
For foreign intercourse
1,333,830 13
For Indians
,
5,206,109 08
For pensions,iQcluding$5,373,000 arrears of pensions.
35,121, 482 39
For the mUitary estabUshment, including river and
harbor improvements and arsenals
..,
40,425, 660 73
IV
R E P O R T O F T H E SECRETARY O F T H E
TREASURY.
For the naval establishment, including vessels, machinery, and improvements at navy-yards
$15,125,126 84
For miscellaneous expenditures, including public
buildings, light-houses, and collecting the revenue.. 38, 870,205 78
For exi)enditures on account of the District of
Columbia
3,597,516 41
For interest on the public debt
105,327, 949 00
For payment of Halifax award
...
5,500,000 00
Total ordinary expenditures,.....". T. ^
,.
266,947,883 53
»
$6,879,300 93
To the redemption of United States notes, & c . . . u..
To the redemption of fractional currency
To the redemption of six per cent, bonds for the sinking-fund. : . . . . . . : . . . . . : . . . " . . . . . . . . ; . . . . , . . . . . : . .
To increase of cash" balance^in the T r e i a s u r y . . . . . . . .
$31, 617 50
705,158 66
Leaving a surj)lus revenue of
Which was applied as follows:
° 18,500 00
6,124,024 77
6,879, 300 93
The amount due -the sinMng-fund for the year was $36j955,604 63,
leaving a deficiency on this account of $30,070,303 70.
Compared with the previous fiscal year, the receipts for 1879 have
increased $16,711,159 70, in the following items: In customs revenue,
$7,079,307 50; in internal revenue, $2,970,985 84; in premium on
loans, $1,490,943 25-, in repayment of interest by Pacific EaUroacl companies, $1,340,246'67; in profits on coinage, $1,234,176 34; a n d i n
miscellaneous itemsj $2,580,440 10. Therewasadecrease of $647,853 94,
as follows: In sales of public lands, $154,962 3 1 ; in premium on sales
of coin, $308,097 92; in semi-annual tax on banks, $115,552 G4;^and
in proceeds of sales of Government property, $08,341 07; making a net
increase in the receipts from all sources for the year of $10,003,305 70.
The expenditures show an increase over the previous year ot
$32,223,731 20, as foUows: In the W a r Department, $8,271,512 88-, in
the Interior Department, $8,-501,292 11, (Indians, $570,828 80, and
pensions,$7,984,403 31;) intheiriterestonthepublicdebt, $2,827,074 35;
aud in the civil and miscellaneous, $12,503,851 92. There was a decrease of $2,240,174 53 in the Navy Department; making a uet increase
i n t h e expenditures of $29,983,550 73.
REPORT OF THE SECRETARY OF THE TREASURY.
V
FISCAL YEAR 1880.
For the present fiscal year the revenue, actual and estimated, will
be as foUows:
•
.^
Receipts.
For the qaarter For the remainended Septem- ing three-quarher 30, 1879.
ters of theyear.
Actual.
Estimated.
From cnstoms
$44,083,497 93
From internal revenue
29,409,691 81
117,383 61
From sales of public lands
From tax on circulation and deposits of national
banks
3,360,569 60
From repayment of interest by Pacific Railway
comi)anies
252,427 46
239,579 26
From customs' fees, fines, penalties, &c
'.,
506,864 29
From fees—consular, letters-patent, and lands
55,965 33
From proceeds of sales of Government property..
469,486 09
From profits on coinage, &c
1
238,864 06
From revenues of the District of Columbia
1,109,334 17
From miscellaneous sources -...
$107,916,502 07
86,590,308 19
882,616 39
79,843,663 61
208,156,336 39
Total receipts
3,389,430 40
1,247,572
860,420
1,693,135
144,034
2,030,513
1,461,135
1,940,-665
54
74
71
67
91
94
83
The exi)enditures for the same period, actual and estimated, will be
Expenditures.
For the quarter For the remainended Septem- ing three-quarters of theyear.
ber 30, 1879.
Actual.
For civil and miscellaneous expenses, including
public buildings, light-houses, and collecting .
the revenue'
.. . . . . . . . .
. $12,165,764 34
2,048,748 02
For Indians
..
For pensions—regular. . . . . . . . . . . . . . . . . . . . . . . . . . . 10,892,742 06
16;374,249 60
For arrears of nensions ' .
.
For inilitary establishment, includiug fortifications, river and harbor iraprovements, and ar12,104,897 38
senals
.= For naval establishment, including vessels and
4,196,569 59
machinery aud improvements at navy-yards
For expenditures on. account of the i)istrict of
1,163,728 65
• Columbia
.
..
.
For interest on the public debt . . . . . . ^ . . . . . . . . . . . 32,736,685 46
Total ordinary expenditures
Total receipts, actual and estimated
Total expenditures, actual and estimated
91,683,385 10
$39,537,769
3,451,251
20,480,257
3,252,750
66
98
94
40
31,017,692 62
11,303,430 41
2,132,737 35
61,140,724 54
172,316, 614 90
e... $288,000,000 CO
204,000,000 00
Leaving a balance o f . . . . . ' . . . . o . . . . . . . . . . . . .
Estimated.
24,000,000 00
VI
REPORT OF T H E SECRETARY OF T H E
TREASURY.
After applying the balance of the speciaFdeposit of United States
notes held^in the Treasury for the redemption of fractional currency,
araounting to $8,375,934, to the payment of arrears of pensions, as
directed in section 3 of the act approved June 21,1879, the increased
revenue derived during the months of July, August, and September of
the present iiscal year, was fully absorbed by current expenses, and
the payment of $10,374,249 00 arrears of pensions accruing under the,
act aiiproved January 25,1879. Notwithstanding these unusual demands the Department has been able to purchase and apply to the
sinking-fund, out of the surplus revenues for the month of October,
$10,050,000 six per centum bonds of 1881, and $070,050 five per centum
bonds, act of March 3,1804, the latter of which is the excess of redemptions of these bonds over issues of tour per cents, under the refunding
acts; and unless unexpected appropriations, available for expenditure
within this year, are made by Congress, the surplus revenues, in addition to paying oif the balance of arrears of pensions, will probably
enable the Department to apply to the sinking-fund account, during
the year, the sum of $24,000,000.
FISCAL YEAR
1881.
:' The revenues of the fiscal year ending June 30,1881, estimated upon
' existing laws, will be—
From customs
$152, 000, 000 00
From internal revenue
110, OCO, .000 00
From sales of public lands
1, 000, 000 00
From tax on circulation and deposits of national
banks . . : .
6, 750, OCO 00
From repayment of interest by Pacific Eailway companies
,..
1, 500, 000 00
From customs' fees, fines, penalties, &c
„
1,100, OCO 00
From fees—consular, letters-patent, and lands
2,200, OCO 00
From proceeds of sales of Government property . . . .
200, COO 00
From profits on coinage, &c
2, 500, 000 CO
From misceUaneous sources
4, 750, 000 CO
Total ordinary receipts o
288, 000, CCO CO
The estimates of expenditures for the same period, received from the
several Executive Departments, are as foUows:
Legislative
„
„..
$2, 954, 920 08
Executive
.'
13, 500, 093 91
judicial
,
399^ 300 00
REPORT OF. THE. SECRETARY OF THE TREASURY.
Foreign intercourse ,.'
MUitary establishment
Naval establishment.
Indianaffairs
'.....,
Pensions
Public works:
Treasury Department
War Department
Navy Department
Interior Department
Department of Agriculture
.,..".
Postal service
Miscellaneous.
Permanent annual appropriations:
Interest on the public debt
Sinking-fund
Eefunding—customs, internal revenue, lands,
&e
...,....._.
Collecting revenue from customs . . , . .
.....
Miscellaneous
....'.
VR
$1,185,135
29,319, 794
14,509,147
4,992,845
32,404,000
00
78
95
80
00
3,121,150
7,557,034
375,000
508, 635
0, 050
7, 711,900
17,801, 520
00
42
00
32
00
00
75
88, 877,410 00
39,828,225 72
' '
5,778,000 00
5,500, 000 CO
1, 700, OCO 00
Total estimated expenditures, including sinking-fund . . = . . . .
278,097,304 39
Or, an estimated surplus of
...."....
$9, 902, 035 01
Excluding the sinking fund, the estimated expenditures will be
$238,209,138 07, showing a surplus of $49,730,801 33. ^
The estiinates of revenue for the next fiscal year are based upon the
assumption that the increased receipts during the past few, months
are abnormal, and mainly due to the filling up of wants created by
recent depression rather than by the actual increase of trade.. These
wants being supplied, the revenues for hext year probably will not be
increased beyond tho amount estimated. The estimated expenditures
for the same period are based upon the requirements of existing law
and the necessary appropriations for public works in course of construction. The estimated surplus of $9,902,035 61 will probably be
exhausted by additional appropriations.
. ,
Should Congress increase the appropriations beyond this limit, or
repeal or reduce existing taxes, other sources of revenue must be
provided. Should this course be determined upon, which, however,
the Secretary does not recommend, he' would suggest, as a means of
vm
REPORT OF THE SECRETARY OF THE TREASURYO
meeting the deficiency,.the restoration of a moderate duty on tea and
coffee, and the levying.of an internal, tax. upon manufactures of opium,
as hereinafter morefuUy.statedo . .
SINKINa-FUKDo
The Secretary calls the attention of Congress, in this connection, to
the acts of February 25,1802, and July 14, 1870, requiring the purchase or payment of one per centum of the entire debt of the United
States within each fiscal year after the first day of July, 1862, to be
set apart as a sinking-fund, and the interest in like" manner to be applied to the purchase or payment of the public debt, as the Secretary
of the Treasury may, from.time to time,,directo. These acts are regarded as imposing upon the Secretary the duty of providing for the
sinking-fund out of the surplus revenues of the Government. I t has
been impossible to comply with these requirements during the
past few years owing to the loss of revenue consequent upon the
general depression of business throughout the country; but, as the,
prospects for increased revenues enlarge with the renewed activity in
all branches of industry, it seeras proper at this time to urge the
importance of meeting the obligations crea;ted by these acts. I t
is estimated that $39,828,225 72 will be required for this purpose
during the next year. Appreciating the necessity for united action in this direction^ this Department will heartily co-operate with
Congress in the most rigid econoray in the public expenditures under
its charge, and to that end the Secretary invites careful consideration of the estimates of expenditures submitted by the several Executive Departments. Any appropriations beyond those actually de°
manded by the necessities of the Government will only impair the
ability of the Secretary to carry these laws into effect.
With a view to proraote economy the Secretary ventures to suggests
for the consideration of the respective Houses, a permanent organization of an appropriation conimittee for each House, who shall have
leave to sit during the recess, with power to send for persons and papers, and to examine all expenditures of the Government; that rules
be adopted by the respective Houses limiting appropriation bills to
iteras of appropriation and excluding legislative provisions; that all
appropriations, except for the interest of the public debt, be limited to
a period not exceeding two years, and that their expenditure be strictly
confined to the period of time for which they are appropriated; and
that all permanent and indefinite appropriations, made more than four
years ago, except that for the public debt, be repealed.
REPORT OF THE SECRETARY OF THE TREASURY,
IX
R E S U M P T I O N O F SPECIE PAYMENTS.
At the date of my last annual report, Deceraber 2,1878, the preparation for the resuraption of specie payraents, provided for by the act
approved January 14, 1875, had been substantially corapleted. On
the first day of January, 1879, the day fixed for the resumption of
specie payments, the reserve of coin, over and above all matured liabilities, was $133,508,804 50.
Previous to that time, in view of resumption. United States notes and
coin were freely received and paid in private business as equivalents.
Actual resumption comraenced at the time fixed by law, without any
jmaterial demand for coin and without disturbance to public or private
business. No distinction has been made since that time between coin
and United States notes in the collection of duties or in the payment
of the principal or interest of the public debt. The great body of coin
indebtedness has been paid in United States notes at the, request of
creditors. The total araount of United States notes presented for rederaption, from January 1 to November 1, 1879, was $11,250,078.
But little coin has been deraanded on the coin liabilities of the Governraent during the same period though the amount accruing exceeded
six hundred million dollars. Meantime coin was freely paid into the
Treasury and gold bullion was deposited in the assay office and paid
for in United States notes. The aggregate gold and sUver coin
and bullion in the Treasury increased, during that period, from
$107j558,734 19 to $225,133,558 72, and^the net balance available for
resumption increased from $133,508,804 50 to $152,737,155 48.
In accordance with the position taken in the last annual report j
United States notes have been received, since January 1, last, in pay^ment of duties on imports.
.
To meet the local demand for coin,in places other than New York City,
persons applying have been paid silver coin for United States notes,
the coin being delivered to them on established express-lines free of
expense; and for sorae time gold affd silver coin has been freely paid
out at tho several sub-treasuries upon current obligations of the Government. There has been, however, but little demand for coin, and
United States notes and the circulating-notes of national banks have,
been received and paid out at par with coin in all business transactions,
public or private, in all parts of the country.
The specie standard, thus happily secured, has given an impetus to
all kinds of business. Many industries, greatly depressed since'the
panic of 1873, have revived, while increased activity has been shown in
all branches of production, trade, and commerce. Every preparation
X
REPORT OF THE SECRETARY OF THE TREASURY,
for resumption was accompanied with increased business and confidence, and its consuraraation has been, followed by a revival of productive industry unexarapled in our previous history.
, It is raade the duty of this Department to maintain resumption, and
for this purpose, in. addition to the use of surplus revenue and the
fund for resumption purposes, the Secretary is authorized to issue, sell,
ZLixd dispose of, at not less than par in coin, either four, four and a
half, or five per cent, bonds ofthe description set out in the refunding
act, approved July 14,1870. ,This act is based upon the idea that all
the necessary exiienditures of the Government appropriated for by
Congress will be met by the current revenues, leaving the surplus revenues and the reserve-fund available for resumption. It is also provided by that act thatthe amount of United States notes^to be redeemable on demand in coin shall be graduaUy reduced to the sura of
$300,000,000. The act approved May 31,1878, increases the maximum
of United States notes, upon which resumption is to be ma;intained,
to the sura of ,$340,081,010, the amount outstanding at the date of
the passage of the act. It also provides as follows: ^^ And when any
of said uotes may be redeemed or be received into the Treasury under
any law from any source whatever and shall belong to the United
States, they shall not be retired cancelled or destroyed but they shall
be reissued and paid out again and kept in circulation."
This act must be construed in connection with the provision of the
Constitution, that, ^^no money shall be drawn from the Treasury but
in consequence of appropriations made by law." The reserve-fund
created by the resuniption act could not, without further legislation,
be applied to the payment of current appropriations. Nor is it to be
presumed that Congress will omit to provide ample revenues to raeet
such appropriations. Therefore, under existing law, the notes received
into the Treasury in exchange for coin will always be available for the
purchase of or exchange for coin or bullion. Any United States notes
in the Treasury may be exchanged for coin under the authority of sec
tion 3700, Eevised Statutes. When notes cannot be used at par for
that purpose they must necessarily reraain in the Treasury. To avoid
all uncertainty, it is respectfully recomraended that by law the resumption-fund be specifically defined and set apart for the redemption of
United States notes, and that the notes redeemed shall only be issued
in exchange for or purchase of coin or bullion.
The great convenience and. easy transportation of notes has thus
far enabled the Treasury to exchange thera for coin or bullion at allthe
centres of production of gold and siiver in this country, and also to pay
REPORT OF THE SECRETARY PF THE TREASURY.
XI
for large suras of foreign coin at the assay office in New York without
any raaterial draft on the resumption-fund; and it is believed that this
voluntary exchange will, in ordinary times, furnish the Treasury with
all the coin necessary. I t would be only in an emergency not easy
to foresee, and not likely to arise, that the power to sell bonds for
resumption purposes would be exercised, but it should be preserved
to meet any extraordinary deraand for the redemption of notes which
might possibly occur.
*
The Secretary is, therefore, of opinion t h a t the provisions of existing
law are ample to enable the Department to maintain resumption even
upon the present volume of United States notes. In view, however,
of the large inflow of gold into the country and the high price of public
securities, it would seem to be a favorable time to invest a portion of
the sinking-fund in United States notes, to be retired and cancelled,
and in this way gradually to reduce the maximum of such notes; to the
sum of $300,000,000, the amount fixed by the resumption act. .
The Secretary respectfully calls t h e ' attention of Congress to the
question whether United States notes ought still to be a legal-tender
in the payment of debts. The power of Congress to make them such was
asserted by Congress during the war, and "was upheld by the Supreme
Court. The power to reissue them in tirae of peace, after they are
' once redeemed, is still contested in that court. . Prior to 1802,
only gold and silver'were a legal-tender. Bullion was deposited by
private individuals in the mints and cqined in convenient forms and
designs, indicating weight and fineness. Paper money is a i3romise to
pay such coin. No Constitutional objection is raised against the issue
ot notes not bearing interest to be used as a part of the circulating,
medium. The chief objection to the emission of paper money by the
Government grows out of the legal-tender clause, for without this the
United States note would be measured by its convenience in use,
its safety, and its. prompt redemption. In war, and during a grave
public exigency, other considerations may properly prevail; but it
would seem that during peace, and, especially, during times of
prosperity and surplus revenue, the promissory note of the United
States ought to stand like any other promissory note. I t should
be current money only by being promiitly redeemed in coin on
demand. The note of the United States is now received for all
public dues, it is carefully limited in araount, it is promptly redeemed on demand, and ample reserves in coin are provided to give
confidence in and security for such redemption. With these conditions
maintained the United States note will be readily received and paid on
Xli
REPORT OF THE SECRETARY OF THE TREASURY;
all demands. While they are maintained, the legal-tender clause gives
no additional credit or sanction to the notes, but tends to impair confidence and to create fears of over-issue. I t would seera, therefore,
that xiow and during the maintenance of resumption it is a useless
and objectionable assertion of power, which Congress might now
repeal on the ground of expediency alone. l¥hen it is considered that
its constitutionality is seriously contested, and that from its nature it
is subject to grave abuse, it would now appear to be wise to withdraw
the exercise of such a power, leavingit in reserve to be again resorted
to in such a period of war or grave emergency as existed in 1802. The
Government derives an advantage in circulating its notes without interest, and the people prefer such notes to coin, as money, for their convenience in use and their certain redemption in coin on deniand. This
mutual advantage may be secured without the exercise of questionable
I)ower; nor need any inconvenience arise from the repeal of the legaltender clause as to future contracts. Contracting parties may stipulate,
for either gold or silver coin or current money. In the absence of an
express stipulation for coin the reasonable presumption would exist
that the parties contemplated payment in current money, and such
presumption might properly be declared by law and the contract enforced accordingly.
The Secretary, therefore, respectfully submits to Congress whether
the legal-tender clause should not now be repealed as to all future contracts, and parties be left to s^tipulate the mode of payment. United
States notes should still be receivable for all dues to the Government,
they should be promptly redeeraed on demand, and ample provision
made to secure such redemption.
COINS AND COINAGE. ^
The operations of the mints and assay offices during the year, and
their condition at the present time, are exhibited in the report of the
Director of the Mint,
The report also contains recommendations for increasing the effectiveness of that branch of the service and furnishes information relative
to the amount of specie in the country, and the production of the mines
ofthe United States, and statistics, brought up to recent dates, ofthe
currency of the principal countries of the world, ofthe rates of production of the precious metals, and of their consumption in coinage, and
in the arts and manufactures.
X'
REPORT OF THE SECRETARY OF THE TREASURY!
XllI,
The value of the gold coinage executed during theyear
was
$40, 980, 912 00
Of standard sUver dollars.
27,227,500 CO
Of subsidiary silver coin
382 50
Of minor coin..,
97, 798 CO
Total
08,312,592 56
Gold and silver were separated in the refineries of the raints and
the assay office at New York in the amount of $20,759,549 97 in gold,
and $10,087,520 97 in silver, a total of $31,447,070 94, and fine and
unparted bars were made in the amount of $12,970,812 08 of gold, and
$9,045,802 11 of silver.
\
The mints and assay offices generally are in excellent condition, and
their capacity is sufficient to meet the demand for coinage and bars.
The gold coinage since 1802, about which time it disappeared from
circulation, bas been principaUy in double-eagles, but during the
last year over nine per cent, of the gold coins struck were in pieces
of smaller denomination. The coinage of eagles and half-eagles will
be continued until the demand for small gold coin is supplied.
The coinage of standard silver dollars has been kept fully up to the .
requiremeuts of law,-notwithstanding the difficulty experienced in
procuring silver bullion for the mints at San Francisco and Carson, at
market rates.
The amount of silver coin of less than a dollar provided for by law
having been executed, the coinage of this money has been suspended.
The demand for minor coins, particularly for. the one-cent piece,
has been pressing.
The bullion production from the inines of the United States for the
last year is estimated by the Director to be nearly eighty million dollars, the proportions of gold and silver being about equal. The year's
total production is less than that of the preceding year, caused
by a diminution iu the yield of the mines of Nevada, Avhich was
not compensated by increased production in other places.
The Director estimates the coin in^the country on October 31,1879,
at $305,750,497 of goid, and $121,450,355 ofsilver. The bullion in the
mints and New York assay office at that date awaiting coinage
amounted to $49,931,035 of gold, and $4,553,182 of sUver, making the
total amount of coin and bullion $481,091,009.
,
The estimating ofthe specie in the'country at any given time is always
difficult; b u t this estimate appears to haye been carefully prepared
from coinage reports and statistics of recoinage, export, aud import.
^
•
•
xiv:
REPORT OF THE SECRETARY OF THE TREASURY.:
The amount of gold and silver annually used in the arts and man '
ufactures forms no.inconsiderable.factor in estimating the production
of the mines or the. specie avaUable for circulation, and an attempt
has been raade to arrive at the araouuts so used from the records of the
New York assay office, which furnishes, the principalpart ofthe metals
consumed for these purposes, and from reports of the manufacturers.
The general result, while'incomplete in details, indicates that the
total consumption for purposes other than coinage is in excess of estimates heretofore made. »
In the last annual report, the Secretary stated:
^^ It would seem to be the best policy for the present to limit the
iaggregate issue of our silver dollars, based on the ratio of sixteen to
one, to such sums as can clearly be maintained at par with gold, until
the price of silver in the market shall assume a definite ratio to gold,
when that ratio should be adopted and our coins made to conform to
it; and the Secretary respectfully recommends that he be authorized
to discontinue the coinage of the silver dollar when the amount outstanding shall exceed fifty million dollars."
He again respectfully calls the attention of Congress to the importance of further liraiting the coinage of the silver dollar. The raarket
value of the bulhon in this coin has been during the past year frora ten to
' sixteen per cent, less than the market value of the bullion in the gold
dollar. The total amountof silverdollars coined to November 1, 1879,
under the act of February 28,1878, was $45,200,200, of which $13,002,842
was in circulation, and the remainder, $32,203,358, in the Treasury at
that time. No effort has been spared to put this coin iu circulation.
Owing to its limited coinage it has been kept at par; but its free coinage
would soon reduce its current value to its bullion value, and thus establish a single silver standard. The inevitable result would be to exclude
gold coin frora circulation. It is impossible to ascertain what amount
of silver coin, based upon the ratio of sixteen of silver to one of gold,
can be maintained at par with gold,'but it is manifest that this can
only be done by the Government holding in its vaults the great body
ofthe silver coin. It, would seem that nothing would be gained by ah
unlimited coinage unless it is desirable to measure all values by the
silver standard. The Secretary -cannot too strongly urge the importance of adjusting the coinage ratio of the two metals by treaties with,
commercial nations, and, until this can be done, of limiting the coinage of the silver dollar to such a sum as, in the opinion of Congress,
would enable the Department to readily maintain the standard dollars
of gold and silver at par with each other.
REPORT OF THE SECRETARY OF THE TREASURY,
'• '•
•^
REFUNDING-. '•".'•
'' '
.XV
.
On the 23d of November, 1878, to which date the refunding transactions Avere brought in the last annual report, there had been issued
of four per cent, consols for refunding purposes $144,770,900, and there
remained at that time bonds redeemable as follows:
Authorizing act.
March.3, 1805 :
J u n e 14, 1858.March 3, 18G4, (10-40's) ,
Total ,
Rate
of interest.
6 per cent..
5 per cent..
5 per cent.-
Amount.
|371,424,800
260,000
194,566,300
566,251,100
In that report the attention of Congress was called to the threemonths' pubhc notice required by law to be given to holders of bonds
called for redemption, with the recommendation that the law be so modified that the notice be, at the discretion of the Secretary, not less
thau ten days nor more than three months. As no action was taken upon
this recommendation, on January 1, 1879, the four per cent, loan was
offered to the public without changing the period of the notice-; and, ih
view of the practical effect of resumption, the Secretary offered to
receive United States notes in payment for the bonds sold.
:
. The bonds were rapidly sold in this country, and the resulting redeinptions of five-twenties, many of which were held in Europe,
rendered desirable the sale of the bonds in London sufficient to prevent the shipment of gold from this country. To attain this object
a'contract was made on the 21st day of January, 1879, with certain banks and bankers, under which they agreed to subscribe at once
for $10,000,000 of four per cent, bonds, with option of taking
$15,000,000 more by monthly subscriptions of $5,000,000 during AprU;
Mayj and June. On the part of the Government the bonds were to be
delivered free of charge in London, at which place an agency was to
be maintained during the continuance o f t h e contract. Undei* this
contract $15,000,000 of bonds were taken.
'
In the meantime, under authority of the act of January 25,1879^
the Secretary offered tp exchange four per cent, bonds for uncalled fivetwenties. The amount of five-twenties so exchanged was $800,000.
On March 4, notice was given that when the remaining five-twenties
should be covered by subscriptions, the sale of four per cents for refunding the ten-forty bonds would probably be made upon less favorable
4:erms to the purchaser. Owing partly to fears that the heavy pay-
xvi
REPORT OF THE SECRETARY OF THE TREASURY,
ments falling due in April and May would create a disturbance in
the money raarket, there was a falling off in the sales of bonds during
the month of March. Measures were succesfully taken by the Department to secure the adjustment of the accounts of purchasers of the
bonds without embarrassraent to the business interests of the country.
On the morning of April 4, the araount of outstanding five-twenties .
not covered by subscriptions to the four per cents, was $59,505,700.
Before the close of business on that day subscriptions were received
sufficient to refund the remaining five-twenties, and in accordance with
previous notice the offer of January 1 was rescinded. Additional subscriptions were received and rejected, araounting to $00,919,800.
The refunding ofthe five-twenties having been accomplished—and no
other six- per cent, bonds being redeeraable—on April 10, $150,000,000
of the four per cent, bonds were off'ered at a preraiura of one-half of
' one per cent., the proceeds to be applied to the rederaption of the five
' per cent, bonds issued under the act of March 3, 1804, known as
ten-forties, reserving the residue, $44,500,300, necessary for the rederaption of the entire loan, for the conversion of refunding certificates offered at the same time. The four per cent, bonds were also
offered in exchange for any outstanding uncalled ten-forty bonds.
On the following day subscriptions amounting to $149,389,050 were
received and accepted, and $34,755,000 received and declined, and the
offers bf the four per cent, bonds were withdrawn. One subscription
for $40,000,000 of the certificates was also received and declined, the
evident purpose of the law authorizing the issue of these certificates
being to cause, as far as practicable, a distribution of the public debt
araong the people. Exchanges were also raade in the amount of
$2,089,500.
On April 21, a call was made for the remainder of the ten-forty bonds,
and on the 23d, a call was made for $200,000, loan of 1858, thus completing the rederaption of all .outstanding redeeraable bonds bearing
interest at ^YQ per cent.
On March 12,1879, independent-treasury officers were authorized to
exchange the ten-dollar certificates, authorized by the act of February^^
20,1879, at par for lawful money, and the Treasurer of the United,
States was authorized to issue them upon the certificate of any national
bank designated for the purpose. To facilitate and distribute the sale °
of these certificates, national banks and public officers were invited to
become depositaries for this purpose, as authorized and provided by
[ sections 3039 and 5153, Eevised Statutes of. the United States.
Each certificate was prepared in the denomination of $10, and bore
REPORT OF THE SECRETARY OF THE TREASURY.
XVll
interest at the rate of four per cent, per annura from April 1, 1879, at
which time the quarterly interest began on the four per cent, bonds,
into which the certificates were convertible in sums of $50, or its multiples. Any person subscribing could, at his option, have the certificates
registered in his name on the books of the Department.
Imraediately upon the advance by the Departraent of the price of
the four per cent, bonds to one-half of one per cent, above par, the
demand for these certificates greatly.increased. Offers for them at a
premium corresponding to the premium- on the bonds into which they
were convertible were received, but the act under which they were
issued not only authorized but directed them to be issued in exchange
for lawful raoney, thus apparently preventing the sale of thera at a
preraiura, and the offers were therefore declined.
To bring thera within the reach of small investors, on and after
April 18, their sale was restricted to independent-treasury officers
and public officers bonded for that purpose, and to sums not exceeding $100 at oue tirae. Evasions of the intent of the law and
instructions, howeyer, with a view of immediate conversion ofthe certificates into bonds, soon became evident, and, on April 28, the officers
selling the certificates were directed to refuse them when such evasion
was manifest. At the same time commissions on the sales, if in large
amounts, were greatly reduced, and the conversion of the cei'tificates
into bonds was postponed uutil July 1, 1879. The entire amount was,
however, disposed of as rapidly as the certificates could be prepared,
and before the close of the fiscal year.
In response to the invitation to becorae depositaries for sale of these
certificates, five hundred and nine public officers and seventy-six:
national banks were designated for the purpose and engaged in the.
sales.
The certificates were sold as follows:
B}^ public officers designated as depositaries
By national banks
By independent-treasury officers
In aU.,
$28,509,200
-..,
1,197, 070
10,245,880
40, 012, 750
of which amount there had been converted into four per cent, bonds
to the close of business October 31,1879, $37,203,350, leaving outstanding $2,809,400.
Thus, since November 23,1878, to which date the transactions were
brought in the last annual report, there have been refunded $370,848,750
six per eent. and $193,890,250 five per cent, bonds of the United States,
n
xvm
REPORT OF THE SECRETARY OF THE TREASURY.
into bonds bearing interest at four per cent., making an annual saving
of interest hereafter of $9,355,877 50.
The following table shows the transactions in refunding since March
1,1877, and the annual saving of interest therefrom:
Title of loan.
Loan of 1858
'Ten-forties of 1864
Five-tweuties of 1865
•Oonsols of 1865,
Consols of 1867
€onsolsof 1868
Rate
per ct. Am^t refundecl.
5
5
6
6
6
6
$260,000
193,890,250
100,436,050
202,663,100
310,622,750
.37,473,800
845,345,950
Total
Annual interest charge.
1 $9,707,512 50
j> 39,071,742 00
"^
48,779,254 50
In place of the above bonds there have been issued bonds bearing
interest as follows:
Title of loan.
Funded loan of 1891
. . .
Funded loan of 1907, inchiding refunding
certificates
Total
Rate
per ct. Amount issued.
Annual interest charge.
4i
$135,000,000
* $6,075,000
4
710, 345,950
28,413,838
845,345,950
34,488,838
making a saving in the annual interest since March 1, 1877, of
$14,290,410 50.
These transactions have been accoraplished without the loss of a
dollar, and without appreciably disturbing the current business of the
•eountry. I n a fewvdays copies of the contracts, circulars, iraportant
fiorrespondence, and accounts pertaining thereto, and also to resumption, will be laid before Congress.
The entire transactions in refunding since 1870 have been as follows:
Title of loan.
Loanof 1858...
Ten-forties of 1864
,
Five-twenties of 1862
3Five-twenties of March, 1864 .
Five-twenties of June, 1864...
Five-twenties of 1865
Consolsof 1865
Consolsof 1867
Consolsof 1868
Total.
Anuual interRate
est char^je.
perct.l Am^t refunded.
$14,217,000
193,890,250
401,143,750
1,327,100
59,185,450
160,144,500
211,337,050
316,423,800
37,677,050
1,395,3 45,950
I $10,405,262 SO
} 71,234,322 00
81,630,684 50
REPORT OF THE SECRETARY OF THE TREASURY.
XIX
In place of the above bonds there have been issued bonds bearing
interest as follows:
Title of loan.
Rate
per ct.
Funded loan of 1881
Funded loan of 1891
:
Funded loan of 1907, including refunding
certificates
5
4
Total
Total issued.
$500,000,000
185,000,000
Annual interest charge.
$25, 000, 000
8, 325, 000
710, 345,950
28,413,838
1,395, 345,950
• 61,738,838
making an annual saving hereafter in the interest charge on account
of refunding operations of $19,900,840 50.
The following-described bonds will mature in 1880 and 1881:
Authorizing act.
Fehruary 8,1861
July 17 and August 5, 1861
March 3, 1863
March 2, 1861
July 14, 1870, and January 20, 1871.
Total
Rate of
interest.
Date of
maturit;y.
Dec. 31, 1880
June 30, 1881
June 30, 1881
July 1. 1881
May i; 1881
Amount.
$18,415, OOG
182, 605, 550
71,787,000
823,800
508,440,350
782,071,700
Of these bonds, the loan of February .8, 1801, maturing December
31, 1880, is payable upon the deraand of the holders, and can probablj^
be provided for from the surplus revenues.
Under the refunding acts of July 14, 1870, and January 20, 1871,
bonds for refunding pur|;o3es were authorized in the amount of
$1,500,000,000. Of this amount there have been issued, as above
stated, $1,395,345,950, leaving available for future refunding operations $104,054,050.
, I t is respectfully suggested that authority be given at the present
session of Congress to issue, sell, and dispose of, at not less than par
in coin, four per cent, bonds ofthe description set forth in the said act
of July 14,1870, and refunding certificates of the description set forth
in the act of February 20, 1879, with like qualities, privileges, and
exemptions, except as hereinafter stated, to the extent necessary to
redeem the bonds falling due on or before July 1,1881, above described,
and to use the proceeds for that purpose.
I t is hoped that the advancing credit of the country will enable the
Secretary to sell such bonds and certificates at a preraiura, but it seems
better to maintain the general conditions ofthe four per cent, bond rather
xx,
REPORT OF THE SECRETARY OF THE TREASURY.
than to undertake to sell a bond at lower interest. The four per cent,
consol is now universally known. The rate of interest is as low as will
generally maintain the bond at par, and the premium will measure its
advance above par at favorable periods. The certificates should bear
the same rate and be sold on the same terms as the bonds. It is important that the authority granted should include the power to refund,
from the passage of the act at the present session, and to prepay the excess of interest on the bond to be refunded prior to its maturity.
The present is believed to be an exceptionally favorable time for
such refunding.
THE NATIONAL RANKS.
The report of the Comptroller of the Currency gives complete statistics relative to the operations of the national-banking systera frora
its organization until the present time. The number of banks in
operation on October 2 of the present year, the date of their last
reports, was 2,048, and the aggregate capital, $454,007,305; surplus,
$114,780,528 5 individual deposits, $719,737,508; specie, including
United States coin certificates, $42,173,731 23; legal-tender notes,
including United States certificates, $95,973,440; loans, $875,013,107.
The total circulation outstanding on Noveraber 1 was $337,181,418.
Among the subjects discussed in the report are the relations which
have existed between the national banks and the Government in the
resumption of specie payments, and in the funding of the public debt.
In both of these important financial operations the co-operation of the
' national banks has been of essential service to the Government. The
banks, in the aggregate, have constantly kept on hand, as reserves,
nearly one-fourth ofthe entire amount of legal-tender notes outstanding,
which, together with the coin, is much in excess of the amount of the
reserves required by law. They have constantly held as security for
their circulating-notes, and for Government deposits and other purposes, raore than one-fifth of the interest-bearing debt of the United
States. They have raaintained their legal reserves in the Treasury for
the redemption of their circulating-notes, and such redemption has been
made without failure or delay at their expense. In this mode exchanges
have been made between all parts of the country at the lowest possible
rates.
The effect of the business depression prevalent from 1873, until the
resumption of specie payments, upon the national banks, is shown in
the losses which they have sustained and the dividends which many
have been compelled to pass; also by the noticeable diminution, from
year to year, in the aggregate surplus.
REPORT OF THE SECRETARY OF THE TREASURY.
XXl
The aggregate capital and deposits of banks, other than national, is
also given; and such other information, in reference to these banks, as
could be obtained frora the officers who have charge bf the execution
of the banking laws in the different States.
The very large taxes paid by national banks to the National,
State, and municipal authorities, have been a great aid in relieving
other property from the burden of taxation, and, in the aggregate, are
more than the interest at four per cent, on their entire circulation.
Thus the large amount of non-taxable United States bonds held by
them becarae taxable, and these taxes are in effect paid for the franchise they enjoy of issuing circulating-notes.
The cost of Uquidating the affairs of national banks which have
been placed in the hands of receivers since the estabUshraent of the
systera is, for the first tirae, given in the report, and will serve to correct the irapression, which has to sorae extent prevailed, that too great
a portion of the assets of such banks have been expended in the settlement of their affairs.
Tables are also given showing the loss to depositors and also other
creditors through the insolvency of national banks; and these losses
are compared with sirailar losses incurred by the creditors of insolvent
banks other than national, and the coraparison is exceedingly favorable
to the national systera.
The circulation of the banks which, since the passage of the act of
January 14, 1875, has largely decreased, is now increasing in its aggregate araount, showing that the systera responds proraptly to the varying requirements of business.
The advantages of this system over any system of banks hitherto
devised are that their circulating-notes are secured beyond peradventure of loss; they are of universal credit in the country wherever
issued; they are more perfectly protected frora counterfeiting; they
equalize exchanges between distant parts of the country; they are
proraptly redeeraed on deraand at one coraraon place; the banks are
subject to a strict and vigilant surveillance by independent officers of
the Governraent; their condition is frequently made known to the
public; and they contribute a very large percentage of their profits in
the way of taxes. A system of banking that, after an existence of sixteen years, through war and periods of great inflation and great depression, has produced such results, may fairly appeal for the confidence
and support of Congress.
xxn
REPORT OF THE SECRETARY OP THE TREASURY.
PURLIO MONEYS.
The monetary transactions of the Government have been conducted
through the offices of the United States Treasurer, nine assistant
treasurers, five hundred and ten depositaries, and two hundred and
twenty-two national-bank depositaries.
The receipts of the Government from all sources have amounted during the last year, as shown by warrants, to $1,000,034,827 40, of which
$792,807,043 have been received from loans; $137,250,047 70 from customs; $113,501,010 58 from internal revenue; and $23,015,520 18 from
sales of land and from miscellaneous sources. These receipts were deposited as follows:
In independent-treasury offices
In national-bank depositories
c
' $413,303,508 43
053,271,319 03
These transactions have been conducted without loss, and it may be
stated that all officers engaged in the collection or safe-keeping of the
revenues of the Government have collected and held the moneys
without loss until i)roperly transferred or paid out, and that as far as
accounts have been adjusted there appear to be no losses by defaults
in disbursements, the trifling balances not adjusted being suspended
mainly for information or investigation.
In this connection attention is invited to the suggestions of the First
Comptroller of the Treasury, as set forth in his report, in regard to the
importance of prescribing by law the frequency and manner in which
the current accounts of the disbursing officers of the Departments
should be subjected to investigation, the danger to the Treasury of
issuing duplicate bonds in lieu of coupon bonds alleged to have been
destroyed, and the importance of defining the word "claim'' as used
in section 3477, Eevised Statutes of the United States, and to other
suggestions of that officer.
REVENUE FROM CUSTOMS.
The disbursements for collecting the revenue from customs for expenses incurred within the following fiscal years, have been as follows:
In 1877
In 1878
In 1879
/
,
:
$0,304,279 57
5, 525, 787 32
5, 485, 779 03
This shows a reduction for 1878 over 1877 of $778,492 25, and a reduction for 1879 over 1878 of $40,008 29, making a total saving for the
two years of $818,500 54.
REPORT OF THE SECRETARY OF THE TREASURY.
XXlll
A marked iraproveraent has also occurred during the past year in
the collection of the revenue frora custoras.
The revenue under the ad valorem system has fallen short of the
amount which should have been collected upon a proper assessment of
the real foreign-market value. This was due to a system of undervaluations in the entries at the custom-houses, especially upon goods
consigned by foreign raanufacturers to agents in the United States.
Evidence of such undervaluations has been obtained in many cases,
and upon this evidence the invoice prices have been advanced by the
local appraisers, and from these advances appeals for reappraisement
have been taken in a large number of cases.
The number of such reappraisements had at the port of New York
for the years ending June 30, from 1875 to 1878, is as follows:
1875
1870;
1877
1878.'
1879.:
. . . . . . „ - 107
202
207
278
..550
The general appraiser at New York states that, according to the
reappraisements demanded since the 30th of June last, the total number for the current fiscal year, at that port, will be likely io reach one
thousand.
The action of the local appraisers has, however, been generally sustained on the reappraisements, but the embarrassments resulting
therefrom show that some method should be adopted by which such
questions may be better disposed of than is permitted by the laws now
in force.
One method suggested is the adoption of specific duties in place of ad
valorem. This change could, it is believed, be safely adopted with proper
limitations in regard to kid gloves, piece-silk goods, piece velvets, and
some other classes of goods which now pay an ad valorem duty, and
which constitute the chief ground of dispute as to value between the
Government and the importers. .
Another plan would be to permit the Government, in case of an undervaluation, to take the goods at the invoice price, with a reasonable
sum added for freight and other expenses and profit, and then cause
saleof the goods to be made on Government account. By a treaty
between France and Italy, made some years since, it was provided that
goods ascertained by inspection to be undervalued to the extent of five
per cent, raight be seized and sold b y t h e Government, the importer
receiving his own valuation for the goods, together with a profit of five
XXIV
REPORT OF THE SECRETARY OF THE TREASURY.
-pev cent. A similar plan adopted in England had the effect of breaking up this sj'Stem of undervaluation.
The Senate Committee on Finance recommended the adoption of a
similar measure in its report on the bill which increased the duty on
woollen goods, which became a law March 2, 1807; but it was not
adopted by Congress. It contemplated that the Government might
take the goods at'the importer's valuation, with an addition thereto of
ten per cent, for expenses and profit.
The Secretary is convinced that if the ad valorem system on the
classes of goods named, as well as ou some others, is continued, the
adoption of a plan of this character will prove beneficial to the honest
importer as well as to the interests of the Government.
The difficulties attendant upon the collection of duties on sugars
under the Dutch-color standard, which were alluded to in the last
report of this Department, continued duriug the past year. Sugar
continued to be imported which had either been artificially colored by
the addition of foreign substances, or which, bythe process of manufacture, had been so radically changed as to produce sugars of the highest
saccharine strength, while possessing the lowest grades of color prescribed by the Dutch standard.
It has been held by the courts that Coiigress, in imposing the duty
upon sugars according to their color, meant the true color of the sugar
which is developed by the ordinary process of manufacture, and which
indicates the degree of perfection to which the process of clarification
has been carried.
Acting upon this view, the Departraent issued instructions to its
custoins officers that where the degree of saccharine strength, as compared with the color, showed that the sugar had not been manufactured
in the mode contemplated by law, duties should be collected according
to the true color of the sugar; and, for the purpose of carrying out this
view, definite relations were established between the color and the
strength. These instructions have had the effect of repressing the importation of the objectionable classes of sugars before referred to, and
of i)roducing a more faithful collection of the duties upon sugars imported, according to the true intent and meaning of the law. Until the
matter is ^settled, this Department will maintain the position it has
hereto.fore assumed, of disregarding the apparent color of the sugar
where the facts justify it, and assessing duties upon the true color of
the sugar under the theory above stated.
By the adoption of new regulations at the port of New York, respecting the weighing of sugar, the difference between the invoice weight
REPORT OF THE SECRETARY OF THE TREASURY.
XXV
and the actual weight, as returned by the Government weighers, has
been reduced from 10/^ per cent, in 1877, to 4C^-Q per cent, in 1879,
making a saving to the Government in duties of fully three million
dollars.
' Eeference is made in another part of this report to circumstances
under which it raay becorae necessary to reirapose the duties upon tea
and coffee, should additional revenue be required. Such revenue can
better be derived frora those sources than from any other. The duties
formerly in force were specific, and therefore no troublesome questions
of value intervened. The articles are bulky and hence cannot be easily
smuggled, and the additional cost created by the duty would be so shght
as scarcely to be felt by the people.
Some complaint has arisen in regard to the manner in which examinations of passengers' baggage have been made at the port of New
York. The system of examinations necessary to carry out the law, has
made the customs officers obnoxious to many people, but any system
of examination sufficient to detect or prevent smuggling will be offensive to the parties concerned. It has been the aim of the officers of
this Department to apply the law equally to all persons* The annoy-^
ances incidental to the system have been increased by the lack of
facilities to make the examinations with proper dispatch. It is thought,
however, that the latter cause of complaint will be removed upon the
comxiletion of the new barge office, already authorized by Congress.
The duties collected on passengers' baggage at the port of New York,
during the three years ended the 3Cth of June last, were as follows:
Duties collected.
Year.
$63,030 11
86,760 64
171,857 51
1877
1878
1879
The law does not define any limit of quantity or value in regard to
either household or personal effects of persons arriving in the United
States, which may be admitted free of duty, and it is recomraended that
a limitation governing the free entry of these classes of articles may
be established by Congress.
OPIUM.
Large quantities of opium prepared for smoking are brought into
the United States, and this article, being of smaU bulk and great value,
is easily srauggled. A similar article is manufactured in the United
xxvi
REPORT OF THE SECRETARY OF THE TREASURY.
States from the crude opium, and in endeavoring to ascertain whether,
in any given case, the article has been smuggled, it has been found
difficult to determine whether it is of domestic or foreign manufacture.
The imported article now pays a duty of $0 per pound. I t is one
that will bear a high rate of taxation, and it is recomraended that an
internal tax upon opiura, prepared in the United States for sraoking,
of an araount.equal to the duty upon the iraported article, to be paid
by staraps, be adopted. This would yield a considerable revenue,
without repressing any enterprise which should receive encourageraent
at the hands of Congress. It is also recommended that provision be
made for affiKing customs-stamps to packages of imported opium prepared for smoking, in the manner now required in the case of imported
cigars, and that opium prepared for smoking, imported into the United
States or manufactured iu the United States, found without proper
stamps, be made liable to seizure and forfeiture.
RICE.
The total importations of rice during the last fiscal year amounted
to 75,824,923 pounds. Of this quantity 59,430,871 pounds were imported into San Francisco, and about 55,000,000 pounds came from
China. A large part was undoubtedly consumed by the Chinese on
the Pacific coast, who are not citizens of the United States, and who
have no intention of becoming such.
The article will bear a higher rate of duty than that now imposed by
law without materially enhancing the cost of living to the general
consumer.
INTERNAL REVENUE.
The receipts from the several sources of taxation under the internalrevenue laws for the fiscal year ending June 30,1879, were as follows:
From spirits
From tobacco
:
From fermented hquors,
From banks and bankers
From penalties, &c
Froin adhesive stamps,
•.. r
From arrears of taxes under repealed laws
Total
,
$52,570,284
40,135,002
10, 729,320
3,198,883
279,497
0, 700,384
299,094
09
05
08
59
80
00
00
113,918,400 87
REPORT OF THE SECRETARY OF THE TREASURY.
XXVll
The amount of collections shown by the foregoing table includes commissions on sales of stamps, paid in kind, as well as amounts collected
in 1878, but not deposited tUl the last fiscal year. There thus arises
an apparent variation between the amounts of collections given in the
table and those shown by the covering-warrants of the Treasury.
The increase of the revenue from spirits during 1879 was $2,149,408 89;
the increase from tobacco for the sarae year was but $42,247 98. The
chief sources of internal revenue are spirits, tobacco, and ferraented
liquors, which yield this year an incorae of $103,434,007 42, out of a total
internal revenue of $113,918,400 87. The very large proportion of the
revenue derived frora those sources is, of itself, an arguraent for the
stability of the rates of taxation upon thera. If the proportion were
sraall, fluctuation in the rates of taxation would be of less consequence.
The simple agitation of the question of the reduction of the tobaccotax caused a temporary suspension of operations in the various manufactures of tobacco, and is estimated by the Commissioner of Internal
Eevenue to have caused a diihinution in the receipts from tax on that
article during the first half year of 1878, of nearly two milhons of dollars.
Besides reducing the income from the tax, the uncertainty arising from
an anticipation of a change of rates, by suspending production, threw
multitudes of work-people out of employment. The change of rates in
the tax on tobacco and spirits, or the anticipation of such a change,
tends at once to diminish the revenue, disorganize the industries relating tothose commodities, and to derange trade. The deraand for
change of rates does not originate with the consumers, who pay the
greater part of the tax, but chiefly with those who seek an enhancement of profit on the capital invested in the manufacture.
The falling off in the income from tobacco that raay be anticipated
from the last reduction in the rate of taxation (estimated as likely to
amount to one-third of the tax collected in the last fiscal year) should
be regarded as an admonition that, in the interest of the pubhc
revenue as well as of industry and commerce, no further change in
the established rates of taxation should, for the present, be made.
COMMERCE AND NAYIG-ATION.
The total tonnage of vessels of the United States, as shown by the
records of the Eegister's bureau, at the close of the fiscal year ended
June 30, 1879, was 4,109,000 tons. Of this tonnage 1,491,533 tons
represented 2,717 vessels registered for the foreign trade, and 2,078,007
tons represented 22,494 vessels enrolled and licensed and engaged in
the coasting or domestic trade. There has been an increase of 94,350
rXXVlll
REPORT OF THE SECRETARY OF THE TREASURY.
tons employed in domestic trade, and a decrease of 137,514 tons employed in the foreign trade by sea, as compared with the tonnage of
last year.
The vessels buUt during the year are classed as follows:
Numher.
Sail-vessels
I
Steam-vessels
Canal-hoats enrolled
Barges
..._.
.....-_
..-_..
,...
_-..
Tonnage.
468
335
36
293
66,867
86,361
4,069
35,733
1,132
193,030
The vessels built in 1878 comprised 235,504 tons, being slightly in
excess of the number buUt during the past year.
The total tonnage of vessels entered at the seaboard ports from
foreign countries was 11,530,527 tons during the year ended June 30,
1878, and 13,708,137 tons during the last fiscal year, showing an increase of 2,237,010 tons, or about 19 per cent. The American tonnage entered exhibited an increase of only 40,300 tons, or 1 per cent.,
while the foreign showed an increase of 2,197,304 tons, or nearly 26
per cent. The tonnage in these cases is computed on the basis of the
number of entries of vessels, and not on the number of vessels, and is
vrestricted to the seaboard ports. Of the total amount of merchandise
brought in at seaboard, lake, and river ports, during the last fiscal year,
an araount of the value of $143,599,353 was iraported in Araerican vessels, and $310,499,599 in foreign; of the exports, a value of $128,425,339
was shipped in Araerican, and $000,709,033 in foreign vessels. Of the
corabined imports and exports, 23 per cent, only of the total value was
conveyed in American vessels.
In 1857, over 75 per cent, of the merchandise iraported and exported
was carried in vessels of the United States; at present,.but 23 per
cent., as stated, is carried in such vessels, though the total volume of the
trade has risen frora a value of nearly seven hundred, to nearly twelve
hundred, inillions of dollars.
I t is neither to the advantage nor the honor of the country that so
iramense a proportion of its foreign carrying trade has passed to other
nations.
The great decline in our tonnage, as is well known, was due to the
war; and soon after its close it was proposed to facilitate the restoration to our merchant-marine of vessels that had been transferred to
foreign flags. But the effort at restoration failed, and a special prohibition against the return of such vessels was embodied in the statutes.
REPORT OF THE SECRETARY OF THE TREASURY.
XXIX
It may well be questioned whether the severity of the existing statute
might not properly be relaxed after the lapse of so long a time, during
which the privilege of registry has been denied to this class of vessels,
and since the grounds for denial have, in a measure, lost their original
force. It has always been the p olicy of the law to restrict the privileges of American registry to vessels buUt in this country. The object
was to further the ship-building and naval interests of the country;
and this policy was so successful as to advance the United States to the
second rank among nations as respects tonnage and the nuraber of its
ships. While wood was the article mainly used in the construction of
ships, we had the advantage over foreign nations in the cost of material. Our ship-builders could not only supply vessels for domestic
coraraerce, but could successfully compete in the carrying trade of the
world. The use of iron in ship-building, in place of wood, is, however,
steadily increasing, and in the cost of iron and in the price of labor
other commercial nations have the advantage. It is a grave question
of public policy whether the period has not arrived when the unlimited
right of purchase, as under the English statutes, should be extended
to vessels as well as to other comraodities, and when admission to
American registry upon the payment of duties should be allowed them
upon importation. The recovery of our old position in the carrying
trade will more than, counterbalance any disadvantage likely to ensue
from a modification of restrictions upon the right of purchase, while
a moderate duty on ships iraported will enable our shixi-builders to
compete successfully in the construction of iron vessels of the largest
class. The proper policy to be pursued is difficult to determine, but
the great importance of considering the subject is respectfully submitted to the attention of Congress.
• '
EXPORTS AND IMPORTS.
The exports and imports of theUnited States during the last fiscal
year, are as ollows:
Exports of domestic merchandise
Exports of foreign nierchandise
Total
Imports of merchandise
Excess of exports over imports
>
$098,340, 700
12,098,051
710,439,441
445, 777, 775
204,001,000
Compared with the previous year, the imports are greater by
8,720,243, and the exports by $15,573,075.
xxx
REPORT OF THE SECRETARY OF THE TREASURY.
The annual average of the excess of such imports over exports for
the ten y<ears ended June 30,1873, is $104,700,922; but during the last
four years there has been an excess of exports over imports as follows:
In 1876, $79,043,481; in 1877, $151,152,094; in 1878, $257,814,234; and
in 1879, $204,001,000.
The total gold value of exports of domestic merchandise from the
United States has increased from $275,liB0,097 in 1809, to $098,340,790
in 1879, an increase of 154 per cent.^ With one or two unimportant
exceptions, the United States stands alone among the coramercial
nations in having an excess of exports over imiiorts of raerchandise.
The increase in the values of our exports is derived mainly from
breadstuff's, preserved meats, copper, live animals, agricultural
implements, furs and fur-skins, distilled spirits, and refined sugar.
Many other articles exhibit a large increase in the quantity exported,
but a decrease in value owing to their lower prices. The articles which
show the greatest increase in the quantities exported are wheat, flour,
oats, corn, rye, copper, cotton, petroleum and other oils, provisions,
(excepting beef and lard,) quicksilver, distilled spirits, starch, sugar,
molasses, tallow, and leaf tobacco.
The value of the exports of breadstuffs from the United States during the last fiscal year, amounted to $210,355,528, and constituted 30
per cent, of the total value of our exports of domestic merchandise.
The value of breadstuffs exported during the year 1873, amounted to
only $98,743,15L
' The almost unlimited capacity of the western and northwestern
States for the production of cereals, in connection with the facilities
for cheap transportation, has brought thera into sharp competition
with the older States and with foreign countries.
Many products of American manufacture, previously exported in
small quantities, or not at all, now find profitable markets in foreign
countries, and some of these products are now exported to countries
from which, a few years ago, they were largely imported into the United States.
The importation of raerchandise into the United States amounted
to $042,130,210, during the fiscal year ended June 30, 1873. It feU
to $437,051,523 in 1878, and increased to $445,777,775 in 1879—an
increase of $8,720,252, or of two per cent, as compared with the preceding year. The importation of railroad-bars declined from 531,537
tons in 1872, to 2,011 tons in 1879. The production of railroad-bars in
the United States during the y^ar 1878, amounted to 788,112 tons.
REPORT OF THE SECRETARY OF THE TREASURY.
XXXl
The total amount of exports and imports of coin and bullion during
the last fiscal year, was as follows:
Exports of coin and bullion
Imports of coin and buUion
,..,
Excess of exports over imports
$24,997,441
20,290,000
4, 701,441
During each year since 1801, the exports of specie have exceeded
the imxDorts of specie. The largest excess of such exports over imports
was reached during the year 1804, when it amounted to $92,280,929.
Since the year 1875, the excess of exports of specie has rapidly declined,
amounting during the year ended June 30,1878, to only $3,918,811,
and during the fiscal year ended June 30, 1879, to only $4,701,441.
A marked change has recently taken place in thb moveraent of the
precious metals. During the raonths of July, August, and September
ofthe current fiscal year, the iraports of coiu and bullion exceeded the
exports $33,125,337, and from the 1st of October to the 15th of November the imports of coin and bullion at the port of New York exceeded
the exports at that port $20,381,584, indicating that from July 1 to
November 15 the entire imports of coin and bullion exceeded the exports
about sixty million dollars.
This marked change in the movement of coin and bullion was not
unexpected. During the last four years the value of our exports of
merchandise has exceeded the value of our imports of merchandise
$753,271,475. The excess of exports has heretofore been mainly met
by the remittance to this country of American securities, but the time
appears to have come when the balance of trade in our favor is to be
adjusted by means of the precious metals.
INTERNAL COMMERCE.
The internal commerce of the country, as exhibited by the tonnage
transported on railroads, has steadily increased iii volume, even during
the period of commercial depression of the last six years. This affords
an illustration of the recuperative powers of the country, as the commodUies transported on railroads are the products of agriculture, of
miiiing, and of manufacturing industries. More than ninety per cent, of
the internal commerce of the country is now carried on by means of
railroad transportation, and the habits of the producing and comraercial classes are becoraiug more and more conformed to its methods and
necessities.
The facilities for direct trade afforded by arrangements entered into
XXXll
REPORT OF THE SECRETARY OF THE TREASURY.
between connecting railroads has greatly extended the trade limits of
the seaports and of all interior points.
Similar combinations between railroads and ocean-steamer lines
afford extensive privileges for direct foreign trade at all the important
interior points of the country. The competition of rival lines for
through-traffic has given rise to grave questions touching inter-State
commerce. These questions relate chiefly to the matter of discriminations in rates. As purely national questions they demand a careful investigation under the authority of Cougress.
CLAIMS.
The need of some legislation for the adjudication of claims which
are now within the jurisdiction of this Department, has been called,
informer reports, to the attention of Congress. Proper methods for
investigating claims, such as are used in courts of justice, are not
within the xiower of the Dexiartment. A tribunal which may require
the best evidence Avhich the nature of the case admits, the crossexamination of witnesses instead of ex parte statements, a xiublic hearing, and a i)Rblic record of xiroceedings, is essential for the x)roper
adjustment of such claims.
Section 1003 of the Eevised Statutes contains a provision for sending to the Court of Claims certain disputed cases arising iu the Departments. A general provision of law by which all important disputed questions of law or fact might be remitted to that tribunal for
trial, Avould greatly relieve the officers of this Department, and tend
to promote the ends of justice. It may be assumed that the methods
adopted by all courts of justice for ascertaining the truth, best subserve that xiurxiose.
The importance of providing some limitation of time within which
claims against the Government shall be xirosecuted, or, for want of
such prosecution, be forever barred, is again urged upon the attention of Congress.
I t may be assumed that any claim in behalf of an individual who
is in a situation to present it, will, if well founded, be presented for
payment within six years from the tirae when the clairaant's right first
accrued. Such limitations form part of the codes of all civilized nations,
and experience has shown that, as between individuals, less injustice is
done by the conclusive presumption that clairas, thus delayed beyond
a reasonable time, are unfounded or have been adjusted, than by allowing thera to be prosecuted after witnesses to the transaction have died
or been lost sight of, and other evidence has been destroyed.
REPORT OF THE SECRETARY OF THE TREASURY, XXXlll
The presumption is much stronger in case of a claim against the Government than in one against an individual. The Government is always
solvent, and can always be found, and it is difficult to suggest a reason
why a valid claim against it should not be presented within the term
of six years.
Under the present circumstances, it is impossible to administer
equal justice to those who present old claims. The Comptrollers and
Commissioner of Customs have by law the final determination of all
claims coming within their jurisdiction, and while one of them, or the
Auditor who first considers the claim, raay reject it, because its prosecution has been for raany years delayed, and he therefore believes it to
be unfounded, another officer feels it his^ duty to examine it upon such
evidence as may still exist, because Congress has not interposed a statute of limitation in bar of its allowance. The Third Auditor, in his
report, has called special attention to the imxiortance of some limitation of this character.
I t is recommended, therefore, that it be provided by law that no
claim pending in any of the Executive Departraents shall be allowed
unless presented for payment within six years after such claiin first
accrued, with the usual excexition in favor of those disqualified by age,
or otherwise, from presenting the claira within such time.
Legislation of a similar character in favor of those against whom the
Government holds claims seems eminently xiroper. Cases of great
hardship arise in which sureties upon bonds of a principal long since
dead or insolvent are held liable to pay balances upon accounts, which
might, by due diligence, have been enforced against the principal
while he was alive or solvent, as the case might be.
A disttuction is made in most codes as to the limitation of suits uxion
sinixile contracts and. upon contracts under seal. It seems, however, but
justice to xirovide that persons liable to the Government, even by con-'
tracts under seal, should be discharged from liability after the lapse of
six years from the time when such liability has been ascertained and
fixed.
As to claims accruing in the ordinary course of current business, the
Department is well organized for their investigation, and a decision?
made as final by the accounting officers, should be regarded as final in
all tribunals; and it is believed that all propositions for the re-examination of claims thus adjudicated, either in the Court of Claims or
elsewhere, are oxiposed to the true princixiles of legislation. I t is submitted that the true end of legislation on the subject of claims is, to
render their adjustment speedy and final, and to discourage the allowance of old demands, or the re-examination of those already settled,
in
xxxiv
REPORT OF THE SECRETARY OF THE
TREASURY.
SPECIAL TRIBUNAL IN NEW YORK FOR TRIAJL OF REVENUE CASES.
In the report of this Department for the year 1877, the following
paragraph occurs:
"Embarrassments attendant upon the collection o f t h e revenue 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 recover
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 adverse to the interests both of the Government and the importers. It was then recoramended that a special
tribunal be created by law, for the trial of customs-revenue cases, at the
port of New York."
The Secretary takes this occasion to state that the importance of this
recomniendation has been made more apparent by the Experience of
the last year than ever; and that it would be of milch advantage both
to the Government and to the importers if it could be adopted.
I t is also recomraended that, for the xiurpose of securing a greater
uniformity in the collection of duties on imports at the various ports
of the United States, the Secretary of the Treasury be authorized, iu
cases of variance between the appraised value or classification for duty
of similar merchandise a t two or more ports in the United States, to
Xirescribe regulations under which the board of general appraisers,
or a majority of them, shall decide uxion the triie dutiable value or
classification of such imports.
The present force of general appraisers is limited to four, and these
have been found inadequate to perform the necessary duties in the appraisal of imxiorts. I t is therefore recoramended that authority be
given for the appointment of three additional general apxiraisers.
o
DISTINCTIVE P A P E R .
In the last annual report mention was made that proxiosals for a
new paper for xirinting public securities had been invited. As a result,
a paper has been adopted, having for its distinctive features a continuous silken thread and distributed silk fibre of different colors,,
both of which are incorporated with the pulp in the process of manufacture. As soon as the character of the paper had been determined
upon, public advertisement was made for proposals for its raanufacture, and the bid of Messrs. Crane & Co., of Dalton, Mass., being
the lowest received, was accepted. Under the contract which has
been: made with that firm the Government pays, including the cost of
fibre, 44 cents per xiound for the distinctive paxier, a reduction of
REPORT OF THE SECRETARY OF THE TREASURY.
XXXV
20 cents per xiound as compared with the lowest price heretofore paid,
and a saving in the ordinary use of this paper of about $25,000 per
annum; but, in case a larger amount of paper shall hereafter be
needed for printing bonds, or for other xmrposes, the saving would be
correspondingly greater.
It is believed that this new paper will protect the public against
counterfeiting quite as well as that which has heretofore been in use,
while for drafts and checks its use is much preferred. As soon as the
supply of old paper is exhausted, which will be about the first of
January next, all United States notes, national-bank notes, bonds, and
checks of xiublic disbursing officers, will be printed upon the new.
BUREAU OF.ENGRAVING- AND PRINTING.
The system adopted in the business of engraving and printing notes
and securities of the Government has been closely adhered to, and as
a result this bureau is upon a thorough business basis. During the
past fiscal year an unxirecedented amount of work has been executed,
axixiroximating ninety per cent, of increase over the year prior, while
the increase in the aggregate expenditures has been but fifty-four xier
cent. I t is gratifying to know that while this work was executed at
reduced cost, the employes, under the operation of the plan of paying
"by the piece," have been receiving better corapensation. Those formerly paid $1 50 a day have been' able to earn from $1 80 to $1 90 a
day of not exceeding six-hours' labor.
It is expected that this work will be removed from the TreasuryDepartment building to the new building in course of erection by the
spring of 1880, when, with increased facilities, it can be consolidated
and still more economically managed.
LIGHT-HOUSE ESTABLISHMENT.
The light-house establishraent remains in a satisfactory condition.
During the fiscal year it has put in operation thirteen new light-houses,
seventy-five new river-lights, one new steam fog-signal and one hundred and twelve new buoys, of which last, three are automatic signalbuoys. It has discontinued six lights, which were no longer needed,
and changed the characteristics of ten others, so that they will be
more useful than heretofore to comraerce and navigation.
The board has continued the work of changing the burners of the
smaller lights i n t h e several light-house districts, so as to substitute
coal-oil for lard-oil as an illuminant, but it has not found it expedient
to make the change in lights of the higher orders.
xxxvi
REPORT OF THE SECRETARY QF THE TREASURY,
Experiments with the electric light have been continued with such
results that the board has now asked for means to put the light to the
practical test of a working exhibition in a light-house. The estimate
for this purpose is comraended to the attention of Congress.
The experiraents, as to the penetration of sound through fog, made
by the late Professor Henry, have been continued by his successor in
the board. Professor Morton, ivith the results detaUed in the appendix
to the board's annual report.
COAST AND GEODETIC SURVEY.
The report of the Superintendent for the fiscal year shows the intimate bearing of this work on coraraerce, navigation, and many requirements in civU life. For river and harbor improvements, light-house
service, raarine constructions, and for engineering purposes generally,
the records of the survey contain precise details pertaining to geographical positions, shore-line, tides and currents, distances and directions, heights and contour of ground, the hydrography of tidal waters,
and the raagnetic variation in all the States and Territories.
The results of the year include twenty-six hydrographic surveys; additional geodetic operations and topography in fifty-two sites of work;
deterrainations of raagnetic variation at forty widely-separated localities; longitude and latitude at others; and special observations on
tides and sea-currents. For the raariner, the charts of the survey are
marked with corapass variations derived from observations directly
useful to land-surveyors in the interior.
The survey, having mapped and developed the most important
reaches of the Mississippi, is represented by a meraber in the "Mississippi Eiver Commission" as organized under the act of Congress
approved June 28, 1879, to consider expedients for the improveraent
of that river. All previous comraissions of like iraportance have been
constituted in the sarae way, and it has generally devolved on this
branch of the public service to raake the needful surveys. Econoray
in means has been thus secured by the employment of observers in
readiness and acquainted with all the details required in connection
with questions of iraproveraent.
Geodetic work now in progress along the thirty-ninth parallel is
well advanced to the eastward of the Sierra Nevada mountains.
In the course of the year the demaud for charts has largely increased.
At our seaports sales have raore than doubled, and the volumes of the
Coast Pilot and printed tide-tables are in steady request. With the
annual reports appendices are given on subjects, of special interest.
REPORT 0:F THE SECRETARY OP THE TREASURY. XXXVII
' These are constantly called for by intelligent citizens, but the number
of volumes printed has, for some years, barely sufficed for distribution
to public departments and institutions of learning,
MARINE-HOSPITAL SERVICE.
The Surgeon-General of Marine-Hospital Service reports that 20,922
seaman received relief during the last fiscal year, of whom 11,499 were
treated in hospital and 9,423 as dispensary or out-patients; being an
increase of 2,099 in the number of patients over last year, and of 4,114
over any y^ar previous to 1878. The amount of hospital-tax received
and covered into the Treasury during the year was $301,409 58, while
the total expenditures were $375,104 01; making a per capita cost of
$17 93, a reduction over 1878 of $2 11. A continuous reduction has
been effected iri the cost per capita, from $38 41 in 1870, when the
service was reorganized, down to the present tirae.
On June 11,1879, a circular was issued, offering to the owners of such
American vessels as might desire them, proper facilities for the physical
examination of sailors employed by them. The offer has beeri received
with much favor, and the results already reached are such as to justify
the recommendation that such examinations be made compulsory by
law, so that no American vessel shall be allowed to proceed to sea until
the crew shall have been examined and pronounced physically sound,
and able to distinguish the color of signal-lights; and the employes in
the cook's and steward's department of vessels carrying passengers,
free from disease.
In previous reports to Congress, recommendations have been made «
by this Department that statutory provision be raade for exarainations
fpr appointraent and promotion in the medical corps of this service, and
those recoraraendations are again renewed. While no person has received an appointment as assistant surgeon without a fair and thorough
examination as to his professional qualifications, yet it is believed that
such examination should rest on something more than departraental
regulations.
No appropriation was made by Congress during the past year whereby
active co-operation with local health authorities could be undertaken,
and no work of this character has been accomxilished excexit the publication of the "Bulletin of Public Health," forty-six weekly numbers
of which have been published from the appropriation for xirinting for
this Departraent. By the act of June 2, 1879, the duty of condensing
and publishing the information received from revenue, consular, and
marine-hospital officers and local health authorities was assigned to
the National Board of Health.
x x x v m REPORT OF THE SECRETARY OF THE TREASURY.
The need of a marine hospital, for the care of sick and 'disabled
seamen, atthe port of New York, has long been recognized, and repeated
recoraraendations have been raade to Congress that one of the military
hosxiitals at that port be transferred by law to this Department for
such purposes. Within the last year, at the request of this Dexiartment, the Hon. Secretary of War has transferred Bedloe's Island, in
the harbor of New York, for this purpose, subject to the provisions of
the joint resolution, approved March 3,1877, designating that island
as a site for the colossal statue of liberty, and subject also to recall if
actually needed for military xmrposes. The island was immediately
occuxiied, and has been used for marine-hospital purposes since August
1, 1879.
PUBLIC BUILDINGS.
The Supervising Architect reports that, during the past year, work
on the public buildings, under control of this Department, has x^^'ogressed satisfactorily, and that in consequence of the low. xirices of
labor and materials, which have ranged throughout the year, contracts
for the various branches of work have been made at rates very advantageous to the Government.
Upon completiori of the granite-work for several of the large buildings, reported as nearly finished, one of the largest items of expenditure iu the construction ofthe public buildings will be removed, and it
is recommended that liberal apxiropriations be made for prosecuting
the work on such buildings during the ensuing fiscal year. The estimates submitted are believed to be sufficient for the diligent xirosecution of the work.
Attention is particularly called to that portion of the report in
which reference is made to the need of a building constructed expressly
for th-e xireseryation of the records and files belonging to this Dexiartment. There is unquestionable need of such a structure, and it is
recommended that early and ample xn'ovision be made therefor by
Congress.
LIFE-SAVING SERVICE.
The results of the operations of this service during the past year, as
shown bythe report ofthe General Superintendent, are highly satisfactory.
The number of reported disasters to vessels during the past year, is
two hundred and eighteen. This number is larger than that of any
preceding year since the organization of the service, partly because
the extension of the service has involved the inclusion of disasters
REPORT OF THE SECRETARY OF THE TREASURY. XXXIX
upon coasts thus brought within its purview, aEhd partly because additional casualties have been caused by gales of esceiitional violence.
There were on board these vessels two thousand one hundred and
t^ve persons. Of these two thousand aud forty-seven were saved, and ,
fifty-eight lost.
The number of shipwrecked persons cared for at the stations was
three hundred and seventy-one, to whom onethousand and seventyfour days of succor were afforded.
The total valueof property involved in these disasters was $2,887,851,
of which $1,445,051 was saved, and $1,442,800 lost.
Of the twenty-three new stations remaining to be built since last»
year, under the provision of law, seven have been finished and put in
operation, and six (uxion the Gulf coast) are approaching completion.
The remaining ten will be erected as soon as possible. The existing
stations upon the lakes have received additions and improveraents,
which render them much more servicep^ble. '
The beneficial results of the act of June 18,1878, axipear in a marked
improvement in the personnel of the service. The higher compensation
accorded by the law to the keepers, and the general prestige also conferred upon the establishment, appear to have attracted to the stations
a higher "average of ability and character. The examinations show
that of the whole number of keexiers and crews, ten hundred and sixteen persons all told, it was found necessary, during the xiast year, to
replace only seventeen by men better qualified.
This fostering legislation, whose general effect has been to enhance
t h e service in public regard, as wellas to increase its power for usefulness, has also largely turned the attention of the inventive talent of
the country to the production of improved xilans and devices for saving
life. So raany of these have been received thjit it has been found
advisable, alike injustice to the inventors and the service, to organize
two boards of experts for their examination, under the supervision of
the General Suxierintendent. One of these boards has cognizance of
wreck-ordnance aiid whatever pertains thereto, its members being proficients in the theory and practice of life-saving gunnery.; The other
board has charge of inventions relating to aU other life-saving apparatus and appliances for use at life-saving stations.
:
REVENUE MARINE.
V
„
The following exhibit of the services performed by the vessels of the
Eevenue Marine during the fiscal j^ear ended June 30, 1879, shows the
xl
REPORT OF THE SECRETARY OF THE TREASURY.
attainment of better results than have been achieved in any former
year:
°
Aggregate nuraber railes cruised
Number of vessels boarded and exarained
.o
Nuraber of vessels seized or reported for violating the law.,
Number of vessels wrecked or in distress, assisted
Nuraber of persons rescued .from drowning.
252,112
32, 853
3, 444
210
123
The estimated value of vessels assisted by revenue vessels, with
their cargoes, was $3,547,073 80. In addition to the foregoing, iraportant assistance was rendered by the revenue vessels to raany other
branches of the public service.
The expenses of maintaining the service for the last fiscal year
were $844,527 25.
The cadet system for the Eevenue Marine, provided by Congress in
1870, has xiroduced satisfactory results. The selection of the cadets
upon competitive examination secures young men of superior qualifications, while the plan ofi conducting all their instruction on shipboard
especially fits them for the service in which they are to engage. In
June last, six of these cadets, after serving the probationary term of
two years as required by law, were advanced to the grade of third
lieutenant.
I t was stated in the last annual report that sorae of the older vessels
of this service, which would soon need extensive rexiairs, were provided
with machinery of old types, and were expensive in the consumption of
fuel, and the suggestion was raade that in the interest of economy they
should be replaced with ne^Y vessels of improved design. I t is recommended that appropriate legislation be had at this session of Oongress,
providing for at least two new steamers for service on the Atlantic
and Gulf coasts.
The revenue-steamer " E u s h " cruised from about M a y l to October
1 araong the islands ojf the Aleutian Archipelago, to protect the sealfisheries and sea-otter hunting-grounds, and for the general enforceraent of law in Alaska. The coraraanding officer, under instructions
frora this Department, made careful observations during his cruise,
upon the comraerce of those waters, the numbers and condition of
the population, the resources and natural history of the country, and
the tides, currents, &c. The report of the cruise shows that the
presence of a revenue-vessel in the waters named is necessary to
stop illicit traffic in fire-arms and rum, and to x^r^vent the extermination of the sea-otters and other animals which furnish sustenance to
the' natives. The report of the special agent in charge of the seal
REPORT
OF T H E SECRETARY OF TPIE TREASURY.
xli
islands also shows the necessity for the services of a revenue-cutter in
Alaskan waters. The recommendation contained in the last annual
report that provision be made for the constriiction of a vessel specially
designed for that service, is renewed.
NATIONAL BOARD OF HEALTH.
Section 3 of the act of March 3, 1879, establishing a National
Board of Health, provides that such board shall report to Congress, at
its next session, a full statement of its transactions, together with a
plan for a national public-health organization. By section 4 of the
act of June 2, 1879, entitled " A n act to prevent the introduction of
contagious and infectious diseases into the United States," said board
is required to make to the Secretary of the Treasury an annual report
of its operations, for transmission to Congress, with such recommendations as he may deem important to the public interests. By section ,8
bf the same act, it is provided that the sum of $500,000, or so much
thereof as may be necessary, thereby axiproxiriated, shall be disbursed
under the direction of the Secretary of the Treasury, on estimates
made by the National Board of Health, to be axixiroved by him;
and that said board shall, as often as quarterly, make a full statement
of its operations and expenditures under said act to the Secretary of
the Treasury, who shall report them to Congress.
o
While the Secretary has been disposed to meet the requisitions
made by the board, in the liberal spirit which inspired the action of
Congress in its establishment, the general xirovisions of law impose
upon the accouuting officers the responsibility of deciding whether or
not the sums disbursed by the board are within the provisions of law
makmg the appropriations.
The board has submitted to the Secretary its report for the quarter
ended September 30, which is herewith transmitted. By this report,
it axipears that the expenditures under the act of March 3,1879, which
appropriated $50,000, amount to $18,890 41, leaving a balance of that
approxiriation of $31,103 59. The expenditures under the act of June
2,1879, amount to $51,810 20, and the estimated amounts for the payment of September accounts to $30,000, leaving a balance of the
appropriation made by said act, available for future operations, of
$418,189^74.
By the act of April 18, 1879, the Secretary of the Treasury was authorized to contract for the purchase or coiistrhction of such steamvessel and refrigerating-machinery, or to arrange with the Navy Department for the use of such vessel as might be recommended by the
National Board of Health, to disinfect vessels arriving from x:)orts sus
xlii
REPORT OF THE SECRETARY OF THE TREASURY. ^
pected of infection with yellow-fever or other contagious disease,
and for that purxiose the sum of $200,000, or so much thereof as niight
be necessaiy, was axipropriated.
The reasons why such a vessel has not been constructed fully ajipear
in a letter from the Secretary of the Treasury of June 25, 1879, in
answer to Senate resolution of June 23, 1879, to be found in Executive Document No. 33, Senate, Forty-sixth Congress.
No action has been taken in this Department with reference to the
subject since said letter, with the accompanying documents, was transmitted to the Senate. The failure hitherto to enter upon the cohstruc' tion of the ship in question is the less to be regretted because, by.the
admission of all xiarties, it was too late, when the subject was presented
to the Department for action, to complete the construction of the vessel
and its machinery for effective use during the season when yellow-fever
niight be expected to prevail. The whole matter can now be considered
by Congress with the deliberation which so important a matter de<
serves, and practically no time will be lost if the construction of such
ship is promptly ordered.
STEAIVIBOAT INSPECTION.
During the past year 4,288 steam-vessels have been inspected,
of an aggregate tonnage of 1,092,354.42 tons, and licenses have been
issued to 15,212 officers, an increase over last year of 151 vessels, of
74,922.39 tons, and of 723 licensed officers.
The total receixits from the inspection of vessels and licensing of
officers were $270,405 57, and the total disbursements for salaries and
travelling and other expenses were $210,434 34, leaving a surplus of
receixits over expenditures of $59,971 23.
ALASKA.
The statement was made in the rexiort of last year that the condition
of affairs in Alaska demanded the establishment of some form of government competent to restrain disorder, and insure the safety of the
inhabitants. Events since that time, have rendered it a matter of
urgent necessity thiat some form of civil government for the Territory
of Alaska be established by Congress. Last sx^i'l'^g ^^ outbreak
seemed imminent between the whites and Indians at Sitka, and had
such outbreak occurred, it would, no doubt, have resulted in great loss
of lite. The white inhabitants, however, foreseeing the danger, communicated with the commander of the British man-of-war "Osprey,"
then stationed at Esquimalt, and upon receipt of the communication
REPORT OF THE SECRETARY OF THE TREASURY.
xliii
the vessel started at once for Sitka, arriving there on the first of
March. The time for the outbreak had been fixed for the day following the arrival of that vessel, and her timely arrival prevented the
calamity that would otherwise have followed. She remained there for
sometime, and until relieved by a United States revenue-cutter, and it
has been found necessary to keep a cutter in and around Sitka for
much of the time since, to prevent the possibUity of such an outbreak.
A t least three murders, however, have occurred during the past year
in the neighborhood of Sitka, of Indians by Indians. The laws now
in force require that the trial of such offences shall be had in the district courts of California, Oregon, or Washington Territory. This does
not seem adequate to the occasion, involving as it does the transportation t)f the accused and witnesses a long distance, and a trial remote
from the locality where the offence was committed.
A form of bill to establish a goverhment for the Territory of Alaska
has been prepared in this Department, and will be submitted to Congress, with proper explanations. I t i s recomraended that earnest consideration be given to the measures therein suggested.
The reports from the Seal Islands show continued good health and
Xirosperity among the inhabitants. The maxiraura number of one
huudred thousand fur-seal skins allowed by law has been taken by the
Alaska Commercial Company during the past season; and the taxes
thereon, with the rental pf $55,000 for the islands, have been paid by
said company to the Government, as they became due.
DISTRICT OF COLUMBIA.
The net expenditures ori account of the District of Columbia for the
fiscal year 1879, were $3,597,510 41. The revenues of the District
deposited in the Treasury for same period were $1,741,40110.
Since July 1,1878, at which date, under section 7 of the act of June
11^ 1878, the offices of the comraissioners of the sinking-fund of the
District of Columbia were abolished and their duties and powers transferred to the Treasurer of the United States, the bonded debt of the
District has been reduced in the sum of $418,320 07, and the total
annual interest charge thereon reduced $30,154 11.
In view of the fact that a sinking-fund for the final redemption of
the threesixty-five loan of the District was provided at the last session
of Congress by permanent annual appropriation, it is recommended
that a permanent annual appropriation for interest upon that loan and
for interest and sinking-fund for the old funded debt of the District, including the water-stock bonds, be made.' The annual amount required
xliv
REPORT OF T^HE SECRETARY OF THE TREASURY.
for this purpose is estiraated at $1,088,352 75, which will meet the interest on the entire bonded debt of the District, and provide for the
redemption of the old bonded debt by the maturity of the three-sixtyfive loau.
The existing provision of law requiring investment of the appropriation for the sinking-fund of the three-sixty-five loan in bonds of that
loan seems to work to disadvantage, while District bonds bearing a
higher rate of interest are from time to time maturing. Eecomraendation is therefore raade that authority be giveu for the investraent
of any raoney appropriated for the sinking-funds in question in any
bonds of the District of Colurabia.
PUBLIC SERVICE.
The Secretary acknowledges his obligations to the several officers of
bureaus and divisions of the Departraent for the ability, skill, and
industry manifested by them in the discharge of their iraportant and
coraxilicated duties. In this report he refers only to the leading oxierations of the Department, aud those only in general terras; but refers
for details to the statements and reports herewith transmitted.
The organization of the several bureaus, is such, and the system of
accounting so perfect, that the financial transactions of the Government during the past two years, aggregating $3,354,345,040 53, have
been adjusted without, question, with the exception of a few small
balances now in the process of collection, of which it is believed the
Government will eventually lose less than $13,000, or less than four
mills on each $1,000 of the amount involved.
JOHN SHEEMAN,
Secretary,
Hon.
^
SAMUEL J.
EANDALL,
Spealcer of the Rouse of Eepresentatives,
TABLES ACCOMPAMING THE REPORT.
IF
REPORT OF T H E SECRETARY OF T H E TREASURY.
3
TABLE A.—Statemeni, of the net receipts (hy warrants) during the fiscal uear ended June
30,1879.
CUSTOMS.
Quarter
Quarter
Quarter
Quarter
ended September 30,1878
ended December 31,1878
ended March 31,1879
ended June 30, 1879
-.
$38,868,208 10
29, 833, 340 25
34,508,909 25
34,039,530 10
".
,
$137, 250, 047' 70
SALES O P PUBLIC LANDS.
Quarterended
Quarter ended
Quarter ended
^Quarterended
September 30,1878 . . . ' . . .
December 31,1878..
March 31,1879
June 30,1879...
260,765 63
311,959 67
206, 210 13
145,845 63
924,781 06
INTERNAL R E V E N U E .
Quarter
Quarter
Quarter
Quarter
ended
ended
ended
ended
September 30,1878
December 31, 1878
March 31,1879
June 30, 1879.:
28,572,144 46
29,068,'525 50
22, 923,180 30
32, 997, 754 32
'.
113,561,610 58
T A X ON CIRCULATION, DEPOSITS, E T C . , O F NATIONAL BANKS.
Quarter
Quarter
Quarter
Quarter
ended September 30,1878
ended December 31,1878
ended March 31,1879 . . . .•
ended June 30,1879
3, 368, 519 03
6, 936 26
3, 337, 076 32
" ' 34,968 71
-.
.
6,747,503 32
REPAYMENT O P INTEREST BY PACIFIC RAILROAD COMPANIES.
Quarter ended September 30,1878
Quarter ended December 31,1878
Quarter ended March 31,1879
Quarter ended June 30,1879
"
307,737 10
291, 921 36
126, 541 98
1, 891, 000 59
2,707,201 03
CUSTOMS, F E E S , F I N E S , PENALTIES, AND F O R F E I T U R E S .
Quarter
Quarter
Quarter
Quarter
ended
ended
ended
ended
September 30, 1878
December 31,1878
March 31,1879
June 30, 1879
...:
•
244,833 93
340, 576 33
253, 275 80
262,385 60
/
1,100,87166
F E E S , CONSULAR, LETTERS PATENT, AND LAND.
Quarter
Quarter
Quarter
Quarter
ended
ended
ended
ended
September 30,1878...
December 31, 1878
"
March 31,1879
June 30, 1879
•
508,890 76
503,489 22
485,79448
637, 877 33
:
:—
:...
'.
'....
2,136, 051 79
PROCEEDS OF SALES OF GOVERNMENT PROPERTY.
Quarter
Quarter
Quarter
Quarter
ended September 30,1878
ended December 31,1878
ended March 31,1879
ended June 30, 1879
.."
41,127 51
28, 513 81
67,925 15
43,502 34
,
181,128 81
P R O F I T S ON COINAGE.
Quarter ended
Quarter ended
Quarter ended
Quarterended
September 30,1878
December 31,1878
March 31,1879
June 30, 1879......
•.
•
71,968 31
. 902, 659 67
777, 927 29
1,172,383 40
,
2,924,938 07
REVENUES. OF DISTRICT OF COLUMBIA.
Quarter
Quarter
Quarter
Quarter
ended September 30,1878
ended December 31,1878.........
ended March 31,1879... •ended June 30,1879
-.
313, 275 42
926,90196
171,570 47
329,653 31
:
,
_
1, 741,461 10
MISCELLANEOUS.
Quarter
Quarter
Quarter
Quarter
ended September 30,1878
ended December 31, 1878
ended March 31,1879
ended June 30, 1879
-.
. . ,
.
Grandtotal
18
89
01
75
3,054,648 43
Total ordinary receipts, exclusive of loans and premium
Premium on loans
:
Excess of net receipts from loans over redemptions . . . . . .
Total net receipts
..'........:........!.......
Balance in Treasury June 30,1878........
752,193
844,247
578,892
879, 314
272, 330, 241 21
1,496,943 25
Q'i, 301, 833 84
,...,
-
367,189,018 30
258,489,808 97
625,678,827 27
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE B.—Statemeni of the net dishursements (by warrants) during the fiscal year ended
^ June 30, 1879.
CIVIL.
Congress
Executive
Jndiciary
G-overnment of Territories
Subtreasuries
Publicland offices
Inspection of steam-vessels
Mint and assay-offices
---^
--
$5,232,621 71
6, 082,769 88
3,697,898 87
205, 816 08
329, 900 82
509,150 17.
210,434 34
171, 405 30
Total civH
$16,439,997 17
FOREIGN INTERCOURSE.
Diplomatic salaries..'
Consular salaries
Contingencies of consulates
."
'
Eelief and protection of American seamen.
Rescuing American seamen from shipwreck
Ameiican and Spanish Claims Commission
Ooptingcnt expenses foreign missions
International Bi-Metallic Commission
Tribunal of Arbitration at Geneva
r
--Prisons for American convicts
International Exhibition at Paris
Intema,tional Bureau of Weights and Measures
Exxienses under tlio neutrality act
International Penitentiary Congress at Stockholm
Awards under convention between the United States and Peru
Awards under convention between the United States and Mexico
Contingent and miscellaneous"
Award to Great Britain by the Eisheries Commission
318,146 52
462,870 02
119, 681 51
42,174 01
3,106 55
8, 741 00
81, 390 19
37, 067 99
1, 000 00 .
13, 051 71
50, 027 31
13,123 81
669 65
2, 005 22
1, 025 06
150, 397 35
29, 358 23
5, 500, 000 00
Total foreign intercourse
6, 833,836 13
' .
MISCELLANEOUS.
Mint Establishment
1,035,849 77
CoastSurvey
602,90115
Light-House Establishment
1,462,459 37
Building and repairs of light-houses
876, 975 22
Eefunding excess of deposits for unascertained duties
I, 924, 246 31
Eevenue-cutter service
844, 527 25
Building revenue cutters
5,697 22
Life-saving service
501, 965 62
Custom-houses, court-houses, post-offices, &o
3,120, 000 50
Furniture, .fuel, &c., for public buildings under Treasury Department-.
580, 925 16
Eepairs and preservation of buildings under Treasury Department
183,478 49
Collecting customs revenue
5,485, 543 87
Debenture and drawbacks under customs laws
4, 931,133 23
Marine-Hospital Establishraent
374, 950 50
Compensation in lieu of moieties
42,109 51
Assessing and collecthag internal revenue
3, 528,118 31
Punishing violations of taternal-revenue laws
97,496 64
Internal-revenue stamps, papers, and dies
414, 252 12
Eefunding duties erroneously or illegally collected
242, 347 38
Internal-revenue allowances and drawbacks
57,487 04
Eedemption of internal-revenue stamps
i
'
20, 674 99
Deficiencies of revenue of Post-Office Department
5, 281, 588 02
Eeturn of proceeds of captured and abandoned property
68,146 55
Expenses of national loan, salaries
197,'504 91
Expenses refunding national debt
I, 915, 975 11
Exxienses national currency
130,769 16
Suppressing counterfeiting and fraud
98, 863 87
Contingent expenses Independent Treasury
45, 034 54
Public ouildings and grounds in Washington
345, 369 78
Annual repairs of the Capitol
68,500 00
Improving and lighting Capitol grounds
112, 249 69
State, War, and !N"avy Departments building
975,100 00
Columbian Institute for Deaf and Dumb
56, 000 00
G-overnment Hospital for the Insane
.'
186, 500 00
Charitable institutions in Washington
45, 312 93
Support and treatment of transient paupers
15, 000 00
Survey of public lands
415,885 26
Eepayi.nent for lands, Erroneously sold
26, 621 si
Eive per cent, funds, &c.,to States
45,300 02
Payments under relief acts
•.
56,274 23
Southern Claims Commission
42,029 97
Eeissuing of national currency
261,193 92
Postage
384,084 22
Expenses of Districtof Columbia.'
3,254,801 68
Expenses of Bureau of Engraving and Printing
81, 595 56
Purchase and management of Louisville and Portland Canal.
23,970 00
REPORT OF THE SECRETARY OF THE TREASURY.
5
TABLE B.—Statement of thenet dishursements (hy warrants), ^c.—Continued.
Vaults, safes, and locks for public buildings
Smithsonian Institution
Indemnity for swamp lands
International exhibitionDepai'tment of Agriculture
'
Propagation, &c., of food-fishes
Collecting statistics relating to commerce
Patent Office
Oeolof^ical survey of Territories
De]Dosits by individuals for surveys of public lands
Defending suits and claims for seizure of contraband and abandoned
property
Sinking-fund of Pacific railroads
•
Completion of Washington Monument
Education of the blind
Purchase of i^lics of G-eorge Washington
Purchase of Congressional G-lobe building
Transportation of United States secuiities
Iiational Board of Health
Eedemption of District of Columbia securities
:
Legal representatives of Joseph Hem-y
Eefunding taxes to Cumberland Valley Eailroad Company
Expenses of eighth and tenth census
Statistical map and atlas of the United States
Improvement of Yellowstone IsTational Pai-k
Miscellaneous
Total miscellaneous-.. .•
$29,016 12
68, 560 00
21, 091 59
3, 390 10
123,979 33
69,815 00
10, 840 52
101,765 59
104, 605 64
84,785 57
24, 524 24
328, 078 21
50, 983 07
250, 000 00
12, 000 00
100, 000 00
36,300 08
35, 961 50
342,714 73
11,000 00
35, 341 52
4, 036 46
13,400 00
10,000 00
128,722 04
'
$42,467, 722 ID
INTERIOR DEPARTMENT.
Indians
Pensions (including $5,373,000 arrears of pensions)
Total Interior Department
$5,206,109 08
35,121,482 39
40, 327, 591 47
MILITARY ESTABLISHMENT.
Pay Department
Commissary Department
Quartermaster's Department.!
Medical Department
Ordnance Department
Militar.Y Academy
Improving rivers and harbors
."
Survey of Territories west of the one hundredth meridian
Contingencies.
Expenses of recruiting
Signal Service
Expenses of military convicts
Eeimbui'sing States for raising volunteers
Publishing the official records of the rebellion
Support of Iiational Home for Disabled Volunteers
Support of Soldiers' Home
Horses and other property lost in service
Pa;Yments under relief acts
Claims for quartermasters' and commissary stores
Construction of military posts
Claims of loyal citizens
Eortifications
MisceUaneous
Total military estabUshment
12,164, 797 23
1,962,844 98
12, 524,483 67
388,653 60
1,115,100 31
81, 658 50
8,241, 212 44
56, 000 00
47,609 27
66,177 19
360,219 80;.
13,174 19
198,889 36 •
45,998 98
880, 000 00
109, 853 56
112, 693 25 .
56, 534 47
.
279, 998 18
.*. -.
199, 998 50
720,998 32
290,529 75
508,235 18
...-•.
40,425,660 73
NAVAL ESTABLISHMENT.
Pay and contingencies of the Navy
MarineCorps
Navigation
Ordnance
Equipment and Eecruiting
Yards and Docks
Medicine and Surgery
Provisions and Clothing
Construction and Eepair
Steam-Engineering
MisceUaneous
Less excess of repayments
Total Naval Establishment
Interest fin the pubUc debt
Total net ordinary expenditures
Balancee in Treasury June 30,1879
Total
•
8, 029, 535 39
852,610 69
360,679 43
" 267,265 70
946, 617 94
827,795 49
141, 066 83
830,058 32
1,997,229 29
1,037,907 28 •
53,851 85
15, 344, 618 21
219,491 37
"...
15,125,126
105,327,949
266,947,883
358,730,943
625,678,827
84
00
53
74
27
6
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE C.—Stateinent of the issue and redem2Mon of loa/ns and Ti^easury notes (hy ivarrants)
for the fiscal year ended June ^0, 1S79.
Character of loans..
Treasury notes 1857, act of December 23, 1857
Loan of 1858, act of June 14, 1858
Seven-thirties of 1861, act of July 17,
18C1
Old demand notes, acts of July 17,
and August 5, 1861, and July 12,
1862....••
Pive-twenties of 1862, act of Feb_ ruary 25, 1862
ijegal-tender notes, acts of February
25, 1862, July 11, 1862, and January
• 7 and March 3, 18^3
:
'..
Certificates of indebtedness, ac:s of
March 1 and May 17, 1862, and
March 3, 1803 .....'
Fractional currency, acts of July
17, 1802, March 3," 1863, and June
30, 1864
Ono year notes of 18G3, act of March
3, 1863
TNV6 year notes of 1833, act of March
3, 1863
Coin certificates, act of March 3,1863
Oomnonnd interest notes, acts of
March 3, 1863, and June 30, 1864 ...
Ten-forties of 1864, act of March 3,
J864
Seven-thirties of 1864 and 1865, acts
of June 30, 1864, and March 3, 1865
Five-twen ties of June 1864, act of
Juue 30, 1864 Five-twenties of 1865, act of March
3, 1865 .'
Cousols of 1865, act of March 3,1865 .
Consols of 1867, act of March 3, 1865 .
Consols of 1868, act of March 3, 1865 .
Certificates of deposit, act of June 8,
1872
Silver certificates, act of February
. 28,1878
*..
Eetunding certificates, act of February 26, 1879
•
-.
Funded loan of 1891, acts of July 14,
1870, July 20, 1871, and January
14, 1875 ."
-'-,
Fuuded loan of 1907, acts of July 14,
1870, July 20, 1871, and January
14, 1875 .:
'..
Total .
Excess of issues
Excess of redemptions.
Net excess of issues charged in
receipts and expenditures
Issues.
reEedemptions. Excessofissues. E xd ce emsps t i of
ons.
$100 00
. 220, 000 00
$100 00
220, 000 00
200 00
200 00
$64,107, 833 00
12,317,400 00
827 50
827 50
28, 300 00
28, 300 00
64,107,833 00
1, 000 00
1, 000 00
705, 158 66
705, 158 66
2, 850 00
2, 850 00
1, 450 00
41, 270, 700 00
1, 450 00
28, 953, 300 00
15, 590 00
15, 590 00
56,141, li50 00
56,141, 150 00
9, 600 00
9, 600 00
20, 500 00
26, 500 00
200, 550
109, 225, 400
269,391, 900
17, 361, 750
00
00
00
00
200, 550 00
109, 225, 400 00
269, 391, 900 00
17, 361, 750 00
89, 340, 000 00 105,725, 000 00
16, 385, 000 00
9,464,400 00
8,^460, 050 00
$1, 004, 350 00
39, 398,110 00
26, 549, 900 00
12, 848, 210 00
10,000,000 00
10, 000, 000 00
568,179, 900 00
792,807,643 00
568,179, 900 00
699, 445, 809 16
592, 032,460 00
592, 032, 460 00
498, 670, 626 16
93, 361, 833 84
498, 670, 026 16
REPORT OF THE SECRETARY OF THE TREASURY.
7
TABLE D.—Statement of the net recdpis and .dishursements (hy warrants) for ihe quarter
ended Septemher 30,1879.
RECEIPTS.
Customs
Sales of pubUc lands
Internalrevenue
' Tax on circulation, deposits, &c., of national banks
Eepayment of interest by Pacific EaUway Companies
Customs fees, fines, penalties, and forfeitures
Consular, letters-patent, homestead, and land fees.
Proceeds of sales of govemment property
. Profits on coinage
MisceUaneous
$44,083,497 93
117,383 61
29,409,691 81
3,360,569 60
252,427 46
239, 579 26
506, 864 29
55, 965 33
469,486 09
1,348,198 23
:
.".
Total net ordinary receipts
79,843,663 61
Balance in Treasury June 30,1879
358,730,943 74
Total
438,574,607 35
DISBURSEMENTS.
Customs.
Internal revenue
Diplomatic service
Judiciary
Interior (civil)
Treasury proper
Quarterly salaries
..:
:
L
4,132,678 32
981, 682 54
314,335 22
560,003 10
1,154,687 39
6,064,480 25
121,626 17
Total civU and misceUaneous . .
Indian's
Pensions (including $16,374,249.60 arrears of pensions)
MiUtary estabUshment
Naval estabUshment
Interest oh public debt
13,329,492 99
-2,048,748 02
27,266,991 66
12,104,897 38
4,196,569 59
32,736,685 46
1
Total net ordinary disbursements
Eedemptions of the pubUc debt
Balance in the Treasury September 30,1879
Total
,....
91, 683,385 10
110, 087,432 52
236,803,789 73
,....
438,574,607 35
8
REPORT
OF T H E
SECRETARY
OF T H E
TREASURY.
TABLE E.—Statement of outstanding principal of the puhlic deht of the United States'on the
Isi of January of each year from 1791 to 1843, inclusive, and on ihe Isf of July of each
year from 1844 io 1879, inclusive.
Year.
1 1791
- ... ..... ....;.....
'l792
i
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
.'
1
1831
1832.....
1833
1834
1835
„
1836
1837
1838
1839
1840
1841
1842
1843
July 1,1843
'^ ^
1844
.....;....
1845
1846
1847
1848
1
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
..
1862
^
1863
1864.
1865
1866
1867
1868
:
Amount.
Jan
i
..
.
....
,
$75,463,476 52
77, 227, 924 66
80, 352, 634 04
78, 427, 404 77
80, 747, 587 39
83, 762,172 07
82, 064, 479 33
79, 228, 529 12
78 408 669 77
82, 976, 294 35
83, 038, 050 80
80,712,632 25
77,054,686 30
86, 427,120 88
82, 312,150 50
• 75, 723, 270 66
69, 218, 398 64
65 196,317 97
57, 023,192 09
53,173, 217 52
48, 005,-587 76
45, 209, 737 90
55, 962, 827 57
81,487, 846 24
99, 833, 660 15
127, 334, 933 74
123,491, 965 16
103,466, 633 83
95, 529, 648 28
91, 015, 566 15
89, 987, 427 66
• 93, 546, 676 98
90, 875, 877 28
90, 269,777 77
83,788, 432 71
81, 054, 059 99
73, 987, 357 2(>
67,475, 043 87
58, 421,413 67
48, 565, 406 50
39,123,191 68
24, 322, 235 18
7, 001, 698 83
4,760, 082 08
' 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
15, 550, 202 97
38, 826, 534 77
47, 044, 862 23
63, 061, 858 69
63,452,773 55
68, 304, 796 02
66,199, 341 71
59, 803,117 70
42, 242, 222 42
:
35, 586, 956 56
31, 972, 537 90
2.3, 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, 680, 647, 869 74
2,773, 230,173 69
2, 678,126,103 87
;.'...'.'.!".!'. 2,611,687,851 19
REPORT OF THE SECRETARY OF THE TREASURY.
9
TABLE E.—Statement of outstanding principal of the puhlic deht, ^c.—Continued.
Year.
Julv 1 1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
Amount.
i
;
„
•
.
$2, 588,452, 213 94
.. .. 2,480, 072, 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
*2, 256, 205, 892 53
*2, 349, 567,482 04
* In the amount here stated as the outstanding principal of the public debt are included the certificates of deposit outstanding on the 30th of June, issued under act of June 8, 1872, amounting to
$31,730,000, in 1873; $58,760,000, in 1874; $58,415,000, in 1875; $32,840,000, in 1876; $54,960,000, in 1877;
$46,755,000, in 1878, and $30,370,000 in 1879, for which a like amount in United States notes was on special
deposit in the Treasury for their redemption, and added to the cash balance in the Treasury. These
certificates, as a matter of accounts, are treated as a part of the pubUc debt, but, being oifset by notes
held on deposit for their redemption, should properly be deducted from the principal of the public debt
in making comparison with former years. .
Statement of the 2Jm'*^Gipa>l of the puhlic debit including accrued interest thereon, less cash in
the Ti'easury, on the 1st day of July of each year, from July 1, 1869, to July 1, 1879,
compiled from the published monthly debt-statements of those dates.
Years.
Julyl 1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
. .
Outstanding prin- Accrued inter• cipal.
est.
Cash in the Debt less cash in
Treasury.
the Treasury.
*$2, 597, 722, 983 37$47,447, 310 79 $156,167, 813 58 $2, 489, 002,480 58
*2, 601, 675,127 83 50, 607, 556 52 265, 924, 084 61 2, 380, 358, 599 74
2, 353, 211, 332 32 45, 036,766 23 106, 217, 263 65 2, 292, 030, 834 90
2, 253, 251, 328 78 41,705, 813 27 103, 470, 798 43 2,101,486, 843 62
2, 234, 482, 993 20 42, 356, 652 82 129, 020, 932 45 2,147, 818, 713 57
38, 939, 087 47 147, 541, 314 74 2,143, 088, 241 16
•..
2,251,690,468 43
2, 232, 284, 531 95 38, 647, 556 19 142, 243, 361 82 2,128, 688,726 32
38,
514, 004 54 119,469,726 70 2, 099,439, 344 99
2,180, 395, 067 15
2, 205, 301, 392 10 40, 882,791 89 180, 025, 900 73 2, 060,158, 223 26
36,404,
551 37 250, 823, 612 08 2, 035,786, 831 82
2, 256, 205, 892 53
2 349, 567,482 04 30,792, 351 34 353,152, 577 01 2, 027,207, 256 37
* I t wiU be noticed that there is a difference in the amounts represented by these two statements as
the principal of the debt July 1, 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 bonds purchased for the
sinking-fund and paid for frbm 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 no
authority of law for deducting them from the outstanding debt. Congress, by the sixth section of the
act of July 14, 1870, directed that these bonds should be canceled and destroyed and deducted from the
amount oi each class of the outstandin"g 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 THE SECRETARY OF THE TREASURY.
TABLE F.—Statement of the receipts of the United States from March 4,1789, to June 30,
Balance in the
Treasury at i
^
^
commencement of year.
Customs.
Internal revenue.
Direct tax.
PubUc lands.
MisceUaneous.
$10 478 10
$4,399,473 09
1791
9, 918 65
3, 443, 070 85 '"."$208,'942 si
1792 '""$973,'905'75*
337, 705 70
21,410 88
783, 444 51 . 4,255, 306 56
1793
53,277 97
274, 089 62
4, 801, 065 28
753, 661 69
1794
28,317 97
5,588,461 26
337,755 36
1 151 924 17
1795
$4,"836'i3' 1,169,415 98
6, 567, 987 94
475, 289 60
516, 442 61
1796
399,139 29
7,549,649 65
575,491 45
888 995 42
1797
83,540 60
644,357 95
58,192 81
11, 963 11
1, 021, 899 04
7,106, OGl 93
1798
86,187 56
779,136 44
617 451 43
6, 610, 449 31
1799
152,712 10
809, 396 55 '"$734," 223" 97'
9, 080, 932 73
2,161, 867 77
1800
10, 750, 778 93 1, 048, 033 43
534, 343 38
167,726 06
345, 049 15
2, 623, 311 99
1801
1802
3, 295, 391 00
12,438, 235 74
621, 898 89
206, 565 44
188, 628 02
1, 500, 505 86
5, 020, 697 64
10, 479, 417 61
215,179 69
71, 879 20
165, 675 69
131, 945 44
1803
4, 825, 811 60
11, 098, 565 33
50, 941 29
50,198 44
487, 526 .79
139, 075 53
1804
21, 747 15
21,882 91
540,193 80
40, 382 30
4,037,005 26
•12, 936, 487 04
1805
3, 999, 388 99
14, 667, 098 17
20,101 45
55, 763 86
765, 245 73
51,121 86
1806
4, 538,123 80
15, 845, 521 61
13, 051 40
34, 732 56
466,163 27
38, 550 42
1807
8,190 23
19,159 21
647, 939 06
21, 822 85
9, 643, 850 07
16, 363, 550 58
1808
1809
9, 941, 809 96
7, 257, 506 62
4, 034 29
7, 517 31
442, 252 33
62,162 57
3, 848, 056 78 .
8, 583, 309 31
7, 430 63
12, 448 68
696, 548 82
84,476 84
1810
2, 672, 276 57
13, 313, 222 73
2, 295 95
7, 666 66
1, 040, 237 53
59, 211 22
1811
1812
8, 502, 305 80
8, 958, 777 53
4, 903 06
859 22
710, 427 78
126,165 17
1813
3, 802, 217 41
13, 224, 623 25
4, 755 04
3, 805 52
835, 655 14
271, .571 00
164, 399 81
5,196, 542 00
5, 998, 772 08 1, 662, 984 82 2, 219, 497 36 1,135, 971 09
1814
1, 727, 848 63
7, 282, 942 22
4, 678, 059 07 2,162, 673 41
1, 287, 959 28
285, 282 84
1815
13,106, 592 88
36, 300, 874 88
5,124, 708 31 4, 253, 635 09
1, 717, 985 03
273, 782 35
1816
22, 033, 519 19
26, 283, 348 49
2, 678,100 77 1, 834,187 04
1, 991, 220 06
109, 761 08
1817
17,176, 385 00
955, 270 20
264, 333 36
2, 606, 564 77
57, 017 71
14, 989, 465 48
1818
1, 478, 526 74
20, 283, 608 76
229, 593 63
83, 650 78
3, 274,422 78
57, 098 42
1819
1820
2, 079, 992 38
15, 005, 612 15
100, 260 53
31, 586 82
1, 635, 871 61
61, 338 44
1821
1,198, 461 21
13, 004, 447 15
69, 027 63
29, 349 05
1, 212, 966 46
152, 589 43
1, 681, 592 24
17, 589, 761 94
67, 665 71
20, 901 56
1, 803, 581 54
452,957 19
1822
4,237,427 55
19, 088,433 44
34, 242 17
10, 337 71
916, 523 10
141,129 84
1823
17, 878, 325 71
34, 663 37
6, 201 96
984, 418 15
127, 603 60
1824 • 9, 463, 922 81
1, 946, 597 13
20, 098, 71b^ 45
25, 771 35 . 2, 330 85 1, 210, 090 56
130, 451 81
1825
1826
5, 201, 650 43
23, 341, 331 77
21, 589 93
6, 038 76
1, 393, 785 09
94, 588 66
1827
6, 358, 686 18
19, 712, 283 29
19, 885 68
2, 626 90
1; 495, 845' 26 1, 315, 722 83
• 6, 668, 286 10 23, 205, 523 64
17, 451 54
2, 218 81
1, 018, 308 75
65,126 49
1828
112, 648 55
1829
5, 972, 435 81
22, 681, 965 91
14, 502 74
11, 335 05
1,517,175 13
5, 755, 704 79
21, 922, 391 39
12,160 02
16, 980 59
2, 329, 356 14
70; 227 77
1830
6, 014, 539 75
24,224,44] 77
6, 933 51
10, 506 01
3, 210, 815 48
. 584,124 05
1831
1832
4, 502, 914 45
28, 465, 237 24
11, 630 65
6, 791 13 • 2, 623, 381 03
270,410 61
• 2, Oil, 777 55 29, 032, 508 91
2, 759 00
394 12 . 3, 907,.682 55
470, 096 67
1833
11, 702, 905 31
16, 214, 957 15
4,196 09
19 80
4, 857, 600 69
480, 812 32
1834
1835
8,892,858 42
19, 391, 310 59
10, 459 48
4,263 33
14, 757. 600 75
759, 972 13
1836
26, 749, 803 96
23, 409, 940 53
370 00
728 79 24, 877,179 86
2, 245, 902 23
1837
46, 708, 436 00
11,169, 290 39
5, 493 84
1, 687 70
6, 776, 236 52
7, 001,444 59
• 3, 730, 945 06 6, 410, 348 45
1838
37 327 252 69 • 16,158, 800 36
2,467 27
30, 891,196 94
2, 553 32
23,137, 924 81
755"22"
979, 939 86
1839
7, 361, 576 40
3, 411, 818 63
2, 567,112 28
1840
33,157, 503 68
13,499, 502 17
1,682 25
3, 261 36
29, 963,163 46
1, 365, 627 42
14,487, 216 74
1, 004, 054 75
1841
451 995 97
28, 685, 111 08
495 00
1842
18,187, 908 76
1, 335, 797 52
103 25
7, 046, 843 91
898,158 18
1843* 30, 521, 979 44
285', 895 92
1,777 34
26,183, 570 94
2, 059, 939 80 • 1, 075, 419 70
1844 • 39,186, 284 74
36, 742^ 829 62
27^,528,112 70
3, 517 12
2 077, 022 30
301,'453 68
1845
36,194, 274 81
26, 712, 667 87
2,897 26
289, 950 13
1846
2, 694, 452 48
375 00
38,261,959 65 '
23, 747, 864 66
. 220,808 30
2 498 355 20
1847
33, 079, 276 43
375 00
31, 757, 070 96
3i 328, 642 56
612,610 69
1848
29,416, 612 45
28, 346, 738 82
685 379 13
1 688 959 55
1849
32, 827, 082 69
39, 668, 686 42
2, 064i 308 21
1, m , 894 25
1850
35, 871, 753 31
49, 017, 567 92
1,185,166 11
2, 352, 305 30
1851
40,158, 353 25
47, 339 326 62
464 249 40
2, 043, 239 58
1852
1, 667, 084 99
58, 931, 865 52
988, 081 17
1853 1 43,338,860 02
50, 261, 901 09
8, 470, 798 39 1,105, 3.52 74
64,224,190 27
1854
53 025 794 21
827 731 40
11 497 049 07
1855 % 48 591 073 41
8, 917i 644 93
1, n i 190 81
47, 777i 672 13
04, 022, 803 50
1856
3, 829, 486 64
1, 259, 920 88
1857
49,108, 229 80
03, 875, 905 05
1,
352, 029 13
46, 802, 855 00
41, 789; 620 90
3, 513, 715 87
1858
1, 454] 596 24
1859
3.5,113, 334 22
49, 565, 824 38
1,756, 687 30
53,187, 511 87
1, 088, 530 25
1860
33,193, 248 CO
1, 778, 557 71
39, 582,125 64
870, 658 54
1, 023, 515 31
1861
32,979,530 78
1862
30, 963, 857 83
49,056,307 62
i,795,33i 73
152,203 77
915 327 97
46, 965, 304 87
3, 741, 794 38
1863
69, 059, 642 40 "37,'640,"787"95' 1,485,103 61
167, 617 17
1864
36, 523, 046 13 102, 316,152 99 109, 741,134 10
475, 648 96
588, 333 29 30, 291, 701 86
1865 1 134,433,738 44 I 84,928,260 60 1209,464,215 25 I1,200,573 03
996,55^ 31
25,441, 556 00
....,...._....
*For the half-year from J a n
REPORT OF THE SECRETARY OF THE TREASURY.
11
1879, hy calendar years to 1843 and hy fiscal years (ended June 30) from that time.
Di"vidends.
Net ordinary
receipts.
Interest.
Premiums.
$4,409, 951 19
$8, 028 00 3, 669,960 31
38, 500 00 4, 652, 923 14
393, 472 00 5, 431, 904 87
160, 000 00 6,114, 534 59 $4, 800 00
160, 000 00 8, 377, 529 05 42, 800 00
80, 960 00 8, 688 780 99
79, 920 00 7, 9oo; 495 80 78, 675 00
71, 040 00 7, 546,813 31
71,040 00 10, 848, 749 10
88, 800 00 12, 935,330 95 'io,"i25"o6
39, 960 00 14, 995,793 95
11, 064, 097 63
11, 826,307 38
13, 560, 693 20
15, 559,931 07
16, 398, 019 26
17, 060, 661 93
7, 773, 473 12
9, 384,214 28
14,422, 634 09
9, 801, 132 76
14, 340, 409 95
300 00
11,181, 625 16
85 79
15, 696,916 82 11, 541 74
$32,107 64
47, 676,985 66 68, 665 16
686 09
049
74
33,
099,
267,
819
14
202, 426 30
412 62
525, 000 00 21, 585, 171 04
675, 000 00 24, 603,374 37
1, 000, 000 00 17, 840, 669 55
40, 000 00
105, 000 00 14, 573,379 72
297, 500 00 20, 232, 427 94
350, 000 00 20, 540, 666 26
350, 000 00 19, 381,212 79
367, 500 00 21, 840, 858 02
402, 500 00 25, 260, 434 21
420, 000 00 22, 966, 363 96
455, 000 00 24,763, 629 23
490," 000 00 24, 827, 627 38
490, 000 00 24, 844, 116 51
490, 000 00 28, 526,820
490, 000 00 31, 867, 450 66
474, 985 00 33, 948, 426 25
234, 349 50 21, 791, 935 55
506, 480 82 35,430, 087 10
292, 674 67 50, 826, 796
24, 954, 153 04
26, 302, 561 74
• 31, 482,749 61
19, 480, 115 33
16, 860, 160 27
19, 976,197 25
71, 700 83
8, 231, 001 26
666 60
29, 320, 707 78
29, 970, 105 80
29, 699,967 74
28, 365 91
26,467, 403 16
37, 080 00
35, 698, 699 21
487, 065 48
30,721, 077 50
10, 550 00
43, 592, 888 88
4, 264 92
52, 555, 039 33
49, 846, 815 60
61, 587, 031 68
22 50
73, 800, 341 40
65, 350, 574 68
74, 056, 699 24
68,965, 312 57
46, 655, 365 96
52, 777, 107 92
709, 357 72
56, 054, 599 83
10, 008 00
41,476, 299 49
33, 630 90
'. 68,400 00
51, 919, 261 09
602, 345 44
112, 094, 945 51
243,412,971 20
21,174,101 01
322, 031, 158 19
11,683,446 89
uary 1, 1843, to J u n e 30,' 1843.
Eeceipts from
lo.ans a n d
Treasury
notes.
Gross receipts.
$361, 391 34
5,102, 498 45
1,797, 272 01
4, 007, 950 78
3, 396, 424 00
320, 000 00
70, 000 00
200, 000 00
5, 000, 000 00
1, 565,229 24
2, 750, 000 00
12, 837, 900 00
20,184, 135 00
23, 377, 826 00
35, 220, 671 40
9, 425,084 91
466, 723 45
8, 353 00
2, 291 00
3, 000, 824 13
5, 000, 324 00
5, 000, 000 00
5, 000, 000 00
2, 992, 989 15
12, 716, 820
3, 857, 276 21
5, 589, 547 51
13, 659, 317 38
14, 808, 735 64
12,479, 708 36
1, 877,181 35
28, 872, 399 45
21, 256,700 00
28, 588, 750 00
4, 045, 950 00
203, 400 00
46, 300 00
16, 350 00
2, 001 67
800 00
200 00
900 00
23,717, 300 00
28, 287, 500 00
20,776, 800 00
41, 861, 709 74
529, 692, 460 50
776, 682, 861 57
128, 873, 945 36
472, 224, 740 85
$4,771,342
8, 772, 458
6, 450,195
9, 439, 855
9, 515, 758
8, 740, 329
8, 758, 780
8,179,170
12, 546, 813
12, 413, 978
12, 945,455
14, 995,793
11, 064, 097
11, 826, 307
13, 560, 693
15, 559, 931
16, 398, 019
17, 060, 661
7, 773, 473
12,134, 214
14, 422, 634
22, 639, 032
40, 524, 844
34, 559, 536
50, 961, 237
57,171, 421
33, 833, 592
21, 593, 936
24, 605, 665
20,881,493
39,573,703
20, 232, 427
20, 540, 666
24, 381, 212
26, 840, 858
25, 260, 434
22, 966, 363
24, 763, 62924, 827, 627
24, 844,116
•28, 526, 820
31, 867, 450
33, 948, 426
21, 791, 935
35,430,087
50, 826, 796
27, 947,142
39, 019, 382
35, 340, 025
25,069,662
30, 519, 477
34, 784, 932
20, 782, 410
31,198, 555
29, 970,105
29, 699, 967
55, 368,168
56, 992, 479
59, 796, 892
47, 649, 388
52,762, 704
49, 893,115
61, 603, 404.
73, 802, 343
65, 351, 374
74, 056, 899
68, 969, 212
70, 372, 665
81,773, 965
76, 841, 407
83, 371, 640
581, 680,121
889,379, 652
393,461, 017
805,939,345
Dnavailable.
$1, 889 50
1, 458, 782 93
37, 469 25
28,251 90
'36,'6o6'oo
15,408 34
II, IIO 81
6, 001 01
9,210 40
6, 095 I I
12
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE F.—Statement of the receipts of the United States from
1
Balance in the
Treasury at
c o m m en cement of year.
Customs.
Internal revenue. Direct tax.
1866 $33, 933, 657 89 $179, 046, 651 58 $309, 226, 813 42$1, 974,754 12
266, 027, 537 43 4, 200,233 70
1867 160, 817, 099 73 176,417, 810 88
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
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
214, 887, 645 88
286, 591,453 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 69
157,167, 722- 35
148, 071, 984 61
130,956,493 07
130,170, 680 20
137, 250, 047 70
191, 087, 589 41 1, 788,145 85
158, 356,460 86
7G5, 685 61
184, 899, 756 49 229,102 88
143, 098,153 63
580,355 37
130, 642,177 72
113,729, 314 14
315, 254 51
102,409, 784 90
110, 007,493 58
H6, 700, 732 03
93, 798 80
118, 030, 407 83
110, 581, 624 74
113, 561, 610 58
PubUc lands. MisceUaneous.'
$665, 031 03 $29, 036,314 23
1,103, 575 76 15,037, 522 15
1, 348, 715 41 17, 745,403 59
4, 020, 344 34 13,-997, 338 65
3, 350, 481 76 12, 942,118 30
2, 388, 646 68 22, 093, 541 21
2, 575, 714 19 15,106, 051 23
2, 882, 312 38 17,161, 270 05
1,852,428 93 32, 575, 043 32
1, 413, 640 17 15, 431, 915 31
1,129,466 95 24, 070, 602 31
976,'253 68 30,437, 487 42
1, 070, 743 37 15, 614,128 09
924,781 06 20, 585, 697 49
4,252,441, 361 80 2, 548,083,606 85 27, 648, 725 73204,547,812 81 .301.440.835 01
' '
* Amounts heretofore credited to the Treasurer as una
REPORT OF THE SECRETARY OF THE TREASURY.
13
March 4, 1789, to June 30, 1879, ^c—Contimied.
Dividends.
N"et o r d i n a r y
receipts.
Interest.
Premiums.
fS
1866
1867
$519, 949, 564 38
462, 846, 679 92
R e c e i p t s from
loans and
Treasury
notes.
G-ross r e c e i p t s .
UnavaUable.
$38, 083, 055 68 $712, 851, 553 05 $1, 270, 884,173 11 $172, 094 29
27,787, 330 35 640,426, 910 29 1,131, 060, 920 50 721,827 93
2, 675, 918 19
1868
1869
1870
1871
187"?
1873
1874
1875
1876
1877
1878
1879
^
376,434,453
357,188, 256
395, 959, 833
374, 431,104
364, 394, 229
322,177, 673
299, 941, 090
284, 020, 771
290, 066, 584
281, 000, 642
257, 446,776
272, 322,136
82
09
87
94
91
78
84
41
70
00
40
83
29,203, 629 50
13,755,491 12
15, 295, 643 76
. 8, 892, 839 95
9, 412, 637, 65
11, 560, 530 89
5, 037, 665 22
3, 979, 279 69
4, 029, 280 58
405,776 58
317,102 30
1, 505, 047 63
625, 111, 433
238, 678, 081
285, 474, 496
268, 768, 523
305, 047, 054
214, 931, 017
439, 272, 535
387, 971, 556
397,455. 808
348, 871, 749
404, 581, 201
792, 807, 643
20 1, 030, 749, 516 52
609, 621, 828 27
06
696,729, 973 63
00
652, 092, 468 36
47
679,153, 921 56
00
548, 669, 221 67
00
744, 251, 291 52
46
675, 971, 607 10
00
691, 551, 673 28
00
630, 278,167 58
00
662, 345, 079 70
00
00 1, 066, 634, 827 46
'•2, bio 73
*3, 396
*18, 228
*3, 047
12, 691
18
35
80
40
$9,720,136 29 7,433,891,478 49 485,224 45 204, 259,110 83 10,385,479,604 84 18, 024,115,418 61 2, 661, 866 53
vaUable, and since recovered and charged to his account.
14
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE G.—Statenient of the expenditures of the United States from Marcli 4, 1789, to
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
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843*
1844.
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
War.
$632, 804 03
1,100, 702 09,
1,130, 249 08|
2, 639,097 59
2, 480,910 13
1, 260,263 84
1, 039,402 40,
2, 009,522 30|
2,466, 946 98
2, 560,878 77
1, 672,944 08
1,179, 148 25,
822, 055 85
875, 423 93
712, 781 28
1, 224,355 38
1, 288,685 91,
2, 900,834 401
3, 345,772 17
2, 294,323 94
2, 032,828 19
11, 817,798 24
19, 652,013 02,
20, 350,806 86|
14, 794,294 22
16, 012,096 80
8, 004,236 53
5, 622,715 10,
•6, 500,300 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
4,145,544 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 25
13, 682,730 80
12,897, 224 16
8, 916,995 80
" 7,095,207 23
8, 801,610 24
6, 610,438 02I
2, 908,671 95
5, 218,183 66,
5, 746,291 28|
10, 413, 370 58
. 85, 840,030 33
27, 688, 334 21
14, 558,473 20
9, 687,024 58,
12,161, 965 111
8, 521 506 19
9, 910,498 49
11, 722,282 87
14,048, 074 07,
16, 903,160 5l|
19,159, 150 87
25, 679,121 63
23,154, 720 53
16, 472,202 72
23, 001,530 67
389,173, 562 29
603, 314,411 82
690, 391,048 66
Navy.
$61, 408 97
410, 562 03
274,•784 04
382, 631 89
1, 381,347 76
2, 858,081 84
3,448, 716 03
2, 111,424 00|
915, 501 87
1, 215,230 53
1,189, 832 75
1, 597,500 00
1, 649,041 44
1, 722,064 47
1, 884,067 80
2, 427,758 80
1, 654.244 20
1, 965'.566 39
3, 959:365 15
6,446, 600 10
7, 311,290 60
8, 660,.000 25
3, 908,278 30
3, 314,598 49
2, 953,695 00
3, 847,040 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, 203,877 45
3, 918,786 44
3, 308,745 47
3, 239,428 63
3, 856,183 07
3, 956,370 29
3, 901,356 73, 956,260 42
3, 864,939 06
5, 807,718 23
0, 646,914 53
6,131,580 53
0,182,294 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, 455,013 92
7, 900,635 76
9, 408,476 02
9, 780,705 92
7, 904,724 GO
8, 880,581 38
8, 918,842 10
11, 067.789 53
10, 790, 096 32
13, 327, 095 11
14, 074,834 64
12, 651,694 61
14, 053,264 64
14, 690,927 90
11, 514,049 83
12, 387,156 52
42, 640,353 09
63, 261i235 31
85,704, 963 74I
Indians.
$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
190, 500 00
234, 200 00
205, 425 00
213, 575 00
337, 503 84
177, 625 00
151, 875 OOl
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
575, 007 41
380, 781 82
429, 987 90
724,106 44,
743, 447 83|
750,6^4 ,,
705, 084 24
576, 344 74
622, 262 47
930, 738 04
1, 352, 419 75
1, 802, 980 93
1, 003, 953 20
1, 700, 444 48
5, 037, 022 88
4, 348, 030 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, 252, 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, 865, 481 17
2, 327, 948 37
3,152, 032 70
2, 029, 975 97
Pensions.
MisceUaneous.
$175, 813 88'
109, 243 15
80, 087 81'
81, 399 24
68,673 22
. 100, 843 7l|
92, 250 97
104, 845 33
95, 444 03
64,130 73
73, 533 37
85, 440 39
62, 902 10
80, 092 80
81, 854 59
81, 875 53|
70, 500 00
82, 576 04
87,833 54
83, 744 16
75, 043 88
91, 402 10
86, 989 91
90,164 36
69, 656 00
188, 804 15
297, 374 43
890,719 _
2, 415, 939 85
3, 208, 376 31
242, 817 25
1, 948,199
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, 665 14|
1,184, 422 40
4, 589,152 40
3, 364, 285
1, 954, 711 32
2, 882, 797 ,
2, 672,162 45
2,156, 057 29
3,142, 750 51
2, 603, 562 17
2, 388,434 5l|
1, 378, 931 33
839, 041 12
2, 032, 008 99
2, 400, 788 11
1, 811, 097 56|
1, 744, 883 63
1, 227,496 48
1, 328, 867 64
1, 866, 886 02,
2, 293, 377 22
2, 401, 858 78
1, 756, 306 20
1, 232, 665 00
1, 477, 012 33
1, 296, 229 65
1, 310, 380 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
*For
$1, 083, 971 61
4,672,664 38
511, 451 01
750, 350 74
1, 378, 920 66
• 801, 847 58
1, 259, 422 02
1,139, 524 94
1, 039, 391 08
1, 337, 613 22
1,114, 768 45
<, 1, 462, 929 40
1, 842, 635 76
2,191, 009 43 •
3, 768, 598 75
2,890,137 01
1, 697, 897 51
1, 423, 285 61
1, 215, 803 79
1,101,144 98
1, 367, 291 40.
1, 083, 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, 007, 211 41
2, 592, 021 94
2, 223,121 54
1, 907, 996 24
2, 022, 093 99
7,155, 308 81
2, 748, 544 89
2, GOO, 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, G98 53
5, 393, 279 72
9, 893, 370 27 .
7,160, 664 76
5, 725, 990 89
5,995,398 96
6, 400, 881 45
6,775,624 61
3, 202, 713 00
5, 645,183 86
5, 911, 760 98
6, 711, 283 89
6, 885, 608 35
5, 650, 851.25
12, 885, 334 24 •
16, 043, 703 36
17, 888, 992 18
17, 504,171 45
.17,463,068 01
26, 672,144 68
24, 090, 425 43
31, 794, 038 87
28, 505, 498 77
26, 400, 016 42
23, 797, 544 40
27, 977, 978 30
23, 327, 287 69
21, 385, 862 59
23,198, 382 37
27, 572,216 87
the half y e a r from J a n
REPORT OF THE SECRETARY OF THE TREASURY.
15
June 30,1879, hy calendar years to 1843 and hy fiscal years {ended June 30) from that time.
lS[&t ordinary ex
penditures.
Premiums.
$1, 919, 589 52
5, 896, 258 47
1, 749, 070 73
3, 545, 299 00
4, 302, 541 72
2, 551, 303 15
2, 836,110 52
4, 651, 710 42
6, 480,166 72
7, 411, 369 97i
4, 981, 669 901
3, 737, 079 91
4, 002, 824 241
4, 452, 858 91
6, 357, 234 62|
6, 080, 209 36
4, 984, 572 89
C, 504, 338 85
7, 414, 672 14
5, 311, 082 28
5, 592, 604 86
17, 829,498 70
28, 082, 396 92
30, 127, 686 38
26, 953, 571 00
23, 373, 432 58
15, 454,-609 02
13, 808, 673 78
16, 300, 273 441
13, 134, 530 57
10, 723,479 07
9, 827, 643 51
9, 784,154 591
15, 330,144 71
11, 490, 459 94
13, 062,316 27|
12, 653, 095 65
13, 296, 041 45
12, 641, 210 40
13, 229, 533 33
13, 864, 067 90i
16, 516, 388 77
22, 713, 755 11
18, 425,417-25
17, 514, 950 281
80,-808,164 04|
37, 243, 214 24
83, 849, 718 08|
20, 496, 948 73
24, 139,920 11
26, 196, 840 29|
24, 3G1, 336 59
11, 256, 508 60
20, 650,108.011
21, 895, 309 01
$18,231 43
26, 418, 459 59|
53, 801, 569 37
227,
454
77
45,
39, 933,542 61
82,865 81
37, 16.5, 990 09
44, 054,717 66
69, 713 19
389,
954
56
40,
170, 063 421
44, 078,156 35
420,
498 64
967,
528
42
51,
50, 316,197 72 2, 877, 818 69]
872,
047 39
772,
527
64
66,
385, 372 90
66,1, 041,143 70
303,
572 39
330,437
17
72,
574,443 08
66, 355, 950 07
056.
754
71
60,
62,l, GIG, 055 78
456, 379, 896 81'
694,:, 004, 575 561
811,, 283, 679 141
aary I, 1843, to J u n e 30, 1843.
Interest.
$1,177, 863 03
2, 373,611 28
2, 097,859 17
2,752, 523 04
2, 947,059 06
8,239, 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
462 36
• 3, 949,
4,185, 048 74
2, e57,114 22
3, 368,968 26
3, 369,578 48
2, 557,074 23
2, 866,074 90
. 8,163,671 09
2, 585,435 57|
2,451, 272 571
3, 599,455 22
4, 593,239 04
5, 990,090 24
7, 822,923 34
4, 530,282 55
6, 209,954 03
5, 211,730 56
5,151,004 32
5,120,073 79
5,172,788 79
4, 922, 475 40
4, 943,557 93
4, 366, 757 40
3, 975,542 95
3, 486,071 5i
3, 098,800 60
2, 542,843 231
1, 912,574 93
.1, 373,748 74
772, 561 50
303. 796 871
202', 152
57, 863 081
P u b U c debt.
984 23
693, 050 25
2, 633,048 07
2, 743,771 13
2, 841,639 37
2> 577,126 01
2, 617,250 12
976, 032 09
1, 706,578 84
1,138, 503 11
2, 879,876 98
5, 294,235 24
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, 835,241 121
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
15, 086,247 59
2, 492,195 73
3,477s 489 96
3, 241,019 83
2, 676,160 33
607, 541 01
11, 624,835 83
7, 728,587 38
7, 065,539 241
6, 517,596
9, 064,637 47
. 9,860,304 77
9, 443,173 29|
14, 800,629 48
17, 007,747 79
1, 239,.746 51
5,974, 412 21
328 20
21, 822 91
5, 590,723 79
14, 996 48
10, 718,153 53
399, 833 89
3, 912,015 621
174, 598 08
5, 315,712 19
284, 977 55
7, 801,990 09
773, 549 85
338, 012 64|
523, 583 91
1, 833,452 13 11,158, 450 71
7, 530,349 49|
1, 040,458 18
842, 723 27
371, 100 04
5, 600,067 65
1,119, 214 72
765
88
13,
036,922 54|
2, 390,
12, 804,478 54
3, 565,535 78
393
03
3,
656,335 14|
3, 782,
654, 912 71
3, 696,760 T)\
297
80
293 051
2;
152,
4, 000,
6,412, 574 01
8, 665,832 74
926
69
896 95|
17,
556,
3,070,
6, 662,065 86
2, 314,464 99|
822
371
1,953,
8, 614,618 66
1, 593,265 23
3, 276,606 05
055
67
1, 652,
7, 505,250 82
2, 637,649 70
14, 085,043 15
3,144, 120 94
13, 854,250 00
4, 034,157 30 18, 737,100 00
844
84
96, 097,322 09
13,190,
24, 729,700 62 181, 081,635 07
421
691
. 53, 685,
430, 572,014 03!
Gross expenditures.
B a l a n c e in
Treasury at
the end of
the year.
$3, 797,436 78
905 75
783, 444 51
8, 962,920 00
753, 661 69
6,479, 977 97
9, 041,593 17 1,151,924 17
516, 442 61
10,151,240 15
888, 995 428, 307,776 84
8, 625,877 37 1, 021,899 04
617, 451 43
"8, 583,618 41
11, 002,896 97 2,161,807 77
11, 952,534 12 2, 623,311 99
12, 273,376 94 3, 295,391 00
13, 270,487 31 5, 020,G97 64.
11, 258,983 67 4, 825,811 60
12, 615,113 721 4, 037,005 26
13, 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
3, 848,05G 78
13, 867,226
13, 309,994 49| 2, 672,276 57
13, 592,604 86 3, 502,305 80
22, 279,121 15 3, 802,217 41
39,190, 520 36 5,196, 542 00
88, 028,230 32| 1, 727,848 63
39, 582,493 3 13,106, 592 88
48, 244,495 511 22, 033,519 19
40,877, 646 04 14, 989,465 48
35,104, 875 40 1,478, 520 74
24 004,199 73 2, 079,992 38
21, 763,024 85 1,198, 461 21
19, 090,572 69 1, 681,592 24
17, 676,592 63 4, 237,427 55
15, 314,171 00 9, 463,922 81
31, 898,538 47 1, 946,597 13
23,585, 804 72 .5, 201,650 43
24,103, 398 46 6, 358,686 18
22, 656,764 04 6, 668,286 10
25, 459,479 52 5, 972,435 81
25, 044,358 40 .5, 755,704 79
24, 585,281
6, 014,539 75
30,038, 446 12| . 4,502,914 45
34, 356,698 06 2, Oil,777 55
24, 257,298 49 11, 702,905 81
24, 601,982 44 8, 892,858 4217, 573,141 56 20, 749,803 96
30, 868,-164 04 46, 708,436 00
37, 265,037 15 37, 327,252 69
39, 455,438 35 30,-891, 196 94
37, 614,936 151 33.157, 503 68
28, 226,533 81 29, 963,163 46
31, 797,530 031 28, 685,111 08
32, 936,876 53 30, 521,979 44
• 12,118,105 151 39,180, 284 74
33, 642,010 8 36, 742,829 62
30,490, 408 71| 36,194, 274 81
27, 632,282
38, 261,959 65
60, 520,851 74| 33, 079,276 43
60, 655,143 19 29, 410,612 45
56, 380,422 74 32, 827,082 69
44, 604,718 26| 35, 871,753 31
48, 470,104 31 40.158, 353 25
46, 712,608 83 43, 338,860 02
54, 577,061 74 50, 261,901 09
75, 473,170 75 48, 591,073 41
66,164, 775 90 47, 777,672 13
72,726, 341 57 49,108, 229 80
71,274, 587 .37 40, 802,855 00
82, 062,186 74 35,113, 334 22
:, 642 92 33,193, 248 60
83, 678,
', 125 65 32, 979,530 78
77, 055,
85, 387,313 08 30, 963,857 83
•, 503 7446, 965,304 87
565, 667,
046 13
899,815, 911 25, 36, 523,
, 114 861134, 433,738 44
1,295, 541,
16
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE G.—Statement of the expfenditures of the Uniied States
Year.
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
War.
Navy.
Indians.
Pensions.
MisceUaneous,
$1, 030, 690, 400 06
283,154, 07G 06
$122, 617, 434 07
43, 285, 662 00
$5, 059, 360 71
3, 295, 729 32
$16,347, 621 34
15, 605, 549 88
$42, 989, 383 10
40, 613,114 17
3, 568, 638, 812 28
*3, 621, 780 07
717, 551, 816 39
*77, 992 17
103, 369, 211 42
*53, 286 61
119, 607, 656 01
*9, 737 87
643, 604, 554 33
*718, 769 52
3, 572, 260, 092 35
95, 224, 415 G3
123, 240, 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
88, 070, 888 64
37, 082, 735 90
32,154,147 85
40,425, 660 73
717, 629, 808 56
31, 034, Oil 04
25, 775, 502 72
20, 000, 757 97
21, 780, 229 87
19,431, 027 21
21, 249, 809 99
23, 526, 256 79
30, 932, 587 42
21,497, 626 27
18, 963, 309 82
14, 959, 935 36
17, 365, 301 37
15,125,126 84
103,422,498 03
4, 642, 531 77
4,100, 682 32
7, 042, 923 06
8, 407, 938 15
7,420, 997 44
7, 061, 728 82
7, 951, 704 88
6, 692,462 09
8, 384, 056 82
5, 966, 558 17
5, 277, 007 22
4, 029, 280 28
5, 206,109 08
119, 017, 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
27,137, 019 08
35,121,482 39
644,325,323 85
51,110, 223 72
53, 009, 867 67
56, 474, 061 53
53, 237, 461 56
60,481, 916 23
60, 984, 757 42
73, 328,110 06
85,141, 593 61
71,-070, 702 98
73, 599, 661 04
58, 926, 532 53
53,177, 703 57
65,741, 555.49
4,275, 552,116 26
999,271,291 23
181,213,078 13
490,.464,161 13 1,460, 607,471 26
* Outstanding
NOTE.—This statement is made from warrants paid by the Treasurer up to June 30, 1866. The out
i n t h e Treasury J u n e . 30, 1879, by this statement, is $386,832,588.65, from which should be deducted
$358,730,943.74.
REPORT O F THE SECRETARY OF THE TREASURY.
17
from March 4, 1789, to June 30, 1879, ^c.—Continuecl.
Year. Net ordinary expenditures.
1865
1866
Premiums.
Intereat.
Public debt.
Gross expenditures.
B a l a n c e in
Treasury at
the end of
the year.
$1, 717, 900 11 $77, 395, 090 30$609, 616,141 68$1, 906, 423, 331 37
$1, 217, 704,199 28
$33, 933, 657 89
385, 954, 731 43
58,476 51 133, 007, 624 91 620, 263, 249 10 1,139, 344, 081 95
165, 301, 654 7G
5,152, 771, 550 437, 611, 003 56 502, 689, 519 272, 374, 677,103 12 8, 037, 749,176 88
*4, 481, 566 24
*4, 484, 555 03 *4,484, 555 03
*2, 888 48
.*100 .'Jl
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
5,157, 253,116 677, Oil, 003 56 502, 692, 407 752, 374, 677, 203 43 8, 042, 233, 731 41
160, 817, 099 73
202, 947, 733 87
10, 813, 349 38 143, 781, 591 91 735, 530, 980^11 1, 093, 079, 655 27
198, 076, 537 09
229. 915, 088 11 7, 001,151 04 140, 424, 045 71 692, 549, 685 88 1, 069, 889, 970 74
158, 936, 082 87
190; 490, 354 95 1, 674, 680 05 130, 694, 242 80 261, 912, 718 31 584, 777, 996 11183, 781, 985 7G
164, 421, 507 15
15, 996, 555 60 129, 235, 498 00 393, 254, 282 13' 702, 907, 842 88
177, 604,116 51
157, 583, 827 589, 016, 794 74 125, 576,-565 93 899, 503, 670 65 691, 680, 858 901.38,019,122 15
153, 201, 856 19 6, 958, 266 76 117,357, 839 72 405, 007, 307 54 682, 525, 270 21
134, 666, 001 85
180, 488, 636 90 5,105, 919 99 104,750,688 44 233, 699, 352 58 524, 044, 597 91159, 293, 073 41
194,118, 985 001, 395, 073 55 107,119,815 21 422, 065, 060 23 724, 698, 933 99178, 833, 339 54
171, 529, 848 27
103, 093, 544 57 407, 377, 492 48 682, 000, 885 32
172, 804, 061 32
164, 857, 813 30
100, 243, 271 23 449, 345, 272 80 714, 446, 357 39
149, 909, 377 21
144, 209, 963 28
97,124, 511 58 823, 965, 424 05 565; 299, 898 91
214, 887, 645 88
102, 500, 874 65 353, 076, 944 90 590, 641, 271 70
286, 591, 453 88
. 134, 463, 452 15
105, 327, 949 00 699; 445, 809 16
386, 832, 588 65
161, 619, 934 53
966, 393, 692 69
2, 009, 922, 846 50:8.1.52. 017. 204 25
17, 634, 620, 963 43
7, 407,108,118 01
65, 572, 794 67
' '
'
jtanding warrants are then added, and the statement is by warrants issued from that date. The balance
bhe amount deposited with the States, $28,101,644.91,. leaving the net available balance June 30, 1879, .
2F
TABLE H.-^Staietnent showmg the condition of the sinlcing-fund from its institution in May, 1869, to and including June 30, 1879.
T H E SECRETARY OF T H E T R E A S U R Y I N ACCODNT W I T H SINKING-FUND.
BR.
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 o f 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 h s from A p r U 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 u i g fiscal y e a r 1869 on t h i s
account
Balance to new account
$6, 529,219 63
-^
J u n e 30,1869 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 , $8,691,000, i n c l u d i n g
$1,000 donation, e s t i m a t e d in gold
:
B y a c c r u e d i n t e r e s t on t h e a m o u n t of p u r c h a s e s i n 1869.:
OO
CR.
$7, 261, 437 30
130,392 56
196, 590 00
672, 020 23
0
7,397,829 86
7, 397, 829 86
•n
0
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 of p r i u c i p a l of p u b U c
d e b t p u i c h a s e d d u i 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
i.....
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, e s t i m a t e d
i n gold
°.
:".
B y a c c r u e d i n t e r e s t p n a c c o u n t of p u r c h a s e s in 1870 . . .
By balance to new a c c o u n t . . . . . . . . . . . . * . . . . . .
1,1870
J u n e 30,1«7I
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 U c d e b t on
J u n 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 n 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 o f p r i n c i p a l of p u b l i c
d e b t p u i c h a s e d d u r i n g fiscal y e a r l 8 7 1 on t h i s a c c o u n t
744, 711 80
24, 806, 724 28
521, 460 00
1, 689,114 00
J u n e 30,1871 B y a m b u n t of p r i n c i p a l p u r c h a s e d , $29,936,250, 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 1871 . .
By balance to new account
1,1871
T o b a l a n c e from l a s t y e a r
,
T o 1 p e r cent, on t h e p r i n c i p a l of t h e p u b U c d e b t on
J u n e 30,1871, $2,353,211,332.32
J u n e 30,1872 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 l 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 . . . :
' To balance to new account.
28, 694, 017 73
367, 782 53
257, 474 82
0
>
0
1, 557, 264 50
29, 319,274 58
29, 319, 274 58
July
25, 893,143 57
351, 003 54 • _
744,711 80
27, 660, 879 14
27, 660, 879 14
July
672, 020 23
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, estimated i n 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
2, 059, 325 50
2, 823, 891 46
32, 679, 553 60
>
Ul
1 .•32,079,553 60
r
'July
1,1872
J u n e 30,1873
To 1 percent, on the principal ofthe public debt on J u n e
30,1872, $2,253,251,328.78
'-.
To interest on redemption of 1869, $8,691,000
To interest on redeinption 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, ambunt of principal of public debt purchased during fiscal year 1873
on this a c c o u n t . . . . . . . . ^ . . . . . . . . :
...........1...
To balJance to hew a c c o u n t . . . - - . . . . . . . . - . . . - 1 .
....
J u l y 1,1872 By balance from last year
-^ - -
22, 532, 513 29 J u n e 30,1873 By amount of principal purchased, $28,678,000, estima'521,460 00
ted in gold -.
1,689,114 00
By accrued iuterest on account of purchases in 1873.. -,
1,796/175 00
. 1, 957,107 00
...2,823,891.46
28,^457, 562.'^3
392,385 45
1, .725, 881 50
1, 451,.5S8 95
.o
31,673,839 74
31,673,839 74
O
w
July
1,1873
J u n e 30,1874
To 1 per cent, on the principal of the public debt on J u n e
30,1873, $2,234,482,993.20.......:....-...
To interest oh redem^ptibh 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; $32,618,450
. . . . 1.
To interest on redemption of 1873, $28,678,000 . . . . . . . . . .
To interest on redemption of $12,930,450, amount of principal of pubUc debt purchased during fiscal year 1874
on this account
....
J u l y 1,1873 By balance from last year.
,.
:
22,344,829 93 June 30,1874 By amount of principal purchased, $12,936,450,-estima521,460 00
ted in gold
:
1, 689,114 00
By accrued interest on account of purchases in 1874. .^
1, 796,175 00
By balance
'.
-,
1, 957,107 00
I, 720, 680 00
.1, 451, 588 95
m
12, 872, 850 74 .. W
222, 586 28 " o
16, 305, 421 96 • w
: H
•
H ^
'>
823, 082 00
o
•30, 852, 447 93
30, 852, 447 93
J u n e 30,1875. By amount of principal redeemed, estimated in gold . .
22, 516, 904 68
By accrued interest on account of redemption in 18751
. 521, 460 00
By balance
'.
25,170,400 00 • H
353, 061 56 - w .
5, 996, 039 62
'^
July
1,1874
June 30,1875
To 1 per coit. on the principal ofthe public debt on June
30,1874,12,251,690,468.43
,
To interest on redemption of 1869, $8,691,000
To interest on redemption of 1870, $28,151,900 . . . . . . - - . ,
To interest on redemption of 1871, $29,936,250 . . . . . . . . .
To interest on' redemption of 1872, $32,618,450 . . . . .
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 bf inibUcdebt " p a i d " duriugfiscal year 1875on
this account ..'..
.1.,
1, 689,114 00
1, 790,175 00
' 1,957,107 00
1, 720, 680 00
776,087 00
; Ul •
a
641, 973 50
31, .519, 5(31 18..
31,519,501 18
CO
TABLE H.—Statement shoiving the condition of the sinking-fu7id, tfc.—Continued.
T H E SECRETARY OF T R E TREASURY I N ACCOUNT W I T H
DR.
July
1,1875
J u n e 30,1876
T o 1 p e r cent, ou t h e p r i n c i p a l of t h e p u b U c d e b t on
J u u e 30,1875, $2.232,284,531.95
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 u t e r e s t on r e d e m p t i o n of 1871, $29,936,250
•To 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 ou re.demption of 1874, $12,936,450
T o . i n t e r e s t ou 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 o n r e d e m p t i o n of $32,183,488.09, a m o u n t of
p r i n c i p a l of p u b U c d e b t " p a i d " d u r i n g fiscal y e a r
1876 on t h i s a c c o u n t
J u n e 80,1876
^22, 322, 845 32
521, 460 00
1, 689,114 00
1, 796,175 00
1, 957,107 00
1, 720, 680 00
776, 087 00
1, 510, 224 00
By
By
By
By
By
By
SINKING-FUND.
amount
accrued
amount
amount
amount
balance
of p r i n c i p a l redeemed, e s t i m a t e d in gold .
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 l e g a l - t e n d e r s r e d e e m e d
of certificates of i n d e b t e d n e s s r e d e e m e d .
.'
:...
1,1876
J u n e 30,1877
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 U c d e b t on
J u n e 30,1876, $2,180,395,007.15
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, $32,018,450
T o i n t e r e s t on r e d e m p t i o n of 1873, $28,G78,000
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 ou 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
1,1877
J u n e 30,1878
T o 1 iper cent, on t h e p r i n c i p a l of t h e p u b U c d e b t on
J u n e 80,1877, $2,205,301,392.10
T o i u 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, $29,936,250T 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 1877, $24,498,910.05
T o i n t e r e s t on r e d e m p t i o n of $17,012,634.57, 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
1878 ou t h i s a c c o u n t
o
o
1, 291, 083 50
J u n e 30,1877
21,803,950 67'
521,460 00
1, 689,114 00
1,796,175 00
1, 957,107 00
1,720, 680 00
776,087 00
1,510,224 00
1,931, 009 28
By
By
By
By
By
amount
accrued
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 gold .
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 1877
of fractional c u r r e n c y r e d e e m e d
of l e g a l - t e n d e r s r e d e e m e d
33, 584, 775 82
r3
447, 500 00
5,776 52
14, 043. 458 05
.10, 007, 952 00
9, 225,146 63
fej
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33, 729, 833 20
83, 729, 833 20
July
$18, 444, 050 00
257, 517 91
7, 062,142 09
5, 999, 296 00 •
678, 000 00
1,143, 769 82
H
O
33, 584, 775 82
July
IN:)
CR.
J u n e 30,1878
22, 053, 013 92
521, 460 00
1, 689,114 00
1, 796,175 00
1, 957,107 00
1, 720, 680 00
776, 087 00
1,510,224 00
1, 931, 009 28
1,469, 934 GO
35, 429, 001 80
By
By
By
By
By
a m o u n t of p r i n c i p a l redeemed, e s t i m a t e d in gold .
a c c r u e 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 1878
a m o u n t of fractional c u r r e n c y r e d e e m e d
a m o u n t of. l e g a l - t e n d e r s r e d e e m e d
balance
73, 950 00
809 92
3, 855, 368 57
13, 083, 316 00 .
18, 415, 557 31
35, 429, 001 80
H
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t:^l
To 1 per cent, on the principal of the public debt on
June 30,1878, $2,256,205,892.53
To interest on redemption of 1809, $8,691,000
To iuterest on 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 1873, $28,678,000
To interest on redemption of 1874, $12,936,450
To interest on redemption -of 1875, $25,170,400
To interest on redemption of 1876, $32,183,488.09
..,
To interest on redemption of 1877, $24,498,910.05
To interest on redemption of 1878, $17,012,634.57
To interest on redemption of $723,662.99, amount of
principal of public .debt " p a i d " during fiscal year
1879 on this account
June 30,1879
22, 5G2, 058 93
521, 460 00
1, 689,114 00
1, 796,175 00
1, 957,107 00
1, 720, 680 00
776, 087 00
I, 510, 224 00
1, 931. 009 28
1, 469, 934 60
I, 020, 758 07.
By
By
By
By
ainount of principal redeemed, estimated in gold . .
accrued interest on account of redemption in 1879 .
amount of fractional currency redeemed
balance
18, 500 00
308 77
705,162 99
36, 231, 632 87
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996 75
36, 955, 604 63
36,955,604 63
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TABLE 1.—Statemeni shoiving the purchase of honds on account of ihe sinhing-fund during each fiscal year from its institution in May, 1869, to and including June 30, 1879.
Year ended—
Principal reP r e m i u m paid.
deemed.
Net cost in
cui-rency.
st d u e
Net cost esti- I n at et r eclose
of
mated in gold.
fiscal y e a r .
Accrued iuterest J) aid iu
coin.
to
tN3
Balance of interest due at
close of fiscal
year.
1j
O
J U N E 30,
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868
of
of
of
of
1869.
1862
M a r c h , 1864
J u n e , 1864
1865
$1,621, 000
70, 000
1, 051, 000
405, 000
461, 000
4, 718, 000
305, 000
00
00
00
00
00
00
00
8, 691, 000 00
Total
$253, 822 84
11,725 00
161,946 45
74, 969 00
7.3,736 80
749, 208 08
49, 442 50
$1, 874, 822 84- $1, 849, 970 02
81, 725 00
57, 552 82
1,212, 946 45
873, 205 61
539, 969 00
387, 566 28
534, 736 80
887, 903 26
5,467, 208 08
3, 948, 586 11
354, 442 50
256, 653 20
1, 374, 850 67 10, 065, 850 67
7, 261, 437 30
$16,210
700
10, 510
4, 050
13, 8?0
141, 540
9,150
00
00
00
00
00
00
00
$7,384 60
218 63
1, 470 42
2, 683 54
429 04116, 032 35
8,173 98
$8, 825 40
•481 37
9, 009 58
1, 966 46
13,400 96
23, 507 66
976 02
198, 590 00
136, 392 56
60,197 44
of
of
of
of
1862
M a r c h , 1864
J u n e , 1864
1865
160, 919 50
5, 3t)0 00
165, 8?4 00
105,257 50
495,421 50
302, 734 50
19, 380 00
45, 994 49
1, 080 90
49, 946 00
37,113 5Q
145, 518 29
66, 111 51
5, 238 73
114, 925 01
4, 269 01
115. 888 00
68,143 97
849, 903 21
236, 62*3 90
14,141 27
Total
1, 254, 897 00
351, 003 54
903, 893 46
td
- 3, 542, 050
85, 000
3, 971, 400
2, 790, 250
11, 532,150
5, 882, 550
348, 500
00
00
00
00
00
00
00
493,479 42
15, 742 87
506,189 91
361, 735 43
1,454,778 37
861, 763 73
53,363 95
4, 035, 529 42 3, 263, 099 51
100, 742 87
75, 658 54
4,477, 589 91
3, 647, 628 29
3,151, 985 43
2, 606, 630 20
12, 986, 928 37 10, 681, 736 97
6, 744, 313 73 5, 309, 810 90
401, 863 95
308, 573 16
28,151, 900 00
3,747, 053 68
31, 898, 953 68
25, 893,143 57
J U N E 30,1871.
F i v e - t w e n t i e s of
F i v e - t w e n t i e s of
F i v e - t w e n t i e s of
F i v e - t w e n t i e s of
Consols, 1865
Consols, 1867
Consols, 1 8 6 8 . .
Total
1862
M a r c h , 1864
J i m e , 1864
1865
td
cc
td
o
JUNTL 30, 1870.
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868
W '
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O
2,792, 950
29, 500
3,967,350
6, 768, 600
10, 222, 200
6,103, 050
52, 600
00
00
00
00
00
00
00
29,936,250 00
227, 607
2, 277
340, 529
574, 923
850, 949
541, 559
4, 784
56
20
63
00
79
41
61
3, 020, 557 56
31.777 20
4, 307, 879 68
7, 343, 523 00
11, 073,149 79
6, 644, 609 41
57, 384 61
2, 542, 631 20 32,478, 881 20
2, 680, 209 05
28, 590 88
8, 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, 096 00
1, 557, 264 50
36, 657 80
S88 35
51,703 46
92, 259 58
109, 455 28
76, 745 93
572 13
367, 782 53
109, 317 20
851 05
149, 671 54
239, 673 92
412, 661 72
274,782 07
2. 523 87
1,189,481 97
KJ
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td
H
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d
J U N E 80, 1872.
Five-tweuties
Five-twenties
Five-twenties
Five-twenties
Cousols, 1865
Consols, 1867
Cousols, 1868
of
of
of
of
1802
March, 1864
June, 1864
1865
'.
6,417,850 00
127,100 00
-3,604,650 00
3, 635, 200 00
11, 788, 900 00
6, 958, 900 00
. 85, 850 00
.^. - . .
Total
764, 055 21
7,181, 905 21
14, 959 03
142, 059 03
438, 656 16
4, 043, 306 16
436, 838 70
4, 072, 038 70
1,436,989 46
13, 225, 889 46
833, 600 15 ' 7,792,500 15
9, 951 63
95, 801 63
1 32, 618. 450 00 . 3; 935, 050 34 36,553,500 34
.......:
6, 345, 391 98i
126,123 46
3, 573, 223 63 .
3, 594, 747 85
11,660,785 89
6, 863, 777 39
84, 595 02
• 32, 248, 645 22
427, 849 00
8, 894 00
246,001 50
246, 562 00
707, 334 00'
417, 534 005,151 00
2, 059. 325 50
75,179 43
1, 338 70
57, 449 80
87, 817 37
149, 248 21
108, 487 92
1, 386 95
430, 908 38
352, 669 57
7, 555 80
188, 551 70
208, 744 60
558,085 79
309, 046 08
3, 764 05
1,628,417 12
td
O
H
J U N E 30,1873.
Five-twenties
Five-t wen ties
Five-twenties
Five-twenties
Cousols, 1865
Consols, 1867
Consols, 1868
of
of
of
of
1862
March, 1864
June, 1864
1865
O
.
.............;...
Total,..
.....i.i...i.
. 7,137,100 00
50, 000 00
3, 741,150 00
1, 959, 850 00
10, 768, 250 00
- 4, 402,100 00
619, 55.6 00
• 925, 783 87
7, 372 50
480, 684' 37
250, 635 93
1, 371,187 17
553,-610 89
81, 983 44
8,062,883 87
. 57, 372 50
4, 221, 834 37
2, 210, 485 93
12, lH9,-437 17
4, 955, 710 89
701, 533 44
7, 089, 542 58
49, 780 91
3, 715, 211 22
1, 943, 488 93
10, 668, 617 09
4, 373, 781 76
617,140 84
431,450 50
3, 500 00
223, 270 50
120, 266 50
646, 095 00
264,126 00
37,173 00
28,678,000 00
3, 671, 258 17
32, 349,-258 17
28, 457, 562 83
1, 725, 881 50
101, 960 57
813 70
42, 216 46
23, 744 47
145,069 34'
69, 632 51
8, 948 40
392, 385 45
329,489 93
2, 686 30
181, 054 04
96, 522 03
501, 025 66
194, 493 49
28, 224 60
1,333,496.05.
W
td
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td
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td
J U N E .30, 1874,
Five-twenties of 1862
Five-twenties of .lune, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867 .:.....•.•.
Consols, 1868
.-,
....:.
..^
TotaL..............
1,421, 700 00
2, 020, 550 00
1, 247, 250 00
3, 393, 650 00
4, 051, 000 00
802, 300 00
161, 219 79
218, 457 39
135, 577 95
360, 964 62432,348-18
86, 505 62
12, 936, 450 00
1, 395, 073 55
1, 582, 919 79
2, 239, 007 39
1, 382, 827 95
3,754,614 62
4, 483, 348 18
888, 805 62
14, 331,523 55
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
31, 743 95
48, 013 46
• 29, 348 19
46,489 33
55, 976 97
11, 014 38
67, 775 05
93, 425 04
57, 95.9 _31
157,129 67
.187, 083 03
37,123 62
• 12, 872, 850 74
823, 0.82 00
222, 586 28
600, 495 72
25,17.0, 400 00
25,170, 400 00
541, 973 50
td
. 353, 061 56
188,911 94
Total
Ul
d
J U N E 30, 1876.
Five-twenties of 1862
Five-twenties of J une, 1864.
Five-twenties of 1865
td
H
J U N E 30, 1875.
Five-twenties of 1862.,
Kl
O
Kj
5, 785,' 200 00
10, 869, 600 00
1, 789, 250 00
18,444,050 00
5, 785, 200 00
- 10, 869, 600 00
1, 789, 250 00
404, 964 00
760, 872 00
18 444 050 00
1 ^Qi OR.^ .^^n 1
19.^ 9.4-7 F^O
_^^^^
. 54, 745 72'
171, 966 33
30,305 86
• 350, 218 28
588, 9a5 67
' 94,. 441 G4
257,517 91
1, 033, 565 59
OO
TABLE I.—Statenient shoiving the purchase of honds on account of ihe sinUng-fund, c^c.—Continued.
Y e a r ended—
Principal re- Preinium paid.
deemed.
N e t cost i n
currency.
N e t cost estim a t e d i n gold.
Interest d u o
a t close of
fiscal y e a r .
to
A c c r u e d interest paid in
coin.
B a l a n c e of i n teiest due a t
c l o s e o f fiscal
year.
td
JUNE
O
30,1877.
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
$81,200 00
- 178, 900 00
180, 350 00
6, 050 00
1, 000 00
Total
447, 500 00
•
$81,200 00
178, 900 00
180, 350 00
6, 050 00
1,000 00
$4, 352
9, 943
9, 519
181
30
25
50
00
50
00
447, 500 00
24, 026 25
H
$1,181 67
1,323 60
8,141 08
108 97.
21 20
$3,170 56
8, 619 90
6,377 92
72 53
8 80
O
5,776 52
18, 249 73
w
td
J U N E 30, 1878.
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
Consols, 1868
Total
JUNE
17, 900 00
15, 900 00
2, 350 00
23,600 00
5, 700 00
8, 500 00
17,900 00
15, 900 00
2, 850 00
23,-600 00
5, 700 00
8, 500 00
966
834
129
1,410
342
510
73, 950 00
73, 950 00
4,197 00
809 92
165
94
85
102
543
6
40 35
18 53
41 22
41 49
166 62
56
2, 650
3,150
1, 850
1, 700
9, 050
100
00
00
00
00
00
00
2, 650
3,150
1, 850
1,700
9, 050
100
18, 500 00
Grrand t o t a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ^ . . . . 185,166,450 00
'
00
00
00
00
00
00
192
78
40
273
134
89
65
41
92
35
76
83
773
755
88
1,142
207
420
85
59
08
65
24
17
3, 387 08
O
td
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30,1879.
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
Consols 1868
Total
Ul
$16, 665, 917, 61° $157,677, 967 61
00
00
00
00
00
00
75
5050
00
00
00
18, 500 00
. 996 75
179, 582, 057 39
9,479, 317 50
125
75
44
60
376
5
40
97
28
51
38
44
w
td
H
td
> •
- 308 77
687 98
Ul
2, 518, 533 42
6, 960,784^08
Kj
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TABLE K.—Statement of ihe outstanding principal of the puhlic deht of the United Staies, June 30, 1879.
Length of When redeem- Kates of in- atPrice
author- Amount issued. Amount outwhich Amount
terest.
able.
loan.
ized.
standing.
sold.
td
OLD DEBT.
On demand . . . 5 and 6 per
cent.
Unclaimed dividends upon debt created prior to 1800, andthe principal
and interest ofthe outstanding debt created during the war of 1812,
and up to 1837. (For detailed information in regard to earUer loans
see Finance Report for 1876.)
. »
$57, 665 00
H
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TREASURY NOTES PRIOR TO 1846.
o
>^
The acts of October 12,1837 (5 Statutes, 201); May 21,1838 (5 Statutes, l a n d 2 years. 1 and 2 years 1 mill to 6 Par
per cent.
228); March 31,1840 (5 Statutes, 370); February 15,1841 (5 Statutes,
fiom date.
411); Jauuary 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 miU to 6 per centum per annum.
82 525 36
td
Ul
td
Q
TREASURY NOTES Oi' 1846.
The act of July 22,1846 (9 Statutes, 89), authorizerl "tlie issue of Treas- l y e a r . . . . . . . One year from 1 inill and P a r . . . . . $10,000,000 00
5§ percent
ury notes in such sums as the exigencies of the govemment mightredate.
quire, the amount outstanding at any one time not to exceed $10,000,000,
to bear interest at not exceeding 6 per centum per annum, redeemable one year from date. These notes were receivable in payment
of all debts due the United States, including customs-duties.
$7,687,800 00
6,000 00
td
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MEXICAN INDEMNITY
A proviso in the civU and diplomatic appropriation act of August 10,
1846 (9 Statutes, 94), authorized the payment of the principal and
interest ofthe fourth and fifth installments ofthe Mexican indemnities, due AprU and July, 1844, by the issue of stock, with interest at
5 per centum, payable in five years.
°
5 years
April and July, 5 p e r c e n t . . . Par
1849.
350,000 00
303, 573 92
1,104 91
••
td
>
TREASURY NOTES OF 1847.
The act of January 28, 1847 (9 Statutes, 118), authorized the issue of land 2 years. After 60 days'
$23,000,000 Treas'ury notes, with interest at not exceeding 6 per centum
notice.
per annum, or the issue of stock for any portion of the amount, with
interest at 6 per centum 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
notes were receivable in payment of aU debts'due tlie United States,
including customs-duties.
* Including reissues.
td
Ul
5 | and 6 per
cent.
Par
23, 000, 000 00 *26,122,100 00
950 00
d
Kl
TABLE K.—Stateinent of loans made hy the United States, ^c.—Continned.
tO-
Price
Length of When redeem- Rates of inauthoroutat which Amount
Amount issued, Amount
loan.
able.
terest.
ized.
standing.
sold.
*
LOAN OF 1847.
The act of .January 28,1847 (9 Statutes, 118), authorized the issue of 20 years.
$23,000,000 Treasury notes, with interest at not exceeding 6 per centum per annum, or the issue of stock for any portion of the amount,
with interest at 6 per cent, per annum, reiinbursable after December 31,1867. Section 14, authorized the conversion of Treasury notes
under this or any preceding act jnto like stock, which accounts for
the apparent overissue.
January 1,1868 6 per cent..
.0125 to $23,000, 000 00 *$28,207,000 00
.02 per
cent,
p remitim.
td
$1,250 00
o
H
O
BOUNTY-LAND SCRIP.
The 9th section of the act of February II, 1847 (9 Statutes, 125), au- Indefinite..
thorized the issue of land-warrants to soldiers of the Mexican war, or
scrip, at the option of the soldier, to. bear 6 per centum interest per
annum, redeemable at the pleasure of the government, by notice
from the Treasury Department. Interest ceased July 1,1849.
July 1,1849 . .
6 per cent..
Par.
Indefinite.
233, 075 00
3, 300 00
Ul
td
o
TEXAN INDEMNITY STOCK.
The act of September 9,1850 (9 Statutes, 447), authorized the issue of
$10,000,000 stock, with interest at 5 per centum per anniim, t o t h e
State of Texas, in satisfaction of aU claims 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.
14 years.
January 1,1865 5 per cent..
Par.
10, 000,000 00
5,000,000 00
21, 000 00
Federal Reserve Bank of St. Louis
td
- W
K|
TREASURY NOTES OF 1857.
The act of December 23,1857 (11 Statutes, 257), authorized the issue of 1 year.,
$20,000,000 in Treasury notes, $0,000,000 with interest at not exceeding 6 per centum per annum, and the remainder with interest at the
lowest rates-offered by bidders, but not exceeding 6 per centum per
annum. These notes were redeemable atthe expiration of one year,
and interest was to cease at the expiration of sixty days' notice after
maturity. They worn receivable in payment of all debts due the
United States, including customs-duties.
LOAN OF 1858. .
The act of June 14,1858 (11 Statutes, 365), authorized a loan of 15 years.
$20,000,000, with interest at not exceeding 5 per centum per annum,
and redeemable any time after January 1,1874.
',
LOAN OF 1860.
The act of June 22, 1860 (12 Statutes, 79), authorized a loan of 10 years .$21,000,000 (to be used in redemption of Treasury notes) with inter
est at not exceeding 6 per centum per annum, redeemable in notless
than ten nor more than twenty years.
http://fraser.stlouisfed.org/
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60 days'notice. 5 and 5-^ per P a r .
cent.
20,000,000 00
20, 000, 000 00
I, 700 00
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td
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td :
January 1,1874 5 per cent... .0205 to
.0703 premium.
20, 000, 000 00
Par to
.0145 premium.
21, 000, 000 00
January Ij 1871 5 per cent..
nx-A-rain-n n f TvpasmrTr n f t f AO
20, 000, 000 00
48, 000 00
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Kj
7, 022, 000 00
10, 000 00
LOAN OP FEBRUARY, 1861 (1881 s).
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 l o a n of 1.10 or 20 y ' r s . I J a n u a r y 1,1881 6 p e r c e n t . . .
$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 n i p e r a n n u m ,
r e i m b u r s a b l e i n n o t less t h a n t e n n o r m o r e t h a n t w e n t y y e a r s from
t h e d a t e of t h e a c t .
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 n t h o r i z e d a l o a n 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 a f t e r J u l y 1, 1871, a n d p a y a b l e
J u l y 1,1881. I f p r o p o s a l s for t h e l o a n w e r e n o t satisfactory, 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 amp'unt i n T r e a s u r y n o t e s , w i t h I I 2 y e a r s . . - r . i 2 y e a r s after")
interest a t not exceeding 6 p e r centum per annum. T h e same act >
date.
g a v e a u t h o r i t y t o s u b s t i t u t e T r e a s u r y n o t e s for t h e w h o l e or a n y
60 d a y s
60 d a y s after
I i a r t of l o a n s a u t h o r i z e d a t t h e t i m e of t h e p a s s a g e of t h i s a c t . T h e s e | |
|
date,
n o t e s w e r e t o b e r e c e i v e d i n p a y m e n t of all d e b t s d u e t h e U n i t e d
States, including customs-duties, and were redeemable a t any time
w i t h i n t w o y e a r s fi'om t h e d a t e of t h e a c t .
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 I 20 y e a r s
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 O r e g o n in t h e s u p p r e s s i o n of I n d i a n hostiUties i n t h e years"lS55
a n d 1856. Section 4 ot t h e a c t a u t h o r i z e d t h e p a y m e n t of t h e s e c l a i m s
in bonds redeemable in t w e n t y years, with interest at 6 per centum
per annum.
LOAN OF JULY AND AUGUST, 1861 (1881s).
T h e a c t of J u l y 17, I86I (12 S t a t u t e s , 259), a u t h o r i z e d t h e i s s u e of I 20 y e a r s
$250,000,000 b o n d s , w i t h i n t e r e s t a t n o t e x c e e d i n g 7 p e r c e n t u m p e r '
a n n u m , r e d e e m a b l e a f t e r t w e n t y y e a r s . T h e a c t of A u g u s t 5,1861
(12 Statoites, 313), a u t h o r i z e d t h e i s s u e of b o n d s , w i t h i n t e r e s t a t 6
p e r c e n t u m p e r annum, payable after t w e n t y years fiom date, iu
e x c h a n g e for 7.30 n o t e s i s s u e d u n d e r t h e a c t of J u l y 17,1861. N o n e
of s u c h b o n d s w e r e t o b e i s s u e d for a s u m l e s s t h a n $500, a n d t h e
w h o l e a m o u n t of t h e m w a s n o t t o e x c e e d t h e w h o l e a m o u n t of 7.30
n o t e s i s s u e d u n d e r t h e a b o v e a c t of J u l y 17. T h e a m o u n t i s s u e d i n
- e x c h a n g e for 7.30s w a s $139,321,350.
OLD DEMAND-NOTES.
| J u l y 1, 1881 .
25, 000, 000 00
C22, 468,100 00 \ i ^ r OOA . r n nn
00 I ] 35, 364,450 00
6 per cent...
il2, 896,350
18, 415, 000 00
3,000 00
O
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6 per cent..
Par.
2,800, 000 00
1, 090, 850 00
945, 000 00
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I J u l y l , I88I..
' •
6 per cent.
Par*...
250,000,000 00 i 50,000, OCO do
139, 321, 350 00
Par.
T h e a c t of J u l y 17, 1861 (12 S t a t u t e s , 259), a u t h o r i z e d t h e i s s u e of |
| Ondemand ... None .
60, 000, 000 00
$50,000,000 T r e a s u r y n o t e s , n o t b e a r i n g i n t e r e s t , of a less d e n o m i n a
t i o n t h a n fifty d o l l a r s a n d n o t less t h a n t e n dollars, a n d p a y a b l e on
d e m a n d b y tiie a s s i s t a n t t r e a s u r e r s a t P h i l a d e l p h i a , N e w 'i'ork, or
B o s t o n . T h e a c t of A u g u s t 5, 1861 (12 S t a t u t e s , 313), a u t h o r i z e d t h e
i s s u e of t h e s e n o t e s i n d e n o m i n a t i o n of five d o U a r s ; i t also a d d e d t h e
assistant treasurer at Saint Louis and t h e designated depositary at
Cincinnati to t h e places where these notes were made payable. T h e
a c t of F e b r u a r y 12, 1862 (12 S t a t u t e s , 338), i n c r e a s e d t h e a m o u n t of
d e m a n d - n o t e s a u t h o r i z e d $10,000,000.
* $50,000,000 6 p e r c e n t , s t o c k i s s u e d a t a d i s c o u n t of
?,768109, b e i n g e q u i v a l e n t t o 7 p e r c e n t .
18, 415, 000 00
• 189, 321, 350 00
Kl.
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60, 000, 000 00
61,470 00
t>
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•
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TABLE K.—Statement of loans made by the United Staies, ^x.—Continued.
'
IN3
author- Amount issued., Amount outLength of When redeem- Bate of in- atPrice
which Amount
terest.
ized.
able.
standing.
loan.
sold.
td
BEVEN-THIRTIES OF 1861.
The act of July 17, 1861 (12 Statutes, 259), authorized a loan of
$?50,000,000, part of which was to be in Treasury notes, with interest
at 7x% per centum per annum, payable three years after date.
3 years
August 19 and
October 1,
18G4.
1^-u per cent
P a r . . . . .$140,094,750 00 $140, 094,750 00
$16, 600 60.
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^
FIVE-TWENTIES OF 1862.
The act bf Febmary 25, 1862 (12 Statutes, 345), authorized a loan of
$500,000,000 for the purpose of funding the Treasury notes and
floating debt of the United States, and the issue of bonds therefor.
with interest at 6 per centum-per annum. These bonds were redeemable after five and payable twenty years from date. The act
of March 8, 1864 (13 Statutes, 13), authorized an additional issue of
$11,000,000 of bonds to persons who subscribed for the loan on or before January 21, 1864. The act of January 28, 1865 (13 Statutes, 425),
authorized an additional issue of $4,000,0(J0 of these bonds and their
sale in the United States or Europe.
5 or 20 years May 1, 1867 . .
6per cent... Par
515, 000,'000 00
514, 771, 600 00
402, 500 00
None
The act of February 25,1862 (12 Statutes, 345), authorized the issue of
$150,000,000 Unitea Statesnotes, notbearing interest, payable to bearer.
at the Treasury of the United States, and of such denominations, not
less than five doUars, as the Secretary of the Treasury might deem ex- P
pedient, $50,000,000 to be in lieu of 'demand-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 part of a doUar, and not more than $35,000,000 of a
lower denomination than five doUars; these notes to bo 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 than one dollar, as the Secretary of the Treasury might prescribe;. which notes were made a legal tender. The
sameact Umited the timeatwhich Treasury notes might be exchanged
for United States bonds to July 1,1803. The amount of notes author
ized by this act were to be in lieu of $100,000,000 authorized by the resolution of January 17, 1863 (12 Statutes, 822).
http://fraser.stlouisfed.org/
^
* Highest amount outstanding January 80,1864.
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>-
. LEGAL-TENDER NOTES.
Federal Reserve Bank of St. Louis
O
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Par
450, 000, 000 00 *449, 338, 902 10
846, 681,016 00
-
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TEMPORARY LOAN.
The act of February 25, 1862 (12 Statutes, 346), authorized temporary--^ Not less than After ten days' 4, 5, and
loan deposits of $25,000,000, for not less than thirty days, with interest
per cent.
notice.
30 days.
at 5 per centum x)er annum, payable after ten days' notice. The act
of March 17, 1862 (12 Statutes, 370), authorized the increase of temporary-loan deposits to $50,000,000. The act of July 11, 1862 (12
Statutes, 532), authorized a further increase of temporary-loan deposits to $100,000,000. The actof June 30, 1864 (13 Statutes, 218),
authorized a further increase of temproary-loan deposits to not exceeding $150,000,000, and ah increase of the rate of interest to not
exceeding 6 per centum per annum, or a decrease of the rate of interest on^ten days' notice, as the public interest might require.
Par .
150, 000, 000 00
3,060 00
td
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CERTIFICATES O F INDEBTEDNESS.
The act of March 1, 1862 (12 Statutes, 352), authorized the issue of 1 year.
certificates of indebtedness to public creditors who might elect to
receive them, to bear interest at the rate of 6 per tffentum per annum,
and payable one year from date, or earlier, at the option of tho government. The act of May 17, 1862 (12 Statutes, 370), authorized the
issue of these certificates in payment of disbursing ofiicers' checks.
The act of March 3, 1863 (12 Statutes, 710), made the interest payable in lawful money.
I
year after 6 per c e n t . . Par .
date.
No limit.
501,753, 241 65
4, 000 00
tn.
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FRACTIONAL CURRENCY.
The act of July 17, 1862 (12 Statutes, 592), authorized theuse 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 iburth
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 doUars; 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 fractioual currency, and
provided that the whole araount of these notes outstanding at any
one time should not exceed this sum.
On presenta- None.
tion.
Par .
50, 000, 000 00
49,102, 660 27
15, 842, 605 78
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td
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td
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LOAN OF 1863.
The act of March 3, 1863 (12 Statutes, 709), authorized a loan of 17 years.
$900,000,000, and tho issue of bonds, with interest at not exceeding G
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
Juno 30, 1864 (13 Statutes, 219), repeals so inuch of the preceding act
as limits the authority thereunder to. the current fiscal year," and
al5o repeals the authority altogether except as relates to $75,000,000
of bonds already advertised for.
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July 1, 1881 .
6 per c e n t . . . Average
premium of
4.13.
75, 000,000 00
75, 000, 000 00
75, 000, 000 00
d
to
TABLE K.—Statement of loans made by the United States, ^c.—Continued.
Length of
lo'an.
When redeemable.
05
O
Price. Amount authorBate of in-, atwhich
Amount outAmount issued.
terest.
ized.
standing.
sold.
ONE-YEAR NOTES OF 1863.
The act of March 3, 1863 (12 Statutes, 710), authorized the issue of 1 year.
$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 c e n t . . Par .
$44, 520, 000 00
$48,685 00
400, 000, 000 00 166, 480,000 00
37,500 00
$400, 000, 000 00
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TWO-YEAR NOTES OF 1863.
The act of March 3, .1863 (12 Statutes, 710), authorized tho issue of 2 years.
$400,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, redeemable in not more than three yeairs, principal and interest payable in lawful money, to be a legal tender for
their face value.
2 years' after 5 per cent.
date.
Par.
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COIN-CERTIFICATES.
The fifth section of the act of March 3, 1863 (12 Statutes, 711), authorized the deposit of gold coin and buUion with the Treasurer or any
assistant treasurer, iu 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 payment of interest
oh the public debt. I t Umits the amount of them to not more than
20 per centum of the amount of coin and buUion in the Treasury,
and directs their receipt in payment for duties on imports.
On demand
None.
Par .
Indefinite-
57, 883,400 00
15,413,700 00
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COMPOUND-INTEREST NOTES.
The act of March 3, 1863 (12 Statutes, 709), authorized the issue of 3 years.
$400,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annura, in lawful money, payable not more than three
ycars^ 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 denominatioh not less than $10,
payable not more than three years from date, or redeemable at any
time after three years, with interest at not exceeding 7inj per centum,
X)ayablo in lawful money at maturity, and made thera 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.
d
td
td
Jime 10, 1867, 6 per cent, Par
and May 15, comiiound.
1868.
400,000, 000 00
266,595,440 00
259, 090 00
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TEN-FORTIES OF 1864.
The act of March 3, 1864 (13 Statutes, 13), authorized the issue of lO.or 40 years. March 1,1374.
^ $200,000,000 bonds, at not exceeding 0 per centum per annum, redeemable after five and payable uot more than forty years froni date,
in coin.
5 per ceht..
Par to 7
per c't
prem.
200, 000,000 00
196,117, 300 00
400, 000, 000 00
125, 561, 300 00
188, 425,150 00
FIVE-TWENTIES OF JUN'E, 1864.
The act of J u n e 30, 1864 (13 Statutes, 218), authorized a loan of
$400,000,000, and the issue^therefor of bonds redeemable not less than
five nor more than thirty (or forty, if deemed expedient) years from
• date, with interest at not exceeding 6 per centum per annum, payable semi-annuaUy in coin.
5 or 20 years Nov. 1,
6 per cent... P a r .
71, 800 00
O
SEVEN-THIRTIES OF 1864 AND 1865.
The act of. J u n e 30, 1864 (13 Statutes, 218), authorized the issue of
$200,000,000 Treasury notes, of not less thau $10 each, payable at not
more than three years from date, or redeemable" at any time after
three years,' with interest at not exceeding 7x% per centum per
annum. The act of March 3, 1865 (13 Statutes, 468), authorized a
loan of $600,000,000,' and the issue therefor of bonds or Treasury
notes; the notes to be of denominations of not less than $50, with
interest in lawful money at not more than 71% per centum per anniun.
See, also, act Janiiary 28, 1865 (13 Statutes, 425).
Aug. 15,1867)
3 y e a r s . . . . < June 15,1868 } 7i^c per cent. P a r .
July 15,1868)
830, 000,000 00
§
830,000, 000 00
147,550 00
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td
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NAVY-PENSION FUND.
•>
The act of J u l y l , 1864 (13 Statutes, 414), authorized the ^ c r e t a r y of Indefinite.
the Navy to invest in registered securities of the United States so
much of.the Navy pension-fund in the Treasury January 1 and July
1 in each year as would not be required for the payment of naval
pensions.' Section 2 of the act of July 23, 1868 (15 Statutes, 170),
makes the interest on this fund 3 per centum per annum in lawful
money, and confines its use to the payment of naval pensions exclusively.
"*
3 per cent... P a r .
Indefinite.
14, 000, 000 00
14, 000,000 00
O
e. FIVE-TWENTIES OF 1865.
The act of March 3, 1865 (18 Statutes, 468), authorized the issue of
$600,000,000 of bonds or Treasury notes, in addition to amounts previously authorized; the bonds to be for not less than $50, payable
not more than forty years from date of issue, or after any period not
. less than five years; interest payable semi-annuaUy, atnotexceed' ing 6 per centum per annum when in coin, or 71^^ 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 byit. The act of April 12, 1866 (14 Stcatutes, 31), construed the above
act to aiithorize the Secretary of the Treasury to receive any obUgations of the United States, whether bearing iuterest or not, in exchange for any bonds authorized by it, or to sell any of such bonds,
provided the pubUc debt is not increased thereby.
5 or 20 years
Nov. 1, 1870.
6 per cent.
Par.
203, 327, 250 00 203,327,250 00
145, 650 00
H
td
td
CO
CO
TABLE K.—Statement of loans made by the United States, 4'C.—Continued.
Length of
loan.
When redeemable.
Eate of in- atPrice
authorAmount outwhich Amount
Amount issued.
- ized.
terest.
standing.
sold.
td
CONSOLS OF 1865.
The act of March 3, 1865 (13 Statutes, 468), authorized the issue of 5 or 20 years. July 1, 1870
$600,000,000 of bouds or Treasury notes, in addition to amounts previously authorized; the bonds tb 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, atnot exceeding
Oper centum per annum, wheu in coin, or 7^% per centum per annum when in currency. I n addition to the amount of bonds authorized by this act, authority was also given to convert Treasury notes
or other interest-bearing obli.gati6ns inta bonds authorized by it.
The act of ApiU 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, provided
the pubUc debt is not increased thereby.
6per cent... P a r .
$1, 600, 900 00
td
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CONSOLS OP 1867.
The act of March 3, 1865 (13 Statutes, 468), authorized the issue of 5 or 20 years. July 1, 1872. 6 per cent.
.$600,000,000 of bonds or Treasury notes,, 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 7i% per centum per
annum when in currency. I n addition to the ainount of bonds authorized by this act, authority was also given to convert Treasury
notes or other interest-bearing obligations into bonds authorized byit. The act pf AprU 12, 1866 (14 Statutes, 31), construed the above
act to authorize the Secretary of the Treasury to receive any obliga- tions of the United States, whether bearing interest or not, in ex- change for any bonds authorized by it, or to seU any of such bonds,
provided the piibUc "debt is not increased-thereby.
CONSOLS OF 1868.
The act of March 3, 1865 (13 Statutes, 468), authorized the issue of 5 or 20 years, July 1, 1873 6 per cent.
$600,000,000 of bonds or Treasury notes, in addition to amounts pre-,
viously authorized; the bonds to be for not less than $50, payable
• not more than forty years from the date of issue or affcer any period
not less than five years; interest payable semi-annually, at not exceeding 6 per centum per annum when in coin, or l^jj per centum
per annum when in currency. I n addition to the amount of bonds
authorized by this act, authority was also given to convert Treasury
Digitized for«FRASER
notes or other interest-bearing obligations into bonds authoiized by
' it. The act of AprU 12, 1866 (14 Statutes, 31), construed the above
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
$332, 998, 950 00 $332, 998, 950 00
Par.
379, 618, 000 00 379, 618,000 00
41,224,400 00
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td
td
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td
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td
td
42, 539, 350 00 • 42, 539, 350 00
20,103,550 00
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act to authorize the Secretarypf the Treasury to receive any obUgations of the United States, whether bearing interest or not, in exchange for any bonds authorized by it, or to seU any such bonds,
provided the pubUc debt is not increased thereby.
CO
THREE-PEE-CENT. CBRTn^lCATES.
The act of March 3, 18G7 (14 Statutes, 558), a,uthorized the issue of
$50,000,000 in temj)orary-loaii certificates of deposit, with interest at
3 per centum per annum, payable in la^syful money, on demand, to
be used in redeinption of compo and-interest notes. The act of July
25, 1868 (15 Statutes, 183), authorized $25,000,000 additional of these
certificates, for the sole i)uri)ose of redeeming compounid-interest
notes.
FIVE-PER-CENT. FUNDED LOAN OF 1881.
(REFUNDING).
85,155, 000 00
5,000 00
td
td.
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td
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10 y e a r s — May 1,1881 . 5 per cent... Par
486, 043, 000 00
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td
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td
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td
te)
490,446,200 00
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td
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13, 957, 000 00
td
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(REFUNDING.)
The act. of July 14, 1870 (16 Statutes, 272), authorizes the issue of
$300,000,000 at 4 | p e r centum, payable in coin of the present standard value, at the pleasure ^f the United States Government, after
fifteen years; these bonds to be exempt from the payment of all
taxes or duties of the United States, as weU as fi'om -taxation in any
form by or under State, municipal, or local authority. Bonds and.
coupons payable at theTreasury 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 tjie proceeds to be
, appUed to the redemption- of outstanding 5-20s, or to be exchanged
for said 5-20s, paa* for par. Payment of these bonds, when due, to
85,155, 000 00
,.
The act of July 14, 1870 (16 Statutes, 272), authorizes thq issue of
$200,000,000 at 5 per centum, priucixjal and interest payable in coin
of the present standard value, at the pleasui-e of the United States
Government, after ten years; these bonds to be exempt from the
payment of aU taxes or duties of the United States, as well as from
taxation in any form by or under State, municipal, or local authority.
Bonds and coupons payable allthe Treasury of the United States..
This act not to authorize an increase of the bonded debt of the
United Spates. Bonds to be sold at not less than par in coiu, and the
proceeds to be ai)plied to the redemption of outstandiug 5-20s, or to
be exchanged for said 5-20s, par for par. Payment of these bonds,
when due, to be made iu order of dates and numbers, beginning with
each class last dated and niuubered. Interest to cease at the end
of three montlis fiom notice of intention to redeem. The act of January 20, 1871 (16 Statutes, 399), increases the amount of 5 per. cents
to $500,000,000, provided the total amount of bonds issued shall not
exceed the amount originaUy autliorized, and authorizes the interest
on any of these bonds to be paid quarterly.
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.
FOUR-AND-ONE-HALF-PER-CENT. FUNDED LOAN OF 1891.
Indefinite... On demand . 3 per cent... Par
15 years
Sept. 1,1891. 4^ per cent.. Par
18c, 000, 000 00
185,000, 000 00
>
Ul
d
1,500,000, 000 00
03
05
TABLE K.—Statement of loans made hy the United States, ^'c.—Continned.
Length of
loan.
When redeem-1 Bate of interest.
able.
Price
authorAraouut outat which Amount
Amount issued.
ized.
standing.
sold.
td
td
TJ
be made in order of dates and numbers, beginniug with each class
last dated and numbered. Interest to cease at the end of three
months from notice of intention to redeem. Under the act of January 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 reduced to $200,000,000.
FOUR-PER-CENT. FUNDED LOAN OF 1907.
td
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(REFUNDING.)
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
$1,000,000,000 at 4 per centum, payable in coin of the present standard
value, a t the pleasure of the United States Government, after thirty
years; these bonds to be exempt from tho iiayment of aU taxes or
duties, of the Uni-feed States, as weU as from -taxation in any form by
or under State, municipal, or local authority. Bonds and coupons
payableat 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 tho proceeds tp be appUed
to the redemption of outstanding 5-20s, or to be exchanged for said
5-20S, par for par. Payment of these bonds, when due, to be raade
in order of dates and number% beginning ^vlth each class last dated
and numbered. Interest to cease at tlio end of three months from
notice of intention to redeem.
FIVE-PER-CENT. -LOAN OF 1881.
o
30 years.
$636, 529,900 00 $636, 529,900 00
4 per cent... P a r t o
one-half
percent,
premium.
d
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(FOR SILVER.)
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary 10 years. .
pf the Treasury to use any surplus revenues from time to time in the
Treasury not othermso appropriated, and to issue, sell, disi^ose of, at
n o t l e s s t h a n par, in coin, either of t h e description of bonds of the
United States described in the act of July 14,1870 (16 Statutes, 272),
to the extent necessary for the redemptiou of fractional cuirency in
silver coins of the denominations of ten, twenty-five, and fifty cents
of standard value.
FOUR-AND-ONE-HALF-PER-CENT. LOAN OF 1891.
May 1,1881 ... 5 per cent.
Indefinite.
17,494,150 00
17,494,150 00
15 years.
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TJ
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td
td
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(EESUSIPTION.)
The act of January 14,1875 (18 Statutes, 296), a,uthorizes the Secretary
of the Treasury to use any surplus revenues from time to tijne in the
Treasury not otherwise appropriated, and to issue, sell, dispose .of,
at not less than par, in coin, either of the descrii^tion of bonds of
the United States described in the act of July 14,1870 (16 Statutes,
272), for the purpose of redeeming, on aud alter January 1,1879, in
coin, at the ofiice of the assistant i^reasurer of the United Sta,tes in
New York, tho outstanding United States legal-tender notes when
presented in sums of not less than fifty doUars.
Sept. 1,1907 -
Sept. 1,1891.
4^ per cent.. P a r toi Indefinite.
one audi
one-half
percent.!
premi-j
um.
65,000,000 00.
65, 000 000 00
;>
CO
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FOUR-PER-CENT. LOAN OF 1907.
(RESOTIPTION.)
The .act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surjjlus revenues from time to timo in the
Treasury not otherwise appropriated, and to issue, sell, dispose of,
at not less than par, in coin, either of the description of bonds of
the United States described iu the act of J u l y 14, 1870 .(16 Statutes,
272), fbr the ];)urpose of redeeming, on and after January 1, 1879, iu
coiu, at the otiice of tho assistant treasurer of the United States in
New Yoi'k, tlie outstanding United States legal-tender notes when
presented in.sums o/not less than fifty doUars.
FIVE-PER-CENT. LOAN OF 1881.
30 years .
Sept. 1,1907... 4 per cent.
Par.
Indefinite.
50,500, 000 00
30, 500, 000 00
td
td
T^
o
td
(TO PAY J. 13. EADS.)
The act of March 3,1875 (18 Statutes, 466), directs the Secretary of tho 10 years.
Treasui-y to issue bonds of the character and description set out in
tho actof July 14,1870 (IG Statutes, 272), to James B. Eads or his legal
representatives in payment at par of tlio warrants of tho Secretary
of War fbr the construction of jetties and auxiliary works to maintain a wide and deep chamiel between the South Pass of the Mississippi Kiver and the Gulf of Mexico, unless Congi'ess shall have previously pi-o vided for the papneut o.l; the same by tJio necess.ai'y .appi'opriation of inoney.
Ma,y 1,1881 .
5 per cent... P a r .
Indefinite-
500, 000 00
500, 000 00
TJ
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CERTIFICATES OF DEPOSIT.
zn
The act of J u n e 8, 1872 (17 Statutes, 336), authorizes the deposit of Indefinite.
United States notes without interest by banking associations in sums
not less than $10,000, and the issue of certificates therefor.in denominations of not loss than $5,000; Avliich certificates shall be payable
on demand in United States notes at the place where tho deposits
were made. I t provides that the notes so deposited in the Treasury
shaU not be counted as a part of the legal reserve, but that the certificates issued therefor may bo held and counted by the national
banks as ]3art of their legal reserve, and may be accepted in the settlement of clearing-house balances at the places where the deposits
therefor were made, and that the United States notes for which such
certificates were issued, or otlier United States notes of lUce amount,
shall be held as special deposits in the Treasuiy, and used only for
tho redemi)tion of sucli certificates.
On demand .
None .
Par.
No liinit.
64, 780, 000 00
30, 370, 000 00
o
td
td
td
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>
SILVER CERTIFICATES.
The act of February 28, 1878 (20 Statutes, 26, sec. 3), provides that any
holder of the coin authorized by this act raay deposit the same with
the Treasurer or any assistant treasurer of the United States, in
sums not less than ten doUars, and receive therefor certificates of not
less than ten doUars each, corresponding m t h the denominations of
the United States notes.
"" "
• .^
certificates shaU be
same on demand. Said
taxes, and aU pubUc dues, and, when so received, may be reissued.
o
Indefinite... On demand .
None .
Par.
No Umit.
2,466,950 00
Ul
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Kj
CO
cn
TABLE K.—Statenient of loans made hy the United States, ^"c—Contmued.
.
.
1
Length of
loan.
When redeemable.
Bate of interest.
OS
03
Piice
author- Amount issued. Amount outat which Amount
•. ized.
standing.
sold.
td
td
REFTOfDING CERTIFICATES.
Tj
Theact of February 26, 1879 (20 Statutes, 321), authorizes the Secre- •Indefiniiio... CoiiA^ertible in- 4per cont... Piu
tary ofthe Treasury to issue, in exchange for lawful money of the
to 4 per cent,
United States, certincates of deposit, of the denomination of ten dolbonds.
•lars, bearing interest at the ra,te of four i)er centum ]Der annum, and
convertible at any time, "with accrued interest, into tho four per
centum bonds described in the refunding act; the money so received
to be applied only to the payment of the bonds bearing interest at
a rate not less than five per centum, in the mode prescribed by said
act.
No Umit
$39, 398,110 00
$12, 848,210 00
o
td'
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td
2, 349, 567,482 04
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td
td
td
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TABLE L.—Statement of ZO-year 6 per cent, bonds (interest payahle January and July) issued to the several Pacific railway companies under the acts of July
, .
l,lS62{12Siatutes, A^2), and July 2, 1^64.(1'^ Statutes, ob9).
P.g
<a C) <i>
t^p^$,
E a U w a y companies.
$25, 885,120
6, 303, 000
27, 236, 512
1, 600, 000
1, 970, 500
1,628,320
On J a n u a r 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 m Pacific
S i o u x C i t y a n d Pacific
:...
b
o ^"^
° © S K^
iiii
"" "^^ to
CO o
00
00
00
00
00
00
$13, 027, 697
3,103, 893
11, 884, 324
781, 808
722, 380
682, 703
67
09
65
26
14
89
$776, 553
189, 090
817, 095
48, 000
59,116
48, 849
6()
CO
36
00
80
60
28, 202, 807 70
1, 938, 705 36
00
00
00
00
00
00
11, 804, 251 27
3, 292, 983 09
12, 701, 420 01
829, 808 26
781, 496 94
731, 553 49
776, 553
189,090
817, 095
48, 000
59,116
48, 849
64,623,512 00
30,141, 513 06
1, 938, 705 36
25, 885,120
6, 303, 000
•27,236,512
1, 600, 000
„ 1, 970, 560
1, 628, 320
CO .
.u
O O QJ O -tn
-2 o
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td
ort 2rt •«}
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Illli
'^ u'xiczi Q
ia O o-rt ."
•^43 4s O P<
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H
64, 623, 512 00
On J u l y 1,1876:
C e n t r a l Pacific
K a n s a s Pacific
U n i o n Pacific
Central B r a n c h Union Pacific.
W e s t e r n Pacific
S i o u x C i t y a n d Pacific
o P^^
r i O O <i>
r
Gn J a n u a r y 1,1876:
C e n t r a l Pacific
K a n s a s Pacific
U n i o n Pacific
•Central B r a n c h 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
.
60
00
36
00
80
60
$11, 804, 251
8, 292, 983
12,701, 420
829, 808
781,496
731, 553
27
09
01
26
94
49
$1,191,765
1,440, 664
3, 943, 715
44, 408
9, 367
39, 005
86
84
65
05
00
96
$10, 612,485
1, 852, 318
8, 757, 704
785, 400.
, 772,129
692, 547
41
25
36
21
94
53
30,141; 513 06
6, 688, 927 36
23, 472, 585 70
12, 580, 804
•3, 482,073
•13,518,515
877, 808
840,613
780,403
1, 231, 213
1, 448, 327
4, 079, 704
44, 408
9, 367
39, 470
11, 349, 591
2, 033, 745
9, 438, 810
833,400
831, 246
740, 932
87
09
37
26
74
09
76
39
77
05
00
28
11
70
60
21
74
81
25, 227, 727 17
$2,712, 527
455, 846
2,170,415
230,955
163, 069
174, 873
92
99
23
19
89
65
,907, 688 87
3,112, 076
525, 021
2, 496,152
261, 445
191,125
200, 893
38
79
67
84
89
52
$13, 825, 013
2, 308,165
10, 928,119
1, 016, 355
935,199
867,421
33
24
59
40
S3
18
29, 380, 274 57
.14,461,667
2, 558, 767
11,934,963
1, 094, 846
1, 022, 372
941, 826
49
49
27
05
03
33
32, 080, 218 42
6, 852,491 25
13, 357, 358 47
3, 671,163 09
14, 335, 610 73
925, 808 26
899, 730 54
829, 252 69
1, 268, 672 12 12, 088, 686 35 8, 544, 981 77 15, 633, 668 12
1, 515, 718 49 2,155, 444 60
601, 026 62
2,756,471 22
-4,126, 871 52 10, 208, 739 21- .2, 853, 345 13 -13,062,084 34
881, 400 21
44,408 05
294, 291 22
1,175, 691 43
890,363 54
9, 367 00.
221, 797 08
1,112,160 62
789, 782 41
39,440 28
229,148 30
1,018,930 71
'6,786,716 09
32, 014, 443 26
»^
d
td
QQ
td
o
td
td
H
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td
•><
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td
25, 885,120 00 12, 580, 804 87
6, 303, 000 00 3, 482, 073 09
27, 236, 512 00 13, 518, 515 37
877, 808 26
1, 600, 000 00
840,613 74
1, 970, 560 00
780,403 09
1,628.320 00
64,623,512 00
32, 080,218 42
776, 553 60
189,090 00
817, 095 36
48, 000 00
59, Il6v80
48, 849 60
1, 938, 705 36 34,. 018, 923 78
7, 004, 507 46 27, 014, 416 32
7, 744, 590 12
34,759,006 44
H
td
td
>
Ul
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td
OS
03
TABLE L.—Statement of SO-year 6 per cent, honds, ^c.—Continned.
O n J u l y l , 1878:
C e n t r a l Pacific
K a n s a s Paci.fic
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
On J a n u a r y 1, 1879:
C e n t r a l Pacific
.K a n s a s Pacific
U n o i n Pacific
C e n t r a l B r a n c h U n i o n Pacific
00
00
00
00
CO
00
$13, 357, 358
3, 671,1G3
14, 335, 010
925, 808
899, 730
829, 2-52
47
09
73
26
54
69
64, 623, 512 00
34, 018, 923 78
25,
6,
27,
1,
1,
1,
14,133, 912 07
3, SOO, 253 09
15,152, 706 09
973,808 26
958, 847 34
878,102 29
885,120
303, 000
236, 512
600, 000
970, 560
628, 320
00
00
00
00
00
00
64, 623, 512 00
35, 957, 029 14
25, 885,120 00
6,303,000 00
27, 2-36, 512 00
1, 600, 000 00
1, 970, 560 00
1, 628, 320 00
14, 910, 465 67
4, 049, 343 09
15, 969, 801 45
1, 021, .808 26
1, 017, 964 14
926, 951 89
$776, 553
189, 090
817, 095
48, 000
59,116
48, 849
jates
al in
ill
o^
& .2 o
§^S.g-?:3
P^
"Or^i^
§§"•
-^'
a rt o
$25,885,120
6,303,000
27, 236, 512
1, 000, 000
1, 970, 560
1, 628, 320
<o t>i
-R '=) .
O r~X^
. On J a n u a r y 1, 1878:
C e u t r a l Pacific
Ka,nsas 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
rt
© CD
liii"
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
AYestem Pacific
S i o u x C i t y a n d Pacific
of inte
ranspo
maU
c.
g'Eb
•r-l g >—!^
t,_, c2 <n (rf
EaUway companies.
t:4 p!. ro-
'S'S
03 5
^'"^ ^ rt
^
K rt
rt
$ fcb
H
oo
'S 2 p^ .
.Sgiffe>"
©rrt O+J
•g^a3g
<o O ©
o
<T) ©
® © S K.
5
rc5 03+3 .
CO CD O O O^
td
td
TJ
O
td
rt © 03 t -
«2 <^
0-+3
-+3
O O o ©
O M 4 J f-l
rj ©.rH ©
CM
o rt ©r:^
|^.gll
O-R4S O P*
H
O
00
00
36
00
80
00
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
776, 553 60
189, 090 00
817, 095 36
48, 000 00
' 59, n o 80
48,-849 60
64, 623, 512 00
37, 896, 334 50
1, 938, 705 -SO
25, 885,120 00
6, 303, 000 00
27, 236, 512 00
1, 600, 000 00
15,087,019 27
4, 238, 433 09
16, 786, 896 81
1,069,808 26
776, 553 60
189, 090 00
817, 095 36
• 48, 000 00
$4, 004, 003
683, 507
3, 237, 456
329, 369
255,161
259, 414
32
94
77
47
91
61
$16, 072, 591
3, 012, 080
13, 603,121
1, 244, 679
1,204,642
1, 074, 938
38
97
19
38
25
10
Ul
36, 212, 053 27
o
07
09
09
26
34
29
$2, 065, 324 01
1, 531, 080 06
4, 787, 041 67
58, 498 35
9, 367 00
62, 578 80
$12, 068, 588 06
2, 328, 573 03
10, 365, 664 42
915, 309 91
949,480 34
815, 523 49
35, 957, 629 14
8, 514, 489 89
27,443,139 25
14, 910,465 67
4, 049, 343 09
15, 969, 801 45
1, 021, 80S 26
1, 017, 964 14
926, 951 89
2,198, 960 71
1, 532, 350 07
5,134,103 84
62, 998 35
9, 367 00
68, 409 65
12, 711, 504 06
2, 516, 993 02
10, 835, 697 61
958, 809 91
1, 008, 597 14
858, 542 34
4, 484,140 29
773, 860 85
3, 641, 300 88
366, 641 04
291, 301 17
291,575 23
17,195, 645
3, 290, 859
14,476, 998
1, 32.5, 450
1, 299, 898
1,150,117
37, 896, 334 50
9, 006,189 62
28, 890,144 88
9, 848, 825 46
38,738, 970 34
15, 687, 019 27
4, 238, 433 09
16,786, 896 81
1, 069, 808 26
1, 077, 080 94
975, 801 49
2, 343, 659 54 13, 343, 359 73
1, 532, 530 42
2, 705, 902 67
5, 852, 870 95 10, 934, 025 86
67, 498 35
1, 002, 309 91
9, 367 00
1, 067, 713 94
75, 517 99
900, 283 50
4, 998, 311 56
872,589 09
4, 072, 654 57
406, 347 61
330, 298 11
326, 013 09
18, 341, 071 29
3, 578, 491 76
15, 000, 680 43
1, 408, 657 52
1, 398, 012 05
1, 226, 296 59
$14,133, 912
3, 860, 253
15,152, 706
973, 808
958, 847
878,102
39, 835, 039 J
9, 881,444 25
29, 953, 595 61
lO; 463, 572
4, 427, 523
17, 603, 992
1,117, 808
2, 516, 742 86
1, 744, 683 89
6,145, 214 86
71, 445 54
13, 946, 830
2, 682, 839
11, 458, 777
1, 046, 362
!, 768, 914 02
25
87
49
95
31
47
.11, 006, 214 03
40, 959, 809 64
4,998,311 56
872, 589 09
4, 072, 654 57
406, 347 61
18, 945,141 57
3, 555, 428 29
15, 531,431 88
1, 452, 713 33
d
td
td
td
td
H
>
td
Kl
O
Tl
H
d
td
td
td
>
Ul
d
td
Kj
87
09
17
26
01
20
31
72
W e s t e r n Pacific
...
Simix CAty nrt(\ Pacifio.
On J u l y l , 1879:
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 Pacifi c
S i o u x C i t y a n d Pacific
:
:
1, 970, 560 00
1, 628, 320 00
1, Oil, 080 94
975, 801 49
59,116 80
48,849 00
1,136,197 74
1, 024, 651 09
9, 367 00
83, 648 56
1,126, 830 74
941, 002 53
330, 298 11
326, 013 09
1,457,128 85
1, 267, 015 62
64, 623, 512 00
39, 835, 039 86
1, 938,705 36
41,773,745 22
10, 571,102 71
31, 202, 642 .51
11, 006, 214 03
42, 208, 856 54
2.5, 885 120
6, 303, 000
27, 233, 512
1, 600, 000
1, 970, 560
1, 028, 320
00
00
00
00
00
00
:;64, 623, 512 00
16, 463, 572
4,427,523
17, 603, 992
1,117, 808
^ 1,136,197
1, 024, 651
87
09
17
26
74
09
41, 773, 745 22
776, 553
189, 090
817, 095
48, 000
59,116
48, 849
60
00
36
00
80
60
1, 938,705 36
47
09
53
26
54
69
2, 771, 419 23
2, 324, 910 55
7, 325, 466 49
73,142 73
9, 367 00
91, 747 39
43, 712,450 58
12, 596, 053 39
17, 240,126
4, 616, 613
IS, 421, 087
1,165, 808
1,195, 314
1, 073, 500
14, 468, 707
2, 291, 702
11, 095, 621
1, 092, 665
]., 185, 947
981, 753
24
54
04
53
54
30
31,116, 397 ;9_
4, 998, 311
872, 589
4, 072, 654
.406, 347
330, 298
326, 013
56
09
57
61
11
09
11, 006, 214 03
19, 467, 018
3,164, 291
15,168, 275
1, 499, 013
1,516,245
1, 307, 766
80
63
61
14
65 >
39
42,122, 611 22
td
td
•-d
td
H
O
TJ
d
td
QC
.o
td
td
H
O
TJ
H
d
td
H
td
Ul
d
tdo
Kl
CO
40
REPORT OF THE SECRETARY OF THE TREASURY.
TABLE M.—Eeturns, by judgment, of the United States Court of Claims, and appropriation
hy Congress of proceeds of property seised as captured or ahandoned, under the act of
March 12, 1863, paid from July^ 1, 1878, to June 30,^ 1879.
To whom paid.
Date.
Amount.
Elizabeth A. Meriwether
Peter Burke
James Levy
Eagle Manufacturing Company
.'...
William H. Toung
Walter Pugh
Josiah Winchester, executor of John C. Jenkins.
Angust 2, 1878
August 17, 1878....
September 18, 1878.
'MarchS, 1879
MarchS, 1879......
May 2, 1879
June 2, 1879
Total.
$3,496 26
• 8, 050 00
1, 042 64
9,722 '61
16. 866 01
4, 362 23
, 25,106 80
68,146 55
TABLE N.—Judgments of the Umted States Court of Claims for proceeds- of property
seized as captured or ahandoned, under the act of March 12, 1863, rendered hut not
paid dunng the fiscal year ended June 30, 1879.
D ate of judgment.
January 20, 1879.
Febmary 17, 1879
April 14, 1879....
M:ay 5, 1879
May 5, 1879
May 26, 1879
June 9,1879
•
June 9,1879......
June 16,1879.....
Amount
awarded.
Name of claimant.
Eobert M. and Stephen A. Douglass
John C. Calhoun, administrator of A. P . Calhoun
Calhoun Fluker, administrator of IsabeUa Ann Fluker .
Thomas C. Payan
,
W. Gr. Daniels, administrator of Mica)ah Johnson...
Frederick L. Meyer, administrator of Henry Jager
C. Boyle, Administrator of John Murphy
Benjamin B. G-oodman
Benjamin F. Grafton, administrator of John C. Murphy.
Total
$58, 419 20
1, 528 89
8, 650 00
487 22
2, 698 94
2, 881 33
2, 501 86
2, 902 50
1,473 16
81, 543 16
TABLE 0.—Beceipts and disbursements of United States assistant treasurers, and designated
depositary at Tucson, Arizona, during the fiscal year ended June 30, 1879.
BALTIMOPvE.
Balance June 30,1878
L.'.
;3, 547, 047 13
EECEIPTS.
On account of customs
On account of internal revenue
On account of currency redemption
On account of currency withheld in lieu of standard sUver doUars
On account of refunding certificates
On account of certificates, act June 8,1872
On account of Post-Ofiice Department
On account of transfers
'.
On account of patent fees
On account of.disbursing officers
On account of 4 per cent, consols
On account of semi-annual d u t y . . . . . .
•
On account of interest in coin
On account of interest in currency...'
On account of miscellaneous
.'
$1, 958, 379 30
215, 320 28
266,477 30
58, 514 00
1, 618, 843 26
6,150, 000 00
177, 269 53
5, 328, 851 75
656 00
2,132, 631 51
92, 500 17
100,052 61
464,129 75
142, 320 00
107,137 03
18, 813, 082 49
22, 360,129 62
DISBUESEIIENTS.
On account of Treasury drafts
On account of Post-Oflace drafts
On account of disbursing accounts
On account of standard silver dollars in lieu of currency . . . ,
On account of currency redemption
On account of interest in coin
On account of interest in currency
On account .'of transfers
On account of certificates of deposit, act June 8,1872
$G, 040, 584 25
158, 350 09
2,313, 837 62
58, 514 00
247, 771 41
907, 618 11
676, 527 71
3,758, 935 00
6, 560,^ 000 00
17, 722,188 19
Balance June 30,1879
,
, 4,637,991 43
EEPOBT OF THE SECEETARY OF THE TEEASUE-y.
41
TABLE O.^Eeceipts and disbursements, ^"C.—Continned.
BOSTON.
Balance June 30, 1878
r---,-t;v-
r----
•
-
$9,928,407 34
RECEn'TS.
On accountof customs
.o
On account of semi-annual duty
Onaccountof certificates, act June 8,1872
Onaccount of Post-OfficeDepartment
On account of transfers
On account of patent fees
On account of disbursing oflBcers
On account of interest in coin and currency
On account of misceUaneous
$14,358,743 96
794, 394 75
9,010, 0()0 00
678,247 81
24, 508,464 26
8, 417 50
36, 833, 664 93
8,7l7, 490 99
5,168, 091 84
100, 077,516 04
110, 005, 923 38
DISBURSEMENTS.
On account
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 interest in coin and currency
of transfers
'.
of certificates of deposit, act June 8,1872
of fractional currency and minor coins redeemed
of miscellaneous
-
Balance June 80,1879
—
18,614,529 09
633, 626 19
36,770,108 04
12, 963, 212 36
21, 939, 367 27
11,120, 000 00
125, 092 21
335,181 71
....„
102,501,116 87
7,504,806 51
CHICAGO.
Balance June 30,1878
„
.^
$5,637,625 47
RECEIPTS.
On accountof customs, currency
On account of customs, coin
On accountof internalrevenue
'.
Onaccountof saleof lands
On account of gold sales
On accouut of 4 per cent.loan
On account of certificates, act June 8, 18.72
On accountof Post-Office D.epartment
On account of transfers, cuiTency
On account of transfers, coin
On account of patent fees
':
On account of disbursing officers, currency
On account of disbursing officers, coin
On account of 4 per cent, refunding certificates
On account of interest in coin
On accountof currency, misceUaneous
On account of miscellaneous, coin
'.
•
'.
1!
$953,786 19
• - 884, 599 58
2,294,644 36
16,302 23
599,772 21
2,762, 981 86
2,285, 000 00
897,147 01
13, 386; 877 79
" 472, 618 75
8, 921 95'
10, 688, 556 26
2, 278 78
695,167 81
130,286 75
209,407 37
2,243 68
36,290,592 58
41,928,218 05
DISBURSEMENTS.
On account of Treasury drafts, currency
On account of Treasury drafts, coin
On account of Post-Ofl&ce drafts
On account of disbursing accounts, currency
On account of disbursing accounts, coin
On account of gold sales
:
On account of interest in coin
Ou account of interest in coin, not reimbursed
On account of interest in currency
On account of interest in cuixency, not reimbursed .'..
On account of transfers, currency
On account of transfers, coin
-•
On account of certificates of deposit, act June 8,1872.
Canceled 4 per cent, consols
Balance June 30,1879 ,
10, 552, 620 91
126,176 32
957, 032 22
10,201, 544 77
13,903 88
597,132 59
81, 276 25
42,776 00
20, 598 25
3, 000 00
6, 896, 567 85
2, 539,417 99
3, 545, 000 00
6, 519 90
35,583,566 43
6, 844,651 62
42
REPORT OF THE SECRETARY OF THE TREASURY.
TABU!!. 0.--Eecei2)ts and dishursement8y4l<>'-'^oii-tmvLQd.
• CINCIN"NATL
-..,.-•;
Balance June 30, 1878'
$2,038,277 23
RECEIPTS.
On account of customs
On account of internal revenue
On account of 4 per cent, consols
On account of certiflcates, act June 8,1872
On account of Post-Office Department
On account of transfers
On account of patent fees
On account of disbursing officers
On account of interest, in coin
On account of interest, in-ourrency
On accountof misceUaneous
T..
$518, 559 41
384,939 59
1,190,118 13
2,675, 000 00
303,408 29
7, 346, 810 17
4,613 65
1,478,448 35
1, 584,429 85
600 00
181,567 58
15, 618,495 02
17, 656,772 25
^
DISBURSEMENTS.
Onaccountof Treasury drafts
Onaccountof Post-Office drafts
On account of disbursiug accounts
On account of interest, in coin
On account of interest, in currency
On account of transfers
On account of certificates of deposit, act June 8,1872
On account of fractional currency redeemed
'
2,849,668 27
279,703 75
1,457,995 15
1, 580, 537 35
600 00
6,140, 531 53
2, 335, 000 00
22, 000 02
Balance June 30, 1879
14, 666,036 07
2,990,736 18
N E W OELEANS.
Balance June 30,1878
$4,633,262 19
RECEIPTS.'
On account of customs
On account of internal revenue
On account of sale of lands
On accoimt of Post-Office Department
Onaccountof translers
On account of patent fees
On account of disbursing officers
On account of interest, in coin
On account of inteiest, in currency
On account of misceUaneous
$1, 515, 647 86
777, 066 94
4, 808 80
540, 090 34
3,377,490 48
1,439 50
5,476, 278 87
8, 569 00
2,420 00
831,460 42
12, 535,272 21
17,168, 534 40
DISBURBESIENTS.
On account of Treasury drafts
On account of Post-Ofiice drafts
On account of disbursing accounts
On account of interest, in coin
On account of interest, in currency
On account of transfers
On account of fractional currency redeemed
Balance June 30,1879
„
4,740,144 20
499, 014 74
5,897, 349 27
8, 569 00
2,420 00
1, 331, 000 00
10,000 00
„
12,488,497 21
4,680,037 19
,
0
•
REPORT OF THE SECRETARY OF THE TREASURY.
43
TABLE 0.—Eeceipts and disbursements, cfc.—Continned.
N E W TOEK.
BalanceJuueSO, 1878..;..V.......
,
'
.....J."
RECEIPTS.
Onaccountof customs
Onaccountof internal revenue
Onaccountof goldnotes
On account of certificates of deposit, act June 8,1872
On account of Post-Office Department
On account of transfers
Onaccountof patent fees
On account of misceUaneous
On account of disbursing officers
".
On account of superintendent assay office. New York
On account of interest, in coin and currency
$171,130,252-99
T
$100,004,805 ^5
1,943,430 39 ^
1-2,317,400 00
55, 740, 000 00
7,629,517 05
262, 585, 393 71
7,623 36
15,408, 020 94
285,152,239 55
10,263,589 89
68,216,224 51
819, 268,245 05
J
•
•.
.:
990, 398,498 04
DISBURSEMENTS.
•0
On account of Treasury drafts
Onaccount of Post-Ofiice drafts
On account of disbursing accounts
On account of superintendent assay office. New York
On account of certificates of deposit, act June 8,1872, redeemed
On account of gold notes redeemed
On account of silver notes redeemed.
,.
On account of fractional currency redeemed in sUver and notes
On account of fractional sUver coin redeemed, act June 9,1879
On account of interest in coin and currency
Balance-June 30,1879
371, 632,647 77
7,211,282 57
274, 650, 809 94
11, 890,425 46
68,105, 000 00
28,119, 300 00
66, 280 00
213, 000 00
628, 643.00
: 68,206,422 76
_ 830, 723, 811 50
^
159,674,686 54
PHILADELPHIA.
Balance June 30,1878
-.
On account of customs
On account of internal revenue
On account of gold notes
On account of certificates, act June 8,1872 „
On account of Post-Ofiice Departraent
On account of transfers
On account of patent fees
On account of disbursing officers
On account of interest, in coin
On account of interest, in currency
On account of misceUaneous
On accoimt of fractional cuiTency
On accountof fractional sUver coin
:...
:
'.
^
$8,764,626 24
478, 516 00
800, 000 00
13, 845, 000 00
707, 221 16
27,481, 080 48
5, 213 60
16,492, 309 02.
1,100, 811 25
1, 067, 264 75
3,453, 608 00
42, 216 70
779, 560 00
$9,345,283 10
74, 517, 427 20
83, 862,710 30
DISBURSEMENTS.
On account of Treasury drafts...
On account of Post-Office drafts
On account of disbursing accounts
On accountof interest, in coin
On account of interest, iu currency
On account of transfers
On account of certificates of deposit, act June 8,1872
On accoimt of fractional currency redeemed
On account of fractional sUver coin
Balance J u n e 30,1879
19,989,451 67
664,632 21
16, 231, 979 46
2,947,851 23
3,118, 620 45
11, 540,165 00
12, 905, 000 00
43, 065 70
399, 760 00
67, 840, 525 72
10,022,184 58
44
REPORT OP THE SECRETARY OF ^THE TREASURY.
TABLE 0.—Eeceipts and dishursements, cfc.—Continned.
SAN FEANCISCO.
Balance June 30,1878
*$12,964,223 70
RECEIPTS.
Onaccountof customs
On account of internal revenue
On account of sale of lands
On account of standard doUars received for sUver certificates
On account of refunding certificates
•
On account of Post-Office Department
On account of transfers ..:
:.'
On account of'patent fees
'........
On account of disbursing officers
On account of 4 per cent, loan, 1907
On account of coin withheld in Ueu of United States notes disbursed ..
On account of miscellaneous
$6,484,118 58
2, 548, 606 00
203, 719 53
8,207, 290 00
105, Opi 58
600, 580 54
18, 672, 372 61
13, 642 20
19, 824, 762 82
8,102, 535 84
535, 090 00
1, 520,103 93
66; 907, 883 63
79, 872,107 33
DISBURSEMENTS. 0
On account of Treasury drafts
".
On account of Post-Offiice drafts
On account of disbursing accounts
On account of bulUon account
On account of interest, in coin
On account of interest, in currency
:
On account of transfers :
".
On account of United States notes disbursed in lieu of gold coin
•
'
—
7,386,893 14
453, 094 89
19,405, 951 52
9,750, 000 00
181, 320 79
15, 360 00
18,750,000 00
535, 090 00
B.alance June 30,1879
56,477,710 34
23,394,396 99
SAINT LOUIS.
Balance June 30, 1878
$3, 643, 986 65
RECEIPTS.
On account of customs
On account of internal revenue
On account of sale of lands
Onaccountof gold
On account of certificates, act June 8,1872
On account of Post-Office Department
On account of transfers —
,
•On account of patent fees
On account of disbursing'officers
On account of 4 per cent, loan
•
On account of coin sales
On account of 5 per cent, redemption fund
•On account of'miscellaneous .•
'..
'.
$1,172, 900 48
692, 444 71
9, 386 37
3,810 00
560, 000 00
1, 098, 228 00
9, 638, 667 56
3, 892 75
5,720,236 04
830,447 41
7.54,465 12
277, 807 29
200, 624 43
i
20, 962, 910 7.6
24, 606, 897 41
DISBURSEMENTS.
•On account of Treasury drafts
.Onaccountof Post-Office drafts....,
*0n account of disbursing accounts
•On account of coin sales
-On account of Treasurer's transfer accoimt
'On account of interest, in coin
On account of interest, in currency
On account of transfers, inclusive of standard dollars
On account of certificates of deposit, act June 8, 1872
On account of fractional currency redeemed
"
. '
•
.^
.'
7,337,608 36
1,1.51,447 23
5, 676, 375 70
762, 098 41
26, 533 45
4:73, 396 43
6, 690 00
4,439,455 83
910, 000 00
5, 845 00
Balance June 30, 1879
* The reserve fund, amounting to $2,240,000, is included in this amount.
20,789,4.50 41
3,817,447 00
REPORT OF THE SECRETARY OF THE TREASURY,
45.
TABLE O.—Eeceipts and disbursements, Sfc.—Continned.
TUCSON.
Balance June 30,1878
•
.,
'..»
. .
$400,328 40
RECEIPTS.
Onaccountof
On account of
Onaccountof
On account of
Onaccountof
On account of
On account of
customs
internal revenue
saleof lands
Post-OfficeDepartment
transfers
disbursing officers
misceUaneous
-
i
1,600 98
23,474 53
6, 500 00
93, 955 00
1,173,221 91
42,990 31
33,120 22
_•
1, 374, 862 95
1,775,191 85
DISBURSEMENTS.
* On account of Treasury drafts
Onaccountof disbursing accounts
Oa account of transfers
Balance June 30,1879
,
21,554 50
540,654 36
923,220 91
.,......,.
1,485,429 77
289,761 6S
REPORT OF COMMISSIONER OF INTERNAL REYENUE.
REPORT
OF
THE COMMISSIONER OF INTERNAL REVENUE.
TREASURY DEPARTMENT,
O F F I C E OF INTERNAL K E V E N U E ,
Washington, N'ovemher 24-., 1879.
SIR : I have the honor to submit the report of the Bureau of Internal
Eevenue, for the fiscal year endeci June 30, 1879, accoinpanied by additional facts and figures bringing down the operations of this branch of
the pablic service as nearl}^ as possible to the iiresent date.
It affords me great pleasure to be able to report an improved condition of the internal-revenue service: first, in regard to the receipt.s ; second, ill respect to the character and efficiency of the officers einployed;
third, in respect to the disposition of tax-payers to observe the laws;.
and, fourth, in regard to public opinion in reference to the enforcement
of the laws. The marked improvement in the receipts during the past
four months in the face of the great reduction of the tax on tobacco,
gives promise that the receipts irom internal-revenue taxes will, during
the present fiscal year, reach the suni of $115,000,000.
The one hundred and twenty-six collectors and their subordinates, as
a body of officers to whom is intrusted the duty of collecting nearly
$115,000,000 of revenue, are entitled to the respect and commendation of the people and the government for their capacit^', integrity, and
fidelity to duty.
The great majority of the tax-payers have observed the laws, and
faithfully paid their taxes, and it is believed that in. the greater portion
of tlie country violations of the internal revenue laws are as infrequent
as can reasonably be expected. And in those districts where the laws,
liave been for years openly violated, and the officers set at defiance, there
is a returning sense in the minds of a majority of the people of the duty
of the tax-payers to observe the laws and of the officers of the government to enforce them.
R E S I S T A N C E TO E N F O R C E M E N T O F THE LAWS.
It will be seen from the table on page 14, that during the last three years
and four months 3,117 illicit distilleries have been seized, 6,431 persons
arrested for illicit distilling, and 26 officers and employes killed and 47
Avounded while engaged in enforcing the internal-revenue laws. These
facts clearly show the dangerous and difficult character of the work that <
has been performed by our officers in the enforcement of the laws; and,;
the fact that during the past sixteen months 1,395 illicit distilleries have ]
been seized, 3,281 illicit distillers arrested, 4 officers and employes killed,:
and 22 wounded while enforcing the laws, and the further fact that i
nearly all of these seizures, arrests, and resistance of authority are con4 F
50
REPORT ON THE FINANCES.
fined to the districts long infested with these troubles, indicates unmistakably that much remains to be done'to place the service upon a satisla^ctory footing. This can only be done by constant, vigorous, and courageous efforts of repression with such a force of deputies, armed when
necessary, as will demonstrate the ability and determination ofthe government to collect its revenues and enforce its laws. And I deem it my
duty to again call your attention to the fact that the appropriations
have been, and now are, inadequate to the proper enforcement of the
laws.
It is well known that the manufacture of whisky with small stills has
been long practiced by many persons in a number of States. A ta-x of
90 cents a gallon on this product is a great temptation to fraud. It has
been found that in many portions of the country, especially in mountainous regions, distillers will league together for the purpose of avoiding the i)ayiTient of the tax and resisting the officers of the United States
engaged in the enforcement of the laws.
, In maldng the distribution of the appropriation to collectors and their
subordinates for the collection of the revenue and for policing all the
.States and Territories of tlie Union for the purpose of preventing and
detecting frauds, it is found necessary, as a rule, to assign large areas
.of territorj^ to each dexiuty collector, the size of the divisi(m being
mainly determined by the number of manufacturers and dealers engaged
in the production and sale of taxable articles. In the great majority of
these divisions the deputy collectors perform their duties without molestation or resistance, so that in numerous cases as many as Uve or ten
counties are assigned to a single deputy collector. In those collection•districts where illicit distilling is rife, experience has shown thatthe combinations of these violators of the law have for years been such as to set
the ordinary force of officers at defiance, so that three years ago many
experienced and intelligent officers had come to the conclusion that the
fraud of illicit distilbug was an evil too firmly established to be uprooted,
and that it must be endured. The efforts of the past three years, although begun and continued with insufficient appropriations, have given
such results as to show conclusively that, with a proper appropriation
for this service, tliese frauds can be eradicated and resistance to the laws
(Overborne.
The appropriations being insufficient to employ permanently the proper
puinber of deputies for operations against illicit distillers, I have from
time to time authorized collectors to employ a temporary force to aid
the regular deputies in policing their divisions and seizing illicit distilleries, and it has been found necessary to provide many collectors with
guns from the Ordnance Department of the government to enable them
to arm their deputies for self-defense. It has been through the organization of these parties that collectors have been enabled to seize so
many illicit distilleries, and to overcome the resistance which has on so
inany occasions been offered by combinations of illicit distillers.
It is in the interest of the go^^ernment, Avhose laws are violated and
whose revenues are withheld ; it is in the interest of the public, whose
peace is disturbed and whose morals are debauched; and it is in the interest of the officers of internal revenue, whose lives are endangered
while enforcing the laws, that sufficient appropriations should be made
to provide an ample force to suppress illicit distilling wherever found,
and to police the infected country so as to prevent a recurrence of these
demoralizing frauds, and I therefore have the honor to recommend the
appropriation of $100,000 as a deficiency, for the present fiscal year for
this service.
COMMISSIONER OF INTERNAL REVENUE.
51
. I have directed the collectors in these infected districts to encourage
the establishment of legal distilleries as an additional means of eradicating the evil of illicit distilling. This ha^s been found to work well, 255
distilleries having been established in illicit distilling districts during
the past fiscal year. This course has worked a material change with
the public at large and with persons in the habit of distilling fi:ivorable
to the observance of law, and if suitable axipropriations are made to
allow the emplo^anent of a sufficient number of deputy collectors to make
thorough and frequent canvass of the districts, I am satisfied that within
a 3^ear or two frauds against the revenue will be to a great extent broken
up, and an orderly and peaceable administration of the laws established.
Tiie increase in the number of legal distilleries will materially augment
the expense for storekeepers and gaugers, and will make it necessary
that a deficiency appropriation be made for the present fiscal year of
two hundred thousand dollars.
LEGISLATION FOR PROTECTION OF REVENUE OFFICERS.
I again call attention to the fact that in very few cases have the State
courts taken cognizance of the murders arad assaults committed upon
the persons of the officers and employes of the government.
The penalties provided by law for murder and assault to murder are
intended, amongst other things, for the protection of the citizen in life and
limb. When, iu a particular class of cases, the Liws are rarely entbrced,
it is evident that they fall short of accomplishing, one of their im])ortant
puri)oses. This is obviously the case in respect to officers of the United
States engaged in the enforcement of the internal-revenue laws. It is
clear to my mind that in some ijortions of the country, for a considerable time to come, reliance cannot be placed upon the State courts for
punishing citizens who commit murder or assaults to murder upon our
officers while engaged in the x)erformance of their duties. It seems to
me of the utmost importance that the United States should, under its
own law^s and through its own courts, undertake the trial and punishment of persons who are guilty of murder and assault to murder of officers while engaged in or on account of the performance of their official
duties, and I have the honor of renewing the recommendation made in
my last annual report for the passage of such a law by Congress.
TAX UPON CIRCULATING NOTES OF CORPORATIONS AND INDIVIDUAlLS.
During the past two years assessments am'ounting to $193,743.53 have
been made against various corporations and individuals upon circulating
notes issued in derogation of sections 3412 and 3413 U. S. Eevised Statutes, and sections 19 and 20 of the act of February 8,1875. There seems "
to be a growing disposition in many jjarts of the country upon the part
of individuals and corporations to issue notes to be used as a local circulation, payable either in money or trade. Experience has shown that
such issue^t are a "delusive and pernicious substitute for cash.'^ The
laws in question seem to be the only protection the people have against
a fiood of these insecure and dangerous notes, and in my oi)inion they
should not be repealed.
PUBLICATIONS.
Since my last, annual report I have caused to be prepared and printed
a compilat^iou of the internal-revenue laws and other statutes connected
52
REPORT ON THE FINANCES.
therewith, whicli has been distributed for the use of United States judges,
district attorneys, marshals, and officers of internal revenue. It is
believed to be an accurate reproduction of the living law up to and including the acts of the last session of Congress, and I have no doubt
Avill be of great public value. I am indebted mainly to the services of
W. H. Armstrong, esq., and C. W. Eldridge, of the internal-revenue
service, for the production of this work. I have also caused to be prepared and printed since my last annual report a revision of the Eevenue
Agents^ Manual, Avhich has been considerably enlarged. The former
volume was so Avell received by the service that this volume has been
printed in sufficient quantities to supply all the officers of internal
revenue, and has been entitled the Internal Eevenue Manual. I am
indebted to Eevenue Agent F. D. Sewall and C. W. Eldridge, esq.,
mainly for the preparation of this Avork.
DEFICIENCY TAXES UPON SPIRITS AA^THDRAWN FOR EXPORTATION.
Under the existing law spirits intended for exportation are gauged
before their Avithdrawal from the bonded warehouse, and are again
gauged at the port of export when they are about to be laden upon a
foreign-bound A^essel, and the distiller or exporter is required to pay ii
tax of 90 cents per gallon upon any defi^ciency that may be found between the first and second gauges. These taxes are greatly complained
of by the distillers and others engaged in the export trade. This law
was undoubtedly designed for, and has had the eff'ect of, preventing
frauds in connection Avith the exportation of distilled spirits, i t is, however, well known that it is next to impossible to so prepare Avooden packa.ges as to i)reA^ent a certain amount of evaporation in the course of transi3ortatioii over a long line, especially in hot Aveather, and I full3^ recognize the hardship of requiring the distiller to pay tax upon spirits which
IiaA^e been lost by CA^aporation in the course of transportation.
The intent of the internal-revenue laws is to levy a tax of 90 cents a
gallon upon spirits Avliich are manufactured for and actually go into
consuraption in. this country, and the tax in question is evidently not
intended for rcA^enue, but as a restrictive measure to prevent fraud.
These taxes haA^e in many instances amounted to a reasonable profit
on the sale of the spirits, and liaA^e therefore been felt as a great burden
by the distillers. Where the spirits are withdrawn in good faith for
exportatioii, and due diligence is exercised in their transportation, and
losses occur by evaporation or accident in transportation without fraud
or negligence on the part of the distiller, owner, or transportation company, or their agents, in my judgment no tax should be levied for any
such loss. Such a tax necessarily discourages the exportation of American distilled spirits, and would seem to be contrary to sound public
policy; and I have the honor to recommend that existing laws be so
amended as to provide that taxes shall not be assessed for deficiencies
occurring under the circumstances named. I would also recommend that
provision of law be made for the exportation of alcohol in metallic cans
of ten gallons and upwards.
BONDED AVAREHOUSES, FOR PEACH AND APPLE BRANDY.
Distillers of brandy from grapes w^ere, by the act of March 3, 1877,
allowed to store their product for three years in bonded warehouse before payment of tax thereon; and I suggest for the consideration of
Congress the expediency of according the saaie pri\ilege to distillers of
brandy from apples and peaches.
COMMISSIONER OF INTERNAL REVENUE.
53
The latter is now the only class of distillers not having the option of
three years' storage of their product before payment of tax, and the reasons for granting them the privilege are the same which induced its
extension in the case of grain and grape-brandy distillers, and.are such,
as operate with especial force in the case of all distillers of fruit.
The necessity for time to ripen the spirits sufficiently to giA^e them a
A-alue remunerative to the producer, and for opportunity to obtain a
favorable market is really more urgent than with grain distillers.
Under authority of the statute in that respect, I have already enlarged
the time for the collection of this tax, in default of payment, to four
months from the date Avhen the same is payable; but I have not deemed
it best to gi ve further credit Avithout the custody of the spirits as securitj'.
The extension of the Avarehouse system to tliis class of distillers would
occasion a considerable increase in the annual appropriation for pay of
storekeepers; but some compensation for this outla}^ may? perhaps, be
found in an increase iii ijroduction Avhen production no longer requires
an immediate raising of money to meet the tax or else a sale of the
product at unsatisfactory prices.
RECEIPTS FOR FIRST FOUR MONTHS OF PRESENT FISCAL YEAR.
The following table shows the receipts from the several sources of
rcA^enue for the first four months of the current fiscal year. The receipts
for the corresponding period in the last fiscal year and a comparison of
the receipts for the two periods are also given:
Sources of revenue.
Brandy distilled from apples, peacbes, or
grapes
Spirii s distilled frora materials otber tban
apples, peacbes, or grapes
Wine made in imitation of cbampagne, &c
Kectiflers (special tax)
i)ealei-s, retail liquor (special tax)
X)ealeis, wbolesale liquor (special tax) ..
Manufactuiers of stills, and stills or
worms maiuifactured (special tax) . . .
Stamps for distilled spirits intended for
export
.Stamps—warebouse, rectifiers', and dealei-s'
:
Interest on tax upon spirits
Total
Heceipts from
July 1,1878,
to October
31,1878.
$257, 034 56
15, 621,150 41
Receipts from
July 1, 1879,
to October
31,1879.
$269, 975 05
Increase.
$12, 940 49
18, 242, 981 09 2, 621, 830 68
15, 950 OS
345, 582 50
36, 330 92
12,012 53
343, 021 18
27, 720 58
1, 050 43
1, 235 02
184 59
3, 815 90
3, 942 20
126 30
84,184 30
12, 485 70
IOO,792 30
51, 721 54
16, 377, 584 80
Decrease.
19,053,401 49
$3, 937 55
2. 561 32
8, 610 34
16, 608 00
39, 235 84
2, 675, 816 69
TOBACCO.
.Cigars, clieroots, and cigarettes
]Manufacturers of cigars (special t a x ) . . .
Snutt'
Tobacco of all descriptions
Stamps for tobacco or snuff intended foi'
, expoit
Dealers in leaf tobacco (special tax)
Ketail dealers in leaf tobacco (special
tax)
Dealers in manufactured tobacco (special
tax)
'
.Manufacturers of tobacco (special tax) .
Peddlers of tobacco (special tax)
Total
4, 482, 744 67
9, 956 57
391, 771 04
10, 002, 970 71
2, 932 30
4, 984, 850 65
7, 854 24
235, 307 26
7, 822, 835 09
502,105 98
2,102 33
156,403 78
2,180,135 62
851 00
2, 482 48 ^
2,081 30
5, 346 96
7, 829 44
482 77
1, 003 60
152, 617 68
700 88
4, 663 24
15, 057,190 13
166, 388 52
704 63
4,114 34
13, 230, 003 82
13, 770 84
3 75
548 90
1, 827,186 31
54
REPORT ON THE FINANCES.
Sources of r e v e n u e .
R e c e i p t s from
J u l y 1,1878,
to October
31,1878.
R e c e i p t s from
J u l y 1, 1879,
to October
. 31, 1879.
$3,952,225 93
7, 847 54
39, 282 24
$4, 477, 362 67
7, 208 36
42, 912 66
$525,136 74
3, 999, 355 71
4,527, 483 69
528,127 98.
468, 820 93
120, 058 04
256,139 OU
10,145 26
536, 774
30, 868
218,903
25, 743
67, 953 37
8.55,163 83
812, 289 83
2, 281, 843 11
105, 270 37
2, 361, 273 11
60, 776 89
134, 647 32
44, 378 77
90, 268 55
2,521,760 80
2, 466, 428 77
55, 332 03
38; 811, 055 27
40, 089, 607 60
Increase.
Decrease.
FERMENTED LIQUORS.
P e r m e n t e d liquors, t a x of $1 p e r b a r r e l o n .
•Brewers (special tax)
D e a l e r s in m a l t l i q u o r s (special t a x )
Total
...
$639 18
3, 630 42
BANKS AND BANKEKS.
Bani?! deposits
B a u k d e p o s i t s s a v i n g s &c
Banlv Capital
B a n k circulation
Total
30
25
34
94
89,189 79
37, 236 26
15, 598 68
42,874 00
MISCELLANEOUS.
Adhe.sive s t a m p s '
Penalties .
A r t i c l e s a n d o c c u p a t i o n s formerly t a x e d
b u t now exempt
Total
Ag^T'Cgate r e c e i p t s
79, 430 00
44,493 48
1, 278, 552 33
REDUCTION OF TOBACCO TAX.
During the discussion of the question of the reduction of the tax on
manufactured tobacco, I A^entured to suggest that the loss to the revenue would be at least $9,000,000 per annuin, and that no pecuniary
benefit would result to consuiiiers by a reduction of the retail price of
tobacco. During four months of the present fiscal year the decrease in
the receipts from tobacco and snuff, as compared with the corresponding
period of last year, AA^as $2,336,599; these figures indicate a reduction
for the year in receipts from this source of over $7,000,000.
The increasing prosperity of the country which has given so favorable
an impulse to all business has largely benefitted the tobacco trade, and
the leceipts have in consequence not sufiered so lieaAuly as Avas anticipated.
Experience has shown that no material advantage has inured to consumers in a reduction of the price by reason of the reduction of the tax.
EXAMINATION OF COLLECTORS' OFFICES.
I again call your attention to the system of quarterly exarainations of
the offices and accounts of collectors by skilled accountants. Under
this system a more uniform method of conducting the business of collectors' otfices has been established, a marked improA^ement has been
efiected in the style of the Avork in the offices, and ttie almost universal
Avriting up of the books to date. These examinations enable this ofiice,
at short stated periods, to be definitely advised of the fact that the public
funds are faithfully accounted for. Eecent reports show that of the one
hundred and tAA^enty-six collectors' ofiices, n iiety-eight are first class,
according to the ofiicial standard, and the others are in a fiiir way to
reach the highest grade.
COMMISSIONER OF INTERNAL
55
REVENUE.
INSPECTION OF OFFICERS.
The system of inspecting officers provided for more than two j'ears
ago has had an admirable efiect upon the service. These inspections
have been in the nature of a school of the ofiicer. .. The inspections are
conducted by rcA^enue agents under careful instructions from this office,
and I am satisfied that by this means the knowledge of the officers in.
respect to law and regulations has been greatly enlarged, and their diligence and faithfulness in the performance of official duty greatly improved. The reports of the examination of collectors' offices and of
the inspection of officers constitute a fund of information in this office
in respect to the personnel of the entire service which enables the Commissioner to form a just estimate of the character, capacity, and fidelity
of all the officers in the service.
AMOUNTS COLLECTED AND ACCOUNTED FOR BY DISTRICTS.
At the close of the fiscal year whicli ended June 30, 1879, I caused a
careful examination to be made of the records and accounts of each col-;
lector of internal revenue throughout the United States, with a view of
ascertaining if the public moneys collected had been propeii}^ accounted
for, and had the gratification of ascertaining that during the year
$113,449,621.38 of internal-revenue taxes had been collected, and that
every dollar had been promi^tly x^aid into the Treasury.
During the past three fiscalyears the total amountof internal-revenue
taxes collected and paid intp the Treasury has been $343,098,969. The
only amounts collected, and not paid into the Treasury d.uring the same
period were $2,786.13, Avhich remain in the hands of two collectors who
have been retired from the piiblic service. Their accounts liaA^e been,
reported to the First Comptroller of the Treasury for suit, and the
amounts due from them will be collected. The average cost of collection
during the. same period has been less than 3f per cent., Including the
salaries and expenses of this bureau.
Subjoined is a statement of the collections made by districts during
the past fiscal year, Avitli the name of each collector and the amount collected and accounted for by him:
Statement showing the aggregate collections made and reported to ihe Commissioner of Internal Revenue hy collectors of the several collection districts during the fiscal year ended Jnne 30, 1879.
Collection d i s t r i c t s .
Pirst Alabama
Second A l a b a m a
Do
Arizona
Arkansas
F i i s t Califoruia
F o u r t h California..
Colorado
Do
Fir.st C o n n e c t i c u t . .
Second C o n n e c t i c u t
Dakota
Do
Delaware
Florida
..
Second Georgia
N a r a e s of collectors.
L. H. M a y e r
D . B . B o o t h (late)
J a m e s T . R a p i e r (preseut) . . .
T h o m a s Cordis
E d wai'd AVheeler
William Higby
A . L. F r o s t
J . C. AA^ilson (late)
J a m e s S. Wolf (present)
J o s e p h Selden
D. F. H o l l i s t e r
..
AVilliam K . H o l l e n b e e k (late)
J . L. P e n n i n g t o n (present) . . .
J a m e s M c l n t i r e ...%
A. A. K n i g h t
A.Clark
A g g r e g a t e col-:
lections.
084
5, 343
66, 805
24, 470
115, 219
1, 911, 385
306, 113
40, 170
74, 765
2.51, 313
271, 945
6, 609
27, 083
378, 684
200, 424
214, 714
72
95
71
87
57
48
21
74
6.5.
2i
46:
.502%
3973'
m
5G
REPORT ON THE FINANCES.
Statement showing the aggregate collections, &c,—Continued.
Collection districts.
Third Georgia
Idaho
First Illiuois
. Secoud Illinois
Third Illinois
Fourth Illinois
Fifth lllmois
Seventh Illinois
Eighth llhnois
Thu-tecnth Illiuois
I'ii'st Indiana
Fonrth Indiana
^'Sixth Indiana
Seventh Indiana
Do.
Tenth Indiana
ElcA'enth Indiana
Second Iowa
Third Iowa
Fourth Iowa
Fifth Iowa
Kansas
•Second Kentucky
; Fifth Kentucky.'
Sixth Kentucky
.Seventh Kentucky
Eigbth Kentucky"
•.
Ninth Kentucky
Louisiana
Maine
Third Maryland
Fourth Miiryland
Third Massachusetts
Fifth Massachustitts
Tenth Massachusetts
First Micliigan
Third Michigan
Fourth Michigan
Sixth Michigan
First Minruisota
Second Minnesota
ijMissis.sippi
Do
First Missouri
Second Missouri
Fourth Missouri
I'ifth Missouri.
Sixth Missouri
Montana
Nebraska
Do
Do
Nevada
New Hamp.shire
•
' Fuvst New Jcnsey
Third New Jeisey
Fifth Now Jei'sey
New Mexico
First New York
Second New York
Third New Yoik
Eleventh New York
Twelfth New York
Fourteenth New York
.Fifteenth New Voik
Do
•Twenty-first New York
' Twenty-fourth New York
.Twenty-sixtli Is'c-w York
Twenty-eighth New York
Thii-tieth New York
• Second North Carolina
Fourth North Carolina
.Fifth North Caroliua
Si.\'th Noith Carolina
FirstOhio
Third Ohio
Fourth Ohio
.Sixth Ohio
Names of collectors.
E. C. Wade
A. Savage
J. D. Harvey
WilliamB.'Allen .
A. Nase.
John Tillson
H. Knowles
J. AV. Hill...-•
J. Merriam
J. (J. AVillis
J.C.Veatch
AVill Cumback
F.Ba,ggs
Frank White (late)
D. AV. Minshall (present)
George Moon
J. F. Wildman
S. S. Farwell
J. E. Simpson
John Council
L. P. Sherman
J. C. Carpenter
AVilliam A.Stuart
Jaraes F. Buckner
W.S. Holden
A. M. Swope
AV. J. .Landram
John E. Biaine
Morris Marks
F.J.Rollins
R.M. Proud.
Daniel i). Bruoo . :
Charles AV. Slack
C.C.Dame '.
E. R. Tinker
L.S.Trowbridge
H. B. Rowlson
S.S.Bailey
C. V. DeLand
A. C. Smilh
,
AAailiam Bickel
R. C. Powers (late)
James Hill (present)
I. H. Sturgeon
A. B. Carroll
A. C. Stewart
D.H. Budlong
R.T. Van Horn
T. P. Fuller
H. A. Newman (late)
F. W. Robb (late)
Lorenzo Crounse (present)...
F. C. Lord
A. H. Young
AVilliam P. Tatem
C. Barcalow
: . . R.B. Hathorn
G.A.Smith
James Freeland
M.B.Blake
Max AVeber
M. D. Stivers
J. M. Johnson
R. P. Lathrop
J. T Masters (late)
Thonias Stevenson (present) .
J. C. P. Kincaid
J.B.-Strong
Benjamin Devoe
Burt Van Horn
F.Buell
Thomas Powers
L J . Young....:
AVilliam PI. AVheeler
J.J.Mott
Amos Smith, .ir
Robert AVilliams, j r
R.P.Kennedy
James Pursell
COMMISSIONER
OF INTERNAL
REVENUE.
57
Statement shoioing the aggregate collections, &c.—Continued.
Names of collectors.
Collection districts.
Seventh Ohio
Tenth Ohio
Eleventh Ohio
Fifteeuth Ohio
Eighteenth Ohio
Oregon
•
First Pennsylvania
Eighth .Pennsylvania
Ninth Pennsylvania
Twelfth Pennsylvania
Fourteenth Pennsylvania
Sixteenth Pennsylvania
Nineteenth Pennsylvania
Twentieth Pennsylvania
Twenty-second Pennsylvania
Twenty-third Penusyivania...
Rhode Island
South Carolina.
Second Tennessee"
Fifth Tennessee
Eight' I Tennessee
First Te.xas
Third Texas
Do
Fonrth Texas
Htah
Vermont
Second A''irgiuia
Third Virginia.
Fourth A''irgiuia
Fifth Virginia
Sixth Virginia .•
AVashington
First West Virginia . . .
Second AVest Virgiuia .
First Wisconsin
Second AVisconsin
Third AVisconsin
.,
Sixth AViscon.sin
AVyoming
-
C. C. Walcutt . . . .
C. AVaggoner
B. F.(;oates
Jewett P a l m e r —
C. B. Pettengill . .
J. C. Cartwright .
James Ashworth .
J.T.Valentine....
T.A. AViley
E.H.Chase
C. J. Bin
Edward Scull
C: M. Lynch
James C. Brown
Thomas AV. Davis
Jolm M. Sullivan
E.H.Rhodes
E. M. Brayton
J. A. Cooper
AV. M. AVoodcock
R. F. Patterson
AV. H. Sinclair
M. N. Brewster (late)
Benjamin C. Ludlow (present) .
A. (^.Malloy
0. J. Hollister.
C.S.Dana
James D. Brady
Otis H. RusseU
AVilliam L. Fernald
J . H . Rives
B. B. Botts
James R. Hayden
,
L H . Duval..'
George W. Brown
1. M. Bean
H. Harnden
A. K. Osborn
H.E.Kelley
E. P. Snow
Aggregate collections.
$296, 834 34
985, 137 32
781, 031 89
169, 956 83
773, 324 27
68, 471 12
2, 262,216 01
447, 771 52
870. 264 95
30.3, 693 99
102, 113 64
172, 136 87
101, 391 50
88, 298 56
1, 002,727 66
536, 167 66
230, 583 17
105, 233 91
101, 469 88
702, 687 72
104, 766 84
104, 650 46
4, 020 12
83, 421 58
58, 970 16
47, 413 02
50, 159 59
1,1.57, 687 75
2,144, 170 65
1, 378,594 91
1, .566,900.17
201, 193 40
30, 277 11
276, 753 41
46, 222 44
128 58
2, 200,408
145, 022.47
73
192, 982 42
89, 197 44
14,
Total from collectors
Cash deposited for purchase of adhesive stamps .
107, 212. 082 81
6,'. 37, "^38 57
Total receipts from all sources
113, 449, 621 38
COST OF COLLECTION.
The total cost of collecting internal rcA^enue in the United States for
the fiscal year ended June 30, 1879, was as folloAvs:
For salaries and expenses of collectors, inclucling pay of depnty collectors, clerks, &c .
^^1, 822, 000 00
For salaries and expenses of revenne agents, surveyors of distilleries,
gaugers, storekeepers, andmiscellaneousexpens.es
-. 1,650,000 00
For dieSj paper, and stanips
375,000 00
For alteration of stamps
6,411 33
. For expenses of detecting and punishing violations of internal-revenne
laws
\
98,890 85
For salaries of officers, clerks, and employes in the office of Commissioner
of Internal Revenne
253.330 00
Total
Being 3 j ^ per cent, upon the amount collected.
4,205,632 18
58
REPORT ON THE FINANCES.
ESTIMATED EXPENSES FOR NEXT FISCAL YEAR.
I estimate the expenses of the Internal Eevenue Service for the fiscal
year ending June 30, 1881, as follows:
For salaries and expenses of collectors
$1,900,000
For salaries and expeuses of thixty-hve revenue agents, for surveyors, for
fees and expenses of gaugers, for salaries of storekeepers, and for miscellaneous expenses
, -..
1,700, 000
For dies, paper, and staraps
375,000
For detecting and bridging to trial and punishment persons guilty of violating the internal-revenue laws, includiug iiayment for information
and detection
100,000
For salaries of officers, clerks, and employees in the office of the Commissioner of Internal Revenue
253,330
Total
-
4,328,330
DISTRICT A T T O R N E Y S ' AND MARSHALS' F E E S .
The intimate relation existing between this office and the offices of
the several district attorneys and marshals throughout the United
States has caused me to give considerable attention to the subject of
their compensation, and I haA^e reached the conclusion that there are
A^ery few subjects of legislation that so well merit the attention of Congress. In my opinion, the s.ystem which requii^es these ofiicers to rely
upon fees as a means of compensation is a vicious one, tending to demoralize the service, and I think should be abolished. If authority Avas
conferred upon the Attorney-General to fix the salaries of the district
attorneys as he now has of their assistants, and also to fix the salaries
of the marshals and their deputies, with such alloAvance for traveling
expenses as would be just, the whole to be paid out of the Treasury; or
if these salaries Avere fixed by law, 1 A^enture to say that the service
would be greatly improved.
REVENUE AGENTS.
During the fiscal year ended June 30, 1879, thirty-fiA^e rcA^enue agents
Avere employed.
Aggregate salary of agents
Aggregate amoant for traveliug expeuses
Stationery furnished agents
Total amount of expenses of revenue agents for fiscal year
$80,183 00
45,604 21
183 84
125,971 05
EcA^enue agents haA^e been employed as follows:
•As chief of division in this oflice
Assigned to divisions . . . ,
Employed cxamiDing collectors' accounts
Assistants to agents in charge of divisions
Special duty
1
24
4
5
1
AVOKK OF REA-ENUE A G E N T S .
Number of persons arrested for violating internal-revenue laws on infor- *
mation of revenue agents
934
Number of violations of law reported by revenne agents
1, 105
Yalue of property seized on information of revenue agents .T
$280,944 12
Amonnt of uncollected taxes and penalties rej)orted to collectors by revenue agents
'
880,635 31
COMMISSIONER OF INTERNAL
59:
REVENUE.
STATISTICS OF OPERATIONS AGAINST ILLICIT DISTILLERS.
The following table shows the nuinber of illicit stills seized, persons
arrested, and casualties to officers and employes during the last fiscal
year, and from July 1st to October 31st, inclusive:
o
fl
Districts.
<D
fl
71
11
2
. . . .
ITirst California
Dakota
184
32
4
1
3
1
1
"Third Greoiafa
T h i r t e e n t h Illinois
F'irst I n d i a n a
i
2
1
21
6
i
4'
Second I o w a
1
28
23
48
G
1
Second Kentncl<y
Pifth K e n t u c k y '
Eighth Kentucky
Ninth Kentucky
liOuisiRna
Third Maryland
I'^irst jSIissonri
Second M i s s o u r i
12
•
1
3
2
1
1
2
1
..
Pifth M i s s o u r i . . :
P i r s t Michigan
P o u i t h Michi f^ an
P i r s t N e w fJersey
Pifth N e w J e i s e y
Pirst N e w l ork
Second N e w Yoi'k
Third New York
Twenty-first N e w Y o r k
Second Nortli Carolina,
Ton r t h N o r t h Carolina
P i f t h Nortli Carolina
S i x t h N o r t h Caroliua
S i x t h Ohio
r i f t e e n t h Ohio
T w e l f t h Ipennsylvania
rourteenih Pennsylvania
Twenty-second Peunsylvania
Second TVnuessee
Pifth Tennessee
Eiiihth Tennessee
Eii'St T e x a s
Tliird Texa.s
Pourth Texas
Vennont
T h i r d A^'irjrinia
Pourth Viroinia
P i f t h A^irginia
'
S i x t h Virjiinia
P i i s t AVest V i r g i n i a
Second AVest V i r g i n i a
P i r s t Wisconsin
1
9
1
6
1
3
65
136
274
1
3
1
3
66
83
151
io'
1
20
3
1
• 1.
i
2
io'
2
19
2
1
i7'
3
22
1
2
•.
Total
3
1
3
13
45
2
8
8
3
4'
1,319
176
2
1
i'
B
fl
cZ
83
11
2
1
2
1
205
38
4
1
4
1
1
4
1
38
24
68
9
2
1
1
3
5
1
. 1
2
1
1
1
9
1
8
1
3
75
138
293
1
3
3
1
3
83
86
173
310
40
15
""hid
1
2
3
3 ".
4
13
49
2
8
9
3
1,495
3
2
3
64
52
7
3
3
1
i
14
39
10
46
4
3
1
1
is'
7
1
7
1
9
13
7"
i'
2
1
1
2
4'
2
2
141 ' ' " " 9 '
64
343
95"
2
i"
117
375
579
5
2
3
"'4'
27
157
11
15
2
2,924
310
40
15
3
2
3
577
52
7
3
3
1
4
1
14
46
10
61
4'
3
1
2"
87
ie
1
3
I
is
i'
357
.
fl
0
H
CO
i^
^^0 .
"p
30
Second A l a h a m a
Artaiisas
--
Officers a n d
g u i d e s kille d
a n d
wounded.
Persons arrested.
Stills seized.
3
1
1
1
2
7
1
6
2
2
150
64
438
5
1
1
119
375
666
5
1
1
5
1
I
I
1
2
1
1
1
5
2
3
4
22
16
4
3
5
27
172
11
16
2
3,281
60
REPORT ON THE FINANCES.
The folloAving table shows the number of illicit stills seized, persons
arrested operating the same, and casualties to officers and employes in
the suppression of illicit distillation, during the last three fiscal years,
and from eTune 30 to November 1, 1879 :
^
stills seized
Persons arrested
Oilicers and employ<^s killed
Olliceis and employes wounded
1877.
1878.
1879.
598
1,174
12
8
1,024
1,976
10
17
1,319
2, 924
4
22
June 30,1879
to Novem- Total.
ber 1,1879.
176
3.57
3,117
6,431
26
47
PROSECUTIONS OF REVENUE OFFICERS IN STATE COURTS.
Nnmber of officers and employes of the government who ha,re heen proceeded
against in State courts for acts committed while in discharge of their official duties during the fiscal year.
Second district of Kentucky
5
Fifth district of Kentucky
^
4
Fourth district of North Carolina
1
Fifth district of North Carolina
4
District bf South Carolina
:
4
Fifth district of Virginia
8
Fifr.h district of Tennessee
.^....:
-.
8
Second district of Georgia
10
Third district of Georgia
6
District of Arkansas
6
Number of prosecutions of officers previously reported, during the past three fiscal
years
109
Total.
165
My information is, and I am of the opinion that, A^ery nearly, if not
quite all, of these prosecutions are Avithout probable cause, and are instituted as a means of obstructing the enforcement of the laws, and
these facts afibrd additional evidence of the difiiculties in the way of
collecting the internal rcA^enue.
I deem it proper to state, and I take pleasure in so doing, that,in the
States .where so much opposition is met in the enforcement ofthe laws,
there are many honest and honorable manufacturers and dealers who
not only pjay their taxes, bat condemn the frauds and lawlessness of
others.
EXPENDITURES FOR THE DISCOVERY OF AND PUNISHIMENT
FRAUDS UPON THE INTERNAL REVENUE.
FOR
In accordance Avith the proA^isions of the act of Congress approved
June 19, 1878, thefollowing detailed statement of expenditures fromthe
appropriation for detecting and bringing to trial and punishment persons guilty of violating the internal-revenue laws is subinitted.
Amount expended through collectors of internal rcYenue for information leading to the discovery of frauds and punisliment of guilty persons, as follows:
James Ashworth, first Pennsylvauia
E. M. Brayton, district Soutli Carolina
George W. Brown, second West Virginia
J. F. Buckner, fifth Kentucky
B. B. Botts, sixth A^rginia
J. E. Blaine, sixth Kentucky
Audrew Clark, second Georgia
$209 75
2; 722 33
403 95
1, 789 00
91 69
232 53
3, 370 70
COMMISSIONER OF INTERNAL REVENUE.
J. A. Cooper, second Tennessee
A. B. Carroll, second Missouri
I. H.Duvall, first West A^^irginia
W. L. Fernald, fourth Virgi nia
J. D. Harvey, first Illinois
W. J. Landram, eighth Kentucky
B.C. Ludlow, third Texas
J. J. Mott, sixth North Carolina
M. Marks, district of Lonisiana
Thomas Powers, second North Carolina
R.M. Proud, third Maryland
R. F. Patterson, eighth Tennessee
J. T. Rapier, second Alabama
O.H. Russell, third Virginia
J. H. Rives, fifth Virginia
I. H. Sturgeon, first Missouri
Charles W. Slack, third Massachusetts
Joseph Selden,'firsfc Connecticut
W.A.Stuart, second Kentucky
E.Wheeler, district of Arkansas
E. C. Wade, third Georgia
W. M. AVoodcock, fifth Tennessee
W. H. AVheeler, fifth North Carolina
I. J. Young, fourth North Carolina
61
$4,364 53
142 55
1,503 80
527 50
8 70
2,426 78
167 50
2,162 92
50 00
75 00
8 00
113 00
1,120 00
73 20
3,287 16
625 83
500 GO
151 60
: . . . . 1,741 50
945 00
2,124 75
9,915 40
965 50
1, 055 40
,
Total disbursed by collectors
42,875 57
Amount expended through internal reA-enue a.gents for the discovery
of Adolations of the internal-revenue law, and the punishment of guilty
persons, as lollows:
George W. Atkinson
A.H.Brooks
A.M.Crane
W. H. Chapman
T. J. Grimeson
W. A. Gavett
H. P. Hurst
T. J. Kinney
Horace Kellogg
E. Latham
Ferd. Meyer. ..'
John Mitchell
EdAvard McLeer
Jasper Packard
F . D . Sewall
J . L . T r u m b u l l .:
J.H.Tompkins.
James C.Wheeler
Jacob AVagner
S.A.Whitfield
E.D.Webster
Charles P. Brown
William Somerville
'.
'.
•.
-... "
:
..
...'
-
Total disbursed by revenue agents
$96
2, 482
1,077
911
9^7
528
344
25
664
660
2,528
1, 576
744
1, 060
507
1,009
169
280
557
4,595
4,383
60
116
00
79
75
00
60
00
30
00
50
59
47
85
15
20
43
15
70
40
45
21
91
00
00
25, 306 45
For information leading to the discovery of unpaid taxes and penalties
under Circular 99
:
':
|22, 223 90
For rewards for illicit distilleries nnder circular of March 10, 1875
750 00
Paid for arms and ordnance stores for xirotection of officers while enforcing
the internal -revenue law
842 36
Amount paid for extra work in the examination of abstracts ofthe books
of leaf-tobacco dealers for the discovery of violations of law by manufacturers
."-..
6,093 11
Miscellaueous .expenditures (tran.sportation of arms, of books, packages,
&c., to be used as evidence, and extraordinary expenses for obtaining
evidence iu cases on trial)
799 46
Total
.-
1
98,890 85
62
REPORT ON THE FINANCES.
The accounts for expenditures under this appropriation are rendered
monthly, Avith an itemized stateinent, and in all cases supported by
subvouchers duly sworn to. These accounts pass through all the accounting ofiicers of the Treasury Department, and are filed in the
Eegister's Oifice.
SALARIES.
I have the honor to recommend that Congress appropriate for the
fiscal year ending June 30, 1881, the sum of $253,330 as salaries for the
following number of ofiicers, clerks, and emijloyes in this bureau:
One Commissioner, at
Oue deputy commissioner, at
Two heads of division, ac ..
Five heads of division, at
• One stenographer, at
Twenty-three clerks, class four, at
Twenty-six clerks, class three, at
Thirty-six clerks, class two, at
Twenty-one clerks, class one, at
Thirteen clerks, at
Fitty clerks, at
Four assistant messengers, at
Ten laborers, at
-
»
$5, 000
3,200
2,500
2,250
1,800
1,800
1, 600
1, 400
1,200
1,000
900
720
• 660
• An aggregate of one hundred and ninety-three persons.
In making this recommendation, I Avould state that it is thesame
amount that Congress appropriated for the fiscal year ending June 30,
1880; and 1 find that it will be wholly impracticable to reduce the force
in any particular without material injuiy to the ijublic service.
OFFICIAL FORCE FOR FISCAL YEAR 1880.
The force connected with this bureau in the various districts throughout the United States is as follows:
One hundred and twenty-six collectors, who receive salaries as folloAVS;
Twenty-seven
Three
Three
Five
One
Three
Two
Five
One
Three
Seven
Eleven
Nine
Twelve
Five
Fourteen
Six
Three..:
Three
:
$4,500
4,375
4,250
4,125
3,875
3,750
3,625
3,500
3,375
3,250
3,125
3, OOQ
2,875
2,750
2,625
2,500
2,375
2,250
2,125
There are also employed eight hundred and sixty deputy collectors,
who receive salaries as follows:
Thirteen
Sixteen
Twenty-five
One
Thirty-three
Twelve
,
:
-.
'
$1,900
1,800
1,700
1,650
1,600
1,550
COMMISSIONER OF INTERNAL REVENUE.
One
Forty-five
Four
Five
1
Onehundred
Two hundred and thirty-nine
One....
Eighteen
Forty-nine
Three
Thirty-two
Six
Eighty-four
Sixteen...
One
Fourteen
.'
Six
Ten
Two
Thirty-three
One
Oue
Thirteen
Nine
Five
One
Sixteen
.•
Five.
Two
Nineteen
Four
:
One
.•
Eleven
Two
63
:
^
„
•
'.
:
".
$1,525
1,500
1,475
1,450
1,400
1, 350
1,325
1,300
1,250
1,225
1,200
1,175
1,150
: . . . 1,100
1,075
1,000
975
950
925
900
875
o
850
800
• 700
650
640
6,00
500
400
300
250
240
200
100
Also one hundred and seventy-nine clerks, messengers, and janitors,
who receive salaries as follows :
Six clerks
One clerk
Two clerks.
Eleven clerks
'
One clerk.
One clerk
Four clerks
Fifteen clerks
One clerk
Twenty-three clerks
Oue clerk
Twenty-five clerks
Twenty-seven clerks
One clerk.Eleven clerks
Eight clerks
Three clerks
Twenty clerks
Three clerks
Six clerks.
One messenger
Three messengers
Three janitors
One janitor
Six janitors
^
'.
:
:.
•...'
•
$1,500
1,450
1,400
1,350
1,300
1,250
. . . . 1,200
1,150
1,100 .
1, 050
1,000
950
900
850
800
700
650
600
500
400
400
300
3C0
200
100
There are also emploj^ed 693 gaugers, who receive fees not to exceed
$5 per diem; 829 storekeepers and gaugers, Avho receive not to exceed
$4 per diem; 474 storekeepers, Avho receive not to exceed $4 per diem
(all of the foregoing officers are paid only when actually employed) -,
and 51 tobacco inspectors who receive fees to be paid by the manufacturers.
64
REPORT ON THE FINANCES.
ALLOAVANCES EOR EISCAL YEAR 1880.
Allowances to districts for salaries, rents, fuel, and lights, not including express cbarges, stationery, telegraphing, &c.
.
First Alabama
Second Alabama
Arizona
Arkansas
First (-aii forui a
Fourth California
Coloiado
First Connecticut
Second Connecticut
Dakota
'.
Del a VN'are
...
Florida
Second Georgia
Third Georgia
Idaho
-First Illinois
'.
Second Illiiiois
Third Illinois .
.
Fourth Illiuois
Fifthlllinois
SeA-enth lUinois
Eighth Illinois .
Thirteenth Illinois
First Indiana
Fourth Indiana
Sixth Indiana
SeA-enth Indiana
Tenth Indiana
..
EloA^'euth Indiana
Second Io wa
Third Iowa
Fourth loAva
Fifth Iowa
Kansas
Second Kentucky
Fifth Kentucky
Sixth Kentucky
Seventh Kentucky
Eighth Kentucky
Ninth Kentucky
Lo uisi au a . . .
.
Maine
Third M.aryland
Fourth Maryland
.
Third Massachusetts
:
Fifth Massachnsetts
Tenth Massachusetts
Fii'st Michigan
Third Michi<^an
Fourth Michigan
Sixth Michigan
First Miunesota
Second Minuesota
Mis.sissi pxn
First Missouri
Second Missouri
Fourth Missouri
Fifth Missouri
Sixth Missouri
Montana
Nebraska
Nevada
New Hampshire
Total
$10,325 00
14,350 00
5,050 00
14,285 00
38,450 00
20,850 00
11,080 00
10,275 00
11,3-^5 00
7,200 00
11 595 00
10,185 00
27,520 00
21,870 00
5,605 00
27,020 00
7,475 00
9,175 00
16,075 00
17,400 00
5,020 00
14,250 00
16,100 00
9,500 00
11,790 00
8 500 00
13,325 00
8 745 00
6 375 00
7,125 GO
11,775 00
10,775 00
8,300 00
11,925 00
14,575 00^
22,200 00
16,014 13
13,500 00
10,125 00
8,515 00
25,675 00
8,325 00
35,543 72
. 7,725 00
21,042 00
17,550 00
11,0.30 00
15,625 00
9,225 00
6,100 00
8,200 00
8,100 00
9,170 00
18,945 00
27,150 00
7,655 00
9,375 00
9,4-^5 00
10,250 00
8/225 00
11 996 75
7,600 00
8, 855 00
First New Jersey
10,500 00
Third New Jersey
. 10,430 00
Filth New Jersey
24,100 00
New Mexico
6,670 00
First New York
33,750 00
Secoud New York
33, 025 00
Third New Ycn^k
38, 600 00Eleventh New York
9,150 00
Twelfth New York
14, 425 00
Fourteenth New York
12,750 00
Fifteenth New York .
7, 800 00
Twenty-first New York . . . .
9, 925 00
Twentv-lourth NCAV York ..
11, 280 00
Twenty-sixth NCAV York . . .
8, 900 00
Twiiu ty-eighth New York ..
16,275 00
Thirtieth NCAV York
18,125 00
Second North Carolina
14, 080 00
Fourth North Caroliua
29, 128 23
Fifth North Caroliua
21,975 00
Sixth North Carolina
29, 683 12
First Ohio
29, 300 00
Third Ohio
16,025 00
Fourth Ohio
8,790 00
Sixth Ohio
8,390 00
Seventh Ohio
11,250 00
Tenth Ohio
"
13,765 00
Eleventh Ohio
10,937 36
Fifteenth Ohio
8, 070 00
Eighteenth Ohio
19, 524 05
Oregou
7,500 00
First Pennsylvania
40, 050 00
Eighth Pennsylvania
13, 350 00
Niuth Peunsvlvania
16,172 55
Twelfth Pennsylvania
13,787 00
Fourteenth Pennsylvania ..
9,800 00
Sixteenth P e n n s y l v a n i a . . .
9,675 00
Nineteenth Pennsylvania ..
6,150 00
Tvventieth PennsylA-ania . . .
7,625 00
Twenty-second Penna
..
21, 275 00
Twenty-third Pennsylvania
12,975 00
Rli odo' Isl and
8, 975 00>
South Carolina
20, 425 00
Second 1'ennessee
11, 800 00
Fifhh Teunessee
22, 303 79
Eighth Tennessee
8,860 00
First Texas
16,125 00
Th ird T«xas
11,600 00
Fourth Texas
9,800 00
Utah
5,985 00
Vermont
.
5,725 00
Second Virginia
22, 425 00
Third Virgiuia
19,150 00
Fourth Virginia
18, 450 00'
Fift h A^irginia
21,600 00
Sixth A^irgiuia
13,800 00
AVashington Territory
5,650 00
First AVest Virginia.'.
12,725 00
Seconil AVest V i r g i n i a . . . . . .
6,725 00
First Wisconsin
13, 850 00
Second V^^isconsin
7,900 00 ,
Third Wisconsin
10,525 00
Sixth Wisconsin
7, 4.25 00
AVyoming ;
5,175 00
,.
1,758,332 70
COMMISSIONER OF INTERNAL
65
REVENUE.
SALARIES OF COLLECTORS.
The recommendations made for the salaries of collectors for the fiscal
year ending June 30, 1880, are based upon an estimate of their probable collections according to the folioAving scale, with the qualification
that if the actual collections should vary from the amounts estimated,
the salaries would be readjusted at the end of the fiscal year:
For collection ot—
$25, 000 or less
25, 000 to $37, 500—$12,500
37,500to
50,000— 12,500
50, 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
175,000to 225,000— 50,000---225, 000 to 275,000— 50,000
275,000 to 325,000— 50,000
325, 000 to 375,000— 50,000
375, 000 to 425,000—'50,000
425, 000 to 475,000— 50,000...
475,000to 550,000— 75,000
550, oooto 625,000— 75,000
625, OOQ to 700,000— 75,000
700, 000 to 775,000— 75,000
775, 000 to 850,000— 75,000
850,000to 925,000— 75,000
925, 000 to 1, 000, 000— 75,000
1,000, 000 and npAvard:,
:
,
•
'.
•
,
$2,000
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
4,375
4,500
RECEIPTS FROM DISTILLED SPIRITS.
The following statement shows the receipts from the scA^eral articles
or occupations relating to distilled spirits subject to tax under internalrcA^enue laws now in force, for the fiscal years ended June 30, 1878 and
1879, together with the increase or decrease on each article or occupation :
Eeceipts for fiscal year ended
June 30—
Articles or occupations.
Increase.
Decrease.
1879.
Spirits distilled from apples, peaclies, or
grapes
-•
Spirits distilled from materials otlier than
apples, peaches, or grapes
AVine made in imitation of champagne...
Kectifiers (special tax)
Ketail liquor dealers (special tax)
AVholesale liquor dealers (special tax)
Manufacturers of stills (special tax)
Stills or Avormsmanufactui-ed (special tax)
Stamps for distilled spirits intended for
export
Stamps, distillery Avarehouse
•.
Stamps for rectilied spirits
Stamps, AVholesale liquor dealers'
Stamps, special bonded Avarehouse
Stamps, special bonded Avarehouse (reAvarehoustng)
Stamps for iniported spirits
Interest on tax upon spiiits
Total.
5F
$992, 634 58
$919, 099 74
, 534 84
44, 633, 898 48 46, 790, 364 50 $2,156,466.02
210, 068 70
3, 875, 973 26
434, 708 35
1, 068 77
1, 980 00
6, 890 50
101,494 90
120, 469 00
41, 021 90
294 10
313 26
50, 420, 815 80
160,123 21
3, 903, 036 24
409,115 56
1, 315 86
2, 210 00
17,
120,
122,
43,
212 20
374 50
503 20
804 90
225 30
74,899 48
52, 570, 284
49, 945 49
27, 062 !
25, 592 79
247 09
230 00
10, 321 70
24, 879 60
2, 034 20
2,783 00
68 80
74, 586 22
2,149,468 89.
66
REPORT ON T H E FINANCES.
PRODUCTION OF SPIRITS DURING THE YEAR.
The;quantity of spirits, 71,892,621 gallons, produced and deposited in
distillery Avarehouses during the fiscal year ended June 30, 1879, Avas.
greater than the quantity produced during any other year. The closest
approximation to this product was that of the year ended June 30,1870,
•which was 71,337,099 gallons.
The production of the fiscal year 1870 was obviously excessive, as it
fell to 54,576,446 gallons in 1871, and it might be apprehended that the
product of the year 1880 would fall below that of 1879. But when it is
considered that 14,837,581 gallons of spirits were exported during the
year 1879, and that the foreign demand is unabated, it seems probable
that the large product for the early portion of this year will be continued
during the year.
As compared with the fiscal year 1878, the increased production of the
fiscal year 1879 is 15,789,568 gallons. This increase is distributed amongst
the difierent varieties known to the trade, except ^^ highwines,''(as follows:.
Increased production of—
GrallonSc
Bonrbon AVhisky
•Rye whisky
Alcohol
Rum
Q'm
Pure, neutral, or cologne spirits
Miscellaneous
Totalincrease
Decrease in higliAvines
2,181,561
1,166,929
9,316,558
640,079
7,8ia
2, 351, 463
1,504,498"17,168,901
1,379,333.
°
Netincrease
15,789,568-
PRODUCTION AND MOVEMENT OF SPIRITS DURING THE FIRST FOUR
MONTHS OF THE PRESENT FISCAL YEAR.
The following table shows the production and movement of distilled
spirits during four months of the present fiscal year. It shows that the
foreign demand of last year is steadily maintained, Avhile the production
is 2,749,148 gallons greater than for the corresponding period last year^
and the withdrawals 2,958,950 gallons greater than for the same period
last year. If the business of these four months is maintained during
the balance of the fiscal year, the production will be OA^er eighty-two
millions of gallons, and the ainount of tax received will be OA^er fifty-four
and three-quarters millions of dollars. ,
•Months.
Produced.
WithdraAvn W i t h d r a w n tax- A m o u n t of t a x
for e x p o r t .
paid.
paid.
J u l y , 1879
•August, 1879 . . .
S e p t e m b e r , 1879
October, 1879 . . .
Gallons.
4, 506,116
4, 750, 549
5, 783, 380
6, 755, 703
Gallons.
583, 578
675. 589
934, 624
1, 015, 353
Gallons.
4, 223, 587
4, 593,105
5, 503, 630
5, 966, 837
Total
21, 795, 748
3, 209,144
20, 287,159
I n c r e a s e over 1878.
In
In
In
In
$3, 801, 228
4,133, 794
4, 953, 267
5, 370,153
30
50
00
30
18, 258, 443 10
Production. Withdra^vn
tax-paid.
July
August...
September
October...
Gallons.
114, 610
775, 312
1, 044, 342
814, 884
Gallons.
505, 040
641,423
1,142,877
669, 61U
Total..
2, 749,148
2, £58, 9.50
COMMISSIONER OF INTERNAL
67
REVENUE.
DISTILLERIES REGISTERED AND OPERATED.
The folloioing statement shotos the numher of distilleries registered cmd operated during the fiscal year ended June 30, 1879:
Grain.
Molasses.
Fruit.
§S
s t a t e s and Territories.
Alabama
Arkansas
California
Colorado
Connecticut.
DelaAvare
Florida
Georgia
,
Idaho
Illinois
Indiana
Iowa
Kausas
Kentucky
Louisiana
Maryland
Massachusetts...
Mississipiii
Missouri
1»J e b r a s k a
JNTeAV H a m p s h i r e .
]!?^eAv J e r s e y
NeAV M e x i c o
IlfeAV Y o r k
USTorth C a r o l i n a . .
Ohio
Oregoii
Pennsylvania —
South Caroliua...
Tennessee
Texas
Verraont
.!
Virginia
AVest V i r g i n i a . . .
Wisconsin
Total.
25
1
29
18
3
1
•204
1
14
2
280
177
28
217
171
27
217
116
. 71
111
71
587
1
181
1
14
^2
6
274
36
47
88
15
4
423
3
12
26
° 12
91
47
408
3
12
26
12
88
107
4
82
996
56
8
18
89
382
27
4
739
132
1
107
4
79
987
56
4,566
4; 502
376
25
4
737
130
1
179
41
221
2
119
71
1
616
1
76
106
18
5
627
4
26
34
12
113
2
1
108
4
88
1,276
92
8
92
109
439
32
4
780
134
8'
173
39
221
2
114
71
1
^611
I
75
104
18
5
• 589
4
26
34
12
108
2
1
• 108
4
•
85
1,261
92
8
87
106
• 433
29
4
778
1328
I^OTE.—Many tabular statements are omitted for want of space, but
they can all be found in t h e bound volumes of the Commissioner's report.
68
REPORT ON THE FINANCES.
SPIRITS AND TOBACCO REMOVED IN BOND FOR EXPORT.
The folloAving statement shows the quantity and percentage of production of distilled spirits and manufactured tobacco (including snuff)
removed in bond for export during each fiscal year since the passage of
t h e a c t o f June 6, 1872:
Manufactured tobacco.
Distilled spirits.
Year.
1873
1874
1875
1876
1877
1878
1879
^
.
.
Year.
P o u n d s of tob a c c o exported.
10.110, 045
10, 800, 927
9,179, 316
9, 434, 485
11, 335, 046
10,581,744
11, 034, 951
1873
1874
1875
3876
1877
1878
1879
3.45+
5.90+
0.96+
2.25-14.22-19.80+
20. 6 3 +
2,358,630
4,060,160
587, 413
1, 308, 900
• 2, 529, 528
5, 499, 252
14, 837, 581
.
Total .
Percenta g e of
production.
T a x a b l e (proof)
g a l l o n s oxported.
Total
31,181, 464
Percenta g e of
production.
• 8. 59-19.11-17.134
7.874
&884
8.894
8. 62-1-
72, 476, 514
SPIRITS WITHDRAAVN FOR EXPORT DURING FIRST FOUR MONTHS 0 1
PRESENT FISCAL YEAR.
Statement, hy districts, of the quantity in taxahle gallons, and different hindi
of spirits, loithdr axon for export during the four months ended Novemhei
1/1879.
Districts.
1 Hlinois
3. I l l i u o i s
5 Illinois
-.
8 Illinois
1 Indiana
7 Indiana
3 Massachusetts
5 Massachusetts
ISTebraska
1 Ohio
1 AVisconsin
.^.
Total
Alcohol.
Gallons.
513, 097
128, 505
1, 436, 534
214,380
25, 913
394, 839
;
Bum.
Gallons.
84,06
369, 84
;
-
-
- --
-
-
-
20,134
17,436
4,404
2, 755, 242
453, 90
COMMISSIONER OF INTERNAL REVENUE.
69
SriRITS WITHDRAWN FOR EXPORT DURING FIRST FOUR MONTHS OF
LAST THREE FISCAL YEARS.
Statement, by districts, of the quantity, in taxable gallons, of spirits withdrawn for export during the four months ended November 1, 1877, November 1, 1878, and November 1, 1879.
1877.
Districts.
1
3
5
8
1
4
7
5
6
7
8
3
3
5
1
1
1
6
1
Gallons.
165, 376
43, 088
218, 411
Illinois
Illinois
Illinois
Illinois
Indiana
Indiana
Indiana
Kentucky
Kentucky
Kentucky
Kentucky
Maryland
Massachusetts .
Massachusetts .
Missouri
Nebraska
New York
Ohio
Ohio
Wisconsin
1878.
1879.
Gallons.
1, 043, 680
98, 711
1, 334, 489
Gallons.
513, 097
128, 505
1, 436, 534
214, 380
25, 913
52, 352
7, 687
26, 233
289, 365
5, 986
.|
j
21, 497
2,479
787, 471
Total.-
1,
2,
1,
1,
394, 839
064
493
096
053
147, 642
357,900
200,494 I
84, 062
369, 840
7, 886 I
53, 906 j
20,134
17," 436
4, 404
3, 302, 766 I
3, 209,144
EXPORTATION OF DISTILLED SPIRITS.
The following; figures show the increase or decrease as to the various
kinds of spirits exported in the year 1879 as compared with the year
1878:
Gallons,
Increase
Increase
Increase
Increase
Increase
in
in
in
in
in
alcoliol
rum
Bourbon whisky
pure, neutral, or cologne spirits
miscellaneous
Total
Decrease in
Decrease in
Decrease in
increase
rye whisky
corn whisky
high wines
Total decrease
Net increase
8, 879, 350
430,490
6,235
37,685
1,229
-
9,787
1,125
5,748
9, 354,989
16,660
9,338,329
The bulk of the spirits exported in both fiscal years (1878 and 1879)
was alcohol produced in the northern part of Illinois, shipped on foreignbound vessels at New York, and consigned to Marseilles, France. In
the fiscal year 1878 alcohol was exported to nineteen ports other than
Marseilles, and in the fiscal year 1879 to forty-three other ports. The
bulk of the New England rum exported was consigned, as heretofore, to
ports in Africa. The total number of ports to which spirits of all kinds
were exported during the fiscal year 1878 was thirty-three, and during
the fiscal year 1879 the number was increased to sixty-four, located, respectively, in North America, South America, Europe, Asia, Africa,
Australia, and the islands of the Atlantic, Pacific, anil Indian Oscans.
70
REPORT ON THE
FINANCES.
The exportation of spirits having nearly trebled in amount (luring tlie
year 1879 as compared with the year 1878, it is apparent that the increase in such exportations has kept pace with that of other American
products. As the principal increased demand for American spirits has
been in those foreign ports in which they are best known, and as they
have, during the years 1878 and 1879, become known in all parts of the
world, it is anticipated that the exportations of such spirits during the
current fiscal year will be still greater than those made during the fiscal
year ended June 30, 1879.
During the year 1878, 5,748 gallons of high wines were withdrawn for
exportation; iii 1879 none were withdrawn for this purpose. In 1878 no
pure, neutral, or cologne spirits were withdrawn for exportation, while in
1879 the quantity of such spirits withdrawn for such purpose was 37,085
gallons. Almost the entire increase, 9,354,989 gallons, in the quantity of
spirits exported in 1879 consisted of those varieties which had been subjected to the several processes of distilling, redistilling, purifying, and
refining before being deposited in the distillery warehouse. (See preceding tabular statement, showing the different kinds of spirits as known
to the trade produced, withdrawn for various purposes during the year,
and in warehouse at the beginning and close of the year.) Additional
facilities for maintaining and perfecting the security afforded by the
lien on the spirits and by the warehousing bonds have also been provided by legislation during the year. Upon the recommendation of this
office the following provisions were inserted in the internal-revenue act
of March 1, 1879:
A new "bond shall be required in case of tlie death, insolvency, or removal of either
of the sureties, and may be required in any other contingency affecting its validity or
impairing its efficiency, at the discretion of the Commissioner of Internal Revenue.
And in case the distiller or owner fails or refuses to give the bond hereinbefore required, or to renew the same, or neglects to immediately withdraw the spirits and pay
the tax thereon, or if he neglects to withdraw any bonded spirits and pay the tax
thereon before the expiration of the time limited in the bond, the collector shall proceed to collect the tax by distraint, issuing his warrant of distraint for the amount of
tax found to be due, as ascertained by him from the report of the gauger if no bond
was given, or from the terms of the bond if a bond was given. But this provision
shall not exclude any other remedy or proceeding j)rovided by law.
If it shall appear at any time that there has been a loss of distilled spirits from any
cask or other package hereafter deposited in a distillery warehouse, other than the
loss provided for in section three thousand two hundred and twenty-one of the Revised Statutes of the United States, which, in the opinion of the Commissioner of
Internal Revenue, is excessive, he may instruct the collector of the district in which
the loss has occurred, to require the withdrawal from warehouse of such spirits, and to
collect the tax accrued upon the original quantity of distilled spirits entered into the
warehouse in such cask or package, together with the interest accrued thereon, if any,
notwithstanding that the time specified in any bond given for the withdrawal of the
spirits entered into warehouse in such cask or package has not expired. If the said
tax and interest are not paid on demand, the collector shall report the amount due
upon his next monthly list, and it shall be assessed and collected as other taxes are
assessed and collected.
SPIRITS WITHDRAWN FROM DISTILLERY WAREHOUSES ON PAYMENT
OF THE TAX.
Gallons.
In 1878
In 1879
Increase
49,571,128
51,885,939
2, 314,811
COMMISSIONER OF INTERNAL
71
REVENUE,
Tills increase is distributed among tlie several kinds as known to tlie
trade, excejit tlie kinds known as u higliwines" and "gin," as follows:
Gallons.
Bourbon wliisky
Eye whisky
Alcohol
Rum
Pure, neutral, or cologne spirits
Miscellaneous
800, 500
130, 798
380,749
76,813
2,152,130
1,291,858
Total increase
4, 832, 848
Decrease in withdrawals of—
Gin
6,139
Highwines
2,511,898
Total decrease
2,518,037
Net increase in withdrawals tax-paid
2,314,811
The amount of interest-tax collected during the year under the provisions of the joint resolution of Congress extending the warehousing
period to three years was $74,899.48. As this act was approved
March 28, 1878, the year ended June 30, 1879, is the first full fiscal
year during which the act has been in operation. The collections
for the year indicate that a revenue of about seventy-five thousand dollars per annum will be derived from this source. It should be borne in
mind, however, as indicating that the annual interest-tax hereafter collected may be greater, that no three-year-old spirits have yet been
withdrawn, the oldest spirits at any time in warehouse during the year
being the product of the month of March, 1877. Also that, although
the stock of old spirits in warehouse July 1, 1878, wras greatly lessened
during the year following, the quantity of spirits more than one year
old in warehouse July 1, 1879, exceeded the quantity of spirits of that
age in warehouse July 1,1878, very nearly two million gallons, the quantity of such spirits in warehouse July 1, 1878, being 3,797,325 gallons,
and July 1, 1879, 5,717,916 gallons.
The quantity of each month's product in warehouse July 1, 1878,
which was withdrawn during the year ended June 30, 1879, is shown in.
the following tabular statement:
Product of the montli o f -
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
J une
1877.
1878.
Total
In warehouse
July 1, 1878.
Withdrawn during year ended
June 30,1879.
Remaining in
warehouse
June 30,1879.
Gallons.
799, 370
1, 095, 605
1,154, 669
747, 681
274. 386
127, 868
135, 821
142, 015
314, 646
697, 779
Gallons.
536.187
695, 613
714.188
396, 833
177, 936
96, 935
92,115
107, 702
232, 580
526, 617
Gallons.
263,183
399, 992
440 481
350 848
96, 450
30, 933
43, 706
34, 313
82, 066
171,162
1, 230, 504
1,114,173
1, 546, 787
1, 704, 435
1, 652, 970
1, 350, 064
14,088,773 I
829,
615,
897,
816,
806,
828,
025
761
745
056
626
938
8,370,857 !
401, 479
498, 412
649, 042
888, 379
846, 344
521,126
5, 717, 916
n
72
REPORT ON T H E FINANCES. "
TRANSFERS OF SPIRITS TO MANUFACTURING AVAREHOUSES.
Section 20 of the internal revenue act of March 1, 1879, provides
^'that uiider such regulations and requirements as to stamps, bonds^
and other security as shall be prescribed by the Commissioner of Internal EcA^enue, any manufacturer of perfumery, medicines, or preparations for export, manufacturing the same in a duly constituted manufacturing warehouse, shall be authorized to withdraw, in original packages from any distillery warehouse, so much alcohol as he may require
for the said purpose, without the payment of the iiiternal-revenue tax
thereon."
The manufacturing warehouses to which alcohol may be transferred
under the provision of the above-quoted section are tliose established
under authority conferred by section 3433 of the Eevised Statutes for the
manufacture of perfumery, medicines, or preparations for export free of
tax or duty. The quantity of alcohol removed after the passage of the
act and before the end of the fiscal year 1879 Avas 13,213 gallons. SeveraLlarge lotshaA^e already been transferred to these warehouses during
the current year, and it is evident that hereafter the alcohol used in
such warehouses will be of American manufacture, and not, as heretofore, of foreign production. If the law were .so amended as to allow the
withdrawal without the payment of tax of all kinds of spirits to be used
in such manufacturing warehouses for all purposes authorized bylaw, a
large export demand would spring up for cordials and other mixed
liquors produced in such manufacturing warehouses.
The quantity of alcohol transferred to manufacturing warehouse during
four months ended NoA^ember 1, 1879, was as follows:
Gallons.
From 5 Illinois.
......'
Frbm I M i s s o u r i . . . . . . .
Total.
:....,
:...
....'
„
69,938
. 4,286
74,224
SPIRITS WITHDRAAVN FROM AyAREHOUSE FOR SCIENTIFIC PURPOSES^
AND FOR T H E U S E OF THE UNITED STATES.
The quantity of alcohol withdrawn free of tax from distillery warehouses for the use of colleges and other institutions of learning in the
preservation of specimens of natural history in their several museums,
or for use in their chemical laboratories, and of spirits of various kinds
for the use of the TJnited States, amounted duringthe year to 17,686
gallons. The spirits withdraAvn for the use of the United States were
mainly upon requisitions made'by the Surgeon-General o f t h e Army
and by the Secretary of the Anierican Eish Commission.
SPIRITS LOST BY CASUALTY DURING T H E YEAR.
Thg quantity of spirits in distillery warehouses at the beginning of
the year was 14,088,773 gallons, and the quantity deposited during the
year was 71,892,621 gallons, making a total of 85,981,394 gallons which
was on deposit therein during the year. Of this quantity, 14,505 gallons—
less than one-fiftieth of 1 per cent'!—was lost by casualty; that is to say,
only one gallon of each 5,928 gallons was so lost. The credit of having
preserved this immense quantity of highly inflammable property almost
intact, is due alike to the distiller and to the internal-revenue storekeeper, as the distillery warehouses in which it is stored are in their
joint custody.
i
COMMISSIONER OF INTERNAL REVENUE.
73
During the early part of the calendar year 1877 a special examination
of all distillery warehouses was made, and such examinations have been
made during the years 1878 and 1879. I t is noted in this connection,
that the annual losses by casualty haA^e been much less than during the
years immediately preceding. These losses during the years 1875-76*'77-'78-'79, are shown in the following table:
Gallons,
1875
1876
1877
1878
1879
•
,
:
156,877
100,855
2,984
7,307
14,505
The quantity of spirits lost by casualty on whi.ch the tax was abated
during the year under the provisions of sections 3221, 3222, -and 32^3 of
the Kevised Statutes was 7,374 gallons.
These sections of the law were amended by sections 3 and 6 of the act
of March 1, 1879, section 3221 being amended so as to extend its provisions to spirits thereafter destroyed by accidental fire or other casualty,
without any fraud, collusion, or negligence of the owner thereof after the,
time Avhen the. spirits should have been, drawn off by the gauger and
placed in the distiUery warehouse; and section 3223 being amended so
as to provide that when the OAvners bf distilled spirits, in the cases proAdded for by sections 3221 and 3222, may be indemnified against the tax
by a A^'alid claim of insurance for a sum greater than the actual value of
the spirits before and without the tax being paid, the tax shall not be
remitted to the extent of such insurance.
SPIRITS REMAINING IN AVAREHOUSE AT THE CLOSE OF THE YEAR.
The quantity—19,212,470 gallons—of spirits remaining in distillery
warehouses June 30, 1879, was greater than the quantity in warehouse
June 30, 1878, by 5,123,697 gallons, and, in fact, exceeded the quantity
in warehouse at the close of any preceding fiscal year, the quantity so
remaining at the close of each year during which spirits have been stored
in such warehouses being as follows:
GaUons.
Quantity remaining
Quantity remaining
Quantity remaining
Quantityremaining
Quantity remaining
Quantity remaining
Quantity remaining
Quantityremaining
Quantity remaining
Quantity remaining
Quantity remaining
.
.
June
June
June
June
June
June
June
June
June
June
June
30, 1869
30, 1870
30, 1871
30, 1872,
30, 1873
30, 1874
30, 1875
30, 1876
30, 1877
30, 1878
30, 1879
16,685,166
11,671,886
6,744,360
10,103,392.
14, 650,148
15,575,224
13,179, ^96
12,595,850
13,091,773
14,088,773
19,212,470
t
Certain facts operating as causes of this great increase, and indicating
a growing ability on the part of distillers to discharge their obligations
to the government, are (1) the great increase in number of legally authorized distilleries in sections of the country very recently infested by illicit
distillers, (2) the building of large and expensive distilleries in other
sections^ (3) the increased production of the finer grades of goods involving the introduction into the distilleries of expensive machinery for
redistilling, purifying, and refining the products formerly deposited in
•
74,
REPORT ON TIIE FINANCES.
the Avarehouse in the crude state, (4) the increased foreign demand, and
(5) the returning prosperity of the country.
As illustrations, the folloAving facts are cited: In the sixtb district of
Forth Carolina the numberof distillery Avarehouses increased from 53
July 1, 1878, to 184 June 30, 1879. In the fifth district of Illinois the
largest distillery in the United States (probably in the world) was built
during the year and put in operation July 21, 1879. During the fiscal
year 1879, as compared Avith the year 1878, there was a faihng off in the
production and withdraAvals of high wines, and an increase in production and withdraAval of certain other spirits involving greater expense
in production as follows: A decrease in the production of high wines of
1,379,333 gallons and an increase in the production of all other A^arieties
amounting in the aggregate to 17,168,901 gaUons, a decrease of 2,511,898
gallons in the withdrawals of high wines on payment of tax, and an increase of 2,152,130 gallons in the withdrawals of pure neutral or cologne
spirits on payment ofthe tax.
More than four-fifths of the spirits remaining in warehouse June 30,
1879 (16,080,757 gallons out of 19,212,470 gallons), were Bourbon and
rye whiskies, and the increase in the quantity in Avarehouse on that day
OA^er that in. warehouse June 30,1878, was mainly due to the increase in
these two varieties. There was an increase, hoAVCA^er, in all the different kinds of spirits except gin, as follows :
GaUons.
Increased
Increased
Increased
Increased
Increased
Increased
Increased
quantity
quantity
quantity
quantity
quantity
quantity
quantity
of bourbon A\diisky in Avarehouse
of rye Avhisky in Avarehouse
of alcohol in Avarehouse
of rum in Avarehouse
of high Avines in Avarehouse
of pure, neutral, or cologne spirits in AA^arehouse
of miscellaneous Av^hisky in Avarehouse,
Totalincrease
Decreased quantity of gin in Avarehouse....'
„....
2,549,803
1,904,061
60,756
53,284
88,617
84,883
397, 087
5,138,491
14,794
Net increase of spirits in Avarehouse
5,123, 697
FERMENTED LIQUORS.
The receipts from fermented liquors for the fiscal years ended June 30,
1878 and 1879, are shoAvn in the following statement:
Eeceipts for iiscal year ended
June.30—
Sources.
Increase.
1878.
Permented liquors, tax of $1 -pav barrel on
IBrewers' special tax
T)p,fl,lp.rfl in iiin.lf"! linnnr.t;' Rpo.r.i.il tfix
Total
1879.
$9, 473, 360 70 $10, 270, 352 83 $796, 992 13
202, 779 61
212, 802 77
256,187 64
250, 888 31
5, 299 33
9, 937, 051 78
Decrease.
10, 729, 320 08 792, 268 30
$10, 023 16
COMMISSIONER OF INTERNAL REVENUE.
75
^Tbe tax of $1 per barrel on fermented liquors is paid by stamps. A
deduction of 7J per cent, being allowed by law on all sales of such
stamps, the quantities of fermented liquors on which tax was paid for
the two years were, therefore, as follows : In 1878, 10,241,471 barrels;
in 1879, 11,103,084 barrels; there being an increase of 861,613 barrels,
or 8 per cent.
I t wUl be observed that there is a steady increase in the consumption of malt liquors in this country. It is an interesting fact that the
foreign demand for American malt liquors is rapidly increasing. Applications for* drawbacks haA^e been applied. for upon exports made to
the following-named foreign ports during the fiscal year 1878-'79, viz: St.
John (Porto Eico), Halifax, La. Guayra, Yera Cruz, Callao, St. Thomas,'
Honolulu, Maranham (Brazil), Valparaiso, Hayti, Havana, Montevideo,
Trinidad, Santos (Brazil), Port Spain (Trinidad), Aspinwall, Aux Cayes
(Hayti).
The exportation of fermented liquors is now made with benefit of a
drawback. In my opinion it would be proper to make proAdsion of
law for the exportatioii of this article in bond.
TOBACCO.
The total amount of collections from tobacco in all its forms, including
the internal-revenue tax upon imported tobacco, snuff, and cigars, and
the special taxes paid by manufacturers of and dealers in leaf and manufactured tobacco, for the fiscal year ended June 30,1879, was forty million
onehundred and thk'ty-fivethousand and two dollars and sixty-fiA^e cents
($40,135,002.65). As compared with the total receipts from the same
source for the preceding fiscal year, this shows an increase of forty-three
thousand two hundred and forty-seven dollars and ninety-eight cents
($43,247.98).
Considering the disturbed condition of the trade for a considerable
portion of the year consequent upon the discussion of the tax question
by Congress, and the reduced rate of the tax on manufactured tobacco
and snuff provided by the act of March 1, 1879, which went into operation on the 1st day of May following, this result is highly satisfactory.
Statements showing the increase and decrease of revenue from each
particular source of the tobacco tax for the last fiscal year, as compared
with the same source for the preceding year, are given beloAv. It wUl
be seen from this comparison that the loss in revenue from manufactured
tobacco, including snuff*, resulting from the causes aboA^e stated, was
made up by the increased collections from cigars, Avhich is found to be
nearl}^ 7 per cent.
TOBACCO A N D S N U F F .
Manufactured tobacco, at 24 cents a pound
Manufactured tobacco, aij 20 cents a xDOund
Manufactured tobacco, at 16 cents a pound
Snuff, taxed at 32 ceiits a pound
—
Snuff, taxed at 16 cents a pound
;.
Total for the year ended June 30, 1879
Total for the year ended June 30, 1878
^..
§17,963,510 99
11 40
6,740, 352 51
708,835 56
193,299 79
25, 606, 010 25
26, 383,872 30
Decrease of collections on tobacco and snuff
777, 862 05
Of this decrease $616,233.18 Avas on chcAying and smoking tobacco, and $161,578.87
on snuff.
76
REPORT ON THE FINANCES.
CIGARS A N D C I G A R E T T E S .
Cigars, taxed at $6 per thousand
Cigars, taxed at $5 per thousand
Cigarettes, taxed at $1.75 per thousand
'. '
J
i....
$12,115,406 82
61 47
416,984 43
Total collections for the year ended June 30, 1879
12, 532,452 72
Total collections for the year ended June 30, 1878
11,719,226.39
Increase in collections from cigars and cigarettes
813,226 33
. O T H E R COLLECTIONS.
oExport.stamps, year ended June 30, 1879
$7, 863 90
Export stamps, year ended June 30, 1878
7, 002 60
lacrease in sale of export stamps -. ^
861 30
Dealers in manufactured tobacco, year ended June 30, 1879
1,705,720 20
Dealers in manufactured tobacco, year end'ed June 30, 1878
1, 679, 617 60
Increase in collections from dealers in manufactured tobacco.
26,102 60
Special taxes, manufacturers of tobacco and cigars in 1879
161,435 23
Special taxes, manufacturers of tobacco and cigars in 187d
168, 493 23
Decreased collections, manufactured tobacco and cigars
7,058 00
Special taxes, peddlers of tobacco, year ended June 30, 1879
Special taxes, jDcddlers of tobacco, year ended June 30, 1878
31,247 63
;
32,899 30
Decrease in collections from x^eddlers of' tobacco
1, 651 67
Dealers in leaf tobacco, year ended June 30, 1879
Dealers in leaf tobacco, year ended June 30, 1878
Decrease in collections from dealers in leaf tobacco
90,272 72
100,643 25
10, 370 53
PRODUCTION OF MANUFACTURED TOBACCO, CiaARS, ETC.-
Adding to the. scA^eral quantities of tobacco, snuff, and cigars remoA^ed
for consumption during the fiscal year ended June 30,1879, as computed
from the amount of revenue deriA^ed therefrom, the quantities remoA^ed
in bond for export, we have the following results, which show the entire
production for the last fiscal year:
Pounds.
Tobacco, taxed at 24 cents per pound
Tobacco, taxed at 20 cents i)er pound
Tobacco, taxed at 1(5 cents j)er.pound .'
Total quantity removed for consumi^tion
Tobacco remoA^ed in bond for export, at 24 eents
Tobacco removed in bond for exiDort, at 16 cents
74,847, 963
57
42,127,203
116,975,223
9,221,921 •
1,792,177
Total product of tobacco
127,989,321
Snuif, taxed at 32 cents a pound
Snuff", taxed at 16 cents apound
2,215,111
1,208,124
.,.•
Snuff removed for consumption
Snuff removed in bond for export, at 32 cents
3,423,235
20,853
..."
Total product of snuif
.-...
3,444,088
Total production of tobacco and snuff for the year ended June 30, 1879.. 131,433,409
Total production for year ended June 30,1878
119,406, 588
Increase of production
•
-
12, 023,821
. COMMISSIONER OF INTERNAL REVENUE.
77
Had the same quantity of manufactured tobacco, removed for consumpton^ to wit, 116,975,223 pounds, paid the uniform tax of 24 cents
a pound, the revenue derived' therefrom would have been $28,074,053.52,
or $3,370,178.71 more than was actuaUy received under the reduced rate;
and the receipts from snuff, at the uniform rate of 32 cents a pound,
would haA^e been $1,095,435.20, or $193,299.85 more than was receiA^ed,
making a total difference of $3,563,478.56.
PRODUCTION OF CIG-ARS AND CIGARETTES.
Cigars, cheroots, &c., taxed at $6 per thousand
Cigars, cheroots, &c., taxed at | 5 per thousand
Cigarettes, taxed at $1.75 per thousand
Cigars exported
Cigarettes'exported
.*.
Numbers.
2, 019,234,470
12,294
238,276,817
3, 031, 500
15,979,000
•
Total product for iiscal vear 1879
Total product for Iiscal year 1878
2,276,534,081
2,082,356,362
Increase during^iiscal year 1879 of
194,177,719
IMPORTED CIGARS.
The cigars imported during the fiscal year ended June 30, 1879, as
given by the.Bureau of Statistics—
,
Aggregated in Aveight
Of this quantity there Avere exported
•.
Leaving to be AAdthdraAvn for consumption
Pounds.
619,280
70,282
548, 998
AlloAving 13^ pounds to the thousand as the Aveight of imiDorted cigars,
the number of imported cigars included in the above table A\^ould b e . . . *40, 666, 518
Number withdrawn in 1878 Avas
42,001,000
Decrease during year 1879 was
i...
1, 334,482
LEAF TOBACCO.
Assuming that for every one hundred pounds of leaf tobacco used in
the manufacture of tobacco and snuff', eighty-five pounds of manufactured
products have resulted; and that for every one thousand cigars manufactured, twenty-five pounds of leaf tobacco were used; and that for
every thousand cigarettes made, five pounds of leaf tobacco were required;
the leaf tobacco used during the fiscal year ended June 30, 1879, for
manufacturing tobacco, snuff*, and cigars, aggregated in pounds as follows:
For manufacturing tobacco and snuff
For manufacturing cigars and cigarettes
1
154, 627, 540
51,828,236
Total leaf manufactured
Deduct imported leaf used
Total domestic leaf used
Leaf exported during fiscal year 1879
Total leaf accounted for
206,455,776
6,221,862
'.
. 200,233,914
, 322,279,540
522,513,454
78
^
REPORT ON T H E FINANCES.
'
.
'
EXPORTATION OF MANUFACTURED TOBACCO AND SNUFF IN BOND.
The subjoined table shows, as removed and unaccounted for July 1,
1878, and July 1,1879, the quantity, in pounds, of manufactured tobacco
and snuff' which had been removed for exportation in bond, and concerning Avhich the proofs of landing at a foreign port had not been furnished prior to the dates named.
1. Eemoved and unaccounted fpr July 1, 1878.
Pounds.
Tobacco, at 20 cents t a x
Bonds remaining in hands of district attorneys.
Tobacco, at 24 cents, removed under exportation bonds .
Tobacco, at 24 cents„reDioved under transportation bonds.
Snuff', at 32 cents, removed.under exportation bonds
Pounds..
85,911. 50
17, 094. 00
4, 448, 373.75
534,290. 50
5,576. 00
5,091,245.75.
2. Eemoved during the year ended June 30, 1879.
Tobacco, at
Tobacco, at
Tobacco, at
Snuff, at 32
24 cents t a x . . . .
24 cents tax (excess)
16 cents tax
cents tax
9,215,572.25
6, 349. 00 •
1,792,177. 50
20,852.75
11,034,951.50
16,126,197.25
3. Exxiorted and during the year accounted for.
Tobacco, at 20 cents t a x
:
Tobacco, at 24 cents tax
Tobacco, at 24 cents tax, paid on deficiencies
Tobacco, at 16 cents t a x
Snuff, at 32 cents t a x
46, 336. 50
10,681,376.50
1,610. 00
13,527.00
24,702. 75
10,767,552.75
4. Eemaining unaccounted for June ZO, 1^19.
Tobacco, at 20 cents t a x
39,575.00
Bonds remaining in hands of district attorneys
• 17, 094. 00
Tobacco, at 24 cents, removed under exportation bonds.. 3, 047,262.50
Tobacco, at 24 cents, removed under transportation bonds.
474, 336.50
Tobacco, at 16 cents, removed under exportation bonds.. 1, 673,.900. 00
Tobacco, at 16 cents, removed under transportation bonds.
104,750. 50
Snuff, at 32 cents, removed under exportation bonds
1, 642. 00
Snuff, at 32 cents, removed under transportation bonds..
84. 00
5,358,644.50
16,126,197.25
The quantity removed from manufactories for exportation during the
fiscal year ended June 30, 1879, is 453,207.13 pounds more than that removed during the fiscal year ended June 30, 1878.
EXPORTATION OF CIGARS AND CIGARETTES IN BOND.
^ 1. Eemoved and unaccounted for July 1, 1878.
IsTumbers.
Cigars, at $6 per M t a x
Oigarettes, at $1.75 per M t a x
iJ^uinbers.
1, 041, 050
2,485,500'
3,526,550
COMMISSIONER OF INTERNAL
79
REVENUE.
2. Eemoved during the year ended June 30, 1879.
^^Tunibers.
Cigars, at $6 per M t a x . . .
Cigarettes, at $1.75.per M t a x
3,031,500
15,979,000
•'
ISTumbers.
19,010,500
22,537, 050
3. Exported and accounted for during the year ended'June 30, 1879.
Cigars, at $6 per M tax
Tax paid on deficiencies, at $6 per M tax
Cigarettes, at $1.75per M t a x
,
3,050,675
2,500
11,280, 000
14, 333,175
• 4. Eemaining unaccounted for June 30, 1879,
Cigars, at $6 per M t a x
Cigarettes, at $1.75 per M t a x
1,019,375
7,184,500
8,203, 875
22, 537, 050
DATE OF BONDS REMAINING UNACCOUNTED FOR.
The years in which the bonds were given for the exportation of the
tobacco, snuff, cigars, and cigarettes remaining unaccounted for by evidence of landing, June 30, 1879, are as follows:
=j
Year.
Tobacco.
Snuff.
Cigars.
Cigarettes.
Pounds.
17„094
Pounds.
Numbers.
Numbers.
•
1872
1873
1874
1875
1876
1877
1878
1879
."
.
Total
:
..
...
,
.•
:
36, 075
68, 259
190, 661
170, 474
1, 254, 841A
3, 619, 514"
466
1, 260
2,000
270, 050
747,325
6,77 i, ooa
5, 356, 918^
1,726
1, 019, 375
7,184, 50a
10, ooa
20, 000
380, 50O
THE EXPORTATION OF PROPRIETARY ARTICLES IN BOND.
Under the proAasions of section 19 of the internal-reA^enue act of March
1,1879, the privilege enjoyed by manufacturers of fmction-matches, cigarlights, and wax-tapers of exporting their products in bond free of tax
was extended to.the manufacturers of all other articles as enumerated
and mentioned in Schedule A, following section 3437 of the Eevised
Statutes.
The tax on the articles so withdrawn, including friction-matches,
amounted to $288,209.56. The tax on the same accounted for as exported during the year was $278,063.32, leaAdng a balance unaccounted
for by landing certificates July i; 1879, of $10,146.24o
80
REPORT ON THE
OPERATIONS AT SPECIAL
FINANCES.
BONDED AVAREHOUSES FOR
GRAPE BRANDY.
STORAGE
OF
The following statement shows the quantity of grape brandy placed in
special bonded warehouses, Avithdrawn therefrom', and remainihg therein
at the beginning and close of the fiscal year ended June 30,1879, in taxable gallons:
Gallons.
Remaining in warehouse J'uly 1, 1878:
Pirst district of California
ITo iirtb district of California
.
..
.....
86, 819
48, 806
Removed for exportation and ^unaccounted for Jul.y 1,1878:
!First district of California .. ..
GaUons.
135, 625
383
Produced and bouded during tlie year:
Produced and warelioused in iirst district of California
Produced aud warelioused in fourth district of California
Produced in fourth district and warehoused in first district
40, 352
8,898
GaU(>ns
136, 008
20, 090
49, 250
^
69 340
205, 348
Exported and accounted for during the year:
Pirst district of California
EemoA^ed tax-paid during the year:
Pirst district of California
Pirst district of California (deficiencies).
Fourth district of California
994
....
48, 233
16
47, 047
Eemoved for export and unaccounted for June 30, 1879:
Pirst district of California
Pemaining in wareliouses June 30, 1879:
Pirst district of Calitbrnia
Pourth district of California
95, 296
1,974
. .
72. 561
34; 523
107, 084
96, 290
109,058
205, 348
Of the quantity in Avarehouse June 30,1879, 72,561 gallons were in the
following-named warehouses located in the first district of California, viz:
JNo. 1, Bode and Danforth,'43,574 gallons; ISTo. 2, Juan Bernard, 19,772
gallons; No. 3, George 0. Caiion, 9,215 gallons; and 34,523 gallons
Avere in the following-named warehouses in the fourth district of California, Adz: ISTo. 1, George Lichthart, 16,941 gallons; ISTo. 2, John F. Boyce,
4,070 gallons; l^o, 3, Eoyal A. Haskins, 8,563 gallons; Ko. 4, John Tivnen 4,949 gallons.
DRAWBACKS.
Statementof drawbaclc of internal-revenue taxes alloiued during thefisoal year 1879 on exported
merchandise.
'
Port of export.
]N"o. of Proprietary
claims.
articles."-
Distilled
spirits.
Tobacco.
Albany
1:5 cl Iti more
Boston
!New Yoi'lc
Philadelphia
Eochester . . . . . . . . . . . . .
San Prancisco
Saint LouLs
Suspension Bridge
Tioy
Total
2
Ol
75
584
37
1
22
12
1
3
$108 30
119 23
8,120 57
30,814 61
3, 219 78
15 55
712 80
744
43,184 71
1,426 92
12,113 86
Allowed, 1878
562
33, 820 54
718 90
2, 537 98
Cigars. Permented
liquors.
$1, 271 16 $60 00
271 08
6, 057 84 79 20
774 12
$1, 426 92
3, 739 66 111 00
15 55
5.8 32
250 20
$263 62
270 07
533 69
Total.
$108 30
1, 450 39
8, 391 65
37, 215 27
3 993 90
15 55
5, 990 38
270 07
15 55
58 32
57, 509 38
46 25 .37,123 67
COMMISSIONER OF INTERNAL
81
REVENUE.
DRAAVBACK ON WORMS.
In connection with the foregoing statement, attention is called to the.
fact that while a tax of twenty dollars is iinposed by section 3244, Eevised Statutes, upon each still or worm manufactured, the law (sectioii
16 ofthe act of March 1, 1879) provides only for a drawback of the tax
paid on stills when manufactured for export and actually exported. As
there appears to be no good reason why the tax should not be refunded
on worms as well as stills when exported, I AVoiild recommend such an
amendment to section 3244, Eevised Statutes, as will provide for the
allowance of drawback on the worms of stills when exported.
NUMBER OF SPECIAL-TAX PAYERS.
On pages 204 and 205 of the tables accompanying this report AVUI be
found a statement of the amount of special taxes paid in each State and
Territory during the special-tax year ended April 30,1879. The following table shows the number of persons who paid those taxes.
P
s t a t e s and Territories.
0
1
o
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Dakota
Delaware
4
]
-90
:.
14
2
Plorida
Georgia
Illinois
Indiana'
Iowa .
. . . . .
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
.
Missouri
INTevada
New Hampshire ...
ISTew J e r s e y
N e w Mexico
New York
N o r t h Carolina
Ohio
Oreo'on
Pennsylvania
Ehode Islaud
South Carolina
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W e s t A^irginia
Wisconsin
AVy omin f
.
02
S
•a
12
1
65
20
7
3
36
28
69
28
6
9
57
2
1
1
•"•7
211
3
103
2
198
5
25
5
2
16
3
23
1, 782
430
1,483
8,787
1, 286
2,372
607
624
519
2,617
161
9,806
4,419
3,465
1,650
3,801
3,559
694
4,695
6,333
4,171
2,099
1,392
5,952
531
960
947
826
5,666
397
23, 448
1,759
14, 758
799
15,122
1, 275
1,272
2,981
3,382
307
440
2,401
233
663
4,746
233
0
i
44
21
32
262
62
47
24
7.
•
"""i"
' i.
6
2
68
9
4
217
2
74
1
48
40
212 1
2
165
6
176
215
50
37
41
214
42
19
32
6
37
16
717 • " " ' 2 "
30 • " " ' 2 "
408
16
401
35
36
116
107
10
1
51
7
14
69
5
T o t a l . . . . . . . . 1,053 155, 850 1,252
......
"i"
'""'i'
20
ll
r
•
ft
32
2
5
9 ^
41
312
23
. 2
116
320
2
1
45
2
55
. 47
5
1
85
819
64
377
3
248
80
227 i,"687"
148
30
53
1
682
127
514
60
419
15
1
95
3
493
153
47
12
706
1
400
3,692
126
18
354
1,513
10
3,377 • 257
3
77•18
1
33
258
67
48
1
1
17
119
466
2
122
31
348
20
15, 226 3, 776
2
2
4, 216
495
3,536
10,637
2,305
4, 852
],102
2, 664
S
f.
•Si
gl
•i' 1
i-x
PH..-.
6
1
4
6 " ' 3 '
27
7
"2
15
3
1
20839
19
22
2
6
• 1,447
8
5
7,455
1
212
90
22, 900 " " 4 7 '
10
22
12, 582
4
23
10, 556
2
3
5,682
18
6,644 • 58
37
4, 614
81
47
4,584
18
8, 929
119
10
13, 476
73
8
11,416
6
5,020
4,391
12,151
18
98
' 641
2,753
1
1,085
2,463
22
76
11, 717
13
476
1
390
1 45, 820 " " 7 3 '
5, 291
259
186
27, 205
59
194
1
1
1,537
30
208
1 36, 400
2,892
. 17
4,530
5, 583
44
16
""2
8,662
11
5
688
.21
1,945
5,223 " 2 2 2
6
633
10
2,615
9,096
""2
5 '"64"
356
1
8
133
71
137
41
38
12
1
72
39
143
106
i
......
'"is"
""i"
p
'ii
'"'i'
89
25
26
32
6
.• 77
4
389
2
200
37
336
•
7
2
3
40
18
1
3
30
11
263
11
13
3
11
228
65
246
19
1513;
. 61
359'
151.
389'
89^
157
27'
92.:
118594
538
126.
61,
161,
10.)
37
18;
226560.
. T
4,12513.
402'
44i
. 742
180^
15.
60
255.
17
105.
21
3934
1891*
1,
12 339, 477 1,094 1,747 2,719 10, 636
* Since October 2, 1876, part of the third district of Marylandv
6 F
4^
6
0
.1.1 ^ i
1 1 ST.
CD
^
^
1,
i-x
82
REPORT ON THE FINANCES.
AVERAGE CAPITAL AND DEPOSITS IN 1 8 7 8 .
Statement of the average capital and deposits of hanlcs and hanlcers for the
tioelve months ended May 31, 1878.
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 . — P o r m 67.
Average d e p o s i t s of
savings-banks having
n o c a p i t a l stock.—
P o r m 106a.
s t a t e s a n d TeiTitories.
Average
cax)ital.
Alabama
. Arizona
Arkansas
California
Colorado
•Connecticut
.Dakota
IDelaware
/Plorida
•Georgia
.Idaho
'Illinois
•
Intliana
Iowa
'.Kansas
Kentucky
.Louisiana
.Maine.
Maryland
;Massachusetts ...
-Michigan
'..
Minnesota
'Mississippi
.Missouri
. Montana
-Nebraska
-Nevada
New Hampshire .
'.New J e r s e y
New. Mexico
New York
,
North Carolina...
•Ohio
'Oregon...
.Pennsylvania —
^Rhode I s l a n d
^South C a r o l i n a . .
"Tennessee
Texas
Utah
Vermont
Virginia
,
Washington
W e s t Virginia ..
Wisconsin
'Wyoming
Total
059, 591
72,136
234,854
137, 876
528, 907
725, 649
73,153
711, 219
96, 575
305, 539
60, 461
545, 822
174, 031
183,148
596, 960
718,146
955, 699
132, 360
919, Oil
800, 304
543,477
354, 421
161, 315
665, 888
131,144
486,179
410, 971
61, 000
892, 413
5,000
062,116
534,108
920, 383
632, 2.54
647,150
886, 829
924, 958
605, 326
554, 552
190, 000
340, 833
118, 029
214, 036
391, 762
059, 956
72,191
,
Average
taxable
capital.
Average
deposits.
Average
deposits.
Average
taxable
deposits.
$1, 001, 591 $1, 689, 975
72,136
21, 489
217,191
291, 881
27, 692, 336 45, 310, .549 $29, 606, 676
528, 907
924, 032
2,196,187
4, 321, 569 75,170, 748
73,153
261, 669
688, 542
820, 250 "i,'oio,'036'
230, 280
91, 575
254, 862
4, 287, 746
3, 214, 771
60, 461
24, 254
368, 706
6, 823, 425 22, 763, 931
1, 367,121
4, 952, 560
8, 709, 538
. 5, 095, 591
8, 345, 834
1, 476, 954
2, 961, 855
13, 348, 212 11, 942, 373
2, 037, 536
3, 772, 699
5, 095, 547
113, 743
102, 710 29, 404, 966
3, 917, 372
7, 884, 371 20, 442, 574
1, 395, 649
9, 202, 910 1219, 988, 883
3, 335, 636
9, 542,184
1, 310, 007
56,113
3, 060, 284
1, 016, 513
1, 468, 823
9, 807, 035 28, 421, 919
131,144
119, 352
433, 556
1,186, 990
410,971
1, 886, 690
61, 000
134,167 28, 081, 461
1, 542, 609
3, 492, 379 27, 628, 721
5,000
51, 395
33, 403, 926 167, 025, 594 1295, 709, 295
534,108
899, 059
9,'037,'838'
7, 339, 663 27, 958, 462
610,530
1, 458, 099
16,488, 507 67, 543, Oil 21, !}90, 459
3, 310, 613
3, 846, 064 47, 526, 376
43, 634
924, 958
930, 068
1, 587, 807
2, 429, 799
3, 397, 096
4, 511, 588
190, 000
684, 680
305, 053
6, 739, 467
1, 530, 344
2, 915, 642
6, 469, 252
214, 036
469, 802
4, 431, 995
1, 358, 625
9, 613, 762
1, 913, 223
140, 982
72,191
206, 897, 732 170, 425, 479 483, 426, 532 815,765,472
65,950,852
COMMISSIONER OF INTERNAL
REVENUE.
83
AVERAGE CAPITAL AND DEPOSITS IN 1 8 7 8 .
.Statement of the average capital and deposits of hanlcs and hanlcers for the
twelve months ended May 31,1878—Continued.
A v e r a g e c a p i t a l a m 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 c a p i t a l
s t o c k . — F o r m 106&.
s t a t e s and Territories.
A v e r a g e capital.
Arkansas
........
Colorado
Connecticut .. . . . . . .
Dakota
Delaware
D i s t r i c t of Columbia*
Plorida
Idaho
Ulinois
Indiana
Kansas
Kentucky
...
.
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 b l e capital.
its.
ble deposits.
....
$1,870, 888 00
$1, 851,416 00
1, 250, 000 00
$22, 382,108 00
$12, 097, 047 00
1, 250, 000 00
392, 778 00
389, 230 00
530, 454 00
343, 904 00
213,376 00
76, 938 00
20, 000 00
20, 000 00
30, 055 00
.500, 000 00
500, 000 00
413, 224 00
244,191 00
530, 454 00
136, 800 00
125, 000 00
343, 904 00
136, 800 00
2, 642 00
213, 376 00
2, 431,134 00
331, 086 00
76, 938 00
2, 431,134 00
331, 086 00
10, 000 00
4, 000 00
207, 600 00
34, 459 00
86, 666 00
29, 736 00
137 4.50 00
25,' 224 00
22, 736 00
124, 950 00
279, 545 00
34, 502 00
263, 379 00
87, 686 00
4, 850 00
242,140 00,
381, 882 00
38l,882 66
459, 285 00
128, 273- 00'
5, 609, 330 00
5, 007, 458 00
. ..
...
...
Maine
Maryland
Massachusetts
Michi c a n
Minnesota
Mississippi
Missouri
. -.
-.
.
Nebraska
Nevada--«..«o«B«
....
New H a m p s h i r e . . . . .
New Jersey
New Mexico
N'ew Y o r k
tsTorth Carolina
Ohio
Oregon
Pennsylvania
Rhode I s l a n d
South C a r o l i n a
lennessee
lexas
...
Crtah
Vermont
Virginia
Washington
West V i r g i n i a
isconsin
yoming
..
...
Total
27, 651, 448 00 .
" Since October 2, 1876, part of the third district ot Maryland.
16,143, 972 00
84
REPORT ON THE FINANCES. •
AVERAGE CAPITAL AND DEPOSITS IN 1878,
Statement of the average capital and deposits of hanlcs and hanlcers for the
tioelve months ended May 31,1878—Oontinued.
Total average and taxable average of capital and deposits.—Forms 67 and 106a and 106&.
states and Territories.
Average cap- Average tax- Average de- Average taxable capital.
posits.
able deposits.
itS..
Alabama
Arizona
Arkansas
California..
Colorado
Connecticut
Dakota
Delaware
Plorida
Georgia
Idaho
Illinois
Indiana . . . . .
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts..
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
NewJersey
New Mexico
New York
North CaroMna..
Ohio
Oregon
Pennsylvania...
Ehode Island . . .
South Carolina..
Tennessee
Texas
mah
Veiniont
Virginia
Washington
West Virginia ..
Wisconsin
Wyoming
Total
$1, 059,
72,
234,
33, 008,
528,
2, 725,
73,
711,
96,
5, 555,
60,
9, 076,
5,174,
5, 203,
1, 596,
13, 718,
4, 455,
132,
5, 449,
3, 937,
3, 668,
1, 354,
1,161,
10, 665,
131,
486,
410,
61,
1, 902,
5,
54, 062,
534,
9, 007,
661,
17, 784,
3, 886,
924,
1, 605,
3, 554,
190,
340,
3, 499,
214,
1,391,
2, 059,
72,
212, 507, 062
$1, 001, 591 $1, 689,975
21, 489
72,136
291, 881
217,191
29, 543, 752 97, 299, 333
924, 032
528, 907
79, 492, 317
2,196,187
261, 669
73,153
688, 542
1, 830, 286
91, 575
230,280
3, 862, 411
5, 537, 746
24, 254
60, 461
23,346,013
7,167, 329
4, 952, 560 10, 076, 659
5,115, 591
8, 375, 889
1, 476, 954
2,961,855
13, 348, 212 11, 942, 373
4, 272, 699
7, 546, 307
29, 507, 676
113, 743
4, 261, 276 28, 540, 321
1, 532, 449 231, 622, 927
9, 873, 270
3, 338, 278
3,116, 397
1, 310, 007
1, 468, 823
1, 016, 513
9, 807, 035 28,421, 919
119, 352
131,144
1,186, 990
433, 556
1, 886, 690
410,971
61, 000
28, 215, 628
1, 546, 609 31, 328, 700
5, 000
51, 395
33, 403, 926 462, 734, 889
899, 059
534,108
7, 364, 887 37, 275, 845
1, 492, 601
633, 266
89, 096, 849
16,613,457
3, 310, 613 51, 372, 440
973, 702
924, 958
1, 587, 807 • 2, 429, 799
4, 511, 588
3,397,096
684, 680
190, 000
8, 269, 811
30.5, 053
6, 928, 537
3, 297, 524
469, 802
214, 036
4, 431, 995
1, 358, 625
9, 613, 762
1, 913, 223
140, 982
72,191
175,432, 937 1, 326, 843,452
$1, 689, 975
21,489
291, 881
68, 751, 662
924, 032
13, 479, 865
261,669
851,440
230,280
3, 629, 503
24, 254
22, 863, 207
8, 921, 604
8,345, 834
2, 961, 855
11,942,373
5, 660,107
717, 382
9, 646, 754
12, 036, 672
9, 873, 270
3, 065, 562
1,468,823
28, 421, 919
119, 352
1,186, 990
1, 886, 690
1, 889, 929
7, 773, 647
51, 395
186,128, 514
899, 059
30, 685, 880
1, 462, 949
69,154, 434
16, 608,123
973, 702
2, 429, 799
4, 511, 588
684, 680
1, 739,147
6, 597, 525
469, 802
4,431, 995
9, 613, 762
140, 982
565, 521, 356
COMMISSIONER OF INTERNAL
85
REVENUE.
.AVERAGE CAPITAL AND DEPOSITS IN 1879.
Statement of the average capital and deposits of hanlcs and hanlcers for the
twelve months ended May 31, 1879.
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 savings-banks having no
capital stock.—Form
106 a.
States and Territories.
Average
capital.
A.labama
A.rizona
Arkansas
CaliforniaColorado
Connecticut....
Dakota
Delaware
...
Florida
Greorgia
[daho
[llinois
[ndiana
[owa
Kansas
Blentucky
Louisiana
Vlaine
Maryland
Massachusetts..
\/tichigan.......
^[innesota . . . - .
Mississippi
Missouri
Montana
sTebraska . .
STevada
!Tew H a m p s h i r e
STew J e r s e y
sTew M e x i c o
sTew Y o r k
sTorth C a r o l i n a .
)hio...-.'.
)regon
Pennsylvania
Ihode Island
South C a r o l i a a .
Tennessee
.^exas
Jtah
i^ermont
Virginia
Vashington
Vest Virginia...
Visconsin
Vyoming
Total.
Average
taxable
capital.
Average
deposits.
055, 694 $1, 042, 506 $1, 822, 241
67, 935
67, 935
58, 000
213,167
144,112
307, 518
729,123 24, 243, 462 45, 029, 068
588; 722
588, 722
1, 441, 934
405, 319
2, 057, 886
3, 809, 968
87, 239
86, 854
225, 850
640,161
614, 623
688, 594
83, 616
195, 688
83, 616
023, 097
3, 973, 278
3, 429, 248
32,166
39, 226
32,166
596, 927
4, 905, 934 19, 044, 662
796, 732
4, 375, 042
8, 968, 654
053, 772
4, 853, 598
8, 758, 374
377, 219
1, 294,104
3, 020, 982
083, 297 11, 370, 222 11, 529, 840
551, 301
3,142, 218
5, 078, 398
113, 460
43, 258
28, 258
874, 312
3, 674, 588
6, 701, 244
048, 421
1, 896, 658
9, 222,188
400, 568
2, 972, 574 10, 352, 708
638, 575
1, 600, 310
3, 451, 530
232, 892
1, 029, 436
1, 518, 956
361, 779
8, 594,178 26,171, 462
147, 690
147, 690
264, 500
428, 579
417, 092
1, 233, 374
396, 491
396, 491
1, 780, 520
159, 432
61, 000
61, 000
592, 218
1,196, 542
2, 895,124
5,000
5,000
° 79. 682
469,184 31,328,590 114, 064; 142
443, 766
779, 214
443, 766
437, 985
6, 700, 784 24, 765,154
938, 455
895, 206
1, 232, 028
147, 819 14,139, 482 55, 327,194
382, .116
3, Oil, 003
3, 442, 656
772, 969
712, 218
817, 912
734, 752
2, 732, 084
1, 512, 592
530, 639
3, 326, 810
4, 984, 792
230, 625
786, 898
230, 625
348, 700
1, 341, 626
308, 686
806, 219
2,142, 692
6, 313, 004
206, 500
206, 500
363, 658
475, 532
1, 349, 036
3, 800, 344
138,105
1, 962,170
9, 338, 320
101, 583
179, 628
101, 583
Ayerage
deposits.
$20, 995, 639
Average
taxable
deposits.
$7, 544, 266
71, 372, 222
5, 913,150
'i," 656," 842
""is," 546
557, 571
310, 562
349,152
1,162, 479
13, 776
119, 224
1, 469, 651
23, 396, 349
20, 566, 976
251, 865, 389
252, 434
224, 618
1,154, 036
207, 912
74, 279
9,746
26, 623, 751
18,126, 986
999,116
2,114, 816
288, 339,187
8,'687," 065
. 9, 049, 476
"i,'798,'408
23, 864, 661
40,113, 530
826, 420
7, 987, 616
6, 586, 078
69, 436
153, 267, 838 407, 661, 079 804, 607, 807
38, 610, 558
86
REPORT ON TIIE FINANCES.
AVERAGE CAPITAL AND DEPOSITS IN 1879. .
Statement of the average capital and deposits of hanlcs and hanlcers for the
twelve months ended May 31, 1879—Continued.
Average capital and deposits of savings-banks having a capital
stock.—Form 106 h.
states and Territories.
Average capi- Average taxa- Average depos- Average taxa-^
ble capital.
its.
ble deposits.
Alabama
Arkansas
California
Colorado
Connecticut
Dakota
Delaware
Floiida
Georgia
Idaho
Illinois.:
Indiana
Iowa
..
Kansas
Kentucky
Louisiana
Maine
...
$2,152, 068
$1, 998, 038
$22, 111, 205
$13,744, 560
,
'
Ma.ryla.iid - -
_.
Massachusetts
Michigan
Minnesota
Mississippi
. .
65, 760
65, 451
235,142
44,426
20, 750
15, 000
51,175
8,262
566,666
500, 000
304, 238
293, 931
16, 458
16, 458
15, 367
37, 566
8,643
37, 500
6,144
372, 324
72, 401
Mnnt.a.nfl,
Nebraska
Nevada
New Hampshire
New Jersey.
...
Niew Mexico
New York
North Carolina ..
Ohio
Oregon
Pennsylvania
Phode Island
South Carolina
Tennessee
Texas
Utah
Vermont
Virginia
AVa shin ""ton
West Virginia
Wisconsin
AVvomin""
Total-
9,924
5, 818
1
20, 000
5, 250
368, 629
48, 430
68, 916
41, 741
304,150
8,428
36, 240
272, 976
223, 858
59, 738
1, 202, 820
. 62,192
4,194
465, 096
361, 466
361,466
287,474
122,198
3, 597, 392
3, 322, 951
25, 304, 371
14, 809, 031
COMMISSIONER OF INTERNAL
87
REVENUE.
AVERAGE CAPITAL AND DEPOSITS IN 1879.
Statement of the average capital and deposits of hanlcs and hanlcers for the
twelve months ended May 31, 1879—Oontinued.
Total average and taxable average of capital and deposits> •
Forms 67 and 106.
states and Territories.
Average capi- Average taxa- Average deposits. Average taxable capital.
tal.
ble deposits.
Alabama
Arizona
Arkansas
California
Connecticut
Colorado
Dakota
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
*.
Maryland
Massachusetts..
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
NcA^ada
New Hampshire
New Jersey
New Mexico
New York
North Carolina .
Ohio
Oregon
Pennsylvania . . .
Rhode Island . . .
South Carolina..
Tennessee
Texas
Utah
Vermont
Virginia
Wasiiinj^on
West Virginia ..
Wisconsin
Wyoming
Total
$1, 055,
67,
213,
28, 881,
2, 405,
588,
87,
640,
83,
4, 023,
32,
7, 662,
4, 796,
5, 074,
1, 377,
12, 083,
4, 051,
43!
4, 890;
4,048,
3, 438,
• 1, 647,
1, 232;
10 361,
147,
428;
396,
61
1, 612,
5,
52, 469,
443,
8, 500,
980
16, 451
3, 382,
772,
1 734,
3, 530,
2S0,
348,
• 3,167,
206,
1, 475,
2,138,
101
197, 378, 611
$1, 042, 506
67, 935
144,112
26, 241, 500
2, 0.57, 886
588, 722
86, 854
614, 623
83, 616
3, 973, 278
32,166
4, 971, 385
4, 375, 042
4, 868, 598
1, 294,104
11, 370, 222
3, 642, 218
28, 258
3, 691, 046
1, 896, 658
3, 010, 074
1, 606,454
1, 029, 436
8, 594,178
147, 690
417,092
396, 491
61, 000
1, 201, 792
5,.000
31, 328, 590
443, 766
6, 709, 212
931, 446
14, 412, 458
3, Oil, 003
712,218
1, 512, 592
3, 326, 810
230, 625
308, 686
2, 504,158
206, 500
1, 349, 036
1, 962,170
101, 583
$1, 822, 241
58, 000
. 307,518
88,135, 912
75,182,190
1, 441, 934
225, 850
1, 745, 436
195, 688
3, 986, 819
39, 226
19, 628, 956
10,131,133
8, 809, 549
3, 020, 982
11, 529, 840
6, 852, 287
23, 509, 809
27, 283, .587
261, 087, .577
10, 725, 032
3, 598, 210
1, 518, 956
26,171, 462
264, 500
1, 233, 374
1, 780, 520
26, 783,183
21, 390, 739
79, 682
402, 403, 329
779, 214
33, 076, 077
1, 291, 766
80,394,675
43, 556,186
817, 912
2, 732, 084
4, 984, 792
786, 898
7,927,704
6, 600, 478
. 363,658
3, 800, 344
9, 338, 320
179, 628
156, 590, 789
1, 237, 573, 257
$1, 822, 241
58, 000
307, 518
66, 317, 894
9, 723, 118
1, 441, 934
225, 850
704, 140
195, 088
3, 739, 810
39, 226
19,102, 864,
9, 087, 878
8, 766, 636
3, 020, 982
11, 529, 840
.5, 624 763
338; 078
7, 855, 280
9, 430, 100
10, 362, 632
3, 467, 094
1, 51 956
26,17i; 462
264 500
1, 233, 374
1, 780, 520
1,158, 548
5, 058, 370
79, 682
123,113, 618
779, 214
26, 625, 754
1, 236, 222
56, 618, 710
"ll, 430, 272
817, 912
2, 732, 084
792
898
1, 411, 062
202
6, 435, 658
363, 344
3, 800, 320
9, 338, 628
179,
461, C
88
REPORT ON T H E FINANCES.
COLLECTIONS ON CAPITAL AND DEPOSITS IN 1 8 7 8 .
Statement of the amount of taxes collected on the capital and deposits of
hanlcs and hanlcers during the fiscal year ended June 30,1878.
From the annexed statement it-will be seen that a total amount of
$3,490,913.13 Avas realized by the tax on the capital and deposits of
banks and bankers during the fiscal year ended June 30, 1878.
C a p i t a l of—
D e p o s i t s of—
s t a t e s and Territories.
Savingsbanks.
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Dakota
Delaware
Florida
Georgia
Idaho
i
Illinois
Indiana
loAva
Kansas
Kentucky
Louisiana
Maiue
Marylaud
Massachusetts...
Michigan
Minnesota
Mississipjji
Missouri
Montana
Nebraska
Nevada
New Hampshire.
N e w Jers(3y
N e w Mexico
New York
North Carolina..
Ohio
Oregon
Pennsylvania
Rhode Island
South Carolina...
Tennessee
Texas
Utah
Vermont
Virginia
Wasbington
W e s t Virginia ..
Wisconsin
Wyoming
Total.
$12, 827 60
1,041 32
"16992
2, 629 00
356 99
940 56
16 20
60 41
124 24
. 12 48
877 86
53 20
19, 049 78
Other banks
and bankers.
$4, 976
110
1,193
168, 450
3,073
10, 821
264
3, 362
447
27, 812
271
44, 776
24, 780
27, 371
8, 850
63, 516
18, 403
543
17.492
8, 465
16,191
6,155
4, 363
48, 261
579
2, 300
1, 506
9. 002
26
148, 337
2, 754
37,160
3,108
86, 908
16,126
6, 582
6, 907
12, 657
923
779
. 13, 248
1,191
7, 991
9, 764
360
Savingsbanks.
34
68
03
02 $143, 822 27
85
81 "53,'050 36'
72
83
82 89
82
32
3, 398 24
07
96
862 62
18
1, 241 44
46
196 56
28
04
02
2, 780 75
3, 022 40
72
88
10,134 75
14,195 67
13
10
1, 566 51
18
31 43
90
30
131 65
78
05
71
914 18
12, 264 88
21, 239 01'
06
67
79
\ 277 41
45
13, 470 42
55
85
93 71
9, 067 60
82
21
64, 943 73
20
6 06
25
88
81
786 87
69
1, 781 00
98
92
68
13
94
878,176 06
448, 362 41
Other banks
and bankers.
$7, 964 01
43 11
1, 758 43
207, 736 73
5, 360 -58
23, 485 82
951 43
3, 931 52
1,152 67
21, 362 93
120 79
129, 669 16
43, 542 75
46, 978 82
12, 470 78
63, 938 71
27,114 80
393 40
35, 411 63
34, 263 07
45, 428 97
14, 613 25
6, 518 03
146, 716 08
609 16
6, 697 51
7, 693 97
279 24
19, 423 45
194 89
576,321 77
3, 842 46
142, 888 57
6, 935 97
342, 396 10
22, 889 31
3, 954 36
12, 566 29
17, 261 61
3,106 71
4, 594 35
21,104 04
1, 713 67
20. 339 10
48, 879 87
704 91
2,145, 324 i
COMMISSIONER OF INTERNAL
89
REVENUE.
COLLECTIONS ON CAPITAL AND DEPOSITS IN 1879.
Statement of the amount of taxes collected on the capital and deposits of
hanlcs and hanlcers during the fiscal year ended June 30,1879.
From the annexed statement it will be seen that a total amount of
$3,184,980.30 has been realized by the tax on the capital and deposits of
banks and bankers during the last fiscal year.
Capital of—
Deposits of—
states and Territories.
Savingsbanks.
Alabama
Arizona
Arkansas
California—
Colorado
Connecticut.
Dakota
Delaware....
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kentucky . . ,
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
Vk'ginia
.
Washington
West Virginia...
Wisconsin
Wyoming
Total
$10, 363 73
416 79
"79" 77"
1, 556 73
""""86'69
208 47
40 08
28 53
49 51
136 19
1, 436 83
2, 268 05
16,671 37
Other banks
and bankers.
Savings-
banks.
$5, 542 91
523 44^
1, 099 24
125, 747 45 $113, 088 04
2 04
3, 426 63
10, 585 58 32, 944 12
370 39
45 65
3, 334 78
394 74
874 04
18, 207 09
30 20
280 63
209 20
31, 240 81
836 72
24, 007 42
75 52
25, 812 58
6,177 18
400 71
71, 344 10
792 99
9, 783 17
891 39
100 77
5, 716 92
19, 357 10
1,186 17
9, 686 41
1, 466 91
16, 525 59
27 72
10, 440 64
4, 555 07
42, 312 55
686 48
2, 331 19
2, 259 99
305 00
6,213 14
6, 503 83 18, 516 51
25 00
159, 798 54 56, 753 91
2, 631 43
5, 852 27
39, 362 25
86 85
3, 364 22
3, 595 60
74, 425 12
16, 810 47 53,404 98
3, 490 82
8,155 40
18, 218 41
. 1, 053 12
2, 044 81
13, 444 53
1,035 00
7, 543 59
8, 543 80
507 92
813, 397 19
Other banks
and bankers.
$9,213 78
255.86
2,206 05
242, 390 55
6, 590 92
19, 981 65
1, 358 68
3, 869 20
971 23
16,196 35
161 53
86,184 87
45, 432 90
40, 087 96
17, 521 27
60, 986 08
14, 832 63
291 68
35, 754 11
35,114 65
48,126 91
22, 785 26
7, 766 08
130, 093 26
1, 084 45
5, 748 53
9; 588 72
1, 846 57
14, 016 05
335 74
562, 579 40
4, 662 42
133, 918 21
6, 497 57
294, 556 99
17, 546 63
4, 067 56
14, 533 13
20, 826 57
3, 576 05
9, 260 40
35,128 59
2, 317 39
19, 096 27
41,119 40
898 14
303, 533 50 2, 051, 378 24
1
90
REPORT ON THE FINANCES.
AVERAGE CAPITAL AND DEPOSITS FOR LAST FOUR FISCAL YEARS.
1.—Statement of the gross amount of average capital and deposits 0/ savings-hanhs, hanlcs and hanlcers, other than national hanlcs, for the years
ended May 31, 1876,^1877, 1878, and 1879.
Capital of savings-banks
Capital of banks and bankers
Deposits of savings-banks having capital
Deposits of savings-banks having no capital .
Deposits of banks and bankers
1876.
1877.
1878.
1879.
$5, 016, 659
211, 634, 586
38, 207, 891
845,100, 217
483, 458, 242
$4, 965, 500
217, 215, 388
38, 055, 540
855, 057, 027
475,790, 064
.$5, 609, 330
206, 897, 732
27, 651, 448
815, 765, 472
483, 426, 532
$3, 597, 392
193, 781, 219
25, 304, 371
804, 607, 807
407, 661, 079
1, 583, 417, 595 1, 591, 083, 519 1, 539, 350, 514 1, 434, 951, 868
TAXABLE
CAPITAL AND DEPOSITS AND TAXES PAID
THEREON FOR
1878 AND 1879.
2.—Statement of the taxahle capital and deposits of savings-hanlcs, hanlcs
and hanlcers, other than national hanlcs, and the taxes accrued and paid
thereon for the years ended May 31, 1878 and 1879.
1878.
1879.
A m o u n t taxT a x collected. A m o u n t t a x - T a x collected.
able.
able.
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
D e p o s i t s of s a v i n g s - b a n k s haAdng 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 n o 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
$5, 007,458
170, 425,479
16,143, 972
65, 950, 852
483, 426, 532
$19, 050
878,170
74, 410
373, 952
2,145. 325
$3, 322, 951
153, 267, 838
14, 809, 031
38, 610, 558
407, 661, 079
$17, 614
812, 454
84,146
219, 387
2, 051, 378
740, 954, 293
3, 490, 913
617 671,457
3,184, 979
AVERAGE CAPITAL AND DEPOSITS OF SAVINGS-BANKS AND CAPITAL
OF BANKS INVESTED IN UNITED STATES BONDS FOR LAST T H R E E
YEARS.
3.—Statement of average capital and deposits of savings-hanlcs, and the
capital of hanlcs and hanlcers, other than national hanlcs, invested in
TJnited States honds, compiled from returns of said hanlcs and hanlcers
for the years ended May 1877, 1878, and 1879.
1877.
Capital of savings-banks
. Capital of banks and bankers
Deposits of savings-banks
Total
1878.
$362, 095
33, 027, 436
102, 859, 674
$601, 872
36, 425, 306
121, 855, 622
$429, 791
40, 013, 376
154, 847, 346
136, 249, 205
158,.882, 800
195,290,513
ABSTRACT OF SEIZURES.
Seizures of property for Adolation of internal-revenue laws during the
fiscal year ended June 30, 1879, were as follows:
80,502 gallons of distilled spirits, valued at
210,341 pounds of tobacco, valued at
,1,543,145 cigars, valued at
Miscellaneous property, valued a t . . - - . . . .
Total value of seizures
:
.,...
$60, 362
26,936
16,968
419,877
68
49
84
86
524,145 87
COMMISSIONER OF INTERNAL REVENUE.
91
ABSTRACT OF REPORTS OF DISTRICT ATTORNEYS.
The following is an abstract of reports of district attorneys, for the
fiscal year 1879, of internal-revenue suits commenced, pending, and disposed of:
Sidls pending July 1, 1878.
Number of criminal actions
Number of civil actions in personam
Number of actions in rem
:
->...--,
......_.
Wbole number of suits pending July 1, 1878
5,376
1,436
429
7,241
Suits commenced during fiscal year 1879.
Number of criminal actions
Number of civil actions in personam
Number of actions in rem
6,761
441
177
Whole number commenced
7,379
Suits decided against the United States.
Number of criminal actions
Number of civil actions inpersonam
Number of actions m rem
'.
510
35
17
•.
Whole number of suits decided against tbe United States . _
- -.
562
Suits dismissed.
Number of criminal actions
Number of civil actions in personam
Number of actions in rem
1,207
300
71
'.
Whole number of suits dismissed
1,578
Suits settled.
Number of criminal actions
Number of civil actions in personam
,
-
443
. 95
'
Number of actions in rem
19
Whole number of suits settled
557
Suits pending July 1, 1879.
Number of criminal actions
Number of civil actions in personam
Number of actions in rem
9,977
1,447
500
11,924
Suits wherein se^itence is suspended and included in suits xiending July 1, 1879.
Number of criminal actions
1,153
Number of civil actions in personam
1
Number of actions in rem
2
1,156
Whole number of suits pending July 1, 1879
10,768
Suits decided in favor of the United States.
Number of criminal actions
".
Number of civil actions in personam
Number of actions in rem
Whole number of suits decided in favor of the United States
»...
2,385
319
99
2,803
92
REPORT ON T H E FINANCES.
Principal
Costs
Amount of judgments recovered by the United States in criminal actions.
|258,360 58
63,606 77
Total....
321,967 35
Amount of jiidgments recovered by the United States in civil actions in personam.
Principal
$255,260 23
Costs
9,568 79
Total
264,829 02
Amount of judgments recovered by the United States in actions in rem.
Principal
$44,083 72
Costs
1,938 47
Total
-
46,022 19
Amount collected on judgments and paid into court in criminal actions.
Principal
Costs
$50,384 51
29,781 72
Total...
80,166 23
Amount collected on jiidgments and paid into court in actions in personam.
$91,227 90
Principal
Costs
5,672 49
Total
:
96,900 39
Amount collected on judgmmits and paid into court in actions in rem or proceeds of forfeiture.
Principal
$34,216 13
Costs
1,264 54
Total
35,480 67
COMPROMISES RECEIVED AND ACCEPTED.
° The following table shoAvs the number of offers in compromise received
and accepted, with amounts accepted for each month of the last fiscal
year:
Number-
Amount of
Month.
ta^L.
Received.
1878.
July .....
August
September.
October
November .
December.
1879.
January .
Pebruary .
March
AprU
May
June
94
100
125
105
82
95
1,102
Accepted.
Assessed
penalty.
Amount
of specific
penalty.
64
9
38
125
92
55
$1, 784 30
17, 961 98
14,144 34
5, 794 84
2, 324 15
45
273
99
30
83
12i
31
40
$4, 091 06
860 43
1, 979 45
6, 387 58
2, 785 26
10, 420 39
136
54
84
84"
87
16, 334
5, 510
2, 015
22, 008
9, 437
5, 534
58
30
12
32
100
369
33
00
50
50
00
17
10, 862 09 27, 254 45
3, 346 82 . 8, 887 03
3, 793 85
5, 821 81
14, 678 02 36, 718 52
3, 323 13 12, 861 10
3,125 67
9, 029 52
03
21
46
00
97
68
916 102, 849 96
$175 00
$6, 050 36
860 43
19, 987 26
20, 805 04J
8, 679 41
12, 774 94
1, 226 16^ 65, 653 75 169, 729 8 7 |
Whole number of offers received
Whole number of offers accepted
Amount of t a x accepted
Amount of assessed penalty fixed by law
Amount of specific penalty, in heu of fines, forfeiture, and penalties...
Total
Total.
1,102
916
$102,849 96
1,226 16^
65,653 75
169,729 87^
COMMISSIONER OF INTERNAL REVENUE.
93
COLLECTIONS UNDER REPEALJiD LAWS.
The amount of taxes collected on legacies and successions, railroad
companies, &c., during the last four fiscal years is as follows:
In
In
In
In
1876
1877
1878
1879
:
:
$509,631
238,261
429,659
299,094
REWARDS UNDER CIRCULAR 99.
Statement.of the amounts paid for rewards under circular 99 during
the following fiscal years:
1877
•
1878
,
1879-.,
Months of July, August, September, and October, 1879
$49,524
32,765
• 27,167
4,857
84
28
26
48
SUITS AGAINST EX-COLLECTORS.
Subjoined is a list of suits against late collectors of internal revenue
in which judgments have been rendered during the fiscal year ended
June 30, 1879, furnished by the courtesy of the Solicitor of the Treasury.
Mississixipi, southern district—United States v. Fidelio S. Hunt, late
collector of internar revenue for the second collection district of Mississippi, and sureties.
May term, 1879, circuit court, judgment rendered in favor of the defendants and appeal taken to Supreme Court.
Tennessee, eastern district.—United States v, P. A. Wilkinson, late collector of internal revenue for the third collection district of Tennessee,
and sureties ^ 1878, July term, circuit court, judgment for $2,663.07.
Tennessee, middle district,—United States v, J. Mullins, late collector
of internal rcA^enue for the fourth collection districtof Tennessee, and
sureties, 1878, l^^ovember term, circuit court, judgment rendered for
$4,857. Execution stayed by order of court.
Texas, western district—United States v. Eobert H. Lane, late collector of internal revenue for the second collection district of Texas, and
sureties, 1878, June term, circuit court, judgment for $6,728.78.
West Virginia.—United States v, J. H. Oley, late collector of internalrevenue and disbursing agent for the third collection-district of West
Yirginia, 1879, May term, district court, judgment for $220.50.
COMPROMISES AFTER JUDGMENT.
The records of the Solicitor of the Treasury also show that for the fiscal year ended June 30, 1879, 28 internal-reA^enue cases were compromised after judgment, the amount accepted being $50,190.95.
Twenty-four offers of compromise after judgment were rejected, the
amount involved being $32,080.62.
TwelA^e offers in compromise were pending July 1, 1879, the amount
involved being $4,422.
MANUFACTURE OF P A P E R .
During the fiscal year all paper for internal-revenue stamps has been
made by Messrs. S. D. Warren & Co., of Boston, under the contract entered into with said fiLrm, which Avas referred to in my last annual re
94
'
REPORT
ON T H E
FINANCES.
port. On "the 30th of Jiine, 1879, an advertisement for proposals for
furnishing stamp-paper Avas issued, and a number of bids was received
from manufacturers, which were duly considered, and the contract was
again aAvarded to Messrs. S. D. Warren & Co., of Boston, Mass. The
prices paid under this contract are, for vegetable-sized paper, 9 | cents
per pound, and for animal-sized paper, 1 0 | cents per pound, as against
10J cents and 11J cents paid under the prcAdous contract. I am indebted
to Hon. O. H. Irish, Chief of the Bureau of Engraving and Printing,
and John E. Offley, Esq., of the Government Printing-Office, for their
aid in making the aAvard of the contract. Paper is now being manufactured under the contract above referred to.
The paper furnished has been satisfactory as to quality, and all orders
under the contract have been executed, with commendable promptness.
PRINTING OF STAMPS.
ISTo change in any arrangement for printing has been made during the
year, all stamps for distilled spirits, tobacco, cigars, snuff", fermented
liquors, and special taxes being printed by the Bureau of Engraving
and Printing of the Treasury Department; stamps upon bank-checks
by the Graphic Company, of Kew York; stamps upon foil wrappers for
tobacco by Mr. John J. Crooke, of NCAV York, and all documentary and
proprietary stamps by the American Bank NTote Company, of INew York
(the National Bank INote Company haAang been consolidated Avith the
American).
The work of all these parties has been satisfactorily performed.
NUMBER AND VALUE OF STAMPS ISSUED.
During the fiscal year stamps were received by the stamp division of
this office from the printers named, and issued to collectors, agents, and
purchasers, as follows. Adz:
.
Kind.
Stamps for distilled spirits
Stamps for tobacco and snuff
Stamxis for cigars and cigarettes
Stamps for ferraented liquors and brewers' permits .
Stamps for special taxes
Stamps for documents and proprietary articles
Total
:
Nuniber.
Value.
4, 381, 750
223, Oil, 237
33, 842,179
38, 602,100
644, 210
508, 732, 953
$53, 932, 375 00 .
35, 701, 216 89
12, 762,189 10
11, 351, 995 00
8, 973, 800 00
6, 834, 058 80
809, 814, 429
129, 555, 634 79
These stamps were, on their receipt, counted, and their issae involved
the preparation of about 23,000 packages. ISTearly all of these packages were transmitted to their destinations by registered mail, and it
gives me pleasure to be able to report that this large business was conducted without the^ loss of a stamp, either while in the hands of the
printers, while in the custody of this office, or while in the course of
transmission by registered mail. This, it may be remarked, is an interesting fact that illustrates the thorough efficiency of the registered-mail
department of our postal system.
The fact that more than twenty thousand packages, containing stamps
aggregating in value over one hundred and fifty million dollars, were
transported to important points all OA^er the United States, including the
Pacific coast and Territories, without the loss of a package, constitutes
a record of which the Post-Office Department may well be proud.
COMMISSIONER OF INTERNAL REVENUE.
95
ALTERATION OF TOBACCO STAMPS.
By the act of March 1, 1879, the tax upon manufactured tobacco was
reduced to 16 cents per pound. This change necessitated the calling in
of all tobacco stamps in the hands of collectors of internal revenue and
their subordinates, and imprinting OA^er the face of each stamp proper
words and figures indicating the change, and also the changing of
all plates from which such stamps are printed. Of the appropriation of
$15,000, made for the purpose of defraying the expense of the change,
$6,411.33 was expended, leaAdng a balance of $8,588.67 unexpended,
which amount will be coA^^ered into the Treasury.
RECOIMMENDATION.
By the act of March 1, 1879, a limitation upon allowances of claims
on account of stamps, arising under section 3426 Eevised Statutes, Avas
imposed, and it has been found necessary to reject claims for the exchange or redemption of stamps Avhenever it could not be shown that
the stamps Avere purchased from the government or a government agent
for the sale of stamps witliin three years prior to their presentation at
this office.
I t is found that in many cases the operation of this provision of law
works great hardship, and this is particularly the case where a ^person
or firm have had a stock of checks prepared and have paid to the government the value of the stamps and had the same imprinted upon the
face of each check in anticipation of its use.
AYhen a person purchases stamps in anticipation of their use and in
anticipation of the payment of a tax Avlien the same"^shall accrue, he
has A^oluntarily paid into the Treasury of the United States an amount
of money which he is equitably entitled to have returned, if from some
cause unforeseen at the time of the purchase he finds that such stamps
are not required for use. There Avould therefore seem to be no good
reason why some way should not be provided for the speedy return of the
money on the surrender of the stamps.
I would therefore recommend the repeal of that portion of section
17 of the act of March 1,1879, which prohibits the redemption of stamps
unless the same are presented Avithin three years after the purchase of
the same from the gOA^ernment or a goA^ernment agent for the sale of
stamps.
STAMPS REDEEMED AND EXCHANGED.
Number
Amount
Number
Amount
of claims
of claims
of claims
of claims
for
for
for
for
redemption of stamps allowed
redemption of stamps alloAved
exchange of stamps allowed
exchange of stamps allowed
647
$23, 310 73
698
$70,978 73
MATCH STAMPS SOLD.
Amount of stamps sold to match manufacturers during the following
fiscal years:
Commissions not deducted.
1876
1877....
1878
1879
•
»
:
$2,849,524
2,982,275
3,064,574
3,357,251
96
REPORT ON THE FINANCES.
A Hmited number of general proprietary stamps have no doubt been
purchased by match manufacturers, and not included in the above statement.
NTearly all the stamps sold to match manufacturers are sold on sixty
days^ credit under the provisions of section 3425, United States Eevised
Statutes. There are now pending fourteen suits upon match manufacturers' bonds for the recovery of $160,276.26, due on the sale of stamps
during the past four years, and it is believed that fifty thousand dollars
of the above sum will be collected.
There are also a number of persons under indictment in the United
States Court at Chicago for conspiracy to defraud the United States in
the execution of match manufacturers' bonds.
ASSESSMENTS.
The following table shows the assessments made by the Commissioner
of Internal Revenue during the fiscal years ended June 30, 1878, and
June 30, 1879, respectively, and the increase or decrease on each article or occupation:
Amount assessed during Piscal year euded June
30, 1879.
fiscal year ended—
Article or occupation.
Increase
June 30,1878. June 30,1879. over 1878.
Tax on deficiencies in production of spirits
$75, 583 21
$63, 574 50
Tax on excess of materials used in tbe production of spirits
18, 050 73
5, 050 27
Tax on deposits, capital, and circulation of bauks
and bankers
3, 489, 694 20 3,152, 545 26
Tax on distilled spiiits seized or fraudulently removed
207, 416 14
126, 002 14
Tax on fermented liquors removed from brcAvery
unstamped
2, 608 41
6,144 33
Tax on tobacco, snuff, and cigars removed from
factory unstamj^ed
130, 431 60
61, 917 45
Tax on prox^rietary articles removed unstamped..
4, 349 12
2, 614 95
Assessed penalties
128,405 70
102, 285 72
Legacies and successions
127,189 94
182, 036 71
Uuassessed and unassessable peualties, interest,
taxes previou.sly abated, conscience money, and
deficieiicies in bonded accounts wliicli bave
been collected; also fines, penalties, and forfeitures paid to collectors by order of court or
by order of Secretaiy, and amo\iiit of penalties
and interest received for validating unstamped
instruments (Form 58)
401, 978 22
370,133 88
Special taxes (liceuses)
97, 068 91
128,716 83
Tax on incomes and dividends
34, 539 54
123, 928 54
Total
4,806,508 30
4, 235, 758 00
Decrease
from 1878.
$12, 008 71
13, 000 46
337,148 94
81, 414 00
$3, 535 92
68, 514 15
1, 734 17
26,119 98
54, 846 77
31, 844 34
31,647 92
89, 389 00
570,750 30
The foregoing statement shows a decrease in the assessments for the
year ended June 30, 1879, as compared Avith the previous year, of
$570,750.30. The decrease occurred in taxes on deficiencies in the production of distilled spirits, on excess of materials used in the production of distilled spirits, on distilled spirits seized or fraudulently removed, on tobacco, snuff, and cigars r'emoA^ed unstamped, on proprietary
articles removed unstamped, on assessed penalties, on occupations (special taxes), on incomes and dividends, and on deposits, capital, and
circulation of banks and bankers.
COMMISSIONER OF INTERNAL REVENUE.
97
The decrease in assessments of taxes on deficiencies in. the production
of distilled spirits and on excess of materials used in the production of
spirits indicates a closer observance of the law and regulations in the
management of their business by licensed distillers.
These assessments, however, have been materially reduced by the
amendment to section 3309 Eevised Statutes by the act of March 1,1879,
in reference to unavoidable accidents, and the decision of the Supreme
Court of the United States in the case of Stoll v. Pepper, fixing the rule
by which deficiencies are to be measured.
The decrease in the assessihents on spirits, tobacco, snuff,, cigars, and
proprietaiy articles removed from the place of manufacture Avithout
payment of the tax by stamps indicates a better observance of the la\y.
In respect to illicit distilling, it is proper to state that, OAviug to the
great extent of territory assigned to single officers, and to other circumstances over Avhicli this office has had no control, the legal evidence
necessary to identify the distiller and fix the amount of spirits produced
has not always been obtainable.
The decrease in the assessments of speeial taxes and penalties indicates that these taxes are more promptly returned and paid than here-tofore.
•
Thedecrease in assessments of taxes on incomes and dividends results fiom the large decrease of taxes of that character remaining uncollected, and to some extent from the unwillingness of taxpayers to
Avaive the statute of limitations.
The decrease in assessments of taxes on capital, deposits, and circulation of banks and bankers is due to a variety of causes. The three
priucipal causes are: First. The large increase, $32,991,724, ofthe capital of banks and bankers and of the deposits of saAings-banks iuA'csted
in United States securities. This accounts for $164,958.62 of the amount.
Second. The withdrawal of large amounts of deposits during the year,
such withdrawals haAdng been madethrough the first half of the year xirobably through lack of confidence in the banks, and during the latter half
of the year, i. e., since the resumption of specie payments, through the
revival of trade and the consequent reopening pf manufacturing and mining establishments. The withdrawals from the latter cause will naturally
eventuate in an increase in the amount of deposits held by the banks,
the deposits so withdrawn being returned with the accrued profitsthereon. Third. The third cause of such decrease, to \vhich attention is called, is the internal-revenue act of March 1, 1879, which extends the exemptions from tax on deposits of savings-banks to certain
savings-banks not theretofore entitled to exemption, increases the exemptions accorded to all savings-banks entitled to any exemption, and:
prohibits the assessment of such taxes against any bank which had
ceased to do business by reason of insolvency or bankruptcy, which assessment should diminish the assets thereof necessary for the full payment of all its depositors.
The increased assessments on legacies and successions is due to indi-.
vidual effbrt, through Avhich this office has received information that
these taxes due under repealed laws had not theretofore been assessed:
and paid.
The assessments on Form 58 include the interest taxes paid on distilled
spirits during the year under the joint resolution of Congress approA^ed
March 28, 1878.
7 F
• • .
98
REPORT ON THE FINANCES.
REPORT OF WORK PERFORMED DURING THE FISCAL YEAR
ENDED
JUNE 30, 1879.
Division of laiv.
Offers in compromise received and briefed
Opinions prepared
Offers iu compromise acted upon
Reward claims receivecl and acted upon
Railroad cases adjusted
Orders fbr abatemcnt of taxes issued
Claims for abatement of taxes disposed of
Amount of abatement claims allowed (uncollectible)
Amount of abatement claims allowed (erroneous assessment)
Amount of abatement claims rejected (uncollectible)
Amount of abatement claims rejected (assessment claimed to be erroneous)
Claims for refunding of taxes disposed of
Amount of refunding claims allowed
i
Amount of refunding claims rejected
.
1,102
1, 081
1,042
610
34
654
5,198
$377,759 79
|280,324 33
$80,446 56
1382,274 08
372
|217,398 07
$128,394 98
Bimsion of distilled spirits.
Returns and reports relating to distilled spirits received, examined,
and disposed of
Returns and reports relating to fermeilted liquors received, examined,
and disposed of
Computations of capacities of distilleries made and data for assessment furnisbed
Locks examined and issued
Hydrometer sets, stems, and cups tested and issued
Gauging-rods examined and issued
197,866
32,644
14,573
3,030
1,391
246
Division of tobacco.
Reports relating to tobacco received, examined, and disposed of
Reports relating to'cigars received, examined, and disposed of
Abatement and refunding claims audited
2,568
18,688
282
Division of stamps.
Value of stamps received and counted
1
$142, 300, 449 30
Value of stamps counted and issued to collectors
$120,903, 368 22
Value of stamp's counted and transmitted to tbe Secretary of tlie
Treasury for destruction
$1,977,691 83
Stubs examined
8,906,160
Stamps and coupons receiA^ed for credit and counted
32, 395,956
Reports received, examined,>nd disposed of . 1
156,657
Division of assessments.
Reports relatiug to assessments received, examined, and disposed of..
Reports relating to bonded accounts received, examined, and disposed of
Reports and voucbers covering exportations received, examined, and
' disposed of
Claims for drawback disposed of
„.....-..•
61,691
207,283
390,000
683
Division of accoimts.
Accounts, reports, and returns received, examiued, and disposed of..
Certiiicates of deposit received and recorded
28,273
31,854
COMMISSIONER OF INTERNAL REVENUE.
99
Division of revenue-agents.
Reports of revenue-agents received and disposed of
Reports of collectors relative to illicit distilleries received and dis*
posed of
.°
Accounts of revenue-agents received and exami ned
Miscellaneous expense accounts received and examined
Railroad and income cases examined and reported on
Transcripts of books of leaf-tobacco dealers examined and abstracted.
2^ 540
529
878
351
54
3^ 719
Division of appointments, records, and files.
Commissions of storekeepers, storekeepers and gaugers, gaugers and
tobacco-inspectors prepared and bonds examined
Collectors' bonds recorded
•
Re]ports of inspecting-otficers as to condition of collection-districts
received, examined, and acted upon (since February 8, 1879)
Reports of examining-officers as to condition of collectors' offices re*
ceived, examined, and acted upon (since February 8, 1879)
Pages of letters recorded
'
^
Press-copies of letters briefed, registered, and arranged for referencePages of miscellaneous copying
Letters for tbe entire bureau received and registered
Letters indorsed, briefed, and filed
Aggregate number of letters mailed by tbe bureau
722
27
118
122
18,338
58,734
25,418
48,056
31,70.8
63,256 ,
THANKS TO OFFICERS.
I desire to express my satisfaction at the support I have received
from the heads of the scA^eral diAdsions, the employes of the bureau, and
to the corps of rcA^enue agents in every effbrt to inforce the laws and to
improve the public service.
TABULAR STATEJMENTS.'^
I api3end tabular statements to accompany the bound volume, as follows:
Table A, showing the receipts from each specific source of revenue,
and the amounts refunded in each collection-district. State, and Territory
of the United States, for the fiscal year ended June 30, 1879.
Table B, showing the number and value of internal-reA^enue stamps
ordered monthly by the Commissioner and from the ofi&ce of the Commissioner; thereceipts from the saleof stamps and the commissions
allowed thereon; also the number and A-alue of stamps for special taxes,
tobacco, cigars, cigarettes, snuff*, distilled spirits, and fermented liquors,
issued monthly to collectors during the fiscal year ended June 30, 1879.
Table C, showing the percentages of receipts from the several general
sources of revenue in each State and Territory of the United States to
the aggregate receipts from the same sources, by fiscal years, from July
1, 1863, to June 30, 1879. •
Table D, showing the aggregate receipts from' all sources in each collection-district, State, and Territory of the United States, by fiscal years^
from September 1, 1862, to June 30, 1879.
Table E, showing the receipts in the United States from each specific
source of revenue, by fiscal years, from Sept. 1, 1862, to June 30, 1879.
Table F, showing the ratio of receipts in the United States from specific sources of revenue to the aggregate receipts from all sources^ by
fiscal years, from July 1, 1863, to June 30, 1879.
* These tabular statements are omitted for want of space, but tbey are jDiinted in
tbe bound volumes of tbe Commissioner's report.
100
REPORT ON THE FINANCES.
Table G, showing the returns of manufactured tobacco, snuff, cigars,
and cigarettes, under the several acts of legislation and by fiscal years,
from. September 1,1862, to June 30, 1879.
Table H, showing the receipts from special taxes in»each collection-district. State, and Territory, for the special-tax year ended April 30,1879.
Table I. Abstract of reports of district attorneys concerning suits and
prosecutions under, the internal-revenue laAvs during the fiscal year ended
June 30, 1879.
. Table K. Abstract of seizures of property for Adolation of internalrevenue laws during the fiscal year ended June 30, 1879.
I have the honor to be, very respectfully, your obedient serA'ant,
GEEEIN B. EAUM,
Hon. J O H N SHERMAN,
Gommissioner,
Secretary of the Treasury,
REPORT OF THE COMPTROLLER OF THE CURREICY.
EEPOET
THE COMPTROLLER OF THE CURRENCY.
TREASURY DEPARTMENT,
O F F I C E OF THE COMPTROLLER OF THE CURRENCY,
Washington, Novemher 26, 1879..
I have the honor to submit for the consideration of Congress, tlie
SeA^enteenth Annual Eeport of the Comptroller of the Currency, in couipliance with section three hundred and thirty-three of the Eevised Statutes of the United States.
.
The total number of national banks organized, from the establishment
of the national-banking system, February 25, 1863, to KoA^ember 1 of
the present year, is 2,438. Of these, 307 have gone into A^oluntary liquidation by the vote of shareholders owning two-thirds of their respective
capitals, and 81 have been placed in the hands of receivers for the purpose of closing up their aff'airs, leaAdng 2,050 in operation at the date
last named.
Included in the aggregate number organized are ten national gold
banks, seven of which, still in operation, are located in the State of California. These banks redeem their circulating-notes in gold coin in the
city of San Francisco and at their own counters. They liaA^e an aggregate capital of $4,000,000, and a total circulation of $1,534,000, but are
entitled to receive circulating-notes in amount equal to 80 per cent, of
their capital, upon the deposit with the United States Treasurer of the
requisite amount of bonds as security therefor. Within the past year
one of this class of banks has gone into voluntary liquidation aiicj reorganized as an ordinary national bank, rpceiAdng circulating-notes at the
rate of 90 per cent, of its capital, and redeeming them at the Treasury
Department ahd at its OAVU counter; and it is probable that the others,
will also reorga.nize so soon as the necessary legislative authority shall
be obtained to enable them to do so without first going into liquidation.
A bill passed the House of Eepresentatives during a previous session,
amending thepresent law, and authorizing the national gold banks to
receive circulating notes in amount equal to 90 per cent, of their capital;
and also requiring such banks to keep on deposit, in gold, coin, with
the Assistant Treasurer of the United ^States in San Francisco, an
amount equal to 5 per cent, of their circulation, instead of keeping 25
per cent, of the same on hand, as is UOAV requirecl by laAv. The passage
104
REPORT ON THE FINANCES.
of an act similar in terms, and also of one authorizing the conversion of
national gold banks into currency banks, is recommended.
Since my last annualreport thirty-eight banks have been organized with
an aggregate authorized capitalof $3,595,000, to which $2,390,440 in circulating-notes haA^e been issued. Thirty-eight banks, with an aggregate
capitalof $4,450,000, have voluntarily discontinued business within the
same period, and eight banks, having a total capital of $1,030,000, haA^e
failed. The insolvent banks include tAvo, with a capital of $700,000,
Avhich failed after having prexaously gone into voluntary liquidation., °
The following table exhibits the resources and liabilities of the banks
on the 2(1 clay of October, 1879, the returns from ISTew York City, from
Boston, Philadelphia, and Baltimore, from ihe other reserve cities, and
from the remaining banks of the country being tabulated separately:
DSTew Y o r k
City.
47 b a n k s .
Bo.ston, P b i l a - * O t b e r redelpbia, and
s e r v e cities.
Baltimore.
99 b a n k s .
82 b a n k s .
$8, 286, 525
$2, 017, 226
$4, 360, 523
78, 062, 085
22, 605,-795
11, 445, 079
22,491,926
87, Oil, .366
12r3, 07:J
25,7^5, .500
4, 071, 050
10,140, 900
8, 843, 712
13,136, 9.11
118, 267,128
86, 341
53,147, 300
550, 000
9, 066, 250
3, 704, 614
19,190, 543
10,012,482
7,150, 239
65, 023, 494
349, 810
2.5, 650, 800
3, 404, 500
5, 953, 000
2,634,916
16, 530,117
6, 284, 310
Country
banks*.
Aggregate.
1,820 b a n k s .
2,048 b a n k s .
KESOURCES.
L o a n s and cliscoimts
On U . S. b o n d s on d e m a n d . . .
On o t b e r s t o c k s , bonds, &c.,
on deinand
On singL'.-name p a p e r "witho u t otlier s e c u r i t y
° A l l o t b e r loans
'
Overdrafts
B o n d s for c i r c u l a t i o n
B o n d s foi' deposits
U . S. bonds on. b a n d
O t b e r s t o c k s and b o n d s
'
.i)ue from i-eserve a g e n t s
D u e from o t b e r n a t i o n a l b a n k s
D u e from o t b e r b a u k s a n d
bankei'S
E e a l e s t a t e , f u r n i t u r e a n d fixtures
C u r r e n t exx:)enses
Premiums
C b e c k s aud o t b e r c a s b i t e m s . .
E.Kcbaugf s for c l e a r i n g - b o u s e . .
33ills of otlier n a t i o n a l b a n k s . . .
Practional currency
Specie
'.. .•
Legal-tender notes
TJ. S. certificates of d e p o s i t
P i v e p e r ceut. r e d e r a p t i o n fund
D u e fi'om U . S. T r e a s u r e r . .
Totals.
'io," 957," 673"
$435,154, 810
$875, 013,107
2, 928, 766
252, 769, 700
9, 578, 500
27, 800, 450
24,464,174
71, 302, 887
19, 438, 520
3, 489, 990
357,313,300
18, 204, 650
52, 966, 600
39,647,416
107, 023, 547
46, 692, 994
2, 245,184
992, 478
3, 339,131
7, 053, 979
13, 630, 772
9, 883, 679
953, 465
827, 972
1, 9U9, 660
93, 487, 352
1, 467, 887
55, 672
19, 349, 868
19, 738, 584
12, 900, 000
1,131, 721
492, 650
7, 005, 672
732, 041
683,149
972, 523
14, 781, 348
2, 524,131"
35, 023
6, 979, 727
8, 293, 515
9, 560, 000
2, 371,148
• 81,501
4, 559, 515
714,102
•
334,362
888, 807
4, 696, 265
1, 84.5, 771
,
53,965
4, 369,176
11, 526. 789
3, 575, 000
1, 095, 277
88, 256
26, 368, 304
3,711,648
2, 486, 937
7, 475,143
10, 869, 761
2,51,405
11, 474, 961
•29,637,808
735,000
11,184, .569
583, 963
47. 817,170
6, 111, 256
4, 332,420
11, 306,133
112, 964, 965
16, 707, 550
396, 065
42,173, 732
69,196, 696
26, 770, 000
15, 782, 715
1, 246, 370
185, 873, 204
955, 277, 294
i8, 787, 448
37, 795, 500
10, 461, 775
3, 715, 637
287, 965, 605
68, 449, 256
24, 403, 030
454, 067, 365
114,786,529
41, 300, 942
22, 017, 051
223,157, 273
196, 566
1, 532, 916
316, 228, 005
5, 004, 246
313, 786, 362
316, 861
2, 667, 430
719, 737, 569
11, 018, 863
420, 840,104
306, 796,1
LIABILITIES.
Capital stock
S u r p l u s fund
TJndivid ed profits
ISTational-bank n o t e s o u t s t a n d State bank notes outstanding..
.Dividends u n p a i d
Individual deposits.
TJ. S. d e p o s i t s
D e p o s i t s of TJ. S. d i s b u r s i n g
officers
Diu^ to n a t i o n a l b a n k s
D u e to o t b e r l)anks and b a n k e r s
!Notes a n d bills re-discouuted
Bills p a y a b l e
Totals.
50, 750, 000
16, 006, 435
9,096,919
22, 328, 624
53, 251
202,727
213, 354, 222
3, o77,135
77, .5.56, 260
19, 869, 063
4, 085, 356
46, 283,
67.
778,
117, 446,
340,
414
044
241
336
613
153, 546
72, 709, 006
I, 796, 869
157,193
81, 915, 319
23, 098, 279
6,746
32, 048, 687
6, 891, 020
182, 766
1, 241, 300
949, 796
21, 240, 841
13, 734,193
266, 680
1, 032, 310
420, 840,104
306, 796, 846
185, 873, 204
2,
13;
8,
1,
1,
355, 865
995, 410
298, 961
755, 569
934, 592
3,469, 600
149, 200, 257
52, 022, 453.
2, 205, 015
4, 208, 202
955, 277, 294
1, 868, 877, 448
* T b e r e s e r v e cities, in a d d i t i o n to N e w Y o r k , Boston, P h i l a d e l p b i a , a n d Baltimore, a r e A l b a n y ,
P i t t s b u r g b , W a s b i n g t o n , ISTew Orleans, Louisville, Cincinuati, Cleveland, Cbicago, D e t r o i t , M i l w a u k e e ,
S a i n t L o u i s , a n d San P r a n c i s c o .
105
COMPTROLLER OF THE CURRENCY.
The following table exhibits the resources and liabilities of the national banks during the last nine years, at nearly corresponding dates
for each year:
•
^
Oct. 2, Oct. 3, Sept. 12, Oct. 2, Oct. 1, Oct. 2, Oct. 1,
1874.
1871.
1872.
1873.
1875.
1876.
1877.
Oct. 1, Oct. 2,
1879.
1878.
1,767
banks.
1,919
banks.
1,976
banks.
2,053
banks.
Millions.
Millions.
Sll. 2
Millions. Millions: Millions.
2,004
banks.
2,087
bauks.
2,089
banks.
2,080
banks.
2,048
banks.
RESOURCES.
Loans
B o n d s for c i r c u l a t i o n
o t b e r U. S. b o n d s
O t h e r stocks, bonds, &;c . . .
D u e from o t b e r b a n k s
Peal estate
Specie
L e g a l t e n d e r notes
ISTational-bank n o t e s
Clearingdionse excbanges . ,
.TJ. S. certificate.<^ of depo.sit
D u e fiom TJ. S. T r e a s u r e r ..
Other resources
831. 6
364.5
45.8
24.5
143.2
30.1
13. 2
107.0
14.3
115.2
41.2
382. 0
27.6
23.5
128. 2
32.3
10. 2
102.1
15.8
125. 0
6.7
944.2
388.3
23.6
23.7
149. 5
34.7
19.9
92.4
16. L
100.3
20.6
25.2
17.3
954.4
383.3
28.0
27.8
134. 8
38.1
21.2
80.0
18.5
109. 7
42.8
20.3
18.3
984.7
370.3
28.1
33.5
144.7
42.4
8.1
76.5
18.5
87.9
48.8
19.6
19.1
Million s. Millions, Millions. Millions.
931. 3
337."2
47.8
34.4
146.9
43.1
21.4
84.2
15.9
100.0
29.2
16.7
19.1
891. 9
336. 8
45.0
34.5
129.9
45.2
22.7
66.9
15.6
74.5
33.4
16.0
28.7
834. 0
347.6
94.7
36.9
138.9
46.7
• 30.7
64.4
16.9
82. 4
32.7
'16.5
24.9
878. 5
357.3
71.2
39.7
167.3
47.8
42. 2
69.2
16.7
113. 0
26.8
17.0
22.1
1, 7.55. 8 1, 830. 6 1, 877. 2 1, 882. 2 1, 827. 2 I, 741.1 1,767.3
Totals
LIABILITIES.
Capitalstock
Surj)lus fund
P n divided p r o f i t s . . .
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 u k s .
O t h e r liabilities
458.3
101.1
42.'0
317.4
631. 4
171.9
8.5
Totals.
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
1, 730. 6 1, 755. 8 1, 830. 6 1, 877. 2
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
466.2
116.9
40.9
301.9
668.4
165.1
7.9
454.1
114.8
41.3
313.8
736.9
201.2
6.7
1, 827. 2 1, 741.1 1, 767. 3
Section 333 of the Eevised Statutes of the United States requires
the Comptroller to present annually to Congress a statement of the
condition of the banks and savings-banks organized under State laws.
Eeturns of capital and deposits are made by these institutions and by
private bankers, semi-annually, to the Commissioner of Internal Eevenue for purposes of taxation. From these returns the following table
has been compiled in this Office, exhibiting, in concise form, by geographical divisions, the total average capital and cleposits of all the
State and savings banks and private bankers of the country, for the
six months ending May 31, 1879:
G-eograpbical divis-
State banks and trust
companies.
N o . C a p i t a l . Deposits.
Private bankers.
No.
Millions. Millions.
]^ew EiT^land S t a t e s
Middle States
Soutber-n S t a t e s
W e s t e r n States and
Territories
40
239
. 251
7. JO
40.72
27.43
14. 39
124.64
32.60
S a v i n g s - b a n k s w i t b b aSavingsn k s withcapital.
out capital.
DeposC a p i t a l . Depos- N o . C a p i t a l . DeposNo.
its.
its.
its.
Millions.
Millions. Millions.
70
853
237
3. 72
34. .54
5.64
Millions.
- 3.32
54.53
11.89
6
3
0.51
0.86
426
2; 44 182
0.83
3
Millions.
366. 46
350.95
1.69
475
52.02
85. 44 1,474
25. 85
70.18
20
'2.85
32.80- ^3
27.96
U n i t e d S t a t e s . . . . 1,005
127. 27
257. 07 2,634
69. 75.
139. 92
29
4.22
36. 07 644
747. 06
The capital of the 2,048 national banks in operation on June 14, 1879,
as wiU be seen by a subsequent table, was $455,244,415—not including
surplus, Avhich amounted at t h a t d a t e to more than $114,000,000—while
106
REPORT ON THE FINANCES.
the average capital of all the State banks, private bankers, and savingsbanks, for the six months ending May 31 previous, Avas but $201,241,484,
which amount is considerably less than one half that of tho national
banks. The net deposits of the national banks were $713,403,639, and
the average deposits of all other banks, including saAdngs-banks, were
$1,180,122,835. The aA^erage deposits for the sameperiod of the 644 savings-banks having no capital stock, which are included in the aboA^e
aggregate, were $747,062,057.
The table below exhibits the aggregate aA^erage capital and deposits
for the six months ending May 31, 1879, of all classes of banks other
than national, and the capital and deposits of the national banks on
June 14, following:
State banks, savingsbanks, private bankers, &c.
G e o g r a p b i c a l divisions.
No.
Capital. Deposits. No.
Millions.
536
N e w England States
1,280
Middle States
494
Soutbern States
W e s t e r u S t a t e s a n d TeiTi2,002
tories
10. 83
75.77
33.92
4, 312
201. 24
IJnited States
National banks.
80.72
Capital. D e p o s i t s . N o .
Millions.
Millions.
384.17
• 532. 56
47. 02
544
640
J 76
216. 37
Total.
Capital. D e p o s i t s .
Millions.
Miliions.
Millions.
164. 43
170. 21
30.40
126. 72 1,080
393.12 1, 920
37.93
670
175. 26
245. 98
G4. 32
688
90.20
155. 63 2,690
170. 92
372. 00
1,180.12 2, 048
455. 24
713. 40 |6, 360
656.48
1, 893. 52
510. 89
925. 68
84. 95
Erom this table it will be seen that the total number of banks and
bankers in the country at the daties named Avas 6,360, with a total
banking capital of $656,485,899, and total deposits of $1,893,526,474.
In the appendix will be found tables showing by geographical divisions
the number, aA^erage capital, and deposits, of State and savings-banks,
and private bankers, for A^arious periods from 1875 to 1878, and there
will also be found other tables giAdng the assets and liabilities of State
institutions during the past year, so far as they could be obtained from
the official reports of the scA^eral State officers.
A table arranged by States and principal cities, giAdng the number,
capital ancl cleposits, and the tax thereon, of all banking institutions
other than national, for the six months ending May 31, 1879, will be
found on a subsequent page. Similar tables for prcAdous years will be
found in the appendix.
The following table exhibits, for corresponding dates in each of the
last four 3^ears, the aggregate amouuts of the capital and deposits of
each of the classes ot banks gwen in the foregoing tables:
National banks.
Years
.No.
1876
J877
1878
1879
2,091
2,078
2,056
2,048
C a p i t a l . Deposits.
Millions.
500.4
481.0
470.4
455.3
Millions.
713.5
768.2
677.2
713.4
S t a t e b a n k s , p r i v a t e S a v i n g s - b a n k s b aSaA^ingsn k s witbwitb'cai^ital.
b a n k e r s , &c.
o u t capital.
No.
3,803
3,799
3,709
3,639
Capi- DeposCapNo. i t a l . De- N o . Depostal.
its.
its.
p'sits.
Millions.
214.0
218.6
202.2
197.0
Millions.
480.0
470.5
413.3
397.0
26
26
23
29
Mill- Millions. ions.
5.0
37.2 691
4.9 38 2 676
3.2
26.2 668
4.2 36.1 644
Mill- •
ions.
• 844.6
843.2
803.3
747.1
Total.
No.
6,611
6. .579
6,4.56
6,360
CapitaL
MiUions.
719.4
704.5
675.8
•656.5
Deposits.
Millions.
2,07.5.3
2,120.1
1,920.01,893.5
^COMPTROLLER OF THE CURRENCY.
107
The aggregate capital of the A^arious classes of banks shown by the
foregoing table has diminished from $719,400,000 in 1876 to $656,500,000
in 1879, and the aggregate deposits have fallen off from $2,075,300,000
in 1876, to $1,893,500,000 in 1879--a reduction of $62,900,000 in capital
and $181,800,000 in deposits during the last four years. The national
banking capital has diminished $45,100,000, but the deposits of the
national banks ^are almost precisely the same that they were in 1876.
Savings-banks with capital show a reduction of about one million in
capital and the same amount in deposits. The capital and deposits of
State banks and private bankers are less by scA^enteen millions and
eighty-three millions, respectively. The greatest reduction, however,
is in the deposits of savings-banks without capital, which have diminished $97,500,000.
THE NATIONAL BANKS AND THE REFUNDINa OF THE PUBLIC DEBT.
The great war debt of the United States was contracted in less than
four and a half years. In 1835 the country was entirely out of debt,
and on January 1, 1861, the whole debt of the Union auiounted to but
$66,243,721. During the next six months it increased at the rate of about
four millions a month, being, on the first day of July, 1861, $90,580,873.
During the next year it increased at the rate of more than thirty-six
millions per month, and at the close of the fiscal year ending June 30,
1862, it had reached $524,176,412. At the end of the succeeding year
it was considerably more than twice that amount, being on July 1,1863,
$1,119,772,138. During the following year it increased nearly seven
hunclred millions, reaching on July 1, 1864, the sum of $1,815,784,370.
During the next nine months, to the close of the war, April 1, 1865, the
debt increased at the rate of aibout tAvo millions a day, or sixty millions
a month, and for the five months next thereafter, at the rate of about
three millions a day, or ninety millions a month, reaching its maximum on August 31,1865^''=, at which date it amounted to $2,845,907,626,1
and was composed of the following items:
Funded debt t
Matured debt^
Temporary loans.
Certificates of indebtedness
Five -per cent, legal-tender notes
ComxDound interest legal-tender notes
Seven-thirty notes
United States notes (legal tenders)
Fractional cnrrency
Suspended requisitions uncalled for
Total
$1,109,568,191 80
1,503,020 09
107,148,713 16
85,093,000 00
33,954,230 00
217,024,160 00
830, 000,000 00
433,160,569 00
-26,344,742 51
-2, 111, 000 00
,..
-
2,845,907,626 56
This table shows an aggregate of more than one thousand two hundred ancl seventy-five miliions of temporary obligations of the govern*Re]Dort of Secretary McCullocli, 1867, p. i v ; 1868, p. xli.
t Less cash in the Treasury, ^88,218,055.
t This item includes $1,'258,000 of bonds issued to Pacific railrcads.
108
" REPORT ON THE FINANCES.
ment, of which eight hundred and thirty millions bore interest at 7.30
per cent, annually.*
This immense amount of temporary obligations was funded within the
three years which followed the close of the Avaf; and the skill and good
judgment displayed in so doing can only be fully appreciated by those
w^ho are familiar with the difficulties and delicate conditions under Avhich
the Avork was accomplished.
The temporary loans, certificates of indebtedness, seven-thirty notes,
and all the other items of the debt—except the legal-tender uotes ancl
fractional curreucy, which haA^e been largely reduced—have either been
paid, have matured and ceased to bear interest, or have been funded into
tiA^e-twentj^ six per cents, of which more than one thousand six hundred
millions ($1,602,698,950) Avere issued.
The acts of July 14, 1870, and January 20, 1871, authorized the
issue ot bonds for the purpose of refunding the five-twenty six per
cents. The former act authorized the issue of fifteen hundrecl millions
in bonds, two hunclred inillions of which Avere to be ^ve per cents payable ten years after date, at the pleasure of the United States, three
hundred millions of four and a half per cents payable in fifteen years,
and one thousand millions payable in thirty years from the date of their
issue, and bearing interest at the rate of four per cent, per annum. The
act provided that these bonds should not be sold for less than their par
A^-alue in coin, and that the proceeds should be applied to the redemption
of the five-twenty bonds. The latter act increased the amount of the
•five per cent, bonds to fiA^e hundred millions, but provideci that the
whole amount of bonds issued should not exceed the amount originally
authorized ; and the subsequent act of January 25, 1879, authorized the
refunding or exchanging of any other of thetiA^eor six per cent, bonds
which Avere redeemable at the pleasure of the government.
The AAdiole amount of the fundecl debt on the first of January, 1871, Avas
$1,935,342,700, of which $1,437,097,300 consisted of fiA^e-twenty six per
cent, bonds, and $194,567,300 of ten-fortyfiA^eper cent, bonds. On the
first day of August, 1871, nearly sixty-six millions ($65,775,550) of UCAV
fi\"e per cent, bonds had been subscribed for, chiefly by the national
banks. During the same month an agreement Avas entered into by the
Secretary Avith Jay Cooke & Co.t for the sale of the remaining two hundred millions of said bonds, ancl in the month of January, 1873, similar
arrangements Avere made for the sale of alarge additional amount.| The
remainder of thefiA^e hundred millions ($178,548,300)Was sold duringthe
next three yea.rs, the Secretary of the Treasury stating in his report of
December 6,1875,§ that he had '' the pleasure of announcing to Congress
that the funding of five hundred millions six per cent, bonds into those
bearing five per cent, interest has been accompbshed.''
On August 24, 1876, a new contract was made by the Secretary Avith
A. Belmont & Co. and associates, 11 for the sale of the three hundrecl millions
of four and a half per cent, bonds authorized. In this contract the Secretary reserved the right to terminate it by giving ten days' notice to the
contractors, and under the contract calls Avere made prior to March 4,
1877, for the redemption of t)ne hundred millions of six per cents. In
May, 1877, the present Secretary, availing himself of the privilege
secured in the contract, gave notice that he would limit the sale of four
* At t h a t date one thousand seven hundred and twenty-five millions of the public
debt bore an average interest of 6.62 per cent. Finance Report, 1865, p. 23.
t Secretary Bout well's report, lrt71, p. xvii.
§ Secretary Bristow's report, 1875, p. xii
t Secretary Richardson's report, 1873, p. ix.
|| Secretary Morrill's report, 1876, p. xi..
COMPTROLLER. OF THE CURRENCY.
109
and a half per cents to two hundred millions; and additional subscriptions
Avere rapidly made until that amount Avas taken. The aA^ails of one hundred and eighty-five millions of these bonds were applied to the redemxition
of five-twenties, the remaining fifteen millions being held for resumption
purposes. On the Oth of June, 1877, a contract was made with a syndicate for the sale, at par, in coin, of the four iier cent, bonds authorized
to be issued by the refunding act, Avith the right to terminate the contract at any time after December 31, 1877, by giving ten days' notice
to the contracting parties.* In 1877 scA^ent^'-fiA^e millions of the four
per cents were sold, and in 1878 more than one hundred and tAventy. eight millions ($128,685,450). During the first four inonths of 1879
$497,247,750 additional foui:'s Avere disposed of, of Avhich more than one
hundred ancl forty-nine millions were sold at a premium of oue-half of one
per cent. Of this amount, one hundred and twenty-one millions were
taken by the First National Bank of Kew York and associates, and the
remainder by other national banks. These, Avith the sales of forty millions cf refunding certificates, completed the refunding of all the bonds
of the United States Avhich were redeemable.
The sales of United States bonds since 1871, under the refunding acts,
haA^e been iive hundrecl millions of fives, one hundred and eighty-fiA^e
millions of four-and-a-halfs, ancl $710,345,950 of four per cents; in all,
more than one thousand three hundred and ninety-fiA^e millions of dollars. There haA^e also been sold for resumption purposes, since March
1, 1877, under the authority of the resumption act of January 14,
1875, twenty-five millions of fours, and sixty-five millions of four and
a half per cents; fifty millions of the latter being at a premium of one
and a half per cent.
The reduction on the interest-bearing debt of the United States, from
its highest point, on August 31,1865, to NoA^ember 1,1879, is $583,886,594,
of Avhich amount $105,160,900 has been effected since the refunding
operations were corniiiencecl on May 1, 1871.
A t its highest point the annual interest on the debt was $150,977,697,
while it is now $83,773,778 only. There has, therefore, been a total
reduction in this charge of $67,203,919 annually.
The total annual reduction of interest under these refunding operations,
accomplished since March 1, 1877, lis $14,290,416, while the saAdng on
this account growing out of the operations of the present year alone, is
nearly nine millions ($8,803,707), and the total annual saAdng in all the
refunding operations of the government since 1871 is nearly twenty
millions ($19,900,846). These funding transactions are believed to be
Avithout parallel in financial history.
The jDublic debt of England in January, 1793, amounted to
$1,191,145,000. At that date began the great expenditures caused by
the wars of the French revolutiou and of Napoleon,'extending from
1793 to 1816. Between these dates stock and annuities to the amount
of $3,881,000,000 were placed on the market at rates of interest varying
from 3 to 5 per cent. The av^erage rate of discount at which the stock
was sold was 33 per cent., and the average rate of interest paid on the
money actually raised by the sale was 5.15 per cent.
After a long interval, of peace, the Irish famine in 1847, and the
Crimean war and Indian mutiny, from 1854 to 1856, caused other additions to the public debt. In the years 1847, 1855, and 1850, three per
cent, interest-bearing stock, to the amount of one hundred and seventy
* Secretary Sherman^s report for 1877, p. viii. ^
110
REPORT ON THE FINANCES.
millions of dollars, Avas issued, and sold at a discount of 10.94 per cent.,
while the average rate of interest paid on the money raised by" the sale
was 3.4 per cent.*
The three great Fench loans in 1870,1871 and 1872, of nearly fifteen
hundred and ninety-two miUions of dollars, realized twelve hundred and
seventy-three millions of dollars only. The first loan was at the rate of
3 per cent., and reahzed to investors nearly 5 per. cent., while the two
*The figures given in the following table, relative to the loans of 1793-1817, inclnsive, are based upon information derived from a somewhat similar table originally
published in McCulloch's ''Treatise on Taxes and theFimding System,*' London, 1852,
and republished in the appendix to an essay of WiUiam Newmarch, on the '' Loans '
raised by Jsir. Pitt," which essay appeared in the London Statistical Journal for September, 1855. Ttie figui^es relatiug to the loans of 1847-1856 are derived from Sir
Stafford Northcote's ''Twenty Years of Fina.ncial Policy," pp. 94, 265, 278, 288.
Tear.
Money
'raised on
S t o c k issued
s t o c k issued
( £ = $5).
( £ = $5).
A n n u a l int e r e s t on
stock
( £ = $5).
Average.
discount
on sale of
stock.
P r . ct.
28
17.6
4.22
4.65
24.2
24.9
5.06
5.31
49.6
6.36
49.5
6.11
42.8
36.3
38.5
24.2
5.20
4.70
5.14
3.96
37.5
44.5
45.6
39.8
33.6
12.3
11.9
17.7
17.9
5.10
5.40
5.30
4.94
4.75
4.92
4.86
4.66
4.96
7, 400, 000
31.6
5.31
16,150, 000
37.3
5.50
25.1
36.3
4.59
5.72
1793
1794
$31, 250, 000
78, 350, OUO
$22, 500, 000.
64, 550, 000
$950, 000
3, 000, 000
1795
1796
277, 700, 000
284, 700, 000
210, 450, 000
213, 800, 000
10, 650, 000
1797...
145,100, 000
73,100, 000
1798
178,100, 000
90, 000, 000
1799
1800
1801
1802
109,
145,
279,
151,
000
000
000
000
62,500,000
92, .500, 000
172, 050, 000
115, 000, 000
.5, 500, 000
3,250,000
4, 350, 000
8, 850, 000
4, 550, 000
1803
1804
1805 . .
1806
.•..:
1807
1808
1809
1810
1811
.. ..
80, 000, 000
90,100, 000
197, 700, 000
149, 400, 000
91,8.50,000
68, 450, 000
110, 8.50, 000
99, 050, 000
146, 200, OUO
50, 000, 000
50, 000, OUO
107, 600, OUO
90, 000, 000
61, 000, 000
60; 000, 000
97, 650, OUO
81, 550, OUU
120, 000, 000
2, 550,
2, 700,
5, 700,
4, 450,
2, 900,
2, 950,
4, 750,
3, 800,
5, 950,
1812
203, 700, 000
139, 350, 000
1813
468, 650, 000
293, 800, 000
1814
1815
123, 450, 000
354, 450, 000
92, .500, 000
225, 650, 000
4, 250, 000
12, 900, OOU
1816
15, 000. 000
15, 000, 000
450,000
T o t a l s - - 3, 881, 000, 000 2, 600, 550, 000
40, 000, 000
35, 800, UOO
P e b ' v , 1847..
80, OOU, 000
70,100, 000
A p r i l , 1855..
. 25, 000, 000
22, 500, 000
P e b ' y , 1856..
25, 000, 000
23,177, 5UU
M a y , 1856 . . .
134, 000. 000
1, 200, 000
2, 400, 000
750, 000
750, 000
33
10.5
12.4
10
7.3
139,100, 000
32.1
350,
200,
750,
750,
• T o t a l s . . 4, 051, 000, 000 2, 752,127, 5U0
Average
interest
realized
by investers.
11, 350, 000
4, 650, 000
000
OUO
000
UUO
000
OUO
000
000
000
0
K i n d of s t o c k s .
3 p e r cent, consols.
3 p e r cent, consols ; 4 p e r
cent. Avitblong a n n u i t y .
Do
3 p e r cent, c o n s o l s ; 5 p e r
cent., w i t b loug a n n u i t y .
3 p e r cent, c o n s o l s ; 4 p e r
cent., w i t b long a u n u i t y .
3 p e r cent, c o n s o l s ; l o u g
annuity.
3 p e r cent, consols.
Do.
Do.
3 p e r cent, consols, w i t h
long a n n u i t y .
Do.
3 p e r cent, consols.
Do.
Do.
Do.
4 per cents.
3 p e r cent, consols, w i t h
long a n n u i t y .
3 p e r cent, c o n s o l s ; 5 p e r
cents.
3 p e r cent, consols, w i t h
long .imnuity.
3 p e r cent, consols; 4 p e r
cents.
3
5.15
3.35
3.42. 3 p e r c e n t s .
3.33
Do.
3.24
Do.
Do
5.05
In 1793 the total funded and floating debt of Great Britain was $1,239,372,170, the
interest on which, at the several rates of 3, 3^, 4, and 5 per cent., amounted annually to
1)48,556,190. In 1817 the total debt, including exchequer bills, had reached the sum of
14,196,910,725, carrying an annual interest of $157,959,635. In 1857 theamouut ofthe
funded debt, exchequer bills and exchequer bonds, was $4,040,543,610, the anhual
interest npon Avhich was $142,750,195. The total debt had diminished in 1875 io
$3,876,741,930, with an annual charge for interest and cost of management of
$135,472,400; while in 1878 there appeared a slight increase, the amount of the debt
being then $3,888,907,980, with interest and cost of management equaling $142^063,756.
COMPTROLLER OF THE CURRENCY.
Ill
subsequent and larger loans were sold at 82.5 and 84.5 percent., Avhich
was about equivalent to 6 per cent, bonds at par.*
The following table exhibits the classification of the unmatured, interest-bearing bonded debt of the United States on August 31, 1865,
when it reached its maximum, and on the first day of July annuall}^
I t appears from ofiicial documents t h a t the national debt of Great Britain, with
its interest and cost of management, stood, at the dates named below, as follows:
Principal.
Year.
1775 .
1783
1793
1818
1857 . . . .
1861
1875
1878
I n t e r e s t and
cost of raanagement. ^
£126, 842, 811
231, 843, 631
247, 874, 434
84(1, 582, 664
808,108,722
805, 664, 387
775, 348, 386
777, 781, 596
£ 4 , 703, 519
9, 065, 585
9, 711, 238
31, 485, 753
28, 550, (139
26,142, 606
27, 094, 480
28, 412,750
.Authorities.
H o u s e of Commons d o c u m e n t , 1858.
Do.
Do.
Do.
Do.
S t a t i s t i c a l a b s t r a c t , 1861.
S t a t i s t i c a l a b s t r a c t 1875.
AVbitaker's A l m a n a c k , 1879.
Many of the loans which the debt comprised were what are known as perpetual
loans aud annuities, some of which, as well as previous loaus, which then bore interest at the rates of 5 aud 4 per cent., were, during the twenty-three years from 1822 to
1844, inclusive, refunded from time to time into stocks bearing interest at the rate of
•4, 3i, 3^, and 3 per cent. Duriug this period the principal of the debt was reduced
^5,251,900 only, but the annual saving to the government through refunding at lower
rates of interest was $15,259,000.
The refunding oi:)erations were contiuued subsequent to 1844, until in 1854 there
remained no stocks bearing a greater interest than 3 per cent., except the new 3 | per
cents, which were in 1855 also reduced to threes. In this process nothing was added to
the principal of the debt. This inlormation is obtained from the standard authorities
above referred to.
'
It is here worthy of remark that the consols, standing in 1853 at £500,000,000, constituted at t h a t time 65 per cent, of the entire national debt. This 3 per cent, stock
cannot under the conditions of its issue be redeemed by the governmeut without giving to its holders a full year's notice of payment. It is well understood, however,
t h a t the government cannot with prudence or safety venture npon the bold policy to
which the giving of such a notice would commit it, thereby assuming all the risks
incident to a change of clrcumsfcances in the interval between notice aud time of payment. See Sir Stafford Northcote's " Twenty Years of Financial Policy," p. 222.
The reserved option of redemption in the terms of the great war-loans ofthe United
States is of much greater value to our governmeut thau is the virtual perpetuity of
the British consols to the governmentof GreatBritain; for through this option the
Treasury has been enabled to refund the outstanding bouds of the United States at
the present IOAV current rate of iuterest. and this on notice so brief that no risk whatever was incurred thereby, while the British exchequer is in effect prevented from
availing itself of any decline in the rates of interest, but must continue to pay 3 per
cent, upon its enorinous amount of debt, though it might otherwise refund or borrow
money for its redemxition. at a greatly reduced rate.
The resulting savings arising out of that provision in our loans which authorizes
the auticipation of th(3 time of their redemption may eventually wholly offset the excess in the rate of interest paid upon them over t h a t paid on the Briti.sh consols,
Avhich excess is now, as to the greater part of our loaas, but 1 per cent, annually.
*The following table in reference to the French loans' of 1870-'71-'72 has been compiled from data given in the May, 1.877, number ofthe Bulletin De Statistique et De Legislation Compar4e:
D a t e of loans.
A u g u s t 12,1870
J u n e 20,1871
J u l y 15 1872
K a t e of in- A m o u n t of loans
( l f r . = 19.3cts.)
terest.
3
5
5
Total
$256, 241, 635
536, 444, 639
799,121. 557
1,591,807,831
K a t e of inAraount received T o t a l amount
t e r e s t rer e c e i v e d from
for e a c b 100
alized t o
loans.
dollars of loan.
investors.
(lfr.=19.3cts.)
$60. 60
82.50
84.50
$155, 282, 431
442, 56(5, 827
.675,2.57,715
1, 273,106, 973
P e r bent.
4.95
• 6.06
5.92
112
REPORT ON THE FINANCES.
thereafter, ,together with the amount outstanding on ISTovember 1 of the
present year:
Date.
Aug.
July
July
July
July
Julv
July
July
July
July
July
JulV
July
July
July
!Nov.
,1865.
1866 .,
1867 .
1868 .
1869 .
1870 .
1871. .
1872 ..
1873 .,
1874 ..
1875 ..
1876-..
1877 ..
1878 ..
1879 ..
1879 .
6 p e r cent,
bonds.
5 p e r cent,
bonds.
518, 091
1, 008,388, 469
1, 421,110,719
1, 841,.521,800
1,886, 341, 300
1, 764,932, 300
1, 613,897, 300
1,374, 883, 800
1, 281,238, 650
1,213, 624, 700
1,100, 86.1, 550
984, 999, 650
854, 621, 850
738, 619, 000
310, 932, 500
283, 681, 350
$199, 792,100
198, 528, 435
198. 533, 435
221, 588. 400
221, 589, 300
221, .589, 300
274, 236, 450
414, 567,300
414, 5(57, 300
.510, 628, 050
607, 132,750
711, 68f), 80.0
703, 266, 6.i0
703, .26(), 650
646, 905, 500
508, 440, 350
4^ p e r cent,
bonds.
4 p e r cent,
bonds.
Total.
$1,108, 310,191
1, 206,916, 904
1, 619,644,1.54
2, 063,110, 200
2,107, 930, 600
1, 986,52 , 600
1,888, 133,750
1, 789,451,100
1, 695,805, 950
1, 724,2.52, 750
1, 707,998, 300
1, 696,685, 450
1, 697'888; 500
m O , 000, 000
1,
780,735, 650
240, 000, 000 $98, 850, 000
1, 887,716, U O
2b0, 000, 000 679,878,110
967, 650
1,
782,
250, 000, 000 740, 845, 950
The refanding ofthe national debt commenced in 1871, at which time
the national banks held nearly four hundred millions ofthe five and six
per cent, bonds; and from that date to the present time they have held
more than one-fifth of the interest-bearing debt of the United States.
A large portion of the bonds held by them in 1871 bore interest at the
rate of (i per cent, t h i s class of bonds has since been greatly reduced,
and is now less than one-sixth of allthe bonds pledged for circulation,
w^hile more than one-third of the amount consists of bonds beaiing
interest at 4 per cent. This will be seen from the following table, which
exhibits the amounts and classes of bonds owned by the banks, including those pledged as security for circalation and for public deposits, on
the first day of July of eacli year since 18G5, and upon November 1 of
the present year:
U . S. b o n d s b e l d as secui-ity for c i r c u l a t i o n .
Date.
6 p e r cent,
bouds.
J u l y l , 1865
J u l y l , 1806
J u l y 1, 1867
J u l y 1, 1868 . . . . .
J u l V 1,1869 . . . . .
J u l y l , 1870
J u l y l , 1871
.
J u l y 1,1872
J u l y 1, 1873
J u l y l , 1874
J u l y 1, 1875
J u l y l , 1876
J u l y l , 1877......
J u l y l , 1878
J u l y l , 1879.
l^ov. 1, 1879
$170, 382, 500
241,083,500
251, 430, 400
2.50, 726, 9.50
255,190, 350
247, 355, 350
220, 497, 750
173, 251, 450
160, 923, 500
154, 370,700
136.9.55,100
109, 313, 450
87, 690, 300
82, 421, 200
56, 042, 800
59, 315, 450
5 p e r cent,
bonds.
4h p e r
ceut.
bouds.
4 p e r cent,
bonds.
Total.
U. S. b o n d s
beld for
0tberi)urposes at
neares t
date.
Grnnd
total.
$65, 576, 600
$235, 959,100 $155, 785, 750 $391, 744, 850
86, 226, 850
327,31.0,3.50 121,152, 950 448. 463, 300
89,177f 100
340, 607, 500 84, 002, 650 424,610,150
90, 768, 950
341,49.5,900 80, 922, 500 422,.418, 400
87, 661, 250
342, 851, 600 55,102,000 397, 953, 600
94, 923, 200
342, 278, 550 43, 980, 600 386, 2.59,105
359, 885, 550 39, 450, 800 399 336,350
139,387,800
380, 440, 700 31, 868, 200 412; 308, 900
207,189, 250
390, 410, 550 25, 724, 400 416,134,950
229, 487, 050
391,171, 200 25, 347,100 416, 518, 300
236, 800, 500
376, 314, 500 26, 900, 200 403 214, 700
239, 359, 400
232, 081, 300
341, 394, 750 45,170, 300 386, 565, 050
206.651,0.50 $44,'372,'250
338, 713, 600 47, 315, 050 386, 028, 650
199, 514, 550 48,44S,sH50 $i9,'162,000 349, 546, 400 68, 850, 900 418, 397, 300
144.61(5,300 35, 056. 5.50 118, 538, 950 354, 254, 600 76, 603,'520 430,858,120
131, 301, 600 34, 866, 950 138, 318, 400 363, 802, 400 71,181, 250 434,983,650
i t is certain that if the national banking system had not existed, and
United States notes had alone been issued, the refunding operations here
described and the consequent hirge reduction of interest upon the public
debt would not have been possible.
The Secretary ofthe Treasiiry, in his report for 1862, said that among
the advantages which would arise from the establishment ofa national
banking system would be the fact that the bonds of the government
would be required for banking purposes; a steady market would be,
COMPTROLLER OF THE CURRENCY.
/
'
113
•
established, and their negotiation greatly faci^ Nted -, a uniformity of
price for the bonds would be maintained at a i 6 above that of funds
of equal credit, but not available as security foi-x .'rculation. ^' I t is not.
easy to appreciate the full benefits of such conditions to a government
obliged to borrow;" it will ^'reconcile, as far as practicable, the interests
of existing institutions with those of the whole people;'' and will suj)ply " a firm anchorage to the union of the States.^'
There is no doubt that these expectations have been more than realized, and that the credit of the United States and its ability to borrow
money at low rates of interest have been greatly enhanced by placing
its bonds in large amounts in the possession of the leading monetary
institutions of nearly every city and village in the Union.
The wisdom of Secretary Oha;se, and of others who, in 1862, advocated
the establishment of a national banking system, was long since recognized by those who understood the principles which should govern a
sound system of currency and banking; but, in the light of the extraordinary financial operations of the government during the present year,
the wdsdom and the economy of the system, both for the government and
the people, are now more apparent than ever.
The governinent has still outstanding $273,631,350 in six per cents,
and $508,440,350 in five per cents, aU of which will mature in 1881.
The refunding of these bonds into four per cents will save $10,558,030
in interest annually. The credit of the government is now such that it
is not improbable that long before the maturity of the fours the present
debt may be refunded into three and a half per cent, bonds, which is
one-half of one per cent, more than the rate of the English consols,
thereby saving a large additional amount of interest.
RESUMPTION OF COIN PAYMENTS.
The act of January 14, 1875, required the Secretary of the Treasury,
on and after January 1, 1879, to 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.'' At the time of
the passage of this act the leading industries and general business of
the country were greatly depressed. The agricultural classes were
largely in debt, and the failures of mercantile establishments and manufacturing corporations in the three years previous represented more
than $500,000,000. During the succeeding years an era of economy
supervened, agricultural products greatly increased,^ and the balanceof
trade was turned largely in our favor—the excess of exports over imports for the fiscal year 1876 being more than seventy-nine milUons, in
1877 more than one hundred and fifty one millions, in 1878 exceeding two
hundred and fifty-seven millions, and for the year ending September 30
last more than two hundred and ninety-four millions. For 1878 the
^excess was, it will be seen, more than three times as great as that of
1876, and more than two-thirds greater than that of 1877. t
* The Department of Agriculture estimates the product of corn in 1878 at 1,338 millions bushels; wheat, 420 millions; oats, 414 millions; barley, 42 millions; rye, 26
millions; cotton, 2,347 millions pouuds; tobacco, 393 millions pounds. Theestimates
for 1879 a r e : Corn, 1,601 millions bushels; wheat, 449 millions; oats, 364 millious ;
barley, 40 inillions; rye, 24 millions; cotton, 2,217 millions pounds; tobacco,384 millions pounds..
^ tExcess of exports in fiscal year 1876, |79,643,481; in 1877, $151,152,094; in 1878,
$257,814,234; during the calendar year 1878, $305,279,590; and during the fiscal year
1879, $264,661,666.
8 F
114
REPORT ON THE FINANCES.
The resumption act not only fixed the day of resumption, but autho
ized the Secretary, in order to prepare and provide therefor, to use ^n
surplus revenues not otherwise appropriated, and to issue, sell, and di
pose of, at not less than par in coin, any of the bonds of the Unite
States described in the act of July 14, 1870. Under this act, the Seer
tary in 1877 sold at par in coin fifteen millions of four-and-a-half an
twenty-five millions of fours; and in April, 1878, he sold fifty millions
four and a half per cents at a premium of one and a half per cent. The co
in the Treasury continually increased, so that on the day of resump tio
the Secretary held one hundred and thirty-five millions ($135,382,639)
of gold coin and bullion, and, in addition, over thirty-two millions
($32,476,095) in silver coin and bullion, the gold coin alone being near y|
equal to forty per cent, of the United States notes then outstanding.
The banks in the cities of IsTew York and Boston strengthened thei
hands of the government by their action in October, 1878, an account|
of which will be found in my report for that year. The assistant treasurer of the United States at 'New York became a member of the clearing-house, thus facilitating the business of the banks with the government, and the banks agreed to receive United States notes, not only fori
their ordinary balances, but in payment of the interest upon the piibl c
debt and of other coin obligations of the government. The banks of|
the country at the date of resumption held more than one-third of the
outstanding Treasury notes; but they had so much confidence in the
ability of the Secretary to maintain resumi)tion that none were presented by them for redemption. The people also, Avho held more than
three hundred millions of the issues of the national banks, which issues
were based upon the bonds of the nation, preferred such notes to coin
itself. There Avas, therefore, ho demand for payment of the notes of the
government, and the gold coin in the Treasury, which amounted to one
hundred and thirty-five millions on the day.of resumption, increased
more than thirty-six millions in the next ten months, the amount held
on the first day of November, 1879, exceeding one hundred and seventyone milhons.
The Comptroller has for a series of years presented in his reports the
following table, showing the amount of Treasury notes and of nationalbank notes outstanding at the dates named therein, with the currency
price of gold and the gold price of currency at the same dates:
U n i t e d S t a t e s issues.
Date.
L e g a l tender notes.
A u g u s t 31, 1 8 6 5 . . .
J a n i i a r y 1, 1866...
J a n u a r y 1, 1867...
J a n u a r y 1, 1868...
J a n u a r y 1, 1869...
J a n u a r y 1, 1870...
J a n u a r y 1, 1 8 7 1 . . .
J a n u a r y 1, 1872...
J a n u a r y 1, 1873...
J a n u a r y 1, 1874...
J a n u a r y 1, 1875...
J a n u a r y 1, 1876...
J a n u a r y 1, 1 8 7 7 . . .
J a n u a r y 1, 1878...
J a n u a r y 1, 1879...
N o v e m b e r 1,1879.
$432, 757,
425,839,
380, 276,
356, 000,
355, 892,
356, 000,
356, 000,
357, 500,
358, 557,
378, 401,
382, 000,
371, 827,
366, 055,
349, 943,
346, 681,
346, 681,
Old demand
uotes.
Practional
curreucy.
jSTotes of nat i o n a l banlcs I
includiug
gold n o t e s .
$402, 965 $26, 344, 742 $176, 213, 955 $635, 719, 266
392. 070 26, 000, 420 298, 588, 419 750, 820, 228
221 632 28, 732, 812 299, 846, 206 709, 076, 860
31, 597, 583 299, 747, 569 687, 504, 279
159,127
128, 098 34, 215, 715 299, 629, 322 689, 866,110
113, 098 39, 762, 664 299, 904, 029 695, 779, 791
101, 086 39, 995, 089 306, 307, 672 702, 403, 847
92, 801 40, 767, 877 328, 465, 431 726, 826,109
84, 387 45, 722, 061 344, 582, 812 748, 947,167
79, 637 '48, .544, 792 350, 848, 236 777, 874, 367
72, 317 46, 390, 598 354,128, 250 782, 591,165
69, 642 44,147, 072 346, 479, 756 762, 523, 690
65, 462 26, 348, 206 321, 595, 606 714, 064, 358
63, 532 17, 764,109 321, 672, .505 689, 443, 922
62, 035 16,108,159 323, 791, 674 686, 642, 884
61, 365 15,710,960 337,181, 418 699, 634, 759
Currency G-old p r i c e
price oi
of
$100
$100 gold. c u r r e n c y
$144 25
144 50
133 00
133 25
135 00
120 00
110 75
109 50
112 00
110 25
112 50
112 75
107 00
102 87
400 00
• 100 00
$69
69
75
75
74
83
32
20
18
04
07
33
90 2S
9 1 32
89 2i
90 7C
8 8 8£
88.6£
9 3 4f
97 21
1 0 0 OC
100 (Dc
115
COMPTROLLER OF THE CURRENCY.
On July 1,1864, one hundred dollars in gold was worth $250 in Treasury notes; on August 31, 1865, the day when the public debt was at its
maximum, it was worth more than $144; and on January 1,1870, $120;
since which time the Treasury notes and the national-bank notes have
gradually increased in value, until the beginning of the present year,
Avhen they each reached the same purchasing power as gold coin. This
m2ij be seen by the following table, which gives the average value of the
standard gold dollar, in legal-tender paper dollars, during the month of
July in each year, from 1864 to 1878, and also on January 1 ofthe present year:
-^
1864. 1865. 1866. 1867. 1 1868. 1869. 1870. 1871. 1872. 1873. 1874. 1875. 1876. 1877. 1878. 1879.
Cts.
Cts.
Cts.
Cts. 1 Cts. Cts.
Cts.
Cts.
Cts.
Cts.
Cts.
Cts.
Cts.
Cts.
Cts.
Cis.
258.1 142.1 151.6 139. 4 ! 142. 7136.1 116.8 112.4 IU. 3 115. 7 110.0 114. 8 112.1 105.8 100.6 100. 0
•
During the last teu years the average amount of coiu held in the
Treasury has been about ninety millions, while the average amount held
in the reserves of the banks, which was largely composed of special deposits and subject to special check of the depositor, was about twentyfive millions. During this whole period gold coin has been used by the
banks as a reserve in comparatively small amounts, and by the people
only in the payment of customs duties and in the purchase of foreign
exchange. If it was used for other home purposes, it was first converted
into paper money; but since the day of resumption the Treasury note
and the national-bank note have been generally preferred in business
transactions to coin itself.
The old forms of tables, giving the amount and kinds of currency in
circulation, are now obsolete, and must be superseded b^^ new ones,
which shall include not only the paper currency but also the coin of the
country. The total amount of-the circulating medium cannot, for this
reason, be hereafter accurately given, such total being afiected by
estimates of the amount of coin in the countr}^. The latter amount is
estimated by the Director of the Mint to have been four hundred and
twenty-seven millions on the first daj^of iTovember in this year, of Avhich
amount one hundred and twenty-one millions v^as in silver coin. If this
estimate is correct, the circulating medium on that date was composed
as follows:
Treasury notes outstanding
JSTational bank notes outstanding
Gold in the Treasury, less certificates held by the banks..
Silver in the Treasury
Coin in the banks (October 2)
Estimated amount of coin held by the people
Total.
$346, 681, 016
337,181, 418
157, 960,193
50, 078, 620
42,173, 731
231,478,515
1,165,553,493
The estimated total currency of the country on ISTovember 1 thus
appears to have been more than elcA^en hundred and sixty-five miJlions,
which amount is at least three hundred and eighty millions in excess
116
REPORT ON THE FINANCES.
of the highest point reached between the suspension and the resumption of specie payment.
.
'
It Avas generally supposed that upon the day of resumption the
amount of available currency Avould be immediately increased by the
addition to its volume of the coin of the country; but it is now e^ddent
that this expectation has not been realized. The Treasury owns nearly
one hundred and fifty-eight millions of gold coin and bullion, a large
portion of Avliich is a basis for the redemption of the Treasury notes
outstanding, and fifty millions of standard silver dollars and subsidiary c8inage, none of which can properly be included in the aggregate
cuxulation. The average gold coin held by the national banks as a
reserve during the three years ending January 1, 1879, was about
thkty millions. The^coin upon the Pacific coast, in the State of Texas,
and in the mountain^ districts of the country, amounting to say forty
milhons, as well as the subsidiary silver coin outstanding, amounting
to thirty millions, had been continually in circulation previous to the
present yeap. Deducting these amounts from the total, there would
remain but about one hundred and twenty miUions of currency in excess of prcAdous years. Of this excess a large amount has probably
been for many years hoarded by the people^now estimated to number
forty-nine millions—and, if so, does not enter into circulation in any
greater degree than before resumption. The hoarders of coin and of
small saAdngs are a timid class, who do not easily part with their treasure.
The amount of coin and currencj^ in actual circulation at the present
time may not therefore be greatly in excess of the average amount during the last five years.
I t is probable that at no time since the date of suspension has so large
-an amount of currency been needed for the legitimate purposes of business as during the present year. The harvests have been unprecedentedly large, while the value of agricultural products, owing to the short
crops of other nations and the consequent demand for our products
abroad, has greatly increased. There has also been a rise in wages, in
the A-alue of manufactured goods, in provisions, and ih the prices of iron
and*other commodities.
If this statement is correct, it will explain the scarcity of currency in
the city of ISTew York during the last three months, and the consequent
demand for additional issues; the amount of national-bank notes issued
from September 1 to INovember" 26, being nine millions, which is more
than the increase for the ten months preceding. It will also explain
why the banks in ISTeAV York City have grudgingly presented for payment their legal-tender certificates, and have been obliged^ to designate
one of thek number as a depository for gold, on which Clearing-House
certificates are issued and used in settling their exchanges,
-N'otwithstanding the large increase of specie in the country during
the past year, the amount held by the banks has by no means increased
in proportion. The amount held on October 1, 1878, was $30,688,606;
on the 1st day of January, 1879, $41,499,757; and on the 2d of October
last, $42,173,732—showing an increase on that day of less than scA^en
hundred thousand dollars since the date of resumption. The more recent
returns, however, of the national banks in the city of 'New York to the
clearing-house, show a further increase of $27,633,032 of specie, and a
loss in legal-tender notes of $16,578,284, for the week ending ISTovember
22. The amount of cash reserve now required to be held by all of the
baiuks is less than ninety-four millions, as will be seen by the following
table, Avhich gives the amount held and required for the banks in the city
117
COMPTROLLER OF THE CURRENCY.
of ISTew York, in the reserA^e cities, and for the other banks, separately,
at the dates named:
IS'EW TOPK CITY.
O c t o b e r 1,
1878.
Snecie
..
Illegal-tender notes
IJnited States certiiicates of deposit
j^mount beld
Amount required
• J a n u a r y 1,
1879.'
.
O c t o b e r 2,
1879.
$13, 294, 602
14, 893, 468
21, 660, 000
$18,161, 093
16, 351, 562
18, ^95, 000
$19, 349, 868
19, 738, 584
^ 2 , 900, 000
49, 848, 070
46, 374, 285
.53, 207, 655
46, Oil, 118
51, 988, 452
51, 408, 068
9, 405, 014
19, 413, 438
10, 035, 000
11, 760, 521
21, 811, 373
9,185, 000
„ 11,348,903
19, 819, 282
13,135, 000
38, 853, 452
23, 492, 748
42, 756, 894
23, 496, 840
44, 303,185
26, 952, 810
OTHER RESERVE CITIES. "
Specie
Legal-tender notes
TJnited States certificates of deposit
Aniount beld. .•
Amountreciuired
-
-
...........
'
..
STATES A:^rD TERRITORIES.
Specie
..
•Eegal-tender notes
U n i t e d S t a t e s certificates of d e p o s i t
•>
Amount beld.
UNITED
Specie
Pegal-tender notes
. . . . .
United S t a t e s certificates of d e p o s i t
A m o u n t beld
Amount required
.
7, 988, 990
30, 064, 665
995, 000
11,578,143
32,374,428
1, 035, 000
11 474 961
29, 628, 096
735, 000
39, 048, 655
13, 738, 718
44, 987, 571
13, 807, 826
41, 838, 057
15, 419, 246
30, 688, 606
64, 371, 571
32, 690, 000
41, 499, 757
70, 537, 363
28, 915, 000
42,173, 732
69,185, 962
26, 770, 000
127, 750,177
83, 605, 751
140, 9.52,120
83, 315, 784
138,129, 694
93, 780,124
S T A T E S.
.
'
. .
:
.......
From this statement it will be seen that the banks outside of the large
cities held, on October 2, $11,474,961 of specie, which nearly equals
three-fourths of the full amount of cash reserve which they are required
to hold, while the banks in New York and in the other principal cities
held in specie considerably less than one-half of their legal cash reserve.
The Comptroller urgently recommends that all the national banks
shall take advantage of the present influx of gold to accumulate in their
vaults an amount equal to the total cash reserve required by law. He
indulges the hope that the.reports of a.nother year may show them to
be possessed of at least $100,000,000 of gold coin. If this coin, which
is still flowing into the Treasury, shall also be largely accumulated by
the banks, it will be more- likely'to become diffused among the people.
This would certainly be the case if the smaller denominations of notes
Avere withdrawn from circulation, which might perhaps be done without
inconvenience if^ postal-orders were issued in small amounts and a t a
minimum cost at every post-office.
The addition of coin to the circulation should have the effect to reduce the amount of paper money if in excess of the wants of business,
and to send homeward for redemption the legal-tender and nationalbank notes. If the legal-tender notes accumulate in the Treasurs^-,,
they cannot again be issued except upon requisitions of the gOA^ern
11&
REPORT ON THE FINANCES.
«
ment; and the accumulation of such notes has a tendency to induce
extravagant appropriations and expenditures by Congress. The law,
as it hOAv stands, requires that the Secretary shall keep in circulation
the legal-tender notes, which is not practicable; and their accumulation
by him will lead to constant agitation of the subject in Congress and
among the people, which discussions will encourage speculation and
disturb the current of legitimate business. With the influx of specie
it is important that such a paper currency shall be in circulation as can
be easily retired, if in excess. A currency is needed Avhich will act
automatically and as a regulator, like the governor in machinery or.
the balance-wheel in the chronometer. The best currency is that
which will most readily adapt itself to the needs of business, and its
relative cost should not be taken into consideration; for the best money
is always the cheapest in the end. This principle was recognized by
those Avho reluctantly^ recommended and voted tor the legislation Avhich
authorized the issue of Treasury notes as a temporary measure; and a
revicAv of the debates in Congress, Avhile that measure Avas pending before
it, will show that the principal objection to the bill was acknowledged,
both by those who faA^ored and those who opposed its passage, to be that
the gOA^ernment circulating note did not haA^e the chief attributes of a perfect currency, and that its issue would tend to disturb A^alues, and thus
derange the commerce and business of the countrj^ ^' The Treasury
note represents no business capital, and its volume is controlled, not by
the demand|j of business and the Avants of the country, but by the views
and action of political parties, and of Congress. The national-bank
note, on the other hand, is based upon eight hundred and thirty
millions of bills receivable, and an equally large amount of other assets,
a large proportion of which is readily couA^ertible into money. The deposits and balances of the banks amount to more than six hundred
niillions, and their circulating notes are promptly redeemed, Avith but
little expense to the holders, through the use of their assets, Avhich represent their capital, surxilus, and deposits. If more notes are issued to
the banks than are necessary for the requirements of business, they can
be easily retired. If a larger amount is desired, they can be readily obtained upon application in the manner proAdded by law.'^*
The Comptroller cannot too urgently ask the attention of Congress to
the folloAving AdcAvs of Secretary Chase, as submitted by him in his
annual report for 1862, just previous to the passage of the national-bank
act:
^^The recommendations, now submitted, of the limited issue of United
States notes as a wise expedient for the present time, and as an occasional expedient in future times, and of the organization of banking
associations to supply circulation secured by national bonds and convertible always into United States notes, and, after resumption of specie
payments, into coin, are prompted by no faA^or to excessive issues of
any description of credit moneys.
" O n the contrary, it is the Secretary's firm belief that by no other
path can the resumption of specie payments be so surely reached and
so certainly maintained. United States notes, receivable for bonds
bearing a secure specie interest, are next best to notes convertible into
coin. The circulation of banking associations organized under a general act of Congress, secured by such bonds, can be most suiely and
safely maintained at the point of. certain convertibility into coin. If
temporarily these associations redeem their issues with United States
* Comptroller's report for 1878, p. 22.
COMPTROLLER OF THE CURRENCY.
119
notes, resumption of specie payments will not thereby be delayed or
endangered, but hastened and secured; for just as soon as Adctory shall
restore peace, the ample re Avenue, already secured by wise legislation,
will enable the gOA^ernment, through adA^antageous purchases of specie,
to replace at once large ainounts, and, at no distant day, the whole of
this ckculation, by coin, Avithout detriment to any interest, but, on the
contrary, with great and manifest benefit to all interests.
" The Secretary recommends, therefore, no mere paper-money scheme,
but, on the contrary, a series of measures, looldng to a safe and gradual
return to gold and silver as the only permanent hasis, standard., and measure
of values recognized hy the Gonstitution,
"Ko country possesses the true elements of a higher credit; no
country, in ordinary times, can maintain a higher standard of currency
and payment than the United States."
Eesumption has made the dollar of the same value at home and
abroad. The refunding of the debt has placed idle funds in the hands
of such holders as haA^e declined to reinvest in the four per cents. The
good harA^estSj the shipment of produce, the large annual production of
gold and silver from the mines, and the importation of gold, which still
continues, will certainly make money abundant, and have already stimulated speculation to an unhealthy degree, and will be likely to do so in
the future. ISTot long hence the specie Avhich has so long been hoarded,
or which has hitherto been used only in payment to the government of
duties on imports or in the purchase of foreign exchange, wiU be brought'
into general use. The efiect of the present increasing and prospective
redundancy ofthe currency* is manifest in the transactions ofthe stock-'
board during the last three months, which are said to be the largest on
record, one-fourth of which are estimated to haA^e been based upon stocks
which pay no diAddends. Theincrease in the market value of many
classes of bonds Avhich haA^e heretofore been considered almost worthless has brought upon the inarket a flood of shares of mining and
other corporations, inany of them fictitious. The necessaries of life,
as well as articles of luxury, have sympathized in the upward moveinent, and their prices, if not already too high, are likely soon to rise
beyond a reasonable limit.
The influx and accumulation of a large amount of specie may thus
result in injury instead of benefit. The payment by the French nation
to Germany of five thousand inillions of francs brought about an unhealthy rise of prices and deranged the business of the Oerman Empire,
Avhile France, notwithstanding the prompt liquidation of its enormous
obligation, speedily recovered its wonted prosperity. In England, also,
immediately after resumption, a similar financial rcAailsion was experienced. Leone Levi, in a late address,t refers to this subject as follOAVs:
"Soon after the war ended, the Bank of England was ready to resume cash payments, and, Avith an increasing demand for produce and
manufactures, conimerce immediately rcAdved. For a time the alternation of revival and depression continued; but from 1820 to 1824 trade
was in a prosperous condition; the crops were abundant, and with an ad-dition in the amount of bullion in the Bank of England, from £1,746,000
*.The total amouut of specie imported from Jauuary 1, 1879, to November 15, is
:$75,512,392j of wMcli $65,124,200 lias • arrived siuce August 1. Tke production of
precious metals for the fiscal year 1879 is estimated by the Director of the Mint a t
$79,711,990, of Avhich $38,899,858 is gold aud $40,812,132 is silver.
t Lecture ou Commercial Crises, delivered at Kiug's College, London, by Professor
Leone Levi, Bankers' Magazine, New York, vol. xiii, i^. 43.
120
REPORT ON THE FINANCES.
in February, in 1820, to £6,092,000 in February, 1824, and a large addition to its deposits of from £5,000,000 in 1820, to £11,000,000 in 1824,
speculation began to set in in earnest. Other circumstances contributed to this end. Government came forward in 1823 with a measure
for the reduction of the rate of interest from five to four per cent, upon
consols to the amount of £135,000,000, and in 1824 for the reduction of
four to three per cent, on £80,000,000. The acknowledgment of the
South American Eepublic introduced a UCAV kind of commerce in loans
and mining in foreign countries. A large nuinber of companies were
started for railroads, mining, canals, insurance, banking, gas, &c., six
hundred and tAventy-four in number, requiring a nominal capital of
£372,000,000, for which, however, no more than £17,600,000 were actually advanced; and prices of all commodities, and of securities of aii
kinds, rose enormously, but the fall was as precipitous as the rise was
unjustified, and to unbounded credit and confidence there soon succeeded
a general distrust, during which the best securities could not be converted and- goods Avere rendered unsalable."
History repeats itself; and the experience of England, and of Germany, and our OAVU experience in former days, seem not unlikely again
to be repeated in this country.
A currency Avhich will adapt itself to the existing circumstances is
particularly needed at the present time, and it Avill be the proAdnce of
Oongress to watch carefully the indications of an excess of paper money,
and fo prevent by proper legislation the mischief and danger of a redundant and non-elastic currency.
PROPOSED SUBSTITUTION OF TREASURY-NOTES FOR
NOTES.
\ .?,
%.
'^1
H;
•^
NATIONAL-BANK
In order to saA^e the net amount of about tweh^e millions of interest
now paid by the government upon the bonds deposited by the banks to
secure their circulating notes, it is proposed to abolish the national• banking system, and to substitute additional Treasury-notes for the
notes now issued by the banks.
Such a measure, if adopted, Avill not result in profit to the government, because nearly the amount 'UOAV paid in interest to the banks,
as has already been seen, can be saved to the gOA^ernment by refunding
the bonds bearing a higher rate of interest into those bearing interest
at four per cent., while a further issue of Treasury-notes must necessarily arrest the operation of refunding the debt. The ainount of annual loss, if refunding cease, will be $10,558,030; but if refunding continue and the Avhole debt shall be eventually funded into three and
one-half per cent, bonds, there wiU be an additional saAdng of nearly
ten millions. Moreover, if, as is proposed in this measure, the government should issue all the circulation of the country in the form of Treasiiry-notes, it must keep onhand at all times, to protect this circulation, a
large amount of reserve, the interest on which would "amount to nearly
as much as the net interest now received by the national banks.
The abolition of the national banking system would be immediately
followed by the repeal of section 3412 of the Eevised Statutes, imposing
a tax of 10 per cent, upon State bank notes, thus reviving the diverse
banking systems of forty different States, and with them the former
rates of exchange between the commercial centers of the country and
other points. The banks now organized under the national system
would reorganize under the laws of the scA^eral States in which they
'" •"^S>y-^»';
COMPTROLLER OF THE CURRENCY.
121
are located; and under those laws they Avould be enabled to realize much
greater profits than they now receive, not alone from circulation, but,
in addition, from the sale, at high rates, of sight bills of exchange, rendered necessary to internal commerce by the inequality in A-alue, in different localities, of circulating notes issued under widely differing State
systems. On the other hand, the people would be subject to losses,
both on circulation and exchange, exactly corresponding to the gains of
the banks. In further support of these propositions, the Comptroller
ventures to repeat what has been previously stated by him:
" The gOA^ernment, unhke the banks, does not receive deposits nor loan
money, and it must therefore provide for the redemption of its notes
from its OAVU resources.- If it issues a small amount of currency, the
amount of reserA^e required and the expense of redemption will be sm'aU;.
but if it issues the whole paper currency of the country, it must, when
specie payments are reached, maintain a ratio of reserve equal to that
of the Bank of England or the Bank of France, which is not less in
either case than one-third of the amount of its issues. If the amount
of gOA'ernment issues should reach 668 millions, which is the present volume of the currency, a reserve of 223 millions in Coin must be kept on
hand. The interest upon this amount of reserve, at the lowest government rate (4 per cent.), would be $8,920,000. The expense of issuing
the notes and the cost of redemption Avould also be large, and the total
cost to the gOA^ernment, including the hazard attending the issue of
so large an amount of money, would not probably be less than 10 millions of dollars annually. This amount is but three millions less than
that of the net annual interest received by the national banks upon their
bonds, and is much greater than the profits derived by them from their
entire circulation.
«
" If the amount of Treasury notes should be largely increased, and be
subject, as it will, to additional increase by each successive Congress, the
ability of the government to redeem its issues will in time be questioned^.
. and the amount and proportion of reserA^e required will need to be increased, thus padding materially to the expense attending such issues,
meaiiAvhile saAdng the gOA^ernment but little, if anything, by the transaction.
•
o
" I t is belicA^ed by the Comptroller that this proposed substitution is
impracticable, and that the repeal of the national-bank act will result,
not in an additional issue of Treasury notes, but in the repeal of section
3412 °of the EcAdsed Statutes, consisting of four lines in the Statute
Book, which is as follows:
" ^ SEC. 3412. Every National banking association. State bank, or State
banking association, shall pay a tax of ten per centuin on the amount
of notes of any person, or of any State bank or State banking association, used for circulation and paid out by them.'
"The South desires the repeal of this section, because it belicA^es that
such repeal will be followed by the organization of numerous banks of
circulation under State charters, which will, for the time being, at least,
stimulate the business of that section of the countiy.
" The East and the North, and a portion of the West, in the event of
the repeal of. the National Banking System, Avill join with the South in
the repeal of this section, but for a different reason, namely, hs> prevent
the increase of the issue of GoA^ernment notes, because the^^ believe that
a system of State bank notes, at the worst, can only injure the credit of
individuals, Avhile the unrestricted issue of United States notes Avill be
likely to produce a new suspension of specie payments, and thereby in-
122
REPORT ON THE FINANCES.
jure, not only CA'ery kind of private business, but also the credit of the
nation. Those persons in the West who haA^e been erroneously led to
believe that the downfall of the National Banking System will be followed by an additional issue of greenbacks, will certainly find upon investigation that State Bank notes, not United States notes, will be
almost immediately substituted for the present uniform National currency, accompanied Avith an increase in the cost of exchange, losses to
the bill holders, and other evils which are inseparable from such issues.
" I n New York and Massachusetts, Wisconsin, Minnesota, foAva, and
other States, proAdsions either of law or of the constitution now exist,
which, prohibit the issue of circulating notes unless secured in a manner
similar to those issued under the provisions ofthe national banking system. • As a consequence of these laws and constitutional provisions, the
bonds noAv held in the Treasury at Washington will be largely transferred to the capitals of many of the States, the result being that while,
cohtrary to the expectation of many, no great saAdng of interest to the
gOA^ernment will ensue, the circulating notes of State associations, secured
and unsecured, will soon fill the places now occupied by the uniform
circulation of the national banks. But CA^^en if this circulation shall all
be well secured, it Avill be impossible, under the A^arying legislation of
different States, to secure ihe issue of a homogeneous currency of equal
value throughout the country. Many useful restrictions may be adopted,
but it woulcl be hopeless to expect all the States to agree upon a central
point of redemption outside of their own respective boundaries, or upon
a uniform s^^stem of cash reserA^e, or upon similarity in form of public
statements. State lines, as formerly, will bound the field of circulation of
many of the Southern and Western issues, while the notes of New York
and NCAV England will not only monopolize the field within their OAvn
boundaries, but will successfully contest the privilege of circulation in
those States remote from the commercial centers, which have no Eastern
agency for the redemption of their notes. Eastern communities will
suffer comparatively little from the unsound issues of other States,
but those Avhich are less favored Avith capital will, as of old, be the dhosen
field for the establishment of illegitimate corporations. * The. cost of
exchange, which under^the present s^^stem has, during the last fifteen
years, nearly disappeared, Avill be again revived. The rate will not, perhaps, be so large as in former times, but yet large enough to be a grievous burden upon the business of the country.
" Fewpersons have a just conception of the many advantages posse'ssed
by a homogeneous currency, fully secured, the issue of a single system,
redeemable at a common point, and exempt from the discount occasioned
by an irregularity of value in different localities. Great pains have been
taken to obtain an estimate of the amount of exchange issued annually
upon New York by the Western and Southern States. The amount drawn
upon New Ygrk alone is estimated at nearly three thousand millions of
dollars annually; and it will not probably be an exaggeration to say
that not less than four thousand millions of dollars are annually drawn
ill exchange by the West and South upon the East. The amounts
drawn upon each other by the banks in the commercial cities and States
of the East is also great.* In 1859 the average cost of Southern and
Western exchange upon New York was not less than from 1 to 1^ per
cent. If this latter rate should be restored, the cost of exchange alone
would be sixty millions annually; while if the rate were but one-half of
one per cent., which was the current rate in the State of NewYork in
the year 1860, a loss in exchange of twenty millions annually would en-
COMPTROLLER OF THE CURRENCY,
.
123
sue, to say nothing of the loss incident to the issues of banks not
propeii}' organized.
"The overthroAv of the present well-established system, Avith its
abundant capital and reserve, its large surplus, and its Avise proAdsions,
will be succeeded, either by two kinds of government notes, one or both
at a discount for gold and of unequal current value, or by circulating
notes issued under State aulhority. Either system will be bad. The
one will be subject to the changing opinion of each successive Congress,
and the other to the independent caprice of the legislatures of forty
States.
"The proposition is to save money to the gOA^ernment, by placing the
principal existing monetary institutions of the country in liquidation at a
time when specie payment is assured, and the nation has just entered upon
a new career of prosperity. There Avill be no saAdng to the goA^ernment,
but a loss of millions of dollars annually to the people, which loss will
increase yearly with the growth of business and commerce between the
different States."
THE VALUE OF CIRCULATION TO THE NATIONAL BANKS.
The Comptroller has, in prcAdous reports, given tables showing the
profit upon national-bank circulation. The refunding operations of the
gOA^ernment and the consequent redaction in the rate of interest upon
the bonds held by the banks as security for theh* circulating notes having diminished this profit, and the expectation that the further refunding of the public debt Avill dinunish it 3^et more, render it necessary to
again refer to the subject. The total amount of interest annually
received by national banks upon the bonds deposited for the security of
their circulation on November 1, ultimo, Avas $17,152,396.75, as will be
seen by reference to a table on page 27. If from this amount be deducted
the interest upon that portion of these bonds on which the banks receive
no circulation, namely, 10 per cent ($1,715,239.67), and the tax upon
circulation of one per cent. ($3,274,221), there wiU remain $12,162,936,
which was the net amount of interest receiA^ed by the banks on that
portion of the bonds deposited, equal to 90 per centum of the whole,
Avhich' represents the entire amount on Avhich the banks receive any additional income through the issue of circulation.
The banks now hold $7,227,700 of called bonds, Uve and six per cents,
upon which interest has ceased, Avhich are classified as four per cents in
the above calculation. The^ otherfiA^eand six per cent, bonds held by
the banks, with the exception of the Pacific Eailroad bonds, amount
ing to $4,465,000 only, known as currency sixes, will be payable by the
government in a little more than a year, and will then be converted into
bonds bearing a loAver rate of interest. If all are converted into four
per cent, bonds, the net amount of interest received by the banks, after
making the same deductions as before, will be $9,822,666. If the present capital of the national banks invested in bonds were loaned directly
upon commercial paper, or upon bonds and mortgages, at eight per cent,
it would yield annually $29,722,656. The net interest to be deriA^ed from
four i^er cent, bonds amounts, as has been seen, to $9,822,666, and the
interest upon the circulation issued upon these bonds when loaned^ at
eight per cent, amounts to $24,884,084, the interest on the bonds and the
income on circulation making a total net income of $34,706,750. The
amount by which this latter sum exceeds that Avhich the banks ma^^ deriA^e from loaning their capital directly on commercial paper, or on bonds
and mortgages, is $4,984,094, and represents the profit oh circulation.
It is equal to 1.3 per cent, on the capital invested in bonds. The folio AV
124
REPORT ON THE FINANCES.
ing statement presents in one group the figures by which these results
are obtained:
The interest at 8 per ceut. per annum on the loanable amouut of circulationis
'
$24,884,084
The interest ou the bonds deposited to secure the circulation when fuuded
into 4 j)er cents, is
14,552,096
Gross amouut received by the banks from bonds and loanable circuiatiou.
From which dednct one per cent, ofthe issuable amount of circulation as
the tax thereon and the interest. on the margin in bonds deposited
39,436,180
4,729,430
Net income upon the capital employed .•
-.
The capital necessary to j)urchase the bouds pledged by the banks loaned
at 8 per cent, i^er annum would xDroduce
29,722,656
34,706,750
Diiference, representing the profit ou circulation if the whole amount
available for use be loaned continually throughout the year
4,934, 094
If the rate of interest on loans be taken at six per cent., instead of
eight per cent, as above, a like computation shows that the profit on
circulation does not exceed 1.7 per cent, on the capital iuA^ested. That
the advantage to be deriA^ed from receiving and issuing circulating notes
is not great, is evident from the fact to AA'-hich the Comptroller has repeatedly called attention that there are in this country 1,005 State
banks and 2,634 private bankers Avho decline to reorganize under the
national system. Additional proof is also found in the fact that the
amount of existing national-bank circulation is much less than that
Avhich under the law these banks might obtain upon their present capital
by the deposit of addition^!! bonds. This is shoAvn in the following
table:
Geograpliical iliA'isidHS.
Eastern States
Middle States
Soutlierii S t a t e s
Westerii States
Pacific S t a t e s a n d T e r r i t o r i e s
Totals
Capital.
A u t h o r i z e d cir- C i r c u l a t i o n actually issued
culation.
to the banks.
$165, 086, 920
169, 700, 095
30, 428, 700
82, 751, 650
6,100, 000
$140, 418, 781
142, 024, 725
27,150, 830
73, 226, 485
5,190, 000
$118, 742, 578
115, 701, 970
24, 028, 460
. 57, 878, 997
3, 306,480
454, 067, 365
388, 010, 821
319 658 485
P e m a i n i n g circulation uot
called for b y
tbe banks.
$21, 676, 203
26, 322, 755
3,122, 370
15, 347, 488
1, 883, 520
fifi
.3.'S5 .33fi
The total amount of circulation which by law might haA^e been obtained by banks in operation, upon their paid-in capital stock, was on
October 2, $388,010,8*21, while the amount actually receiA^ed by them at
that date was $319,658,485; shoAAdng t'aat the banks already organized
and in operation are entitled to receive $68,352,336 additional circulation as soon as they see fit to deposit United States bonds to secure it.
In other words, these banks already in operation can at any time, if any
profit can be made by an additional issue, increase their circulation by
more than one-fifth.
Bonds can now be purchased in the market at a small premium, and
it is reasonable to suppose that if there AA^ere a profit on circulation, the
banks now in successful operation, An.th a capital stock fully paid in,
would at once aA^ail themseh^es of the priAdlege of receiving and issuing
the full proportionate amount allowed by laAv.
COMPTROLLER OF THE CURRENCY.
ILLEGAL CERTIFICATION OF CHECKS.
125
,
On Eebruary 19 and March 3, 1869, two extraordinary acts in reference to the business of banking Avere passed by the Eortieth Congress,
which enactments were subsequently embodied in sections 5207 and 5208
of the Eevised Statutes. The first of these sections prohibits the loaning
of money upon United States or national-bank notes as collateral security,
Avith the purpose of withdrawing such notes from use, and the latter
section prohibits the.cer tification of checks drawn upon any national bank,
unless the drawer has the money actually on deposit in such bank.
The violation of the first-named section is made a misdemeanor, and
punished h j a fine not exceeding one thousand dollars, and a further
penalty equal to one-third of the money loaned. The officer or oflicers of
the bank Avho shall make such a loan are also liable for a further penalty, equal to one-fourth of the money loaned. The penalty for the Adolation of the last-named section is forfeiture of the charter of the bank
and the appointment of a receiver to close its affairs. It,seems scarcely
credible that it should have been found necessary to prohibit by positive legislation the practice b}^ national banks, located in the principal commercial city of the country, of methods, of business so inconsistent with
the principles of good banking. But it was soon found that even this
legislatiA^e prohibition was not sufhcient in times of extraordinary activity
in the stock-board to entirely prcA^ent the illegal certification of checks.
A few months later, therefore, the Committee on Banking and Currency
of the House of Eepresentatives, after an investigation w^hicli occupied
some weeks,^* Avas instructed to inquire if any further legislation was
necessary to prcA^ent the improper certification of checks by the national
banks, and to report by bill or other^vise.
In compliance with these instructions a bill was reported, which on
June 19, 1870, passed the House, and Avhich proAdded that any officer,.
clerk or agent of any national banking association who should violate
the provisions of the act of March 3, 1869, relating to certified checks,
should be deemed guilty of a misdemeanor, and be fined not more than
five thousand dollars, or imprisoned not more thanfiA^eyears, or both,
in the discretion of the court. This bill, like similar acts which preceded it, passed the House almost unanimously and with but little
discussion. A Eepresentative from New York City, who was also a
member of the Committee on Banking and Currency, seemed to reflect
the sentiment of the House and also of his constituents when he said:
^^I concur with my colleagues in regard to reporting this bill, after careful examination of the facts ascertained by the gold iuA^estigating committee and of the statements made by the substantial merchants of NCAV
York—not the speculators, either in produce or gold, but the men of
solid parts, the men who look to the substantial inte.r<5sts of the people
outside as well as inside their city, men of character and propriety.^^
The House bill of June 19, 1870, failed to pass the Senate, but the action of the House had the effect to largely diminish, although it did not
entirely put an end to, this illegal practice.t ' •
No complaints of its renewal reached the Comptroller until recently,
* ^'Reportsof Committees, H. R., Forty-first Congress, Second Session"—Gold panic
Investigation, page 23.
t Tlie clearing-house association of the city of New York, which is comi:»osed of
forty-five national, together Avith thirteen State banks, to which latter associatious
the legislatiou named did not apply, took actiou on this subject in November, 1873, by
the appointment of a committee to consider and report upon ^'reforms in the banking
"business."
•
.'
The. committee i n t h e i r report referred to this subject as follows: ^'Every b a n k i n
126
REPORT ON THE FINANCES.
when his attention was called to the large increase of certified checks
among the clearing-house exchanges, their amount having risen from 31
millions on April 4, to 44 milhons on June 14, to 60 millions on October
2, and finally to more than 90 millions on October 30 last. He Avas also
advised of an informal conference of the presidents of some of the
prominent banks, Avith the object of dcAdsing some plan to avoid the
risk and loss of such OA^ercertifications. It had also, about the same
time, been brought to the knowledge of the Comptroller that certified
checks, draAAm upon an institution which Avas known to be largei}^ addicted to this practice, had been refused by banks in good standing;
whereupon he considered it his duty to exercise AvhatCA^er power belonged to his office for the arrest and prcA^ention of the custom complained of. He therefore, on the 29th ultimo, directed the nationalbank examiner for the city of New York to examine such banks as were
believed to be certifying checks illegally, and to report the facts to this
Office; and a separate letter was transmitted to him on the same day requesting him to consult with the clearing-house committee, and to take
its advice in reference to the best course to be pursued. The examiner
soon after reported that nine of the city banks had at A^arious times certified checks contrary to the provisions of the laAA^, but that only five of
them Avere largely given to the practice -, and he added his opinion that
the amount of such illegal certifications had been A^ery much OA'erstated
by the public press.
A subsequent investigation was made on NoA^ember 6,'AA^hich Avas conducted in such manner as to avoid publicity; and the Comptroller was
then advised that the certifications complained of had been A^ery largely
reduced in number and amount, and, in the cases of some bankSj entirely discontinued, and that it was belicA^ed that in a short space of
time all the banks Avould conform fully to the provisions of the statute.
Section 5239 of the Eevised Statutes provides that every director of a
national bank Avho participates in or assents to Adolation of laAv '' shall
be held liable in his personal and indiAddual capacity for all damages
Avhich the association, its shareholders, or any other person shall have
the associatiou is directly involved in the risks attending this practice. It multiplies
excessively the sums which sach iustitutions pass through the clearing-hoase, and the
consequent balances ofthe exchanges ^^dth their associates, which the capital of such
banks cau. never adequately guarantee.
' ' T h e most striking commentary upon the da.ugers of this practice was afforded during the late panic by the dealer of a bank who had largely received such favors, and
who, seeing by its application to others t h a t his own checks were in peril, declined,
under advice o.f counsel, to cover them by a deposit, until otherwise assured that the
bank could respond .to these very obligations.
- "No sufficient reasoij, in the opiuion of your committee, can be given Avhy a corporation should iplace itself without compensation aud special security between two parties dealing with each other, and become the guarantor of either, in transactions
entirely personal to themselves, simi^ly because one or the otjier is a depositor iu the
institution. AVe have already stated t h a t the safe custody of money payable ' on
deinand ^ is full compensation for its legitimate use, and the risks attending such a
business are all t h a t properly appertain t o t h e profession of a banker. And if the
rule be invariably observed of .certifying checks only when the drawer has the full
amount at his credit in the baulv,uo one cau be injured or offended Avhen he is treated
in all respects like every other of his fellow-dealers. The restriction suggested Avill
Avork favorably to every interest—to the banks, the shareholders, and their associates—
by dimiuishing the risks now so Avidely incurred, and it also conforms to and confirms the law Avhich Congress has established upon this subject ih respect,to natioual
bauks.
Your committee, therefore, recommend t h a t iu uo case shall a check or other obligation, be certihed by a bank unless the amount of it is first found regnlarly entered
to the credit of the .dealer upon, the books of the institution."*
'^ The report of the committee, it is said, failed of unanimous ado];)tion by four
votes only.
127
COMPTROLLER OF THE CURRENCY.
sustained in consequence of such violation." If a loss result from such
certifications or OA^erdrafts, there Avould seem to be no doubt that consequential damages may be collected from those directors who knowingly permitted them. The bank examiner has been instructed to report
to this Office CA^ery instance of OA^ercertification which may come to his
knowledge, whereupon the Comptroller Avill not hesitate to enforce the proAdsions of law in reference thereto; and in the event of the appointment
of a receiver, he will endeaA^or to haA^e determined in the courts the
question of the several liabilities of the directors for violation of the laAv
mentioned. In the mean time those banks which consider the laAv inimical to their interests have the option either to .conform to its proAdsions
or to conduct their business under some banking .system in which the
restrictions that to them are so objectionable do not exist.
The Comptroller is glad to be able to state that he has no reason to
suppose any national bank has been guilty of AvithdraAving chculating
notes for illegitimate purposes, but the exaininer has been directed to
report any Adolations of section 5207, if such shall occur; and upon the
receipt of such report the Comptroller Avill immediately transmit the
same to the laAv officer of the department for his action.
SECURITY OF CIRCULATING NOTES.
The following table exhibits the classes and amounts of United States
bonds held by the Treasurer on the i s t day of November, 1879, to secure
the redemption of the circulating notes of the national banks:
Autborizing act.
Class of bonds.
Loan of Pebruary, 1861 (81s)
Loan of July and August, 1861 (81s)
Loan of 1863 (81s)
Consols of 1867
Consols of 1868
Ten-fo]ties of 1864 . .
...
Funded loan of 1881
Funded loan of 1891
Funded loan of 1907
Pacific PaUway bonds
••-
Total
Pebruary 8,1861
July 17 and August 5,1861..
Mai-cb 3, 1863
Marcli 3, 1865
do
Marcb 3, 1864
July 14, 1870, and January
20,1871.
. . . . .do
do
July 1,1862, and July 2,1864.
Pate of interest.
Amount'.
6 per cent
do
do .;
....do
do
5 per cent
do
4^ per cent
4 per cent
6 per cent
:.
$2, 221, 000
33, 971, 750
18,549,500
33 200
75, 000
7,119,500
124,182,100
,
34,866,950
138, 318, 400
4, 465, 000
^ 363,802,400
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 infiA^eper cents. On October 1, 1870, the banks held $246,891,300 of six per cents and $95,942,550 of five per cents. Since that time
there has been, to NoA^ember 1, 1879, a decrease of $187,575,850 in six per
cent, bonds and an increase of $35,359,050 in five per cents.
During the year ending January 1, 1879, there was a decrease of
$12,677,600 in six per cents and of $6,357,800 in five per cents. Since
September 1, 1876, $34,866,950 of four and one-half per cents, and since
July 1,1877, $138, 318,400 of four per cents, have been deposited. Since
the 1st day of January, 1879, there has been a decrease of $12,652,650
in six per' cents, $63,415,600 in five per cents, and $12,138,800 in four and
one-half per cents, Avhile during the same period $102,941,450 of four per
cents have been deposited. The banks still hold $108,200 of six per cent.
fiA^e-twenty bonds and $7,119,500 offiA^eper cent, ten-forty bonds, upon
which interest has ceased.
.
128
REPORT ON THE
FINANCES.
THE COUNTRY—SPECIE IN THE BANK OF ENG-LAND AND IN THE BANK
OF FRANCE.
The table beloAv exhibits the amount of specie held by the national
'banks at the dates of their reports for the last eleven years 5 the coin,
-coin-certificates, and checks payable in coin held by the New York City
banks being stated separately.
H e l d b y n a t i o n a l b a n k s in Isfew Y o r k C i t y .
Dates.
Coin.
P . ' S . coin- Cliecks p a y a certificates . ble in coin.
Oet. 5,1868.- n , 698, 623 24 $6, 390,140
J a n . 4,1869,. 1, 902, 769 48 18, 038, 520
A p r . 17,1869:. I, -652; 575 21 '3,72*0,040
J u n e 12,1869-'. 2,.54'2, .533 .96' 11, 9.53, 680
O c t . 9,1869.. 1, 7.92, 740 73 16, 897, 900
• J a n . 22,1870.. 6,196, 036 2'9 28, 501, 460
M a r . 24,1870.- 2; 647, 908 39 21, 872, 480
- J u n e 9,1870-- 2, 942i 4,60 24 18, 660, 920
Oct. 8,1870.- 1, 607: 742 91' 7, 533, 900
Dec. 28,1870.. 2, 268, .581 96 14, 063, 540
M a r . 18,1871.. 2, 982, 155 61 13, 099, 720
9, 845, 080
A p r . 29,1871.. 2, 047, 930 71
9,161,160
- J u n e 10,1871.. 2, 249, 408 06
7, 590, 260
O c t . 2,1871-. 1,121, 869 40
Dec. 16,1871-. 1, 454. 930 73 17, 354, 740
P e b . 27,1872.. 1, 490. 417 70 12, 341, 060
659 74 10,102,400
A p r . 19,1872'.. l,.l
J u n e 10,1872.. 3, 782; 909 64 11,411,160
920, 767 37
5, 4.54, 580
O c t . 3,1872..
Dec. 27,1872-. 1, 306; 091 05 12, 471, 940
P e b . 28,1873.- 1, 958, 769^86 * 11, 539, 780
A p r . 2 5 , 1 8 7 3 - - 1, 344, 950 93 11, 743, 320
• J u n e l 3 , 1 8 7 3 - - 1,442; 097 71 22,139, 080
: S e p t . 12,1873-- 1, 063, 2.10 55 13, 522, 600'
D e c . 26,1873-- 1, 376, 170 50 18, 325, 760
P e b . 27,1874-- 1,167, 820 09 23, 518, 640
•jMay 1,1874.- 1; 530, 282 10 23, 454, 660
June26,1874... 1, 842, 525 00- 13, 671, 660
O c t . 2,1874-. 1,- 291i 786 56 13,114, 480
D e c . 31,1874-- 1, 443i 215 42 14, 410, 940
M a r . 1,1875-- 1,084, 555 54 10, 622,160
930, 105 76
5, 7.53, 220
M a y 1,1875.J u n e 3 0 , 1 8 7 5 - - 1, 023, 015 86 12, 642,180
753,
904
90
4,
201, 720
Oct. 1,1875..
869, 436 72 12, 532, 810
Dec. 17,1875..
131
363,
261,
19, 086, 920
M a r . 10,1876..
832, 313 70 15,183,760
M a y 12,1876..
- J u n e 3 0 , 1 8 7 6 . . 1, 214, 522 92 16, 872, 780
• Oct. 2,1876.. 1,129, 814 34 13, 446, 760
Dec. 22.1870-- 1, 434, 701 83 21, 602, 900
- J a n . 20,1877-- 1, 669, 284 94 33, 629, 660
A p r . 14,1877-. 1, 930, 725 59 13, 899,180
- J u n e 22,1877-- 1, 423, 258 17 10, 324, 320
Oct. 1,1877-. 1, 538; 486 47 11, 409, 920
D e c . 28,1877.. 1, 955, 746 20 19,119, 080
M a r . 15,1878.. 2, 428, 797 44 35, 003, 220
M a y 1,1878..
092 06 25, 397, 640
• J u n e 29,1878.. 1, 905, 705 22 11, 954; 500
• Oct. 1,1878.. 1, 779, 792 43 11, 514, 810
Dec. 6,1878-- 4, 009, 299 01 12, 277,180
J a u . 1,1879.- 5, 421, 552 49 12, 739, 544
A p r . 4,1879.. 5, 312; 966 90 12, 220, 940
- J u n e 14,1879.- 6, 058, 472 34 12, 291, 270
O c t . 2,1879.. 7, 218, 967 69 12,130, 900
$1, 536,353
2, 348,140
1, 469,826
975, 015
1, 013,948
2,190, 644
1, 069,094
1,163, 905
3, 994,006
3, 748,126
3, 829,881
4, 382,107
3, 680,854
1,163, 628
4, 255,631
3,117,100
4, 715,364
4, 219,419
66
49
64
82
72
74
30
88
^2
87
64
24
92
44
39
90
25
52
Total.
$9, 625,116 90
22, 289,429 97
6, 842,441 85
15, 471,229 78
19, 704,589 45
36, 888,•141 03
25, 589,482 69
22, 767,226 12
13,135, 649 33
20, 080,248 83
19, 911,757 25
16, 275,117 95
15, 091,422 98
9, 875,757 84
23, 065,302 12
16, 948,578 60
16,646, 423 99
19, 414,489 16
6, 375,347 37
13, 778,031 05
13, 498,549 86
13, 088,250 93
23, 581,177 71
14, 585,810 55
19, 701,930 50
h , 686, 460 09
24, 984,942 10
15, 514,185 00
14, 406,266 56
15, 854,155 42
11. 706,715 54
6, 683,325 76
13, 665,195 86
4, 955,624 90
13, 402,246 72
22, 348,051 3616, 016,073 70
18, 087,302 92
14, 576,574 34
23, 037,601 83
35, 298,944 94
15, 829,905 59
11, 747,578 17
12, 948,406 47
21, 074,826 20
37, 432,017 44
28, 085,732 06
13, 860,205 22
13, 294,602 43
16, 286,479 01
IS, 161,092 49
17, 533,906 90
18, 349,742 34
19, 349,
H e l d b y otb er
n ational
banks.
378, 596 49
337, 320 29
102, 090 30
983, 860 70
297, 816 37
457, 242 69
507, 060 75
332, 211 66
324, 362 14
227, 002 76
857, 409 39
456, 909 07
833, 532 18
377, 240 33
529, 997 44
559, 246 72
787, 475 47
842, 154 98
854, 409 42
269, 305 40
279, 123 67
780, 557 81
368, 909 01
282, 658 90
205, 107 08
679, 403 49
585, 027 16
812, 022 27
834, 678 67
582, 605 62
960, 390 63
937, 035 88
294, 386 44
094, 704 83
668, 659 18
729, 294 49
698, 520 66
131, 167 00.
785, 079 69
962, 046 06
410, 322 61
240, 132 19
588, 417 89
710, 413 84
832, 924 50
290, 040 58
938, 024 00
391, 264 55
004 16
771 35
664 83
656 51
545 10
873 54
Aggregate.
$13, 003,713 39
29, 626,750 26
9, 944,532 15
18, 455,090 48
23, 002,405 83
48, 345,383 72
37, 096,543 44
31, 099,437 78
18, 460,-Oil 47
26, 307,251 59
25,'769, 166 64
22, 732,027 02
19, 924,955 16
13, 252,998 17
29, 595,299 56
25, 507,825 32
24, 433,899 46
24, 256,644 14
10, 229,756 79
19, 047,336 45
17, 777,673 53
16,868, 808 74
27, 950,086 72
19, 868,469 45
26, 907,037 58
33, 365,863 58
32, 569,969 26
22, 326,207 27
21, 240,945 23
22, 436,761 04
16, 667,106 17
10, 620,361 64
18, 959,582 30
8, 050,329 73
17, 070,905 90
29, 077,345 S5
21, 714,594 36
469 92
25, 218,654 03
21, 361,647 89
32, 999,267 55
49, 709,037 78
27, 070,996 06
21, 335,820 31
22, 658,750 70
32, 907,058 02
54, 722,
46, 023,756 06
29, 251,469 77
30, 688,606 59
34, 355,250 36
41, 499,757 32
41,148, 563 41
42, 333,287 44
42,173, 731 23
. The amount of siWer coin held by the national banks on October 1,1877,
-was $3,700,703, and on October 1, 1878, $5,387,738. The amount held on
October 2, 1879, was $4,986,493. The aggregate amount of specie held
by the State bauks in New England, New York, New Jersey, Pennsylvania, Maryland, Louisiana, Kentucky, Ohio, Iowa and Wisconsin, as
shown by their official reports for 1879, was $1,971,362, of which the
banks in New York City held $1,389,551. In the returns from California
the amount of coin is not given separatel}^
129
COMPTROLLER OF THE CURRENCY,
The amount of gold and silver in the Treasury of ihe United States
on Novemberl, 1879, Avas,ingold, $171,517,713; silver coin, $50,078,620;
total, $221,596,333; of this amount $14,591,000 in gold and $6,135,850
in silver is represented by coin-certificates.
The Director of the Mint in his report for this year estimates that the
.amount of coin in the country on June 30, 1878, Avas $327,781,898, of
which $247,429,570 Avas gold and $80,352,328 Avas silver. His estimates
for the fiscal year ending June 30, 1879, are as follows:
Estimated amount of cdin in the couutry June 30, 1878
Net gold coinage for the year
Net .silver coinag-e for the year
Importation of silver for the year
$'S27,781,898
39, 290, 00926,518, 642
5,180,0l5
Total
•
Deduct net exportation of gold for the year
:...
Total estimated amount of coin in the country June 30, 1879
398,770,564
228,881
398,541,683
Of this amount it is estimated that $286,490,698 consists of gold coin,
and $112,050,985 of sih^er coin. The Director estimates that from the
close of the fiscal jrear to November 1 there has been added to the
coin $19,259,799 of gold and $9,405,370 of silver, making the stock of
coin in the couutry at the latter -date $427,206,852, consisting of
$305,750,497 of gold coin and $121,456,355 of sih^er coin. The amount
of bullion in the mints and New York assay office on November 1st is
stated to haA^e been $49,931,035 of gold and $4,553,182 of silver, making
in all $54,484,217, Avhich, added to the estimated amoimt of coin stated
above, gives, as the total estimated amount of coin and bullion in the
country on NoA^ember 1st, $481,691,069, of which $355,681,532 was gold
and $126,009,537 was sih-er.
The following table shows the amount of bullion held by the Bank of
England in each year from 1870 to 1879 :.*
(£ = 5doUars.)
$103,900,000
117,-950,000
1870
1871
1872
1873
1874
112,900,000
113,500,000
111,450,000
•..-.
(£ = 5 dollars.)^
1875
1876
1877
1878
18791
1119,600,000
..... 143,500,000
126,850,000
.....: 119,200,000
150,942,980
The amount of coin held by the Bank of France on December 31 of
each year from 1870 to 1878, and also on October 30, 1879, is shown by
the following table: |
•
Date.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Oct.
31,
31,
31,
31,
31,
31,
31,
31,
31,
30,
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
Gold^inand
bullion.
(5fr. = $L)
$85,
110,
131,
122,
204,
234,
306,
235,
196,
169,
740,
680,
740,
260,
220,
860,
080,
420,
720,
000,
000
000
000
000
000
000
000
000
000
000
Silver coinand bullion.
(5fr. =$1.)
$13,700,
16, 240,
26, 520,
31, 260,
62, 640,
101, 000,
127, 720,
173, 080,
211, 620,
241, 800,
Total.
440, 000
920, 000
260, 000
520, 000
860, 000
860, 000
800,000
500, 000
340, 000
800, 000
" Page 412, Journal of the Statistical Society, June, 1879.
t London Economist, NoA^ember 8,. 1879.
t F r o m the Bulletin de Statistique, as quoted in the Bankers'Magazine, New Y^ork,
vol. xiii, page 740, except the item for the present year, which was obtained from the
Financial Chronicle of New Y^ork, of November 15, 1879.
9 F
130
REPORT ON TflE
FINANCES,
LOANS AND RATE OF INTEREST OF NEAV YORK CITY BANKS.
The following table contains a classification of the loans of the national
banks in 'New York City for the last fiA'e years:
1
O c t o b e r 1,
1875.
October 2,
1876.
October 1,
1877.
i October 1,
;
1878.
i
October 2,
1879.
48 b a n k s .
47 b a n k s .
47 b a n k s .
47 b a n k s .
47 b a n k s .
On endorsed p a p e r
$120,189, 537
18, 55.5,100
On sino"le-narae p a p e r
4, 934, 674
On TJ. S. b o n d s on d e m a n d
50,179, 384
On o t b e r stock, &c.', o n d e m a n d .
868.160
On r e a l - e s t a t e s e c u r i t y
3, 454, 276.
P a y a b l e i n gold
3, 908, 602
A l l o t b e r loans
$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
$83, 924, 333
17, 297, 475
7, 003, 085
51,152, 021
786, 514
6, 752,181
2,670,371
$81, 520,129
22, 491, 92&
8, 286, 525
78, 062, 085
670, 021
202, 089, 733
184, 243, 225
169,162,391 j
169,585,980
195, 851, 902
.Loans a n d d i s c o u n t s .
Totals
4,821,216
The aA^erage rate of interest in Kew York City for each of thefisoal
years from 1874 to 1879, as ascertained from data deriA^ed from the Journal of Commerce and Financial Chronicle, Avas as follows:
1874,
1875,
1876,
1877,
1878,
1879,
call
call
call
call
call
call
loans,
loaus,
loans,
loans,
loans,
loans,
3.8 per
3.0 jjer
3.3 per
3.0 per
4.4 per
4.4 j)er
cent.;
cent.;
cent.;
ceut.;
ceut.;
cent.;
commercial i^aper,
commercial paper,
commercial paper,
commercial paper,
commercial paper,
commercial paper,
6.4 per
5.6 per
5.3 per
5.2 x)er
5.1 per
4.4 per
cent,
cent,
cent,
cent.'
cent,
cent.
The aA^erage rate of discount of the Bank of England for the same
years was as folloA\^s:
'
During
During
During
During
During
During
the
the
the
the
the
the
calendar year ending December 31, 1874,
calendar year ending December 31, 1875,
calendar year ending December 31, 1876,
calendar year ending December 31, 1877,
calendar year ending December 31, 1878,
fiscal year ending J u n e 30, 1879, 3.87 per
3.69 per
3.23 per
2.61 per
2.91 per
3.78 per
cent.
cent.
cent.
ceut.
cent.
cent.
The rate of interest in the city of Kew York on NoA^ember 25, of the
present^ year, as quoted in the Daily Bulletin, was, on call loans, from
5 to 7 per cent, j and on commercial paper of the best grade, from 5J
to 7 per cent.
The rate of interest of the Bank of England on INovember 29, 1877,
was four" per cent. On January 30, 1878, it A\^as two per cent., from
Avhich date to October 14, 1878, there were scA^en changes, and, with a
single exception, on May 29, a gradual increase. The rate was fixed at
the date last named at six per cent., and reduced on ISTovember 21,1878,
to five per cent.; since which time there have been changes in the rate
as folloAvs: On January 15,1879, four per cent.; on the 29th of the same
month, three per cent.; on March 12 it Avas reduced to 2J per cent., and
again on April 9 to tA^o per cent., at which rate it remained until INoA^ember 7, Avhen it was increased to three per cent., which was also at
that time the rate of the Bank of France.
TRANSACTIONS OF THE NEAV YORK CLEARING HOUSE.
The New York Clearing House Association is composed of forty-five
national a-nd thirteen State banks, and the assistant treasurer of the
United States at New York. The exclianges atthe Clearing House for
COMPTROLLER OF THE CUREENCY.
131
the year ending October 1, 1879, obtained through the courtesy of W.
A. Camp, its manager, were more than twenty-four thousand millions,
and the balances paid in money Avere more than thirteen hundred miUions. The aA'erage dail}^ exchanges Avere nearly eighty millions, and
the aA^erage daily balances paid in money Avere but about four and threetenths millions, or onlyfiA^eand four-tenths per cent, of the amount of
the settlements. .
The i^TcAV York Clearing House Avas organized in 1853, and the following table exhibits its transactions and the amount and ratio of currency
required for the payment of daily balauces, yearly, for the last twentj^-six
years:
Years.
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
N o . of
banks.
*Capital.
Excbanges.
50
48
• 50
50
4647
50
50
50
50
49
55
58
58
59
59
61
62
61
59
59
59
59
58
57
59
$47, 044, 900
48, 884,180
52, 883, 700
64, 420, 200
67,146, 018
67, 921, 714
69, 907, 435
68, 900, 605
68, 375, 820
68, 972, 508
68, 586, 763
80, 363, 013
82, 370, 200
81, 770, 200
82, 270, 200
82, 720, 200
83, 620, 200
84, 420, 200
84 420 '-^OO
83, 370, 200
81,63.5,200
80, 435, 200
81, 731, 200
71, 085, 200
63, 611, 500
60, 800, 200
$5, 750, 455, 987
5, 362, 912, 098
6, 906, 213, 328
8, 333, 226, 718
4,756,664,386
6, 448, 005, 956
7, 231,143, 057
5, 915, 742, 7.58
6, 871, 443, 591
14, 867, 597, 849
24, 097,196, 656
26, 032, 384, 342
28, 717,146, 914
28, 675,159, 472
28, 484, 288, 637
37, 407, 028, 987
27, 804, 539, 406
29, 300, 986, 682
32, 636, 997, 404
33, 972, 773, 943
20, 850, 681, 963
23, 042, 276, 858
19,874,815,-361
20, 876, 555, 937
19, 922, 733, 947
24, 553,196, 689
Averase
Balances paid A v e r a g e dailj daily bfilin raoney.
excbanges. ances paid
in m o n e y .
$297, 411, 494
289, 694,137
334, 714, 489
365, 313, 902
314, 238, 911
363, 984, 683
380, 693, 438
353, 383, 944
415, 530, 331
677, 626, 483
885, 719, 205
1, 035, 765,108
1,066,135,106
1,144, 963, 451
1,125, 45.5, 237
1,120, 318, 308
1, 036, 484, 822
1, 209, 721, 029
1, 213, 293, 827
1,152, 372,108
971, 231, 281
1,104, 346, 845
1, 009, 532, 037
1, 015, 256, 483
9.51, 970, 454
1, 321,119, 298
172, 217, 969 +498, 692,168, 926 |21,156, 276, 411
$19,104, 505
$988, 078
17, 412, 052
940, 565
22, 278,108
1, 079, 724
26, 968, 371 1,182, 246
15, .393, 736 1, 016, 954
•20,867,333
1,177,944
23, 401, 7.57 1, 232, 018
19, 269, 520 1,151, 088
22, 237, 682 1, 344, 758
48, 428, 658 • 2.207,2.52
77, 984, 455 2, 866, 405
84, 796, 040 3, 373, 828
93, 541,195 3, 472, 753
93,101,167
3,717.414
92,182,164
3, 642,-250
121, 4.51, 393 3, 637, 397
90, 274, 479 3,365,2109.5,133, 074 3, 927, 666
105, 964, 277 3, 939, 266
111, 022,137 3, 765, 922
68,139, 484 3,173, 958
75, 301, 558 3, 608, 977
64, 738, 812 3, 288, 381
.68, 447, 724 3, 328, 710
65,106, 974 3, 111, 015
79, 977, 839 4, 303, 320
Patios.
Pr. ct.
5.2
5.4
4.8
4.4
6.6
5.6
5.3
6.0
6.0
4.6
3.7
4.0
3.7
4.0
4.0
3.0
3.7
4.1
37
3.4
4.7
4.8
5.1
4.9
4.8
5.4
t62, 408, 634 +2, 647, 811'.
4.2
*Tbe capital stock is stated at various dates, tbe amonnt <at a uniform date in eacb year not being
obtainable,
t Yearly averages for twenty-six years.
; Totals for twenty-six years.
The Clearing House transactions, of the assistant treasurer o f t h e
United States at ISTew York, from the 25th of Ii^ovember, 1878, when he
became a member of the Clearing House Association, to November 1,
1879, were as follows:
°
Exchanges received from Clearing House
|374, 503, 874
Exchanges delivered to Cleaning House
105,551,028
Balances paid to Clearing House
275,295,908
Balances received from Clearing House
6, 343, 062
Showing t h a t t h e amount paid by t h e assistant treasurer to t h e Clearing
* House was in excess of t h e amount received by him
268,952,846
During the month of October last the exchanges made at the Clearing
House amounted to $3,539,807,083, Avhich included the business of the
assistant treasurer, amounting to $44,323,506. The balances paid during that month amounted to $130,138,117, including $27,037,192.paid by
the assistant treasurer, of which $13,475,000 Avas paid in gold, while the
132
REPORT ON THE FINANCES.
banks paid $28,180,000 in gold, making the total gold payments for the
month $41,655,000, or a dady aA^erage of $1,581,000—$1,080,000 by the
banks, and $501,000 by. the assistant treasurer.
A table compded, for purposes of comparison, from returns made to
the IsTew York Clearing House, Avill be found in the appendix, giving
the clearings and balances Aveekly, for the months of September, October and KoA^ember of A^arious years, from 1869 to 1879.
NATIONAL-BANK AND LEGAL-TENDER NOTES BY DENOMINATIONS.
CIRCULATINO-NOTES OF THE BANK OF FRANCE AND IMPERIAL BANK
OF G-ERMANY BY DENOMINATIONS.
The folloAving table exhibits, by denominations, the amount of nationalbank aud legal-tender notes outstanding on ISToA^ember 1, 1879:
1879.
Denominations.
A m o n n t of
n a t i on alb a n k notes.
Onds
Twos
Pives
-Tens
Twenties
—
Pifties
One-bundreds
•
Pive-bundreds
One-tbonsands
Pive-tbousands —
Ten-tbousands
•
•
A d d for fractions of n o t e s n o t
p r e s e n t e d or d e s t r o y e d
$3,
2,
97,
109,
72,
21,
26,
Totals
D e d n c t for legal-tender n o t e s des t r o y e d i n Cbicago lire
Totals.
567, 200
092, 498
911, 820
736, 240
652,160
324, 900
911, 600
641, 500
283, 000
Amountof
legal-tender
notes.
1877.
Aggregate.
Aggregate.
Aggregate.
$19, 320, 302
18, 938, 365
61, 611, 033
7.1, 711,* 318
68, 793,'773
24, 853, 045
31, 428,180
22, 446, 500
22, 828, 500
3, 250, 000
2, 500, 000
$22, 887, 502
21, 030, 863
159, 522, 853
181, 447, 558
141, 445, 933
46,177, 945
58, 339, 780
23, 088, 000
23,111,500
3, 2-50, 000
2, 500, 000
13, 5,86
11, 561
10, 800
335,134, 504
347, 681, 016
682, 815, 520
667, 333,137
671, 372, 882
1, 000, 000
1, 000, 000
1, 000, 000
335,134, 504
' 346, 681, 016
681, 815, 520
13, 586
$24, 652,
22, 915,
148,116,
168, 908,
131, 785,
47, 658,
58, 331,
31,159,
33, 794,
750
066
015
071
709
995
470
000
500
$28,
26,
146,
161,
126,
52,
58,
35,
34,
606, 915
883, 428
444, 048
459, 711
290, 995
363, 815
976, 670
956, 000
380, 500
'1,000,000
670, 372, 882
Section 5175 ofthe Eevised Statutes provides that ^^ after specie payments are resumed no association shall be furnished with notes of a less
denomination thanfiA^edollars.'' Accordingly no notes of the denominations of one and tAvo dollars have been issued since the first day of
January last. The amount of these«notes outstanding on the 1st of
IS^A-emiDer, 1878, was $4,284,219 in ones, and $2,582,146 in twos. The
Avhole amount of one and two dollar notes outstanding on the 1st of
INoA^ember, 1879, Avas $5,659,698, AA'hich shoAvs a reduction during the
past year of $1,206,667. The amount of legal-tender notes of these denominations outstanding on the 1st of l^OA'Cmber, 1878, vvas $40,701,451,
and the total reduction of ones and twos during the year has been
$2,442,784. Of the entire amount of national-bank and legal-tender
notes UOAV outstanding, six per cent, consists of one and two dollar notes j
thirty per cent, of ones, twos, and fiA^es; and fifty-six per cent, is in
notes of a less denomination than twenty dollars. Of their entire issue,
less than twen ty-two per cent, in amount is of the denomination of fifty
dollars and upwards.
133
COMPTROLLER OF THE CURRENCY.
The following table* exhibits by denominations the circulation of the
Imperial Bank of Germany on January 1, 1879, in thalers and marks,
Avhich haA^e been coiwerted into our currency:
.
Tbalers.
Marks.
N u m b e r Denomina- V a l u e ofeach
p i e c e i n dolof pieces.
tions.
lars.
194
2,517
1, i m
9,194
9, 311*
22, 962
500 t b a l e r s .
100 t b a l e r s .
50 t b a l e r s .
25 t b a l e r s .
10 t b a l e r s .
A m o u n t in
d o l l a r s . jSTnmber of
(Tbaler=
pieces.
75 c e n t s . .
375.00
75.00
37.50
18. 75
7.50
72, 750
188, 775
6.5, 456
172, 388
69,836
569, 205
218, 444
207, 018
3, 395, 059^
.
Denomiuations.
Value ofeach A m o u n t in
dollars.
piece i n dol(Mark =
lars.
25 cents.)
1,000 m a r k s .
500 m a r k s .
100 m a r k s .
250
125 •
25
54, 611, 000
25, 877, 250
84, 876, 487
•>
3, 820, 521^
165, 364, 737
The following table* gives the circulation of the Bank of France and its
branches, Avith the number of pieces, and the denominations in francs
and in dollars, on January 30,1879:
N u m b e r of pieces.
Denominations.
5.
1, 382, 379
753, 599
3,087
.5, 046, 031
316,166
29, .525
426, 537
206, 653
• 1,245
5, 000 francs.
1, 000 francs.
500 francs.
200 francs.
100 francs.
50 francs.
25 francs.
20 francs.
5 francs.
Pormsoutofdate.
8,165,227
V a l u e o f eacb piece
i n dollars.
1,000 •
200
100
40
20
10
5
4
1
, "
A i n o u n t i n francs.
A m o n n t i n dollars.
(Pr. = 20 cents.)
25, 000
1, 382, 379, 000
376, 799, 500
617, 400
504, 603,100
15, 808, 300
738,125 8, 530, 740
1, 033. 265
436, 400
5,000
276, 475, 800
75, 359, 900
123, 480
100, 920, 620
3,161, 660 •
147, 625
1, 706,148
206, 653
87, 280
2, 290, 970, 830
458,194,166
The amount of chculation of the Bank of France on December 31,
1877, Avas 2,547,044,000 fi-ancs, or say $509,408,800, showing a reduction
between that time and January 30,1879, the date of the foregoing table,
of 256,073,170 francs, or $51,214,634. ',
I t Avill be seen that the Imperial Bank of Germany issues no notes of a
less denomination than $7.50, and that the Bank of France issu.es but
about two millions of dollars m notes of a less denomination than five
dollars. The Bank of England issues no notes of less than twenty-five
dollars, and the Banks of Ireland and Scotland none less than Aye dollars.
The amount of paper circulation in this country in denominations of
less than ten dollars was $203,441,218 on I^^ovember 1, 1879. In the
foreign countries named a large amount of sih^er and gold coin of the
lower denominations enters into general circulation. If the people of
the United States continue to prefer a paper circulation of small notes,
and the laws of the country authorize it, it will be impossible to keep in
circulation any large amount of silver dolhirs, or of the smaller denominations of gold coins.
Section 5182 of the Eevised Statutes requires that the circulating
notes of the national banks shall be signed by the president or vice'"^See pages 788 and 79:-) nf London Bankers' Magazine for Septeniber, 1879.
134
REPORT ON THE FINANCES.
president and the cashier of the association issuing the same. The Avritten signature of at least one bank officer is necessary as a check between
this office and the issuing banks; for if an illegal issue should occur the
signature of such officer Avouldbe a meansof determining the genuineness
of the note. The written signatures of the officers of the banks are also
necessary as an additional precaution against counterfeiting. A number
of the banks, hoAvever, issue their notes Avith printed signatures, and in
some cases with badly-executed lithographic ones.
Bills haA^e been introduced in Congress imposing a fine of twenty dollars for CA^ery circulating note issued by any national bank Avithout the
written signature thereon of at least one of its officers; and the Comptroller respectfullj^ repeats his previous recommendation for the passage
of such an act, which act shall also impose a fine upon any engraA^er or
lithographer who shall print the signatures of bank officers upon such
circulating notes.
LIQUIDATION OF INSOLA^ENT BANKS.
Since the establishment of the national banking system eighty-one
national banks haA^e become insoh^ent and been placed in the hands of
receiA^ers. The following table giA^es for each State and Territory the
number of national banks which haA^e failed since the commencement
of the system, a period of sixteen years, with their capital, the amount
and percentage of diAddends paid to creditors, and the estimated losses.
In the States and Territories Avhich do not appear in this table no
national banks haA^e failed.
state.
N o . of
banks.
Claims
proved.
$100, 000
$81, 665
60, 000
97, 541
4,176,100
5, 896, 653
1, 449, 500
2,108, 522
830, 000
2,123, 303
900, 000
1, 447, 673
100, 000
291, 308
50, 000
33, 632
1, 600, 000
2, 981, 554
• 50,000
74, 406
50, 000
15,142
100, 000
376, 932
3, 250, 000 2, 786, 850
250, 000
382,137
332, 000
525, 785
2, 750, 000 3, 828, 368
50, 000
134, 445
180, 000
311,190
200, 000
318, 048
200, 000
169, 458
225, 000
389, 997
150,000
89, 200
250, 000
170, 012
150, 000 • 225,651
Vermont
Connecticnt
New York . . . .
Pennsylvania
D i s t . of C o l u m b i a .
Viroinia
Alabama
Missis-sippi
Louisiana
Texas
Arkansas
Tennessee
Missonri
'...
Obio
Indiana
Ulinois
Wisconsin
Iowa
Minnesota
Kansas
Colorado
Utab
Nevada
Montana
Total.
Capital.
81
17,452,600
24, 859, 472
Dividends
l)aid.
$20, 378
82, 910
5, 298, 997
1, 069, 539
1, 501, 998
677, 940
122, 349
11, 771
1, 989, 837
7,307
15,142
65, 335
1, 831, 681
215, 446
277, 966
1, 972, 498
47, 055
182,311
216, 275
80, 888
52, 816
21, 7.56
153, 012
60,116
15, 975, 223
Estimated
dividends
y e t to b e
paid.
$57, 287
4,631
325, 025
517,183
196, 635
66,159
68, 817
7,099
620,169
13, 635
86, 819
358, 672
17, 390
33, 881
52, 773
18,169
169,181
30, 535
2, 644, 060
Estimated
losses.
Percentage
of claims
paid.
$4,000
10, 000
272, 631
521, 800
424, 670
703, 574
168, 959
21, 861
922, 900
60, 000
311, 597
335, 000
153, 056
161, 070
., 497,198
70, 000
94, 998
49, 000
70,401 I
168, 000 ,
67,444 I
17, 000 i
135, 000 i
:, 240,189
25
85
89.86
50.72
70.74
46.83
42
35
66.74
10
100
17.33
65.73
56.38
52. 87
57. 50
35
58.3
13. 54
24.40
90
' 26. 64
64.3
There is no means of definitely determining the amount of losses sustained through the failures of banks operating under systems in A^ogue
during the earlier periods of the history of this country. The losses
under those systems, both to the note holders, to AA^hom there can be no
loss under the national system, and to their general creditors and shareholders, are known to liaA^e been large. The loss to noteholders alone
is estimated to haA^e been 5 per cent, annuallj^ upon the total amount of
circulation outstanding. In EUiot's Funding System, on page 1176, it
COMPTROLLER OF THE CURRENCY.
135
is stated that fifty-five banks with an aggregate capital of $67,036,265,
and circulation of $23,577,752, failed in 1841. The total bank capital of
that year is stated h j the same authority to have been $317,642,692, and
the circulation at $121,665,198; and it is also stated in the same connection that in nearly every instance the entire capital of the banks
Avhich failed was lost.
Numerous failures of priA^ate banking firms haA^e occurred in this
country within the last six years, and the losses consequent upon three
or four of them are equal to the total losses which haA^e occurred under
the national system.
For the purpose of comparing the losses to creditors of insolvent
national banks with those sustained by the creditors of insolA^ent banks
other than national, much pains haA^^ been taken by the Comptroller to
obtain as reliable and complete statistics as possible relating to the
failures of State and saAdngs-banks and private bankers in the difierent
States during the three 3^ears ending Januaiy 1, 1879. The results of
his labors in this direction are to be found in the following table:
state.
Maine
-.
New Hamx)sbire
Massacbusetts..
Boston
Pbode Island . . .
Connecticnt
New York
New York City.
Pennsylvania...
New Orleans
Kentucky
Obio....".
.Indiana
Illinois
Micbigan
Iowa
Minnesota
Missouri
Kansas
Nebraska
Colorado
Cahfornia
Dakota
Total
No. of
banks.
Claims.
A m o u n t paid
a n d to b e
i:)aid.
$5,127, 995
- 4, 864, 216
$4, 370, 524
3, 622, 804
4, 436, 457
2, 670,158
3, 989, 799
5, 551,186
10, 746, 554
12, 601, 826
2,
066, 805
3, 960, 821
332, 081
1, 236, 567
27, 978, 699
22,185, 547
819, 000
1, 386, 083
277, 638
1, 597, 393
161, 690
325, 380
3, 054,135 ' 1,138, 085
281, 778
466, 233
3, 915,169
10, 038, 221
135, 372
637, 407
85, 266
730, 786
• . 45,708
78, 000
Not given... Not given...
97, 875
337, 082
24, 000
110, 000
31, 500
90, 000
3, 786, 541
1,137, 783
18, 000
45, 000
88, 440, 028
58,152, 638
Losses.
$757,471
1, 241, 412
1, 766, 299
1, 561, 387
1, 855, 270
1, 894, 016
904, 486
5, 793,152
567, 083
1,319,755
164,190
1, 916, 050
184,455
6,123, 052
502, 035
645, 520
32, 292
2, 200, 000
271, 207
183, 271
58, 500
2, 648, 758
27, 000
32, 616, 661
The amount of claims of five banks in Missouri, one in Kansas, and
two in ISTebraska could not be obtained.
In the foregoing table it has been found impossible to give the capital,
or the exact amount of diAddends paid to creditors, the liabihties and the
losses only haAdng been ascertained with any degree of accuracy. The
differences betA^^^een the tAvo items last named represent the amount which
it is assumed will eventuallj^ be paid to creditors. The aA^erage annual
loss sustained by creditors during the past sixteen years b y t h e insolvencj^ of national banks throughout the IJnited States, has been $390,012,
and that occasioned by the failures of banks other than national, as
shown by the incomplete data obtained by the Comptroller, has for. the
last three years been not less than $10,872,220.
In the States of Ohio and Illinois' alone the losses during the last
three years, through the failure of State, saAdngs, and private banks
and bankers, aggregated $8,039,102, of AA^hich $1,916,050 were in Ohio,
and $6,123,052 in Illinois. The total loss in these two States is greater
by $1,798,913 than the total loss to creditors by all the national bank
failures Avhich haA^e CA^er occurred.
136
REPORT ON THE FINANCES.
In the next table the losses to creditors through the failures of national
banks in the cities of ]STew York and Brooklyn, since the establishment
of the sj^stem, are contrasted with those sustained through the insolvency of savings-banks in the same cities during the last eight years
alone, with the names of the banks and the dates of the appointment of
receivers:
NATIONAL BANKS.
N a m e of b a n k .
Ocpa.n N a t i o n a l B a n k
Eigbtb National Bank
Atlantic National Bank
D a t e of appointment
o i receiver.
Sept
Oct.
Dec.
Dec.
Dec.
Apr.
Sept.
T o t a l s for n a t i o n a l b a n k s
.
-Liabilities,
Dividends
paid.
6 1867 i??i 181 107
164, 834
1,1867
1, 282, 254
.13,1871
1.57,120
15,1871
263, 541
15,1871
574, 512
28,1873
776, 798
22,1873
$1,138, 732
145, 878
1, 282, 2.54
157,120
263,541
524,116
776, 778
4, 400, 256
Estimated
f u t u r e div- E s t i m a t e d
losses.
idends.
$42,465
18, 956
$20, 396.
30, 000
4, 289, 439
20, 396
91, 421
$25, 930
881, 334
180, 005
$10, 560
128, 489
16, 971
29,190
56, 945
529,157
533, 569
617, 740
371, 398
1, 032, 281
253, 747
391, 830
• 54,683
86, 792
223, 082
1,158, 965
440, 500
209, 471
11, 867
125, 279
4,300
28, 082
$51, 507
275, 071
334, 295
102, 545
21, 723
40, 888
45,556
355, 631
18, 000
239, 738
605, 966
348, 940
161 876
120,162
72, 911
113,497
156, 615
267, 762
44, 050
1, 047, 054
67, 247
2, 027
7, 076, 267
1, 401, 720
4, 475, 061,
SAVINGS-BANKS.
Abingdon Square Savings B a n k
B o n d S t r e e t S a v i n g s Ba.nk
B o w l i n g G-reen S a v i n g s B a n k
Clairmont Savings B a n k
Clinton Savings B a n k '
Central P a r k Savings B a n k
G-erman S a v i n g s B a n k of M o r r i s a n i a . .
G-erman U p t o w n S a v i n g s B a n k
Gruardian S a v i n g s B a n k
L o n g I s l a n d S a v i n g s B a n k of B r o o k l y n
Mailcet Savings B a n k
Mecbknics' and Traders' Savings B a n k
M u t u a l Benefit S a v i n g s B a n k
N e w A m s t e r d a m Savings B a n k
O r i e n t a l S a v i n g s B a n k . ..
P e o p l e ' s Savinf^s B a n k
Security Savings B a n k
Six P e n n y S a v i n g s B a n k
Teutonia'Savings Bank
Tbird A v e n u e Savings B a n k
Traders' Savings B a n k
Yorkville Savings Bank
T o t a l s for s a v i n g s - b a n k s
Aug.
Sepl.
Nov.
Sept.
Julv
Nov.
July
Dec.
Nov.
Sept.
Jan.
July
Nov.
Sept.
Dec.
Nov.
June
Mar.
Apr.
Oct.
Nov.
June
28,1876
$87, 997
26,1876
1, 284, 894
20,1876
.514, 299
—, 1877
102, 545
.17,1877
67, 885
30,1875
40, 888
15,1877
227, 779
7,1875
889, 088
17,1871
561, 652
14,1877
857,478
20,1872
977. 364
13,1876 . 1, 4.53, 916
28,1875
437, 496
29,1876
511, 992
.19,1877
182, 278
30,1875
200, 288
28,1876
395, 518
29,1878
1, 783, 408
26,1878
881, 000
—,1875
1, 396,138
—, 1876
79,114
24,1877
20, 027
12, 953, 048
72, 696
21, 874
54, 683
15,
356,
396,
139,
821
682
450
614
The total losses by saAdngs-banks in JNew^ York City for eight years,
as shown by the aboA^e table, the data for Avhich, in reference to saAdngS:
banks, AA^ere obtained from the report for 1879 of the superintendent oi
the banking depa,.rtment of the State of IS^ew York, have been $4,475,061,
and those by national banks in the same citj^ for sixteen years, $91,000.*
Some inquiiy has been made in reference to ihe expense of liquidating
the affairs of national banks through the agency of receiA^ers, an impression haAdng prevailed that these expenses usually exhaust a large
proportion of the assets. The folloAving table has therefore been prepared, AYhich show^s by States and Territories the cost of the receiverships of insolvent national banks up to jSloA^ember 1 ofthe present year,
^Data supplied by Dun. Barlow & Co., Avitli reference to the failure.s in Ne^y York
City of trust companies, State and savings-banks, pri^^ate banking firras, and stock
and money brokers, show failures since September, 1873, numbering 191. The aggregate liabilities reporfced in these cases were $74,704,478, and the aggregate assets
$49,974,054, the excess of liabilities over assets bein^' $.24,730,424.
137
COMPTEOLLER OF THE CURRENCY
in the form of percentages of the total expenses to the amount of money
collected:
s t a t e s a n d T e r r i - N o . of
Capital.
banks.
tories.
A'^ermont
Connecticut ..-.•...
New York ... .
NewYork City....
Pennsylvania
D i s t . of C o l u m b i a . .
Virginia
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Obio
Indiana
Ulinois
Cbicago
Wisconsin
MinuPS'^ta . . . . f..
loAva
Missouri
Saint Louis
Kansas
Colorado
Utah .
Nevada
Montana
-Totals
Total net
casb
collected.
$100, 000 $126, 430
60, 000
115, 832
1, 476,100 3, 727, 957
2, 700, 000 5, 585, 049
1, 449, 500 1, 447, 659
830, 000 2, 243, 066
900, 000 1, 404,186
100, 000
249, 952
50, 000
47, 061
1, 600, 000 3, 358, 869
50, 000
54, 986
50, 000
66, 742
• 100, 000
158,182
401, 974
250, 000
545, 927
332, 000
234, 608
100, 000
2, 650, 000 2, 911, 583
50, 000
109, 874
200, 000
401, 029
180, 000
380, 794
750, 000
.559,792
2, 500, 000 1, 660, 678
200, 000
204, 448
225, 000
218, 820
150, 000
7.5, 332
250, 000
347, 982
150, 000
186, 650
Eeceiver's
salary.
Legal
Otber
expenses. expenses.
$722
00
52
26 26, 456
45 101, .550
73 15, 548
17 7,547
53 21, 695
67 22, 083
14 2, 797
95 79, 068
2, 023
54
224
67
00
30
98
32
06
91
56
22
66
89
00
76
15
11
00
10
20
85
13
70
25
90
50
10
25
41
48
27
82
30
77
05
74
88
01
83
95
28
98
Total
expenses.
97
00
22
46
29
34
16
23
86
62
53
54
96
59
79
64
96
40
47
78
21
18
36
62
94
13
23
1.5
5.8
- 7.8
7.7
4.9
4.2
4.7
13.9
18.8
8.2
8.1
12.4
L8
6.86.2
8.5
5.3
8.4
5.8
9.8
5.2
4.1
10.4
12,9
15.0
15.0
3.7
81 17, 452, 600 26, 825, 477 76 848, 644 70 521, 074 44 418, 658 34 1, 788, 377 48
6.7
1
1
11
6
10
3
4
1
1
3
1
1
1
3
5
2
7
1
2
3
4
1
3
2
1
1
2
27 $1, 201 30
82 4, 075 00 $2, 000
89 148, 075 66 84, 227
67 189, 729 03 140, 721
95 41, 676 24 14, 074
82 60, 595 11 25, 201
49 36, 424 72 8, 734
95 1, 600 00 11, 049
51 4, 545 50 1, 506
62 97, 777 01 98,861
36 2, 416 64
02 1, 650 00 6, 372
82 2, 847 96
45 17, 383 42 1, 201
80 19,136 16 7, 262
04 8, .333 26 7, 668
85 • 57, 701 14 52, 567
52 5,125 00 1, 951
84 9, 606 50 8, 204
54 26, 740 88 7, 014
83 12, 505 34 6, 073
54 32, 096 60 9, 882
96 12, 236 10 8,130
10 . 12, 074 89 8, 072
57 6, 337 49 1,165
08 31, 253 75 9, 091
45 5, 500 00
40
9,116
7, 446
3, 847
43, 922
2,127
5, 571
3, 647
10, 774
25, 714
996
8,105
3, 826
12, 315
1, 474
$1, 923
6,127
258, 759
432, 001
71, 299
93, 343
66, 855
34, 733
8, 848
275, 707
4, 440
8, 246
2, 847
27, 701
33, 844
19, 848
154,190
9, 203
23, 382
37, 402
29, 353
67, 694
21, 362
28, 253
11, 329
52, 660
7, 015
Per
cent, of
totalex;^enses
to net
casb.
Jf that portion of the amount realized from the sale of United States
bonds which was necessary to redeem the circulation be omitted from
the item of cash collected, the total expense of the liquidation of insolA^ent banks would be at the rate of 9.73 per cent.
A great many off'sets are allowed by the receiA^ers, in cases where
parties haAdng credits on the books of the bank are also indebted to it.
Bad and doubtful assets are frequently compounded, or are exchanged
for proved claims against the bank, under order of the court as provided by law. The cost of these operations is included in expenses
in the foregoing table, but the sums thus liquidated do not appear in the
amount of net cash collectedo
Below is giA^en a table showing the expense of Uquidating the affairs^
of each insoh^ent national bank in the city of Kew York:
i
N a m e of b a n k .
I Total net Eeceiv- Legal
C a p i t a l . ' c a s b col- e r ' s sal- expen: lected.
ary.
ses.
Otber
expenses.
Total
exj) enses.
'.
P e r cent,
Per
of t o t a l
cent,
expenses paid to
to total
credic a s b col- t o r s .
lected.
$200, 000 ' $374, 009 $22, 500 $17, 242 $8, 368 $48,109
Croton National Bank
1, 000, 000 ;2, 341, 819 85, 730 72, 837 35. 320 193, 888
Ocean N a t i o n a l B a n k
4,831 1
580 15,410
P n i o n S q u a r e N a t i o n a l B a n k . 200,000.1 242,544 10, 000
9,435 1 9,236 39, 208
Eigbtb National Bank
250, 000
546,142 20, 536
22,
739
27,
250 67,135
17,146
300,000
782,992
Atlantic National Bank
N a t i o n a l B a n k of Common13,637
j
20,797
68, 251
33,
817
wealtb
750, 000 |1, 297, 543
12.8
8.3
6.3
•7.2
8.5
5.3
100
2,700, 000 :5, 585, 049 !l89, 729 140, 721 101, 551 432, 001
7.6
98
• 88. 5
100
100
100
90-
138
REPORT ON THE FINANCES.
A large portion of the expense incident to the receiA'Crships of insolvent banks usually arises from htigation. Many persons Avho punctually
pay their obligations to a bank which is in operation, do so only at the
end of a lawsuit when the same bank has been placed in the hands of
a receiver. Complicated questions arise in the enforced settlement of a
bant's affairs, AAdiich are frequently carried up to the court of last resort
before they are finally determined. The time necessary to the final closing of an insolvent bank beiug thus extended, the expenses of the receiA'erships are increased. In the case of national banks, howcA^er, these
expenses are reduced as much as possible, by decreasing the salaries of
the receiA^ers and their assistants as the busiuess of settlement of their
affairs diminishes.
Although the expense attendant upon the liquidation of the affairs of
insolA^ent national banks appears, in some instances, to be large, yet it
is believed that the cost of receiversliips under the national system is
very much less than that usuallj^ incurred in the liquidation of insolvent
estates and corporations under the laws of the different States.
NATIONAL BANK FAILURES.
Since KoA7;ember 1, 1878, receivers have been appointed for banks in
operation at that date as fOUOAVS :
CaiDital.
First National Bank, AVarrensburg, Mo
German-American National Banlv, Washington, D.C
Commercial National Bank, Saratoga Springs, N. Y
National Bank, Poultney,A7't
First National Bank, Monticello, Ind
First National Bank, Butler, Pa
$100, 000
130, 000
100, 000
100,000
50,000
50,000
530,000
Eeceivers have also been appointed for the German ISTational Bank oi
Ohicago, 111., and for the Second ISTational Bank of Scranton, Pa., both oi
which banks had prcA^iously gone into volunfcary liquidation. This action
was rendered necessary by complaints received that the affairs of these
associations were not being properly managed by the officers or agents
having them in charge, and the appointments were made under authority
of the act of June 30, 1876.
Dividends haA^e been paid to the creditors of six of the banks which
have failed since I^ToA^ember 1, 1878, as follows:
First National Bank of AA^arrensburg, Mo
German-American National Bank, Washingtou, D. C
German National Bank, Chicago, 111
Commercial National Bank, Saratoga Springs, N. Y
National Bank of Poultjiey, Vt
First National Bank of Butler,Pa
10 per cent,
10 per cent.
25 per cent.
60 -pev cent.
25 i^er cent.
*. . . . . . . 15 per cent.
T]ie aggregate ainount of these diAddends is $187,752.83, and their
aA^erage per cent, to claims proA^ed is 22.66.
I* Dividends have also been paid to the creditors of banks which had
failed prior to E'oA^ember 1, 1878, as follows:
First National Bank, New Orleans, La
•Ocean National Bank, New York City
~
€rescen.t City National Bank, NCAY Orleans, La
Atlantic National Bank, New York City.
5 per cent.; total, 70 jDer
5 per cent.; total, 100 per
5 per cent.; total, 80 per
5 peixceut.: total, 90 per
cent.
cenfc.
cent.
cent.
COMPTROLLER OF THE CURRENCY.
139
Firsfc National Bank Utah, Salt Lake City, Utah
9.4 per cent.; total, 24.4 per cent.
First National Bank, Tiffin, Ohio
19 per cent.; total, 66 per cent.
Charlottesville National Bank, Charlottesville, Va
10 per cent.; total, 40 i^er cent.
City National Baaik, Chicago, 111
25 per cent.; total, 70 per cent.
Natioual Bank, Fishkill, N. Y . :
..10 per cent. -, total, 55 i3er cent.
First National Bank, Franklin, Ind
20 per ceut.; total, 65 per cent.
Northumberland CountyNational Bank, Shamokin, P a . l 2 ^ percent.; total, 62|^ per cent.
First National Bank, AA^inChester, 111
10 per cent.; total, 60 per cent.
National Exchange Bank, Minneapolis, Minn.
10 per cent.; total, 75 per ceut.
National Bank State Missouri, Saint Louis, Mo
35 per cent.; total, 70 per cent.
First National Bank, Delj^hi, Ind
10 per cent.; total, 60 per cent.
First National Bank, GecrgetoAA^n, Colo
12^ per ceut.; total, 12| per cent.
Lock Haven National Bank, Lock Haven, Pa
30 per cent.; total, 60 per cent.
Third National Bank, Chicago, 111
.20 per cent.; total, 90 per ceut.
Central National Bank, Chicago, 111
15 per cent.; tofcal, 55 per cent.
First National Bank, Ashland, Pa
,
100 per cent.; total, 100 per cent.
First National Bank, Tarrytown, N. Y
10 ]3er cent.; total, 80 per cent.
First National Bank, Allentown, Pa
50 per cent.; total, 50 per cent.
First National Bank, AA^aynesburg,. Pa
40 per cent.; total, 40 iDcr cent.
Washington County National Bank, Greenwich, N. Y..50-pev cenfc.; total, 100 per cent.'
First National Bank, Dallas, Tex
10 per ceut.; total, 10 per cent.
People's National Bank, Helena, Mont
15 per cent.; total, 15 i^er cent.
First National Bank, Bozeman, Mont
40 per cent.; total, 40 per cent.
Merchants' National Bank, Fort Scott, Kans
15 per cent.; total, 15 }3er cent.
Farmers' National Bank, Platte City, Mo
100 per cent.; total, 100 per ceut.
The total amount of dividends paid by the Comptroller to creditors
of insol.A^ent national banks during the year ending ISToA^ember 1, 1879,
Avas $1,909,.595. The total dividends paid since the organization of the
system is $15,919,908, upon proA^ed claims amounting to $24,913,496.
The dividends paid equal 64.16 per cent, ofthe amount ofthe claims.
Assessments amounting to $6,320,250 have been made upon the shareholders of insolAT-ent banks, for the purpose of enforcing their individual
dability, of which amount $1,816,007.82 has been collected in all, and
b357,173.82 of it duiing the past year.
A table shoAving the national banks which liaA^e been placed in the
hands of receivers, the amount of their ca^pital and of claims proved,
and the rates of diAddends paid, and also one shoAving the amount of
circulation of such banks, issued, redeemed,.and outstanding, will be
found in the appendix.
THE LOSSES OF THE BANKS.
It is the practice of this office, under the laAV proAdding that reports
shall be made by the uational banks and published b^^ them in such form
as the Comptroller may require, to insist that all the assets of these
associations shall appear in such reports at their real A-alue, as nearly
as such A-alue can be determined, hi order that the general public may
not be deceiA'cd thereby.
To show the real state of facts in this respect, it is necessary that all
losses and depreciations in A^alues shall, as often at least as once in each
six months, be charged to the profits of the bank. Where this rule is
strictly followed, and dividends are determined in all cases by the remaining profits only, there is little danger of insolvency; since in most
cases which have heretofore occurred the causes of insoh^ency can be
traced to the accumulated losses of a long series of years, and the continuance of diAddends regardless of such losses. The losses charged off
semi-annually by national banks in the years 1876, 1877 and 1878, haA^e
been given, hy States and reserve cities, in prcAdous reports. The foi-
140
REPORT ON THE FINANCES.
loAving table, similarly arranged, shows the number of banks which ha\^e
charged off losses, and the amountof losses charged off' by them, in each
ofthe two periods of six months ending on March 1 and September 1,
1879, together with the total amount for the year; to Avhich havebeen
added the amounts charged off in each of the three preceding years:
March 1,1879.
states and Territories.
Maine
New Hainnsliire
Vermont
.
Massachusetts
Boston
Pliode Island
Connecticnt
Ne'w Yorlc
]N"ew York City
Albany
New Jersev
Pennsylvania
Pliiladelpliia
Pittsbnro'h
Delaware
Mai'yland
Baltimore
District of Colnmbia
Wasliino'ton
Virginia....°
West Virginia
Noftli Carolina
South Carolina
Greorgia
Plorida
Alabama
New Orleans
Texas
Arkansas
Ken tucky
J.-onisville
Tennessee
Ohio
Cincinnati
Cleveland
Indiana
....
niinois
Cliicago
Michi "'an
Detroit
Wisconsin
Milwankee
Iowa
Minnesotn, ..
Missouri , . . . - Saiut Lonis
Kansas
Nebra.ska
Colorado
Oregon
California
San Prancisco
New Mexico
Utah
Montana
Wyoniin£
Dakota..".
Washiugton
T o t a l losses.
No. of
banks.
43'
...
-..
.'
'
'
..
...
•'.
....
.
Totals for 1879 '.
Add for 1878
Add for 1877
Add for 1876
Agc'regate losses for fonr years..
. S e p t e m b e r 1,1879.
N o . of
banks.
Losses.
• 27
28
134
50
39
58
145
41
6
55
140
26
18
5
6
• 12
1
4
15
7
8
8
7
1
7
7
7
2
30
8
18
101
3
5
57
79
8
•57
4
12
3
43
24
11
3
10
10
10
1
5
2
2
1
3
1
2
1
$154, 523 16
. 52, 749 90
. 159, 439 95
1,155, 600 64
1, 284, 879 30
351, 752 05
453,183 19
• 677, 589 82'
1,148, 856 67
115, 338 99
383,108 89
579,140 70
183,1-74 86
179, 258 88
4,211 79
31, 006 79
265, 236 89
749 76
25, 276 11
43, 8.52 73
36, 228 42
14, 980 74
50, 477 56
23, 595 05
10 43
26, 404 19
. 150, 923 53
7, 232 98
15, 297 04
231, 871 47
57.120 44
38, 651 S3
490, 395 44
50, 869 56
68, 418 54
295,417 17
466, 286 05
153, 296 24
175, 849 41
83, 908 36
20, 723 59
38, 508 11
' 125, 870 78
. 99, 821 96
32, 261 99
12, 346 11
29, 302 49
33.121 63
41, 785 62
12,130 64
10, 517 S3
70, 250 91
5, SOS 61
5, 023 00
5, 251 93
2, 843 72
* 5, 721 73
868 81
1,421
1, 304
980
806
10, 238, 324
10, 903,145
8,175, 950
6,501,169
98
04
56
82
35, 818, 600 40
42
28
35
.141
45
32
61
150
40
7
50
142
25
19
6
9
10
0
5
16
5
9
10
dO
1
9
7
11
2
32
8
19
97
4
6
59
79
8
52
4
16
3
45
23
10
•5
10
9
8
1
5.
2
•
2
0
2
2
3
1
1,442
1,430
1,108
1,034
Losses.
$137, 930
103, 734
144, 053
972, 937
1, 370. 511
.171; 501
487, 725
821. 412
1, 986', 700
116,831
307, 204
563, 256
308, 383
153, 764
8,981
35, 946
29, 270
13
00
70
.54.
28
46
94
49
70
57
83
39
50
11
.52
95
11
28, 687
116, 071
14,109
62, 636
260, 719
65, 764
530
36, 396
121, 966
136, 785
4, 409
145, 860
184, 594
85, 939
430, 594
45, 297
85, 689
534, 523
.257, 646
140,165
245, 081
14, 832
50, 801
25, 744
116, 743
96, 341
30,311
146, 611
58, 215
25, 454
58,182
4, 881
29,155
39, 543
19, 596
32
48
20 .
18
11
66
68
85
34
73
07
62
91
52
57
04
36
79
75
23
99
27
50
91
20
75
86
30
78
00
43
41
79
30
26
5, 340 16
37, 690 38
3, 975 36
291 89
11, 487, 330
13, 563, 6.54
11, 757,627
13,217,856
17
85
43
60
j 50,026,469 05
.$292, 453 29
156,483 90
303, 493 65
2,128, 538 18
2, 655, 390 58
523,253 51
940, 909 13
1, 499, 002 31
3,135, 557 37
232,170 56
690.313 72
1,142, 397 09
491, 558 36
333, 022 99
13,193 31
66, 953 74
294, .507 00
749 70
53, 963 43
159, 924 21
50, 337 62
77,616 92
311,196 67
89, 3.59 71
541 11
62, 801 01
2'72, 889 8/
144.018 71
19,706 11
377, 732 u J
241,715 -dl
124, 591 IL
920, 990 01
96,166 60
1.54,107 90
829, 940 96
723, 932 SO
293, 461 47
420, 931 40
98,740 63
71, 525 09
64, 253 02
242, 613 98
196,163 71
62. .573 85
1.58, 957 41
87, 518 27
58, 575 63
99, 968 05
17, 012 05
39,673 62
109, 794 21
25, 404 87
5, 023 00
10,592 09
40, 534 10
9, 697 09
1,160 70
21, 725, 655
. 24, 466, 799
19, 933, 587
19, 719, 026
15
89
99
42
85, 845, 069 45
141
COMPTROLLER OF THE CURRENCY.
In the following table the total losses charged off in each geographical
diAdsion of the country during the last four years are shown, with the
namber of banks reporting the losses:
New England
States.
Middle S t a t e s .
No.
No.
Soutliern
States.
Westeru States
and Territories.
IJnited States.
No.
No.
S i x u i o n t h s ending—
Amouut.
Amount.
M a r c h 1,1876
201 $1, 485, 532
S e p t e m b e r 1,1876 . . 282 3, 074,128
268 $3, 553,129
344 7,156, 349
4, 559, 660
10.709.478.
Total, 1876
289
M a r c h 1,1877
S e p t e m b e r 1,1877 . . 312
Total, 1877
3, 344, 012
4, 016, 814
417
449
3, 462, 684
3, 945, 806
67
90
Amount.
see' $6, 501,170
$308, 861 • 270 $1,153, 648
896, 891. 318 2, 090,489 1,034 13, 217, 857
1, 205, 752
80
86
Amount.
478, 252
511, 841
7, 408, 490
990, 093
4, 506, 813
5, 502, 770
124
672, 032
140 1, 225, 602
3, 244,137
297
357
19,719,027
980 8,175, 961
1, 769, 697
2, 474, 940 1,108 11,757,627
4, 244, 637
19, 933, 588
436
442
2, 380, 288 1,304 10, 903,145
2, 818, 469 1,430 13, 563, 655
458
456
2, 336, 600 1, 421 10, 238, 324
2, 502, 712 1,442 11, 487, 330
10, 009, 583
1, 897, 634
3, 592, 950
4. 360, 440
125
696, 646
139 1, 235, 784
7, 000, .522
7, 953, 390
1, 932, 430
1 4,839,312
21, 725, 654
26, 211, 376
36, 080, 941
6, 025, 909
17, 526, 843
85, 845, 069
7, 360, 826
T o t a l , 1878
M a r c h 1,1879
379
S e p t e m b e r 1,1879 . . 384
T o t a l for 4 y e a r s
314
353
7, 290, 368
327
M a r c h 1,1878
S e p t e m b e r 1,1878 . . 399
Total, 1879
2, 465, 328
4, 825, 040
No. Amount.
3, 612,128
3, 388, 394
459
463
24, 466, 800
5,198,757
It Avill be seen from the foregoing table that the total losses charged
off'by the banks during the current vear were $21,725,654, that in 187S
they amounted to $24,466,800, in 1877 to $19,933,588, and in 1876 to
$19,719,027; making a grand aggregate of $85,845,069 of losses Avhich
the banks have sustained during the four years named. Of the
$57,950,081 of losses charged off within the last two and a half years,
$8,639,407 was on account of depreciation in the premium on the United
States bonds held by the banks. The total losses thus charged off during the last four years are more than 19 per cent, of the entire capita
of the banks.
The amount of losses sustained in the several principal cities of the
United States is shoA^^n in the following table:
Cities.
New York
Boston
Philadelphia
Pittsburg
Baltimore
N e w Orleans
1876.
$6, 873, 759
1, 598, 722
152, 976
333, 851
876, 207
519, 701
1877.
97
68
14
56
32
41
$4, 247, 941 66
2, .192, 053 81
333,248 47
289, 466 59
200, 597 74
286, 259 47
IS78.
$5,147, 319
2, 490,197
561, 676
419, 036
368, 915
338,496
1879.
98
46
30
51
99
90"
$3,135, 557
2, 655, 390
491, 558
333,022
294, 507
272,889
Total.
37 $19, 404, 578 98
58
8, 936, 364 53
36
1, 539, 459 27
1 ^7r, .^77 C^^
99
00
ii 740! 228 05
871
1.417. .347 fin
These losses have, to a considerable extent, been charged to the current profits of the banks—that is, to the profits of the semi-annual periods
in which the losses occurred. In some cases, hocwever, where the losses
were large, they haA^e been parity met from the accumulated profits ot
the banks, including the legal surplus; and in extreme cases they have
been met, either by assessment upon the shareholders, or by a reduction
ofthe capital stock under section 5143 ofthe Eevised Statutes.
It wiU be seen from the above that the national banks haA^e not escaped the effects of the general depression which, since 1873, has affected
all branches of trade and industry in the country, and this will still
more plainly appear in the paragraphs and tables Avhich follow, relating
to surplus and diAddends.
142
"^ REPORT ON THE FINANCES.
SURPLUS.
In addition to the paid-up capital which each national bank must
have, and which must be kept always unimpaired, there is also the surplus fund, which the law proAddes shall be accumulated by setting aside,
before the usual semi-annual diAddend is declared, one-tenth part of the
semi-annual net profits of the bank. In course of time this legal surplus becomes working capital, in the case of many banks largely exceeding their nominal capital. The ca.pital and surplus together form the
working fund of a bank, each contrilDuting pro rata to its ultimate profits;
and the banks which make large diAddends in proportion to their capital
are those Avhicli haA^e accumulated a large surplus, such dividends being
really earned by their combined capital and surplus.
The folloAving table shoAvs the growth of suiplus from the commencement of the system to the present time, as nearly as possible by semiannual periods, with the increase or decrease for each period :
Surplns.
Dates.
Amount.
Snrplus.
Semi-annual
i n c r e a s e or
decrease.
Dates.
Amount.
Increase.
J u l y 4,1864
J a n n a r y 2,1865
J n l y 3, 1865
J a n n a r y 1,1866
J u l y 2 1866
J a n u a r y 7,1867
J u l y 1,1867
J a n i i a r y 6,1868
J u l y 6 1868 .
...
J a n u a r y 4,1869
J u n e 12,1869
J a n n a i - y 22,1870
J u n e 9 1870
D e c e m b e r 28,1870 . . . .
J n n e 10,1871^
D e c e m b e r 10,1871 . . . .
$1,129, 910
8, 663, 311
31, 303, 566
•43,000,371
50,151, 992
59, 092, 875
63, 232, 811
70, 586,126
75, 840,119
81,169, 937
82, 218, 576
90,174, 281
91, 689, 834
94, 705, 740
98, 322, 204
101, 573,154
$7, 533, 401
22, 640, 255
• 11, 696, 805
7,151, 621
9, 840, 883
• 3, 239, 936
7, 253, 315
5, 253, 993
5, 329, 818
1, 048, 039
7, 955, 705
1, 515, 553
3, 015, 906
. 3,616,464
3, 250, 950
i J u n e 10,1872
$105,181, 943
1 D e c e m b e r 27,1872 . . . 111, 410, 249
' J n n e 13,1873
116, 847, 455
1 D e c e n i b e r 26,1873 . . . 120, 961, 268
! J u n e 26,1874
,126, 239, 308
D e c e m b e r 31,1874 . . . 130, 485, 641
J u n e 30,1875
133,169, 095
D e c e m b e r 17,1875 . . .
J u n e 30,1876
1 D e c e m b e r 22,1870 ..
i J u n e 22,1877 . . ^
1 D e c e m b e r 28,1877 . . .
1 J u n e 29,1878
1 J a n n a r y 1,1879
i J u n e 14,1879
.
133, 085, 422
131, 897,197
131, 390, 665
124, 714, 073
121, 568, 455
118,178, 531
116, 200, 864
114,321,376
Semi-annual
i n c r e a s e or
^ decrease.
Increase.
$3, 608, 789
6, 228, 306
5, 437, 206
4,113, 813
5, 278, 040
4, 246, 333
2, 683, 454
Decrease.
$83, 673
1,188, 225
506, 532
6, 676, 592
3,145, 618
3, 389, 924
1, 977, 667
1, 879, 488
The total surplus fund, Avhich up to June, 1875, had from, the beginning
shown a constant increase, during the six months next following first
began to show a decrease; while each semi-annual period since the latter
date has exhibited a still diminishing surplus, thus in some measure indicating how severely the national banks-haA^e felt the business inactivity
aud depression of the past six years.
DIVIDENDS.
Since the year 1869 the banks have been required to make semi-annual
rei)orts of their dividends and earnings. From these reports tables have
been prepared showing the profits and dividends of all the national
banks. The latter must, to afford a fair view of the subject, be considered in tlieir relation, not alone to capital, but to capital and surplus
combined; since, in reality, the latter contributes proportionately as much
to the semi-annual profits from which the dividends are derived as does
the former.
In ihe appendix is. given a table Avliich shows in a concise form the ratio
of dividends to capital, and of dividends to the united capital and surplus, and also the ratio of the total net earnings to capital and surplus,
of the national banks in each State and principal city in the Union, for
each half-year from March 1, 1875, to September 1, 1879.
143
COMPTROLLER OF THE CURRENCY.
The following table shows the capital, surplus, diAddends, and total
earnings of all the national banks, for each half-year from March 1,1869^
to September 1, 1879, together with the ratio of diAddends and earnings
to capital, and to combined capital and surplus:
KATIOS.
P e r i o d of six
N o . of
m o n t h s endbanks.
ing-
Sept.
Mar.
Sept.
Mar.
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
1,1878
1,1S7S
1,1879
1,1879
Capital.
T o t a l dividends.
Snrplus.
1,481 $401, 650 802 $82,105, 848
1, 571 416, 366, 991
86,118, 210
1,601 425, 317,104
91, 630, 620
1,605 428,'699.165
94, 672, 401
1,693 445, 999, 264
98, 286, 591
1,750 450, 693, 70699, 431, 243
1,852 465, 676, 023 105,181, 942
1,912 475, 918, 683 114, 257, 288
1, 955 488,100, 951 118,113, 848
1,967 489, 510, 323 123, 469, 859
1, 971 489, 938, 284 128, 364, 039
2,007 493, 568, 831 131, 560, 637
2, 047 497, 864, 833 : 134,123, 649
2, 076 504, 209, 491 i 134, 467, .595
2,081 500, 482, 271 ' 132, 251, 078
2,080 496, 651,.580 , 130,872,165
2, 072 486, 324, 860 | 124, 349, 254
2, 074 475, 609, 751 122, 373, 561
2,047 470, 231, 896 : 118, 687,134
2, 043 464, 413, 996 • 116, 744,135
2, 045 455,132, 056 115,149, 351
Total net
earnings.
Dividends to
capital.
Dividends
to capital
a n d snrplus.
P e r cent. P e r
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
3.99
3.81
3.78
3.82
•
$21, 767, 831 $29, 221,184
21, 479, 095 28, 996, 934
21, 080, 343 26,813,885
22, 205,150 27, 243,162
22,125, 279 627, 315, 311
22, 859, 826 27, 502, 539
23, 827, 289 30, 572, SGI
24, 826, 061 31,926,478
24, 823, 029 33,122, 000
23, 529, 998 29, 544,120
24, 929, 307 30, 036, 811
24, 750, 816 29,136. 007
24, 317, 785 28,800,217
24, 811, 581 23, 097, 921
22, 563, 829 20, .540, 231
21, 803, 969 19, 592, 962
22,117,116 15, 274, 028
18,982,390 16, 946, 696
17, 959, 223 13, 658, 893
17, 541, 054 14, 678, 660
17, 401, 867 16, 873, 200
cent.
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
3.17
3.04
3.02
3.05
Earnings
to c a p i t a l
a n d surplns.
P e r cent.
6.04
5.77
5.19
5.21
5.02
.5.00
5.36
5.41
5.4-6
4.82
4.86
4.66
4.56
3.62
3.25
3.12
2.50
2.83
2.31
2.53
2.96
This table shows that there has been a stead^^ falling off* in the rate of
earnings since 1870. In that year the ratio of diAddends to capital was
10.12 per cent, while this year it is but 7.60 per cent. In the former
year the ratio of dividends to capital and surplus was 8.35 per cent,
while now it is 6.07 per heui. only -, and since the date mentioned the
ratio of earnings to capital and surplus has fallen from 10,96 per cent,
to 5.49 per cent.
This marked decline is directly attributable to the losses sustained by
the banks, in conseciuence of which many of them have declared no
diAddends at all, Avliile others, though declaring diAddends, have reduced
them to a rate far below the aA^erage legal rates of interest.
The following tabular statement shows by geographical diAdsions the
number of national banks, Avith their capital, which haA^e paid no dividends to their stockholders during the semi-annual periods of 1878 and
1879 respectiA^ely, together with the totals of each semi-annual period
for the three preceding years:
Six m o n t h s ending—
A v e r a g e for
year.
G e o g r a p h i c a l divisions.
M a r c h 1,1879.
N o . of
banks.
N e w England States
Middle States
Southern States.
•
W e s t e r n States and T e r r i t o r i e s . .
Totals
Totals
Totals
Totals
for
for
for
for
1879
1878
1877
1876
A v e r a g e for four y e a r s
Capital.
the
S e p t e m b e r 1,1879.
^ L t ^
capital.
^-o^.
46
99
32
132
516,135, 700
17, 804, 000
5, 751, 000
14,153, 000
42 $15,020,000
91 12, 920, 300
41
5, 254, 000
125 11, 382, 000
44
95
37
128
309
328
245
235
53, 843, 700
48, 797, 900
40, 452, 000
34, 290, 320
299
357
288
273
44, 576, 300
58, 736, 950
41,166, 200
44, 057, 725
304
343
266
254
279
44, 345, 980
304
47,134, 294
Capital.
$15,
15,
5,
12,
577, 850
362,150
502, 500
767, 500
49, 210, 000
53, 767, 425
40, 809,100
39,174, 022
45, 740,137
144
REPORT ON T H E FINANCES,
The number of banks passing dividends in the first dividend period
of 1879 was 309, Avith a total capital of $53,843,700; in the second period
the number was 299, Avith a capital of $44,576,300; while during the
last four 3^ears the aA^erage number of banks semi-annually passing dividends on account of losses has been 292. The average amount of capital
upon which no dividends have been paid during that time is $45^740,137;
from Avhich it folloAvs that for a continuous period of four j^ears about
one-seA^enth of the whole number of banks in operation haA^e paid no
diAddends, and that more than one-tenth of the total capital has been
uiiremitnerative.
The percentage to capital of dividends paid, and of dividends and
earnings to combined capital and surplus, is giA^en by similar diAdsions
in the following table, for the years 1877, 1878, and 1879:
1877.
Geographical
divisions.
New England
.. States
Middle States..
Sonthern States
Western States
and Territories
UnitedStates..
• 1878.
1879.
DiviDiviDivi- Earnings
Earnings Divi- dends
Divi- dends to to
Divi- dends to Earnings
capital dends
capiital dends to capitalto to cai^ital
to
dends to capital toand
caintal
snr- capital. and sur- and sur- capital. and sur- and surcapital. and surplus.
plus.
plus.
plus.
plus.
plus.
Per ct.
Per ct.
Per ct.
6.0
6.6
7.1
4.7
5.4
7.1
12.2
9.6
8.9
7.1
7.6
8.5
8.3
Per ct.
Per ct.
6.9
7.9
7.3
5.5
6.1
6.2
7.2
9.6
7.8
5. 6
7.8 1
6.2
Per ct.
4.3
4.9
5. 7
Per ct.
Per ct.
Per ct.
6.4
7.9
7.0
5.2
6.1
6.0
4.2
5.8
5.4
6.9
9.4
7.5
7.1
5.1
7.6
6.1
5.5
The tiiree subjects of losses, surplus, and diAddends are, it will be perceived,' intimately connected one with another. The large losses, the
depleted surplus, and the diminished diAddends of the national banks
all point to the conclusion that these institutions cannot longer continue
to pay the heaA^y rates of taxation imposed upon them alike h j the
States and by the General Government, and at the same time adequately remunerate their shareholders for the use of their capitM.
TAXATION.
The Gomptroller respectfullj^^ calls the attention of Congress to the
subject of taxation of the circulation, capital and deposits of the national
banks, and again recommends the repeal of the tax upon their capital and
deposits. The reasons Avhich induce this recommendation are gix^en at
length in his report for' 1877. It is important to be considered that this
tax originated as a Avar measure. At the time it A^as imposed it was
deemed expedient, in order to meet an extraordinary emergency, to lay
CA^en the necessaries of life under contribution to sustain the government. All taxes thus imposed upon these necessaries have since then
been repealed, and the internal rcA^enue of the government, Avith the exception of that arising from the tax on banking capital and deposits, is
IIOAV derived from imposts on spirits, tobacco, matches, patent medicines and fermented liquors. Even the tax on tea and coffee, which
are admitted luxuries, has been removed. Banking capital, one of the
necessities of trade and commerce, is^thus put on a footing with what
are generally considered the least indispensable luxuries.
145
COMPTROLLER OF THE CURRENCY.
The taxes imposed by the general gpvernment are not the only ones
to which the national banks are now compelled to subniit. As has b'een
shown in previous reports, a large proportion of the taxes of the banks
are those imposed under State laws. The repeal of thelaw of the United
States which taxes banking capital and deposits w^ould not, therefore,
reinove the heaviest burden to which the banks are subject. It would,
however, hghten the Av^eight which now rests upon them, and Avhich
amounts to nearly seventeen inillions annually, or more than 4 per
cent, upon the total amountof national-baiik circulation outstanding;
and such action on the part of Congress AA^ould set an example, the wisdom of which might perhaps" be recognized and copied by State legi.^llatures.
In order to show how the taxes paid by national banks under State
laws coin]iare AAdth those paid by the same banks under the laws of th^
United States, the Comptroller presents with this report tables for the
years 1867 and 1869, and for the years from 1874 to 1878, inclusive, show^
ing the total taxes paid in each State and reserA^e city, with the capifal
of the banks, and the percentage of tax to capital in each case. Th^.
tables for the years named, AAdth the exception of that for 1878, will fe
found in the appendix. The table for the latter year is given below^
and shows, by geographical divisions, the amounts of taxes paid an,d
their percentage to capital:
.ii
Patios to capital.
A m o u n t of taxes.
s t a t e s a n d TeiTitories."
Maine
New Hampshire.
A^'ermont
Massachusetts ..
Bo-ston
Ehode Island
Connecticut
N e w England States
New York
New York City...
Albany
N e w Jt'.rsey
. Pennsylvania
Pbiladelphia
Pittsburgh
Delaware
Maryland
l3altimore
' D i s t i i c t of C o l n m b i a .
AVashington
Middle States .
Virginia
' We.st Virginia
North Carolina...
S o n t h Carolina . . .
• Georgia
Plorida
Alabama
N e w Orleans .
Texas
•Arkansas
Kentucky
Lcmisville
Tennessee
Southern States .
Capital.*
United
States.
State.
$10, 760, 000
5, 740, 000
8, 544, 285
44, 260,128
51, 927, 865
. 20,031,112
25; 474, 204
$114, 880
64, 849
88,157
499, 959
672, 766
191, 4.10
268, 714
$231,6.55
101, 484
158, 588
760,115
702, 834
2.57, 6,54
380, 713
$346, 535
166, 333
246, 745
1, 260, 074
1, 375, 600
449,004
649, 427
166, 737, 594
1,900,735
2, 593, 043
4, 493, 778
Ll
1.6
2..T;
33, 541, 481
55,150, 348
2, 000, 000
14,101, 926
28.549,169
16, 843. 000
10, 350, 000
1,738,-294
2, 264, 510
10, 762, 648
252, 000
1, 215, 023
499,197
I, 226, 933
55, 609
203, 567
395, 089
333,161
134, 072
24, 451
31, 847
129, .571
4, 392
16,687
700, 786
1, 606, 049
56, 440
2.57, 276
187, 709
114,235
54, 068
6,980
29, 903
197,716
255
6, 068
1,199, 983
2, 832, 982
112, 049
• 460,843
582, 798
447,396
188,140
31, 431
61, 750
327, 287
4,647
22, 755
1.5
2.2
2.8
1.4
1.4
2.0
1.3
1.4
1.4
1.2
1.7
1.4
2.1
2.9
2.8
1.8
0.7
0.7
0.5
0.4
3.5
5.1 >
5.6
176, 768, 399
3,054,576
3, 217, 485
6, 272, 061
66, 607
27,196
31, 982
59, 010
37, 667
851
22, 404
28. 332
15,104
2,705
39, 830
16, 469
57, 919
11.5, 396
48, 607
62, 477
88, 525
63, 436
1, 630
42, 230
74, 400
29,967
5,948
117, 876
57, 210
108, 213
1.5
1.2
1.2
1.0
1.2
1.6
1.2
1.5
1.4
1.6
1.1
1.4
1.6'
2.2
1..6.
1.3.
2'1
1.8
1.7
1.3
1.0
1.7
1.3
0.6
0..5
2.1
406, 076
815, 915
3, 221, 202
1,714,179
2, 553, 083
2, 853,154
2, 083, 322
50, 000
1, 668, 000
3, 040, 538
1, 072, 099
205, 000
7, 030, 396
3, 012, 075
3, (*80, 300
31,583,348
48, 789
21, 411
30, 495
29r515
25, 769
779
19, 826
46, 068
14, ri63
3, 243
78, 046
40,741
50,294
409, 839
Total.
U. S.
State.
P e r bt. P e r bt.
1.1
2.2
1.1
1.8
1.0
1.9
1.1
1.7
.1.3
1.3
0.9
1:3
1.0
1.5
r.3
1.8
0.1
0.6
Total.
P e r fit.
3.3
2.9
2.9;
2.9
2.6
. 2i1 '
2.5
2.. I
2.7
1.81..8
2'.T
3.0,
l.,8;
2.0!
3.5
3^•7
2.'8.r
2. 5i
3.1i
3.0i
. 3. 3..
2.5-;
2. 5v
3.-1;
1.7
1.9
•%:• 6
•*The c a p i t a l of t h e b a n k s t h a t r e p o r t e d S t a t e , c o u n t y , a u d m u n i c i p a l t a x e s on s t o c k a n d r e a l estjvte
i8.$463,983,724.
... ,
,
„
IOF
146
REPORT ON THE FINANCES.
Table of Taxes, cfc,—Continued.
A i n o u n t of t a x e s .
Ohio
• . Cincinnati
, Cleveland
Indiana
Illinois
Chica.go
Michijiau
^ ; Detroit
Wiaccinsin
' Milwaukee
I<)wa
Minnesota
Missouri
Saiut Louis
Kan.sas
vNebraska
Colorado
Oregon
California*
San E r a n c i s c o *
N e w Mexico
Ujt«h :
I d a h o '.
.Montana
AVyoming
Dakota ..;
AVashington...:
;.
AVestern S t a t e s a n d
! Territories
- . Tottds
E a t i o s t o capital.
Capital.
States and Territories.
:.
United
States.
State.
Total.
U . S.
$18, 903, 637
4, 333, 333
4, 289,130
15,381,544
11, 31.9, 200
4, 770,166
7, 561, 740
2,100, 000
2, 690, 000
650, 000
6, 048, 704
4, 793,131
1, 725, 817
2, 653, 750
952, 320
950, 000
1, 003, 750
250, 000
1, 550. 000
2,750,000
300, 000
200, 000
100, 000
332, 880
125, 000
129,124
111, 671
$254, 030
65, 684
46, 252
194,104
157. 543
118, 637
90, 915
35,165
40, 748
15, 556
81, 949
62, 850
24, 512
44, 014
15,238
21,090
24,-002
7,710
18, 547
22, 570
4, 280
2, 803
1,396
6, 637
2,188
2, 363
699
$390. 062
120,832
86, 779
316, 918
210, 986
106,1.57
113,231
31, 099
49, 903
17,144
115, 594
92, 720
31, 987
62, 748
21,131
23, 706
23,106
2, 925
3', 696
169
5,243
2, 7.50
3,147
4,588
2, 636
672
$644, 092
186, 516
133, 031
511, 022
368, 529
224, 794
204,146
66, 264
90, 651
32, 700
197, 543^
155, 570
56, 499
106, 762
36, 369
45, 396
47,108
10,635
22, 243
22, 739
9, 523
5,553
4, 543
11, 225
4,824
3,035
699
P e r ct. P e r ct.
1.3
2.1
1.5
2.7
1.1
2.0
1.3
2.1
1.4
2.0
2.5
2.6
1.2
1.5
1.7
1.5
1.5
2.0
2 4
2.6
1.4
2.1
1.3
2.0
1.4
2.5
1.6
2.4
1.6
2.6
2.3
2.6
2.4
2.4
3.1
1.2
1.2
0.3
0.8
0.0
1.4
1.8
1.4
1.4
1.4
3.2
2.0
3.1
1.8
2.1
1. 8
1.3
0.6
0.0
95, 974, 897
1, 362, 082
1, 839, 929
3,202,011
2.0
471, 064, 238
6, 727, 232
8, 056, 533
14, 783, 765
1.7
State.
Total.
P e r ct.
,3.4
4.2
3.1
3.4
3.4
5.1
2.7 •
3.2
3.5
5.0
3.5
3. 3 .
3.9
4.0
4.24.9
4.8
4.3
1.5
0.8
3.2
2.8
4.6
5.1
3.9
3.1
0.6
3.1
*California b a n k s p a y n o S t a t e t a x e s on capital, e x c e p t s u c h as is i n v e s t e d in r e a l e s t a t e .
!; I t is to be regretted that it has not been possible to obtain the data
from which to prepare a table similar to the above, showing the United
.States and State taxes paid by banks other than national, with their
capital and ihe percentage of tax to capital. In thefollowing table,
hoAvevex., the taxes ^paid annualy to the Commissioner of Internal Eevenue by banks other than national, on circulation, oil deposits, and on
capital, are given from 1864 to 1879:
Years.
1864...
1865
1866
1867
1868...
i'mo
1870'
i>r7i...
1872...
iH73
•1'874.
1675
1876
1877
1878...
iB79
-.
'• •• Aggregates
O n circulation.
996 30
661 84
278 11
298 75
669 88
.565 05
419 94
•781 92
919 82
778 (r2
738 26
746 27
947 67
430 16
118 72
903 29
O n deposits.
723 52
2, 043,841 08
2, 099,635 83
1,3.55, 395 98
1, 438,512 77
1,734, 41.7 63
2,177, 576 46
2, 702,196 84
3, 643,251 71
3, 009,302 79
2, 453,544 26
2, 972,260 27
2, 999,530 75
2, 896,637 93
2, 593,687 29
2, 354,911 74
5, 450, 254 60 37, 255, 426 85
On c a p i t a l .
$903, 367 98
374, 074 11
476,867 73
399,562 90
445,071 49
827,087 21
919,262 77
976,057 61
736. 950 05
916, 878 15
1,102,241 58
989,219 61
927,661 24
897, 225 84
• 830,068 56
Totals.
$2, 837,719 82
4, 940,870 90
3, 463,988 05
2, 046,562 46
1, 866,745 55
2,196, 054 17
3, 020,083 61
3, 644,241 53
4, 628,229 14
3, 771,031 46
3, 387,160 67
4, 097,248 .12
4, 006,698 03
3, 829,729 33
3, 492,031 85
3,198, 883 59
11, 721, 596.83 54, 427, 278 28
. .The rate of taxation imposed on the deposits and capital of State
banks and private bankers is precisely the same as that imposed upqii
national banks. The tax u])on their circulation consists chietly of penilties imposed for its unauthorized issue.
^
147
COMPTROLLER OF THE CURRENCY.
In comparison with the foregoing is placed the following table, showing the taxes paid to the United States by the national banks during
the same years:
„
G n circulation.
Years.
1864
1865
1866 ':
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877.
1878
1879
!
•
•
•.
'.
_^Orjr]"fi<T{^-|;0S
$53,193 32
733, 247 59
2,106,785 30
2, 868, 636 78
2, 946, 343 07
.. • 2,9.57,416 73
2, 949, 744 13
2, 987, 021 69
3,193, 570 03
3,353,186 13
3,404,483 11
3, 283, 450 89
3,091,795 76
2, 900, 957 53
2, 948, 047 08
3.009,647 16
42, 787, 526 30
.
O n deposits.
O n capital.
$95, 911 87
1, 087, 530 86
2,63.3,102 77
2,650,180 09
2,564,143 44
2, 6.1.4, 553 58
2, 614, 767 61
2, 802, 840 i'5
3,120, 984 37 •
3,196,569 29
3, 209; 967 72
3,514, 265 39
3,50.5,129' 64
3, 451, 965 38
3, 273,111 74
3, 309, 668 90
$18,432 07
133, 251 15
406, 947 74
321, 881 36
306, 781 67
3.12, 918 68
375, 962 26
385, 292 13
389, 356 27
454, 891 51
469, 048 02
.507, 417 76
632, 296 16
660, 784 90
560, 296 S3
401,920 61
Totals.
$167 537 26
1, 954, 029 60
5,146,835-81
5 840 698 23
.^ 817, 268 18
.5, 884,888 99
5, 940, 474 00
6,175,154 67
6, 703, 910 67
7 004, 646 93
7,083, 49H 85
7, 305,134 04
7, 229, 221 5(>
7, 013, 707 81
6, 781, 455 65
6, 721, 236 67
43, 644, 693 50 6, 337, 479 12 92, 769, 698 92
The taxes abOA^e shown are those paid under the laws now in force,
requiring the national banks to. pay semi annually to the Treasurer of
the United States a duty of one-half of one per cent, on the average
amount of their circulating-notes outstanding, oiie-quarter of one per
cent, upon the aA^erage amount of their deposits, and a like duty
upon their capital in excess, of the ainount iuvested in United States
bonds. It will be seen that the national banks have contributed more
than tAvo-thirds of the Avhole amount of the taxes paid by the banks
and bankers of the country, while the cost to the government of the
national system since its inauguration in 1863, including the engraving
of plates and the printing of circalating-notes, has been but $4,732,731.
From tables similar to the one first given herein for 1878, showing the
amounts ofnational and State taxes paid by the national banks, the
following condensed table has been prepared, AAdiich shows the taxes,
national and State, paid by the national banks during each 5^ear froni
1866 to 1878 inclusive. The taxes shown for 1866, 1867, and 1869, and
for the years 1874 to 1878, inclusive, are from complete data obtained
by this Office, while those given for the year 1868, and from 1870 to
1873, inclasive, are estimated. In the returns of theUnited States taxes
paid prior to 1872, the special or license tax of two dollars on each
one thousand dollars of capital, and the income tax on net earnings, are
included:
•
Ratio of tax to capital.
A m o u n t of taxes.
Tears.
Capital stock.
IJnited States.
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
$410, 593, 435
422, 804, 666
420,143, 491
419, 619, 860
429,314,041
451, 994,133 •
472, 956, 958
• 488, 778, 418
493, 751, 679
503, 687, 911
501, 788, 079
485.250,694
471, 064, 238
State.
$7, 949. 451
$8,069,938 •
8, 813,127
9, 52.5, 607
8, 7.57, 656
9,465,652
7, 297, 096
10,081,244
7, 465, 675
10,190, 682
7,860 078
10, 649, 895
8, 343, 772
6, 703, 910
8, 499, 748
7, 004, 646
9, 620, 326
7, 256, 083
7, 317, .531 . 10, 058,122
7, 076. 087 * 9, 701, 732
8, 829, 304
6, 902, 573
8, 056; 533
6,727, 2.32
Total.
United State.
States.
Total.
Per ct. Per ct. Per ct:
$16,019,389
1.9
2.0
3. 9
18, 338, 734
2.2
2.1
4.3
18, 223, 308 • 2.2 , 2.1
4.3
17, 378, 340
2.4
1.7
4.1
17, 656, 3.57
2.4
1.7
4.1
18, 509, 973
2.4 . 1.7
4.1
1.5,047,682 . 1.4
1.8
3.2
15, 504, 394
1.4
1.8
3.2
16, 876, 409
1.5
2.0
3.5
17, 375, 653
1.5
2.0
3.5
16,777,819
1.4
2.0
3.4
15, 731, 877
1.4
1.9
3.3
14, 783, 765
1.4
1.7
3.1
148
REPORT ON THE FINANCES,
In order that it may be seen how unequally these United States and
State taxes bear on the national banks in different sections of the country, the following tables have been prepared, giving, for the years from
1874 td 1878 inclusive, the capital stock iiiA'ested, and the percentage
thereon of taxes paid,° in each of the four geographical divisions of the
country:
1874.
A m o u n t of t a x e s .
•Eatios t o capital.
Caxntal.*
G e o g r a p h i c a l divisions.
U.S.
State.
Total.
$160,517,266
N e w E n gland S t a t e s
190, 162,129
Middle States
33, •.5.58. 483
Southern States
W e s t e r n S t a t e s and T e r r ' s . 109, 513, 801
$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
9.54, 332
3, 808, 264
493, 751, 679
7, 256, 083
9, 620, 326
16, 876,409
1.5-
2.0
3.5
$3, 016, 537
4, 062, 459
476, 236
2, 502, 890
$4, 953, 553
7, 362, 957
921, 284
4,137, 859
1.2
1.7
1.3
1.5
1.8
2.1
1.4
2:4
3.0
3.8
2.7
3.9
10, 058,122 1 17, 375, 653
1.5
2.0
3.5
$2, 914, 808
4,025,316
431, 164
2, 330, 444
$4, 862, 778
7, 21.5, 563
854, 045
- 3, 844, 533-
1.2
1.7
1.3
1.4
1.7
2.2
1.3
2.3
2.8
3.9
2.6
3.7
9, 701,' 732
16,777, 819
1.4
2.0
3.4
IJnited States
,.
U.S.
State.
P e r ct. P e r bt.
1.2
1.8
1.7
2.1
1.3
1.5
1.5
2.0
Total.
P e r ct.
3.0
3.8
. 2. 8
3.5
1875.
$164,316,333
N e w Enirland States
193,585.507
Middle States
:
34, 48.5,-4K3
Southern States
W e s t e r n S t a t e s a n d T e r r ' s . ILL, 300, 588
$1, 937, 016
3, 300, 498
44.5, 048
1, 634, 969
503, 687, 911
7, 317, 531
$168, 068, 379
oSTew E n g l a n d S t a t e s
192,163,773
Middle States
33,439,193
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, m
1, 514, 089
UnitedStates
UnitedStates
501, 788, 079
7, 076, 087 •
1877.
$167, 788, 475
N e w England States
182, 885, 562
Middle States
32,212,288
Southern States
W e s t e r n S t a t e s a n d T e r r ' s . 102, 364, 369
$1,907,776
3, 129, 990
411,486
1, 453, 321
$2, 864,119
3, 544. 862
429, 149
1, 991,174
$4,771,895
6, 674, 852
840, 635
3, 444, 495
1.1
1.7
1.3
1.4
1.7
1.9
1..4
2.1
2.8
3.6
2.7
3.5
485, 250, 694
6, 902, 573
8, 829, 304
15, 731, 877
1.4
1.9
3.3
United States
1878.
\
$166,737, 594
New E n c k m d States
170, 708, 399
Middle States
31,583,348
Sonthern States
W e s t e r n S t a t e s a n d T e r r ' s . '95,974,897
$1,900,735
3, 0.54, 576
409, 839
1, 362, 082
$2. 593, 043
3,217,485
406, 176
1, 839, 929
$4, 493, 778
6, 272, 061
815, 915
3, 202, Oil
471, 064, 238
6, 727, 232
8, 056, 533
14, 783, 765
IJnited States
.
1.1
1.7
1.3
1.4
1.6
1.8
1.3
2.0
2.7
3.5
2.6
3.4
1-4
1.7
3.1
*The cnpital of the hnnks which reported State taxes in 1874 was $476,836,031; in 1875, $493,738,408
iii 1876, $488,272,782;'in 1877, $474,667,771, and in 1878, $463,983 724.
149
COMPTROLLER OF THE CURRENCY.
This table shows that the heaAdest taxes are paid in the Western and
Middle States, and the lightest in the Southern and Eastern. The'
table below shows for three different years the great inequality in the
rates of State taxation paid in the principal cities of the country :
ijy
H a t e s of t a x a t i o n .
Cities.
1877.
IJnited
States.
State.
P e r bent P e r
1.4
1.9
3.2
2.1
1.4
1.2
1.2
1.6
1.4
1.7
1. I
2.2
1.6
2.2
•
1.3
1.2
Boston
New York...
j^lbany
Philadelphia
Pittsbui-rjli..
Baltimore ..
. W a s h i nekton
N e w Orleans
Louisville . .
Cincinnati...
Cleveland...
Chica.so
Detroit
Milwaukee. .
Saint Louis..
Saint P a u l ..
TotaL
United
States.
bent P e r bent P e r
1.6
3.0
3.5
5.4
3.4
.6.6
0.7
2.8
0.5
L9
2.0
3:2
1.1
2 3
0.2
L8
0. 5
L9
2.9
4.6
2.5
3.6
3.0
5.2
1.5
3.1
2 9
5.1
2.6
3.9
1.8
3.0
State.
Total.
bent Par bent P e r
1.6
L3
2.9
2.1
3.2
3.0
0.7
2.1
0.5
L4
L
9
L2
0.7
L3
0.9
L5
0.5
L4
2.9
1.7
2.2
Ll
.
2
.9
2.2
1.7
L6
2.6
2.4
2.5
L4
L7
L3
United
States.
State.
Total.
bent P e r bent P e r eent P e r
2.9
L3
L3
5.0
2.2
2.9
6,2
2.8
2.8
2.8
2.0
0.7
L9
L3
0.5
3.L
L2
• L8
2.0
' L4
0.6
2.4
L5
LO
1.9
L4
0.5
4.6
L5
2.7
3.3
Ll
2.0
5.8
2.5
2.6
3.3
L7
L5
5.0
2.4
2.6
3.9
L6
2.4
3.0
1.3
L5
bent
2.6
5.1
5.6
2.7
L8
3.0
2.0
2.5
L9
4.2
3.1
5.1
3.2
5.0
4.0
2.8
The States in which the rates of State taxation were most excessive
during the years 1§76, 1877, and 1878 are shown in the table below:
1877.
1876.
1878.
states.
U.S.
New York
New Jersey
Ohio
."
Indiana
Ulinois
AVisconsin
Nebraska . ,
South Caiolina
Tennessee
State.
P e r bent P e r
L8
L4
L3
L2
1.8
L7
L5
2.2
,..•....
LO
L4
,..
Total.
bent P e r
3.1
2.1
2.7
2.5
2.4
2.1
3.0
2.5
.
2.7
2.1
U.S.
bent P e r
4.9
3.5
4.0
3.7
4.2
3.8
4.5
4.7
3.7
3.5
State.
TotaL
bent P e r bent P e r
L9 • 2 . 7
L4
La
L4
2.4
L2
2.3
L7
'2.2
L7
2.1
1.7
2.6
2.3
2.3
LO
2.6
L6
2.2
U.S.
bent P e r
4.6
3.3
3.8
3.5
3.9
3.8
4.3
4.6
3.6
3.8
State.
bent P e r
2.0
L4
L3
L3
L7
L7
L6
2.3
1.0
L6
Total. .
bent P e r
2.6
1.8
2.2
2.1
2.1
2.2
2 6
2.6
.
2.1
">
2.1
be7it
4.6
3.2
3.5
3.4
3.8
3.9
4 2
4.9
3.1
3.7
In the foregoing tables there appears to be an inequality in national as
well as State taxation; but this inequality is seeming only, and arises from
the fact that while the rate of tax imposed on circulation, deposits, and
capital is uniform as to all banks and in all sections of the country, yet
in the tables there is given the percentage of the total tax to the capital
only. Therefore, in those States where the deposits and circulation
are large in proportion to capital, the per(ientage appears greater. In
States where the deposits and circulation are proportionately smaller,
the percentage appears less. But in the case of State taxation the iur
equality is a real one, as the whole taxes^are laid directly on the shares
of capital stock alone. These heaA^y impost rates of necessity compel
national and other banks and bankers to raise their rates of discount, ih
order to be able both to pay the tax and to make a reasonable return to
their stockholders for the use of their capital f and this increased rate
150
REPORT ON THE FINANCES.
of discount must be and is largely paid by the producers and actiA^e
business men of the country, AYho are the customers of the banks.
For the past twelve years, upon an average combined capital and sur-;
plus of. $588,5'54,173, the average annual net earnings of the national
banks, including the amount paid in taxes, have been $68,078,144. Of
this latter sum $16,053,578, or about one quarter, have been annually
I)aid in taxes, national and State, and about $45,443,564 have been annually paid in dividends. Of the $16,953,578 paid annually in taxes of
all kinds, $3,239,909 haA-e been paid to the United States under the law
taxing deposits and capital, the repeal of which the Gomptroller earnestly recommends. These taxes amount to nearly one per cent, of the
average capital, and its repeal Avould undoubtedly, in the case of the
country banks at least, have an appreciable eftect in lowering the rate,
bf discount.
RESERVE.
' The following table exhibits the amount of net deposits, and the resei'A'e required thereon by the act of June 20, 1874, together with the"
amount and classification of reserve held by the national banks in
'New York City, in the other reserve cities, and by the remaining banks,
at the date of their reports in October of each year froni 1875 to 1879:
N E W YORK CITY.
Nuraber of N e t de- R e s e r v e
banks posits. required.
MiUions.
O c t o h e r 1 1875
O c t o h e r 2,1876.
O c t o b e r ] 1877
Octol)er 1,1878
O c t o b e r 2,1879
48
47
47 .
47
47
202. 3
197.9
174.9
189.8
210.2
Millions.
.50.6
49. 5
43. 7
47.4
52.6
Classification of r e s e r v e .
R e s e r v e held.
O t h e r law- D u e from R e d e m p Specie. ful m o n e y .
a g e n t s . tion fund.
Amount.
R a t i o to
deposits.
Millions.
Per. cent.
Millions.
29.9
30.7
27.5
26.8
25.3
5.0
14.6
13.0
13.3
19.4
60.5
60.7
48.1
50.9
53.1
Millions.
MiUions.
54.4
4.5.3
34.3
36.5
32.6
Millions^
LI
0.8
0.8
1.1
LI
OTHER RESERVE CITIES.
October
October
October
October
Octob/j.'
1,1875
2,1876
1,1877
1,1878
2,1879
188
189
188
18^.
181
223.9
217. 0
204.;.
199 9
228.8
56.0
54.2
51. 0
50.0
57.2
74.5
76.1
67. J;
7L1
83.5
33.3
3.5.1
33.0
35.6
36.5
L5
4.0
5.6'
37..1
37.1
34. Ji
29.4
33.0
32.3
32. 0
24.'t
2a 1
35.7
. 3.6
3.0
3.0
3.2
3.5
1.6
2.7
4.2
8.0
11. 5
33.7
3L0
3L6
3L1
30.3
.53. S
5.5.4
48.9
56.0
71. 3
1L5
10.8
10.7
ILO
IL 2
8.1
21.3
22.8
30.7
42.2
125.2
113.4
100.2
97.0
95.9
85.6
87.4
73.3
85.]
107.0
16.2
14.6
14.5
15.3
15.8
9.^r
1L3
STATES AND TERRITORIES.
October
October
October
October
October
1,1875
2,1876
1,1877
1,1878
2,1879
1,851
1, 853
1, 845
1,822
1, 820
307.9
291. 7
290.1
28a 1
32a 9
46.3
43.8
43. 6
43. ^
4a 5
loai
9a 9
95.4
• ,106.:.
124.3
32.5
34.3
32. 9
36. 7
37.7
SUMMARY.
O c t o b e r 1,1875
O c t o b e r 2,1876
O c t o b e r 1,1877
O c t o b e r l , 878.
O c t o b e r 2,1879.
2,087
2, 089
2,080
2, 053
2, 048
734.1
706.6
66a 1.
678. 8 •
768.9
152.2
147.5
138. 3 .
140.8
15a 3
235.1
236.7
210 8.
228.1
260. 9,
32.0
33.5
31.5
33.6
33.9
It will be seen from the above table that the reserA^e held by the banks
in the city of New York on October ,2 last was much less in proportion
151
COMPTROLLER OF THE CURRENCY.
to their liabilities than it had been at a corresponding date in any of
the four preceding years.
. The following table, compiled from returns made to the Clearing House
by the national banks in N^ew York City,.exhibits the movements of
their lavA-fiil-mouey reserve, weekly, during the month of October, tor.
the last seven years:
R a t i o of r e s e r v e t o W e e k ending—
October 4, 1873
O c t o b e r 11, 1873
O c t o b e r 18, 1873
O c t o b e r 25, 1873
October 3, 1874
October 10, 1874
O c t o b e r .17, 1874
O c t o b e r 24, 1874
O c t o b e r 31, 1874
October 2, 1875
O c t o b e r 9, 1875.
O c t o b e r 16,'1875
October 23. 1875
October 30, 1875
O c t o b e r ,7, 1876
O c t o b e r 14, 1876
O c t o b e r 21, 1876
O c t o b e r 28, 1876
October 6, 1877
October 13, 1877
O c t o b e r 20, 1877
O c t o b e r 27, 1877,
October 5, 1878
O c t o b e r 12, 1878,
O c t o b e r 19, 1878
O c t o b e r 26, 1878
O c t o b e r 4, 1879
O c t o b e r 11, 1879
O c t o b e r 18, 1879
October 25, 1879
Specie.
$ a 240, 300
10, .506,-900
I L 6.50,100
ll,433^500
15, .373, 400
14,517,700
12,691,400
11, 4.57, 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
14,011,600
14, 665, 600
14, 726, 500
14, 087, 400
1.5, 20a 000
14, 995, 800
12,184, 600
13, 531, 400
17, 384, 200
18, 979, 600
20, 901, 800
24, 686, 500
25, 636, 000
Legal-tenders.
Total.
.$9, 251, 900 $18, 492, 200
8, 049, 300
18, 556, 200
5,17a 8C0
16, 829, 900
7,187, 300
18, 620, 800
53, 297, 600
68, 671, 000
52,152, 000
66, 66a 700
51, 8.55,100
64, 546, 500
61,35L800
49, 893, 900
61, 097, 900
50, 773, 000
61, 620, 400
.56,181, 500
57, 0.58, 500
51, 342,. 300
48, 582, 700 • 54, i l l , 200
47, 300, 900
53, 035, 900
4.5, 762, 800
54, 738, 400
45, 535, 600
63, 218, 200
43, 004, 600 ' 5 a 238, 200
41,42L700
56, 999, 200
41, 645, 600
55, 657, 200
36,168, 300
50, 833, 900
35,178, 900
49, 905, 400
35,101, 700
4 a 18a 100
4 a 5 7 6 , StiO
34, 367, 800
53, 300, 700
38, 304, 900
49, 869, 700
37, 68.5,100
50,107,400
36, 576, 000
53, 074, 700
35, 690, 500
53, 347, 600
34, 368, 000
53, 722,100
32. 820, 300
.53, 991, 700
29, 305, 200
52, 349, 900
26, 713, 900
Circulation a n d D e p o s i t s ,
deposits.
P e r bent.
1L6
11.6
10.7
12.2
3a 0
2a 6
2a 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
25.7
24. 4
24.7
25:8
23. 3
23.4
23.5
23. 0
P e r bent
14.0
14.1
. 1.3., 0
14.8
33. .9
33.3
32.7
3L7
3L6
30.6
* 28.<9
27.7
' 27.7
29.6
32.4
3Li
3a 0
3a 3
2a 5
29. 2
2a'o
29:-4
28:4
27.6
27.3
.28. 5
2.5.>H
25.9
• 26.1
25.5
From the aboA^e. table it appears that while the national banks, in
October last, held the amount of reserve required by law, the propdrT
tion of their reserve to their liabilities was much less during that montli
than it has been at any time since 1873.
,
The returns of the ba.nks to the Clearing House for the week ending October 25 last, showed that the reserve of a considerable number of them
was below the requirements of the law. Letters were at once addressed
to these banks, directing them to increase their reserve"to the necessary
amount. Replies were receiA^ed showing that the deficiency of reserA^e
was in many cases but temporary. Otlier banks still showed a defi-.
ciency during the week folloAving. These delinquent banks were again
notified, and the returns for the week ended NoA^ember 22, show that
the specie had increased $27,633,032 since October 2, Avhich, notwithstanding the fact that the legal-tender notes had decreased in the same
time $ 16,578,284, made a net increase of $ 11,054,748 in the reserve funds.
A table showing the average weekly deposits, circulation and reserve
of the national banks in NTew York City, for the months of September
and October since 1872, will be found in the appendix.
Tables Avill also be found in the appendix exhibiting the state of the
lawful-money reserve of the national banks, as shown by tlieir reports
from September 12,1873, to October 2,1879, together with a table show.iug the reserves by States and principal cities for October 2,1879.
152
REPORT
ON T H E
NATIONAL-BANK
FINANCES.
CIRCULATION.
'•''l^ table exhibiting by States and geographical divisions the number
di banks organized and ih operation, Avith their capital, bonds on deposit,^
and circulation issued, redeemed,, and outstanding, on November 1,'
1879, will be found hi the appendix.
-'
The act of February 25,1863, and the subsequent act of June 3,1864,.
authorized the issue of 300 milhons of dollars of national-bank circulation, which was increased by the act of July 12, 1870, to 354 millions.
The act of June 20,1874, authorized any national bank desiring to withdraw its circulating notes, in whole or in part, to deposit lawful money
AAdth the Treasurer of the United States in sums of not less than nine
thousand dollars, and to.withdraAv a proportionate amount of bonds
hehl as secuiity for such notes; and.the act of June 14, 1875, repealed!
all previous provisions restricting the aggregate amount of national-;
bank circulation, and reqnired the Secretary of the Treasury to retire:
legal-tender notes to an amount equal to eighty per cent, of the nationalbank notes thereafter issued, until the amount of such legal-tender notes
outstanding should be 300 millions and no more. That provision of the'
act Avhich required a.reduction of tJnited States legal-tender notes was,;
however, repealed by the act of May 31, 1878. Subsequent to the pas-!
igage of the act of June 20, 1874, and that of January 14, 1875, which
latter act authorized the retirement and reissue of national-bank notes at
the pleasure of the banks, the circulation steadily decreased in volume;
liiitil the year 1877, the total decrease in this interval being $30,869,655.
"During the year ending November 1, 1878, there was an increase of
$4,216,684, and during the year ending November 1, 1879, a further
increase of $14,742,503, as Avill be seen from the following table, Avhich
Exhibits the total outstanding circulation, not including mutilated noteS;
tn transit, on the 1st day of November ofeach year forthe last thirteenyears, and also upon the dates of the acts above named:
November 1, 1867
November 1, 1868
November 1, 1869
November 1, 1870
Novemberl, 1871
is'ovember 1, 1872
November 1, 1873
June 2a 1874
^•m, 1.53, 296
300, 002, 234
29a 910, 419
302, 607, 942
324, 810, fi56
34L512,772
348, 382, 046
6 4 a 894,182
Noveraber 1, 1874
Januaty 14, 1875 .
November 1, 1875
November 1, 1876
November 1, 1877
Mav 31, 1878
November L, 1878
Noveinber 1, 1879
$351, 927, 24G
351,861,4.50
345, .586, 902
321,1.5a 718
316,775,111
321,232,099
320, 991, 795
• 335,134; 504
.; Since the passage of the act of June 20, 1874, $90,229,886 of legallender notes have been deposited in the Treasury by the national banks,
for thei)urpose of reducing their circulation, and $81,136,362 of banknotes have.been redeemed, destroyed, and retired.
] From the date of the passage of the act of January 14, 1875, to that
of, the act of May 31, 1878, Avhich prohibited the further cancellation of
legal-tender notes, $44,148,730 of additional circulation was issued, and
legal-tender notes equal to eighty per cent, thereof, or $35,318,984, was
retired, leaAdng the amount authorized $346,681,016, which is the amount
of legal-tender notes UOAV outstanding.
The amount of additional circnlation issued for the year ending November 1, 1879, was $22,933,490, of which $7,494,170 was issued during
the months of September and, October. The amount issued to banks
organized during the year was $2,615,440; the ainount retired was
$8,190,987 ; the actual increase for the year being $14,742,503. Duringthe year ending November 1, 1879, lawful money to the. amount of
153^
COMPTROLLER OF THE CURRENCY.
$10,319,398 was deposited with the Treasurer to retire circulation, of
which amount $2,936,063 was deposited by banks in liquidation. The
amount previously deposited under the act of JuViQ 20, 1874, Avas
$65,164,523, and by banks in liquidation $14,745,965, to which is to be
added a balance of $3,813,675 remaining from dei)Osits made by liquidating banks prior to the passage of that act. Deducting from the
total, $94,043,561, the amouut of circulating notes redeeined and destroyed without reissue ($81,136,362), there remained in the hands of the^
Treasurer on NOA'ember 1, 1879, $12,907,199 of lawful money for the
redemption and retirement of bank circulation.
Thefollowing table exhibits by States the issue and retirement of circulation during the year emling NoA^ember 1,,1879, and the total amount
issued and retired since June 20, 1874:
Circulation retired.
s t a t e s ancl T e r r i t o r i e s .
Circnlation
issued.
U n d e r a c t of Of l i q u i d a t i n g
J u n e 2 a 1874.
banks.
Total.
M a i n e '.
New Hampshire
:
Vermont
. . . .
.
. . .
Massach usetts
'
lihode Island
•
Connecticnt
New York
".
New Jersev
Pennsvlvania
Delawaie
...
..
Maryhind
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 Cai'ol ina
S o u t h Cai'olina
Georgia
Ploiida
Alabama
Mi.«?si.s.s!ippi
... . ; . . . . . '
Louisiana
Texas ..
Arkansas
I v e n t u c k y •.
Tennessee
..
.
M issouri
Ohio
Indiana
Illinois
Michigan
AVisconsin '.
I o w a . .J
Minnesota
.•
Kansas
Nebraska
Nevada
Oregon
Colorado
:
Utah
Idaho .
Montana
N e w Mexico
Dakota . . . . . . .
Washinficton . . °.
California
S u r r e n d e r e d to t h i e office a n d r e t i r e d
' $81,500
6,100
132,740
4, 895, 850
822,200
716, 890
5, 503,120
287, 000
2, 327, 730
. 18,000
574, 950
1, 600
311,400
18,000
458, 100
13, .500
• 117,920
$16,340
42,131
75, 294
4 i a 377
56, 743
23, 580
L4Sa814
28.5,170
378, 460
• $74, 433
9, 907
2.5, K'O
31, 275
5, 745
4, 987
288, 518
28, 547
114, 326
$90, 773
53, 038
100, 394
45a 652'
62, 488
28, 567
1, 778, 332
313, 717
492,786
• 228, 689
24, 965
44, 2.50
2.5, 370
136, 784
24,020
14, 038
5,090
28. 020
56, 500
25, 308
16, 010
233, 779
9, 000
860
351,480
146, 490
, 9, 000
967, 690
104, 700
360,210
1, 041, 340
544, 900
647, 240
884, 600
421,560
262, 600
276, 400
109, 300
22,500
19, 986
110, 768
31, 745
112, 0.53
379, 893
611, 426
266, 523
134, 505
• '53, 524
33,810
38, 871
.5, 913
26, 329
15
140
16, 485.
4,560
185
46, 637
18,081
134, 197
162,192
118, 549
206, 807
47, 740
57,195
75,178
38,312
67.870
3,840
240
875
140
162, 975
4, 560
20,171
157, 405
4 a 826
246. 250
542i 085.
729,- 975
473, 330
182, 245
l i a 719
108, 988
77,183
73, 783
30,169
240
16, 403
'6, 884
16, 532
6,884
27, 540
27,540
T o t a l .1
T o t a l s from J u n e 20,1874, to October 31,1878.
S u i T e n d e r e d to t h i s office b e t w e e n s a m e d a t e s
22, 933, 490
55, 412, 570
5,258,850
61, 002, 608
L78L547'
13, 093, 357
78, 346, 060
66, 261, 458
14, 874, 904
T o t a l issued a n d r e t i r e d from J u n e 20,
1874, to O c t o b e r 31, 1879
129
63, 000
89, 900
22, 500
27, 000
4.5, (100
9 a 000
297, 000
52, ass
100,
50,
152,
24,
32,
18,73i'
750
678
794
020
769
1,150, 590
•
.
8,190, 987
74, 095, 965
10,218,992
92, 505, 944-
154
REPORT ON THE FINANCES.
The following table exhibits the monthly issue and retirement of
national-bank notes for the year ending November 1, 1879:
N a t i o n a l - b a n k circulation.
Legal-tender notes.
Months.
Issued.
Retired.
Deposited.
Eetireil,
November .
December..
$1, 219, 720
801, 830
$189, 219
270, 633
$494, 519
908, 900
$189, 219
270, 633
Jariuary ...
February ..
March . . . . .
April
May
Juiie
July
August
Sept(Mnber.
October
1, 075, 510,
2,078,190
2, 003, 460
2, 9.57, 650
1, 290, 920
1, 428, 480
955, 430
L 628,130
3,912,120
3, 582, 050
287, 475
424, 428
91 a 814
478,746
893, 239
1,147, 294
674, 991
732, 819
427, 017
594, 722
1, 387, 950
1, 065, 000
1,407, 700
1, 034, 287
500,142
319, 8.50
1, 844, 650
464, 500
573, 300
318, 600
287,475
424, 428
9ia814
478, 740
893, 239
1,147,294.
674, 991
732, 81 a
427, 017
594, 722
22, 933, 490
7, 040, 397
10, 319, 398
7, 040, 397
N a t i o n a l - b a n k n o t e s s u r r e n d e r e d t o t h i s office a n d
retired
1,150, 590
Total.
8,190, 987
7, 040, 397
A table will be found in the appendix which shows, to November 1,
1878, the monthly issue and retirement of national-bank notes, and the
increase or decrease in their amount, under the act of January 14,1875.
The following table shows concisely the operations of the acts of June
20, 1874, and of January 14,1875, from the dates of their passage to November 1, 1879:
NATIONAL-BANK NOTES.
Amount Qiitstancliiig June 20, 13^4
Amount outstanding January 14, 1875
Amount outstanding May 31, 1878
Amount outstandmg at date ^
Increase during the last month.
Increase since January 1, 1879 . . . 1
Increase since No v^ember 1,1878
:
$349,894,182
351,861,450
32'^,555,965
335,734,298
2,909.178
13,411,'444
14,742,503
LEGAL-TENDER NOTES.
Amount outstanding Juue 20, 1874
$382,000, 000
Amount outstanding January 14, 1875
•...
ZS2, 000, 000
Amount retired under act of January 14, 1875, to May 31, 1878
35, 318, 984
Amount outstanding on aud since May 31, 1878
•
34o, 661, 016
Amount on dexiosit with the Treasuj-er Uuited States to redeem notes of
insolvent and liquidating bauks, and bauks retiring circulation under
• act of June 20, 1«74
.,
12,907,199
Decrease in deposit duriug tlie last month
276,122
Increase in deposit since January 1, 1879
.-. ,
9,335,434
Increase iu deposit since November 1, 1878
3,279,001
The notes of the eight national gold banks located in the State of California, which have an aggregate capital of $4,000,000, and a circulation
of $1,447,120, are not included in the above table.
* Circulation ofnational gold banks not included in the above, $1,447,120,
155
COMPTROLLER OF THE CURRENCY.
REDEMPTION.
Section 3 of the act of J u n e 20,1874, provides that every national bank
"shall, at all times, 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 its circulation, to be held and used for the redeinption of
such circulation." Since the passage of this act the banks have, as a
rule, maintained their redemption fund, and their circulating notes have
been promptly redeemed at the Treasury without expense to the government.
Thefollowing table exhibits the amount of national-bank notes received for redemption monthly by the Gomptroller of the Currency, for
the year ending November 1, 1879, and the araount received for the
same jieriod at the redemption agenc}^ of the Treasury, together with
the total ambunt received since the passage of the act of June 20, 1874:
Eeceived by Comptroller.
Months.
F r o m nati(mal banksi F r o m re- N o t e s of na- U n d e r a c t
for r e i s s u e d e m p t i o n I t i o n a l b a n k s of J u n e 20,
or s u r r e n - agen(;y for in liquida1874.
tion.
reissue.
der.
$14,190
. 2 a 200
November .
December.
$2, 39.5, 400
2, 697, 400
$116,716
124, 861
3,017,100
2, 898, 800
3, 004, 400
2, 973, 000
4, 437, 000
4, 542, 500
3, 047, 900
2, 704, 000
2, 014,100
1, 638,20a
131 .585
159, 476
217, 988
l i a 280
197, 060
354, 871
43, 780
17a 480
64, 030
81,420
Total.
$156,909 $2,683,215
179, 886 3, 022, 347
Eeceived a t
redeinption
agency.
$8, 936, 806
8, 431, 074
187a
Jannary ..
February .
March
April
May
June.......
July..
Aufru'st . . .
September.
October....
Total....
E e c e i v e d from J u n e 20,1874,
, t o N o v e m b e r 1, 1878
Grand total.
21,
71.,
78,
23,
77,
25,
82,
la
6,
13, 7(
453,180 35,
9,800
1, 781, 547
34a 530
555, 792
558. 090
410, 334
889, 817
848, 740
282, 425
414, 938
409,808
267, 386
3, .5ia 225
3, 685, 628
3, 859, 218
3,516,714
5,601,277
5,771.211
3, 456, 485
3,317,618
2, 494, 538
2, 000, 706
12,16a 897
13, 08.3, 822
11, 86a 175
10, 346, 522
1.5, 660, 085
13, 398, 800
9,123, 425
6. 314, 586
4, 508, 041
3, 349, 766
5, 314, 655 42, 919,182 117,191, 999
11, 970, 045 321, 520, 055 12, 968, 365 61, 021, 768 1407, 480. 233 867, 294, 293
12, 423, 225 356, 889, 855 14, 749, 912 66, 336, 423
During the year ending November 1, 1879, there was received at the
redemption agency ofthe Treasury $117,199,999 of nationaibank notes,
of which amount $43,966,000, or about 3^ per cent., was receivedfrom the
banks in New York City, and $42,757,()00, or about 37 per cent., from
Boston. The amount received from Philadelphia was $5,041,000; from
Baltimore, $402,000; Pittsburgh, $.")45,000; Cincinnati, $1,153,000;
Chicago, $1,610,000; Saint Louis, ^1,441,000; Providence,* $2,785,000.
The amount of circulating-notes fit for circulation, returned by the
agency to the banks of issue during the year, was $75,284,500. The
total amount received by the Comptroller for destruction, from the redemption agency and from the national banks direct, was $41,101,830.
Of this amount, $3,762,953 were issues of banks in the city of New
York; $3,745,699 of Boston; $1,445,400 of Philadelphia; $1,425,423
of Providence; $743,816 of Baltimore; $631,370 of Pittsburgh; and
of each of the other principal cities, less than $500,000.
156
REPORT
ON T H E
FINANCES.
The following table exhibits the number and amountof national-bank
notes of each denomination which have been issued and redeemed since
the orgiuiization of the s^^stem, smd the number and amount outstanding on November 1, 1879:
Number.
Amount.
Denominations.
Eedeemed.
Issued.
Ones
Twos
Fives
Tens
Twenties . . . . . . . ,
Fifties
One hundreds...
Five hundreds ..
Thousands . . . . .
Total
23,167, 677
7, 747,-519
65, 578, ,440
25, 904, 223
7, 869, 951
1, 211, 761
850, 720
• 2 a 570
6, 340
132, 357, 201
la
6,
45,
14,
4,
Outstanding.
600, 477
701, 270
996, 076
930, 599
237, 343
785, 263
581,604
19, 287
6,057
3, 567, 200
1, 046, 249
, 19,.582,3J4
10, 973, 624
3,632,608
426, 498
269,116
1, 283
283
92, 857, 976
39, 499, 225
Issued.
$23,167,
15, 495,
327, 892,
25a 042,
157, 399,
60, 588,
85, 072,
10, 285,
6, 340,
Eedeemed.
Outstanding.
677 $ i a o o a 4 7 7
$3,567,20a
. 2, 092, 498
038 • 13,402,540
200
229, 980, 380
97,911,820
230
14a 305, 990 • lOa 736, 240
72,652,160
020
84, 746, 860
21, 324, 900
39, 263,150
050
26,911,600
000
58,160; 400
641, 5oa
000
a643,50a
6, 057, 000
283,000
000
• * - 1 3 , 586
*+13, 586
945,281,215
610,146, 711
335,134, 504'
* P o r t i o n s of n o t e s l o s t o r d e s t r o y e d .
A table showing the number and denominations of the national-bank
notes issued and redeemed, and the num.ber of. each denomination, outstanding on November 1, for the last twelve years, wdl be found in the
appendix.
.
'.
The following table shows the amountof national-bank notes received
at this office and destroyed yearly, since the establishment of the system :
P r i o r t o N o v e m b e r 1,1865
D u r i n g tlie y e a r e n d i n g October
D u r i n g t h e y e a r e n d i n g Octobe.r
D u r i n g t h e y e a r endiiig O c t o b e r
D u r i n g t h e y e a r e n d i n g October
Dtii-ing t h e y e a r e n d i u g O c t o b e r
D u r i n g t h e year euding October
D u r i n g t h e year ending October
D u r i n g t h e y e a r e n d i n g October
P u r i n g t h e yeai- e n d i n g October
D u r i n g t h e y e a r eud ing October
D u r i n g t h e y e a r e n d i u g October
D u r i n g t h e y e a r einliug October
D u r i n g t h e yeai- e n d i n g O c t o b e r
Durinfj t h e y e a r 'ending October
A d d i t i o n a l a m o u n t d e s t r o y e d of
31,1866
31,1867
31,1868
31,1869
,
31,1870
31,1871
31,1872
31,1873
31,1874
;
31,1875
1
'.
31,1876
31,1877
'
31,1878
31,1879
n o t e s of b a n k s i n l i q u i d a t i o n
Total
$175, 490
1, 050, 382
3, 401, 423
4, 602, 825
8, 603, 729
14, 305, 689
24, 344, 047
3a211,72.a
. 36, 433,171
49, 939, 741
137, 697. 696
98, 672, 716
76,918,963
57, 381, 249
41,101, 830
25, 324, 699
610,165, 370
STATE AND SAVINGS BANKS.
Section 333 ofthe 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 diiferent 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 deposit to
COMPTROLLER OF THE CURRENCY.
be made to the Commissioner of Internal Revenue, for purposes of taxation, by all State banks, savings-banks, and private bankers. The data
for the following table were obtained from the Commissioner, and compiled in this Office. This table exhibits, by geographical divisions, the
number of State banks and trust companies, private bankers, and savings-baiiks, and their average capital and deposits for the six months
endingMay 31, 1878:
STATE BANKS AND TEUST ^COMPANIES.
N u m b e r of
banks.
Greographical d i v i s i o n s .
N e w E n ""land S t a t e s
Middle States . . . : .
Sonthern States
. . .
Western States
Pacific S t a t e s a n d T e r r i t o r i e s . . . ^
IJnited States
Deposits.
$7,10a8.52
40, "J 20, 772
27, 426, 169
24,146. 207
27, 874, 655
$14, 393, 516
124, 639, 510
32,601,4.56
58 191,153
27, 243, 830
1, 005
127, 268, 655
257, 069, 465
70
853
237
1, 351
123
3, 72.5, 930
34. 542, 494
5, 638, 564
. 21, 6:!a462
4, 215, 951
3,316,206
54, 534, 763
11,891,105
58, 520, 816
• 11,654,663
2, 634
69,753,401
139, 917, 553
6'
3
9
11
508,108
856, 673
261, 870
2, 592, 777
2, 43a 807
83'->, 046
1,427,418
31 374 489
29
4, 219, 428
36, 073, 760
40
239
251. .
384.
91
„
Caj)ital.
P E I V A T E BANKEES.
N e w En""Innd S t a t e s
Middle States
Southern States
Vi^cstern S t a t e s
Pacific S t a t e s a n d T e r r i t o r i e s
TJnited S t a t e s
SAVINGS-BANKS W I T H CAPITAL.
N e w England States
Middle States
.©.
Southern States
Western States
Pacific S t a t e s a n d T e r r i t o r i e s
-
United States
SAVINGS-BANKS WITHOUT CAPITAL.
N e w E n ""land S t a t e s
Middle States
;
Southern States
Western States
Pacific S t a t e s a n d T e r r i t o r i e s
United States
.
.
.
...
..
426
182
.
. . . .
6
366,461,816
35a 946, 471
1,69.5,377
10,363,073
17, 595, 320
644
747, 062, 057
SUMMAEY.
New England States
Middle States
Southern States
Western States
•..
Pacitic States and TeiTitories
United States
536
1, 280
494
I, 771
231
G 10, 826, 782
75, 771, 374
3;j, 921, 406
46, 038, 539
34, 683, 383
4,312
201, 241, 484
384,171, 538
532, 560, 551
47,019,984
128, 502, 460
87,868,302
1, ISa 122, 835
158
REPORT ON THE FINANCES.
The following table exhibits by States, cities, and geographical divisions the average capital and deposits of the same banks and bankers,
and taxes thereon, for the same period :
. states and Territories.
Capital.
Deposits.
$41, 209
O 61,000
351, 200
8 i a UOO
3,357.412
3, 565, 961
2, 640, 000
• $22, 801, 402
26, 766, 055
7, 890,150
148,78.5,115
. 61,086,908
42,614,408
74, 227, 500
10, 826, 782
384,171,538
9, 339, 629
43, 027, 777
641,000
1, 5.54, 540
a 328,171
•1,9,52,718
4, 466. 965
64a 412
570, 723
3, 87],S8a
: 377,550
142, 418, 399
250, 534,151
12,744,636
18, 073, 791
23, 888, 582
43, 417, 806
12, 644, 729
1,74.5,570
630, 081
23, 891,161
2, 571, 645
75, 771, 374
3, 226, 654
1, 478, 045
442, 377
720, 633
3, 9.57, 486
81,783
1, 060, 999
1, 226, 268
111,4.50
3, 988, 198
3, 620, 868
207, 903
6,454,1.56
5, 58.5, 957
1,758,029
On capital. On deposits.
Maine
N e w Hampshir©
Vernnmt
Massachusetts
Boston
E h o d e Island
Connecticut
,
N e w E n g l a n d Statea . . .
, N e w Torlc
• New York City
';. A l b a n y
New Jersey
, P e n n s y l v a n ia
Philadelphia
Pittsburgh
Delaware
Marvland
Baltimore
Washiugton
:..
1,280
M i d d l e Sta t e s
•Virginia .:
W e s t Virginia
• N o r t h Caroliua
South Carolina
'• G e o r g i a
Fhnida
Alabama
Mississippi
Louisiana
N e w Orleans
Texas
Arkansas
Ken tucky
Louisville
'Tennessee
J..
:
,..
1
..
Southern States.;
"Ohio
Cincinnati
Clevelaud
Indiana
Illiuois
Chicago
Micliigan
Detioit
Wisconsin
Milwaukee
Iowa
Minnesota
Missouri
SaintLouis
Kansas
Nebraska
,..
'..
...
,
W e s t e r n States
Oregon
California.
San F r a n c i s c o .
, Coloiado
Nevada
Utah
N e w Mexico
Wyoming
Idaho
Dakota
Montana
Washington
Arizona"
^
,
Pacific S t a t e s a n d Territories
Totals
Total.
$645 16
2,041 34
3, 436 90
5,149 48
17, 432 42
23, 961 69
19, 758 .50
$710 68
2,193 84
4, 256 10
6, 508 18
21, 006 35
31, 021 02
24,621 33
17, 892 01
72,425 49
90,317 50
532, 560, 551
125, 022 55
467, 567 J
592,590,44
6, 769, 857
3, 797, 525
833. 385
806, .592
4, 545, 928
21.5, 970
1, 908, 807
1,682, 166
5 a 575
6, 316, .557
5, 503, 345
336, 328
6,134, 643
5.271,471
2; 837, 835
7, 258 98
3, 291 90
1,105 95
1, 497 83
9, 644 67
204 45
2, 586 65
2, 375 15
166 12
8, 037 57
8,215 82
352 60
1.5, 010 92
12, 706 05
3, 365 55
33; 921, 406
47, 019, 984
75, 820 21
5,968,718
1, 707,174
962,317
4, 836, 292
4, 034, 349
3, 984, 828
2, 327, 238
1, l i a 775
1, 405, 619
743,541
5, 084, 219
1, 67U, 319
4, 053, 300
6, 335, 969
1, 369, 532
444, 349
1.5, 602, 726
4,591,510
12, 663, 332
l a .541, 861
12, 394, 243
7, 836; 766
5,183, 535
.5, 848, 086
3, 649, 814
5, 765.170
9,291,284
3, .526, 090
10, 637, 9.55
16, 543, 846
3,175, 805
1, 250, 437
12, 562 33
2, 777 02
1, 439 88
la 777 33
8, er^o 23
4, 045 84
5,511 93
1, 869 26
3,1.52 14
1, 772 20
11, 920 27
4, 077 73
8, 988 61
12, 324 13
3,1«3 11
1, 053 30
46, 038, 539
128, 502, 460
94,110 31
296,011 87
390,122 18
1. 078, 739
l a 337, 967
21, 369,142
63.5, 180
36S, 737
230, 000
.5, 000
106, 411
6, (183
103, 093
154, 204
207, 000
81, 827
1, 353.172
16, 707, 656
64,312,295
1, 724, 854
1, 68X, 318
857, 933
86, 251
191. 290
4.5, 304
200, 995
284,136
33a 991
76,107
2, 573 01
25, 482 40
40, 606 29
1, 587 84
921 83
575 00
12 50
266 03
15 20
2.54 81
385 51
517- 50
204 56
3, 254 83
36. 277 48
110, 794 98
4, 312 04
4, 220 76
2,144 79
215 62
478 22
113 25
..502 46
710 31
849 96
190 24
5, 827 84
61, 759 88
151,401.27
5, 899 88
5,142 59
2, 719 79
228.12
744 25
128 45
757 27
I, 095 82
1,367 46
394 80
34, 683, 383
87, 868, 302
73, 402 48
164, 064 94
237, 467 42
,312 201,241,484 1,180,122, 835
$65 .52
1.52 50
819 20
1, 3.58 70
3, 573 93
7, 059 33
4,862 83
23, 3.57 1 6
12,785' 66
3,189 38
3, 514 26
19, 959 84
744 37
• 7, 358 57
6, 580 40
315 05
21, 640 51
21, 974 14
1.193 42
30, 347 29
25,884 69
ia460 03
113, 484 56
37, 890 15
11,478 76
1.5,102 .54
23, 132 38
2a 216 94
ia574 49
12, 9.-.8 57
12, 808 17
a 124 45
14, 412 91
23, 0.55 51
8,237 51
26, 594 39
41,3.59 89
7, 939 29
3,125 92
ISa 3.04 77
50, 452 48
14, 255 78
16, .542 42
33, 909 71
37, 872 17
23, 620 33
18, 470 50
14, 677 43
12, 276 59
16,185 11
34, 975 78
12, 315 24
35, 583 00
53, 684 02
11,122 40
4,179 22
38(5, 247 56 1,113, 554 75 1,499,802 31
COMPTROLLER OF THE CURRENCY.
159
Similar tables for previous semi-annual periods will be found in the
appendix.
Froin the State authorities reports of State and savings-banks and trust
and loan companies have been obtained in the case of twenty-one States
and the District of Columbia. Reports of State banks have been received
from twenty States, of savings-banks from fourteen States, and of trust
and loau companies from six States. From seventeen States no reports
have been received. In the appendix may be found statements of the
returns received from the various States, and a summary of the whole*.
This summary, as may b'e seen from the number of States from which
no returns have been received, and from the incompleteness of some
which have been received, does not present a satisfactory exhibit of the
resources and liabilities of the State and savings-banks of the United
States, and it will be impossible to obtain such an exhibit until laws are
enacted by the legislatures of all the States which shall require these
banks to make uniform reports to the proper officers.
In the Comi^troller's report fbr 1877 the form of a bill.was presented,
substantially the same as one passed by the legislature of Ohio in 1876,
which, should it become a law in each of the States, w^ould obviate the
difficulty now experienced in obtaining full and accurate statistics in regaird to banks doing business under State laws.
SYNOPSIS OF DECISIONS OF THE SUPREME AND CIRCUIT COURTS 0°F
THE UNITED STATES, AND OF STATE COURTS OF LAST RESORT,
UPON QUESTIONS ARISINQ UNDER THE NATIONAL-BANK ACT, AND
UPON COCrNATE POINTS OF INTEREST TO BANKS AND TO PARTIES
HAVING- DEALINGS WITH THEM.*
ABATEMENT.
I. An action brouglit by a creditor of a national bank is abated by a decree of a
district or circuit court dissolving the corporation and forfeiting its franchises.
{First JSatioval Bank of Selma vs. Colby, 21 Pl'allace, p , 609.)
II. Suit by the receiver o|'lhe Aew Orleans Js-a tional Ban kin (/ Jssociaiion (formerly a
State organization called the Bank of New Orleans) against a shareholder'to
enforce his personal liability. Plea in abatement t h a t *^at the date of the
appointment of said receiver there was not, nor has there since been, nor is
there now, any snch corporation as said New Orleans National Association,
because said bank of New Orleans had no power by its charter,^nor authority
otherwise from the State of Louisiana, to change its organization to t h a t of a
national association under the laAvs ofthe United States."
On general demurrer this plea was held bad, because no°authority from t h e
State was necessary to enable the bank to make such change. The option to
do so was given by the forty-fourth section of the banking act of i ongress, 13
Statutes, 112. *'The power there conferred was ample, and its validity cannot be doubted." (Cast'.y, receivei^, ^"c-., YS..Galli, 4 Otto, p . 673.)
This plea was also held bad ujDon the additional ground t h a t ^'where a
shareholder of a corporation 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 hold otherwise," says Mr. Justice Swayne (p. 680), " would be contrary
to the plainest jirinciples of reason and good faith, and involve a mockery of
justice. Parties must take the consequences of the positions they assume."
^' Thej^ are estopped to deny the reality of the state of thiuos which they have
made to appear to exist, and upon which others have been led to rely. "Sound
ethics require t h a t the apparent, in its effects and consequences, should be as .
it" it were real, and the law properly so regards it."
* Many of the decisions cited in this synopsis are to be found in ^'THOMPSON^S
NATIONAL-BANK CASKS," Albany, 1878, but it was deemed best to give the original report, thus generally indicating the tribunal by which the point was decided.
160
REPORT ON T H E FINANCES.
ACCOMMODATION, ACCEPTANCES, INDORSEMENTS, AND NOTES.
•-
I. Where bills, indorsed by a national bank for accommodation only, had been
negotiated by the bank through its usual channels of communication with its
correspondents as its own bill's, and the proceeds thereof have been placed to
the credit of the biank, which thereupon gave the same credit to the parties
for whom it had thus indorsed, and received no benefit therefrom—^
•
Hddy That although an accommodation indorsement by a national bank, in
such cases, was void in the hands of holders agaiust whom notice ofthe character of the indorsement could be concluded, yet t h a t the bank was liable for
the same to holders, for value, without notice. {Blair vs. First Naiional Bank,
ManHfield, Ohio. Uniied States circuit court for Ohio, at Cleveland, Novemher ternij
1875, Bmmons,J. Beported in Bankers' Magazine for March, 187H, pp. 721-5.)
Query, whether, under the provisions of section 5202 ofthe Revised Statutes of
t h e U n i t e d States, any indorsement by a national bank is not ultra vires.
{Johnston.)
II. I t is no defense to a suit agaiust the acceptor of a dra.ft which has been discounted, and upon AAdiich money hasbeen advanced by plaintiff, that the draft
was accepted for the accommodation of the draAver. {Davis v. liandall, 115
' Mass., p . 547.)
III. A national bank discounted a note made by the defendant for the benefit ofthe
j)ayee, and which the payee agreed to take care of at maturity: Beld, tha,t
the bank could recoA'-er the note although it had, Avlien it took the note, full
notice of the circumstances uuder Avhich it Avas given. (Thatcher vs. West Eiver
Naiional Bank, 19 Mich.., p. 196.)
See, also, Title''EADDENCE."
IV. That the accominodation acceptance, indorsement, bill, or note o f a corporation
is ultra vires. (See Bank of Genesee YS. PaicJnn Bank, 13 N. Y., p. 309, and 19 N.
Y., p. 312; Bank of Ani) uru YS. Putnam, jr., 1 .Abb. App. Decisions, p. 80; Monfords
vs. Farmei'S' cf Me-ch. Bank, 26 Barb., p . 563; Farmers' ^•' Mech. Bank YS.- Troy City
Bank, 1 Doug. {Mich.), p.. A'o.)
[NOTE.—In the United States circuit court, western district Virginia, Judge
Bond has recently decided the cases of Selif/man ^^ Co. A^S.'TheCharloitesviUe
National Bank, 2ind Joh7iston Brothers i^"-Co. SigSiinst the siimehiiu}^. The first
was an action of covenant uipon a letter of credit for £5,000, issued under t h e
seal of the bank, pursuant to a resolution of the board of directors, guaranteeing the drafts of Flannagan & Son to the amount of said letter. The latter
was assumpsit upon liA^e bills of exchange for $5,000 each, dated April 16, 1875,
each draAvn by said Charlottesville Bauk upon t h e Citizens' National Bank oi
• Baltimore, payable to the order of Flannagan & Son, acceptance Avaived,
maturing upon days '^ fixed" Avithin five days ofeach other, the first, November 20, and t,he last, December 10 of same year. Said bills Avere not drawn
against funds due or to become due from the said Citizens' to said Charlottesville Bank, but were a mere loan of the credit of the latter bank (it being
Avithout funds) to the said Flannagan & Son, and drawn to be used by the
latter, as they were used, as collateral security in part for a loan of $25,000,
made, by sa>id Johnsion Broihers cf Co. to said Flannagan & Son. Said plaintiffs
took said bills as such collateral security, and with full notice of all the facts
aforesairl.
Beld, 1. That said letter of credit and said bills of exchange Avere only t h e
accommodation paper of said Charlottesville National Bank, and, as such,.void
i u t h e hands of the plaintiffs, holding Avith full notice of their cliaracter.
II. That the incidental powers conferred upon national banks are not snch
as are conferred upon banks generally, but only such as are necessary to carry
o n t h e specitic bauking business prescribed by the national-bank act. Hence,
though such banks may borrow money for certain purposes, they have no
power to loan-their credit to customers.
These cases Avill be reported in the Bankers' Magazine for December, 1879. ]
ACTIONS.
I. A national bank m a y b e sued in the proper State court. {Bank of Bethel YS'
Pahquioque Banlc, 14 Wall., 383, p . 395.)
II. Such banks may sue in Federal courts. The word ' ' by '^ was omitted in section
57 of act of 1864 by mistake. {Kennedy vs. Gibson. 8 Wall., pp. 506-7.)
Receivers may also sue in United States courts. {Ibid.)
III. When the full personal liability of shareholders isto be enforced t h e action must
be a t law. {Kennedy YS.. Gibson, 8 H'all., p . 505; see also, Casey cfc, A^S. Galli,
supra.)
IV. But if contribution only is sought, the proceedings may be in equity, joining
all the shareholders Avithin the jurisdiction of the court. {Ibid., pp. 505-6.)'
See, also, title ' ' SHAUEHOLDERS, INDIVIDUAL LIABILITIES O F , " VI, pod. •
COMPTROLLER OF THE CURRENCY.
161
ACTIONS—Continued.
y . A national bank located in one State may bring an action in the circuit court of
United States sitting Avithin another State, against a citizen thereof. {Manufacturers^ National Bank YS. Baack, ^ Biatch., 1^1.)
VI. In such action it Avill be presumed, so far as the question of jurisdiction is concerned, that the stockholders of siich bank are citizens of theState where the
bank is located. {Ibid.) But in case of Commercial Bank of Cleveland vs. Simmons, dQcided in United States circuit court northern district of Ohio, it was
held t h a t a national bank does not sue iii the Federal court by virtue of any
right conferred by the judiciary act of 1789, but by virtue of the right conferred by its charter, the national-bank act, and this would seem to be the
- true doctrine. (See Thomp. National Bank Cases, 295.)
Also First National Bank^ of Omaha vs. County of Douglas, 3 Dillon, p . 298,
decided by Mr. Justice Miller of theUnited States Supreuie Court.
VII. National banks can be sued only in the courts designated iu the national-bank
act. Therefore a State-court of New York has no jurisdiction of an action
. a g a i n s t a national bank located in Alabama. {Cadle vs. Tracy, 11 Biatch.
p. 101.) T o ' t h e contrary of this, see Cooke vs. State Nationai'Bank, o2 N. F.,
p. 96. *
See, also, Title ".JURISDICTION," ijost
ATTACHMENT OF ASSETS.
I. When a creditor attaches the property of an insolvent national bank, he cannot
hold such property against the claim of a receiA^er appointed after the attachment suit was commenced. Such creditor must share p7^o rata with all others.
'{First Naiional Ba7ik of Selma YS. Colby, 21 Wall., j)- 609:)
See, also, title " JURISDICTION," Iljj^ost
II. Section 5242 Revised Statutes United States prohibits the .issuing of an attachment against a national bank by any State, county, or municipal court, before final judgment. (See Central National Bank vs. Richland Natimal Bank.
b2JBowanxl,N.Y.,p.Vi6.)
ATTORNEYS.
I. Section 56 of currency act is directory only, and it cannot be objected by defense
that a suit is brought by priA^ate attorney instead ofthe United States district
attorney. {Kennedy vs. Gibson, 8 Wall., p . 504.)
BY-LAWS.
I. A national bank cannot by its by-laws create a lieu on the shares of a stockholder who is a debtor of the association. {Bullard A^S. National Bank, cfc,
18 Wall.,p. 589.) :
- ^,
See, also, case of Banlc vs. Lanier, I I Wall.) x?. 369, cited under ' ' L O A N S ON
S H A R E S , " j^9ost
,
[NOTE.—In Young vs. Vaugh, 23 N. J. Equity B., p. 3'-^5, it Avas held t h a t a
national bank could by its by-laws prohibit tlie transfer of sliares by a shareholder Avhile indebted to the bank and t h a t transfers in violation of such bylaAvs Avere void. As it is held by the Supreme Court of the United States
t h a t such 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 the
power exist. ]
CHECKS.
•
.
•
<
I. The holder of a check on a national bank cannot sue the bank for refusing, payment, in the absence of proof that it was accepted by the bank. {National
Bank of the Republic YS. Millard, 10 Wall., jp. 152.)
II. The relation, of banker and customer is t h a t of'^debtor and creditor. Receiving deposits is an important part of the business of banking, but the moment
they are received they become the moneys of the bank, may be loaned as a
part of its general fund, a,nd• the check of the depositor gives no" lien upon
them. {Ibid., per Bavis, J., p . I'o^.)
IIL Perhaps, on proof t h a t check-had been charged to the draAver,.and t h a t the
bank had settled Avith him on t h a t basis, the holder or" payee could recover
on a count for ^^money had and received.'^ {Ibid., pp. 155-6.)
IV. The facts t h a t the bauk 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., p}). lbb-6.)
y . Where a bank pays a check draAvn on it in faA^or of a party whose indorsement
• thereon is forged, and the 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 III., p . 638)
11 F
162
REPORT ON T H E FINANCES. ,
CHECKS—Continned.
/
VI. A clerk of plaiiitiffs' received from their debtors checks, payable to their (plaint. iffs') order, in iiayment' of sums due. The clerk, wrongfully and without
authority, indorsed the names of the plaintiffs on these checks and transferred
them to other persons, apropriatng the proceeds to his OAVU use. Subsequently these checks were dexiosited with a bank, Avhich in good faith collected them and paid OA^er the proceeds to the depositors. In a suit by
plaintiffs against the bank, to recover the amounts so collected by i t : Held^
t h a t the bank Avas liable. {Johnson A^S. First National Bank, 13 N. Y. Sup. C.)
VII. Bankers are presumed to knoAV the signatures of their customers, and pay
checks purporting to be draAvn by them at their peril. (Weisser A^S. Dennison,
10 N. Y., p . 68; National Bank ofthe Commomvealth A^S. Grocers^ National Bank,
^^Soivard,N. F., P?\,J:>. 412.) Thislastcaseholds t h a t if t h e b a n k , T3h.e drawee,
pays the forged check to the holder, it cannot recover back the money so paid.
The same doctrine was held in case of First National Bank of Quincy A^S. Ricken',
71 III., p . 439; but qualified by holding t h a t it applied only AA^here the presumed
0 negligence was all on the side of the bank, and Avhere the holder or payee had
been guilty of no fraud or act to throAv the bank off its guard.
VIII. CERTIFYING.—National banks have the power to certify checks ; and this power
may be exercised by the cashier Avithout any special authorization. The di- .
rectors can limit this poAver, but such limitation Avill be no defense as to parties having no notice. {Merchants'' Nat. Bank A^S. State Nat. Bank, 10 Wall.^
p . 604.)
^ IX. A certificate of a bank t h a t a check is good is equiA'alent to an acceptance, im- •
plying that the bank has the funds to pay it, and t h a t they are set apart for
t h a t purpose. (Ibid.)
X. A nationarbank is liable on a check certified by its cashier to the holder ih good
faith, although the drawer had no funds in the bank whe;n it was certified.
(Cooke vs. State Nat.. Bank, 52 N. Y., p . 96.)
XI. The act of Congress of March 3, 1869,- making it unlawful for a national bank
to certify checks unless the draAver 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 such bank, haAnng no funds of the drawer
in its hands at the time, but engaging to pay the same A\dien a draft left witli
it for collection by the drawer shall have been paid. {National Bank vs. National Bank, 7 West Va. St., p . 544.)
CITIZENSHIP.
1. National banks are citizens of the State in which they are organized and located^
and when sued by national banks.of other States haA^e a right to demand a
remoA^al ofthe suit from a State to t h e proper Federal court. ^ {Chatham National Bank YS. Merchants' National Bank. 4 Thomp. cf C. {Thompson cf Cook),
N. Y. Sup. C.,p. 196, and 1 Hunter, N. Y., p . 702. See also title \'ACTIONS" V
and FI, supra; Davis YS. Cook, 9 Nevada, p . 134.)
II. A national bank, being a citizen ofthe State in which it is located, may be reqnired to give security for costs Avhen suing in a,nother State; and in the State
. of NCAV York such security may be required, because the bauk is regarded as
a corporation created by a foreign State. {National Park Bank vs. Gunst, 1
Abbott's New Cases, 292.) •.
COLLECTIONS,
I. A bank receiving paper for collection undertakes to use due diligence in making
demand at maturity, and giving the proper notices of non-payment. An unreasonable delay will charge the bank Avith liability for the amount; and
proof t h a t the paper would not haA^e been paid, if presented, will constitute
no defense. {Bank of Washington vs. Triplett, L Peters, p. 2^; Bank of Neiv Hanover- vs. Kenner, 76 N. C , p . 340; Steele YS. Russell, 5 Nebr., p . 211; Capital State
Banlc vs. Lane, 52 Miss., p. 617; Fabens vs. Mercantile Bank, 2'i Pick., Mass.,
jp.320.)
II. And if the bank receiA^ing paper for collection, upon a sufficient consideration,
transmits it to auother bank to be collected, the receiving bank Avill be liable
for the misconduct of such other bank, unless there is some agreement to the
contrary. (Montgomery County BanhYS. Albany City Bank, 7 N. Y., p . 459 ; Commercial Bank A^S. Union Banlc, U N . Y.,p.20'd', Kent A^S. Dawson, 13 Blatchf,
p . 237; First Naiional Bank vs. First Natiohal Bank of Denver, 4 Dill.,,p. 290.)
I I I . A bank received a check upon itself for collection, being at the same time a
large creditor of the drawer, and failed, without excuse, to notify the depositor of the non-payment ofthe check: Held, t h a t the bank was chargeable for
the negligence. {Bank of New Hanover vs. Kennei^, supra.)
i
COMPTROLLER OF THE CURRENCY.
163
COLLECTIONS—Continued.
•
IV. A bank holding a check for collection, and accepting the certification of the
bank upon which it is drawn, in lieu of payment, assumes the risk and
thereby becomes liable to the owner for the amount, with interest from date
of certification. {Essex County National Bank YS. Bank, of Moiitreal, 7 Bissell,
i;.193.)
V. The Corn Exchange National Bank of Chicago sent defendant, the Dawson Bank
at Wilmington, N. C , a draft drawn npon one Wiswall, living at Washington, N. C , for collection. Defendant by letter aeknpAvledged the receipt of
the draft, stating t h a t it had been credited to the Corn Exchange Bank, and
entered for collection. Thereupon defendant sent draft to Burbank & Gallagher, bankers at Washington, N. C , for collection. The latter house collected the draft, bnt failed and passed into bankruptcy before remitting.
In a suit brought by the assignee of the Corn Exchange National Bank
against the DaAvson Bank to recoA^er the proceeds of the draft: Held, per
Wallace, J., t h a t the latter bank was liable for the amount.^ {Kent, assignee,
^"C,YS. The Daivson Bank, 13 Blatchf, 2). 237.)
[NOTE.—The court concedes t h a t the. authorities are conflicting upon the
point iiiA^olved in this case. In Neiv York, Ohio, and in England, the decisions sustain the conclusion of Judge Wallace, Avhile in Connecticut, Massachusetts, Illinois, and Pennsylvania precisely the contrary rule prevails. The
point was made in this case t h a t the law of Illinois should control the rights
of parties, but it was held otherAvise. ]
VI. In an action by G against a bank it a]3peared that a note Avas made to O's order,
indorsed by him, and sent through tlie house of B, a banker, for collection,
and by B indorsed to the defendant bank, ^'for collection and credit": Held,
, t h a t B, by the indorsement, did not become the oAvner of the note, and had
. no right to pledge It, or direct its x>roceeds to be credited to him in paj'^ment
of his indebtedness to the defendant bank. {Pirst National Bank YS. Gh^egg,
79 Pa. St., p . 384.)
VII. In such case, if the defendant bank had made advances, or given new credit to
B on the faith of the note, it would haA^e been entitled to retain the amount o
out of the proceeds. {Ibid.)
VIIL A bank holding a customer's demand note has a lien upon the proceeds of
drafts delivered to it for collection, after the giving of the note, though collected after.the filing of a'petition in bankruptcy, and can apply such proceeds npon the notes. {Be Farnsworth, 6 Biss., p . 223.)
IX. A collection agent who receiA^es from his principal a bill of lading of merchandise,
deliverable to order, and attached to it a time draft, may, in the absence of
special instructions, deliver the bill of lading to the drawee of the draft, npon
the latter's acceptance of the draft. It is not the duty of the agent to hold
the bill after such acceptance. {National Bank of Commerce vs. Merchants' National Bank, 1 Otto, 2>'^2-)
X. Woolen <f 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 Avas by letter, Avhich merely stated that the draft and bills Avere
sent to defendant for collection and remittance of proceeds to plaintiffs,
Woolen cf Co. The draft was drawn by, ahd to the order of. Coder <f Co., indorsed by them, by Mayhew, and the plaintiffs. By the terms of draft the
draAA^er, indorsers, and acceptor waived presentment for payment and notice
of protest and non-payment. It was payable fifteen days after its date, and ^
it Avas admitted that by ordinary course of transit the lumber AA^ould reach its
destination eight days prior to the maturity of the draft. There had been no
business transactions betAveen 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. Bugbee
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
t h a t the draft was drawn for the price or A-alue of the lumber: Held, per Wallace, J., that, the draft being on time, it must be presumed t h a t it Avas the IUT
tent of parties t h a t Bugbee .should realize from sale of the lumber the
funds to meet the draft at maturity. Therefore, npon 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 ^ Webb vs. N. Y. and Erie Bank, 12
Blatchf, p . 3b9:)
164
,
REPORT ON T H E FINANCES.
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 is satisfaction of them, so as to thereby obtain a
transfer of stocks,of railroad and other corporations, i n t h e honest belief that,
by turning them into money under more favorable circumstances than then
existed, a loss Avhich it Avould otherAvise 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, Avith a vicAV to
their subsequent conversion into money, in order to make good or reduce an
anticipated loss. (Ibid.)
See, also. Title ^'ESTATE, REAL," I, j^ost
COMPTROLLER.
I. The Comptroller appoints the receiver, and can therefore remoA':e him. {Kennedy
. vs. Gibson, 8 Wall, p . 498.)
II. The Conaptroiler's certificate, reciting the existence of t h e facts of AA^hich he is
required to be satisfied, to justify t h e appointment of a receiA^er, under section 50 of the national-bank act, is sufficient evidence of the A^alidity of such
appointment, in an action brought 'by such receiver. {Piatt A^S. Bebee, 57 N.
Y.,p. 339.)
•
^
,
III. The Comptroller must authorize auy increase of the capital stock of a national
b a n k ; and such increase must be certified by him as prescribed by section 13 of.
t h e a c t of Congress proAiding for the organization ofnational banks./ (R. S.,
sec. 5142. Charleston YS. People's National Ba,n.k, ^ S. C , p . 103.)
IV. The Comptroller cannot subject the United States Government to the jurisdiction''of a court, though.he appears and ansAvers to t h e suit. {Case A'-S. Terrill,
11 Wall., p . 199.)
See, also, Title ' ' S H A R E H O L D E R S , INDIVIDUAL LIABILITY O^,^'post.
CONVERSION.
I. The couA^ersion of a State into a national bank AA'^orks no dissolution, only a change
ofthe original corporation; nor does'the latter thereby escape any of its liabilities. {Ma/yna.rd A^S. Banlc, 1 Brewster, Pa., p. 483; Kelsey A^S. National Bank
of Craivford, 69 Pa. St., p. 426; Co fey vs. National Bank of .-Missouri, 46 Mo.,
.p. 140.)
,
.
•
^
,
CURRENCY ACT.
I. The purpose of t h e currency act Avas, in part, to proAade a currency for the
whole country, and, in part, to create a market for the 'government loans. {Per
Strong, J., in Tiffany A^S. Missouri, 18 Wall., p. 413.)
II. National banks organized nnder tlie act of Congress of June 3, 1864, are the instruments designed to be used to aid the government in t h e administration of
an important branch of t h e public service; and Congress, which is t h e sole
judge of t h e necessity for thc^ir creation, having brought them into existence,
the States can exercise no control over them, nor in any wise affect their operation, except so far as Congress may see proper to permit. {Per Sivayne, 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 t h e second Bank of the United States.
The reasoning of Secretary Hamilton, andof this court in McCulloch YS. Maryland, 4 Wlieat., p . 316, and in Osborne YS. Bank U. S.,7 Wheat., p . 708, therefore
applies.
«
IV. The power to create carries AAith it the i^OAver to preserve. The latter is a
corollary of the former. {Ibid., per Sivayne, J., pp. 33-3^.)
DEBTORS OF NATIONAL BANKS.
I. Debtors of an insolvent national bank, AA^hen sued by t h e receiver, cannot
object t h a t pleadings do not shoAV a compliance Avith all t h e steps prescribed
by statutes as preliminary to the appointment of such receiA^er. {Cadle, Re- '
cdver, ^ c , vs. Baker cf Co., 20 Wall, p . 650.)
IL Snch ordinary debtors may be sued l)y receiver without previous order of t h e
Comptroller. {Bank YS. Kennedy, 17 Wall, p . 19.)
DEPOSITS, GENERAL.
.
I. The relation between a bank a,nd its depositors is t h a t of .debtor and creditor
only, and is hot fiduciary. Thus, a note deposited for collection, if passed to
t h e credit of the depositor in his general account, then OA^erdrawn, becomes
t h e property of the bank, A\^hich becomes indebted to him for the proceeds.
Upon the bankruptcy of the bank, t h e proceeds are assets available to the
gene,ral creditors. And the fact t h a t the account was made good by other
deposits before collection of the note makes no difference. {In re Bank of
Madison, 5 Bissell, p . 515.)
COMPTROLLER OF THE CURRENCY.
165
DEPOSITS, GENERAL—Continued.
II. A dei^osit is general, unless the dex^ositor makes it sxiecial, or deposits it exxiressly
in some particular capacity. And in case of a general deposit of money with
^ a banker, a prcAdous demand b y t h e depositor, or some other person by his
order, is indispensable to the maintenance of an action for the deposit, nnless
circumstances are shoAvn Avhich amount to a legal excuse. {Brahm vs. Adkins,
77 I I I , p . 263.)
III. A nationaibank having become insolvent, a depositor therein assigned his deposit to a debtor of the bank! Held, that the latter could not offset snch deposit against his debt, in an action thereon. ( Venango Nat. Bank A^S. Taylor,
^6 Pa. St., p . U . ) .
IV. A dex')ositor was also indebted to the bank,on bond and mortgage. Held t h a t
he could offset his dex:)osit against said indebtedness, the bank being in the
hands of a receiA^er. {Matter of New Amsterdam >Sav. Bank vs. Tartler, 54 How.
^{N.Y.Pr.), p . 38^.)
. V. The claims of dex^ositors in a suspended national bank are, Avhen proA^ed to the
satisfa,ction of the ComxDtroller of the Currency, on the same footing as if
they were reduced to judgments, and from date of such proof bear interest.
{Nat. Bank ofthe Commonwealth vs. Mich. Nat. Bank, 94 U. S. (4 Otto), p . 437.)
D E P O S I T S , CERTIFICATES OF.
I. A certificate of deposit Avas is.sned by a bank for a certain sum, subject to the
order of the depositor at a certain elate, xiayable on the return of the certificate :
'
Held, in an action on said certificate against the bank, brought by an assignee,
t h a t there could .be no recoA^ery without x^roof of an actual demand and refusal of xiayment. {Broivn YS. McElroy, 62 Ind.. p . AOi.) .
IL In a suit against the bank, nx^on a stolen certincate of dex30sit given by the
defendant to the xilaintiff", reciting t h a t he had deposited in the bank a certain
number of dollars, xiayable to his order in current funds,- on the return of the
certificate xiroperly indorsed:
•
Held, first, that tHe instrument should be regarded as the promissory note of the
bank, assignable under the statute (of Indiana), but t h a t it was not negotiable
as an inland bill of exchange, being made payable, not in money, bnt ' ' i n
current funds"; second, t h a t the payee could recover on said stolen certificate
without giving-a bond against a subsequent claim thereunder by another
Xierson. {National State Bank vs. Ringel, 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 Avhom a t was transferred
seven years after it Avas issued, notAvithstanding the payment thereof to the
original holder. Such certificate is not dishonored until xiresented. {National
Bank Fort Edward vs. Washington Co. National Bank, 5 Hun., N. Y. Sup. Court,
p . 605.)
IV. Under a statute x^rohibiting the circulation of bills or notes not xiayable on demand, banks have no power to issue time certificates of deposit; and such certificates, if issued, are void. They are equivalent to post notes. {Bankof
Peru vs. F'arnesivorth, 18 I I I , p . 563; Bank of Orleans vs. Merrill, 2d Hill {N. Y.),
p . 295; Leviatt A^S. Palmer, 3 N. Y. {Comst), p. 19.)
DEPOSITS, SPECIAL.
1
. .,
I. The taking of sxiecial deposits to keexi, merely for the accommodation of the
depositor, is not within the authorized business of national banks; and the
cashiers of such banks haA^e no pOAver to bind them on any express contract
accomxianying, or any implied contract arising ont of, such taking. (Wiley vs.
First National Bank, 47 Vt:, p . 546.)
IL If a banking association, nnder the national-currency act, has'xiower to assume
the duties and obligations of a naked bailee of xiroperty, either gratuitously
or for hire (as to which point the court does not decide, though apparently
inclined to deny such power), it is clearly outside its ordinary business; and it
is not within the scope of the general poAvers or general authority of its executiA^e or ministerial offices to bind such corporation by a contract for such bailment. Therefore, in the absence of proof of special authority for t h a t purXiose, delegated by the board of directors, or evidence t h a t such xiowers have
lieen exercised by their knowledge and sanction, or t h a t such has been the
habit and custom of, the bank, it is not responsible for, property thus received
by its cashier. {First National Bank Lyons vs. Ocean National Bank, 60 N. Y.,
p . 278.)
III. A circular issned by such corporation, inviting the correspondence of othea*
banks, and offering to buy and sell securities for them,-is no evidence of a consent, on its part, to become a general bailee and denositorv of such secnritiea
for its corresxiondents. {Ibid.)
166
REPORT ON THE FINANCES.
DEPOSITS, ^ SPECIAL—Continued. •
IV. The corporations formed under the national-currency act are banks of deposit,
as well as circulation. They are authorized to issue their own notes, and
receive fi-om 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 t h e same money. By the deposit the
money becomes the xiroperty of the bank, and only t h e relation of debtor and
creditor is created. {Ibid., per Allen, J., p . 288.)
[NOTE 1.—In the last^cited case the cashier of the Ocean National Bank ,
had, at sundry times, received United States bonds belonging to the Lyons
bank. Some of these bonds had been xmrchased by said cashier and the assistajit cashier for the Lyons bank. Two or three times, by the order of the
latter bank, the couxions of these bonds had been cut off by said cashier and
proceeds credited to the Lyons bank. But there was no xiroof that these,
transactions Avere done, or tliat said bonds Avere kept in the vault of said Ocean
Bank, Avith the knoAvledge of the directors. While said bonds AV ere thus kept,
burglars broke in * and stole them. The court held, and the' opinion was
unanimous, t h a t there was no difference underthe currency act between such
a deposit of United States bonds and a dexiosit o.f other A-aluable xiroperty,
such as plate, diamonds, or jewelry, for safe-keeping, gratuitously. I t was a
naked bailment of dexiosit, Avithout re AAvard, and such an act o f t h e 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 sxiecial dexiosits of money with a bank, see Story on Bailments, section 88; also Smith vs. First Naiional Bank, 99 Mass., p . 605. In this last case
. there had been a special dexiosit of gold coin, to be returned when "called for.
The cashier embezzled the funds: Held, t h a t the bank was not liable, aSv
there Avas no gross negligence oh the xiart of the corxioration. '
.[NOTE 2.—The cases of Wiley A^S. First Naiional Bank and First Naiional Bank
of Lyons vs. Ocean National Bank, as aboA^e cited, are referred to AA^th decided
axixiroval in Weckler A^S. First National Bank of Hagerstown, 42 Md., p . 581. I t is
Xiroper to sfcate, hoAvcA^er, t h a t the cases of Scott A'^S. National Bank of Chester
Valley, 72 Pa. St., p . 471; First National Bank of Carlisle YS. Graham, 79 Pa. St.,
p. 106, and Chatiahoochee National Ba/nk vs. Scliley, 58 Ga.,p. 369, hold directly t h e
contrary doctrine, although in the last-named case the xioint Avas not really in
dispute. The rulings in NeAV Y^ork and Vermont Avould seem, to the Avriter,
sound; b u t the custom of receiving special deposits for safe-keexiing, and
without reAvard, has been so general with banks t h a t it may control, in giving
^construction to the national-bank act.]
DIRECTORS OF NATIQNAL BANKS.
I. Directors of a national bank may remoA^e the xiresident, both under the law of
Congress and the articles of association, AA^here the latter so X->i'ovide. The
power exists if the bank has adopted no by-laws. {Taylor vs. Hutton, 43
Barb., N. Y. Sup. Court, p . 196; S. C, 18 Abb. Pr. R . , p . 16.)
II. In all cases Avhere an act is to be done by a corxiorate body, a majority of t h e
whole nuniber of directors is necessary to constitute a A^alid meeting; but at ^
a meeting Avhen a quorum is jiresent, the majority of those xiresent may act.
A by-law adoxited Avhen less than a majority are xiresent is void. {Lockwood
vs. American National Bank, 9 Rhode Island, p. 308. See Title " OFFICERS," post.)
EMBEZZLEMENT.
I. When the xiresident of a national bank, haAdng charge of its funds, couA^erts
them to his own use, he embezzles and abstracts them within section 55 (R.
S., sec. 5209) of the national-bank act, unless he shoAvs authority for thus
. using them. {In ilie matter of Van Campen, 2 Benedict,p. 419, per Blatchford, J.)
II. Although false entries in regard to such embezzlement are made on the books
of such bank by the clerk, but by the order of the xiresident, the latter is
chargeable as princixial; and the'intent to defraud the bank is to be inferred •
from the.fact of such embezzlement. {Ibid.)
IIL The cashier of a national bank Avas inclicted under said section 55 for embezzling and Avillfully misapxilying the moneys of the bank with intent to defraud,
&c. On trial it Avas xiroved t h a t defendant took the moneys of the bank and .
used them in stock speculations, carried oii in his own name, by dexiositing
the same with a stock broker as " m a r g i n s " for stocks bought ou his OAvn account. . Held, t h a t the intent to injure or defraud Avas conclusiA^ely |iresumed
uxion proof of the act charged; and, therefore, eAddence Avas not admissible
to xirove t h a t the cashier nsed the funds with the knoAvledge and consent of
COMPTROLLER'OF THE CURRENCY.
167
EMBEZZLEMENT—Continued.
the president, and some of the directors of the bank, and on account of and
. for the benefit of the bank. ( United States vs. Taintor, 11 Blatchf, p. .374.)
[NOTE.—This last case was decided in the United States circuit court, sonthern district of New York, Woodruff, Blatchford, and Benedict, J. J., all concurring in the decision.]
i v . A State court has no jurisdiction of the crime of embezzlement by an officer of a
national bank situated within the State. (Commonwealth vs. Felton, 101 Mass.,
p . 204; Stale A^S. Tuller, 34 Conn., p . SO.) But in this latter case it Avas also held
c
t h a t AAdiile a teller of such bank could not be xmnished for embezzling the
funds'of the bank, he could be couA^icted, under the statute ofthe State, for purloining property dexiosited Avith such bank for safe-keexiing; and m Commonivealth A^s. Barry, 116 Mass., p . 1, it was decided t h a t though an officer of a
national bank, Avho has stolen its proxierty, may be subject to xmnishment for
embezzlement under the national law, he may also be punished for the same
act, as a larceny, nnder the statute of the State.
ESTATE, REAL.
I. The Avant of xiower of a bank, or of its trustee (receiver) in insolvency, to pur- ^
chase and hold real estafce, does not render void an arrangement whereby land
subject to a lien in favor of the bank, and to other liens, is discharged of those
other liens by funds fi'om the assets of the bank, the land being then sold, and'
the entire xiroceeds of such sale realized to the bank assets, xiro Added the title
does not xiass through the bank or its trustee. {Zantzingers vs. Gunton, 19
Wall, p ; 32.)
,
See, also. Title ' ' L O A N S ON R E A L E S T A T E , " ^ o s i . )
ESTOPPEL.
I. A shareholder in a national bank, who has xiarticixiated in its transactions as
such, and receiA^ed dividends, is estopxied from denying the legality of its incorporation. The same rule axixilies to one accustomed to deal with*^a national
bank as such, as by givuig his promissory note to; such bank. ( Wheelock vs.
Kost, 77 I I I , p . 296; National Bank A^S. Phoenix Warehousing Company, 6 Hun.
{N. Y.), p . 71; Casey vs. Galli, 94 U. S., p . 673, ahd numerous cases therein
cited.)
EVIDENCE.
I. Even if it is Avithin the authority of the xiresident of a national bank to bind
the bank by an agreement AAdth the accexitor of a draft, Avhich is discounted
by the bank, not to enforce the draft against him, yet oral evidence of such
an agreement is not comxietent in defense of a suit by the bank against t h e
acceptor. {Davis YS. Randall, 116 Mass., p . 6^7.)
II. The certificate ofthe Coinxitroller ofthe organization of a national bank is conclusive CAddence as to the comxileteness of such organization, in a suit against
one of its shareholders. {Casey vs. Galli, ante; Thatcher YS. West River National
Bank, 19 Mich., p . 196.)
. I I I . In ordering an assessment for the xiayment of the debts of an insolvent bank,
the stock certificates and stock ledger of the bank must be taken by the Comptroller of the Currency, in the absence of fraud or mistake, as showing who
the stockholders were at the time of the failure. {Davis A^S. Essex Baptist
Society, 44 Conn., jy- 582.)
INTEREST. _
*
.
I. Under section 30, act of 1864, a national bank in any State may take as high
rate of interest as by the laAvs of such State a natural person may stipulate
for, although Sfcate banks of issue are restricted t o a less rate. ^ {Tiffany vs.
National Bank of Missouri, -18 Wall, j)- 409.)
[ N O T E . — I n Missoiiri, natural xiersons may take ten xier cent., b u t State
banks are restricted to eight xier cent. In this case the national bank had
taken nine xier cent.: Held, legal.]
II. Held, also, t h a t as the action was Adrtually brought to recoA^er the penalty for
usury, the statute (section 30) must receiA^e a strict construction. {Ibid., p .
409.)
III. In a suit by a national bank upon a bill of exchange discounted by it, the acceptor cannot set uxi by Avay of counter-claim, or set-off', t h a t t h e bank in
discounting a series of bills of said accexitor, the proceeds of which it used to
Xia;y other bills, knoAvingly took, and was xiaid, a greater rate of interest t h a n
t h a t allowed by law. {Barnett YS. National Bank, 98 U. S., 8, Otto, p . 555.),
168
REPORT
ON T H E FINANCES. '
INTEREST—Continued.
IV. The acfc of June^3, 1864 (R. S., sec. 5198), ha\dng xirescribed that, as a penalty
for such taking, the xierson paying such unlawful interest, or his legal repre"sentative, may in an action of debt against the b'ank recover back twice t h e
aniount so paid, lie can resort to no other mode or form of procedure.
{Ibid., Broivn vs. Second National Bank of Erie, 72 Pa. St., .p. 209.)
[NOTE.—The aboA^e case in 98 U. S. OA"^errules scA^eral State decisions on the
same point.*]
See also Title " USURY,''jiosit.
INTEREST ON CLAIMS OF CREDITORS.
I. Where a national bank is put in charge of a receiA^er, under section 50 of t h e
original currency act (R. S., sec. 5234), and a sufficient sum is realized from
its assets to x^ay all clainis against it and leaA^e a surplus, the Comptroller
ought to allow interest on the clainis during the period of administration
before apxiropriating the surplus to the stockholders of the bank. An action
of assumxisit by the holder of such a claim Avill not lie against 'the Comptroller,
nor against the receiA^er, but Avill lie against the bank. {Chemical Naiional
Bank YS. Bailey, 12 Blatchf., p . ^80.)
II. In such action interest is recoverable on all demands originating in contract
conditioned for the xiayment of interest, and on a,ll demands for nioney due
and unxiaid, by AA^ay of damages for non-xiayment after such deniands became
due. And interest is recoverable on a bala.nce due a depositor in such bank,
although he has made no formal demand of payment. {Ibid.) But, as to thislast xioint, see the ruling of the Supreme Court.
III. In the" case oi National Bank of the Commomvealth vs Mechanics' National Bank, 4
Oito, p . 437, the Suxireme Court United States decided t h a t a depositor in a
national bank, AA^lien it susxiends paynient and a receiA^er is appointed, is entitled from the date of his.deniand to interest nxion the dexiosit; t h a t the
claiius of dexiositors in such bank at date of suspension for the aniount of their
deposits are, Avhen proA^ed to the satisfaction of the Comiitroller of the Currency, placed upon the same footing as if reduced to judgments; t h a t is t o
say, they draw interest frOni the time of such xiroof and allowance. I t Avas
also decided that, such interest being a liqilidated sum at the time of the payment o f t h e deposit, an action lies to recover it, and interest thereon.
IV. When the Conixitroller assesses shareholders to pay the debts of ari insolvent
national bank, such assessment bears interest from the date ofthe Comptroller's order. -,(Casey vs. Galli, ante.)
JUDGMENTS.
I. A judgment against a national bank in the hands of a receiA^er, uxion a claim^
only establishes the A^alidity of such claim ; the xilaintiff can have no execution on such judgment, but must aAvait j;ro rata distribution. '{Bank of Bethel
vs. Pahquioque Bank, 14:' Wall, 2^- 383. Clifford, J., p . 402.)
JURISDICTION.
I. A,United States district conrt has jurisdiction to authorize a receiver of an in.
solA^ent natiohal bank to comxiromise a debt. (Matter of Piatt, 1 Ben., p . 534.)
II. A resident (citizen) of Kentucky AA^as 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 NCAV Y^ork, at the same time attaching certain
moneys belonging to said bank, i n t h e hands of the National Park Bank, in
New York. Subsequently the receiA^er of the Alabama bank (wliich had
failed) \A^as, on his own niotioh, made xiarty defendant to the action xiending
in the New York supreme court, and pleaded ^^ want of jurisdiction," and other
defenses. The supreme court overruled his plea to the jurisdiction, rendered
judgment against the receiA^er on tlie merits, and ordered satisfaction to be
made trom the moneys attached. Thereupon the receiA^er filed his bill in
Gh^iTiCQTj ux tlxQ United Staies circuit court for the xiroper circuit, praying, an
injunction to restrain the collection of the judgment rendered by said supreme •
court, and t h a t the moneys attached be paid to him as receiver.
Held, tl\at, by the provisions of the currency act, the State court was dexirived
of jurisdiction of the attachment proceedings; t h a t the receiver was n o t
estopxied by the xiroceedings in said State court from asserting his rights in
said circuit court, and t h a t he was entitled to the relief xirayed for in his bill.
{Cadle, receive}', cfc, A'-s. Tracy, 11 Blaichf., p . 101.)
See also T i t l e " RECEIVERSJ" VII, post.
I I I . State courts haA^e no jurisdiction of actions to recoA^er penalties imxiosed by t h e
national-bank act. {Newell A^S. NationalBank of Somerset, 12 Bush., Ky., p . 57^
(See also Title " EIS'IBEZZLEMENT," IV, ante.)
COMPTROLLER OF THE CURRENCY.
169
JURISDICTION—Continned.
r v . The United States circuit court has no jurisdiction of a suit by a private person to restrain or interfere with the Treasurer of the United States or the
Comptroller of the Currency in the discharge of their duties in respect t o
bonds deposited to secure the redemption of circulating notes of a national
bank. {Van Antiverp vs. Hulburd, 7 Blatchf, p . 426.)
V. An action Avill not lie against the Comptroller nor the receiver, upon a claim
against an insolvent national bank, but will lie against such bank. {Chemical
National Bank vs. Bailey, ante. See also Bank of Bethel vs. Pahquioque Bank,
ante.)
VI. A national bank cannot be sued i n t h e United States district courts outside of
the district where it is located. {Main vs. Second Nat. Bank of Chicago, 6 Bissell, p . 26.)
Nor can such action be brought against a nationaibank in a State conrt, save in
the connty or city w^here it is located. (Crocker vs. Marine National, 101 Mass.,
p. 240.
See also Title " A C T I O N , " VII, ante; also " EBIBEZZLEMENT," IV, ante.)
LOANS I N EXCESS.
I. A loan by a national bank in excess of the restriction of section 29 of the act of
1864 (Revised Statutes, section 5200), which xirovides t h a t the total liabilities
of any person (borrower) shall not exceed ten per centum of the capital stocky
&c., is not void on t h a t account. The loan may be enforcedj though t h e b a n k
may be liable to xiroceedings for forfeiture of its xirivileges, &c., for making
it. {Steivart YS. National Union Bank of Maryland, 2 Abb., United States, p>' 424.
See also 0'Hare YS. Second National Bank, 77 Pa. St., p . 96.)
In Samuel M. Shoemaker A^S. The National Mechanics' Bank, and The Same vs.
The National Union Bank, application for injunction, &c.. United States circuit court, Baltimore, Md., Judge Giles held * * * " A s to the tirst charge
in this bill against the defendant, in reference to the amount loaned to Bayne
& Co., in Adolation of the twenty-ninth.section of the act of June 3, 1864, I
Avould only say that the loan made under such circumstances is not void; it
can be enforced as any other loan made by the bank." Vide 31 Md., p. 396.
The validity of a loan in excess of the above-named statutory restriction
was established and set at rest by the decision of the Supreme Court United
States, in the case of Gold Mining Company A'^S. Rocky Mountain National Bank,
96 U S., {6 Otto), p . 6i0.
LOANS ON.- REAL ESTATE.
.
A executed.a note to B, and, to secure payment thereof, also executed a deed
of trust on lands, Avhich was in effect a mortgage, with a power of sale thereto
. annexed. A national bank, on the security of the note and deed, loaned money
to B, who thereuxion assigned them to the bank. The note not being paid at
maturity, the trustee was xiroceeding to sell.the lands pursuant to the power,
Avhen A filed a bill in chancery to enjoin the sale upon the ground that bysections 5136-37, R. S., the deed d i d n o t inure as a security for a loan made by
the bank at the time of the assignment of said note and deed. Held, that
the bank Avas entitled to enforce collection of the note by a sale of the lands
pnrsiiant to the xiower in this deed of trust.. - Union National Bank of St. Louia
vs. Matthews, 98 U. S. {8 Otto), p . 621.
Mr. Justice Miller dissented, holding the note A^alid, but t h a t the deed wasinoxierative as security to the bank.
• .
"LOANS ON SHARES.
I. National banks are gOA^erned by the act of 1864, AA^hich repealed the act of 1863,.
and cannot, therefore, make loans on the security of their own shares, unless
to secure a pre-existing debt, contracted in good faith {Bank, ^-c, vs. Lanier^
11 Wall, 2^.369.)
II. The xilacing of funds by one bank on xiermanent deposit with another bank isa loan withiii the spirit of section 35 of act of 1864. {Ibid., p . 369.)
IIL Loans by such banks to their shaTcholders do not,create a lien on the shares of
such borrowers. {Ibid., |i. 369.
See Sblso Bullard vs. Bank, 18 Wall', p. 580; and " B Y - L A W S , " sup7'a.
IV. But a national bank has the right to make loans on negotiable notes secured by
the stock of another corporation, of marketable A^alues. {Shoemaker vs. Na-.
tional Mechanics^ Bank, 1 Hugh. ,p. 101.) The same doctrine was also held in case
of Germania National Bank et d l vs. F. F. Case, receiver, ^ c , decided by t h e
Supreme Court U. S. at its last term. I t will be reported in 99 U. S., C. C.)
170
REPORT ON THE
FINANCES.
LOCATION.
I. Under sections 6, 8, 10, 15, 18, and 44 of the original currency act (13 Stat, at
Large, 101), resxiecting the location of banking associations, a national bank
is to be regarded as located at the xilace sxiecified in its organization certificate. If such place is in a State, the association is loca.ted in that State.
{Manufacturers' Naiional Bank A^S. Baack, 8 Blatchf., p>- 137.)
OFFICERS.
.
.
I. CASHIER. The cashier is the general executiA^e officer of a bank, liaA^ing charge
of its funds, notes, bills, and other choses in action. Either directly or
through his subordinates he receiA^es all nioneys and notes of the bank, delivers UXI discounted paxier when xiaid, draws checks to withdraw funds of the
bank when dexiosited, and generally, as such executiA^e officer, transacts most
of the bank business. ( Uniied States A^S. City Bank of Columbus, 21 How.,p. 356,
and numerous later decisions.)
II. But the cashier can make no declaration binding the bank not Avithin the scope
of his general powers. {Bank of Metro2)olis vs. Jones, 8 P e l , p. 12: S. P . , 3 Watts
4" S., Pa., p . 317; 3 Gill, Md., p . 96.)
III. A cashier, Avho has made sale of corporate xiroperty, and holds a balance in his
hands, is the agent of the board of directors, and not of the respectiA^e stockholders, and cannot be charged by an individual stockholder as holding snch
balance for his benefit. {Brown A^S. Adams, 5 Biss., j»i. 181.)
, IV. A cashier, Avithout special authority, cannot bind his bank by an official indorsement of his individnal note, and the onus is on the xiayee to shoAv such authority. > ( West Saint Louis Savings Bank A^S. Shaivnee Co. Bank, 3 Dill, p . 403.)
V. Although the cashier of a bank may, in the ordinary course of bnsiness, withont
the action of the directors, dispose of the negotiable securities of the bank,
he has not the xiOAver to xiledge its assets for the xiayment of an antecedent
debt. {State of Tennessee vs. Davis, 50 Hoiv. {N. F.'), 2>- 447.)
VI. DIRECTORS. It is the duty of directors of a bank to use ordinary diligence in
acquiring knoAAdedge of its business. They cannot be heard, Avhen sued, to say
. that they were not axixirised of facts the existence of which is shown by the
books, accounts, and correspondence of the bank. They should control the
subordinate officers of the bank in all imxiortant transactions. Therefore,
nnder the circumstances proA^ed in this xiarticular case, they Avere held liable
for the abstraction and sale of sxiecial dex)osits by the latter; ( United Society,
4"C.,YS. Underivood, 9 Bush, Ky.,p. 609; German Bank YS. Wulfekuhl&r, 19 Kansas, p . 60.)
VII.v<The cashier of a national bank, Avho had executed no bond, eniliezzled its funds,
. '" discovery AA^hereof niight have been effected by use of slight diligence on the
part of the directory. They, howcA^er, published, according to law, a statement of the condition of the bank, which showed t h a t its affairs were being
- prudentl.3^ and honestly administered, and from which the xmblic had a right
to belicA^e t h a t he Avas trustAvorthy. AfterAvard, persons who had seen this
rexiort became sureties on t h e official"bond of the cashier, and for his subsequent embezzlements were sought to be held liable thereon: Held, That such
sureties, being misled by the statenient, were released. They had a right to
belicA^e t h a t the directors, before x^uhlishing it, iuA^estigated the condition of
the bank. (^Graves A^S. .Lebanon National Bank, 10 Bush, Ky., p . 23.)
VIIL PRESIDENT. A guaranty against loss for signing as sureties, given by a bank
Xiresident Avithout authority from the directors, to those Avhom he had solicited
thus to sign a note, giA^en to the bank to retire a prior note held by it against
their principal, is held to be the individual contract of the president, and
not bind ing uxion the ba.nk. {First Natidnal Bank A^S. Bennett, 33 Mich., ji. 520.)
IX. A xiresident of a bank, who, Avith the cashier, had the general charge of its business, xiermitted and directed the draAving of moneys from the bank by one
irresponsible, Avithout security, and for a business in which the president was
interested with the x^arfcy drawing the funds. He requested the ca.shier not *
to say anything of it to the directors: Held, That the xiresident was personally responsible for the moneys thus drawn. (First Natidnal Bank of Sturgis vs.
Reed, 36 Mich., p . 263.) [ Quwre: Wonld not an indictment for embezzlement lie
under the national-bank act?]
X. The president o f a bank, as such, has no authbrity to release the claim's ofthe
bank against- any one. Such authority must come from the directors, by vote
or implication. {Olney vs. Chadsey, 7 R. I , p . 224.)
POST-NOTES.
I. Certificates of deposit, payable at a fixed future day, held to be equivalent to
post notes, and therefore void, as prohibited by a State law. (See ante Title,
" D E P O S I T S , CERTIFICATES OF," IV, and cases there cited.)
COMPTROLLER
OF T H E CURRENCY.
171
RECEIVERS.
I. The receiver of a national bank is the instrument of the Comxitroller, and may
be remoA^ed by him. {Kennedy YS. Gibson, 8 Wall, 2^-606.)
• 11. Snch receiver is the statutory assignee of the assets of the bank, and may sue
to collect the same in his OAVU name, or in the name of the bank for his use.
{Ibid., p . 606.) •
'
'
III. In such suit it is not necessary to make the bank or creditors parties. {Ibid.,
p. 506.)
.
•
IV. The receiA^er of a national bank represents such bank and its creditors, but he
in no sense represents the Uuited Staies Government, and cannot subject the government to the jurisdiction of any court. {Case A^S. Terrill, 11 Wall, p . 199.)
V. The decision of a receiA^er, rejecting a claim against his bank, is not final.
Claimant may still sue. {Bank of Bethel YS. Pahquioque Bank, 14 Wall, jji. 383.)
VL The clause of section 50, act of 1864, which xirescribes t h a t the receiA^er shall
be ^^ lender the direction of the Coinxitroller," means only t h a t he shall be sicbject
to his direction, not t h a t he shall not act without orders. He may and must
collect the assets. That is Avliat he is appointed for. {Bradley, J., in Bank
vs. Kennedy, 17 Wall,p)p. 22-3.)
VII. Receivers ofnational banks are officers o f t h e United States, within the meaning of the act of Congress of March 3, 1815, giving United States courts jurisdiction of actions by United States officers, and may sue in such courts.
{Piatt, receiver, cfc., vs. Beach, 2 Ben., p . 303.)
[NOTE.—The judge places stress upon the proAdsion of section 31 ofthe act
of 1864, which requires (in t h a t particular instance) t h a t the Secretary of the
Treasury shall concur in the appointment ofthe receiver.]
VIIL Receiver not Uable to be sued on a claim against the bank. (See Title, ' ' J U R I S DICTION," V, aw/e.)<SET-OFF.
I. In an. action brought to enforce the individual liability of a shareholder of an
insolA^ent bank, such shareholder cannot set off against such liability the
aniount due to him as a creditor of the bank. {Garrison A^S. Howe, 17 N. Y.,
p . 458; In re Empire City Bank, 18 N. F., j?. 199.)
[NOTE.—Though these cases Avere decided by a State tribunal (NCAV York
court-of axixieals), and the rulings AA^ere based uxion xirovisions of a State constitution and a State statute, yet the principle they enunciate is recognized
and fully affirmed in Sawyet^ A^S. Hoag, 17 Wall, j^i. 610, and Scammon vs. Kimball, 2 Otto, p. 362; vide also, Venango National Bank YS. Taylor, 66 Pa. S t , p . 14.]
II. As to when a depositor m a y set off his deposit against a debt due by him to an
insolvent national bank, see ante Title DEPOSITS GENERAL, I V ; also, Piatt,
receiver, A^S. Bentley, 11 Am. Laiv Register, 2^-171.
IIL Usurious interest paid cannot be set off. (See Title " I N T E R E S T , " I I I and IV,
ante.)
SHAREHOLDER, W H O IS PRESUMED TO BE.
'
I. A person is xiresumed to be the owner of stock when his name apxiears on the
books of a comxiany as a stockholder; and when he is sued as such, the burden
of disxiroving such xiresumxition is cast upon him. {Turnbull Y. Payson, 95 U.
S. (5 Otto), p . 418.)
•
•
SHAREHOLDERS, INDIVIDUAL LIAJ3ILITY OF.
I. Comiitroller must decide when and for what amount the personal liability of the
' shareholders of an insolA^ent national bank shall be enforced. {Kennedy vs.
Gibson, 8 Wall, 2?. 505.)
IL His decision as to this is conclusiA^e. Shareholders cannot controA^ert it. {Ibid.,
p . 505; Casey YS. Galli, 94: U. S. (4 Otto), ji. 673; Germania Bank et a l A^S. Case, receiver, U. S. Supreine Court, jiot j e t reported.)
[NOTE.—These cases are decisiA^e against the ruling in Bowden YS. Morris, 1
Hugh., p . 378, C. C ]
III, I n any suit brought to enforce such xiersonal liability, such decision of t h e
Coinxitroller must be aA^erred by the xilaintiff', and, if xmt in issue, must be
XiroA^ed. {Kennedy v. Gibson, su2^ra.)
IV. The liability of shareholders is scA^eral, and not joint. {Ibid., p . 505.)
V. The limit of such liabilities is the xiar A-alue of the stock held by each one.
{Ibid., p . 606.)
VI. Where the AA^hole amount is sought to be recovered, the xiroceeding must be at
l a w ; where less is required, the xiroceeding may be in equity, and in such
case an interlocutory decree may be taken for contribution, and the case may .
stand over for the further action of the court, if such action should subse• quently xiroA^e to be necessary, until the full amount of the liability is exhausted. {Ibid., p . 505.)
172
REPORT ON T H E FINANCES.
SHAREHOLDERS, INDIVIDUAL LIABILITY OF—Continued.
But in Bailey, receiver, cfc, vs. First National Bank Duluth, U. S. circuit court
for Minnesota, Nelson, J., held t h a t even Avhere less than the x^ar value was
assessed the suit might be at laAv; and this would seem to be the true theory.
Vide Banker's' Magazine, A2^ril, 1877, 2?- 793.
VIL In such equity suit, all shareholders Avithin the jurisdiction of the court should
be made xiarties defendant; b u t i t i s no defense that those not AAdthin the
jurisdiction are not joined. {Kennedy YS. Gil)son,_ su2ora.)
• VIII. Suits to enforce personal liability of-shareholders may xiroperly be brought before other assets are exhausted. {Ibid., pp. 505-6.)
IX. Where, before the failure of a bank, stock Avas transferred on its books to t h e
,
name of aii irresxionsible xierson, for t h e xmrxiose of escaping liability, and so
stood at t h e time of the axipointment of a receiA-er: Held, That the receiver
could shoAv Avho the real OA\aier Avas, and t h a t the latter was liable for the
assessment. {Davis, Receiver of Ocean Naiional Bank, A^S. Stevens, U. S. Cir. Ct.,
southern district N Y., October, 1879. Waite, Chief Justice.)
SHAREHOLDER, L I A B I L I T Y OF TRANSFEREE.
I. The transferee of shares, Avhen such transfer is absolute on the books of t h e
bank, is liable to creditors to the aniount of such shares, although in fact he
holds theni as collateral security for a loan to the shareholder Avho transferred
them. {Hale YS. Walker, 31 Iowa, 2y- 344; Adderley vs. Stprm, 6 Hill, p . 624 ; Van
Biker's case, 20 Wend., p . 614; Bowden, receiver, A^S. Santos et a l , 1 Hugh., p . 158;
Marcy A^S. Clark, 17 Mass.,^ p. 330.)
• [In the Bankers' Magazine for January, 1875, is a notice of the case of Mann,
receiver, A^S. Dr. Cheeseman, decided by Bla.tchford, J., in the United States circuit court, in NCAV York, iiiAA^hich the judge held t h a t until there was a transfer of shares on the books of the bank the shareholder whose name there apxieared
Avas liable for the debts of the bank; t h a t an actual sale and the signing t h e
ordinary xiOAA^er of attorney on t h e back of the certificate AAdll not relieve the
seller. ]
To t h e foregoing rulings of State and other subordinate tribunals may now
be added the decision of t h e Suxireme Court United States in Germania Bank
et a l vs. Case, receiver, already cited. The Germania National Bank of New
Orleans discounted a note ibr the firm of Phelxis, McCullough & Co. for
$14,000, at ninety days, taldng as xiart security therefor the xiledge of 100 shares
o f t h e Crescent City National Bank stock, Avith xiower of attorney to the Germania cashier to transfer, seU, &c., on default in xiayment of the note. Phelps,
McCullough & Co. failed, and the note Avas protested at maturity. Prior to t h e
maturity of the note, the Crescent City Bank sustained such heavy losses t h a t
it Avas notoriously in bad repute in. New Orleans; and yet,. Avhen the note fell,
due, the cashier of the Germania immediately transferred to his own bank,
uxion the books of the Crescent City Bank, the 100 shares so pledged. Afterwards, on the same day, he transferred 76 of these shares to one Waldo, a clerk
of t h e Germania Bank; and on the day following transferred the remainder
to said Waldo. I t .was proved t h a t Waldo paid nothing, Avas t h e mere agent
of the Germania Bank, Avhich still OAvned the 100 shares as security for tl^e
paynient of said note, and t h a t one of the xirincixial reasons for the-transfers
t o Waldo was the possible liability of the shareholders of the Crescent Bank
for its debfcs in case of insoh^ency! Soon after, the Crescent City Bank failed.
Held, pefT Strong, J., t h a t the trausfers^ to said Waldo AV ere void as against said
receiA^er, and that although the Germania Bank only held said shares as collateral security for t h e xiayment of said discount, it was still liable as owner
for the assessment in this case ordered by the Comptroller. The opinion is
able and fortified by numerous authorities.
[NOTE.—In this same case, at a former term, upon a motion to dismiss t h e
appeals of certain of the axipellants, t h e Suxireme Court recognized the right
of t h e Comptroller to make a.n additional assessment, if deemed necessary;,
and for this reason sustained the apxieals, holding t h a t the matter in dispute
Avas, or might be, OA^er $5,000, although the decrees axipealed from were severally less than t h a t amount. The assessment AA^as for 70 per cent. C. C."|
See also Pullman A^S. Upton', 96 U. S., 6 Otto, p . 328, as to liability of transferee.
SHAREHOLDER, LIABILITY OF EXECUTOR, ADMINISTRATOR AND HEIRS O F .
I. Where stockholder died before failure of bank, stock not haA^ing transferred t o .
name of administrator:
Held, t h a t the stock is not to berega.rded as having been at the time ofthe failure the proxierty of the administrator, in such a sense as to constitute him
a "shareholder Avithin the meaning of sec. 5152, U. S. RCA^ Stat., so as to limit
liability ofthe estate to funds actually in t h e hands of administrator.
COMPTROLLER OF THE CURRENCY.
173
SHAREHOLDER, LIABILITY O F EXECUTOR OF, &C.—Continued.
Held, also, that t h e provision of the act exempting executors and administratorsand trustees from xiersonal liability was not intended to affect the liability
to assessment pf estates in xirocess of settlement, b u t only to prevent a personal
liability from running against xiersons acting in a trust caxiacity, who had received the stock for the benetit of trust estates. Davis vs. Pf^eed, 44 Conn.y
p . 669.
II. The liability of a stockholder is in the nature of a contract, and as such was
a xiersonal liability, for which his estate Avas holden at his death. {Davis vs.
Weed, supra-, citing Hawthorne A^S. Calefy 2 Wall,p. 22; Loiory A^S. Jamen, 46 N.
Y., p . 1 1 9 ; Bailey YS. Hollister, 26 N. Y., p.112.)
SHAREHOLDER, LIABILITY OF TRUSTEE OF.
,
I. To xirotect trustee of stock from xiersonal liability it must appear upon the books
t h a t he held as such trustee. {Davis vs. Essex Bapftisi Society, 44 Conn., p . 582.)
II. Creditors have a right to know wh o have pledged their personal liability. {Ibid.)
I I I . ' If a trustee Avishes to disclose his trusteeshixi there is no difficulty in giving notice uxion the books ofthe bank. If he does not do so he is guilty of laches,
for which others should not suffer. {Ibid.)
IV. The settlement of the aff'airs of an insolvent bank would be rendered a matter
,
. of great labor, exxiense, and delay, if xiersons Avho axixieared upon the books of
the bank as individual stockholders Avere permitted to relicA^e themselves by
proof aliunde t h a t they held t h e stock as executors, guardians, or trustees.
{Ibid.)
[NOTE. This last-cited case, and Davis vs. Weed, su2^ra, although reported in
the Connecticut Reports, Avere decided by the United States district court. ]
SHARES, TAXATION OF.
I. The act of 1864, rightly construed, subjects the shares of the association in t h e
hands of shareholders to taxation by the States, under certain'limitations
set forth in sectipn 41, Avithout regard to t h e fact that part or the whole of
the capital of such association is invested in national securities which are declared by laAV exempt from State taxation, {Van Allen vs. Assessors, 3 Wall,
573.) (Chase, C. J., and other judges dissented.)
I I . Act thus construed is constitutional. {Ibid., 2)• 673.)
„ ^
^III..^Ajcertaiu sfcatute of New York, which taxed shares of national-bank stock, declared A^oid, because shares of State banks were not taxed, although their capital was; the act of Congress xirescribing that shares of national banks shall
be taxed only as shares of State banks are. {Ibid., xj. 573.)
The ruling as to taxing shares of stock reaffirmed in Bradley vs. People, 4
Wall, 459; National Bank YS. Commonwealth, 9 Wall, p . 353.
In lasfc case, held, t h a t a State laVv requiring the cashier to pay the t a x was
valid. Held, also, that a certain State t a x laAV virtually taxed ^^shares oi
moneyed corporations," &c. {Ibid., p . 363.)
.
IV. Shares of stock in national banks are personal proxierty, and though in one
sense incorporeal, the law w^hich created them could separate them from t h e
Xierson of their owner, for taxation, and give them a situs of their own. {Tappan, collector, YS. Bank, 19 Wall, p.A90.)
V. Sec. 41 did thus separate them and give them a situs of their own. {Ibid., p .
490.)
VI. This provision of the national-currency act became a law of the property (in
shares), and every State in which a bank was located acquired jurisdiction,
for taxation, of ail the shares, whether owned, by residents or non-residents,
andxiOAver to legislate accordingly. {Ibid., p . 490.)
VII. Under the act of Congress of February 10, 1868, enacting that each State legislature may direct the manner of taxing all shares of stock of national banks
located within the State, subject to the restriction ijhat the taxation shall not
be greater t h a n t h e rate assessed U27on other moneyed ca2ntal in t h e hands of
individual citizens of such State, and of a certain act of the legislature of
Pennsylvania Avhich 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, iqion other moneyed caxiital in the hands of individual
citizens of the 'State; held, t h a t shares of national-bank stock may be valued
for taxation for county, school, mnnicixial, and local x^urposes, at an amount
above their par value. {He2)burn A^S. School Directors of the borough of Carlisle,
23 Wall, p . 480.)
[ N O T E . — I n this case i t axixieared that Hepburn OAved several thousand dollars of national-bank stock, t h e x^ar value of which was $100 per share, and
that it was valued for taxation, for a school-tax, at $150. per share. This
asesssment Avas held valid, notAvithstanding t h a t by a certain act of the State
174
REPORT ON T H E FINANCES.
SHARES, TAXATION OF—Continued.
legislature, axiiilicajble to t h e county of Cumberland, in which the borough of
Carlisle AA^as situated, certain specified kinds of moneyed obligations were
exenipt from taxation except for State xmrxioses.]
VIIL The rate of taxation of shares of a national bank by a State should be t h e
same as, or not greater than, upon the moneyed caxiital of the indiAddual citizen
which is liable to taxation ; t h a t is, no greater in proportion, or percentage of
tax on the A^alnation of shares should be IcAded, than upon other moneyed
taxable capital in the hands of the citizen. {People vs. The Commissioners, <fc..
4 Wall, p . 266.)
IX. The act of Congress axiproA^ed June 3, 1864 (R. S., sec. 5219), was not intended
to curtail the poAver of the States on the subject of taxation, or to prohibit
the exemxition. of xiarticular kinds of xiroxierty, b u t to xirotect t h e corporations
tbrmed under its authority fi'om unfriendly discrimination b y t h e States in the
exercise of their taxing xiower. {Adams vs. Nashville, 95 U. S., 6 Otto, p . 19.)
See also SaintLouis National Bank, NationalBank of Missouri, Thii'd National
Bank, Valley National Bank, and Merchants' National Bank of St. Louis A^S. Papin,
in United States circuit court, eastern district of Missonri, Septeniber term,
1876. Also, Gallatin National Bank of Neiv York YS. Commissioners of Taxes,
suxireme court of NCAA^ Y''ork, first department, general term, NoA^ember, 1876.
These latter cases are xiublished in the Bankers' Magazine for December, 1876.
SHARES O F STOCK.
I. A national bank Avhose certificates of sfcock specify t h a t t h e shares are transferable on t h e books of the bank on surrender of the certificates, and not otherwise, and which suffers a shareholder to transfer Avithout such surrender, is
liable to a bona fide transferee, for A-alue of same stock, Avho x>roduces snch ^
certificate with usual xioAver of attorney to transfer; and this is so though rio
notice had been given to the bank ofthe transfer. {Bank YS. Lanier, 11 Wall,
\2i.369.)
II. Shares g2msi negotiable. {Ibid., p . 369.)
SURPLUS FUND.
I. Where t h e shares of a national bank are assessed for taxation at their p a r
value, the surplus fund of such bank in excess of the amonnt reqnired by
laAV to be kexit on hand is taxable. {First Nat. Bank YS. Petenlm^ough, 66 N .
H , 2^' 38.) But when such shares are assessed at their market value^^nd'^ijhe^^
amount of such surplus is taken into account in estimating such market
A-alue, it is not taxable. {State A^S. City of Newark, 10 Vroom, N. J.,'p- 380.)
II. Neither a dividend which has been declared, nor a portion of capital of a national bank reniaining after a reduction has been made, can be retained by
the directors to constitute a surxilus fund. {Seely vs. N. Y. Nat. Exchange
Bank, 4 Abb., N. Y. cases, p . 61.
* ^
TAXATION BY LICENSE.
I. The District of Columbia imxiosed a license tax on all the national banks in t h e
. District, the rate being 50 cents annually on each $1,000 of the caxiital invested.
The Citizens' National Bank refused to xiay this assessment, and a test case was
made in the District criminal court, Mr. Justice MacArtlmir presiding. This
conrt, after full argument, held the t a x illegal and void, as being contrary to
the mode of taxation xirescribed by Congress, which mode Avas held to be exclusive.
TAXATION OF INTEREST AND DIVIDENDS.
I. Under the internal-rcA^enue act of July, 1870, interest paid and dividends declared during the last five nionths of 1870 are taxable, as AA^ell^as those declared
during the year 1871. {Blake vs. National Banks, 23 Wall, p. 307.)
TRANSFERS OF ASSISTS.
L A preference of one creditor to another, Avithin the meaning of section 5242,
Revised Statutes, is a xireference given by the bank to secure or pay a preexisting debt. Where a person, knowing t h a t a national bank is embarrassed,
makes to it a loan, taking as security therefor apledgeof p ar t o f the assets of
the bank, this transfer does not give him the xireference xirohibited by the •
statute. {Casey YS. Le Societe de CrMitMobilier, 2 Woods, p . 77.)
II. When not binding. Under said section 5242, which declares void transfers of
its proxierty by a national bank, made in contemplation of insolvency, and
Avith a vicAv to giA^e a preference to one creditor over another, or Avith a view
to xirevent the apxilication of the assets of the bank in the maimer prescribed
by laAV, such a transfer is A^oid if the insoh^ency is in the contemxilation of t h e
COMPTROLLER OF , THE CURRENCY.
175
TRANSFER OF ASSETS—Continued.
b a n k making the transfer, although the party to whom it is made does not
knOAv or contemxilate t h e insoh'^ency of the bank. (Case, receiver, A^S. Citizens'
Bank, 2 Woods, p . 23.)
As to Avhen Si2)ledge of assets, even when intended as security for a loan to a
national bank, AAdll be held iuA^alid, as against gOneral creditors, see the cases
of Casey, receiver, A^S. Le Soci4tie de Credit Mobilier; Same, vs. National Park
Bank; and Same A-S. Schuchardt, 96 U.S., 6 Otto, pp. 467, 492, 494.
ULTRA VIRES.
I. W H A T IS.—National banks cannot sell raikoad bonds for third parties on commission, or engage in business of t h a t character.. {Susan B'elcker vs. Fii^st
National Bank of Hagerstown, Court of Apxieals of Maryland, 43 Md., jfi. 581.
II. In an action' of deceit against a nationaibank, for alleged false rexiresentafcions
of its teller in the sale to xilaintiff' of certain railroad bonds:
Held, That the selling of such bonds on commission Avas not Avithin the authorized business of a national bank, and being thus beyond the scoxie of its corXiorate xiOAvers, the defense of ultra vires Avas oxien to it, and it Avas not respon- .
sible for the deceit of its teller. {Ibid.)
IV. W H A T IS NOT.—A uational bank took a lien uxion real estate to secure a xireexisting debt.
AfterAvard, the bank paid $500 to discharge a prior lien upon
the land, taking a note and.mortgageonland 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 secnre a pre-exisiing debt is
valid, and Avill be enforced. {S20off'ord A-S. First Nationaal Bank, 37 Iowa, p. 181.)
VI. A national bank has corporate xiower to enter into an agreement with a customer to exchange for liim non-registered for registered United States bonds;
and ifc is bound by an agreement to t h a t eff'ect, made for a sufficient consideration by its cashier. {Yerkes vs. Nat. Bank, 69 N. Y., p . 382.)
(See also Title " D E P O S I T S , SPECIAL," ante.)
USURY.
I. State laAVS relative to usury do not axixily to national banks. {Farmers and Mechanics' National Bank vs. Dearing, 1 Otto, p . 29.)
. IL The only forfeiture declared by the 30th section of the act of J u n e 3, 1864
(ReAdsed Statutes, section 5198), is ofthe entire interest Avhich the note or bill
carries with it, or AA-hich has been agreed to be xiaid thereon, when the fate
knowingly received, reserved, or charged by a national bank is in excess of
t h a t alloAved by t h a t section; a n d n o loss o f t h e entire debt is incurred by
such bank, as a penalty or otherwise, by reason of the provision of the usury
laAV of a State. {Ibid.)
»
.
To same effect are National Exehange Bank vs. Moore 2 Bond, p. 170, and
seA-eral State decisions.
(The New York court of a2)2^eals had decided the other way.)
See also Titles " I N T E R E S T " and " SET-OFF," ante.
APPENTDIX.
On the following page will be found an index to the principal subjects
of the report. A list of all the tables in both the report and the appendix appears at the close of the ax3X3endix; * and at the end^ of the full volume is an alphabetical list of the cities, and villages in which are located
the national banks whose detailed rexiorts are therein printed.
In concluding this report, tbe Coinxitroller gratefully acknowledges the
ability and devotion to the public service ofthe officers and clerks associated with him in the performance of official duties.
JOHN J A Y KNOX,
Comptroller of the Currency.
Hon.
SAMUEL J. EANDALL,
'^ . .
. .
Spealcer of tlie House of Rej^resentatives,
* The appendix, which is omitted for want of sxiace, may be found in the bound
volume of the Comptroller's rexiort.
EEPOET OF THE DIEECTOE OF THE MINT.
12 -p
EEPORT
D I E E C T O E OF T H E M I N T ,
TREASURY D E P A R T M E N T ,
O F F I C E D I R E C T O R OF THE MINT,
Novemher 11, 1879.
S I R : I have the honor to submit the following report of the operations of the mints and assay-offices of the United States during the fiscal year ended June 30, 1879.
The nine institutions subordinate to this bureau comprise the four
coinage mints at Philadelphia, San Francisco, Carson, and New Oiieans,
the mint at Denver operated as an assay-office, and the assay-officces at
New York, Bois6 City, Helena, and Charlotte. The operations authorized by law to be carried on at the mints and assay-offices may be briefiy
enumerated:
1. The receiving, melting, and assaying of gold and silver deposits,
and paying from Treasury funds in gold coin or bars for gold deposits,
and in silver bars for silver deposits, at all the mints and assay-offices.
2o The parting and refining of gold and silver bullion and manufacture of fine bars at the coinage mints and the assay-office at New Y'ork.
3. The coinage of gold and silver bullion at the inints at Philadelphia,
San Francisco, Carson, and New Oiieans.
4. The coinage of minor coins at the mint at Philadelphia.
5. The manufacture of medals and proof coin, and the execution of
coinage-dies for all the mints, at the mint at Philadelphia.
DEPOSITS AND PURCHASES.
During the fiscal year the total deposits of gold and silver—including
silver purchases—amounted to $71,179,654.65, of which $42,254,156.80
were gold, and $28,925,497.85 were silver.
Of the above amounts $38,549,705.89 of gold and $26,934,728.56 of
silver were of domestic production ^ $198,083.17 of gold and $10,607.79
of silver were United States coin; $1,069,796.89 of gold and $1,072,919.29 of silver were of foreign bullion 5 $1,498,819.71 of gold and
$698,632.49 of silver were, foreign coin; and $937,751.14 of gold and
$208,609.72 of silver were of plate and other manufactured articles.
The deposits and purchases of gold and silver bullion, including redeposits, were as follows:
Mint or assay-office.
Mint at Philadelphia
Mint at San Erancisco
Mint at Carson
ivlint at Denver
Mint at ISTew Oiieans
Assay-office at I^Tew York
Assa.y-office at Bois6
Assay-office at Helena
Assay-office at Charlotte .
Total
Gold deposits.
$9, 662,082
29, 440,456
318, 852
410, 889
67, 413
11, 345,502
67, 266
405, 471
53, 947
22
04
71
33
67
98
17
16
83
SilA-^er deposits and purchases.
Total.
$9, 678, 094 23 $19, 340,176 45
13, 889, 428 81 43, 329, 884 85
1, 020, 660 24
1> 33.9, 512 95
6,120 46
417, 009 79
1, 195, 607 73
1,128,194 06
7, 019, 698 35 18, 365, 261 33
4, 218 19
71, 484 36
324, 707 17
730, .178 33
397 21
54, 345 04
51, 771, 942 11 33, 071, 518 72
84, 843, 460 83
180
REPORT ON THE FINANCES.
A number of the deposits made at the assay-offices found their way
to the coinage mints or to different assay-offices in the form of bars and
were redeposited, and, although not augmenting the net receipts, increased the amount of bullion operated upon, either in the conversion
of unparted into fine bars or in coinage, and this to the extent oi
$13,663,806.18, of which $9,517,785.31 were gold and $4,146,020.87 were
silver.
PARTING AND REFINING.
The amounts of gold and silver separated in the refineries of the
coinage mints and the assay-office at New York were $20,759,549.97 of
gold and $10,687,526.97 of silver, a total of $31,447,076.94, and were in
detail as follows:
G-old.
Mint.
P i n e ounces
Mint at Philadelphia
Mint at San Francisco
Mint at Carson
Assay-office at IsTew York.
'
Value.
46, 822. 657
517, 608.154
14,134. 950
425, 677. 468
--
Total.
$967, 910
10, 69'9,910
292,195
8, 799, 534
1, 004, 243. 229
24
16
34
23
20, 759, 549 97
Silver.
Mint.
P i n e ounces
Mint at Philadelphia
Mint at Snai !Francisco
Mint at Carson
....
Assay-office at Jfew York
..
...
.
Value.
$415 557
5, 804, 764
365,290
4,101, 913
321, 408. 01
4, 489, 622. 87
282, 529. 46
3,172, 573. 80
...
Total .
83
93
61
60
10, 687, 526 97
8,266,134.14
Total.
Mint.
P i n e ounces.
Mint at Philadelphia
Mint at San Prancisco
Mint at Carson
Assay-office at New York
'
---
.
..
•- - -
Total
..
...
368, 230.
5, 007, 231.
296, 664.
3, 598, 251.
667
024
410
268
9, 270, 377. 369
. _
,.
,£)
.,
.
Value.
$1, 383, 468
16, 504, 675
657,485
12,901,447
07
09
95
83
31, 447, 076 94
.
COINAGE.
The coinage during the year amounted to $68,312,592.60, and consisted of 2,759,421 pieces of gold, of the valueof $40,986,912 5 27,228,850
pieces of silver, of the value of $27,227,882.50; and of minor coins
9,620,200 pieces, of the nominal value of $97,798. The coinage at tbe
different mints was as follows:
Mint.
Mint at Philadelphia:
Gold coinage
Silver coinage (standard dollars)
Sih-er coinage (fractional coins).
Minor coinage
Total
Pieces.
Value.
936, 564
12,124, 500
1,350
9, 620, 200
$11,329, 352 00
12,124, 500 CO
382 50
97, 798 00
22, 682, 614
23, 5.52, 032 50
181
DIRECTOR OF THE MINT.
Coinage—Continued.
Mint.
M i n t at San Prancisco :
Grold coinage
...
....
Silver coinage ( s t a n d a r d dollars)
Total
.
Pieces.
..
. . ' . . .
-•.
.
Value.
• 1, 798, 500
• 12, 722, 000
$29, 329, 250 00
12, 722, 000 00
14, 520, 500
42, 051, 250 00
24, 357
1, 644, 000
. 328, 310 00
1, 644, 000 00
1, 668, 357
1, 972, 310 00
.
0
Mint at Carson:
Grold coinage
.
Silver coinage ( s t a n d a r d dollars)
'
.
.
•
-
*..
Total
M i n t a t ^N^ew O r l e a n s :
Silver coinage ( s t a n d a r d dollars)
T o t a l coinage
737, 000
737, 000 00
39, 608, 471
68, 312, 592 50
The actual use of gold as part of the circulation, consequent upon the
convertibility of United States notes into coin, it was anticipated would
create a demand for the smaller denominations of gold coin, and during
the last fiscal year there has been a larger coinage of eagles, half-eagles,
and quarter-eagles than in any preceding year during a period of sixteen
years. The coinage of eagles and half-eagles will be continued until
the demand is satisfied; but because the cost to coin a given value of
bullion is multiplied by every subdivision, and on account of greater
loss by abrasion and inconvenience in use in large transactions, it is not
considered desirable to coin a greater proportion of such denominations
than actually needed by the public.
The silver coinage has been almost exclusively of standard silver dollars, of which.$27,227,500 were coined during the year, and the total
coinage to November 1, 1879, has been $45,206,200. There was no
coinage of trade-dollars or subsidiary coins except the striking of specimen pieces or proof-sets at the Philadelphia Mint.
The total amount of subsidiary coin issued since the passage of the
resumption act has been $42,974,931. The full amount coined was
$43,994,931, but $1,020,000 in dimes was recoined into pieces of larger
denomination, at the mint at San Francisco.
BARS.
The. bars manufactured—fine and unparted—amounted to $22,022,614.79, of which $12,976,812.68 were gold and $9,045,802.11 were silver.
They were made at the mints and assay-offices as follows:
M i n t or assay-office.
Mint at Philadelphia
,
M i n t a t San Prancisco
M i n t at Carson
M i n t a t N e w Orleans
M i n t a t .Denver
Assay-office a t N e w Y o r k .
Assay-office a t Boise
Assay-office a t H e l e n a
Assay-office a t C h a r l o t t e . .
Total .
P i n e gold.
^ -gold.
P-*^^
M i n t gold.
$89, 997 82
$89,997 82
1, 798 29
$1, 798 29
$5,309,001 n
6, 639, 213 41
64, 280 00
405, 471 16
53,947 83
6, 729, 211 23 I
938, 600 34
T o t a l gold.
5, 309, 001 11
413,103
11, 948, 214
64, 280
405, 471
53, 947
06
52
00
16
83
12, 970, 812 68
182
REPORT
ON T H E
FINANCES.
Bars—Continued.
Mint or assay-office.
Pine silver.
Unparted silTotal silver.
ver.
$125, 614 22
1, 555,184 63
Mint at Philadelphia
Mint fit Sa.n Prancisco
Mint at Carson
Mint at New Orleans
Mint at Denver .
Assay-office at New York .
Assay-office at Poise
Assay-office at Helena
Assay-office at Charlotte ..
$24, 012 75
6, 891 65
324, 707 17
397 21
2,165 50
7, 006, 828 98
6, 891 65
324,707 17
•397 21
358,174 28
9, 045, 802 11
2,165 50
7, 006, 828 98
Total
;, 687, 627 83
$125, 614 22
1, 579,197 38
Fine gold bars were manufactured and issued onlj at the mint at
Philadelphia and the assay-office at New York. Ofthe total amount of
gold bars, $12,976,812.68,\he assay office at New York made $11,948,214.52, of which amount $8,754,734.26 were redeposited at the mint at
Philadelphia, and $2,901,844 w'ere delivered to depositors for use in the
arts and manufactures.
The total amountof silver bars was $9,045,802.11, of which $1,555,184.63 in fine bars, made at the mint at San Francisco, were probably
exported ; a.nd of $7,006,828.98, made at the assay-office at New York,
$4,482,975 w^ere delivered for manufacturing purposes, and the balance
received at the Philadelphia mint for coinage.
EIEDALS AND DIES.
During the year there were struck at the mint at Philadelphia 114
medals of gold, 1,037 of silver, and 770 of bronze, the profits on which
amounted to $2,493.36 5 544 proof-sets of United States coins were also
made, and 905 coinage and medal dies executed.
Full detailed statements of the foregoing operations will be found ih
the appendix.
APPROPRIATIONS, EARNINGS, AND EXPENDITURES,
The amount of the specific appropriations made by Congress for the
support of the several mints and assay-offices of the United States for
the fiscal year ended June 30, 1879, wa's $1,243,640, of which the sum of
$1,175,249.50 was expended. The appropriatious and expenditures were
as follows:
A2:)2)ro2maiions.
Pl
M i n t or assay-office.
CQ
•g
C5
3
Philadelx>hia
San Piancisco
Carson . . .
N e w Orleans
Denver
•.-.
Assay-office, N o w Y o r k
As.'saV-office; H e l e n a
Assav-oitice, lioise C i t y
Assay-office, C h a r l o t t e
Total
$34, 850
24, 900
23, 550
21, 40(
7, 950
33,150
5, 700
3,000
2, 500
157,000
cc
1
fl
30
g
0
H
$285, 000
$82, 500
275, 000
87, 500
80, 000
42, 500 """$8," 500"
57, 000
30, 000
75, OUO
8,300
3,700
22, 500
9,000
7,000 • 8,5]5
4,000
625
734, 800
268, 340
83, 500
$402, 350
QC7 400
. 154,550
183, 400
19 950
64, 650
21 "^IS
7 000
3 J "^5
1, 243, 640
DIRECTOR
OF
THE
183
MINT.
Expenditures.'
M i n t or assay-office.
Salaries.
Philadelphia
San Prancisco
Carson
N e w Orleans
Denver
Assay-office, N e w Y o r k
Assay-office H e l e n a
Assay-office, Boise C i t y
Assay-office, C h a r l o t t e
Total
Wages.
Contingent
expenses.
$34,850 00
24, 900 00
23, 549 90
18,133 48
7, 950 00
32,150 00
5, 677 14
3, 000 00
2, 500 00.
$284, 764 10
260, 990 84
79, 999 38
56, 298 91
8, 300 00
20, 843 50
5,104 26
$82, 495 73
75, 864 63
21, 059 15
24, 902 68
3, 345 41
7, 705 63
7, 821 12
2, 890 21
624 91
152, 710 52
716, 300 99
226, 709 47
N e w machine r y a n d repairs.
$8, 500 00
71, 257 88
79, 757 88
Total.
$402,109 83
361, 755 47
138,108 43
170, 592 95
19 595 41
. 60, 699 13
18, 602 52
5, 890 21
3,124 91
1,175, 478 86
The payment of the expenses of parting and refining a t t h e coinage
mints and the United States assay-office. New York, is provided for by a
general appropriation of the charges for these operations collected of
depositors.
The total amount received on account of parting and refining bullion
during the fiscal year ended June 30, 1879, was $254,253.33. Included
in this amount is the sum of $18,706.40 surplus bullion returned by the
inciter and refiners of the mint at San Francisco and assay-office at
New York, at the annual settlement of their accounts, and which surplus arose principally from gold contained in silver deposits in quantities too minute to make any allowance to depositors individually, but
which, when the deposits came to be operated upon in the aggregate,.
were recovered.
The following statement shows the amount of charges and expenditures including gold wastage of the melter and refiners on account of
parting and refining bullion atthe mints atPhiladelphia, SanFrancisco,
Carson, and the assay-office .at New York, during the fiscal year ended:
June 30,1879:
Charges collected.
Mint.
Philadelphia
San Prancisco
Carson
NewYork
-
$5,556 81
148,126 17
5, 310 30
95, 260 05
•.
Expenses.
$3, 560 71
112, 953 17
5, 809 72
75, 788 76
The gain, arising under section 3526 Eevised Statutes on the coinage
of silver during the fiscal year ended June 30, 1879, was $3,287,446.09,.
from which $17,439.48 was paid for wastage, $93,474.32 for expenses of
distribution, and Of the remainder, the sum of $2,954,454.69 was paid
into the Treasury.
The profits on the minor coinage from July 1, 1878, to June 30, 1879,.
were $31,292.33, from which $.1,299.97 were paid for transportation, and
$775 for wastage.
PURCHASES
OF SILVER
BULLION.
Silver bullion has been purchased, during the year, at the coinage
mints and at the. assay-office at New York, for the coinage of standard
silver dollars. Authority was given to the sai)erintendents of the mintsat Philadelphia, San Francisco, Carson City, and New Orleans to pur
184
REPORT ON THE FINANCES.
chase in lots of less than ten'thousand ounces. During the year about
1,000,000 standard ounces were thus purchased by them. Purchases in'
lots of ten thousand ounces and over are made by the Director of the
Mint, with the approval of the Secretary of the Treasury, upon the
recommendation of a commission designated March 9,1878, consisting of
the Director, of the Mint, Hon. H. F. French, Assistant Secretary of the
Treasury, and James Gilfillan, Treasurer of the United States, Avho examine and consider all offers that may be received. The Director of the
Mint and the Assistant Secretary of the Treasury are each required to
keep a detailed record of all offers, and the action taken thereon.
Prior to October 17, 1878, offers were received at any time. On that
date, notice was given that offers for the sale of silver bullion, in lots of
not less than ten thousand ounces, would be received and considered on
Wednesday of each week.
Owing to the large amount of silver bullion which had accumulated
at the Philadelphia mint, it Avas deemed advisable to cease purchasing
for delivery at that point, and bullion dealers were notified February 6,
1879, that, until further notice, offers for the sale of silver would be.considered for delivery at the mints at San Francisco and New Orleans
only, and purchases, except by.the superiutendent, were suspended during the remainder of the fiscal year. »
.
Notwithstanding the fact that the mint at Carson City is located but
a short distance from the productive mines of the Comstock Lode, higher
• prices were demanded for bullion deliverable at Carson than at San Francisco, and, in addition, the rates charged b y t h e express company for
transportation of silver dollars were higher from Carson than from San
Francisco.
For these reasons, it was decided, with the approval of the Secretary
of the Treasury, to suspend the coinage of the standard silver dollar at
. the Carsbn mint, and instructions were given February 26, 1879, to the
superintendent thereof to coin up as closely as practicable the bullion
then on hand, and to cease purchasing uiider the authority previously
^iven him to purchase lots of less than ten thousand ounces, and to retain only such number of workmen and adjusters as might be necessary
to manipulate such gold bullion as should be deposited for conversion
into coin or fine bars, and the silver bullion deposited for returns in fine
bars.
>
About the time instructions discontinuing the coinage of silver dollars
at Carson were given a slight demand arose at San Francisco for silver for export, Avhich, with the falling off* in the production, enabled
bullion dealers in many instances to dispose of their bullion at higher
prices than that which the department regarded as the full market price;
hence the purchases at that point have for several months past been comparatively light, and at the close of the fiscal year the stock of silver
bullion at the San Francisco mint was reduced to merely a nominal
amount.
The purchases of silver bullion for the New Orleans mint have, with
the exception of some four hundred thousand ounces, been in lots less
than ten thousand ounces, and consisted principally of Mexican dollars
and old plate. When this mint was reopeued for coinage itwas expected
that a considerable amount of silver bullion would be supplied from Mexico, but these expectations have not thus far been realized. Notwithstanding the fact that the department has off'ered to paj^ the bankers and
bullion dealers in New Oiieans the highest market price for silver, deliverable at the mint in that city, only two or three offers for the sale of
silver have been made to the department by them, and in each case at
DIRECTOR OF THE MINT.
185
a price above the market rate. In some instances offers have been received from New York to deliver silver at New Orleans, but at prices
above the market rate, and the offers, with few exceptions, were declined.
At the date of the passage bf the specie-resumption act, January 14,
1875, the amount of silver bullion belonging to the government in the
mints at Philadelphia, San Francisco, Carson City, and the assay-office
at New York, approximated 1,750,000 standard ounces. This and the
silver subsequently purchased for the fractional coinage and for the
standard dollar on hand and uncoined June 30, 1878, amounted to
7,111,059.07 standard ounces. From July 1, 1878, to June 30, 1879, the
purchases, including silver parted from gold, were 21,334,245.96 standard ounces.
The amount consumed during the fiscal year in the coinage of 27,227,500
standard silver dollars and $382.50 in fractional silver coin, including
wastage (14,987.05 ounces), was 23,403,928.07 standard ounces, leaving
a balance on hand June 30, 1879, of 5,031,376.96 standard ounces.
The average London price of silver bullion from July 1, 1878, to June
30, 1879, was 50||- pence British standard, 925 fine, equivalent at average
rate of exehange, 488.04, to 1.00534-4- per ounce United States standard,
900 fine.
The average price of silver bullion purchased during the year was
100.96 + cents per ounce standard.
The amount of silver bullion purchased, including silver parted from
gold deposits, from March 1,1878, to September 30,1879, was 37,364,918.08
standard ounces, at a cost of $38,594,435.89, being an average monthly
purchase of $2,031,286.10 worth of bullion. The coinage of silver dollars
for the same period was 42,634,100, an average of 2,243,900 per month.
The following statement exhibits the amount of silver bullion purchased and parted from gold deposits at the respective coinage mints
and the assay-office at New York, from July 1, 1878, to June 30, 1879:
. Mint at Philadelphia.
standard onnces.
.Purcliased
Parted
7,441,391.02
12,949.63
$7,480,395 30
13,146 42
7,454,340.85
7,493,541 72
10,831,730.83
75,438.76
10,924,846 72
77,007 36"
10,907,169.59
11,001,854 08
986,547.82
12,006 11
1,008,472 90
12,187 34
998,553.93
1,020,660 24
635,548.69
292.48
632,583 14
292 48
635,841.17
632,875 62
Total
Mint at San Francisco.
Purcliased
Parted
Total.........
•Mint at Carson City.
Piirckased.
Parted
•
Total
Mint at New Orleans.
Purchased
Parted
. Total
186
REPORT ON THE FINANCES.
Assay-Office at New York.
Standard ounces.
Purchased
Parted
-
....-'
Total
1,251,572.71
86,767.71
$1,300,044 73
91,715 33
1,338,340.42
1,391,759 06
21,146,791. 07
21, 346,342 79
Reca2niulation.
Total amount iiurchased
Total ainount parted
187,454.89
Total
21,334,245.96
.
194,348 91
21,540,691 70
ANNUAL ASSAY.
The commission appointed under the provisions of section 3547 of the
Eevised Statutes, assembled at the mint at Philadelphia and tested in
the presence of the Director of the Mint the weight and fineness of the
coins reserved from every delivery of coin made by the coiner to the
superintendent at each of the coinage mints.
The examination of the coins showed, and the commission reported,
that in all cases, both in weighing of mass and single pieces, the weights
were well within the legal tolerance, and the fineness of the coins, both
melted in mass and individual pieces, exhibited a satisfactory conformity with the law.
In accordance with the provisions of section 3549 of the Revised St^atutes, the commission verified the standard ounce weights with the
standard troy pound of the mint of the United States, and upon comparing the weights used in the daily transaction of business with the
standards they were found to be exact.
FACILITES FOR ASSAYING-.
Specimens of gold and silver bearing ores, as well as other minerals,
are frequently received by this office, for assay, from members of Congress and individuals in various sections of the country. Under existing arrangements they are forwarded to the mints or assay-offices to be
assayed, thereby causing delay in returns and interference to some
extent with the regular business of those institutions. It is, therefore,
desirable that the mint bureau should have proper facilities extended
to it for assaying ores and specimens of foreign coins, and also for the
purpose of making the monthly tests of weight and fineness of the coins
issued from the various United States mints. At present these tests
are made by sending specimens of the coinage of each mint to one of
the other mints or to the assay-office at NCAV York, and the reports
thereon are transmitted to this office j but it is desirable that this operation should be performed under the immediate supervision of the
Director of the Mint.
The necessity of having proper facilities for testing the weight and
fineness of our coins, as well as to discriminate between genuine coin and
well-executed counterfeits was apparent to my predecessor in office and
upon his recommendation an. appropriation of $500 w^s made at the
second session of the Forty-fourth Congress for ^^ fitting up an assay
laboratory in the office of the Director of the Mint," but owing to a
lack of room in the Treasury Building, no suitable place could be obtained, and the appropriation remained unexpended excepting the sum
of $19.50 paid for weights.
DIRECTOR OF THE MINT.
187
The removal of the Bureau of Engraving and Printing to the new
building now in course of construction for its accommodation, will no
doubt leave an available room in the Treasury building which could
be utilized for the desired purpose. I therefore respectfully recommend that suitable legislation be requested at the ensuing session of
Congress to provide means for establishing an assay laboratory in the
office of the Director of the Mint.
COINAGE OF MINOR COINS.
Owing to the general increased business activity in the country an
unusually heavy demand has been created for the minor coins, and the
mint at Philadelphia has been called upon to furnish one-cent pieces in
excess of its capacity for striking this denomination of coin, and at the
same time execute the quota of standard silver dollars required by law.
Of the minor coins, a sufficient number of 5-cent nickel pieces are
held by the mint and Treasury to supply the present demand, and the
same may be said of the 3-cent nickel piece, which, however, has never
been a popular denomination of coin.
^
The three-cent piece (silver) was authorized by the act of March 3,
1851, entitled ^^An act to reduce and modify the rates of postage in the
United States and for other purposes," and wa.s intended to fulfill a
special purpose—the purchasing of the 3-cent postage-stamp. That it
was not contemplated that they would be extensively employed for general trade purposes is evident from the fact that the act authorizing
their coinage made them a limited tender in payment of sums of thirty
cents and under. From the small diameter and thickness of the coin it
Avas found to be exceedingly inconvenient, and the actof March 3,1865,
authorized the coinage of the 3-cent nickel piece.
By the provisions of the coinage act of 1873 the coinage ofthe 3-cent
silver piece and 2-cent bronze coin was discontinued, the 3-cent nickel
piece being retained.
In determining what denominations of coins will best meet the requirements of the community for change purposes, the demands of the
people and the experience of other and older countries are safe guides.
Tlie history of the minor coinage since the date above mentioned, 1865,
shows the nominal value ofthe 5-cent nickel pieces coined has amounted
to $5,774,3455 of the 3-cent nickel pieces, to $750,192j andof 1-cent
bronze pieces, to $1,259,625.
The demand for the 3-cent nickel piece and its coinage for th^ last
few years has been merely noininak
The coinage of the 2-cent bronze pieces, during the eight years their
issue was authorized, amounted to $912,020, and was not much less than
the value of the, 1-cent pieces during the same .period, and largely exceeded that of the 3-cent nickel pieces for the fourteen years since their
issue was authorized.
In the coinage changes made by European nations that have adopted
the decimal systein of coinage, such as the States of the Latin Union,
France, Belgium, Italy, Switzerland, and Greece, together with Germany,
Spain, Sweden, Norway, and Denmark, the minor coin divisions of 5, 2,
and 1 were considered best adapted for general change purposes.
A disturbance of the coinage of a country, either in the fineness, weight,
or denominations, is a subject of grave importance, and should not be
undertaken without careful consideration. In case any change should
be contemplated in the coinage laws, I respectfully suggest for your consideration the propriety of recommending the discontinuance of the
3-cent nickel piece and the reauthorization of the issue of the 2-cent
bronze coin, and for the following reasons:
188
REPORT ON THE FINANCES.
1st. That there has never been a demand to any considerable extent
for the 3-cent nickel piece, the total coinage of which has amounted to
only $856,122.
2d. The existing denominations of United States notes less than ten
dollars are 5, 2, and 1, and have satisfactorily met the reciuirements of
trade. No necessity for denominations less than ten dollars other than
those seems to have arisen, and the same subdivisions for coins, less
than the dime, would be equally serviceable.
3d. The amount of 1-cent pieces in circulation being already large,
and the demand on the mint for a further coinage increasing, the issue of
a 2-cent piece would probably enable the mint to meet the requirements
ofthe people, and dijninish the coinage of 1-cent pieces, the demand for
which can be more easil}^ relieved if the issue and free delivery of the
2-cent piece is authorized.
EXAMINATION OF THE MINTS AND ASSAY-OFFICES AND ANNUAL SET• TLEMENT.
In order to make myself acquainted with the condition of the mints
and assay-offices as required by section 345 of the Revised Statutes,
I visited all the institutions under the control of this bureau, except the
assay-offices at Boise City and Helena.
Section 3541 of the Revised Statutes requires that ^^ at least once in
every year, and at such time as the Director of the Mint shall appoint,
there shall be an accurate and full statement of the accounts of the
coiner and the melter and refiner, at which time those officers shall deliver up to the superintendent all the coins, clippings, and other bullion
in their possession, accompanied by statements of all the bullion delivered to them since the last annual settlement, and all the bullion returned to them during the same period, including the amount returned
for the purpose of settlement."
The annual settlement required by this section has been made at
the close of each fiscal year.
Just before the close of the last fiscal year I visited the mint at Denver, and weighed and counted the bullion and moneys at that institution, and made an examination of their books. I then proceeded to the
Carson mint, and on the 30th of June arrived at San Francisco. I personally superintended the annua] settlements at the mints at Carson
Cityoand San Francisco, and all the bullion and coin was weighed and
counted in m j presence and the balances shown by the books verified.
Eepresentatives from this bureau were present and superintended the
annual settlements at the mints at Philadelphia and New Oiieans and
the assay-office at New York, and .rendered reports to me in writing of
the same.
The annual settlements at the mints and at the New York assay-office
were highly satisfactory, and the wastage of the operative officers during the year was found to be far within the legal allowance.
PRESENT CONDITION OF THE MINTS AND ASSAY-OFFICES.
The mint at PMladelphia.—This mint has been actively engaged during the year in coining the standard silver dollar, in addition to the ordinary coinage of gold and minor coins. Difficulty has been experienced
in procuring silver bullion for the coinage of the dollar a t the other
mints, and for several months past the capacity of this mint has been
DIRECTOR OF THE MINT.
189
taxed to its" utmost in manufacturing the amount of dollars required by
law.
The coinage of silver ever since the passage of the resumption act
has been continuously and unusually heavy, and but little time could be
spared to repair and refit the machinery, the strain upon which has
been exceptionally great in striking pieces of the size of the silver'
dollar.
The superintendency of the mint was continued under the charge of
James Pollock until March last, when he was succeeded by A. Loudon
Snowden, under whose management the efficiency of the mint in every
department has been fully maintained, and alterations, repairs, and
other improvements made which have increased its capacity. New machinery has been added to the machine or repair shop, which will enable most of the refitting to be done without removing the machinery
from the building. The engines have been overhauled and placed in as
good condition as the limited time would permit, andthe general condition of the buildingc, machinery, and working force is such as will enable it to meet the unusual demand for coinage of gold now on hand in
the Treasury, in addition to the ordinary coinage of silver.
Mint at San Francisoo.—Tliis institution is provided with every facility
for executing a large amount of work, and is in a thoroughly efficient
condition. Under the able and economical management of the present
superintendent, the interests of both the government and depositors
have been carefully protected.
The coinage of gold has been fully kept up and prompt settlement
made for deposits. The coinage of standard silver dollars was larger
than at any other mint, and could have beeii readily increased if sufficient silver bullion had been offered to the government at market rates.
Mint at Carson.—This mint accomplished but little coinage during
the year, and for several months was comparatively idle. The receipts
of gold have at no time been great and almost entirely of the production of the State of Nevada. The records show that of all gold deposited at this mint during the last seven years, less than $100,000 was produced by other States and Territories,
Although situated in close proximity to a large silver-producing section of country, owners of silver bullion have been demanding a higher
price for delivery at Carson than silver could be procured for at Philadelphia or San Francisco.
At the second session of the Forty-fifth Congress an appropriation of
$8,500 was made for the purpose of replacing the boilers and rebuilding the boiler-house. This work has not yet been finished, and I respectfully recommend that additional provision be made, not only to
complete the edifice as originally planned, but to add a second floor to
connect with and enlarge the refinery, the present capacity of which is
limited by contracted room.
Mint at New Orleans.—At the second session of the Forty-fifth Congress provision was made for reopening this mint for coinage purposes.
The refitting and furnishing of the machinery was delayed by the yellow fever epidemic, but as soon as it was safe to do so experienced mechanics and others from the mints were sent to superintend the repair-ing of old and erection of new machinery, which had been procured.
The superintendency was assumed by Henry S. Foote in December^
1878, and coinage operations commenced February 20, 1879.
The mint has not been worked to its full capacity, for the reason that
like difficulty has been experienced as at San Francisco and Carson in
procuring supplies of silver bullion.
190
REPORT ON THE FINANCES.
Assay-Office at Neio Yorlc.—This institution is in as effective condition as the limited facilities of the building will permit. The present
receipts of gold of foreign importation are greater than for any previous corresponding period of time, but notwithstanding the large
amount of work performed, all demands for coin or fine bars in payment for deposits are promptly met.
When the importance of this office is considered, situated as it is in
the great mercantile and money center of the country, it is to be regretted that better facihties are not at its command for rapid prosecution of business.
Mint at Benver ; Assay-Offices at Boise, Helena, and Charlotte.—The
operations of these institutions are limited by law to melting and assaying gold and silver bullion, and paying for the same from Treasury funds. They are, as thus operated, chiefly of local benefit to the
mining sections by enabling the miner to convert his bullion immediately into coin.
They are all in a satisfactory condition of efficiency as far as their
management is concerned.
The mint building at Denver, which I personally inspected during a
rescent visit to the Western mints, is in an unsuitable condition for
minting purposes. The irregular and unequal settling of the foundations has caused the walls to crack to such an extent as to render the
edifice unsafe for the employes and the government property contained
therein. Provision should be made, not only to restore the building,
but to provide additional facilities for manipulating the precious metals.
This mint is located in the midst of a prosperous and rapidly growing
community. Being at the railroad center of connecting lines from the
principal mining sections of the State, as well as from New Mexico, the
wealth of precious metals pouring in should be treated there, and settlement made with depositors.
I estimate the production of Colorado alone to be at the rate of at
least $15,000,000 of gold and silver per annum, and the present facilities at the Denver mint for operating upon this amount of bullion are
totally inadequate.
In closing a review of the history of the Mint service during the year
it would be incomplete without j)roper mention of the lamentable death
on the 27th of January of my predecessor, Dr. H. E. Linderman, who
lor more than twenty-five years had been connected Avith the mints, and,
as Director, had been at the head' of the Mint Bureau since its creation
in 1873.
Monetary questions and the principles and practical details of coinage had for many years received his earnest and special consideration,
and his careful researches had acquired for him a wide reputation, not
only in this country but on the continent of Europe, where his reports
and conclusions are quoted as authoritative by writers and statisticians.
Mr. C. W. Fremantle, deputy master of the Mint of England, in his
last annual report of the Royal Mint, says:
In Dr. Linderman the American Government has lost a valuable ofBcer, who lias
since 1873 exercised with great ability tlie supreme control over all the mints and
assay offices of the United States, and has largely contributed, both by his writings
and by ofiicial reports, to a more extended knowledge of the principles upon whicli
coinage and currency should be based.
REDEMPTION OF UNITED STATES NOTES AND SUBSIDIARY COIN.
The'principal events relating to monetary affairs in the United States
that have occurred during the last fiscal year, as the result of legislation, have been—
DIRECTOR OF THE MINT.
191
First. The resumption of specie payments through the coin redemption of United States notes upon presentation to the Assistant Treasurer
at New York; and.
Second. Provision for the exchange of subsidiary silver coinage for
full legal-tender money.
The resumption of specie payments after a suspension is always an
epoch in the monetary history of a country.
The necessity of a temporary resort to irredeemable paper currency
has been the experience of almost every commercial nation, and its return to a stable measure of value is a matter of rejoicing. Our own
return has been accomplished in a manner exceedingly gratifying, without disaster, and accompanied by no financial shock or crisis.
The powers conferred upon the Secretary of the Treasury to prepare
for resumption were ample, although it was declared by many to be impossible to accumulate in the country the necessary reserve of coin, without contracting the volume of the paper circulation.
On the first of January, 1879, the mints had added within two years
$90,000,000 in gold and $50,000,000 in silver to the stock of coin, with
comparatively but a slight reduction in the paper circulation, and since
the first of January last, instead of there appearing to be a redundancy
of paper circulation, tending to drive the specie abroad, the stock of coin
and bulhon in the country has increased during the calendar year to the
present time nearly or quite one hundred millions of dollars, with an
actual increase instead of a diminution of the coin in the Treasury.
Our experience in returning to specie jpayment without material reduction of the paper circulation seems to indicate that the depreciation of
United States notes for the last eight years has not been due to their
excess, but to their inconvertibility, and that resumption not only became possible, but assured, as soon as the accumulation of a sufficient
coin reserve in the Treasury was determined upon, and measures adopted
for carrying that policy into effect.
EXCHANGE OF SUBSIDIARY COINS.
Attention was called in the last annual report of the Secretary of the
Treasury to the accumulation of fractional coin in certain localities and
scarcity in others, and the recommendation made that their redemption
in United States notes be authorized. It was there saia:
The only way by which moneys of different kinds and intrinsic values can be maintained in circulation at par with each other is by the ability, when one kind is in
excess, to readily exchange it for the other. This principle is applicable to coin as
weU as to paper 'money.
Action was taken upon this recommendation, and at the last session
of Congress, by the act of June 9,1879, subsidiary silver coins were made
interchangeable with full legal-tender money in sums or multiples of
twenty dollars at the United States Treasury, and their legal-tender
quahty increased from five to ten dollars.
These coins were then received with reluctance by bankers and business men, notably on the Pacific coast, where they were rated 8 per cent,
below full legal-tender money.
The effect of the law has been to bring these coins to par. Since the
passage of the act, and up to November i, there have been $12,172,601.70
presented for exchange for other money. But for the retarn of the old
coinage from foreign countries the demand upon the Treasury for subsidiary coins for circulation would equal the current deposits for exchange.
192
REPORT ON THE FINANCES.
The principle that a nation should receive for public dues, and in
exchange at its Treasury for its legal-tender money, all subsidiary or
token coins that it has issued, was discussed and approved by the delegates of the States composing the Latin Union at their late monetary
conference, and unanimously agreed to.
INTERNATIONAL MONETARY CONFERENCE.
It is to be regretted that the efforts of our government to adopt by
international agreement a comnaon ratio between gold and silver, and
establish the use of bi-metallic money, failed in its object.
The commissioners appointed by tlae United States and the principal
European nations met at Paris in August, 1878, and the subject presented received the attention its importance demanded, and was.fully
and abty discussed. .
From the report of the proceedings of the Conference it appears that
an opinion was generally prevalent in Europe that the change in legislative action and public sentiment in this country resulted from a selfish;
interest in maintaining the price of silver, from its having become an
important element of production, and it was not realized that a continued
decline in the value of silver would result more disastrously to the wealth
of Europe than to the United States; that Europe could not so well bear
a loss in the money supply as the United States with its iinmense undeveloped resources.
Although our delegates failed to secure any Tecommendation to the
respective governments represented at the Conference, for the use of gold
and silver at a common relative value, their efforts were not without
practical and beneficial results.
The discussions awakened and the information presented seem to have
created a much more favorable tendency toward the use of silver as full
legal-tender inoney, not only in the opinions of representatives at the
Conference, but among leading financial writers. They are now beginning to realize that this subject is viewed in this country rather from its
effect upon general business than its relations to the product of an export insignificant in value compared with the staple products of the
country; that the changed pubhc opinion results from " arguments showing that the dangerous effect upon industry by dropping one of the
precious metals from the standard of value, outweigh all theoretical objections to the bi-metalhc system; and that if it were possible for the
leading commercial nations to fix by agreement an arbitrary relation
between silver and gold, even though the market value might vary somewhat from time to time, it would he a measure of the greatest good to
all nations."
Prior to the meeting of the Conference it was confidently predicted
by advocates of universal mono-metallism that—
If the Conference meet at all its proceedings will amount to no more than a regulated coiiv« rsation, which can be useful only so far as it may tend to dispel, more efficaciously than other methods, illusions and fallacies which have already been refuted
over and over again.
The facts and arguments presented by our commissioners tended to
dispel illusions and fallacies directly the opposite of these suppositions.
Apparently as the result of the discussion a great change has occurred
and is progressing in public opinion and in the expressed views of public
men more favorable to bi-metallism.
Particularly is this the case in the two leading nations favoring the
single standard, Germany and England.
DIRECTOR OF THE MINT.
ol93
Germany has suspended the further sale of silver, and some of her
statesmen question the wisdom of demonetization.
In less than a year after the meeting of the Conference (the following
May), Mr. Henry Hucks Gibbs, late governor of the Bank of England,
and one of the representatives of the English Government to the Conference, wrote to that distinguished advocate of bi-metallism, Mr. Henri
Cerniischi-^
1 am gone ovtr lo the enemy and am going to attack, with you, the solid ramparts
of mono-metallism.
These words are indicative of the revolution in public sentiment, and
are especially significant coming from one who refused to concur in the
views of our representatives.
Subsequently he publicly announced his change of opinion upon mature examination, and, at the close of a pamphlet lately published by
hira, says:
I have expressed in it conclusions which differ very widely from the siiirit of the
report ofthe proceedings ofthe Paris Conference presented to the government by my
colleagues and myself. I fnlly concurred in that report; but the more I have, since
then, tliouglit over the subject ofthe Conference the more I have been led to^ distrust
some p.art of our reasoning, and to doubfc in part the Avisdom of the conclusion to Avliich
we came. In no case was it to be expected t h a t the Conference would have simply
affirmed the original resolutions of tlie connnissioners of the United States. Indeed,
the evil from which we suffer had not at that time pressed so strongly upon the minds
of Englishmen as it has since done, and iiublic opinion was less prepared than I think
it now is^f o look with favor on any change which might promise to alleviate it.
MONETARY STATISTICS.
In addition to procuring and presenting the usual statistics of the
production and circulation of the precious metals in. the United States,
the inquiry has been widened and pains have been taken to obtain similar information in regard to the production, coinage, and consumption
of foreign countries.
Possessing richer and more extensive mines of gold and silver, and
appropriating a larger amount for coinage and manufactures than any
other country, the yield of the American mines and the disposition of
their product is of great interest to our people, and closely Avatched in.
otlier parts of the world.
THE PRODUCTION OF THE PRECIOUS METALS IN THE UNITED STATES.,
As will be seen, the production of 1879 is considerably less than that
of the preceding year. It has resulted from the diminished yield of themines of the Comstock Lode. A depth has been reached 1,000 feet below the bed ofthe Carson River, and impediments are encountered from
accumulations of water and from the oppressive temperature, which
discourage and have retarded vertical exploration. This has caused, a
falling off in the total yield of the State, from the production of the preceding year, which, as officially reported, in 1878, was $47,076,863 of
both gold and silver, but whii.'h for 1879, J. F. Hollock, the State controller, reports to be only $ 19,305,473.97.
The hope of finding similar deposits or a continuation of the large
ore-body of the ^'bonanza inines" in the lower levels of contiguous
mines has not as yet been realized.
Although the production of Nevada will be large and continuous for
many years, it does not appear probable that the mines of that Sta.te
will make such enormous contributions to the mineral wealth of tke
c o u n t r / a s they have ih previous years.
13 F
194/
REPORT ON THE FINANCES.
This decrease has been in part compensated by the results of the
more thorough exploration of the mining regions ofthe Rocky Mountains,
especially in Central and Southern Colorado. The production of that
State was at least six millions greater in the last than in the preceding
year, and will probably furnish an undiminished, if not increased, amount
of silver in the future.
While in Colorado inspecting the Denver Mint, I took occasion to
visit the mining region in the vicinity of LeadviUe, and to obtain information bearing upon the question of its present and future production.
There is no doubt of mineral deposits of great richness existing in that
portion ofthe State, Avhich are easily mined, and from which the ore is
extracted at comparatively little expense. The deposits extend over a
very large area.
The smelters at and in the vicinity of Leadville have reported to this
oflice the production of about 4J milhon dollars from the commencement
of smelting in the latter part of 1878 to August, 1879,-and it is estimated that in addition to this product upwards of 5J million dollars'
wortli of high-grade pre have been shipped to other works for treatment,
making a total production for the Leadville district of about 9 | million
dollars since the discoveiy of the carbonates, about two years ago.
The rate of the out-turn of the inines is not only likely to continue
for some time, but to increase as the mines are further developed, additional smelting-works put in operation, and increased facilities i^r shipping extended to that section.
After careful inquiry and consideration of the yield of different localities and mines in the United States, I have estimated the total production of the precious metals in the country for the fiscal year 1879 at
$79,712,000, of vvhich $38,900,000 was gold and $40,812,000 silver. As
nearly as can be ascertained from official reports and other reliable
sources, the production was derived from the mines of the States and
Territories as follows:
s t a t e or T e r r i t o r y .
Californica
i
Nevfidci
Colorado . .
Montana
Idabo
Utah
Arizona
N e w Mexico
•Ore*^'on
Washington
•.
Dakota
Micliignn ( L a k e Superior)
Nortli Carolina
Oeorgia
Other sources
Total
Gold.
"
.
$17,
9,
3,
2,
1,
600, 000
000, 000
225, 000
500, 000
200, 000
575, 000
800,000
125, OCO.
1,150,000
75, 000
2, 420, 000
Silver.
$2, 400. 000
12, 560, 000
11, 700, 000
2, 225, 000
050,000
6, 250, 000
3, 550, 000
600,000
20, 000
20. 000
10, 000
780, 000
Total.
90, 000
90, 000
50, 000
47, 000
$20, 000, 00021,560,000
14, 925, 000
4,725,000
1, 850, 000
6, 82.5, 000
4, 350, 000
725, 000
1,170, 000
95, 000
2, 430, 000
780, 000
90, 000
90, 000
97, 000
38, 900, 000
40, 812, 000
79, 712, 000
In the report of the Director of the Mint for 1874, a table was published which had been prepared by R. W. Raymond, United States Commissioner of Mining Statistics, showing the production of gold and
silver in this country from 1848 to 1873. I am unable at present to.re>
view the data from which this table was prepared or to vouch for its
accuracy, but it seems to be desirable that these estimates should be
brought up to date.
The following is an approximate estimate of the domestic production
for the last six years, i t is condensed from a table appended to this
195
DIRECTOR OF THE MINT.
report, and embraces the entire product of each year, unless a larger
amount has been used in the arts or bullion has been clandestinely exported, of which there is no proof or reasonable suspicion:
Domestic production of gold and silver, 1874 to 1879.
P i s c a l y e a r e n d i n g J u n e 30.
1874
1875
1876
1877
1878
1879
Gold.
. . .
..
...
-
--
--- -
•
Silver.
Total.
$33, 490, 902
33, 467, 856
39, 929,166
46, 897, 390
' 51, 206, 360
38, 899, 858
$37, 324, 594
31, 727, 560
38, 783, 016
39, 793, 573
45, 281, 385
40, 812,132
$70, 815,496
65,195, 416
78 712 182
86, 690, 963
96, 487, 745
79, 711, 990
243, 891, 532
233, 722, 260
477, 613, 792
These amounts were 'ascertained by adding to the amount of domestic
bullion purchased or deposited for coinage during the year the amount
of domestic bullion exported, consumed in the arts and manufactures,
and stock of bullion remaining in the country.
The value of the gold and silver contained in argentiferous ores exported in the last six years has not been included in this estimate.
Their total gross value for the whole period Avas little more than a
million dollars, and it is impossible to ascertain how much of this valuation was goldj silver, lead, or copper; and shipments have gradually
decreased until, during the fiscal year ended June 30,1879, they amounted
only to $148,195. The statistics of the production of G-ermany, France,
and England include these ores in the reports of the value of gold and
silver produced in those countries from Spanish and American ores.
DISPOSITION OF DOMESTIC PRODUCTION.
A reliable test of the accuracy of estimates of total production is their
agreement with the statistics which show the disposition annually made
ofthe precious metals.
Nearly all of the gold and a large portion of the silver produced in
the United States during the last ye^r was coined at the mints or used
in domestic manufactures, arts, and ornamentation. The surplus was
exported to non-producing countries.
The amount annually used for coinage and exported is readily ascertained. The Mint records show the one and the customs returns the other.
Foreign coin and bullion are now reported separately from domestic.
But to obtain accurate statistics of the amount annually consumed by
abrasion or loss of coin, and used in the arts, manufactures, and ornamentation is a very diihcult task. The annual consumption or appropriation of the precious metals for the latter purpose was placed bv
Humboldt, in 1803, at $6,000,000 for France and $23,000,000 for Europe..
Mr. William Jacob, in 1831, from a careful review of the various occupations using gold and silver in manufactures and ornamentation, made
the annual consumption in the British Kingdom, for other purposes than
coin, to be gold of the value of $8,183,000, and silver $4,100,000. His.
conclusions for Europe, then, were that gold and silver were thus annually used to the value of, in—
GreatBritain
France
»
Switzerland
The remaining countries
1
..>.
,..--,.
$12,285,000
6,000,000^
1,750,000
8,025,000
28,060,000
196
REPORT ON THE FINANCES.
He estimated that the United States consumed one-twentieth part as
much as Europe. He placed the consumption for these purposes in
both Europe and America, at $29,466,250, leaving for coinage as money
but lOJ millions annually of the 40 millions then regarded as the world's
annual production.
'
'
' The estiinates of the amount of gold and silver annually consumed in
the United States in the manufactures, the arts, and ornamentation at
the present time widely vary.
In computations heretofore made by this office it has been placed at
$5,000,000, and at the highest $6,000,000, while in the report of the
Silver Commission it was given as a conjecture that the annual consumption of silver was $10,000,000 in the United States for the arts and
manufacturing purposes and $50,000,000 in all countries outside of Asia.
In order to arrive at an approximate estimate of the consumption of
gold and silver in the United States, I directed an exainination to be
made at the mints and assay-offices manufacturing fine bars, of their
books for the last six years, and a report to be made of the amount of
fine bars of gold and silver prepared and issued for manufacturing purposes.
The reports show that during the above period of time there were
issued for manufacturing purposes $21,879,040 of gold, and $22,250,283
of silver, being an annual average consumption of gold bullion obtained
from the New York assay-office alone of $3,646,506, and $3,708,380 of
silver bullion.
The ainount paid out at that office for these purposes during the last
year was $2,901,844 of gold, and $4,482,975 of silver.
.Fully one-half of the total bullion product of the country is parted
and refined by private enterprise, and a considerable portion of the gold
and silver used by manufacturers comes from such refineries. I have
. assumed that one-fourth of the total consumption for this purpose is of
bullion other than New York assay-office bars. This is a moderate estimate for the additional amount, including, as it does, all supplies from
private sources and refineries and bars issued by the coinage mints and
by the other assay-offices.
. I have attempted to secure further statistics of the consumption in
the United States by addressing circular-letters to all manufacturers
whose addresses I could obtain, who consume gold or silver in the preparation of chemicals and ih the manufacture of jewelry, watch-cases,
and other solid or plated wares. The circular referred to requested that
they would specify the various forms of the metals used, whether United
States coin, foreign coin, and old manufactured articles reworked or
-bullion. The replies that have been received, while incomplete as to
the total consumption, are valuable in exhibiting the proportion of the
different specified forms used, and also show that the gross amount
.would be in excess of estimates previously made.
The total consumption reported is as follows:
•i
a .
s
1-9 a
• -g
0
;^ cj.S
• o-
cs 02
PI
£-S '
• i
• 'cS
Gold
Silver
.
Total
.
....
9^
w
o
H
$1 473,259
179, 905
$380, ICG
144, 239
$3; 989, 081
2, 288, 588
• $5, 848, 500
2, 612, 733
1, 653,164
530, 399
6, 277, 669
8, 461, 233
197
DIRECTOR OF THE MINT.
Out of 3,506 addressed j 1,401 replies were received; and of the latter,
448 were manufacturing and consuming gold and silver, and reported
the above amounts; leaving 2,105 not heard from. It is obvious that
the estimates of this office are not in excess of what probably would have
been reported as the actual amount of the precious metals used, had
complete and full returns been made.
From, all the information obtained, it may be safely assumed that
the annual consumption in the United States of precious metals in all
forms now averages seven million dollars of gold and five million dollars
of silver, making a total of twelve million dollars; and fuller statistics
may show a greater amount thus used. In estimating the amount of
domestic production appropriated annuaily for this use, I have added
one-third to the value of suich bars furnished from the New York assayoffice, which gives the following consumption for the last fiscal year:
Gold, $3,869,125, and silver, $5,977,300; and an average annual consumption, for the last six years, of gold, $4,458,104, and silver, $4,854,527.
The annual coinage export and consumption of bullion xiroduced in the
United States (not including old plate and coin) for the last and five
preceding years, appears, from data received, to be as follows:
Fiscal years.
1874
1875
1876
1877
1878
1879
.'.
,
Fiscal years.
1874
1875
1876
1877
1878
1879
U s e d in a r t s
and manufactures.
E x p o r t e d (reported b y
JBureau of
statistics).
$25, 034, 031
25, 851, 983
33, 887, 086
42,125, 662
45, 922, 340
35,005,959
$4, 578, 328
5, 382, 098
4,153,184
3, 087,192
5, 078, 701
. 3,869,125
$3,878,543
2, 233, 775
1, 888, 896
1, 084, 536
205, 319
24, 774
Coinage.
U s e d in a r t s
and manufactures.
E x p o r t e d (reported by
B u r e a u of
Statistics.)
Coinage.
'
0
:
;
$5,
10,
19,
24,
25,
22,
764, 538
291, 805
730, 654
543, 939
036,188
951, 768
$4, 406, 500
4, 237, 841
3, 812, 018
3, 774, 240
5,210,1.52
5, 977, 300 •
$27,153,490
17,197,914
15, 240, 344
11, 475, 394
. 15, 035, 045
11,883,064
Total.
$33, 490, 902
•33, 467, 856
39, 929,166
46, 897, 390
51,206,360
38, 899, 858
Total.
$37,
31,
38,
39,
45,
40,
324, 594
727, 560
783, 016
793, 573
281, 385
812,132
COIN CIRCULATION OF THH UNITED STATES.
In preparing estimates of the amount of coin in the country, we have
official records of the coinage and of the iinports and exports of coin;
we also have approximate returns of the amount of coin melted for manufacturing purposes. To complete the inquiry as to the coin circulation
of the country, it is necessary to consider what amount of coin, foreign
and domestic, may have been personally brought by immigrants, and,
therefore, not reported by the Custom House. The secretaiy to the
Commissioners of Emigration for the State of New York, H. J. Jackson,
esq., states that 79,801 immigrants during the year 1878 landed at Castle Garden, and exchanged there $520,000 of foreign coin. The average
198
REPORT ON THE FINANCES.
would be $6.50 per indiyidual, or $32.50 per family. Assuming that an
equally large amount of American coin, obtained by exchange at home,
would be brought by immigrants, and also that a small amount of foreign coin not exchanged at New York would be taken by them to their
place of destination, fifteen dollars may be estimated as the average sum
brought by each immigrant and not reported in the custom-house returns.
The larger estimates heretofore made do not seem to distinguish between cash represented by dralts and bank bills, or even personal assets, all of Avhich must be disregarded in statistics of coin importation;
an official statement ofthe average " cash means" is too indefinite.
From the foregoing data I estimated in 1874 (Congressional Eecord,
vol. 2, p. 2746) that the amount of coin in the country at the commencement of the calendar year 1873 Avas reduced to $132,000,000,^ and stood
at its close at $143,000,000. This nearly coincides with the estimates of
several statisticians made for the same period. The Director of the
Mint in his first annual Keport stated the coin tlien in the country (November 1,1873,) to be about $140,000,000, of which $5,000,000 was silver.
The difference between my estimate and that made by the Director of
the Mint is comparatively slight and may be accounted for by the difference in dates. I have thought it proper to take the latter as the basis
for continuing the estimates, year by year, to the present time.
fZ.3
•§-§
o
1873
1874
1875
1876
1877
1878
1879
$34, 853, 441
30, 727, 862
35, 649, 931
41, 699, 696
51 181 497
39, 290, 009
:
•
| 2
bo
H
s^
^1
o^
t^1
^
^
$7, 620, 695
52, 628, 351
22,161,121
1, 312, 268
+2, 367, 267
228, 881
5
'S
Ci3
*$27, 232, 746
121,900,489
*13,16.1,121
*40, 387, 428
*53, 548, 764
*39, 061,128
•
bSj
O t^
li
F i s c a l y e a r e n d i n g J u n e 30—
fa.g
oS
a <D o
¥
o
1873
1874
1875
1876
1877
1878
1879
•
:
*Grain.
$5,
9,
18,
27,
27,
26.
tLoss.
713, 334
895, 476
980, 405
275, 958
941,127
518, 642
oa>,^
So^o
ted a
old c
coun
3lose
r i s c a l y e a r e n d i n g J u n e 30—
g
$1, 950,117
2, 033, 246
3,187,118
7, 857,186
1573,695
+ 5,180, 015
*$3, 763, 217
*1, 862, 230
*15, 793, 287
*19, 418, 772
*28, 514, 822
*31, 698, 657
•-f o:5:St>v
H
$135,000,000
162, 232, 746
140, 332, 257
•153, 493, 378
193, 880, 806
247, 429, 570
286,. 490, 698
Estimated ainount
of silver coin in
the country at
the close oi" the
year.
9 r^
$5, 000, 000
8, 763, 217
16, 625, 447
32, 418, 734
51, 837, 506
80, 352, 328
112, 050, 985
I'NQt import.
The number of immigrants during the six j^ears exceeded the emigrants by 761,803, ahd at $15 per capita brought upon their persons
$11,500,000 of coin, but doubtless the loss from abrasion, use in manu
DIRECTOR OF THE MINT.
199
facture and the arts, has equaled the gain from this source, for there has
been reported to this office froni manufacturers a consumption of about
$1,600,000 of American coin per annum, the coin nsed by others not
reporting would probably swell this amount to $2,000,000, or a total for
the six years of $12,000,000; the one has, therefore, been taken as an
offset to the other, and neither taken into consideration in preparing the
foregoing estimates.
It appears that during the last six years there was an increase of gold
coin in the country of $151,490,698, and of silver coin $107,050,985, of
which $35,801,000 are standard silver dollars, $8,500,000 trade-dollars,
and $62,749,985 subsidiary coin. The amount of subsidiary coin exceeds
the increase by coinage during the period referred to, and is accounted
for from the fact that large sums have returned to us from abroad.
From an examination of the customs records it appears that there has
been an importation since July 1, 1877, of about ten millions United
States silver coin, of which about 6,500,000 was subsidiary and over
3,000,000 trade-dollars.
The countries from which this coin was received and the respective
amoants are given in a table accompanying this report.
The total amount of gold and silver coin in the country on the 30th cf
June last was, by the above computation :
Gold
Silver
:
.•
$-286,490,698
112,050,985
Total
-.
398,541,683
Since the close of the last fiscal year and up to November 1, the
imports of gold at the port.of New York alone.have been:
United States coin
Foreign coin
Bullion, &c
Total
^.
[
:
$7,141,164
32,110,756
12,895,254
52,147,174
Daring the same period there have been coined of domestic bullion
$12,118,635 in gold and $9,405,370 in silver, which, added to the
$7,141,164 of United States gold coin imported, inakes a total increase
to the coin of the country since July 1 of $28,665,169. This, added to
the stock of coin in the country at the end of the fiscal year, gives
$305,750,497 of gold and $121,456,355 of silver, a total of $427,206,852,
being aboat $9 per capita of coin.
This exceeds by $86,206,852 the coin in the country at any other
period, the highest previously having been in 1863, $341,000,000, and
next to that in 1857, $315,000,000.
In addition to the stock of gold and silver coin there was, oii October
31, in the mints and the New York assay-office, bullion awaiting coinage to the amount, of $49,931,035 of gold and $4,553,182 of silver,
which, added to the coin, would 2.1 ve as the amoant of coin and bullion
in the country October 31, 1879, $355,681,532 of gokl and $126,009,537
of silver, a total of $481,691,069.
Should the unprecedented flow of gold continue from foreign countries,
unchecked by its reaction upon prices here and abroad, the metallic
circulation of the country at the end of this fiscal year will have swollen
to over $600,000,000.
Such result, however, is not to be anticipated, nor, so long as our own
mines supply in abundance the precious metals, is it desirable that the
needful amount of metallic circulation should be obtained by the depletion of European reserves, to replenish which, at the first opportunity,,.
200
REPORT ON THE FINANCES.
the gold will be withdrawn as rapidly as it has been furnished, thus
causing violent disturbance of monetary values, and uncertainty and
embarrassment in commercial transactions.
Of the specie circulation on the 1st of November, the Comptroller of the
Carrency and the United States Treasurer report that $198,859,332.16
were held by the national banJ^s and the Treasury, leaving $162,200,108.60
of ,gold and $66,147,411.24 of silver in use by individuals, (corporations,
and private or State banking and other institutions.
The gold and silver was held and used as follows:
Silver.
Total.
Cold.
Legal teuder.
Treasury
ISTational b a u k s
O t h e r cii'culation
Total
Subsidiary.
$32, 532, 702 00
$119, 920, 670 40
23, 629, 718 00
162, 200, 108 60 " " ' l 2 , 673,"498 00
$17, 856, 898 76
M, 919, 343 00
153, 473, 913 24
$170, 310, 271 16
28, 549, 061 00
228, 347, 519 84
45, 206, 200 00
^76, 250,3 55 00
427, 206, 852 00
305,750,497 00
* Includiug standard dollars^
tIncluding trade dollais.
MONETARY STATISTICS OF FOREIGN COUN'J RIES.
Eeplies have been received from a number of foreign countries to
which inciuiries were addressed respecting their coin and paper circulation, production of precious metals, coinage, movements of gold and
sih^er, and amounts consumed in the arts and manufactures. The documents containing these statistics will be found in the appendix. *
Much of the information communicated is very valuable, and the representatives of the United States abroad and government officials of
those nations from which replies were received are entitled ,to thankful acknowledgments for their promptness in responding to the inquiries.
A brief review and abstract of the interesting and useful facts elicited
may be of advantage, and are here presented in connection with reliable
data gathered from other authorities.
Great Britain.—The coinage of Great Britain during the calendar year
1878 Avas as follows.:
^ Gold....
^Silver
£2,132, 245 ^ $10/376, 571
614,426== 2,990,104
And for the last ten years (1869 to 1878 inclusive):
Gold
Silver
£47,899,263==$233,101, 763
6,182,1.54= 30,085,452
The annual average coinage for the last ten years has been about
$23,000,000 of gold and $3,000,000 of silver.
In the gold coinage for the years 1877 and 1878 of £3,230,986 nearly
one-half^ £1,557,500, was light gold coin sent from tlie Bank of England
for recoinage.
Of silver coined at the mint during the year 1878 only £215,500 went
to the Bank of. England—the remainder going to Scotland, Ireland, and
the colonies.
The amount of silver coin issued by the Bank of England to the
public during the same year was £187,000, while the amount of worn
silver coin withdrawn by the banlc was £220,000. The withdrawals of
Avorn silver coin by the Bank of England for recoinage during the last
three years exceeded the value of the issues of silver coin to the public
by that bank by £350,000, so that the silver coin in circulation in
*Tlie docunients here referred to axe omitted for want of space, but they are printed
/in tlie pamphlet copies of tke Director's report.
DIRECTOR OF THE MINT.
201
England and Wales alone was less by £350,000 ($1,703,275) at the end
of 1878 than at the beginning of 1876.
Accounts kept of the waste on £8,186,451 of gold coinage, completed
in 1878, showed, a loss of £543.6 per million, or .005436 per cent.] of
which coinage £4,073,756, pr 65 per cent., was light gold coin.
An examination of the last and preceding reports made by C. W.
Fremantle, deputy master of the mint, shows that since 1860 silver has
been coined of the nominal value of £9,140,094, and that during that
period £2,951,120 of worn silver coin had been withdrawn and recoined,
making a net increase in the silver coinage of £6,188,974, and a recoinage of 32.3 per cent, of the silver coined during that period.
The total amount of silver coined at the British mint from 1816 to
1879 was £26,469,248, of which £13,573^900 was coined prior to 1848,
since which the total amount of worn silver coin withdrawn was
^£3,983,338=$19,384,914.
The gold coinage since 1816 has been £241,936,664=$1,177,375,042.
Assuming the specie circulation of Great Britain to have been, as
estimated by Mr. Fremantle, December 31, 1875, £118,560,000 of gold
and £19,000,000 of silver, adding the coinage for the fiscal years 1876,
1877, and 1878 of gold £7,943,185, silver £1,257,300, deducting light
coin Avithdrawn and recoined for the same period, gold £2,196,075, silver £884,915, and adding the net excess of the imports of British gold
coin over the exports for the same years, £2,810,951, and deducting the
net excess of exports of silver coin OA^er imports, £184,844, Avould make
the circulation of specie on the first of the present year, gold $618,620,043,
silver $93,376,169. Total, $711,996,212.
Germany.—The adoption by the German Empire of gold as its monetary standard, in lieu of silver previously recognized and coined by the
individual States, and the AvithdraAval and sale of the existing silver
coinage, inaugurated a financial revolution which has attracted the general attention of all civilized nations, and unsettled values in almost
every habitable part of the globe.
This action was apparently the primal cause of the recent unusual
fluctuations in the relative A^alues of gold and silver, and of the coinparatiA^e depreciation of the latter, which has driven other European
nations to close their mints against silver, and alarmed every country
having a bimetallic system.
Nor could it have been otherAvise, for within the last six years the new
German coinage has draAvn from other nations and absorbed gold to the
extent of $382,411,368. Germany has not only ceased to be a customer
for silver, but during the same period upon a market already fully supplied by increasing production, has thrown of her own stock of silver,
at Available times and in A^ariable quantities, a total ainount up to May
last of $149,702,000, Avhile there remain about $113,288,000 of the old
silA^er coinage not yet withdrawn, the fear of which still depresses the
silA^er market.
The people of Germany have been suflerers ih common with other
nations from this general unsettling of values. The state itself in the
change of its monetary standard, as yet but partially efi'ected, has met
a direct and considerable loss in the sale of the silver depreciated, by
its action.
The government sales of silver were suspended on May 19 last, and
from late dispatches received from Mr. White, United States minister
to Germany (in full in appendix), it appears that grave doubts exist in
the Eeichstag as to the wisdom and policy of thecchanges already made
and of the withdrawal and sale of silvev thalers remaining in circulation.
202
REPORT ON T H E FINANCES.
Herr Yon Drehend, president of the Eeichsbank, stated in debate in
last June, that the loss from the withdrawal and sale of sih^er coin had
already amounted to $17,136,000, and that a further loss of from 19 to 23
million dohars would proba-bly ensue by continuing the withdrawal and
sale. He further said, in substance, that while being used to formidable
calcalations, and understanding well that reforms cannot be made in
coinage without heaA^y sacrifices, he Avas startled b}^ these figures, and
believed there were but few present who did not share his feelings in
that respect, ahd that he considered it to be his duty to strongly recommend to the imperial chancellor a suspension of the sale of sih^er, and
that a real service Avould be done to the country and the whole Avorld if
no more silver was allowed to be sold and the silver market permanently
saved from the fears of German silver.
From the report made to the United States minister on the 30th of
August, 1879, it appears that the total gold coinage of Germany froni;
1871 to June 1,1879, amounted to $404,057,106, and subsidiary silver to
$101,651,957, and that for 1878 the gold coinage had been $29,742,879,
and the nominal value of the silver coinage was $1,562,463.
The specie circulation at the close of the year 1878 amounted to
$328,168,462 of gold and (1^214,939,957 of silver, of which $113,288,000
were in pieces of the old coinage, making a total specie circulation of
$543,108,419.
At the end of May, 1879, the banks held in specie $147,902,482.
The paper circulation of Germany ainounts to $229,596,234, of Avhich
$38,817,300 were of government issue and $190,778,934 bank circulation.
The production of the mines since 1875 has been as folloAvs:
Gold.
1876
1877
1878
281 Kilo.
308 ''
308 "
SilN^er.
139,778 Kilo.
147,612 "
166,911 ''
The Scandinavian countries.—The Scandinavian states—Norway, SAveden, and Denmark—have entered into a union similar to the Latin
Union, gold lieing the standard and silver subsidiary.
Since this union Avas efiected under the treaty of October 18, 1872,
these countries haA^e been engaged in changing their metallic currency
from the single silver to the single gold standard.
The coinage of the countries named in pursuance of the Scandinavian
monetary treaty amounted on July 1,1878, to—
Gold.
Silver.
Total.
Countries.
Crowns.
Sweden
^Norway
'
Total
Dollars.
Crowns.
Dollars.
Crowns.
Dollars.
34. 754, 640
9. 314, 233
31, 086, 910, 8, 331, 290
9, 436, 650 • 2, 529, 022
18,148, 229
11,643,553
4, 520, 000
4, 863, 724
3,120, 471
1, 211, 360
52, 902, 869
42, 730, 463
13, 956, 650
14,177, 957
11,451,761
3, 740, 382
75, 278, 200
34, 311, 782
9,195, 555 109, 589, 982
29, 370,100
20,174, 545
The net imports of gold into Denmark from 1871 to 1875 amounted to
$11,879,515, while the net exports of silver for the sameperiod amounted
to $2,823,547.
Denmark sold, during the three years ended June 30, 1876, silver
amounting to $4,117,552. In changing from the silver to the gold standard Denmark has absorbed in five j^ears gold to the value of $11,879,515
and has disposed of, by export, silver ofthe value of $2,823,547.
DIRECTOR OF THE MINT.
203
The circulation of the Scandinavian states has been estimated to be
as folloAvs:
. Denmark.
Paper circnlation
Gold, circnlation, including reserve in banks
Sih^er circulation, subsidiary
•... $X8,900, 000
20, 000,000
4,863,000
Total
43,763,000
Norway.
Paper circnlation
Gold circnlation, including reserve in banks
Silver circulation, subsidiary
10, 300,000
10,000, 000
1,200,000
.'
Total
21,500,000
Sweden.
Paper circulation
Gold circulation,- including reserve in banks
Silver circulation, subsidiary
:...
, -•
Total.-
11,680,000
15,000,000
3,120,000
29,800,000
The Netherlands,—Holland, like the Scandinavian countries, has been
changing from the single silver to the single gold* standard.
The change began on the 1st of July, 1875. The imports of gold during the six years 1873 to 1878 exceeded the exports by $20,282,911 and
the imports of silver exceeded the exports by $8,160,808.
The coinage of gold for the two years 1873 and 1874, prior to the change
of standard, amounted to only $195,400, while the coinage of silver during the same period amounted to $1,913,722.
The coinage of gold during the four years 1875 to 1878, since the
change of standard, amounted to $23,666,601, Avhile the coinage of silver
during the same years amounted to only $180,209.
During the year 1878 no standard gold coins were struck at the mint,
but the coinage of gold consisted of the commercial pieces (ducats) of
the value of $199,250.
The circulation of Holland is estimated to be as folloAvs:
Paper circulation
Gold circulation, including bank reserve
Silver circulation
Silver circulation, subsidiarj^
Total
|73,230,000
20, 000, OOD
57,600,000
380, 000
•..,..
•.
151,210,000
Of the specie circulation nearly fifty millions is held by banks.
The circulation of France and the Latin TJnion.—An examination
ordered in France and Belgium to ascertain the character, date of coinage, number and A-alue of coin in circulation in those countries near the
close of the year 1878, disclosed that 19,511 public offices in France held
1,009,559 pieces of gold coins valued at $3,257,596 and 1,213,406 silVer
five-franc pieces of an approximate value of $1,213,000.
In Belgium similar inquiries were made in regard to coins received in
payment at the National Bank, its agencies, the state treasurer's at
Brussels, and at all of the public offices of account.
From an analysis of the results of these examinations, it was estimated in the annex to the report made by the French commissioners to
the Chamber of Deputies, that the number of five-franc pieces in circulation in the states of the Latin Union maintaining specie payments
was as follows:
France
Belgium
Switzerland
Total
-
,
380,000,000
55,000,000
.30,000,000
465,000,000
204
REPORT ON THE FINANCES.
The French commissioners in conclusion say:
Sucli are tlie results reached by a careful examination. By these data the general,
circulation would be 5-franc silver pieces in circulation in the throe states of the
Union, 2,325 millions of francs. Divisionary silver with the afflux of Italian coins,
375 millions of francs. Gold coins, double of 5-franc pieces, 4,650 millions of francs ;
total, 7,350 millions of francs.
-
I t seems to have been assumed that the gold circulation of France
and the other States of the Union was double that of silver, and the
amount of gold coin, $3,257,596, found in the public offices in France,
compared with the A-alue of thefiA^e-francpieces found in the same offices,
if a proper basis for estimating the total circulation, would indicate a
proportion of gold more than double that of silver.
But.the proportion of gold and sih'er coins in circulation may be very
difierent from the proportion of those coins in the Treasury. There
were in the Bank of France October 5, 1878, $226,700,000 of gold, and
$202,500,000 of silver, which would indicate not much more gold than
silver in circulation. An actiA^e circulation may consist of silver rather
than gold.
The Belgium investigation Avhich was based upon the character and
number of coins used in inaking payments showed a much larger proportion of silver than of gold. An examination of coins received in payment, instead of coins found in reserves and public offices, might have
given difierent results in France.
While doubting the accuracy of the exhibit, in default of better data,
the estiinates given are accepted, and the circulation of France placed,
as folio AVS:
Prancs.
Paper
Gold
Silver, unlimited tender
Silver, limited tender
Total
2,418,419,689
3,800,000,000
1,900, 000. 000
306,450,000
1
Dollars.
466,755,000
733,400,000
366,700,000
59,144,850
8,424,869,689^:^1,625,999,850
. The estimate of the specie in circulation in Switzerland furnished by
the Yice-Chancellor is given at $20,000,000, AA-liich, in addition to that in
banks, $ 12,000,000, Avould make the total specie circulation but $32,000,000.
This estimate is probably much too low, while that previously given submitted in the annex to the French report appears excessive, yet, as the
latter was the basis for official action for the respective governments, if
rejected for one country it should be for all. I have, therefore, in compiling the table of circulation given in the appendix, used the calculation
of the report to the French chamber of Deputies.
The remaining states of the Latin Union, Greece and Italy, have a
forced paper circulation.
In Greece the paper circulation amounts to $12,890,000, issued by the
national and Ionian banks, Avhile the reserve of specie held by these
banks amounts to $4,500,000. There is no mint in Greece, and its minor
and subsidiary coins are supplied by the other states of the Latin Union.
The i^aper circulation of Italy amounts to $135,000,000, while, the
specie reserve in banks is only $17,000,000.
Austria.—The dispatches received from Minister Kasson are of great
value, as they show that eflbrts are being made by this empire to return
to a specie basis and maintain the integrity of its paper circulation, while
preserving, as far as possible, a coinage and circulation of gold and silver.
The coinage during the year amounted to $2,600,563 of gold, and
$13,906,258 of silver.
DIRECTOR
OF
THE
205
MINT.
The paper circulation was $322,938,854.
During the year the mines of Austro-Hungary produced 543^ ounces
of gold, and 935,243^ ounces of sih^er.
Russia.—The information received through the Legation of the United
States at St. Petersburg shows that the authorized paper circulation
of the Bank of Eussia and its branches amounted in January last to
$587,907,562, which has hot materially changed to the present time.
The specie reserve held by the banks amounted on the 12th of June
last to $110,500,000, all of which, with the exception of about three millions of dollars, was in gold.
There are no official data in relation to the amount of gold and silver
in circulation. There was produced fi'om the mines of Russia in 1877:
gold, 2,515 poods; silver, 1,202 poods; total, 3,717 poods; equal in
.Aveight to about 134,225 United States pounds.
Austria, Russia, Italy, and Greece, although their banks hold consideraible specie, use for circulation depreciated bank-notes, and to resume specie payment would require large increase of gold or sih^er.
Their respective circulations, as far as attainable, are presented with
those of other countries in a table accompanying this report.
Upon the estimate of 30 per cent, of coin reserA^e to paper issued, the
amount required to resume and maintain specie payments over and above
the present coin reserA^e of the banks, and not estimating the additional
amount needed for general circulation, Avould be as follows:
Paper circulaRequired bank
Bank reserve.
tion.
reserve.
Austria
Russia.
Italy.:.
Greece .
$322,
587,
135,
12,
938,
907,
000,
890,
854
562
000
000
$70, 560, 000
110, 500, 000
17, 000, 000
4, 500, 000
$96, 881, 656
176,372,268
40, 500, 000
•3, 867, 000
Deficiency.
$26,321,656
65, 872, 268
23, 500, 000
No returns have been received from Spain, Portugal, and Turkey.
. Portugal adopted the gold standard in 1851, while Spain has practically conformed her monetary systeni to that of the Latin Union.
The vala^. of the gold coined in Spain from 1861 to 1875, inclasive, was
$140,291,716, and the value of the silver, $48,425,615. The value of the
gold coined in Portugal from 1855 .to 1874, inclusive, was $5,116,470, and
of the silA^er, $8,748,471.
The circulation of Spain and Portugal has been estimated to be as
follows:
.
Specie, including
bank reserves.
$33,795,000 $200,000,000
29,529,000
85,000,000
Paper.
Spain
Portugal
Turkey has a greatly depreciated paper circulation, estimated at about
$100,000,000.
Africa.—^But little information has been received from African countries. Two of them, West Africaland Algiers, conform their standards
and circulations to the European nations of which they are dependencies. Great Britain and France.
There has been considerable gold imported into West Africa, the aA^erage ainount during the last three years annually exceeding the exports
$1,250,000.
The imports of gold in fifty-four years were $38,727,620, and the exports $10,309,425.
The imports of ^silver for the same time were $2,683,200 and the exports $819,120. .
206
REPORT ON THE FINANCES.
Algiers has a bank circulation reported in July to be $8,350,000, with
bank reserves of $3,270,000 iu gold, and 2,623,000 in silver, making a total
of $5,893,000. The amount of coin in circulation was $9,000,000.
In Morocco, no gold coins haA^e been struck for 20 years.
The export of gold dust from 1871 to 1875 was $8,900, and $12,500
in silA^er coin have been exported annually.
Canada,—All of the colonies and dependencies of the British Empire,
except the Asiatic, are supplied with sih^er coin by England. Canada
has no mint, but silver coins of the denominations of twenty-five, ten,
and ^Ne cents are provided by the liome government. The gold coins,
in circalation consist principally of British coins.
Notes similar to United States notes are issued by the Dominion,
the total amount of which in circulation, on the 30 th of April last was
$10,674,850.14. In addition to Dominion notes, the banks issue notes
which amounted at the same date to $18,372,892.45, while the total specie
held by the banks amounted to $6,291,2^5.48.
Mexico.—The circulation of this country consists principally of silver,
bank notes being issued but by a single institution, and too inconsiderable
to be noticed. '
Both gold and silver are coined and exported in coin and bullion,
although charged with an export duty of 5 per cent.
The coinage for the year 1878 was—
Of gold
Ofsilver.
$689,688
22,112,680
and for 9^ years has been $8,456,601 gold and $193,966,699 silver,
averaging annually a coinage of nearly $1,000,000 of the former and
$20,000,000 of the latter. Probably the average production has been
about the same amount.
The exports for three years ending 1878 were gold $6,388,535, silver
"3,373,039; indicating at this time a greater export of gold than the
probable annual production, as estimated from the coinage.
Central and South America.—The information receiA^ed in relation to
the States of Central and South America is very meager, with the exception of Colombia.
In regard to the latter, Mr. Ernest Dichman, the United States minister resident, has famished very complete information and tables of
coinage and of imports and exports.
pgThe bank-note circalation of Colombia at the close of the year 1878
amounted to $1,895,343, of which the banks held $362,047, togther with
specie reserves of about $200,000 in gold and $1,500,000 in silver. The
total specie circulation of the country is reported as $4,700,000, of which
about $4,000,000 is silAW.
The production ofthe mines of Colombia is about $1,000,000 a year
in silver and varies between 3 and 5 millions a year in gold.
The coinage of the mints for the ten years ended August 31, 1878,
AA-as, gold, $3,026,499; sih-er, $2,195,591.
The exports of gold and silver during the same period amounted to
$19,775,210, while the imports of the same are reported as 79,780^^* kilograms; but as the gold and silver are not separated, the value cannot
be ascertained.
The circulation of Yenezuela consists principally of foreign coin, and
in Peru paper has driven specie out of circulation. Its paper soles Avere
quoted last July at 53 per cent, discount. The paper circulation is estimated at $13,098,820.
No report has been received from Brazil, the only, one of the South
DIRECTOR OF THE MINT.
207
American States which adheres to the gold standard. Its paper circulation is estimated at $91,000,000.
The Hawaiian Islands.—The amount of specie in circulation in the
SandAvich Islands is reported by Mr. Morton, the charg6 d'aflaires ad
interim at Honolulu, at $800,000'in gold and $500,000 in silver.
There is no paper currency, but certificates of deposit are issued by
the treasury for coin deposited.
Australia.—As Australia is second only to the United States, of all the
countries on the globe, in the production of gold, its monetary statistics
are of great interest.
Mr. O. M. Spencer, the United States consul-general at Melbourne,
has communicated information of importance in relation, to the production of the precious metals and the circulation of the banks of Australia
later than any officially published in this country.
The gold mines of Australia, like those of the United States, are yielding a diminished annual supply, the amount for 1877 being only about
two-thirds of the.production of 1873, and a still further reduction is reported in the yield for 1878.
The production for 1877 compares Avith the production for 1873 as
folloAvs:
Ounces.
1873
1877
*
Value.
•
2,243,372
1,519,548
$42,779,908
29,018,223
Decrease
723,824
13,761,685
The net exports of gold, although diminished, have not lessened in a
corresponding ratio, OAving probably to the large stock of gold in the
. country.
The circulation of bank notes for 2J millions of people amounts to
$21,604,936, for Avhich the bauks hold a specie reserve of $40,765,131.
Japan.—The Jabpanese Government, after some years' eflbrts to maintain a gold standard, on the 25th of May, 1878, made the silver trade
dollar of 420 grains of their currency a legal tender in payment of all
public and private debts. Being four grains heaA^ier than the Mexican
dollar, it was supposed, as was at one time belicA-ed in this country
concerning our trade dollar of the same Aveight exported to China, that
it would drive the Mexican dollar out of circulation.
The experience in regard to both the American and Japanese trade
dollars has been the same. Their bullion value being greater than that
of the coin they Avere intended to supplant, instead of circulating to
any considerable extent, they Avere melted and disposed of as bullion at
their higher value.
In November the coinage of the Japanese trade dollar was suspended,
and in its stead the coinage of the silver yen of 416 grains Avas commenced and has been since continued.
The coinage during the vear ending June 30, 1878, was yen of gold
357,578. and of silver 4,310,345.
The total coinage of the mint at Osaca up to the 30th of June, 1878, is
yen 82,785,397.63.
The exportation of coin and bullion from Japan from 1871 to 1878
has exceeded the importation by $40,000,000, so that the country has
comparatiA-ely but little coin in circulation; its paper having fallen from
8 per cent discount against gold in 1877 to 13 per cent discount against
silver in October, 1878.
The paper circulation amounts to about $143,000,000.
Asia.—Nothing has been received from the commercial agents or
208
REPORT ON THE FINANCES.
representatives ol our goA-ernment in India, and nothing of iinportance
from any other Asiatic country. The absorption by those countries of
the precious metals has been large and uninterrupted, and as the iinmense resources of India are further dcA-eloped the influx and absorption
of treasure must continue. Eecent statistics of the import of treasure to
Eastern nations, and especially to India, are presented in the appendix.
From 1866 to 1878 the value of the merchandise exports of India w a s . . $2,963,199,854
Merchandise imports . . . 1,803,536, 003
Excess of nierchandise exports OA^eFimports
Excesss of treasure imjiorts over exports
,
$1,159,663,851
453,249,202
LeaA^ing a balance of exports over imports of
707, 414,649
Thus it appears that for the last twelve years the average annual import of treasure into India was $45,500,000, and the average export for
the same period $7,700,000, making the average yearly gain of treasure
$38,000,000, by far the larger portion of which Avas in silA-er.
From July 1,1873, to September 30, 1879, the exports of silver from
the United States to China amounted to $59,361,557, and duringthe
same period about $41,000,000 Avas exported from Europe to that country.
Asia, Avith nearly double the population of Europe and America combined, depends ahnost exclusiAT^ely upon the Western Continent for its
supply of the precious metals. The annual import into Asia and Egypt
of silver for the last thirty years has averaged $40,000,000.
At the beginning of the century, according to Humboldt, they/took
twenty-fiA-e out of forty-three millions of sih-er annually produced, and
the remaining stock was insufficient to sui:)ply the requirements of sih-er
for manufactures and change money. England in 1816, and the United
States in 1853, depreciated their subsidiary silver coins, not on account *
of the excess, but from scarcity of sih-er and impossibility otherwise
to retain their sih-er coins from export to the East. There is no reason
to apprehend that the demand of India and China for sih-er Avill decline.
During the last tAventy-five years India has taken an average of
$38,000,000, and China $9,000,000, making the average yearly absorption of silver by those nations $47,000,000. It is not unreasonable to
expect that their future requirements will fully equal that amount.
The silver coinage of India from 1835 to 1876 was equivalent to
$958,769,275, an annual aA-erage appropriation of sih-er for coinage
during forty-two years of $22,827,839, leaving $15,000,000 of the total
average import for ornamentation and other purposes.
SUMIMARY OF THE STATISTICAL INFORMATION.
It seemed desirable to group and tabulate the recent and valuable information forwarded by our legations from foreign countries, although
incomplete, and to indicate the present and probable future production,
consumption in coinage ""and the arts, the demand and the supply of gold
and silver in those countries.
.
The eflbrt has been not to duplicate information already published
and in the possession of the public, through the reports presented to
Congress, and it is only reproduced when necessary to complete a summary of the statistics embracing the field of examination.
In some cases the figures are based upon estimates, but unless so
indicated, they are taken from official dispatches and publications, or
recognized authorities.
The exhaustive examination made by Dr. Soetbeer, published in the
present year, shows the total production of the precious metals in all
209
DIRECTOR OF THE MINT.
countries since the discovery of America, the comparative values of gold.
and silver during that period, and their coinage since the year 1850.
What is presented here will merely supplement the information contained in that publication, and that presented in the report of the Silver
Commission of 1876, and of the International Convention, lately published by Congress.
The statistics contained in those reports, as far as used, have, when
practicable, been compared Avith the official reports, with the dispatches
and later information presented in the Appendix, and with the official
publications at the command of this office.
W O R L D ' S PRODUCTION OF GOLD AND
SILVER.
The information in relation to the production of the precious metals
contained m the dispatches received is so meagre that no correct estimate of the Avorld's production can be based upon it for the last or preceding year.
The annual supply of gold, which reached its height in the year 1856,
has very largely declined within the last few years, as willbe seen from
the folloAving table of the production of gold in the three countries which
produce about four-fifths of the world's supply:
GOLD.
Year.
1853
1856
1861
1870
1876
1877
1878
1879
...
IJnited States.
....
:
Erussia.
$65, 000, 000 $16, 000, 000
18, 000, 000
55, 000, 000
15, 500, 000
43, 000, 000
23, 400, 000
50, 000, 000
22, 300, 000
39, 929,166
27, 000, 000
46, 897, 390
51, 206, 360.- *25, 000, 000
38, 899, 858 *25, 000, 000
Austraha.
Total,
$50, 600, 000 $131, 600, 000
61,000,000
134, 000, 000
53, 000, 000 111, 500, 000
• 40, 000, 000 113,400, 000
28,000, 000
90, 229,166
24, 000. 000
97, 897,390
23, 000, 000
99, 206,360
86, 899,858
*23, 000, 000
* Estimated.
A table is presented in the Appendix, taken from the publication of
Dr. Soetbeer, the eminent German statistician, shoAving the estiinated
annual production of gold and silver for a series of years. This estimate
is higher than many of those heretofore published.
It is safe to say that the production of gold during the last year was
less and the production of silver considerably greater than the annual
average given by Dr. Soetbeer for 1871-1875, viz:
Gold
Silver
$113,432,300
81,849,300
Total
195,281,600
THE W O R L D ' S C O N S U M P T I O N IN ARTS, MANUFACTURES,
^? AND ORNAMENTATION.
The official dispatches contain but little additional information on
tbis subject, except in continuation of statistics heretofore pubhshed.
Articles containing or composed of gold or silver are required in
France to be examined and marked by a bureau of guarantee, and the
quantityof gold or silver contained is registered. In the last twentyfour years, the value of gold in the articles thus registered was $222,140,729,
14 F
2i0
. REPORT ON THE FINANCES.
•^iid of silver $81,423,938, being an annual aA-erage of $9,255,863 of gold^
and $3,392,664.01 silver.
An exaniination of the laAv shows that the articles are permitted to
b6 6f thriee standards of fineness for gold, namely, 920,840, and 750 thmi^aiidths, a meah fineness of 837 thousandths, and of tAA-o standards f6r
silver, 950 and 800, making the mean fineness of the latter 875. t h e
Statement of the value of the gold and silver thus used in France would
ifiiaye to be correspondingly diminished Avere it not that much gold and
siiVer used ahd dissolved for chendcal and electro-plating purposes, ahd
probably that made into gold or silver leaf, are not stamped or recorded;
and the annual consumptio'n probably fully equals the figures giA-en for
the last year.
Gold
Silver
$10,817,006
3,250,046
Total..
14,067,052
Upon these data, an approximate estimate can be* made of the consumption of precious metals in countries similarly situated, especially on
the continent of Europe. Other data of the excess of imj)orts over exports of precious metals into countries not using them for coinage, as,
for instance, India, Avhere the imports of gold in forty years have exceeded the exports by more than $400,000,000, of Avhich only $8,000,000
have been coined as money, are thought to indicate a large annual ab. sorption and consumption of the precious metals in every country.
From the data thus furnished and from inability to account for the
•disappearance of a large excess in imports over exports of the precious
m<etals in other countries, except that they had been used in manufactures and arts, computations liaA-e been made of the amount convsunied
fbir these purposes in such countries and in the Avorld.
If, jioweve'r, "all ciA-ilized countries used as large an amount proportioned to their population as France and the United States, the world's
aniiual supply would not suffice, and nothing would be left for ncAv
coinage. I t is a very moderate estimate that the remaining countries of
Europe and America, containing fourfold the population and including
nations wealthy, poAverful, and f^r adA-anced in manufactures and the
^rts, consume tAvice as much as France and the United States, and to
place the total consumption of Eui*ope and America for these purposes
at from 45 to 55 millions of gold and from 25 to 35 millions of silver.
The use of sih-er would be proportionall}- greater and of gold less in
other countries thaii the proportionate consumption of those metals in
France and the United States.
STATISTICS OF COINAGE.
The future use or annual appropriation of silver and gold is so uncertain that opinions and.conjectures are of little value.
i4ie coinage of .gold is open for depositors at the mints in almost CA-er}country of the Western World, Avhile silver has, with fcAv exceptions,
been excluded, except on gOA-ernment account.
A table is presented in the Appendix shoAving the A-alue in United
States monej- of the coinages of the various countries of the Avoiid, as far
as they (3ould be ascertained, fqr the last four years, separatelj-. While
this table is Valuable as shoAving the Avork performed by the mints of
the countries issuing metallic nioney, it does not accurately show the
amount each country has added to its stock of coined money, for a considerable portion consists of recoinage of existing coins.
DIRECTOR OF THE MINT.
211
Where official records of specie imports and exports fail to distinguish coin from bullion, the coinage statistics of a country furnish imperfect and insufficient data for estimating its metallic circulation, except for short periods after a change in its coinage and the demonetization of pre-existing coins.
It is evident that the aggregate coinage of all the countries fijr a
single year or given period must far exceed the actual addition to the
world's stock of coined money for the same time; for the coinage in CA-ery
(Country is largely manufactured from iiCAvly-coined money imported
and withdraAvn from the circulation of other countries.
In ascertaining the A-alue of sih-er both in this and the other tables
presented in the appendix, the coiuage rate of the standard silver dollar has been taken as the basis of the computations.
As shown by the table of coinages, the total coinage of several of the
principal countries of the World for the last few years has been:
No. of
couutries.
Gold.
I
20
16
12
13
1875.
1870.
1877.
1878.
i
Silver.
I
Total.
I
; $19.5, 987, 428 ' $119, 915, 467
$315, 902, 895
; 213.119, 278 : 126, 577,164
339, 096, 442
' 173, 675, 555 [ 78, 402, 648 252, 078, 203
i 161,605, .522
73,6.13,342
235, 218, 864
The closure of European mints to the free coinage of silver has lessened the amount of that metal coined, and its coinage Avill be comparatiA-ely light, unless nations now under suspension of specie payments undertake to resume and use sih-er more freely for that purpose.
The annual cousumption by Great Britain for fractional coinage indicates that only about fifteen millions Avoiild be required by Europe for
coinage should "gold becomethe single standard of that continent, and
five millions would suffice to rencAV the subsidiaiy coinage of America
should sih-er be demonetized in this continent also.
STATISTICS OF CIRCULATION.
The paper circulation of commercial countries is ascertained without
much difficult^-, as the issues of gOA-ernments and banl<:s are generally
given in official reports.
The specie in circulation in. the Avorld at any given year or period,
or even in a particular country, cannot be accurately ascertained, and
must in part be estimated. Approximate figures may be giA-en, but no
statistician. Avill claim exactness.
•
'
.
.
The opinions of the bes'i3 and latest authorities attainable have been
collated, and are presented hi a table Avith late official statements of
paper circulation or approximate estimates.
The aggregate circulation of tAvent3--four States, with a population of
446,699,890, is as thus reported and estimated:
Paper
Gold
Silver (full legal tender)
Sih-^er (.limited tender)
Total
$3,306,480,151
2,685,691,372
813, 912,303'
310,247,960
:
7,116,331,786'
Avhich shoAvs a per .capita circulation of $15.93, of Avhich $7.40 is paper,
and $8.53 metallic. The per capita circulation of gold is $6.02, of full
egal-tender sih-er $1.82, and of limited, tender silver $0.69.
212
E E P O R T ON T H E F m A N C E S .
In nine of these countries, having a paper circulation of $1,407,335,236,
specie payments have been suspended, and soine of them use largely
base metals for fractional currency, of Avhich no account has been taken.
COURSE OF PRICES.
$1 00
1 04. 7
1 04. 8
'
1 06. 5
1 09
• 1 00. 2
92.4 .
94
.88.7,.. .
•86
Tl g79,
•
1873
~
• -.]'874
1875
1876 .• . .1877
1878
1879
,
-.
-.
-
Comijarative purchasing, value of gold
with its like value
in 1869-'70, as measured by the prices i
of United States exports.
$1 00
95.6
95.3
98. 7
99.1
91.9
85.5
82.5
73.9
67.7
- •
l.g70
1_g7i
Comparative purchasing value ol IJnited
States notes with
their like value in
1869-'70, as measured by the prices
of IJnited States exports.
Comparative gold ijrices of exports witli
their like price in
.1869-'70.
F i s c a l years ending—
. Comparative currency 1
prices of exports 1
with their like price
in 1869-70.
'
The discovery of the gold mines of California and Australia, and outpouring of their ininerarwealth to that of the Old World, excited an
apprehension in Europe lest^ an oversupply of silver and gold inight
diminish the purchasing poAver of money, disturb values, and inflate
prices.
The large i3roduction of the precious metals in the last fcAV years has
heen measurably absorbed by increasing wealth, AA-ider cominerce, and
the more frequent interchange of commodities.
^ l^otwithstanding the large additions to the monetary supply by the
Comstock Lode, the prices of commodities measured in silver as wellas
gold haA-e lowered. This may in part be accounted for b^- the change
in several European countries from the silver to the gold standard.
The Director of the Mint, in his report for 1873, predicted t h a t ' ' the
gradual adoption of the gold standard and consequent demonetization of silver Avill, of course, be followed by an increase in the value of
gold, or, what is the same thing, a decrease in the price of articles
measured by it.'^^
Sufiicient time has elapsed since 1873 to verify this prediction and to
permit an examination of the course of prices which it may be profitable
to trace through the last six years.
The prices of the exports of a country are usually regulated by the
prices in the markets of the world, are least disturbed by local influences
and best suited for such comparisons. The exports of this country for
the last ten years, dividing A-alue by quantity of each article, give the
yearly average export price.
'
Eejecting a few articles of wliich the small quantity exported or variable quality afford no fair criterion, there remain eighty articles comprising 84 per cent, of the value of the merchandise exports of last year.
The results of a comparison of the price of eacii article in subsequent
years with its price in 1870, added and averaged for each year, afibrd an
indication of the general rise or fall of prices; that is, the purchasing
power of money in this country for each of the ten years. Such examination shows a rise in gold prices from 1870 to 1874 and subsequent dedine, the ratio of prices in each year to the prices of 1870 being iii United
Btates notes and in gold as follows:
•tl
•
1 %
fl CD
.
$1
1
1
I
I
1
1
I
1
1
00
04. 6
04. 9
01.3
00. 9
08. 8
16. 9
21.2
35. 3
47. 7
$1 00
95.7
96.15
92.8
89.1
94.8
98.2
95.7
1 00. 0
97. 9
$1 00
95.5
95. 4
93.8
91.7
99.8
1 08. 2
1 06.3
1 12.7
1 16.2
.
:
213
DIKECTOR OF THE MINT.
The xirices of the year 1869-'70 are nearly the aA-erage prices for the
closing years of the fiA-e-decades preceding the year 1879, namely, 1829,
1839, 1849, 1859, and 1869.
Examination has not'been made, and it may be impossible to ascertain, Avhether the prices of the fiscal year 1869-'70 are aA-erage prices in
this country for the last fiftj- years or during the century 5 but the
prices of that year as given in English statistical authorities are about
the same as for the closing year offiA-epreceding decades, except 1849.
Similar tables of prices in Europe, combined with those of American
exports aboA-e stated, show the following comiDarative prices of commodities and respect!A-e purchasing poAver of gold and sih-er for the last
ten years:
P r i c e s of comiuodities i n -
Gold.
187" . . . .
1871
1872
1873
1874
1875
1876
1877
1878
3879
:
:
...
$100
102. 2
104.8
106. 4
104. 6
98. 3
96.3
95. a
91. 6
86.7
P urch a s i n g v a l u e (mea.< •
u r e d b y commodities) of—
Silver.$100
101.1
105
107.7
107.7
103. 3
106.1
• 107. 6
103. 2
103
G-old.
$100
97.9
95.4
94
95. 6
101.8
103.8
104.3
109. 2
315 3
•
1
1
'
!
.
!
!
Silver.
$100
98 &
9.5.3
92 9
92. 9
96.8
94.2
93
96. 9.
97 1
The prices given are the aA-erage prices taken from statistical authorities for the fiscal years named of American exiDorts and leading Enghsh
commodities, and except for the last two years of Erench imports and
exports, and indicate as to those, countries the comparative average
purchasing power of gold and sih-er respectively during the ten years.
Tnesc comparisons indicate a rise in the A-alue of money measured in
commodities in Europe, and especially during the last year in thiscountry, Erom the movement of the precious metals to this country
at this time, a further decline in prices may be expected on. the Continent,,
and an advance in the United States.
PRESENT MONETARY SITUATION.
In conclusion this maybe asserted Avith reasonable confidence and.
fairly stated as the present monetar}^ situation.
As general x)rices have not adA-anced above those of fifty years agothe annual supply of the precious metals, although increased fivefold,.
is not excessiA-e nor more than sufficient to satisfy the AvorkVs present
needs for coinage and manufactures.
The larger production has been absorbed and required by the growing
Avealth, commerce, and population of ciA-ilized nations, and has not inflated prices b^- depreciating the value of money.
Probably one-half of the gold and one-third of the silver annually
obtained from the mines are consumed in manufactures and the artS; and
from one-thh'd to one-half of the sih-er and the remainder of the gold
are appropriated, and under present legislation Avill be required, for coinage in Europe and America, Avhile the vast populations of India and
China Avill continue to absorb the surplus of silver as heretofore during
the century in varying amounts from 20 to 40 millions of dollars.
214
REPORT ON THE FINANCES.
Should the free coinage of silver at a fixed valuation Avith gold be
established by international agreement and suitable legislation, no
excess of silver above the needs for coinage, manufacture and Eastern
export may be feared, and silver from such uniA-ersal legal power
equally Avitli gold to discharge indebtedness, and the necessity for its
use for the smaller denominations could not materially fall bel0|W the
comparative A-aluatioi\that may be agreed upon.
Should the $650,000,000 of silver coins noAV permitted to circulate as
full legal tender in Europe be demonetized consequences will follow more
disastrous to the stability of silver and all monetary A-alues than have
attended its partial exclusion from European circulation, and its immediate further depreciation would pour the whole supply upon nations
wilhng to receive and use it as monej^ Silver Avould become almost
their exclusive circulation.
The United States could not single-handed among commercial nations,
with no European co-operation or allies, sustain the value ofsilver from
the inevitable fall.
If Euroi^ean nations continue to decline overtures for an international
agreement in regard to the coinage of silv-er, the expediency of opening
our mints to the free coinage of their present stock ofsilver and inv i ting
its speedy demonetization or export here is questionable.
The true policy of this country is sucli conservative action as will
tend to bring the A-alues of gold and sih-er to their former relations, UXDholding the one and preventing the appreciation of the other until it can
be determined whether commercial nations are willing that both metals
should be yoked for equal monetary service.
But in case the use of silver as money must be abandoned, it is gratifying to belicA-e that the A-ast resources, the agricultural and mineral
wealth, the present development of mining and manufacturing interests
and facilities for inland commerce, the comparatiA-e lightness of taxation and relief from heav^- foreign indebtedness, and, aboA-e all, the productive genius, industry, inventive skill, and capacity of the people of
the United States will enable them to retain, or as now, draw from abroad
the gold needed for their monetary use, and that the commercial disasters and depression threatened or feared as the result of restricting the
commercial world to one metal are more likely to fall upon the nations
that initiated, and are responsible for, the movement.
I am, A^ery respectfully,
HOEATIO C. BUECHAED,
Birector of the Mint.
Hon. J O H N SHERMAN,
Secretary qf the Treasury.
APPENDIX.
L- —State'ment of earnings and ex'penditures of the mints and assay offices of the United States for the jiscal year ^nded June 30, 1879.
Mints.
Assay-offices.
Total.
•Philadelphia
Earnings:
P a r t i n g , refining, &c
S e i g n i o r a g e on coijiage of s t a n d a r d s i l v e r
dollai'S
S w e e p s , g r a i n s , a n d flux b a r s Ironi d e p o s i t
uicltiu"'
$5, 556 81
• $148,126 17
$5, 310 30
1, 648, 599 10
182 671 ns
553 55
P r o c e e d s of sale of old m a t e r i a l
A s s a y of ores, &.c
M e l t i u g , a s s a y i u g , a n d sfcaiuping b a r s
Siiii>lus'«''old bulliou TOtiiviied b y coiuer
Carsou.
1, 382, 032 68
31, 292 33
2, 493 36
469 28
216 50
Gaiu on uiaiuiia(;ttire of n i i n o r coius
San E r a n c i s c o .
.1, 599 21 i
2, 865 20 ;
i
1,078.48
108 00
253.65
Boise.
Charlotte.
Helena.
^$95, 260 05
?$254, 770 64
74,162 67
3, 287, 466 09
^^4-(\ 9,1
60 01
N e w York.
12 54 ;
557 35
12 00
900 on
466 66
2, 729 89
1,136 55
$82 80 $1,173 14
23 84
340 00
$15 76
81 00
193 25
290 01
390 18
3, 000 00
2,500 00
2, 890 21
624 91
165 17
142 21
300 00
868 69
7234'
Expeuditnres:
Salaries
1, 422, 614 51
34,850
284, 764
82, 495
3, .560
176
775
Incidental aud contingent expenses
PartiiT^'' a n d refiuin*^'' e x p e n s e s
• E x p e n s e of d i s t r i b u t i n g s i l v e r coiu
M i n o r coinage . w a s t a g e
00
1.0
73
17
61
00
1, 802, 448 56
24; 900
260,990
75, 864
128, 474
76, 844
00
84
63
58
41
188, 295 54
75, 261 87 1 1, 712 87
99, 490 33
23, 549 90
79,999.38
21, 059 15
5, 809 72
16, 320 20
18,133 48 7, 950 00
56,298 91 : 8, 300 00
24,902.08 ^ 3,345 41
i
133 10
32,150
20, 843
7;705
75, 788
00
50
63
76
5, 677 14
5,104 26
7,821 12
.
71,257.88
'•
1,299-.97'
7, 265 01
9, 910 13
424,096 7-2
5, 664 79
8, 550 34
2, 096 36
:581,.289.59
157,334-71
• 4; 423 89
1, 825 48
172, 551 53 19,595 41
140, 911 78
5j 890-21
6, 484 80
4, 074 30
• 31 292 33
2, 493 36
2 398 36
2,122 67
1, 670 81
72 34
o
H
O
o
2, 341 83 3, 592, 845 70
8, 500 00
•Repairs a n d i i e w m a c h i n e r y
$517 31
.
I
•
TJOSS o n s a l e o f s w e e p s
N e w Orlean s. ^ D euvei'.
152, 710
716, 300
226,709
213,633
93,474
775
8, 500
71, 257
1, 299
•17,353
22, 382
52
99
47
23
32
00
00
88
97
69
31
.3,124 91 18, 602 52 1,524, 397 38
0
1—1
II.—Deposits midpvjrchases of gold and siher hullion dwring tlie fiscal year ended June 30, 1879.
b5
I—^
Assay-oflaces.
Mints.
Total.
Description.
Philadelphia.
San Erancisco.
Carson.
Denver.
N e w Orleans.
New York.
•. C Einfi h a r s
I J n i t e d S t a t e s b u l l i o n (domestic
production)
I J n i t e d S t a t e s coin
E o r e i g n bulliou
- -E o r e i g n coin
J e w e l e r s ' b a r s , old i^late, &c
T o t a l gold
$8, 754, 734 26
272, 696 68
188, 091
71, 525
31, 698
. 2,147
341,188
69
37
14
26
82
9, 662, 082,22
$20, 904. 60
28, 907, 727
100
357, Oil
154, 712
03
00
48
93
29,440, 456 04
::::::::::::::::::::::::::::::::::::::
1
117 19
T o t a l sQver
(jold a n d s i l v e r r e c e i v e d a n d operated upon
Less redeposits:
Gold
. . . .
Silver
Total redeposits
T o t a l d e p o s i t s a n d xDiu'chases.
1
1
318, 852 71 1 410, 889 33
$51, 284 59
413, 603 44
92
80
59
do
64
$67, 266 17
67, 413 67 11, 345, 562 98
67, 266 17
$318, 735 52 $410, 889 33
Charlotte.
$204 83
51, 788 33
15, 420 51
8, 203, 577
126,457
680, 306
1, 290, 054
580, 278
$133 04
$4,428 70
404,762 27
48, 655 96
575 85
$8, 806, 018 85
711, 766 46
38, 549, 705
198, 083
1, 069, 796
1,498, 819
863 17 937,751
89
17
89
71
14
405, 471 16
53, 947 83
51, 771, 942 11
5 82
34 76
3, 868, 258 12
277, 762 75
324, 697 03
333 24
i
SILVER.
E e d e p o s i t s | Unparted bars'.. . ..
U n i t e d S t a t e s b u l l i o n (domestic
production)
I J n i t e d S t a t e s coin
Eoreign bullion
E o r e i g n coin
J e w e l e r s ' b a r s , old p l a t e , &c
Helena.
•
GOLD.
-.1 1
Boise.
3, 868, 258 12
277, 722 17
5, 457,142 56
10, 2.57 45
50
34
84
13
1, 020, 660 13
9, 678, 094 23
13, 889, 428 81
1, 020, 660 24
6,120 46
19, 340,176 45
43, 329, 884 85
1, 339, 512 95
417, 009 79
9,027,430 94
3, 868, 258 12
20, 904 60
12, 895, 689 06
20, 904 60
6,444,^487 39
43, 308, 980 25
268,330 13
74,105 97
13, 061, 977
350
806, 697
20,403
6,120 46
11
824, 944 41
6, 234, 635 04
4, 218 19
4 32
261, 325 67
123, 823 02.
122,192 45
1,128,194 06
7, 019, 698 35
4, 218 19
324, 707 17
. 397 21
33, 071, 518 72
1,195, 607 73 18, 365, 261 33
71, 484 36
730,178 33
54, 345 04
84, 843,460 83
133 04
5 82
4, 428 70
34 76
9, 517, 785 31
4,146, 020 87
29 2 i
1, 339, 512 95
742, 610 20
417, 009 79
1,195, 607 73 17,622,651 13
71, 484 36
o
56
79
29
49
72
4,89.1 46
286, 076 10
12, 282 09
464,888 03
277,722 17
1
26, 934, 728
10, 607
1, 072, 919
698, 632
208, 609
o
138 86
4, 463 46
13, 663, 806 18
730,039 47
•49, 881 58
71,179, 654 65
a
III.—Coinage executed dunng the fiscal year ended June 30, 1879.
Mint at Philadelphia.
M i n t at Carson.
Mint at San Erancisco.
M i n t a t N e w Orleans.*
Total.
Denomination.
Pieces.
Yalue.
Pieces.
Value.
Pieces.
Value.
Pieces.
Yalue.
Pieces.
Yalue.
1
GOLD.
Double-eaerlea
Ea'^'les
T h r e e aollars
Dollars
T o t a l gold
465, 030 $9, 300, 600 00
73, 800
738, 000 00
565, 500 00
113,100
109,182 00
36, 394
613, 050 00
245, 220
3, 020 00
3,020
1, 384, 000
26,100
166, 900
936, 564 11, 329, 352 00
1,798, 500
221, 500
$27, 680, 000 00 1
261, 000 00 !
834, 500 00 ,
Dimes
Total silver
Total minor
T o t a l coinage
.
1 861 717 $37, 234, 340 00
' 103,144
1 031 440 00
288, 426
1, 442,130 00
36, 394
109 182 00
466, 720
1,166, 800 00
3,020
3,020 00
•
29, 329, 250 00
328, 310 00
24, 357
2, 759, 421
40, 986, 912 00
1
o
O
12,124,500 12,124, 500 00
450
225 00
112 50
450
45 00
450
12, 722, 000
12,125, 850 12,124, 882 50
12, 722, 000
12, 722, 000 00 .
12, 722, 000 00 1
1
. 23,500
32, 800
9, 563, 900
1,175 00
984 00
95, 639 00
9, 620, 200
97, 798 00
22, 682, 614 23, 552, 032 50
1, 644, 000
1, 644, 000 00
1, 644, 000
1, 044, 000 00 1
1
MINOR.
Thi-ee c e n t s
Oue c e n t
_
553,750 00
SILVER.
S t a n d a r d dollars
Half-dollars
$253, 740 00
32,440 00
42,130 00
12, 687
3, 244
8, 426
!1
1
1
737. 000
$737, 000 00 1
27. 227. 500
450
450
450
27, 227,500
225
112
45
737, 000
737, 000 00
27, 228, 850
27, 227, 882 50
1
14, 520, 500
42, 051, 250 00
11 "
'
1, 668, 35 7 1 1, 972, 310 00
H
W
W
23, .500
32, 800
9, 563, 900-
11
00
00
50
00
737, 000
737, 000 00 1
1,175 00
984 00
95, 639 00
9, 620, 200
97, 798 00
39, 608, 471
68, 312, 592 50
"2^
* Coinage recommenced Eebruary 20,1879.
to
IV.—Bars manufactured during the fiscal year ended June 30, 1879.
CO
, Mints.
PAssay-offices.
Description.
Philadelphia.
San Erancisco.
Carson.
Denver.
New Orleans.
New Tork.
Boise.
Helena.
Charlotte.
Total.
GOLD.
$80,997 82
Eine bars
M i n t l^fi'T'S
-
$6r639, 213 41
5, 309, 001 11
- T.
$1, 798 29
$413,103 06
1, 798 29
413,103 06
125, 614 22 1, 555,184 63
24, 012 75
2,165 50
Total silver
125,614 22
2,165 50
7, 006, 828 98
Total gold and silver
215, 612 04 1, 580, 995 67
41.5, 268 56
18, 955, 043 50
Unparted bars
Total gold
89, 997 82
$64, 286 OQ $405, 471 16
11, 948, 214 52 , 64, 280 00
405, 471 16
$6, 729;-211-23
5, 309, 001 11
$53, 947 83
938 600 34
53, 947 83 12, 976, 812 68
SILVER.
Eine bars
Unparted bars
1, 579,197 38
•7, 006, 828 98
6, 891 65
324, 707 17
397 21
8,687,627 83
358,174 28
6, 891 65
324, 707 17
397 21
9, 045, 802 11
71,171 65
730,178 33
54, 345 04 22, 022, 614 79
o
H
O
V.—Deposits of gold of domestic production during thefisoal year elided June 30,'^ 1879.
1
Assay-offices.
Mints.
Total.
Locality.
Philadelphia. San Erancisco.
Carson.
Denver.
^ e w Orleans.
New York.
Helena.
Boise.
Charlotte.
^ - • '
$1, 886 85
Alaska
California
Dakota
Greorsla
372
6, 781
43, 821
30, 324
744
17
16
84
24
09
2, 817 72
2 70
Oregon
South Carolina
163
28, 547
4, 028
2, 252
1, 499
14
36
76
14
61
180 86
13, 030 77
"Wyoming Territory-
10,131 96
P a r t e d from ^iK'^pr
13, 564 28
27, 942 04
68
94
55
80
$91, 919 28
2,121 10
455,993 15
31,148 81
36, 045 95
$399, 268 83
4, 959 71
938 98
223, 756 16
5,485 64
188, 091 69
$831 4-7
392, 015 24
1, 826,141 32
2,144, 352 57
47,292 11
289, 065 84
123 99
1 437 361 79
li 545, 666 25
721 55
.94. 114. n?
... 1
To', 838 22
$2,783 69
$64, 687 80
$404, 762 27
42, 691 05
2, 578 37
568,430 .18
. 3,181 22
202 35
23, 694 80
36, 924 67
Utah
Yemiont
Yirginia
T o t a l f>old
$1,168
161, 358
7, 949,154
238
1, 596 77
21, 378
1,440
IS, 644, 428
1, 000, 016
42
45
42
01
28, 907, 727 03
1,175 15
14, 508 29
380, 959 17
4, 092 12
318, 735 52
410, 889 33
8, 203, 577 92
67, 266 1.7
404, 762 27
48, 655 96
$1, 886
1,168
162,190
8,433,461
2, 232,430
2,195, 255
80,400
811,429.
123
1, 876, 090
1, 805,471
721
89,762
82,076
575, 037
5, 433
1,701
60, 619
180
14, 627
21, 378
27, 255
18, 644, 428
1, 394, 539
32, 034
85
68
41
24
11
22
04
86
99
59
06
55
85
63
31
36
96
47
86
54
42
85
42
46
16
Irt
s
o
o
o
38, 549, 705 89
tv)
VI.—Deposits and purchases of silver of domestic 2yroduction du/ring thefisoal year ended June 30, 1879.
to
o
Mints.
Assay-offices.
Locality.
Total.
San Erancisco.
Philadelphia.
$537, 253 85
94,144 51
$23,177 62
Carson.
$9,
Denver.
i
-.
141, 519 24
4,347,245 25. 1, Oil, 203
.
775,
637,
453,
317,
99
|
i
Helena.
Charlotte.
462 45
048 31
872
717
215
047
..!
09
^6
82
68
S;2 994 33 1
$5 64
•
$324, 697 03
,
i
IJforth C a r o l i n a
70,
- 945
I
66
. 13,146 42
69,
6, 840,
81,
968 31
025 56
350 82
'
1
555 90
91,715 33
1. 223 86 !
1
1
4, 218 19 |
3, 948 82
5, 347,
873
44
$824, 944 41
834,127 98
5, 457,142 56 13,
061,
977 50
1, 020,
660 13
T o t a l gold a n d s i l v e r
5, 645,
969,
704 53
1, 339,
395
234 25 41,
65
417,
317 13
10 47.
l
880,
i
Total silver
3, 077,
Boise.
:::::::;::::::;:::::::::::::i;:::::::::::::
20 50
1, 999 42
C o n t a i n e d in gold
Other sources
$1,
1
418 64
1
17 00
116 341 98 !
Idaho
Utah
Kefined b u l l i o n
NewYork.
$2,171 64
Colorado
Dakota
Nevada
N e w Orleans.
6,120 46 1
824,
944 41 | 6, 234,
635
04
009 79
824,
944 41 il.4.
212
96
438.
71.
484 36 ! 1
_ _.
324,
i
i
697 03 j
729.
459
30
48,
$538, 716 30
126, 740 77
3, 079, 219 95
17 00
5 64
119, 356 81
777, 871 51
1,103, 933 73
5 811 605 06
317,047 68
317 13
10 47
1, 021, 469
87
6 840 025 56
186, 212 57
5,172 68
7, 006, 945 83
333 24
26,
934,
728
989 20
65,
484,
434 45
56
O
O
DIRECTOR
OF
THE
221
MINT.
VII.- -Gold and silver of domestic production deposited at the mints and assay-i Uces from
their organization to the close of thefisoal year ended June 30, 1879.
Locality.
Alabama
Alaska
Arizona
California
Colorado
Dakota
Georgia
Idaho
Iowa
Kansas
Lake Superior
Mai-yland
Massachusetts
Micliigan
Montana
Nebraska
Nevada
New Hampshire
New Mexico
North Carolina
Oregon
South Carolina
Tennessee
Utah
Vermont
Virginia
Washington Territory.
"Wyoming Territory .'..
Refined bullion
Parted froui silver
.
Contained in silver
Parted from gold
Oontamed in gold
Other sources
$219, 120 16
24, 021 57
2, 097,822 31
694, 940,153 93
32, 216,588 70
4, 485,090 80
7, 608,250 95
23, 626,870 38
192 58
956, 859 10
123 99
402 12
Total.
$1,125, 394 26
1, 373, 703 54
18, 926, 099 15
17 00
409 47
624, 295 64
468 00
3. 302, 790 97
917 56
1,196 87
3,108, 401 80
749, 730 71
67, 019, 788 51
46, 883,238 09
46, 832 56
13, 914,060 70
11, 020 55
1, 478,434 86
10, 527,691 53
14, 831,144 23
1, 389,983 60
82, 267 95
418, 104 42
10, 981 27
1, 663,345 63
174, 430 13
699, 645 77
182, 893,971 74
12, 525,250 35
9, 321,107 50
Total .
VIII.- -Statenient
Silver.
Gold.
1, 796, 517 32
- 45, 202 15
3, 232 12
14 92
', 409, 253 16
11,793 86
39, 819, 254 95
10, 051, 693 06
6, 594, 091 58
517, 645 58
11, 858, 636 90
1,073,098,700 53
165, 288, 856 02
120 16
24, 021 57
3, 223,216 57
696, 313,857 47
51,142, 687 85
4, 485,107 80
7, 608,660 42
24, 251,166 02
660 58
956, 859 10
3, 302,914 96
402 12
917 56
1, 196 87
49. 991,639 89
796, 563 27
80, 933,849 21
11, 020 55
3, 274,952 18
10, 572,893 68
14, 834,376 35
1, 389,998 52
82, 267 95
8, 827,357 58
10, 981 27
1, 663,345 63
174, 430 13
711, 439 63
222, 713,226 69
12, 525,250 35
9, 321,107 50
6, 594,091 58
517, 645 58
21, 910,329 96
1, 238, 387, 556 55
of coinage from the organization of the Mint to the close of the fiscal year
ended June 30, 1879.
GOLD COINAGE.
Period.
1793 to 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
18''^0
1821
1822
IS'^'S
1824
Double-eagles.
Eagles.
$27, 950
69, 340
83, 230
79, 740
174, 830
259, 650
292, 540
150, 900
89,790
97,950
.
Half-eagles.'Three-dollars. Quarter-eagles.
$43, 535
30, 980
18, 045
124, 335
37, 255
58,110
130, 030
265, 880
167,530
152, 375
165,915
320, 465
420, 465
277, 890
169, 375
501, 435
497, 905
290, 435
477,140
$2,407 50
2,147 50
1, 535 00
1, 200 00
6, 530 00
1, 057 50
8, 317 50
4,452 50
4, 040 00
17,030 00
6, 775 00
T , 270
3,175
1
!
i
242, 940
258, 615
1, 319, 030
173, 205
88, 980
72, 425
86, 700
16,120 00
,
1
6, 500 00
Dollars.
222
REPORT ON THE
FINANCES.
VIII.—Statement of coinage from tJte organization ofthe Mint, fc.—Contiimed.
GOLD COINAGE.
Period.
; Double-eagles.
.1.
1825.
1826.
1827.1828.
1829.
1830.
1831.
1832.
1833.
1834.
.1835.
1836.
1837.
1838.
1839.
18401841.
1842.
1843.
1844.
1845.
1846.
.1847.
1848.
1849.
.1850.
1851.
1852.
1853.
1854.
18551856.
1857.
1858.,
1859..
I860.,
1861-.
1862..
1863-.
1864..
1867.
18681869.
18708871.
1872.
11731174.
187518761877.
18781879.
Total .
Ea.glcs. 'Half-ongles. Three-dollars.! Quarter-eagles. Dollars.
.L
$72, 000
382, 480
473, 380
656, 310
1, 089, 070
2, 506, 240
1, 250, 610
736, 530
1, 018, 750
14, 337, 640
1, 813, 340
6, 775,180
220
I
$26, 225,
3, 489, 510
48, 043,100 I 4, 393, 280
44, 860,520 '. 2,811,060
26, 646,520 i 2, 522, 530
18, 052,340 I 2, 305, 760
24,636, 820 ' 1, 487, 010
30, 277,560 ' 1, 484, 900
14, 056,300 i
129,160
28, 038,880 '
629, 900
146, 000
16, 236,720 :
342,130
15, 458,800 '
552, 050
59, 316,420 I
972, 990
36, 247,500
126, 580
20,387, 720 I
21, 465,640
85, 800
24, 879,600
93, 750
27, 494,900 !
376,100
27, 925,4 0 0 ;
51,150
17, 705,800 j
.155, 500
21, 270,500 I
209, 850
22,018, 480 I
89,130
20,919, 240 i
163, 250
19, 798,500 '
254, 600
34, 765,500 !
204, 650
48, 283,900 i
383, 480
32, 748,140 i
599, 840
153, 610
37, 896,720 1
43, 941,700 i
56, 200
51, 406,340
• 15.5,490
37, 234,340
1, 031, 440
$145, 300
•90, 345
124, 565
140,145
287, 210
631, 755
702, 970
787, 435
96S, 150
3, 660, 845
1, 857, 670
2, 765, 735
1, 035, 605
1, 600, 285
802, 745
1, 048, 360
380, 725
655, 330
4, 275, 425
4, 088, 275
2, 743, 640
2, 736,155
5, 401, 685
1, 863, 560
1,184, 645
860,160
2, 651, 955
3, 689, 635
2, 305, 095
1, 513,195
1, 257, 090
1. 751, 665
673, 610
772, 775
406, 710
361,145
452, 590
3, 287,160
117, 010
51, 500
86, 075
300, 750
154, 475
153, 750
228, 925
94, 625
158, 625
243, 700
237, 525
809, 780
203, 655
71, SOO
67, 835
688, 680
1, 442,130
;, 239,120 I 57, 894,150 71, 543, 625
$11, 085 00 :
li 900 00 i
7, 000 00 !
$491, 214 ;
17.1,465 '
.181,530 '
38,496 '
66,177 :
34, 572
61,206 '
18,216 i
.1.7, 355
117;
16,470 i
10, 065 i
12,090 ;
7,875 ;
14,700 I
7, 575 :
10, 605 ;
4,020 '
6, 090
75
125,460 •
60
135 ,
4,464 ;
137,850 ,
109,182 I
8, 507 50
11, 350 00
1.1, 300 00
11, 000 00
10,400 00
293,425 00
328, 505 00
369, 965 00
112, 700 00
137, 310 00
170, 660 00
153, 562 50
.54, 562 50
89, 770 00
327,132 50
89, 345 00
276, 277 50
279, 272 50
482, 060 00
98, 612 50
111, 147 50
895, 547 50
867, 337 50
283, 827 50
519, 615 00
896, 397 50
600.700 00
213,117 50
320, 465 00
515, 632 50
21.3, 010 00
128, 980 00
338,440 00
208,122 50
62,475 00
23,185 00
30, 502 50
122,975 00
73, 062 50
74,125 00
105, 862 50
35,137 50
53, 400 00
72, 575 00
39, 062 50
516,150 00
2, 250 00
53, 052 50
5, 780 00
408, 900 00
166, 800 00
$936, 789
511,301
3, 658, 820
2, 201,145
4, 384,149
1, 657, 012
824, 883
1, 788, 996
593, 532
230. 361
259, 065
93, 215
15. 521
1, 799, 2591, 950
• 6,7507, 225
7,130'
5, 225
10, 550
5, 925
9, 335
3, 940
1,030
2,525
323, 920
20
3, 645
2, 220
1,720
3, 020
1, 547, 064 ' 28, 371, 450 00 ' 19, 350,17&
.VIIL—Statement of coinage from the organization of the Mint, fd.—Contmued.
SILVER COINAGE.
«
Period.
1793 to 1795
1796
1797
1798
1799.
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
. ...
1811
;
1812 '.
1813
1814
1815
:
1816
1817
1818
1819
1820
1821
1822
1823
1824
•
1825
1826
1827
1828
.
1829'
1830- •
1831
1832
1833 ...
.
1834
'
1835
1836
1837
1838
Trade-doUars.
Dollars.
$204, 791
72, 920
7,776
327, 536
423, 515
220, 920
54,454
41, 650
66,064
19 570
321
-
Half-doUars.
$161, 572 00
1, 959 00
15,144 50
14,945.00
15, 857 <50
78, 259 50
105, 861 00
419,788 00
525, 78a 00
684, 300 00
702, 905 00
638,138 00
601, 822 .00
814, 029 50
620, 951 50
• 519, 537 50
-
--...
o
-.
1,000
23, 575 00
607,783 50
980,161 00
1,104, 000 00
375, 561 00
652, 898 50
779, 786 50
847,100 00
1, 752,477 00
1, 471, 583 00
2, 002, 090 00
2, 746, 700 00
1. 537, 600 00
i; 856, 078 00
2, 382,400 00'
2, 936, 830 00
2, 398, 500 00
2, 603, 000 00
3, 206, 002 00
2, 676; 003 00
3,273,100 00
1, 814, 910 00
1,773, 000'00
Quarter-dollars. Twenty-cents.
$1, 473 50
63 00
1, 684 50
30, 348 50
51, 531 00
55,160 75
b
Half-dimes. Three-cents.
Dimes.
$2, 213 50
2, 526 10
2, 755 00
2,176 00
3, 464 00
1, 097 50
3, 304 00
826 50
12, 078 00
$4, 320 80
511 50
2, 226 35
1, 200 00
1, 695 50
650 50
1, 892 50
780 00
o.
16,500 00
H
O
4, 471 00
635 50
6, 518 00
o
42,150 00
17, 308 00'
5, 000 75
90, 293
36, 000
31, 861
54, 212
16, 020
4, 450
50
00
00
75
00
00
94, 258
118, 651
10, 000
44, 000
70
20
00
00
42, 000 00
51, 000 00
1,000 00
25, 500 00
121, 500 OC
12, 500 00
77, 000 00
51, 000 0077,135 00
52, 250 00
48, 500 00
63, 500 00
141, 000 00
119,000 00
104,200 00
239, 493 00
99; 500 00
80, 000 00
39, 000 00
71,500 00
488, 000 00
118, 000 00
63,100 00
208, 000 00'
"^
61, 500- 00
62,000 00
62,135 00 •
48, 250 00'
68, 500 00
74, 000 00
.138; 000 00
95, 000 00
113, 800 00
112, 750 00
to
te
to
to
VIII.—Statement of coinage from the organization of the Mint, fc.—Contiimed.
Period.
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
Trade-dollars.
! ...
•
!
1
i
1
:.!
i
....
:
'
•
i
i
i
\
.1857..
1858..
1859.
1860.
1861..
1862.,
1863.,
18641S65
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875
1876.
• 1877.
1878.
187<J.
Dollars.
$300
61, 005
173,000
184, 618
165,100
20, 000
24,500
169, 600
140, 750
15, 000
02, 600
47, 500
1, 300
1,100
46,110
33,140
26, 000
63, 500
94, 000
Total.
35, 959, 360
Quartei'-dollars. Twenty-ceuts.
573, 500
27, 227, 500
^1, 717, 280 50
1,145, 054 00
355, 500 00
1, 484, 882 00
3, 056, 000 00
1, 885, 500 00
1, 341, 500 00
2, 257, 000 00
1, 870, 000 00
1, 880, 000 00
1, 781, 000 00
1,341,500 00
301, 375 00
110, 565 00
2, 430, 354 00
4, 111, 000 00
2, 284, 725 00
1, 903, 500 00
114, 000 00
4, 430, 000 00
4, 005, 500 00
1, 627, 400 00
959, 650 00
1, 785, 425 00
983, 630 00
483, 985 00
553,100 00
579, 525 00
897, 450 00
946, 750' 00
561, 675 00
1, 009, 375 00
1, 242, 771 00
1, 486, 492 50
1,199, 775 00
1,438,930 00
2, 853, 500 00
4, 985, 525 00
9, 746, 350 00
3, 875, 255 00
225 00
$122,:, 786 50
153,;, 331 75
143,I, 000 00
214,:, 250 00
403,:,400 00
290,I, 300 00
230,I, 500 00
127,, 500 00
280,I, 500 00
36,i, 500 00
85,>, 000 00
150,I, 700 00
62,, 000 00
68,; 265 00
., 555 00
4,1.46,
', 000 00
3, 466,
861,,350 00
2,129.. 500 00
583,,000 00
I, 750 00
3, 019,
1, 000 00
1, 428,
330,I, 450 00
•771,, 550 00
730,I, 937 50
113,:, 965 00
22,!, 492 50
27,•, 650 00
,712 50
9,
00
18,',,175
37, 475 00
137 50
23,,
23,, 047 50
971 75
29,',, 096
25
55,
174,, 362 50
;
,
515
50
458,, 950 00
623,;, 262 50
4,106,,175 00
7, 584,
;, 027 50
3, 703,
112 50
43, 846, 838
122, 745, 020 50
i, 477, 261 50
288, 500
600, 530
559, 900
1, 750
31,400
23,170
32, 900
58. 550
57, 000
54, 800
231, 350
588, 308
657, 929
., 112, 961
977,150
$3, 588, 900
5, 697, 500
6,132, 050
9,162, 900
11, 378, 010
Half-dollars.
$5, 858 00
263,560 00
1, 440 00
142 00
271, 000 00
Dimes.
$229, 471 50
253, 358 00
363, 000 00
390, 750 00
152, 000 00
7, 250 00
198, 500 00
3, 130 00
24, 500 00
4.5,150 00
113, 900 00
244, 150 00
142, 650 00
196, 550 00
1, 327,301 00
624, 000 00
207, 500 00
696, 000 00
489, 000 00
226, 000 00
229, 000 00
98, 600 00
167, 300 00
158, 405 00
34, 071 00
14, 037 00
1.7,160 00
21, 065 00
13, 670 00
73, 315 00
23, 905 00
98, 185 00
10, 707 50
222, 471 50
419, 040 00
497, 255 80
889, 560 00
3, 639,105 00
2, 055,070 00
760, 891 00
45 00
Half-dimes. Three-cents.
$106,457 50
113, 954 25
98, 250 00
58,250 00
58,250 00
32, 500 00
78,200 00
1, 350 00
63, 700 00
63,400 00
72,450 00
82,250 00
82, 050 00
63, 025 00
785, 251 00
365,000 00
117, 500 00
299, 000 00
197, 000 00
327, 000 00
195, 000 00
96, 500 00
139, 350 00
117, 627 50
8, 223 00
4, 518 50
4, 880 00
10, 732 50
435 00
24, 290 00
527 50
48, 222 50
14, 396 25
152, 751 75
175, 442 50
16, 902, 722 30 4, 906, 946 90
$185, 022 00
559, 905 00
342, 000 00
20,130 00
4,170 00
43,740 00
37, 980 00
41, 400 00
16, 440 00
7, 950 00
18, 256 50
2, 803 80
11 10
618 00
679 50
141 00
120 00
151 50
115 50
129 75
61 05
25 50
1, 281, 850 20
O
o
tei
Q
t/2
V--•
\
' -
:
* ""
' ^
Y'III.z—St'atemeM':of coinage from t]\e organization of. the'.Aiint, cfc.t—Conti uned.
'-•^
•
Eive-cents.
Minor coiuage.
Three-cents.
Two-cents.
] l 9 3 t o 1795..•..-..•.-.•..-.-.•---•.•.-.-.-.-.---.•.=•.-..-.J.
|796...
....^.........'.^^:
|797
^- --
. . . . . . . . . . . . . ^ ...•..•.•,^.-.:.-.^-.:'.'.'.. .
^798
•
-.
'
•h99-..-.-. . - . v . . . -•-.-..-. .•.-.•.-.-:•-•.-!-.•.--.•-•.-.-.•.-. -'.
\ S 0 0 : - . . • . . • . : • . . . . • . . • . ' . • . • . ^ . : ' . • . ' . . • . . . - . : • . • . - . • . • : :..
h O l
......•...•....•.•.•..•.•.•.:.^-.'.::.'.'.-.:•.:'.:,.
i 8 0 2
.••..-.•.•....-.•---•.
-.-.-.-.-.".-.••'.-.
:::^::::::::
-•-
:f803 . : . :
--•-'. .•.:•.:. . . : : • . . - . . .'.:
!804 •.
: . . . . • . - . . - .^^•.•.^^^v.^•. .>
:f805 •-.-•.
•.--•.•.--.--.-.-.-.-. :-.•..•.•.-.•.•.-.-. .'.
f806
.- -.
'
••^807
'J^808
•
•- -- •
1.
vi£EB
]809-."[]y.[...[..[][^'.""'.'.'.['.'.['.".'.T.
-*^8]0-
"! •
' ^812
•
;
1813--:.-::.:::..:::;v::^:::::v::-:-:?;
^8U
-»
• • • 1
J8i5
•.
-. .•.•--.---'..... -•.-.-.-..•;.
j8i6
-.-.-.-.-.-.-.•'.•.-. .-.-.•--..•.•.:.
^sii •
•
•
—
°
'^
_\'_' ;"
/
.--•.
j
.
~ l823^...•v.-.•..•.•.••.-.•.•;^^^^^.--•....:.
- 1824'.'.-.°-.f.-t-.-.-.--.-.-.•• - . o . : - : .
" 1 § ^ 5 - - ^..-. -..-.-.-.. . . . ' . . ' . : : . . .-.•.-..-". .-.- - . ;•
1826 ^^^^ . . . . . . . .:-.-<'.'.
^^•.. v..^v-- .L
" 1827-.-.-.
-.f.-.-.^'.-.-.-.-.-.....'.-•--!
1828<;^:^:.v.vl - .1 . ^ - - — ^ . . .•. .•^..—.^-^ . 1829 -...-.
1830
1831
^ 1832
1833
1834
1835
1836
1837
1838
V . V . . . . . . . . . V . v . ..•.-".•.•.•.•
..
;;;;;;
1
-.^-~ .
r
• 1
,c-i.r
1
-:
•.
'•" "'''y
-- ...
-----
Ceuts.
Half-cents.
$10,660 33
$712 67
9,747 00
577 40
535 24
8,975.10
•9, 7-97 00
9,045-85
60 83
1,057 65
'28„221.75
13,.628 37
-34, 351 00 "•'••' i i ' k h
24,713,53 - •• 489 50
5,276 56
7,;568 38
4, 07-2 '32
9, 411 16
l,-780 00
3,480.00
2, -380 00
•7,272.21
2, 000 00
11,090,00
5,-772 86.
•2, 228 67
1,075 00
14,(585 00
315 70
:-2,180/25
i0,755..00
.
•4,180 00
3, 578 30
""'28,'209'j2'
39,484.00
31, 070 00
. 26, 710 00
44,075.50,•3,890 00
20, 723 39
:
l 8 1 8 - . . . - ^ ! ^ ^ • . ^ • . ^ ^ " ^ • y ^ v " - ' • ^ V ; ' . ' - " . ' !'
^ 8 1 9 ' . ^ . . . v . . .v.-.-.-.-.. . . . ^ - . . . . . . ' . - . - . . ' - • . ' . . . - .
l820•.•...••.^^.^•^.•.^^.v•.—•:—^-•
',:
1821 —
...,,' . : . . o . . . - . . o . o , . . . — ;
!
"'" l:2,'620•"00'14, 611 00 -'-'-'•' '315" Od"
-15,-174 25 <- - • 1,170 00
'- 23,577•32•
'.22,606-24- -"-•"3, OSO-66'
/ 14,-145.00- • • • 2,435- 00
I f ; 115 00
:„
11-00'—~33r592-60. 23,620 00
-fji-X}^-^:zi-•:•.?•••
^'27,390 00 " " ' " 7 7 0 ' 0 0 '
- . .-18,-551-00. -600-00
38, 784 00
705 00
•-:-^-.::^s?v.21,110 00
1, 990 00
. 55, 583 00
63, 702 00
--•
r-
Total coinage.
Gold.
.4571. 485 00
10-3,727 50
103, 422 50
205, 610 00
213,285 00
317,.7iB0 00
422 570 00
423,310 00
258, 377 50
258,..642 50
• 170. 367 50
.324, 505 00
.437,.495 00
284,665 00
169, 375 00
.•501,435 00
'•,497, 905 00
-.290,435 00
• 47-7,140 00
77,270 00
. . ' 3,175 00
silver.
Minor.
Tot£i^-
- $370,'6S3 80
$453,-541 80
$11,373 00
'79, 077 50
192,129 40
1.0, 324 40
12,591 45
125,524 29
9, 510 34
'
.545,698 00
•^. 330,29100
9,797 00
" i 423, 515 00
.- 64.5,906 68
9,106 68
571, 335 40
- 224,296 00
29,279 40
• 74,-7.58 00
510,-956 37
13,628 37
58, 343 00
516, 075 83
34,422.83
370, 698 53
.87,. 118 00
•25, 203 03
..1,00,340 50
371,827 94
12, 844 94
• 149,388 50
333, 239 48
13, 483 48
-471,3.19 00
' 801 084 00
5,260 00
597, 448 75
9, 652 21
1, 044, 595 96
684, 300 00
982, 055 00
1.3, 090 00
884, 7.52 53
707,376 00
8, 001 53
1,155, 868 50
638,773 50
15, 660 00
608, 340 00
1,108, 740 95
2, 495 95
1,115, 219 50
814, 029 50
10,755 00
620,951 50
1,102, 271 50
4,180 00
561, 687 50
642, .535 80
3, 578 30
17,308 00
20, 483 00
28, 575 .75
. 56, 785 57
'28,"209'82'
607,783 50
39,484 00
647 267 50
''2.42,'946'60
•1,070,454 50
•31, 670 00
1, 345, 064 50
1,140, 000 00
26, 710 00
1, 425, 325 00
• '258,. 615 00
44, 075 50
1,319,030 00
501, 680 .70
1, 864, 786 20
3, 890 00
825, 762 45
189,'325 00
1, 018, 977 45
20,723.39
915,.509 89
i88, 980 00
805,806.50
: 72,'425 00
895, 550 00
967, 975 00
.;;,93, 200:00
1,752,477.00
1, 85S,,297 00
12,'620 "60
" 156, 385 00
1,564,-583 00
14, 926 00
1, 735, 894 00
• ••92,245.00
; 2, 002, .090 00
2,110, 679 25
16, 344 25 .
T^ 131,565.00
-•2,869,-200.00
^23,577 32
• 3, 024, 342 32
Tv 140,14500
vlr575;:60Q.OO
r 25, 636 24
ra„741,381 24
f -,;295,-7r7:.50
;,'ij 994,^578 00
( 16, 580 00 •• .2, 3.06, 875" 50
"• 643,105 00 ' 2, 495, 400 00
-' "17,115 00
3,155, 620 00
3'"923- 473 60
- "714,^270-00- -"3,-1757600-00. •""- "33,'-603 60 •
.- 798* 435 00
2s-579,,000 00;
3,401,-055 00
.,,-23,-620 00
'978,5.50 00
2r7^9,l300 00 ' -'•••28,160 00
"3; 765, 710 00
.19 151-00 ._„_7„388-423 00
^3r41-5,-^02~G0 •
•3,-9547-2-70-00'3,443,003 00
- 39, 489 00
2,186,1.75 00
5, 668, 667 00
23,.100.00
4,135,700,00
3, .60.6,100.00
. .7,764,900-00
55, 583 00
1,148, 305 00
2,096,010 00
3, 299, 898 00
63, 702 00
1, 809, 595 00
2, 333, 243 00
4, 206, 540 00
o
o
o
w
^
H
;to
to
Ox
to
to
VIII—Statement of coinage from the organization of the Mint, ^c—Continued.
M i n o r coinage.
Total coinage.
Period.
Eive-cents.
1839
1840
1841
1842
1843
1844
1845
1846
]847•
1848
1849
18.50
1851
18.5'^1853
1854
1855
1856
1857
1858
1859
1860
] 861
186i
1863
1804
1865
"1866
1867
1868
1H69
1870
1871
1872
1873
1874
1875
1876 .
1877
1878
1879
Three-cents. Two-cents.
Cents.
$31, 286 61
24, 627 00
15, 973 67
23, 833 90
I
24,283 20
23,987 52
38, 948 04
41, 208 00
61, 836 69
64,157 99
41, 785 00
44, 268 44
98, 897 07
50,630 94
66, 411 31
42, 361 56
15, 748 29
26, 904 63
63, 334 56
234, 000 00
307, 000 00
342, 000 00
101, 660 00
116, 000 00
478, 450 00
427, 350 00
$36, 450 00
541, 800 00
$105, 930 00 535, 600 00
187, 080 00
270, 270 00 122, 980 00
113, 750 00
69,
880
00
133, 410 00
98, 565 00
108, 390 00 61, 330 00'78, 810 00
64, 380 00 34, 615 00
58, 365 00
42, 690 00 22,890 00"
27, 630 00 22,105 00
62, 075 00
18,330 00
6,170 00
9, 320 00
34, 320 00
107, 330 00
29, 640 00
137, 935 00
12,540 00
123,185 00
7, 560 00
120,090 00
36, 915 00
48 00
30, .566 00
984 00
95, 639 00
Half-cents.
1
.
.-
$66,240 00
1, 562, 500 00
1, 445,100 00
1,101, 250 00
487, 500 00
171,950 00
89, 200 00
352, 400 00
244, 350 00
94, 650 00
132, 700 00
25, 250 00
80 00
1,175 00
.
Total.
1
5, 774, 345 00
856,122 00
912. 020 00
5, 430, 782 44
$199 32
199 06
738 36
648
276
282
202
175
47
79
50
15
90
39, 926 11
Gold.
$1, 3.55, 885 00
1, 675, 302 50
1, 091, 597 50
1, 834,170 00
8,108,797 50
5,428,230 00
3, 756, 447 50
4, 034,177 50
20, 221, 385 00
3, 775, 512 50
9, 007, 761 50
31, 981, 738 50
62, 614, 492 50
56, 846,187 50
39, 377, 909 00
25, 915, 918 50
28, 977, 968 00
36, 697, 768 50
15, 811, .563 00
30, 2,53, 725 50
1.7, 296, 077 00
16, 445, 476 00
60, 693, 237 00
45, 532, 386 50
20, 695, 852 00
21, 649, 345 00
25,1.07, 217 50
28, 313, 945 00
28, 217,187 50
1.8,114, 425 00
21, 828, 637 50
22, 257, 312 50
21, 302, 475 00
20, 376, 495 00
35, 249, 337 50
50, 442, 690 00
33, .553, 965 00
38,178, 962 50
44,078,199 00
.52, 798, 980 00
40, 986, 912 00
Silver.
$2,176, 296 00
1, 726,703 00
1,132, 750 00
2, 332, 750 00
3, 834, 750 00
2, 235, 550 00
1,873,200 00
2, 558, 580 00
2, .379, 450 00
2, 040, 050 00
2,1.14, 950 00
1, 866,100 00
774, 397 00
999, 410 00
9, 077, 571 00
8, 619, 270 00
3, 501, 245 00
5.135, 240 00
1, 477, 000 00
8, 040, 730 00
6,187, 400 00
2, 769, 920 00
2, 605, 700 00
2, 812, 401 50
1,174, 092 80
548, 214 10
636, 308 00
680, 264 50
986, 871 00
1.136, 750 00
840,746 50
1, 767, 253 50
1, 955, 905 25
3, 029, 834 05
2, 945, 795 50
5, 983, 601 30
10, 070, 368 00
19,126, 502 50
28, 549, 935 00.
28, 290, 825 50
27, 227, 882 50
1, 076, 945, 587 00 264, 390, 999 40
Minor.
Total.
$31, 286 61
$3, 563, 467 61
24, 627 00
3 426 632 50
2,240,321 17
15, 973 67
23, 833 90 • 4,190,753 90
11, 967, 830 70
24, 283 20
7,687,767 52
23, 987 52
5 668 595 54
38, 948 04
41, 208 00
6,633,965 50
22, 662, 671 69
61, 836 69
64,157 99
5, 879, 720 49
41, 984 32
11,164,695 82
33, 892, 306 00
44,467 50
99, 635 43
63,488,524 93
50, 630 94
57, 896, 228 44
67, 059 78
48, 522, 539 78
34, 577, 826 85
42, 638 35
32, 495, 243 79
16, 030 79
41, 860,115 28
27,106 78
17, 352, 073 46
63, 510 46
38, 528, 455 50
234, 000 00
23,790,477 00
307, 000 00
19, 557, 396 00
342, 000 00
63, 400, 597 00
101, 660 00
48, 460, 788 00
116, 000 00
22, 348, 394 SO
478, 450 00
22,661,359 10
463, 800 00
26, 926, 855 50
1,183, 330 00
29, 640, 779 50
646, 570 00
31, 083,598 50
1,879,540 00
1, 713, 385 00 20, 964, 560 00
23, 948, 439 00
1, 279, 055 00
24, 636, Oil 00
611, 445 00
23, 542,140 25
283, 760 00
23, 529, 349 05
123,020 00
38, 689,1S3 00
494, 050 00
56, 838, 216 30
41.1, 925 00
43, 854, 708 00
230, 375 00
.57, 565, 815 00
260, 3.50 00
72, 690, 299 00
62,165 00
81,120, 499 50
30, 694 00
68, 312, 592 5097, 798 00
13, 013,195 55 1, 354, 349, 781 95
o
H
O
H
o
IX.—Statement of coinage executed at the United States mints fi^om 1873 to 1879, inclusive.
PIECES.
Mints.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
Total.
PHILADELPHIA.
Gold
Silver
'
Minor
- - •- •-
Total .
888, 330
10,329,600
18, 925, 000
1, 917,160
9, 006, 700
19, 668, 500
278, 258
11, 487, 2-00
14, 629, 500
422, 265
29, 303, 000
14, 915, 000
30,142, 930
30, 592, 360
26, 394, 958
894,600.
956, 700
1,168, 000
3, 714, 000
1, 851, 300
494, 020
36,145, 200
4,196, 500
778, 384
23, 483, 750
3, 059, 800
. 936,564
12,125, 850
9, 620, 200
5, 714, 981
131, 881, 300
85,014 500
44, 640, 265
40, 835, 720
27, 321, 934
22, 682, 614
222, 610, 781
1, 330, 000
8, 274, 000
1, 375, 600
27, 027, 000
1,637,000
26, 892, 000
2,102,100
19, 486, 000
1, 798, 500
12, 722, 000
10, 305, 800
99, 071, 700
4,882,000
9, 604, 000
28, 402, 600
28, 529, 000
21, 588,100
4 4 , 520, 500
109, 377, 500
41, 490
487, 950
101, 539
552, 680
130, 804
3, 062, 016
151, 603
13, 907, 000
91, 272
16, 513, 000
54, 348
7,154, 000
24, 357
1, 644, 000
595 413
43, 320, 646
529, 440
654, 219
3,192, 820
14, 058, 603
16, 604, 272
7, 208, 348
1, 668, 357
43 916,059
•
SAN FRANCISCO.
Gold '
Silver
Total .
o
CARSON.
Gold
Silver
. .
o
H
O
- -
Total
w
^,
N E W ORLEANS.
h-l
Gold
Silver
---
-
737, 000
- '
Total
Grand ibotal
32, 523, 670
36,128, 579
39,191, 778
87,101, 468"'
85, 968, 992
56,118, 382
737, 000
737, 000
737 000
39, 608, 471
376, 641, 340
I>0
to
to
oo
IX.—statement of coinage executed at the United States minis from 1873 to 1879, inclusive—Continued.
VALUE.
Mints.
'--
- .
t
•'•1873:'
1874.
"'
'.:.
1875. '.•:.;•;:
• 1876, -
1877.
• "1878.
•
•;•;% • 1879.
Total.
••
PHILADE-DPHIAr • - • <•
:r:>r
- -. - •
'•
.
.
: . ' '
t
;ii7,rB6'4,.937 50 $26,'467,'3d0.db. . ^ 5 3 2 , 8 7 0 bb
'L..2,i;27.,.240.50.. ...2,1)63, J 35 „Q0^.
3, 645, 510 00
411, 925 00
494, 0.50.00
230, 375 bb
Gold..,-....
Silver
l^inor...-.•.-..
1 20, 786, 228 00 ; 29, 842, 390 00
Total .
9, 038, 755 00
$8,'260, 937 50
6, 600, 502 50
260,'350 00
"$9, 803,'564 bb.
11, 444, 935 00
'62,165 00
$10,892,800 00 1 $ n , 329,-'352 '00 ; $'89, 581,-791 00
51, 216,'d31 00
11, 809, 825 50 i 12,124, 882 50
"W, •79-8 00
" 1,-587, 3!37 00
30,"6"94"00
15,121, 790 00
21, 310, 664 bb
22, 733, 319 50 . 23, 552, b3"2 50 : 142, 385, iV'O dd
i
••
•
o
SAN FRANCYSCO.
'
G^d..Silver---:...
j 17, 061, 5b0 00
Total .
CARSON.'
Gold
Silver
24, 853, odo
L_..617, 4.00.'Q'Q.
.
224, 055 00
.•.
841, 455 bo :
1
N E W ORLEANS.
..
26,200,000 00
4, 327, 000 00
27, 036, 500 ob
8,953,'bbo do
32, 552, 500 bO
•].3, 549, dod 00
. " •
46,101, 500 00 • 54,907,500 00 j 42, 051,250 00
195, 42-7, 250 00
56, 064, OOQ 00
30, 527, 000 00
35, 989,500 ob
1, 672, 860 00
469, 966 30
2,191, 095 00
2,097,858 do
^ , 881, 525 bb•
3,573,0b0•'0•0
1, 722,135 bo
3, 55'6,"0d0 "do
866,680 00
2, '613,000 OO
328. 31.0 00.
1, 644; OOO "00
10, 280, 005 00
14,177, 879 30
2,142, 826 '30
4, 288, '953 00
6, 454, 525 00
5, 278,1.35 00
3, 479, 680 do ,
1, 972, 310 00
24, 457, 884 30
737,000 00
737, 000 00
737, 000 00
737,Odd 00
251,491,250 00
H
o
W
i
r
a
•
Ii
•
29, 329, 250 00
12, 722,"000 "OB
h
•
-
•
. , ^ _ Total.
?,'H30UH;Graaid1.0talL-.-.r:.:v.-.----:Y^
41, 039, 500 00
13, 868, 000 '00
. '"^ -
To'tal .
Gold.
Silver
-.16,. 967, .QGolhft: ^22,302,500 QQ
94, 500 00
2, 550, 500 00
'
"
, . . " ' -
" • ' • • • •
j 38, 689,.183 00
j 56,838,216 30
] 43, 854, 708 00
57, 565, 815 00
72, 690, 299 00
St, 120, 499 50 : 68, 312, 592 50 1 419, 071, 313 30
CO
DIRECTOE OF T H E
229:;
MINT.
X.—Coinage and medal dies manufactured- at the United Staies Mint at Philadelphia during
the fiscal year ended June'30, 1879.
Denomination.Eor ^old^coiaage:
Dbuhle-eagle
Half-eagle - . . . . . : ; . . . . . :
Three-doUar
Quarter-eagle Dollar •
. ...
Total.
10" 28'
60"
9' • • • • . • 1 0 "
1616'
22" ; ; ; ; ; • . 9
;i6
ir
lb
10,
10
.. ... ^
:..
. . .•.."..
-
...
...'
;
•
•;2;
:
^. •....•68". .
.
Total
New,Orleans.
....•..'.
...
Eoi?" silver c o i n a g e : '
S t a n d a r d dollar
Trade-doUar
Half-'doUar
Dime'
Philadel- San EranCarson-.phia.
cisco.
' '
. . . .
-
'c:['M: :
• • • . . ' . 157-
•;
2
15'
174'
.'
Eor minor, coinage:
Eive-cent
Three-ceht
.
Ohe-cent
"-
. 247
108^:
3451
• 437
2-
Id
.
. : .'
192- ":•
.
Id
••
15;
. , • 1515'
".
.'.."•.
;•
-Totalr- -
24-
40
236
''^>y..
30-
40.
4i9V
lb'
AS'-^
vf
30'-
'
3o;
491
40
12:
• • 128
........
88^
";; _ 88;
Total.
108;
T o t a l coinage dies
.'...'.
;
3^0' ' "
108"
351-
54
835''
80.
Total nuniber of' dies'.
Gold'coinage
:...
Silver coiiiage
u'
Minor coinage
'
Experimental dies
.r.
.-.....
Proof coinage dies'
-w.......:......... . 1 . . . . . . . . . . . . . ! . . .
Indian iieace medal (President Hayes)
President G r a n t . . . . . . . . . . .
........................... ...... ......'.....
John E. Howard (reiirodnction)
Anniiial^assay
.-.
.'.:•''.... .v
Total
,
236
491
108 "
28r33^
3
3
1
2
. . . . . . . 905
Xli-^'Medals'manufactiired at. tlie UaiitedMates.mint.at Philadelpliia. during the fiscal year.'
ended-June'30, 1879.•
ISTame.
Adams-Academy ..'..'.-. •.••.•'. =v-;
Ad'aibs^ John
i.-:...
Agassiz
.J
Ahni^hty Dollar.
American Institute
Amidon
,
Bainhridge, Captain
Baltimore Eemale College ...
Biddle, Captain
Boston Caledonian
,
Brown Memorial
,
Carney
Centennial Award
Choate
Coast Survey IJnited States.
Coinage, Eirst Steam
College of Pharmacy
Decatur, Captain ..'
Denman School
Dodd, H. M
Emancipation
Eillmore, M
.
Eranklin School (Bostou)
Georgetown College
Grant, H. S
iGold.
Silver.
Bronze.
50
10
'io
10
10
25
10
10
10
230
REPORT ON THE FINANCES.
• XI.—Medals manufactured at the United States Mint at Philadelphia, ^'C.—Continued.
Name.
Gold.
. Hodge Dniversity
•Jackson, Andrew
Ketchum, Jesse (large)
Ketchum, Jesse (small)
Life Saving (first class]
Life Saving (second class)
Lincoln, Ahraham
Lincoln School
Maine State AgTicultural Society
Maryland Institute
Massachusetts Charitahle and Mechanics' Association.
McKee
Metis .
Michigan State Agricultural Society
,
Middlesex Southern Agricultural Society
Kew England Agricultural Society
New England- State Agricultural Society
Pacific Kailroad . :
Pancoast, Dr
Pennsylvania Horticultural Society
Pennsylvania Institute for the Blind
Pennsylvania State Agricultural Society
PJDUOCK, James .-....Preble, Captain . . . .
;
Bittenhonse,-David . . : ; ::.-.•:
Sacred Heart (large) .."..:
Sagadahoc Agricmtnral Society
Saint Louis State Agricultural and Mechanical Association
- Thnixton, Captain
-- Yalley Eorge
Vanderbilt University
Washington and Lee University
"Wisconsm State Agricultural Society
Silver.
20
25
136
241
Bronze.
25
"72
289
"io
6
'i25
12
21
1
200
10
62
Total.
1,037
10
15
14
10
770
XII. -Medals and proof-sets of United States coins made and sold during the fiscal year
ended June 30, 1879.
i
Nnmber
made.
Description.
MEDALS.
Gold
Silver
Bronze
i
."
Total
Number
sold.
Yalue.
114
1,037
770
115 $2, 757 75
1,041
2, 618 85
-.617
653 50
1,921
1,773
6, 030 10
26
518
17
.492
731 00
2,143 50
544
509
2, 874 50
PROOF-SHTS.
Gold
Silver
Total
DIRECTOR
OF
THE
231
MINT.
XIII.—Minor coins redeemed, reissued, exchanged, and melted during the fiscal year ended
June 30, 1879.
Denomination.
Pieces.
Yalue.
552, 957
1, 438, 528
6, 797, 475
2, 823, 741
994,458
4, 986, 921
$5,
14,
67,
56,
29,
249,
REDEEMED.
Copper, one-cent pieces
Nickel, one-cent pieces
Bronze, one-cent pieces
Bronze, two-cent pieces
Nickel, three-cent pieces
Nickel, five-cent pieces
;...
:
Total
,
529 57
385 28
974 75
474 82
833 74
346 05
17, 594, 080
423,544 21
6, 560, 000
794, 600
5, 400, 400
65, 600 00
23, 838 00
270, 020 00
12, 755, 000
359, 458 00
300
3, 299
7,300
6 00
98 97
365 00
10, 899
469 97
EEISSUED.
Bronze, one-cent pieces
Nickel, three-cent pieces
Nickel, five-cent pieces
Total...:
EXCHANGED.
Bronze, two-cent pieces
Nickel, three-cent pieces .'^.
Nickel, five-cent pieces
'
Total
MELTED.
Bronze, one-cent iDieces
Brouze, two-cent pieces
T ot al
222, 000
4, 033, 000
2,220 00
80, 660 00
4, 255, 000
82, 880 00
XIY .—Statement of imports and exports of gold and silve)- during the fiscalyear ended June
30, 1879 {from monthly returns of the Bureau of Statistics).
IMPOETS.
Gold.
Silver.
Total.
Ports.
Bullion.
Coin.
Bullion.
Coin.
NEW YORK.
July, 1878
Angust, 1878
September, 1878
October, 1878
November, 1878
December, 1878
January, 1879
Eebruary, 1879
March, 1879
April, 1879
MTay, 1879
Jnne, 1879
Total
$31, 614
18, 545
18, 742
23, 337
13, 085
39, 035
20, 595
6,091
11, 382
26, 285
20, 846
18, 581
$160, 530
80,109
313, 766
2, 068,161
199, 262
89, 983
199, 250
85, 728
83, 548
74,173
52, 471
67, 670
$7, 2-92
$899, 846
630, 815
. 4,271
314, 232
4,332
452, 792
1,519
374, 672
59,495
456, 784
30, 460
750, 532
5,181
1, 341, 621
5,780
510, 253
1,107
474, 983
646
773, 406
7,070
933, 529
2, 902
$1, 099, 282
733, 740
651, 072
2, 545, 809
646, 514
616, 262
975, 558
1, 439, 220
606, 290
576, 087
853, 793
1, 022, 682
248,138
3,474,651
130, 055
7, 913, 465
11, 766, 309
245, 012
91, 604
228, 909
100, 382
222, 842
226, 073
281, 200
147, 875
43, 000
89, 403
203,163
• 74, 477
382, 981
34,145
423,* 030
306, 323
134, 018
277,117
179, 495
168, 405
272, 474
256, 004
249, 759
275, 655
731, 429
236,186
818, 745
568, 260
507, 647
576,189
505, 730
339, 947
369, 641
386, 967
500,149
394, 245
1, 953, 940
2, 939, 406
5, 935,135
SAN FRANCISCO,
July,1878.-.
Angust, 1878
September, 1878
October, 1878
November, 1878
December, 1878
January, 1879
Eebruary, 1879
March, 1879
April, 1879
May, 1879
June, 1879
Total
103, 436
82,120
166, 806
161, 555
170, 787
72, 999
45, 035
23, 667
43, 632
41, 560
47, 227
40, 252
,076
28, 317
10,535
42, 713
232^
REPORT ON T H E FINANCES.
XIY .—Statement of im2)orts and exports of gold and silver, fc.—Continued.
-
-•
IMPORTS—Continued.
Silver.
Gold.
Total.
Ports.
Bullion.
ALL OTHER PORTS.
Jnly,1878
.-.-.
August, 1878.. September, 1878
October, 1878
November, 1878
December, 1878
Jannary, 1879
•.
Eebruary^ 1879.. ^ . . . • : . . . . I
March, 1879.
'•.....
April, 1879"..: .'.......
May, 1879......
".
June; a879
:
$37, 249
23, 462
22, 793
244, 760
29, 227
307, 481
• 8, 305
21, 900
37, 357
28, 238
42, 010
7,558
$7, 205
2, 250
4,107
4,175
1, 522
2,046
638
22. 671
5,416
Total..
! dCotal imports .
Bullion.
Coin
50, 030
810, 340
1,297,. 244
4, 327, 704
Coin,
$41,194
66, 497
86, 278
133, 373
144, 760
155, 560
94, 653
127, 959
153, 571
78,119
162, 052
126, 277
$46,823
30, 765
16,600
55, 216
1,807
96, Oil
16,'249
49, 863
30, 088
20, 471
363, 893
2,447,1
1, 370, 293
12, 223,164
$125,266
97,164,
109, 071
411,148
194, 694
522, 432
106, 287
245,870
209, 223.
156,858.
256, 821
159, 722
2, 594, 556
20, 296, 000
EXPORTS (EOEEIGN).
Silver.
Gold.
Total. .
Ports. ,
Bullion.
Bullion..
Coin.
Coin.
NEW YORKI
J n l y , 1878 . .
A n s r u s t 1878
S e p t e m b e r 1878
October, 1878
N o v e m b e r 1878
D e c e m b e r 1878
J a n u a r y , 1879
E e b r u a r v , 1879
M a r c h , 1879
April„1879
May,' 1^879 . . . . . ' .
J u n e 1879
$21,135
10,126
$173, 250
.'
6,737
4,0.50
33, 403 '
700
2,552
$6, 025
.".-.'
7,500
67, 276
- 15,350
; , - lp,723
"...
:
6, 025
Total
$538. 091 •
. 286,570
216,563
321,183
399,152
305, 762
356,147
499, 211
494 264
223, 0.54
309, 077
386, 835
3, 806, 261
4,335,909-
15, 960
5,334
75, 000
55, 694
1,679
12,154
-
: -.
$343, 706
276, 444
209, 826
317,, 133
359, 724
289,102
348, 261
424,211
431, 070
154,099
- 281,. 573
371,112
326,541
197, 082
SAN FRANCISCO.
J u l v 1878
A n g u s t 1878
"..'
S e p t e i n b e r 1878
O c t o b e r -1878
N o v e i n b e r 1878
D e c e m b e r 1878
J a n n a r y , 1879.
E e b r u a r y , 1879 ;
M a r c h • 1879
A p r i l 1879
Ma-y; 1879
J u n e , 1879
•.
-
230
i
. . .
•
155
720
3,000
•
• 42,155
39,962
61, 250
64, 500
.. . :
-' - . •. •.
1,145
'.
104,703
T o t a l '..
, ,
ALL OTHER PORTS.
J u l y , 1878 . . . . : . . . .
:...':
A u e t i s t . 1878 . . - ' . . . .
S e p t e m b e r , 1878
•
October, 1878
....:..
N o v e m b e r , 1878
1'.
D e c e m b e r , 1878
J a n u a r y , 1879
E e b r n a i T 1879
•.
M a r c h , 1879
A p r i l , 1879
M a y , 1879
J u n e , 1879
..
230
1, 286, 532
191,898111, 414
113,378
147, 349
150,-86r
152,768'
296, 081
122, 753 '
68, 413
222, 083
65,433-
l,-642,-431
• 234)438?
152; 096 •.
174,628"
214,-849?
150, 861 •
214 690'
407|864-'
• 154, 68899 •783''
1, 0i2. 083i.
• 111, 903"^
111 033 •
• 3, 038, 916
...
10
Total
T o t a l e x p o r t s (foreign)
109, 723
61, 922
111, 783
30, 790
31, 370
790,000
7, 200
• 45,600
•
10
6, 255
436, 274
1, 483, 614
50, 000
50 OOO-'^
16, 000
1,571
16, OOO'1 581-'
67, 571
67, 581
5, 516, 263
7 442 406
23S>
DIRECTOR OF THE MINT.
XIV.—Statement of imports and exports of gold and silver, fc;—^C.ontiiiued.
E X P O R T S (DOMESTIC).
Silver.
Gold.
Ports.
Total.
Bullion.
J u l y , 1878
August, 1878....
S e p t e m b e r , 1878.
October, 1 8 7 8 . . . .
N o v e i n b e r , 1878 .
D e c e m b e r , 1878..
J a n u a r y , 1879 •...
E e b r u a r y , 1879 . .
M a r c h , 1879
A p r i l , 1879
MTay, 1879
J u n e , 1879. . : . : : . •
Total.
Coin.
Bullion.
T r a d e dollars.
Eractional.
$21, 000
500
1,974
1,400
• $1,480
508,000
9,003
32,389
261, 030
22, 600
38, 051
86, 844
60,. 099
6,364
92; 543
1, 341,500
297, 650
715, 461
1, 302, 445
1,.753, 246
1, 303, 526
1, 525, 626
851, 976
19, 500
15, 000
2,027
13, 000
30, 000
38,788.
53, 000
16, 000
26, 720
7,784
2,459,903
8, 296,130
235, 035
$2, 870
300
740
$85,
185,
145,
130,
000
600
600
000
1, 500
375
$107, 480
715,100
154, 978
181, 889
278, 900
322, 577
767, 252
1, 419, 289
1, 852,..133.
1, 363, 390
1, 636,143
2, 221, 596 >
11, 020, 727'
SAN FRANCISCO.
July; 1 8 7 8 . . . . . . .
Aiigust, 1878..•..
S e p t e m b e r , 1878 .
October, 1 8 7 8 ' . : . ;
N o v e m b e r , 1878 .
D e c e m b e r , 1878..
J a n u a r y , 1879 . . .
E e b r u a r y , 1879 . .
M a r c h , 1879
A p r i l , 1878
M a y , 1879
June,* 1 8 7 9 . . . . . . .
Total .
1,830
150
l,-8785,640
2,140
1, 820
670
2,762
• -100
27,402
18,'690
14,"584
13,176
53,438
43, 347
104,753
27, 524
8,669
19,' 580
32, 671
• 80,343
166,150
44,193
- 20, 400
163,310
972,472
430, 728
408, 600
192, 450
147,199
589,359
245, 230
206,843
121, 840
150, 679
70,954
170, 450
89, 625
93,122
11, 505
29, 420
392, 079
28,111
31, 201
27,888
300
1,740
317,222*
214i 012 •
107,816'352i-576",117,675'569,'017 •
524,858
250, 394
547, 947
637 720
313, 604
315,174 ^
,3,.04d
5, 268, 015
105,100
15, 080
120,180
1,180
324, 230
101,100
50 j OQO
200,000
•2, 526
670
2Si5'
500
1,288
1, 600
16, 400
4; 400'
6,628
735
3; 706
324,900
101, 335V
50,500
201, 288.^
1,600,,
17,117 '
336, 320'•
. 106, 628.
2,'719
444,177
3, 586, 934
3,216,874
ALL OTHER PORTS.
July, 1 8 7 8 ' . . . . . . : . . . . : . ' . .
A u g u s t , 1878 I . . . : . : : . - . - .
S.ept^mber, 1§78
October; 1878.,.:
N o v e m b e r , 1878 . . : ' . . ' . . . .
Dec6iubei?, 1 8 7 8 . . . . . . . . . .
J a i u i a t y , 1879 . . . . . . . . . . .
Ilebruary,, 1879 . . : . . . : . . .
Mai;cli, 1,879
Aprii^'1879 • - - . : . . . : . . . . . .
May,ia79
J u n e , 1879'..'.:'.'...:
,*..
Total :
Total exports (domestic).
717
331, 920
100, 000
1,984
1, 216, 231
4,120, 311
11, 883, 064
1, 238, 749
50,062
1, 266, 293
288,137
17, 555, 035
234
REPORT ON T H E FINANCES.
XV.—Average monthly price of fine silver hars'at London and the equivalent j)er ounce fine
in United States money ivith exchange, at par, and the average monthly 2^'^'ice at New Yorlc
of exchange on Londoiuand the average montlily 2yrice of fine silver hars at Neiv York dui'ing the fiscal year ended June 30, 1879.
j>
« y.
-w ©
-5 «
.pr^
Date.
ll
li
1^
c;, a
P^
pq-
H
<1
Pence.
52f $1 15.359 $4 87
1 15. 359
4 88. 50
52f1 13. 441 • 4 87
5l|
4 86
50/s 1 10. 564
4 87 •
1 10. 838
4 88
1 09.605
4 88
1
09.
879
50^
1 09. 331 •4 89
.
4 89. 50
49i% 1 08. 646
49fg 1 09.194 4 88. 50
4 89
1 10. 427
50§
4 90
1 13. 989
52^
July
August
:
.
•^ * c3 fd bfl
1
-
49I
.
- -
50{§
Average
1 11. 386
<s^
s:-|5|.
Q.® •
'rtCO «o
^;-
September
October
November
December
January
Eebruary
Ma.T.h
.
AprH
Mlay
June
-^ 0 ^
1^
l^•i
'^
^.
S§^x.b
_
^ 9
"§ 9
quivalent in Dr
money of fine bai
fine, ba.sed on avei
London quotatio
change at avera
rate.
ri
4 88. 04
<i
$1
1
1
1
1
1
1
1
1
1
1
1
15.443 $1 15.732
15. 798
1 15. 377
13. 523
1 13. 831
10. 690
1 10.742
10. 918
1 10.741
09. 909
1 09.893
10.184
1 10. 321
09. 859
1 09. 546
09.171 1 08.827
09. 609
1 09. 343
10. 961 1 10. 619
1 14.122
14. 774
1 11. 616
1 11. 875
XVI.—Circular exhihiting the values in United States money of the pure gold or silver
representing, res2?ectively, the monetary units and standard coins of foi'eign countries, in
com2Mance with the act of March 3, 1873.
T R E A S U R Y DEPARTMENT,
Washington, D. C , January 1, 1879.
The first section of t h e act of March 3, 1873, Statutes at Large, volume 17, page
602, reproduced in section 3564 of the Revised Statutes, provides ^^that t h e value of
foreign coin, as expressed in t h e nioney of account of t h e United States, shall be t h a t
of the pure metal of such coin of standard value," and t h a t " the values of t h e
standard coins in circulation of t h e various nations of t h e world,shall be estimated
annually by t h e Director of t h e Mint, and be jiroclaimed on t h e 1st day of January
hy the Secretary of t h e Treasury."
The estimate*^ of values contained in t h e following tahle has heen made hy t h e
Director of t h e Mint, and is hereby jiroclaimed, in compliance with t h e above-stated
provisions of l a w :
Country.
Austria
Belgium
Bohvia
Brazil
British Possessions
in N. A. r
Bogota
Central America
Chili
Denmark
Ecuador
• Egypt
Erance
Great Britain
Greece
Gennan Empire
Value
in U.S.
money.
Monetary unit.
Standard.
Eloriu.
Eranc
Dollar
Mih-eis ot 1,000
reis.
Dollar
Goldandsilver.
Goldandsilver.
Gold
8 gulden or 20 francs, gold $3 85.1
;0 19. 3 5,10, and 20 francs.
96.5 Escudo, ^ bolivar and bolivar.
54.5 None.
Gold...
1 00
Gold..
Silver.
Gold..
Gold..
Silver.
Gold..
96.5
93.5
91.2
26.8
93.5
4 97.4
Goldandsilver.
Gold
Gold and silverGold
19.3 5,10, and 20 francs.
4 86. 6^ ^ sovereign • and sovereign.
19.3 5,10, 20, 50, and 100 drachmas.
5,10, and 20 marks.
Peso
Dollar
Peso
Crown
Dollar
Pound of 100
piasters.
Eranc
Pound sterling..
Drachma
Mark
Standard coin.
Dollar.
Condor, doubloon, and escudo.
10 and 20 crowns.
Dollar.
5,10, 25, and 50 piasters.
BIRECTOR
Country.
Japan
Inaia
Italy
Liberia
Mexico
Monetary unit.
. . .
OF T H E
235
MINT.
Value
in U.S.
money.
Standard.
Standard coia.
Gold
$99.7 1, 2, 5,10, and 20,.yen.
Blip ee of 16 annas Silver
44.4
Lii-a
Gold and silver.19.3 5,10,20, 50, and 100 lire.
Dollar
*
Gold
1 00
DoUar
....
• SUver
. . 1 01.5 Peso or dollar, 5,10,25, and 50 cent
avo.
Elorin
Goldandsilver..
38.5 Elorin, ten guldens gold($4 01.9).
Netherlands.
•
Norway
. . . . . Crown
Gold'
26.8 10 and 20 cro-wns.
Peru
".. Dollar
Silver
93.5
Portugal
2, 5, and 10 milreis.
MUreis of 1,000 Gold
1 08
reis.
Hussia
Eouble of 100 SUver
74 8 ^, ^, and 1 rouble.
copecks.
Dollar
Sandwich Islands
Gold
1 00
Peseta of 100 Goldandsilver..
Spain
19.3 5,10, 20, 50, and 100 pesetas.
centimes.
Sweden
Gold
26.8 10 and 20 crowns.
Crown
Eranc
19.3 5 10, and 20 francs.
Switzerland
Goldandsilver..
TripoU
Mahbub of 20 Silver
84.4
piasters.
Turkey
Gold
04.3 25, 50,100, 250, and 500 piasters
Piaster
Silver
. .
93.5
United States of Co- Peso
lombia.
Yen
The ahove rates will he taken in estimating t h e values of all foreign merchandise,
made out in any of said currencies, iniported on or after J a n n a r y 1, 1879.
JOHN SHERMAN,
Secretary of the Treasury.
XVII.—Do^nestic production of gold and silver.
6
1.
1
1874
18751876
1877
1878
1879
o
i
1
o
1
1
O
o
a
'o
Add domestic production used
in the arts and inanufactures.
(Beported by New York assay-ofhce.)
Years.
Deduct coinage of stock on hand,
foreign coin and buUion, jew. elers' bars, and Uuited States
coin.
GOLD.
o
$50, 442, 690 $25, 4.08, 659 $25, 034, 031
33, 553, 965
7, 701, 982 25, 851, 983
38,178, 962
4, 291, 876 • 33, 887, 086
44,078,199
1, 952, 537 42,125, 662
52, 798, 980
6, 876, 640 45, 922, 340
40, 986, 9125, 980, 953 35, 005, 959
$3, 433, 746
4, 036, 574
3,114, 888
2, 765, 394
3, 809, 026
2, 901, 844
ihlit
li
a
1
oS
a a
o >^
lai
o
o|i
a
%?.^
a--o
•43 o{H
,-.0 0
o ^-r,
%^^
<
$1,144,
1, 345,
1, 038,
921,
1, 269,
967,
.2
CO
o
i
582
524
296
798
675
281
$3,
2,
1,
1,
878,
233,
888,
084,
205,
24,
543
775
896
536
319
774
1
$33,490,902
33, 467, 856
39, 929,166
46, 897, 390
51, 206, 360
38,899,858
SILYEB.
1874
1875
1876
1877
1878
1879
5, 983, 601
10, 070, 368
19,126, 502
28, 549, 935
28, 290, 825
27,227,882
219, 063
*221, 437
*604,152
4, 005, 996
3, 254, 637
4, 276,114
5, 764, 538
10, 291, 805
19, 730, 654
24, 543, 939
25, 036,188
22, 951, 768
3, 304, 920
3,178, 381
2, 859, 014
2, 830, 680
3, 907, 614
4, 482, 975
1,101, 640
1, 059, 460
953, 004
943, 560
1, 302, 538
1, 494, 325
27,153, 496
17,197, 914
15, 240, 344
11, 475, 394
15, 035, 045
11, 883, 064
37,324, 594
31,727, 560
38, 783, 016
39, 793, 573
45, 281, 385
40, 812,132
"During these years the deposits of domestic silver remaining uncoined exceeded the deposits of foriga bullion, &,c., and the balauce is added iustead of deducted.
236^
REPORT ON T H E FINANCES.
XVIII —Gold and silver used in the arts and manufactures.
U N I T E D STATES A S S A Y - O F F I C E AT N E W YOKK,
•
_
Se2Heml)er 19, 1S79.' "
S I R : Referring to'yoiir letters of May 7 aiid Septemher 4 , 1 herewith transmit'statue--;'
ment of t h e probable 'amount of gol'd aiid silyer bullion consumed i n the "arts and-manufactures annually from J u l y 1,1873, to Juiie 30, 1879.
Of necessity thfese figures are approximate only; For reasons unexplained depositors of'fjeAvelers^" bars and.'7kings/'refufee to :state their character.
The information Avhich yOir desirediin yonr letter of May 7, 1879j.w"as the amount/
of hullion used in the arts, derived frpiii deposits otV1.4t. Coin; 2d. ^'Foreign hullion"; .
3d. Plate, jewelry,' and ^'hase bar's",- '4th. Domestic bullibn.
The 1st and 2d classifications £ii'e; too inconsiderable to note;" I habve therefore confined my report to t h e 3d and 4th.
The estimate is jbased upon the supposition t h a t t h e majority of small bars'drawn ;;
hy hankers from this "offi'ce is disposed of'to' nianufacttiring jewelers. As it is hardly"-'
probable that such bars should form any portion of the bullion exported, inasmuch as.^
the custom exists ahroad of imiiosinga tax.for assaying upon each bar, regardless of its"]
weight or value, shipjiers of bullion preferring bars of t h e largest dimensions t h a t ' '
can he conveniently handled with "the-view of lessening the assay charge.
Very respectfully,
.,
.
J. M. FLOYD,
Acting Su2)erintendent.
Hon. H. C. B.URCHARI), •
.
.
Director of the Mint, Washington,!).'C.
Statementof amountof hullion derived from dej)Osits at the assay-office at New York and mint
at Philadel2)hid, used iii'the arts and manufdciures, from July,1,187S, to June'30, 1879.
ASSAY-OFFICE A T - N E W YOEK.
Gold.
Silver.
Fiscal year.
1874
1875.
1876
1877
1878
1879
:
.
.
-
-
:
Piate^ &c.
Domestic
bullion.
P l a t e , &c.
$230, 000
315, Odo
230, 000
226, 000
202, 000
225, 000
$3,433, 746
4,036, 574
3,114, 888
2,;765, 394
3, 809, 026
2, 901, 844
$74, 000
114, 000
104, 000
153, 000
121, 000
123, 000
$3,'364, 920
3,178,381
2, 859, 014
2, 830, 680
3, 907, 614
4, 482, 975
1,428,000
20, 061, 472
689, 000
20, 563, 384
Domestic
buUioB.
ME^T- A T P H I L A D E L P H I A .
G-old.
Fiscai year.
P l a t e , &c.
1874'.' •'
1875........
1876 .
1877.:.
1878'...-....
187i9
Domestic
buUion.
$36,761 59
21, 376 49
27, 491 79
. . . . 46, 958' 72
47,789^73
50, 982 00'
$1,507 831, 076 12
231, 360 32
2, 583 95
Silver. .
United States
a n d foreign
coin.
P l a t e , &c.
:
D o m e s t i c . N e w Y o r k asbulUon.
say-ofl3.ce b a r s .
$57,046 79 $171, 843 74
18,261 31
44, 074 54
lO; 028- 22' 23, 572 99
17, 307 13
17, 962 93
13,^964 10
32,785 44
39, 015 82
32,128 88
$17,466 11
103,717 00
22,622 3 1 .
16; 508 90
44, 286 9472, 516' 76
$112,127 56' 1
130, 28lY20vf
39, 857 -18^/
51, 927 26. f
24, 666 ^88'.•
. 20, 968 •:58^f.
155, 623 37
277,118 02
379,828-66-'-
322, 368 52
[NEW YORK, Octoler 28, 1879.
DEAR SIR : I am in receipt of your letter of 20th instant, aud should have given
prompt reply to your inquiries, h u t liave delayed in order to obtain more reliable
::237
DIRECTOK .OF T H E MINT.
information on the subject. We have furnished to manufacturers a large amount of
fine silver bars of private refiners without passing through the assay-office. Then
there ds a large amount of granulated silver used in the arts, much of which .does not
pass throngh said office, amountiug to at least 1,000,000 ounces. Some of the .manufacturers use Mexicau dollars. Our trade and standard dollars are not used now, being.
too valuaMe to be melted into bullion. There, have been some of our. assay bars exjiorted, b u t in small amounts, auiounting iu my estimation to about one-half of the
silver bars furnished by iirivate refiners for the- arts. I think, from t h e hest .informa. tion I can obtain, t h a t you would be safe in estimating 1,000,000 ounces of fine silver
to b e added to t h e report of assay-office, and gold a t least $2,000,000. - I k n o w ^ t h a t
some of our largest Jiianufacttirers use only (/oM com, and then our private refineries
buy large amounts of gold and gold dust, which they roll into plate, &c., for manu'facturers.
.
•
• ThQ facts, if ever obtained, will show that we areusing §10,000,000. of gold, and silver annually for the arts, &c., in tbis country. . Our ouly consolation is t h a t it aidshin :retaiiiing it here.
• Veiy respectfully, yours,
PARKER HANDY.
Hon. HORATIO C . .BURCHARD,
,
Director of the Mint, Washington,. D. C.
Tahle showing the-annual consunqMon of United States coin, old manufactured articles {in• eluding foreign coin), and domesticJ) ullion, conqriled from returns received in answer to a
, circidar letter, of the Director, of-the-Mint wider date of Septemher 10, 1879.
•
p
'ni
Glassies of m a n u f a c t u r e .
tp
o
• J cr.
•5
"Watches a n d j e w e l r y
"Watch cases
Leaf .
Plate
Chemicals
Instruments
.
'.-.:..
. .
2, 953 1,184
73
• 32
• 38
16
144
59
105
44
193
66
• s
• D n i t e d S t a t e s coin.
N^on-mani
t u r i n g,
found, or c
business.
7^
366
11
i43
31
7
20
" 'o
1
• $39,-020
=- 6,.324
2, 620
1,485
130,334
123
;
953 2,a05
1, 473, 259
179, 906
Total. •
D o m e s t i c bullion..
Total gold
silver.
E o r e i g n coin a n d
bullion.
-448
. o
818. 1,769 .$1,277,216
-41
146;468
21
.,22
3
39;,400.'
28
85
1,470
37
61
6,520
46
127
2,185
• .
3,506 1,401
. .. .
Classe„slof mamifajoture.
o
'in
j.'o
p a t c h e s , and j e w e h y
$305, 615
^ W a t c h cases
:.'.
20, 000
Leaf
52,176
Plate
7,800
Chemicals
504
Instruments
.". '.
65
$91, 086
- 2, 000
5, 613
22, 500
23, 000
. 40
$2, 771, 386 $406, 415
516, 74380, 682
650,919
23,.482
45, 965 1, 661, 688
4,068
114, 846
1,475
386,160
144,239
3, 989, 081 2, 288, 588
...
;
.
.
.
$4, 354, 217 $536, 521 $4, 890, 738
683, 211
89,006
• "772, 217
. 742,495
,31,715
774 2J0
55, 235 1, 685, 673 1,740,908
11,092' 268,180
279, 272
2, 250
3,888
1,638
5,848,500 12,612,733
8,461,23r^
:.,:XJ^.^Domfi.st'k,p)Kodii.ction._
,
NEVADA BANK OF SiVis' FRANCISCO,
• Sa/n Francisco, Gal., ^Se2ytemher.4, 1879.
\ SIR : Suhjoinedlbeg tohaiid you the official figures asked, for per your letter of the
•27th ult.; ''giving tile j)rod.uction from t h e Bonanza mines for the fiscal year ended
June 30, 1879, as well as t h e total ]iroduction" :
CONSOLIDATED VIRGINIA.
Year ending June 30, 1879 :
: Gold..:.............--..
Silver
Total
i
$1,255,793. 18
1,357,197 04
'2^(612,990 2 i
238
R E P O R T ON THE
FINANCES.
CALIFORNIA.
Year ending June 30,1879:
Gold
Silver
42,165,258 86.
2,053,985 18
Total
4,219,244 04
Total combined product of each mine to and including above:
Consolidated Virginia.
California....
|62,228,356 10
45,132,079 65
Total bullion product of the Big Bonanza to June 30, 1879.... 107, 360, 435 75
Replyiug to your further question, I beg to say t h a t I am in xiossession of no infor~'
ination touching the probable future yield of the mines of Nevada other than what i&
contained in the reports of mining superintendents.
I remain, yours, truly,
LOUIS McLANE,
• President.
Hon.
HORATIO C^^ BURCHARD,
Director of the Mint, Washington, D. C.
T E R R I T O R Y OF DAKOTA,
• •
Yankton, August 14, 1879.
S I R : Your letter of lhe 28th ultimo, asking for statistics of mineral development^
production of bullion, &c., in Dakota, is received. I aui unable to give accurate statistics or even reliable estimates. The productions ofthe ''Black Hills" do.not come
this way, and communication between the " H i l l s " and this place is more difficult,
more expensive, and requires more time than hetween this place and New York or
Washington. I am inclined to think from all I can learn, making due allowance for
wild and exaggerated statements, that the production for the fiscal year ending June
30, 1879, Avas hetween three and four million dollars. It AA^IU probably be doubled the
present year, but I haA^e no detailed reliable statisics. I haA^e written to the hanks
at DeadAvood, who handle the hullion to a large extent, to collect and transmit to me
information on the subject or send directly to you if they prefer it.
Very respectfully, your obedient serA^ant,
WM. A. HOWARD,
Governor.
Hon.
HORATIO C . BURCHARD,
Director Mint, f c .
P. S.—Ifl obtain anything I Avill promptly communicate.—W. A. H.
F I R S T NATIONAL BANK,
Deadwood, Dakota, Aiigust 11,1879.
SIR : I have a letter from Hon. Wm. A. Howard requesting me to give yon information regarding the gold product of this country for fiscal year ending June 30, 1879.
From actual facts and reliable information, I have placed the gold product of the
region known as the " Black Hills" for the period inquired of as $3,000,000. If every
ounce of gold could be got at I am sure t h a t this could not be varied one way or the
other to the extent of $25,000.
• Yours, truly,
S. N.^WOOD, Cashier.
DIRECTOR OF THE
MINT,
Washington, D. C.
T E R R I T O R Y OF WASHINGTON, E X E C U T I V E DEPARTMENT,
Olympia, Aitgust 30, 1879.
SIR : In reply to your communication of the 28th ultimo, requesting reliable information of the yield of precious metals from the mines of Washington Territoiy during the
last fiscal year, I have the honor to state t h a t I regret t h a t I am unable toj_give you
reliable information on this subject.
Gold mining only is carried on. Several hundred Chinese are engaged in placer
mining on the Columbia RiA-er and its tributaries in the eastern portion of the Territory. The gold taken out by them is sold at Walla Walla, at Portland, and at San.
Francisco to brokers, Avho seldom make entries of the ]ilace of production. The average daily amount realized jier man is probably not more than two. or three dollars.
During the year placer mining has also been prosecuted to some extent hy citi
239
DIRECTOE OF T H E MINT.
zens on the Weenatchie River in Eastern Washington and the Skajit River in Western Washington. Reports are often receiA^ed of nuggets having been found varying
in value from $100 to $200. Full reliance cannot he placed upon these reports. Gold,
silver, copper, lead, cinnabar, and other ore^s exist in the Cascade and Coast Ranges
of Mountains. Gold quartz mining to a limited extent has been engaged in with isbiv
results. Puhlic attention has recently been strongly directed to quartz mining, and
more interest is manifested in the subject than at any former period. The general
opinion is t h a t precious metal:s abound in the mountains referred to, and that the
prospecting going on will dcA^elop minerals as rich as those of California, Nevada, or
Colorado. Mv estimate of the gold prodnction of the Territory for the past fiscal
year is $300,000.
I have the honor to he, very respectfully, your obedient servant.
E. P. FERRY, Governor.
Hon. HORATIO C. BURCHARD,
Director of the Mint, Washington, D. C.
W E L L S , FARGO & Co.,
&c.,
San Francisco, August 5, 1879.
DEAR SIR : Noting yours of the. 28th ultimo, the inclosed is but an approximation ^
but probably as nearly correct as we can attain to, for a half-yearly report.
Yours, truly,
JNO. J. VALENTINE,
*
General Superintendent.
Mr. HORATIO C. BURCHARD,.
Director U. S. Mint, Washington, D. C.
THE RESOUCES OF CALIFORNIA.
We cannot convey a better or more accurate impression of the great resources ot
our State than hy the following tables, which ATHI speak for themselves :
Statement of the amount of the precious metals produced in the States and Territories west of
the Missouri Eiver for the six months from January 1 to June 30, 1879.
States and Territories.
California
Nevada
Oregon
Washington.
Idaho
Montana
mah
Colorado
New Mexico.
Arizona
Dakota
Gold dust and
BuUion, by
.. express.
Silver bullion,
by express.
Ores and base
buUion, by
freight.
$7, 680, 675
55, 916
284,170
27, 479
312, 715
841, 000
201, 302
1, 260, 000
41, 500
98,130
1, 050, 000
$385, 017
9,189, 344
$350, 000
3,125, 000
184, 217
640, 000
1,169, 361
725,000
165, 000
361, 866
110, 000
•550, 000
1, 510, 000
.4, 000, 000
20, 000
450, 000
11, 852, 887
12, 819, 805
Total of gold,
silver, and
lead.
$8, 415, 692'
12, 370, 260'
284,170*
27, 479
606, 9322, 031, 000
2, 880, 663'.
5, 985, 000^
226, 500909, 996
1, 050, 000
34, 787, 692
Production of gold and silver in the UnitedStates west of tlie Missouri Eivei'.
0 Year.
1870
1871
1872
1873 . .
1874
1875
1876
1877
1878....'.. .
1879 ( J a n u a r y t o J u n e )
Gold.
-- -
$33, 750, 000
34, 398, 000
38,177, 395
39, 206, 568
38, 466, 488
39, 968,194
42, 886, 935
44, 880, 223
37,576,030
15, 000, 000
SUver.
$17, 320, 000
19, 286, 000
19,924, 429
27, 483, 302
29, 699,122
31, 635, 239
. . 39, 292, 924
45, 846,109
37, 248,137
17, 000, 000
Total.
$51, 070, 000
53, 684, 000
58,101,824
66 689 860
68,165 610
71, 603 43$
82,179 856
90, 726, 332
74 8'^4 167
32, 000, OOOt
'.240
REPORT ON T H E .FINANCES.
T H E U N I T E D STATES ASSAY-OFFICE AT H E L E N A , MONT.,
October 15, 1879.
. -SIR :i In.re spouse to your inquiries about the product of gold and silver of Montana
...for the fiscal year 1879,1 would state t h a t it is my opinion t h a t the yield.of gold from
% .placer niining is iiot as large as last year. This is due not to the fact t h a t they have
.''been worked.out hut on. ac.QOunt of scarcity of Avater this year. ,Last j^ear the.re.Ayas
..an abundance of water in. all the placer districts from the- 1st of .May uu.til t h e 1st ,pf
• September, Av,hile this, year many, of the miners could,not. begin o,perations u n t i l t h e
:15th of .May, and were .compelled .to quit by the middle of iAugiist. This, naturally
.:. xiutailed the. production.
There has been great enterprise shown in this branch of niining by= large,companies reclaiming considerahle tracts of " old Avorked-out". iilacers hy building " bedrock "Aumes. This .has been done in this Territory in the past year AAnth no little
success. Similar tracts of " worked-out" placers haye heeUi reclaimed,by soine large
companies mining b y t h e " hydraulic" process. By these new and improved methods
of placer mining the gold product of Montana is destined to increase rather than decrease in the near future. No UCAA^ placer '' diggings " liaA^e been discoA^ered except those
in the J u d i t h Basin. .At present there is a great stampede to this place, but AA^hat the
results AAill he, I am.not at present sufficiently informed to A^ouchsafe an opinion.
There is one great drawback to placer-mining in this Territory, and that is, many
. large capitalists liaA^e^ bought the miners' rights in inany o f t h e placer districts, and
have the land patented under United States mining laws. These.tracts now.lie uiiAA^orked, the owners Avaiting for cheaper transportation and cheaper rates of Avages in
order to .work them more profitably. As soon as the presence of a raihoad in the Territory will Avarrant cheap rates of transportation, and cheaper wages, all these ^districts
noAV idle A^-illbe Avorked and add their product to the world's, stock, of precious metals.
The largest single nugget of gold discovered in.this Territory during the past year was
deposited in this of&ce on the 29th day of April, 1879, and weighed, as deposited, 47.80
ounces, AA^ith a fineness of 957 in gold, and was entirely free from quartz or dirt, being
a solid mass of metal, haAang a A-alue $947.77. This was the largest piece found, though
many nuggets A^arying in .AVeight from a half ounce to 28 ounces Avere found.
The quartz mining in gold has-shown great and unusiial actiAdty in the past year,
a large number of iieAV and A-aluable leads having been discovered. Many new,mills
and arastras baA^e heen erected, largely .increasing the product of golcl" from this .sou ree.
There is great actiAdty also in prospecting. ScA^eral quite recent rich discoveries haA^e
stimulated old prospectors to rencAved exertions, and as a consequence new "finds"
are being reported continually. iThe present indications all point to a.raiiid growth
o f t h e quartz-mining'-interests of Montana. ••There is no doubt but t h a t this country
Jls A^ery^superfiGially--prospected,-and-even-dis60vered-mines-haye-hu-t'a. sniall^rfracU
pf,the. development .that ithe.quartz leads .of Nevada, Colorado, or even those of the
'Black .Hills,have.
'
'V
. .
The increased yield-of gold from quartz has more than OA^erbalanced the loss in the
...placjer.yield this year, making-tlie_total product of.gold-of^Montanain 1879 larger..tha.n
^ last year.
• The,main range,of the Roeky: ,Monnt.ains'<.has,' as in other parts of America,;.ppened
• j i p ricii leads of goid-beariiig quartz, .in ;this: Territory. The "Stempel .districty-near
Helena, immediajtely upon, the .summit pr»'diy-ide of these mountains, embraces a layge
tract of country,, and the most,;remarkable yeiiis of quartz have been discovered'liVe
-in the past year or so. Thisi,district, out .of ,;many similar ones in Montana, .shpAvs jthe
. greatest iirogression, more stamps and arastras haAdng .been erected in t h e p a s t year
• t h a n in any' other- one place.
SiNer-quartz mining has shown AA^onderful,development in the past year. .Mining
..for this metaLh.asJi.een neglected in times^past'in .the great'eagerness for gold. "There
; is noAA^ a disiiosition-to give silver mining.ihe. attention it deserA^es, and with good results. The silYer.pro.duct has.greatlyihciieasedthis year,JMugh the.gr^atest.activity
is confined to one camp, B u t t e ; here maiwelonsly rich mines are located and producing great quantities of silver hullipn. ^•,Phillips]:?nrg.and Glendale^^,newer camps, are
opening np finely, and the presence of rich prospects leads me to expect ere loiigJ_arge
returns from these places. In Jefferson County UCAV leads of sih^er-orehaA^e been "discovered this fall, Avhich haA^e- assayed very rich. The erection bf smelters in Butte,
and Avickes in Jefferson County have utilized and brought-into demand-the-pooi-er and
baser silver-o.res,..AA^hich have .heretofore had bnt little A-alue, if not quite worthless,
OAAdng to thehigh^rat'esof ti\ansportation charged.to carry'tTi.em'to'.easter^^^
From inquiries, made and:'information gathered in A^arious Avays throughout-;this
• Territory, I am o f t h e opinion l}hat the yield of gold and silver of Montana fdr the year
, ending J u n e 80, -1879, was as-follows, viz :
Gold
|2,500,.000
. Sijlvpr
. ; . . . , . ; . - ^ . „ . . ' , . . ^ . , . .1
-^,22^,000
Total....
,
4,725,000
241
DIRECTOK OP T H E MINT.
The^e figures I deem as nearly correct as i t is possible to ohtain them. The estimates
of the probable yield of gold and silver in Montana in your last report for the fiscaP
year ending June 30, 1879, I consider somewhat higher than the yield has since proven
to he.
The estimates for the coming ;^ear I would place as follows, Adz:
Gold
$3,000,000 to |3,225,000
Silver
3,000,000 to 3,500,000
The folio Aving is the statement o f t h e production of gold and silver in - Montana h y
counties as dejiosited in this office in 1879, during the last six months of the fiscal yeair.:
Gold, Aveigbt.
Couuty.
]3eaver Heads
Clioteau
Gnster
Deer liOdiie
Gallatiu . .
Jefferson
liCWis and Clarke
.
.
...
Ounces.
40.15
Meagher
Missoula.
1.38
1,703.59
-260.08
1, 071. 04
5, 912. 76
1, 007. 59
573.14
43.32
Total
10, 613, 05
j.....
TVfflidi.qnu.
Silver, Aveight.
^Value.
Value.
Ounces.
$22 59
25
30,208
4,713
18, 702
92, 733
16, 309
10, 245
858
82
71
92
37
12
45
55
10
173, 819 63
158, 291.10
$159,457 39
1, 471. 00
1,198 29
159,762.10-
160. 655 68
It is thus shown hy the foregoing statement t h a t every county hut Choteau in Montana iiroduces gold or silver, and quite recently I haA'-e assayed samples of silver ore
from the Bear P a w Mountains in Choteau County which have all shoAvn more or less
of this metal.
On the Avhole, I consider the gold and sih-er mining interests on a secure and substantial hasis, and think t h a t coming years will see many thousands of dollars added
to the AA^oiid's wealth taken out of old mother earth in this young and thriAdng Territory.
^
' . . . . .
...
Very respectfully,
R. B. HARRISON,
Assayer in Charge.
Plon. H. C. BURCHARD,
Director of the Mint, Washington, D. C.
M I N T OF T H E U N I T E D STATES AT CARSON,
Supeiintendent^s Office, Septembei' 3, 1879.
SIR: I transmit herewith an official reiiort of the gross yield of the mines of this
State dnring t h e fiscal year ended J u n e 30,1879:
During the year 1877-'78 the gross yield was
. . |47,676,863 83
During the year 1878-'79.
......"
19,305,473 97
ShOAAdng a decrease in production of
...
28, 371, 389 86
The present outlook, however, is t h a t t h e product will he greatly increased dnring
the current year.
Very respectfully,
JAMES CRAWFORD,
Superintendent.
Hon. H. C. BURCHARD,
Director of the Mint.
16 F
242
REPORT ON THE FINANCES.
Gross yield of the mines, State of Nevada, for the year ending June 30, 1879.
Quantity extracted.
Mines.
Gross value.
Tons.
ELKO COUNTY.
Argenta
Bene Isle
Grrand P r i z e . . .
Hussey
Independence .
Leopard
Navajo . . .
Total.
Ahda
Black "Warrior -.
Central MiU
Crovming Glory.
EndpAvment
Indian Queen
ISrortbern BeUe. McMasters
Montezuma
Vanderbilt
"Wasson
"Wheeler
Wilson. -
Pounds.
E S M E K A L D A COUNTY.
750
1,000
16, 345.
725
257
36
75
194
1,044
931
17,306
204
286
1,026
2,451
1,495
1,970
Total.
1,500
" 'i,'459'
943
720
777
966
165
1,900
27, 279
EUllEKA COUNTY.
Altoona
Alexandria...
Atlas
Austin
Bald Eagle ...
Blackburn...
BullAvhacker .
Banner
Connelly
Cubnce
Cloud.
Eureka Consohdated .
Eldorado
Eldorado No. 2
Ebse .
Eourth of July
Foley
Garrison,
Geddes and Bertrand.
-•
Grant
:
General Lee
Hoosac
Hamburg
Home Ticket
Hunt &Co
Inca.
Jackson
K. K. Consohdated
Kentuck
•
Lancaster
Lone Pine
Louisville
Metamoras
'Mag-net
Maria
Monroe
Mountain Queen
Mountain Boy
Morning Star
Mtueral Hill Manufacturing Company.
Mortimer
Macon City
Needle
NcAvark
Oakland
P aui P r y
Pioneer
.•
1,544
430
4,210
183
6,554
2,414
i;009
13
.77
67
7
102
2
84
203
568
1
2
980
1,335
250
598
395
231
1,174
657
585
1,150
1,264
8,150
-..
*- -
89
13
21
252
2
856
31
73
2
75
671
647
1,724
1, 617 .
750
256
1, 227
167
1,536
1,370
1,181
1,665
144
1
2
870
544
12
2,651
1,960
1,754
1, 591
373
8
1
1
1
39
4
1
1
1
9
3
563
18
44
3
11
*6
54
20
635
921
1,990
772
1,360
187
391
268
417
1,214
840
930
390
387
1,125
1,086-
937
DIRECTOR OF THE MINT.
243
G^'088 yield of the niines, State of Nevada, fm' the year ending June 30, 1879—Contmued.
Quantity extracted.
Mines.
Gross value.
Tons.
EUKEKA
Plwjenix
Pinto
Hacine
COUNTY—Continued.
.......
Kocky Point
Silver K i n g
S i l v e r "West
Silver G a t e . . .
Silver C o n n e r
San J o s e
Sterliug
SnowElake
Silver L i c k
Valentine •
AVilliam 8 buro'
AVinaU
"
W i d e "West
•Williams
W^hite P i n e
Pounds.
-
...
. ---
... .
-
..
-
.-
.
.
.
.
.
.
692
5
1
• 30, 788
,2
. 15
' 3
18
312
12
1
6
108
2
6
22
69
•
3
5
198
2
118, 501
Total
.
240
688
1,168
1, 702
614
100
645
1, 207
1, 980
693
251
• 411
1, 428
870
213
1, 529
1,684
1, 950
938
1, 211
90S
805
$25, 111
385
95
1 070 628
131
451
85
3, 067
15, 055
692
76
163
4, 534
M5
231
946
1, 597
268
510
22,410
328
63
86
93
92
18
50
05'
74
49
12
80
17
18
39
20
04
]3
20
04
70
85
4, 233, 000 23
HUMBOLDT COUNTY.
AriyoTia,
tailinJTS
Fair Pla V
TotixX
Ar^euta
Bedford
Cooper
LANDER COUNTY.
"T
- •
GundrV & C o
Manhattan
McEarnalian
McEee
TyTcCflnii
Patriot
S i l v e r "Wedce
St>iiT*r Jir Crvnvf^'
"Ward T l i o m a s
AV^allaiCft fTospuli
".
-
- .
- -.
.'
LINCOLN .COUNTY.
•-
T)a,v
Heniss
1, 421
800
16,122
379
•251,310 86
1
574
1,756
992
1, 778
626
1, 708
80
1558
212
699
1, 7.50
1, 476
280
256
1, 512
1, 810
1, 726
1,728
1, 312
1, 772
452
70
660
1, 228 57
667 26
3, 658 10
1.5, 383 99
554 18
33,138 02
2, 325 08
7, 010 66
3, 323 47
2, 293 17
518, 667 25
2, 748 94
1,157 54
1, 541 78
8, 222 43
3, 923 38
732 67
4, 647 60
1,140 80
143, 370 77
55,353 43
930 00
5, 382 02
4, 463 22
1, 787
821, 864 33
625
3, 390 55
1, 470 83
477 21
' 655 50
576 75
298, 345 .84
3,197 24
5, 976 50
47,178 68
109, 674 23
627 80
16
30
2
102
7
23
11
13
4,048
5
4
5
18
7
12
. 4
3, 399
128
1
10
12
7, 867
'Xotal
BoAvei-y
4,647
9,530
756
110
. 854
224
-
-•
Meadow Valley
Mazeppa
-
"
tailings:.
•
30
• 150
4
21
27
8,393
15 1
29 1
2, 322 '
14, 363
15'
158
1, 779
790
707
796
462
1,237
• 1, 587
1,400
1,190
70.189
4],322
23, 557
3,101
107,185
5, 955
00
00
52
50
84
00
244
REPORT ON T H E
FINANCES.
Gross yield of ihe mines. State of Nevada, for ihe year ending June 30, 1879—Continued.
I Quantity extracted. I
Mines.
I Gross v a l u e .
i Pounds. !
Tons,
n>".,;'-'g^||a;
LixVCOuN Cou^iTY-• C o n t i n u e d .
N e v a d a and Arizona
Newark
•,
Pioclie
Paymoiid & Ely
Eaymond & Ely
Techatticup
Unknown
Willott
,
ff"
.Total.
122
434 I
908
"i
7
3,403
17, 571
328 I
127
tailings.
46, 942 •
574
1, 559 ;
16 i
1, 871
$8, 753 21
142 76
• 750 79
202, 868 92
86,178 17
22, 931 42
15, 072 44
104 27
'8,373 11
LYON COUNTY.
E x c e l s i o r mill
L y o n mill
Pacific mill
U n i o n miU
t
' Woodwortli. mill
tailings.
do.. .
do...
do...
do...
:
1,735
49,860
5, 315
46,800 '
6, 090 I
^i:otal
4, 950
212, 500
56, 570
146, 942
90, 635
109, SOO '
00
54
32
45
95
511, 599 26
NYE COUNTY.
Alexaiidiia
A.rgent
Alexander
BekuoTi t
Dowuev
Eldorado
Gila
--..
Higlibiidge
•
.Illinois. .^
Tybo
Q. G. a n d Bunlcei.' H i l l .
1,135
•440
••77
177
1, 075
1, 000
53
100
1,170
881
9, 9B9
5, 490
Total
f
200 i
603
400
370
21,461;
5.5,000 00
32, 608 00
6, 500" 00
51, 591 63
35, 000 00
6. 000 00
8, 573 64
90, 928 65
65. 297 64
263. 453 03
134, 784 78
1, 540 I
749, 737 37
.!
110, 350 54
42, 700 41
• 71.134 50
20, 477 75
133,100 67
54, 717 61
26, 206 76
OKM.SBY COUNTY.
.tailing
BrimsAviclv m i l l
Mexican mill
Mo.i'gan uiilll
iiSlievada m i l l
Pacific uiill
Bantiago mill
tJiiiou. mill
i
j
i
I
I
j
:
T( al.
9, 974 :.
9,800 .
6, .180 •-.
6,620 •12,411 i15,611 ;.
6.757 i:
67,353 ,
6T0KEY
A n d e s .•
CalifoiTiia
Cliollai- P o t o s i
-^
Consolidated Virginia
Consolidated I m p e r i a l
Imperial
Justice
Ophir
Silyer HiU
Sierra N e v a d a
Trojan
'
E x p r e s s loill
B o s s e l l B r o s , mill
M a r i i x i s a luill
.-..I
464,688 24
COUNTY.
'
- - -'
*-
,
.:
Omega mill
tailings..
do
do
do —
Total
:
720 •
S9,285
1,020
60.403 '
9, 279
3,431 ;
2,259 :
11,166 ,
552
1,800 '
4, 4.53
1,105
757
10, 316
44,788 •
; 241, 335 •
1,300
300
100
12, 240 00
.459,2.16 12
14,709 29
!, 612, 990 22
120, 812 30
40, 258 50
21, 791 92
792, 516 53
4, 509 92
110, 412 67
67, 578 75
9, 968 45
8, 469 00
127,191 14
422, 297 03
400 ; ^, 824, 961 :
W H I T E L'lNE COUNTY.
Eberliardt & Auro
"Eagle So O r e s c e n t
.Exchan ue
Eair-play
Lookout
M o u n t a i n Queen ..
Paymaster
,
'.^,ueeu
istar
Stafioi-d
Total.
7, 072
313
400
8
55
4
5. 395
25
4. 686
39
18,001
1, 549
1,000
I
'
'
'
'
1,000 !
' 1,188''
1, .500
106
78, 815
3, 024
16, 000
1, .577
5,277
1, 082
247, 499
3, 946
325, 957
3,184
62
72
00
36
13"
00
42
00
17
44
686, 363 86
245
DIRECTOR OF T H E MINT.
Gross yield of the mines. State of Nevada, for the year ending June 30,1879—Continued.
PvECAPITULATION. .
Quantity extracted.
Gross value.
Tons.
Elko
Esmeralda
Eureka
Humboldt
Lander
Lincoln .
Lyon
:Nye
Omisbv
Storey
White Pine
Grand total
..
.
-
Pounds.
16, 345
27,279
118, 501
16,122
7,867
46, 942
109, 800
21,461
67, 353
241,335
18, 001
725
.. 430
805
379
1,787
1,871
691, OIO
255
1,540
400
218
$994, 882 78
958, 692 09
4, 233, 000 23251, 310 86
821, 864 33
808,373 11
511, 599 26
749, 737 37
464, 688 24
8, 824, 961 84
686, 363 86
19, 305, 473 97
STATE CONTROLLER'S O F F I C E ,
Carson, Nev., August 28, 1879,
I hereby certify t h a t the foregoing is a full, true, and correct statement of the yield
of the niines of the State of Nevada for the year commencing July 1, 1878, and ending J u n e 30, 1879, as compiled from the quarterly reports of several county auditors, .
filed in this department.
Witness iny hand and seal of of&ce this 28th day of August, 1879.
[SEAL.]
J. F. HALLOCK.
State Controlle}',
By WM. B. DAUGHERTY,
Deputy,.
4ai
REPOET OF THE FIRST COMPTROLLER.
REPORT
OF
THE FIRST COMPTROLLER
TREASURY DEPARTMENT,
F I R S T COMPTROLLER'S O F F I C E ,
Washiiigtonj D. C, November 8, 1879.
SIR : In compliiance with the request contained in your letter of September 11, 1879, I have the honor to subinit the following report.
The transactions of this ofiice during the fiscal year which ended
June 30,^ 1879, Avill be first presented.
The following warrants were received, examined, countersigned, entered into blotters and posted into ledgers under their proper heads of
appropriations:
Kind.
Numbei'.
Auiount covered
tberebv.
APPROPRIATION.
Treasury proper
Pubhc debt
Diplomatic and consular
Customs
Internal revenne
Interior—Civil
Interior—Indians and pensions.
War
Navy
$42, 646, 210 61
SQ4, 773,758 16
1, 087, 535 oa
22. 959, 970 49
4; 453, 244 33
5, 921, 904 28
44, 554, 572 85
45, 031, 016 51
14, 645, 137 64
i, 073, 349 87
ACCOUNTABLE AND SETTLEMENT.
Treasury proper
Public debt
Quarterly salaries
Diplomatic and consular.'.
Customs
.
'.....
Internal revenue
Jn'diciary
Interior—Civil
Interior—Indians and pensions .
War
Nav^"^
3, 225
1,42
1, 386
2,596
4, 971
4,646
3,'031
2, 295
3, 381
8,708
2, 240
Customs
Internal revenue
Public lands
Miscellaneous revenue
Interior repay—Indians and pensions .
War repay
Navy repay
Miscellaneous repay
36, 621
;6, 667, 755 47
1,407
1, 684
990
7,142
597
1,455
416
2, 006
$137, 250, 047 70
113, 561, 630 58
924, 781 06
22, 090, 745 12
2,185, 928 36
1, 809, 917 59
10, 745, 987 14
4, 875, 587 53
15, 697
Total.
$29, 507,537 02
707, 009,732 31
400, 962 03
6, 880,928 53:
19, 792,365 20
4, 425,485 80
3, 578,063 75
4, 552,469 39
42, 513,519 84
42, 235,578 22
25, 771,113 38
$293, 444, 625 08$2,166,185, 730. 42 .
2-50
REPORT ON T H E FINANCES.
. Accounts have'been received from the auditing ofl3.ces, revised, recorded, and certified to the Eegister of the ITreasury, as follows:
Number. Amount involved.
Kind.
FROM T H E FIRST AUDITOI!.
1. Judiciary.
.
'
Embracing accounts of United States marshals for their- fees and expenses of United States courts, and accounts of IJnited States district
attorneys, IJnited States couimissioners, and clerics of United States
courts '..-
2,932
2. Public DebtEmbracing accounts of the United States Treasurer and Assistant Treasurers for the redemption of United States called bonds and United
States notes, and for the paynient of interest on the public debt
,
3. Puhlic Buildings.
Embracing accounts for the construction of pubhc buildings throughout
the United States; accounts of the Geological, Geographical, a^nd Coast
Surveys; accounts in relation to charitable iu stitutions and puldic buildings and grounds in the District ot Columbia; accounts for the Smithsonian Institution and museums; for the United States Fish Commission ; for incidental expenses of the Patent Office; for repairs of the
Capitol and imxirovement of the Cajiitol grouuds
*$3, 000, 000 00
412,134, 596 !
434
••^•4, 500, 000 00
4. Steamboat.
Accounts for salaries aud incidejital expeuses of iuspectoi's of hulls and
boilers
1
5. Territorial.
Accounts for salaries of Territorial officers and for the legislative and
contingent expenses incidental to the government of the Territories
6. Mint and Assay.
Acconnts for gold, silver, and iiickel coinage; for bullion; for salaries of
the officers and emi)loy6s of the several mints, and for the general expenses of the same...'.
"
Bullion deposits and transfers
*208, 000 00
279
1, 621, 842 23
137, 222, 205 86
7. Express. Accounts for the transportation of gold and silver coin and buUion, minor
and base coins. United States currency, national-bank notes, complete
and incomplete coin certificates, registered and coupon bonds, mutilated currency, canceled and incomplete securities, national-bank notes
for redemption, stamp paper, stationery, boxes, parcels, &c
202, 429 82
8. Gongressional.
,
^
'
Accounts for salaries of the officers and einploy6s and for contingent and
other expenses of the United States Senate and House of E(;presentatives
'.
939, 816 44
9. Outstanding Jjiabilities.
Arising from checks which have been covered back into the Treasury,
the payment of Avhicli has been demanded
'...
28, 402 82
10. JPublic Printing.
Accounts of the Public Printer for the salaries and wages of the emI)loy6s ofthe Government Printing Office, for the purchase of materials
lor printing, ami for contingent expenses of the Governmeni; Printing
Office
1, 700 13»
11. Treasurer's General Accounts.
Quarterly accouuts of theUnited States Treasurer for receipts and . expenditures, including receipts hom all sources covered into the Treasury,
and all payments made from the Treasury
1, 369, 625, 515 19
12. Assistant Treasurers' Accounts.
Accounts of the several assistant treasurers of the United States for the
salaries of their employes and the incidental expenses of their offices
13. Sinking Fund.
Accounts with the sinking-fund commissioners of the District of Columbia for redemption of District bonds and interest thereon '.
*Approximate amourit.
75
341, m 26
251
FIRST COMPTROLLER.
Kind.
Number. A m o u n t involved.
14. Miscellaneous.
Such, a s a c c o u n t s w i t h t h e d i s b u r s i u g officers of t h e E.'cecutive D e p a r t m e n t s for salaries of officers a n d euiploy6s a n d c o n t i n g e n t e x p e n s e s of
t h e s a m e ; a c c o u n t s for salaries of S e n a t o r s a n d E e p r e s e n t a t i y e s i n Cong r e s s ; for salaries o.f t h e j u d g e s of t h e U n i t e d S t a t e s S u p r e m e C o u r t ,
t l n i t e d S t a t e s c i r c u i t a n d d i s t r i c t j u d g e s , d i s t r i c t attoiTieys, a n d mar-_
s h a l s ; foj? salaries a n d c o n t i n g e n t e x p e n s e s of ,the N a t i o n a l B o a r d of
H e a l t h , (fee
:
-- T o t a l froui Eir.st A u d i t o r
2,417
*$20, 000, 000 00
8,169
$1, 950, 919, 625 28
FROM T H E FIF.I.M AUJ;>ITOR.
15. I n t e r n a l Jlavenue.
A c c o u n t s of collectoi'S of i n t e r n a l i-cvenuc
S a m e a c t i n g as d i s b u r s i n g a g e n t s
A c c o u n t s of i n t e i n a l - r e v e n u e .stam]i a g e u t s
A c c o u n t s of i u t e r i u i l - r e v e n u e a s s e s s o r s
•
•
Miscellaneous internal-revenue accounts, such as direct-tax accounts w i t h
commissioners a n d Avith. t h e S t a t e s ; six dilferent m o n t h l y a c c o u n t s w i t h
t h e C o m m i s s i o n e r of I n t e r n a l E e v e n u e for r e v e n u e s t a m p s ; a c c o u n t s
with, t h e d i s b u r s i n g c l e r k of t h e T r e a s u r y D e i j a r t m e n t for salaries i n
t h e office of t h e Coinmissioner of I n t e r n a l E e v e n u e , a n d for t h e paym e n t of i n t e r n a l - r e v e n u e g u a g e r s ; with, t h e S e c r e t a r y of t h e T r e a s u r y j
for fines, p e n a l t i e s , a n d forfeitui-es; w i t h tlie T r e a s u r y D e p a r t m e n t for
s t a t i o n e r y ; w i t h r e v e u u e a g e n t s a n d d i s t i l l e r y s u r v e y o r s ; di-awback {
a c c o u n t s ' ; a c c o u n t s for r e f u n d i n g t a x e s illegaliy c o l l e c t e d ; for t h e re- i
d e m p t i o n of intei'iial-roveiuie stamj^s: for e x p e n s e s of d e t e c t i n g a n d {
s u p p r e s s i n g Aiolatious of i n t e i n a l - i e v e n n o . laws, i n c l n d i n g r e w a r d s i
therefor, &c
•
"
i
579
1,005
323
45
4,459
0
16. .'Diplomatic a n d Consular.
$681, 034, 329
•.
A c c o u n t s for s a l a r i e s of consuls a n d c o m m e r c i a l a g e u t s
;
A c c o u n t s for s a l a i i e s of m i n i s t e r s a n d c h a r g e s d'affaires
'
A c c o u u t s for s a l a r i e s of i n t e r p r e t e r s
i
A c c o u u t s for s a l a r i e s of s e c r e t a r i e s to Ligations
\
j
A c c o u n t s for salaries of m a r s h a l s of c o n s u l a r c o u r t s
'•
A c c o u n t s for t h e I'eliof a n d p r o t e c t i o n of Amorioari. seamen.
A c c o u n t s for c o n t i n g e n t e x p e n s e s of l e g a t i o n s a n d c o n s u l a t e s
.'.
A c c o u n t s of U n i t e d S t a t e s hanlcers i n L o n d o n
A c c o u n t s for p r i s o n s i n C h i n a a n d J a p a n
A c c o u u t s for salaries a n d e x p e n s e s ot m i x e d c o m m i s s i o n s
A c c o u n t s of t h e d i s b u r s i n g cleric D e p a r t n i e n t of S t a t e for iniscellaneous
diplomatic expenses
."
M i s c e l l a u e o u s dii>loraatic a c c o n n t s
1, 017
119
• 74
-• 47
20
713
441
54
• 41
14
43
, 345, 848 29
17. A d a m s E x p r e s s .
A c c o u n t s for t h e t r a n s p o r t a t i o n of i n t e r n a l - r e v e n u e m o n e y s t o t h e subt r e a s u r i e s ' a n d <lesignated d e p o s i t a r i e s a n d for tlie t r a n s p o r t a t i o n of
.stationery, tfec., t o internal-reA'enue officers
T o t a l frorii Eiftli A u d i t o r .
40
7,091
4, 858 50
$687, 385, 036 30
FROM T H E COMMISSIONER OF T H E GENERAL LAND OFFICE.
18. P u b l i c L a n d s .
500
A c c o u n t s of surA^eyors-geneiiil a n d tlie om]iloyes in t h e i r offices
' A c c o u n t s of dexiuty suxveyor.s
A c c o u n t s of receivei-s of p u b l i c m o n e y s
A c c o u n t s of sajue a c t i n g as d i s b u r s i n g a g e n t s . . . ,
A c c o u n t s for th'e r e p a y m e n t of pui.'cliase-money p a i d for l a n d s e r r o n e o u s l y
sold
"'.
"..
A c c o u n t s of t i m b e r a g e n t s ,
A c c o u n t s of r e g i s t e r s of local l a n d oifices
M i s c e l l a n e o u s a c c o u n t s , s u c h as a c c o u n t s with, t h e s e v e r a l S t a t e s for ind e m n i t y for s w a m p a n d overflowed l a n d s e r r o n e o u s l y sold, a n d for 2
p e r cent., 3 p e r cent., a n d 5 p e r cent, n p o n t h e p r o c e e d s of t h e sale of
p u b l i c l a n d s ; a c c o u n t s of s u r v e y o r s - g e n e r a l for c o n t i n g e n t e x p e n s e s of
t h e i r offices: a c c o u n t s w i t h t h e K a n s a s , DeuA^er, C e n t r a l , N o r t h e r n , a n d
U n i o n Pacific E a i k o a d s for t h e t r a n s p o r t a t i o n , of special a g e n t s of t h e
• G e n e r a l L a n d Office; a c c o u n t s for p r i n t i n g a n d s t a t i o n e r y f u r n i s h e d t h e
s e v e r a l s u r v e y o r s - g e n e r a l , r e g i s t e r s , a n d receiA^ers ; a c c o u n t s of special
a g e n t s of t h e I n t e r i o r D e p a i ' t m e n t ; a c c o u n t s for t h e t r a u s p o r t a t i o n of
p u b l i c m o n e y s from t h e local l a n d offices to d e s i g n a t e d d e p o s i t a r i e s ;
a c c o u n t s for s a l a r i e s a n d i n c i d e n t a l e x p e n s e s of a g e n t s e m p l o y e d t o
e x a m i n e a n d v e r i f y p u b l i c suiweys, a n d for t h e r e t u r n of d e p o s i t s i n
e x c e s s of t h e a m o u n t r e q n i r e d for t h e s u i w e y of p r i v a t e l a n d claims, & c . .
T o t a l from C o m m i s s i o n e r of G e n e r a l L a n d Office
* Approximate amount.
^:99
405
422
178
17
15
329
*5, 200, 000 00
$5, 200, 000 o<a
252
REPORT ON T H E FINANCES.
EECAPITULATION.
Number.
Erom—
Eifth Auditor
C o m m i s s i o n e r of t h e (Greneral .Land Ofiice
i
Total
V o u c h e r s . A m o u n t iiiA'olved.
8,169
7, 091
2, 365
5, 920, 254
173,^636
11, 575
$1, 950, 919, 625 28
687, 385, 036 30
5, 200, OOQ 00
17, 625
6,105,465
$2, 643, 504, 661 58
Eequisitions have deen examined and advances thereon recommended asfolloios :
Internal Revenue...'
Diplomatic and Consular
Judiciary
Public Buildings
Mint and Assay
Assistant Treasurers
District o.f Columbia
Territorial
Public Printing
:
Miscellaneous
-
'.. :
-
-:
1, 5:24
1,178
404
192
147
104
64
bl
.'
'
,
240
Total
3,930
Transcripts of acconnts transmitted to the Solicitor ofthe Treastiry for suit
thereon :
Collectors of interual revenue
United States' inarslials
Receivers of public moneys
Internal-revenue stamp agents
Disbursing agents
United States couvsuls
-.
9
6
4
.3
1
1
.'
Total
24
Official letters written
*- - -. -. - -,
.Letters receiA^ed, brieted, and registered
Powers of attorney recorded
,
Miscellaneous contracts and bonds recorded
•
Collectors' tax-Hst receipts recorded, sclieduled, and referred
Orders for special allowances to collectors of internal revenue recorded,
uled, and referred
,.
Internal-re veiiue speciail tax-stamp.books counted and eertiiied....
Internal-revenue tobacco-stamxi books
InternaJ-revenue spirit-stamp books
.;
Pages copied
Copies of accounts made, comiiared, and transmitted:
Internal revenue
°.
Publiciands
.
12, 304
4,617
2, 065
1,140
1, 499
sched280
5, 333
6,11.5
7,164
• 18,612
4,221
:
1, 644
146
1,790
Tlie foregO-iBg statement oiuits mention of a great deal of labor which
cannot easily be reported, but which has required much time and care,
such as the examination of, and decision upon, all api3lications for the
issuing of duplicate bonds and other securities in place of securities lost
or destroyed 5 the examination of powers of attorney for the collection
of money due to creditors of the TJnited States; decisions upon the right
of persons claiming to be executors, administrators, or heirs of deceased
claimants, to receive money due from the United States to said dece
FIRST
253
COMPTROLLER.
dents; the examination, registry, and filing of official bonds; tire exami:.
nation of a large number of claims of workingmen in the District of'
Columbia, filed under the act of Gongress approved June 20, 1878; the
copying of letters forwarded; answering calls for information made by
Congress, the Departments, and private persons ] the examination of
legal points arising in the adjustmeut of accounts, and other work of a
miscellaneous character.
The following comparative statement of the work performed during
this and the last fiscal j^ear will indicate the rate of annual iucrease in '
tlie business of this officC':
Accounts.
Judiciary
Public debt, outstauding liabilities, and assistant tieasuiers '.
Steamboat
Territorial
,
Mint and. assay
•...
Exi:)ress
'
Cougressional
Public printing
Treasurer's general
Sinking funcl
Misceiraneous (iiicluding x:)iiblic buildings)
Internal reA'enue
X
'
Diplomatic and consular
Public lands
Totals.
Warrants
Official letters
Interaal-revenue stamp books counted and certified
Eequisitions
,Miscellaneous Avork, tax-list receipts, copies of reports,
suits instituted, special alloAv^ances, &.o .. -
543
704
270
208
215
145
96
4
43
104
13
71
4
19
3
2, 536
4,145
2, 395
2, 451
586
808
283
. 279
219
164
99
4
4
2, 851
4, 459
2, 592
2, 365
16, 425
17, 625
1, 286
44, 846
10, 599
17,835
3,585
52, 46212, 304
18, 612
3,930
7,- 616
1,705
777
345
- 4
315
314
197
86
86
1,209
3, 714 20, 2.53 16, .539
ASSIGNMENT OF CLAIMS.
By a statute enacted in 1853, the substance of which has been inserted
in the Eevised Statutes, it was declared that all transfers and assignments made of any claim upon the United States, or of any part or
share thereof, or interest therein, whether absolute or conditional, and
whatever might be the consideration therefor j should be absolutely null
and void, unless they were freely made and executed in the presence of
at least two attesting witnesses, after the allowance of such a claim,
the ascertainment of the amount due, and the issuing of a warrant for
the pa^^ment thereof.
In the same year a circular was issued by Mr. Oomptroller Whittlesey
defining the term " claim" as emploj^ed in the clause above recited. The
circular instanced many examples of what might be regarded claims,
and Avhat would not be regarded such within the meaning of the statute,
and summed up ^vith the conclusion that ordinary debts and accounts
against the government which had been legally contracted and never
disputed, are not claims within the meaning of this statute, and that
the statute applies only to uncertain damages and losses, extra allowances, pensions, equitable demands, claims for the correction of alleged
errors, claims for a return or repayment of duties, iteins of account which
have been rejected, or afe disputed, and such classes of cases as in Con-
254
REPORT OJSI THE FINANCES.
gress are usually referred to the Committee oii Claims, and to committees other than the Committee of Ways and lleans. The term
• claim was thus held, not to have been euiployed in its most comprehensive sense. The construction thus given to the statute has been
steadily maintained iu the Treasury Department for more than twenty- .five years.
In tlie case of the United States vs. Gillis. decided at the October term
of the Supreme Court of the United States, 1877, that learned court said
that the Avords of this statute '' embrace every claim against the United
States, however arising, of whatever nature it niay be, and wherever
and whenever presented " (95 U. S., 407). And in the later case of Spofford
vs. Kirk, decided at the October term, 1878 (97 U. S., 484), that court,
referring to the same statute, soid:
. '
It would seem to be impossible to uso laiUgLiMge more compreliensiA'e tban tbis. I t
embraces alike legal aaid e(xuitab].e assignments. I t inclu<les poAvers of attorney, orders,
or other antliorities for receiving pa.yment of any "such claim, or any part or share
thereof. I t strikes at every deri vatjive interest-;, in Avliatever form acquired, and incapacitates CA^ery claimant upon t h e government from crea,ting aai interest in t h e claim
in any other tl;i.an himself.
It i3 proper to state tliat the right of action in the first-mentioned
case was founded on an assignment of a claim to recover the proceeds of cotton seized under the Abandoned and Captured Property Act
of March 12,1863, andthe second upon an assignment of a claim against
the United States for supi3lies furnished to the Army during the war of
the rebellion, and that neither claim, therefqre, was tor a sum liquidated and unchallenged; so that, in case of a suit upon an assignment
of a demand of the latter character, it is possible that that learned court
might not feel authoritatively bound by the comprehensive language
einployed in the two cases above cited.
The inconveniences that would be felt from a construction of this
statute Avhich would give to the term, claim a signification as broad as the
terDi demand would be A^ery great. Illustrations of these inconveniences would too much lengthen this report. They are detailed at
length in the circular of "Mr. Whittlesey. The cases above cited have
occasioned much anxiety to the accounting officers. I think the attention of Congress ought to be called to the statute, and that it ought to
be invited to define the term claim in such manner as, while perhaps
limiting it a little more closely than has been the practice of the Treasury, Avould not leave it so comprehensiAT^e as to embrace CA^ery demand
against the United States.
LOST AND DESTROYED BONDS.
Section 3702 of the Eevised Statutes enacts that Avhenever it appears
to the Secretary of the Treasury, by clear and unequiA^ocal proof, that
any interest-bearing bond of the United States has, Avithout bad faith
upon the part ofthe OAvner, been destroyed Avholly or in part, or so defaced
as to impair its A-alue to the owner, and the bond is identified by number and description, the Secretary shall, under such regulations and with
such restrictions as to time and retention for security or otherAvise, as
he m?ij prescribe, issue a duplicate thereof, &c.; or, if the bonds have
been called in for redemption, instead of issuing a duplicate, it shall be
paid. The next section enacts that the OAvner shall file in the Treasury
a'bond, in a sum prescribed, Avith tAvo good and sufficient sureties, residents of the United States, to be approA^ed by the Secretary, Avith con- '
dition to indemnify and save harmless the United States from any claim
upon such destroyed or defaced bond.
FIRST COMPTROLLER.
255
Applications for duplicates, or ibr the redemption of such bonds, are
referred, under regulations prescribed by the Secretary of the Treasury,
to the First Comptroller, to be decided upon by him.
I t Avill be perceived that bonds payable to bearer come within the
terms of this statute ] and the practice has been to issue duplicates for,
or to redeem, bonds of this character alleged to have been destroyed,
upon CAadence furnished by affidavits taken before certain prescribed
officers of the United States. The redemption of such bonds and the
issuing of duplicates have alwa^^s.been refused until after the lapse of
six months from .the filing of an application; but even with this precauticn the statute is fraught Avith great danger to the Tre'asury. In
practice it has been found that in fully half the cases Avhere evidence
has been offered to establish the fact of destruction, the bonds haA'C not
been destroyed, but haA^e passed either b}^ theft or collusion into the
hands of other holders. When a bond of this kind is lost or stolen,
the owner who lias been deprived of. it is apt soon to persuade himself
that it has been destroyed, as only, in case of its having been destroyed
can he entertain, reasonable hope of CA^er receiving payment. Instances
, also have occurred of persons offering most impressiA^e evidence of the
destruction of bonds alleged to haA^e been owned by them, Avho, subsequent CA^ents haA^e shoAvn, had no title to them whatever. Great Adgilance has been practiced by the Treasury by the iuA^ocation, eA^^en Avhen
A^ery slight doubt has been excited, of the aid ofthe secret-serAdce division; ^
but it is belicA^ed that no vigilance can be sufficient to guard against
the ingenious uiethods by Avhich. fraudulent applications may occasionally be made successful. If no radical change is made in the existing
statute, authority ouglit at least to be given to require more than two
sureties to the bond of indemnity. Indeed in cases as well of registered
bond.s as bonds payable to bearer, this authorit^^ ought to be conferred.
DISBURSING CLERKS.
All disbursing oificers of the departments are required by laAv to give
bonds. In the cases of the clerks in the several departments appointed
tb disburse moneys, the penalties of the bonds are usually small in
amount compared with the sums almost constantly in their hands for
disbursement. Away from their friends, and the tenure of their offices
being precarious, it would Avith most of them be difficult, perhai)s, if not
impossible, to giA-^e bonds adequate to secure the gOA^ernment against
possible losses. One disbursing-clerk of the Treasury Department, of
great fidelity and long experience, disbursed during the last fiscal year
more than five million dollars. The penalty of his bond is thirty-five
thousand dollars. Another, of like character and experience, disbursed
a million, and a quarter. The penalty of his bond is ten thousand dollars.These amounts seem small; but the Secretary of the Senate usually disburses in the course of a fiscal year more than eight hundred thousand
dollars, and the Clerk of the House about a half milUon, and their bonds
are fixed by law at but tAA^enty thousand dollars. Officers of the Quartermaster's, Subsistence, and Pay Departments of the Army, almost Avithout exception, though the disbursements of many of them are A^ery large,
giA'-e bonds in the sum of twenty thousand dollars. Officers, howcA^er,
appointed by the Secretary of the Treasuiy, with the exception of the
disbursing clerks, generally give bonds in an amount sufficient to cover
all possible losses. In the case of these disbursing clerks the. securitj^
of the government is chiefly in their personal integrity and the frequency
with yt^hich their accounts are subjected to iiiA^estigation. The care and
256
^
REPORT ON THE FIN.A.NCES.
fidelity Avith which they generally perform their difficult and responsible duties cannot be too highly commended. The task of frequently
OA^erhauling their accounts, in the absence of any specific requirement of
laAV, is an ungracious one, though such iuAT-estigation has never, so far as
I have knowledge, been regarded by them as offensive. The frequency
and the manner in which these iuA^estigations should be made ought, it
would seem to me, to be prescribed by laAA^
DOUBLE SALARIES.
Section 1763 of the Eevised ^Statutes enacts that no person Avho holds
an office the salary or annual couipensation attached to AA^hich amounts
to the sum of two thousand fiA^e hundred dollars shall receiA^e compensation for discharging the duties of any other office, unless expressly
authorized by laAv. Section 1764 inrescribes that no allowance or compensation shall be made to any officer or clerk by reason of the discharge
of duties which belong to any other officer or clerk in the sauie or any
other departments; and that no allowance or compensation shall be
made for any extra services Avhatever Avhicli. any officer or clerk may be
required to perform, unless expressly authorized by law. Section 1765
declares that no officer in any branch of the public service, or anj^ other
person whose salary, pay, or emoluments are fixed b^^ law or regulations,
sh^ll recei-A^e any aclditional pay, extra allowance, or compensation, in
any form Avhatever, for the disbursement of public inoney, or for andother service or duty Avhatever, unless the same is authorized b}^ law, and
the appropriation therefor explicitly states that it is for such additional
pay, extra alloAvance, or compensation. It has been steadily held under
these scA'cral provisions that to no officer or clerk performing additional
services in the same line of dutj^ or performing duties AA^hich belong to
another officer or clerk, can an extra alloAvance or compensation be made
for such additional serAdce; but the Attorney-General has expressed the
opinion in several instances where his opinion has been requested, that
.an officer' or clerk Avho lipids two distinct commissions, or exercises an
employment independent of and distinct from his duties as such officer
or clerk, may be paid the salary of both offices or compensation for such
additional employment, if the salary of such officer or clerk under the first
appointment does not exceed twenty-five hundred dollars, and if there
is an appropriation out of AA'hich payment may ,be made for this class of
Avork or service, though the statute may not provide for paymentof
additional compensation to such officer or clerk by name or other identification. It is not meant to call in question this construction of the
statute, Avhich, so long as the case of CouA^erse vs. The United States (21
Howard, 463) shall be regarded authoritative, cannot Avell be avoided;
but in giving effect in one or two instances in the adjustment of accounts, to this interi)retation, I haA^e not been able to free myself from
a lurking suspicion that it AA^as not in harmony with tfie intention of the
framers of these proAdsions. I deem it proper that the attention of Congress shall, be drawn to the manner in Avhich these sections are construed
in the particulars mentioned, in order that, if the construction is not
satisfactory, the statute may be made more iDcrspicuous.
Incidental^, in this connectiou, it deserves to be remarked that the
proAdsions of Title Four of the EcAdsed Statutes, entitled ''ProAdsions.
applicable to all the ExecutiA^'e Departments," seem, Avhere the term department is used, not to be applicable to the Department of Agriculture,
the departments to which the statute shall apply being specifically mentioned, aaid the Department of Agriculture being omitted. In the care
FIRST COMPTROLLER.
257
fill Avork of Mr. Elmes ou the ExecutiA^e Departments, recently published, he coincides with the view of this office in this interpretation.
In this title several important provisions not now applicable to the Department of Agriculture occur, respecting the salaries of clerks and
other matters, which it is difficult to belicA^e that Congress did noh accidentally omit to make applicable to th^. department.
DISTRICT OF COLUMBIA.
The diff'erences between the Commissioners of the District of .Columbia and the officers of the Treasury charged by law with the examination of their accounts, have," with one or two exceptions, been har^moniously adjusted. These exceptions relate chiefly to the question
Avhether the Commissioners or the Treasurer of the United States has
the authority to make requisitions for certain classes of advances. The
intention of Congress in the statutes relating to the District under its
' new organization has in scA^eral instances been imperfectly expressed,
and differences of construction have arisen in a candid effbrt upon the
part of the Commissioners and the accounting officers to collect the intention of Congress from phrases fairly susceptible of two interpretations. If, in a A^ery few particulars. Congress shall by amendatory legislation express its meaning in more perspicuous phraseology, entire
harmony of construction may be made to prcA'-ail betAveen the Commissioners and accounting officers, and the affairs df the District by their
cheerful co-operation may be frugally and carefully conducted.
NATIONAL BOARD OF HEALTH.
Important provisions in the scA^eral acts relating to the IsTational
Board of Health haA^e been referred by you to this office for construction. A liberal construction has in CA^ery instance been recommended
to carry out the beneficent ends contemplated .by Congress, but a strict
one has been maintained in relation to proof that the moneys claimed
to have been disbursed have been actually expended, and disbursed for
the purposes provided h j law. It is pleasant to be able to say that the
rulings made by this office have been kindly and hospitably receiA^ed by
that most intelligent board, and that the expenditures of the b o a r d though inoneys haA^e never been withheld by it where it was deemed
that they could be legally and usefully employed—haA^e thus far exhausted less than a fourth of the appropriations made by Congress.
I beg to renew my commendation of the chiefs of division, clerks, and
other persons employed in this bureau for the intelligence and fidelity
Vith Avhich they have performed their duties.
I have the honor to be, very respectfully,
A. G. POETEE,
First Com])troiler.
Hon. J O H N SHERMAN,
Secretary of the Treasnry.
17 F
REPORT OF THE SECOND COMPTROLLER.
EEPORT
OF
THE SECOND COMPTROLLER OF THE TREASURY.
TREASURY D E P A R T M E N T ,
SECOND COMPTROLLER'S O F F I C E ,
Washington, Octoher 13, 1879..
SIR : In compliance with your request by letter of the l l t h ultimo, I
submit herewith a summary statement of the business done in this office
during the fiscal year which ended on the 30th day of June, 1879.
The following table shows the total number of accounts and claims
revised and adjusted, vdth amounts allowed thereon; also r.eferred and
other cases settled that do not involve a present expenditure:
Number
revised.
From—
SecoDd Auditor
Third Auditor
Fouitli Auditor
"
.
Amounts.
8,872 $22,107, 337
8,009 -.42,642,216
1, 727
16, 277, 774
:
Various sources, not involving present expenditure
Total number and amounts involved
18, 608
2,311
81, 027, 327
2, 244, 230
20:919
83, 271, 557
The following tables furnish a more detailed statement of the same
accounts and claims, showing the number, revised and adjusted, the
character of the same, the amounts alloAved, and the source from Avhich .
they were receiA^ed:
Accounts revised during the year.
Charabter of accounts.
Erom the Second Auditor:
I. Of Army paymasters, for pay of the Army, including mileage to officers and
' general expenses
^' ?
2. Special accounts, including ordnance, medical, recruiting, and contingent
expenses of the War Department
3. Of agents of Indian affairs, for the current and contingent expenses of the
Indian service, including annuities and instalments under treaties
.
Total
.^
Prom th'e Third Auditor:
'
1. Of disbursing-officers of the Quartermaster's Department, for the regular
supplies and incidental expenses
-2. Of disbursino^-officers of the Subsistence Department
3. Of disbursing-officers of the Engineer Departmeut, fo,r military surveys, the
construction of fortifications, river and harbor surveys and improA'ements.
4. Of pension-agents for the payment of pensions &-c
Total
Number
revised.
Amounts.
442
$13, 416, 286
2,139
1, 582, 620
2,526
6, 737, 274
5,107
21, 736,180
i;oio
631
10, 393, 598
2, 918, 067
110
269
3, 532, 251
21, 593, 541
2, 020
38, 437, 457
262
REPORT
ON T H E
FINANCES.
Accounts revised during the year—Continued.
Nnmber
revised.
Character of accounts.
From the Fourth Auditor :
Of the disbursing-officers of the Marine Corps
Of the paymasters of the Navy proper
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
6. ^Miscellaneous naval accounts
,
7. Financial ageuts
1.
"2.
3.
4.
5.
Total
Amounts.
7
147
84
14
$551, 846
4, 499,145
6, 330, 342
3, 612, 036
68
91
4
776, 631
289, 750
46, 628
:
16,106, 378
Claims examined and alloiued during the year.
Nnmber
revised.
Character of claims.
Amounts.
From the Second Auditor :
1. Soldiers' pay and bounty
1.
2.
3.
•4.
$371,157
From the Third Auditor :
Lostproperty, under act of March 3, 1849 .. Miscellaneous, including qua.rtermaster's, coinmissary, and transportation.
Oregon and Washington Territory Indian war-claims
State war-claims ...'
Total .
From tive Fourth Auditor :
1. Sailors' i)ay and bounty
2. Prize-money
'.
...'..
Total.
Cases not involving present expenditure :
1. Duplicate checks
.".....
2. Financial agents (Navy)
3. Eeferred cases
Total.
Bonds filed
Contracts filed
Letters written and copied
". -,.
Requisitions recorded during the fiscal year
Settlements recorded during the fiscal year
Differences recorded
Clerks employed during the fiscal year
364
5,575
45
54, 420
3, 996, 593
23,634
130,112
5; 989
4,204,759
1, 071
241
159, 095
12, 301
1,312
.171, 396
404
4
• 1, 903
19; 363
2, 224, 867
2,311
2,244,230.
......
;
^
:.
116
2,030
1, 541
17, 349
8,929
6,251
54
In addition to the labor above classified, a variety .of incidental iiiA^estigations and other duties have beeii performed, requiring careful and
skilled labor, that cannot be summarized without extending this report
to an unreasonable length.
^\
It affords me pleasure to be able again to bear testimony to the ability,
fidelity, and industry of the Deputy Second Comptroller, Mr. James S.
Delano, the chiefs of diAasion and clerks of the office by Avhom this work
has been accomplished.
Yery respectfully,
W. W. UPTON,
Comptroller.
Hon.
JOHN
SHERMAN,
Secretary of the Treasury.
REPORT o r THE COMMISSIONER OF CUSTOMS.
REPOET
OF
T H E C O M M I S S I O N E R OF CUSTOMS,
TREASURY D E P A R T M E N T ,
O F F I C E OF COMMISSIONER OF CUSTOMS,
Washington, Octoher 13, 1879.
S I R : I haA^e the honor to submit herewith, for your information, a
statement of the work performed in this office during the fiscal year
ending June 30,1879 :
Number of accounts on hand July 1, 1878
Number of accounts received from the First Auditor during the year
'249
6, 316
6,565
Number of accounts adjusted during the year
Number of accounts returned to First Auditor
.
^
Number of accounts on hand June 30,-1879
,
6, 254
12
^
6,266 .
299
There was paid into the Treasury from sources the accounts relating
to Avhich are settled in this offi-ce—
On
On
On
On
On
On
On
On
On
On
On
On
account
account
account
account
account
account
account
account
account
account
account
account
of customs
;...
of marine-hospital tax
of steamboat fees
of fines, penalties, and forfeitures
of storage, feeS; &c
of deceased passengers
of emolument fees
of mileage of examiners
of interest on debts due
of rent of public buildings
of relief of sick and disabled seamen
of proceeds of government jiroperty
«
$137,250,047 70
.359,646 85
270,405 57
163,513 06
748,880 04
100 OO
187, 889 26
,579 20
25,521 14
I...
9, 048 15
.
602 56
6, 566,11
139, 022,799 64
And there Avas paid out of the Treasury:
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
King
On account
On account
Ou account
of expenses 'of coUection
$5, 485, 543
of excess of deiiosits
1,924,246
of debentures
4,931,133
of public buildings
2, 490,889
of construction and maintenance of lights
2, 342j 664
of construction and maintenance of rev'eiiue-cutters
850,224
of marine-hospital service
1.
374,950
of life-saving stations
501, 965
of cpmpensaition in lieu of nioieties
42,109
of relief acts
15,774
of seal fisheries in Alaska
19, 063
of metric standard weights and measures
3, 448
of settlement of disbursing officers' accounts
38, 505
of debentures and other charges
2,521
of refunding duties ,
,
12
of refunding fine to B. Maddock, owner of schooner Ocean
:
.
45
of refunding duties to Saint Michael's Church
1, 588
of unclaimed merchandise
i
^ .
761
of distributive shares, fines, i)<5iialties, and forfeitures...
5
87
31
23
14
14
47
50
62
51
50
30
75
54 '
49
19
00
65
26
37
19,025,452 84
266
REPORT ON T H E
FINANCES.
The number of- estimates received*
"
3,294
The number of requisitions issued
3, 293
The amount involved in requisitions
|15,703, 669. 53
The nuniber of letters received.
10,685
The number of letters written
11,232
The number of letters recorded ..".
„
11, 381
The number of stubs of receipts for. duties and fees returned by collectors.
179,179,
The number of stubs examined
148,144
/The number of stubs of certificates of payment of tonnage dues received and entered
9,756
The value of postage-stamps used
.".
1. 46
The number of returns received and examined
13,782
The niimber of oaths examined and registered
4, 334
The number of appointments registered
.'
3,278
The average number of clerks employed
30
I inclose herewith a statement of the transactions in bonded goods
during the year ending Juiie 30,1879, as shown by the adjusted accounts.
I am, very respectfully, your obedient servant,
H. C. JOHI^J'SOlNr,
Gommissioner of Customs.
Hon. J O H N SHERMAN,
.
Secretary of the Treasury.
Districts.
A.lbany .
j^lexandria ....Baltimore
Bangor ...1
Barnstable
Bath
Boston and Charlestown
Belfast
C a p e A'iijcent
fl
cc
•
If
r
©
. . . . .. . . . ..
Delaware
Detroit
Duluth.
Edfifartown
Erie
Gralveston
Genesee
Greorgetown D C
(•rloucester
. •.
K e y AVest
Louisville
Marblehead.
o .
^ a •
.^ o
fl
$547,187 24
1,104 88
4, 316 47
8, 634, 717 75
230, 213 33
2.5, 586 17
1, 071 36
717 76
155, 729 28
11,151 31
1, 541 88
1, 341 61
II
U- •
ill
o
O
- $12, 050 92
6, 271 40
29, 221 19
221, 990 12
201, 251 31
929 84
17, 220 23
503, 253 13
496 52
1, 282 32
3, 046 75
446,134 50
12, 948 27
624, 923 51
66 58 .
2, 041 35
.13, 599 19
••
1,
67,
13,
9,
2,
19,
99,
13,
494 34
473 59
089 86
817 92
274 65
472 92
992 09
240 06
63
81
73
42
48
60,116 31
1, 457 27
13, 503 81
7, 407 41
22, 460 66
=
189, 575 58
1, 624 51
70
128,115 18
1, 571 39
9,891 84
10,101 01
997 39
2, 908 26
8, 373 82
5, 479 95
4, 327 04
77 52
$105, 738 20
81 40
631, 073 56
2, 701 95
140 39
30, 865 95
7,190, 349 34
759 71
24, 859 76
292 91
9 70
212 73
1, 232 84
30 79
4, 939 90
668,416 51
64, 965 08
1,132 76
6, 637 29
17, 309 15
76, 333 20
12 80
325,753 15
671, 958 05
1, 283 00
43 04
329 13
800 95
97 94
41, 475 95
3, 251 67
3, 396 46
637,
•
11,
4,
059 44
398-70
859 46
949 29
$207, 489 59
•
126 97
124,186 26
8,-7-17 57
233, 825 65
362 i d
459 24
28
4 65
'
279
855
9, 269
1, 599
15, 775
$7 40
12,713 57
147 42
6, 472 71
213 80
199,
3,
67,
24,
2, 775 00
. .
• i s
7
82
145
24
405
£'3,
-•••••§.1
O
618 88
888 54
664 76
996 15
1,158 18
523,176 26
30, 945 77
7,604 83
4, 406 84
• u
• =2 fl-
^fl§ •
......
Fairfield
Eall River
.
$105, 738 20
$178 63
190, 947 92
1,100 55
1, 807 56
' 687 48
2, 297, 668 68
19, 7S9 29
3, 628 17
1, 329 10
167 14
Chaileston
Chicao'o
Cincinnati
fl
cs
33
88
79
98
33
1, 231 20
7 20
2, 779 65
43 04
329 13
SOO 95
94 56
17,176 07
18, 551 15
4, 632 86
311 70
82 00
93 04
194, 202 33
8, 981 69
184, 447
33
12, 716
545
49
75
13
76
$318, 452 46
8, 698 64
2, 207 19
794, 226 08
• 447, 207 89
392, 806 54
1, 770 79
1, 679 25
.1,067-89
15,171 39
. . 4, 700 20
$4 87
41,130 09
2,161 80
573,117 46
65 10
Balance on bonds
to secure' duties
. on goods remaining in warehouse
on June 30,1879.
Balance on bonds,
to , secure duties
pn goods remaining in warehouse
on July 1,1878.
Statemeni of warehouse iransadions at the seDerat districts and p)orts of the VnUed-Staies-for tiie-year endi/iig June 30, lSt§,
$99 76
; 68, 007 08
o.
o-
522 95
1 909 98
3, 046, 747 09
7,451 93
2 645 90
1, 333 18
Ul
279, 977 25
685, 021 09
1, 283 00
l-H
O
54 40
5, 650 42
1, 274 41
129, 033 34
14, 886 05
17, 831 87
78, 490 50
164 20
g
2, 649 44
9 163 77
22' 222 95
.
O
o
cl
CQ
H
O
%
CQ
4,114 80
1,203 40
• 151 04
43,192 32
20, 595 46
i, 524 86
39, 479 99 " "
13 00
31,191 63
602,158 94
305 66
1, 413 13
77 52
"
49886"
858 19
81 80
• 1, 402 54
336 87
4, 540 63
10, 408 06
527 20
9 812 90
50, 649 04
3, 383 62
to
a:)
Mobile
© .
%
•
.
cnr^
©0
fl 0
O'^
.= fl
©0
II
111 ^
0
$181 69
$232 99
562 97
177 90
1, 844 74
.1,004 35
369 08
3, 413 55 ' "io, 6i9 42
$1, 629 00
238 68
6,137 14
1,358 58
1, 084 87
120 75
1, 225 00
106 72
672 76
637 02
Nashville
Newburyport
,
•
$13 17
13 74
119 9a
$4, 370 24
493 05
1, 479 46
90, 989 55
45, 699 65
7, 691 79
989 15
151 28
107 25
327, 610 65
55, 007 60
1, 448 00
12, 072 94
7,888 50
New'Bed ford
46,159 65
2, 046 39
5, 722 55
333, 262 52
522, 836 95 "17,640'si
246, 835 12
Ne^v^ Orleans
25,
790,
481
86
5,
986,
818 54
718, 025 39
N e w York (to March 31,1879).. .11, 892,146 41
1, 515, 590 78
260 60
3, 882 77
795 23
161 00
130 37
6, .542 5 i
2, 649 86
1,479 02
98, 840 03
485, 970 55
19, 515 95
72 76
9, 723 07
2, 930 42
2, 847 51
2, 296 67
128 81
65, 507 64
617, 891 31 3, 435, 935 28
27. 794 01
3, 898 24
3, 234 65
13. 937 51
16, 973 97
Pittsburgh
256 16
6, 017 81
17,002 60
150, 324 85
67, 348 65
. 39, 857 43 2, 032, 078 81
Portland and Falmouth
461 70
1. 084 76
1,778 30
'76 47
3, 904 06
14,364 85
52, 081 26
Providence
8, 466 05
1, 526 25
165 60
• 1.246 58
8,V568 40
3,113 82
527, 299 02
90, 484 18
Sau .Eranci SCO
1, 026, 503 35 3, 408, 231'21
1, 362 82
524 10
292 00
253, 999 28
63, 591 40
133, 386 41 '"'i63,244"33
1, 055, 603 33
743 75
811 38
,
r: '
• 784 86
AVheulinuFRASER
Digitized for
hi
6 65
136 85
•
°
-
-
-
-
-
-
$4,752 58
1, 321 75
6, 490 49
19, 946 61
5, 850 13
14, 290 57
876 79
870 40
24'!, 588 26
13,178 94
48, 610 21
457,433 54
8,120 68
743, 214 80 26, 377, 514 0,1
3. 882 77
822 16
1, 830 41
213,523 50
1, 253 39
'.'i8'57'
128 81
183, 538 67 3,130, 404 43
18, 543 62
148 38
1 28
18, 251 50
723 28
158, 695 03
>< -
ll
1^
©
u
^fl
00
©
P ca
flS
.fl ^
$14,158 15
. ?
5
$1,441 52
219 68
3,118 41
542 58
1 009 S i
$150 32
72, 883 29
26,142 16
781 86
o
6, 815 00
$1, 343 75
106 72
258 53
15, 017 79
19 20
5, 719 82
346 60
2, 752 09
2, 566 29
182, 505 40
84,964 64
370,188 19
33, 004 01
10,112,
027 97
7,
346,
778
70
506, 573 85
• 787, 792 47
412, 981 70 1,102, 609 08
.260 60
123, 665 76
2, 801 10
o
)—i
i6'56'
664 91
27, 229 12
129 47
28 40
1,246 58
7, 762 37
210 98
80, 440 32 3, 211, 919 15
1, 260 42
14 80
555, 520 03
230 17
737 08
18 03
Balance on bonds
to secure duties
on goods remaining in warehouse
on.June 30,1879.
fl ,
A i
Withdrawal duty
paid.
Districts.
Balance on bonds
to secure duties
on goods remain- 1
ing'in warehouse
on July 1,1878.
Statement of warehouse transactions at the several districts and jports of the United States, ^c.—Contimied.
6,140 73
377, 751 29
7,186 77
1,309 53
6, 302 25
9, 074 03
49 86"
18 57
36, 844 84
23, 059 87
161, 395 43
29,149 27
476 96
2, 046, 948 32
4, 667 17
1, 744 21
41, 279 77
899 38
1, 526 25
44, 601 30
314 00
452, 887 49
733 i9
659, 621 74
602, 715 84
811 38
135, 854 59
. 110 30
181 80
275 00
1, 390 74
6, 772 45
283' 48
978, 962 34
19,649 13
4,549 39
50, 873 23
461 70
• 524 41
•9, 537 42
137 20
3, 397 64
1,140, 961 30
509 00
58,749 76
24 70
o
U2
Willamette
Wilmin2:ton, Del
AViscasset
Y o r k ...
-
".
<=>.
Total
....-
7, 818 12
1, 857 02
1,409 25
28, 928 46
2, 737 69
499 20
4, 073 35
52 51 - IS, 539 71
13 52
4, 082 04
191 20
2,182 11
771 72
2. 532 .32
11 28
1-9, 959 42
526 19
240 66
1,636 25
11 28
16, 852, 508 04 44, 692, 937 00 1, 913, 664 84 15, 773, 416 70 1,167,256 56 43, 647, 735 33 3, 316, 071 58 15, 647, 754 02 1, 791, 034 53 15, 997,187 68
KECAPITULATION.
Balance July 1,1878
Avarehoused and bonded
t
Rew\arehoused and bonded
Constructively warehoused
Increase of duties ascertained on liquidation
$16,852,508 04
44, 692, 9.37 00
1, 913, 664 84
15, 773, 505 10
1,167, 256 56
Total .
Avithdrawal duty paid
AVithdrawal for transportation
.Avithdrawal for exportation
Allowances and deficiencies
Balance June 30,1879
:
Total
>, 399, 871 54
1
$43, 647, 735 33
3, 316, 071 58
: . . . 15, 647, 842 42
1,791,034 53
15,997,187 68
O
O
80,399,871 54
H-l
H. C. JOHNSON,
Commissioner of Customs.
TREASURY DEPARTMENT, OFFICE COMIMISSIONER OF CUSTOMS, October 13,1879.
Balance taken up in this statement . :
Balance reportecl by last statement
,
^
Difference ...'.
Arising from:
Increase in balance. New York, May 1 to J u n e 30, 1878
^...'
$16, 852, 508 04
14, 960,408 70
CQ
t-H
o
1,892,099 34
."
1, 892, 099 34
a
H
O
CQ
tsD
EEPOET OF THE FIEST AUDITOE.
REPOET
OF
THE FIRST AUDITOR OF THE TREASURY.
TREASURY DEPARTIMENT,
F I R S T AUDITOR'S O F F I C E .
•
Washington^ Octoher 30, ,1879,
SIR : I liave the lionor to subinit the following exhibit of the business
transacted in this office during the fiscal year ending June 30, 1879.
Number of
accounts.
Accounts adjusted.
Amount.
RECEIPTS.
Duties on merchandise and tonnage
Steamboat fees
Eines, penalties, and forfeitures
Marine-hospital money collected
Official eiuoluments of collectors, naval officers, and surveyors..'
Moneys received from sale of old materials, rents, &c
Miscellaneous receipts
Moneys received on account of deceased passengers
• Internal and commercial intercourse fees
Treasurer of the United States, for moneys received
Mints and Assay Offices
Manufacture of medals
—
'..J
.'—
Moneys retained from Pacific Bailroad companies (interest account)
Water-rents, Hot-Springs, Arkansas
:
Eeceipts on counter-warrants — .•>.
Total.
$123, 883, 235
263, 045
164, 264
'354, 376
618, 045
30,440
872, 991
100
2, 642
668, 352, 705
120, 959, 008
8, 639
1, 564, 913
7,654
464, 987
,
,
55
45
03
36
57
14
16
00
92
52
31
47
09
38
78
,
7, 207
917, 547, 049 73
Expenses of collecting therevenue from customs
- -'
Debentures, drawbacks, &c
•
".
...'.
Excess of deposits refunded
•-••-;
Eevenue-cutter service
--.-•-Duties refunded, fines remitted, judgments satisfied, &c
.'....
Marine-hospital service
:...
.•
.\.
Official emoluments of collectors, iiaval officers, and surveyors
Awards of compensation
Light-house establishment
Salaries of U^ht-housekeepers
:
Supplies of light-houses
.'......
'.
i
Repairs of light-houses
,
Expenses of light-vessels....
....:.
'.
Expense's of buoyage
,
Expenses of fog-signals
;.........
Expenses of lighting and buoyage of the Mississippi, Missouri, and Qhio
Eivers — . . ' .
i
Expenses of in.spection of lights .:
Steam-tender for the fourth light-house district
Commissions on light-liouse disbursements
.
Salaries and mileage of Senators
.•
Salaries, officers and emi^loy^s. Senate
'....i.i...'...
Salaries and mileage of members and delegates. House of Representatives
Salaries, officers and employ 6s, House of "Representatives
Salaries of employes, Executive Mansion
Salaries paid by the disbursing clerks of the Departments
Salaries, officers and employes, Independent Treasury ,
Salaries of the civil list paid directly from the Treasury
Salaries, office of the Public Printer
;
Salaries, Bureau of Engraving and Printing
Salaries, Congressional Library .. i
t
Salaries, standard weights and measure's
Salaries, Metroi)olitan"Police
1, 662
254
379
605
1, 329
791
1, 275
192
12
432
126
102
106
3.04
57
$5, 837, 601 86
3, 359, 966 72
1, 227, 635 69
822, 200 60
538, 975 91
296, 928 05
628, 882 74
30, 177 13
4; 534 85
454,' 087 33
282, 488 68
,400, 672 62
191, 508 84
334, 996 19
44, 441 01
37
6
10
3
4
8
1
25
4
309
39
1, 282
4
13
3
5
2
* 108, 541
1, 170
42, 483
131
701, 251
203, 118
1, 664, 946
287, 072
22, 532
5, 467, 434
320, 112
557, 817
13, 550
24, 297
21, 902
4, 412
15, 558
DISBURSEMENTS.
18 F
03
83
59
74
89
41'
16
48
00
14
37
71
00
28
4425
73
274
REPORT QN THE FINANCES.
Accounts adjusted.
Numberof
accounts.
Amount.
DISBURSEMENTS—Continued.
Salaries, Steamboat Inspection Service
Salaries; Board of Health, AVashington, D. C
Salaries, special agents. Independent Treasury
'.,
Salaries, custodians and janitors
Salaries, Botanic Garden
Salaries and expenses of Hot Springs Commission
Salaries and expenses of Southern Claims Comraission.
Salaries and expenses of agents and clerks. Southern Claims Commission
Salaries of- employes, piiblic buildings and grounds
;
'.
Salaries of inteipreters and translators, executive offices, Territories
Contingent expenses, Executive Mansion
Contingent expenses, United States Senate
Contingent expenses. House of Representatives
Contingent expenses. Departments, AVashington
Contingent expenses. Independent Treasury
,
Contingent expenses, Steamboat Inspection Service
...-.,
Contingent expenses, public biiildings aind grounds
Contiugent expenses; office of I*ublic Printer.
Contingent expenses, Southem Claims Commission
,
Contingent expenses, national currency. Treasurer's office
Contingent expenses, Court of Claims
Contingent expenses. Library of Congress
,...:..:
Contingent expenses, United States Mints and Assay-Offices
> Contingent expenses, executive offices of the TeiTitories
•.
Treasurer of the United States, for general expenditures
Treasurer of the United'States, for sinking-fund Pacific-Railroads
Mints and' Assay-Offices
Ordinary expenses. Mints and Assay-Offiees
«
Parting" and refining bullion ,
1..
Coinage of standard silver dollar
Coinage of silver for redemption of fractional currency
!'•
Erei^ht. on bullion
Recoinage of gold .and silver coins
^
^
:
Storage of silver dollars
.,
Mauiifacture of medals
Mining statistics.
Legislative expenses. Territories of the United States
[
,
Defending suits and claims for.seizures of captured and abandoheVl
property
:
1
,
Examination of rebel archives and. records of cajjtured and abandoned
property
Captured and abandoned proiDcrty
Survey of Indian reservations
G-eodetic and coast survey of the United States
•;
G-eological survey of the "Territories
,
Judiciary expenses, embracing accounts of United States marshals, district attorneys, clerks and commissioners, rent .of court-houses, support
of prisoners, &c
.»
Prosecution of crimes
Suppressing counterfeiting and fraud
,
Reproducing plats of surveys, Greneral Land Office
i
:
Registered interest accounts
*.
Registered interest accounts, Pacific Railroad bonds
Payment of coin coupons
.'
,
' -Navy pension fund •
:
.
Louisville and Portland Canal Company, bonds,, interest account
District of Columbia bonds, interest account
~ District of Columbia water-tax. bonds, interest account
Redemption of United States! bonds, principal and interest
Redemption of certificates for conversion, principal and interest
;
Redemption of Treasury; notes, principal and interest
Redemption of coin-certificates of deposit
,
Redemption of currency certificates of deposit
Redemption of silver certificates of .deposit
Redemption of legal-tender notes (destroyed)
i
Redemption of fractional currency (destroyed)
,
Re.demption 6f bonds of the District of C)6lumbia
Refunding the national debt
Judgments of the Court of Claims.
,
Reporting decisions of Court of plaims
Post-Office Department requisitions
Outstauding drafts and checks :
'
,.
Transportation of public money
Life-Saving Service
,
Life-Saving Service, contingent expenses.
Establishing life-saving stations
Public printing and binding
Labor and expenses of engraving, and printing
Propagation of food-fishes ...
....
Ulustrations for report on food-fishes
Increase of Library of Congress
j
.Construction of custom-houses
,
Construction of court-houses and post-offices
5
2
4
5
5
3
4
10
7
5
3
61
45
.218
49
717
6
4
9
12
4
4
33
12
4
1
28
144
38
22
1
4
4
-4
1
1
25
848 9&
128 38
646 81
310 01
466 32
448:74
921 12
405 24
525 92
854 62
573 01
247, 194 39
269, 085 73
•330, 463 70
31, 551 43
25! 014 84
577 97
010 42
714 20'
899 04
2, 173' 6?;
1, 708, 95
-732; 3(>
3, 449 51
507, 893, 922 64
101, 130 25
118, 848, 982 0»
1,149, 534 30
211, 565 01
62, 911 55
17, 981 15
2, 519 25
1. 044 83
129 -80
67, 989 95
4, 200^00
104, 758 50
30, 489 27
5, 861
21, 073
1, 350
524, 691
125,136
3,257
6
40
1
49
23
104
1
8
4
1
22
6
56
13
12
2'
23
77
5
41
139
220
48
101
74
98
17
35
2
7
160
364
04
21
OO
31
38
4, 289,153 22
13, 180 04
90, 716 28
' 6,370 00
17,107,'243 52
5,110,306 08
35, 021,670 87
420, 000 00'
47, 550 00
494, 650 00
29, 400. 00
150, 783,606 25
583 22
. 18, 623,
21, 429 33
47, 895,300. 00
54,105, 000 007, 859,470 00
74, 228,070' OO
1,265, 031 68
273, 800 00
1, 050,860 37
385, 477- 18
6, 000 00.
•5, 526,663 1131, 103 22
^187, 715 65 •
134, 206 28
40, 075 05
104, 509 81
324, 970 76
843, 738 97
69, 570 45
000 00,
1, 872 39
14, 753 49
1, 007,115"20
1, 279,
275
F I E S T AUDITOR^
Accounts adjusted.
,
N u m b e r of
accounts.
Amount.
DISBURSEMENTS—Continued.
C o n s t r u c t i o n of s u b t r e a s u r y b u i l d i n g , S a n F r a n c i s c o
C o n s t r u c t i o n of a p p r a i s e r s ' s t o r e s
(Construction of b u i l d i n g for S t a t e , W a r , and N a v y D e p a r t m e n t s
C o n s t r u c t i o n of l i g h t - h o u s e s
C o n s t r u c t i o n of l i g h t - h o u s e depot, T h i r t e e n t h d i s t r i c t
C o n s t r u c t i o n of b u i l d i n g for B u r e a u of E n g r a v i n g a n d P r i n t i n g
(Construction of j a i l for t h e D i s t r i c t of C o l u m b i a
P l a n s for p u b l i c ' b u i l d i n g s
C o m p l e t i o n of W a s h i n g t o n M o n u m e n t
ReiDairs a n d p r e s e r v a t i o n of p u b l i c b u i l d i n g s
R e p a i r s , l i g h t i n g , &c., E x e c u t i v e M a n s i o n
^
A n n u a l r e p a i r s of t h e Capitol
'
".
A n n u a l r e p a i r s of t h e T r e a s u r y b u i l d i n g
R e p a i r s of t h e I n t e r i o r D e p a r t m e n t b u i l d i n g
Reconstructing Interior Department building
-.
R e c o n s t r u c t i n . g I n t e r i o r D e p a r t m e n t b m l d i n g , p l a n s for
R e p a i r s t o buileling on T e n t h s t r e e t
R e n t of b u i l d i n g s in AVashington
E u e l , l i g h t s , a n d w a t e r for p u b l i c b u i l d i n g s
:
E u e l , l i g h t s , &c., I n t e r i o r D e p a r t m e n t
E u r n i t i i r e and r e p a i r s of s a m e for p u b l i c b u i l d i n g s
E u r u i t u r e a n d r e p a i r s of s a m e for C o u r t of C l a i m s
E u i n i t u r e , contingencies,' &c., office of C o m m i s s i o n e r of P e n s i o n s
F u r n i t u r e , cases, &c., D e p a r t m e n t of A.^ricultiire
;
.Vaults, safes, a n d looks for p u b l i c b u i l d i n g s
•
.,
H e a t i n g a p p a r a t u s for p u b l i c b u i l d i n g s
-....
H e a t i n g axjparatus for U n i t e d S t a t e s S e n a t e
1.
I m p r o \ ^ e m e n t a n d c a r e of p u b l i c g r o u n d s .•
Improviug Botanic Garden and buildings
*.
,
..'...
I m p r o v i n g and lighting Capitol grounds
P u r c h a s e of p r o p e r t y c o r n e r o i P e n n s y l v a n i a a v e n u e a n d F i r s t s t r e e t
west .
I m p r o v e m e n t of .grounds, A g r i c u l t u r a l D e p a r t m e n t
Washington Aqueduct
•.
R e p a i r s of w a t e r - p i p e s a n d
fire-plugs..:
.^ R e p a i r s of N a v y Y a r d a n d u p p e r b r i d g e s
A . ' . a p t i n e p o n d s i n M o n u m e n t lot t o t h e c u l t u r e of c a r p
TeleaTapli t o c o n n e c t C a p i t o l w i t h D e p a r t m e n t s a n d G o v e r n m e n t P r i n t i n g
Office
L a n d s and o t h e r p r o p e r t y of t h e U n i t e d S t a t e s
^
P e d e s t a l for s t a t u e of G e n e r a l (S^eorge H . T h o m a s
W o r k s of a.rt for t h e C a p i t o l
.-..*.
I n t e r n a t i o n a l E x h i b i t i o n of 1876
^.?
•.....^
E x p e r i m e n t a l garden, Agricultural D e p a r t m e n t '
.'
L a b o r a t o r y , l i b r a r y , a n d diuseiim, A g r i c u l t u r a l D e p a r t m e n t
,
Postage, Agricultural Department
"
;
Collecting agricultural statistics
t
P u r c h a s e a n d d i s t r i b u t i o n of v a l u a b l e seeds
..v..'..-.
'....
I n v e s t i g a t i n g diseases of s w i n e a n d o t h e r domestic, a n i m a l s
' I n v e s t i g a t i n g t h e h i s t o r y of i n s e c t s i n j u r i o u s t o a g T i c u l t u r e a n d c o t t o n
plant.
E x p e n s e s of B o a r d of H e a l t h , D i s t r i c t of Columbia.....
I n q u i r i e s into t h e c a u s e s of steam-boiler e x p l o s i o n s . . . . . ..-. .-.•
M a p of t h e U n i t e d S t a t e s . . - . . •
.:
:
S t a t i s t i c a l A t l a s of t h e U n i t e d S t a t e s
'........
D e p r e d a t i o n s on p u b l i c t i m b e r
'.•....
I n v e s t i g a t i o n of frauds, P e n s i o n Office..
R e m o v a l of B u r e a u of E d u c a t i o n
'.....
P r o t e c t i o n a n d i m p r o v e m e n t of H o t S p r i n g s , A r k a n s a s
C l a i m s of Avorkin.gmen, a c t J u n e 20, 1878.,
:
C o l u m b i a . I n s t i t u t i o n fOr t h e . D e a f aiid D u m b , c u r r e n t e x p e n s e s . . . . . .\
C o l u m b i a I n s t i t u t i o n for t h e D e a f a n d D u n i b , b u i l d i n g s a n d "grounds .
C o l u m b i a H o s p i t a l for W o m e n , c u r r e n t e x p e n s e s . . ' . '.
G o v e r n m e n t H o s p i t a l for t h e I n s a n e , c u r r e n t e x p e n s e s ; . . . . .
.%.
. G o v e r n m e n t . H o s p i t a l for t h e I n s a n e , b u i l d i n g s a n d gTOunds
M a r y l a n d . I n s t i t u t i o n for t h e l n s t r i i c t i o n of t h e B l i n d
1
S u p p o r t of C h i l d r e n ' s H o s p i t a l . .
*...t
:••.•.....
....:......
R e f o r m School, D i s t r i c t of C o l u m b i a . .
N a t i o n a l A s s o c i a t i o n for t h e Reliiaf of Colored W o m e n a n d C h i l d r e n . i
S u p p o r t of F r e e d m e n ' s H o s p i t a l a n d A s y l u m
Miscellaneous
1
D i s b u r s e m e n t s on t r a n s f e r w a r r a n t s . . :
Total.
5
18
14
267
5
6
3
6
4
^125
10
5
13
3
3
1
3
23
60
5
34
2
1
5
8
59
3
3
7
13
$15,186 18
98,153 98
845,087-84
330,186 72 .
9,129 80
40, 792 34
I, 545 46
3,001 32
39, 026 4 1 .
116, 402 68
40, 391 42
50, 327 82
12, 301 51
3, 373 39
4, 269 57
600 00
358 57
50, 681 62
323; 437 21
10, 632 80
49, 452 68
1, 550 00
308 10
3,948 4020, 509 34
68, 843 20
4,250 00
12, 845 33
11, 511 96
98, 834 23'
3
4
6
6
8
3
. 52, 004 15
6, 801 06
21, 848 15
3, 096 07
1, 577 80
7,199 98
l'
9
6
4
, 4
4
14
4
5
5
3
3
, 2
7
2
2
5
3
3
4
102
7
6
8
4
4
4
3
5
5
5
572
259
811 081, 532 78^
21,113 34
11, 425 00'
3, 383 30>
6, 759 663, 678 66.
3,475 85
II, 400 62:
78,789 837, 996 51
7, 643 763, 191 461, 799 99>
4, 000 OO
10, 000 OO
18, 595 28
25, 688 78
9. 185 31
281'75'
18, 526 25
74, 842 42
31, 879 01
10, 444 47
169, 780 46
28, 023 82
5, 550 00
3, 946 79
29, 287 58
11, 829 97
41, 260 04
1, 045,044 60
464, 987.78
si
17, 618 1,147,583,192 79
Number of accounts recorded
.'
»
'.-....
.'. 13,824
Number of letters recorded..
. . . . . . . . ....= ...-.-. . . . I - . .
• . . . . . : . • 3,219
Judiciary emolument accounts registered and referred . . . . . . . . . . . . . . . . . . . . . . .
530
Number of powers of attorney for collection of interest on the i)ublic debt examined, registered, and
filed
5, 891
Requisitions answered (incomiilete)
„
470
276
R E P O R T ON T H E FINANCES.
•Stateinent of transactions in honded merchandise, as shown hy warehouse-and hond account
adjusted during thefisoal year ending June 30, 1879.
iiumber of accounts adjusted
Kumber of rieports of ^'no transactions" received, examined, and referred
908
619
1,527
Balance of duties on merchandise in warehouse per. last report'...
$15,126,598
Add balance at Richmond, A^a., from 1877, omitted from last report..
1,874
Duties on merchandise warehoused"
;
^ 56,19.2,623
Duties ou merchaudise rewarehoused
2, 024,720
Duties on nierchandise constructively warehoused
.-...
18, 3^3,729
Increased and additional duties
1, 445, 029
Total
Contra:
,
D.uties on merchandise withdrawn for consumption
Duties on merchandise withdrawn for transportation
Duties on merchandise Avithdrawn for exportation
Allowances for deficiencies, damages, &c
'
Daties on withdrawal for construction and repair of vessels
Duties on bonds delivered tb district attorneys for prosecution
Balance nierchandise in warehouse
Total..
20
60
91
35
33
10
93,134,575 49
.
.
|54, 963,167 75
3,890, 725 58
18,406, 383 12
1,954,170 2064, 923 77
. 143, 340 79
13,711, 864 28
93,134,575 49
Uuder the act of Juue 20, 1878, providiug for the payment of certain
claims of workiugmen against contractors under the late board of public
works of the District of Oolumbia, eighteen hundred and fourteen (1,814)
claim s AV ere filed, aggregating the sum of one hundred and forty-six
thousand fiA^e hundred and ninety-four dollars and thirty-scA^en cents
<$146,594.37).
Claims amounting- to eighteen thousandfiA^ehundred and twenty-six
dollars and twenty.fiA^e cents ($18,526.25) Avere allowed by this ofiS.ce and
certified to the FirvSt Gomptroller.
The remainder, aggregating one hundred and. twenty-eight thousand
and sixty-eight dollars and tAvelve cents ($128,068.12) Avere rejected as
not coming Avithin the proAusions of the act above cited. In the settlement of.these claims four hundred and tAventy-six (426) letters and circulars were mailed, and schedules of every claiui alloAved by this office
were prepared and sent to the District GOA^eminent for examination.
The accounts of the Gommissioners of the District of Golumbia, COA^«ering the expenditures made by them on account of said District for. the
months of Jul^^, August, and September, 1878, were examined and ready
for statement, l3ut AA^ere delayed, owing to a change in the manner of entering up advances to the Gommissioners upon the books ofthe Eegister
of the Treasury.
.
I would call your special attention to estimates submitted by this
office asking for additional clerical force. It is very important that the
force necessarily employed in this office, should be borne upon its rolls.
Without this, greatscfficieiicy cannot be hoped for in the list of temporary assignments required for the increasing work of the office. As
stated in my last annual report, the additional force estimated. for is
FIRST AUDITOR.
27T
actually employed in this office, and is necessary for the proper j)erformance of the work of the office.
. The deputy auditor, H. K. LeaA^er, esq., and chiefs of divisions deserve
honorable mention for intelligent and faithful performance of arduous,
duties, and I take pleasure in commending them and the clerks and emploA^6s of the office for diligence and cheerful attention to duty.
E. M. EEYNOLDS,
Mrst Auditor.
Hon.
J O H N SHERMAN,
Secretary of the Treasiiry.
^
EEPOET OF THE SECOND AUDITOE
REPORT
THE SECOND AUDITOR OF THE TREASORY.
TREASURY DEPARTMENT,
SECOND AUDITOR'S O F F I C E ,
Washington, Octoher 25, 1879.
SIR : I have the honor to subhiit the followiug report of the operations of this bureau cluring the fiscal year ending June 30, 1879: ^
RESUMlfi.
Accounts and settlements.
<
, P a y m a s t e r s ' accounts
Arrea.TS of p a y a n d b o u n t y
Ordnance accounts
Medical accounts
:
Recruiting" a c c o u n t s
.»-.'
P r e e d m e n ' s b r a n c h , Adjutant-G-eneral's Office
N a t i o n a l H o m e for D i s a b l e d V o l u n t e e r Soldiers. . Miscellaneous accounts and claims
P a y m e n t s t o Soldiers'. H o m e .
,
Indian disbursing account
I n d i a n claims
Indian property accounts
• W a r property acconnts
Miscellaneous settlements
,
Total.
46
15, 752
591
22, 795
201
1,946
,191
24, 792
483
18, 377
154
20,170
481
14
955
3,330
553
3,880
453
]4
624
2, 937
683
4, 295
453
451
393
352
7, 776
34, 517
29, 532
29, 777
],547 $10, 996, 903
84, 826
394,456
f 1,425, 171
' 263, 320
239, 066
5,844
49, 737
1,141,549
lo
01
76
77
6a
31
42
127, 375
108,502
2, 755, 832
3,795, 366
21
23
54
05
3,120
2,634
191, 792 35.
97, 971
21, 489, 073 45
In addition to the number of letters written, as stated above, 34,259
were written in the A^arious divisions of the office, making a total of
132,230.
\
.
The average number of clerks employed during the year was 134.
I subjoin for reference, and as containing interesting statistical information, consolidated • tabular statements showing the Avork of the
office since its organization sixty-two years ago.
282
REPORT ON T H E FINANCES.
STATEMENT No. 1.
Number of accounts settled from March 4, 1817, to June 30, 1861.
rrom"^^March Erom June
4, 1817, to
30,1847,to
J u n e 30,
J u n e 30,
1847.
1861.
A.ccounts.
Ordnance, medical, and miscellaneous
Recruitino; and disbursing officers —
Arrears of ])ay, &.c
Paymasters
Indian agents'
Tbtal
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
STATEMENT NO. 2.
Accounts settled and amounts involved from dime 30, 1861, to June 30, 1879.
Paymasters' accounts.
For t b e year
ending—
No.
J u n e 30, 1 8 6 2 . . .
J u n e 30, 1 8 6 3 . . .
J u n e 30, 1864. .
J u u e 30, 1 8 6 5 . . .
• J u n e 30, 1866...
J u n e 30, 1867 ..
J u n e 30, 1 8 6 8 . . .
- J u n e 30, 1869 . .
- J u n e 30. 1870...
J u n e 30, 1 8 7 1 . . :
J u n e - 3 0 , 1872 . .
J u n e 30, 1873 . .
• J u n e 30, 1 8 ^ 4 . . .
J u n e 30, 1 8 7 5 . . .
J u u e 30,. 1876 . .
J u n e 30. 1877 . .
J u n e 30, 1 8 7 8 . . .
- J u n e 30, 1 8 7 9 . . .
Total
Por t h e year
ending—
June
June
J'une
June
-June
June
June
•June
J'une
June
June
June
June
June
Jime
June
June
June
30 1862
30 1863
3o' 1864
30i 1865
30, 1866 . .
30 1867
30, 1 8 6 8 . . .
30, 1869 . .
30. 1870...
30 1871
30, 1872...
30 18Z3
30, 1874 . .
30, 1 8 7 5 . . .
30, 1876...
30 1877
30i 1878
30, 1 8 7 9 . . .
Ordnance, medical, a n d mis- I n d i a n a g e n t s ' d i s b u r s i u g
accounts and Indian
. cellaneous.
claims.
No.
Amount.
141645
.773
738
981
1, 451
1, 038
1, 216
1, 083 - 843
2, 350
1, 033
1, 008
506
565
518
560
483
15, 932
4, 017
$4,181, 276 33
47, 875, 231 -36
11,802
88, 944, 415 39
15, 988
90, 094, 847 46 . 22,059
110, 209, 718 62 7,228
183,041,476 09
3,206
146, 305, 528 14
1,897
183, 052, 989 46
1,990
141, 438, 680 99
1, 708
124, 063, 652 23
2,394
131, 057, 413 02
1, 805
27, n 6 , 621 39
2, 567
17,257,093 25
2,708
14,837,714 29
2, 264
1.5,583,739 75 ,
2,177
12, 604, 998 41 i
2, 207
12, 773,194 28 i
1, 828
10, 996, 903 15
1, 666
• 1, 361, 415, 493 61 1
B o u n t y , a r r e a r s of
pay, Sec.
89, 511-
Aniount.
No.
$29,128, 526 30
38, 847, 899 20
55, 539, 537 64
42, 647, 077 68
26, 902, 784 54
23, 050,181 18
20, 484, 802 13
8, 598, 706 04
3, 571,107 13
2, 023, 703 26
1, 566, 924 96
1, 968,183 01
6,125, 429 70
3,164, 634 07
2, 346, 339 07
2,193, 993 02
2, 290,1.51 01
3, 257, 711 74
616
590
501
866
448
821
962
1,169
1,172
1. 482
1, 649
1, 871
1,648
2,107
2, 242
2, 974
3, 550
3, 561
273, 707, 691 68
28, 229
R e g u l a r a u d v o unt e e r r e c r u i t i n g accounts.
Preedmen's
• B u r e a u accounts
Amount'.
.
$3,335,885 23
2, 099, 257 87
2, 242,-154 74
3, 231, 449 00
• 2, 881, .256 33
4, 273, 208 91
5, 301, 722 89
4, 715, 039 43
3, 033, 827 41
8; 194, 634 63
5, 351, 816 32
' 8, 329,188 21
4, 974, 866 43
6, 033, 207 25
7, 081, 603 57
8, 508, 480 73
5,101, 308 06
6,551,198 59
91, 240,105 60
Total.
•
No.
Amount."
3, 328
19,191
80, 756
84, 517
78, 335
59,121
203, 980
.85, 279
53, 826
40, 078
•22,170
32 4'>0
27, 315
19, 476
11, 433
13, 799
15 774
18, 377
$249,180 64
'> 443 293 39
10, 970, 528 91
14, 047, 599 35
16,189, 247 17
10,638,782 38
19, 598, 445 88
8, 355, 618 22
4,160, ^776 31
2, 34H, 164 421, 278,160 29
1, 664, 985 64
1, 230, 827 94
981 407 74
485] 084 65
577, 340 79
442, 601 59
394, 456 01
.No.
1 504
1, 356
], 880
2,594
4,317
3 765
2, 416
1,478
• 946
Amount.
Amount.
$217, 088 97
398, 785 94
2, 220, 744 15
8, 019, 331 56
21,353,127 68
19, 891, 437 59
5, 262,140 63
2, 841, 079 24
2, 443, 906 48
957, 010 35
657, 266 02
405, 060 44 $8, 541, 725 08
' 220, 489 75
778, 003 28
223 962 79
853 668 13
224, 877 89
210, 874 07
132, 699 16
•296,100 15
266, 727 98
418,773 31
239, 066 63 '
49, 737 31
No.
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 ^
21, 712
24, 087
Amount.
$37,111,957 47
91, 664, 467 76
159, 917, 380 83
158, 040, 305 05
177,536,134 34
240, 895, 086 55
196, 952, 639 67
207, 563, 432 39
154, 648, 298 32
137,587,164 89
139, 911, 580 61
48, 025, 763 77
30, 586, 7J.0 35
26, 094, 594 27
25, 912, 519 00
24, 313, 012 26
21, 583, 615 51
21, 489, 073 43
T o t a l . . . . . . . 869,175 96, 056, 501 72 20, 256 66,126, 848 38 10, 996, 836 00 1, 023,103 1, 899, 834, 336 47
SECOND
2:83
AUDITOE.
STATEMENT No. 3.
Tro2'>eriy accounts adjusted and miscellaneous work 2^eiformed in connection with the settlement
of accounts.
o o fee
.For t h e y e a r e n d i n g 2.9
S.5
r i ZJ
June
Jnne
. June
Juue
June
June
June
June
June
June
June
June
June
June
June
June
June
June
'
30,- 1862,
30, 1863
30. 1864
30, 1865
30, 1866
30, 1867
30, 1868
30, 1869
30, 1870
30, 1871
30, 1872
30; 1873
30, 1874
30, 1875
30. 1876
30, 1877
30, 1878
30, 1879
Total."
5, 021
7,368
29, 745
163, 429
176, 263
141, 698
129, 463
91, 322
43, 689
39,171
237, 675
41, 775
31,138
4, 932
4,746
5,613
4, 712
4,295
882
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
7,856
9, 569
16, 918
27, 327
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, 485
13.1,321
101,140
106, 046
105, 496
132, 230
37, 473
134, 816
254, 690
170, 340
245, 903
436, 305
220, 209
171, 931
173, 487
237, 754
133, 9.57
194, 574
186, 584
118, 602
94, 464
116, 563
121, 066
119, 996
1,162, 055
290, 262
4, 026, 722
3, 218, 714
5,589
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, 4403,386
3, 957
4,481
5,162
66,147
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
10, 068
11, 558
942, 229
It -AAnll be observed that diiring the last fiscal year the current Avork
ofthe office has fallen in .arrear, there being 4,985 more accounts and
claims on hand aAA^aiting adjustment on June 30, 1879, than on June 30,
1878. A t the same time the work performed in 1879 is greatly iu excess
of any year since 1875, A\dien the' number of employes was reduced to 175.
The increased arrearage is attributable partly to the continued increase
of work and partly to the fact that the clerical force is inadequate to the
prompt transaction of public business. In the annual report for 1876 it
Avas stated that ^4n conse'quence of the large reduction recently made
in theclerical force ofthe office it Avill be hardly possible to do more at
present than to dispose of the current Avork. If, indeed, further aiTcars
do not accumulate, greater delays in settlements must occur to disappoint the expectations of claimants and disbursing officers, notAvithstanding the best efforts of the gentlemen employed.'^
Since 1876 the force- has been still further reduced to 145, but the
business of the office has steadily increased, as Avill be seen by the sub.
joined figures:
Number of ac- Number of accounts and
counts and.
claims adclaiuis rejusted.
. ceived.
, Fiscal year.
1876
1877
1878.,
1879
'
"
18,826
20, 876
26, 415
34, 517
22,168
25, 923
27 245
29, 532
284
REPORT ON THE FINANCES.
The correspondence of the office and the number of requisitions on
. the Treasury issued by the War and Interior Departments have alsoincreased as follows:
""
Letters written
Requisitions registered
1876.
1877.
1878.
1879.
101,140
3,386
106, 046
3,957
105, 496
4,481
132, 230
5,162
Under the act of February 19,1879, entitled ^^ An act for the payment
to the officers and soldiers of the Mexican Avar of the three months'
extra pay piwided for by the act of July 19, 1848," a large number of
;claims haA^e been presented for settlement. After due consideration
and consultation, the accounting officers decided that, sb far as Army
claimants are concerned, the act of 1879 merely revives the act of 1848,
which limited the alloAvance of three months' extra iDay to those Avho
were in actual service and served out the term of their enlistment or
were honorably discharged during the war, and to certain relatives of
deceased soldiers. In accordance with this decision, ahd pending additional legislation^ action lias been deferred on the applications of those
officers and soldiers Avho continued in the military service after the close
of the war, and who were not entitled to extra pay under the provisions.
of the act of 1848.
' As-might be expected, numerous claims have been presented, no
doubt in good faith, by parties Avho Avere paid in full, either by paymasters on muster-out, by the Pay Department prior to July 25, 1850, or
through this office subsequent to that date. Up to the 30th ultimo the
total number of claims filed under the act of February 19 was 3,208, of
which 2,721 have beeu disallowed and only 19 paid, leaAung 468 on hand
for future settlement. In addition to these formal claims, 5,633 letters,
inquiring Avhether the writers Avere entitled to extra pay, have been received a^nd answered in the negative. In these old cases, where nearly
a third of a century has elapsed since the services Avere rendered, letters
of inquiry involve the same labor and research as the preliminary examination of regular claims, and materially add to the work of the office,
but in such a way that the increase cannot A^ery Avell be shoAvn in any
report of work performed.
The gentlemen emjDloyed in this office are deserving of special cbmmendation for the manner in which they haA'-e performed the constantlyincreasing work allotted to them. In ability, industry, faithfulness, and
the competent discharge of their duties, it is belieA-^.ed that they will
compare very faA^orably with the clerical force of any bureau o t the department.
Very respectfully,
.
C. F. HBEEING,
. '
Acting Auditor.
Hon.
J O H N SHERMAN,
Secretary of the Treasury.
,
EEPOET OF THE THIED AUDITOE.
REPOET .
OF '
THE THIED AUDITOE OF THE TEEASFEY.
TREASURY DEPARTMENT,
T H I R D AUDITOR'S O F F I C E ,
Washington.^ Octoher 25, 1879.
S I R : I have the honor to transmit herewith report of the operations,
of this office for the fiscal year ended Juue 30,1879. The following statement shows, in tabular form, the nuinber and amount of accounts and
"claims received and audited, and the number and amount of accounts
and claims remaining unsettled at that date, viz:
D e s c r i p t i o n of accounts.-
I
O .be .
ill
m
N u m b e r of a c c o u n t s sett l e d i n t b e fiscal y e a r
ended J u n e 30,1879.
N u m b e r of a c c o u n t s u n s e t t l e d J u n e 30,1879. •
"-A
Montbly Montbly
a n d quar- a n d quar- A c c o u n t s .
terly.
terly.
Quartermasters' money
Q u a r t e r m a s t e r s ' .property
Commissarys' money
P e n s i o n a^^'ents'mouey
Engineers' money
Signal officers' m o n e y
Sig-nal officers' p r o p e r t y
Claims for b o r s e s lost
C l a i m s for s t e a m b o a t s , destroyed
.'
Oregon w a r claims
M i s c e l l a n e o u s claims
S t a t e w a r claims
Total
A m o u n t involved.
605
379
659
114
23
5741
5,465
2, 754
2,806
1,964
256
•222
100801
202
2,801 $11,116, 421 01
2,965
1,998
2, 971, 356 37
281 25, 765, 870 58
212
3,737,851 00
107
414, 483 47
663
471
81," 435" 84'
72
663
12, 572
9
2
287
4, 246
3
1
240
4,144
20, 659
13, 643
13. 886
•
3
1, 020 00
35,358 09
4, 340, 957 91
369, 834 70
48, 834, 588 97
A c c o u n t s . A n J o u n t involved.
558 $1,800,068 67
220
625
823,183 14
89 12, 275,103 43
33 2, 342, 074 34
50
143, 772 13
179
5,196
941, 316 51
73
710
12, 674
9
727, 378 8-7
5,499 69
8, 427, 840 54
4, 247, 868 07
20 416 '31.7.34.105 3ft
' '
BOOKKEEPER'S DIVISION.—(J. F. Jones, chief.)
The duty devolving upon this division is to keep the appropriation
andmoney accounts of disbursing-officers, which are settled in this office.
The annexed statement shows the amount drawn out of cer tain of its
appropriation accounts, and also, the repayments made through this
office into the Treasury, and is a full exhibit of its financial operations
during the fiscal year.
288
REPORT ON THE FINANCES.
'Statement showing thefinanciaVo2)erationsof the Third Auditor^s Office dwring the fiscal year
ended June 30, 1879.
Ill
rt A ®
O S 00
si"
"i%
3 ^ H-
Total.
Number of requisitions drawn by
the Secretaries of War and Interior upon tbe Secretary of tbe
Treasury in favor of sundry
persons, 7,780, amountina" to
$64,427,085.97, paid in tbe Inanner berein set forth and out of
the following appropriations, viz:
$42, 048 49 $4, 426 22
$3, 413, 961 41
$3, 460, 436 12
Kegulai^ suijplies, Q. M. D
44, 862 30
1, Oil, 411 87
227 61
1, 056, 501 78
Incidental expenses, Q. M. D
43, 044 62 2,760 14|
896, 387 72
942,192 48
Barracks and quarters, Q. M. D . . . ! . . . .
652, 550 62 10, 588 97
4, 077, 993 93
4, 741,133 .52
Army transportation
1, 500 755
1, 500, 755 79
Army transportation Pacific railroads.
885
74, 999 59
75, 884 95
Construction and repairs of bospitals..
^ 10, 392 01
204,164 63
214>, 556 64
Cavalry and artillery horses
Constructing jetties and other works
1, 750, 000 00
1, 750, 000 00
at South Pass, Mississippi River
10,193 06
.138, 601 51
National cemeteries '.
Pay of superintendents of uational
56, 369. 32
51 00
56, 420 32
cemeteries
• 41, 947
1,101, 833 71
Clothiiag, camp and garrison equipage. 1, 059, 697 91|
188 17
350, 081 68
350, 081 68
Observation and report of storms . . \ . .
Transportation of officers and their
b.aggag e
923 17,923 17
•Support of military prison at Port
• 83
Leavenworth, Kans
*
...
58, 847 83
Pay, transportation, services, and sup-,
plies of Oregon and Washington volunteers in 1855 and 1856
19, 485 97
Protection of Confederate cemetery at
Johnson's Island
1, 500 00
1, 500 00
100, 000 00
Military post near the Black Hills
100, 000 00
Eefandlng to States expenses incurred
198, 889 36
198, 889 36
in suppressing the rebellion
Military post near the northern bound100, 000 00
-' ary of Montana
:
100, 000 00
10, 575 81
10, 575 81
Signal Service
65, 726 00
'" 65,726 Op
' Expenses at Military Academy
Construction, maintenance, and re40;000 00^
pairs of military telegraph lines
40, 000 00
Claims for quartermaster's stores and
279, 998 18 '
commissary supxilies, act July 4,1864.
279. 998 18
Claims of loyal citizens for supplies
.723,119 18
furnished during the i-ebellion. ..
722, 989 91
129 27
Miscellaneous claims audited by Third
94, 223 11
. Auditor, sec. 4,. act July 14, 1878
94,037 95
185 16
Military teleecraph lines frbm Bismarck
' 50, 000 00
to Port Eliis.
I
' State of Tennessee, for keeping and
maintainins: United States prisoners,
act July 13T 1879
$22, 949 4d . 22, 949 49
7, 000 00
'.Macadamized road, Vicksburg, Miss...
Erection of barracks at Portress Mon. 25, 000 00
roe, Va ..'.
25, 000 00
99 51 •
99 51
Headstones for national cemeteries*....
.Pemoving remains of officers, to na100
00
tional cemeteries
100 00
6,747,760 90
6, 747, 760 90
Engineer appropriations
2,142,129
10
2,113, 675 00
27,850 09
Subsistence of the Army
604 01
115, 062 06
108, 854 07 6, 207 99|
Lost horses, &.C., act March 3, 1849
Commutation of rations to prisoners
1, 340 87
of Avar in rebel States
1, 332
7
38, 076, 656 22
Army pensions
38, 058, 660 00
8, 212 20| 9, 784 02
Pelief of James D. Holman
25, 000 00 , 25,000 00
Pelief of AA'^illiam Johnson and John
2, 440 90 •
D. Francis
2, 440 90j
Pelief of the Eichmond Female Insti4, 933 33
tute
,
-.".
4, 933 33
Eeimbursement to Baltimore for aid in
construction of defensive works in
96,152 00
1863
'.
96,152 00
Eelief of the families of the men who
perished on the United States dredge13, 200 00
boat McAlister
13, 200 00
THlliD
2:89
AUDITOR.
Transfers not involving an expenditure from the
Treasury.
Advances to officers and agents
duiing the Iiscal
yeaa-.
Statement showing the financial 02yerations of the Third'A.uditofs Office, c f c — u ontinued.
bfl
.9.di
toed
.g ®
3^
o
Total.
CO
o
$67 50
$67 50
E e l i e f of p e r s o n s suffering from r a v $663 99
E e l i e f of G e o r g e l i . D e n n i s
Eelief of M r s . E m m a A . P o r c h .
E e l i e f of E m i l i e E . H o o e
C a p t u r e of Jefferson D a v i s
H e a d s t o n e s for gi-aves of soldiers i n
p r i v a t e c e m e t e r i e s , a c t P e b . 3, 1879 .
663
2, 394
700
1,455
293
2, 394 6,6
700 00
1, 455 33
$293 00
99
66
0.0
33
00
$10, 000 00
10, 000 00
58, 662, 421 56
5, 559, 597 77 35, 773 43'l69, 293 21 64, 427, 085 97
The number of credit and counter requisitions drawn by the Secretaries of AVar and Interior on
sundry persons in favor of the Treasui^e.r of the United States is 1,116, on Avhich repayments into the
Treasury have been made through the Third Aiiditor's Office during the ffscal year ended June 30, 1879,
as follows:
Deposits
'
$1, 089, 587 70
Transfer accounts
185, 263 69
Total.
:.-
1.274,851 39
. T H E QUARTERMASTER'S DIVISION.—(I.. S. Tichenor, chief.)
The accounts of quartermasters cover a Avide range of money and property responsibility. The fornier embraces disburseuients for barracks
and quarters, hospitals, storehouses, offices, stables, and transportation
" of Army suxiplies, the purchase of Army clothing, camp and garrison
equipage, cavalry and artillery horses, fuel, forage, straw, material for
bedding, and stationery; pa^^^ments of hired men and of ^^ per diem" to
extra-duty men; exxienses 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 suxiplying x^osts with AA^ater, and for all other
proper and authorized putlays connected with the movements and operations of ,the Army not expressly assigned to any other department.
Property purchased Avith the funds of the Quartermaster's Dex:)artment
is accounted for upon ^'returns" transmitted through the QuartermasterGeneral to this office (with the exception of ^^returns of clothing, camj)
and garrison equix3age,'\Avhich come under the supervisioii of the Second
Auditor), showing that the disposition iiiacle of it is in accordance A\dth
law and Army regulations.
Statement sliowing tlie 02)ei'ations of the Quartermaster's Division for the fiscal year ended
June 30, 1879.
Money accounts.
.
Number.
/
On ha.nd p e r l a s t r e p o r t
.
E e c e i v e d d u r i n g t h e fiscal
-year
Total
:
Amount
involved.
Supplemental settlements.
Prpperty
returns.
Property.
Amount
involved.
Money.
605
$1, 721,.562 85
379
2,754
11,194, 926 S3
2, 806.
18
207 $156 083 70
3,359
12, 916, 489 68
3,185
18
207
156,083 70
2, 801
558
11,116, 421 01
1, 800, 068 67
2,965
'220
18
207
156, 083 70
3,359
12, 916, 489' 68
3,185
18 1
207
156, 083 70
E e p o r t e d d u r i n g t h e fiscal
Remaining unsettled
Total
.
19 E
290
REPORT ON THE FINANCES.
Siatement showing the 02)erations of the Quartermaster's Division, cfc.—Continued.
Total..
Signal accounts.
Property. Money.
On hand per last report
Eeceived during the fiscal year
Total
-•
Eeported during the fiscal year
Eemainino" unsettled . . .
Total
41
• 801
842
'
' Amount
involved.,
Amount
• involved.
Nuniber.
57 . $187, 737 96
100
370,517 64 •
1, 082
6,686
$1, 909, 300 81
n 7^1 5^8 17
157
558, 255 60
7,768
13, 630, 828 98
663
179
107
50
414, 483 47'
143,772 13
6,761
1,007
11, 686, 988 18
1, 943, 840 80
842
157
. 558, 255 60
7, 768
13, 630, 828 98
ISTumber of letters Avritten by Quartermaster's DiAdsion, 6,153; average number of clerks emxiloyed, 17f; number of A^ouchers examined,
199,375; number of x^ages of manuscrix3t AA^ritten, 5,351.
SUBSISTENCE DIVISION.—(AndrcAV CauldAvell, chief.)
The Subsistence Division examines the accounts of all commissaries
and acting commissaries in the Army AA^hose duties are to xiurchase the ,
Xirovisions and stores necessary for its subsistence, and to see to their
Xiroper distribution.
These commissaries render monthly money accounts, Avith x>i'OX^er
A^ouchers for disbursements of the funds intrusted to them, together
Avith a provision-return, shoAving the disposition of x^roAdsions and stores
Xiurchased or deriA^ed from other sources. These accounts are received
through the Gommissarj^ General of Subsistence, and are examined aud
audited in this diAdsion.
, The money accounts and Avouch ers, together Avith a certified stateiueut
of the result of said examinations, are then referred to the Second
Comx")troller of the Treasury for rcA-^ision. Upon their return from the
Comptroller, AA-ith the settlement axDX^roA^ed, the officers are notiiied of
the result and called upon to adjust or explain any omissions or errors
that may have been discoA^ered. The money and provision accounts,
together Avith the A'-ouchers and papers belonging thereto, are then
XDlaced in the settled files for future reference, and remain xiermanently
in the custod}^ of this office.
The engineer branch, is engaged in the ejxamination of the accouuts of
officers and agents of the Engineer Department, Avho, under direction
ofthe Chief of Engineers of the Army (except the Sux^erintenijent of
the Military Academy at West Point, whose disbursements are directed
by the Inspector-General), disburse moneys out of the various ax^x^ropri:
ations, now 248 in number, made from time to time by Congress for
Avorks of a public nature,-Avhich may be classed under the Mlowingheads, A'iz: The purchase of sites and materials for aud construction and
repairs of the A^arious fortifications throughout the United States; coiistfuction and rex')airs of roads, bridges, bridge-trains, &c., for armies
i n t h e field; surA^eys on the Atlantic and Pacific coasts; examinatiou
and suTA^eys of the northern and Avestern lakes and riA^ers; construction ,
and rexiairs of breakAvaters; rexiairs and imxirovement of harbors, both
on sea and lake coasts; iinx^rovement of riA^ers and xiurchase of snag
and dredge boats for the same; and the exxiense of the Militaiy Academy at West Point.
291
THIRD AUDITOR.
. T h e transactions of the subsisteuce and engineer branches forthe
fiscal year are shown by the following statement. Adz:
Engineer accounts.
Subsistence accoimts.
Provision Nuniber.
returns.
Amount involved.
1
On hand per last report, June 30, 1878
Eeceived during fiscal year.
Total
Audited during fiscal year
'.
Eemaining on liand June 30,1879
659
1,964
$844, 644 29
2,949,895 22
2, 623 3, 794, 539 51
1, 998 .2, 971, 356 37
555
1, 964
2, 519
^ 1, 998
• 23 $1,154, 028 70
222 4, 925, 896 64245
212
6, 079, 925 34
3, 737, 851 00
33
2, 342, 074 34
521
625 1 82.3,18'3 14
dumber of A^ouchers examined, 113,348; number of letters Avritteu,
1,649; number of difference sheets AA^ritten, 784; number of "calls"
ansAA'ered, 636; number of clerks employed, 9.
CLAIMS DIVISION.—(W. S. Stetson, chief.)
This division has the settlement of claims of a miscellaueous character
arising iii the A^arious branches of serAdce in the.War Department and
groAving out ofthe X3urchase or apxiropriation of supxilies and stores for
the Army; the xiurchase, hire, or>ax3X3i*ox3riation of Avater-craft, raikoad
stock, horses, wagons, and other means of transportation; the transX3ortation contracts of.the Armj^; the occupation of real estate for
camx)s, barracks, hospitals, - fortifications, &c.; the hire of emxiloyes,.
mileage, courts-martial fees, traA^eling exxienses, commutations, &c.;
claims for compeusation for Aressels, railroad cars, engines, &c.; lost iu
the military service; claims growing out of the Oregon and Washington
war of 1855 and 1856, and other Indian wars; claims of A^arious descrix^tions under sxDecial acts of Congress, and claiins not otherwise assigned
for adjudication.
Miscellaneous claims for fiscal year 1878-1879.
i
I Number. jI
On hand July 1, 1878
Eeceived during the year .
Total
Disposed'of during the year.
On hand July 1, 1879 . . . . : . . . .
.Amount
claimed.
.Amount
aUowed.
12,572 nt$S, 059,, 707 83
4, 246 &4, 709,090 62
16, 818 I 12, 768, 798 45
4,144 ! c4, 340, 957 91 $3, 840, 022 26
12, 674
fi8, 427,.840 54
aThis is the amount claimed in 11,072 cases, the araount claimed in tbe otber 1,500 cases not being
stated.
b This is the amount claimed in 4,090 cases, the amount claimed in the other 156 cases not being stated.
c Tbis is the amoant claimed in 4,011 cases, the amount claimed in the other 133 cases not being stated.
rfTbisisthe amount claimed in'11,142 cases, theamouut claimed in the other 1,532 cases not beiug
stated.
"•
'
JSTumbcB of letters written during the year, 2,709.
292
EEPORT ON THE FINANCES.
Oregon a n d AA^ashington I n d i a n w a r claims, it55-'56.
^ \
Number.
Amount
claimed.
Amount
aUowed.
L o s t vessels, a c t M a r c h 3,
1849.
72 $702, 378 87
2
26, 020 00
663 a$18, 254 44
287 &22, 603 34
On h a n d J u l y 1 1878'
Eeceived duriug t h e year
Total
On h a n d J u l y 1, 1879
950
240
40, 857 78
c35, 358,09
710
d5, 499 69
Amount
allowed.
Amount
claimed.
Number. ,
$24, 7i9 08
>
74
1
728, 398 87
1,020 00
73
727, 378 87
$1, 000 00
a This is the amount claimed in 342 cases, the amount claimed in the other 321 cases not being stated.
b This is the.amount claimed in 98 cases, the amount claimed in tbe other 189 cases not being stated,
c Tbis is the am'ount claimed in 95 cases, the amount claijned in the other 145 cases not being stated.
cJThis is the amount claimed in 345 cases, the amount claimed in the other 365 cases not being stated.
Number of letters written during the year, 174.
Pettengill, chief.)
The duties of this division, embrace the settlement, under the various
"acts and resolutions of Congress relating thereto, of all claims of the
scA^eral States and Territories for the ^^cost, charges., and expeuses ^TO^erly incurred by them for enroUing, subsisting, clothing, supx)lying,
arming', equipping, paying, and transportiDg their troops e,mx:)loyed in
aiding to suppress the recent insurrection against the United States,"
and all claims arising out of Indian and other border iuA^asions.
Also the settlement of claims for compensation for loss of horses and
equipage sustained by officers or enlisted men Avhile in the military
serAdce of the United States, and for the loss of horses, mules, oxen,
Avagons, sleighs, harnesses, while in said serAdce, by imx^ressment or
contract.
'
.
,
STATE AND H O R S E CLAIMS DIVISION.—(T. E . G .
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 .
s t a t e claiuis.
Number.
9 . * S F>Fx(^ R 7 f t F^Cx
3 1 1, 060i 824 21
C n h a n d J u n e 30, 1878
E e c e i v e d d u r i n g t h e fiscal y e a r e n d e d J u n e 30, 1879
Total
E e p o r t e d d n r i n g t h e fiscal y e a r e n d e d J u n e 30, 1879
On h a n d J u n e 30,1879
Amount.
-.
Number.
Amount.
24-
$4, 400, 910 15
12
3
.4, 617, 702 77
369, 834 70
24
3
4, 409, 910 15
24, 758 74
. 9
4, 247, 868 07
21
4, 385,151 41
Original accouiits.
H o r s e claims.
Nuniber.
Amount.,
On h a n d J u n e 30, 1878 . . .
E e c e i v e d d u r i n g t h e fiscal year e n d e d J u n e 30, 1879
E e c o n s i d e r e d d u r i u g t h e fiscal yetir e n d e d J u n e 30, 1879
Total
•.
A l l o w e d d u r i n g t h e fiscal y e a r ended J u n e 30, 1879 .-.
A m o u n t disallow^ed on s a m e
T o t a l a m o u n t claimed
•:
E e j e c t e d d u r i n g t h e fiscal y e a r e n d e d J u n e 30,1879
D e d u c t a s finally d i s p o s e d of d n r i n g t h e fiscal y e a r
On h a n d J u n e 30,1879
369
^
102
^r ^-^-*•5, 465
158
•'44
$971, 461 82
45, 271 78
6 038 75
5, 667
1,022,-752 35
$54, 638 84
5, 931 S5
.60, 570 69
20, 865 15
C
471
81, 435 84
5,196
941 316 51
Number of briefs made, 1,095; nuinber of claims examined and suspended, 2,127; number of letters receiA^ed, 4,129; number of letters
AATitten, 5,949; number of clerks, 5. ' •
293
THIRD AUDITOR.
COLLECTION DIVISION.—(J.
M. Yale, chief.)
Statement of husiness transacted hy the collection division during tlie year ended June 30,1879.
Special cases.
^00
Date.
a cn
pi
o K o
rJ -P W
H
July, 1878
August. 1878
September, 1878...
October, 1878
November, 1878...
December, 1878 . . .
Januarv, 1879
Pebruary, 1879....
March, 1879
AprU, 1 8 7 9 . . . . . . . .
May, 1879
Juiie, 1879
Total.
548
1,133
1, 903
1,968
1, 859
1,105
2, 359
5, 207
2,224
1, 892
1,923
22,121
350
203
198
214
211
150
309
146
343
294
281
254
3, 701
2, 074
2,158
2, 354
2, 896
2, 462
4,126
2,654
3, 708
3,864
3,803
3, 381
37,181
559
896
723
810
589
681
1, 047
979
1, 394
1, 203
957
780
332
18,578
2.56
20, 399
160 ! 18, 281. 118
19, 661 114^
175
170 ' 12, 278' 45^
10, 361 16*
146
11.483
253
20"
101
4,791
18
317
7,099
26
8,716
273
30
4, 784 15
282
294
10,618 2,759
139, 313 541^'
During the x^ast fiscal year nothing has been done in checking x3rox>
erty x^i^rchased and x^aid for on abstracts A, A A, and B ux^on the accountability abstracts of the xiurchasing officers, because of the insufficiency o l force ih the collection diAdsion. The imxiortance of this work,
in order to protect the government from fraudulent and erroneous claiuis,
has been set forth in xireceding annual rexiorts. Work has been continued during the fiscal year in a.bstracting the names of soldiers of the
war of 1812, for the purxiose of arrangement in. alx^habetical registers,
with all the clerical force available. Two hundred and seventy-one
thousand two hundred and thirty-four payments haA^e been abstracted,
which is probably one-fourth of the xDayments made for serAdces in that'
war. In ord.er to complete these registers within a xieriod of time that
A\^ill be aAT^ailable to the old soldiers and their widows Avhose applications
for pension are UOAV pendiug in the office of the CoiiiDiissioner of Pensions, but Avhose service cannot to traced for lack of data to base a
search upon, an increase in the clerical force in this division Asdll be
necessaiy. Iii many cases, of widoAVS esxDCcially who know the fact by ,
tradition that their former husbands serA^ed in the Avar of 1812, the claimants do not knoAY or haA'C forgotten the names of the officers under Avhom
they served. Until these alx^habetical registers are comxileted, this office
is unable to trace the serAdce of any soldier without the name of the
captain or colonel under Avhom' the soldier served; when these registers
s h a l l b e completed, a knowledge of the name of the soldier wdll be a
sufficient cliie to trace his military serAdce. The current work of the
collection diAfision has largely increased during the fiscal year, and, if
the same ratio of increase continues, additional clerical force will be required to keex3 it uj).
A R M Y P E N S I O N DIVISION.—(W. H. Whitney, chief.) •
The duties of this division embrace the settlement of all accounts
which pertain to the xiayment of Army pensions throughout the United
States. An account is kex^t with each xiension agent, charging him with
all moneys adA-anced for xiayment to x)ensioners, under the xiroper bond
294
REPORT ON THE EINANCES.
and fiscal year. A t the end of each month the agent forwards his
A^o.uchers, abstract of x^ajnnents, and inoney statement direct to this
office, where a preliminary, exainination is made to see if the money adA-anced is x^i'ox^^i'ly accounted for. The receipt of the account is then
acknowledged, and the account filed for audit. Each voucher is subsequently examined, and the xiayment entered on the roll-book opposite ;
the pensioner's name. The agent's account, when audited, is reported
to the Second Comxitroller for his rcAnsion, and a copy ofthe statement
of errors, if anj-, sent to the agent for his information and explanation.
The account, AAdien. rcAdsed,. is returned by the Second .Comptroller to
this office and placed in the settled files, where it»permanently remains.
The folloAAdng tables show the ox:)erations of this division during the
fiscal year:
' ' ^
.
Amou7its refunded to the credit of the folloiving appropriations during the
fiscal year ended June 30, 1879.
Invalids, 1871
AA^idows and others, 1871
Invalids, 1872
'.
AA^ar of 1812, 1872
AA^idows and others, 1872
Army x)ensions,. 1873
Army pensions,' 1874
Ai-my pensions, 1875
Army pensions, 1 8 7 6 . . . . .
J
:
,
.'
-•
-
Army pensions.
Balance on hand June 30, 1878, ap
propriation 1877
Amount refunded and deposited, appropriation 1877
.......
Total
Amoiint paid on settlement of accounts, appropriation 1877..
...
Balance to credit of appropriation,
June 30 1879
$334
8,091
. 209
53
776
516
760
1, 019
20, 096
$753, «: 05
, ,108 56
..9,910 61
2, 665 83^
757, 244 78
Compensa;
tion.
$1, 386 68
Fees on
vouchers
Dees to .
surgeons
$38,161 50
$36,159 11
26 49
1, 413 17
4 00
38,161 50
275 49
12 68
, 1,137 68
38,148 82
36,163 11
^
13 40
36,149 71
96'
72
80
33
46
92
47
93
48
To:.a!. .
$; :, 509 34
6,139 05
£35, 648 39
2,'967 40
832, 680 99
NOTE.—The above amounts were all carried to the sur]5lus ti-.nd.
Army pensions.
Compensation.
Eees on
vouchers.
Eees to
surgeons.
Total.
'
1
Balance on hand June 30, 1878, appropriation 1878
Amount refunded and deposited, ap1 propriation 1878
Total..:
;
Amount paid on settlement of accounts, 'appropriation 1878
Balance to credit of apiiropriation
June 30, 1879
$887, 922 08 $129, 251 31 $19, 463 25
$7, 381 23 $1, 044, 017 87
298,760 02
1,100 18
1,172 25
1, Oil 36
302, 043 81
1,186,682 10
130, 351 49
20, 635 50
8, 392 59
1, 346, 061 68
3, 066 00
6, 479 62
5, 326 59
1, 339. 582 06
3, 407 62
1,183, 274 48
6 00
130, 345 49
20, 635 50
THIRD
295
AUDITOR.
Amount appropriated to pay Army pensions for the fiscal year, ended June
30, 1879.^
Invalids
•.
AA^idoAvs, minors, and dependent relatives
Snrvivors war 1812, act 14tli February, 1871
AA^idows war 1812, act 14tli February, 1871
Survivors war 1812, acf9th Marcb, 1878
AAT-idows Avar 1812, act 9tb Ma,rcb, 1878
.Fees to examining surgeons
Pay and alloNA-ances..
$13,150,000
12, 830, 000
800,000
280, 000
532, 000
^ 967,974
50, 000
213,500
".
-,.
00
00
00
00
00
00
00
00
>
• 28,823,474 00
Amount drawn against tbe $1,800,000 a.pproiiriated for Army-and
Navy, act January-27, 1879
,
1,052,637 m
Amount drawn against tbe $1,800,000 after June 30, to make amount
of agents' payment
^....
88,833 02
Amount to be accounted for (as follows)
'
29, 964, 944- 68
Amount paid invalids..
$14,771,393 57
Amount paid widows
11,128, 566 50
Amount paid survivors war 1812, act 14tb Feb'y, 1871.
654, 070 31
Amount paid widows Avar 1812, act 14tb Feb'y, 1871. •
' 268, 901.96
Amount pa-id survivors Avar 1812, act 9tb Marcb, 1878.
343,272 01
Amount paid AvidoAvs Avar 1812, act 9tb Marcb, 1878. . 1,923,608 24
Ambunt paid fees to examining surgeons
85,543 50
Amount paid pay and alloAvances
201,967 24
Amount of unexpended balances in agents' bands to
be deposited
.
587,62135
.
29,964, 944 68
Arrears of pensions, acts January 25 and Marcb 3, 1879, xiaid as
follows:
Amount paid iuA^alids
.
Amount paid widows and others
Amount paid fees on A^ouchers
2^842,-658 23
1,176,869 10
1,884 00
Total paid to J u n e 30, 1 8 7 9 . . . .
'....
4,021,411 33
The following tabular statement shows the number of accounts received and audited during the fiscal year:
Number.
Accounts on hand June 30, 1878
Accounts received during the year
'
1
Total
Accounts reported to the Second ComptroUer
Accounts on band unsettled ...Toital
.
'.
Amount inA^olved.
114
256
$11, 917, 862 37
26,123, 111 64
370
38, 040, 974 01
281
89
25, 765, 870 58
12, 275,103.43
370
38, 040, 974 01
NOTE.—The 89 unsettled accounts belong to the fiscal year 1879.
Pensioners recorded
Pensioners transferred
Pensioners increased
Pensioners restored . . . . . . . . . . .
Certificates reissued
Changes noted
Corrections made
Pension Avouch ers examined . . .
Payments entered
,
Pages of abstract added
Pages of miscellaneous cox)ied .
Payments corrected
27,888
931
6,770
752
924
a, 187
2,247
968,191
928,182
30,838
1,558
436
296
REPORT ON T H E
FINANCES.
Copies of surgeons' cerfcificatessent to Commissioner
,,
Vouchers Avithdrawn from files
Letters received and registered
•
Letters written
-.
Letters copied and indexed
,
Pension checks A^erified before payment, 190, amountiug to
.•.......--..
Pension checks reported for coA^er to outstanding liabilities, 225, aimountingto..-."
':
. Settlements for ^^lost checks" made, 51, amounting to
:
227
5,134
3, 315
3,897
3, 287
$5, 323 82
,
$4,803 42
$2, 892 00
The following tabular statement exhibits the number and amount of
accounts on hand and unsettled July 1, 1869, together with those received and audited each fiscal year since:
N u m b e r . A m o u n t iuA'olA^ed. N u m b e r . A m o u n t involved.
•
On h a n d J u l y 1 1869
R e c e i v e d d u r i h g fiscal
E e c e i v e d d u r i n g fiscal
B e c e i v e d d u r i n g fiscal
KeceiA^ed d u r i n g fiscal
U e c e i v e d d u r i n g fiscal
R e c e i v e d d u r i n g fiscal
E e c e i v e d d u r i n g fiscal
E e c e i v e d d u r i u g fiscal
EeceiA^ed d u r i n g fiscal
E e c e i v e d d u r i n g fiscal
year
year
year
year
year
yea,r
year
A^ear
year
year
1870
1871
1872
1873
1874
1875
1876..'
1877.
1878
1879
:
'.
'
O n h a n d a n d receiA^ed
A m o u n t audited
B a l a n c e on h a n d J u n e 30, 1879
•.
637
714
930
684
711
864
798
741
834
. 538
256
• /
$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
33,194,149
26,123, 111
83
29 .
44
26
92
26
54
99
30
18
64
7, 707
' 7 , 618
323, 332, 945 65
" 311, 0.57, 842 22
89
12, 275,103 43
'
631
789
900
795
786
619
1,150
952
71.5
281
7, 618
$25, 596, 876
32, 813, 334
40, 000, 205
33, 926. 556
26, 431, 956
•19, 888. 428
. 48, 433; 036
34, 067, 985
24,133, 591
25, 765, 870
39
28
68
19'
71
52
92
43
52
58
311, 057, 842 22
Congress, uiider act March 1, 1879, authbrized the amount Avithheld
from pensioners under act March 3,1865, by reason of being in the civil
employ of the goA^ernment, to be refunded, and in nearly CA^exy case the
amount due had to be verified by this ofhce before x^siyment could be
rnade by the agents for paying pensions. The acts granting '' arrears ot
X3ehsi6h^^ added a vast amount of labor to this division, and the force
emxiloyed therebii A^as not inci'eased in x^roxDortion to the amount of
extra duty required, as was * dotie in the office of the Oommissioner of
Pensions. These, combined, have caused an accumulatiion of A\^ork, and
with the xiresent force it cannot be kex)t up, although the clerks on this
diAdsion are doing the best in their power to facilitate official business.
The force emx^loyed during the year numbered thirty-eight cleiics and
t!w6 cox^yists. The following tabular statements exhibit the amount
disbursed by the several agents, and the unexxaended balances in-their
hands during and at the close of the fiscal year.
Amount dishursed hy pension agents during the fiscal year ended June 30,1879, as
State.
Agency.
ilnvaUds.
Widows and
others.
own- by their accounts-current.
W a r 1812, act Eeb- Waa: 1812, act M a r c h <
1878.
raary 14,1871.
Surgeons.
Survivors. Widow^s. Survivors.
California
San Francisco .
. Do
Washington . . .
Indianapolis
Chicago
Des M o i n e s . . . .
LouisvUle . . : . .
NeAV Orleans
Boston
Saint Louis
Detroit
Concord
..NCAV Hampshire.
Canandaigua
< New York
Do
NeAV.Tork City.
Ohio
Columbus
..
Pennsylvania
Pittsburgh
Do
Do
Philadelphia
Do
Temiessee
Knoxville
Wisconsin
MilAvaukee
Do
-•-
Dist. of Columbia.
Indiana
Ulinois
loAva
'
Kentucky
Louisiana
Massachusetts...
Missouri.
Michigan
Albert Hart
WiUiam H. Payne
John S. Witcher .
ri-ed. Knefler . . . .
Ada C. SAveet
B. B'. G u e . . .
E. M. Kelly
W. L. McMillen..
D. AV. Cooch
Eufus Campion ..
Samuel Post
E . L . AVhitford...
L. M. Drury
C. E. Coster
A. T. AVikoff
James McGregor.
AV. A. Herron
H.-G. Sickel . . . . . .
D. T. Bo.ynton . . . .
Edward Ferguson
Total....
Deduct amount of OA^erpayments refunded .
$95, 557 77
26, 236 20
329, 454 14
042, 026 89
359, 944 70
836, 573 57
277^ 162 82
98, 093 28
980, 233 36
940,125 01
769, 018 89
001, 545 63
041, 869 73
794,143 43
336, 624 91
545, 791 44
230, 762 80
975, 350 66
369, 912 22
723, 452 31
242 07 $4, 054 66
7, 685- 40
1, 637 33
634, 392 48 37, 396 26
733, 632 83 27, 319 21
. 889,576 30 28, 442 41
404. 404 42' 15, 798 13
442; 439 19 28,107 48
].48, 290 29 52, 853 87
8.58, 207 31 26, 255 19
579, 650 40 26, 646 54
454, 740 12 26, 549 85
848, 910 34 51, 242 -37
818, 443 91 61, 861 09
739, 358 05 47, 397 06
., 132,733 57 57,518 92
406. 451 83 15,189 05
169, 274 44
3, 547. 20
750, 517 58 20, 214 86
599, 729 89 107, 572 70
477, 141 87 14, 494 13
$576 00
120 00
16, 749 05
8, 658 93
12, 980 79
3, .528 00
14, 957 05
22, 409 32
9, 802 66
9, 357 06
8, 516 26
14, 348 51
22, 539 99
22, 516 79
24, 974 64
6, 765 07
2, 446 40
16, 032 26
47, 927 18
3, 696 00
Total.
Widows..
$400 00
$2, 910 77
$1,197 38
107 00
2, 035 50
240 00
9, 951 .23: 115; 707 97 • 4, 412 00
6, 234 00
62,110 54
.7,476 75'
11, 846 48' 64, 510 35 6, 780 00
6, 631 13
3, 770 7-8
9, 341 15
.53, 315 06
.5,606-05
11-, 186 19
92, 355 34
46, 775 95
10, 859 52
23; 520 15
7, 739 74
2, 270 69
4, 565 20
25, 922 83
8, 855 73
Pay and allowances. '
30; 544- 86 . 5, 804 00
64, 645 04 . 1, 844 00
56, 075 68
486 00
6, 790 50
1805 7,8'806
4'8; 868 04 : 4,950 00
45, 0.56.12
5, 031 00
.5, 503 00
292,136 81
6, 622 00
186, 541 42
4, 202 00
94, 942 43
153, 310 75 10, 630 20
33, 844' 68 3, 864 00
795 00
24-, 571 11
77, 563 88
4, 441 00
2; 755 00
359, 5 9 ^ 51
3,898 00
28, 041 06
$4,182 98
451 98
12, 262 72
12, 256 84
14, 762 26
* 10, 334 59
7,148 ,22
. 4, 273 12
13, 398
10, 748
10.129
16, 245
53
88
65
96
14, 479 54
11, 346
16, 981
7, 625
2, 320
13, 963
10, 036
9; 029
43
34
94
95
98
19
80
$143, 121
38,- 513
2,160, 325
1, 899,715
2, 388,843
1, 313, 618
840, 074
391, 822
2,128, 790
1, 625.951
1, 330,228
2, 322,287
2,199, 133
1, 724,765
2, 756,294
1, 027, 271
435, 988
1, 862,649
1, 523,448
lv268. 608
63
41
85
99
29
70
58
71
67
98
08
96
63
71
48
75
59
42
52
90
14, 773, 879 76
2, 486 19
11,129, 822 29 654, 098 31 [268, 901 96 343, 427 35: 1,923,79.7 58 85,548 70
5 20
155 34
• 189 34
28 00
1, 255 79
201, 97:9 90
12 66
29, 381, 455' 85
4,132 52
14, 771. 393 57
11,128 566 50 654, 070 31 268, 901 96 343, 272 01 1, 923, 608 24 85, 543 50
201,967 24
29, 377, 323 33
u
H
O.
298
REPORT ON T H E
FINANCES.
Unex2)ended halances in the hands of 2^e*^sion agents al close of fiscal year, as shown hy their
accounts-current.
State.
' Do
District of Columbia.:
Indiauca
lUinois
loAva
Kentucky
Massachusetts
Do
Missouri
Michigan
New Hampshire
New York
Do
Ohio
Pennsylvania
Do'
Do
Tennessee
Wisconsin
Total
Agency.
.. . d o
Washington
Indianapolis
Chicago
Des Moines
LouisA^illc
-Boston
do
Saint Louis
Detroit
Concord
Canandaigua
NeAV York City
Columbus
Pittsburgh
do
Philadelphia
KnoxA^ille. -..
MilAvaukee
Agent.
:
..
'.
Albert Haat
AVilliam H. Payne.
John S. AVitcher
Ered. Ixjiefler
Ada C SAA'cet
B. E. G ue
E. M. KeUy
D. W. Gooch
. do •
Eufus Campion
Samuel Post
E. L. Whitford
L. M. Drui'y
..
C. E. Coster
A. T. Wikoff
James McGregor
AVilliam A. Herron
H. G. Sickel
D. T. BoATiton . . .
EdAvard Ferguson
Amount.
.:
$16, 835 87
5,486 59
80, 836 72
30, 595 54
14, 250 38
66, 911 30
'..
5,122 14
5, 058 80
19, 370 53
49, 404 02
. 16, 298 12
47,587 04
39, 932 27
• . .
70, 767 42
59, 863 66
'
26 55
11 41
35, 644 90
10,789 66
12, 828 43
$587, 621 35
Amount disbursed hy pension agents on account of ^'arrears of 2)G'^^sions'' during thefisoal year.
State.
California
District of Columbia.
Indiana
Ulinois
Iowa
Kentucky .'.
,
Massachusetts
Missouri
Michigan
New Hampshire
NeAV Y o r k
Do
Ohio....
Pennsylvania
Do
Tennessee
Wisconsin
Total
Agency.
Agent.
San Francisco..
Wasliington —
Indianapolis . . .
Chicago :
Des Moines
Louisville
Boston
:...
Saint Louis
Detroit
Concord
Canandaigua —
New York City.
Columbus .....!Pittsburgh
PliUadelphia —
KjioxviUe.......
Milwaukee
W.H.Payne
J.S. Witcher
Fred. Knefler
Ada C. SAveet
B.E. Gue
E. M.Kelly
D. W. Gooch
Enf us Campion
Samuel Post
E. L. Whitford . - 1 . .
L. M. Drury
C. E. Coster
A. T. Wikoff
,
W. A. Herron
H.G.Sickel
D.T. Boynton
EdAvard Ferguson .
:
:
Inx-alids.
$3, 748 17
296, .560 35
179, 819 19
260, 964 60
125, 997 68
49, 247 21
216, 976 59
189, 587 00
116, 324 64
132, 879 91
2.57, 058 19
199, 709 70
241, 420 64
137, 776 77
244, 687 74
67, 500 44
122, 399 41
Widows.
• $46, 359 78
53,142 06
84, 319 86
38, 848 83
57, 406 48
90, 556 85
-69,199 03
33,140 04156, 556 68
117, 387 61
87,. 242 78
108,160 48
61, 818 95
,73, 483 08
61, 776 80
37, 469 79
2, 842, 6.58 23 1,176, 869 10
A^oucbeifees. •
Total.
$1 80
162 90
.120 30
158 70
81 90
42 30
139 .50
108 00
66 30
129 .90
183 '30
131 70
164 10
96 90
166 80
56 10
73 50
$3, 749 97
343, 083 03
233, 081 55
345,443 16
164, 928 41
106, 695 99
307, 672 94
2.58, 894 03
149, 530 98
289, 566 49
374, 629 10
287, 084 18
349, 745 22
199, 692 62
318, 337 62
129, 333 34
159, 942 70
1, 884 00
4, 021, 411 ;
>
u
H-i
O
to
CO
CD
S&O
REl^OIJT ON T H E X^INANCES.
Unexpended halances ^' arrears of pensions^^ in hands of pension agents June 30, 1879.
S t a t e . .^
California
D i s t r i c t of C o l u m b i a
Indiana
Illinois
Iowa
Kentucky
Massachusetts
Missouri
Michigan
New Hampshire
NCAV Y o r k
Do ..
Ohio
Pennsylvania
• Agent.
Agency.
:
.-
Tennessee .
AVisconsin'.
San F r a n c i s c o
AVashington
Indianapolis
Chicago
LouisAalle
Boston
Saint Louis
Detroit
Concord . .
Canandaigua
N e w Y o r k City
Colum b u s
.'
Pittsburgh
Philadelpbia
KnoxA^iUe
MUwaukee
Ari-ears.
Voucherfees.
$21, 251 83
AV. H . P a y n e
' 97, 079 87
: . . . J . S . AVitcher
92, 038 75
F r e d . Knefler
124, 715 .54
A d a 0. Sweet
60,153 49
B. F . G u e
8, 346 31
E..M.KeUy
112,
466 56
D.AA^Goocb
.• 2i, 213 97
E u f a s Ca.m])ion
60, 535 32
Samuel P o s t
60, 563 41
E . L. W h i t f o r d
50, 554 20
. . : . . . L.M. Drury
• 73, 047 52
C.E« C o s t e r
160, 418 88
A. T.-AVikoff
V
25, 404 28
, . . . AV. A . H e r r o n . . . . . . . ' . . . . . .
41, 829 18
H.G.Sickel
70, 722 76
D T Bovuton
130 80
. . Ed^^^ard F e r g u s o n
$23 20
237 10
279 70
v>4] 30
218 10
157 70
260 50
292 00
233 70
^70 10
216 70
268 30
235 90
• 303 10
233 So
243 90
• 226 50
1,080,472 67
3, 941 00
Total
THE F I L E S .
There are UOAA^ 178,742 money settlements, comprising accounts of
quartermasters, commissaries of subsistence, engineer officers, agents
for paying pensions, and miscellaneous claims. The x>i*opert.y and x^i'Ovision returns of Army ofiicers aggregate about 50,000 more. Of these
settlements, '6,117 (and 3,365 property returns) have been added during
the fiscal year. The X3ax:)ers are in fair condition, but much inconA^enience
is felt for want of additional rooms and axDx^ni'tenan.ces. The curreut
X3eiisioii vouchers now haA^e to be xilaced upon the floor, as no shelAdiig
can be spared for them. It is hoped that after the Bureau of Engraving
and Printing shall be removed to its new building, proxier accommcldations may be furnisheci tor these A-aluable x^M^^rs, where their frequent examination will iuA^olve as little wear and teax as pDSslMe. Some
of these paxDcrs haA^e been mutilated by handling, and should be bound
to xirevent further disintegration.
There were nine lady cox3yists usefully emxiloyed during the year.
The number of miscellaneous papers registered Avas 4,700; diflerence
sheets registered, 606; total, 5,306. Miscellaneous X3^"^p<3rs copied and
compared, 13,447 x^ages; difference sheets comx)ared, 2,349; letters recorded and compared, 3,289; xiapers copied in pension diAdsion, 5,022.;
total, 24,107. ' ISTumber of names indexed, 21,843.
I respectfully renew the suggestion often made by my predecessors as
to the necessity of some limitation to the time within Avhich claims
against the United States may be presented to the ExecutiA^e Dex)artments. In the absence of such a check the danger of frauds ux>on the
government increases with every xiassing year. Most of the stale claims
X3ressed upon this office grew out of the oxierations of the Army during,
the late rebellion, or in other wars of many years ago. To thoroughly
sift these claims as xiublic interest demands it is becoming daily more
difficult. On the other hand, as the danger of detection grows less
through the laxDse of time, the temptation to present and the facilities
for establishing fraudulent claiins increase.
Statutes of limitation are no longer.looked upon with disfaA^or by
courts or legislative bodies, and x'>roAdsions of this- kind reSx3ecting suits
between individuals are, I believe,' nearly universal. T t e t which is
everywhere conceded to be wise and j list as betAveen citizehs of a State
can but be considered fair and just as between the citizen and the State.
THIRD AUDITOR.
301
FeAV claims that are fair and honest fail of x^resentation Avithiii six
years from their origin, and the claimant who Avaits longer, if laboring
under no legal disability, should be barred, in my ox)inion. One thing is
certain—no one can be familiar Avith the business of this office for any
period, however brief, without being thoroughly cOuAdnced that such a
limitation AA^ould be of great A-alue as a xirotection to the Public Treasury,
would remoA^e a great temx^tation from the Adciously inclined, and Avould
give much needed relief to the ExecutiA^e Departments.
Eespectfully submitted.
E. W. KEIGHTLEY, ^
Auditor.
Eon.. J O H N SHERMAN,
Secretary of the Treasury.
EEPORT OF THE FOURTH AUDITOR
IIEPORT
OF
THE FOURTH AUDITOR OF THE TREASURY.
TREASURY DEPARTMENT,
F O U R T H AUDITOR'S OFFICE,
Washington, Novemher 1, 1879.
SIR : I have the honor to submit the following tables indicating the
work of this office for the fiscal year ending June 30, 1879: .
PAYMASTEES' AND MAEINE ACCOUNTS.
(GEORGE L . CLARK, Chief.)
Statement of the worlc performed hy the paymasters'. division for the fiscal year ending Jime
30, 1879.
Date.
July
August
September.
October
November .
December..
January ..
February.
March
April
May . . . . . .
June
Cash
Cash' disAccounts Accounts Letters Letters
received. settled. received. written. vouchers. bursements.
1878.
128
104
115
137
104
76
110
100
120
125
113
66
1,200
525
682
910
870
694
$1,184,149 36
472,164 68
888, 430 72
952, 616 59
952, 289 05
764, 594 08
137
112
122
119
100
77
109
105
120
96
109
83
1,044
407
750
528
688
1,363
865, 216 35
464, 805 06
1, 582, 731 59
650, 954 39
778,195 06
1, 404, 780 87
1,331
1,256
1879.
Total .
Accounts on hand July 1, 1878 . .
Accounts on hand June 30, 1879.
20 F
343
. 316
10, 960, 927 80
43
70
306
R E P O R T ON T H E FINANCES.
PUECHASING PAYMASTEES' AND ALLOTMENT ACCOUNTS.
(WILLIAM F . STIDHAM, Chief.)
Statement of the worlc performed hy the Navy pay and allotment division for the fiscal year
ending June 30, 1879.
Accounts Accounts Letters Letters
received. settled. received. •^VL'itten.
Date.
Amount ih
volved.
1878.
July
August
,
September
> October
—
November
December
January.
• February...:
March
,
April
May
June
210
166
224
' 197
237
213
204
147
206
205
234
210
, 126, 847 44
22, 554 07
149,196 03
285, 541 33
941, 252 52
^784,505 73
202
194
210
211
237
178
216
189
202
183
208
161
241, 255 51
943,142 73
413, 875 94
182, 831 74
621, 424 00
824, 640 15
1879,
....,...'.
—
-
Total
161
168
2,365
6, 537, 067 19'
Allotment accounts.
AUotments
registered.
Date.
1878.
July
August . . i . . . .
September
October
November
December
January
February
Ma.T'cb .,
April
May . . . ;
June
i.
i
.
.....
-
..
....
i
-..- - --^-
--..
•
Allotments,
discontinued.
52
34
39
137
236
250
156
76
89
136
108
84
95
89
168
84
. 80
70
123
116
107
91
113
77
1, 334
1, 276
1879.
,,
,
•
.---...
.•
'.
--
1....
u.
-
'
Total
Amounts p)md at Navy pay offices for allotments during the year 1878;
NewYork
.
Boston
PhiladelpMa
Washington...
Norfolk
Baltimore
SanFrancisco
Total
-..J
^
:
..;
,
,
$129,500
77,751
74,398
,
73,018
21,292
18,300
^„.,....
10,757
00
50
00
00
00
00
00
405,016 50
Acconnts remaining on hand Jnne 30, 1879, 507; nnmber of [voncliers examined
33,979.
BOOKKEEPER'S DIAHCSION.
(PARIS H . FOLSOM, Ohief.)
'Statement of the worh perfm^med hy the hookkeeper^s division for thefisoal year ending June 30, 1879.
E
2
f>5
c3
*S
ii
.1
c3 P
Date.
ri
.s§
© ©
PH
•P|
©
p ^
•^ P
'©
O
^6
1
o ©
§
0
'A
- "
Pu
1'
•
.
<^
0
'A
-•
<
Prci
1
1
©
vA
II
Hi
<is
"©
1
ut
^
g
©
Hi
^
p
.p
<\
<
1'
o
©
f-x
© .
Pg
©
HJ ©
CM
1 ot^' .
o
p
o
<ai
o
' 1878.
Tnlv
AuETust
.; ......
Deceniber
240
165
157
189
117
180
$2,182, 315 70
1 679 246 45
1,188, 040 03
1, 516, 667 99
1, 788, 530 32
1, 080, 040 60
44
36
20
32
19
11
$130, 530 69
156, 012 44
25, 016 49
305, 353 31
99,627 37.
35, 687 00
238
178
201
176
157
134
361
327
317
335
298
277
183
15
20
37
21
134
45
34
52
35
44
77
March . . 1 .
AprU
M!ay
June
. . . . . . . .'•
Total.'.
....;,
--.
.
177
190
202
135
271
211
2, 234
1, 807,186 92
2, 270, 036 45
2, 309, 695 72
1, 347, 813 39
2, 552, 436 46
6, 209, 950 53 25, 931, 960 56
65
46
38
56
30
26
423
1, 069, 792 01
705, 858 82
953, 001 24
1, 040, 357 75
400,137 35
5,191, 715 21
1
1
2
2
97
31
49
30
85
148
17
i
15
19
15
6
$101
21
128
352
126
53
16
44
78
48
39
25
'
1879.
Januarv
100
102
76
40
47
61
151
161
151
<172
148
160
318
268
260
316
341
307
• 82
37
35
89
71
33
37
36
42
39
49
40
54
76
114
207
291
215
1
1
1
4
1
4
10,113, 089 68 2, 027
3,725
737
530
1,383
9
9
12
64 76
71
19 1, 584 34
52
75 . 21 504 50
9
434 31
81
25
205 23
64
8
40
32 01
823
167
H
O
3, 608 65
OD
O
308
REPORT ON THE FINANCES.
PEIZE-MONEY AND EECOED DIVISION.
(BENJAMIN P. DAVIS, Chief.)
Statement of the worlc 2^e^forincd hy the 2^'f'i^e-money and record division for the fiscal year
ending June 30, 1879.
Letters.
Claims.
Eecords.
Date.
•sl
p s
•© o
-P ©
© Q?
1878.
July
August
September ..,
October .
November...
December...
1879.
January
February
March..'.
Api'il
May
....
June
Total. - . .
128
143
143
141
120
100
141
169
178
173
142
109
140
234
221
186
162
132
164
267
277
252
178
159
$1, 642
933
715
1, 434
658
1, 367
1, 850
1, 275
1,136
1, 236
1,102
1,088
941
77
98
48
82
05
53
1, 942 12
1, 426 14
950 03
719 98
932 08
1,'087 73,
1, 072
1, 314
2,206
1,859
1,339
1,769
13, 810 71
16, 337
© f>3
© p-
^2
h-1'"
1, 261 1,547
1, 264 1,443
. 1, 227 3,569
1,243
3,764
1,205
4,610
982
2,486
1,260
1,320
2, 079
1, 890
1, 629
1,642
3,701
2, 454
2,038
1,800
1,450
1,586
2,316
2, 448
4,196
4,315
5,468
3,329
5'
9
13
2
4,864
4,176
3,309
4,164
4,101
3,767
4
2
6
16
11
6
17, 002 30,448 '46,453
This division is charged also with the preparation of all reports and
tabular statements caUed.for by Oongress and the Secretary of the
Treasury, keeping a record of appointments^ resignations, removals, and
absences, the care and issuing of stationery used in the office, and the
payment of salaries to employes.,
^
BOUNTY, AEEEAES OF PAY, AND GENEEAL CLAIMS.
(EGBERT KEARON, OMe/.)
Statement of the work performed hy the general claims division for the fiscal year ending
June 30, 1879.
1
Date.
''
©
o
cn
©
_P
09
5
1
.Q
cn
6
• n
©
>
%
P
;p
• §
1
•"p
p
o
p
V
*©
1
P'P
d o
cn
• §
©
S-2p
©oco
.si .
II
ih
Hi
1878.
TnlvT
88
91
1.32
76
83
71
43
107
129
81
72
75
61
66
95
266
310
179
157
44
69
95
175
106
291
1,657
1,305
$12, 359 34
11, 241 69
8, 345 06
15, 787 13
10, 057 32
13, 040 93
493
455
506
393
382
374
406
.504
365
370
390
296
14
27
42
63
81
27
3
3
' 2
1
1
15,145 29
397
7, 870 76
524
9, 529 62 1,411
11, 325 23
1,109
9, 690 .57 1,049
712
11, 802 83
416
461
1,125
1,009
779
863
14
47
76
47
80
90
I
1
1
1
6, 984
608
1879.
Marph
"
T 1 li f>
•
Total
136,195 77
7,805
„
14
FOURTH
309
AUDITOR.
NAVY PENSION ACCOUNTS.
I _
(EICHARD GOODHART, Chief.)
Statement of the worlc perfofmed hy the Navy pension division for thefisoal year ending June
30, 1879.
Date.
1878.
July
August
September
October
November
December
i
1.
].
$38, 708 37
18, 203 00'
51,108 06
153,710 81
41, 069 89
i.
Jannary
.'
February :
;
March
.^
April
r
May
Jmie
1879.
;
,
j
i
i
'.
TotaL
'45
89
91
.62
103
50
42, 741 30
39, 601 31
61,. 598 59
20, 705 96
41, 998.72
38, 082 45
845
547, 528 46
«^,P be
ti
Yzr, c n
Pension agencies.
'pS
^ P
©;d
^ =? .
g
^•2 2
I I Sp
U. t c
p
Boston, Mass
Columbus, Ohio
..
Concord, N . H .,
Chicago, 111
Detroit, Mich
Knoxville, Tenn
New Orleans, La
LouisviUe, Ky
Milwaukee, Wis . . . . .
New York City, N. Y
Pittsburg, P a
PhUadelphia, P a
San Francisco, C a l . . .
Saint Louis, Mo
Washington, D. C
Total...
Number of accounts on hand June 30, 1879, 14.
456
47
136
69
23
42
25
9
23
448
31
292
46
25
350
467
115
127
46
24
81
28
16
'27
468
44
396
27
27
450
923
162
263
115
47
123
53
25
50
916
75
688
73
52
800
$107, 625 81
19, 911 61
35, 903 63
14,720 24
7,'248 85
18, 098 3a
5,'985 78
3, 207 16
7, 795 41
105, 739 18
11,193 17
83,100 80
7,167 03
8,470 26
107, 320 65
543, 487 91
2,343
^•
The business of this bureau has been kept well in hand, and is now
in good shape, for which Imuch credit is due to the deputy auditor, William B. Moore, to the dhiefs of divisions, and to the clerks and employ6s generally for the| faithful and efficient manner iu which they
have discharged their respective duties.
I have the honor to bej very respectfully, your obedient servant,
I
GHAS. BEAEDSLEY,
!
Auditor,
Hon.
J O H N SHERMAN,^
Secretary of the Treasury.
EEPOETi OF THE FIFTH AUDITOR
s.-^
I
REPORT
I
I
OF
THE FIFTHAUDITOR OF THE TREASURY.
I
;
TREASURY DEPARTMENT,
F I F T H AUDITOR'S O F F I C E ,
i
Washington, N'ovemher 1, 1879.
SIR : Herewith are s-ubmitted the operations of this office for the fiscal year ending June 30, 1879.
^
'
-w
^
-w
*
4(-
^
The adjustments required the examination of ninety-one tliousand five
hundred and seventy-oine vouchers, amounting to $661,943,492.73, and
were made with commendable promptness. The clerks employed in the
office are entitled to my thanks for strict regard to the interests of the
government and attent|ion to the duties committed to their care.
Yery respectfully, your obedient servant,
J. H. ELA, Auditor.
Hon. J(DHN SHERMAI^,
Secretary of the Treasury.
NOTE.—The tables pertaining to this Report are omitted for want of space, b u t
t h e j are printed in tbe iiamjihlet edition of the Auditor's report.
I
313
REPORT! OF THE SIXTH AUDITOR.
REPORT
OF
THE AUDITOR OF THE TREASURY FOR THE POSTOFFICE DEPARTMENT.
O F F I C E OF T H E A U D I T O R OF THE TREASURY,
F O R THE POST-OFFICE DEPARTMENT,
Washington, Octoher 22, 1879.
S I R : I have the honor to submit the following report of the business
operations of this office for the fiscal year ended June 30, 1879. My annual report to the Postmaster-Greneral, now in cours(3 of preparation,
will exhibit in detail the financial transactions of the Post-Office Department during the past fiscal year. Thefollowing is a summary of
the principal labors performed by the several divisions during the year,
viz:
.ExAMiNiNa DIVISION.—(Benjamin Lippincott, ^chief.)
The business of the Examining Division for the last fiscal year has been
fully completed, ahd the following tables exhibit, as far as may be, the
work j)erformed:
''
Number of quarterly accounts-current received during the fiscal year:
Quarter ending Sexitember 30, 1878..
". Quarter ending December 31, 1878
i
Quarter ending March. 31, 1879
Quarter ending June 30, 1879
„
.
Total ..^
:.,...
38,841 .
39,905
40,821
40,874
,
160,441
Increase
Number of acconnts
Quarter ending
Qnarter ending
Quarter ending
Quarter ending
7,305
settled by stamxi-clerks during the fiscal year:
September 30, 1 8 7 8 . . . . .
December 31, 1878
March 31, 1879
•
June 30, 1879
^
Total
.' 38, 365
i. 39, 505
40,313
40,369
^
Increase
158,552
*..
6, 341
Number of accounts-current examined and iiassed to the Registering Division
during the fiscal year:
. Qnarter ending Septeniber 30, 1878
Quarter ending December 31, 1878
Quarter ending March 31, 1879
„
Qnarter ending June "30, 1879
'
38, 365
39,505
40,313
40,369'
Total:
\...
Increase
\
J
158,552
:
6, 341
318
REPORT ON T H E FINANCES.
Amonnt involved in the settlement of quarterly acconnts:
Quarter ending September 30, 1878
:
Qnarter ending December 31, 1878
Quarter ending March 31, 1879
Qnarter ending Jnne 30, 1879
Total
'.
$6,808,843
7,407,058
7,788,655
. 7,358,344
'
54
05
12
23
29,362,-900 94
Increase
'683,237 83
• Nnmber of post-ofdces of the first and second classes receiving allowances for •
clerk hire, light, filel, rent, & c . . . . . . . .
i
^
^,,..,.....
^...
425
Nnmber of post-otfices of the third and fonrth classes receiving allowances for
clerk hire for separating the m a i l s , . . . . . , , . . ^— . . - . . . . . . - >
1,029
Total nnmber of post-offices of all classes receiving allowances
1,454
EEGiSTERiNa DiviSiON.--(Joseph B. Will, chief.)
During the fiscal year ended June 30, 1879, the number of accounts
registered and amounts therein involved were as follows :
. Third quarter, 1 8 7 8 . . . . . .
Fourth quarter, 1878 ..,.
First qnarter, 1879
Second qnarter, 1879
.
..^.
........„..
.-^
.,
Total
:
Increase . / . . . . . . .
i
.'.
i
38, 365 16,808,843'54
39,505 . 7,407, 058 05
40,313
7.788,655 12
40,369
7,358,344 23
158,552
29,362,900 94
6,341
683,237 83
Number of changes of postmasters reported from the appointment
office of the Post-Office Department entered during the fiscal year was
as follows
1...'.
11,363
Decrease from the last fiscal year . . . . . . . . . . .
1,455
BooKKEEPiNO DIVISION,—(James T. Smith, chief.)
The following tabular statements shoAV the distribution of the work
of the division, the increase therein, and, in part, the labor performed
in making up the auxiliary books prepared on the division:
Ledgers of mail-contractors^ accounts.
1
1
2
Number
of ledgers.
States.
Star and steamboat service in :*
Maine, New HamjDsbire, Venn ont, Massacbusetts, Bbode
Islantl, Connecticut, New York, NCAV Jersey, Pennsylvania, Delaware, Virginia, West Virginia, "Maryland,
Nortb Carolina, South Carolina, G eorgia, Morida, Alabama, and Mississippi—
Railroad and ocean transportation and journalizing
Star and steamboat service in:
Indiana, Illinois, Tennessee, Wisconsin, Obio, Iowa, Missouri, Kentucky, Micbigan, Kansas, Nebraska, Oregon, Minnesota, California, Nevada, Texas, Louisiana,
Arkansas, and Territories.
Total.'.
Increase
i
-
Day-book
Current
entries
accounts. journalized.
•
6
3, 057
6,716
6
3,250
12
6,307
6, 7i6
167
2, 238
SIXTH
319
AUDITOR.
Ledgers of postmasters' accpunts.
Number " Cu]:rent *
Late
of ledgers. accounts, accounts.
States.
Maine, New Hampshire, Vermont, Massacbusetts, Connecticut, libode Island, and G-eorgia.
,
New York, New Jersey, Delaware, and Florida
•
Pennsylvania and West Virginia
.'
,
Virginia, Nortb CaroUna, Soutb Carolina, Maryland, and
District of Columbia.
Alabama, Louisiana, Texas, Arkansas, and Mississippi.. —
Missouri, Kentucky, and Tennessee...
Obio and Indiana .'
.....:..
Ulinois, Micbigan, and Nebrg-ska
Wisconsin, Iowa, and Minnesota
California, Oregon, Nevada, Kansas, Colorado, and Territories.
Total
.^.......
4,134
464
4,006
4,193
4,263
. 501
570
510
4,266
4,264
3, 920'
3,986
3,741
4^ 143
1,028
•871
737
-761
624
832
'..........
40,916
..,-..,..
1,769
Increase
1,046
Ledger of general, special, and miscellaneous accounts.
Number
of accounts.
Revenue of Post-Office Department for fiscal year 1879.
Crants from tbe Treasnry in aid of tbe revenues
$30, 041, 982 86
3, 071, 000 00
Total receipts
,
• Exi)enditu;:es cbarged to appropriations for fiscal year 1879,
42
33,112, 982 86
33, 073, 437 82
Balance available for a.ccrued liabilities.
39, 545 04
iPaid indebtedness accruing in former years —
Official stamps sold to executive departments.
376, 461 63
388,107 60
Auxiliary hoolcs made up on the division.
Number
Increase
of entries. over last year.
Stam J) journal
Day-books
:...
Deposit-books (deposits at designated post-offices)
Casb-book (deposits at treasury depositories)
Total'
4,821
6, 716
18,181
10,116
1,251
2,238
10, 966
5,237
39, 834
19, 692
]!^umber of auxiliary books from which entries are made
125
Approximate number of entries made in ledgers during the year .528, 707
Number.
Warrants issued by tbe Postmaster-General and countersigned by tbe
Auditor, passed and registered during tbe fiscal year. :
Decrease
Increase
.
Drafts drawn by tbe Third Assistant Postmaster-General and countersigned by the Auditor, passed and registered dnring the fiscal year
Increase
13,'086
.
1,627
Amount.
$9,533,440 20
391, 645 57
23, 350
2, 317, 247 33
5,356
575, 857 95
320
REPORT ON T H E FINANCES.
H. Grunnison, chief.)
STATING- DIVISION.—(Wm.
The statements following show the amount of work performed during
the last.fiscal year.
Statement of the numher of general postal accounts of postmasters, the increase in the nnmher,
and the classification of the officers, for the fiscal year ended June 30, 1879.
1
CO
P r e s i d e n t i a l offices.
rt 6
1
^
States and Territories.
^
3«,
bfl
1j i
o
O
6
t
cv
1
lb).
bi)
.g
1 11
Q
•
ci'tr
1
3
1
891
426
474
638
7
4.
1
6 •
o
8 31
6 24
2 21
36 107
15 116
52 .183
6 1,697 655
30
97
2
27 135
9 11
3 1,147 630
. 21 73
1
58 124 1,959
103
5
4
36 2,094
16
114
11
99
36 146
4- 1,168 703
63 128 2,062
52
P e n n s y l v a n i a (A to Q). 3
Dakota
. 0
77
5
14
1
0 1, 639 638
145 90
3
50
35
3
82
15 100
3 1,784 728
85
20 2, 617
98
2
1
0
•54
7
6
6
0
1
62
8
7
4
0
0
962 210
656 167
179 146
57
13
22
36 1, 265
836
0
347
0
20 1, 327
12
844
25
354
3
3
5
4
N e w Y o r k (A t o Q ) . . . . 11
Nevada
".
0
OCotal
Total
IT
6
5
*2
1
2
602
301
336
458
252
118
123
162
15 22
4' 3
3 12
8 10.
47 2,429
922
450
495
745
16 2, 343^ ' 2 8 2, 437
274 70
4
280
VV i s c o n s i n
W e s t Vii'ginia
Oregon
Total
3
67
7
77
4 1,797 523
92
36 2, 448
57
5
N o r t b Carolina
South Carolina.
Georgia
1
1
2
11
10
19
1
2
2
13
13
23
2 1,186 128
475 68
1
754 105
0
30
11
56
9 1, 353
555
1
940
25'
64 1, 366
22
568
69
963
Total
4
40
5
49
3 2, 415 301
97
35 2, 848 155
6
Kansas
Minnesota
Colorado
Utah Territoiy
1
2
1
0
33
18
8
.1
11
11
7
3
45
31
16
4
4 .60
32
96
Total
7
Ohio
8
Illinois
Delaware
D i s t r i c t of C o l u m b i a . .
Wasbington Territory •
Montana Territory
Chicago, III
C i n c i n n a t i , Ohio
S a i n t L<.)'iis, M o
San E r a n c i s c o , C a l
N e w Orleans, L a . . .
Washington, D. C
^
Total
Total
9
Arkansas
Missouri
Total
9
92
9
3
2
1
911 330 109
679 154 90
143 112 19
86 90 17
17 1,819 686 235
8 109
*2 1, 613 491
49
6 2,313
8 .109
*2 1, 613 491
49
51 2,204
4 161
0
6
0
0
1
3
0
6
.1
1
1
1
1
1
6 1, 584 165
2
79 21
0
2
2
0
152 28
0
59 53
0
0
0
1
0
0
1
0
0
3.
0
0
1
0
0
0
0
0
23
0
0
5
6
•0
0
0
0
0
0
31 1, 803
101
1
5
1
199
14
119
1
0
0
0
0
0
0
0
0
0
0
0
0
10 1,964
1
107
0
5
202
30
125
9
0
0
0
0
0
0
3 168
11 182
12 1,876 269
34
48 2, 227
50
5
21
2
892
15 1,594
92
900
32 1,642
1
3
8
48
0
590 295
'6 1, 409 149
0
52
4
56
6 1, 999 444 •26
9/1
2, 208
56
2,717
101
2, 525
61
2, 897
158
2,843
'>55
2,313
4
2,409
62
2,542
ISO
28
73
24
12
25
66
23
69
4
6
16
• 3
0
30
I
\
\
0
92
38
17 2, 486 124
:r:=r
* Decrease.
2, 612
39
17
7 2,747 238
51 2,204
92
0
0
1
0 1,350 156 1, 395 167
927 49 • 958 52
4
277 26
3
293 28
193
0
7
197 . 8
3 154
0
6
0
0
0
2
0
6
0
0
0
0
0
0
0
0
0
0
0 . 0
7
45
A
12
2
2
8
18
4
TT
rt-43oo
o <g
c^A
'^O ci2
om
20
15
14
67
Maine
...
New Hampshire
Vermont
Massachusetts
Total
2
CD
P o u r t h - c l a s s offices..
'.
3-21
SIXTH AUDITOE.
Statement of the numher of. general 2^ostal accounts of postmasters, ^"C.—Continued.
i
A
cn
P o u r t h - c L iss 0 ffice.s.
P r e s i d e n t i a l offices.
o
cn
,1
bb
States and Territories.
i
1
4
2
0
0
0
0
23
21
0
1
p8
5
0
0
0
2
35
28
0
1
Total
6
49
15
Virg'uia
Phode Island
California
...
1
1
0
21
4
21
2
4
1
9
o
Q
'A
10
11
P e n n s y l v a n i a (R t o Z) .
Kentucky
Alaska Territory
NeAV M e x i c o T e r r i t o r y .
I daho TerritoryAVyoming T e r r i t o r y . . .
Total
:...
1''
New Jersey
Total
IS
1o
o
1
o
o
O
p
1
H
^A
1
65
0
8
2
16
864
10
32 1, 259
0
2
5
101
1
88
1
57
5
899
36 1. 287
0
2
102
6
91
60
70
1 1,756 474
92
49 2,371
53
3
6
27
25
11
48
*i 1,295 281
61 33
0
465 283
4
36
3
22
22 1, 634
2
99
18
788
58 1, 659
110
22
836
46
36
84
3 1,821 597.
61
42 2, 521
81
66
36
9
15
72
52
5 1,242 228 ~i5~ 33 1,538
1
626
455 129 10 32
I
1
1
0
0
I
I
•
33 1, 610
2
678
17 124
6 1, 697 357
45
65 2,164
35
97
40
3
2 1, 220 146
833 294
0
30 '37
1
37
32
12
14 1,417
16 1,175
79
0
39 1, 514
55 1,215
26
82
11 122
7 140
3 2,083 477
81
30 2, 671 120
1
0
0
3
2
8
16
12
4
7
1. 9
4 20
1 16
230 59
297 97
549 77
985 201
13
12
14
92
302
0
7
413
2
642
21 1, 299
4
38
10
52
2 2, 061 434 131
30 2, 656 179
9 60
0 .7
2 28
0
0
0 . 0
0 . 0
0
0
0
0
12
5
19
1
1
1
1
1
81
12
49
1
1
1
1
1
8 1, 031 112
1
483 151
5
288 94
0
1
0
0
1
0
0
1
0
0
1
0
0
0
0
42
12
3
0
0
0
0
0
62 1, 247
658
12
396
11
0
0
0
0
0
0
0
0
0
0
25 1,328
670
28
*2
445
0
1
0
1
0
18 1,802 357
57
85 2,301
51
453 234
921 126
412 195
45
22
36
769
37
4 1,073
2
645
0
818
27 1,094
17
668
10 1,786 555 103
43 2,487
.44
9
2
0
83
37
2
5
1
1
li
f ^:i
3
o
H
rfl "
•i
o o
o o
o5
639 214
979 183
0
2
73 15
48 37
17 23
5 102
Iowa'
Texas
Arizona Territory
1
6
oS
om
cn
o
0.
H
o
6 fl
6
37
0
6
0
5
2, 441
54-
2,605
84
2, 288
41
57
1
26
38
3
41
55
27
•
Total. ....'
14
Plorida
Louisiana.:
Mississippi
Tennessee
".
Total
15
M i c h i o'an
Maryland
Connecticnt
Boston M a s s
Prooklyn, N. Y
NewYork, N . Y
Pbiladelphia, Pa. . . . . . .
Baltimore, M d
Total
16
.11
95
41 147
4
3
1
32
14
15
13
4
7
49
21
23
..... . 8
61
24
93
N e w Y o r k ( P to Z ) . . . .
Nebraska
Total
.-
21 F
*1
0
4
n
1
3
6
* Decrease.
.....
309.
37
422
28
37
662
77 1, 315
2,811
123
2,708
181
36
28
41
76
33
29
3
1
1
1
1
0
2, 448
69-
2,580
54'
1
30
23
322
REPORT ON THE. FINANCES.
Statement ofthe number of general postal accounts of 2^ost)nasters, cfc.—Continued."
EECAPITULATION.
N u m b o r . of g e n e r a l a c c o u n t s of t h e first, second, a n d t h i r d
clfm<sf"^ J u u p 30 1879
.
. . .
..
...
iN^umbcv ot *''enertil nccoiiTits of tlio fourtli. cltiss JiLnG 30 1879
1,708
39, 239
40, 947
N u m b e r of g e u e r a l a c c o u n t s of t h e first, second, a n d t h i r d
1,612
N u m b e r of g e n e r a l a c c o n n t s of tl le first, second, a n d
classes macle f o u r t h class J u l y 1, 1878 . . . ;
N u m b e r of g e n e r a l a c c o u n t s of t b 0 first, second, a n d
hAT IS 187«
N u r a b e r of g e n e r a l a c c o u n t s of tlie first, second, a n d
classes raa.cle f o u r t h class NovembpA- 20.1878
N u u i b e r of goiiei-al a c c o u n t s of t b e first, second, a n d
classes macle f o u r t h class J a n u a r 7-1,1879
N u m b e r of g e n e r a l a c c o n n t s of tb(i fir-st, second, a n d
classes m a d e f o u r t h class Ai:)ril 1 1879
tbird
42
.
third
2
tbird
1
third
9
third
1
55
1,557
N a m b e r of g e n e r a l a c c o u n t s of t h e f o u r t h claos m a d e P r e s i d e n t i a l O c t o b e r 1 1878
. .
N u m b e r of g e n e r a l a c c o u n t s o f t h e fourtli class m a d e P r e s i d e n t i a l J a n u a i r y 1 1879
.;
N u m b e r of g e n e r a l a c c o u n t s of t h e f o u r t h class m a d e P r e s i d e n t i a l A p r i l 1 1879
- -
1
-
146
4
151
T o t a l n u m b e r of P r e s i d e n t i a l a c c o u n t s J u n e 30,1879
1,^08
l u c r e a s e in tlie n u m b e r of g e n e r a l a c c o u n t s of t b e first, second a n d t b i r d classes
:
.'.
I n c r e a s e i n t h e n u m b e r of gcnei-al a c c o u n t s of tlie f o u r t h
' class
96
"
1,361
Total increase
1, 457
Draft.
T o t a l n u m b e r of d r a f t offices
(Presidential)
T o t a l n u m b e r of collection offices
(Pi-esidential)
T o t a l n u m b e r of depositijig offices
(Presidential)
T o t a l P r e s i d e n t i a l offices
T o t a l f o u r t h - c l a s s offices
—
Special.
Special a n d
depositrug. Totals.
99
1, 289
320
99
T o t a l . n u m b e r of collection offices
(fonrth class)
T o t a l n u m b e r of d e p o s i t i n g oflices
(fourth class)
T o t a l n u m b e r of special ofiices
(fourth class)
T o t a l n u n i b e r of special a n d dep o s i t i n g offices (fourth class)
Collection.' D e p o s i t i n g .
1,289
320
1 708
1'
29,174
8,051
./
1,281
733
29,174
8,051
1, 281
733
39, 239
T o t a l offices
40, 947
Statement showing the numher of changes of offices and postmasters during the fiscal
ended June. 30,1879.
Q u a r t e r ending—'
Changes.
Offices e s t a b l i s h e d
Offices r e - e s t a b l i s h e d
Offices d i s c o n t i n u e d
N e w bonds
Miscellaneous
Totals
Totals.
'.
'
September
30,1878.
December
31, 1878.
M a r c h 31,
1879.
446
77
^ 254
217
1,194
392
81
329
.306
1, 930
576
105
282
431
2,249
834
128
317
634'
2,024
2, 248
391
1,182
1 588
- 7, 397
2,188
3, 038
3,643
. 3, 937.
12, 806
J u n e 30,'
1879.-
SIXTH
323
AUDITOR.
Siatement showing the condition of the general postal accounts of late postmasters for the
fiscal year ended June 30, 1879.
Quarter e n d i n g September
• 30,1878.
Accounts of late postmasters adjusted during the year
Accounts "of late postmasters unadjusted at
close of fiscal j'^ear
Total
2,481
December
31,1878.
•
2,445
March 31,
1879.
Totals.
Jnne 30,
1879.
2,464
1, 707
9 097
8,595
^.'.
17 692
Increase in number of late accounts over
number reported lapt year
Increase in the number' of late accounts adjusted OA^er number reported last year
Ill crease in the number of late accounts unadjusted over nnmber rejiorted last year
1 310
19
• 1 112
Statement of the aggregates, per quarter, of the halances due the United States for ilie 2yciyment of which special instructions ivere issued requiring jjostmasters to include such sums
in their future payments, according to the respective classification of their
Number.
Amount.
Quarter ending September 30,1878
Quarter.ending December 31,1878.
Quarter ending March 31,1879
Quarter ending June 30,1879
1,300
2,331
1,188
1, 798
$71,
78,
63,
148,
Total for the fiscal year
6,617
361,1
007
719
322
931
92
35
06
34
I 67
CoLLECTiNa DIVISION.—(E. J. Evans, chief.)
Summary of 2yrinci2)al worlc on this division for the fiscai year.
Number
Drafts issu'ed on late and ijresent postmasters during the fiscal year :
Quarter ended September 30, 1878
Quarter ended December 31,1878
Quarter ended March 31,1879
;
Quarter ended June 30,1879
'
Total .
Amount.
570
331
510
731
$85,125 35
43, 874 68
71, 036 94
90, 553 86
2,142
290, 590 83
25, 447 15
Increase .
Decrease.
Accounts of contractors upon which drafts were issued :
Quarter ended September 30, 1878
Quarter ended December 31,1878
Quarter ended March 31,1879
Quarter ended Jnne 30,1879
146, 802 98
6, 422 87
1,666 01
104,'356.14
Total .
259, 248 00
Decrease .
154, 727 20
Accounts of late and present postmasters reportecl for payment:
Quarter ended September 30,1878
Quarter ended December 31,1878
Quarter ended March 31,1879
,
Quarter ended June 30,1879
,
Total .
198
382
97
300
5, 009 75
8,174 35
6, 522 30
8,173 68
27, 880 08
Increase .
Accounts of late iDOstmasters anclcontractors submitted for snit duruig fiscalyear:
Qnarter endeci September 30,1878
Quarter ended December 31,1878
Quarter endeci March 31,1879
' Quarter ended June 30,1879
Total
A m ount of collections on j udgments, &c., including interest, dnring the fiscal year.
2, 796 86
6, 824 23
36, 390 37
36,112 42
82,123 :
324
REPORT ON THE
Acconnts copied dnring the fiscal year:
Qnarter ended Seiitemlier 30, 1878
Qnarter ended December 31, 1878
Quarter ended Marcli ,31, 1879...
(Quarter ended June. 30, 1879 .
'
Total
Increase
FINANCES.
4, 375
5, 577
4,493
5, 640
^
"
20,085
611
,
Letters received dnring the fiscal year :
-Quarter ended Septemher 30, 1878
Quarter ended Decemher 31,1878
Qnarter ended March 31, 1879
Qnarter ended June 30, 1879
Total
Decrease
Letters sent
Qnarter
Quarter
Quarter
(Quarter
„
.-.
•-
during the fiscal year :
ended Septemher 30, 1878
ended Deceniher 31, 1878
ended March 31, 1879
ended Jnne 30, 1879
Total....
Increase
:
83,324
78,99387,652
79,670'
:.•.
-
84,673
53,229'
56,381
62,505
."
•...;...
256,788
76,352
Nnmher of circulars addressed and transmitted dnring the fiscal year :
Quarter ended Septemher 30, 1878
Quarter ended Decemher 31, 1878
;:
Quarter ended March 31, 1879
Quarter ended Jnne 30, 1879..
Total
Decrease
329,639
9,265
'..
.,
8,327
12,690
10,676
11,615
43,308
1,490 .
F O R E I G N M A I L D I V I S I O N . — ( E . S.
Widdicombe, chief.)
This division has charge of the postal accounts with foreign countr es
and the accounts with steamship companies for ocean transportation oj
the mails.
Amounts paid the TJnited States on the settlement of postal accounts %vith foreign governments.
United Kinodom of Great Britain and Ireland
$43, 063 48 '
Japan . . . . . ^ • . . . .
•
8,637 07
Canada
:
926 24
Spain
758 93
Empire of Germany
699 54
. Queensland
76 30
Italy
72 81
SAA^tzeiiand....52 70
Belgium
41 78
Netherlands
:...
36 76
Norway
32 90
Swe.den
25 58
Austria
'.
•.
.
24 15
Denmark
.,
21 06
Total amonnt received
54, 469.30
A:mounts paid foreign governments on the settlement of postal accounts.
Belgium
$13,266 22
Empire of Germany
7,259 87
Repuhlic of France
\
5,246 56
Denmark
:
3,209 51
Italy
2,555'98
St. Thomas
1,875 82
Sweden
1, 326 00
Total amount paid
,
:
34,739 96
SIXTH
325
AUDITOR.
Numher of duplicates registered during thefisoal year.
Q aarter ended
.r-T
S e n t to—
QJ
xn
Total
Increase
356
232
187
131
52
73
73
52
82
41
73
219
o
o
p
369
241
180138
52
76
77
53
84
41
77
254
Quarter ended
i •
176
55
Is
0"
i
370
227
181
120
52
73
73
51
82
39
74
385
1,571 1,642 1,597 1,727
149
s.
P e c e i v e d frbm-^
fl
368
217
163
123
"52
72
•73
50
80
38
73
288
05
0"
g
.
as
The United K i n g d o m . . .
G-erman E t n p i r e . . : . . . . .
Prance
. . .
B e l g i u m .'
.'.
Denmark
'Spain
S\7itzeiiand
Norway
Netherlands
. ...:.
Swedeii
Italy
W e s t I n d i e s , &c
-
05
125
0
0
0?
m
p.
The United Kingdom ..
German Empii'e
Prance .
Belgium
Deninai'k
Spain
Switzerland
Norway
Netherlands
Sweden
Italy
AVest I n d i e s , &c . . . . . . . .
Total
Increase
c5
CO'
g
CO
<o
cc
A
p
03
1
103
ii8
122
99
103
118
122
99
31
32
14
9
Total numher of duplicates registered
Total increase
•
Number of reports of ocean postages made to the Postmaster-General
Increase
T o t a l amount reported
Increase
6, 979
591
234
30
$215, 306 24
5,141 52
P A Y DIVISION.—(R. F . Crowell, chief.)
Reference is made to the following tabular statement showing quarterly the uumber aud amount of collections made, and the number and
amount of accouuts adjusted and reported during the fiscal year ended
June 30, 1879.
No.
Accounts of railroad companies for transporting tbe mails, settled during the
fiscal year ended June 30,1879:
Quarter ended September 30,1878
Quarter ended December 31,1878
Quarter ended March 31,1879
Quarter ended June 30,1879
949 $2, 320, 624 33
9.62
975
1,004
Total .
2, 339,152 19
2, 363, 408 68
2, 414, 900 66
', 438, 085 86
Increase .
Decrease.
Collection orders sent to railroad companies, and amonnts paid thereon by postmasters, during the fiscal year :
Quarter encled September 30,1878
Quarter ended December 31,1878.. 1
Qnarter ended March 31,1879
:
Quarter ended June 30,1879
Amount.
523, 592 81
594
725
6.56
737
906, 293 16.
1, 044, 279 24
1,108, 395 92
1, 036, 580 93
Total .
46, 712
4, 095, 549 25
Increase ..
2, 077
285,151 16
. 105
115
104
114
171, 873 44
187,642.21
164, 257 68
184, 243 30
438
708, 016 63
Accounts of mail-contractors and subcontractors, steaniboat service, settled
during tbe fiscal year:
Quarter ended September 30,1878
Quarter ended December 31,1878
Quarter ended March 31,1879
Quarter ended June 30,1879
'
Total .
11,
11,
11,
11,
326
REPORT ON THE FINANCES.
No.
Collection orders sent to mail-contractors, steamboat service, and the amounts
paicl thereon by the postmasters during the fiscal year:
Qnarter ended September 30,1878
Quarter ended December 31,1878
Quarter ended March 31,1879
Quarter ended Jnne 30,1879.
Amount.
$15, 789 0&
15, 946 6S
23,125 98.
20,523 5a
552
619
645
648
Total .
75, 385 25^
Accounts of mail-contractors and subcontractors, star service, settled during
the fiscal year:
Quarter ended September 30,1878
9,950
Quarter ended December 31,1878 .. .•
10, 381
Quarter ended March 31,1879
10, 835
. Quarter ended June 30,1879
, 10, 805
Total.
Increase.
Decrease.
Collection orders sent to mail-contractors, star service, and amounts paid thereon
by postmasters, during the fiscal year:
Quarter ended September 30,1878
:
Quarter ended December 31,1878
;
,
Quarter ended March 31,1879
'
Quarter ended June 30,1879
41, 971
20, 400
18, 411
17, 508
16, 509
72, 828
12, 475
-Accounts of o^cean mail and consular xiostal service settled during the fiscal
year:
Quarter ended September 30,1878
Quarter ended December 31,1878
:
Quarter ended March 31, 1879
Quarter ended Jnne 30,1879
•
212
Total .
Increase
'
Number and amoimt of settlements of accounts of superintendents, assistant
superintendents of railway postal service, and special agents of the Post-Office
Departuient dui-mg the fiscal year:
Quarter ended September* 30,1878
'
".
Quarter ended December 31,1878
Quarter ended March 31,1879
Quarter ended June 30,1879
Total .
Increase..
Decrease..
', 479 86625, 284 31:
210,185 21
7, 578 94-
1,038
1, 218
1,215
. 1, 246
4,717
Decrease..
Number and amount of settlements of mail-messengers during the fiscal year:
Qnarter ended September 30,1878
Quarter euded December 31,1878
Quarter ended March 31,1879
Quarter ended June 30,1879
248, 209 52225, 964 88236, 545 07
198,760 39'
61, 843 32^49, 313 1356, 889 1342,139 63
Decrease..
Total .
5, 434, 346 95^
311, 004 25^
Total .
Number and amount of settlements of special carriers' accounts during the fiscal year:
"Quarter ended September 30,1878
Qnarter ended December 31,1878
Quarter ended March 31,1879 . . . :
Quarter ended June 30,1879
213, 480 62'
289, 890 66440,198 40'
490, 777 27
5,865
Decrease..
Total .
1,
1,
1,
1,
9, 790 978, 561 438, 740 71
9,129 ^S36, 222 89>
20, 480 71.
4,447
4, 324
4,531
4,660
17, 962
166, 467
160, 364
165, 646
167,997
8679^
08:
45-
660, 476 1&-
631
195
. 218
198
213
42, 617 65
44,274 7940,830 26
46,359 64
174, 082 54:
327
SIXTH AUDITOR.
Nnmber and amount of settlements'of accounts of railway postal clerks, routeagents, mail-route messengers, and local mail-agents during the fiscal year:
Quarter ended September 30,1878
t
Quarter encled December 31,1878
Quarter ended March 31,1879
Quarter ehded Jnne 30,1879
^
No.
Amount.
3,009
2,934
3,002
2,820
$674, 635
685, 379
662, 526
644, 524
Total.
11, 765
Increase..
291
Number and amount of settlements of accounts for free-delivery system during the fiscal year:
Quarter ended Septensiber 30, 1878
.'.
Quarter ended December 31,1878
Quarter ended March 31,1879
:
Quarter ended June 30, 1879
Increased pay for first and second quarters 1879
03
82
10
71
2, 667, 065 66
460,
468,
468,
472,
73.
2,465
2,546
2,583
2, 372
1,783
083
482
411
064
219
65
41
82
15
27
Total .
11, 749
1, 942, 261 30
lucrease '..
2, 337
124, 385 71
Nnmber and amount of settlements of accounts of miscellaiieous payments
during tbe fiscal year:
Quarter ended September 30, 1878
.Quarter ended December 31, 1878
'....'
Quarter ended March 31,1879
Quarter ended June 30, 1879
Total .
297
215
207
201
257,
210,
242,
204,
084 60
3'29 52
022'04
643 31
920
914,079 47
70,180 03
Decrease..
MONEY-ORDER DIVISION.—(John Lynch, chief.)
Statement showing theprinci2Kil transactions of the division during thefisoal year ended June
30,1879.
Decrease.
Increase.
Number.
Value.
Nnmber.
Value.
Number.
Number of money-order statements received, examined,
13,139
and registered
225, 248
, 812, 276 15
i, 254, 641 02 659,126
Domestic money-orders issued. 6, 372, 243
Canadian international money
56, 901 55
2,645
316, 283 98
orders issued
16,231
British international money8,964
87, 675 93.
894, 859 2'5
orders issued
64, 310
German international money46,371 52
4, 028
829, 788 36
orders issned
47, 342
Swiss international money-or3, 890 51
96,171 25
542
ders issued
5,135
Italian international nioney103,352.11
121
4,070
' orders issued
Money-order, paid, received,
examined, assorted, checked,
and filed:
6, 360, 611 87, 427, 047 26 781, 270 6, 655, 592 06
Doniestic
339, 072 45
623
20, 757
Canadian int em ational...
345, 761 09
British international
19, 740
639, 542 68
German international
25, 462
2, 034 27
55, 829 99
Swiss international
2, 010
2,169 27
10, 040 69
Italian intei'national
Money-orders repaid, receivc/cl
examined, assorted, checked
and tiled:
6,567
63, 259 38
571, 714 98
41,609
Doniestic ...966 42
59
Canadian international...
2, 242 07
128
Britisb international
145
3, 630 34
German international
138 57
17
459 13
Swiss international
140 00
Italian international
5
Value.
$2, 081 42
112. 44
1, 427 17, 442 09
3, 949' 27, 270 02
43
6
75
129
220 02
718 40
696 46
269 50
328
•
REPORT ON THE FINANCES.
. Statement showing the 2^rinci2ml transactions of the division, ^'c.—Continued.
Decrease.
Increase.
Numbei'.
Value.
Number.
"Certificates of ^ cleposits received, registered, compared,
ahd checked ., •.
'I
"Transfers received, registered,
compared, ancl checked .......
'' Drafts received, registered.
compared, ancl cbecked
- Eemittances receiA-^ed, registerecl, comparecl, ancl checked
"^international lists of orders of
United States issue received,
tixamined, registered, and
checked:
Canadian . . . :
British"..-..:.:
German
Swiss
."."...
Italian
International lists of orders of
foreign issue received, examined, registered, ancl
cbecked:
Can ad ian (Canadian iss ue)
British (Canadian issue) ..
German (Canadian issue)..
Swiss (Canadian issue)
Italian (Canadian issue)...
International accounts of money-order transactions received, exarained, registered,
adjusted, and settled:
Canadian
British
German
'Swiss
- Itiilian
Money-oi'ders witbdraw^n from
the .files for examination and
investigation and returned ..
..Advices of money-orders sent
for, examined,' compared,
and retui'ned
Moue\'-orders returned for cor. rection
'.Money-order accounts prepa.red, entered, a,nd subniitted for suit
Letters written and transmitted
'..
Commission and eri.-or cii.'culars transmitted. . . . :
372, 508 $64, 266, 677 08
Number.
. Value.
45, 609 $5, 421, 055 08
7,852
1, 318, 050 64
544
307, 548 43
17, 992
8, 295, 931 00
1,073
948, 898 52
1,472
47
325, 557 89
344
219
205
108
107
315,
892,
828,
95,
103,
569
681
361
354
789
344
216
262
39
104
341, 695 18
345,160 64
648, 230 35
56, 382 45
10, 302 25
Value.
56,
87,
47,
2,
31
66
37
56
51
670
666
300
748
$301 11
00
00
00
07
1, 523 77
1, 243 87
14, 682 72
28, 088 50
1, 204 15
1, 650 40
187, 640 32
511, 601 99
361,225 34
72, 084 41
24, 049 09
631, 808 85
1, 39.5, 229 96
1, 465, 765 50
142, 661 57
110, 039 96
1,290
15, 567
2,130
32, 000
9,500
7
10;407 31
5, 079 29
6, 500
229
80, 096
13, 552
N E C E S S I T Y F O R AN I N C R E A S E
OF CLERICAL
FORCE.
The very large aud unprecedented increase in the nuinber of postofhces and post-routes duriug tlie past three years, the additional work
thrown upou this office by reason of the various changes in the postal
laws in relation to the manner of adjusting the compensation of postmasters and of paying subcontractors, and the rapid growth of the
money-order business, make au increase of the clerical force of this office
a necessity.
.
In my estimates for the service of this office for the fiscal year ending
June 30,1881, submitted to you recently, I have asked for an appropriation for twenty additional clerks; and, in support of that estimate, I beg
SIXTH AUDITOR.
329
to present the following brief statemeut showing the increase of work
-since June 30, 1876 •
Numher of postmaster's accounts settled during fiscal year ended June
30, 1876.:
Nnmher of postmaster's acconnts settled during fiscal year ended June
30, 1879
144,751
160,441
Increase
15,690
Per cent, of increase
10. 8
Numher.of contractor's accounts settled during fiscal year ended June
30, 1876
Nnmher of contractor's acconnts settled during fiscal year ended June
30, 1879
35,601
46,299
Increase
10,698.
Per cent, of increase...."
30
Numher of money-order offices in operation June 30, 1876
3,698
Numher of money-order offices in operation June .30, 1879
Increase
:
Per cent, of increase
.
4, 844
°
1,146
31
Numher of money-orders issued during fiscal year ended June 30,
1876
Numher of money-orders issued duiing -fiscal year ended June 30,
1879
Increase
:
5,108,009
6,509,331
1,401,322
Per cent, of increase
27
Amount involved in money-order settlements during fiscal year ended
Jnne 30, 1876
$153,668,544 23
Amount involved in money-order settlements during fiscal year ended
June 30, 1879 ,
166,760,029 45
Increase
°
13,091,485 22
Per cent, of increase
'.
8. 5
A reference to the reports from the eight divisions of this bureau will
«how in detail the increase of work during the past fiscal year.
In conclusion, I am pleased to be able to report the work of this office
in excellent condition. With rare exceptions, the clerks and employes
have been prompt and faithful in the discharge of their official duties.
To them and to the intelligent and efficient co-operation of the deputy
miditor and the chiefs of divisions I am indebted for the very satisfacfactory condition of the business of this bureau.
I am, sir, very respectfully,
. J. M. McGEEW, Auditor.
Hon.
J O H N SHERMAN,
„
Secretary of the Treasury.
, -
REPORT OF THE TREASURER OF THE UNITED STATES.
REPORT
OF
THE TREASURER OF THE UNITED STATES.
TREASURY OF THE UNITED STATES,
Washington, N'ovemher 1,1879.
S I R : I have the honor to submit the following statements pertainingbo the business of this office and the state of the Treasury for the fiscal
^ear ended June 30, 1879—a year characterized by. great transactions^
3onnected with the refunding of the war loans into four per cents, and
the resumption of specie payments after a suspension of seventeen
years; a year of business which has taxed the industry of the office in
i;ll the varied duties devolved upon the Treasurer as charged with the
3ustody of all public moneys received into the Treasury and the disbursement thereof upon tlie warrants of the Secretary of the Treasury
md upon the warrants of the Postmaster-General; as fiscal agent for
bhe payment of interest upon the public debt; as the financial agent of
bhe Government for the issue and redemption of the Unite.d States note
circulation; as agent, also, for the redemption of the circulating notes
3f all national banks; as trustee and custodian of bonds held by the
Treasury for the security of the circulating notes of national banks and
3f bonds held as security for public deposits therein; as assessor and
collector of all Federal taxes on circulation, capital, and deposits of
lational banks; as custodian of Indian trust funds and bonds of the
Pacific Eailway sinking funds; as agent for paying the salaries of the
members of the House of Eepresentatives, and as commissioner of thesinking fund of the District of Columbia.
THE S T A T E O F T H E TREASURY.
The folloAving statement is given to show the resources of the Treasury
and its demand liabilities on the 30th day of September, 1876,1877,1878^..
mdl879:
Statement of Liahilities and Assets of the Treasury of the United States on Septemher 30, 1876,.
• ^•
1877, 1878, and 1879.
S e p t e m b e r 30,
1877.
S e p t e m b e r 30,.
1878.
$41, 675, 000 00
1, 672, 707 96
13, 733, 913 59
$40, 890, 000 00
2,151, 693 76
17, 049, 010 89
$31,335, 000 002,167, 991 5026, 007, 876 95
13, 602, 238 00
9,182, 400 90
12, 939, 889 75
856, 379 42
775, 814 12
14,199, 294 60
12, 974, 232 75
S e p t e m b e r 30,
1879.
LIABILITIES.
F u n d for r e d e m p t i o n of Certificates
of D e p o s i t , ( A c t of J u n e 8,1872) . . . . $34, 515, 000 00
Post-Ofiice D e p a i t m e n t A c c o u n t
1, 079, 877 01
16, 632, 207 98
D i s b u r s i n g Ofiicers' B a i a n c e s
F u n d for r e d e m p t i o n of N o t e s of N a tional Banks "failed," " i n l i q u i d a tion, '' a n d '' r e d u c i n g c i r c u l a t i o n " . . 20, 882, 564 50
U n d i s t r i b u t e d A s s e t s of failed N a tional B a n k s . :
641, 424 89
F i v e p e r cent. F u n d for r e d e i n p t i o n
of N a t i o n a l - B a n k N o t e s
11,100,779 70
642, 314 33.
15, 082, 482 99^
334
REPORT ON THE FINANCES.
Statement of Liahilities and Assets ofthe Treasury of the Uiiited Slates, ^'C.—Continned.
i BBUGE
S e p t e m b e r 30,
1876.
S e p t e m b e r 30,
'1877.
S e p t e n i b e r 30,
1878.
$671, 990 00
$1, 720 00
$1, 720 00
38,746 49
23,104 41
5, 987 37
605, 757 60
595, 662 25
670, 593 00
32, 280 00
15, 650 40
LIABILITIES-Continued.
F u n d ' for r e d e m p t i o n of N a t i o n a l B a n k Cold-Notes
C u r r e n c y a n d Minor-Coin R e d e m p tion-Account
F r a c t i o n a l Silver-Coin R e d e m p t i o n Account
Interest Account
-.
I n t e r e s t A c c o u n t , Pacific R a i l r o a d s ,
1;;^ a n d L o n i s v i l l e a n d P o r t l a n d C a n a l
" Compa-ny
Tresasurer' U n i t e d S t a t e s , A g e n t for
p a y i n g I n t e r e s t on D i s t r i c t , of Colimibia Bonds
Treasurer's
Transfer-Checks
outstanding
29, 320 14
27,558 80
40, 811 27
2, 243, Oil 05
' 2: 523, 702 79
2, 492, 885 05
5„405, 460 99
1, 938, 531 85
29, 777, 900 00
8, 447, 864 77
19, 064,191 25
37, 997, 500 00
42, 461, 900 19
8, 265, 412 00
80, 962, 581^ 41
10, 000, 000 00
184, 959,189 32
168, 024, 472 39
243, 681, 111 25
337, 424, 964 74
55, 423, 059 50
107, 039, 528 85
6, 029, 366 65
4, 802,180 00
7, 425, 453 94
18, 934, 000 00
73, 209, 611 08-
74, 558, 308 23
136, 036, 302
12,155, 205
6,143, 903
9, 634, 034
9, 392, 920
1, 316, 470
63, 049, 339
20
00
02
48
00
00
67
14, 513, 988 51
662, 000 00
1, 217, 270 63
8, 265, 412 00
14,109,541.51
1, 720 00
237,203 64
10, 000, 000
9, 259, 043
1,720
161, 081
00
81
00
86
10, 696, 085 63
156, 873 51
10, 731, 025 90
870,140 54
75, 661, 403 15
1, 410, 898 50
23, 000 00
319 50
333, 500 00
593 70
367, 000 00
8, 916 51
•126, 812 34
90, 012 01
256, 900 46
398, 216 06
15, 008 85
333, 907 50
370, 482 80
. I V e a s u r e r ' s General Account.
I n t e r e s t due and unpaid
,
Called B o n d s a n d I n t e r e s t
C o l d Certificates
."
Silver Certificates
R e f u n d i n g Certificates
S p e c i a l F u n d for r e d e m p t i o n of F r a c tional Cnrrency.
'
Balance, including Bullion F u n d
Total.
9, 345, 289
12,015,016
32, 826, 600
2, 028, 070
13
78
00
00
ASSETS.
G o l d Coin a n d Bullion
S t a n d a r d Silver D o l l a r s
F r a c t i o n a l Silver Coin
S i l v e r Bullion
'Gold Certificates
S i l v e r Certificates '.
United States Notes
U n i t e d • S t a t e s N o t e s , Special F u n d
for r e d e m p t i o n of F r a c t i o n a l , C u r rency
National-Bank Notes
National-Bank Gold-Notes
Fractional Currencv
D e p o s i t s b e l d b y N a t i o n a l - B a n k Depositaries
'.
N i c k e l a n d M i n o r Coin
N e w Y o r k a n d San F r a n c i s c o E x change
O n e a n d T w o Y e a r N o t e s , &c
R e d e e m e d Certificates of D e p o s i t ,
( A c t o f J u n e 8,1872)
I....
<^uarteiiy I n t e r e s t - C h e c k s a n d CoinCoupons paid
Registered and unclaimed Interest
paid
United States Bonds and Interest
I n t e r e s t on D i s t r i c t of C o l u m b i a
Bonds
R e f u n d i n g Certificates a n d I n t e r e s t . .
•Pacific R a i l r o a d s , S i n k i n g F u n d
S p e a k e r ' s Certificates
...:
Deficits, u n a v a i l a b l e F u n d s
Total .
1, 345, 000 00
1, 345 64
11, 991 53
• 416 00
738, 272 60
6, 255 00
737, 945 95
123, 802 00
729,195 64
168, 024, 472 39
243, 681, 111 25
337, 424, .964 74
Upon comparison of the condition of the pubhc funds upon the dates
mentioned two facts appear: the immense increase in coin and bullion
^nd the decrease in the note assets. The aggregate of gold coin and
bullion and of silver coin and bullion—including standard silver dollars,
which, being coined under the act of February 28,1878, do not appear in
the statement prior to that year—increased from $61,452,426.15 in 1876 to
TREASURER.
335
$114,464,982.79 in 1877, to $163,969,444.70 in 1878, and to $222,807,368.01
in 1879.
The decrease in the aggregate note assets, including credits in depositary banks on other than loan account, has been gradual, the apparent
in'crease in 1877 being due to the failure of the Army bill to become a
law, and the accumulation of funds consequent upon withholding payment to that branch of the service. The note assets ranged as follows
on the above dates: In 1876, $98,419,685.22; in 1877, $107,664,287.64;
in 1878, $88,772,800.14; and in 1879, $59,699,080.40.
The decrease in the note balance arises from various causes, notably
frbm the receipt for customs and internal revenue of coin paid out in
the purchase of bullion for the coinage of standard silver dollars; from
the exchange of notes for gold, and the payment of notes for foreign
gold received at the assay office, ISTew York; from the purchase bf gold
bullion A^dth notes, and the payment of interest upon the public debt in
United States notes, and from'the payment of arrears of pensions.
The most constant influence in the' decrease of the uote balance. is
that which ]3roceeds from the purchase of silver bulUon for coinage,
thereby depriving the Treasury of an equal amount of note receipts.
All the above-mentioned causes of the diminution, except this, can be
controlled by the Department. The purchase of silver bullion for gold
coin would involve the same loss of note revenues, and this loss will continue as long as the purchases of bullion under the silver-dollar act
. shall continue. The first bullion for this coinage was bought with gold
coin, and subsequent purchases were made Avith standard silver dollars
coined from bullion previously purchased. The coin thus disbursed '
speedilj^ returned in payment of dues, and, before resumption, every silver dollar or silver certificate paid out for bullion, by its return through
the custoiurhouses, deprived the Ti'easury of gold coin which Avould
otherwise have been received for duties. Since resumption, however,
the Treasury is deprived, by the receipt of coin paid for bullion, of a like
amount of United States notes, amounting probably' to seven per cent,
of the annual revenues. This percentage is greater than the margin
' between the public receipts and expenditures, and will in time, without the other influences mentioned, render the balance in the Treasury
first exclusively metallic, and then exclusively silver.
That this is so, a glance at the monetary operations of the Government will show. The annual receipts from all sources are $274,000,000.
Of this amount at least $24,000,000 is in silver dollars or in silver certificates, that being the minimum paid annuall}^ for silver bullion for
coinage, which amount speedily finds its way into the Treasury—
the more certainly because payments for bullion are made either at
I^Tew York or San Francisco, which are both centers bf large receipts by
the Government. The maximum net note receipts are then $250,000,000,
against which are payments of $267,000,000 for general expenditures,
interest on the public debt. War and IsTavy Establishment, and pensions,
made in notes, or if made in coin, its return decreases the note receipts
to that extent. The excess of note expenditures over note receipts is
therefore $17,000,000, Avhich is the a.nnual decrease of the note balance
from, the silver-dollar coinage alone.
Of the $59,699,080.40 note balance of the Treasury September 30,
1879, but $53,042,686.77 is available, the remainder being simply *a
credit with depositary banks. Of the latter sum $29,240,000, represented by Clearing House certificates outstanding, is, b}^ sections 5193
and 5194, Eevised Statutes, held as a special deposit, and cannot be
used to create any expansion or contraction of the currency, but only
336
REPORT ON THE FINANCES.
for the redemption of such certificates, leaving $23,802,686.77 and the
current receipts to be applied to the payment of other demancls, including the funds for the redemption of national-bank notes; the five per
cent, redemption fund being $15,082,482, and the fund fbr the redemption of the notes of failed, liquidating, and reducing banks being-^
$12,939,889. Demands upon both are "now met with United States
notes, for the reason that all national-bank notes presented for redemxD-.
tion are paid for from the five per cent, fund upon their receipt, and
after assortment that fund is reimbursed from the other to the amount
found (lue.
The arrangement by which, the Treasury becaine in January a member of the ISTew Y^ork Clearing House has been of incalculable advantage in estabhshing resumption and in saviug useless handling of money,
and may be made to check the depletion of the Treasury of notes by permitting the settlement of balances in coin to the extent that auy exigency
may demand. But at present the Treasury membership inures to the
benefit of the clearing-house bauks, and uniess a change in the rules is
made permitting i)ayment of all or a certain i)ercentage of balances in
silver, it may become desirable for the Treasury to withdraw from a
relation which renders over thirty inillions of lawful money in its vaults
unavailable for payment at ISTew York, the point of greatest public disbursement. All checks in payment of called bonds and in payment
for foreign gold are now paid in gold. The decrease .of notes in the
Treasury continues, however, and will keep on until the limitation or
cessation of the present silver-dollar coinage.
It is not the function of this office to do more than to set forth the
facts. Everything has been done to put silver and gold into circulation.
To this end all payments are made at the vaiious offices in silver, gold,
and notes—ten per cent, each in silver and gold and the remainder in
notes, unless the payee desires more coin. A further saving might be
made by suspending the purchase with notes of gold bullion at the
various assay offices.
. .
' The silver bullion on hand has also decreased .during the year from
$9,634,034.48 to $4,299,11:4.25 o;i account of the difficulty in making
purchases, as prescribed in the act of February 28, 1878,, at the market
rate, which is held by the Department to be the equivalent of the London
rate.
.
The ten million fund in United States notes, held for the redeinption of
fractional currency, has disappeared from the assets under the provisions
of the laAV Avhich devoted it to the payment of arrears of pensions to soldiers in the war of the EebelUon.
UNAVAILABLE FUNDS.
The total amount of unavailable moneys carried in the balauces of
the accounts of this office on the dates mentioned was as follows:
•Jnne 30, 1878
Jnne 30, 1879
-.
'.
,
The (litle.rence
.-
$29,622,241 27
29,552,284 91
69, 956 36
arises as folloAVS: $47,097.65, which was stolen fromthe Treasury June
•2, 1875, was.transferred to the books of the Eegister of the Treasury,
by authority bf the First Comptroller, aud to the proper personal debit,
thus remoAuijg it from the cash account of the office. The remainder,
• $22,858.71, w^k deposited March 19, 1879, by the Yenango ISTational
Bank, Franklin, PennsylA'-ania, which failed in 1866, leaAang the balance
clue-;irom that bank at this time $193,932.67.
TREASURER.
337
Ko public money,in the Treasury has become unaA^ailable since March"^
4, 1877; on the contrary, by collections made since, that time the .uiiaA^ailable funds have been reduced more than $25,000.
I t is contemplated at the proper time to submit for reference to Congress a bill to make permanent provision for the transfer of all unaA^ailable items from the cash accounts of this office to the books of tbe Department, with a debit to the person. State, or baiik properly chargeable therewith.
. .
^.; The act of March. 3, 1837 (5 Statutes, 178), ^^to authorize the proper^
officers of the Treasury Department to credit the account of the Treasurer of. the United States Avitli the amount of unaA^ailable funds stand' ing to his debit on the books of the Treasiirj^, to transfer the amount
to the debit of banks and indiWdiials indebted for the same, and to authorize the Secretary of the Treasury to compromise and settle, said
clainis," thus disposed of such items as existed at that date, and was'
considered operative for sorae time thereafter, but a
@FedFRASER