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ANNUAL REPORT
SECRETARY OF THE TREASURI
STATE OF THE FINANCES
FOR
T H E
Y E A K ,
1 8 8 0 ,
WASHINGTON:
GOVERNMENT PRINTING OFFICE.
1880.
TABLE OF CONTENTS.
Page.
in
I . — R E P O R T OF THE SECRETARY OF THE TREASURY
Tables accompanylDg the report
.\
3
I L — R E P O R T S OF TREASURY O F F I C E R S :
Auditor, First
Auditor, Second
Auditor, Third
Auditor, Fourth
Auditor, F i f t h . . . .
Auditor, Sixth
Commissioner of Customs
Commissioner of Internal Revenue
Comptroller, F i r s t . . . .
Comptroller, Second
Comptroller of the Currency
• Director o f t h e M i n t . . . . . . . . . . . .
Liahilitires to Indian tribes
Register
Treasurer of the United Statea
,
.'
'.
-.
^
•
255
267
277
291
305
309
247
57
233
243
111
173
505
363
313
CT^
TREASURY DEPARTMENT
Documeiit l^o. 38,
Secretary.
1
TREASURY D E P A R T M E N T ,
•
Washington, B , G., Decemher 6, ISSO.
S I R : I bave tlie honor to submit the following annual report:
The ordinary revenues, from all sources, for the fiscal year ended
June 30, 1880, were—
From customs
.........,..*
$186, 522, 064 60
Froiii internal revenue .....'.
124, 009,373 92
From sales of public lands
1,016,506 60
Fi'om tax on circulation and deposits ofnational banks
7, 014,971 44
From repayment of interest by Pacific Eailway Companies
1,707,367 18
Froiii sinking-fund for Pacific Eailway Companies . .
786,621 22
From customs fees, fines, penalties, &c . . . : . . . .
' 1,148,800 16
From fees—consular, letters-patent, and lands
2,337,029 00
From proceeds of sales of Government property
282,616 50
From profits on coinage, &c
2,792,186 78
From revenues of the District of C o l u m b i a . . . . . . . . .
1, 809,469 70
From miscellaneous sources
4, 099,603 SS
Total ordinary receipts
..'.
333,526,610 98
The ordinary expenditures for the same period were—
For civil expenses
$15,693,963 55
For foreign intercourse
1,211,490 5S
For Indians
5, 945,457 09
For pensions, including $19,341,025 20 arrears of pensions
56, 777,174 44.
For the military establishment, including river and
harbor improvements and arsenals
38,116, 916 22
For the naval establishment, including vessels, machinery, and improvements at navy-yards
13, 536,984 74
iv
REPORT OF THE SECRETARY OF THE TREASURY.
•
/
/'
For miscellaneous expenditures, including public
^
buildingS5light-houses, and collecting the revenue. $34,535,691 Ov
For expenditures on account of the District of CoK.
lumbia
3,272,384 63
For interest on the public d e b t . . . .
95, 757, 575 11
For premium on bonds purchased
2, 795,320 42
Total ordinary expenditures
267, 642,957 78
Leaving a surplus revenue of
,
$65,883,653 20
Which, with an amount drawn from cash balance
in Treasury, of
...;.........
8, 084, 434 21
Making
73, 968,087 41
Was applied to the redemption—
Of bonds for the sinking-fund
...
......
Of fractional currency for the sinking-fund.
Ofthe loan of 1858.
b f temporary loan
...
Of bounty-land scrip
Of compound-interest notes
Of 7.30 notes of 1864-^5,...
Of one and two-year notes
Of old demand notes
73, 652,900
251, 717
40,000
100
25
16,500
2,650
3, 700
495
00
41
00
00
00
00
00 ,
00
00
73,968,087 41
The amount due the sinking-fund for this year was $37,931,643 55.
There was applied thereto, from the redemption of bonds and fractional
currency, as shown in the above statement, the sum of $73,904,617 41,
an excess of $35,972,973 S6 over the amount actually required for the
year.
The requirements of the sinking-fund law have been sul^stantially observed, and the principal of the public debt, less cash in the Treasury and
exclusive of accruing interest, has been reduced from $2,756,431,571 43,
its highest point, which it reached on August 31,1865, to $ 1,890,025,740 89,
^n November 1, 1880->a reduction of $866,405,830 54.
Compared with the previous fiscal year, the receipts for 1880 have
increased $62,629,438 23, in the following items: In customs revenue,
$49,272,016 905 in internal revenue, $10,447,763 34; in sales of public
lands, $91,725 54; in tax on circulation and deposits of national banks,
$267,47112; in proceeds of sales of Government property, $101,487 69;
REPORT OF THE SECRETARY OF THE TREASURY.
Y
in consular fees, $142,551 32; in custom-house fees, $92,403 63; in
steamboat fees, $12,063 39; in marine-hospital tax, $27,183 29; in
interest on Indian trust-funds, $640,901 59; in sales of Indian lands,
$272,883 54; in deposits by individuals for surveying public lands,
$380,062 33; and in miscellaneous items, $880,924 55. There was a decrease of $2,930,011 71, as follows: In premium on loans, $1,496,943 25;
in repayment of interest by Pacific Eailway Companies, $999,833 85;
in profits on coinage, $132,75189; in premium on sales of coin, $8,104 38;
in customs fines, penalties, and forfeitures, $39,726 78; in customsemolument fees, $4,748 35; and in unenumerated items, $247,903 21—
making a net increase in the receipts, from all sources, for the year, of
$59,699,426 52.
The expenditures show an increase over the previous year of
$25,190,360 48, as follows: In the Interior Department, $22,395,040 06;
(Indians, $739,348 01; and pensions, $21,655,692 05;) in premium on
bonds purchased, $2,795,320 42. There was a decrease of $24,495,286 23,
^as follows: In the War Department, $2,308,744 51; in the ISTavy Department, $1,588,142 10; in the interest on public debt, $9,570,373 89;
and in the civil and miscellaneous, $11,028,025 73—making a net increase in the expenditures, for the year, of $695,074 25.
FISCAL YEAR 1 8 8 1 .
For the present fiscal year the revenue, actual aud estimated, is as
follows:
Source.
From customs
,
From internal revenue
,
From sales of public lands
From tax on circulation and deposits of national banks
From repayment of interest by Pacific Railway Companies
From customs fees, fines, penalties, &c
From fees—consular, letters-patent, and lands
From proceeds of sales of Government property
1
...,
From profits on coinage, &c
From revenues of the District of Columbia..
From miscellaneous sources
,
Total receipts
For the quarter
ended Sept. 30,
1880:
For the remaining three quarters of the year.
Actual.
Estimated.
|.56, 395,143 44
32,496,422 38
434,590 66
$138,604,856 56
97,503,577 62
765,409 34
3,933,346 37
3,190,653 63
211,402 76
351,870 95
542,064 23
1,588,597 24
898,129 05
1,907,935 77
56,311 23
985, 882 46
265,872 65
2,216,332 79
193,688 77
1,914,117 54
1,510,127 35
4,033,667 21
97, 889,239 92
252,110,760
Vl
R E P O R T OF T H E SECRETARY OF T H E
TREASURY.
The expenditures for the same period, actual and estimated, are-
Source.
For the quarter
ended Sept.'30,
1880.
For the reuiaining three quartersof theyear.
Actual.
Estimated.
For civil and miscellaneous expenses, including public buildings, light-houses, and collecting the revenue
For Indians
For pensions
For military establishment, including fortifications, river and harbor improvements,
and arsenals
For naval establishment, including vessels
and machinery, and improvements at navyyards
,
For expenditures on account of the District
. of Columbia
1
For interest on the public debt
Total ordinary expenditures.
Total receipts, actual and estimated
Total expenditures, actual and estimated
Estimated amount due the sinking-fund
Leaving a balance of
$16,363,841 35
2,800,661 99
13,604, 079 14
$36,636,158 65
3,849,338 01
36,395, 920 86
12,640, 602 13
28,359, 397 87
5,085,571 98
9, 914, 4.28 02
1,298,944 61
25,224,830 58
2,051, 055 39
65,775,169 42
77,018,531 78
182,981,468 22
$350, 000, 000 00
260, 000, 000 00
90, 000, 000 00
39, 801, 884 48
50,198,115 52
The act of .February 25, 1862, amended by the act of July .14, 1870,
providing for a sinking-fund for the payment of the public debt, is iu
conformity with the policy which has prevailed since the adoption of
the Constitution, of regarding a public debt as a temporary burden,
to be paid off as rapidly as the public interests will allow. The provisions of these acts have been substantially complied with. They
were executed literally, until the panic of 1873, by largely decreasing
the revenues of the Government, rendered it impossible to meet their
requirements. The deficiency on the sinking-fund account is as follows:
In
In
In
In
In
In
the
the
the
the
the
the
fiscalyear
fiscalyear
fiscal year
fiscal year
fiscal year
fiscal year
1874...
1875
1876
1877
1878
1879
Total amount due on sinking-fund
$16,305,421
5, 996, 039
1,143, 769
9, 225,146
18, 415, 557
36,231, 632
96
62
82
63
31
87
87, 317, 56S 21
REPORT OF THE SECRETARY OF THE TREASURY.
VII
Less the payment made during the past fiscal year in
exeess of the amount required, as above set forth. $35,972,973 86
Leaving a balance still due on account of the sinkingfund, of
-. -
51,344,594 35
Or nearly the same amount as the balance of estimated receipts over
the estimated exiDcnditures, as shown above. Thus it is probable that
there can be applied to the purchase of bonds for the sinking-fund
during the present fiscal year an amount sufficient to cover the whole
deficiency now existing on the account of that fund, thus inaking good
the whole amount of the sinking-fund as required by law.
FISCAL YEAR 1882.
The revenues of the fiscal year ending June 30, 1882, estimated
upon the basis of existing laws, will be—
From customs
$195,000,000 00
From internal revenue
130,000,000 00
From sales of public lands
1, 000, 000 00
From tax on circulation and deposits of nationalbanks.
7,124, 000 00
From repayment of interest by Pacific Eailway Companies
2,500,000 00
From sinking-fund for Pacific Eailway Companies ..
1,500, 000 00
From customs fees, fines, penalties, &c
1,150,000 00
From fees—consular, letters-patent, and lands
2,350,000 00
From proceeds of sales of Government property
200, 000 00
From profits on coinage, &c
2,800, 000 00
From revenues of the District of Columbia
1, 676, 000 00
From miscellaneous sources
4, 700,000 00
Total ordinary receipts
350,000, 000 00
/
=
=
The estimates.of expenditures, for the same period, received from
the several Executive Departments, are as follows:
Legislative ,
Executive
Judicial
Foreign intercourse
Military establishment
Naval establishment
Indian affairs
Pensions
$3,038, 643
14, 536, 404
399,300
1,257, 035
30,240,790
15, 022,331
4,858,866
50,000,000
26
23
00
00
04
01
SO
00
vm
REPORT OF THE SECRETARY OF THE TREASURY.
Public works:
Treasury Department
War Department
.\ ..
'NsLYj Department
Interior Department
Post-Ofifice Department
Department of Agriculture
Postal service
,...Miscellaneous
District of Columbia
:
Permanent annual appropriations:
Interest on the public debt
Sinking-fund
Eefunding—customs, internal revenue, lands, &c.
Collecting revenue from customs
Miscellaineous
$3,583, 022
9,896,050
931,421
605,042
36,000
8, 000
3, 630, 757
16, 794, 646
3, 352, 000
56
00
05
07
00
00
90
91
00
88, 877, 410
41, 639,840
5,832, 900
5,500, 000
1,514,261
00
20
00
00
25
Total estimated expenditures, including sinking-fund
301, 554, 722 28
Or, an estimated surplus of
$48, 445,277 72
Excluding the sinking-fund, the estimated expenditures will be
$259,914,882 08, showing a surplus of $90,085,117 92.
The Secretary respectfully renews his recommendation of last year
that, with a view to promote economy in the public service, a permanent organization of an appropriation committee for each House be
established, who shall have leave to sit during the recess of Congress,
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 items of appropriation and
excluding legislative provisions; that all appropriations, except for
the interest on the public debt, be limited to a period not exceeding
two years, and that the expenditure of appropriations be strictly confined to the period of time for which they were appropriated.
REDUCTION OF TAXES.
I t appears from the foregoing statements that the surplus revenue,
actual and estimated, for the fiscal years 1880, 1881, and 1882, after
providing for the sinking-fund for each year, is as follows:
For the year ended June 30, 1880
For the year ending June 30,1881
For the year ending June 30, 1882
$27,952,009 65
50,198,115 52
48, 445,277 72
REPORT OF THE SECRETARY OF THE TREASURY
IX
This naturally presents to Congress the question whether the surplus revenue accruing after the present year should be applied to the
further reduction of the public debt, or whether taxes now imposed
should be repealed or modified to the extent of such surplus. The
many and sudden changes that have heretofore occurred in the
amounts realized from our system of taxation are a sufficient warning
that revenue should not be surrendered unless it satisfactorily appears
that the surplus is pernianent, and not merely temporar}^ If the taxes
imposed by existing laws are not oppressive in their nature, it is perhaps better to bear with them than to endanger the ability of the
Government to meet the 'current appropriations and the sinkingfund. A large portion of the surplus of revenue over expenditures is
caused by the reduction of the rate of interest and the payment of the
principal of the public debt. The reduction of annual interest caused
by refunding since March 1, 1877, is $14,290,453 50, and the saving
of annual interest resulting from the payment of $109,489,850 of the
principal of the public debt, since that date, is $6,144,737 50. The
interest is likely to be still further reduced during the next year
in an amount estimated at $12,101,429 50, by the refunding of bonds
as hereinafter proposed. To the extent of this annual saving,
amounting to $32,539,620 50, the public expenditures will, be permanently diminished. The large increase of revenue from customs on a
few articles during the last year may be somewhat abnormal, and the
estimates based upon it may not be realized. I t is a question for
Congress to determine whether any material reduction should be made
at a time when the whole surplus revenue may be with great advantage applied directly to the payment of accruing debt, and when such
surplus is an important element in aid of refunding. If it should be
determined by Congress to reduce taxes, itis respectfully recommended
that all the taxes imposed by the internal-revenue law other than
those on bank-circulation and on spirits, tobacco, and fermented liquors
be repealed. Th6 tax on the circulation of national banks is levied
partly in the nature of a moderate charge for a franchise conferred by
the Government, and partly to furnish means to pay the expense of
printing and issuing national-bank notes. It is easily collected by the
Treasurer ofthe United States, and is a just and proper tax, whether
regarded as a charge for the franchise or as a means of reimbursing
the Government the cost of printing the notes. The tax on State banks
is of the gravest importance, not for purposes of revenue, but as a
check upon the renewal of a system of local State paper money
which, as it would be issued under varying State laws, would neces-
X
REPORT OF THE SECRETARY OF THE TREASURY.
sarily differ as to conditions, terms, and security, and could not, from
its diversity, be guarded against counterfeiting, and would, at iDest,
have but limited circulation.
REFUNDING.
A large portion of the x>iiblic debt becomes payable or redeemable
on or before July 1, next, as follows:
Title of loan.
Loan of February, 1 8 6 1 . . .
Oregon-War debt
Loan July aud Aug., 1861.
Loanof 1863, (188rs)
Funded Loan of 1881 . ..
Outstandiug Nov. 1,1880.
Rate.
6
6
6
6
5
per
per
per
per
per
Payable.
Redeemable.
c e n t . Dec. 31,1880
c e n t . July 1, 1881
,
cent .
June 30, 1881
cent .
June 30, 1881
May 1, 1881
cent .
Amount.
$13,414,000
711, 800
145,786, 500
57,787,250
469,651, 050
687, 350, 600
The bonds maturing December 31,1880, will be paid from accruing
revenue. The surplus revenue accruing prior to July 1, 1881, estimated at about fifty million dollars, ($50,000,000,) will be applied under
existing law to the purchase or pa^nnent of the bonds above described,
thus leaving the sum of $637,350,600 to be provided for. The third
section of the act approved July 14, 1870, for refunding the national
debt, under which the five per cent, bonds, maturing May 1, 1880, are
redeemable, requires the Secretary of the Treasury to give' public
notice three months in advance of their payment. To enable the Department to avail itself of the option of redeeming these bonds at their
maturity, the necessary legislation for that purpose should be passed
prior to February 1, next. The five and six per cent, bonds are not, by
their terms, payable at a specific date, but they are redeemable at the
pleasure of the United States after the dates above named. They bear
a much higher rate of interest than the rate at which new bonds can be
sold. Any delay in providing for their redemption will compel the
continued payment of high rates of interest; it will make necessary
the issue of a new series of coupons to the holders of coupon bonds,
and may postpone to a less favorable period the completion of the
operations of refunding. Under existing law, there is still available
for this purpose four per cent, bonds authorized by the acts of July 14,
1870, and January 20, 1871, to the amount of $104,652,200. These
could now be sold at a large premium, and, in the absence of legislation, it would be the duty of the Secretary, when any bonds became
redeemable, to sell the four per cents and apply the proceeds to the
REPORT OF THE SECRETARY OF THE TREASURY.
XI
redemptiQn of such bonds; but the ampunt of four per cents authorized
is inadequate to the purpose stated. I t is therefore advisable, by new
^^nd compreheiisive legislation, to authorize the sale of othe? sejcurities
sufficient to redeem the whole sum spon to be redeemable. The terms
and conditions of the securities to be authorized for this purpose have
received the careful attention of this Department. Hitherto the policy
has been to sell bonds bearing as low a rate of interest as ppssible,
runnipg a number of years; but, in view of the requirements of the
sinking-fund, it is believed that a large portion of the public debt to be
redeemed can be provided for by Treasury notes, running from one to
ten years, issued in such sums as can, by the application of the sinkingfund, be paid as they mature. The purchase of bonds not diie has
heretofore involved the payment of premiums, which it is believed can,
in future, be avoided by the issue of such Treasury notes. The large
accumulation of money now seeking investment affords a favorable
opportunity for selling such notes bearing a low rate of interest. I t
is believed that they will form a popular security, always available
to the holder, and readily cbnyertible into money when needed fpr
other investment or business. They should be in such form and
denominations as to furnish a convenient investment for the small
savings of the people, and fill the place designed by the ten-dollar
refunding certificates authorized by the act of February 26,-1879. 'No
oth^r United States bonds than those stated become redeemable prior
to the 1st of September, 1891, the date of maturity of the four-and-ahalf per cent, bonds. The requirements of the sinking-fund prior to
the maturity of the four-and-a-half per cent, bonds, for a period of ten
years, from 1882 to 1891, both inclusive, are estimated as follows:
For
For
For
For
For
For
For
For
For
For
the
the
the
the
the
the
the
the
the
the
fiscal
fiscal
fiscal
fiscal
fiscal
fiscal
fiscal
fiscal
fiscal
fiscal
year ending
year ending
year ending
year ending
year ending
year ending
year ending
year ending
year ending
year ending
June
June
June
June
June
June
June
June
June
June
30, 1882
30,1883
30,1884
30,1885
30,1886
30,1887.
30,1888 ,
30, 1889
30,1890....
30,1891
...
$43,386, 645
45,122,110
46, 926, 995
48, 804, 075
50, 756,238
52, 786, 487
54,897, 947
57, 093,864
59,377,619
61, 752, 724
00
80
24
04
04
56
07
95
55
33
520,904,707 58
I t may be that during this period, by the change of our financial con-
xil
REPORT OF THE SECRETARY OF THE TREASURY.
dition, or from unforeseen events, the Government will not be able, as
in times past, to apply sums so large to the reduction of the debt; but
it is probable that any temporary deficiency would soon be made good by
increased revenue. This contingency may be provided for by the terms
of the bonds.
The Secretary, therefore, recommends that provision be made for
the issue of an amount not exceeding $400,000,000 of Treasury notes in
denominations not less than ten dollars, bearing interest not exceeding
four per cent, per annum, and running from one to ten years, to be sold
at not less than par, the amount maturing during any year not to exceed
the sinking-fund for that year, and the proceeds to be applied to the
payment of five and six per cent, bonds, maturing in 1881. I t is believed
that, with the present favorable state of the money-market, a sufficient
amount of such Treasury notes, bearing an annual interest of three
per cent., can be sold to meet a considerable portion of the maturing
bonds; but it is better to confer upon the Department a discretionary
power to stipulate for a higher maximum rate, to avoid the possibility
of failure. Such a discretion is not likely to be abused, while a
power too carefully restricted may defeat the beneficial object of the
law.
.
I t is also recommended that authority be given tp sell at par an amount
not exceeding $400,000,000 of bonds of the character and description of
the four per cent, bonds of the United States now outstanding, but bearing a rate of interest not exceeding three aud sixty-five one-hundredths
per cent, per annum, and redeemable at the pleasure of theUnited States
after fifteen years, the proceeds to be applied to the payment of bonds
redeemable on or before July 1, 1881. Though the amount of the two
classes of securities recommended exceeds the amount of bonds to be
redeemed, no more can be sold than the bonds to be redeemed, while
the alternative authorized will permit a limited discretion to sell the
securities most favorable to the Government. With the authority thus
recommended, it is believed that the Department can within a year
redeem all the five and six per cent, bonds now outstanding, and thus
reduce the interest of the public debt $12,000,000 per annum, and
leave the debt in a form most favorable for gradual payment by the
application of the sinking-fund without cost or premium.
'
RESUMPTION.
Kothing has occurred since my last annual report to disturb or embarrass the easy maintenance of specie payments. United States notes
REPORT OF THE SECRETARY OF THE TREASURY.
Xlll
are readily taken at par with coin in all parts of this country and in the
chief commercial marts of the world. The balance of coin in the Treasury
available for their redemption on the first day of November last was
$141,597,013 61, and the average during the year has not materially
varied from that sum. The only noticeable change in the reserve is
the gradual increase of silver coin caused by the coinage of the silver
dollar and the redemption of fractional silver coin, more fully stated
hereinafter,
The amount of notes presented for redemption for one year prior to
November 1,1880, was $706,658. The amount of coin or bullion deposited
in the Treasury, assay office, and the mints, during the same period
was $71,396,535 67. These deposits have usually been paid for
in coin, through the clearing house, but at times, when the currency
in the Treasury would allow, and at the request of the depositors,
they have been paid for in United States notes and silver certificates. Gold coin now enters largely into general circulation. Of
the revenue from customs collected in New York for one year ending
November 1, 1880, .57,475 per cent, was paid in gold coin, .00,125 per
eent. in silver coin, .31,087, in silver certificates, and .11,313 per cent, in
United States notes. While no distinction as to value is made between
coin and notes in business transactions, a marked preference is shown
for notes, owing to their superior convenience in counting and carrying. Many of the current payments from the Treasury are necessarily
made in coin, and much of the funds held for the redemption of
national-bank notes and of notes of banks that have failed or suspended
is in coin. The total coin in the Treasury, at the close of business,
November 1, was $218,710,154, of which $141,597,013 61 constituted
the reserve fund for the redemption of United States notes, as above
stated.
All the requirements of the resumption act have thus far been
executed, and its wisdom has been fully demonstrated. It only remains
to inquire whether any further measures are necessary or expedient
to secure the maintenance of resumption. The Secretary expresses
the utmost confi^dence that without new legislation the entire amount
of United States notes now authorized and outstanding can be easily
maintained at par in coin even if the present favorable financial
condition should change; but, in order to accomplish this, the coin reserve must be kept unimpaired except by such payinents as maybe made
from it in redemption of notes. Notes redeemed should be temporarily
held in place of the coin paid out, especially if it appears that the call for
coin is greater in amount than the coin coming in due course into the
xiv
REPORT OF THE SECRETARY OF THE TREASURY.
Treasury or the mints. Ordinarily the superior convenienceof notes will,
as at present, make a greater demand for them than for coin ; but in
case of an adverse balance of trade or a sudden panic, or other unforeseen circumstances, the ample reserve of coin on hand becomes the
siire safeguard of resumption, dispelling not only imaginary fears, but
meeting any demand for coin that is likely to arise. In a supreme
emergency, the power granted to sell bonds will supply any possible
deficiency.
It is suggested that Congress might define and set apart the coin
reserve as a special fund for resumption purposes. The general available balance is now treated as such a fund, but, as this balance may, at
the discretion of the Secretary of the Treasury, be unduly drawn upon
for the purchase or payment of bonds, it would appear advisable that
Congress prescribe the maximum and minimum of the fund.
United States notes are now, in form, security, and convenience, the
best circulating medium kuown. The objection is made that they are
issued by the Governnient, and that it is not the business ofthe Government to furnish paper money, but only to coin inoney. The answer
is, that the Government had to borrow money, and is still in debt.
The United States note, to the extent that it is willingly taken by the
people, and can, beyond question, be maintained at par in coin, is the
least burdensome form of debt. The loss of interest in maintaiining
the resumption-fund, and the cost of printing and engraving the
present amount of United States notes, is less than one-half the interest
on an equal sum of four per cent, bonds. The public thus saves over
seven million dollars of annual interest, and secures a safe and convenient medium of exchange, and has the assurance that a sufficient,
reserve in coin will be retained in the Treasury beyond the temptation
of diminution, such as always attends reserves held by banks.
Another objection to the issue of United States notes is; that they
are made a legal-tender in the payment of debts. The question
of the constitutional power of Congress to make them such, is one
for another branch of the Government. The Secretary of the
Treasury is still of the opinion that this quality of legal-tender
does not add to the usefulness, safety, or circulation of United States
notes. So far as it excites distrust and opposition to this form of
circulating-notes it is a detriment. The fear that a withdrawal of this
attribute will contract the currency is as delusive as was the fear that
resumption would have a like effect. The notes would still be received
and paid out by the Government, and, like bank-notes, would not be
refused in payment for debts while they were redeemable and
REPORT OF THE SECRETARY OF THE TREASURY.
XV
promptly redeemed in coiu on presentation. As the quality of legal
tender was attached to these notes when first issued, and was then
essential to their value and circulation, the public mind is sensitive
when any proposition is made that by possibility might impair their
value, but it is their redemiition in coin that makes them now equal to
coin and of ready circulation in all the marts of the world. While this
is maintained it becomes comparatively immaterial whether they are
a legal-tender or not, and if by the action of Congress or the courts
they are deprived of this quality they will still be the favorite money
of the people.
Another objection to United States tiotes is, that the amount of the
issue may be enlarged by Congress, and that this power is liable to
abuse. This objection may be made to all the great essential powers
ofthe Government. A sufficient answer is that, since their first issue,
they have been carefully limited in amount, and invested with every
quality to improve their value and circulation, Every effort to increase
the amount, made during a period of great depression, failed. Now that
they are redeemable in coin there is no temptation for over-issue.
These objections will, no doubt, in due time receive the careful consideration of Congress, and any practical difficulties in maintaining
resumption will be met by new legislation. But the Secretary ventures
to express the opinion that the present system of currency, the substantial features of which are a limited amountof United States notes,
(with or without the legal-tender quality,) promptly redeemable in coin,
with ample reserves in coin and ample power if necessary to purchase
coin with bonds, supplemented by the circulating-notes of nationalbanks
issued upon conditions that guarantee their absolute security and
prompt redemption, and all based on coin of equal value, generally
distributed throughout the country, is the best system ever devised,
and more free from objection than any other, combining the only safe
standard with convenience for circulation and security and equality
of value.
COINS AND COINAGE.
The coinage executed at the niints during the fiscal year has exceeded in value that of any previous year since the organization ofthe
Government. Its total amount, not including the minor coinage, was
$84,100,172 50, of which it is estimated $62,000,000 was probably from
domestic, and $21,000,000 from imported bullion.
The annual report of the Director of the Mint furnishes detailed
statements of the coinage of gold and silver, the araount deposited.
xvi
REPORT OF THE SECRETAEY OF THE TREASURY.
parted, refined, or made into bars, the earnings, receipts, and expenditures, and other transactions and business operations of the mints and
assay offices during the year, and contains valuable statistics and careful estimates of the production, consumxition, and circulation of the
precious metals in the United States and m^mj other countries.
The inquiries as to the production, use in arts, coinage, and circulation of the precious metals, and the collection of other monetary statistics in our own and foreign countries, have been continued by the
Mint Bureau, and much valuable information on these subjects has
been obtained, and will be found in the report of the Director.
^ The deposits of gold during the last fiscal year amounted to
$98,835,096 S5, being $56,580,940 05 in excess of that in the previous
year, notwithstanding a probable slightly diminished domestic production. Out of a total import at the port of New York of $60,947,672
of foreign-gold coin and bullion, $60,584,395 13 were deposited at the
New York assay office, and there exchanged for United States coin or
bars, or for current inoney. Nearly all of this coin aud bullion, being at
or above the United States standard, is excepted from a melting-charge
under present regulations, and is transported at Government expense to
the mint for coinage. The coinage lawmakesno provision forany charges
for melting gold bullion which is not below the United States standard,
when deposited for coin, aud requires such deposits to be transported
from the New York assay office to the Philadelphia mint at the exxiense
of the Government. As nearly all the imported bullion deposited is in
such a form that it is necessary to melt it, in order to ascertain its fineness and value, a modification of the law.so as to authorize a charge for
melting is recommended.
The gold iniported at New York, during the earlier part of the last
fiscal year, exceeded the capacity of the Philadelphia mint for coinage,
with its ordinary working-force, without incurring expenses much
above the specific appropriations for its support. The coinage of gold at
Philadelphia had to be made subordinate to that of silver, in order to
comply with the requirements of the law directing the purchase and
coinage of $2,000,000 worth of silver bullion in each month, and to
satisfy the demand for minor coins authorized to be struck only at that
mint. The mint was able, with its other work, to coin in gold an
amount little exceeding on the average $2,000,000 per month, but this
was found sufficient to satisfy the immediate demands upon it for
coin. At the close of the year there remained in the mints and New
York assay office $40,724,337 91, in gold bullion uncoined, nearly all
of it imported.
R E P O R T OF T H E SECRETARY OF T H E TREASURY.
XVII
The amount of coinage executed at the mints^of the United States^
during the fiscal year, was—
Gold
!.
$56,157, 735 00
Standard-silver dollars
27,933, 750 00
Fractional silver coins
8, 687 50
Minor coins
„.,
269, 971 50
Total
84, 370,144 00
Of the gold coinage $18,836,320 was in eagles, $15,790,860 in halfeagles, and $21,515,360 in double-eagles. Five-eighths of the coinage
was in denominations which were less than $20. This was not only a
larger proportion than in any preceding year, but was in amount nearly
equal to the total coinage in those denominations during the preceding
thirty years.
The coin circulation of the country on January 1, 1879, the date
fixed for resumption, is estimated from the statistics of coinage and
excess of imports of coin over exports, to have been—
United States gold coin
„. $273,271, 707
United States gold bullion
,
5, 038,419
United States silver coin
.......
95, 516, 712
United States silver bullion
11, 057, 091
Total
384, 883, 929
This had increased, on the 30th of June last, by coinage and imports of coin, to— .
United States gold coin
" $358, 958, 691
United States silver coin
142, 597,020
Total
501, 555, 711
This was further increased from coinage and iinports, during the four
months, to November 1, by—
Coinage of gold
$14, 544, 599
Excess of imports over exportsTof United States gold
coin
«r
Total
1, 820,591
o...,o
16,365,190
Coinage of silver
Excess of imports over exports ot United States silver
$9,113,000
coin
..o.
Total , ii ,
567,524
»
/
9, 680,524
"
'•
XVIII
REPORT OF THE SECRETARY OF THE TREASURY.
There was in the mints and assay offices on the 1st of November^,
bullion held for coinage amounting to $78,558,811 55 of gold, and
$6,043,367 37 of silver, making- the total coin circulation and bullion
available for coinage in the countiy of—
Gold
Silyer
$453,882,692"
158, 320,911
Total
612, 203, 603
STANDARD-SILVER DOLLAR.
In compliance with the provisions of the act of February 28, 1878j^,
during the last fiscal year.24,262,571.38 standard ounces of silver bullion, costing $24,972,161 81, (an average of $2,081,013 48 per month,}
were purchased, of which 24,005,566.41 ounces were coined into*^^
27,933,750 standard-silver dollars. The total coinage of standard-silver dollars since the passage of the act, up to November 1, 1880, has
been $72,847,750, at which date $47,084,450 were in the Treasury. Of
the latter amount $19,780,241 were represented by outstanding silver
certificates, the amount in actual circulation at that date being
$25,763,291. '
Since the passage of that act, the Department has issued numerous
circulars and notices to the public in which it has offered every inducement which it could under the law^ to facilitate the general distribution and circulation of these coins. I t has required United States disbursing officers to pay them out in payment for salaries and for other
current obligations, and it has offered to place the silver in the hands
of the people throughout the United States without expense fpr transportation, when sent by exjDress, and at an expense for registrationfee only, when sent by registered mail. /
Notwithstanding these efforts, it is found to be difficult to maintain in
circulationmorethan35;percent. of the amount coined. Whileat special
seasons of theyear, and for special purposes, this coin is in demand^
mainly in the South, it returns again to the Treasury, and its reissueinvolves an expense for transportation at an average rate of one-third
of one per cent, each time. Unlike gold coin or United States notes,,
it does not, to the same extent, form a part of the permanent circulation, everywhere acceptable, and, when flowing into the Treasury,,
easily paid out with little or no cost of transportation. The reasons,
for this popular discrimination against the silver dollar are:
. 1st. It is too bulky for large transactions, and its use is confined
mainly to payments for manual labor and for market purposes or for
REPORT OF THE SECRETARY OF THE TREASURY.
XlX
change. The amount needed for these purposes is already in excess
of the probable demand.
2d. It is known to contain a quantitj^ of silver of less market value
than the gpld in gold coin. This fact would not impair the circulation
of such limited amount as experience shows to be convenient for use,
but it does prevent its being held or hoarded as reserves, or exported,
and pushes it into active circulation, until it returns to the Treasury,
as the least valuable and desirable money in use.
For these reasons the Secretary respe*ctfully but earnestly recommends that the further compulsory coinage of the silver dollar be suspended, or, as an alternative, that the number of grains of silver in
the dollar be increased so as to make, it equal in market value to the
gold dollar, and that its coinage be left as other coinage to the Secretary of the Treasury or the Director of the Mint, to depend upon the
deinand for it by the public for convenient circulation.
The continued coinage of the silver dollar necessarily involves the
expenditure of two million dollars per month of the current revenue,
the proceeds of which must, as experience shows, mainly lie idle in the
Treasury, involving a large expense for storage and custody. When
issued, a considerable expense for its transportation is involved, it is
taken reluctantly by the people, and is soon returned to the vaults of
the Treasury. The tendency of this process is to convert into silver
coin the reserve of gold coin held in the Treasury to maintain United
States nptes at par. The inevitable eff'ect of the continuance of this
coinage for a few years more will be to compel the Department to maintain its specie reserve in gold coin, irrespective of the silveron hand,or to
adopt the single silver standard for all Government purposes. The
object manifestly designed by the passage of the act for the coinage of
the silver dollar was to secure to the people of the'United States the
benefits of a bimetallic standard of value. It was forcibly urged that
to demonetize silver would increase the burden of debts, and rest the
value of all property upon the quantity on hand of a single metal. I t
was not the intention ofthe framers of the act to demonetize gold, but
to maintain both gold and silver as standards of value. This has been
done for thousands of years; but only by adopting, as nearly as possible, the relative market value of the two metals as the ratio for coinage,
and by changing the ratio adopted whenever for a period of years it
was demonstrated that the market ratio had changed. The United
States has conformed to this custom of civilized nations, and the Constitution recognized it by authorizing Congress to coin money, and to
regulate its value.
xx
REPORT OF THE SECRETARY OF TEE TREASURY.
Under this authority Congress provided, in 1793, that the ratio
should be one ounce of gold to fifteen ounces of silver; and on the 28th
of June, 1834, it changed the ratio to one ounce of gold to sixteen
ounces of silver.
I t would appear that Congress somewhat overrated silver in 1793,
and underrated it in 1834, but it is now certain that sixteen ounces of
silver are not worth one ounce of gold, and if silver were coined without limit on that basis, it would eventually bring us to a single silver
standard, and reduce gold" to a commodity, or drive it to foreign
countries—a result not intended by the act of February 2S, 1878.
The average cost of the silver in a standard dollar, as shown by the
purchases for the Government from the date of the resumption act to
this time, measured by the gold standard, is $0,906, or in a ratio of 1 to
17.64. Upon, this ratio a silver dollar, in order to be of equal value to
a gold dollar, should contain 455.3 grains. As the expense of coining
a silver dollar is equal to the value of about fiv^ grains of standard
silver bullion, it is confidently believed that a silver dollar containing
450 grains, based upon a ratio of one of gold to about 17.5 of silver, could
be safely coined, as demanded for use or exportation, without demonetizing gold or disturbing contracts or business, and with great advantage to the silver-mining interests of our country. Upon the facts
stated, it would seem to be wise policy now, in the spirit ofthe Constitution, to regulate by law the coin-value of the two metals so as to
conlbrm to the market ratio.
The cost of recoining the silver dollars already issued into dollars of
the weight suggested is estimated at about one per cent., or $728,477 50.
Much confusion and delusion have arisen from treating as a j)rofit the
difference between the cost ofthe silver bullion coined into silver dollars and the face-value of the dollars coined therefrom. This difference, from February 2S, 1878, the date of the act authorizing their
coinage, to November, 1880, is $8,520,871 45. From this should be deducted the expense already incurred in distributing the coin and by
wastage, which amounts to $262,008 01, leaving as the net nominal profit
the sum of $8,258,863 44, of which $7,198,294 56 have been deposited
in the Treasury, and $1,060,568 88 remain in the mints. This nominal
profit is burdened with the necessity of receiving, and thus practically
redeemingj these dollars at their nominal value in'^gold coin, and of
reissuing, transporting, and maintaining them in circulation. This
burden will soon exhaust the nominal profit. When held by the Government the coins are of no more real value than an equal weight of
standard-silver bullion. To the extent of the difference betweeii their
REPORT OF THE SECRETARY OF THE TREASURY.
XXl
bullion and nominal value, they are purely fiat mone5^ This nominal
profit applied to the xiurchase of silver bullion would be sufficient to
meet the entire cost of converting the xiresent dollars into an ecxual
number of the„ proposed dollars; or, in other words, if the present
dollars were converted into the less number of the proposed dollars,
the nominal loss would be fully covered by the nominal profit now
in the Treasury and the mints.
I t m a y b e better for Congress at the x^^esent time to confine its
action to the susxiension of the coinage of the silver dollar, and to await
negotiations with foreign xiowers for the adoption of an international
ratio; but, compelled by official duty to report upon this subject, the
Secretary feels bound to express his conviction that it is for the interest
of the United States now, as the chief producer of silver, to recognize
the great change that has occurred in the relative market value of
silver and gold in tjie chief marts of the world, to adopt a ratio for
coinage based ux^on market value, and to conform all existing coinage
to that ratio, while maintaining the gold eagle of our coinage at its
present weight and fineness. He confidently believes that the effect
of this measure would be to make our gold and silver coins the best
international standards of' value known. Already the double-eagle,
issued without cost for coinage, and in greater sums than any other
gold coin, and of equal value to any other coin, whether measured by
weight or tale, is received without question in all commercial countries
as the most convenient medium of exchange. It is believed that a
silver dollar of the weight and ratio of the proposed coinage would be
the best silver standard for international exchange, and that it would
tend to fix the market value of silver bullion at the ratio proposed,
and would thus,* as far as xiracticable, avoid the changing relative
value of the two metals, while giving a steady market for the silver
product of our country'.
In this connection, the attention of Congress is respectfully invited
to the operation of the act approved June 9, 1879, requiring the redemption in lawful money, at the office ofthe Treasurer or any assistant treasurer ofthe United States, of the silver coins of the United
States of smaller denominations than one dollar.
When fractional silver coins were authorized by the act approved
February 21,1853, they weremade to contain 384 grains of standard
silver to the dollar. This was subsequently changed by the coinage
actof 1873 to 25 grammes or 385.8 grains. They thus contain 26.7
grains, or nearly 6J per cent., less than the standard dollar. Prior to
1853, by reason ofthe large production of gold in California, the standard-
xxn
REPORT OF THE SECRETARY OF THE TREASURY.
silver dollar and its fractional j^arts had risen in market value above
par in gold, and were largely exported. To prevent their exportation,
and in accordance with the example of Great Britain, the policy was
adopted, by that act, of reducing the Aveight of the minor silver coin,
and this policy operated well until, in the spring of 1862, both gpld
and silver ceased to circulate as money. During the suspension of
specie payments a remarkable decrease in the value of silver occurred,
and now the market value ofthe silver in a dollar ofthe fractional coin is
only 82J cents.
The amount coined prior to November 1, 1880, under the provisions
of the resumption act, which substituted silver coin for fractional currency, was $42,974,931. To this has been added a very large sum issued
before the war, and again introduced into circulation since the resumption of specie payments. I t is difficult to determine the amount of
such old coinage in circulation, but it is believed tp exceed $22,000,000.
Prior to the act of June 9, 1879, this fractional coin filled the channels
of circulation, esxiecially in commercial cities, and gave rise to the
passage of that act. At that date there was in the Treasur}^ $6,813,589
fractional coin; on the 1st of November, 1880, the amount was
$24,629,489, from which it axipears that $17,815,900 has been redeemed
with lawful money. The whole amount in the Treasury is counted
as a x)art of its reserve, although itHs a legal-tender only in sums
not exceeding ten dollars, and is, therefore, not available as cash
for general purposes. It would seem wise that the excess not needed
for change should be coined into standard dollars, and that any further fractional coin, hereafter needed, should contain silver of approximate relative value to the standard coin. The nominal profit heretofore derived from this coinage is quite sufficient to *cover the cost of
this change. It is also respectfully suggested that the act of July 9,
1879, should be rexiealed. When fractional coin is issued as money, it
should be treated like other coin, to be received by the Government
upon the same conditions as by the peox:)le, but not, like paper mouey,
to be redeemed. If it must be classed as money to be redeemed, it
should be supported by a reserve, like other redeemable money.
NATIONAL BANKS.
The report of the Comptroller of the Currency contains much information in reference to the national-banking system, and gives tables
showing the resources and liabilities of the national banks from the
date of their organization to the present time, and also tables showing
the number, cax:)ital, and deposits of the State banks, savings-banks,
REPORT OF THE SECRETARY OF THE TREASURY.
XXHI
«^nd private bankers of the country, by States and geographical
divisions, for a series of years.
The cax')ital stock of the national banks on October 1, 1880, was
4457,553,850; surxilus, $120,518,583; and the total circulation out-standiug, $343,949,893.
National banks are organized in every State of the Union except
TMississippi, and in every Territory except Arizona; and the total number in operation is 2,095, which is the greatest number that has been in
operation at any one time.
The Comptroller devotes considerable space to the discussion of the
operations of the national banks since the date of resumption of specie
payments, and the evils as well as the benefits which are likely to
a^rise from the large addition of coin to the circulating medium made
since that date.
The capital stock of the national banks is $47,000,000 less and the
surxilus nearly $14,000,000 less than at the corresponding date in
1875. The loans of the banks at the date of their last returns were
•$1,037,000,000, and the individual deposits $873,000,000, the highest
points reached since the organization of the system, the loans being
•$207,000,000 greater and the individual deposits $253,000,000 greater
than in October, 1878, while the capital and surplus at the x)revious
vdate were $5,000,000 in excess of their present amounts.
The individual deposits and the public, private, and bank deposits,
not deducting the amount due from banks and the amount of the
'Clearing-house exchanges, have increased more than $322,000,000,
.and amount to the unprecedented sum of $1,155,000,000. ^
The Comxitroller states that the abundance of money, and the low
rates of interest, have made it difficult for capitalists to find satisfactory
investments, and that he has, therefore, examined the statements of
the banks for a series of years to ascertainif the banks have found use
for their increased deposits. The amount of the loans of the banks in
New York city, in October, 1879 and 1880, was 70.8 per cent, of the
•capital, surxilus, and net deposits; while in 1878, it was 65.4 per
cent.; in 1877, 68 per c e n t ; and in 1876, 65.1 per cent.; and the
loans are now x^ioportionably higher than at any time since 1873,
The resources of the banks in the other x)iincipal cities of the country are shown by their reports for October 1, last, to have been then
more fully employed than they were at the corresponding dates for
l h e two previous years, although their business was not so much extended as i t w a s during the four years following the crisis of 1873.
The ratio of the loans of the banks in the country districts to their
xxiv
REPORT OF THE SECRETARY OF THE TREASURY.
capital, surplus, and net deposits was, on October 1, 7.3 per cent, lem
than it was at the corresponding date in 1875, and 5.2 per cent, less
than in 1877. The ox^portunities for using money in this groux^ of
banks is not in proportion to the increase of their deposits, and their
balances in other banks have b}^ no means diminished.
The tables given by the Coinxitroller show that, during thex^ast two
years, the loans of the banks in the ci^y of New York have been extended to a much greater degree proportionably than the loans in
other xiarts of the country, and that the cash reserves of the banks in
New York have been unx^recedentedly low. While the aggregate lawful-money reserve has, as far as known, always been held by this class
of banks, it has frequently been very close, some of the banks expanding their loans beyond reasonable limits, and relying upon imports of
gold and purchases of bonds by the Treasury to replenish their deficient
reserves.
The act of June 20, 1874, repealed the law requiring reserves to be
held upon circulation, thus largely reducing the amount of legal reserve required. The enormous increase of individual and bank deposits
during the last year should not be accompanied with a proportional
increase of loans, since such increase would, it is believed, have the
effect, indirectly, of increasing the market prices of many railroad
and other stocks and bonds largely bej^ond their actual value. The
banks in New York city hold more than $100,000,000 of the funds of
other banks, which are payable on demand, and it is of the greatest
importance that they should at all times exhibit great strength if they
would keex> themselves in condition for an adverse balance of trade,,
and for the legitimate demands of those dealers who confide in them.
The Comxitroller gives some interesting tables showing the amount
of coin and currency in the country on the day of resumption of coin
payments, and on November 1 of thepresent year, together with the
amount of coin and currency in the Treasury and in the banks, and
the amount in the hands of the peoxile outside of these depositories,
from which it will be seen that while the amount in the Treasury and
. in the banks has increased more than $50,000,000 during that period,,
the amount in the hands of the people has also increased more than
$195,000,000.
The most gratifying exhibit in the condition of the national banks
is, that they are now doing business upon a specie basis, the amount
of gold coin heldby the|national banks having increased since the day
of resumxition from $35,039,201 to $102,851,032, which is but aboui^
$18,000,000 less than the whole cash reserve required by law.
REPORT OF THE SECRETARY OF THE TREASURY.
XXY
The national banks hold nearly $200,000,000 of United States bonds,
which will mature on or before July next.
The whole amount of United States bonds held by the national
banks as security for circulation and for other purposes is $403,369,350^
and the average amount of capital invested by the State banks, savings-banks, and private bankers for the six months ending May 3I5,
1880, as shown by the returns to this Department for purxioses of taxation, is $228,053,104, making a total of $631,422,454.
The xirofit upon circulation, to the national banks, at the present ijriceof bonds in the market is estimated not to exceed one and one-half per
cent. ux3on the cax)ital invested, and the amount of State and National
taxes is more than four per cent. ux)on the amount of circulation.
The banks and bankers of the country have complained that the
taxes upon bank deposits and bank capital since the passage of the first
internal-revenue act, have been greatly disprox^ortioned to the amount
paid by other classes of property, and it would seem that the time has
now arrived, as hereinbefore recommended, when Congress might properly repeal all taxes on capital and deposits, retaining the xiresent t a x
on circulation.
The national-banking system has fully realized all the expectations
of its founders. I t has furnished a safe currency, of uniform circula-r
tion, carefully guarded against counterfeiting, protected by ample
reserves, and promptly redeemed both at the banks and the Treasury.
No other legislation in resxiect to these important corporations seems
to be required at the xiresent session.
PUBLIC MONEYS.
The mdnetary transactions of the Government have been conducted
through the offices of the United States Treasurer, iiine assistant treasurers, one dex30wsitary, and one hundred and thirty national-bank
depositaries.
The receipts of the Government, amounting, during the fiscal year,,
as shown by warrants, to $545,340,713 98, were deposited as follows:
In independent-treasury offices, $404,301,155 37; in national-bank depositories, $141,039,558 61. .
As far as accounts have been adjusted for the last fiscal year there
appear to be no losses to the Government 'by public officers engaged
either in the receipt, safe-keeping, or disbursement of the public moneys..
I t is to be regretted, however, that the apprehension of loss through
the issue of duxilicates of coupon bonds, expressed by the First Comptroller, in his report for last year, has proven too well founded. Upon^
::XXV1
REPORT OF THE SECRETARY OF THE TREASURY.
what seemed to be sufficient evidence of the destruction of a $500
^coupon bond, a duplicate was issued several years since, and subse^quently redeemed, as required by law. Sometime after this redemption
^the original bond was xiresented intact by an innocent holder, and, upon
fthe recommendation of the Comxitroller, it was redeemed. While there
seemed to be no alternative but to pay this bond, the availability of
any existing appropriation for the purpose may be questioned, and
'Congress will be asked for some needed legislation to meet such cases.
Additional legislation to authorize the refund of moneys paid into
the Treasury, in excess, by receivers of public moneys, is recommended
by the First Comptroller and meets with my approval.
The coinage of the silver three-cent and five-cent xiieces was disconitinued by the coinage act of 1873, and that of the silver twenty-cent
piece by the act of May 2,1878. Since theact of June 9,1879, providing
for the exchange of subsidiary coins for lawful money of the United.
States, a large amoimt of silver coins of the above-mentioned denominations has accumulated in the several sub-treasury offices. These coius
constitute a portion of the Treasury balance, and, as they are not aigain
paid out after being received in exchange for lawful money, they become
practically unavailable for current use. The necessary legislation for
their proper disposition is recommended.
By reference to the tables accompanying this report, it will be seen
"that, since the organization of the Government, there has been paid
into the Treasury to the close of the last fiscal year.. $18,570,348,647 05
And that there has been paid out upon warrants in
consequence of ax^proxmations made by law, to the.
same date, the sum of
18,334,854,201 62
'Leaving unexpended; charged to the Treasury, the
sum of
235,494,445 43
This amount, however, is not all in actual cash, but is made up of
, item s as follows:
Amount deposited with the States under act of Congress approved June 23,1836
$28,101, 644 91
Amount arising from defalcations, irredeemable
bills, &c
2,708,964 18
'Cash
,
204, 683, 836 34
Total
235,494, 445 43
c>
As the first two items are not available for disbursement, it would
REPORT OF THE SECRETARY OF THE TREASURY.
XXVIl
-seem unnecessary to carry them longer as part of the balance; but
neither of them can be disposed of Avithout authority of law, though
the amounts rex^resented have passed beyond the control of the Department, or entirely disappeared.
The first amount was by law deposited with the States, not paid to
them, and the Dexiartment cannot withdraw it without further authority. The second item mentioned arose many years ago from the
failure of State banks to redeem their notes which the Government
held, and of public otficers to properly account for moneys received by
them for the credit of the Treasury. These items, for convenience,
have already been informally omitted from the current cash books and
the monthly debt statements of the Department. There are also a
few other items of like character, still treated as cash, on which no such
action has yet been taken. To their amount they would further
redube the available balance on hand. A full stateinent of these un.available amounts has been published for several years i n t h e annual
reports of the Treasurer of the United States.
I t is recommended that authority be given to reimburse the Treasurer for these unavailable amounts, they being no longer under his
control, though he is charged therewith, and to charge the amounts to
the parties from whom they are respectively due. Such a course would
take no money from the Treasury, would relieve no xiublic debtor from
any legal liability, while it would greatly simplify the accounts of the
Treasury, and would cause the books of the Department to show
always the real instead of the apparent balance of cash on hand available for disbursement.
I t will be understood that the apparent di^screpancies which have
arisen from these unavailable amounts are due to no fault of accounting or book-keeping. On the contrary, it is worthy of note that the
amount of these unavailable items, together with the actual money in
the Treasury, makes precisely the amount of the moneys received by the
Treasury and not expended, as shown by the books of the several bureaus of the Department. No better proof of the accuracy with which
the accounts of the great fiscal operations of the Government have
heen kept could be asked for or obtained.
The amount of money reported on hand to the credit of the Treaisurer is not, however, the entire amount of public moneys hel^ by independent-treasury officers and depositary banks. As fiscal agents of the
Government these officers and banks have held the funds advanced
for disbursement to x)ublic officers, and also other funds in trust for the
redemption of national-bank notes and for other purposes, aggregat-
XXVIll REPORT OP THE SECRETARY OP THE TREASURY.
ing a monthly average during the x^ast year of over sixty millions ot
dollars. Under the existing system, by which the Government practically holds and disburses its own money and that of its officers, the
fiscal operations are conducted without disturbance, embarrassment
or favoritism, and with satisfaction to all concerned.
CUSTOMS.
The revenue from customs for the year ended June 30,1880, was
$186,522,064 60; the revenue for the preceding year was $137,250,047 70^
an increase of $49,272,016 90. This large gain was due in part to an
exceptional demand for certain classes of foreign merchandise, xirincipally iron and steel and their manufactures, which is not likely to be
maintained during the present year. Of this sum, about $42,000,000
was collected on sugar; $18,500,000, on manufactures of silk; $19,000,000,
on manufactures of iron and steel; $10,000,000,- on manufactures oif cotton; $29,000,000, on wool and manufactures of wool; and $6,000,000^
on wines and spirits, making a total of nearly $125,000,000 collected
on these six classes of articles. The precise amounts, however, cannot
be given, because the statistics are based, to a certain extent, on^iinliquidated entries.
The expenses for collection for the x^ast year were $5,995,878 06, an
increase over the preceding year of $510,099 03, occasioned to a large
extent by the increase in the importation of bulky articles.
The expenses of collection and percentage of cost for the past four
years were as follows:
Expenses.
1877
1878
1879
1880
;......
$6, 501, 037
5, 826, 974
5,485,779
5, 995, 878
Percentage.
57
32
03
06
4. 90
4. 41
3.94
3.18
It is believed that, by reason ofthe vigilance of the customs officers,,
frauds upon the customs revenue have not duriug the past year been sa
extensive as formerly. The measures referred to in the last report
of the Secretary for a more faithful collection of the duties on sugar
have been continued in force, but they are and should be regarded
as but temporary, and not as justifying longer delay in the legislation necessary to xilace this most important feature of our com-^
merce upon a foundation which will enable the Government and the
importers to conduct their business with greater certainty than a t
present. It is earnestly hoped that a settlement of this much-vexed
question may be madeby Congress at its present session.
REPORT OF THE SECRETARY OF THE TREASURY.
XXIX
Thepresent tariff'is but a comxiilation of laws passed during many
-•succeeding 3^ears, and to meet the necessities of the Government from
time to time. These laws have furnished the greater part of our revenue,
-and have incidentally protected and diversified home manufactures.
The general principle upon which they are founded is believed to be
wise and salutary. No marked or sudden change, which would tend to
destroy or injure domestic industries built ux^on faith in the stability
of existing laws, should be made in them. Changes, however, have
occurred in the value of some articles, caused mainly by imxiortant
inventions and improvements in the mode of manufacture. These
have i3roduced irregularities and incongruities in the rates of taxation,
so that on some articles the duties have become prohibitory, while
on others the rate of taxation is too low. Some duties ad valorem
might, with the exxierience acquired under existing laws, be converted into specific duties. Many articles which do not comx^etewith
domestic industry, and yield but a small amount of revenue, might
be added to the free list. The changes suggested would tend to simplify the work of appraisement, remove the irritations among business
men, which so often arise in an enforcement of the laws imposing duties ad valorem, and reduce the cost of collection. Former reports of
the Secretary exhibit many facts, showing in detail the necessity of
such modifications.
By section 2501 of the Revised Statutes, an additional duty of 10
per cent, ad valorem is imposed oh all goods (except wool, raw cotton,
and raw silk) the growth or production of countries east of the Cape
of Good Hope, when imported into the United States from xilaces
west of the cape. Coffee produced in the Dutch Colonial possessions
beyond the cape, and imported from places this side of the cape, has
been charged with this additional duty. The fifth article of the Treaty
with the Netherlands, of February 26,1853, provides that discriminating
duties against tea and coffee, the products of the possessions of the
Netherlands, shall be removed by the United States whenever the discriminating export-duties imposed by the government of the Netherlands in favor of direct shipments to Holland of the products of its
colonial possessions are removed. The discriminating export-duties
were sometime sinjce removed by the Netherlands government, and it
is, therefore, incumbent upon the United States, under the treaty, to
remove the discriminating imx3ort-duties on tea and coffee produced
in the possessions of the Netherlands. It is recommended that early
action be taken by Congress in the matter.
In this connection it may be questioned whether the discriminating
xxx
REPORT OF THE SECRETARY OF THS TI^EAgURY.
duties imxiosed by section 2501 of the Revised Statutes, should not
be altogether repealed. The provision of law now embodied in t h a t
section was originally xiassed to encourage the direct shipment to theUnited States of goods around the Cape of Good Hope, as against
the shiximent of such goods to Europe and their transshipment thenceto the United States.
The Suez Canal has, however, so changed the course pf trade, thafc
most of the goods which are x^ioduced beyond the cape and imported
into the United States are sent to European ports and transshipped
thence for the United States. I t therefore often becomes difficult tO'
decide whether such goods, when shipped from the country of production, were destined for the American or European markets, the shipments being rarely made on through-bills of lading. The total revenuederived from this source forthe past year was only $167,436 31. I t
is recommended t h a t t h e provision of law in question be repealed.
INTERNAL REVENUE.
From the various sources of taxation under the internal-revenuelaws, the receipts for the fiscal year ending June 30, 1880, were as^
follows:
From
From
From
From
From
From
From
spirits
tobacco
fermented liquors
banks and bankers
penalties, &c
adhesive-stamps
arrears of taxes under repealed laws
Total,
.
..
$61,185,508
38,870,140
12,829, 802
3, 350,985
383, 755
7,66S,394
228,027
79^
08
84
28
0822
73
124,516, 614 02
The foregoing statement does not include the tax collected by the
Treasurer of the United States from national banks, which amounts to
$7,014,971 44.
The amount of collections exhibited in the foregoing table includes
commissions on sales of stamps, x^aid in kind, as well as amounts collected in 1879, but not deposited till within the last fiscal year. An
apparent variation consequently arises between the amounts of collections given in the tables and those shown by the covering warrants of'
the Treasury.
The increase of the revenue from spirits during the last fiscal year
was $8,615,224 10. But there was a decrease in the revenue from to-
REPORT OF THE SECRETARY OF THE TREASURY.
XXXF
bacco in its various forms of manufacture, for the same period, o f
$1,264,862 57, which was to be expected on account of the reduction
in the rate of taxation ux^on that commodity. The increase of incomefrom the tax on fermented liquors was $2,100,482 76. The total increase of revenue from sxiirits and fermented liquors was $11,934,075 99.
The increase of revenue from taxes on banks and bankers was but
$152,101 69 over the income for 1879. The total increase of internal
revenue, after deduction of the decrease of income from tobacco and the
decrease from collections on the arrears of taxes, was $10,598,147 15.
The Secretary cannot too strongly urge the importance of stability
in the rates imposed on sxiirits, tobacco, and fermented liquors. These
articles are regarded by all Governments as proper objects of taxation.
Any reduction in the rates imposes a hea^vy loss to the owner of the
stock on hand, while an increase operates as a bounty to such owner..
When the rate is fixed, the trade adapts itself to it. A change disturbs the collection of the tax and the manufacture of the article. As
already suggested, the time is opportune for reducing the subjects of
internal taxation to the articles named and the taxes on circulatingnotes of banks. The taxes proposed to be repealed yielded during the
last fiscal year as follows:
From banks and bankers other than national
From national banks other than on circulation
From adhesive stamps
In all
$3,350,985 28
4,438,134 80'
7,668,394 22
15,457,514 30
In case of such repeal, ample time should be given to exhaust the
tax-x)aid stamps without loss to the manufacturer.
EXPORTS AND IMPORTS.
The exports and imports during thp last fiscal year have been as
follows:
Exports of domestic merchandise
$823,946 353
Exports of foreign merchandise. ,. =
11, 692,305
Total
ImxDorts of merchandise.
Excess of exports over imports of merchandise
Aggregate of exports and imports.
835, 638, 658
667,954, 746
$167, 683,912:
1,503,593,404
Compared with the previous year, there was anincrease of $125,199,217
in the value of exports of merchandise, and an increase of $222,176,971
in the value of imports. Th^ annual average of the excess of such
XXXII
REPORT OF THE SECRETARY OF THE TREASURY.
imports! over exports for ten years previous to June 30, 1873, was
$104,706,922, but for the last five years there has been an excess
of exports over imports of merchandise amounting to $920,955,387—
an annual average of $184,191,077. The specie value of the exports
of domestic merchandise increased from $376,616,473 in 1870, to
$823,946,353 in 1880—an increase of $447,329,880, or 119 per cent.
The iinports of merchandise increased from $435,958,408 in 1870, to
$667,954,746 in 1880—an increaseof $231,996,338, or 53 per cent.
There was an increase in the value of the exports of wheat, wheat-flour,
a^nd corn, as compared Avith similar exports of the preceding year, of
$78,253,837, or 39 per cent.; an increase in the value of the exports of
cotton of $49,231,655, or 30.3 per cent.; an increase in the value of the
exports of provisions of $10,184,592, or 8.7 per cent.; and an increase in
the exports of live animals of $4,394,366, or 38.3 per cent. There has
also been a noticeable increase in the value of the exports of tallow, oilcake, vegetable-oils, seeds, clocks and watches, hops, wool, and a few
other commodities. During the last fiscal year breadstuffs constituted
35 per cent, ofthe value of our exx)orts.of domestic merchandise, cotton 27 per cent., and provisious 15 x:)er cent.
The imports of merchandise for the x^ast year exceeded such imports
during any previous year in the history of the country. The leading
articles, showing marked increase in quantity or value imported, are
coffee, hides and skins, raw silk, and tea, all of which are free of duty,
and copper, manufactures of cotton, silk, and wool, fruits, glass, iron
and steel, lead, leather, precious stones, leaf tobacco, wool, and zinc.
The imports of unmanufactured wool increased from 39,000,000 pounds
in 1879 to over 128,000,000 pounds in 1880. The value of the imports
of railroad-bars of iron and steel increased from $70,071 in 1879, to
$4,952,286 in 1880.
During each year from 1862 to 1879, inclusive, the exports of specie
exceeded the imports thereof. The largest excess of such exxiorts over
imports was reached during the year 1864,. when it amounted to
$92,280,919. But during the year ended June 30, 1880, the imports of
coin and bullion exceeded the exports thereof by $75^891,391. During
July, August, September, and October of the current fiscal year the
imports of specie were $47,940,805, and the exports were $4,721,828,
making an excess of imports over exports of $43,218,977.
The large and continued excess of the value of the exports of merchandise over the imports of merchandise appears to render it probable
that we shall see a continuation of, and, perhaps, a large increase in, the
flow of specie into this country.
REPORT OF THE SECRETARY OF THE TREASURY.
XXXIU
EXPORTATION AND IMPORTATION OF CATTLE.
In a letter of February 19,1880, from this Department to the Speaker
of the House of Representiatives, the attention of Congress was called
to the x>revalence of the disease known as pleuro-pneumonia, or lungplague, in neat-cattle, and some recommendations were made as to the
proper legislation on the subject.
I t may be assumed that this disease has never existed inthis country
west of the Alleghany mountains; and that it has not for a long time
existed in Canada, or in this country near the line of Canada. The
exportation of live horned cattle from the United States is very large,
and is rapidly increasing, the cattle going mostly to Great Britain. For
the eight months ended August 31, 1880, the value of such animals
exported was $12,462,837, which is nearly double the value of the exportation for the same period in 1879.
'
By an order of the Privy Council of Great Britain, all American
cattle must be slaughtered at the port of arrival within ten days. The
effect of this order is to j^i'^^vent the shipment of any but fat cattle;
and it entails great loss as to that class of animals, by compelling the
immediate slaughter of such as are injured, or become sick upon the
voyage, and tlierefore of little value for food. I t also x^icvents the
owners from driving the cattle from the port of importation to a better
market, or from keeping them until the market imx^roves. Further- '
more, there is a large demand in England for store or stock-cattle,
to be fed and fattened in that country for its own markets, a demand
which this country could supply to an unlimited extent. It is believed
that this trade, if unrestricted, might far exceed the trade in fat cattle.
The losses and embarrassments by reason of the order for immediate
slaughter are, commercially considered, very great. The British government, however, is ready to rescind it when it may be done without
danger of spreading pleurp-pneumonia in their country through importations from the United States.
The question of the rescission of the order has been the subject of official discussion between this Government and the Government of Great
Britain, as well as in Parliament. It is believed that whenever Congress makes provision for the extinction or prevention of the disease,
or for such security of the great routes of travel from the West to the
seaboard as will make it reasonably certain that the cattle shipped
from our ports, or any of them, will not carry infection with them, the
order of Council requiring immediate slaughter will be rescinded.
The recommendation that a commission be created, whose duty it
shall be to investigate rex3orts of the existence of the disease, and to
iii
XXXIV
REPORT OF THE SECRETARY OF THE TREASURY.
collect information respecting it, reporting the results to some Department for official x^ublication, is renewed. It is further recommended
that such commission be authorized to co-operate with State and municipal authorities, and corporations and persons engaged in the transportation of neat-cattle, and establish regulations for the safe conveyance
of such cattle frond the interior to the seaboard, and the shipment
of them, so that they may not be exposed to the disease; and that
such commission, also, may establish such quarantine stations and
regulations as may be deemed necessary to prevent the spread of the
disease by importations from abroad. It is believed that the legislation thus indicated, properly executed, will induce the Government of
Great Britain to rescind its order for immediate slaughter, and thus
promote a very large increase in the exportation of neat-cattle from
this country. Whether Congress should go further, and undertake
the extirpation of the disease in the States where it'now exists, is a
question of more difficulty, and it is deemed best to leave that part of
the subject for independent consideration.
COMMERCE AND NAVIG-ATION.
The records of the Register of the Treasury show that t^e total
tonnage of vessels of the United States, at the close of the fiscal year
ended June 30,1880, was 4,068,034 tons. Of this amount 1,352,810 tons
were comprised in 2,378 vessels registered for the foreign trade, and
2,715,224 tons in 22,334 vessels enrolled and licensed for the coasting
trade and fisheries. There has been a decrease of 138,723 tons in vessels employed in the foreign trade, and a decrease of 37,157 tons in
such as were engaged in the domestic trade.
The vessels built during the last fiscal year, with their tonnage, are
exhibited in the following table:
Number.
Sailing-vessels.
Steam-vessels . Canal-boats enrolled . . Barges
Total
-"
Tonnage.
460
348
17
77
59,057
78,854
1,887
17,612
902
157,410
The decrease in the tonnage built during the last fiscal year, as compared with that ofthe preceding year, was 35,620 tons.
TRADE IN AMERICAN AND FOREIGN BOTTOMS.
The total tonnage of vessels entered at the seaboard ports from
foreign countries was 13,768,137 tons during the year ended June 30
1879, and 15,240,534 tons during the last fiscal year, showing an increase
REPORT OF THE SECRETARY OF THE TREASURY.
XXXV
of 1,472,397 tons, or about 10^ per cent. The American tonnage entered
exhibited an increase of only 78,631 tons, or 2iJ per cent, while the
foreign showed an increase of 1,393,766 tons, or about 13 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 restricted to
the seaboard ports. Of the merchandise brought in at seaboard, lake,,
and river ports during the last fiscal year, an amount of the value of
$149,317,368, was imported in American vessels, and $503,494,913 in
foreign; of the exports of merchandise an amount of the value of
$109,028,860 was shipped in American and $720,770,521 in foreign
vessels. Of the combined imports and exports of merchandise 17 -pev
cent, only of the total value was conveyed in American vessels.
In 1856 over 75 per cent, of the total value of the imports and exports
was carried in American vessels, while last year but 17 per cent, was
carried in such vessels, though the total volume of commerce has risen
from a value of $724,000,000, to over $1,500,000,000.
The disproportion between the commodities carried in American and
those carried in foreign vessels still continues, and is even greater than
during the fiscal year 1879, the amount of merchandise transported
in our vessels during the fiscal year 1880, estimated on the basis of
value, being five per cent, less than that transported during the former
year.
The foreign carry ing-trade iii Aiherican bottoms is more than 50 per
cent, less than it has been, or than it might be, aud if it is desirable to
save to the country the annual freightage on merchandise of the value
of twelve hundred millions of dollars, the only course to reach that result would seem to be to increase our registered shipping. But while
the ordinary demand for increased tonnage causes no annual increase
in the building of vessels, the only method available, as a measure of
public policy, of eff'ecting such an increase, is either to allow American
citizens the privilege of purchasing vessels of foreign build, to give a,
bounty on home-built vessels, or to await the increase of American-built
vessels and their tardy substitution in the foreign trade for those of other
nationalities. Doubtless the number of vessels of home-build will be
adequate in time to take up the freightage lost to American bottoms
in consequence of the war of the rebellion. At present, however, the
demand for vessels to carry on our immense import and export trade
does not seem to so stimulate the ship-building industry as to prevent
an annual decrease in the number of ships built. The present facilities for freighting in foreign vessels appear to be a greater discouragement to that industry than would be the privilege of purchasing^
such vessels.
xxxvi
REPORT OF THE SECRETARY OF THE TREASURY.
PREVENTION OF COLLISIONS AT SEA.
In 1864, Congress established certain rules and regulations'for preventing collisions on the water whicli are still in force. The principal
maritime nations of the world have recently concurred in adopting a
new code of regulations for the same x^ui'pose. These regulations
went into operation on the first of Sex)tember last. In many points
they differ materially from those adopted in 1864 which govern
our own mercantile and naval marine. The result is, that our vessels
are subject, in certain contingencies, to one set of rules for navigation
in foreign waters and to different ones when sailing in our own. In
cases of collision accordingly, they are subject to liabilities, which
vary with the waters in which the3^ are employed, most foreign maritime courts conforming in their decrees to the new regulations, while
our own adhere to tee regulations of 1864.
I would recommend; that this uncertain status of our vessels be removed by the x^iomx^t acceptance by statute ofthe regulations already
adopted by other nations, leaving the correction or amendment of
the regulations to international arrangement if Congress should
consider such amendment imx:)eratively required.
. .INTERNAL COMMERCE.
The reports of tonnage moved on the xirincipal trunk-railroad lines
of the country, and the more recent data in regard to traffic on inland
water lines and coastwise upon the ocean, indicate that the internal
commerce of the United States has rapidly increased during the past
year. Railroads now constitute the principal avenues of our internal
trade. The traffic over the four east and west trunk lines greatly exceeds in value both the commerce of the Mississippi river and its
tributaries and the commerce on the Great Lakes.
Through the facilities afforded for continuous traffic by means of
combinations entered into between connecting railroads and between
railroads and ocean-steamer lines at the principal seaports of the
country, the interior cities are now able to carry on a direct trade not
only with all parts of the country, but are also able to engage in direct
foreign cpmmerce, both as to the exportation of American products to
other countries and to the importation of foreign merchandise into the
United States. Through these facilities all the principal cities of the
country have been brought into direct comx^etition with each other.
Tiie sphere of the commercial operations of each city has been greatly
extended, while competition has become sharper and profits have been
reduced to a narrower margin. The varied productions and industries
REPORT OF THE SECRETARY OF THE TREASURY. XXXVll
ofthe different States and sections of our country present highly favorable conditions for the development of internal trade. Already our
internal commerce many times exceeds in value our foreign commerce.
Itsrapidl;y-increasingimx:)ortance seems to justify a more liberal apxiropriation than has heretofore been made for the purpose of collecting
and presenting annually information in regard to it, especially such"
information as may be of service for the use of Congress.
CLAIMS.
I |The necessity of legislation for the adjudication of claims now within
the jurisdiction of this Department has been called to the attention of
Congress in several former reports. It is deemed unnecessary to
repeat in detail the reasons which exist for the enactment of the measures which have heretofore been recommended. It will be sufficient
to.call the attention of Congress, in a condensed statement, to the objects which it is x^^oposed to accomplish.
As suggested in a former rexiort, the great object of legislation on
the subject of claims is, to render their adjustment speedy and final
and tp discourage the allowance of old demands, or the re-examination
of those already settled. A geueral provision of law by which all
important disputed questions of law or fact may be referred to the
Court of Claims for trial, would greatly relieve the officers of this Department, and tend to promote the ends of justice. That tribunal
adopts the methods used by all courts of justice for ascertaining the
truth, which include the requirement of the best evidence of which the
nature of the case admits; the cross-examination of witnesses, instead
of ex parte statements', and public hearings, and a xiublic record of
proceedings. In such legislation express provision should be made
against the rehearing of claims which have been once adjudicated in
any court, or by Congress, or by the accounting officers of the Treasury, or that have been barred by any statute of limitations.
The former recommendation that some limitation of time within
which claims against the Government shall be prosecuted, or, for want
of such x>iosecution,be forever barred, is renewed. For the reasons
which have introduced statutes of limitation into the codes of all civilized nations, it is again recommended that it be yirovided by law that
no claim pending in any of the Executive Departments shall be allowed unless presented for payment within six years after such claim
has accrued, with the usual exception in the case of those prevented by
infancy or otherwise from x>rGsenting their claims within such time,
and that x^i'ovisions of a similar character in favor of those against
whom the Government holds claims may be enacted. TheDepartment
x x x v m REPORT OF THE SECRETARY OF THE TREASURY.
is well organized for the investigation of claims accruing in the ordinary course of current business, and decisions thereon by the accounting officers made final by existing laws should not be referred to the
Court of Claims or any other tribunal for examination.
TRIBUNAL FOR TRIAL OF REVENUE OASES.
About two-thirds of the customs business of the country is transacted at the port of New York. The multiplicity of suits growing out
ofthe vast amount of business constantly crowds the- dockets of the
courts, so that there is great delay in the decision of cases. The speedy
decision of customs cases is of great importance both to the Government
and to the imx3orters, and great embarrassment ensues in the administration of the customs laws from the usual delay of three or four years
before a final decision can be reached.
The Secretary rencAvs his recommendation that a special tribunal
be created by law for the trial of customs-revenue cases at the x^ort of
New York.
He also repeats his recommendation that the Secretary of the Treasury be authorized, in cases of variance between the appraised value,
or classification for duty, of similar merchandise at two or more ports
of the United States, to prescribe regulations under which the board
of general appraisers, or a majority of them, may decide upon the true
dutiable value or classification of such imports; and that authority be
given for the axipointment of three additional general axipraisers.
BUREAU OF ENGRAVINa AND PRINTING.
During the year the building for the Bureau of Engraving and
Printing, authorized by the act of June 20, 1878, has been comxileted,
and the bureau has been removed from the Treasury-Department
building, without occasioning any material delay in its business, and
successfully established in its new quarters.
The bureau now has superior facilities for executing the work pertaining to it; and, as it has been demonstrated that such work can beexecuted therein more safely and more economically, all things considered,
than elsewhere, the necessary steps have been taken to have all the
work of engraving and plate-printing, required by the Treasury Department, to be performed in the bureau.
PRINTING- INTERNAL-REVENUE STAMPS.
In making the appropriation for ''dies, paper, and stamps'' for the
present fiscal year. Congress required that the engraving and printing
of internal-revenue stamx>s should be done in the Bureau of Engraving
and Printing of the Treasury Department, provided the cost did not
R E P O R T OF T H E SECRETARY
OF T H E TREASURY.
XXXlX
exceed the x^iice paid under existing contracts. In accordance with
this requirement, an estimate was x^i'ocured from the bureau for the
x:)rintihg of certain internal-revenue stamps, then being done under
contract with the American Bank-Note Company of New York, and, as
the rates proposed in the estimate appeared to be lower than those
paid to the company, the contract with the comx'>any was annulled as
soon as practicable, and, in the month of October, the printing of
the stamx)S was transferred to the Bureau of Engraving and Printing, where it is now being done with advantage to the Government.
DISTINCTIVE P A P E R .
The new distinctive paper, the adoption and manufacture of which
was mentioned in the last annual report, has been used for printing
notes, certificates, checks, and other obligations since January last,
and has been found to answer the requirements of the Government in
all respects. It is believed that the special features of this xiaper will
afford increased protection against counterfeiting, while its superior
quality, and consequent longer life while in circulation, renders its
adoption a measure of economy as well as safety.
I t i s estimated that the saving on account of the reduction in its
price below that paid for the paper heretofore used will be not less
than $50,000 for the present fiscal year. If a large supply of paper
should be required for an issue of bonds during the year, the saving
will be correspondingly greater.
LIGHT-HOUSE ESTABLISHMENT.
The Light-house Establishment continues in its usual satisfactory
condition. During the fiscal year it has put into operation twentyfive new light-houses, eighty-two new river-lights, one new fog-signal,
eleven new automatic whistling-buoys, and fifteen new buoys of the
ordinary kind. It has discontinued eight lights, which were no longer
needed, and has changed the characteristics of twelve others, so that
they will be more useful than, heretofore to commerce and navigation.
The board has continued the work of changing the burners of the
smaller lights in the several light-house districts, so as to substitute
mineral oil for lard-oil as an illuminant, until mineral-oil is now used
in all its lights, with the excexition of about one hundred and twenty
five of the first, second, and third orders. The board has also, by
careful and long-continued experiment, been enabled to use mineraloil as an illuminant on light-ships and in screw-pile light-houses, as it
is believed, without danger to these isolated stations. In so doing it
has, in. each instance, increased the power of the light, while it has at
the same time decreased its cost.
xl
REPORT OF THE SECRETARY OF THE TREASURY.
The board has continued its experiments Avith the electric light as
far as was possible in the laboratory. It will be unable to determine
its practical value until it has a working-test in a light-house. It has
again submitted an estimate for this purpose, which is commended to
the attention of Congress.
The curious and interesting experiments of the board, to ascertain
the laws of sound when acting through fog and snow, have been continued, and seem to be tending to x^i"actical results of iraportance to
commerce.
COAST AND GEODETIC SURVEY.
In the coast and geodetic surA^ey, the work of its several branches has
' advanced steadily. For public uses essential in engineering and in
local deAT^elopraent generallj', information is gathered by a comx^rehensiA^e system, Avhich gives results of great exactness. RelatiA^e
positions along the coast and on the continent are ascertained by
final measurements. Permanent dangers to na\ngation are carefully
marked on the charts of the survey, as well as their relation to lighthouses, buoys, beacons, and sailing-lines. The publication of a third
volume of the Atlantic Coast Pilot, with sailing directions and descriptions of the local dangers, is in progress, and good advance has been
made in a comx)ilation of the same kind for the Pacific .coast. For the
principal ports of the eastern and western coasts ofthe LTnited States,
tide-tables are comx^uted one year in advance, and printed for the use
of navigators. All the publications of the survey are in great request.
The demand for its charts has greatly increased. Of uxiwards of
eighteen thousand xioints determined in latitude and longitude along
the coast, and in parts of the interior, the intervening distances and
bearings ofthe junction-lines are recorded in the office, Avith descrix^tionsof the ground-marks; and thus, what was indispensable for the
coast development aA^ails for State surveys. The requisitions for such
data increase in nuinber yearly. The annual reports of the survey
show that the Eugineer department, the Light-hoose Board, harbor
commissions, and State authorities have drawn largely from this source
for information necessary in connection with proposed improvementsCalls are frequent in regard tothe variation ofthe com pass for the past as
well as for the present time. For the present era the variation in all parts
o f t h e United States is shown by a map published within theyear.
Deep-sea soundings made within the year haA^e incidentally added
subjects of special interest for the studj^ of naturalists. Within the
year the survey has co-operated with the Mississipx3i River Commission.
R E P O R T OF THE SECRETARY OF T H E TREASURY.
xll
THE MARINE-HOSPITAL SERVICE.
The Supervising Surgeon-General of the Marine-Hospital Service reports that 24,860 seamen were afforded relief during the fiscal year
ended June 30,1880, and 290,501 days- relief in hospital were furnished;
13,697 patients were treated at the dispensaries; 795 persons were examined physically as a preliminary to shipping them; 2,870 pilots were
examined for color-blindness, of whom 64 were found to be color-blind;
and 25 seamen, hopelessly diseased, have been furnished transportation*
from hospitals to their own homes. The number of patients treated"
shows an increase of nearly 4,000 over the previous year, and the cost^er
capita has been reduced to $1618, the lowest rate yet reached. The ordinary expenses of the service have been $370,7-14 64, and the extraordinary expenses $31,440 85, making a total of $402,185 49, the details of
which willbe found in the reportof the Surgeon-General.
The first section of the act approved March 3, 1875, directed the Secretary to '^cause to be x^iepared a schedule of the average number of
seamen required in the safe and ordinary navigation of registered, enrolled, and licensed vessels ofthe United States, basing such schedule
upon the differences in rig, tonnage, and kind of traffic f and, after
its prexiaration, to assess and collect hosx:)ital-dues from the master or
OAvner of the A^essel ux^on the aA-erage number of seamen as set forth in
the schedule. The Department has made every effort to prepare such
a schedule as would meet the requirements of the laAv, but has found
it to be impossible. It is therefore recommended that the x^i'ovision
be repealed. The details of the subject will .be found in the report of
the Surgeon-General.
The recommendations made in the last annual report relative to
statutory provisions for appointments and promotions in the medical
corps of this service, and for the compulsory physical exaniination of
seamen, are respectfully renewed.
Provision should be made for the return to the marine-hospital fund
of the proceeds of sale of all x')ioperty originally purchased for or produced from it, such proceeds being UOAV covered into the Treasury. There
is now in the Department, as a special deposit, $1,309 14, unclaimed
money of deceased seamen, and there are in the several custom-houses
and marine-hospitals unclaimed effects, such as watches, jewelry, and.
clothing, of considerable value. It is recommended that the sale of
such effects be authorized, and. that the x^i'oceeds thereof, and the unclaimed money referred to, be permitted to be carried to the credit of
the marine-hospital fund.
The Secretary recommends that a National Snug Harbor or Sailors^
xlii "
REPORT OF THE SECRETARY OF THE TREASURY.
Home be established by law for the reception of destitute American
seamen incurably diseased or permanently disabled in the line of duty,
and xilaced under the direction of the Marine-Hospital Service. After
provision is made for a site and buildings, it is believed that the ordinary expenses could be met from the marine-hos pital fund. The x:)hysical
examination of seamen, before allowing them to be shipped, Avould,
by keeping disabled men out of the merchant service, rid the hos•pitals of hundreds, and thus leaA^e a surplus for this x^iHl^ose. The
number of American seamen in our vessels is diminishing from year to
year, and their places are filled by foreigners. A provision for the
suxiport of seamen in disease and old age, it is believed, will greatly
increase the enlistment of native citizens in the merchant marine.
As a measure in the interest of American commerce, it is also recommended thatthe ^^ advance wages,'' authorized by section 4532 ofthe
Revised Statutes, be abolished; and the form of " articles of agreement,"
in section 4612, be amended accordingly.
It is recommended that section 4569, Revised Statutes, which requires a medicine-chest to be kept on merchant vessels, be amended
by providing that each v^essel, before clearance, shall present, to the
collector of customs, a certificate of an officer of the Marine-Hospital
Service that the medicine-chest is properly supplied.
I t is also recommended that an approx3iiation be made, to be expended
under the direction of this service, for the relief of seamen shipwrecked
in places beyond the reach of the Life-SaAang Service.
LIFE-SAVING SERVICE.
The pastyear appears to have been remarkable in the operations ofthe
Life-Saving SerAdce. The season was marked by numerous storms of
great severity, resulting in disaster to a larger number of vessels
upon our shores than in any prcAdous year since the organization
of the service, and severely testing the ability and fidelity of its
crcAvs, and the methods employed for the saving of life. The gales
upon the lakes were especially violent, the consequent casualties to
shix3x:)ing within the reach of this serAdce being one hundred and thirtysix, but of the nine hundred and seven lives endangered in these dis.asters only a single one was lost.
On the Atlantic coast, also, the storms were very destructive to shipping. The number of liA^es imx^erilled in disasters within reach of the
service was one thousand and forty-nine, of which only eight were lost.
The whole number of disasters to Aressels during the year, rexiorted
by the district officers, is three hundred. The number of persons on
board these Aressels was nineteen hundred and eighty-nine, of whom
REPORT OF THE SECRETARY OF THE TREASURY.
xliii
nineteen hundred and eighty were saved, and nine lost. Succor was
given at the stations to four hundred and fifty persons, The number of
days' relief afforded was tAveh^e hundred. The estimated value of
property involved was $3,811,708, of Avhich $2,619,807 was saved, and
$1,191,901 was lost. The number of vessels totally lost was sixtyseven.
It may be proper to call special attention to the loss of six men of
the crew at the Point aux Barques station, a crew distinguished for'
many brilliant rescues, the members of which, after having this year
saved nearly a hundred lives, all perished, except one, in a gallant
effbrt to reach a distressed vesseL
Six neAV stations have been completed and put in operation during
the year ux^on the Gulf coast, involving the organization of a new
life-saving district, designated the eighth. For the remaining stations
authorized by Congress to be erected, plans and specifications are
ready, and they will be constructed as soon as practicable.
The advance of wages in some localities renders it difficult to. retain
in the serAdce the trained men, Avho now render it so efficient, and who
cannot easily be rexilaced. It is recommended, therefore, that the General Superintendent be allowed to fix the compensation of the surfmen,
emplo3"ed at the several stations within defined limits.
Attention is iuAdted to the recommendations ofthe Superintendent,
in his annual rexiort, in relation to increasing the number of stations,
to suxT[jlying draught-horses for stations where they cannot be readily
obtained in emergencies, for the employment of an additional man in
each crew, and for additional apparatus at the stations. A bill, in which
X^roAdsion is made for most of these objects^ is now pending, and deserves the attention of Congress.
I t is Avorthy of remark that the successes of the service haA^e, during
the past year, excited attention abroad, and that the Department has
been solicited for aid in introducing the American system into foreign
countries. •
NATIONAL BOARD OF HEALTH.
The National Board of Health has submitted to the Secretary of the
Treasury its annualreport of operations, for transmission to Congress,
according to the requirement ofthe act of June 8, 1879.
I t ax3pears that the exxienditures of the board for the year ended
September 30, 1880, amounted to $266,762 16. While the act provides
that the appropriation made by said act shall be disbursed under the
direction of the Secretary of the Treasury, on estimates made by the
National Board of Health, to be approved by him, no further duty devolves upon the Secretary as to such disbursements than to decide
xliv
REPORT OF THE SECRETARY OF THE TREASURY.
whether the requisitions made by the board are for x^ni'poses withiii
the proAdsions of law making the appropriation. A large proportion
of the amount expended appears to have been used by the board under
section third of said act, in co-operating Avith and aiding State and municipal boards of health iu the execution and enforcement of the rules
and regulations of such boards to x^i^vent the introduction of contagious or infectious diseases into the United States from foreign countries or into one State from another.
The scA^eral amounts for these and other xmrposes, and for the general expenditures of the board, having been drawn by the board upon
requivSitions specifying in general the legal and xnoper purposes for
which the funds were to be used, neither the Secretary nor the accounting officers of the Treasury have deemed it their duty to exercise any
supervision over the details of the various expenditures of the amounts
thus drawn from the Treasury. The Secretar}^ has no reason to believe,
however, that the funds have not been x>i*operly expended.
PUBLIC BUILDINGS.
The Sux3ervising Architect reports the progress of Avork oh the public
buildings as generally satisfactory, but, in several instances, suspension of work has been, caused by insufficient appropriations.
It appears that tAventy-one buildings are now in process of construction, of which nine are approaching completion. The estimated amount
of the appropriations available for their completion is $217,000. The
buildings in the cities of Albany, N. Y., Boston, Cincinnati, New York,
(barge office,) Philadelphia, St. Louis, and Tox)eka, are so advanced
that it is estiraated that a further axipropriation of $3,700,000 will
complete them. Comparatively little progress has been made oh the
remaining buildings.
I t is respectfully recommended that Congress, having fixed upon such
an amount as it may deem best to expend on public buildings, shall,
out of that sum, appropriate suificient to comxilete the i|ine buildings
above referred to, and make liberal apx)ropriations for the work on
the buildings in the cities named. It is also recommended that, in
authorizing the erection of new buildings, consideration be given only
to those for localities where the rental paid for accommodations for
GoA'ernment offices, represents a fair percentage on the cost of the
construction of suitable buildings. It Avould seem to be better, and
it is certainly more economical, to appropriate freely for buildings in
process of construction, than to commence too great a number for the
amount approx)riated.
The accompanying rexiort of the Supervising Architect will furnish
REPORT OF THE SECRETARY OF THE TREASURY.
full details of the progress made in the buildings
erection.
UOAV in
xlv
process of
REVENUE MARINE.
The Revenue Marine has performed efficient service during the past
year. Its vessels haA^e cruised an aggregate of 265,763 miles, and its
officers have boarded and examined 36,318 vessels, of which 23,243
were American, and 13,075 foreign. Of the nuniber examined, 3,556
were found to have violated the law in some particular, and Avere seized
or reported to the proper authorities.
The expenses of the serAdce for the year were $845,333 74.
Under the provisions of section 1536 ofthe Revised Statutes, vessels
of the Revenue.Marine, in addition to their regular duties, are yearly
charged with cruising during the inclement season, for the relief of
distressed mariners. I n . t h e performance of this duty one hundred
and fourteen distressed merchant-vessels, representing Avith their cargoes avalue of $2,011,509, and haAing on board nine hundred and
thirty-five xiersons, have been assisted duiing the past year, and sixtyfive xiersons have been rescued from drowning.
Besides the regular duties which officers of the Revenue Marine have
performed under the law, in connection with the Life-SaAdng SerAdce, its
vessels have rendered frequent assistance in transporting persons and
suxiplies for that service. They have also rendered special serAdces to
the Light-house Establishment and to the United States Commissioner
of Fish and Fisheries.
It is recommended that an appropriation be made for the construction
of two revenue-vessels to be stationed on the southern coast, and for
the rebuilding of the revenue-steamer ^'Fessenden," now laid up as
unseaworthy at Detroit. For these purposes the sum of $225,000 has
been included in the estimates.
Under the provisions of the acts of May 31 and June 16, last, the
revenue-steamer f'Corwin" was dispatched from San Francisco to
cruise within the Arctic ocean and on the northern coasts of Alaska,
to assist in the enforcement of the laAvs governing that Territory, and
to relieve the officers and crews o f t h e whaling-barks ^^ Mount Wollaston" and ^'Vigilant," which are suxiposed to have been shixiAvrecked
in that region. The cruise ot the ^'Corwin" has resulted in the seizure
of two A'essels engaged in illicit traffic, the discovery and location ol
important coal deposits on the coast of Alaska within the Arctic
ocean, the collection of valuable ethnological statistics, and the niaking
of useful hydrographic surveys and soundings, but no trace was found
of the missing whalers.
xlvi
REPORT OF T H E SECRETARY OF T H E
TREASURY.
STEAMBOAT INSPECTION.
During the past year 4,536 steam-vessels have been inspected, of an
aggregate tonnage of 1,121,808 tons, and licenses have been issued
to 16,661 officers—an increase over last year of 248 vessels, of 29,454
tons, and of 1,449 officers.
The total receixits, from the inspection of vessels and licensing of
officers, Avere $282,468 96, and the total disbursements for salaries, and
travelling" and other expanses, were $212,849 88, leaving a surplus of
receipts OA^er expenditures of $69,619 08.
There Avere carried during the ^^.ar some 220,000,000 passengers, of
which number 103 lost their lives by various casualties.
The Board of Supervising Inspectors, at its meeting in January lasty
adopted a rule relatiA^e to the examination of pilots for color-blindness,
which requires that, before granting or rencAving a license to any person to act as a pilot, inspectors shall satisfy themselves that the applicant can properly distinguish the colored lights used as signals on
steam-vessels. To carry this rule into effect, it was deemed adAdsable
that such examinations should be made bythe surgeons ofthe MarineHospital Service, and free of charge.
Considerable opposition to this rule was at first manifested, but as.
every pilot who successfully xiassed the required examination became
its advocate, its opponents now consist of a xiortion only of the rejected
axiplicants, some, even of these, admitting its propriety, and their own
defective Adsion in regard to colors.
It is believed that the rule referred to will haA^^e a tendency to
decrease night-collisions between steamers and other vessels.
The Supervising Inspector-General, in his annual report, suggests
several amendments to the steamboat laws, deemed by him necessary
to further increase their efficiency, which are commended to the consideration of Congress.
ALASKA.
In the last report of this. Department attention Avas called to the
necessity of establishing some form of government for Alaska. A
form of bill to accomplish this end was subsequently xirepared in this
Department and transmitted to the House of- Representatives for consideration, but thus far no final action on the subject has been taken.
The adoption of some simxile form of government to protect persons
and property, to proAide for the record of wills and transfers of property, and possibly to extend the land laws of the United States over
the main-land, would encourage immigration and tend to develop the
resources of the Territory. A peaceful condition of affairs has, however, prevailed in Alaska during the past year, owing largely to the.
REPORT OF THE SECRETARY OF THE TREASURY.
xlvil
presence of a naval A^essel at Sitka, and the cruise, already referred to,
o f t h e revenue-cutter ^^ Corwin" to its northern and western waters.
The inhabitants, except those of the Seal Islands, depend to a large
extent for a livelihood upon the traffic in furs obtained from the seaotter and other valuable fur-bearing animals; and the oft-repeated
visits of white men to the haunts of these animals, using fire-arms in
hunting them, must soon result in their extermination and the reduction
of the natives to extreme poverty. The commander of the ^^ Corwin,"
who visited St. Lawrence Island, reports the death by starvation of
over four hundred of the natives, from neglect to make proper xn'Ovision for the winter, owing to their use of rum, furnished them by the
illicit traders.
To protect the sea-otter hunting-grounds and suppress illicit traffic
in fire-arms and whiskey, as well as to guard the extensive coast-line
against smuggling, there should be provided a steam-vessel especially
adapted to cruising in Alaskan waters. The recommendation heretofore made for legislative action to that end is accordingly renewed.
The captain ofthe revenue-cutter reports the presence of an increased
number of seals at the Seal Islands the xiast season.
The Alaska Commercial Company have taken during the xiast year
the maximum number of seals allowed by law under their lease.
DISTRICT OF COLUMBIA.
The net expenditures on account of the District of Columbia for the
fiscal year 1880, were $3,272,384 63. The revenues deposited in^the
Treasury for the same period were $1,809,469 70.
From December 1, 1879, to June 30, 1880, the bonded indebtedness
has been reduced, by operation of the sinking-fund, $200,423 33; and
the annual interest-charge upon the District debt has been reduced
$8,827 66. Since the offices of the commissioners of the sinking-fund
of the District of Columbia were abolished, and their duties and powers
transferred to the Treasurer of the United States by the act of Congress of June 11, 1878, the xirincipal of the funded debt has been reduced $618,750, and the annual interest-charge has been reduced
$38,981 77.
Under existing law the sinking-fund of the three-sixty-five loan of
the District must be invested in bonds of that loan, Avhich do not mature until August 1,* 1924; while District bonds bearing higher rates
of interest, in which investments can more profitably be made, mature
at earlier dates, from time to time. I t is reco/nmended, therefore, that
authority of law be given for the investment of that sinking-fund in
any bonds of the District of Columbia.
xlviii
REPORT OF THE SECRETARY OF THE TREASURY.
PUBLIC SERVICE.
h i closing his annual report the Secretary takes pleasure in bearing
testimony to the general fidelity and ability of the officers and
employes of this Department. As a rule they have by experience and
attention to duty become almost indispensable to the xmblic service.
The larger portion of them haA^ebeen in the Department more than ten
years, and scA^eral have risen by their efficiency from the lowest-grade
clerks to high positions. In some cases their duties are technical and
difficult, requiring the utmost accuracy; in others, they must be trusted
with great sums, where the slightest ground for susxiicion Avould involve
their ruin; in others,they must act judicially upon legal questions
affecting large xirivate and xiublic interests, as to Avhich their decisions
are xiractically final. It is a just subject of congratulation that, during
the last year, there has been among these officers no instance of fraud,
defalcation, or gross neglect of duty. The Department is a wellorganized and well conducted business office, depending mainly for
its success upon the integrity and fidelity of the heads of bureaus and
chiefs of divisions. ' The Secretary has therefore deemed it both wise
and just to retain and reward the services of tried and faithful officers
and clerks.
Duiing the last twenty years the business of this Department has
been greatly increased, and its efficiency and stability greatly improved.
This improvement is du(j to the continuance during that period of
the. same general policy, and the consequent absence of sweexiiug
changes in the public serAdce; to the fostering of merit by the retention and xiromotion of trained and capable men; and to the growth of
the wholesome coiiAdction in all quarters that training, no less than
intelligence, is indispensable to good service. Great harm would come
to the public interests should the fruits of this experience be lost, by
whatcA^er means the loss occurred. To protect not only the public
service, but the people from such a disaster, the Secretary renews the
recommendation made in a former report, that provision be made for a
tenure of office for a fixed period, for remoA^al only for cause, and for some
increase of x^ay for long and faithful service.
The scA^^eral reports of the heads of offices and bureaus are herewith
respectfully transmitted.
• JOHN SHERMAN,
Secretary.
To Hon.
S. J. RANDAI;^L,
Spealcer of the House of Bepresentatives.
TABLES ACCOMPMimG THE EEPORT.
IF.
REPORT OF THE SECRETARY OF THE TREASURY.
3
T A I 2 I . E JL.—STATEMENT of the NET BECEIPTS (fiy warrants) during the fiscal
year ended June 30, 1880.
CUSTOMS.
Quarter ended September 30,1879
Quarterended December 31,1879
Quarter ended March 31,1880
Quarter ended June 30,1880
$44,083,497
40,816,906
53,537,903
48,083,756
.:. . •-—
93
82
72
13
117,383
185,573
347,403
360,146
61
28
61
10
$186,522i 064 60
SALES OF PUBLIC LANDS.
Quarter
Quarter
Quaiter
Quarter
ended
ended
ended
ended
September 30,1879
December 31,1879
March 31,1880>
June 30,1880
' •
1,016, 506 60
INTERNAL EEVENUE.
Quai-ter ended
Quarter ended
Quarter ended
Quarterended
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
September 30,1879
December 31,1879
March 31,1880
June 30,1880......
29,409,691 81:
31,286,963 98
28,561,040 74
34,751,677 39
•
^
^ 124,009,373 92;
T A X ON CIRCULATION, DEPOSITS, ETC., OF NATIONAL BANKS.
ended September 30,1879
3,360,569 60
ended December 31.1879°.
7,181 42
ended March 31,1880
3^634,130 7.6
ended June 30; 1880
13,089 72
—
-^
7,014,97144,
REPAYMENT OF INTEREST BY PACXFIC RAILROAD COMPANIES:
ended September 30; 1879
252,427 46
ended December 31,1879
671,993 34
ended March 31,1880
i
151,361 49
ended Juno 30,1880
,...._.,.
1.
631, 584 89
CUSTOMS FEES,. FINES, PENALTIES,. AND FORFEITURES.
Quarter ended September .30,1879
321,370 06
Quarter ended Deceniber 31,1879
389,645 39
Quarter ended March 31,1880
306,974 05
Quarterended June, 30,1880
.,
413,279 62
_._^—.
_ _
1,707; 367 I9j
1, 431,269 13
FEES, CONSULAR, LETTERS PATENT, AND LAND,
Quarter ended September 30,1879
506,864.29^
Quarter ended December 31,1879
586,090 84 '
Quarter ended March 3i, 1880
539,962 99
Quarter ended June 30,1880
704,110 88
—
2,337-, 029 Op;
PROCEEDS QF SALES OF GOVERNMENT PROPERTY.,
Quarter ended September 30,1879
'..
.....
55,965 33.
Quarter ended December 3i, 1879.
.'
..
......
60,'806 23
Quarter ended March31,1880
135,573 48
Quarter ended June 30,1880
30,27i 46
. . . • ' ' ;
282,616. 50r
PROFITS ON COINAGE.
>
Quarterended September.30,1879
469,486. 09
Quarter ended Decemb.er 31,1879
..;....
.-...
554,586 58
Quarter ended March.31,1880
914,733,74
Quarter ended June 30,1880
.
...
'
853,380 37
^.—:
~
2,792,186,75;
REVENUES OE DISTRICT OF COLUMBIA.
Quarter ended September 30,1879...............,...........
238,86^ 06.
Quarter ended December 31,1879
969,909 01
Quarter ended March 31,1880
168,392 25
Quarter ended June 30,1880.......
432,304 38.
^^. -.. .: . . - i
1,8Q9i469 %0j
HISCELLANEOUS.
Quarter ended September 30,1879;
1,027, 543 37
Quarter ended December 31,1879
812,281 07
Quarter ended March31,1880
729,094 75
Quarter euded June 30,1880
,
2,034,836 95
—^
^
4, 60.3,756 14
Total ordinary receipts
Cash in Treasury June 30,1879
Total
,
,
.,
.,
333,526,010/98
358,, 730, 943 74
692,257^ 554 72:
4
REPORT OF THE SECRETARY OF THE TREASURY.
T A l S I i E M.—STATEMENT of the N E T DISBURSEMENTS {by warrants) during
the fiscal year ended June 30, 1880.
CIVIL.
Congress
Executive
Judiciary
'
Governmentof Territories
Subtreasuries
Public land oflices
Inspection of steam-vessels
Mint and assay-offices
:
$4,993,470
6,374,913
. 2,888,430
109,360
338,660
541,203
213, 569
174,348
'
Total civil
32
52
97
07
94
45
47
81
....'
$15,693,903 55
EOREIGN INTERCOURSE.
Diplomatic salaries
Consular salaries
Contingencies of consulates
Relief and protection of American seamen
Rescuing American searaen from shipwreck
American and Spanish Claims Commission
Contingent expenses of foreign missions
y
Tribunal of Arbitration at Geneva
Prisons for American convicts
1
International Exhibition at Paris —
luternational Bureau of AVeights and Measures
Berlin Fishery Exhibition
International Exhibition at Sidney and Melbourne, Australia
International remonetization of silver
Shipping and dischar.ging seamen
Contingent and miscellaneous..f
•...
325,155 01
4G5, 041 95
104, 051 33
50,133 15
1, 922 02
7, 068 ].3
91,-734 05
3, 952 21
18,169 84
5, 000 00
1, 900 00
18,366 50
15,786 40
9, 080 00
5, 295 68
28,234 31
Total foreign intercourse
1,211,490 58
MISCELLANEOUS.
Mint establishment
CoastSurvey
Light-House Establishment..--.
Building and repairs of light-houses
Refunding excess of deposits for unascertained duties
Revenue-cutter service
Life-saving service
"•
Custom-houses, court-houses, post-offices, &c
Furniture, Itiel, &c., for public buildings under Treasury Department.
Repairs and preservation of buildings under Treasury liepartment
Collecting customs revenue
Debenture and drawbaclis under customs laws
Marine-Hospital Establishment
Compensatiou iu lieu of moieties
Assessing and collecting inteinal reveuue
Punishing violations of internal revenue laws
^
Internal-revenue stamps, papers, and dies
.'
' Refunding duties erroneously or illegally collected
Internal-revenue allowances and drawbacks
,.
Redemption of internal-revenue stamps
'.
Deficiencies of revenue of Post-Office Department
Return of proceeds of captured and abandoned property
Expenses of national loan, salaries
Expenses refunding national debt
Expenses national currency.
Suppressing counterfeiting and fraud
Contingent expenses, Independent Treasury.:
Survey of public lauds
,
Repayment for lands erroneously sold
Fiveper cent, funds, (fee, to States
Payments under relief acts
....:..
Southem Claims Commission
Reissuing of national currency
Postage
:
Purchase and management of Louisville and Portland Canal
Vaults, safes, and locks for public buildings
Indemnity for swamp lands
Propagation, &c., of food-fishes
Collecting statistics relating to commerce
Geoljo.gical survey of Territories
Deposits by individuals for surveys of public lands
Defending suits and claims for seizure of contraband and abandoned ,
property.
Sinking-fund of Pacificrailroads
Education of the blind..:
Transportation of United States securities
.National Board of Health
Expenses of eighth, ninth, and tenth census
Improvement of Yellowstone National Park
Miacellaneous
Payment of judgments, Court of Claiins
1,105,41113
559,469 58
1,868,039 74
558,330 87
2, 632,164 44
845,333 74
518,407 43
2,451, 994 37
470, 881 52
191,156 07
6, 023,253 53
1,831,197 67
402,685 76
32,186 30
" 3,657,105 10
95, 588 69
440,312 01
44,382 05
57,012 27
24,972 71
3, 071, 000 00
75,454 50
199,201 38
518, 922 48
100, 398 63
58, 893 05
42, 840 75
567,970 20
18, 651 25
8,529 74
64,216 35
25,146 71
158, 939 05
163,437 48
71,910 00
57, 694 44
4, 552 60
136,288 83
8, 799 57
99,992 63
275,089 26
23,441 36
480,011 12
5,775 00.
49, 208 86
204,182 05
270,29(> 86
10,000 00
98,034 44
137,062 24
REPORT OF THE SECRETARY OP THE TREASURY,
WAMI.W1 Mo—STATEMENT of the NET DISBUESEMENTS (by ivarrdfits), ^u—
Contimied.
Purchase of'stereotype plates
1
y-.
MaU transijortation, Facific Railroads ..
1
--.--.Department of Agriculture
...:.....
Patent Office
...,.-L.
Expenses of Bureau of Engraving and Printing . . . . . . .
:.....
Removal of Bureau of Engraving and Printing.
^...Smithsonian Institution
Completion of Washington Monument
Public buildings and grounds in Washington
Annual repairs of the Capitol...
Improving and lighting Capitol grounds
..
-.
^
State, War, and Navy Departments building
Columbian Institute' for Deaf and Dumb
Government Hospital for the Insane.
.'
Preedmen's Hospital.-.-......,
Support and treatment of transient paupers
Redemption of District of Columbia securities.
—
Refunding taxes Disti'ict of C o l u m b i a . . . . . . . . . .
;.....
Water fiiiid, Districtof Columbia-......'
Expenses of Districtof Columbia-.....:".-„
:.
Washington Aqueduct.
...i....
Charitable institutiens.....
Total miscellaneous..
Indiana
Pensions...
'..
^.
INTERIOR DEPARTAIENT.
:.
-----,
--;-•
8,600 00
938,357 28
128,100 00
92,296 16
321,062 81
46,976 80
100,560 00
: 124, 010 93
701,816 46
81,000,00
114,517 31
544,150 00
50, 000 00
. 204,803 91
41,736 00
15-000 00
20,126 32
5,753 31
180,988 90
3,122,880 85
20,00"0,0()
.129,504 28
,
-.
^
'
:
/
$37,808,075 63
5,945,45709
56,777,174 44
" Total Interior Department..
62,722,631 53
MILITARY ESTABLISHMENT.
Pay Department
. .11,664,91069Coiniiiissary Department
2,273,288 02
'
Quartermaster's Department
10, 518, 600 86
Medical Department....
300,986'96
Ordnance Department
1,534,23169
Military Academy
.....
107,442 62
Improving rivers and harbors
...t
i.
.....:...
8,012, 758 26
Survev of Territories west of the one hundredth meridian
14,000 00
Contingencies
.i.
.........
-38,592 43
Expenses of recruiting
....1...
....'.......
66,45533
Signal Service ...-..."".
...
..........
385,422 1 0 .
Expenses of military convicts . . . . . . . . . . .--.
11,85405
Publishing the official records of the rebellion .. i....:
40,490 00 ..
Support of National Home for Disabled Volunteers
. , 880,000 00
Supportof Soldiers'Home.-...
,.
117,92033
Horses and other property lost in service
117,742 22
.Payments under relief acts
-.
,
, 25,317 18 : ' .
•
Construction of military posts and roads
J
.i.i...
136,494 08
Fortifications . . . . . . . . . . . .
. . . . 1 . 204,66058
v
MisceUaneous . • . . . . . . - - - . . . . . . , . . . : . . . . . . . . . . . . . . . . .
" 109,22536
•
National cemeteries
i.196,470 16
Pifty j)er cent, arrears of Army transportation duo certain'railroads...
285,554 09
Constructionof military b r i d g e s . . . . . . . - . . . . . . . . . . - . . :
.............
65,000 00.
Construction of military telegraphs
.............
104,310 58
Bountytosoldiers, act J'uly 28, 1866..
•.
123,469 57
Transportation, Army and supplies, Pacific Railroads . . . . . . . . . . . . . . . . .
690,719-06
Survey of northern and northwestern lakes
85,00000
- Total military establishment:
'.
^............. -
N A T A L ESTABLISHMENT.
Pay and contingencies of the N a v y . . .
5,916,908 20
MarineCorps.
1.
732,09932
Navigation....
..........
.
.V 245,342 27
Ordnance
:
331,309 04
Equipment and Recruitiug
...:.......'....
1,068,484 23
Yards and Docks
885,11867
Medicine and Surgery . - . . . . . . - .
156,696 84
Provisions and Clothing
' 1,171,037 69
Construction and Repair1,592,626 82
Steam-Engineering
...'
696,430 07
Naval A c a d e m y - - - . : .
L
183,45959
Miscellaneous
557,472 00
Total Naval Establishment.....
Interest on t \ e public debt
Total n6t ordinary expenditures
Premium on redemption of loans
Redemptionof the ryubhc debt
.......:
....
-..--
88,110, f 16 22
,
•
13,536,984
95,757,575
264,847,637
. 2,795,320
220,776,177
74
11
'S
42
41
Total expenditures
.488,419,135 19
Cash ia Treasury June 30,1880
1
*203,838.419 53
Total
692,25?,554 72,,
* Includes $47,097.65 unavailable, transferred to Register's books; see Finance Report, 1879, page 363
6
REPORT OF T H E SECRETARY OF T H E
TREASURY.
T A i S I ^ E -€o—STATEMENT of the ISSUE and E E D E M P T I O N of LOANS and
TEEASUEY NOTES {by tv arrants) foi' thefisoal year ended June 30, 1880.
Issues.
Boimtyland scrip, act of February
11,1847
Loan of 1858, act of June 14,1858
Loan of February, 1861, act of February 8,1861
Loan of July and August, 1861, acts
of July 17 and August 5,1861
Oregon war debt, actof March 2,1861.
Old demand notes, acts of July 17 and
August 5,1861, and July 12,1862....
Five-twenties of 1862, act of February
25,1862
Legal-tender notes, acts of Eebruary
' 25 and July 11,1862, January 7 and
March 3, 1863
Temporary loan, actsof Pebruary 25,
March 17, and July 11, 1862, and
-June 30,1864
Fractional currency, acts of July 17,
1862, March 3,1863, aud June 30,1864
Loan of 1863, act of March 3,1863, and
June 30,1864
One year notes of 1863, act of March
3,1863...
Two year notes of 1863, act of March
3,1863
Coin certificates, act of March 3,1863.
Compound interest notes, acts of
March 3,1863, and June 30,1864 . . . .
Ten-forties of 1804, act of March 3,1864
Seven-thirtiesof 1864 and 1865, acts of
June 30,1804, and March 3,1865 . - -.
Five-twenties of June, 1864, act of
June 30,1864
Five-twenties of 1865, act of March
3,1865
Consols 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 Eebruary
28,1878
Refunding certiflcates, act of February 26,1879
Funded loan of 1881, acts of July
14,1870, July 20,1871, and January
14,1875
Funded loan of 1907, acts of July 14,
1870, July 20,1871, and January 14,
1875
Total Excessof issues
Excess of redemptions
Net excess of redemjitions charged in
receipts and expenditures
Redemptions.
Excess of
issues.
$25 00
40, 000 00
$81,302,563 00
Excess bt
redemptions.
$25 00
40, 000 00
2,837,000 00
•2, 837, GOO 00
32, 064,250 00
202, 550 00
32, 064,250 GO
.202, 550 00
495 00
495 00
9,100 00
9,100 00
81,302,563 00
100 00
100 00
251, 717 41
251, 717 41
12, 797, 150 GO
12,797,150-GO
2, 150 00
2,150 00
1, 550 00
7,409, 100 00
16, 500 00
135, 769, 750 00
1,550 00
7,409,100 OO
16, 500 00
135,709, 750 00
2, 650 00
-2, 650 00
3, 550 00
3,550 GO
31, 100 00
988, 500 00
. 38,894, 250 00
19,351, 250 00
31, ioo 00
988,500 00
38, 894, 250 .00
19,351,250 00
47,355,000 00
63,260, 000 00
10, 091,000 00
183, 680 00
614, 040 00
12, 095, 850 00
11,481, 210 00
23, 575, 450 00
23,575,450 00
15, 905, 000 00
$9, 907,320 00
72,450, 900 00
1, 500, 000 00
70, 950, 900 00
211,814,103 00
432, 590,280 41
80,858,220 00
301, 634, 397 41
301, 634, 397 41
80,858,220 00
220^776,177 41
REPORT OF THE SECRETARY OF THE TREASURY.
7
TTABJLl] Ii.—STATEMENT of the NET BECEIPTS and DISBUESEMENTS (hy
warrants) for tlie quarter ended Septcfttber 30, 1880.
RECEIPTS.
Customs
Sales of public lands
Internalrevenue
•.
Tax on circulation, deposits, <fec., of national banks
Repayment of in terest by Pacific RaUroad C ompanies
0ustoms fees, fines, penalties, and forfeitures
Consular, letters patent, homestead, <fec., fees
Proceeds of sales govemment property
Profits on coinage.Miscellaneous
- . . . . $56,395,143 44
434,590 66
._. 32,496,422 38
T.
3,933,346 37
211,402 76
351,870 95
-542,064 23
56,311 23
98o,882 46
2,482,205 44
Total net ordinary receipts
Balance in Treasury June 30, 1880
97.889.239 92
203,838,419 53
Total
301,727,659 45
DISBURSEMENTS.
Customs...
•Internalrevenue
Diplomatic'Service...
Judiciary..
Interior "(civil).,.
Treasury prop'^r
Quarterly salaries
-.
',
Total- civU and miscellaneous
Indians
Pensions.
Military establishment
Naval estabUshment
Interest on pubUc debt
16,968,950 58
2,800,661 99
13,604,079 14 .
12,640,602 13
5,085,571 98
25,224,830 58
76, 324, 696 40
693,835 38
23,782,864 00
200,926,263 67
Premium on bonds purchased
Redemption of the pubUc debt.Balance in Treasury September 30,1880
Total.
$5,057,406 26
1,024,028 58
240,239 53
-1,258,703 22 '
2,-212,277 37
7,043,421 4'8
132,874 14
.— .
.-.
o..
301, 727, 659 4r>
B
REPORT OF THE SECRETARY OF THE TREASURY.
TABI.13 m.—STATEMENT of OUTSTANDING PBINCIPAL of the PUBLIC
DEBT of the UN ITED. STATES on.the 1st of January ofeach year from 1791 to 1843,
inclusive, and on the 1st of July of each year from 1844 to 1880, inclnsive.
Tear.
Jan. 1,1791..
1792 ..
1793 ..
1794 ..
1795 ..
1796 ..
1797 -.
179^?...
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 ..
July 1,1843..
1844 ..
1845 ..
1846 ..
1847 ..
1848 ..
1849 ..
1850 ..
1851 ..
1852 ..
1853 ..
1854 ..
1855 ..
1850 ..
1857 ..
1858 ..
1859 ..
1860 ..
1861 -.
1862 ..
1863..
1864..
1865..
1866...
1867..
1868 ..
Amount.
$75,463, 476 52
77,227, 924 66
80, 352,634 04
78,427, 404^77
80, 747,587 39
83,762, 172 07
82, 064,479 33
79, 228,529 12
78, 408,669 77
82, 976,294 35
83, 038,050 80
80, 712,632 25
77, 054,686 30,
86,427, 120 88
82,-312, 150 50
75,723, 270 66
69,218, 398 64
65,196, 317 97
57, 023,192 09
53,173, 217 52
48, 005,587 76
45,209, 737 90
55, 962,827 57
81, 487,846 24
99,833, 660 15
127, 334,933 74
123,491, 985 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 20
67,475, 043 87
58,421, 413 07
. 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,'<42, 922 GO
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
06,199, 341 71
59, 803,117 70
42,242, 222 42
35, 586,956 56
31, 972,537 90
28, 699,831 85
44, 911,881 03
58,496, 837 88
64, 842,287 88
90, 580,873 72
524,176, 412 13
1,119, 772,138 63
1,815,784, 370 57
2, 680, 647,869 74
2, 773,236,173 69
2, 678,126,103 87
2, 611, 687,851 19
REPORT
OF T H E
SECRETARY
OF T H E
TREASURY.
9
T A M I L ' B 1^.—STATEMENT of OUTSTANDINC P B I N C I P A L of the P U B L I C
DEBT, ^x\—Continued.
Year.
Julyl, 1869
1870....:...::..:
1871
1872
1873
1874
1875
1876
1877 .^
1878
1879
1880
;:::..:
Amount.
:..:
..:....
$2, 588,452, 213 94
2,480, 672 427 81
2, 353,211,332 32
2, 253,251,328 78
*2, 234,482 993 20
*2,251, 090,408 43
*2,232,284, 531 95
*2,180, 305 007 15
*2, 205, 301, 392 10
*2, 256, 205, 892 53
*2, 349, 567,482 04
*2,120,415, 370 63
*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; $58,700,000, in 1874; $58,415,000, in 1875; $32,840,000, iu 1876; $54,960,000, iu 1877;
$40,755,000, in 1878; $30,370,000 in 1879, and $14,465,000, in 1880, for which a like amount in United States
notes was ou special deposit in the Treasury for their redemption, and added to the cash balance in the
Treasury. These certificates, as a matter of acconnts, are treated as a part of the pubUc debt, but,
being onset by notes held on deposit for their redemption should properly be deducted from tho principal of the pubUc debt in making comparison "with former years.
STATEMENT of the P U B L I C DEBT, including ACCBUED I N T E B E S T thereon] less
cash in the Treasury on the 1st day of July ofeach year, from July 1, 1869, to J u l y l , 1880,
com;piled from the published monthly debt-statements of those dates.
Years.
Julyl, 1869
1870
1871
1872
1873
1874
1875
1870
1877
1878
1879
1880
Outstanding principal.
Accrued interest.
Cash in tho
Treasury.
Debt less cash in
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, 386, 358, 599 74
106,217, 203 65 2 292 030 834 90
2,353, 211, 332 32 45, 030,766 23
2,253, 251, 328 78 41, 705, 813 27 103,470, 798 43 2,191,486,343 62
2,234,482, 993 20 42, 356, 652 82 129, 020, 932 45 2,147,818,733 57
2,251,090,468 43
38,939, 087 47 147, 541, 314 .74 2 143 088 241 16
2, 232, 284, 531 95 38, 647, 556 19 142,243,361 82
2,128 688 726 32
2,180, 395, 067 15 38, 514, 004 54 119,469,726 70
2, 099, 439, 344 99
186, 025, 960 73 2, 000,158,223 26
2,205, 301, 392 10 40, 882,791 89
2, 250, 205, 892 53 36,404,551 37
•256,823, 612 08 2 035 780 831 82
2, 349, 567,482 04 30,792, 351 34
353,152, 577 01 2,027 207,256 37
2,120,415, 370 63 22,845, 547 59 ^201,088,622 88
1, 942,172, 295 34
* I t will be noticed that there is a difference in the amounts represented by these two statements as
the principal of the debt July 1, 1869, and July 1, 1870. This difiference is explained thus: In tho principal of the debt as shown by the monthly debt-statements of these dates, the bonds purchased for the
sinking-fund and paid for from money in the Treasury, were included as a part of the outstanding debt
and were also treated in tho cash as a cash item, or asset, for the reason that at that time there was no
authority or law for deductin<| them from the outstanding debt. Congress, by the sixth section of tlie
act of July 14, 1870, directed miat these bonds should be canceled and destroyed and deducted from the
amount of each class of the outstanding debt to which they respectively belonged, and such deductions
\v=ere accordingly made on the books of the department anct io the table "of the debt in the annual report.
T A B I . E W.—ANALYSIS of ihe . P B I N C I P A L of tne P U B L I C D E B T of the UNITED STATES, from M y 1, 1856, io July 1, 1880.
Year.
1856
1857
1858
1859
I860
1861
1862
1863
1864
1865
1865—Aug. 31
1866
1867
1868
1869
1870
1871
1872
1873
1874
,
1875
1876
1877
1878
1879
1880
3 per cents.
$64,665,666 66
66,125, 000 00
59, 550, 000 GO
45, 885, 000 00
24, 665, 000 00
14, OOG, 000 00
14, 000, 000 00
14, 000, 000 GO
14, 000, 000 GO
14, 000, 000 GO
14, 000, 000 GO
14, 000, 000 00
14, 000, 000 00
4 per cents.
4^ per cents.
$57, 926,116 57
105, 629, 385 30
77, 547, 696 07
90,496,930 74
618,127 98
121, 341, 879 62
17,737, 025 68
801, 361 23
678,000
678, 000
678, 000
678, 000
678, 000
00
GO
00
GO
GO
'"*'98,'856,'o66*66"
741, 522, 000 00
739, 347, 800 GO
0
$140,
240,
250,
250,
000,
000,
000,
000,
5 per cents.
$3,632,000 00
3,489, 000 00
23, 538, 000 00
37,127, 800 00
43,476, 300 00
33,022,200 00
30,483, 000 00
30, '483, 000 GO
300, 213,480 GO
245, 709,420 03
269,175, 727 65
201, 982, 665 01
198, 533,435 01
221, 586,185 01
221, 588, 300 00
221, 588, 300 GO
274, 236,450 00
414, 567, 300 00
414, 567, 300 00
510, 028, 050 00
, 607,132, 750 GO
^ 711, 68.3, 800 00
703, 266, 650 00
000 00
000 GO . 703, 266, 650 00
508,440, 350 00
000 00
GOG GO
484,864, 900 00
[Cohtinued on next page.]
6 per cents.
$28,130, 761 77
24, 971, 958 93
21,162, 838 11
21,162, 938 11
21,164, 538 11
57, 358, 673 95
154, 313, 225 01
431,444, 813 83
842, 882, 652 09
1, 213,495,169 90
1, 281, 736, 439 33
1,195, 546, 041 02
1, 543,452, 080 02
1, 878, 303, 984 50
1, 874, 347, 222 39
1, 765, 317, 422 39
1, 613, 897, 300 00
1, 374, 883, 800 00
1, 281, 238, 650 00
1, 213, 624, 700 00
1,100, 865, 550 GO
984, 999; 650 GO
854, 621, 850 00
738, 619, 000 00
283, 681, 350 GO
235, 780,400 00
7 3-10 per cents.
$122, 582,485 34
139, 974, 435 34
139,-286,935 34
671,-610,397 02
830, 000, 000 00
813,460, 621 95
488, 344, 846 95
37, 397,196 95
Total interestbearing debt.
$31, 762, 761 77
28,400, 958 93
44, 700, 838 11
58, 290, 738 11
64, 640, 838 11
90, 380, 873 95
305,304,8^6 92
707, 531 634 47
1, 359, 930, 763 50
2, 221, 311, 918 29
2, 381, 530, 294 96
2, 332, 331, 207 GO
2,248, 007, 387 GO
2,202,088,727 69
2,102, OGO, 522 39
2, 040,455, 72« 39
1, 934, 690,750 GO
1,814,794,100 00
1,710,483 950 00
1, 738, 930, 750 GO
1,722,070,300 00
1, 710, 685,450 00
1, 711,888, 500 00
1, 794 735, 650 00
1,797,643,700 GO
1,723, 993,100 00
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TABI-E
W.—ANALYSIS of the P B I N C I P A L of tlie P U B L I C D E B T of the UNITED STATES, ^c.-^Continued.
Year.
1856-^ulyl ....
1857
1858
1859
1860
1861
1862
1863
1864
1865
1865—August 31
1866—Julyl . . . .
1867
1868
1869
1870
1871
1
1872
1873
1874
:...
1875
18J6
1877....
1878
18'79
1880
Debt on which in-| Debt bearing no Outstanding, prin- Cash in'the Treas- Total debt, less cash| Annual interest
interest.
terest has ceased.
cipal.
ury July 1.
in Treasury.
charge.
$209, 776 13
238, 872 92
211, 042 92
206, 099 77
201, 449 77
199, 999 77
280, 195 21
473, 048 16
416, 335 86
1, 245, 771 20
1, 503, 020 09
935, 092 05
1, 840, 615 01
1,197, 340 89
5, 200, 181 GO
3, 708, 641 00
1, 948, 902 26
7,926, 797 26
51, 929, 710 26
3, 216, 590 26
11,425, 820 26
3, 902, 420 26
16, 648, 800 26
5, 594, 560 26
37, 015, 630 26
7, 621, 455 26
$158, 591, 390 00
411, 767,456 00
455,437, 271 21
458, 090, 180 25
461, 616,311 51
439, 969,874 04
428, 218, 101 20
408,401, 782 61
421,131, 510 55
430, 508, 064 42
410, 505,680 06
430, 530,431 52
472, 069,332 94
509, 543,128 17
498; 182,411 69
465, 807, 196 89
476, 764,031 84
455,875, 682 27
410, 835,741 78
388, 800,815 37
972,537.90
28, 699, 831 85
44, 911, 881 03
58, 496, 837 88
64, 842, 287 88
90, 580, 873 72
524, 170, 412 13
1.119, 772,138 63
1, 815,784, 370 57
2, 680,647, 809 74
2, 844,649, 626 56
2, 773,236,173 69
2. 678,126,103 87
2, 611,687, 851 19
2, 588,452, 213 94
2, 480,672, 427 81
2, 353,211, 332 32
2, 253,251, 328 78
2, 234,482, 993 20
2,251, 690, 468 43
2, 232,284, 531 95
2,180, 395, 067 15
2,205, 301, 392 10
2, 250,205,892 53
2, 245,495, 072 04
2.120, 415, 370 63
$21,006,- 584 89
18, 70JL,210 09
7, Oil,689 31
5, 091,603 69
4, 877,885 87
2, 862,212 92
18, 803,659 96
8, 421,401 22
106, 332,093 53
5,832, 012 98
88,218, 055 13
137, 200,009 85
169, 974,892 18
130, 834,437 96
155, 680, 340 85
149, 502,471 60
106, 217,263 65
103, 470,798 43
129, 020,932 45
147, 541,314 74
142, 243,361 82
119, 469,726 70
186, 025,960 73
256, 823,612 08
249,080, 167 01
201, 088,622 88
$10,-965,953 01
9,998, 621 76
37, 900,191 72
53, 405, 234 19
59; 964, 402 01
87, 718,660 80
505, 312, 752 17
1, 111,350; 737 41
1, 709;452, 277 04
2, 674,815, 856 76
2, 756,431, 571 43
2, 636,036,163 84
2, 508,151, 211 69
2,480, 853,413 23
2,432, 771, 873 09
2, 331,169, 956 21
2, 246;994, 068 67
2,149, 780, 530 35
2,105, 462,06075
2,104, 149,153 69
2,090, 041,170 13
2, 060,925, 340 45
2, 019,275,431 37
1,999, 382, 280 45
1, 996,414, 905 03
1, 919,326, 747 75
$1, 869, 445 70
1, 672, 707 53
2,446, 670 28
3,126, 106 28
3,443, 687 29 •
5,092, 630 43
22, 048, 509 59
41, 854, 148 01
78, 853, 487 24
137, 742, 617 43
150, 977, 697 87
146, 008, 196 29
138, 892, 451 39
128,459, 598 14
125, 523, 998 34
118, 784, 960 34
111, 949, 330 50
103, 988, 463 00
98,'049, 804 00
98,796, 004 50
96, 855, 690 00
95,104, 269 GO
93,160, 643 5094, 654, 472 50
83, 773, 778 50
79, 633, 981 00
N O T E 1.—The a n n u a l i n t e r e s t c h a r g e i s c o m p u t e d u p o n thei a m o u n t of o u t s t a n d i n g p r i n c i p a l a;t t h e close of t h e fiscal yetir, a h d i s e x c l u s i v e of i n t e r e s t c h a r g e o n Pacific
RaUway bonds.
N O T E 2.—The figures for J u l y 1, 1879, w e r e m a d e lip, a s s u m i n g p e n d i n g f u n d i n g o p e r a t i o n s t o h a v e b e e n c o m p l e t e d .
N O T E 3.—The t e m p o r a r y loan, p e r a c t of J u l y I I , 1862, i s i n c l u d e d i n t h e 4 p e r c e n t s , from 1862 t o 1868, i n c l u s i v e , w i t h t h e e x c e p t i o n of t h e a m o u n t o u t s t a n d i n g for A u g u s t
31, 1865, t h i s b e i n g t h e d a t e a t w h i c h t h e p u b l i c d e b t r e a c h e d i t s h i g h e s t p o i n t . T h i s loan b o r e i n t e r e s t from 4 p e r c e n t , t o 6 p e r cent., a n d w a s r e d e e m a b l e o n t e n d a y s ' n o t i c e
a f t e r t h i r t y d a y s ; b u t b e i n g c o n s t a n t l y changing,- i t h a s b e e n c o n s i d e r e d m o r e e q u i t a b l e t o i n c l u d e t h e w h o l e a m o u n t o u t s t a n d i n g a s b e a r i n g 4 p e r c e n t , i n t e r e s t o n a n a v e r a g e
for t h o y e a r .
N O T E 4.—In t h e r e c e n t m o n t h l y s t a t e m e n t s of t h e p u b U c d e b t , t h e i n t e r e s t a c c r u e d ha;s b e e n a d d e d t o t h e p r i n c i p a l , m a l d n g t h e n e t d e b t l a r g e r ih~ that- a m o u n t t h a n t h e
a m o i m t h e r e i n s t a t e d for e a c h y e a r .
^
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'REPORT OF THE SECRETARY OF THE TREASURY.
TA2SI.E ^.—STATEMENT of BECEIPTS of UNITED STATES from March 4,1789,
i
Balance in the
Treasury at
commencement of year.
Customs.
Internal revenue.
Direct tax.
PubUc lands.
MisceUaneous.
$10,478 10
$4, 399,473 09
1791
$268,'942"8i'
3,443, 070 85
9, 918 65
$978,"965'75'
1792
4, 255, 306 56
337,705 70
21,410 88
783, 444 51
1793
274, 089 62
753*661 69
~53, 277 97
4, 801,065 28
1794
337,755 36
1,151, 924 17
5, 588,461 26
28,317 97
1795
475 289 60
1,169, 415 98
516, 442 61
6, 567, 987 94
1796
$4,"836'i3'
888, 995 42
7, 549, 649 65
575, 491 45
399,139
29
1797
83 540 60
7,100, 061 93
644, 357 95
1, 021, 899 04
58,192 81.
1798
11, 963 11
6.610,449 31
779,136 44
86,187 56
617,451 43
1799
809, 396 55 "$734,'223'97"
152,712 10
2,161, 867 77
9i 080, 932 73
1800
44375
2, 623, 311 99
10,750,778 93
1, 048, 033 43 534, 343 38
345, 649 15
1801
107, 726 06
1802
3, 295, 391 00
12,438, 235 74
621, 898 89
206, 565 44
188, 628 02
1, 500, 505 86
1803
5, 020, 697 64 10, 479,417 61
215.179 69
71, 879 20
165, 675 69
131, 945 44
1804
4,825, 811 60
11, 098, 505 33
50, 941 29 . 50,198 44
487, 526 79
139, 075 53
1805
4, 037, 005 26
12, 936,487 04
21, 747 15
21, 882 91
40, 382 30
540,193 80
1806
3. 999, 388 99
14, 667, 698 17
20,101 45
55, 763 86
765, 245 73
51,121 86
1807
. 4, 538,123 80
15, 845, 521 61
13,051 40
34, 732 56
466,163 27
38, 550 42
1808
9, 643, 850 07 16, 363, 550 58
8,190 23
19,159 21
647, 939 06
21, 822 85
1809
9, 941, 809 96
7, 257, 506 62
4, 034 29
7, 517 31
442, 252 33
62,162 57
1810
3, 848, 056 78
8, 583, 309 31
7,430 63
12, 448 68
696, 548 82
84,476 84
I8I1
2, 672, 276 57
13, 313, 222 73
2, 295 95
7, 666 66
I, 040, 237 53
59, 211 22
1812
3, 502, 305 80
8, 958, 777 53
4, 903 06
859 22
126,165 17
710,427 78
1813
3, 862, 217 41
13, 224, 623 25
4, 755 04
3,805 52
835, 655 14
271, 571 GO
5,196, 542 GO
. 164, 399 81
1814
5, 998, 772 08 1, 662, 984 82 2, 219,497 36
1,135,971 09
1815
1, 727, 848 63
7, 282, 942 22 4, 678, 059 07 2,162, 673 41
285,282 84
1, 287, 959 28
1816
13,106, 592 88
36, 306, 874 88 5,124, 708 31 4, 253, 635 09 1, 717, 985 03
273, 782 35
1817
22, 033, 519 19
26, 283, 348 49 2, 678,100 77 1, 834,187 04
109, 761 08
1,991,226 06
1818
14, 989,465 48
17,176, 385 00
955, 270 20
264, 333 36
57, 617 71
2, 606, 564 77
1819
1,478, 526 74
20, 283, 608 76
229, 593 63
83, 650 78
57, 098 42
3, 274, 422 78
1820
2, 079, 992 38
15, 005, 612 15
106, 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
1822
1, 681, 592 24
17, 589, 761 94
67, 665 71
20, 961 56
• 452, 957 19
1, 803, 581 54
1823
4, 237, 427 55
19, 088,433 44
34, 242 17
10, 337 71
141,129 84
916. 523 10
1824
9, 463, 922 81
34, 663 37
6, 201 96
127, 003 60
17, 878, 325 71
984, 418 15
1825
1, 946, 597 13 20, 098,713 45
25, 771 35
2, 330 85
130,451 81
1, 216, 090 56
1826
5, 201, 650 43
23, 341, 331 77
21, 589 93
6, 638 76
94, 588 66
1, 393, 785 09
1827
6, 358, 686 18 19, 712, 283 29
19, 885 68
2, 626 90
1, 495, 845 26 1, 315, 722 83
1828
6, 668, 286 10 23, 205, 523 64
17,451 54
2, 218 81
65,126 49
1, 018, 308 75
1829
5, 972,435 81
22, 681, 965 91
14,502 74
11,335 05
1, 517,175 13
112, 648 55
1830
5, 755, 704 79
12,160
62
21, 922, 391 39
16, 980 59
73, 227 77
2, 329,^356 14
1831
6, 014, 539 75 24, 224, 441 77
6, 933 51
10, 500 01
3, 210, 815 48
584,124 05
1832
4, 502, 914 45
28, 465, 237 24
11, 630 65
6, 791 13
270, 410 61
2, 623, 381 03
1833
2, Oil. 777 55
29, 032, 508 91
2, 759 00
394 12
470, 096 67
3, 907, 682 55
1834
11, 702, 905 31
16, 214, 957 15
4,196 09
19 80
480, 812 32
4, 857, 600 69
1835
8, 892, 858 42
19,39.1,310 59
10, 459 48
4, 263 33 14, 757, 600 75
759, 972 13
1836
26, 740, 803 96
23, 409, 940 53
370 00
728 79 24,877,379 80
2, 245, 902 23
1837
46, 708, 436 00
5, 493 84
11,169, 290 39
1, 687 70
6, 776, 236 52 7, 001, 444 59
37 327, 252 69
2,467 27
1808
16,158, 800 36
3, 730, 945 66 6,410, 348 45
1839
36! 891,196 94
2, 553 32
23,137, 924 81
755'22'
979, 989 86
7, 361, 576 40
13,499, 502 17
1840
33,157, 503 68
1, 682 25
3, 411, 818 63 2, 567,112 28
1841
29, 963,163 46
3,261 36
14, 487, 216 74
1, 365, 627 42 1,004, 054 75
1842
28, 685, 111 08
495 GO
18,187, 908 76
451, 995 97
1, 335, 797 52
1843* 30, 521, 979 44
7, 040, 843 91
103 25
285, 895 92
898,158 18
39,186, 284 74
1844
1,777 34
26,183i 570 94
2, 059,939 80
1, 075,419 70
1845
36, 742, 829 62
3,517 12
27, 5J8,112 70
2, 077, 022 30
361, 453 68
1846
36,194, 274 81
20,712' 667 87
2,897 26
2, 694,452 48
289 950 13
1847
38, 261, 959 65
23, 747, 864 66
375 00
2,498, 355 20
. 220, 808 30
1848
33, 079, 276 43
31,757,070 96
375 GO
612, 610 69
3, 328, 642 56
29, 416, 612 45
1849
28, 346,738 82
1, 688, 959 55
685, 379 13
1850 • 32, 827, 082 69 39, 668^ 686 42
1, 859, 894 25 2,064,308 21
1851
35,871,753 31
49, 017, 567 92
2, 352, 305 30 1,185,166 11
1852
40,158, 353 25
47, 339, 326 62
2, 043, 239 58
464, 249 40 •
1853
43, 338, 860 02
58, 931, 865 52
1,667,084 99
988, 081 17
1854
50,261,901 09
64, 224,190 27
8 470 798 39
1,105, 352 74
1855
48, 591, 073 41
53, 025,794 21
827, 731 40
11,497,049 07
1856
47, 777, 672 13
64,022,863 50
8, 917, 644 93 1,116,190 81
1857
49,108,229.80
63, 875, 905 05
3,829,486 64
1, 259, 920 88
46, 802, 855 GO
1858
3, 513, 715 87 1,352, 029 13
41,789,620 96
1859
35,113, 334 22
1, 756, 687 30 1, 454, 596 24
49, 565,824 38
33,193, 248 60
1860
53,187, 511 87
1, 088, 530 25
1,778 557 71
32, 979, 530 78
1861
39, 582, 125 64
1, 023, 515 31
870,658 54
1862
30, 963, 857 83
49, 056, 397 62
915 327 97
152, 203 77
'i,'795,'33i"73"
1863
46, 965, 304 87
69, 059, 642 40'"37,'646,'787"95' 1,485,103 61
167, 617 17
3, 741,794 -38
1864
36, 523, 046 13 102, 316,152 99 109, 741,134 10
475, 648 96
588, 333 29 30, 291, 701 86
1865 134,433,738 44
84, 928, 260 60 209,464, 215 25 1, 200, 573 03
996,553 31
25,441, 556 00
..."...'.
* For the half-year from Jan
REPORT
OF THE SECRETARY OF THE
TREASURY.
13
to June 30, 1880, by calendar years to 1843 and by fiscal years {ended June 30) from that time.
Dividends.
Net ordinary
Interest.
receipts.
Premiums.
Receipts from
l o a n s a n d Gross receipts.
Treasury
notes.
$4, 409, 951 1
$8, 028 00 3, 669, 960 31
38, 500 GO 4, 652, 923 14
303,472 00 5, 431, 904 87
160, 000 GO 6,114, 534 59 $4, 800 00
160, 000 GO 8, 377, 529 65| 42, 800 00
80, 960 00 8, 688, 780 99
79, 920 00 7, 900, 495 80 78, 675 00
71, 040 00 7,540,813 31
71,040 00 10, 848, 749 lOl
88, 800 00 12, 935, 330 95 10,125 GO
39, 960 00 14, 995, 7J3 95
11, 064, 097 63
11, 826, 307 38
13, 500, 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
300 GO
14, 340,409 95
85 79
11,181, 625 16
15, 696, 916 82 11, 541 74
132,107 64
47, 670, 985 66| 68, 665 16
686 09
202,426 301 33, 099, 049 74 267, 819 14
412 62
525, 000 GO 21, 585,171 04|
675, 000 00 24, 603, 374 37
40, 000 GO
1, 000, 000 GO 17, 840, 669 55|
105, 000 GO 14, 573,..379 72
297, 500 00 20, 232,427 94
350, 000 GO 20, 540, 666 26
350, 000 GO 19, 381, 212 79
367, 500 GO 21, 840, 858 021
402, 500 GO 25, 200, 434 21
420, 000 00 22, 966, 363 96|
455, 000 GO 24, 763, 629 23
490, 000 GO 24, 827, 627 38
490, 000 GO 24, 844,116 51
490, 000 GO 28, 526, 820 82
490, 000 GO 31, 867,450 66
474, 985 00 33, 948,426 25
234, 349 50 21, 791, 935 55
606,480 82 35, 430, 087'10
292, 674 67| 50, 826,796 08
24, 954,153 04
26, 302, 561 74
31,482,749 61
19,480,115 83
16, 860,160 27
19, 976,197 25
8,231,001 26
71,700 83
29, 320, 707 78|
666 60
29, 970,105
29, 699, 967 74l
28, 365 91
26, 467,403 16
37, 080 GO
35, 698, 699 21
487, 065 48
30, 721, 077 50|
10, 550 00
43, 592, 888
4,264 92
52,555,039 331
49, 846, 815 60
61, 587, 031 68
22 50
73, 800, 341 40|
65, 350, 574
74, 056, 699 24|
68, 965, 312 57|
46, 655, 365
52, 777,107 921
709, 357 72
56, 054, 599 83
10, 008 00
41, 476, 299 49
33, 630 90
51, 919, 261 09
68, 400 00
602, 345 44
112, 094, 945 51
21,174,101 01
243,412, 971 20
11,683,446 "
|322,031,158 19|
nary I, 1843, to Juno 30, 1843.
UnavaUable. A
$361, 391 34
5,102, 498 45
1, 797, 272 01
4, 007, 950 78
3,390,424 00
320, 000 00
70, 000 GO
200, 000 GO
5, 000, 000 GO
1, 565, 229 24
771, 342
772,458
450,195
439, 855
515, 758
740, 329
758, 780
179,170
12, 546, 813
12, 413, 978
12, 945,455
14, 995,793
11 004, 097
11, 826, 307
13, 560, 693
15, 559, 931
16, 398, 019
17, 060, 661
7, 773, 473
2, 750, 000 GO 12, 134, 214
14, 422, 634
12, 837,900 00 22, 639, 032
26,184, 135 00 40, 524, 844
23, 377,826 00 34, 559, 536
35,220, 671 40 50, 961, 237
9, 425,084 91 57, 171. 421
466,,723 45 33, 833,592
21, 593, 936
8, 353 GO
24, 605, 605
2, 291 00
3, 000,824 13 20, 881, 493
19, 573,703
324
00
5, 000,
20, 232, 427
20, 540, 666
5,000,000 00 24, 381, 212
5, 000, 000 GO 26, 840, 808
25, 260,434
22, 966, 363
24, 763, 629
24, 827, 627
24, 844,116
28, 526, 820
31, 807,450
33, 948,426
21, 791, 935
35, 430, 087
50, 826,796
27,
947,142
2, 992, 989 15
39, 019, 382
12,716, 820 86 35,
340, 025
3,857,276.21
25,
5, 589, 547 51 30, 069, 662
13, 659, 317 38 31, 519,477
14, 808, 735 64 20, 784, 932
12,479,708 36 31, 782,410
1,877,181 35 29, 198, 555
970,105
29, 699, 967
55, 368,168
28, 87-2,399 45
56,
21, 256,700 00 59, 992,479
28, 588,750 00 47, 796, 892
649, 388
4, 045,950 QO
52,
203, 400 GO 49, 762, 704
46, 300 00 61, 893,115
16, 350 00 73, 603,404
802, 343
2, 001 67 65, 351, 374
800 00 74,
200 00 68, 056, 899
900 00 70, 969,212
372, 665
23,717, 300 GO
81,
28, 287,500 00 76, 773, 965
20, 776,800 00 83, 841,407
41, 861, 709 74 581, 371, 640
329, 692, 460 50 889, 680,121
776, 682, 361 57 393, 379, 652
128, 873, 945 36 1,805, 461, 017
939, 845
472,224,740 85il,
$1, 889 50
63, 288 35
ll, 458, 782 93
37,469 25
11,188 GO
28, 251 90
30, 000 00
103, 801 37
15,408 3 4
11,110 81
6,000 01
9,210 40
6, 095 11
14
REPORT OF THE SECRETARY OF THE TREASURY.
T A B I i E G.—STATEMENT of the BECEIPTS of the UNITED
i
1868
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
Balance in the
Treasury at
commencement of year.
$33, 933i 657 89
160,817, 099 73
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 4 1 .
178, 833, 339 54
172, 804, ooi 32
149, 909, 377 21
• 214, 887, 645 88
• 286, 591,.453 88
386, 832, 588 65
Customs.
Internal revenue.
$179, 046, 651 58
176,417, 810 88
164, 464, 599 56
180, 048, 426 63
194, 538, 374 44
206, 270, 408 05
216,370,286 77,
188, 089, 522 70 •
103,103, 833 69
157,167,722 35
148, 071, 984 61
130, 956, 493 07
130,170, 680 20
137, 250, 047 70
186, 522, 064 60
4,>38, 963,428 40
•
Direct tax.
Public lands. Miscellaneous.
$309, 226, 813 42 $1„974, 754 12
266, 027, 537 43 4, 200, 233 70
$665, 031 03 $29, 036, 314 23
1,163,575 76. 15; 037, 522 15
191, 087, 589 41 1, 788,-145. 85
158, 356,460 86
705, 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
116,700,732 03
93, 798 80
118, 630,'407 83
110, 581, 624 74
113,561,610 58
124, 009, 373 92 " " " " • " 3 6 ' 8 5 '
1,348,715 41
4, 020, 344 34
3, 350, 481 76
2,388,6.46 68'
2,575,714 19
2, 882, 312 38.
1, 852,428 93
1, 413, 640 17
1,129,466 95
97.6, 253 68
1, 079, 743. 37
024, 781 06
1, 01.6, 50.6 60.
17, 745,403 59
13, 997, 338 65
12; 942,118 30
22,0:93,541 21
15,106, 051 23
17,101, 270 05
32, 575, 043 32.
15, 431, 915 31
24„ 070,602 31
30,.437, 487 42:
15, 614, 728 09,
20.. 585, 697 49
21, 978, 525 0 1
2, 672, 092, 980 77 27, 648,756 58 205, 564, 319 41 323,428, 360 02
* Amounts heretofore credited to the Treasiirer aa
REPORT OF THE SECRETARY OF THE TREASURY.
15
STATES, from March 4, 1789, io June 30, 1880, c^^c—Continued.
Dividends.
N e t ordinary
Interest.
receipts.
Premiums.
^
R e c e i p t s from
loans and
Treasury
notes.
Gross receipts.
Unavailable.
1866
18.67
$519; 949; 564 38
462,846,679 92
$38, 083, 055 68 $712, 851, 553 05 $1, 278, 884,173 11 $172, 094 29
27,787, 330 35 640, 426, 910 29 1,131, 060, 920 56 721,827.93
1868
1869,
1870.
1871
1872
1873.
1874
1875
1876
1877
1878
1879
1880
' 376, 434, 453 82
,357,188,256 09
395; 959,. 833 87
374,431,104 94
364, 394, 229 91
322,177, 673 78
299, 941, 090 84
': 284, 020, 771 41
: 290, 066i 584 70
281, GOO, 642 00
,257,446,776 40
272, 322,136 83
333,526,500 98
29, 203, 629 50
13, 755, 491 12
15, 295, 643 76
8, 892, 839 95
9,412, 637 65
11, 560j 530 89
5, 037, 665 22
3, 979, 270 69
4, 029, 280 58
:
405, 776 58
317,10^30
1, 505, 047 b3
110 GO
2,675,918 19
625, 111, 433 20 1, 030, 749, 516. 52
238, 678, 081 06
609, 621, 828 27
*2,070 73;
285, 474, 496 00
696,729, 973 63
268, 768,. 523 47
652, 092,408 36 '"*3,"396"i8
305, 047, 054 00
679,153, 921 56 *18, 228 35.
214,931,017 GO
548,669,221 67
*3, 047 80
439, 272, 535 46
744,251, 291 52
12, 691 40^
387, 971, 556 00 • 675, 971, 607 10
397, 455, 808. 00
691, 551, 673 28
348, 871, 749 GO 630, 278,167 58
404, 581, 201 00
662, 345,079 70
792, 807, 643 00 1, 066, 634, 827 46
211, 814,103 00
545, 840, 713 98
$9,720,136 29 7,767,417,979 47 485, 224 45 204,259,220 83 10,597,293,707 84 18, 569, 456,132 59 2, 661,866 53-
unavailable, and since recovered and Charged to his account.
16
REPORT OF THE SECRETARY OF THE TREASURY.
T A B I . l i : m..—STATEMENT of EXPENDITUBES of UNITED STATESfrom Mar. 4,
Year.
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1,804
1805
1806
1807
1808
1809
1810
1811.
1812,
1813,
1814.
1815,
1816
1817.
1818,
1819
1820,
1821
1822
18-23
1824
1825.
1826
1827.
1828.
1829.
1830.
1831.
1832.
18.33.
1834.
1835.
1836.
1837.
1838.
1839,
1840.
1841.
1842,
1843^
1844.
1«45.
1846.
1847.
1848.
1849.
1850.
1851.
1852.
1853.
1854.
1855.
1856.
1857.
1858.
1859.
1860.
1801.
1802.
1863.
1864.
War.
$032,,, 804 03
1,100,1,702 09
1,130,I, 249 08
2, 639,I, 097 59
2, 480,1, 910 13
1, 260,I, 203 84
1,039,\ 402 46
2, 009,I, 522 30
2, 406,;, 946 98
2, 560,I, 878 77
1, 672,!, 944 08
1,179,>, 148 25
822,1,055.85
875,i,423 93
712,!, 781 28
i, 224,, 355 38
1, 288,:, 685 91
2,900,I, 834 40
3, 345,s 772 17
2, 204,,323 94
2, 032,, 828 19
11, 817,,798 24
19, 652,I, 013 02
20, 350,I, 806 86
14, 794,, 294 22
10, 012,;. 096 80
8, 004,,236 53
5, 622,;, 715 10
6, 506,;, 300 37
2, 630,», 392 31
4,461,,291 78
3, 111,,081 48
43
3, oooi1',, 924
3, 340, 939 85
I
,
914
18
3, 659,
3, 943,,194 37
-,977
88
3, 948,
4,145,,544 56
, 291 07
4, 724,', 128 88
4, 767,., 835 55
4, 84i;;, 034 88
5, 446,, 019 10
6, 704,;, 189 38
5, 690,>,156
5, 759,', 345 25
11, 747,,730 80
13, 682,,224 16
12, 897,;, 995 80
8, 910i>, 207 23
7, 095,., 610 24
8, 801,I, 438 02
6, 010,!, 671 95
2, 908,!, 183 66
5, 218,i, 291 28
5, 746,1, 370 58
10, 413,I, 030 33
35, 840,., 334 21
27, 688,1, 473 26
14, 558,•, 024 58
9, 687,., 965 11
12,16.1,,506 19
8,521 ', 498 49
9, 910,!, 282 87
11, 722,1, 074 07
14, 648,1,160 51
16, 963,1,150 87
19,159,1,121 63
25, 679,, 720 53
23,154,1, 202 72
16. 472,., 530 67
23, 001,:, 562 29
389,173,, 411 82
603, 314,., 048 66
690, 391
Navy.'
$61, 408 97
410, 562 03
274, 784 04
382, 631 89
381, 347 76
858, 081 84
448, 716 03
111, 424 00
915, 561 87
215, 230 53
189, 832 75
597, 500 GO
649, 641 44
722, 064 47
884, 067 80
427, 758 80
654, 244 20
965, 566 39
959, 365 15
446, 600 10
311, 290 60
660, 000 25
908, 278 30
314, 598 49
953, 095 00
847, 640 42
387, 990 00
319, 243 06
224, 458 98
503, 765 83
904, 581 56
049, 083
218, 902 45
203, 877 45
918, 786 44
308, 745 47
239, 428 63
850, 183 07
950, 370 29
901, 356 .75
956, 200 42
884, 939 06
807, 718 23
646, 914 53
131, 5S0 53
182, 294 25
113, 896 89
00.1, 076 97
397, 242 95
727, 711 53
498, 199 11
297, 177 89
455, 013 92
900, 635 76
408, 476 02
780, 705 92
904, 724 66
880, 581 38
918, 842 10
067, 789 53
790,
327, 096 32
074, 095 11
651, 834 64
053, 694 61
690, 264 64
514, 927 90
387, 649 83
640, 156 52
201, 353 09
704, 235 31
963 74
Indians.
Pensions.
MisceUaneous.
$175,,813 88
$27,,000 00
$1, 083,971 61
109,\ 243 15
13,,648 85
4, 672,664 38
80,', 087 81
27,,282 83
511, 451 01
81,,899 24
750, 350 74
13;, 042 46
68,
,
475
68
1, 878,920 66
23,
I, 673 22
100,I, 843 71
POI, 847 58
113,,, 563 98
92,
!, 396 58
1, 259,422 62
62,
;, 256 97
104,, 845 33
\ 470 09
1,139, 524 94
16,
95,', 444 03
1, 039,391 68
20,., 302 19
64,,130 73
31 22
1, 337,613 22
73,
,
000
00
1,114, 768 45
, 533 37
0,
85,
,000
00
1,
462,929 40
<,
440
39
94,
62,:, 902 10
>, 000 00
1, 842,635 76
60,
80,
;
,
500
GO
009 43
2,191,
'
,
092
80
116,
81,
3, 768,598 75
., 854 59
196,!, 500 GO
81
,200
00
137 01
2,
890,
,875
53
234,
70,I, 500 00
1, 697,897 51
205,,425 GO
82,
,575
00
285
61
1,
423,
:
,
576
04
213,
87,,833 54
1, 215,803 79
337,,503 84
83,
'
,
625
00
144
98
1,101,
177,
, 744 10
75,, 043 .88
1, 367,291 40
151,,875 00
91
,845
00
088
21
1,
683,
277,
, 402 10
86,1, 989 91
167,,358 28
1, 729,435 61
90,1,104 36
167,,394 86
2, 208,029 70
69,
'
,
750
00
530,
2, 898,870 47
I
,
656
06
188,
274,,512 16
2,989, 741 17
297,i, 804 li
319,I, 463 71
3, 518,936 76
,374
43
890,
>,
704
27
505,
8, 835,839 51
', 719 90
463,t, 181 39
2, 415,
3, 067,211 41
'
,
939
85
;
,
750
01
315,
2, 592,021 94
3, 208,
,, 376 31
", 005 44
477,
2, 223,121 54
242,I, 817 25
,007
41
575,
1, 967,996 24
1, 948,
1,199 40
380,,781 82
1,780,', 588 52
2, 02~2,093,99
>,
987
90
429,
7,155, 308 81
1, 499,
\ 320 59
724, 106 44
2, 748,544 89
1, 308,
1, 810 57
:
,
447
83
743,
2, 600,177 79
1, 556,
1, 593 83
), 624 88
476 58
750,
976,
2, 713,052 64
1,138 80
•
>
,
084
24
705,
850,1,573 57
3, 676,234 65
576,1, 344 74
949,
3,
082,
', 594 47
416 04
622,;, 262 47
3, 237,646 10
1, 363,
,297 31
930,,738 04
1,170,I, 665 14
3, 064,141 45
1,419
75
1, 352,
1,184,,422 40
4, 577,245 93
', 980 93
1, 802,
4, 589,
5, 716,728 95
1,152 40
:, 953 20
1, 003,
3, 364,
4,404, 698 53
, 285 30
1, 444 48
1,954,
4;
229,279 .72
1, 706,
,711 32
,022 88
5, 393,370 27
. 5, 037,
2, 882,
!, 797 96
;, 036 19
2, 672,
4, 348,, 191 34
9, 893,664 76
1,162 45
2,156,i, 057 29
5, 504,
7,160, 990 89
!, 917 28
3,142,;, 750 51
5, 725,398 96
2, 528,
,794 86
2, 603,
2, 331, 837 12
5, 995,881 45
i, 562 17
2 , — i, 434 51
2, 514iI, 099 68
6,490, 624 61
1,199,;, 371 00
1, 378,
6, 775,713 GO
!, 931 33
578,(, 532 39
839,I, 041 12
3, 202,183 86
1, 256,
2, 032,
5,645,
\ 351 35
760 98
1, 008 99
1, 539,
2,400,I, 788 11
5, 911,283 89
, 693 64
1, 027,
1,811 , 097 56
6, 711,608 35
i,411 30
1,430,I, 296 81
1, 744,
6, 885,851 25
, 883 63
1, 252,
1, 227,
5, 650,334 24
,161 55
', 496 48
1, 374,
1,328,!, 867 64 12, 885,763 36
I, 591 47
1, 663,
1, 866,
16,
043,992 18
', 801 77
1, 880 02
2, 829,
2, 293,
,576 04
I, 377 22 17, 888,171 45
8, 043,
2,40i;., 858 78 17, 504,068 01
I, 494 12
1,756,;, 306 20 17, 463,144 08
3, 880,
\ 339 55
1, 232,
1, 550,
,990 78
!, 665 GO 26, 672,425 43
1, 477,
2,772,,263 97
, 612 33 24, 090,038 8'
1, 296,
2, 644,,418 87
;, 229 65 31,794,,498 77
1, 310,
4, 3541, 266 18
I, 380 58 28, 505,016 42
1, 219,
I, 534 53
4,
', 768 30 26,400, 544 40
1, 222,
3, 490,,121 54
!, 222 71 23, 797,978 30
1,100,
>,
481
17
2, 991,
27, 977,287 69
\ 802 32
,948 37
2, 865,
> 1, 034,
, 599 73 23, 327,862 59
I, 032 70
2, 327,
852,, 170 47 21, 385,382 37
3,152,i, 975 97
1, 078,
i, 513 36 23,198,- 216 87
2, 629,
4, 985,
i, 473, 90 27, 572,
* F o r the half year from Jaii-
REPORT
OF T H E ' SECRETARY OF THE TREASURY.
17
1789, to June 30,1880, by cal. years to 1843 and hy fiscal years {ended June 30) from that time.
Net ordinary ex- Premiums.
penditures.
$1, 919,589 52
5, 896,258 47
1,749, 070 73
3, 545,299 00
4, 362,541 72
2, 551,303 15
2,836, 110 52
4,051, 710 42
6, 480,166 72
7, 411,369 97
4, 981,669 901
3, 737,079 91
4, 002,824 24|
4, 452,858 91
6, 357,234 62
6, 080,209 36
. 4,984,572 89
6, 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 GO
23, 373,432 58
15, 454,609 92
13, 808,673 78
16, 300,273 44
13,134, 530 57
10,723, 479 07
9, 827,643 51
9, 784,154 59
15, 330,144 71
11, 490,459 94
13, 002,316 27
12, 653,095 65
. 13,296,041 45
12, 641,210 40
13, 229,533 33
13, 864,067 90
16, 516.388 77
22, 713,755 11
18.425, 417 25
17, 514,950 28
30, 868,164 04
37, 243,214 24
33, 849,718 08
26, 496,948 73
24,139. mo 11
26,196, 840 29
24, 361,330 59
II, 256,508 60
20, 650,108 01
21, 895,369 61
$18,231 43
20, 418,459 59
53,801, 569 37
45,227, 454 77
39, 933,542 61
82, 865 81
37,165, 990 09
44, 054,717 66
69,713 19
170, 063 42
40, 389,954 56
420,498 04
44, 078,156 35
51, 967,528 42 2, 877, 818 69
56, 316,197 72
872, 047 89
66, 772,527 64
385, 372 90
66, 041,143 70
363, 572 89
.574,443 08
. 72, 330,437 17
66, 355,950 07
60, 056,754 71
62, 616,055 78
456, 379,896 81
.694, 004,575 56
811, 283,676 14
uary 1,1843, to June 30,1843.
2F
Gross expenditures.
Interest.
Public debt.
$1,177, 803 03
2, 373,611 28
2, 097,859 17
2,752, 523 04
2, 947,059 06
3, 239,347 68
3,172, 516 73
2, 955,875 90
2, 815,651 41
3, 402,601 04
4, 411,830 06
4, 239,172 16
3,949, 462 36
4,185, 048 74
2, 657,114 22
3, 368,908 26
3,369, 578 48
2,557, 074 23
2, 866,074 90
3,163, 671 09
2, 585,435 57
2,451, 272 57
8, 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
5,126, 073 79
5,172, 788 79
4, 922,475 40
4, 943,557 93
4, 366,757 40
542 9i
3, 975,071 51
3,486, 800 60
3, 098,843 23
2, 542,574 93
1, 912,748 74
1, 373,561 50
772, 796 87
303, 152 98
202, 863 08
57,
984 23
797,436
962, 920
093, 050 25
479, 977
2, 033,048 07
041,593
2,743, 771 13
151, 240
2, 841,039 37
867, 776
2, 577,126 01
625,877
2, 617,250 12
583, 618
976, 032 09
1, 706,578 84
11, 002,396
1,138, 563 11
11, 952, 534
2, 879,876 981
12, 273, 376
5; 294,235 24' . 13,
270,487
3, 306,697 07
11, 258, 983
3, 977,206 07
12, 615.113
4, 583,960 63
13, 598, 309
5,572, Gi8 64
15, 021,196
2, 938,141 62
11, 292,292
7, 701,288 96
16, 762, 702
3, 586,479 26
13, 867, 220
4, 835,241 12
13, 309, 994
5, 414,564 43
13, 592, 604
22, 279,121
1, 998,349 88
39, 190,520
7, 508,668 22
38, 028,230
3, 307,304 90
39, 582,493
6, 638,832 11
48, 244, 495
17, 048,139 59
20, 880,753 57 • 40,877, 646
15, 086,247 59
35, 104, 875
24, 004,199
2, 492,195 73
21, 763, 024
3,477, 489 96
19, 090, 572
3,241, 019 83
17, 676, 592
2, 676,100 33
15, 314,171
607, 541 01
81, 898, 538
11,624, 835 83
23, 585, 804;
7, 728,587 38
24, 103, 398
7, 065,539 24
22, 656,764
6, 517,596 88
637
47
25, 459,479
9, 064,
25, 044, 358
9, 860,304 77
173
29
24, 585, 281
9, 443,
30, 038, 446
14, 800,629 48
747
79
34, 356, 698
17, 067,
24, 257, 298
1, 239,746 51
412
21
24, 601, 982
5, 974,
328 20
17, 573,141
30, 868, 164
37, 265, 037
21, 822 91
39,
455,438
5, 590,723 79
37, 614, 936
10, 718,153 53
28, 226, 533
3,912, 015 02
31, 797, 530
5, 315,712 19
82, 936,876
7, 801,990 09
12, 118,105
338, 012 64
33, 642, 010
11,158. 450 71
80, 490, 408
7,536, 349 49
27,
632, 282
371, 100 04
60, 520, 851
067
65
5, 600,
60, 655,143
13, 036,922 54
56, 386,422
1.2, 804,478 54
44, 604,718
3, 656,335 14
48, 476,104
912
71
654,
46, 712, 608
2,152, 293 05
54, 577, 061
6,412, 574 01
75, 473,170
17, 556,896 95
66, 164, 775
065
86
6, 662,
72, 726, 341
3, 614,618 66
71,
606
05
3, 276,
82, 274, 587
7, 505,250 82
83, 062,186
14, 685,043 15
77, 678, 642
13, 854,250 GO
85, 055,125
387,313
18,.737,100 GO
565,
96, 097,322 09
899, 007, 503
815, 911
181,081, 635 07
430, 572,014 03 I, 295,541.114
1 4 996 48
399; 833 89
174, 598 08
284, 977 55
773, 549 85
523, 583 91
1, 833,452 13
1, 040,458 18
842, 723 27
1,119, 214 72
2, 390,765 88
3, 565,535 78
3,782, 393 03
3, 696,760 75
4, 000.297 80
3, 665,832 74
3, 070,926 69
2, 314,464 99
1, 953,822 37
1, 593,265 23
1, 652,055 67
2, 637,649 70
3,144, 120 94
4, 034,157 30
13,190, 844 84
24,729, 700 62
53, 685,421
Balance in
Treasury at
the end of
the year.
$973, 905 75
783, 444 51
753, 661 69
1,151, 924 17
516,442 61
888, 995 42
021,899 04
617,451 43
161, 867 77
623, 311 99
295, 891 00
020, 697 64
825, 811 60
037, 005 26
999,888 99
538,123 80
643,850 07
941, 809 96
848, 056 78
672, 276 57
502, 305 80
862,217 41
196,542 00
'21, 848 63
106, 592 88
033, 519 19
"1,465 48
478, 526 74
079, 992 38
198,461 21
681, 592 24
237, 427 55
463,922 81
946, 597 13
201, 650 43
358, 686 18
668, 286 10
972, 435 81
755, 704 79
014,539 75
502,914 45
Oil, 777 55
702, 905 31
892, 858 42
749, 803 96
708,436 00
327, 252 69
891,196 94
157, 503 68
963,163 46
685, 111 08
521, 979 44
186, 284 74
742, 829 62
194, 274 81
261, 959 65
079, 276 43
416, 612 45
827, 082 09
871,753 31
158,353 25
338, 860 02
261,901 09 •
591, 073 41
777, 672 l a
108, 229 80
802, 855 00
113, 334 23
193,248 60
979, 530 78
963. 857 83
965, 304 87
, 523, 046 13
433. 738 44
18
REPORT OF THE SECRETARY OF THE TREASURY.
TAB5ILE m.—STATEMENT of the EXPENDITUBES of the UNITED
•
Year.
War.
1865
I860
Navy.
$1, 030, 690, 400 06$122, 617, 434 07
283,154, 676 06 43, 285, 662 GO
Indians.
Pensions.
Miscellaneous.
$5, 059, 360 71 $16, 347, 621 34 $42, 989, 383 10
3, 295, 729 32 15, 605, 549 88 40, 613,114 17
8, 568, 638, 312 28 717, 551, 816 3C 103, 369, 211 42 119, 607, 656 01 643, 604, 554 33
*3, 621, 780 07
*77, 992 17
*53, 286 61
*718,769 52
*9,737 87
1867.
1868
1869
1870
1871
1872
.1873
1874
1875.
1876
1877 1878
1879
1880
.
1
3, 572, 260, 092 35
95, 224, 415 63
123, 246, 648 62
78, 501, 990 61
57, 655, 675 40
85,799,991 82
:.
35, 372,157 20
46,323,138 31
42, 313, 927 22
• • 41,120, 645 98
38, 070, 888 64
37, 082, 735 90
82,154,147 85
40, 425, 060 73
38,116, 916 22
717, 629, 808 50 103, 422,498 03 119, 617, 393 88
31, 034, Oil 0^ • 4, 642, 531 77 20, 936, 551 71
25,775,502-72
4,100, 682 32 23, 782. 386 78
20, 000, 757 97
7, 042, 923 06 28; 476, 621 78
21, 780, 229 87
3, 407, 938 15 28, 340, 202 17
19, 431, 027 21
7, 426, 997 44 • 34, 443, 894 88
21, 249, 809 99
7, 061, 728 82 28, 533,402 76
23, 526, 256 79
7, 951, 704 88 29, 359, 426 86
30, 932, 587 42
6,692.462 09 29, 038, 414 66
21,497.626 27
8, 384. 656 82 29, 456, 216 22
18, 963, 309 82
5, 9G6, 558 17 ' 28,257,395 69
14, 959, 935 36
5, 277, 007 22 27, 983,752 27
17, 365, 301 37
4, 029, 280 28 27,137,019 08
15,125,120 84
5, 200,109 08 35,121, 482 39
13, 536, 984 74
5, 945,457 09 50, 777,174 44
644, 323, 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
54, 713, 529 76
4, 313,669, 032 48
1, 012, 808, 275 97 187,158, 535 22 547, 241, 335 571, 515, 321, OOI 02
* Outstanding
NOTE.—This statement is inade from warrants paid by the Treasurer up to J u n e 30,1866. The outbalance reported in the Treasury at the end of 1879 and 1880 are included the amounts of $28,101,644.91
tho books of the Register's Oiiice, which amounts have been deducted by the Treasui'er of the IJnited
19
REPORT OF T H E SECRETARY OF T H E TREASURY.
STATES from March 4, 1879, to June 30, 1880, cfc—Continuecl.
Year.
1865
1866
N e t ordinary exPremiums.
penditui-es.
Interest.
Public debt.
Gross expenditures.
Balance in
Treasury at
the end of
. theyear.
$1,717,900 11 $77, 395. 090 30$609, 616,141 68 $1, 906,433, 331 37
$1, 217, 704,199 28
$33, 933, 657 89
58, 476 51 133, 067, 624 91 620,203,240 10 1,139, 344, 081 95
885, 954, 731 43
105, 301, 654 7G
5,152,771,550 43 7, 611, 003 56 502,689,519 272, 374, 677,103 12 8, 037, 749,176 38
*4, 481, 506 24
*2, 888.48
*100 81
*4,484, 555 03 *4, 484, 555 03
1867
1868
1869
1870
I87I
1872
1873
1874
1875
1876
1877
1878
1879
1880
'
5,157, 253,116 67 7, 611, 003 50
202, 947, 733 8710,813,349 38
229, 915, 088 117, 001,151 04
190, 496, 354 951,674.680 05
164,421,507 15 15, 996, 555 60
157, 583, 827 589, 016, 794 74
153, 201, 856 196, 958, 266 76
180, 488, 636 905,105,919 99
194,118, 985 OO 1, 395, 073 55
171, 529, 848 27
164, 857, 813 36
144, 209, 903 28
134, 463, 452 15
161,619.934 53
169, 090, 002 252, 795, 820 42
502, 692,407 752, 374,-677, 203 43 8, 042, 233, 731 41
160, 817, 099 73
143, 781, 591 91 735, 536, 980 11 1, 093, 079, 055 27
198, 076, 537 09
140, 424, 045 71 692, 549, 685 88 1, 069, 889, 970 74
158, 936, 082 ^87
130, 694, 242 80 261, 912, 718 31 584,777, 996 11183, 781,985 7C
129,235,498 GO 393,254,282 13
702, 907, 842 88
177, 604,116 51
12.5, 576, 565 93 899, 503, 670 65
691, 680, 858 90138, 019,122 15
117, 357, 839 72 405, 007, 307 54 682, 525, 270 21134, 666, 001 85
104, 750, 688 44 233, 699, 352 58 524, 044, 597 91159,293; 673 41
107,119, 815 21 422, 065, 060 23 724, 698, 933 99178, 833, 339 54
103, 093, 544 57 407, 377, 492 48
•
682, 000, 885 32
172. 804, 061 32
100, 243, 271 23 449, 345, 272 80 714, 440, 357 39L49 909 377 21
97,124, 511 58 3-23, 965, 424 05 565, 299, 898 91
214, 887, 645 88
102, 500, 874 65 853, 676, 944 90 590, 641, 271 70
286 591,453 88
105, 327, 949 00 699, 445, 809 16 966, 393, 692 69
386, 832, 588 65
95,757, 575 11 432, 590, 280 41
700, 233, 238 19
231, 940,064 44
7, 570,198,180 2668. 368. 115 092,105, 680,421 61 8, 584, 607,484 66
18, 334, 854, 201 62
1.
warrants.
standing warrants are then added, and the statement is by warrants issued from that date. I n the
deposited with the States and $47,097.65 arising from deficiency in tlie Treasurer's Oflice,'transferred to
States, leaving a net balance of covered moneys, as per his books, of $203,791,321.88.
TABJLiE 1.—STATEMENT showing the CONDITION of the SINKING-FUND from its institution in May, I860, ^0 and including June 30, 1880.
DK.
July
T H E SECRETARY OF T H E T R E A S U R Y I N ACCOUNT W I T H SINKING-FUND.
1,1868
J u n o 30,1809
T o 4 of 1 p e r c e n t , on t h e p r i n c i p a l of t h e p u b l i c debt,
b e i n g for t h e t h r e e m o n t h s from A p r i l 1 to J u n e 30,
1808
T o i u t e r e s t on $8,691,000, b e i n g a m o u n t of p r i n c i p a l of
p u b l i c d e b t p u r c h a s e d d u r i n g fiscal y e a r 1869 on t h i s
account
•Balauce to n e w account
J u n e 30,1869
), 529, 219 63
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 iu 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 i i n t of p u r c h a s e s i n 1809.
1,1869
J u n e 30,1870
T o 1 p e r c e n t , o n 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 1809..
T o iiSterest on $28,151,900, 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 1870 o n t h i s a c c o u n t .
25, 884, 522 14
521, 460 00
o
w
J u l y 1,1869
J u n e 30,1870
1, 254, 897 GO
B y b a l a n c e from l a s t y e a r
B y a m o u n t o f 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 on a c c o u n t of p u r c h a s e s i n 1 8 7 0 . . .
B y b a l a n c e to n e w a c c o u n t .
27, 660, 879 14
July
1,1870
J u n e 30,1871
T o b a l a n c e from l a s t y e a r
T o 1 p e r c e n t , on t h e p r i n c i p a l of t h e p u b l i c d e b t on
J u n e 30, 1870, $2,480,072.427.81. 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 o n $29,936,250, a m o u n t of p r i n c i p a l of p u b l i c
d e b t p u r c h a s e d d u r i n g fiscal y e a r 1871 on t h i s a c c o u n t .
744, 711 80
1,1871
J u n e 30.1872
T o b a l a n c e from l a s t y e a r
T o 1 p e r cent, on t h e p r i n c i p a l of t h e p u b l i c d e b t on
J u n e 30, 1871, $2,353,211,332.32.-1
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, $-,:!8,15i,9G0
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 r a p t i o n of $32,618,450, a m o u n t of
p r i n c i p a l of p u b l i c d e b t p u r c h a s e d d u r i n g fiscal y e a r
1872 on t h i s a c c o u n t
T o balance to n e w account
7, 397, 829 86
H
O
672, 020 23
w
25, 893,143 57
351, 003 54
744, 711 80
27, 660, 879 14
J u n e 30,1871
24, 806, 724 28
521,400 00
1, 689,114 00
B y a m o u n t o f p r i n c i p a l p u r c h a s e d , $29,936,250, e s t i m a t e d
t 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 i n 1871 . . .
B y balance to new account
-
O
>
28, 694, 017 73
367, 782 53
257,474 82
O
1, 557, 264 50
29, 319, 274 58
July
O
$7,261,437 30
130, 3D2 56
196, 590 GO
672,'020 23
7, 397, 829 86
July
• CR.
257,474 82
23, 532,113
521,460
1, 689,114
1, 796,175
82
00
00
GO
29, 319, 274 58
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 , $82,618,450, e s t i m a t e d
i u 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 i n 1872 . . ,
32, 248, 645 22
430, 908 38
2, 059, 825 50
2, 823, 891 46
32, 679, 553 60
32, 679, 553 60
H
W
l>
CO
1,1872 To 1 per cent, on the principal of the public debt on
June 80, 1872, $2,253,251,328.78
June 30,1873 To interest on redemption of 1869. $8,691,000
To interest on redemption of 1870, .$28,151,900
To iuterest on redemption of 1871, $29,936,250
To interest on redemption of 1872, $32,018,450
To iuterest on redemption of $28,678,000, amount of
principal of public debt purchased during fiscal year
1873 on this account
To balance to new account
July
Jidy 1,1872 By balance from last year
By amount of principalpurchased, $28,678,000, estimated
in gold
-.
:
By accrued interest on account of purchases in 1873-..
22, 532, 513 29 Juno 80,1873
521,460 00
1, 689,114 00
1, 796,175 00
1, 957,107 00
1, 725, 881 50
1,451, 588 95
O
1 31, 673, 839 74
1,1873 To 1 per cent, on the principal of the public debt on
June 30, 1873, $2,234,482,993.20
J u n e 30,1874 To interest on redemption of 1869, $8,691,000
To interest on redemption of 1870, $28,151,900
To interest on redemption of 1871, $29,938,250
To interest on redemption of 1872, $32,618,450.. To interest on redemption of 1873, $28,678,000
......
To interest on redemption of $12,936,450, amount of
principal of public debt purchased during fiscal year
1874 on this account
July
2,823,89146
28, 457, 562 83
392, 385 45
31, 673, 839 74
July 1,1873 By balance from last year.
By amount of principalpurchased, $12,936,450, estimated
. in gold
By accrued interest on account of piirchases in 1874-..
By balance
22, 344, 829 93 J u n e 30,1874
521,460 00
1, 689,114 00
1, 790,175 00
1, 957,107 00
1,720,080 00
%
o
1,451, 588 95
w
12, 872, 850 74
222, 586 28
16, 305, 421 96
CQ
30, 852,447 93
O
Q
823,082 00
30, 852, 447 93 ||
H
July 1,1874 To 1 per cent, on the principal of the public debt on
June 30, 1874, $2,251,690,468.43
J u n e 30,1875 To interest on redemption of 1869, $8,691,000............
To interest on rederaption of 1870, $28,151,900
Tp interest on redemption of 1871, $29,930,250
Tb iuterest on redemption of 1872, $32,018,450
•----.
To interest on redemptiou of 1873, $28,678,000 .--..•-•-•,.-,
To interest on redemption of 1874, $12,936,450
To iuterest on redemption of $25,170,400, amount of
principal of public debt " p a i d " during fiscal year
1875 on this account
22, 516, 904 68
521, 460 00
1, 689,114 00
^ 1, 796,175 00
1,957,107 00
1, 720, GSO 00
770, 087 00
June 30,1875 By amount of principal redeemed, estimated in gold..
By accrued interest on account of redemption in 1875.
By balance
. . . = »....,
25.170, 400 00
• 853, 061 56
5, 996, 039 62
%
541, 973 50
31, 519, 501 18 1
31,519,501 18.
to
T A B I i E li—STATEMEifT showing the CONDITION bf the SINKINO-FUND, #c.—Continued.
T H E SECRET?ARY O F T H E T R E A S U R Y I N A C C O U N T W I T H
DR.
July
1,1875
J u n e 30,1876
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, 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 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, $28,678,000
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 i j t i o n of 1875, $25/170,400
T o i n t e r e s t on r e d e m p t i o n of $32,183,488.09, a m o u 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
1876 on t h i s a c c o u n t . -
J u n e 30,1876
$22, 322, 845 32
521, 400 00
1, 689,114 00
1,796,175 GO
1, 957,107 00
1,720,680 00
776, 087 00
1, 510, 224 GO
SINKING-FUND.
By
By
By
By
By
By
amount
accrued
amount
amount
amount
balance
of p r i n cipal 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 i n 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 80,1877
T o 1 p e r c e n t , on t h e p r i n c i p a l of t h e p u b l i c d e b t bn
J u n e 30, 1870, $2,180,395,007.1.5
,
T o i n t e r e s t on r e d e m p t i o n of 1869, $8,691,000
T o i n t e r e s t on r e d e m p t i o u of 1870, $26,151,900
T o i n t e r e s t on r e d e m p t i o n of 1871; $29,030,250
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, $28,078,000
T o i n t e r e s t on r e d e m p t i o n of 1874, $12,930,450
:
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 r a 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 $24,498,919.05, 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
-
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 i n 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 i n 1877 - of f r a c t i o n a l cuiTency r e d e e m e d
of-legal-tenders r e d e e m e d . . . .
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, 1877, $2.205,301,392.10
'•J u n o 30,1878 T o i n t e r e s t o n 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 o n 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 o n 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 o n 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 o n 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 o n r e d e m p t i o n of 1874, $12,930,450
T o i n t e r e s t o n 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 1876, $32,183,488.09. - . T o i n t e r e s t - o n 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 o n 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 on t h i s a c c o u n t
21, 803, 950
521,460
1, 689,114
1,790,175
1, 957,107
1, 720, 680
776, 087
1, 510, 224
1, 931, 009
67
00
00
00
00
00
GO
00
28
447, 500
5, 776
14, 043, 458
10,007 952
9, 225,146
00
52
05
00
63
O
•
J u n e 30,187&
22, 053, 013 92
521, 400 00
1, 689,114 00
1, 796,175 00
1, 957,107 GO
1, 720, 080 00
770, 087 00
1, 510, 224 00
1, 931, 009 28
1, 469, 934 60
By
By
By
By
By
83, 729, 833 20
a m o u n t 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 i n gold . . acci-ucd 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 f r a c t i o n a l c u r r e n c y r e d e e m e d
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
809
3, 855, 368
13, 083, 316
18, 415, 557
00
92
57
00
81
w
CQ
a.
w
4,197 GO
35, 429, 001 80
CQ
O
Kl
24, 026 25
1,1877
.O
H
O
• 33,584,775 82
J u n e 30,1877
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
to
to
1, 291, 083 50
33,584,775 82
July
CR.
85,429,001 80
July
1,1878
June 30,1879
To 1 per cent, on the principal of the public debt on
June 30,1879 By amount of principal redeemed, estimated in gold ..
By accrued interest on account of redemption in 1879 .
22,563. 058 93
June 30, 1878 $2,256,205,892.53
By amount of fractional currency r e d e e m e d . . . . . . . . . . .
521, 460 00
To interest on redemption of 1869, $8,691,000
1, 689,114 00
To interest on redemption of 1870, $28,151,900
By balance..
--•--•
- - • --------- -.1,796, 175 00
To interest on redemption of 1871, $29,936,250
1, 957,107 OO
To ihtere&t on redemption of 1872, $32,618,450 : . . , . . . . . .
1,720, 680 00
To interest on redemption of 1873, $28,678,000...776, 087 00
To interest on redemption of 1874, $12,936,450
-. -.
1, 510,224 00
To interest on redemption of 1875, $25,170,400
I, 931,009 28
To interest on redemption of 1876, ^$32,183,488.09.
,
1, 469,934 60
To interest on redemption of 1877, $24,498,910.05
,
1, 020,758 07
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 " duriag fiscal year
996 75
1879 on this account
-•
1,1879 To 1 per Cent, on the principal of the public debt on
June 30, 1879, $2,349,567,482.04
J u n e 30,1880 To balance from fiscal year 1874....... $16, 305,421 96
To balance from fiscal year 1875....... 5, 996, 039 62
To balance from fiscal year 1876.. . . . . i ' l , 143, 769 82
To balance from fiscal year 1877....... 9, 225,146 63
To balance from fiscal year 1878
18,415, 557 31
To balance from fiscal year 1879
36, 231, 632 87
To interest on redemption of 1869, $8,691,000--..
To interest on redemption of 1870, $28,151,1)00-..
To inter<5St on redemption of 1871, $20,636,250 - . .
To iutertict on redemption of i872,-$32,618,450-.To interest on redemption of 1873, $28,678,000...
To interest On redemption of 1874, $12,936,450...
To interest on rederaption 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 1879, $723,662.99.-To iuterest on redemption of $73,904,617.41, amount of
principal of public debt " paid" during fiscal year
1880 on this account..
23,495, 674 82
w
w
^
ow
H
o
^
.36, 955, 604 63
86,955, 604 63
July
18, 500 00
308 77
. 705,162 99
36,231,632 87
J u n e 30,1880 By
By
By
By
By
amount of principal redeemed in 1880
accrued interest on account of redemption iii 1880 amount of premium paid
.amount of fractional currency redeemed-.
balance-
73,652,900 00
935,95100
2, 79.5, 820 42
251, 717 41
49,817,128 78
g
H
N
CQ
O
w
H
H
87, 317,568 21
521, 460 00
1, 689,134 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 60
1, 020,758 07
419 78
2,203, 806 45
127,453,018 21
>W
X
O
^
Hi'
w
w
. .'»
127,453, 018 21
H
•W
M
P>
rn
^
to
00
T A H I i l J IL.—STATEMENT showing the PUBCHASE of BONDS on account of the SINKING-FUND during each fiscal year from its institution in
May,1869,io and including June 30, 1880. \
Y e a r ended—
Principal redeemed.
Interest d u e Accrued inter- Balance of interest due at
P r e m i u m p a i d . Net cost in Net cost estiat close of
est paid in
currency.
mated in gold.
closeof fiscal
fiscal year.
coin.
year.
to,
hj
• O
J U N E 80, 1869.
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 i l a r c h , 1864 .
F i v e - t w e n t i e s of J u n e , 1864...
.Five-twenties of 1865
Consols, 1865. - . . . - .
- . . -.,
Consols, 1 8 6 7 - . . . r . . .
Consols, 1868.
Total...:...
$1,621, 000 00
. 7 0 , 0 0 0 00
1,.051,.000 00
465,000 GO
. 461, 000 00
4,..718,.000 00
305,000 GO
8,691,000 00
$253,822
11, 725
161, 946
.74,969
73, 736
749, 208
49,442
84
00
45
00
80
08
50
$1, 874, 822 84 $1, 349, 970 02
57, 552 82
81, 725 00
873, 205 61
1, 212, 946 45
387, 566 28
539, 969 GO
387, 903 26
534, 736 80
3, 948, 586 11
5,467,208 08
256, 653 20
354, 442 50
1,374,850 67
10, 065, 850. 67
493, 479
15, 742
506,189
361, 735
1,454, 778
861, 763
53, 363
4, 035, 529 42 3,263,099 51
75, 658 54
100, 742 87
3, 647,628 29
4,477, 589 91
2, 606, 636 20
3,151, 985 43
12, 986, 928 37 10,681,736 97
6, 744, 813 73 5, 309, 810 90
308, 573 16
401, 863 95
7, 261,437 80
$16, 210 00
700 00
10, 510 00
4, 650 00
13,830 GO
141, 540 GO
9,150 GO
$7, 384 60
218 63
1, 470 42
2,683 54
429 Oi
116,032 85
8,173 98
$8, 825 40
481 87
9, 039 58
1, 966 46
13, 400 96
25, 507 65
976 02
O
196, 590 00
136, 392 56
60,197 44
CQ
160, 919 50
5, 350 00
165,834 00
105,257 50
495,421 50
302, 734 50
19, 380 GO
45, 994 49
1,080 99
49, 946 00
37,113 53
145, 518 29
. 66,111 51
5, 238 73
114, 925 01
4, 269 01
115,888 GO
68,143 97
349, 903 21
236, 622 99
14,141 27
1, 254, 897 00
351,003 54
903, 893 46
hrj'.
H
W:
H.
J U N E ,30, 1870.
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868
of
df
of
of
1862
-,...
M a r c h , 1864 .
J u n e , 1864...
1865
........
To tal-
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
28,151,900 GO
:
4287
91
43
37
73
95
3, 747, 053 68
31, 898, 953 68
227, 607 56
. • 2, 277 20
340, 529 63
574, 923 00
850, 949 79
541,559 41
4, 784 61
3, 020, 557 56
31, 777 20
4, 307, 879 63
7, 343, 523 GO
11, 073,149 79
6, 644, 609 41
57, 384 61
25, 893,148 57
J U N E 30, 1871.
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 M a r c h , 1864
- - -.
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, 1 8 6 5 . . :
............
Consols, 1807 . . - - . .
Consols, 1 8 6 8 , . . ; . . . . . . . . . . . . - . , . . . - . . -..
Total.......... =. . . , . . . , ! . . . „ . . . .
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
GO
, 29, 936, 250 00
w
2, 542, 631 20 32,478, 881 20
2, 680, 209 05
28, 590 88
3, 847,182 42
6, 525, 231 42
9, 762, 387 78
5, 800, 618 37
49, 797 81
28, 694, 017 73
145, 975 00
.1,240 00
201, 375 00
331, 933 50
522,117 00
351,528 00
3, 096 00
1, 557, 264 50
36, 657 80
3g8 35
51, 703 46
92, 259 58
109, 455 28
76, 745 93572 13
367,782 53
. 109, 317 20
851 65
149, 671 54
239, 673 92
p^
412, 661 72
274,782 072, 523 87
a-
1,189,481 97
J U N E 30, 1872.
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868
of
of
of
of
1862
March, 1864
June, 1864 . ^
1865
,
Total
6, 417, 850 00
127,100 00
3, 604, 650 GO
3, 635, 200 00
II, 788, 900 00
6, 958, 900 GO
85, 850 GO
764, 055 21
14, 959 03
438, 656 16
436, 838 70
1,436, 989 46
833, 600 15
9, 951 63
32, 618, 450 00
3, 935, 050 84
181, 905 21
142, 059 03
043, 306 16
072,038 70
225, 889 46
792, 500 15
95, 801 63
6, 345, 391 98
126,123 46
3, 573, 223 63
3, 594, 747 85
11, 660, 785 89
6, 863, 777 89
84, 595 02
427, 849 00
8, 894 00
246, 001 50
246, 562 00
707, 334 00
417, 534 00
5,151 GO
75,179 43
1, 338 70
57, 449 80
87, 817 37
149, 248 21
108,487 92
1, 886 95
i, 553, 500 34 82, 248, 645 22
2,059, 325 50
430, 908 38
352, 669
7, 555
188, 551
208, 744
558, 085
309, 046
3, 764
57
30
70
63
79
08
05
I, 628, 417 12
o
pi
J U N E 30, 1873.
Five.twenties of 1862
Five-twenties of March, 1864
Five-twen ties of June, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867
Consols, 1868 - - . . . -
.
.-a
Total
...-.
O
7,137,100 00
50, 000 00
3,741,150 00
1, 959, 850 00
10, 708, 250 00
4,402,100 GO
619, 550 00
925, 783 87
7, 372 50
480, 684 37
250, 635 93
1, 371,187 17
553, 610 89
81, 983 44
063, 883 87
57, 372 50
221, 834 37
"210, 485 93
139,437 17
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 34
431, 450 50
3, 500 00
223, 270 50
120,266 50
646, 095 00
264,126 00
37,173 00
101, 960 57
813 70
42, 216 46
23, 744 47
145, 069 34
69, 632 51
8,948 40
329,489 93
2, 686 80
181, 054 04
96, 522 03
501, 025 06
194, 493 49
28, 224 60
28, 678, 000 CO
3, 671, 258 17
32,. 349, 258 17
28, 457, 502 83
1, 725, 881 50
392, 385 45
1, 333,496 05
1,421,700 GO
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 62
432,348 1.8
86, 505 62
1, 415, 891 05
2, 012, 051 32
1, 241, 571 69
3, 374, 934 42
4, 029, 975 86
798, 926 40
99, 519 GO
141, 438 50
87, 307 50
203, 619 00
243, 060 GO
48,138 00
31, 743 95
48, 013 46
29, 348 19
46,489 33
55, 976 97
11, 014 38
67, 775 05
93, 425 04
57, 959 31
157,129 07
187, 083 03
37,123 62
12, 872, 850 74
823, 082 00
222, 586 28
600, 495 72
J U N E 80, 1874.
Five-twenties of 1862
Five-twenties of June, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867
Consols, 1868
Total
.;.
12, 936,450 GO
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, 831, 523 55
CQ
_tTJ^
o
w
P>
Pi
><
O
w
H
W
J U N E 30, 1875.
Five-twenties of 1862.
H
W
25,170, 400 00
25,170,400 00
541,973 50
353, 001 56
188, 911 94
CQ
a
J U N E 30, 1876.
pi
Kj
Five-twenties of 1862
Five-twenties of Juue, 1864
Five-twenties of 1865
Total
5,785, 2G0 00
10, 869, 600 00
1,789,250 00
5, 785, 200 00
10, 869, 600 00
1, 789, 250 00
18,444, 050 GO
18,444, 050 GO
404, 964 00
760,872 00
125, 247 50
1, 291, 083 50
54, 745 72
171, 966 33
30, 8C5 86
350, 218 28
588, 905 67
94,441 64
257, 517 91
1, 033, 505 59
to
Ol-
T 1 4 B I . E IL.—STATEMENT showing the PUBCHASE of BONDS on account of the SINKING-FUND, ^c—Continued.
Year cnded-
J U N E 30, 1877.
F i v e - t w e n t i e s of 1802
F i v e - t w e n t i e s of J u n e , 1864
F i v e - t w e n t i e s of 1805
Consols, 1865
Consols, 1807 - .
P r i n c i p a l redeemed.
P r e m i u m paid.
N e t c o s t in
currency.
A c c r u e d inter. est paid in
coin.
to
Balance of interest due at
close of fiscal
year.
Pi
$81,200
178, 900
180, 350
6, 050
1,000
00
00
00
00
00
$81, 200
i78, 900
180, 350
6, 050
1, 000
447, 500 00
Total.
N e t cost estim a t e d iu gold.
Interest d u e
a t close of
fiscal y e a r .
00
GO.
00
GO
00
$4, 352
9,943
9, 519
181
30
25
50
00
50
00
$1,181
1,323
3,14i
108
21
67
60
08
97
20
$3,170 58
8, 019 90
6, 377 92
72 53
." GO
447, 500 00
24, 026 25
5,776 52
18, 249 73
17, 900 00
15, 900 00
2, 350 00
23, 600 00
5,700 00
8, 500 00
966 00
834 00
129 GO
1, 410 00
342 00
• 510 00
192 65
78 41
40 92
273 35
184 70
89 83
773 35
755 59
88 08
., 142 65
207 24
420 17
73,950 00
4,197 00
809 92
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 , 1804
F i v e - t w e n t i e s of 1865
Consols, 1865
„
Consols, 1867
Consols, 1868
-17, 900
15, 900
2, 350
23, 000
5, 700
8, 500
00
00
00
00
00
00
73, 950 00
Total.,
2, 650 GO
8,150 GO
1, 850- GO
1, 700 00
9, 050 GO
100 GO
2, 650 00
3,150 00
1, 850 00
1,700 00
9, 050 00
100 GO
18, 500 00
Total.
H
W
cc
o
H
J U N E 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
O
H
O
18, 500 00
165 75
94 50
85 50
102 GO
543 00
6 00
40
18
41
41
166
56
85
53
22
49
62
00
125 40
75 97
44 28
60 51
876 38
5 44
996 75
308 77
687 98
Kl
t?;j
J U N E 30, 1880.
l ^ i v e - t w e n t i e s of 1802
J ' 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
T e n - f o r t i e s of 1864
L o a n of F e b r u a r y , 1861
L o a n Of J u l y a n d A u g u s t , 1 8 6 1 . .
L o a n of M a r c h , 1863
Oregon w a r d e b t
F u n d e d l o a n of 1881
F u n d e d l o a n of 1907
c?..:
Total.
http://fraser.stlouisfed.org/
Grand total
Federal Reserve Bank of St. Louis
100
100
250
676, 050
2, 837, 000
32, 064, 250
12,797,150
202, 550
23, 575, 450
1, 500, 000
00
00
00
00
00
00
00
00
GO
GO
73, 652, 900 GO
258, 819,350 00
$74,161 95
1, 376, 085 04
549, 035 18
8, 273 02
662, 206 97
125, 558 26
2, 795, 320 42
19,461, 238 03 $157, 677, 967 61
100 00
100 00
250 00
676, 050 00
2, 911,101 95
33, 440, 335 04
13,346,185 18
210, 823 02
24, 237, 656 97
1, 625, 558 26
4 GO
4 00
. 14 50
28,168 75
85,110 GO
1,165, 807 50
484, 747 50
9, 787 50
415^162-70
15, 000 00
76,448, 220 42
2, 203, 806 45
256, 030, 277 81 11, 683,123 95
67
49
5 85
12, 872 65
47, 540- 20
518,148 79
213,179 29
3, 662 56
180, 349 36
10,191 74
3 33
3 51
8 65
15, 296 10
37, 509 80
647,658 71
271, 568 21
6,124 94
284, 813 84
4, 808 26
935, 951 60
1, 267, 854 85
3,454, 485 02
8, 228, 638 93
H"
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a
GQ
Kl
T A B L , E IJ.—STATEMENT SHOWING the FUBCHASES of BONDS on ACCOUNT of the S I N K I N G FUND, from November, IbTU, to October
31, 1880.
Dato
of purchase.
T i t l e of loan.
1879.
N o v . 8 Oregon w a r d e b t
L o a n of J u l y a n d A u g ,
1861.
8 L o a n of 1863 (1881s) . .
D e c . G O r e g o n w a r (' a b t
6 L o a n of J u l y a n d A u g ,
1861.
6 L o a n of 1863 (1881s) . 1880.
J a n . 7 Oregon w a r d e b t
7- L o a n of J u l y a n d A u g
1861.
7 L o a n of 1863 (1881s) . .
7 F u n d e d l o a n o f 1881.F e b . 11 L o a n of F e b . , 1861
11 Oregon w a r d e b t
11 L o a n of J u l y a n d A u g .
1861. •
11 L o a n o f 1863 (1881s) . .
11 F u n d e d l o a n o f 1881.18 L o a n of F e b . , 1861
18 O r e g o n w a r d e b t
18 L o a n of J u l y a u d A u g .
1861. .
18 L o a n of 1863 (1881s) . . .
18 F u n d e d loan of 1 8 8 1 . . ,
25 L o a n of F e b . , 1861
25 Oregon w a r d e b t
25 L o a n of July^ a n d A u g .
1861. 25 L o a n of 1863 (1881s) . . .
M a r . 3 L o a n of F e b . , 1861
3 O r e g o n Avar d e b t
3 L o a n of J u l y a n d A u g .
1861.
3 L o a n of 1863 (1881s) . . .
10 L o a n of F e b . , 1861
10 F u n d e d l o a n o f 1 8 8 1 . . .
Authorizing act.
M a r c h 2,1861
J u l y 17 a n d A u g . 5,1861
M a r c h 3,1863
March 2,1861..
J u l y 17 a n d A u g . 5,1861
Rate.
W h e n redeemable.
Pr. ct
6
July
6 J u n e 30,1881
6
6
6
July
M a r c h 3,1863
J u l y 14, 1870, a n d J a n .
20, 1871.F e b . 8,1801
M a r c h 2,1861
J u l y 17 a n d A u g . 5,1861
M a r c h 3,1863
J u l y 14, 1870, a n d J a n .
20, 1871.
F e b . 8,1801
,
M a r c h 2,1861
Julyl7andAug.5,1861.
M a r c h 3,1863
J u l y 14, 1870, a n d J a n .
20, 1871.
F e b . 8,1861
M a r c h 2,1861
J u l y 17 a n d A u g . 5,1861.
M a r c h 3,1863
F e b . 8,1861
M a r c h 2,1861
J u l y 17 a n d A u g . 5,1861.
M a r c h 3,1863
F e b . 8,1861
J u l y 14, 1870, a n d J a n .
20, 187L
1,1881
J u n e 30,1881
do
July
Interest payable.
1,1881 J a n . a n d J u l y .
do
do
M a r c h 3,1863
M a r c h 2,1861
,
J u l y 17 a n d A u g . 5,1861
"When p a y a ble.
1,1881
J u n e 30,1881
.do.,
.do .
.do.
$128, 472 GO
7,118, 748 00
3, 213, 000 00
2, 500 00
. 80, 200 GO
123, 002 25
93 00
2, 983 32
69, 717 75
65 75
2,109 38
3, 405, 780 GO
2, 658 75
85, 292 70
hJ
O
w
H
O
7,000 00
2, 007, 600 00
288 05
82, 555 24
8 05
2,310 10
7,296 10
2, 092,465 84
1, 040, 400 00
-1,-945, 000 00
42, 791 39
47,-306 09
1,197 17
17,851 41-
1, 084, 388 56
-2,010,1575.0
186, 000 00
27, 000 00
4, 075, 800 GO
5, 651 02
1, 241 33
217, 618 52
1,253 58
• 181 97
31, 513 60
192, 904 60
28, 423. 30
4, 924, 932 12
'^
H
>
1, 508, 750 00
5, 076,450 GO
70, 899 74
160, 872 38
10,108 58
6, 954 18
1,589,818 32
5, 244, 276 56
O
57, 000 00
7, 000 00
399, 950 00
1, 810 75
338 52.
19, 323 46
449 75
55 23
3,155 76
59,260 50
7, 393 75
422, 429 22
hrj
125, 050 00
411, 000 00
6,056 02
14,007 80
986 71
957 13
132, 092 73
425, 964 93
w
154, 000 GO
2, 550 00
1, 518, 600 00
4, 059 28
121 46
72, 592 01
1, 892 32
23 05
13, 729 78
160, 051 60
2, 694 51
1, 604, 921 79
>
325,150
14, 000
6, 500
1, 538, 450
15,497
417
315
-74, 273
2, 939
142
66
15, 679
343, 586 84
14, 560 00
6,881 87
1, 628,403 17
CQ
-do .
Feb., May, Aug.,
Nov.
D e c . 81,1880 J a n . a n d J u l y
J u l y 1,1881
do
J u n e 30,1881
do
and
do
do
M a y 1,1881
Feb., May, A u g
Nov,
D e c . 31,1880 J a n . a n d J u l y . - J u l y 1,1881
do
J u n e 80,1881
do
do
$2, 029 87
145, 789 26
.do.
.do .
1,1881
J u n e 30,1881
$4, 642 13
257,158 74
3, 895 23
do
D e c . 31,1860
J u l y 1,1881
$121,200 00
0, 715, 800 00
TotaL
5, 509,12
.do .
F e b , , __May,„ A u g . , a n d
Nov.
D e c . 31,1880 J a n . a n d J u l y
J u l y 1,1881
do
J u n e 30,1881
do . - - -
do
A c c r u e d interest paid.
148,100 00
1,1881
May
N e t premiu m XDaid.
.do .
do
May
A m o u n t purchased.
-do
.do
do
.do
and
.
.
.
.
-do .
-do .
D e c . 31,1880
M a y " i^ 1881
Feb., May, Aug., and
Nov.
00
00
00
00
957, 050 GO
718, 000 00
1, 282, 000 00
14
32
62
61
46, 227 02
20, 509 10
37,274 87
70
68
25
56
9, 754 06
8,143 90
6, 673 43
Hrj.
1,013,031 08
746, 653 00
1, 325, 947 80
H
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to
T A S I . E 1^.—STATEMENT SHOWING the PUBCHASES of BONDS on ACCOUNT of the SINKING FUND, ^c—Continued.
to
00
Date
of p u r chase.
T i t l e of l o a n .
1880.
M a r . 17 O r e g o n w a r d e b t
..
17 L o a n of J u l y a n d A u g .
1861.
17 L o a n of 1863 (1881s) . -.
17 F u n d e d l o a n o f 1 8 8 1 . . .
24 L o a n of F e b . , 1861
24 O r e g o n w a r d e b t
24 L o a n of J u l y a n d A u g .
1861.
24 L o a n of 1863 (1881s) . . .
24 F u n d e d l o a n o f 1 8 8 1 . . .
31 L o a n o f
31 L o a n of
1861.
31 L o a n of
31 F u n d e d
Apr.
F e b . , 1861
J u l y and Aug.,
1863 (1881s) . . .
l o a n of 1 8 8 1 . . -
L o a n o f F e b . , 1861
Oregon w a r d e b t
L o a n of J u l y a n d A u g . ,
1861.
L o a n of 1863 (1881s) . . F u n d e d l o a n o f 1881.--
Authorizing act.
M a r c h 2,1861
J u l y 17 a n d A u g . 5,1861.
M a r c h 8,1863
J u l y 14, 1870, a n d J a n .
20, 187L
F e b . 8,1861
M a r c h 3.1861
J u l y 17 a n d A u g . 5,1861.
March 3,1863..--.J u l y 14, 1870, a n d J a n .
20, 1871.
F e b . 8,1861
J u l y 17 a u d A u g . 5,1861,
M a r c h 3,1863
-.,
J u l y 14, 1870, a n d J a n .
20, 1871.
F e b . 8,1861
M a r c h 2,1861
J u l y 17 a n d A u g . 5,1861,
M a r c h 3,1863
J u l y 14, 1870, a n d J a n .
20, 1871.
F e b . 8,1801
Loanof Feb..l861
Oregon w a r debt
„ M a r c h 2,1801.
L o a n of J u l y a n d A u g . , J u l y 17 a n d A u g . 5,1861,
1861.
L o a n of 1863 (1881s) . . . M a r c h 3,1863
F e b . 8,1861
L o a n o f F e b . , 1861
L o n n of J u l y a n d A u g . , J u l y 17 a n d A u g . 5,1861
1861.
L o a n of 1863 (1881s) . . . M a r c h 3,1863
F u n d e d loan of 1881. - . J u l y 14, 1870, a n d J a n .
20, 1871.
L o a n o f F e b . , 1 8 6 1 . - . : . F e b . 8,1861
--..
L o a n of J u l y a n d A u g . , J u l y 17 a n d A u g . 5,1861
• 1861.
L o a n of 1863 (1881s) . . . M a r c h 3,1863.-http://fraser.stlouisfed.org/
F u n d e d l o a n o f 1 8 8 1 . . . J u l y 14, 1870, a n d J a n .
Federal Reserve Bank of St. Louis
90 1R71
Rate.
"When r e deemable.
W h e n payable.
P r . ct.
6
July
6 J u n e 30,1881
Interest payable.
1,1881 J a n . a n d J u l y .
.-...do ---.-M a y 1,1881
-do .
Feb., May,'Aug.,
Nov.
Doc. 31,1880 J a n . a n d J u l y
J u l y 1,1881
do
J u n e 30,1881
do
and
do
-do .
Feb., May, Aug., and
M a y 1,1881
Nov.'
D e c . 81,1880 J a n . a n d J u l y
do
J i m e 30,1881
do
-do.
Feb., May, Aug.,
Nov.
D e c . 81,1880 J a n . a n d J u l y
J u l y 1,1881
do .*
J u n e 30,1881
do
May
1,1881
and
do . - . . - 1,1881
-do Feb., May, Aug., and
Nov.
D e c . 31,1880 J a n . a n d J u l y
J u l y 1,1881
do . - J u n e 30,1881
do .-
May
do
D e c . 31,1880
J u n e 30,1881
-do .
.do .
-do .
AmoTiirt p u r chased.
N e t premiu m paid.
A c c r u e d interest paid.
$8, 000 GO
925,450 00
$247 54
38,705 55
$74 96
11, 561 80
$6, 322 50
975, 777 35
305, 550 GO
763, 000 00
12, 799 67
19, 278 97
3,817 28
4, 703 43
322,166 95
786, 982 40
86, 000 GO
500 00
1, 355,400 GO
. 2, 050 24
19 98
53, 599 39
1,173 36
6 82
18, 492 84
89, 223 60
526 80
1, 427,492 23
857,800 00
200, 800 00
14,170 02
4, 781 94
4, 874 91
1, 430 36
376, 344 93
207, 012 30
30, 000 00
1, 497,150 00
722 60
01,143 34
443 83
22,149 61
31,166 43
1, 580, 442 95
377,.350 00
3, 095, 500 00
15,427 95
77, 502 26
5, 582 72
25, 018 44
398, 360 07
3,198,020 70
20,000 GO
5, 000 00
551,150 00
495 99
213 27
23, 875 25
818 91
79 73
8,788 19
20, 814 90
5, 293 00
583. 813 44
212, 550 00
711,300 GO
9,192 28
19, 748 67
8, 389 14
6,430 92
225,131 42
737, 479 59
220, 000 GO
5, 800 00
973, 700 GO
5,430 91
243 70
40, 989 GO
8,701 09
99 16
16,646 27
229,192 GO
6,142 86
1, 031, 335 87
800,500 GO
217, 000 00
693, 900 00
12, 650 45
5, 203 78
28, 954 06
5,137 32
3,959 52
12, 661 30
318, 287 77
226,163 30
.735,515 36
23,100 00
2, OOG, 000 00
958 24
52, 977 90
421 49
22, 041 10
24,479 73
2,141, 619 00
273, 000 00
1, 214, 200 GO
6, 937 28,
53, 822 08
5, 295 47
23, 552 19
285, 232 75
1, 291, 574 27 -
364, 200 GO
1,148, 600 GO
16, 078 85
33, 664 20
7, 064 48
13, 688 80
887, 343 33
1,195,353 00
Total.
•TJ
o
O
td
o
Kj
O
w
H
W
t=J
;>
CQ
do . . . . - , . . .
Feb., May, A u g
M a y 1,1881
Nov.
D e c . 31,1880 J a n . a u d J u l y . - .
do
J u n e 30,1881
do
do
May
1,1881
and
.do .
Feb., May, Aug., and
d
Kl
May
L o a n of F e b . , 1861
Oregon w a r d e b t
L o a n of J u l y a n d A u g .
1861.
L o a n of 1863 (1881s) . . .
F u n d e d l o a n of 1 8 8 1 . . L o a n o f F e b . , 1861
L o a n of J u l y a u d A u g . ,
1861.
L o a n of 1863 (1881s) . - .
F u n d e d l o a n o f 1881...
Loanof Feb., 1861...Oregon w a r d e b t
L o a n of J u l y a u d A u g
1861.
L o a n of 1863 (1881s) . .
F u n d e d l o a n o f 1881..
L o a n of Julj'^ a n d A u g
1861.
L o a n of 1863 ( 1 8 8 1 s ) . .
F u n d e d loan of 1 8 8 1 . .
J u n e 2 L o a n of J u l y a n d A u g
1861.
L o a n of 1863 (1881 s ) . .
F u n d e d l o a n o f 1881..
C o n s o l s o f 1907
Loanof Feb., 1801....
Oregon w a r d e b t
L o a n of J u l y a n d A u g
1801.
L o a n of 1803 (1881s)..
L o a n o f Feb., 1801-.-L o a n of J u l y a n d A u g
1861.
L o a u of 1863 (1881s)..
F u n d e d l o a n o f 1881..
Loanof reb.,1861--..
Oregbn w a r debt
L o a u of J u l y a n d A u g
1861.
L o a n of 1863 (1881s)..
F u n d e d l o a n o f 1881.L o a n o f F e b . , 1861.,
Oregon w a r debt - -
F e b . 8,1861
.-.
M a r c h 2,1861
,
J u l y 17 a n d A u g . 5,1861.
6
6
0
M a r c h 8,1863
J u l y 14, 1870, a n d J a n .
20, 1871.
F e b . 8,1861
J u l y 17 a n d A u g . 5,1861.
fi . . . . do
fS M a y
1,1881
M a r c h 3,1863
J u l y 14, 1870, a n d J a n .
20, 1871.
F e b . 8,1861
M a r c h 2,1861
J u l y 17 a n d A u g . 5,1861.
M a r c h 3,1863
,
J u l y 14, 1870, a n d J a n .
20, 1871.
J u l y 17 a n d A u g . 5,1861.
.......
20, 000 GO
GOO 00
1, 318, 600 GO
507 04
20 60
58, 781 45
410 96
12 82
27, 094 46
20, 918 00
638 92
1,404,475 91
do
.Feb., May, Aug., and
Nov.
fi
D e c . 31,1880 J a n . a n d J u l y
fi J u n e 30,1881
J a n . and J u l y
- ...
710, 800 GO
950,000 GO
32, 034 45
26, 787 98
14, 605 45
520 52
757,439 90
977, 808 50
327, 000 00 •
1,126,150 GO
8, 209 02
49,770 31
7, 095 45
24, 435 87
342,304 47
1, 200, 356.18
244, 850 GO
1, 302, 000 00
10, 835 83
30, 577 63
5, 312 89
1, 961 87
260, 998 72
1, 340, 539 50
O
pi
H
60, 000 00
6,300 00
1, 314, 550 00
1, 514 04
289 02
60, 088 48
1, 370 96
143 95
30, 036 56
62, 885 GO
6, 733 57
1,404, 675 04
O
979,150 00
640, 000 00
45,102 87
18, 857 06
22, 372 89
1, 578 09
1, 046, 625 76
660, 435 75
S
622, 800 00
28, 957 60
14, 947 20
666, 704 80
327, 200 00
2,.050,.000-00-
15, 212 40
• 61,241 88
. 7, 852 80
- 7 , 0 2 0 62
350, 205 20
2rll8r2G2 50
1,109^550 GO
48, 009 82
27, 905 94
1,185, 525 76
373,150 00
17, 300 00
16,162 03
467 92
9, 384 96
75 84
398, 696 99
17, 843 76
1, 500, 000 00
125, 558 26
10,191 74
1, 635,750 00
244,000 00
700 00
1, 352, 250 00
5, 513 26
30 03
57, 750 89
6, 417 54
18 41
35, 566 06
255, 930 80
748 44
1, 445, 566 95
403, 050 00
108, 000 GO
580, 250 00
17, 279 65
2, 304 -29
24, 222 07
10, 000 76
2, 904 81
15, 929 07
430, 930 41
113, 269 10
620, 401 14
194, 750 00
1,117, 000 GO
8,133 07
29, 005 86
5, 346 29
7,038 64
208, 229 36
1,153,104 50
103, 000 GO
3, 900 00
688, 550 00
2, 226 03
162 17
29, 091 63
2, 946 07
111 54
19, 094 41
108,172 10
4,173 71
737, 336 04
r^
D e c . 31,1880 J a n . a n d J u l y
J u l y 1,1881
clo
do
-. do . .
M a y 1,1881
do
Feb., May, Aug., and
Nov.
fi
D e c . 31,1880 J a n . a n d J u l y
fi
do
J u l y 1,1881
fi J u n e 30,1881
. . - do
5
fi
do
5 M a y 1,1881
- do
Feb., May, Aug., and
Nov.
Jan. and J u l y
C) J u n e 30,1881
M a r c h 3,1863
J u l y 14, 1870, a n d J a n .
-20,1871.
.
J u l v 17 a n d A u g . 5,1801
C}
M a r c h 3,1863
.•...-J u l y 14, 1870, a n d J a n .
20,1871.
do
6
5
F e b . 8,1861
M a r c h 2,1861
J u l y 17 a n d A u g . 5,1861
J u n e 30,1881
5
. - . . do -.
M a y 1,1881
. ...do
F e b . , Maj^, A u g . , a n d .
Nov.
Jau. and J u l y
fi J u n e 30,1881
do
dp---Feb., May, Aug., and
M a y 1,1881
Nov.
4 J u l y 1,1907
Jan., AprU, J u l y , and
Oct.
fi
D e c . 81,1880 J a n . a n d J u l y
fi
do - J u l y 1,1881
fi J u n o 30,1881
do
M a r c h 3,1863
F e b . 8,1861
J u l y 17 a n d A u g . 5,1861
fi . . - . d o
M a r c h 3,1863
J u l y 14, 1870, a n d J a n .
20,1871.
Feb. 8,1861...
M a r c h 2,1861
J u i y 17 a n d A u g . 5,1861
C)
M a r c h 3,1863
J u l y 14, 1870, a n d J a n .
20,1871.
F e b . 8,1861. M a r c h 2,1861
fi
do
5 M a y 1,1881
.
(\
fi J u n o 30,1881
D e c . 31,1880
do
do
. . . do
.
.
do
Feb., May, Aug., and
M a y 1,1881
Nov.
fi
D e c . 31,1880 J a n . a n d J u l v
fi
J u l y 1,1881
do
'.".
C) J u n o 30,1881
. ...do
fi
6
do
do
Feb., May, Aug., and
Nov.
D e c . 31,1880 J a n . a n d J u l y . . . . - - . . . do
J u l y 1,1881
405, 050 GO
799, 500 00
17,147 83
21, 793 46
11, 585 52
5,804 58
433, 783 85
827, 098 04
21, 000 00
600 GO
447 38
25 65
624 82
17 85
22, 072 20
643 50
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to
T A B L E J L . S T A T E M E N T SHOWING the PUBCHASES of BONDS on ACCOUNT of the SINKING FUND, ^c—Continued.
Date
of p u r chase.
T i t l e of l o a n .
Authorizing act.
Rate. W h e n r e deemable.
W h e n payable.
Interest payable.
P r . ct.
1880.
6 J u n e 30,1881
J u n e 30 L o a n of J u l y a n d A u g . J u l y 17 a n d A u g . 5,1861
Jan. and July.,
1861.
do
30 L o a n of 1863 (1881s). - = M a r c h 8,1863
do
80 F u n d e d l o a n o f 1 8 8 1 . . . J u l y 14, 1870, a n a J a n .
Feb., May, Aug.,
M a y 1,1881
20,1871.
Nov.
J u l y 28 L o a n of F e b . , 1861
F e b . 8,1861-D e c . 31,1880 J a n . a n d J u l y
28 O r e g o n w a r d e b t . M a r c h 2,1861
J u l y 1,1881
do
28 L o a n of J u l y a n d A u g . J u l y 17 a n d A u g . 5,1861
J u n e 30,1881
do
:...
186L
28 L o a n of 1863 (1881s). -. M a r c h 3,1863
do
.do .
28 F u n d e d loan of 1881. -. J u l y 14. 1870, a n d J a n .
Feb., May, Aug.,
M a y 1,1881
20,1871.
Nov.
D e c . 31,1880 J a n . a n d J u l y
A u g . 4 L o a n of F e b . , 1861
F e b . 8,1861
J
u
n
e
30,1881
J
u
l
y
17
a
n
d
A
u
g
.
5,1861
do
L o a n of J u l y a n d A u g .
186L
4 L o a n of 1863 (1881s)..
M a r c h 8,1803
do
.do .
11 L o a n of F e b . , 1861
D e c . 31,1880
F e b . 8,1861
.do .
J u l y 1,1881
M a r c h 2,1861
.do .
n war debt
n OL or eaguoof
J u n e 30,1881
.do.
J u l y a n d A u g . J u l y 17 a n d A u g . 5,1861
11
1861.
11 L o a n of 1863 (1881s)-.
M a r c h 3,1863.
do
.do .
11 F u n d e d l o a n o f 1881..
Feb., May, Aug.,
J u l y 14, 1870, a n d J a n .
M a y 1,1881
Nov.
20,1871.
18 L o a n of F e b . , 1861
D e c . 31,1880 J a n . a n d J u l y
Feb.8,1861:
18 O r e g o n w a r d e b t
J u l y 1,1881
do
, M a r c h 2,1861
18 L o a n of J u l y a n d Auff. J u l y 17 a n d A u g . 5,1861
do
J u n e 30,1881
1861.
18 L o a n of 1863 (1881s)......do
M a r c h 8,1863
-do .
18 F u n d e d l o a n o f 1 8 8 1 . .
Feb., May, Aug.,
J u l y 14, 1870, a n d J a n .
M a y 1,1881
Nov.
20,1871.
25 L o a n of F e b . , 1861
D e c . 31,1880 J a n . a n d J u l y
F e b . 8,1861
25 Oregou w a r d e b t
J u l y 1,1881
do
M a r c h 2,1861
25 L o a n of J u l y a n d A u g . J u l y 17 a n d A u g , 5,1861
do
J u n e 30,1881
1861.
25 L o a n of 1863 (1881s)..
M a r c h 3,1863
.do.
do
Feb., May, Aug.,
J u l y 14, 1870, a n d J a n .
25 F u n d e d l o a n of 1 8 8 1 . .
M a y 1,1881
Nov.
20,1871.
Sept. 1 L o a n o f Feb., 1861..-.
D e c . 3i, 1880 J a n . a u d J u l y
F e b . 8,1801
do
L o a n of J u l y a n d A u g . J u l y 17 a n d A u g . 5,1861
J u n e 30,1881
1861.
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.do.
M a r c h 3,1863
L o a n of 1863 (18818)..
do
Federal Reserve Bank of St. Louis
and
and
A m o u n t purchased.
N e t premiu m paid.
A c c r u e d interest paid.
$146, 700 00
$6, 290 09
$4, 364 81
$157, 354 90
96, 350 00
735, 350 GO
4, 094 31
21, 047 73
2, 866 74
6, 043 90
103, 311 05
702,441 69
432, 000 GO
6, 250 00
658, 500 00
7, 756 55
244 81
25, 986 33
1, 917 35
27 74
2, 922 64
441,673 90
6, 522 55
687, 408 97
808, 250 GO
595, 000 00
12, 206 85
14, 801 65
1, 368 12
7,172 60
321,824 97
616, 974 25
96, 000 GO
1, 811, 800 GO
1, 729 05
73,183 48
536 55
10,126 16
98, 265 60
1, 895,109 64
592 ,200113, 000
10, 000
720, 700
and
and
and
•-.
CO
O
00
00
00
00
23, 910
1, 988
400
29,171
51
41
60
12
3, 309
761
67
4, 857
80
59
40
34
Total.
619,420
115, 750
10,468
754, 728
31
00
00
46
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n
o
w
o
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570, 300 OO
1, 080, 000 00
23, 314 18
27, 543 02
3, 884 10
1, 479 48
603, 498 28
1,109, 022 50
o
59, 000 00
650 00
330, 500 00
979 97
26 07
13, 236 17
465 53
5 12
2, 607 79
60, 445 50
681 19
846, 343 96
w
65, 750 00
2, 044,100 00
2, 629 17
51,182 51
518 78
4, 700 28
68, 897 95
2,100, 042 79
34, 000 00
• 1,000 00
1, 789,100 00
533 57
38 96
69, 695 67
307 38
9 04
16,175 44
34, 840 95
1, 048 00
1, 874, 971 11
492, 000 00
183, 900 00
19,159 38
4, 494 43
4, 448 22
604 60
515, 607 60
188, 999 03
976, 000 GO
512, 800 00
14, 539 72
19, 285 50
9, 947 18
5, 226 34
1, 000, 486 90
537, 311 84
120, 200 00
4, 520 51
1, 225 05
125. 945 56
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Get.
Funded lo.an of 1881... July 14, 1870, and Jan.
20,1871.
Oregon war debt
March 2,1861
Loan of July and Aug., July 17 and Aug. 5,1861
186L .
Loan of 1863 (1881s)... March 3,1863
Funded loan of 1881.. - July 14, 1870, and Jan.
.20,1871.
Feb. 8,1861
Lpan of Feb., 1861
Oregon war debt
March 2,1861
Loan of July and Aug., July 17 and Aug. 5,1861
1861.
Loan of 1863 (1881s)... March 3,1863
Fundedloanof 1881..- July 14, 1870, and Jan.
20,1871.
Loan of Feb., 1861
Feb. 8,1861
Funded loan of 1881. - - July 14, 1870, and Jan.
20,1871.
Feb. 8,1861
Loan of Feb., 1861
Loan of July and Aug., July 17 and Aug. 5,1861
1861.
Loan of 1863 (1881s) - . . March 3,1863
Funded loan of 1881... July 14, 1870, and Jan.
20,1871
Loan of Feb., 1861..... Feb. 8,1861
Oregon war d e b t . . ^.. - March 2,1861
Loan of July and Aug., July 17 and Aug. 5,1861
,186L
Loan of 1863 (1881s)--. March 8,1863
Fundedloan of 1881... July 14, 1870, and Jan.
20,1871.
Loanof Feb., 1861....- Feb. 8,1801
Loan of July and Aug., July 17 and Aug. 5,1861
1861.
Loan of 1863 (1881s)... March 3,1863.....
Funded loan of 1881. -. July 14, 1870, ahd Jan.
20,1871.
Feb. 8,1861..
Loan of Feb., 1861
Loan of July and Aug., July 17 and Aug. 5,1861
1861.
Loan of 1863 (1881s). - - March 3,1863
Fundedloanof 1881... July 14, 1870; and Jan.
20,1871.
Feb. 8,1861
Loanof Feb., 1861
March 2,1861
Oregon war debt
Loan of July and Aug., July 17 and Aug. 5,1861
1861.
Loan of 1863 (1881s)...- March 3,1863
Total.
May 1,1881
891, OGO 00
20, 986 09
3, 783 71
915, 769 80
10, 000 00
985, 900 GO
355 58
85, 095 97
113 42
11,182 56
10, 469 00
1,032, 178 53
827, 600 GO
676, 500 00
29, 482 78
14, 832 34
9, 387 04
3, 521 51
866, 469 82
694, 853 85
103, 000 00
1,500 GO
435, 950 00
2, 243 43
50 11
14, 281 10
2,411 17
18 74
5, 440 39
197, 654 60
1, 568 85
455, 677 49
194, 050 00
1, 675, 500 00
6, 373 24
83, 508 95
2, 424 29
10,328 44
202, 847 53
1,719, 337 89
48, 000 00
2, 452, 000 00
49.103 07
654 90.
17,466 33
49, 219 80
2, 518,569 40
2, 000 00
1, 692, 500 00
51, 590 83
29 59
25, 039 70
•2, 049 40
I, 769,130 53
264, 700 GO
540,800 GO
8,172 26
-9,753 19-
3, 916 10
- -4, 370 84
276, 788 36
554, 924 03
140, 000 GO
650 00
648, 800 GO
1, 255 88
18 89
18, 911 51
2, 232 32
10 36
10, 845 23
143, 488 20
679 25
678, 056 74
.do .
Feb., May, Aug., and
Nov.
Dec. 31,1880 Jan. and July
June 30,1881
do
218, 200 GO
1,492, 350 00
6, 886 62
25, 331 84
3,479 22
13,492 49
228, 065 84
1, 531,173 83
.-..do
May 1,1881
June 30,1881
July
Feb., May, Aug., and
Nov.
1,1881 Jan. and July
do
do
May 1,1881
-do.
Feb., M a y , Aug., and
Nov.
Dec. 81,1880 Jan. and July
July 1,1881
do
do
June 80,1881
do
May 1,1881
-do.
Feb., M a y , Aug., and
Nov.
D e c . 81,1880 Jan. and July
May 1,1881
Feb., May, lAug., and
Nov.
Dec. 81,1880 Jan. and July
do
June 30,1881
r--..do
May 1,1881
.do.
Feb., May, Aug., and
Nov.
Dec. 81,1880 Jan. and July
July 1,1881
do
June 30,1881
do
do
May 1,1881
-do .
Feb., May, Aug., and
Nov.
Dec. 31,1880 Jan. and July
June 30,1881
do
do
May X1881
-do .
Feb., May, Aug., and
Nov.
Dec. 81,1880 Jan. and July
July 1,1881
do
do
J u n e 30,1881
do
-do.
504 90
19 81
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179 68
11, 874 34
359 02
7,146 94
21, 538 70
437, 071 28
81, 950 00
1, 979, 000 00
2,327 71
32.104 30
1,401 01
19,790 GO
85, 678 72
2, 030,894 80
29, 000 00
1,123, 500 GO
229 45
84, 081 56
529 15
20, 500 03
29, 758 60
1,178, 081 59
W
479,150 00
868, 350 00
14, 596 23
15, 483 20
8,742 84
9, 516 18
502, 489 07
893, 349 88
QQ
468, 000 00
1, 250 00
1, 446, 600 00
3, 689 44
38 48
48, 823 63
9, 077 92
24 25
28, OCO 12
571,150 00
17, 495 86
11,078 75
21, 000 GO
418, 050 00
480, 767 36
1, 312 73.
1, 518,483 75
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590, 724 61
108, 758,100 00 3, 786, 520 011, 275, 946 03113, 820, 566 04
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.TABX.E
1^.—STATEMENT SHOWING the P U B C H A S E S of BONDS on ACCOUNT af the S I N K I N G F U N D ,
OO
^c—Continued.
to
RECAPITULATION.
•
T i t l e of loan.
Authorizing act.
Rate. W h e n r e deemable.
W h e n payable.
Interest payable.
A m o u n t purchased.
N e t preraiura paid.
A c c r u e d int e r e s t paid.
Total.
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6
F e b . 8 1861
D e c . 31,1880 J a n . a n d J u l y
L o a n of F e b 1861
6
J u l y 1,1881
M a r c h 2, 1861
..-do
6 J u n e 30,1881
do •
L o a n of J u l y a n d A u g . , 1861- . J u l y 17 a n d A u g . 5,1861. - - .
6
do
do
M a r c h 3 1863 ..-L o a n of 1863 (1881s)
5 M a y 1,1881
Feb., May, Aug., and
J u l v 14, 1870, a n d J a n . 20,
F u n d e d loan of 1881
N
o
v
.
1871.
4 J u l y 1,1907
Jan., April, July, a n d
do
Consols of 1907
Oct.
.
.
o
w
$5, 469, 000 GO $110, 319 19
9, 472 17
234,450 00
44, 981, 4-50 00 1, 830, 893 72
727, 897 88
17, 783, 900 00
88, 789, 300 GO 982, 378 79
1, 500, 000 00
125, 558 26
$77, 394
8, 870
677, 750
274, 058
232, 679
67
98
70
16
78
.10,191 74
$5, 656, 718
247, 793
47, 400, 094
18 785 856
40, 004, 358
86
15
42
04
57
1, 635, 750 00
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108, 758,100 00 3, 786, 520 01 1,275,946 03 113, 820, 566 04
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NOTE.—The purchase of October 27,1880 ($2,487,000) was not redeemed until the following month.
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T A B I i S : m.—STATEMENT of the OUTSTANDING P B I N C I P A L of the P U B L I C D E B T of the UNITED S.TATES, June 30,1880.
Length of
loan.
09
When redeem- Rates of in- afcPrice
authoroutwhich Amount
Amount issued, Amount
terest.
able.
ized.
standing.
sold.
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OLD DEBT.
Unclaimed dividends upon debt created prior to 1800, and the principal
and interest of the outstanding debt created during the war of 1812,
and up to 1837. (For detailed information in regard to earlier loans
see Finance Report for 1876.)
Ondemand...
5 and 6 per
cen^
$57,665 00
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TREASURY NOTES PRIOR TO 1846.
The acts of October 12,1837 (5 Statutes, 201); May 21,1838 (5 Statutes, 1 and 2 years- I and 2 years
from date.
228); March 31,1840 (5 Statutes, 370); February 15,1841 (5 Statutes,
411); January 31,1842 (5 Statutes, 469); August 31,1842 (5 Statutes,
581); and March 3,1843 (5 Statutes, 614), authorized the issue of
Treasury notes in various amounts, and with interest at rates named
therein, from 1 mill to 6 per centum per annum.
1 mm to 6 P a r .
per cent.
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TREASURY NOTES OF 1846:
The act of July 22,1846 (9 Statutes, 89), authorized the issue of Treas- l y e a r .
ury notes in such sums as the exigencies of the govemment might require, 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 aU debts due the United States, including customs duties.
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One year from
date.
1 mill and P a r .
5 | per cent.
$10, 000,000 00
$7,687,800 00
6,000 00
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350, 000 00
13,573 92
1,104 91
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MEXICAN INDEMNITY.
A proviso in the civil and diplomatic appropriation act of August 10, 5 years.
1846 (9 Statutes, 94), authorized the payment o f t h e principal and
interest ofthe fourth and fifth installments of the Mexican indemnities, due April and July, 1844, by the issue of stock, with interest at
5 per centum, payable in five years.
April and July, 5 per cent.
1849.
Par.
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TREASURY NOTES OP 1847.
The act of January 28,1847 (9 Statutes, 118), authorized the issue of l a n d 2 years. Affcer 60 days' 5 | and 6 per
cent.
notice.
$23,000,000 Treasury notes, withinterest at not exceeding 6 per centum
per annum, or the issue of stock for any portion of the amount, with
interest at 6 per centum per annum. i h e 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 jDayment of aU debts due the United States,
including customs duties.
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Par.
2 3 , 0 0 0 , 0 0 0 00
*26,122,100 00
SSO 00
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T A B L . E m.—STATEMENT of tlie OUTSTANDING P B I N C I P A L of the P U B L I C DEBT, ^c—Continued..
Length of
loan.
When redeem- Rates of in- atPrice
author- jAmount issued. Amount outwhich Amount
standing.
terest.
able.
ized.
sold.
LOAN OF 1847.
January 1,1868
Th, act of January 28, 1847 (9 Statutes, 118), authorized the issue of 20 years$23, J00,000 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, reimbursable after December
31,1867. Section 14 authorized the conversion of Treasury notes under this or an;^ preceding act into like stock, which accounts for the
apparent overissue.
BOUNTY-LAND SCRIP.
The Oth section of the act of February II, 1847 (9 Statutes, 125), au- Indefinite.. J u l y l , 1849...
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 governraent, by notice
from the Treasury Department. Interest ceased July 1,1849.
TEXAN INDEMNITY STOCK.
January 1,1865
The act of September 9, 1850 (9 Statutes, 447), authorized the issue pf 14 years.
$10,000,000 stock, with interest at 5 per centum per annum, to the
State of Texas, in satisfaction of all claims against the United States
arising out of the annexation of the said State. The stock was to
be redeemable at the end of foui-teen years.
TREASURY NOTES OF 1857.
The act of December 23,1857 (11 Statutes, 257), authorized the issue of 1 year.
60 days' notice.
$20,000,000 in Treasury notes, $6,000,000 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 at the expiration of one year,
and interest was to cease at the expiration of sixty days' notice after
maturity. They were receivable in payment of aU debts due the
United btates, including customs duties.
LOAN OF 1858.
The actof June 14,1858 (11 Statutes, 365), authorized a loan of $20,000,000, 15 years.
January 1,1874
with interest at not exceeding 5 per centum per annum, and redeemable any "time after January 1,1874.
LOAN OF 1860.
January 1,1871
The act of June 22,1860 (12 Statutes, 79), authorized a loan of $21,000,000 10 years.
(to be used in redemption of Treasury notes), with interest at not ex
ceeding 6 per centum per annum, redeemable in hot less than ten nor
more than twenty years.
http://fraser.stlouisfed.org/
* Includine: conversion of Treasury
Federal Reserve Bank of St. Louis
6 per cent.
.0125 to
.02 per
cent,
preininm.
$23,000, 000 00 ^$28, 207, 000 GO
$1,250 00
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Par.
Indefinite.
233,075 00
3,275 00
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5 per cent.
Par.
10,000,000 00
5,000,000 00
21,000 00
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5 and 5^ per P a r .
cent.
20,000,000 00
20,000,000 00
1,700 00
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5 per cent. -
.0205 to
.0703 premium.
20,000,000 00
20,000,000 00
8,000 00
5 per cent.
Par to
.0145 premium.
21,000,000 00
7,022,000 00
10,000 00
notes.
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LOAN OF FEBRUARY, 1861 (I88lsThe act of February 8, 1861 (12 Statutes, 129), authorized a loan of 10 or 20 years.
$25,000,000, with interest at not exceeding 6 per centum per annum,
reimbursable in not less than ten nor more than twenty years from
the date of the act.
•TREASURY NOTES OF 1861.
The act of March 2, 1861 (12 Statutes, 178), authorized a loan of
$10,000,000, with interest at not exceeding 6 per centum per annum,
redeemable on three months' notice after July 1, 1871, and payable
July 1, 1881. If proposals for the loan were not satisfactory, authority was given to issue the whole amount in Treasury notes, with
2 years
interest at not exceeding 6 per centum per annum. The same act
gave authority to substitute Treasury notes for the whole or any
60 days
part of loans authorized at the time of the passage of this act. These
notes were to be received in payment of all debts due the United
States, including customs duties, and were redeemable at any time
. within two years from the date of the act.
OREGON W A R DEBT.
The act of March 2, 1861 (12 Statutes, 198), appropriated $2,800,000 for 20 years.
the payment of expenses incurred by the Territories of Washington
and Oregon in the suppression of Indian hostilities in the years 1855
and 1856. Section 4ofthe act authorized the paymentof these claims
' in bonds redeemable in twenty years, with interest at 6 per centum
per annum.
Dec. 31, 1880.
6 per cent.
(Av.)89.03
25, 000, OGO GO
18, 415, 000 00
15,578, 000 00
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2 years after 1
date.
I
60 days after. [ 6 p e r c e n t .
date.
J
Par.
C 22,468,100 GO 135, 364,450 00
} 12, 896, 350 00
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3,000 00
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J u l y 1,1881...
6 per c e n t . . - P a r .
2, 800, 000 GO
1. 090, 850 00
742,450 00
LOAN OF J U L Y AND AUGUST, 1861 (1881s).
j 50, 000, 000 GO
250, 000, 000'00 1139,321,850 00 1157,257,100 00
The act of July 17, 1861 (12 Statutes, 259), authorized the issue of 20 years.
J u l y 1,1881... 6 per c e n t . . . Par*
$250,000,000 bonds with interest at not exceeding 7 per centum per
annum, redeemable after tweuty years. The act of August 5, 1861
(12 Statutes. 313), authorized the issue of bonds, with interest at 6
per centum per annum, payable after twenty Vears from date, in
exchange for 7.30 notes issued under the act of July 17, 1861. None
of such bonds were to be issued for a sum less than $500, and the
whole amount of them was not to exceed the whole amount of 7.30
notes issued under, the above act of July 17. The amount issued in
exchange for 7.30s was $139,321,350.
OLD DEMAND-NOTES.
The act of July 17, 1861 (12 Statutes, .259), authprized the issue of
Ondemand... None.,
60, 000,000 00 60, 000, 000 00
60,975 00
Par.
$50,000,000 Treasury notes, not bearing interest, of a less denomination than fifty dollars and not less than ten .dollars,' and payable on
demand by the assistant treasurers at Philadelphia, New York, or
Boston. The act of August 5,1861 (12 Statutes, 313), authorized the
issue of these notes in denomination of five dollars;. it also added the
offices of assistant treasurer at Saint Louis and the designated depositary at Cincinnati to the places where these notes weremade payable. The act of February 12, 1862 (12 Statutes, 838), increased the
ftmonnt of demand-notes authorized $10,000,000.
* fSO,000,000 6 per cent, bonds issued at a discount of $5,338,768.09, being equivalent to par for 7 per cent, bonds authorized by the act.
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T A B E E m . — S T A T E M E N T of the OUTSTANDING P B I N C I P A L of the P U B L I C DEBT, ^c—Continued.
Length of
loan.
OS
When redeem- Rate of in- atPrice
authoroutwhich I Amount
iAmount issued. Amount
terest.
able.
ized.
standing.
sold.
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SEVEN-THIRTIES OF 1861.
The act of July 17, 1861 (12 Statutes, 259), authorized a loan of
$250,000,000, part of which was to be in Treasury notes, with interest
at 7 ^ per centum per annum, payable three years after date.
hd
3 years.
August 19 and 7^% per cent.- Par .
O c t o b e r 1,
1864.
$140, 094, 750 00 $140, 094, 750 00
5 or 20 years. M a y l , 1867.... 6 per cent. - - Par .
515, 000, 000 00 514,771, 600 00
$16, 600 00
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FIYE-TWENTIES OF 1862.
The act of February 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 3, 1864 (13 Statutes, 13), authoiized an additional issue of
$11,000,000 of bonds to persons who subscribed for theloan on or before January 21, 1864. The act of January 28,1865 (13 Statutes, 425),
authorized an additional issue of $4,000,000 of these bonds and their
sale tn the United States or Europe.
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LEGAL-TENDER NOTES.
The act of February 25, 1862 (12 Statutes, 345), authorized the issue of
$150,000, OOOUnited States notes, no t bearing interest, payable to bearer,
at the Treasury of the United States, and of such denominations, not
less than five dollars, as the Secretary of the Treasury might deem
expedient, $50,000,000 to be in lieu of demand-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 adclitionalissue of $150,000,000
United States Treasury notes, of such denomination s as the Secretary
of the Treasury might deem expedient, but no such note should be
for a fractional part of a dollar, and not more than $35,000,000 of a
lower denomination than five dollars; these notes to be^i legal tender.
The act of March 3,1803 (12 Statutes, 710), authorized an additional
issue of $150,000,000 United States notes, payable to bearer, of such
denominations, pot less than one dollar, as the Secretary ofthe Treasury might prescribe; which notes were made a legal' tender. The
sam e act limited the tune at which Treasury notes might be exchanged
for United States bonds to July 1,1863. The amount of notes ant horized by this act were to be in lieu of $100,000,000 authorized by the
resolution of January 17, 1863 (12 Statutes, 822).
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On demand
None.
Par .
450,000, 000 00
346,681,016 00
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TJSMPORARY LOAif.
The act of February.25, 1862 (12 Statutes, 346), authorized temporary- Notlessthan After ten days' 4, 5, and 6 Par
30 days.
loan deposits of $25,000,000, for not less than thirty days, with interest
per cent.
notice.
at 5 per centum per annum, payable after ten days' notice. The act
of March 17, 1802 (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 act of J u n e 30, 1864 (13 Statutes, 218),
authorized a further increase of temporary-loan deposits to not exceeding $150,000,000, and an increase of the rate of interest to not
exceeding 6 per centum per annum, or a decrease of the rate of interest on ten days' notice, as the public interest might require.
150, 000,000 00
2, 960 00
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CERTIFICATES OF 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 centum per annum,
and payable one year from date, or earlier, at the option of the govemment. The act of May 17, 1862 (12 Statutes, 870), authorized the
issue of these certificates in payment of disbursing officers' checks.
The act of March 3, 1863 (12 Statutes^ 710), made the interest payable in lawf ulmoney.
1 year
date.
after 6 per cent. -. Par
No limit
561,753,241 65
4, 000 00
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•
FRACTIONAL CURRENCY.
The act of July 17, 1862 (12 Statutes, 592), authorized the use of postal
and other stamps as currency, and made them receivable in payment
of all dues to the United States less than five doUars. The fourth
section of the act of March 3, 1863 (12 Statutes, 711), authorized the
issue of fractional notes tn lieu of postal and other stamps and postal
currency; made them exchangeable in sums not less than three dollars for United States notes, and receivable for postage and revenue
stamps, and in payment of dues to the United States, except duties
on imports, less than five dollars; and limited the amount to
$50,000,000. The fifth section of the act of J u n e 80,1864 (13 Statutes,
220), authorized an issue of $50,000,000 in fractional currency, and
provided that the whole amount of these notes outstanding at any
one time should not exceed this sum.
H
On presenta- None
tion.
Par
50,000,000 00
49,102, 660 27
7,214,954 37
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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 the xi^..ue of bonds, wit^i interest at not exceeding 6
per centum per annum, and redeemable in not less than ten nor more
than forty years, principal and interest .payable in coin. The act of
J u n e 30, 1864 (13 Statutes, 219), repeals so much ofthe preceding act
as limits the authority thereunder to the current fiscal year, and
also repeals the authority altogether except as relates to $75,000,000
of bonds already advertised for.
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July 1,1881.... 6 per cent -. - Average
premium of
4.13.
75,000,000 00
75,000,000 00
62,202,850 00
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m..—STATEMENT of the OUTSTANDING P B I N C I P A L of the P U B L I C DEBT, #c.—Continued.
~0c
CX)
Length of
loan.
0 : N E - Y E A R NOTES OF
When redeemable.
Rate of interest.
Price
authoroutat which Amount
Amount issued, Amount
ized.
standing.
sold.
I year
date.
5 per cent.
Par
1863.
The act of March 3, 1863 (12 Statutes, 710), authorized the issue of
$400,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, redeemable in not more than three years, princial and interest payable in lawful money, to be a legal tender, for
leir face value.
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1 year.
affcer
$400,000, 000 00
$44, 520,000 00
$46, 535 00
TWO-YEAR NOTES OF 1863.
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2 years after
date.
5 per cent.
B400, 000, 000 00
166,480,000 00
35,950 00
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COIN-CERTIFICATES.
The fifth seciion of the act of March 3, 1863 (12 Statutes, 711), authorized the deposit of pjold coin and bullion with the Treasurer or any
assistant treasurer, in sums not less than $20, and the issue of certificates therefor in denominations the same as United Statesnotes;
also authprized the issue of these certificates in payment of interest
on the public debt. I t limits the amount of them to not more than
20 per centnm of the amount of coin and bullion in the Treasnry,
and directs their receipt in payment for duties on imports.
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The act of March 3,. 1863 (12 Statutes, 710), authorized the 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 years, principal and interest payable in lawful money, to be a legal tender for
their face value.
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>
On demand . . . None .
Par .
Indefinite.
57,883,400 00
8,004,600 00
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COMPOUND-INTEREST NOTES.
The act of March 8, 1863 (12 Statutes, 709), authorized the issue of 3 years
$400,000,000 Treasury notes, with interest at not exceeding 6 per
centum per annum, in lawful money, payable not more than three
years from date, and to be a legal tender"for their face value. The
act of June 30, 1864 (13 Statutes, 218), authorized the issue of
$200,000,000 Treasury notes, of any denomination not less than $10,
payable not more than three years from date, or redeemable at any
time after three years, with interest at not exceeding 7^% per centuni,
payable in lawful money at maturity, and rnade them a legal tender
for their face value to the same extent as United States notes;
$177,045,770 of the amount issued was in redemption of 5 per cent,
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notes.
.
,
..
Federal Reserve Bank of St. Louis
H
June 10, 1867,
and May 15,
1868.
6 per cent, Par .
compound.
400,000, 000 00
266, 595,440 00
242, 590 00
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TEN-FORTIES OF 1864.
The act of March 3, 1864 (13 Statutes, 13), authorized the issue of 10 or 40 years. March 1,1874$800,000,000 bonds, at not exceeding 6 per centum per annum, redeemable after five and payable not more than forLy years from date,
in coin.
_
FIVE-TWENTIES OF JUNE, 1864.
5 p e r c e n t . . ' Par to 7 200,000,000 00
per c't
prem.
196,117,300 00
The act of June 30, 1864 (13 Statutes, 218), authorized a loan of
$400,000,000, and the issue therefor of bonds redeemable not lessthan
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-annually in coin.
6 per cent.
5 or 20 years. Nov. 1,1869..
Par-
400, 000,000 00
125, 561, 300 00
Aug. 15,1867)
June 15,1868 )• lf\j per cent. P a r .
July 15,1868 >
830,000,000 00
830, 000,000 00
2, 655,400 00
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SEYEN-THIRTIES OF 1864 AND 1865.
The act of J u n e 30, 1864 (13 Statutes, 218), authorized the issue of 3 years
$200,000,000 Treasury notes, of not less than $10 each, payable at not
morethan three years from date, or redeemable at anytime after
three years, with interest at not exceeding 7y% 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 7^^^ per centum per annmn. See also act January 28, 1865 (13 Statutes, 425).
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144,900 00
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NAYY PENSION FUND.
The actof July I, 1864 (13 Statutes, 414), authorized the Secretary 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.
FIVE-TWENTIES OF 1865.
The act of March 3, 1865 (13 StatuteSj468), authorized the issue of
$600,000,000 of bonds Pr Treasury notes, in addition to amounts previously authorized; the bonds to be for not less than $50, payable
not more than forty years from date of issue, or after any period not
less than five years; interest payable semi-annually, at not exceeding 6 per centum per annum when in coin, or 7 ^ per centum per
annum when in currency. In addition to the amount of bonds authorized by this.act, authority was also given to convert Treasury
notes or other interest-bearing obligations into bonds authorized by
it. The act of April 12, 1866 (14 Statutes, 31), 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 auy bonds authorized by it, or to seU any of such bonds,
provided the public debt is not increased thereby.
5 or 20 years, Nov. 1,1870 .
3 per cent.. P a r .
Indefinite.
14,000, OOO 00
14,000,000 00
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6 per cent.
Par-
203,327,250 00
203,327,250 00
114,550 00
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T A B E E M..—STATEMENT of the OUTSTANDING P B I N C I P A L of the P U B L I C DEBT, #c.—Continued.
Length of
loan.
CONSOLS OF 1865.
The act of March 3, 1865 (13 Statutes, 468), authorized the issue of
$600,000,000 of bonds or Treasury notes, in addition to amounts previously authorized; the bonds to be for not less than $50, payable
not more than fortj"^ years from date of issue, or after any period not
less than five years, interest payable semi-annually, at not exceeding
6 per Centura per annum when in coin, or 7^% per centiun per annum when in currency. In addition to the amount of bonds authorized by this act, authority was also given to conveit Treasury notes
or other interest-bearing obligations into bonds authorized by it.
The actof April 12, 1866 (14 Statutes, 31), construed the above act
to authorize the Secretary of the Treasury to receive any obligations
pf the United States, whether bearing interest or not, in exchange
for any bonds authorized by it, or to sell any of such bonds, provided
the public debt is not increased thereby...
5 or 20 years
O
When redeera- Rate of in- atPrice
author- Amount issued. Amount outwhich Araouut
terest.
ized.
standing.
able.
sold.
July 1, 1870 .
6 per cent. -
Par.
$332, 998, 950 GO $332, 998, 950 00
$612,400 00
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CONSOLS OF 1867.
The act of March 3, 1865 (13 Statutes, 468), authorized the issue of 5 or 20 years. July 1, 1872 $600,000,000. of bonds or Treasury notes, in addition to amounts previously authorized; the bonds to., be for not less than $50, payable
not more than forty years from date of issue or after any period not
less than five years; interest payable semi-annually, at not exceeding 6 per centum per annum when in coin, or 7x% per centum per
annum when in currency. In addition to the amount of bonds authorized by this act, authority was also given to convert Treasury
notes or other interest-bearing obligations into bonds authorized by
it. The act of April 12, 1866 (14 Statutes, 31), construed the above
act to authorize the Secretary of the Treasur;^ to receive any obligations of the United States, whether bearing interest or not, in exchange for any bonds authorized by it, or to seU any of such bonds,
provided the public debt is not increased thereby.
6 per cent.
Par.
379,618i 000 00
379,618,000 00
2,830,150 00
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CONSOLS OF 1868.
. T h e a c t o f March 3, 1865 (13 Statutes, 468), authorized th°e 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 the date of issue or after any period
not less than five years; interest payable semi-annually, at not ex
ceeding 6 per centum per annum when in coin, or 7^^ per centum
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pefannum when in currency. In addition to the amount of bonds
IMithorizGd
t h i Louis
s act. a n t h n r i t v w a a
Federal Reserve
Bank ofb vSt.
alao oriTrfin t n p.mivArh TrAaarirv
5 or 20 years
July 1, 1873 - 6 per cent.
Par..
42, 539, 350 00
42,639,350 00
752,300 00
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n o t e s or o t h e r i n t e r e s t - b e a r i n g o b l i g a t i o n s i n t o b o n d s a u t h o r i z e d - b y
it. T h e a c t of A p r i l 12,1866 (14 S t a t u t e s , 31), c o n s t r u e d t h e a b o v e
acfc t o a i i t h o r i z e t h e S e c r e t a r y of t h e T r e a s u r y t o r e c e i v e a u y obligat i o n s of t h e U n i t e d S t a t e s , w h e t h e r b e a r i n g i n t e r e s t o r not, i n exc h a n g e for a n y b o n d s a u t h o r i z e d b y it, or t o seU a n y s u c h b o n d s ,
provided t h e public debt is n o t increased t h e r e b y .
THREE-PER-CENT.
CERTIFICATES.
T h e a c t of M a r c h 3, 1867 (14 S t a t u t e s , 558), a u t h o r i z e d t h e i s s u e of
$50,000,000 i n t e r a p o r a r y - l o a n certificates of deposit, w i t h i n t e r e s t a t
3 p e r c e n t u m p e r a n n u m , p a y a b l e i n lawful m o u e y , o n deraand, t o
b e u s e d i n r e d e m p t i o n of c o m p o u n d - i n t e r e s t n o t e s . T h e a c t of J u l y
25, 1868 (15 S t a t u t e s , 183), a u t h o r i z e d $25,000,000 a d d i t i o n a l of t h e s e
certificates, for t h e sole p u r p o s e of r e d e e m i n g c o m p o u n d - i n t e r e s t
notes.
F I V E - P E R - C E N T . L O A N O F 1881.
On d e m a n d . . -
3 per cent... P a r .
85,155, 000 00
85,155,000 GO
5, 000 GO
o
pi
(FOR SILVER.)
T h e a c t of J a n u a r y 14,1875 (18 S t a t u t e s , 296), a u t h o r i z e s t h e S e c r e t a r y
of t h e T r e a s u r y t o u s e a n y s u r p l u s r e v e n u e s from t i m e t o t i m e i u t h e
T r e a s u r y j u o t o t h e r w i s e a p p r o p r i a t e d , a n d t o issue, sell, d i s p o s e of, a t
n o t l e s s t h a n p a r , i n coin, e i t h e r of t h e d e s c r i p t i o n of bonds" of t h e
U n i t e d S t a t e s d e s c r i b e d i n t h e a c t of J u l y 14, 1870 (16 S t a t u t e s , 272),
t o t h e e x t e n t n e c e s s a r y for t h e r e d e m p t i o n of f r a c t i o n a l c u r r e n c y i n
s i l v e r coins of t h e d e n o m i n a t i o n s of t e n , t w e n t y - f i v e , a n d fifty c e n t s
of s t a n d a r d v a l u e .
P r V E - P E R - C E N T . L O A N O F 1881.
fej
Indefinite...
10 y e a r s - -
M a y l , 1881 . . 5 p e r c e n t . . - P a r .
Indefinite...
m
17, 494,150 00
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(TO P A Y J . B . E A D S . )
T h e a c t of M a r c h 3,1875 (18 S t a t u t e s , 466), d i r e c t s t h e S e c r e t a r y of t h e
T r e a s u r y t o i s s u e b o n d s of t h e c h a r a c t e r a n d d e s c r i p t i o n s e t o u t i n
t h e a c t of J u l y 14,1870 (16 S t a t u t e s , 272), t o J a m e s B . E a d s or h i s l e g a l
r e p r e s e n t a t i v e s i n p a y m e n t a t p a r of t h e w a r r a n t s of t h e S e c r e t a r y
of W a r for t h e c o n s t r u c t i o n of j e t t i e s a n d a u x O i a r y w o r k s t o m a i n t a i n a w i d e a n d d e e p c h a n n e l b e t w e e n t h e S o u t h P a s s of t h e M i s s i s s i p p i R i v e r a n d t h e G u l f of M e x i c o , u n l e s s C o n g r e s s s h a l l h a v e p r e v i o u s l y p r o v i d e d for t h e p a y m e n t of t h e s a m e b y t h e n e c e s s a r y a p p r o p r i a t i o n of m o n e y .
F I V E - P E R - C E N T . L O A N O F 1881.
10 y e a r s .
M a y 1,1881 . .
5 per cent.
Par.
Indefinite.
500, 000 00
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(REFUNDING.)
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T h e a c t of J u l y 14, 1870 (16 S t a t u t e s , 272), a u t h o r i z e s t h e i s s u e of
$200,000,000 a t 5 p e r c e n t u m , p r i n c i p a l a n d i n t e r e s t p a y a b l e i n coin
of t h e p r e s e n t s t a n d a r d v a l u e , a t t h e p l e a s u r e of t h e U n i t e d S t a t e s
G o v e m m e n t , a f t e r t e n y e a r s ; t h e s e b o n d s t o b e e x e m p t from t h e
p a y m e n t of all t a x e s o r d u t i e s of t h e U n i t e d S t a t e s , a s w e l l a s f r o m
t a x a t i o n i n a n y form b y or u n d e r S t a t e , m u n i c i p a l , or local a u t h o r i t y .
B o n d s a n d c o u p o n s p a y a b l e a t t h e T r e a s u r y of t h e U n i t e d S t a t e s .
T h i s a c t n o t t o a u t h o r i z e a n i n c r e a s e of t h e b o n d e d d e b t of t h e
U n i t e d S t a t e s . B o n d s t o b e sold a t n o t l e s s t h a n p a r i n coin, a n d t h e
p r o c e e d s t o b e a p p l i e d t o t h e r e d e m p t i o n of o u t s t a n d i n g 5-20s, o r t o
10
M a y l , 1881...
5 per cent... Par.
486,043,000 00
a
U84,864,900 00
)^
T A B E E m . — S T A T E M E N T of the OUTSTANDING PBINCIPAL of the P U B L I C DEBT, ^c—Continued.
Length of
loan.
be exchanged for said 5-20s, par for par. Payment of these bonds,
when due, to be made in order of dates and numbers, beginning -with
each class last dated and nurabered. Interest to cease at the end
of three months from notice of intention to redeem. The act of January 20, 1871 (16 Statutes, 399), increases the amount of 5 per cents
eo $500,000,000, provided the total amount of bonds issued shall not
exceed the amount originaUy authorized, 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. LOAN OF 1891. (REFUNDING.)
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
$300,000,000 at 4^ per centum, payable in coin of the present standard value, at the pleasure of 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 well as from taxation in any
form by or under State, municipal, or local authority. Bonds and
coupons payable at the Treasury of the United States. This act not
to authorize an increase of the bonded debt of the United States.
Bonds to be sold at not less than par in coin, and the proceeds to be
applied to the redeihption of outstanding 5-2Gs, or to be exchanged
for said 5-2Gs, par for par. Payment of these bonds, when due, to
be made in order of dates and numbers, beginning with each class
last dated and numbered. 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 5per
cent, bonds to $500,000,000, the amount of the 4^ per cents were reduced to $200,000,000.
FOUR-PER-CENT. LOAN OF 1907. (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, at the pleasure of the United States Government, after thirty
years; these bonds to be exerapt from the payment of all taxes or
duties of the United States, as well as from taxation in any form by
or under State, municipal, or local authority. Bonds and coupon's
payable a t t h e Treasury of the United States. This act not to authorize an increase of the bonded debt ofthe United States. Bonds
io be pold at not less than par in coin, and the proceeds to be applied
When redeemable. •
Rate of interest.
to
Price
authorat which Amount
Amonnt issned. Amonnt outized.
sold.
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$13,957,000 00
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15 years .
Sept. 1,1891.
4^ per cent.. P a r .
185, 000, 000 00 $185, 000,000 00
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> $1,500,000,000 Go
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30 years.
July 1,1907 .
4 per cent... P a r t o
one-half
per cent,
premium.
708, 980,800 00
707,480,800 00
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to the redemption of outstanding 5-208, or to be exchanged for said
5-208, par for par. Payment of these bonds, when due, to be made
in order of dates and numbers, beginning with each class last dated
and numbered. Interest to cease at the end of three months from
notice of intention to redeem. See Refunding Certificates, page 36.
FOUR-AND-ONE-HALF P E R CENT. LOAN OF 1891. (RESUMPTION.)
T?he act of January 14, 1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of,
at not less than par, in coin, either of the description of bonds of
the United States described in the act of July 14, 1870 (16 Statutes,
272), for the purpose of redeeming, on and after January 1, 1879, in
coin, at the pffice of the assistant treasurer of the United States in
New York, the outstanding United'States legal-tender notes when
presented in sums of not less than fifty dollars.
FOUR-PER-CENT. LOAN OF 1907.
15 years.,
Sept. 1,1891.
4 | per cent- - P a r t o Indefinite.
one and
one-half
per cent.
premi-|
um.
65,000,000 00-
4 per cent... Par
30, 500, 000 00
65, 000, 000 00
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(RESUMPTION.)
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The act of January 14, 1875 (18 Statutes, 296), authorizes the Secretary- 30year8.
of the Treasury to use any sui-plus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of,
at not less than par, in coin, either of the description of bonds of
the United States described in the act of July 14, 1870 (16 Statutes,
272), for the purpose of xedeeniing, on and after January 1, 1879, in
coin, at the office of the assistant treasurer of the United States in
New Tork, the outstanding United States legal-tender notes when
presented in sums of not less than fifty dollars.
J u l y 1,1907.
Indefinite.
30, 500, 000 00
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CERTIFICATES OF DEPOSIT.
O
The act of June 8, 1872 (17 Statutes, 336), authorizes the deposit of Indefinite..
United Statesnotes without interest by bauking associations in sums
not less than $10,000, and the issue of certificates therefor tu denominations of notless than $5,000; which certificates shall be payable
on demand in United States notes at the place where the deposits
were made. It provides that the notes so deposited in the Treasury
shall not be counted as a part of the legal reserve, but that the certificates issued tl>erefor may be held and counted by the national
banks as part of their legal reserve, and may be accepted in the settlenient of clearin.ij-house balances at-the places where the deposits
therefor were made, and that the United States notes for which such
certificates were issued, or other United States notes of like amount,
shall be held as special, deposits in the Treasury, and used only for
the rederaption of such certificates.
On demand ..
None
Par
No limit.
64,780, 000 00
14,465,000 00
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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 may deposit the same with
the Treasurer or any assistant treasurer of the United States, in
Indefinite.
On demand . . . None
Par
No limit.
12,374,270 00
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^
i ' A B l . E m.—STATEMENT of the OtJTStANblNG P M N C I P A L of the PttPLIC D M T , #C.—Continued.
Length of
loan.
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author- Amount issued. -Amount outWhen redeem- Rate of in- atPrice
which Amount
standing.
ized.
terest.
able.
sold.
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sums not less than ten dollars, and receive therefor certificates of nof
less than ten doUars each, coiTcsponding with the denominations of
the United States notes. The coin deposited for or representing the
certificates shall be retained in the Treasury for the payment of the
same on demand. Said certificates shall be receivable'for customs,
taxes, and aU pubhc dues, and, when so received, may be reissued.
o
REFUNDING CERTIFICATES.
The act of February 26, 1879 (20 Statutes, 821), authorizes the Secretary of the Treasury to issue, in exchange for lawful moneyof the
United States, certificates of deposit, of the denomination of ten dollars, bearing interest at the rate of four per centum per annum, and
convertible at any time, with accrued interest, into the 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 thanfive per centum, in the mode prescribed by said
act.
Indefinite '.. Convertible in- 4 per cent--. P a r . . . . . No limit
to 4 per cent,
bonds.
$40, 012,750 00
$1,367, GOO 00
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2,120,415,370 63
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On J a n u a r y 1,1876:
$25,885,120 00
C e n t r a l Pacific
6, 303, 000 00
K a n s a s Pacific
U n i o n Pacific
. . . - . . - . . . . . . . . . . . . . . . . 27, 236, 512 00
1, 600, 000 00
C e n t r a l B r a n c h U n i o n Pacific
1,970,560 00
W e s t e r n Pacific 7 . . . . . . ; : . . . . . . . . . ' . . . . . ; . . r .
1, 628, 320 00
S i o u x C i t y a n d Pacific
$13,027,697 67
3,103,893 09
11, 884, 324 65
781, 808 26
-722,380 14
682,703 89
$776, 553 60
189, 090 00
817, 095 36
48, 000 00
59rll6-80
48, 849 60
$11, 804, 251 27
3,292, 983 09
12,701,420 01
829, 808 26
- 781,496 9 4
731, 553.49
64,623,512 00
28, 202, 807 70
1, 938, 705 36
30,141,513 06
6, 668, 927 36
12, 580, 804 87
776, 553 60
189, 090 00 • 3,482,073 09
817, 095 36
13, 518, 515 37
48, 000 00
877, 808 26
59,116 80
840, 613 74
48, 849 60
780,403 09
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 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
Total amount of interest due the United States from Pacific railway companies.
ll
Balance of accrued
interest due the
United States on
interest account.
Eailway companies.
Balance due the
United States on
interest account,
deducting repayments.
00
Repayment of interest* by transportation, of maUs,
troops, (fee.
I X . - S T A T E M E N T of 30-YEAB 6 P E B CENT. BONDS {interest payahle January and July) ISSUED to the several P A C I F I C
BAILWAY COMPANIES under the acU of July 1, 1862 (12 Statutes, 492), and July 2, 1864 (13 Statutes, 359).
Amount of interest
accrued and paid
to date, as per preceding statement.
TABIiE
25,885,120 00
11, 804, 251 27
6, 803, OGO 00
3, 292, 983 09
27, 236, 512 GO 12, 701,420 01
1, 600, GGO 00 '
829, 808 26
1, 970, 560 00
781, 496 94
1, 628, 320 00
731,553 49
$1,191,765 86 $10, 012,485 41
1, 440, 664 84
1, 852, 318 25
3, 943,715 65
8, 757,704 36
44, 408 05
785, 400 21
9,367 00 — .- 772,-129 94
39, 005 96
692, 547 53
$2, 712, 527 92
455, 846 99
2,170,415 23
230, 955 19
163, 069-89
174, 873 65
$13,325,013 33
2, 308,165 24
10, 928,110 59
1, 016, 355 40
935,190 83
867,421 18
23, 472, 585 70
5, 907, 688 87
29, 380, 274 57
1, 231, 213 76
1,448,327 39
4. 079, 704 77
14,408 05
9, 367 00
39,470 28
11, 349, 591 11
2, 033, 745 70
9, 438, 810 60
833, 400 21
831, 246 74
740, 932 81
3,112,076 38
525, 021 79
2,496,152 67
261, 445 84
191,125 89
200, 893 52
14, 461, 667 49
2, 558, 767 49
11, 934, 903 27
1, 094, 846 05
1,022 872 03
941, 826 33
64, 623, 512 00
30,141, 513 06
1, 938,705 36
32, 080,218 42
6, 852,491 25
25,227,727 17
6,786, 716 09
32, 014, 443 26
"^25,885,120 00
6, 303, 000 GO
'.. 27,236, 512 00
1, 600, 000 00
1, 970, 560 00
1, 628, 320 GO
12, 580, 804 87
3,482, 073 09
13, 518, 515 37
877, 808 26
840,613 74
780,403 09
776, 553 60
189,090 00
817, 095 86
48, 000 GO
59,116 80
48, 849 60
13, 357, 358 47
3,671,163 09
14, 835, 610 73
925, 808 26
899, 730 54
829, 252 69
1, 268, 672 12
1, 515, 718 49
4,126, 871 52
44, 408 05
9, 367 00
39, 440 28
12, 088, 686 35
2,155, 4 U 60
10, 208, 739 21
881, 400 21
890, 303 54
789, 782 41
• 3, 544, 981 77
601, 026 62
2, 853, 345 13
294, 291 22
221,797 08
229,148 30
15, 633, 668 12
2, 756, 471 22
13, 062, 084 34
1,175, 691 43
1,112 160 62
1, 018, 930 71
64, 623, 512 00
32, 080,218 42
1, 938, 705 36
34, 018, 923 78
7, 004, 507 46
27, 014, 416 32
7, 744, 590 12
84, 759, 006 44
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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 r n Pacific
'. . .
.
S i o u x C i t y a n d Pacific
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On July 1, 1877:
Central Pacific
Kansas Pacific
Union Pacific
Central Branch Union Pacific
Westem Pacific —
Sioux City and Pacific
$25, 885,120 00 $13, 357, 858 47
6, 303, 000 GO 3, 671,163 09
27, 236, 512 00 14, 335, 610 73
1,600,000 00
925,808 26
1, 970, 560 GO
899, 730 54
1,628,320 00 .
829, 252 69
64, 623, 512 00 84, 018, 923 78
On January I, 1878:
Central Pacific
Kansas Pacific
Union Pacific
Central Branch Union Pacific
Westem Paeific
Sioux City and Pacific
25, 885,120 00 14,133, 912 07
. 6, 303, 000 GO 3, 860, 253 09
27, 236, 512" GO 15,152, 706 09
973, 808 26
1, 600, 000 GO
958, 847 34
1, 970, 560 GO
878,102 29
1, 628, 320 GO
64, 623, 512 GO 35, 957, 629 14
On July 1, 1878:
Central Pacific
Kansas Pacific
Union Pacific
Central Branch Union Pacific
Westem Pacific
Sioux City and Pacific
fl§^
ill
$776, 553 60 $14,133, 912 07 $2, 065,324 01 $12, 068, 588 06 $4,004, 003 32
683, 507 94
3, 860, 253 09 1, 531, 680 06 2, 328, 578 03
189, 090 00
4, 787, 041 67 10, 865, 664 42 3, 287,456 77
817, 095 36 15,152, 706 09
58,498 35
829, 369 47
915, 309 91
973, 808 26
48, OGO GO
9, 367 00
255,161 91
949,480 34
958, 847 84
59, lie 80
62, 578 80
259,414 61
815, 523 49
48, 849 60
878,102 29
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4,484,140 29
14, 910, 465 67 2,198, 960 71 12,711, 504 96
773,866 85
4, 049, 343 09 1, 532, 350 07 2, 516, 993 02
15, 969, 801 45. 5,134,103 84 . 10, 835, 697 61 3, 641,300 88
62, 998 35
958,809 91
866, 641 04
1, 021, 808 26
9, 367 GO
291, 801 17
1, 017, 964 14
1, 008, 597 14
68, 409 65
291, 575 23
858, 542 24
926, 951 89
17,195, 645 25
3, 290, 859 87
14,476, 998 49
1, 325, 450 95
1, 299, 898 31
1,150,117 47
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9, 848, 825 46
38, 738, 970 34
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4,998,311 56
872, 589 09
4, 072, 654 57
406, 347 61
330, 298 11
320, 013 09
18, 341, 671 29
3, 578,491 76
15, 006, 680 43
1,408, 657 52
1, 398, 012 05
1, 226, 296 59
9, 006,189 62
28, 890,144 88
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25, 885,120 GO 14, 910, 465 67
6, 303, 000 GO 4, 049,343 09
27, 236, 512 00 15, 969, 801 45
1, 600, 000 00 1, 021, 808 26"
1, 970, 560 GO 1, 017, 964 14
1, 628, 820 GO
926, 951 89
776, 553 60
189, 090 00
817,095 36
48, 000 00
59,116 80
48, 849 60
15, 687, 019 2 1
4, 238, 433 09
10, 786, 896 81
1, 069, 808 26
1, 077, 080 94
975, 801 49
64, 623, 512 00 37, 896, 334 50 . 1, 938, 705 86 39, 835, 039 86
On January 1, 1879:
Central Pacific
Kansas Pacific
UnionPacific
Central Branch Union Pacific
H
tt
36, 212, 053 27
1, 938, 705 36 37, 896, 334 50
27,443,139 25
$16, 072, 591 38
3, 012, 080 97
13, 603,121 19
1, 244, 679 38
1, 204, 642 25
1, 074, 938 10
1n
8,768, 914 02
1, 938, 705 36 35, 957, 629 14
776, 553 60
189, 090 00
817, 095 36
48, 000 00
59,116 80
48, 849 60
8, 514,489 89
Total amount of interest due the United States from Pacific railway companies.
ft;^
gp
Balance of accrued
interest due the
United States on
interest account.
•
Oft^
Balance due the
United States on
intei'est account,
deducting repayments.
%
Railway companies.
•Ji©
fl'^.cs
Repayment of interest' by transportation of mails,
troops, <fcc.
CD
Amount of interest
accrued and paid
to date, as per preceding statement.
' T A B l . t : ^.—STATEMENT of 30-YEAB 6 PEB CENT. BONDS, ^-c—ContmueA.
25, 885,120 00 15, 687, 019 27
6, 303, 000 GO 4, 238,433 09
27, 236, 512 00 16, 786, 896 81
1, 600, 000 00 1, 069,808 26
776, 553
189, 090
817, 095
48, 000
60
GO
36
00
16, 463, 572 87
4,427, 523 09
17, 603, 992 17
1,117, 808 26
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 GO 1, 067, 713 94
75, 517 99
900, 283 50
9, 881, 444 25 29, 953, 595 61 11, 006, 214 03
40, 959,809 64
2, 516, 742 86 13, 946, 830 01
I, 744, 683 89 2, 682,839 20
6,145, 214 86 11,458, 777 81
71,445 54
1, 046, 362 72
18, 945,141 57
3, 555,428 29
15, 531,431 88
1,452,713 33
4, 998, 311 56
872, 589 09
4,072,654.57
406,347 61
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Westein Pacific
Sioux City and Pacific
.:...... . . .
.
1
1, 970, 560 00 1
1, 628, 320 00
1 64, 623, 512 GO
On July I, 1879:
Central Pacific
..
;
Kansas Pacific
Union Pacific
Central Branch Union Pacific
Westem Pacific
Sioux City and Pacific
•
On January 1, 1880:
Central Pacific
Kansas Pacific
Union Pacific
• Central Branch Union Pacific
Westem Pacific
SiouxCity and Pacific . . . . ' . : : ; : : : . . . - -:...'... -
64, 623, 512 00
41, 773, 745 22
1, 938, 705 36
25, 885,120 00
6, 303, 000 GO
27, 236, 512 00
1, 600, 000 GO
I, 970, 560 00
1,628732000
17, 240,126
4, 616, 613
18, 421, 087
1,165, 808
1,195, 314
1,073, 50O
-
16, 463, 572
4, 427, 523
17, 603, 992
1,117, 808
1,136,197
1, 024, 651
47
09
53
26
54
69-
43, 712, 450 58
25, 885,120 00
6, 803, 000 00
27, 236, 512 00
1, 600, 000 00
1,970,560 GO
1, 628, 320 00
18, 016, 680
4, 805, 703
19, 238,182
1, 213, 808
1, 254,431
1,122, 350
07
09
89
26
34
29
64,623,512 00
45, 651,155 94
1,136,197 74 1
1, 024, 651 09
9, 36? 00 1
83, 648 56
i, 126,830 n 1
941, 002 53
1, 938. 705 36 1 41, 773, 745 22 1 10, 571,102 71 1 31, 202, 642 51
776, 553 60
189,090 00
817, 095 36
48, 000 GO
59,116 80
48, 849 60
00
00
00
00
00
00
. 64, 623, 512- 00
On July 1, 1880:
Central Pacific
•
Kansas Pacific
Union Pacific
Central Branch Union Pacific
Westem Pacific
Sioux City and Pacific
39, 835, 039 86
SD. 116 80 1
48, 849 60
87
09
17
26
74
09
25, 885,120
6, 303, 000
27, 230, 512
1, 600, 000
1, 970, 560
1, 628, 320
:
1,077,080 94 1
975, 801 49
776, 553
189, 090
817, 095
48, 000
59,110
48, 849
60
GO
36
GO
80
60
1, 938, 705 36
776, 553
189, 090
817, 095
48, 000
59,116
48, 8-^9
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
18, 421, 087
1,165, 808
1,195, 314
1, 073, 500
18, 016, 680
4, 805, 703
19, 238,182
1, 213, 808
1, 254, 431
1,122,350
07
09
89
26
34
29
45, 651,155 94
18, 793, 233
4, 994, 793
20, 055, 278
1, 261, 808
1, 813, 548
1,171,199
67
09
25
26
14
89
3, 552,135
2, 370,109
7, 421, 734
73,142
9, 367
93,983
70
88
97
73
00
91
13, 520, 474 19
3, 200, 389
2, 447, 397
7, 804, 484
47, 621
9, 367
106, 032
64
28
37
69
00
57
47, 589, 861 30 ^ 13, 615, 292 55
14, 468, 707
2, 291, 702
11, 095, 621
1, 092, 665
1,185, 947
981, 753
24
54
04
53
54
30
31,116, 397 19
14, 464, 544
2, 435, 593
11, 816, 447
1,140, 665
I, 245, 004
"1,028,366
37
21
92
53
34
38-
32,130, 681 75
15, 592, 844
2, 547, 395
12, ^50, 793
1, 214,186
1,304,181
1, 065,167
03
81
88
57
14
32
33, 974, 568 75
330, 298 i l 1
326, 013 09
11, 006, 214 03
4, 998, 311
872, 589
4, 072, 654
406, 347
330, 298
326, 013
56
09
57
61
11
09
11,006,214 03
4, 998, 311
872, 589
4, 072, 654
406, 347
330, 298
326,018
56
09
57
61
11
09
11, 006, 214 03
4, 998, 311
872, 589
4, 072, 654
406, 347
830,298
326, 013
56
09
57
61
11
09
11, 006,214 03 1
1.457,128 85
1,267, 015 62
42, 208, 856 54
19,467, 018
8,164,291
15,168, 275
1,499, 013
1, 516, 245
1, 307,766
80
63
61
14
65
39
42,122, 611 22
19,462,855
3, 308,182
15, 889,102
1, 547, 013
1, 575, 362
1,354,379
93
30
49
14
45
47
43,136, 895 78
20, 591,155
3,419, 984
16, 323,448
1, 620, 534
1, 634,479
1, 391,180
59
90
45
18
25
41
44,980,782 78
T A B L . E i^.—STATEMENT showing the AMOUNT of NOTES, SILVEB CEBTIFICATES,-and FBACTIONAL SILVEB COIN OUTSTANDI N G at the CLOSE of E A C H FISCAL YEAB from I860 to 1880, inclusive.
00
!l.
©
State-bank
circulation.
Nationalb a n k circulation.
Demand
notes.
Legal-tender
notes.
O n e a n d two,
year notes
of 1863.
Compoundinterest
notes.
Silver certificates.
(See N o t e 3.) (See N o t e 3.)
I860--.
1861...
1862...
1863...
1864...
1865...
1866.-.
1867.-.
1868.-.
1869...
1870..,
1871--.
1872.-,
1873...
1874--,
1875.-,
1876.1877.1878-1879..
1880-.
102, 477 00
005, 767 00
792, 079 00
677, 218 00
157, 717 GO $31, 235, 270
919, 638 00 146, 137, 860
996, 163 GO 281, 479, 908
484, 112 00 298, 625, 879
163, 771 GO 299, 762, 855
558, 874 GO 299, 929, 624
222, 793 GO 299, 766. 984
968, 058 GO 318, 261, 241
700, 935 00 337, 664, 795
294, 470 00 347, 267, 061
009, 021 GO 351, 981, 032
786,- 844- GO 354, 408, 008
658, 938 GO 332, 998, 336
521, 611 GO 317, 048, 872
426, 504 GO 324i 514, 284
352, 452 GO 329, 691, 697
299, 790 GO 344, 505, 427
040, 000
$96, 620, 000
297,767, 114
351, 019
780, 999
431,178, 670
432, 687, 966
472, 603
272,162
400, 619, 206
371, 783, 597
208, 432
356, 000, 000
141, 723
123, 739
356. 000, 000
106, 256 356, 000, 000
96, 505 50|3c6, 000, 000
88, 296 251357, 500, 000
79, 967 50.856, 000, 000
76, 732 50'382, 000, 000
70,107 50 375, 771, 580
66, 917 50!369, 772, 284
63, 962 50;359,"764, 332
62, 297 50 346, 681, 016
61, 470 GO 346, 681,016
.60.975 00.346, 681, 016
00
00
84
00
00
00
GO
00
00
00
00
GO
GO
00
00
00
GO
GO
GO
879,475
471,450
338, 710
454, 230
123, 630
555, 492
347, 772
248, 272
198, 572
167, 522
142,105
127, 625
113,375
104, 705
95, 725
90, 485
86,185
82, 485
$15, 000,000
193, 756,080
159, 012,140
122, 394,480
28,161, 810
2, 871,410
2,152, 910
768, 500
593, 520
479, 400
415, 210
367, 390
328, 760
296, 630
274, 920
259, 090
242, 590
00
00
GO
GO
00
00
00
00
00
GO
GO
00
00
00
GO $1, 462, 600 GO
00 2, 466, 950 00
00 12, 374, 270 00
Practional
currency,
paper.
Fractional
currency,
silver.
Total a m o u n t
in currency.
fH'>! o
O l> (S
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V a l u e of curr e n c y i n gold.
(See N o t e 4.)
$207,102, 477 GO
202, 005,767 GO
833,452, 079 GO ^0 86. 6 $288, 769, 500 41
649, 867,282 75
192, 456 00
76.6 497, 798, 838 59
833, 718,984 84
894, 877 25
38.7 322, 649, 246 94
983, 318,685 76
005, 828 76
70.4 692,256, 354 77
891, 904,685 96
070, 876 96
66.0 588, 657, 092 73
826, 927,153 52
307, 523 52
7 L 7 592, 900, 769 07
720, 412,602 75
626, 951 75
7 0 . 1 505, 009, 234 52
693, 946,050 61
114, 637 36
73.5 510, 050, 351 61
700, 375,899 48
878, 684 48
85.6 599, 521, 769 95
71.7, 875,751 06
582, 874 56
89.0 638, 909, 418 44
738, 570,903 52
855, 835 27
87.5 646,249, 540 58
750, 062,368 94
799, 365 44
86.4 648, 053, 886 76
781,490, 916 17
881, 295 67
91.0 711,150, 733 71
773, 646,728 69
129, 424 19
87.2 674, 619. 947 42
446, 595 39$10, 926, 938 GO 749, 303,473 89
89.5 671, 773, 937 62
403,137 34 33,185, 273 GO 731, 379,542 84
94.7 694, 375. 246 54
547, 708 77 39,155, 633 00 729, 215,508 27
99.4 725, 083, 924 62
842, 605 78 39, 360, 529 GO 734, 801,994 78 1 00.0 734,801, 994 78
214, 954 37 24, 061, 449 GO 735, 522,956
1 00.0 735, 522, 956 37
l^OTE I . — T h e a m o u n t of S t a t e a n d n a t i o n a l b a n k circulation i s compiled from t h e r e p o r t s of t h e C o m p t r o l l e r of t h e C u r r e n c y a t t h e n e a r e s t d a t e s o b t a i n a b l e t o t h e end of
e a c h fiscal y e a r ; t h e o t h e r a m o u n t s a r e t a k e n from t h e ofiicial p r i n t e d r e p o r t s of t h e S e c r e t a r y of t h e T r e a s u r y .
*\NOTE 2 . — E x c l u s i v e of $8,375,934, a m o u n t e s t i m a t e d a s l o s t or d e s t r o y e d , a c t J u n e 21,1879.
I:^OTE 3.—The o n e a n d t w o y e a r n o t e s of 1863, a n d t h e c o m p o u n d - i n t e r e s t n o t e s , t h o u g h - h a v i n g a l e g a l - t e n d e r q u a l i t y for t h e i r face-values, w e r e i n fact i n t e r e s t - b e a r i n g s e c u r i t i e s , p a y a b l e a t c e r t a i n t i m e s , a s s t a t e d on t h e n o t e s . T h e y e n t e r e d i n t o c i r c u l a t i o n for b u t a few d a y s , if a t all, a n d s i n c e m a t u r i t y , t h o s e p r e s e n t e d h a v e b e e n c o n v e r t e d
i n t o o t h e r i n t e r e s t - b e a r i n g b o n d s , or p a i d for i n cash, i n t e r e s t i n c l u d e d .
N O T E 4 . — T h e a m o u n t of fractional s i l v e r in c u c u l a t i o n i n 1860, 1861, a n d 186^-, c a n n o t b e s t a t e d . T h e a m o u u t s s t a t e d for 1876, a n d s u b s e q u e n t y e a r s , a r e t h e a m o u n t s coinecj
a n d i s s u e d s i n c e J a n u a r y , 1876. T o t h e s e a m o u n t s s h o u l d b e a d d e d t h e a m o u n t of s i l v e r p r e v i o u s l y coined w h i c h h a s c o m e i n t o c i r c u l a t i o n .
fej
O
H
O
fel
H
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CQ
fej
o
• pi
fej
>
Pi
Ki
O
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H
Pi
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CQ
Pi
Kj
T A B E r E ^ . — S T A T E M E N T slmoing the ANNUAL APPBOPBJATIONS made by CONGBESS for E A C H FISCAL YEAB from 1873 ^o 1881,
inclusive., together with the COIN VALUE of such APPBOPBIATIONS computed upon the average price of gold for eaeh year in question.
8d session 45th
2d session 42d 3d session 42d 1 s t session 43d 2d session 43d I s t session 44 t h 2d session 44th 1st a n d 2d sesC o n g r e s s , 2d session 46th
sions
45th
Congress.
C ongress.
Congress.
Congress.
Congress.
Congress.
Congress.
a n d 1st sesC
o
n
g
r
e
s
s
.
Piscal y e a r
Piscal y e a r
Piscal y e a r
Piscal y e a r
Piscal y e a r
Piscal y e a r
sion 46th ConIiscal y e a r
Fiscal y e a r
1875.
1876.
1873.
1874.
1877.
g
r
e
s
s
.
P
i
s
c
a
l
1878.
188L
1879.
y e a r 1880.
T o s u p p l y deficiencies for
t h e s e r v i c e of t h e v a r i o u s
b r a n c h e s of t h e g o v e r n ment
P o r legislative, executive,
a n d j u d i c i a l e x p e n s e s of
the government.".
F o r s u n d r y civil e x p e n s e s
of t h e g o v e r n m e n t
P o r s u p p o r t of t h e a r m y . . .
' Por the naval service...... r
P o r t h e Indian service
P o r rivers and harbors
P o r f o r t s a n d fortifications- P o r s u p p o r t of M i l i t a r y
Academy
P o r s e i v i c e of P o s t Office
Department
P o r invalid and other pensions
P o r consular and diplomatic
service
^
P o r raiscellaneous
Total
C o i n v a l u e of o n e
paper currency
H
O
o
$6, 596, 677 39
$4,053,812 39
$2, 387, 372 38
18,170,441 18
20, 758, 255 50
16, 038, 699 49
^32,173, 257
31,796,008
22,'275, 707
5,505,218
7, 352, 900
1, 899, 000
26,
27,
20,
5,
5,
$11,143,239 96
$834,695 66
$2, 547,186 31
16, 057, 020 82
15, 756,774 05
$15,213,259 21
$4, 633, 824 55
$6,118, 085 10
16,136, 230 31
16,785,J08 93
H
tt
18, 624, 972 74
20,134, 669
28, 683, 615
18; 231, 085
6,196, 362
. 5, 588, 000
2, 037, 000
33
32
95
91
GO
GO
90
81
65
90
GO
00
924,
788,
813,
538,
228,
904,
746 88
29,459, 853 02
500, GO 27, 933, 830 .00946 70 • 17, 001, 306 90
274 87
5, 425, 627 GO
000 00
6,648,517-50
000 00
850, 000 00
15, 895, 065 58
17, 079, 256 19
27,-621,867-00
12, 741, 790 90 "i3,'539,'932'96'
4, 567, 017 63
4, 827, 665 69
5, 015, 000 00
815, 000 GO
' 275, 000 GO
15, 868, 694 50
24, 968, 589
51, 279, 679
14,153,431
4, 734, 875
8, 822, 700
275, 000
68
17, 634, 868 56
39 - 26r797, 300 00
70
14, 028, 468 95
72
4, 713, 478 58
GO
9, 577, 494 61
00
275, 000 00
24, 216,136
26,425,800
14, 405, 797
4, 657, 262
8, 976, 500
550, 000
90
00
70
72
00
00
fej
CQ
-
«
•
O
td
H
Pi
326,101 32
344, 317 56
339, 835 00
364, 740 00
290, 065 GO
286, 604 00
292, 805 00
819; 547 33
316, 234 28
6, 425, 970 00
6,496, 602 00
7,175, 542 00
8, 376. 205 00
5, 927, 498 00
2, 939, 725 00
4, 222, 274 72
5, 872, 876 10
3, 883,420 00
><
o
30, 480, GGO 00
30, 480, 000 00
29, 980, 000 00
30, 000, 000 00
29, 533, 500 00
28, 533, 000 GO
29, 371, 574 00
56, 233, 200 00
41, 644, Gt)0 00
fej
1, 268, 819 GO
9, 623, 477 36
1, 811, 359 00
3, 342, 647 86
8, 404, 804 00
2,108, 040 86
1, 374, 985 GO
1, 853, 804 52
1,188, 797 50
4,134, 691 93
1,146, 747 50
1, 425, 091 49
1, 087, 535 00
2, 220, 390 29
1, 097, 735 GO
5, 085,123 77
1,180, 335 00
4, 959, 332 01
fej
154, 216, 751 82
172, 290, 700 82
155, 017, 758 20
147, 714, 940 81
124,122, 010 92
88,356,983 13
172, 016, 809 21
102, 404, 647 76
154,118,212 64
87.3
89.3
88.8
87.8
92.7
97.6
99.8
lOQ
100
134, 631, 223 90
153, 855, 595 83
137, 655, 769 28
129, 693,718 03
115, 061,104 12
86, 236, 415 53
171, 672,775 59
162, 404, 647 76
154,118, 212 64
dollar
Coin v a l u e of a m o u n t a p propriated
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CD
50
REPORT
OF T H E
SECRETARY
OF
THE
TREASURY.
T A B t E %.—BETUBNS;^by JUDGMENTS, of the UNITED ^STATES COUBT of
•CLAIMS, of PBOCEEDS of, P B O P E B T Y S E I Z E D as CAPTUBED or ABAN-^
DONED, under the act of March 12, 1863, P A I D from July 1,.1879, io June 30, 1880.
-
<*
July 2, 1879 1
:
July 21, 1879
September 3, 1879......
S e p t e m b e r s ; 1879.-..September23, 1879-....
October 27, ,1879........
-
••
•. 1
Date.
, -
• -
To whom paid.
'
John C. Calhoun, administrator of A. P . Calhoun
Calhoun Fluker, administrator of Isabella Ann Fluker
Frederick L. Meyer, administrator of Henry Jager.
rinnniTip-ham Bnylp,, aflmiriistrfltoT' of .Tohn Miirphy
Robert M. ahd Stephen A. Douglass
.'
..t.."
Benjamin F . Grafton, administrator of John C. Murphy
. ^ Amount.
-.
$1, 528 89
8, 650 00
2, 881 39
2,501-86
58,419 20
1, 473 16
75, 454 50
Total
T A B I i E M . — J U D G M E N T S of the UNITED STATES COUBT of CLAIMS for PBOCEEDS of P B O P E B T Y SE1ZEE> as CAPTUBED or ABANDONED under ihe act of
March 12, 1863, B E N D E B E D , but NOT PAID^ during the fiscal year ended June 30,
1880.
AprU 26, 1880
Amount
awarded.
Name of claiment.
Date of judgment.
.- George Patten
-
--....
$1,753 33
T A B I . E ^ . — B E C E I P T S and DISBUBSEMENTS of UNITED STATES ASSISTA N T TBEASUBEBS, and DESIGNATED D E P O S I T A B Y a t TUCSON, ABIZONA,
during the fiscal year ended June'SO, 1880.
BALTIMORE.
Balance June 30,1879
.:
..,.
$4,637,991 43
RECEIPTS.
On account of customs On account of internal revenue
Gn account of currency redemption
^
On account of semi-annual d u t y . . - . - - - On account of certificates of deposit, act June 8, 1872
On account of Post-Oface Department . . . . . .
.. - . .
On account of transfers
On account of patent fees
'...
On accoiint of disbursing officers.
On account of interest in currency, 6 per cent.
On account of miscellaneous
'.
.
•
'
............
;.....
.,
,
'
'.
22,874,138 50
DISBUESEMENTS*
On account of Treasury drafts
.On account of Post-Office drafts
On account of disbursing accounts
On account of currency redemption . . . . On accountof miscellaneous.:--:
.--..
On account of interest, funded loans
.-On account of interest in currency
On account of transfers
.'--.--On account of certificates of deposit, act June 8, 1872 . ;
Balance June 3 0 , 1 8 8 0 . . . . . . . . . . . . . .
^
$2,989,773 92
274,576 91
484, 924 -21
123,59129
5,350, 000' 00
.. . 214, 290 32
6,089,87560
.
430 00
2,156,445 65
542,010 00
10, 229 17 .
^
18,236,147 07
3,439,749 53
165,199 40
- 2,102,222 82
500, 694 11
80 42
1,054,084 39
,542, 010 00
5,629,595 97
, . 5,160, 000 GO
—-^
_ _ 18, 593, 586 64
4,280,55186
REPORT OF THE SECRETARY OF THE TREASURY.
51
T A B S . E ^.—BECEIPTS and DISBUBSEMENTS, #c.—Continued.
I BOSTON.
Balance June 30.1879
;.
'.
$7,504,806 51
; EECEIPTS.
On account of customs
L
On account of internal revenue
i
On account of certificates of deposit, act June 8, 1872 ,
On account of Post-Office Department
On account of transfers
:
1
On account of patent fees
On account of disbursing officers
:
On account of iuterest, in coin
i
On account of interest, in currency
i
:
On account bf miscellaneous
$4, 928,290 24
385, 830 72
—^
'
$22, 038, 971 71
1,147, 808 64 •
5, 070, 000 00
703,127 77
14, 560, 272 85
7, 936 00
19, 919, 031 18
5, 314,120 96
1, 524, 625 16
I
,
70, 291, 894 27
77, 796, 700 78
DISBURSEMENTS.
On account
On account
On acconnt
On account
On accoimt
of Treasury drafts
of Post-Oifice drafts
of disbursing accounts
of interest, in core
of interest, in currency
i
$10, 945, 815 17
884, 900, 72 '
;
'
On account of transfers
On account of certificates of deposit, act June| 8, 1872
On account of fractional silver and currency redeemed
On account of miscellaneous
i
'.
•.
16, 843, 596 78
682, 652 43
19, 677, 652 86
11, 330, 775 89
12, 668, 895 74
5, 665, 000 00
1, 098, 842 10
13, 990 GO
67, 981,406 40
Balance June 30, 1880
9,815,294 38
CHICAGO.
Balance June 30, 1879...
$6,344,651 62
RECEIPTS.
On account
On account
On account
On account
On account
On account
On account
On account
Onaccount
On account
On account
of customs
-.
of internal revenue
;
of sale of lands
of redoraption account
•
of certificates of deposit, act June 8,1872
of Post-Office Department
>
of transfers
'
of patent fees
of disbursing officers
'.
of interest in currency
\
of miscellaneous
,
'.
'.
:
•.
$2,818,281 21
2, 023, 790 74
113,806 53
194, 830 00
2,170, 000 00
983,286 64
17,907,388 39
11, 021 00
11,681,688 03
107, 817 00
116,747 16
.'
38,128,656 70
44,473,308 32
DISBUESEMENTS.
On account of Treasury drafts
1.
On account of Post-Ofiice drafts
On accouut of disbursing accounts
.:
On account of interest in currency
On account of transfers
J
On account of certificates of deposit, act June 8, 1872
On account of rederaption account
:
Balance June 30, 1880
-.
11,066,749 24
762,753 47
11, 809, 203 06
107, 920 50
10, 305, 347 29
1, 920, 000 00
194, 830 00
36, 226, 863 56
8,246,444 76
52
REPORT OF THE SECRETARY OF THE TREASURY.
T A B E . E %.—BECEIPTS and DISBUBSEMENTS, .j-c—Continued. .
CINCINNATI.
Balance June 30,1879
$2,990,736 IS
BECEIPTS.
On acconnt of vcustoms
On account of internal revenue
On account of semi-annual duty
On account of Secretary's special deposit account No. 1
On account of Secretary
On account of certificates of deposit, act June 8, 1872
On accpunt 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 currency
On account of miscellaneous
$720,145 28
365, 550 10
75,089 97
930 89
3 45
2,665,000 00
289,547 62
6, 881, 850 16
4,486 20
1, 518, 725 53
1,789,272 45
3,180 00
59,728 47
'.
\
14, 373, 516 12
17,364,252 30
DISBUESEMENTS.
,
On account of Treasury drafts
On account of Post-Oflice 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 certificates of deposit, act June 8, 1872
'On account of fractional currency redeemed-
v
1,853, 064 03
275, 318 29
1,514, 272 22
1, 789, 272 45
3,180 00
6,508, 573 24
2, 535, 000 00
5,654 00
Balance June 30, 1880
14, 484, 334 23
2,879,918 07
N E W ORLEANS,
©aslance June 30,1879
$4,080,037 19
RECEIPTS.
•On account of
On account of
VOJI account of
On account of
On account of
'•On account of
On account of
<0n account of
'^On account of
customs -->
internal revenue
sale of lands
Post-Office Department - - -.
transfers
patent fees
disbursing officers
interest. ."*.
miscellaneous
-
-
$2,332,996 21
1,182, 576 40
17,109 86
786,751 48
3,215,752 42
834 GO
3,762, 023 54
5, 904 00
1,272,612 79
12, 576, 620 70
17,256,657 89
DISBURSEMENTS.
«'0n account'Of
^On account of
fOn.account of
^On account of
'Onaccountof
' On account of
Treasury drafts
Post-Ofiice drafts
disbursing accounts
interest
transfers
-.
fractional currency redeemed
,
2,765,056
705,227
4,716, 637
5, 889
5,414,700
1,800
72
69
65
GO
00
00
13,609, 311 06
Balance June 30,1880
,„
3,647,346 83
REPORT OF THE SECRETARY OF THE TREASURY..
53
T A B E . E ^.—BECEIPTS ^and DISBUBSEMENTS, ^c—Continued.
iNEW TORK.
Balance June 30,1879.....
.|
$159,674,686 54
RECEIPTS.
On account of. customs
On account of internal revenue
;
On account of silver notes issued
;
On account of certificates of deposit, act June 8, 1872
On account of Post-Office Department
i
On account of transfers
:
On account of patentfees
;
On account of disbursing officers
On account of bullion account superintendent assay office
On account of miscellaneous
•
On account of interest accounts
$135,263, 589 77
2, 619, 086 24
904, 000 GO
19,270, 000 00
5,964,662 50
295,134,819 30
5, 321 50
284, 813,444 76
69,175,443 35
118,470,370 34
60, 324, 344 46
'
•
991, 945, 082 22
1,151, 619, 768 76
DISBURSEMENTS.
Onaccountof
On account of
On account of
On account of
On account of
On account of
On account of
On account of
On account of
partment
On account of
Treasury drafts
'
518,229,775 03
Post-Oflice drafts
'.....
6,668,726 51
disbursing accounts
284, 337, 654 72
bullion account superintendent assay office
63, 679,129 84
certificates, act June 8, 1872, sent to department
83, 785, 000 00
gold certificates sent to department
7,449,100 00
silver certificates sent to department
49, 850 00
fractional currency sent to department
79, 000 00
United States bonds, account sinldng fund, sent to dei76, 957,416 06
interest accounts sent to department
60, 321,388 71
1, 051, 557. 040 87
Balance June 30,1880
i
100,062,727 89
PHILADELPHIA.
Balance June 39, 1879
I
$16,022,184 58
I RECEU'TS.
Onaccountof
On account of
On account of
On account of
On account of
On account of
On account of
On accountof
On accomit of
Onaccountof
Onaccountof
On accountof
customs
s
internal-revenue stamps
fractional currency for redemption
fractional silver coin for exchange
semi-annual duty
'
certificates of deposit, act June 8, 1872
Post-Office Department
|
transfers
pa1;ent fees
:
disbursingofficers
'
interest
iniscellaneous
i
:..
*.
$12,660,817 38
436,741 88
19,179 60
3,050,140 00
442, 500 00
11, 665, 000 00
667,754 69
12,494,575 37
4,892 95
12,087,532 76
1,107,766 50
1,0^3,912 GO
;
55,730,813 13
71,752, 997 71
. DISBURSEMENTS.
Onaccountof Treasury drafts ;
On account of Post-Oflice'drafts
;
On account of disbursing accounts ...•.
On account of fractional silver coin exchanged
On account of interest
<
.Onaccountof transfers
;
On account of certificates of deposit, act J u n e 8, 1872
On account of fractional currency redeemed'
12,047,554 12
590,643 29
12,120,304 03
3,402, 820 00
5,119, 503 13
6,929,285 00
- 13,110, 000 00
19,233 60
53,339,343 17
Balance June 30, 1880
'.
18,413,654 54
54
REPORT OF THE SECRETARY-OF THE TREASURY.
T A B I i E ^.—BECEIPTS and DISBUBSEMENTS, #c.—Continued.
SAINTLOUIS.
Balance June30, 1879
,
$3,817,447 00
RECEIPTS.
On account of
On account of
On account of
On account of
On account of
On accountof
On account of
On account of
On accoimt of
On account of
customs
internal revenue
sale of lands
certificates of deposit, act June 8, 1872Post-Office Department
transfers
patent fees
disbursing officers
5 per cent, redemption
miscellaneous
1,468,954 83
813,115 02
20,448 95
700, 000 00
1,246, 760 75
10,057,412 40
4, 662 20
6, 930, 299 65
350, 597 17
244, 705 63
-..
21,836, 956 10
25, 654, 403 10
DISBURSEMENTS.
On account
On account
On account
On account
On account
On account
On account
On account
of Treasury drafts
®f Post-Office drafts
,
of disbursing accounts
of Treasurer's transfer account- of-interest, in coin
of transfers
of certificates of deposit, act June 8, 1872
of fractional currency redeemed.'
7, 260,184 29
1,462,143 39
6, 510, 926 95
454, 860 21
•
643, 302 31
4, 910,477 85
1, 035, 000 00
1, 660 00
Balance June 30, 1880
22, 278, 555 00
3,875,848 10
SANFRANCISCO.
Balance June 30, 1879
.'
*$23,394,396 99
RECEIPTS. *
On account
On account
On account
On account
On account
On account
On account
On account
On account
On account
of
of
of
of
of
of
of
of
of
of
customs
internal revenue
sale of lands
refund certificates, 4 per cent, loan 1907
silver dollars for silver certificates
Post-Office Department
transfers
patent fees
disbursing officers
miscellaneous
$5, 935, 336 24
2, 860, 936 29
202, 280 62
202 60
3, 091, 000 00
586, 211 47
13,763,197 22
13, 228 00
11, 644, 057 90
1, 024, 868 19
39,121,318 53
62, 515, 715 52
DISBURSENIENTS.
Onaccountof
On account of
On accouut of
On account of
On account of
Onaccountof
Treasury drafts
Post-Oflice drafts
disbursing accounts
bullion account
interest, in coin...
transfers
Balance June 30, 1880
'.
i
'
7,226,579 53 ^
640,144 55
12,272,12182
1,025,000 GO
363,514 73
15,648,729 75
37,176, 090 38
.^
*The reserve fund, amounting to $2,240,000, is included in this amount.
25,839,625 14
'
REPORT OP THE SECRETAEY OP THE TREASURY.
55
TAMI^Wl^.—BECEIPTS md DISBUBSEMENTS, ^e.—Continued.
I TUCSON.
Balance June 30, 1879
i
....^
$289,761 58
RECEIPTS.
Onaccountof
On account of
On account of
On account of
On account of
On account of
custoras
internal revenne
sale of lands
transfers
disbursing officers
miscellaneous
$10,232 67
24,815 40
13, 002 47
742, 660 18
606,788 92
84, 890 42
'.
1
i
1, 432, 990 06
'
1,722,751 64
DISBURSEMENTS.
On account of Treasury drafts
On accouut of disbursing accounts
On account of transfers
Balance June 30,1880
,
L
—
36, 652 73
992,495 89
468,947 11
'.
,.
e-^.-.--
..-
.^
1,498, 095 73
224,655 91
IIEPORT OF COMMISSIONER OF INTERNAL REVENUE.
57
REPORT
.
;
OF
THE COMMISSIONER iOE INTERNAL REVENFK
TREASURY D E P A R T M E N T ,
O F F I C E OF INTERNAL | E E Y E N U E ,
Washington^ N'ovemher 24:^, 1880. .
SIR : I have the honor to sabmit the report of the Bureau of Internal Eevenue for the fiscal year ended June 30,1880j with accompanying tables, exhibiting in detail the receipts from each specific source of
revenue by years and collection districts, together with additional facts
and figures, showing the operations of the bureau during the months of
July, August, September, and October, being the first four nionths of
the current fiscal year.
I am glad to be able to bring to your attention the fact that since my
last annual report still further improvement has been made in the condition of the internal-revenue service.
The efforts of the past four years for the suppression of the illicit
manufacture and sale of spirits and tobacco have been substantially
crowned with success. The frauds upon the revenue aliid the resistance
to authority still existing are confined to a few localities, and I am of
opinion that the hearty co-operation of all officers charged with the enforcement of the laws will, beforii the close of the present administration, have established the authority of the government for the collection
of the taxes and the equal enforcement of its laws in all parts of the
country.
The discipline, efficiency, and fidelity to duty of the officers of internal
revenue have steadily improved; the manner in which they have enforced the laws has promoted the relations of harmony which should
subsist between the tax-payer and the government, and I take pleasure
in noting the fact of an almost itniversal disposition on the part of taxpayers to observe the laws and see them faithfully executed.
'
^^EDUCTION
OF TAXATION.
The receipts of internal reyenue for the fiscal year 1879 were
$113,449,621.38, showing an increase of $2,795,458.01 upon the previous
year. The receipts for the fiscal year 1880, in the face of the reduction
of the tax on tobacco, were $123,981,916.10, showing an increase of
$10,532,294.72. Thereceipts for the first four months of the present
fiscal year amount to $43,789,318.30, showing an increase over the corresponding period of last year of $3,658,213.48. I know of no reason
why this increase should not be? maintained during the fiscal year, so
that the total collections for the year from internal revenue taxes at the
present rates would be $135,000,000.
:.
59
€0
REPORT ON T H E FINANCES.
While the receipts from taxes are thus increasing in amount, the demands upon the Treasury are being lessened by the reduction of the
public debt, and of the annual interest charge. I t is probable, therefore, that Congress will be disposed to relieve the people from some of
the internal-revenue taxes, and if such a reduction is to be made, I respectfully suggest the following list of taxes collected during the fiscal
j e a r 1880 for the consideration of the law-making power:
B a n k cliecks
:
Friction matches
Patent medicines or preparations, perfumery, cosmetics, &c
Bank deposits
:
Savings-banks dei:)Osits
Bank c a p i t a l . . ,
Total
•
$2,270,421
3,561,300
1,836,673
2,347,568
163,207
811,436
00
00
22
07
36
48
10,990,606 13
In the event it is deemed ad\dsable to take the tax off matches, patent
medicines, perfumery, &c., due consideration should be had to the fact
that large stocks of these articles, tax paid, are now in the hands of the
trade, and that a very serious reduction in their value, especially of
matches, would result if the tax were taken off suddenly, and articles
manufactured free of tax were brought into competition with those
upon which the existing taxes had been paid. In my opinion an act abolishing these taxes should not go into effect earlier than, say three months
from its passage.
The same may be said in regard to check stamps. Considerable stocks
<of stamped checks are now in the hands of individuals, banks, and
bankers, upon which the stamps have been imprinted. I think it would
be wise that the operation of the repeal should be delayed at least three
months, so as to give time for the use of these stamps.
Whenever the interests of the government will allow it, I think it
will be wise to confine internal-revenue taxation to spirits, malt liquors,
tobacco, snuff*, cigars, and special taxes upon the manufacturers and
dealers in these articles. I am of opinion that reliance can be placed
upon receiving the sum of $124,000,000 annually from these sources,
which sum would gradually increase with the increase of population,
but Vhich would probably be subjected to diminution upon a recurrence
of hard times.
In considering thequestion of relieving jiatent medicines from internal
revenue taxes, it should be understood that many of the articles put
upon the market and taxed as medicinal bitters are used as a beverage.
Persons engaged in the sale of such articles are not required to pay
special taxes as retail dealers in liquors, so that if the articles were relieved-from taxation medicinal bitters would be sold everywhere without
paying any internal-revenue tax whatever.
In passing upon the right of these various medicated bitters to be
taxed as such, and sold without payment of tbjl special tax as retail
liquor dealers, the office is often seriously embarrassed to find the exact line
between a medicinal bitter liable to stamp tax and a compound liquor
subject to be sold only as a beverage. In my opinion it would be wise
to continue the stamp tax upon all medical bitters containing more than
20 per cent, of proof spirits.
The tax u]ion savings banks, in my judgment, should be removed, or
the whole legislation uiion the subject of taxing savings banks vshould be
•modified and made more equitable; and there would seem to be no just
ground for continuing the tax upon the capital and deposits of banks
and bankers if it is found that the revenues are sufficient without it*
COMMISSIONER I OF INTERNAL REVENUE.
61
!
ASSESSMENTS ON O I R C P L A T I N a NOTES.
The assessments on circulatiiug notes of corporations and individuals
under sections 3412 and 3413 TJnited States Eevised Statutes, and sections 19 and 20 of the act of iFebruary, 8, 1875, amounted, during the
year ended June 30, 1880, to $461,597.82, an increase of $452,355.20
over those made during the pre|ceding year. The chief motive for issuing
the notes upon which these assessments were made was unquestionably to
supplement an insufficient capital or to bolster up the waning credit of
the firms or corporations making the issues. The large increase in
these assessments clearly indicates the disposition of individuals and
corporations to flood the country with an insecure ^^ shin pias ter'^ circulation. The existing laws of the United States seem to constitute
the only breakwater for the protection of the people against an inundation of every imaginable character of individual and corporate circulalating notes designed to tak4 the place of money. In my judgment
those laws should be maintained upon the statute book.
RESISTANCE TO ENFORCEMENT OF THE LAWS.
By reference to the table oh page 24, it will be seen that daring the
last four years and four months, 4,061 illicit distilleries have been seized,
7,339 persons have been arrested for illicit distilling, 26 officers and
employes have been killed and 57 wounded, in the enforcement of the
internal-revenue laws. During the past sixteen months 1,120 stills have
been seized, 1,265 persons arrested, and 10 officers wounded in the enforcement of the laws. While; the number of stills seized and persons
arrested since my last annual; report is very large, I am satisfied that
there wiU be a decrease henceforward in the number of such seizures
and arrests.
In January of the present j^ear a combined movement was made, by
armed bodies of internal-revenue officers, from West Virginia southward
through the mountains and foothills infested by illicit distillers, which
resulted in the seizure of a niimber of illicit distilleries, and the arrest
of many persons engaged theiiein. The effect of this movement was to
convince violators of the law that it was the determination of the government to put an end to frauds and resistance to authority, and since
that time it has been manifest to all well-meaning men in those regions
of country that the day of the; illicit distiller is past. Public sentiment
has been gradually setting in against these frauds, and I feel assured
that if continued efforts are made for the enforcement of the laws the
taxes upon whisky and tobaqco can soon be collected in the districts
where frauds have been so rifq without the use of armed posses of men.
For the purpose of preventing old offenders from resuming the business of illicit distilling, I have! deemed it advisable to maintain a special
force of deputies in many of the districts to police the districts and seize
illicit distilleries. These officers are armed and move in small posses so
as to deter resistance. They ;are instructed to establish friendly relations with the people and to encourage the observance of the laws. This
system has worked satisfactorily and beneficially, and except in the second district of Georgia there lias been very little disturbance during the
past few months.
;
ENCOURAGEMENT OF LEGAL D I S T I L L E R I E S .
It has been the policy of this office to encourage the establishment of
legri distilleries in those collection districts where illicit distillation has
62
REPORT ON T H E FINANCES.
heretofore prevailed, and there are now 469 licensed grain distilleries in
those districts against 380 in 1879, and 177 in 1878. I have felt that if
the manufacture of whisky was to be carried on at all in this section of
country it was much better that it should be done openly and in full
compliance with the requirements of law rather than secretly in violation and defiance of law, and with the demoralizing influences of dishonesty, turbulence, outlawry, and murder, which invariably prevail in
a community where illicit distilling is carried on unchecked. The pofey
thus adopted has worked well. In every county where legal distilleries
have been established in any number, illicit distilling has almost entirely
ceased, violent resistance to law has liecome almost unknown, and there
has been a large increase of revenue.
I t must be understood that many of the legal distilleries thus established have no greater capacity than ten gallons per day, and that it is
necessary for the i)rotection of the rights of the government to have a
storekeeper and gauger assigned to each distillery. I t is thus obvious
that the expense of collecting the taxes upon the spirits so made is very
heavy, and necessarily increases the estimates for this year for the pay
of storekeepers and gaugers. I t is, however, unquestionable that it is
far preferable to incur this expenditure to secure the collection of the
revenue and an orderly observance of the laws than'to spend large
sums of money in the employment of raiding parties for the seizure of
illicit distilleries and the arrest of illicit distillers. So long as the government looks to the tax upon distilled spirits for a large proportion of
its revenues, it is just and right that every producer of distilled spirits
shall be held to the payment of his legal tax, and such appropriations
should be made as will enable the executive branch of the government
to enforce the tax law so as to collect the revenues justly from all alike.
I have the honor to earnestly recommend that the appropriation asked
for for this service be granted.
PROTECTION OF REVENUE OFFICERS.
I again recommend additional legislation for the protection of the
lives and persons of officers of the TJnited States from the unlawful assaults of those who resist their authority, and refer to the remarks on
this subject in my last annual report, page v.
FRAUDS IN THE MANUFACTURE OF VINEGAR.
I respectfully direct attention to House bill ¥ o . 6460, entitled ^^Abill
to regulate the manufacture of vinegar by the alcoholic vaporizing process," now pending in Congress, and urgently request that the same be
taken up and passed into law at the earliest practicable moment. I
state without hesitation that the provisions of section 5 of the act of
March 1, 1879, authorizing the use of a process for the vaporizing of
alcohol in the manufacture of vinegar, has opened the door to frauds
upon the revenue which cannot be guarded against successfully under
existing laws. While the great majority of manufacturers of vinegar
by this process are, ho doubt, following a legitimate and honest business, I am convinced that there are many who have engaged in the
business for the express purpose of defrauding the government out of
its tax upon distilled spirits. As was shown before the Committee on
Ways and Means of the House of Eepresentatives, at its last session, it
is easy for a manufacturer of vinegar by this process to produce lowwines of 50 or 60 per cent, strength. As there are no storekeepers or
COMMISSIONER I OF INTERNAL REVENUE.
63
t
other government officers connected with these establishments, it is obvious that these low-wines may be removed and sold as distilled spirits
without the payment of the tax if the vinegar manufacturer sees fit to
do so. The law authorizing the vaporizing of alcohol by vinegar manufacturers should either be repealed, or else a government storekeeper
should be stationed at each-vinegar factory using this process, the expense of such storekeeper to be borne by the manufacturer.
EMPLOYES ON THE STAMP ROLL. '
i
. •
Sections 321, 3238, 3312, 3328,3330, 3341, 3369, 3395, 3445, and 3446 of
the IJnited Sta.tes Eevised Statutes charge the Commissioner of Internal
Eevenue with the duty of procuring and issuing aiipropriate stamps for
all internal-revenue taxes imposed by law. Most of these stamps are
now being produced by the Bureau of Engraving and Printing. They
are delivered to the Commissioner of Internal Eevenue, and are by him
issued to collectors of internal revenue, and sold to tax-payers.
The work of issuing all stamps, except stamps on bank checks and tinfoil tobacco wrappers, directly from the Internal Eevenue Bureau, was
commenced in September, 1877, since which time nearly $334,000,000
worth of stamps have been sent out. The accounting officers of the
Treasury Department charge to the Commissioner the stamps delivered
to him by the Bureau of Engraving and Printing, and credit him with
all stamps properly issued and sold. The honorable First Comptroller,
who passes upon these account$, has expressed to the Oommissioner the.
opinion that he (the Commissioner) is personally liable to the government for the safe-keeping and proper issue of these stamps.
When it became necessary to employ a force to iierform the work of
receiving and issuing these stamps the question arose as to who should
exercise that power j the law makjingthe appropriation for dies, paper, and
stamps requiring that the sum appropriated should be expended " under
the direction o f t h e Secretary of the Treasury." Upon consultation
between the Secretary of the Treasury and the Commissioner of Internal
Eevenue itwas then decided that ^the Commissioner was the proper officer
to employ that force, The nuniber of persons to be employed and the
salaries to be paid them were fixed by the direction and with the approval of the honorable Secretary. The Commissioner then proceeded
to employ the necessary force, and from month to month the pay-rolls for
the persons so employed were palssed bythe accounting officers and paid
without question.
i
On the 28th of June last, the jfollowing letter was received :
T R E A S U R Y DEPARTMISNT, O F F I C E OF THE SECRETARY,
;
Washington, D. C , June 28, 1880.
SIR : I am in receipt of the letters of the acting Commissioner of the 24th and 26tli
instant) informing me of the employment of a messenger in your office, and of certaiu
persons to he employed at East Pepperell, Mass., all to he paid from the appropriation
for dies, paper, and stamps.
\ .
The legislative hill approved the 15th instant, provides that the appropriation for
t h a t purpose for the next fiscal year sliall he expended under the direction of the Secretary of the Treasury. You will, therefore, please transmit to this office any recommendations which you may have for the employment of the persons named in the two
ahove-mentioned letters, or for the eidployment of any other persons paid out of the
ahove appropriations, and will notify thera t h a t their services will not be required on
and aifter the first proximo, unless previously authorized hy the Secretary.
Very respectfully,
JOHN SHiiRMAN, Secretary.
Eton. G R E E N B . RAUM,
Commissioner of Internal \Bevenue.
64
REPORT ON T H E
FINANCES.
Under the instructions of this letter the persons employed upon the
stamp-roll by authority of the Commissioner were discharged, and a
majority of them were subsequently re-employed by direction of the Secretary of the Treasury. The effect of this letter was to divest the Commissioner of ah authority which had been exercised by him for nearly
three years under the sanction of the Secretary.
The principle seems to me well established that no officer shall be
held pecuniarily u,esponsible for the neglect or dishonesty of an employ6
in whose appointment he has no voice, and I respectfully submit that
the sections of law above referred to impose such duties and confer such
powers upon the Commissioner of Internal Eevenue, taken in connection
with his pecuniary'I'esponsibility for the custody of these stamps, as
should carry with them authority to select and employ the persons engaged in the work of receiving, counting, caring for, and issuing said
stamps. In coming to this conclusion I have duly considered the constitutional provision which authorizes Congress to empower the heads
of departments to appoint inferior oflicers, and that section of the act
above alluded to appropriating money for dies, paper, and stamps, which
provides that the same " shall be expended under the direction of the
Secretary of the Treasury." The persons employed upon this work are
not '^ officers "; they are clerks, book keepers, counters, and messengers.
And the statutory provision is, in my oiiinion, fully met by the Secretary directing the number of persons to be employed and fixing their
pay, thus controlling the expenditure of the appropriation. Under the
changed systein j)^i'Sons who were regarded by the Commissioner as
competent and experienced in their work and were satisfactory to him
have been removed, and others without experience and unknown to the
Commissioner have been substituted.
With the utmost respect to the honorable Secretary I will say that in
my opinion this action is erroneous in principle and in law, and in my
judgment should be revoked. The Commissioner of Internal Eevenue
should not be chargeable with the shortcomings of persons employed in
the business of handling $150,000,000 worth of stamps per annuin without having the selection of such persons, and I respectfully recommend
that if upon a further consideratioii of this question the honorable Secretary entertains a doubt as to the correctness of the positions above
stated, legislation should be asked for to place the authority of selection
and employment in the hands of the officer on whom rests the pecuniary
responsibility fbr the conduct of the persons employed.
APPOINTMENT OF STOREKEEPERS, GAUGERS, AND TOBACCO INSPECTORS.
For about twelve years preceding June 30 last, under a plan adopted
by Hon. Hugh McCulloch, Secretary of the Treasury, the correspondence with collectors of internal revenue and others in respect to the appointment and removal of storekeepers, gangers, and tobacco inspectors
was conducted by the Commissioner of Internal Eevenue, and the appointments were made on his recommendation. This system was changed
by the following circular:
TREASURY D E P A R T M E N T ,
,
O F F I C E OF THE SECRETARY,
Washington, D. C , June 30, 1880.
To Collectors of Internal Bevenue and otliers :
On and after July 1, 1880, any application for appointment to fche office of gauger
storekeeper, storekeeper and gauger, or inspector of tobacco in the iuterual-revenue
service will be made to the Secretary of the Treasury, and in each case will be in ^he
COMMISSIONER OF INTERNAL REVENUE..
65
handwriting of the applicant, and signed by. him, stating his age, legal residence,
where born, and service in the Army or Navy, if any. The application must be accompanied by testimonials as to character foi sobriety, industry, and business habits.
Collectors of internal revenue wiU report to the Secretary of the Treasury whenever the necessities of the service require new appointments or removals of incumbents, giving the reasons therefor, and forwarding to this office the papers in each case.
Removals from office of any of the above-named officers, will hereafter be made only
by the Secretary of the Treasury.
:
JOHN SHERMAN,
Secretary.
The correspondence in respect to these appointments and removals is
now carried on by the Secretary of the Treasury through the Appointment Division of his office. Halving observed the workings of the new
system, since its taauguration, I deem it my duty in the interest of th.^
public service, to point out the reasons why, in my judgment, this work
can be better done by the Comibissioner of Internal Eevenue.
By existing laws all the officers enumerated in this circular perform
their duties under the general instruction of the Commissioner of In' ternal Eevenue, to whom they make retur^n of work done upon forms prescribed by liiDi. In the case of storekeepers, they are assigned to duty
by the Commissioner,. and in the case of gaugers, their accounts are
audited by him. Eevenue agents, under the instructions of the Commissioner, constantly supervisel the work of these officers and report
upon the same, and periodically inspect them and report as to their
capacity and fidelity to duty. E'o new distillery can be started without
the approval of the Commissioner of Internal Eevenue, and reports of
the closing of distilleries are promptly made to him; a record is kept in
his office of the assignment of all storekeepers and gaugers. There
are in the Internal Eevenue Bureau persons who are experts in the work
of gaugers and storekeepers, and who are able to and do criticise their
work so as to keep the Commissioner advised upon these matters. This
condition of things enables thC; Commissioner of Internal Eevenue to
decide when it is proper to appoint new officers in a district, and also
when an officer in consequence iof neglect of duty or incapacity should
be removed. These nieans of information are not in the Secretary's
office.
i
It maybe proper to say that the appointment clerk and his assistants
frequently obtain verbal information from this office in regard to matters connected with the appointment and removal of officers of this class.
This, however, is always in an informal way, no record being made of
the matter on either hand.
I have not questioned and do inot question the right of the Secretary
to obtain information from such sources as he may deem proper upon
which to make these appointments and removals, but it occurs to me
that the officer who by law has charge of the general superintendence of
the collection of the revenues and who has so much to do with the offi. cers in question should be consulted as to the necessity of niaking appointments and the propriety of;making removals.
The plan adopted by the foregoing circular was tried for a short time
by Secretary McCulloch, with this exception, that he expressly invited
the aid of the Commissioner in rega^rd to removing incompetent persons
from office, but the system was not found to work well and was abandoned.
!
(^ | I claim that the storekeepers and gaugers have during the past four
years steadily improved in their knowledge of law and regulations, in
diligence and fidelity in the performance of their duties, and in their
pride in the service. This corps of officers for efficiency and discipline is
5 F
66
'
• REPORT ON T H E
FINANCES.
not excelled by any branch of the civil service, and this state of things
is the outgrowth for the most part of the measures set on foot at this
joffice for the improvement of the service. The same system of-examination and inspection adopted for collectors' offices, with a similar grading according to a scale of merit, has been applied in the case of storekeepers and gaugers, and the result has been a laudable ambition on their part
to excel in intelligence and efficiency in the discharge of their duties.
I t is obvious that the effect of this system will be lost, and that officers
will be made indifferent to or independent of criticism or commendation
by this office when it is understood that only on the recommendation of
a collector will a removal be made.
In my judgment it would be wise for the honorable Secretary of the
Treasury to reconsider this subject with a view to a modification of his
present order.
^
IMPROVEMENTS IN THE PUBLIC SERVICE.
In administering the Internal Eevenue Office during the past four
years I have directed my efforts—
1st. To popularizing the internal revenue system of taxation, so that
tax-payers every where would cheerfully observe the laws, and a healthy
public sentiment would be aroused favorable to their enforcement.
2d. To break up frauds of every kind, especially the illicit manufacture and sale of spirits and tobacco, and thoroughly establish and maintain the supremacy of the laws of the United States.
3d. To correct abuses of administration, especially -the institution of
suits and prosecutions for trivial and' technical violations of law.
4th. To bring into the public service honest, capable, and efficient
men, to increase them in the knowledge of their duty as prescribed by
law and regulations, and to stimulate a just spirit of emulation amongst
officers in the performance of duty.
5th. To establish a more perfect and uniform system for the transaction of the public business by collectors in their offices and by their
deputies in their divisions, and to insure strict accountability for tho
public funds.
6th. To secure a prompt and careful transaction of the public business
i n the Bureau of Internal Eevenue, and so to dispose of such business as
had accumulated during past years that the labor of the office might be
directed to current work.
Some of the leading improvements in the public service which have
been effected are hereinafter recapitulated.
RELATIVES IN OFFICE.
Upon an examination of the personnel of the internal revenue service^
I deemed it advisable to issue to each collector the foUowing circular,
known as Circular Letter 44, which was approved by Hon. E. C. McCormick, Acting Secretary:
,
TREASURY DEPARTMENT,
O F F I C E ' OF INTERNAL R E V E N U E .
Washing ton,-August 11, 1817.
The reports of collectors, in reply to Circular No. 42, dated June 19, 1877, disclose
t h e fact t h a t in a nuraber of districts the officers and employes appointed by collectprs
or upon their recommendation, arc, to a large extent, related by blood or marriage to
such collectors; or, if not so related, are related to each other, so that, in fact, fche
selection of officers and employes in many instances is confined to a few families, upon
whom alone fall the responsibilities and emoluments of office.
I regard this condition of affairs as an abus'e in adminisfcration, the continuance of
COMMISSIONER OF INTERNAL REVENUE.
67
which is incompatible with the best interests of the public service, as greatly tending
to a lax discipline, and to the condonation of irregularities.
For the purpose of rectifying this condition of things, collectors will observe the
followiug rules in respect to the officers and employ6s of their respective districts :
First. Of persons related to a collector by blood or marriage, but one shall be retained in office.
Second. Of persons not related to, a collector, but related to each other by blood or
. marriage, but one shaU be retained;in office^
Collectors will make the necessary recommendations for the apj)ointment of
gaugers, storekeepers, and storekeepers and gaugers, and change their force of deputies and clerks so as to have their respective forces conform to the foregoing rules. -^
All changes under this circular will take efi^ect on or before the Isfc day of ^October, 1877.
GREEN B. RAUM,
Commissioner.
The princiiile of this circular has, I think, receivecl the approbation of
the public, and its enforcement has been beneficial to the service.
EX PARTE DEPOSITIONS.
In my annual report for the'year 1876,1 recommended the passage of
a law in regard to the taking bf depositions fbr use in internal-revenue
ca..ses. 'No such act having been passed by Congress, and believing that
the system which had long prevailed of deciding cases upon ex parte
evidence should be changed, I issued the following circular :
\
TREASURY DEPARTMENT,
O F F I C E OF INTERNAL R E V E N U E ,
i
Tfashington, D. C , October 30,1877.
In all claims for abatement, refunding, drawback, or reward for information, all
applications for compromise, all contested questions as to claims of the gOA^ernment
for taxes not assessed, and a'enerally in all matters wherein additional testimony is
required to be taken, no ex parte affidavit or deposition will be considered unless the
same shall have been taken after due notice to the Commissioner as herein prescribed.
Such notice must state the. time and place at which, ap.d the officer before whom,
the testimony will be t a k e n ; the name, age, residence, and business o f t h e proposed
witness, Avith the questions to be propounded to the Avitness, or a brief statement of
the substance of the testimony he is expected to give.
/The notice shall be delivered or mailed to the Commis.sioner a sufficient numberjof
days prcAnous to the day fixed for taking the testimony, to allow him, affcer its receipt,
at least five days, exclusive of the period required for mail-communication with the
place at Avhioh the testimony is to be taken, in AA^hich to give, should he so desire,
instructions as to the cross-examination ofthe proposed Avitness.
WheneA^er practicable the affidavit or deposition should be taken before a collector
or deputy collector of internal revenue, in which case reasonable notice should be
given to the collector or deputy collector ofthe time fixed for taking the deijosition or
affidaAdt.
, '
It will be observed t h a t these regulations relate to affidavits and depositions additional to those presented with the claim or matter in question as noAV provided for
nnder existing regulations.
;
The foregoing regulations are not intended to preclude the examination of Avitnesses
before the Commissioner; and he also reserves to himself the rightfcorecei A^e and. consider affidaAdts as to which iDrevious notice has not been given where the reason for
failure to give such notice shall appear to him to be sufficient, and. also in other cases
in AA^hich, from their exceptional character, or the character ofthe affidaAdfc, he shall
he satisfied t h a t the rule should not be enforced.
These regulations shall ai)jjly to all matters of the character first above mentioned
pending in this office on and after the first day of December next.
GREEN B. RAUM,
;
Commissioner.
ApproA^ed:
R.
C.
MCCORMICK,
Acting Seci'etary.
!
The enforcement of this circular has rendered the evidence upon which
action is had in internal-revenue cases very much more definite and satisfactory than was practicable iunder the system previously prevailing.
68
REPORT ON THE FINANCES.
PROSECUTIONS FOR TECHNICAL VIOLATIONS OF LAW.
For the iiurpose of preventing the institution of suits and prosecutions
for technical and trivial causes, I addressed to collectors of internal
revenue the following letter:
TREASURY DEPARTMENT,
O F F I C E OF INTERNAL R E V E N U E ,
^
Washington, April 25, 1878.
SIR : The number of cases for violatioias of the internal-reA^enue laws t h a t are placed
npon the dockets of the courts throughout the country is so great, and the expenditure
for the trial of these cases is so large', and in many courts, in consequence of the great
number of cases, the delay in bringing cases to trial is so great, that it becomes a
matter of great importance t h a t the officers of the goA^ernment should observe the
utmost degree of care in bringing cases into court in A^CAV of the facts aboA'e stated,
as well as the rights of the citizens accused.
You are therefore instructed, before reporting a case to the district attorney for
prosecution, to examine into the same Avith the utmost degree of care, with a Adew of
giving the district attorney such definite information in. regard to the case as will enable him to determine the question of the propriety of instituting xiroceedings. I t is
not the wish of this office t h a t trivial cases, or cases of a mere technical character,
iuA^olving no loss to the government, and Avhere no fraud has been committed or intended, should be dignified by being brought into court for prosecution.
On the other hand, where persons have knowingly and Avillfully violated the law
with the evident intention of defrauding the gOA^ernment of its rcA^enues, Angorous
measiues should be taken to bring the parties to trial and punishment.
Yery respectfully,
GREEN B. RAUM,
Commissioner.
Collectors have, for the most part, been guided by the spirit of this
letter, and the mimber of improper suits and prosecutions, instituted
apparently for the creation of costs only, has been very greatly diminished. The principles of this letter have recently been embodied in instructions to district attorneys and United States marshals with the
approval of the honorable Secretary.
EXAMINATION OF COLLECTORS' OFFICES.
In March, 1877,1 adopted a plan of making quarterly examinations
* of the accounts of collectors with a view of establishing a more uniform
system of transacting the public business, of requiring all the books
and accounts to be properly written up to date, of securing rigid ac-.
countability for the public funds, and by these means of promoting the
efficiency of the collectors and their subordinates. An official standard
of a first-class office was established, as follows:
First. Where the officers are honest, cai3able, and faithful.
Second. WTiere the collector devotes his best energies to the proper organization and
discipline of his clerical and division force, and uses every endeavor to collect all the
taxes due the government.
Third. Where every subordinate manifests pride in his x>osition, and ambition to
excel in his line of dnty.
Fourth. Where no errors or discrepancies are found in the cash or stamp account.
Fifth. Where all the entries are made before the close of each day's business, cash
balanced, and books and packages of stanq^s sold from during the day verified.
Sixth. Where ex^ery possible effort is made to promptly dispose of each item on the
.lists.
SeA^enth. Where all bonds are properly executed, approA'^ed, recorded, and filed.
Eighth. Where the penalties are collected, compromise cases promptly reported, and
money properly deposited.
Ninth. Where the office is furnished with a view to the preservation of public records, the facilitating of business, and in a manner suitable and becoming the purpose
for AA^hich it is used.
Tenth. Where every record is completed to date, and is Avithout erasures, blots, or
any defacement.
Eleventh. Where the Internal-Revenue Record and the lists are bound, and letterbooks and circulars indexed.
Twelfth. Where everything presents the appearance of a first-class bnsiness office.
COMMISSIONEI^ i OF INTERNAL REVENUE.
.
69
Thirteenth. Where t h e deputies in charge of stamps are supplied with the proper
records, their books, accounts, and stamps iu jjerfect order, smd stamp gbiid cas/i account
verified by the collector at least once each quarter.
The following requirement has recently been added:
Fourteenth. Where all required reports and returns are made to the office at Washington, and Avhere there is no unnecessary delay in corre'siDondence Avith t h a t office.
An office in which all of these requirements are fulfilled is graded as
No. 1. Failure to come up to the official standard in any one of these particulars results in the office being marked down at a lower grade. ExXierience has shown that these examinations have created a splendid
esprit de eorps in the service; and to-day, out of 126 collectors' offices,
119 are graded as first-class according to the official standard.
INSPECTION OF OFFICERS.
The system of inspecting officers established in 1877 was intended to
more thoroughly create and diffuse a knowledge of internal-revenue
laws and regulations amongst both officers and tax-payers, to establish
a greater uniformity in the enforcement of the laws, and to place upon
. the files of this office the record of every officer connected with the
service. It was believed that this system-would prove an efficient school
for the officers, and I am glad to say that my expectations have been
more than reahzed.
;
The inspections of deputy qollectors, taken in connection with their
diary reports attached to their monthly accounts, give the collectors and
this office an insight into the manner in which they perform their duties,
and so with the storekeepers and gaugers the inspection reports taken
in connection with their reports of work done enable the collectors and
this office to form a proper estimate ofthe value of these officers to the
service. The incompetent officer is soon discovered and the government
is enabled to properly dispense with his services, while the diligent and
faithful officer has a record in this office ^yhich can always be invoked
in his behalf.
I
In connection with the reports of examinations and inspections the
officers have been subjected to just criticism for shortcomings and have
received commendation for diligence and efficiency.
An important part of the work of the internal-reyenue service is the
policing by deputy collectors of their respective divisions. To promote
efficiency in this work the great majority of policing deputies have been
relieved from the" sale of stamps. A system has been introduced of
making an annual allowance for traveling exiienses to be accounted for
by the deputy in his accounts. With the approval of the honorable
First Comptroller deputy collectors have been required fo render monthly
pay accounts instead of quarterly, rendering with said accounts a diary
report setting forth the work xierformed by them. These measures have
secured a more thorough system of work on the part of division deputies.
'GAUGING.
To seciire greater efficiency and uniformity in the work of gangers,
competent experts have, froih time to time, been detailed to visit the
leading spirit-producing districts and inspect the gaugers and "correct
any errors of work into which they might have fallen. G-augers have
also been required in their reports of work done to give the length and
mean diameter of each package gauged, so that their work and calculations can be easily verified. This, added to certain improvements which
70
REPORT ON THE FINANCES.
have been made in the gauging instruments, has resulted in greatly in^
creased accuracy in the work of gauging.
\
STOREKEEPERS.
The storekeepers have been greatly improved in diligence and efficiency by periodical inspections and by frequent visits from collectors
and revenue agents.
CONDIT.ION OF THE OFFICE.
I t is gratifying to be able to state that the work of this office is now
thoroughly in hand, and thait the time of almost the entire force is exclusively devoted to the transaction of current business. The correspondence of the office receives prompt attention; accounts are ad.justed
without delay and forwarded to the accounting officers for audit and
payment. The redemption of stainps and settlement of drawback claims
are part of the current business. Claims for the abatement and refunding of taxes and offers in compromise receive the consideration of the
office as soon as the proper proofs are filed. The books containing the
accounts with the Bureau of Engraving and Printing, with collectors,
and with tax-payers W'ho purchase stanqis directly from the office, are
kept^written up to date and the account of stamps on hand is daity carefully verified and balanced. The work in connection with the establishment and operation of distilleries, breweries, and tobacco and cigar
manufactories is promptly and diligently performed.
For this satisfactory condition of the office, I desire to return my vsincere thanks to the officers, clerks, and employes for their diligence, fidelity, and zeal in the performance of duty. •
AMOUNTS COLLECTED AND ACCOUNTED FOR^ BY COLLEQTION DISTRICTS.
Soon after the close of the fiscal year ended June 30, last, I caused
the customary annual examination to be made of the records and accounts of each collector of internal revenue throughout the United
States, for the purjiose of ascertaining whether the public moneys collected had been duly accounted for. This examination disclosed the
gratifying fact that during the past fiscal year $123,981,916.10 of internal revenue taxes had been, collected, and that every dollar had been
paid into the Treasury.. During the past four fiscal years, $467,080,885 of
taxes have been received by collectors of internal revenue, and the entire sum has been paid into the Treasury. All deficiencies wiiich have
occurred in the accounts of collectors during that jieriod have been
made good by payments into the Treasury. Fidelity in accounting for
the public funds being one of the highest tests of the efficiency of officers intrusted with the collection of revenue and the disbursement of
pnblic money, the officers of internal revenue, judged by this rule, are
entitled to a high rank in the public service 5 and I take pleasure in
bearing testimony to the fact that, as a hodj of officers, it will be difficult to improve upon them in respect to integrity, intelligence, fidelity,
and zeal in the performance of duty.
I append a statement of the collections made, by districts, during the
past fiscal year, with, the name of each collector and the amount collected and paid into the Treasury by him.
COMMISSIONEE OF INTEENAL EEVENUE.
Collection districts.
Pirst Alabama
Second Alabama
Arizona
Arkansas
Pii'St California
Pourth California
"Colorado
Pirst Connecticut
Second Connecticut
Dakota
.'
Delaware
Plorida
Second Georgia
Thii'd Georgia
Idaho
Pirst Ulinois
Second Illinois ...a.
Do
Do
Third Illinois
Do..
Do
Pourth Illinois
Pifth Ulinois .,
Seventh Illinois
Eighth Illinois
Thirteenth Illinois
Pirst Indiana
Pourth Indiana
Sixth Indiana
Seventh Indiana
Tenth Indiana
EleA^enth Indiana
Second Iowa
Third Iowa
I'ourth Iowa
Pifth Iowa
Kansas
Second Kentucky
Piftli Kentucky
Sixth Kentucky
Seventh Kentucky
,
Eighth Kentucky
Nin th Kentucky
Louisiana
Maine
'...
Third Mai-yland
Fourth Maryland
Third .Massacliusetts
Eifth Massachusetts
Tenth Massachusetts
FirvSt Michigan
Third Michigan
Pourth Michigan
,
Sixth Micliigan
Pii'St Minnesota
Second Minnesota'
Mississippi
Pirst Mis.souri,
Second Missouri
„...
Pourth Missouri
.Do
Fifth Missouri
Sixth Missouri
Montana
,
N ebraska
Nevada
New Hampshire
Pirst NCAY Jersey
,
Tbiid New Jersey
Fifth NOAV Jersey
New Mexico
Pirst N ew York
,
Do
Do
,..
Second NOAAJ York . . . . . . .
Third New York
,
Eleventh New York
Twelfth New York
Pourteeftth NCAV York
Eifteenth New York
Twenty-first New York..
Twenty-fourth New York
Twenty-sixth New York.
Names of collectors.
Louis H. Mayer
James T. Rapier
Thomas Cordis
Edward Wheeler
William Higby
,
ATJI(5^ L . Frost
James S. Wolfe
Joseph Selden
David P. Hollister
John L. Pennington
James Mclntire
Dennis Eagan
Andrew Clarke ^
Edward C. W a d e . . . . . . .
Austin Savage
Joel D. Harvey
William B. Allen (late)
W. S.|Beaupr6 (acting)
Lucien B. (Jrooker (present)
Adam Nase (late)
A. H; Hershey (acting)
Alfre|d M. Jones (present)...
John' Tillson
Howard Knowles
/ohnW.Hill
^Jonathan Merriam
Jonathan C. Willis
James C. Veatch .i
WillCumhack
Frederick Baggs
Delos W. Minshall
George Moon
John F. Wildman
Sewall S. Farwell
James E. Simpson
John Connell
Lam.].")Son P. Sherman
John C. Carpenter
•..
William A. Stuart
James F. Buckner
Winfield S. Holden
Armsted M. Swope
William J. Landram
John E. Blaine
Morris Marks
Fj?anklin J. Rollins..'.
Eoheft M. Proud
Daniel C. Bruce
Charles W. vSlack
Charles C. Dame
Edward E.. Tinker
Luther S. Trowbridge
Harvey B. Powlson
Slum an S. .Bailey..'.
Charles V. De Land
Andrew 0. Sraith
William Bickel
James Hi.]l
Isaac H. Sturgeon
Alonz/O B. Carroll
Arthur C. StcArart (late)
Kynd E. Lauder (present)...
David H. Budlong
Robert T. Van Horn
Thomas P. Fuller
Loren/.o Crounse
Fredeiick 0. Lord
Andrew H. Young
WilUam P. Tatem
Culver Barcalow
Robert B. Hatliorn
Gastayus A. Smitli
James Freeland (late)
Silas J. Boone (acting)
Rodney C. Ward (present) ..
Marshall B. Blake
Max Weber
;
Moses D. Stivers
Jason;M. Johnson
Ralph T. Lathrop
Thomas Stevenson
James C. P. Kincaid
John B. Strong
Benjamin D e V o e
71
Aggregate collections.
$63, 256 41
72, 633 97
26, 984 10
126, OW 12
, 437, 650 82
345, 983.82
168, 259 54
212, 856 33
248, 323 80
41, 653 29
304, 398 21
204, 590 53
223, 543 92
98, 530 26
22, 665 54
, 936, 61485
45, 260 58
35, 293 96
152, 606 39
175, 920 91
41, 995 41
487,446 96
983,112 8a
, 324, 576.75
57, 203.42
815,000 92
980, 58 i 46
271, 781 89
, 283, 99201
877, 627 86
, 531, 28331
162, 978 56
85, 972 86
303,114 74
267, 818 99
165,050 34
118, 875 71,
252, 734 01
620,133 04
,563,114 63
298, 244 82:
, 018, 07233
236, 342 19
149, 637 89
712, 049 65
76, 767 87
263, 283 80
130, 673 21
398, 983 60
850,147. 57
386, 521 93
099, 764 17
226, 719 39
131, 769 28
153, 505 15
107, 389 53
257, 300 11
91, 233 50
680, 266 14
61, 635 57
260, 484 63 <i
72, 511 95
118, 826 24
255, 929 55
33, 714 17
912, 734 86
60, 455 19
278,139 08
214, oOO 00
260, 338 62
':26, 969 19
31,850 93
784, 940 60
847, 806 19
631,606 17
199, 990 87
, 064, 29632
132,026 24
519,719 66
571,102 97
259, 026 63
309, 412 51
422, 403 27
273,432 82
72
REPOKT ON THE PINANCES.
Collection districts.
Twenty-eighth New York
Thirtieth New York
Second North Carolina
Do
Pourth North Carolina
• Pifth North Carolina
Sixth North Carolina
Pirst Ohio
Third Ohio
Pourth Ohio
Sixth Ohio
Seventh Ohio
Tenth Ohio
Eleventh Ohio
Fifteenth Ohio
Eighteenth Ohio
Do
Oregon
Pirst Pennsylvania
Eighth Pennsylvania
Ninth Pennsylvania
Twelfth Peniisylvania
Fourteenth Pennsylvania
Sixteenth Pennsylvania
Nineteenth Pennsylvania
Twentieth Pennsylvania
Twenty-second Pennsylvania.
Twenty-third Pennsylvania...
Rhode Island
South Carolina
Second Tennessee
Do
Pifth Tennessee
Eighth Tennessee ...Pirst Texas
Third Texas
Fourth Texas
Utah
Vermont
Second Virginia
Third Virginia
Fourth Virginia
Fifth Virginia
Sixth Virginia
Washington
First West Virginia
Second West Virginia
First Wisconsin
Second Wisconsin
Thii-d Wisconsin
Do
Do.
Sixth Wisconsin
Wyoming
Names of collectors.
Burt Van Horn
Frederick Buell
Thomas Powers (late)
Elihu A. White (present)
Isaac J. Young
William H. Wheeler
John J. Mott
Amor Smith, jr
Robert AVilliams, j r
Robert P. Kennedy
James PurseU ...'.
Charles C. Walcutt
Clark Wagooner
Benjamin F. Coates
Jewett Palmer
Charles B. Pettengill (late)
Worthy S. Streator (present) , .
John C. Cartwright
James Ash wortli
Joseph T. Valentine
Thomas A. Wiley
Edward H. Chase
Charles J. Brimer
Edward Scull
Charles M. Lynch
James C. Brown
Thomas W. Davis
John M. Sullivan
Elisha H. Rhodes
EUery M. Brayton
Joseph A. Cooper (late)
James M. Melton (present)
.
WiUiam M. Woodcock..-.
Robert P. Patterson
WiUiam H. Sinclair
Benjamin C. Ludlow
Adam Gr. Malloy
Ovando J. HoUister
-.
Charles S. Dana
James D. Brady
Otis H. Russell
William L. Fernald
J. Henry Rives
Beverly B. Botts
James R. Hayden
Isaac H. Duval
G-ftorge W. Brown
Irving M. Bean
Henry Harnden
Albert K. Osborn (late)
Ho.ward M. Kutchin (acting)...
Charles A. Galloway (present) .
Hiram E. Kelley ...'
Edgar P. Snow
Total from collectors
,
Cash receipts from sfile of adhesive stamps.
Total receipts from all sources
Aggregate eollections.
$946,711 55
1, 287, 401 54
3, 705 87
54, 989 85
• 925, 4^d 18
911, 908 83
457, 918 98.
11, 556, 8^)0 75
•1,355,043 19
512,154 48
633, 678 60
475, 976 33
1,092,852 40
1,425,321 06
210, 324 75
433, 327 97
323, 479 46
76, 981 70
2, 523, 444 87
553,173 93'
1, 064, 642 47
326, 321 92
190,145 19
• 191, 065 09
115, 337 59
88, 989 28
1,184, 418 98
632, 391 3a
210, 883 9S
111, 960 78.
1, 788 72'
86, 309 99
805, 308 60
110, 328 55
99, 255 52
72, 722 29
61,128 74
74, 352 48
50, 545 74
866, 292 51
2, 054, 557 71
1, 002, 952 34
1, 602, 624 13
254, 982 89
27, 018 34
308, 824 72
61, 847 43
2, 214,102 88
155, 505 99
23, 421 16
181, 294 80
8,108 53
116, 083 43
15, 947 95
116, 848, 219 80
7,133, 696 30
123, 981, 916 10
COMMISSIONER I OF INTERNAL REVENUE.
73
COST OF COLLECTION.
The total cost of collecting internal revenue in the United States for ,
he fiscal year ended June 30,1880, was as follows:
'or salaries and expenses of coUectors, including pay of depnty collectors, clerks, &c
|1,798,954 61
For salaries and expenses of revenue agents, surveyors of distilleries,
gaugers, storekeepers, and miscellaneous expenses
1,955, 000 00
'or stamps, paper, and dies
:-....
423,558 1 r>
'or expenses of detecting and punisliing violations of internal revenue
laws
1
74,797 97
'or salaries of officers, clerks, and employes in tlie office of Commissioner of Internal Revenue
'.
A
253,330. 00
Total
4,505,640 7a
Being 3.63 xier cent, of the total amount collected.
ESTIMATED EXPENSES FOR NEXT FISCAL YEAR.
I estimate the expenses ot the Internal Revenue Service for the fiscal
^ear ending June 30, 1882, as follows:
""or salaries and expenses of collectors
$2,000, 000'or salaries and expenses of tliirty-ftve revenue agents, for surveyors, for
fees and expenses of gaugers, for salaries of storekeepers, and for miscellaneous expenses
2,100,000''or dies, paper, and stamps
442,000
^or detecting and bringing to trial and punisliment persons guilty of violating tlie internal revenue laws, including payment for information and
detection
,
:..
100,000
i'or salaries of officers, clerks, and employes in the office of the Commissioner of Internal Revenue
253,330'
Total
:..
4,895,330
SCALE OF SALARIES OF COLLECTORS.
The recommendations made for the salaries of coUectors for the fiscal
^ear ending June 30,1881, are' based upon an estimate of their probable
collections according to the following scale, with the qualification that
f the actual collections should vary from the amounts estimated, the
lalaries would be readjusted at the end of the fiscal year:
i'or collection of—
125,000 or l e s s . . .
:
25,000 to $37,500—112,500.....
37,500 to
50,000— 1 2 , 5 0 0 . . . . . . .
50, 000 to
75,000— 2 5 , 0 0 0 . . . . . . . . . . . . .
75', 000 to
100,000— 25,000....
100,000 to- 125,000— 2 5 , 0 0 0 . . . . .
125, 000 to
175,000— 5 0 , 0 0 0 . . . . .
175,000 to
2.25,000— 50,000....
225,000 to
275,000— 5 0 , 0 0 0 . . . . .
:.
275, 000 to 325,000— 5 0 , 0 0 0 . . . . . . . . .
325, 000 to
375,000— 5 0 , 0 0 0 . . . . .
375, 000 to 425,000— 50,000
425, 000 to
475,000— 5 0 , 0 0 0 . . . . .
475,000to
550,000— 7 5 , 0 0 0 . . . . . . . .
550, 000 to
625,000— 7 5 , 0 0 0 . . . . . . . . .
625, 000 to 700,000— 7 5 , 0 0 0 . . . . . . . .
700, 000 to- 775,000— 75,000....;
^
•... $2,000-.
2,125
2,250
2,375.
2,500'
2,625
2,750^2,875
3,000'
3,125
3,3503,375
3,500^3,625
3,750
3,875
, 4,000
* This includes an estimated deficiency of $135,000, heiag the expenses in excess of th&
'imount approxDriated.
.
,
74/
R E P O R T ON THE
#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 upward
..---
FINANCES.
•.
..$4,125
4,250
'.: 4,375,
4,500
Opi'IClAL FORCE FOR FISCAL' YEAR 1 8 8 1 .
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 follows:
•'Twenty-nine..........
Two
iFive......
Five.
Two
,..
^One
Three
Two.-..
Four
•.
Two.
Two.......
$4,500
4,375
...• 4,250
. 4,125
<4,000
3,875
3,750
3,625
3,500'
3,375
3,250
Four
Seventeen
Eight . .
Nine
Eight
Eleven.......
Four .
Five
One.
Two.
$3,1-253,000
2,875
2,750
2,625
2,500
2,375
2,250
2,125
2,000 ,
There are also employed nine hundred arid forty-nine deputy collectors;
who receive salaries as follows:
-One,
$2,100
Fourteen
2,000
One
. . . . . 1,"950
Nine
1,900
-One.......
1,850
Twenty-seven
1,800
Five
• 1,750
Twenty-six..........
1,700
.Eight
1,650
Fifty-four
1,600
Ten.
1,550
Eighty-six......
1,500
Sixteen
„:
. . . . . . 1,450
One
...'
..... 1,425
Two hundred and fifty-seven
1,400
Twenty-six....,„„-«.
.
. . . 1, 350
One
1,325
.Forty-nine
1, 300
Seventeen
'
1,250
•One
....:.
1,225.
Mnetv-three
o„.-.. . 1,200
-One.I.....
1,175
"Twentjr-one
•
:.
1,150
•Thirty-eight..:
1,100
Four-1,075
Ten
1,050
One.......^..
Thirtv
Six.
Thirty-six.
Two.
Eight
Two
Two
Three . . . . .
Eight
Two..!....
One,
Fifteen....
Two . . .
Four......
One
One . . . . . . .
Three
.
Twenty . . .
Five
O n e . . . . .—
Thirteen...
Two.......
One
One...
Two.......
11,025
1.000
950
900
850
800
77^
750'
720
700
.650
640
600
550
500.
475:
450
400.
300
, 250
• 240"
200
150
120
100
.60
Also one hundred and seventy-nine clerks, messengers, and janitors,
^who receive salaries as follows :
«One c l e r k . . .
.'
Eight clerks..
Seven clerks
"Two clerks
Four c l e r k s . . . ^ . .
Twenty-six c l e r k s . , . . ,
T i v e clerks
Sixteen clerks
Seventeen clerks
Twenty-seven clerks
Eighteen clerks
Two c l e r k s . - . .
Five c l e r k s . . .
'Two-.clerks.,..
1
..
^.
....,.„
.;
$1,600 Fourteen
1,500 O n e . . . . . . . . . . . . .
i; 400 Five1,350 One
1,300 "Two
1,200 T w o . ^ . . . . . . . .
-:
1,150 One messenger
1,100 Two messengers
1, 000 Four janitors
900 One janitor.
,.-..800 Four janitors
720 One janitor.
700 One j a n i t o r . ,
670
....'....
I.
...
....i..i.
......
......
550
500
480
400
300
450
300
300
125
100
75
52
COMMISSIONER . OF INTERNAL
REVENUE.
75
There ^^are also employed 648 gaugers, who receive fees not to exceed
$5' per diem;. 945 .storekeepers and gaugers, who receive not to exceed
$4 per .diem •; 543 storekeepers, who receive,not to., exceed'. $4 per diem
(all of the foregoing officers' are paid, only when, actually employed)!
•and 56 tobacco inspectors, who receive fees to be paid by the manufacturers. •
. • • , ' • • ' •
.SALARIES.
•
• ' •
I have the honor to recommend that Congress appropriate, for'the-'
fiscal year ending June. 30,1882, the sum of $254,880, as salaries for t h e
following officers, clerks, and employes in this bureau: . ' .
One Commissioner, a t
..:.....,,.........--.
......„„
$6,000
Oiie deputy commissioner, a t . . . . . . . . . . . . . . . ;
3,500;Seven heads of division, at . . . . . . . ,
2,500"
One stenographer, at . .
.
............
.;.
. 1,800^'
Twenty-three clerks, class foiii, at
.;
.,.'
1,800 ^
Twenty-six clerks, class three, at
. . . . . . . . . . . . . . . . 1,600
TMrty-six clerks, class two, a t . . .
.-.-.....................
1,400
Twenty-one clerks, class one, a t . . . . . .
^ . . . . . . 1,200~;
Thirteen clerks, at •,.. „
•....,..
•.:
..:.....
1,000''
Fifty c l e r k s , . a t . . . . .
..^... ^ 900
Four-assistant messengers, a t .
'
,.-.
. . . „ . . 720Ten laborers, at
.......... 1.......................
^„
'
660.''-
An aggregate.of one hundred and ninety-three'persons.
An increase in the salary of -the .-deputy Commissioner, and of the five
heads of division, is recoinmended. for the-following reasons:- - • ',
• The law^ creating the officb' of deputy commissioner fixed "his salary at"
$3,500. The duties of the office are of great importance, and their faithful perf or mance-fully.'entitles the officer-to-that'pay.
" .-' .
• The law, creating the office.of- head of diyision•• states -that there shall.
be seven heads of division, who shall receive each a salary of $2,500.
The appropriations for the years ending June 30' 1878, June :30,_ 1870,
June 30, 1880, and June 30,;. 1881,'allowed two.heads of division a t a
salary of $2,5()0'each, and 'five heads of division- at "a-salary of $2,25§--'
each. There is no j.ust ground for this discriniination; the 'officers' fully"
earn $2,500-each, and, in .my jiidgm.ent,-should receive that amount.
An. increase of $1,550 over the appropriation for the present-year will
give the above'iiam,ed officers the salaries to which they are entitled
under the law. .
.
,.
REPORT
•_
O F W^ORK P E R F O R M E D DURING- T H E F I S C A L Y E A R E N D E D
•
-JUNE 3 0 , 1 8 8 0 . ' •
••
. - •
Division of Law.
I Offers in compromise received and hriefed
1, 097
! Opinions prepared
.......i...................
1,062
;' Offers in compromise acted upon
1,121
.Reward claims received and acted upon,
....
494
iRaiiroad cases acljusted:
...f...
'
20
^prders for abatement of taxes issued
.'..., . . . . • . . . • - . . . . . - . .
;
. 617
"glaims for abatement of taxes disposed of . . . . ^ „
.'.
.•
.4,498'
\mount of abatement claims allowed (uncollectible) . „
$194,923 38
biount of abatement claims allowed (erroneous assessment)
$227,169 00
Vnount of abatement claims rejected (uncollectible)
. . $40,220 08
(aount of abatement claims rej ected (assessment claimed to ]3e erronous). $538,599 81
kim s for refunding of taxes disposed o f . . . . . . . . . . . . . . . , , . . . . .
.
.
620
kount of refunding claims allowed
$64,246 61
•jount of refanding .claims rejected
^ . . . . . . . $141,673 29
76
R E P O R T ON T H E FINANCES.
Division of Distilled Spirits.
Returns and reports relating to distilled spirits received, examined, and
disposed of....^
.
Returns and reports relating to fermented liquors received, examined, and
disposed of...
Computations of capacities of distilleries made, and data for assessment
furnished
,. i
Locks examined and issued
.,
.......
Hydrometer sets, stems, cups, and thermometers tested and issued
Gauging-rods examined and issued
i,.
..-.-.
-. Wantage-rods examined and issued
...»
205,665
34, 08§
'
14,498
^ 3,926
2,589
259
828
Dlmsion 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
„
4,575
24,519^
332
Division of Stamps.
-.
Value of stamps received and counted
$132, 479, 680 00
Value of stamps counted and transmitted to the Secretary of the
Treasury ibr d e s t r u c t i o n . . . . . .
^
,
$1,073,839 16.
Number of stubs examined
.
.
,
10, i81,630
Number of stamps and coupons received for credit and counted.
46,264,775
Number of reports received, examined, and disposed of
,
167,185
'
•
s
Division of Assessments.
Keports relating to Assessments received, examined, and disposed of.
Eeports relating to bonded accounts received, examined, and disposed of
Reports and vouchers covering exportations received, examined, and
, disposed pf
......
Claims for draAvback disposed of.
'.
51,-172
314,986
445,714
87S
Division of Accounts.
Weekly reports received, examined, and disposed of . . .
..»
Monthly reports received, examined, and disposed of,
...
Quarterly reports received, examined, and disposed of
Certificates of deposit received and recorded
Final accounts of collectors referred for settlement
Drafts'mailed to collectors for expenses of office
Drafts mailed to collectors for gangers' fees and expenses
Drafts mailed to collectors, transfer of special deposits
-.
Collectors' monthly reports of taxes, &c., consolidated into yearly
statements
..-.„...
....... i
. 5,171
21,641
533
33,115
32
1,575.
6, 028
361
'
1,626
Division'of Bevenue Agents.
Reports of revenue agents received and disposed of
Reports of collectors relative to illicit distilleries received and disposed of
Accounts of revenue agents received and examined
Miscellaneous expense accounts received and examined
.^.
Railroad and income cases examined and reported o n . . „
»
Transcripts of books of leaf-tobacco dealers examined ahd abstracted.
Division of Appointments, Becords, and Files.
Commissions of storekeepers, storekeepers and gaugers, gaugers and
tobacco inspectors prepared and bonds examined... .^
.....
Collectors'bonds recorded ,,
:...
Reports of inspecting officers as to condition of collection districts
received, examined, and acted upon
Reports of examining officers as to condition of collectors'offices received, examined, and acted upon
2,278
364
843.
301
38
2, 514
'
"
(
~
/
62f
.2]
/
id
;
oil,
REVENUE.
,7.7
Pages of letters recorded
Press copies of letters briefed, registered, and arranged for reference..
Pages of miscellaneous copying
Letters for the entire bureau received and registered
Letters indorsed, briefed, and
filed..:
Aggregate.number of letters maUed by the bureau
Blank forms prepared and issued
,
..............
....
Blank books prepared and issued
..,..:
23,566
58, OB6
16,476
45,806
42,686
65,576
6,824,133
12,019
COMMISSIONER OF INTERNAL
MANUFACTURE OF P A P E R .
During the fiscal year, all paper for internal-revpnue stamps has been
made by Messrs. S. D. Warren & Co., of Boston, under the contract entered into with said firm, which was referred to in my last annual report,
and a new contract was made with them May 24, 1880. The prices paid
under the new contract are for vegetable-sized paper, 11^- cents per
pound, and for animal-sized paper, 12J cents per pound, as against 9f
cents and 1 Of cents paid under the previous contract. The paper furnished has been satisfactory as to quality, and a i r orders have been
proniptly executed.
PRODUCTION OF STAMPS.
\
.
•
-
Since the close of the fiscal year, viz, on the 15th October, the work
of printing documentary and proprietary stamps, which had been done
by the American Bank I^ote Oompany of I^ew York Oity, was transferred to the Bureau of Engraving and Printing. At this time all internal-revenue stamps are produced by said bureau except stamps im-^
printed upon bank-checks, which are supplied by the Oraphic Oompany
of JSTew York Oity, and stamps upon foil wrappers for tobacco, which
are printed by John J. Orooke & Co., of l!*^ew York, both under the superintendence of this office.
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, viz:
Kind.
Stamps for
Stamps for
Stamps for
Stamps for
Stamps for
Stamps for
distilled spirits.
tobacco and snuff.
^
cigars and cigarettes
'.
fermented liquors and brewers' permits
special taxes
:..
documents and proprietary articles.
Total
Numl)er.
Value.
5,107, 550 $62,733, 675 00
219, 862,792
26, 410, 511 52
,61, 743, 548 15,130, 078 25
44, 896, 240
13,172, 935 00
716, 620 ' 9,715,300 00
579,275,864
7, 780, 360 40
911, 602, 614 134, 942, 860 17
The stamps delivered to this office by the Bureau of Engraving and
\ Printing were, on their receipt, counted, and their issue involved the
\ preparation of 18,547 packages, all of which were transmitted to col1 lectors of internal revenue by registered mail. This business was contducted without the loss of a stamp, either while in the hands of the
I printers, in the custody of this office, or in the course of transmission.
\Thanks are due to the officers of the Washington City post-office for
jthe promptness and fidelity manifested in the handling of, this large
lamount of registered matter.
78''
-REPORT ON THE FINANCES.
• ABOLITION _0F THE CHARG-E OF .TEN CENTS EACH FOR " O T H E R ^ H A N
•
'
'
TAX-PAID SPIRIT-STAMPS.^^
' :.'.
^ \:
By act of Congress. approved May 28,'1880, the charge of 10 .cents
•/.each for distillery-warehouse;stamps, stamps for rectified spirits, whole.sale liquor dealers^'stamp.s, stampslbr imported spirits, and.warehousing
and rewarehousing stamps for grape brandy was abolished. The change
in account was made by inventorying the stainps in collectors' hands and
giving them credit for the value of the same, and did not necessitate the
return of the stamps or any alteration in the form or style of them.
. C.ollectors • have been allowed credit .for the • stamps • in-their-'hands
when the act took effect, with one •exception, 'and this' account wlliprob'ably'be settled at an early date.
•. •
• REDEMPTION OF 'STAMPS. •
I- renew the recommendation made in my .last report that' that..portioto.
-.-of section 17 of'the- act of March, 1, 1879, which prohibits the. redemp- ,
tion of stamps unless the same are presented within thr<&e years after' ,
their purchase from the' government or a government agent for the sale' '
of stamps, be rep^-aled.,-.'•
/
..
"-'•.''' /
, STAMPS REDEEMED AND EXCHANG-ED..
Number
Amount
Number
Amount
of
of
of
of
claims
claims
claims
claims
for redemp tton of stamps allowed
tor redemption of stamps allowed
for exchange of stamps allowed
for.exchange of stamps a l l o w e d . . . . . . . . . . . . . . .
------
590 ^
$32, 361 67
.... '
292
. . . . |30,'988 29'-
MATCH-STAMPS.''SOLD.
•Amount of stamps sold to match manufacturefs during fke following:fiscai
years J commissions not deducted.
1876..--'....
.-:
--.
. . . . . - . . - • . . . . . . . . . , '|2,849,521' .
1877........
.-...•
.-2,982,275
1878..........
1
3,064,574
1879.....'...
.................J..'...........
3,357,^251
•1880....'....,.............-.....-..
:•......
3,^561,300'
,.' A limited number of'generar proprietary •••stamps has, iio • doiibt,--"'beeii
purchased by match manufacturers, and are not included in the above
^statement. JSTearly-all the stamps sold to match manufacturers are sold
on sixty days' credit, under the provisions of section 3425, Unite.d .States-.
Eevised Statutes. There . are how pending thirteen suits' upon stampagents' and match manufacturers' bonds for the recovery of $117,.413.0i-''
due on the sale of stamps during the past five years.
REVENUE AG-ENTS. .
- During the fiscal year ended June 30,1880, thirty'-five revenue agents^ •
were empioyed,^and this.'force has brought to the discharge of its duties
a high order of .intelligence, experience, and zeal.
• Aggregate salary of a g e n t s . . . . . - . . . .•
Aggregate amount for traveling expenses
Stationery furnished agents
.-....'
. . . . . ' $82,.411 00- „'
• 46,774 46/
383 54,'
Total amount of expenses of revenue agents for.fiscal year
.•
.
.
.
.
.
.
Eevenue agents have been employed as follows:
As chief of division in this office.....
Assigned to divisions
Employed in examining collectors' accounts
Assistants to agents in charge of d i v i s i o n s . . . . . .
fecial duty....!....
,
-
129,569^ Of
/
.
^
....1
''i
--
.'
k.......... |
-'-'-- - . ^ . . . |
il
|
COMMISSIONER
WORK
OF
INTERNAL
OF R E V E N U E
REVENUE.
AGENTS.
Nnmber of persons arrested for violating internal-revenue l a w s on information of revenue a g e n t s
504'
'Violations of l a w reported
.^.
1,901
Value of property reported for seizure by revenue^ a g e n t s . . . . . . . . . . . . . . . |194,593 76
Ainount of uncollected t a x e s and penalties reported to collectors by rev: ...enue agents.,
, . . . . . ^ . . . . . : . . .•
.95,109 28
STATISTICS OF OPERATIONS
AGAINST I L L I C I T
DISTILLERS.
The following table shows the number of illicit stills seized, persons^
arrested,'^and casualties to officers and employes during: the: last fiscal
year, and from July 1 to October 31 this year, inclusive:
Persons arrested.
Stills seized..
Officers and
employes
killed and
wounded.
Districts.
^^
Prrst Alabama.
Second Alabama
Pirst Californla
' Pirst C onnecticut
Dakota
—
Plorida
Second Georgia
-Third Georgia
Tliirteentli Illinois
Pirst Indiana
Second Iowa.
^.
^bird Iowa..
......
Kansas
-_Seoond K e n t u c k y
Pifth Kentucky
Eighth Kentucky
.
Ninth Kentucky
Louisiana.
Third Maryland
Pifth Massachusetts
T e n t h Massachusetts
P i r s t Mississippi
-.
Second Missouri
'....
Sixth M i c h i g a n . . . . . . . . . . .
P i r s t N e w tTersey
Pirst New York
Third.New York
Twelfth New York . . . . . .
• Twenty-sixth New Y o r k . .
Second N o r t h Carohna
P o u r t h N o r t h Carolina
,
P i f t h N o r t h Carolina
:,
Sixth N o r t h Carolina
,
T e n t h Ohio
P i f t e e n t h Ohio
Eighth Pennsylvania'..—
Twelfth Pennsylvania
Pourteenth Pennsylvania.
South Carolina.
,—
Second Tennessee
Pifth Tennessee
-....
E i g h t h Tennessee'.
Third Texas
Pourth Texas
I Vermont
=.
) Third Virginia
] ' P o u r t h Virginia
V Pifth Virginia
\ Sixth Virginia
I P i r s t W e s t Virginia
\,Second W e s t Virginia . . . .
\ Washington Territory
)
Total
1
45
2
1
1
1
225
20
3
1
4
1
1
41
23
55
9
9
1
I
1
1
3
1
1
1
2
2
1
1
47
72
315
1
1
, 1
2
3
57
35
67
1
44
2
1
1
1
180
17
1
1
I
1
3
1
.1
1
2
1
1
1
• 44
63
268
• 1
1
1.
. 2
3
54
32
61
5
.27
i
5
1
13
2
.1
151
1,120
i
3
2
15
26
223
4
16
1
4
1.
42
118
1,031
35
234
2
16
26
272
5
16
1
4
1
77
118
10'
.'-so
R E P O R T ON THE FINANCES.
The following table shows the mmber of illicit stills seized, persons
arrested operating the same, and casualties to officers and employes in
the suppression of illicit distillation, during the last four fiscal yea^s,
and from June 30 to N'ovemher 1, 1880:
,
s t i l l s seized
. . ... .
Ofl&cers a n d e m p l o y 6 s k i l l e d
'0flB.cers a n d e m p l o y e s w o u n d e d
1877.
1878.
1879.
598
1,174
12
8
1,024 ' 1,319
1,976
2, 924
10
4
17
22
1880.
J u n e 30,1880,
to Novemb e r 1,1880.
969
1,031
151
234
8
2
Total.
4,061
7,339
26
57
PROSECUTIONS OF REVENUE OFFICERS IN STATE COURTS.
The number of officers and employes of the government who have
been proceeded against in State courts for acts committed while in discharge of their official duties during the present year is as follows :
Arkansas
.:
»
4
Second district of Georgia
.i..^
. . . . . . . . . — . . . ^8
Third district of Georgia
1
Second district of; Kentucky
.i
2
Fifth district of Kentucky
......
.
..;
1
Fourth district of North Carolina
2
Number of prosecutions previously reported during last four fiscal years
165
Total
.....'......'
'......
:
....:213
EXPENDITURES FOR THE DISCOVERY OF AND PUNISHMENT
FRAUDS UPON THE INTERNAL REVENUE.
FOR
In accordance with the provisions of the act making the appropriation,
thefollowing detailed statement of expenditures from the appropriation
for detecting and bringing to trial and punishment persons guilty of
violating the internal-revenue laws is submitted.
Amount expended through collectors of internal revenue in the employment of persons for the detection of frauds, and for information
leading to the discovery of frauds, and punishment of guilty persons, as
follows:
Brayton, E. M., S o u t h . C a r o l i n a . . . . . .
Bean, I. M., First:W^isconsih.'
Brown, G. W., Second West Virginia .
Browny J. C , Twentieth Pennsylvania
Buckner, J . F., Fifth Kentucky
Blaine, Jno. G., Ninth Kentucky
Clark, A., Second Georgia
Carroll, A. B., Second Missouri
Cooper, J. A., Second Tennessee
Dana, C. S., Vermont
Duval, L H., First V^est Virginia
Eagan, D., F l o r i d a . . . . .
Fernald, W. L., Fourth Virginia
Harvey, J . D., Firstlllinois
Hill, James, Mississippi i . . . . . . . :
Hollister, D. F., Second Connecticut
Landram, W. J., Eighth Kentucky
/laudlow, B. C , Third Texas
.
^^i
....„.
i...
$1,311
20
266
'
22
1,265
431
8,479
—...
Ill
20
33
74S
26
83
135
6
150
1,673
12
10
00
74
00
00^
00
35
00
00
75
§0
88
00
75;
00'
00'
00'
Of'
COMMISSIONER OF INTERNAL iREVENUJE.
r, L. H;,.First Alabama
Marks, M., Louisiana
M.elton, J . M., Second Tennessee
tMott, J . J., Sixth North Carolina
iI?atter:son,:R.F.,iEighth Tennessee
Frond, R. M., Third Maryland
Kapler, J. T., Second Alabama
Rives, J.^H., Fifth Virginia
Stuart, W. A., Second Kentucky
Wade,vE. C , Third Georgia
I^he6ler,-E., Arkansas
W h i t e , ' E . A., Second North Carolina
.Woodcock, W. M., Fifth Tennessee
Wheeler, W. H., Fifth North Carolina
It oung, I. J., Fourth N.orth Carolina
'';
\
:
(
^
81
---.-,--.....
-Total disbursed by collectors . .
.......
$73 00
20 00
438 16
1^446 50
539 45
160 08
919 50
1,188 16
83900
;74I 16
56 00
264 50
1 4(^ 00
337 50
.377 03
23,594 *61
Ainount expended through internal-revenue agents in the employment of persons for the discovery of violations of the internal-revenue
law, and the punishment of guilty persons^ a^
' lAtkinson,G.W.......
:Brown,CP.....
Brooks, A . H
,Blocker,CH...
Crane, A . M . . . . .
^Chapman,W.H . . . . .
Eldridge, C . W . . . . . . .
g a v e t t , W . A........
i^rimesbn,T.J
Hale, J . H . .
Kinney,T.J.
Kellogg,H
Lratham,E
McLeer,E..
Meyer, F . l
Montrose, H. L
Spencer,D. A . . 1 . . . .
iSomerville, W
Trumbull,J.L......
/!Eraeie,T.C......
' Wheeler, J. C
Wagner, J a c o b . . . .
Whitfield, S.A
Webster,-E.D
..................
f20 00
240 00
5,173 64
^07 00
.4,510 31
1,1128 12
• 50.00
m . 10
:2,:014 14
.36 ,00
.270 00
,.
.:442 15
157 25
529 50
2,791 .31
8 00
.15 00
2,027 66
. . . . . . . . ^4,68085
-^O^M
. : . . . . . . . . 1,506 58
119 30
2,^614 93
. . . . . . . . . . . . •1,:374.7I
..:
,..•-
Total disbursed by revenue a g e n t s - .
30,627 55
For information leading to the discovery of unpaid taxes and penalties under
Circular No. 9 9 . . . . . . .
1^,901 64
For rewards for illicit distilleries, under circular of March 10, 1875... . . . . .
100 00
Amount-paid Ibr extra work in the examination of abstracts of the books of
leaf-tobacco dealers, for the discovery of violations of law by manufacturers.....
..:......;
i:......
, . . . . . . . . . . . . . . . . . . . ' . 4,286 87
X Miscellaneous expenditures . ' . . . . . . . . .
...
;287 '30
\
'
'
'•
\
•
'
'
•
Grand t o t a l . . . . . .
\
^
•
-
.
'
—
-
—
~
—
. 74,79797
.
•
-
• '
•
•
•
•
'^ The accounts for expenditures under this appropriation are„rendered
^ponthly with an itemized statement, and in all cases supported by subvouchers duly sworn to. These accounts pass through all the accountVg offices of the Treasury Department, and are filed in the Eegister^s
• fflce. : •
••
I
[
^ " F .
•
•
•
•
••
•
'
82
R E P O R T ON T H E
FINANCES.
TAXES COLLECTED FROM RAILROAD COMPANIES.
The following is a statement of unpaid internal revenue taxes, which
accrued under former laws, collected from railroad companies during
the last four fiscal years:
Fiscal year
Fiscalyear
Fiscal year
Fiscal year
ended
ended
ended
ended
June
June
June
June
30,1877
30,1878.
30,1879
30,1880
|55,590
218,302
.....
101,340
.,..,......„..........118,907
Total....,.-'-.....
30
73
96
12
494,14P11
The amount collected during the past fiscal year was received from
twenty different railroad companies.
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 30,1880, furnished by the courtesy of the Solicitor of the Treasury:
United States /?;§. J a r r a r d O. Rawlins, late collector of internal revenue for the first
collection district of California. Judgment for |28,409.53.
United States vs. James B. Maiipin, late collector of internal revenue for the second
collection district of Missouri. Judgment for |2,666.84.
,
IJnited States vs. Frederick A. Sawyer, late collector of internal revenue for the second collection district of South Carohna. Judgment for amount of offer of compromise, |5,219.15.
~ United States vs. Milton Stai3p, late collector of internal revenue for the first collection district of Texas. Judgment Ibr $565.52.
COMPROMISES AFTER JUDGMENT.
The records of the Solicitor of the Treasury show that for the fiscal
year ending June 30,1880, thirteen internal-revenue cases were compromised after judgment, the amount accepted being $12,566.01, besides
costs. Thirty^one offers of compromise after judgment were rejected,
the amount involved being $8,025.83. Twenty offers of compromise
were pending July 1, 1880, the amount involved being $6,554.28.
SALE OF REAL ESTATE.
The United States has acquired title to about $500,000 worth of real
estate under the internal-revenue laws. Efforts are constantly made,
through collectors and revenue agents and by correspondence, to make
sale of this property, but with slight progress. Much of this property
has been owned by the government for a number of years, and t h e r e /
seems to be no immediate prospect of being able to sell it at a fair valua-/
tion, especially in view of the fact that only quit-claim deeds are given
upon the sale of said property,
•(
I t has occurred to me that it would be wise after the United States hai
held real estate so acquired for a period of eight or ten years withot
being able to sell it at a fair cash valuation that it should be put up ais'
sold for whatever it would bring, and as no officer would probably desi;
to take the responsibility of ordering such a sale it seems to me tli
provision of law might well be made for the same.
{
COMMISSIONER
OF INTERNAL REVENUE.
83
' B E C E I P T S FOR FIRST FOUR MONTHS OF P R E S E N T FISCAL YEAR.
The following table shows the receipts from the seyeral sources of revenue 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:
• ;.
- S o u r c e s of r e v eime.-
• S3?IEITS.
i R e c e i p t s from Receipt's from
i J u l y 1, 1879,
J u l y 1, 1880, • l u c r e a s e .
! t o O c t o b e r 31, I t o O c t o b e r 31,
1 1879. .
1880.
• • .•
[Decrease."
.
B r a n d y distilled from a p p l e s ,
peaclies,
,^$269, 975'05
•. .$389, 440 74' j $119,465 69'
S p i r i t s distilled from m a t e r i a l s o t h e r t h a n
R e c t i f i e r s ' special t a x
Dealers, retail liquor 1
Dealers, wholesale liquor
M a n u f a c t u r e r s of stills, a n d stills a n d
18, 242, 981
12,012
343,021
27, 720
09
53
18
58
20,361,947 31
9,586 03
355,990 96
& c
..-...•'..*•
' - - . . . . .
' ',
.
...
* TOBACCO.
3,370 84
3;942 20
4,334 40
•Total.
.-
99, 790 70
51, 689 67
• ,
. •
89
76
24
56
03
5, 476, 026
'410,892
6,60.7
241,998
1, 819, 753
2,081
5, 346
520
166; 388
712
, 4, 082
30
96
83
52
13
60
2, 432
4, 847
. 859
173,113
540
, 3, 565
13, 230,003 82
-
•
4, 758, 928
•' 225, 921
7,854
, 233,185
7, 824, 981
' •
05
12
04
28
79
717, 097 16
184,970 36
""'"j,'247"20
8,812 72
^, 227 24
80
63
34
16
85
75 .
338 5]
• 6, 724 64
14,140, 636 3 1 ,
910,632 49.
351 00
499 33
,
171-28
. . . . . 5 1 6 85
FEEMEXTED 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 .
Dealers in m a l t liquors' special t a x
Total
iBank
Bank
Bank
Bank
392 20
100,792 30
51, 721 54
•
. •
2,135 82
, .
Ci^'ars a n d c h e r o o t s
C i g a r e t t e s . - - - -. - ' - ' . . - - . . . r i : . - - . - - . . . : . . ' . . -•
M a n u f a c t u r e r s of c i g a r s
Snuff . .
T o h a c c o of all d e s c r i n t i o n s
..;...
S t a m p s for t o b a c c o or s n u U i n t e n d e d for
export. i
D e a l e r s in leaf tobacco'
.
P e t a i l d e a l e r s i n leaf t o b a c e c o
Dealers in manufactured tobacco
M a n u f a c t u r e r s of t o b a c c o ,
P e d d l e r s of t o b a c c o
•
4, 853 81,
' " / ' 1, OOI 60
31 87
T o t a l . . . . . . . . . . . , . - . . . . . - . - - - . - - . . - . . _• 19,, 053, 401 49, .21,148,570:5.2 2,095,169 03
. I n t e r e s t on t a x u p o n sjyirits
.
. $2, 426 50
i2, 969 78
22, 866 77
1, 235 02
S t a m p s for distilled s p i r i t s i n t e n d e d for
export
,..:->,..
S t a m p s , w a r e h o u s e , rectifiers', d e a l e r s ' ,
2,118, 966 22
.
4,477,362 67
7, 245 86
42, 871 80
- 5,051,65612
6,133 47
39, 449 42
,574, 293 45
4,527,480 33
5,097,239 o r
569,758 68
.
1. ]12 3R
3, 422 38
BANKS AND B A N K E E S .
deposits
d e p o s i t s saving's &c
..capital i.
......
. . . . . . . . . . - - -i
circulation
^..
Total.:....
........::!].\
541,106
24,433
221, 005
25, 743
75
56
58
94
,812,289.83.
' 493, 822
• 17, 460
192,731
" .544
71 . . . . : : . ' . . . . . . . • • {
29 j
45 j
-32
47,''284
6,973
. 28, 274
25,199
04
27
13
62
. .107,731 06
••,704,-,558,77
MISCELLANEOUS.
> Penalties
^..... i
\ Articles and occupations formerly taxed
] but now exempt
i
^'
!
Total
.
.
. . . ...1
Aggregate receipts . . . . . . . . . . —
.-i
. 2, 403,163 68 j •^ 2, 571, 536 43
60,370 39, -..
90,970-00,
44, 395 28
2, 507, 929 35
168, 372 75
30,599 61
35, 807 26 1
2, 698, 313 69
8; 588 02
190, 384 34 1
40,131,104 82 1 43, 789, 318 30 | 3,658,213 48 i
1
M
R E P O R T ON T H E
FINANCES.
TOBACCO.
The'total amount of collections from tobacco for the fiscal year ehded
iFuine 30, l:8S0, was $38,870,1^0.08. ' This amouiit includes the collfeetioiis
of internal revenue taxes imposed upon imported manufactured tobac<io,
snuff, and cigars, and the special taxes paid by manufacturers of and
dealers in leaf and manufactured tobacco, and is less than the receipts
from the same source for the fiscal year immediately preceding by
$1,264,862.57.. ' ,
The-following exhibit will show the several amounts collected, from
the different sources of the tobacco tax, and the relative increase or decrease, in each case, as compared with the collections from the same
sources for the fiscal year ended June 30,1879.
TORACGO A.Ni) SNUFF.
Mauufactured tobacco at 16 cents per .pound . . . . . . . . — .
.
. . . .'f21, 1*68,:f60 ^^8
Manufactured tobacco at 20 ceuts per pound
.^
.....
. '244? 32
Manufactured tobacco at 24 cents per pound
.-......
. -v- -.
1, :74^n80
Snuff, taxied at 16 cents per pound
....
634,-609 34
-Totalfor tbe year ended-J-ujie^SO, 1880 . . . . . . . . . . . . i . . . . .
Total for tlie year ended J u n e 30,1879 . . . . . . . . . . . . . . . . . . . w . . . . . . . . . .
21,804,763 74
25,606,010 25
Decrease of collections on toljacco and snuff
3,801,246 51
Of this decrease $3,533,720.50 was on chewing and smoking tobaecOj
and $267,526.01 on snu&
^
C i a A R S AND-CmARPiTTES.
Cigars, taxed a t : | 6 per tliousand.
.......,.....'.
Cigarettes, taxed at $1.75 per tliousandw.^.. . . . ^ . .
Cigarettes, taxed at $6 per tliousand , . . Total collections for year ended J u n e 30,1880
Total collections for year ended J u n e 30, 1879
, . $14,206,819 49
715,227 39
42 00
14,922,088 88
12^ 532,452 72
,
Increase in collectioils from cigars and cigarettes
^2,389,636 16
OTHER COLEECTIONS.
E x p o r t stamps, year ended J u n e 30,1880
Export stamps, year, ended J u n e 30, 1879
'|6,622 40
7,863 90
,.....
Decrease in sale of export' stamps
^.
Bealers in manufactured tobacco,- year ended J u n e ^30, 1880 . . . . . . . . . .
Dealers in manufactured tobacco, year fended J u n e 30, 1879 . . . . . . . . . .
1,241 50
1,864,422 41
1,705,'720 20
Increase in collections from.' dealers in manufactured t o b a c c o . . . .
Speeial taxes, manufacturers of toljacco and cigars, in 1880 ; . . . . . . .^w.
Special taxes, manufacturers of tobacco a-nd cigars, in 1879 . . . . . . . . . .
158,702 21
153,132 71
• 161,435 23
Decrease in special taxes, manufacturers of tobacco and cigars..
Special taxes, peddlers of tobacco, year ended J u n e 30, 1H80....
..
S|)ecial taxes, peddlers of tobacco, year endedVjune 30, 1879 . . . . . . . . . .
Dej^reaseln: colleictions fi-om peddlers of 1^^
Dealers in leaf tobacco,, year ended Juna.30, 18801
Dealers in leaf tobacco, year ended; June 30, 1879
Increase in collections from dealers in leaf tobacco
"
.
-. -..
8,302 52
28,700 4t[
31,247 6;i
2,547 |
90, 409 /
90,272 /
136 \
COMMISSIONER OF INTERNAL REVENUE.
85
PRODUCTION OF MANUFACTIJIiEI]? TOBACCO, C i a A R S , ETC.
Adding to the several quantities of tobacco, snuff, and cigars removed
for cohsumption diiring the fiscal yea;r ended J^^
from the amoujlt of revenue derived therefrom, the quantities renioved
inlbx)ndf6r export, we^ have the MlOwingresults, which show the entire
production for the last fiscal year:
Pounds.
Tobacco, taxed a t 16 cents per pound
Tobacco, taxed^ at 20 icents per p o u n d . . . . . .
TobapfiOy taxedat;24 centsjper p o u n t ^ . . . . . . . . . . . . . . . . .
..
,.-......-.-..
132,301,039
lvS22^
7,266;
Total quantity remoYied for consumption......
.
Snuff, taxed at 16 cents per pound, removed for c o n s u m p t i o n . . . . ^ . . . . .
Tobacco and snuff removed fori e x p o r t a t i o n . . . . . . . . . . . . i.
...,.,..,.
132,309,527
3,- 966; 3089;807j 05:0
Total product of tobacco and snuff, 1 8 8 0 . . . . . .
,
Total production for year ended J u n e 30, 1 8 7 9 . . . . . . . . . . . . . . . . . . . . . . . . . .
146y082, 885
131,43^, 40S
Increase of x i r o d u c t i o n . . . . . . . . . . . . . . . - ; . . . . - - . . . . . - ; . - .
..-.
1:4^649.,.476
FROIRJCTION QF CIG!A.Rt AITO; C i a A R E T T ^
• ,-, .
, . - • ' '
.
!Njimber..
Cigars, cheroots,. &c., taxed.at | 6 per thousand-.,. - . . . - . . . - - . . . - . . . . . - . . 2, 367,803,250,
Cigarettes, taxed at $1,75 per thousand . . .
.......................
408,701,365
Cigarettes', taxed at |6-per thousand . .
.^-...
.................
7,000'
Ci^giars {removed for exportation. ^
2,540^ 825
Gig;ac0ttes removed for e i g p o r t a t i o n . . . . . . . . . . . ^ .:--.->•.•- --.- - . . - . . - . . . . . .
41^ 107,. 380,.
T o t a l p r o d u c t f b r f i s c a l y e a r l 8 8 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,820,159,820'
Total product for fiscalyear 1879. .^.
............
. . . . . . . . . . . 2,276,534,, 081
Increase during fiscal year 1880 of.
.............
;-........
543,625'j 739
APPARENT E F F E C T S OF REDUCTION OF TAX- RATE;
Erom the foregoing statement it. will be seen that the entire receipts
from manufactured tobacco, including snuff,.for the fiscal yeai? ended
June 30, 1880, were $21,804,763.74. This is $3,801,246.51 less than the
receipts feom the same sources during the fiscalyear ended June 30,
1879, and $4,579,108.56 less than the receipts from thesame sources
duiing the fiscal year ended June 30, 1878y when the taxes on snuff were
collected at the rate of 32 cents per pound, and on manufactured tobacco
at. 24 cents per pound. These collections/were made from 3.,966,308
pounds of snuff and 132,309,527 pounds of smoking and chewing
tobacco.
Had there, been no reduction in the rate/of tax on snuff and tobacco,
the number of pounds which reached taxation during the last fiscal vear
would have yielded a revenue of $33,023.5Q5.04, or $11,218,741.30 more
than was eoliected.
The total collections from cigars, cheroots, and cigarettes for the fiscal
y e a r ^ n d e d June 30, 1880, were $14,9^^^^^
This is |2,389,636.iq
inore than the receipts from the sanie source^ during the preyious fis.cal
\ •year. ' "
' '; ' ;^
:' ',
\ Owingto the large increase in the collections from cigars and cigaI rettes, the total collections from tobacco, snuff, cigars, and cigarettes
lamount; to $36,726,852.62, which is only $1,411,610.35 less, than the
l^oHjectioiis feom the same sources for the previous fiscal year.
I To fairly determine the effects of the reduction of the rate of tax on
inanufactured tobacco, including snuff, made by the act of March 1,
1879, a Gomparison should be made of the receipts of the two entire fiscal
fears—1878, when the rate of tax on snuff was 32 cents per pound, and:
86
'
REPORT ON THE FINANCES. "
the rate of tax on chewing and smoking tobacco was 24 cents per xiound^
and 1880, when the tax was uniformly collected on all classes of manufactured tobacco, including snuff, at 16 cents per pound—leaving out all collections made from cigars and cigarettes, as ho change was made in the
rate of tax on cigars and cigarettes by the act of March 1,1879.
This comparison shows a falling off' in the receipts from chewing and
smoking tobacco and snuff, due to the reduction of rates of $4,579,108.56.
The apparent increase in the consumption of manufactured tobacco,
or in the quantity placed on the market tax paid, is not thought to be
due to a.reduction of the cost of tobacco to consumers as has been
claimed, for the reason that there has been no reduction of the price of
tobacco paid by consumers, excepting, perhaps, a slight reduction on
the very lowest grades of smoking and chewing tobacco.
The true cause of the increase in consumption is to be fQiind in the
general revival of business within the last two years, more and better
pay to laborers, and increased means to purchase with.
The natural increase in population, and the large influx into the country of foreigners during the last two years, nearly all of whom are consumers of tobacco, have also tended to increase consumption. The
presumption is by no means a violent one that the increased consumption would have been about equal if there had been no redhctioii of
rate, and that the collections, instead of being less than $22,000,000
during the last fiscal year, would havebeen more than $33,000,000 from
chewing andf'smoking tobacco and snuff, and the total collections from
all tobacco sources would have reached the round sum of $50,000,000. '
IMPORTED C i a A R S .
The cigars imported during the fiscal year ended Jiiiie 30, 1880, as
given by the Bureau of Statistics—
»
Pounds.
xA^ggregated in w e i g h t . . . -•-.. J^..
. . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . . •.;
. Of this quantity there were e x p o r t e d . . . . . . . . . . . . . . . . . . . . . . . . . . .
..., ,
, 652, 402
41,329
Leaving to be withdrawn for c o n s u m p t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
611,073
Allowing 1 3 | pouncls to the thousand as the weight of imported cigarSj
the,number of imported'cigars included in the above table would be.
Number withdrawn in 1879 was ^ , . . . . . . , . . . - . . . . . . . . - . . . . - - . . . . . / . . . . - . . .
Increase during fiscal year 1880 was 1.. ^ . . . . .
. . . . . . . . . . . .„„....
•
-,
45,264,667
40,6Q6,518
4,598> 149
L E A F TOBACCO.
-^. Assuming that for every one hundred pounds of leaf tobacco used in
the manufacture pf 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 u S ^ during the fiscal year ended June 30,
1880, for manufacturing tobacco, snuff, and cigars aggregated ih pounds ,
as follows;
-
• •
.
•'
Pounds.
For manufacturing tobacco and-snuff...... . . . . . . . . . . . . . . . . . . - . : > . . . . . . . . 171,862,218
Fpr manufacturing cigars and c i g a r e t t e s . . . . . . . . . . .
60,376,204
. Totalleaf m a n u f a c t u r e d . . . . . . ^ . . . . . . . . ^ ; 1 . . . V - . . - - - . . . - . . . . . . . . . . 232,238,42?
Deduct imported leaf used
...
8,876,519
. Total domestic leaf u s e d . . . . . . . . . . . . . . . . . . . . . , , . . . . . . . . . . . . . .
. 223,361,90
.Leaf exported during fiscal year 1 8 8 0 . . . . . . .
.....
. . . . . . . . . . . . . . . 215,910,18
Total leaf accounted for
.',..
439,272,094
COMMISSIONER OF INTERNAL REVENUE.
87
S U a a E S T E D CHANCRE IN O i a A R STAMPS.
^ ,The attention of the Secretary of the Treasury and of the Commissioner of Internal Eevenue, as well as of both Houses of Congress, has
been caUed to suggested changes in the present mode of collecting the
tax on cigars by placing the stamp upon the box, and the question arose
whether the penal provisions of the law would still apply if for the
present mode of affixing the stamp some plan were substituted which
contemplated the destruction of portions of the stamp piecemeal as the
cigars were sold from the box. The question was submitted to the
Attorney-General, who held that the penal provisions of the law would
not so apply. As this subject has been considered by appropriate committees of Congress, I respectfully submit whether it would not be.
proper to have the law so modified as to allow such changes in the form
of the stainps as the Secretary of the Treasury and the Commissioner
of Internal Revenue might deem would best protect the interests of the
government.
.
'DISTILLED-SPIRITS.
In my report for the fiscal year ended June 30, 1879, attention was
called to the collection of the taxes on the spirits withdrawn from distillery warehouses for exportation and lost in transportation between
the distillery and the port of exportation, and to the complaint made
by distillers and others engaged in the export trade as to the hardship
of such collections. In accordance with my recommendation in the matter, exporters were relieved from this tax by an act of Congress passed
December 20, 1879. Pursuant to the provisions of the act allowance
was made during the year for loss by leakage in transportation amounting to 8,484 gallons.
EXPORTATION OF ALCpHOL IN METALLIC CANS.
In connection with the subject of deficiency taxes on spirits withdrawn for exportation I had the honor to recommend in my last annual
report that provision be made by law for the exportation of alcohol in
metallic cans of ten gallons and upward. In accordance with this recommendation certain changes were made in sections 3287 and 3330 Revised Statutes ; by sections 6 and 11 of the internal-revenue act of May
2Sj 1880, providing for the withdrawal of spirits from receiving cisterns
into casks or paclcages of not less capacity than ten gallons, wine measure,
and providing for the exportation of spirits in originsil paclcages. l^o
exports of alcohol in tin cans have, liowever, been made under these
privileges, as it appears that there is no foreig'h demaiid for packages of
alcohol in cans of larger size than five gallons. As it also appears that
exporters are willing to encase two five-gallon tin cans in one wooden
inclosure, and as I believe such a package may be properly protected
by stamps, I would recommend that th§ law be so amended as tp proAdde for the exportation of alcohol in metallic cans of five gallons and
upward, provided the quantity contained in the wooden inclosure is
not less than ten gallons.
\
\
PRODUCTION OF SPIRITS D U R I N a T H E YEAR.
"
\
'
'•
•
•.--.-^
• .
•
-
,
..
.
•
,
••
.'-.5
.
.
V
--.n
.'-•£>i
•'•
u , : : . -
••
-^'Si'
V The quantity of spirits (90,355,270 gallons) produced and deposited i a
distillery warehouses during the fiscal year ended June 30, 1880, ex-
88
REPORT ON THE FINANCES.
eeeded the production^ of the previous yeair by 18j462,649 gallons, the
product for 1879, as was shown in my report for that year, having been
greatier than for any previous year.
' The increase in production for the fiscal year 1880 over the prodnctioM
for thefiscal year 1879is distributed among the different varieties known
to the trade, as follows:
Increase in production of—
halloas.
Bburbbh whisky .
Eye^ whisky
.
A l c o h o l . . . w . . . . . . . . . . . J.
Rum...
Gin
Pure,- neutral, or cologne spirits
Miscellaneous..
Total...........
Decrease in production of—
H i g h wines
6,827,06r
2,340-943
2;036i72l>
195,846^
,21,892.
7,198,489'
2,664,949^
V
•
21,285,912
'
•
. Netincrease . . . , . . . . ' . - . .
2,823,263
18,462,-649.
The causes which, in additiou to the improvement of the times, have
led to this great increase in the production of distilled spirits^ are the
amendments of the internal-revenue laws, which have secured—
1. The increase in the bonded period from one year to three years:
2. The allowance for loss by leakage whUe in warehouse j
3. Relief from the payment of interest on taxes while in bonded warehouse; and
4. The allowance for leakage of spirits while in transportation for export or to manufacturing warehouse.
APPARENT OVER-PRODUCTION OF SPIRITS.
I fake the liberty of calling especial attention of distillers and the
trade fo the fact th^t on the 1st July, 1879, there were oh h a n d i h distillery warehouses 19,212,0>00 gallons of spirits, which was ah ihcreMo
of about 5,000,000 of gallons over the stock oh hand at the saihe p m o d
of the previous year, ahd t h a t on the 1st day of E^bvfemBer, 1880,, the
amount of spirits on hand was 3^,640,000, being an increase of p,400,000
gallons over the amount oh hand on the 1st July, 1879. The steady
increase in the number and capacity of distilleries in operiatioh, sugg^^ts
the pfobability of the continued enlargement of the stbck oh handy I t
has bcciurr^d to me that this business was on the eve of being overd!one^
and- that in t i e event of a recurrence of the agitation for areduction of
t h e tax, the holders of these spirits would be in danger of loss.
R E C E I P T S FROM DISTILLED S P I R I T S .
Thefollowing statement shows the receipts from the several articles
m occupations relating to distilled spirits subject to t a x under internalrevenue laws now in force, for the fiscal years ended June 30, 1879 and
COMMISSIONER OF INTERNAL
8B-
REVENUE.
1880, together with the increase or decrease oh each article or occupation:
, ;-•
Eeceipts for fiscal year ended
June 30—
Articles or occupations.
Increase.
Spirits distilled from apples, peaches, or
Spirits distillied'from materials otlier than
apples, peaches, or grapes^
Wine made in imitation of champagne...
Kectifiers (special tax)
Betail liquor dealers (special tax)
Wholesale liquor dealers (special tax)
Manufacturers of stills (special tax)
stills or worms manufactured (special tax)
Stamps for distilled spirits intended for
export
1
Stamps^ distillerr^ warehouse.
Stamps for rectified spirits
Staimp^; .wholesale liqiior dealers'
stamps, special bonded warehouse
....
Sfckmps, special' hdhdfed' wareHouse (rewai'eliGusing;):
...
..:....
.
Stanaps for imported spirits
,...
Ihtefest dh tax upon si>irits'
Total.
Decrease..
$13,897 9S^
$919, 099 74
$905, 201 75
46,-790,364 50
55,-013, 917'43
$8, 223, 552- 93
160,123 21
3, 903; 036 24
409,115 56
1, 315 86
2, 210 00
172, 004 60.
4,172, 283 85
406,526 72
1, 787 53
4,360 00
11,, 881 39
269, 247'61
17,212 20
126, 374 50
122, 503'20
^ 43, 804 90=
225 30
19; 743 60
149, 505 00
133; 19a 70;
47,339-10
364= 90
2, 531 40
23,130f 50
10,690-50
3,534i20
139 60
74, 899 48-
1 00'
285 20
158^994^
1 00
285 20
84i094 93f
52; 570, 284 69" 61; 185; 508 79
8, 615; 224 10
47167
2,150 00
2, 588 84
l^OTE.—-Many tabular statements are omitted for want of space^
but they can all be found ih the bound volume of the Commissioner's
report.
SPIRITS AND TOBACCO REMOVED I N BOND FOR EXPORT.
Th^ following statement shows the quantity sm^ pereentiagie of pro^^
diictibn of distiHed spMts and: manufactured tobacco (includihg shu#)rem<)ved in bontf for export during each fiscal year since the passage ef
theactof June 6,. 1872:
,
M a n u f a c t u r e d tobacGO.
Distilled spirits.
Year..
18731.•
-...•
'..
1874.
1875
•. . . . . '
....
\ 1876:....2
\ 187?...-,.---..
I 1878- ' •
\ 1879'
U880 .
. ..'...
]
1
Total
tT a x a b l e (proof) P ae gr ce e: nof
gaildns e x - producported.
tibn.
2,358; 630^
4, 060,160
587,413
1, 308, 900
2, 529, 528
5,499,252
14, 837, 581
16, 765, 666
^47, 947,130
3.45+
5. 9 0 +
0. 9 6 +
2:25+
4.22+
9. 8 0 +
20. 0 3 +
18. 5 5 +
'Year.
1873
1874
1875>.'..
1876
1877..'.
1878
1879
1880
Total..
•
'^ •
P o u n d s of tob a c c o ex.;; p o r t e d .
'
'
--:
...
Perceni?
age o r
production.
10,13:0,045
8. 59:+.
10,. 800,. 9279.ai-+
9; 179, 316 . • 7; 1 3 +
7. 8 7 +
9; 434, .485
8. 8 8 + .
11,335,046
8; 8 9 +
10; 581, 744
8. 6 2 ^
li„034,951
G. 7 1 +
9; 808, 409
82, 284,-923
9G
R E P O R T ON THE FINANCES.
EXPORTATION OF DISTILLED SPIRITS.
The following figures show the increase or decrease as to the various
kinds of spirits exported in the year 1880, as compared with the year
1879 V
.Increase
Increase
' Increase
Increase
in
in
in
in
alcoliol
rum
—
pure, neutral, or cologne spirits
Mgli wines
Grallons.
/ 1, 313,993
85,861
548, 908
3,128
'.........
Total i n c r e a s e . . - . - .
1,951,890
Decrease in bourI)on wMsky - - . . . . - . . . . . . . . ;
Decrease in rye whisky
.'.....
Decrease in miscellaneous - . . . . _ . . .
' ^
•
•
•
' •
Total decrease
Netincrease
-
•
Gallons.
17,563
5,013
1,229
.-.-.,
'
_
'.........:
_
_
_
_
_
..........
'••
•
23,805
1,928,085'
As was the case in the fiscal years 1878 and 1879, the bulk of the
spirits exported during the fiscal year 1880 was alcohol produced in
the northern part of Illinois, shipped on foreign-bound vessels at I^ew
York, and consigned to Marseilles, France. During the year 1880 the
exportations to Genoa, Gibraltar, and Yalencia have in each case exceeded one miUion gaUons, and the quantity exported to each of the ports
of Bilboa and Palma, Spain, has nearly reached one million gallons.
The number of ports to which alcohol was exported in 1879 was fortyfourj and during 1880, fifty-three. During the fiscal year 1879 the total
number of ports to which spirits were exported was sixty-four, and
during the fiscal year 1880 was seventy-one.
I t will be observed that the foreign demand for American spirits is
still increasing, and that the quantity exported during each fiscalyear
continues to be greater than during the preceding year.
Realizing the. importance of placing the legitimate distilling interests
of the country on a sound business basis, and thus discouraging the
production of iUicit spirits, this office has encouraged the exportation of
spirits, affording such facilities as was consistent with the due protection
of the interests of the government from time to time as occasion required. ',''••••
Those feaitures of the act passed during last session of Congress,
providing for the allowance for actual loss during transportation and
for removing the restriction as to size of exported packages and as to
the thousand gallons limitation, were passed upon my recommendation.
Railroads and other transportation companies have also been authorized by regulations of the department to become sureties for exporters
where it has been shown that such corporations have legal ability to
act in that capacity. This measure has been found to operate satisfactorily. Under this system the security of the United States has been
of the best character, and the exporters have been enabled to land
spirits at foreign ports at quite a saving in brokerage charges incurred
in obtaining sureties who were not jointly interested with them in the
due delivery of the goods.
'
/
S P I R I T S WITHDRAWN FROM DISTILLERY WAREHOUSES UPON PAY^• -'^^
-" . '• ,. ^
•!• •• •••^'•'•MENT DF''TAX..i-'u ..i. ' .^ -' •. ' ' "
^
. . . .';;vrixn-^- -^••__•.- .:,.n.-^ •--•.•-. ,.,;rr^^.,-,i^, .., . ;^ .,•. .V,,. . . . Gallons. ,•
The quantity of spiritsrWitMrawn from distillery warehouses upon pay(
ment of t a x was in 1 8 8 0 . . . . . . . . . . f :
\ . 61,100,36?'
And was in 1 8 7 9 , . . . .
.,
: . , . . 51,885,93^'
Increase.
.v
9,214,421
91
COMMISSIONER OP INTERNAL REVENUE.
This increase is distributed, except as to the kind known as high
wines, as follows:
Gallons.
Bourbon wliiskv
Bye whisky..
Alcohol
Rum
Oin
.
Pare, neutral, or cologne spirits
Miscellaneous
1,601,020
750,908
537,089
108,792
36,507
6,866,998
1,829,791
Total increase
Decrease in withdrawals of high wines
11,730,405
2,515,982
Net increase in withdrawals, tax-paid
9,214,423
The amount of interest tax collected during thefiscalyear to May 28,
1880, the date of the repealing act, was $158,994.41.
The quantity of each month's product of spirits in warehouse July 1,
1879, which was withdrawn during the year ended June 30,1880, is shown
in the following tabular statement:
II
|i.
Product of tl»e iw»ntb of—
IP
jjf
Gallons*
1877
263,183
399,092
440,481
350,848
96,450
30,933
43,706
34,313
March
AprU
M a y
-Tune
July
August
September.
October ....
JSoTember..
December..
•
82,066
jr3 kP3
£
Gallons.
Gallons.
;
i
i
|
I
.si
1,095,558
8,098
65,731
26,184
37,467
22,426
57,495
111,983
30,719
4,749
6,239
11,887
24,571
48,976
171,162 ;
122,186
401,479
498,412
649,042
888,379
846,344
521,126
240,363
127,294
122,474
266,487
490,549
947,705
271,166
348,782
469,606
1878.
^January—
.February..
March
April
M*y
June
July
August
—
^September.
October
—
November..
December..
i
j
!
«
:
;
:
•
:
!
j
130,313
149,630
179,436
265,779
;
622,600
538,208
374,805
167,087
84,039
86,867
146,321
73,276
43,255
35,607
79,875
198,865
352,989
186,612
291,684.
594,716
1879.
1.236,742 ;
-January...
1,514,241 ,
February.
March
A p r i l
^Vtay
2,036,418 I
2,271,892 '
2,298,061
June
1,942,328 !
Total
I
19,219,470
j
652,077
584,665
741,287 ;
772,954
1,062,471
973,947
996,847 ,
1,275,045
976,461 |
1,321,600
1,029,756 J
11,160,983
912,572
8,051,487
TRANSFER OF SPIRITS TO MANUFACTURING WAREHOUSES.
Section 20 of the internal-revenue act of March 1,1879, providing for
transfers of spirits from distillery warehouses to manufacturing warebouses, was amended by section 14 of the act of May 28,1880, so as to
?ead as follows:
That under such regulations and requirements as to stamps, bonds, and other security
shall be prescribed by the Commissioner of Internal Revenue, any manufacturer
92
R E P O R T ON T H E
FINANCES.
of medicines, preparations, compositions,-perfumeries, cosmetics, cordials, and othe
liquors, for export, manufacturing the same in a duly constituted manufacturing war€
liouse, shall he authorized to withdraw, in original packages, from any distillery ware
house, so much distilled spirits as he niay require for the said purpose, without t k
payment of t h e internal-revenue t a x thereon.
The amendment made by the act of May 28, 1880, enlarged the scop<
of the act of March 1, 1879, so as to provide for the withdrawal of air
kind of distilled spirits from distillery warehouses, the articles to b<
withdrawn havdng theretofore been limited to alcohol.
The section as amended also provides for the use of the spirits in man
ufacturing warehouses in all of the articles authorized by law to b^
made in such warehouses. The efiect of the amendment has been t(
make a new outlet for the exportation of American spirits.
Section 15 of the act of May 28, 1880, also makes provision, in case o
transfers of spiiits to manufacturing warehouses, for an allowance foj
loss by unavoidable accident, without fraud or negUgence, as in tin
case of spirits shiiiped in bond for exportation.
The transfers during the fiscal year 1879 were 13,213 gallons, anc
during the fiscal year 1880 were 218,212 gallons. Attention, however
is called to the fact, that inasmuch as the original act was passed Marcl
1,1879, and the amendatory act May 28, 1880, the transactions of th(
respective fiscal years are not fair indications of the quantity that wil
probably be annually withdrawn under said acts.
SPIRITS WITHDRAAVN FROM AVAREHOUSE FOR SCIENTIFIC PURPOSES
AND FOR USE OF THE UNITED STATES.
The quantityof alcohol Avithdrawn free of tax from distillery Avare
houses for the use of colleges and other institutions of learning in the
preservation of specimens of natural history in their scA^eral museums,
or for use in their chemical laboratories, and of spirits of various kinds
for use of the United States, amounted during the year to 23,048 gallons,
an increase of 5,362 gaUons OA^er the quantity withdrawn during the
previous year.
SPIRITS LOST BY CASUALTY DURING- THE YEAR.
Grallons.
The quantity of spirits on deposit in distillery Nv^arehorises at commencement of tiseal year was
The quantity deposited during the year was
Total...
19,212,47(
90, 355,27(
I09,567,74{
Of this quantity, 14,231 gallons Avere lost by casualty, being about
one-seventy-seventh of one per cent., or one gallon of each 7,696 + gallons was so lost.
I t was my pleasure, in my report of last year, during which the loss ot
spirits was less than one-fiftieth of one per cent, of the quantity stored in
Avarehouses, to call attention to the care exercised by the distillers and
storekeepers in the preservation of this inflammable material. As the
loss this year is much less than that occurring during the year 1879, it
is deemed proper to call renewed attention to the diligence exercised hy
the distillers and government ofiicers in the preservation of this class of
property.
I t is quite evident, from the slight loss for the past four years, that
the fire insurance on spirits in distillery warehouses might with safety
be fixed at the A^ery loAA^e'st rate.
The quantity of spirits lost by casualty, on Avhich the tax AA^as abated,
during the year, under sections' 3221, 3222, and 3223, Revised StatuteSn
Avas 4,276 gaUons.
COMMISSIONER
OF INTERNAL REVENUE.
93
iOlSTILLED SPFEIITS ALLOWED ^ O R LOSS ^ Y LEAKAGE OR EVAPORATION IN WAREHOUSES.
The quantity ^of distUled spirits allowed under l?he provisions of section 17 of -the^act of May 28, it880, for loss^by leakages or evaporation,
in warehouses during June, 1880=(the -only month of li)he fiscal year ia
which t h e a c t was in tbrce),'was 75,834 gaiilons.
The quantity allowed during ^the^first four nionths of the/Gurreiibfiscal
year was 271,169 gallons.
S P I R I T S R E M A l N I N a IN AVAREHOUSES AT THE CLOSE OF THE Y'EAR.
In my report for the year ended June 30, 1879, it Was ^hown that the
quantity (19,212,470 gallons) in warehouses June 30, 1879, exceeded the
quantity in warehouse at the close bf any preceding fiscal year. This
quantity, however, is .greatlyexceeded by the quantitj^ (31,3.63,869 gabllons) remaining in warehouses June 30, 1880.
The-following table shows the quantity remaining in distillery warehouses at the close of each of the twelve fiscal years during Avhich spirits
have been stored in such Avarehouses:
Gallons.
Quantity
Quantity
Quantity
Quantity
Quantity
Quantity
Quantity
Quantity
Quantity
. Quantity
Quantity
Quantity
remaining June 30, 1 8 6 9 . . . . . .
remaining June 30, 1370
remaining June 30, 1871
remaining June 30, 1872
remaining June 30, 1873
remaining June 30, 1874..
remaining June 30, 1875
remaining June 30, 1876
remaining June 30, '1877
remaining June 30, 1 8 7 8 . . . . .
remaining June 30, 1879.,
remaining June'30,'1880
^
;
...-.
16;685,166
11,671,886
6,744,360
10,103,392
14, 650,148
15,575,224
13,179,596
12,595,850
13,091,773
14,088,773
19,2i2,470
31,363,869
I t is understood from leadingdistillersthat since the extension of the
bonded period the business of seUing spirits in bond has largely increased, and that the greater portion of goods now in bond is owned by
dealers in various parts of the country who have assumed to the distiller the payment of the taxes as they fall due.
I t is e\ddent that ithe causes adverted to in my last year's report as
leading to this great i increase in ithe stock of spirits remaining in distillery warehouses, and as indicating the growing ability on the part of
distillers to discharge their obligations to the government,-have been
in fuU operation the past fiscal year.
The case-of the sixth district of E'orth Oarolina was then cited as
illustrating the great increase in the number of the legally authorized
distilleries in sections of the country recently infested by illicit distillers. The same district caii be again used as iUustrating this fact, the
numberof distillery warehouses in that district having increased from
184 July 1, 1879, to 229 June 30, 1880.
In my last year's report reference was made to the building of the
largest distillery in the United States at the close of thefiseal year. I have
\ now to report that this distillery has been in successful operation during
\ the year, and that others of its class have been greatly enlarged and
(fitted up with the latest improA^ements, thus enabling them to .inaterially
[reduce the cost of production and to improve the character of their prod^ucts. By the use of the latest improved purifjdng, refining, and redisjtilling apparatus, and the employment of experts, fine grades of alcohol,
94:
REPORT ON T H E
FINANCES.
and pure, neutral, or cologne spirits are produced in distilleries ready
for use in the arts and sciences Avithout additional manipulation.
The decrease in the production and withdrawal of high wines, and
theincrease in the productibn and withdrawal of all other and finer
kinds of spirits, are facts satisfactorily showing the imprpAtement in the
methods of producing distilled spirits.
ISTearly nine-tenths of the spirits remaining in warehouse June 30,
1880 (27,311,138 gallons out of 31,363,869 gallons), were bourbon and
rye whiskies, and the increase in the quantity in warehouse that day
over that in warehouse June 50, 1879, was mainly the increase in these
two varieties.
There was an increase in all A^arieties except high wines, as follows :
Increased quantity in warehouse, of— ^
Gallons.
Bourhbn whisky . . . . . . . .
Rye w h i s k y . . . . . . . . . . . . . . . . . . . . . J . . . . . . . . . . . . . . . . . . . .
Alcohol....
Rum.......
.-.--.:
Miscellaneous.... . . .
:
:.........
:^
Total i n c r e a s e . . . . . . . . . . . . . . . . . . . . .
'
......
.:..
. . . . 12,563,461
Decreased quantity in warehouse, of—,
,
^
:
GraUons.
High wines . . . . .
......
Pure, neutral, or cologne spirits . - . - . . - . . - - .
.Gin.........
'•.,.•/
.
7,747,856
3,482,525
56,056
54,164
1,222,860
Gallons.
224,713
158^ 061
:.•
29,288 .
; • . • . — — - 412,062
Net increase of sinrits in warehouse
12,151,399
FERMENTED LIQUORS.
The receipts from fermented liquors for the fiscal years ended June
30, 1879 and 1880, are shown in the following statement:
Receipts for fiscal year ended
J u n e 30—
Sources.
.
•
,
1879.
JFerm.entedliquors, taxof $1 per harrel
Brewers' special tax .
^ ....
...
Dealers in malt liquors' special t a x . . . .
Total.....;......
.
.
.
Increase.
.
- Decrease.
1880.
$10, 270, 352 83 $12, 346, 077 26
201, 395 97
202, 779 61
282, 329 61
256,187 64
$2, 075, 724 43
12,829,802 84
2,100,482 76
10, 729, 320 08
26,141 97
$1, 383 64
The following statement shows, by fiscal years, the aggregate production of fermented liquors from September 1, 1862, to tlune 30, 1880:
Fiscal years ended June 30—
1863....
1864....
1865....
1866....
1867....
1868....
1869....
1870....
1871....
Barrels of not
m o r e than
31, g a l l o n s
each.
1, 765, 827
3,459,119
3,657,181
"6,207,401
6,291,184'^|
6,146,663
6,342,055
6, 574, 6L6
7, 740, 260
Piscal years ended June 30—
1872........
....
'1873.... :.•:.•....:.: 7:,
1874^.
1875:^.. 2'iW:
::..
1876,....^::.x........^.
1877
1878.
1879...
1880
Barrels of not
m o r e than
31 g a l l o n s
each.
659,427
633, 323
600, 897
452, 697;
902, 352:
810, 060241,471;
103, 084^
347,11(1
COMMISSIONER OF INTERNAL REVENUE.
95
Prior to September 1, 1866, the tiax on ferniented liquors Avas paid in
currency and the full amount of tax was returned by collectors. From
and after that date the tax was paid by stamps on which a deduction of
7 J per cent, was alloAved to brewers using them. Of the 6,207,401 barrels
produced during the fiscal year 1866, the tax on 1,033,319 barrels was
paid in money, and the tax on 5,174,082 barrels Avas paid by stamps.
The foreign demand for American malt liquors is still increasing, the
applications for drawback during the fiscal year ended June 30, 1880,
upon exports made to foreign iiorts having more than quadrupled those
made for the fiscal year ended June 30, 1879. I take this occasion to
renew my recommendation that provision be made in internal revenue
laws for the exportation of this article in bond.
EXPORTATION OF MANUFACTURED TOBACCO AND SNUFF IN BOND.
The subjoined table shows, as removed and unaccounted for July 1^
1879, and July 1, 1880, the quantity in pounds of manufactured tobacco
and snuff Avhich had been removed for exportation in bond, and concerning which the iiroofs of landing at a foreign i)ort had not been furnished prior to the dates named.
1. Eemoved and unaccounted for July 1, 1879.
Pounds.
Ponuds*..
Tohaceo, at 20 cents t a x
39, 575. 00
Bonds in the hands of district attorneys
17, 094. 00
Tohacco, at 24 cents, removed under exportation honds . . 3, 047,262. 50
Tohacco, at 24 cents, removed under transijortation honda.
474, 336. 50
Tohacco, at 16 cents, removed under exportation honds . . 1, 673,900. 00
Tohacco, at 16 cents, removed under transportation honds.
104,750. 50
Snuff, at 32 cents, removed under exportation honds
1, 642. 00
Snuff', at 32 ceuts, removed under transxiortation honds.. 84. 00
5, 358, 644. 50
2. Bemoved during the year ended June 30, 1880.
Tohacco, at 24 cents tax (excess)
Tohacco and snuff', at 16 cents t a x
Tohacco, at 16 cents t a x (excess)
487. 00
9, 807, 050. 25
871. 50
9,808,408. 75
15,167,053.25
3. Exported and during the year accounted for.
Tohacco, at 20 cents t a x . . . •
Tohacco, at 24 cents t a x
Tohacco, at 16 cents t a x
Tohacco, at 24 cents t a x paid on deficiencies
Tohacco, at 16 cents t a x paid on deficiencies
Snuff, at 32 cents t a x
10,573. 00
2,778,006.00
7,330,787.50
3,207. 50
1,049. 00
1,726.00
10,125, 349. 00
4. Bemaining unaccounted for June 30, 1880.
Tohacco, at 20 cents t a x
.,.
29,002.00
Bonds in t h e hands of distriot attorneys
17, 094. 00
Tohacco, at 24 cents, removed under exx)ortation honds ..
533,212. 00
Tohacco, at 24 cents, removed under transportation honds.
207,660. 50
Tohacco, at 16 cents, removed under exportation honds . . 3, 946,809. 25
Tohacco, at 16 cents, renioved under transportation honds.
307,926. 50
:
5,041,704.25
15.167, 053.25
.96
REPORT ON THE FINANCES.
The quantity removed from manufactories for exportation during Mie
fiscal year tended June 30, 188Q, is 1,226,542.75 .pounds less than that
FcmoA^ed during the fiscal year ended: June 30,1879.
EX^PORTATION OF CIGARS AND CIGARETTES IN BOND.
1. Bemoved and unaccounted for July 1, 1879.
Numher.
Cigars, at $6 per M t a x
Cigarettes,.at .$1.75 per M t a x
Number.
1,019,375
7,184,500
8,203,875
2. Bemoved during the year ended June 30, 1880.
Cigars, at $6 per M t a x
.Cigarettes, at fL75per-M t a x
-.
2,540,825
-41,107,380
43,648,205
5I,852,.080
3. Exported and accounted for during the year ended June 30, 1880.
Cigars, at $6 per.M t a x
Cigarettes, at 11.75 per M t a x
2,436,600
27,935,600
30, 37^2,2m
4. Bemaining unaccounted for June 30, 1880.
Cigars, at $6 per M t a x
Cigarettes, at $1.75 per M t a x
1,123,600
20,356,280
21,479,880
51.852, (K:iO
DATE OF BONDS REMAINING UNACCOUNTED FOR J U N E 3 0 , 1880, .
The years in which the bonds were given for the exportation of the
tobacco, snufi, cigars, and cigarettes remaining unaccounted for by eAddence of landing June 30, 1880:
Tohacco.
Year.
1872
1873
1874
1875
1876
1877
1878
1879
1880
Pounds.
17,094.00
.
Total
.
'
Snuff.
Cigars.
Cigarettea.
Pounds. •
Number.
>-2fumber.
25, 502. 00
74, 704. 00
178, 275. 00
275, 118. 00
150, 470. 00
1, 050, 30U. 00
3, 270, 241. 25
47,000
137,625
938, 975
110, ooo
2, 904, 500
17, 331,780
5, 041, 704. 25
1,123,600
.20,356,280
10,000
97
COMMISSIONER OF INTERNAL REVENUE.
AMENDATORY ACT R E a U L A T I N G THE EXPORTATION OF TOBACCO,
SNUFF, AND CIGARS IN BOND.
By an act of Gongress passed during the latter part of the fiscal year,
naniely, on the Oth of June, 1880, section 3385 of the Eevised Statutes,
governing the exportation of manufactured tobacco, snuff, and cigars
in bond, Avas amended so as to provide that ex^iort bonds ^hich had
been given or Avhich should thereafter be giA^en under the provisions of
that section should be canceled upon the presentation to the collector of
internal revenue of the detailed report from the inspector of customs and
a certificate of the collector of customs at the port from which the goods
are exported, that the goods removed from the manufactory under bond
and described in the permit of the collector of internal revenue had
been receiA^ed by the said coUector of customs, and that said goods were
duly laden on a foreign-bound vessel, naming the vessel, and that the
said merchandise Avas entered on the outward manifest of said A^essel,
and that said vessel and cargo Avere duly cleared from said port, and on
the payment of the taxes on the deficiency, if any.
The efiect of the amendment is to reheve exporters of tobacco, snuff,
and cigars, exporting under the provisions of the law as amended, from
the production of CAadence shoAving landing of the goods at a foreign
port. The law has not yet been sufficiently long in operation to show
whether the release from the obligation to produce a landing certificate
Avill be accompanied by a corresponding large increase of exportations.
It, however, appears that in striking out a portion of section 3385,
Eevised Statutes, and substituting for the portion stricken out the
amendatory provisions of the new law, the language of that iiart of section 3385 relied upon as authorizing the exportation of tobacco, snuff,
and cigars by railroad cars or other land conve3^ances was, through inadvertence, not restored. I see no good reasons why the exportation of
these articles under section 3385, as amended, should be confined to vessels, and I would therefore recommend that as early as xiossible in the
next session of Congress the law be amended so as to clearly proAdde for
the exportation of tobacco, snuff', and cigars by railroad or other land
conveyances.
Exportation of friction matches and proprietary articles under section 19 of the act of March
1, 1879.
Amount of
tax.
2 Bonded dnring the year ended June 30. 1880
Amouut of
tax.
$10,146 24
235, 512 46
;
$245, 658 70
245, 658 70
3 A.ccounted for as exported duiino^ tbe year
4 Remainin*'" unaccounted for June 30 1880
.
236, 412 94
9, 245 76
245, 658 70
^
245, 658 70
OPERATIONS AT SPECIAL BONDED W^AREHOUSES FOR STORAGE
GRAPE BRANDY^
OF
The following statement shows the quantity of grape brandy placed
in special bonded warehouses, withdrawn therefrom, and remaining
7F
98
REPORT
ON T H E
FINANCES.
therein at the beginning and close of the fiscal year ended June 30^
1880, in taxable gallons:
Gallons.
Uemainirigin warehouse July 1, 1879 :
yixst district of California
Pourtn district of California
72, 561
34, 523
liemoV^d for exportation and nnacconnted for July 1, 1879:
Pirst district of Californiai
Produced and bonded during tHe yedr:
Pirst district of Califoriiia . . .
Poiirtii district of California
'
Gallons. , Gallons;.
107,084
1,974
50,229
78, 857
....
Beceived in first district from fourth district of California
129, 086
1,151
109, 05&
130,237
239,295.
Exported and accoimted for during the year:
Pirst district of California
....
Hemoved tax-paid during the year,:
Pirst district of California
Pourth district of California
...
Loss, by regauge, act of May 28, 1880:
Pirst district of California
Pourth district of California
'
,
2,293
59, 982
51, 738
'
44
35
Eferiaoved frora fourth district to first district of California
Hi^moyed for exportation and unaccounted for June 30, 1880:
Pirst district of California
i.
HematQing in warehouse June 30, 1880:
Pirst district of California
Pourth district of California
lll,72(i
79
1,151
115, 243i
439
63,157
60, 456
123, 613
124", 052-.
239, 295<
The amount produced and bonded during t h e fiscal year ended June30, 1880, was 59,746 gallons more than in the previous year, while the
ainount removed tax-paid was 15,430 gallons larger than in 1879.
Of the quantity in warehouse June 30, 1880, 63,157 gallons wereiii^
the following-named warehouses in the first district of California:
No. 1.. Bode & Danforth, at San Francisco
No. 2. J u a n Bernard, at Los Angeles
'
No. 3. G. C. Carloil, at Stockton
• t Gallons..
, . . . 39,697
15,811
7,649'
and 60,456 gallons were in the following-named warehouses in the fourth
district of CaUfornia:
No.
No.
No.
No.
1.
2.
3.
4.
George Lichthardt, at Sacramento
J. F . Boyce, at Santa Rosa
R. A. Haskins, at Saint Helena
J o h n Tivnen, at Sonoma
Gallons.
26,655.
15,327
12,704
5,77©»
•COMMISSIONER OF INTERNAL
99
REVENUE.
DRAWBACK.
STATEMENT of DBAWBACK of INTEENAL B E V E N U E TAXES ALLOWED on
E X P OB TED MEB CHANDISE during the fiscal year 1880.
P o r t of e x p o r t .
Baltimore
Boston
New York
Philadelphia
S a n Pi'ahcisco
Siaint L o u i s
Suspension Bridge
Portland
N o . of P r o p r i e t a r y
claims. a r t i c l e s .
23
31
1
708
13
24
70
$110 16
1,134 90
33, 033 68
809 60
52 56
Tobacco.
Cigars.
$11,791
352
6
1, 680
154
7, 997
$899 47
58
80
00
00
88
56
Permented
hquors. '
Stills.
$82 31
$20 00
558 05
60 00
48 00
60 00
87 50
1, 565 06
\
12 96
Total
872
35,153 86
22, 314 02 1, 094 97
AUowed, 1879.
744
43,184 71
12,113 86
331 20
250 20
2, 205 42
80 00
533 69 *1, 426 92
Machinery.
Total.
$1^ 801 21
1 590 01
54 00
$888 00 '36,219 73
1 024 48
8,137 62
1,565 06
12 96
331 20
888 00
61, 736 27
57, 509 38
* Distilled spirits.
In connection with the foregoing statement I have to call attention
to the fact that while a drawback of tax on exported stills is authorized
by section 3244, Eevised Statutes, as amended by section 16 of the act
of March 1,1879, no provision has been made for the allowance of drawback on exported worms belonging to stills, which, like stills, are subject to a tax of $20 each.
I have, therefore, to renew the recommendation made in my last annual report, that section 3244 named be amended so as to include such
worms exported subsequent to March 1, 1879, the date above referred
to. I have also to call attention to the fact that no appropriation for
the payment of drawback authorized by sections 3244 and 3329, Eevised
Statutes, has been made, and I would therefore further recommend that
section 3689, Eevised Statutes, making appropriation for the payment
of internal-revenue drawback be also amended so as to include all articles exported under the provisions of said sections.
100
REPORT ON THE FINANCES.
^' The following table shows the number of persons who paid special
taxes during the special-tax year ended April 30, 1880:
states and Territories.
5S
CJ b e
CO <o
on::)
W
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Dakota
Delaware
Dist. of Columbia*
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
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
Phode Island
South Carolina
Tennessee
•
Texas
Utah
Vermout
Virginia
Washington
West Virginia....
Wisconsiu
Wyoming
Total.
118
5
15
1
3
270
6
98
5
225
5
2
12
1,886
414
1, .136
8, 664
1,777
2, 473
592
653
50
20
22
258
67
49
21
9
566
2,200
305
10, 442
5, 352
3,965
1, 821
3, 881
3,972
757
4, 931
6, 403
4,751
2,355
1, 335
6,372
545
1,044
• 974
747
6,260
563
24, 672
1,865
14, 338
930
16, 550
1,326
1, 260
2,946
2,741
387
508
2,533
231
724
5,158
218
4
54
12
201
84
58
25
188
155
9
165
196
46
36
27
202
39
19
19
13
56
19
745
29
358
19
420
38
20
93
97
18
3
60
6
11
74
1,291 163, 523
26
2
7
322
14
290
20
67
33
2
96
'1
2
19
891
63
401
68
264
5
96
1
240 1, 004
141
31
46
1
078
139
477
51
433
16
89
1
536
47
3
46
726
. ].
3,713
23
1,381
10
3,348
80
20
27
51
3
23
106
4
99
360
35
15, 206
124
374
149
314
4
272
2
2
202
28
2
488
,558
5,240
490
3,845
10, 726
3,174
5, 043
1,319
2, 781
1, 939
6,803
886
24, 096
14, Oil
11, 929
6,451
7,104
5,082
4,783
9,144
13, 679
12, 893
5, 3ii5
4, 565
13, 813
692
3.156
1,168
2, 303
-12, 730
700
47, 947
6,328
27,170
1,761
40, 637
2,894
4,867
6,199
9, 516
864
2,326
5,400
630
2, 855
10, 334
325
223
36
20
19
7
79
264
42
1
32
205
365, 499 1, 026
* Since October 2, 1876, p a r t of t h e t h i r d d i s t r i c t of M a r y l a n d .
2
11
130
96
139
39
42
11
78
26
10
5
17
30
50
13
110
70
10
"73'
37
141
132
20
82
1
379
191
164
2
212
23
24
24
35
6
58
3
387'
2
214
32
372
7
3
15
12
223
9
18
5
12
219
113
317
19
44
4
408
181
478
117
162
28
87
131
700
590
137
50
172
16
45
13
270
669
13
,082
18
453
40
,026
158
10
52
314
14
94
30
38
35
200
1
11, 610
COMMISSIONER OF INTERNAL
101
REVENUE.
AVERAGE CAPITAL AND DEPOSITS IN 1879.
STATEMENT of the AVEBAGE CAPITAL and DEPOSITS of BANKS and BANK
E B S 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 and b a n k e r s . — P o r m 67.
S t a t e s a n d Territories.
Average
capital.
California
Colorado
Dakota
Genro'ia
Idaho
Illinois
Kentucky
Louisiana
Maine
Maryland
Massachusetts Michigan...
Minnesota.
Mississippi
Missouri
. ..
Montana
Nebraska
Nevada
New Hampshire
New Jersey
N e w Mexico
New York
N o r t h Carolina.
Ohio
Oregon
Penusyivania ..
Phode Island...
South Carolina
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia..
Wisconsin
Wyoming ......
Total
Average
taxable
capital.
Average
deposits.
$1, 055, 694
67, 935
213,167
26, 729,123
588, 722
2, 405, 319
87, 239
640,161
83, 616
4, 023, 097
32,160
7, 596, 927
4, 796, 732
5, 053, 772
1, 377, 219
12, 083, 297
3, 551, 301
43,258
4, 874, 312
4, 048, 421
3, 400, 568
1, 638, 575
1, 232, 892
30,361.779
147, 690
428, 579
396, 491
61, 000
1, 592, 218
5,000
52, 469,184
443, 766
8, 437, 985
938, 455
16,147, 819
3, 382,116
. 772,969
1, 734, 752
3, 530, 639
230, 625
348, 700
2, 806, 219
206, 500
1, 475, 532
2,138,105
101,583
$1, 042, 506 $1, 822, 241
67,935
58, 000
144,112
307, 518
24, 243, 462 45, 029, 068
1, 441, 934
588, 722
3, 809, 968
2, 057, 886
225, 850.
86, 854
688, 594
614, 623
195, 688
83, 616
3, 429, 248
3, 973, 278
39, 226
32,166
4, 905, 934 19, 044, 662
8, 968, 654
4, 375, 042
4, 853, 598
8, 758, 374
3, 020, 982
1, 294,104
11, 370, 222 11, 529, 840
3,142, 218
5, 078. 398
28, 258
113, 460
' 3, 674, 588
6, 701, 244
1,890,658
9, 222,188
2, 972, 574 10, 352, 708
1, 600, 310
3, 451, 530
1, 029, 436
1, 518, 956
8, 594,178 26,171, 462
147, 690
264, 500
417, 092
3,233,374
396, 491
1, 780, .':=20
61, 000
159, 432
1,196, 542
2, 895,124
5,000
79, 682
31, 328, 590 114, 064,142
443, 766
779, 214
6, 700, 784 24, 765,154
895, 206
1, 232, 028
14,139, 482 55. 327,194
3, Oil, 003
3, 442. 656
712, 218
817, 912
1, 512, 592
2, 732, 084
3, 326, 810
4, 984, 792
. 230,625
786, 898
308, 686
1, 341, 626
2,142, 692
6, 313, 004
206, 500
363, 658
1, 349, 036
3, 800, 344
1, 962,170
9, 338, 320
101, 583
179, 628
193,781,219
153,267,838 407, 661, 079
A v e r a g e c a p i t a l a n d d e p o s i t s of s a v i n g s - b a n k s . —
P o r m 106.
Average
capital.
$2,152, 068
Average
taxable
capital.
Average
taxable
deposits.
$1, 998, 038 $43,106, 844
$23,288,826
71, 372, 222
5,933,150
1, 056, 842
15, 548
557, 571
310, 552
584, 294
1,162, 479
51,175
58, 202
119, 224
8,262
1, 773, 889
23, 396, 349
20, 582, 343
251, 865, 389
37, 500
372, 324
6,144
146, 680
546, 365
2-^4, 618'
1,154, 036
207, 912
9,924
15, 564
65,700
65,451
20, 750
15, 000
500, 000
500,000
16, 458
16, 458
37, 500
8,643
Average
deposits.
.
20, 000
5, 250
68, 916
41, 741
304,150
8,428
36, 240
272, 976
.361, 466
361,466
.../.
26, 623, 751
18,495, 615
999,116
2,163, 246
288, 339,187
9, 049, 476
8, 310, 923
.59,738
25, 067, 481
40,113, 530
1, 860, 600
4,194
1, 291, 516
7, 987, 616
6, 586, 078
287, 474
69, 436
122,198
1
3, 597, 392
3/322,951 829, 912,178
53, 419, 589
102
REPORT
ON T H E
FINANCES.
AVERAGES CAPITAL AND DEPOSITS IN 1 8 8 0 .
STATEMENT of the AVEBAGE CAPITAL and DEPOSITS of BANKS and BANKE R S for tlie twelve months ended May 31,1S80.
Average capital and deposits of
banks and bankers.—Porm 67.
States and Territories.
Alabarna
Arizona
Arkansas
California
•Colorado
Connecticut
Dalvota
Delaware
Plorida
Georgia
Idaho
Dlinois
'
Indiana
Iowa
Kainsas
Kentucky
IiOuisiana
Maine
Maryland
..
Massachusetts ..
Micbigan.
Minnesota
Mississipi)i
Missouri
Montana
Nebra ska
Nevada
New Hampshire
New Jersey
New Mexico . . .
NewYork
North Carolina.
Ohio
Oxegon
Pennsylvania ..
Rhode'Island...
South Carolina .
Tennessee
Texas
Utah
Vermont
Virginia
WajShington
West Virginia..
Wisconsin
Wyoming
Average
caijital.
Average
taxable
capital.
$1, 037, 541 $1, 037,
99, 688
99,
230, 823
156,
21, 559, 464 19,046,
573, 241
573,
2, 6.41, 708
2,200,
126,897
126,
626, 927
616,
77, 977
77,
3, 672,
3, 708, 344
8,962
8,
8, 323, 244
4, 769,
4, 533, 080
4, 032,
5,000,604
4, 701,
1, 534, 888
1, 436,
11, 584, 219 10, 594,
3, 261, 758
2, 550,
47, 637
36,
4, 286, 746
3, 337,
4, 229, 315
2I
3, 242, 540
2, 750,
1, 833, 571
1, 725,
1,134,153
920,
9, 804, 376
8, 343,
265, 883
265,
601, 526
524,
303,112
303,
56, 000
51,
1, 301, 882
965,
5, 833
5,
59, 430-, 688 39,199,
482, 556
482,
8, 069, 345
6, 296,
1, 530, 323
1, 072,
14, 471.168 12, 901
3, 205, 618
2, 606;
520, 828
469,
1, 724,882
1, 598,
3, 597, 522
3, 357,
208, 500
208,
353, 700
315,
2, 759, 924
2, 476,
232, 000
232,
1, 277, 764 1, 223,
2,139, 081
1, 937,
121,717
121,
Total.--.. 192,173, 555
Average
deposits.
Average capital and deposits of savings-banks.Form 106.
Average
capital.
$2, 034, 606
204, 286
444, 340
36, 726, 952 $2, 758,110
3, 057, 638
4, 481, 490
359,168
791, 500
233, 558
3, 878, 374
38,110
27, 030, 242
67, 400
11, 387, 716
11, 867, 800
'44,833
4, 481, 820
13, 022,150
4, 777, 706
41, 666
154, 796
7, 511, 212
30,118
9, 543, 442
11, 911, 454
4, 433, 632
2, 005, 284
30,598,526
497,536
1, 764, 456
1, 646, 762
184, 294
2,083
2, 795,- 798
45, 000
196, 744
140,195, 414
861, 604
27, 948, 784
65, 000
988, 244
20, 871
60, 936. 564
433, 300
3, 933, 962
623, 962
2, 852, 256
5. 845,150
1,170, 064
1, 552, 842
7,179, 372
346, 440
. 454,070
3, 995, 672
12, 309, 396
254,636
"iso," 666'
469,124, 384
4, 004, 821
. Average
taxable
capital.
Average
deposits.
$2, 362, 430
67, 400
*42,'9i8
;,379
15,189, 678
72, 398, 522
'i,"i66,'726
' •i,'i62,'l64
8,720
848, 773
406, 6.68
522, 500
1, 313,113
191, 090
15, 860
64, .152
21, 860
41, 666
30,118
"i56,'666
Average
taxable
deposits. ^
21,
21,
199,
1,
20, 833
223, 370
584, 253
541,160
734, 358
239, 531
12,
72.
80,
115,
168,
19,
666
008
680
926
848
518
2, 083- 25, 698, 662
5, 000 16, 868,209
312, 392
121, 460
310, 782, 302
1, 0,93, 552
9, 364, 939
26, 333
23, 777, 962
37, 640,116
27, 486
1. iO/4
625, 034
.2, 558,186
6, 770, 695
107,126
17, 542
107,126
3, 496, 945 796, 704, 336
22,141,192
27, 386
17, 720
403, 784
346, ;
COMMISSIONER OF INTERNAL
REVENUE.
103
AVERAGE CAPITAL AND DEPOSITS IN 1880.
STATEMENT of the AVEBAGE CAPITALand DEPOSITS of BANKS and BANKEES
for the twelve months ended May 31, 1880.
T o t a l a v e r a g e a n d t a x a b l e a v e r a g e of c a p i t a l a n d d e p o s i t s . —
F o r m s 67 a n d 106.
States and Territories.
A v e r a g e capital.
$1, 037, 541
99, 688
230, 823
24, 317, 574
573, 241
2, 641, 708
126, 897
626, 927
Alabanaa
Arizona
Arkansas
.California
Colorado
,
Connecticut
Dakota
Delaware
Plorida
Creorgia
:
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Mar^'land
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
N e w J.ersey
N e w Mexico
N e w ISork
N o r t h Carolina
Ohio
Oregon
Pennsylvania
Khode Island
South Carolina
Termessee
• Texas
Dtab
Verraont
Virgiiiia
Wsishington
W e a t Virginia
Wisconsin
Wyoming
i_
Average taxable deposits.
3, 708, 344
8, 962
8, 390, 644
4,533,080
5, 051, 437
1, 534, 888
11, 584, 219
3, 303, 424
47, 637
4, 316, 864
4, 229, 315
3, 392, 540
1, 833, 571
3., 134,153
9, 804, 376
265, 883
601, 526
303,112
58, 083
1,346,882
5,833
59,430,688
482,556
8,134, 345
1, 551,194
14,904,468
3,205,618
520,828
1, 724, 882
3, 597, 522
208,500
353, 700
3,106, 364
232, 000
1,277,764
2,139, 081
•121, 717
$1, 037, 541
99, 688
156, 738
21, 408,730
573,241
2, 200, 402
126, 897
616, 927
77,977
3, 672,778
8, 962
4, 837,160
4, 032, 818
4, 744, 246
1,436,606
10, 594, 430
2, 592j 472
36,122
3, 367,136
2, 369, 672
2, 900, 460
1, 725, 044
920,166
8, 343, 336
265, 883
524, 558
303,112
53, 773
970, 786
5,833
39,199, 858
.• 482,556
6, 323, 980
3,089,744
13,304,890
2, 606, 662
469, 912
1, 598, 206
3, 357, 700
208, 500
' 315,174
2, 823,198
232, 000
1, 223, 296
1,937,748
121, 717
$2, 014, 606
204, 286
444, 340
81, 615, 331
3, 057, 638
76, 880, 012
359,168
1, 953, 604
233, 558
4, 727,147
38,110
27, 552, 742
12, 700, 829
12, 058, 890
4, 461, 820
13, 022,150
4, 798, 539
21, 378.166
29, 095, 465
209, 082, 602
33,645,812
4, 673,169
2, 005, 284
30, 598, 526
497, 536
1, 764, 456
1, 646, 762
•25,882,956
19, 664, 007
196, 744
450, 977, 716
864, 604
37, 313, 723
1,014,577
84, 714, 526
41, 574, 078
623, 962
2, 852, 256
5, 845,150
1,170. 064
8. 323, 537
7, 286, 498
454, 070
3, 995, 672
12, 309, 396
254, 636
$2, 014, 606
204,286
444,340
51, 916, 630
3, 057, 638
5, 582, 216
359,168
800, 220
233,558
4, 285, 042
38,110 ,
27, 046,102
11, 451, 868
11,889,660
4, 461, 820
13,022,150
4, 790, 372
226, 804
7,591,892
9, 657, 368
12, 080, 302
4, 453,150
2, 005, 284
30,598,526
497, 536
1,764,456
1,646,762
496,686
2, 917, 25.8
196,744
141, 288, 966
864, 604
27, 97 6,-270
:989, 348
61,:561, 598
6, 492,148
623,962
2, 852, 256
5, 845,150
1,170, 064
1,570,384
7, 286, 498
454,070
3, 995, 672
12, 309, 396
254, 636
196,178, 376
155, 298, 635
1, 26S, 828, 720
491, 265, 576
77, 977
Total
A v e r a g e t a x a - A v e r a g e deposble capital.
its.
104
REPORT
ON T H E
FINANCES.
ASSESSMENTS ON CAPITAL AND DEPOSITS IN 1 8 7 9 .
STATEMENT of the AMOUNT of TAXES ASSESSED on the CAPITAL and D E P O S I T S of BANKS and BANKEBS held during the twelve months ended May 31, 1879.
Banks and bankers.
Savings-banks.
States and Territories.
Total.
On capital.
Alabama
Arizona
Arkansas
California
._.
Colorado
~.
Connecticut . . . .
Dakota
Delaware
Plorida
Georgia
Idaho
Dlinois
, Indiana
.Iowa...'
Kansas
.Kentucky
.Louisiana
Maine
Maryland
.Massachusetts..
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico —
New Yor]£
North Carolina .
Ohio
Oregon
Pennsylvania...
Phode Island . . .
South Carolina..
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia..
Wisconsin
Wyoming
$5, 212 63
339 67
720 56
121, 217 31
2 943 61
lo! 289 43
434 27
073 10
418 07
860 39
160 83
529 67
8'75 21
267 99
470 52
851 11
711 09
141 29
372 94
483 29
862 87
001 55
147 18
970 89
738 45
085 46
982 44
305 00
982 71
25 00
156, 642 95
2, 218 83
33, 503.92
4, 476 03
70, 697 41
15, 055 02
3, 561 09
7, 562 96
16, 634 05
.1, 153 12
1, 543 43
10, 713 46
'1, 032 50
745 18
810 85
507 92
On deposits.
$9, 111 21
290 00
1, 537 59
225,145 34
7, 209 65
19, 049 84
1,12.9 25
3, 442 97
978 44
17,146 24
196 13
95, 223 31
44, 843 27
43, 791 87
15,104 91
57, 649 20
25, 391 99
567 30
33, 506 22
46,110 94
51,763 54
.17, 257 65
7, 594 78
130, 857 31
1. 322 50
6,166 87
8, 902 60
797 16
14, 475 62
398 41
570, 320 71
3, 896 07
123, 825 77
6,160 14
276, 635 97
17, 213 28
4, 089 56
13, 660 42
24, 923 96
3, 934 49
6, 708 13
31, 565 02
1, 818 29
19, 001 72
40, 691 60
898 14
766, 339 25 2, 038, 305 38
O n capital.
$9, 990 19
O n deposits.
$106, 444 13
29, 565 75
77'73
1, 552 81
327 26
"'75"66
2, 500 00
291 01
596 12
41 31
187 50
30 72
2, 731 82
1,123 09
5, 770 18
1, 039 56
49 62
77 82
26 25
4, 995 58
10, 816 23
82 29
45, 247 38
42 14
181 20
1, 364 88
1, 807 33
16, 614 76
9, 303 00
20 97
6, 457 58
39, 938 08
347 18
610 99
$14, 323 84
629 67
2, 258 15.
462, 796 97
10,153 26
58, 905 02
1, 563 52
6, 593 801, 396 51
. 38, 565 44
356 96
120, 371 25.
67, 314 60
68,176 17
21, 575 43!
114, 500 31
46, 334 90'
3,831 68
57, 731 63
56, 633 79*
66, 863 53
25, 367 74
12, 741 96
173, 828 20
2, 060 95
8, 252 33
10, 885 04
6, 097 74
31, 300 81
423 41
772, 211 04
6,114 90
166?674 83
10, 838 34
355,155 84'
72, 206 38
7, 650 65
21, 223 38
41, 558 01
5, 087 61
8, 598 74
44, 696 80
2, 850 79
25, 746 90
56, 502 45
1,406 06
3, 088, 357 33
COMMISSIONER
OF INTERNAL
105
REVENUE.
ASSESSMENTS ON CAPITAL AND DEPOSITS IN 1 8 8 0 .
STATEMENT of the AMOUNT of TAXES ASSESSED on the CAPITAL and D E POSITS of BANKS and BANKEBS held during the twelvemonths ended May 31, 1880.
Banks and bankers.
Savings-banks.
States and Territories.
Total.
On capital.
Alabama
Arizona
Arkansas
lCalifornia
Colorado
Connecticut
Dakota
,.
Delaware .•
Plorida
1..
Georgia
Idaho
niinois
Indiana
Iowa
Kansas
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...
Phode Island . . .
South Carolina..
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia..
Wisconsin
Wyoming
$5,187 70
498 46
783 69
95, 231 50
2, 866 22
11, 002 01
634 52
3, 084 64
389 85
18, 363 89
44 81
23, 848 80
20,164 09
23, 506 64
7,183 03
52 972 15
12, 754 03
180 61
16, 685 09
13, 848 36
13, 752 30
8, 625 22
4, 600 83
41, 716 68
1, 329 42
2, 622 79
1, 515 55
258 45
4, 828 93
29 16
195, 999 29
2, 412 77
31,482 97
5, 360 12
64, 505 53
13, 033 31
2, 349 56
7,991 03
16, 788 50
1, 042 50
1, 575 87
12, 383 79
1,160 00
6,116 48
9, 688 74
608 60
Total
AVERAGE
On deposits.
759, 008 48
CAPITAL
AND
$10, 073 03
1,021 43
2, 221 70
183, 634 76
15, 288 19
22, 407 45
1, 795 84
3, 957 50
1,167 79
19, 391 87
190 55
135, 151 21
56, 938 58
59, 339 00
22, 309 10
65,110 75
23,888 53.
773 98
37, 556 06
47, 707 21
59, 557 27
22,168 16
10, 026 42
152, 992 63
2, 487 68
8, 822 28
8, 233 81
921 47
13. 978 99
983 72
700, 977 07
4, 323 02
139, 743 92
4, 941 22
304, 682 82
19, 669 81
3,119 81
14, 261 28
29, 225 75
5, 850 32
7, 764 21
35, 896 86
2, 270 35
19, 978 36
61, 546 98
1, 273 18
2, 345, 621 92
DEPOSITS
On capitaL
On deposits.
$11, 812 15^
$75, 948 39
' 5, 503 63
•
43 60
337 00
^, 033 34
79 30
214 59
320 76
109 30
208 33
'i56"59'
'756'66'
10 42
25 00
63
360
403
579
844
97
33
04
40
63
24
59
1, 561 96
607 30
5, 467 76
136 93
88 60
2, 018 92
137 43
5 52
3,125 17
12, 790 93
87 71
535 63
$15, 260 73
1, 519 89
3, 005 39
366, 626 80
18,154 41
38, 913 09
2,430 36
7, 085 74
1, 557 64
39, 789 10
651 66
159, 000 01
77, 423 43
83,169 53
29,492 13
118, 082 90
36, 914 22
1,314 63
54, 795 14
60,135 20
74, 903 81
30, 890 97
14, 627 25
194, 709 31
3, 817 10
13,445 07
9, 749 36
2, 752 30
19, 440 22
1, 012 88
902, 444 12
6, 735 79
171, 501 25
10, 395 46
374, 332 44
45, 494 05
5, 469 37
22, 252 31
46, 014 25
6, 892 82
9, 427 79
50, 548 48
3,430 35
26, 094 84
73,235 72
1, 881 78
3, 232, 821 09
17, 484 73
FOR LAST FOUR FISCAL
YEARS.
STATEMENT of the GBO.SS AMOUNT of AVEBAGE CAPITAL and D E P O S I T S
of SAVINGS-BANKS, BANKS, and BANKEBS, other than NATIONAL BANKS,
for the years ended May 31, 1877, 1878, 1879, and 1880.
*
3877.
Capital of savings-banks
Capital of banks and bankers
Deposits of savings-banks
Deposits of banks and bankers
Total
1878.
3879.
1880.
$4, 965, 500
217, 215, 388
893,112, 567
475, 790, 0.64
$5, 609, 330
206, 897, 732
843, 416, 920
483, 426, 532
$3, 597, 392
193, 781, 219
829, 912,178
407, 661, 079
$4, 004, 821
192,173,555
796, 704, 33S
469,124, 384
1, 591, 083, 519
1, 539, 350,514
1, 434, 951, 868
1, 462, 007, 096
106
REPORT ON T H E
FINANCES.
AVERAGE CAPITAL AND DEPOSITS OF SAVINOS-BANKS AND CAfITAL
OF BANKS INVESTED IN UNITED STATES BONDS FOR LAST FOUR
YEARS.
STATEMENT of AVEBAGE CAPITAL and DEPOSITS of SAVINGS-BANKS, and
the CAPITAL of BANKS and BANKEBS, other than NATIONAL BANKS, invested
in UNITED STATES BONDS, compiled from the returns of said banlcs and bankers for
the years ended May, 1877, 1878, 1879, aiid! 1880.
1877.
.<3apital of savings-banks
.•ii3a,pi.t.al .of banks .and bankers
Total
1878:
1879.
1880.
$362, 095
33, 027, 436
102,.8'59, 674
$601, 872
36,425,306
121, 855, 622
$429, 791
40, 013, 376
154, 847, 346
$507,-87,6
40.371,865
182 580 '893
136, 249, 205
158, 882, 800
195, 290, 513
223,46^,634
ABSTRACT OF SEIZURES.
Seizures Df property for violation of internal-revenue laws during the
#sc^l year ended June 30, 1880, were as follows :
-7^,083 gallons of distiUed spirits, valued at
t^te0,867 pouiids of tobacco, valued at
SP3,544 cigars, valued at
Miscellaneous property, valued at
|68,752 98
42,718 .6j6
9^ 392 46
212,102 .94
Total value of seizui-es
332,967 04
ABSTRACT OF REPORTS OF DISTRICT ATTORNEYS.
The following is an abstract of reports of district attorneys for the
£s.cal year 1880, of internal-reve.uue suits commenced, pehding,:and disposed of:
Suits pending July 1, 1879.
Nunaber of criminal actions
ilSTuinber of civil actions in personam
ISfiiiiiber of actions in rem
-.
„ . . . 8,137
988
• 351
Whole number of suits pending July 1, 1879
9,476
Suits commenced,during fiscal year 1880.
Numb.er of criminal actions . . . - - . . . . . - .
d u m b e r of civil actions in personam
Number of actions in rem
1
5, 02^'
651
170
;
Wbole number commenced
5,848
Suits decided in favor of the United States.
• ' Judgment and costs p a i d :
Number of criminal actions
:
Number of civil actions in personam
Numl)er of actions in rem
Judgment and costs not paid:
Nuuiber of criminal actions
jSTumber of civil actions in personam
Number of actions in rem ..'
711
117
49
—
877
1,517
210
17
1,744
Whole number of suits decided in favor of the United States
2,621
COMMISSIONER OF INTEENAL REVENUE.
107
Suits settled by compromise.
Numberof criminal actions
Number of civil actions in personam
Number of actions in rem
:
280
106
29
.-
Whole number of suits settled by comiDromise
415
Suits decided against the United States.
Number of criminal actions
Number of civil action's in personam
Number of actions in rem
499
39
33
:
Whole number of suits decided against the United States
,
571
^ Suits dismissed.
Number of criminal actions
Number of civil actions in personam
Number of actions in rem
^
1, 512
99
42
J
i
Whole number of suits dismissed
:
1,653
Suits pending July 1, 1880.
Number of criminal actions
Number of civil actions in j^ersonam
Number of actions in rem
„
.6, 393
1,060
296
Whole number of suits pending July 1, 1880
„
7,749
Suits wherein sentence is suspended.
Number of criminal actions
,
2,259
Judgment of forfeiture and no reiurns of sales.
Number of actions in rem
.56
Amount ofjudgments recovered and costs taxed in criminal actions.
Principal
Costs..
'
|255,803 11
123,212^2
Total
379,015 63
Amount of judgments recovered and costs taxed in civil actions in personam.
Principal
Costs
|433,178 59
17,277' 01
Total
450,455^60
Amount of judgments recovered and costs taxed in actions in rem.
Principal
Costs
Total
i
pO, 828 46
8,470 68
29,299 14
108
REPORT 'ON THE FINANCES.
Amount paid to collectors in criminal actions.
Principal
Costs
.-
. Total
$32,465 44
42,428 97
,.
74,894 41
Amount paid to collectors in civil actions in personam.
>
Principal
Costs....:
$109,408 38
9,119 23
Total
118,527 61
Amount paid to collectors in actions in rem.
Principal
Costs :
j
$32,030 20
5,487 92
Tota:i
37,518 12
OFFERS IN COMPROMISE.
The following statement shows the number of offers received and accepted in compromise cases, for the fiscal year ended June 30, 1880,
with amount of tax, assessed penalty, and specific penalty accepted, as
provided under section 3229 Eevised Statutes:
Compromise
offers-^
1 1
oo
<1
Januarv
Pebruary
Marcb
April
May
June
'l879.
..
..
1
, Bi •
o
Months.'
July
-A.ugust
Septeniber
October
Noveinber
Deceinber
1 '
o
h
. . .^ ..
O c^
1
o
a
<
3
o
o
H
1
74
53
65
116
59
84
99
15
$15,198 69
51, 700 99
$50 00
100 00
$2, 355 73
645 00
$17, 604 42
52,445 99
129
51
89
391 72
28, 537 15
670 80
15 00
• 57 50
10 00
5, 329 88
4,107 33
3, 609 17
5,736 60
32, 701 98
4,289 97
91
125
159
94
61
69
85
71
86
93
98
75
4, 922
2, 648
6, 389
3, 456
5, 048
1, 510
57,110
4, 058
17, 792
36,134
29, 396
2, 090
1,050
891
1880.
Total
•-
52, 094
1, 341
11,337
32, 587
24, 310
532
06
51
91
00
99
20
238,703 02
93
68
65
91
37
48
75
75
00
25
50
33
637 08
40, 023 42
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 lieu of fines, forfeitures, and penalties
Total
55
58
90
63
25
40
36;
84
8]'.
88
74
93
259, 303 52
1, 050
891
$218,703 02
637 08
40, 023 42
259,363 52
ASSESSI^IENTS.
The following table shows the assessments made by the Commissioner
of Internal Eevenue during the fiscal years ended June 30, 1879, and
COMMISSIONER' OF INTERNAL
REVENUE.
109
June 30, 1880, respectively, and the increase or decrease on each article
or occupation:
A m o u n t assessed during
fiscal y e a r ended—
P i s c a l y e a r e n d e d J u n e 30,
1880.
A r t i c l e or o c c u p a t i o n .
J u n e 30,1879. J u n e 30,1880, I n c r e a s e o v e r D e c r e a s e from
1879.
1879.
T a x on deficiencies i n p r o d u c t i o n of distiUed
spirits
T a x on e x c e s s of m a t e r i a l s u s e d i n t h e prod u c t i o n of distilled s p i r i t s
T a x on d e p o s i t s a n d c a p i t a l of b ^ k s a n d
bankers
T a x on circnlation of b a n k s a n d o t b e r s
T a x on distilled s p i r i t s f r a u d u l e n t l y r e m o v e d
. or seized
T a x on f e r m e n t e d l i q u o r s r e m o v e d from
brewery unstamped
:
T a x on tobacco, snutf, a n d c i g a r s r e m o v e d
from f a c t o r y u n s t a m p e d
T a x on p r o p r i e t a r y a r t i c l e s r e m o v e d unstamped
Assessed penalties
L e g a c i e s a n d successions
U n a s s e s s e d a n d u n a s s e s s a b l e p e n a l t i e s , int e r e s t , t a x e s jpreviously a b a t e d , c o n s c i e n c e
m o n e y , anctdeficiencie's in b o n d e d a c c o u n t s
w b i c b b a v e b e e n c o l l e c t e d ; i n t e r e s t t a x on
distilled spirits,- also fines, p e n a l t i e s , a n d
forfeitures, a n d costs p a i d t o collectors b y
o r d e r of court, or b y o r d e r of S e c r e t a r y ,
a n d u n a s s e s s a b l e t a x e s r e c o v e r e d ; also
a m o u n t of p e n a l t i e s a n d i n t e r e s t r e c e i v e d
for v a l i d a t i n g u n s t a m p e d
insti-uments
( F o r m 58)
Special t a x e s (licenses)
.•
T a x on i n c o m e a n d d i v i d e n d s
Total
$63, 574 50
$73,158 63
5, 050 27
2, 829 97
3,143; 302 64
9, 242 62
3, 247, 998 90
$2, 220 30
104, 696 26
452, 355 20
461, 597 82
126, 002 14
72, 689 96
53, 312 18
6,144 33
5, 266 58
877 75
61, 917 45
88, 584 85
2, 614 95
102, 285 72
182, 036 71
26, 667 40
1, 085 09
9, 020 58
46, 503 91
1, 529 86
93, 265 14
135, 532 80
403,978 22
97, 068 91
34, 539 54
555, 315 50
59, 776 56
40, 614 60
4, 235, 758 00
4, 814, 394 56
6, 075 06
It will be observed that a decrease has occurred in the assessment of
the following taxes, viz: On excess of materials used in the jiroduction
of distilled spirits; on distilled spirits fraudulently removed; oh fermented liquors removed from the brewery unstamped; on proprietary
articles removed unstamped; on assessed penalties; and on occupations
(special taxes).
This indicates a better observance of the laws on the part of taxpayers,
and a more prompt payment of their taxes.
'
The assessment of taxes on legacies and successions is under a law
long since repealed, and in the nature of things such assessments must
aaturally decrease.
There has been an increase in (1) the assessments on deficiencies in
the production of distiUed spirits; (2) of the tax on tobacco, snuff, and
cigars removed from factories unstamped; (3) on the capital and deposits of banks and bankeis; (4) on the circulating notes of individuals
and corporations; (5) taxes recovered by suit, and (6) on incomes and
dividends.
.
As to the first two classes named the slight increase is not regarded
as significant of increased violations of law, as the assessments are below
the average.
An increase in the third .class is a gratifying evidence of increased
prosperity in the business of the banks and bankers of the country. The increase in the fifth class arises mainly from collections of taxes
on net earnings and gross receipts of railroad-and other State corporations.
no
REPORT ON T H E
FINANCES.
The following statement shows, the amount of assessments in each oif
the several States and Territories of the United States during the fiscai
year ended June 30, 1880:
Aiaba-nia
Arizona
Arkansas
Galifornia
.:
Colorado
Connecticut
Dakota
Delaware
FJorida
Georgia
Idaho
Illinois
:'.
Indiana
toAva
Kansas
Kentucky
Louisiana
Maine
Maryland
lliiassachusetts
Michigan
Minnesota
Mississippi
Missouri....
J
$33,402
2,634
11,146
392,448
25,787
59,620
4,480
9,588
2,863
59,036
524
214,091
114,086
98,346
32,280
290,072
112,912
4,298
99,613
77,710
95,768
35,036
17, 648
211,202
91
96
45
72
56
93
57
61
99
94
06^
02
33
17
53
52
06
45
72
14
77
89
64
91
Montana
Nebraska
Nevada
NewHampshire
New Jersey
New Mexico
NewYork
North Carolina
Ohio
Oregon....!
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Utah
Vermont
Virginia
Washin£,^ton
West Virginia
Wisconsin
Wyoming
Total
$4,129 60
14,832 90
11,485 22
5,81165'
55,709 17
1,211 21
1,132,572 61
46,215 02
224,013 -85
11,091 96
-...-....
890,224 19
47,105 07
11,840 52
-..
48,890 l a
55,534 95
33,078 75
13,149 39
79,233 66
3,'657 0^
32,789 66
84,750 29
2,463 88
.'....
4,814,394 56
TABULAR STATEMENTS.*
I append tabular statements to accompany the bound volume, as follows:
Table A, showing the receipts from each specific source of revenue, a n d t h e amounts .
refunded in each collection district. State, and Territory of the United States, for the
fiscal year ended Juue 30, 1H80.
Table B, showing the number and value of Jnternal-revenue stamps ordered monthly
by the Commissioner and from the ofiice of the Commissioner; the receipts from the
sale ofstamps a n d t h e commissions allowed thereon; also the number and.value of
stamps for special taxes, tobacco, cigars, cigarettes, snuff, distiUed spirits, and fermented liquors, issued monthly to collectors d u r i n g t h e fiscal year endeci June 30,1880.
Table C, showing the percentages of receipts froDi the several general sources of
revenue in each State and Territory of the United Sfcates to the aggregate receipts
from the same sources, by fiscal years, from July 1, 1863, to June 30,1880.
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, 1872, to
J u n e 30, 1880.
Table E, showing the receipts in the United States from each specific source of revenue, by fiscal years, from September. 1, 1862, to Juue 30, 1880.
Table F , showing the ratio of receipts in the United States from specific sources of
revenne to the aggregate receipts from all sources, by fiscal years, from July 1,1863, to^
J u n e 30, 1880.
Table G, showing the returns of distilled spirits, manufactured tobacco, sDuff, cigars,
and cigarettes, under the several'acts of legislation and by fiscal years, from September 1, 1862, to June 30, 1880.
Table H, showing the receipts from special taxes in each collection district, State,
a;nd Territory for the special-tax year ended April 30, 1880.
Table I. Abstract of reports of district attorneys concerning suits and prosecutiongi.
under the internal-revenue laws during the fiscal year ended J u n e 30, 1880.
Table K. Abstract of seiztires oi' property for violation of internal-revenue laws>
diiring th'e fiscal year ended June 30, 1880.
Yery respectfully.
Hon. JoHiSr SnifeRMAN,
Secretary of the Treasury.
GEEiEK B. EAUM,
Commissioner.
* These tabular statements are omitted for want of space, but they are printed in the bound volumes!
of the Commissioner's report.
REPORT OF THE COMPTROLLER OF THE CURRENOY.
Ill
REPORT
OF
THE COMPTROLLER OF THE CURRENCY.
TREASURY DEPARTMENT,
O F F I C E OF THE COMPTROLLER OF THE CURRENCY,
Washington^ November 27, 1880.
I have the honor to submit for the consideration of Congress the
eighteenth annual report of the Comptroller of the Currency, in compliance with section 333 ofthe Eevised. Statutes ofthe United States.
Fifty-seven national banks have been organized since November 1^
1879, with an aggregate authorized capital of $6,374,170, to which
$3,662,200 in circulating notes have been issued.
Three banks, having a total capital of $700,000, have failed, and dividends amountingto sixty-five, eighty, and ninety per cent., respectively,
have been iiaid to the creditors of these banks during the jesn- and since
the date of failure.
Ten banks, with an aggregate capital of $1,070,000 and an aggregate
circulation of $928,800, have voluntarily discontinued business during
the year ; and one bank, which had formerly gone into liquidation, has
been placed in the hands of a receiver for the purpose of enforcing the
individual liability of the shareholders. The total number of national
banks organized from the establishment of the national banking system,
February 25, 1863, to November 1 of the present year, is 2,495. Of
these, 314 have gone into voluntary liquidation by the vote of shareholders owning two-thirds of their respective capitals, and S6 have been
placed in the hands of receivers for the purpose of closing up their affairs.
National banks are located in every State of the Union except Mississippi, and in eveiy Territory except Arizona; and the total number
in operation at the date last named was 2,095, which is the greatest
number of banks that has been in operation at any one time.
The 13 States having the largest capital are Massachusetts, New
York, Pennsylvania, Ohio, Connecticut, Ehode Island, Illinois, Indiana,
Maryland,.New Jersey, Maine, Kentucky, and Michigan, in the order
named. The shares of the national banks which in the year 1876 numbered more than six and a half miUions, and -were held in average
amounts of $2,400, were then distributed among more than 208,000
persons residing in every State and Territory of the Union, in eleven
countries or provinces of this continent and adjacent islands, and in
twent3'-five countries in Europe, Asia, and Africa.*
Included in the aggregate number of national banks organized are
ten national gold banks, three of which, still in operation, are located
in the State of Califoruia, having an aggregate caxiital of two millions
* Interesting information in reference to the distribution of national-ba/uk stock will
be found on pp. 69 and 144 to 148 of Comptroller's Report for 1876.
8 F
114
REPORT ON T H E FINANCES.
of dollars and a total circulation of $840,000^ Four of these banks have
changed into other organizations under the act of February 14, 1880,
which provided for such conversions.
A bill is now pending in Congress providing for the repeal of section
5176 of the Eevised Statutes, which Umited the amount of circulation
to be issued to the. national banks organized subsequently to July 12,
1870, to $500,000, and also authorizing all national banks to issue circulation nor exceeding the amount of their capital, upon the deposit of
the necessary amount of United States bonds. The passage of this act
will entitle all national banks to the same proportion of circulation upon
capital and bonds as is possessed by those organized prior to March 3,
1865, and the passage of this bill is recommended.
The foUowing table exhibits the-resources and liabilities of the national
banks at the close of business on the first day of October, 1880, the returns from New York City, from Boston, Philadelphia, and Baltimore,
from the other reserve cities, and from the remaining banks of the country, being tabulated separately:
PhilaNew York Boston,
delphia, and * Other reCity.
Baltimore. serve cities.
47 hanks.
101 hanlcs.
83 hanlcs.
Country
Aggregate.
1,859 hanks.
2,090 hanks.
RESOURCES.
Loans and discounts
$238, 428, 501 $191, 312,159 $104,026,057 $503, 294, 724 1, 037, 061, 441
Overdrafts :
.•
3, 915, 826.
3, 438, 474
66, 825
95, 770
314, 757
Bonds for circulation
357, 789, 350
21,170, 500
56, 582, 300
25, 550, 300 254, 486, 250
Bonds for deposits ....'
9, 947, 500
14, 827, 000
550, 000
820, 000
3, 509, 500
TJ. S. honds on hand
15, 510, 500
28, 793, 400
2, 630, 250
7, Oil, 450
3, 641, 200
•Other stocks and honds
30, 466, 254- . 48, 863,150
4, 343,177
10, 420, 603
3, 633,116
Due from reserve agents
86,
371,
229
26, 278, 079
134,
562, 779 •
21, 913, 471
Due from other national hanks.
13,145, 804
63,023,797
26, 311, 857
9, 374, 611
14,191, 525
•Due from other hanks and
hankers
15, 881,198^
2, 930, 254
8, 305, 794
1, 634, 443
3,010,707
-Peal estate, furniture, and fixtures
48, 045, 833
6, 989, 071
4, 798, 084 ' 26, 210, 247
10, 048, 431
Ourrent expenses
6, 386,1823, 892, 458
769, 375
679, 264
1, 045, 085
Premiums
2,
030,
350
3, 488, 470
449,
063
258,
294
750, 763
Cbecks and other cash items ..
12, 729, 002
8, 326, 392
1, 075, 684
. 882,536
2,
444,
390
Exchanges for clearing-house..
121,095,250
19,939,202
6,132,142
503,
690
94, .520, 216
Sills of other national banks ..
18, 210, 943
11, 889, 910
2, 577, 436
2, 208, 774
1, 534, 823
Practional currency
367,172
236, 814
52, 974
28, 996
48, 388
Specie
.'
21,192, 818
109, 346, 509
10, 001,177
18, 368, 959
59,
783,
555
Legal tender notes
56,
640, 458
27,
613,
370
6,
937,
458
12,
363,
267
9, 726, 363
U. S.' certificates of deposit
7,655,000
640, 000
2, 050, 000
3, 655, 000
1, 310, 000
Pive -per cent, redemption fund.
11,
334,
907
15,
921, 741
2,
544,
725
1,101,
572
940, 537
Due trom U. S: Treasury
562, 973
1,182,125
99, 021
108, 748
411, 383
Totals.
215, 898, 760 1, 052, 566, 511 2,105, 786, 626
477, 684, 045
359, 637, 310
50, 650, 000
18,185, 383
10, 396, 427
78,.748, 330
20,699,979
4, 960, 959
37, 595, 500
11, 353, 641
4,125, 305
290, 560,155
70, 279, 580
26, 656, 999
457, 553, 983
120, 518, 583
46,139, 690^
18, 594, 918
47, 482
188,702
242, 044, 722
276, 099
50,102, 858
46, 221
1, 272, 861
146, 079, 901
347, 687
22, 270, 608
155, 813
88, 224, 947
1, 955, 554
226, 381, 652
177, 342
1, 835,128
397,188, 067
4, 969,199
317, 350, 036271, 045'
3, 452, 504
873, 537, 637
7, 548, 539=
132,118
105, 933, 844
31, 234, 350
8,284
40, 811, 064
14, 275, 452
502, 957
1, 780, 757
809, 749
27, 933, 758
20, 075, 304
303, 705
1, 094, 876
2, 394, 235
17, 446, 040
10,150, 572
2, 371, 570
2,155, 972
3, 344, 387
192,124, 705
75, 735, 677
. 3,178, 233
5, 031, 605
477, 684, 045
359, 637, 310
LIABILrriES.
Capital stock
Surplus fund
Undivided profits
National-hank notes outstandState-hank notes outstanding.
Dividends unpaid
Individual deposits
JJ. S.. deposits
Deposits of TJ. S. dishursing
oilicers
Due to national hanks
Due to other hanks and hankers
Notes and hiUs re-discounted
Bills- payable
Totals.
215, 898, 760 1, 052, 566, 511 2,105, 786, 626
* The reserve cities, in addition to New York, Boston, Philadelphia, and Baltimore, are Albany
Pittshurgh, Washington, New Orleans, Louisville, Cincinnati, Cleveland, Chicago, Detroit, Milwaukee
Saint Louis, and San Prancisco.
115
COMPTROLLER OF THE CURRENCY.
COMPARATIVE STATEMENTS OF THE NATIONAL BANKS FOR ELEVEN
YEARS.
The following table exhibits the resources and liabilities of the national banks for eleven years, at nearly corresponding dates from 1870
to 1880:
Oct. 8, Oct. 2, Oct. 3, Sept. 12, Oct. 2, Oct. 1, Oct. 2, Oct. 1, Oct. 1, Oct. 2, O c t . l ,
1872.
1874.
1870.
1873.
1879.
1871.
1876.
1875.
1877.
1878.
1880.
1, 615 1,767 1,919
1,976
2,004 2.087 2,089 2,080 2, 053 2,048 2 , 0 9 D '
b a n k s . h a n k s . h a n k s . h a n k s . h a n k s . h a n k s . h a n k s . b a i i k s . b a n k s . ho.nks. b a n k s .
RESOURCES.
MiUions. MiUions. Millions. Millions. Millions. Millions. Millions. Millioois. Millions Millions. Millions..
Loans
B o n d s for circulation
Other U.S. b o n d s . . .
Stocks, honds, & c . . .
D u e from h a n k s
Beal estate
Specie
Legal-tendernotes..
Nat'l bank notes
C. H . e x c h a n g e s
U . S. cert, of d e p o s i t .
DuefromjU.S. Treas
Other resources
Totals
715. 9
340.9
37.7
23.6
109.4
27.5
18.5
79.3
12.5
79.1
831.6
364.5
45.8
24.5
143.2
30.1
13.2
107.0
14.3
115.2
877.2
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
16.1
100.3
20.6
66.3
41.2
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
931.3 891.9
337.2 • 336.8
47.8
45.0
34.4
34.5
146.9 129.9
43.1
45.2
21.4
22.7
84.2
66.9
15.9
15.6
74.5
100.0
29.2 . 33.4
16:7
16.0
19.1
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 1, 041. d'
357.3 357.8
43.6
71.2
48. 939.7
167.3 213.5
47.8
48.0
42.2 109.3
69.2
56.6
16.7
18.2
113: 0 121.1
26.8
7 7
17.0
17.1
22.1
23.0
1, 510. 7 1, 730. 6 1, 755. 8 1, 830. 6 1, 877. 2 1, 882. 2 1, 827. 2 1, 741.1 1, 767. 3 1, 868. 8 2,105. 8
LIAJJILITIES,
Capital stock
S u r p l u s fund
U n d i v i d e d profita . .
CirculationDue to depositors...
D u e to h a n k s
O t h e r liahilities
Totals
430.4
94:1
38.6
293.9
515.2
130.1
8.4
458. 3
101.1
42.0
317.4
631.4
171.9
8.5
479.6
110.3
46.6
335.1
628.9
143.8
11.5
491.0
120.3
54.5
340.3
640.0
173.0
11.5
493.8
129.0
51.5
334. 2
683.8
175.8
9.1
504.8
134:4
53.0
319.1
679.4
179.7
11.8
499.8
132. 2
46.4
292.2
666.2
179.8
10.6
479.5
122. 8
44.5
291.9
630. 4
161.6
10.4
466.2
116.9
44.9
301.9
668.4
165.1
7.9
454.1 .
114.8
41.3 .
313.8
736. &'
201: 2
6.^
457.6
120.5
. 46.1
317.3
887.9
267.9
8.5
1, 510. 7 1, 730. 6 1, 755. 8 1, 830. 6 1, 877. 2 1, 882. 2 1, 827. 2 1, 741.1 1, 767. 3 1, 868. 8 2, i05. 8
THE BANKS SINCE RESUMPTION.
The movement of the currency and the operations of the banks have
never been more interesting than during the ihbhths which have intervened since the resumption of specie payments. To most of the political economists of this and other countries the resumption of com payments by the United States'at the time fixed by law, and its succeBsful
maintenance, were deemed almost impossible. No country had ever
before successfully maiiitained payments in coin with so large a vbitimie
of currency outstanding, or with an amount of currency greatly in excess"
of its coin. Even those who were known to be earnestly in favor of
resumj)ti6ii, both in and out of Congress, doubted the ability of the goverhment and of the banks to commence and continue coin payments without a preparatory reduction of the amount of notes in circulation. They
said, truthfully, that no nation maintains at par a convertible paper'currency which has not in its banks or among its people an equal aniount
of coin, and that, if successful, the United States would be an exception,
and the only exception in this respect, among commercial nations. But
the resumption act giving authority for the purchase of coin in the
markets of the world with United States four, four and one-half, or five
per cent, bonds made resumption certain, if the bonds for a sufficient
amount could be readily marketed at not less than par, as authorized
by law. Purchasers for the bonds were promptly found, and resumption
came so easily that many persons now believe it could have beeh as well
116
REPORT ON THE FINANCES.
accomplished one year earlier, if Congress had fixed upon January 1,^
1878, instead of apon the following New Year's day.
Since the date of resumption the country has been month by month
growingricher in coin, not by the sales of bonds, which have been rapidly
increasing in value, but by the production of the mines and the influx
of specie in return payment for the excess of exports of our abundant
products over our imports. The whole country has become so habituated to the use of paper money that the difiiculty has been—not to provide means for its payment, for scarcely a dollar has been demanded—
but to supply the people with Treasury and national-bank notes, which
have been almost universally preferred.
For many years past, large amounts of currency have been annuaUy
drawn from the banks of the city of New York by the banks in the
interior, for the purchase and shipment of grain and other products.
The ba»nks in the West and South supply the grain-buyers with money,
who pay it to the farmers, and by them it is disbursed to the country
merchants. It then goes to the wholesale merchants in the larger cities
of the interior, by whom it is deposited in the banks and returned again
to the money centers in the Eastern States. Thus the money which was
paid out in the fall returns again to the city of New York long before
midwinter, whereby much of the currency of the country, instead of
continuing to circulate, accumulates in the New York banks both before
and after the time for the large movements of produce.
This ebb and flow of the currency continued yearly up to the time of
the great harvest of 1879. The drain of coin and currency from the
large cities, amounting to more than 100 million doUars during the fall
of that year, made currency scarce in New York notwithstanding the
unprecedented influx of gold from, abroad. The usual return of the currency in the winter was expected, but did not occur.
The ex]ierience of 1879 was considered exceptional, but another year
has nearly passed and the experience ofthe former year has been, to acou'
siderable extent, repeated. A large portion of the avails of produce
has been retained, either for the liquidation of debts, for employment in
trade and commerce at home, or in the many new and extensive enterprises for which the West is distinguished, where there would aj>pear to
be no limit for the safe ahd profitable employment of capital. The coin
in the banks has increased from 41 millions on January 1, 1879, to 109
miUions on October 1, 1880. The Treasury holds its immense hoard of
gold, not surpassed in amount by any other depository in the world.
The merchant, the manufacturer, and the farmer are alike prosperous ;
the people have paid their debts to an unprecedented degree, and hold
their earnings in the paper currency of the government and of the
banks in larger amounts than have hitherto been known. The receipts
of the government have been so large that, after refunding many millions of 5 and 6 per cent, bonds into 4 per cents., it has still been able
during the year to purchase in the market at a premium more than 100
millions of its bonds for cancellation. The deposits of the banks have
everywhere increased, and money has been abundant wherever business
or investment has invited capital, and there has probably never been a
period when it has generally commanded so low a rate of interest as during the last two years.
The rate at the Bank of England and the Bank of France has, for a
considerable portion of this period been 2J per cent. The English consols have for the first time in twenty-seven years advanced to par, while
the rate for call loans in London has at times been at what may be termed
the infinitesimal rate of from one-half to seven-eighths of one per cent.
COMPTROLLER OF THE CURRENCY.
117
per annum. Low rates have also prevailed in this country. In New
York for some months past money at call, upon the best collaterals,
could be obtained at from 2 to 3 per cent. The average rate upon firstclass commercial paper during the fiscal year of 1879 was 4.4 per cent.,
while the average rate during the succeeding fiscal year has been 5.3
per cent., owing not to natural bat to artificial causes. The rate, however, for first-class mercantile paper in the past four months has been
from 4 to 4^ per cent. Low rates have prevailed, not only in New York
City, where money is not unfrequently borrowed uiion good collaterals
for speculativie purposes, but also throughout the country, including
maiij'' places where money has heretofore been loaned, if at all, at usurious rates. The rates during the past year on large transactions in firstclass commercial paper have been: In Philadelphia 3 to 5 per cent.;
Boston and Baltimore, average 5; Washington, 7; Chicago, 4 to 7:
Saint Louis, 5 to 7; Milwaukee,^ 6 to 8; Cincinnati, 6 to 7; Cleveland, 6
to 8; Saint Paul, 8 to 10; Omaha, 10; Denver, 10 to 15; San Francisco, 8; California (country), 9 to 12; Louisville, 6 to 7; Eichmond, 7;
Charleston, 7 to 8 ; Savannah, .8; Selma, average 9; Atlanta, 10; New
Orleans, 4 to 6. Eates at nearly every point are less than for previous
years.
The borrowing power of the government for a considerable portion of
the year has been at 3^ per cent., and that of many of the leading States
and cities 4 per cent. The legal rate in the State of New York has been
reduced from 7 to 6 per cent. There has also been a large reduction in
rates at remote points, which, until recently, have been considered upon
the frontier. Many seven per cent, railroad bonds were until recently
placed with difficulty, even at a discount; now six per cent, bonds, upon
lines at more remote points, are, in many instances, sold at par. In portions of the country the rates for loans upon real estate are higher than
for business paper. In some of the Southern States it is difficult to loan
money upon real estate, on account of the legal obstacles in the way of
collecting it. The highest prevailing rates are found in the country districts of the South, but it is now believed they will be gradually reduced,
both by the increasing value of its productions and by the introduction
of foreign capital to be employed in manufactures, which have already
been introduced with great success. In large districts of the West,
where formerly money could not be readily obtained upon real estate,
the number of borrowers is much less, and the demand by no means
equal to the supply of funds seeking investment in that class of securities. Such loans are now regarded not only as desirable investments, so
far as se<6urity is concerned, but are made at a much less rate of interest
than formerly. The rates in New York are subject to frequent changes,
not only on account of the importation of coin, the drain in payment for
produce from the interior, and the purchase of bonds by the govern
ment, but by the influx of foreign capital seeking employment in consequence of the prevailing depression in business elsewhere. If the rates
are favorable, large amounts of money are placed by cable by residents
in foreign countries, and by telegraph between remote points in our own
countiy, with as much certainty and safety as by the use of bills of exchange or by the movement of coin itself So reliable has this means of
transfer become that not only are payments thus made at home and abroad,
but large sales of breadstuffe and other iiroducts are accomplished by
parties in the interior cities without the intervention of agents at the
sea-ports, thus shortening the time of bills drawn. upon shipments of
products.
118
REPORT ON THE FINANCSJS.
Many men who were formerly borrowers have become lenders; and
numerous lenders now seek investment in government bonds and other
securities which yield much less than the legal rate of interest.
The abundance of money and the low rates of interest have made it
difficult for capitalists to fiud satisfactory investments and have led the
Comptroller to examine the statements of the banks for a series of years
in order to compare their ratios of loans to their means, and to ascertain
if, duringthe past two years, they have found use for their increased deposits.
In order to show this, the following table is given, which exhibits
concisely the ratios of the loans of the banks to their capital, surplus,
and net deposits, and the ratios of specie and legal-tender notes to net
deposits, in New York and in the group of other principal cities separately, at corresponding dates from 1870 to 1880, inclusive:
N E W YOEK CITY.
Dates.
O c t o h e r 8, 1870
O c t o h e r 2, 187.1
O c t o b e r s , 1872
S e p t e m . 12, 1873
O c t o h e r 2, 1874
O c t o b e r l , 1875
O c t o b e r 2, 1876
O c t o b e r 1. 1877
O c t o h e r 1, 1878
O c t o h e r 2, 1879
O c t o b e r 1, 1880
N o . of
hanks.
54
54
50
48
48
48
47
47
47
47
47
R a t i o s of—
Legal-tend
e
r
n
o
t
e
s
Net de- Specie.
Loans to
and
Cash to
posits.
TJ. S. cer- capital,
net
tificates. s u r p l u s ,
anct n e t d e p o s i t s .
deposits.
1
Loans. Capital.
.Surplus.
MillionB. Millions.
Millions.
Millions.
Millions.
73.4
73.2
71.3
70.2
68.5
68.5
66.4
57.4
53.8
50.7
50.7
18.8
19.5
20.9
21.9
22.7
22.5
18.9
16.6
15.9
16.0
18.2
159. 8
191. 3
158.0
172. 7
204. 6
202.3
197.9
174.9
189. 8
210. 2
268.1
9.1
8.7
6.4
14.6
14.4
5.0
14.6
12.9
13.3
19.4
59.8
168.1
198.9
183. 4
199.3
202. 2
202. 4
184. 3
169. 3
169.7
396.0
238.5
Millions.
45.8
50.4
39.0
32.3
52.4
54.5
45.3
34.3
36.5
32.6
11.0
P e r cont.
.
66.7
70.0
73.3
75.3
68.4
69.0
65.1
68.0
65.4
70.8
70.8
P e r cent.
34.4
30.9
28.: 7
27.2
32. a
29.4
30. a
27.0
26.-2
24.7
26.4
1
O T H E P P E S E R V E CITIES.
October 8, 1870 ,
Octoher 2, 1871 .
October 3, 1872 .
Septem. 12, 1873
Octoher 2, 1874 .
October 1, 1875 .
Octoher 2, 1876 .
Octoher 1, 1877 .
Octoher 1, 1878 .
October 2, 1879 .
Octoher 1, 1880 .
159
174
180
181
182
188
189
188
184
181
184
MiUions.
Millions.
Millions.
Millions.
Millions.
194.1
230.7
242.0
263.1
272.5
279.3
264.7
2.54. 3
231. 2
244.4
295.8
112. 0
119. 9
124.9
127.2
127.1
128.8
127.9
123.7
119.2
115.4
116.3
26.5
28.3
29.8
32.5
35.2
37.0
37.4
33.1
30.8
30.3
32.0
Ul. 5
187.5
179.6
197.6
219.9
222.9
216.3
203.4
199.2
228.2
288.8
3.0
L5
1.9
3.2
4.4
1.5
4.0
5.6
9.4
11.3
28.3
Millions.
38.5
42.5
36.7.
36.3
36.7
37.1
37.1
, 34.4
29.5
33.0
25.0
P e r cent.
67.9
68.7
72.4
73.6
7L3
71.9
69.4
70.6
66.2
65.4
67.7
Per cent.
28.1
23.5
2L5
20.0
18.7
17.3
19.0
19.7
19.5
19.4
18.5
If the ratios of the loans of the banks in New York City to their capital,
surplus, and net deposits be examined, it will be found that in October
of 1879 and 1880 they were 70.8 per cent., in 1878 but 65.4 per cent., in
1877 but 68 per cent., and in 1876 65.1 per cent.; and that the loans are
now proportionately higher than at any time since 1873. The ineans of
the banks in Boston and the other reserve cities were more fully employed in October than they were at the corresponding dates for the
two previous years, though the business of the banks was not as much
extended as it was during the four years following the crisis of 1873.
I t will surprise those whose attention has not heretofore been called
to the subject to find how closely the means of the banks in the commercial cities havebeen employed during the last eleven years, notwithstanding the variations in rates of interest, and iiarticularly during the
last two years, when money has been so abundant and the deposits have
119
COMPTROLLER OF THE CURRENCY.
so rapidly increased. I t will be seen that prior to 1876, with the exception of a single year, the loans in New York exceeded the net deposits,
while since that time, though there has been considerable^variation, the
net deposits have been somewhat in excess of the loans at tfie dates given.
In the other- principal cities, which continually keep large amounts of
money in New York subject to demand, and thus diminish their own net
deposits as given in the above table, the loans have always largely exceeded their deposits. The same remark is more emphatically true of
the banks in the country districts which have in New York, as well as
in other cities, large amounts of money on deposit subject to call. The
capital of this class of banks is also much larger as compared with their
deposits than is that of the banks in the large cities, and their loans
therefore relatively greater.
The ratio of the loans of this grouii of banks to their capital, surplus,
and net deposits will be seen in the statement below, which also includes a table showing the loans, capital, surplus deposits and cash
reserves of all the national banks of the United States:
STATES AND T E P P I T O P I E S .
P a t i o s of—
Dates.
N o . of
hanks.
Loans. Capital.
Millions.
O c t o h e r 8, 1870
O c t o b e r 2, 1871
O c t o b e r 3, 1872
S e p t e m . 12, 1873
O c t o h e r 2, 1874
O c t o b e r l , 1875
O c t o b e r 2, 1876
O c t o h e r 1, 1877
O c t o h e r 1, 1878
October 2, 1879
O c t o h e r 1, 1880
1,402
1,539
1,689
1,747
1,774
1,851
1,853
1,845
1,822
1,820
1,859
353.7
402.0
451.8
481.8
479.7
503.0
482. 3
468. 3 .
433.1
438.1
506.7
Surplus.
Legal-tender notes'
N e t de- Specie.
and
posits.
TJ. S. certifi.cates.
Millions.
Millions.
Millions.
mllions.
245.0
265.1
283.4
293.7
298.2
307. 5
305.5
298.4
293.1
288.0
290.6
48.8
53.3
59.6
65.9
7L1
74.9
75.9
73.1
70.2
68.5
70.3
216.2
257.8
282.1
303.1
292.8
306.7
29L5
280.4
288.3
329.3
410.3
2.4
1.8
1.9
2.1
2.4
1.6
2.8
.4.2
8.0
11.5
21.2.
MUlions.
38.4
4L6
43.3
44.5
33.7
33.7
31.0
31,6
31.1
30.4
28.3
Loans to
capitol,
surplus,
and n e t
deposits.
Cash to
net
deposits.
Per cent.
P e r cent.
69.4
69.8
72.3
72.7
72.5.
73.0
7L7
70.9
66.5
63.9
• 65.7
18.9
16.8
16.0
15.4
12.3
n.5
n.6
12.4
13.8
12.7
12.1
U N I T E D STATES.
Octoher
Octoher
Octoher
Septem.
Octoher
Octoher
October
Octoher
Octoher
October
Octoher
8, 1870 .
2, 1871 .
3, 1872 .
12, 1873
2, 1874 .
1, 1875 .
2, 1876 .
1, 1877 .
1, 1878 .
2, 1879 .
1, 1880 .
Millions.
Millions.
Millions.
Millions.
Millions.
1,615
115.9
1,767
831. 6
877.2
1,919
944.2
1,976
2,004
954.4
• 2, 087 984.7
2,089
931.3
2,080
891. 9
834.0
2,053
878.5
2, 048
2,090 1, 041. 0
430. 4
458. 2
479.6
49 . 1
493.8
504.8'
499.8
479.5
466.1
4.54.1
4 57.6
94.1
101.1
110.3
120.3
129.0
134.4
132.2
122.8
116. 9
114. 8
120.5
523. 5
636.6
619.8
673.4
717.3
73:.. 9
. 705. 7
667.7
677. 3
767.7
967. 2
14. 5
12.0
10.2
19.9
2L2
8.1
2L4
22.7
30.7
42.2
109.3
Millions.
122.7
134.5
119.0
113.1
122.8
125.3
113.4
100. 3
97.1
96.0
64.3
P e r cent.
65.5
69.5
72.5
73.5
7L 2
7:.. 8
69.6
70.2
6i).2 '
65. 7
69.3
P e r cent.
26.2
23.0
20.8
19.8
20.0
18.2
19.1
18.4
18.9
18.0
17.9
The ratios of the loans of the banks in the country districts were, on
October 1, last, 7.3 per cent, less than atthe corresponding dates in 1875,
and 5.2 per cent, less tha.n in 1877. The opportunities for using money in
this group of banks are not in proportion to the increase of deposits, and
then* balances in other banks have by no means diminished.
I t will be seen that the loans of the banks now exceed 1,041 miUions, which is 207 millions more than a t t h e corresponding date in 1878,
while the capital and surplus at the previous date was 5 millions in excess of the present aoiount. The net deposits in the same period increased nearly 290 millions, and the total individual and bank deposits,
120
REPORT ON THE FlINANCES.
not deducting the amount due from banks and the clearing-house exchanges, more than 322 millions, amounting to the large and unprecedented sum of 1,155 millions, as may be seen from a previous table.
The following table gives a classification of the loans of the banks in
the city of New York, in Boston, Philadelphia, and Baltimore, and in
the other reserve cities, for the last two years, at the dates of their reports in the month of October:
1879.
New York
City.
Classification.
47 h a n k s .
O n U . S. h o n d s on d e m a n d
O n o t h e r s t o c k s , h o n d s , &c..
O n single-name p a p e r w i t h o u t
other security
A l l o t h e r loans
^
Totals
Boston, P h i l a O t h e r redelphia, a n d
s e r v e cities.
Baltimore.
99 b a n k s .
82 h a n k s .
Country
banks.
Aggregate.
1,820 h a n k s .
2,048 h a n k s .
' $8, 286, 525
$2, 017, 226
$4, 360, 523
$14, 664, 274
78, 062, 085
22, 605, 795
11, 445, 079
112,112, 959
IS 13fi PII
22,491 926
87,011,366 1 118,267,128
7,150, 239
65, 023, 494
$435,154, 810
42, 779, 076
705, 456, 798
87, 979, 335
435,154, 810
, 875,013,107
195, 851, 902
156, 027, 060
1880.
47 b a n k s .
On U . S. h o n d s on d e m a n d
On o t h e r s t o c k s , honds, &c.,
on d e m a n d
On single-name p a p e r w i t h o u t
other security
All other loans
Totals
101 h a n k s .
83 h a n k s .
1,859 h a n k s .
2,090 b a n k s .
$3, 915, 077
$525, 445
$1, 378,168
$5, 818, 690
92, 630, 982
30, 838, 692
16, 558, 260
140, 027, 934
27, 755,1.52
22, 542, 776
114,127, 290 . .137,405,246
10, 402, 295
75, 687, 334
$503, 294, 724
60, 700, 223
830,. 514, 594
191, 312,159
104, 026, 057
503, 294, 724
1, 037, 061, 441
238,428,501
In this table will be seen—what would be expected from a large increase in the clearing-house exchanges, which are 38 millions more
than in 1878, and larger than at any time since 1873—a large increase
in loans upon stocks and bonds payable on demand. Much of this increase is due to operations at the stock board, which are always most
buoyant in prosperous times; but a considerable portion maybe due to
loans made to banks and bankers in the interior upon collateral security,
at rates so low as to leave room for jirofit in reloaning to their own
dealers.
The amount invested by the banks in United States and other stocks
and bonds is more than 92 millions of dollars, as may be seen in a previous table, which fact is evidence either of a difficulty in obtaining
satisfactory loans or of a preference fbr such temporary investraents.
When the rates of interest are low there is danger that bank managers, in their desire to use their available means, may be induced to loan
upon securities which are not of the best character, and thus in the end
diminish rather than increase their earnings. The loans were at the
highest point in the year 1875, and the tAvo pre^dous years, and the national banks were then enthusiastic over the high rates of interest,
their large deposits, and their large earnings and dividends; but the
delusion has been dispelled by the enormous losses which they have
been obliged to charge off during the past five years, reaching the extra
121
COMPTROLLER OF THE CURRENCY.
ordinary sum of 100 millions, which were largely the result of overtrading during the period when gold coin was a commodity, and the legal
standard a iiromise to pay, unfulfilled and fluctuating in value for seventeen years. The great losses experienced during these years, which
will not soon be forgotten, enforce the principle that no legitimate business is safe which is conducted upon a varying standard of value; and
the crisis of 1873 will always be remembered as a striking example of the
evil results arising from business conducted during '•' good times "upon
a fictitious basis.
The amount of legal cash reserve required of the banks, in New York
City is 25 per cent, of their deposits, of the banks in the other reserve
cities one-half of this ratio, and of the banks in the country districts six
per cent, of their deposits. The amount requu-ed has in the aggregate
always been held, except in a single instance in the city of New York,
during the last ten years (without including the redemption fund in the
Treasury), by the three difi'erent groups of national banks; but the
aggregate amount in the city of New York has been at times very close,
and particularly during the last three years, and some banks have frequently, if not habitually, expanded their loans beyond reasonable limits, relying upon imports of gold or purchases of bonds by the Treasury
to replenish their deficient reserves.
The banks in the interior, if we consider their large deposits elsewhere,
are as a rule found to be much stronger in available means than the
banks in New York City; Avhile the reverse of this should always be true
when such large balances, amounting to more than 100 millions of the
funds of other banks, are constantlj^ on deposit in the latter city subject
to demand.
The imports of gold in excess of exports, from the date of resumption
to November 1, 1880, have been $119,384,795,* and the estimated gold
production of the mines is $67,449,929; in all, $186,834,724. During
this period the gold in the Treasury has increased $20,976,007, and in
the banks $73,976,149, and the remainder, $91,882,568, has been dispersed throughout the country or used in the arts.
The amount of currency and coin in the country is known to be much
greater than at any former time, and its distribution, together with its
partial disappearance from the money-centers, has been an interesting
subject for discussion.
Tables are herewith given showing the amount of coin and currency
in the country on January 1 and November 1, 1879, and on November 1
of the present year; the amounts of silver and gold coin, which include
the bullion in the Treasury, being the estimates of the birector of the
Mint:
J a n u a r y 1, 1879.
Legal-tender notes
National-bank notes
G o l d coin
S i l v e r coin
...
Total
N o v e m b e r 1,1879.
$346, 681, 016
323, 791, 674
278,310,126
106, 573, 803
$34.6, 681, 016
337,181, 418
355, 681, 532
126, 009, 537
1, 055, 356, 619
1,165, 553, 503
N o v e m h e r 1,1880.
$346,
343,
454,
158,
681, 016
834,107
012, 030
271, 327
1, 302, 798, 480
The amount of Treasury notes, has remained the same since Januaiy
1, 1879, as provided by law. There was an increase of bank notes for
the first ten inonths of 1879 of $13,389,744, and for the present year of
* Not inchiding imports ontside of New York City in October of tMs year.
1-22
REPORT ON THE FINANCES.
$6,652,689. The total.net increase of national-bank notes issued sinc^
resumption is $20,042,433, and the total increase of gold $175,701,90'
and of silver $51,697,524. The statement below gives the amount o;
.currency and coin in the Treasury at the same dates as in the previoui
tables, and the amount in the national banks^ on the dates of thei
returns nearest thereto—namely, January 1 and October 2, 1879, anc
October 1, 1880, respectively. The amount given for the State banki
and trust companies and the savings banks is at the nearest compara
tive dates of their official reports. The banks in the State.of CaUfornii
report their coin and currency in the aggregate, and in this table th<
coin is estimated to be three-fourths of the total amount and the cur
rency one-fourth.
N o v e m h e r 1, N o v e m h e r 1,
1879.
1880.
JTanuary 1,
1879:
Q-old—In t h e T r e a s u r y l e s s certificates
I n National banks
I n State banks
T o t a l gold
Silver—In
In
In
In
t h e T r e a s u i y , s t a n d a r d s i l v e r dollars
t h e T r e a s u r y , bullion
t h e T r e a s u i ' y fractional coin
N a t i o n a l h a n k s , i n c l u d i n g certificates .
$112, 703, 342
35, 039, 201
10, 937, 812
$156, 907, 986
37,187. 238
12,171, 292
$133, 679, 34
102, 851, 03
17,102,13
158, 680, 355
206, 266, 516
253, 632, 51
17, 249, 740
9,121, 417
6, 048,194
6, 460, 557
32,115, 073
3, 824, 931
17,854,3274,986,492
47,156, 58:
6,185, OOl
24,635,56
6, 495,47'
58, 780, 823
84, 472, 62i
•
38, 879, 908
T o t a l silver
Currencv—In
TTI
In
In
the Treasury
National bauks
State banks
savings hanks
77,
126,
25,
14,
615,
491,
944,
513,
655
720
485
779
41,
118,
25,
15,
906,
546,
555,
880,
376
369
280
921
26,
86,
25
17,
846, 82i
439, 921
828,79'
072, 681
Total currency
244, 565, 639
201, 888, 946
156,188, 22i
Grrand t o t a l s
442,125, 902
466, 936, 285.
494, 293, 36:
The silver certificates, of which $1,165,120 was held by the nationa"
banks and the remaining $18,615,121 was in circulation on Novembei
1, 1880, are not included in the above exhibit.
If from the amount of coin and currency in the country, as given in
the first table, the amount in the Treasury and the banks be deducted,
the remainder will give the amount of each kind then in the hands oi
the people outside of these depositories, as follows :
Gold
Silver
C urrency
Totals
.
. . .
...
....
J a n u a r y 1,
1879.
N o v e m b e r 1, N o v e m h e r 1,
1879.
1880.
$119, 629, 771
67, 693, 895
425, 907, 051
$149, 415, 016
67, 228, 714
481, 973, 488
$200, 379, 51<
73, 798, 70]
534, 326, 89{
613, 230, 717
698, 617, 218
808, 505,11{
The gold in the Treasury has increased $20,976,007, and in the banks
$73,976,149, releasing $50,768,829 of paper currency in the Treasury and
$37,608,585 in the banks. The increase of gold outside of the Treasury
and the banks is 80.7 millions and of paper currency 108.4 millions.
The amountof standard dollars coined is $72,847,750, of which $47,156,588
are in the Treasury and $25,691,162 in circulation. The remainder oi
COMPTROLLER OF THE CURRENCY.
123
the silver, $85,423,577, is subsidiary and trade dollars, and bullion, of
which $30,820,561 is in the Treasury and $54,603,016, is in use in place
of the previous fractional pajier currency which, on March 23, 1874,
was at its highest point, and amounted to $49,566,760. The additional
amount of gold coin, of sUver dollars, and paper currency outside of the
Treasury and the banks is thus estimated to be $195,274,401, which
amount has been dispersed among the people since the date of resumption.
The average prices aud value of manufactured goods, of breadstuffs,
of provisions, and of other products have largely increased. The laborer
hasbeen steadily employed at remunerative wages. The frontier has
rapidly receded. All classes of people have been liquidating their
debts, and much greater amounts of money have been held in the tills
of country traders and at home for ready use. The hoarding of a small
amount by each of fifty millions of iieople, or by ten millions of families,
is of itself sufficient to account for the disappearance from the usual
places of deposit of a large portion of the addition, to the circulating medium since the date of resumption.
The most gratifying exhibit in the above stateinent is the fact that
the national banks are now doing business upon a specie basis and
with a true standard. For the ten years preceding the resumption of
specie payments the average ainount of coin held by the banks was
but $26,303,309, and aU but $8,540,252 of this amount was held
by the banks in the city of New York. The amount of coin held
has, of course, at tiines largely exceeded this average, as on January
20, 1877, when it was more than 49 miUions. But this amount was
soon reduced, and in the following Ajiril it had fallen to 27 millions,
the previous increase having been due chiefiy, not to deposits of dealers
or payments on loans, but to disbursements of interest by the government. At other times the banks have held much less than the average amount stated. For instance, on October 1, 1875, they held but
$8,050,329, of which the banks in the city of New York held but $4,955,,624, and on May 1 of the same year they held but $10,620,361, ot
which the banks in the city of New York held $6,683,325. This was
at the time when both the paper issues of the government and the circulation of the banks were at their highest amounts, the former being
428 millions and the latter 354 millions, in all, 782 milUons, whUe the
proportion of coin to their circulation then held by the banks was only
about three per cent.
One year ago i t w a s urgently recommended 'Hhat all the national
banks should take advantage of the present influx of gold to accumulate in their vaults an amount equal to the total cash reserve required
by law," and the hope was then expressed ^'that the reports of another
year might show them to be possessed of at least 100 millions in gold
coin." On June 14 of the present year the banks reported 99 millions of
specie, and on October 1 more than 109 millions of coin (including
nearly six and one-half of silver), which more than equals one-third of the
totai circulation ofthe banks in operation. The amount of gold coin now
held is but 18 millions less than the whole cash reserve required, and
would undoubtedly have been still greater except for the high rates
charged for the transportation of gold coin, which are greatly disproportioned to the cost of moving paper currency and which, it is to be
hoped, will, by some means,.be largely reduced.
Much newspaper criticism has appeared in the mea,n time, complaining
of the comiiaratively small amount of legal-tender silver dollars held by
the banks, and some of the banks have themselves encouraged this
124
REPORT ON THE FINANCES.
criticism. The arguments used in favor of the accumulation of silver
under existing laws are unsound in principle and against all experience.
No one prefers to x>nt away for future use a product which wiU spoil by
lapse of time, or which will deteriorate in value. The banks, if weU
managed, will transact business upon the same general principles as
those on which an individual of superior judgment would conduct his
own affairs, holding in reserve that coin which is known to be- of uniform
value everywhere in preference to that which, by the operation of the
laws of trade or business, will be likely to become of less value. The
law compels the citizen and the corporation to receive all legal-tender
money in payment of debts; but it does not, and ought not to, require
any one to receive on deposit that which AviU not as readily be received
in turn by the depositor.
The Bank of France on January 1, 1877, as will be seen in a subsequent table, held 306 million dollars of gold and 127 millions of silver, or seventy-one per cent, of gold and twenty-nine per cent, of silver.
On November 4,1880, it held $113,855,000 of gold and $365,929,000 of silver, or twenty-four per cent, of the fbrmer and seventy-six per cent, of
the latter, having lost in the interval 192 milUons of gold and gained
239 millions of silver, thus very nearly reversing the percentage of
each ; and it is said that about 70 millions of this amount is distributed
among the 90 branches of the Bank, and adds but little to the strength
of the reserve of the parent bank.* Since September 23 last, while its
circulation was 475 million dollars, and its deposits 115 millions, it has
lost $31,300,000 of gold. ''During a part of this time it has endeavored
to check the demand for export by various expedients, without raising
the rate of discount. G-old was offered by the Bank in pieces of ten
francs, in coins not of full weight, and other restrictive measures were
adopted. Grradually the inutility of these expedients became obvious.
The drain of gold still continued. The Bank then proceeded to employ
the only efficacious method of protecting the reserve, and raised the rate
of discount. At the same time it removed all restrictions on the issue
of coin. This also had a good effect. * * * Confidence in fact was
restored by following the ordinary rules of business, and the first of
the§e rules is, that the price of an article should follow its demand."t
France is fast traveling the road open for all nations who'try to maintain a double standard where the intrinsic value of gold and silver coin
is widely at variance. Sooner or later the time will come when the
creditors of the Bank will prefer iia^^ment in the dearer metal, and the
refusal to pay the kind of coin asked for by the creditor who has the
option will bring down the cheaper coin to its value in the markets of
the world. Then the Bank must replenish its store by selling its bonds
under disadvantageous circumstances or remain permanent^ upon the
silver basis.
The United States is at the present time in a similar situation to the
Bank of France, except that its liabilities are less and its store of gold
somewhat greater. On September 30,1877, the Treasury held 107 millions ($107,039,529) of gold and nearly seven and one-half millions of silver ($7,425,454), or ninety-three and one-half per cent, of the former and
six and one half per cent, of the latter. On November 1,1880, it held in
aU 141 miUions of gold ($141,133,849), including $7,454,500 held for
the redemption of certificates outstanding, and 77 millions of silver
($77,977,149), or sixty-four per cent, of gold and thirty-six per c'ent. of
silver. Everything is favorable at the present time, but the operation
* The Pnblic, Noveniber 18, 1880.
t Loudon Economist, Nov. 6, 1880.
COMPTROLLER OF THE CURRENCY.
125-
of laws now in force will continue to reduce the gold and increase
the silver. The government, by trying to force silver upon the holder
of bonds matured, or in payment of legal-tender notes-—thereby assuming tha^t the silver dollar is not the equal of the gold dollar—
and by taking the option away from the holder of the note, may any
day bring the nation upon the silver standard, which wiU at once^
advance the price of all iiroducts, and place gold at such a premium
that an investment in it at par would be at least twice as profitable
as in United States bonds. Such a situation is not satisfactory tO'
any inteUigent business man, and no effort should be spared to enlighten the people upon the silver question and to effect the repeal of the
present law. The banks as a class have no prejudice against' silver coin
other than that occasioned by its inconvenience. If Congress shall, by
wise legislation, diminish the issue of small notes, and restrict the silver
coinage within judicious limits, the standard silver dollar will do good
service, and soon accumulate in bank vaults and find its way into general circulation. If not, it is wisdom on the part of bank officers, who
act for the interest of their stockholders, to keep their reserves and all
their ready means as nearly as possible in gold coin.
This brief outline of some of the transactions of the national banks
covers the most important period of the financial history of the country, and shows the immense advantage experienced by this country
from having, during the years following the great war, an excellent
banking system. The system was established, not for the benefit of the
stockholders of the banks, but for the benefit of all the people. Its
amiile basis of unimiiaired ca^pital, its large surplus, its large cash reserves, its secured circulation, its protection to depositors, and its general management, must commend it to every student of political economy ; and it is among the most gratifying of political signs that during _
the late exciting <;ampaign, while both parties have claimed the credit
of having brought about a return to specie payments, neither party has
urged the abolishment of the system. The national banks have now
entered upon a new career. The machinery is in excellent working
order, and but little legislation is needed to perfect it into a homogeneous system which will be part and iiarcel of the nation.
But it does not follow because the banks are transacting business
upon a true standard that they wiU be exempt from further losses.
The hazards of business are certainly much less on that account, but the
rapid and unprecedented increase of the circulating medium, such as
has been experienced during the last two years, may result in great injury as well as benefit to the country. The good harvests, the large
products of the mines, the influx of specie from abroad, the increasing
demand for produce and 'manufactures, the prosperous condition of
trade and of the industries of the countrj', are sure to be followed by
periods of depression which will seriously affect, not only the value of
the collaterals upon Avhich large amounts of call loans are based, but
also the payment of commercial paper. The amount of legal reserve
required to be held by the banks was largely reduced by the act of June
20, 1874, and the percentage held in the larger cities has been greatly
diminished during the past few years. The sudden and enormous increase of individual and bank deposits in the commercial centers should '
be accompanied, not only by the reserve required by law, but by a much
greater percentage of coin and a much smaUer expansion of loans, if
the banks would check unhealthy speculation, and keep themselves in
condition for an adverse balance of trade and for the legitimate demands
of the depositors and correspondents who confide in them.
126
REPORT ON THE FINANCES.
DISTRIBUTION OF LOANS BY THE BANK OF FRANCE, THE NATIONAL
BANICS OF THE UNITED STATES, AND THE IMPERIAL BANK OF aER^
MANY.
The Banlc of Franee.
The report of the transactions of the Bank of France for 1879, made
by the general council to the general meeting of the shareholders on the
29th of January, 1880, contains much interesting information in reference to its operations.*
The Bank of France has a capital of 182,500,000 francs, which, ex^
pressed in the currency of this country, at the rate of five francs to the
dollar, is equal to $36,500,000. I t has ninety branches, as required by
law, forty-one of which were carried on in 1878 at a loss of $162,225;
and. thirty in 1879 at a loss $95,840. The circulation of the bank on
November 4,1880, was $473,805,793; its deposits $108,892,222, of which
$40,521,965 were government deposits; its coin, $113,850,000 of gold and
$249,400,000 of sUver; and its loans $195,707,859.t
The amount of commercial jiaper discounted at the Bank of France
and its branches during the year 1879 reached its maximum on November 28j when it was $172,360,000, being nearly five times the amount of
its capital. The minimum amount of discounts was on March 20, being then $74,720,000, or about twice the amount of its capital. In addition to commercial paper, or trade bills, discounted, the bank makes
advances on collateral securities, such as bullion, railway shares, and
government bonds. The highest amount of such advances in 1878 was
$22,960,000, which was increased in 1879 to $31,100,000. The combined
amount of commercial paper, or trade bills, and of advances on securities, ranged from $190,000,000 to $200,000,000. In addition to its discounts and loans the bank usually holds about $54,500,000 in various
securities of the French Government.
About one-third of the commercial paper discounted at Paris ($209,888,385) was payable in towns where the bank had branches, the remain-^
ing two-thirds- ($468,320,475) being payable in that city. The total
amount of commercial paper discounted during the entire year was more
than 1,452 millions of dollars ($1,452,175,260). The total numbep of
pieces of paper discounted during the year was 8,071,505, of which
nnmber 4,169,292 were payable at the branches and 3,902,213 at Paris:
The reports for 1878 and 1879 give classifications of the Paris bills.
The discount of certain classes of these trade bills, which are for very
small amounts, is a characteristic of the Bank of France, and the statis-'
tics are both interesting and curious. The report gives a classification^
of the bills on Paris for 1879, as foUows :
Bills o f
Bills of
Bills of
Billsof
10 francs, or'$2 each, and imder
11 francs to 50 francs each, or $2.20 to $10
51francs tolOO francs eacb, or $10.20 to |20
above 100 francs each, or $ 2 0 . . . .
Total...
7,842
392,'845
623; 232^^
2,878,294
3,902,213
I t will be observed that the whole number of these bills was nearly fourmiUions, of which more than two-thirds (2,878,294) were for amounts above
twenty dollars. The remaining 1,023,919 bills were all for sums less than
twenty dollars, and, at the highest limit, could not much exceed 16
millions. There were 623,232 bills in amounts varying from $10.20 to $20.
There were also 392,845 bills varying in amount from $2.20 to $10j and
* L'jEconomiste Fran9aise, April 10, 1880. t London Economist, Noveraber 6, 1880.
127-
COMPTROLLER OF THE CURRENCY.
7,842 bills as low as two doUars each, or under. The number of trade
biUs in 1877 below $20 was 393,503; in 1878, 1,054,381; and in 1879,
1,023,919. The average amount of each of the Paris bills in 1879 was
$171.80; the average of the bills at the branches was $185.60; and
taking the-whole number together the average was $180.
The number, classification, and amount of commercial bills discounted
during the years 1878 and 1879 are stated below in tabular form :
1878.
Classification.
W h e r e clisconnted.
10 francs, or
$2 a n d helow.
Paris
"Brflnches
Paris
Bi-anches.
Aniount.
11 francs to 51 francs t o A h o v e 100
50 francs, 100 francs, ft-ancs, or
Total
or $2.20 t o or $10.20 to $20.
nuniber.
$10.
$20.
In
francs.
I n dollars.
4.898
240, 640
' 808, 843
2, 428, 508 3, 482, 889 3,106,226,250
3, 791, 950 3, 760, 636, 075
621, 245, 250
752,127, 215
4,898
240, 640
808,843
2, 428, 508 7, 274, 839 6, 866, 862, 325
1, 373, 372, 465
7,842
392, 845
623, 232
2, 878, 294 3, 902, 213 3, 391, 044, 344
4,169, 292 3, 869, 832,100
678,208,869
773,966, 420
7,842
392, 845
623, 232
2,878,294 8, 071,.505 17,260,876,444 1, 452,175, 289
In 1878 the average amount of each bill discounted at Paris was
$178.40, and at the branches $198.40, the average of the whole being
$188.80.
The Bank of France receives these bills, chiefiy from bankers, who keep
accounts with it, as it discounts only for its depositors. These bankers
in turn discount them for small brokers, who receive them for this purpose from the working classes. The bills are presented to the bank for
discount, with accompanying schedules. The rate of interest is the
same on small bills as on large ones, and no charge is made beyond the
discount or interest. The greater part of them are bills of exchange,
and issue from small manufacturers, and also from workmen on their
own account, known as makers ofthe '^Articles de Faris.^
The National Ban'ks of the United States.
The foUowing table gives by geographical divisions a classification,
simUar to the foregoing, of the notes and bills discounted held by the.
national banks on October 2, 1879, when the total amount of loans was
$875,013,107:
N u m h e r a n d classification of hills.
G-eographical divi- N o . of
sions.
hanks.
New England States
Middle States
Southern States
W e s t e r n States and
Territories
UnitedStates..
$100
and
less.
$100
to
$500.
T o t a l hiUa.
$1,000 $5,000 $10,000
to
and
to
$1,000. $5,000. $10,000. o v e r .
Average.
$500
to
No. .
Amount.
547 30,167 54,965 20, 444 33, 621 10, 082
641 115, 285 132, 032 39, 484 50,854 11, 453
175 15, 752 24, 480 7,862 8,936 1,283
4,590 153, 869 $240,552,893 63 $1, 563 36
5,276 354, 384 416,600,226 30 1,175 56
416 58, 729 45,890,807.95
781 40
685 90,141 84, 563 27, 590 31, 812
1,800 241, 287 171,969,179 22
5,381
712 72
2,048 251, 345 296, 040 95, 380 125, 223 28,199 12,082 808, 269 875,013,10710 I, 082 58
128
REPORT ON THE FINANCES.
The number of pieces of paper discounted, as will be seen, was 808,269,
and the average of each discount, $ 1,082.59. If the average time of these
biUs was sixty days, and the banks held continuously the same amount,
the number of discounts made during the year would be nearly five millions (4,849,614), the total discounts more than ^ve thousand millions
(5,250,000,000), which would be equal to a discount of $700 annually for
each voter, or $500 for each family in the country. The number of iiot-es
and bills of $100 each, or less, at the date named was 251,345, or nearly
one-third of the whole ; the number of bills of less than $500 each was'
547,385, or considerably more than two-thirds of the whole; while the
number of bills of less than $1,000 each was 642,765, which is more than
three-fourths of the whole number.
Every State and Territory, except Florida, Dakota and Washington,
had single discounts of $10,000 and over, and every State, except Florida, had discounts of $5,000 and over. All the States had discounts
in amounts varying from $100, or less, to $1,000, and over. The discounts of the banks in the State of New York amounted to 260 miUions,
the number of pieces of paper held being 170,137, which was more than
was held by all of the New England banks coinbined. The discounts
of the New England banks were 240 millions, which were represented by
153,869 pieces of paper. The amount of discounts in the New England
States was considerably more than those of the Western and Southem
States; but the number of loans in New England was only about onehalf the number in the South and West. The banks in New York City
held 2,907 pieces of paper of $10,000 each, and over, and those in the
remainder of the State 451. Boston held 2,258 of such pieces, and the
remainder of Massachusetts 995. Philadelphia held 809, and the remainder of Pennsylvania 558; Chicago held 322, and the remainder
of Illinois 105. The total number of pieces held by the four cities here
named was 6,296, which is more than one-half of the aggregate of this
class of bills Jaeld by all the national banks in the Unitecl States. The
bank examiner inthe city of New York gives the following estimate oi
the average amount of loans in the city of New York:
41,598 loans, averaging $2,500 each, amonnting to
4,926 loans, averaging 7,500 eacb, amonnting to
2,907 loans, averaging 19,000 eacb, amounting to
.' $104, 000, 000=
37, 000, 00055, 000,000^
Of the loans exceeding $10,000 each he estimates as follows: 150'
of $50,000, amounting to $7,500,000, and 80 of $100,000, amounting to ^
$8,000,000. He says that the largest loan of any kind which ever passed
through his hands was one for the sum of $1,000,000, secured by United
States bonds, and that it was a legitimate loan, understood to have been,
principally employed in the erection of an enormous oU-refinery in New
Jersey. He also says that he has frequently handled demand loans of
$500,000 each.
In answer to an inquiry.in reference to small loans, he replies that
the tobacco manufacturers receive large numbers of promissory notes,
ot a small amount each, payable in almost every city, town, and village
in the country, and running from thirty to fifty days' time. The sewing-machine companies and the manufacturers of billiard-tables, pianos,
and farming implements also receive large numbers of notes of from.
$10 to $50 eachj being monthly payments on articles sold by them.
These small notes are usually received by the bauks as collateral security for loans, and are forwarded by them for collection. A charge for
collection of from 10 to 25 cents is made upon each small note.
• / J ^ ^ ' '
COMPTROLLER OF THE CURRENCY.
129
The average' amount of each loan in New York City was $3,962; in
Boston, $3,083; Philadelphia, $1,688; Pittsburgh, $1,993; Chicago,
$2,244; Baltimore, $1,593; Milwaukee,.,$2,086; Saint Louis, $1,575;
Cincinnati, $1,231; Cleveland, $1,244; Detroit, $1,320; Louisville,
. $1,007; and New Orleans, $1,936.'
Among the States having the smallest average loans were the following: New York, exclusive of the cities of New York and Albany, $499;
Pennsylvania, exclusive of Philadelphia and Pittsburgh, $535; Maryland, exclusive of Baltimore, $505; Kansas, in which the average was
$353; Iowa, with an average of $375; West Yirginia, of $350; Delaware, $556 ;• New-'Jersey, $566-, Minnesota, $621; Yermont, $645,North Carolina, $662-^ Tennessee, $651; Maine, $740;-Indiana, $711.;
New Hampshire, $815; South Carolina, $846; Georgia, $882. • ,
A table will be found in the appendix giving the number of each class
of discounts held, their average amount, and the total amount of money
loaned in each of the States and principal cities of the Union. An examination of this table will give full and interesting information relative
to the distribution of loans by the banks in the dilferent sections ofthe
country.'
The Imperial BanJc of Germany.
The Imperial Bank of Germany has a capital of 30 millions of dollars,
and is situated in the city of Berlin.
The total number of bills of all kinds discouiited during the year
1879 was 2,374,394, amounting to $852,175,650, the average amount of
each bill being $358.90. The bills .are classified as follows: There were
533,564 Berlin bills, amountingto $263,663,280—average $494.15 each;
the number of inland bills was 1,834,351, amounting to $578,693,335, and
averaging $315.47 each; and the number of foreign bills was 6,479, in
ambunt $9,819,035, and averaging $1,515.52 each.' The average amount
of loans and discounts for the year was $82,073,500. The loans and discounts were highest on December 31, when they; were as follows:
Berlin bills
Inland bills
Foreign bills
. „ . „ . 83,157, amounting to |44, 636,600, averaging $536 77
. . . . 164,844, amounting to 51, 840,460, averaging
314 48
-.
1,442, amounting to
3,936,230, ave.raglhg 2, 729 70
Total bills . . . . . . . . . . . . 249,443, amounting to 100, 413,290, averaging', 402 55
The discoun ts were Jo west on March 23, their total amount being then
$6.7,349,000.' •
* The time of the Berlin bills varied from 16 to 76 days, their average
being 55 days, and the time of the inland bills was from 14 to 63 days,
their average being 26 days.
STATE-BANKS, SAVINGS-BANKS, AND \ R U S T ' C O M P A N I E S . •
The first systematic effort to obtain annual statistics showing the condition of banks organized under State laws was commenced by the
Treasury Department in 1834, in compliance with a resolution of the
House of Eepresentatives, passed July 10, 1832. These statistics were
compiled from such returns as were required by the laws of variou'S
States to be made to their authorities. This compilation was continued
for twenty-nine years, from 1834 to 1863, after which it was discontinued.
The annual returns from this source were given for each State, in concise form, in the Comptroller's report for 1876, as were also such other
data as could be, obtained in regard to the two Banksof theUnited
States, and other moneyed corporations of the country in operation prior
to the year 1834. Those returns were incomplete and unsatisfiictory.
9 F' ;
130
REPORT ON THE FINANCES.
In many of the States no reports were required from banks organized
under their laws, in others reports were infrequently required, and
in all there was an entire absence of uniformity as to the dates upon
which reports were required to be made.
The act of Congress of February 19, 1873, section 333 of the Eevised
Statutes, requires the Comptroller to obtain from authentic sources, and
to report to Congress, statements exhibiting under appropriate heads the
resources and liabilities of such banks and savings banks as are organized under the laws of the several States and Territories. In compliance
with this act he has presented annually in the appendices to his reports
the resources and liabilities of these corporations, so far as it/has been
possible to obtain them.
Through the courtesy of State officers, returnsof State banks, savings-banks, and trust and loan companies have during the past year
been receivedfrom nineteen States. Twenty-seven of the States and
Territories, including Illinois, Nebraska, Dakota, Oregon, Yirginia, and
Tennessee, do not require periodical returns of the condition of'the different classes of banks organized under their laws. Statements showing the condition of the banks of each State from which returns could
be obtained will, as usual, be found in the appendix. The returns received embrace 650 State banks and trust companies, and 629 savings
banks.
Eeturns were made to the Commissioner of Internal Eevenue, for purposes of taxation, showing the average capital and deposits for the six
months ending May 31,1880, by 996 State banks and trust companies,
and 658 savings banks. Eeturns made to the Commissioner are supposed to cover all banks of this description in the United States, as
wellas private bankers. It can therefore be seen that, while the returns
made to the different State authorities omit 346 State banks and trust
comiianies, they are quite comjilete as to that class of savings-banks
having no capital, the' difference being only 29 banks.
State hanhs and trust companies.
From returns obtained by the Comptroller from State officers, the following abstract has been compiled, showing the resources and Uabilities
of 650 State banks and trust companies:
^
KESOURCES."
Loans and disconnts
Overdrafts
,
United States honds
:
other stocks, honds, &c
Due from hanks
. Keal estate
Other assets
Expenses
Cash itenis.
Specie
Legal tenders, hank notes, &c
.
•
^
.......'
Total
$281,496, 7^1
597, 69;9
- 26, 252,182
35,661,792
40, 340, 345
19, 489, 086
7,374,037
"
979,492
11,176,592
6, 905, 977
51, 500, 226
481,774,159
LIABILITIES.
Capital stock
Circulation
Snrplus f u n d . . .
Undivided profits
Dividends unpaid
Deposits
Due to b a n k s : . . .
Other IiabiUties
Total
$109,318,451
283, 308
25,008,431
10,774,731
486,094
.." 298,759,619
18,613,336
18,530,189
......'..•.
,.
,
481,774,159
COMPTROLLER OF THE CURRENCY.
131
The foregoing table was xirepared from returns from five New England
States, not including Maine, which has but one State bank in oxieration;
from four Middle States, not including Delaware; and from the Western
States, with the exception of Illinois, Kansas, and Nebraska. The only
Southern States represented therein are Louisiana, Texas, and Kentucky.
The only Pacific State is California. There is but one State bank in
New Hampshire, iive in Yermont, none in Massachusetts. There are,
however, five trust and loan companies in the latter State and ten in
Connecticut.
In comparing the capital and deposits reported to State authorities
with the same items as reported to the Commissioner of Internal Eevenue,
it must be remembered that, in addition to the discrepancy^ in the number
of banks reporting, there is an important difference in the character of
the reports. The reports made to State authorities give the gross
deposits at certain dates, while those made to the Commissioner give the
average deposits for a period of six months.
The total number of banks of all classes which report to the State
authorities, and from which reports have been received, is 1,279, having
a total capital of $113,172,078, and total deposits of $1,117,866,592; the
total number of incorporated banks reporting to the Commissioner of
Internal Eevenue is 1,654, having a total capital of $118,014,862, and
deposits amounting to $1,136,427,338. I t thus appears that 375 banks,
with capital and deposits amounting to $4,842,784 and $18,560,746 respectively, either do not report to any State authority, or if such rexiorts
are made it is impossible to obtain them.
Of the 4,456 banks reporting to the Commissioner of Internal Eevenue, there are 2,802 private banking institutions, with a total capital of
$76,121,962, and deposits of $182,667,237, from which no reports have
been received by the Comptroller through State authorities.
Savings hanlcs.
The following table exhibits the aggregate resources and liabilities of
629 savings banks of the United States, whose returns, as made to the
State authorities, have been obtained by the Comptroller. The aggre-'
gate of the resources and liabilities of these savings banks, for each
State sexiarately, is given in the axipendix:
' RESOURCES. ^
iLoans on real estate
Loans on jDcrsonal an,d collateral security
IJnited States honds
State, municipal, and other honds and stocks
Kailroad bonds and stocks
Bank stock
Real estate
Other assets
Exi)enses
Due from hanks
'.
Cash
Total
.'
-.
'.
-
•
$315, 273, 232
70,175, 090
187, 413, 220
150, 440, 359
20,705, 378
32, 225, 923
39, 038, 502
27, 053, 452
216, 423
22, 063, 091
17,072,680
881,677,350
LIABILITIES.
Deposits
Surplus fund
Undivided profits
Other liabilities
^ 'Total
'
819,106,973
51, 22-6, 472
4, 740, 861
6, 603, 044
88i;677,350
The foregoing table includes the returns from the six New England
States, from four Middle States, not including Delaware, from the State
of California, and from five savings banks in the other States.
132
REPORT ON THE FINANCES.
The aggregate of loans in the New England States is $295,700,696,
and of deposits $378,848,429. In the Middle States the aggregate ol
loans is $114,277,627, and of deposits $380,666,166.
The amount of average deposits returned to the Commissioner of Internal Eevenue by the savings banks of the New England States, for
purposes of taxation, was $368,757,040 for the six months ending May
31, 1880, and by the savings banks of the Middle States the average
deposits returned for the same xieriod were $389,183,856, showing but a
slight difference between the returns made by these banks to the State
officers and those made by them to the Commissioner.
All but three of the savings banks in the State of California are organized with capital stock, and dividends are paid to stockholders as
well as to depositors. The whole amount of deposits is $47,719,829. Of
this auiount, banks with capital stock amounting to $3^853,627 hold
$32,177,037. The remaining three banks, which are without capital,
hold $15,542,792 of deposits..
Some of the largest savings banks in the city of Philadelphia, organized under old charters, are not required to make rexiorts to any State
officer. Eeturns received directly from four.of these banks, having deposits amounting to $23,956,285, are included in the returns for the State
of Pennsylvania.
The rexiorts to the Commissioner of Internal Eevenue, which are made
by all banks in the United States other than national, show that in the
Southern States there are but five savings banks (including three with
caxiital of $342,912.16), Avith deposits aggregating $1,457,924; and that
in the Western States and Territories, exclusive of California, there are
but 34 savings banks, with deposits amounting to $14,019,997; making,
in the two sections named, 39 savings banks, out of the total in the
United Statesof 658.
The savings bank deposits given in the foregoing table for 1880, basedon reports made to the State authorities, are $819,106,973, and the deposits of the State banks and trust companies were $298,759,619. These
deposits do not include bank deposits. The deposits of the national
banks, exclusiveof those due to banks on June 11,1880, were $845,738,876
These deposits ofthe national banks bear tothose ofthe savings banks
the xiroportion nearly of 50.8 to 49.2, to those of the State banks and
trust companies the proportion of 74 to 26/and to the combined deposits
of both the proportion of 43 to 57.
.
\
The deposits of the savings banks of the six New England States
alone, for the year 1880, were $378,848,429, whUe^.the deposits of the
national banks of the same States on June 11, 1880, were $142,163,316.
The former amount bears to the latter the proxiortion of 73 to 27.
The total population of New England is estimated to be 3,920,000, and
the number of open deposit accounts in the savings banks is 1,165,653;
which is equal to 30 accounts to each one hundred of the entire xioxmlation. The average amount of each account is $325; and if the total
deposits were divided among the entire poxmlation the average sum of
$96.65 could be given to each individual.
The deposits of the savings banks in the State of New York were
$319,258,501 in 1880, whUe the population is estimated to be 5,120,000;
showing that an equal distribution ofthe savings-bank deposits among
the entire poxmlation of the State would give $62.36 to each individual.
The loans and investments of the savings ba-nks of the six New England States, in United States and other bonds and stocks, amounted in
1880 to $31,109,999, which is equal to 34.61 per cent, of deposits. In
X873 the amo.unt invested in the same manner by the savings banks oi
133
COMPTROLLER OF THE CURRENCY.
New England w^s $97,692,286, equal to 25.63 per cent, of their deposits,
which were $381,207,058 at that date. The cash on hand in 1880 was
$6,521,510, or say 1.72 x^er cent, of their liabilities to depositors, while
in 1873 it was $4,290,121, or 1.13 xier cent, of the same liability at that
date. In the State of New York, in 1880, the amount invested in United
States and other stocks aud bonds by the savings banks was $212,103,705,or 66.44 per cent, of deposits, while the cash on hand was $4,271,445,
or 1.34 xier cent, of deposits. In 1873 the savings banks in New York
had $153,355,664 invested in this manner, or 53.71 per cent, of deposits,
and the cash on hand was $6,714,404, or 2.35 per cent, of the deposits.
In California, in 1880, the investments ofthe savings-banks in United
States and other stocks and bonds were $4,228,001, or 8.8 per cent, of the
deposits, against $1,294,600, Or 4.2 per cent, of the dexiosits, in 1877. The
cash reserve on hand in California savings banks was $2,897,471, or about
6 xier cent, of the deposits, in 1880, and $1,965,600, or about the same percentage, in 1877. While, as has been seen, the amount invested in United
States and other bonds and stocks by the savings banks of the six New
England States was $131,109,999, or 34.61 xier cent, of the aggregate
dexiOvSits, the amount due from banks shown by the returns of the same
savings banks was $6,348,135, or 1.67 xier cent, of their deposits; showing that the resources of these savings banks consist largely of deposits
in national or other banks, and of investments in United States and
other bonds and stocks.
In New York State the amount invested in United States bonds was
$119,985,590, and the amount in other stocks and bonds was $92,118,115,
a total of $212,103,705, or 66 per cent, of the aggregate dexiosits, while
the amount due from banks was $13,893,109.
The following statement, compiled from returns made to the Commissioner of Internal Eevenue, gives by States and princixial cities the
average capital and deposits of the State banks, trust companies, xirivate •
bankers, and savings banks, in each of the New England and Middle
States, for the six months^ndiiig May 31, 1880, together with the average amount of caxiital iuvested in United States bonds:
I n v e s t e d in I l n i t e d S t a t e s
bonds.
N o . of
banks.
'Total.
CapitaL
Deposits.
- .
64
71
22
161
57
56
105
$47, 319
51, 000
353, 700
510, 000
5,128, 099
3, 308, 504
2; 616, 896
$21, 721, 964
28, 301, 549
8, 531,140
144, 268, 273
64, 553, 766
43,134, 708
78, 457, 961
$8,313
. 5, 202
36, 984
223, 613
2 552, 661
037, 588
272, 732
$3, 284, 637
919, 297
653, 862
13, 633, 993
6, 499,110
4, 570, 369
8,131, 932
$3, 292, 950
924, 499
690, 846
13. 857, 606
9, 051, 771
5, 207, 957
8, 404, 664
N e w England States
536
12, 015, 518
388, 969, 361
3, 737, 093
37, 693, 200
41,430, 293
303
506
12
51
271
61
31
8
12
38
7
8, 525, 645
49, 335, 306
641, 000
1, 324, 553
8, 789, 931
2,108,904
4, 0.53, 579
675, 689
564, 434
3,134, 842
357, 060
162, 275,473
291, 914, 072
13, 7.51, 649
20, 391,118
29, 071,132
51, 496, 370
14, 651, 58'9
2,127, 426
819, 944
25, 814, 319
3,305,875
2, 300,198
15,153, 033
3.57, 521
269, 683
752, 786
199, 403
661, 363
20, 000
251,189
309, 900
. 289, 758
45, 993, 290
73, 737, 079
2, 552, 9055, 871, 992
• 70, 000
% 472, 097
1, 679, 366
13, 538
9, 890, 353
20, 535
48, 293, 488
88, 890,112
2, 910, 426
6,141, 675
822, 786
6, 671, 500
2, 340, 729
20, 000
264,727
10, 200, 253
310, 293
1,300
79, 510, 943
615, 618, 967
20, 564, 834
148, 301,155
166, 865, 989
States and Territories.
Maine
N e w Hampsliire
VeiToont
...
Massacliusetts
Boston
Rhode Island
Connecticut
..
New Vork
NeAV T o r k C i t y
Albany
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
IDelaware
Maryland
Baltimore
W^ashington . .
M i d d l e Statea
^
By State
banks, private
bankers, and By savings
• banks.
t r u s t companies.-
134
REPORT
ON
THE
FINANCES.
The.following statement gives like information in reference to the
same classes of banks in the, Southern and Western States, and in the
Pacific States and Territories:
Invested in United States bonds.
N o . of
states and Territories. b a n k s .
Capital.
Deposits.
By State banks,
private bankers, a u d t r u s t
companies.
76
"20
13
13
58
9
26
33
3
11
105
15
71
15
30
$3, 036, 974
1, 247,128
790, 321
511, 499
4, 068, 279
83, 830
1, 040, 241
1, 083, 690
126, 265
2, 777, 031
3, 701, 080
245,110
6, 099, 666
5, 267, 028
1, 769, 228
$7, 757, 202
4, 034, 743
1. 596, 632
• 658, 812
5, 910, 827
287, 289
2, 269, 647
2, 634, 915
87, 343
4, 632,122
6, 332, 751
577, 628
7, 698,114
5, 803, 673
3, 222, 740
$294, 208
137, 488
0
52, 333
18, 050
0
742
209, 358
45, 000
643, 013
163,133
75,102
306, 979
471,197
125, 388
Southern States.
498
31, 847, 370
Ohio
Cincinnati
Cleveland
Indiana
Illinois
Chicago
•
Michigan
Detroit
Wisconsin
Milwaukee
Iowa
Minnesota
Miss^iiTi"
. . .
Saint Louis
Kansas
Nebraska
248
12
9
144
316
34
155
14
109
9
309
95
170
28
148
83
W e s t e r n State's..
Viroinia
West Virginia
North Carolina
South Carolina.
Georgia
Plorida
Alabama
Mississippi
Louisiana.
NewOrleans
Texas
Arkansas
Kentucky
Louisville
Tennessee
Oregon
Califoinia
San F r a n c i s c o
Colorado
Nevada
Utah
N e w Mexico
W v o m i n o" .
Idaho
I>akota
Montana
Washington
Arizona
.
Pacific S t a t e s a n d
Territories
By savings
banks.
0
0
0
0
1,000
Total.
0
0
0
0
0
$294, 2^8
137i 488
0
52, 333
19, 050
0
742
209, 358
45, 000
643, 013
163,133
75,102
306, 979
471,197
125, 388
1,000
2, 542, 991
0
53, 504, 438
2, 541, 991
704,140
402, 241
045, 924
365, 434
092, 314
272, 495
346, 799
066, 041
578, 843
634, 731
5,153, 906
1, 906, 375
4, 250,175
5, 705, 555
1, 564,144
653, 890
20, 834, 648
4, 392, 711
13, 965, 571
13,172, 783
17, 061, 788
12, 584, 083
7,105, 952
7, 544, 048
5, 964, 028
7, 788, 900
13, 326,191
5, 000,150
15, 307, 216
18, 688, 699
4, 877,150
2, 019, 814
867, 475
275, 671
678, 379
507, 953
675, 606
2, 559, 823
154, 894
345, 742
184, 761
15,914
319, 876
119, 968
428, 208
873, 395
90, 397
39, 492
86, 959
0
2,1.51, 270
42, 061
60, 000
0
0
134, 267
0
0
0
0
0
0
0
0
954, 434
275, 671
2, 829, 64&
550, 014
735, 606
2, 559, 823
154, 894
480, 009
184, 761
15, 914
319, 87&
119, 968
428, 208
873, 395
90, 397
39, 492
1,883
45, 743, 007
169, 633, 732
8,137, 554
2, 474, 557
10, 612, 111
15
85
26
38
13
11
5
4
2
18
13
4
5
1, 245, 208
9, 430, 629
12,104, 546
, 584, 917
364, 457
206, 000
6, 667
128, 054
5,358
• 127,511
446, 708
257, 000
112, 932
1,
14,
67,
3,
033,103
928, 718
497, 294
479, 877
834, 548
1, 233, 952
181, 925
271, 201
18, 368
396, 279
724, 031
525,109
243,673
112, 423
197, 341
3, 449, 052
0
100, 000
0
0
0
0
0
0
0
25, 000
6,300
0
2, 711, 604
0
0
0
0
0
0
0
0
0
0
118, 723
197, 341
6,160, 656
0
100, 000
0
0
0
0
0
0
0
25,000
239
25, 019, 987
91, 368, 078
3, 883, 816
2, 717, 904
6, 601, 720
5,
1,
1,
4,
4,
4,
2,
1,
1,
The total number of State and savings banks, trust companies and
private bankers in the United States, with the average amount of their
capital, deposits, and investments in United States bonds, for the six
months named, were as foUows :
Number
Average
Average
Avera^^e
of b a n k s
capital
deposits
investments in United States bonds
•
-
4, 456
$194,136,825
1, 319, 094, 576
.«..
2.28, 053,104
135
COMPTROLLER OF THE CURRENCY.
The following table exhibits in a concise form, by geographical divisions, the total average capital and deposits of all State and savings
banks and private bankers in the country, for the six months ending
May 31/1880:
state baiiks andtrust|
companies.
Private bankers.
Savings
Savings banks with banks
withcapital.
out capital.
Greographical divisions.
DeposDeposDeposDeposNo. Capital. its.
No. Capital. its. No. Capital. its. ' No. its.
38.98
26.69
Millions.
16.47
154. 89
38.51
41.44
108. 91 ll, 591
26.14
318. 78 2, 802
76.12
Mill[(!New England States
Middle States
Southern States
Western States and Territories
United States
74
885
252
MilU
ions.
5.16
40.01
4.81
Millions.
3.74
71.54
13.54
Millions.
Millions.
0.53
0.34
3.19
0.57
Millions.
368. 76
386. 00
0.88
93.85
3.17
30.85
27.39
182. 67 29
NUMBER, CAPITAL AND DEPOSITS OF NATIONAL BANKS, STATE AND
SAVINGS-BANKS, AND PRIYATE BANKERS.
The capital of the 2,076 national banks in operation on June 11,1880,
as will be seen by a table in the appendix, was $455,909,565, not including surplus, which fund at that date amounted to 118 millions of dollars;
while the average capital of all the State banks, iirivate bankers, and savings banks for the six months ending May 31,1880, was but $194,136,825;
which amount is but little more than one-third of the combined capital
and suriilus of the national banks.
The net deposits of the national banks were $900,788,714, and the
average deposits of all other banks, including savings banks, were
$1,319,094,576, of which more than one-half, or $783,033,149, consisted
of the deposits ofthe 629 savings banks having no capital-stock, which
are included in the above aggregate.
The increase in the net deposits of the national banks during the year
was $187,385,075; o f t h e savings banks,'$34,508,295; o f t h e private
bankers, $42,749,684; and of the State banks and trust companies
$61,713,761, making a total increase in the bank deposits of the country
of $326,356,815.
The table below exhibits the aggregate average capital and deposits
for the six months ending May 31,1880, of all classes of banks other than
national, and the capital and net deposits of the national banks on
June 11 following:
Geographical divisions.
State banks, savings
banks, private bankers', &c.
No.
New En gland States
536
1,300
Middle States
Sonthern States
498
Western States and Territories
2,122
UnitedStates
4,456
Total.
National banks.
Capital. Deposits. No.
deCapital. Net
posits.
Millions. MilUons.
12.02
388. 97
79.51
615. 62
3L85
53.50
Millions. MilUons
Millions. MilUons.
550. 93
111. 62
161. 96 1,084
165. 60
249. 95 I, 095. 68
480. 06 1,954
170 44
99.40
62.64
675
30.79
45.90
70.76
194.14
548
654
177
No.
Capital. Deposits.
697
89..08
212. 87 2, 819
159. 84
473.87
1, 319. 09 2, 076
455. 91
900. 79 6,532
650. 05
2, 219. 88
261. 00
136
REPORT ON THE
FINANCES.
From tbis table it will be seen that the total number of bauks and
bankers in.the country at the dates named was 6,532, •with a total banking capital of $650,049,390, and total deposits* of $2,219,883,290.
In the appendix will be fouud similar tables for various periods, from
1875 to 1880, where will also be found other tables giving the assets and
liabilities of State institutions during the past year, so far as they could
be obtained from the official reports of the several State officers.
. A table arranged by States and principal cities, giving the number,
capital and deposits, and the tax thereon, of all banking institutions
other than national, for. the six months ending May 31, 1880, and for
previous years, will be found in the appendix.
Thefollowing table exhibits, for corresponding dates in each of the
last five years, the aggregate aoiounts of the capital and deposits of each
•of the classes of banks given in the foregoing table :
National banks.
Tears
•a876..
1877..
1878..
1879..
1:880..
Savings
Statebanks, private Savings banks
b a n k e r s . Sec.
w i t h c a p i t a l . b a n k s with-,
out capital.
No. Capital. Deposits.
No.
MillMillions.
' ions.
500.4 . 713.5481. 0
768.2
470. 4
677. 2
455. 3
713. 4
455.9
900.8
3,803
3,799
3,709
3,639
3,798
,2,091
2,078
2,056
2,048
2,076
Cap.
Capi- D e p o s N o . ital. De- N o . D e p o s tal.
its.
its.
p'sits.
Millions.
214.0
218.6
202.2
197.0
190.1
Millions.
480.0
470. 5
413.3
397. 0
501.5
26
26
23
29
29
31illions.
5.0
4.9
3.2
4.2
4.0
Millions.
37.2
38.2
26. 2
36.1
34.6
691
676
668
644
629
Millions.
844.6
843. 2
803. 3
747.1
783.0
Total.
No.
Capital.
Deposits.
MillMillions.
ions.
719.4 2, 075. 3
6,611
704. 5 * 2,120.1
6,579
675. 8 1, 920. 0
6,456
656.5 1, 893. 5
6,360
6,532 • 650. 0 2, 219. 9
SECURITY OF CIRCULATING- NOTES.
The following table exhibits the classes and amounts of United States
bonds held by the Treasurer on the 1st day of JSTovember, 1880, to
secure the redem i)tion ofthe circulating notes ofthe national banks:
Class of b o u d s .
A u t h o r i z i n g act.
L o a n of P e b r u a r y , 1861 (Sis)
L o a n of J u l y a n d A u g u s t , 1861 (81s) ...
L o a n of 1863 (81s)
C o n s o l s of 1867 .
. . . .
Consols of 1868
Ten-forties of 1864
P u n d e d loan of 1881
•
P u n d e d loan of 1891
'^....
P u n d e d l o a n of 1907
Pacitic P a i l w a y bonds
P e b r u a r y 8 1861
:
J u l y 17 a n d A u g u s t 5, 1861
M a r c h 3, 1863 ..'
M a r c h 3, 1865
. . . do
M a r c h 3. 1864
J u l y 14,1870, a n d J a n u a r y 20,1871..
Total
o
l.do
. do
J u l y 1, 1862, a n d J u l y 2, 1864
E a t e of i n t e r e s t .
Amount.
6 per cent
do
....do
do
....do
5 per cent
. . . . do
4^ p e r c e n t
4 per cent
6 per cent
$2, 046, 000
33, 405, 050
17, 027,100
3,000
5, 000
526, 900
146, 552, 850
36, 988, 950
119 075 100
4,119, 000
359, 748, 950
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
* The terms ^^ gross deposits;" ^ i n d i v i d n a l cleposits," a n d ' ' n e t deposits" ofnational
" banks, as nsed in this report, are explained as follows:
The gross deposits of the national banks are the amonnts reported by them to the
-credit of stockholders for dividends nnpaid; to the credit of individuals, companies,
and firms; to the credit of the United States and its disbursing officers; and to t h e
• credit of other banks. The individual deposits are the amounts reported nnder t h a t
head, consisting of amounts to the credit of individuals, companies, and firms only.
' The net deposits are arrived at by deducting from the sum of the items making up the
gross deposits the amount of clearing-house exchanges reported, and the amount of
balances due from banks (with the exception of t h a t dne from reserve agents) not
••.exceeding the amount due to banks.
137
COMPTROLLER OF THE CURRENCY.
'$76,852,600 in five per cents. On October 1, 1870, the banks held
^$246,891,300 of six per ceuts, and $95,942,550 of five per cents. Since
that time there has been to November 1,1880, a decrease of $190,286,150
in six per cent bonds, and an increase of $51,137,200 in five per cents.
The banks now hold $36,988,950 of four and a half per cents, all of
which have been deposited in the Treasury since September 1,1876, and
$119,075,100 of four per ceuts, which have beeu deposited since July
1, 1877.
Duringthe last year $19,243,300 of four per cents have been with' drawn by the banks, chiefiy for the purpose of realizing the large premiums thereon, and $22,370,750 of t v e per cents have been deposited,
which will mature iu a few. months. The banks still hold $8,000 of six
per cent, five-twenty^ bonds, and $526,900 of five per cent, ten-forty
bonds, upon which interest has ceased. They also hold $146,552,850
of the fives of 1881, which are redeemable on the 1st. of next May;
$2,046,000 of sixes of 1880, payable on the first day of January next;
and $50,432,150 of .sixes of 1881, which are redeemable on the 1st of
•July next.
CIRCULATING- NOTES OP THE BANK OF FRANCE AND
BANK OF G-ERMANY, BY DENOMINATIONS.
IMPERIAL
The following table exhibits by denominations the amount of nationalbank and legal-tender notes outstanding on IsToveinber 1, 1880, and the
^aggregate amounts of both kinds of notes for the same date in 1878 and
1879:
1880.
Denominations.
A m o u n t of
nationalh a n k notes.
Ones
Twos
Pives
Ti?ens
•^Twen-ties*
'I^ifties
'One h u n d r e d s
Pive hundreds
•One t h o u s a n d s
Pive thousands
Ten thousands
A.dd 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
$2,
1,
99,
113,
75,
21,
26,
•Totals
D e d u c t for l e g a l - t e n d e r n o t e s
d e s t r o y e d in Chicago fire
Totals
A r a o u n t of
legal-tender
notes.
Aggregate.
1879.
1878.
Aggregate.
Aggregate.
$22, 887, 502
21, 030, 863
159, 522, 853
181, 447, 558
141, 445, 933
40.177, 945
58, 339, 780
23, 088, 000
23, 111, 500
3, 250, 000
2, 500, 000
$24, 652, 750
22, 915, 068
148,116, 0L5
168, 908, 07i
131,785,709
47, 658, 995
58, 331, 470
31,159, 000
33, 794, 500
$21, 954, 900
21, 829, 318
67,132,138
75, 835, 008
72, 088, 277
24, 359,175
33, 069, 700
16,126, 000
14, 401, 500
'56.5, 000
320, 000
$24, 247, 362
23, 036, 578
167, 042, 898
189, 655, 588
147, 719, 837
45, 777, 475
59, 958, 600
16, 765, 500
14, 640. .500
565, 000
320, 000
15,129
13, 586
11, 561
342, 063, 451
347, 681, 016
689, 744, 467
682,815,520
667, 333,137
1, 000, 000
1, 000, 000
1, 000, 000
1, 000, 000
342, 063, 451
346, 681, 016
688, 744, 467
681, 815, 520
666, 333,137
"
292, 462
207, 260
910, 760
820, 580
631, 560
418, 300
888, 900
639, 500
239, 000
15,129
The law provides that, after specie payments are resumed, national
banks shall not be furnished with notes of a less denomination than five
dollars; and in accordance with this provision no notes of the denominations of one and two doUars have been issued since the first day of Januaiy, 1879. The amount of ones outstanding on that day was
$4,793,817, and of twos, $2,924,930; total, $7,718,747. Since that date
the ones have been reduced $2,501,355, and the twos, $1,717,670, making
a total reduction of small bank notes of $4,219,025.
The amount of legal-tender notes of the denomination of one dollar
outstanding on that date was $20,257,109, and of twos, $20,035,525;
138
REPORT ON THE FINANCES.
total, $40,292,634. The increase since that date to jSTovember 1, 1880,
has been $3,491,584. Thus it will be seen that while the small notes of
the national banks have been reduced more than four millions
($4,219,025), in compliance with law, since the date of resumption, the
legal-tender notes of the same denominations have been increased
$3,491,584. The total amount, in these denominations, of both kinds
of notes outstanding on November 1, 1880, was $47,283,940. The
total increase during the year has been $3,365,575 ; the decrease during
the year previous was $3,649,451. Of the entire amount of nationalbank and legal-tender notes now outstanding, nearly seven per cent, consists of one and two dollar notes, and more than thirty-one per cent, of
ones, twos, and fives, while more than fifty-eight per cent, is in the
notes of a less denomination than twent}^ dollars, and about eighty per
cent, is in notes of a lower denomination than fifty dollars. Of the entire issue, about twenty per cent, in amount is in denominations of fifty
doUars and upwards.
The circulation of the Imperial Bank of Germany, on January 1,1879,
was $165,933,942; its circulation on January 1, 1880, was $198,201,144;
showing an increase of $32,267,202 during the year.
The following table exhibits by denominations the circulation of the
Imperial Bank of Germany, on January 1, 1880, in thalers and marks,
which are here converted into our currency:
Thalers.
Marks. .
A m o u n t in
N n m h e r D e n o m i n a - V a l u e o f e a c h d o l l a r s . N u m h e r of
p i e c e in dol(Thaler=
of p i e c e s .
tions.
pieces.
lars.
75 cents.)
185
500 t h a l e r s .
2,357
100 t h a l e r s .
1, 716*
50 t h a l e r s .
8. 934"
25 th.alers.
9,143'^
10 t h a l e r s .
375. 00
75.00
37. 50
18.75
7.50
22, 336
69.
176,
64,
167,
68,
375
775
369
512
576
2.55, 753
213, 384
4, 281, 7 3 U
546, 607
4, 750, 868^
Denominations.
'
Value ofeach
p i e c e in dollars.
1,000 m a r k s .
500 m.arks.
100 m a r k s .
250
125
25
A m o u n t in
dollars.
(Mai-k =
25 c e u t s . )
63. 938, 250
26, 673, 000
107,043,287
197, 654, 537
The following table* gives the circulation of the Bank of France and
its branches, with the number of pieces, and the denominations in francs
and in doUars, on January 29, 1880:
N u m b e r of pieces.
5
1, 371, 477
716, 980
3,009
5, 716, 919
207, 516 ^
27, 323
335, 635
197, 448
1,241
Denominations.
5, 000
1, 000
500
200
100
50
25
20
5
Porms out
8, 577, 553
francs.
francs.
francs.
francs.
francs.
francs.
francs.
francs.
francs.
of d a t e .
V a l u e of each p i e c e
in dollars."
1,000
200
100
40
2010
5
4
1
A r a o u n t in francs.
A m o u n t m dollars.
( P r . = 20 cents.)
25, 000
I, 371. 477, 000
358, 490, 000
601, 800
571, 691, 900
10, 375, 800
683, 075
6, 712, 700
987, 240
429, 850
5, 00,0
274, 295, 400
71, 698, 000
120, 360
114, 338. 380
2, 07.5,160
136, 615
1, 342, 540
197, 448
85, 970
2, 321, 474, 365
464; 294, 873
The amount of circulation of the Bank of France on January 30,.
1879, was 2,290,970,830 francs, or say $458,194,166, showing an increase
between that time anel January 29, 1880, the date of the foregoing table,.
of30,503,535 fraucs, or $6,100,707. .
^^Lonclon Bankers' Magazine for Augnst, ISbO, pp. 656 and 662;
139
COMPTROLLER OF THE CURRENCY.
I t will be seen that the Imperial Bank of Germany issues no notes
of a less denomination than $7.50, and that the Bank of France issues
less than two millions of doUars in notes of a less denomination than
five dollars. The Bank of England issues no notes of less than twentyfive dollars, and the Banks of Ireland and Scotland none less than five
dollars.
'
The amount of circulation in this country in denominations of five
doUars and under on Is^vember 1, 1880, was $214,326,838. In the foreign countries named a large amount of silver and gold coin of the
lower denominations enters into general circulation. I t will be impossible to keep in circulation any large amount of ^small gold coins or silver dollars, unless the coinage of the latter is restricted and the small
notes withdrawn.
Section 5182 of the Eevised Statutes requires that the circulating
notes of the national banks shall be signed by the president or vicepresident and by the cashier of the association issuing the same. The'
written 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 would be a means of 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, however, issue their notes with
printed signatures, and in some cases with badly executed lithographed
ones. A bUl is now pending in one of the bank committees of Congress,
imposing a fine of twenty doUars for every circulating note issued by anynational bank without the written signature thereon of at least one of
its officers -, and the ComptroUer respectfuUy repeats his previous recommendation for the passage of such an act, w^hich act should also impose a
fine uiion any engraver or lithographer who shall print the signatures of
bank officers upon such circulating notes.
UNITED STATES BONDS OUTSTANDING, AND THE AMOUNT HELD BY
THE NATIONAL BANKS^ STATE BANKS^ AND PRIVATE BANKERS.
The follomng table exhibits the classification of the unmatured, interest-bearing, bonded debt of the United States on August 31, 1865,j
when the public debt reached its maximum, and on the 1st day of July
in each year thereafter, together with the amount outstanding on November 1 of the present year:*
6 per cent,
bonds.
Date.
A n g u s t 31,1865
J u l y 1 1866
J u l y l | 1867
J u l y 1,1868
J n l y 1,1869
J u l y 1,1870
J u l y l 1871
J u l y 1 1872
J u l y 1 1873
J u l y 1,1874
J u l y l , 1875
J u l y 1 1876
J u l y l ' 1877 . . .
J u l y l 1878
J u l y 1,1879
J u l y 1,1880
N o v e m h e r 1, 1880
--
$908, 518, 091
1, 008, 388, 469
1, 421,110, 719
1,841,521,800
1, 886, 341, 300
i, 764, 932, 300
1, 613, 897, 300
1, 374, 883, 800
1, 281, 238, 650
1,213,624,700
1,100, 865. 550
984, 999, 650
854, 621, 850
738, 619, 000
310, 932, 500
235, 780, 400
.217, 699, 550
5 p e r cent,
honds.
$199, 792,100
198, 528, 435
198, 533, 435
221, 588, 400
221, 589, 300
22]., 589, 300
274, 236, 450
414, 567, 300
414, 567, 300
510, 628, 050
607,132, 750
711, 685, 800
703, 266, 650
703, 266, 650
646, 905, 500
484, 864, 900
469, 651, 050
44 p e r c e n t ,
honds.
$140,
240,
250,
250,
250,
000,
000.
000,
000,
000,
000
000
000
000
000
4 per cent,
honds.
$98,
679,
739,
739,
8.50, 000
878,110
347, 800
347, 800
Total.
$1,108, 310,191
1, 206, 916, 904
1, 619, 644,154
2, 063,110, 200'
2,107, 930, 600^
1, 986, 521, 600'
1, 888,133, 7.501 789 451,100
1, 695, 805, 9501, 724, 252, 750
1, 707, 998, 30O'
1, 696, 685, 450
1,696,-888, 500
1,780,73.5,650
1; 887, 716,110'
1, 709, 993,100^
1, 676, 698, 400^
*Tke6 Navy pension fnnd, amoimting to |)14,000,000 in 3 per cents., the interest npon
which is apjiliecl to the paynjent of naval pensions exclnsively^ is nofc included in the
table.
140
REPORT ON T H E FINANCES.
Since the year 1865, the national banks have held an average of more
than one-fifth, and now nearly one-fourth, ofthe interest-bearing debt of
the Uuited States. Previous to the year 1872 much the larger portion
of these bonds bore interest at the rate of 6 i^er cent., and until the yeai'
1877 allof the bonds bore interest at either five or six per cent. These
classes of bonds have since been greatly reduced, and are now less than
three-fi.fths of the amount pledged for circulation, while more than twofifths of the amount consists of bonds bearing interest at 4 and 4^ per
cent. only. This will be seen from the following table, which exhibits the
amounts and classes of United States bonds owned by the banks, including those pledged as security for circulation and for public deposits, on
the first day of July in each year since 1865, and upon E'ovember 1 of
the present year:
U n i t e d S t a t e s b o n d s h e l d as s e c u r i t y for c i r c u l a t i o n . , '
•
Date.
J u l y l , 1865
J u l y 1, 1866
J u l y l , 1867
J u l y l , 1868
J u l y l , 1869
J u l y l , 1870
•July 1, 1871
J u l y 1, 1872
J u l y l , 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 , 3879
J u l y l , 1880
N o v . l , 1880
6 p e r pent.
• bonds.
$170, 382, 500
241, 083, 500
251, 430, 400
250, 726, 950
255,190, 350
247, 355, 350
220, 497, 750
173, 251, 450
160, 923, 500
154, 370, 700
136, 955,100
109,313,4.50
87, 690, 300
82, 421, 200
56, 042, 800
58,0.56,150
56, 605,150
5 p e r cent, 4'^ p e r cent, 4 p e r c e n t ,
bonds.
bonds.
bonds.
Total.
TJ. S. b o n d s
h e l d for
other pur- •
poses at
nearest
date.
Grand
tofcaL
$65, .576, 600
$235, 959,100 $155, 78.5, 750 $391,744, 850
86, 226, 850
327, 310, 350 121,152, 950 448 463 300
89,177,100
340, 607, 500 84, 002, 650 424, 610,150
90, 768, 950
.341, 495, 900 80, 922, 500 422, 418, 400
87, 661, •250
342, 851, 600 55,102, 000 397, 95S, 600
94, 923, 200
342, 278, 550 43, 980, 600 386, 259,150
139, 387, 800
359, 885, 550 39, 450, 800 399, 336, 3.50
207,189, 250
380, 440, 700 31, 808, 200 412, 308, 900
229, 487, 050
390, 410, 550 25, 724, 400 416,134, 950
236, 800, 500
391,171, 200 25, 347,100 416, 518, 300
239, 359, 400
376, 314, 500 26, 900, 200 403, 214, 700
232, 081, 300
341, 394, 750 45,170, 300 386, 565, 050
206, 651, 050 $44, 372, 2.50
338, 713, 600 47, 315, 050 386, 028, 650
199, 5.14, 550 48, 448, 650 $19,102,606 349, 546, 400 68, 850, 900 418, 397, 300
144, 616, 300 35, 056, 550 118, 538, 950 354, 254, 600 76, 603, 520 430, 858,120
139, 7.58, 650 37, 760, 9.50 126, 076, 300 361, 652, 050 42, 831, 300 404, 483, 350
147, 079, 750 36, 988, 950 119, 075,100 359, 748, 950 43, 620, 400 403, 369, 350
.
All of the five and six per cent, bonds now held by the national banks,
with the exception of Pacific Eailway bonds, will mature on or before
July 1, 1881, and will probably be replaced by bonds bearing interest at
4 or 4J per cent., or by new bonds hereafter to be issued by authority
of Congress bearing a less-rate of interest.
The amount of United States bonds held by State and savings-banks
cannot be accurately ascertained, for the reason that banks in seventeen
of the States do not make reports of their condition to State authorities. From such reports as have been received through the courtesy
of State • officers, it is found that the State banks and trust companies and the savings banks held the followiug amount of United States
bonds, at different dates during the year 1880:
State hanks in twenty States
Trast companies in hve Stq.tes
Savings hanks in fourteen States
Total
,
'.
:
1
,
'
.:....
$7,142,532
19,109, 650
187, 413,220
213,665,402
The Commissioner of Internal Eevenue receives semi-annual reports
from all banks organized under State laws, and also reports from private
bankers, giving their average capital and deposits, and the amount of
such capital invested in. United States bonds; and from these returns
the following table has been comiiiled, showing, by geographical divi
141
COMPTROLLEPw OF THE CURRENCY.
sions, the average amount of capital invested iu United States bonels
for the six months ending May 31, in the years 1878, 1879, and 1880:
Six m o n t h s e n d i n g
M a y 31,1878:
N e w England States
Middle States
Southern States
W e s t e r n States
Pacific S t a t e s a n d T e r r i t o r i e s
• United States
M a y 31,1879:
N e w En.ixland 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
M a y 31,1880:
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
{By S t a t e b a n k s ,
p r i v a t e baiik-l B y s a v i n g s
ers, a n d t r u s t ]
banks."
coiuiDanies.
TotJd.
$3, 028, 738
23, 915, 757
1, 523, 882
6, 062, 265
3, 356, 369
$26, 597, 718
102,163, 985
66, 667
1,172, 598
1, 082, 620
$29, 626, 456
126, 079, 742
1, 590, 549
7, 234, 863
4, 438, 989
37, 887, Oil
131, 083, 588
168, 970, 599
3,
25,
3,
8,
5,
669, 967
686, 469
593,179
326, 402
015, 948
34>941,-378
123, 818,148
86, 021
2,164, 668
1, 372, 845
38, 611, 345
149, 504, 617
3, 679, 200
10, 491, 07!0
46, 291, 965
162, 383, 060
208, 675, 025
3, 737,
20, 564,
2, 541,
8,137,
3, 883,
093
834
991
554
816
37, 693, 200
146, 301,155
1,000
2, 474, 557
2, 717, 904
41, 430, 293
166, 865, 989
2, 542, 991
10, 612, 111
6, 601, 720
38, 865,288
189,187, 816
228, 053,104
The above table gives the average amount of caxiital invested in
United States bonds, from which should be deducted the amount of premium paid at the time of purchase, which cannot be ascertained.
The amount of United States bonds held by the national banks on JSTovember 1, 1880, as above shown, was $403,369,350, and the average
amount held by the other banks and bankers of the country, during
the six months ending May 31 last, was $228,053,104. The total amount
held by all the banks and bankers* is thus shown to be considerably
more than one-third of the whole interest-bearing, funded debt of the
United States, as follows :
Savings b a n k s . . . .
State banks and trust companies
Private bankers
Nationalbanks
-. ^
Total
^189,187,816
24, 498, 604
14, 366, 684
403,369,350
631,422,454
K the amount of bonds held by national banks and private bankers be
deducted from the last total, the remainder will agree very nearly with
the amount of bonds held by State and savings banks as returned by
State officers, and shown on the preceding page. These amounts, therefore, seem to be very nearly correct, and to comprise the whole amount
of United States bonds held by all the banks and bankers of the country.
A table will be found in the appendix giving the number of each class
of banks and of private bankers in each State, together with the amount
of their capital, deposits, and United States bonds held.
CLEARINa-HOUSE CERTIFICATES.
Section 5192 Eevised Statutes provides that clearing-house certificates, representing specie or lawful money specially deposited for the
purpose of any Clearing House association, shall also be deemed to be
lawful money in the possession of any association belonging to such
142
^ REPORT ON THE FINANCES.
Clearing House holding and owning such certificate; and section 5193
provides that the Secretary of the Treasury may receive United States
notes on deposit, without interest, from any national banking associations, in sums not less than ten thousand dollars, and issue certificates
therefor in denominations of not less than hye thousand dollars, which
certificates may be counted as part of the lawfal money reserve, and
may be accepted in the settlement of clearing-house balances at the
places where the deposits therefor were made.
The legal-tender note certificates were first issued in the fiscal year 1873.
On June 30, 1875, there were outstanding $59,045,000 of these certificates, of which the national banks held $47,310,000. On June 30, 1876,
the amount outstanding was $33,140,000, of which the banks held
$27,955,000. On June 30, 1879, the amount had been reduced to
$29,330,000, and the banks held on June 14of the same year $25,180,000.
The amount outstanding on October 1 was $9,885,000, and the national
banks held on that day $7,655,000, they having surrendered a large portion of these certificates for the iiurxiose of supplying the demand for
United State.^ notes.
The issue of the gold certificates was authorized by the fifth section
of the act March 3,1863, and t h e j were used for clearing-house purposes
soon after the passage of the national-bank act. The first issue was made
on N^ovember 13, 1865. On June 30, 1875, there were outstanding
$21,796,300, ofwhich the national banks in IS^ew York City held $12,642,180.
The issue of these certificates was discontinued on December 1,1878, and
the amount outstanding had decreased on June 30,1879, to $15,413,700,
and on October 1, 1880, to $7,480,100. The issue of gold certificates
having been discontinued by the government, and the amount of gold
coin having rapidly increased, the banks in JSTew York found it necessary
to establish a depository of gold coin for the convenience of the Clearing House. This depository at the iiresent time is the Bank of America,
by which bank certificates of deposit were first issued on October 14,
1879. The ainount of such certificates outstanding on JSTovember 1,1879,
was $9,155,000, on January 1,1880, $25,610,000, and on June 1, and since
that time, $39,550,000, which is the full capacity of the vault. Of this
amount the national banks of JSTew York City held on June 11, 1880,
$33,337,000 j on October 1, $36,189,000.
The Clearing Houses of Boston, JPhiladelphia, and Baltimore have organized similar depositories in order to utilize their gold coin and save
the risk and inconvenience of handling and transporting the coin itself.
The total amount of such certificates issued to the national banks in
JSTew York up to October 1 was $36,189,000, in Philadelphia, $6,040,000,
in Boston, $5,908,000, and in Baltimore, $30,000 -, total, $48,167,000.
TRANSACTIONS OF THE NEW YORK CLEARINa HOUSE.
The ISTew York Clearing House Association is composed of forty-five
national and twelve State banks, and the assistant treasurer of the
United States at JSTew York. The exchanges at the Clearing House for
the year ending October 1,1880, obtained through the courtesy of Mr. W.
A. Camp, its manager, were more than thirty-seven thousand millions,
and the balances paid in money were more than fifteen hundred millions. The average daily exchanges were more than one hundred and
twenty-one millions, and the average daily balances paid in money were
but about four and nine-tenths millions, or only four and one-tenth per
cent, of the amount of the settlements.
The I^ew York Clearing House was organized in 1853, and the following table exhibits its transactions yearly, and the amount and ratio of
COMPTROLLER OF THE CURRENCY.
143
currency required for the payment of daily balances, for the last twentyseven years:
Years.
1854
1855
1856
1857
1858
1859
1860
1861
1S62
1863
1864
1865
1866
1867.:
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
No. of
banks.
* Capital.
50 $47, 044, 900
48 ^ 48, 884,180
52, 883, 700
50
64, 420, 200
50
67,146, 018
46
67, 921, 714
47
• 50
69, 907, 435
68, 900, 605
50
68, 375, 820
50
68, 972, 508
50
.68, 586, 763
49
80, 363, 013
55
82, 370, 200
58
81, 770, 200
58
82, 270, 200
59
• 59
82, 720, 200
83, 620, 200
61
62 ' 84,420,200
84, 420, 200
61
83, 370, 200
59
81, 63.5, 200
59
80, 435, 200
59
81, 731, 200
59
•
71,. ^^v 200
58
63, 6li •'-OO
57
60,
800, 2O0
59
60, 475, 200
57
Exchanges.
$5, 750, 4.55, 987
5, 362, 912, 098
6, 906, 213, 328
8, 333, 226, 718
4, 756, 664, 386
6, 443, 005, 956
7, 231,143, 0.57
5, 915, 742, 758
6, 871, 443, 591
14, 867, 597, 849
24, 097,196, 6.56
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, 8-58
19, 874, 815, 361
20, 876, 555, 937
19, 922, 733, 947
24, 553,196, 689
37,182,128, 621
Average
Balances paid A v e r a g e daily daily balin nioney.
exchanges. ances paid
in m o n e y .
$297, 411, 494
289, 694,137
3.34, 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, 066,13.5,106
1,144, 963, 451
1,125, 455, 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
951, 970, 454
1, 321,119, 298
1, 516, 538, 631
Ratios.
Pr. ct.
$19,104, 505
$988, 078
5.2
17, 412, 052
940, 565
5.4
22, 278,108
1, 079, 724
4.8
26, 968, 371 1,182, 246
4.4
15, 393, 736 1, 016, 954
6.6
20, 867, 333 1,177, 944 . 5.6
23, 401, 757 1, 232, 018
5.3
19, 269, 520 1,151, 088
6.0
22, 237, 682 1, 344, 758
6.0
48, 428, 658 2, 207, 2.52
4.6
77, 984, 455 2, 866, 405
3.7
84, 796, 040 3, 373, 828
4.0
93, 541,195
3, 472, 753
3.7
93,101,167
3, 717, 414
4.0
92,182,164
3, 642, 250
4.0
121, 451, 393 3, 637, 397
3.0
90, 274, 479 3, 365, 210
3.7
95,133, 074 3, 927, 666
4.1
105, 964, 277 3, 939, 266
3.7
111,022,137
3, 765, 922
3.4
68,139, 484 3,173, 958 . 4.7
75, 301, 558 3, 608, 977
4.8
64, 738, 812 3, 288, 381
5.1
68, 447, 724 3, 328, 710
4.9
65,106, 974
3, 111, 015
4.8
79, 977, 839 i 4, 303, 320 . 5.4
121, 510, 224 1 4,956,009
4.1
171, 783, 043 +535, 874, 297, 547t22, 672, 815, 042 • t64, 593, 878 12, 733, 300
4.2
* The capital is for various dates, the aniount at a uniform date in each yeax not being obtainable,
t Yearly averages for twenty-seven years.
| Totals for twenty-seven years.
The Clearing House transactions of the assistaut treasurer of the
United States at JSTew York, for the year ending E'ovember 1,1880, were
as folloAvs:
Excbanges receivecl from Clearino^ H o u s e . . ^
'
$343, 622, 365
Excbanges delivered to Clearing House
78,193, 328
Balances paid to Clearing House
,.
266, 387,853
Balances received from Clearing House
•:
958, 819
Sbowing t b a t tbe-amonnt paid by t b e assistant treasurer to tbe Clearing .
House was in excess of t b e amount received by bim.'.
265, 429, 034
The amount of clearings during the last year exceeded any iirevious
year's transactions since the organization of the Clearing House. The
average amount per day for the year was $126,466,232.85. The maximum was on JSTovember 3, when it reached $202,558,252.11. The largest
amount of balances in any one day was on J^ovember 11, when it was
$11,208,025.20, and $8,300,000 of this amount, weighing about l ^ tons,
was paid in gold coin.
The total amount of transactions in the twenty-seven years since the
organization of the, Clearing House is $574,849,719,103, and the average
for each year is $21,290,734,040. The amount of gold coin actually paid
in settlement of balances in the last year is $340,538,000; of Clearing
House gold certificates $1,056,462,000; of United States Clearing House
certificates $34,260,000 j and of legal-tenders $85,218,000. Of the legaltenders, $46,852,000 were received in October, 1879, and only $38,366,000
during the remaining eleven months.
A table compiled, for purposes of comparison, from returns made to
the JSTew York Clearing House, will be found in the appendix, giving
the clearings and balances weekly, for the months of September, October and ISTovember of various years, from 1872 to 1880.
144
REPORT ON THE FINANCES.
SPECIE IN BANK AND IN THE TREASURY OF THE UNITED ^STATES,,
AND ESTIMATED AMOUNT IN THE COUNTRY—SPECIE IN THE BANK
OF ENG-LAND AND IN THE BANK OF FRANCE.
The table below exhibits the amouut of specie held by the national
bpoiiks at the dates of their reports for the last eleven years; the coin,
coin-certificates, aud checks payable in coin held by the JSTew York City
banks being stated separately:
Held h y national banks in N e w Y o r k City.
Dates.
Coin.
slSOS- 51, 698,623 24
Oct.
,1869. 1, 902,769 48
Jan.
Apr. 17', 1869- 1, 652,575 21
2, .542,533 96
J u n e 12,1,18691, 792,740 73
Oct. 9,1,1869.
Jan. 22,:, 1870- 6,196, 036 29
Mar. 24,, 1870- 2, 647,90S 39
2, 942,400 24
J u n e 9,.',1870.
1,1870.
Oct.
1. 607,742 91
Dec. 28,;, 1870. 2, 268, 581 90
2 982, 155 61
Mar. 18,1,1871.
2, 047,930 71
Apr. 29,1,1871.
2, 249,408 06
J u n e 10,1,1871.
1,121, 869 40
Oct. 2,1,1871.
1J4.54, 930 73
Dec. 16,1,1871.
Feb. 27,•, 1872. 1^ 490, 417 70
i', 828, 659 74
Apr. 19;\ 1872.
J u n e 10,,1872.
3, 782,909 64
•, 1872.
Oct.
920, 767 37
1, 306,091 05
Dec. 27,,1872.
Feb. 28,!, 1873. 1, 958,769 86
Apr. 25,>, 1873. 1, 344,950 93
Jnne 13,!, 1873. 1, 442,097 71
1, 063,210 55
Sept. 12,!,1873.
1, 376,170 50
Dec. 261,1873.
1,167, 820 09
Feb. 27,,1874.
May 1., 1874. 1, 530,282 10
J u n e 26'i, 1874. 1, 842,525 00
Oct. 2,:, 1874. 1, 291,786 56
1, 443,215 42
Dec. 31,1874.
1, 084,555 54
Mar. i;,1875.
930, 105 76
May 1,,1875.
1, 023,015 86
J u n e 30,1,1875.
753, 904 90
Oct. 1,,1875.
869, 436 72
Dec. 17,,1875.
3, 261,131 36
Mar. 10,1,1876.
313 70
May 12,1,1876.
J u n e 30,',1876.
1, 214,522 92
Oct. 2,:, 1876."" 1,120, 814 34
Dec. 22,•1876.
1, 434,701 83
Jan. 20,,1877.
1, 669,284 94
Apr. 14,,1877.
1,
930,725 59
J u n e 22,,1877.
1,423, 258 17
Oct. 1,,1877.
1,
538,486 47
Dec. 28;:, 1877. 1, 955,746 20
797 44
Mar. 15,', 1878.
2,
428,
May 1,., 1878. 2, 688,092 06
J u n e 29,1,1878.
705 22
1,
905,
Oct. 1,,, 1878. 1, 779,792 43
Dec. 6;1,1878.
299 01
4,
009,
Jan. 1,,1879.
5, 421,552 49
Apr. 4,-,1879.
966
90
5, 312,
J u n e 14,-,1879.
!, 1879. 6, 058,472 34
Oct
!, 1879. 7; 218,967 69
Dec. 12;,, 1S80-. 20, 096, 249 64
Feb. 21,;, 1880. 12, 252. 541 44
Apr.' 23,,1880. 12, 595,720 49
Jnne 11,,1880. 16, 682,226 40
Oct. 1,
16,104, 855 28
U. S. coin- Checks paya
certificates. ble in coin. .
$6, 390, .140
18, 038, 520
3, 720, 040
11, 9.53, 680
16, 897, 900
28, 501, 460
21, 872,480
18, 660, 920
7, .533, 900
14, 063, 540
13, 099, 720
9, 845, 080
9,161,160
7, 590, 260
17, 354, 740
12, 341, 060
10,102, 400
11,41.1,160
5, 4.54, 580
12, 471, 940
11, 539, 780
11, 743, 320
22,139, 080
13, 522, 600
18, 325, 700
23, 518, 640
23, 454, 660
13, 671, 660
13,114, 480
14, 410, 940
10, 022,160
5, 753, 220
12, 642,180
4, 201, 720
12, 532, 810
19, 086, 920
15,183, 760
16, 872, 780
13, 446, 760
21, 602, 900
33, 629, 660
13, 899,180
10, 324, 320
11, 409, 920
19,119, 080
35, 003, 220
2.5, 397, 640
11, 954, 500
11, 514, 810
12, 277,180
12, 739, .544
12, 220, 940
12, 291, 270
12,130, 900
8, 366,140
7, 464, 650
6, 914, 250
7, 810, 200
7, 489, 700
$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
42
87
64
24
92
44
39
90
25
52
21, 569, 000 00
•35, 85.5, 000 00
2.5, 458, 000 00
33, 337, 000 00
36,189, 000 00
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, 87.5,757 84
23, 06.5,302 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
24, 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
13,66.5, 195 86
4, 955,624 90
13, 402, 246 72
22, 348, 051 36
16, 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
18,161, 092 49
17, 533, 906 90
18, 349,742 34
19, 349, 867 69
50, 031, 389 64
55, 572,191 44
44, 967, 970 49
57, 829,426 40
59, 783, 555 38
Held by
other natibnal
banks.
AggTegate.
$3, 378,596 49 $13, 003, 713 3!>
7, 337,320 29 29, 626,750 26
3,102, 090 30
9, 944,532 15
2, 983,860 70 18, 455, 090 48
3, 297,816 37" 23, 002,405 83
11, 457, 242 69 48, 345,383 72
11, 507,060 75 37,096, 543 44
8, 332,211 66 31, 099,437 78
5, 324,362 14 18, 460, Oil 47
6, 227.002 76 26, 307,251 59
5, 857,409 39 25, 769, 166 64
6, 456,909 07 22, 732, 027 02
4, 833,532 18 19, 924, 955 16
3, 377,240 33 13, 252, 998 17
6, 529,997 44 29, 595,299 5Q
8, 559,246 72 25, 507,825 32
7, 787,475 47 24, 433, 899 46
4, 842,154 98 24, 256,644 14
3, 8.54,409 42 10, 229,756 79
5, 269,305 40 19, 047,336 45
4, 279,123 67 17, 777, 673 53
3, 780,557 81 16, 868, 808 74
4, 368,909 01 27, 950, 086 72
5, 282,658 90 19. 868,469 45
7, 205,107 08 26, 907,037 58 8, 679,403 49
33, 365,863 58
7, 585,027 16 32, 569,969 26
6, 812,022 27 22, 326,207 27
6, 834,678 67 21, 240, 945 23
6, 582,605 62 22, 436, 761 04
4, 960,390 63
16, 667,106 17
3, 937,035 88 10, 620,361 64
582 30
386
44
5, 294,
18, 959,329 73
3, 094,704 83
8, 050,905 90
3, 668,659 18 17, 070, 345 85
6, 729,294 49
29, 077,594 36
5, 698,520 66 21, 714,469 92
7,131,167 00 25, 218,654 03
6, 785,079 69 21, 361,647 89
9, 962,046 06 32, 999,267 55
14,410, 322 61 49, 709, 037 78
11, 240,132 19 27, 070, 996 06
9, 588,417 89 21, 335, 820 31
9, 710,413 84 22, 658, 750 70
11, 832,924 50 32, 907, 058 02
17, 290,040 58 54, 722, 756 06
17, 938,024 00 46, 023,469 77
15, 391,264 55 29, 2.51,606 59
17, 394, 004 16 30, 688. 250 36
18, 068,771 35 34, 355, 7.57 32
23, 338,664 83 41, 499,•563 41
23, 614,656 51 41,148,287 44
23, 983,.545" 10 42, 333,
22, 823,873 54 42,173, 731 23
28, 981,651 95 79, 013,041 59
33, 869,860 31
89, 442,051 75
41, 461,761 72 86, 429,732 21
41, 677,078 86 99, 506,505 26
49, 562,954 11 109, 346,509 49
* Gold clearing-house certificates.
The amount of silver coin held bythe national bauks on October 1,1877,
was $3,700,703, and on October 1, 1878, $5,392,628. The ainount held on
145^
COMPTROLLER OF THE CURRENCY.
October 2, 1879, was $4,986,493, and on October 1, 1880, $6,495,477, including $1,165,120 in silver treasury certificates. The aggregate amountof specie held by the State banks in JSTew England, I^ew York, Kew
Jersey, Pennsylvania, JVTaryland, Louisiana, JB^entucky, Ohio, lowa,^
Wisconsin, and JMinnesota, as shown by their ofQ.cial reports for 1880, was
$6,201,617, of which the banks in iTew York City held $4,968,722. In
the returns from California the amount of coin is not given separately,
but it is estimated to be three-fourths of the amount returned as currency,
which was $13,785,015.
The Director of the J^Iint, in his report for 1879, estimated the amount
of coin in the country on June 30, 1879, at $398,541,683, of which
$286,490,698 was gold and $112,050,985 was silver.
His estimate for the fiscal year ending June 30, 1880, is as follows :
Amount of coin in tbe country June 30, 1879
Net gold coinage for tbe year
Net silver coinage for tbe year
Net importation of gold for tbe year
Net importation of sflver for tbe year
$398,541,683
55,948,407
27,903,139
16,519,586
2,642,896
'
•.
Total coin circulation J u n e 30, 1 8 8 0 . . .
501,555,711
Of this amount it is estimated that $358,958,691 consists of gold coin,
and $142,597,020 of silver coin. The Director estimates that from the
close of the last fiscal year to JSTovember 1 there has been added to the
eoin $6,494,528 of gold and $9,630,940 of silver, making the stockof coin
in the country at the latter date $517,681,179, and consisting of $365,453,219 of gold coin and $152,227,960 of silver. The amount of bullion in
the mints and J^ew York assay of&ce on J^ovember 1 is stated to have
been $78,558,811 of gold and $6,043,367 of silver, making in all
$84,602,178; which, added to the estimated amount of coin stated above,
gives $602,283,357 as the total estimate of coin and bullion in the country
on J^ovember 1, of which amount $444,012,030 was gold and $158,271,327
was silver.
The amount of gold and silver, and the percentage of each, in the
Treasury ofthe United States, on September 30 in each year from 1876 to
1880, and on ISTovember 1, 1880, is shown in the following table:
SUver.
Period.
September 30,1876.-..
September 30,1877....
September 30,1878....
September 30,1879....
. September 30,1880
November 1,1880
Per cent, of—
Standard Other coin Total silver.
dollars. and bullion.
$6, 029, 367
7, 425, 454
15, 777, 937
21,173, 023
30, 878, 286
30, 820, 561
$12,155, 205
31, 806, 774
47, 784, 744
47,156, 588
$6, 029, 367
7, 425, 454
27, 933,142
52, 979, 797
78, 663, 030
77, 977,149
Gold coin
and bullion.
Total coin
and bnllion.
SUver. Gold.
$55, 423, 059
107, 039, 529
136, 036, 302
169, 827, 571
135, 641, 450
141,127, 049
$61, 452, 426
114, 464, 983
163, 969,444
222, 807, 368
214, 304, 480
219,104,198
9.8
6.5
17.0
23.8
36.7
35.6
90.2
93.5
83.0
76.2
63.3
64.4
The following table shows the amount of bullion held by the Bank of
England in each year from 1870 to 1880, the pound sterling being estimated at five dollars:
1870
1871
1872
1873
1874
1875
$103,900,000
117,950,000
112,900,000
113,500,000
111,450,000
119,600,000
1876
1877
1878
1879*
18801
'^ London Economist, November 8, 1879.
t London Bankers' Magazine, October. 1880_
IOF
$143,500,000
126,850,000
119,200,000
150,942,980
141,637,000
146
R E P O R T ON T H E
FINANCES.
The amount of gold and silver, and percentage ofeach, held by the
Bank of France on December 31 of each year from 1870 to 1879, and on
October 21,1880, is shown in the following table, five francs being taken
for one dollar: *
Per cent, of—
Years.
Silver coin
and bullion.
Gold coin
and buUion.
Total.
Silver. Gold.
December 31,1870
December 31,1871
December 31,1872
December 31,1873
Docember 31,1874
December 31,1875
Deoember 31,1876
Deoember 31,1877
December 31,1878
December 31,1879
October 21,1880 . .
$13, 700, 000
16, 240, 000
26, 520, 000
31, 260, 000
62, 640, 000
101, 000, 000
127, 720, 000
173, 080, 000
211, 620, 000
245, 520, 000
249, 789, 000
$85, 740, 000
110, 680, 000
131, 740, 000
122, 260, 000
204,220,000
234, 860, 000
306, 080, 000
235, 420, 000
196, 720, 000
148, 320, 000
116,140, 000
$99, 440, 000
126, 920, 000
158, 260, 000
153, 520, 000
266, 860, 000
335, 860, 000
433, 800, 000
408, 500, 000
408, 340, 000
393, 840, 000
365, 929, 000
13.8
12.8
16.8
20.4
23.5
30.1
29.4
42.4
51.8
62.3
68.3
86.2
87.2
83.2
79.6
76.5
69.9
70.6
57.6
48.2
37.7
31.7
STATE TAXATION OF NATIONAL BANKS.
Section 5219 of the Kevised Statutes of the United States provides
that nothing in the national-bank act shall prevent all the shares in
any national association from being included in the valuation of the personal property of the owner or holder of such shares in assessing taxes
imposed by the authority of the State in which the association is located, but that the legislature of each State may determine and direct
the manner and place of taxing all the shares of national banking associations located within the State, subject only to two restrictions: first,
that the taxation shall not be at a greater rate than is assessed upon
other moneyed capital in the hands of the individual citizens of such
State; and, second, that the shares of any national banking association
owned by non-residents of any State shall be taxed m the city or town
where the bank is located, and not elsewhere. The same section provides that nothing herein contained shall be held or construed to exempt the real propeirty of associations from either State, county, or municipal taxes, to the same extent, according to its value, as other real
Iiroperty is taxed.
In the decision, of the United States Supreme Court, in the case of
Williams vs. The Board of Assessors ofthe City of Albany, at the October
term in 1879, JMr. Justice Miller, who delivered the opinion, commenting
on this Iirovision in reference to State taxation of national-bank shares,
said;
Tbat tbe provision was necessary, to autborize tbe States to impose any t a x wbat©ver on national-bank sbares, is abundantly establisbed by former decisions of tbe
United States Supreme Court. As Congress was conferring a power on tbe States
wbicb tbey would not otberwise bave bad—to t a x tbese sbares—it undertook to impose a restriction on tbe exercise of t b a t power, manifestly designed to j)revent taxation wbicb sbould discriminate against tbis class of property as compared witb otber
moneyed capital. In permitting tbe States to t a x tbese sbares it was foreseen—tbe
cases we bave cited from our former decisions of tbe United States Supreme Court
sbowed too clearly—tbat tbe State autborities migbt be disposed to t a x tbe capital invested in tbese banks oppressively. Tbis migbt bave been prevented by fixing a precise limit in amount; but Congress, witb due regard to tbe dignity of tbe States, and
witb a desire to interfere only so far as was necessary to protect tbe banks from any* Tbe Bulletin de Statistique, as quoted in tbe.Bankers' Magazine, New York, vol.
XIII, page 740; except tbe items for 1879 and 1880, wbicb were obtained from tbe
London Bankers' Magazine for August, 1880, page 661, and New York Bankers' Magazine for November, 1880, page 335.
COMPTROLLER OF THE CURRENCY^
147
tbing beyond tbeir equal sbare of tbe public burdens, said you may tax tbe real estate
of tbe bank as otber real estate is taxed, and you may t a x tbe sbares of tbe bank as
tbe personal property of tbe owner to tbe same extent you t a x otlier moneyed capital
invested in your State. I t was conceived t b a t by tbis qualification of tbe power of
taxation equality would be secured and injustice prevented.
Prior to this decision of the Supreme Court, the intent of Congress
in providing for the taxation of national-bank shares by the States, had
been overlooked or evaded, in collecting taxes on such shares under the
laws of many of the States. As a consequence, capital invested in national banks has, in the assessment and collection of taxes, been subjected to unjust and severe discrimination in different ways in these
States.
In I^ew York the law permits the deduction of the just debts of an individual from his personal property, including his moneyed capital, excepting only from his bank shares. In Ohio the law provides certain State
boards for equalizing the taxation on real estate, on railroad capital,
and on capital invested in bank shares; but there is no State board
for equalizing the taxation on personal property others than bank
shares, railroad stock or other moneyed capital. The equalizing process as to all other personal property ceases with the county boards.
But the county bpards throughout the State fixed the valuation of
moneyed capital for puriioses of taxation at six-tenths of its true value,
while the State board fixed the value of bank shares at their actual cash
value. Thus while the rates of taxation were the same, yet, the valuation
being different, bank shares were discriminated against to the extent of
four-tenths of their value.
The States have a right to impose whatever tax they choose upon the
shares of banks organized under their own laws, but they have no right
to impose a greater valuation on national bank shares than on other
moneyed capital in the hands of individuals, since thereby the tax becomes heavier on the bank shares than on the moneyed capital, while
the law, rightly construed, says it shall be the same.
The decisions of the United States Supreme Court delivered JMarch 2,
1880, in cases arising under the laws of the two States mentioned, protect national banks from these forms of discrimination, and indirectly
protect the State banks, as these States will doubtless so modify their
laws as to place State banks within their borders on at least as good a
footing in respect to taxation as the national banks. By these decisions
also the Supreme Court pointed out the appropriate mode of relief for
national banks, when taxes are assessed upon them at a greater rate than
upon other moneyed capital in the same State. This mode is to pay such
portion of the unjustly imposed tax as is equal to the tax paid on other
moneyed capital, and to enjoin the collection of the excess.
But these decisions do not point out any satisfactory method for the
recovery of taxes which have been heretofore illegally assessed on national-bank shares and collected by the State authorities. On this point
it was decided that the question of the recovery from the assessors of
taxes overpaid, through errors in assessments arising from misconstructions of the law of the United States relative to the taxation of nationalbank shares by the States, is not one to be decided by the Federal courts,
but must be governed by the common law or the statute law of the
State.
As it is in the power of the States, under the present law of Congress,
so to legislate that, through mistaken construction of said law by the assessors, bank shares may be discriminated against as compared with other
moneyed capital, and as redress for such mistakes depends on the action
of the State courts j and as, further, to ^secure a true construction of th©
148
REPORT ON T H E FINANCES,
federal law by the assessors in each State may require protracted litigation, before the question of the legality of the form of taxation in each
particular State can be finally decided; it becomes a question whether
Congress may not better settle the whole matter by fixing more precisely the amount of taxation which may be imposed by the States on
national-bank shares.
The decision of the Supreme Court, heretofore quoted, states that this
oppressive taxatioh '^ might have been prevented by fixing a precise limit
in amount," and it is respectfully suggested to Congress whether it would
not be advisable, in order to avoid the expense and annoyance of longcontinued litigation, to pass a law fixing the maximum amount of taxation which may be imposed upon national banks by State authorities.
It is true that if this should be done the States so disposed might discriminate in favor of banks of their own creation, or in favor of other
moneyed capital, by making the weight of taxation on such property
less oppressive than that fixed on national-bank shares by Congress;
but such action would be so manifestly unjust that it is more likely that
legislation would follow in the more important States, the object of which
would be to impose just and equitable assessments upon every class of
moneyed corporations. It is also true that if the maximum rate of taxation werefixedby law, the courts and the board of assessors could yet, by
construction, discriminate in favor of other moneyed corporations by
requiring the tax to be at a uniform rate, while the valuation of the
assessors is unequal.
The Supreme Court, in the decision already referred to upon this point,
quotes from the law as follows:
Taxation sball not be at a greater rate t b a n is assessed upon otber moneyed capital
in tbe bands of individuals.
The Court then proceeds to say.:
Seizing upon tbe word rate in tbis sentence as if disconnected from tbe word assessment, and construing i t to mean percentage on any valuation t b a t migbt be made, tbe
Court of Appeals arrives at tbe conclusion t b a t since t b a t percentage is tbe same in all
cases tbe act of Congress is not infringed. If tbis pbilological criticism were perfectly
just, we still tbink tbe manifest purpose of Congress in passing tbis law sbould prevail. We bave already sbown wbat tbat was. But tbe criticism is not sound. Tbe
section to be construed begins by declaring t b a t tbese sbares may be ''included in tbe
valuation of tbe personal property of tbe owner in assessing taxes imposed by autbority of tbe State witbin wbicb tbe association is located." This valuation, tben, is part
of tbe assessment of taxes. I t is a necessary part of every assessment of taxes wbicb
is governed by a ratio or percentage. Tbere can be no rate or percentage witbout a
valuation. Tbis taxation, says tbe act, sball not be at a greater rate tban is as^
sessed on otber moneyed capital. W b a t is it t b a t sbaU not be greater ? Tbe answer
is taxation. I n wbat respect sball it not be greater tban tbe rate assessed upon otber
capital? We see t b a t Congress bad in its mind an assessment, a rate of assessment,
and a valuation, and taking all tbese togetber tbe taxation on tbese sbares was not t o
be greater tban on otber moneyed capital.
If section 5219 of the Eevised Statutes were to be so amended as to
read as follows, it would cover the two points under consideration:
But tbe legislature of eacb State may determine and direct tbe manner and place of
taxing all tbe sbares ofnational banking associations located witbin tbe State, subject
only to tbe two restrictions, t b a t tbe maximum rate of taxation sball not exceed —
per cent., and t b a t tbe valuation sball not be at a greater rate tban upon otber moneyed
capital in tbe bands of individual citizens of sucb State, and t b a t tbe sbares of any
national banking association owned by non-residents of any State sball be taxed in
tbe city or town wbere tbe bank is located, and not elsewhere.
Such an amendment would prevent excessive taxation in all the States,
and should not effect the imposition of a less rate in any of the States.
The valuation would necessarily be equal, and it is probable that the
constitution of most of the States would prevent a discrimination against,
any particular class of moneyed capital.
149
COMPTROLLER OF THE CURRENCY.
TABLES OF NATIONAL AND STATE TAXATION,
The Comptroller herewith presents his usual annual tables, giving, as
far as can be ascertained, the amount of taxes imposed upon the bank»
ing capital of the country, and respectfully repeats his previous recommendation for the repeal of the law imposing a tax upon capital and
deposits, and of the two-cent stamp tax uiion bank checks.
The amount collected by the Commissioner of Internal Eevenue during
the last fiscal year was $123,981,916, and the whole of this amount,
with the exception of $11,096,464.39, was derived from.the tax on spirits,
beer, and tobacco. Were the entire tax upon banks and bankers of the
country, including the two-cent check tax, as well as the tax upon matches
and patent medicines, removed, the amount of revenue received by the
government from the tax on spirits, beer and tobacco, and from customs
duties, would alone be sufdcient to meet its expenses and reduce the
public debt at the rate of at least seventy millions annually.
The xirincipal reason heretofore urged against the repeal of these
taxes has been that the amount produced was necessary for the support
of the government; but this reason has ceased to exist. The repeal of
the laws imposing taxes, not only upon the national banks, but also
upon the State and private banks and savings-banks of the country-—
which institutions hold, as has been seen, one-third of the whole public
debt of the United States—will indirectly aid the government in refunding the remainder of the debt at a low rate of interest, by increasing the
demand and extending the market for its bonds, thus to a considerable
extent saving to the government in interest what may be lost to it in
revenue from taxes.
The enormous State taxes which the banks and bankers of the country have paid for a series of years, and still pay, and which are in a
much greater ratio to values than are those imposed on any other species
of property, are as much as should be imposed upon this great interest,
and particularly at a time.when the rates of interest throughout the
country are being greatly reduced.
The following table for the year 1879, similar to the one for the year
1878, which was given in the last annual report of the Comptroller, shows
ihe amount of United States and State taxes, and the rate of taxation
paid by the national banks, in every State and principal city of the
Union for that year. Similar tables for the years 1867 and 1869, and for
the years from 1874 to 1878 inclusive, may be found in the appendixo
TAXATION of NATIONAL BANKS.
Eatios to capital.
Amount of taxes.
States and Territories.
Maine
New Hampshire.'.
Vermont
Ma-Bsach nsetts
Boston
Rkode Island
"Connecticut
;
• New England States
Capital.*
United
States.
State.
$10, 507,115
5, 666, 257
8,528,353
44, 302, 447
50, 445, 725
20. 009, 800
25, 572, 815
$114, 855
65,138
89, 863
517,410
678, 371
195, 509
281, 063.
$228, 030
97, 950
169, 699
719, 629
675, 691
251, 079
389, 926
$342, 885
163, 088
259, 562
1, 237, 039
1, 354, 062
446,588
670, 989
165,032,512
1, 942, 209
2, 532, 004
4, 474, 213
Total.
United State,
States.
TotaL
Per ct. Per ct. Per ct.
1.1
2.2
3.3
1.2
1.7
2.9
1.0
.2.1
3.1
1.2
1.6
2.8
1.3
1.3
2.6
2.2
1.0
1.2
1.1
1.5
2.6
1.2
1.5
2.7
*Tlie capital of tbe banks that reporfced State, couuty, and municipal taxes on stock and real estate
d $452,869,712.
150
REPORT ON THE FINANCES.
TAXATION of NATIONAL BANKS—Qontinw^di.
A m o u n t of t a x e s .
States and TeiTitories.
Ilatios to capital.
Capital.
United
States.
State.
Total.
32, 973. 066
50, 813, 657
1, 920, 229
13, 553, 308
28, 513, 098
16, 818, 000
9, 897, 977
1. 763, 985
2, 265,125
10, 535, 760
252, 000
1,125, 000
511, 243
, 299,166
56,177
205, 856
408, 310
358, 023
143, 056
25, 527
32, 841
129, 781
4,509
15, 624
637,489
, 466, 570
50, 532
241, 379
191, 626
109, 508
59. 834
6, 215
30, 522
138, 415
130
4,049
1,148, 732
2, 765, 736106, 709
447, 235
599, 936
467, 531
202, 890
31, 742
63, 363
268, 196
4, 639
19, 673
Middle States
170, 431, 205
3,190,113
2, 936, 269
6,126, 382
Virginia
W e s t Virginia
North Carolina.;
South Carolina
Georgia
Plorida
,
Alabama
N e w Orleans
Texas
Arkansas
Kentucky
Louisville
Tennessee
2, 947, 560
1, 656, 000
2, 500, 884
2, 450, 000
2,119, 216
50, 000
1, 662, 000
2, 875, 000
1, 050, 000
205, 000
7, 037, 974
2, 995, 500
3, 005, 884
49,
21,
31,
28,
27,
53,
26,
38,
49,
36,
New York
N e w York City
Albany
New Jersey
Pennsylivania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
D i s t r i c t of C o l u m b i a
Washington
Southern States
•
—
Ohio
Cincinnati
Cleveland
Indiana
•Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee
Iowa
Minnesota
Missouri
SaintLouis
Kansas
Nebraska
Colorado
Oregon
California*
San Francisco*
N e w Mexico
Utah
Idaho
Montana
Wyoming
Dakota.,
Washington
W e s t e m States and
Territories
Totals
:
380
523
586
709
807
794
20, 267
50, 212
15, 439
3, 217
82, 347
44, 606
50,110
710
915
356
787
037
815
31, 530
13,144
19, 596
2, 870
39, 814
19, 285
52, 068
103,090
48, 438
69, 942
78, 496
63,844
1,609
51, 797
63, 356
35, 035
6, 087
122,161
63, 891
102,178
United
States.
State.
P e r ct. P e r ct.
1.5
2.0
2.6
2.9
2.9
2.5
1.5
1.8
1.4
0.7
2.1
0.7
1.4
0.6
1.4
0.4
1.5
1.3
1.2
1.3
1.8
0.1
1.4
0.4
1.7
1.7
1.3
1.3
1.2
1.3
1.6
1.2
1.7
1.5
1.6
1.2
1.5
1.7
1.9
1.6
1.6
2.0
1.7
1.6
2.0
0.5
1.9
1.4
0.6
0.6
1.8
30, 555, 018
425, 997
383, 927
809, 924
1.4
1.3
18, 451, 403
4,108, 333
3, 887, 500
18, 828, 674
11, 068, 214
4, 020, 054
7, 263, 673
2,100,000
2, 530, 093
650, 000
5, 809, 832
4, 662, 307
1,282,065
2, 650, 000
816, 394
927,141
1, 050, 000
250, 000
1, 559, 045
2, 750, 000
325, 000
200, 000
100, 000
200, 000
125, 000
185, 041
150, 000
264, 013
79, 722
50, 530
196,213
169, 594
137, 681
96, 743
38, 391
41, 295
IS, 190
86, 537
65, 598
18, 740
47, 910
17, 066
24, 321
34,545
6,836
19,645
21.543
4,598
3,098
1, 43"'4
5,416
2,403
4,206
1,544
368, 946
99, 415
78, 862
289, 943
194, 416
94, 288
118, 018
46, 687
44,425
16, 236
118, 056
85, 475
28, 637
55,642
21, 763
23,814
35,412
2, 90O
4, 229
122
4, 264
3,350
3, 478
. 4,477
2,731
3,509
1,937
632, 959
179,137
129, 392
486,156
364, 010
231, 969
214, 761
85, 078
85, 720
34, 426
204, 593
151, 073
47, 377
103, 552
38, 829
48,135
69, 957
9; 736
23, 874
21, 665
8,862
6,-448
4,912
9, 893
5,134
7,715
3,481
1.4
1.9
1.3
1.4
1.5
3.4
1.3
1.8
1.6
2.8
1.5
1.4
1.5
1.8
2.1
2.6
3.3
2.7
1.3
0.8
1.4
1.5
1.4
2.7
1.9
2.3
1.0
2.0
2.4
2.0
2.1
1.8
2.4
1.6
2.2
1.8
2.5
2.1
1.8
2.4
2.1
2.7
2.6
3.4
1.2
0.3
0.0
1.4
-1. 7
3.5
3.0
2.2
2.0
1.3
90, 949, 769
1, 457, 812
1, 751, 032
3, 208, 844
456, 968, 504
7, 016,131
7, 603, 232 14, 619, 363
2.0
* California b a n k s p a y n o S t a t e t a x e s on c a p i t a l , e x c e p t o n s u c h a s is i n v e s t e d i n r e a l e s t a t e .
COMPTROLLER OF THE CURRENCY
151
The following table exhibits the amount of taxes annually paid by the
national banks to the United States, from the establishment of the system to July 1, 1880, the rate of taxation being one per cent, annually
upon the average amount of notes in circulation, one-half of one per
cent, annually upon the average amount of deposits, and the same rate
upon the average amount of capital not invested in United Stafces bonds:
Yeaxs.
O n circulation.
.^......
1864
1865
.'.
1866
1867
'
1868
1869
1870
1871
1872
1873
1874
1875
1876..
1877
1878
.
1879
1880
»
$53,193 32
733, 247 59
2,106, 785 30
2, 868, 636 78
2, 946, 343 07
2, 957, 416 73
2, 949, 744 13
2, 987, 021 69
3,193, 570 03
3, 353,186 13
3, 404, 483 11
3, 283, 450 89
3, 091, 795 76
2, 900, 957 53
2, 948, 047 08
3, 009, 647 16
3,153, 635 63
O n deposits.
$95, 911 87
1, 087, 530 86
2, 633,102 77
2, 650,180 09
2, 564,143 44
2, 614, 553 .58
2, 614, 767 61
2, 802, 840 85
3,120, 984 37
3,196, 569 29
3, 209, 967 72
3, 514, 265 39
3, 505,129 64
3, 451, 965 38
3,273,111 74
3, 309, 668 90
4, 058, 710 61
45, 941,161 93 47, 703, 404 11
Aggregates
O n capital.
Total.
$18, 432 07
$167, 537 26
133, 251 15
1, 954, 029 60
406, 947 74
5,146, 835 81'
321, 881 36
5, 840, 698 23
306, 781 67
5, 817, 268 18
312, 918 68
5, 884, 888 99
375, 962 26
5, 940, 474 00
385, 292 13
6,175,154 67
' 389, 356 27
6, 703, 910 67
454, 891 51
7 004 646 93
469, 048 02 . 7, 083,498 85
507,417 76
7, 305,134 04
632, 296 16
7 229 221 56
660, 784 90
7, 013, 707 81
560, 296 83
6, 781, 455 65
401, 920 61
6, 721, 236 67
379, 424 19
7, 591, 770 43
6, 716, 903 31 100, 361, 46D 35
The table below gives the taxes annually paid under the United States
laws, by banks other than national, to the Commissioner of Internal Eevenue, on deposits, on circulation, and on capital, for the years from 1864
to 1880, inclusive. The rate of taxation imposed by United States
laws on these banks, on account of their circulation, deposits and capital,
is precisely the same as that imposed upon national banks. The present
duties on their circulation, however, are deriyed mainly from the tax of
ten per cent, imposed upon the amount of such circulation paid out by
them:
O n circulation.
Years.
1864
1865
1866 ..
1867
1868
1869
.
1870
1871
1872
1873...
1874
1875
1876
1877 '.
1878
1879
„
1880
. . . .
Affffreffates
O n deposits.
O n capital.
$2, 056, 996 30
1, 993, 661 84
990, 278 11
214,298 75
28, 669 88
16, 565 05
15, 419 94
22, 781 92
8, 919 82
24, 778 62
16, 738 26
22, 746 27
17, 947 67
5, 430 16
1,118 72
13, 903 29
28, 773 37
$780, 723 52
2, 043, 841 08
2, 099, 635 83
1, 355, 395 98
1, 438, 512 77
1, 734, 417 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
2, 510, 775 43
$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
811, 436 48
5, 479, 027 97
39, 766, 202 28
12, 533, 033 31
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
3, 350, 985 28
57, 778, 263 56
I t will be seen that of the whole amount of taxes paid to the United
States, during the years given in the foregoing tables, b}^ all the
banks and bankers of the country, the national banks alone have paid
nearly two-thirds. The amount of tax upon circulation has been
$45,941,162, while the cost to the government of the national system
since its inauguration in 1863 has been but $4,934,530.51.
From tables similar to the one first given herein for 1879, the follow
152
REPORT ON THE FINANCES.
ing condensed table has been prepared, which shows the taxes, national
and State, paid by the national banks during each year from 1866 to
1879, inclusive. The figures given for the year 1868, and for the years
from 1870 to 1873, inclusive, are estimated. With these exceptions the
amounts of the taxes shown by this table are from complete data obtained by this Office.
A m o u n t of t a x e s .
Years.
United States.
1866
1867
1868
1869
1870
1871
1872........
1873
1874
1875
1876
1877
1878
1879
K a t i o of t a x t o c a p i t a l .
Capital stock.
$410, 593, 435
422, 804, 666
420,143, 491
419, 619, 860
429, 314, 041
451, 994,133
• 472,956,958
488, 778, 418
493, 751, 679
503, 687, 911
501, 788, 079
485, 250, 694
471, 064, 238
456, 968, 504
Total.
State.
$8, 069, 938
8, 813,127
8, 757, 656
7, 297, 096
7, 465, 675
7, 860, 078
8, 343, 772
8, 499, 748
9, 620. 326
10, 058; 122
9. 701, 732
8, 829, 304
8, 056, 533
7, 603, 232
$7, 949, 451
9, 525, 607
9, 465, 652
10, 081, 244
10,190, 682
10, 649, 895
6, 703, 910
7, 004, 646
7, 256, 083
7, 317, 531
7, 076, 087
6, 902, 573
6, 727, 232
7, 016,131
$16, 019, 389
18, 338, 734
18, 223, 308
17, 378, 340
17,656,357
18, 509, 973
15, 047, 682
15, 504, 394
16, 876, 409
17, 375, 653
16, 777, 819
15, 731, 877
14, 783, 765
14, 619, 363
United
States.
State.
Total.
P e r ct.
1.9
2.2
2.2
2.4
2.4
2.4
1.4
1.4
1.5
1.5
1.4
1.4
1.4
1.5
P e r ct.
2.0
2.1
2.1
1.7
1.7
1.7
1.8
1.8
2.0
2.0
2.0
1.9
1-7
1.7
P e r ct.
3.9
4.3
43
4.d
4.1
4.1
3.2
3.2
3.5
3.5
3.4
3.3
3.1
3.2
In order that the great inequality of the percentage of these United
States and State taxes to the capital of national banks in different geographical divisions of the country may be seen, the following tables have
been prepared, giving for the years from 1875 to 1879, inclusive, the
capital stock invested, and the percentage thereto of taxes paid, in each
of such geographical divisions :
TAXATION of NATIONAL BANKS.
1875.
A m o u n t of t a x e s .
Geographical divisions.
Ke-w E n g l a n d S t a t e s
$164, 318, 333
193, 585, 507
Middle States
Southern States
34, 485, 483
W e s t e m S t a t e s a n d T e r r ' s . 111, 300, 588
UnitedStates
Eatios to capital.
Capital.*
503, 687, 911
United
States.
State.
Total.
$1, 937, 016
3, 300, 498
445, 048
1, 634, 969
$3, 016, 537
4, 062, 459
476, 236
2, 502, 890
$4, 953, 553
7, 362, 957
921, 284
4,137, 859
7, 317, 531
10, 058,122
17, 375, 653
$1, 947, 970
3,190, 247
423, 781
1, 514, 089
$2, 914, 808
4, 025, 316
431,164
2, 330, 444
$4, 862, 778
7, 215, 563
854, 945
3, 844, 533
1.2
1.7
1.3
1.4
1.7
2.2
1.3
2.3
2.8
3.9
2.6
3,7
7, 076, 087
9, 701, 732
16, 777, 819
1.4
2.0
3.4
United,
State.
States.
Total.
P e r ct. P e r ct. P e r
1.2
1.8
2.1
1.4
2.4
1.5
1.5
2.0
il
ct.
3.0
3.8
2.7
3.9
3.5
1876.
$168, 068, 379
H e w England States
192,163, 773
Middle States
33, 439,193
Southem States
W e s t e m S t a t e s a n d T e r r ' s . 108,116, 734
• United States
501, 788, 079
1877
,
$167, 788, 475
N e w England States
182, 885, 562
Midclle S t a t e s
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
"The capital of the hanks which reported State taxes in 1875 was $493,738,408; in 1876, $488,272,782;
in 1877, $474,667,771; in 1878, $463,983,724, and in 1879, $452,869,712.
153
COMPTROLLER OF THE CURRENCY^
lAXATION of NATIONAL jg^ATC6f—Continued.
1878.
A m o u n t of t a x e s .
Geographical
divisions.
N e w England States
$166 737, 504
176, 768, 399
Middle States
Southern States
31, 583, 348
W e s t e r n States and Terr's.
95, 974, 897
United States
Ratios to capital.
Capital.
United
States.
State.
Total.
$1, 900,735
3,054,576
409, 839
1, 362, 082
$2, 593, 043
3, 217, 485
406, 076
1, 839, 929
$4, 493, 778
6, 272, 061
815, 915
3, 202, Oil
6, 727, 232
8, 056, 533
14, 783, 765
1.4
1.7
3.1
471, 064, 238
United
States.
State.
TotaL
P e r ct. P e r ct. P e r
1.1
1.6
1.7
1.8
1.3
1.3
1.4
2.0
ct.
2.7
3 5
2 6
3.4
1879.
$165, 032, 512
N e w England States
170,431, 205
Middle States
Southem States
30, 555, 018
90, 949, 769
W e s t e m States and Terr's.
$1, 942, 209
3,190,113
425, 997
1, 457, 812
$2, 532, 004
2, 936, 269
383, 927
1. 751, 032
$4, 474, 218
6,126, 382
809, 924
3, 208, 844
1.2
1.9
1.4
1.6
1.5
1.7
1.3
2.0
2.7
3.6
2.7
3.6
456, 968, 504
7, 016,131
7, 603, 232
14, 619, 363
1.5
1.7
3.2
UnitedStates
In the toregoing tables there appears to be an inequaUty in the percentages of national taxation as well as in those of State taxation; but
this inequality as to national taxation is in appearance only, and arises
from the fact that while the rate of United States tax imposed on circulation, deposits, and capital is uniform as to all banks and in all parts 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 percentage of United States
tax in the table is greater. In States where the deposits and circulation
are proportionately smaller the percentage of such tax is less. In the case
of State taxation the inequality is a real one, and represents very nearly
the difference in the rates, as the only tax which can be laid by the States
on national banks under the law must be laid directly on the shares of
capital stock. It will be seen that the heaviest taxes are paid in the
Western and Middle States, and the lightest inthe 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:
Rates of taxation.
Cities.
1877.
United State.
States.
Boston.
NewYork...
Albany
Philadelphia
Pittshurgh..
Baltunore . . .
Washington.
New Orleans
Louisyille . . .
Cincinnati...
Cleveland . . .
Chicago
Detroit
Milwaukee..
Saint Louis..
Saint P a u l . . .
1878.
United
Total. States.
State.
United
Total. •States. State.
Total.
Per ct. Per ct. Per ct. Pe)- ct. Per ct. Per ct. Per ct. Per ct. Per ct.
1.3
2.6
2.6
L3 ' L3
L3
L3
2.9
1.6
2.9
2.9
5.5
5.1
2.6
2.2
2.1
5.0
2.9
2.8
2.5
5.4
5.6
2.9
2.8
3.0
6.2
3.2
0.7
0.7
2.8
2.7
2.1
2.0
2.1
2.8
0.7
0.5
0.6
2.0
L
8
L
4
L3
1.4
1.9
0.5
L8
L3
2.5
3.0
L2
1.2
L2
3.1
1.9
0.6
0.4
L8
2.0
L4
1.4
1.3
2.0
0.7
' 1.0
0.5
2.2
2.5 • L 7
1.5
1.5
2.4
0.9
0.5
0.6
2.1
L9
L5
1.4
1.4
1.9
0.5
2.7
2.4
4.3
4.2
L9
1.5
.1.7
.4.6
2.9
2.0
2.0
3.3
3.1
L3
1.1
Ll
3.3
2.2
2.6
2.4
5.8
5.1
3.4
2.5
2.2
5.8
2.9
1.5
2.2
4.0
3.2
L8
1.7
•L6
3.3
L7
2.6
2.5
5.3
5.0
2.8
2.4
2.4
5.0
2.6
2.4
2.1
3.9
4.0
1.8
1.6
L4
3.9
2.5
1.5
L5
3.0
2.81.5
1.3
1.3
3.0
• 1.7
154
REPORT
ON T H E
EINANCES.
All of the foregoing tables indicate the necessity of securing some uniform rule of State taxation, to which reference has already been made.
The States in which the rates of State taxation were most excessive
during the years 1877, 1878, and 1879 are. shown in the table below:
1878.
states.
i S
New Yorlsir.
New J e r s e y . . .
Ohio
Indiana
Illinois
AVisconsin
Kansas
Nehraska
South Caroliua
Tennessee
St-t«- Total.
United
States.
State.
1879.
Total
Stte^
State.
Total.
Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct.
2.7
2.0
1.5
1.9
4.6
2; 6
4.6
2.0
3.5
1.9
L4
1.5
L4
3.3
18
3.2
1.8
3.3
2.4
1.3
1,4
1.4
3.8
2.2
3.5
2.0
3.4
2.3
L3
1.4
1.2
3.5
2.1
3.4
2.1
3.5
2. 2
L7
1.5
1.7
3.9
2.1
3.8
1.8
3.3
L7
L6
1.7
3.8
2.2
3.9
L8
3.4
2;i
1.6 '
2.1
1.7
2.6
4.2
2.7
4.8
2.6 ' 4.3
2.3
2.6
2.3
2.6
4.9
2.6
4.6
5.2
2.3
1.0
1.2
1.0
2.1
3.1
2.0
3.6
3.2
2.6
1.6
L7 . L 8
1.6
2.1
3.7
3.5
^2
The statistics given show that, year by year, the States collect more
from the national banks in taxes than does the United States ] that
on an average, during the past twelve years, the total annual aniount
paid to both State and national governments by such banks has been
about sixteen millions of dollars, or nearly four per cent, upon the capital stock; and that during the pastyear i t w a s $14,619,363, or more
than four and one-half per cent, upon the amount of circulation issued
to the banks then in operation.
T H E LOSSES, S U R P L U S , EARNINGS AND DIVIDENDS OF T H E NATIONAL
BANKS.
Section 5204 of the Eevised Statutes provides that no association, or
any member thereof, shall, during the time it shall continue its banking
operations, withdraw, or permit to be withdrawn, either in the form of
dividends or otherwise, any portion of its capital. If losses have, at
any time, been sustained by any such association, equal to or exceeding
its undivided profits then on hand, no dividend shall be made ,• and no dividend shall ever be made by any association, while it continues its banking operations, to an aDioiint greater than its net profits then on hand,
deducting therefrom its losses and bad debts. And section 5212 requires
that each association slmll report to the Oomptroller of the Currency,
within ten days after declaring any dividend, the amount of such dividend, and the amount of net earnings in excess of such dividend.
These reports, which are made semi-annually, give fuU information
from each" bank of its dividends, earnings, and losses for the period
named; and from these reports tables have been prepared in this Office
for a series of years, containing items of great interest, and of a kind
never before regularly given to the public in reference to the gains and
losses of any class of corporations. The following table exhibits by
States and reserve cities the number of banks which have charged off
losses, and the amount of losses charged off by them, in each of the
two periods of six months, ending on March 1 and September 1, 1880,
COMPTROLLER OF THE CURRENCY,
155
together with the total amount for the year; to which have been added
the amounts charged off in each of the four preceding years:
March 1, 1880.
states and Territories.
Maine
New Hampshire
Vermont
Massachusetts
Boston
Rhode Island
Connecticut
New York
New York City...
Albany
New Jersey
Pennsj'lva.nia
Philadelphia . . . . .
Pittsburgh
.'.
Delaware
Maryland
Baltimore
District of Columhia .
Washingtion
Virginia
West Virginia
North Carolina
South Carolina
G-eorgia
Florida
Alabama
New Orleans
Texas
• Arkansas
•
Kentucky
Louisville
Tennessee.,..
Ohio
Cincinnati.
Cleveland . . :
Indiana
Ulinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee
Iowa
Minnesota
Missouri
Saint Louis
Kansas
Nebraska
Colorado
Oregon
California
San Francisco^—
New Mexico
Utah
Montana
Wyoming
Daliota
Add
Add
Add
Add
Totals for 1880.
for 1879
for 1878
for 1877
for 1876
Aggregate losses forfiveyears.
No. of
hanks.
41
20
31
140
42
38
50
156
42
5
51
118
25
18
2
13
12
Septemher 1, 1880.
$130, 010 53
41, 876 46
79, 400 77
723, 231 40
648, 327 16
409, 957 46
204, 124 51
807, 652 59
1,254, 820 30
84, 808 40
167, 975 14
354, 603 98
151, 638 53
146, 404 90
1, 499 67
16, 335 22
142. 318 89
34
18
27
124
44
23
56
147
42
5
52
120
26
17
24, 259 28
32, 377 06
8, 526 48
10, 532 59
74, 413 21
58, 452 91
7, 398 05
27, 782 38
43, 970 39
45,692 59
505 05
124, 578 02
59, 588 63
36, 951 78
262, 396 12
43, 877 37
48, 854 98
211,193 66
251, 963 13
73, 098 40
101,475 26
5, 053 87
27,168 62
30, 092 55
64, 725 99
201, 930 44
40, 628 58
80, 930 44
20, 281 86
14, 004 18
44, 205 66
2, 372 60
, 47, 263 87
19, 456 21
28, 241 57
1, 918 75
8, 552 30
4,192 51
9, 992 79
1,360
1,421
1,304
980
Total losses.
No. of
banks.
7, 563, 886 04
10, 238, 324 98
10, 903,145 04
8,175, 960 56
6, 501,169 82
43, 382, 486 44
1, 321
1, 442
1,430
1,108
1,034
$69, 539 69
71, 442 47
118, 218 52
817, 486 42
462, 504 56
107, 723 02
219, 743 2a
615, 797 81
799, 561 22
137, 604 52
194, 659 42
578, 669 19
248, 305 21
111, 723 25
1, 448 96
34, 007 98
69; 010 12
2, 675 85
24, 405 99
58, 088 88
276 56
5,
114, 227 87.
211. 985 00
50, 511 65
039 33
5, 433 19
20,
74, 109 99
63. 714 77
879 67
3, 903 29
94, 651 44
23, 224 48
6i; 625 14
311 274 42
45; 486 88
72, 377 16
280, 150 79
187, 977 46
37, 574,72
127, 381 00
8, 133 47
27: 779 52
33: 8i74 86
96: 035 14
38, 594 55
10, 416 43
121, 479 52
39, 243 87
88, 266 40
107, 975 00
558 30
12! 383 73
9, 076 85
7, 504 27
1, 805 20
1: 529, 71
441 97
7,142, 519 96
11, 487,330 17
13, 563,654 85
11, 757,627 43
13, 217,856 60
550 22
113, 318 93
197, 619 29
1, 540,717 82
1,110, 831 72
517, 680 48
423, 867 79
1, 423,450 40
2, 054,381 52
222, 412 92
362, 634 56
933, 273 17
399, 943.74
258, 128 15
2, 948 63
50, 343 20
211 329 01
2, 675 85
48, 665 27
90, 465 94
13, 803 04
124, 760 46
286, 398 21
108, 964 56
12, 437 38
48, 215 57
118, 080 38
109, 407 36
4, 384 72
219, 481 31
83, 240 07
98, 176 26
574, 021 26
89, 151 79
121, 341 86
491, 570 82
439: 113 92
Illi 075 86
229, 049 98
13, 434 87
54, 302 09
63; 872 07
161 600 85
239; 965 58
51, 223 13
202; 346 87
59, 761 38
102, 248 05
151, 472 06
5, 347 60
59, 822 17
28, 839 94
35, 318 42
3, 423 021
10, 357 50
722 22
•4,
434 76
11,
14,706, 406 00
21, 725,655 15
24, 466,799 80
19, 933,587 99
19, 719,026 42
57,168, 989 01
100, 551, 475 45
156
REPORT ON THE FINANCES.
Similar tables for the years 1876,1877,1878, and 1879 are given in the
appendix. In the following table the total losses charged off in each
geographical division of the country during the last five years are shown,
with the number of banks reporting losses :
Six months endmg—
New England
States.
i
No.
Amount.
Southem
States.
Middle States.
No.
Amount.
Westem States
and TeiTitories. United States.
No. Amount. No.
Amount.
No.
Amount.
201 $1,485, 532 268 $3, 553,129
March 1,1876
Septemher 1,1876. 282 3, 074,128 344 7,156, 349
4, 559, 660
10, 709, 478
Total, 1876
67 $308, 861 270 $1,153, 648
806 $6, 501,170
90 896, 891 318 2, 090, 489 1,034 13,217,.857
289 2, 465, S28 314
March 1,1877
September 1,1877. 312 4, 825, 040 353
7, 290, 368
Total 1877
80
86
3, 462, 684
3, 945, 806
1, 205, 752
7, 408, 490
Total, 1879
362
March 1,1880
September 1,1880 . 326
Total 1880 . .
Total for five years
19, 719, 027
1, 769, 697 980 8,175, 9frl
2, 474, 940 1,108 11, 757, 627
990, 093
4, 244, 637
19, 933, 588
2, 380, 288 1,304
2, 818, 469 1,430
10, 903,145
13, 563, 655
5,198, 757
24, 466, 800
327 3, 344, 012 417 4, 506, 813 124 672, 032 436
March 1,1878
September 1,1878. 399 4, 016, 814 449 5, 502, 770 140 1, 225, 602 442
7, 360, 826
1, 897, 634
10, 009, 583
Total, 1878 . . .
March 1,1879
379
September 1,1879. 384
3, 244,137
478, 252 297
511, 841 357
3, 612,128 459
3, 388, 394 463
3,592,950 125 696, 646 458
4, 360, 440 139 1, 235, 784 456
7, 000, 522
7, 953, 390
2, 236, 928 446
1, 866, 658 440
3,152, 317 121
2, 817, 870 124
1, 932, 430
2, 336, 600 1, 421 10,238,324
2, 502,712 1,442 11, 487, 330
4, 839, 312
530, 769 431 1, 643, 872 1,360
787,046 431 1, 670, 946 1,321
21, 725, 654
7, 563, 886
7,142, 520
4,103, 586
5, 970,187
1, 317, 815
3, 314, 818
14, 706,406
30, 314, 962
42, 051,128
7, 343, 724
20, 841, 661
100, 551, 475
It will be seen from the foregoing table that the total losses charged
off by the banks during the current year were $14,706,406, and for
the four previous years $85,845,069, making an aggregate of more than
one hundred millions of dollars of losses which the banks have sustained
during the five years named. Of the $72,656,488 of losses charged
off within the last three and a half years, $10,835,760 was on account of
depreciation in the premium on United States bonds held by the banks.
The amount of preinium thus charged off during the past year was
$2,196,353. The total losses charged off during the last five years are
more than 21 per cent, of the entire capital of the banks.
The amount of losses sustained during the last five years by the national banks in several of the principal cities of the TJnited Sfcates is
shown in the following table:
Cities.
1876.
1877.
1878.
1879.
1880.
TotaL
$6,873,759.97 $4, 247, 941 66 $5,147, 319 98 $3,135, 557 37 $2, 054, 381 52 $21, 458, 960 50
New York
Boston
.. . . . 1, 598, 722 68 2,192, 053 81 2, 490,197 46 2, 655, 390 58 1,110, 831 72 10, 047,196 25
Philadelphia
152, 976 14
561, 676 30
333, 248 47
491, 558 36
399, 943 74 1, 939, 403 01
419,036 51
Pittsburgh
333, 851 56
289, 466 59
333. 022 99
258; 128 15 1, 633, 505 80
368, 915 99
876, 207 32
Baltimore
200, 597 74
294, 507 00
211, 329 01 1, 951, 557 06
338,496 90
519.701 41
286, 259 47
NewOrleans
272. 889 87
118, 080 38 1, 535, 428 03
These losses have to a considerable extent been charged to the current profits of the banks. In some instances, however, where the losses
were large, they have been partly met from the accumulated profits and
partly from the surplus account. In extreme cases they have been met,
either by assessment upon the shareholders, or by a reduction of the
157
COMPTROLLER OF THE CURRENCY.
capital stock under section 5143 Eevised Statutes. The law requiring
losses to be charged off before dividends are paid is rigidly enforced, in
order that the reports of the banks may shov as far as possible their true
Gondition. These enormous losses are largely attributable to the general
depression which, from 1873 to 1879, affected all branches of trade and
industry, and it is a gratifying fact to know that the losses for the present year are considerably less than for any of the four years precedingj
being $7,019,249 less than for 1879, and $9,760,394 less than for 1878.
Surplus.
The law provides that a surplus fund shall be accumulated, by setting
aside, before the usual semi-annual dividend is declared, one-tenth part of
the semi-annual net profits of the bank. In some cases this legal surplus
now exceeds the capital of the bank. The capital and the surplus
together form the working fund of the bank, each contributing to its
ultimate profits; and the banks which make the largest dividends in
proportion to their capital are those which have accumulated a large
surplus, such dividends being really earned by capital and surplus combined.
The following table shows the growth of surplus 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:
Surplus.
Dates.
Semi-annual
i n c r e a s e or
decrease.
Amount.
Surplus.
•
Dates.
. Amount.
Inci-ease.
J u l y 4 1864
J a n u a r y 2,1865
J u l y 3,1865
J a n u 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 u 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 u a r y 22,1870
J u n e 9,1870
D e c e m b e r 28,1870
J u n e 10,1871
D e c e m b e r 16,1871
J u n e 10,1872
D e c e m b e r 27,1872
$1,129, 910
8,663, 311
. 31, 303, 566
43, 000, 371
50,151, 992
59, 992, 875
63, 232, 811
70, 586,126
75, 840,119
81,169, 937
82, 218, 576
90,174, 281
91, 689, 834
94, 705, 740
98, 322, 204.
101, 573,154
105,181, 943
111, 410, 249
J u n e 13,1873
$116, 847, 455
$7, 533, 401 i D e c e m b e r 2 6 , 1 8 7 3 . . . 120, 961, 268
22, 640, 255 J u n e 26,1874
126, 239, 308
11, 696, 805 1 D e c e m b e r 31,1874 . . 130, 485, 641
7,151, 621 J u n e 30,1875
133,169, 095
9, 840, 883
3, 239, 936 D e c e m b e r 17,1875 . . 133, 085, 422
7,253, 315 J u n e 30,1876
131, 897,197
5, 253, 993 D e c e m b e r 2 2 , 1 8 7 6 . . . 131, 390, 665
5, 329, 818 J u n e 22,1877
124, 714, 073
1, 048, 639 D e c e m b e r 28,1877 . . 121, 568, 455
7, 955, 705 J u n e 29,1878
118,178, 531
I, 515, 553 1 J a n u a r y 1,1879
116, 200, 864
3, 015, 906 1 J u n e 14,1879
114, 321, 376
3, 616, 464 !
3,250,950'] D e c e m b e r 12,1879 . . 115, 429, 032
3, 608, 789 J u n e 11,1880
118,102, 014
6, 228, 306 1
Semi-annual
increase or
decrease.
Increase.
$5,437,200
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
Increase.
• $1,107,656
2, 672, 982
dividends and earnings.
Since the year 1869, the banks have been required to make semiannual returns of their dividends and earnings. From these reports
tables have been prepared, showing their profits and dividends, and the
ratio of such profits, not alone to capital, but to capital and surplus
combined, since the surplus contributes proportionately as much to the
semi-annual profits from which dividends are derived as does the capital.
The following table shows the capital, surplus, dividends, and total
earnings of all the national banks for each half year, from March 1,1869,
158
REPORT ON THE FINANCESo
to September 1, 1880, together with the ratio of dividends to capital
and to capital and surplus, and of earnings to capital and surplus:
KATIOS.
P e r i o d of
N o . of
six m o n t h s b a n k s .
ending-
Sept
Mar.
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
1,1878
1,1879
1,1879
1,1880
1,1880
1,481
1,571
1,601
1,605
1,693
1,750
1,852
1,912
1,955
1,967
1, 971N
2,007
2,047
2,076
2,081
2,080
2,072
2,074
2,047
2,043
2,045
2,046
2,072
Capital.
$401, 650, 802
416, 366, 991
425, 317,104
428, 699,165
445, 999, 264
450, 693, 706
465, 676, 023
475, 918, 683
488,100, 951
489, 510, 323
489, 938, 284
493, 568, 831
497, 864, 833
504, 209, 491
500, 482, 271
496, 651, 580
486, 324, 860
475, 609, 751
470, 231, 896
464, 413, 996
455,132, 056
454, 080, 090
454, 215, 062
Surplus.
T o t a l dividends.
Total net
earnings.
$82,105, 848 $21, 767, 831 $29, 221,184
86,118, 210 21, 479, 095 28, 996, 934
91, 630, 620 21, 080, 343 26, 813, 885
94, 672,401 22, 205,150 27, 243,162
98, 286, 591 22,125, 279 27, 315, 311
99, 431, 243 22, 859, 826 27, 502, 539
105,181, 942 23, 827, 289 30, 572, 891
114,257,288 24, 826, 061 31, 926, 478
118,113, 848 24, 823, 029 33,122, 000
123, 469, 859 23, 529, 998 29, 544,120
128. 364, 039 24, 929, 307 30, 036, 811
131, 560, 637 24, 750, 816 29,136, 007
134,123, 649 24, 317, 785 28, 800, 217
134, 467, 595 24, 811, 581 23, 097, 921
132, 251, 078 22, 563, 829 20, 540, 231
130, 872,165 21, 803, 969 19, 592, 962
124, 349, 254 22,117,116 15, 274, 02S
122, 373, 561 18, 982, 390 16, 946, 696
118, 687,134 17, 959, 223 13, 658, 893
116, 744,135 17, 541, 054 14, 678, 660115,149,351 17, 401, 867 16, 873, 200
117, 226, 501 18,121, 273 21,. 152, 784
120,145, 649 18, 290, 200 24, 033, 250
Dividends Earnings
Divid e n d s t o t o c a p i t a l to c a p i t a l
and surc a p i t a l . a n d surplus.
. plus.
P e r cent.
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
3.99
4.03
P e r 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
3.17
3.18
Percent.
6.04
5.77
5.19
5.21
5.02
5.08
5.36
5.41
5.46
4.82
.4.86
. 4.66
4.56
3.62
3.25
3.12
2.50
2.83
2.31
2.53
• 2.96
3.70
4.18
The following statement shows by geographical divisions the number
of national banks, with their capital, which have paid no dividends to
their stockholders during the two semi-annual periods of 1880, together with the totals for each semi-annual period in the four preceding j^ears: '
Six m o n t h s e n d i n g —
A v e r a g e for t h e
year.
0
. M a r c h 1, 1880.
Geographical divisions.
N o . of
banks.
N e w England States;
Middle States
:
S o u t h e m States
W e s t e r n States and Territories
Totals
Totals
Totals
Totals
Totals
for
for
for
for
for
1880
1879
1878
1877
1876
A v e r a g e for five y e a r s
-
;
.•
. . . .
Capital.
30
68
29
99
$6, 965, 000
9, 959, 000
4,129, 000
9, 354, 200
226
309
328
245
235
269
S e p t e m b e r 1, 1880.
N o . of
banks.
Capital.
N o . of
banks.
Capital.
15
73
27
118
$3, 025, 000
9,138, 000
3, 945, 900
10, 225, 250
23
70
28
109
$4, 995, 009
9, 548, 500
4, 037, 450
. 9, 789, 72S
80,407, 200
'bB, 843, 700
48, 797, 900
40, 452, 000
34, 290, 320
233
299
357
288
273
26, 334,150
44, 576, 300
58, 736, 950
41,166, 200
44, 057,725
230
304
343
266
254
28, 370, 675
49, 210, OOO
53, 767, 425
40,809,100
39,174, 022
41, 558, 224
290
42,974, 265
279
42, 266, 244
.
The number of banks iiassing dividends in the first dividend period
of 1880 was 226, with a total capital of $30,407,200 5 in the second period
the number was 233, with a capital of $26,334,150 -, while during the
last five years the average number of banks semi-annually passing dividends on account of losses has been 279. The average amount of
capital upon which no dividends have been paid during that time is
$42,266,244. From these facts it follows that, for a continuous'period
of five years, about one-seventh of the whole number of banks in operation have paid no dividends, and that nearly one-tenth of the total
capital has been unremunerative.
The percentage to capital of dividends paid, and of dividends and
159
COMPTROLLER OF THE CURRENCY.
earnings to combined capital and surplus, is given by similar divisions
in .the following table, for the years 1878, 1879, and 1880:
1879.
.1878.
Geographical
divisions.
New England
States
Middle States.
Southem States
Westem States
and Territories
UnitedStates..
1880.
Divi- Eamings
DiviDiviDivi- dends to Earnings
Divi- dends to Eamings Divi- dends to to
capital dends
to capital
dends
to
capital
to
dends to capital toandcapital
capital
sur- capital. and sur- and sur- capital. and sur- and surcapital. and surplus.
plus.
plus.
plus.
plus.
iilus.
Per ct.
Per ct.
Per ct.
6.9
7.9
7.3
Per ct.
5.5
6.1
6.2
4.3
4.9
5.7
6.4
7.9
7.0
5.2
6.1
6.0
4.2
5.8
5.4
6.8
8.4
7.8
5.5
6.5
6.7
6.4
8.6
7.6
9.6
7.8
6.9
9.4
7.5
7.1
9.5
7.6
9.3
7.8
6.2
5.1
7.6
6.1
5.5
8.0
6.4
7.9
Perct.
Per ct.
Per ct.
Per ct.
Per ct.
UNITED STATES LEGAL-TENDER NOTES AND NATIONAL BANK CIRCULATION.
The acts of February 25,1862,. July 11, 1862, and March 3, 1863, each
authorized the issue of 150 millions of dollars of legal-tender notes, making an aggregate of 450 millions of dollars. Oh January 30, 1864, the
amount of such notes outstanding was $449,338,902, which was the highest amount outstanding at any one time.
^'*^The act of June 30, 1864, provided that the total amount of United
States notes issued or to be issued should not exceed 400 millions of
dollars, and such additional sum, not exceeding 50 millions, as may be
temporarily required for the redemption of temporary loans.
The act of April 12, 1866, authorized the retiring and cancellation of
not more than 10 millions of legal-tender notes, within six months from
the passage of the act, and thereafter not more than 4 millions in
any one month; and under this act the amount outstanding was so
far reduced that on December 31, 1867, the amount was 356 millions.
On February 4, 1868, the further reduction of the volume of legaltender notes was prohibited, leaving the last-named amount outstanding until October 1, 1872. Between that date and January 15, 1874,
the amount was increased to $382,979,815, and on June 20, 1874, the
maximum amount was fixed at $382,000,000; section 6 of the act of
that date providing that ^^the amount of United States notes outstanding and to be used as a part of the circulating medium shall not exceed
the sum of 382 millions, which said sum shall appear in each monthly
statement of the pubhc debt, and no part thereof shall be held or used
as a reserve."
Section 3 of the act of J anuary 14, 1875, authorized an increase of the
circulation of national banks in accordance with existing law, without
respect to the limit previously existing, and required the Secretary ofthe
Treasury to retire legal-tender notes to an amount equal to 80 per cent,
of the national bahk notes thereafter issued, until the amount of such
legal-tender notes outstanding should be 300 millions, and no more.
Under the operation of this act $35,318,984 of legal tender notes were
retired, leaving the amount in circulation on May 31, 1878, the date of
the repeal of the act, $346,681,016, which is the amount now outstanding. 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 amount was increased by the act of July 12, 1870, to 354
millions. The act of June 20,1874, authorized any national bank desiring
160
REPORT ON THE FINANCES,
to withdraw its circulating notes, in whole or ih part, to deposit lawfal
money with the Treasurer of the United States in sums of not less than
nine thousand dollars, and to withdraw a proportionate amount of bonds
held as security for such notes 5 and the act of January 14, 1875, repealed all previous provisions restricting the aggregate, amount of
national bank circulation. Subsequent to the passage of the acts of
June 20, 1874, and of January 14,1875, which authorized the retirement
and reissue of national bank notes at the pleasure of the banks the circulation steadily decreased in volume until the year 1877, the total decrease in this interval being $30,869,655. During the year ending ISTovember 1, 1878, there was an increase of $4,216,684, and during the year
ending ISTovember 1, 1879, an increase of $14,742,503, the total amount
now outstanding being $9,343,288 less than on January 14,1875. .
The act of March 3, 1865 (section 5171 Eevised Statutes), which was
passed at a time when the legal limit of bank circulation was 300 millions
of dollars, proportioned the amount to be issued by each bank to the
amount of its capital. Banks having a capital of less than 500 thousand
dollars were limited to 90 per cent, of such capital; those whose capital
was between 500 thousand dollars and one million to 80 per cent.; those
whose capital exceeded one million and was less than three millions, to
75 per cent.; and that class of banks whose capital exceeded three mill»
ions, to 60 per cent, of their capital.
The increase in the issue of circulating notes during the present year
has been but $6,783,864, of which more than one-half was issued to
banks recently organized. The profit upon circulation does not exceed one and one-half per cent, per annum, and many banks have reduced their bonds, thus retiring a part of their circulation, in order to
avail themselves of the existing high rates of premium, which premiuin
is now equal to the profits upon circulation for six years. While the
present small profit upon circulation continues, but little elasticity in the
currency can be expected. The ISTew York free-banking act authorized
the banks of that State to issue currency without regard to capital, upon
the deposit of the necessary amount of bonds. Such legislation by Congress would undoubtedly give elasticity to the national currency, but it
would also stimulate a desire to organize banks of circulation only, and!
it is not recommended.
The bill now pending in Congress authorizes all banks to receive circulation equal to the full amount of their capital, as was the case in
the original bank act. The passage of this bill would give the banks
the privilege of increasing their circulation up to the limit of their
capital, if at certain seasons of the year such an increase should be
desirable. This increase would not probably be great, for the amount
of circulation outstanding is now much less than that authorized by law,,
as may be seen in the following table : .
Banks having capital not Banks having capital
exceeding $500,000.
exceeding $500,000.
Total.
Geographical divisions.
Issued.
New England States
Middle States
Southern States
Westem States
Pacific States and Territories
United States
Uncalled
for.
Issued.
Uncalled
for.
Issued.
Uncalled
for.
$79, 322, 430 $7, 046, 763 $43, 014, 500 $11,485, 238 $122, 336, 930 $18, 532, 001
82, 940, 955 9, 291, 590 29, 681, 740 21, 094, 833 112, 622, 695 30, 386, 423
23,102, 985 2, 620, 845 1, 370, 000
3,130, 845
510, 000 24, 532, 985
52, 284, 710 11, 020, 690 5, 707, 380 4,552, 620 57, 992, 090 16,173, 310
3, 884, 700
1, 495, 800
240, 955, 780 31, 515, 688 80, 413, 620 38, 202, 691 321, 369, 400
69, 718, 379
3 244, 700
935, 800
640, 000
560, 000
161
COMPTROLLER OF THE CURRENCY.
I t will be seen that the banks already organized and in operation are
entitled to receive nearly 70 millions of additional circulation, whenever
they may see fit to deposit United States bonds to secure it. This table
also shows that the profit upon circulation is, as has been already stated,
very small, otherwise the banks would avail themselves of the priAdlege
of issuing additional notes. There is, however, a certain class of banks,
with capital exceeding 500 thousand dollars, that would find it convenient during the fall seasoii of the year, when currency is in demand, to
increase their circulation, notwithstanding the high price of bonds, to
the amount of their capital if authorized to do so, and the passage of the
bill now pending is recommended.
, Since the passage of the act of June 20, 1874, $104,075,752 of legaltender notes have been deposited in the Treasury by the national bankSy
for the purpose of reducing their circulation, and $87,329,415 of bank
notes have been redeemed, destroyed and retired.
The following table exhibits the amount and kinds of outstanding
paper currency ofthe United States and of the national banks, on Aftgu^t 31, 1865, when the public debt reached its maximum, and annually
thereafter at the dates named, with the currency price of gold and the
gold price of currency at the same dates:
United States issues.
Date.
de- Fractional
Legal tender Old
mand
notes.
notes. currency.
Notes of naGold'price
tionalbanks Aggi-egate. Currency
price of
of'$l6#
including
$i00'gold.
currency.
gold notes.
August 31, 1865... $432, 5.53, 912$402, 965 $26, 344, 742 $176, 213, 955 $635,515,574
January 1, 1866... 425, 839, 319 392, 070 26,000,420 298, 588, 419 750, 820, 228
Jauuary 1, 1867... 380, 276,160 221; 632 28, 732, 812 299. 846, 206 709, 076, 860
Jaiiuary 1, 1868 .. 356, 000, 000 159,127 31, 597, 583 299, 747, 569 687, 504, 279
January 1, 1869... 356, 000, 000 128, 098 34, 215, 715 299, 629, 322 689, 973,135
January 1, 1870 .. 356, 000, 000 113, 098 39, 762, 664 299, 904, 029 695, 779, 791
January 1, 1871... 356, 000, 000 101, 086 39, 995, 089 306, 307, 672 702, 403, 847
January 1, 1872... 357, 500, 000 92, 801 40, 767, 877 328, 465, 431 726, 826,109
January 1, 1873... 358, 557, 907 84, 387 45, 722, 061 344, 582, 812 748. 947,167
January 1, 1874... 378,401, 702 79,637 48, 544, 792 350, 848. 236 777, 874, 367
January 1, 1875... 382, 000, 000 72, 317 46, 390, 598 354,128, 250 782, 591,165
January 1, 1876... 371, 827, 220 69, 642 44,14.7, 072 346,479. 756. 762, 523, 690
January 1, 1877... 366, 055, 084 65, 462 26, 348, 206 321, 595, 606 714, 064, 358
January 1, 1878... 349, 943, 776 63, 532 17, 764,109 321, 672, 505 689,443, 922
January 1, 1879... 346, 681, 016 62, 035 16,108,159 323, 791, 674 686, 642, 884
January 1, 1880... 346, 681, 016 61, 350 15, 674, 304 342, 387,336 704, 804, 006
November 1,1880 346, 681, 016 60, 825
7,181,861 343, 834,107 697,757, 809
$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
100 00
100 00
100 00
$69 32
69 20,
75 18
75 0*
74 07
83 33
90 2a
91 32
89 28
90 70
88 89
88 69
93 46
97 21
IOO 00
IOO 00 ,
100 00
The amount of additional circulation issued for the year ending l^ovember 1,1880, was $13,402,215; the amounr issued to banks organized
during the year was $3,662,200; the amount retired was $6,618,351, the
actual increase for the year being $6,783,864. During the year ending
l^ovember 1, 1880, lawful inoney to the amount of $13,845,866 was deposited with the Treasurer to retire circulation, of which amount
$947,326 was deposited by banks in liquidation. The amount previously
deposited under the act of June 20,1874, was $72,786,458, and by banks
in liquidation $17,443,428, to which is to be added a balance of $3,813,675
remaining from deposits made by liquidating banks prior to the passage
of that act. Deducting from the total, $107,889,427, the amount of circulating notes redeemed and destroyed without reissue ($87,329,415),
there remained in the hands of the Treasurer on November 1, 1880,
$20,560,012 of lawful money for the redemption and retirement of bank,
circulation.
11 F
162
REPORT ON T H E
FINANCES
The following table exhibits by States the issue and retirement of
circulation during the year ending -NTovember 1, 1880, and the total
amount issued and retired since June 20, 1874:
Circulation retired.
states and Territories.
Maine
New H a m p s h i r e . . . . . . . .
Vermont . . ^ . . .
Massachusetts
Ilhod^Island
Cohheoticut
New. Y o r k . .
New Jersey.
Pennsylvania
Delaware
Maryland
I)istrict of Columbia
Virgioia.......;....'
West Virgiuia
North Garolina.
South Carolina.
Georgia.*..........
Plorida
,
Alabama
Mississippi
Louisiana
Texas
Arkansas
—.....
Kentucky
Tennessee
"....
Missouri
Ohio
Indiana
Ulinois
Michigan
Wisconsin
Iowa
Minnesota
Nebraska
.'
,
Nevada
........•:
Oregon
'..'.
Colorado
Utah..'.
Idaho
Montana
Wyoming
New Mexico
Dakota
,
Washinsrton
California
-.Surrendered to this office and retired.
Total
Totals froin.June20,1874, to October 31,1879..
Surrendered to this .office between same dates.
Total issued and retired from June 20,1874,
to October 31,1880.
C irculatio n
issued.
Under act of Ofliquidatinf
June 20,1874.
banks.
$127, 500
127, 350
3,693,885
464, 770
74,110
1, 898,160
10,500
2, 036, 890
59, 000
378, 750
1, 000
126, 000163,440
18, 000
40, 500
49, 500
27,000
$8, 565
1,869^
30, 5 3 r
493, 667
102, 279
229,155
1, 699, 886
141, 452
370, 685
$25, 554
6,350.
21-, 947
9,397
2,164
2,865
162, 211
46, 301
90, 789
62,041
15,260
43, 550
28,140
52, 486
16, 304
7,505
3,307
15,452
38,200
15,126
13, 080
36, 235
7,783
75
13, 770
3,655
130
34, 896
28, 077
102, 674
115, 674
111. 879
154, 551
35, 934
52, 555
66, 207
31, 385
49, 435
12,128
Total,
$34, II»
8,2m
52, 484
503,064
10^; 443
232,02ft«
I, 862, 09X'
187,.75a'
461, 474
65, 34a
30, 712
81, %50.
43,266
65, 566.
16, 304,
19,633
36, 000
2,701
230
44, 01875
112, 690
3,6558,852
100, 294
41, 232
185, 890
361,195672, 626
351, 500
161,880
103, 341
92,697,
80,535.
49,435/
11,975,
230.
117, 000
45, 000
12,165
3,829
12,165
3,829
67, 500
3,600
45,000
76, 500
26, 687
26,687,
1, 319,163
14, 874, 904
6, 618, 351
81,136, 362
11, 369, 582-
1,000
252, 000
27, 000
211, 500
112, 370
153,000
704, 600
365, 800
488, 790
522, 600
153, 000
243, 000
98,920
8,722
65, 398
13,155
83,216
245, 521
560, 747
196, 949
125, 946
50, 786
26, 490
49,150
9,274
480, 600
425, 298
13,402, 215
78, 346, 060
4, 873, 890
66, 261,458
91, 748, 275
71,135, 348
LOST OR UNREDEEIMED BANK NOTES.
In his report for 1875 the Comptroller gave some statistics in relation
to the. percentage of bank notes not presented for redemption under
State laws. Eeturns were given for 286 banks in the State of J^^Tew
York, which included thirty banks UOAV in operation in the city of New
York, either as State or national institutions. The maximum amount of
circulation issued to the 286 banks was $50,754,515, and the total circu-'
lation then outstanding was $1,336,337, showing that the proportion of
unredeemed circulation was 2.63 per cent, only of the amount issued.
The maximum amount of circulation issued to the thirty banks in the
city of jt^ew York was $7,763,010, and the amount remaining unredeemed
in October, 1875, was $142,365. The percentage of that unredeemed to
COMPTROLLER O F T H E
163
CURRENCY.
that issued was 1.83. The lowest percentage of unredeemed circulation
was 0.58, upon an issue of $241,174. The highest was 4,81, upon an
i^spe of $123,974, seventeen banks of the thirty reporting the percentage of unredeemed notes outstanding at less than two per cent.
In his report for 1876 thefollowing table was given, showing the
gr.eatest amount of circulation issued to 707 banks organized under tlie
laws of twelve different States, the amount: outstanding, and the pei:centage unredeemed, which was 2.35 only.
N u m b e r G r e a t e s t cir- C i r c u i a t i o u P e r c e n t culation.
o u t s t a n d i n g . a g e wavpof b a n k s .
eemed.
states.
29
27
16
> 4144
53
286
25:
5
16
25
140
Maine
New Hampshire
Vermont
Massachusetts..
K-hode I s l a n d . . .
Connecticut,
N e w Y o r k , i^
N e w Jersey
Delaware
Maryland
Ohio . . . :
Wisconsin
• 707
Totals . . . .
$3, 375,130
2, 520, 339
3,143, 348
10, 986, 357
6, 369, 652
12. 850, 554
50, 754, 515
7, 111, 047
950, 770
6, 847, 844
2,196, 381
7,565,409
$53,102
35, 660:
37,027
254, 954
158, 834
253,190
, 336, 337
162, 961
35,461
172, 669
61, 340
134, 747
114,671,346
2, 696, 282
1.6
1.4
.1.2
2.3
2.5
2.'^0
2.6
2.3
3.7
2:5*
2.8
1.8
The following table gives similar inforination in reference to the
national banks which failed prior to the year 1870, to the year 1873,
and to the year 1874:
"J,
N a m e a n d location of b a n k .
Pixst National Bauk, Attica N Y
Venango National Bank, Pranklin, P a
M e r c h a n t s ' N a t i o n a l B a n k , W a s b i n g t o n , D. C
F i r s t Natioual Bank, Medina, N . Y
Tennessee National Bank, Memphis, Tenu
F i r s t N a t i o n a l B a n k , Selma, A l a
P i r s t N a t i o n a l B a n k , N e w Orleans, IJa
National Unadilla Bauk, Unadilla, N. Y
P a r m e r s and C i t i z e n s ' JN ational B a n k , B r o o k l y n , N . Y .
C r o t o n N a t i o n a l B a u k , Nt'.w Vork, N . Y
•
P i r s t N a t i o n a l B a n k , B e t h e l , Conu
F i r s t N a t i o n a l B a n k K e o k u k loAva
N a t i o n a l Bank, Vicksbur<'' M i s s
F i r s t N a t i o n a l B a n k , Rockford, 111
F i r s t N a t i o n a l B a n k of N e v a d a , A u s t i n , N e v
R e c e i v e r ap- C i r c u i a t i o u
issued.
pointed.
T o t a l s a n d a v e r a g e p e r c e n t a g e t o 1874. . .
$334
397
1, 226.
298
526
608
1,845
386
1,905
729
246
586
151
512
1,879
1, 554, 400
14,1865
1,1866
8,1866
13,1867
21,1867
30,1867
20,1867
20,1867
6,1867
1,1867
28,1868
3,1868
24,1868
15,1869
14,1869
Dec.
Dec.
Dec.
Dec.
Apr.
May
Dec.
Dec.
13,1871
15,1871
15,1871
20,1871
23,1872
2,1872
12,1872
31,1872
Mar.
Apr.
Sept.
Sept.
Sept.
Sept.
•Oct.
18,1873
28,1873
19,1873
22,1873
25,1873
25,1873
18,1873
450,
100,
450,
234,
360,
179,
90,
000
000
000
000
000
200
000
Oct.
Oct.
Nov.
Dec.
23,1873
24,1873
23,1873
16,1873
• 360,
45,
45,
90,
T o t a l s a n d a v e r a g e p e r c e n t a g e t o 1873
Ci-escent C i t y N a t i o n a l B a n k , N e w Orieaus, L a . . : . . .
A t l a n t i c Nation'al Bank, N e w Y o r k , N , Y
P i r s t N a t i o n a l Bank, W a s h i u g t o n , D . C
N a t i o n a l B a n k of t h e C o m m o n w e a l t h , N e w Y o r k , N . Y
Merchants' Natioual Bauk, Petersburg, V a
F i r s t Natioiuil Bank, .Petersburg, V a
P i r s t N a t i o n a l B a n k , Mansfield, Ohio
N e w Orleans N a t i o n a l B a u k i n g A s s o c i a t i o n , N e w
Orleans. L a
:
P i r s t N a t i o u a l B a n k , Carlisle, P a
First National Bank, Anderson, I n d
Fii-et N a t i o n a l B a u k , T o p e k a , K a n s
$44, 000
85, 000
180, 000
40. 000
90, 000
85, 000
180, 000
100, 000
253, 900
180, 000
26, 300
90, 000
25, 500
45,000
129, 700
Apr.
May
May
Mar.
Mar.
Apr.
May
Au^.
Sept.
Oct.
Feb.
Mar.
Apr.
Mar.
Oct.
T o t a l s a n d a v e r a g e j j e r c e n t a f e t o 1870
Ocean N a t i o n a l B a n k , Ne.w Y o r k , N . Y
Union Square National Bank, N e w York, N. Y
Eighth Natioual Bank New York N. Y
. .
Fourth Natioual Bauk, Philadelphia, P a
W a v e r l v National Bank, Waverly, N. Y
P i r s t N a t i o n a l B a u k , P o r t Sraith, A r k
S c a n d i n a v i a n N a t i o n a l B a n k , Chicago, 111
Walikill National Bank, Middletown, N. Y
Circuiatiou P e r c e n t outstand- age unreing.
deemed.
.74
.47
.68
.75
.58
.72
1.03
.38
.75
.41
.94
,65
.60
1.12
1.45
11, 628
.75
000
000
393
000
000
000
000
900
16, 268
689
4,857
3, 805
1,797
860
2, 298
3,442
2.03
1.38
2.00
2.13
2.53
, 1.91
1.70
2.89
3,196, 693
45, 644
1.43
16,120
2,743
24, 637
11, 713
28, 250
13, 790
5,330.
3.58
2.74
5.47
5.01
7. 85
7.69
5.92
000
000
000
000
17, 500
2,700
2,556
6,466
4.86
6.00
5.68
7.18
5, 599, 893
177, 449,
3.17
800,
50,
243,
179,
71,
45,
13.5,
118,
164
REPORT ON THE FINANCES.
;
Erom this table it will be seen that the highest amount of circulation j
issued to fifteen national banks which failed previous to 1870 was
"$1,554,400,. and the amount • outstanding on ISTovember 1, .1880-, was
$11,628, the proportion of notes remaining unredeemed being only 0.751
per cent, of the amount issued. The percentage of notes unredeemed of]
the same banks on E'ovember 1,1875, .was 1.39, in 1876,1.35,iiil878, 0.86,
and in 1880, as has been seen, it is 0.75; showing a rapid increase in the I
redemption of the notes of these banks. The total amount issued to I
twenty-three national banks, in which are included the fifteen banks,!
alread^^mentioned, which failed previous tothe year 1873, was $3,196,693, i
and the amount outstanding on November 1, 1880, was $45,644, the proportion of notes remaining unredeemed being but 1.43 per cent, of the]
amount issued. The total amount outstanding o f t h e notes of these]
banks has been reduced $11,430 since ]^ovember 1, 1878, and the per-]
centage reduced from 1.78 to 1.43. The total amount issued to thirtyfour national banks which failed prior to 1874 was $5,599,893, and theii
amount outstanding on November 1,1880, was $177,449, the propor-|
tion of notes unredeemed being 3.17 per cent, of the amount issued.
Of the circulation of fifty-one national banks in voluntary liquidation j
previous to 1870, amounting to $5,832,940, there yet remains outstand
iug $117,467, or 2.01 i^er cent, only of the amount issued; of the cir-]
cuiation of seventy-five banks in liquidation iirior to 1872, amount
ing to $8,648,980, there remains outstanding $177,075, which is equal j
to a percentage of 2.05 5 of a circulation of eighty-nine banks in liqui
dation prior to 1873, in amount $10,764,080, there remains outstaiiding |
#232,879, or 2.17 per cent, of the amount issued y and of the circulation
.<)f one hundred and five banks in liquidation prior to 1874, in amount j
#12,709,100, there remains outstanding $326,568, or 2.58 per cent, of the]
amount issued.
The percentage of the fifty-one national banks in voluntary liquida
tion previous to 1870, which is now 2.01, in 1878 w^as 2.59; the percent
age of seventy-five banks in liquidatioh prior to 1872, which is now]
2.05, in 1378 was 2.63; and t^he percentage of eighty-nihe banks in liqui
dation prior to 1873 is now 2.17, which in 1878 was 2.82.
These statistics show a rapid reduction during the last two years inl
t h e ambunt of outstanding circulation of banks which have ceased to do 1
business,and they indicate that thefihal loss upon the notes of national]
iiaiiks will not exceed one or one and a half per cent.
The amount of demand Treasury notes, x)ayable in gold coin, issuedJ
from July 17, 1861, to December 31, 1862, was $60,000,000, in denomi 1
nations of five, ten, and twenty dollars, and the amount outstanding on|
ISTovember 1 last, was $60,825, the proportion unredeemed being but]
little more than one tenth of one per cent.—$8,882 halving been redeemedi]
within the last five years.
The highest outstanding amount of legahtender notes of jthe first issue j
was $449,479,222, on February 3, 1864. The amount of these notesJ
outstanding on I^ovember 1, 1880, was $14,947,895, or 3.33 per cent, of]
the highest amount issued. The issues of Treasury notes pf the series J
of 1869 and 1874 have not been as largely reduced. This is accountedj
for by the fact that large amounts of the legal-tender notes have beeni
held for years by the national banks as reserve, and haye not thereforel
been returned to the Treasury for destruction and replacement by sub-|
sequent issues. As the amountof legal-tendernotes held by thenatlonal|
banks as reserves has been recently largely displaced by coin, it isprob
able t h a t t h e amount of the early issues of these notes will be speedily]
reduced.
COMPTROLLER OF THE CURRENCY.
165
These tables are given somewhat in detail, for the purpose of correcting the belief, very generally entertained, that the proportion of circulating notes outstanding which will ultimately be lost or destroyed is
much greater than is shown therein. It is also believed by many tbat
the loss of such notes is a gain to the bank which issues them. The
Oomptroller receives frequent letters of inquiry upon this subject, aud
therefore repeats the following paragraph, which was given in a former
report:
" Section 5222 of the Eevised Statutes requires that all national banks
which go into voluntary liquidation shall, within six months thereafter,
deposit iu the Treasury an amount of lawful money equal to the amount of
their circulating notes outstanding. The law also requires that full provision shall be made for the redeoiption of the circulating notes of any insolvent bank before a dividend is made to its creditors. Thus it will be seen
that no association can close up its business without first providing for the
payment of all its circulatingnotes, and that the amount depositedfor their
redemption must remain in theTreasury until thelast outstanding note
shall have been presented. It is therefore plain that the government, and
not the bank, receives all the benefit arising from lost or unredeemed
circulating notes."
LOANS AND RATES OF INTEREST OF NEW YORK OITY BANICS,
Tlie following table contains a classification of the loans of the national banks in Kew York City for the last five years:
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 I,
1878.
O c t o b e r 2,
1879.
O c t o b e r 1,
1880.
47 b a n k s .
47 b a n k s .
47 baaiks.
47 b a n k s ,
47 b a n k s .
$95,
16,
6,
58,
510; 311
634, 532
277,492
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, 926
8, 286, 525
78, 062, 085
670, 021
$107, 058, 860
27, 755,152
3, 915, 077
• 92,630,982
1, 336, 513
4, 821, 216
5,731 917
184, 243, 225
169,162, 391
169, 585, 980
195, 851, 902
238,428,501
Loans and discounts.
On e n d o r s e d p a p e r
On single-name p a p e r .
On U . S. b o n d s on d e m a n d
On o t h e r stock, &c., on d e m a n d .
On.real-estate security
P a y a b l e i n gold
All o t h e r l o a n s
Totals
The average rate of interest in New York City for each of the fiscal
years from 1874 to 1880, as ascertained from data derived from the Journal of Commerce and The Commercial and Financial Chronicle, was as
follows:
1874, call
1875, call
1876, call
1877, call
1878, call
1879, call
1880, caU
loans,
loans,
loans,
loans,
loans,
loans,
loans,
3. 8 per cent.;
3. 0 per cent.;
3. 3 j)er cent.;
3. 0 per cent.;
4. 4 per cent.;
4. 4 per cent.;
4.9 -pev cent.;
commercial paper, 6. 4 x^er
commercial paper, 5. 6 ^ev
commercial paper, 5. 3 per
commercial XDaper, 5.2 per
commercial paper, 5.1 per
commercial pajDor, 4. 4 per
commercial pap)er, 5. 3 per
cent.
cent.
cent.
cent.
cent.
cent.
cent.
The average rate of discount of the Bank of England for the same
years was as follows:
During
During
During
During
Duriug
.During
Dnring
the
the
the
the
the
the
the
calendar year ending December 31,1874, 3. 69 per cent.
calendar year ending December 31,1875,3. 23 per cent.
c a ^ n d a r year ending December 31,1H76,2. 61 p)er cent.
calendar year ending December 31, 1877, 2. 91 per cent.
calendar year ending December 31,1878, 3.78 per cent.
calendar year ending December 31,1879,2. 50 per cent.
fiscal year ending June 30,1880,2. 63 per cent.
166
REPORT ON THE FINANCES.
The rate of interest in the city of New York on November 26 of the
present year, as quoted in the Daily Bulletin, was, on call loans, 6 per
cent., and on commercial paper of the best grade,-from 5 to 5J per cent.
The rate of interest of the Bank of England on November 29, 1^\77,
was 4 per cent. On January 30, 1878, it was 2 per cent., from which
date to October 14, 1878, there were seven changes, and, with a single
exception, on May 29, a gradual increase. The rate was fixed at the
date last named at 6 per cent., and reduced on November 21, 1878, to
5 per cent., since which time there have been changes in the rate as follows : On January 15, 1879, 4 per cent.; on the 29th of the same month
3 per cent.; on March 12 it was reduced to 2J per cent., and again On
April 9 to 2 per cent., at which rate it remained until Noveniber 7,1879,
when it was increased to 3 per cent., which was, also, at that time, the
rate of the Bank of France. .
On June 17, 1880, the rate of the Bank of England was reduced to
2^ per cent., which is the present rate. The London rate of interest,
outside o^f the Bank of England, was, on October 25, on call loans, IJ per
cent., on th'ree inonths' time. If, and on six months' time, 2J; the best
bills having actuaUy been placed J per cent, below the rate of the Bank
of England.
The rate of discount at the Bank of France, which on October 16,1878,
was raised from 2 per cent, to 3 per cent., was reduced to 2 per cent, on the
23d of May, 1879, and then raised to 3 per cent, on the 23d of the following
October. The rate was reduced to 2 J percent, on April 2, 1880, and
advanced on October 14 to 3J per cent., which is the present rate. The
average rate of discount duriug the year 1879 was 2.58 per cent.
The rate of the Imperial Bank of Germany was reduced from 5 | per
cent, to 5 per cent, on October 6, and to 4J per cent, on October 18 last.
The market discount rates in Berlin, Hamburg and Frankfort, during
the month of October,were about 4 per cent.
REDEMPTION OF NATIONAL-BANK CURRENCY.
,
The expense of redeeming the haltional-bank currency bears oppressively in one respect upon the banks in operation, as they are obliged to
pay a ]i'roportiohate share bf the cost of redeeming the notes of associations which are either reducing their circulation, have gone into liquidation, or have become insolvent; the banks continuing business having of
course no interest whatever in the circulation thus redeemed.
The Treasury has for a long time had the use of a permanent fund
belonging to the assets of banks which are insolvent. It has also a
large fund deposited by banks which have gone into voluntary liquidation, or have deiiosited legaltender notes fbr the purpose oi reducing
their circulation. According to the statement qf the Treasurer for November 1 last, the sum of these two funds then amounted to $20,942,032,
the whole of the currency balance at that date beiug but $26,846,826.
In addition to the use of these funds, which is a great convenience to
the Treasury when the currency balance is at a low x)oint, the government, under existing law, receives the whole gain arising from lost or
unredeemed notes of the national banks, which gain will ultimately
amount to a very large sum—certainly, with no more than the iliesent
amount of circulation, to not less than $3,500,000. Any large national
bank in New York City would, on these terms, gladly undertake tbe
redemption of all the notes presented for that pu^'p^s^ ^^ the commercial center—-which is the only appropriate place for the redemption of
167
COMPTROLLER OF THE CURRENCY.
bank notes—without any charge therefor to the banks whose notes
a.re redeemed. It is recommended that the law now in force on this
subject be amended, and that the cost of redemption shall be assessed
in such manner as that the banks in operation shall pay for the red.emption of their own notes only, the remaining cost being borne by
the governnient. Moreover, the government has for fifteen years received annually an average sum of more than three millions of dollars
in taxes upon deposits, under a system unknown elscAvhere in any country; and it is certainly only just that it should bear the expense of the
redemption of those circulating notes from which it alone receives the
entire benefit.
Section 3 of the act of June 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 x)er centum of its circulation, to be held and used for the redemption
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.
The following table exhibits,the amountof national-bank notes received for redemption monthly, by the Comptroller of the Currency, for
the year ending November 1, 1880, and the amount received for the
same period at the redemption agency of the Treasury, together with
the total amount received since the passage of the act of June 20, 1874:
Eeceived by Comptroller.
Months.
P r o m nare- N o t e s o f na- U n d e r iict
t i o n a l b a n k s dFr-om
n t i o n a l b a n k s of J u u e 20,
for r e i s s u e a geemn pc yt i ofor
i n l i q u i dd>or s u r r e n 1874..
reissue.
tion.
der.
Total.
Receiyed at
the redemption agency.
1879.
November.
December .
$8, 620 $1,502,700
1, 717, 000
10, 725
$75, 510
86, 690
2,134,100
2, 478, 500
2, 322. 500
2, 057;200
3, 654, 000
4, 435, 600
2, 732, 400
2, 522, 500
2, 461, 000
2, 406, 800
53, 545
189, 846
88,735
105, 234
151, 877
276, 699
70, 607
129, 790
. 90,630
$218, 090
144, 492
$1, 804, 920
1, 958, 907
$3, 2.51, 634
2, 922, ^90
2, 535, 407
3,106, 595
2,751,880
2, 623, 310
4, 535, 494
5, 696, 866
3, 329, 081
2, 969, 947
3,117, 958
2, 566,153
5,641,192
3, 960, .505
3,144,811
4, 006, 205
7, 554, 660
7, 808, 361
4, 709, 894
3, 469, 884
3, 348, 638
3,708, 448
1880.
Jauuary.Pebruary..
March
April
M!ay....
June
,
July ..
Augiist
September
October . . .
Total
R e c e i v e d frora J u u e 20,1874,
t o October 31,1879
Grand total
9, 620
50, 240
18,160
31, 300
l7, 630
22, 300
25, 460
14, 915
24, 800
10, 200
338,
388,
322,
429,
711,
962,
500,
302,
541,
149,
30, 424, 300
1, 319,163
36,996,518
53, 526, 722
12, 423, 225 356, 889, 855
14, 749, 912
60, 336, 423 1450, 399, 415
984, 486, 292
12,667,195 387, 314,155
16, 069, 075
71, 345, 508 487, 395, 933 1,038,013,014
243, 970
5, 009, 085
From the passage of the act of June 20,1874, to November 1,1880, there
was received at the redemptiou agency of the Treasury $1,038,013,014 of
national-bank currency. The receipts reached the highest point during
the year ending November 1,1877, when they amounted to $229,308,507,
since which date they have steadily decreased; being for the year 1878,
$202,499,740, for 1879, $117,191,999, and for 1880, but $53,526,722..
At this Office, the niaximum yearly receijits of currency for redemption
was reached during the year ending November 1,1875, when the amount
168
REPORT ON T H E FINANCES.
was $140,577,505. There has been a decrease in each succeeding year,
but the percentage has been much less as compared with the decrease
at the redemption agency.
During the year ending November 1, 1880, there was received at the
redemption agency of the Treasury $53,526,000 of national-bank notes,
of which amount, $24,312,000, or about 45 jier cent., was received from
the banks in New York City, and $5,682,000, or about 10 per cent.,
from Boston. The amount received from Philadelphia was $3,531,000;
from Baltimore, $499,000 5 Pittsburgh, $597,000; Cincinnati, $864,000;
Chicago, $1,937,000; Saint Louis, $446,000; Providence, $1,229,000,
The aniount of circulatiug notes fit for circulation returned by the agency
to the banks of issue during the, year was $15,010,700. The total
amount received by the Comptroller fbr destruction, from the redemption agency and from the national banks direct, was $35,677,355. Of
this amount, $2,966,700 were issues of banks in the city of New York;
$3,088,611, of Boston; $1,398,800, of Philadelphia; $1,207,489, of Providence; $556,550, of Baltimore; $661,738, of Pittsburgh; and of each
of the other principal cities less than $500,000.
The following table exhibits the number and amount of national-bank
notes, of each denomination, which have been issued and redeemed
since the organization of the system, and the number and amount outstanding on November 1, 1880:
Number.
Amount.
Denominations.
Issued.
Ones
Twos
Pives
Tens. Twenties . . . . . . .
Fifties
One hundreds...
Pive hundreds..
One thousands..
Total
Redeemed.
23,167, 677
Outstanding.
Issued.
Redeemed.
Outstanding.
7, 747, 519
69,131, 976
27, 203,168
8, 266, 398
1, 253, 865
879, 490
20, 763
6,363
20, 875, 215
7,143, 889
49,149, 824
15, 821,110
4, 484, 820
825, 499
610, 601
19, 484
6,124
2, 292, 462
$23,167, 677
603, 630
15, 495, 038
19, 982,152
345, 659, 880
11, 382, 058 • 272,031,680
3, 781, 578
165, 327, 960
428, 366
62, 693, 250
268, 889
87, 949, 000
1, 279
10, 381, 500
239
6, 363, 000
$20, 875, 215
14, 287, 778
245, 749,120
158, 211,100
89,696,400
41, 274, 950
61,060,100
9, 742, 000
6,124, 000
*-15,129
$2, 292, 462
1, 207, 260
99,910 760
113, 820, 580
75,631,560
21, 418. 300
26, 888, 900
639, 500
239, 000
*-hl5,129
137, 677, 219
98, 936, 566
38, 740, 653
647, 005, 534
342, 063, 451
989, 068, 985
* Portions of notes lost or destroyed.
A table showing the number and denominations ofthe national-bank
notes issued and redeemed, and the number of each denomination outstanding on November 1, for the last twelve years, will be found in the
appendix:.
The following table shows the amount of national-bank notes received
at this Office and destroyed yearly, since the establishment of the system:
Prior to ^N'ovemher 1,1865
'.
During the year ending October 31,1866
Duriug the year endiug October 31,1867
During the year ending October 31,1868
Dui-ing the year euding October 31,1869
Duriug the year ending October 31,1870
During the year ending October 31,1871
During the year ending October 31,1872
During the year ending October 31,1873
During the year ending October 31,1874
During the year ending October 31,1875
During the year endine: October 31,1876
Duriug the year ending October 31,1877
During the year ending October 31,1878
Duriug the year endinir October 31,1879
During the year eudijig October 31,1880
Additional amount destroyed of notes of banks in liquidation
Total
--
-
$175, 490
1, 050, 382
3,401, 423
4, 602, 825
^ 8, 603, 729
14, 305, 689
24, 344, 047
•.. 30, 211, 720
36, 433,171
49, 939, 741
137, 697, 696
98, 672, 716
76, 918, 963
57, 381. 249
41,101, 830
35, 539, 660
26, 696, 662
647,076,993
COMPTROLLER OF THE CURRENCY.
169
NATIONAL BANK FAILURES.
Three banks have failed during the year ending November 1, 1880,
and have been placed in the hands of receivers, as Ibllows:
Capital.
First National Bank of Meadville, Pa
First National Bank of Newark, N. J
First National Bank of Brattleboro', Vt
$100,000
300,000
300,000
The Manufacturers^ National Bank of Chicago, III., w^hich went into
voluntary liquidation on September 25, 1873, has been placed in the
hands of a receiver for the purpose of enforcing the individual liability
of shareholders.
Dividends have been paid to the creditors of these banks during the
present year, as follows:
Per cent.
First Natioual Bank of Meadville, Pa
First National Bank of Newark, N. J
First National Bank of Brattleboro', Vt
65
80
90
The aggregate amouut of these dividends is $580,656.70, and their
average per cent, to claims proved is 77.4.
Dividends have also been paid to the creditors of banks which had
failed prior to November 1, 1879, as follows: >
Atlantic National Bank, NOAV York, N. Y
5 per cent. total, 95 i)er cent.
New Orleans National Banking Association, New Orleans,
La
5 percent. total, 55 per cent,
CkarlottesTille National Bank, Charlottesville, V a . . . 10 per cent. total, 50 per cent,
^ i r s t National Bank, Uulutk, Minn.,
28 per cent.; total, 100 per cent,
F'irst National Bank, La Crosse, Wis
10 per cent. total, 45 per ceiit.
First National Bank, Wicliita,' Kans
10 per cent. total, 70',per c<6nti.
National Bank of Fishkill,' N.' Y
30 per cent. total, 85' ]Der cent,
First National Bank, Franklin, Ind
25 per cent. total, 90 per cent,
NortkumberlandCountyNationalBank, Sliamokiii,Pa.l2^ per cent, total, 75 per cent,
National Excliange Bank, MinneapoUs, Minn.
13^^o p e r c e n t . ; total, 88^9^ per cent
National Bank of the State of Missouri, Saint Louis, Mo.20 per cent. total, 90 per cent,
First Natioual Bauk, Georgetown, Colo
10 jjer cent.; total, 224 per cent.
Lock Haven Natioual Bank, Lock Haven, Pa
20 per cent. total, 80 per centi.
Central National Baaik, Chicago, 1 1 1 : . . . . . . . . : :
5 per cent. total, 60,iper cent,
First National Bauk, Kausas City, Mo
1 . . . 10 per cent. total, 40 per cent,
First National Bank, Tarrytown, N. Y
5 per cent. total, 85 per centl
First National Bank, Dallas, Tex
27 per cent. total, .37 per cerit.
First National Bauk, Bozefaan, Mon
30 per cent. total, 70 per cent,
Merchants' Natioual Bank, Fort Scott, Kans
.30 per ceut. total, 45 per cent,
First Natioual Bank, Warrensburg, Mo
65 per cent. total, 75 per cent,
German American Natioual Bank, Waskington, D. C.. 10 per ceut. total. 20 per cent,
Gerinan National Bank, Cliicago, IU
30 per cent. total, 55 per cent,
Commercial National Bank, Saratoga Springs, N. Y . . .25 per.cent. total, 85 per cent,
National Bauk of Poultney, Vt
35 per cent. total, 60 per cent,
First Natioual Bank, Monticello, Ind
30 per cent. total, 30 per ceri^.
First Natioual Bank, Butler, Pa
15 per cent. total, 30 per cent.
The total amount of dividends paid by the Comptroller to creditors
of insolvent national banks during the year ending November 1, 1880,
was $1,712,731.16. The total dividends paid since the organization.of
the system is $17,632,639, upon proved claims amounting to $25,786,261.
The dividends paid equal 68.4 per cent, of the amount of the claims.
Assessments aniounting to $7,176,750 have been made upon the shareholders of insolvent banks, for the purpose of enforcing their individual
liability, of which amount $2,617,571 has been collected in all, and
$801,563 of it during the past year.
A table showing the national banks which have been placed in the
hands of receivers, the amount of their capital, and of claims proved,
170
REPORT ON THE FINANCES.
and the rates of dividends paid, and also one showing the amount of
• circulation of such banks, issued, redeemed, and outstanding, will be
found in the appendix.
. In the case of the Ocean National Bank of New York, there are divi:
-dend checks amounting to $4,189.70 which have never been called for
by the creditors, although every effort has been made to find them.
^Small amounts are also held belonging to creditors of other national
banks which are insolvent, and the Comptroller respectfully recommends
the passage of a bill, authorizing him to divide these balances among
v'the other creditors at the time of the final closing of such banks.
RESERVE.
The following table exhibits the amount of net deposits, and the re^serve required thereon by the act of June 20, 1874, together with the
.amount and classification of reserve held by the hational banks in
New York City, in the other reserve cities, and by the remaining banks,^
at the dates of their reports in October of each year from 1875 to 1880 :
N E W YOEK CITY.
Reserve beld.
Classification of r e s e r v e .
b e r of I f e t de- R e s e r v e
r
e
q
u
i
r
e
d
.
p
o
s
i
t
s
.
banks
O t h e r law- D u e fr.om Redemp-A m o u n t . dReaptoi soi tto
s . Specie. ful m o n e y . a g e n t s . t i o n f u n d .
MiUions.
b c t o b e r 1,1875
O c t o b e r 2,1876O o t o b e r . l , 1877.
O c t o b e r ! , 1878.
O c t o b e r 2,1879.
^October 1,1880.
48
47
47
47
47
47
202.3
197.9
174.9
189.8
210.2
268.1
MiUions.
50.6
49.5
43.7
47.4
52.6
67.0
MiUUms.
60.5
60.7
48.1
50.9
53.1
70.6
P e r cent-,
MiUioiis.
29.9
30.7
27.5
26.8
25.3
26.4
5.0
14.6
13.0
13.3
19.4
58.7
MiUicyrM..
MiUions.
MiUions.
1.1
0.8
0.8
1.1
1.1
0.9
54.4
45. 3
34.3
36.5
32.6
11.0
OTHER RESERVE CITIES.
•
O c t o b e r 1,1875.
Qctober2,18*/6.
O o t o b e r 1,1877.
O c t o b e r l , 1878O c t o b e r 2,1879.
O c t o b e r 1,1880.
188
189
188
184
181
184.
223.9
217.0
204.1
199.9
228.8
289.4
56.0
54.2
.51.0
50.0
57.2
72.4
74.5
76.1
67.8
71.1
83.5
105.2
33.3
35.1
33.0
35.6
36.5
36.3
1.5
4.0.
5.6
9.4
11.3
28.3
37.1
37.1
34.3
29.4
33.0
25.0
32. 3
32.0
24.4
29.1
35.7
48.2
3.6
3.0
3.0
3.2
3.5
3.7
33.7
31.0
31.6
31.1
30.3
28.3
53.3
55.4
48.9
56.0
71.3
86.4
11.5
10.8
10.7
11.0
II. 2
11.3
125.2
113.4
100. 2
97.0
95.9
64.3
85.6
87.4
73.3
85.1
107.0
134.6
16.2
14.6
14. 5
15.3
15.8
15.9
STATES AND TERRITORIES.
^October 1,1875.
O c t o b e r 2,1876.
• O c t o b e r l , 1877.
•October 1,1878.
O c t o b e r 2,1879.
O c t o b e r l , 1880.
1,851
1,853
1,845
1,822
1,820
1,859
307.9
291.7
290.1
289.1
329.9
410.5
46.3
43.8
43.6
43.4
49.5
61.6
100.1
99.9
95.4
106.1
124.3
147. 2
32.5
34.3
32.9
36.7
37.7
35.8
1.6
2.7
4.2
8.0
11.5
21.2
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 l , 1877.
O c t o b e r ! , 1878.
O c t o b e r 2,1879.
-October 1,1880.
2,087
2,089
2,080
2,053
2,048
2, 090
734.1
'706. 6
669.1
678.8
768.9
968.0
152. 2
147.5
138.3
140.8
159.3
201.0
235.1
236.7
210. 8
228.1
260.9
323. 0
32.0
33.5
31.5
3.3.6
33.9
33.4
8.1 \
21.3
22.8
.30.7
42.2
108. 2
A table showing the average weekly deposits, circulation aud reserve
'Of the national banks'in New York City, in September and October of
m c h year since 1873, will be found in the appendix.
COMPTROLLER OF THE CURRENCY.
171
l | The following table, compiled from returns made to the Clearing House
by the national banks in New York City, exhibits the miovement of their
ireserve, weekly, during October, for the last eight years:
Ratio of reserve to—
Week ending-
Specie.
October 4,1873
October II, 1873
October 18,1873
October 25,1873
October 3,1874
October 10,1874
October 17,1874
October 24,1874
October 31,1874
October 2,1875
October 9,1875
October 16,1875
October 23,1875
. October 30,1875
October 7,1876
October 14,1876
October 21,1876
October 28,1876
October 6,1877
October 13,1877
October 20,1877
October 27,1877
October 5,1878
October 12,1878
October 19,1878
October 26,1878
October 4,1879
October 11,1879
October 18,1879
October 25,1879
October 2,1880
October 9,1880
October 16,1880
October 23,1880
October 30,1880
$9,240, 300
10, 506, 900
11, 650,100
11, 433, 500
15, 373, 400
14, 517, 700
12, 691, 400
11, 457, 900
10, 324, 900
5,438, 900
5, 716, 200
5, 528, 500
5, 735, 000
8, 975, 600
17, 682, 600
16, 233, 600
15, 577, 500
14, Oil, 600
14, 665, 600
14,726, 500
14, 087, 400
15, 209, 000
14, 995, 800
12,184, 600
13,531.400
17, 384, 200
18, 979, 600
20, 901, 800.
24, 686, 500
25, 636, 000
59, 823, 700
62, 521, 300
62, 760, 600
60, 888, 200
61,471, 600
Le^al-tenaers.
$9, 251, 900
8, 049, 300
5,179, 800
7,187, 300
53, 297, 600
52,152, 000
51, 855,109
49, 893, 900
50, 773, 000
56,181, 500
51, 342, 300
48, 582, 700
47, 300, 900
45, 762, 800
45, 535, 600
43, 004, 600
41, 421, 700
41, 645, 600
36,168, 300
35,178, 900
35,101, 700
34, .367, 800
38, 304, 900
37, 685,100
36, .576, 000
35, 690, 500
34, 368, 000
32, 820, 300
29, 305, 200
26, 713, 900
11,129,100
10, 785, 000
10, 939, 200
10, 988, 200
10, 925, 000
Total.
$18, 492, 200
18, 556, 200
16, 829, 900
18, 620, 800
68, 671, 000
66, 669, 700
64, 546, 500
61, 351, 800
61, 097, 900
61, 620, 400
57, 058, 500
54, 111, 200
53, 035, 900
54, 738, 400
63, 218, 200
59, 238, 200
56, 999, 200
55, 657, 200
50, 833, 900
49, 905, 400
49,189,100
49, 576, 800
53, 300, 700
49, 869,700
50,107, 400
53, 074, 700
53, 347, 600
53, 722,100
53, 991, 700
52, 349, 900
70, 952, 800
73, 306, 300
73, 699, 800
71, 876, 400
72, 396, 600
Circulation and Deposits.
deposits.
Per cent. Per cent.
11.6
14.0
11.6
14.1
10.7
13.0
12.2
14.8
30.0
33. a
29.6
33.3
29.0
32.7
28.8
31.7
27.9
31.6
28.1
30.6
26.5
28.9
25.4
27.7
25.3
27.7
26.5
29.0
30.5
22. 4c
28.8
31.1
27.8
30.0
28.0
30. S
27.0
29.5
26.7
29.2
26.5
29.0
26.8
29.4
25.7
28.4
24.4
27.0
24.7
27.3
25.8
28.5
2.3. 3
25.8
23.4
25.9
23.5
26.1
23.0
25.5
25.4
26.4
25.4
27.2
25.5
27.1
24.9
26.6
25.0
26.7
APPENDIX.*
Tables will be found in the appendix, exhibiting the reserve of the
nationalbanks as shown by their reports, from October 2,1874, to October 1,1880; the reserve by States and principal cities for October 1,1880;
and in the States and Territories, in New York City, and in the other
reserve cities, separately, at three dates in each year, from 1877 to 1880.
Special attention is called to the synopsis of judicial decisions contained in the appendix, to the numerous and carefully prepared tables
in both report and appendix, and to the index of subjects and list of
tables to be found at the close of the appendix. At the end of the full
volume of more than seven hundred pages is an alphabetical list of the
cities and villages in which the national banks are situated.
In concluding this report the Comptroller performs a pleasant duty in
acknowledging the zeal and efficiency of the officers and clerks associated with him in the discharge of official duties.
JOHN JAY KNOX,
Comptroller of the Currency,
Hon.
SAMUEL J.
EANDALL,
Spealcer of the Souse of Bepresentatives.
* The appendix, which is omitted for want of space, may be found in the bound
volume of t h e Comptroller's report.
REPORT OF THE DIRECTOR OF THE MINT.
tn
EEPORT
OP
THE DIREGTOR OF THE MINT.
TREASURY DEPARTMENT,
B U R E A U OF T H E M I N T ,
JSrovember 23, 1880,
SIR : I have the honor to submit the following report of the operation^^
of the mints and assay offices of the United States for the fiscal year
ended June 30, 1880, being my second and the eighth annual repprt of
the Director since the organization of the Bureau of the Mint:
D E P O S I T S A N D PURCHASES.
The deposits of gold and silver bullion at the mints and assay offices, ineluding deliveries upon purchases for silver coinage, have been in number
and value far greater than in any previous year since the establishmentof"
the Mint. Of gold, besides the deposit of $35,821,705.40 of domestic production, and $1,385,834.59 of plate, jewelry, and worn coih, $61,627,556.86
of foreign coin and bullion, out of a total import of $62,550,837, wais
brought to the mints and assay offices during the year, and its value
paid to depositors in gold coin and bars.
The aggregate of the gold deposits was $98,835,096.85, and exceeded
by $29,750,567.11 the amount of gold deposited at the mints and assay
offices in 1861, which was the greatest amount received in any jDrevious
year.
The total deposits of silver, including deliveries upon iiurchases, were
in excess of those of the previous year, and only surpassed during the
coinage of fractional silver and trade dollars in 1877 and 1878.
The total deposits and purchases of silver bullion were, of domestic
bullion $32,132,756.95, foreign coin and bullion $2,219,105.83, plate, jewelry and American coin $288,660.01, a total of $34,640,522.79.
The forms in which the above amounts were brought to the mints
and assay offices were as follows:
Gold.
Doniestic production
United States coin
Eoreign bullion
Eoreign coin
Old jewek',y, plate, and jewelers' bars
Total.
,
Silver.
Total.
$35,821,705 40 ;32,132, 756 95 $67, 954, 462 35209, 328 82
39, 298 28
248, 627 10
21, 200, 997 23 1,154, 359 57 22, 355, 356 80
40,'426, 559 63 1, 064, 746 26 41, 491, 305 89
1,176, 505 77
249, 361 73
1,425, 867 50
98, 835, 096 85 34, 640, 522 79 133, 475, 619 64
In addition to the above net amount of deposits, bars ainounting to$36,141,366.83 in gold, and $2,574,235.35 in sHver, made at one institu
175
176
REPORT ON T H E
FINANCES.
tion were subsequently received and operated upon at another, making
the total amounts received and worked $134,976,463.68 in gold and
$37,214,758.14 in silver.
These amounts Avere distributed among the mints and assay offices
as follows:
M i n t or a s s a y office.
Gold.
Pbiladelpbia
San F r a n c i s c o
Carson
.. ..
N e w Orleans
New Tork
Boise
Helena
Cbarlotte
Total
..^...
Silver.
Total.
39
46
51
86
40
74
16
96
20
$16, 671, 599 21
10, 842, 390 58
• 622, 291 88
4, 443 77
4, 502, 275 24
4, 508, 067 20
2, 052 83
61, 068 23
569 20
$.53,309,250
39, 387, 935
990 466
349, 353
4, 599, 895
72 781 694
149 671
534, 601
88,352
134, 976, 463 68
37, 214, 758 14
$36, 637, 651
28, 545, 544
368,174
344, 909
97, 620
68, 273, 627
..
147, 619
473, 532
87, 783
60
04
39
63
64
94
99
19
40
172,191, 221 82
COINAGE.
The unusual imports,of foreign gold coin and bullion brought to,the
New York assay office and mints during the first half of the last fiscal
year gold bullion beyond the capacity of the mints for immediate coinage. Fortunately the condition of the Treasury and slight demand for
coin in redemption of government obligations did not require the immediate conversion of this bullion into coin.
I t was deemed advisable to increase the work at the Philadelphia
Mint to a monthly coinage, besides the coinage of silver and minor coins,
of from $3,000,000 to $5,000,000 ot gold. This Mint was able with existing facilities, and the employment of additional labor, to coin during the
year $27,639,445 of gold, leaving at the close $38,468,874 of gold bullion
in that Mint and the New York assay office uncoined.
For the first time a successful effort has been made to obtain a large
portion of the coinage of gold pieces in denominations less than twenty
dollars. To do this has required iiositive instructions from this office,
in accordance with your views. As was said by James Eoss Snowden,
Director of the Mint in 1860, '^The chief design of a national mint is
to subserve the interests of the people at large, preferably to a few large
owners of bullion or coin. The interests of the pubhc and of depositors are
not always concurrent in the matter under discussion. Depositors of large
amounts call for coin in a form which gives the least trouble to count;
and banking institutions, in addition to that, may prefer it in a form not
likely to be drawn out. Many who present their checks at these institutions would doubtless ask for specie, but are deterred from doing so
by the expectation of receiving double eagles, instead of half or quarter
eagles. In a word, the plain effect of issuing gold coin of a large size
is to keep down the circulation of specie and increase the use of paper
money."
In Great Britain the gold coinage consists almost wholly of sovereigns
and half-sovereigns; in France, of twenty and ten franc pieces; and
in Germanv, of ten-mark pieces, all of these coins being of less value
than five dollars. The absorption by France of $1,100,000,000 of gold
imports into her circulation during the thirty years, from 1850 to 1880,
may in part be accounted for by the coinage of nearly all this gold into
denominations of less than two and four dollars' value.
Let the people have gold and silver coins for their use, and for the ordinary and smaller business transactions, and the best secured redeemable paper circulation for the larger transactions of trade and commerce.
177
DIRECTOR OF T H E MINT.
While the law gives the depositor the option into what denominations
his bullion shall be coined, if, in lieu of waiting for such coins to be
struck, he asserts his right to be paid the value out of the bullion funds
kept by the Secretary of the.Treasury at the Mint for such paj^ment, he
must take such funds and denominations as are lawfully provided, and
loses all claim to the bullion he has deposited or iiower to control its
future disposition. However, while asserting the right to direct the
coinage of gold belonging to the United States, as seemed to be for
the interests of the community, the wishes and conveniences of depositors aud those using large sums of money in their transactions have
not been overlooked, and a limited coinage of double eagles has been permitted.
The total coinage during the vear a.mounted to $84,370,144, of which
$56,157,735 was gold, $27,942^,437.50 silver, and $269,971.50 minor
coins. The number of pieces of each denomination struck, were as follows, viz, of donble eagles, 1,075,768; eagles, 1,883,632; half eagles,
3,158,172; three dollars, 3,030; quarter eagles, 1,230; gold dollars,
3,030; standard silver dollars, 27,933,750; half-dollars, 6,550; quarter
dollars, 15,350 ; dimes, 15,750, iive cents, 24,950; three cents, 32,750;
aud cents, 26,774,150; a total number of pieces of 60,928,112.
Notwithstanding the large number of cents struck, the demand for
this denomination of coin has been so great that the Mint at Philadelxihia—the only mint at which minor coins are struck—has been unable
to manufacture a sufficient supply to promptly fill the orders received,
although the bronze alloy has been purchased in the form of'manufactured blanks or planchets ready for striking, and thus greatly lessened
the amount of labor required.
The coinage of the last three calendar years has been:
1877.
Gold
Silver
Minor
1878. .
1879.
$43, 999, 864 00 $49, 786, 052 00 $39 080 080 00
28, 393, 045 50 28, 518, 850 00 27, 568, 235 00
8, 525 00
58,186 50
165, 003 00
<?
72, 401, 434 50 78, 363, 088 50
Total
66, 813, 318 00
Detailed statements of the coinage executed are presented in the
appendix.
BARS.
During the year the mints and assay offices manufactured bars to the
amount of $69,949,778.05 in gold and $6,924,501.17 in silver. "
Of the gold bars, $57,368,761.15 were made at the New York assay
office for transmission to the Mint at Philadelphia for coinage,
$11,524,181.83 were fine bars, and $1,056,835.07 were unparted.
Of the silver bars made, $6,811,645.76 were fine, $24,347.93 sterhng,
and $88,507.48 unparted.
PARTING AND REFINING.
The refineries of the coinage mints and of the assay office at New
York operated upon 10,537,106.42 ounces gross of bullion, and separated therefrom 1,241,137.981 ounces of standard gold and 8,577,111.12
ounces of standard silver.
12 F
178
REPORT ON T H E
FINANCES.
The following statement shows in detail the quantities and value oi
gold and silver operated upon at the respective refineries during the
year.
M i n t or a s s a y office.
Philadelpliia
San P r a n c i s c o
Carson
ISTew O r l e a n s
New York
S t a n d a r d gold. S t a n d a r d silver.
Gross.
130, 879. 38
6,072,432.80
418, 912. 65
3, 227. 59
3, 911, 654.00
-
Total
10, 537,106.42
78, 414.164
524, 229. 418
18, 998. 260
1,844.139
617, 652. 000
1,241,137.981
51 897 97
4, 887, 291.16
428, 841. 57
827 42
3, 208, 253. 00
8, 577, 111. 12
VALUE.
M i n t or a s s a y office.
Pbiladelnliia
iJiTew Orleaus
New York
Gold.
..
..
.... ....
$1, 458, 868
9, 753,105
353,456
34, 309
11,491,200
Silver.
16
45
00
56
00
23, 090, 939 17
Total
$60, 390
5, 687, 029
499, 015
962
3, 733, 239
Total.
36
71
64
81
85
9, 980, 638 37
$1, 519, 258
15 440 135
852, 471
35, 272
15, 224, 439
52
16
64
37
85
»33,071,577 54
DIES AND MEDALS.
The engraving department of the mint at Philadelphia prepared
during the year 1,092 coinage and medal dies.. The number of medals
struck was 1,347, of which 43 were in gold, 446 in silver, and S5S in
bronze. A medal of fine gold was prepared for presentation to Bendix
Koppel in recognition of his services as arbitrator in the '^Montijo"
arbitration. Fourteen medals of fine gold and three of fine silver were
made for award to various persons who had exhibited special heroism
in saving life from the perils of the sea.
^
PURCHASES OF SILVER BULLION.
Purchases of silver bullion for delivery at the mints at Philadelphia,
San Francisco, Carson, and NCAV Orleans have been made in the manner
described in the last annual report, with the exception that the day for
receiving offers was changed Jauuary 3,1880, from Wednesday, three
o'clock p. m., to Thursday, two o'clock p. m.
The superior facilities at San Francisco for filling with dispatch orders
for speedy delivery of silver bullion in Chiua, and the diminished production of silver in the States and Territories contiguous to the Pacific
coast, have frequently operated to carry the price of silver bulhon at
San Francisco above the prices at New York and Loudon, and to riender
it difficult at times to purchase at market rates silver bullion for delivery
at the Pacific Coast Mints. During the year the department was able
to procure for those mints bullion only sufficient to coin 8,318,000 standard silver dollars. This inability compelled the suspension of coinage
at the Carson Mint from November 1,1879, to May 1, 1880, the stock
of silver bullion at the former date having become reduced to 12,342.41
standard ounces. The purchase and reception of silver bullion was,
however, in the mean time continued, and a stock accumulated by the
179
DIRECTOR OF THE MINT.
6th of April, 1880, of 227,087.54 standard ounces. This amount, with
be prospect of additional supplies, justified the resumption of coinage,
ut the whole amount of silver bullion obtained for the Carson Mint
uring the year amounted at its coining value to $597,624.28 only.
In preference to purchasing bullion for delivery at the New Orleans
lint at figures regarded as in excess of the market price, it was at first
eemed advisable to transfer from the New York assay office 1,798,167.82
}andard ounces purchased prior to June 30,1879. This was insufficient
) supply that mint with an amount of bullion equal to its capacity and
le demand upon it for silver coinage; it therefore became necessary to
urchase additional bullion at such rates as were offered or to suspend
)inage at that mint.
The rates, though at first above the New York price, were less than
le cost to the department to purchase and transfer from Philadelphia
^ New York. Offers were accepted during the year for the delivery at
ew Orleans of 1,684,158 standard ounces at the lowest rates attainale, but above the New York price.
Treasury and public.demands for coin in exchange for the heavy im)rtation of foreign gold, and the urgent and increasing demand for one
iut bronze coins, rendered it impossible to increase the coinage of
andard silver dollars at the Philadelphia Mint. I t was also found
ore advantageous to purchase and coin silver bullion at New Orleans
an at San Francisco, as the resulting coin could be far more rapidly
id economically distributed from the former than the latter. No diffiIty was experienced in procuring at market rates during the year all
e silver bullion necessary for the Philadelphia Mint. At no time durg the year was that institution without an ample stock of bullion.
The purchases during the year, as will be seen from the accompanyg table, were 24,069,134.02 standard ounces, at a cost of $24,778,724.45,
lile the silver parted from gold deposits and purchased in pursuance
section 3527, Revised Statutes, at a jirice fixed by the Director of the
int, and which during the year was $1. per standard ounce, amounted
193,437.36 standard ouuces, costing $193,437.36, making the total quany purchased 24,262,571.38 standard ounces, at a cost of $24,972,161.81,
d an average per month of $2,081,013.48 worth of bullion.
The average London price of silver during the year was 52^-^^ pence,
th exchange at par ($4.8665) equivalent to $1.14436 per ounce fine,
d at the average monthly price at New York, of exchange on London,
.8634, equivalent to $1.14397 per ounce fine. The average New York
ice of silver during the year was $1.14162 per ounce fine.
. SILVER PURCHASES, 1880.
Purchases.
l i n t or assrty
ice a t whicli
delivered.
standard
ounces.
Cost.
Partings purchased.
Total purchased.
Standard
ounces.
Cost.
.
Standard
ounces.
Cost.
laclelphia
Prancisco
r Orleans
5on C i t y
r York'
14, 224, 005 64 $14, 614, 490 49
7, 499, 069 11
7, 264, 591 05
2,141, 329 00
2, 070, 351 88
523, 835 85
510,185 45
20, 254 78
67, 2G1 95
623 08
3, 397 93
101, 899 62
$20, 254 78
67, 261 95
623 08
3, 397 93
101, 899 62
14,244,260
7, 331, 8.53
2, 070, 974
513, 583
101, 899
Total
24, 069,134 02
193,437 36
193, 437 36
24, 262, 571 38
24,778,724^45
42 $14, 634, 745 27
00
7, 566, 331 06
96
2,141, 952 08
38
527, 233 78
62
101, 899 62
24, 972,161 81
180
REPORT ON THE FINANCES.
DISTRIBUTION OF SILVER DOLLARS.
On the first of July, 1879, the amount of standard silver dollars in circulation was 7,653,649, and on the first of July, 1880,19,309,435, showing
an increase in the circulation during the year of 11,645,786.
Up to November 1, 1880, there had been coined 72,847,750 standard
silver dollars, of which 19,780,241 Avere held by the Treasury for the redemption of silver-certificates and $27,304,218 for distribution, $12,918,505
of the latter being in the mints, making the total amount in the Treasury $47,084,459, and in circulation $25,763,291, an increase of $6,453,856
ih the circulation from July 1 to November 1, 1880.
The authority for the issue and distribution of standard silver dollars
at the mints other thau in payment for purchases of silver bullion, and
other expenses is contained in the coinage act of 1873, and the act of
February 28,1878, providing for the coinage of the standard silver dollar.
Section 28 of the coinage act of 1873 provides " that silver coins
other than the trade dollar shall be paid out at the several mints and
the assay office in New York City, in exchange for gold coins at iiar,
in sums not less than one hundrecl dollars; and it shall be lawful, also,
to transmit iiarcels of the same, from time to time, to the assistant treasurers, depositaries, and other officers of the United States, under general
regulations proposed by the Director of the Mint and apiiroved by the
Secretary of the Treasury."
Under the provisions of these acts the issue and paying out of silver
dollars has been effected.
First. By payment in standard silver dollars for all silver bullion
purchased for coinage and delivered at the mints during the year,
amounting to $24,972,161.81.
Second. By exchange for gold coin.
Third. Under general regulations prescribed by the Director of the
Mint, and approved by the Secretary of the Treasury September 3,1878,
directing that the superintendents ofthe coinage mints '' upon the receipt
of a written request of the Treasurer of the United States, forward by
express standard silver dollars in the sum of one thousand dollars, or a
multiple thereof, to such party or parties as he may designate. The expense of transportation to be paid by the mint from the silver profit fund.''
Section 27 of the coinage act of 1873 provides that the expense of
distributing the subsidiary silver coins shall be paid from the silver profit
fund. In'the act directing the cpinage ofthe standard silver dollar the
gain arising from such coinage is required to be accounted for and paid
into the Treasury as provided under existing laws relative to the subsidiary coinage.
Under these provisions and the regulation referred to, standard silver
dollars are transported from the mints not only to assistant treasurers,
depositaries, and other officers of the United States, but to such point
as the Treasurer of the United States may designate, and the expense
is charged to the silver profit fund.
If there is any doubt as to this construction of the law, or of the propriety of such method of distribution, and the payment of expenses
thereof, I respectfully suggest that additional legislation be requested
conferring any needed authority, or more specifically defining the proper
cases for its application.
Section 28 of the coinage act of 1873 provides that the subsidiary
silver coins shall only be paid out at the mints in sums of not less than
$100 at par in exchange for gold coins.
The propriety of limiting such exchange to gold coin at the present
181
DIRECTOR OF T H E MINT.
time is not apparent, and if any exchange for United States notes is not
authorized I respectfully suggest that the existing laws ought to be
amended.
I append herewith a table exhibiting the movement, circulation, and
coinage of standard silver dollars on July 1, 1878, and each six montbs
thereafter to July 1, 1880, and for the four months ending November 1,
1880, as shown by the books of this office and the Treasurer's monthly
statement of assets and liabilities:
COMPAE.dTIVK STATEMENT of the MOVEMENT, CIRCULATION, and COINAGE of STANDAED SILVER DOLLARS at the end of each six months, from July 1,
1878, to July 1, 1860, and for thefour months ending November 1, 1880.
In the Treasury.
Held for payment of cer- Por distritificates out- bution.
standing.
Period.
July 1, 1878
January 1, 1879..
Julyl,'.1879 . . . .
January 1, 1880..
July 1,'1880
November 1,1880
$7, 080
413, 360
412, 480
3, 824, 252
5, 789, 569
19, 780, 241
$5,
16,
27,
29,
38,
27,
273,
283,
733,
343,
635,
304,
964
970
871
812
746
218
In circula- Total cointion.
age.
Total.
$5, 281, 044
16, 697, 330
28,147, 351
33,108, 064
44, 425, 315
47, 084, 459
$3, 292, 456
5, 798, 220
7,653, 649
16, 887, 586
19, 309, 435
25, 763, 291
$8,
22,
35,
50,
63,
72,
573,
495,
801,
055,
734,
847,
500
550
000
650
750
750
APPROPRIATIONS, EARNINGrS, AND EXPENDITURES.
The amount appropriated for the support of the respective mints and
assay offices during the fiscal year ended June 30, 1880, was $1,228,800,
out of which the sum of $1,085,482.91 was expended. In addition the
sum of $92,033.46 was expended on account of the mints, and $13,558.62
at the Treasury Department, a total of $105,592.06 from the aiipropriation contained in the act of February 28, 1878, authorizing the coinage
of the standard silver dollar.
The use of this appropriation to meet the expenditures at the Philadelphia and New Orleans mints became necessary on account of the
large coinage of standard silver dollars executed at those mints, which
unavoidably carried the expenses above the specific appropriations for
their support. This, however, was offset by reduced expenses resulting from correspondingly diminished coinage at other mints.
The total expenditures at all the mints and assay offices were $51,283.63
less than the amount specifically appropriated.
The appropriations and expenditures were distributed as shown in
the following table:
Ajyprojyriations, 1880.
Institution.
Philadelnhia mint
S a n Pr.incisco m i n t
ifew Orleans mint
Denver mint
Boise C i t y assay-office
C h a r l o t t e assay-office
Total .
Salaries.
$34, 850
24, 900
23, 550
21, 400
10,750
33,150
5, 700
3, 000
2, 500
AVages.
00 $300, 000 00
00 275, 000 00
80, 000 00
00
80, 000 00
00
10, 000 00
00
22, 500 00
00
12, 000 00
00
00
00
159, 800 00
779, 500 00
Coinage of s t a n d a r d s i l v e r dolContingent. . lars (actof Febr u a r y 28, 1878),
indefinite.
$87, 500
87,500
42, 500
*35, 000
6, 000
9, 000
15, 000
6, 000
1, 000
00
00
00
00
00
00
00
00
00
289, 500 00
* Contains $5,000 for repairs and machinery.
Total.
$422, 350
387, 400
146, 050
136, 400
20, 750
64,650
32, 700
9, 000
3 500
00
00
00
00
00
00
00
00
00
1, 228, 800 00
182
REPORT ON T H E FINANCES.
Expenditures, 1880.
Institution.
Salaries.
Philadelphia mint.
San Prancisco mint
Garson m i n t .,
N e w Orleans m i n t
Denver mint
N e w Y o r k a s s a v office H e l e n a a s s a y office
Boise C i t y a s s a y office
©.liai'lotte a s s a y office
$33, 632
24, 900
23, 550
20, 961
10, 620
33,150
5, 700
2, 959
2, 500
Total......
. . 157, 974 74
Wages.
87 $287, 645 92
00 252, 235 75
62. 294 62
00
89
77, 278- 91
70
10, 000 00
00
20, 765 88
00
8, 656 24
28
3, 525 97
00
722, 403 29
Coinage of s t a n d a r d silver dolC o n t i n g e n t . l a r s (act of P e b r u a r y 28, 1878),
indefinite.
$87,498 13
46, 525 75
11, 312 73.
*34, 928 33
4,118 95
8, 750 12
9, 960 19
1, 095 22
915 46
$86, 221 43
205,104 88
92, 033 46
5, 812 03
Total.
$494, 998 S
323, 661 £
97,157 3
138, 981 1
24,739-6
62, 666 0
24, 316 4
7 580 4
3, 415 4
1 177 516 3
* Contains $4,994.06 for "Eepaira and machinery."
The charges collected from depositors for parting and refining bullion
are used as provided by law for paying in full the expenses thereof, including labor, niaterial, and wastage.
The total amount collected from depositors and paid into the Treasury
on account of parting and refining bullion during the year ended June
30, 1880, was $257,771.37, of which the sum of $249,479.23 has been expended.
The following statement shows the amount of charges and expenditures, including the proper portion of the operative wastages and loss
on sale of sweeps, on account of parting and refining bullion at the mints
at Philadelphia, San Francisco, and Oarson, and the assay-office at New
York, during the fiscal yea>T ended June 30, 1880.
Refinery earnings and expenditures.
Institution.
Philadelphia mint
Stun F r a n c i s c o m i n t
(ijapson C i t y m i n t
N e w Y o r k a s s a y office
C h a r g e s collected.
Expenses.
$8, 773
158, 477
9, 864
80, 656
$11, 382
151, 014
4, 537
82, 544
47
34
42
14
257, 771 37 •
Total
57
48
59
59
249, 479 23
ANNUAL ASSAY.
The commission appointed by the President to make the annual test
of the fineness and weight of the coins reserved from each delivery at
the mints, met at the mint at Philadelphia, pursuant to law for that purpose.
The following extracts from the reports of the committees on weighing and assaying show that the examination was in aU respects satisfactory. The committee on weighing report:
That from the tabular statement submitted it appears that tho weights of the reserved
coin from the several mints, both in masses aud in single pieces; are in all cases within
the limits of legal tolei'ance, and are therefore entirely satisfactory. The result also
of the examination of the weights ordinarily emxDloyed in the mint is entirely satisfactory to the committee.
.. The Committee on Assaying beg leave to present tbe followiug report: That they
have taken, the gold and silver coins reserved from the several mints, viz, Philadelphia, San Francisco, Carson City, aud New Orleans, and have assayed the same eitber
in mass or in individual coins aiid have found in all cases the coins to be in conformity
with law of Congress, and all safely witbin the limits of tolerance.
DIRECTOR OF THE MINT.
183
ESTIMATION OF THE VALUE OF FOREIGN COINS.
Pursuant to the provisions of section 3564 of the Eevised Statutes, on
the 1st day of January last estimation was made by the Director of the
Mint and proclamation by the Secretary of the Treasury, of the values
of the standard coins in circulation of the various nations of the world.
The basis of comparison for estimating the values of certain silver
coins was changed from that taken in preceding years, for the reason
stated in the correspondence relating thereto, copies of which are submitted herewith.
The values of foreign gold coins of full standard weight and fineness
are readily couiputed and expressed in the money of accountof the
United States, the gold-dollar xiiece at the standard weight of twentyfive and eight-tenths grains having been established by section 3511 of
the Revised Statutes as the unit of value.
• The weight and fineness of foreign gold coins in comparison with that
of such gold dollar readily determines their value.
But as to foreign silver coins, while standard dollars and fractions
of dollar of given weight and fineness have been authorized and
made legal tender, the standard of value legally provided has not been
changed.
When gold and silver coins of the same denomination are in circulation with like actual purchasing power, the comparative values of the
gold coin and gold dollar measured by their weight and fineness can
still be taken as the basis for estimating the valae of both coins. But
where the coinage of silver is unrestricted, and the actual circulation
consists chiefly of silver coins, must the value of such coins be estimated by comparing their weight and fineness with United States silver
^coins, or by ascertaining their commercial value compared with the
standard gold dollar *?
The latter was taken as the proper construction of the law, and the
values of foreign silver coins in countries where silver is the sole standard, or coined without limitation, were estimated for 1880 at their commercial gold value.
. A different rule having been heretofore followed, the estimation for
18^0 will show changes in the valuations of several foreign silver
coins, other than would have been occasioned simjily by variations in
the price of silver bullion.
EXJLMINATIONS
AND ANNUAL
SETTLEMENTS.
During the year personal examinations were made by the Director or
Ms representatives of all the mints and assay-offices except those at
Boise City and Charlotte.
They were generally found to be in an efficient and satisfactory condition, and the officers and employes attentive to their daties. But few
errors appeared to have occurred intheir transactions with individuals
or in keeping their books and records and rendering their accounts to
the governmeut.
The wastage of the operative officers at the annual settlement was
found in each case to be within the legal limits and' appeared to have
been actually incurred, and was therefore, with my approval, credited
to their respective accounts.
The total wastage during the year at the coinage mints was $185369.14
gold, and $26,617 J 3 silver,
184
REPORT
ON T H E
FINANCES.
The amount operated upon in the melting and refining departments
of the mints was of gold bulhon 6,905,941.191 standard ouuces, upon
which the legal limit for wastage was 6,905.941 standard ounces, the
actual wastage only 866.174 standard ounces; and of silver bullion
51,313,811.72 standard ounces, on which the legal limit for wastage was
76,970.71 standard ounces, and the wastage 18,789.53 ounces.
The amount operated upon in the coining departments of the mints
was of gold bullion 6,653,791.119 standard ounces, on which the legal
limit for wastage was 3,326.895 ouuces, the actual 121.164 ounces ; and
of silver bullioh 48,302,083.84 standard ouuces, on which the legal limit
for wastage was 48,302.08 ounces, and the actaal wastage only 4,085.23
ounces.
In the appendix will be found a statement showing in detail the
Avastage of the operative officers and the loss on sale of sweeps at the
coinage mints and the manner in which the bullion fund was reimbursed for the same.
P R E S E N T CONDITION OF T H E MINTS AND ASSAY OFFICES.
United States Mint at Fhiladelphia.—The coinage at the parent mint
has been unusually heavy, having in number and value of jiieces coined
been double th^t executed in the preceding year.
The increase \yas chiefly in the gold aud minor coinage. The yearly
coinage of standard silver dollars, however, was one-quarter greater
than in 1879.
The comparative deposits and coinage of the two years have been as
follows:
Deposits and coinage.
Deposits, value
Q.
1879.
$19, 340,176
Gold coinage, pieces ..
Silvercoinage, x)ieces .
Minor coinage, pieces .
51, 38S, 973
3, 789, 820
15, 223,400
26, 831, 850
Total coinage, pieces.
22, 682, 614
45, 845, 070
Total coinage, value .
$23, 552, 032
, y^, 854
It is a gratification to report that this increased coinage did not cause
a proportionate increase of expenditures.
The regular aud specific appropriations were, however, inadequate to
meet all the expenses of the mint in accpmpli'shingthis unusual amount
of work, and it became necessary to make use of the appropriations contained in the act of February 28, 1878, for the coinage of the standard
silver dollar. On account of the large amount of imported gold bullion
yet uncoined and the lower rates at which silver bullion can be procured
for delivery at this mint, its coinage, so long as silver dollars are coined
and the excessive importation of gold continues, will be unusually heavy,
and increased facilities will be needed to perforin the work required.
United States Mint at San Francisco.—The diminished production of
gold and silveron the Pacific coast has sensibly aftected both the aimount
of'deposits and coinage.
The coinage at this mint was, in 1880, $13,000,000 less of gold and
$6,000,000 of silver than in 1878.
185
DIRECTOR OF THE MINT.
The comparative values of the deposits and number of pieces coined
for the last and preceding years, are:
Deposits and coinage.
1879.
Deposits value
Gold coinage, pieces
Silver coiuage pieces
p
1880.
$43, 329, 884
$39, 387, 949
1, 798, 500
12,722,000
2, 284, 950
7, 910, 000
T o t a l coinage, p i e c e s
14, 520, 500
10,194, 950
T o t a l coiuage v a l u e
$42, 051, 250
$36, 053, 000
A large number of eagles and half eagles have been coined, and consequently the numi>er of gold pieces struck has been increased instead
of diminished. Improvements in refining bullion, in the appliances used
aud arrangement of apparatus have been made, and experiments instituted to ascertain the most economical aud desirable processes for iiarting aud refining the precious* metals. I made careful inquiry into the
unusaal wastage of the raelter and refiner, aud found upon examination
of the character ofthe deposits and a comparison of the fineness ofthe
bullion of the last with the preceding years, that the amountof lowgrade and refractory bullion had largely increased without any deduction having been raade from the weight ofthe deposit for the protection
of the goverument, as authorized by the instructions.
I directed that thereafter deductions should be made on unusually
l^ase deposits of gold or silver sufficient to cover the probable and unavoidable Joss on such bullion.
United States Mint at Carson City.—The stock of bullion at the mint
having become reduced in October, 1879, to $107,023 of gold, and
$14,362 of silver, being an insufficient supply for a single month's work,
coinage was temporarily suspended, but the raint was kept open for the
purchase of silver, and deposit and refiuing of gold and silver.
So small an amount, hoAvever, came to the mint that, up to April 16,
1880, only $228,177 gold, aud $258,427 silver, had accumulated. This,
however, was deemed sufficient to authorize the resumption of coinage
operations, which Avere thereafter cohtinued to the close of the year.
The deposits and coinage of 1879 and 1880 comiiare as follows:
D e p o s i t s a n d coinage.
1879.
Do]K)sits, v a l u e
Gold coinage pieces
Silver coinage pieces .
..
Totril coinao"© pioces . . .
..
...
T o t o l coinage, v a l u e
.
.. . . . . . .
-.
.
1880.
$1, 339, 512
$551, 885
24, 357
1, 644, 000
39, 567
408, 000
1, 668, 357
447, 567
$1, 972, 310
$654, 790
United States Mint at New Orleans.—The difficulty alluded to in my
lircAious report of procuring silver bullion for this mint, which seemed
likely to cripple if not destroy its usefulness, has but in part been removed. A considerable demand in the Gulf States for silver coins fbr
circulation has necessitated monthly allotments at this mint for the coinage of 400,000 standard dollars, which is about equal to its ordinary
comage capacity with the present force and appropriations.
186
REPORT ON THE FINANCES.
The deposits and coinage for the last two years have been:
D e p o s i t s a n d coinage.
Deposits, value
Gold coinage pieces
Silver coinage pieces
1879.
-.. -
-
-
T o t a l coinage, p i e c e s
--
- --
--
-.. - -
0 .
'.:-•••
T o t a l coinage, v a l u e .
•.
s
• 1880. .
$1,195, 607
. $4, 344, 284
737, 000
10 525
4, 430, 000
737,000
4, 440, 525
$737, 000
$4, 558, 500
Daring the year it became my painful duty to report the death bf
Henry S. Foote, who had been superintendent of the mint from December, 1878, until the date of his death on the 19th day of May, 1880,
A representatiA^e of this bureau Avas instructed to proceed to New
Orleans, examine the condition of the mint, and superintend the deliveries
and transfers to be made upon the appointment of a successor. Mr.
Footers continued ill health and inability to give the necessary attention
to the business of the mint occasioned some neglect and laxity in keeping records and supervision of mint transactions. Upon a trausfer of
the funds and bullion and property belonging to the mint to M. Y, Davis,
who, on the l l t h day of June, 1880, was promoted from coiner to superintendent, the amount of coin charged to the cashier on the books of the
mint ahd required to be delivered was found to lack 1,000 standard dollars, which remains to be accounted for on final settlement of the account
of the late superintendent.
The discrepancy was apparently a surprise to the cashier and officers
of the mint. There had previously been frequent urgent demands for
the shipment of standard dollars and the error was supposed to haA^e
occurred from an undiscovered mistake in the report or count of the
sacks at some delivery for distribution.
New Yorh assay office.-^The unusual import of gold has correspondingly increased the usefulness of this office, as will be seen by comparing
the value of the deposits and of the bars manufactured in the last two
years as ibllows:
1879.
Deposits and bars.
Gold d e p o s i t s v a l u e
Silver deposits value
.
-.
...
.
......
..
.
......
..........
T o t a l deposits, v a l u e
Gold fine b a r s m a n u f a c t u r e d
Gold, m i n t b a r s , m a n u f a c t u r e d
Total hars manufactured, value
..
.
.
1880..
$11, 345, 563
7,019,698
$68 273 628
4 491 416
18, 365, 261
72, 765, 044
6,639,213
.5,309,001
7, 006, 828
11,378,980
57,368,761
4, 372, 705
24, 347
• 18,,955, 042
73,144, 795
Sixty-eight million two hundred Jnd eleven thousand nine hundred
and eighty-five dollars Avere paid in coin and bars to depositors. Of the
deposits ,$28,355,070 were during the year transported to Philadelphia
Jor con Aversion into gold coin.
At the annual settlement the melter and refiner returned a surplus of
861.616 standard ounces gold above amount charged^ him, which had
been recovered from gold not credited to the depositors contained in
silver deposits.
DIRECTOR
OF T H E
187
MINT.
This value, $16,030.06 Avas covered into the Treasury as a miscellaneous receipt.
The U. S. mint at Benver, U. S. assay offices at Selena^ Boise^ and Charlotte have been open during the whole year for the receipt, assaying
and stamxiing of bullion, and for the payment of coin for gold bullion,
affording the miners in the Aucinity opportunities for the immediate
couA^ersion of gold bullion into coin at the coinage value less the cost of
transportation and mint charges. They have made and forwarded to
the United States Mint unparted bars of the following value:
Tear.
Name of assay office.
1879.
Denver
Helena
Boise
Charlotte
value.. $415, 268
d o . . . 730, 178
71,171
do
c^^^
54, 344
..
LEGISLATION
188Q.
$348, 222
534, 601
147, 739
88, 352
SUGGESTED.
Melting charge^
I respectfally suggest the propriety of imposing a melting charge in
all cases on deposits of bullion either for coin or bars. Prior to 1873 a
charge for refining Av^as authorized on bulliou below standard but none
foi\melting bullion. The coinage act of that date amended the existing
provision by inserting the Avords-^'melting a n d " before the word refin
ing5 SO as to permit a charge for melting and refining Avhen bullion is
below standard.
I t may haA^e been intended that the melting jcharge should be imposed
in all cases where the value of a deposit could not be accurately ascertained without melting. But the language of the act limits the charge
to ''bullion below standard" and makes no proA-ision for a melting
charge Avheu bullion is at or aboA^e standard.
Scarcely any imported gold bullion or coin is below the United States
standard of fineness and liable to a charge for melting. Daring the
last year the mints and New York assay office were required, at considerable expense, to melt free of charge not only many millions of
domestic refined gold, but over $60,000,000 of imported gold coin and
bullion.
I t does not seem reasonable that bullion Avhich must be melted before
assay should be exempt from paying the expense of the operation.
Coinage charge.
From 1853 to 1873 a coinage charge on gold was imposed of J of
1 per cent. During the time $540,736,349.50 in gold was coined and the
coinage charges amounted to $2,703,681, the average yearly coinage
being $27,368,175, upon which the coinage charge amounted annually to
about $137,000.
The coinage.act of 1873 reduced the charge to |- of 1 per cent., and
the resumption act of 1875 repealed it. Had it been continued at the
latter rate on the gold coinage of the last hye years which has amounted
to $232,200,788.50, the sum of $480,000 would haA^e been collected.
188
REPORT ON THE FINANCES.
While it was uncertain whether sufficient gold could be attracted to
the mints to supply the coin necessary to maintain the redemption of
United States notes in gold, it may have been prudent aud advisable to
remove every charge that might hamper the conversion of gold^ into
coin. And now, if our supply of metallic circulation depended upon the '
amount of foreign bulliou brought to the mints for coinage an exemption from charge either for melting or coinage might, for similar reasonsappear to be defensible. But the amount of domestic production is more
than sufficient to supply the increasing annual needs of this country for
the coinage of either gold or silver and a large part of the domestic
gold as Avell as silver, like other surplus products, must at some time in
the future again be exported. It can be of no natioual advantage to export gold or silver in the form of coin if those coins abroad do not pass
into circulation, but are there again melted and recoined. The coinage
of countries not producing the precious metals is composed chiefly of
remelted foreign coins, for the latter cannot well circulate in countries
having different monetary units of AT^alue.,,
It has been said that the remission of such charge enables a country
to iuAdte and secure gold for circulation.
The experience of the United States, France, and Great Britain shows
that, other circumstauces being favorable, a coinage charge does not previent a country from securing the coinage of all the com the condition of
its foreign trade will permit it to retain.
In. the United States, although from 1863 to 1873, on account of the
suspension of specie payinents, there was no demand for gold for circulation, $242,416,377.50 of gold was brought to the mints and coined, notwithstanding the coinage charge of ^ of 1 per cent.
France imposing a charge for assay melting and coinage exceeding ^
of 1 per cent. ( = .00216), coined in the last 30 years over $1,300,000,000
of gold.
I t i s believed that no couutry really coins bullion free of expense to the
public. In Great Britain no bullion fund is proAuded as in the United
States for the immediate payment of the A-alue of a deposit, and it is
found more profitable to the public and even to importers, in preference to
waiting for coinage at themint, to exchange their bullion atthe Bank of
England for its notes at IJ pence per ounce less than the coining rate.
This is -i- of 1 per cent. ( = .0016), and with other deduction for assay and
melting exceeds the former United States coinage of J of 1 per cent.
(.002).* Should it be deemed advisable to reinstate the coinage charge
thepresent is the most favorable time, as the supply of gold bullion now
ia the miuts is sufficient to employ them at their ordinary rate of coinage for more than a year and a half, and so long as a bullion fund is
kept at the mints and assay offices out of which to pay depositors coin
011 the delivery of their bullion, all the gold not needed for export undoubtedly will as heretofore come to the mints regardless of the charge.
ReynoWs Fatent.
A suit has been commenced and is now pending in the circuit court
©f the United States, District of California, by John Eeynolds against
the superintendent and melter and refiner of the San Francisco mint,
for an alleged infringement of a patent issued to him on March 20,1866,
fbr ^^new and useful improvements in refining bullion."
The process of parting at the mint has been in use since its organiza-
* Report Silver Com. vol. I, page 229-230.
DIRECTOR OF THE MINT.
189
tion, and was continued by the present superintendent solely for the
benefit of the United States, and if any advantage has accrued it has
been to the United States aud not these ofiicers.
They ought not to be required either to pay or even be called u[)on to
defend themselves at their own expense in this suit.
The plaintiff' justifies his personal suit for the alleged reason that no
court has jurisdiction of any suit he could bring against the United
States.
I respectfully recommend, that the jurisdiction of the Court of Claims
be extended to enable it to hear this case, or that such other legislation
be obtained as will enable the patentee to test the A^alidity of his claim,
aud make the government and not the o.fficers responsible for the benefit
(if any) it may have deriA^ed from the use of the process in case he substantiates his patent, and its infringement at the mint
Indebtedness of the San Francisco Mint to the Treasury.
There is charged against the San Francisco mint upon the books of
the Treasury several deficits of officers, the first occurring in 1857, in the
accounts of the melter and refiner, amounting to $152,227.03, the
second, $20,000 in 1866, in the accounts between the coiner and treasurer, the third, $10,665.28 in 1867, in the accounts of the melter and
refiner, and the last, $16,373.93, in 1869, in the accounts of the coiner,
the total being $199,366.24.
A deficit of $21,962.85 exists by reason of the pyx coins of 1865,1866,
and 1867, sent to the Philadelphia mint for trial at the a,nnual assay,
being used in paying for supplies purchased and shipped the San Francisco mint, instead of being restored to the accounts. Besides these
sums the loss on sale of sweeps and the wastage of the operative officers
for a number of years prior to 1871 (although within the legal limit of
aUow-ance), amounting to $195,158.81, were not paid as they should have
been out of the annual appropriations, and it therefore appears as a
deficit in the accounts. These losses all occurred prior to the organization of the mint bureau and to the appointment of the present officers of
the San Francisco mint.
Their accounts haA^e been annually satisfactorily adjusted, and as there
is no hope of collecting the amount from the former officers or their
sureties, I recommend that legislation be procured to authorize the cancellation of the indebtedness by "Hn appropriation of. the necessary
amount from the profit on the coinage of silver or from moneys in the
Treasury of the United States.
STATISTICS OF THE PRODUCTION, CONSUMPTION, COINAGE, AND CIRCULATION OF THE PRECIOUS METALS.
0
The investigations and inquiries heretofore instituted/or procuring
the latest and most reliable and valuable information upon these subjects have been continued, and are presented in detail in the tables
and communications accompanying this report.
MONETARY STATISTICS OF THE UNITED STATES.
Froduction of gold and silver.
As there are thousands of mines, yielding annually more or less gold
and silver, scattered over an area embracing more than half of the
territory of the United States, to obtain accurate and complete statistics
.190
REPORT ON THE FINANCES.
of their aggregate production is evidently a work of great difficulty,and to make annual personal exaraination of each is physically impossible, without employing a large number of assistants, and expending
annually an amount disproportionate to the A-alue of the information to
be obtained.
The appropriation for the collection during the present fiscal year of
the statistics of the production of the precious metals in the United
States became aA^ailable on the 1st of July last, and the work" Avas
assigned to this bureau. Considerable progress has been made in procnring the necessary information, especially for the Pacific Coast j
and the data already obtained have been found of great advantage in
ascertaining the locality from which gold and silver have been obtained, as well as in estimating the total production for the last fiscal
year.
Through the mints and assay offices, to Avhich nearly all the gold and
a large proportion of the silver production come yearly, and the customhouse returns, Avhicli record the movement from and into the country,
the domestic product is readily ascertained. By adding to the amounts
thus reported, the gold and silver of domestic production used in the
arts and manufactures, other than that deposited in the mints, I estimate the production of the United States to have been, during the last
fiscal year—
In gold
In silver (coining value)
i
Total
|36, 000, 000
37,700, 000
73,700,000
To make an intelligent estimate of the production of different States
and Territories is a raore difiicult task, from the fact that a lar<?:e portion of the deposits of both gold and silver at the mints and assay
offices comes i n t h e form of fine bars from various refineries on both
sides of the continent.
The time that has elapsed siuce the appropriation for the collection
of mining statistics became available has been so short, and returns and
information from distant localities liaA^e come in so slowly, that I find
it impossible to present in this report, in proper shape, the data already
obtained.
I t seems therefore preferable to subniit at a later date the statistics
of the production of the precious metals in the various States during
the last fiscal year, and Avhen complete data shall have been received.
Consumption qf the precious metals.
The investigation of the annual use and consumption of the precious
metals iu ornamentation mauufactures aud the arts was prosecuted in
the same manner As in the previous year. A greater number of persons
were addressed, and replies received, the latter showing a much greater
quantity of gold and silver consumed than xireviously reported.
Seven thousand two hundred and ninety circular letters were addressed to parties using gold aud silver in the arts and manufactures j
two thousand seA^en hundred aud ninety-one replies were receiA^ed j and
of the latter, one thousand three hundred and eighty-one were manufacturing.
A table is submitted showing the respectiA^e amounts of the different
manufactures using gold and silver.
191
DIRECTOR OF THE MINT.
The amounts reported as consumed are;—
United States
coin.
P i n e bai-s. •
.Old a r t i c l e s a n d
foreign coin.
TotaL
-
$2, 408, 768
541; 834
$5, .511, 047
2,749,190.
$714, 378
173,145
: $8,634,193
3, 464,169
Total.............
2,950,602
8, 260, 237
887, 523
12,098,362
Sold
Silver
I The New York assay office reports the value of bars made and dejliA^ered during the yearfor use in the arts and manufacturing, from
l^escription of bullion, as follows:
:
Bars manufactured from,iJnited S t a t e s coin (defaced).
foreign coin
,.
foreign b u l l i o n
:
poraestic b u l l i o n
'late, &c
.
Total.
Gold.
Silver.
Total.
$4,929
260, 222
1, 007, 400
2, 988, 422
394, 871
$982
72, 668
278, 622
3, 863,126
144,992
$5, 911
332, 890
1, 286, @22
6, 851, 548
539, 863
4,655,844
4, 360, 390
9, 016, 234
The replies made to the circulars from the Mint Bureau show a conumption of about $1,000,000 greater of fine gold bars, and $1,600,000
ess silver bars, than reported by the New York assay office.
Doubtless both statements are below the amount of gold as well as
ilver actually appropriated during the year for use in the arts, ornajaentation, and manufactures.
i The estimate of last year that in the form of bullion, coin, or plate, &c.,
'j5,000,000 of silver and $7,000,000. of gold Avere during thepresent year
ippropiiated for purposes other than coin circulation, is sustained as to
jilver and increa.sed as to gold to $10,000,000, if not more.
An examination and comparison of these statements and of the value
f the fine bars issued from all the mints lead to the conclusion that
Irobably $5,500,000 of gold and $4,000,000 of sih-er of domestic bullion
Sroduced during the year, together with $2,500,000 gold and $600,000
jilver United States coin, were thus consumed. .
1 The estimated disposition made of the amount of gold and sih-er bull!m in the mints and New York assay office at the cominencement and
jeposited during the year, and amouiits held by each at the close of the
•ear, are presented in tabulated statements in the appendix.
Coin circulation of the United Stales.
The coinage and net imports of United States gold and silver coin
ere showii in my last annual report (p. 22) to haA^e increased the coin
Irculation in six years prior to the 1st of July, 1879, $151,490,698 in
Did, and $107,050,985 in,silver, being a total gain of $258,541,083.
The coinage and imports during the last fiscal year haA^e further augented the metallic circulation as follows :
U n i t e d S t a t e s coin.
Gold.
Silver.
Total.
n o u n t J u n e 3 0 , 1879 . . .
linage l e s s r e c o i n a g e . . .
ft i m p o r t
$286,490,698
55, 948, 407
. 16,519,586,
$112, 050, 985
27,903,139
2, 642, 896
$398, 541, 683
•83, 851, 546
,19,162,482
I c u l a t i o n J u n e 30, 1880
,358,958,691
142,597,020
: 501; 555j7Tl
192
REPORT
ON T H E
FINANCES,
During the first four months ofthe present fiscal year there has been
a further increase by the coiuage of $14,544,599 gold and $9,113,n00 silver, aud a net import of $1,820,591 United States gold coin and $567,524
United States silver coin, making the amount of United States coin—
not including minor coius—in the country on the 1st of November, 1880,
$527,601,425, of which $375,323,881 consisted of gold, 72,847,750 standard dollars, and $79,429,794 of fractional coin and trade clollars, thelatter probably amounting to $7,000,000.
Besides the above amounts of United States coiu the Treasury held
on the 1st of NoA^eraber, in the mints and assay offices, $78,558,811 of
gold bullion, aud $6,043,367 of silver bulliou, making au aggregate of
coin in circulation and bullion in the Treasury of $612,203,603, of Avhich
$453,882,692 consists of gold coin and bullion.
The coin circulation on the 1st day of January, 1879 and 1880, based
upon the estimate for June 30, 1878,* and the subsequent net coinage
and import of United States coin is as follows.
United States coin.
Gold.
Amount June 30, 1878
ISTet coinage to January 1,1879
Net imxDort to January 1, 1879
Silver.
Total.
$247, 429, 570 $80, 352, 328 $327, 781, 898
24,189, 858
13,916,814
38,106, 672
1, 652, 279
2, 899, 849
1, 247, 570
Total Januaiy 1, 1879....
Net coinage to January 1, 1880
Net import to January 1, 1880
273, 271, 707
38, 874, 789
14, 727, 586
Total January 1, 1880...
95,516,712
27, 524, 639
4, 756, 343
368, 788, 419
66, 399, 428
19. 483, 929
326, 874, 082 j 127, 797, 604 454, 671, 776
The gain in coin circalation during the calendar year 1879 was
$53,602,375 in gold and $32,280,982 in silA'Cr, a total of $85,883,357, and
the increasein coin circulation from the date fixed for resumption, January 1,1879, to November 1, 1880, was gold coiu $102,329,718, silver coin
$56,760,832.
This computation is exclusive of the stock of gold and silver bulhon
in the mints and assay offices, Avhich held for coinage January 1,1879,
$5,038,419 in gold and $11,057,091 in silver bullion, showing a gain of
coin and bulhon from that date to November 1, 1880, of $175,701,904 in
gold and $51,697,524 in silver coin and bullion available for coinage.
In this foregoing estimates the amount of United States coin consumed
in the arts aud manufactures reported at about $2,500,000 iu gold and
$500,000 in silver, is not deducted for the reason that it is estimated that
an equal amount of United States coin is iirobably brought into the
country by immigrants aud not reported by the custom-houses.
From the reports of the Treasurer and the Comptroller of the Currencv the coin in the Treasury on the 1st of NoA^ember, and in national
and State banks on the 1st of October, 1880, and the estimated circulation not in the banks and Treasury appears to h^ve been—
Silver.
Total.
Gold.
Legal tender. Subsidiary.
Treasury
$62,167,141 $47, 084, 459
95, 675, 472
*2, 500, 000
17,102,130
200, 370,138 [ 23,263,291
..
Otlier banks
Private bands
Total
-•
375, 323, 881
72, 847, 750
$24, 629, 489
*2, 830, 357
. 51, 969, 948
$133,881, 089
101, 005, 829
79, 429, 794
527, 601, 425
** Director's Report, 1879, p . 22.
tNot dlstiaguislied; total silver reported/$5,330,357.
292, 714, 507
DIRECTOR OF THE MINT.
193
MONETARY STATISTICS OF FOREIGN COUNTRIES.
The effort to gather and present in convenient form for reference statistics of the production, coinage and use of the precious metals in other
eountries and the amount and character of their circulation was continued with advantage during the year, and much valuable information
has been obtained in reply to the inquiries transmitted by the Secretary
of State at your request.
Our ministers and consuls abroad have displayed commendable zeal
and activity in securing the desked statistics, and grateful acknowledgements are due to the officials of foreign governments, from whom replies
have been received, for their prompt and satisfactory responses.
The information in relation to coinage, circuiatiou, production and
specie reserves has been collated from these dispatches and other sources
into tables, which will be found in the appendix.*
A brief review of some of the most useful facts contained in the papers received is herewith presented:
Great Britain.—From the papers received it would appear the net
specieexportsofGreatBritaiuAvere, during the year 1879, gold£2,937,000,
silver £500,000. Mr. Freemantle estimates the specie circulation at the
close of 1879 to have been as follows:
Goldcoin, £ 1 2 2 , 4 7 4 , 0 0 0 =
Siiver coin, £19,017,000.=:.
A total of
$596,019,721
92,546,231
6«8,565,952
which shows the circulation to be about $23,500,000 less than my estimation for last year. I t can hardly be said that there is any stock of
silver bullion in the United Kingdom, the imports and exports being
about equal. The coinage of gold at the royal mint was very small,
being only £35,050, while the total value of silver coined was £549,054,
and the amount of worn silver coin withdrawn from ch'culation during
the year was £495,944. The report of the deputy master of the mint
shows that the average price at which silver (British standard) was
purchased during the year was 52'^d. per ounce, the seigniorage accruing
to the state being at the rate of l^ld. per ounce, or 2 4 | | per cent. The
rate of seigniorage was nearly 7 per cent, less than during the previous
year.
Australia.—The dispatches of O. M. Spencer, consul-general at Melbourne, contain seriatim replies to the circular ofthe Secretary relative
to monetary statistics, and also inclose interesting papers from J. W.
Smith, consular agent at Port Adelaide, and from Y. Delves Broughton,
deputy master of Melbourne branch mint: the first giving the history of
the discovery of gold in 1851 and the exodus to South Austraha in consequence, and the business crises occasioned thereby, and the second
an instructive account of the discovery of the ^-chlorine process" for
separating and refining gold. Both these papers will be found well
worthy of perusal.
The production of gold in the proAance of Yictoria amounted in 1879
to 758,947 ounces, valued at $15,000,000, and the average annual production for the past ten years has been 1,063,148 ounces, valued at
$20,000,000.. No silver is mined, but a small quantity is parted from
gold. The coinage at the Melbourne mint during 1879 Avas the largest
since its establishment, amounting to £2,740,000, all in sovereigns.
India.—Information in regard to the paper and specie circulation of
India has of late years been sought for with more than usual eagerness
* The documents here referred to are omitted for want of space, hut they are printecl
in the pamphlet copies of the Director's report.
13 F
194
REPORT ON T H E
FINANCES.
on account of the important relation sustained by that country to the
future of silver. Two papers have been received from Consul-General
Litchfield, one transmitting information from the Hon. E. B. Chapman,
secretary of the government of India, together with tabular statements
showing the imports, exports, and coinage of gold and silver in India,
and the paper money issued by the Bengal, Madras, and Bombay presidencies from 1835 to 1879 inclusive. These tables are especially valuable as showing the immense quantity of silver absorbcjd by India in the
last half century. The net iinports of silver during 1879 were £3,970,694.
The other paper contains a resume of the mint laws and regulations of
India.
No banks or other private corporations are allowed to issue paper
money—the only notes in circulation being those of the State, for which
the government holds a reserve of specie and bonds equal to the entire
paper issue.
These government notes are received everywhere at their nominal
value, and amount at present to $48,060,176.
Silver is the standard of value of the country; gold is not rated a
legal tender, but is receiA^ed in payment of debts. The coins of other
countries, or of native Indian States, do not circulate.
Canada.—The response of the deputy minister of finance of the Dominion of Canada, Avith documents, transmitted through the Hon. J. Q.
Smith, consul-general ofthe United States, show the following facts:
There is no mint in Canada, its coin being supplied from the home
government. The system of paper money of Canada is similar to that
of the United States, consisting of Dominion notes to the amount of
$12,000,000 and bank notes to the amount of $20,000,000. The issue of
Dominion notes is limited to $20,000,000, for which specie and government securities are held.
Germany.—Yaluable documents have been received from Germany,
together with a communication from t^e Hon. Andrew D.White, United
States minister at Berlin, commenting upon the efibrts being made for
the remonetization of silver hy Germany, which it would appear is under
consideration. The principal item of information in this paper is that
the annual production of the mines (silver) of Freiberg has fallen ofl:
about $250,000 since the demonetization of silver.
The quantity of silver remaining in Germany to be sold amounted at
the close of 1879 to 3,932,353 fine pounds (63,212,574 fine ounces), which
at the average price of former sales (79.824 marks per fine pound) would
realize 313,896,000 marks = $74,707,248. The loss on the sale of this
silver at the rates previously realized would amount to about $17,000,000
(an average of 21 per cent.)
France.—The documents received from Mr. Noyes, United States minister at Paris, show the coinage of France from 1795 to 1879 to have
been—
Francs. »
Gold
Silver . . ,
8,716,438,200
5,511,952,863
The amount of specie imported in 1879 was 339,170,000 francs, and
exported during the same year 424,543,000 francs. No coinage of silver
was executed at the Paris mint in 1879. The gold coinage consisted of
3,860,100 francs in 100-franc and 24,610,540 francs in 20-franc pieces; in
all, 28,470,640 francs, besides the coinage of a million francs in 20-franc
pieces, for the principality of Servia.
The UCAV agreement of the Latin Monetary Union went into effect on
the first of the present year. A law was passed July 31, 1879, by the
French legislature abolishing the contract system of coinage and creating
DIRECTOR OF THE MINT.
195
a bureau for the management of the mint, and placing the coinage, as in
this country and Great Britain, under the control of a responsible officer—called there, also, a Director—and subject to the direction of the minister of finance.
In my last rejiort (page 28), in stating the metallic circulation of France,
I said ^' While doubting the accuracy of the exhibit, in default of better
data the estimates given are accepted." Among the documents since
received are the reports made to their respective governments by the
delegates to the monetary convention of the states of the Latin Union
held November 5, 1878, from which valuable information has been obtained in revising the table of circulation found in this report.
The specie^circulation of France is given as—
Gold
Silver (fuU legal tender)
Silver (limited tender)
Total
$927,000,000
540,786,000
57,900, 000
..-.$1,525,686,000
The statement ofthe gold circulation is based,upon the estimate for
1878 of M. Folville, adopted by Dr. Soetbeer, 5,000 million francs, from
which is deducted the loss by export and use in the arts for 1879,
203,000,000 francs.
The five-franc silver circulation is stated at a mean of three estimates
made by the following distinguished statisticians, after adding subsequent importation and subtracting exports and consumption in the
arts, viz:
1st. Eeport made 1878 by a committee of French Chamber of Deputies through M. Guyot, five-franc pieces, close of 1877, 2,530,000,000
francs.
2d. Herr de Folville (quoted by Dr. Soetbeer), close of 1878, 2,880,000,000 francs.
3d. Ernest Seyd's estimate in 1870, with subsequent importation given
in tables (less fractional silver and payment to Germany, 539,000,000
francs), close of 1879, 2,747,000,000 francs.
The circulation of five-franc pieces at the close of 1879 Avould be, taking the mean of these estimates, 2,802,000,000 francs.
Austria.—Minister Kasson transmits, under date of July 6, 1880, interesting statistics in relation to the coinage laws of Servia and a communication from the Austro-Hungarian minister of finance, giving the
laws regulating the coinage of money in Austria and tables of coinage
and circulation. Silver is the standard of value in Austria and Hungary. Gold as Avell as silver coins are struck at the mints at Vienna and
Kremnitz, but theprincipal circulating medium is paper money, the total
issue of which amounted on the 31st of December, 1879, to $259,682,597,
being about equally diAdded between state and bank notes.
Since the suspension of specie payments in 1848, priA^ate debts and
internal taxes have been paid in bank and gOA^ernment notes. Customs
dues are paid in gold and silver. The value of the paper money has enhanced as the value of silver became depreciated, and since the 1st of
January last the paper and silver florin have been of equal value.
A dispatch is printed in the appendix from Mr. J. F. Delaplaine, of
the legation at Yienna, to the effect that intelligence has been received
there that the principality of Bulgaria intends coining money, the monetary unit of which will be the franc, and the total silver coinage has
been fixed at 9,500,000 francs. The largest gold piece will be the
'^Alexander," of the value of 20 francs. The amount of the gold coinage has not been fixed. The coinage will be executed at Paris.
196
REPORT OF THE FINANCES. '
Netherlands.—The papers forwarded by our minister at The Hague
show that no coinage was executed at the mint of Holland during the
year 1879. The silver standard prevailed in the Netherlands up to 1875,
when the double standard was adopted. The metallic money in circulation is principally silver, which is coined only on government account,
and the coinage is at present restricted. The paper circulation consists
of bank-notes, issued by the Bank of Netherlands, and is not a legal tender, but is received by the government and preferred by individuals, and
is secured by a deposit of government interest-bearing bonds.
The Scandinavian countries^—Benmarh.^ Norway^ and Siceden.—The
documents and communications received through our ministers in relar
tion to the monetary statistics of these countries, contain especially full
and valuable information. These States still adhere to the single gold
standard adopted in 1873, silver being subsidiarj^ and for change purposes only.
The imports of gold into Norway in the year 1878 exceeded the exports by $556,904. The imports of specie into Sweden during the two
years 1878 and 1879 exceeded the exports by $6,135,367, nearly all of
this amount being gold.
The paper circulation of both countries consists of bank-notes, the
governments issuing no paper money. In Denmark the National Bank
of Copenhagen, a iiriA^ate corporation, has the sole monopoly of issuing
bank-notes possessing the quality of legal tender. The bank is authorzed to issue as much as may be required by the necessities of trade, but
is required to keep a metallic reserve of not less than three-eighths of
the A^olume of bank-notes, and bonds of an actual value, one and onehalf times as great as the portion of the bank-notes in circulation not
covered by the metallic reserve.
Switzerland.—The papers transmitted by Minister Fish contain, in addition to statistics of coinage and circulation, the laws governing the
organization and coinage of the Federal mint.
Switzerland, being one of the States of the Latin Union, does not depend upon its own coinage for its circulation, as the coins of the States
-composing the Union circulate freely in all. No gold is coined in the
confederation. The coinage ofsilver from the year 1850 to December,
31, 1879, was 50,052,828 francs = $10,000,000, nearly. No governinent
paper is issued, and bank-notes are not a legal tender. The amount
of this currency.is about $17,000,000.
Italy.—The dispatch and inclosures from our minister at Eome show
the coinage of the Italian mint from 1862 to 1878, inclusive, to have been
gold, $48,175,695; silver, $96,621,945, and the production of the mines
for the years 1875, 1876, 1877: Gold, $143,013; sdver, $60,988.
The paper circulation is reported by the minister of finance to have
been September 30, 1879, $315,788,724.
The specie circulation was estiinated at $57,900,000, of which about
$38,000,000 are held as a reserA^e by the treasury and banks.
Portugal.—The dispatch of Minister Moran, under date of June 26,
1880, contains very desirable and complete information in relation to the
monetary affairs of Portugal, including tables showing the amount of
gold and silver coined in Lisbon from 1855 to 1879, inclusive, and the
imports of coin and bullion from 1869 to 1878, inclusive.
Portugal has the single gold standard, andthe English sovereign and
half sovereign are almost the only gold coin in circulation. Sih-er is a
legal tender to the amount of 5 milreis ($5.40). The Bank of Portugal
is the financial agent and depository of the government; its outstanding paper circulation amounts to about $5,000,000.
197
DIRECTOR OF T H E MINT.
Russia.—The papers received through our legation at St. Petersburg
Avill be found valuable as containing the production of the mines of
this country, one of the largest producers of the precious metals.
The production of gold- in Eussia from 1751 to the present time has
been 80,000 poods = $793,760,000. During the ten years from 1868 to 1877
the production was—
Gold, 21,230 poods
Silver, 8,630 poods
..:
$210,635,570
5,354,045
The net exports of gold and silver coin, and bullion for ten years from
1869 to 1878, inclusive, was $107,106,900.
Eussia has a large pajier circulation, amounting to about $775,000,000,
while the amount of coin in the State banks is about $115,000,000, oi
which about $8,000,000 is silver.
Turkey.—Very interesting dispatches froin. the Hon. Horace Maynard,
late United States minister to Turkey, together with official papers froni
the officers of the Ottoman Empire in relation to the money and finances
of that country have been received, also a copy of official decrees in relation to the issue of paper money.
The government of Turkey coins both gold and silver on its own account; that is, buys the bullion at the imperial mint at Constantinople
at the rate of 48 piasters per drachm of pure gold, and 3.12|^ piasters per
drachm of pure silver of standard fineness, and lower rates for bullion
below standard.
The proportion of gold to silver in the Turkish coinage is as 1 to
15.0909.
The coin circulation of Turkey is reported as about $15,000,000. The
British pound and French franc pieces also circulate freely. The principal circulating medium of Turkey has been paper money, but it has
become so enormously depreciated that its circulation is almost abandoned, and the governnient is making efforts to replace it with silver.
The amount of paper outstanding March 31, 1880, was estiinated to
be in the neighborhood of $21,000,000. The relative value of Ottoman
moneys is shown by the following statement, furnished by Mr. Maynard,
giving the rate of exchange between the different kinds:;
Date.
December 2,1879
Gold.
100
Silver.
106^
Besbhx
(h eavily alloyed Copper.
silver). '
ll^Nv%
370
Paper.
860
To those interested in Turkish finance, the papers in the appendix
Avill be found worthy of perusal.
Mexico.—The dispatches from Mexico show that the production of the
mines during the year 1879 was, gold $989,161, silver $25,167,763, and
that the circulation of coins of other countries has been considerably
reduced by exportation. The standard of value is the sih'er dollar.
Central Americaii States.—The communications from our minister at
Guatemala show the amount of gold and silver in circulation in Costa
Eica to be about $2,500,000, in addition to a considerable amount of
foreign coins, the values of which are fixed by law. The gold coined
from 1829 to 1877 was $2^318,381, silver $373,919. Notwithstanding the
rich minerals which abound in the republic, lack of capital and intelligent labor prevents the mines from being worked on the large scale
their value merits.
The laws of Nicaragua, promulgated under date of May 29,1880, xiro
198
REPORT ON THE FINANCES.
vide for the coinage to the extent of $100,000 of silver pieces of 20,10,
and 5 cents, eight-tenths fine, to be a legal tender in the State. A one9ent coin has also been made by decree of 1878 a legal tender in any
quantity. No information with regard to the circulation of Nicaragua
has been obtained.
The State of Sah^ador uses principally coins of other nations and
paper as its circulating medium. The coins of the United States,
Mexico, and England are preferred and command a premium. The
paper circulation is placed at $60,000.
South American States.—Dispatches haA^e been received from only
three of the South American countries, Yenezuela, Peru, and Argentine
Eepublic. In Peru gold is the legal standard of value and the Inca is
the monetary unit. Silver is limited as legal tender to 25 pesetas.
The pound sterling of England has been provisionally adopted as legal
money. No statistics in regard to the amount of circulation of either
coin or paper are furnished.
The circulation of gold and silver in the Argentine Eepublic is about
$7,000,000, a little over a million of which is held by the First National
Bank; about two-thirds of this ampunt is gold. The paper circulation
is very large, amounting to $364,000,000, and in addition $9,470,000 of
metallic notes. The production of the niines is calculated at 3,800 ounces
of gold and 325,000 ounces of silver, during 1879. The gold is obtained
from the copper mines and is exported to England. The exportation of
specie is chiefly carried on with that country, and amounted in the last
year to about $2,000,000.
Venezuela coins no money; but the French franc, under the name of
bolivar^ is the monetary unit, and all laws relating to finance are adopted
from the French. Its sih-er mines are not worked. The production of
the gold mines in the year 1875-76 amounted to $1,324,000. Paper
money is npt issued by the government, but the notes of the Bank of
Carracas are in circulation luo the extent of $250,000.
Cuba and Rayti.—The dispatch from our consul-general at Havana
states that the amount of gold a.nd silver coin in the treasury is nominal only, and that the amount of gold coin in the Bank of Havana,
April 30, 1880, was $10,522,000. The gold in circulation in the island is
estimated at $32,500,000 and silver $1,000,000. The legal standard of
value is the gold dollar (peso).
There is no gold or silver rained and no mint, its coins being imported
from Spain. The bills of the Spanish Bank of HaA^ana constitute the
paper currency, and amounted on the 30tli of April last to $57,857,000,
of which $44,900,000 had been, issued on accouut o f t h e governraent.
The dollar of this paper circulation is Avortli about 41 cents in United
States gold coin. The iraports and exports are about equal.
Two dispatches frora Hon. John M. Langston, rainister to Haj^ti,
have been received. There is no bank or paper currency of any kind in
Hayti. Prior to 1872 it had a paper currency estiraated as high as
$800,000,000, of which $544,675,404 was redeemed at the rate of 300 paper
for one of silver, $2,154,266 in American sih-er haAung been provided
therefor. The present coin circulation is estimated at about $5,000,000,
consisting chiefly of American and Mexican coins. United States gold
and sih-er coins are held in especial favor, the former selling generally for
a considerable premium, and the latter, as against Mexican dollars, being
held preferable, sometiraes selling as high as 7 p"^r cent, preraiura. A
million Mexicau silver dollars have recently been imported into the
island, and a decree was issued corapelling merchants to receive them
at par.
DIRECTOR OF T H E MINT.
199
Japan.—Hon. John A. Bingham transmits under date of April 14,
1880, very comxilete information in relation to the raonetary statistics of
Japan. He also notifies this country of the establishraent of a branch of
the iraperial raint at Tokio, and incloses a coxiy of tlie„regulations govern
ing it. The x.)roduction of the raines of Japan during the fiscal years of
1878 a^nd 1879 Avas gold 36,870 ounces, silver 1,272,515 ounces. The net
exports for the sarae years were gold 661,787 ounces, silver 3,973,673
ounces. The minister of foreign affairs reports the total paper circulation at $147,288,681, nearly all of government issue, while the coin and
bullion in circulation and reserve amount to nearly $150,000,000, about
one-third being silver.
Fgypt.—The comraunication from our consul general at Cairo states
that the gold piaster is the unit of account in .Egypt, and that gold is
generally the circulating medium, sih-er being only used for purposes of
change. Of the gold coins English sovereigns constitute the larger part.
There is no paper currency. The treasury reserve is limited. No gold
or silver is produced in the country.
African States.—-Disxiatches have been received from United States
consuls at Algiers, Morocco, and Cape of Good Hope, Avhich state that
there are no gold mines in any of those countries, and that the production of silver is insignificant. Algiers has no mint and u^es French coins
as its xiiincipal metallic mediuni, which amounts to about $8,500,000 in
gold, and $5,500,000 in silver. The Bank of Algeria is authorized to
issue currency, of which there is outstanding between eight and nine
millions of dollars.
, The circulation of Morocco consists princixially of French and Spanish
gold and silver coin, the amount of whicTi is not known. Moorish gold
coins have disappeared from circulation, having been exported to Europe
on account of their high standard. Gold dust and trinkets brought by
caravans are exxiorted in small quantities. Morocco has no banks and
no xiaper circulation. British coin constitutes the circulating medium of the Cape of Good
Hope, the amount of which is not known.
THE W O R L D ' S PRODUCTION OF GOLD AND SILAHSR.
No new facts have been obtained which would materially change the
estiniates and conclusions presented in my last report of the annual
supply and appropriation of the precious metals.
A valuable table is presented in the appendix showing the production
of the principal xiroducing countries of the world for the years 1877,
1878, and 1879, and estimating the small amount produced from the
mines of other countries.
The reported production of Eussia and Australia, next to this country,
the largest gold-producing countries, somewhat exceeds the estimate in
my report for last year.
The total gold product for the calendar year 1879 (the United States
and Japan alone being for the fiscal year, which would not materially
alter the total) Avas $105,365,697, and silver $81,037,220, which is 8 millions of gold and one-half raillion of silver less than the annual average
given by Dr. Soetbeer for 1871-1875.
THE COINAGE OF FOREIGN COUNTRIES.
The drain of gold during the last calendar year from Europe to the
United States has had a marked effect upon the gold coinage of several
200
REPORT ON T H E FINANCES.
countries, not only from the export of our own gold having ceased to
supply them with material for new coinage, but because the United
States has appropriated the stock of bullion from other gold-producing
countries, as well as large amounts of foreign gold coins, and absorbed
almost the entire-world's production for the year.
The British mint was occuxiied with the coinage of gold only during
a part of the month of December, and coined but $170,571. Less than
$5,000,000 was coined at the French, and about $11,000,000 at the German mints in 1879, which present a striking contrast to the coinage of
$39,080,000 gold at the United States mints, and an accumulation of
gold bullion by the 1st of January amountingto $60,734,318 beyond the
capacity of the mints for coinage. A table of coinages for the years
1877, 1878, 1879, to be found in the appendix, shows the total coinages
of 19 countries to have been for the
Years—
1877
1878
1879
.
COIN AND P A P E R
.
:..
Gold.
Silver.
$201, 616, 466
188,386,611
89, 969, 091
$114, 359, 332
161,191, 913
117, 318, 293
Total.
$31.5, 975, 798
349 578 524
207, 287, 384
CIRCULATION OF THE PRINCIPAL COUNTRIES OF
THE WORLD.
The papers forwarded through the State Department contain recent
and authentic information in regard to the paper currency, as well as
the specie circulation and bank reserves of foreign countries.
Tables have therefore been prepared presenting both the coin and
paper circulation of nearly every commercial nation, giving the per capita
amount of each.
The figures giA^en for each of the 31 countries embraced in the table
are believed to approximate their actual coin and paper circulation.
The aggregates are, of paper $4,021,721,853, gold $2,819,301,004, silver full legal-tender $2,060,697,480, and limited tender $422,252,541;
total paper and specie $9,470,564,706; total specie $5,488,842,853. The
statement of the amount of gold and silver in circulation in the world
at the xiresent time is below the usual estimate, and is less than half of
the production since the discoA^ery of America, Avhich was estimated
in the report of the Sih-er Comraission, page 78, to have been, gold
$5,841,000,000, silver $7,072,000,000; total $12,913,000,000.
As bearing upon the question of the x^ioper specie reserve to paper
circulation, the amounts of coin and bullion in banks and national treasuries available for the redemption of their outstanding paper issues, as
far as could be ascertained from the dispatches and latest reliable authorities, are, for convenient reference, tabulated and submitted with
this report.
COURSE OF P R I C E S .
The xiast fiscal year has exhibited monetary phenomena unusual and
unexpected. The deficient harvests in Europe, and our unusual bounteous supply of exportable food, produced an imxiortation of gold unchecked by advancing prices or the amount of existing circulation,
already seemingly abundant. The heavy importation of foreign coin
and bullion which comraenced in August, 1879, continued until the close
of the calendar year, and has been again resumed within the last three
DIRECTOR OF THE MINT.
201
months. The remarkable increase of metallic circulation has been
largely absorbed by the business community.
The speculative advance in prices first in. the United States and then
abroad subsided in part before the close of the year. Comparisons of
the prices of 1880 with those of former years have been made similar to
those in my last report. The table of the prices of exxiorted commodities at different periods and for the whole of the last fiscal year shows an
advance of 8 | per cent, on the average prices of the same commodities
during the fiscal year 1879, and but 6 per cent, below the gold prices of
the same commodities in 1870.
In this connection an examination will be interesting of a table in the
appendix compiled from official data contained in this and the preceding
report, showing the increaseof the net gain in specie in France from
1850 to 1S7^, and the outstanding bank circulation, and the comparative
prices of exports and imports for a corresponding xieriod.
It has been a gratification to find at every institution, and among
those connected with the Mint Bureau, a commendable desire to secure
the highest efficiency for every branch ofthe Mint service. During the
year over $133,000,000 of gold and silver bullion received on deposits or
silver purchases, and, in addition, nearly $40,000,000 received on transfers from other institutions, have been faithfully accounted for.
In the preparation of the statistical inforniation embraced in this report, as well as in the discharge of the routine duties of the office, I have
had the ready co-operation of the clerks in the Mint Bureau, for whose
valuable assistance I desire to make acknowledgments.
I am, very respectfully,
HOEATIO C. BUECHAED,
Birector of the Mint.
Hon.
J O H N SHERMAN,
Secretary of the Treasury.
oto
to
APPENDIX.
1.—DEPOSITS and PUBCHASES of GOLD and SILVEB BULLION dwring the fisoal year ended June 30, 1880.
Mints.
Assay ofBces.
Description.
Total.
PhiladelpMa.
San Francisco.
Carson.
Denver.
New Orleans.
New York.
Helena.
Charlotte.
$6,996 36
$3,178 13
27 $147, 619 16
04
51
62
85
466.431 79
40 00
64 81
82, 590 01
202 41
147, 619 16
473, 532 98
87, 783 20
134, 976, 463 68
437 26
4 83
2, 518,171 73
56,063 62
60, 630 49
443 75
12 36
Boiae.
GOLD.
Eedeposits...{^^^.tSti-;;;
United States bullion (domestic
United States coin
Foreign bullion
Foreisfn coin
--Jewelers' bars, old plate, &c
Total gold
$35, 027, 097 76
906, 501 41
125, 584
76, 332
38,109
75, 871
388,154
80
74
31
19
18
36, 637, 651 39
$25, 812 93
55, 669 02
$116, 111 22
27, 546, 640
55
264,785
599, 739
18, 212
57 $368,174 51 $344, 909 86
00
86
45
36
28, 545, 644 46
368,174 51
344, 909 86
$2,
5,
2,
62,
25,
350
371
062
338
496
43
63
74
96
64
6, 737, 404
127, 327
20, 895, 974
30, 688, 420
743, 019
97, 620 40
68, 273, 627 74
2,092,413 47
17,189 98
55, 576 97
189 41
1, 623 24
$85, 052, 910 69
1, 088, 456 14
35, 821, 705
209, 328
21, 200, 997
40,426, 559
1,176, 505
40
82
23
63
77
SILVER.
Reaeposits...{~Sbars::;
United States buUion (domestic
nroduction)
United States coin
I'oreign bullion
Foreign coin
Jewelers' bars, old plate, & o . . . . . .
Total silver
..
....
408, 568 28
44 56
1, 942, 936 12
15, 597, 682 96
36, 508 72
547, 082 67
81, 712 02
9, 967, 566
6
861,488
13, 222
107
59
00
68
21
10
622, 291 88
4, 443 77
1, 783
12, 370
431,190
21, 582
09
21
20
15
3, 934, 708
988
280, 500
73, 245
145, 857
56
11
20
68
70
2,052 83
5 50
102 76
32,132,
39,
1,154,
i , 064,
249,
48
756
298
359
746
361
95
28
57
26
73
16, 671, 599 21
10, 842, 390 58
622, 291 88
4, 443 77
4, 502, 275 24
4, 508, 067 20
2, 052 83
61, 068 23
569 20
37,214, 758 14
Gold and silver received and
onerated unon
53, 309, 250 60
39,387,935 04
990, 466 39
349, 353 63
4, 599, 895 64
72, 781, 694 94
149, 671 99
534,601 19
88, 352 40
172,191, 221 82
Less redeposits:
Gold
Silver
35, 933, 599 17
408, 612 84
116, 111 22
2, 092, 413 47
81, 481 95
72, 766 95
6, 996 36
437 26
3,178 13
4 83
36,141, 366 83
2, 574, 235 35
Total redeposits
36, 342, 212 01
116, 111 22
Total deposits and purcliases
16,967,038 69
39, 271, 823 82
990, 466 39
349, 353 63
2, 092, 413 47
154; 248 90
2, 507, 482 17
72, 627, 446 04
149, 671 99
7,433 62
3,182 96
38, 715, 602 18
527,167 57
85,169 44
133, 475, 619 64
O
O
II.—DEPOSITS of GOLD of DOMESTIC PBODUCTtOIt dunng the nsoat year ended June"^, 1880.
Mints.
A s s a y oflaces.
Total.
Locality.
Philadelphia. San Francisoo.
Alabama.
Alaska
Arizona
California
Colorado
Dakota
Georgia
Idaho
Total
Denver.
N e w Orleans.
$665 94
:..
4, 070 85
8, 752 54
1, 420 39
971 58
28, 923 24
4,565 31
656 41
TVTon+.a.Tip,
IsTevada
N e w Mexico
N o r t h CaroliTia
Oregon
South Carolina
Tennessee
Utah
Virginia
Vv ashinotjon T e r r i t o r y
Wyoming
Refined bullion
P a r t e d from s i l v e r
Contained in silver
Other sources
Carson.
90
26
05
72
06
365,570 55
16, 441 84
38,119 81
$367 91
25, 380 85
$2, 350 43
$344, 756 91
1, 374 64
340, 837 45
552, 280 41
i
2,-493
1, 907
401
7, 851
26
95
22
24
11,174 63
24, 041 43
Helena.
Charlotte.
1,513
48, 667
1, 897, 553
2, 684, 700
44, 733
20, 919
1, 324, 982
139, 304
90, 429
14, 543-
73
55
72
45
69
24 $116, 309 37
19
59
46
55
31, 084 93
$16,174 15
$1, 807 62
463, 687 56
58, 956 29
9, 368 44
13, 295 30
34, 529
328
18,161, 943
1,106, 868
90 35
13,128 01
1, 470 83
204 66
24
84
52
07
152 95
5, 664 28
318, 615 04
224 86
936 61
147, 619 16
466, 431 79
131,000 74
12, 921 26
125, 584 80
Bois6.
$86 85
$5, 950
152, 967
7, 033, 656
338
64, 350
607 82
14,159 73
,
New Tork.
27, 546, 640 57
368,174 51
344, 909 86
2, 350 43
6, 737, 404 27
91 13
82, 590 01
$752
5, 950
158, 919
7,118, 816
2, 244, 069
2,750 022
89, 831
510, 546
1, 805 768
518, 261
91, 037
85 659
583, 365
11, 861
1, 998
27, 029
9,322
34 529
11, 320
18,161,943
1 449 524
1,161
144,013
79
90
75
42
74
09
08
73
00
85
28
57
34
70
30
19
07
24
70
52
54
47
13
o
O
o
H
w
35,821,705 40
l—l
iz!
O
03
Ml.—DEPOSITS and PUBCHASES of SILVEB of DOMESTIC PBODUCTION during the fiscal year ended June 30, 1880.
to
O
Mints.
Assay offices.
LooaUty.
California
Colorado
. .
.....
.........
San Francisco.
Carson.
$121,438 31
$831, 016 67
283, 734 46
$12 58
19, 331 05
88, 724 ie
24 72
.
*
Idaho
Nevada
New Mexico
North Carolina
Oregon
South Carolina
Utah
Relined bullion
Parted from gold
Contained in "gold
Other sources '.
Total
Total.
Philadelphia.
3, 230 96
6,813 52
Denver.
New Orleans. New Tork.
Bois6.
. Helena.
$38, 855 82
781 40
1,253, 346 64
21,104 54
$4,443 77
14,152 95
126, 455 98
937, 475 44
360, 589 65
424,967 31
259, 086 30
4,123, 732 53 602, 920 00
$41 29
$56 74
22, 557 99
ii, 827 38
2, 970, 757 92
78, 278 43
3 53
118, 550 84
15, 597, 682 96 9, 967, 566 59 622, 291 88
$1, 942, 936 12
4, 443 77
443 75
32,132, 756 95
15 52
2, Oil 54
966 69
25, 928 46
1, 942, 936 12 3, 934, 708 56
32
$48 73
379 18
612, 499 53
15, 440, 268 77 1,319,234 48
$991, 323 38
303, 846 91
I, 257,790 41
21 104 54
48 73
102,999 86
129, 686 94
1, 262, 982 32
5 087 242 18
424, 967 31
379 18
1 174 26
15 52
627, 703 85
2, 970, 757 92
219, 387 26
2 978 23
18, 728! 368 15
59,607 06
1,174 26
3, 373 41
Charlotte.
2, 052 83
60, 630 49
O
H
O
H
t-H
o
TV*—COINAGE EXECUTED during thefisoal year ended June 30, 1880.
Mint at Philadelphia.
Mint at San Francisco.
Pieces.
Pieces.
Mint at Carson.
Total.
Mint at New Orleans.
Denomination.
Value.
Value.
GOLD.
Douhle-easrles
Eagles . . .
Half-eagles
Three dollars
. .
.
Dollars
Total gold
Total silver
MINOR.
Five cents
Three cents
One cent
$2, 217,400 00
14, 097,100 00
11, 309, 750 00
9, 090 00
3, 075 00
3, 030 00
3, 789, 820
27, 639, 445 00
2, 284, 950
15,185,750
6,550
. . . .
15, 350
15, 750
15,185, 750 00
3, 275 00
3, 837 50
1, 575 00
7, 910, 000
15, 223, 400
15,194, 437 50
7, 910, 000
24,950
82,750
26, 774,150
1,247 50
982 50
267, 741 50
..
Total minor
26, 831, 850
Total coinac'e
45, 845, 070
Value.
Pieces.
Value.
Pieces.
Value.
1,773 .$35, 460 00
44, 720 00
4,472
33, 322 166, 610 00
2,325
8,200
$46, 500 00
82, 000 00
1, 075, 768 $21,515,360 00
1, 883, 632 18, 836, 320 00
3,158,172 15, 790, 860 00
3,030
9,090 00
1, 230
3,075 00
3,030
3,030 00
28,143, 000 00
39, 567 246, 790 00
10, 525
128, 500 00
6,124, 862
7, 910, 000 00
408, 000 408, 000 00
4,430, 000
960,800 $19, 216, 000 00
461,250
4, 612, 500 00
862, 900
4, 314, 500 00
56,157, 735 00
a
SILVEE.
Dollars
Half-dollars
...
Quarter-dollars
Dimes
110, 870
1,409, 710
2, 261, 950
3,030
1,230
3,030
......
Pieces.
7,910,000 00
408, 000 408, 000 00
4, 430, 000 4, 430, 000 00 27, 971, 400 27, 942, 437 50
24, 950
32, 750
26, 774,150
26, 831, 850
269, 971 50
43,103, 854 00
4, 430, 000 00 27, 933, 750 27, 933, 750 00
6,550
3,275 00
15, 350
3, 837 50
15, 750
1, 575 00
10,194, 950
36,053,000 00
447, 567 654, 790 00
4, 440, 525 4, 558, 500 00 60, 928,112
1, 247 50
982 50
267, 741 50
269, 971 50
84, 370,144 00
H
O
w
o
w
^
H
bO
o
Y.—BABS MANUFACTUBED during thefiscalyear ended June 30, 1880.
to
o
Mints.
Description.
Philadelphia.
GOLD.
Finp bars
TVUnt bars
. ..
Unparted bars
.... . .
Total arold
San Francisco.
Assay offices.
Total.
Carson.
Denver.
$145, 200 85
145, 200 85
$1, 980 84
$346, 072 72
1, 980 84
346, 072 72
24,455 37
2,149 73
SILVER.
Fine bars
Sterlinsr bars
Unparted bars
83, 688 67 $2, 355, 252 07
....
Total silver
Total gold and silver...
New Orleans. . New Tork.
$11, 378, 980 98
57, 368, 761 15
68, 747, 742 13
4, 372, 705 02
24, 347 93
Bois6.
Helena.
Charlotte.
$147, 465 35
$473, 532 96
$87, 783 20
$11, 524,181 83
57, 368, 761 15
1 056 835 07
147, 465 35
473, 532 96
87, 783 20
69, 949, 778 05
61, 068 23
569 20
6, 811, 645 76
24 347 93
88, 507 48
o
264 95
569 20
6, 924, 501 17
o
88, 352 40 76, 874, 279 22
iz!
H
83, 688 67 2, 355, 252 07
24, 455 37
2,149 73
4, 397, 052 95
264 95
61, 068 23
228, 889 52 2, 355, 252 07
26, 436 21
348, 222 45
73,144,795 08
147, 730 30
534, 601 19
w
w.
iz!
iz!
O
Ul
DIRECTOR OF T H E
207
MINT.
T I . - -COINAGE and MEDAL D I E S MANUFACTUBED at the M I N T at P H I L A D E L P H I A during the fiscal year ended June 30,1880.
Philadel- San Fran- Carson.
phia.
cisco.
Denomination.
For gold coinage:
Double-eagle
Eagle
HaH-eagle
Three-dollar
Quarter-eagle
Dollar
11
57
111
2
Total
For minor coinage:
Three-cent
One-cent
Total
1
. . . .
15
20
5
ID
Total.
76
129
190
2
8
2
8
2
Total
For silver coinage:
Standard dollar
Half-dollar
Ouarter-dollar
Dime
-
65
52
49
New Orleans.
183
174
35
15
407
199
2
25
80
13
110
5
5
5
414
7
5
18
214
125
25
80
444
12
8
182
12
8
182
, 202.:
202
.
Total NUMBEB of D I E S .
Gk)ld coinage
Silver coinage
Minor coinage
Experimental dies
Proof coinage
Bendix Koppel medal
D. De Fleury, Stony Point, medal (reproduction)
Horatio Gates reverse die (reproduction)
Annual assay . . . . - - .
Total
-
'
--•
407
444
202
6
24
22
1
4
1,092;
208
REPORT ON T H E
FINANCES.
T M * — M E D A L S MANUFACTUBED at the M I N T at P H I L A D E L P H I A during ike
fiscal year ended Jtme 30, 1880.
Name..
Gold.
Adams Academy
Adams, J. Q
Agricultural and Industrial Society . . .
AUegiance
American University
Amidon
-•Baltimore Female College
Brown, Major-General
Brown Memorial
Cabinet
College of Pharmacy
Cro^han, Col. George
Davis Prize
Denman School
Dodd, H. M
Fi'anklin
Gaines, Major-General
'.
Gates, Major-General
Georgetown College
Grant, Indian Peace
Harrison, Major-General
Hodge, Dr
Honor, Medals of
Howard, J. E
Jackson, Major-General.
Jones, Capt. Jacob
Ketchum, Jesse (large)
Ketchum, Jesse (small)
Knight Templar
Koppel, Bendix
Life Saving (first class)
Life Saving (second class)
McKee
Macomb, Major-General
Maine State Agricultural Society
Michigan State Agricultural Society ..
Mighty DoUar
Miller, Brigadier-General
Morgan, General
New England Agricultural Society
New Hampshire Agricultural Society .
Norman
"
Patterson, Eobert
Peabody
Pennsylvania Marksmen Badge
Philadelphia Eifle Club
Pomological Society
Porter, Major-General
Eipley, Brigadier-CIeneral
Eobinson Prize
Sagadahoc
Santini
Scott, John
Scott, Major-General
Shakspeare
Shelby, Gov. Isaac
Stoddard Prize
Union League
Valley Forge
,
Vanderbilt
Washington before Boston
"Washington, Col. William
Wisconsin State Agricultural Society .
Total
Silver.
Bronze.
6
25
17
20.
14
4
18
Id
18
75
13
40
7
13.
15
80
255
6/
10
i
5
17
14
10
1
10
18
16
43
448
DIRECTOR
OF T H E
209
MINT.
T I M . — M E D A L S and PROOF SETS SOLD during the fiscal year ended June 30, 1880.
Number
sold.
Description.
Value.
MEDALS.
Gold
Silver
Bronze:
.
.
--
Total .
43
480
646
$1, 808 50
983 85
435 75
1,169
3;228 10
31
1,608
1 333 00
6, 432 00
1,639
1, 765 00
. 872
1, 090 00
P R O O F SETS.
Gold ..
Silver
-
--
Total .
Trade dollars (sold singly) . . .
W1^,—MIN0B COINS B E D E E M E D , BEISSUED, EXCHANGED, aiid M E L T E D
during thefisoal year ended June 30. 1880.
Denomination.
Pieces.
Value.
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
344, 525
657,125
3,159,162
707, 664
822, 040
10, 111, 530
$3,445 25
6, 571 25
31, 591 62
14,153 28
24, 661 20
505,576 50
15, 802, 046
585, 999 10
2, 362, 500
1, 766, 800
10, 949, 700
23, 625 00
53, 0©4 00
547, 485 00
15, 079, 000
624,114 00
'. —
475
8
22
25
1,445
4 75
8
22
50
43 35
.........:.....
1, 975
48 90
500, 000
10, 000 00'
—
1
Total
REISSUED.
Bronze, one-cent pieces
Nickel, three-cent pieces
Nickel, five-cent pieces
Total
EXCHANGED.
Copper, one-cent pieces
Nickel, one-cent pieces
Bronze, one-cent pieces
Bronze, two-cent pieces
Nickel, three-cent pieces
Total
—
MELTED.
Bronze, two-cent pieces
14 F
"K.—STATEMENT of E A B N I N G S and E X P E N D I T U B E S of UNITED STATES MINTS and ASSA Y OFFICES for fiscal year ended June 30, 1880.
EAENINGS.
Mints.
Philadelphia:
C h a r g e s collected for p a r t i n g a n d refining b u l l i o n
$8, 773 47
Charo'es collected for a l l o y i n g gold c o i n s . .
, .
163 73
C h a r g e s collected for a s s a y i n g , m e l t i n g , a n d
stamping bars
S e i g n i o r a g e on s t a n d a r d s i l v e r d o l l a r s coined
1, 829, 314 78
1, 541 18
S e i g n i o r a g e on s u b s i d i a r y s i l v e r coined
P r o f i t on t h e m a n u f a c t u r e of m i n o r coins
198,178 16
A m o u n t r e c e i v e d for m e d a l s a n d p r o o f coins
12, 414 54
A m o u n t r e c e i v e d for a s s a y s of o r e s
308 00
G r a i n s , fluxes, a n d s w e e p i n g s from d e p o s i t melt2, 020 38
S u r p l u s b u l l i o n r e t u r n e d b y t h e m e l t e r a n d refiner i n s e t t l e m e n t
..
347 92
G a i n from a s s a y s a n d collection, a n d t r a n s p o r t a t i o n c h a r g e s on b u l l i o n s h i p p e d t h e M i n t for
San F r a n cisco.
N e w Orleans.
$158, 477 34
2, 743 24
$722 52
6 19
965, 279 71
5i2, 252 i 2
99 00
18 50
A s s a y oflaces.
Totals.
Carson.
Denver.
New York.
Totals
Bois6.
Charlotte.
Helena.
$80, 656 U
1, 951 83
$9,864 42.
88 60
$356 01
$258,493 89
4, 953 59
$164 53
$118 10
$549 97
47, 830 29 .
1, 393 70
1,107 00
559 00
195 00
398 05
989 00
560 53
8, 983 34
250 75
40 05
1,264 54
. 16, 454 58
1, 960 27
66 39
P r o c e e d s of sale of old m a t e r i a l
1,141 64
1, 455 75
411 97
915 00
2, 054, 203 80
1,129, 448 74
515, 371 57
58, 698 31
33, 632 87
287, 645 92
24,:900 00
252, 235 75
20, 961 89
77, 278 91
75, 333 43
41,313 81
29, 934 27
10, 934 41
137,071 98
1,188
3, 354, 676
1, 541
198,178
• 12,414
3, 673
61
90
18
16
54
55
14 513 29
18, 762 77
713 02
158 43
| ) x p e n s e s of d i s t r i b u t i n g s t a n d a r d s i l v e r d o U a r s . .
ExiDenses of distributing" n i i n o r coins
A n i o u n t p a i d for m e d a l s a n d proof coins
V a l u e of t h e gold a n d s i l v e r w a s t a g e of t h e operat i v e officers
. .
. .
M i n o r coinage wasta-ge
-.
L o s s on sale of s w e e p s
2, 089 93
108 604 89
],323 30
714 63
2, 803 51
3, 873, 258 68
23,550 00
62, 294 62
10, 620 70
10, 000 00
33,150 00
20, 765 88
2, 959 28
3 525 97
2, 500 00
5, 700 00
8, 656 24
157, 974 74
722 403 29
11, 312 73
4,118 95
8, 750 12
1, 095 22
915 46
9, 960 19
182, 734 18
Totals
,
t-H
82, 544 59
4, 492 08
62,189 05
12,.592 83
9, 470 84
210 18
5, 812 03
4, 994 06
2, 829 19
108 00
14,281 71
416 49
8,127 08
29, 273 07
955 63
476 66-
660, 846 06
502, 578 67
86, 221 43
235, 643 06
92, 033
4, 994
65, 336
12, 592
9,470
102, 234 09
24, 739 65
150, 968 87
46
06
42
83
84
44, 987 07
416 49
30, 859 24
5, 758 28
16,973 88
142, 765 98
O
•H
O
937 84
3, 924 36
EXPENDITUEES.
S a l a r i e s of officers a n d c l e r k s
Washes of w o r k m e n
Contingent expenses, not including wastage and
loss on s w e e p s
P a r t i n g a n d refining e x p e n s e s , n o t i n c l u d i n g
w a s t a g e a n d loss on s w e e p s
E x p e n s e s p a i d from t h e a p p r o p r i a t i o n for t h e
c o i n a g e of t h e s t a n d a r d s i l v e r doUar, a c t F e b r u a r y 28 1878
J-*
o
7.580 47
3, 415 46
24, 316 43
1, 559, 445 68
>
O
DIRECTOR
OF T H E
211
MINT.
^ l . — W A S T A G E S and LOSS on SALE of SWEEPS, 1880.
.2
a?
i
i
Losses.
O.g
g
/ 1o
Id
H
• AH
Melter and refiner's gold,wastage . $10, 726 12
9 12
Coiner's gold wastage
Melter and refiner's silver wastage
3, 546 47
Coiner's silver wastage
8,127 08
Loss on sale of sweens
Totals
Paid as follows:
From contingent appropriation . . .
From parting and refining appropriation.
From silver nrofit fund
Totals
$5, 258
2,188
21, 706
119
16, 973
82
32
69
24
88
$124
45
157
149
50
51
47
18
$5 49
11 26
938 88
•
$5, 758 28
$16,114
2, 254
21, 864
4, 753
30,859
93
21
16
77
24
22, 408 79
46, 246 95
476 66 • 955.63
12,164 70
448 16
5, 211 94
13, 342 50
124 50
1, 470 39
8, 325 54
•1,393 76
26, 298 75
45 51
306 65
16 75
938 88
5, 758 28
8, 684 69
35, 869 82
22, 408 79
46, 246 95
476 66
955 63
5, 758 28
75, 846 31
5. 758 28
75, 846 31
17, 376 64
13, 915 16
^ 1 1 . — G O L D and S I L V E B of DOMESTIC PBODUCTION D E P O S I T E D at the
M I N T S and ASSAY OFFICES from their OBGANIZATION to the close of the fiscal
year ended June 30, 1880.
Locality.
Alabama
Alaska
Arizona
i
California
Colorado
Dakota
Georgia
Idaho
Maryland
Massachusetts
Michigan (Lake Superior).
Montana
Nevada
New Hampsliire. New Mexico
North Carolina
Oregon
:
South Carolina
Tennessee
,
Utah
Vei^mont
Virginia
Washington Territory
Wyoming
Eefined bullion
Parted from silver
Contained in silver
Parted from gold
Contained in gold
Other sources
TotaL
Gold.
$219, 872 95
29, 972 47
2, 256, 742 06
702,058,970 35
35, 417, 517 54
7, 235,112 89
7, 698, 082 03
24,137, 417 11
402 12
123 99
48, 689,006 09
14, 432,322. 55
11, 020 55
1, 569,472 14
10, 613,351 10
15, 414,509 57
1, 401,845 30
84, 266 25
445, 133- 61
10, 981 27
1, 672,667 70
208, 959 37
716, 966 47
201, 055,915 26
13, 974,774 89
9, 322,268 97
10, 242, 731 33
1,108, 920,405 93
Silver.
$2,116, 717 64
1, 677, 550 45
20,183,889 56
21,121 54
^458 20
727, 295 50
917 56
3, 433, 674 78
4, 371, 384 12
72,107, 030 69
2, 221, 484 63
45, 581 33
4, 406 38,
30 44
9, 036, 957 01
11 793 86
42, 790, Oi2 87
6, 813, 478 84
520, 623 81
31, 337, 203 76
Total.
$219, 872 95
29, 972 47
4, 373,459 70
703j 736,520 80
55, 601,407 10
7, 256,234 43
7, 698,540 23
24, 864,712 61
402 12
917 56
3, 4-33,798 77
53, 060,390 21
86, 539,353 24
11, 020 55
3, 790,956 77
10, 658,932 43
15, 418,915 95
1, 401,875 74
84, 266 25
9, 482,090 62
10, 981 27
1, 672,667 70
208, 959 37
728, 760 33
243, 845,928 13
13, 974,774 89
9, 322,268 97
6, 813,478 84
520, 623 81
41, 579,935 09
197, 421, 612 97 1, 306, 342, 018 90
212
REPORT ON THE FINANCES.
-STATEMENT of COINAGE from the OBGANIZATION of the M I N T to the
close of the fiscal year ended June 30, 1880.
GOLD COINAGE.
Period.
1793 to 1795
1796
1797...
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
18i)8
1809
IHJO
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
3840
1841
1842
1843:.:
1844
1845 .. .
1846
:.
1847
1848
1849
1850
1851
1852-.
1853
1854
1855 . .
1856
1857
1858
1.859
I860
1861
1862
1863.
1864
1805
1866
1867
1868
1869
1.870
Double-eagles.
Eagles.. Half-eagles. Three-dollars. Quarter-eagles.
$27, 950
69,340
83, 230
79, 740
1.74, 830
259, 050
292, 540
150, 900
89, 790
97, 950
$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
77, 270
3,175
242. 940
258, 615
1,319.030
• 173,205
88, 980
72, 425
86, 700
145, 300
90, 345
124, 565
140,145
287, 210
631, 755
702, 970
787, 435
968,150
3, 660, 845
1, 857, 670
2, 765, 735
1, 035, 605
1, 600, 285
72, 000
802, 745
382, 480
1, 048, 360
473, 380
380, 725
656, 310
655, 330
1, 089, 070
2, 506, 240 4, 275, 425
1, 250, 610 4, 088, 275
2, 743, 640
736, 530
1, 018, 750. 2, 736,155
14, 337, 640 5, 401, 685
1, 813, 340 1, 863, 560
6, 775,180 1,184, 645
860,160
• $26, 225, 220 3, 489, 510
4, 393, 280 2, 651, 955
48, 043,100
44, 860, 520 2, 811, 060 3, 689, 635
26, 646, 520 2, 522, 530 2, 305, 095
1, 513, 195
18, 052, 340 2,305,760
24, 636, 820 1, 487, 010 1, 257, 090
30, 277, 560 1, 484,- 900 1, 751, 665
673, 610
129,160
14, 056, 300
772, 775
629, 900
28, 038, 880
406, 710
146, 000
. 16, 236, 720
361,145
3,42,130
15, 458, 800
452, 590
552, 050
59, 316, 420
972, 990
3, 287,160
36, 247, 500
126, 580
117, 010
20, 387, 720
51, 500
85, 800
21, 465, 640
86, 075
24, 879, 600
93, 750
300, 750
376,100
27, 494, 900
154, 475
27, 925, 400
51,150
153, 750
17, 705, 800
155, 500
228, 925
21, 270, 500
209, 850
94, 625
89,130
• 22, 018, 480
Dollars.
J2, 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
4
16,120 00
6, 500 00
11,085 00
1, 900 00
7, 000 00
<>
$49i, 2i4
171, 465
181, 530
38, 496
66,177
" 34,572
61, 206
18, 216
17, 355
117
16, 470
10, 065
12, 090
7,875
14, 700
7,575
10, 605
8, 507 50
11, 350 00
11, 300 00
11, 000 00
10, 400 00
293, 425 00
328, 505 00
1, 369, 965 00
112, 700 00
137, 310 00
170, 660 00
153, 562 50
54, 562 50
89, 770 00
1, 327,132 50
89, 345 00
276, 277 50
279, 272 50
482, 060 00
98, 612 50
111, 147 50
895, 547 50
3, 867, 337 50
3, 283, 827 50
3, 519, 615 00
1,896,397 50
600, 700 00
1, 213,11.7 50
320, 465 00
515, 632 50
213,010 00
128, 980 00
338,440 00
3, 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
$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. 259
1,950
6, 750
7,225
7,130
5,225
10, 550
5,925
9,335
213
DIRECTOR OF THE MINT.
^m.—STATEMENT of COINAGE, ^c—Continued.
GOLD COINAGE—Continued.
Period.
1871
1872
1873
1874
1875
1876
1877 ...-•
1878
1879
1880
Total
Double-eagles.
. . .
'
• ..
Eagles.
'
Half-eagles. T h r e e - d o l l a r s . Q u a r t e r - e a g l e s .
.20, 919, 240
19,798, 500
34, 765, 500
48, 283, 900
32, 748,140
37, 896, 720
43, 941, 700
51,406, 340
37, 234, 340
21, 515, 360
163,250
254,.600
204, 650
383,480
599, 840
153, 610
56, 200
155, 490
1, 031, 440
18, 836, 320
158, 625
243, 700
237, 525
809, 780
203, 655
71, 800
67, 835
688, 680
1, 442,130
15, 790, 860
4, 020
6,090
75
125, 460
60
135
4,464
137, 850
109,182
9,090
919, 754, 480
76, 730,470
87, 334, 485
1, 556,154
53,400
72, 575
39, 062
516,150
'
2, 250
53, 052
5, 780
408, 900
1,166, 800
3, 075
Dollars.
00
00
50
00
00
50
00
00
00
00
3,940
1,030
2,525
323, 920
20
3,645
2,220
1,720
3,020
3,030
28,374, 525 00
19, 353,208
:S.lll.—STATEMENT of COINAGE from the OBGANIZATION of ihe MINT, #c.—Continued.
to
SILVERCOINAGE.
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
FRASER
1837
Trade-dollars.
Dollars.
$204, 791
72, 920
7,776
327, 536
423, 515
220, 920
54,454
41, 650
66, 064
19, 570
321
. . .
.
>
, • . . . .
..
.
•
Digitized for
1,000
Half-dollars. Quarter-dollars. Twenty-cents.
$161, 572 00
1, 959 00
15,144 50
14, 945 00
15, 857 50
78, 259 50
105, 861 00
419,788 00
525,788 00
684,300 00
702, 905 00
638,138 00
601, 822 00
814, 029 50
620, 951 50
519, 537 50
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
1, 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
$1,473 50
63 00
1, 684 50
30, 348 50
51, 531 00
55,160 75
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
H
O
16, 500 00
4, 471 00
635 50
6, 518 00
H
w
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
42, 000 00
1, 000 00
25, 500 00
99, 500 00
80, 000 00
39, 000 00
71, 500 00
488, 000 00
118, 000 00
63,100 00
94,
118,
10,
44,
258
651
000
000
a
w
70
20
00
00
51,000 00..
121, 500 00
12, 500 00
77, 000 00
51, 000 00
77,135 00
52, 250 00
48, 500 00
63, 500 00
141, 000 00
119,000 00
104, 200 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
1838.
1839.
1840.
1841.,
1842.
1843.
1844.
1845.
1846.,
1847..
1848.,
1849.,
1850..
1851..
1852..
1853..
1854..
1855..
1856..
1857..
1858..
1859=.
I860..
1861..
1862..
1863..
1864:.
1865..
1866..
1867..
1868..
1869..
1870..
1871..
1872..
1873..
1874..
1875..
1876..
1877..
1878..
1879..
1880..
Total .
00
50
00
00
00
00
00
00
00
00
00
00
00
00
00.
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
50
00
00
00
00
00
00
00
00
208, 000 00
122, 786 50
153, 331 75
143, 000 00
214, 250^00
403, 400 00
290, 300 00
230, 500 00
127, 500 00
280, 500 00
36, 500 00
85, 000 00
150, 700 00
62, 000 00
68, 265 00
:, 146,555 00
!, 466,000 00
861, 350 00
1,129, 500 00
583, 000 00
1, 019,750 00
., 428,000 00
330, 450 00
771, 550 00
730, 937 50
113, 965 00
22, 492 50
27, 650 00
9, 712 50
18, 175 00
37, 475 00
23, 137 50
23, 047 50
29, 971 75
55, 096 25
174, 362 50
458, 515 50
623, 950 00
:, 106,262 50
, 584,175 00
;, 703,027 50
112 50
837 50
71, 780, 588 122, 748, 295 50
38, 481, 099 00
300
61, 005
173, 000
184, 618
165,100
20, 000
24, 500
169, 600
140, 750
15, 000
62, 600
47, 500
1,300
1,100
46,110
33,140
26, 000
63, 500
94, 000
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
1,112, 961
977,150
$3, 588, 900
5, 697, 500
6.132, 050
9,162, 900
11, 378, 010
35, 959, 360
8, 573, 500
27, 227, 500
27, 933, 750
1, 773,000
1, 717,280
1,145, 054
355, 500
1, 484,882
3, 056,000
1, 885,500
1, 341,500
2, 257,000
1, 870,000
1, 880,000
1, 781,000
1, 341,500
301, 375
110, 565
2, 430, 354
4, 111,000
2, 284,725
1, 903,500
114, 000
4, 430,000
4, 005,500
1, 627,400
959, 650
1, 785,425
983, 630
483, 985
553, 100
579, 525
897, 450
946, 750
561, 675
1, 009,375
1, 242,771
1,486, 492
1,199, 775
1, 438,930
2, 853,500
4, 985,525
9, 746,350
3, 875,255
225
275
$5, 858 00
263, 560 00
1, 440 00
142 00
271, 000 00
239, 493 00
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
17, 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
^, 639,105 00
2, 055,070 00
760, 891 00
45 00
575 00
112, t50 00
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, 904, 297 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
O
H
O
W
o
w
Hi
H
1, 281, 850 20
tS9
"SMI.—STATEMENT of COINAGE from the OBGANIZATION of the MINT, ^c—Continued.
M i n o r couiage.
to
Total cpinage.
Period.
Five-cents.
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
for 1836
FRASER
Digitized
Three-cents. Two-cents.
Cents.
$10, 660 33
9,747 00
8, 975 10
9,797 00
9, 045 85
28, 221 75
13, 628 37
34, 351 00
24,713 53
7, 568 38
9, 411 16
3,480 00
7, 272 21
11, 090 00
2, 228 67
14,685 00
2,180 25
10, 755 00
4,180 00
3, 578 30
Half-cents.
$712 67
577 40
535 24
60 83
1,057 65
71 83
489 50
5, 276 56
4, 072 32
1, 780 00
2, 380 00
2, 000 00
5, 772 86
1, 075 00
315 70
28, 209 82
39, 484 00
31, 670 00
26, 710 00
44, 075 50
3, 890 00
20, 723 39
12, 620 00
14, 611 00
15,174 25
23, 577 32
22, 606 24
14,145 00
17,115 00
33, 592 60
23, 620 00
27, 390 00
18, 551 00
•38,784 00
21,110 00
315 00
1,170 00
3, 030 00
2, 435 00
11 00
770 00
600 00
705 00
1, 990 00
Gold.
Silver.
$71, 485 00
102,727 50
103, 422 50
205, 610 00
213, 285 00
317,760 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
477,140 00
77, 270 00
3,175 00
242, 940
258, 615
1, 319,030
189, 325
88, 980
72, 425
93, 200
156, 385
92, 245
131, 565
140, 145
295, 717
643, 105
714, 270
798, 435
978, 550
3,954, 270
2,186, 175
4,135, 700
00
00
00
00
00
00
00
00
00
00
00
50
00
00
00
00
00
00
00
$370, 683 80
79, 077. 50
12, 591 45
330, 291 00
423, 515 00
224, 296 00
74, 758 00
58, 343 00
87, 118 00
100, 340 50
149, 388 50
471, 319 00
597, 448 75
684, 300 00
707, 376 00
638, 773 50
608, 340 00
814, 029 50
V 620, 951 50
561, 687 50
17, 308 00
28, 575 75
607, 783 50
1, 070,454 50
1,140, 000 00
501, 680 70
825, 762 45
805, 806 50
895, 550 00
1, 752,477 00
1, 564,583 00
2, 002,090 00
2, 869,200 00
1, 575,600 00
1,994, 578 00
2, 495,400 00
3,175, 600 00
2, 579,000 00
000 00
• 2, 759,
3,415, 002 00
3, 443,003 00
3, 606,100 00
Minor.
$11,373 00
10, 324 40
9, 510 34
9,797 00
9,106 68
29, 279 40
13, 628 37
84,422 83
25, 203 03
12, 844 94
13, 483 48
5, 260 00
9, 652 21
13, 090 00
8, 001 53
15, 660 00
2, 495 95
10, 755 00
4,180 00
3, 578 30
28, 209 82
39, 484 00
31, 670 00
26, 710 00
44, 075 50
3, 890 00
20, 723 39
12, 620 00
14, 926 00
16, 344 25
23, 577 32
25, 636 24
16, 580 00
17,115 00
33, 603 60
23, 620 00
28,160 00
19,151 00
39,489 00
23,100 00
Total.
$453, 541 80
192,129 40
125, 524 29
545, 698 00
645, 906 68
571, 335 40
510, 956 37
516, 075 83
370, 698 53
371, 827 94
333, 239 48
801, 084 00
1, 044, 595 96
982, 055 00
884, 752 53
1,155, 868 50
1,108, 740 95
1,115, 219 50
1,102, 271 50
642, 535 80
20, 483 00
56, 785 57
647, 267 50
1, 345, 064 50
1, 425, 325 00
1, 864, 786 20
1, 018, 977 45
915, 509 89
967 975 00
1, 858, 297 00
1, 735, 894 00
2,110, 679 25
3, 024, 342 32
1, 741, 381 24
2, 306, 875 50
3,155, 620 00
3, 923, 473 60
3, 401, 055 00
3, 765, 710 00
7, 388, 423 00
5, 668, 667 00
7, 764, 900 OQ
hj
O.
O
w
a
1837
1838 1839
1840 .....
1841
1842
1843 ..
1844
1845
1846
1847
1848
1849
•.
1850
1851
1852
1853
1854
1855
1856
1857
.
1858
1859 ....:
I860
1861
1862
1863
1864
1865.
1866
1867
1868 1869
1870
1871
1872
1873
1874
1875 . . . .
'
1876
1877
1878
1879
1880
•
...
..
Total
$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
1, 247 50
5, 775, 592 50
$105, 930
270, 270
133, 410
108, 390
64, 380
42, 690
27, 630
18, 330
34, 320
29, 640
12, 540
7, 560
00
00
00
00
00
00
00
00
00
00
00
00
$36, 450 00
535, 600 00
122, 980 00
69, 880 00
61, 330 00
34, 615 00
22, 890 00
22,105 00
6,170 00
48 00
984 00
982 50
857,104 50 912, 020 00
55, 583 00
63,702 00
31, 286 61
24, 627 eo
15, 973 67
23. 833 90
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
541, 800 00
187, 080 00
113, 750 00
98, 565 00
78, 810 00
58, 365 00
62, 075 00
. 9, 320 00
107, 330 00
137, 935 00123,185 00
120, 090 00
36, 915 00
30, 566 00
95, 639 00
267, 741 50
5, 698, 523 94
199 32
199 06
738 36
648
276
282
202
175
47
79
50
15
90
1,148, 305 00
1, 809, 595 00
1, 355, 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, 508 00
30, 253, 725 50
17, 296, 077 00
16, 445, 476 00
60,693,237 00
45, 532, 386 50
20, 695, 852 00
21, 649, 345 00
25,107, 217 50
28, 313, 945 00
28, 217,187 50
18,114, 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
56,157, 735 00
2, 096, 010 00
2,S33,243 00
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
2,114, 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, 7-37, 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
27, 942, 437 50
39, 926 11 1,133,103, 322 00 292, 333,436 90
55, 583 00
63, 702, 00
31, 286 61
24, 627 00
15, 973 67
23, 833 90
24, 283 20
23, 987 52
38, 948 04
41, 208 00
61,836 69 .
64,157 99
41, 984 32
44, 467 50
99, 635 43
50, 630 94
,
67, 059 78
42, 638 35
16, 030 79
27,106 78
63, 510 46
234, 000 00
307, 000 00
342, 000 00
101, 660 00
116, 000 00
478, 450 00
463, 800 00
1,183, 330 00
646, 570 00
1, 879, 540 00
1, 713, 385 00
1, 279, 055 00
611,445 00
283, 760 00
123, 020 00
. 494, 050 00
411, 925 00
230, 375 00
260, 350 00
62,165 00
30, 694 00
97, 798 00
269, 971 50
3, 299, 898 00
4,206,540 O O o
3,563,467 61
3, 426, 632 50
2,240,321 17
4,190, 753 90
11, 967, 830 70
7, 687, 767 52
5, 668, 595 .54
6, 633, 965 50
22, 662, 671 69
5, 879, 720 49
11,164, 695 82
33, 892, 306 09
63, 488, 524 93
57, 896, 228 44
48, 522, 539 78
34, 577, 826 85
32, 495, 243 79
41, 860,115 28
17, 352, 073 46
38, 528, 455 50
23, 790, 477 00
19, 557, 396 00
63, 400, 597 00
48, 560, 788 00
22, 348, 394 80
22, 661, 359 10
26, 926, 855 50
29, 640, 779 50
31, 083, 598 50
20, 964, 560 00
23, 948, 439 00
24, 636, Oil 00
23, 542,140 25
23, 529, 349 05
38, 689,183 00
56, 838, 216 30
43, 854. 708 00
57, 565, 815 00
72, 690, 299 00
81,120, 499 50
68, 312, 592 50
84, 370,144 00
o
H
O
o
w
^H
H
13, 283,167 05 I, 438,719, 925 95
'to
218
KEPORT ON T H E F I N A N e E S .
ILIT.—COINAGE EXECUTED during the Calendar Years 1877,1878 and 1879.
Denomination.
1877.
1878.
1879.
GOLD.
Double-eagles
Eagles
Half-eagles
Three-dollars
Quarter-eagles
Dollars
00
00
00
00
00
00
$45, 916, 500 00
1, 031, 440 00
1, 427, 470 00
246, 970 00
1,160, 650 00
3, 020 00
$28, 889, 260 00
6,120, 320 00
3 727 155 00
9,090 00
331, 225 00
3, 030 00
43, 999, 864 00
49, 786, 052 00
39, 080, 080 00
13, 092, 710 00
7, 540, 255 00
6, 024, 927 50
102 00
1,735,051 00
4, 259, 900 00
22, 495, 550 00
726, 200 00
849, 200 00
120 00
• 187, 880 00
*1, 541
27, 560,100
2, 950
3, 675
28, 393, 045 50
28, 518, 850 00
27, 569, 776 00
8, 525 00
117 50
70 50
57, 998 50
1,455 00
1, 236 00
162, 312 00
$43, 529,700
211,490
177, 660
4, 464
72, 630
3, 920
T o t a l gold
SILVER.
Trade-dollars
Standard-dollars
Half-dollars . .
Quarter-dollars
Twenty-cents
Dimes
Total silver
00
00
00
00
1, 510 oO
anNOR.
Five-cents
Three-cents
One-cent
. . .
T o t a l m i n o r •.
8, 525 00
58,186 50
165, 003 00
Total coinage
72, 401, 434 50
73; 363, 088 50
66, 814, 859 00
•^ Proof pieces.
X.W.—GENEBAL BEG ULATIONS for the DISTBIBUTION of STAND ABD SILVEB DOLLABS.
No. 1.
TREASURY DEPARTMENT,
O F F I C E ' O F T H E D I R E C T O R OF THE M I N T ,
Washington, D. C , Septeml)&r 3, 1878.
In conformity with sections 3526 and 3527, Revised Statutes, an.d with the first section of the act authorizing the coinage of the standard silver dollar and restoring its
legal-tender character, passed February 28,1878, it is hereby ordered and directed t h a t
t h e superintendents of the mints at Philadelphia, San Francisco, Carson, and New
Orleans will, upon t h e receipt of a written request of the Treasurer qf t h e United
States, forward, by express, standard silver dollars in the sum of one thousand dollars,
or a multiple thereof, to such party or parties as he may designate.
The expense of transportation to be paid by the Mint from the ''silver-profit fund."
Shipments will, however, be made only to parties reached through established express hnes. .
R. E. PRESTON,
Acting Director.
Approved:
JOHN
SHERMAN,
Secretary of the Treasury.
No. 2.
TREASURY DEPARTMENT,
O F F I C E OF THE DIRECTOR OF THE MINT,
Washington, D. C , August 21, 1880.
I n order to facilitate the distribution of standard silver dollars from the mints at
Philadelphia, San Francisco, and New Orleans, t h e following regulations for the government of t h e superintendents thereof are prescribed:
Upon the receipt from an Assistant Treasurer of the United States of an original
certificate of deposit on account of standard silver dollars, giving the name and address of the party or parties to whom the coin is to be sent, the superintendent of the
mint in the same city as the Assistant Treasurer issuing the certificate will ship a like
amount of standard silver dollars, and pay t h e charges for transportation from the
^'silver-profit fund."
The superintendent of the mint will report to the Treasurer of the United States
and t h e Assistant Treasurer, at the close of business each day, the amount of standard
DIRECTOR OF T H E MINT.
219
silver dollars shipped upon such certificates, giving the number and date of each certificate.
All shipments of standard silver dollars under the foregoing regulations will be
treated as. a transfer to the Treasurer of the United States.
R. E. PRESTON,
Approved:
Acting Director.
J O H N SHERMAN,
Secretary of the Treasury.
XTI.—ESTIMATION OF VALUE OF FOREIGN COINS.
B U R E A U OF THE M I N T ,
WasMngton, D. C , December 29, 1879.
Hon.
J O H N SHERMAN,
Secretary of thS Treasury:
•
SIR : The money of account of the United States is required by the act of April 2,
1792 (Revised Statutes, section 3563), to ' ' b e expressed in dollars or units, dimes @r
tenths," &c., ^' a dime being the tenth part of a dollar."
The coinage act of February 12,1873 (Revised Statutes, section 3511), provides " t h a t
the gold coins of the United States shall be a one-dollar piece, which, at the standard
weight of twenty-five and eight-tenths grains, shall be the unit of value," &c.
The act of March 3, 1873 (Revised Statutes, section 3564), provides ' ' t h a t the value
of foreign coins as expressed in the money of account of the United States shall be
t h a t of the pure metal in such coin, of standard value, and the values of the standard
coins in circulation of the various nations of the world shall be estimated annually
by the Director of the Mint, and be proclaimed on the first day of January by the Secretary of the Treasnry."
In estimating the value of coins of foreign countries where gold is the standard of
value no difficulty is experienced; the value is readily ascertained by comparing the
amount of pure gold contained with t h a t in the gold dollar, but in silver coins the
law does not definitely state what shall be the basis of comparison in estimating the
value of the pure metal of such coins when silver is the standard of the country.
The coinage act of 1873 discontinued the coinage of the siiver dollar of 412^ grains,
aud also failed to make provision t h a t it should be a unit of value as in case of the
one-dollar gold piece, but it still remained an existing coin and a legal tender to the
amount of five dollars in any one payment.
The trade-dollar of 420 grains and subsidiary coins of 25 grammes to the dollar were
authorized by the same act, and also constituted a legal tender to a like amount, b u t
none of these coins were declared units or standards of value. If it had l3een intended
t h a t the value of foreign silver coins should be ascertained by comparing the pure
metal contained with that in the United States silver coins, the law failed to specify
what silver coin or what quantity of silver should be the standard for valuation.
I therefore have the honor to request t h a t you will furnish this office with your
opinion as to Avhether under the provisions of the act of March 3, 1873, referred to, •
the value of foreign silver coins should be estimated by comparing their weight and
fineness with that of the silver dollar or other silver coins of the United States, of t h e
nominal value of one dollar, or by taking the commercial bullion value of the pure
silver in such foreign silver coins valued in gold dollars as units.
If computed by the former method, what silver coin should be the basis of compari' son; and if by tlie latter method, in. what manner should the gold value of the pure
silver iu such foreign silver coin be ascertained?
Very resxvectfullv,
HORATIO C. BURCHARD, Director.
TREASURY DEPARTMENT, O F F I C E OF THE SECRETARY,
Washington, D. C , December 30, 1879.
Hon.
H. C. BURCHARD,
Director of the Mint:
S I R : I am in receipt of yonr letter of this date, asking my opinion as to the basis
on which estimates of the values of foreign silver coin should be made under the provisions of section 3564, Revised Statutes.
In reply I have to inform you t h a t in my opinion the law clearly contemplates that
the estimates should be based on the commercial value of the pure silver contained
in the coiu of full weight, expressed in terms of the standard unit of value of the
United States, which, under the laAv, is declared to be the gold dollar ofthe standard
weight of 25 tl) grains. In ^istimating the commercial value of the pure silver in question, as required by law, a proper basis,Avould seem to be the London quotations of
such silver for a period immediately preceding the year for which the estimate is made,
and I would suggest that a period of three months be taken for this purpose.
Verv resnectfully,
JOHN SHERMAN, Secretary.
220
REPORT ON T H E FINANCES.
CIRCULAR ESTIMATING AND PROCLAIlilING, IN UNITED STATES MONEY
OF ACCOUNT, T H E VALUES OF T H E STANDARD COINS IN CIRCULATION^ OF T H E VARIOUS NATIONS OF T H E WORLD.
1880.
)
TREASURY DEPARTMENT,
DEPARTMENT No. 1. }
SECRETARY'S OFFICE. 3
Hon. J O H N SHERMAN,
BUREAU OF THE MiNT,
Washington, D. C , January 1, 1880.
Secretaiy of the Treasury :
S I R : I n pursuance ofthe provisions of section 3564 of t h e Revised Statutes of the
United States, I have estimated the values of the standard coins in circulation of t h e
various nations o f t h e world, and submit t h e same in the accompanying table.
Very respectfully,
HORATIO C. BURCHARD,
Director of the Mint.
ESTIMATE of VALUES of F O B E I G N COINS.
Country.
Monetary unit.
Austria
Belgium
Bohvia
:
Brazil
,
British Possessions in
North America.
Central America
Chili
Florin
Franc
Boliviano
Milreis of 1,000 reis Dollar
Silver
iO 41. 3
Gold ahd silver
19.3
Silver
83.6
Gold
,
54.5
...do
1 00
Peso..
. . . do .
Silver.
Gold ..
Denmark
.
Ecuador
Egypt
France
Great Britain .
Crown
Peso
Pound of 100 piasters
Franc
Pound sterUng
...do
SilA^er
Gold
Gold and silver
Gold
Standard.
standard coin.
Greece
Drachma
Gold and silver
Mark
Kupee of 16 annas .
Lira
Ten (gold)
Dollar
....do
,
Gold
:.. Silver
Gold and silA^er
...do
Gold
Silver
Netherlands
Norway
PeiTi
Portugal—,
Russia
SandAvich Islands.
Spain. -
Florin
Crown
Sol
Milreis of 1,000 reis . .
Rouble of 100 copecks
Dollar
Peseta of 100 centimes
Gold and silver
Gold
SUver
Gold
Silver
Gold
Gold and silver
Sweden
Switzerland.,
Tripoli
Turkey
CroAvn
Franc
Mahbub of 20 piasters
Piaster
Gold
Gold and silver
SilA^er
Gold
Silver.
Peso.
Condor, doubloon, and'
escudo.
26.8 10 and 20 crowns.
83.6 Peso.
4 97.4 5,10, 25, and 50 piasters.
19.3 5,10, and 20 francs.
4 86,6^ ^ sovereign and sovereign.
19.3 5,10, 20, 50, and 100 ch^achmas.
23.8 5,10, and 20 marks.
39.7
19.3 5,10, 20, 50, and 100 Hre.
99.7 1, 2, 5,10, and 20 yen.
1 00
90.9 Peso or dollar, 5, 10, 25,
aud 50 centavo.
40.2
26.8 10 and 20 croAvns.
83.6 Sol. .
1 08
2, 5, and 10 milreis.
. 68.9 }, ^, and 1 rouble.
1 00
19.3 5,10, 20, 50, and 100 pesetas.
26.8 10 and 20 crowns.
19.3 5,10, and 20 fraucs.
74.8
04.4 25, 50, 100, 250, and 50©
piasters.
83.6 Peso.
91.2
Germah Empire .
India
Italy
Japan
Liberia
Mexico
IJnited States of Colombia Peso.
5,10, and 20 francs.
Boliviano.
TREASURY DEPARTMENT,
Washington, D . C , January 1, 1880.
The foregoing estimation, made by t h e Director of the Mint, of the value of thae
foreign coins above mentioned, I hereby proclaim to be the values of such coins expressed in the money of account of t h e IJnited States, ancl to be taken in estimating
the values of all foreign merchandise, made out in any of said currencies, imported
on or after J a n u a r y 1, 1880.
JOHN SHERMAN,
•Secretary of tlie Treasury.
221
DIRECI^GR OF T H E MINT.
^ W m . — A V E B A G E MONTHLY F B I CE of F I N E SILVEE BABS at LONDON and
the EQUIVALENT 2wr OUNCE FLNE in UNITED STATES MONEY with EXCHANGE at PAR, and the AVEBAGE MONTHLY P R I C E at N E W YOEK of
EXCHANGE on LONDON and the AVEBAGE MONTHLY PRICE of F I N E
. SILVEB B.ABS at N E W YOBK during thefisoal year ended June 30, ISBO.
ted States
ilver, 1,000
ge monthly
Avith exe monthly
CO rJ
i l <D
to a
per ounce Bi
, 925 thousan
Date. •
.2fl
P
•;:: ® ^
b fl ^"
^ fl rt
r-fl dS
Oft
I'S
•IS
43 ft©
c3 -ij
fl 2 >o
©
c
CPfl <o
P^
1879.
August
September
October
November
December
II
•
•-^ "-^ ci fl tsT
o
quiv dlent in Un
mon ey of fine bar
fine, based on aver
Lon(lon quotatio
chan ge at avera
rate
•J
5
•T*r7^
W
^
flcfl
2ft
<
Pence.
$1
1
1
1
1
1
13.167
13.030
13. 030
14.674
17. 003
15.222
$4
4
4
4
4
4
87. 7
84.5
84 1
83.7
83.8
84.7
52^
1
1
1
1
1
1
15.085
14. 674
14.126
13. 989
14.126
15. 085
4
4
• 4
4
4
4
85
86.5
88. 5
88.4
89.4
89.3
52/,
1 14. 436
51THI
^'
'
519
'if
52^
$1 13.432
1 12. 534
1 1 ^ 439
1 13. 98
1 16. 319
1 14.761
$1
1
1
1
1
1
13. 468
12. 600
12 192
13 810
15.815
14. 404
1
1
1
1
]
1
14.394
14. 349
14.479
14. 403
14.726
15 308
1880.
-January
February
March '
April
May
June
• 52^
52/^
52TV
.
Average
4 86. 34
1
1
1
1
1
1
14. 700
14. r^94
14. 511
14. 953
14.726
15,712
1 14. 397
1 14.162
^ T W l . — T A B L E showing the BELATIVE MABKET VALUE of GOLD to SILVEB,
from the date of the PASSAGE of the EESUMPTION ACT {by monthly aud yearly
averages).
[Based on L o n d o n p r i c e of silA-er buUion.J
Date.
January
February
March
April
May
•..._.
. June
Jilly
August
September....
October
November
December
1876.
1 t o 16. 38
16.41
16.33
16.47
16.61
16.93
16.91
16.74
16. 62
16.56
16.60
16. 72
Average
16. 606
1 to 16.10
17.48
17. 66
17.54
17.79
18.49
' 19. 48
18.09
18. 25
17. 95
17. 43
16.59
17. 739
1877.
1878.
1 to 16. 35 1 to 17. 51
16.61
17.31
17.14
17. 35
17.36
17.44
17.42
17.63
17. 55
17.73
17.42
17. 91
17.40
17.91
]7. 33
18. 2217.11
18.69
17.30
18.65
17. 46
18.86
17. 204
17. 934
1 to 18. 81
18.90
19.02
18.93
18.71
18.13
18. 26
18.28
18.28
18. 02
17. 66
17.94
18. 411
1 to 17. 96
18.02
18.11
18.13
18.11
• 17.96
17.90
17.91
18.00
18.08
.18. 018
222
REPORT ON THE
FINANCES.
ILIX..—STATEMENT of IMPOBTS and EXPOBTS of GOLD and SILVEB dwring
the fiseal year ended June 30, 1880. {Beported by Chief of Bureau of Statistics.)
IMPORTS.
Gold.
SUver.
Coin.
Coin.
Ports.
TotaL
Bullion.
Bullion.
American.
.American.
Foreign.
Foreign.
TradedoUars.
Other.
XEW YORK.
J u l y , 1879
A u g u s t , 1879
September, 1879..
October, 1879
N o v e m b e r , 1879.-.
December, 1879...
J a n u a r y , 1880 . . . .
F e b r u a r y , 1880 . . .
M a r c h , 1880
A p r i l , 1880
M a y , 1880
J u n e , 1880
Total
$29,467
3, 466, 940
5,145, 857
3, 588, 353
4, 737, 904
1, 591, 009
459, 360
13, 879
154, 758
46, 762
8,747
55, 492
$22, 690
$71, 843
602, 612 2, 091, 384
3, 865, 886 18,126, 926
3,116, 307 12, 279, 384
6, 553, 626 5, 768, 541
1, 931, 578 2, 425, 980
13, 995
51,605
64, 374
199, 666
13, 332
135, 760
15, 225
16, 464
18,069
11,158
27, 359
470, 433
19, 298, 528 16, 245, 053 41, 649,144
$10, 274 $265,078 $189, 032
6,847
43; 836 . 256,864
178, 962
5,950
275
4,531 132, 358- 312, 830
81, 836
99, 588
16, 020
•107, 591
54, 361
4,960
174,
072
94
1,245
162, 71-9
22, 296
140,148
899
698
146, 791
9,737
3, 580
130, 218
53, 517
90, 564
169, 888
17, 041
494
145,163
$132, 252
$720, 630
244, 037 6, 712, 520
275, 991 27, 599, 847
130,434 19, 564.197
357, 394 17, 614. 909^
715, 027 6, 830, 5C6.
1.81,136
881, 507
509,107
972, 041
347, 310
792, 905>
167,131
405, 690
230, 304
542, 57T
280,203 1, 020, 910
699, 080 2, 050, 951 3, 570, 326 83, 658, 245
SAN FRANCISCO.
J i l l y , 1879
A u g u s t , 1879
S e p t e m b e r , 1879..
October, 1879
N o v e m b e r , 1879 . .
December, 1879...
J a n u a r y , 1880 . . . .
F e b r u a r y , 1880 . . .
M a r c h , 1880
A p r i l , 1880
M a y , 1880
J u n e , 1880
Total
80, 862
127, 484
147,125
ilOO, 222
237, 451
83, 921
7,054
46, 650
37, 932
20, 601
52, 976
11, 994
6, 467
10, 689
16, 601
15, 257
8,590
9,900
3,929
6,809
35, 888
40, 353
27, 926
942, 278
194, 404
404, 283 1, 505, 936
4,888
1,899
50
10,400
2,860
60, 583
756
799'
4,306
1,581
8, 055
462
18, 872
401, 080
203, 920
50, 291
13,123
305, 827
130, 205
110, 573
502, 537
26,145
5,465
64
10, 765
23, 747
22, 794
16, 453
23, 832
14, 601
6,793
9,103
4, 334
2,851
11,132
• 13, 560
47, 372
66, 730
3,936
30, 640
16, 306
1,057
300
1,360
110, 784
38, 997
1, 768,102
159, 965
330, 326
1,700
4,835
620
71, 240
140,555
115, 900
15, 500
32, 412
21, 521
123, 698
122, 878
101, 653
153, 374
86, 211
76, 698
83, 369
238, 000
120, 084
168, 931
123, 370
107,670
3,420
25, 015
40, 500
15,000
83, 935
20, 210
17, 030
9,896
13, 414
12, 853
15, 467
5,853
7, 517
28,164
11, 509
116, 388
9,119
191,
200,
159,
213,
129,
345,
251,
93,
401,
354,
122,
180,
721
592
380
579
873
276
322
781
751
695
851
489
428, 485
479, 571
433, 578
497, 810
57.7, 900
711, 013.
473, 398
420, 377
627 152
592, 539423, 563
378,180
267, 420 2, 645, 310
6 043 506
ALL OTHER PORTS.
J u l y , 1879
•.
A u g u s t , 1879
September, 1879..
October, 1879 . . .
N o v e m b e r , 1879 . .
December, 1879...
J a n u a r y , 1880
F e b r u a r y , 1880 . . .
M a r c h , 1880
A p r i l , 1880
M a y , 1880
J u n e , 1880
Total
96, 639
T o t a l i m p o r t s . 20,337,445 18,207,559 42, 213, 392 1, 981, 425
43
4
47
30, 461
13, 918
13, 685
47, 311
28, 922
15,191
3,300
6, 678
11, 617
6,011
10, 847
13, 512
21, 622
66, 352
83, 734
4,700
117, 998
120, 933
87, 805
28, 897
61, 793
68, 212
107, 754
6,167
133, 980'
573, 726
328,162
159, 795
203, 041
518,192
229,159»
157, 410
695, 375
143, 797
156, 097
33, 765
201, 453
775, 967
3, 332, 499
783, 062 2, 519, 824 6, 991, 603 98, 034, 310
223
DIRECTOR OF THE MINT.
EXPOETS (DOMESTIC).
Gold.
SUver.
Coin.
Ports.
Bullion.
Coin.
TotaL
BulUon.
Trade
doUars.
Other.
N E W YORK.
July, 1879
August, 1879....
September, 1879.
October, 1879
November, 1879 .
Deceraber, 1879 .
January, 1880 . . .
February, 1880..
Mareh, 1880
AprU, 1880..
Mav,1880
June, 1880
Total.
5,000
3,325
108, 400
5,650
7, 000
381
112, 700
451
600
612
415
000
315
000
000
000
000
000
500
65, 660
82, 885
48, 053
67,100
9, 350
7,515
22, 525
45, 787
317, 294 2, 248, 893
323, 088
2, 935, 062
1,280
• 3, 080
2,645
13, 635
8,615
8,801
39, 360
155, 009
804, 622
26, 788
529, 838
11, 398
. 40, 230 347, 804
192, 718
53, 872
91, 800 1,154, 738
419, 665
11, 915
269,125
18, 207
17, 700
14, 373
72, 001
31, 042
666, 299
48, 513
34, 452
55, 534
• 7, 962
7,390
13,325
11, 900
1,406
400
21, 400
1,000
500
19, 226
102, 600
500
9,000
21, 600
225, Oil
841, 880557, 206
413, 809
256, 611
1, 256, 739432, 080'
308, 925
134, 959
104, 093
723, 812
112, 606.
443, 032 4, 663, 971
43, 383
176, 066
5, 367, 731
1,641
670
725
3,857
1,800
315
20, 336
29, 368
14, 426
6,857
12, 703
24, 755
301, 641
317,1709,225
230,168
36, 562'
31,137
24, 936
30, 206
16, 740
7, 357
• 15,203
• 24,755
117, 453
1, 045,100'
971
500
12,400
43, 667
14, 025
15, 000
8,000
25, 413
307,
182,
155,
196,
135,
305,
245,
192,
108,
15,
95,
311,
5,000
15, 000
313, IOO186, 896
330,17^
284, 950
190, 053
372, 796 '
367, 050.
211, 915
188, 217
30, 000108, 000
351, 913.
SAN FRANCISCO.
July, 1879
August, 1879
September, 1879.
October,1879....
November, 1879 .'
December, 1879 .
January, 1880 . . .
February, 1880..
March, 1880
AprU, 1880
May, 1880
June, 1880
Total.
1,367
286
550
"i,'626
1,000
240
ALL OTHER P O R T S .
July, 1879
August, 1879
September, 1879.
Octoher, 1879
. November, 1879.
December, 1879 .
January, 1880 . . .
Februarv, 1880..
March, 1880
April, 1880
May, 1880
June, 1880
300, 000
316, 500
8,500
226, 311
34, 762
30, 822
4,600
838
2,314
500
2, 500
Total
Total domestic exports .
87, 066 1, 687, 973 6, 912, 864
43, 383
616, 607 9, 347, 893.
224
REPORT ON THE FINANCES.
E X P O R T S (FOREIGN)
Gold.
Silver.
Porfcs.
Total.
Bullion.
Coin.
BuUion.
Coin.
NEAV YORK.
•July, 1879
A u g u s t , 1879
S e p t e m tier, 1879
October, 1879
NoA^ember, 1879
D e c e m b e r , 1879
J a n u a r y , 1880
F e b r u a r y , 1880
M a r c b , .1.880
A p r i l , 1880
M a y , 1880
J u n e , 1880
$1, 000
....
102, 704
104, 204
Total
1,750
300
96, 990
116, 800
989,310
42,100
47,484
459, 394
$46, 703
199, 725
40, 000
17, e
4,500
2, OOO
1, 755,128
$162, 493
70, 923
144, 089
239, 803
458, 424
267, 058
352,729
274, 307
349, 481
122, 533
323, 285
203, 508
$210, 696
270, 648
185, 089
239, 808
477, 855
267, 358
454, 219
393,107
1, 441, 495
164, 633
370, 769
662, 902
2, 908, 633
5,138, 574
157, 490
212, 421
149, 308
324, 730
146, 205
251,522
140, 214
325, 913
205,-231
110, 300
487, 747
102, 819
173, 380
212, 421
149, 308
324, 730
146, 205
253, 974
140, 214
325. 913
205, 231
110, 800
487, 747
102, 819
2, 613, 900
2, 632, 242
SAN FRANCISCO.
J u l y , 1379
A u g u s t , 1879
S e p t e m b e r , 1879
October, 1879
N o v e m b e r , 1879
D e c e m b e r , 1879
J a n u a r y , 1880
F e b r u a r y , 1880
M a r c h , 1880
A p r i l , 1880
M a y , 1880
J u n e , 1880
2,452
Total.
ALL OTHER F O R T S .
J u l y , 1879
A u g u s t , 1879
S e p t e m b e r , 1879
October, 1879.
N o v e m b e r , 1879
D e c e m b e r , 1879
J a n u a r y , 1880
F e b r u a r y , 1880
M a r c h , 1880
A p r U , 1880
M a y , 1880
J u n e , 1880
Total
T o t a l foreign e x p o r t s .
212
212
1, 759, 782
1,325
1,325
173
385
'22,506
"22,'500
23, 998
324, 509
5, 606, 531
7, 795, 026
225
DIRECTOR OF THE MINT.
:S.K.—STATEMENT by. COUNTEIES of the N E T I M P GETS of AMEBICA N SILVEE COIN for the fiscal years ended June 30, 1878, 1879, and 1880.
[ F r o m t h e Beports of t h e B u r e a u of S t a t i s t i c s . ]
1878.
Countries.
Argentine RepubUc
Brazil
Central American States .
China
Danish W e s t Indies
Fi-ance .
F r e n c h P o s s e s s i o n s in A f r i c a
F r e n c h P o s s e s s i o n s , all other'
Germany
—
England
Gibraltar
N o v a Scotia, NCAV B r u n s v r i c k , a n d P r i n c e EdAvard's I s l a n d
Quebec, O n t a r i o , M a n i t o b a , R u p e r t ' s L a n d , a n d t h e NorthAvest
Territory
British Columbia
B r i t i s h "West I n d i e s a n d B r i t i s h H o n d u r a s
British Possessions in Africa and adjacent islands
B r i t i s h Possessions in A u s t r a l a s i a
'
Hawaiian Islands
Hayti.
Japan
Mexflco
Dutch W e s t Indies —
Dutch Guiana
Peru
Azore, Madeira, and Cape Verde Islands .
San Domingo
Spain
Cuba
:
P o r t o Rico
U n i t e d S t a t e s of C o l o m b i a
Venezuela
$1, 300
77, 063
65
475,170
1,200
500
4,268
1879.
$1,
6,
224,
1,
343,
231,
000:
693:
310;
400;
339
325
150
132'
43, 799^
2,492,661^
687
6, 979
102, 887
30, 564
80, 982
20, 899
4
300
769, 255
785
475, 043
29, 715
785, 398
956:
423, 990.
28, 005
35
181, 305
222, 676
1880.
$10, 531
122,489 y
90,991.
98, 600.
84^4
2, 349 -.
15,465;
907, 021:.
169.
918:
3,565
1, 492 .
156, 741
32, 798
608.
4,161.
739,328
16, 621
306, 649 .
23,150
2, 530:
8,623 ..
215,423.
806;:
143, 748
180, 985 .
184, 354
20,604
25, 674
205, 848
182, 933
192, 237
392,431
368,270
4, 341.
Total imports .
Total exports .
2, 764, 858
15, 394, 270
5, 873,151
tl, 526, 886.
*3, 291,463
§659, 990
N e t imports ...
II2, 629, 412
4,346,265
.2, 631, 473
* I n c l u d e s 783,062 t r a d e doUars.
§ I n c l u d e s 43,383 t r a d e dollars.
15 F
t I n c l u d e s 228,264.trade d o l l a r s .
II E x c e s s of e x p o r t s . .
I l n c l u d e s 288,137 t r a d e doUars^ .
'%:K1.—TABLE exhibiting the VALUE dnd CHABACTEB ofthe GOLD and SILVEB USED in MANUFACTUBES and the ABTS in ihe UNITED
STATES diiring thefisoal year ended Jime 30, 1880, as BEPOBTED by PEBSONS and F I B M S ENGAGED in the MANUFACTUBES NAMED, in
resjponse to circular inquiries addressed from the B UBEA U of the MINT.
^
^
.
SUver.
Gold.
fl
i
tf
•afl
^fl
^:tl
Manufactures of—
SJ
S
1"A
fl
Watches and jcAvelry
Watch cases and manufactures
Gold leaf and plate .Instruments
Totals
-.,
to
1
fl
<l
1
cnn
fl ©
OM 2
^ o
fl'flR
II
1
bfl
xn
fl
CO
afl
^
"o
t^i
pc"a^ "fl^
6,444 2,451 1,172 2; 821 $2, 005, 983
203,180
77
122
309
110
183, .520
103
77
333
153
14, 575
9
40
84
35
120
42
1, .510
20
58
7,290 2,791 1,381
3,118
O cS O
• • ^ ^ ft
2, 408, 7'68
'^
rc! eS rt
^'fl.S
91^
og
o
P«H
$3, 901, 352
947, 641
623, 369
34, 635
4,050
$610, 651
52, 051
44, 040
6 200
1,4.36
5, 511, 047
714, 378
o
H
»|5
cd
^1
• -•^'2 ft
^rt a
fl
o
2
till
3o
PH
P!^
H
'fl
^e
o
.$7, 477, 628
3, 020,120
1, 457, 258
131, 929
11, 428
O
1,125 00
$959, 642
1, 817, 248
606, 329
76, 519
4,432
173,145 50
3, 464,170
.12, 098, 363
W
$6, 517, 986 $104, 460 00
1, 202, 872 420, 912 50
14, 746 00
850, 929
25 00
55 410
1, 691 00
6,996
$777, 483
1, 351, 901
541, 696
76, '194
1, 616
$77, 699 00
44, 434 50
49, 887 00
541, 834 50
2,749, 190
8, 634,193
•
fl
O
DIRECTOR
227
OF THE MINT.
J ^ K M . - r S T A T E M E N T of the ESTIMATED DISPOSITION made of the GOLD and
SILVEB BULLION in the COINAGE MINTS and N E W YOBK ASSAY OFFICE
DEPOSITED during and on hand at the commencement of the fiscal year ended June 30^
1880.
Source obtained.
Deposited.
Disposition.
Total.
OnhandJuue
,30,1879.
Domestic.
Coin, p l a t e jeAN'elry, a n d foreign bullion.
GOLD.
Coinage
Arts
Exports
On h a n d a t close of t h e y e a r
Total
$5, 275, 424
$28,178, 359
5, 328, 739
87, 066
2, 227, .541
$22, 803, 952
1, 812, 623
38, 496, 817
$56,157,
7 141
87
40 724
5, 275, 424
35, 821, 705
63,113, 392
104,1.10, 521
• 5, 226, 819
2, 010, 502
497, 264
752, 709
20, 706,116
3,593,645
2, 322, 092
5, 510, 904
27, 943, 437
4, 090, 909
2, 322, 092
6, 263, 613
5, 979, 528
32,132, 757
2, 507, 76G
40, 620, 051
735
362
066
358
SILVER.
Coinage
Arts
.
Exports
On h a n d a t close of t h e ye.ar
^
Total
X K I M . — S T A T E M E N T of GOLD and SILVEE B U L L I O N and COIN on hand at the
UNITED STATES MINTS and NETV YOEK ASSAY OFFICE, years ending June 30,
1879, and June 30, 1880.
J u n e 30, 1879.
PhUadelphia.
San F r a n cisco.
Carson.
Gold b u l l i o n
$1, 054, 729 29 $1, 557, 700 82 * $ej5, 216
'Gold coin . . .
1, 601, 540 52 1, 945; 725 00
296, 910
Silver b u U i o n . . . 1, 909, 487 30
371, 984 26
87, 553
351, 219 22 1,031,468
Silver coin
996, 375 16
NeAV Orleans.
32
00
42
35
$67,
52,
546,
689,
520
460
701
555
NeAV Y o r k .
62 .$2, .530, 257 40
54 1, 898, 758 33
08 3, 063, 801 57
51
136,028 14
Total
5, 562,132 27
4, 226, 629 30
1, 481,148 09
1, 336, 237 75
7, 628, 845 44
J u n e 30, 1880.
PhUadelphia.
San F r a n cisco.
Carson.
N e w Orleans.
NCAV Y o r k .
Gold bullion
Gold coin
Sih-^er bullion . . .
Silver coin
Total
$9, 887, 445
3, 419, 347
3, 304, 258
1, 378, 345
94 $2, 042, 470 73
50
749,134 18
80
969,108 25
19 6, 266, 004 72
17, 989, 397 43 10, 026, 717 88
$185, 269
297, 784
276, 381
1, 442, 420
9R
57
93
96
2, 201, 857 44
$27,
67,
619,
3, 056,
723
319
997
417
Total.
$5, 275, 424
5, 795, 394
5, 979, .527
3,1.84, 646
45
39
63
38
20, 234, 992 85
Total.
17 $28,531.428 09 $40, 724, 337 91
67
7,593.642 63 12, 037, 228 55
67
1.113,866 47
6, 283, 613 12
34
' 30,862 62 12,174, 050 83
3, 771, 457 85
37,229,799 81
71, 219, 230 41
228
R E P O R T ON THE
FINAKCES.
:K%.1Y.—AVEBAGE. and COMPAEATIVE P R I C E of the P B I N C I P A L DOMESTIC
COMMODITIES E X P O E T E D from the UNITED STATES.
A v e r a g e p r i c e s d u r i n g m o n t h A v e r a g e p r i c e durofi n g y e a r ended—
Comparative
r a t e s of 1880.
Commodities.
bpce
•So
floo
Acids
Hogs
Horned cattle
Horses
Mules.Sheep
Ashes, pot and pearl
Beer:
I n bottles
I n casks
Bones and bone-dust
Bone-black, l a m p - b l a c k
Barley
Bread and biscuit
I n d i a n corn
Indian-corn meal
Oats
Rye
Rye-flour
Wheat
Wheat-flour
Bri cks .
Candles
Coal:
Anthracite
Bituminous
Copper, pigs, b a r s
Cordage, rope, t w i n e
Cotton:
Sea-island
O t h e r . -•
„
Colored
Uncolored
Ginseng
Glue
Hay
H e m p cables, c o r d a g e
Hops
Ice.
A p p l e s , dried
I n d i a - r u b b e r boots, &c
Iron:
Pig
Bar
Boiler-plate
Railroad bars
Sheet, b a n d , &.c
Car-wheels
Nails and spikes
Steel:
Ingots
Railroad bars
L e a t h e r , sole a n d u p p e r
B o o t s a n d shoes
L i m e and c e m e n t
Rosin and turpentine
T a r and pitch
Oil c a k e
Mineral-oil, c r u d e
N a p h t h a s , b e n z i n e &c
l U u m i n a t i n g oil
L u b r i c a t i n g oU
Lard-oil
Neat's-foot oil
3.5
09.3
33.1
35. 0
98. 3
16.3
5.5
$0 2.8
5 07.5
61'66. 8
121 27. 3
115 70. 6
3 72. 2
6.0
dozen.
gallon.
cwt.
pound.
busbel.
pound.
.bushel.
barrel.
bushel.
do...
barrel.
bushel.
..barrel.
M.
-pound.
1 83.1
'39.0
63.1
• 20.9
39.8
4.2
46.1
2 37. 6
40.3
65.2
2 01.8
1 07. 6
5 25.6
6 39.2
11.5
ton.
do...
pound.
do...
pound.
do...
yard.
do...
pounddo...
ton.
cwt.
pound.
. ton.
pound.
pair.
pound.
piece.
do...
do...
.do...
do . .
pound.
$0
8
56
160
100
7
2.9
04.6
01. 6
63. 3
41. 6
26.8
P e r ct.
54.7
32.0
21.8
263.6
72.6
177.4
123.6
1 62.2
37.6
1 66.9
4.7
56.0
4.3
47.1
2 64. 9
29.6
63.9
3 01.3
1 06.8
5 25.2
6 60.7
12.3
1 78.8
32.6
1 42.0
5.2
69.5
4.6
54.2
2 79. 8
40.2
81.1
4 76.4
1 24. 3
5 87.6
7 78.4
12.1
85.5
91.3
86.3
110.6
126. 6
80.7
58.6
55.9
63.9
71.7
86.3
96.4
96.1
70.0
73.8
4 33.0
3 67.2
29.3
14.3
3. 23. 0
3 62.0
15.9
3 47.1
3 12. 2
15.8
11.0
52.3
66.2
90.8
53.6
25. 2
11.6
8.0'
8.6
35.8
15.7
05. 4
01. 9
25.3
97. 5
7.1
95. 3
27.4
9.2
7.1
7.4
19.0
11.1
02. 6
51. 6
12. 8
40.0
4.0
56.1
33.2
11.5
7.8
8.4
36.2
15.0
05. 3
91. 4
26.4
99.3
6.0
00. 8
61.8
48.9
45.8
51.8
143.3
60.0
86.4
71.5
172. 5
73.5
63.8
61.8
2.8
89.7
34. 6
51. 0
00. 0
50.4
7.6
$0 2.6
9 32.0
61.28. 7
196 86. 8
127 85. 6
5 02.1
5.6
1 75.5
33.8
5 10.1
5.4
64.9
4.5
61.9
3 03.9
51.9
94.9
5 25.9
1 38.0
6 13. 3
10 42. 4
12.2
1 74.8
37.8
2 68.0
7.4
46.5
4.2
51.5
2 78.1
42.2
83. 6
4 26.0
1 27. 3
5 69.9
8 01. 0
12.1
2 92.6
2 38.1
14.9
3 82.8
3 48.3
20.1
10.7
26.3
11.5
6.6
7.1
23. 2
10.1
10. 9
77.7
10.3
03.5
4.8
67.3
35.0
11.5
8.2
7.7
45..7
11.0
26. 5
72. 4
34.4
86.2
6.6
49.1
1
16
9
4
1
1
14
10
2
1
$0
5
72
144
90
2
1
18
11
2
1
1
15
10
3
1
$0
5
73
220
102
4
1
15
10
2
2
pound.
do.:.
do . . .
do...
do - . .
piece.
pound.
1.5
2.2
4.8
1.6
4.2
8 95.7
2.7
1.4
5.8
4.0
1.3
. 3.7
5 84.6
4.1
1.1
3.9
3.5
1.6
5.4
9 96.8
3.6
1.2
2.6
3.1
1.5
3.1
8 78.7
2.7
1.8
3.4
3.5
2.1
5.2
7 92.5
112.5
68.0
76.0
58.3
96.3
39.7
68.4
pound.
do...
do...
pair.
barrel.
do...
do...
pound.
gallon.
do...
do...
do...
do...
do...
13.7
19.5
14.4
27.2
26.7
14.1
06.4
30. 7
1.4
7.7
6.2
8.9
1.8.2
58.6
99.7
22.1
1 17.7
1 30.5
2 70.5
2 15. 9
L3
.
7.7
^ 6.5
9.2
21.0
54.0
79.2
8.3
2.1
20.3
22.2
22.1
94.0
93.7
L2
8.4
8.3
10.8
26.3
52.8
92.5
11.5
2.1
23.2
16.6
25.2
27. 6
05.5
1.3
6.8
6.4
8.6
20.1
54.1
77.4
96.6
19.6
06.4
16.1
97.1
99.7
1.3
7.6
7.6
8.9
22.1
44.7
70.5
1
1
1
1
1
1
2
2
1
1
1
1
1
1
2
2
81.7
76.7
63.4
74.7
67.9
61.9
31.6
61.5
28. i
39.3
59.7
229
DIRECTOR OF THE MINT.
X X I Y . — A V E B A G E and COMPAEATIVE PE1CE,_ #c.—Contmued.
A v e r a g e p r i c e s d u r i n g m o n t h A v e r a g e p r i c e duri n g y e a r ended—
of—
Comparative
r a t e s of 1880.
Commodities.
ft"^
•So
.So
Sco
<
gperm-oil
WhaleroU
Cotton-seed oil
£.inseed-oil
GunpoAvder
B a c o n aiiid h a m s '
F r e s h beef
S a l t e d beef
^Butter
'Cheese
Eggs
Fish:
Dried
Pickled
Lard
M u t t o n , fresh
Pork
Onions
.Potatoes
"Quicksilver
Rags
Rice
Salt
Cotton-seed
Soap
Sperm aceti
Spirits:
Grain
Molasses
S p i r i t s of t u r p e n t i n e
Starch
Sugar:
BroAvn
Refined
Molasses
TalloAV
T o b a c c o , leaf
Vamish
Wax, bees'
Boards, p l a n k s
T i m b e r , saAved
W o o l , raAV
Zinc:
Ore
Plates, bars
•
-
P e r ct. P e r c t .
63.5 • i u . 1
46.4 100. 9
110. 3
76.7 110.7
93:6 111. 3
42.6
97.1
., 96. 6
'87.'5 ioo:o
58.0
62.0 120. 5
41.0 107. 9
105.8
79.4 108.4
63.9
85.9
44. 8 107.2
88.2
44.8 108: 9
54.1
97.8
108.5
•85. 9
93.6 . 97,1
20.2
9o:o
122. 0 150.0
74.3 . 95: 8
137.5
58.7
90.4
69.0
94.5
gallon.
do...
do...
do...
pound.
do...
do...
do...
do - . .
do...
dozen.
$0 82. 8
29.5
41.6
72.8
13.5
6.7
9.3
5.8
12.9
. 7.8
12.3
$1 00. 6
35.8
46.8
86.5
11.0
6.5
9.8
6.7
21.1
11.7
22.8
$1 02.2
35.9
44.6
78.0
13.4
6.8
8.6
6.4
17.5
11.4
11.8
$0 88. 5
33.8
41.7
73.3
13.2
6.9
9.0
6.3
14.1
8.8
15.5
$1 01. 0
,34.1
.46.0
81.2
14.7
'6.7
8.7
6.3
17.0
9.5
16.4
CAvb.
barrel.
pound.
do...
do...
bushel.
do...
pound.
do...
do - . .
bushel.
pound.
do...
do...
4 07.2
5 23. 4
6.6
9.5
5.8
90.3
97.3
33.4
1.0
3.6
58.2
.9
4.8
23.1
3.98.0
5 04.1
8.7
7.3
6.7
97.6
69.5
40.7
4.1
8.1
20.8
.9
4.7
22.4
3 96.9
5 29.7
7.4
6.9
6.3
1 43.9
76.5
38.3
1.4
7.0
41.0
.8
4.4
20.1
3 79.8
6 08.9
6.9
8.5
5.6
92.7
87.1
39.1
2.0
4.8
31.1
.8
5.0
24.0
4 11.9
5 23.1
7.4
7.5
6.1
90.7
74.9
38.0
1.8
7.2
29.8
1.1
4.7
22.7
gaUon.
do...
do...
• pound.
28.9
29.9
25.4
3.7
35.8
32.8
39.7
4.9
20.0
33.1
27.4
4.8
32.0
32.1
27.0
4.2
25.5
30.9
30.0
4.3
12.5
41. 3
71. 7
52.4
79.6
96.2
in.i
102. 3
pound.
do...
gallon.
pound.
.do...
gaUon.
pound.
M feefc.
c u b i c foot.
pound.
7.2
8.0
11.7
6.3
7.6
1 96.9
2L7
14 16.1
12.0
29.9
9.1
16.8
7.1
7.4
1 55.9
23.7
14 .87. 4
12.4
6.8
9.2
20.1
6.7
8.9
2 61.8
33.1
15 84.3
14.1
16.7
7.2
8.5
19.4
6.9
7.8
1 57.4
27.1
14 44. 0
13.1
29.0
6..3
9.0
15.0
6.2
7.5
2 11.6
25.2
14. 80. 8
13.5
37.5
56.2
72.0
50.0
61.3
68.2
133.3
63.6
71.4
78.9
104.4
87.5
105.8
77.3
89.-8
96.1
134. 4
92:9
102,5
103.0
129; 3
cwt.
pound.
3 33.1
7.3
3 08.5
8.8
3 60.0
37.8
8.0
3 22.7
8.7
60.5
90.6
85. 3
108,7
.
108. 5
230
REPORT ON THE
FINANCES.
':K:XV.—TABLE
SHOWING the MOVEMENT of S P E C I E in FEANCE, PBODUCTION and CONSUMPTION, and the INCREASE P E E ANNUM, from 1850 to 1878.
GOLD.
Excess
Excess
Production
of imi)orts of e x p o r t s of mefcalover exo v e r imlurgical
ports.
ports.
AVorks.
Year.
Francs.
16,989,000
84, 602, 000
16, 908, 000
289, 059, 000
416,122, 000
218, 243, 000
375, 253, 000
445,822, doo
487,105, 000
539, 343, 000
311, 699, 000
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860 .
1861
1862...:
1863
1804
1865
1866 . . . . .
1867
1868
1809
1870
1871
1872
1873
1874
1875
1876
1877
1878
Francs.-
^'
23, 734, 000
165, 038, 000
11, 976, 000
125, .142, 000
150, 824, 000
465, 252, 000 "
408, 674, 000
212, 863, 000
274, 354, 000
119, 706, OOQ
213, 814, 000
52,892,000'
108, 639, 000
431, 250, 000
470, 320, 000
503, 652, 000
455, 736, 000
236, 404, 000
Consumed
Gain
Loss
in a,rts
a.nd inauu- d u r i n g t h e d u r i n g t h e
y
e
a
r
.
y
ear.
facfcures.
Francs.
823, 000
247, 000
260, 000
326, 000
263, 000
1, 755, 000
1, 590, 000
1, 733, 000
1, 700, 000
2, 602, 000
2, 723, 000
2, 447, 000
2, 531, 000
2, 603, 000
2, 591, 000
1,178, 000
1, 213, 000
1, 408, 000
3, 001, 000
2, 913, 000
3, 288, 000
Francs.
35, 330, 000
35, 450, 000
48, 485, 000
45. 960, 000
40, 815, 000
48, 050, 000
46, .505, 000
51,120, 000
54, 615, 000
.52, SSO. 000
51, 225. 000
50, 025, 000
49, 920, 000
49, 735, 000
49, 500, 000
36, 075, 000
31, 245, 000
49, 720, 000
43, 4l5, 000
47,165, 000
49, 550, 000
44, 545, 000
44, 625, 000
54, 085, 000
Francs.
Francs.
16, 989, 000
84. 602, 000
16; 908, 000
289, 059, 000
416,122,000
183, 736, 000
340, 0.50, 000
397, 597, 000
441,471,000
498, 791, 000
265, 404, 000
68, 649, 000
115, 651, 000
'46," 939, obb
74, 864, 000
102, 322, 000
417, 074, OUO
301, 285, 000
165, 731, 000
227, 445, 000
84, 869, 000
243, 846, 000
101, 204, 000
149, 053, 000
386,'998,'ooo'
424, 058, 000
459,107, 000
411, i n , 000
182, 319, 000
Tofcal iucrease.
• Francs.
16, 989, 000
101, 591, 006,
118, 499, 000
407, 558, 000
823, 680, 000
1,.007,416,000
1 347 466 000
1, 745, 063, 000
2,186, .534, 000
2, 685, 325, 000
2, 950, 729, 000
2, 882, 080, 000
2, 997, 731, 000
2,956,792,000
3, 031, 656, 000
3,133, 978, 000
3, 551 052, 000
3,91'?, 337, 000
4, 078, 068, 000
4, 305, 513, 000
4, 390, 382, 000
4,146, 536, 000
4, 045, 332, 000
3, 896, 279, 000
4, 283, 277, 000
4, 707,' 335, 000
5.166, 442, 000
5i 577, 553, 000
5, 759, 872, 000
SILVER.
Production Consumed
Excess
Excess
Loss
Gain
in arts
of i r a p o r t s of e x p o r t s of m e t a l during the
and manu- during the
o v e r exo v e r im- ' l u r g i c a l
year.
y
e
a
r
.
factures.
wolice.
ports.
ports.
Year.
1
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
I860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
Francs.
72, 584, 000
77, 959, 000
2, U l , 000
116, 885, 000
163, 694, 000
197,160, 000
283, 623, 000
359, 820, 000
14, 940, 000
171, 523, 000
157, 243, 000
61, 813, 000
86,181, 000
68, 341, 000
42, 474, 000
..
•
.
....
. .
:.
Francs.
72, 586, 000
44, 965, 000
189, 649, 000
109, 275, 000
111, 425, 000
35, 467, 000
15, 516, 000
102, 250, 000
181, 498, 000
360, 934, 000
185, 343, 000
140, 355, 000
105, 960, 000
118, 834, 000
Francs.
1,982,000
7, 013, 000
10,197, 000
11, 716, 000
10,9.59,000
10, 991, 000
9,140, 000
4, 931, 000
9, 766, 000
7, 441, 000
, 7,072,000
7, 096, 000
6, 996, 000
9, 585, 000
10,112,000
3. 070, 000
6, 209, 000
7, 577, 000
7, 095, 000
1.0,155, 000
9, 787, 000
Francs.
18, 395, 000
20, 970, 000
18, 690, 000
18, 205, 000
18, 350, 000
19, 61.5, 000
19,360,000
19,110, 000
18, 655, 000
15,550, qoo
15, 235, 000
15, 515, 000
15, 245, 000
15, 875, 000
14, 815, 000
9,910,000
11, 585, 000
19, 065, 000
22, 005, 000
15, 250, 000
16, 965, 000
16, 435, 000
15, 800, 000
16, 250, 000
Francs.
72, 584, 000
77, 959, 000
Francs.
Decrease.
Francs.
2, 447, 000
116, 885, 000
163, 694, 000
213, 573, 000
297, 580, 000
368, 313, 000
21, 429, 000
178, 914, 000
165, 867, 000
72, 033, 000
101, 260, 000
77, 230, 000
50, 583, 000
64, 423, 000
36, 546, 000
181, 400, 000
102, 985, 000
106, 722, 000
33, 627, 000
10,140, 000
90, 762, 000
166, .588, 000
355, 839, 000
178,165, 000
123, 920, 000
90,160, 000
102, 584, 000
35,404, 000
:K:S.T1.—TABLE SHOWING the S P E C I E and P A P E E CIBCULATION in FEANCE from 1850 to 1878, togethei^ with COMPAEATIVE P B I C E of
EXPOBTS and IMPOBTS for the years stated on the BASIS of P E I C E S for the same commodities in the year 1862.
Year.
1850
1851
1852
1853
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
circulaGold circulation. Silvertion.
Francs.
2,126, 607, 000
2, 111, 209, 000
2, 228,117, 000
2, 517,176, 000
2, 933, 298, 000
3,117, 034, 000
3, 457, 084, 000
3, 854, 681, 000
4, 296,152, 000
4, 794, 943, 000
5, 060, 347, 000
4, 991, 698, 000
5,107, 349, 000
5, 066, 410, 000
5,141, 274, 000
.5, 243, 596, 000
5, 660, 670, 000
6, 021, 955, 000
6,187, 686, 000
6, 415,131, 000
^6, 500, 000, 000
6, 256,154, 000
6,154, 950, OQO
6, 005, 897, 000
6, 392, 895, 000
6, 816, 953, 000
7,^276, 060, 000
7, 687,171, 000
7, 869, 490, 000
Francs.
3, 326,146, 000
3, 404,105, 000
3, 401, 658, 000
3, 284, 773, 000
^3,121, 079, 000
2, 907, 506, 000
2, 609, 926, 000
2, 241, 613, 000
2, 220,184, 000
2, 041, 270, 000
1, 875, 403, 000
1, 803, 370, 000
1, 702,11.0, 000
1, 624, 880, 000
1, 574, 297, 000
1, 638, 720, 000
1, 675, 266, 000
1, 856, 666, 000
1, 959, 651, 000
2, 066, 373, 000
+2,100, 000, 000
2,110,140, 000
2, 200, 902, 000
2, 367, 490, 000
2, 723, 329, 000
2, 901, 494, 000
3, 025,414, 000
3,115, 574, 000
3, 218,158, 000
(gold and Total specie and Fluctuation
Paper circula- Specie
sUver) circulapaper circulain price of
tion.
tion.
tion.
imports, a
Fi'ancs.
-Francs.
511, 900, 000
5, 452,753, 000
602, 900, 000
5, 615, 314, 000
672, 000, 000
.5, 629; 775, 000
632, 000, 000
5,801,949,000
628,300,000
6, 054, 377, 000
592, 800, 000
6, 024, 540, 000
583,100, 000
6, 067, 010, 000
532; 300, 000
6, 096, 294, 000
687, 300, 000 . 6,516,336,000
• 678, 500, 000
6, 836, 213, 000
747, 200, 000
6, 935, 750, 000
715, 800, 000
6, 795, 068, 000
781, 600, 000
6, 809, 459, 000
754, 900, 000
6, 691, 290, 000
722, 300, 000
6, 715, 571, 000
879, 700, 000
6, 882, 316, 000
936, 900, 000
7, 335, 936, 000
1,1:22, 600, 000
7, 878, 621, 000
1,-382,800,000
8,147, 337, 000
1, 398, 600, 000
8, 481, 504, 000
8, 600, 000, 000
8, 366, 294, 000
2, 325,400, 000
8, 355, 852, 000
2, 656,300, 000
2, 807,700, 000
8, 373, 387, 000
2,644, 800, 000
9,116, 224, 000
2, 438,000, 000
9, 718, 447, 000
2, 562;700, 000
10, 301, 474, 000
2, 468,300, 000
10, 802, 745, 000
2, 207,300, 000
11, 087, 648, 000
Francs.
5, 964, 653, 000
6, 218, 214, 000
6, 301, 775, 000
- 6, 433, 949, 000
6, 682, 677, 000
6, 617, 340, 000
6, 650,110, 000
6, 628, 594, 000
7, 203, 636, 000
7, 514, 713, 000
7, 682, 950, 000
7, 510, 868, 000
7, 591, 059, 000
7, 446,190, 000
7, 437, 871, 000
7, 762, 016, 000
8, 272, 836, 000
9, 001, 221, 000
9, 530,137, 000
9,880,104,000
10, 691, 694, 000
.11,012,152,000
11,181,087,000
11, 761, 024, 000
12,156, 447, 000
12, 864,174, 000
13, 271, 045, 000
13, 294, 948, 000
82
80
81
88
91
95
106.5
105
92
95
98
99
noo
. 102. 5
104. 5
99.2
93.5
89.7
87.2
86.6
89.8
93.9
97. 3
96.1
89.9
86.7
87. 5
85.2
78.8
Fluctuation Average of
in price of imports and
exports, a
exports.
91
90
98
109
108
104
1.11. 5
110
102
• 109
105
99
tlOO
100.8
101.3
97.8
91.5
87
83.5
82. 9
81. 2
81.4
83.3
80.3
76.6
73.8
75.9
72.9
67.3
86.5
85
89.5
98.5
99.5
99.5
109
107. 5
97
102
101.5
99
tlOO
101. 6
102. 6
98.5
92.5
88.3
85.3
84.7
85.2
87.6
90.3
88.2
83.2
• 80.2
81.7
79
73
a
O
o
t?3
a J o u r n a l of t h e Statistical Society, December, 1879, p . 853^
* W a r Avith Russia.
t Comparison raade on basis of 100 in 1862.
JMr. Ernest Seyd in his testimony before the Select Committee of Parliament on Depreciation of Silver, estimated the quantity of gold money present before 1871 at
£260,000,000; fuU legal-tender sUver £70,000,000, and subsidiary change £14,000,000. (Report of Committee, p. 56.)
to
CO
EEPORT OF THE FIRST COMPTROLLER.
233
REPORT
-THE FIRST COMPTROLLER 'OF THE TREASURY.
TREASURY D E P A R T M E N T ,
F I R S T COMPTROLLER'S O F F I C E ,
Washirigton, Novemher 10, 1880.
S I R : In couipliance with tlie request contained in your letter of September 14, 1880, I have the honor to submit the following report of the
transactions of this office during the fiscal year which ended June 30,
1830.
The following warrants were received, exainined, countersigned, entered into blotters, and. posted into ledgers under their proper heads of
appropriations:
Kind.
jiSr umber.
A m o u n t s covered
thereby.
APPROPRIATIO.\
Trea sur y proper
Public debt
Diplomatic and consular
•Customs
Internal revenue
30
1
6
5
9
43
19
15
$63,171, 907 53
531,144, 393 40
1, 094, 735 00
14, 755, 488 29
4, 308, 422 96
2, 753, 882 81
65, 745, 919 86
39, 854, 628 92
14, 570, 435 98
129
737, 399, 814 75
2,950
1, 301
2, 661
4,766
4, 482
2, 537
1,710
3,574
3,574
2, 069
27, 903, 075 97
531, 863, 450 04
561, 404 33
1, 261, 707 52
17,415,059 73
. 5, 451,119 61
2, 721, 996 67
3, 531, 890 69
64, 541, 953 00
39, 658, 690 66
20, 077, 949 75
29, 733
714, 988, 297 97
1,352
1,718
1, 985
7,579
186, 522, 064 60
124, 009, 373 92
1, 016, 506 60
233, 792, 768 86
1, 819, 321 47
1, 373, 711 93
6, 540, 965 01
3, 795, 224 97
•
Interior CIAQI
Interior proper
War
iN'avy
'
1
ACCOUNTABLE AND SETTLE.MENT,
Treasury proper
PubUc debt
Quarterly salaries
Diplomatic and consular
Customs
Internal revenue
Judiciary
Ir.iteribr civil
Interior proper
War
ISTavy
•
109
.*
"...
COA'ERING.
Customs
Internal revenue
Public lauds
MisceUaneous rev enue
Interior proper repay
War repay
ISTavy repay
Miscellanebus repay
:
506
°
1,066
309
1, 925
Totar
16, 440
558, 869, 937 36.
46, 302
2, Oil, 258, 050 08
235
236
REPORT ON THE FINANCES.
Accounts have been received from the auditing offices, revised, recorded, and the balances thereon certified to the Eegister of the Treasury, as follows:
Number. Vouchers.
Kind.
A m o u n t involA^ed.
FROAI T H E F I R S T .4.UD1T0R.
1. J u d i c i a r y .
A c c o u h t s of U n i t e d S t a t e s m a r s h a l s for t h e i r fees, a n d ex. p e n s e s of TJnited S t a t e s c o u r t s , a n d a c c o u n t s of U n i t e d
States district attorneys. United States commissioners, and
c l e r k s of t h e U n i t e d S t a t e s c o u r t s
..
J u d g m e n t s b y C o u r t of C l a i m s e x a m i n e d a n d o r d e r e d p a i d
2, 697
36
Total
2, 733
$3, 067,1.57 19
212, 516 74
60, 008
3, 279, 673 93
88 3, 066, 715
29, 083, 604 18
2. P u b l i c Debt.
A c c o u n t s of t h e T r e a s u r e r of t h e U n i t e d S t a t e s :
F o r c o u p o n s p a i d in coin
. . .
F o r c o u p o n s of T r e a s u r y notes, L o u i s v i l l e a n d P o r t l a n d C a n a l
stock, a n d t h e Avater s t o c k and old f u n d e d d e b t of t h e D i s t r i c t
of C o l u m b i a
...
F o r r e g i s t e r e d s t o c k of t h e D i s t r i c t of C o l u m b i a r e d e e m e d
F o r D i s t r i c t of C o l u m b i a 3.65 b o n d s p u r c h a s e d for s i n k i n g
fund
F o r U n i t e d S t a t e s called b o n d s r e d e e m e d
P o r U n i t e d S t a t e s b o n d s p u r c h a s e d for s i n k i n g fund
F o r s i n k i n g fund U n i o n a n d C e n t r a l Pacific R a i l r o a d s t o c k
F o r i n t e r e s t on U n i t e d S t a t e s r e g i s t e r e d s t o c k (paid on schedlUes)
F o r i n t e r e s t on Pacific P a i l r o a d s t o c k
F o r i n t e r e s t c h e c k s , funded l o a n ' o f 1881, 1891, a n d consols of
1907
•
..
. . .
F o r c o m m i s s i o n s on 4 p e r cent, b o n d s
-.
F o r r e d e m p t i o n of gold, sUver, a n d r e f u n d i n g certificates
F o r r e d e m p t i o n of certificates of deposit, a c t of J u n e 8,1872
F o r r e d e m p t i o n of l e g a l - t e n d e r n o t e s a n d f r a c t i o n a l c u r r e n c y . . .
F o r r e d e m p t i o n of old d e m a n d n o t e s a n d oid T r e a s n r y n o t e s . . . .
F o r i n t e r e s t on N a v y p e n s i o n fund
Total
3. P u b l i c B u i l d i n g s .
' .
26
59, 428
1,040
766, 641 07
941,165 88
2
29
5
2
454
520, 776
. 26, 212
2
236, 745 56
558, 991, 226 97
38,058,256^69
68, 500 00
35
22
28, 859
1,639
17,139,017 75
2,122, 960 36
5
50, 860
2
2
36 2, 723,163
14
12, 486
25
1,642
56
834
1
1
13, 254, 753 06
' 68, 500 00
37, 994,152 27
115, 690, 000 00
88, 790, 294 66
28,380-'88
420, 000 "00
351 6, 494,113
903,654,199 33
\
E m b r a c i n g a c c o u h t s for t h e c o n s t r u c t i o n of p u b l i c b u i l d i n g s
t h r o u g h o u t t h e U n i t e d S t a t e s ; a c c o u n t s of t h e geologiCcS,
g e o g r a p h i c a l , a n d coast s u r v e y s ; a c c o u n t s i n r e l a t i o n t o chari t a b l e i n s t i t u t i o n s a n d p u b l i c b u i l d i n g s a n d g r o u n d s in t h e
D i s t r i c t of C o l u m b i a ; a c c o u n t s for t h e S m i t h s o n i a n I n s t i t u t i o n a n d m u s e u m s ; for t h e U n i t e d S t a t e s F i s h C o m m i s s i o n ;
for i n c i d e n t a l e x p e n s e s of t h e P a t e n t Office; for r e p a i r s of.
. t h e C a p i t o l a n d i m p r o v e m e n t of t h e C a p i t o l g r o u n d s ; for
. t h e c o n s t r u c t i o n pf t h e W a s h i n g t o n M o n u m e n t , a n d for salar i e s 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 t a t e D e p a r t m e n t in
Washington
412
• 37,843
4, 943, 466'80
691
6, 991
2.50,0e6''()0
251
2,147
'>.22 302 81
222
106, 087
1,193,619^91
225, 091, 045 96
160
54, 274
206, 515'b6
4. S t e a m b o a t s .
A c c o u n t s for s a l a r i e s and i n c i d e n t a l e x p e n s e s of i n s p e c t o r s of
hulls and boilers I
5. T e r r i t o r i a l .
A c c o u n t s for s a l a r i e s of T e r r i t o r i a l officers a n d for t h e legislat i v e a n d c o n t i n g e n t e x p e n s e s i n c i d e n t a l to t h e g o v e m . m e n t of
t b e TeiTitories
6. Mi7it a n d A s s a y .
A c c o u n t s for gold, silver, a n d n i c k e l c o i n a g e ; for bullion ; for
salaries o f t h e omcers and employes o f t h e several mints, and
• for t h e g e n e r a l e x p e n s e s of t h e s a m e
»
'BuUion d e p o s i t s a n d t r a n s f e r s
'
7. T r a n s p o r t a t i o n .
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 golal a n d s i l v e r c o i n a n d bulUon, m i n o r a n d b a s e coins. U n i t e d S t a t e s c u r r e n c y , n a t i o n a l b a n k n o t e s , c o m p l e t e a n d i n c o m p l e t e coin certificates, r e g i s t e r e d a n d c o u p o n b o n d s , m u t i l a t e d c u r r e n c y , canceled a n d
i n c o m p l e t e securities, n a t i o n a l - b a n k n o t e s i o r r e d e m p t i o n ,
s t a m p - p a p e r , s t a t i o n e r y , boxes, p a r c e l s , &c
237
FIEST COMPTEOLLEE.
Kind.
Number. Vouchers,
Amount involved.
8. Congressionojl.
Accounts for salaries of the officers and employes and for contingent aud other expenses of the United States Senate and
House of EepresentatiA^es
138
9. Outstanding Liabilities.
Accounts arising from demands for the payment of checks,
the amounts of Avhich have been covered into tbe Treasury...
10. District of Colunibia.
'Accounts for the payment of claims of Avorkingmen, filed under
the act of Congress approved June 20, 1878, and accounts of
the Commissioners of the District of Columbia
127
5,006
$816, 602 21
139
13, 760 61
*1, 970
67,479.78
11. Public Printing.
Accounts of the Public Printer for the salaries and wages of
the 6mploy6s of the G-OA'crnment Printing Office, for the purchase of niiaterials for printing, and for contingent expenses
of the GoA'iernment Printing Office
630
12. Treasurers G-eneral Accounts.
•Quarterly accounts of the Treasurer of the United States for
receipts and exiienditures, including receipts from all sources
covered into tlie Treasury, and all payments made from the
Treasury
'
37, 805
6, 717, 280 17
1,020
329,987 85
13. Assistant Treasurers' Accounts.
Accounts of the several assista-nt treasurers of the United
Statics for the salaries of their employes and the incidental
expensQS of their oflices
102
14. Miscellaneous.
•Such as accounts Avith tbe disbursing officers of the Executive
Departraents for salaries of officers and employes, and contingent expenses ofthe same; accounts for salaries of Senators
and Representatives in Congress; for salaries of the judges
of the United States Supreme Court, United States circuit
and district judges, district attorneys, and marshals; for salaries and contingent exj)enses ofthe National Board of Healtb;
for the expenses of the tenth census, and of the International
exhibitions of 1875, 1876, and 1878
3,185
Total from First Auditor .
96, 357
17, 299, 030 82
6, 904, 390
2,094,539,965 24
FROM THE FIFTH AUDn^OR.
15. Internal Revenue.
.Accounts of coUectors of internal revenue
•..
Accounts of tbe same acting as disbursing ageuts
Accounts of internal-revenue stamp agents
.'Miscellaneous internal-revenue accounts, such as direct-tax
accounts Avith commissioners aud AAath the States; six different inonthly accounts Avith the Commissioner of Internal
Revenue for revenue stami^s ; accounts Avith the disbursing
clerk of the Treasury Department for salaries of officers and
employes in the office of the Commissioner of Internal Revenue, aild for the payment of internal-reA^enue gangers; Avith
the Secretary of tlie Treasury for fines, penalties, and forfeitures ; Avith the Treasury Department for .stationery; Avith
revenue agents and distiUery surveyors; draAvback. accounts;
accounts lor refunding taxes illegally collected; for the redemption of internal-revenue stamps; for the coUection of
legacy and succession taxes; for expenses of detecting and
suppressiug A^iolatious of internal-revenue laws, including
reAA\ards therefor, &c
584
908
266
4,217
16. Diplomatic and Consular.
.Acco\ints for the salaries of ministers, charges d'affaires, consuls, commercial agents, interpreters, secretaries to legations,
and marshals of consular courts; accounts for the relief and
rotection of American seamen; for expenses of prisons in
hina and Japan; for contingent expenses of legations and
consulates; for salaries and expenses of legations and consulates; for salaries and expenses of mixed commis-sions;
accounts of United States bankers in London; accounts of
the disbursing clerk Departmentof State for miscellane'ous
ndiplomatic expenses, &c
*iki)proximated.
134, 829
703, 780, 450 .69
29,114
4, 503, 443 92
S
2,533 i
238
REPOET ON THE
FINANCES
Kind.
A m o u n t inA'olved.
Number. Vouchers.
17. T r a n s p o r t a t i o n .
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 sub-ti-easuries a n d d e s i g n a t e d d e p o s i t a r i e s , a n d for t h e
t r a n s p o r t a t i o n of s t a t i o n e r y , &c., to i n t e r n a l - r e v e n u e officers.
•
T o t a l from F i f t h A u d i t o r
59
8,737
$5, 850 OS
6,809
172, 680
708,289,744 69
138
138
402
481
658
• 302
1,932
1,138
5, 037
3, 209
129
11
5
• 819
34
1,096
FROM T H E COMAIISSIONER O F T H E GENERAL LAND OFFICE.
18. 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 a n d t h e e m p l o y e s in t h e i r offices
A c c o u n t s of surA^eyors-general 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 n n t s of receiA^ers of p u b l i c m o n e y s
A c c o u n t s of 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 for t h e r e f u n d i n g of p u i ' c h a s e - m o n e y 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«"ents
•
A dams Express accounts
Miscellaneous accounts, such as accounts with t h e several
S t a t e s for i n d 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 - '
ously sold, a n d f o r ' 2 p e r cent., 3 p e r c e n t . , - a n d 5 p e r c e n t ,
u p o n t h e p r o c e e d s of sales of p u b l i c l a n d s ; a c c o u n t s of
*surveyors-general for t h e c o n t i n g e n t e x p e u s e s of t h e i r offices;
a c c o u n t s lor t h e sala,ries a n d c o m m i s s i o n s of r e g i s t e r s of local
l a n d offices n o t p a i d b y t h e r e c e i v e r s ; a c c o u n t s Avith t h e
K a n s a s , D e n v e r , C e n t r a l , N o r t h e r n , a n d U n i o n Pacific Railr 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 Ofiice; 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 scA^eral 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 r e c e i v e r s ; acc 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 r t m e n t ; 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 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 and A^erify
p u b l i c s u r v e y s ; for t h e r e t u r n of cleposits i n excess of t h e
a m o u n t r e q u i r e d for t h e s u r v e y of p r i v a t e l a n d claims ; for
t h e t r a n s p o i t a t i o n of s t a t i o n e r y t o t h e s e v e r a l d i s t r i c t l a n d
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
40, 458
166, 995
599, 005
2, 790, 913
1, 508, 035
67
4913
90
33
29 345 3.g
20 713 74
626 15
242
2, 236
94, 863 44
2,204
15, 803
5, 243, 957 03
RECAPITULATION.
A m o u n t involved.
N u m b e r . Vouchers.
Fi'omFirst Auditor
Fifth Auditor
Commissicner of the General Land Office
•
Total.
8,638 6, 904, 390. $2, 094, 539, 965 24
6,809
172, 680
708,289,744 69
2,204
15, 803
5, 243, 957 03
17, 651 7, 092, 873
2, 808, 073, 666 96
Eequisitions have been examined and advances thereoh recommended
as follows:
,
Internal revenue
Diplomatic and consnlar
Judiciary
, Pnblic buildings
Mint and assay
^
District of Columbia
Territorial
Public printing
Miscellaneons
:
-
1, 544
1,14.5
489
,210
173
76
:.
30
120
302
.-
„
:
Total
-
4,0S9
The following number of suits have been instituted against defaulting
ofQcers:
Collectors of internal revenue
United States marshals
Eeceivers of public moneys
:
-
,
-
7
3
13
•
: ..
..' .
F I R S T COMPTROLLER.
Internal revenue stamp agents
Disbursing agents
United States consuls
•' Total . . . . . . . . . ^ . . . . . . .
23.9
7
1
1
^
•..
'
.........
32'
Official letters written
......
Letters received, briefed, and regi stered
^
,
Povi^ers of attorney recorded
!l,I Official bonds registered and filed.. J
...(..
Miscellaneous contracts and bonds received and registered
Internal-revenue collectors' tax-list receipts recorded, scheduled, and referred.
. Orders for special alloAvances to' collectors of internal revenue, recorded, scheduled, and referred
.. . ^ . . . _ . . .
>...i..
Internal-revenue special-tax stamp-books counted and certified
Intemal-rcA^enue tobacco-stamp-books counted and certified
Internal-revenue spirit-stamp-books counted and certified
Pages copied
-.
^..
.>.
12,256
4,406
710
3,629
466
1,503
Copies of accounts made, compared, and transmitted :
Internal revenue
,
:
Publiciands
"
.
.
.
.„
280
5,189
11, 065
8, 386
4,560
,
1,662
. . . 1,181
'
2,-843
I will here repeat what my predecessor said in his last annual report j
•^that—
\. .
The foregoing statement omits mention of a great deal of labor Avhich cannot easily
be reported, but which has required much time and care, such as the examination of,
and decision upon, applications for the issuing of duplicate bonds andother securities
in place of securities lost and destroyed; the examination of powers of attorney for
collection of money due to creditors of the United States ,* decisions upon the right of
persons claiming to be executors, administrators, or heirs of deceased claimants, to re- '
ceive money due from the United States to said decedents; the examination, registry,
and filing of official bonds; the copying of letters forwarded; answering calls for informiation made by Congress, the departments, and private persons ; the investigation .
of legal points arising in the adjustment of accounts, and other work of a miscellaneous
character.'
INVESTIGATIONS.
'
/-
The Secretary of the Treasury is authorized by general laws and appropriation acts to make investigations in many cases of the official
transactions and accounts of officers in the public service under the
Treasury Department. The exercise, of-this power in proper, cases ,has
a most salutary eifect. •
• .
•
• . '
These investigations have generally been made by clerks in the Treasury Department detailed for the purpose, and have been attended with
considerable ext)ensej especially when conducted at long distances from
the capital. It is believed that it would contribute to the efficiency of
the public service, and aid in securing fidelit}^ and economy, if the Secretary shpuld be authorized to require any officer connected with this
Department whom he might designate to make the requisite investigations, especially if the officers so deputed could be invested with power
in some form to secure the presence of witnesses, evidence under oath,
and the production of books and papers.
If, upon the request of the Secretary of the Treasury, the heads of
other Departments respectively should be authorized to require officers
connected there with, to make similar investigations for the Treasury
Department, it might be found of great practical value.
Investigations could thus be made by officers not now subject to the
direction of the Secretary of the Treasury, and in the vicinity of the
transactions requiring examination. This would be attended with advantage in.the means of local knowledge, and in facilities for acquiring
240
R E P O R T . O N T H E FINANCES.
information, by affording ample time for ascertaining all material facts,
and with the least possible expense.
s It has sometimes been found necessary to ascertain facts and procure
information on questions of law in foreign countries. Thus, government
bonds have been Jield by citizens or subjects of foreign governments,
and upon the dea"th ofthe owners, ^controverted questions of fact and of
law, as to the proper parties entitled to the bonds, haye arisen, reqiiiring determination in this office. If the Secretary of the Treasury should
be invested with power to call upon any representative or agent of our
government abroad to make investigations and report the result, and
if such representatives, and agents should be given aniplQ authority to
require evidence and.the production, of papers by citizens, of the United
States in foreign countries, and by citizens or subjects of foreign governments, so far as by them permitted, it is believed it would be found
a. salutary means of securing justice, of facilitating the operations of
the Treasury Department, and a protection to the Treasury.
LOST AND DESTROYED BONDS.
' Section 3702 of the Eevised Statutes enacts that whenever it appears
to the Secretary of the Treasury, by clear and unequivocal proof, that any
interest-bearing bond of the IJnited States has, without bad faith upon
the part of the owner, been destroyed wholly or in part, or so defaced as
to impair its value 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 otherwise, as he
may prescribe, issue a duxilicate thereof, etc,; or, if the bonds have been
called in for redemption, instead of issuing a duplicate, it shall be paidc
The next section enacts that the owner shall file in the Treasury a
bond, in a sum prescribed, with two good and sufficient sureties, residents of the United States, to be approved by the Secretary, with condition to indemnify and save harmless the United States from any claim
upon such destroyed or defaced bond.
Applications for duplicates, or for the redemption of ^^ called lost"
bonds, are referred under regulations prescribed bythe Secretary of the
Treasury to the First Comptroller, to be decided upon by him.
My predecessor, Hon. A. G-. Porter, in the report of the office for the
last fiscal year, made the following statement and recommenda^tion :
I t will be x>erceived that b'^nds payable to bearer come within the terms of this
statute ; ahd the practice has been to issue duplicates for, or to redeem, bonds, of this
character alleged to have been destroyed, upon evidence furnished by affidavits taken
before certain i)rescrrbed officers of the United States. The redemption of such bonds
and the. issuing of duplicates have always been refused until after the lapse .of six
months from tlie filing of an application ; but even with this j)recaution-the statute
is fraught with great danger to the Treasury, i n practice it has been found t h a t in
fully half the cases where evidence has been offered'to esfcablish the fact of destruction, the bbnds have not been destroyed, but have passed either by thefi; or collusion
into the hands of other holders. When a bond of this kind is lost or sfcolen, the owner
who has been deprived of it is apt soon to persuade himself t h a t it has been destroyed,
as only in case of its having been destroyed can-he entertain reasonable hope of ever
recei^ang payment. Instances also have occurred of persons offering most impressive
evidence of the destruction of bonds alleged to have been owned by them, who, subsequent events have shown, had no title to them -whatever. Great vigilance has been
practiced by the Treasury by the invocation, even when very slight doubt has been
excited, of the aid of the secret-service division ; but it is believed t h a t no vigilance
can be sufficient to guard against the ingenious methods by which fraudulent applications may occasionally be made successful. If no radical change is made i n the
existing statute,, authority ought at least to be given to require.more than tw^o sure-r
ties to the bond of indemnity.
I concur in this recommendation.
FIRST COMPTROLLER.
241
The greatest danger of loss to the Treasury arises from the possibility
that the sureties upon the bonds of indemnity may prove to be worthless
in the event of a suit against them. The regulations of the Department
provide that the sufficiency of the sureties must be approved by some
one of several prescribed officers. Most of these officers have performed
the duty imposed upon them with the utmost fidelity, but in many cases
such approval is made without any knowledge whatever of the parties^
the of&cers feeling that such duties are extra-official, and that they are
not required to make an examination into the condition of the sureties.
A wise caution would dictate that the Secretary be empowered to require each officer to make a thorough examination into the financial
status of the parties to bonds before appending his approval of'the same,
and that such officers be invested with authority to require evidence
under oath. .
I t may also be found proper to make some regulations by statute in
relation to the payment of lost government bonds.
LAVr CLERK AND STENOGRAPHER.
A law clerk and a stenographer are deemed necessary for the efficiency
of the service in this office. The First Gomptroller is the law officer of
the Treasury Department. He is charged with the duty of ultimately
deciding all questions of law arising upon warrants for the payment of
nioney from the Treasury, and the accounts of the Treasurer of the
United States. This includes all the agencies by which money may be
paid from the Treasury. The decisions so made are generally final, subject only to the revision of Congress, and in certain cases, not frequent
in practice, by the Court of Claims. (Winnisimmet Company'V. United
States, 12 Court of Claims Eeports, 326.).
I t must be apparent that questions of great magnitude and difficulty
are frequently presented for decision. Counsel of great ability are often
retained by claimants to present oral and written or printed arguments
against the government, w^hich is not represented by COUUSQI. It is
therefore important that every reasonable aid should be furnished to
this office to protect the interests of the government.
DECISIONS OF FIRST COMPTROLLER.
It is SO imiiortant that the leading general principles of law applicable
to the business of the Department should, so far as practicable, be settled, and in an accessible form, that it has been deemed proper, in order
to secure these objects, to prepare and cause to be printed formal decisions in a considerable number of cases. A copy of these is herewith
transmitted. Kone of the decisions made by my predecessors have been
printed, except in rare instances.
The work of preparing decisions in the form now adopted involves
much research and labor, but it is hoped the result may be found acceptable, and of such utility as to justif^^ it.
STATUTE AS TO P E R J U R Y .
There may be some doubt whether the existing statute defining perjury is sufficiently broiad to include all cases of corrupt false swearing
in afiSdavits used for various purposes in the Treasury Department.
Affidavits are necessarily used for a great variety of purposes, and it is
of the utmost importance that all who make them should be amenable
J.6 F
242
REPORT' ON THE FINANCES.
to punishment in cases deserving it. A comprehensive provision on
this subject was included in a bill introduced in the Forty-fourth Con
gress, on which no final action was taken (H. E. 451, first session Fortyfourth Congress, January 5, 1876).
I respectfully submit that the subject is worthy of consideration by
Congress.
UNPAID BALANCES.
In the adjustment of the accounts of receivers of public moneys, and
other officers whose duty it is to collect the revenues of the government,
such officers are charged with the amount of their collections and credited with the amount of money deposited by them in the Treasury. In
many cases officers have deposited by mistake more money than they
have collected, thus creating a balance in their favor.
The seventh clause of the ninth section of Article 1 of the Constitution prohibits the payment of any money from the Treasury, except in
consequence of appropriations made by law. The above accounts come
under no appropriation now existing, for the mOney deposited and covered into the Treasury constitutes an unappropriated fund, and the
accounts of such officers under appropriations foi? the payment bf their
compensatioii and the expenses of their offices are kept entirely distinct
from their accounts for the collection of revenues. In the absence of a
provision for the payment of balances upon the latter class of accounts
they have accumulated from year to year until quite a number now
stand upon the books of the Department. It would be a great convenience if means for their payment should be provided.
I respectfully call atteution to, and renew, the recommendations made
by my predecessor in his last annual reiiort.
The deputy comptroller, chiefs of division, clerks, and other persons
employed in this bureau, deserve commendation for the intelligence,
ability, and fidelity with which they have performed their respective
duties.
I.am, very respectfully, your obedient servant,
WILLIAM L A W E E F C E ,
First Comptroller,
Hon.
J O H N SHERMAN,
Secretary of the Treasury. .
REPORT OF THE SECOND COMPTROLLER.
243
REPORT
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, October 29, 1880.
S I R : In compliance with your direction, by letter of the 14th ultimo,
I submit a report, in two tabular statements, *of the transactions of this
office during the fiscal year which ended on the SOth day of June 1880.
The first tabular statement shows the total number of accounts,
claims, and cases of every kind settled and adjusted, and the amounts
allowed thereon. The second table furnishes a more detailed statement
of the same accounts, claims, and cases; showing the character of the
accounts, the source from which received, the number of each kind, and
the amounts allowed. A still more detailed statement is prepared and
filed for preservation in this office, but it is deemed too voluminous for
publication.
From—
Second Auditor
Tliird Anditor
Fonrth. Anditor
Nnmber
revised.
9,354 .$17, 786, 881
5,273 50, 890, 845
15, 986, 625
1,862
. . . . . . .
Various sources not involving present expenditure
Total number accounts and claims and amounts settled
Amounts.
^
16,489
2,494
84, 664, 351
462, 862
18, 983 '
85,127, 213
ACCOUNTS BEVISED during the year.
Character of accounts.
Number
revised.
Amounts.
FROM T H E SECOND AUDITOR.
1. Of recruiting oflEicers, for regular recruiting service
2. Of paymasters, for pay of the A r m y . . . . .
'. '....'
3. Of disbursing officers of the Ordnance Department, for ordnance, ordnance
stores, supplies, armories, and arsenals
4. Of disbursing officers of the Medical Department, for medical and hospital
supplies and services
5. Of disbursements for the contingent expenses of War Department
6. Special accounts settled-by the Pay Division
:
—
7. Of Indian agents' current and. contingent expenses, annuities, and instalments
273
433
' $145, 821
9, 298, 679
200
885, 591
10
153
1,134
8,101
80, 816
315, 551
2,631
6, 630, 848
4,834
17, 364, 907
1,014
669
11, 698, 244
2, 811, 904
84
176
4, 820, 225
28, 625, 487
FROM T H E T H I R D AUDITOR.
1. Of disbursing officers of the Quartermaster's Department, for regular supplies and incidental expenses
2. Of disbursing officers of the Siibsistence Department
3. Of disbursing officers of the Eagineer Department, for military surveys,
construction of fortifications, river and harbor surveys and improvements
4. Of pension agents, for payment of Army pensions
1, 943 I 47, 955, 860
245
246
REPORT
ON T H E
FINANCES.
ACCOUNTS E E V I S E D during the 2/ear—Continued.
Number
revised.
Character of accounts.
Amounts.
FROM THE FOURTH AUDITOR.
1.- Of disbursing agents of the Marine Corps
,
. 2. Of paymasters of the NaA-y proper
3. Of paymasters of the navy-yards
4. Of paymasters of the Navy as Navy agents and disbursing officers
5. Of Navy pension agents, ibr paynient of pensions of Navy and Marine
Corps
.\
6. Of miscellaneous naval accounts
$717,979
4, 584, 446
6, 675, 719
2, 808, 091
947,164
138,197
330
15, 871, 596
CLAIMS ALLOWED during the year.
Character of claims.
Amounts.
FROM T H E SECOND AUDITOR.
$421,974
I. Soldiers' pay and bounty
FROM T H E T H I R D AUDITOR.
1. Property lost under the act of March 3, 1849
2. Quartermasters' and commissary stores and supplies, act of July 4, 1864,
transportation and miscellaneous
3. Oregon and Washington Indian war claims
4. State war claims
FROM T H E F O U R T H AUDITOR.
1. Sailors' pay and bounty
2. Prize money
471, 988
CASES NOT INVOLVING P E E S E N T E X P E N D I T U E E .
Number.
1. Duplicate checks approved
2. Financial agents' accounts
3. Keferred cases adjusted
Bonds filed during t h e year
Contracts filed during.the year
Official letters written'^
Requisitions recorded
Settlements recorded
Difi'erences recorded, pages
ClerkS; average during year . ^
.•
Amounts.
428
4
2,062
$30 868
431 994
2,494
462, 862
Number.
92
1,597 '
1,495
11,708
7,785
4,987
52. 8
•
:
I
All the public business intrusted to my charge is, I believe, promptly
and properly attended to by the officers and clerks of the office, and
has progressed with reasonable dispatch.
Yery respectfully,
w. w. uPTOi^r,
Comptroller.
Hon.
JOHN
SHERMAN,
Seeretary of the Treasnry.
REPORT OF THE COMMISSIONER OF CUSTOMS.-
247
REPORT
OF
THE COMMISSIONER OF CUSTOMS.
TREASURY DEPARTMENT,
O F F I C E OF COMMISSIONER OF CUSTOMS,
(
Washington^ Octoher 21, 1880.
S I R : I have the honor to submit herewith, for your information, a
statement of the work performed in this office during the fiscal year
ending June 30, 1880:
Number of accounts on hand July 1, 1879
Number of accounts received from the First Auditor during the year
299
6,430
Number of accounts adjusted during the year
Number of accounts returned to the First Anditor
6,576
13
6,729
:
6,589
Number of accounts on hand J u n e 30, 1880
140
There was paid into the Treasury from sources the accounts relating
to which are settled in this office—
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 t a x
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 property
- -. -
$186,522,064
386,973
282, 468
123,786
840,780
170
.....
183,150
1, 082
9, 381
12,560
1,619
14, 573
Aggregate
60 •
33
96
28
27
00
91
70
14
30
54
52
188,378,611 55
And there was paid out of the Treasury on the following accounts, viz :
Expenses of collection
;.
Excess of deposits
'l
Debentures..
Public buildings
Construction and maintenance of lights
Construction and maintenance of revenue-cutters
Marine-hospital service
Life-saying stations
......
Compensation in lieu of moieties
Seal-fisheries in Alaska
Metric standard weights and measures
Debentures and other charges
Detection and prevention of frauds upon the customs revenue
Unclaimed merchandise
$6,023,253
2,632,164
1,831,060
2,290,511
2,426, 370
843,989
402,917
518,407
32,186
9,571
6,316
136
19,994
1,750
249
53
44
76
73
61
57
49
43
30
02
90
91
32
41
250
REPORT ON T H E FINANCES.
Refunding moneys erroneously received and covered into the Treasury.....
Refunding duties to University of Notre Dame du Lac
Protection of sea-otter hunting grounds and. seal-fisheries in Alaska..
Aggregate
$127 50
2,334 07
22,902 88
17,063,995 87
The number of estimates received and examined
/
3,505
The number of requisitions issued".
3, 505
The amount involved in requisitions
$15,062,080 75
The number of letters received
10, 452
The number of letters written
10,378
The number of letters recorded
10,342
The number of stubs of receipts for duties and fees returned by collectors
•.
205,009
The number of stubs examined
215,306
The number of stubs of certificates of payment of toimage dues received and entered
10,481
The number of returns received and examined
11,941
The number of oaths examined and registered
3,992
The number of appointments registered
3,227
The average number of clerks employed
t
30
I inclose herewith a statement of the transactions in bonded goods
during the year ending June 30,1880, as shown by the adjusted accounts.
I am, very respectfully, your obedient servant,
H. C. JOHKSOK,
Commissioner of Customs.
Hon. JOHN SHERMAN,
Secretary of the Treasury.
Districts'.
A Ibany
1
1
$99 76
68, 007 08
115,
135,
2,
1,
219
018
220
555
^
cn c^
1
$155
8, 237
439
4, 698
22, 218
"
o1
o
-
Baltimore
$701, 407 98
Bano"or . . . . . .
1,906 20
522 95
Barnstable
•
1, 909 98
31,116 18
Bath
B e a u f o r t , S. C
B o s t o n a n d CharlestoAvn ( M a y
3, 046, 747 09 10, 963, 736 93
31 1880)
7, 451 93
Brazos de Santiago
579, 569 13
2, 645 90
Buffalo C r e e k
•
39, 772 40
1,333 18
Belfast
Cape Vincent
54 40
132 00
Castine
Champlain
9, 359 64
1,
274
41
Charleston
1, 004 40
129, 033 34
Chicago
796,161 23
14, 886 05
Cincinnati
44, 340 45
Corpus Christi
1, 052 65
2, 649 44
Cuyahoga
10, 945 12
2,163' 77
DeiaAvare
22, 222 95
Detroit
.....
;
18, 830 73
Duluth
Dubuque
Erie
FaU River
Pernandina
336 87
Prenchraan's Bay
Galveston ...*...
4,540 63
97, 304 55
10, 408 06
Genesee
2, 381 54
9, 812 90
Gloucester
32, 477 82
527 20
GeorgetoAvn, D . C
Huron
Xennebunk
50, 649 04
Key West
.
200, 046 40
3, 383 62
Louisville
3, 920. 46
1,441 52
Memphis
Miami
219 68
1i|
11
00
08
00
65
59
27
23
39
04
$141, 736 00
1]9 04
488,171 86
3, 279 34
],109 47
56 00
725, 508 67
1, 050 80
550, 746 68
.7 40
5, 494 38
u
cn rt
i:.
ill •
m
353 96
72, 897 16
22, 402 02
44, 886, 08
3, 054 61
15, 520 43
41,704 61
4, 490 02
1, 078 74
12,
1,
1,
7,
4,
1,
464
087
927
857
727
563
20
12
75
67
44
05
16, 714 15
600, 917 24
822, 849 64
iei'ss
11
la
$141, 736 00
383 78
436, 076 98
1,483 68
90 41
9, 269 05
56 00
Tl "
II
Is
ti cn
cA O
ii
il ^
$386, 051 90
$117,039 46
$13,110 82
483 98
7, 627 19
480 59
4,123 40
186, 611 64
138, 326 50
5, 445 58
113 68
13, 765 72
132 19
35
9 21
635 93
2
462
124
559
21
77
69
56
84
34
3, 373 60
161 17
4 96
7 64
45 60
589 90
494 62
885 40
548 50
408 30
14, 897 72
].7, 684 20
46, 594 90
9 50
219 35
21 60
2, 774 36
2, 647 75
76 31
38, 782 45
17, 525 72
1, 735 96
4,103 91
130 80 .
3,
3,
832,
86,
166,144 05
15,543 00
2, 630 02
1, 520 19
$320, 615 08
861 52
783 34
42,158 75
o
o
Ul
165,194 75 8, 516, 685 27
748 98
25 10
30, 212 46
103 53
456 49
22 07
21 60
2, 774 36
296 23
28, 441 85
10, 893 27
27 84
4, 682 24
1,137, 620 94
217 28
2, 201 85
16, 500 33
17, 333 67
4, 598 15
1, 818 54
7, 726 39
O
<
$9 98
7, 070 24
905 36
232,162 78
1, 026 20
207, 528 13
30, 969 69
CD
o
ti
Balances on bonds
• to secure duties
on goods remaining in AA'-arehouse
on June 30, 1880.
Balance on bonds
to secure duties
on goods remaining in Avarehouse
on July 1, 1879.
STATEMENT of WAEEHOUSE TBANSACTIONS al the several DISTBICTS and POETS of the UNITED STATES, for the yearending June 30, 1880.
203, 930 61
.
25, 334 10
132 65
1, 052 65
10, 656 00
25, 908 70
85 00
4, 802 67
6, 035 15
544 56
121, 752 87
34, ]45 57
676 20
914, 610 32
711, 383 61
425, 307 22
1, 508 40
' 48 80
1, 013 04
28, 232 17
528, 866 99
6, 632 93
10, 530 37
60 75
206 32
44, 478 13
55 25
588, 792 60
826, 812 50
1, 350 70
19, 518 97
13 00
35, 075 20
1, 015, 737 27
217 28
1, 218 88
6, 433 52 .
4, 869, 632 49
10, 982 60
1, 642 72
746 48
o
33
5, 769
278
344, 002
25, 988
O
12
74
03
78
50
7, 763 56
286 23
1, 427 58
1, 211 48
2, 099 02
252 76
25 65
22, 729 03
432 66
859 39
a
a
Ul
H
O
Ul
• 9,-816 45
295 98
68,145 80
8,091 23
9, 038 64
590 90
71, 009 96
13,152 22
635 00
IN3
ri
03 p
i
11 -
r
MirlfllAt.nwn . .
. $3,118 41
$352 00
542 58
15,136 34
Milwaukee
Minnesota
1, 009 8]
4, 343 40
M o b i l e (to NoA'^ember 30,1879)..
Montana and Idaho
!Nashville
106 72
.Newburyport
N e w naA^^en
15, 017 79
458,164 95
IN'ew Bedford
. . .
175 60
182, 505 40
N e w Oiieans
648, 802 59
is- eAA^ Y o r k (to F e b r u a r y 29,1880) 12, 714, 913 66 27,890,223 64
N i a ' - a r a (to F e b r u a r y 29 1880)
NeAV a r k
New'^ L u n d o n
2, 752 09
23,450 55
Omaha...
275 00
Oswegatchie
,
1, 390 74
3,104 07
626, 774 75
6, 772 45
Oswego
Passn maquodd y
5, 855 39
283 48
Pensacola
Philadelphia....'
978, 962 34 3, 805, 856 22
Pittsburgh
19, 649 13
33, 553 04
P l y m o Llth
4, 549 39
Portland and Falmouth
50, 873 23
161, 836 35
P e a r l K i v e r (to N o v e m b e r 30,
1879)
.
. . .
461 70
Portsmouth
524 41
P r o A^id e n c e
9, 537 42
39, 083 33
P a s o del N o r t e
137 20
Saco
Saluria . . . .
Salem a n d B e v e r l y
3, 397 64
Sandusky
San l<'rancisco
1, 140, 961 30 2, 973, 907 22
SaA^annah
509 00
88, 312 28
SaintLouis...
58, 749 76
20,771 93
Vermont . . . .
•24 70
Waldoboro'
FRASER
Wheeling
^
Digitized for
ri
p ©
.ori
P
"o .
>ri
p
ri
II
U
0
PH
$68, 574 99
15,963 89
2,269 53
339 71
2, 274 08
3,323 34
7, 079 85
281, 873 58
77 10
" " 2 , 530 00
46, 237
4,131
23, 008
61, 270
94
80
15
36
$7, 938 86
121, 253 13
46, 285 66
588 85
448 39
345 70
420 42
%
•
$34 35
0
H
IS
-I
•
5« ft
r i rt
ri
0 d'^
ti
M
ri
ti
r i ft
5
•
$47, 265 05
85, 086 00
9, 028 84
11 69
550 21
52 02
368, 649 14
9, 096 08
8, 016 72
647, 860 90 ' " 9,876"is
445, 287 36
5, 867,199 98
576, 954 94 27, 419,143 22
1, 271, 002 66
4, 301 11
4, .301 11
864 97
24, 878 31
1, 747 40
1 63
1, 765 40
.26 49
15, 773 43
•1, 874 22
51, 334 76
41
258, 081 29
21, 624 66
2, 829 70
308 25
•265, 984 25 3, 740, 457 39
140, 003 10
248, 644 95
1, 008 05
275, 025 24
419 84
9,167 39
656 10 . 154,132 77
2, 791, 064 80
$32,176 21
14,871 19
1,455 52
$540 00
• 8,197 34
$52, 938 75
35,281.05
588 85
436 70
243 82
90, 066 36
226 40
669, 169 29
523, 714 93
169,114 4e
$135 20
231 30
52 00
1,104 40
140, 359 92
6, 710, 839 32
1,101, 888 24
31, 771 73
1, 332, 035 97
1, 624 98
362 38
16, 228 03
410, 240 58
15, 974 54
80,111 06
71,631 28
6, 400 33
1, 826 00
9, 617 02
308 25
18,162 58
b5
Balances on bonds
to secure duties
on goods remaining in -warehouse
on June 30,1880.
Districts.
Balance on bonds
to secure duties
on goods remaining in Avarehouse
on July 1,1879.
STATEMENT of WAEEHOUSE TBANSACTIONS at the several DISTBICTS and POETS of the UNITED STATES, ^c—Continued.
601 05
128, 236 14
417 60
2, 775, 876 02 -"'"5,'673"66'
16,
3
209
11, 345,
689 32
247 50
530~57
432 36
201 94
335 73
1, 792 15
14,133 45
1, 872 27
1,270,076 68
31, 961 73
18, 452 39
58, 387 17
461 70
30, 942 69
26, 474 20
4, 500 GO
2, 799 22
69 64
4, 987 13
47, 216 28
137 20
91 28
131 40
9, 309 64
73, 320 19
1,178 02
194, 038 23
2, 459 47
29
21
54
19
69
41
55
14, 240 50
28,930 20
16, 507 03
91 28
44 46
24
422, 301
624
476, 241
548, 726
512
1, 264
2, 049 77
5,735 95
24 29
44, 998 94 2, 989, 768 91
21 84
2, 215 83
358 79
670, 679 22
433 75
97 04
1, 264 55
131 40
1, 391 72
76, 369 96
811 81
532,149 75
376 30
279, 049 77 """269,'267'87"
1, 276 36
38 80
4, 773 46
102, Oil 41
955,188 83
88, 429 85
78, 895 49
208 89
1, 598 48
INS
w
o
w
H
o
H
W
O
W
Ul
Willamette
Wiscasset.^
Wilmington Del . .
York . . ? . . . !
:.
7, 602 02
584 38
415 98
100 66
27, 643 12
11 02
121 23
44 52
2, 531 96
2,937 79
23 28
18, 600, 073 37 50, 353, 336 83 1,405,852 71 17, 750, 808 17 1, 092,104 57 47, 003,129 09
3, 560, 608 08 16,421,402 65
2,177, 437 96
20, 039, 597 87
182, 949 60 1, 485, 426 78
431, 468 86
12,714,913 66
19, 959 42
240 66
526 19
15, 229 58
2, 937 79
*]SreAv York (for April, May,
and June 1879
10,112, 027 97 12,110, 727 58
. 2, 875 68
23 28
184, 518 82
935, 533 32
374, 359 88 8, 902, 408 67
'' Not included in report for fiscal year ended June 30,1879.
RECAPITULATION.
Balance July 1,1879
Warehoused and bonded
RcAvarehoused and bonded
Constructively Avarehoused
Increase of duties ascertained on liquidation
Total
:
$18,600,073 37
50, 353, 336 83
1,405, 852 71
17, 750, 808 17
1, 092,104 57
:
89,202,175 65
TREASUKY DEPARTMENT, OFFICE COMMISSIONER OF CUSTOMS, October 21,
WithdraAval duty paid
WithdraAvals for transportation
Withdrawals- for exportation
Allowances and deficiencies
Balance June 30,1880
$47, 003,129 09
3.. 560, 608 08
16,421,402 65
2,177, 437 96
20, 039, 597 37
Ul
^
H. C. JOHNSON,
Gommissioner of Customs.
Arising from—
. .
Increase in balance in New York (from March 31 to June 30,1879) .
m
O
5z5
1880.
Difference.
H-l
)^
Total .
Balance taken up in this statement
Balance reported by last statement
O
O
$18, 600, 073 37
15, 997,187 68
o
2, 602, 885 69
o
d
2, 602, 885 60
•H
O
U2
Ul
to
cn
REPORT OF THE FIRST AUDITOR.
254
REPORT
THE FIRST AUDITOR OF THE TREASURY.
TREASURY D E P A R T M E N T ,
F I R S T AUDITOR'S OFFICE,
Washington, Octoher 21, 1880.
S I R : In compliance.with your letter of the 14th ultimo, I have t h e
honor to submit the following exhibit of the business transacted in this
office during the fiscal year ending June 30, 1880:
Nnmber
Accounts adjusted.
of
Amount.
acconnts.
BECEIPTS.
Duties on merchandise and tonnage
Steamboat fees
Fines, penalties, and forfeitures
Marine-hospital money coUected
Official emoluments of collectors, naval officers, and surveyors
Moneys receiA^ed from sales of old materials, rents, &c
Moneys received on account of deceased passengers
Miscellaneous receipts
:
Treasurer of the IJnited States, for moneys re(5eived
Mints and Assay Offices
Water rents. Hot Springs, Arkansas
Keceipts on counter warrants
1,355
1,136
608
—
,
Total
1,582
1,276
171
33
593
3
31
9
238
7,035
DISBUESEMENTS.
1,206,298,429 71
'
Expense of collecting' the revenue from customs
Debentures, draAvbacks, &c
.
'
Excess of deposits refunded
,
Revenue-cutter service
Duties refunded, fines remitted, judgments satisfied, &c....»
Marine-hospital service
Official emolunients of collectors, naval officers,, and surveyors
Awards of compensation
Light-house Establishment, miscellaneous
Salaries of light-house keepers
:
Supplies of light-houses
Repairs of light-houses
*
:
,
Expenses of light-vessels
Expenses of buoyage
,
Expenses of fog-signals
,
Expenses of lighting and buoyage of the Mississippi, Missouri, and Ohio
rivers
,
Expenses of inspection of lights
Steam-tenders for the Light-House Service
Commissions on light-house disbursements
Salaries and mileage of Senators
Salaries, officers and employes. Senate
Salaries and mileage, members and delegates House of Representatives..
Salaries, officers and employes, House of Representatives
Salaries of employes. Executive Mansion
.
Salaries paid by disbursing elerks of the Deparfcpients
Salaries, officers and employ6s. Independent Ti^easury
Salaries of the civil list paid directly from the G^reasury
,
17 F
$163,998,486 63"
293, 255 48
126, 445 02
379, 285 51
616, 569 70
155,694 87
480 00
804, 380 96
»906, 351, 686 31
133,289, 717 55
1, 903 36
280, 524 32
1,486
178
403
507
1,747
1,247.
1,256
108
67
437
163
. 112
121
158
87
' 38
12
19
124
1
5
1
12
6
322
38
L286
5,464, 960 40
3, 952,260 83
2,261, 691 32.
767, 352 41
328, 455 00
416, 04O 17
639, 539 08
30, 630 86
61,776 99
611, 341 07
665,36 J 78
370,787 59
304, 652 45
496,183 26
81, 999 33
179, 581 54
3, 099 37
105,172 56
8,582 58
125, 803 71
190, 498^86
1,200,622 42
246, 649 34
47, 626 80
5,499,672:62
319,688 95
565, 691^ 84
257
258
REPORT ON THE FINANCES.
Number
of
accounts.
Accounts adjusted.
Amount.
DISBURSEMENTS-Continued.
Salaries, office of the Pablic Printer
Salaries, Bureau of Engraving and Printing
Salaries, Congressional Library
Salaries, standard weights and measures
Salaries, Steamboat Inspection Service
Salaries, special agents, Independent Treasury
Salaries, custodians and janitors
Salaries, Botanic Garden
Salaries and expenses, Hot Springs Commission
Salaries and expenses, Sonthern Claims Comniission
Salaries of employes, public buildings and grounds
Salaries and expenses of National Board of Health
,
Salary of Director of Geological Survey
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
i
Contingent expenses, public buildings and grounds
".
Contingent expenses,, oflice of Public Printer
,
Contingent expenses, Southern Claims Commission
,
Contingent expenses. National Currency, reimbursable
Contingent expenses. Court of Claims
Contingent expenses, Library of Congress
Contingent expenses of the ExecutiA'-e offices, Territories
Stationery, Interior Department
Treasurer of the United States, for general expenditures ..-Treasurer of the United States, for sinking-fund. Pacific railroads
,
Gold and silver bullion accounts
=
.
,
Ordinary expenses. Mints and Assay Offices
Parting and refining bullion
,
Coinage of standard silver dollars
Freight on bullion
Recoinage of gold and silver coins
Transportation of coin and bullion
-.
,
Storage of silver dollars
,
Manufacture of medals
—
Legislative expenses. Territories of the United States
,
Captured and abandoned property
Defending: suits and claims for seizure of captured and abandoned property.
Examination of rebel archives and records of captured and abandoned
property
Coast and geodetic survey of the United States
Geological survey of the Territories
Lands and other property of the United States
' Protection and improvement of Hot Springs, Arkansas
,
Expenses of collecting rents. Hot Springs, Arkansas
Reproducing plats of surA^eys. General Land Office
Adjusting claims for indemnity for swamp lands....,
Protection and improvement of YeUow Stone National Park
Commission to classify land and codify land laws
Depredations on public timber
Judicial 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 crime.
Detection and prevention of frauds upon the customs revenue
Investigation of frauds. Office of Commissioner of Pensions
5
13
5
13
5
5
48
72
578
154
788
4
6
14
42
3
5
13
10
3
4
31
146
18
15
5
3
10
3
1
20
1
7
3
22
32
12
1
600 00
25, 926 71
52, 038 93
353 40
5, 012 46
180, 699 85
3, 594 51
75, 549 10
7, 065 02
28, 427 93
9, 953 22
34, 836 60
190, 126 37
5, 064 29
7, 443 62
179, 190 93
221, 986 68
398, 691 92
42, 922 02
34, 462 48
3] 3 09
264 93
55, 229 39
1, 839 68
509 95
4, 186 87
43, 809 27
833,118, 463 88
366, 508 71
131, 817, 754 56
932, 735 44
216, 726 87
55, 947 89
9, 245 75
5, 090 94
21, 241 39
2, 085 61
69
2, 348 17
87, 775
576 92
4, 138
84
23,
3, 599 00
651, 694 71
125,173 70
2, 405 81
961 70
377 09
15, 624 00
12, 280 55
18,131 51
3, 695 67
35, 310 25
3,906
7
27
4
10
3, 267, 574 36
11, 624 45
69, 308 15
22, 068 13
31, 218 80
43
97
8
25
1
4
42, 589, 352 04
32, 237, 218 65
740,115 18
3, 665, 255 36
420, 000 00
47, 490 00
INTEREST ACCOUNT.
Registered stock
Coin coupons
District of Columbia 3-65 bonds and Avater stock
Pacific Raikoad bonds
Navy pension fund
Louisville and Portland Canal Company's bonds
REDEMPTION ACCOUNT.
United States 5-20 bonds, called:
Principal
Interest
United States bonds, purchased for sinking-fund:
Principal
Interest
.;
Premium
United States bonds, 10-40's for conversion:
Principal
Interest
Premium
1
497, 310, 850 00
10, 220,170 63
49, 949,100 00
558, 400 51
1, 837, 539 35
2, 090, 000 00
14, 404 73
10,447 50
259
FIRI3T AUDITOR.
Number
of
accounts
Accounts adjusted.
Amonnt.
DISBURSEMENTS-Continued.
REDEMPTION ACCOUNT—Continued.
Refunding certificates, converted into 4-per cent, bonds:
Principal
Interest
Coin certificates of deposit
Silver certificates of deposit
Currency certificates of deposit
Bonds of District of Colunibia (Washington and GeorgetoAvn).
Notes, one and two yeaa-s, compound interest and 7-30's:
Principal
'.
Interest
War-bounty scrip, certificate of deposit:
Principal
Interest
Legal-tender notes destroyed
Fractional currency destroyed
•Old demand notes destroyed
21
24, 320 00
4, 449 82
13
13
13
Refunding the national debt
Expenses of national currency
Examination of national banks and bank-plat(is
'Transportation of United States securities -..,
Judgments of the Court of Claims
Reporting decisions of the Court of Claims..
Post Office Departraent requisitions
Outstanding drafts and checks
,
Life-saving Service
-Life-saving Service, contingent expenses
Establishing life-saving stations
,
Rebuilding and improving life-saAdng stations
,
Public printing and binding
—
Labor and expenses of engraving and printing
:
Propag.^,tion of food-fishes
Illustrations for report on food-fishes
Inquiry respecting food-fishes
Steam-Vessel (food-fish ss)
Increase of Library of Congress
,
Works of art for the Capitol '.
Portraits of the Presidents
.'
Library, Treasury Department
Pedestal for the statue of Gen. George H. Thomas
Construction of custom-houses
Construction of court-houses and post-offices'
Construction of appraisers' stores
Construction of sub-treasury building. New York
Construction of National Museum
Construction of building for State, War, and Navy Departments
,
Construction of barge office. New York
Construction of jail for District of Columbia.
Construction of assay office building
,
Construction of light-houses
Construction of extension of Government Printing Office
Construction of building for Bureau of EngraAdng and Printing
,
Fixtures, &c., new building for Bureau of Engraving and Printing
Plans for public buildings
^
,
Completion of Washington Monument
,
Reconstruction of Interior Department buildinig
Repairs, fuel, lighting, &c.. Executive Mansion . . i
Annual repairs of the Capitol
Annual repaiis of the Treasury building
Repairs and preservation of public buildings
'.
Repairs of Interior Department building
Repaii'S of building on Tenth street . . . .^
Rent of buildings in Washington
Lighting the Capitol and grounds
,
Fuel, lights, and Avater for public buildings
Fuel, lights, &c.. Interior Department
,
Furniture and repairs of same, publip buildings
,
Furniture, contingencies, &c.. Pension Office
'
Furniture for ncAV War Department building
,
Furniture for new Navy Department building
Vaults, safes, and locks for public buildings
,
Heating apparatus for public buildings
Heating apparatus for Senate
Ventilation of House of Representatives
Fire-escape ladders, GoA^ernment Printing Office
Telephonic connection betAveen the Capitol and (3-overnm ent Printing Office.
Telegraph between the Capitol, Department8,'a;nd Government Printing
Office
I m p r o v e m e n t and care of public grounds ..
Improving Capitol grounds
.^-'
Improving Botanic Gardens and buildings .
$20,116, 450 00
258, 754 29
8, 771, 200 00
724, 810 00
115, 690, 000 00
1,126, 780 00
''
52
16
5
98
32
1
30
109
99
115
74
1
162
15
25
9
2
2
5
3
3
10
2
346
345
13
2
15
307
7
14
1
5
4
5
10
10
9
34
7
1
43
8
53
9
31
225 00
12 20
90, 631, 624 00
321, 075 14
835 00
850, 514 19
15, 166 71
408 77
79, 384 07
232, 043 53
1, 000 00
2, 476,255 24
10, 730 21
485, 490 02
59, 941 86
94, 082 62
75 00
1, 472,084 69
. 886,252 04
69, 695 46
1, 000 00
3, 500 00
33, 372 33
7, 597 14
225 00
872 00
905 30
1, 881 62
2, 398,799 62
1,193, 562 85
91, 324 44
10, 366 28
188, 452 60
618, 726 63
47, 236 98
431 80
5, 067 99
435, 730 03
37, 389 29
195, 941 38
' 4,994 63
3, 326 98
91, 687 54
120, 542 5 7
35, 903 14
57, 770 8&
22, 912 96
132, 851 15
3, 356 76
4, 641 43
65, 773 73
27, 916 71
407, 379 57
5, 958 27
207, 970 65
3, 190 83
498 51
42, 236 84
44, 735 37
40, 213 90
91, 414 41
3, 924 79
29, 604 55
2, 147 86
1, 318 20
35, 994 65
91,478 96
8, 526 05
260
REPORT ON T H E FINANCES.
Accounts adjusted.
Number
of
acconnts.
Amount.
DISBURSEMENTS-Continued.
REDEMPTION ACCOUNT—Continued.
ImproAdug grounds. Agricultural Department
Washington Aqueduct
Repairs of Avater-pipes and
fire-plugs
".
Constructina', repairing, and maintaining bridges. District of Columbia...
• Removal of Bnreau of Education
Distributing documents, Bureau of Education
•-.
Rearranging Court of Claims rooms in Capitol
Postage, Executive Departments
Postage, Agricultural Department
Buildiug, Agricultui-al Department
Laboratory, Agricultural Department
Library, Agricultural Department :
Museum, Agricultural Department
"Furniture, cases, &o
Experimental garden
.'
Purchase and distribution of valuable seeds
Collecting agricultural statistics
Investigating diseases of SAvine and other doraestic animals
Comniission to report on depredations of Rocky Mountain locusts
Investigating the habits of insects injurious to cotton-plant and agriculture|
Investigating the history of insects injurious to agriculture
Invesfigatioii of epidemic diseases
:
Reform school. District of Columbia
Government Hospital for the Insane, buildings, &c
Government Hospital for the Insane, current expenses
Columbia Institution for the Deaf and Dumb, buildings, &c
Columbia Institution for the Deaf and Dumb, current expenses
Columbia Hospital for Women, grounds
(IJolumbia Ho.spital for Women, current expenses
HoAvard University
Freedmen's Hospital and As^duin
Penny Lunch House
Saint Ann's Infant Asylum
'..:
(Children's Hospital
National Association for the Relief of Colored Women and Children
Women's Christian Association
:
Industrial Home School
Maryland Institution for the Instruction of the Blind
Miscellaneous
Disbursements on transfer-Avarrants
4
•
4
5
4
2
'7
3
8
4
2
3
5
4
4
4
5
4
5
8
2
5
1
4
7
4
1
4
4
7
2
10
1
2
5
2
6
2
4
210
238
6,129 12
17,182 12
2, 893 56
4,971 40
312 00
f
728 50
1, 737 18
2, 362 98
4,123 40
1, 500 00
1, 393 43
1, 064 32
1, 213 66
• 4, 448 25
5, 634 70
73, 263 16
8,143 35
5, 890 10
21, 444 88
2, 417 49
6, 573 25
7,993 07
33, 445 99
39, 414 88
185, 340 23
264 57
37,111 07
1, 970 10
17, 985 12
4,129 66
39, 398 10
1,500 00
2; 494 69
7,307 49
2, 993 18
2, 475 79
4, 671 81
5, 775 00
204, 309 96
280, 524 32
DISTKICT O F COLUMBIA ACCOUNTS.
Salaries and contingent expenses
Imjirovement and repairs
Constructing, rex)airing, and maintaining bridges
Transportation of paupers and prisoners
Public schools
Metropolitan police
:
Fire department
Courts, expenses of
Streets
Health department
Miscellaneous and contingent exjienses
Water fund
Judgments
Support and medical treatment of the infirm poor.
Reform School
Washington Asylum
Georgetown Almshouse
Hospital for the Insane
;
Children's Hospital
Saint Ann's Infant Asylum
Industrial Home School
National Association for Relief of Colored Women and Children
Workinginen's claims allowed.
Treasurer' of the United States for ainount allowed to workingmen .
Total .
202
66
7
15
16
17
31
29
106
16
68
20
3
9
8
24
11
4
1
1
1
1
29
1
20, 046
171, 965 47
420, 402 79.
1, 000 00
2, 275 04
366,353 17
296, 919 33
127,486 52
17, 564 32
294, 240 13
23, 889 67
• 27, 967 44
82,110 61
32, 404 92
3, 322 37
17, 637 11
43,740 48
1, 583 00
10, 389 47
10, 000 00
5, 000 00
5, 000 00
5, 000 00
3, 830 20
21,155 77
13, 413, 941 53
NumlDcr of certificates recorded
1
13,768
Nunaber of letters recorded
^
'
3,443
Judiciary emolument accounts registered and referred
^.
, 516
Number of powers of attorney for collection of interest on-tlie public debt,
examined, registered, and filed „
3, 891
Requisitions answered
^
,
,
1,023
FIRST
261
AUDITOR.
SUMMAEY STATEMENT of the WOEK of the OFFICE as shown by the EEPOETS of
ihe vaHous DIVISIONS and MISCELLANEOUS DESKS.
CUSTOMS DIVISION.
Accounts of Collectors of Customs for Eeceipts of Customs Revenue and Disbursements for the Expenses
of Collecting the same, and also including Accounts of Collectors for Beceipts and Disbursements in
connection ivith the Revenue-cutter, Steaniboat, Fines, Light-house, and Marine-Hospital Services, with
Accpunts for 0 ficial Emoluments, Debentures, Refunds of Duties, Sales of Old Materials, and Miscellaneous Disbursements.
No. of
accpunts.
Receipts
Disbursements .
Arnount.
6,-735
7-,-173
$166, 258, 823 96
14,162,131 32
13,. 908.
180, 420, 955 28
JUJDICIARY DI^rESION.
Accounts of District Attorneys, Marshals, Clerks, and Gommissioners, Rents, and Miscellaneous Gourt
Accounts.
No. of
accounts.
Disbursements
, Amount.
3,906.
...
$3, 267, 574 36
PUBLIC DEBT DIVISION.
Accounts for Payment of Interest on the Public Debt, both Registered Stock and Coupon Bonds, Interest
on District of Oolumbia Bonds, Pacific Railroad Bonds, Louisville and Portland Ga^al Bonds, Navy
Pension Fund, Redemption of United States and District of Oolumbia Bonds, Redemption of Goin and
Gurrency Certificates, Old Notes and Bounty Scrip, and Accounts for Notes and Fractional Cu/rrency
No. of
accounts.
Interest accounts
Redemption accounts.
Amount.
178
181
$79, 699, 431 23
799, 661, 448 17
359
879, 360, 879 40
WAREHOUSE AND BOND DIVISION.
STATEMENT of TRANSACTIONS in BONDED MERGBANDISE, as shoion by WAREHOUSE
and BOND ACOOUNTS ADJUSTED during the fiscal year ending June 30, 1880.
Number'of accounts adjusted
Number of reports of ' ' n o transactions" received, examined, and referred
Balance of. dufcies on mercbandise in warebouse per last report.
Duties on mercbandise wareboused^
Duties on mercbandise rewareboused
Duties on mercbandise constructiv€)ly wareboused
Increased and additional duties, &c
Total...
Contra:
Daties on mercbandise witbdrawn for consumption
Duties on mercbandise witbdrawn for transportation
Duties on mercbandise witbdrawn fbr exportation
Allowances for deficiencies; damage, &c
Duties on witbdrawals for construction and repair of vessels.
Daties on bonds delivered to district attorneys for prosecution
Balance of duties on mercbandise in warebouse
Total
813
529
. . $13,711,864,28
54j 203, 099 40
1, 396, 477 00
12,513,146 6Q
1, 400,728 61
,
83,225,315,95
$49, 833,561
3,310,^275
11,997,258
2,208,194
86, 491
34, 403
15,755,130
36
67
41
36
94
64
57
83,225,315 95
262
REPORT ON THE FINANOES.
MISCELLANEOUS DESKS.
No.l.—Accounts of Disbursing Clerks ofthe Departments for Salaries,'-Salary Accounts of the various
• Assistant Treasurers, and of the Gongressional Library, Public Printer, and Executive Offi^ce, Accounts
for Salaries of the Officers and Employes, House of Representatives, and the Accounts relating to the
Goast Survey.
*
Disbursements
No. of
accounts.
_.
411
Amount.
$6,768,937 91
^sj^o. 2.—Accounts of the Disbursing Clerks of the Departments for Contingent Expenses, Contingent Expenses of the House of Representatives and Assistant Treasurers, Accounts of the Bureau of Engraving
and Printing, Geological Survey, National Board of Health, Reform School, New BuUdtng for State,
War, and Navy Departments, and a very great number of Miscellaneous Accounts. The Accounts on
this desk during the last fiscal year covered one hundred and seventy different appropriations.
No. of
accounts.
Receipts
Disbursements .
Amount.
$1, 903 36
4, 976, 076 24
1,142
4, 977, 979 60
No. 3.—Accounts for Construction of Gustom-Houses, Post-Offices, Court-Houses, and other Public Buildings; Accounts of Light-House Engineers and Inspectors; Accounts of the Public Printer; .Steamboat
Inspection and Life-Saving Service,- the Accounts of the Government Hospital for the Insane, Golumbia
Hospital for Deaf and Dumb ^ and many charitable institutions. •
No. of
accounts.
Receipts
Disbursements..
19
3, 379
Amount.
$115, 774 21
10, 664, 079 25
10, 779, 853 46
No. 4.—Accountof the Treasurer of the United States for General Expenditures; the Salary and Mileage
Accounts for the Senate and House of Representatives, andthe Accounts for Contingent Expenses of the
United States Senate.
No. of
accounts.
Amount.
$906, 351, 686 31
834, 814, 832 49
Receipts
Disbursements.
61 1, 741,166, 518 80
No. 5.—Accounts of Mints and Assay Offices; Salaries ofthe Civil List paid directly from the Treasury
on First Auditor^s Certificates, Captured and Abandoned Property Accounts, and Accounts for the
Legislative and Contingent Expenses of the United States Territories.
No. of
accounts.
Receipts
Disbursements.
Amount.
31 $133, 289, 717 55
. 1, 558 133, 750, 060 17
1,589
267, 039, 777 72
No. 6.—Accounts of the District of Golumbia, and Accounts imder the act for the Relief of Workingmen
under the late Board of Public Works.
Aniount.
Disbursements.
$1, 991, 237 81
263
FIRST AUDITOR.
No. 7.—Under the Chief of the Warehouse and Bond Division, and comprising Judgments of the Gourt
of Glaims, Outstanding Liabilities, Postal Requisitions, Transportation of United States Securities,
Transfer of Appropriations, <&c.
No. of
accounts.
Receipts
Disbursements..
Amount.
238
1,383
$280, 524 32
3, 658,132 58
1,621
3, 938, 656 90
In submitting the foregoing exhibits, showing the official labor performed in this office during the last fiscal year, I desire to call attention
to the fact that the number of accounts examined and adjusted, and
the amount of money involved in their settlement, are without precedent in the history of this bureau.
I t will be observed that the number of accounts adjusted for the year
was 27,081, and the amount of money involved, as per vouchers examined, was $3,099,712,371.24, which is over one thousand millions of
dollars in excess of the national debt during the same time.
The amounts of accounts examined during the last four years are over
nine thousand millions of dollars, making an average of more than two
thousand millions of dollars in yearly settlements made in this office.
The following table, showing the comparative labor performed annuaUy
in the First Auditor's Office since 1860, will more fully illustrate what
is here stated relating to the present labor and official responsibility
compared with former years.
COMPAEATIVE STATEMENT, hy FISCAL YEABS, of TBANSACTIONS in the FIBST AUD [TOE'S OFFICE, from 1861 to 1880, inclusive.
Nnmber of accounts
e:^amined and adjusted.
Fiscal year.
Amount.
Receipts. Disbursements.
1861...
1862...
1863...
1864...
1865...
1866...
1867...
1868...
1869 ...
1870 . . .
1871...
1872 . -.
1873 . . .
1874...
1875...
1876...
1877...
1878...
1879. ...
1880...,
1,744
1,477
1,407
1,342
1,972
2,122
2,055
2,364
2,547
2,441
2,864
4,511
5,522
6,586
7,065
6,615
7,016
7,038
7,207
7,035
7,461
7,906
8,543
9, 560
10, 520
13, 329
10, 812
11,396
13, 352
12, 630
14,101
15, 293
14,474
17, 237
17, 994
16,847
17,544
16, 381
17, 618
20,046
Receipts.
9,205
9,383
9,950
10, 902
12, 492
16, 451
12, 867
13, 760
15, 899
15, 071
16, 965
19, 804
19, 996
23, 823
25, 059
23, 462
24,560
23, 419
24, 825
27,081
^1
Total amount.
Total.
$40, 032, 704 03
47, 225, 611 94
67, 417, 405 95
81, 540, 726 80
90, 763, 635 52
221, 445, 243 71
218, 884, 931 81
215, 497,955 23
231, 762, 318 23
240, 196, 298 97
239, 338, 078 13
912, 200,147 78
1, 202,869, 370 18
875, 692, 671 71
1,144, 320, 298 80
1,139, 847, 330 52
696, 493, 659 61
959, 020,393 82
917, 547, 049 73
1, 206,298,429 71
Disbursements.
860, 753 25
352, 564, 687 88
890, 917,695 77
1,447, 668, 825 90
1,755, 151,626 75
1, 972,713, 889 06
2, 339,633, 571 08
1, 949,304, 257 09
1, 808,644,481 50
1, 344,512,-789 41
1, 773,277, 492 08
1, 339,778, 632 45
1, 416,193, 007 42
1, 283,786, 750 33
1, 491,427,101 07
1, 746,678, 602 58
986, 401.191 96
1, 287,812, 745 00
1,147, 581.192 79
1, 893,413,941 53
a« «
ti o
$241,893,1,457 28
790,299 82
958, 335,101 72
1, 529,209, 552 70
1, 845,915,262 27
2,194, 159,132 77
2, 558,518, 502 89
2,164, 802, 212 32
2, 040,406, 799 73
1, 584,709, 088 38
2, 012,615, 570 21
2, 251,978,780 23
2, 619,062,377 60
2,159, 479,422 04
2, 635,747, 399 87
2, 886,525, 933 10
1, 682,894, 851 57
2, 246,833,138 82
2, 065,128,242 -52
3, 099,712, 371 24
7,249
7,997
7,436
7,580
8,524
12, 635
10, 823
10,160
10, 859
10, 572
11, 426
12, 900
12, 433
13, 766
12, 860
12,163
13, 059
12, 729
13,824
13, 768
727
1,065
1,339
1,316
1,824
1,909
1,735
1,737
1,900
2,395
2,239
2,356
2,339
1,905
2,282
2,048
2,055
2,473
3,219
3,443
1,646
2
2,424 . S
2,326
3
2,973
g
5,022
2
4,295
^
li 690
o
6,856
y
5,672
^
5,138
uj
5,362
g
2,948
4,505
4, 626
5,891
3,891
^
—
75,414
•
.
•
.
•
•
— : —
^
^
2•
t^
>.
•
O
^
QQ
FIRST AUDITOR.
; 265
An examination of the foregoing table will show that the labor and
official responsibility has increased in this office three hundred per cent,
since 1861. This increase will doubtless continue in the future, yet in a
less ratio perhaps, growing out of the fact that all public accounts, except' those specially assigned by statutes to other accounting officers,
are referred to this office for examination and adjustment; and for
the further reason that, with the increase of population, and of organized States and Territories, the Treasury Department will of necessity
be required to adjust and pay a larger number of accounts that will be
filed for settlement. This table clearly shows the necessity for the additional clerical force in this bureau heretofore recommended by me, and
which was granted by act of (Congress approved June 15, 1880.
While the labor required of the office had increased three hundred
per cent, over that of 1861, the clerical force had not been increased
over one hundred per cent., and this compelled a constant detail of
clerks for special duty in the office in order that the public business
might be dispatched without embarrassment.
'Attention is called to the riumber of accounts and the amounts involved in the settlement of what are known as "• miscellaneous accounts,'^
underthe designation of ^^miscellaneous desks," from Ko. 1 to 7 inclusive. These embrace the largest part of the disbursements from the
TJnited States Tre^-sury during the year, yet their examination is not
under the supervision of a chief of division, as they do not belong to
any class j^ertaining to divisions of the First Auditor's Office as now organized.
I would respectfully recommend that a new division be organized, to
be known as the Division of Miscellaneous Accounts, to which should
be referred all accounts not now assignable to existing divisions in this
office.
While the accounts settled upon these desks are now carefully and
critically examined by clerks in charge who would be a credit and honor
to any office, for I except non(3, as to diligence, efficiency, and integrity,
this will secure a supervision of the accounts stated by them, which
will be an additional guarantee of their correct adjustment. In cases
of enforced absence of clerks from duty on account of sickness or otherwise, the work of the new division will proceed with less embarrassment
under the charge of an efficient chief.
Eenewing my former commendations of the deputy auditor, chiefs of
divisions, and clerks and employes of the office for faithful and intelligent performance of duty,
I am, sir, most respectfully, your obedient servant,
E. M, EEYKOLDS,
^
.
FirstAuditor.
Hon. J O H N SHERMAN,
Secretary of the Treasury.
REPORT OF THE SECOND AUDITOR.
267
REPORT
OF
TIE SECOHD AUDITOE OE THE TREASURI.
TREASURY D E P A R T M E N T ,
SECOND AUDITOR'S O F F I C E ,
Washington^ Septemher 30, 1880.
S I R : In accordance with section 283 of theEevised Statutes, and your
request of the 13th instant, I hsive the honor to submit my report ofthe
business assigned to this office for the fiscal year ending June 30, 1880.
B O O K K E E P E R S ' DIVISION.
The application of money appropriated for the War Department and
Indian service is shown by the following condensed balance sheet of
aiipropriations:
War.
Indian.
CREDITS.
Balance to tbo credit of all appropriations on tKe books of tbis office,
July 1,1879
....:
Amount of repayments during tbe year
Amount repaid througb the Third Auditor's Office to the appropriation for " Clothino", Camp and G-arrison Equipage "
Amount credited by warrants issued to adjust appropriations uiider
section 5, act March 3,1875, and by other counter warrants.
Amount of annual, permanent, and specific appropriations made by
law
.........iJ
i.i
..
Total credits.. •.
$1,804,873 55
1^019,259 91
$5,018,999 73
325,114-53
86,155 40
1, 081 60
1,349,016 69
16j 613, 336 22
6,910,577 07
19, 524, 706 68
13, 603, 708 02
DEBITS.
Ainounts paid out on requisitions issued by the Secretary of War,
and charged as follows:
To appropriations of the Pay Department
To appropriations of the Ordnance Department
To appropriations of the Medical Department
To apxDropriations of the Adjutant-General's Department
To appropriations under the immediate control of the Secretary
12, 680, 861 29
1, 586, 528 64
276, 361 91
71, 748 95
To the appropriation for the Commanding General's Office
To the Soldiers' Home
•.
To the National Home for Disabled Voluinteer Soldiers
To special acts of relief
...
.
.
. . . .
Amount drawn through the Third Auditoif's Office from the appropriation for '' Clothuig, Camp and G-arrison Equipage "
...
Amount paid out on requisitions issued by the Secretary of the Interior
Amount charged by warrants issued to adjust appropriations and by
other transfer warrants
... ..
Amount carried to the surplus fund under section 3691, Revised Statutes
1, 068, 537 29
Total debits...
Balance remaining to the credit of all appropriations on the books of
this 0 fii ce June 30,1880
.'
A
—
—
f
— —
98, 051 52
3, 622 53
103,- 087 IS
880, 000 00
5, 452 64
6, 271,506' 15
1, 313 96
1,349, 016^ 69
963, 871 23
527, 460 55
17, 740, 337 14
8,147,989 3^
1,784, 369 54
5,455,718 68'
.
269
270
REPORT ON THE FINANCES.
/
The number of requisitions registered, journalized, and posted was .
5,119, namely: War, 1,260 debit and 508 credit; Interior, 3,135 debit
and 216 credit. Twenty-nine miscellaneous settlements, involving
$224,403.10, were made in this division; 1,170 certificates of deposit
were listed; 546 repay requisitions were prepared for the War and Interior Departments; 53 official bonds of disbursing officers were recorded ; 370 certificates of non-indebtedness were issued, and 26 special
reports were made in reply to inquiries from committees of Congress
and individual Senators and Eepresentatives. A statement was prepared, showing the expenditures on account of the War of the Eebellion
chargeable to appropriations on the books of this office. The amount
disbursed on account of said war up to June 30, 1879, was ascertained
to be $1,558,138,343.88.
The following settlements confirmed by the Second Comptroller were
entered, and posted :
Disbursing accounts : Army officers', 243; Indian agents', 227
470
Claims: War, 331; Indian, 2,337
2,668
Special settlements connected with overpayments, refundments, removal of
suspensions, &c
426
Miscellaneous
i.
148
Total
3,712
/
PAYMASTERS' DIVISION.
Paymasters' accounts on hand unexamined J u l y 1, 1879
Received during the year
154
516
Total
Audited and rei)orted to the Second Comptroller
670
540
On hand, unexamined, June. 30, 1880
130
The amount involved in the 540 audited accounts, and in 294 miscellaneous settlements, was $12,110,035.15, as follows :
Disbursements by paymasters
$11,854,187 21
Fines and stoppages paid to the Soldiers' Home
110,386 20 .
Transfers to the Third Auditor's books on account of tobacco sold to
soldiers, $118,156.55; and on account of stoppages for subsistence
and quartermaster's stores, $5,371.52
:
123,528 07
Charges to officers and men of the Army and late volunteer forces on
account of overpayments
7,726 38
Amount of overpayments refunded
5,245 59
Sundry charges and credits
8,961 70
Total.......
12,110,035 15
The accounts of seventeen paymasters were finally adjusted during
the year, showing balances due the United States amounting to
$12,645.10 ] of which $9,622.46 has been collected and deposited in the
Treasury. From the record of deposits by enlisted men under the act
of May 15, 1872, kept in this division, it appears that the sum of
$343,381.95 was deposited with paymasters whose accounts have been
audited during the year; and that $250,725.78 was returned to the
depositors. Under the act of June 18, 1878, which authorizes officers
of the Army to count service as enlisted men in making up their longevity
record, one hundred and ten records have been examined and revised,
in order to determine from what date the officers interested are entitled
to increased pay for length ^pf service.
SECOND AUDITOR.
>
'
'
271
MISCELLANEOUS DIVISION.
There were 1,865 accounts examined in this division during the year,
in which disbursements aggregating $3,890,788.07 were passed to the
credit of the officers concerned, under the following heads of appropriations :
Ordnance, ordnance stores and sup])lies, armament of fortifications,
manufacture of arms, arming and equipping the militia, ordnance
service, repairs of arsenals, and other appropriations of the Ordnance
Department
$1,484,230 92
Medical and hospital department, artificial limbs and appliances. Medical and Surgical History ofthe W a r of the RebeUion, Army medical
museum, and other appropriations of t h e Medical Department
..
142,670 24
Recruiting, including $159,126.88 allowed on the adjustment of volunteer recruiting accounts
235,555 07
National Home for Disabled Volunteer Soldiers
1,819,416 84
Contingencies of the Army, expenses of military convicts, publication
of omcial records of the War of the Rebellion, and other appropriations under the control of the Secretary of War
87,837 83
Arrears of pay and bounty due colored soldiers
^
87,855 50
MisceUaneous
33,221 67
Total disbursements
Accounts on hand July 1,1879
Received during the year
'
Total
Accounts examined during the year
Remaining on hand June 30, 1880
3,890,788 07
481
1,8302,311
1,865
44d
The clerks engaged in recording payments to officers of the Eegular
Army and volunteer forces have examined and entered 100,247 vouchers, discovering, incidentally, thirty cases of double payment, which
have been reported for appropriate action.
I t is suggested that Congress^be asked to amend the act of March 3,
1875 (18 Statutes, 360), so as to require the fiscal officer ofthe National
Honie for Disabled Yolunteer Soldiers to give a bond to the United
States in such sum as the Pr(3sident of the United States may deem
proper, said bond to be approved by the Secretary of War, and be subject to the provisions of sections 1192 and 3639, Eevised Statutes. Under
existing laws the moneys appropriated for the support of the Iiational
Home are placed to the credit ol' the fiscal officer of that institution with
a designated depositary of the United States, in the same manner that
other public moneys are advanced to disbursing officers of the War Department. The act of March 3, 1875, requires that the managers of the
Home shall render to the Secretary of War accounts of all their receipts
and expenditures, and that SUCIL accounts shall be audited and allowed,
as required by law for the gen(iral appropriations and expenditures oi
the War Department. Until the accounts are so audited and allowed
the fiscal officer of the Home is a debtor to the United States on the
books of this office for advances made to him without the security ordinarily demanded of officers who are intrusted with the disbursement of
public funds. For this reason I think he should give a bond to the
United States. At the same time I disclaim any reflection on the past
or present officers of the National Home.
INDIAN DIVISIOI^.
Last year's report showed that, in consequence of a large increase in
the number of accounts and claims presented for adjustment, the work
of this division had fallen in arrear. Additional clerical force was as
272
REPORT ON THE FINANCES.
signed-to it as early as practicable, and the number of accounts on hand
has been materially lessened.
The greater portion of the money appropriated by Congress for the
Indian service is now paid directly from the Treasury, on requisitions
issued by the Secretary of the Interior, based upon accounts stated by
the Second Auditor and certified by the Second Comptroller. Formerly
the bulk of the money was advanced to Indian agents for disbursement.
Accounts for Indian supplies, &c., were then paid first and audited
afterwards. Now they are audited prior to payment. This method undoubtedly has its advantages, but it is also open to objections, one of
which is that it throws upon the Treasury Department the labor of paying; by draft numerous claims for comparatively insignificant amounts
that might be paid more promptly and with less expense to the government by the bonded disbursing officers of the Indiap service. During
the last fiscal year one hundred and six claims of $5 each or less, and
four hundred and= thirty-five for sums varying frbm $5 to $25, have been
paid by draft. The weight of the objection here suggested will be appreciated when it is stated that a claim for 50 cents must pass through
the same channels and undergo the same manipulation as one for $50,000,
and, in its progress through the Interior and Treasury Departments, must
pass through the hands of nearly fifty persons, including two heads of
departments, one Assistant Secretary, two members of the Board of
Indian Commissioners, six heads of bureaus, and eight chief clerks and
chiefs of division.
To show how the business of this office has been affected by the change
in the method of disbursing Indian appropriations, I append a statement
of the number of claims settled.and requisitions issued since July 1,1869,
from which it will be seen that, while in 1880 there were five and onehalf times as many claims and six times as many requisitions as in 1869,
the increase in the amount involved is only 50 per cent.
Claims
settled.
Fiscalyear.
1869
y
.. • -.
1870
1871
...i
1872
1873 .
1874
. .....^;...
1875
... 1876
1877
1878
1879
1880
. . .
: 584
635
962
996
984
1.101
1,678
1,236
2, 248
2,966
2, 937
3,220
'
. .....
. ..
....
..:
Eequisr= tions
issued.
Amount.
. 560 $2,750,539 75
• 625
1, 307, 083 96
1,006 • 2,973,705 72
3,108,160 49
977
1, 386. 4, 730, 749, 34
3, 050, 552 94
. 1,482
4, 422, 865 55
^ 1,867
3, 556, 269 38
1,488
3,575,641 22
2,194
3,398,813 00
2, 873
3,795, 366 05
3, 019
.4,146, 681 39
3,851
The accouhts and clairas received, adjusted, and remaining on hand
during the last fiscal year are shown by the following statement:
-rH-tO
.g^o
O bO.
o
Money accounts of Indian agents . . .
Property accounts of Indian agents .
Claims bf contractors; eniployls, &o.
Total disbur'semeiits
451
352
393
673
330
2, 975
^^
781
333
3,220
SS.rClcO'
343
349
148
II
II
;l, 518, 548 27
4,146, 681 39
5, 660; 229 66
SECOND
273
AUDITOR.
I t is proper to remark thaij the 148 claims remaining unexamined
belong to a large class of outstanding claims that accrued between 1873
and 1876, chargeable to appropriations that have been exhausted or
carried to the surplus fund, and that theycannot be paid until Congress
shall have provided the necessary funds.
Forty one transcrixits of accounts of Indian ag^ents, no longer in the
service, have been prepared for suit, and the sum of $25,556.82 has been
recovered by suit and otherwise and covered into the Treasury.
P A Y AND B O U N T Y D I V I S I O N .
The work of this division is exhibited in the subjoined tabular statements of claims examined and claims settled. When claims for arrears
of pay and bounty are presented to the office, it is the duty of the
^^Examining Branch'' of this division to ascertain whether or not they
have already been paid or rejected, and to see that all the evidence
required by law and regulation is filed by the claimant or his attorney.
The /^Settling Branch" deals only with claims that have been reported
by the Examining Branch as technically correct and ready for adjustment.
Examining Branch.
Original claims.
Suspended claims.
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i
*a
^
C l a s s of c l a u n s .
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.
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^-g
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a
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•
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^1
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^1
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ii
n
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bD^
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tl
^I'rt
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© 2
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.a
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So
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"5?
fH
i
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Hi
White soldiers.
A r r e a r s of p a y , original bounty,
and
b o u n t y u n d e r a c t of
A p r i l 22, 1872
10, 810
Additional bounty, act
J u l y 28,1866
2,599
M e x i c a n w a r claims
three months' extra
pay, act P e b r u a r y
19,1879
781
4
«
10, 691
109
6
17, 821
i,iio
2,506
32
61
6,178
595
11, 704 4, 947, 28, 631 51, 233
391
390
840
33
12, 084
396
10, 368 1,320
14,198 21, 277
36, 923 2,194
26, 922 . 7, 807
53, 227 90, 563
4,354 1,229
496
311
8,777 13, 589
1,621
4,464
Colored soldiers.
A r r e a r s of p a y a n d
all b o u n t i e s
Total
2,114
1
2,099
9
5
16, 304
5
15, 687
540
72
18 F
O
274
REPORT
ON T H E
FINANCES.
Settling Branch.
.Number of claims.
fl
.1,
©
Class of claims.
1
•
i
1
©
3
o
H
i
g
s
1
©
©
• o
Amount
involved.
White soldiers.
Arrears of pay, original bounty and
bounty under act April 22, 1872
Additional bounty, act July 28,1866
Mexican war claims, three months'
extra pay, act February 19, 1879
Colored soldiers.
15, 830
1,658
1,642
975
6,824
996
8,466
1,971
1,300
167
1,565
1,732
6,329
25,117
1,529
4,313
$178, 991 91
99, 629 10
4,860 56
139, 551 68
Arrears of pay and all bounties
Total
2,119
3,648
11, 504 15, 817 17, 939
3,692
423, 033 25
In addition to the settlements reported above, one was made for
$5,006.13 in favor of the Soldiers' Home, under section 4818, Eevised
Statutes, on account of unclaimed arrears of pay due deceased soldiers
of the United States Army.
The total number of claims remaining on hand June 30, 1880, was
29,470, namely:
Arrears of pay and bounty to white soldiers
Additional bounty, under t h e act of J u l y 28, 1866
Arrears of pay and bounty to colored soldiers
Three months' extra pay to soldiers who served in the war with Mexico, act
February 19, 1879.
Total
17,16 4
2, 625
9,523
158
29,470
It will be observed that comparatively few of the claiins for three
months' extra pay to soldiers of the Mexican war, so far presented, have
been allowed. The whole number filed up to June 30, 1880, was 3,963,
of which only 167 have been paid, while 3,638 were rejected, and 158
remain on hand for adjustment. The time for filing claims for additional
bounty, under the act of July 28,1866,, expired on June 30th last. Many
claimants do not appear to be aware of this, although the fact has been
repeatedly published. Claims continue to be presented, but as the
accounting officers cannot entertain them, they are at once returned to
the claimants. Unless the time for filing this class of claims be further
extended by Congress, I anticipate that the next annual report will show
that all have been disposed of.
DIVISION FOR THE INVESTIGATION OF FRAUD.
During the year, 8,722 cases were before this division for examination
•and investigation. Of these, 4,639 were examined and partially investigated, 332 were finally disposed of, and 8,390 cases remain on hand for
further consideration. Abstracts of facts were made in 547 cases'j 69
were-^ transmitted to the Department of Justice for suit and criminal
prosecution, and 4,900 letters \\ re written. These cases comprise such
claims presented on account of ii. litary service to the United States as
involve apparent, alleged, and su. ected fraud in their prosecution and
SECOND AUDITOR.
275
collection, unlawful withholding of money from claimants, forgery, criminal personation of soldiers and their heirs, difficult identification, overpayments and double payments of officers and enlisted men, conflicting
testimony, contested heirship, &c., and are as follows:
Unsettled cases of 1,000 white and 1,574 colored soldiers, and cases of
1,900 white and 3,517 colored soldiers in which notice of fraud or wrong
was not presented until after settlement of the claims.
The amount recovered by suit and otherwise and returned to the
Treasury was $4,696.17; amount of judgments recovered, but not yet
satisfied, $375.22 5 amount secured to claimants from parties unlawfully
withholding, $1,741,225 and amount returned to the Treasury by the
paymaster having charge of the business of the late freedmen's branch
of the Adjutant General's Office, $27,219.41.
I respectfully invite your attention to the urgent necessity of some
action on the part of Congress with regard to the claims of colored
soldiers and their heirs, to which special reference was made in the annual reports for 1875, .1876, 1877, 1878, and 1879. The case was succinctly stated in last year's report as follows:
Many colored soldiers now living, and the heirs of others who Avere killed in the
military service, are clamorous for the pay and bounty which they claim to have been
defrauded of under the regime of the Freedmen's Bureau. The accounting officers of
the Treasury Department, to whom their reiterated applications are made, are powerless to afford them any satisfaction.
PROPERTY DIVISION.
Property returns (clothing, camp and garrison equipage) on hand July 1,
1879
"
7,776
Received during the year
3,817
11,593
4,032
Settled during the year
Property returns unsettled J u n e 30,1880
7,561
The sum of $1,204.89 has been charged to officers for property not accounted for, $365.36 has been recovered, and 342 certificates of non-indebtedness have been issued to officers no longer in the service.
DIVISION OF INQUIRIES AND REPLIES.
The records of this division show that 5,467 inquiries remained unanswered on July 1, 1879; that 9,665 have been received since that date;
and that 10,360 replies, containing information of a varied character,
have been made to inquiries from the Adjutant-General, QuartermasterGeneral, Commissary-General, Chief of Ordnance, Commissioner of
Pensions, and the Third and Fourth Auditors. There are 4,772 inquiries
awaiting attention, the major part of which are from the Adjutant-General. The following miscellaneous work has been performed:
Rolls and vouchers copied for the Adjutant-General (414) and for the Department of Justice (50)
464
Miscellaneous papers copied, namely, affidavits, final statements, certificates of disability, letters, furloughs, &c
2, 367
Signatures on claims, &c., comiiared with signatures on muster and pay
rolls, vouchers, &c ..,
1
3,831
Descriptive lists briefed and filed away
13,965
Overx^ayments and double payments discovered, amounting to
$22,436 48
Amount recovered in satisfaction of charges raised against officers and enlisted men at the instance of this division
2,066 18
DIVISION OF CORRESPONDENCE AND RECORDS.
Letters received, 37,116; written, 32,258; referred to other offices,
having been sent here in error, 2,145.; recorded and indexed, 984; dead
276
REPORT ON THE FINANCES.
letters received and registered, 1,824; claims received, briefed, and registered, 30,602; miscellaneous vouchers received, stamped, and distributed, 49,743; letters containing additional evidence to perfect suspended claims briefed and registered, 18,080; pay and bounty certificates
examined, registered, and mailed, 4,591; pay and bounty certificates
examined, registered, and sent to the pay department, 3,692; reports
calling for requisitions sent to the Secretary of War, 452; miscellaneous
cases disposed of, 3,864.
ARCHIVES DIVISION.
Paymasters^ accounts received from the Pay Department to be audited
Confirmed settlements received from the Second Comptroller, entered, indexed,
and placed in permanent files: Paymasters', 161; Indian, 2,591; miscellaneous, 608
Miscellaneous accounts withdrawn and returned to
files
Vouchers withdrawn from files for reference in the settlement of accounts and
claims
Vouchers returned to
files
.•
•
Vouchers briefed
Mutilated rolls repaired
516
3,360
1,807
31,829
49, 338
127,976
21,365
RECAPITULATION.
Number of accounts and claims, of all kinds, on baud unexamined Jnly 1,
1879
Number received during the year
29,777
35,258
Total
Number adjusted during the year
65,035
26,588
Number of accounts aud claims, of all Mnds, remaining on hand June 30,1880.
38,447
Amount drawn out of the Treasury by requisitions on account of
claims allowed, and advances made to disbursing officers, $20,633,746.37.
Amount involved in claims and disbursing accounts audited and adjusted during the year, $22,057,617.42.
• Total number of letters written, 162,828.
Average number of clerks employed, 136.
As will be seen by the foregoing recapitulation, there were 38,447 unsettled accounts on hand June 30, 1880, against 29,777 on July 1, 1879,
an increase of 8,670, as follows:
Increase in number of unsettled claims for back pay and bounty
Decrease in number of unsettled accounts of all other classes
Net increase in number of unsettled cases
^
9, 300
630
8,670
The accumulation of unsettled claims for arrears of pay and bounty is
due to insufficient clerical force and peculiarities in the character of the
claims presented. The first of these causes has been in a measure removed by an addition to the force of the office, which has enabled me
to place more clerks in the Bounty Division, with a view of bringing the
work up to date as early as possible; but the difficulties attending the
adjustment of these claims increase rather than diminish.' Questions of
law and fact, heirship, identity, i&c, now arise that were comparatively
unknown when the claims accrued, and call for an amount of careful
investigation and tedious correspondence not required ten years ago.
Yery respectfullv,
O. FEREISS, Auditor,
Hon.
J O H N SHERMAN,
Secretary of the Treasury,
REPORT OF THE THIRD AUDITOR.
277
REPORT
THE THIRD AUDITOR OF THE TREASURY.
TREASURY D E P A R T M E N T ,
.
T H I R D AUDITOR'S O F F I C E ,
WasMngtonj Octoher 25^1880,
S I R : I have the honor to transniit herewith report of the operations
of this office for the fiscal year ended June 50, 1880. The following,
statement shows, in tabular form, the number and amount of accounts
and claims received and audited, and the number and amount of accounts and claims remaining unsettled at that date, viz:
ii •
U
!N"umbeT: of a c c o u n t s set;
t l e d i n fiscal y e a r e n d e d
J u n e 30,1880.
O be .i-
j ^ t i 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 30,1880.
D e s c r i p t i o n of accoTiiits.
.<c fl
Monthly Monthly Monthly
a n d quar- a n d qaar-l a n d quarterly.
terly.
terly.
Quartermasters' money
Quartermasters' property..
Commissaries' m o n e y . . . . . .
Pension agents' m o n e y . . . . .
Engineers' money
S i g n a l officers' m o n e y
S i g n a l officers' p r o p e r t y
C l a i m s for h o r s e s l o s t
C l a i m s for s t e a m b o a t s destroyed Oregon w a r claims
Miscellaneons claims . . . . . .
State w a r claims
Total
558
220
625
89
33
50
179
5,196
3,017
4, 094
1,687
547
189
155
701
323
2,739
3,762
1,872
• 277
186
89
758
617
73
710
12, 674
9
1
56
2,946
2
1
59
2, 607
3
20,416
13, 718
12, 970
A m o u n t involved.
$11, 824, 068 66
2, 790,182
31,169, 748
7, 014, 215
160, 903
60
01
22
94
125,114 57
Montlily
a n d quarterly.
836
552
440
359
36
116
122
4,902
00
75
96
22
73
707
13, 013
56, 929, 333 93
21,164
1, 500
7, 468
3, 349, 000
487,131
A n i o u n t involved.
$2,144, 673 26543, 774 26
42,115,488 37
2, 470, 226 88
571, 655 78
891, 715 12:
727,; 378
882
8,175, 232
4,096, 750
87
44
09
33
61,737,777 40'.
279
280
REPORT ON T H E FINANCEB.
isl
Transfers not involving an expenditure frora
the Treasury.
Advances to officers and agents
during thefisoal
year.
BOOKKEEPERS' DIVISION.
Number of requisitions drawn by
the. Secretaries of W a r and Interior on the Secretary of the
Treasury in favor of sundry
persons, 2,894, amounting to
$78,445,629.86, paid out of the
following appropriations:
$3, 321, 030 87
$21,969 81 $503 04
Kegular supplies, Q. M. D
957,160 09
4, 364 24 29,740 53
Incidental expenses, Q. M. D
871, 759 09
4, 219 42 7, 212 39
Barracks and quarters, Q. M. D
4, 203, 546 11
896,107 36 3,964 61
Army transportation
^ 4,379 88
Clothing, camp, and garrison equipage 1, 064,157 41
109, 029 08
48 74
National cemeteries
Pay of superintendents of national
58,775
64
cemeteries '.
75, 540 27
Construction and repair of hospitals . .
375, 039 06
Observation and report of storms
..
Claims for quartermasters' stores and
2, 231 92
commissary supplies, &c
..
625 00
198, 965 72
Cavalry and artiUery horses
Miscelianeous claims audited by Third
989 54
Auditor
Constructing jetties, &c., at South
.
1,100, 000 00
Pass Mississippi Kiver
Kepair of road between Fortress Mon6, 500 00
roe and Mill Creek . ....
Telegraphic cable from main land, ih
15, 000 00
Ilhode Island, to Block Island.
Fifty per cent, of arrears of Army
transportation due land-grant rail285, 554 09
roads, act March 3, 1879
Claims of loyal citizens for supplies
645 40
furnished, &c
Buildings for military quarters at Fort
Snelling Minn
25, 000 00
Kebnilding officers' quarters at Madi25, 000 00
son barracks, Sacket's Harbor
Headstones for graves of soldiers in
30, opo 00
private cemeteries
Military road from Alamosa, Colo,, to
Pagosa Springs
10, 000 00
Military post near Niobrara River,
Northern Nebraska or Dakota
. 50, 000 00
Signal Service
10, 501 06
Construction, maintenance, and repair
of military telegraph lines
50, 000 00
Erection of barracks at Portress Mon-.
' roe, Va
34,000 00
-Extension of military telegraph lines
" from Port E l l i o t t . . .
20, GOO 00
Extension of military telegraph lines,
via Newport, on Mill Creek
20, 000 00
Military road from Ojo Caliente, New
5, 000 00
Mexico, to Pagosa Springs
Military road from Scottsburg to Camp
'
5, 000 00
Stewart, Oreg ..
Military post at El Paso, Tex
40, 000 00
Military post near Pagosa Springs,
Colo
40, 000 00
Eemoving remains of officers to na300 00
tional cemeteries
Kefunding to States for expenses incurred, &C. 8, 513 06
Kemoving remains of W. E. English,
lieutenant Seventh Infantry, U. S. A . .
300 00
Payment to State of Tennessee for keep• ino" &c IJnited States nri son ers
5, 400 69
101, 596 01
7, 249, 809 25
Engineer appropriations
3, 985 36 2, 697 39
2, 389, 481 86
Support of military prison at Port
Leavenworth, Kans
67, 440 00
111, 225 51 6, 976 71
2, 533 34 9, 212 50
54,481, 808 02
Commntation of rations to prisoners
7 88
of war, &c
1
Total.
$3, 343, 503
991 264
883,190
5,103, 618
1, 068, 537
109,077
58, 775
75, 540
375, 039
2,231
199, 590 •
989
1,100,000
6,500
15, 000
•<£
285, 554
—
•
•
645
25, 000
25, 000
30, 000
10, 000
•
50, 000
10, 501
-
50,000
34, 000
20, 000
20, 000
5, 000
5,000
40, 000
40, 000
300
8, 513
300
5,400
7, 351,405
2,396,164
67, 440
118, 202
54,493, 553
7
Kelief o f b o a r d of t r u s t e e s of A n t i e t a m
national cemetery
Kelief of J o h n N . K e e d
Kelief of p e r s o n a l r e p r e s e n t a t i v e ' of
M . Gr. H a r m a n
-.
Kelief of t h e families of t h e m e n w h o
p e r i s h e d on t h e TJnited S t a t e s d r e d g e boat McAlister
Kelief of M i c h a e l G-ranery, N i c h o l a s
• W a x , and Moleere Lange
P u r c h a s e of c e m e t e r y g r o u n d s n e a r
C o l u m b u s Ohib . . . . . . . . . . .
281
Transfers not involving an expenditure from
the Treasury.
AUDITOR.
Advances to officers and agents
during the flscal
year.
THIED
ft
P^pfl
Total.
•••1
•
^
$13, 223 41
4,124 50
$13, 223 41
4,124 50'
354 00
354 00
1,080 00
1, 080 00
1, 500 00
1, 500 00
.
500 00
$500 00
$75, 810,143 53 2, 554, 897 25 $60,307 17 20, 281 91 78, 445, 629 8&
Total
-.
The number of credit and counter requisitions drawn by the Secretaries of War and Interior on sundry persons iu favor of the Treasurer of the TJnited States is 1,170, on which repayments into the Treasury have been made through the Third Auditor's Office, during the flscal year ended June|30, 1880:
Deposits
$1,811,469 28
Transfer accounts
127,200 40
Total
:
1,938,1
QUARTERMASTERS' DIVISION.
Money accounts.
•
A m o u n t involved-.
Number.
.
K e c e i v e d d u r i n g t h e fiscal y e a r
Total
K e p o r t e d d u r i n g t h e fiscal y e a r .
Kemaining unsettled
... . . .
Property
returns.
Supplemental settle^
ments.
Money.
Amount
involved.
558
3,017
$1, 800, 068 67
12,168, 673 25
220
4, 094 .
3, 575
13, 968, 741 92
4,314
300
105 909 3 ^
2,739
836
11,824,068 66
2,144,673 26
3, 762
552
30©
105, 909 39'
. 300 $105 909 3&
•
3,575
T otal
13, 968, 741 92
4,314
300
Signal a c c o u n t s .
-On h a n d p e r l a s t r e p o r t .
..
K e c e i v e d d u r i n g t h e fiscal y e a r
.. .
...... .
Total
K e p o r t e d d u r i n g t h e fiscal y e a r
Kehiaining unsettled
Total
:
Total.
A m o u n t inNumber.
volved.
Property.
Money.
179
701
50
155
$143, 772 13
588,787 59
leS, 909 3&
A m o u n t involved.
1, 007
8,267
$1, 943, 840 80
12,-863,370 23
880
205
732, 559 72
9,274
14, 807, 211 03
758
122
89
116
160, 903 94
571, 655 78
7,648
1, 626
12,090,881 99
2,716,329 04
880
205
732. ^^Q 72
9.274
14 807 ^ n 03
•
ISTumber of letters written, 5,417; number of clerks employed, 18;
number of vouchers examined, 239,767; number of pages of manuscript
written, 10,012.
282
REPORT ON THE FINANCES.
SUBSISTENCE DIVISION.
Thetransactions of the subsistence and engineer branches for the fiscal
year are shown by the following statement, viz:
Subsistence accouhts.
A m o u n t involved.
Number.
625
• l,-687
O n lia^Dd T)6r l a s t r e i i o r t J u n e , 30,1879 - - - . .
Total
K e p o r t e d d u r i n g t h e fiscal y e a r
2, 312
1,872.
..
440
R e m a i n i n g on h a n d J u n e 30,1880
Engineer accounts.
Number.
A m o u n t involved.
$823,183 14
2,510,773 72
33
189
$2, 342, 074 34
7,142, 367 76
3, 333, 956 86
2, 790,182 60
222
186
9, 484, 442 10
7, 014, 215 22
543, 774 26
36
2, 470, 226 88
Number of vouchers examined, 138,851; number of letters written,
1,873; number of difference sheets written, 1,021; number of ^calls
answered, 642; number of clerks employed, 9.
MISCELLANEOUS CLAIMS DIVISION.
Amount
claimed.
Number.
O n h a n d J u l y 1 1879
Keceived during t h e year
-
Total..........
D i s n o s e d of durinff t h e v e a r
Onhand J u l y l 1880......
..
.
...
12, 674
2, 946
a$8,427, 840 54
63, 096, 392 51
15, 620
2,607
11, 524, 233 05
c3, 349, 000 96
13,013
(Z8,175, 232 09
Oregon and W a s h i n g t o n Ind i a n w a r c l a i m s 1855-'56.
.
•
/
;
.
•
.
;
•
•
•
„
.
•
/
Number.
Amount
claimed.
710
56
e$5,499 69
/ 3 , 351 50
On h a n d J u l y 1,1879 .
Keceived during the year
Total................
D i s p o s e d of d u r i n g t h e y e a r
O n h a n d J u l y 1,1880.
.
..
707
. Amount
allowed.
.
$2, 690, 525 89-
L o s t v e s s e l s , &c., a c t of
M a r c h 3,1849.
Number.
Amount
claimed.
Amount
aUowed.
73 $727, 378 87
1
1,500 00
8, 851 19
g l , 968 75 "'$5,'484'is
766
59
Amount
allowed.
7i882 44
. 7 4 . 728, 878 87 •
1
1, 50.0 00
73
$800 00
727 378 87
aThis is the ampunt claimed in 11,142 cases, the amount claimed in the other 1,532 cases hot being
stated.
& This is the amount claimed in 2,701 cases, the amount claimed in the other 245 cases not being stated.
c This is,the amount claimed in 2,433 cases, the amount claimed in the other 174 cases not being stated.
ciThis is the amount claimed tu 11,410 cases, the amount claimed in the other 1,603 cases not being
stated.
e This is the amount claimed in 345 cases, the amount claimed in the other 365 cases not being stated.
/ T h i s is the amount claimed in 21 cases, the amount claimed in the other 35 cases not being stated.
^r This is the amount clainied in 28 cases, the amount claimed in the other 31 cases not being stated.
A. This is the amount claimed in 338 cases, the amount claimed in the other 369 cases not being stated.
Number of letters written during the year, 2,373.
STATE AND HORSE CLAIMS DIVISION.
Original account.
s t a t e claims.
O n h a n d J u n e 30,1879 .
.
.
K e c e i v e d d u r i n g t h e fiscal y e a r e h d e d J u n e 30,1880
Total
..
K e p o r t e d durino* t h e fiscal y e a r e n d e d J u n e 30,1880
O n h a n d J u n e 30 1880
. .
Number.
.
Amount.
Suspended account.
Number.
9 $4,247,868 07
336, 013 48
2
11
3
4, 583, 881 55
487,131 22
8
4, 096, 750 33
-
Amount.
21
14
$4, 385,151 41
710, 813 05
35
4
5, 095, 964 46
67, 320 91
31
5, 028, 643 55
283
THIRD AUDITOE.
Number.
Horse claims.
Amount.
On hand June 30,1879
Keceived during the fiscal year ended June 30,1880. ^
Keconsidered during the fiscal year ended J u n e 30 1880
Total
. .....
..
Claims allowed during the fiscal year ended J u n e 30,1880....
Amount disallowed on same
58i
. $105, 720 99
13, 706 78
Amount claimed.
..
....
Claims rejected duriag the fiscal year ended June 30,1880....
36
119,427 77
5,688 80
Number.
Amount.
5,196
256
67
$941, 316 51
66, 315 92
9,197 26
5,519
1,016,829 69
•
•
Total
. .
Deduct as finally disposed of
..
.
.
......:......
617
125,114 57
On hand J u n e 30,1880
'
•
"617'
125,114 57
4,902
891, 715 12
•K
Number of briefs made, 881. Number of claims examined and suspended, 1,893. Number of letters written, 5,500. Number of letters
received and recorded, 5,230. Number of clerks employed, 5.
COLLECTION DIVISION.
£3
02 O
flfl
cS O c
<
July, 1879
August, 1879...
September, 1879
October, 1879 . .
November,' 1879
Pecember, 1879
January, 1880...
February, 1880.
March, 1880
April, 1880
,
May, 1880
June, 1880
'.
Total....
1,200
1,120
823
311
257
1, 079
906
792
795
10, 066
307
254
401
191
204
210
139
139
275
207
222
198
3, 693
2,988
4, 044
1,425
2,391
1, 488.
1,272
971
1,520
1,656
1,953
5,.872
2, 747 29, 273
578
428
65
297
253
865
965549
. 682
327
260
322
253
224.
•387
158
192
389
82
113
211
183
195
178
5, 591 2, 365
2,691
708
1, 913
3.517
3,589
5,626
5,763
8,732
12, 950
11, 464
11, 207
7,038
75,198
54
238
Work has been continued during the fiscal year in abstracting the names
of soldiers of the war of 1812, for the purpose of arrangement in alphabetical registers, with all the clerical force available. Up to date three
hundred and forty-six thousand four hundred and thirty-two payments
have been abstracted, which is probably one-half of the payments made
for services in that war. In order to complete these registers within a
period of time that will be available to the old soldiers and their widows,
whose applications for pension are now pending in the office of the Commissioner of Pensions j but whose service cannot be traced for lack of
data to base a search upon, an increase in the Clerical force in this division will be necessary. In many cases, of widows, especially, who know
the fact by tradition that their former husbands served in the war of
1812, the claimants do not know or have forgotten the names of the ofS.-'
cers under whom they served. Until these alphabetical registers are
completed this office is unable to trace the service of any soldier without the name of the captain or colonel under whom the soldier served.
When these registers shall be completed a knowledge of the name of the
soldier willbe a sufficient clue to trace his military service. When the
abstract slips are entered upon registers they may be sent to theStates
284
REPORT
ON
THE
FINANCES.
from which the soldiers enlisted to become a part of the records of the
State. The current work of the collection division has largely increased
during the fiscal year, and if the same ratio of increase continues additional clerical force will be required to keep it up.
ARMY PENSION
DIVISION.
Amounts refunded to the credit of the following appropriations, during the fiscalyear ended June 30, 1880:
Army pensions 1877 and- prior years
$23,628 45
Army pensions 1878
2,077 68
Army pensions 1878, being amount to credit of appropriation J u n e 30,
1879
J
1,339,582 06
The above amounts were carried to tbe surplus fund.
BalanC(B on b a n d J u n e 30, 1879, appropriation 1879, being t b e unexpended
p a r t of t b e 11,800,000 appropriated
..
Amount refunded a n d deposited, appropriation 1879
„
Amount paid on settlement of accounts, appropriation 1879.
1,332,539 01
89,562 36
Balance to credit of appropriation J u n e 30, 1880
1,242,976 65
A r m y pensions.
A m o u n t apx)ropriated for A r m y p e n s i o n s ,
fiscal y e a r 1880; a c t J a n u a r y 27, 1879
$28, 400, 000 00
A i n o u n t a p p r o p r i a t e d for A r m y p e n s i o n s ,
fiscal y e a r 1880; a c t M a y 31, 1880..
8, 500, 000 00
.
736,173 34
596,365 67
P a y a n d allowances.
P e e s t o surgeons.
$225, 000 00
$202, 500 00
Total.
28, 827, 500 00
8, 515, 000 00
15, 000 00
Total
:
A m o u n t t o c r e d i t of a p p r o p r i a t i o n u n d r a w n
J u n e 3 0 , 1880
36, 900, 000 00
240, 000 00
202, 500 00
357 53
6, 587 64
111, 340 00
118, 285 17
A.mount d r a w n t o b e a c c o u n t e d for .
36, 899, 642 47
233,412 36
91,160 00
37, 224, 214 83
A m o u n t d i s b u r s e d b y p e n s i o n a g e n t s . . -•
36, 291, 814 64
A m o u n t u n e x p e n d e d o n c h a n g e of b o n d deposited b u t n o t y e t credited
80, 892 43
A m o u n t of u n e x p e n d e d b a l a n c e i n h a n d s pf
a g e n t s J u n e 30, 1880, t o b e d e p o s i t e d .
526, 912 47
A m o u n t t r a n s f e r r e d from A r m y t o N a v y
pensions b y Treasury w a r r a n t
-.
A m o u n t erroneously deposited b y agent t o
22 93
be repaid
211, 391 66
73,161 00
36, 576, 367 30
368 28
1,579 00
82, 839 71
20, 652 42
15, 920 00
563,484 89
1, 000 00
500 00
1, 500 00
22 93
Total .
36, 899, 642 47
37, 342, 500 00
37, 224, 214 83
ABBEABS of F E N S I O N S .
\
Arrears of pensions.
Amount appropriated, acts January 29 and March 3,1879. $25, 000, 000 00
Amount appropriated, act May 31, 1880 . .
...
500, 000 00
Total
Amount disbursed by pension agents, fiscal year 1879,
"Army"
.... ..,
Amount disbursed by pension agents, fiscal year 1880,
"Army "
1
Total
25, 500, 000 00
P e e s on
vouchers.
Total.
$15, 000 00 $25, 015, 000 00
500, 000 00
15, 000 00
25, 515, 000 00
4,019,527 33
1, 884 00
4, 021,411 33
19, 609, 855 78
10, 535 10
19, 620, 390 88
23, 629, .383 11
12,419 10
23, 641, 802 21
THIRD
285
AUDITOR.
The follqwing tabular statement shows the number of accounts received
and audited during the fiscal year:
A r r e a r s of p e n s i o n s .
A r m y pensions.
Total.
Number.
Amount. .
Number.
Amount.
Number.
A c c o u n t s on h a n d J u n e 30, 1 8 7 9 . . .
Accounts received during the year.
89
316
$12,275,103 43.
37, 490, 642 83
231
$23, 519, 490 12
89
547
$12, 275,103 43
61,010,132 95
Total........................
405
49, 765, 746 26
231
23, 519, 490 12
636
73, 285, 236 38
A c c o u n t s r e p o r t e d t o t h e Second
Comptroller ....;..
.
..
A c c o u n t s on h a n d u n s e t t l e d . . . . . . .
265
140
29, 639, 695 23
20,126, 051 03
12
219
1,530,052 78
21,^989, 437 34
277
359
31,169, 748 01
42,115, 488 37
405
49,765,746 26
231
23, 519, 490 12
636
73,285,236 38
Total
Amount.
Pensioners recorded
Pensioners transferred
Pensioners increased r-Pensioners restoredCertificates reissued
......
............
Cbanges noted
---....
Corrections m a d e . .
Arrears notifications recorded
....
Pension voucbers examined
....
Payments entered
.....:
Pages of abstract added
..
.
Pages of miscellaneous copied
..........................
Payments corrected
Copies of surgeons' certificates sent to Commissioner
Voucbers witbdrawn from
files
... >.....
- .--Letters received and registered
Letters written
-r.
....
Letters copied in record . . . . . . . . . . . . .
.
...
Letters indexed : . . . . .
...-....:
Pension cbecks verified before payment, 65, amounting to
............
Settlements for lost cbecks made, 53, amounting to
Amount appropriated for printing pension cbecks, act Marcb 3,1879, ' ^ 1879 "..
Amount appropriated for printing pension cbecks, act Marcb 3,1879, ^' 1880 " .
Amount paid on settlement of accounts, '^ 1879 "
Amount paid on settlement of accounts, " 1880 "
19,235
942
7, 355
1,258
1,811
* 695
3,711
2,d36
832, 890
777,964
26,801
933
451
220
6,525
3,624
4, 414 .
3,635
3,603
;2,605 75
2,021 84
8,500 00
9,000 00
8,500 00
8,336 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.
Eeceived.
Number.
O n h a n d J u l y 1,1869
R e c e i v e d durino* fiscal y e a r 1870
E e c e i v e d d u r i n g fiscal y e a r 1872
d e c e i v e d durino" fiscal v e a r 1873
.....
U e c e i v e d duriner fiscal v e a r 1874"^
TReoBivprl
Heceivftd
Ueceived
Ueceived
d n r i n ff
duriue"
durina*
during
fisoal
fiscal
fisoal
fiscal
vear
vear
vear
year
1877
1878
1879
1880
Amount audited
-.
B a l a n c e on h a n d J u n e 30 1880
...
..
-
637
714
930
684
711
864
798
741
834
538
256
547
Amount.
Audited.
Number.
$34, 811, 593 83
27, 743, 819 29
28, 513, 262 44 ^
28, 661, 597 26
28, 756, 702 92
29, 708, 332 26
29, 572, 855 54
28, 348,161 99
27, 899, 359 30
33,194,149 18
26,123,11164
•
61, 010,132 95
, 8, 254
7,895
384, 343, 078 60
342, 227, 590 23
359
42,115,488 37
Amount.
631
789
900
795
786
619
1,150
952
715
281
277
$25, 596, 876 39
32, 813, 334 28
40,000,205.68
33, 926, 556 19
26, 431, 956 71
19, 888, 428 52
48,433,036 92
34,067,985 43
24,133, 591 52
25, 765, 870 58
31,169, 748 01
7,895-
342, 227, 590 23
286
REPORT ON THE FINANCES.
The force employed in this division during the last year numbered 36
clerks and 1 copyist. The consolidation of agencies, together with the
granting of pensions by acts of March 9,1878, and " arrears of pension,''
have caused the vast accumulation of work now on hand. There are
over 40,000 notifications of 'f arrears'' received not yet recorded. Large
numbers of cases are referred to this office for verification of records and
calculation of amount due before payment can be made by the agent.
This current work requires prompt attention. The force heretofore employed has been insufficient to keep up the work, but the clerks have
all been faithful and energetic in the discharge of their duties, the pro
rata of labor performed being larger. The following tabular statements
exhibit the amount disbursed by the several agents, and the unexpended balances in hand June 30, 1880:
AMOUNT DISBUBSED by PENSION AGENTS, during thefiscalyear ended June 30, 1880, as shown by their ACCOUNTS-CUBBENT.
W a r of 1812.
State.
Agency.
San Francisco..
California..
Dist. Columbia- W a s h i n g t o n . . .
Indiana
Indianapolis . . .
Chicago
Ulinois
Iowa
D e s Moines
Kentucky . .
Louisville
Massachusetts. Boston
Missouri...
Saint Louis . . . .
Detroit
Michigan
NewHampshire Concord..
N e w Y o r k . . . . . i Syracuse
N e w Y o r k CityDo
1 Columbus . . . . .
Ohio .Pennsylvania.. Pittsburgh.... .
Do
. . . . Philadelphia...
Tennessee . . . . . K n o x v i l l e . . . . . .
Wisconsin
1 Milwaukee
Agent.
W.H. Payne...
J . S. W i t c h e r . .
P . Knefler
Ada.C. Sweet..
B . P . G-ue
E.M Kelly..:.
D . W . Gooch...
E. Campion...
S. P o s t
E . L . WhitfordT . L. P o o l e
C.E. Coster....
A . T. W i k o f l ; . . .
W. A.Herron..
H. a. Sickel....
D. T. Boynton .
E. Ferguson . . .
Invalids.
Widows.
Dependent
relatives.
Minors.
$7,734
$159, 702 67 $28, 230 88
1, 978, 483 07 408, 488 37
75,121
1, 288, 561 39 359, 569 21 151, 664
1, 979, 718 83 532,272 25 187, 231
68,909
1, 352, 427 30 210, 853 35
81, 610
353,240 55 259,160 42
60, 064
1 278, 505 22 538, 588 70
1, 299, 779 99 322,147 05 143, 665
67,413
931, 268 72 197, 309 66
61, 609
1, 286, 967 31 351, 261 21
76, 026
1, 362, 000 94 416, 677 35
71, 585
1, 006, 090 31 445, 047 37
1, 798, 022 51 626,444 30 131,867
79, 582
1,157, 465 13 265, 882 92
65, 799
1, 334, 845 48 4.54, 529 12
133,
221
476,114
6-2
648,751 16
1, 308, 842 31 234, 841 07 . .92,758
85
80
62
77
56
13
16
41
53
76
24
61
00
95
02
92
77
$12,062
232,198
175, 099
377,890
194,139
136, 051
416, 073
137, 970
143, 850
550, 921
457, 211
301, 379
389, 573
.314,183
381, 275
165, 064
251, 577
Survivors.
00 $4, 908
19 39, 501
02 27, 027
26 33, 758
57 18, 827
10 25,113
09 60, 992
88 25, 795
61 29, 651
70 107,683
11 92,153
49 42, 958
00 62, 025
53 24, 729
97 19. 936
22:154, 034
64 20, 710
Surgeons.
Salaries. V o u c h e r
fees.
Contingent.
Total.
Widows.
$175 20
81 $12, 877 73 $287 00 $3, 999 99
60 141, 224 13 4, 325 00 4,000 00 8,727 75
21 - 94, 999 75 4, 409 00 4, 000 00 8,157 00
59 106, 858 68 5, 421 00 4, 000 00 9, 870 00
77
49, 729 30 4,183 00 4, 000 00 5, 512 35
63 105,144 74 1, 416 00 3, 999 96 2,-950 50
96 204,112 92 5, 873 00 4, 000 00 •9, 608 85
47
85, 631 59 4, 212 50 4, 000 00 6,278 55
23
75, 671 20 3,184 00 4,000 00 5,452 05
79 306, 242 01 4, 800 00 4, 000 00 10, 832 10
93 229, 307 09 4,915 50 4, 000 00 9, 763 80
50 139,116 33 3, 676 00 4, 000 00 7, 274 70
42 214, 415 60 9, 569 00 4, 000 00 12, 472 80
02
87,598 40 4, 618 00 3, 999 96 6, 396 60
95, 660 70 5, 957 00 4,000 00 8,425 65
95
72 668,164 96 3, 571 00 4, 000 00 8, 318 70
41, 303 01 2, 744 00 4, 000 00 5, 084 85
79
$740
1,164
79
1, 406
1,037
226103
574
873
1,762
1, 037
4, 774
889
722
1, 869
803
25
71
19
26
39
82
78
46
78
64
54
36
96
87
74
05
15
50
$230, 719
2, 893, 234
2,113, 566
3,238,427
1, 909, 620
968, 913
2, 577, 922
•2, 030, 056
1,458,674
2, 686, 080
2, 653,093
2, 025, 903
3, 249, 279
1, 945,179
2, 372, 298
2, 262, 944
1,961,887
84
10
46
77
02
81
36
22
64
42
32
27
50
25
94
45
94
20, 524,. 672 89 6,127,417 85 1, 555, 867 10 4, 636, 521 38 790, 710 39 2, 658, 058 14 73,161 00 67, 999 91 125, 301 45 18, 092 20 36, 577-, 802 31
Total
D e d u c t a m o u n t of c r e d i t s on a c c o u n t of o v e r p a v ' 916 08
802 16
92 20
26 67
96 00
90
1 00
1,435 01
•
Total
o
20, 523, 756 81 6,127,115 69 1,555,774 90 4, 636, 494 71 790, 710 39 2, 657, 962 14 73,161^00 67,999 91 125, 300 55 18, 091 20 36, 576, 367 36
00
AMOUNT of ''ABMY ABBEABS of PENSION'' DISBUBSED, during the fiscal year ended June 30, 1880.
state.
California
District of Columbia.
Indiana
Hlinois
Iowa
Kentucky
Massachusetts
Missouri
Michigan
New Hampshire . . . .
New York
Do
Ohio
Pennsylvania
Do
Tennessee
Wisconsin
Agency.
San Francisco...
Washington
Indianapolis
Chicago
Des Moines
Louiaville
...
Boston
Saint Louis
Detroit
Concord
Syracuse
New York City.
Columbus.
Pittsburgh
Philadelphia
Knoxville
Milwaukee
Total
Deduct amount of credits on account of overpayments..
Total
Agent.
William H. Payne .
J. S. Witcher
F. Knefler
Ada C. Sweet
B.F. Gue
E. M.Kelly
D. W. Gooch
E. Campion
S. Post
E. L. Whitford
T. L. Poole
C. E. Coster
A . T . Wikoff
W. A. Herron
H. G. Sickel
D. T. Boynton
E. Ferguson
Invalids.
OO
00
Widows, &c. Voucher fees.
$112, 109 51
946, 410 91
1, 310, 736 70
1, 573, 226 01
976, 740 67
360, 961 81
691, 326 37
1,156, 121 18
711, 583 36
644, 980 55
791, 141 75
931, 124 81
1, 509, 715 28
801, 696 27
1, 034, 038 61
519, 010 69
877, 722 79
$9, 278 32
227, 301 23
226, 249 85
301, 062 14
143,152 48
230,223 47
298, 454 57
184,184 08
188, 504 71
559, 245 39
383,192 93
298, 216 98
394, 601 44
260, 346 90
271,559 09
446, 525 98
240, 353 01
$61 80
612 90
846 00
998 70
624 90
287 10
528 60
698 10
502 50
594 30
624 30
668 70
1, 090 80
600 00
777 30
445 50
573 60
14,948,647 27
668 33
4, 662, 452 57
575 73
10, 535 10
14,947,978 94
4, 661, 876 84
$121, 449 63
1,174,325 04
1, 537,832 55
1, 875,286 85
1,120, 518 05
591, 472 38
990, 309 54
1, 341,003 36
900, 590 57
1, 204,820 24
1,174, 958 98
1, 230,010 49
1, 905,407 52
1, 062,643 17
1, 306,375 00
96.5, 982 17
1,118, 649 40
19, 621, 634 94
1, 244 06
O
w
H
O
19, 620, 390 88
a
QQ
AMOUNT of UNEXPENDED BALANCES in BANDS of PENSION AGENTS Jmie 30, 1880.
Army pensions.
Agency.
State.
CO
Army.
California
District of Columbia.
Indiana
'
Illinois
Iowa
Kentucky
Massachusetts.......
Missouri
Michigan
New fiampshire
New York
Do
i
Ohio
Pennsylva.nia
Do
Tennessee .:
Wisconsin
San Francisco.
Washington—
Indianapolis . . .
Chicao;o
Des Moines
Louisville
.
Boston
Saint Louis
Detroit
Concord
S.^aacuse.
New York City.
Columbus
Pittsburgh...
Philadelphia.
Knoxville
Milwaukee. .
Total
Deduct amounts overdrawn by agents .
Total.
Arrears of pensions.
Agent.
Williani H. Payne .
J. S. Witcher.!
F. Knefler
Ada C. Sweet
B.F.Gue
E.M.Kelly
D.W. Gooch
E. Campion
S.Po.st
E.L. Whitford
T.L.Poole
C.E. Coster
A.T. Wikofl"
W . A. Herron
H.G.Sickel.
D. T. Boynton
Ed. Ferguson
494
109
238
279
161
793
06
13
13
88
15
61
16 28
835 85
314 22
623 34
172 49
747 05
558 05
509 04
858 30
472 94
530,183 52
*3, 271 05
526, 912 47
Surgeons.
$1, 013 00
2, 248 00
1, 091 00
79 00
317 00
505 00
627 00
287 50
316 00
700 00
584 50
1, 824 00
931 00
82 00
3,130 00
929 00
1, 256 00
15,920 00
15, 920 00
Pay, &c.
$284 10
1, 508 21
2, 263 74
723 61
49 83
2,155 08
2, 787 69
146 67
374 31
105 36
1, 698 84
1, 9.50 49
638 33
1, 380 70
3, 817 51
378 30
389 65
Total.
Arrears.
$2, 791 16 $14, 864 00
17, 865 34 86,165 94
146, 592 87 20,174 20
427 39
1, 082 49
527 98 15, 260 34
17,
019 54
91,453 69
3,414 69 102, 685 62
450 45 25, 908 71
5,526 16
447 25
26,119 58 111, 337 47
43, 906 68 42, 665 32
197, 946 98 93, 705 73
4, 316 38
5, 702 16
2, 020 75 43, 361 11
15, 456 55 23, 313 85
5,165 60 35,186 09
2,118 59 57, 630 73
Fees.
$11 40
120 00
33 70
142 60
93 20
20 80
131 90
(t)
31 20
75 80
25 70
99 60
45 10
53 10
245 40
148 40
52 90
20, 652 42 566, 755 94 695, 855 45 1, 330 SO
3, 271 05
to 10
20, 652 42 563, 484 89 695, 855 45 1, 324 70
Total.
$14, 875 40
86, 285 94
20, 207 90
569 99
15, 353 .54
17, 040 34
102, 817 52
25, 908- 71
478 45
111, 413 27
42, 691 02
93, 805 33
5, 747 26
43, 414 21
23, 559 25
35, 334 49
57, 683 63
697,186 25
6 10
697,180 15
2
o
00
•290
REPORT ON THE FINANCES.
THE F I L E S .
The number of official money settlements filed during the year is
4,638, makingthenumber since March, 1817, when this office was created,
183,380. In this number are included only the settlements for horses
lost in the military service which were made sinceFebruary, 1878. The
pension settlements, which include all vouchers of army pensioners from
1818 to the present time, are in a good state of preservation, but many
ofthe abstracts have been often handled and need repairing and binding.
These settlements are now numbered and kept in a separate series^,
and the papers are much greater in bulk than all the others. The settlements of accounts of officers of the quartermaster, commissary, and
engineer departments are now filed in one series and are in good condition. The settlements of miscellaneous claims also form a separate
series, and are rapidly increasing in number and bulk; they are well
preserved. There are more than. 50,000 property returns filed in this
office not included in the abpve Avhich are also well kept. Much iiiconvenience has been caused in the past few months by want of room
for new settlements which were accumulating 5 but a large apartment
recently vacated by the Bureau of Engraving and Printing has beep
assigned for the use of this bureau. This room, which, is a large apartment, well lighted and ventilated, is quite suitable for files. It wil.
probably soon be ready for occupancy, and when comiileted will suffice
for several years to come,
There were nine lady copyists employed during the year. The number of pages copied and compared by them was 13,678, letters recorded
4,496, making a total of 18,174 pages. The number of names indexed
was 25,555. Iiumber of papers copied, 4,747.
I t gives me pleasure to testify to the general faithfulness, industry,
and fidelity displayed by the clerks employed in this office, and to conimend them for the intelligent discharge of the duties assigned them.
E. W. KEIGHTLEY,
Third Auditor,
Hon. J O H N SHERMAN,
Secretary of the Treasury.
IIEPORT OF THE FOURTH AUDITOR,
291
REPORT
OF
THE FOURTH AUDITOR OF THE TREASURY.
TREASURY D E P A R T M E N T ,
F O U R T H AUDITOR'S O F F I C E ,
Washington, Novemher 1, I88O0
S I R : I n obedience to the law requiring the auditor charged with the
examination of the accounts of the Department of the IsTavy to report
annually on the first Monday in I^ovember to the Secretary of the Treas^
wrj the application of the money axipropriated for the Ka^vy Department, and in compliance with your request of September 13 last, for a
statement showing the conditioii of the public business intrusted to my
®harge, for the fiscal year ending June 30,1880,1 respectfully subniit the
folloAving:
APPLICATION OF MONEY.
The subjoined statement gives in a summary way the application of
#ie money appropriated by Oongress for the supiiort of the ISTavy. I t
is desirable that this information should be given more in detail, which
would require also more minuteness of specification in the appropriations themselves. Wise economy in the appropriation and expenditure
of money requires an itemized account. A complete exhibit of this kind
would shoAv specifically the precise piiriiose for which every dollar was
appropriated and how expended. If the expenditure had been greater
or less than the specific appropriation, the reason would be stated. Such
an exhibit, while furnishing desirable information for the people, Avould
give the appropriating power the exact facts needed when grants for a
subsequent year are under consideration.
The last column of the following table is made up from the sums
named in the money requisitions passed during the fiscal year. It
shows approximately the expenditures for the year; but, owing to the
nature of the naval service which is performed in remote seas, it occurs
unavoidably that bills made on account of accident or other unforeseen
circumstances near the close of the year do not reach this office until a
considerable time after the year has closed. I t sometimes happens that
a disbursing officer may charge a payrnent to a wrong appropriation,
and the error, when discovered, is corrected by the accounting officers
in the adjustment of his account. The discrepancy which appears in
the aggregate amount of the drafts drawn on the Messrs. Seligman
Eros., and the amount paid by them duringthe year, is explained by the
fact that bills sold near the close of the year may not be paid until after
1^© beginning of the succeeding fiscal year.
293
I
294
REPORT ON THE FINANCES.
Amount
appropriated.
Amount
expended.
Title of appropriation.
Year.
Pay of the ISTavy..'.
:
Pay, miscell MU eous
Contingent of the Navy
.,
MarineCorps:
Pay of the
Provisions
Clothing
Fuel
Military stores
-^
Transportation and recruiting. Eepairs of barracks
Forage for horses
Contiiigent of
Naval Academy:
Pay of proi'essors and others
Pay of watchmen
Pay of mechanics
Pay of steam-employes
Eepairs
'
Heating and lighting
Library
Stationery
Chemistry
Stores . Materials
Board of visitors
Miscellaneous
Navigation' and navigation supplies
Hydrographic work
Navigation:
Contiugent
Civil establishment
Navnl Observatory
Nautical almanac
Velocity of light, nautical almanac
Sblar and stellar photography
Illustrations for Eeport on Sblar Eclipse
Wood-cuts of nebula in Orion
Ordnance and ordnance stores
Ordnance:
Civil establishment
•
:
Contingent of
Torpedo corps
>
Equipment of vessels
Equipment and recruiting:
Civil establishment
Contingent of
•
Yards and docks:
"
.
'
Maintenance of
Civil establishment
Contingent of
Naval Asylum, Philadelphia..:
Medicine and surgery:
Medical department
Naval hospital fund
Civil establishment
Eepairs
-..:
Contingent of
^
Provisions of Navy
Provision s an d cl othin g:
Civil establishment
Contingent of
Construction and repair
Civil establishment, construction and repair
Steam machinery
. '
Machine for testing iron
Steam engineering:
Civil establisliment
Contiugent of
Navy-yard, Mare Island
Navy-yard, Bostou
Eepairs andpreservations, navy-yards
Eepairs of IJnited States steamship Antietam
New propeller for United States steamship Alarm
Extra pay to oMcers and men who served in tho Mexican war.
Transfer of lands in Florida not needed for naval purposes
1880
1880
1880
$6, 768, 275 00
475, 000 00
80, 000 00
$5, 578,184 81
256, 462 41
79, 233 20
1880
1880
1880
1880
1880
1880
1880
1880
648,' 397 00
75. 007 50
60, 000 00
20, 000 00
9, 686 50
. 7, 000 00
13, 000 00
500 00
20, 000 00
559, 673 35
47, 538 11
59, 738 33
11, 731 07
9, 686 50
7,000 00
13, 000 00
450 00
20, 000 00
53,126 00
24, 455 00
16, 835 95
8, 577 50
21, 000 00
17,000 00
2, 000 00
2, 000 00
2, 500 00
800 00
1, 000 00
2, 600 00
34, 600 00
104, 500 00
46, 000 00
52, 000 00
24, 455 00
16, 835 95
8, 577 50
21, 000 00
16, 000 00
2, 000 00
2, 000 00
2, 500 00
800 00
1, 000 00
2, 600 00
. f4:, 600 00
99; 028 15
87, 655 87
2,. 000 00
10, 417 25
22, ioo 00
22i 500 00
5, 000 00
], 000 O'O
1, 500 00
350 00
225, 000 00
1, 980 22
X0,417 25
^1,265 30
19,-298 47
4'i3 00
1,000 00
1, 372 36
350 00
175, 322 30
1880
1880
1880
11, 886 25
3, 000 00
45, 000 00
800,000 00
11, 885 24
2,192 85
40, 557 88
678, 890 10
1880
1880
18, 251 75
50,000 00
18, 251 75
47, 019 11
440, 000 00
37, 906 25
20, 000 00
59, 309 00
416, 372 69
37,113 75
13, 980 46
18, 341 94
1880
1880
1880
1880
1880
1880
45, 000 0050, 000 00
4.0, 000 00
30, 000 00
15, 000 00
1, 025, 000 00
36,102 26
35, 917 21
39, 425 00
16, 293 81
13,124 14
901, 784 02
1880
1880
1880
1880
1880
11, 394 25
60, 000 00
1, 500, 000 00
40,105 75
800, 000 00
3, 000 00
Total.
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
1880
laso
1880
1880
1880
1880
1880
1880
.
20, 038 00
1, 000 00
75, 000 00
20, 000 00
300, 000 00
7, 525 00
20, 000 00
^ 38,179 28
. 3, 000 00
14, 393, 323 23
11, 392 36
53, 516 97
1, 400, 089 32
39, 721 00
615,127 50
20, 037 99
999 80
75, 000 00
19, 997 33
286, 353 31
7, 517 18
11, 616 97
18, 981 28
953 11
12, 083, 725 43
F O U R T H AUDITOR.
295
Permanent and miscellaneous axipropriations and funds.
Prize money to captors
$5, 883 l l
Medals of honor
55 50
Destruction of bedding and clothing for sanitary reasons
$1,200 00
258 59
Miscellaneons expenses, new Naval Academy
5,000' 00
5,000 00
Clothing, Navy . . . . „
:
:,. 178,545 36
Relief act for children of 0 . H. Berryman and others
289 31
Relief of the administrators of J. D. McGill
102 00
102 00
Relief of Peter M e a g h e r . . . . . .
170 00
170 00
Relief of sufferers by wreck of Huron
504 00
Saleof smaU arms
46,401 00 33,837 10
Ordnance materials, proceeds of sales
26, 342 23
The amount appropriated for officers of the active, list was $3,822,875 j
for the retired list $645,400; total $4,468,275. The amount due. and
unpaid June 30, 1880, was $110,325.53. I^Tet amount paid to officers
$4,357,949.47. The amount appropriated for petty officers and men was
$2,300,000. The amount due and unpaid June 30,1880, was $608,652.85.
Ii^Tet amount paid to petty officers and men $1,691,347.15. The whole
amount due and unpaid to officers and men at the close of the fiscal
year was $718,978.38. This amount has doubtless been mostly paid by
this time and the unexpended balance of the appropriation for pay of
]^avy correspondingly diminished. Vouchers for payments made during the year, but not included in the above table, will probably exhaust
the balances as shown there.
ACCOUNT WITH SELIGMAN BROS.
The disbursements ofthe Department ofthe IS'avy, through th^ M^s'^rs.
Seligman Bros., temporary special agents ih London, amoimt for the
year to. |l,724;746.79, being $213,592.80 less than the previous year.
A comniission of 1 percent, was paid to these agents amountifag to
^17,246.02. By the terms of the contract they pay interest on balances
ih favor of tlie Department at the rate of 4 per cent, per aiihum,
and for the advances made by thein they receive 5 per cent. The
interest paid to them during the year was $2,698.50; arid the interest^
paid by them $2,925.44. For the previous year the interest account was
$6,194.82 against the Department and $2,475.04 in; its favor. The
interest paid to Seligman .Bros, for the first two months of the current
fiscal year, July and August, 1880, was $2,372.42. For the twenty-six
months closing with the-date last named, the interest paid on advances
made by them was $11,265.74, and the interest paid by them was
$5,400.48, Hhe balance of interest against, the Department being
$5,865.26. Money is transferred to London usually by the jiurchase in
i^Tew York of sixty-day bills of exchange on London, resulting in almost
all cases to the advantage of the Department. The net gain from this
source during the year was $7,963.41, and for the previous v^ar
$10,764.99.
EXCHANGE.
Bills of exchange were sold by the pay officers of the Department of
the ISTavy during the year to the amount of $1,935,478.30. The^e, with
the exception of thirty in number drawn directly on the Secretary of
the E'avy, and amounting to $188,590.91, were sight drafts on Seligman
Bros., Lmidon. The premiums amounted to $1,459.63, and the discount
to $28,089.20—a net loss to the Department of $26,629.57. The net loss
on.the drafts drawn on the Secretary was $285.21. Pay officers are instructed to draw on the Secretary when practicable; but in the larger
296
REPORT ON THE FINANCES.
number of foreign ports at which our vessels touch, drafts on the United
States are either not salable or cannot be negotiated so satisfactorily a&
those on London. On the Pacific coast of Mexico and South America,
the Sandwich Islands and the West Indies, drafts on the Secretary have
been sold to good advantage; but in the ports of China and Japan, the
South Atlantic, and the Mediterranean, bills are not often Avanted except
•on London.
'
rirJilCEM-A
During the past yeax more than usual attention has been given to this
subject in this office. A circular was ]irepared showing in detail the
drafts drawn on Seligman Bros, for the fiscal years ending June 30,
1878, and June 30, 1879. This was printed and sent to pay officers by
i the authority of the Secretary of the E"avy, with the hope that it would
^result in an increase of diligence on their part and a consequent reduction of expense in converting drafts into money. It was shown that
for the two years named the gains had been $30,699.91, and tbe losses
$52,277.11—a net loss of $21,279.20. The gains resulted mainly from
transactions in Mexican dollars, which were then valued according to
the United States silver standard. It was suggested in the above-mentioned circular that the credit of the United States was so thoroughly
established, and the demand for the best bills on London so general in
the ports visited by the vessels of our Islavy, that the drafts of pay officers, if carefully negotiated, should, in nearly all places, bring their face
value, and often a premium, in gold or its equivalent.
On January 1, 1880, the value of the Mexican dollar, Avhich had been
for the year previous $1,015, was fixed by the annual circular of the
Treasury Department at $0,909. Some question arose as to the effect
this new valuation would have on the cost of maintaining the I^avy of
the United States in parts of the world where the Mexican dollar was
one of the principal kinds of money in use. The first sale for Mexican
dollars under the new valuation was at Shanghai, China, April 7, 1880,
The bill was for £8,000, or $38,932, and the number of Mexican dollars
received for it was $41,290.32, These, paid out at the new rate, amounted
to $37,532.90, or $3,757.42 less than the face of the Mexicans, As the
bill was sold, the loss to the Department in exchange was $1,399.10. At
the former valuation this loss would have been changed into a gain of
$1,358.32. The sale of bills for Mexican dollars from April 7 to June
30,1880, all in China and Japan, amounted to $218,992.50, and the number of Mexican dollars received therefor was $234,052.72. The aggregate, loss to the Department on these was $8,965.58. Had the Mexican
dollars been paid out at their face value this loss would have been transformed into a gain of $15,060.22. During the first three quarters of the
fiscal year bills were sold in China and Japan for gold, the Japanese
"yen," a gold coin almost identical in weight and fineness with our gold
dollar, being worth $0,997, serving as the unit of value. These transactions amounted in the aggregate to $433,118.50. The loss on exchange
was $7,807.71, or $1,157.87 less than the loss in the silver transactions
mentioned above, involving but a trifle over one-half the aggregate sum.
Unless circumstances exist which have not been explained, it would
have been a considerable sabring to the Department if sales for gold had
been continued.
The embarrassing feature connectefd with this subject, so far as this
office is concerned, is an almost total lack of means necessary for any
intelligent supervision of the sales of bills of exchange. The regulations
of the Navy require that the account of sale forwarded to this office
must include the certificate of two respectable merchants resident at the
place where the bill was sold, stating the current rates of exchange at
FOURTH
297
AUDITOR.
that time on London and 'Eew York, and in what money payable. Such
certificates, however, are considered of very little value, if not actually
worthless, in a majority of cases. It is in evidence that these certificates can easily be obtained, signed in blank^ at the instance of an interested broker or banker, and that sometimes instead of being a help to a.
proper dispatch of business they may become a convenient cloak to
cover improper transactions. Careful pay officers do not esteem such
certificates as evidence of due diligence on their part, but pi'otect their
reputation by other and better means.
While, during the last year, bills have been sold in more than fifty
different ports, full three-fourths of the sales in amount have been made
in one-fifth of that number of places. Thus the aggregate sales in Callao, Constantinople, Gibraltar, Hong-Kong, Honolulu, Monte\ddeo, Mce,
Eio Janeiro, Shanghai, and Yokohama amounted, to $1,462.,846.60. If"
this office were furnished with the financial reports contained in the
newspapers of these ten places, it would have a basis for intelligent judgment concerning the bulk of the sales of exchange. These could be supplied at a comparatively small cost. I t may also be added that financial
reports giving the rates of exchange taken -from newsjiapers of even
date with the account of sales and attached thereto would be of much
more value than the certificates of any number of resident merchants,,,
the most of whom would not be engaged in foreign trade nor have any
special knowledge of the current rates of exchange,
s
WORK OF THE OFFICE,
The following tables give a brief exhibit of the work of the office for
the year. The whole number of accounts and claims received was 2,531..
The number settled was 2,829, and the amount involved $18,244,321.01.
The number 9f letters received was 17,741, and the number written
18,862. The number of letters recorded was 26,458; indexed, 39,298...
Cash requisitions issued, 2,145, amounting to $19,482,638.33. .Eefunding requisitions, 347, amountingto $6,617,068.39. Unsettled accountson hand June 30, 1879, 949. The same June 30, 1880, 651; a decrease
@f298.
PAYMASTEES' AND .MARINE ACCOUNTS DIVISION.
Date.
Letters
Accounts Accounts Letters
receivecl. s e t t l e d . r e c e i v e d . w r i t t e n .
Ca.sh disCash
vouchei-s. bursements.
1879.
July
August
Septeinber
October
November
December
32
39
23
29
42
19
38
27
21
32
33
29
131
102
100
148
115
101
96
8c!
112
116
102
104
-978
445
752
637
527
1,149
$883, 957 04..
548, 584 25
510, 451 68'^
1, 264, 062 94
915, 745 58
677,471 15
26
34
27
27
37
24
31
40
31
37
31
36
138
127
110
13(1
12].
105
92
112
141
98
13^:
118
515
619
1, 935
817
486
570
835, 897 98
1,017,429 06
1, 829, 883 27
1,116, 722 86^
1, 514, 948 44
1,180, 586 24
359
386
3,428
1,308
9, 430
12, 295, 740 49"
1880.
January
February
March
April
'May
June
Total
,
Accounts on hand July 1, 1879,70.
Accounts on hand June 30,1880, 43.
L
,
298
REPORT ON T H E
FINANCES.
PURCHASINO PAYMASTERS' AND ALLOTMENT ACCOUNTS DIVISION.
Accounts Accounts] Letters Letters
received. settled. received. written.
Date.
Amount involved.
1879.July
August
"September
October
November
December
193
189
209
209
200
266
202
177
207
200
171
252
$110, 537 36
597, 028 79
56,261 39
596, 898 86
405,722 60
547, 079 38
203
232
225
210
240
209
181
220
221
210
205
215
473, 621 11
117,156 53
216,175 74
226, 482- ^1
573, 062'33
1,232,355 40
1880.
January
February
March
April
May
Jiiiie
-..
Tot&;l....
2,585
2, 461
5,152,381 96
ALLOTMENT ACCOUNTS.
Allotinents^ AUotiiienta*registered. discontiniieai
Date.
1879.
Jnlyr
August
September
Qctober.
November
Decbmber
81
. 62
83
188
111
130
118
101
72
140
105
187
128^
84.
131^
82
65
69
100
104
105
119
100
26'd
1880:
January
February'
March
April
May
June
.,
Total
1,332
1,339
AMOUNTS P A I D for ALLOTMENTS at NAVY P A Y OFFICES, during the year 1879.
NewYork
Boston
PMladelphia
Wasliington
Baltimore
San Francisco
Norfolk
Total
:
:
.-.:
:.
i. $141,716 00
105,329 00
88,292 00
83,963 00
30,599 00
27,640 00
23,892.00
501,431 00
Accounts remaining on hand June 30, 1879, 507.
Accounts remaining on hand June 30, 1880, 307.
Numher of vouchers examined, 32,400.
J
^99
FOURTH AUDITOR.
BOOKKEEPERS' DIVIvSION.
m
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1
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1 .Is
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®'£3
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Date.
^
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1
a
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o
^ Z>
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vA
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1879.
August
September...
October
November ...
34
187 $1, 395, 520 76
33
195 1, 620,173 60
193 2, 062, 471 10 • 19
39
174 1, 583, 289 63
166 1, 620, 345 83
30
184 2, 091, 475 41
2] •
$40,132
564, 512
257 026
372, 650
217, 610
929,546
63
12
55
15
25
78
166
333
160
300
381
317
198
307
136 • 257
I'D
'251
345, 364
933, 654
243, 818
1, 511, 097
207,124
994, 530
71
15
99
48
19
39
168
129
139
200
14)
175
25
19
10
98
137
112
25
32
33
40
35
36
117
221
103
98
76
101
97
30
40
44
37°
41 .
114 .1
78
114
113 ' 2 • 2
1
114
r
Ill
1
2
1
2
166
70
50
112
117
77
1880.
January
February
March
April
May
June
;
184
149
178
179
169
187
587,189
1,859,108
1, 447, 877
2,102,141
1, 301,197
1, 811, 847
50
29
77
63
13
68
T o t a l . . . . 2,145 19, 482,. 638 33
33
32
16
48
13
26
72
307
234 • 1 1 6
80
276
29
250
221
3)
26
317
347 : 6, 617, 068 39 1,902 3,370
754
74
66
72
75
67
80
417 1, 360 : 6 ; 6 •; 1, 026
PEIZE-MONEY AND PvECORD DIVISION.
Lett-ers.
Claims.
Records.
§
• 'P'.
a
ft
m
Date.
'i
>
1879.
July
August
Sexitember
October
November
December
1880.
January
February . . . . . .
April
M
a y•'
T
June
Total
L
:.
ri
m
1
%
o
P^
m
&
a
<
^;-(
176
161
143
379
138
156
199
199
180
181
163
184
184
165
183
186
121
169
224
186
250
237
156
249
. 31
83
51
30
22
53
21
19
• 26
19
12
28
1,961 2,408
426
40
39
40 .
29
36
22
12
27
23
16
19
11
§
m
%
"S
ft
3
fA
_fl
%
1
o
;A
rM
- Ol
2
S
^
m
fao
fH
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- -2
•IS
.3
•3
^
©
rt
P
16 $1, 407 61
11 1, 289 92
16
999 34
13
467 04
557 52
17
8
265 74
1, 586
1,460
1,394
1,417
1,358
1,415
1, 757
1,535
1,544
1,617
1,387
1,452
1,824
1,766
756
2, 024
2,120
1,687
2,325
1,766
2,160
3,476
2,120
2,608
8
5
12
10
13
6
10
80
01
83
72
45
38
1,574
1 437
1,438
1, 612
1,479
1,571
1, 677
1,448
1,768
1,635
1,415
1,627
2, 466
2,577
2, 722
2, 661
2, 595
3, 2631
3,628
4 095
4 781
4,579
3,773
3, 981
13
22
11
10
5
9
233 167 10,069 36
17,741
18, 862
26, 458
39, 298
124
^'>
n
•^5
10
18
532
1,125
665
1,039
931
787
300
REPORT
ON T H E
FINANCES.
This division is charged also with, the preparation of all reports and'
tabular statements called for by Congress 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.
NEV^ ORLEANS AND OTHER
PRIZE-MONEY.
Prize-money amounting to nearly fifteen millions of dollars has been
awarded for captures made during the. rebellion. The apportionment
to the captors of the proceeds of each prize has been made upon the
books of this office, and all claims presented in due form have been settled up to date. There is yet remaining a considerable sum uncalled
for, but claims are constantly being received, presented by seamen who
have been abroad, or for other reasons have not been informed of the
adjudication of prizes in which'they are interested. Claims of heirs of
deceased officers and seamen are also being presented, and these requir®
very careful scrutiny to avoid erroneous payments.
Claims have been presented during the year for prize-money accruing
during the war with Mexico, the war of 1812, the war with Algiers, a n d
even the Revolutionary War. Most of them have been rejected on aercount of lack of evidence.
,
A balance of bounty for the destruction of vessels at J^CAV Orleans;
has not yet been distributed on account of the failure of Congress te^
appropriate the money required. Besides the vessels captured by th©
fleet under the command of Admiral Farragut during the engagements,
near Forts Jackson and Saint Philip, a large number of vessels were^
destroyed, for which the court in 1873 awarded the sum of $268,600. At,
the date of the award there was in the Treasury, after paying fees, &C.5..
but $93,865.20 to the credit of the appropriation ^^ Bounty for the destruction of enemies^ vessels.'' This amount was distributed to all the captorso.
There remains to be appropriated b}' Congress the sum of $i43,644.47»
Forty-four vessels were admitted to share in this award, and thenumber of persons entitled to share is more than five thousand.
BOUNTY, ARREARS OF PAY, A N D G-ENERAL CLAIMS 'DIVISION.
•jH-iH
•ft-S
ft 05
rt ft
o ^
Date.
B ^
m ec
rt<H
ft'^ ^
o o
1879.
On hand June 30
July
August
September
October
November
,
December
• 1880.
January
February
March
April
„
Hay
June
Total
352
192
145
111
144
135
75
119 $16, 759 48
8, 871 72
158
8, 862 03
177
128 • 6, 230 29
4,106 71
125
7, 426 75
118
856.
704
690
641
579
582
895
732
696
775
654
612
78
167
173
135
265
92.
87
61
68
138
136
185
124
78
127
103
134
172
752
685
681
782
706
815
774
643
837
801
642
681
201
202
285
193
141
31
1, 829
9, 297 76
7, 487 08
7, 349 75
6,708 16
9, 404 97
7, 082 39
1, 563 99, 587 09
i6.
J
301
FOURTH AUDITOR.
THE'THREE MONTHS' EXTRA PAY.
Of the number of claims settled in this division, 824 were for the
three months' extra pay authorized by the act of February 19,. 1879, for
services in the war with Mexico, and amount to the^ sum of $34,800.33
in the aggregate.
, Complaint has been made in some instances, originating, no doubt,
from a misapprehension of the facts, that the. construction placed upon
this law has, to a very great extent, defeated the intention of Congress.
The act iirovides that the gratuity is to be paid subject to the limitations contained in the act of July 18,1848. That law was passed for
the exclusive benefit of persons who were emx)loyed in the military
service during the Mexican war, and limited the payment to those who
^^ served out their term of engagement, or have been or may be honorably discharged," and to the widows, children, &c., of those '^ who have
been kilk^d in battle, or who died in service, or who having heen honorably discharged have since died, or may hereafter die, without receiving
the three months' pay." The term honorably discharged, as used in the
law, applied to the enlisted men, an^ to the volunteer officers of the
army who received an honorable discharge when mustered out at the
close of the war, or when their services were no longer required. It
will be seen, therefore, that the'^^ limitations" of the law of 1848 necessarily excluded those officers o f t h e ISTavy and. Marine Corps who
resigned their positions or remained in the service, and also the heirs
of those who resigned or died in the service after the 19th of July, 1848.
A bill amending the act of February, 1879, is now before Congress,
and if it should become a law it is presumed that all officers and men
of the ISTavy and Marine Corps who were employed in the prosecution
of the war with Mexico, and w^ho have not been dishono>rably discharged, will become entitled to the gratuity.
NAVY PENSION ACCOUNTS DIVISION.
Date.
1879.
July
August
September
October
November
December
January
February
March
Api il
May
June
64
144
71
• 42
190
200
$58, 609 62
27, 258 59
28, 914 26
84, 420 28
30, 581 67
84,188 96
129
99
100
104
151
66, 251 25
30, 749 79
120, 620 54
13, 858 38
93, 339 06
47, 749 77
1880.
•
:
Total
166
1, 392
573
686, 542 17
302
REPORT
ON T H E
FINANCES.
ABBEABS of P E N S I O N P A I D Under Acts of January 25 and March 4, 1879.
i
m
m
<c
Date. ,
s
rt
rt
o
o
a
1879.
.
1.
1
1
July
August
September
October
November
December
^ •
10
11
4
1
16
3
. .
"
1880.
January
February
March
April
.
.
.
.
ay...
June
Total
ti
Pension agencies.
$.54, 064
79, 016
30, 444
61, 056
1, 910
28, 690
86
80
255,182 .81
I'll
aSS
^0
ftft
03
02
15
8i
94
86
~*
g.§
ft
«*H
O
ci > IB
Total
7
15
11
30
2
15
om p
® ^
Boston, Mass
Columbus, Ohio...
Chicago, 111
Concord, N. H
Detioit, Mich
Knoxville, T e n n . .
Louisville, Ky
MUwaukee, W i s . .
New York City - - Pittsburgh, Pa . . .
Philadelpliia, P a . .
San Francisco, Cal
Saint Louis, M o . . .
Washiugton, D. C
1
9
2
21
8
f^ rt 2
1^
H
72
147
22
64
11
34
479
32
270
45
24
350
464
96
52
164
28
108
23
30
438
43
421
18
37
447
944
•142
124
311
50
172
34
64
917
75
691
63
61
797
2, 076
2,369
4,445
Number of accounts on hand June 30, 1880, 9; vouchers examined, 14,675.
NAVY PENSION FUND.
A t a very early period of the government Congress enacted that all
money accruing to the United States from the sale of prizes shall be and
remain forever a fund for the payment of pensions to the officers, sea^
men, and marines who may be entitled to receive the same. The aggregate amount of this fund now on deposit in the Treasury of the United
States is $14,000,000, on which the government pays interest at the rate
of 3 per cent., amounting to $420,000 a year. If the interest paid on
this fund were 4 per cent., the lowest rate at which the government has
yet sold any of its bonds, the amount realized would be $560,000, a sum
sufficient to meet the annual pension claims.
IsTotwithstanding the sacredness of this fund, there are annually bills
FOURTH AUDITOR.
303
introduced into Congress designed to make inroads upon it, and to divert
it from the righteous purpose to which it has been so justly appropriatedo
I t is to be sincerely hoped that all such designs will fail, a,nd that the
principal shall remain intact, while the interest is annually devoted to
the just and worthy purpose of compensating officers and men, their
widows and children, who have so freely given their services to the government. Instead of dissipating this fund it ought, if possible, to be stiU
more carefully guarded, and secured beyond all peradventure of loss or
diminution.
I take pleasure in expressing my obligations to William B., Moore, the
long-time faithful and efficient deputy auditor, to the chiefs of divisions^
and to the clerks and employes generally, for their devoted and capable
service and close attention to their respective duties. While there may
be and probably is room for improvement in the condition of the public
business committed to my charge, I am glad to believe and to report
that it has been carefully attended to during the year, and so conducted
as to merit your approval ahd commendation.
I have the honor to be, very respectfully, your obedie^nt servant,
CHAELES BEAEDSLEY,
Auditor,
Hon.
J O H N SHERMAN,
Secretary of the Treasury,
REPORT OF THE FIFTH AUDITOR.
305
20 F
REPORT
OF
THE FIFTH AUDITOR OF THE TREASURY.
TREASURY D E P A R T M E N T ,
F I F T H AUDITOR'S OFFICE,
Washington, B , C, Novemher 1, 1880.
SIR : I have the honor to submit herewith the operations of this office
for the fiscal year ended June 30, 1880.
^
. W
•lr
Vr
W
it-
The adjustments required the examination of one hundred and
eighty-six thousand seven hundred and seventy vouchers, amounting
to eight hundred and six millions, five hundred and twenty-nine thousand, seven hundred and ninety-five dollars and eighty-three cents
($806,529,795.83).
The several clerks engaged in the examination and adjustment of accounts, and keeping the records, and the copyists emproyed,4iave been
faithful and industrious, and have given great satisfaction by the manner their respective duties have been performed.
J. B. MAKIsr,
Acting Auditor.
Hon.
J O H N SHERMAN,
Secretary of the Treasury.
NOTE.—The tables pertaining to this report are omitted for want of space, but they
wiil be found in the pamphlet edition of the Auditor's report.
307
REPORT OF THE SIXTH AUDITOR.
309
REPOET
OF THE
AUDITOR OF THE TREASURY FOR THE POST-OFFICE
DEPARTMENT.
O F F I C E OF T H E A U D I T O R
OF THE TREASURY^ FOR T H E
POST-OFFICE DEPARTMENT,
Washington, B , C, Octoher 26, 1880.
SIR : I have the honor to submit the following report of the business
operations of this office for the fiscal year ended June 30,1880. My
annual report to the Postmaster-General, now in course of preparation,
will exhibit in detail the financial transactions of the Post-Office Department during the past fiscal year.
NECESSITY^ FOR T H E INCREASED APPROPRIATION FOR WHICH ESTIMATES HAVE BEEN SUBMITTED.
I have the honor to invite your attention to the large increase of business in this office over last fiscal year, as shown by the reports of the
several chiefs of division, especially of the Money-Order Division.
The general average of the increase of work in the various divisions
is as follows:
Examining Division, six iier cent.
Eegiste^ing Division, ten per cent.
Bookkeeping Division, thirteen per cent.
Stating Division, nine per cent.
Collecting Division, seven per cent.
Foreign Mail Division, eleven per cent.
Pay Division, ten per cent.
Money-Order Division, thirty-two per cent.
In my estimates for the service of this bureau for the fiscal year ending June 30, 1882, I have asked for an appropriation for fifteen additional clerks, and I refer to the foregoing statement as conclusive evidence of the necessity for that increase.
There was also submitted an estimate for one chief clerk, at $2,100
per annum, and, in support thereof, I have to ofier the following reasons:
The force now employed in this bureau is greater than that of any of
the other bureaus of the Department, andthe details of business probably more numerous. Much of the time of the Auditor and Deputy
Auditor is occupied with routine office afi'airs which could very properly
be disposed of by a chief clerk.
NoTK.—A summary of'the principal labors performed by the several diA^isions of this
office will be found iu the pamphlet copies of the Auditor's report.
311
312
'
SIXTH AUDITOR.
Under the present organization, no provision is made for filling the
place of the Deputy Auditor during his absence or sickness, or that of
the Auditor. The apjiointment of a chief clerk would supplj^ an officer
upon whom, this duty could devolve.
By the last reorganization of the clerical force of this office, the position of principal clerk of the Law Division was abolished, and it is
intended that the duties formerly discharged by that officer—namely,
the xireparation of cases for suit and the conduct of the correspondence
arising therein—shall be performed by the chief clerk.
I have fixed the compensation at $2,100 for the reason that the duties
and responsibilities proposed to be assigned to the chief clerk would,
in my opinion, fully justify such a salary, and in order that the rank of
the xiosition may be superior to that ofthe chiefs of division, over whom
he would be called to exercise authority.
This additional appropriation is earnestly recommended as much
needed, and in the confident belief that it would^ materially facilitate
the transaction of the business of the office and advance the public
interest.
I am pleased to report, in conclusion, that the work of the bureau, in
all its branches, is in excellent condition. The accounts of the PostOfficeDepartment, numbering over four hundred thousand, and involving
over two hundred million dollars, have been promptly settled, collections
made, and liabilities paid, with a loss so slight as to be scarcely appreciable. Never, since the organization of the government, have the accounts of the Post-Office De]iartDieiit been in so satisfactory a condition
as at the present time.
To my efficient and faithful Deputy Auditor, Mr. F. B. Lilley, the
chiefs of the various divisions, and to the conscientious and untiring
efi'orts of the clerks aiid other employ6s of this office, I am indebted for
this very favorable condition of the work, and I commend them all to
your special favor and confidence.
i am, sir, very respectfully,
J. M. McGEEW,
Auditor,
Hon. J O H N SHERMAN,
Secretary of the Treasury,
Washington, B , G,
REPORT OF THE TREASURER OF THE IJNITED STATES.
REPORT
THE TREASURER OF THE UNITED STATES.
TREASURY OF THE UNITED STATES,
Washington, Novemher 1, 1880.
SIR : The following statement of the transactions of this office and ol
the condition of the public business therein, during the fiscal year 18S0,
is respectfully^ submitted.
From the tables in the appendix the following facts ap]iear: The receipts of the government compare very favorably with those of
the previous fiscal year, and show an increase from customs, internal
revenue, and sales of public lands, of $59,811,505.78, and a decrease in
those from miscellaneous sources of only $112,079.26. The expenditures
show a slight increase of $695,074.25 in the aggregate as compared with
the previous fiscal year, caused by an increase of $22,395,040.06 in the
paynients on account of the Interior Department, but show a decrease
of $21,699,965.81 in the expenditures for interest and premium on the
public debt, on civil and miscellaneous accounts, and for the War and
jSTavy Departments.
The balance of public money on deposit in the Treasuiy and subject
to draft at the close of business June 30, 1879, ^vas $417,223,787,08 5 the
receipts during the year from all sources amounted to $494,578,241.20
and the drafts paid to $708,190,900.76. After deducting receipts properly refanded and outstanding drafts, there was subject to draft, at the
close of business Jane 30, 1880, $204,683,836.34, which difi'ers from the
debt statement balance by $3,595,213.46, as explained in the appendix.
The business ofthe government involved the transfer during theyear
of $1,053,357,082.22, the greater portion through the meciium of the
accounts of this office, and the remainder by actual transportation of
the funds.
At the close of the year $28,581,290.93 stood to the credit of disbursing agents of the IJnited States upon the books of the Treasury.
The amount sabject to draft June 30, 1879, on account of the postal
service was $2,660,412.29; the receipts durihg the year, including the
amount paid from the Treasury for the deficiency in the postal revenues,
were $35,691,810.29, of which amount $26,048,562.16 was received and
disbursed by postmasters without having been deposited in the Treasury.
After deducting deposits refunded and outstanding drafts, there remained subject to draft June 30, 1880, $2,375,727.04.
The total unavailable funds have not increased during tlie year by
loss or defalcation, but remain unchanged at $29,512,206.85 for the
Treasury, and at $40,078.06 for the Post-Office Department. •
Fifty-eight national banks were organized during the year, fiY^ failed,
315
316
REPORT ON T H E I I N A N C E S .
and twenty-one went into voluntary liquidation, leaving two thousand,
one hundred and two doing business at the close of the year.
The amount collected from national banks by the Treasurer of t h e '
United States for semi-annual duty accruing during the year was
$7,591,770.43. The total amount collected during the existence of the
national banking system is $100,361,469.35.
There were on deposit in this office, at the close of the year, for tlip
security of the circulating notes of national banking associations,
United States bonds to the amount of $361,652,050, and to secure public deposits therein $14,777,000.
r
At the close of the year the United States notes and paper currency
outstanding amounted to $362,659,008.70. The total face value of currency redeemed from the date of the first issue is $2,229,368,462.17, from
which the deductions for mutilations under the regulations amounted
to $297,363.76.
The total amount of United States bonds retired by purchase, redemption, conversion, and exchange, from March 11, 1869, to June 30,
.1880, is $1,898,040,750.
The coupons from United States bonds paid during the year amounted
to $31,479,603.86, and there were 296,936 quarterly checks issued in
payment of $40,719,376.04 interest on registered bonds. .
There was redeemed during the year $61,585,675 in national bank
notes, making the aggregate amount redeemed under the act of June
:20, 1874, 51,039,838,889.
T H E S T A T E O F T H E TREASURY''.
- The resources and liabilities of the Treasury on the 30th day of September, 1877, 1878, 1879, and ISSO, are exhibited in the following statement:
STATEMENT of LIABILITIES and ASSETS of the TBEASUBY of the UNITEDSTATES, September 30, 1877, 1878, 1879, and 1880.
September 30,
1877.
September 30,
1878. •
Septeinber 30,
1879.
September 30,
1S8U.
LIABILITIES.
Fund for redemption of Certificates
of Deposit (Act June 8,1872)
$41, 675, 000 00 $40, 890, 000 00 $31, 335, 000 00
1, 672, 707 96
Post-Office Department Account
2,151, 693 76
2,167, 991 50
Disbursing Officers' B a l a n c e s . . . . — 13, 733, 913 59 17, 049, 010 89 26, 007, 876 95
Fund for redemption of IsTotes of ISTational Banks "failed," " in liquidation, '•' and '' reducing circulation " . . 13, 602, 238 00
9,182, 400 90 12, 939, 889 75
Undistributed Assets of failed ISTational JBanliS
856, 379 42
775, 814 12
642, 314 33
Five-per-cent. Fund for redemption
of National-Bank IsTotes
14,199, 294 60
12, 974, 232 75 15, 082, 482 99
Fund for redemption of National
Bank G-old-Notes '.
1, 720 00
1, 720 00
219, 940 00
Cuxrency and Minor-Coin Hedemption-Account
23,104 41
5, 987 00
4, 213 15
Fractional Silver-Coin EedemptionAccount
152, 664 10
Interest Account
101, 514 75
595, 662 25
670, 593 00.
Interest Account, Pacific Eailroads,
a^nd Louisville and Portland Canal
Company
32, 280 00
6, 270 00
15, 650 40
Treasurer'IJnited States, Agent for
paying interest on District of Columbia Bonds
27, 558 SO
298, 435 .54
40,811 27
Trea.surer'3 Transfer - Cbecks out2, 523, 702 79
fliandina;
:
2, 492, 885 05
3, 653,101 29
$9, 975, 000 00
2, 600, 489 IG
22,189, 236 49
19, 746, 955 25
616, 560 21
15, 428, 010 82
475, 965 00
3, 075 GO .
74, 681 75
99, 585 00
366, 532 59
2, 667, 773 97
• TEE ASURER • O F THE UNITED: STATES.
• •
31?
STATEMENT, of LIABILITIES and ASSETS of the TBEASUB,Y, ^-c.—Coniiim^d.
S e p t e m b e r 30,
1878.
S e p t e m b e r 30,
1879.
$877, 864 26
9, 345,289 13
12, 015, 016 78
32,-826, 600-'00
2, 028, 070 00
$840,608 41
11, 561, 093 •77
31, 033, 519 65
14, 910, 900 00
4,571,8.50 00
8,-265, 412 00
10,000,000 00
1.319,793 05. . 1, 235, 709 91
. 78, 724, 902 78 182, 845, 615 52
3, 9.79, 232 69
143, 977, 096 20
.1,~ 549, 071 ,97
149, 281, 443 .67 •
243, 681, 111 25
303, 485; 995 07
267, 676, 912 40
September £
1877.
S e p t e m b e r 30,
1880.
T r e a s u r e r ' s General Account.
Old D e b t . v . . . - - . . . . - - . . ,
.--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
G o l d Certificates
Silver 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 Currency..--....-.
. .Drafts O u t s t a n d i n g .
:...
B a l a n c e , i n c l u d i n g Bullion F u n d . . . :
Total.:.
• $917, 885 58
• 8, 447, 864 77
19, 064,191 25
37, 997, 500 00
337, 424, 964- 74
$816, 585
9, 784, 449
5, 959. 436
7, 511, 700
18, 521, 960
07
42
43
00
00
, ASSETS.
$107, 039, 528 85 $136, 036, 302 20 169, 827, 571 29 $135, 640, 185 77
Gold Coin a n d Bullion
' S t a n d a r d Silver D o l l a r s
12,155, 205 00
47, 784, 744 00
3i; 806, 774 00.
F r a c t i o n a l Silver Coin
. . . . . . . . . . . . *7, 42.5, 453 94
24,723,892 68^
6,143,903 02
16, 873, 898 47
Silver B u l l i o n .
6,154, 392 93
9, 634, 034 48
4, 299,124 25
Gold C e r t i f i c a t e s .
18, 9.34," 00.6'00
31,600.00
9, 392, 920 00
70, 700 00
Silver Certificates
6,092,579 00
1, 316, 470 00
3,131.130 00
United States Notes .
..-.. '74^ 558," 308'23
63, 049, 339 67
•48, 762; 728 01
27, 901, 594 07
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 8, 265, 412 00
10, 000, 000 00
rency
:
....
14,109, 541 51
9, 259, 043 81
3, 288, 404 57
4, 279„ 958 76
National-Bank Notes
1, 720 00
• 220,125, 00
1, 720 00
183, 640 00
National-Bank G o l d - N o t e s . . . . . . . . . . .
161, 081 86
90, 978 15
60, 712 ,08,,
237, 203 64
Fractional Currency.,
,
D e p o s i t s h e l d b y N a t i o n a l - B a n k De11,212, 315 94 •
75, 661, 403 15
10,' 731, 025 90
17, 836, 816 48
positaries
1, 063, 665 22
870,140,54
1,410,898 50
1, 524, 700 57
• N i c k e l and Minor- Coin
,..
N e w Y o r k , a n d San F r a n c i s c o E x 1,443.000.00
367,000 00
1, 799, 334 51
333, 500 00
change
-.
'325 50
8, 916 5 1
One ancl T w o T e a r N o t e s , &c ....'.
593 70
400 40
E e d e e m e d Certificates of D e p o s i t
90, 000 00 "
1, 34:5, 000 00
.(Act J u n e 8,1872), . . . . . . - - : - . . . . .
2, 025, 000 00
Q u a r t e r l y I n t e r e s t Cliecks a n d Coin
141, 517 91
256, 900 46
90, 012.,01
Coupons p a i d . . . .
...'....
•
V.1S9,
5'79 78
Eegistered and Unclaimed I n t e r e s t
10, 303 50.
370, 482 80
22, 355 00
333,907 50
'
507 64
U n i t e d - S t a t e s B o n d s and I n i e r e s t —
•997,343 81
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
3,047 12
516 97
' Eonds
6, 562 48
1, 345 64
24,119 74
E e f u n d i n g Certificates a n d I n t e r e s t .
45, 312 75
Pacific E a i l r o a d s , S i n k i n g F u n d
126, 315 00
6, 255 00.
123, 802 00
S p e a k e r ' s Certifieates
690, 848 30
37, 945 .95
729,195 64
690, 848 30
Deficits, u n a v a i l a b l e F u n d s
^..
Total.
243, 681, 111 25
337, 424, 964 74
303, 485, 995 07
'^ F r a c t i o n a l Silver C5in, a n d Silver B u l l i o n .
267, 676, 912 40.
.
•
I t appears from the above table that the gold and'silver, coin and
bullion ranged from $114,464,982.79 'in 1877 to $163,969,444.70 in 1878,
to $222,807,368.01 in 1879, and to $214,303,215.38 in 1880. The decrease
of $8,500,000 between 1879 and 1880 is'represented by a reduction in
the gold balance Of $34,0b0,000 and an increase in the silver coin and
bullion on hand. The influences tending to the decrease of the gold
balance have been, primarily, the scarcity of notes, compelling payments
ofthe daily balance to the l^ew York Olearing-House in gold coin.' There
has been but a small amount of United States notes and gold certificates
^ presented for redemption in gold coin. There has been during the year
Van increase in silver cdin of $15,977,970 in standard vdollars and of
\$7,849,994.21 in fractional silver coin.
\. The note assets, including balances due from depositarv banks,, have
\ecreased from $107,664,287.64 in 1877 to $93,417,282.91 in 1878, to
p3,926,653.25 in 1879,. and to $42,402,314.58 in 1880. ' The steady de-'
•ease is due in great measure to the withdrawal of notes, caused by
}ie presentation of clearing-house certificates for redemption., the amount'
318
REPORT ON THE FINANCES.
, of these certificates outstanding having been reduced from $31,335,000
.1879 to $9,975,000 in 1880. Another reason for the smallness of the nc
balance may be found in the falling ofi* in note receipts, the revenues
the government being now largely paid in coin and in silver certificat
From the following tables of assets and liabilities for IvTovember
1879, and 1880, the changes in the funds can more readily be seen. Th
also show the excess of assets, constituting the reserve available i
resum]itioii purposes.
STATEMENT of the ASSETS and L I A B I L I T I E S of the GOVERNMENT, Novem
1, 1879.
ASSETS.
Gold Coin in Treasury a.ncl M i n t s . . . §121, 355, 448
GoldBullion
50,358,464
Silver Bullion
3,537,224
Standard Silver DoUars
32, 322, 634
FractioHal Silver Coin
17,755,986
90
75
31
00
76
|225,329,758 72
49,537,815 74
United States Notes
Total
$274,867,574
LIABILITIES.
Called Bouds matured
Less amount on hand
|.24,271, 506 95
762 93
Interest due
Less aniount on liand^
9,704,299 49
277,706 29
Gold Certificates
Less amount on hand
14, 591,000 00
213, 400 00
Silver Certificates
Less amount on hand
6,135, 850 00
4, 531, 480 00
• Certificates of Deposit (Act of June
8, 1872)
Less amount on hand
124,270,744 02
9,426,593 20
14,377,600 00
1,604,370 00
22,510,000 00
2,315, 000 00
Disbursing Officers' Balances
Outstanding Drafts and Checks
Five per cent. Redemption Fund
Fund for redemption of Notes of National Bauks—
failed, liquidating, and reducing circulation
Post-Office Department Account
20,195, 000
18, 337, 397
5, 020,764
15,742, 887
00
01
96
52
13,0.52,124 25
1,793^ 049 26
123,820,530
Available for Resumption
151, 047, 044
STATEMENT of the A.SSETS and L I A B I L I T I E S of the GOVEBNMENT, Novem
1, 1880.
ASSETS.
Gold Coiu iu Treasury and Mints
|60,210,179
GoldBullion
80,742,657
Silver Bullion
6,043,367
standard Silver Dollars.,
«
.47,084,459
Fractional Silver Coin
24,6.29,489
Deposits Avith National Bank Depositaries
$8,550,467 82
United States Notes
26, 389, 331 51
—
34,9.39,799
Total
75
99
37
00
89
33
§253,649,953
TREASURER. OF'THE'UNITED STATES.
319
LIABILITIES.
.Ohi'Debt...........................
Xess amount o n h a n d i . . . . . . . . . . . . - , .
$816,585 07
2,298 96
Called Bonds M a t u r e d : . . . . . , . : . . . . , - . .
, Less amount on h a n d . . . . . . ; . . . . . . . . . .
5,650,742 04
, 507 64
Interest due . . . . . . . . . . . . . . . . . . . . . . . .
Less amount on H a n d . . . . . . . . .
...
8, 871, 464 54
323,755 46
Gold C e r t i f i c a t e s . . . . . . . . . . . . . . . . . . . . .
Less amount o n h a n d ' . - . . . . . . . . . - .
7,454,500 00
6,800 00
1,286-11
5,550^234 4(J
Silver Certificates..
Less amount on hand
27,113,960 00
.7, 333, 719 00
Certificates of Deposit (Act of June 8, 1 8 7 2 ) . . . J , . . . . . . . . . . . . . . . . . . . . . . . . • 8,775,000 00
Less amount on h a n d . . . . . . . . . . . . . . . . . 150, 000 00
8,547,709 08
:
'
^
•7,447,700 00'
19,780,241 00
.
._
•
8,62.5,000 00
Disbursing Officers'-Balances...
......
. . . . . . 20,170, 794 19
^
Outstanding Drafts and C h e c k s . . . . . . . . .
...,
3,106, 882 65
Five per cent. Redemption F u n d . . . . L . . . . . . . . . . . . . . . 15, 369, 491 18
F u n d for Redemption of Notes of National Banks—
failed, liquidating, and reducing c i r c u l a t i o n . . . . . . 20,825,767 25
Post-Office Dei3artment A c c o u n t . . . . . . . . . . .
,..o.
1, 814, 833 86
•^ , :
'..J
'-•••'•' — —
———•112,052,939 72.
Available for R e s u m p t i o n . . . . . . . . . . . .
.........
^ . . . J*.. . . . . . . . . 141, 597, 013i- 61
The amount of gold coin and bullion in the Treasury January 1,1879^:
the elate of resumption of specie payments, was $135,382,639.42, and at
this date it is $140,952,837.74, a gain of $5,570,198.32; and, in additionsthere have accumulated in the Treasury $47,084,459 in standard silver
dollars.- ,
.' ... ':, ..-•
-.''",.- . ' • " . • ; • • .
The redemptions of United States notes in gold since tlie resumption
of specie paj^ments have aggregated $11,963,336, as follows:
•-^ •
'• '
/
•
' 1879. " . 1880.
.January............................................v. ,...,..»...., $1,571,725
$71,500
February........
.......,.......,..-.....:........; 909,249 . 72-080
March..........L,.
...i......................
952,766
43,020
April.....................I.........................^„..„.:..
699,773
16,000
.May........................................
;•............ ,^1,339,883 •' 51,000'
r , 'June...
2,503,302
47,200
July...........................
.....:.......•
954,800'
25,000
August . , . . . . . . . . . . ; . . . . . . .
September..
:
October
.......:.........,..
November....
.........•..'.......-....„.-..'....
December . . . . . . . . . . . . . . . . . . . . . . . .
..,.
I
\
.'.'
981,400
603,485
740,295
77,499
122,359
22, 000^
150,000
9,000
.......•«
....-.„
:j
Since the order of the Department of January 1, 1879, authorizing
^ the receipt of United States notes for customs duties, there'have been
) - received on that account $142,32'3,601,'as follows :'"• • ' ' ' "•• '
j
•
•
.
., .
•
. 1879. .
January;.....:..-....:......
' . . . . . • . : . . . . . . . . . . - . : : . . . . . $6, 864, 889
^ F e b r u a r y . . . . . . . . . . : ; . . . . . . . . . ; . . . . . ; . . : . . . . . . . . . . . . . . . . . ^ . . . . . . '9,340,452
\ March . . . . . . . . . . . . . . . . . . . . . ;
.•.^....
11,919,876
V April . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , ^ . . . . . . . . . . . . , . . . . : . 10,562,006
\May . . . . . . . . .
9,703,566
\lune.
9,336,778
Inly.............
, . . . . . . . . . . : , . . . . . . . . . . 10,588,145,
lugust...j.:..
11,261,307
Eptember
;:12, 506, 018
btober...............J............
I.....
9^281,243
dvember
.......
4,612,198
3cember
....._..
'3,051,219
,.. • 1880.,'^
• $4,126,450
•. 4,477,161
3,702,727
3,231,697
2,888,138
3,951,588
4,029,892;
2, 844, 65S
2,241,305
: .• 1, 802, 288....,.,
...„
320
R E P O R T ON THE FINANCES.
. REFUND.ING-.
The refunding operations virtually ceased in September, 1879, by the
closing of the loan accounts with depositary banks, though the conversion of ten-dollar refunding certificates into 4 per cent, consols of
1907 stiircontinues. The receipts into the Treasury on account of the
5 per cent, funded loan of 1881, of the 4J per cent, funded loan of 1891,
and of the 4 per cent, consols of 1907, to October 31, 1880, aggregate,
principal and interest, $1,514,084,180.03, which was deposited in depositary banks and at the various subtreasury/offices as set forth in the
followinof table:
,
W.itlL whom deposited.
Funded Loan of Funded Loan of Funded Loan of
1881 (5 per cent.). 1891 (4i per cent.). ,1907 (4 percent.).'^
$270, 327,152 73
Treasurer U. S., Washiii£''ton, D. C
47, 914,175 65
Assistant Treasurer U, S., ISTew York, N. Y . . . . .
1,067,062 37
Assistant Treasurer IJ. S.,,Boston, Mass
17,104 69
Assistant Treasurer U, S.., Philadelphia, P a . . . . .
Assistant Treasurer U. S., Baltimore, Md
16, 659 91
Assistant Treasurer IJ. S Cincinnati Ohio
618 30
Assistant Treasurer U. S. Chicago 111
94, 806 71
Assistant Treasurer U.S., SaintLouis M o .
Assistant Treasurer TJ. S., ^ e w Orleans, La ..
142,000 00
Assistant Treasurer TJ. S., Sanl?rancisco,Cal... •
Depositary IJ. S., Pittshuro-h Pa •
1, 850 00
Depositary TJ. Si, Santa ¥6, N". Mex . . .
.
10, 550 00
ISTational Bank Depositaries . . ° .
200, 959, 362 23
TotaL
$128, 852, 831 21
71, 2.58, 010 33
1, 648, 000 00
$109, 935, 498 21
38, 526, 829 47
847,116 31
358 486 77
' 322, 505 84
2, 349, 448 89
4, 582, 457 22
467, 447 94
293, 791 67
8, 756,108 75
. 49, 590, 000 ,00
575, 744i 304 83
520,551,342 59
251, 348, 841 54 •
742,183, 995 90
The conversions of refuhding certificates, amountingto $39,367,857.69,
are included in the sum of $109,935,498.21, received by the Treasurer
of the United States on account of the funded loan of 1907.
REFUNDING CERTIFICATES.
The amount of refunding certificates ofthe denomination of $10 issued
under the act of February 26,1879, was $40,012,750, including registered
certificates. Up to this date there have been received for conversion
into 4 per cent, bonds $39,033,550 from 8,534 clepositors, the average
amount presented by each depositor being $4,574. The amount outstanding at this date is $979,200.
• RETIREMENT OF BQNDS. .
There were redeemed and paid for by this ofiice from IsTovember 1,
1879, to date, $17,444,800 in called bonds upon which the interest
had ceased, the proceeds of which, including interest, amounted to
$17,774,333.94. '
' ^
There were also purchased on account of the sinking fund during the
.same period $106,271,100 in. United States bonds, the total-cost of which, •
including interest and premium, was $111,220,366.09.
.
.
UNITED. STATES NOTES,
The following table shows the total amount of United. States note
outstanding at the close of the fiscal years 1877,1878,1879, and 1880,1
clenominations. The fractional parts of a dollar and the odd amouhi
321
TREASURER OF THE UNITEB .STATES.
appearing therein arise from the discounting under the rules o f t h e
Department of mutilated notes redeemed.
Denomination.
1878.
;[
Ij
1
!
[
I
j
1880.
One dollar
Two dollars
.
..
Five dollars
.
Ten dollars
Twenty dollars . . . . . . .
Fiftydollars.....
One hundred dollars..
Five hundred dollars .
One thousand dollars .
Five thousand dollars.
Ten, thousand dollars .
$25,160, 287 80
25,369,826 20
49, 338, 224 00
64,495,717 00
62, 607,197 00
35, 912, 910 00
29, 410,170 00
'33, 884, 500 00
34,585,500 00
$20, 929,874 30
.20,910,948 20
54, 669,556 50
65, 551,644 00
62, 720,643 00
27,182, 680 00
31, 624,670 00
30, 878,500 00
33, 212,500.00
Total...
-;
Destroyed in suhtreasury in Chicago
jBre, denominations unknown
360,764, 332 00
347, 681, 016 00
,347, 681, 016 00
347, 681, 016 00
1,000,000 00
I, 000, 000 00
1, 000, 000 00
1, 000, 000 00
Outstandiug-
1^
(
k
A
f
/
j
1879.
980
18, 092,653
54,107,113
64, 638,562
60, 470,887
25, 523,340
32, 038,480
82, 569,500
85, 070,500
4, 000,000
2, 960,000
359, 764, 332 00 346,681,016 00
80
20
00
00
00
00
00
00
00
00
00
$20, 332,332
20, 352,813
65, 432,548
74, 916,751
72,143,207
24, 808,995
82, 797,870
19,224, 000
16,532, 500
. 680,000
460, 000
00
00
00
00
00
00
00
00
00
00
00
846, 681, 016 00 846, 681, 016 00
From the above it appears that, while the aggregate amount of notes
outstanding has not changed, there has been an increase of $2,122,351
in one dollar notes, $2,260,160 in two dollar notes, $11,325,435 in five
dollar notes, $10,278,189 in ten dollar jiotes, $11,672,320 in twenty dollar
notes, and $759,390 in one hundred dollar notes | and ,a decrease of
$714,345 in fifty doUar notes, $13,345,500 in five hundred dollar notes,
$18,538,000 in one thousand dollar notes, $3,320,000 in five thousand
dollar notes, and $2,500,000 in ten thousand dollar notes; shbwing
an increase of $37,658,455 in notes of a less denomination than fifty
dollars, and a corresponding decrease i n . t h e higher denominations.
The notes of the denomination of five thousand and ten thousand
dollars issued at the time of the suspension of the issiie of gold notes
are disappearing from circulation by being presented for redempti on,
and no more are being issued, the demand for them having virtually
ceased.
.••.,•..,
The following table of issues and redemptions of United States notes
during the fiscal years 1878, 1879, and 1880, shows the total redemption
during those years, and the manner in which the changes in the denominations of outstanding notes were brought about:
1879.
,1878..
. 1880.
Denomination.
Issued.
Redeemed.
One dollar
, I$7, 562, 851 $11, 792,775
6, 288, 000 10,746,878.
T w o dollars
15,820,000 16, 111, 867
Fivedollars
11, 380, 000 18, 763, 063
T e n dollars
9,200,000
9, 086, 554
T w e n t y dollars
8, 200, 000
6, 267, 030
F i f t y dollars
O n e h u n d r e d dollars . . 6,408,600
4,194,100
F i v e h u n d r e d dollars . 4, 817, 000
4,424, 000
One t h o u s a n d d o l l a r s . . 2, 600, 000 . 8, 973, 000
F i v e t h o u s a n d dollars
^ T e n t h o u s a n d dollars
Total
67,275,951
80, 859, 267
Issued.
Redeemed.
Issued.
Redeemed.
$6, 503,133 $9,223,026 50 $9, 057, 863 00 $6, 935, 511 80
5, 971, 840 20
5,892,000 8, 710, 295 00 8,232,000 00
8, 854, 565 00
i l , 060, 000 11, 622, 443 50 19, 680, 000 00
6,241,811 00
9, 280, 000 10,193, 082 00 16, 520, 000 00
5, 687j 680 00
7, 400, 000 9, 649, 756 00 17, 360, 000 00
2,114, 345 00
2, 400, 000 4, 059, 340 00 1,400,000 00
5, 007, 700 4, 593, 890 00 3, 052, 700 00
2,293,310 00
5,650,000 3, 959, 000 00 2, 300, 000 00 15, 645, 500 00
3,900,000 2,042,000 00
700, 000 00 .19, 238, 000 00
4, 005, 000
5,000 00 1, 000, 000 00
4, 320, ood, 00
50,000 00 2, 000, 000 00
4, 500, 000 00
8, 010, 000
64,107, 833 64,107, 833 00 81, 302, 563 00 81,302,568 00
\ There will be a decrease in the issues and redemptions during t h e
|rrent fiscal year, for the reason that there is so much difficulty in obIning notes for redemption and exchange for other denominations that
,e amount of such exchanges now being made is much less than during.
^'
21 F ^
322-
R E P O R T ON T H E
FINANCES.
the. last-fiscal year.. The demand for notes is to-a great - extent being
supplied by the issue of silver certificates of the denominations of tea.
and twenty dollars..
'•,-•,••
STAND.ARD SILVER DOLLARS.
The .total coinage of standard silver dollars under'the act of Februarv'
28,1878, is $72,847.,750. -Of this amount $47,588,1.06 are, in theTreasury
and the -mints, and-^ $25,259^644, being more than' thirty-four'and twothirds per. cent, ofthe coinage^ are iin circulation. The amount in circulation.November!, 1878, was $4,922,.623,-or'twenty-six and,nine-tenths
per cent, of $18,282,500 coined'5 at the same date in 1879 the amount in
• -circulation was; $13,002^842,. or.twenty-eight and. three-fourths per.cent.
of $45,206,200 coined. Of the-total amount coined to date $47^602,932,
or^more than sixty-five ^per; cent., has been-paid out-from theTreasury
offices and mints. Of the amount ipaid out nearly forty-seven per cent.,
or :$22,343,2-88, has been returned-to the Treasury in payment -of dues or
on account of silver certificates. While the amount distributed is only
about one-third of the amount coined, there were placed permanently in ;
circulation, during the first seven full months of coinage, 4,731,684
standard silver dollars, or 675,955 each month, and for the succeeding
twelve months ending October 31, 1879, there were absorbed into the
circulation of the country 8,080,219 standard silver dollars, or 673,351
per month. During the twelve months just ended. 12,256,-802 standard
silver dollars and $18,175,871 in silver certificates entered. into the circulatioii of the country, or an Average of 1,021,400 standard silver
dollars and $1,514,656 in silver certificates each month.
The following table shows the amount coined, on hand, and outstanding at the close of each month since the coinage began:
Month.
1878,
March
April,..
May.:..:.
June .....:..-...
Jnly
August
Septemher ..
Octoher .
,..*..
]N"ovemher
...
Decemher .. . ^ . . .
.1879,
January
Fehruary
March
April
May
June
July
;.
August
..
Septemher
Octoher
.....
November
December
1880
Ja nuary
February........
March...........
April-.
May
June
July
•--••
August
,
September . . . . . .
October
B a l a n c e on N e t d i s t r i b u Outstanding
M o n t h l y coin- C o i n e d t o t h e
e n d of t h e h a n d a t t h e
t i o n d u r i n g a t t h e close
close of t h e
age.
^
month.
t h e m o n t h . of t h e m o n t h .
month.
^ 1 , 001, 500
3, 015, 000
2, 087, 000
1, 847, 000
3,028,000
2,764,000
2, 070; 000
2,156, 050
2, 057, 000
$1,001,500
•8,471,-500
6, 486, 500
8, 573, 500
10, 420, 500
13, 448, 500
16,212,500
18, 282, 500
.20, 438, 5.50
22,-495, 550
$810, 561
3,169, 681
'5,950,451
7,718,357
9,550,236
11, 292,-849
12,155, 205
13, 359, 877
14, 843, 219
16,704, 829
$190, 939
110, 880
234, 230
319,094
15,121
1, 285, 387
1,901,644
865, 328
' . 672, 708
195. 390
$190,939
301,-819536/049
855,, 143
870,264
2,155,651
4, 057, 295
4, 922, 623
5,595,331
5, 790, 721
2, 060, 200
2,132, 000
2, 087, 200
2,381,000
,2,330,000
2, 315, 050
1,650,000
2,787,0.50
2,396,050
2,572,100
2, 499, 000
2, 350, 450
24, 555, 7.50
26, 687, 750
,28,774, 950
31,155, 950
33, 485, 9.50
35, 801, 000
37,451,000
40, 238,050
42, 634^ 100
45, 206, 200
47, 705, 200
50,055,650
18, 625, 223
20,049,181
21, 799, 206
23, 999, 047
26, 386,154'
-28,358,589
29, 347, 201
30, 962, 254
31, 806, 774
32, 203, 358
33, 503, 888
33, 827, 552
139, 806
708, 042
^337,175
5, 930,-527
.6.-638, 569
6, 975, 744
7,15.6, 903
7, 099, 796
7,442,411
8,103, 799
9,275,796
10,827,326
13, 002, 842
.14, 201, 312
16,728,098
2, 450, 000
2, 300, 400
2, 350, 200
2, 300, 000
2, 267, 000
"2, on; 500
2, 280, 000
2, 253, 000
2, 301, 000
2, 279, 000
52, 505, 650
54, 806, 050
57,156, 250
59, 456, 250
61, 723, 250
63, 734, 750
66, 014, 750
-68, 267, 750
70, 568, 750
72,847,750
35, 548, 868
37, 513, 420
39, 057, 858
41,,052, 639
43, 356, 807
45,108, 296
47,073,470
48i230,477
47, 784, 744
47, 588,106
2, 470, OOP
ta,159
.285, 508
661, 388
1,171,997
1,551,530
2,175, 516
1,198, 470
2, 526, 786
228, 684
335,848
805, 762
305,219
222, 843
314, 826
1, 095, 993
2, 746, 733 •
2,475, 638
16,956,78a
17, 292, 630
• 18, 098, 39.'
18, 403, .O'IS, 366,, 4^^
18, 626, $
18, 941, \'
20, 037, >
22, 784,^1
25, 259, \
323
.TREASURER -OF T H E UNITED "STATES.
In addition to the ordinaryanflaences which facilitate the distribution
of standard silver dollars, the demonetization by the people of the Southwest of the Mexican silver dollar has created an extensive demand for
the new dollardn that quarter. Were the trade-dollar withdrawn from'
circulation or every where rated at its b allion value, many more standard
silver dollars would be required f9r circulation in the cities of Kew York
and Philadelphia, and in other places in which the trade-dollar is now
in use as a circulating medium, much to the advantage of the bullion
dealers, who purchase trade-dollars at points where they are rated at
90 cents and sell them-at an. advance to .parties in places where-they,
circulate at their face value.
•
.
'' "
SILVER OEHTIFIOATES. J,
The total amount of silver certificates issued under the act of Gongress
of February 28, 1878, to ^Sep.tember 30, 1880, is $27,308,000; of which
there were issued at Washington,- $10,080,000-,at :^ew York, .$4,428,000 ]
and at San Francisco, $12,800^000. There were in actual circulation at
the latter date $12,429,381, which amount does not include $6,092,579
held in the cash of the various offices. The demand for silver certificates under the circular of the Department dated September 18,1880,
authorizing their exchange for gold coin or bullion has been.quite extensive at New Orleans, Saint Louis, Ohicago, and Cincinnati, and there
were paid out at those points during the month of October $3,485,000
in silver certificates for an equal amount of gold coin deposited i n t h e
subtreasury at N'ew York. The demand was stimulated by the scarcity
of other circulating notes, and because, the certificates, being furnished
at the various subtreasuries without expense fbr transportation-to the
persoh desiring them, they became an inexpensive means of obtaining
exchange, which was really, of great advantage in the Southwest.
The Mlowing table shows the ainount of silver certificates outstanding June 30,1879, issued and re.deem.ed during the fiscal year and outstanding at its.- close:
•
•
Denomination.
Issued.
Outstanding J u n e
30,1879. D u r i n g .fiscal T o J u n e 30,
year.
1880.
T e n dollars
.
$163, 830
T w e n t y dollars
95, 420
145, 000
Fiftydollars..
One h u n d r e d dollars . .
475, 700
Five hundred dollars..
500, 000
One t h o u s a n d d o l l a r s . . 1,160, .000
Total
2,539,950
$2, 007, 000
1,890,000
1,195, 000
1, 449, 000
750,000
2, 727, 000
$2; 174, 000
" 1, 986,. 000
1,340,000
1, 930, 000
3, 018, 000
10,570,000
10, 018, 0.00
21,018,000
Redeemed.
D u r i n g fiscal T o J u n e 30,
•year.
• 1880.
'
Outstanding J u n e
30; 3880.
$23,490
10, 540
11,059
20,100
20, 500
98, 000
$26,-660
11,120
11,050
25, 400
1, 788, 500
6,781,000
$2,147,340
1, 974, 880
1,328,950
1, 904, 600
1, 229, 500
3, 789, 000
183, 680
8, 643,T30
12, 374, 270
.FHAOTIONAL .CURRENCY AND -FRAOTliONAL' SILVER COIN. .
\^ The total amount of fractional silver issued under the act of April 17,
\ 187-6, was $42,983,618.50; to whichshould be added at le^st 25 .per cent.
paore represented by coins of dates prior to 1875 which have found their
^ay into circulation since the resumption of specie payments. Of this
>iii there is in the Treasury at this, date $24,629,489.89, of which
17,296,671.13 has been withdrawn from-isirculation since the passage
\ the act of June 9, 1879, providing, for the exchange of fractional
;ver for lawful money. .Since July ,31,1880, the am'ount in .the Treasury
b decreased, about $500/000, that :amount in excess of redemptions
324
REPORT ON THE FINANCES.
having been reissued under a demand which has sprung up by_ reason.
of reduced .transportation charges and an improved condition of business. • - :
. • " — .•
. Under Bepartment regulation of August 26, 1880, fractional silver
coin has been sent at the risk and expense of the applicant by registered
mail in four-pound packages, each containing $70. Under this arrangement 796 packages have been sent.
A t the date of the act of April 17,1876, authorizing the exchange of
fractional silver coin for fractionar currency, there was in circulation
$41,508,737.48 of fractional currency, which, up to October 31,1879,
had been decreased by redemption to $15,710,964.24. Since that date
there has been a further redemption, as shown by the following table,
of $153,164.54, or an average Of $12,763.71- per month, leaving the
amount outstanding at this date $15,557,799.70.
Fractional
-Fractional Total redeemed,
currency out- currency
re- to the end of
standing at deemed during
each mbnthi. close of each each month.
month.
Month.
• .
'
ISTovember
December
January.
February ,. .^
March
,
April
•May
Jnne
July
Angust
i
September
October
1879.
1880.
-..
.—
-..
-
$15, 704, 853 12
15, 674, 308 11
$6, 611 12
30,045 01
15, 668, 734 29
15, 631, 315 41
15,625, 301 33
15, 604, 591 33
15, 592, 938 70
15, 590, 892 70
15, 581, 648 70
15, 557, 933 70
15,557, 878 70
15, 557, 799 70
5, 573 82
37,418 88
6, 014 08
20,710 00
11, 652 63
2, 046 00
9,244 00
23,715 00
55 00
. 79 00
$25, 804, 384 86
25,834,429 37.
25, 840,003
25,-877,422
25, 883,436
25, 904,146
25,915,798
25, 917,844
25, 927,088
2§, 950,803
25, 950,858
25,950, 937
19
07
15
15
78
78
78
78
78
78
. , _ MINOR COIN. ^
The Minor Coin in the vaults of the various offices September 30,
1880, amounted to $1,063,665.22, having decreased to that amount from
$1,5243700.57 in the Treasury at the same cdate in 1879. The demand
for five-cent nickels, which has amounted to $455,810.80 during the
year in excess of redemptions, has been supplied from the amount on
hand; but the demand for bronze one-cent pieces still continues, and the
Mint has been unable to fill the orders for that denomination promptly.
The following table shows ihe distribution of the Minor Coin on hand
in the Treasury September 30, 1880:
Office by which held.
One cent,
Five-cent, Three-cent, Two-cent, bronze, copnickel.
nickel.
bronze. Iper - nickel,
and copper.
W'ashington
$678 00
$2,154 00
Baltimore
1 250 00
90 00
^sTew York
138, 696 00
760 00
Philadelphia
518, 573 00
942 00
22, 893 00
Boston.
851 00
Gincinnati
--........
605 00
900 00
100
00
Chicago
720
00
5,
Saint Louis
!N'ew Orleans..350 00
810 00
San Francisco
I, 000 00
,950.00
Tucson
Siint IJnited States, Phila.
. delphia
, 22, 796 15 19,445 04
Mint United States, Denver
Total
-----.• 728,442 15
143,622 04
$910 00
20 00
1,110 00
51 00
275 00
220 00.
$837 00
193 27
9, 090 00
30, 430 00
5, 331 00
260 00
65 00
200 00
200 00
1, 540 00
850 00
7,274 62
125,006 51
10, 260 62 173, 602 78
Mixed.
$287 47
748 36
5 29
5, 600 97
Total.
$4,866 47
1, 553 27
157,656 00
635, 945 00
39, 374 86 -.
15, 041 00,
18,110 29'
5,600 9?
2, 900 0
12,000 f
1 ^
1, 025 00
69 16
175,547^
7, 737 63
1, 063,66a
TREASURER OF T H E UNITED- STATUES.
325
DEPOSITARY BANKS.
The total receipts of public money during the fiscal year'by Depositary'Banks were $119,493,171.94, the average daily, balance therein
being $.8,000,000, secured b y t h e deposit in this office of $14,777,000,
tJnited States bonds and personal bonds to the amountof $330,000,
The receipts of public money by Depositary Banks from 1864 to 1880
aggregate $3,537,641,044.41., There were at the close of the fiscal year
one hundred and thirty-one National Bank depositaries.
The following statement gives the receipts, disbursements, and
balances of public money, as shown b y t h e Treasurer's accounts with
Depositary Banks, during the fiscal years from 1864 to 1880:
Fiscal year.
F u n d s transfer,
r e d t o depositary banks.
Eeceipts.
Funds transferred
t o t h e T r e a s u r y D r a f t s d r a w n on B a l a n c e a t close
b y d e p o s i t a r y d e p o s i t a r y b a n k s . of t h e y e a r .
banks.
•
$153, 395,108 71
1864
1865
:....
987,564,639 14
497, 566, 676 42
1866
.
1867
351, 737, 083 83
225,244,144 75
1868 . . . . . . .
. 105,160, 573 67
1869
...
120, 084, 041 79
1870
1871 - .
99,299,840 85
1872....'".
106,104, 855 16
1873
-.
169, 602, 743 98
1874
91,108, 846 70
1875..-.....:..
98, 228, 249 53
97,402,227 57
1876.
106, 470, 261 22
1877
1878
:..:
99, 781, 053 48
1879............
109, 397, 525 67
1880
119, 493,171 94
Total
•
$816, 000
8,110, 294
13,523, 972
8, 405, 903
9, 404, 392
10,052,199
2, 466, 521
2, 633,129
3, 050, 444
9, 004, 842
2, 729, 958
1, 737, 445
2, 445,451
2, 353,196
2, 385, 920
6, 890, 489
6, 489, 634
3, 537, 641, 044 41
00
70
62
63
00
44
06
45
05
49
81
60
49
29
38
06
17
92,499,795 24
$85, 507, 674
583, 697, 912
363, 085, 565
331, 039, 872
215, 311,460
114, 748, 877
111, 123, 926
89,428, 544
. 94, 938, 603
108, 089, 786
134, 869,112
82,184,304
89, 981,146
94, 276, 400
90,177, 963
100, 498, 469
109,641,232
08
72
65
57
69
24^
18
04
76
76
57
05
99
35
35
29
64
$39, 976, 738 75
$28, 726, 695 88
415, 887,767 81
36,065,992 06
149, 772, 756 11
34, 298,319 34.
87, 218, 612 76
26,182, 821 47
22, 218,187 92
23, 301, 709 61
14, 890, 463 75
8, 875, 141 73
8, 483, 549 79
11, 818, 228 61
13, 790, 961.01
7,197, 015 04
13, 635, 837 49
7,777,873 00
16,110, 519 07
62,185,153 64
13, 364, 554 52 .
7, 790, 292 06
13,657,678 25
11, 914, 004 89
13,909,616 83 7,870,920 18
14, 862, 200 88 .
7, 555, 776 41
12, 606, 870 60
6,937,916 32
15, 544, 058 ,34 .
7,183,403 42
15,525,023 03
7,999,953 86
2,798,600,852 93 . .. 823, '540, 032 86
CLEARING-HOUSE CERTIFICATES.
The following table shows the amount of Clearing-House Certificates
issued, redeemed and outstanding for the fiscal years 1873 to 1880, inclusive. The total amount issued is $601,785,000, of which amount there"
wa« outstanding at the close of the year only $13,125,000, being by far
the smaUest amount outstanding since their first issue in 1873, and
indicating the demand for United States notes by the banks and the
increased use by them of coin for their reserves.
Fiscal year.
1873
1874......
1875
1876
1877
1878 . . .
1879
1880 j
'1
•
..
... .
.
.
..:.
.
.
.
...
...
.
. . . .
Total amount
issued.
Total amount
redeemed.
$.57, 240, 000
137, 905t 000
219, 000, 000
301, 400, 000
378, 285, 000
464, 965, 000
554, 730, 000
601, 785, 000
$25,430,000
78, 915, 000
159,955,000
268, 260, 000
324, 305, 000
418, 720, 000
525, 400, 000
588,660,000
Outstanding, as
s h o w n b y th©
Treasurer's
books.
$31, 810, 000
• 58, 990, 000
59, 045, 000
33,140, OOOSS, 980, 000
46 245,000
29, 330, 000
13,125, 000
-
SALES OF EXCHANG-E.
\FOT the purpose of s-uppl^ang. those o.ffices with funds, there was sold
f t h e ]!!^ew Orleans subtreasury, $250,000 of Kew York exchange ^ at
326^
R E P O R T ON THE TINANCES.-
the San Francisco subtreasury, $6,690,000 of JSTew York exchange^ m€.
h j the depositary at Tucson, $123,500 of E"ew York and San Francises
exchange, which was furnished to them- from this office, by the Treasurer's- checks on E^ew York and San Francisco.
Gi-OLD OERTIFICATE.S. •
. The issue of Sold Certificates was- suspended by the Department- De-^
cember 1,1878, at which time there had been issued $981,134,880.46:. -©f.
•that am-ount there was outstanding -at the close of the fecal- year -but
$•8^,004,600-; The following table shows^ the am'Ount issited^ and^redeem'ed
during each fiiscal year friom-1866- to 1880^, inclusive,-the total issued^ and
redeemed, and the amount outstanding at the close of each year :
Period.
" F r o m N o v e m b e r 13,
1 8 g 5 , . t o J u n e 30,
' 1866-.....:........,
F i s c a l y e a r 1867 . . . .
F i s c a l y e a r 1868Fiscal year 1869......
F i s c a l yeair 1 8 7 0 : . . . . .
Fis'cai y e a r 1S71.
F i s c a l y e a r 1872Fiscial y e a r 1 8 7 3 ! . . . . ,
F i s c a l y e a r 1874 . . . . ,
F i s c a i y e a r 1875 . . . . ,
F i s o a l y e a r 1876 . . . . .
F i s c a l y e a r 1877 . . . . ,
F i s c a l y e a r 1878 . . . . .
F i s e a l y e a r 1879 . . . . .
F i s c a l .year 1880 . . . . .
Issued during
t h e fiscal y e a r .
$98,493,^ 660
109,121, 620
77; 960; 400
80, 683; IOO
76,7315 060
56i577; 000
63, 229j. 500
55, 570; 500
81,117," 780
70, 250; 100
90, 61^j 100
58,141; 200
50, 342; 400
12,317, 400
00
00
OO00
00
00
00
00
46
00
00
00
00
00
Total issued.
Eedeemed dur.
Outstanding at
ing t h e fiscal' T o t a l r e d e e m e d . t h e close o f t h e
vear.
fiscal y e a r .
$98, 493,660 00 $87,.545,. 800 00
207, 615,280 00 lOlj 295, 900t 00
285,575, 680 00
79, 055,840 00
366, 238,840 00
65, 255,620 00
442, 969,90O 00
75, 270,120 00
499,546, 900 00
7i; 237,820 00
562, 776,400 00
51, 029,500 00'
618, 846,900 00
48,196, 800 00
699, 464,680 46
.97, 752;680 46
769, 714,780 46
71, 278,900 00
860, 333,-'880 46 83,734-, 000 oo:
918,4:75, 080 46
45, 250;000 oo968, 817,480 46
47, 54'8,ooo 00
981,134, 880-46
41, 270;700 00
981,134,.880 46
7,409, 100^00
$87, 545,800 00
188,841, 700^ 00
267,'897, 040- 00
333; 152-660:00
408,- 422,780 00
479; 660;600 00
530,690; 100^06
578,:886, 900^00
676; 639;58<3 46
747, 918- 480 46
831,652; 480.'46
876,-902, 480•46
924;; 450;480 46
965^721, 180 46973; 130,280 46:
$10,947, 860 00
18,773, 580^ 00
17, 678,640'^ 00
33; 086,18dV0d
34; 547,120.00
19; 886,3OSvO0:
32, 086;300^09
89; 460;OOOIOO
22;-825; 100'00
21-, 796,300^00
28, 681,400^00
41, 572,600 00
44; 367;000='00>
00
15,413, 700
m 00
. 8, 004,
D R A F T S : A N D CHECKS;
There were drawn duriiig the year 296,936 checks: in payment of quarterly interest on: registered-stock